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Mrs Hardman ’s 

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Page XW 



Promise of peace 

Can Ulster renounce 
its men of violence? 


FINANCIAL TIMES 




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Balladur pledge 
on Renault as 
profits rise 12S% 

Hatfyear profits at French car group Renault 
forged ahead by 125 per cent to FFrl.7bn (£200ra), 
due largely to financial gains. Prime minister 
Edouard Balladur confirmed that the state would 
keep a majority stake in the vehicle group after any 
privatisation, and hinted he would like to see haHr 
under French control the 20 per cent of Renault 
owned by Sweden’s Volvo. Page 22 and Lex 

■ora rail strikes planned: The RMT signal 
workers' union called two more strikes. A 48-hour 
stoppage will run on September 14-15 and a 24-hour 
strike on September 23. They will follow a 24-hour 
strike already called for next Thursday. Page 5 

Roche, Swiss health products group, matte a 
first-half net income of SFrl.Gbn (£78Gm) - the first 
time it has reported interim figures. Roche recently 
paid $5-3bn for US drugs company Syntax. Page 9 

Schroder®: The UK-based merchant bank 
disclosed interim pre-tax profits op 7.6 per cent at 
£103 .2m and said it wanted to remain indep endent 
of UK securities brokers. Page 8; Lex, Page 22 

House price market ‘fragile 1 : UK house prices 
fell by 0.7 per cent in August, according to Halifax 
Building Society. The country’s biggest mortgage 
lender warned that speculation about possible inter- 
est rate rises could damage an already fragile hous- 
ing market. Page 5: Bottom hue. Weekend Pagell 

London stock s: 


*T-SE mo index 



. SO AmbkM; Sap 2 
Source: flat* at® . 


Interest rate fears and 
negative New York reac- 
tion to US payroll figures 
curbed early London 
share gains yesterday. 
The FT-SE 100 Index 
advanced nearly 26 
points after a slow start, 
hut after a downturn in 
New York, London 
stocks eased back. The 
FT-SE 100 ended only 52 
points ahead on the day 

at 3222.7, a fall of 42.4 
points over the week. 


Page 13; Lex, Page 22; US job creation. Page 2; Mar- 
kets, Weekend, Page II 

Farmers tear £200m losses: British farmers 
could lose up to £200m a year in sales as feny com- 
panies ban. the carriage of live animate destined for 
slaughter to the Continent, said Richard Beale, 
chairman of the Association of Livestock Exporters. 
Pages ... 

Aerospace warning: Europe’s aerospace 
industry will have to cut its co6t by about 40 per 
cent over the next few years and shut surplus facili- 
ties to stay competitive, British Aerospace chair- 
man Dick Evans warned. Page 3 

Pea rson profits iq> 50%: Shares in the media 
and entertainment group which owns the Financial 
Times fell 31p to 628p although interim pre-tax .prof- 
its rose by 50 per cent to £693m. The drop partly 
reflected worries about the second half. Page 8 

Martin Sorrell, chief of marketing services group 
WPP, is moving from a five-year rolling contract to 
an fixed three-year one, annually-rene wable . The 
deal will give him a basic salary of $1.15m (£750,000) 
plus annual pension contributions of $500,000. 

Pages 

Twist In opera saga: The Paris Opera was 
instructed to pay sacked conductor Myung-Whun 
Chung FFr50,000 (£6,016) a day as long as it dis- 
obeys a court order to reinstate him. Chung was 
turned away although a judge had ordered he 
should have his job back pending a final ruling cm 
his appeal against dismissal. 

Mow on money laundering: The tiny 
principality of Liechtenstein, a known haven for 
investors wanting to place money beyond the reach 
of domestic tax authorities, plans to outlaw money 
laundering and insider trading. 

Baby trial postponed: The trial of British 
couple Adrian and Bernadette Mooney, who are 
charged with trying to smuggle a baby girl out of 
Romania, was postponed because the baby's natural 
parents had no legal representation. 

Entertainer dies: British entertainer Roy Castle 
died trf lung cancer aged 62. The non-smoker was 
convinced his illness was due to passive smoking. 

Warwickshire win: Warwickshire took cricket's 
county championship trophy for the first time for 22 
years when they beat Hampshire by an inn in g s and 
95 runs at Edgbaston. 

Companies In this Issue 


Arjo VWugtns 
Body Shop 
CQu 

Courtyard Leisure 

Dtdhafcc 

Eclipse 
Equifax 
Fife Indmar 
GOT 

Goodman Rokter 

Hanson 

Haniya 

Hobson 

Isotron 

MacUe international 

Man (ED&F) 

NextdComms 


FVsarson 

a 

PH ■ .Anhumlr 

namsorooK 

22 

Fteadymbt 

a 

Renault 

22 

Roche 

9 

SO 


SMT 

a 

Sandsc 

e 

Scholes 

8 

Schrodera 


Smith New Court 

8 

7VB 

6 

Tontty iCatfale 

8 

Trane Union 

8 

UAPT-tefbUnk 

8 

VW 

9 

WPP 

8 


For customer service and 
other general enquiries call: 


Frankfurt 

(69) 15686150 


Europe at odds over integration 


By Lionel Barber in Brussels 

A constitutional debate has 
broken out in Europe on the 
future pace of political and eco- 
nomic integration. The wran g lin g 
could prove as divisive as that 
over the Maastricht treaty. 

Concern was expressed at the 
implications for the community’s 
union by countries from 

a “hard core” of five nations - as 
defined by leaders in France and 
Germany - in a multi-speed 
European Union. 

Senior officials from Italy and 
Spain, both of which would be 
outside the “inner circle”, 
expressed fears at the prospect of 
being left behind within the EU. 

“All countries are happy with a 
hard core, as long as they are in 
it,” said a senior Spanish official. 

In Brussels, a senior EU offimal 
said that plans for a multi-speed 


France and Germany see themselves at core 
of inner circle of five fast-track members 


Europe, floated in France by Mr 
Edouard Balladur, the prime min- 
ister. and in Germany by Mr 
Wolfgang ScMuble, parliamen- 
tary iiwter of the Christian Dem- 
ocrats, might prove virtually 
impossible to implement 

However, the British Foreign 
Office s aid the vision of a multi- 
speed Europe was preferable to a 
“monolithic" concept of all coun- 
tries travelling on the same lines. 
But pro-European British MPs 
expressed fears that the UK 
would be relegated to Europe’s 
slow lane. 

Italy has already made its 
opposition dear. “If you’re going 
to talk about a Europe of two 


speeds, then you might as well 
talk about a Europe of 16 
speeds," said Mr Domenico Com- 
ino, the country’s minister for 
European affair s 

The constitutional debate on 
the future of Europe has been in 
suspension alter the arduous rati- 
fication last year of the Maas- 
\tricht treaty, which struck a bal- 
ance between community-wide 
obligations and looser coopera- 
tion among governments. 

Many observers thought that 
truce would hold until the inter- 
governmental conference to 
review the Maastricht treaty 
opened in 1996. 

But the debate has broken out 


as France and Germany, the tra- 
ditional motor behind European 
integration, have sought to rec- 
oncile Bonn's demand to embrace 
the former communist countries 
of eastern Europe with Paris's 
interest in preserving its political 
influence in a strong Union. 

In Germany the Christian Dem- 
ocrats. leaders of the r uling coali- 
tion government, this week pub- 
lished a top policy document 
proposing a future flexible 
Europe with expanded member- 
ship to the east, built around the 
core Franco-German ailianra 

Their vision of “variable geom- 
etry” - apparently blessed by the 
party leader, Chancellor Helmut 


Kohl - would be configured 
around only five of the original 
founding members: France and 
Germany, as well as Belgium, 
Luxembourg and the Nether- 
lands. Italy, a founder member, 
as well as Britain and Spain 
would be excluded in the initial 
phase. 

The paper appeared one dny 
after Mr Balladur sketched his 
vision of a three-tier Europe with 
France and Germany at the core. 
A second concentric circle would 
include weaker or less integra- 
tionist-minded states such as the 
UK, while an outer group would 
take in the nations of eastern 
Europe which could not hope to 
meet the criteria of EU member- 
ship for some time. 

Additional reporting by Michael 
Lindemann in Bonn, Roland 
Rudd in London and Andrew Hill 
in Milan 


Business leaders regard the move as significant 


Mackie 
flotation 
to test 
confidence 
in Ulster 

ByUfflBam Lewis In Belfast 

Mackie International, the 
precision engineering firm which 
straddles the peace line between 
Protestants and Catholics in Bel- 
last, is to provide an early test of 
business confidence in Ulster's 
future after this week's ceasefire. 

Mackie is to be floated as a 
public company, and plans to 
come to the Unlisted Securities 
Market via a placing later this 
month. It will have a market cap- 
italisation Of about £20 million 
and hopes by the end of the year 
to have moved to a full listing an 
the London Stock Exchange. 

Ulster’s business leaders 
believe Mackie’s flotation is 
highly significant, coming just 
after the IRA began its ceasefire 
on Thursday. “It is the first indi- 
cation that business confidence 
could be bouncing back,” one 
said. 

Mackie is one of Northern 
Ireland's best known companies. 
Us headquarters are sandwiched 
between the Catholic Falls Road 
and the Protestant Sh an ki ll 
Road. While 70 per cent of its 380 
workers are Protestants it Is run 
and owned by a Catholic, Mr Pat 
Dougan, the company’s chief 
executive. 

“This is the first opportunity 
the City of London has had post 
the cessation of violence to show 
its wmfiftentw in Ulster,” Mr Dou- 
gan said yesterday. 

“This company could become 
the flagship of West Belfast If we 
can demonstrate to American 
and overseas investors that there 
is a work ethic here this will 
allow us to develop the skills of 

the community.” 

Flotation will enable the com- 
pany to eliminate debts totalling 
£143m, incurred while the com- 
pany was under US ownership. 
Mr Dougan said it would also 
assist in the financing of a capi- 
tal expenditure programme and 
the provision of working capital 
to finance the company’s sub- 
stantially increased levels of 
turnover” . 

Three years ago Mr Dougan 
was brought in by the Northern 
Ireland office to help rescue 
Madtie. Sals had Mai to £61m 





a*?."* 


President Clinton met Irish foreign minister Dick Spring (right) for 
talks at Martha's Vineyard, Massachusetts, yesterday. He pledged 
strong US support for promoting peace in Ulster. Mr Spring said 
Dublin hoped that would mean “substantial funds" from the US Raw 


Adams poised to meet Reynolds 


Sinn Fftn may be poised to take 
another big step towards recog- 
nition as a folly legit i m a te demo- 
cratic party with a meeting 
between Mr Gerry Adams and 
Mr Albert Reynolds, the Irish 
prime minister, within two 
weeks, Dublin officials indicated 
last night 

Word of the meeting - which 
would be the first ever between a 
Provisional Shm Ffiin leader and 
an Irish premier - came as Mr 
Adams extended his list of 
demands by raHmg m Dublin for 
the withdrawal erf British troops 
from nationalist areas. 

Meanwhile in Washington, 
senior members of the US Con- 


gress warned that no extra 
money was likely to be available 
this year to help smooth the way 
to peace in Northern Ireland. 

But Mr Dick Spring, the Irish 
foreign minister, said after a 
meeting with President BQl Clin- 
ton that he hoped “substantial” 
sums would he forthcoming. 

As London continued to voice 
doubts about the permanency of 
the IRA ceasefire, Republican 
leaders rejected the possibility of 
a violent reaction to the kilting 
by loyalist paramilitaries of a 
Catholic man on the first day of 
the ceasefire on Thursday. 


Full report. Page 4 


in 1991 but are predicted to top 
£l9m with a pre-tax profit of £2m 
this year. The company speci- 
alises in designing, manufactur- 
ing and inatelting textile machin- ' 
ery for a worldwide market Its 
new environmental division 
recently won a £25m contract 


with the Argentina Water Sanita- 
tion Authority. 

Mr Dougan's 66 per cent owner- 
ship of the company wifi, fell to 
just under 21 per cent after flota- 
tion. The workforce will collec- 
tively own about 8 per cent of the 
share capital. 


STOCK MARKET INDICES 


FT-SE 100: 
Yield — 


. 3,323.7 


3J90 


FT-SE EMMCk 100 . 1 A 0 L 6 

FT-SE-A A*- Share _ 1AVS3Z 

NHdoai aajmjn 

New York: kmoMfcm 
Dow Jones hid Am .3A97-5B 
SAP Composite .47244 


3-mo htabank 
Uffa long gb Hit „ Doc 100JJ (pecioijfi 


(f&2) 

(♦AW) 

triXiH) 

(HOBO) 

(™3A8) 

t-0-83) 




m US tandUbno RATES 

Federal Funds 44|% 

3-mo Trees BUk Yld usm 

Long Bond 10Q& 

Yield 7.401% 

■ NORTH SEA OIL (Aleuts) 

Brant Ifrttay {Oct) $16.18 (16-44) 


New York Cemex (Dec£ 


London , 


83914 

..SXB7-2S 


(391-3) 

psanj 


■ STERLMQ 

Now York lunchtime: 

S 1.548 
London: 

S 1.5448 (1-5403) 
DM &4101 (2.429) 

FFr &2S44 (8.313) 
SFr 2028 (20385) 
Y 153441 (153JH4) 
£ Index 7&B (79.1) 


■ DOLLAR 

New Yak lunchtime: 
DM 1 .55835 
FFr S.330S 
SR 1.306 

Y 99.1 
London: 

DM 1.5602 (1.577) 
FFr S4J5 (5.397) 
SR 1.3116 (1.3241) 

Y 98385 (99.065) 
S index SSLS (63.2) 
Tokyo Y 9 Bj68 


CONTENTS 


-23 


Mn In the News. 


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.14-17 


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Bouses 


-4110 

.16,19 

.16,19 


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Child Support 
Agency chief 
quits post early 


By Alan Pike, 

Social Affaire Correspondent 

Mrs Rob Hepplewhite resigned 
yesterday as chief executive of 
the bitterly criticised Child Sup- 
port Agency, more than 18 
months before her contract was 
due to expire. 

Speculation had been growing 
through the summer over 
whether Mrs Hepplewhite would 
survive until April 1996 to com- 
plete her contract In charge of 
the agency, set up last year to 
ensure that absent parents took 
financial responsibility for their 
children. 

In July she was forced to 
admit, both in her first annual 
report and in an appearance 
before the Commons social secu- 
rity committee, that in its first 
year the agency had failed by a 
wide margin to meet govern- 
ment-set targets. 

In her resignation letter to Mr 
Peter Lflley, social security secre- 
tary, she sa i d : “I am hopeful that 
the new arrangements will in 
time benefit many families and 
be more widely recognised as an 
important and necessary innova- 
tion." 

The agency was set up with 


considerable all-party support, 
but few MPs can have been pre- 
pared for the avalanche of com- 
plaints they have received from 
constituents since it began oper- 
ating in April, 1993. 

Many have concerned the agen- 
cy's decisions, with criticisms 
that it was interfering with 
“clean break” settlements and 
undermining the stability of sec- 
ond families by making excessive 
financial demands. Another large 
group of complaints, however, 
has been about the agency's poor 
efficiency. 

In her first annual report. Mrs 
Hepplewhite was forced to apolo- 
gise to those with whom the 
agency came In contact for diffi- 
culties they bad experienced. She 
admitted that the agency's per- 
formance had “not always mea- 
sured up to the high standards 
we set out to achieve”. 

financially it fell £U2m short 
of its government target of rais- 
ing £530m in benefit savings last 
year, while MPs on the social 
security committee claim it man- 
aged to coDect only £l5m in new 
money. 

Mrs Hepplewhite was recruited 
Continued on Page 22 


Thyssea 
steps in to 
save Three 
Graces for 
Britain 

By Annalena McAfee in London 

An eleventh-hour intervention 
by Baron Hans Bvinrich Tfcys- 
scn-Boroemisza, the Dutch-born 
industrialist and art crillnctor. 
has saved the Three Graces 
sculpture for Britain. 

Speaking from his summer 
house on the Spanish coast, the 
73-year-old baron pledged the 
final £800,000 needed to save 
Antonio Canova's marble sculp- 
ture of Jupiter's (laughters from 
export to the Getty Museum in 
Malibu. 

“I thought it was idiotic to let 
this thing go to California for a 
little amonnt of money so > 
decided to help,” the baron said. 
“It’s an important neoclassical 
piece and it wonld be a big 
shame for all of Europe if it was 
lost to America." 

Mr Thn Clifford, director of 
the National Gallery of Scotland, 
which will share the sculpture 
with the Victoria and Albert 
Museum in London, described 
the offer as “wonderfully gener- 
ous”. He is flying to Barcelona 
on September 19 to conclude the 
deal. 

That will conclude a sage that 
stretches back to the early I9S0s 
when the Marquess of Tavistock 
first pnt the Three Graces - orig- 
inally commissioned for Woburn 
Abbey in 1815 - up for sale. 

The Getty Museum subse- 
quently bought it for £7.6m, but 
successive arts and heritage min- 
isters have delayed the granting 
of an export licence in the hope 
that UK museums and galleries 
could match the sum. 

Mr John Walsh, director of the 
California museum, recently 
threatened legal action over the 
delay. 

Three weeks ago John Paul 
Getty n, the reclusive anglophile 
billionaire, made a surprise 
donation of Elm to the fund to 
keep the sculpture in the UK 
and, in effect, ont of his late 
father’s museum. 

Mr Clifford was forced to apol- 
ogise publicly after stating that 
Mr Getty Jr's offer bad been 
prompted by a grudge against 
his father. 

The campaigners bad until 
November 5 to raise the 


Continued on Page 22 
Arts, Weekend XVII 


£> 


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2 



FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


NEWS: INTERNATIONAL 


Wall Street’s whizkids seek solace in poetry 


international news digest 


Bronwen Maddox on why the high rollers of the 1980 s are going back to college for ‘creative* studies . F I*clIlCC FCStOfCS 


From Wall Street to Walt Whitman: the high 
rollers of the 1380s financial boom are now beat- 
ing a path back to college to sign up for courses 
in poetry and literature. Columbia University in 
New York City, opening its doors for the start of 
the aut um n term, has found that many of its 
new intake of postgraduates are Seeing the 
worlds of commerce, law and finance. 

According to Ur Grafton Nunes, associate 
dean of Columbia's School of Arts, which runs 
courses on creative writing, visual arts and film, 
many of those stepping aside from lucrative 
careers have concluded that “my soul is dying - 
I'm good at this but I am not f ulfill ed"- Then, he 
says, "they ask themselves: ‘dare I dream to do 
something different?'" 

Columbia, like many of the most prestigious 
US universities, has seen interest in postgrad- 
uate courses such as arts, politics and history 
rise steadily since the second half of the 1980s. 
Applications to its Graduate School of Arts and 
Sciences, which encompasses art history, his- 


tory. literature and political science, were only 
3,400 in 1986, the year before the Wall Street 
crash, but reached 4*300 in 1990, and 6,200 in 
1994. 

This year, Colombia has received 10 applica- 
tions for every postgraduate place in painting 
and sculpture, even though it had not formally 
advertised the course. For the first time in years 
it has filled the 15 places for poetry writing. 

Some of the demand comes from undergradu- 
ates. many of whom are prolonging academic 
life through postgraduate study rather than 
enter the fierce competition for jobs outside; But 
recession baa also given those in established 
careers ranging from stockbroking to psychiatry 
a new reason to go back to school, faculty mem- 
bers say. 

Ms Suzanne Fox. adminis trator of the creative 
writing course, and a former Wall Street high 
flyer, says that "the glory days of the mid-1980s 
have gone. People now feel that there is no 
practical use to climbing the corporate ladder". 


Faculty members talk of a "glut of lawyers” on 
the job market 

Lowered expectations of salaries and promo- 
tion mean that people are mare prepared to 
make the financ ial sacrifice of returning to aca- 
demia. Ms Fox says, although the decision is 
hardly made lightly, as completing a postgrad- 
uate course can cost some $35,000. 

Part of the rise In applications, admissions 
officers suggest, is that the current genera t ion of 
parents, who themselves were at college in the 
1960s, are wining to help pay for arts courses, 
where parents a decade ago would have steered 
their offspring towards law or medicine. "Being 
a doctor does not have same aura it used to 
' have,” says Mr Nunes. 

But what happens when these graduates 
leave? According to Ids Fox, many should con- 
sider returning to their previous professions. 
“Wise people are not looking for vocational 
change," she says. "They understand there are 
no day jobs for painters or literary writers." 


A few may succeed to staying to a c ademi a: Mr 
David Damroseh, Columbia's director of gradu- 
ate studies of English literature, suggests that 
graduates have flmr eyes on an improvement in 
the qpafleynic job market in the late 1990s, when 
a wave of retirements is expected- . . 


Russia plans 
big shake-up 
of tax system 


By John Lloyd In Moscow 


Russia yesterday announced a 
new tax structure to try to beat 
massive tax evasion, and main . 
tain government revenue in 
the face of falling production. 

Mr Sergei Aleksashenko, 
deputy finan ce minister, said 
tax revenues to July had been 
half the forecast amount, and 
were expected to reach less 
than 45 per cent of forecasts 
for the year as a whole. 

At the same time, a report on 
Russia's short-term financial 
outlook, by Mr Sergei Dubinin, 
the acting finance minister, 
showed that government 
expenditure was slashed in the 
first half of the year. 

Spending on law enforce- 
ment agencies was cut by 8 per 
cent, defence spending by 25 
per cent, capital investment by 
35 per cent and support for the 
northern (Arctic) territories 
cut by nearly half. 

Mr Aleksashenko said tax 
evasion, numerous ad hoc tax 
privileges and falling indus- 
trial production had all con- 
tributed to the tax shortfall. 

Gross national product had 


INVITATION TO TEND6R FOR THE HIGHEST BIO 
FOR THE PURCHASE OF THE TWO GROUPS OF 
ASSETS OF "E.&L. PAPER MANUFACTURING OF 
WESTERN GREECE SA" OF PATRAS, GREECE 


Emibhi KopiKUccu &A. AdmfciMraUon <rf Aasata and UafaOUu. of 1 Skotienkra Sir.. 
Wot. Qratxta h Sa capacity u UquMata ot *E.Gi_ PAPER MANUFACTURES Of 
WESTERN GREECE SA. company wWi lb registered office in Palms. Grascs (tha 


Cmuxnrvl- orasandy under special Bquidation, eccbnftu to the pravWara of Artkta 48a of 
Law 1892/1990. by vMue of DodMon No. 1082/1982 of tie Patraa Court of Appeal upon 
mslrucUara o I ktdudnaf Roconatajcdon OganbaBon PRO), a awftor representing mom 
man 51% of ho dafcna agakrai ha company, (tea Credfex) pursuant to par.iia of Arflde 


man 5i% of ho data* against ha company, (ha Credfcx) pursuant to par.l 
46a of law 18SC.'1990 (as aupptarranted by oflcfa S3 of Law 22241994). 


Invliaa tandara 

lor ho Mghcst Mt hr MbmlMon of Mated tiMng ohm for ha purchase by a AM prattc 
auction iho ’Auction*) of edtior ana or bah of dw gtorara at ha Congumys as sets 
oesoijed uiaw 

BRIEF ■POMMTKMi The company was otobfahed h 1888 and ramatoed In operation 
utni 1991. Its products included wrapping and pacfcagtafl paper, grass* tissue paper, 
wi rm^ and pt rrtmq paper. M G. paper, aalad paper, cardboard, ate. No per sonn el la 
cunontiy employed 

GROUPS OP ASSETS OFFERED FOR SALE: 

A. INDUSTRIAL COMPLEX IN PATRAS, comprtong biddings wth total area of 32j614 of 
and total whmw of 295.751 m* butt on land of saJIO re*, tve papeMnatonc roe ert nea 
and uttur mechanical eqiapmant and l)va plots of tend UtaSng &484 nr ptua after 
assets such its ftartlrae. equipment, bade merits, Dada4iMRocfc. recatabtea, the trade 
iumo of ftn company, ate. 

D INDUSTRIAL COMPLEX IN AEGION c om pl ts f n g Dtddhgs totaibg 20.109 oT and * 
total vcbsiu cf 200.693 m'. bull an land of MS41 m*. ana paper malti n g mad tine and 
ofter muomth'd oquipmora and ono plot of land of 383 m* ptoa oarer assets audt aa 
rtBw funwuto. KUNBiwnt. etc. 

OFFEBWO HElIQRAHDtM ■ RIRTMBH INWHtSIATKlN: Iraaratoad naalaa nw ttiaala a 
copy of I ha OKotnq Me m o ra n du m tor oaen of the above graupe of esaota and wiy odwr 
atin mnsan upro lasting a contidontbfty agreement 


l Osneral - Tha pteiunl Auction ronemutoa ha had one to taka piece, a 
paragraph l la of araefc* 46a 1.1892/1990 (as supptomentod by aiL53 of 
and a is uAhci to lht> toima and condMora sat twW trraetn and ha 1 
nsof iiaia" i 


ho toima and condMora i 


and he ’Term and 


tofins and Londbane sfutl apply tarnjln of whehm hoy me meretoned herein » 
nj Subrsssun of burning offers shal mam a cc e pt ance of sudi pmWona and oher 


nj Subn aiaton of burding offers she* mam 
inrms md combom 

Snra^$^iS«?o^^ffs«iefSo0todfi 

nucb not laps than 3rd October 1994. 1100 


rttdpate ft fte AuOfan. intonated parties 
offers tor each of ha move groups of 
ira to ha Patras Notary Pitofic Mrs. Fart 


Cites should bo dnriy run had wth regard to ha pmtouiar wup of non, hoy mi 
cubmoed tor, and should cupreasty stem the ottered price and toe (totaled tarns of 
p a yment (m cash or msutewnts. mentioning toe number ot toatabnenta. tba dues 
toe reel and the prapowd annual Interest rate, fl any), to tha avert of not speofyrtg a) 
ho wav m paymnm. oi nnonrer toe Ins tek irads bear Manat and c) toe inmost rata, 
men 4 mas be doomed hot a) tha oftorad price Is payable hnmertetefy in cam, b) he 
toccknerts snaB best no interest and c) the Merest rate shal be he amual intorest 
ran) or tow Gw* Doranmora Banda peraonng on fte dm of aubntttng tha oftras. 
Furtrcmrofe. mwrrited pantos are towed to submit, together with thee attorn, a 
Busfcma Flan tor toe tinging Ho operation agate of ha relev an t taduwtefcoff*aex for 
a minimum pfnud of S years. Tha pudemr mod accept Ml Mm and condtttora to 
imped oi ton undorLTiiiRfjs contained In tha Business Plan (such as nu mbe r of 
perswrat. UMesbrnm. torgai cf operation, ate.), to ass sti stog ha aftora, heta shaB be 
inFnn mto account. hirer rtis. the amount offered, he number of pora on nd to be 
nrnKovod and I he Business Han Shottid one msh to submit odors for boh groups of 


ai&ots. tome should be suttod soparatNy. Binding Offers mtim i SM O taler toon toe 
nbeve data shal nesher ba aaceptod nor coratdaredL The oflers shal be ctindtog urtj 
ton adfutfeau on Should an attar be made on behalf of a third party, tota wd be vatid 
only if a has jbeady been slated 30 at toe time of submission, as wefl as on condHons 


toot toe party subinflmg the after gu arara eu u Brat toe third petty wO carry ora the 
t fl il pa iions. containe d in too offer and to the contraa of sale: Olton wfich ere basting 
on owManai tonm oro not to be ocoaptad. 

3. Lrararu nt fhraranMe: Binding aftora must be accompanied by a Letter of Guarantee, 
Ksuod by a Bank, ope ratify h Greece. In accordance with tha draft Letters of 
Guaartoe. rartsmed m he Otiemg Umssandran. ta rarneto^ vaBd until ha s^udeahn. 
The umounta of mo Letters of Guarantee must be aa tatiowe: (a) vrith rauard to ha 
Patras plant, DBS ONE HUNDRED AND FIFTY MttXJON (130.000,000] and (M utito 
rocoia to toe Angton pioni, DRS ONE HUNDRED MILLION (100.000.000). Letters of 
Guararaae shoK be tutumod rater lira appotobnoni til the Hgneat bidder. In toe avera tti 
noncampeaiKe wto (he pmvlsnns and oher terms referre d to m paraereph 1 hereof, 
ton Luttore rt Gturorteo sfuR bo farthted aa a penaly. 

a. amnttto Bnong often tegemar rtto the Lanera or Guarantaa raid he Btatoeaa 
Hai guB do sufcmfliod n soatod emieldDes. Submisslam ahel be made to parson or 
enough a duty authabod agnti. 

5. Emrtaoes contain too me tantwig oriraa shad be unsealed by the bum mentioned 
Notary prate « ner arifce on 3rd October 1994 at (3J0 horn. Any party taring duty 
srutmmod a undirt; trier stuff bo creatod to attend and ttign the deed a tteetto g he 
unseating of tha twang effijs. 

6 As figfwsj UtStor shall t» constdcrod too paidcpoTB whose after be judged by ha 
Circcat. upui or too Lt n u rtn t n i. to be too rncst f avn ura We. Mention Bmade 

ows tor is* ptBporos of ovatuattng an oflor craposed to ba paid to madmens, ttw 
present vnhiP Ihoreol shtfll be taken tato account, ruttich shel be cafeutalod on he baaia 
cf a tascowtitotuwt «wal w too annual toiarosi rate ef he GroehOovemma nt Banda, 
pertaintog gn Iho data of subtitiSing ttw oftars. 

7. Tba uqiidator ohal ghm written notice to too highest blddar In tewecl of each of fte 
craters of assrfs to nppoar on Ora date end plena menSaned toereln and smoai era 
contras of sale in accordance wrto too terms c on t a i ned to Ms binding odor, fte 
Businra Plan and any other impoved trams. whKfi may be suggested by the Cre*OT 
and agreed upon, in cm of altars cartoning payment by irwsteerts, a tatter of 
gutaOhLra tssuod by a Bank optmang to Greece snarttf addttionstiy be fled, c o v e ring 
a art cf the InschinniB plus IntorcaL At^udcatfcsi shafl be deerood to take eflea upon 
awadton of too cortrea of sato. 


B. AO costa and expenses of any nature, tadudhg any tax, duties, custom duties, any 
ctaroes to favour of fte S&do or third parties, wmh may be required to be paid (btoor 
than Ttwsa exempted by too eppUeoHe Low) m respect of the particip at ion in fte 
Auction and ho transire of fte assets offered haooy tar sata he sale contract as wed 
as any ofter fld prior or subsequent to the tranafer of Basso shd be esduaMy boms 
by ho partKftanB and he pucirasm nopectivefy. 

9. Tteliquidalor and tneOeatorttraa have iWBTOBy nor ob g gadanwfi atauN Br towards fte 
Oraijaruna ft irtabon to me ewfuatian of fte often or he oppatonert of die Ngnssi 
moonr or raiy dedslona In repeat or caned fte Auttfnn or any droMon wh a aotner In 


oomccticA war no preoieitinga of fte Aucnon. The KpHnar. ma crattew and he notary 
•tol hew no PsBBy tar any ugd or aauti detects of fte areals. Submission of btadtag 
rttars shad not croata any tor the at^udcaan nor he pertdparts shal oaptire any 
rtgrt. pjwer « tSatot to»n ms aviation ondfar nor pratUptison to the Auction agatat he 
Wywiaiiw jrafjrtoaCiatiloraltiranyw j s t nwhatatimiBr. 

10. ma tovsatnn has twsi drafled fl Greok and tiansfatad kas EngOto. ft my avras fte 
Greek version Asfl prmal. 

Fra further oticrniation. as amB aa in mter to obtain a copy of fte Offering Memormtkan. 
otaeso apply to ftn Uaukiater)a agent In Pntias Mr. Dfmtefoa Sknatoa. m 43-49 a» 
cSbor Sa. Patras »S S3. Craoce. Tol: 430««M93L 422004 rathe UquMatorol fte 
Company ETW8M KH’HALEOU SA. all. Skatieotou Sti.. 105 61 Atiwna, Greece Mb 
.V1.1 JJ1 ia met, tan. *00-1-321.7005 (Attn. Marika FrongaW). 





stabilised, because of the sharp 
rise in the output of the ser- 
vices sector - which has seen 
services output outstrip indus- 
trial production. 

But industrial production 
was running at 76 per cent of 
last year’s levels for the first 
six months of the year, he said, 
and the bulk of tax revenue 
has traditionally come from 
industry. 

In an effort to raise tax 
income, the government 
intends to raise those taxes 
which are more effectively gov- 
erned, and ease the tax burden 
on industry. 

The finance ministry pro- 
poses to cut profit tax from 38 
to 34 per cent and VAT on sta- 
ple items from 20 to 10 per 
cent 

It also plans to raise the top 
rate of income tax on "super 
incomes” from 30 to 40 per 
cent introduce a new federal 
income tax of 5 per cent and 
raise the property tax paid by 
businesses from 2 to 3 per cent 

These measures will be put 
to the parliament in the next 
two weeks. 

However, almost a third of 



Pace of 
US job 
creation 
slows 


By George Graham 
Vi wasnmgton 


Russian prime minister Victor Chernomyrdin, left, with China’s president Jiang Zemin who 
arrived in Moscow yesterday frxr a four-day summit e x p e c ted to strengthen ties with Russia ap 


the shortfall was due to the 
much more rapid fall in infla- 
tion than the government had 
forecast at the beginning of the 
year, said Mr Aleksashenko 
Nonetheless, the government 
plans to continue its squeeze 
on inflation next year, said Mr 
Dubinin's report It aims to cut 
inflation to 5 per cent a month 
by the middlp of 1995 and to 25 
- 3 per cent a month by the 
year end - even at the cost of a 
forecast 7 per cent fall in next 
year’s GNP. The report pre- 


dicts that the fall in output 
ahnnld s t abilise by the end of 
1995, however, and that a "sig- 
nificant rise in private domes- 
tic and foreign investment in 
the Russian economy should 
talm place”. 

. . The government also 
announced yesterday that new 
bank regulations had been put 
in place this week by Mr Victor 
Gerashchenko, the central 
hank chair man, which would 
allow fil e bank to assig n an 
administrator to commercial 


banks , or other financial insti- 
tutions, deemed to be trading 
illegally or in a "hopeless” 

financial si t uatio n 


The new measures follow 
widespread anxiety over the 
lack of effective regulation of 
financial institutions following 
the collapse of the mmm finan- 
cial empire — built up through 
the promotion of high yielding 
"shares” apparently backed 
only by continued new pur- 
chases. 


Parliament must resolve crisis, says premier 


Bulgaria’s government 
offers its resignation 


By Anthony Robinson 


Bulgaria’s non-party 
“government of technocrats”, 
which has ruled since the end 
of 1992, said yesterday it had 
decided to resign. 

Mr Lyuben Berov, the prime 
minister, who has been inca- 
pacitated for months by a 
heart attack, said om television 
that parliament was so ham- 
strung by contradictory opin- 
ions that he believed new elec- 
tions were the only solution. 

*Tn these circumstances, the 
government doesn't want ot 
take the responsibility for post- 
poning early elections," he 
said. “Simple political ethics 
require the government to 
retire and to make way for 
the parliament to resolve ... the 
political crisis in the country." 

President Zhelyu Zhelev said 
in a statement that the parlia- 
ment now must decide whether 
to call early elections. A gov- 
ernment spokesman said the 
government would be submit- 
ting its resignation to parlia- 
ment on Monday or Tuesday. 

Parliament may be divided 
over the wisdom of dissolving 
parliament and calling early 
elections. The alternative 
would be to reshuffle the exist- 
ing government, possibly 
under a new prime minister, 
although the 68-year-old Mr 


Berov Is recovering. 

The government, which is 
sustained by the votes of the 
powerful Bulgarian Socialist 
Party (BSP) and the Movement 
for Rights and Freedom, a 
largely ethnic Turk party, nar- 
rowly won a no-confidence 
vote in May. There was wide- 
spread reluctance to create a 
political vacuum when Bul- 
garia was in the midst of com- 
plex foreign debt n egotiations. 
But agreement was reached 
with London Club commercial 
bank creditors on June 30. The 
deal provided for a 47 per cent 
reduction in Bulgaria's hard 
currency debt of more than 
SSbn. The agreement triggered 
a raft of IMF, World Bank and 
other loans required to finannB 
the agreement and boost 
reserves. 

Recent opinion polls indicate 
that the BSP, heir to the 
defunct communist party, 
would emerge from elections 
as the largest single party, 
reflecting a pattern already 
seen in Poland and Hungary, 
which returned socialist par- 
ties to power earlier this year. 
But the BSP is internally 
divided into old-style former 
communists and western-style 
social democratic factions and 
is unenthosiastic about run- 
ning far el ec ti o ns before resolv- 
ing its in te r nal conflicts. 


It is a similar story in the 
United Democratic Front 
(UDF), a loose umbrella group- 
ing of over a dozen “ demo- 
cratic" parties formed after tha 
collapse of Soviet domination. 

The UDF won the 1991 elec- 
tions after the socialist party 
which took over power from 
the deposed communist dicta- 
tor. Mr Todor Zhivkov, was 
attacked for its dose links with 
the old regime. But the UDF 
government led by Mr Philip 
Dimitrov split and lost power a 
year later. This created a vac- 
uum which President Zbelu 
Zhelyev. one of the founders of 
the UDF, filled by appointing 
the Berov-led government of 
technocrats which the votes of 
the BSP helped keep in power. 

The economy, which was 
badly hit by the collapse of 
Comecon markets and the UN 
trade embargo against neigh- 
bouring Serbia, is recovering 
slowly. Over 46 per cent of Bul- 
garia’s foreign trade is now 
with western countries, com- 
pared with only 9 per cent four 
years ago. 

Inflation, which reached 64 
per cent in 1993 is expected to 
fall to 30-35 _ per cent this year 
and foreign investment, includ- 
ing a . new car assemhly ven- 
ture by Rover, the UK-based 
BMW subsidiary at Varna, is 
starting to pick up. 


Job creation slowed sharply in 
the US last month, but the 
unemployment rate stayed 

imrhangad at 6J. per pent With 
an estimated R Q 3wi people out 
of work. 

Hie Labor Department said 
nonfarm payroll employment 
grew by only 179,000 in August 
to a seasonally adjusted total 
of 113.76m, the slowest pace erf 
job growth so for this year. 

. Ms Katharine Abraham, 
cammissianer of the Bureau of 
Labor Statistics, said most of 
the growth in employment 
came in the service sector, 
especially in the business ser- 
vices and health industries. 

The average working week 
in the manufacturing sector 
Iftn gtTiPfiPd in August to 42 
hours, and average overtime 
rose to a record high of 4£ 
hours. 

Ms Laura. D’Andrea Tyson, 
-the White House’s chief eco- 
nomic advisor, said job cre- 
ation. was still healthy, and th« 
August rate was consistent 
with the gradual moderation in 
eco nomic grow th the adminis- 
tration has forecast. She noted 
an increase of 32,000 in the 
number of manufacturing jobs, 
a sector where employment 
growth has been sluggish. 

Some Wall Street econo- 
mists, however, said the sharp 
increase in manufacturing 
employment, at a time when 
industries were operating at 
close to frill capacity, could sig- 
nal more inflationary pressure 
and prompt the Federal 
Reserve Board to raise short 
term {nterast rates once again. 

This idea helped pun bond 
prices back down after they 
had risen sharply immediately 
after the announcement of 
slower overall job creation, and 
the dollar, too, fefl. 

Ms Tyson dismissed the sug- 
gestion, noting that unit 
labour costs had risen over the 
last 12 months at their slowest 
rate for 29 years. 

Other Wan Street economists 


“Wage pressures remain 
completely absent Wages axe 
up just per cent from a year 
ago and have risen at a scant 
L5 per cent rate during the 
past three months," said an 
economist with Merrill Lynch, 
the New York stockbroking 

giant 

Ms Tyson said most eco- 
nomic forecasts, torinding ' tha 
administration’s, foresaw con- 
tinued expansion, coupled with 
modest inflation. 

Wall Street analysts, how- 
ever, believe members of the 
Fed’s policy-making Open Mar- 
kets Committee pay consider- 
able attention to high rates of 
industrial capacity utilisation 
and to the concept of a "natu- 
ral rate Of nrrarip toym e n t " in 
the region of 61) to &5 per cent, 
below which labour becomes 
more scarce and wage inflation 

begins to rise. 



Costly dam to be opened 


By John Barham 
in Buenos Aires 


Soase 3a, 63263 Ncu-Isenburp (owned 
by HUrriya Intcmaticnan. ISSN: ISSN 
0174-7363. Responsible Etii 


0174-7361. Responsible Editor: Richard 
Lambat, do The Financial Times Lim- 
ited, Number One Souihtwfc Bridge, 
London SEI MIL. UK. Shareholders of 
the Financi al Times (Europe) GmbH 
or: The Financia l Tunes (Europe) Ltd, 
London and F.T. (Germany Advertis- 
ing) Ltd. London. Shareholder of the 
above mcqnotted two companies is The 
Financial Tima Limited. Number One 
South work Bridge London SEI 9HL. 
The Company a incorporated under the 
timed 1 togtiod and Wales. Chairman: 


FRANCE: Publishing Director D. 
Good. Ib8 Rue dc Rivoh. F-7S044 Paris 


Cedes 0(. Telephone (01) 4297-0621. 
Fa* 101) 4297-0629. Printer SA. Nord 


Fa* (Oil 4297-0629. Printer SA. NonJ 
Eclair. 15/21 Roe de Caire. F-S9100 
Roubaix Cede* I. Editor Richard Lam- 
bert. ISSN: ISSN 1148-2753. Commis- 
sion Parrtaire No 678QSD. 

DENMARK: Frnanrral Times iStantlin- 
aviai Ltd. Vtmmelsksfted 42A. 
DK-116! CopcahaecsK- Telephone 33 
13 44 41. Fa* 3393 53 35. 


President Carlos Menem will 
today inaugurate what he once 
called Argentina's “monument 
to corru pti on”, the 3^00 MW 
Yacyreta hydroelectric dam on 
fixe Parana River. 

The dam, among the largest 
in the world, has cost at least 
six times over budget and is 
still not fin ished, ll yean after 
construction began. 

Mr Menem will only be 
unveiling the first of Yacyre- 
ta’s 20 turbines, which will 
eventually generate one-third 
of Argentina's electricity. The 
final bill for Yacyreta is not in 
yet Estimates vary between 
$9bn and $l2bn. 

The Yacyreta project began 
In 1858 when. Argentina and 
Paraguay, which share file Par- 
ana river, signed a ttboperation 


treaty to build the dam. How- 
ever, squabbling between the 
two countries, Argentina's 
repeated financial crises and 17 
changes of government over 
the last 36 years constantly 
delayed the project 
Yacyreta’s fame as a “monu- 
ment to corruption” - a phrase 
Mr Menem coined in 1990 - 
was bora soon after the first 
feasibility studies began, vrith 
contracts reputedly being 
awarded to groups with the 
strongest lobbying capability 
in Buenos Aires and the Para- 
guayan capital Asuncion. The 
two governments own equal 
shares in the project 
Bidding for the construction 
contract itself began in 1880 
and competition was fierce. 
Dumez -of France and Italy's 
ImpregOo were the front run- 
ners in the bidding. The then 
military government of Gen 


Reynaldo Bignone eventually 
told the two to create a joint 
venture, which it awarded the 
contract just ID days before the 
civilian administration of Mr 
Raul Alfonsin took over in 
1983- 


Since then, the two compa- 
nies have struggled through 
hyperinflation, a. second, 
change of government with Mr 
M fflwm' g election in 1969. and 
bis surprise conversion to free 
market economics. They have 
also coped with three different 
currencies and three radical 
shifts in economic policy over 
the last 11 years. 


Hr Menem now believes he 
has fomul a market solution to 
Yacyreta: he wants to privatise 
the dam r turning over its oper- 
ation to a private company, 
once the 20th turbine is 
installed and spinning. 


key Nato link 


For writers and theatre producers, however, 
the booming studios of Hollywood offer the 
f-hanro to cash m their new learning for consid- 
erable material rewards. According to Mr 
Nunes, himself a former film producer? “Televi- 
sion has become such an important part of our 
communication that there has been an explosion 
of those jobs.” 


Technology is now capable cf delivering hun- 
dreds of television channels to each house, and 
the US media industry, currently convulsed in 
mniH- hiTHnn dollar takeover bids, is scrambling 
for more programmes to show. Would-be poets 
may find that lessons learned on Wall Street 
have not, then, been entirely wasted. 


Chechen rebels head for capital 


Opposition forces in the Russian North Caucasian republic cf 
Chechnya are moving closer to the capital, Grozny - and are 
railing for the overthrow of the republic's president, General 
Dzho&ar Dudayev. According to spokesmen for the forces now , 
opposing General Dudayev, four regions are under their con- , 
trol and highways to Grozny; have been cut a few kilometres ' 
from the city. The Chechen provisional council, the main i 
opposition group, said that presidential forces were repulsed 
on Thursday as they attemp ted to regain control of one region, 
Urus-Martan. 

Mr Ruslan Khasbulatov, former speaker of the Russian 
parliament, has emerged as a main focus of the opposition - in 
uneasy alliance with forces of Mr Ruslan Labazanov and Mr 
Umar Avturkhanov, two warlords who control different areas 
of the republic. Russia has threatened intervention but seems 
likely to stay .on the sidelines. Mr Alexander Shokhm, a 
R ussian deputy prime minister, said yesterday: “We must use 
political means in Chechnya." John Lloyd, Moscow 


Bavarians roar into elections 


The Christian Social Union. Bavarian sister party of Ger- 
many’s Christian Democratic Union, yesterday launched its 
elec tion campaign, promising to make its voice heard in a 
future CDU/GSU federal government 'The Bavarian lion must 
go on roaring," Mr Theo Waigel, the finance minister, told 
about 1,000 CSU delegates in Munich. Chancellor Helmut Kohl, 
speaking at the rally, accused the opposition Social Demo- 
cratic party of being willing to accept support from the Party 
of Democratic Socialism, successor to the East German Com- 
munist party. Bavarians go to the polls on September 25 to 
elect a new state pariiarngnt and again on October 16 for 
Germany’s general election. The CSU has been rocked by 
scandals which elicited predictions that the party would lose 
its majority in state parliament However, Mr Waigel and Mr 
Bdmimd Stoiber, the Bavarian state premier, appear to have : 
overcome the problems. Michael Lmdemarm, Bom ■ , 


US discloses air safety bans 


The US has barred aircraft from nine countries in Africa arid 
Latin America from landing at US airports because it found- 
their governments’ supervision of air safety inadequate. Mr 
Federico Pefia, transportation secretary, said aircraft from 
Belize, the Dominican Republic, Gambia, Ghana, Honduras, 
Nicaragua, Paraguay, Uruguay and Zaire were banned, whDe 
aircraft from Bolivia, El Salvador, Guatemala and the Dutch 
Antille s had only conditional approval. Some banned countries 
have dropped US air links, while others have leased aircraft 
from other countries. The ban has been in place for some time 
but Mr Pefia rel e a s e d the list only yesterday, after pressure 
from consumer groups to make the information available to 
travellers. Some countries, including Russia and Nigeria, have 
yet to be assessed. George Graham, Washington 


Swiss lift investment in China 


Ciba-Geigy. the Swiss-based chemical and p hamarma ifffdicai 
company, plans to lift investment in China to $25Qm <£L62m) 
with, establishment of new joint ventures. Dr Alex Kroner, 
chairman of Ciba, said in Beijing same 12 ventures among 30 
under discussion had been inaugurated or were in an 
advanced planning stage. The Swiss company expects initially 
to make its heaviest investment in the production of industrial 
products such as dyes and. additives, with $l60m earmarked 
for this purpose. It plans to spend some $60m in the agricul- 
ture sphere in production of such items as pesticides, and 
J30m on health products. Ciba’s drive into China matrheR that 
of its main competitors, including Zeneca of the UK and Du 
Pont of the US. Tony Walker, Beijing 


Thais detain religious leader 


The Thai government yesterday detained the leader of the 
messianic Al-Arqam Islamic movement. In dicating that he 
would be expelled to Malaysia, which has sought to have the 
sect banned throughout South-East Asia. Police stopped Mr 
A s h aa ri M u hammad and his followers as they travelled. to 
Chiang Mai, where the religious leader has been In self-im- 
posed exile for sax years, according to Mr Jaflani Jasmani, Mr 
AsbaarTs press secretary. Mr Ashaari was told he was now an 
fflegal visitor because he vras one of 10 sect members who had 
their passports cancelled by the Malaysian authorities. A Thai 
foreign ministry official said: “We have had requests from the 
Malaysian government, which does not want these people ! 
here. We gain nothing by allowing him to stay in the face of | 
the requests.” The Al-Arqam movement Is not ham-md in j 
Tha il a n d, a mainly Buddhist country. William Barnes , 
Bangkok 


Ex-prisoner loses HK poll plea 


Ifr Lau SanGWng, a Hong Kong resident who has spent much 
of tiie past 10 years as a political prisoner in Chin* yesterday 
failed in his attempt to challenge Hong Kong’s r esiden cy 
requirements for the forthcoming elections. A Hi gh Court 
judge ruled against lifting his disqualification from standing 
m fins month’s district hoard elections because he had not 
been "ordinarily resident" in the colony fte the last 10 years. 
Justice Mayo said Mr Ian’s appeal for judicial review of his 
case was inappropriate and he should submit an “election 
petition” under Hong Kong’s election law. This could only not 
be heard until after the election, meaning that Mr Lau would 
not be able to stand until after 1997, when Chinese sovereignty 
over Hong Kong might mean he is still ineligible for office. Mr 
Lau said be was very disappointed with the judgment, and he 
orald not afford an election petition as it did not quality for 
legal aid. S&non HoBxnon, Hong Kong 


Brazilian party steps up fight 


BrazITs Workers Party CPT), whose candidate Mr Luis InAcio 
una da Si lva is trailing in polls for next month's presidential 
electi ons, yesterday accused the government and media of 
gvtog urgr teekfog to his main rival, Mr Fernando Henrique 
Cardoso. The pt alleged that the government and stateowned 
spending projects in areas likely to 
benefit Mr Cardoso, it ala? said Brazil's latest economic plan 
the new Real currency were being used for electoral ends. 
Mr Cardoso, former finance minister, left the government to 
contest the elections. “We believe these actions are electoral 
crime and a <amie against democracy in a plan to elect foe 
candidate of the right at any cost.” the PT said. Mr da Silva 
rSitaLwir" 4 su ? port ^ °pufom polls, compared to Mr 
25Se?*«®« and the FT is desperate to find a way to 

fight back. Angus Foster. Sdo Paulo 




: n« ,ri 


'-'if " 

£5* 


For the first time in 28 years, France is to attend a meeting of 
Nato jiffiKu* ministers, reflecting further rapprochement by 
. Paris towards military activities of the Atlantic alliance. Bat 
nqiwgii! stressed yesterday that Mr Francois Lyotard, France’s . 
rip*™-* minister, would go to the September 29-30 m eetin g in 
Spain because it was an informal gathering, in contrast to the 
twice-yearly formal fiegginns of Nato defence ministers. 

Since 1996 when it quit Nato’s integrated military command, 
France has been represented only at activities of Nato’s politi- 
cal wing. At the Nato summit In January, France said It would 
in friture send its defence minis ter to meetings that have an 
n g»»T»dfl of special. interest to Paris, such as peacekeeping 
operations in Bosnia. The Seville agenda suits us," a French 
nfflrini It inclu des Bosnia, the si tu a t ion in the Mediterra- 
nean fonUiriiTig Algeria and general reform of the alliance. 

Nomination of a successor to the late Manfred W&raer as 
Nato secretary general may also be discussed at Seville. 
French officials say "by definition” Paris is not fielding a 
candidate but has told the UK it could support a British 
t ymtepdor for the job. Mr Malcolm Rifkind, UK defence secre- 
tary, has indicated he wants to stay in n ati on a l politics, but 
Mr Douglas Hurd, foreign secretary, has ^iparently notifore- 
closed the option. David Buchan, Paris 


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FINANCIAL TIMES 


WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


NEWS: INTERNATIONAL 


BAe chief 
sees more 
mergers 
to counter 
US threat 


FT 


The European 
aerospace 
industry was 
warned yester- 
day that it will 
have to reduce 
_ - its costs by 

Conferences about 40 per 
cent over the 


next few years and close down 
a significant member of sur- 
plus facilities to remain com- 
petitive, reports Paul Betts, 
Aerospace Correspondent. 

The warning, ahead of 
week's Farnborougb Air Show, 
came from Mr Dick Evans, 
chairman of British Aero- 
space, at a Financial Times 
aerospace conference. 

Mr Evans said more consoli- 
dation was inevitable in the 
European aerospace industry 
especially in the wake of the 
shake-up taking place in the 
US defence sector. 

In the commercial aircraft 
market, Mr Evans said, the 
European industry would 
eventually be polarised around 
the European Airbus consor- 
tium in the large airliner sec- 
tor and another consortium in 
tbe smaller regional aircraft 
market 

He also believed there would 
ultimately be only one signifi- 
cant defence producer in 
Europe, although consolida- 
tion in the sector would hinge 
on government polices because 
of their huge procurement 
power. 

“We need a clear definition 
of strategy from governments 
if we are to go down the inevi- 
table road towards greater 
consolidation,” he told the 
conference. 

Mr Evans said that in the 
regional aircraft market the 
most rational outcome would 
be a combination of UK, Ger- 
man and French aircraft activ- 
ities into a grouping similar to 
the Airbus consortium. 

Although BAe has held 
extensive discussions over 
recent months with both 
Aerospatiale of France and 
Deutsche Aerospace, the Ger- 
man company controlling tin 
Dutch Fokker regional aircraft 
manufacturer, the talks have 
so far failed to produce tangi- 
ble results. 

Speculation had also been 
rife of a possible combination 
of BAe and toe UK General 
Electric Company (GEC) to 
create a large UK defence con- 
tractor in the wake of the 
Lockbeed-Martin Marietta 
defence merger in the US. 
However, it is understood 
there are no talks at this stage 
between BAe and GEC over 
the possibility of the compa- 
nies forging a strategic link. 

The difficulties of forging 
cross-border defence mergers 
in Europe have also been high- 
lighted by the slow pace of 
negotiations between BAe and 
Matra of France to combine 
their respective guided weap- 
ons activities. The negotia- 
tions have been dragging on 
for two years. 

Mr Arthur Znssman, presi- 
dent of Hughes Europe, told 
the conference that if d efence 
companies wanted to survive, 
they had to “do something 
spectacular”. He said industry 
experts were forecasti n g that 
up to 80 per cent of the top 100 
defence companies could dis- 
appear by the turn of the cen- 
tury. 

Although air travel was 
picking up and airlines were 
beginning to make money 
again, Mr Richard Turner, 
Rolls-Royce’s marketing direc- 
tor and president of the Soci- 
ety of British Aerospace Com- 
panies, said the industry was 
not viable as currently struc- 
tured. 

Mr Robert Dryden, executive 
vice-president of Boeing, the 
world's biggest aircraft manu- 
facturer, said toe company had 
committed itself to reducing 
its production cycle times by 
more than half in three years. 

“The target is to have a six- 
month cycle time by the end of 
19% tor the Boeing 737 and 
757. and eight months for the 

767 and 747 and eventually the 
new 777." 


Court ruling exposes Taiwan’s financial flaws 

Executives at Tatung found guilty of running an illegal deposit scheme 


Senior executives at Tatung, a 
leading listed Taiwanese el ect ronics 
company, are to appeal against a 
court ruling which found them 
guilty of violating domestic hanirvn^ 
laws by taking deposits to ffnaTirp 
expansion, writes Laura Tyson in 
Kaohsiung, Taiwan. 

The company's chairman. Mr Tin 
Ting-sbeng, and its finance manager, 
Mr Liu Hong-tsai, are unhappy with 
the verdict in a case that, reveals 
both toe shortcomings of Taiwan’s 
state-dominated hanking system and 


the country's M«fawinai^y less- than- 
rigid enforcement awri observance of 
law. 

A Taipei district court cm Thurs- 
day handed down suspended 16 - 


month prison sentences to the two 
executives for running an illegal 
deposit scheme through the com- 
pany. According to 1989 revisions to 
the Banking Law, non-bank entities 
are not permitted to take deposits, 
undertake trustee business or offer 
remittance services. The law stipu- 
lates a Jail sentence of between one 
and seven years. 

The two executives, who were 
charged last December following a 
three-year investigation, were con- 
victed of illegally accepting deposits 
from company employees, sharehold- 
ers and nearby residents. Tatung col- 


lected nearly $400m (£258m) since 
1957. 

Observers said the verdict was 
intended to “kDl the ehfalwm to warn 
the monkey” - that is, to send a 
strong signal to Taiwan companies 
regarding a practice which is wide- 
spread and has been largely toler- 
ated by the authorities. 

Taiwan's Central Bank of China 
even includes in its regularly pub- 
lished statistics charts showing pre- 
vailing i nt e rest rates on loans and 
deposits in the "unor ganise d finan- 
cial markets”. 

"Tatung was singled out not 


because it's the only company which 
does this, but because it was so bra- 
zen," one observer said. "Most com- 
panies just take deposits from their 
employees; this is commonly seen as 
a type of staff benefit. But Tatung 
was accepting deposits from the pub- 
lic as well, and everybody knew they 
were doing this" 

Mr and Mr Liu contend that 
they were forced to seek financing 
from deposits because the company 
could not raise enough money from 
banks to satisfy its plans for expan- 
sion. Taiwan banks generally lend 
only on the basis of full collateral, 


partly because individual loan offi- 
cers may be held personally liable in 
the event of non-payment. 

They also plan to argue in their 
defence that the scheme offered a 

return which was fair for both the 
company and the depositors. While 
employee deposit schemes often 
yield 2 per cent per month, Tatung 
offered an average annual interest 
rate of Si per cent 

Moreover, all of toe 13,000-odd 
depositors participated in the 
scheme on a voluntary basis, they 
said. Interest payments amounted to 
some NTS2bn (.£49. 4ml a year. 


Taiwan's underground financial 
markets have diminished in scale 
since their heyday following a crack- 
down in the late 1980s, but in- 
formal financing schemes and 
various other murky related activi- 
ties remain. 

In the 1980s, dozens of under- 
ground finance companies sprang up 

and attracted deposits by offering 
interest rates as high as 8 per cent a 
month. The biggest underground 
bank, the Hung Yuan group, 
declared bankruptcy in 1991 after 
illegally attracting some S3.6bn from 
depositors. 

Tatung’s share price closed at 
NT$86ii yesterday against NTS88 on 
Thursday. 


Violence tips Algiers 
toward compromise 

Francis Ghil&s on the political and economic 
turmoil which followed cancelled elections 

T he Algerian government 
is ready to hold talks 
with Islamic opposition 
groups, but only if tbe violence 
sweeping the country is halted. 

"If we have to talk wit h th e 
Islamic Salvation Front [FIS], 
we will. The essential pre-con- 
dition is that toe FIS must 
cease all violence. What is also 
essential is that the Algerian 
people take their destiny in 
their own hands,* said Mr 
Mokdad Sifi, Algerian prime 
minister, in an interview. 

The premier rfaimod the gov- 
ernment was not responsible 
far the country's political and 
economic turmoil, or the 
causes which led to it 
Economic im p rov ement s and 
a more hopeful political future 
are proving elusive in the cli- 
inate of insecurity which has 
characterised Algeria since the 
FIS was denied victory by the 
cancellation of the 1992 elec- 


tion results which bad seemed 
certain to sweep the Islamic 
party to power. Worsening vio- 
lence is causing ever-greater 
damage to the nation's infra- 
structure, the dp«th toll is ris- 
ing remorselessly, while the 
benefits of a $lbn (£653m) loan 
agreement signed with the 
International Monetary Fund 
in April may only be felt 
slowly. 

The cost of damage to tbe 
country’s infrastructure over 
the past two years is estimated 
at more than $l-3bn. Schools 
and universities have bean 
increasingly targeted by toe 
more extreme members of the 
Islamic Armed Group (GIA); 
more than 400 schools have 
been set on fire in the past 12 
months. 

Two weeks ago the medical 
faculty in the eastern provin- 
cial capital of Constantine was 
reduced to ashes, and fierce 
fighting In the city left scares 
dead. Forest fires this summer, 
often started by the security 
forces to flush out Islamic 
groups, have caused extensive 
damage, especially to olive 
groves in eastern Algeria. No 
area of the country today is 
safe, violence having spread 
this summer to the Berber 
heartland of Kabylia. 

The cost in lives, now put at 
about 11,000, has also been 
growing. Not only are the fun- 
damentalists pitted against the 
army-backed government, but 
confrontation is growing 
between the GIA, which is 
active around Algiers, and sup- 
porters of the Islamic Salvation 
Army (AIS) which owes alle- 
giance to toe outlawed FIS. 

The GIA has sought to sabo- 
tage tentative steps towards a 
dialogue between General Iia- 
wiine Zeroual, the head of 
state, and some senior FIS 
leaders. It has also threatened 
to “bum or dynamite" all 
schools and universities which 
open their doors this autumn, 
and said “severe sanctions" 
would be taken against stu- 
dents and teachers who 
attended classes. 

The deadly competition 
between the FIS and the CUA is 
leading to violent vendettas, 
and denunciations by elders of 
the FIS. such as Mr Abdelbaki 
Sahraom, who claim the GIA is 
acting as an accomplice to toe 
military. 

The GIA. which has claimed 



General Llamlne Zeroual (right), bead of state, and Mr Mokdad 
Sifi, Algerian prime minister, at a political meeting in Algiers 


responsibility for the deaths of 
most of the 60 foreigners killed 
during the past 12 months, has 
repeatedly refused to contem- 
plate negotiations with an "im- 
pious state". 

Gen Zeroual says he wants 
to start a dialogue, but seems 
unwQhng or unahle to release 
the leaders of the FIS held 
since June I99L 

The FIS, which is finding it 
difficult to control its support- 
ers, says it would like to begin 
talks but not until its leaders 
are released. It has condemned 
the killing of foreigners, the 
burning of schools and the 
threats to- teachers and stu- 
dents. 

Against this background, 
most of the more promising 
conditions that Mr Sifi and bis 
government are seeking to cre- 
ate are most likely to stem 
from the IMF agreement a n d 
toe subsequent rescheduling of 
part of Algeria's $2G.7bn for- 
eign debt, thus reducing toe 
cost of servicing this year from 
$9.4bn to $5-06bn. This should 
allow last year's L8 per cent 
decline in real gross domestic 
product to be reversed, and 
provide growth in 1994 of about 
2 per cent 

Capital goods investment in 
industry should rise from 
$7J»bn to just above $9bn and 
help boost activity in myriad 
state and private companies 
which have been starved of 
imports over the past two 
years as the debt service ratio 
has risen to absorb 86.4 per 
cent of total exports in 1993. 

! hree factors explain 
why the quick benefits 
the IMF agreements 
were supposed to bring will 
materialise only slowly. First, 
toe shortage of foreign cur- 
rency alone is not the root 
cause of Algeria’s economic 
crisis. In the words of one 
senior diplomat: “Injecting 
cash into a semi-paralysed net- 
work of state companies will 
not turn them over into ath- 
letes overnight" 

Second, In critical areas such 
as the severe lack of housing it 
is unrealistic, according to one 


Algeria 

Real GNP growth 
5 — 



1080 00' 

Saurca: 0U' 


senior official, to expect more 
than 50,000 new units to be 
built this year, a gainst the esti- 
mated requirement of some 
1 . 2 m units. Despite the fact 
that it tabes, on average, eight 
years to complete an apart- 
ment block in Algiers, private 
builders remain hostile to 
importing prefabricated units. 
The increasing unwillingness 
of foreign governments and 
companies to send representa- 
tives to Algeria is also slowing 
decision-making in all 
fi eld s. 

Third, this year’s severe 
drought has cut farming out- 
put and will fence Algeria to 
import mare than 90 per cent 
of its cereal requirements, com- 
pared with a 70-75 per cent 
average in better years. 

Foreign embassies, mean- 
while, are closing down or 
reducing their staff dramatic- 
ally. The daring and precision 
of the GIA's attack on toe 
French diplomatic compound 
at Ain Allah in early August, 
which cost toe lives of three 
gendarmes and two consular 
officials, has sent shivers 
through the diplomatic com- 
munity. Sweden. Finland. Den- 
mark, Austria. Holland and 
Switzerland have now closed 
their embassies, albeit tempo- 
rarily. 

More than at any time since 
the suspension of elections it 
appears that only some form of 
compromise between the army 
and the FIS will avert a fully 
fledged civil war. 


Japanese surplus ‘nearing peak’ 


By waHam Dawkins In Tokyo 

Strong Japanese exports and 
only moderate growth in 
domestic demand for foreign 
goods produced a M 
rise in Japan's current account 

“ffiS&edtoSU.TJbn 

itSnL a record for toe 

month, from S 11 . 63 bn m July 
last year, roughly ux Une jjjto 
market forecasts. Fln ^™ ^ 
istry officials 

result as further evidence tnai 
the politically touchy surplus 
has started to 

and the US approach another 


critical deadline - at the end of 
the month - in trade talks. 

Adjusting for the rise of the 
yen against the dollar o vet the 
past year, toe current account 
gap shrank by 7.7 per cent 
when measured in toe Japa- 
nese currency. Stripping out 
caies of services, Japan’s trade 
surplus rose 4.9 per cent to 
$1145bn, but fell A2 per cent in 
yen terms. Exports rose 6,6 per 
cent in dollar terms and 
imports woe up ai per cent 
against July 1993. 

On average, import volumes 
had grown by 10 per cent since 
the turn of toe year, reflecting 


a gentle pick-up in domestic 
demand, an official said. 
Exports had declined in five of 
the past seven months in yen 
terms, he added. 

The surprise in yesterday's 
figures was a sudden sharp 
rise in the outflow of long-term 
capital, to S20.85bn in July 
from $4Ja>n in June. Mr Robert 
Feldman, chief economist at 
Salomon Brothers Asia, 
believes this Is partly due to a 
surge in bonds issued overseas 
by Japanese companies, so that 
cash will return to Japanese 
hands rather than being recy- 
cled abroad. 


July’s long-term capital 
account deficit also includes a 
record S859bn outflow of funds 
from foreign investors, who 
became net sellers of Japanese 
shares and bonds for the first 
time in 13 months. Foreign 
investors, previously the sole 
source of support for toe lan- 
guishing equity market, had 
provided a $6.66bn capital 
inflow in June. A ministry offi- 
cial said foreign investors were 
believed to have taken profits 
cm toe yen’s rise and might be 
worried about toe impact of 
the stronger currency on com- 
panies’ export earnings. 


Uruguay Round ratified so far by only 26 of 125 signatories 

Gatt chief warns on accord delay 


By Frances wafcuns bn Geneva 

Mr Peter Sutherland, 
director-general of the General 
Agreement on Tariffs and 
Trade, yesterday launched a 
strong appeal to the leading 
trading powers to ratify the 
Uruguay Round global trade 
accords without delay. The 
accords, including the estab- 
lishment of a World Trade 
Organisation, are due to take 
effect on January 1 next year. 

Addressing a business audi- 
ence in Italy, he said the big- 
gest trade-liberalising package 
in history - worth $755bn 
(£487bn) a year in extra mer- 
chandise trade - was “little 
more than an uncashed 
cheque” until ratified and 


Implemented. “Any delay in 
the entry into force of the 
WTO and the agreements it 
encompasses will cost real peo- 
ple everywhere real money." 
he said. 

Only 26 of the 125 countries 
taking part have so for ratified 
or otherwise approved the Uru- 
guay Round agreements signed 
in Marrakesh in April. Most 
are waiting for ratification by 
the three biggest traders - toe 
US, the European Union and 
Japan - whose participation is 

paiMntifll 

While Mr Sutherland 
expressed concern over proce- 
dural delays in the £U and 
Japan, he is most alarmed at 
the confused situation in the 
US. The Clinton administration 


is still wrangling with Con- 
gress over details of the imple- 
menting legislation and there 
is a strong current of congres- 
sional opposition to ratification 
this year. 

The Gatt chief said the win- 
dow of opportunity, from toe 
time Congress resumes on Sep- 
tember 12 to early October 
when it adjourns ahead of mid- 
term elections, was a narrow 
one. “If it is missed, the risks 
of a long delay are serious." 

In addition to intensifying 
personal contacts with key par- 
ticipants, Mr Sutherland- plans 
a multilateral review on imple- 
mentation which would enable 
the September 22 meeting of 
the WTO preparatory c ommit - 
tee to identify recalcitrants. 



Sutherland: ‘uncasbed cheque’ 


China quits Korea war commission 


By John Burton In Seoul 

China said yesterday that it would 
withdraw from the Korean war armistice 
commission, in an apparent show of sup- 
port fin: North Korea. 

In April North Korea withdrew from the 
body that supervises the Korean war truce 
in an attempt to persuade the US to sign a 
fo rmal peace treaty ending the 1950-53 con- 
flict, which could eventually lead to the 
US removing its troops from South Korea. 

Pyongyang is likely to press for the 
peace treaty if diplomatic relations are 
established with Washington as part of a 
wider deal to end the international dispute 
over North Korea's nuclear programme. 


The withdrawal of North Korea's closest 
ally is largely symbolic as the armistice 
commission has not met since 1991, when 
North Korea began boycotting the meet- 
ings in protest over the appointment of a 
South Korean officer as head of the United 
Nations side. 

China mad e its announcement following 
talks with Mr Song Ho-kyong, the North 
Korean vice-foreign minister and the first 
envoy from Pyongyang to visit Beijing 
since the death of President Kim fl-simg in 
July. Beijing's action is causing concern in 
Seoul, already worried about being left out 
of North Korean-US talks on the nuclear 
issue and feeling increasingly isolated 
from accelerated diplomatic negotiations 


concerning the future of the Korean penin- 
sula. 

The Chinese announcement would 
appear to endorse North Korea’s proposal 
for a peace treaty into the US to replace 
the armistice, while also excluding South 
Korea. Pyongyang does not recognise 
South Korea as a party to a future peace 
treaty since Seoul refused to sign the 1953 
armistice agreement, which was concluded 
between North Korea, China and US-led 
UN forces. 

Pyongyang cited these grounds for its 
boycott of the truce meetings. Meetings to 
supervise the armistice are now conducted 
on a lower level between UN and North 
Korea military officials. 



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’ ‘ FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


NEWS: UK 


Adams set 


to meet 
Irish PM 


Y ears of debate fuel compromise 

Tim Coone on Sinn Fein negotiation and the development of its ‘unarmed strategy’ 


By Tim Coone, David Owen 
and Gootpe Graham 


Politics 


Sion Pfein may be poised to 
take another big step towards 
recognition as a folly legiti- 
mate democratic party with a 
meeting between Mr Gerry 
Adams and Mr Albert Reyn- 
olds, the Irish prime minister, 
within two weeks, Dublin offi- 
cials indicated last night. 

Word of the meeting - which 
would be the first ever between 
a Provisional Sinn F&in leader 
and an I rish premier — came as 
Mr Adams extended his list of 
demands by calling in Dublin 
for the withdrawal of British 
troops from nationalist areas. 

In Washington senior mem- 
bers of the US Congress 
warned that no extra money 
was Hkely to be available this 
year to help smooth the way to 
peace in Northern Ireland. 

But Mr Dick Spring, the Irish 
foreign minister, said after a 
meeting with President Bill 
Clinton in the holiday resort of 
Martha’s Vineyard that he 
hoped “substantial" sums 
would be forthcoming: 

As Downing Street continued 
to voice doubts about the per- 
manency of the IRA ceasefire, 
republican leaders rejected the 
possibility of a violent reaction 
to the killing by loyalist para- . 
militaries of a Roman Catholic 
man on Thursday. 

Mr Martin McGuinness, a 
member of Sinn Fein’s govern- 
ing executive, said it was “a 
total anathema to us that any- 
one would consider taking any 
sort of retaliation for the deeds 
of a few people within the 
unionist community”. 

Mr Michael Ancram, North- 
ern Ireland • minister, 
responded to Thursday's loyal- 
ist attacks by pledging that the 
government would “continue 
to pursue those who commit 
crimes of this sort". 

Mr Reynolds met yesterday 
with Mr John Alderdlce, leader 
of the non-sectarian Alliance 


party, to discuss the setting up 
of the Irish government’s 
Forum for Peace and Reconcili- 
ation, which is Intended to 
include Sinn F€in for the first 
time in round-table talks with 
other political parties. 

Dublin hopes to establish the 
forum - which unionist parties 
are expected to boycott - 
before the end of October. 

Officials said Mr Reynolds 
would be anxious to “get 
thing s moving” before depart- 
ing on a visit to Australia in 
two weeks’ time. They said a 
meeting with Mr Adams was 
“inevitable'' before he leaves. 

In the US, Senator Patrick 


It is a total anathema to 
ns that anyone would 
consider taking any sort 
of retaliation for the deeds 
of a few people within the 
unionist community’ 


Martin McGuinness 
Shm Fan executive member 


Leahy, chairman of the Senate 
appropriations committee 
which controls overseas aid, 
said money to smooth the 
peace process was already in 
the pipeline for next year, in 
the form of the US's J20m 
(£13 .3m) contribution to the 
International Fund for Ireland. 

Mr Clinton said the US was 
“prepared to take some steps 
to do whatever we can to 
help”. 

In London, Downing Street 
said Mr John Major would 
study the report he had 
demanitari into the transfer on 
Thursday of four republican 
prisoners from the mainland to 
jails In Northern Ireland over 
the weekend- 


peace struggle, Page 6 


The IRA’s decision this week 
to call an end to its 25-year. 

military wrniWi after 

almost four years' intense 
debate in the republican move- 
ment about how its aims might 
be achieved by an “unarmed 
strategy”. 

Sinn F&m, the political wing 
of the IRA, was given responsi- 
bility for developing that strat- 
egy in a resolution passed at 
its 1991 party conference. 

As it has developed its strat- 
egy it has been overhauling Its 
party structure and organisa- 
tion. It has reorganised in the 
Irish Republic on a constitu- 
ency basis rather than a 
county one - it was already 
organised on a constituency 
basis in the north. 

In the north it has performed 
strongly since losing its one 
parliamentary seat - Belfast 
West - in the 1992 general elec- 
tion. In May's local elections it 
took 23.2 percent of the vote in 
Belfast, the biggest share for 
any party. Across the province 
its vote rose 1.5 percentage 
points to 12J> per cent, taking 
51 council seats out of the 582 
total 

In the European elections its 
support in Northern Ireland 
advanced by 1 percentage point 
to 10 per cent 

In the June local elections in 
the republic this year Sinn 
Fdin won a series of council 
seats in areas it had not con- 
tested before, finishing ahead 
of the conservative Progressive 
Democrats party. 

The discussion document Of 
the party’s national executive 
- Towards a Lasting Peace in 
Ireland — unveiled at the 1992 
annual confe rence, said a per- 
manent peace “must involve at 
some future date the removal 
of British interference from the 
political equation in Ireland. 
There is an onus an those who 
proclaim that the armed strug- 
gle is counter-productive to 
advance a credible alternative. 
The development of such an 
alternative would be welcomed 
by Srnn Fein". 

Two and half years down the 
road it would appear that alter- 
native has emerged to the sat- 
isfaction of the republican 
leadership, in spite of the fact 
that the British government 
has not made the ending of 


4 V 

V 

* 


Tension eases: a British soldier on patrol in the Falls Road, west Belfast yesterday on the second day of the IRA ceasefire 


partition a policy goal, as the 
document argued it must. 

That foot is perhaps the most 
significant and surprising in 
the ERA ceasefire decision, and 
indicative of the distance its 
has gone in reassessing the 
value of continuing the “armed 
struggle”. Mr Gerry Adams, 
the Sinn FSin president, 
emphasised at a press confer- 
ence In Dublin yesterday that 
the party's goal remained “an 
end to British jurisdiction in 
Ireland and an end to parti- 
tion". But this should be 
achieved through negotiation 
and lead to an agreement 
“which recognises and encour- 
ages the diversity of Irish peo- 
ple and which will earn their 
allegiance and respect". 

Significantly he «nd- “That 


is how we would like to see the 
situation develop. Others may 
have different agendas and 
views. How it is concluded is a 
matter for agreement." 

He emphasised that agree- 
ment would not be achieved 
without Unionist participation 
in discussions. 

In effect, the IRA and Sinn 
Ffein have acknowledged pub- 
licly that continuation of the 
military struggle is not the 
way forward, and that an alt 
Inclusive negotiation process 
involving compromise might 
lead to something less than a 
united Ireland. 

Mr Adams yesterday laidoot 
what he saw as the next stops 
in the process: 

• Hie UK should lift the Sinn 
F&n broadcasting ban, as the 


Republic of Ireland did eight 
months ago. 

• A monitoring procedure far 
the ceasefire should be estab- 
lished. 

• The demilitarisation pro- 
cess should start immediately. 

• Full protection should be 
provided for republicans who 
have been targeted by loyal- 
ists. 

• All republican prisoners in 
the UK should be transferred 
to their home regions. 

• Raids, searches and arrests 
in nationalist areas should 
stop.’ 

• Closed border roads should 
be opened. 

• “Political” prisoners should 
be released - Mr Adams said 
this friftfadefl both republican 
and loyalist prisoners “and the 


Pro-unionist MPs flex their muscles ‘Peace bond’ plan 






By David Owen 

One area in which the views niHRI| l V^^ 
of the pro-unionist grouping 

|M| trustee of the Friends erf the 
U Union under whose imprtma- 

urged to ooost a 


mainly content to keep a 
watchful and suspicious eye on 
the progress of the UK-lrish 
peace initiative. But if events 
turn sour - as many of them 
fear they will - their misgiv- 
ings could burst damagtngly 
into the open. 

The large pro-unionist con- 
tingent in Conservative ranks 
will continue to exert a strong 
influenc e over Mr John Major 
in the aftermath of this week's 
open-ended IRA ceasefire. 

The need to ensure their 
tadt acceptance or the direc- 
tion of government policy will 
be among the main factors 
shaping the prime minister’s 
words and deeds in coming 
weeks. 


government's strategy is the 
vexed issue of whether the IRA 
ceasefire is permanent 

Mr Jim Gran, Tory MP for 
Beverley, yesterday urged the 
government to take a hard 
line, saying ministers should 
insist that Sinn F6in uses the 
phrase “a permanent renuncia- 
tion of violence" in Its amplifi- 
cations of the IRA statement 
“All we have ... is a sort of 
armistice,” Mr Cran added. 

In practice most Conserva- 
tives would probably fall Into 
line once Mr James Moly- 
neaux, the Ulster Unionist 
party leader, let it be known 
that he was satisfied that the 
cessation of IRA violence was 
for good. 


Many pro-unionists still hold 
profound reservations about 
the prospect of government 

o fficial holding b ilatera l talks 
with Sinn F&n representatives. 

Earlier this week Mr Norman 
Lament, the former chancellor, 
said in a pamphlet written 
before the ceasefire that the 
country “should be spared the 
sight of ministers of the Crown 
or their representatives sitting 
around the same table as men 
who until three months before 
were bombing our fellow 
countrymen”. 

Mr Lamont is expected to 
return to the suhject of Ulster 
in a newspaper article this 
weekend. 

Ms Lisl Biggs-Davison, 


appeared, said she would be 
“terribly reluctant" for the 
government to talk, with Sinn 
F&n. “I want to know what 
will happen to the people who 
have carried out those terrible 
crimes,” she said. 

If pro-unionists do decide to 
make public their reservations 
about the course of events next 
month's Conservative party 
conference will provide the 
perfect opportunity. 

Not only to there a debate an 
Northern Ireland, but a series 
of events is planned on the 
conference fringe. One pro- 
unionist said this week that 
Northern Ireland was destined 
to be “the big issue in Bourne- 
mouth”. 


rails Mr Major and Sir Patrick 
Mayhew, the Northern Ireland 
secretary, are set to be 
applauded to the rafters for 
trying to end the violence. 

But the strength of the Tory 
pro-unionist faction should not 
be underestimated. 

The backbench Northern 
Ireland committee Is firmly in 
pro-unionist hands, under the 
low-key but effective chairman- 
ship of Mr Andrew Hunter, the 
MP for Basingstoke. 

Its Influence in caMnat hag 
also increased markedly with 
the promotion of Viscount 
Cranbome, leader of the Lords, 
«iwf Mr Jonathan Aitkxm, chief 
Treasury secretary; in the 
recent reshuffle. 


By Richard Waters 


New York 


Mr Alan Hevesi, comptroller 
(treasurer) of New York city, 
has called for an issue of 
“peace bonds" to be launched 
In the US to help support 
Northern Ireland’s economic 
development once peace is 
established in the province. 

Repeating stat em e nt s he 
made in Northern Ireland early 
in Jnly, Mr Hevesi said Irish 
Americans would be willing 
buyers of such bonds, just as 
Jewish Americans have bought 
substantial amounts of Israeli 
bondsl 

“A constructive peace 
process will have a major 
effect on investment in Ireland, 


Cleaners 
win claim 
after Lords 
ruling 


Independent girls’ schools 
dominate exam results 


By John Authers 


Nine former cleaners at IC1 
Wilton on Teesside yesterday 
became the first beneficiaries 
of a House of Lords ruling that 
part-time workers are eligible 
for redundancy pay on the 
same basis as fall-time 
employees. 

The women, who lost their 
Jobs last November, learned 
yesterday that their claim for 
redundancy pay two months 
ago had been successful. It is 
believed to be the first claim 
of its kind since the Lords 
decision in March. 

The women, members of the 
Transport and General Work- 
ers’ Union, were employed by 
initial Contract Services. 

The industrial tribunal at 

Newcastle ruled that workers 

should be paid redundancy 
money on a retrospective basis 
as the UK domestic law was 
not in line with EU legislation. 

TGWU district officer Mr 
Tim Bush said: “We have 
proved the principle that 
part-time workers made 
redundant, who have com- 
pleted more than two years’ 
employment with a compa n y 
before the Bouse of Lords deci- 
sion, can claim retrospective 
redundancy payments." 

Before the Lords decision 
part-time workers had to work 
for five yean before enjoying 
the rights gained by full-time 
employees after two years. 

Mr Bush said the amounts 
due to the women would be 
worked out later. 


Girls’ schools dominate this 
year's performance in GCSE 
examinations by independent 
schools. 

When schools were ranked 
by the proportion of GCSEs - 
the main examina tions for 16- 
year-olds in England and 
Wales - resulting In a pass at 
grades A to C (equivalent to an 
old O-level pass), is of the top 
20 schools were for girls only. 
When ranked according to 
their proportion of A-grades. 
girls' schools were similarly 
dominant, accounting for 17 of 
the top 20. 

A total of 47.7 per cent of 
entries in girls' schools scored 
an A grade, compared with 39.6 
per cent for independent 
schools as a whole. 


They enjoyed even greater 
success in the starred-A grade, 
introduced this year to recog- 
nise outstanding achievement. 
It was awarded to 29 per cent 
of all GCSE entries nationally, 
including the state sector, but 
to 99 per cent of entries from 
independent schools. At With- 
ington Girls' School in Man- 
chester 44S per cent of GCSEs 
entered resulted in a starred-A. 

Mrs Margaret Kenyon, head- 
mistress of Withtogton Girls’ 
and president of the Girls' 
Schools Association, said: 
“Girls flourish in girls’ 
schools." 

Overall, the disparity 
between GCSE performance in 
independent and state sector 
schools appears to have wid- 
ened since last year. In private 
schools, according to figures 


provided by the Independent 
Schools Information Service, 
S9.6 per cent of entries were 
graded A or better, up from 
379 per emit last year. The fig- 
ure for all schools is 1&2 per 
cent, up from 12.7 per cent last 
year. 

Independent school pupils 
enjoyed more success in gain- 
ing at least a C-grade, with 89.4 
per cent of entries achieving 
this level, compared to 53.1 per 
cent for the nation as a whole. 
Isis also revealed that candi- 
dates had taken an average of 
9.1 subjects each, rebutting 
allegations that schools were 
stopping pupils from entering 
in their weaker subjects to 
boost their league table 
standings. 

Mr Vivian Anthony, secre- 
tary of the Headmasters’ Con- 


north and south,” he said. 

The comptroller has used his 
position as a custodian of New 
York’s public-employee retire- 
ment fond to justify his state- 
ments on Irish affairs. The 
fund has $6bn (£4bn) invested 
in companies which have busi- 
ness interests in Northern 
Ireland. 

Mr Hevesi said he wanted to 
encourage these companies to 
adopt employment practices 
worldwide which reflected the 
scHcalled McBride Principles 
adopted by New York- These 
are designed to give minorities 
improved access to Jobs. ' 


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ference, which represents the 
most prestigious independent 
boys’ and mixed schools, said 
the results showed that girls 
performed much better aca- 
demically than boys at the age 

of 16. 


He suggested, however, that mast pupils in the independent 
the figures did not prove that sector regard as more impor- 


gfris performed better hi a sin- taut than ( 
gle-sex environment. He are used fa 
pointed out that boys' perfar- sity places. 

mance was roughly equal to 

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taut than GCSEs because they 
are used to determine mnver- 


Girls number one. Page 7 


Signal 
workers 
call more 
strikes 


grnnn handful of British Army 
and RUC prisoners” who have 
been' charged with offences. 
He said this “might take 
time". 

Dublin plans to set up its 
Forum for Peace and RecondH- 
ation, which will involve Sinn 
F&n, by tire end of October. A 
meeting between Mr Albert 
Reynolds, the Irish prime min- 
ister and Mr Adams is likely' In 
the next two weeks. 

Mr Tom Hartley, Sinn Fein’s 
general secretary said: “The 
ceasefire has created a great 
momentum. I envisage a series 
of developments resulting from 
that This could take as much 
as one, maybe two years. Each 
one of those may create a crisis 
but they will be dealt with and 
we wID move on.” 


London Tube 
increases offer 


The threat of possible London 
Underground strikes to coin- 
cide with signal workers' stop- 
pages receded last night when 
the Tube's management said it 
was prepared to increase Its 
staff's cost of living increase 
from 2 per cent to 2J> per cent 

The offer was conditional on 
Aslef, the train drivers’ unRto, 
and the RMT transport union 
withdrawing their ballots on ' 
industrial action. 

The conciliation service Acas - 
said the unions had agreed to 
respond by September 14. 


AA Insurance to 
shed 550 jobs 


AA Insurance yesterday 
announced the loss of up to 550 
jobs in Cheadle, Cheshire. It 
said that processing wort was 
being transferred from Cheadle 
to Newcastle and Cardiff. 

Mr Sean Keating, national 
secretary of the GMB general 
union which represents most 
of the staff said: “This will be 
a devastating blow but we 
hope that some of the staff 
might be redeidoyecL" 

Hie said that insurance indus- 
try re st r u ct uri ng driven by the 
growth of direct sales was the 
reason for the redundanoes. 

The company said that a 
reassessment of AA insurance 
was announced in May to 
ensure that the company 
retained Its position as the 
“premier personal-lines inter- 
mediary in the UK". 


Some domestic 
coal prices frozen 


British Coal yesterday 
announced a price freeze an 
some domestic fuels, including 
anthracite, a smokeless fuel 
used for household central 
heating. Prices lor “selected 
housecoats”, the traditional 
fuel for open fires, will rise by . 
an average of 0.6 per cent. 


Reserves fall $27m 

The UK’s official - reserves fell 
by *4im in August to $43Sflm, 
Treasury figures show. Chi an 
underlying basis, excluding 
transactions such as repay- 
ments under the exchange 
cover scheme, the fall was 
$27m, about in line with 
market forecasts of a 525m 
decline. 


Archer named in client details for Anglia share deal 


By Robert Peston 


The stockbroking account set up by 
Lord Archer for dealing in Anglia 
Television shares days before the 
takeover bid from MAI contained his 
own name as part of the client refer- 
ence details. 

The former Conservative party 
deputy chairman told Department of 
Trade and Industry inspectors inves- 
tigating allegations of insider deal- 
ing that he placed the share orders 
on behalf of a Mr Broosk Saib. 

It emerged yesterday that the 
account used by Lord Archer at bro- 


kers Charles Stanley for dealing in 
the Anglia shares was set up in the 
name of "B Saib Esq, cfo J Archer, 
Alembic House”. Lord Archer has a 
penthouse In Al embic House. 

Mr Alistair Darling, Labour's 
spokesman on the City, said this dis- 
closure reinforced his party’s case 
that the DTI should publish the 
report into alleged insider trading, 
so that the public could judge what 
really happened- At the end of July, 
Mr Michael Hcsdtine. the trade ngd 
industry secretary, decided not to 
take any further action against Lord 
Archer 


The DTI investigation focused an 
two orders placed by Lord Archer for 
the purchase of 50,000 shares in 
An g lia , whose directors ihcTutfe his 
wife Lady Archer. The first was 
placed on January 13, the day after 
Anglia's board had been given 
details of the price MAX was pre- 
pared to pay for the television com- 
pany's shares in a takeover bid. 

At around 10am, Lord Archer 
called Simon Wharmby at Charles 
Stanley. He had never before dealt 
through Charles Stanley but had 
used Mr Wharmbyfa services at his 
previous stockbraking firms. 


He asked Mr Wharmby about the 
availability of Anglia shares. Mr 
Wharmby found out that a pared of 
80,000 shares was available. 

Lord Archer said that the price 
being asked was too great, and 
placed an order to purchase 25,000 
shares at around 486p. Mr Wharmby 
then spoke again to Charles Stan- 
ley's dealers, who dhrebed a deal 
with a market marker, or ■Wholesaler 
of shares. 

According to stock exchange 
records, the deal was. done at 
10.25am. Mr Wharmby then tele- 
phoned Lord Archer and told him 


the deal had been completed. 

. He had assumed that Lord Archer 
was dealing for himself However, 
Lord Archer said the shares should 
be booked in the name erf Mr Saib. 

Lord Archer also told Mr 
Wharmby he would.be interested in 
buying more shares if they became 
available at a similar price. As a 
result, the following day Mr 
Wharmby telephoned him and 
offered him a second parcel of 25,000 
shares, which Lend Archer agreed to 
buy, again on behalf of Mr Saib. The 
deal was done at 2pm. 

Both deals were completed in such 


a way that they coanted as falling 
into the next trading account, which 
meant no money had to change 
tends at that stage. The following 
Tuesday, January 18, MAI 
announced its £292m takeover bid 
very early in the morning: 

At 10am, after the share price had 
soared around I60p, Lord Archer 
telephoned Mr Wha rmby and. sold 
the shares, netting a profit after 
commission of just over £77,000. 

An “account payee only” cheque 
for this amount, fmwip out to Mr 
Saib, was sent on February 4 to Lord 
Archer’s London address. 


,ni0 r 


Three more days of rail signal 
workers’ strikes were called 
yesterday as their union feed- 
ers reacted angrily to reports 
of Rail track plans to sack 
workers, David Good hart 
writes. 

The RMT transport union 
said a 48-hour stoppage would 
cover -the whole of Tuesday 
and Wednesday September 14 
and 15 and a 24-hour strike the 
whole of Friday September 23. 
They will follow a 24-hour 
strike called for next Thurs- 
day. 

Mr David Armstrong, human, 
resources director of Radtrack, 
said he was appalled at the 
announcement of more stop- 
pages. He said: “Every striker 
has lost over £1,000. Rantrack*s 
losses stand at over £10Gm. 
And for what? The RMT would 
rather indulge in a futile show 
of strength than negotiate a 
package that fag been on tha 
table since June 28 and would 
benefit every signal worker.” 

Reports of the Rafltradk plan 
to dismiss striking workers - 
and offer than new contracts 
drew an angry response from 
Mr Jimmy Knapp, RMT gen- 
eral secretary. He insisted that : 
a Halftrack policy of hoping to 
scare people back to work was - 
"d oo m ed to failure'*. 

He said: “Rail track should - 
abandon their macho manage- 
ment stance and get bade to . 
genuine negotiations an EBIT’s 
claim That is the only way 
this dispute is going to be 
resolved." 

Rail track said that more 
than 53 per cent of trains ran 
during this week’s 48-hour 
strike, the highest number so 
far. 


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Senior Tory MP quits political consultancy 


By David Owen 

Sir Marcus Fox, chairman of the 
Tory backbench 1922 committee and 
a member of the Commons commit, 
tee Investigating the so-called "cash- 
for-questions" affair, is stepping 

d ,°™ of one 

of Britain s leading political consul- 
tancies. 

He is one of four MPs who will 
cease to be directors of Westminster 
Communications this nvtnfh 
The other three are Mrs Ann Tay- 


lor, shadow education secretary, Mr 
Menzies Campbell, Liberal Democrat 
foreign affairs and defence spokes- 
man, aurt Sir TTgtth Speed, Conserva- 
tive MP for Ashford. 

The four will also sever their 
financial i in be with the company. It 
is understood tha t Mr Campbell has 
been paid £5,000 a year for bis 
services. 

The move is significant because it 
comes when the outside interests 
which many MPs use to supplement 
their salaries are coming under 


inereflfltng scrutiny amid calls for a 
f undamental reassessment 

Many expect one result of the cur- 
rent probe will be lo make it harder 
for MPs to serve as directors or con- 
sultants of professional lobbying 
companies and public affairs 
consultancies. The move by the 
four MPs will reinforce such 
expectations. 

If the committee did decide to rec- 
ommend such a move it could have a 
serious effect on the overall earnings 
of some MPs, who continue to act as 


directors or consultants to PR and 
lobbying companies. 

In January, when the latest regis- 
ter of MPa' interests was published, 
these included Mr Michael Jopirng, 
the former agriculture minister, Sir 
Peter Fry, the Tory MP for Welling- 
borough, Dame Angela Rumbold. 
former Home Office minister, and 
Mr Paul Tyler, Liberal Democrat MP 
for Cornwall North. 

The departure as directors of the 
tour MPs has been necessitated by 
an application by Westminster Com- 


munications to join the Association 
of Professional Political Consultants. 

The APPC does not allow members 
to “place themselves in a position of 
potential conflict of interest" by 
appointing any MP to their board or 
by paying “any retainer or commis- 
sion to an MP". 

Mr Andrew Giffor d, chairman of 

the association, said last month he 
thought it was “difficult to see how 
you could very easily have MPs on 
the board or retained and not have 
some perceived conflict of interest". 


Sir Marcus, who lists seven direc- 
torships and three consultancies in 
the current register, was selected in 
July by Labour leftwingers as a 
token target in their failed attempt 
to ensure that the privileges commit- 
tee inquiry was conducted solely by 
MPs with no outside interests. 

The inquiry was triggered by the 
action of two Conservative MPs - Mr 
Graham Riddick and Mr David Tre- 
dinnick - in agreeing to accept pay- 
ments erf £1,000 to table parliamen- 
tary questions. 


Ferry ban 
‘may cost 
farmers 
£200m’ 

By Deborah Hargreaves 

British farmers could face lost 
4 sales of up to £200m a year as 
ferry companies Impose a ban 
on carrying live animate des- 
tined far riau ghtw to the Con- 
tinent, .according to Mr Rich- 
ard Beale, chairman of the 
Association of Livestock 
Exporters. 

He said: “If the trade doesn't 
continue, we really are in a 
terrible pickle." 

A ban by Stena Swaifak on 
live animal exports tamp into 
force on Thursday. Brittany 
Ferries had already said it 
would stop transporting ani - 
mals to Continental slaughter 
houses and Peninsular and Ori- 
ental said it would impose a 
ban on October l. There is no 
alternative to shipping - live- 
stock is banned from the Chan- 
nel tunnel. 

Sir David Naish, president erf 
the National Farmers’ Union, 
will hold urgent falfrg with the 
ferry companies on Monday to 
try to avert the ban. The live- 
stock industry is negotiating a 
new code of practice for trans- 
porting animals, and termers 
hope that will defuse the situa- 
tion. 

The effects of the ferry com- 
panies' action are already 
being felt in the livestock mar- 
kets. Mr John Astiey, a sheep 
farmer on Anglesey in north 
Wales, said he tried to sell 50 
lambs yesterday in his local 
market of Gaerwen, but could 
only sen 30. He said: "It's the 
first time in the season when 
rve found no buyers." 

September and October are 
the peak sales months for 
many hill and marginal term- 
ers, who sell their lambs for 
further fattening before they 
are slaughtered. 

About 20 per cent of these 
lambs, or 20m sheep a year, 
would usually be exported live 
to France and Spain. But pub- 
lic complaints about the way 
animals are treated en route 
have led to the terry compa- 
nies’s curbs. 

Mr Tim Bennett, a Welsh 
termer who chairs the hill 
farmers' committee at the 
NFU, said: "This has come at 
the worse possible time of 
year. If tenners lose their abil- 
ity to move large numbers of 
stock now It will have a consid‘ 
erable effect on the domestic 
market price.” 

Mr Astiey said that prices at 
his local market had already 
fallen I5p a kilogramme to 80p 
for lambs. "That’s getting to a 
serious level, below that it 
doesn't really pay to market 
the lambs," he said. 

Fanners are trying to 
develop trade in animal car- 
casses to compensate for live 
animal deliveries, but French 
consumers are keen to buy 
fresh meat slaug htered locally. 
British farmers fear that if 
they are prevented from fil lin g 
orders animals from e astern 
European or elsewhere will fill 
the gap. 

Sir David urged caution on 
farmers who threatened to 
blockade ferry ports. He said: 
"Confrontational action of this 

sort will only alienate public 
support," 


Fishermen turn ones that got away into profit 

Fleet capacity is increasing in spite of government efforts and shrinking stocks, writes Alison Mait la nd 


This summer's “tuna wars" in 
the Bay of Biscay have left an 
impression of a struggling Brit- 
ish fishing fleet being forced to 
fight for new markets to stay 
afloat 

Hie Royal Navy’s arrest yes- 
terday of a British-owned but 
Spanish-based trawler sus- 
pected of exceeding its quota 
was the latest skirmish m an 
increasingly bitter battle. 

Declining fish stocks and 
tight quotas imposed under the 
European Union's Common 
Fisheries Policy have restricted 
supplies in traditional waters 
and driven fishermen to new 
species in hostile territory. 

But the image of an industry 
in terminal decline is ter from 
representative of the UK fleet 
Fleet capacity has grown by X 
per cent to 2 per cent a year in 
two years, and fishermen in 
some regions are benefiting 
from lucrative new markets. 

When the government 
launched a £25m three-year 
decommissioning programme 
last year it attracted most 
interest from north-east and 
north-west En gland and north- 
ern Ireland. An official said: 
‘That’s probably a good indica- 
tor of where the industry is 
really being squeezed." 

Higher bids for grants, which 
the government rejected, came 
mainly from Scotland and. 
south-west England. These 
more buoyant fleets are 
exploiting new outlets in conti- 
nental Europe. 

Spanish fishermen may be 
objects of hate in Cornish fish- 
ing villages, but the Spanish 
taste for monkfish and 
megrim, a flatfish, has proved 
a godsend for Scottish fisher- 



Unloadingfor the Aberdeen market Much of the catch is destined far export - the Spanish taste for mrmTtfish has proved a godsend 


men in the past few years. Mr 
Tan MacS ween , ehiaf executive 
of the Scottish Fishermen's 
Organisation, a body which 
promotes the interests of die 
fishing community, said fisher- 
men off the west coast of Scot- 
land would have been "wiped 
out" if they had to rely on tra- 
ditional catches. 

Monkfish used to be thrown 
back, or turned into scampi. 
"Now the monkfish are worth 
more t hen the scampi" 

The tuna caught in the Bay 
of Biscay go mainly to France 
and Spain. Mr MacSween 
believes the real cause of Span- 
ish resentment at Cornish 
boats is that they are catching 


tuna for sale in Spain and 
undermining prices because 
the Spanish drift nets mark the 
fish and reduce their value. 

Scotland is Europe's biggest 
producer of langmistme, yet 
they are caught for export and 
most Britons are unaware of 
the delicacy on their doorstep. 

These new markets have 
enabled the best-placed fisher- 
men to invest in more powerful 
boats and tackle, which they 
need to exploit more distant 
waters. Financial imperative 
then drives them harder. A 
new boat can cost as much as 
£300,000 and weekly running 
costs are £1.000 or more. 

But technological advances 


in fishing also threaten the 
stocks the fishermen depend 
on. Mr MacSween said: “We're 
getting better at catehing the 
fish, but they're not getting 
more efficient at breeding.” 

The fleet’s staying power is 
ranging problems ter the gov- 
ernment, which seems unlikely 
to be able to keep its pledge to 
cut fleet capacity by nearly a 
fifth by the end of 1996 as part 
of a European Union drive to 
conserve fish. 

Part of the problem is that 
quotas are broken. Officials 
say there are not enough fish 
to provide a decent living for 
the UK’s 10,000 vessels. But 
estimates of the number of 


so-called “black” fish - caught 
over and above quota - range 
as high as 50 per cent of the 
legitimate catch. 

In a further blow to its 
efforts, the government was 
forced to suspend its controver- 
sial plan to limit days at sea 
after a High Court challenge 
by fishermen last year. That 
leaves it having to mop up 
capacity through tighter licen- 
sing of vessels, decommission- 
ing and the possible introduc- 
tion of bigger mesh sizes and 
closed fishing zones, to allow 
immature or breeding fish to 
escape capture. 

Officials say the trend 
towards increased capacity 


Photograph: Donald Stewart 

appears to be reversing, but 
they admit that the fleet 
remains obstinately resistant 
to restructuring. 

There has been little concen- 
tration of ownership in the 
past decade and the number of 
vessels has remained fairly 
constant, with most still owned 
and run by individuals. 

Mr MacSween believes mar- 
ket forces will fail to drive 
fishermen out of the industry, 
in spite of overcapacity. 

"As long as you’re getting a 
marginal return on your 
investment, it's better to keep 
going than to scrap your boat,” 
he said. "There’s no demand 
for a redundant fishing vessel” 


£72,000 
awarded 
to RSI 
sufferer 


By Richard Donkin, 

Labour Staff 

An industrial radiographer 
who suffered repetitive strain 
injury as a result of his work 
has been awarded £72,000 by 
the Court of Session in Edin- 
burgh in the second highest 
compensation pay- 
ment to a sufferer in the 
UK. 

Mr Victor Hunter, 45, of 
Bridge of Weir. Renfrewshire, 
sustained the injury while 
helping to check castings. His 
job with Clyde Shaw, a steel- 
maker of Motherwell, near 
Glasgow, which is now in liq- 
uidation, involved making 
repeated adjustments to a 
turntable carrying heavy 
metal components while they 
were X-rayed. 

Mr Frank Maguire, of solici- 
tors Robin Thompson and 
Partners who handled the 
case, said yesterday’s judg- 
ment made it clear Mr Hunt- 
er’s injuries were caused by 
the excessive, repeated force of 
movements he had to make in 
the course of his work. The 
defence claim that his condi- 
tion was not work-related was 
rejected. 

Mr Hnnter said his pain 
started with a “small niggle in 
my elbows" which grew pro- 
gressively more severe and led 
to his absence from work for 
six months. He started his 
legal battle, backed by the 
MSF technical onion, three 
years ago when the company 
made him redundant 

The case is one of several 
which have recently placed 
RSI squarely in the category of 
industrial injury after an 
English High Court case less 
than a year ago cast doubt on 
the condition. In rejecting a 
claim at the time. Judge John 
Prosser said SSI was “mean- 
ingless and had no place in 
medical books”. 

Since then a number of cases 
have contradicted that ruling 
and employers appear increas- 
ingly to be «*»king to settle 

claims out of COUTt 

The highest UK RSI award 
was £79,000 to an Intend Reve- 
nue typist in January. 


Fall in house price index 
points to fragile recovery 


By Andrew Taylor, 

Construction Correspondent 

House prices fell 0.7 per cent 
last month, figures published 
yesterday by Halifax Building 
Society show, emphasising the 
fragile nature of the housing 
market recovery. 

The monthly tell that 
prices have fallen 0.3 per amt 
in the previous 12 months, the 
country’s biggest mortgage 
lender said. Prices had 
remained broadly stable since 


the end of last year and small 
monthly tells and rises were to 


be expected in the current mar- 
ket, it added. 


New house prices, in con- 
trast to overall figures, rose 
by 23 per cent last month 
compared with July and by 
2.6 per cent in the previous 
12 months. 

Halifax said: “Any further 
speculation about rises in 
interest rates in the coming 
months COUld have damag in g 
consequences for what is 
already a very fragile bousing 
market” 

The general weakness in the 
housing market was also 
reflected in lower than 
expected levels of mortgage 
tending and numbers of house 
purchases. 


Nationwide, the country's 
second-largest building society, 
reported on Thursday that 
prices rose 0.6 per cent last 
month compared with July, 
taking the year-on-year 
increase to 2^ per cent only 
slightly ahead of general infla- 
tion. 

The societies agree that the 
confidence of potential pur- 
chasers remains weak. The 
Halifax house prices are sea- 
sonally adjusted, unlike 
Nationwide’s survey. Halifax 
also usee a larger sample of 
mortgage loans. 


Bottom line. Weekend Page EL 


RPI statistics go private 


By GSBan Tett. 

Economics Staff 

The first private-sector 
contract for the collection of 
nffimai government statistics 
was awarded yesterday. 

Research International the 
UK’s fourth-largest market 
research group, has won a five- 
year contract to collect data for 
the retail prices index, the Cen- 
tral Statistical Office 
announced. 


The collection, processing 
and validation of about 140,000 


prices a month In 180 areas 
throughout the country was 
previously performed by the 
Department of Employment. 
The CSO will continue to put 
the data together for govern- 
ment and public use. 

The CSO said yesterday: 
“More rigorous statistical sam- 
pling techniques will be used 
to make the selection of both 
retail outlets and items more 
representative of how the pub- 
lic spend their money." 

More random regional sam- 
pling would be incorporated 


Into the series, along with a 
broader range of shops, the 
CSO said. Data collectors 
would nap TianiT-bpiti comput- 
ers to collect the data, in place 
erf tte traditional clip-boards. 

If trials prove satisfactory, 
Research International’s first 
data will be for February next 
year. 

Earlier this year the contract 
for the publication and market- 
ing of government statistics 
was awarded to the private-sec- 
tor market research group Tay- 
lor Nelson AG. 


Manx ministry shake-up urged 


By Sue Stuart 

The Isle of Man government 
said in a report yesterday that 
responsibility for financial ser- 
vices should be split off from 
its treasury into a new depart- 
ment, and the island's industry 
and tourism departments 
should be merged in anew 
trade and industry department. 

The financial sector is the 
largest contributor to the 
island's economy, but the gov 
eminent does not bave 
department responsible solely 
for its affair s. . 

The report on econci^c 
strategy, compiled by the Cen- 
tral Economic strat *^ n FS! 
under the chairmanship “ “ 
Terry Groves, a member of tne 
House of Keys - the 
the island’s two par lament 
chambers - produced n 

recommendations, 
included setting up a 
S2, division in the islands 


High Court and appointing an 
experienced deemster (judge) 
for it 

The intend, a self-governing 
Crown dependency of the UK, 
is financially self-sufficient 
and, under its agr eement with 
the UK. cannot go into budget 
deficit 

Financial services and asso- 
ciated businesses and profes- 
sions produce more than a 
third of the island's income. 
There has been dissatisfaction 
in the industry over the lack of 
government resources devoted 
to the sector. 

The industry deals with the 
yaw* government through the 
island’s treasury and regula- 
tory bodies, which are super- 
vised by the treasury. 

The report proposes the 
establishment of an economic 
development committee com- 
p pdng ministers from the four 
revenue-raising departments: 
treasury, financial services. 


agriculture and trade and 
industry. 

Mr Mies Walker, the island's 
chief minister, said yesterday 
that the government had 
already formed the committee. 
He said restructuring to create 
new departments would take 
about two years. 

The report was the first com- 
missioned by the island’s gov- 
ernment to include extensive 
private-sector involvement Its 
recommendations include: 

■ Negotiating double taxation 
agreements for the growing 
ship manag ement industry, 

• Negotiating bilateral agree- 
ments with European Union 
states for the sale of Manx 
financial products. 

• Enacting clearer trust legis- 
lation. 

• Enhancing and focusing 
government marketing strate- 
gies. 

• TEnarting more legislat ion in 
the folsmfi , rather than fairing 


legislation directly from the 
UK. Priority would be given to 
commercial legislation. 

• Examining ways to ensure 
better use of the workforce, 
such as retraining, provision of 
childcare and incentives for 
businesses providing home 
work schemes. 

On residency the report says: 
“It is not possible that growth 
and development of the econ- 
omy could be achieved without 
an increased labour force and 
therefore a higher population 
level But the ultimate objec- 
tive is for maximum national 
income at the minimum level 
of population.” 

It recommended replacing 
the existing work permit sys- 
tem with i dentity cards, which 
would be jg ro e d to residents 
who fulfil criteria - such as 
long-term residence, birthright 
and key-worker status - which 
would be varied according to 
the island's needs. 


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6 


FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


FINANCIAL TIMES 

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

Saturday September 3 1994 

Division of 
labour day 


Out of 'votelessness'. comes 
thoughtlessness. Unable to "put 
people first- in Congress. Presi- 
dent Clinton would like to see the 
Federal Reserve take on the mis- 
sion instead. The lesson from this 
world recovery, however, is that 
the central bankers who seem all 
but indifferent to the employment 
of their fellow-citizens are best 
able to deliver the sustainable 
recovery which, in the long run at 
least, is the surest way of produc- 
ing it. 

He ought to know better, but Mr 
Alan Blinder, the newest 
vice-president on the Fed, recently 
backed up Mr Clinton's demands 
for more personable monetary pol- 
icy-making, by suggesting that the 
Fed should focus more on employ- 
ment growth for the next couple 
of years. The attractions for the 
president are obvious. So far this 
year, the Fed has delivered on its 
mandate rather more effectively 
than the White House: why not 
broaden it to include more jobs, as 
well as stable prices? 

There are (at least 1 ) two reasons 
why not. One practical difficulty, 
which would face any central 
banker who adopted a more 
explicit employment target, would 
be deciding what such a target 
might be. Today's complex mix of 
labour market trends and broader 
economic conditions in the world's 
main industrial economies give lit- 
tle clue as to what the best objec- 
tive might be. The second, more 
timeless, reason why an additional 
employment target should be 
ruled out is that a multiplicity of 
aims, even if they could all be 
applied in practice, has proved 
inconsistent with monetary policy 
success. 

Mr Blinder's comments conflict 
with remarks by his chairman. Mr 
Alan Greenspan, who last week 
warned that addressing monetary 
policy to the task of reducing 
unemployment would only bring 
instability in financial markets. At 
first glance, however, the US eco- 
nomic data released last week do 
add weight to Mr Blinder’s case. 


Sustainable pace 

The revised real growth rate in 
US gross domestic product in the 
second quarter, at 3.8 per cent, 
was only 0.1 percentage points 
higher than previously thought, a 
considerably smaller revision than 
man>- had expected. Coupled with 
other subdued data, this adds to 
the impression that the five inter- 
est rate increases since the begin- 
ning of the year may be slowing 
the economy to a more sustain- 
able pace. Given yesterday's news 
of an unexpectedly small 179.000 
increase in non-farm payrolls for 
August, less dour observers than 
Mr Greenspan might argue that 
further monetary tightening 
should be delayed. 

Yet even Mr Blinder would not 


argue that a US unemployment 
rate of 6.1 per cent provides much 
room for non-inflatfonary stimuli 
to job growth. The most optimistic 
estimates of the rate of unemploy- 
ment that is consistent with stable 
prices would not be much lower 
than 5 l * per cent. This year's 
household survey and labour 
department statistics have been 
sending contradictory signals on 
employment But the difficulties 
in deciphering the data merely 
suggest that the Federal Reserve 
should avoid adjusting its interest 
rate policy in light of short term 
employment trends. 

German unemployment 

The Bundesbank is certainly not 
one for doing so. This week’s 
Council meeting once again 
decided against lowering interest 
rates, despite the fact that pan- 
German unemployment continues 
to rise. With official German 
unemployment set to peak at 
about 10 per cent, the Bundes- 
bank's determination to maintain 
monetary restraint seems down- 
right perverse to the Americans. 
Yet Germany's economic recovery, 
though considerably younger than 
that of the US. already seems 
rather more 'voteful' for Chancel- 
lor Kohl than ft has been for Mr 
Clinton. 

The difference in the two lead- 
ers' positions can be traced to 
political factors as well as eco- 
nomic ones. But a part of the 
spring in Mr Kohl's step, as he 
enters the last stage of his cam- 
paign for re-election, can be traced 
to the way the Bundesbank's 
tough stance on Inflation has 
already produced low long-term 
Interest rates. These, in turn, have 
enabled the German recovery to 
proceed more quickly than many 
had expected after such a pro- 
longed downturn. The signs are 
that GDP in the second quarter 
rose about 2.3 per cent from 1993, 
considerably higher than expected 
a few months ago. 

Monetary policy can never be as 
finely tuned as many politicians 
would like. Estimating the effect 
of a given change in direction, let 
alone the time lag with which it 
operates, will always be a matter 
of educated surmise. 

But the same uncertainty need 
not. and should not apply to the 
declared goals of its practitioners. 
Presidents have to juggle conflict- 
ing objectives and satisfy multifar- 
ious constituencies. Central bank- 
ers. by contrast, are best employed 
in sticking to the overriding objec- : 
five of monetary stability. 

• To judge by his recent Congres- 
sional travails. Mr Clinton too 
would benefit from showing a bit 
of single-mindedness. He should 
certainly resist the temptation to 
pressure the Fed to imitate his 
own often excessive desire to 
please. 


P erhaps, after two and a 
half decades of stomach- 
churning attrition, this 
week's IRA ceasefire 
means the people of 
Northern Ireland can start burying 
their differences instead of their 
dead. Perhaps not 
Whichever direction Ulster takes 
from what the high command of the 
provisional IRA calls an “historic 
crossroads”, it will be too late for 
Mr Sean McDermott, the 37-year-old 
catholic shot dead by loyalist gun- 
men just 12 hours before the mid- 
night: ceasefire began. 

But, for the baby boy bom to Lisa 
Stewart in Belfast's city hospital six 
hours and six minutes into the 
peace, there is the chance of a life 
free of the troubles which began the 
year his mother was bom. 

Whether the province is finally 
awake ning from a 25-year night- 
mare. which by last night had 
claimed 3,170 lives, or is preparing 
for some thing worse will now begin 
to unfold, fitfully and unpredicta- 
bly, over the next weeks and 
months. 

The rows over the calculated deci- 
sion of the IRA not to commit itself 
to the “permanent" ceasefire 
demanded by T^mrfrm and Dublin 
and on the untimely return to 
Ulster jails of four republican pris- 
oners, which hinted at secretly 
agreed concessions by London, will 
not be the last They will appear 
trifling compared with what lies 
ahead, and the leadership qualities 
and goodwill of everyone involved 
will be severely tested. 

The timing of a breakthrough 
delivered by the republican move- 
ment came as a surprise after 
nearly nine months of private pre- 
varication and public point-scoring 
on the contents of last December’s 
Downing Street declaration - Lon- 
don and Dublin's best shot at estab- 
lishing an universally acceptable 
blueprint for a lasting political set- 
tlement for Ulster. 

Though the announcement fame 
suddenly, the underlying shift in 
attitudes has been more gradual 
Upbeat predictions had been 
made before in the land of false 
dawns, but this time they reflected 
a perceptible change in attitudes 
within the community. 

Under the leadership of Mr Gerry 
Adams, Sinn F£in - the IRA's politi- 
cal aim - has been pursuing for 
seven years its own Irish peace ini- 
tiative. Its efforts - against a back- 
ground of dwindling public support 
and a growing recognition that con- 
sent. not coercion, was the only 
strategy supported in both north 
and south - have been met from 
outside with contempt. 

But Mr Adams h&> managed to 
cultivate within republican ranks a 
culture of debate and the notion of 
political negotiation as an alterna- 
tive to the armalite. The leadership 
of Sinn Finn and the IRA appear to 
understand that the ability to kill 
has not brought much progress 
towards British withdrawal and a 
united Ireland. 

While there is no deviation from 
its ultimate objective of a 32-county 
Irish republic, it is prepared to try 
an alternative route. According to 
Mr Adams: "Irish n atianfliism has 
sufficient political confidence, 
weight and support to bring about 
the changes essential for a just and 
lasting peace." 

While the IRA and Sinn Fein have 
made the running - manipulating 
and some times winning the propa- 
ganda battle with London - the 
unionists have seemed to be out- 
flanked and at risk of being swept 
along by events. 

Twenty years ago. hardliners in 
the protestant community were able 
to combine forces to bring down the 


The IRA’s ceasefire represents only the 
first stage on a perilous road to lasting 
stability in Ulster, says Michael Cassell 

The struggle to 
hold on to peace 



newly established power-sharing 
executive, demonstrating a unity 
and resolve which is no longer evi- 
dent Now, the broad body of union- 
ists face a stark choice. 

They can fry to wreck any new 
political initiatives to preserve a 
status quo no longer acceptable in 
London, or they can help forge a 
compromise package of political 
and constitutional change. Con- 
fronting them as they choose will 
be a formidable coalition stretching 
from Washington to west Belfast 
Whatever happens protestants 
intend to keep a tight grip on the 
rock which guarantees Ulster a 
place in the United Kingdom for as 
long as the majority wishes. 

For Mr John Major, maintaining 
the unionists' trust will be of para- 
mount concern - hence reports of a 
prime minister “livid'’ over the 
return to Ulster of IRA prisoners. 
Hence, too the fact that it was Mr 
James Molyneaux. the patient, pro- 
foundly sceptical leader of the 
Ulster Unionist Party, who was first 
into Downing Street after the cease- 
fire announcement 

So far, Mr Molyneaux remains on 
board and behind a Downing Street 
declaration he once dismissed as “a 
dead Christmas tree". And he will 
be called on to fry contain the loyal- 
ist paramilitary threat to further 
progress. Yesterday, hopes were ris- 
ing that, while further revenge 
attacks by loyalist extremists can- 
not be ruled out they might sus- 


pend violence if reassured about 
Ulster's right to self-determination. 

Mr Major, whose bold, joint initia- 
tive with Dublin has brought repub- 
licans to the negotiating ante-room, 
will be less concerned about the 
co ntinuing self -exclusion from any 
future talks of the Rev Ian Paisley's 
Democratic Unionist Party. The 
hope is that eventually, his still-po- 
tent voice will be undermined by 
political momentum. 

Provided the IRA ceasefire holds. 
Downing Street Is unlikely to delay 
much longer recognition that the 
IRA actum is Intended to be perma- 
nent TH« WOUld mean that initial, 
exploratory contact between British 
government officials and Sinn Fein 
could take place before Christmas. 

Sinn F6in dialogue with the Dub- 
lin government will begin earlier, 
with Mr Albert Reynolds, the Irish 
premier, anxious to embrace north- 
ern republicans In his proposed 
north-south Irish Forum for Peace 
and Reconciliation. The forum 
could be operational by October. 

Mr Adams, on a path perhaps 
even more dangerous than Mr 
Major's, will need rapid evidence 
that the ceasefire is paying divi- 
dends to keep his supporters behind 
him. The UK government is likely 
to oblige with an early end to the 
broadcasting ban on Sinn F&n. 

Equally . important for British 
ministers will be success in their 
joint efforts with the Irish govern- 
ment to piece together the pivotal 


framework document on which 
political and constitutional progress 
can be based The document could 
be finalised next month, and will 
include a power-sharing Ulster 
assembly and a number of cross- 
border institutions. 

It will also incorporate changes to 
the Irish constitution, possibly 
involving a referendum, renouncing 
Ireland’s territorial claim on the 
north. In return, Britain will amend 
the 1920 Government of Ireland Act 
which gives Westminster “supreme 
authority" over Northern Ireland. 
The gesture is seen by Britain as 
largely symbolic, given subsequent 
legislation enshrining the principle 
of majority consent for changes in 
Ulster's constitutional position. 

The format for planned bilateral 
exploratory talks between Sinn F&n 
and British government officials is 
undecided. But secret discussions 
between the two sides in 1993 envis- 
aged exchanges involving three rep- 
resentatives from each side. 

These talks will enter totally 
uncharted waters and could easily 
expose the obstacles that cause the 
peace process to come unstuck. 
Under toe Hidi n g “practical conse- 
quences of ending violence", will 
come the intensely emotive and 
complex question of all-round demi- 
litarisation, without which further 
progress wffi be impossible. 

Any hope of bringing all parties 
to round-table talks will stand or 
fall on the removal of terrorist 


weaponry and toe threat it could be 
used again. Sinn F&n and toe IRA 
will be equally adamant in demand- 
ing a comparable de-escalation of 
British military and security forces, 
jwV»i mting a withdrawal of British 
troops initially to barracks and ulti- 
mately back to toe mainland. 

The issue of IRA prisoners will 
prove as intractable- “Our prisoners 
come first and last If they are not 
released, you can forget the whole 
thing," a senior republican source 
says. Downing Street has rejected* 
general amnesty, and unionists 
intend to keep Mr Major to his 
word. 

Only when the matters of weap- 
onry and prisoners have been, 
resolved can toe crucial constitu- 
tional issues be addressed in wider 
talks aime d at securing a compre- 
hensive, negotiated political settle- 
ment 

At their heart is the issue of 
self-determination and what Sinn. 
Fein calls the loyalist “veto" over 
moves towards a united Ireland. 
The going here will be no easier. 

R epublicans have now 
embraced the principle 
of unionist consent, but 
only in the contest of 
the right to self-determi- 
nation of the Irish people as a 
whole. In other words, Ulster can 
have its referendum but only the 
decision of all toe people of Ireland 
will count 

Mi- Adams also Insists that 
Britain has a responsibility to per- 
suade unionists that their best 
interests lie in “toe creation of ah 
agreed and stable Ireland". Mr 
Major, however, will not join the 
persuaders or withdraw safeguards 
for unionists. A shift on either 
could see. Mm destroyed at the 
hands of Westminster's Ulster 
unionis ts and unhappy Tory MPs." 
The agenda for agreement looks 

Impossibly ffanntlng but nnfrfl 
recently, toe prospect of any prog- 
ress between two historically and 
diametrically opposed forces 
appeared fanciful. 

If the politicians have their 
doubts, an Ulster opinion poll yes- 
terday showed only 9 per cent of 
protestants and 58 per cent of catho- 
lics believe toe ceasefire will last 
Suspicions are held equally 
deeply on both sides; those of 
Ulster's protestant community who 
can contemplate negotiation with 
those they consider mass murderer- 
era do so only because the prize of 
peace is desperately sought. 

There are understandable suspi- 
cions that toe IRA's gesture is a 
sham, and that the organisation is 
only intent upon fiir flwr HpgtahfHs . 
ing the province before returning to 
violence when it can justify a 
resumption. ■' 

Republicans believe they have 
cause to doubt the good Intentions 
of a British gover n ment they say 
has betrayed toeta too many times 
In the past and which wants to trap 
them info a. peace before replacing 
Ulster on the political back-burner. 
The IRA and Sinn F&n know that 
the passage of time would make any 
return to violence increasingly diffi- 
cult to justify and would lose them 
any credit recently won from A. 
relieved domestic and international 
community. 

But, as the week ended, there was 
an unfamiliar, enjoyable peace 
along the ShankiH and up the Falls, 
across the Highfield estate to 
Andersonstown. Republicans have a 
gaelic battle cry of Ttochfmdh or la! 

- our time will came - while hard- 
line un i onists shout “No surren- 
der!" The two sides remain divided 
by a gulf of historic proportions but 
toe overriding hope is that toe gap 
may just have started to dose. 


MAN IN THE NEWS: Dieter Bock and Tiny Rowland 


W hatever It is that Tiny 
Rowland takes to keep 
himself going at the 
age of 76. it does not 
come from Body Shop. This week he 
confronted an incipient boardroom 
coup at Lonrho. the international 
conglomerate, and emerged trium- 
phantly unscathed, like some age- 
ing tyrannosaurus crashing 
through the corporate under- 
growth. 

The lesser species who had 
sought to unseat him. including his 
fellow joint chief executive Dieter 
Bock, were simply outmanoeuvred. 
Thus Jt ever was at Lonrho. where 
the choice for Tiny's fellow direc- 
tors has usually lain between total 
subservience and total war. 
The middle ground has always. 
In the end, turned oat to be illusory. 

The chief casus belli in this 
instance was the £5.5m a year that 
Rowland is said to cost Lonrho in 
salary and expenses. Along with a 
basic solar}’ of El Jim he receives 
numerous payments towards the 
cost of his homes in Belgravia and 
Buckinghamshire, his domestic 
staff and even the education fees of 
dependants of African politicians 
and business contacts. There is 
much at stake, it seems, for toe 
public school system In the out- 
come of the Lonrho succession. 

The most extraordinary feature of 
this latest twist in the Lonrho saga 
is that it so closely resembles toe 
earlier, notorious boardroom row in 
1973. That was when Edward Heath, 
the then prime minister, pro- 
nounced anathemas an Rowland by 
referring to toe unacceptable face of 
capitalism. There, too, part of toe 
argument turned on pay and 
expenses. And In a subtly managed 
campaign Rowland routed 
toe so-called “straight eight" direc- 
tors who were seeking to throw him 
out 

Much water has passed under the 
bridge since then, but not a great 
deal else. In toe 20 years after toe 
row turnover increased from £2?4m 
to £3.Bbn, while earnings per share 
ran the whole - gamut from A to B, 
with a rise from 6.0p to 6.4p. Last 
year finally saw alphabetic progress 


Elderly boss keeps 
colleagues in place 



in the shape of a jump to 15-lp, but 
this was levitation. Most of the 
money was earned in discontinued 
operations which were shed to bol- 
ster Lonrho's cash position. In real 
terms the share price languishes at 
around one-fifth of the level it 
reached at its peak In the bull mar- 
ket of 1969. 

The one thing that generated a 
consistent and rising cash flow for 
most of that time was toe dividend 
policy, which helps explain why 
Lonrho has always lived on the 
edge of a never-ending cash crisis. 

Nor was this at the urging of 
greedy Institutional shareholders. 
The big insurance companies and 
pension hinds bad boycotted Lon- 
rho since 1973, thereby ensuring 
that Rowland could tyrannise over 
the tin}’ stakes of impotent small 
shareholders, who supported him 
for longer than anyone else would 
have thought humanly possible. 
The chief beneficiary of these over- 
generous payouts, until Bock 
arrived on the scene, was of course 
toe biggest shareholder Rowland 
himself. 

Another extraordinary feature of 
this week’s events is toe apparent 
belief of some Lonrho directors that 
there is a civilised alternative to a 
damaging row. In any company 
which was being damaged to toe 
tune of £5 jm of potentially contro- 
versial expenditure a year that 
premise would be questionable. 

At Lonrho, where all history indi- 
cates that toe only way to remove 
Rowland from toe boardroom is 
with a crowbar, the notion is 
absurd. The fearsome septuagenar- 
ian entrepreneur has too much at 
stake, starting with the annual 
£5.5m and ending with an emotional 
attachment to Lonrho that Is both 
real and fierce. 


What is needed for the task is toe 
will — indeed the drill, since no 
one is more adept at removing other 
people's crowbars than Rowland. 
On the basis of this week's form, 
Bock would appear to have been 
rather easily mugged. Nor is it 
wholly clear that this German busi- 
nessman is the right man to take 
Lonrho forward. 

Whoever runs Lonrho over the 
next year or two can hardly avoid 
doing welL As a global ragbag of 
more than 600 businesses, which 
are mainly passive hostages to eco- 
nomic cycles and fluctuating com- 
modity prices, Lonrho is an obvious 
beneficiary of toe recovery that is 
spreading inexorably across the 
world. With many of its operations 
in developing countries it can also 
benefit, in its disposals programme, 
from the enthusiasm for emerging 


markets. 

Bock claims to be a sophisticated 
investor who has dealt successfully 
in property and hotels. He should 
thus know how to shuffle the pack 
to good advantage. Yet the key to a 
sustainable long-term strategy at 
Lonrho lies in managing toe assets 
rather than shuffling them. 

Last year Lonrho's motor and 
equipment distribution business 

anil THawufar t nHng interests had 

a combined turnover of more than 
£900m from which they extracted no 
profit at alL 

More than £500m worth of hotel 
property generated pre-tax profits of 
only £12m. In Britain, , where turn- 
over topped ETOOm, the pre-tax 
profit was a mere £im. this litany 
of under-performance could be 
extended ad nauseam. 

Bock's past does not suggest that 


he is the man to address that partic- 
ular gargantuan task. And from the 
point of view of outside investors he 
may appear a mixed biasing In 
another sense. He maintains busi- 
ness interests outside Lonrho which 
involve him in potential conflicts of 
interest. An obvious case in point 
relates to property, where his par- 
ticipation in a big City of London 
office development with Lord Pal- 
umbo is befog undertaken through 
his private Interests. Yet Lonrho is 
no stranger to property. 

No doubt the German could argue 
that the financial commitment 
would be inappropriate for Lonrho 
in its present condition. But much 
of toe taint that has afflicted the 
company over the years, and which 
prompted the original Department 
of Trade investigation into its 
affairs, goes back to the potential 
conflict between Rowland's private 
and public interests. Once again 
history appears to be repeating 
itself in an uncanny way. 

Last October Rowland said of his I 
adversary, In a characteristic out- 
burst Tm still waiting for some 
performance from him. So far he 
hasn't delivered a stroke of busi- 
ness. Frankly, he hasn’t a clue.” 
Maybe or maybe not But Bock does 
have more than 18 per cent of the 
capital of Lonrho, together with a 
right to acquire most of the remain- 
ing 6 per cent or so owned by Row- 
land. Meantime two longs tanding 
Rowland supp o rt e rs on the board, 
chairman Reo& Leclezio and deputy 
chairman Rohm Dunlop, are due to 
retire. 

This suggests that Bock will in 
due course feel able to rise to toe 
challenge. But before he takes a 
new crowbar to the greatest carni- 
vore in British business he would 
do well to prepare the ground with 
more care. 

An excellent precautionary move 
would be to feed toe vegetarians in 
the Lonrho boardroom with a 
steady diet of good red meat In toe 
counfry of the bland, even a 76-year- 
old tyrannosaurus stays king. 

John Plender 


We Work With Both Hemispheres. 


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FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


7 


* 


Money, kids and family rows 


Debate at the UN’s population s umm it is ' 
about how, not whether, to curb growth 
in numbers, says Bronwen Maddox 


I n the past two years Dr Nafis 
Sadik has travelled to more than 
,150. countries, some more n»aw 
once, while preparing to chair 
the United Nations' conference on 
population and development which 
begins in Cairo on Monday. Her 
grandson, she says, assumes she must 
have a tyrannical boss who enters her 
to travel constantly. Dr Sadik Is 
amused by the irony, as the confer* 
ence’s a te - and the target of bitter 
attacks from governments and reli- 
gious groups - is to give women more 
control over their lives. 

This weekend, as more than 10,000 
delegates, lobbyists and journalists 
from 170 countries gather in the AM- 
can continent’s most populous city, 
battle lines have been drawn, hi an 
unlikely alliance against the UN’s 
draft policy document. Pope John 
Paul n has accused the conference of 
promoting abortion as a means of con- 
traception. while Egypt’s Al-Ashar 
University mosque, influentia l in the 
Moslem world, has criticised the draft 
agenda for condoning homosexuality, 
pre-marital and adolescent sea. 

Apparently moved by such con- 
cerns, Saudi Arabia and Sudan, both 
Moslem countries, have announced 
they are - boycotting the conference. 
The decision of Turkey’s prime minis- 
ter, Tancu Cfller, and Bangladesh's 
prime minister, Ms Begum Khaleda 
Zia, not to attend may also have been 
influenced by the mmmting religious 
opposition. 

Such reactions are unsurprising: 
the issues bring to the fore the sorest 
divisions between governments, cul- 
tures and religions. Two years ago, 
Britain's Prince Charles accused the 
Rio Earth Summit of ducking popula- 
tion control and contraception issues 
because of their contentiousness, 
despite their relevance to environ- 
mental concerns. 

Yet Cairo opens with a greater level 
of international consensus on the 
desirability of lower birth rates than 
was imaginable 10 years ago at the 


UN's last population conference in 
Mexico. This partly reflects a new rec- 
ognition of the scale of the problem. 
The UNFPA - the UN population 
fund, of which Dr Sadik is executive 

director - estimates (he world’s popu- 
lation will nearly doable to lQbn from 
5.7bn by the middle of next century. 

In the light of such projections, 
many African countries, which 
appeared uninterested in curbing pop- 
ulation growth a decade ago, have 
undergone a sea change in attitude. 
Part of the reason has been the 
impact of rapid population growth on 
over-stretched health and education 
plans. Moreover, some such as Dr 
Fred Sal, Ghanaian president of the 
International Planned Parenthood 
Federation, which promotes family 
planning services around the world, 
argue overcrowding has been a factor 
in Rwanda's turmoil. 

But the greater consensus also 
reflects a new confidence among 
countries that family planning can 
work. That optimism is based on the 
sharp falls in fertility rates - the 
average number of children home by 
a woman - in most developing coun- 
tries since the Mexico conference. To 
demographers’ surprise, rates have 
fallen even where economic develop- 
ment has been slow, confounding con- 
ventional wisdom. Easy access to con- 
traception (see chart) is one of the 
most important factors leading to 
smaller families, experts now argue. 

Countries which have not shown 
such declines in fertility rates and are 
still ambivalent or sceptical about 
family planning tend to be relatively 
affluent with small populations, par- 
ticulariy Moslem countries in north 
Africa and the Gulf. But even Pakis- 
tan, which for years made little 
attempt to curb high fertility rates, 
has recently begun to promote family 
planning programmes vigorously. 

Despite the new agreement on 
goals, however, there is still wide dis- 
agreement about how to get there. 
Cairo delegates expect fierce debate 


World population: more and more 

Fertility and r»ntraception »raffibffity 
Tote tertfity rats 

nwnbarolchfclwi, seaman bos* h ter liattmej ' 

■■ ■ i ■ ■ ■ 

.6 • 



40 ' SO 

' Cantracsptfue pmvfltence 

(W at marriad vwman of raproduettra age wtttt accass to contraception} 


100 


Population projections by. region 
Bfflfan • 

ibaaetipnUN nxrdlDm forecast 






IncBa 


-Site i 


Dowelopod 


• SoutokUNtPA ' •' 

on two fronts: the final wording of the 
UNFPA's policy guidelines on family 

p lanning ; and its proposal that finan- 
cial support for family planning 
should treble to $17bn a year by the 
year 2000. The UNFPA wants at least 
a quarter of this ftmding to be sup- 
plied as international aid, the rest via 
national p n yawww> 

In the countdown to Cairo, the 
noisiest criticism has centred on how 
the final text will view abortion. Dr 
S adik, who calls the row a “red her- 
ring”, believes the Vatican is using 
the issue of abortion to rally support 
for its opposition to any contracep- 
tion. She points out the draft agenda 


2129 2150 


men tions abortion only as a threat to 
women’s health: the UNFPA esti- 
mates 250,000 women a year die from 
badly-performed operations. The 
UNFPA is currently barred from pro- 
moting abortion or helping doctors 
perform the operation, even where a 
lack of medical akin endang ers wom- 
en’s lives. 

She says the conference “should 
accommodate the Vatican only as nna 
state which speaks for 800 people, not 
for the lbn Catholics of the world, 
most of whom are not behind their 
rhiu-r»h on contr acep tion" 

Behind that headlinegrabbing row, 
however, many religious groups as 


well as governments have begun to 
show a wider unease about the agen- 
da's proposals for improving sex edu- 
cation for teenagers, and for more 
general education for women and 
girls. The Iranian Health Minister, Mr 
All Reza JMarandi, has criticised the 
conference for ‘‘ignoring Islamic val- 
ues" and promoting "sexual liberty". 
According to Dr Sadik. "In the prepa- 
ratory committee meetings, every 
government wholeheartedly endorsed 
empowerment of women, outdoing 
even the language of women’s groups. 
But now they are starting to recog- 
nise what it means". 

A s well as trying to settle such 
controversial points, govern- 
ments will have to tackle the 
funding question. It will 
hardly be plain sailing. Some develop- 
ing countries are wary of having to 
adopt western values to receive inter- 
national aid. Others are concerned 
that some of the western contribution 
to total funding will be taken out of 
other aid budgets. According to Dr 
Sadik: "I will not count it as failure if 
we don’t get it [the $l7bnL but I will 
be very disappointed." 

But however stormy next week’s 
debate becomes, it is population 
growth, not the Cairo agenda, which 
presents governments with difficult 
choices. On the one tend, if they tol- 
erate present fertility rates, they face 
the threat of social disruption: st rains 
on natural resources will increase and 
people leave the countryside in search 
of jobs in crowded cities. If they need 
any reminder of those threats, China 
provides a graphic example: even 
though the Beijing government has 
taken tough measures to bring down 
family sire, a projection two weeks 
ago estimated half of its population 
would be living in cities by 2010. 
against lews than a third today. 

On the other hand , if governments 
promote easier access to contracep- 
tion, they can expect big changes in 
women's social role. Those are, nota- 
bly for conservative countries, uncom- 
fortable options. But however many 
anumrimimn are matte to the Cairo 
agenda, demographers’ arithmetic 
Shows governments cannot expect 
their societies to stay the same. 


The world chess champion lost to a computer, but man still has the upper hand, says Clive Cookson 


Chips can’t (yet) 
do everything 


programmed it to 
THWW fl'TRNTKUM 
IF rri^sss 


W hen a chip chop- 
ped a chess 
champ this week, 
commentators 
were quick to proclaim another 
famous victory for computers 
in their long struggle for men- 
tal superiority over the human 
brain. 

By knocking Garry Kaspa- 
rov, the world champion, out 
of the Intel Grand Prix in Lon- 
don, the Pentium micro-proces- 
sor certainly shocked the chess 
world - and saddened some 
people who thought its tri- 
umph would remove the 
game’s Intellectual mystique. 

Although computers have 
been beating good players for 
several years, few people 
expected their first serious vic- 
tory at the highest level to 
come so soon. 

“A lot of people thought 
there was a qualitative differ- 
ence between most grandmas- 
ters and the elite handful of 
potential world champions," 
says Manny Rainer, formerly 
an international chess player 
and now an artificial intelli- 
gence specialist with SRL the 
Cambridge research consul- 
tancy. 

Tm beginning to think now 
that there might not be such a 
gap alter all." 

But Kasparov’s defeat will 
have less psychological impact 
on artificial intelligence 
research than on the world of 
chess. In computing’s pioneer- 
ing era in the 1950s and 1960s, 
researchers learned a lot of 
important programming tech- 
niques by teaching computers 


to play chess- Things are very 
different today. 

. Chess computers have 
become a minor sideshow with 
little relevance to mainstream 
research. Scientists trying to 
mimic human intelligence in 
machines now prefer to work 
on problems related to the 
everyday world, such as trans- 
lating between languages, 
enabling a robot to steer 
around obstacles or assessing 
the creditworthiness of bank 
customers. 

For all its reputation as the 
queen of intellectual pursuits, 
chess is a self-contained small 
world with little same for sur- 
prises - in other words, ideally 
suited to computing. 

The personal computer that 
beat Kasparov - containing 
Intel's latest Pentium proces- 
sor and running a Genius 2 
chess program - costs only 
£2,000 but it can cany out 
166m calculations and analyse 
100,000 possible moves every 
second. And that is fast 
enough to out-think a human 
player. 

“Kasparov has relied on his 
experience and his strategic 
thinking, and that’s no longer 
enough," says Professor Bill 
O’Riordan, head of advanced 
research for ICL, the UK-based 
compute company. “It comes 
to all of us - he is just too 
slow." 

“Watching the human being 
becoming more and more dis- 
traught, while the computer 
remained as Impassive as ever, 
was strangely unsettling,” says 
Andrew Finan, a tou rnamen t 


official. “Kasparov is feeling 
very very sore - he has gone 
underground and is not giving 
any interviews." 

The Intel Grand Prix is 
admittedly “speed chess”; each 
player has 25 minutes to make 
all his moves. Fast calculating 
is at less of a premium in a 
normal tournament, when 40 
moves have to be completed 
every two hours. 

However no (me doubts that, 
with the processing power of 
silicon chips doubling every 
two years, cheap computers 
will soon be able to beat the 
best human players under 
those conditions too. 

O’Riordan does not agree, 
however, that chess will be 
diminished as a p mp , "On the 
contrary," he says, “once we 
realise that men will never 

again beat the 

machine, we 
should feel lib- 
erated and 
treat chess as a 
pure sport 
again.” 

In draughts 
(or checkers, as 
it is known in 
tiie US) the champions have 
also succumbed to the power of 
computers. But there are other 
intellectual games in which the 
human brain still reigns 
supreme. One is Go, which 
originated in east Asia 
4,000 years ago, making it more 
than twice as old as 
chess. 

The rules of Go are simpler 
than those of chess but it has a 
larger board and more poten- 



The best Bridge 
computers today 
are not even up to 
good amateur 
standard’ 


rial moves at every stage. As a 
result, the balance between 
long-term strategic thinking, 
which is the forte of the 
human player, and short-term 
tactics, at which the computer 
excels, is tilted in favour of 
the former. Good Go players 

need not fear 

defeat by a 
computer for 
many years. 

Chess and Go 
are “games of 
perfect infor- 
mation"; noth- 

ing is hidden 

■nm^hi from the play- 
ers. Computers are less suc- 
cessful at card games such as 
bridge, where the course of 
play is less predictable and 
psychological factors are more 
important 

“The best bridge computers 
today are not even up to good 
amateur standard," Rainer 
says. 

“The kind of skills you need 
for chess are not very useful 
for anything else - developing 


a good bridge program would 
be much more useful for good 
artificial intelligence research. 

"Bridge is a trickier game all 
round for the computer, 
because you have to reason 
about probabilities rather than 
certainties and you have to 
think about what your partner 
is thinking the whole time.” 

If machines are ever to 
become bridge cha mpions , they 
may not be created by pro- 
grammars dedicated to produc- 
ing a bridge-playing equivalent 
of the Genius 2 chess com- 
puter. Instead, they may 
emerge from more general 
research into intelligent 
machines capable of learning 
human behaviour. 

The most ambitious research 
of this sort is in progress at 
Massachusetts Institute of 
Technology’s artificial intelli- 
gence laboratory. Scientists 
there are creating Cog, a 
humanoid robot which Daniel 
Dennett, one of the team, says 
will be able to “interact with 
human beings in a robust and 




versatile manner in real time, 
take care of itself and tell its 
designers things about its con- 
dition that would otherwise be 
extremely difficult if not 
impossible to determine by 
examination". 

If Cog can play bridge, this 
will be a by-product of its gen- 
eral learning skills, not its 
main raison d'itre. And unlike 
today’s chess computers, it will 
be physically capable of mak- 
ing Its own moves. Cog will 
have eyes to see the cards, 
arms to play them , ears to hear 
the bidding and a voice to 
speak itselt 

Although a primitive first- 
generation. Cog exists, it will 
probably be several decades 
before the robot develops suffi- 
cient understanding and adapt- 
ability to play bridge with peo- 
ple. 

By then the thought of a 
human chess champion 
playing a computer will seem 
as ridiculous as it would be 
today for a sprinter to race 
against a Formula 1 car. 


John Authers on why the 
female of the species is top of 
the class in the UK 

Girls just wanna 
be number one 


N orth London Colle- 
giate, the girls’ 
school whose pupils 
this year scored bet- 
ter in GCSE exams than any 
other independent school's, 

was once proud of Its cookery 

and needlework lessons. Not 
any more. Its old cookery 
room has been converted for 
craft, design and technology. 

The move highlights a trans- 
formation in the aspirations 
and confidence of girls’ 
schools. Not only are more 
girls studying traditional 
boys' subjects - they are beat- 
ing them across the board. 

“Girls overtook boys at GCSE 
level [the main exams for 16- 
year-olds in England and 
Wales] a few years ago, and it 
would not surprise me if 
they've now overtaken at 
A-Ievel as well," says Mrs Joan 
Clanchy, headmistress at 
North London Collegiate. 

The figures support her 
claim. League tables, which 
rank schools by exam perfor- 
mance, have shown girls' 
schools persistently matching 
and even beating better 
resourced boys’ schools. 

Complete figures for the 
state sector’s performance in 
this year's public exams will 
not be available until Novem- 
ber. Bat yesterday’s GCSE 
rankings for independent 
schools showed girls’ schools 
occupying 18 of 
the top 20 
places. At 
North London 
Collegiate, 81.5 
per cent of an 
the GCSEs 
taken resulted 
in the top “A” 
or “A-star” 
grades. 

Similarly, 
last week’s 
A-level result 
league tables 
for independent 
schools showed 
sharp improve- 
ments by girls’ 

$Tbo«3£S 

schools. Mai- _ . . _ 

vem Girls’ Col- Swotting for her future 
lege rose to 18th, from an 
average over the past five 
years of 42nd, while Roedean 
improved to 27th from 96th. 

League table rankings such 
as these are helping girls’ 
schools beat off fresh competi- 
tion for pupils from the many 
boys’ schools that opened their 
doors to girls in the 1980s. 

Mrs Ann Langley, headmis- 
tress of Roedean, said: “The 
facts show single-sex girls’ 
schools are doing an excellent 
job. Girls would not choose to 
stay if they were not enjoying 
the single-sex environment 
and feeling fulfilled.” 

Single-sex education is com- 
ing back into vogue and is 
even being reintroduced in 
some schools. From this 
antnmn, for example, Shef- 
field High, a mixed school in 
Essex, is responding to par- 
ents’ demands by teaching its 
boys and girls in separate clas- 
ses. Other state schools are 
considering doing the same. 

But this league table evi- 
dence may not be the vindica- 
tion of single-sex education for 
girls It at first seems to be. 

Girls appear to be doing better 
whatever school they attend. 

Over the past decade, girls’ 
examination results have 
improved far faster than boys’ 
at an levels of education from 
the age of 16. 

According to the Depart- 
ment for Education, in 1992, 

45 per cent of girls passed five 
GCSEs at grade C or above 
(equivalent to a pass in the old 
O-Ievel). while 38 per cent of 
boys reached the same stan- 
dard. That suggests girls’ 



schools may do best In league 
tables simply because they 
have more girls. 

The disparity between the 
two sexes has been widening 
for the past decade. The intro- 
duction of GCSEs in 1988, with 
a greater emphasis on course- 
work than O-Ievels, may have 
benefited girls who, education- 
ists agree, tend to be more dis- 
ciplined in their study than 
boys at the age of 16. 

Mr Vivian Anthony, secre- 
tary of the Headmasters’ Con- 
ference. which represents the 
most prestigious boys and co- 
educational schools, says that 
at GCSE level boys “are much 
more likely than girls to 
decide they don’t care". 

A more profound reason for 
girls’ growing success from 16 
is that they have become more 
ambitious in the past two 
decades about careers. Govern- 
ment estimates suggest that 
40.1 per cent of 18-year-old 
girls will attempt ‘A’ levels 
next year, against about 33.6 
per cent of boys. Hut repre- 
sents a wider disparity than In 
1992, when the respective fig- 
ures were 31 per cent and 26 
per cent; 10 years ago the 
equivalent figures were 22.3 
per cent and 21.1 per cent. 

More women are also going 
to university. Government fig- 
ores this week showed women 
accounted for 49.5 per cent of 
higher educa- 
tion graduates 
last year, up 
from 43 per 
cent a decade 
ago. 

Female grad- 
uates even trad 
to be more 
employable 
than men, with 
only 8.2 per 
cent of them 
unemployed by 
the end of their 
year of gradua- 
tion, against 
12.25 per cent 
of men. 

Mrs Gillian 
Shephard, edu- 
cation secre- 
tary, says the 
increase in the number of 
women in higher education 
has helped “ensure that the 
potential of over half the popu- 
lation is folly realised”. 

According to the Equal 
Opportunities Commission, 
the figures are indicative of 
how women's aspirations and 
expectations of themselves at 
last equal those of men. 

Mrs Clanchy, of North Lon- 
don Collegiate, believes girls 
lack the complacency of hoys. 
Her experience is that boys 
with a GCSE in French will 
describe themselves as “flu- 
ent”, while girls will say they 
have “a little French". 

The rise of the female in 
Britain's schools has not, how- 
ever, been uniform. Science 
and technology continue to be 
perceived as feminine “no-go 
areas”. Women are outnum- 
bered by five to one in univer- 
sity engineering and technol- 
ogy courses, and by four to 
one in mathematics degrees. 

Girls’ schools, which used to 
reinforce gender stereotypes 
by teaching cooking, now see 
their role as challenging them 
by encouraging girls to fake 
an interest in these “mascu- 
line preserves”. 

Mr Declan O'Neill, develop- 
ment director of Malvern 
Girls’ College, says: “There 
was a time when there was a 
stereotyped image of girls’ 
boarding schools as qualified 
finishing or art schools. I’m 
glad to say league tables have 
disproved that. Now parents 
are most interested if they 
think their daughter can do 
well in science." 


An eccentric view of 
independent nation 


i Mr Adrian P HeuritL 

, You have an intriguing 

of announcing the news 

Sir Julius Chan was voted 
i prime minister of Papua 
Guinea by the national 
intent - “Australia puts 
in new PNG prime minis, 
(August 31). And might it 
be worth reporting the 
j of the Papua New Gut- 
s who have enjoyed tade- 
snee for a generation! 
ur report became even 
eccentric in its first paro- 
ti, locating PNG as a 


resource-rich nation adjoining 
Indonesia’s Irian Jaya". Well, 
up to a point Australia’s world 
view (and its obsession with 
In donpgra) is interesting in its 
own right, but PNG - by far 
the largest South Pacific coun- 
try - merits separate treat- 
ment, please. 

Adrian P Hewitt, 
deputy director. 

Overseas Development Institute, 
Regent's College, 
timer Circle, 

Regents Park. 

London NW1 4NS 


Pendulum can swing it 


15- 

implesolu- 
a’s dispute 
uch differ- 
ilum arbi- 
trator is 
its to find 
er. but not 
ether com- 
sent there- 
to put for- 

easonable 

fetch they 


believe an independent third 
party will favour. 

This has the effect of bring- 
ing both sides quite dose to 
each other, and removing the 
issue of loss of face. I commend 
it to RMT and RaJltracfc 
Ian M Harris. 

Bonos Machine Company, 
Dukesway, 

Team Valley Trading Estate, 

Gateshead 

NE110LF 


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 

Banish this elitist to Bermuda Triangle 


Cost-effective change 


From Mr Tony Wright 

Sir, The blatant elitism por- 
trayed by Michael Thomp- 
son-Noel (“The English coast 
and its holidays from hell", 
August 27) is a perfect illustra- 
tion of tiie class prejudice 
which continues to Inhibit ect>: 
rsomic growth in. the UK. 

His damning attack on 
English seaside resorts as 
“clapped-out and working class 
whose fate is to play host to 
the poorest and least sophisti- 


cated of Britain’s stay-at-home 
holidaymakers”, is a slur on 
resorts and an insult to a vast 
sector of society. 

Far from being a fete, a 
resort such as Great Yarmouth 
prides itself in providing a 
range of facilities, attractions, 
entertainments, heritage 
appeal and surrounding coun- 
tryside enjoyed by 2.6m visi- 
tors each year. We all know 
there are changes in holiday 
pattens, but the more enlight- 


ened resorts such as Great Yar- 
mouth are responding to them 
and the seaside remains the 
core of domestic tourism. 

Perhaps when Mr Thomp- 
son-Noel is exploring his 
“fave" Sarawak or sunning 
himself on a beach in Penang 
ha win spare a thought for 
those poor unfortunates who 
cannot afford to join him and 
have to put up frith their ver- 
sion of the Far East on the 
Norfolk coast 


As our local newspaper, the 
Eastern Daily Press, put it 
incredulous at the tenor of the 
article, maybe next year dear 
Michael should try a sailing 
holiday in the Bermuda Trian- 
gle! 

Tony Wright 

chairman, economic develop- 
merit committee. 

Great Yarmouth Borough 
Council, 

Town Hall, Great Yarmouth, 
Norfolk NRS0 2QF 


from Ah- Peter Olsen. 

Sir, Re your editorial 
("England's local shambles", 
August 25), I feel some issues 
need addressing to prevent 
your readers from befog mis- 
led. As I understand It, the 
Local Government Commis- 
sion's brief was to devise struc- 
tures which were based on 
Identifiable communities, cost 
effectiveness and what people 
want Having kept a watchful 
eye over the debate and devel- 
opments affecting reorganisa- 
tion in Cleveland, I feel there is 
no doubt the commission has 
scored highly on all three 
counts. 

Indeed, the commission's 
decision to abolish the two-tier 


system and replace it with four 
districts will improve account- 
ability, bring services closer to 
the people and enable the real 
needs of our local communities 
to be better met 
On cost, the commission has 
indicated that the move to sin- 
gle tier councils in Cleveland 
will produce savings of 
between £6m and £llm a year, 
assuming services are main- 
tained at their existing levels. 
Based on this calculation, reor- 
ganisation will pay for itself 
within three years. 

Peter Olsen, 

Clark Whitehill, 
chartered accountants, 

40 Victoria Road, Hartlepool, 
Cleveland TS268DD 


Legislation is only course to ensure companies meet specified payment periods 


From Mr $A Mendham. 

Sir, I read with disappoint- 
ment your editorial on the sub- 
ject of late payment of debt 
(“Venturing capital", August 
31). 

We all understand the reluc- 
tance to legislate but in order 
to achieve a level playing field 
legislation is sometimes the 


only approach. The enforce- 
ability of contracts is the cor- 
nerstone of an efficient market 
economy. At present there is 
no effective redress against the 
customer who chooses to pay 
late, typically by 30 or 40 days. 
The sums outstanding are vast 
We estimate them at £20bn - 
equivalent to small business 


overdraft borrowing. This has 
a significant impact on the 
economy asd voluntary mea- 
sures have not worked. 

After all, it has to be remem- 
bered that David Trippier, the 
then fltnflii business minis ter in 
1966, said: II these voluntary 
measures do not help to 
Improve the late payment of 


the debt situation in this coun- 
try, then we will not shy away 
from legislation”. Eight years 
later we are being told the 
same thing by Michael 
HesBltine, the trade and indus- 
try secretary. 

It has to be recognised that if 
legislation were introduced 
companies may Initially extend 


specified payment periods. 
However, in general this would 
merely reflect existing actual 
payment periods. It is better to 
know when you will be paid 
than leave it to the whim of 
recalcitrant customers. 

Finally, the Forum of Private 
Business has been investiga- 
ting this issue for 10 years. Our 


claim is that the vast majority 
of business owners will not be 
aware of a statutory right to 
interest but payment periods 
will improve. 

S A Mendham, 
chief executive. 

Forum of Private Business, 
Ruskm Chambers, Drury Lane, 
Enutsford. Cheshire WA2B 6HA 



8 


FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


COMPANY NEWS: UK 


Shares fall 31p to 628p on caution over second half 


Pearson rises 50% to 
£96.3m and plans sale 


By Raymond Snoddy 


The shares of Pearson, the 
media and entertainment 
group which owns the Finan- 
cial Timas, fell by 4.7 per cent 
yesterday, in spite of a 50 per 
cent increase in pre-tax profits 
from £46-3m to £8&3m for the 
six months to June 30. 

The 31p drop to 628p, the 
worst percentage performance 
by a -FT-SE 100 company yes- 
terday, reflected disappointing' 
results from the book publish- 
ing division, a modest interim 
dividend Increase and fears of 
increased pressure in the sec- 
ond half which will not benefit 
from special factors that 
boosted the first half. 

Lord Blakenham, Pearson 
chairman , admi tted that “prog- 
ress will be harder during the 
rest of the year.” 

Pearson also formally 
mavVad the ?p d of its transi- 
tion from conglomerate to 
media company by saying it 
planned to yti fig remaining 41 
per cent stake in Cameo Inter 
national , the oil services com- 
pany. The sale of 59 per cent of 
Cameo at the end of last year 
raised nearly $230m (£L49m). 

Pearson's operating profit 
rose by 31 per cent to £67.Sm 


(£5L5m) on turnover down by 
21 per cent to £64&8m (824.4m) 
Earnings per share rose by 48 
per cent to 9.2p (&2p) and the 
interim dividend is up 7 per 
cent to 5.75P (5.375p). 

Direct comparisons with the 
first half of 1993 are difficult to 
make because the Intervening 
period has seen the demerger 
of Royal Donlton china, the 
sale of the Cameo majority 
stake, and the receipt of £52m 
from British Sky Broadcasting 
in partial repayment of loans. 

There was also a strong con- 
tribution from Thames Televi- 
sion with an operating profit of 
£L0.4m - Us first c ont ri b ution 
to a Pearson first half year - 
and earnings from rertei, the 
electronic Information busi- 
ness. 

Newspapers led the way in 
profit growth with a 66 per 
cent increase in operating 
profit to £3flL8m. The Financial 
Times was up 91 per cent at 
EW-fim , although an associate 
company Les Echos feced a dif- 
ficult market in France. 

The book division came 
under pressure, particularly in 
the school and college market 
In the US and operating profit 
at Longman fell by 82 per cent 
from £6m to £l.lm. Despite 


record deliveries of Penguin 
books, the division had an 
overall loss of £7m compared 
with a £L7m profit in Che 1993 

first half- Most profits from 
book publishing are earned in 
the second half. 

Profits from visitor attrac- 
tions such as Tussauds Group 
more than doubled to £5 .5m 
but attributable profit from 
investment twnWiig fan from 
£lE.4m to £l3.Tm mainly 
because of pressure on New 
York business. 

Mr Frank Barlow, Pearson 
managing director, confirmed 
that the company would 
launch two channels of satel- 
lite television with the BBC m 
Europe early next year and 
was looking at other ventures' 
with the Corporation. He also 
confirmed that talks to buy a 
10 per cent stake in TVB, the 
Hong Sang broadcaster, had 
broken down on price some 
weeks ago. Lord Blakenham 
said organic growth and acqui- 
sitions would be supplanented 
by a series of aTKan«g with 

Other ntm r pamfaa 

Mr Derek Terrington, media 
analyst at Kteinwort Benson, 
maintained bis full-year pre- 
tax profits forecast at £235m. 
TVB stake sale, Page 9 


Finance director quits Arjo 


By Deborah Hargreaves 


The announcement of the 
departure of Mr Tony Isaac, 
finance director of Arjo Wig- 
gins Appleton, the Anglo- 
French paper company, 
sounded warning bells in the 
City yesterday causing the 
company’s shares to lose lOp to 
265p. 

City analysts feared that a 
boardroom split of the sort that 
emerged a year ago between 
Mr Isaac and the predomi- 
nantly French board of direc- 
tors over dividend policy had 
precipitated the move. The 


announcement comes Just days 
before the release of Arjo’s 
interim results next Thursday. 

While there were same indi- 
cations that Mr Isaac bad not 
enjoyed an amicable relation- 
ship with Mr Alain Sonias, 
chief executive, the company 
denied any differences of opin- 
ion over the results. 

“There is nothing to fear in 
the figures. I can say there are 
no nasty surprises at all,” said 
Mr Cob Stenham, chairman. 

Mr Isaac’s departure for the 
position of finance director at 
BOC group, leaves Mr Stenham 
as the only British executive 


director on the nine-member 
board. 

In. addition, Mr Isaac was 
well respected In the City and 
his departure will dent the 
company’s credibility with 
investment analysts. His 
departure is the latest in a 
spate of executive resignations 


following that of Mr Gordon 
Bond, director in charge of the 
printing and writing divisions, 
last December. 

Mr Stenham said the com- 
pany had a reasonable haifmw* 
of nan-executive directors, but 
would be looking with interest 
for a successor to Mr Isaac. 


NEWS DIGEST 


Isotron 
static at 
£3.07m 


Isotron, provider of 
sterilisation services to the 
healthcare industry, yesterday 
announced static pre-tax prof- 
its at £3J)Tra for the year to 
June 30, compared with 
£3.llm. This followed a rise at 
half-way from £l.44m to 
£L51m. 

The profit included interest 
income down from £319,000 to 
£151.000 and was achieved from 
turnover 6 per cent higher at 
£7.75m (£7.3m). The fall in 
income was due to cash being 
Invested In a new Irish plant 
and lower interest rates. 

The operating profit, up 4£ 
per cent at £2 .92m (£2.79m), 
was after charging £111,000 of 
preoperating costs at the Irish 
plant 

The dividend Is raised by 10 
par cent to 4.77p (444p) with a 
proposed final of 3,llp from 
earnings per share of 17p 
(IMP). 


from I£1.05m to I£l.36m 
(£L34m) for the half year to 
June 30. 

Turnover grew by 122.3m to 
IEl&Sm. Earnings came out at 
2£gp (2J29p) per share and the 
interim dividend is maintained 
at 0J»5p. 


Courtyard Leisure 
cuts loss to £03m 


Courtyard Leisure, the 
USM-quoted wine bar and res- 
taurant operator, reported 
reduced pre-tax losses of 
£296,386 for the the year to end- 
March, against a deficit of 
£577,765 last time. 

The outcome was struck cm 
turnover down from 22.22m to 
£L9m. Losses pear share were 
reduced to 2.lp (5.4p). 

There was a net loss on dis- 
posals amounting to £24,907 
(£195,000) arising from the sale 
of the Benjamin Stfllingfleet 
wine bar. A further £32£30 was 
written off fixed asserts Invest- 
ments. 

Net interest payable fell from 
£584546 to £38^999. 


from £424,000 to £431,000 pre- 
tax in the half year to June 30. 

Mr Gavin Hepburn, the 
chairman, said that as antici- 
pated, the slowdown in North 
Sea activity had been compen- 
sated by improved returns 
from the other businesses and 
lower interest costs. 

Turnover grew from £15.1 m 
to £16. 5m, including £709,000 
from acquisitions. Earnings 
per share slipped to 2£p (2-7p) 
because of the March share 
issue and the interim dividend 
Is bald at 0.75p. 


Torday & Carlisle 
incurs £0.55m deficit 


Exceptional leaves 
Eclipse at £0.8m 


UAPT extends time 
frame for bids 


Eclipse Blinds, formerly Ash- 
ley Group, announced pre-tax 
profits down from a restated 
£1 J7to to £787,000 for the half 
year to June 30 on turnover 
from continuing operations of 
£18.4m against £16 An. 

The result was after an 
exceptional £615,000 loss on 
disposal of the French 
operations. 

Operating profits of the 
blinds division were &39m - a 
margin on sales of 11.9 per cent 
and 13.7 per cent excluding dis- 
continued businesses. The ply- 
wood and timber side achieved 
£179,000 (£112.000). 

The French disposal reduced 
net borrowings at the half year 
from £ 18.5m to £14£m. 

Mr Hamish Grossart, chair- 
man. trading in the cur- 
rent year was good. 

Losses per share amounted 
to 0J6p (0.31p ea rnin gs). 


UAPT-Infolink, the credit refer- 
ence company caught in a bid- 
ding war, has altered Its 
articles of association so that 
offers for the company can pro- 
ceed. 

The group is being fought 
over fay Equifax, the US credit 
data group, which is now offer- 
ing 650p a share against Its 
original offer of 500p, and 
Trans Union, Equifax’s main 
US rival, which is offering 
650p. 

TJ APT’S board had recom- 
mended Trans Union’s lower 
offer, which was to have closed 
on August 31, because Trans 
Union has no UK operations 
and so does not risk a referral 
to the Monopolies and Mergers 
Commission. Equifax already 
owns a credit Information busi- 
ness in the UK. 

However, UAPTs board has 
now rescinded its recommen- 
dation, effectively leaving tbs 
outcome of the bidding war to 
the OFT. 


Torday & Carlisle, the Newcas- 
ti&based engineer, reported a 
pre-tax deficit of £546,000 for 
the six months to end-June, 
refecting the warning In the 
1998 accounts of a poor start to 
the current year. 

The pre-tax outcome com- 
pared with a profit of £17,000 In 
the corresponding period, 
although that included a 
£380,000 profit contribution 
from Elfab Hughes, the safety 
equipment arm which was sold 
in the fourth quarter of 1993. 

Group turnover fell to 
£14.1m, against £l7J2m - 
fnrinrHTig fllWm fr om discon- 
tinued operations. Losses par 
share came out at 3.4p (0.4P 
earnings). 


Protests 
grow over 
Body Shop 
article 


By Ned Buckley 


A member of the advisory 
board of US magazine Busi- 
ness Ethics has resigned in 
protest over the magazine’s 
decision to publish an article 
critical of Body Shop Interna- 
tional, the UK-based “green" 
cosmetics group. 

Mr Ben Cohen, co-founder of 
Bern and Jerry’s, the sodaHy- 
responsible Ice-cream maker 
previously described by Body 
Shop as “like a brother com- 
pany", said he had warned the 
magazine he would resign if It 
went ahead with the story. 

News of his resignation 
came as Body Shop Issued a 
further rebuttal of the article’s 
contents. 

Mr Cohen called the article, 
fay Mr Jon Entfae, an Inves- 
tigative journalist, a "dia- 
tribe” which he said "reputa- 
ble media outlets” had refused 
to publish. 

“This unbalanced question- 
able piece of journalism does 
not advance a constructive 
dialogue about social responsi- 
bility. Business Ethics should 
not have ran it," he said. 

Ms Maijarie Kelly, publisher 
and editor In chief of Business 
Ethics, said Mr Cohen had 
resigned before he read the 
article, after a conversation 
with Body Shop. 

Thursday's article ques- 
tioned Body Shop's tre a tmen t 
of franchisees, its third world 
trade and animal testing poli- 
cies, and Its product ingredi- 
ents. Body Shop said yesterday 
it was stm considering legal 
action over the story. 

In a-12-poge statement, Body 
Shop called the article a “poor- 
ly-researched piece . . .riddled 
with errors and grossly unfair 
to Body Shop and its found- 
ers”. 

The company defended its 
products, saying research had 
shown consumers considered 
these to be very high quality. 

Body Shop said more than 
95 per cent of its franchisees 
had wri t ten it an "extraordi- 
nary letter of support” after 
hearing the allegations. It 
added that of 22 sources 
nawmd in the article, 10 were 
disgruntled former employees 
or franchisees, current com- 
petitors, or disappoi n ted bid- 
ders for its business. Four 
more either denied their 
quotes or claimed they were 
unfairly used. 

Ms Kelly stood by the story: 
“We spent months working 
with Jon [Entine] on this story 
and the facts are BoUd. He is 
an excellent reporter. Bb cre- 
dentials are sterling.” 


Hanson has 
51% of Scholes 
at first dose 


Hanson, the Anglo-U8 
conglomerate, said that by the 
first dosing date of its recom- 
mended £96. 1m offer for 
Scholes Group, the electrical 
equipment maker, it had 
received valid acceptances in 
respect iff 19.8m shares, repre- 
senting 51.05 per cent of the 
ordinary c a pital . 

The offer. Including the loan 
note alternative, has been 
extended until September 15. 

Scholes agreed an July 28 to 
Hanson’s offer of 250p cash for 
every Scholes share, but on. 
August 10 said It was open to 
higher offers, wanting “the 
best possible deal for share- 
holders”. 


Fund management boosts Schroders 


By John Gappwr, 
Banking Editor 


Schroders, the merchant bank, 
yesterday insisted that it 
wanted to remain independent 
from securities brokers in the 
UK as it disclosed a 7jB per 
cent rise in protax profits for 
the 1994 first half to £103 .2m. . 

Mr George MaUinckrodt, 
nhairman, said there was no 


intention of buying a stake in a 
broker such as Cazenove & Co 
or Smith New Court in an 
effort to become an integrated 
Investment bank «fj*"ibrr to SG 
Warburg. 

Mr MaUinckrodt spoke after 
rumours that Schroders might 
follow its acquisition of the 
remaining 425 per cent of its 


US subsidiary Werfbehn Schro- 
der with a UK acquisition 
helped drive up shares In the 
lead-up to its results. 

Schroders did not befieve it 
needed to distribute securities 
in the UK, and there was no 
pressure from its customers to 
be able to do so. “We are not 
doctrinaire about it, but we 
absolutely do not behove we 
need it now,” he said. 

Schroders anno unced a 50 
per cent rise in, its interim divi- 


dend to tip (4p) after eanringw 
per share rose to 56 .6p (55-lp). 
But Mr MaUinckrodt said this 
was partly to restore the 
interim to being about one 
third iff the total 

“I am anxious. to make it 
dear this does not mean there 
Is another significant dividend 
increase in the pipeline next 
year," he said. Net asset value 
per 'share rose to 572p from 
474p, and shares closed 25p 
down at £L4.78p. 

Earnings from fund manage- 
ment nearly doubled to £40.6m 
(£22. 7m), while those from mer- 
chant and investment hanki ng 
fell from £73.2m to £82jBm. The 
fall to the latter was mostly 
due to a drop in dwaiing 
Wwm» from to £18.4nL 

Expenses rose to £157J2m 
fr m ri Eiaajftn- Mr MaUinckrodt 
said this was mostly because it 
had taken on 300 extra staff 
but partly because it had pro- 
vided zncere to the first half this 
year against bonuses to be paid 
for the full year. 

The fund management busi- 
ness gained from a strong 
inflow iff new business, and 

fop/fa imriar marmgBmpnt- grew 
from £52J3bn to £53.1bn despite 
a fall to mum*** values. Corpo- 



rate finance .activity also 
picked up through mergers and 
acquisitions. 

Capital increased by £64m 
but 376m (£51m) will be 
absorbed by a goodwill write- 
off from the Wertheim acquisi- 
tion. The writeoff comprises a 
24lm premium over book 


Bus side fuels strong advance at Henlys 


By Caroline Southey 


Strong demand for buses helped pretax 
profits at Henlys, the motor trading and 
bus ynd coach ma nu he t urin g and distri- 
bution company, jump from £3 .22m to 
£8.46m in the six months to June SO. 

The result included a £L9m profit from 
property sales. 

Turnover rose from gimam to £199fen 
with the motor division contributing 
gUWftm (fflfid.Bm) and the coach and bus 
side £39.7to (£33.7m). 

“Trading conditions remain competitive 
but we are encouraged by the rate and 
strength of growth in the bus and coach 
division,'' Mr Robert Wood, chief execu- 
tive, said. 

A strong demand for buses helped push 
vehicle registrations up by 17 per cent in 
the period. Operating profits to the coach 


and bus division rose from £438,000 to 
£3J8m contributing to a 69 par cent rise to 
total operating profits to £7.24m (£4^7m). 

Mr Michael Doherty, chairman, said the 
order book for this division was at a 
record high arid the «mqnmy planned .to 
Increase production to meet demand. 
Badgerhne recently announced a £22m 
order for 886 bus bodies. 

He said manufacturing output had 
increased by a quarter to the first half. 

Hat turnover to the motor division was 
partly because of the company’s reluc- - 
tance to take on fleet business where mar- 
gins were very slim, Mr Doherty said. A 
fan to after-sales profits offset a slight 
increase to vehicle sales profits. 

An interim dividend iff 2JSp (L5p) is pay- 
able an earnings per share of 14£p (6.4p). 

The March rights issue raised £2&8m, 
leaving Henlys with net cash of £8.7m. 


Pay day for Man employees 


By Peggy HoBnger 


Qne director of ED&F Man, one 
of the world’s largest commodi- 
ties traders, could net up to 
£6.7m as a result of the group’s 
£5QQm flotation next month. 

Mr Dan Rosenbltun, 49, 
heads Man’s US sugar business 
and is the largest shareholder 
on the board with 9 per cent 

The directors, many of whom 
incurred substantial debt to 
acquire the stakes, are widely 
expected to sell between 10 and 
15 per cent of their collective 
50 per cent holding. 


Some 50 employees will 
become mfllfonaiies - an paper 
at least - as a result iff the 
flotation. The company win 
remain under employee cen- 
tral, however, with only 30 per 
cent in public hand* 

Man said treifing was “com- 
fortably ahead” of last year, in 
spite iff a sharp drop in the 
group’s substantial fund man- 
agement business. Last year 
tiie group made pre-tax profits 
off ETO.Tm (SSOfon). 

Man also named Mr Glen 
Moreno, former chief executive 
of Fidelity International, and 


Mr Garth Ramsay, former dep- 
uty chairman of Ivory & Shoe, 
as nan-executive directors. 

About 75 per cent of the 
shares to be sold will be placed 
with institutions and the rest 
offered to the public. 

The shares, which will -be 
priced on September 22, are 
likely to trade on a historic 
multiple of about U times, 
against a sector average of 14. 

The flotation will raise £9Qm, 
half of which wifi be used by 
the company to reduce debt 
The balance will gu to existing 
shareholders. 


GRT to take over SMT 
with agreed £11.2m bid 


By Peggy HoBngar 


The consolidation of the 
competitive bus industry con- 
tinued yesterday with the 
announcement by GRT, one of 


the fastest growing bus opera- 
tors in the UK, of an agreed 
£LLi5m offer for SMT eff Scot- 
land. 

Mr Moir T/itMhmut chairman 
of GRT, said the acquisition 
was expected to enhance earn- 
ings to the first toll year. GRT, 
which came to the market to 
May, is paying about 74 per 
cent of the consideration in 
cash and the balance to new 
shares to value SMT at about 
£10m. It has also agreed to 
redeem some ei-isra jn SMT 


pre fe rence shares if the offer 

goes unc onditional . 

Mr Lockheed said SMT 
- would farther ^vyig Hwii tfa 
group's competitive position in 
central Scotland. SMT operates 
public bus services to Edin- 
burgh and the Lothian region. 

GRT currently operates to 
the northeast and central belt 
of Scotland, as wal l as Leices- 
ter and Northampton. 

SMT said the deal would pro- 
tect the group to a period of 
intense competition, “to our 
rqffdly consolidating industry 
it is in the best interests of our 
employees and shareholders to 
become part of a largo: bus 
group,” said Mr Andrew Gall, 
SMT chairman. 


Acquisition puts 
Hobson £0.5m 
in tbe black 


A tumround from pre-tax 
losses of £544,000 to profits of 
£530,000 for the half year to 
June was announced by Hob- 
son, the toiletries and home- 
care products group which 
moved up to the t"**" remrtwt 
in May. The group has change 
Its year end and the compara- 
tives are for the six months 
ended September 30. 

The improvement follows the 
a c quisi t ion, to May cf the food 
manufacturing aiife of the Co- 
operative Wholesale Society. 

Turnover jumped to ea.im 
(£L62m). Earnings wore o.23p 
(0.64p losses) and there Is no 
dividend. The directors intend 
to recommend a final of 0.4p. 


Fixed-term 
contract 
for Sorrell 


Mr Martin Sor rell, chief 
executive of WFP, the market- 
ing services group; Ismovtng 
from a five-year rolling con- 
tract to a fixed three-year 
contract, renewable annual- 

ly- 

Under his new contract Mr 
Sorrell will receive a basic 
annual salary of 31.15m 
(£750,090) together with 
annual pension contributions 
of 9600,000; 

to addition, Mr Sorrell will 
be entitled to a pe rfo r ma nce- 
re tet efl bonus and the r ight to 
participate to tbe WPP execu- 
tive share option and perfor- 
mance plans, as well as other 
benefits such as healthcare 
and life assurance. 

The performance-related 
bonus win be determined by 
reference to the company’s 
performance relative to tis tar- 
gets which will provide up to 
60 per emit of basic annual 
remuneration. . 

There Is a further bonus iff 
up to 40 per cent of basic sal- 
ary payable by reference to the 
company’s performance rela- 
tive to Its industry peer 
group. 

The contract also includes a 
capital investment plan under 
which ifr Sorrell will invest 
93.3m (£2.2m) to WPP ordi- 
nary shares, which he will 
bold, for' a nrintouxm . of two 
years. 


Readymix ahead to 

|£1.36m at midway 


Readymix, the Irish building 
materials subsidiary of RMC, 
reported pre-tax profits up 


Fife Indmar edges 
ahead to £0.43m 


Fife Indmar, the Edinburgh- 
based engineer, edged ahead 


DIVIDENDS ANNOUNCED 




Currant 

payment 

Date of 
payment 

Cones - 
ponding 
dividend 

Total 

for 

year 

Total 

last 

year 

RfaSnffiKar 

bit 

0.75t 

Oct io 

0.75 

. 

2.75 

itenlya Group — 

-tit 

2^t 

Oct 25 

1.5 

- 

45 

botren 

fcl 

an 

Nov 11 

2A3 

4.77 

434 

Pwnon — 

bit 

5.75 

Nov 4 

5.375 

- 

13 

rmcOriAc 

Int 

055f 

Oct 7 

0.55 

- 

3 

Schroder* 

bit 

8 

Oct 20 

4 

* 

18.5 


DMdonds shown 
tnenuMd capital 


pa* share rwt except where otherwiss stated. -fOo 
stock. |Mah currency. 


Sir Michael Richardson leaves Smith New Court 


By John Oappor, 
Banking Editor 


Sir Michael Richardson, who 
yesterday announced that he win 
retire as chairman of the broking firm 
Smith New Court is not only a 
wHafcar in the City of London, but one 
of its rare movers. 

Unlike most City financiers, Sir 
Michael has worked at the bahn of 
both a broking firm and a merchant 
bank. 

Sir Michael, 69, retains the ener- 
getic manner which earned Mm his 
reputation as the top corporate 
finance adviser to UK government pri- 
vatisations while at NM Rothschild. 
He is far from retiring. Although 
remaining a vice-chairman of Roths- 
child, he insists ha is now looking for 
work. 

“If yon are here at Sam every morn- 
ing and stay until spm at night, you 
are bound to have a bit of a gap when 
you stop," he said yesterday, “Ido mff 
really fed terribly old. and I think 1 
have «rrn got an stannous amount of 
energy and experience. I hope some- 
thing will come along.” 

Sir Michael is to retire from the end 
of the year, and will be succeeded as 
executive chairman by Ifr Michael 
Marks, chief executive. Mr Paul Roy, 
head iff the UK braking business, will 
be chief executive, and Mr Gavin 
Casey will step up from finance 
director to be chief operating 
officer. 

Sir Michael's breadth of experience. 


from Ms days as a partner In Caze- 
nove & Co, the broker, to heading 
c o rpo ra te finance' at NM Rothschild. 

is Ttmimial 

Furthermore, he had bridged an old 
divide without Joining one of the 
integrated investment banks 
which Increasingly dominate 
the City. . 

These are buoyant times for Caze- 
nove and Smith New Court, as tbe 
two large independent brokers which 
can be used by merchant hanfcw such 
as Rothschild and Schroders. Sir 
M i c hael argues that “Cazenove is at 
the top of the tree and we are some- 
where up it” as a result of staying 
independent 

But despite Ms reasons for senti- 
mental attachment to the divide. Sir 
Mirfreri says it may not last. He says 
that new capital adequacy require- 
ments in the EU will make it harder 
for independent brokers to taka cm 
blocks of shares to "bought 
before placing them with cli- 
ents. 

Furthermore, he argues that distri- 
bution capacity will become more 
important for merchant hnnirc and 
“there will come a time when people 
do not want a bank just for the bril- 
liance of its ideas". He says he cannot 
predict when the defining moment 
wffl come, although it wffl be within a 
decade. 

Smith New Court is already linked 
to Rothschild through, the 26 per cent 
stake the bank bought to the jobber 
Smith Brothers to 1985. Since then. It 



Sir Michael Richardson: a rare mover who bridged an dd divide 


has grown corpora te and retail brak- 
ing in both UK and abroad to the 
point where UK market-making in 
equities accounts for only 20 per cent 
of profits. 

Market-making is now under pres- 
sure, a repeat commissioned by the 
Office of Fair Trading haring found, 
that market-makers gain excessive 
commissions. Sir Minhag) d*»ft»nrfa the 
system as ensuring liquidity, saying 
that a continental European-style 
order-matching system would be 


“madness” for London. 

Yet Sir Michael, who retired earlier 
this year from the board of the Lon- 
don Stock Exchange, is not compla- 
cent about London’s financial T ftlft 

He is among City figures who worry 
that developments such as the siting 
of the European Central Bank to 
Frankfort could be portents of 
decline. 

“The City has to be very careful 
about things such as the diffiraitite Rat 
Lloyd’s [iff London], the international- 


fetation of haniriyig and commodities 
dealing, and the growth of snrmfli stock 
markets. It Is not going to remain the 
financial centre of Europe unless it is 
constantly watchful," he says. 

Sir Michael was one of a group of 
senior City figures such as Lord Alex- 
ander, chairman of National Westmin- 
ster Bank, who have made way on the 
Stock Exchange hoard for figures 
such as Sir Michael's successor, Mr 
Marks. Sir argues that the 

new group will need all the Initiative 
it can muster. 

“John Kemp-Welch [the new chair- 
man of the exchange] could be mar- 
vellous, but he needs a group of 
punchy young executives like 
Marks to provide new ideas,” he says. 
Sir Michael has been a strong sup- 
porter cf the exchange teWng on a 
more European role to reinforce its 
Primary position. 

One of Smith New Court’s unusual 
policies has been that nearly 10 pec 
cent of equity is held by staff. ■ Sir 
Michael argues that this has helped to 
prevent employees being poached in 
loan times. “AH my assets have two 
legs, if you are having a bad year, 
someone can tak« tham away,” he 


Sir Michael seems unlikely to disap- 
pear from the City for same time yet. 
to addition to ins role at Rothschild, 
he is a nonexecutive director of Sett 
wide Group and Savoy. And if he has 
his way, it should nnt be too long 
before one of the (Sty’s guiding bunda 
reappears at another helm.. 



.* • 


f : 


'fk 

fk-. 


George MaUinckrodt: not interested in UK securities acquisition . 


1. 


value, and g35m oT goodwill 
carried in Wertheim Schroder's 

gpcniTTih: 

- Mr MaUinckr odt said the 
price was “at the topside” but 
the overall purchase price 
including that for the original 
stake In Wertheim was advan- 
tageous. 


y- , . 


Last time there were borrowings of £2L9m 
representing gearing of 50.7 per cent Inter- 
est charged feQ from £1.33m to £753400. 


A sound set of results led by the. bus and 
coach division. Pant up replacement 
demand from toe bus industry which con- 
tinues to recover and the coach sector 
which is showing tentative signs of 
I m p ro vement should contribute to further 
growth. Although turnover in the motor 
division looks flat, the strategy to steer 
away from high volume low margin fleet 
business seams to be paying off The com- 
pany’s desire to broaden its franchise base 
and reduce its high volume business 
through acquisitions makes good sense. 
The shares remain att r a c ti ve with profit 
forecasts of £13.4m for the full year and a 
prospective p/e of 15. 


Healthy iw 

(Belgian re 


pdS*** r 


■v ti.- * 




- - 

•C.' • 




^ . v 












J 




FINANCIAL TIMES 


WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 



i Kuok sells part 
Of TVB holding 
for HK$lbn 




• i. J !C 1. 




Henl' 


U'd-terra 
fl tract 


INTERNATIONAL COMPANIES AND FINANCE 


- By Simon Hofoerton 
. In Hong Kong 

jf r i_J obe il Knok - «* 

Maiayaan financier, has sold 
7-5 par cent of Television 
Broadcasts, Hong Kang's pre- 
mier television company, for 

- more than HKJlbn 
(USjI29.5tn). 

Re placed 30m shares at 
HKgSilO each to investment 
Institutions on Thursday - the 
day after TVB unveiled a 70 
per rise in first-half net earn- 
ings to HKS278m. 

The sale has reduced Mr 
Kook's stake in TVB to around 
17 or 18 per cent The shares, 
when they were acquired in 
1988, cost Mr Kuok HKJ14.60, 
suggesting a gross profit on the 
transaction of aronnd 
HKJWOm. 

Analysts said Mr Kuok had 
been keen for some time to 
reduce his exposure to TVB. 
He did not take an active inter- 
est in the management of the 
company, but rather treated 
his near 25 per cent interest as 
an mvestment, they said. 

Mr Kuok had for several 


months been in talks with 
Pearson, the UK media and 
banking group which owns the 
Financial Times, about the 
British group buying up to 10 
per cant of TVB. 

Pearson has, however, con- 
finned that it pulled out of the 
talks a few weeks ago an the 
grounds of price. 

Analysts expect Mr Kuok to 
seek to reduce further his 
investment in TVB. 

They note, however, that 
TVB’s share price has per- 
formed well over the past 
months. 

Last month Mr Kook, who 
has made Hong Kong his 
home, reduced his stake In 
Shangri-La Agfa — frig hnfaic 
group - to 5&8 per cent form 
6L5 per cent Hie placing of 
these shares realised 
HK$876b2m. 

The combined proceeds of 
the two placements leaves Mr 
Kuok with nearly HKgi.Tbn. 
The money could go toward his 
ambitious plans for residential 
property development in Hong i 
Kong; and more mvestment i 
ideas in China. 


Profits 
at Goodman 
Fielder flat 
at A$169m 

ByNfkMTaft 
hi Sydney 

Goodman Fielder, the 
beleaguered Australian food 
company where dissident 
shareholders are pushing for 
boardroom changes, yesterday 
disclosed another 12 of 

static pr ofi t s. This was the 
fifth successive year It has ; 
shown minimal bottom-line 
progress. 

Profits before tax and 
abnormal* in the 12 months to 
the end of June rose margin- 
ally, to A$L6&9m (US*12JLSin) 
from AH 64.1m, while sales 
were Af3^6bn, down from 
AfLTUbm. 

However, a A$17-8m abnor- 
mal charge, against last time’s 
A$109. 4m surplus, lowered 
operating profits after tax and 
abnormals down to A$98.4m 
from Ayiftgm, 

Basic earnings per share 
before abnormal items fell 
to &2 cents from 10.4 emits. 
After abnormals, they dropped 
from 16.1 cents to 8.1 


Solid earnings growth at Roche 


By Ian Rodger in Zurich 

Roche, the Swiss health 
products group which recently 
acquired the Syntex pharma- 
ceuticals company erf the OS 
for 55-Sbn, achieved first-half 
net Income of SFrl.6bn 
($L2tm), on SFr7.Sba in sales. 

It Is the first time the group 
has reported interim profit fig- 
ures. and no comparative date 
was given, except for a 2.4 per 
rent gafa tn sales. 


However, it said earnings 
“continued to improve", 
thanks to a steady growth in 
the operating result and higher 
financial revenues. 

Roche's finan< * fa] managers 
again performed well, showing 
an increase in earning s on 
the group's SFri4.Sbn liquid 
assets in spite of the upheavals 
in world securities markets. 
Net financial income was 
SFrSOSm, equivalent to 64 per 
cent of the amount earned 


in the whole of last year. 

Both of the group's Basle 
rivals, Ciba and Sandra, suf- 
fered sharp reversals in their 

financial earning *: in the first 
half 

Roche also outperformed its 
local rivals at die operating 
level: its SFrl.56m operating 
profit reflected a 2L3 per cent 
margin on sales. Sandoz's oper- 
ating margin was 16£ per cent, 
while Ciba's was 17.2 per 
cent 


Roche said sales growth in 
the second half would be 
slower than the recent trend. It 
blamed government pressures 
on prices of drugs and labora- 
tory services and said profits 
would be lower than in the 
first half. 

However, it forecast “a fur- 
ther significant rise” in net 
income for the full year, a 
more optimistic outlook than 
in mid-July, when it 
announced first-half sales. 


Research focus provides the edge 

Swiss drugs groups are pursuing diverse strategies, writes Ian Rodger 

T he increasingly diver- They believed the group was the market as a whole". ber baby food group and Cibj 

gent strategies of the going to suffer as much as And, in spite of the high has made two large deals t. 
three big Basle-based other international dniv iyRf« and ricin nf h* iw«n>h. rvv.. 


Healthy recovery 
at Belgian retailer 


By David Gardner in Brussels 

Ddhaize “Le Lion”, the big 
Belgian retail group, posted a 
BFrL7bn ($52.4xn) profit in the 
first half of this year, a 73 per 
cent rise an the same period of 
1993. Turnover rose 10 per cent 
to RFrl79.6bn. 

The half-year result 
compares with earnings for the 
whole of 1993 of BFrlbn, 
against a BFr6.3bn profit in 
1992. The group said it 
expected a significant improve- 
ment for the whole of this 
year. 

The Belgian supermarkets 
and stares saw sales rise &A 
per cent to BFrfLSbn from 
BFr45-3bn. However, profits 
are only just begining 
to recover from recession, 
sharp discounting in lood 
prices, restructuring costs 


and industrial disputes. 

Delhaize’s main interest 
abroad, the Food Lion super- 
market chain in he US, turned 
in a 6.4 per cent increase in 
sales, to $3.6bn, fin- the first 
halt with profits of $66m. 

This rise, of 25 per cent, is 
particularly satisfying to the 
Belgian group after a tough six 
months in which, it weathered 
bad. publicity , in the US over 
alleged hygiene shortfalls, 
fierce competition, and a dis- 
pute with the US Department 
of Labor over overtime work 
and safety conditions for 
employees. 

Sales and profits also showed 
modest increases at the Bel- 
gian group's stores in Greece, 
the Czech Republic, and at the 
northern French PG Group in 
which it acquired & 74 per cent 
stake last May. 


The company insisted the 
results picture had been 
muddied by disposals and 
acquisitions. It said the 
increase in pre-tax profits 
based “only on c ur rent busi- 
nesses and adjusted for tim- 
ing” would have been 22 per 
cent 

It also blamed the stronger 
Australian dollar for depress- 
ing earnings from interna- 
tional operations in local cur- 
rency terms. 

Goodman said profits had 
picked up in its domestic bak- 
ing and milling operations, 
while consumer foods had 
shown a strong im p r o vement 
The poultry division, by con- 
trast, maria an “unsatisfactory 
contribution”, and the ingredi- 
ents arm was hit by falling 
gdatine prices. 

Mr Barry Weir, chief execu- 
tive, said a “significant earn- 
ings improvement” was bud- 
geted for 1994-95, and “farther 
significant gains” in the fol- 
lowing year. 

These would come from cost- 
reductions, baking industry 
rationalisation, some volume 
gains and the start of a turn- 
round In Go odman's Asian 
businesses. 


T he increasingly diver- 
gent strategies of the 
three big Basle-based 

ptwrnmw yfa l^ and nliwniwiU 

groups - Ciba, Roche and 
Sandoz - have been tested 
severely in the trying 
circumstances of the first half 
of 1994. 

For the moment, Roche, 
which has decided to focus on 
developing leading-edge drugs 
and dia gnos tic equipment, has 
e merged the dear winner. 

Ciba and Sandoz, which have 
opted for more diversified busi- 
ness portfolios, have yet to 
prove the wisdom of that 

Roche's first-half net income 
of SFrL6bn (flJfon) was not 
only the largest among the 
three, but it reflected the high- 
est profit margin and probably 
the greatest growth. 

Issuing an interim profit 
statement yesterday for the 
first time, the group gave no 
comparative figures. However, 
first-half net income was equiv- 
alent to 65 per cent of the 
result in the whole of last year. 

Its operating profits have 
also grown strongly, the first- 
half result was equivalent to 
two-thirds of the fall-year 1993 
figure. 

Roche has, therefore, again 
confounded many investors. 


They heheved the group was 
going to suffer as much as 
other international drug 
groups from the price squeeze 
being applied by g n «> m m ^ 
throughout Europe and North 
America. 

Investor scepticism peaked 


the market as a whole”. 

And, in spite of the high 
costs and risks of its research- 
intensive strategy, it is con- 
vinced it can continue to 
develop winning drags. 

Its $53ba acquisition of Syn- 
tex was motivated in large part 


First-half 1994 

CtBA 

(SFrm) 

ROCHE 

(SFr m) 

SANDOZ 

(SFrm) 

Sales 

11,600 

7,300 

8^200 

Operating profit 

2,000 

1,600 

N JL 

Net financial income {loss} 

199 

506 

(90) 

Net income 

1/100 

1,600 

1,000 

Net financial assets 

1,500 

9,300 

1,500 

Operating margin 

17.2% 

21.3% 

16.5% 


in July when the group issued 
a cautious sales forecast The 
non- voting shares, which 
enjoyed a premium rating for 
much of last year, plunged 
from a February peak of 
SFr7 t 270 to SFr5A60 in July. 

Yesterday, they bounced up 
SFrl90 to SFr6,270 on the 
interim figures. 

Roche has argued that its 
concentration on leading-edge 
drugs has enahied it to main- 
tain sales and margins better 
than some of its competitors. 
In the interim report, it 
claimed its pharmaceuticals 
division sales in the US and 
Europe “easily outperformed 


by the US drugs group's sub- 
stantial R&D efforts in areas 
complementary to its own. 


C iba and Sandoz, on the 
other hand, are inclined 
to hedge their bets on 
the increasingly uncertain 
pharmaceuticals sector by nur- 
turing other, more stable 
health-related businesses as 
well as their traditional cycli- 
cal industrial and agricultural 
chemicals businesses. 

Their si gnificant acquisitions 
in the past year have been in 
the health-related businesses. 
Sandoz has just completed its 
$3.7bn takeover of the US Ger- 


ber baby food group, and Ciba 
has made two large deals to 
boost its Ciba Vision eye-care 
side. 

These' businesses are per- 
forming respectably, but the 
cyclicals have yet to respond in 
the way investors hope. 

Roche has also shown up its 
rivals in the game Of manag in g 

liquid funds. 

Ciba's net financial income 
was down 30 per cent Sandoz 
plunged from a SFr79m profit 
to a SFrSOm loss. However, 
Roche’s SFr506m net financial 
income was equivalent to 64 
per cent of that earned in the 
whole of last year. 

All three suffered from the 
sharp decline in market values 
of many investments held, 
especially bonds, in the first 
half, but only Roche offset 
those losses with higher 
returns on other investment 
and asset sales. 

Roche is guarded about its 
investment strategies, but it is 
known to favour equities over 
bonds. 

Mr Henri Meier, finance 
director, said earlier thin year 
it invested only in Triple A 
securities. “We do take risks, 
trying to anticipate market 
moves, but we think our risk 
management is as good as any- 
one's," he said. 


MCI pull-out fails to dampen Nextel project 


Nextel Communications is to 
press ahead with its plans to 
build a US-wide wireless com- 
munications system, despite 
MCFs decision not to collabo- 
rate in the venture, writes 
Louise Kehoe in San Fran- 
cisco. 

Nextel said yesterday it had 


J2.lbn in cash and commit- 
ments toward the estimated 
$2.5bn needed to establish a 
system covering 85 per cent of 
the US population by March 
1997. 

MCI, the US long-distance 
telephone company; was to 
have acquired a 17 per cent 


stake in Nextel for $L3tm and 
became a marketing partner, 
lending its well-recognised 
name to Nortel's wireless com- 
munications services. 

Earlier this week, MCI called 
off the agreement, but talks 
continued aimed at forming a 
strategic alliance. 


MCI said the new talks had 
been positive. However, any 
new deal would require Moto- 
rola's consent, and MCI and 
Motorola were unable to reach 
agreement an terms. Motorola 
earlier agreed to sen Nextel all 
of its special mobile radio 
licences for $L7hn in stock. 


VW studies 
strategy for 
Portuguese 
joint venture 

By John Griffiths 

Volkswagen is to draw up a 
new business plan aimed at 
improving the viability of its 
S2.8bn joint venture with Ford 
to build multi-purpose vehicles 
(MPVs) In Portugal, which 
goes on stream at the end of 
this year. 

The German vehicle maker, 
Europe's largest, is concerned 
that increasing competition in 
the van-like MFV sector, and 
adverse currency movements 
since the deal was signed in 
1991, may make the plant less 
profitable. 

The factory is scheduled to 
make 190,000 MPVs a year in 
fall production. 

The greenfield project, at 
Se tubal, south of Lisbon. Is the 
largest single foreign invest- 
ment in Portugal In fall pro- 
duction. it is scheduled to 
employ 4,700 workers, and 
create indirectly up to 
another 10,000 jobs in the 
area. 

VW stressed last night there 
was no danger of it seeking to 
withdraw from or scale down 
the venture. The project is 
receiving Ecu750m ($6l9An) of 
EC development and training 
subsidies, and the Portuguese 
government regards it as its 
flagship foreign investment 
project. 

Ford of Europe, which is a 50 
per cent partner with VW In 
the venture, last night 
described the Wolfsburg 
initiative as a “routine” 
financial reassessment. It 
said Ford Itself was not con- 
cerned about the project's via- 
bility. 

VW’s managing board has 
been asked to come up with 
the plan in time for the super- 
visory board's next meeting, in 
November. 

The plant's vehicles will 
compete in one of the few 
sectors still enjoying rapid 
growth in Europe. 

Sales of multi-purpose 
vehicles have risen by an aver- 
age 80 per cent a year since 
1986, and are projected to reach 
700.000 units a year by the aid 
erf the decade. 

However, every big vehicle 
maker in Europe Is now plan- 
ning to seek a share of this 
growth. 




FINANCIAL TIMES 

MAOAZIHIS 



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FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


WEBK IN THR MARKETS 

Metals up 
on better 
prospects 

By Deborah Ha rgre aves 

Metal markets were buoyed 
this week as traders expressed 
optimism about the erosion of 
stock levels and a labour dis- 
pute in Canada lilted the 
nickel price. Aluminium prices 
at the London Metal Exchange 
reached a 3%-year high on 
Thursday on an improvement 
in the fundamental prospects 
for the metaL 

Traders believe that an infor- 
mal agreement between pro- 
ducers to cut aluminium out- 
put agreed earlier this year is 
finally beginning to eat into 
prevfously-high inventory lev- 
els. 

At the same time, a drought 
in Ghana and a strike at Aus- 
tralia’s largest aluminium 
smelter have added strength to 
the market The lack of water 
in Ghana is expected to lead to 
the closure of the Volta Alu- 
minum Company smelter on 
September 10 - the plant was 
expected to produce 140,000 
tfmnim of metal this year. The 
Tomaga smelter in Australia 
plans to close one of its three 
potlines on Monday iminm; stri- 
king employees return to work. 

Al uminium prices for deliv- 
ery in three months rose by $52 
a tonne over the course of the 
week, adding $29 a tonne on 
Thursday to close at $1,565 a 
tonne — a slight drop from the 
3%-year high point of $1,570 a 
tonne reached earlier in the 
session. 

A further stock drawdown 
yesterday when LME stock lev- 
els were released reinforced 
the bright outlook for the alu- 
minium market. Aluminium 
stocks dropped by 19,755 
tonnes. But although prices 
rose higher during the session, 
the market failed to break the 
$1,565 a tonne mark at the 
dose. 

Strength in the copper and 
nickel markets complete a pic- 
ture of a buoyant week for 
metals. Nickel prices for three 

WEEKLY PRICE CHANGES 


{ta at Thmday'a dams) 


Munttum 
Aluminium day 
Copper 


-19.775 *>2X70700 
-190 to 43040 
+3900 to 483500 
-2,175 Tn 333,400 
*866 to 137,319 
-60 to 1.133625 
*380 to 25, 780 


in Nigeria disappeared from 

the mai-trut and traders tvma 
to terms with high output lev- 
els in the North Sea. 

North Sea crude prices 
slipped from $17.14 a barrel to 
$1020 a barrel yesterday, but 
at one stage dropped much fur- 
ther. 

Coffee prices rose by over 
$100 a tonne during fee course 
of the week with most buying 
heavDy influenced by technical 
signals and activities of invest- 
ment funds. Uncertainty over 
weather in Brazil which 
remains very dry helped to lift 
prices towards the end of fee 
week. The November futures 
contract rose to $3,830 a tonne 
by Friday. 

However, fee cocoa market 
was depressed with prices 
dropping by around £50 a 
tonne. 



Latest 

prices 

Change 
an mek 

Year 

ago 

— — • 18 
High 

84—— 

Law 

Gold per trov oz. 

8387.25 

*085 

8364X25 

$39050 

$36930 

Saver per boy oc 

3S1.50p 

+1340 

299 JOp 

38430p 

331 .SOp 

AlumMum 99.7K (cash) 

SI 533.5 

+64.0 

$1142.0 

$153930 

$110730 

Capper Grade A (cash) 

324905 

+74X1 

S1994.5 

82521.00 

$173130 

Lead (cash) 

86050 

+295 

83700 

$803.0 

54263 

Mckel IcesW 

86255.0 

*3400 

844673 

88480 

$5210.0 

Zinc SHG (caah) 

89805 

+22X1 

88713 

81014 

$8003 

Tn (cash) 

*53775 

*92.5 

845973 

85650.0 

$47303 

Cocoa Futures Dec 

£1006 

-54 

£826 

£1124 

E8SS 

Coffee Fuftns Nov 

S3823 

+110 

SI 226 

*3828 

S1 176 

Sugar (LDP Raw) 

S302JB 

-5.7 

5342.0 

$309.4 

82523 

Barley Futures Nov 

El 04.85 

-030 

£10335 

£10530 

£8235 

Wheat Fuorea Nov 

El 0025 

+0.15 

£10535 

£11730 

£9730 

Cotton Outlook A Index 

70660 

*085 

56.00c 

87.10C 

62.450 

Wool (64a Super) 

457 p 

*8 

327p 

457p 

342p 

CM (Brent Blend) 

$101 Bx 

-0.17 

$1061 

*1061 

*1016 

Par Krma uiriaaa onwiariaa aoawt p Ptnoa/lq. c Cam b. x Oct 


COMMODITIES AND BOND PRICES 




months' delivery Increased by 
$400 a tonne over fee course of 
the week after workers at Can- 
ada's Faloonbridge - fee sec- 
ond biggest nickel producer in 
the west - decided to go on 
strike over pay and conditions. 

Nickel closed at $6,350 a 
tonne yesterday - $40 below its 
high point as traders reacted to 
higher-than-expected levels of 
LME stocks. 

Copper continues to be lifted 
by speculative and investment 
fund buying even though a rise 
In LME stock levels yesterday 
temporarily dampened market 
sentiment Copper prices man- 
aged to remain above a key 
resistance level at $2,500 as 
tonne, having touched $2£20 a 
tonne earlier in the week. 

After gaining ground at fee 
beginning of fee week follow- 
ing fee closure of Forcados - 
s h e l l '9 big export terminal on 
the Nigerian coast, the oil 
price lost almost $L a barrel. 
The price drop occurred as 
scares over delivery problems 


BASE METALS 

LONDON METAL EXCHANGE 

(Rices from A ma t ga matid Mow Ttedtog) 

■ ALUMPOUM, 907 PURITY Q par tonne) 


CkMM 
Previous 
HgMow 
AM Offidri 
Korb doss 
Opan tot. 


Ouh 3 urtha 

1(>3(MQ 16844 

1538-8 1383-8 

167271888 
1683-4 1889-9X 

1556-7 

Z7M2S 


Total duly turnover 65,193 

■ ALUMHfUM ALLOY S per tonne) 

CtoM 1660-8 1570-6 

Previous 1650-60 1575-90 

Wflh/kjw 158871570 

AM Official 1660-60 1570-00 

KMb dam 1570-S 

Open Ml 2jBS7 

Total My turnover 188 

■ LEAD (8 per tome} 


Precious Metals continued 

■ DOLD COtffiX tioo Troy oz.; S/tray tnj 

Mr MT9 Opal 

yrin d M* M* to U Yd. 

Sip 387.1 *02 .... 

Oct 3834 *0.1 3832 3832 3219 232 

tar sms +ai - 

Dec 8814 +0.1 382.2 MU 9OJJ08 13918 

M 3646 *0.1 3832 383X 13320 101 

Apr 387 J) *0.1 - - 3«74 22 

TOM 189*67 13046 

■ PLATIKJM NYMEX (60 Thy OK tflroy at) 


Ctaaa 604X4J 

Revtout 0 O 1 .S- 2 J 

hflgMow 0067606 

AM Official 602-3 

KM dose 

Opan tot 41.164 

Total (My tunover 3026 
■ NICKEL (S per tonne} 


604645 817-8 

801-6-06 818-7 

000/003 818/812 

602-3 815-6 

616-9 

41.164 


Chaa . 
PngvIOUS 
hflgh/taw 
AM Offidri 
KM ctaaa 
Opan tot 


Total daBy turnover 3646 
■ TXgpertannca 


8250-60 6340-6 

6345-66 6436-40 

6400/6310 

6260-6 637045 

6346-60 

84473 


OBI 

4108 

+24 

4193 

4100 

17459 

2307 

Jan 

mg 

+28 

42*5 

4193 


384 

ter 

4205 

*28 

4200 

jonn 

1339 

69 

JU 

4303 

+23 

4343 

4343 

452 


Oct 

4323 

*23 

- 

. 

102 

- 

Total 





20181 

0*7 

■ PALLADIUM NYMEX (10Q Troy ce.: Irtroy az.) 

Ste 

16330 

+130 

15000 15230 

223 

35 

Dec 

19930 

*090 

16025 

15435 

94*2 

391 

Kbr 

15030 

*030 15050 

T69L50 

674 

55 

Total 





0829 

441 

■ 88.VBR COMEX 000 at; a*J 

*te 

9413 

-03 

5400 

9383 

1301 

487 

Oct 

6443 

-08 

5400 

5483 

5 

. 

Mm 

5402 

-03 

- 

. 

. 

. 

Deo 

5107 

-03 

5583 

5443 84330 12309 

Jte 

661.1 

-08 

9673 

5623 

58 

2 

MW 

5507 

-08 

5843 

5553 

0585 

352 

TPM 




100199 13380 


ENERGY 

■ CRUDE OB. NYMEX (42X00 US pate. S/baneQ 


Qoaa 
Previous 
HlgMow 
AM Official 
KM dose 
Opan bt. 


5375-60 6435-40 

6400-5 6470-6 

646^6390 

5375-80 5446-7 

6410-5 

17,562 


Tdal deby turnover 2X70 

M ZINC, spaeferi high grade {S per tome) 

Qoae 966-6 1007-6 

Previous 9633-46 1008-7 

Hallow 101271000 

AM Official 988-7 1008-9 

KM doaa 1001-2 

Opan InL 87,733 

Total de*y turnover 14X89 

■ COPPER, grade A (S per tome) 


Ctaaa 
Pravtaus 
HgMow 
AM Official 
KM ctaaa 
Opan InL 


2490-1 2504-5-6 

2498-9 2507-8 

2466/2485 25 100490 

24B&6-6 2497-8 

2903-4 

21BAB6 


Total dally turnover 67,722 

■ LME AM Offidrf 0$ mat 1MI 

LME Ctaatog B» rate 1 X477 

Spobiscre 3«o*eriMS7 8mflac15«37 Bnh&LSSaa 

■ MQH GRADE COPPEH (COMBQ 




Dqft 

Ota" 



Ctaee 

change HRft tar 

tat 

*ri 

tag 

11430 

+020 11330 11230 

150 

125 

6te 

11015 

*030 11730 11580 

7378 

1,478 

Oct 

11020 

*040 11010 11535 

1,075 

270 

Mov 

11485 

*035 

814 

44 

Db> 

11430 

*030 11580 11435 34707 13803 

Jm 

11430 

*030 11430 11430 

487 

90 

Total 



5ZJ» 

0481 


PRECIOUS METALS 

M LONDON BULLION MARKET 

(Prices attapfed byN M BothacHM) 

Sold (Troy at) S price £ aqdv. 


bteet Dqft 
prioa change H* 
Oct 1780 -037 1749 

flM 1740 -039 1784 

Die 1782 -004 1739 

Jan 1737 -031 1780 

tab 17J9B -002 1733 

MV 1780 -009 17-59 

Tetri 

■ CRUDE CM. IPE (S/barreQ 

Ota" 
low tat 

1730 80054 
1740 5028S 
1748 50379 
1732 32378 
1735 10795 
1732 14368 
307397 

M 

30847 

17390 

10374 

0130 

1310 

415 

70719 


Lataat 

oaf* 


Open 



take 


tata 

tew tat 

Vri 

Oat 

1010 

-030 

1631 

1014 50477 17325 

Nor 

1830 

-034 

19L3G 

1634 33341 

14320 

Dae 

1039 

-030 

1044 

1039 19813 

3364 

Jan 

1036 

-036 

1041 

1032 84SB 

1423 

Mi 

1031 

-032 

1033 

1031 4404 

534 

MV 

■ 

. 

- 

- 5397 

877 

'tetri 




HM 30299 

■ HEATING OB. IMUEt (42JXU US pft; BUS gMaJ 


ISM 



Opaa 



price 

change 

tata 

Lav tat 

M 

Dot 

4000 

*032 

4070 

4010 40714 12317 

Noa 

5045 

*032 

9030 

5005 20345 

2418 

Dec 

5140 

*030 

9130 

51.10 35325 

4JP6 

Jaa 

5010 

*030 

S22S 

5103 21360 

1337 

Fib 

ct on 

- 

- 

- 0740 

54 

Mv 

5130 

- 

- 

- 0798 

146 

Tetri 




191,923 203* 

■ GASOIL PE Won) 





Salt 

n Mfa 


0p*a 



price 

*+T 

iteft 

UM tat 

Vri 

a* 

15080 

-230 18135 15030 24.173 

0485 

Oct 

15430 

-130 15435 15030 23341 

2303 

ta* 

1BL00 

-130 15025 

16050 12332 

742 

Dee 

16030 

-135 15025 15/30 10IM5 

1419 

Jn 

15035 

-138 19025 

15075 11333 

810 

tab 

15075 

-35 15075 

16050 4390 

89 

TOW! 




163,193 

0174 


Ctaaa 387X0-387.50 

Opantog 386.60-387.00 

Monring Itx 367-10 250696 

Afternoon fix 388.70 250X24 

Day's Hgh 387.70X8020 

Day** Low 388.10-38860 

Previous doaa 38SJIO-39020 

Loco Ldn Mean Gold Landtag Rate* (VS USf) 

1 month 4X3 8 months -4X4 

2 months 4X3 12 months 4X2 

3 months 437 - 

Sftrer Rx p/troy oz. US ota equhr. 

Spot 361 £5 643.76 

3 months 36030 54835 

6 months 36135 557.00 

1 yw 87430 57330 

Odd Cotas $ price £ oqtriv. 

Krugerrand 391-384 263-266 

Maple Lost 39730-40030 

Mew Sovereign 90-83 55-80 


■ NATURAL BA8 HYMEX POOOO HUlttlL; StanBfaJ 

Lateat D**s Opm 

prtea ttaga W In M M 

Dot 1365 -0031 1398 1340 30321 10032 

Mm 1305 -0327 1335 1300 17.428 3325 

dm 2330 -ana lqs/ zmo iajuh 23m 

Jm 2375 -0320 2395 2370 14387 1,155 

Nb 2315 -0317 2320 2310 11429 803 

■w 1377 -0304 1380 1375 8323 212 

TOM MMN 20348 

■ UNLEADED GASOLINE 

Hncx (47.000 US gfe; PUS 8*D 

Latest Dqn Opm 

piln triwafi HM» law M M 


fVtroy oz. 

US ota equhr. 

OK 

48X0 

•040 

4845 

4735 0420 

943' 

861 35 

&407S 

Mm 

4000 

-023 

4025 

47.75 20567 10114 

36630 

54935 

Dec 

54.10 

-028 

5440 

5190 14325 

3304 

38135 

55730 

Jbb 

5330 

*6X7 

5330 

5330 0124 

430 

87430 

57330 

tab 

5330 

- 


- 4,467 

292 

$ price 

Eaqiriv. 

Mv 

5425 

- 

5340 

5340 3300 

375 

391-894 

253-256 

Tteri 




80187 run 

39730-40030 

- 







80-83 

68-60 








GRAINS AND OIL SEEDS 

■ WHEAT LCece par tonnei ■ 

CaK Daft open 

grin ChMflt Mft is* M KM 

Em 10025 *035 104J0 10430 251 2 

MOV 10625 *030 10625 10525 2514 20 

Jm 10628 *030 10625 10735 1,751 80 

Hr 110-23 *330 11025 10220 1.104 131 

Key 11240 +030 U230 11135 1,110 17 

JU 11430 *046 11070 11330 177 0 

IMd - 8317 4» 

■ WffAT CST ROOObu mtn; cantattOfc butta, 

8m 307* +116 388/8 3860 2303 3338 

Dm 381A +110 38312 3790 46900 1M82 

Her 387/4 *02 388/4 388/4 15381 3,188 

Hy 3790 -1/0 SEW 377/8 13>1 296 

JU 354/4 -212 356/2 3010 2,720 B81 

tap 8SW - 2B 15 

TUN 71347 24318 

■ MAKE CST 10000 bu mto; cents/tXBa txiaheQ 

8m 223 8 *1/0 22381 2Z1/B 12319 9374 

Dm 22H *6/4 224/2 2298129364 19399 

Mm 233/2 +045 233/4 232/0 29.110 2399 

Hr 23912 *0/2 2388 Z38Z4 11,737 848 

JU ZOO *0M 208 242/8 11/595 665 

Sip 24730 - 247/4 247/0 881 225 

TUN 200361 291230 

■ BARLEY LCE (Epv tame) 

8m 10330 *030 80 

Hu* 104.65 *435 10460 10435 499 20 

Jm 10935 *065 10660 10050 334 15 

Mar 10960 *030 92 

May 11060 *030 21 

Total BOS 36 

■ soyabeans cgrffjoooti bh mh hum 

8m 5690 +1/2 583/0 578/4 6392 1319 

Mar 575/4 +1/4 57 7/0 57W4 78398 15359 

Jm 6898 +1/0 584* 5B1/2 14338 1300 

Hu 582/4 +V4 5838) 5B»4 8388 1355 

H*T 596/0 +1/4 599/4 598* 4327 580 

JU 603/2 +1/4 604/4 901/0 7310 564 

TUN 118396 213W 

■ SOYABEAN OE-C8T (BOOPOtoe: cwtfato) 


ftp 

2530 

*018 

2538 

2533 

9,122 

4X14 

Oct 

9509 

*017 

2538 

2013 10583 

4145 

Deo 

25X4 

*014 

2014 

2488 30450 

8,485 

Jm 

2492 

*011 

2487 

2480 

5315 

530. 

Mv 

2477 

*0X0 

2480 

2470 

«/»Q 

B7S 

tar 

2462 

*004 

2437 

2435 

4X98 

681 

tetri 





81,694 17,490 

■ SOYABEAN MEAL CST (100 tone; SAori) 


ftp 

1733 

*01 

1733 

1709 10819 

0101 

Oct 

1718 

*04 

1701 

1713 10830 

0434 

On 

1707 

*03 

1703 

1703 30370 

4,027 

Jm 

1738 

*08 

1741 

1738 

7X01 

304 

Mv 

1787 

*00 

T7B8 

1708 

7JB8 

366 

taj 

1778 

*09 

1773 

1778 

4431 

303 

tetri 





B3X» 10847 

■ POTATOES LCE (E/tonne) 




tav 

1500 

_ 

. 

. 

. 


Mv 

1068 

- 

- 

. 

- 


ter 

2100 

*52 

twin 

2100 

1849 

88 

Mqr 

2400 

- 

- 

.. 

- 


JH 

1073 

. 

- 

- 

- 


TPM 





1348 

88 

■ FRBGHT (BFFBQ LCE {$10/hdexpoln$ 


ftp 

1482 

+18 

1483 

1470 

667 

98 

Oct 

1483 

+32 

1491 

1471 

582 

61 

Mar 

1400 

+25 

1470 

1470 

25 

5 

Jm 

1494 

*35 

1495 

1487 

637 

182 

ter 

1480 

+20 

1405 

1484 

194 

87 

Jri 

1390 

+Z7 

1390 

1990 

80 

10 

IMP 

Ctaaa 

ftaa 



08M 

391 

BR 

1442 

MSB 






Splc— 

Nutmegs aid mace; Local FV East prices ham 
increased considerably In last (aw wee ks , 
reports Irian Productan. Near shipments of Gra- 
nada nutawgs anfwd In R oB w d a m and quaity 
la extremely good. Wlrita pepper montok Is a 
shade caster ttrii weak, Malaysia remained 
Steady. The natabtty Of Chtoa wtrita pepper 
a ppaara to be dtoitaiahtog. spot poatttons to 
Bmpa/USA am KghL Mkaitdc taq spot FtoUar- 
dwn uaS320Q/mL Sap/Od atripnamt usS3075/ 
mt eft Blade popper market steady to (ton. 
tadonwla (Kadtarty vrthdrawn wHt only H 0 h 
quotaa. Maw crop pepper t ee ms d aa ppoto K ng. 
Bmzft doaaly watching IndonceJe, maintains 
hfghar price tovata. India only oflering Bnrited 
quMfttam local avppiy ramalna tight. Blade 
tai: uaS2000 spot Europe uaC197G dt Sapfttat . 
ah lpenant black aster ua $ 2 250 spot e«$220n 
ctf Sap/Od dripmert. 


SOFTS 

m COCOA LCE (E/toemefl 

tas D*T« opm 

met rn* Mgi taw M M 

tag 978 -3 878 974 455 101 

Dm 1000 -40 1018 1001 30340 4^47 

Hr 1034 -10 1041 1030 31306 1,122 

Mm 1047 4 1082 1044 11 JIU 90S 

M 1080 -0 1066 1058 • SJXB 309 

tap 1072 -9 1077 1071 B37V 139 

nm 98306 7.141 

■ COCOA CSCE (10 taiuy Stored ; 

tap 1306 -19 1309 1806 173 14 

D99 1352 -20 1881 1348 42.184 6.104 

Mr 1397 -18 1403 1395 12,704 830 

May 1425 -15 1430 1423 3322 148 

JM 1447 -15 1460 1445 Zjm 13 

tap 1467 -15 - 1305 

iaw maw y» 

■ COCOA QCOO} (EOTWionna) 


■ LAJt’HIE LCE Ortoewaj 

tap 3928 +43 3900 3890 3318 813 

Mov 3823 +18 8851 3900 12393 2398 

Jm 8766 +40 3900 37B0 11360 557 

Mar 3735 *40 3790 3715 5384 390 

Mm 3095 *40 - 1,479 

JM 3709 *83 3700 3700 53 5 

TMM 35961 4J13 

■ cone 'ey csce gwaagg outHg^ 

Sap 20425 -230 207.78 20530 330 75 

Dm 30930 -020 21460 20925 72JSU 3,104 

I tar 213.15 -235 21730 21260 8300 639 

Mat ZiaflO 430 21045 213J8 3313 148 

JU 21430 -260 21075 21730 713 13 

ftp 21070 -260 - - 407 2 

TMM SUB 8395 

■ COPHEE QCO) (US cente/poeaxt 

Hup. 1 Mm . Pnv. riay 

Cnap. (My 19432 19199 

15 tar Mag* 132.71 18134 

> NoT PNBkBUU RAW SUGAR lC£(parta/1b«f 

oat .... ijam 

Jm ...... 

■tar 90 

IWM 1381 

■ WHITE SUGAR LCE jMtennU 


Oct 

82000 

*000 324X0 321X0 

0498 1319 

Dm 

321X0 

*070 321X0 32000 

2X14 

348 

Mv 

31880 

*010 321.10 31000 

5X43 

310 

ta* 

320X0 

*040 32040 32DX0 

562 

42 

mb 

32DX0 

-180 321X0 320X0 

- 370 

18 

Oct 

. 

- 

- 

- 

209 

- 

Total 





17881 18M 

■ SUGAR 11* CSCE (110OOOtoe; cantatas) 


Oct 

12X4 

-001 

12X8 

1189 50232 4387 

Mv 

1010 

- 

12.14 

12X2 81894 2804 

■■■7 

12X4 

-002 

12X9 

1180 10481 

382 

Jri 

1188 

*001 

12X0 

1182 

4713 

284 

Oct 

1183 

*001 

. 

- 

1X50 

11 

Mv 

1188 

-001 

- 

. 

499 

5 

tetri 




T204N 7871 

■ COTTON NYCE (GOXOOtea; cemrita) 


Oct 

7020 

*045 

7030 

8080 

4X63 

267 

Dec 

0004 

*031 

9017 

0047 20381 3801 

tar 

7040 

*036 

7080 

6090 

0320 

582 

M« 

71X0 

*056 

71X5 

7085 

4741 

265 

Jri 

7185 

*020 

- 

- 

3X72 

4 

Oct 

6080 

+020 

- 

- 

414 

- 

tetri 





It 881 4X77 

M orange juice NyCE(i6X«taa:caniatae) 

ftp 

9090 

Jinn 

aaas 

9080 

833 

573 

tav , 

95X0 

•095 

0000 

9480 

0881 

908 

Jm 

90S 

-005 

9985 

9050 

4,733 

229 

MV 

10175 

-135 10285 10135 

2X19 

IS 

M« 

10473 

-130 10585 105.75 

850 

7 

Jri 

10075 

-135 109X0 10080 

471 

6 

tetri 





19X91 1821 


VOLUME DATA 

Open toteraat and Vbluna date shown for 
exxtaacte traded on COMEX, NYMEX. CST, 
NYCE, CME. CSCE and IPE Crude OB are one 
day In -anmra. 


INDICES 

■ REUTERS (Base: ia*B/31»100) ~ ' 

Sap 2 Sap 1 month ago year ago 

20BTA 20654 20006 18303 

■ CBM Returns (Base: 1967-100) 

Sap 1 Aug 31 month ago yaar ago 

23230 232.11 23138 21086- 


MEAT AND LIVESTOCK 

■ LIVE CATTLE CME (40300( t »; carMtarj 

M Wl HOB 

prim Mb. m Um M 1W 

Oct 71378 - 71J50 71 JM 34,774 tgn 

Dm 60720 *0.100 80730 50375 17388 3301 

M 58678 +0.173 50700 80290 11^98 837 

Mr 70200 - 71228 70360 7314 «S1 

JM 07350 +0325 67350 S7325 1,821 115 

/gm 80950 *00K 08330 90750 886 - 28 

TMM 20IH W24 

■ LIVE HOGS GhC HOJXKBn; centa/te^ - 

Oct 30175 -0326 30700 37378 11377 0201 

Dec 38325 -0300 30700 30225 8387 1.154 

tab 30825 -0375 30850 30350 3357 '383 

Mr 30900 -0200 30250 30900 1358 207 

Job 44350 -0180 44300 44300 ' 5B5' 29 

Am 43300 -0175 43.138 42300 09 25 

TMM W3M 43M 

■ POTK. BELUCa CKg tULOOOfoa; owrtsraaM 


II 9 { 


42575 -0650 40480 42450 

7X73 

1712 


42.450 -0725 43850 42400 

474 

101 


43.128 -0770 43800 43X50 

10 

13 

.* • 

44X00 -0400 44J00 44100 

- 139 

23 


42X75 -0329 - 42400 

31 

T 

- ... 


8313 1305 


LONDON TRADED OPTIONS 

Slriha price S tonne — CMs — — Pute — 
M ALUMMUM 

(99.7H) LME Oct Jan Oct Jtat 

1500 — 03 107. 20 42 

1525 - 47 tt 29 61 . 

1550 84 78 40 52 

■ COPPER 

(Oracle A)- LME Oct Jan Oct Jan - 

2400 126 152 10 « 

2400 8B 122 30 75 

2500 50 97 SO 98 

■ COFFEE LCE New Jm Nov Jm 

3600 358 475 138 287 

3050 ... a» 448 166 311 

3700 300 424 177 338 

H COCOA LCE Dec Mtr Dec Mar 

1000 I ; 63 101 57 67 

1GS0 43 78 87 94 

1100 I 29 60-123 128 


LONDON SPOT MARKETS 


■ CRUDE 00 FOB (per baneVOct) 

♦Of 

Duteri 

$15.15-0241 

-0X1 

Brant Bland (dated) 

$1073-6.75 

-0X7 

Brant Blend (Oct) 

$1017-6.19 

-0X0 

W.TJ. (tpm aeO 

$17X5-786 

-0X06 

■ OIL PRODUCTS NWEpronpt driNary CtF (tonnri 

Prerriurn GaeaBna 

$187-188 

-ex 

Gse OH 

$161-163 

-00 . 

Heavy Fuel Ol 

$74-75 

■OX. 

Naphtha 

$169-180 

-ox 

Jet Awl 

$167-169 

*- -TX 

■ omen' 



Gold (par troy w}$ 

$38785 

+1X5 

Sfvar brar boy 02}$ 

5405c 

405 

PtaUrarn fetor troy azj 

$41000 

*000 

PiBadktoi (mrtrayoz) 

$15025 

*075 

Copper (us prodj 

120XC 

-IX 

Lead (US prod) 

8025c 

*0X0 

Tin (t0nla Lunnpta) 

1065m 

-004 

Tto (New Yoft) 

2405c 

-00 

CatHe (Bw wrighQtC 

119.02p 

+1X1’ 

Sheep |$m wright>t*0 


-i.ir 

Plflo pm weight)© 

7048p 

-4X6* 

Lon. day augwflaw) 

$302X0 

-4X0 

Lm. day sugar (wte) 

$946X0 

-0X0 

Tate 0 Lyle export 

£300X0 

-4X0 

Barley png. toad) 

£107.0* 


Metee (US No3 Yahw) 

$1300 

-4X 

Wheat (US Dark NorSi) 

El 80.0 


RtertMr (Octjy 

88X0p 

-1X0 

Rubber. 

87X0p 

-1.00 

Rubber KLR8SN01 Aug 

316X0m 1- 

-1X0 

Cbconut OR (PM)6. 

$an0n+ 

-100 

Palm Ol (MabtyjS . 

.SB10QW. 

.■sox.. 

Copra ffWHj 

$4«X 1 

• ■* 

Soiribaane (US) 

EISSXu • 


Cotton Outlook 'A' Index 

75.65c 


Wdattopa (94a Super) 

467)9 

*8 


Cpwtama wriam oOwnrim mead, p pmoabo- ornniUb. 
r tagOMo. m Mabtelm ewriataM< t Oat a 8«p/ 

Oct. w tap ■ V London PhyMeaL 1 CF Hat awtau L f 
BUfcjn mwtwt doaa. ^ 6h«ap (Lkm walsht pricaa). * 
Chtnga on Marie O Mom as for pesrioua day. 


Si * ' 

T.'v 


■Ja. *. .+• t- 

.T.t ■» — 

ui:.«. ... 


a«ci mom an!** 

4 i Is- .* 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Red Day’s 

Qaepon Date Pitas change 


Week Month 


Australia 9.000 

BalgLm 7350 

Canada’ 0600 

Denmark 7300 

Franca STAN 6.000 
OAT 0500 
Ger ma ny Bund 6.750 

Italy 0500 

Japan No 119 4300 

4.100 

Nathartmda 5.760 

Spate 0000 


97.1800 
62.1000 
804000 
87J500 
1023500 

84.1800 
900000 
813700 

1023230 

809630 

89.4000 

823600 


YMd ago ago 

044 

038 

032 

047 

8X7 

7X6 

078 

069 

005 

8X2 

085 

012 

7X4 

7X2 

089 

7X0 

7.78 

7X3 

7X6 

7,18 

6X6 


-0080 11,707 1138 

- 4.10 4.00 

- 473 438 

-0.180 736 734 

*0120 11.03 1037 


UK oats 

0000 

oam 

00-16 

-12/32 

8X6 

032 

018 


0750 

11-04 

87-10 

-3032 

8X9 


040 


B.000 

10/08 

103-27 

-IQ/32 

8X2 

047 

046 

USTnaaaury* 

7X50 

Q8/D4 

100-09 

-1/32 

7X1 

7X1 

7.25 


7X00 

11/24 

100-01 

-6/32 

7X0 

746 

7.52 

ECU (French Oort) 

6X00 

04/04 

64X000 

*0120 

8X9 

6X3 

7.64 


lam Chans, ttaw York oao-dm 
T Omaa Mda weariwaa ng m ■ 115 par i 
Pitoaa: LA, UK n XMri, com hi dadms 


taeacK MSCS MWndMnaT 


ECONOMIC DIARY - FORWARD EVENTS 


MONDAY: US markets closed 
for Labor Day. UK credit busi- 
ness (July). National Food Sur- 
vey: household food consump- 
tion (second quarter). Housing 
starts and completions (July). 
M0 figures (August-provi- 
sional). Full monetary statis- 
tics (including hank and build- 
ing society balance sheets, bill 
turnover statistics, lending 
secured on dwellings, official 
operations in the money mar- 
ket. sterling certificates of 
deposit and sterling commer- 
cial paper) (July). European 
and southern African foreign 
ministers meet in Berlin to dis- 
cuss trade (until Tuesday). UN 
International conference on 
population and development in 
Cairo (until September 13). 
International Atomic Energy 
Agency bolds conference in 

Vienna. Famborough Interna- 
tional Air Show opens (until 
September 11). TUC Congress 
In Blac kpool (until Friday). 
TUESDAY: Index of production 
(July). Advance energy statis- 
tics (July). Rio Group presi- 
dents meet in Rio de Janeiro 
(until September 10). European 
ministers responsible for 
regional planning meet in 


Oslo. Economic and Social 
Research Council survey. 
WEDNESDAY: Cyclical indica- 
tors for fee UK economy (July- 
second estimate). Overseas 
travel and tourism (June). For- 
eign misters of Organisation of 
fatomfa Conference hold emer- 
gency meeting In Islamabad to 
discuss Bosnia, Afghanistan 
and Kashmir (until September 
9). European Union meets in 
Brussels. Mr John. Major, 
prime minister, visits the 
Nether lands. 

THURSDAY: Details of employ- 
ment, unemployment, earn- 
ings, prices and other indica- 
tors. CBI survey of distributive 
trades (September). UK 
National Accounts 1994 edition 
(the CSO Blue Book) (1993). UK 
balance of payments 1994 edi- 
tion (CSO Pink Book) (1993). 
Balance of visible trade (June). 
US consumer credit (July). 24- 
hour strike by RMT signalmen. 
FRIDA?: Construction output 
(second quarter). US producer 
price index (August). Leaders 
of 12 former Soviet republics 
meet in Moscow. Trade minis- 
ters from Japan, US, Canada 
and fee European Union meet 
in Los Angeles. 


DO YOU WANT TO KNOW A SECRET? 

The UXS. Gem Sondnar wS show you how the marioRs REALLY rak. Tha amobng 
MnBtadhnlqitasailhalagHidB^wjXGemwtoeraeseyaorpnfMareGantotoyau- 
Icasm. How? Theft Bifl oacrat Ring OKI 474 0000 to book your FBEE ptaca. 


Currency or Bond Fax - FREE 2 week trial 

aho daily gold and silver (axes . ; Anno Wh .»by 

-• ■■■■■■■•'■ U'J •«%! o/i J 7 i / j 

VV!A 7MD. U* • ? rjK a? t 427. 


US INTEREST RATES 

LundiBrae 


MAnta_ 

FaUtataHI 


BOND FUTURES AND OPTIONS 
Franc* 

■ MQTKMIAi. RHBWCH BOND FUTURES (MAHH 


■ LONG GILTFimgffiS OmoWS (UFFS ESOJKM B4ft8 0MO(m 


On nontax. 
1tanM_ 
Ttaemcritu. 
ShmonB 

Tmuy Bfc and Bond flebta 

5X2 lo-jev 

HI 

9.39 

_ 9J6 
7.14 

Snttaa 

Price 

100 

101 

Dec 

2-43 

2-07 

■ CALLS 

Mar 

3-10 

2-44 

PUTS - 

Dec 

1- 48 

2- 13 

Mv 

2-68" 

3-26 

- m usu 

Sep 

Doc 

REASURirBG 

Open 

103-20 

102-27 

NO RJ1TJF 

Latest 

104-03 

103-10 

«ES(CST)t 

Change 

*0-16 

*0-17 

H 00X00 0 

High 
• 104-16 
"103-2S 

tods of 101 

Low 

103-18 

102-23 

IN 

ESL wjL 
43X67 
232,700 

Open InL 
192^466 
245,672 

Ooaye* 

549 30-jew 

744 

■»0 <c-ir o-m 

Btt voL «**. cm 4157 PUtt ZfflO. PmktM d^l opm ML. Cm 10000 Pm 12H3 

Mv 

102-13 

102-17 

*0-17 

103-02 

102-13 

775 

7X10 


Ecu 

■ ECU BQMP PUTUBB8 0riftTlF) 


■ NOTIONAL LONG 7BUI JAPANESE GOVT. BOND FUTURES 
tLgrq noom iooth« cmoo% 



Open 

Sett price 

Change 

HWi 

Low 

EsL voL 

Opan toL 


Open 

Salt prioa 

Chviga 

«0h 

Low 

Eat woL 

Open hL 

Opan Ctaaa Change. Ugh Low Esl vol 

Opan InL 

Sap 

11034 

11042 

*006 

113X8 

11030 

175X39 

93X29 

Sep 

81X0 

81X0 

+0-14 

82LOO 

81X0 

0881 

5X71 

Sap 107X6 - - 107XS 107X7 212 

0 

Doc 

Mv 

11040 

111X0 

112XO 

111X6 

*0X4 

*004 

110X0 

111X8 

112-40 

111X0 

22X19 

44 

40626 

4X96 

Dec 

81.G6 

81.10 

+018 

81 AQ 

81X8 

1X31 

2X40 

Dec 106X1 - 107X0 10086 1829 

■ UFFE oonmets traded on APT. M Open Mens Kgs. aw fcr pravtaus art). 

0 


ta LONQ 1HW WRENCH BOND OPTIONS (MATH 5 ) 


Strike 

Price 

Oct 

- GALLS - 
Dec 

Mv 

Oct 

— PUTS — 

Dec 

Mv 

113 

0X4 

1.71 

. 

1X7 

2.12 


114 

0.46 

1X0 

_ 

- 

2X1 


115 

0X0 

0X8 

. 

- 

. 


116 

0.08 

0X0 

. 

- 

084 


117 

0X4 

0X3 

068 

- 

4.63 



Em. ml tori. Crifc 33*52 Pom iftO/9 . taaricn* <Wy”» «p«i tat. Crik 170060 Put* SMjfTJ. 


Germany 

m NOTIONAL GERMAN BUMP FUTURES (Uffl3* OM250JXM 1000 m of 100% 


FT-ACTUAROSS FIXED INTEREST INDICES 


1 Up u 5yaara( 

2 5-15 Mara (21) 
9 OwlOyonff 

4 toadaM w Dtaa f 

5 ABatocksffiO) 


Fri 

Sep 2 

Day’s 
cteres % 

Hu 

Sapl 

! 

xd adj 
yMd 

12012 

-0X6 

12016 

146 

001 

139X4 

-0X8 

14043 

2.10 

062 

154X2 

-1X0 

15840 

0X7 . 

081 

177X7 

-078 

17006 

2X6 

083 

136X3 

-047 

13747 

1JO 

079 


8 Up to 5 yawn I 
7 OvwS yon (1 


Fri Day* 

Sap g titanga M 

16073 -002 

17443 -036 

174.73 -036 


■ ■■ 1 - — Low coupon ytald • 

Sap 2 Sap 1 Yrago Htfi 



Open 

San price 

Chang# 

High 

Lew 

EsL vol 

Open tot 

Sap 

91X1 

90X4 

-OXS 

81X2 

9082 

130466 

B4128 

Dec 

9055 

9012 

-038 

9078 

90X0 

48436 

64219 

Mv 

9008 

89X7 

-036 

9012 

90X8 

673 

620 


042 036 036 065 (24/8) 087 I 

048 038 735 078(1/8) 030 1 

045 033 721 075 fi/ft 041 | 

053 046 7X5 086 (1^ 0321 

InflaMun rata 694 


Sap 2 8ap 1** < ^aff t * ><l< ljgh d 

054 046 048 070 (MB 

062 051 7.19 092 1/H 

082 081 730 092 l/B 


1(75) 12844 


532 nan 

039 20rt 
642 20/1 


-059 12933 

'^2 s,i-TJT"C 

§38 639 637 831 ( 

038 075 746 934 1 

073 081 747 935 I 


■ BUM) fUTURCS OPTIONS J IFFE) DMgSOJXXl pofrU 0/ 100% 

SWra — ■ ■ ■■■■ CALLS PUTS — — 

Prtea Oct Nn Dec Ur Oct Nev Dm 

9000 074 1.13 136 135 032 1.01 134 

9000 048 037 139 131 038 135 1.47 

9100 030 068 037 1.10 1.10 134 1.75 

Ebl mi tote), Crita 11362 Pus 6122. Arawoua ray* opan M_ OMa 13606* Mi Mzam 


imtetton rate Mt Marion rate 10% — 

Up to 6 yra 0« 231 433 (1/a 013 (4m ZW 5 30 L74 237(1/18 1.19 n&a T 

OW 5 yra 076 075 335 339 (21 /B) 238 pO/1) 339 338 3JJ7 079 521/6) 2.70 (zSl) 

Deb* 8 loan*. Sjwera 15yoara 2Syaaia 

0“ 7^ 100 (21/B) 7.19 (10/1) 936 0.48 0OS 090 fi/B) 739 fWI) 930 941 BJ5 93* pm 

Avarage gran fadomptfan.ytakta am shown ahom. Coupon Banda: Low: 094-7%%; Madhan: 89fr-10S»9fc Hgh; 11% ml ovar. | Ftat yteta. yU Yaw to data. 

FT FIXED INTEREST INDICES CULT EDGED ACTIVITY INDICES 

Sop2 Sep 1 Aug 31 Aug 30 Aug 23 Yr ago Htfr Low Sap 1 Aug 31 Aug 80 Aug a 

OovL See*, (wq 91.71 82.10 9138 91.74 92.03 10002 107 JH 9039 On Erigad bMgains 801 843 Ml 707 

Ftxad toteraat 11009 10930 10089 10934 10938 12437 13837 10733 8-day average 803 783 773 773 

lt, * r48 ^ ,, kmmt """ CCT ^* ,0 ° g mjBT cvvre ■ Grata rate Oovramwai 


UK GILTS PRICES 


531 (19/1 
033 i 2<Y1 
066 20/1 


7A8fl0n) 


Aug 25 - 

763 

802 

oaMoilVtW 


■ NOTIONAL MEDIUM TERM GERMAN GOVT. BOMB 
(BQBLXUFrer DM23O3Q0 IQOttia Ot 10094 

Open Sad price Change rtph 
Sep - 9630 -032 

It aly 

M NOTIONAL ITALIAN GOVT. BOND <BTP) FUTURES 
(UFFTT Lira 200m lOOttw of 100K 


HOtai n M FltcaEi 


— 198* _ 

HA U* 


_ ms 

Wat K Rad Price £ 


Esl vol Opan toL 
0 76 



Open Sett price 

Changa 

«gh 

Low 

EaL vsl Open toL 

Sap 

9063 9946 

•021 

1O04O 

99X6 

41977 31960 

Dee 

97X6 97X5 

- 0 x 9 

8050 

97.13 

22833 45060 

Mv 

9026 

-025 

- 

- 

0 100 

■ fTALlAN GOVT. BOND (BTPJ FUTURES OPTIONS flJFFQ LMJOOm lOOthe of IDOtt 

SUM 

Price 

Dec 

Mv 


Dec 

Mv 

9750 

2X8 

2X2 


2X3 

017 

9600 

2X0 

2.73 


273 

648 

9660 

2.06 

2X5 


0OT 

080 


Ot w*. KM Crita SU PUB 1200 taMloii* ta«ra Span Ira, Crib 5*71 Puta 6BM 

Spain 

■ NOTIONAL SPANISH BOND FUTURES (MH=R 


amrftbntataRtataMt 

TM8PC19HO 093 

lac 1993 - 1171 

Enhlpg Sac 1990-66— 105 

T0J*OC19Q5 — 832 

mn IZ^riK 1B99tt- — 1LS4 

14DE19B6 1294 

;:A'pCl396tt 1157 

BdnWriBiMe# — an 
Caraarrian IQpc 199S — 054 

Trail CW7pc 1997# — 7.12 

■OnaW^emU — U96 

Q* 10^1957 891 

KeaiPiOeiaCTtL-^-. 058 
&Ctl5pc19S7_ 1185 

MdKiOOB - 034 

Tati 71, pc 1698ft 746 

ItanSVp: 199646tJL. 799 

Upc 1996-1 1133 

TmtlSl&i'Xtt 1245 

aaiaciwa hub 

TntaS^KlSBBH: — - 015 



Open 

Settprtca 

Change 

Mgb 

Low 

Esl vol 

Open tot 

s«p 

87X0 

B7X2 

*016 

6000 

87X0 

25X47 

95,078 

Dec 

8040 

8077 

-0.12 

8090 

8040 

8X09 

23,182 

UK 









> MMIOHAL UK OB.T HITUWESgjFEf ESOjDOQ 32n0e ol 10018 

Open San price Chang* High Low Sat Opan tot 
Sap 102-18 101-17 -0-31 102-37 101-10 8053 39330 

OW 1C2-01 100-29 -1-02 102-09 100-21 63022 82763 


fbttoHhrii Yawi 

Baft 12tac 1969 1079 

ItetallKzKUn 9J6 

nmtpcig«tt ogs 

Ccowrion lOVjc 1996~ 050 

TmRtaRMBian 

speamst 832 

Tran rape zooo_ - nuo 

t Swam 842 

7pcZD01# 794 

7teanT4 

94^2002 824 

BpcTWBIt 834 

1 0pC 2003 829 

• ’tap' an*, tt ToK-ftae » m 


520 IQffik 
548 1Q5,i 
862 98A 
83i iraa 
074 IQOg 
896 10tV, 
722 1122a 
726 109^ 
797 104H 
739 98&M 
7 JO 111H 
739 IQStt 
83f 102 

018 11BA 
923 ^a^a 
821 87AM 

826 mi 

845 117J1 
8J51 124JW 
046 112k 
841 IUH 


85B11®M 
932 1B7& 
837 86%M 

am iom 


nan ioo* 
ms, mid 

960, 67% 

1079 1004 
113% 1009 
1174 1094 
WB 1124 
1173 199% 
1124 10411 

100% 97% 

121 H 111JS 
11« 1B5H 
11B4 lOijS 
ItoS 1184 
114fi W 

5S 

191* lUffli 
i«A taai 
12534 ITIlt 
1194 103% 


Tim n%pc 2001-4 — 1822 0831124*1 

Rm*)03%pc 1999-4 — 434 736 724 

Co«p*nk»B%peZOO«_ SUM EL72 TOB% 

1hWBeVpe20D«tt 7JD 6JB B7S 

QnrO>* pe2fl0S UD 088 1054 

TmwWapeMOM 1030 9A3 121 A 

7Vpc2D0Btt 027 883 93®P 

flpeM-9ft 844 072 94461 

Draa 11 \sc 2003-7 — 1016 003 119» 

Dan s%pc 2007 1*— i 839 832 994 

I3%pe 2004-6 1039 0O4T264M 

TSWStetT«*tt 0n 8BI 10 


_1994_ 
+W- U* tew 

-i usft 110% 

064 714 

■4 1294 H» 
-U 106 % sg 
-H 129% 103% 
~a M34 1IM, 
-ft 112JJ 91*2 
-fl in% 934 
-V 1384 113% 

-a nod m 

-iS 1514 12B% 
■A 124h 101 


Twa9pc2 0W 

-Rtai61Npri29U> 

0mr9pcLn2011tt — 

nonflpcanm 

Tte*s5J»ca»B-12tt- 

tenteMUtt 

730*2012-45# 

Th« Sine 2317#. 

Bitaiftc 201HT— . 


Ml 058 
774 MS 
099 936 
934 054 

7.43 861 

899 050 : 
032 847 

850 045 
. 019 870 


895 102 

073 1184 
0J3 1094 
859 91% 
830 814 
879 1054 
837 OtfJJ 
876107B»1 


-a 1004 904 ; 

-» 1014- 8911 5 
-4 1234 1td% 1 
S 113B 844 C 
-fl 1 274 1QGH 1 
appricatan. E riuorioo 


QaactaPpe — 871 

MrUM3%pe# 849 

CW» 3%pe ■£!/«.__ 010 

Dan3p c«« 072 

CarariaS’sc^. — , — * 05C 

Tnar2%p« 870 

a baria. *0 &t OvktanL Ctoriog i 


-B 110& 03 

-B 984 794 

-1% 12m 1014 

-1% 127% 1014 
-* 83% 724 

“U WTH B24 
-% 114% 914 
-14 123% 99H 
-IS 139% 127% 


-% ®V 44U 

-» MB 38H 
— 71 55% 

44% 33% 
-tf 39% 264 
37% 2733 

rinwn ta pauata. 


— TWd — „U9< — 

Briaa 01 a Mae +w- Law 

Mriaa Uatafl (b) 

»”-r- 238 163199%* -4 203% 19ffi 

l^pcvett — am® zjs ajn iim. -a 1134 i£s 

• WU8 13D 3JD16EU -4 178% irfi 

M ' *2 1 E# -4 T73% M94 

S 4%Beta4# (IK* 141 172 1084 -4 116% 107% 

«- £4 147 172 189fi -4 1MJJ 1684 

cm (TIG 152 074 153% -4 1994 149% 

1 74 - 81 “■ 07* ISB4 -4 17^1 194% 

*** *** 13t ® -%.149% 126% 

HI *2 13 ®4 -4 1574 134% 

339 179 1334 -A u*% 

m ™». -4 i^@tt «5% 

PrapMOM rari nMfffrilon rate on prajacted tofariai a( (f) 10K 
Rffi — to pw wriwo n riww RPI bw lor 
MMnDftBnionte prior to ani*| aid ham bean adfcmd n 
100 *" JUkm * iaH . Oonvtarion tauter 
aw. RPI tr December 1993: UUandforftiy 1894: 1443. 


tv*# — jarf 


3 -a a 


Otfrer Fbwd brtemst 


MtouDnii%20i0. 
MeaDitlO%oe200a 

BtasllinczDn 

MMteahprn 

4*c*i9n 

13pe ■B7-2 

jWa antee ispcowi. 

tontti3 to20Q6 

Unmol3%pchi9d. 
lcc tec's) An. 

taftih 11%pc2007 

**?** l Bto3%*202l. 
*****.310*^ 
»»* 568*18*8* JW9 


1 * m Mc*R+«- 

U5 832 1194 
MB 832 IllH _ 
188 934 118% _ 


- 108% 
9J3 U2H 

- 177% 

37 

- 82% 
0L61 114% 
010 99% 
441 133% 
437 123% 

- 137 


_1S94_ 

a» Low 

1424 1150 
436% 10H{ 
142 115 

118% 95% 
103% U0 
119% 109% 

125% 
44% 33% 
40% 26% 
136% 112 

78 98% 
160% 129% 
149% 121% 
199% 134% 


55*5*093 




^ .. 


""ten. 












.. -O'* 


FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


. . " *Ch 


CURRENCIES AND MONEY 


MONEY MARKET FUNDS 


MARKETS REPORT 


Dollar fades 


Dollar 

DM pw.$ : : 


‘‘CHS 

•~<%u 


T&e dollar wilted on the 
foreiga exchanges yesterday 
after the US treasury market 
responded negatively to us 
data, unites Philip 

■ Although the market's Initial 
response was positive, it won 
changed its mmfl and the dol- 
lar followed Treasury bonds 
lower, slipping three pfaw+ifw 
from a high for the day of 
DM1.5840 to DMl.5540 later 
Against the yen, it fell from a 
high of Y100.2 to a low later of 
Y9EU& 

The D-Mark’s firmness 
against the dollar helped it to 
end sharply Wgh«T against var- 
ious European currencies. A 
bite afternoon, flurry saw it fin- 
ish. at L1.009 against the lira 
from LX.002. 

Sterling also suffered at the 
hands of the firmer D-Mark, 
losing nearly three pfennigs 
from its high for the day to 
dose in Ixmdon at DM2410L 
The sterling trade weighted 
index dosed at 7&8, down from 


a high, of 79.4 earlier in the 
day. 

■ At first glance, the payroll 
figures looked to be supportive 
for the dollar. The 179,000 
increase was well below the 
234,000 consensus forecast, and 
this should have supported US 
bonds, and hence the dollar. 

The market, however, chose 
to focus on the strong manu- 
facturing data, where jobs, 
hours worked and overtime 


W* 2 — lat e st — — Prw. date - 

SWOT 1-5490 1.5493 

1 m 1-5478 1-5451 

3 «H 1-5461 1-5433 

1 1T 1-5336 1.5306 

were all seen as indicating 
wage pressure. 

The dollar's woes were later 
exacerbated tor the Columbia 
University inflation index - 
said to be closely watched by 
Fed ftiwii rman , Mr Alan Green* 
span - rising to 111.4 in 
August, from 109.5 in July. 



•Yen.pir* 

102' 




Sterling 

■ 

• 156- — 


. a : ‘ ■ 

■ Aag.- : 1904 

SaurtKFrCtapMtr. 


•ea — * 
2- 

"'A* 



■ -.155; 
•- . : > • 


S Mi H 


-4- .158 * 

-. 2 y V v/-.2" .. 

94p, '-..-Amu.: 



POUND SPOT FORWARD AGAINST THE POUND 


Ctoakijj 

mld-potfa 


Changt BM/bffer 
on day mimd 


Day's Mid 
Mb h low 


On top of this, there was talk 
in the market of an upcoming 
article in Forbes magazine 
quoting the head of business 
research at Columbia saying 
that US inflation would rise to 
5 per cent later this year. 

Mr Paul Chertkow, head of 
global currency research at 
UBS in London cautioned 
against reading too much into 
the dollar's behaviour. He said 
it was the Friday before a long 
weekend, and trading condi- 
tions were thin. “The mid-users 
are not here. They are still on 
vacation. They haven't done 


Taws month a Onayaar Baric of 
BMP ftPA Rato ftPA Eng. Index 


anything.” He said the market 
was still being driven by 
shortterm players. 

This is the thinnest August 
market in a number of years 
and small flows are having a 
quite disproportionate impact," 
said Mr Chertkow. 

■ Mr Sajrin, a Bank of 

France monetary council mem- 
ber and fo r m er ftnanco minis- 
ter, criticised French commer- 
cial hanfcn for raising interest 
rates by 25 basis points earlier 
*Mn week. 

“This decision is not appar- 


DM per £■••*• 
245 

244 ST~ — 

243 ~U~* 

2A2 . 1— 

241 1/ 

240 

■ 2J&Z .... 

2.38 — 


ently distinguished by a con- 
cern for the wider public inter- 
est indeed, it does not take 
Into account the continuous 
and significant lowering of offi- 
cial Banir of France rates in 
the last six months," he told Le 
Point weekly. 

■ The weakness of the trea- 
sury market spilled over into 
European bond markets, which 
set the tone for activity at the 
short end of the yield curve. 
The December Euromark con- 
tract traded nearly 48,000 lots 
to dose at 9179 from 9191 


French franc 

■FfirparDM 
342 ‘ — T 



Money Market 
Trust Funds 


M cm MO 


cwtuacg 

4wai*4u«h«a*i8s on-nn 

19UMMMB3IW HM-CJ 

IWI uanruMu erne- 1 Oil - I - I 


CAHkaNlttMgwnt to Ud 

49 PMttoy faetlSragll P# ZD 


mo owo- — 

ClftOfrHBUfiO. 

e2joo-noxtt)T- 


ORMMlWIW- 4JQ 
DtpMS>Bwr£1 iriBa M3 

Dmm,o»c«DB 4.73 


, 3735 778*14 
-I 490 S-M#i 
4.71 S4DI 
-I 4JI 3-tn 


»7hP ffn-ooo Uifl 

uo an I ug| Qk 

42S 118 uz at 

us in uo et 

m uol us) at 


Ttol H® Clarttai Dsporil tenant 

2 ftm flBML lOTSWI EC2V?Afi 0 


75M 071-aaetSlS 

475 -I Uila-M* 


1B2TW ’371^*81815 

— 1495 -I 4J0I3-RSI 


Short sterling volumes were 
low «nd the December contract 
ended at 93.40 from 93.43. 

The Bank of England pro- 
vided UK money markets with 
gram late assistance. EarHwr it 
had provided £27m liquidity, at 
established rates, after fore- 
casting a £250m shortage. 


£ S 

10922 * 195951 107J40 • 1B7J40 
2851-00 - 289440 174840 - 175040 
04500 - 04814 tUSTB - 02089 
354504 • 355527 229900 - 230100 
90400 * S42&45 221000 • 222000 

wooi • some sons - sons 


Money Market 
Bank Accounts 


root Honor uartet tenant 

Mmln^iraMi 

Cl -*988 1 OJO CUTS U0 08 

EIOBO-CUIO— 350 US US On 

nojn>-n4JM luo 300 401 08 

E2SODO-fSMn 450 3379 4JSB & 

nauto* 1 CTO ua ui « 

ItUn-NmikMIiHniatM 



071 *878 0178 
480 834 VMflT 

429 905 Van* 

SS SSJ2S 

330 407 M* 

100 437 MR 

1<3 U7 Italy 


D.7S 13D (Mi 

233 330 IBl 

231 332 MBi 

330 407 an 

119 433 MOl 

338 436 Ml 



itomta 

0C233SX 


439 l US 08 

4.13 I 391 I 08 

198 I 323 1 08 

139 1 4261 08 

194 | US I Q8 


JoBm Hodoo Bn* Ltd 
iommm,pmmcmi>cfi sa nzz: 

tnRMUMIMWIMrUB 430 ) UB 

IMtallttMMM 411 431 938 

HMFMMMMlSTI 4311 UO 


Arbnthnot Latham & Go Ud 
30 Cfe BMO. IMM £01720. 


E2U»K«M. 
£90000 or am __ 


4.75 339U 435 1 Mi 

luo IS I 312 1 Ml 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


Bvopa 

Austria 

BatgMn 

Denmark 

RrOand 

France 

Qarm an y 

Graaoo 

inland 

ttab 

Luxerrfcourg 

Nsthe rta nde 


- 


CSotfl 17.0867 -00309 579 - 734 17.1756 17.0579 17.0613 03 17.0405 04 
jPPfl 408698 -03344 216-069 503060 406160 408268 03 406788 -0.1 404388 414 
pO) OS243 -0.0529 208 - 280 06127 05174 05316 -OS 05511 -1.1 05854 -06 

<FM) 7.7933 -00476 838-028 7.B880 7.7830 - - . . 

P=i» 02844 -00486 610 - B78 03434 82541 82678 -05 82888 -02 02318 04 

(DM) 04101 -00188 08S - 117 2.4434 04074 2.4101 OO 04074 04 03796 1.3 

(W 368.655 -017 339 - 870 370268 360077 - - . 

90 1-0066 -00041 079-083 10164 1X067 1X08 -OX 1X104 -07 1X161 -07 

W 243063 -077 135 -431 244088 2428X3 2438.83 -05 245033 -32 251083 -03 

(LA) 48X638 -03344 216-058 602050 49X160 49.6286 OX 49X788 -Ol 49X568 OX 

TO . 07041 -00209 027-055 07370 07019 07042 -Ol 07013 04 06695 13 

NO) 103718 -00864 679 - 767 10X902 10X850 105688 OS 105793 -03 10X653 Ol 

(E# 247.191 -012 068 - 824 248X21 248X55 248X21 -04 250101 -7X 


Spain 

{Pta} 

200X00 

-1.184 

077 - 322 

202.077 200044 

20064 

-08 

201 .485 

-2X 

204X2 

-20 

Sweden 

(SKI) 

11.8205 

-0X342 

120 - 290 

11X167 11.8082 

11X42 

-2X 

11X925 

-2.4 

12.113 

-2X 

SwRzertand 

(SFr) 

2X200 

-Q.0135 

247-272 

2X524 

2X240 

2X248 

ox 

?mn? 

1.1 

1X879 

IX 

UK 

ft 

- 

- 

. 

_ 

. 





Eou 

- 

1X629 

-00084 

823-634 

1X764 

1X815 

1X637 

-07 

1X643 

-OlA 

1X839 

-0.1 

SDRJ- 

AmBtaaa 

“ 

0X43130 

- 

- 

- 

- 

- 






ArganUna 

(Paso] 

1X4Z4 

+00023 

419-428 

1X448 

1.5357 

- 

> 

- 

- 

- 

. 


(RQ 1X887 400056 668-705 13705 13809 - - - 

(CS) 01115 400049 106-123 01147 00992 01108 04 0111 Ol 01109 OO 

Mo) 52283 400089 232-333 53340 53062 - - . - - 

W •' 1X448 40.0046 444-451 1X470 1X377 1X446 03 1X428 06 1X303 OX 


Maadco (NawPaao) 532B3 +00089 232- 

USA (S) ■ 1X448 40.0046 444 - 

FaaMa/Mddto BaatflUHea 
AuaMa wst 00804 400074 792 - 



Ooalng 

Ctianga 

Btotaflar 

Daw'S add 


Daws aaonths 

Onayaar 

mid-point 

on dto 

spread 

htoi 

low 

Rata 

ftPA 

Rate 

MPA 

Rata 

ftPA 

each) 

11.0476 

-0.052 

460 - 600 

11.1425 11.0450 

11X476 

OX 

11X473 

OX 

109726 

07 

(Bftl 

32.1500 

-0X1 

300 - 700 

32X800 32.1300 

32.175 

-<JX 

32.19 

-ox 

32X1 

-05 

(DKrt 

01656 

-0X521 

646- OSS 

8X437 

01601 

01721 

-IX 

01931 

-IX 

02706 

-1.7 

(FMJ 

6X450 

-0.0*55 

400 - 500 

01153 

5X400 

00475 

-OX 

5X59 

-1.1 

013 

-1.7 

CFFr) 

03500 

-0X47 

490 - 510 

04195 

5X430 

5X53 

-0.7 

5X59 

-0.7 

5X205 

ae 

PJ 

1X602 

-0X168 

59S - 609 

1X040 

1X685 

1X804 

-OX 

1X604 

-01 

1X552 

ox 

PO 

238XSO 

-OX 

500 - 800 

240,400 238X00 

23095 

-IX 

239.B26 

-IX 

242.425 

-IX 

(ft 

1X316 

+0.0105 

308 >323 

1.5369 

1X151 

1X305 

08 

1X268 

IX 

1X061 

1.7 

W 

1574X0 

-6X5 

430 - 560 

1587.46 1673X0 

1679.46 

-ax 

1S89X 

-07 

1843X 

-44 

0FO 

32-1500 

-0X1 

300 - 700 

32X900 32.1300 

32.175 

-ox 

32.19 

-ox 

32X1 

-OX 

ft) 

1.7505 

-0X188 

600 - 510 

1.77B4 

1.7500 

1.7506 

-0i 

1.7506 

-0.1 

1.7448 

OX 

9«0 

084S7 

-0X829 

427 - 447 

6X371 

6X427 

08482 

-04 

08687 

-ox 

07767 

IX 

(&) 

100X20 

-0X4 

970 - 070 

161.400 159X70 

160X7 

-7.1 

162X46 

-XX 

17002 

-02 

(P«) 

129X00 

-1.18 

550- 850 

131X50 129X50 

129X25 

-00 

130X86 

-00 

133.45 

-00 

(SKO 

7X521 

-0X442 

483 - 558 

7.7228 

7.6417 

7X696 

-2.7 

7.7101 

-00 

7X121 

-04 

(Sfi) 

1X115 

-0.0126 

110 - 120 

1X320 

1X110 

1X108 

07 

1X095 

08 

1X993 

09 

ft 

1X443 

+0X045 444 - 451 

1X470 

1X377 

1.5448 

OX 

1X428 

ox 

1.6303 

ax 


1X233 

+0.0116 

230-235 

1X235 

1X069 

1X224 

OX 

1X205 

as 

1X129 

09 

- 

1.44912 

- 

- 

- 

- 

- 

' 

- 

- 

- 


(Paao» 

0X985 

-0.0014 

984 - 985 

0XS85 

0X984 

„ 

_ 


_ 



m 

q «Kon 

+0.001 

850 - 870 

0X870 

0-8850 

. 

- 

- 

- 

. 

. 

(CS) 

1X689 

-0X008 

666 - 871 

1X873 

1X848 

1X677 

-07 

1X80 

-ox 

1X799 

-IX 


Bank at Mud Mob wamt Oaqoa Ace 

3B-40 Mgi SI, IB. 0751 il85l8 

noooo- | iioo zaa I uw| at 

mm-C83M 1 ISO IJ79lU3«l 08 


AusMb w 2-0804 40X074 792 - 816 00841 00713 00803 OO 00817 -03 00999 -09 

Hcno Kong (HKS) 11X984 400335 391 -398 11X638 113830 11X325 OX 11X314 03 11.9988 OO 

IndB (Rnj 48X588 401378 440 - 738 48X260 483410 - - - - - 

Jnpun • 00 153X41 40X27 462 - 629 154X50 153X40 163331 04 150348 3.1 147X81 3X 

Mataysts (MJ) 3.9415 40X024 398 - 431 3X516 3X254 - - - - - 

MwZMHld (NTS) 2X527 -00019 510-643 2X696 05428 2X566 -IX 05644 -IX 2X867 -IX 

PhHppkiaa .(Pboo) 407043 400017 801 -224 41X225 403880 - - - - - 

Saudi AnUia <SRJ 3.7836 400167 918 - 991 5.8016 5.7873 - - - - - 

SkiQBoea (SS) 2X168 40.0058 166 - 181 03200 03068 - - - - - 

S Africa (Cam.} (R] 5X260 400013 235 - 284 6X421 5X150 - - - - 

S Mica (Fkv) TO 7.0055 400279 884-225 7.0232 09591 - - - 

South Kara* (Won} 1238X8 44.1 660 - 732 123838 1231X8 - - - - - 

TOhvan (Tt) 405812 401137 096-627 40X948 403585 - - - 

Thriand (BQ 38X285 40X605 023 - 507 38X900 38X730 - - 

130R Mao tor bp 1. BUMkr vraaM ki tha Pond Spot MM Ow only 3w MK ttna MdmU pMcai FhnoRt ram not itacay quoad to am 
but m knpflad ty Omni karat nMa. BmOio tadm eataMM iqp <ha B«k of BrimL Bbm Mfaoa inns > noBd. Oflir and m^imbb ii bom i 
8w Ootr Spat MM Mnd tfom TIC WVMRSJTGHS 008010 SPOT RATES, tena Mtwa am ramiad b y «■ F.T. 


CROSS RATES AND DERIVATIVES 


FlWG0 
Qarmany 
Oreeca 
I retold 

Italy 

Luxamboug 

Nethadamfo 

Norway 

Portugal 

Spain 

Swedan 

Sattzartand 

UK 

Ecu 

SDRf 


Brazil (RQ 0X860 

Canada (CS) 1X689 

Moodco (Now Paso) 3X845 
USA ft 

PacW toMk fafla EaaVAMoa 
Aitorato (AS) 1X468 

Hong Kong (HKS) 7.7271 
India (Rs) 31X700 

Japan (Y) fflX960 

MUsyain (M$) 25616 

NaarZtotoid (NZS) 1X625 
Pfpp to at (Peao) 203600 
Saud Arabia (SH) 3.7504 
Slngapora (SS) 1.4996 
S Africa (Com} (R) 35773 

8 Africa (Hn.) TO 4X350 
South Korea (Wop) 800-750 
Taiwan (T$) 26X380 

ThaSand (Brj 2&0050 

TSDfl m a tor Sap 1. n i dto to i—r 
tiut are knpOed by cuiant kaansi ncr 


BMkafScattnd 

.m-anaM 

latotoflaHMB. I ut zb ua| Ma 

M Ma ajM 173 181 I UZ Mai 

C23AOOO» 1 UO 173 I 3.12 1 Mil 


PO On 12a. IMWIiiiuuJ Bl Pk. Comvy 0000400100 

cuMua lion uo 1 uolnare 

£11DOO-C2U99 4.76 193 I ATS MKly 

cauo>-e4asn uo its uo wt 

ISQAOO-fSUn 5J8 3JM 12S IMt 

sieuto- 1 uo ns I isol r 

Bardm Prfraa Accoont K1CA 

FO *■ »Z5, to WBMW 051— a&4B3B 

Mj M Uj I UO 190 I ml 08 

CZJOMShOn 296 190 ZZ7 08 

mOOO-C2498»__| 176 290 2.70 08 

1239004 I 135 UI I 1301 08 

Brawn SMpfey & Co Ltd 
FouBMn Out. LorOvy, Lsa«n EC2 .071-0000033 


B Batumi, IM. onoiwiw Kse 700000 

on 0004 1 us 10c 1 us I at 

LMpoMjBOOflk 8 Sen IMM 
tomT’^waSlpSaM an-sai2Z9 
caccri-n 00.000 — I uo ua I imI Or 

nooroi m lire ml ucl os 

KMawort tenon Ud 

IBB iawan 1 m HA Lsnan MS 3T cm-OB? IJBB 
MICA. (C90D-) .. — I CD 19 I 4471 OU* 

KMawort Boom Musts Book 

PPttniiMiiiailBpoiitaAia^MnpHiui 

UiawitoMiRoaLlBttiiWSi on^aMan 

H1CAR2900-I 1 49 19 I 197 1 Da* 

Untotefc - kimtantt AmuM 

71 unwn O, LardM [C37 183 0^2433372 

ES0900a»«B»_ 1 123 UCl 523 1 M, 

2S400. 118 ua Sii yn# 

Si iSISX 

St* , on*,™ 

WwrtaUU). ITS 291 Sl 7B 1 7wO| 

4JB 117 UO M| 

51M04— 1 SOB 3J5 590ltMH| 

— uo Air I BJOtiMnr 

iras* lu -I 1231 iMnv 

toten olda Mdg S ac - Batoia reteaoto 

nmuMrXMMLBtoiw nwaaa 

C290CMM9M 130 148 I 134 1 M 

EB900-£09M 198 299 33S Ok 

CIOUDOO-CSABW AM 123 137 08 

£2U00-£4U»_ — 490 190 ISO I (Hr 

£50900* 130 ate I Mil at 


UO naif 
690 Mrt! 
490 YMMf 
UO M 



44a 390 1 441 1 08 


-0. 004 620-870 3X870 3X820 3X856 -04 3X873 -OX 3X947 -OX 


, EdHbwpi BC 2PP , 031 Me BUS 
I A7B UBZSl -IlMrir 


40X009 403 - 472 1X477 1X443 1X471 

-0X008 207-274 7.7274 7.7267 7.7288 

-0X013 675 - 725 31X750 31X676 31X55 

-027 BOO - 300 100200 90X500 99.195 

-0X059 510 - 520 2X575 2X610 25423 

-0006 518 - 532 1X570 1X504 1X534 

-0X75 500 - 500 26.6000 28.1500 

- 502 - 508 3.7506 87503 3.7517 

-0.0005 993 - 003 15003 1X093 1.4905 

-0.0005 785 - 780 35880 3X785 3X028 

40X05 250 - 450 4X460 4.5100 4X687 

4OX6 700 - 800 801.000 BOO. 500 803.75 

-a 002 300-480 28X460 28X300 26X56 
-0X2 950- 150 25.0200 24X950 25.0775 
1 to On Doom Spot tobla whom only *m tow thraa dw*M pi 
1 . UK, feitond 1 ECU n quoted bi US cuiwm JX. Uogwi 


-OX 1X478 -OX 1X551 -OX 88X 

0.0 7.7277 OX 7.7428 -OX 

. -3X 31.8 -2X - 

2X 98.745 2.6 96.48 2X 148l9 

4X 2X31 3X 2X045 -2.1 

-0.7 1X563 -0.7 1X806 -05 

-OX 3.755B -OX 17744 -a 6 

1.1 1X088 OX 1X838 0.7 

-6X 3X211 -4X X8978 -3X 

-8X 4X275 -02 - - 

-4X 807X5 -3X 825.75 -3.1 ■ - 

-OX 26X96 -OX - - 

-3X 25X05 -SX 25X85 -2.7 

ptoaa. Formnd Maa «• not clraoto ntcMd id aw mnfcat 
n ncrrWnl teScaa Sap I.BManranoB IBOIMtOO 


Cato Atei Ltd 

20 Biton UMALaWgnB379QJ 

MCA—. 190 

RndCXUMh-- 143 

QywBtBM ffiUOO*- — I ITS 


an-sziana 
99 uo wi 

- AS3 Hfl 

- UI IHi 


Rob Brothers UodtoAtonfem 
aanriMA inni be 3m tn-miiB 
MaHtoCMawl| A7S 150 | absT mb 

fMMtttorDawMWM am uo I <90 1 an 

—■I ■ante *- 1 425 110 I A»l 08 

tend Bank efScatoad pin PreaAaaAcc 

42&AMnatAB*MaBQ»E. OSVJ23»302 

eso9oo» — in ui in » 

mwn - rxQQOQ t vt ?iw xa 

noSJo-StSS 2.7B 2S Or 

rariftn-raonn 2X0 1JE0 ZJ32 Or 

£2JKM>-?4£M — 1-S> l.ia 1J1 Off 


EXCHAMQfi CROSS RATES 


EMS EUROPEAN CURRENCY UNIT RATES 



ftp* 

HR- 

OKr 

FT* 

DM 

K 

L 

R 

NKr 

Ea 

Pta 

SKr 

SPr 

e 

CS 

9 

Y 

Eou 


Brigham 

(Bft) 100 

10.18 

18X4 

4X53 

2X30 

4897 

5446 

21X8 

487X 

403.1 

2080 

4X80 

0014 

4X53 

0111 

3001 

2543 


Denmark 

(DKi) 62.14 

10 

8X77 

2530 

1.068 

2554 

0839 

11.10 

2506 

21 OX 

1041 

0127 

1X50 

0218 

1X22 

161X 

1X26 

* -T 

Franca — 

(FFr) 60X9 

11X2 

10 

2X16 

1X20 

2943 

3X72 

1079 

2901 

2403 

14X0 

2452 

1X10 

0556 

1X70 

1807 

1528 

■ij 

Qanaarqr 

(DM9 2061 

3X52 

0429 

1 

0418 

1009 

1.122 

4X86 

1006 

83X7 

4X05 

0X41 

0415 

0X78 

0641 

8089 

0524 


briand 

Cft 49X7 

9X48 

0198 

2X91 

1 

2413 

2X83 

1049 

24SX 

1985 

11.73 

0010 

0X92 

0095 

1533 

1503 

1X53 

■/ ■>• 


0) 2X42 

0X92 

0340 

0099 

0X41 

100 

0111 

0435 

1018 

8X32 

0488 

QX83 

0041 

0067 

0X64 

0312 

0062 

t 

NaOtartanda 

m i0S7 

SC-BP? 

0056 

0X81 

0X73 

8994 

1 

3X09 

91.42 

74.04 

4X71 

0.749 

0370 

a7B1 

0571 

5077 

0.487 


Nanny 

(NKr) 46X6 

0010 

.7X18 

2X80 

0954 

2901 

? ««n 

10 

233X 

189.4 

11.18 

1X17 

0X48 

1X98 

1.462 

145X 

1.195 


Portugal 

Aten 

Bwadsn 

Swtmriand 

(Es) 2006 
(Pta) 24X1 
(SKr) 42.01 
(8Fr) 24X1 

0B83 

4.757 

0058 

4.701 

3X43 

4.128 

0982 

4X79 

0X7S 

1X04 

0099 

1.190 

0408 

0609 

0863 

0499 

B80B 

1215 

2058 

1200 

1X8* 

1X51 

2X88 

1X35 

4X76 

5X80 

0942 

5X17 

100 

1285 

2001 

1200 

60X9 

100 

1894 

9082 

4.782 

6X04 

10 

5X34 

0X20 

1X12 

1.714 

1 

0405 

n«yw 

0X46 

0494 

0XS4 

1.055 

1.787 

1X42 

0825 

0.772 

1X07 

0763 

6010 

7067 

129X 

75.77 

0511 

0631 

1X69 

0623 


UK 

ft 4088 

9X24 

8X64 

0410 

1X08 

2432 

0704 

1057 

247X 

200X 

11X2 

2X26 

1 

0112 

1546 

1535 

1X63 


Canada 

<03 23X1 

4X00 

0913 

01*1 

0477 

IIS 

1X80 

5X05 

117X 

94.79 

5597 

0X59 

0473 

1 

0732 

72X8 

0598 

■ 

U8 ■ 

W 32-14 

0164 

5X48 

1560 

0652 

1574 

1.780 

0X41 

1600 

1206 

7.850 

1X11 

0X47 

1X67 

1 

69X5 

0X17 

» . ft 

“•PW 

(V) 3205 

82X5 

6064 

15.70 

0567 

15944 

17X2 

08X6 

1810 

1304 

77X0 

18X0 

6515 

1076 

1007 

1000 

R79K 


ecu 

39X2 

7X41 

0543 

1X06 

0788 

1928 

0141 

0389 

195.7 

1585 

9X69 

1X04 

0792 

1.672 

1X23 

1215 

1 


S«P2 

Ecu can. 
rates 

Rate 

agrirwl Ecu 

Change 
on day 

ft +/- from 
can. rate 

ft spread 
v smafcoBl 

□hr. 

ted. 

Motherlands 

019672 

015127 

-0X0048 

-007 

5X0 


Belgium 

40X123 

304730 

+0004 

-1X4 

5X5 

13 

Germany 

1X4964 

1X1773 

-a 00025 

-1X4 

4X3 

- 

Ireland 

0306628 

0797887 

-0.000801 

-1X3 

451 

B 

Ranos 

ikmmh 

066301 

+000121 

037 

074 

-3 

Portugal 

192X54 

195480 

+0.146 

1X5 

1.74 

-9 

Danmark 

743679 

756540 

+0.00258 

1-73 

1X7 

-12 

Spain 

154X50 

150060 

+0032 

3.12 

000 

-22 


A IMM 

<M7DH. 971 -MS 4000 

_ 17G UI UO Hi 

-ADO 390 496 IM 

_ azb lie on m 

_ ASO 431 AE7 MU 

-us 29e uo an 

-128 SjU uo urn 

_ UO 2ti UB MOl 

— 176 291 102 m 

sssar* 


30 StataBMifMGa, toaowrSI 2M. 041-3407070 

£10900-040960 I UD 170 | USl to 

jug 2»| IKj to 

Tto Ca-opereSre Book 

PO am 303, SkokwraM*. tait, 0345252000 

1ESS» 1 123 -I -I Veal* 

T np to r- Cto—M paw* tone 

MBtoca 1490 108 I UI I M» 

MaMta-Btol MU top 

£S090a- __ 123 194 u on 

E3S9»-C*taM 490 UB I 455 B-an 

C1O0OO-O49BB 490 100 404 04* 

EMOOtojn 100 133 I 10216-Mil 


16-flB VMaBHLiaMMMn X9. 0000 282101 

na a timwa I us zn in iw 

rnSARad 1 YMr— I 390 - I STS MB 

1tS»IMMto —I 441 -I ASS UB 


ItaM Bank oie 

30-31 ftkaamtoMt 


26-33 toa KfcMM«.BMM 0272 44730 

1*25000 HMtoltol UK 1823 I 3348 to 
04BWDMBUkf10000» I 3926 1718 1073 to 

HaUOOOBOt- I 1730 1313 I 1403 to 

MMM £100000+., I 3978 1880) 3332 Or 

Irian, I 4.373 -I amt to 

llolWOaminfoasnnotUf 

POBaefeHaW; SHOOT 081-4472438 

UO. *34. to 

Bntel Treat Bnfc Ud (famh OQ 
1 tteMCmmo II twain WlH 7*1 oh-SSBOOM 
nouooo-oo deyntt*. BJS 690 [ I92ls-Ma 

n0900-tauMw0Q(- 79 d vn 7X«)o-an 

£2uoo-l Tear I M3 1*4 I -I Teat* 

A Many Undo tepoft to Ud 

uoQaeaMAtonatB^rfas OTv-WBOOO 

teCHMG. 3975 153 I Ml M 

£10900 ad More 1 1823 ITS 1 1371 MU 

Waaton Treat M|^i latent Chaqaa Acc 

Tbi MonajCoiWe, PIjnaMI HI ICE 07*>2 224141 

£13900* — A78 390 I A84| to 

tUDD-C14JU 490 190 | 498 to 

n900-£49W 423 9.10 I 432 1 08 





231 l7B|o-an 
244 120 e-aui 


396 ( aio ana 

123 392 an* 

ZOO 177 on* 
173 I 132 S-M* 
TB83M21S7U 


*"3; 






Ito par 1X0® Itoitoh lOwur. Ranoli Fto*. Nora^pn »< 
■ D-aiARK PUTUIM 5MM] PM 125.000 par DM 


I O waJM i Kronor par 1 


i Franc, Fm udO. Ua i 



totei 

Latest 

Change 

hflgh 

Low 

8ap 

0X354 


+00009 

06361 

0X310 

Dm 

06345 

0.6386 

+0X008 

06380 

0X312 

Mar 

- 

0Q3S5 

- 

- 

- 


■ HWM mane HCTWIMliQSR 126X00 par SR- 


8 VHI PUTW8 Von 1X5 per Yon 100 

Open Latest Change High Low Eat. vd Opan M. 
.0044 1.0043 >0X002 1.0054 0X988 15.108 58X48 

X093 1X110 >0X002 1.0120 1.0050 943 11X24 

1X195 1.0196 - 1X195 1X195 18 1,761 

I WI1— SQUkQeS&SOOpare 


NON ERM MEMBERS 

Grave* 284X13 291X25 - 10.10 -8X4 

Italy 1780.19 1923X0 +2X1 7X9 -3.89 

UK 0786740 0.788714 -0X00505 0X5 2X6 - 

tei oaWM isaa aw by tea Turan ia n O wuHM ton. ftrunctoa wa ki dnaendtog ratoha atrngft. 
ItoraantBoa dungM art to Ecu; a poMMa etoiga dernna a wsak cutnty. Dtetonea town 8w 
■ado Mmo mo remto: Dw peranaga dMwano DMwen 0» aOto ton am Eeu cnaal waaa 
Hr a cunancy. Mid tha mOmum pwrnMted parcwitaea dovMBkai of tha cutanogfo ipwlat rate ton 8a 
Ecurantd nte. 

(17/WB2) SWMig and 8atoi Lka wapntod Mara CRM. Acfmnsnr atoaitwl by ow Ftmtt Ttnai 
■ PHMXPBJNI1A — Ol QPT10I88 £31X50 (cwH par pond) 


Sep 

07558 

07556 

Deo 

07571 

07686 

Mar 

- 

07884 


-0X003 

07668 

07883 

16X46 

38.169 

Sap 

1X482 

15418 

>0X028 

15480 

15362 

10979 

+00001 

07990 

07618 

86 7 

5X64 

Dee 

15390 

15400 

-00028 

15406 

15840 

1X34 

- 

- 

- 

1 

69 

Mar 

- 

15350 

- 

- 

153S0 

21 


Strife 

Price 

Sep 

- CALLS — 
Oat 

Nay 

Sep 

— PUTS — 

Oct 

Nov 

1480 

9X9 

9X7 

9X7 

_ 

- 

0X8 

1475 

8X7 

8X1 

7.02 

- 

005 

025 

1500 

441 

4X6 

4X6 

0X2 

0X9 

0X7 

1525 

020 

074 

3X1 

1X1 

085 

140 

1550 

a® 

1X8 

1X2 

9 pg 

1X3 

054 

1578 

009 

054 

1X3 

036 

358 

4X7 


WORLD INTEREST RATES 


MONEY RATES 

Ssptarebar 2 Owr Ona Three 

night month retha 

teVua i 4W 5W 6* 

waafc ago 4K SH 

FYanoa 54 5W SH 

araek ago 54 5% 5H 

Dmaav 4X0 4X5 4X5 

week «00 4X8 4X8 4X5 

Ireland 4# 5» 84 

week ago 4« 55* «4 

Maty 8JS 84 M< 

weak ago W TO TO 

Netherlands 404 4.83 4X0 

weak ago 4X4 409 4X8 

tetoortand TO TO TO 

week ago 39k 44 TO 

US 4*i V* 41 

TO 4J TO 

Jn 2% Zll 

Toh, 2% 2» 2% 


Ravtoa e*/a woU CM* ®1» Pin 9X68 . Rev. d*re opan ht, Cate 59S.1S7 tea 4273SB 


INTEREST 


. Margined Foreign Exchange 
Trading 

Fast Competitive Quotes 24 Hours 
Thl : 071-815 0400 or Fax 071-329 3919 


INVESTORS - TRADERS - CORPORATE TREASURERS 
SATQUOTE™ - Your single service for real time quotes. 
Futures * Options * Stocks* Forex* News * Via Satellite 

LONDON +71 329 3377 

LCTmON +713293377 NEWTOMC+gUtoMTOI WAMglgfTOjg 440071 


Dte Ropo 
rata tea 

4X0 . • ■ - 

4X0 

- 075 

- 8X3 

4X0 4X5 

4X0 4X5 

- 6X8 

- ft OK 

7X0 8X5 

7X0 846 

mu 

5X5 

3X0 

860 

4X0 

4X0 

1.78 

1.75 


tllOinHPJIIOeUMIKWnilWTO(UFFErPM1mpoW»of1009t 

Open Settprics Change high Low Eat. voi Open to. 
95X1 94.99 >0X2 95X2 94X8 13846 138110 

04X4 94X9 -0X5 94X6 94.77 49170 159436 

94X5 9443 -0.12 94X6 9A40 48719 155538 

94X2 94X8 -014 94X4 94X7 33167 101322 

I MONTH BUHOUItA BfTJtAT* FUTURES (IXT^ LlOOOra potos of 100M 



Opan 

Sett price 

Change 

Mgh 

Low 

Esl vri 

Open to. 

Sep 

91X2 

90X4 

-013 

91.10 

90X2 

1954 

22937 

Deo 

90X4 

80X8 

-018 

9014 

8954 

6770 

34829 

Mm- 

8950 

89X4 

-018 

89X0 

saxs 

1792 

17780 

Jun 

88X9 

8090 

-023 

8016 

8858 

745 

13280 

■ THH 

K MONTH 

■UHomra 

B FRANC FlITURBS (UFFE) SFrlm prints of 100ft 


Open 

Sett price 

Change 

Hgh 

Low 

EaL vri 

Open to. 

Sap 

96X8 

8068 

-0X2 

6089 

mm 

738 

17449 

Deo 

95X1 

95X9 

-0.02 

96X6 

95X6 

1992 

15388 

Mar 

9004 

9002 

-003 

9009 

95X1 

393 

11627 

•km 

94.78 

94.73 

•002 

94-78 

94.73 

372 

5884 


LONDON HOMEY RATES 

Sep 2 Over- 7 deys One 71880 Six One 

nlgld nodco roonUt mmatio raortlg yoar 

Mtreato Staring 5^-4 «\ - 4^2 5-4^ Si ft 6-5% TO - TO 

Stering CDs - - 4j} • 4@ 5, 7 < > TO 58 - TO OfJ - B{4 

TianuyBBs 4%-4f| 

Bank TOo - - 4%-42 W - 5fi 5x3 - TO 

Uxal aulhorky dope. 4£-4A 4« - 4 \ 5H-«H 5H - 5» flH - fltt 

Ctoxxto Market daps 5*4 - TO 44, - TO 

UK desring bonk base lancing rate TO per aant born February 0 1994 

Up W 1 1-3 3-6 8-9 9-12 

month month months months months 


GHENT 

TRADING 

ROOM 

VBT03E cuans 
WELCOME 


88 DOVEBSTKEET, LONDON WK3BB 
TEL: 071 829 1188 FAS 071 495 0022 


Certs of Tax dap. pi 00^00) 

Cans of Tlat ton. under £100X00 la 1> 
AM tandw MB el damia UfiSSpa. 
TOBA Agmwl 4 Mb tar period Sep 20 il 
pertad Mtr 30, 1004 X> Aug SI. 1004.1 
84P1. IBM 


I MONTH Kill 


I Eculm points of 100% 


TO 4 s% TO TO 
1»0. Oepoato MMwn lor earii t*po. 

. ECOO read m sap. Bra, France. Utoa ip TO A>« 31. 

ISM is 03 2d>. 1804, BtoamM 0 1 ■ 6X3PC. tobmw rata for 
Setma N 1 V lX78pe. Hnanea Houaa to tea S**po tom 

1 RWB jJTq £500X00 pointt of 100% 


PRESS FOR GOLD - 0839 800 411 

Db) now lor Gold and Silver prices, lidlb 60 «cond updaus 24 bours a day. 
For detaBs of oar IUI range of floaadal taJonaatkm serelcea, caD 07M9S 9400 
CaBs arc darged at 39p/mta cbeap rate. 49pjmin bU othrr 

Ltd. 19/ZI Great Tower St. London EC3R5AQ. 

WBB&SSM Futures CallBHBI 


■ *LBOR FT London _ 

Intartrenk Rxtig I 

week 800 - 4ft S 5$ - - - - 

USDodarCDa ‘ IS I I I 

um£ am — 4X5 4X0 006 5X0 — — — 

"ZJuk* 314 30 TO 4 - - - 

SiXKWKWco, andSDR LMoid Dapoito Pd- 

nmo CURRENCY WTEHEST RATES 

««■« s; '„sr rS* 

SrSS 4 '-^ S:SS ^ 

*f;£ *¥'$ f.'4? 4"-« to-sa §1-b% 

awtahPaaau 7A-7A » g -g -4H TO-« 9-5% TO 'TO 

S 5 J 9 S-S S-S 4 %-to * 3 - 4 | 

MHRanc f; TO ^ 5% -TO 6i-5S Sit - «2 

Deter SA -5 & * W. « sft.sA 5H-5fi 

U 6 MTO 4 H- 4 S « « JJ .3 TO - 8 % 10 &- 10 & 

Manure O'lh S.g 2%-Zi 2%-2A 2%-2i 

at 3% TO “TO *'« 

if? -a Jaw U3^ Wtor end Vai ndteto too tea' 



Open 

Sea price 

Change 

HWi 

Low 

ESL vri 

Open to 

Sep 

94.04 

94X2 

-0X1 

94X5 

94X2 

209 

HM.1 

Dm 

8353 


-003 

8358 

9350 

708 

7069 

Mar 

9018 

9013 

-004 

9019 

8018 

77 

4105 

Jun 

9078 

9073 

-0X4 

9078 

9075 

82 

1674 


Open 

Sattprica 

Change 

H0i 

Low 

Eat vri 

Open to 

94X1 

94X9 

■001 

94X3 

94X9 

7691 

88863 

93X3 

8040 

-003 

8048 

93X8 

17905 

164472 

9074 

9068 

-0X8 

9078 

9088 

5823 

70533 

9021 

9016 

-006 

9225 

92.18 

3065 

52758 



ToefaUa jvurftee Gddetabow jm R 
joaial Mcfead MmyerteUatew 
BKEtataltaFIl CanaarOw 


Rraneta UBBto aOn ew hdp 
■MlPlW g cu te 
ndaH.Kutan5WIW(m, 


* LFFE tourm tradid on AFT 


Tratod on APT. Al Opan tatareM Rgs. are tar pnrtoue day. 


> (LIHF^ E600X00 points of 100ft 


EMgtoi Franc 
Dntot Krona 
D4Wk 
-Dutch QuMar 
■Ranch Fane 
.tekQMBS Esc- 
Spariah Paaata 


SnM Franc 
--ton. Deaer 
US War 
ManUre 
Yn 

MnSShg 


tt- SA TO -TO 
TO • TO TO-7 
5-4% TO - « 
tt • 43 TO - tt 

to-to 3-sa 

n% - n% 11% - u% 

8-7% 8%-TO 

TO- tt 9-TO 
4fi-4A 4%-4% 
5%-TO 9i-5S 

5-4% tt ■ tt 
TO TO OA'tt 
2% - 2ft 2%-2A 
4% - 4% tt-tt 
s too <to§- mataa. 


TO-TO 

«-TO 
TO-TO 
liH - lift 
8 - 8 % 

a *TO 

-4ft 

Sfl-tiZ 

S?f-5fi 

Itt ‘ Itt 
2% -2 It 



Opan 

Latest 

Change 

Hgh 

Low 

Esl vri 

Open to 

Sap 

94X5 

94.97 

+002 

94X9 

94X4 

60X48 

385,199 

Dee 

94X1 

94X5 

+0X4 

OL4Q 

94X1 

70005 

491555 

Mar 

9*X4 

94X8 

+004 

94.13 

94X4 

50546 

381X59 

■ UB TRBAIimY BSJ. FUTUM8 (IMM) $1m par 10096 



Sep 

9098 

9SXB 

+0X2 

95.42 

98X8 

1/407 

12X53 

Dec 

84X6 

94X1 

+006 

94X5 

9458 

923 

10.149 

Mb- 

94X3 

94.60 

+0X4 

94.63 

9450 

469 

4,112 


Strife 

Price 

Sip 

- CALLS - 
Dec 

Mar 

Sep 

~ PUTS - 
Dec 

Mar 

9428 

015 

004 

003 

011 

099 

1.00 

9450 

004 

0.02 

0X2 

025 

1.12 

1X4 

9475 

Q 

am 

0X1 

048 

1X6 

2X6 


Eat set Wft Cte 372S ftto 3324 Pratfoua toys opan M, CM 947389 PlM 288313 


htaraMpa. am to predna day 

□aiw option (UH^jDMim potos of 100% 


BASE LENDING RATES 


SC fee 
Price 

Sep 

Oct 

CALLS - 
Nov 

□K 

Sap 

Oct 

PUTS «*"" 
NOV 

Dec 

9478 

024 

012 

015 

018 

0 

0X8 

011 

014 

9800 

0X3 

003 

0X6 

0X7 

004 

024 

0X7 

0X8 

BBSS 

0 

0.01 

0X2 

0.03 

0X8 

047 

0« 

049 


EM. to. tato cate 7482 nut «5<7. IWwa dre*i OPMI tt. Ote 25*235 Pm lasen 

■ BUBO— FRANC OTTIOIW (UFFQSft Ini pokite of 100ft 


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Mam&Qanpertf — 5X5 
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MB Bank 5XS 

•Heayhobadur 5X5 

BarkcfBaoda 525 

Banco BfcaoM rc aya.. 5X 5 

Baric of Cjprye 5X5 

Bank of Inland 5X6 

Ba*ofVr2a 5X5 

Bank of Scotland -5X5 

Barclays Bark 5X5 

Bt Be Of MU East 5X5 

■ Pu re ia4hy 6C0WXX5 

C Ute n k Nadenand- 6X5 

CJftartaNA XX6 

OydcwteleB a* 5X6 

Tha CoopoMwe Baric, 5X5 

Casts 4 Co 5X5 

Creek Lyomala 5X5 

Cypu Papriar Bb* _XX5 


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BcatoBtekUnkad— 6XS 
Ftandtf&OenBank- 6 
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Qkobank 6X5 

•totomettow 626 

Hebh Bank A(3 Ztafch. 5X5 

MH a rt sos Baric 5X5 

HoriaUB & Gen tor 8k. 625 

•m tenure sxs 

CHoareAQa 0S 

hongtarg 4 Shanghai. 5X5 
Jritan Hodge Baric..- 6X5 
MtoopoH Joseph 8 Sons 6X5 

Lloyds Bank 5X5 

Medial Bank Ud 6X5 

MriondBank 5X6 

a Mount teMng B 

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Western Truer ,026 

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Yortahto Eerie -SXS 

• Momhere ol London 
Invettmant Banking 
AaaocUon 


FullerMoney - the Global Strategy Newsletter 

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CDBKRNCTMANAOBMBIir 
CORPORATION PLC 
II OUJawiy 
LoedenEQRSXJ 
Itt 071-8650800 
Rk Wl-972 0970 


♦FOREX ‘METALS ‘BONDS ‘SOFTS 

Objective analysis for professional investors 

0962 879764 

Remus Ksusc. 32 Scsthgote Street, W!-:tiest»r. v 
Hants S023 9EH ?.« 0424 774067 


\ 


British Funds, etc 

Ttnoany 134% StK 2000/133 - £12311 123fi 


Corporation and County 
Stocks 


London Corny 24% Con SOc I020(or oftra) 
-E28 

Bkmkighran Cop 3% (1002) 1B32for nftra) - 
£32(2SAi*4) 

Btaettwm Carp 34% tart SOc - £37 (20AU94) 

Bristol Cop Dob Stk P4%» - 837 (20*104) 

Dudsy MaMpaMon Barouqh Councf7tt Lit 
8d( 2018 «eflXF/P) - E70H p6ta*4) 

)U Carp 34% Stttflat late - £37 (28AU04) 

Ltvrapota Crap 24% Rad 3»c 1 B23fcr teter) - 
£25 

Mancftateor Carp 1891 3% Had Stk 1941 (or 
aftra) - £32 (3tAu94) 

Manchester Corp 4% Cona tad Stk -£424 

CSAuM 

Norwich Coip 3% Rod S8( - £32 (26AU04) 


Reodktg Oorp 3>aK Sih - 05 (ZBAuM 
Stafart (Oryol) 7% Ln Stk 2O1fi(Raa)0VP) - 
£8&*» (31AU94) 


UK Public Boards 


Agricrtuta Mortgage Corp RO Matt Dab 
Slk 83/05 - £97 f3OAu04) 

M ati opn it a n Water Mab o po Btan Vtaterdtt ft 
Stk 63/2003 - »s4 

Rut oT London Authority 34% Stk 48199 - 
£81 (26A104] 


Commonwealth -Government 


Souffi AusMtan 3% Coos Ins Sdc 1016(br 
MM) - £32 (2BAU04) 


Foreign Stocks, Bonds, eto- 
(coupons payable in London) 


Rto Da JmMSMa oQBnzI 796 Sdg Ln 
l9Z7{Ptan A -now 24%) - £98 POAuW) 
SpafnfGwt ol) 4%(3«taad Bdrf ■ £41 

pmtiiQU j 

AALRflJjy PLC 13% Seta 2015 (Br 
C3000&10000G) - £1324 
Abbey NattoM Stratng Capital PLC8\tt 
SitocrtGtd Bds 2004(BrfV«aJ - E944 
tWuM 

Abbay National Straflng Capita PVCII^tt 
Suboni Old Bda 201? - £11628 
Abbey Nadoral Traaraiy Sana PLC 0% Gtd 
Ntm 10000*1000.1 0000,1000001 - £88 fi 
Abbey Kofcral TVaaaury Sana PLC Matt 
Gtd Bd* 2003 (Br S Var) - SB25 (31Au94) 
Abbey NMtanal Tioway Sana PLC FWtt 
GW NIB 1898 (Br £ Vta) - C97& 4 h 
Abbey Ntekral Ttosiuy Sara PLC 8% Gtd 


Bda 2005 (a- £ Vta) - £924 & (3iAuM) 
Aoar Inco rpor at ed 4% Bda 2001 (BrSl 0000) - 

3090429829042902984 

ASOA Gmp PLC 0%% Bda 
2002(8*1000810000) - £984 
BAA PLC 114% Bds 2016 (Br 
£10000810000(9 - £123* (31Au94) 

BP Amartea bn 04% Old Nta lose (Br £ 

War) -£102% 

BP AoMtea Ino 9>aM OH Bda 200Z 0r 
SCVra) - SCI 019 101 5675$ 
eadop Back PUS 65% Nta 200a»«ari- . 

OH) - £6255 (3OAU04) 

Bodays Bank PLC OK Porn HBoratag 
Capital Bda(Br£ Vta) - £88 
Bodays Bank PIC 0875% Undated Subort 
Mb-£S&325 

Bristol & West Buttng Sodnty lO^tt 
Subord Bda 2000(B£1 000081 0000(9 - 
£1022 (31AU04) 

BriOtai Gaa PLC 74* Nta 1007 [Br E Vta) - 
£04%pBAiM) 

QrMtet Gaa PIC 74% Bda 2000 0r £ Vta) - 

£954 * 

BrttMi Gaa PLC 104* Bda 2001 (Br 


£1000.100008100000) - £107*3 OTAuM) 

British Ttas a irtlnon PLC 74% Bda 

2003 (Br E Var) - C98}J piAUM) 

Bunrah Casual CapRtefJtaoai!) Ld 04* Cm 
CV Bda 2006 (Rag £1000) - £186 
Bumah Caara CapMUaraay) Ld 04K Cm 
Cap Bda 2006000008500001 - £1814 
Dartaoo A/S 5tt Oar Bda 2004*arfK!000) - 
DOT 874 

□onmartiQQngdoni O) 84% Nta 1896 pr £ 
Vra) - £944 

DanmraWtagdom a* 114% Bda 1064 - 
£100.108 piAu94) 

Eastern Ssctrlrty PLC 84% Bda 2004(Br£ 
Man)- £044+ .7# 

Ekaportltaans AS 0575% SK Bda 9lQiO40tMt 
SKI 0000) -StOT* 

EB Enterprise Awes PIC 84% Gw Each 
Bda 2006 (Rap £5000) - £00 (30AU04) 

Par Esatam DapartotantSkma Ld OK Bda 
2001 (Rag tatogrte muM $100(9 ' S100 
Par Eaatam T«dfa Ld 4K Bda 
20060810000) - 81204 (26Au04) 
FUand0apuUc at) 104% Bda 
1M70£1OOO81OOa(9 - £104 
fission 8 CdL POcMc Mr Tat PLC 3K Crar 
Brt 2000 (Br Y1 000000) - VB6 064 


Fid Bank Ld i4% Cm# Bda 2002086000) - 
81134 (31AU94) 


81134 (31AU04) 

GESB PLC 835H Qtd Sac Bda 2018 
(BrElOOO) - £024 3 4 
Guaranteed Export Fftianco Carp RX) 04% 
Old Bda 2006 0 £ Was) - eiOl J POAU04) 
Max BjkSng SooMy 84% Nta 
1O090CUH4 - C97H 84 
tMta BuUig Sodoty 104% NM 
10O70C1OOO81OOOC9 - £10*4 (81AU04 
Hdta Buaatag Sodety 11% Swbom Bda 
2O140C1QOOO81 00000) - £1114 4 
O1AU09 

Hanaon PLC 64K Cm SubdRl 2006 0 


evan-rm csoaupr 
M araon PLC 104K 8* 1007 0 Ota) * 

Cl 04 (3QAuM) 

Hanon In* PLC 10% Bda 2006 (BrfSOOQ 
- £1014 4 45 CHAU04] 
hnpartal Chanacai InduMtaa RC 114% Bda 
100600000) - £10149 
Japan OavMopmanl Bark 7% Old Bda 2000 
0CVat)'C024P1AuO4) 
kansar OacMc Rwar Co he 74% Ms 1008 
0 C VP) - £064 

Kyudaj Eiectrtc Power On hie 8% Ms 1097 
0£Vta)-ffl0A4. 
laid Secutdee PLC 04% Ow Bda 2004 
0£5O(XMSOOOa) - £111 4 


Leer* Permanent aadbg Sodety 10>i% 
Subard Bda 1006 01300(9 - £104* 
OOAuO*) 

leeae Permanent BoBMsg BecMy Cdtared 
ntfBaMs 200300 MuttCTOOO) ■ £B6lj 


Lewie (John) PLC 104* Bda 1006 0 
£10000810000(9 - £10«4 
London QecMcay PLC 6% Bda 2000 0 £ 
VW.tOOA 

MEPC PLC 04% Bde 2OO40CTOOO81OOOO) 
-EO04COAuB4) 

Marts 8 Spencer Fbanoa PLC 74% Old Nta 
1000 0 £ VM - G08 <nAu04) 

NaBoi M ft nuar PLC 64% Bda 200308 Vk) 

- £12388 (3OAU04 

AUond WMMMW Bp* PLC 114% 
SUbord IPs 2001 0 BVP) - £1104 

MdHrM WMBiPptar Bank PLC 114K Und- 

SubNta C1000(Cmr to PrtJReg • £105 
P1AU09 

NPkxMrtde BuMng SocMy 135% Subtad 
Nta 2000 0 £10000) - £117 01AU04) 


Nppon T el e graph and TaMphm ComlO^tt 
Bde *001 0 £1000810000) - ClOM. 

Northern Rook BiMra Sodety 104% 
Suboni Bda 2018 0 £ VP) ■ £102 4 
0OAuO<) _ , 

PraPmSSr 8 Ortentd SBaran New Co If 4% 
Bda 3014 0£1 000081 00000) - £1134 
01AM) 

RodwcMda CdPnuaPon Hn(CJ)Ld0tt Perp 

8utmdGMMs0CVPtaua)-C8l4 

ftayd Bank at Saodend PLC S4% Bda 
20O«mvPa) - £82% 

RovP Bank oracotMid PLC 04% undraad 
Subard Bde 0 £ VP) - £934 POAuW) 

ftoyal Bank of ScctPnd PLC 94% Sdaxd 
Bda 201 30£l 000081000000) - £074 
(26AdM) 

Royal twawoa HUga PLC 94% Subard 
Bda 2003 0 £ var) ■ CB74 4 

Satptaay (JJtOmapi WmPM 
S4*Gm&peria 20050 £500081 0000(9 - 
£1874 (30AuD4) 


SnPhAn B eech a m Capkal PLC 74% Gid 
Nta 1008 0 £ UP) - G9&35 (31AuM) 
SmkhMkie Beecbam CapflP PLC 84% Gtd 
Wa1098 0£VP)-ES7A(31Au94) 

Soudi WM Wapr PLC 104% BiP 2012 0 
£10000810000(9 - £10044 (26AU09 

SandMKKkigdam oQ 84% Bde 

1086 0 8300(9 - £101 * (3OAU04) 

Tamac Fktence (Jeraay) Ld 84% Cm Cep 
Bde 2008 (Reg £1000) - £1004 
IPtoSUPa IntAl PLC/Tate&Lyte PLC &4% 
TBUIFnOdada 20010) W/WWTBLPU3 - 
£874 

Tone PLC 84% Bda 2OO30£VPaW4ft9 - 
£067 

Teaeo PLC 104% Bda 0002 0 £Var) - 
£10*4 (26AU04 

TeacoCapMLdOW CnvCep Bda xaspog 
Ei)- £1174 4 4 4 ^ 

TascoCapH Ld8%CmCp>Bds 
2OO50£SOOO8iaOOa) - £11749 
Thmaa Wrap PLC 94% CtwSubardBda 
2OOS0£5OOO8fiXXX9 • £133 4 
31 MranaOonrt BV T4% Gtd Bde 2003 0 £ 
VP)- £884 

Tokyo BecMa Power Co (nc 74% Nta 10M 
0£VP).£95* 

u-Wng MartnsT>raepcatCarpQ(adonl4% 

Bda 200100 hi Mdt S1000) - $102 
WdataMi BdkPig Sodety 7% Ma 1008 0 
£ Var) - £93% (2SAU04) 

WOahtddi BtPdng Sodety 11% Nts 
19830£1 00081 0000) - £1064 (3OAM0t) 
Saraden(Kln0dam oQ 8300m 629% Debt lm 
&&B9 - S896S 000 QIAiM 
SwraP^Onjjdom d) EflOOrn^K NtB 3712/ 

SwederXKlngdom d) £250m 7% topunanta 
Z3ns*8-m& 

StrsdanpOngdom oQ £3S0m 74% Bda 2tV7/ 
2000 -C93U (31AU04) 


Sterling Issues by Overseas 
Borrowers 


Bp* of Qoecs I04tt Ln Stk 20100(9 - 

£004* 

CratHFondwOe fiance 144% Gtd in Stk 
2007{natf - £1424 3 <31 Aj«) 
Denmart(Klngdom o() 13% Ln Sdt 2005 - 
£1274 

European k w aet m p it Bank »% Ln Stk 2001 
(Reg) - £1014 OTAuSfl 
Eddpean Imaa t mant Bank 84% Ln Stk 
2000- £1054 (26AU04) 

E uropO P I Investment Bpik 104% In SOc 
200408)- £1004 

European knaatmem Bank 104% Ln Stk 
20040 E5000) - £100* (30Au94) 
Rntand(Reputflc oQ 114% Ln Slk 2000 (Rag) 
-eti74 

feMmadond Baric far Roc 8 Dew 04% in 

Stk 201000) -£1064 
Mranatfond Bonk far Rae&Dav 11.5% Ln 
20(2008 • £116 

PatFdeos Metdons 144% Ln Sdc 2006- 
ei20{31Au94) 

Pm*1M da OiMbac 124% Ln Sdi 2030 - 
£1284 


Listed Compantes(exc(uding 
Investment Trusts) 


ASF hnMbrwnta PUC 54% Urn Ln 9P 87/ 
2OD2 5O0-380OAU04) 

ABF liuea tm ent a PLC 74% Una Ln Stk 67/ 
2003 SOp- 41 £&Au04) 

Aabia MdayPat Growth firndpayms^d 
OrdSOOl -8124 1&S8pBAu94) 
Aioander 8 Atarandra Sanrtcaa hw Sha d 
Ckna C Com Stk 81 - £124 (SVU4M) 
Aiaaon Grot* PLC 625p (MeQ Ctw Cun Rad 
Plf 10 ■ 45 (31AU04) 

ABad-Lyona PLC ADR (in) - lass 
ABad^ydna PLC 84% CUn Ptf £1 - 57 
APert-Lyone PLC 74% Cun Prt £1 - 77 
A6MH.«ona PLC 114% Dab 88(2009 - 
£1204 (26Au94) 

ABedLyona PIC 54% lk« Ln Stk - SS3 
AHed-Lyuw PLC 74% Une Ln Slk 83/08 - 
£04 5 (31AUB4) 

APed-Lyona Fbundal Sanieae nC84% 
GtdCnvSubortBda200e RagMPCIOOO - 
£1134 

APed-Lyona FtaanOU Sentcea PLC84% Gtd 
Oar Sdxad Bda 20060 EVP) -£111 4 
112 

AMs PLC &5% Cnw Cum Non-Vtg Red Prf 
£1-73 

Amaricpi Brande Inc She at Cam SOc $3,125 

- SSBiSS* 

AnckuM Bytaa Graui PLC Oi» Prf 6Qp - 42 
Antflan VWPr PLC B4K Maa-Unkad LnStk 
2006(0-2578%) - £133 OQAuM) 
Angto-Eaetem PMitaDona PLC Vrananta M 
acA7or(M-2S 

AnoMrad Ld N Old ROuOOOl - PUMXUOI 

Attwooda PLC ADR 01) - 884 
Attanoda (Ffcnno^ IW 84 p Gtd Rad Onr nt 
5p - 80-21 4 90 

Automated 8acu*y0dg« PLC 5% Cm Cun 
Red m£i -74 0OAU09 
Automteed Secutv0dga) PLC 6% Cm Cun 
Rad Pel Cl -S0 4P1AU94) 

BAT taduakta PLC ADR 01) ■ S134 
BCT PLC ADR (*rf) -$7 
BM Grace) R£ 4£p (Nat) Chv Cun Red Prt 
20P-6684 

BOC Group PLC 124% Una In Stk 2012717 

- £125 4 

BTP PLC 7£rt*BQ Ov Cum Red PW IQp - 
201 

BTR PLC ADR (43) - 824J0 (SOAuM) 
Branaten Wdna Id 84% Una Ln SOc 2003/07 
-£aO06Au84) 

Bade or kelendklovemor 8 Co oO Urtta NCP 
SOc Sri A £T 6 £9 UgiMNan - £T1fl 
Benrwr Homes Group RCOrd 10p - 148 30 
34 

Bpcteya PLC ADR (4.1) - S36953 61068 
.746778 

Bardpce BMk PLC 12% UM Cap Ln SOc 

2010-£116|31AuM 
Budeva Bank PLC 16% Una Cap Ln Sdc 
2002/07 - £136 JB 

Barton Group PLC 11 .26p Cum Rad Prf 
2005 lOp - 1064 7 
Barings PLC 8% Cun 3ad ftf £1 * 87 
POAuBS 

Bpti0PlC04K Non-Cum MSI -11$ 
P1AM 

Beiatn Expkradon Ld Ord ROOl - 66 


Ben 8 WeBace Aroo»d Truat PLC Orb 25c - 
530 40 SO 

Bara PLC ADR 01) - Si 60S* 

Bam PLC 104% Deb Stk 2016 -£1134 4 

Seas PLC 1066% DM Stk 06*0 - £104 
POAU04) 

8m PLC 44% Una Ln SOc 0297 - £884 

poaaM) 

Baas PLC 74% Uru In Sdc 82/07 - £36 4 

panu X ) 

BUw«^^C9Jtt Cum Rad Ptf 2014 £1 - 

O wgeeen d-y AS -8* Non Vtp 3t» NK2J1 ■ 
19058.42/47 

Btortnghem Mdahbws BMdtog Soc 04% 
Perm H Bearing Sha £1000 - £074 9 4 

Btedcwood Hodge PLC 0% Cum Rad Prf £1 
-424* 

BoettcM r Enmukenant Corp Sha Com 
Stk SaiO - S36420179 pdta04) 

Bkra CWO* mdustriee PLC ADR (LI) - S5 l02 
P1AU04) 

Bhra Orate MuMm PLC 64% Urn In 
SAflOTS or bH) - £03 

BMUCoPLC ADR 01) - S17J06 PQAuOq 

Bradfard » Btigtay BcSAig SodetyllMt 
fim M Bearta She £10000 - £1 1Z4 34 

P1AU04) 


Perm W Bsertig Sha £10000 - £1234 
POAuM 

Brant kitemadoiwl PLC 9% Cun Rad W £1 

m Y 

Brant WUer Group PLC Wta to Sub tor CM 

-1 (31AU04) 

&trt WaBaa Group PLC 65% Sri Non-Com 
Crar Rad 2007/10 £1 -24 
BUM Water PLC 64% Cun Md Prf £1 - 
1QSB0AUM) 

Bridal water Hdga PLC Ord £1 -070024 
80 

Mlol WUu Hdga PLC 675% Cun Crar 
Rad Prf 1906 Sha £l - 187 (MMM) 


FT-SE ACTUARIES INDICES 


Ttie FT-8E 100, FTSE MM 250 snd FT« Actuaries 350 Indira® and ths 
FT-SE Actuaries industry Baskets are catetfeted by The Inte rna tion al 
Stock Exchange of (ha United Kingdom and RepubBc of Inlaid Limited. 
CThe International Stock E x chaige of the Unted Kingdom and ftapubfc 
of inland Limited 1894. Al rights reserved. 

The FT-SE Actuaries AS-Shara Index b cafcufated by The Rnandal 
Timas Limited hi conjunction with the Institute of Actuaries and the 
Faculty of Actuaries. 6 The FtaancH Times limited 1994. AS rights 
reserved. 

The FT-SE 100, FT-SE MM 250 and FT-SE Actuaries 350 mdcaa, the 
FT-SE Actuaries Industry Baskets and the FT-SE Actuaries Afr-Stae 
Max aa members of the FT-SE Actuaries Share Indices series which 
are calculated in accordance with a standffid set of ground nies 
e at ab lah ed by The Financial Timea Umttod and London &ocfc Exchange 
in conjunction with the InstHuto of Aeftwies and the Faculty of Actuaries. 

“FT-SF and “Footsie* am Joint bade marts sod service marts of the 
London Stock Exchange and The Rnandal Times Limited. 



FINANCIAL TIMES W EEKE ND SEPTEMBER 3/SEPTEMBER 4 1994 


LONDON STOCK EXCHANGE: Dealings 


Details of busfneas done shown below have been taken with consent 
from test Thursday's Stock Btchange Official list and should not be 
reproduced without permission. 

DetaBs relate to those securities not included in the FT Share Mentation 
Services. 

Unless otherwise Indicated prices are in pence. The prices are those at 
which the business was done in the 24 hows up to 5 pm on Thursday and 
settled through the Stock Exchange Talisman system, they are not in order of 
WBCution but to ascending enter which denotes the day's highest and lowest 


For those securidea In which no business was recorded In Thwsdsy's 
Official List the latest recorded business in the three previous Ays is given 
with ths relevant data. 

Rule 535(2) stocks are not regulated by the International Stock Exchange 
of the United Kingdom and the Reptitfe of Ireland Ltd. 

$ Bargains at special prices. <p Bargains done the previous day. 


BMol 6 UM BbMra SeeteW 134% Psw 
mtaeraingSh»E1000-£l2S484 

amenta MSn SocMy 13% PBrm M 
Basing S* £1000 -£1224 4 

Britan ATweya PLC ADR port) - £404 S 

834 -37289 4 

BMMmafcM Tobacco Co Ld AM Cm Prf 
Stk £1-50 

nmiH AiiwiIi as Tobacco CO Ld 8% 2nd 
Cum Prf Stk £1 -62 PSAU04) 

BrtWi FMngt Group PLC 5£H Cnv Rad Ptf 
£1-70 

EMWt Land Co PLC 8% Steiatd kid Cnv 
BdafRag) - Eflfi f31Au94) 

BrMah Patrolaun Go PLC Btt Cum lot EM £1 
-7B(3QAUS4) 

MWi Mrataum Cs PLC 8% Cm tod M 
Ei -0Q 


BrttkJi Potyftxna tatasbtaa PLC 625% Cum 
Rod m £1 - 107 0MuBG 
Brttah SMI PLC ADR (IttT) - StoAS A8B18 
BrttehSugw HC 104% Rod OobSK 2013 
-£li*d4 

Brtxun Etbsa PLC ASOH lot Mg Dob Stk 
2028 - &B04 (SIAtrtM) 

BAMonE*tttoPU:io4% lot Mlg Dab8dc 
2012 -£111% (3QAU04 
Brtrton Extra* PLC HJStt lot Mtg Oab 3rt 
2016 - £120ii P1AU04 
BuMn^FJ A CO PLC Ord Sha Sp - 104 

064004) 


taiarartKPJHdB* PLC 84% 2nd Cum Prf 
£1-10*4 

BubI PLC 7% Crar Una Ln Slk 06«7 - £103 
3 

Bramah Ceabd PLC 74% Cum Rad Prf £1 - 
70 |31Au&4) 

Bumrfon Inw— minis PLC 16% Una Ln S» 
2007/12- £116 

Bratrai Ooup PLC 8% Cnv Una Ln Sta 180W 
2001 - £80 6 

Bust IMng PLC 10% (Nat) Crar Cum Hod 
Prf 19S« lOp - *4 P6AU94) 

CapBil 8 Cauittaa PLC 04% lot Mlg Dab 
Stk 2027 - £1044 g&Ai04) 

CadWa Qoup RUC 4 JUS (NoQ Rod Cnv Prf 
1008 £1-66 (31AU04 
Cwbon Comm u nfcatforw PLC ACR 01) - 
S204P0AUEK) 

Carflon CommudcoDona FIC 74% Cnv 
Steiord Btfa2007ftag £5000) - £1»4 
Ctear Aten Eqtaty Grarate Fd Ld Pig Rad Prf 
Ip - 536 P1 Au 34) 

Cnler A den Hdga PLC Stt Cum Prf £1 -48 
504 p1Au84) 

Catarpbr Inc Sha o( Com at( SI - Si 16 
Contax Corporation Sha of Com S0( SOJS - 
S254 

CtMKonhran 6 CBoucaoter Btod Soc 114% 
Psm tel Boartag 8ha £50000 -£1164 
Chepstow Ibxang PLC Ori 2Sp - £8 
635 

Chrachbuy Esttoos PLC <2% Cum Prf £1 - 
30 (30AU34) 

ON Gks Bcteow RC 625% Cnv Cum Rad 
Prf £1 -68(28Au04) 

Ctayteha PLC 65% Suboni Cm Uns Ln Stk 
2000471 -£95(30Al«4 
Caata Palons PLC 64% Una LnStk 20024)7 
- £70 (3QAU04) 

Casta Wyste PLC 46% Cun Prf £1 - 67 
(111*101) 

OohanOL) 8 Co PLC NonV *A* Old 20p - 
406004894) 

CammamM Union PLC 3^% Cun Rad Prf 
£1-B5t 

CommenaW Union PLC 84% Cun ted Prf 
El -864* 

C om mer cia l Union PLC 84% Cun M Prf 
£1-1044 

Co-Open&w Bs* PLC A2S% Non-Cun tad 
Prf £1 - 10012 

Coop* frartrt*) PLC 65p MoQ Ow Rod 
Cun Pig Prt lOp - 67 (31 Au94) 

Coutarada PLC 5% Cun Ite FM £1 -60 
CourtraWta PLC 54% Una In Sta 9*708 - 
£99 

Coutsite PLC 74% Uni Ln 66*20004)5 - 
£864 0 90 PflAoM) 

Comntty Bulcing Soctoty 124% Porni Mar- 
ate Baartig Sha £1000 - £1144 
CMpparfJtenad PLC 9% Una In 8dc 0WOO - 
£05 piAu&4) 

DoBy Mte 6 Ganrate TTOat PLC Ord 9op - 
£13.1 (31AU04 

Dtegaly PLC *-85tt CUn Prl £1 -TO* 
Dabanhrana PLC 64% tod Dob Stk SUBS - 
£S6 (3l Aua<) 

Oteta PLC 615% CUn 2nd Prf £1-46 
JMAi®*) 

Dowtaute PLC Od 10p - 08 7 p6Mte« 
OarrMon Bisgy PLC Old 5p - 114 24 
PTAuS* 

Oonar Carp Ctm Stk SI - S57% (264u9*) 

BS Gntgi PLC 5% Cun Prf Stk £1 - 46 
P0*u9«) 

EcSpsa State PLC Old 6p - 7 4 4 4 
B Or> MWngSExploradon Co PLC Od lOp - 
57565 

Bnaoa PLC 625p«4al) Cm Cun Rod M Sp 
-72iJt1 43 

ErtcsnnM^rMontedMxitag^Sra 

BfftegKKIO - SSA06 SK4154 6 4 4 4 7 
7 J86 4 8 8 4 ^3 J37 4 9 S A6 20 4 1 1 

Braas and SUMk Vtater PLC 112)% Rad 
Dob Stk 2005AB - £Ml4 C6Au»fl 
Eras Dtenay SuCA. Sha FRS (Dapoteuy 
Rootipte) - 100 10345 
Eras Dtenay &CJL Sts FRS (Br) - S1J214 
1 7745 FR0L1676 4 -3 -SI J1 -35 -306 vi 
4 


Bamumte PLCfEranttnal 8A Unfta 
(StaMBn trscrftwJ) -HQ3.7 S3 
Bntwnal PLC/Eiretums SA Ri*wn 
(Stoovan ksertaed) - FR14063 
Exploration Co PLC Orl Stk 6p - 200 5 
Mbstawa Dock 4 Rater^r CnPrfUNta- 
£110 (3OAU04) 

ftat NsOonal Brittig Soctebr 114% Pm 
M Baaring Sha £10000 - £1014 (31Au9^ 
FM KkBand Rnanca Cup PLC 7% Cnv 
Cun Rod Prf & -125 
Ftem PLC 54% Una Ln S8c 2004/DB - £71 
- (20*194) 

Rotator Chteonga Ld CM 0NO6O - 160 
Fataaa tenu> PLC Onf 5p - 41 
Forminitra PLC 11% Cum Prf £1 - 120 
| UM 9 

Frata PLC a.1% Uno Ln S8c 950000 - £97 0 

(31AU04) 

fitendy Hoteta nc 44% Cm Cun Rrar Prf 
£1 • 80 (3Uu0*) 

GN Grate NOR0B Ld Sha DfClOO - 
DK546d6f 

ar. CMa Growth Fwid Ld Od SOLDI - S30 
Qatkte PLC SK Cun FM £1 - BO PQtaS*) 
Ganand Aoektant PLC 7%% Cun M Prf £1 

-624 

Grants Accrtont PLC 84% Cun Ind Prf El 
-1064 4 

Gonaral Bsotrio Co PLC AOR prl) - SLAB 
Gateotmr HUgs PLC Chd Cop 23p - ISO 
piAuoe 

Gtebs & Dandy PLC Old IDp - 88 (2BAU04) 
O ymrad In te mafl on te PLC 104% Una Ln Stk 
94TB0 - £99 P1AU04) 

Goadhaad CKM> nC 7% Crtr Cun Rod fit 
£1 -73POAU04) 

Grraid Matrapoiran F8£ 9% Cun Prf £1 - S3 
Grand ItebopeOan PLC 64% Cun Prf £1 - 
64 

Grate Portland Efltataa F6C 65% lot Mlg 
Dob Stk 2010 -£10244 
Graatei Group PLC 6% Cun Prf £1 - 100 
Groeneis Group PLC 114% Dab Stk 2014- 
£1204P6AuS4 

Qraantea Groip PLC 04% tad Una Ln Stk - 
E034 01AU94? 

(kaantea Oroup PLC 7% Cm Subrad 8d» 
2003 pop -£1154 6 
(Unmna PLC ADR (K1) - S38 4 P1/U94) 
H5BC Hdga PLC Orel SH10 Hong Kan 
Rap - SKB&89 5 J» 904 4 55244 4 
522333 522732 522747 57377 5138 1 
.124708 

HSBC Hdga HjC 1150% Subard Bda 2002 
(Rap - £06 1064 104 
HSBC HUBS PLC 1150% Suboni Bdo 2002 
(Jte Dtar) - EilOili 4- 

Htetax Ekbdng Soetaty 64% P«m M Bara^ 
tag Sha £80000 - EB64 74 P1AU04) 

HSkac Btakang Sttctaty 12% Form tat Bote<- 
tag Sha £1 (Rog £50000) - £11644 
HteMn HokSngs PLC Old 8p - SB 7D 1 2 
VWl Bnp»«rtnsfr«BtePUl 656% Cun Prt 
ei -espoAus*) 

Hommoraon PLC Old 2Sp- 3601 1 2345 
.1888 

Hardys & Hsuons PLC Onl 5p - 282 
PCMUS*) 

Haritepool a Wslsr CoOtdSrt- £157S 
POAU04) 

Hvttepocta Wear Co 8% Rad Dte> 86(82/04 
- £904 piAue*) 

Hastonuo Eteteoo PU3 104% tot Mta (tab 
SR 2016 • £106 (3QAu04) 

Hawlta PLC 456% Cun Prf £1 -684 
Hobnas notactkai Ooup tac Sha of Com SOc 
$628 -26 

IS ttanteoyon RMl tW <M RD51 - £184 
kntand Group PIC Cnv Cun Rad fit 20p - 
1189 

tatei Kametti Ka0mg Rubber PLC lop - 
RM84 pdAu94) 

taduoaw OorM Sorteeoa Grp PLCOid 10p - 
147 

tad Start Bmhrapa of UKBftap of Hd 74% 
Mte (tab Stk 9M6 - £904 fkMuB*) 
kteh Ufa PLC Old Kn.10 - 2 2505 252 p 
106 

Jorrtu Mtehaaon Hdga Ld Old $625 (Hang 
Kong rtagtels) - SH715442B3 JB5545 5 
25144 613 

Jutena Staatapc rtdga Ld DM $055 (Hup 


Kona Raptes) - £2.74 24 2J8 SK3250 5 
5 572566 55 3 56 .1 .13629 5 


5 572568 55 3 56 .1 .136285 
Johraan 6 FWi Brown PIC 1156% CUn Prf 
£1 -001004 00*54) 

Jabrsan Group Ctaanara PLC 75p (Nat) Cnv 
CUn Rod Prf lOp- 136 
JotasoaMtettwy PLC8K CnvCun M £1 - 
020 

Koraa-Euopo Raid Ld StoQOR to ft) 1610 
(Dpi 7) - $4460 4828 pfiAt04) 

Kvaemor AJL fioaA Aa NK1250 - 
£362007 MC322 4 POAuOfl 
Ladbraba Gn»te PLC ADR (Ite) - SZ5 
land Socutaaa PLC 0% Ite Mte Dte> Stk OW 
2001 -£101 (31AUM) 

LASMO PLC 104% Drt 86( 2000 - £104% 
Labaara PWtaun Mnaa Ld Onl R051 - 64 
p1Au84) 


Loart 6 Hofcart Btektag 8odaty 134% 
Psm tat Baartig 3ha £1000 - £12*4 54 
Loads P u no nra k Btechg Sodoty 134% 
Pum M Boartag £50000 - EJ31 (S1AHB4) 
LawtepterJPwnsatepPLCSttCuriPWStk 
£1 -S P0 MjS4) 

(8wta ( I i * II i xwu is Sl ip PLC 74% cum Prf 
Stk £1 - 73 pfiAH&i) 

Ubarty RjC 8% Cun IM £1 - 68 pOtaBte 


L1878 4 5 51 51 55 506 A 


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iwtateral' WU M 1 ™' 8 


London Mmotfsnri Grow* PU3 ADR f£1) - 
$758{26Ai6<) 

London SaeuBtaa RJS Od Ip - 24 

Lanrbo PLC ADR (ID) - 52-12 

Loratia PLC 104% 1teMlg(tabS8c9rA0(B 
«£(024f26AUB*) 

Leiv s Boor R£ 54% « Can Prf Stk £1 

-srpMuB*) 

LuaQM* a Co PLC 673% Cun Cm Rod fif 
£1 • 17* (3OAU04) 

MEPC PLC 94% 1st Utg Dob Stk 07/2002 - 

Cl 00 

MS*G PLC 6% Una Ln S8c 200006 - £85 

.(31AU94J. 

MeA|ptaB(Aarad) PLC 8% Cun M£i - 1054 

■ (9QAUS4 

McOtettiy 6 9m PLC 7% Cnv Ota U> 88( 
0004 - Ete ROAU84) 

Uotaomoy Proprtlaa PLC *A" Onl KOI .10 - 
K656 p 44 (2BAU04 

Itandarto Ortnarf krtmtetarnl Ld Dm *655 
(Hong Kong Ro% - SH163B3671 

Mortu a Sbtncor PLC ADR (8rf) - S40 

Moratteh PLC 10% Cun fit £1-108 


Sttefeh a Nowearta PLC 45% Cun M £1 

Seanteh S Nna eM6e PLC 7% QarCUn (M 

£1 -241 

Saras PLC 74%UnaLriStk02«7- £96 


Jnrari fBvar Croatew PLC 6% tadwUterad 

Dte) Stk 2012 (6544^- £1164 (26AUBU 

Stated Soup PUD CW 5p - 74 
Shoprta finanoa (UK) PLC 7575prtte0 Cun 
Rad Prf S» 2009 -4848 
Blgate Group PLC AOR (W) - Si 4 POAuft*) 
Sidte (Htetend PLC 5526% Cm Cun Rad 

Rrtei-esthAuso 
600 Sow PLC 3.«% Cun Ptl « - 40 
PMu84) 

SUptonBoUno Sodoty 124% Pam M 
Batetas to* ettna - £1104 204 4 
amm & Naghaar PLC 54% Cun Prf £1 - 60 
(31Au04 

tentti Naur Court PLC 12% Stewd Una Ln 


86(2001- £105 piAuM 
kntai (WXJ Group PLC 34 


Smtai (MH) Group PLC 54% Cun Rad Prf 

£1 -56 

auOtMm Boadwm PLC AOR JSsI) -*34.1 

.106 ^f* 11 ■ . 

SmkhMtaa Baecham PLOrtiteMOna AOR 
(Brf) -S304 53 4 -066 1 .128968 4 


iPLCM»fU1)-S756 

Mtechant Rtete Group PLC 84% Cm Uha 
Ln Stk 0804 • £61 (31AU04) 

Morajry tatenwac nte ImThat Lfl Pta Rad 
FM ip Otaaaraa Rnct - 6462002 

MkF-Suraax Wtetar Oo 12% Rad Dab tek 
2010 - £t20 (Z8AU04) 

Mtfand Bert PLC 14% Suborn Una Ln Sdt 
2002/07 - £1234 4 

NEC Ftaanca PLC 104% Dob 8» 2010 - 
£1144# 

NBC financa RC 134% Oab 9tk 2016 - 
£1414 4 0U4»4) 

kFC PLC 74% Cm Bda ZOOTVtad - 0R 4 


Sdc $605 -$184 (30AU94) 

Ntetonal Poww PLC ADR (i Qrf ] - $81 
plAuSfl 

Nadonte Wrarr Wut ra Bart PLC 0% Non- 
Cun S6g IM 8raa *A* £1 -11244 4 
Ntoanaf Waatndntear Bute PLC 124% 
Subard Uha Ln Slk 2004 - £11756 A 84 
08AU04 

H i wc a irt la Buldtag Sotete y 124% Ana 
kteroat Braring Sha £1000 - £1104 
Nate PLC 10%re* Cun Prf 5Qp - 47 

(30Au»9 

North Bate Water PLC 555% Rad Dab S6c 
2O12-0K 

North of Engfcnd Buftteg Sodoty t24% 
Farm tat Botetao (Bioota - £116 4 
Paddteid Grocte PLC Ord 25p - 186 B 
Pttteaan Zochonte F6C 10% Cun FM £1 - 
116(2SAuB4) 

Ftantaitear 6 Orierrad Staan Nov Co 5% Cun 
PMB6(-D48 

PteMna Foods PLC 6p(NoQ Cun Cnr Red Prt 
lOp - 86 

Ftabaftta BA Ord 8hs NPV (Br In Oman 15 

6 1t» - BPIOSS 10408 8IM 625 34 
PRude PLC 94% Cun Prf£1 -87piAi*4) 
HraOtelan 6 Qnorol lw PLC 04% Cirai 
Ftad Prf £1-00 

HraitoHun AGanertetava PLC0% OnvUna 
Lri Sdc 1000 - £90 (3QAU04) 

Plwtebrort CToup PLC 658% Cm Prt 81/ 
2001 10p-06pOAi*4) 

P rtj tao n d (CJ>) Oo Ld Sha SCUE (Rare 
Kang Ro0tetaro4 - SH25287D1 
Potgtataranite Ptattaurra Ld Old R0523 - 830 
P1AU04) 

PouuGm PLC ADR fl 61) - S0O (26AU04) 
Prantar HesBhQwpFtC Ord Ip -2 4 
Proradog PLC 85% Cum Rad Prt £1 - Si 
Chrano Go* Inc 67BpttaQ CmCutetodSu 
ofPkisiksaia-140 
R£A>«dge PLC 12% Cm Una Ui Stk 2000 
-£B5 (31AU04) 

HPH Ld 44% Une Ln Sdc 2004AB - £86 

fftNSH) . 

RPHLdSH ItaaLP SOC 0812004 -£964 
RTZCDrputetan PLC 3525% "AT Cun FM 
£1 -50 (30AU94) 

Ftacte Bacbcrtea PLC ADR (Cl)- $74 
(80AUB4) 

Rank Oigutetetan PLC ADR (2rf) - £856 
P6AC*4) 

Reekta A Catalan PIC 5% Cun Prf £1 - S3 
(26*004) 

Ranald PLC 64% 1* Dte> BOc «W - £984 
R0AO0« 

Rata* Gorpactekn PLC 456% Mr 64%) 
Cun 3rd M £1 - 63 (31AUB4) 

D ote fta yea r\j ara toten aratn o PLC 3% 

Cun ftad FM £1-43 (31Au9fl 


Royal Bank te Scotland Ooup PLC 54% 
Cun FM£1 - 60 B1AUM 


CumfMEI -60(STAuS4) 

Royal Bart of Scotland Grcx^i PLC 11% 
Cun FME1 - 110 

Royte taraaonera HaUtagi PLC 74% Cm 
Stexvd Bda 2007 (BrEVra)- £1104 

P1AU04) 


Rugby Group FLC 6% Una Ln SdcSSAS- 

287(90*1*4 

ftatfqr Group PLG 74% Una br 96c 93M - 
SS44(3QN*4 

9ootsN a Sotecta Oo PLC ADR (fcl) - $7% 
Sotecta $ BoteeN Oo PLC OK Cm Uns Hi 
. 30(2015 - £78 

Scontrante FOdgi PLC755p (Nat) Cm Cun 
Rod FM20p*445 

Soankotec Mdge RC655K Cm Cibi Ftad 
Plf £1-80 

Sconteh MteropcNtan Proparty PLC 104% 
lot Mte Dab 36c 2016 - £1084 44 & 

(31AU04) 


SmurfRLMfcnartGraup PtC 6% Cun ft» 

IrCI - K056 (TtAu84) 

Sony Corp S a opa aii DraOtapr 1 Sh Y80 tea 
kLO) - $38.14 (2OAU04) 
fiatah sadbdteba Water PLC 84% Rad 
Dab Sdc 98(2000 - £87 
Stag FUrttuB HMga PLC 11% Cun FM£1 - 
93 0100 

SwradJahr* A Sara PLC Ord 2Sp - 420 
(264i*4 

Srafeaptev* & Sana Ld 65% Cum Prt £1 - 75 
C2SAt*4) 

Symcrtes Engtasartag PLC Od 6p - 38$ 

IBB Group PLC 104% Stexsd Ln SBC 2008 
-£107448 

TT (tea*) PLC 16875% Cnv Cun Rad ftf 
Sha £1 1007 - 288 9 (31AU94 
16*01 find UMta 0DR to 80 - $80000 

{26AU04 

Ttes 6 Lyla PLC 104% UMI Ln 80( 2003/06 
-£104 

Trawiraw n Goa Wptetaa Co 10% B6g/I Cm 
Urn Ln Sdc 91/05 - £120 
Tera» PLC AOR On) - *4& 0SAU84 
Taaoo PLC4K Una Deep Otac Ln 8tk 2006 - 
£B24P8AU94) 

Ttaftegra Houn PLC 04% U>u in Sdc 200V 
OS- £8234 p0te*4 
Utetegw Hcuae PUS 104% Una Ln Sdc 
2Q0MD8 • £96 

TtanMeondc Haktogs PUD B 6% Cm Prf £1 

-9»4A 

UnteCH PLC ADR (t^) - $5586 (31Ai*4) 
Utagtea PLC 64% Una Ln Sdc 01*6 - £85 
PO*u94) 

Untaata PLC 64% ttae Ln St 02/97 - £83 
(9CMuO<] 

UnBorar PLC ADR ffcl) - £70# 

Union tatamtetante Oo PLC 6% Cun Prf Stk 
£1 -384 

Uktays Crap Com Sdc $051 - $9% 

Vrtie & means Ttute PLC WmruHa 69*4 to 

into far Ort - S8< 

Vfckora PLC 9% Cunfltac Pros To 80tePrf 
Stk £1-62 . 

Vodtoam Ooup PLC ADRCIOrf) - S3l4 4 

WBV Soup PLC 104% CUn Rad Prf W 
20CBC1 -97100 

Wrtorflhoma4 PLC Oral 6p - 264 piAu»4 
WtabUB (BjQJ Gmt nc 74% Cun Prf £1 
-91 (26AU04) 

Watoxxjgha^tdg4 Pt£ 84% Cun Rad Prt 
2006 fl - 100 (2SAi*4 
Wtenuna PLC AOR (lri) - $104 
Wtea Fargo A CUnptny Sha ft Com SOc $6 - 
SI *4 PUM**) 

Wtatararal PIC 7% Sid Cun PrfSdC £1 - 74 
whBbroad PLC 74% Um Ln Sdc 06/90 - £92 
0OA6B4 

WhObiaad PLC 104% Una Ln S6c 200046 - 
£1034 

WMecroft PLC 61% CUn Prf £1 - 66 
P0ta*4 

Wktasy PLC &7BK Cm Cun Rad tod M 
2OOOCt-02(XMu04 

Wtetano Huge PLC 104% Gra Plf £1 - 120 
(iqai*4 

was Ouroui Gra* PLC ADR Cfcl) - *114 
Wradram a Bate Osnb Wtete Co 45% PlPg 
Onl 86c - £8800$ 

Wyovota Oaten Control PIC 66% (No* Cm 
CUn Rad Prf £1-151 P0Ai*4J 
York Waterworks PLC Ort 1 0f) - 297 
pBAuM) 

YoriaMro-Tyna Taos TV Hdgi PIC Wta to 
sub tar Ord -20610 

Vouig & Cora Bnray PLC 45% Cun FM 
■ Sdc -65(90*1*4) 

Zrattota ConaaMtead Copper Mtaaa UfB* 

Ord K10 - 200 (31AU04) 


Bridtei Antes Ttute PLC Eqtedee Indax LLS 
2006 Idp^ - T®*1 * * 4 (3OAU04) 

Bmararea hiwteBiant Ttute PLC Wta a Bub 
far fird- 90 0601*4} 

C5.CbMstnwnt That PIC Old 26p - 84 

(tU*a 

(k|iiM Qnrtig That RLC Ori 25p - *756 p 

470 00 (3QAU04) . 

Oanoe tovmtrmnt Ttart PLC Wta to Sub- 
sate far lineal Cop -« 6 
. Buopaan Asian Ttute NV& R 1 17)- 

NQ&530OAU94) 

FUWly GuoiMan \Mus» PLC Etatey IMted 

Ita LnStk 2001 -146 (80Au9fl 
finobuy OmteorCnti That PLC 20ni 0*r FM 

25p-1S240 > 2 • • 

Rratem pte Eanran kw That nC 6% Cun 
Prf Cl - SI (31*u94) 

Gratamm Brttoh tao a Grth Tte PtCZran DM- 

' ctand Prf 10p- 1034 P1AU84) 

Graimua amrad Eqtety Ihtet PU3 Goraod 
Qrd Inc lOp - 100 4 10 (81AU04) 
HTWJapteiitan a n te u Cute that PLCOrd 
2Sp-1122 34 

Laud Steaat tavsrtmnt Ttute Ld Pig Rad 
Prf 61p GBbte Andva Fund - £1356 1351 

Lazsrd Stead Imetemanr That Ld Pig Rod 
FM aip UJt Adfva Fund - £1457 1450 
(26«*4 

UborI 8teaat kwaounant That Ld Pin Rod 
PrfOLIp UK Uqtert *retea fiate - E10» 
Lramd Bteodt totvetemrait That Ld Pig Rod 
Pit 61pJ*mn tadox Pund- 8745 95 
0BAU&Q 

Lonrton a 8t LsMteica tavotenunt PLCOd 
6P-1634 

llragraiGrradteLtetaiVnraCD-a ltd PLCWU to 
■ito tarGrt - 81 142 3 
rmft ra j Prontei fcuraitiiMit That PLCSon *A* 
Wtaianta to rafa far Did - 32 3 (30Au94) 
Partas Franoh ■matemateltute PLCSraa 

■8* Wtarads to ato far Oni - 294 

P1A«*^ 

Snebteb Mratgaga a Ttute PIC 6-12% 
supped tat Dab Stk 20» - £1284 
(81AI*4 

Soottato MrateTOi * That PLC e%-14% 
Stepped taiamt DOb BdcStBO - E14S4 
Socuteaa That or Soodond PLC 44% Cun 
PrfStk-£45p1Ai*U 
Sphoro tavo ao no n t That PLC RaifasdWm. 

mb to nub far Ckd - 64 (26Au94) 

TR CKy of London Ttute PLC Pfa CM 
ad <(20% NorvCUT^CI - 193 (30*1*4) 

Tu femortrant IhatPLC 44% Cum ftf £1 - 

40 (31AU04) 

Updoun bMatemont Co PLC Old 26p - 570 


Hydai'Anvt Brthwy Ld *B' Old £1 - CTOf 
Hydro HOW EMtnnw nC Otd H ■ CM B 
{3XAU04) 

ITS Group PLC OW d -£6«(81An04) 
Jmtingi ana Ld CM 23p - £155 (30*a9Q 
Jute CMUp PIC CM Ip - OUJ35 60*126 
juat Ootv PLC Wte to add far OW - 
£600875* 

FMmrort BanawM Fund iareennkte 
Moksta Fund - tresSf 20500354 
905806* 

tartraat BarecrtW) Fund Man SMogfa tov 
Fd - £1508 (SOAUM) 

Lawaatte enmtare plc cm sp > a.7 
(MAU04) 

Loaranoa PLC Ord lOp - £151 (3QAt *4 
LaMa (tap PLC Ord £7 -.£274 
La neftata Storm LdOWET- £256 . . 
gOfagq 

London Hducbvy That PIC OW 10p"-' ' 
£6015 ' 

MSG(GbmsteMand Odd find Accum 
Utata - ES7.76S POAI*^ 

M a n ch ester Cdy Foolbal Cftto RCOldCl - 
£14 . . 

Martnaa Maroordla SOcudlaaPLC Ord 
K620-£l4fStAl*0 ■■ 

Morcuy Fund ManJWa of Man) Marouy tat ' 
Bond fiad - £05012 «8Au94) 
kfid-Souharn Water Co CM £1 - £20 
(26AU04) 

Mootk Mamtefante Group PLC Old Ip - £04 
CZ6AU94) 

Modlsodl Ld OW lOp ■ G615 pQAi*4) 
Onmtawtea Ld Old £1 - £051 
Psrootutellaraay) OOteiara Enwgtag Ob'* - 
E4A001 (tSAoSfl 

PaRMtottetanay) ORtetara fir Bateam Gratei 


<26Au94) 

Wtenora Propraty kwatenrail Dte PLCWte to 
Sub far CM -37 4 

Wtrai Irawabnant Co PIC B% Deb 90c 98*9 
-£0epiAuB<) 


USM Appendix 


BLP Groip PLC OW SOp - TB8 5 
8LP Gra* PUD 8p (NaO Cm Cun Rod Prf 
•10p -88 p6Al*4) 

Dtenta Ooup AC CM k£62S - KZL18 
(364*4) 

Sdas PLC Old lOp - 410 piAu84) 

Gfaba Moor PlC OW 26p- 395 
Mkdond A Scotdtei Resouma PLC OW 1 0p - 
24 

-Tote! Systems PLC OM 6p - 23 pBAuOa) 
Unilad Energy RC Wta fa art far OW - S 
91AUB4) 


Rufe4^(a) 


PoRMtoaBtanoy) OPtewra Fw Emtem Gwdv 
F%l- *55717 (S1AU94) . . 

RarpteuteUramy) Oemera UK GtawVi - 
*2577144 (30*1*4) 

. flinprav Foofaai Chib PLC OW IQp - £68 
Roboit JanMns PLC Ord £1 • E678 (MAi*4) 
Seoafah Ftepby Union V Oeba £2200 - 
£2900(28At*9 - 

Stead IndueMas PLC Now Ord 74p OSp fi* 
-£054 6046 

Swam Wrey Rtewarfl Irtg^RC CM £l - 
£67(91AU04) 

SbsphaW Nsamo Ld *A* OM £1 - £65 
Sauhran N ampapara PLC OM £1 • DL13 
4.17 

9ui 00 Briteta UtOd Roytety 86c Unite Ip - 
£04 6789 

Suray Froo Inns OW £1 - £6475* 

ItKkar Ntemrii PLC OW Cl - EW4 «4 
IMPT-MtaMc PLC OM 2$p - £54 
Utetad Dte— Gap PIC CM £1 - 104 
LMtod That Corp OW 25p - E624 (26*1*4 
VMa Entertteramna PLC OM 6p - £051 
Warbug Aaaal Ha i tea wrf J«my Itanty 
tad Gold A Gananl Fd - $15333 01Au94) 
Mtaddartrom Sacufaoa PLC Old 5p - £616 
(Si Al** 

Wbatabbc Ld ‘A* Non-V CM 23p - £164 17 
174 (30A^* 

Waatmount Biagy Ld OM lOp - £612 
VMnchotear MiM itata PtC OM 8p - £052 
■ (30M** 

V frf w ay Prapardas PLC 28p - £15 156 . - 


Acfati Can PLC OW 6p - £622 
Atones Ttute PLC 4% A Cun Pit £l - £04$ 
Am VBre* Ld OM 10P - ms £SAi*4) 
Aimnte Foofart Ckto PLC OM £1 - M23 475 
/Utan Vto FbottMl Ckfa PLC CM £5(1 vote) 

- £75 83 P1AO04) 

Azure Group PLC OMIOp- £615 6155 
Braotays tavortnant Fund(CJ) Gktote 
Itaaoucra Rate - £05411 
Btei Pout Fund Mra u gamant PLC OMIOp- 
C6SS (TfAu94) 

Shoo tadaM toaup PIC OM ip - £611 
(SWA*) 

Brenoota HrtOngs PLC OM 5p - £041 
Bray Tacftnrtjgkra PLC OM 1 Qp - £657 
Butama Euopaon Bond Rate Pitted Prf 
ip -£9567(28*1*4) 

CMrtn PLC OM Ip - £6.12 

Ctannte Honda Coma (TV) Ld OM Sp - £04 

Oouitry GaWana PLC Ord 2Sp - £657 
P6AU04) 

DABJMaoogmmit PIC OM 100 - £3( 
Do»aai lira FAC 10p - £614 P6AU04) 

Drat VHoy UM RHwm Ld OM £1 - £256 


RULE 2.1 MM 

Bargains marfced In —ci aWaa (not 
fsfitog within Rids 2.1 MA ) where 
the prtcfoal nrericat Is auMde the 
UK snd Rspufafc of Maitd . 


Investment Trusts 


Atonoa Ttute PLC 4% Prf stk (Curd - £40 

P1Au84 

Bteto OWnd Stoi Mppon PlC tort to 
aub far Ort - 120 (80*1*4) 

Being Ttfauia liisrtnui H That PLC84% 
Dte> Sdc 2012 - £894 (28*094) 
D aronranaad ta iartira H iTiutePICWteta 
WbtorOW-304 pM*4 
BiMtei Aasota Ttute PLC a A* 5% FM 
Stfc(CUit-ESe(31Au9« 


Da rt V te k^ Light RafcwyLd Ort £1 -£256 

Damon Hdga PLC Ort lOp- £45* 458* 
Duibar Boyta a Nnatay Wga PLC CM £1 - 
£25 pOALlJM) 

atot PO PLC 75% 0«fa Cm cun Ftad FM 
£1 -£15 (TOAuPfi 

Bcham PLC CM 500 - £25 (2BAU94 
Pncrat Bmadcste Corporation RjC Ord 5p 
£057 051 

Gmctar Hoktogs PLC CM Ip - £0& 
Gtarqdan Totarfteon AC Orel IQp - £37 
(31AU04) 

OiuTtesy Gas LK$k Co id art lOp - £696 
fk array Preaa On id CM 10p - £1560 
Grton Grotto Ld CM 1 0p -£155 


Bonk ol Este Arts HKS81A1851-486651 -70 
(315) 

Botain Preporttaa 100 (205) 

CBy Davteopmarts S$75578J8.75481 pl5) 
OonroutaraHon £1.78 (869) 

Outaor B gdutefcxi 811.70*1250*FU» 

PI 5) 

Forest Labarteulm £3051535 (315) 

Fututa Cup A01587 P15) 

Hoama North Wret A*6242 (304 
Hunter Raaauoaa AS 04838 
KHrafaW (Mrtvtete 06 end) 

Mogodai Padolaun 90 (285) 

North ftaidare Mias £350* 

Ocean Roooueaa 164 (368) 

OF Saanrfi 44 (268) 

flsgte Hotels HK$1 5647,1561128 (31 5) 
Sapphire Mnaa A*61 19 (31 J* 

Saagite Bargy Cup 2U7Sfc5598* 
Skxapore Law SS75314 


i of ttm Stock Ex&mogt ComM 






If the 


rainforests are 


being destroyed at 


the rate of thousands of 


trees a minute, how can planting 


just a handful of seedling^ make a difference? 

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

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

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

Where trees arc chopped down for 6 rewood, 
WWF and the local people can protea them by planting 
fest- growing varieties to form a renewable fod source. 

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

Where trees are chopped down to be used for 
construction, as in Panama and Pakistan, we supply 
other species thac are fast-growing and easily replaced. 
These tree nurseries are just part of the work we 
do with the people of the tropical forests. 

WWF sponsors students from developing countries 
on an agroforestry coarse at UPAZ University in 
Costa Rica, where WWF provides technical, advice on 
growing vegetable and grain crops. 


Unless 


help is given 


soil is exhausted 


very quickly by “slash 


and bam" farming methods. 


New tacts of tropical forest would then have 
to be cleared every two or three years. 

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

In La Plarnda, Colombia, our experimental tarm 
demonstrates how these techniques can be used to 
grow a family's food on a small four hectare plot. 
(Instead of dealing die usual ten hectares of forest.> 

WWF fieidworkers are now involved in over 1(K) 
tropical forest projects in 45 countries around the world. 

The idea behind all of tins work is that die use of 
natural resources should be sustainable. 

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

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


WWF WoridVttte Fund For Nature 

(fawly WraW taWHi find) 


International Secretariat. 1196 Gland, Switzerland. 


FOR THE SAKE OF THE CHILDREN 

WE GAVE THEM A NURSERY. 






gain 








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-A 


FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


LONDON STOCK EXCHANGE 


r 


j’ 


-3 



‘ _4 


\ 


MARKET report 


FT-SE-A Alt ’•Share index 


Early gains reduced as rate worries continue 


1,675 — 

1.650 


Equity Shares Traded 

IXmtotbt volume (mOtsof. Excfc*Sog'. 
WraHinutoi bualftep anti evoraas nxBovtr 
fJOOQ - 


By Terry Byland, 

UK Stock Market Etfitor 

Deepening concern over the Interest 
rate outlook, coupled with a nega- 
tive reaction, in New York to the US 
payroll data, cut sharply into early 
gains in OK stocks yesterday. Brit- 
ish government bonds fen in late 
dea lin gs as US Federal bond prices 
weakened and a leading US invest- 
ment bank was believed to have 
turned negative on interest rate 
prospects in Germany. 

Once ag ain , UK shares displayed 
considerable volatility, with the 
stock index futures traders often 
influencing the underlying market. 
Selling of the water industry and 
electricity generating stocks took 
its toll of the second-line market 
indices. Market strategists 
r em a ine d confident that the stock 


TRADING VOLUME 


■ Major Stocks Yesterday 

VOL Owing ft*, 
Orica cftawoa 


market could resume its upward 
trend. 

But this confidence was tested by 
suggestions by some analysts that 
the question of a pre-emptive rise in 
UK base rates may be raised at this 
week's meeting between the chan- 
cellor of the exchequer 
and the Governor of me Bank of 
England. 

With gilts fairly steady in early 
trading, the FT-SE 100 Tnflpv was 
able to gain nearly 26 points after a 
slow start Share prices were helped 
by the tefihrriral reaction from the 
large selling programme of the pre- 
vious session, which is thought to 
have involved a switch of as much 
as £8O0m oat of equities and into 
gltts. 

New York’s immediate response 
to the modest rise payroll numbers 
and stable unemployment rate In 


August was favourable but a gain of 
13 points on the Dow began to melt 
away as Federal bonds eased. By 
the time London went home, the 
Dow was 3 points oft 

The turn down in New York hit 
hardest at UK government brads. 
Short dates, closely linked to base 
rate prospects, slipped by % in late 
trading, while the longer dates 
extended early gains to show total 
losses of just over a foil 
point 

The gain on the FT-SE 100 Index 
was whittled away to only 6.2 at the 
close, fra a final reading of 3,222.7. 
But the weakness in the second half 
of the session fell more harehly an 
the FT-SE Mid 250 Index, finally 
down 13 points at 3,781.3. 

Over the week, the Footsie 100 
Index has fallen by 42.4 points, or 
around L3 per cent, as profits have 


been taken following the powerful 
advance of the previous five trading 
sessions. 

Growing belief that the global 
interest rate cycle Is on the turn 
have increasingly unsettled mar- 
kets. However, with the focus on 
the blue chip market leaders, last 
week's fall in the FT-SE Mid 250 
Tn/tev haw been hulH to around 0.6 
per cent 

About 60 per cent of yesterday’s 
Seaq-reported trading volume c ame 
in non-Footsie stocks, which 
includes many of the utility stocks. 
On Thursday, retail or genuine cus- 
tomer business, in UK equities 
topped £1.65bn, one of the better 
daily totals for the year; thi« figure 
bore out reports of a trading pro- 
gramme Involving switching out of 
blue chip stocks. 

Traders stressed that UK and con- 


tinental European securities houses 
were striving to keep their trading 
books fiat yesterday afternoon to 
avoid getting caught with large 
open positions until Tuesday, when 
the Nbw York markets return from 
the Labor Day holiday. 

Next week is expected to bring a 
general return to full trading in 
Europe as the August holiday 
period Is finally left behind. The UK 
market fears that indications to** 
week of economic recovery gather- 
ing pace in Germany and elsewhere 
may imply that the interest rate 
cycle, could turn upwards sooner 

than investors had antirjpatfyl 

However, UK stocks are expected 
to continue to benefit from the 
higher company earnings divi- 
dends which have been spurred by 
the recovery in the domestic econ- 
omy. 



SwraFTOmMK 


1994 



■ Key Indicators 
kuflees and ratio* 

FT-SE Mid 250 3781.3 -13-0 

FT-SE-A 350 1626.1 *1.1 

FT-SE-A AH-Share 1613J7 +1.10 

FT-SE-A AH-Share yield 3.69 (3.69) 

FT Ordinary Index 2506.2 -32 

FT-SE-A Non Fins p/e 19.94 (19-95) 

FT-SE 100 Fut Sep 3226.0 +5.0 

10 yr Gilt yield 8.67 (8.55) 

Long git/equity ytd ratio: 2.37 (2.33) 


FT-SE 100 Index 

Closing Index tor Sep 2 . — 3222.7 

Change over week — —.-42.4 

Sep 1 — 3216.5 


Aug 31 

Aug 30. 


High* 

Low* 


... _3251.3 

3249.6 

3280.0 

3215.4 


iMra-day high and tow lor week 


EQUITY FUTURES AND OPTIONS TRADING 


MDAOjrot 7J50O Mli -U 

isr/sr ‘is is * 

23K2 S SS S 

622 360 -6 

MOO 282 *1 

1QJ0OO 206 -10 

„ _ , * t 60S 682 -6 

Aaaoc. EM. Ports 781 263 -S 

giSt. 1.600 901 -4 

MOO 461 46 

BET era 119J* +% 

MOO 658 402 -4 

BQCt 345 737 -8 

ari rjoo 4ir 46 

HHI W. 1,800 318 -1 

as £8 "S 

MOO 363% <e>2 

3.000 207 -e 


Sfr 

aenfc or Scodaidf 

KrV 

BtooCMsf 


Lrartio 

Luma 

MBPCf- 


1M. CtoatoQ Osya 
000a prtca drags 


(MslSpsKot 


MaobonfMa) 

NFCt 

NsAtasiesnkt 
National Poraf 


M nrt h w n Foods* 
Nomb 
Psw s on t 
P tot 


P o wd ant 

S3 


MMa ponot l*Q0 SIS 

MhHAtoMpt £900 413 

BrttishCast 8,700 298% 

Bdtiefi Land 1X00 403 

MHiSUott 8.800 162% 

Birai 336 168 

BunwhCMboit 488 806 

arton 3.100 04 

Ortito&vnet 5,100 459 

Cadbuyaobwappaat £300 484 

84 278 


RndMtt 


£200 

149 

-a 

544 

197 

•9 

1.000 

1.100 

498 

M8% 

*a 

369 

823 

-16 

£300 

«* 

-2 

1A00 

7M 

-18 

TM 

148 

■-1 

£000 

17B 

44 

£400 

494 

t7 

£000 

SIS 

+1 

1.100 

260 

-« 

£400 

609 

-11 

870 

an 

aio 

216 

-04 

386 

780 

-25 


828 

-31 

TOO 

£300 

982 

196% 

+1 

340 

BBS 

48 

4^00 

332 

42 

230 

996 

+14 

1/400 

89* 

*4 

934 

2S8 

-3 

amn 

413 

-8 

993 

616 

-11 

428 

660 

49 


Continuing worries over 
inflation cut back an earlier 
advance in stock Index futures 
in an otherwise lacklustre 
trading session, 

Boosted by good early 
buying, the September futures 
contract on the FT-SE 100 
aided the week at 3,226, 5 
points ahead of its previous 


close and at a small premium 
to cash. Volume was fairly 
good reaching 13.896 lots. 

in traded options, turnover 
fell back to 23.072 contracts 
against 34^33 on Thursday. 
The FT-SE 100 option volume 
traded 7,175 lots and Glaxo 
was the busiest stock option 
at 2,057 contracts. 


■ FT-SE 100 e<OSC RTTUBES QJFFQ E2S par fra Index point 



Open 

Sett price 

Change 

Hen 

Low 

eat vd 

Open Int 

Sap 

32300 

32200 

*60 

32560 

32160 

13398 

6191 0 

Dac 

32460 

32410 

*65 

8268J) 

3239 j0 

2389 

11025 

Mar 

aongn 

3267.0 

+60 

32860 

32624) 

100 

0 


773 


R*Bk 
nne town 
aStotuyf 


Carndortt 
Caftan Ooavnit 
CodsVHyotet 
CartmlMant 


Scotttafi 8 New.) 
Scot HjntO-SBCL 
Bootanh P awwt 


CoutoMrt 
0*0*1 , 
Da Lb Ftuaf 


Savant Itenrt 

STnlTramportt 

Statat 


Eaal Mdtond Bbdl 

bgCMGhi 

ErraprtMQtf 

GurabamrtUnks 

FK> 


_ i(VKH) 
SraUtANaptaMt 
saMBaachanf 
8nM Baactaan Utet 


Souttwn Boctf 
South Wotaa Sset 


Faajgn 8 Col LT. 

Gan. Acridwat 
and Btctf 


6outfi Wtot Ssol 
S ouHwiUMar 
ICtortLf 



SunMfancot 

UN 

TlGroupf 

SSL 

IWa&Lyto 

IWarWsodnw 

TMcat 

TtenraWrtort 
Than act 


TMdoarHouaa 


tochtapat 

Jahnaon MMh ai 
•OngtalWf 
KMSart 
Latonkat 


LMaaat 
LMIad BhcUarf 
UalNaty n— 
VodotorMT 
waftagBQt 


1,800 
2X0 
3X0 910 

£900 180% 
UOO 434 
1-200 280 
2,200 462 

118 1478 

178 936 

1800 . 408 

£800 410 

9.100 120 

£400 183 

1.100 437 

347 571 

3.100 752% 
1JBOO 680 

484 251 

1800 510 

uno is? 

2X00 448 

381 409 

133 436 

866 777 

319 787 

280 671 

1,800 610 
234 686 

4X00 269 

186 220 
740 348 

1.700 237 

1.100 372 
101000 227% 

4.100 161 

BIB 441 
218 149 

£600 247% 
1,200 827 

1800 1013 

£100 230 

1000 00 
380 372 

£400 1151 

«« 330 

385 533 

0h400 200 

870 776 

873 702 


40 

«7 

A 


42 

-29 


WaMnadt 

WBanaHkfcat 

vwaoonocn 


162 

616 

£100 


643 

577 


4% 

42 

-7 

-11 

47 
418 

-1 

•4 

42% 

48 
42 
-1 

-28 

-11 

-7 

-6 

-14 

A 

44 

-6 

42 

42 

-2 

-1 

-2 

-2 

-a 

44 

410 

-a 

-a 

is 

-8 

-16 

-6 

42 

42 


■ FT-SE MU) 200 W3EX FUTURES (UFflj £10 per IUI Indent point 

Sep S805JJ 3786,0 -1 1_0 3805L0 3785.0 250 4113 

Dae 38220 38070 -100 3522.0 38220 100 480 

■ FT-SE MP 260 MDEX RJTUBE3 (OMLX) CIO par (ut Index point 

Sep - 37300 - - - - 038 

AS open kaaaat aa lor pwkn day. t B> 


■ Fr-aeiooaiP6Xomio»i(URFgr322qeiOparfa6ind«port 

SOSO 3100 3150 3200 3200 3300 3350 3400 

CPCPCPCPCPCPCPCP 
&£> 130% 2% 13S% 5 31 11 2*% B « 8% 85% 2 13S 1 186 

Oct ISO 17% 149*2 26% 113% 40% O 60 96 84 36% 1H 22% 161% 12% 103% 

NM 2M% 29% 173% 42% 137% 56% 191% 77% 81 100% 06 128% 41% 163 27 200% 

Dec 231% 45 185% 57% 161 73 131% 93% 102 115 H 142% 58% 173 44% 210 

Jtsif 208110% 229% 148% 177% 118 133 256% 

an £371 Wi £483 

■ BUBO STYLE FT-3B 100 WPEX OPTIOW CIO perftj Index port 



3076 3120 

3175 3225 

327S 

3320 3370 

34S5 

s* 

154% 

4 188 7 

87% 16% 34 33 

13% 62% 

4 102% 1% 149% 

1 199 

Oct 

178 

22 131% 33% 

» 43% 8912 78% 

47 38 

38 130 17% 167% 10 209 

Nn 


154 47 

81% 83% 


48 139 

21% 211% 

Dee 


176 82 

115% 99% 


89 151% 

37% 219 

m 


228 80 

170%129% 


123 176% 

86 238% 


cm 1200 M» 1AB8 * Uh*4ta Mat wki a. ftmtna Amn aa tasad ta aOMnl pdoa 
t tMB thkd a^9y mMh. 

■ EURO STYLE FT-SE MB> 2S0 INDEX OPTIOM (OMJQ CIO pertul IndBX poftrt 


3600 

SBp 

CStoOPDBO 


3600 


3680 3700 3750 3600 3800 

76% 34% 40% 57 28% 87 

> Wca *1 4JQ9B. 


FT-SE-A INDICES - LEADERS & LAGGARDS 


Percentage changes shea December 31 1803 

&gkatrtaw*ias 4-lljBJ fME m 250 at IT . 

M*8.7WV *R*g__ 4-1658 FT-SE Nf 250 

M EiglaraUM aitoa *8.19 

06.MB6BM ■-.♦646 Mtfft On 



Baaridty . 


*826 $«Uh. MkaiCOdn. 

+746 

4745 Saifcai. 

+641 tontoiaut Tnah . 


lagrt&Qananrt 

UoyMADbav 

LhqdiBanht 

London Oats. 


FT - SE Actuaries Share indices 


YortafifeaBaoL 

YaWtoaWaar 

Zeneoat 


626 787 -22 

1400 78* -26 

1X00 675 -11 

678 82* -* 


4&50 Manic & Bac Equrt . 

,4421 F7-S6-A M-Stiar# 

■ +8.18 Pn iwaiii Coodi 


on Friday S a pt amba i 2 1994 

4021 wnscr -646 

■026 Win -645 

-241 U> town .725 

-226 Dtttdn -747 

-247 IbMM -746 

-241 Bdttgsmm -741 

-233 BdSag 6 Ooartracto __ -744 

-344 TtoMpot -073 

-3M MmeoU -9LS1 

•256 HaarttoUfinh -1051 

-169 hllMMM -1257 


-4.44 Pnpely. 


, -1841 


FT-SE SreCap 

Utm 8 HodB 

423* 

+1-44 

FMEA360 

SronSWai 

— -*52 

— -550 

Trtatoiuutet 
Ftatai. — 

Dora -1258 

-1358 

Mata 

OicrtMhWito — _ 

+101 

*054 

4&36 

FT-SE 100 

FT Goto HmMD_ 
TttOtoAJtoparal 

— -6J3 

— 600 
— -8-10 

kauranca 
Bmia 

Tatoctn 

-1558 
-IBM 
-IBB 


D«8' Mr Ik ta RE T« 

Stp 2 dgrtt- Sto 1 ton *»» g )»1» * f* Mm 




l BM 


H* 


Um 


FT-SE 180 

FT-SE MU 296 

FT-SE HU 296 ■ tar TM 

FT-SE-A » 

Fi-sE mric* 

FT-SE SaaBCcp «x har Tiart* 
FHMMMME 


82227 407 3Z1S4 32514 32484 30573 £80 8J8 1742 8845 121349 36(83 

37813 -43 37843 38164 38118 .36784 £25 UD 2141 88.15 14K58 41 SU 

37E&4 -04 38012 38208 38174 36954 340 555 2033 8278 140040 41S87 

1828.1 40.1 16254 T8407 «30J 1S3T4 £75 648 1838 6248 12255 17783 

191148 *6.1 19105* 180840 180541 178031 246 4.13 3046 3748 147830 2M648 

187547 +at 187430 18709 186748 17709 £14 448 2848 3848 145359 209.72 

181337 40.T 181227 182B44 182547 151846 348 831 1843 6147 128140 1786.11 


FT-SE Actuaries AB-Share 

DV* 

Sip 2 OgM Sip 1 


Aug 81 As 30 ago 


tE». Earn. FVE Xd a£ Tott 
J«% JIM Mb fU 




ID MMBUL EXHWCnONttfO 
12 Ettsdhn Mnfttafl) 

15 01 Uto w W B) 

16 (X ftpurafioo t FMP1) 


278136 +13 274041 277341 2788.12 233840 337 506 2448 9431 1108J 

402078 *04 388827 401221 400246 340240 3.1 7 541 2531 5434 108726 418748 

274030 *14 270504 272740 272030 224240 £38 547 22.70 S &» 11159 274030 

1S25S9 +04 181734 195254 196347 187740 251 127 80001 2034 110448 


in 

28715 

246 

35U3 

2/2M 

9089 

0/7*4 

3/2 

33914 

27/8 

«52S 

vm 

13734 

21/1/38 

190 

33924 

27/6 

«B0J 

1VI/B4 

0703 

21/1*8 

2 n 

MBIJ 

246 

17783 

38/94 

8845 

14/1*8 

V2 

177851 

V7 

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09 FT-SfrA AU.-SHA/ffi{881) iSS5 

■ Hourly movements 

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FT-SE 100 3216.7 

FT-SE MW 29° 

FT-SE-A 360 

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| FT-SE Actuaries 350 h* 

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tj-iay uf*tan or mnp data 

mua 

Equfty section or Sriftw 

date 


dtoe «shw 


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FT-SE MM f«ni tPdKQB 31/12 /92 1383.78 FT-SE-A 360 3U12AS 68204 Non-fl na ncMe 

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31A2NQ 100600 AM Other 


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31/12/77 10600 


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i!Jl2» 141660 BeMrieOF 3VMSWM00600 AM Other 3U1&85 100040 

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pmfir H* WM Comoav- t w" * 


WPP busy 
ahead of 


IAPTI 


Marketing group WPP gained a 
penny to 120p with 3.5m traded 
as it announced the details of a 
big placing of shares set to 
take place on Monday. 

Banka which bailed the com- 
pany out in a $271 £m debitor- 
equity swap two years ago are 
poised to sell 190m shares in 
the market The preference 
shares were converted into 
ordinary stock at 45p each and. 
dealers suggested yesterday 
that they would be sold off at 
around ll2p. 

The book building process by 
which the managing consor- 
tium made up of Bankers Trust 
International, JP Morgan and 
SG Warburg tender for offers 
has apparently seen very 
strong demand and the placing 
is expected to be oversub- 
scribed. 


Electricity buy-back 

South Western Electricity 
confirmed it had been buying 
back its own shares, announc- 
ing the purchase of 2.5m 
shares late on Thursday at 
820.5p a share and a further 
purchase of lm shares, for 
between 817p and 819p a share 
yesterday. The acquisitions 
total 5L3 per cent of the compa- 
ny's shares, south Western has 
shareholder approval to buy in 
up to li3m, or 10 per cent of 
its own shares. 

South Western shares settled 
6 off at 816p, outperforming the 
rest of the sector which suf- 
fered from another bout of 
large scale profit-taking. 

Southern Electricity, viewed 
as a potential predator or tar- 
get in the recent speculative 
burst of activity in the sector, 
was badly treated by market- 
makers who hammered the 
stock price all day; the shares 
closed 28 lower at 777p. York- 
shire dropped 28 to 764p, Nor- 
web 25 to 798p and Northern 24 
to 8L0p. 

Setback for Arjo 

Paper maker Aijo Wiggins 
was one Of the chtof ragiiftltira 
in the FT-SE 100 and also the 
most heavily traded as the 
company announced it had lost 





Sovereign (Forex) Ltd. 

24hr Foreign Exchange 

M 2j££‘£? y 
Dafljr Fax Serrica 
Ttk 071-931 9188 
Fk 071-931 7114 
43a Mna laarf 

tandoaSWIWCU 



It will look at bow 
economic recovery Is bitngng 
new opportunities for 
Development and Investment 
In Commercial Property In the 
west End of London. 

it will reach a worldwide 
audience of a mSflon decision 
making readers In 160 
countries. 

To receive an editorial 
synopsis, and details of 
advertisement rates please 
comacc 

Carol Haney 
Tea *44 71 873 4186 
Fax: *44 71 873 3098 

Tha Financial Tima, 

Orw Sowhatofc SAfea, 

London SEISM. 

FT Snrveys 


NEW HIGHS AND 
LOWS FOR 1994 

New MOHS CB7V 

BREM39BS Ft Bodtongmn, Ofetia Maw, 
Uaraaon Thompson. BUtLOma 4 CNSTKN (g 
Hafam Swatoa to Omm. BUM MATLS a 
MCHTS (I) Oattsn. CHEMICALS (1) Ambar 
tnffUMimBUlOAS tn fttar Praat, 
fewaran indls os tatar Chaabum. TT. 
8JSCTWC1TY fl J VortoMra, ELHTTNNC 4 

ELECT SOUP 0 EMOUKEBINll B 4pal0 

Matoto. Baoto Ms. DortMck Kumr. EnpanM 
Wt Xafte Steal Daaoid. EM6 VEWCLes W 


upf, cscnMcim MDSfii) household 

OOOM (H SMBaaiMd MBURMiCS p) 
toftotoril fcaca, MVamnT 7HUSTS (S) 
LHSURB 4 HOTELS (Z) PoBcan. TotterTiora 
Hot'S*. MEDIA ft) Back tMCLOtt. 
EXPLORATION A PROD ffl Ofetrtnum 
Tto ao wc aa Canada. OTHER HMAW C 1AL W 
Baltic. Ctonaaa. EFT. tact to*. Tat Jamay, 
PRYNO, RAPBR A PACKS R Kymm™. 

ftapoto. B*PPt ShNton F4, Simaa (4 

PROPERTY (U Aigrt*. RETAXBI9. OOIBUL 
(T) Brown p4 8PWTS, WINES 4 QDERS (T) 
Scagtortt SUPPORT SBTVS 59 ComptOar 
Pnopla. CapcxWa Sana, TBCI294 
APPARBL (1) Womutl TRANSPORT (1) CRT, 
WATER m South Sto^ AinreCANS P) 
SOUTH AFRICANS ft). 

new lows pa*. 

OK.TS n BUM HAILS « MCHIB (I) Mm. 
IXSTROUTORS » BtonMay. Coata. Itotoya. 
BWIOTWIO fl) IMtotman. 0*6 VEHICLES 

(H Motor WkaftL BCTTMCmC M» PD 

Bncfcan, Uomrtti Has. HSALTH CAM (I) 
renm HOUSSIOU} GOODS ru vvnua. 
Mvonerr trusts n or»« sows 4 
■USNS 01 HIOPBnV n Chrt* MdkBSi 4 


Shoft»rt»*y, Smtih U, Spectator Shops. 
flEnULWML FOOD re Ntodkl S PMCOdt 
RCTA2ERS, OBERAL R Patta, Roaadys 
Upton 4 Sotohon. SUPPORT 8EHVS re BMHi 
Otoa MMBL TCXTSB « APPAREL (0 Caatia 
KKRator *£ Kroon* TRANSPORT JT) 

I re CANADIANS (O- 


its finance director. 

The shares dropped 10 to 
265p on turnover of 10m - the 
highest this year - after it was 
revealed that Mr Tony Isaac, 
was leaving to join chemicals 
group BOC. Mr Isaac had been 
with the group since its forma- 
tion in 1990. ffis departure left 
only two British non-execu- 
tives on the board and revived 
worries of growing domination 
by Groupe Saint-Louis, the 
French company which owns 
39 per emit of Aijo. 

BOC shares were up on the 
news but fell with the sector to 
end the day 3 lower at 737p. 

Media conglomerate Pearson 
fed 31 to 628p after the Finan- 
cial Times owner’s first-half 
results showed operating 
losses in the company’s book 
division and the chairman 
warned progress would be 
harder for the rest of the year. 
Profits were up 50 per cent to 
£69.8m and within the range of 
analysts’ forecasts but there 
was concern over the prospects 
for the second hall. 

Carlton Communications fell 
11 to 843p on news reports that 
approval for a new fifth televi- 


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tore bwi^i— are. itoaaniAflMi w phw P»to 

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sion channel in the UK was 
imminent Its arrival would hit 
Carlton’s control of the lucra- 
tive London region. 

The recent burst of strength 
in the bank sector spilled over 
into the sector’s two laggards, 
Barclays and NatWest which 
gained ground at the expense 
of Bank of Scotland. NatWest 
jumped 7 to 494p after turnover 
of 3.4m while Barclays moved 
up 7 to 586p on &8m traded. 
Royal B ank of Scotland edged 
up 3% to 434p. 

TSB, where buying was 
again stimulated by the buy 
note published by Hoare 
Govett in mid-week and which 
focused on the bank's ability to 

maintain profit marg ins apd ltS 

dividend paying potential, 
gained 3% more to 227%p on 
turnover of 10m. 

Abbey National was aggres- 
sively bought, the shares mov- 
ing up 5V4 to 42Qp, after 423p. 
with Swiss Bank Corporation 
said to have been a heavy 
buyer. 

Schroders, the second largest 
UK merchant bank by market 
capitalisation, fell 25 to 1478p 
and the non-voters 20 to 1383p, 
as a flurry of profit-taking fol- 
lowed the bank's interim fig- 
ures, which were at the top 
end of expectations. 

SG Warburg, the only mer- 
chant hank in the FT-SE 100 
index, edged up 6 to 778p in the 
wake of switching from Schro- 
ders. 

Smith New Court, the secu- 
rities house regarded as the 
UK’s premier marketmaking 
firm, moved up 5 to 440p fol- 
lowing the elevation of Mr 
Michael Marks to executive 
chairman in succession to Sir 
Michael Richardson who 
announced his retirement as 
from December 31. 

Courtaulds Textiles which 
reports on Thursday jumped 18 
to Blip after agency broker 
James Capel moved its recom- 
mendation from hold to buy. 
The house cited the long-term 
growth prospects and the boost 
to profits from the acquisition 
of Harts tone’s hosiery busi- 
ness. 

Bowater, reporting on Tues- 
day. added 7 at 467p and RTZ. 
reporting on Thursday was 4 
stronger at 884p. 

Retailing group Body Shop 
continued to shake off the 
recent gloom and the shares 
put on another 6ft to 230ftp. 

Speculation that food and 
drinks manufacturer Cadbnry- 


■ CHIEF PRICE CHANGES 
YESTERDAY 

London (Pence) 

Rtsea 


Bk of Ireland 

287 

+ 

13 

Brit Aerospace 

513 


15 

Courtaulds Text 

511 

+ 

18 

Fitzwifton 

43 

*■ 

3 

Geest 

241 

*■ 

7 

Lovell (YJ) 

93 

+ 

9 

More OTerraS 

386 

+ 

12 

Persimmon 

272 

+ 

7 

Plantsbrook 

173 

+ 

8 

Fkxhme 

13 

+■ 

5 

Tomorrows Uaa 

14 

+ 

3 

Tottenham Htspr 

159 

+ 

6 

Fails 

Aijo Wiggins 

265 

- 

10 

Kodelnt 

44 

- 

4 

Page (Michael} 

109 

- 

5 

Pearson 

628 

- 

31 

Southern Beet 

777 

- 

26 


Schweppes was considering a 
bid for Cott, the Canadian soft 
drinks group, left the shares 
trailing 7 at 4B4p, in trade of 
2.3m. The shares have been 
strong performers in recent 
sessions, boosted by big US 
buying. NatWest Securities 
expects its interim profits fore- 
cast of £l94m to be exceeded 
when the company reports fig- 
ures next week, but said this is 
already reflected in the share 
price. 

The day's biggest rise among 
FT-SE 100 constituents was 
recorded in defence engi- 
neering group British Aero- 
space. The shares closed 15 
ahead at 513p, on speculation 
that a US leasing company was 
about to place a S900m order 
for Airbus aircraft. BAe not 
only builds the wings of the 
Airbus series but is also a 20 
per cent stake holder in the 
Airbus consortium. 

However, several analysts 
dismissed talk of such an order 
and said smaller orders may be 
announced at next week’s 
Famborough air showrThey 
also attributed the day’s inter- 
est to general buying ahead of 
the air show. 

Engineering group Siebe 
shook off recent accountancy 
worries to jump 18 to 590p, as 
dealers awaited the traditional 
upbeat statement from the 
company at Monday’s annual 
meeting. 

The oil sector was one of the 
market's better performing 
areas, led by BP which 
advanced 8 to 417p on turnover 
of 7.7m, following keen US buy- 
ing interest Shell put on 7 to 
752ftp on 3.1m traded. 


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14 


FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTE M B E R 4 1 994 


FT MANAGED FUNDS SERVICE 


• FT Cityline Unit Trust Prices are available over the telephone. Call the FT Cityline Help Desk on ( 071 J 673 4378 for more details. 

AUTHORISED s.s a. s vs &.s s. s vs s.s a. ss vs s.s s. s vs s,ss s. s vs s,a » ~ 

UNIT TRUSTS BaeiSBHifi£?. 

uni i i nuoiu «±2L«» -..wbpbb auLnte ma 8 r-^aiiJuiMr--ba 












































































financial times 


WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 



























































































































































































































































































































































































19 



FINANCIAL TI MES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 A 

: WORLD STOCK MARKETS 


AMERICA 

* US stocks recede after brief upturn 


Wall Street 


After a brief upturn, most US 
stocks receded yesterday morn- 
ing amid conflicting interpreta- 
tions of August employment 
data which seemed favourable 
at first glance, writes Frank 
ifcGurty m New York. 

By Lpm, the Dow Jones 
Industrial Average was 1.62 
lower at 3,899.82, while the 
more broadly based Standard 
& Poor’s 500 was down 0.75 at 
472.42. 

In the secondary markets, 
the American SE composite 
was up 0.90 at 45432. and the 
NasdAQ Composite inarm to 
add 0.44 to 75939. 

The approach of the long 
Labor Day weekend held vol- 
ume on the Big Board to a 
light 187m shares by early 


afternoon. The thin trading 
conditions were partly respon- 
sible for the market’s unsure 
response to the day's economic 
news. The headline figure was 
clearly positive for equities. 

The Labor Department 
reported that non-form pay- 
rolls had increased by 179,000, 

much than analy sts had 

anticipated. The slow growth 
reinforced the view that mone- 
tary policy was an hold at least 
until November. As a result, 
stocks made solid progress in 
the early going. 

But the tide quickly turned 
as a cynical bond market 
focused on elements of the 
reports which suggested grow- 
ing constraints on iranu&ctur- 
ing capacity, which could lead 
to inflation. 

A weaker dollar was no help, 
either. Soon bonds reversed 


their early gains and slipped 
into negative territory. 

Equity investors needed no 
further excuse to lock in prof- 
its after the market’s recent 
surge. 

Blue chip were showing shal- 
low losses by early afternoon, 
though the broader market 
was mixed. 

On the Big Board, dedining 
issues were leading advances 
by 965 to 927. 

The technology sector 
attempted to regroup after a 
broad-based pull-back during 
the previous session. The hard- 
est-hit issues managed to 
improve marginally. AST 
Research, which had triggered 
the sell-off with a profits warn- 
ing, inched $& ahead to $182%. 

Compaq Computer regained 
$% to $35% after dropping 
sharply on Thursday amid 


fears that it was reducing 
\ orders from its suppliers, 
i In semiconductors, Applied 
Materials bounced back on the 
Nasdaq, gaining $1% to $49%. 

However, most software con- 
cerns floundered, Microsoft 
receded $% further to $56% and 
Intel slipped another $% to 
$63%. 

Nextel dropped a further $2% 
to $22%. The downturn fol- 
lowed a decision by MCI to 
withdraw from talks aimed at 
resurrecting a plan to develop 
a national wireless communi- 
cations network with the com- 
pany and Motorola. 

Fingerhut extended Its 
recent losses, too. The mall 
order company, listed on the 
NYSE, fell $1 to $22% a day 
after a profits warning wiped 
19 per cent off its share valua- 
tion. 


Canada 


Toronto was flat at midday 
after starting the morning 
stronger on the unexpectedly 
shallow rise in US August pay- 
rolls. The TSE-300 composite 
index edged down 237 to 
4^4237 in 343m shares. 

Of 14 sub-indices, eight fell. 
Financial services turned sour 
after taking early hope from 
the employment data. 

Taiga Forest Products rose 
CS2V4 to C$11 V> after Gerjaya 
Group said it was offering 
C$1330 a share, which valued 
the timber group at C$500m. 

Cott continued its recovery, 
adding C$l% to CS18% after a 
US broker said that, at Its 
sharply depressed levels, the 
group was a tempting takeover 
target. 


EUROPE 

Zurich defies 


afternoon bourse downtrend 


IfT-SE Ac 

tuaries Sn; 

are Indices 



* 

Sep 2 

Kmft changes 

Opea 1090 

THE EUROPEAN SCRIES 
1190 1290 1390 1490 1090 Om 

Fr-SE&nkacttlOO 

FT-KEmnck200 

140128 140294 
143L5Q 4457X1 

1403.16 140499 140599 
145039 1458.44 145890 

140798 

usua 

140643 140196 
145726 145197 


api 

Aug 31 Aug 30 

Aug 26 

Aug a 

FT-EE Bmtacfc 100 
FT-GE Eutoack 2m 

139692 

146009 

V40SS2 140190 

140066 146043 

138598 

144898 

137077 

143567 


BM WO PVHHKfc WB - WIIMft MO ■ 14SL20 LetoUF TOO - MOUB an - MU JET t MM 


Apart from an. unusually 
detached Zurich, bourses 
mostly backtracked yesterday 
* on the lower dollar and a 
retreat from an early rally in 
US treasuries, after dealers 
reassessed what appeared to be 
a smaller than expected rise in 
US payrolls, writes Our Mar- 
k eis Sta ff. 

ZURICH concentrated on 
domestic corporate develop- 
ments and rallied 1.7 per cent 
The SMI. index rose 43.6 to 
dose near its best level of the 
day at 2372.0, a rise of 15 per 
cent on the week. 

Roche certificates rose 
5Frl90, or 3.1 per cent, to 
SFrS^TO in reply to its its bet- 
ter than expected first-half 
results - the first time it has 
presented six month figures. 
Analysts commented that 
stock now looked as If it was 
heading back towards SFT6300 
after its spell in the doldrums. 

The mood spilled over to the 
other pharmaceutical stocks, 
pulling Sanflng SFTll higher to 
SFr684. Ciba added SFr? to 
SF18OB in spite of downgrades 
from Swiss Volksbank and CS 
Investment Research after its 
flat first half figures earlier in 
the week. 

UBS was supported by 
Thursday's news of improved 
trading income in July and 
August,- adding SFr27, or 23 


per emit, to SFrlJ99. CS Hold- 
ing rose SFri to SFr557. 

Nestlfe dosed SFr25 higher at 
SFr 1337 on heavy foreign buy- 
ing. 

PARIS closed more than 2 
per cent below its best, and 2j6 
per cent down an the week as 
French investors became pre- 
occupied again with interest 
rates. The CAC 40 index ended 
1434 lower at 2,02087 after a 
day’s high of 2,06435. 

The market’s earlier strength 
had a lot to do with provisional 
sales data from the French car 
Industry, showing an 183 per 
cent increase on a year ago 
and a 14.7 per cent rise in the 
first eight months. Even after 
falling in line with the market 
in the afternoon. Peugeot rose 
FFr7 to FFr884 on the day and 
the tyremaker. Michelin, by 20 
centimes to FF123830. 

The best rise of the day came 
from La Roche tte. the paper 
and.pnlp group which dfinbed 


FFr3.75, or 7.1 per cent, to 
FFr56.75 after the broker, 
Detroyat, changed its opinion 
to positive on the loss-making 
wood pulp and paper group, 
rfting the speed and depth of 
recover y in its sector. 

FRANKFURT was looking 
happier, both on the session 
and in the post-bourse, before 
the second thoughts on Wall 
Street about the US jobs data. 
After Thursday's post bourse 
slide to 2085.78 it recovered to 
2304.71, 2 per cent up an the 
week, before peaking at 
2,215.75 in the afternoon. 

Turnover eased from 
DM6.4bn to DMB.lbn. After 
that-, it was mostly downhill as 
bund futures dropped through 
the 91.00 support leveL The 
Ibis-indicated Dax resisted a 
deep reversal on the French 
pattern, but still lost a few 
points to 24973a 

On the session, carmakers 
saw profit-taking after rising 


earlier this week an the hack 
of strong first-half figures from 
Daimler-Benz. BMW fell DM? 
to DM819 and Daimler itself by 
DM230 to DM83830. 

MILAN hosted another a 
quiet session, unmoved by 
political developments and still 
waiting for action on the bud- 
get, and the Comlt index 
dipped 098 at 685.03, leaving it 
little changed an the week. 

Montedison was an excep- 
tion, losing L35, or 23 per cent, 
to L1378 on news that the com- 
pany valued its shares at 
L1308 for the purposes of an 
exchange of shares that win 
play a part in the fusion of 
Finanziaria Agroindustriale 
back into Montedison. 

Olivetti, tinder heavy pres- 
sure in recent sessions, 
bounced 128 higher to 12,143 
after news that it would cut 
the {rices of its personal com- 
puters by 12 per cent over the 
.next few months, following 
price cats by rivals. 

Among the banks, BCI lost 
L9 to 13,692 amid continuing 
arbitrage business between the 
ordinary share and the rights 
to its capita l call 

AMSTERDAM was encour- 
aged by the lower than expec- 
ted US nan-form payroll data, 
and the AEX index finished 
3.03 higher at 41944, after 
peaking at 420.77 in the imme- 


diate aftermath of the figures. 
The index fell 0.4 per cent on 
the week. 

VNU was the day's hi g hli g ht 
for the second successive ses- 
sion after Wednesday's better 
than expected first half figures. 
The share peaked at a new 
intraday high of FI 203.00 
before settling back to close 
FI 220 higher at FI 19820. 

MADRID took its loss on the 
week to 24 par cent as the gen- 
eral index dosed 347 lower at 
30335. 

DUBLIN continued to cele- 
brate the Irish Republican 
Army’s laying down of its 
arms, the ISEQ overall index 
dosing 1729 higher at 1,932.79, 
3.6 per cent higher on the 
week, on the possibilities that 
the peace dividend might offer. 
Equities rose in spite of a 
slight decline in Irish gilts. 


Written and ufited by VHHfain 
Cochrane and Mchael Iflogan 


SOUTH AFRICA 

Golds led Johannesburg 
higher in spite of a late dip in 
the bullion price, the sector 
Index rising 71, or 3 percent to 
2,402 on speculative buying 
ahead of any easing in foreign 
exchange controls. Industrials 
rose 39 to 6386 and the overall 
index by 47 to 5,916. 


Conflicting influences 
move French equities 

David Buchan explains the recent volatility in Paris 


I nterest rates have given 
the Paris Bourse two nasty 
jolts this week, as well as 
raising some doubts about the 
pace of the undoubted recovery 
that is taking place in the 
French economy. 

The first jolt came on Tues- 
day, when French commercial 
banks, anxious to restore prof- 
itability sapped by fairly weak 
demand for credit as well as by 
continued property loan provi- 
sions, raised their base lending 
rate by a quarter of one per 
cent to 735. Since May it had 
been at 7.70 per cent, the low- 
est for two decades. 

The sharper jolt came two 
days later, with the French 
Treasury selling a new tranche 
of 10 year bonds (OATs) at 732 
per cent, compared to 733 per 
cent only a month earlier. Tliis 
led to a L65 per cent fall in the 
Bourse's CAC 40 index which 
closed on Thursday at 2.034.91; 
yesterday, eventually, it fell 
further to 2,02037. 

In deciding between bonds or 
shares, "most market operators 
compare the yield of OATS 
with the cash flow yield of 
companies”, says Ms Monique 
Cohen, equity director at Pari- 
bas, and by this measure she 
says the Paris bourse is now 
overvalued by as much as 20 
per cent The significant cor- 
rection of around 10 per cent in 
French shares in the second 
quarter of this year has been 
balanced by the fact that 
long-term rates are again head- 
ing upwards. 

All eyes, therefore, are on 
the first-half results which 
French companies are now 
be ginning to report “We are at 
the stage of seeing whether 
companies really did perform 
tins year as the bourse antici- 
pated they would in the first 
halT, says Mr Guillaume Beau, 
head of equity services at Cho- 
let Dupont The first signs 
have not been particularly 
promising, with such blue chip 
companies like Elf-Aquitaine, 
the oil group, and Danone, the 
food group, turning in first half 
decreases in net profits of 10 
and 73 per cent respectively. 
But barring any further big 
disappointments that could 
cause a collapse in the market 
Ms Cohen expects to see the 
CAC 40 index recover modestly 


to eud this year at around the 
2,100 level. 

It would be perverse for the 
stock market to continue to 
foil if the general economy con- 
tinues to rise. Unshaken by tbe 
latest interest rate rises, Mr 
Edmond Alphandery, the eco- 
nomics minister, confirmed 
this week that the government 
had revised its 1994 growth 
estimate up from 1.4 to 2 per 
cent in real terms, in line with 
international forecasts. 

In itself, this Is not going to 
give a boost to the bourse 
which, as Mr Beau points out, 
built its anticipations of recov- 
ery into share prices last year. 
Nor does Prime Minister 
Edouard Ball ad ur seem to set 
to give the economy the sort of 
fiscal stimulus that one might 

Inekces (rebased) 



Source: FT Graphite 

have expected eight months 
away from the presidential 
election in which he is a candi- 
date. The 1995 budget which he 
is due to unveil on September 
21 will be largely aimed at defi- 
cit reduction, using any mar- 
gin provided by economic 
recovery to lower social secu- 
rity charges rather than 
income or corporate taxes. 

But corporate France is, for 
the most part, fairly flush with 
cash. A recent report by the 
Banque Nationale de Paris pre- 
dicts that “the return to a 
annnai rate of GDP growth of 2 
per cent should permit a cycli- 
cal rebound in productivity 
(almost 2 per cent a year) 
against a background of mod- 
erate growth in wages (23 per 
cent)". Companies' cash posi- 
tions have also benefited from 
“the scissor effect" this year of 


steadily rising turnover :ind of 
continued destocking, the bank 
says. 

However, market analysts 
remain choosy. In very general 
terms, Mr Beau says that 
industrial stocks are to be pre- 
ferred over financial institu- 
tions, many of which are still 
catching up on the bad loan 
provisions they should have 
made earlier. Among industri- 
als, he shares with Ms Cohen a 
preference “at this stage in the 
recovery" for makers of capital 
equipment and heavy indus- 
trial goods, in which French 
manufacturers are expected to 
increase their investment. 

These preferences also 
include the car sector. Water- 
day's announcement by Ren- 
ault that it had more than dou- 
bled its first-half pre-tax profits 
to FFrl.Tbn clearly puts the 
vehicle group in pole position, 
at the start of its race to be 
privatised this autumn ahead 
of the AGF insurance group 
that had been scheduled to be 
sold first. 

Some observers, however, 
feel that a contributory reason 
for this year’s bourse decline is 
that, recently, too much paper 
has been put on the market 
and that this, in turn, could 
hamper autumn privatisations. 
The level of new issues and 
capital increases in the first 
eight months of this year was 
FFr30.7bn, compared to 
FFr27bn in the whole of 1993. 

O n the other hand, offi- 
cials at the Paris 
bourse see this as 
reflecting the intrinsic health 
of their market, where average 
daily volume this year has 
been FFr4. 64bn compared to 
FFr322bn last year. 

Several measures, mean- 
while, have now been taken to 
ensure that most French 
shares are henceforth traded in 
Paris. Following the abolition 
of the bourse tax for non-resi- 
dents, and the placing of a 
FFr4,000 ceiling on that tax for 
residents, Paris is to provide 
instant quotes for trades in 
blocks of FFrlm shares or 
more in its 53 most interna- 
tional stocks from September 
19. This, the bourse hopes, will 
repatriate most block trades in 
French shares from London. 


% ASIA PACIFIC 


LONDON EQUITIES 


Profit-taking tri 


II 


s rises after strong week 


Tokyo • 

Corporate profit-taking ahead 
of this month’s interim book 
closing supported volume and 
the Nikkei 225 average, caught 
between buying and selling, 
finally closed almost flat, 
writes Emiko Terazono in 
Tokyo. 

The index rose 10.90 to 
20,65333 after moving within a 
narrow land between 20,61532 
and 20.67534. Dealers sup- 
ported telecoms-linked shares, 
while domestic institutions 
bought steels. However, arbi- 
trage-linked selling and profit- 
taking eroded most of the 
gains. 

Volume totalled 359m shares 
against 341m. The Topix index 
of all first section stocks 
inched up 1-33 to 1,641-14, and 
the Nikkei 300 by 0.15 to 29937. 
Advances led declines by 514 to 
440 with 216 unchanged and. in 
London, the ISE/Nikkei 50 
index rose 2.10 to 1,340.46. 
Nippon Steel the most active 
v issue of the day, added Y4 to 
Y385, a new high for the year, 
and NEK gained Y2 to '7294, 
Kawasaki Steel however, fell 
Y4 to Y430. 

Contractors were sought by 


overseas investors . Obayashi 
gained Y10 to Y758 and Shim- 
izu Y40 to Y140a 

Telecoms stocks were higher 
oa purchases by dealers. NTT 
gained Y10.000 to Y930.000 and 
NEC Y4Q to YL25Q. DDl on the 
second section, fell Y2.000 to 
Y998.000 an foreign setting. 

Suzuki Motor rose YZ0 to 
Yl,260 on reports that the com- 
pany will supply Fuji Heavy 
Industries with vehicles manu- 
factured in Europe. 

Nippon Shoji, the drug 
wholesaler and manufacturer, 
ended unchanged at Y1.440 in 
spite of the government's sus- 
pension of fts production facili- 
ties for 105 days starting Mon- 
day. Mr John Wilson, 
pharmaceutical analyst at 
James Capel said tbe suspen- 
sion was damaging to the com- 
pany’s earnings, and the stock, 
on a p/e ratio of 24, had stm 
forther to fall 

In Osaka, the OSE average 
rose 2232 to 2239937 in vol- 
ume of 853m shares. 


Roundup 

Profit-taking also affected 
much of the region after firm 
performances during the week. 
KUALA LUMPUR was mixed 


on profit-taking after a strong 
week as investors shrugged off 
the detention In Thailand of 
Ashaari Mohammad, learinr of 
the banned Islamic group A1 
Arqam. Prices fell sharply a 
week ago on rumours of 
Ashaari’s return to his native 
Malaysia. The composite index 
rose 434 to 146038, for a 4.4 
pear cent rise on the week. 

Ekran, the builder, soaring 
M$230 or 12.4 per cent to 
M$22.70 after winning Securi- 
ties Commission approval for a 
bonus issue. 

BANGKOK closed higher on 
buying of blue chips, led by 
communications and banks, in 
spite of occasional profit-taking 
during the day. The SET index 
dosed 1322 higher at 153936, 
up 6J per cent on the week, in 
heavy turnover of almost 
BtlSbn. 

Cathay Finance, making its 
debut, finished at Bt8230, com- 
pared with, its offer price of 
Bt66, hut down from the 
Bt90-95 at which it had traded 
in the grey market 

WELLINGTON remained at a 
five month high, helped by a 
buoyant forestry sector, and 
the NZSE-40 capital index 
ended 1173 up at 2487.75 in 
volume of NZ$672m. 


TAIPEI reversed early losses 
to close slightly above the 
7,000-point resistance level as 
plastics regained strength to 
lead the market after consoli- 
dation- The weighted index 
closed up 36.48 at 7,010.63, for a 
13 per cent rise the week. 
Turnover shrank to T$G839bn 
from Thursday’s T$99JKLhn. 

SEOUL dosed lower in mod- 
erate trading following three 
straight days of advances, 
although some primary blue 
chips continued their rally. 
Tbe composite index lost 4.71 
to 94432, for a 0.7 per cent foil 
on the week. 

HONG KONG finished 
slightly higher after a day of 
slow trade as investors were 
sidelined ahead of tbe weekend 
and key US non-form payroll 
data. 

The Hang Seng Index rose 
10.66 to 930136, for a 53 per 
cent rise an the week. 

SINGAPORE finished mixed 
with the Straits Times Indus- 
trials index losing 622 to 
233031 for a 13 per cent rise 
on the week. Cycle & Carriage 
lost 30 cents to SS1L90 after an 
announcement denying 
rumours it was in discussions 
to buy a prime commercial 
building. 


FT -ACTUARIES WORLD INDICES 


JoMiy conyt r-t by Tha Rravct&J Times LUL. Goldman. Sachs & Co. and NatWest Securitas Ltd. h conjunction with the Mftuta of Actuaries and the Faculty oJ Actuaries 


NATIONAL AND 
TSOK3NAL MAMETS 
nguree >i pwentheaes 
rim rontw of Ones 



THURSDAY SEPTEMBBt 
Pound 

Starring Yen DM 
index Index index 




W1 

US 

Dotar 

Mm 

OlNEBOf 

Pound 

Storing 

Index 

hi 

ST 31 1984 ——DOLLAR DIE 

Local 

DM Curmncy S2 weto 52 week 
Index Max High Low 

ex — 

Year 

■go 

(approx) 

US 

Doflar 

Indax 

Days 

Change 

96 

Lotto Local 
Currency % c tig 
Index on day 

Grose 

Dtv. 

Yield 


178.73 

-1.2 

17002 

112.60 

14853 

1SB97 

-19 

3.r6 

18052 

174.47 

11450 

14857 

16154 

189.15 

13924 

14895 


194^1 

0.7 

18759 

122.79 

16080 

159.75 

05 

190 

183.64 

18653 

12252 

15899 

15682 

19541 

16464 

174.71 


.17498 

0.1 

16852 

110.18 

14038 

13099 

OO 

395 

174.79 

168.05 

110.68 

14042 

14095 

178.76 

143J32 

147.19 


_135.72 

0^ 

13063 

85L51 

11197 

13442 

-0.1 

252 

13544 

13008 

06.76 

111.13 

13452 

14551 

12054 

128*42 


263.48 

as 

24356 

159-68 

207.82 

21446 

. 0.7 

190 

25155 

242.72 

159-29 

206.41 

212.94 

27679 

22394 

225.63 


.174.05 

-19 

16752 

109. OS 

142.70 

1BS94 

-15 

0.76 

17033 

17018 

11157 

14470 

18851 

17635 

10426 

10638 


_1TSJ01 

-IX 

18044 

11025 

1*3.48 

14016 

-19 

297 

177.10 

17097 

11020 

14559 

15014 

18637 

15954 

10057 


14791 

-a s 

14197 

9293 

12093 

. 12093 

-09 

1.70 

14020 

14390 

8395 

12191 

121.61 

14620 

12499 

12594 


_ jmw 403X8 

-02 

38048 

25496 

33060 

40042 

-02 

3.06 

40443 

3S022 

25009 

33196 

401.28 

50656 

292.08 

207.00 


_ >1092 

OO 

203.01 

13298 

17293 

16646 

-03 

394 

21098 

20357 

13350 

17012 

19896 

23098 

16194 

17048 


83-36 

-08 

8023 

5252 

6895 

9844 

-07. 

158 

84,03 

6198 

5321 

6895 

9013 

97.78 

5798 

7651 


104,40 

as 

16024 

10357 

134.70 

10357 

09 

074 

16852 

15757 

10351 

13426 

10351 

17010 

13454 

15684 


i®400 

ZB 

542.86 

35532 

46242 

G6G51 

29 

149 

5479H 

528.75 

347.00 

aea.ee 

54098 

621*63 

392.03 

394.67 


2758.37 

■JXB 

2173.08 

1422.78 

185156 

3383JS 

-19 

1.80 

2277.73 

2167,70 

144290 

16GBJ9B 

645351 

264796 

1S1S.11 

1734.10 


_J714L48 

-08 

20044 

135.12 

17595 

173.18 

-0.7 

351 

21572 

20014 

13650 

177:oi 

174.40 

2*17.02 

1 BO-25 

18594 


7497 


71.78 

4898 

61.14 

65.67 

19 

354 

7352 

7034 

4656 

0053 

6494 

7759 

5022 

61.16 


„ 205.05 

-19 

16756 

*129.18 

168.12 

18093 

-15 

172 

20757 

20037 

13150 

17040 

196.10 

211.74 

165.52 

17296 


_„_J8770 

1-0 

353.43 

23198 

301.11 


19 

1.87 

383.78 

35096 

230134 

29848 

25144 

37092 

28591 

28590 

South Africa (53) 

__._3n2.77 

-ai 

29141 

19074 

24893 

26078 

05 

2.10 

303,17 

26252 

19197 

248.78 

29619 

30544 

17593 

19396 

- 1409S 

-19 

13067 

88.73 

115.48 

13049 

-19 

4.13 

14398 

13892 

90.78 

117.83 

141.08 

15679 

12688 

137.70 

SZUTii 22390 

09 

214J82 

14068 

183.06 

26441 

05 

157 

22193 

21355 

140.1 S 

18191 

268.17 

23195 

17593 

100.99 


-1B293 

-01 

15063 

10246 

13394 

13850 

-06 

192 

18254 

167.12 

mu 

13392 

13427 

17656 

135.70 

13670 


2Q2J28 

-07 

164.70 

1Z744 

16086 

164.70 

-19 

390 

203.70 

19652 

12994 

16791 

19852 

21496 

181.11 

18030 

USA {SI 7) 

193.11 

-05. 

18597 

121.68 

15893 

mn 

-05 

2.7B 

19497 

187-20 

12259 

16025 

19407 

19604 

17895 

18026 


17490 

-06 

1B798 

10893 

14397 

-16756 

-OB 

295 

178.63 

16948 

11191 

14411 

15858 

17658 

15398 

15795 


2T793 

03 

20943 

13796 

17896 

21196 

ai 

140 

21697 

20945 

13792 

17795 

211.78 

22293 

173.19 

17392 


. 174J24 

05 

187.70 

109.77 

14295 

114.67 

09 

1.05 

173.43 

16754 

109.82 

1425T 

11462 

17686 

13479 

18305 


.17492 

OO 

167.60 

106.76 

14294 

13190 

-09 

195 

17493 

186-11 

11033 

14296 

15W.M 

175.05 

14398 

16060 


18995 

-05 

182.44 

11842 

15041 

18007 

-05 

2.78 

18044 

183.74 

12058 

1G696 

16997 

162.73 

17667 

165.49 


156-83 

-06 

1489B 

68.17 

127.76 

13865 

-07 

258 

156.76 

15150 

MM 

12692 

13894 

lfiB.12 

13497 

13724 


&OJ54 

04 

25943 

16891 

22096 

23077 

04 

2.70 

5g 

269.12 

17096 

22057 

23682 

29621 

20013 

20470 


175.76 

ao 

188.17 

11073 

144.10 

13S54 

-03 

197 

17S.78 

18951 

11151 

14424 

13597 

17637 

14658 

16082 


_ 17895 

-0.1 

17196. 

11296 

14692 

14036 

-09 

291 

17857 

17290 

11398 

14653 

14691 

178-07 

15596 

16795 


178.70 

-02 

17296 

11391 

14793 

10253 

• -04 

290 

18003 

173.71 

114.00 

147.72 

15293 

18003 

15054 

16025 

WWdEK.-teP»4( 1HB ^- 

191.12 

-06 

18395 

12040 

18699 

18255 

-05 

291 

18290 

1BS26 

12158 

15755 

18351 

18620 

17404 

17696 

Tt» Mtarid IndmCIGfl. 

18047 

-02 

173.70 

113.09 

14796 

15342 

-04 

250 

18090 

17445 

11440 

14695 

15490 

18090 

15895 

18029 


COMriaht Tin ftraraM **** MMVItat SeaaUn UmMt 1887 

imbiih am unaw ls Ma to two «$**»*■ 


LIFFE EQUITY OPTIONS 


HSES AND FALLS 


Option 


— cm Puts — 

Oct Jh Apr Oct Jan Apr 


AJrinHjom 589 38 - 

{■*12 ) 638 1214 - 

ATOl 280 22 Z7 

(*292 > 300 11 1M 

ASBA 
(•*5) 


- 9 - - 

-mm - - 

as B IStt 19% 
25 18 2B 30 
n 7H 10 11 » 4 EH 
70 S 5 BH 7% 9% 11 


Oti Minors 390 33 4214 53 7 1514 21 

[*412 ) 420 15% 28% 37M 20% 80 35)4 

SMBdHA 420 38% 48% B% 7H 15J421M 
{*447 ) 40 15% 25% M 2S% 34 41% 

Boots 550 ZM 33 48% 17J4 28 39 

600 SM13M25US2M 60 BS 

BP 390 38 44 61 5 12 18 

f41B J 420 18 28% 34% 18% 2444 29% 
BrittSM IN IB 15 WH B> 10 13 
{*162 ) 180 3 6M 11 IBM 22 24H 

Bn 550 4BMBBK B3 754 20% 32 
(*583 ) BN 17 273BM29H47H57 

ttfeiNs 420 4BH 57 87 654 IBM 22 
(*4S5) 4a Z1 36 48 23 34 3BH 
Contain 500 32M43M S5 12 22 28 

(*516) 550 BJ4 WM 31 39 50 56 

COnnlMn 550 23 STM 4BM 16H 24% 30 

(*552 ) BOO 414 ,T0 25 52 55% 68 

K3 800 53M 78 a 12 25 40 

(-832 ) B50 24 48 a S4M 40M B5M 

KtaaMtv 5m 38 58 6IH12H2DM 26 
(-525 J 550 11 28 37 39% 48% 52 

Land S0»r 660 21% 32% 46% 17 27V4 30)4 
[*650 ] 700 444 13 24 52H SOM 62 

Mztfa & S 420 20% 31 40 B 17% 21% 

[*428 ) 4a 4 13 Z1M 34 40 44 
rawe s t 460 46 58% 63% 6% 13% 23% 

{*433 ) 5U IBM 35 41 22% 30 43 


420 42 5DH 8044 7 15ft 2044 

(*451 ) 4a ISM 28 BBM 22M 33 3BM 

SMITtm. 7a 18 SIM 4444 24M 33 46% 

flSl 1 BOO 4 ISM 2* 64 68M 78 

StoratUV 220 11 IBM 21 B 13 1744 

r220) 240 344 8 1244 23M SB 2944 


a I IK H 5» B11M 
1U 2M 544 844 1214 1544 IB 
11 DO TOW 90 108 BH 24 Ur 38 
1150 37M S 7544 30 46 SOM 
(SOD 38 56% BB 18% 23% 47 
830 1344 32 44 40* a 7444 
Aw Feb May Ho* Feb lb, 


n»> 


nM9) 


(*823 J 
Optim 

Grand Mat 
C443 ) 


HE) 

VM 

C330 ) 

Opfcn 


42D38M 45 
4a 18 24 
160 1244 18 
180 G 1044 
33018% 23% 
3C0 5K12H 
G« Me 


BEM 10M 
3244 » 
21H10M 
1354 2444 
23 16 
IBM 3914 


18M 24 
3944 44)4 
13M 17M 
27 3054 
23 32 
4244 5144 
Me Mm 


Rots 

nsi ) 

open 


140 M 77 

160 3 6M 


n» s 

10M 12H 


6J4 9 
18 2014 


to WIByM Fflti.MBT 


Brl ATO 500 3814 GS 66% 26% 38% 48 

rS13) 5S0 17H 32 44 SB 65» 74 

SAT kxB 420 40 57 82 844 13 31)4 

(*451 ) 4a » 33 38M 28 30 41M 

BTR 3E0 30 30 4254 9 1244 IBM 

(*383 ) 390 UH2DH 27 23 27 3314 

Bril TOOT 360 39 42 48 454 SH 13 

1*389 ) 390 IBM 2344 31 14H 23 28 

Crtuyftft 460 33% « 51 11 15)423% 
(*484 ) 5m n » 31 30)4 SB 44 

Eatm Bee 750 74 a 101 23 32 3844 

(794) 800 44 64 74% 46 55 B1H 

Ottawa 460 41% <1% 68 ft 14 2044 

{*480} 5m 17 a 35% 27% 32% 3944 

fflC 300 1044 M 20% 11% 1554 IBM 

nm } 3a s a km 3iM 34 m ssh 


Option 


Cab Puts 

bw FoB Hay Nor Ftf May 


240 20 23M2BM 5M BM 12% 

2E0 BM 13 IBM 14% 19 22)1 

134 22 - - 4 - - 

154 fl» - - 12 - - 

Itt 23 2BM29M B 9 12 

7S0 11 15 IS 16 19 23 


(*252 ] 
Lama 
(*151 ) 
Laos tots 

n*n 

PA0 
reoi ) 


n») 

Prudential 
(*332 ) 

RIZ 

RedSend 
rS57 } 
Boyat toes 
(*286 ) 
Testa 
C247 J 


650 44M B1M 7t» 
7m 1938% <7 
180 24% ZB 3044 
200 10 1344 19 
330 TOM 24% 29 
3a 6% 12 IBM 
BSD 39 78% B3 
00 O 82 68% 
550 29 44 61 
BO 1044 2344 30 
20 a 38 044 
30 17% 27% 32% 


21 3ZM45M 
a a 72% 
4 7)4 9% 
13 17 19 
16 21 28% 
38% 39% <7% 
22)4 34 40 
4744 59 0944 
27 32 44% 
B1 63% 7B 
11 14% 19% 
21 23% 29% 



Maes 

On Friday 
Fate 

Same 

— — — On tha week 
Rtses Ftfls 

Same 

British Funds 

0 

62 

8 

124 

117 

39 

CJttwr Fixed Interest 

0 

0 

16 

11 

10 

39 

Mineral Extraction 

66 

53 

79 

255 

220 

320 

General Manufacturers 

155 

105 

384 

545 

468 

1.663 

Consumer Gootfc 

46 

31 

110 

187 

146 

415 

Sendees 

80 

68 

3E7 

355 

326 

1.330 

Utaiks 

12 

28 

5 

57 

97 

26 

Rnrmdata 

72 

95 

201 

341 

366 

767 

Investment Trusts 

80 

68 

319 

375 

326 

1.168 

Others 

24 

60 

2S 

192 

143 

116 

Totflta 

544 

588 

1,473 

2.442 

2919 

5.783 


Daw bamt on (how ou mpenlee Med on M London Stan SaVca. 


TRADITIONAL OPTIONS 


CZ00) 


rsaj 

Opaaa 


240 17 M 28 10% 14% 18% 
20 8 14% 18% 21% 25 29% 

183 24 27% - 4% 8 - 

200 13% 18 23 11% 15% 18 
30 5% 27 33 38% 18% 26 
30 2% 14 18 67 37 « 
Oct Jm Apr Oo Jan Apr 


Rrrt Deadngs 
Last Daalngs 


August 22 
Septembers 


E*p*y 

Settlement 


November C4 
December a 


BAA 500 21 28 37% 16 22 26 

fSB2 ) 525 BM 16% 2E 30% 36 40 

ItaBiH- 500 38 47% 64% 7 19)4 22% 

COT ) S50 13% 23 50% 31 45 48 

Opfon to he Dv Sqi to to 


Cals; CMrosdenca, Cotp Service, Danes Eat, Gardiner Op, Marine ft Merc. Madeira, 
NFC. Real Time CnM. Rolte-Royoa, Shelton (Martin). SunMgh. Tndpota Tech, 
Tusker. Puts; Holla noy ca Puts A Calls: HSBC, Pork Foods, Tadpole Tech. Tarmac. 


LONDON RECENT ISSUES: EQUITIES 


MOW toll 
(■CO > 
fewrad 
(*31 ) 
todays 

reflB) 

Btae Oh* 
DIO) 
MHi Gee 

rai 

Dtott m 

reo?) 


420 13 
40 2 

30 3 

35 1 

550 41% 

em ii 
am a 

330 8% 
200 22 % 
sm im 

200 13 
220 4 


a as 
11% 18 
4% 5% 
2% 344 
5844 TC 
a 4i h 
32 41 
IB 24 
28% 30% 
15 O 
22 25% 
12% 16 


12 20% 29% 
43 46 54% 

2 3 4 

5% 6% 744 

3 13% 21% 
23% 35 46 
3% 11 16% 
18% 26% 32 

2 844 12 

8 IBM 20% 

5 11 15% 
15% 22 Z7 


C17H » 
Lonrtn 
H43) 

Matt Pnner 

reis) 

Seal Rw 

r«B) 

Saras 

n») 
Forte 
far i 
Tanaac 
(*181 ) 
Titan EM 


160 21 23% a 1% 4 6 

180 B 11 IBM 7% 13 15 
140 7% 14 IB 5 9 13 

lO 1 8 8% 19% 22 25 

900 a 40 51% 8% 22 25% 
560 4 17% 31 38 SO 53% 

3m a 40 45% 5 15 IBM 
420 0% 24% 0204427% 33 
120 4% 811% 4% 7% 9% 

130 1% 4 7 12 14 16 

220 21 25% 30% 2% 7 11 

240 7 HWt S 18 21 

160 8% 15 18% BH 14 IBM 
10-2 7 1144 2144 2744 29% 

1000 35 68% 80% 16% 34% 52% 


toauo Amt 
price paid 

P «P 

MM. 

cap 

(Cm.) 

1894 

High Lew Stock 

Ctoso 

price 

P 

♦/- 

NO 

div. 

Dm. Gn 
cow. ytd 

P.'S 

not 

- 

FP. 

25.9 

100 

92 {«Aroma£can 

96 

+1 

_ 

- 

- 

- 

FJ>. 

20.4 

89 

81 Ba«<> G Shn Wns 

81 


- 

- 

- 

100 

FJP. 

19.4 

IOC 

100 Beacon Inv Tst 

102 


- 

- 

- 

- 

FJ>. 

1.79 

48 

43 Do. Warrants 

47 

-1 

- 

- 

- 

165 

FP. 

741 

173 

IBS Chaitberian Ph. 

166 


W73 

1.0 50 

216 

- 

FP. 

1-56 

It 

1*2 Conti Foods Wits 

1*2 


- 


- 

120 

FP. 

129 

133 

118 Copyright Pram. 

125 


UN1JJ 

20 10 

446 

- 

FP. 

X>9 

94 

91 NVESCO Jpn Disc 

92 


- 

Wi 

- 

- 

FP. 

3-36 

SO 

42 Do. Warrants 

40 


- 

- 

- 

- 

FP. 

- 

77 

63 JF R Japan Wrta 

65 


- 

- 

- 

- 

FP. 

21.7 

S2 

35 $*48BiiU1i Power 

52 

43 

- 

- 


23 

FP. 

109 

31 

29 OrUs 

29 


- 

- 

- 

- 

FP. 

060 

17 

Do. Wanna 

17 


- 


- 

- 

FP. 

IPS 

40 

39 PetrocWtrc 

40 


- 


- 

ISO 

F.P. 

181.1 

IK 

157 PBar ftoperty Im 

160 

42 

LN3.7 

*- 2S 

- 

- 

FP. 

4.7B 

44 

36 Sutar Wita 99AM 

41 


- 

- 

- 

100 

FP. 

3.81 

105 

97 TR Em Gtti Ptg 

105 


- 

- 

- 

- 

F.P. 

2 M 

35 

29 Tops Eats Wrts 

30 


- 

- 

" 

RIGHTS OFFERS 







Issue 

Amount Latest 





Closmg •K>r- 

price 

paid Reran. 

1894 




price 


P 

UP 

date 

hfigh Low Stock 




P 



3rt0 


lljpm >spm Raglan Props 


FINANCIAL TIMES EQUITY INDICES 

Sep 2 Sep 1 Aua31Aug30AuageVray> 


ipm 


"High low 


158 

220 

11 *1% 25% 4 

9 15% 

Ordinary Share 

250 02 

2509.4 

25350 

2539.9 

2552.0 

2390.7 

271 3-B 

2240.6 

p27) 

240 

4 It 15% 15% 

21 26% 

Onl Ov. yield 

4.08 

407 

4.03 

4TJ3 

4.00 

3.86 

4.46 

3.43 

TOBttS 

220 

22 28% 32 2 

6 S% 

Earn. ytd. % liil 

5^7 

5-8S 

5.80 

5.T9 

5.7S 


6P0 


rZ38 ) 

240 

GK 16 20% 8 14% 18 

P/E ratio not 

ia24 

1027 

ia44 

18.40 


20.02 

33.43 

17.89 

INMcaara 

7m 26% 53 71 22% 40% 53 

PSE ratio nfl 

1084 

IBS 7 

19.05 

19.09 

19.19 

25.88 

3030 

18 61 

(701 ) 

750 

B 30% 49 58% 

71 B1 

for 1994. atony Sto» Max tinea aenmtoion: hoti 2713£ 24B.94, lew 49.4 2tV4) 


Opfcn 


Od Jan Apr Oct 

Jan Apr 

FT atony Stun Mm bon tola VTOS 







Ban 800 40% SG 64 24 38% 47% 

real ] eois% 32 4i a«% 74 

HOC&to 700 6244 B7% 106 22 39 62 

("744 ) 750 34% M% 19% 45% 54 B7% 

Raders 500 28 44 044 13% 24 31% 

(-510 ) 513 21% - - IBM - - 

Option May ran Hey toy Fed toy 

MfrftyH 180 12 17%2B% 1144 14% 18 
(180 1 200 S ftMIZM 25 27% 31 


Ordinary Share hourly changes 

Open &00 10.00 11JD 12J0 iaOO 1*J» 1&00 1&JQP High 


Lew 


25003 2515.8 2617.7 2524.2 2522 J? 2519.D 2518.9 2S15J 2507.8 2525. 1 2505JJ 
Sep S Sep 1 Aug 31 Aug30 Aug 26 Yr ago 


■nitty p rice. P remiums ton are 
tog trinr prices. 


h toto j on cfcnt rfl 

September 2, rota con t ract!. - =2,4*4 CaQc 
14J07 PutC 8J7T 


S6AO bargains 28£59 29,323 31.643 35,620 

Equity tumouer (Bn»r - 16560 1527.8 121 8.0 

Equity (against - 34.122 35026 38,374 

Shares haded frrftf - 6B7.9 583J 463J2 

TExctudkig kmo-imriiai burinem raid eeracea e tanover. 


32.402 30503 

1509.0 1489.5 

35563 43.902 

504.0 694.4 


FT GOLD MINES INDEX 


S«P Kcl* too too 
1 today 31 30 


Gran dr 
|Wd% 


Z Lara 


MU Neat Mur (36) 209828 208237 208884 1876.10 2J44 226740 1572*6 


Africa OtS 


322224 +03 31S2JSB 31714S Z34&83 
299690 -22 275641 7711.09 2261.79 
1878m +1 3 165342 1832X8 168339 


422 344080 190223 
194 301188 168118 
077 203066 136300 


Nanh 4 aerica(t 2 } 

CtapyrigH. The RnencW Thrad Linked 1994, 

FtaMSkt bracket! ttuw rantber ot cerapeeM. Bee* U9 Mtaa. Bme Vrikm: 1000.00 31/12*2. 
PKOecnaor Gold Itoee Wdrae Sap 2 : WJ8 : days ctongra *79 potato v<w ages 1703 f WM. 
t— pitaae more wmtoetile to Brie toBaa 



Appear in (be Financial Times on Tuesdays, Fridays and Saturdays. 
For further information or to advertise in this section please contact 
Karl Loynlon on +44 71S73 4780 or 
Lesley Sumner on +44 71 873 3308 


FINANCIAL TIMES 






FINANCIAL TIMES WEEKEND SEPTEMBER. 3/SEPTEMBER 4 1994 


BANKS 


CHEMICALS 


LONDON SHARE SERVICE 


ELECTRONIC & ELECTRICAL EQPT - Cont. EXTRACTIVE INDUSTRIES 


Ham 

AW Aim H 

AK2A5 . . _ 
flHWT mtad 

rwedkianre -f+HI 
Aagu MSI IE... 

AseTOY 

Banco BUWPB . 

Banco Son PU . — ■ 

Intm t£ .. _ A. 257 

BauhS«ftand..4H- 
9VpdPI 

94.De W... - _ 

apciBB *W- 

UfcMtonY 
DeutoJieOM 
Esanro Santo 
fimmRii . — - 

6XpcCfPI 

7kC.PL 
Full Bank Y 



a!** 9 * 


NOBS 


AMOR “I). 

46 14 1 AMCMO -jfl- 141 
49 98 AmqerVM N TfS 



1984 MM 
too CaoOn 

EJH £g 



HI -318 — 

-2 247 

_ 1*1V 

148*3 
•7 MO 


, *£13 


Y 1488*1 -I3V 1549V 

iW tj= 798 * 10 1,5 3 



69 .?! SSTw-'' r.Z Wg 

“ A SS S :! -m if SS 


, £12U £10 

am £270. 


tH“ 

iw5a t,S ? S * , -tfc EMU ♦8*5 880 519 7.303 
Sn ET8JS -il E1BJJ E1S>8 47J£S 

SEKiSbt— - asrV -i3j< tug. «v* iixra 

■flH TaiBcV _ 743 -1* 879 514 8.599 


8-5 iff : - AN" „ 

9.1 aaywDM . . _= «Sg| 

33 Brent _ XI- 1*7 

JO 170 W6W-.. »- 

1 D 1 - CaiiiunujttoS ■ v 

rQ 1 - Canning i«l W_ 

3.9 18.1 Cementa*. « 

05 - Vfciraais.. - - - 
il - DMBUKb. — {*= 

i? “Bfe:.--* 

- EnorteidS .. 

- EunweanCoKwSiU. 

' Bunn Lyons. - £N 


770 

18 

134 

88 

23 

517 


. -373 287 438.1 

~>i; ElBOjV £129|j 10X87 


111 


I 


121 — 133 

n, 8 + “a 

13Bd 148 

jtosai ■ WZ 177 ... 223 

itegSoW...^. 0484 -BOJgCI^, 


233 
IS 
153 
62 
23 020 

467 2JJ78 
337 5095 
99 128 

£l4ij ljB76 
35V 172 

1 12 128 
180 311-3 


amaimj.ttiz asd *3 -asav 223 100 


_ 742 V 

H2tAa9AS.. - - 1 613 -6 

HaWeS tHZ 494S -7 

OrttiBnne fFr . . £21 V 

PytB65cama «M -3V 

Salon f 

SanaaY — . 

SantodQaW 

TWpcPrt .. -. 841.01 -V lira** 

SunmioY ElZji -i Hfi 

SuMnmo TstY . 879*4 -6V 1148*2 

158 . . tNZ 227VS1 *3*2 2S1 

rarer - . ewi . “* 

TojoTSBBiY 781*1 -*4 

Y/enpxAS — ... 216 

Y J3U83 Tst Bk Y ..» 570 -3'. 


BREWERIES 

wee i 

Ascot Hup “ 

Boss... KL 

BocangBm H_ 

Buvnuood - . H 

BdrtdBe.PuwA.4tll 
FosnaS- 
Fuussta. .. 

GtbosWsw - 
Oeensto.. „. 

Greene iarw - N_ 
Groswiorkins. ■5 *aii 
H ull LD J« 

wont 

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World 
Leader 
in rolling 
bearings 


FINANCIAL TIMES 

Weekend September 3/September 4 1994 


MoDo 


PULP, PAPER & 
PAPERBOARD 


Houston-based SCI set to become Britain’s biggest funeral company 

US burial group expands in UK 


By Simon Davies 

Service Corporation Inter- 
national, the biggest funeral com- 
pany in the US. achieved the 
same status in Britain yesterday 
through a recommended El93m 
offer for listed funeral group 
Plants brook. 

The announcement follows 
SCI's hostile but ultimately 
successful battle for Plants- 
brook's only listed competitor. 
Great Southern Group, and will 
give the Houston- based company 
15 per cent of Britain's funeral 
market. 

Plantsbrook buries almost one 
in 10 Britons, and made a profit 
of £12m last year. Its geographi- 
cal strength is in northern 
England, whilst Great Southern 
is strongly focused on the south. 


makin g it a logical fit. Mr Bill 
Heiligbrodt SCl's president, said 
the company intended “to con- 
tinue our policy of vigorous 
growth within the UK". 

The bid for Plantsbrook was 
not unexpected. SCI bad already 
purchased S.4 per cent of Plants- 
brook, and was known to be in 
discussions with the company's 
largest shareholder. Pompes 
Funebres Generales (PFG), which 
holds a 46.3 per cent stake. 

SCI is paying 175p a share for 
PFG's stake, and the board of 
Plantsbrook has recommended 
the offer to shareholders. 

. The oETer represents a lOp pre- 
mium to Plantsbrook's closing 
price on Thursday, but a 113 per 
cent premium to the S2p a share 
price before SCl's offer for Great 
Southern, on June 9. SCI has 


made no secret of its ambition to 
spread beyond the UK, and it is 
understood that it has also dis- 
cussed the possible purchase of 
other PFG funeral businesses. 
“We do want to be active on the 
continent", said Mr Heiiigbrodt. 
PFG controls about a third of the 
French burial market, and 
funeral businesses from Africa to 
Singapore. 

SCL which has a market capi- 
talisation of $2.2bn <£1.4bn), has 
been the most acquisitive of the 
US funeral groups. It is set to 
invest J250m this year in North 
America alone, with a further 
£306m on its two UK purchases. 

It also operates Australia’s 
largest funeral business, and has 
a substantial presence in Canada. 

The UK funeral industry has 
consolidated rapidly, following a 


spate of takeovers during the 
mid-1980s. About 25 per cent of 
the UK market is accounted for 
by various branches of the Co- 
operative Movement, but SCI will 
be the largest individual burial 
group, performing more than 
80,000 burials this year. 

SCl's bid for Plantsbrook is 
unlikely to be referred to the 
Monopolies and Mergers Commis- 
sion, given the combined market 
share for funerals of 15 per cent 

Any concerns would focus on 
p re- paid funerals, where Great 
Southern has a 65 per cent mar- 
ket share, and Plantsbrook a 15 
per cent shar e. However, it is a 
small market, with few barriers 
to entry. 

The offer for Plantsbrook is 
contingent upon there being no 
MMC referral. 


BaUadur pledge on Renault 
sell-off as profits rise 125% 


By David Buchan in Paris 

Renault, the French car group, 
yesterday reported a 125 per cent 
rise in first half profits to 
FFrl.Thn <i’200m>. Though the 
increase was largely due to finan- 
cial gains, it was particularly 
well-timed to encourage the gov- 
ernment to sell put of the state's 
stoke in the group. 

At the same time, prime minis- 
ter Edouard Bahadur confirmed 
In a press interview that the 
state would retain a majority 
stake in the vehicle group after 
any privatisation. 

Indicating his desire to bring 
back under French control some 
or all of the 20 per cent stake 
held in Renault by Volvo of Swe- 
den. he said: “We will proceed 
progressively to make Renault 
French again, with the state 
retaining the majority.” The Ren- 


ault group's turnover in the first 
half of this year was virtually 
unchanged at FFr89.9bn on the 
same period last year. 

This masked a 9 per cent 
increase in car sales in Europe, 
outstripping the general market 
rise of 6.8 per cent in registra- 
tions. Renault also enjoyed an 
11.4 per cent increase in the turn- 
over of its trucks in Europe and 
by its north American subsidiary. 

However, many of the cars sold 
in France and Spain were small 
ones, helped by special govern- 
ment incentives. These brought 
relatively little profit. In addi- 
tion. the first half saw a 40 per 
cent collapse in sales in Turkey, 
which last year was Renault's 
third largest market world-wide. 
Renault dealers also reduced 
their stocks to an historic low by 
the end of June. Operating profit, 
therefore, amounted to FFr66Sm, 


compared to FFi774m in the first 
half of 1993. But net financial 
income rose to FFr640m in the 
first half as against only FFrl60m 
a year earlier, chiefly from a 
FFr302m profit made on the par- 
tial sale of a Renault operation in 
Argentina and from a FFr488m 
profit made on last February's 
sale of some of Renault’s shares 
in AB Volvo, the French car com- 
pany’s erstwhile partner. 

The Bahadur government is 
due by mid-September to decide 
whether to put Renault or the 
Assurances G6n6 rales de France 
insurance group up for sale first. 

The government has already 
approved a specific privatisation 
decree for AGF, but has yet to do 
this for Renault This week AGF 
announced an inopportune drop 
in first hair net profits. 

See Lex 


Proposal for small companies 
market wins cautious support 


By Richard G outlay, Gillian 
O'Connor and Gillian Tett 

Loudon Stock Exchange 
proposals to help small compa- 
nies raise capital were given a 
cautious welcome yesterday but 
there were strong doubts that the 
proposed new market would 
interest institutional investors. 

A leaked draft of a consultative 
document due to be published 
next week suggests the stock 
exchange \< planning to set up a 
lightly regulated Alternative 
Investment Market. 

The exchange hopes the new 
market will provide existing 
small companies with a market 
for thou* shares and new compa- 
nies with a way nf raising capital 
that is far less costly than a flota- 
tion on the Official List. 

Mrs Katie Morns, chief execu- 
tive of CfSTi.1. the City Group for 
Smaller Companies, welcomed 


the exchange's move. “We are 
delighted to see that after two 
years and hard lobbying we are 
seeing some action." she said. 

But some venture capitalists 
who are keen for an alternative 
to the Unlisted Securities Market 
(USM), particularly for rapidly 
growing hi-tech companies, were 
more cautious. 

“I wonder if institutions will be 
willing to got involved in a mar- 
ket that is not policed as well 
against fraud as the main market 
or the USM." said Mr Ronald 
Cohen, chairman of venture capi- 
tal group. A pax Partners. 

Some investors believe that 
young growing companies in the 
UK are failing to raise venture 
capital because there is no exit 
route to a regulated but easily 
accessible market such as NAS- 
DAQ iu the US. The proposed 
market would be a modified ver- 
sion of the exchange's occasional 


trading facility - the rule 4 J2 
market - which already allows 
the trading of shares in a very 
lightly regulated market 

The stock exchange says Euro- 
pean Union rules are forcing 
more regulation on this market 
Next week's proposal will form 
part of the stock exchange's 
seven point programme 
announced in April to help 
smaller companies. 

Mr David Macnamara, a direc- 
tor of Winterfiood Securities, 

mar ket mak ers in smaller com- 
pany shares, commented: “We 
are very interested in any new 
smaller company market, pro- 
vided it is regulated properly.” 

Some investment firms have 
already launched funds which 
are intended to concentrate an 
companies traded on the 4J mar- 
ket and its successors. 

Serious Money, Page n 


Child Support 
Agency chief 
resigns post 

Continued from Page l 

to run the agency from the men- 
tal health charity Mind, where 
she was director. Her resignation 
coincides with political anger 
over Thursday's transfer of 
Republican prisoners to Northern 
Ireland by the Prison Service, 
headed by Mr Derek Lewis, a for- 
mer television executive. The two 
events may revive concern 
among some MPs about the 
appropriateness of recruiting peo- 
ple without Whitehall experience 
to run public agencies. 

Mrs Hepplewhite's successor, 
Miss Ann Chant, is a career civil 
servant with 31 years' experience 
who has been chief executive of 
the Contributions Agency since it 
was formed in 1991. 

Mr Lilley, replying to Mrs Hep- 
plewhite's resignation letter, paid 
tribute to her “courage and dedi- 
cation" in introducing reforms 
underpressure. 

Ministers hope that an 
improvement in the agency’s effi- 
ciency may defuse criticism of 
the wider child support policy. 
Critics say only a considerably 
more flexible approach to pursu- 
ing maintenance payments will 
achieve that. 


Three Graces 


Continued from Page 1 


remaining money before an 
export licence was due to be 
granted to the Getty Museum. 

“The deadline was looming,” 
Mr Clifford said. “We were going 
to have to raise £100,000 a week. 
I didn't think we were going to 
make it.” 

After the recent embarrass- 
ment of his apology, the crucial 
Thyssen-Bornemisza donation 
represents a vindication for Mr 
Clifford, who will be announcing 
full details of the offer today. It 
is unlikely that he will choose 
this occasion to speculate about 
the baron's relationship with his 
father. 


-L . 


Europe today 

T5v UK will have a narrow band of 
! conhnuous rain as j result ol a north- 
south Ironlal zone. Showers will linger 
ever i ho western i_ik. Another frontal 
rone assoc ia led with a depression over 
the North Soa will produce rain in south 
Scjndinavia. Poland and west Russia. 

The res: of north-west Europe will have 
cloud and sunny spells. It will be sunny in 
central France and Spain but showery in 
Austria. Italy and the south-west Balkans. 
Other parts of the Mediterranean will be 
sunny and warm. The northern Balkans, 
:ho Ukraine and much of Russia will be 
partly cloudy. 

Five-day forecast 

The disturbance now over Italy and the 
Alps will move east during the next 
couple ol days, bringing thunder storms 
to the east Balkans on Sunday. It will 
slay sunny m olher parts of southern 
Europe, but it will become cloudy along 
Spain's northern coast. A deep 
depression over the Atlantic will move 
west, causing changeable and windy 
conditions in north-west Europe. 


TODAY’S TEMPERATURES 




Maximum 

BdJ>ng 

shower 

30 

Caracas 

fair 

31 


Celsius 

Belfast 

shower 

17 

Cardiff 

rain 

18 

ADu CHOSl 

utr 

J9 

Botgrado 

SftOwor 

38 

Casablanca 

fair 

26 

ftccra 

doudv 

ra 

Botin 

law 

30 

Chicago 

Cologne 

f*r 

24 

1 AJgn-n 

sun 

32 

B*wmuda 

thund 

35 

lair 

20 

tnsliHdjm 

lair 

19 

Bogota 

thund 

13 

Dakar 

lair 

30 

AtfVIM 

sun 

31 

Bombay 

shower 

27 

Dallas 

lair 

31 

A'.'.vUa 

dowdy 

C& 

Brusstfs 

lair 

20 

Delhi 

fair 

35 

B. Arcs 

fa-r 

14 

Budapest 

far 

23 

DutCL 

sun 

38 

E.ham 

•win 

19 

C.hagon 

thund 

18 

Dublin 

shower 

18 

Bangkok 

shower 

33 

Cairo 

sun 

35 

OuDrtitfrik 

Shower 

28 

Barcelona 

am 

27 

Cape Town 

fair 

17 

Sdnourgn 

nun 

18 


Wo can't change the weather. But we can 
always take you whore you want to go. 

Lufthansa 


Faro 

sun 

29 

Madrid 

sun 

32 

Rangoon 

rain 

30 

Frankfurt 

far 

21 

Majorca 

sun 

28 

Heyfevik 

shower 

12 

Geneva 

sun 

22 

Malta 

sin 

29 

Rto 

shower 

20 

Gibraltar 

sun 

29 

Manchester 

tain 

19 

Rome 

thund 

28 

Glasgow 

rain 

16 

Mania 

rain 

31 

S. Fraco 

fair 

22 

Hamburg 

Uir 

19 

Mel borne 

shower 

19 

Seoul 

cioudy 

30 

Hetsnki 

hot 

17 

Mexico City 

thund 

18 

Singapore 

thund 

32 

Hong Kong 

fair 

32 

Miami 

fair 

32 

Stockholm 

fair 

18 

Honolulu 

far 

33 

Mian 

lair 

26 

Strastxnrg 

Mr 

22 

Istanbul 

am 

28 

Montreal 

sun 

17 

Sydney 

lair 

22 

Jakarta 

far 

31 

Moscow 

fair 

IB 

Tangier 

fair 

29 

Jersey 

far 

17 

Munich 

fair 

19 

Tel Aviv 

sun 

33 

Karachi 

dowdy 

34 

Nairobi 

cloudy 

24 

Tokyo 

cloudy 

30 

Kuwait 

sun 

44 

Naples 

Bund 

27 

Toronto 

sun 

18 

L Angeles 

cloudy 

24 

Nassau 

thund 

32 

Vancouver 

shower 

21 

L39 Palmas 

Hr 

re 

New Yorit 

sun 

21 

Venice. 

thund 

25 

Lima 

cioudy 

19 

Nfca 

sun 

25 

Vienna 

shower 

22 

Lisbon 

Sun 

28 

Nicosia 

Mr 

34 

Warsaw 

rain 

25 

London 

shcuiw 

22 

Oslo 

shower 

17 

Washington 

fair 

22 

Luxbturg 

tar 

19 

Parts 

sun 

23 

Wellington 

showar 

11 

Lyon 

sun 

22 

Perth 

far 

18 

Wbmlp««g 

showar 

21 

Madeira 

fair 

26 

Prague 

thund 

19 

Zurich 

fair 

20 


THE LEX COLUMN 


Wall Street worries 


The Federal Reserve's chances of 
piloting the US economy to a soft land- 
ing seem to have improved this week. 
Yesterday's employment figures point 
to a slower rate of economic growth. 
Data on manufacturing orders and 
consumer confidence as well as the 
important purchasing managers’ 
report - all published this week - also 
suggest that higher interest rates have 
taken the heat out of the economy. 
But Wall Street, which fell yesterday, 
is in no mood to celebrate. 

Inflationary pressures continue to 
niggle. The manufacturing sector is 
particularly strong, with job creation 
showing no sign of slowing If capacity 
utilisation continues to rise, infiaHnn 
could result Bears can get exercised 
about the overall employment picture 
too; jobs growth of 180,000 a month is 
hardly pedestrian and the national 
unemployment rate is still falling. 
Since purchasing managers also 
reported rising materials costs and 
higher commodity prices that are 
expected to feed through into the 
wider economy, it is still possible to 
paint a bleak picture on inflation - 
though the worries look overdone. 

The bigger problem for equities 
could be that earnings expectations 
have not fully adjusted to the more 
relaxed pace of growth. On a multiple 
of around 16 times this year's forecast 
earnings, Wall Street is anticipating 
that the gamings momentum will con- 
tinue at least into next year. Since the 
economy is slowing and the best of the 
rationalisation gains have already 
been seen, that can no longer be taken 
for granted. Even if the economy 
achieves a soft landing, equities could 
come down with a bump. 

Renault 

The prospects for Renault's privati- 
sation are not as bright as they were 
even a week ago. Not only were yes- 
terday’s half-year results disappoint- 
ing. Comments by Mr Edouard Baha- 
dur, France's prime minister, that the 
state trill retain a majority stake in 
the motor group will also take the 
shine off the sale. 

Renault was able to boast a 125 per 
cent rise in pre-tax profits. But this 
was flattered by a large capital gain 
on the sale of part of its stake in 
erstwhile partner Volvo. Operating 
profit actually fell 11 per cent And 
revenue in the car division was flat, 
despite 15 per cent growth in unit 
sales. There were special factors in the 
half year - notably government incen- 
tives which encouraged consumers to 


FT-SE Index: 3222,7 (+6.2) 


Schraders 

Retahva to S.G. Warburg (sham prices} 



Source: FT&aphfte 

buy cheap cars, so p uffing down the 
average price per vehicle sold. But the 
uninspiring results will spoil the mar- 
keting campaign for a share sale since 
the main bull point was supposed to 
be that Renault was in the midst of a 
strong cyclical upswing. 

Meanwhile, international Investors 
will be worried about government 
plans to keep a controlling stake. Mr 
Bahadur's remarks may be necessary 
to head off twrinn opposition to privati- 
sation. But they will fuel fears that 
wider political concerns could take 
priority over Renault's commercial 
interests. None or this means the 
motor group cannot be sold. Renault 
still looks a more attractive candidate 
than AGF, the insurance group. But 
the government will now have to set- 
tle an a lower price. 

Schroders 

The most striking figure in Schro- 
ders' maiden set of interim results was 
not the growth in group profits or 
even the nearly doubled contribution 
from f und management; It was the 21 
per cent rise in shareholders' funds to 
£740m over the past year. Given the 
group’s high quality of earnings and 
high level of retention, the trend is 
likely to continue. The return on capi- 
tal remains healthy and the company 
increased the dividend by another 50 
per cent But that rise is partly 
intended to reduce the disparity 
between the interim and final divi- 
dends. Even if the final dividend was 
also increased by 50 per cent, the total 
would still be covered five times by 
earnings. While the acquisition, of the 
remaining shares in Wertheim was a 
sensible use of capital, it leaves the 


group with fire power to direct else- 
where. Its eagerness to gain full con- 
trol of Wertbeim's securities business 
raises the question of whether that 
capital might be used to build up a 
domestic distribution arm in London. 

If Schraders' decision not to operate 
as an integrated bouse in London has 
been vindicated so far. there are tenta- 
tive signs that the world is changing. 
Klein wort Benson certainly believes 
its advisory business is benefiting 
from its strength in distribution and 
analysis, and It Is perhaps significant 
that its fee and commission income 
grew almost twice os fast as Schra- 
ders' in the first half. Schroders still 
believes it has no need to be inte- 
grated in the UK and that most of its 
clients prefer using independent advis- 
ers and brokers. Of course, if Caze- 
nove were ever to come on the market 
it might be a different matter. 

UK equities 

The interim results season, which 
started in fine form last month, went 
off the boil a little this week. The City 
had become accustomed to all sur- 
prises being pleasant and was unset- 
tled by some disappointing figures 
from leading companies. Apart from 
Vickers and Rolls-Royce, which are 
somewhat special cases, the disap- 
pointments tended to come from com- 
panies close to the consumer. Lad- 
broke saw profits collapse at its Texas 
DIY chain, though the betting side 
held up. and while several house- 
builders reported an upturn in sales in 
August, the week brought evidence 
from building products companies 
that housing related markets remain 
extremely diffi cult. 

The pattern fits the wider economic 
picture, with exports and investments 
leading the recovery while consumer 
spending remains sluggish. The feet 
that Reckitt & Column's continental 
household products business did 
worse than expected while W illiams 
Holdings' more broadly-based manu- 
facturing companies did better sug- 
gests the rest of Europe may follow 
the same path. 

The equity market reacted quite 
calmly to the disappointments, with 
shares holding on to much of the gain 
made last week. But further setbacks 
for consumer stocks could widen their 
discount against general manufactur- 
ers. With input costs rising - and no 
sign of the retail inflation which 
would allow this to be passed on - 
analysts' forecasts for next year are 
starting to look ambitious. 



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Weekend September 3/September 4 1994 


M otion pictures are 100 
years old next year but 
they are not ageing well 
This summer's releases 
- The Ftintstones, Mover- 
KK /fOfc Cop x Kobocop 3 - SU g- 

gest that Hollywood, for 80 years the 
unfflsputed headquarters of the movies, is 
anWng ever deeper Into a second child- 
hood. 

In 1913, Cecil b DeMifie chose a 
one-horse suburb of Los Angeles for his 
western The Squaw Man. Since then, Hol- 
lywood has grown to reflect the dreams 
and aspirations of America, and to sh»n«» 
the popular culture of the west. 

But what is becoming of it now? Judging 
by this year's alarming and widely casti- 
gated movies, it is turning into a sort of 
box-office Babel. Hollywood on the brink 
of the new millennium ^ a pi ftPC ^ 
movies are overpriced and overhyped, 
competing only for financial return rather 
than critical acclaim or even 
word-of-mouth commendation. 

Of course the Hollywood culture has 
always been tied to box office success. But 
in the past the integrated studios, with 
their own stars, producers and writers 
were at least striving to malm great mov- 
ies. The decline of the studios, under the 
' "7 assault of middlemen acting for big name 
V - producers and stars is throwing up quite 
different products, such as The Flmlstones 
and Maverick (both out of 1950s TV), True 
lies (out of James Bond via Last Action 
Bern) and sequels of sequels such as Robo- 
cop 3 and Beverly Bills Cop & Such movies 
use mass publicity to project tired and 
derivative ideas as ephemeral “hits’*. 

The fees (including shares of profit) paid 
to stars and producers have become so 
huge that studios can no longer afford the 
great and original screenwriters, such as 
F. Scott Fitzgerald, who once worked for 
them. So they do not generate the stream 
of well-crafted stories on which to base 
their productions. 

Many commentators, including me, 
believe that the western film industry is 
dying by indies and that we know who is 
responsible. Hollywood today is a krn gflnm 
under enemy rule. We mean it is ruled by 
the agents and publicists who have staged 
a spectacular coup a gains t the reign of the 
studios. 

The rise of the agents began in 1945 
when the talent impresario Jules Stein, 
president of Music Corporation of Amer- 
ica, bought the client list of the famous 
agent, Leland Hayward. It was an extraor- 
dinary inventory of talent, including 
Astaire, Garbo, Gene Kelly, James Stewart 
and Katharine Hepburn. Stein began at 
once to create from this Hst a new instru- 
ment which would gradually break the 
contractual hold of the studios over the 
stars. 

By 1948, MCA was putting pressure on 
the head of Warner Bros to release Bette 
Davis from a contract that still had several 
F years to run. And one year later Stein 
secured ad. historic, unheard-of profits- 
share deal for another studio escapee, 
James Stewart, for the Western, Winches- 
ter 73. 

The studios, which for a generation had 
thrived by controlling costs and nurturing 
their own talent under tight contracts, 
began to crumble in the face of this 
onslaught. And when MCA itself broke up 
in 1982 - disbanded by Stein as the Justice 
Department began growling about its 
stranglehold on the industry - the stage 
was set for the three replacement compa- 
nies we know today. CAA (Creative Artists 
Agency). 1CM (International Creative Man- 


i\a< : 



Sunset on a 
boulevard 
of inflated 


The agents control Hollywood and, while the 
stars have grown bigger, the pictures have got 
small, writes Nigel Andrews 




agement) and a new William Morris 
Agency took over the talent-handling busi- 
ness and. many people believe, now run 
the entire film industry. And in recent 
years they have enabled stars with 
inflated fees to shape the industry's out- 
put. 

This is good for the talent or at least for 
their bank balances. But bad for audi- 
ences. 

To understand why, let us see how this 
newJook industry operates. Broadly: for 
every Jack Nicholson or Julia Roberts or 
Francis Coppola, there is a Joe Blow or 
Jane Blow, an agent or publicist to act as 
bellows-minder to the myth. Their job is to 
tell the outside world that “Mr Nicholson's 
price for his next movie is $12m plus 2 per 
cent of the gross’* or “Mr Coppola will do 


The Tonight Show but not Oprah Winfrey’' 
or Of you are a journalist) “Miss Roberts 
has never heard of you, go away.” 

As the studios declined, these doorkee- 
pers to the stars became stars themselves, 
in the old-style studio, most employees 
had some hands-on relationship with the 
stuff coming off the line: the movies. Vet- 
eran VIPs will describe the interconnected- 
ness of every studio activity. Publicity, 
marketing, negotiating for roles, even 
yhnniing — for infant stars such as Eliza- 
beth Taylor or Margaret O’Brien - took 
place inside those walls. And however des- 
potic the seven-year contract may have 
seemed, it allowed the studios to plan a 
stream of well thought out movies tailored 
to the available talent 

Today, as the veteran. Billy Wilder says. 


the studios are “like the Ramada Inn. You 
check in, you check out” The people run- 
ning studios now change rapidly, whereas 
the agencies have an awesome consistency 
of top personnel - and of personality too, 
handed down from men such as the CAA 
boss, Michael Ovttz, obsessed with Orien- 
tal disciplines and near-religious team 
spirit 

The studios are like British soccer dubs. 
They reel from one whizz-kid manager to 
the next And when a new whizz kid 
comes In, where does he turn for 
ready-made ideas and projects to jump- 
start his production schedule? Why, to the 
agents. And what is the agent’s main 
interest? To get more money for his client 

Hand in hand with these agents, and 
symbiotic with them in the modern Holly- 


wood are the more recently arrived publi- 
cists. Agents (mostly men) find a project 
for one of their stars and try to package 
him or her with other clients for the same 
film. (The most famous - or infamous - 
example was Legal Eagles, concocted by 
an agency as a vehicle for Robert Bedford, 
Debra Winger and director Ivan Ghostbus- 
ters Rehman. It bombed at the box office, 
costing Paramount $35m and earning a 
small fortune in commissions for CAA.) 
Publicists (mostly women) ensure that 
their star, director or prodigy gets on the 
right chat shows and magazine covers. 

This double act performs the old one-two 
that used to be achieved seamlessly by the 
studies. Get the celebrity in the movie 
project; then get the celebrity in the public 
eye. 


The doyenne of present-day publicists, 
Pat Kingsley of PMK, went into history as 
the first to ask a magazine editor "Why do 
you always get to choose the cover?" 

While the publicists wheedle or coquette 
or menace, the agents flex ever more 
alar m i n g muscle. Sometimes they just sit 
around forcing up clients' fees, until stu- 
dios, like opera-houses, must risk near- 
bankruptcy in order to get the crowd- 
pleasing talent. 

Sometimes agents put the fear or God 
into clients who might desert to another 
firm. And sometimes they graduate to bro- 
kering super-colossal deals as Ovitz him- 
self did in the case of the Sony-Colunibia 
and Universal-Matsushita mergers. 

But Hollywood’s new rulers could not 
have assumed such power without help 
from the pre-existing power of the artist- 
megastar. If the break-up of the studios 
created the opening for these “personal" 
minders and advisers, it also made Holly- 
wood a place where artists’ egos now float 
like dirigibles far above the old studios, 
while the strings are held by the career 
adjutants down on the ground. 

These adjutants cannot, many critics 
suspect, sniff the air as the best bygone 
studio bosses did, nor see the further hori- 
zons of cinema and popular culture. They 
feel only the immediate crunch of career 
opportunity. 

Jeff Berg, head of I CM. has heard the 
bad press before and answers it for me in 
his penthouse office on Beverly Boulevard. 
No. he claims: he and his fellow agents are 
not taking over “We have no interest in 
assuming the role of the studios. We are 
not distributors or financiers or produc- 
ers.” 

Yet do they not have great power over 
what is produced? An agent might tell a 
studio, for example. Look, you can have 
Macaulay Culltin for Home Alone VU1; but 
only if you take two of our other stars plus 
one of our directors and a screenwriter for 
the same project Berg says only that “We 
are a mechanising process between the 
gatekeepers of the studios and the world 
at large.” 

At this point the telephone rings and 
Berg picks it up. “Hi. Terry." It is Terry 
Seme! not so much a gatekeeper at 
Warner, more President of Motion Pic- 
tures. Inspired by tiffs example of sponta- 
neous synerg y I walk round to Warner to 
catch Semel or his fellow supremo at the 
studio, Robert Daly. 

Daly is sitting in a large room with a 
fish tank and a small army of minders. He 
has an empire to run; and if studios are 
crumbling, then top-of-the-box-office 
Warner will be the last one to go. Are 
agents more powerful today? “Yes, of 
course. When Bette Davis was under a 
contract with us, her agent would come in 
and scream and kick and Jack Warner 
would say. Goodbye!" 

Daly chooses an unfortunate example. 
After 1949 it was Bette Davis who said the 
goodbyes. 

But I take the point - and also Daly's 
observation on modem times. “Today, if 
you want Julia Roberts for a new movie 
you have to woo her agent” And do deals. 
“They can demand a lot of rights. Most of 
the time they are asking for more money.” 

And that money, 90 per cent of which 
floats up from the agent to the artist, is 
part of the fine madness guiding modem 
movie practice. $12-$15m per picture plus 
profit-points is now the going rate for a 
top male star - a Tom Cruise. Mel Gibson, 
Bruce Willis or Arnold Schwarzenegger - 


Continued on Page VTU 




CONTENTS 

Finance & Family: What the future 
holds for the markets 1H 

Small business: Cricket captain who 
makes a profit when he loses VH1 

How To Spend B : A 10-step guide 
to affordable mobile 'phones X 

Sport: A very nice little retirement 
scheme XIII 

Books: Exploring the heart of 
Green eland XV 

Interview: George Steiner returns to 
Oxford without bitterness XX 



Natural rose: a bizarre crown 
for the woman who can ‘just 
be herself 


Art* 

Books 

Bridg*. Cfownvort 

Hmm « Fondly 

Food a Drink 

How To Spend It 

DonMcIwson 

Mortals 

James Morgan 

amome 

Perjpecdvos 

Property 

Shong 

Smsfi Business 
Sport 

Mchooi Thompson -*** 1 
novel 

Tv&nodo 


xvu-xvn 

xv-xw 

xzx 

B-W 

xai 

X 
XX 

I 

vm 

XI 
WMC 

xnr 

xn 

WB 

XI 

xx 

XB 

XIX 


The Long View / Barry Riley 

The profits of boom 


Most British investors 
tF X grew effortlessly richer 
fii'-iiWr-i ft during their holidays. 

Events In August con- 
» firmed the broadening 
t jgfgj w strength of the interna- 
tionfll economy, with 
1116 us ^ the UK 
■w m growing at 3% to 4 per 

cent and even troubled 
Germany staging a convincing rebound. 
Stock markets have gained in confi- 
dence. 

Clearly, though, short-term interest 
rates are on the turn. During August, 
key rates rose in the US, Italy and Swe- 
den while French commercial lending 
rates edged up this week, too. The Brit- 
ish authorities may yet come to regret 
their failure to raise UK rates at tire 
beginning of last month- 
At tiffs stage of the cycle, stock mar- 
kets are, classically, subjected to a par- 
ticular kind of two-way pull. Strong 
growth in profits and dividends is drag- 
j ging them up, while rising interest 
rates are pulling them down. This par- 
ticular cycle has been distorted by last 
winter’s bond market crash, but I 
pointed out two months ago that UK 
share prices had drifted back into a 
buying range. It is not yet clear 
whether the main UK indices will get 
back to their January /February h ighs, 
as Wall Street very nearly has; but the 
next market peak will be determined by 
the point at which bullishness over cor- 
porate prospects begins to be over- 
whelmed by concern over rising 
short-term interest rates. 

Daily headlfnes tell us of the surge in 
corporate confidence on' both sides of 
the Atlantic. Big deals are back in fash- 
ion, and mega-mergers are seen once 
again as a triumph of vision in tire 
executive suite rather than a symptom 

of rfangm ins a mp TT P-h tlflriing 

This week’s purchase of Sterling 
Health by SmithKHne Beecham for 
yzibn was presented as a triumphant 
strategic move by SB. Perhaps it should 
rather be semi as a welcome move by 
Kodak, the seller, to extricate itself 
from the disastrous consequences of its 
own ill-judged expansion in the 1960s. 


We can simply note that macho corpo- 
rate buyers are, once again, beginning 
to out-bid the stock market when it 
comes to putting a price cm companies. 

Certainly, there is nothing like a 
healthy stream of profits to add a gleam 
to a chief executive's eye. In the UK, 
earnings per share — on the hams of the 
constituents of the All-Share index - 
have risen by 22 per cent over the past 
year, and dividends by 7 l A per cent 
Investors appear to expect that growth 
rates will be nearly as good over the 
next year, too (perhaps still faster, for 
dividends). 

Curiously, big companies have out- 
performed the rest The top 100, the 
Footsie index constituents, have raised 
earnings per share by 27 per cent In 12 
months, and dividends by 9.7 par cent 
Small companies, which were supposed 
to have greater recovery potential after 
the recession, have increased their 
earnings by only 13 per cent over the 
same period (I have calculated tiffs from 
the SmaUCap index, excluding invest- 
ment trusts). Their dividends have not 
yet gone np at all, an halancR 

Perhaps the big companies have bene- 
fited more from restructuring, and per- 
haps the recovery is fairing lon ger to 
percolate down to the smaller company 
sector. It had better do so soon; the 
tiddlers are valued more hi ghly by 
investors because of their assumed 
higher growth. 

T hese 20 per cent growth rates 
in company earnings contrast 
strongly with the muted and 
stable 3% per cent growth in 
personal incomes. There has been a 
marked shift in the balance of power 
between capital and labour. Hie impor- 
tant question now is whether this Is 
just a temporary cyclical effect 
Already, company trading profits 
have moved above 15 per cent of 
national income (against only 12 per 
emit in 1992) and, on present trends, the 
proportion will reach an exceptional 17 
per cent in 1995 (against previous peaks 
of just under 16 per cent in 1960 and 
1965). 

History tells us, however, that profit 


booms tend to finish in inflationary 
surges as companies bid up the prices 
of labour, property and raw materials. 
This week’s purchasing managers’ sur- 
vey showed, sure enough, that manu- 
facturers’ costs are rising - but this has 
yet to show in a significant acceleration 
of output prices. 

Judged by past cycles, pay rates will 
now begin to rise sharply. But unem- 
ployment still remains relatively high, 
at 9.3 per cent of the labour force. It is 
worth thinlilng about the theory of long 
cycles; according to tiffs, at the start of 
a new long-term upturn (in a cycle 
which may ran for 50 or 60 years), big 
new industrial growth sectors can gen- 
erate high rates of return on capital for 
extended periods. 

Western countries have been through 
a phase of widespread recession and 
industrial rationalisation. Now, though, 
new industrial processes based on Infor- 
mation technology are bringing about 
radical improvements in productivity. 
The result could be a protracted corpo- 
rate boom at the same time as the 
labour markets remain relatively sub- 
dued (except for certain categories of 
skilled workers). It sounds like a capi- 
talist’s improbable Shangri-La - but, 
certainly, the present upturn is strik- 
ingly less inflationary so far than any 
seen in the UK in the past 25 years. 

Whatever the mysterious message of 
the long cycle, however, attention now 
switches to short-term interest rates. 
After the Bundesbank council meeting 
on Thursday, and the evidence of a 
quite vigorous German economic recov- 
ery. led by exports, the question is 
whether we have now reached the bot- 
tom, even for D-Mark rates. With the 
recession dearly over, the Buba must 
now focus on getting the German 
money supply back under control 

As for tiie UK, there is a let’s-get-it- 
over-wlth mood as the market looks for 
5% per cent sterling rates soon, with the 
implied hope that the move might 
release tensions as effectively as the 
jump to 4% per cent in the US last 
month. But then, London has had the 
unearned benefit of that already. And 
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n WEEKEND FT 


FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 

MARKETS 


London 


Tiny, constant 
point in an 
uncertain time 

Andrew Bolger 


I n an uncertain world, 
there is something 
almost reassuring about 
the ability of Tiny Row- 
land to hang on to his 
position as chief executive of 
Lonrho. 

An attempt by fellow joint 
chief executive Dieter Bock to 
strip the 76-year-old Rowland 
of his executive duties at the 
mining and trading group 
foundered when nonexecutive 
directors refused to back the 
German pretender. The £5£m a 
year package which Rowland 
costs Lanrho - including the 
£2m spent on r unning the 
group's GuHstream private jet 
- will be scrutinised by the 
remuneration committee set 
up by Bock, but Tiny lives to 
fight another day. 

The FT-SE 100 did not prove 
quite so resilient as the 
redoubtable Rowland, but still 
managed to hang on to some of 
the gains marip in the previous 
week’s surge through the 3^00 
barrier. Profit-taking and 
renewed concern about inter- 
est rates helped the index shed 
34R points on Thursday, but 


the market steadied yesterday 
to close the week at 3,222.7, 
down 4 2A on the week. 

In spite of some twitchlness 
about the timing of the n«ct 
increase in Interest rates, the 
City continues to be pleased by 
the strength of the recovery in 
corporate performance. The 
char t shows that, of the 
nTi«mg fts made by analysts to 
their profit forecasts for indi- 
vidual companies, the propor- 
tion which are upgrades rather 
than downgrades r emains com- 
fortably above 50 per cent 

The market’s performance is 
all the more impressive, given 
that the start of the heavy 
reporting season of interim 
results included some disap- 
pointments. Rolls-Royce, the 
aero engine and industrial 
power group, increased profits 
by 29 per «wii, tihawfcn mainly 
to the effects of cost-cutting 
and restructuring. But the 
group said it did not expect to 
see any improvement in its 
markets until 1996. 

Shares in Redritt St Cohnan, 
the household products and 
toiletries group, fell after the 



company warned that tough 
competitive and economic con- 
ditions persisted and were 
unlikely to Impr o ve in the sec- 
ond hwlf. 

However, this gloom did not 
attend across the whole mar- 
ket and second-line stocks 
proved more buoyant. On 
Tuesday, when profit-takers 
knocked more than 15 points 
off the FT-SE 100, the FT-SE 
Mid 250 Index - which includes 
both the top 100 companies and 
the next 150 by market capital- 
isation - actually gained 
nearly 7 points. 

Share prices of housebuilders 
rose sharply after companies 
reported that new house sales 
had recovered last month after 
a poor June and July. Persim- 
mon. the UK’s elghth-biggest 
housebuilder, said it had sold 
250 homes in August, 25 per 
cent more than August last 
year. 

Market sentiment was also 


HIGHLIGHTS OF THE WEEK 


Price 

/day 

Chaise 
on weak 

1994 

High 

1994 

Low 


FT-SE 100 Index 

3222.7 

-42.4 

35203 

2876.6 

mnctiion concwns 

FT-SE MM 2S0 Max 

3781.3 

-25.7 

41526 

3363A 

Praflt-takfcig 

Abbey National 

420 

+22 

S23 

381 

Increases fixed mortgage rates 

Argyf Grotji 

292 

-23 

315 

22214 

Profit-taking 

Barrett Dew 

209 

+18 

292 

180 

Optimism over Sept 21 figures 

Body Shop Inti 

230V4 

+12% 

264 

205 

Compaq Issues robust dsfanos 

British Aerospace 

513 

+23 

584 

390 

Merger prospects wttti GEC 

Costs VfareBa 

220 

-20% 

287 

200 

Broker's taka profits* acMce 

Eastern Beet 

795 

-68 

868 

566 

Profit-taking . . 

RecUtt & Caiman 

616 

-29 

723 

551 

Disappointment over figures * • . 

Rofls-Royce 

ISOM 

-22 

204 

181 

Downgradkigs attar resists 

Royal Bk Scotland 

434 

+28 

528 

377% 

CL Lalng Txiy* note 

Securicor A 

1034 

+50 

1069 

785 

BT may buy Cefinat stake 

TBS 

227% 

+9% 

291 

197 

Hoars Govstt •buy' note 

Victors 

187 

-10 

204 

166 

US sales of RoSs stfl weak 


bolstered by news of two large 
takeover deals, which have 
important tmpHratifmc on both 
sides of the Atlantic. 

The proposed £l-88bn pur- 
chase by SznfthEUne ftwAam 
of Sterling Health from East- 
man Kodak of the US win cre- 
ate the world’s biggest con- 
sumer drugs business. 
Pharmaceutical stocks rose as 
the market pondered the wave 
of mergers and takeovers 
which have been transforming 
the healthcare market. The 
industry is consolidating in 
response to pressure from cus- 
tomers - employers who pay 
hcwitVi insurance premiums In 
the US and governments else- 
where - to cut healthcare 


The d«»qi d o u b les the gtw of 
S mith Klin e Beecham's over- 
the-counter operations and 
makes it the world’s biggest 
maker of OTC medicines, out- 
selling Johnson & Johnson of 
the US. The combined group 
would have OTC sales of about 
$2bn.(£1.2hn) 

The phar mac euticals compa- 
nies are also keen to sell for- 
merly prescription-only medi- 
cines over the counter because 
it allows them to wrtenfl the 
product-life of their drugs. This 
has become increasingly 
important for foe drugs groups 
because patents cm half of the 
50 top-selling US medicines 
will expire in the next four', 
years. . 1 

Defence is another global 
industry which must consoli- 
date in the face of rapidly fall- 
ing spending by governments." 
The process took a* huge step 
forward when Lockheed and 
Martin Marietta, two of foe top 
three US defence contractors, ‘ 
unveiled plans for a' £6.4bn. 
merger. 

European defence companies 


are acutely aware of the need 
for consolidation, but ttm pro- 
cess feces much greater politi- 
cal barriers. However, Vickers 
this week emphasised that It 
was on the look-out for inter- 
national partnerships. Having 
recently won a follow-on order 
from foe UK gover n ment for 
259 Challenger 2 tanks, the 
group said its £L5hn defence 
order book made it a much 
stronger and more attractive 
partner when «wsiifaring col- 
laborative projects. 

The logic of international 
Consolidation ran mrienri to the 

most unlikely of industries. 
Service Corporation Interna- 
tional, North America's iar gw>t 
funeral group, last month suc- 
cessfully bid £113m for Great 
Southern Group, foe UK funer- 
als company. It waited until 
the market had dosed yester- 
day to reveal that it has now 
won control of Plantsbrook, 
another UK-quoted funeral 
company. With a reco mmende d 
offer worth vioam 

The Texas-based SCI gained 
control of Hantsbrook by pur- 
chasing foe 46-3 per cent stake 
in the UK company owned by 
Pompes FunSbres, France’s 
largest funeral business. SCI 
said it was anxious to avoid 
Plantsbrook falling into the 
hands of Loewen, the Canadiati 
funeral group which had been 
interested in acquiring Greet 
Southern. 

' Given that SCI has now 
acquired the only two quoted 
UK funeral companies, scope 
for further consolidation is 
"dearly limifedlYe£"foe hope 
that trends in foe healthcare 
and defence industries will 
'lead to further big takeovers 
'will continue to Mp market 
sentiment as traders await the 
inevitable Increase in interest 
rates. 


Serious Money 


Keep your eye on 
the managers, too 

Gillian O’Connor, personal finance editor 


H undreds of private 
shareholders will 
have cheered as 
Tiny Rowland once 
agate showed. his TTmidteUflre 
capacity for survival Dieter 
Bock, his fellow chief executive 
at Lanrho, had planned to strip 
Rowland of his executive pow- 
ers in foe wake of revelations 
that he costs Lonrho more 
fo a n £5_5m a year. But Row- 
land shrugged off foe attack, 
as he has shrugged off so many 
in his 33 years at Lonrho's 

h»ht) 

It is more than 20 years since 
the early chapters in the Lon- 
rho saga spawned the epithet 
“the unacceptable face of capi- 
talism”. The shares have never 
been a favourite with profes- 
sional fund managers since, 
but many private investors 
have stuck with their maverick 
hero Hirang h Wiink and thin. 
Sadly, their loyalty has not 
been rewarded. Apart from a 
couple of brief flickers in the 
mid-1970s and late-1980s, Lon- 
rho shares have been a 
remarkably poor investment 
Is Lonrho a typical example 
of what ha ppens when inves- 
tors back an entrepreneurial 
company run by a single domi- 
nant figure? 

Many serious investors pre- 
fer to invest in companies 
which are run by their found- 
ers, or by managers who act 
like owners. Warren Buffett, 
an outstandingly successful 
American investor, often takes 
long-term minority stakes in 
sound, family-run businesses 
and likes all managers to have 
a significant share stake in the 
companies they manage. His 
typically homely analogy is 
with a restaurant where the 
proprietors can honestly say 
“We eat our own cooking”. 
And his favo uri te investment 
is in the local furniture store 
run by its founder^ Mrs Rose 
Bfrunkm. 

But it is just as simplistic to 
conclude that owner-run. busi- 
nesses make... better invest- 
ments than those run by pro- 
fessional managers as the 
reverse. There are good and 


fHICCKV ■ ; 

B^adveto'Bw r --'; 
FT-S-A yUhShttn Index 

iso''* 



"X: -i 

.n: 


LJ' 


had companies in both catego- 
ries. What really matters to the 
outside investor is uot foe star 
tus of the company or its man- 
agers/owners but their atti- 
tude. 

Take a few other emwipira. 
Fallen favourite Amstrad had a 
brilliant start It gave its high 
street customers what they 
wanted at unbeatable prices: 
its computers worked and were 
cheap, smart and easy to use.. 

But foe real problem was 
that Amstrad boss Alan Sugar 
showed very little interest in 
the well-being of bis outside 
shareholders. He sold a large 
part of his own holding before 
the share price collapsed - and 
offered to buy out the outside 
shareholders when the price 
was cm tiie floor. 

Now take Hsmonn one of the 
few founder-run companies 
which has stayed foe course. 
Its shares consistently beef the 
index until the mid-1980s. 
Since then, thoug h, it has 
movedhroadly'in line with the 
market and it has been a rela- 
tively unexciting investment 
for the past decade: The found- 
ers have treated outside share- 
holders well, but the company 
has lost the fizz of youth. 

Our last company Is Marks 


and Spencer. Over foe past 20 
years, MAS shares have done 
slightly better than the stock 
market. It is a fascinating 
pram pi* of a company run by 
professional managers who 
behave as if they were owners, 
in the best sense. 

The message for investors is 
that weigh in g up their manag- 
ers can be as Important as 
crunching foe balance sheet 
numbers. 

□ □ □ 

Maverick directors and cowboy 
companies can appear an any 
market. But they tend to' dus- 
ter thickest on fringe markets 
- the Over the Counter Mar- 
ket, the Unlisted Securities 
Market fin Its early days) and 
the Third Market: all had their 
clutch of black sheep. 

This does not mean that all . 
p ri vate in vestors should avoid 
the new Alternative Invest- 
ment Market (AIM) planned to 
replace the USM. It does mean 
that they should approach it 
with t * T * r pTT|< * rautiqn pud keep 
a padlock on their wallet imtfi 
they can see the whites of the 
managers’ eyes. 

The new stock exchange 
boss, Michael Lawrence, 
pointed out months ago that 
“while companies want 
cheaper access to equity capfc 
tai investors want a 
level of protection to that now 
provided. These are incompati- 
ble requirements". AIM gives 
the companies cheap access to 
equity capital with the mini- 
mum of red tape. And, already, 
some bystanders are warning 
that it could be more danger- 
ous than the OTC. 

But the intelligent investor 
who understands the risks 
might enjoy spicing up his 
portfolio with, a few carefully 
researched aim shares. It 
appears probable that they will 
have tax advantages. And fund 
managers are already launch- 
ing funds concentrating on 
AIM shares. Just keep your 
eyes wide open. 


AT A GLANCE 


Finance and the Family Index 

Fund managers view the markets ... 111 

Diary of a Private Investor/Directors 1 deals /Week Ahead IV 

Betting on your children /The Professionals V 

The UK: tax haven?/ Knight Williams /New launches VI 

Medical Insurance/ Highest rates table/ Annuities /Briefcase — VD 


FT> 


(ndlcwu 


Reboaad 


UK howl prices 

Monthly change f%) 



Footsie lags as London 
markets rise 

AH sections of the London market have performed strongly over 
the past quarter, but the FT-SE 100 Index, which Includes the 
largest companies, is trailing its smaller rivals. 

When the US Federal Reserve raised its key Interest rates in 
February the first UK equity sector to fad was the FT-SE 100 as 
institutions, whose principal equity holdings are In the main 
index, sokf heavily. 

The gap between the Footsie and the smaller Indices widened 
while the gap between the second and thkd-Hne indices (the mid 
250 and the smaB cap) only grew towards the end of the sefl-ofr. 
In the past quarter all sectors have recovered sharply. 

House price indices diverge 

The two largest building societies, Halifax and Nationwide, once 
again disagreed on the direction of house prices for August 
Nationwide found that prices rose by 0.6 per cent while Halifax, 
which has a larger sample and publishes seasonally-adjusted 
figures, found they fed 0.7 per cent It was the first fail since 
May, according to the society. 

Nationwide said the recovery in market activity, which 
appeared to be strengthening early In the year, was "marginal.” 
although taideriying transaction levels appeared to have 
stabtised. HaSiax said underlying house prices were Art, a trend 
which would not change until consumer confidence improves. 

Tied or untied? 

Ufa insurance advice is still driven by comm is si ext and can be 
“whoUy Inappropriate* according to the Consumer's Association. 
Its monthly publication. Which?, sent researchers to 30 financial 
advisers. Some were independent, some tied - only able to 
recommend foe products of one company - and others were 
based at banks or building societies. Too many advisers 
recommended commission-generating products at the expense 
of app ropriate advice. IF As were no better than tied agents," 
concluded Which? 

Smaller company shares Improve 

SmaHer company share prices continued to Im pr o v e tWs week. 
The Hoars Govstt SmaHer Companies Index (capital gains 
version) climbed 0.4 per cent to 1715.16 over the week to 
Septem b er 1. The index is up 1.4 par cent since the start of the 
year, white the FT-SE-A Aft-Share Is down 4 JZ per cent over the 
same period, and the FT-SE 100 Is down &9 per cent 

Next week . « . 

Divorce: If you be&eve your spouse has hidden assets, you can 
pay a forensic accountant to track them down. But fas it worth the 
cost? 


Wall Street 




The arbs return, with defence in their sights 


T here is one type of 
inflation that Wall 
Street knows and 
loves. It works like 
tills. Ton seek out a company 
in an industry that has been 
tiie subject of some big take- 
overs recently - a list cur- 
rently dominated by defence, 
healthcare and entertainment 
Then you pump up its share 
price for all yon are worth: 
spreading rumours to the 
effect that the company in 
question Is up for sale is usu- 
ally a particularly effective 
way of doing It 
The rumour and a jump in 
the share price Is often enough 
to put a company "in play,” 
flushing out potential buyers. 
The trick is then to sit tight 
and wait for the company to 
get taken over at a premium - 
or to sell out before the 
rumours prove untrue and 

stock deflation sets in again. 

The "arbs” (an abbreviation 
of arbitrageurs) who specialise 
in trading takeover stocks are 
out in force again. Not since 
the end or the 1980s has 

short-term speculative stock 
trading reached such levels. 
Ami there is plenty of activity 
to keep these traders busy. 
This week there was an 


T he conflicting si gnals 
Grom the housing 
market must be as 
daunting for 

Clarke, foe Chancellor of the 
Exchequer, as they are for 
equity investors and home- 
owners. 

Should Clarke deride to raise 
interest rates, he faces the 
problem of doing so without 
denting weak consumer confi- 
dence and derailing the UK’s 
economic recovery. Investors, 
meanwhile, are wondering if 
building shares have over- 
reached themselves. And own- 
ers - particularly those hit by 
negative equity, where the 
value of their p rop erty is less 
than that of their mortgage - 
are worrying that the upturn 
may never come. 

Broadly, the picture is that 
sales of new houses are rising 
briskly bat those of old ones 
are not Unless these pick up, 
the market for new housing is 
likely to run out of steam as 
well. 

But many people are afraid 
that any rise in interest rates - 
or even the threat of it - may 
stop potential buyers taking on 
new mortgage commitments. 
And occupiers are reluctant to 


agreement to merge two of the 
US’s biggest defence contrac- 
tors, Lockheed and Martin 
Marietta, and a planned |2JHm 
purchase by Anglo-178 drugs 
group SmtthKKne Beecham of 
Kodak’s over-the-counter 
drugs operations. 

These are hectic times in the 
takeover business. Other pro- 
posed deals that surfaced last 
week, snch as a $L3bn take- 
over by General Signal of Reli- 
ance Electric, a 3600m pur- 
chase of Zenith, a maker of 
generic toon-branded) drugs, 
by Ivax and an improved, 
3950m bid by bny-out firm 
Foretmann Little for the mon- 
ey-transfer business Western 
Union, hardly made the Croat 


It is dear where the arbs are 
looking to turn their next 
quick dollar. Top of the list is 
CBS, one of the big three tele- 
vision networks. CBS became 
a plaything of tiie stock trad- 
ers two months ago, when It 
first announced a plan (later 
dropped) to merge with Barry 
Diner’s home shopping net- 
work, QVC. Renewed takeover 
rumours last week, this time 
of an interest by Disney (and a 
possible takeover of another 
network, NBC) poshed CBS's 



shares higher still, to 3333% 
by midday yesterday, nearly a 
third up on its level before the 
QVC announcement 
In the healthcare sector, 
which has seen $30hn-warth of 
duals in fli* past 12 months, 
two stocks stood out on the 
arts’ fist, War ne r-Lam bert, a 
company with a strong over- 
the-counter drugs business to 
match its prescription pharma- 
ceuticals side, gained farther 


attention after the SnrithKBne 
deal. Its shares were trading 
at 382% yesterday, having 
started the mouth of August at 
around 365. Marion MerreD 
Dow, a drugs company majori- 
ty-owned by Dow Chemical, 
released a wave of speculation 
with the announcement that ft 
jmd asked an investment hank 
to consider how it should 
respond tq changes in the US 
healthcare industry. Its share 


rose to 324% at one point dot- 
ing the week, up from less 
than 320 at the start of 
August 

The defence industry, mean- 
while, had its own flurry on 
news of the Lockheed /Mkrtin 
Marietta deaL Other contrac- 
tors wffl need tq merge in the 
face of a shrinking US defence 
budget, ran the argument 

Though some of this specula- 
tion will no doubt be 
rewarded, much will end In 
tears. As Nextel, a wireless 
communications company, 
proved last week, even agreed 
deals sometimes do not come 
off: its shares plunged 20 per 
emit from their level a week 
before, to 322%, ‘as talks with 
MCI and Motorola were called 
off. Punting on takeover 
stocks remains a game for the 
risk-hungry and the wealthy. 

While busy Inflating take- 
over stocks, Wall Street also 
kept a wary eye last week an 
the other type of inflation. The 
Federal Reserve’s move to 
raise interest rates on August 
16 was meant to be the final 
twist to the the rate spiral for 
several months, . dampening 
the risk of inflation and put- 
ting a new bounce In the stock 
market. That, at least, was 


The Bottom Line 


Building for a confusing future 


move, anyway, while prices 
remain so sluggish. 

Housebuilders’ profits are 
likely to rise sharply over foe 
next 18 months as they use up 
the expensive land they bought 
late in the 1980s and early 
1990s, and as sales incentives 
are reduced. But the much 
slower recovery in the general 
housing market has restricted 
sales of building materials for 
repair, maintenance and 
do-it-yourself work. In the past 
these have risen in Hue with a 
general improvement in house 


1BC haoiabulIHUnfl 

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Half-year figures this week 
from construction and building 
material co m panies confirmed 
this broad picture. It was 
emphasised by bouse price sta- 
tistics from the Halifax and 
Nationwide building societies 
which showed that prices are 
still straggling to rise. 

Persimmon, the country’s 
eighth largest house-builder. 


isem ar so at 92 

Souy« Mastmun • 


- .. Bouiott ETOapfaitB >' - 




reported on Wednesday a 34 
per cent rise in pretax profits 
to £lL3m_ Sales of new homes, 
which had dipped in June and 
July, bounced back in August, 
according to chairman Duncan 
Davidson; indeed, they were a 
quarter higher than during the 
«amp month last year. 


Some of the increase will 
have come from the company 
selling more development sites 
as it pursues its ambition of 
raising output from 2,771 
homes last year to 4,000 a year 
by the mid-1990s. But other 
builders have also reported 
higher August sales. 


Normally this would bode 
well for September and Octo- 
ber, traditionally good months 
for house sales. Ihese months 
have been in *hn past 

two years, though. - first, when 
Britain left the European 
exchange rate mechanism in 
September 1092; and then in 
autumn last year as potential 
buyers stayed out of the mar- 
ket during the run-up to the 
November Budget, the first at 
that time of year. 

Many buHders are concerned 
font sales could again be 
affected this September and 
October by fears of interest 
rate rises, although Davidson 
. believes foe recovery Is now 
solid enough to withstand a 
small increase. 

Persimmon, meanwhile, 
increased the net profit It made 
on each sale in the first half to 
S7JBIB from £4325 in the first 
six months of last year. This 
compared with a peak profit 


how the market saw it them 
but the yield on long-dated 
bonds, the clearest sign of 
inflation fears, has edged back 
np, rising further yesterday to 
brush up against 7.5 per cent 
The difference between short 
and long-term rates has also 
edged higher, another sign of 
inflation fears. 

Employment data for 
August, released yesterday, 
failed to ease tiie concerns of 
the skeptics. The number of 
Jobs created during the month 
was less than expected: that is 
good news for markets, since 
it means wage press u re is less 
than it might be. However, the 
average work week edged up, 
suggesting more fairing and a 
growing shortage of skilled 
labour in future. The stock 
market at first took heart at 
the figures, then reversed 
course. Yet at 3£96 at midday, 
the Dow Jones Industrial . 
Average remained around 15 
points ahead on tiie week. 

Richard Waters 


Monday 8S9&85 +- 17.80 

Tuesday 3917.30 + 18.45 

Wednesday 3913.42 - 08JB8 

Thursday 8901.44 - 1L98 

Friday 


per house of £18/K» in 198849. 
The company atom to get tins 
back to £10,000 a nwit in the 
next .18 months. 

Rugby, which this week 
announced a 17 per cent rise in 
first-half pre-tax profits to 
£35Am. said UK cement sales 
overall had risen by 8 per cent 
But purchases of: bagged 
cement, sold for mainly small 
works, had fallen slightly. 

More worryingly, foe com- 
pany wanted of price competi- 
tion in the UK joinery market 
which, unlike other building 
material sectors, did not 
reduce capacity during foe 
recession. 

For equity Investors, the con- 
clusions may be that house- 
builders and their material 
suppliers, particularly those 
which have cut capacity and 
are able to contain prices and 
margins, are perforiningbesL 

The recovery, however. Is 
slow and modest andmost of 
the virtues have been reflected 
already in these companies’ 
share prices — in spite of tins 
week’s finny of price increases 
for bufldera prompted by the 
August sales boost 

Andrew Taylor 


t 



FINANCIAL TIMES 


WEEKEND FT III 





WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


FINANCE AND THE FAMILY 


-ye 



- j 


Playing the markets 


New Yoric Dow Jones Industrial Average index 

- 4000 



Simon Davies, 
bead of global 
investment, 
Gartmore: 

Tlie key to 
most world 
markets is 
wbat is likely 
to happen to 
interest rates over the long 
term- The first half of 1994 saw 
bond markets collapse world- 
wide, pulling equity markets 
down, with them. 

In the UK, a dismal perfor- 
mance by the gilt market has 
prevented equities from react- 
ing positively to higher than 
expected dividends and better 
earnings prospects. The gilt 
market must recover for equi- 
ties to have any real chance. 

In fact, the outlook for 
long-term rates now looks posi- 
tive. Inflation looks likely to 
stay down for some time and 
may not cross the 3 per cent 
barrier until the end of 1995. 

At 85 per cent gilt yields 


This has been a relatively strong summer for 
UK equities . although the FT-SE-A All-Share 
index is still about 8 per cent below 
February's peak. What are the prospects for 
the UK and. elsewhere over the rest of this 
year and 1 995? Scheherazade Daneshkhu asked 
several leading fund managers for their views. 



look attractive, given our view 
that base rates will not have to 
rise for some time. 

With a bond market recov- 
ery, equities should do well. 
Economic growth should be 3£ 
per cent this year and possibly 
next year as well Profits 
should meet or exceed expecta- 
tions. 

We are probably talking 
about returns of 10 to 12 per 
cent rather than an explosion, 
but still an attractive return 
against deposits or viewed 
against 2 per cent inflation. 
The FT-SE 100 could reach 
3,400 by the end of this year 
and 3,600 by the end of 1995. 


Overseas, the picture is com- 
plicated by the poor showing of 
sterling, which has boosted the 

return of overseas assets to 
date but seems unlikely to be 
repeated. 

The only currencies against 
which the pound looks over- 
valued are those in the dollar 
bloc. Investors could d i v e rsi f y 
with purchases of US dollar 
bonds. 

Pacific and other Emerging 
Market equities look good 
value again after their setback 
and are also dollar llnkad. 

Overall, bonds and equities 
look a good bet relative to 
cash. 



Michael Hart, 
chairman, For- 
eign & Colonial 
Management: 
We are taking 
a fairly opti- 
mistic view of 
stock markets 
far the end oE 
1994 and 1995. The key factor is 
that higher interest rates in 
the United States have begun 
to slow down the economy, 
with the result that stock and 
bond markets may now be tak- 
ing too pessimistic a view of 
the outlook for inflation. 

We expect the UK base rate 
to be 5.75 per cent at the end of 


1994 and 7 per cent at the end 
of 1995, but this is well dis- 
counted in the market. 

Ten-year bond yields should 
move lower by end-1994 and 
even lower by end-1995. Bonds 
in the UK and France could be 
especially cheap. 

As far as equities are con- 
cerned in the UK, Europe and 
Japan, profits could be show- 
ing good increases. However, 
the US is four years into its 
recovery and further advanced 
in the profit cycle, so the best 
of the increase in profits may 
have been seen. 

If all goes well, the FT-SE 100 
index could be 3,500 by the 


year end and 3JB50 by the end 
of 19®. Japan could be a par- 
ticularly attractive market if 
local investors are encouraged 
by further political reforms. 

Probably the most exciting 
returns may be obtained in 
Latin America. 

Brazil could be the star, with 
gains of up to 50 per cent if the 
new president, to be elected in 
October, is able to introduce 
vital reforms. Gains of around 
25 per cent could be possible in 
Mexico? 

South Korea looks the most 
promising of all tin* wn wging 
Asian markets, with a possible 
rise of 25 per cent 



Kenneth Levy, 
head of fond 
management, 
Capel-Cnre 
Myers: 

The fundamen- 
tal backdrop 
for UK equities 
remains quite 
attractive, despite the disap- 
pointing performance of the 
London -market so far this 
year. 

Inflation is displaying little 
tendency to accelerate mid pay 
settlements hove barely 
budged, despite the sharp 
decline hi unemployment over 
the past 18 months. More 


importantly for equities, the 
gilt market already appears to 
be discounting a significant 
deterioration in the inflation 
environment 

Given all this, we expect the 
FT-SE 100 Index to advance to 
about 3,400 by the end of this 
year and perhaps to 3,700-3,750 
by the end of 1995. Elsewhere, 
the picture is more mixed. 

We teel the outlook for Wall 
Street Is relatively positive, 
with recent corporate results 
indicating that double digit 
profits growth will be achieved 
this year. But we are more cau- 
tious on the prospects for con- 
tinental Europe. Valuations 


remain stretched, even allow- 
ing for substantial profit gains, 
and this is likely to exercise a 
restraining influence on the 
performance of these markets. 

Japan may also offer private 
investors only limited potential 
over the next 12 months. The 
economy is gradually emerg in g 
from recession but the recov- 
ery is likely to be anaemic. 

We believe that it is right for 
private investors to remain 
committed to equity markets. 
Our pr eferen ce Is for the UK 
and US markets, and we would 
retain a relatively modest 
exposure to cash and bonds. 


David Rosier, 
chairman, Mer- 
cury Asset 
Management: 
We remain pos- 
itive about the 
UK for three 
main reasons: 
the large 
degree of under-utilised capac- 
ity, enahling the economy to 
grow above trend without pro- 
voking inflationary pressures; 
the likelihood of a significant 
improvement in public sector 
finances, so improving the 
technical position of the gilt 
market; and a favourable valu- 
ation compared with other 
major markets. 

This year has seen a dra- 
matic upswing in sentiment 
towards Japan, partly fuelled 
by the underweight position in 
Japanese stocks of many inter- 
national portfolios. Anticipated 
shifts In the economic struc- 
ture, combined with the open- 
ing-up of the domestic Japa- 
nese market, will encourage 
inward investment 
In the Pacific area and other 
emerging markets, the main 
risks are the reversal of inter- 
national portfolio flows and 
adverse developments in 
China. But the profit potential 
now appears mare significant 
than the downside risks. 

We remain underweight In 
the US mainly because the 
opportunity for outperfonn- 
ance is stronger elsewhere. 
Our stance on continental 
Europe is still neutral due to 
the likelihood of corporate 
earnings disappointing expec- 
tations, uncertainties In the 
political arena, and the valua- 
tion of its equity markets rela- 
tive to other regions. 

Clive Booth- 
man, manag- 
ing director, 
Schraders Unit 
Trust Ltd: 

As far as the 
AFSUBF • UK and Europe 
are concerned, 
a combination 
of relatively pallid consumer 
demapc^ spare capacity and 
continuing low costs, espe- 
cially wage costs, points to the 
continuation of a slow growth, 
low inflation recovery. Conse- 
quently, we believe both equity 
and bond markets represent 

■ Continued page VI 



. .♦ -2400 

1993 1904 



London: FT-SE 100 Index 

3800 


Tokyo: Nikkei 225 index 
40000 




1800 : 

ISM 

SoutcK FT&apMta 


' 1801 ' 


400 2 


1983 


1904 


10BO 


1901 


siuht 


i 

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— r Cl- 




What other 
PEP offers 
all this? 


The initial charge on the Schroder PEP has been reduced to 3% - 
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Our aim is to continue to provide you with consistently high returns. As one 
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THE INVESTMENT HOUSE 




IV WEEKEND FT 


FINANCIAL TIMES WEEKEND SEPTEMBER 3 /SEPTEMBER 4 1994 


FINANCE AND THE FAMILY 


F or aesthetic and 
investment reasons. I 
am an avid collector 
Of all SOrtS Of thing s 
including paintings, sculptures 
and interesting items. How. 
then, could I resist a lot. 
offered at my local auction, 
comprising a stuffed armadillo, 
a crocodile skin, a stuffed alli- 
gator, a stuffed marsupial var- 
ious wooden Chinese figures 
and a mule saddle . . . espe- 
cially as the catalogue esti- 
mated only £40-£60 for it. 

Equally intriguing was a 
similarly priced lot consisting 
of “two boxes of assorted 
curios, blowpipe, quivers, early 
shoes, polished stones, gas 
masks etc." 

Also on offer were “numer- 
ous p re- 1947 coins and others", 
estimated at £30- £50. Perhaps I 
might find a 1933 penny worth 
more than £25.000. After all I 
once bought a small collection 
of paintings at the same auc- 


Diary of a Private Investor 


Anyone for an armadillo? 

Kevin Goldstein- Jackson explains why he finds salerooms and their contents irresistible 


tion house only to find, when I 
got them home, that three 
more pictures were hidden 
behind one of the canvases. 

I enjoy local auctions. They 
are convivial and informal 
places where people sit on the 
chairs to he auctioned while a 
whole parade of objects is dis- 
played and. rapidly, sold. 

Experts can. and do. find 
bargains although I have no 
such insider knowledge: I just 
buy what appeals to me. But, 
over the years of auction-go- 
ing, from the grand venues of 
London to load salerooms. I 


have learned several valuable 
lessons. 

The most important is 
always to inspect the items 
before the sale starts. What 
might appear a flawless piece 
of china when held up during 
the auction can. on close 
inspection, turn out to be a 
mended item. A painting could 
look superb from a distance; 
close up. it might have irrepa- 
rable damage. Close examina- 
tion prevents such embarrass- 
ments. 

Auction customs have 
changed over the years. In the 


past, bids have been made by 
nods, winks, raising a hand or 
scratching your nose. In many 
venues today, they are made 
by displaying a “paddle" - a 
length of wood or plastic to 
which a number has been 
fixed. 

Intending bidders register 
their name and address - and 
often, for major auctions, their 
business or banking de tails - 
with the saleroom. In return, 
they get a numbered paddle to 
raise when they wish to make 
an offer. Many auction houses 
use computers to track bids. 


For a novice, it Is easy to' 
overlook that the final bid 
price is not the only amount to 
be paid. To this must be added 
a buyer’s premium, which is 
usually 15 per cent on the first 
£30.000 and 10 per cent on the 
rest. Some auction houses 
charge less; at Christie’s in 
South Kensington. London, the 
premium is a flat 10 per cent. 
But remember that value 
added tax must be paid on pre- 
miums. 

While the major London sale- 
rooms offer a parVtng sendee, 
you have to take your own 


wrapping and packaging mate- 
rials to most local auctions. 

Before visiting ah auction 
room on viewing day - usually 
the day before the actual sale - 
1 always get a copy of the cata- 
logue. It is important to 
remember that the estimated 
prices given may vary consid- 
erably. up or down. 

In my early days of collect- 
ing, I used to write on the cata- 
logue the limit to which I was 
prepared to go to acquire an 
item. I stopped doing this after 
a charity auction at which a 
friend kept bidding against me 



for a painting until it was 
knocked down to me at my 

limit. 

Tm sorry I bid against you," 
I said later. “But I really liked 
the picture." 


“That’s all right," he replied 
“I didn’t want it I saw you 
writedown your limit for it so 
I thought I would help the 
charity to get a full price for 
it” 


Directors’ transactions 


The largest transactions or the 
week were recorded at two of the 
giants of the City. 

C S.G. Warburg has a market 
capitalisation of more than 
£1.6bn. but Its share price has 
been hit over the past year. 
Board members have sold stock 
at various times, the most recent 
being Oscar Lewtsohn. an execu- 
tive director, who disposed of 
70.000 shares - more than a third 
of his holding - at 75S5p. 

_ Smith New Court is another 
large financial house where 
directors have been sellers. Mich- 
ael Marks, the chief executive, 
and Brian Mackley have sold a 


total of 90.000 shares at 405p. 
Both retain large stakes In the 
company. 

Z Neil Chism an has been finance 
director at Stakis, the hotel and 
casino operator, since 1988 and 
bis holding is now the second 
largest after Sir Reo Stakis. the 
founder and president Over the 

S t 12 months, the shares have 
. a period of considerable out- 
performance, although this has 
tailed off over the s umm er. The 
sale of nearly 22,500 by Chisman 
leaves him with more than 
127.000. 

Vivien MacDonald. 
The Inside Track 


DIRECTORS’ SHARE TRANSACTIONS IN 
THEM OWN COMPANIES (LISTED A US—) 

No at 


Company 

Sector 

Shares 

Value 

cflrectors 

SALES 

Btrkby 

--.Prop 

10.000 

28 

1 

Pllco 

PttPF 

22.500 

79 

1 

Smith Now Court _ 

OthF 

90.000 

365 

2 

Stakis 

LSlHI 

22.417 

20 

1 

Warburg (SGI ...... 


70.000 

531 

1 

Marks & Spencer . 

RetG 

40.016 

174 

1 ' 

News Int ............... 

— Mdla 

40.000 

121 

1 

PURCHASES 

Phoenix (cum prti . 

BM&M 

53-050 

32 

1 

Aystwe Metal 

- „n/a 

160.000 

146 

2 

Ransomes 

- Eng 

50.000 

32 

1 

Fleming Japan ..... 

InvT 

6.250 

17 

1 

Eng & Scat 

InvT 

10.000 

12 

1 

Owners Abrd ........ 

UH1 

65,000 

68 

2 

Quadrant 

_.LSJHI 

50.000 

15 

1 

Ramco Energy 

OiE 

28.000 

50 

1 

INVESCO 

OthF 

15.000 

26 

1 

Gieves 

- RetG 

55.541 

34 

1 

Parity 

-SSar 

12.500 

16 

1 


value expressed m £008s. This Tat contarw aJ transactfona including the oxerem of 
options n it 100*% subsequently said, with a value over Ei 0.000. In te rn i tato i released by 
the Stock Exchange August 22-26 1894. 

Source: tirectus Lid. Tha Inside Track. Edinburgh 


The gathering recovery in 
continental Europe should ben- 
efit Bnrmah Castro 1, the lubri- 
cants. chemicals and fuels 
group, which is expected on 
Monday to report a 
double-digit increase in pre-tax 
profits - from £90.5m to more 
than £100m. The lubricants 
business is doing well in the 
US and Asia and the upturn in 
the German market will at last 
benefit the metallurgical busi- 
nesses of Foseco. which was 
bought at the end of 1990. 

Z Bowater. the packaging, 
printing and coated products 
group, is expected on Tuesday 
to announce profits for the 
half-year to June broadly simi- 
lar to last year’s £l02.6m_ Con- 
sensus forecasts are just over 
£100m, with a range of £99m to 
£105m. 

Last year's figure, however, 
was boosted by an exceptional 
gain on disposals of £7 5m, so 
underlying profits growth is 
expected to be about 8 per 
cent 

While good performances are 
likely to be reported from some 
overseas operations, especially 
in Australia and the Specialty 
Coatings International busi- 
ness in the US, many busi- 
nesses have experienced mar- 
gin pressures in the first half. 
_ Hillsdown Holdings, the 
food manufacturer, is likely to 
report on Wednesday a moder- 
ate increase in interim pre-tax 
profits from £63m to about 
£65m. With trading conditions 
remaining difficult, the most 
positive news will come on the 
financial side. No dividend 
increase is expected this time 


The Week Ahead 


Europe boosts Burmah 


British Qas 

Share pries relative to itw 
FT-SE-A Afl-Sharo Index 

1D5 ; — 


100 


but management comments at 
the AGM raised shareholder 
hopes of a year-end rise. 

D RTZ, the minerals group, is 
expected to report on Wednes- 
day a steep rise In profits for 
the first half of 1994. from 
2186m to about £2l0m-£2l5m on 
the back of higher base metals 
prices. 

□ Analysts are anticipating 
Cookson, the speciality chemi- 
cals and metals group, to 
report on Thursday a rise in 
interim underlying profits 
horn £37m to about £50m. But 
the pre-tax figure will be hit by 
about £50m of exceptional 
losses, relating mostly to 
March's disposal of Calder, the 
engineering business. 

□ BTR, the industrial con- 
glomerate. will provide one of 
the most important indicators 
of the capital goods sector 
when it reports interim results 
on Thursday. Analysts are 
expecting a double-digit 
increase in normalised pre-tax 
profits to about £660m-£670m, 
and a 10 per cent rise in the 
dividend. 

Most attention will focus on 
the group's margins, following 
concern that manufacturers 
will find it difficult to pass an 
the rising cost of raw materials ■ 
to their customers. 

□ Glaxo, Europe’s largest 
pharmaceuticals group is 


ADVERTISEMENT 


expected to report interim prof- 
its up from £L67bn to between 
£LS8bn and £l5bn on Thurs- 
day following increased vol- 
ume sales of Zantac, its best- 
selling anti-ulcer drug, and 
buoyant demand for its respi- 
ratory products. 

The figures, however, could 
be hit by the group taking 
some of July's £100m bond 
losses against first half profits. 

Analysts are also wat ching 
its dividend policy closely for 
any signs of concern over 
patent infringement cases in 
North America. It as expected, 
the dividend Is increased 
sharply to around 27p (22p), 
that would reflect some confi- 
dence of the likely outcome. A 
maintained dividend could 
leave the group open to accusa- 
tions of expecting the worst 
_ British Gas will report its 


half-year results on Thursday. 
Seccau&quarter results usually 
show a loss due to a seasonal 

downturn in rfemattfl, and ana - 

lysts are expecting a net loss of 
£15m-£47m. Some analysts 
believe British Gas may use 
the occasion to elaborate on its 
future dividend policy- 
Earlier this year, the com- 
pany warned that regulatory 
uncertainty was threatening 
Its ability to main tain dividend 
growth. Most analysts expect 
that the 6.4p dividend will be 
maintained. 

□ Cadbury Schweppes is 
expected on Thursday to report 
some of the best interim 
results among UK food manu- 
facturers with pre-tax profits 
up by about £40m to around 
£20Qm. 

O The level of recovery in prof- 
its expected from Sun Alliance. 



'BUILCD IfJiQ SOCIETY I9&*ESTM‘E9s(T TEIRtfS 


Rlnf ll SarlaW 

Fnlnrt 

tun 

Sou 

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literal 

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tom ..d attar Jetalla ' 




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US 

545 

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421 

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580 OOKMO CHI645 BK Mad ma 



laMACEBi 

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6S0 

187 

327 

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TM 

4213JHSJ50J5A25 


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MaHilaai 

781 

7JM 

525 

525 

m 

UOJOO 

ZapyradnaNeopeatty. 


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(bnotaai H|h lot 

US 

4.23 

4.H 

4.74 

nwy 

58.000 

MaaanaifcORllIK 


pueircna 

FMCtanU 

6.73 

425 

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584 

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180800 

baft asm aaptnity 


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588 

580 

3.75 

3.73 

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5801 

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650 

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krtUto* t 

UO 

480 

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480 

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ajoo 

TM htmat aratHy taraai aolahe 



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US 

4.70 

5.83 

583 

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*6008 

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4.75 

4JS 

584 

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2500 

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t*ufcnn-z22ti»7) 

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t.fl 


mu 

38800 

98BpCX+U0V67Z4aiL 


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* A- Start* 

780 

7.00 

525 

525 

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UO 

Gnmdtol RMd Oah 



Qrdtoy 

S.M 



1715 

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1 

batata Ana. Wtado 


CUMonl dattrin 

TtaLmtalmaat 

58 

545 

489 

489 

Ml 

2300 

batata accau paaSal dpadl aecaal 


(MSB 7X75B5I 

BotWICkudlnH) 

7J00 

7.00 

525 

525 

Mr 

U6M 

CtodM. £50*673% 054 650% 004480% 


CKyAWRnpWbn 

StfirM 


480 

UO 


Mr 

16000 

NMtframb ta ady 10 ftp Mka. 580% TMa COL 


HaUar 

FttakaMni 


780 

S2S 


My 

hojm 

Octal rata lahdr 029% nmt pan beat ppdi 



PraataalRn 


675 

984 


My 

50800 

atat ra nfttatonta aa . ta iMtaami n h 



fnfmXtn 


451 

481 


My 

25800 

£5800 po- atb atac 00800 ranta. DOtma htemt 



Prufaaittn 


629 

UA 


My 

36000 

ntasanlyh>BBf<iNHlKmta>|e| n^dabarctaribaat 



Thu 

4J0 

480 



Mr 

50 

Sir hm bd 2 hanw 


UrtJ A HSfk (KB 4RH1) 

CjpHdUad 

7.18 

7.10 

583 

U3 

MApnO 

156800 

90 ihp Btafeapaedty. Mtej ham apha aba anfaMe 



TtM 

UO 

638 



the 

1 

lh tanhr THtatafiea a ckarp. Loyaltr hw ‘ A atari yea 4 



UdSrxtn 

SJ5 

SOS 

384 

106 

Ula 

B6M 

IhaalkcHiHBdty 


Lnft kpMBHl (1X02 43IU1I 

hn Grid 

7.00 

7.00 

52S 

525 

Hand 

U0800 

bdata aa htaei tan ta 658% 8 tu. pmiM a NMdmdi 



heat Cold 

Ml 

481 

Ml 

5.11 


U0800 

aadi dahi mtaf 12 BHtfc paM. TM rata Iraa D080L 



UtadCdd 

SJfl 

500 

313 

183 

fad 

26008 

batata atcot h (Mty. TM hhnfl ala Tien £23 



SiUOUd 

481 

690 

430 

438 

Ifral 

50800 

laaataaa>B>.io total ■ ahta 08806 0t4* taw 90 tan 



Midi 

5JM 

LH 

4J0 

421 

KariUi 

58800 

total aa 00 fcyi tea ot htaraL TM Untanhs lmiE506 


Wmsrn (BUJ rad) 

ItadweM 

780 

7.00 

525 

525 

AraaMy 

U0808 

Hdayitadce 



tataf 

US 

UO 

422 

421 

Aaway 

25JHQ 

Iwttatactaa 


NnmtUc (ST1 212MH1 

NMNuSetodl 

UO 

SJfl 

383 

183 

Aaaad 

206000 

ItataaaR 



HanStaOnaVn) 

4.50 

630 

488 

480 

laal 

5800 

lh athfli dahi UMt hm Ikmifhr at 90 data otake. 










(grfataceaMMdliihBtahO. 



Nmrht 

UO 

880 

480 

608 

Aaaad 

6000 

Ra tatbdta atal UW9. let acc. ttmalfar. 










hi b Bad ni CM atal 1 Nay 1919. 


a«tkmhdi(>nas7in) 

FntalM 

78S 

785 

529 

529 

lad 

106000 

tat< aetata. 




60S 

6U 

ta 

521 

Aaaaal 

50801 

■ad* taka. 




485 

MS 

Ur 

524 

Mead 

BJH 

nOaUa 




US 

635 

4.91 

4.11 

fad 

16810 

Tl± 0500509000 




4.10 

488 

430 

430 

Anad 

4508 

Mr todb 


MhEMUM (Mil UJM7 1 

faMPbsAC 

US 

645 

- 

- 

My 

26000 

Hb. iaNtay L000880. 10 0«i ataka or total. 



iHftSddJkaeri 

UO 

620 

- 

- 

My 

20800 

If Itatoi 1806006 bottom. 


Pr**A#y (8U2 JWU# 

Thu 

6-75 

673 

- 


Ydy 

25 

Ta> net aha* oyBal nadai hr J ynn 


lcaf9Hk(D723MU9) 

Knouft ly Pnt 

7 JO 

780 

5-25 

525 

Aaaaty 

15 

Bafadia Sahg,ibtaWr Intdapt £15-156 hstadAm 


UWaPTHnoSU] 

3 yr hud Rah Band 2ad ben 










US 

L2S 

429 

429 

Mr 

2000 

find adl 38 SeoMer 1997. 



Hp Stmt 

410 

610 

*34 

*34 

My 

2800 




Vflail Sartnigi 

ISO 

130 

630 

430 

WJ 

2S 

IM Ik bh m- rHUnmlL 


Y*kildK(Bai7nU) 

Ttm traits 

440 

648 

- 


Triy 

UO 

90 days toki at Irtoler 



ldGbst Accra 

4J0 

438 

480 

488 

Tl« 


OMOaataBBtgipHM 



18 On Am 

4JZS 

62S 

1.49 

AM 

My 

50800 

ladto total tariff phr 



CtejActn 

MS 

MS 

4.44 

444 

My 

8,000 

UakataftaMraman 



180m Am 

5 JO 

380 

4JS 

4.33 

My 

10880 

6TJL 



ladatan 

58 

MS 

424 

424 

My 

2800 




18 Eba Accra 

US 

L« 

181 

LM 

MJ 

25 




♦fatrlpiMMf taalAahrj.iilttMtaticrf teeARaAMtMyMMiftulif iNcawiau^ 27.144 | 



TELEPHONE FREE ON 

0800 30 33 30 


yAMU'gtuxrantee. 

o^certain ty 



Till,**!** Accm - 24 bean a . J*5 tUyi 1 INSTANT MCKSf. <M MY, HIM, 1MHTHLV INCOME. TCMiUSSA. Aim! k • tarbien at tSe Brtrtrt A West BetMta* Society. 


PRELIMINARY RESULTS 




Pre-tax 

EaRdnga- DMdand*- 



Yaw 

profit 

par ahara par ahara 

Company 

Sector 

to 

(EDO0I 

M 


w 

Ctabay bdanatlaal 

HaeQ 

Mar V 

460 (264) 

- 

O' 

■ H 

Johnson RyUtta Tat 

• Wr 

jj»“ - 

9&1 (064) 

789- 

•• -o 

Laytand Thacfca Mrdg • 

- - nfe 

Atrt 

8AXJ H 

- 

w- 

■- H 

Unx Printing Tat* 

Eng 

Jtai 

332 (1830) 

1.7 

(7.1 ) 1-0 WW 

Lombard Imurance 

tna 

- 

ai« H 

161 

H 1-58 H 

I New London 

. OiE Mor4» . 

3250 L (23.700 L) 

■ 

H 

t:-' H 

Nowmarfc (LoubJ 

Big 

: 

896 L (1380 U 

- 

H .- 

H 

Padlc Horizon hw 

InTr 

Jury 

4885 (41.7fl 

026 (609) OUT M 

Hyrai Qnx4> 

n/a 

Dec 

72S0 L (3210 L) 

- 

H 

- (-T 

Verity 

CTFF 

Jtai 

1JJ14 (4272 U 

04 

H 

- f) 

INTERIM STATEMENTS 






Interim 



IhByaar PrrHa»pro« 

dtatdandr 

Oorapany 

Sector 

to 

tm 


partaan H 

Afcnc* & Leicester 

rVo 

Jun 

134800 

Ksq 

. 

H 

Mac (BSH) 

Eiffi 

Jui 

7270 


08 

tm 

BaBa OH Shin Npn 

hTT- 

JUt 

1700 

(I563A) 

- 

H 

Baldwin 

LSH 

** 

2.170 L 

(2235 L) 

1 3 

fl-8) 

Baring Sac* Erog RHa 

urn- 

JunZ* 1116 

(M£7) 

- 

H 

Barr & Witaaca Arnold 

IAH 

Jun 


m 

60 

Pfl 

Beokanham Gmp 

Ens 

Apr 

2800 L 

(188 g. 

- 

H 

Brakne (TF A J« 

bng 

Jin 

2Z7 

(155) 

2-8 

(225) 

BrNWi-Bomeo 

CHE 

Jin 

MSD 

ft37T? 

2J87 

(2687) 

Buddngham hrt 

LAH 

May 

904 L 

(B2500 g 

- 

H 

Brakwm Teciwdogy 

E&EE 

Jun 

96 L 

J2334 

- 

H 

Calm Energy 

OIE 

Ju»* 

415 

(641) 

- 

H 

Ctatto’s Hofcfrigs 

Olfb 

Jun 

6890 


2.15 

(16) 

CkwMMn 

PP*P 

Jurf 

6230 

vm 

2017 

(1634) 

Coutta ConataOng 

9p9v 

Jun 

341 

(6240) 

08 

H 

Dteon Motors 

Dbt 

Jin 

3270 

(B42) 

125 

tm 

DomnkA Hunter 

&B 

Jun 

2800 

(6000) 

1JJ 

H 

EngBtat & O’seoa Prop 

Prop 

Jun 

363 


03 

H 

Eraint WamaUorad 

Exln 

Jjn$ 

85 

(82 q 

- 

H 

Rtodng Ctevartwuse 

InTr 

Jiary 

1969 

(193fl 

1J5f 

(1-25) 

GPA 

nh 

-W4> 

6000 L 

H 

- 

« 

GUnnaa* Peat 

Ofn 

Jun 

4J9TO 

PJ50) 

- 

H 

Hartona 

Cham 

Jun 

325 L 

(1880 U 

- 

H 

hdapaodant Naan 

Med 

Jun}: 

16200 

(14800) 

60 

(287) 

■KwHohI 

rVn 

Junt 

3500 

pani^ 

275 

(25) 

bhh Ctaakwilta 

Tran 

Apct 

3850 L 

(*■800 L) 

1 2 

(067) 

larael Fuad 

OTTr 

8T* 

B354 

H 

- 

H 

Johrertor Press 

Mad 

Jun 

6070 

[60201 

7JS 


Ladbraka 

LSH 

Jun 

El 500 

(57.800) 

2-4 

tfiasu 

LHput 

RaQn 

Jun 

1.130 

q 

1-66 

08^ 

London France A Imr 

Otfii 

Junt 

asoa 

(31-33) 

- 

H 

Macttatena (Cfearamanj 

PPSP 

Jun 

7,090 

&35H 

1J 

(184) 

Maid 

Med 

Jun 

440 

(207) 

- 

H 

Mtatet 

fleOn 

Jun 

501 

HtB) 

0.75 

(1375) 

Mowlam (John) 

BSC 

Jun 

700 

W300 IJ 

- 

(261 

Page [Mteftaaf 

SpSv 

Jun 

4550 

n jsm 

68 

(6« 

Parted 

Oat 

Jin 

2830 

(2jnt? 

2-0 

(J 

Pegasus Group 

Spar 

Jun 

68 

(14EE» 

20 

(20) 

mwiUMI 

sac 

Jun 

11800 

P84CS 

3D 

(28) 

Prorident FtaancM 

0«i 

Jun 

30.700 

BWI 

65 

(4.753 

Ptaon 

as 

Jin 

9VX) 

d.070) 

1.1 

(16) 

Quarto 

Med 

Jun 

1J570 

C1J53t% 

ZJ0 

(26) 

BJB MMng . 

B*i 

Jun 

fjftpQ 

(&55U 

SL2 

CUJ 

Rtahfam 

OlFn 

Jun 

3XJ7D 

B830) 

3D 

(M* 

BbcUH A Cobnan 

HsaG 

JJ 

123310 

(146600) 

685 

&45) 

Rtahante 

Eng 

Mar 

1820 L 

(328 U 

- 

H 

Rale Boyce 

Bnfl 

Jun 

46000 

pi.ooco 

20 

(2H 

Ropner 

Dvtn 

Jun 

12000 

(WW? 

65 

(15) 

Ruflby 

BdMa 

Jim 


ROOT 

16 

0^25) 

Ssreo 

SpSv 

An 

6000 

(6350) 

125 

(169 

SNaannlrm 

ESS 

Junt 

761 

(251] 

025 

H 

Spring Ram 

BdMa 

JM 

1.100 L 1 

(34800 L) 

- 

H 

SlaMgh 

LAH 

Jun 

270 

C08) 

- 

H 

TAN 

EngV 

Jun 

61.000 

P9800» 

73 

(1085) 

(Mtad Canian 

Tran 

Jii 

l^M 

P580) 

13 

H 

- 

VKmars 

Eng 

Jun 

15800 

(630Q 

1.75 

(1-25) 

Wmtota woagewood 

HnG. 

Junt 

6100 


- 

H 

WMama Ktatfcigf 

Dvfa 

Jui 

86200 

(7B80d 

625 

(Sfl | 


IRguw In iw tf um aa tor fra comBpondhg pahotQ 

■Owdands w* shewn nat pence par snare, escape tam athamisa Inrfcaiad. L> km T Notasaat 
value per Mn. t Mah puts and pence. >5 9 monte %r*e. $ Net aMMtete profit. 4> US dofara 
and cam. e Rgun lor pravtoc* 0 manta 1 Hguras far 11 manta. V Second town, awfag zap 
ta data. * Hguraa *ee Mann fcuxh. ♦ Hguai ffra May launch. Z Net aaaat wfua. 


OFFERS FOR SALE, PLACINGS & INTRODUCTIONS 


Hwsm h to maa tepmama 
£900000 via a clung end 
ae SSm vie a la tendon. 

Proifc a to hndi 9 b ftcfifc Income Trust wsaicflernfahawaMOOp. 

Sa o par fa ciBarwe ppmi riT aW y£2^ 


Clttn ida a ptadng of 143m dims at 7p. 
r of 20m dims at 5p. 


TAKE-OVER BIDS AND MERGERS 


Company 

M to 

vak a at 
tad par 
•hanr 

Mantat 

once - 

Price 

Mom 

tad 

VtaM 
or he 
£wa“ 

matt 

Caste Comma 

Mcaa n panca urtan odamtoi atoeatad 
38tr 360 340 2460 

ACE HokSnga 

Dote Baade 

70tt* 

73 

60 

16.00 

TT Qroup 

Davenport Vamon 

167 

IS 

113 

3320 

Evttte Ha Jiaw 

Ebwkik 

IBM 

17W 

12 

37.70 

FaguilM Irttl 

Oraat Southam t 

776- 

77D 

475 

11290 

Senrioe Corp bit 

Do. Prf. t 

309- 

311 

180 

1829 

Samoa Corp bit 

Kambray I 

i7.r 

16 

13 

4JB0 

Chamrteg 

LEG RaMdamtfcnl 

35B* 

358 

355 

21.70 

Sbna Darby 

Low (Wm) 

36<r 

367 

1SS 

247 JM 

TtoN 

Schoiaa 

2 ar 

253 

193 

96.10 

Hanaon 

Spear (J-W) 

1100*5 

740 

740 

4650 

Hasbro 

Spear (J.WJ 

1000- 

740 

740 

32-00 

Mattel 

Towtea I 

27B- 

268 

243 

4.22 

London City 

Tm Worid T 

181 

179 

173 

7080 

BMP . 


« oa onr. |h» i 


■ mm baa iiw w wa - um a » zaap-g—jjaw. I fti — i -inii 


the composite insurance group, 
on Thursday has produced a 
wide range of forecasts among 
analysts. These start at £i40m 
and rise to £2i5m, against 
£61.7m. The shares have been 
among the worst performers 
among its peers and there is a 
growing view among some 
market watchers that the bad 
news is in the price. 

□ Interim pre-tax profits from 
Blue Circle an Thursday are 
expected to fall in the range of 
£S0m-£95m, against £60 -5m. 
Attention is likely to focus on 
the performances of both the 
UK cement market and the 
home products division. 



Sep 93 1993 

Source: FT Graphite 

Both are expected to show a 
good recovery, but the level of 
the rally and the accompany- 
ing outlook from the company 
will be watched with keen 
interest 

The dividend is expected to 
be pegged at 3.75p. 


RESULTS DUE 


Otvktand (pi* 


Company 



Lata 

year 

TMs year 


Sector 

due 

btt. 

Final 

hit. 

mULDOWMHM 








Friday 

Thuaday 

0348 

159 

038 


. BAG 






60 

13 



Tuesday 

Monday 

Wednesday 





* 



RaGn 

22 

2.7 

. 


iSPhtm 


«— - — 

AwiSOhMI lm Ni r Crt. 

Kill Japan** SmaHar Cot Tat InTr 

Haynes Publishing Med 

Headway — Cham 

Marac 4 — Sp8v 
Rhar A MeraantNa Sfftar Co's—. InTr 

StavartZigamaia — .. OtFn 

Sun ARanoo — to 

Tottenham Hotapar _.UH 

Wafcor (Thom**) Big 

WHa , OH 


-BSC 

-Eng 

-InTr 


AMEC. 


ASW HokSnga . 


Abany bnaatmont Thiat . 


-OiE 


Atjo IMgglna Appleton . 

Avonmoro Foods 

Avunotta Croup 

B8A ~ 


■ Dbt 


BTR. 


-PPSP 
-FdMa 
.BSC 
.EngV 
■ Ovtn 


Thursday 

Friday 

Thursday 

Monday 

Friday 

TUaaday 

Tuesday 

Friday 

Thursday 

Thursday 

Friday 

Wednesday 

Wafraaday 

Monday 

WMftwaday 

Wadnwday 

Tuaaday 

Thursday 

Thursday 


Boatta (Jamas) 

Bony Stonquaat j 

BMeMay Kotor Group . 
Bluebird Toys . 


-Tax! 

-BoOn 


,WTr 

.DM 


Wednesday 

Thursday 

Wednesday 

FWay 

Tuaaday 

Monday 


Bfcia CMa Industrie* . 
Bodthtgton _____ 

Bowatar - 

Brammar 


BdMa 

Baw 

Anar 

Dot 


Riiflfth Gas ’ rZBoTI 

RriHta, Mta 

Chinn 


, pPfP 

SXri _ 

Pmn 


_ op 

Bamfiald 

Eng 

cm 

BdMa 

BdMa 


.Taxi 


FdMa 


Qx*n 

Chbna Cansnunlcations 

Duirrh M, Hn 

Mad 

RsGd 

Coats VhmBa . 

Tnr 

Comooter Paoole SoSu 


Mn 

Coavmom 

.. -FAFF 

fimfeih flmin HIT 

Dartmoor bnmtmam Trust , 

— wry 


Davis Service Group ! 

Enargy Capital Imaatmant Co _CHB 
Enterprise OO OK 


-Prop 


rewff (tGoiml 

Exeter Prat Capital bar Trust InTr 

E s pa nto h if national __ ...Eng 

Fabtaavan In teroaflc nd CBE 

Oartmata Stand Equity That _hTr 

Oartmana Value bwa s tm mt e InTr 

Cas k— HsoQ 

Oowatt Asian Senator Go's In*— InTr 

Orafton Croup BdMa 

■Eng 

-BdMa 
-FdMa 


Has Engkmring _ 
Haywood WBtans . 

mi — I- ■ Inlilfciim 

I IIINHJUBPBI r w AIJWigS . 


Horn* Counties Ne w spap er Mad 


l,talan 1 l 

— RoFd 

hntetir 

—SpSv 



Lloyds Sintalar Co^lm 

London 8. St Laaranc* btv _ 

— InTr 
_.biTr 

MatoMrf (John) 


Mstsac 


Modus . .. 





















Pmmter Con OBflaids 

Prinradabi Group 

—OK 
— Mad 


..Pi op 

Dud.. ft n 



Ttoyrt OouKon - 


RuasaS Uteaamteri 




Thursday 

Tuesday 

Tuaaday 

Wednesday 

Tuesday 

Thursday 

Monday 

Monday 

Tuesday 

Monday 

Tuaaday 

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' FINANCE and the family 

You can bet on it! 

Fancy aflutter on exam results? No problem, says Bethan Hutton 


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W hen the 
GCSE school 
examination 
results came 
out last 

month, one Manchester 
mother and daughter had 
much to celebrate. The daugh- 
ter got 10 A-grades and her 
mother won £150 from a bet 
on the outcome. 

Putting money on a child's 
academic success might not 
appeal to everyone - it could 
put unwelcome additional 
pressure on a nervous candi- 
date - hut every year, a few 
parents choose to have a flut- 
ter. 

Bookmaker William Hill 
started offering odds on exam 
grades a few years ago when a 
15-year-old boy studying for 
GCSEs asked to lay a bet on 
his own chances. He was 
refused - betting is illegal for 
under~18s - but his father then 
staked £50 at 20-1 that his son 
would get allA-grades- 
Then the boy's headmaster 
also placed a bet - and with 
such confidence from those 


with inside knowledge of his 
form, it was not surprising 
that the boy turned out a win- 
ner. 

Since then, the typical odds 
have narrowed. Graham 
Sharpe, at W illiam uni, gave 
the bright Manchester girl 
odds of £-1 after seeing her lat- 
est school report and mock 
GCSE results. But given that 
about 80 per cent of bets on 
exam results are successful, 
Sharpe's odds may still be on 
the generous side. 

Another winner this year 
was a father whose son 
arrived in the UK from the for- 
mer Yugoslavia only in May 
1992 bat still managed three 
grade As at A-level this sum- 
mer. 

Winnings usually end up in 
the hands of the successful 
youngsters, perhaps as a cash 
bonus or in the form of a new 
bike or holiday. If you had 
planned to wave a £50 note or 
two in front of your child as 
an incentive for diligent revi- 
sion, then placing a bet could 
be one way of doubling or 


even tripling tbe potential 
reward. If, however, yonr 
child slipped one grade bnt 
then demanded a reward for 
all tbe effort, anyway, you 
might regret having staked 
tbe money. 

As with all wagers, there is 
a tax of 10 per cent. You can 
decide whether to pay it when 
you lay tbe bet or run the risk 
of paying 10 per cent of your 
winnings. 

If yonr children’s talents lie 
in other'directions, you can 
fjnd bookies willing to lay 
odds- on- sporting prowess or 
almost any other achievement. 

Sharpe was contacted 
recently by parents wanting to 
hpt that their son would play 
rugby for England. Any win 
would be a long time coming, 
though - the lad was only 17 
days old! 

At that age,, the odds offered 
can be spectacular: perhaps 
10,000-1 or more. But when the 
child is older, and has had the 
chance to show if it has some 
footballing talent, they drop 
unite sharply. 


Even so, most parents bet- 
ting on their children's sport- 
ing success get only entertain- 
ment value from the bet But 
six or seven years ago, Sharpe 
accepted £200 from a proud 
father who wagered - at 500-1 
- that his son would win the 
1,500 metres race at the 1996 
Olympics. 

That boy is Curtis Robb who 
was, at the time, just another 
good teenage runner. Since 
then, though, he has become a 
leading athlete who ran in the 
800 metres at the Barcelona 
Olympics two. years ago— 
Sharpe is now confronting the 
real possibility of having to 
pay out £100.000. 

So, if you cherish dreams of: 
your son or daughter w inning 
an Olympic gold or getting 
into paftiament, there is noth- 
ing to stop you backing the 
dream with a little cash. It, 
might be a very long shot - 
but how many other invest- 
ments could pay out £100,000 
after 20 years for a one-off 
£200 premium? Just be sure 
you don’t lose the betting slip. 


The Professionals 


Looking to the long term 

Joanna Slaughter sums up her series on private client fund managers 

T he investment man- Investment managers: factfile 
agers profiled over 
tiie past 10 weeks dif- 
fer on asset alloca- Portfolio Minimum portfolio Minimum Private client funds 


T he investment man- 
agers profiled over 
tiie past 10 weeks dif- 
fer on asset alloca- 
tion, stock-picking, the use of 
derivatives and the manage- 
ment of a private client rela- 
tionship. But none would dis- 
sent from the view that Big is 
BeautifiiL Indeed, size is their 
most seductive sales pitch. 

Certainly, it bestows benefits 
that more modest investment 
houses . cannot provide. There 
is much advantage to be had in 
pointing out that the portfolio 
managers who look after pri- 
vate clients draw on the same 
research and global investment 
resources as the managers who 
run billions of pounds of insti- 
tutional money. 

Size also provides a great 
degree of security for the 
assets of private clients, along 
with capital resources for the 
systems and manning levels 
needed to provide customers 
with the attention they want. 
After all, those who go to the 
investment equivalent of Sav- 
ile Row expect both a bespoke 
suit of financial clothes and 
first-class service. 

Accordingly, many of the 
largest firms are able to devote 

considerable resources to 
matching the client to the fund 
manager, and to ensuring that 
an administrator is a load 
player in the private client 
team, not a tail-end Charlie. As 
David Rosier, the chairman of 
Mercury Asset Management 
(the investment management 
arm or the S.G. Warburg 
Group), put it: “People can 
understand that you don t 
always get that extra bit of per- 
formance. but they can t 
understand if you don t spell 
their name right or if they 
don’t receive their dividend 
cheques." . . 

Although the investment 
styles of the large fund man- 
agement firms vary, private 
clients will find that a top- 
down investment approach is 
c ommo n. Most managers view 
the right asset allocation as 
central to managing portfolios 
- and asset allocation pro- 
cesses are h ig h ly disciplined. 

The Investment management 
of private client portfolios^) 
tpnris to be controlled tightly, 
and many management firms 


Portfolio 

MMntum portfolio 

Minimum 

Private cUont funds 

manager 

Investment (EOOOs) 

annual fee 

under management (Em) 

Schroders 

22,000 - 

£20.000. 

£1.300 

Mercury 

BZW 

£300 

£250 

£2.000 

£1,500 tflscratfonary 
£2,000 advisory 

£2,900 

£1^X 

Klelnwort Benson 

£200 

£1.500 

£2 £00 

Fleming 

£100- 

£1^00 fee basis 

£2,700 

£250 discnsClonary. corrertssion basis 

Cazenove 

No fixed mirlmum 

commission basis 

£3,000 

Barings 

No fixed minimum 

£10,000 

£2^00 

James Cqpel 

£100 

£750 

£4^00 

RothsehBd 

£500 

- £5,000 

£604 

Crwfit Suisse 

£100 

£1,000 

£1.000 



The City in 1897... many Arms ratBin the ok! values 


run white and black lists of 
stocks. The freedoms allowed 
to individual managers within 
these lists vary but overall, 
most firms might well agree 
that their investment style was 
long-term, cautious and conser- 
vative. 

Although portfolio manage- 
ment starts from the premise 
chat the client is king, not all 
firms allow their clients to be 
absolute monarcbs. Indeed, in 
flexibility, some of the 
blue-chip investment manage- 
ment outfits compare badly 
with more modest rivals. 

Some accept clients only on 
a discretionary basis, and "the 
■use of collective funds for over- 
seas and specialist investments 
is universal. At Schroder, any 
private client with less than 
£500,000 is. directed to the 


Schroder World Fund unit 
trust, and assets of £2m are 
needed for a managed portfolio 
of equities. 

Of course, controlled invest- 
ment management, underpin- 
ned by huge research capabil- 
ity, Is of little benefit unless it 
produces performance - but 
relative performance is not 
easy to gauge with bespoke 
portfolios. Alastair Begg, chief 
investment officer of Kkdnwort 
Benson Investment Manager, 
says: “There is no answer that 
is likely to be right for more 
than one client" 

Some managers run model 
portfolios, however, and firms 
Increasingly are offering a unit 
trust that replicates the portfo- 
lio of a private client portfolio. 
This fund acts both as a shop 
window for the firm's Invest- 


ment skills and a way of 
appealing to the smaller inves- 
tor market 

The big question is whether 
the intimate relationship 
between client and manager: 
the services offered: and the 
investment results achieved by 
the private client division of a 
huge investment house are 
enough to justify what are, in 
some cases, very high mini- 
mum Investment requirements 
and stiff management fees. 

Certainly, exclusivity can 
come at a price that only a 
niche market of investors can 
afford. Tim Keown, director of 
£125m Ely Fund Managers, 
points out that many of the 
leading investment managers 
are declining to consider large 
numbers of private clients if 
they are looking for managed 
portfolios of equities. 

Keown adds: “There Is a 
large chunk of the private cli- 
ent. market where the average 
family or individual has invest- 
ment capital of £50.000 to 
£400,000. They want a discre- 
tionary service and a genu- 
inely reliable personal relation- 
ship at partnership leveL" 

In the main , that certainly is 
not the market that the big 
investment managers are chas- 
ing. They want to attract more 
investors into their unit trusts: 
but most believe that future 
expansion of their private cli- 
ent numbers win come from 
"new" money - the fruits of 
entrepreneurial activity' - and 
from overseas diems- 



UNIT TRUST PEPS 


WEEKEND FT V 







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PRODUCT RANGE FOR ANY PORTFOLIO 
PRICED FOR VALUE 

-Low 2% initial charge* 

- No withdrawal charge after 3 years 

Guinness Flight was named 5 

HO INCOME TOCAPfTJU GROWTH- CAPRAf 

, r ,. GOOD GEOGRAPHICAL SPREAD — 

best performing medium 

wr- / 

sized unit trust group over 

one year in 1993t SZfL, 

Four timely trusts from 

j/r BkumtImh 

our comprehensive range of S ;,a ‘ r" “ \ o., \ r— | i .i o « n n 

■w" W* l \ 

unit trust PEPs (see across) tata 

INCOME tawaanT M ■■ . 

are highlighted below. 



INCOME SHARE 
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PERFORMANCE (Launch 1A43«| 

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FUND SIZE 
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You already know Guinness Flight for bond and currency funds. But did you 
know that we have a 13 strong equity management team? And 
that we manage 26 separate equity funds covering both general and specialist 
sectors (8 of which are PEP unit trusts, with 4 being highlighted above)? 

To find out more about our unit trusts fill in the coupon or call 


our Investor Services Department 
on 071-522 2111 or contact your 
financial adviser. 

-riOha- **..*.. ’.ni'. •*"■**: * *# r ." ■ ’* * ’« ■" >,4 w 

[men of Semen Deportment. Guinness Flight Fnrui .Managers Limned. 5 Gainst ctd Street. TVmer Bridge. 

London SEI 2NE Tel- 0T1-5:: 21 II. Fav. 071-522 3001. Plea* ■end me details of the Guinneu Flifht PEP Ranee. 


GUINNESS FLIGHT 


PERSONAL EQUITY PLANS 



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VI WEEKEND FT 


~ eciyrB«inQCV 1KFPTPMBF.R 4 IQQd. 



FINANCE AND THE FAMILY 


Why the UK can be the world’s best tax haven 

The catch is that you need to be resident but not domiciled. Caroline Garnham examines the best ways to keep the Revenue at arms length 


S ame might find it hard to 
believe - bat the UK is the 
best tax haven in the world 
if you are resident but not 
domiciled there. 

UK legislation takes into account 
two factors in taxing individuals: 

■ Residence, which is determined 
by how much time you spend in the 
country. 

■ Domicile, a common law con- 
cept which has nothing to do with 
either residence or nationality- In 
essence, it is the country yon con- 
sider to be your “home”. 

If you are resident in the UK but 
domiciled elsewhere, you will not 
have to pay tax on profits - 
whether income or gains - made 
abroad unless you bring them into 
the UK. Nor will you have to pay 
inheritance tax on any assets or 
Investments you own abroad for the 
first 16-17 years. 

Indeed, you can reside in the UK 
tax-free if you own or earn nothing 
in the UK; keep all your invest- 
ments abroad; and bring into the 
UK only “pure" capital. That is, 
money to which neither income nor 
capital gains made while resident in 
the UK has been added. 

There are many ways in which 
profits can be separated from capi- 
tal so that they are left offshore, 
with only the capital brought to the 
UK. One is for pure capital to be 
deposited in an offshore bank 
account (account 1} with all the 



income mandated to a separate off- 
shore account (account 2). Money 
can then be brought to the UK from 
the first account without having to 
pay income tax. 

The "gnal difficulty is finding 
pure capital So, the best time for 
you to do any tax planning is before 
you arrive in the UK or just after 
you have received an inheritance or 
substantial gift. 

There are some ways in which 
income can be converted into pure 
capital. Investment income - such 


Paulo has arrived from Italy to set 
up a business in Britain through a 
UK company. He is UK resident bat 
not domiciled. What should he do 
to minimise Ids tecs, obligations? 

■ Capital gains tax 

To escape CGT, it is better for him 
not to own the shares personally 
but through an offshore trust Any 
gain made on selling the company 
would then be free of CGT. 

■ Inheritance tax 

Since Panlo is not dom icile d in the 
UK, he is liable to pay IHT only cm 
assets owned there, such as his 
company. Panlo would, therefore, 


beginning of the tax year on April 6, 
account 1 is closed down and the 
money transferred to a new bank 
account The Interest earned on 
account 1 , which is sitting in 
account 2, ran thuw be brought into 
the UK in the new financial year 
free of income ta*- 

Converting investment income 
abroad into tax-free sums has been 
done by many people for many 
years. But it works only with 
investment income, not earned 
income, and then only for those 
with an eye for detail. 

One woman, of whom I know, 


be well advised to own this com- 
pany through an offshore company 
since he would not then own the 
UK assets directly. 

This advantage would stop once 
he had been resident in the UK for 
17 of the previous 20 yean. But if 
he had placed bis offshore company 
into a trust before the 17 years, the 
arrang em ent could continue indefi- 
nitely. it might, however, backfire 
for income tax purposes. If the 
income was brought back to the 
UK, it could be taxed without any 
allowance for the tax credit on the 
UK dividend. 


thought she was operating the 
scheme successfully until the 
Ealand Revenue asked her for proof. 
It was only then that she discovered 
her bank- offshore haH begs, operat- 
ing only one account, to which both 
income and gains had been added 
regularly. 

Thus woman, who had been bring- 
ing substantial sums from this 
account into the UK, had no option 
but to pay a significant amount of 
tax plus interest and penalties. 

If yon are lucky enough to be 
non-UK domiciled but UK resident 
with substantial funds, it is, usu- 
ally, easier to set up one or two 
trusts offshore. The trustees then 
can he responsible for making sure 
the income is removed from the 
trust funds and kept offshore, and 
that only pure and untaxable capi- 
tal sums are brought into the UK. 

The other big advantage, if yon* 
benefit from a trust set up by some- 
one not domiciled in the UK, is that 
all gafng made in the trust are tax- 
exempt - even if they are brought 
Into the UK later. This is true even 
for gains made in the UK. 

You might wonder why the law is 
not changed to catch long-term UK 
residents who live tax-free: 

The reasons are simple. The gov- 
ernment has admitted that it does 
not make economic sense to change 
the law for non-UK domiciled Brit- 
ish residents since, for practical 
purposes, the tax advantages are 


available only for capital-rich for- 
eigners. And these are Just the peo- 
ple the UK wants to attract because 
they are either big spenders or good 
profit generators. 

Thus, it is highly unlikely that 
thogA tax laws, nnfoir flipngh they 


may be, are likely to be amended by 
this government or any fixture 
administration, irrespective of 
party. 

■ Caroline Garnham is a tax and 
trusts specialist at City of London 
solicitor Simmons & Simmons. 


Be sure to 
keep records 

Tax Inspectors, like birds of 
prey, wait fur their victims to 
make a mistake, hi many cases, 
people craning to the UK take 
detailed advice on arranging 
tbeir affairs only to find, several 
years later, that their plans have 
not been implemented property. 

This can be caused by compla- 
cence, coupled with ignorance of 
the small print of the tax legisla- 
tion - or by new rules that are 
overlooked. The result is rich 
pickings for the inland Revenue. 

It is becoming increasingly 
wiwiwflw Eqt inspectors to harass 
taxpayers, whether they are UK- 
domidled or not Quite often, tax 
is not due - but the documen- 
tary evidence to prove it beyond , 
doubt is lacking. The victim is, i 
therefore, pressured into paying 
some tax simply to avert the. 
stress of a fall-scale investiga- { 
ticrn. 

So, if you want an offshore 
structure to be tax-effective, it is 
crucial to have regular meetings 
with your UK tax advisers and 
make sure that proper records 
are kept. 


as the interest In account 2 - can be 
converted if immediately before the 

How to minimise your 
obligations to the taxman 








NEW UNIT TRUST LAUNCHES 


(TdtpMmt 


Tergal Fii Swings - Chagas outride PB> - iMnmm - Chapes Wda PEP - MUun 

VWri PEP Schemes MU Mmol Otter kwaL MB a Amu! Otter kasL Dtsoowt 

% 0oH Aval. %%%£%%%£% 


Sped* i 


■ Extra Income Pond 

Save & Prosper (0800 282101) UK Eqrty Income &25 Yea Yes 2 1JS No 1,000 2 1.5 No 1.000 * 10/9*94-30/8/94 

The annual charge Is taken out of capital to boost the Income. About 55 per cent wffl be invested in blue chips, the rest In fixed-interest stocks 

t prantaps point tfscounr on CSAn-Om no MV etopa on CIOMO and item. 


NEW INVESTMENT TRUST LAUNCHES 


— Taigab — — (knife PEP knife PEP — 

kauai IMmmHnknm Annual NHmm Annul 
Sba YVfe PEP Savings Price m knot. Change Mat Oangn 

Harants Em % feat?. Scheme P ; P ' • £ % £ % 


Manager (TUenho n ei 


OHa Mod- , 


■ Prolific income 

ProMc (071 280 370. or from IQ/a/94: 0800 998855) 

James Capal UK he Grwtti 15 40+ 4%+ Yes Yes tOOp 95-1 p 2,000 04 2,000 14 

Simtar investment strategy to existing ProMc High Income unit bust, ranked 30th of 94 funds over five years 


Hpv - 

22/9/94-13/10/94 


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the Underground. A detachable personal 
tflephiine directory n also included. 

Sim 159mm s Mmoi a 14mm. 

_ „ RE5TOF 

Pocket Diaries code uk eu world 

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Distinctive pink pages and a blade 
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from December 19th 1994 to January 
7th 1995 and contains 34 pages 
of valuable travel and business 
Information. Maps of the City, 
the West End of London, 

Inter -city services and die London 
Underground are included. 

There is a detachable personal 
telephone directory at the back. 
She 113mm x 87 mm x 16mm. 

REST OF 

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A Week-to-vicw diary which runs from November 24th 
1994 to January 28th 19% and offers over 100 
of frequently needed business and travel informatioa. Business 
directory lists the top 100 International banks, world stock markets 
and international databases. The business travel section contains 52 
individual country surveys, dty entire maps and coven 135 
international cities. A 48 page full oolour world atlas and an attractive 
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mniB — 1 

By Credit Cud. By cbeqnc drawn an a UB Bjok 
fapNBbitiihgaodBadrnjibktoFT 
B<afo» WcnwrimL Br Enmfaniw (op >o a 
<ofo oi £3ML UrMOcCt dwta. mlmutfoil 
nntafeetofeUL 

caxDircnsosDBiLn 
Telephone fi 0209 612820 
Fax Q 0209 612830 

VfcrNa- 


Totu.£ 


Name- 


Pwtiao 

Coopany 

Atfabas 


Tick Method Wl 

□ CroStCnd Qowp* 

□ rfocvOtfer □BaofeADn* 

XwKbmtHn»t>l— ffolHi 

□Afetai/ □ «» O Ama Duon 


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Code ... Country — 


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'.’Villi.- niH'Nli; 


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Cut Kati Thompson. 

Telephone 04S3 576144 or Fan 0483 302437 


“"■“L.LLLJ 

CtiAaUah 



By Malt Pteae retim onier 
and ferment Ik 
FTCaOactfon, 

Cu turner Stiflua 


PO Box B, Cmfoe, 
On*>DTB14 HQ UK 


Fund 

chiefs 

have 

their 

say 

From page IB ■ 


reasonable value at these lev- 
els and have good- growth 
•potential over ther. medium 
term. • . . v.j 

Our most-favoured market 
remains Japan and we believe 
that it also offers low inflation 
growth. But both the depth of 
its recession and the scale erf 
its market fells suggest that it 
may well have greater recov- 
ery potentiaL 

Inflation fears are most pro- 
nounced in the US which is 
hardly surprising — it is now 
entering its fourth consecutive 
year of growth and so spare 
capacity is inevitably becom- 
ing scarce. 

However, the series of pre- 
emptive interest rate rises 
seem to be slowing growth and 
we predict that US inflation 
win show only a modest rise to 
just over 3 per cent. 

Increasing evidence of low 
inflation is stabilising the bond 
and equity markets already 
and should give them some 
scope to rise. 

Stability in the US bond mar- 
kets will be especially good 
news for the emerging markets 
of the Pacific and Latin Ameri- 
can regions and should begin 
to allow their strong economic 
growth potential to be once 
more reflected hi rising stock 
markets. 

Dick Barfield, 
chief Invest- 
ment manager, 
Standard life: 
Economic 
growth in the 
UK is well 
under way; 
although con- 
sumers are not racing back to 
the shops, we are spending a 
little more than last year. 

Companies are benefiting 
from lower unit costs and 
increased productivity. Earn- 
ings and dividend growth are, 
so far at least justifying the 
confidence shown by market 
ratings and I expect this to 
con t inue. 

'Inflation is still weak. I do 
not til ink the government will 
find p troug h nas /ma to raise 
interest rates far from where 

they are now. 

The Chancellor will not stifle 
a recovery that has yet to 
translate into a “feel good" fac- 
tor so I will assume a business- 
friendly Budget. 

Despite the decline in mar- 
kets since February, equities 
are still guite highly valued 
against bonds. Although we 
expect bonds to stabilise in the 
face of continuing good infla- 
tion figures, the tide has 
tamed for bond markets. This 
mdll undoubtedly restrain equi- 
ties. 

For similar reasons, the US 
and continental Europe will 
not produce outstanding 
returns for equity investors. 
The Far East - and. in particu- 
lar, ’Japan as recovery there 
gains momentum - will move 
ahead quite welL 
My verdict for the FT-SE is 
around 3,400 at the end of 1994 
and above 3,600 by end-1995. 



£ 50,000 fine on IFA 

Knight Williams hit for breaches of Fimbra rules 


K night Williams, an 
independent finan- 
cial adviser, was 
this week fined 
ssajaoo for breaching 10 Fimbra 
rules; these included issuing 
misleading advertisements and 
falling to maintain proper ch- 

ent records. In addition to the 
fine - the second-largest 
imposed by Fimbra, the 
self-regulating body for IFAs - 
the company was ordered to 
pay £23,400 costs. 

Kenne th Jordan, head of the 
255-member Knight Williams 
Investors' Actiom Groups said: 
“The fine is derisory^ What is 
invigorating is fbaUfimbrehas 
finally done what it should 
have year s ag o." 

• Knig ht W iTTbrms, which spe- 
cialises in giving advice to the 
elderly and retired, was the 
subject of an early day motion 
in the House of Commons hi 
July. This referred to the num- 
ber of complaints received 
from MPS’ dissatisfi ed constitu- 
ents. 

In an unusual stop, the Secu- 
rities and Investments Board, 
the chief regulator for the 
financial services industry. 
Issued a statement this week 
saying it had been "closely 
informed" of the disciplinary 
procedures resulting in the 
Fimbra fin e. 

Knight W illiams was also 
found to be to breach of SIB’s 
principle 9 stating that “a firm 


should organise and control its 
internal affairs in' a responsible 
maimer, keeping proper 
records”. The firm should 
ensure that staff employed to 
conduct investment business 
“are suitable, adequately- 
trained and properly super- 
vised, and that it has weltde- 
fined compliance procedures”. 

SIB added that, along with 
Fimbra, it would stay in dose 
contact with Knight Williams 
regarding the firm’s handling 
of complaints. Dissatisfied cli- 
ents wanting to tnalm n com- 
plaint should first .address It to 
the company. - 

Most of the Fimbra charges 
covered failings in client files; 
these indnded an inability to 
demonstrate that the.firm had 
adhered to the Know Your Cli- 
ent and Best Advice rules. 
Financial advisers must be 
able to show they have given 
suitable advice to clients based 
an a knowledge of their invest- 
ment requirements and finan- 
cial circumstances. 

Other charges included Issu- 
ing advertisements containing 
"inaccurate and misleading 
information”; “issuing an 
advertisement that was cleariy 
not an advertisement, and 
which was dearly capable of 
being taken as a news item or 
editorial matter”; and “issuing 
a comparison or contrast 
which was not dearly based an 
facts verified by the Issuer, 


was not presented in a fair and 
balanced way, and which omit- 
ted material items”. 

Knig ht williams, which, has 
24.000 clients, says it will be 
writing to investors whose files 
were criticised and will also 
try to Identify those clients 
who responded to the adver- 
tisements cited by Fimbra. The 
company would not say how 
many clients were involved. 

In a written , statement, man- 
aging director . John Williams 
said: “We are naturally con- 
cerned about being censured 
by our regulator - it is a seri- 
ous matter.” The fine will be 
paid out of dividends to the 
firm’s three shareholders: 
Robin Knight Bruce, John Wil- 
liams and Stephen Prescott 

The Action Group is due to 
meet SIB Later this month. 
According to Jordan, who lost 
his own case against Knight 
Williams at arbitration: "We 
hope to come to an arrange- 
ment to increase the chances 
of small investors getting a 
good deaL” 

Jordan, who favours concilia- 
tion rather than the Fimbra 
arbitration process, added: 
"Arbitration is weighted In 
favour of the IFA because they 
have the financial and legal 
muscle to present their case.” 

Scheherazade 

Daneshkhu 


Witan 

FRFFiN re 

L J.\H j dealing 


For a limited period from 1 September to 14 October 1994, 
we are offering free dealing on purchases of Witan 
Investment Company pic made through the Henderson 
Touche Remnant Investment Trust Share Plan. The only 
charge you will pay is the Government stamp duty. 

| Witan has a strong long term pe r fty rmaner record 
- £5,000 invested 10 years ago would now be 
worth £25,450 — a return of over 400%. 

| With assets of £1,066 million, Witan is one of 
Britain's oldest and hugest investment trusts and 
its broadly based intonatioual portfolio walwg it 
an ideal core holding for the private investor. 

For full details of the Witan free share dealing offer and 
free Share Exchange Facility, call ns today at local rate on 
0345 212 256 or return the coupon below. 


Figures lor WiiuTt 
performance a/e source 
AITC Services lid 10 
29.7.®+. afore price total 

rttunt, mid nuiwa to aid 

market, with oft income 
reinvested and excluding 
uinsKiJoa durga. flasr 
note ihat pau performance 
Is no guide lo Uk luiurr. 
The value of Investments 
and the income from 
them can so down as writ 
as np ana the investor 
may sot get back the 
amount invested. 


Henderson Touche 
Remnant Investment 
Trust Management 
Limited is an Appointed 
Representative oT 
Henderson Financial 
Management Limit ed and 
Touche. Remnant & Co. 
(■Henderson Touche 
Remnant*) members 
of 1MRO, who are 
associate companies 
within Henderson 
Administration Group 
pic. of 3 Finsbury Avenue, 
London EC2M 2PA. 


| | TnaLMoMermept Lid, ppyrai s,! an ^16. 


I E Mease sod ok details of ibe Whan fm share dealing offo. and 
I 5 rule Stmoanc 


ffale 

Address 


dm foe Share Exchange Facility. , 


I 

I 

L 


Postcode 


Call at local rate on 0345 212 256 


Quoting referrmtx Wfaon-II 










,u — 








FINANCIAL TIMES 


WEEKEND FT VII 





WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


X 


FINANCE AND THE FAMILY 


N 


i 

; 'i 


'•it- 

1. 


■LV. 




id 


Private health cover spreads 

Bethan Hutton finds that Bupa remains the biggest but Norwich is making its mark 


O ne m nine people in the UK 
is now covered by private 
medical insurance, according 
to research by market ana- 
lyst Euromonitor. It says the UK will 
spend £1.4bn on medical premiums this 
year and predicts the figure will have 
reached more than £1.5bn bv 1998 

. Spending on premiums rose by 46 per 

cent between 1989 and 1993. while the 
amount spent on advertising surged 
during the same period; up by 128 per 
cent to £123m in 1993. Much of this was 
spent as the British United Provident 
Association (Bupa) battled to retain its 
dominant position and Norwich Union 
launched a growing range of plans. 


Bupa still has the largest share of the 
market, with 46 per cent followed by 
PPP with 28 per cent Figures from spe- 
cialist health analyst Lfti nE & Buisson 
show that Bupa's market share has 

fallen from 59 per cent in 1985. 

Newcomer Norwich Union, which 
started selling medical insu rance only 
in 199L has taken 8 per cent of the 
market already and overtaken the 
Western Provident Association to 
became the third-largest provider of pri- 
vate insurance. 

L&B's latest report shows that an 
estimated 6.58m people in the UK have 
private cover, which is a slight fall from 
the peak of 6.63m in 1990. The decline is 


thought to have been caused mainly by 
the recession and steep premium 
increases. These have slowed, from 6.9 
per cent above inflation in 1991 and 9.7 
per cent in 1992 to 3.8 per cent in 1993. 
But L&B says that, despite the success 
insurers have had in controlling costs, 
premiums are likely to continue to rise 
faster than inflation for the rest of the 
decade. 

Euromonitor and L&B both expect 
the market for private medical insur- 
ance to start expanding again over the 
next few years as worries over the 
National Health Service continue and 
new products make private cover more 
accessible. L&B projects from present 


trends that almost 17 per cent of the 
population - or 9.9m people - could 
have private insurance by the year 
2000. compared with just over 11 per 
cent today. 

Several new types of policy have 
appeared, particularly at the low-cost 
end of the market. This started with 
PPP’s introduction of the first “six-week 
wait" policy in 1979: this paid for pri- 
vate treatment only if the NHS waiting 
List was longer than six weeks. Since 
then, helped by all the publicity about 
long NHS waiting lists, six-week plans 
have spread throughout the market. 
Other plans restrict cover to in-patient 
treatment or certain types of hospital 




1 live on a private road, the 
common parts or which are 
owned by a limited company 
in which all the freeholders 
are also shareholders. The 
company has reserves of about 
£35,000 in an account earning 

2 per cent 

What is the best kind of 
Investment account in which 
to keep this money? 

■ Because of the relatively 
small amount of money 
involved, it is difficult to see 
how you are going to get sig- 
nificantly better rates with a 
bank deposit. 

If the company employs an 
accountant or solicitor to pre- 
pare annual accounts, it might 
be worth seeing if this amount 
of money could be bulked with 
other sums on client account 
to achieve a better rate of 
interest than the present one. 
(Murray Johnstone Persona/ 
Asset Managements. 

Guarantor who 
had to pay 

Several years ago, I agreed to 
be a guarantor in respect of a 
company overdraft. Bat the 
business failed and I was 
obliged to compensate the 


Can we do better 
than 2% interest? 


bank to the full extent of my 
guarantee. 

Is it possible for the sum 
thus paid to be used in offset- 
ting a current liability for cap- 
ital gains tax? If so, are copies 
of correspondence sufficient 
evidence to forward with my 
tax return? And can the “loss” 
be indexed? 

■ There is no indexation relief 
on guarantor's payments. Sec- 
tion 136(4) of the Capital Gains 
Tax Act 1979 (re-enacted as sec- 
tion 253(4) of the Taxation of 
Chargeable Gains Act 1992) 
says: 

“If. on a claim by a person 
who has guaranteed the repay- 
ment of a loan which is ... a 
qualifying loan, the inspector 
is satisfied that (a) any out- 
standing amount of, or interest 
in respect of, the principle of 
the loan has become irrecover- 
able from the borrower, and (b) 
the claimant has made a pay- 



BRIEFCASE 


No ngn mpcnatoy can oa aceepmtt By mo 
Amtf Una* tor ffw ammrt gnmn n mesa 
■MW Mega mwO ce e n ure d typomm 
scon si p o/t a Ho 


ment under the guaran- 
tee ... in respect of that 
amount . . .(then) this act shall 
have effect as if an allowable 
loss had accrued to the claim- 
ant when the payment was 
made; and the loss shall be 
equal to the payment made by 
him . . . less any contribution 
payable to him by any co-guar- 
antor in respect of the pay- 
ment so made " 


Skipton flies high 


Skipton building society’s 
fixed-rate bond, paying 8.25 
per cent gross per annum for 
three years, has entered our 
Highest Rates table (below) in 
the week of its launch, writes 
Scheherazade Daneshkhu. 

The rate Is paid on a mini- 
mum deposit of £2,000 to a 
maximum of £250,000. With- 
drawals cannot be made until 
September 30 1996: any made 
after this date and before the 
redemption date will be 
charged a 4 per cent penalty. 

The Skipton bond pays inter- 
est annually. But for those 
wanting monthly interest. 


Leeds & Holbeck’s three-year 
Triple Choice bond pays a 
fixed rate of 8 per-cent gross. 
□ From November l, the 
cheque clearance time for 
Nationwide FlexAccount cus- 
tomers will be reduced from 
up to seven working days to 
three days (cashcard-only Flex- 
Account cheqnes wifi still take 
seven days, though). 

Unauthorised overdraft 
charges will be increased, 
however. Those who go £20 
into the red will be charged 
£10; previously, the fee applied 
to those with a £100 unauthor- 
ised overdraft 


□ Abbey National has issued a 
new range of fixed-rate mort- 
gages which, are almost 2 per- 
centage points higher than 
ones withdrawn. The two-year 
fixed rate is 8.75 per cent (9.3 
APR) - higher than the bank’s 
standard variable rate of 7.74 
per cent The previous two- 
year fixed rate had been 6.94 
per cent 

The other fixed rates are: 
three-years at 9.15 per cent 
(9.7 APR); four years at 9.5 per 
cent (10.1 APR) and 10 years 
at 9.99 per cent (10.7 APR). 
Fees are between £250 and 
£300. 


HIGHEST RATES FOR YOUR MONEY 




Notice/ 

Mkilmisn 

Rate 

InL 


Account 

TeloiJwm 

term 

deposit 

% 

paid 

INSTANT ACCESS A/09 


Instant Access 

0202 292444 

Instant 

£500 

5.00% 

Yly 

Bradford & BJngley BS 

Direct Premium 

0345 248248 

Postal 

£1.000 

5.40% 

Yly 


3 High Street 

0756 700511 

Instant 

£2.000 

6.10% 

Yly 

Nottpigham BS 

Prat Direct 

0602 481444 

Postal 

£25,000 

6.50% 

Yiy 

NO TICS A/ca and BONDS 


Direct Notice 

0345 248248 

30Oay(^ 

Cl noo 

B.ro% 

YN 


Postal 60 

0500 505000 

60Oay(P) 

£10.000 

6.55% 

Yly 

Universal BS 

1 Yr High Option 

091 232 0973 

90Oay 

£10.000 

480% 

Yly 

Skipton BS . 

Fhed Rata Bond 

0756 700511 

30.9.97 

£2,000 

B25%F 

Yly 

MONTHLY BH BREST 


Capital Trust 

0538 391741 

Posts 

£2.000 

5J7% 

Uty 

Bradford & Btngtey BS 

Direct Notice 

0345 248248 

30Day(P) 

£10.000 

6.30% 

Mly 

1 Yr Wgh Option 

091 232 0973 

90 Day 

£1.000 

5.95% 

Mty 

Leeds & Holbeck BS 

Triple Choice Bnd 

0532 459511 

31.10.07 

£5.000 

8.00%F 

Mly 

TESSA* (Tax FreeJ 



0858 483244 

5 Year 

£9,000 

7.60% 

Yly 

Hmdifey & Rugby BS 


0455 251234 
0737 245716 

5 Year 

5 Year 

E3O00A 

£1 

7.35% 

7.15% 

Yly 

Yly 

Nottingham BS 


0602 481444 

5 Year 

£1 

7.10% 

Yiy 

WON MTEREST CHEQUE A/ca (Gross) 


Cunent 

0800 400600 

Instant 

£500 

350% 

Yiy 


Asset Reserve 

0422 335333 

Instant 

£5.000 

450% 

ay 

Chelsea BS 

Classic Postal 

0800 717515 

Instant 

£2.500 

5.75% 

Yiy 




£25,000 

6.00% 

Yiy 


OFFSHORE ACCOUNTS (Ok>»») 

Woohw* Guernsey (Jd 
Pcvtman Channel (stands 
Derbyshire (JOM) Ltd 
Yoikstwa Guernsey Ltd 


GUARAHTCED MCOMS BOOTS (Met} 

Liberty Lite 
Premium me 
Premium Life 
General Portfolio 
Eurofife 


— 

Investmenl A/C 

1 Month 

£20 

5.25KG 

Yly 


Income Bonds 

3 Month 

£2,000 

650%K 

Mty 


Capital Bonds H 

5 Year 

£100 

7^S%F 

OM 


First Option Bond 

12 Month 

£1500 

8.00%FI 

Yiy 


Pensioners GIB 

5 Year 

£500 

7.00%F 

Mly 

mat sh/MAS CBTTVICATES (Tax Fracl 


41st Issue 

5 Year 

£100 

5^40%P 

OM 


7th Index Linked 

5 Year 

£100 

3.(H%F 

OM 








CMdrens Bond F 

5 Year 

£25 

755%F 

OM 


■n** tohtrt cavers major banks and Building Societies only. An rates [accept those under heeding Guaranteed Income 
Gross. F = Fixed Rate <AB other rates are variable} OM « Interest paid on mahmty. N= Net Rale. P- 
required. B- 7 day toes of Interest on all withdrawals. G= 5.75 per cam on 
£25.000 and above. H- 6.75 per cent on £25.000 end above. I- WO per cent on 
noimsid^ow Source: M0NEYFACT5. The Monthly Guide to Investment and Mortgage Rates. Laundry Luke. 
SKS5ha^NortolCNfl28 OBD. Readers can obtain an introductory copy by phoning 0682 500677. Flgins 
complied on: 11 August 1994 


It is a pity you have waited 
nearly five years before mak- 
ing your c laim- However, you 
should submit one forthwith, 
without waiting any longer. 

In addition to the correspon- 
dence. you should give the 
inspector the name and 
address of the company and 
any other details which may 
help in tracing the company's 
tax files. 

The inspector will want to 
see exactly how the money was 
used by the company - to 
check (for example) that the 
whole of the payment which 
you made relates to a “qualify- 
ing loan". 

Wife wants her 
money faster 

I lived and worked overseas 
for 10 years with my husband, 
who is a foreign national, but 
I have now returned to the UK 
with our two small daughters. 

We decided to separate as he 
wants to live to bis own coun- 
try. Before applying for a 
divorce, we agreed to divide 
our savings in half, with my 
portion being transferred to 
the UK 

In : order to- make tax-effi- 
cient investments, we have 
begun using a personal equity 
plan under my name to bring 
in the money. But it would 
take about 10 years to transfer 
it like this. Is there a better 
way to do it? 

■ It might well be in your own 
interests, and those of your 
children, to ensure that the 
division of savings be carried 
out immediately rather than be 
prolonged over 10 years. 

As an individual, you are 
allowed to put £9.000 a year 
into Peps - £6.000 in a general 
Pep and £3.000 in a single com- 
pany PEP. In addition, Tessas 
(tax-exempt special savings 
accounts) enable a total of 
£9.000 to be invested over a 
five-year period. 

As for investing the balance, 
this depends on the amount of 
money involved and your per- 
sonal circumstances. As a 
rough and ready suggestion, it 
could be well be worth looking 
at high quality Investment 
trusts where the investment 
criteria is very low or nil 
income but maximum capital 
growth. Thus, your income tax 


situation could be minimised 
and. providing you use the 
annual exemption for capital 
gains tax to mitigate CGT as 
much as possible, you should 
be able to run a simple, tax-ef- 
ficient portfolio for yourself. 

(Answer by Murray Johnstone K 

House sold for 
less than value 

I sold a house to my daughter 
recently. The property was 
purchased in 1983 and lived in 
as the family home for five 
years. My wife and I then 
moved out of the house to 
another house, which I 
declared to be my main resi- 
dence for mortgage tax relief. 

Our daughter continued to 
live in the house which she 
has just bought, sharing it 
with two other people and pay- 
ing a rent to me which just 
paid for the mortgage. 

The purchase price hi 1983 
was £30.000: the valuation for 
the sale (last December) was 
£55,000; and the actual price 
taken for the house from my 
daughter was £40.000. The dif- 
ference of £15,000 is, as far as 
we are concerned, a gift to our 
daughter. 

I do not imagine that I will 
have to pay much, if any, capi- 
tal gains tax on the house. But 
I am not sure if there are any 
tax complications or liabilities 
on the £15,000. 

■ The solicitor who acted for 
you in the sale is, of course, 
best placed to guide you 
through the CGT labyrinth. 

To get a broad idea of the 
intricate and arbitrary rules, 
you could ask your tax office 
for the free leaflets CGT 4 
(Owner-occupied houses) and 
CGT14 (Capital gains tax: an 
introduction), but bear in mind 
that they are not up to date. 

You will be assessable to 
CGT on the sale as though you 
had sold the house at its full 
market value (by virtue of sec- 
tion 18 of the Taxation of 
Chargeable Gains Act 1992 
[Transactions between con- 
nected persons!). 

But, in addition to the relief 
for the number of days during 
which it was your main resi- 
dence. you should be entitled 
to relief for the same number 
of days during which it was let 
(by virtue of section 223 of the 
Chargeable Gains Act [Relief 
on disposal of private residence 
- amount of relief]), without 
double counting the final 1,096 
days before the sale. 

As you will see, the calcula- 
tion depends upon precise 
dates - but you might well 
have no CGT to pay. 


Annuities 


Rates hold up 


LATEST ANNUITY RATES 


Compulsory purchase level annuity 


IntemEtiona) 

0481 715735 

Instant 

£500 

5.75% 

Yly 

Male age 55 Annuity 

Months movement -2.4% 

Female age 50 Annuity 

Months movement +1.4% 

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Instant 

£20.000 

6.20% 

Yly | 

Prudential 

£t 0.037.64 

Prudential 

£9.091.08 

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0624 863432 

90 Day 

£25500 

650% 

Yly 1 

Sun Lite of Canada 

£9.968.67 

Royal Lite 

£8.966.16 

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160 Day 

£50.000 

7.00% 

Yiy | 

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£9.897.00 

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£853655 







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Female age 60 

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1 Year 

£2500 

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Months movement 

-35% 

Months movement -0.4% 

0444 458721 

2 Year 

£1,000 

650 KF 

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Prudential 

£10529.40 

Prudential 

£9,97352 

0444 458721 

3 Year 

£1.000 

B.70HF 

Yly 

Sun Life of Canada 

£10523.91 

Royal Life 

£9.942.52 

0279 482839 

4 Year 

£50500 

750%F 

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Equitable Life 

£10.81500 

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£9561.56 

071 454 0105 

5 Year 

£10500 

7.6QWF 

Yly 

Male age 70 

Annuity 

Femde age 70 

Annuity 


Months movement 0.0% 

RNPFN £14.310.24 

Canada Ufa £13.901.64 

Royal Life El 3 .845.89 


Months movement 0.0% 

RNPFN El 2.376.20 

Royal Lite £12.180.76 

Canada Ufa £12.059.76 


Joint Life - 100% spouse’s benefit 


Male 60/Female 57 

Months movement +0.9% 
Prudential 
Royal Life 
Sun Ufa of Canada 


Annuity Male 85/Female 63 Annuity 

Months movement 0.0% 

£9.162.48 Prudential E9.697.44 

£9.066.05 Royal Life £9.66323 

£9.026.42 Canada Life C9.593.52 


Alovmanaan manmy « tMrw /Hues m aa at SI August iSW fifliwa ostuma a outchm erica 
ot ElOQMO and am tJnun goto. PHPFN jnrwfej an nxlaue only to 1m *r 1+e rur}**/ and aSM 
pro h sa km Ffem ooptod bv dm M SwM/ Utntod. Snsmr oa Mouse. 5SW5S Upper Cnuna. 
London. SCI 8PQ 7« 071 620 KKO 



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August has seen a relatively 
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which have decreased their 
annuity rates and those which 
have increased thera. 

Key players to have moved 
downwards Include Equitable 
Life, which dropped its rates 
by 4 per cent on August 11. and 
Stalwart Insurance which 
dropped by 2 per cent on 
August 8. 

The most recent movements, 
however, have taken a slight 
upward trend; companies to 
have increased their rates 
include Sun Alliance which 






August 23, and Sun Life of 
Canada which Increased its 
rates by 1 per cent on August 
25. 

The continuing shifts make 
it hard to predict what might 
happen over the next few 
weeks, hut those soon to retire 
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good. This is encouraging for 
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better returns later in the year. 

Peter Quinton, 
The Annuity Bureau 


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WEEKEND FT 


FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


PERSPECTIVES 


As They Say in Europe 

Confused by the 
lessons of war 


T here was a fairly 
interesting editorial 
in the London Sun- 
day Telegraph last 
week on the subject of crime 
and punishment. an 
Anglo-Saxon obsession these 
days. Its main thrust. If 1 
understood it, was that in 
western societies the (criminal) 
enemy at home resembled the 
enemy abroad of past times, 
that is to say Germany. And 
enemies have to be severely 
p unishe d, not understood. That 
was aimed at Tony Blair, the 
leader of the Labour Party, 
who once said he would be 
“tough on crime and tough on 
the causes of crime”. 

The Telegraph said the back- 
ground to criminal behaviour 
should he a secondary matter 
of concern and concluded with 
a reference to 1914: “Germany's 
illegalities then, as again in 
1939, were defeated by force, 
not by inquiring into their 
causes.” 

This argument suggests 
bizarre conclusions and on this 
day, the 55th anniversary of 
the outbreak of the second 
world war. it is worth seeing 
what they are. Let us start 
with the Great War, which Le 
Monde celebrated all last 
month with a series of illumi- 
nating studies of lesser known 
aspects of that event One of 
the last pieces was headlined. 
“The army distressed by a 
beaten and shocked Germany.” 

It dealt with the reception 
given to the armies of the Kai- 
ser on their return to the 
Fatherland in November 1919. 
The army believed it had not 
been beaten. The last message 
of the commander. Field Mar- 
shall Hindenbnrg, ran: 
“Thanks to victorious attacks 
as well as determined defence 
we have been able to keep the 
enemy far from our borders. 
We have saved our country 
from terror and destruction.” 

The population disagreed 
and greeted the solders with 
hostility, which Le Monde 
called la fite refusie. The 
troops believed they had been 
sold out by traitors at home. 
Then came the Treaty of Ver- 


sailles which, in another 
article, Le Monde called, “The 
antechamber of the next catas- 
trophe”. At Versailles, Ger- 
many was punished in a man- 
ner that would gladden the 
heart of a Sunday editorialist. 
She was found guilty hi the 
dock of world opinion, lands 
were lost and huge fines 
imposed (which were not paid). 

To cut a long story short. 
Hitler played on the myth of 
the stolen victory and the stab 
in the back, launched the sec- 
ond world war and tried to 
murder the Jews whom beheld 
responsible. 

These “illegalities” eventu- 
ally met with a firm response. 
The anniversaries of that 
action now flood the newspa- 


J antes Morgan 
asks if Bomber 
Harris would 
stamp out crime 


pers. But the Frankfurter AH- 
germane Zeitung celebrated the 
anniversary of the liberation of 
Paris in an unusual manner. 
One item started: “hi this year 
is there no end to the com- 
memorations of the events of 
50 years ago. They will con- 
tinue until May 1935. Fifty 
years ago many in Europe 
experienced horror. 

“In Germany it was above all 
the allied bombardment which 
the people had famwshig t y to 
suffer. Almost every day towns 
were the target of heavy 
attacks, some places were 

hflmlnrf a gain and a gain , far 

example Kiel with its harbours 
and tt-Boat depots. Not only 
were military installations hit 
by the allied air Beets, but 
also, sys temati ca ll y, residential 
districts. What happened in 
one such attack is reflected 
here in the matter-of-fact 
words of the record kept in the 
war diary of a marine auxiliary 
on August 26 1944." 

The report was a hair-raising 
account of nearly six hours a£ 
heavy bombing in which both 


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cnamq N34WLE0U SJL,Mmttatanal Aanm and UMe oil 8toul*ttuSfc,/Witn* Gram 
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a ptaotd ardor tpteU KAHan ocoMlng to ha portions o( Sedkn 4tti of tan ussrum. o« 
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1. STEEL FHOBUONQ aDUBIHWL COMPLEX AT “TSMBELP. W 7HE COHMUWTY OF 
ALMYROS, VOLOS, mb h a nad laundry rettag mi. oceuprtv on area at name 97SZ1 SiA 
compfbha Pa tMg trtdhpc 
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t* SM FOniy. appot 7A00 nP 

d g aaal mart*? ftttata. manga mtm, war pmcaartg m wodWp. m O gn kiy aw*, 

wnapeuid ota aurtory m old 

nw 0 Mb mad*iay and maommoa aqutnark tn oanpnvk bads ramn aid onr oudi abdc ki tads 
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t rtntt ba raed m pot tattas ana ohm b dad wBi to planes need* nougn im wpJaton d 
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(anoi ooraOkm pMc popo**- 
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R A 50% Ram of fan Q aaoatuMhgtol ijOMZ. Itenzwf 1C0nfl istpecMy. m<bg mi ■ 
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toLnlAJiaWef M UnimllhmMt 

4 Agaomni fkt of tad rnnautag to lasram* t* ananda of Loaf AMdls* al K Madne 
OrtMd 

4Aortattaleloionndaa(unaiaio43iaiPinthaNn«amaaFbi(4 
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ThaattooftoaanpenytesnbviSbabywayof AcfcAurtnhaandanoorthtopKMtkiECf 
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ptAMvd h la Ob* and fMan pros on ■attdn pmkad br tarn 
SUMSSnHOFBOWSSKMS 0FMn9SST-0PKm0H9M)RAIE)Ui-9P(Minni 
Frntw a jhnnad nn cr Cj nwaaiBn a fltWwaaaawelMinaOerbflbtemaeapyoIgBOflBac 
Momomndm tor sach e( ta abam mantonaU 0 «lpa fit asoeto ptamn oantoct Hw Uquhtotor. 
■ETwgKEPHAl FCmS A.A Oid i iW U mi afAa^andLto f ■ . 1. gaidankai 9 k. Afcoi 

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sides suffered substantial 
losses. But. having read Le 
Monde just a day before, one 
was struck by a resounding 
fact bow different things were 
in 1945 from 1918- At the and of 
the second world war no Ger- 
man. could thfnir his country 
had been spared “tenor and 
destruction” nor could he 
think it had not been defeated. 
And Germany, as the FAZ 
implicitly pointed out. suffered 
a oimilar fate to that of its vic- 
tims in the second war. 

One conclusion might be 
that we must all itiank- Lord 
“Bomber” Harris for half a cen- 
tury of peace in western 
Europe. The controversial head 
of the Royal Air Force is 
regarded as a war criminal in 
some circles in Germany 
because it was he who imple- 
mented the policy of socaOed 
carpet bombing of German 
titles. But one must recognise 
that Germany, where memo- 
ries of the raids are as vivid as 
ever, has presented no threat 
to anybody far the first time in 
100 years. And stifi. does not 
today. 

That looks likes one up to 
the Sunday Telegraph. Yet 
there is another side to the 
story. After the second world 
war there was no Versailles. 
Germany, at least the western 
bit w as given a shiny new con- 
stitution and pots of money. 
No huge fines, no isolation 
from the community of 
nations, instead a willingness 
an the pert of the victors to 
learn from their past mistakes. 

If there is a lesson in terms 
of domestic law enforcement in 
all Brig, which is doubtful, thm 
it is a peculiar one. The police 
ghfinM be extravagantly vio- 
lent in their pursuit of the 
criminal, but the judicial agen- 
cies must exercise extreme 
leniency in the bn position of 
penalties. In other words, in 
En glish terms, the accused 
should be beaten up in the 
remand cell before the trial 
«nri given an unconditional 

itiiyhar gB after it . . 

I James Morgan is economics 
correspondent of the BBC World 
Service. 





The perfect match: Linda Hanten wid David Buck, wHi vWtmg cricketers at fl» Old Vtewage hotel in ffanpaHre 


Minding Your Own Business 


Sales pitch that fills rooms 


Tim Minogue visits a hotel that found success 'by creatmg its own cricket square 


E ncouraging parties 
of amateur crickeir 
ers to leave their 
wives and girl- 
friends at home for 
several days and stay in a 
hotel with a 24-hour bar 
sounds Wba & recipe for disas- 
ter. Hoteliers of a nervous dis- 


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position might imagine fragile 
profits aha tierin g ahm^ with 
.the crockery' in the course of 
boisterous boys* nights in. 

. In fact, concentrating on 
catering for amateur cricket 
tours proved to be. the salva- 
tion of I info* Harrison and 
David Bari's hotel business. 

The couple, who both 
waked in marketing and con- 
ference organisation, impul- 
sively purchased a 15-year 
lease on the seven-bedroom 
Old VkaragB Hotel at Hinton, 
Hampshire, for £72800 in 1992. 

The business was in receiver- 
ship, having lost £88^)00 in the 
previous year. What made 
Buck and Harrison believe 
they could succeed where oth- 
ers had faflpd? 

Harrison, who Is 48, says: 
“None of the partners worked 
here. The restaurant had a bad 
reputation. There was little 
control over costs and the mar- 
keting Was unpr n faggirurml ” 

. Haring cut costs and raised 
standards, Buck and Harrison 
played on the hotel's strengths: 
a quiet rural location. 10 -acre 
garden, in the New Forest yet 
only a mile from the sea. Mail- 
shots targeted potential cus- 
tomers. Yet, at the end ctf their 
first season, they were strug- 
gling to break ev en. 

Buck. 42, says: “We realised 
that whatever we (fid, we woe 
not going to make a living out 
of British holidaymakers.” 

Foreign visitors loved the 
place, but usually only stayed 
a or two. 


“What we needed,” says Har- 
rison, “was to fifed a niche 
something no one else in the 
Forest was doing - that would 
guarantee room, eecupancy 
during the week.”-.; ■ 

In the summer cf 1993 -they 
took a lease pn.sk over gro wn 
neighbouring field with the 
idea of using it as a car park 
for wedcSng receptions. When 
he had deared tie chest-high 
nettles, however. Buck realised 
that he was standing in foe 
middle cf what could become, 
with imagination and hard 


and Portsmouth gave same tips 

an harif gm aanitemwmhip Ati 
advertisement tor the local 
paper produced a mriMK of 
players for a revived Hinton 
Admiral CC -. tine had not 
been a team in the village 
since foe. 1970s - and offers of 
equipment. The local black- 
sntih-made a roHer, A score- 
board was painted an foe back 
of a decrepit stable. The result 
is a grotmd which looks as 
though it has existed for 190 
years, yet in fact fa not a year 
did. 


‘We needed to find a niche that would 
guarantee occupancy during the week' 


labour, a ifaBgfrtfiri, rustic 
cricket ovaL Could cricket be 
the niche they had been 
searching for? 

A crude square was prepared 

and an mfaprH manfmt pfanwH fn 

the Cricketer rnagmne, sug- 
gesting the hotel as a base for 
teams touring the area. • 

“We expected about six 
replies,” says Bode. “We were 
astonished to receive more 
than 59 serious inquiries.” 
Within weeks. 25 cricket teams 
had booked to stay at the Old 
Vicarage in the 1994 season. 

Buck invited an old friend, 
former Hampshire county 
cricketer John Rice, to inspect 
the wicket "His advice was to 
dig it up.” Hampshire's 
groundsmen, at Southampton 


Buck, who reached the pin- 
nacle of his own cricketing 
career in the 1970s with three 
or four appearances as a fast 
bowler for Hampshire Second 
X L wa s impressed by the 
entimriasm if not the talent off 
his recruits, who range in age 
from 24 to 74 ami mrimi* the 
hotel's chef, a couple of City 
types, an engineer, a roadswee- 
per, a toymaker and a retired 
major. Intens i ve coaching ses- 
sions are slowiy paying divi- 
dends: Hinton's record to date 
is played 17, wan three, lost 13, 
drawn one; compared with a 
100 p tar cent record of defeats 
at the end of July. 

Hade provides prospective 
touring teams with , a fixture 
contact list for more than 100 


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I nw+w 9HL 


with top women, such as Roberts trazhng 
gamely at (8m. 

So the star, haring broken free from the 
old-style studio’s ceiling wages and being 
farther flattered by the ministrations off 
his publicity people, suddenly oummamte 
both the ego and the capital to initiate Ufe 

projects. 

However much the star's advisers may 
demure, dreadfol films such as Hudson 
Book and Ishtar and Last Action Ebro get 
made- Ami a l t ho u gh the ego may land 
with a thud, foe agents get their upfro n t 
-“packaging” commissions and lG-per 
mntK And the star - such, is the milifar- 
isedpowwtfntoieinHcCyvroodliype - is 
up and flying again before you can cry 
“Variety charter 

The great virtue of foe old studios was 
that egos were kept in check. People 
knuckled under to the ne«t fftm on foe 
contract And when they bowed to the 
studio's routine publicity demands, it was 
to a gmial daftness quite unlike the ter- 
rorism of today’s PR work. As -Deborah 
Kerr once remembered for me: “They 
would wheel os out for an hour or so to 
pose for magazine covers - greet back- 
ground for this magazine, pink for that 
one - or to chatter about how we kept our 
cold cream in the ice-box. Thai back to 
the marie,” 

Today it is not this benign exposure that 
counts in PR work, bat the cnlt of n ear- 
mystical etasrveness. The modem pubfi- 
dsfs job Is to preserve the idea cf the star; 
or star director, as above ns all: and to 

{does OVeY Trtfaftr faflinga fr rnn the shy 

(Flop movies often mysteriously vanish 
frem later publicity-packs about a film per- 
sonality-) Hollywood press agents have 




Jobs Goodman 


become known as “Hqvpress” agents for 
foar abiitty to preserve tins myth, of toat 

So Mg BoBywoo d m ov ies , powered by 
their stars’ artificially -generated rarity 
value, are made to seem like visits from an 
es tr ate n eriri aL tt hardly matters whether 
the fihns themselves are good or had- that 
i sully value invariably them an 

“event”. And when the star detfgns to Sy to 
Earth once a year to open Ins new film , 
foe PS people surround him mat the pic- 
tee with an entire ecology of support ico- 
nography. Batman T-shirts for Thn Bur- 
fcs/Nfchobon’h offering: FButstone Urge 
for SpieJberg’s l a test ; a whtde playroom 
nrwal for Anne’s new actiooer... 

Edwafi Pressman, foe iadepanlmt pro- 
duce who has rolled out hjgfr-visflaffity 
Sims as diverse as Oman The Barbarian, 
JFK ami Reversal Of Fortune, tirnifai foe 
age of foe ego. mtemaagad bg agents and 
publicists, has its co mpensatio ns. "There 


is a level of talent and idiosyncrasy that 
didn’t exist hi the old Hollywood,” he teUs 
me. “You could say the quality of main- 
stream movies tha* the studio factories 
ma d e , was more consistent But it’s com- 
pensated for today by a lot of films that 
would never have been matte t b*m~ experi- 
mental Sms, ones that break the mould.” 

Faint taken: but it applies more to the 
low-cost rnid Of the market than foe high. 
(Even Schmdler's List was . a shoestring 
operation by Spielberg standards^ What 
we have at the hi gh end is star egomania 
eternally demanding more money, via the 
agent, and more image-enhancement, via 
the pubfidst 

Jh a word, hype. The sa ma hype that 
causes miHimy of g nTHhlo film fans to 
Sock to movies like this summer's: movies 
so freighted with star names or so pre-pub- 
Seised as Happenings that no one realises 
-imtfl th ey have paid gloom to push The 
Flads ttmes or Manerick at True Lies into 
profit — that the films are as imitative, 
overblown and perishable as carnival 
floats. 

What do the agents care? They take foe 
ffloney (up-front) and run. What do foe 
PHbhdsts care? The triumph of thrir art is 
written in the ledger books. And what 
does the “talent” care? ft thinks it is God 
anyway. Everything tells ft so, from the 
people it employs, to the film-goers hyped 
into overpaying for its fUmn . 

ff it is a mad world, it is one with its 
own dismaying logic. When M CM mogul 
Lotus B Mayer saw trouble coming bade in 
those stgr-enfranchising 19408 - “The 
fanatic s are faking over the asylum” ~ 
li ttie could he have guessed at the perfect 
mutual support which would evolve 
decade? later, between those lunatics mid 
their Lotusland lackeys. 


fh c 


, i 






local sides in Hampshire and 
Dorset. The bar, crammed with 
cricketing memorabilia, stays 
open as late as the guests wish. 
Only on one occasion have vic- 
tory celebrations got out of 
bawl when a fan water fight 
ruined several mattresses. 

Half of foe teams which 
stayed at the Old Vicarage in 
1994 have matte firm, bookings 
for 1995. 

Harrison says: “The cricket 
enables ns to plan ahead. We 
know we will have that cash 
ftaw in a year’s time.” 

The couple believe that only 
two or three other hotels ta 
Britain have their own cricket 
pitches. It is proving an attrac- 
tive asset fin corporate enter- 
tainment Hessey, Lloyds Bank 
and Chase M anha ttan Bank 
have all held staff cricket 
matches and barbecues at the 
Old Vicarage: another com- 
pany plans to use the ground 
for an archery day. 

Buck and Harrison expect to 
maka a small profit this year 
on a turnover of about 
£130,000. 

A bonus for Buck is that he 
gets to be captain of his own 
cricket team. He can afford to 
be more philosophical about 
losing than most skippers: “I 
hke to see our visitors go home 
happy. Anyway, when they've 
won, they spend more at the 
bar” 

■ The Old Vicarage Hotel, 
Lyndhurst Road, Hinton, nr 
Christchurch, BH23 7DR. Tel: 
0425-277006. 


•it il . 

55*:, 




C % 1 - 

r.-, - • 


■■ 

^v'- : 






Si 1 ':. 


ft. 

: ■ 




. — 




financial times weekend September 3/september 


4 1994 


WEEKEND FT IX 


PERSPECTIVES 




oms 


S he is a 23-year-old with 
gmger hair, a job in tour- 
win and a liking for pad- 
ded party frocks in blue 
satin. She was head girl at 
her school m Limerick, is a dutiful 
daughter and is looking for a hus- 
band strong enough, to carry the 
harp that she plays for charity. 

This admirable young woman has 
just become the owner of a gilded 
crown studded with fake emeralds 
and -diamonds and a large ornate 
glass trophy. Muime Hurley is what 
every pure young Irish lass would 
love to be: the 1994 Rose of Tralee. 

This must be one of the most 
bizarre prizes on offer to women in 
the 1990s. The beauty contest, now 
in its 36th year, is open only to 
those of Irish extraction. The win- 
ner is supposedly chosen not for her 
vital statistics, but for her ability to 
“just- be herself - whatever that 
means. 

Nevertheless, there was not a sin- 
. gfe fatty, nor a set of but* teeth 
among the 1994 crop of 32 compet- 
ing Roses. They had come to Ireland 
from all over the world - from the 
US to Dubai to New Zealand. 

Their parents may have escaped 
from Irish poverty, but their off- 
spring are delighted to return, gush- 
ing over the charms of the mother 
country in the hope of winning the 
title. Most of them were more thar^ 
bimbos: some had a university 
degree, others were tax consultants, 
investment advisers, vets, and jour- 
nalists. 

Yet each was prepared to stand 
on the stage and simper, alongside 
Gay Byrne, a fid-year-old smoothie 
who Is the best loved personality on 
Irish telly. 

Comfortable in their vulgar array 
of evening attire, they cheerfully 
replied to Byrne's questions about 
whether they had boyfriends, and 
what their daddies did for a living. 

Those who could, then did a little 
jig, sang a song or recited a poem. 
Even those who could not had a go: 
one gave an alar ming ly flat render- 
ing of The Streets of London. 
Another got into a sorry muddle 
over the passage she had selected 
from Under Milk Wood. 

But the audience loved it More 
than half nf the- women in Ir eland 
were glued-to their TV sets watch- 
ing the contest The rest were pre- 
sumably in the betting shop ini- 
tially putting money on the 
Adelaide' Rose, a petite dyed blonde 
with a big white smile. 

But when Muime Hurley came 
on. and in particular whenJier wet- 
eyed father stood up In the audi- 
ence for an impromptu serenade the 
hot money switched. 

He sang in rich baritone the mov- 
ing words: “Though lovely and fair 
as the rose of summer/ Yet ’twas 
not her beauty alone that won me/ 
Oh no. 'twas the truth in her eyes 
ever dawning/ That made me love 
Mary, the Rose of Tralee' 1 . 

The people of Ireland know a win- 
ner when they see one, having 


The sentimental way to pick a Rose 

Liicy Kellaway visits Tralee and watches a 23-year-old capture one of the most bizarre prizes on offer to women in the 1990s 


T he first apparition materi- 
alised at a cafe opposite 
San Sepolcro cathedral. 
My wife scribbled 'a note 
and held it up to my nose. “DO NOT 
STARE," it said. “The man at the 
next table is John Cleese." ' 

I turned and stared. “It can’t be." 
I hissed. “What's he doing here?" 

She hissed back: "What are we 
doing here?” 

The second shade was standing 
disconsolately in a scrum of Italia n 
housewives at the delicatessen 
counter of the Co-op. It looked 
strangely like Professor Bill Wed- 
derbura. the eminent labour lawyer 
and Marxis t peer. I stepped forward*. 
"Well, if it isn't..." It was. So we 
retired to the bar with our trolleys 
for a beer. 

When the third manifestation 
occurred a few days later I began to 
wonder what agency was sending 
them, and why. This phantasm was 
tucking into a tutti frutt i ice-cream 
opposite the Minerva temple in 
Assisi. 


O ne hundred years ago 
this snmmer. two 
dozen Europeans of 
different nationali- 
ties, members of “The 
Freeland Association”, attempted - 
and failed - to establish a Utopian 
"Freeland" in East Africa, on the 
slopes of Mount Kenya. 

Not that they ever got within 
sight of that wonderful mountain 
which sits on the Equator - they 
never set foot beyond the exotic 
Indian Ocean island of Lama, 
where they arrived on AU Fools 
Day, 1894, and sat there sweltering 
in the Big Rains for three months 
before they gave up. 

Their expedition is remembered 
today only as one of the smallest 
footnotes of colonial history, for- 
gotten almost at once by the chan- 
celleries of Europe and by the peo- 
ple of Lamu. But the story of 
Freeland, inasmuch as we can res- 
cue it from obscurity, has Its own 
particular fascination, coming as it 
did jnsfc before a century whose 
political history was to be domi- 
nated by the great Marxist expen- 

It was Just one of countless exam- 
ples of onr human attraction to 
Utopias: the Freelanders were a 
very minor example of the phenom- 
enon. a ridiculously tiny group in 
comparison with the millions who 
wereto be involved in the Marxist 
revolutions, but their stray illus- 
trates the temptation, and the inev- 
itable frustration, of the Journey. 




In search of a husband strong enough to carry her harp: Muime Hurley, the 1994 Rose of Tralee, chosen for her ablrty to ‘just be herself 


watched this animal display of sen- 
timentality for more than three 
de cades Within minutes the odds 
on the Limerick Rose had shortened 
from 12-1 to 3-1. 

There is an implicit code of con- 
duct that Roses only break at their 
periL The Boston Rose did herself 
no favours by boasting about the 
paper die had written on the poli- 
tics of Northern Ireland. The Bel- 
gian Rose should never have admit- 
ted that if she saw a ma n she 
fancied she invited him out. When 
it comes to "Just being herself”. It 
seems a Rose can go too far. 

More important still, Roses must 


not be seen to be competitive. They 
have to keep up the pretence that 
simply being in Tralee fa workaday 
town in Kerry) for a week of trips to 
distant hotels to shake- the hand of 
ex-prime minister Charles Haughey 
is prize enough. 

They must not drink or smoke in 
public. They are expected to pick at 
their food: indeed when the Galway 
Rose put away a large heping of 
lemon pie and cream at one of the 
main banquets the story was 
reported in the Irish Times. 

Neither must they read the news- 
papers. It is feared that if the Roses 
read everything written about them 


- most papers carried several pages 
of fulsome copy and glamorous pic- 
tures every day of the festival - 
they might be left with no time to 
fulfil their busy schedules. 

Try as it might to recreate an age 
of sentimental innocence, Tralee 
could not quite keep the modem 
world at bay during the week. 
While the Roses batted their eyelids 
inside the festival dome on the 
streets of Tralee a booze-up was tak- 
ing place on a scale remarkable 
even by Irish standards. 

Young lads poured into the 
town's camping sites and pitched 
their tents in preparation for a 


week of dedicated drinking. One got 
so over-excited as he watched the 
Limerick Rose being crowned that 
he took off all his clothes and 
mounted the statue in the town 
square. That poor chap is now fac- 
ing a prison sentence for his 
moment of abandonment. 

Even more shaming, two of the 
nice Irish boys given the job of 
chaperoning the Roses during the 
week disgraced themselves. One got 
woefully drunk, and another was 
caught in bed with a young woman 
(mercifully not his Rose, whom he 
had safely escorted back to her 
hotel by midnight). 


Another regrettable incident was 
the photo opportunity for the first 
ever black Rose. With an almost 
touching lack of political correct- 
ness photographers had her pose 
with a pint of Guinness, with a view 
to a “Black on Black" picture cap- 
tion. 

AD heU broke loose among the 
festival committee - a gang of five 
officious pale green jacketed locals, 
beaded by a Bill Looney. 

They were offended not just at 
the association with alcohol, but 
also because the Roses must not be 
seen to advertise anything. 

But most sobering of all was 


On holiday with my brain cells 

Christian Tyler explains why getting away from it all is harder than you think 


I nudged my brother-in-law. “Is 
that who I think it is?” “Madre di 
Dior he exclaimed (or something 
like it). "It’s Kenneth Clarke." We 
decided on balance, being sensitive 
souls, to leave him in peace with his 
pudding. 

We like to say that we shun other 
tourists, especially our own compa- 
triots. Yet I was surprised to feel a 
pang of solidarity with these fellow 
escapees from the tittle off-shore 
island on the rim of the Eurasian 
landmass. 

There seemed to be a message in 
the coincidences. But what were the 
wraith-messengers trying to tell 
me? Surely it was something more 
profound than that middle-aged 
swingers take their holidays east of 


Arezzo? And why were they so diffi- 
cult to recognise? 

Back at home again, the answer 
seems obvious: We were all in the 
wrong place. In other words, you 
may pack your possessions and 
your children, put the cat in a 
bearding house, lock the front door 
and drive 1,000 utiles. But you can- 
not take your brain cells on holiday. 
Transport your body, soul and 
senses where you please; your 
cerebral cortex remains helplessly 
wired Into its own version of real- 
ity. 

For the first week the brain 
refuses to leave home at all; it must 
be distracted with the minor tasks 
involved in living tn a foreign place. 
In the second week it begins to sur- 


render and take an interest in its 
new surroundings. But by the 
beginning of the third (if you 
are wise enough to take three 
weeks) it is already making ready to 
return. 

Our desire for total dislocation 
was not entirely vain. Spread-eagled 
by the heat on an Umbrian hillside, 
lost to view round the last hairpin 
bend, it was easy to cultivate the 
Ulusion of escape. But the substi- 
tute reality of rural middle Italy 
remained as elusive as tbe tree 
frogs whose telephonic trilling filled 
the nights. 

The body was a willing slave to 
lassitude, the spirit succumbed. 
And then the brain piped up: 
"When do the banks shut? Is there 


enough milk for the morning? Hell! 
It's half-day closing. And the well is 
running dry . . . Dear God. will it 
never rain?" 

There are stratagems for this con- 
dition. One can play at living the 
peasant life - up at dawn, walk 
round the fields of sunflowers brow- 
ning in the sun. inspect the tobacco 
plants being expensively watered 
from the reservoir, scramble 
indoors out of the sun to read, eat 
and doze until it is time to open the 
first bottle of the night. 

But the townie's rustic roots are 
too deeply buried and his agricul- 
tural memory has atrophied. A 
former ambassador to Tokyo once 
told me that when a foreigner says 
to you he understands the Japanese 


it means he has become Japan- 
ese. 

That voluntarily displaced per- 
son. the holidaymaker, can live like 
a peasant only by becoming a peas- 
ant, which - if he has any sense - 
is the thing furthest from his mind. 
So while his eye is delighting in the 
scene from his vine-clad terrace his 
cortex is probably calculating how 
much European Union subsidy he 
has personally contributed to create 
such charming effects. 

Macbeth was wrong: returning is 
not more tedious than going o'er, 
even if the first encounter with 
native British reality can be a 
shock. 

My heart sank to my deckshoes at 
the sight of the newspaper headline 


The temptations of Utopia 


The Freeland movement flour- 
ished briefly in Europe in the early 
1890s under tbe inspiration of Dr 
Theodor Hertzka, anot-too-nutty 
Austrian economist and visionary 
who, in an extraordinary book 
Freeland: A Social Anticipation. 
described in extreme detail how a 
new and splendid community 
might be achieved if interest rates 
were abolished and land held in 
common. 

He chose to describe this revolu- 
tionary social order - which was to 
be accompanied by a host of other 
high-minded reforms - by setting it 
in the hinterland of East Africa, 
which he apparently assumed was 
under-populated and therefore 
available to newcomers. 

The Freeland movement managed 
to attract adherents from across 
the fringes of radical Europe - 
anarchists alarmed by the police 
crackdown throughout the conti- 
nent, revolutionaries on the brink 
of admitting defeat, socialist ideal- 
ists disillusioned by tbe drift into 
conventional and cautions political 
processes — and, it seems, more 
■ sober citizens who were looking for 
a new life. 

Astonishingly, Dr Hertzka man- 
aged to persuade the Foreign Office 
in London to grant permission to 


the Freeland Association to send a 
pioneer party to establish a settle- 
ment near Mount Kenya: hence the 
arrival of 25 Austrian, German, 
English. French, Dutch and Scandi- 
navian members, of whom two 
were women, on Lamu Island on 
April 1. 

"Freeland" shared many of the 
characteristics of Utopian move- 
ments worldwide and across the 
centuries. For Instance, its adher- 


to domesticity like their Indian 
counterparts, the Masai maidens 
will embrace chastity, their war- 
riors will lay down their spears and 
don tunics of Grecian style, crimi- 
nals will reform, wives will be 
faithful, drunkenness will vanish, 
nihilism will wither away, hun- 
dreds of thousands of European dis- 
ciples will soon flock to Freeland. 

There were plenty of people who 
read the good doctor’s prophecies 


tions of their age. This was a 
decade when millions of people 
were leaving Europe to make a new 
life overseas - in the United States, 
in South America, in the Antipo- 
des. in Southern Africa. Many of 
these millions, probably most left 
the poverty and impediments of 
Europe in order to seek economic 
success. 

Tbe Freelanders were not like 
this: they left Europe in order to 


In search of a perfect world, 25 ‘ Freelanders ' set sail for Africa 
100 years ago. J.D.F . Jones tells how it all ended in disaster 


ents were inspired by the vision of 
a single leader or sage - tbe coun- 
terpart of Karl Marx, the said Dr 
Hertzka, of whom tittle else has 
been remembered. 

Dr Hertzka had never been any- 
where near East Africa - though be 
must have read the self-regarding 
memoirs of Carl Peters, the vicious 
German imperial adventurer of the 
time - but he does not hesitate to 
expound, over hundreds of pages, a 
ridiculous farago of fantasies about 
life on the African savannah: 
zebras will be trained to draw car- 
riages, elephants wiD be amenable 


in 1892, either in German or in the 
English edition, and joined the var- 
ious branches of the Freeland Asso- 
ciation in the principal cities of 
Europe. 

In 1694, 25 of them sailed for 
Lama Island. These Freelanders 
were radicals, as Utopianists usu- 
ally are. They were eager for a 
vision of the future - a better 
future. They were also, we may 
guess, in retreat from their own 
European world. 

But the particular fascination of 
the FTeelanders is that they were 
emigrants who rejected the motiva- 


get away from the norms and ambi- 
tions of bourgeois society; they 
were trying to start again. 

Of course. “Freeland’’ was a 
disaster. The detail of what hap- 
pened has been lost but we know 
that tbe pioneer expedition never 
managed to get away from Lamu - 
an island whose exotic and deca- 
dent charms have been famous in 
the Indian Ocean for centuries (the 
local speciality, then as now, was 
transvestites). 

The Freelanders had arrived at 
the wrong time of year; the rains 
were imminent; the Tana River 


which they proposed to use as their 
route to tbe Highlands (utterly 
unrealistically because the Tana is 
not navigable) was in flood; tbe 
wild behaviour of their members 
offended the local community, 
which was and is strictly Islamic, 
with tbe women in deep purdah. 

There is today only the faintest 
folk memory of the Freelanders on 
the island: they are remembered for 
urinating from the rooftops on to 
the pedestrians in the narrow 
streets, for shooting water pots off 
the heads of servant girls, for car- 
ousing and drinking and for the 
immodest dress of the women. 

They hung around in Lama for a 
few months, their morals and their 
behaviour degenerating in the 
uncomfortable beat of the “off” sea- 
son. until the British authorities 
lost patience and ordered the can- 
cellation of the expedition and the 
disbandment of their association. 

Some of the Freelanders went 
home, where Dr Hertzka. who had 
not actually accompanied his disci- 
ples, admitted the failure of his 
Utopia; rather more of them went 
elsewhere in Africa, to Tanganyika. 
Rwanda, Mashonaland, the Trans- 
vaal. 

Perhaps some of them could not 
face going home after such a rapid 


when the Washington Rose was 
made to relate the tale of how her 
two cousins had been gang raped 
and murdered, and how her brother 
- who was trying to save them - 
was charged by an incompetent 
policeman with having killed them. 
This grotesque story made the 
cheerful chatter that followed even 
harder to swallow than before. 

Still, on the whole the week was 
deemed to be the greatest success - 
nearly £3m poured into the town 
that week, and if much of that was 
spent on booze it should not bother 
the chief sponsor of the event: Guin- 
ness. 


on the Channel ferry: "Princess Di 
in phone leak probe". Was nothing 
else happening in my real world? 
Lord Archer was still in trouble 
over his share dealings. The 
replacement royal yacht Britannia 
was to be hawked around to corpo- 
rate sponsors and former Page 
Three girl Samantha Fox had dis- 
covered Jesus. 

Tbe only piece of genuine news 
was simply incredible - that the 
IRA was about to declare a ceasefire 
in Northern Ireland. 

“Good holiday?" they ask you 
kindly as you mooch into the office. 
Yes. thanks. Great. (And it was). 
"Glad to be back. ha. ha." they 
always add. Tbe proper answer is to 
roll the eyes heavenward and twist 
the face into a grimace of simulated 
pain. 

It Is a foolish convention. It con- 
nives at the strange superstition 
that we must never admit, because 
of the huge investment we have 
made in going away, that coming 
home is a real pleasure. 


humiliation, perhaps some of them 
could not risk it - an expedition of 
this sort would have included 
adventurers and rogues as well as 
idealists and socialists. 

So the Freelanders were soon for- 
gotten. But the moral of this tiny 
episode, this abortion of an equato- 
rial jaunt by a small bunch of fan- 
tasists, niggles away. If these Uto- 
pian projects seem invariably to 
fail, why have there been so many? 

What is it in the make-up of mor- 
aUy-aware and not-necessarily-fool- 
Ish people that tempts us to ven- 
ture out so rashly to seek to make a 
reality out of manifest fiction? Did 
the Freelanders seriously think 
that the African tribes of the Kenya 
Highlands would welcome them? 

The explanation must be that it 
is too easy to invent Utopias, to 
dream. Occasionally that dream is 
so persuasive that it comes to be 
implemented and offered up to the 
experience of reality. Always, the 
dream fails, whether of Dr Hertzka 
or Karl Marx. Freeland or Soviet 
Russia, the Third Reich or Apart- 
held. 

Better to be Plato or More. Four- 
ier or Butler. Proudhon or Morris, 
Bacon or Coleridge, and remain in 
the library. Dr Hertzka’s tragedy 
was that, in the summer of 1894, 
Freeland was essayed. 

■ Freeland, a novel by JDF Jones 
based on these events of 1894. has 
been published by Sinclair-Siecenson 

(£14991 





X 


WEEKEND FT 


FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


HOW TO SPEND IT 


The easyish guide to mobile happiness 

Some portable telephones are getting cheaper but there are hidden costs. Peter Knight offers a 10-step guide to talking on the move 


I f you thought buying a per- 
sonal pension was a night- 
mare. try getting the best deal 
on a mobile telephone. Begin- 
ners who want to understand 
the complexities or the business have 
three options, in ascending order of 
easiness: 

■ First, read this article very care- 
fully. Next, ask a series of questions 
of the smart people tin every sense) 
who want to sell you a telephone. 
Then, work out (preferably, with a 
spreadsheet) what is best for you. 

■ Second, abandon this article, decide 
what advertisement you like best 
(some fancy the Mercury woman with 
a gap in her teeth, others prefer the 
minimalism of the Orange ads. while 
the bargain hunters love the cheap 
giveaway deals found in the local 
paper). 

Go for the image you like best and 
the sexiest telephone available - you 
ran assume it is going to cost a for- 
tune, anyway. 

■ Third, and quite the best, persuade 
your boss, spouse or rich, doting lover 
to give you a mobile telephone with a 
written promise to pay the bills. 

Since the first mobile ’phones were 
introduced a decade ago, talking on 
the move has progressed from being 
strikingly unusual to socially gauche 
and uow. oh so ordinary. 

While owning a mobile (it's never 
referred to as anything but a 
‘’mobile") might not make you differ- 
ent. it can certainly improve your life. 
But no matter what deal you strike on 
these gadgets, if you arc paying the 
bills, it is going to cost you more than 
owning an ordinary phone - at least 
£150 a year without counting the cost 
of the phone or the calls. 

Even so. with judicious use and 
firm discipline to curb excessive chat- 
ting. you can escape relatively lightly 
- from around £300 a year (plus VAT), 
as the table shows. Just follow our 10 
steps to mobile happiness. 

10 STEPS TO MOBILE HAPPINESS 

1. Understand that you are buying a 
service, not a phone. 

The money in the mobile phone busi- 
ness is made primarily by selling air 
time (the call costs), not the tele- 
phones. Handsets can be bought with- 
out an air-time contract, but they are 
then very expensive. The price of 
most hand portables is subsidised by 
the companies selling air tune, as an 
inducement to sign up for one of the 
many options available from the four 
operators: Cellnet, Vodafone, Mercury 
One-2-One. and Orange. 

2. Navigate through the mobile maze. 
Mobile telephones (hand portables 
and ear-phones) work on a radio sys- 
tem. Each operator has set up trans- 
mitters and receivers throughout 
their area of coverage (usually on tall 
buildings) in interlinked ‘‘cells*'. 


Mobile telephones: comparative charges 


Operator 

Monthly 

Low 

High 

Charge (£) 

User* 

User* 

Ceflnet Primetime 

25 

438 

765 

Cefinet Lifetime ■ 

12.77 

372 

'934- 

Cellnet Citytime 

Vodafone Business 

20 

25 

408 

43a 

873 

785 

Vodafone LowCalt 

12.77 

372 

934 

Vodafone CapitafcaS 

20 ■ 

408 

873 

Vodafone Eurodigttal 

25 . • 

463 

730 

Vodafone MetrodlQJtaJ - 
Mercury One-2-One: 

20 

711 

711 

Business 

17.50- 

375 

- 553 

Personal 

12.50 

303 

639 

Orange Talk IS 

15 (no 15 nwts free) 

25 (Inc 60 mins free) 

330 

652 ■ 

Orange Talk 60 

381 

sds 

Orange Talk 200 

Orange Talk 360 

50 fine 200 mins free) 

75 fine 360 mats free) 

681 

981 

■ MI- 
MS 

Orange Tsdk 540 

100 Qnc 540 mins free) 

1,281 

1,280 


* Average total cost (Including calls, 
in £ per year over three yams (excluding VAT). 
Low user: 50 m&rutes a month (25 rrrins off-peak). 
High user 160 mlntitee a month (10 mins off-peak). 


ant cost of purchasing the 3Ct) 


Source: European CeHutar Tariffs, pub&shed by The X2S Partnership. 


hence the term cellular radio. 

When you make a call your mobile 
’phone transmits the conversation to 
a nearby receiver which routes it to 
the operator. The call Is then routed 
to its destination, either another por- 
table or into the main BT network of 
cables. The system works the same in 
reverse, with the operator's comput- 
ers keeping a track on your 'phone as 
It moves from cell to cell. 

To encourage competition, the gov- 
ernment set up a system that shared 
the spoils between the network opera- 
tors and middlemen, called service 
providers. The service providers buy 
air time wholesale from the operators 
and then sell it on to you, either 
directly or through a retailer. Your 
contract is with a service provider. 
Network operators are now allowed to 
sell air time directly too. 

3. Decide where yon want to make 
and receive calls. 

Your needs could simplify your 
choices. Only two networks - Voda- 
fone and Cellnet - offer a Europe- 
wide coverage on what's called GSM 
This is a technical standard that 
allows you to make and receive calls 
In most European countries and some 
others, such as Australia and South 
Africa. The same operators are the 
only ones to offer near-nationwide 
coverage in the UK, which is impor- 
tant if you intend to use the ’phone 
away from the big towns and cities. 

All the networks offer services in 
London and the south-east. Mercury 
Ono-2-One started there and is extend- 
ing to other English metropolitan cen- 
tres. Orange started in all the large 
English and Scottish cities and is 
extending its coverage to 90 per cent 
of the population by the middle of 
next year. 

Remember that you can call any- 
where in the world on any of the 
services, as long as you are within 


their demarcated reception bound- 
aries. Once you leave their area, the 
’phone Is useless. 

If you want a mobile for security In 
case you should break down or get 
lost while driving, members of the AA 
can buy its Callsafe system. This is a 
mobile ’phone that can only be used 
to call the AA or the emergency ser- 
vices. It is expensive but may be 
worth it for the peace of mind. It costs 
£14939 for the phone, £25 for a con- 
nect fee and £2630 per quarter. The 
rails are free. 

4. If you want privacy, go Digital. 
There are two types of system, anal- 
ogue (the original) and digital. Both 
offer high quality sound and reception 
when they are working well. Both suf- 
fer from bad reception. The digital 
service, although considered techni- 
cally superior, can make you sound 
rather Dalek-like at times. 

If you do not want eavesdroppers 
(remember the Princess Diana 
“Squidgy” calls?) then go digital 
because it is far more secure. Digital 
is essential for secret agents 
(although your whereabouts could be 
tracked) and anyone involved in an 
extra-marital affair. 

5. Estimate how much - and when - 
you intend to use the phone. 

The methods used to charge for air 
time are complex and confusing. 
Before you pay for calls, you have to 
settle a one-off connection fee (Grom 
£25- £50) and then pay a monthly 
standing charge (from £12.77-£100). 
The differences in tariffs are essen- 
tially between the “business” pack- 
ages (medium monthly fee, high call 
charges) and packages aimed at the 
social caller (low monthly fee, high 
call charges at peak times). 

There are many variations on the 
theme, including inducements of free 
calls. Mercury gives free local calls 




m 










after seven In the evening. Orange 
provides five different “price plans” in 
which it offers from 15 to 540 minutes 
free. Some charges are rounded up to 
the nearest half-minute while others, 
from Orange, are charged per second. 

It Is virtually impossible for those 
who have never owned a mobile 
’phone to know how much they will 
use it Some users have found that 
the phone changes the way they 
work, allowing much more mobility. 
This makes It exceedingly difficult to 
choose the right tariff package, so 
check if there is a charge in case you 
want to move from one package to 
another on the same system. 

The producers of the Financial 
T imes newsletter Mobile Communica- 
tions have computed the total cost of 
the various options over a three-year 
period. “We made some assumptions 
on the amount of rails made and then 
worked out the cost, including the 
price of the cheapest hand portable 
available on the service." says editor 
Nell McCartney. 

“The cheapest countries for cellular 
telephone service are in Scandinavia 
but because there’s a lot more compe- 
tition in the UK market now, we are 
the fifth cheapest country in Europe. 
Germany, France and Spain are a lot 
more expensive.” 

European Cellular Tariffs, pub- 
lished by The X25 Partnership, has 
done some useful work comparing the 
costs of using tbe leading operators. 
The table published here shows the 
average cost per year over three years 
for low users and high users and does 
at least provide some help to those 
trying to get straight answers to the 
complicated question of costs. 

6. Beware of cheap ’phones. 
Advertisements for cheap ’phones are 
misleading. The chances are that the 
’phones will be yesterday's technol- 
ogy but even if not, the “bargain” 
phone is being subsidised to attract 
customers for the air time. Look for 
the right tariff package first and then 
see what ’phones are available.. 
Remember the 'phones have to con- 
form to the technical standards of the 
operator. 

7. Do not be seduced by sexy looks. 
They have not squeezed the technol- ' 
ogy into a wrist watch yet, but hand 
portables have shrunk quite dramatic- 
ally since the early days. Some, such 
as the Sony CM-R ill, can be put in a 
pocket without breaking the stitching. 
But then are inevitable trade-offs 
between size, weight, functions and 
performance. 

The capacity of batteries is still a 
problem - the smaller the phone, the 
smaller the battery and that means 
you have to carry a spare. Check too 
that the smaller phones are easy to 
use and have the power to work well 
when you are on the fringe of an 
operator’s transmission boundary. 


Unless you always carry a briefcase, 
some 'phones can be rather heavy to 
carry around in a pocket or handbag. 
The Swatch, for example, is 385g, the 
Mercury M200 is 370g and the Nokia 
1011 is 470 gm. The Sony CM-R 111 is 
only 185g. 

Which? magazine tested 19 mobile 
’phones. Its recommendations are: 

□ Analogue: Mitsubishi MT-7, Nokia 
101, People’s Phone CTN 6000 and for 
occasional use, tbe Sony CM-H 333. 

□ Digital: Mercury M400 and the 
Nokia Orange. For GSM (Europe-wide 
service) the Motorola Micro TAC 
International 5200 is recommended. 

However, other 'phones have been 
launched sinna Which? did its tests. 

8. Watch oat for thieves. 

Mobiles are highly prized and some 
thieves specialise in .gn ashing ' them 
from queueing cars at traffic lights. 
Make sure yours is insured. This is 
doubly important because you will 
have to buy a replacement at a nan- 
subsidised price, or pay a penalty for 
cancelling your contract 

9. Read the contract carefully. 

The contract with the service pro- 
vider will bind you to using the ser- 
vice for a set time (usually a year, bat 
It could be more). There will be penal- 
ties if you want to give it op or move 
to another tariff package. Make sure 
you know what you are signing 
because the consequences can be 
costly. Look for opt-out clauses for 
bad service from the operator. 

10. Watch that recall batton. 

Many marital miscreants have been 
caught out by their spouse after pro- 
gramming 0 as the quick-dial to their 
lovers. You have been warned. 



as af*?! 




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■ ! : ■ 

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Baume & Mercier 

GENEVE 

MAiTRES HORLOGERS DEPUIS 1830 



! I 


From lending jewellers throughout 
the United Kingdom or for vour 
nearest stockist please call: 

Tel: 071 416 4160 
Fax: 071 416 4161 


Women seize control of their cleavages 


I recently met a man who 
claimed he could bestow 
a cleavage on even the 
most meagrely-endowed 
woman. He worked for a linge- 
rie company and he was 
talking about bra design, 
which today seems to be a 
branch of structural engineer- 
ing. 

Underwear that reflects, and 
even flatters, your real shape 
is no longer enough. Now you 
can be twice, or alternatively 
half, the woman you thought 
you were. That well-known 
company slogan about “the bra 
for the way you are" needs 
rewriting. Now you are the 
way your bra is. 

The push-me-up, pull-you-in 
school oC bra design achieves 
instantly - with Lycra and 
fine, flexible metal - far more 
natural illusions tban those 
sought painfully and labori- 
ously in the past with whale- 
bone and binding. 

Throughout history, women 
have managed to alter and 
enliance their shape, mostly at 
the dictates of fashion. The dif- 
ference now is that a woman 
can change her shape as often 
as her clothes. The cleavage- 
enhancing, underwired, padded 
bra that defines the decollete 
of an evening gown would look 
simply vulgar under a skinny 
cropped T-shirt. For this, all 
but the smallest need a minim- 
iser which, in bra-speak, 
reduces the bust’s projec- 
tion. 

The idea that a woman can 
change her shape implies that 
she has a large selection of 
bras, which Is very good for 
business. Several bra compa- 
nies report sales in the first 
half of this year up by 25 per 
cent over the same period last 
year, with sales of the type 
that make you look larger 
increasing fastest 
You might expect the 
reverse, as women and their 


Avri/ Groom on how modern bras can be used to flatten and flatter 


busts are getting bigger, due to 
the modem diet’s higher pro- 
tein content and, according to 
some theorists, the cumulative 
effect of the contraceptive pill 
taken by women whose moth- 
ers also took it. 

I have always regarded my 
unremarkable 34B figure as 
average and so it might have 
been 20 years ago. But now 36C 
is the norm and firms such as 
Berlei are producing bras with 
hitherto uncontemplated G 
cups - yet 30 years ago the DD 
cup was regarded as revolu- 
tionary. 

Men ore noticeably uncom- 
plaining about this trend, 
which perhaps explains the 
boom in Wonderbras, Ultra bras 
et aL It seems we are following 
the lead of the US, where 
women are bigger and men are 
glad of it In the race for sexual 
selection big breasts, to put it 
bluntly, still count 

Traditionally, the lingerie 
business itself has been domi- 
nated by men. This, quite 
rightly, is changing. Compa- 
nies such as Gossard and Ber- 
lei now have predominantly 
female teams, even on the 
design and structure side. 

Yet fashion is firmly on the 
men’s side. After three seasons 
of the waif, and the fragile 
bias-cut layers that go with 
her, the full-bosomed pulpeuse 
is back with a vengeance in 
her corset tops and hour-glass 
jackets. This was seen clearly 
on the catwalk, where it was 
demonstrated by hitherto 
string-bean supermodels who, 
overnight and mostly without 
the aid or implants, had devel- 
oped swelling embonpoints, giv- 
ing credence to my bra com- 
pany friend’s theory of 
cleavages. 

If they can do it, so can any- 
body. So I decided to test the 



Mb-ades of engineering; madam bras can augment or mUmlsa 


bra business in two categories 
- minimisers under a clingy 
T-shirt and augmenters under 
a soft low-necked shirt The 
results were varied, instructive 
and not always flattering. 

At least one in each section 
really worked, though it is a 
clever minimiser that does not 
put the unwanted "extra" 
under your armpits. 


And augmenters really are 
built for the new average 
woman rather than me. Even 
with the best, to look like the 
girl on the packet I still have 
to fold my arms and squeeze 
hard. 

■ MSnimlsers 

These are either specific pro- 
jection-reducers or sports bra 
styles meant to give a smooth. 


flattering line under clingy 
clothes. 

□ Playtex Super Look Secrets 
Cotton. Classic. Seamless, 32- 
36A, 32-38 B and C, £15.99 from 
department stores. Lifts bust 
up and outwards. A smooth, 
natural line with a slight cleav- 
age but a bit flimsy. 

□ Triumph Sport Tri-Action 
3001. cotton jersey, front fas- 
tening. racing back. Sizes 32- 
38A, 32-44B-D. £14.50 from 
department stores. Flattens 
but points slightly downwards; 
a bit depressing. Very p lain. 
good under see-through 
layers. 

□ Berlei Cascade Minimiser, 
oylan/elastane, sizes 34-42, C-E. 
from £13.99, from department 
stores. A serious supporter, 
heavily underwired for separa- 
tion. Spreads bust outwards 
but augmented rather than 
reduced mine. 

□ Marks and Spencer Minim- 
iser, polyamide/elastane, sizes 
32-36D-E, 38C-E, 40C-DD £14. 
Spreads bust effectively but 
heavy underwire keeps under- 
arm line smooth. Lacy finish 
tricky under clingy clothes. 

□ Berlei Fitness Bra, nylon/ 
cotton/elastane, sizes 32-38 
B-D, £17.99 from Fenwick, New 
Bond Street, WL Double-layer 
jersey crop top with subtle 
seaming, not cups. Pull-on, rac- 
ing back. Very smooth outline, 
flattens well, but the Larger 
bosomed would need more sup- 
port 

□ Hanro 1549, sizes 32A-3SC, 
£21.50 from Fenwick; Harrods 
of Knightsbridge, SW 1 ; Harvey 
Nichols of Knightsbridge, SW 1 ; 
Dickins and Jones, Regent 
Street, Wl; and Selfridges, 
Oxford Street, Wl. Cotton jer- 
sey. underwired. Clever diago- 
nal seam pushes bust outwards 
and underwire prevents down- 
ward turn. The greatest reduc- 


tion and a flattering, youthful 
line. 

■ Augmenters 

□ Triumph Bijou, soft lace, 
sizes 32-3&A-C, £17.99, from 
large stores. Underwired, 
removable pads. All up front; 
narrows the bust in and up. 

□ Playtex Wonderbra Balco- 
nette, sizes 32-36 A, 32-3SB and 
C. £14.99 from department 
stores, Hennes and Top Shop 
branches. Underwired. remov- 
able pads. Pushes up and out 
Good with a low-cut evening 
dress but ledge effect on upper 

half of bust. 

□ Berlei Petite, nylon /viscose/ 
cotton/elastane, sizes 30-36AA 
and B, 30- 38 A, £15.99 from 
department stores. Under- 
wired. padded all over. Keeps 
natural shape but ran look as 
if you have put on weight. An 
instant matronly bosom. 

□ Berlei Deml-Wire, nylon/ 
elastane lace, sizes 32-42B-D. 
32-40DD-F, from £18.99, avail- 
able in October. Seml-under- 
wired following natural shape, 
soft lace. Very comfortable, 
gives you uplift but no 
increase in cleavage. 

□ Marks and Spencer Padded 
Plunge Bra, polyamide/polyes- 
ter lace, sizes 32-36 A A. 32- 
38A-B, 31-360. £14. Padded ail 
over. A natural outline that 
appears to be all your own. 
Extra padding supplied but 
Ineffective. 

O Lojaby, sizes 32-38, 8-C, 
£37.95 from Fenwick. Under- 
wired, padded undercup. 
Strangely pro-formed and pro- 
duces an artificial line. Over- 
priced. 

□ Gossard Ultrabra, sizes 33- 
38A-C, £14.99 from Fenwick, 
Harrods, John Lewis and 
House of Fraser. Underwired, 
padded, removable extra pad- 
ding. Instant Jessica Rabbit. 
Goes further, higher than any 
other with a surprisingly 
smooth outline and remains 
Comfortable. Top marks. 







: y 


FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


WEEKEND FT XI 


SPORT 


__ Golf/ Derek Lawrenson 

The golden oldies 


I t was called the snortin g guc- 

story of the 1980s. but 

that was nothing compared 

to what senior golf has 
achieved in the 1990s. In 
19W, the US Senior tour has expan- 
ded to the point where there are no 

longer enough weeks in the year to 
cope with all the companies 
queuing up to endorse tournaments 
Consequently, while every other 

tour in the world worries about 
keeping hold of what it has, the 

seniors worry about how long they 
can s P° na °r* on their waiting 

list When it began life on December 
16 1980. there were two tourna- 
ments offering total prize money of 
£140.000. Today, there are 44 events 
worth £2am. 

“I always thought the senior tour 
would do well but it has gone way 
beyond my comprehension now." 
said Gary Flayer. 

This is the world that Tony Jack- 
lin has joined and already he has 
touched gold, winning a tourna- 
ment within five weeks of reaching 
50, the age of eligibility. 

On the regular tour, the players 
are always complaining about bad 
backs and bad wrists or some such 
ailment. On the senior tour, they 
are walking models of fitness, too 
busy making money to worry about 
a bad back, too tied up hitting haiic 
cm the practice ground in case the 
magic suddenly disappears. 

The senior tour has predictably 
made millions for people who were 
not exactly short of cash anyway, 
golfers such as Lee Trevino, Ray- 
mond Floyd and Jack Nicklaus. 

But there are some lovely stories 
too. Bob Murphy gave up playing 
on the regular tour in 1987 owing to 
arthritis. Murphy’s hands were so 
swollen with the disease that it 
became too painful to grip a club. 
Now Murphy is back playing. His 
motivation was the senior tour. So 
far he has won film and counting. 

Then there's Jay Sigel, a name 
that will be familiar to those who 
follow amateur golf. Indeed Slgel 
was America's greatest amateur 
since Bobby Jones, but having done 
all he could in that branch of the 
sport, he finally decided, at the age 
of 50, to. turn professional Sigel has 
not yet been a pro for 12 months 
but he has already won £300,000. 

Jim Albus may be the most 
remarkable story of all He played 
for a couple of years on the regular 
tour in the 1960s and made precisely 
£2,000. He packed up and became a 


club professional 
Tliere lie stayed for 25 years 
before those old yearnings for tour 

life and travel started getting to 
him once more and in 1991 he 
packed his belongings and headed 
for the senior tour's qualifying 
school. He got his card, and enjoyed 
his new life so much In 1992 that he 
played In everv event. He been 

rather more successful this time. 

too. He has made more than £l.5m 
to date. 

Given the length of Altana's lay- 
off. perhaps it was not that extraor- 
dinary that Jacklin could rid him- 
self so quickly of 10 years of rust. 

But do all these stories indicate a 
lack of quality in the golf played? 
Far from it I attended the recent 
Ford Senior Player's Championship 
in Detroit, where the course on 

Gary Player: T 
always thought the 
senior tour would do 
well but it has gone 
way beyond my 
comprehension now. ’ 


which the tournament was played 
measured just under 6JJ00 yards. 

Admittedly, it was nowhere near 
as stringent as that upon which the 
US Open at Oakmont was played, 
however. "The fairways at Oakmont 
were faster than these greens," said 
Jack Nicklaus. 

Even so. it was set up in such a 
way that L an eight handicapper, 
would have been delighted to have 
gone round in anything under 83 (at 
Oakmont. 1 would have been 
thrilled to have broken 100). On the 
first dav. a third of the field broke 
70. 

Jacklin ’s preparation for senior 
life perhaps provides an answer as 
to why the standard is so high. Six 
months before joining the tour, he 
gave up Ins. b a nd go me mans ion, in , 
the Scottish Highlands to go -and 
live in Florida - where he could 
practise every day. and play in 
some satellite tour events. 

It was; just as; well he prepared so 
thoroughly because the senior tom- 
fields are restricted to 78 players 
each week. When, the exempt play- 
ers are jaken into account and the 
four invitation spots (which is how 
Jacklin has been getting in) there 


are usually only about four places 
left and these scraps are fed to the 
100 or so hungry scavengers who 

take part in open qualifying every 
Monday. 

None of this explains why the 
senior tour is so successful 
There are a number of reasons. 
The first is that the tour offers not 
one, but two pro-ams every week, so 

that the sponsors can invite twice 

as many clients to play with a top 
name. 

SecoaSLv, Just look at some at the 

names who are over SO and still 
playing: Player, Nicklaus, Trevino, 
Floyd. Arnold Palmer. Chi Chi Rod- 
riguez. How could any tour fail to 
attract sponsors and spectators 
when offering such riches? 

Outside the professional ranks, 
golf is a game largely played by the 
over 50s, and the decision makers in 
the boardrooms are invariably a 
similar age to the players on the 
senior tour. They have grown up 
with sporting icons such as Palmer 
and Nicklaus. 

But there is something else as 
well These players know how to 
work a crowd. 

Here is an example: on the open- 
ing day In Detroit, golfs original 
big three. Player, Palmer and Nick- 
laus, had been drawn together for 
the first time on the senior tour. 

The par four 11th hole offered the 
chance to play safe down the left 
and have a longish approach shot 
or drive riskily over a ravine to the 
right but have a short iron to the 
green. 

Player took out his driver. 
Palmer, s umming up a career, went 
with the driver too, but Nicklaus. 
again true to form, played safe. 

Uncharacteristically, he pulled 
his long-iron tee-shot into the 
rough. 

There was silence. 

Nicklaus shook his head. “That 
was a flam bad shot," he said. 

It was too much for Player. He 
said: “You're right, of course. Jack, 
but it was a crap decision to go with 
the iron in the first place and it 
deservedly resulted in a crap shot" 
Everyone started laughing. Nick- 
laus did too. It was something one 
could relate to. They may have been 
three superstars but they were also 
three golfers who were enjoying a 
laugh and a joke. The senior tour is 
the .only tour where you will find 
that camaraderie that is so much 
the heart and soul of what golf is 
about for most people. 





Old adventurer: Arnold Palmer, 65, in the rough at the British Seniors Open pm tngk 


American Football 

49ers make 
the cap fit 


A new American fborball 
year opens tomorrow, 
but if there was a prize 
for the best performance 
during the off-season, the National 
Football League would have 

crowned its champions already; the 

San Francisco 49ers. 

Not because the 49ers bad the 

best pre-seasoD record. They won 

three out ol four games, but two 
teams, the Chicago Bears and Indi- 
anapolis Colts, went undefeated in 
exhibition games. 

But because of the team manage- 
ment's accomplishment in adding a 
formidable group of talented verer- 
ans to one of the most highly-paid 
rosters in the sport while keeping 
the payroll under the limit imposed 
by the XFL's new salary cap. 

The salary cap is the cause of the 
US professional baseball players' 
strike. Unlike their counterparts in 
football, baseball players are not 
prepared to accept a limit on their 
pav. The NFL players' union last 
year accepted a ceiling on the total 
each team could pay its players In 
return for securing free agency - 
which allows players to move teams 
after a certain period in the league. 

The difference between the NFL's 
salary cap and the cap proposed by 
the baseball owners, is the flexibil- 
ity of the NFL system. There is a lot 
of “wiggle room" under the football 
cap, and no one has proved more 
adept at wiggling than the 49ers. 

At the end of last year, the team's 
total payroll exceeded S40m. It 
seemed that they had to reduce sal- 
aries and 'or shed players to fit 
under the S34.6m (£22m) cap the 
NFL had set for the 1994 season. 

Today, however, the 49ers have 
all their top players from last year 
on long-term contracts, including 
stars such as quarterback Steve 
Young and wide receiver Jerry Rice. 
And they have five new players, 
each an established NFL star - on 
extended contracts. Yet the 49ers 
team payroll has dropped from 
more than &40m to S34.59m. just 
under the salary cap. 

How did they do it? They started 
late last year by hurriedly signing 
several key players to lucrative 
“front-loaded" long-term contracts, 
which paid the players a lot of 
money for the 1993 season, and con- 
siderably less for subsequent ones. 


By paiing out so much money in 

19 P 3 . before the rap came mro 

effect, tiie 49ers left themselves con- 
siderable room lo sign new players 
for 1994. year-one of The salary cap. 

In basketball - the orher sport 

with an existing salary cap - teams 

have fallen foul uf the league 

authorities with this kind uf cre- 
ative accounting, but in loc-tball. 

the wiggle room leaves plenty <«f 
scope for creativity. As Carmen Pol- 
icy. president of the 49ers. put it: 
"We wanted to be the burners, nut 
the hunted. We wanted tu do what 
we could to manipulate the system, 
rather than have it control us." 

After anchoring mam of their 
best players to the team, the 49ers 
went hunting. They bagged several 
top free agents, including Super 
Bowl winners Ken Norton of the 
Dallas Cowboys and Richard Dent 
of the Chicago Bears, and veterans 
Rickey Jackson of the New Or learn- 
Saints and Bart Oates of the Neu 
York Giants. It was no coincidence 
that nil of the neiv signings were 
defenders, for the defence has been 
the chief weakness of the atcaek-ori- 
ented 49ers for the past few seasons. 

Some ol the money needed to pay 
the newcomers came from the 
release of well-paid reserve players, 
including Steve Bono, the back-up 
quarterback who so often deputised 
for injured stars such as Joe Mon- 
tana and Steve Young. Also, the 
49ers chose to hire a lot of relatively 
cheap “rookie'' players fresh from 
university teams. 

The result is a ivell-balanced 
team, a favourite to reach the Super 
Bowl in January. The only likely 
obstacle is the defending champi- 
ons. the Cowboys, who beat the 
49ers in the last two National Foot- 
ball Conference finals. The Cow- 
boys. however, have lost their 
coach. Jimmy Johnson and several 
leading players including Norton. 

Yet. the 49ers’ policy of squeezing 
so much expensive talent under the 
salary cap involves a risk. Because 
the 49ers have let go so many vet- 
eran reserves and replaced them 
with mostly untested players, a 
team that was once renowned for 
its "depth" now has little insurance 
if its stars get injured. And in the 
NFL, that is quite a gamble. 

Patrick Harverson 


Equestrianism /Keith Wheatley 

Jumping through flaming hoops 


W hatever the weather, 
much of the talk at 
this weekend’s Burgh- 
ley Remy Martin 
Horse Trials will be of heat and 
humidity. 

Most top event riders with an 
expectation of competing In the 1998 
Olympics at Atlanta are at Burgh- 
ley. So too Is the equine veterinary 
research team whose expertise 
helped avoid catastrophe in the 
heatwave at the World Equestrian 
Games in the Netherlands last 
month. 

In October, the scientists have to 
give advice to the International 
Equestrian Federation on how to 
conduct a safe three-day-event in 
the near-tropical conditions of mid- 
summer Georgia. Opinions are 
polarising as to whether the whole 
enterprise is desirable or possible. 

King william and Mary Thomson, 
a combination that has won Bad- 
minton and competed at the Barce- 


lona Olympics, finished the WEG 
cross-country section with the horse 
on rubber-legs. A heatwave pushed 
temperatures in The Hague to 36^0. 
with 90 per cent humidity. Thomson 
had to nurse the massive gelding, 
famous for his big-heartedness, over 
the last few fences. 

"He just could not cope with the 
humidity, like a lot of the larger 
horses. I bad never seen him like 
that. He was very distressed and so 
was L" said Thomson, part of the 
gold medal-winning British team. 

Although the pairing is likely to 
be well to the fore in the selectors’ 
minds, the rider is adamant that the 
horse will not endure those condi- 


tions again. “There is no way in the 
world I would take him to Atlanta." 
said Thomson. 

Michael Clayton, editor of Horse 
& Hound magazine, bag moved from 
scepticism to outright opposition 
over the Georgia venue. 

“It is ridiculous. Every horseman 
knows it is too hot in Atlanta," said 
Clayton. “I am not a sentimentalist 
over horses, but the competitors are 
not sitting on skis or boats. These 
are living creatures." 

He believes that the sports’s gov- 
erning body agreed to the demands 
of the International Olympic Com- 
mittee for a compact, one-site 
Games, because of apprehension 


that the IOC hierarchy wished to 
drop equestrianism and would use 
any local difficulties as a lever. 

Clayton says that the best deci- 
sion would be a shift of venue to 
temperate New England or Pennsyl- 
vania. He attended the 1978 world 
championships in Lexington. Ken- 
tucky, and was appalled at the 
effect of extreme heat and humidity 
OD the animals . 

“Some of the top horses pushed 
hardest at Lexington were never 
any good again,” said Clayton. 

Many, indeed most, top event 
horses are no longer owned by their 
riders. As the sport's popularity 
and media profile increases, the ani- 


mals increase in value to such an 
extent that they are sold to a 
sponsor. 

The Burghley entry list gives a 
classic example. The printed form 
shows Nick Burton (son of former 
England rugby international Mike 
Burton) as owner,' rider of Bertie 
Blunt. A last-minute handwritten 
addendum gives Mark Todd of New 
Zealand as rider, with his new spon- 
sor Bond International (a large UK 
tyre distributor) as the owner. 

Japanese interests scouted the 
stables at Burghley last year. When 
Brynley Powell's promising young 
horse I’m Sure went well around a 
demanding course, he was snapped 


up and flown off to Tokyo. 

Corporate backers may well be 
unwilling to hazard their equine 
investment in the stifling heat of a 
Confederate summer. 

However, scientists such as Pro- 
fessor Leo Jeffcott of Cambridge 
University’s veterinary department 
have been researching climatic 
stress in relation to eventing for 
nearly two years. He was in the 
Netherlands for the WEG and says 
that conditions there were at the 
margins of safety. 

“We would not want the horses to 
become any more tired or hotter 
than they were at The Hague.” said 
Jeffcott. 


Beneath a giant marquee to pro- 
vide shade, the horses were “aggres- 
sively cooled." as Jeffcott’s report 
puts it Six tons of ice and a battery 
of hoses were used. 

Many of the same animals will be 
at Burghley. wired to transmit 
heart and temperature functions to 
the vets' computers. This data, plus 
a recent field test in Atlanta, will 
provide the basis for recommenda- 
tions as to how the three-day -event 
will need to be made less physically 
rigorous in Atlanta. Shorter tracks, 
lower fences, and longer rests are 
likely. 

“There will be modifications but 
we are confident of keeping the 
horses safe." said Jeffcott. 

Not everyone is content. Clayton 
questioned the value of medal won 
in “a bastardised event". 

"This is basically a winter sport." 
be said. “You do not run an Alpine 
ski competition in July or a yacht 
race on a dry lake." 


Motoring/Stuart Marshall 

Hatchbacks rule Britain’s 


B ritain's most popular 
type of car is a five- 
door hatchback - and 
that is official. The 
information comes from the 
Society of Motor Manufactur- 
ers and' Traders, which also 
says that Britain's total car 
population grew to 23.4Q2J347 at 
the end of last year - a 1.7 per 
cent increase on 1992 - while 
the total number of heavy lor- 
ries fell by 1.8 per cent to 
536,459. . 

The society could have 
fooled me. An increase in the 
car population I can believe, if 
only because getting out of my 
drive and on to the main, road 
takes longer, and is more haz- 
ardous, every year. But fewer 
lorries? There seem more of 
them around than ever. They 
block two of three motorway 
lane* as they creep slowly past 
each other on hills, where com- 
monsense dictates that over- 
taking should be forbidden, 
and they make their elephan- 
tine presence felt in country 
lanes and local high streets 
where they look like goods 
trains that have left the rails 
and taken to the tarmac. 

The society's statistics reveal 


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Britain’s cars are five-door 
hatchbacks, three-door models 
(28.4 per cent) are not far 
behind. Almost 60 per cent of 
cars now have tailgates and. if 
vou include another l.Bm 
estates, it really does make the 
boot lid look a threatened spe- 
cies. 

Which car started the trend 
to tailgates? Some say it was 
the 1959 Austin A40, with its 
agreeably sharp-edged body 
stvled by Farina of Italy. But 
the first ones I drove had fixed 
back windows; as I recall, 
semi-estate A40s with hinged 


tailgates came a year or two 
later. By that time, the gawky 
but endearing Renault 4 had 
appeared, with a tailgate big 
enough for sofas or metal milk 
chums - although purists 
might, I suppose, argue that 
this was more of a van with 
seats and windows than a 
hatchback. 

The Renault 16 - was any 
car ever more comfortable to 
ride in? - arguably started the 
proper hatchback line because 
it combined all the features 
you expected of a saloon with a 
versatility close to an estate 
car. Also making its bow in the 


early 1960s was the Simca 1100, 
smaller than the R16 but cast 
in a similar mould. Where 
have they all gone? The simple 
answer is that rust-proofing 
was less of a priority then than 
it is now. While the mechani- 
cals remained healthy, the bod- 
ies rotted. It was not until the 
1970s that the hatchback 
became the conventional body 
style for small to medium cars 
and a booted saloon the excep- 
tion, although large-car buyers 
still generally opted for a boot 
Saab (the first 9000s) was an 
exception but Mercedes-Benz. 
BMW and Jaguar have never 



For the super-charged family 


Mazda's 626D-CX (pictured) five-door 
hatchback is the first supercharged, as distinct 
from turbo-charged, diesel car to reach Britain. 
unites Stuart Marshall. . 

The air pump that improves performance la 
driven directly from the two-litre engine, not 
by a turbine in the exhaust gas stream. As a 
result, instant boost Is available at low engine 
speeds. 


The powersteered 626 D-CX drives with close 
to a petrol car’s refinement and liveliness, has 
anti-lock brakes, a sweet five-speed gearbox, 
and gives more than 40 miles a gallon (6B9 1/ 
100km). 

At £13,395 - which includes electric windows, 
door mirrors, and aerial for the six-speaker 
audio system - Irate this comfortable, well 
equipped, family-size car an attractive buy. 


roads 

made a big hatchback. 

The large Renault 25 and its 
successor, the Safrane, are 
hatchbacks as is the Citroen 
XM. although this has a cun- 
ning double back window. One 
goes up with the tailgate; 
another - easily removable 
when required - stays in place. 

Ford must have wished it 
had something like it when it 
introduced the present Gran- 
ada (itself on the point of being 
replaced). Instead of continu- 
ing to offer four-door saloons 
and five-door estates, it said 
Granada buyers could have 
any kind of body they liked so 
long as it was a hatchback. 
(Old Henry’ Ford - “Any colour 
you like so long as it is black" 
- would have approved.) 

The Granada's styling was 
an unhappy compromise 
around the rear end. More to 
the point. Ford lost business 
from fleet managers who bad 
formerly bought Granada 
saloons to ferry senior people. 
When the chauffeur lifted the 
new model's tailgate to stow 
the luggage, the back seat pas- 
sengers objected to being 
exposed to winter's icy blasts. 

In the end. Ford did what it 
should have done in the first 
place - produced a Granada 
saloon and. eventually, an 
estate car. Even the largest 
companies live and learn. 

The French may disagree, 
but body styling has polarised. 
As the society's figures reveal, 
cars for the masses are mainly 
hatchbacks. Senior people 
choose saloons as company 
cars. And for carrying capac- 
ity, there is still nothing like 
an estate. 


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TRAVEL 


T he spectacular 
beauty of Ayers 
Rock today holds 
no reminders of 
the tragedy of Aza- 
ria Chamberlain, the nine* 
week-old daughter of Lindy 
and Michael Chamberlain who 
was taken by a dingo at the 
Rock. Azaria’s death and the 
ensuing legal actions con- 
vulsed Aust ralia, culminating 
in Lindy Chamberlain’s belated 
release from jaiL 
Today the Rock is haunted 
more by the spectre of mass 
tourism than by the ghost of 
Azaria. The campsite and jum- 
ble of motels and buddings at 
the eastern base of the Rock 
where the Chamberlains 
stayed have been largely done 
away with; what is left was 
turned over to the local 
Aboriginal community. 

The site might as well not 
exist tourist buses rumble 
along the sealed road and 
arrive via the western side of 
the Rock to disgorge their 
mainly foreign passengers. 
Most Australians, teeing outra- 
geously high domestic airfares, 
find it too expensive to visit 
the area. 

Visitors now stay at Yulara, 
the depressingly soulless resort 
I6km away from the Rock 
which was built to contain the 
growing number of tourists 
visiting this inhospitable but 
breath takingly beautiful region 
of central Australia. 

And there, perhaps, lies the 
rub: the region is becoming 
easier to visit as Yulara neu- 
tralises the brutal climate. No 
longer do tourists have to 
brave campsites and dirt roads 
to see Ayers Rock - now 
known by its Aboriginal name, 
Uluru - rising starkly from 
pancake-flat desert. Visitors 
flocking to the Rock arrive by 
air-conditioned coach or by jet 
to Connellan airport, minutes 
away from Yulara. 

Visitors are catered to with 
cool efficiency, from those able 
to pay the prices for the five- 
star Sails in the Desert hotel, 
complete with Rock views, to 
the back-packers staying at the 
campsite. And organised tours 
ferry the tourists out to experi- 
ence sunrise and sunset en 
masse. 

The problem is that you have 
to stay at Yulara to get the 
most out of a visit It is the 
only place to stay for 500km in 
each direction. And with the 
cost of taking a hire car to the 
area so high, it is almost inevi- 
table that just about every visi- 
tor will end up going out to the 
Rock in a coach. This is good 



Air-conditioned Outback 


Kate Sevan travels to Ayers Rock by coach and watches sunrise with flash-bulbs 


news for the coach rampants 
based at Yulara, but had news 
for the tourist hoping to cap- 
ture some of the magic of the 
desert. 

It is magical. The intense col- 
ours of the red earth, green 
trees and endless blue skies 
take the breath away before 
fading to delicate purples and 
rti»n inky black as the day 
ends. The immense emptiness 
overwhelms, even in the com- 
pany of a fall coachload. 

But to share the sunrise with 
five other coachloads is 
depressing. The astonishing 
right Of the dar k rock flaming 
orange and than red as the sun 
appears over the horizon is 
dnllpd by flash-guns. 

There is an uncomfortable 
sense of being herded through 
the experience as coaches draw 
up to the parking lot, leaving 
their en gines running to main- 
tain the air-conditioning. Even 
in low season - file heat of 
December - the sheer volume 
of coachloads of predominantly 


Japanese tourists deadens the 
effect I dread to think what it 
is lika in the cooler Australian 
winter months. 

I wanted to be about IQkms 
further back, too, as the park- 
ing area is at the base of the 
Rock, making it im possibl e to 
appreciate the isolation and 
beauty of the monolith 

I took my best photographs 
from 20kms away, on the road 
out to the Olgas, or Kata Tjuta, 
as the Aboriginals roll this for- 
mation of red, softly-rounded 
domes that rear up out of the 
desert 32km west of Uluru. 
Even on a coach ft is possible 
to capture a sense of the empti- 
ness and in tens e heat of the 
Outbade as many visitors, on a 
two-day package, miss out the 
Olgas altogether. That is their 
loss, but a bonus for those who 

go. 

The Olgas are so completely 
unexpected that they cannot 
tefi to impress. Ayers Rock, by 
contrast, is exactly what you 
do expect - large and red. 


There is a sense of mystery 
about the Olgas with their 
winding trails, undulating 
humps and startling colours. 
My group watched the sun go 
down in silence, awed by the 
flamboyant light show played 
out <m the 

Thp fifcm walk through the 
Valley of the Winds is ter more 
rewarding than the haul up 
Uluru, and you sidestep the 
heavy-breathing queue deter- 
mined to conquer the Rock. 
Starting from the car park, the 
Valfoy of file Winds trail winds 
through a spectacular gorge 
punctuated by unexpectedly 
green trees and vegetation 
before culminating in a scram- 
ble up to the lookout, from 
where the rest of the range 
stretches out to meet the des- 
ert 

The evening light is mellow 
and gold, and takas the star- 
tling desert colours to their 
most in tense before fading deli- 
cately. Then all the stars come 
out. The skies over central 


HOUDAYS & TRAVEL 


AFRICA 


THE CAPE to VICTORIA FALLS 


Passage by Trains deluxe 

An 18-day journey including a passage on the Blue Train and die ’Pride of Africa' 


I Y caretfcli^neiKonfferacomfaina- 
iHWofinrooftlK world's finest trains lo effect 
the Cape to Victoria Falls route. This option 
allows one nitfht on the famous Blue Train, 
two nights at the gracious Victoria Hotel in 
Pri-turu ami a Royal Suite (subject to avail- 
ability! nn the Pride of Africa. 

We make use of these magnificent trains 
not on tv as transportation, bo lasaccwnmoiii- 
lion and a base fmm which to explore. Surely 
the most comfortable way to view this 'big' 
country isal rye level from the windowofour 
private compartment as the magnificence of 
the African scenery passes by. 

Southern Africa is an area of breathtaking 
scenery, natural wonders, historic home- 
steads, magnificent wildlife and exotic flow- 
cn. We cun unc nee t hejoumey in Cape Town, 
one of the most beautiful cities in the world, 
encompassed by valleys, coastal plains and 
n iggcvl hroodmg mountains. We venture north 
to Pretoria and west mto Zimbabwe in the 
footsteps of Cecil Rhodes, making use of the 
extensive railway network where steam trains 
can still he seen. After briefly visiting Bula- 
wayo. our destination is Victoria Falls where 
we stay for four nights. 1 tew we Can enjoy the 
spectacular sight of the Falls themselves, 
relax or lake some optional excursions. Fmm 
Victoria Falls we cross the border into Bot- 
swana to stay in Chobv National Park. Chobe 
boasts endless landscapes, open plains and 
ancient woodlands and a great variety of wild- 





tifeand the fare* days here will include gone 
viewing with a cruise on the Chobe River. 

ITINERARY IN BRIEF 

Fly toCape Town (3 nights!. Join the Blue 
Train (I night). Pretoria (2 nights), Pride of 
Africa (2 nights) to Victoria Falls (4 nights at 
the Sprayview) and Chobe (3 nights). 

DEPARTURE DATES & PRICES 
1994 Septembers -October 10,31- 
November 14, 28 - December 12 
1995 January 2, 16, 30-Pebruaiy 27- 
March 13,27-April 10. 24-May 8. 22 

£2395.00 per person in a twin 
Single supptement£750.00 
Royal Suite [guaranteed) £195.00 
Price fatchniec (lights, transfers, full board on 
both trains and all drinks on the Pride of Africa, 
half board in Pretoria, breakfast elsewhere. Not 
indoded: insurance, airport tax. tips. AD prices 
>i e subj ect to change. 

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Australia are some of the dark- 
est in the world and malm the 

northern hemisphere’s pallid 
night sky, bleached by city 
lights, sad by comparison. 

In the desert you can see 
shooting stars flaring in the 
heavens while sateffites appear 
as failing points of light and 
the Milky Way winds overhead 
like a giant ribbon. 


M ost people want 
to climb Ayers 
Rock, but it is 
sobering to see 
the plaques at the bottom com- 
memorating some of the climb- 
ers who have lost their lives. 
The practice of planing plaques 
on the Rock was stopped some 
time ago, but the death toll 
continues to rise. 

Hie only surprise is that the 
toll is not hi gher , gi v en the 
motley crew of fat and ill-pre- 
pared tourists that st ar t s the 
climb. A sign at the bottom 
points out that it is not for the 
unfit, and that the local aborig- 


inal tribe would rather you did 
not climb the Rock, but it is 
blithely disregarded by file 
hordes I^grminwl to Sign the 
visitors’ book at the top. 

hi the ultimate sanitisatkai 
of the Rock, the Japanese par- 
ties are issued with white 
gloves to protect their hands 
from the chain with which you 
haul yourself up the steepest 
part of the climb. It is a Teal 
climb, not a steep walk. There 
are parts where you dare not 
stand up straight, while the 
gentle breeze that took the 
edge off file morning heat at 
the bottom swiftly becomes a 
gale, threatening your balance 
as well as bats and lens-caps. 

No doubt the view from the 
top is tremendous - I decided 
that I was not there to kill 
myself and rame back down — 
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\w± 

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y BSHLHBK9M sjksse \ 


Flowers in a f: \ 

harsh land .1 


I t is spring in South 
Africa, and not just 
politically. So I ought not 
to have been surprised 
when I ran into one of the 
country's most notorious 
former terrorists, Ronnie 
Easifls of the African National 
Congress (now deputy 
minister of defence), 
wandering among the spring 
wfld flowers in a nature 
reserve ter up the west coast 
of Cape Provinces 
Be was only doing what 
comes naturally to South 
Africans (and what the ANC 
was prevented from doing 
during 30 years of exile); 
savouring the beanty of a 

harsh and savage landscape 

that becomes a wild-flower 

wilderness for a few short 
weeks each spring. 

It is South Africa’s 

equivalent of New England’s 
nimnnl display Of awfawnn 
colour. Every year, during a 
few weekends in late August 
and September, thousands 
drive the wide straight roads 
north from Cape Town to visit 
the flower fields of the Cape 
West Coast, and the rugged 
gorges and arid valleys of the 

South West Cape interior. 

The local tourist board, 
Captour, runs a seven-days-a- 
week “flower hotline* to tell 
tourists whereto find the best 
blooms. Ihe answer is in a 
n umbe r of “flower reserves*, 
where the displays are perhaps 
most striking, but also along a 
host of anonymous dirt roads, 
which nm for miles be t w een 
wfldflower meadows where 
white Namaqnaland daisies 
dust the fields like snow, and 
banks of brflUant orange, pink 
and yellow blooms fine the 
verges and adorn the rocky 
hillsides of this harsh and 

itnlat>d hnnl- 

I ran into Kasriis on a 
sun-filled Saturday afternoon 
at the Ramskop flower reserve 
Outside Clan william, an 

Afrikaans town which, like so 
manyin the Cape^ -bears a 
dece ptiv ely Scottish name. I 
found him among the rich 
golden boterblomme, or 
batterflowera(m) relation to 
the buttercup, which is ter 
smaller and more delicate), the 
deep red gousblomme (a kind 


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of aster), and shocking pink 
vygies, or “little figs* - 
flowering succulents whose 
extravagant large blooms 
adorn even the most arid solL 

The Latin name of the vygies 
- mesembryanihemaceae - says 
it all. Ifrey open only toward 
mid-day in warm sunny 
weather. The trick to seeing 
them is always to travel with 
the sun at your back, ter the 
blooms face the sun; 
approached from behind they 
can be almost invisible. 

When yon tire of 
flower-spotting from car 
windows, get out and wander 
(with the tenser’s permission) 
tn Odds of helioptula 
(son-lover) or blue flax, wild 
arum lilies (known as “pig 
lilies* * in Afrikaans), toll 
yellow daisy bushes and wild 
Cape honeysuckle and 
nemesia. 

I had a lovely wander up a 
secluded gorge near the 1831 
homestead called 
Kaptetnskloaf, where I stayed. 
It is a pioneer home with thick 
white-washed walls, thatched 
note and a proftuton of 
antiques which make it a 
stunning monument to Cape 
Dutch architecture (the food is 
a testament to modern Cape 
cookery). 

Best of all, perhaps, are the 
wfldflower meadows which 
ran down to the Atlantic in 
West Coast national park, less 
than an hour up the coast 
from Cape Town (in 
Langetean, stay at the 
Farmhouse, with splendid 
views of Langebaan lagoon 
and a wood toe in every room 
for cold spring nights). In 
Postburg nature reserve, 
within the park, zebras and 
wildebeest, wild, ostriches and 
gamsbok graze in the 
wfldflower fields. 

Only time will ten whether 
South Africa’s political spring 
lasts very long. But the 
wild-flowers will be there 
again not year, and the year 
after that. 

■ Kaptemskloof guest bouse, 
near Sauer, South West Cape, 
tel: 1 7261-4783 f Farmhouse guest 
house, Umgebaan, Cape West 
Coast, tel: 02237-22062. 


P' . - 
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Patti Waldmeir 


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financial times 


WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


WEEKEND FT 


FOOD AND WINE / OUTDOORS 


S eptember heralds the 
Michaelmas term, 
feck to school for 
tae young; time for 
the not-so-young to 
consider new beginnings or, 
perhaps, refresher courses. 

This autumn the choice for 
aspirant and accomplished 
coo ks see ing wider than ever 
and ev ening classes are an the 


_____ Cookery 

For those with a taste for learning 

Philippa Davenport looks at courses, classes and demonstrations being held this Michaelmas term 


Those who want to learn 
new kitchen tricks and culi- 
nary Bkffls might reap much 
pteasare and benefit from a 
twfrti ay intensive hands-on 
workshop run by Sonia Steven- 
son. Although alternative 
courses are sometimes offered, 
sance-making and fish, cookery 
aw Stevenson's specialities. 

Ait amazing amount Is 
pos ted into each day. Gla sses 
ate restricted to a magmmm of 
eight participants and tuition 
is highly personal to accommo- 
date can't-boH -an-egg types as 
well as budding Masterchef 
contestants. 

Stevenson, ex chaf patroane 
of the Ho r n a f Plenty in Devon, 
is a travelling tutor. Dates and 
venues scheduled for the 
couple of months in clude Sep- 
tember 10-11 and 13-14 near 
Gafldford; September 26-27 and 
28-9 in Clapham; October 1-2 
and 4-5 in Warwick; a one day 


c °urse on October 12 in Nor- 
folk; October 17-18 near Lis- 
keard; October 29-30 and 
November 541 near Edinburgh. 
Two-day courses cost £158. For 
further details anti hnnlrfTig « 
tel: 0752-851813. 

If you prefer to leave your 
apron at home *mA be enter- 
tained as you pink up a few 

cnEnary Ide as, deananstraficDSr 
might suit you better, in Um- 
don, Divertxmenti, the 
well-known cookshop. has cre- 
ated a demonstration theatre 
area in the centre of its Ful- 
ham Road emporium 

Pe rforming there are cookery 
writers and chefs, often with 
new books to promote. F-wch 
demonstration lasts about 214 
hours and costs £24. SaRsfans 
start at either 10am or 7pm. 

Forthcoming . attractions 
include restaurateur Stephen 
Bull on September 6; Robin 
Weir, ice-cream maker, on Sep- 
tember 20; Marie-Pierre Maine, 


the increaslDgiy popular 
highly respected French-bom 
food writer, on October 18; 
Lindsey Bareham^ author of 
two of my favourite bocks, In 

Praise of the Potato and A Ce ; 
ebration of Soup, on Novemher 
1; and Henrietta Green, cant 
pfler af the Food Lovers' Guide 
to RHfarfw r an November is. 
Far further detefis and book- 
ings, tefc fftt-581 80SL 

Ai rimnif fgrm begins at Vat 
vana & CroDa, the Edinburgh 
deli, has a with Sue Lawrence, 
winner of Masterchef 1392, 
demonstrating breads, pfes and 
tarts an September 21 and 22. 

Claire Macdonald, author, 
journalist and mistress of Kin- 
loch T-nd g p Hotel takes the 
floor on September 27 and 28; 
Olivia Conrini cooks fungi on 
October 10 and 11; Hilary 
Brown of La Pottntere tackles 
notions for Christmas on 
November 1; while Scotland's 
youngest VfcfiBHn starred 


chef, Nick Naim of Braeval 
Old Mm, Aberfbyie, takes his 
turn an November 15. Fear fur- 
ther details and bookings, tet 
031-556 S066. 

There is modi to be said far 
watching a chef at work on his 
or her home terri t o ry. Claire 
ManrtnnaM is running a series 
of midweek breaks (two days 
a n d thripft- nights) at WnihB h 
Lodge Hotel on the Me of 
Skye. Mornings win be spent 
watching ?r>d gleaning recipes 
and ti ps from Lady Macdonald, 
with free time in the after- 
noons. Proposed dates are 
November 9-11, November 
15-17, November 23-25. The cost 
is £2 90 pa- person for tuition, 
accommodation and mea ls (but 
not drinks). 

A five-night break is sched- 
uled for October 24-28 when 
two mornings of cookery dem- 
onstrations will be supple- 
mented by two mornings of 
gardening: For fa rther details 



and bookings tel: 04713-214, or 
Me 04713-277. 

Lady Macdonald is a cook 
rooted in the country house 
tradition. Her style Is confident 
and practical Her food is bless- 
edly unpretentious. She writes 
and speaks with bubbling 
enthusiasm, is a good lateral 
thinker and has a gift for vivid 
description. No slavish fol- 
lower of passing teds and fash- 


ions, she Is not afraid of rous- 

based sauces and has a sensi- 
ble old-fashioned respect for 
butter and cream used in their 
props- place: Nor is she extrav- 
agant: her recipes often make 
use of «ni»h ingredients as mus- 
sels, kidneys and praline, none 
af them noted bank robbers. 

Hoe is a sample taste of her 
cooking from Suppers (Double- 
day £1599) to be published on 
September 8. 

OYSTERS WITH GINGER 
& SPRING ONIONS 
(Serves 6) 

This is an aromatic and origi- 
nal way to serve oysters 
instead of slipping them raw 
and briny down the throat. 
Serve with boiled Basina ti rice 
and a crunchy salad. 

Depending on their size, 
allow 5-6 oysters per person for 
a main course (or 3 for a first 
course); about 2 inches fresh 
root ginger, 18-20 good spring 


onions (not weedy grass-thin 
ones); 3 tablespoons sunflower 
oil; Vs pt single cream. 

Method: Shell the oysters. 
Peel the ginger and cut the 
flesh into fine slivers. Trim the 
spring onions and cut diago- 
nally into Vi-inch slices. 

Heat the oil in a wide shal- 
low pan (saute or frying pan) 
and cook the ginger and spring 
onions, stirring continuously, 
for about 3 minutes. Then add 
the oysters and cook for a few 
seconds before pouring on the 
cream. Let the cream bubble 
for about a minute. Season 
with salt and pepper, tip into a 
wanned dish and serve as soon 
as possible. 

LEE KS IN HAM IN 
GOAT'S CHEESE SOUFFLE 
(Serves 61 

This is essentially a variation 
on the classic dish of chicory 
wrapped in bam and cloaked in 
cheese sauce. A salad dressed 


with walnut oil is recom- 
mended for serving on the side. 

12 medium leeks, trimmed, 
well washed and steamed till 
just tender, 12 very thin slices 
of ham; 2oz butter; 2oz self-rais- 
ing Hour; *5 pt milk; salt, lots of 
freshly ground black pepper 
and a grating of nutmeg; ! a lb 
fresh creamy goats' cheese: 4 
large eggs, separated. 

Method: Butter an oval or 
oblong ovenproof dish. Wrap 
each just-cooked leek in a slice 
of ham and lay them in the 
dish. Melt the butier in a 
saucepan and stir in the flour. 
Cook for a minute before pour- 
ing in the milk, gradually. Stir 
continuously till the sauce 
boils. 

Take the pan off the beat, 
season and stir in the goats' 
cheese. Beat in the yolks, one 
by one, then whisk the whites 
until they are very stiff. With a 
large metal spoon, fold the 
whisked whites quickly and 
thoroughly through the cheese 
sauce. Pour the mixture over 
the ham-wrapped leeks. Bake 
straight away or set aside, cov- 
ered. for 2-3 hours before cook- 
ing if more convenient. 

Bake at 425F (2200) gas mark 
7 for 30 minutes. The souffle 
mixture should be very slightly 
runny in the middle when 
served. 



Wine/Jancis Robinson 

A bottle of Spanish Australian 


T his is the time af 
year when ambi- 
tious southern 
hemisphere wine- 
makers are head- 
ing for the vineyards of 
Europe, there to doable their 
vintage experience and 
exchange high-tech expertise 
for a sniff round the cellars of 
the Old World, where they are 
temporarily employed. 

The Australian giant Pen- 
folds, for example, Is flying in 
a team to Val d'Orbien, its 
opposite number in the Lan- 
guedoc. Ocker meets paysan. 

The usual distinguishing fea- 
tures of these win emaking 
incomers are that they need 
gumboots (to satisfy their 
obsession with water and win- 
ery hygiene) and much less 
Sleep and food than the natives 
(“the wine doesn't take a lunch 
hoar or weekends, mate”). 

They also tend to work at 
low, low temperatures and add 
Special antrniriHanhg and yeast 
nutrients so that the wines 
taste immediately appealing if 
more uniform and vapid than 
traditional models. 

At a giant tasting of wines 
made mainly last year, Safe- 
way brought same of us wine 
writers up short by decoding to 
group its wines by whether 
they were made by itinerant 
oenologists (“flying winemak- 
ers"), or by what they almost 
patraodsiugly «dind “local tal- 
ent”. 


It was rather shocking to 
realise how rapidly it has 
become a novelty that a wine 
should be made by someone 
who has watched the vines 
bud, leaf and flower through- 
out the growing season, some- 
one whose livelihood is neces- 
sarily linked to the fortunes of 
that wine region. 

I thought of this when I 
tasted recently, chez Sains- 
bury, the peripatetic Hugh 
Ryman’s Santara Chardonnay 
1993, £3-95 at the top 120 
stores., It actually comes from 
Conca he BarberS in Spanish 
Catalonia (where the Cbardon- 
nay for Miguel Torres’ revered 
MHmanda is grown) and yet, to 
my palate at least, it is pure 
Australia, effusively fruity and 
ready-to-gulp, “with the added 
complexity of a light oak fla- 
vour”, according to the hade 
label. Smell those wood shav- 
ings. 

Santera is probably a very 
smart move on Salisbury's 
part as the prices of Australian 
Chardonnay from Australia 
continue to rise, but Spanish 
and Australian wine producers 
should feel shivers down their 
respective spines. 

Compare and contrast with, 
for example. La Porcti Char- 
donnay 1992, £5.99 at larger 
Tesco stores. In this case an 
Australian winemaker, Yalazn- 
ba’s Brian Walsh, seems to 
have relished his winter play- 
time in the northern hemi- 


sphere by celebrating the dif- 
ferences between his regular 
diet of South Australian fruit 
and this tengpedoc Chardon- 
nay, doing his damnedest to 
transform it into a Montra- 
chet 

Served at exactly the right 
temperature (not too cold) this 
rather unappetisingly named 
wine could be taken for some- 

Ocker meets 

paysan and 
produces some 
interesting - and 
some deplorable 
— results 


thing much smarter t han a Vln 
de Fays d’Oc, and reflects glory 
on both Australia and the Lan- 
guedoc - although I should 
point out that neither Conca de 
Barberi nor the Languedoc 
have a long history of Cbar- 
donnay production to be used 
as a stylistic guide by incom- 
ing winemakers. 

There are, fortunately. 
Instances of incomer winemak- 
ers who take the local style 
and smoothly move it up two 
or three geais so as to provide 
an entirely new cruising speed 
for the region’s own winemak- 
ers. 

Last September the glamor- 


ous Gaetane Carron flew in to 
north-east Italy from her prin- 
cipal employers Concha y Toro 
in Chile and leaves us with the 
stunning Pinot Grigio CaTra- 
dai 1993 Btdoli, £3.49 from 
Asda, which is remarkably 
similar to her Pinot Grigio 
1993, Grave del Friuli, £3.99 
from Safeway. 

Quite unlikw the tart, anae- 
mic norm that has been Pinot 
Grigio, her version is full, soft, 
and quite dramatically more 
fruity and long-flavoured. 
Bravissima. 

. Really attentive readers of 
this column may remember 
that elsewhere in Italy last 
year, the flamboyant Austra- 
lian winemaker Geoff Merrill 
was beavering away on behalf 
of Sainsbury’s wine depart- 
ment, 

By far the most appealing 
result, as far as this warped, 
varietally conservationist pal- 
ate is concerned, is Sainsbury’s 
Teroldego Rotaliano, £3.95 
which is a deep, inky, red with 
lots of tang and just as much 
lively fruit, but no harsh 
tannins whatsoever, so that 
it could be served at almost 
any temperature and would 
be very delicious gently 
chilled. 

Merrill was also responsible 
for Sainsbury's Grechetto 
dell’Umbria, £3.69 which is 
another admirably distinctive 
rendition of a local grape vari- 
ety-in this case a scented dry 


white with real backbone, good 
fruit, a little bit of bite, and a 
dire label. 

It is a proportion of Grech- 
etto grapes which so usefully 
distinguish Antinori's delicious 
Cervaro - about £20 from Ital- 
ian specialists such as Valvona 
& Crotla of Edinburgh - from 
any other barrel fermented 
Chardonnay. 

I am all for Incomer wine- 
makers who show their respect 
for the native region by inter- 
preting what it has to offer, 
and preferably showing the 
locals how to make that some- 
thing even more appealing to 
the outside world. 

Nick Butler's whistle-clean 
Sainsbury’s Moravian Grttner 
Veltliner 1993 £295, for exam- 
ple, is just the sort of lively, 
punchy, racy, unmistakeably 
central European wine that we 
all hoped would flow from the 
Czech Republic. 

Hugh Ryman himself has 
done wonders for tons of Sem- 
fllan and Sauvignon grapes in 
south-west France. His Ch I’Or- 
tolan 1993 Entre-Denx-Mers, 
£3.95 at Sainsbury's, is just one 
of many current examples, and 
Thresher/Wine Rack/Bottoms 
Up have many more. 

But 1 find it unsettling when 
“local talent" and actual loca- 
tion are blatantly ignored in 
favour of a commercially expe- 
dient reproduction of a style 
that belongs on the other side 
of the world. 


Financial Times Round-the-World Ski Expedition 

Downhiller without a lift 


Arnie Wilson becomes a social misfit in Australia’s biggest cross country ski area 


fame Wilson and Lucy Dicker 
have reached Australia and 
Nod Zealand as they attempt to 
ski every day of 1994 on a 

roundrtheunrld expedition. 


D oor to door, It 
took us 28 hoars 
to travel from 
the Chapa Verde 
ski area, high 
above the world’s largest 
underground Copper Mine in 
Chile, to Whakapapa, the big- 
gest ski resort in Australasia, 
via iforehw* island, Tahiti and 
Auckland. 

Fur 4j996 miles we flew econ- 
omy with Lan Chile, crossing 
the date line, and the next 
2J544 "dtps first with Air 
New Zealand. 

At last, instead of s milin g 
politely while Lucy chatted 
away In Spanish, I could speak 
the language. Hearing the Kiwi 
twang made me homesick for 
London's Earl’s Court. It was 
the firet time I had been called 
W for months. 

Now, as freezing New Zea- 
land rain washed the Chilean 
mud from our skisuits, Rua- 
pehu volcano, was playing 

terd to get. Or at least hard to 


v it was out there 
re because Dan 
d our ski patrol 
a ’ kept telling us 
render-fill view we 
re had of its lofty, 
asted pinnacles - if 
id not been sfctii^ in. 
windy white-out 
aDy. for a second at 
mpsed one of Ruape- 
frozen peaks- What 
oed to Whakapapa’s 
■perfect weather"? 
after three days, 
treated itself in all 
periling from top to 
t the noonday sun 
sunflower blue sky. 

nearby volcanoes - 
and Ngauruboe - 
© the mist too. It 


from Happy Valley, a separate 
area for beginners, to extreme 
skiing in the couloirs and 
chutes off the Pinnacle Tra- 
verse an Front Sage (where 
everyone can see you) and 
Bad; Stage (where your face- 
plates are private). 

Two towers iff rock resem- 
bling policemen, called Two 
Coppers, stand guard at the 
limit of sensible recreational 

<tkrmg , _ 

Just across from the Two 
Coppers are two runs not on 
the trail map: 5150 (the police 
code for an emergency inci- 
dent) and Not Drowning Only 
Waving (inspired by an ava- 
lanche which burled four ski- 
ers Who Tnartag prf to keep One 

hand above the snow enahllng 
rescuers to pull them out). 
There is also an extensive 
back-country area outside the 
ski boundary called Black 
Magte. 

Turoa’s rolling terrain is 
much more open, with bowls 
and long, natural gullies, and a 
vertical drop of 2,380ft (about 
was the most glorious sight is a myth. South Island has 150ft more than Whakapapa 
You could see why this has more ski areas, many more and the biggest vertical drop in 
been christened the Magic mountains and often better Australasia). 

Mnrmtain. - snow than the north. The Mangaehuehn Glacier 

It is also an active mou ntain . But the resorts of Wbaka- prorides challenging off-piste 
as are the other volcanoes: papa and Turoa on either side skflng and Ihe really adventur- 
notices at the feand Chateau of Ruapehu (9475ft) are each ous can climb even higher to 
Hotel have a “Lahar” warning bigger than anything in the the chutes on CSrdlestooe or 
(an Indonesian word for the south. And when they get good even ski down from the crater 
torrential flow of water- snow - as they <fid during our lake (but check conditions first 
saturated debris and mud visit -they are amply the best with the ski patrol . . -). 
channelled from crater lakes in Australasia. Turoa and Whakapapa are 

into the valleys during an to 1887, the paramount chaff about an hour’s drive apart, 
eruption, winch can reach of Ngati Tnwharetoa gifted the although it is possible to tra- 
speeds of more than 30mph). top of the volcanoes to the verse an skis from one to the 
The last big mud-slide was in Crown as a national park and other with an instructor. 

June 1969. In the event of by 1913 there were skiers on Temperatures were in the 
another one, guests are urged Ifrcmehn. The first rope tow at high 70s when we arrived in 
to '‘proceed calmly to assembly Whakapapa was installed in MdbouriK, Australia. And our 
area”. The notice continues: 1336 - hut it brake down afta- second day produced a sur- 
Tto not attempt to leave the a few hours and never worked prise. We were driving through 
village. Remain calm and wait again. a forest of Giant Mountain Ash 

for all-dear to be given by res- Such was toe bmM-np of ski- (Eucalyptus regnans) which 
cue officiate-" ers over the years that Turoa grow up to 800ft and Lucy was 

North Island is often die- was opened 15 years ago to pro- studying toe Tjfc* Mountain 
missed by riders as the pom* ride mother outlet trail map. 

relation to South Island. This Whakapapa has everything At first right it looked just 



like any normal map: Snow 
Gum Trail was a green. Wool- 
lybutt a blue, and Jubilee Trail 
a black. “But there’s no sign of 
any lifts," said Lucy. 

When we arrived, I asked for 
two lift tickets. "Wen, If you 
can find a lift, feel free to use 
it,” said the woman at the 
tifjrpf office. 

We had arrived at Austra- 
lia’s biggest cross country ski 
area. The place was swarming: 
3,000 cross country riders, 1,000 
tobogganers, a few Leadbeat- 
er’s Possum, Broad-toothed 
Rats, Marsupial Mice, the odd 
Kookaburra, and us. We bed 
neglected to inform the Victo- 
ria tourism department that 
we were downhill skiers. 

"You’re not the first down- 
hill skiers to come here by mis- 
take," »«id ffiTlian Patman in 

administration. "When they 
discover their mistake they 
sometimes try to ski onr cross 
country trails which infuriates 
our members, because their 
skis are too wide and they 
wreck the track." 

We began to feel like social 
outcasts. 

“There is a bit of a them- 
amkts syndrome between Nor- 
dic and downhill skiers," Pan- 
nan admitted, "Nordic skiers 
are a bit, you know, 
greeny . . ." 

Tmtoad, their literature dem- 
onstrates their environmental 

concerns: “Prior to construc- 
tion of any sM trail, a three- 
year scientific survey is 
required to comprehensively 
cover floral, fauna surveys, 
water and erosion Impact 
studies, user impact studies, a 
complete engineering and topo- 
graphical survey and a survey 
of drainage patterns, soil type 
and base strata patterns." 

Haring heard all this, we 
hardly dare ask toe next ques- 
tion. "Can we just ski a little in 
the trees?" we said 

“That would cause chaos,” 
said Panuan. Tt would upset 


WeekendFT 

PINK SNOW QUESTIONNAIRE 


On Satmiay October 15, the financial Times wB 
‘pubtoh the 1994/95 erfition of PWc Snow, the 
VictopenGaWe guide to the world's Best sld resorts. 

An oxetusive fat erf top resorts will be compiled from 
ytw nspSee to this queottomaira. 

. CTEE PWZB PTUW 

Each questionnaire received wffl be entered into a free 
-prize draw, first prize wffl be a weekend for two in 
GrtnetefwaSd, courtesy of Power Bryne ski company, 
teatwing three days half-board accommodation at the 
Hotel h&Bchen and a day of private off-pfete tuition 
from SwtsS mountain guide Uafl Fret And lOiurmera- 
up wlH each receive a bottle of pink charopagna 
SHAKE TOUR 8KBNQ EXPERIENCES 
We would 0te to hoar about your skfing experiences. 
Telus - in no mem than 300 words - about your best 


moments on skis. And if you have any Ups tor Inflow 
skiers trying to Improve their technique, tad us about 
those too. Send In your repSes, with the 
questionnaire, to the address below. The best may be 
included in an article in Pink Snow. 

Pfeax return your quosttamnlni to: 

Ski Survey, Weekend FT, 

Number One Southwark Bridge, 

London 5E1 9HL 

The closing date for entries Is Sunday September 25. 
1994. The winners' names win be published in Pink 
Snow on Saturday October 15 1994 . 

The edtor*s decision is final. 


1 How would you rate year skiing ability? 

. Beginner Intermediate Expert 

-□ □ □ 


A (a) With which lour operators, if any, have yuu 
* booked a packaged skiing holiday during 
the last fire years? 

(b) Please rate them for efficiency of service 
A-D, where A = excellent and D = poor 

P> (W) 

(ii) (v) 



O In wijicb resorts have you skied 
d* during Ok last five years? (please write in) 

O fw) 


00'-. Iri 





Ql O'. tvi) 


C Which is your favourite l oar operator among 
those you hove experienced, and why? 




7 Which is your favourite resort among 

those yon have visited, and wijjr? ■ - 






, 






n„. nlln . Tin: lnfem-nrinri vm pr.-i iJc will i*>. Iwh; fry i® Fit=iiuj: 

MtfMis/Ms Forename TlWe i and raw »%• :rwJ kn-.i ir.b .o^! m )- 1 rr-«Ju*»- 

Surname jkI ; iy rifer vir.'Ki! wiwr*' njiln': 1 !••* 

Sum and nnmber 7111 .ed *i«k ? is.- iiu rmfro.; •» 

Jf* I'^St t>< FSlAoeill l lOK.. S-'-jlh'-’alk C'Xy\. 

Town i/fldurs SU vm. 

Country j't«v tkfc . : t .*<« I.* »»«.«•*. ■•••ever*, ftna-.t i ~i 

- . ” iirtnrrurinD frriroibv FI uCtjijr.Hji f 

ro® 00 ® 6 !*> !hr rr firMip 1 -■ 


most of our skiers, and it 
might encourage the rest of 
them to join you. But you 
could go and ski the toboggan 
run at Berry Higgs play- 
ground.*’ 

Which, is what we did. AH 90 
vertical feet of it 
■ Arrangements for the visit of 
Ante Wilson and Lucy Dicker 
to New Zealand were made by 
the New Zealand Tourism 
Board, Haymarket, London 


SWIY4TQ, tel 071-973 0360 and 
Air New Zealand, Elsinore 
House, 77 Fulham Palace Road, 
London W6 8JA. tel 081-846 
9535. 

In New Zealand they stayed 
at the Grand Chateau Hotel at 
Nit Ruapehu and the Sunbeam 
Motor Lodge. Ohafctme. In Aus- 
tralia, they stayed at the Cum- 
berland Hotel, Marysville, Vic- 
toria, about 15 miles from Lake 
Mountain. 


V1115 de Bourgogne 
For stockists, 
tel: 071-509 7276 






XXV 


WEEKEND FT 


FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 



PROPERTY 


Dutch build 


to provide 


more room 
at the top 



„->n 


Ronald van de Krol reports on a 
remarkable switch of emphasis 


I t is inconceivable that cities 
like New York, with its pent- 
house Central Park properties, 
or London, with its Belgravia 
or Chfllra* neighbourhoods, would 
ever complain about the lack of 
expensive, luxury flats to house 
high-earning expatriates. But 
Amsterdam, and the Netherlands 
generally, are different While there 
is a ftimmihMnf to providing 
affordable housing for the lowest 
paid, there is also growing concern 
about a shortage of properties at 
the upper ends of the market 
Indeed, the Dutch capital, revers- 
ing decades of pmphagi?; on social 
housing, has increasingly started to 
approve developers’ plans for hous- 
ing that are aimed at either wealthy 
home-buyers or rich renters. This 
conversion is remarkable, and also 
controversial, not least because it is 
fating place in a city that remains a 
bastion of the Labour party In a 
country that is self-consciously 

p gaHtarian 

One sign of the times is a complex 
of 40 apartments due to be buOt in 
the outlying neighbourhood of Bui- 
tenveLdert The project, financed in 
part by the pension fund of the Phil- 
ips electronic group, is a direct 
result of the financial community’s 
drive since the late 1980s to boost 
Amsterdam’s gfaumfrig in the inter- 
national banking world. 

The fear was that the city, 
although having plenty of hand- 
same flats an picturesque canals, 
was not really able to attract finan- 
cial high-flyers to work at Dutch 
hanks because the housing market 
did not cater to their needs. 

“Business people moving here 
from big dries like New York will 
not get doormen or underground 
parking garages for their cars,” says 
Jan Steinhauser. a former deputy 
director of the Dutch central bank 


who ran the financial community's 
campaign, to promote Amsterdam. 

The apartment complex planned 
for Buitenveldert win fill that need. 
The flats will also root for F15.000 
(£1£50) a month, nearly 10 times 
the national average. 

The development is an evtr»mp 
example of a much wider trend 
towards building more expensive 
hnmging in the Netherlands. Even 
average earners are struggling to 
find the next rung up on the hous- 
ing ladder. 

According to figures compiled by 
the Netherlands Estate Agents 
Association (NVM), the most 
sought-after houses and flats axe 
those selling for around FI 300,000, 
one or two steps up from the aver- 
age home which sells for F1229.200. 
In both cases, the homes will, 
flimnat: inevitably, be terraced prop- 
erties, reflecting the constraints on 
space in a crowded country. 

With the trend towards higher 
tenuring- prices almost inexorable - 
prices rose by 11 per cent in the 
1994 first half, prom p tin g warnings 
of “overheating'' - it might seem 
attractive for expatriates in the 
Netherlands to buy rather than 
rent This is especially true because 
the Dutch tax system allows owners 
to deduct all mortgage interest pay- 
ments from their taxable income, 
with no upper limit impnaari- 

At the same time, property prices 
are relatively low, especially for 
new&mers used to London or Paris: 
A two-bedroom, canal-side apart- 
ment right in rite centre of Amster- 
dam will sell for FI 450,000 and 
higher, with the price determined In 
part by the prestige of the canal 
ami , crucially, on ftp number of 
windows overlooking the water. 

A two to three-window view is 
average, while a six-window “front- 
age” will immediately put the prop- 


IS- 

0 n 






Canal Irina hi Amsterdam, where tie price tor m t y tm u l is datmmina d . in part, by tharaanber of window o — rt o a Ml g Hen 


. A six-window tran la eo wB put Bw proparly Into Bw RflORDOO-ptos class 


erty into the luxurious category 
above ¥1600,000. 

Most expatri ates in the Nether- 
lands on temporary assignments 
rent rather than buy, thoug h. “The 
vast majority' of people who are 
going to be here for than three 
or four years rent,’* says Rosalind 
Paterson. She Is the British co-direo- 
tor of Formula Two Relocations in 
Amsterdam, which specialises in 
help in g to settle expatriate staff in 
the Netherlands. 

Buying is complicated for same- 
one new to the country, especially 
for families with properties over- 
seas, but there are exceptions. “We 


had one family recently who con- 
sciously bought for investment pur- 
poses because they liked the 
Netherlands. A good rental property 
will always find renters,” Paterson 
says. 

Expatriate business people with- 
out children will often choose to 
live in an Amsterdam apartment. 
Those with families tend to go to 
the “Goal", a wealthy suburban belt 
between Amsterdam and Amers- 
foort; or to Wassenaar, an exclusive 
suburb of The Hague which is home 
to many diplomats as well as to the 
American SchooL - - 

Although the Netherlands sounds 


hitp a country waiting for a house 
price boom, there are factors weigh- 
ing against speculative purchases. 
For one thing, the Dutch view 
houses as homes, not investments, 
and simply will not put thmnselves 
heavily in debt in order to get the 
homes of their dreams. 

The advent of two-salary couples 
has helped to push up house prices, 
but most fomffles can still afford-to 
buy an average home an one salary. 
This.. perhaps, helps to explain why 
the percentage of Dutch women to • 
the work force is nearly as low as- 
that of Portugal and Ireland. 

The one time in recent history 


when Dutch h muring - juices shot up 
sharply in a speculative spiral - the 
late 1970s - ended badly: the second 
oil crisis of 1979, and the recession 
of 1981, caused a severe housing 
slump. The burst 'bubble left many 
owners with negative equity, and 
memories of this have helped to 
keep a lid cm any surge in prices. 

-Despite a tax system that is hand 
-to owners, the division -between 
rented and owner-occupied accom- 
modation is roughly 5030, This is 
due partly to the fact.tbatthe aver- 
age rent is still only F1539 per 
month , althoug h the grw rernment is 
trying to nudge up rents by allow- 


ing landlords in the controlled sec- 
tor to raise them by & per cent a 
year -? about double the rate of 
inflation. 

Social bousing, provided both by 
municipal authorities- and non- 
profit housing associations, is of a 
high standard and its availability is 
not limited to those on low wages. 
From time to time, calia are heard 
for means testing that would 
encourage the betteroff to move out 
of their rented flats and buy, mak- 
ing room fra* others. But Dutch peo- 
ple who are lucky enough. to find 
themselves in & pleasant rent-pro- 
tected flat will not be budged. 


COUNTRY PROPERTY 


l ORIt 




INVERNESS-SHIRE, FARR 
An artist’s cottage and studio 

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77»r tejhutim of dn unexecuted design by Charles Ramie Mxtenwsh 
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Pining lull, drawing room, kitchen, bathroom, A bedrooms 
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In all about 1.5 acres 


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CAMIRIOaC NORWirH IPSWICH LONDON PERTH 


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Otters over £295,000 

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T*t (0239) 02464 (9Z3f) 414887 
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NEWBY, MR PENRITH, CUMBRIA. An 
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Mkistcnasoc sad moomo kxaHy managed. 
Price £89,000. 

O rtsW i ban. C a maiwii d Manor add 
Sasl Looa, C-rawaS Tcti U503 3£2929 



jmT*! 


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TENDER CLOSES 12 NOON 1ST NOVEMBER 1994 


SlJi 


f 


















FINANCIAL times WEEKEND SEPTEMBER 3/SEPTEMBER 4 



1994 



BOOKS 


Deep into the heart 
of Greeneland 


A sked about his 
chances of win- 
ning tbe Nobel 
Prize. Graham 
Greene replied 
that he was looking forward to 
a much bigger prize: death. He 
thought himself “not a bad 
writer," but he would have 
liked, “to -be mentioned with 
the truly great who ail seem to 
belong to the 19th century." 

In the years since he died in 
1991. it has become clear that 
Greene does fit in the companv 
of the truly great What Dick- 
ens was for the 19th. Greene is 
for the 20th century: the onlv 
serious literary writer to eitfov 
a mass audience. Like Dickens, 
his genius was to take a popu- 
lar fictional form - the thriller, 
and. in books from Brighton 
Rock and The Poorer and the 
Glory to The Third Man and 
Monsignor Quixote, to turn, 
that form into a serious work 
without losing its widespread 
appeal His finger was always 
on the popular pulse and. as 
we now look to Dickens to 
understand the Victorians, so 
Greene’s themes speak for our 
century: angst and neuroses, a 
fascination with evil intellec- 
tual and spiritual doubt cru- 
elty and persecution. 

Nothing fixes Greene as a 
figure for our time better than 
his new role as star of that late 
20th century blockbuster 
genre, the literary biography. 
In the last six weeks, three 
rival biographies of Greene 
have appeared, with a fourth 
due this month. The best of 
them, volume two of Norman 
Sherry's authorised Life (Cape 
£20). covering the years 1939-65. 
shows how biography has 
become today's equivalent of 
the Victorian triple-decker 
novel: long, leisured, heavy- 
weight; intimate in its discus- 
sions of its hero's most raw 
emotions. David Copperfield. 
Jane Eyre. Jude the Obscure are 
all fictional biographies or 
autobiographies. In a post-mod- 
ern age we have 'become too 
embarrassed and cynical to 
invent such lives, but reading 
about them is deeply satisfying 
and publishing them lucrative. 
Literary biography, therefore. 


which dovetails fact with fic- 
tion by showing how one fed 
the other, has taken the place 
of the Victorian fictional 
bestseller. And just as David 
Copperfield or Jude the Obscure 
distilled Victorian dilemmas 
about faith and morality, so 
the contemporary biography 
focuses on subjects, like 
Greene, who give voice to our 
own passions and problems. 

The new works on Greene 
are vastly different. Sherry's is 
sympathetic and full of insight. 
Michael Sheldon's Graham 
Greene: The Man Within <Hei- 
nemann £20) is critical and 
carping, while Anthony Mock- 
ler's Graham Greene: Three 
Lives (“Novelist! Explorer! 
Spy!") is ignorant and barely 
literate. The three books share, 
however, some uniquely 


husband, depressive and dully 
middle-class because he cannot 
chum up with her posh friends. 
Sherry, by contrast, describes 
in bitter-sweet prose a liaison 
reminiscent of Brideshead 
Revisited. Greene is the shy 
bourgeois artist who finds his 
identity through Catherine, 
struggles between desire and 
Catholic sacrifice and revels in 
the world of private jets and 
pheasant for breakfast 
As a classic of English class 
fantasy, this is compelling - 
when the BBC made a film on 
Greene last year, producer 
Anthony Wall said the pro- 
gramme was “a story about 
British toffs, the like of whom 
we'll never see again." What 
raises it to the level of contem- 
porary myth is the existential 
torment underlying the affair . 


The ultimate chronicler of 20th 
century man 's conscious is the subject 
of four new literary biographies. 
Jackie Wullschlager reports 


angle- saxon obsessions. Class, 
sex. sin and the relationship 
between them floods over 
almost every page. Since 
Greene, bom in 1904, spans our 
century, this offers too a pan- 
orama of a changing England. 
Greene's experiences illumi- 
nate key phases in English his- 
tory - the Blitz: the Cold War 
spy ring centred on Phil by: the 
postwar waning of aristocratic 
families and their homes, with 
which Greene was intoxicated 
The heart of these matters, 
for Sherry and Sheldon, is 
Greene s affair with Catherine 
Walston, the beautiful. Catho- 
lic. promiscuous wife of an 
English lord. She was the 
model for Sarah in Thi End of 
the Affair, and a crucial influ- 
ence on work such as The 
Third Man and The Quiet 
American in Greene's rich mid- 
dle period. Sheldon recounts 
the affair as if in a school 
report, with Greene failing 
every test - immoral in seduc- 
ing Catherine, pathetic in fail- 
ing to tempt her away from her 


life "on the dangerous edge of 
things"; the reluctance to 
accept love, faith, political 
ideal ogles; the desperate escap- 
ism: Sherry's Greene has the 
tortured inner life of his 
heroes, from the haunted, 
hunted whisky priest in The 
Power and the Glory in the 
1930s to the suicide Scobie in 
The Heart of the Matter to baf- 
fled Monsignor Quixote in the 
1980s. 

"I had to find religion, to 
measure my evil against,” 
Greene said. It is the Mani- 
chean vision, grafted onto the 
thriller, that gives intellectual 
excitement and psychological 
resonance to his novels. Of the 
great writers: he is the one for 
whom content and ideas are 
all. while form and style hardly 
count. 

Among famous openings, 
compare, for example, that of 
Brighton Rock - "Hale knew, 
before he had been in Brighton 
three hours, that they meant to 
murder him"' - with those of 
the two other modem classics 


of adolescence, Lolita (“Lolita, 
light of my life, fire of my 
loins. My sin, my soul Lo-h-ta: 
the tip of the tongue, taking a 
trip of three steps down the 
palate to tap, at three, on the 
teeth.") And Catcher in the 
Rye: ("If you really want to 
hear about it. the first thin g 
you'll probably want to know 
is where 1 was bom. and wbat 
my lousy childhood was 
like . . . and all that David Cop- 
perfield kind of crap.”) 

Unlike Nabokov and Salin- 
ger. Greene is not a con- 
sciously literary writer and his 
cold, flat drawing of Pinkie and 
Ida therefore translates easily. 
"A polyglot could read Mr 
Greene." wrote Evelyn Waugh, 
"lay him aside, re tain a sharp 
memory of all he said and 
yet . . . entirely forget what 
tongue he was using.” 

Greene believed tbe “splinter 
of ice” in his heart gave him 
the necessary novelist's 
detachment But reading Sher- 
ry’s biography, it seems as if 
the reverse may have been 
true - that Greene wrote to 
strip away his own coldness, to 
make-believe feelings he could 
never wholly embrace. His gla- 
cial quality, both in life - Shel- 
don exults in his unsympathe- 
tic responses during the Blitz, 
and in his frosty relationships 
- and in fiction, puts some 
readers off. Yet it is a feature, 
along with the almost deliber- 
ate absence of style, which 
makes his novels quintessen- 
tially of our post-modern, any- 
thing-goes. no-commitment 
times. 

1 suspect that Sheldon has 
raised himself to a pitch of 
antagonism because in Greene 
we all see images of ourselves 
and our times which we do not 
care for. and that Sherry, who 
has devoted 20 years to retrac- 
ing Greene's steps, has identi- 
fied with Greene in an equally 
intense, but by contrast a posi- 
tive. way. As a minute by min- 
ute explanation of William 
Golding’s tribute, that Greene 
“will be read and remembered 
as the ultimate chronicler of 
20th century man's conscious- 
ness and anxiety." Sherry's 
book is unputdownable. 



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Faith in 
freedom 

David Goodhart on a hymn of 
praise to civil society 


T he existence of a 
flourishing civil soci- 
ety is what distin- 
guishes the west from 
post-Marxist or Islamic societ- 
ies. It is also responsible for 
most of what we hold dear, 
from economic growth to polit- 
ical liberty. Yet we have little 
idea how it came about and 
even find it difficult to define. 

Ernest Gellner's idiosyn- 
cratic hymn of praise to civil 
society reflects his recent re- 
immersion in the intellectual 
lire of the Czech Republic, 
where the recreation of civil 
society was one of the slogans 
of the velvet revolution. 
Looking from Prague the civil 
society that we take for 
granted becomes a miracle, 
and one that is not easy to 
manufacture in a broken-down 
monolith like Russia. 

Civil society is not just the 
social residue left when the 
state is subtracted. It is alto- 
gether more attractive and 
subtle, requiring both a central 
coercive governing authority 
and economic pluralism. Thus 
armed it can sprout a cluster of 
institutions strong enough to 
prevent tyranny but which are 
entered and left freely. “You 
can join tsay) the Labour Party 
without slaughtering a 
sheep . . . and you can leave it 
without incurring the death 
penalty for apostasy - '. 

It is civil society which has 
led the march to a prosperous, 
secular, world, but its main 
rival - the theocracy or tdeo- 
cracy where a society is 
defined by its faith - has held 
on in large parts of the globe. 
Gellner describes the complex 
social chemistry which has 
produced civil society in one 
place but not in another. Much 
of the argument is wise and 
original, although the place of 
the individual and the ■•pri- 
vate'' in the Judaeo-Chrisrian 
tradition seems underplayed. 

But this is not an essay for 
tidy minds. Gellner is one of 
the last of the great central 
European polymath intellectu- 
als. He writes with staggering 
erudition and does not bother 
with hand-rails as the essay 
twists and turns through world 
history and global politics. 

Why is Islam growing ever 
stronger while Marxism has 
collapsed? Gellner finds the 


answer in the shift from the 
low tfolkishi to the high form 
of Islam among the masses in 
Moslem countries. “The 
essence of nationalism in the 
west is that a high - literacy- 
linked - culture becomes the 
pervasive, membership-defin- 
ing culture of the total society: 
the same has happened in 
Islam, but it expresses irself in 
fundamentalism rather than 
nationalism, though the two 
are sometimes conflated". 

In fundamentalist states like 
Iran there is little civil society 
and not much pressure for 
more. Yet it is not clear that 


CONDITIONS FOR 
LIBERTY 
by Ernest Gellner 

lUmnsh Humitu": 
--J/W 


Islam and civil society are 
incompatible: Malaysia. Tur- 
key and pre-civ il war Bosnia 
have all combined them. 

Nor is it clear that the desire 
of many post-Marxist societies 
to establish, or re-establish, 
civil society is sufficient. "The 
bourgeoisie which is being 
begged to crawl out from 
under the stones of the Com- 
munist monolith does not look 
promising. Where are the For- 
sytheskis and the Buddenbroo- 
kovs?' - . He concludes, reluc- 
tantly. that China might have 
made the right choice in put- 
ting economic reform before 
political reform. 

Conversely he is optimistic 
about the prospects for world 
government and expresses 
none of the fashionable anxi- 
eties about the withering of 
civil society and the collapse of 
community in the west. 

The parting note is equivo- 
cal. Reviewing East Asia’s 
combination of economic suc- 
cess and almost feudal hierar- 
chy he concludes: "Whether we 
like it or not. the deadly angel 
who spells death to economic 
inefficiency is not always at 
the service of liberty. He had 
once rendered liberty some ser- 
vice. but does not seem perma- 
nently at her command. This 
may sadden those of us who 
are liberals and were pleased 
at being given such a potent 
ally - but facts had better be 
faced". 






XVI 


WEEKEND FT 



FINANCIAL TIMES WEEKEND SEPTEMBER 3/SEPTEMBER 4 1994 


BOOKS 



I have it on good authority that 
when, some time ago. Sir 
Kingsley Amis was 
approached for his support For 
the “Swansea - City of Literature” 
camp ai g n, the distinguishe d man of 
letters replied, “ — off!” This may 

seem an understandable reaction 
from someone who once spent L2 
years as a junior lecturer In that 
town, although in his Memoirs be 
wrote sentimentally of the place. 

It is a reminder that Amis has a 
thing about South Wales and the 
Welsh - nothing so strong as love- 
hate, more an appalled fascination, 
an exasperated affection. Certainly 
the principality (a word he most 
surely detest) has served him well 
in his fiction, never belter than In 
the Booker-winning The Old Deoils 
which, with its TV version, brought 
him less than a welcome west of 
the Valleys. 


An appalled fascination with the Welsh 

J.D.F. Jones finds Kingsley Amis on top form in his new novel 


South Wales provides only one of 
the minor locations in his new 
novel. You Can't Do Both, but his 
main characters are all Welsh at 
one remove and are always con- 
scious of it - the “hero” Robin, the 
girl friend Nancy, and their four 
parents. 

The blurb cannot resist telling us 
that You Can 't Do Both will be seen 
by some (not this reader) as “a pre- 
cursor to Lucky Jim ” presumably 
on the grounds that Robin Davies, 
whom we follow Dram teens to par- 
enthood, is of the same generation 
and the same profession as Jim 
Dixon. Come to think of it, just like 


Sir Kingsley! - which must be why 
the blurb also dumpingly declares 
that this novel is “strongly autobio- 
graphical”. 

Can that be true, and does it mat- 
ter? Robin Davies is brought up in 
South London, enjoys his grammar 
school, visits family In Wales, goes 
up to Oxford, serves unheroically 
in the war, becomes a red-brick 
don, makes his Nancy pregnant, 
snatches her back from an abor- 
tionist, marries her, and continues 
with his selfish ways until . . . 

Let’s allow that Amis may be 
drawing more heavily than is usual 
on his recollections of adolescence 


and young manhood: there are 
plenty of references which sound 
echoes from the Memoirs (which 
was not an autobiography but a 
sequence of sketches), and the early 


YOU CANT DO BOTH 
by Kingsley Amis 

Hutchinson £15.99 J06 pages 


chapters are no doubt based on his 
childhood in Norbnry, never mind 
the later scenes of Oxford colleges, 
Cardiff abortionists and registry 
office weddings. 

What matters is that Amis is on 


masterly form, with proof on every 
page that he can write the most 
brilliantly accurate dialogue in the 
trade. And of coarse, be can be 
very funny Indeed, though it is 
often the humour of embarrass- 
ment. There are two magnificently 
awful fathers. 

Robin Davies is smother version 
of the favourite character - the 
plausible, intelligent, sex-obsessed, 
self-aware young man - whom 
Amis would (and does) call a shit 
(yes, in the tradition of Jim Dixon, 
and he wiafcps fanny faces too). He 
knows that “be was almost an ideal 
non-husband for Nancy, being self- 


ish, self-indulgent, lazy, arrogant 
and above all inextinguishably pro- 
miscuous by nature”; about mar- 
riage he feels “apathy relieved with 
horror”, yet he is caught in an 
insoluble dilemma and marries the 
sweet and not-q Hite-convincing 
Nancy. I quote: 

“A few minutes later, Nancy said, 
Tve remembered something else 
my Dad said about you. No, it was 
my Mum. No, it was my Dad. I 
know it doesn’t matter which 

reaUy. Or at all. Anyway, he said 
you were the kind of man who 
fhiwTrs only of his own pleasure'. 

“This Robin heard with definite 


indignation. He said, Td like to 
know how he makes that out, 1 
must say. If that’s all I was inter- 
ested in, what the hell does he 
think rm doing getting married to 
yon? Jesus Christ.'” Here is the 
genuine Amis: colloquial, fast, 
witty, arid, and conveying charac- 
ter. 

But there is a more serious 
burden to this morality tale, 
growing out of the comic routines 
which Amis uses to reveal the 
curiously loving relationship 
between father and son. 

Robin’s father turns oat to be 
tbe shadow-side of the Welsh 
preachers he has left behind^ 
just as it is Nancy's father who 
spots that Robin is “the kind of 
Welshman who gets Welsh people a 
ted name. Very charming on the 
surface and treacherous 
underneath.” 


Extraordinary life of 
the last great courtesan 

No stones are left unturned here: and what stones! says Jurek Martin 


I t is necessary to start 
with a confession, at 
which book reviewers 
are often negligent. 
About two years ago 1 
once had a date with Pamela 
Har riman. It was not that sort 
of assignation. Our first meet- 
ing was merely the result of a 
typical Washington dinn er cir- 
cumstance - i.e. my wife was 
still in London, my hosts 
needed an extra man to com- 
plement her presence and that 
was that. The discussion was 
mostly politics and Mrs Harri- 
man made a forceful, articulate 
case for the merits of one Bill 
Clinton (she liked A1 Gore, 
too). 1 had beard she would be 
charming company and she 
certainly was. to the extent 
that I recall floating home in 
the dazzle of her smile. 

A year or so later it came as 
no surprise when Clinton, now 
president, nominated her to be 
ambassador to France. After 
alL she had been, as much as 
anyone, responsible for the 
financial revitalisation of a 
demoralised Democratic Party 
in the 1980s and had then been 
the Clintons' entree to the rari- 
fied reaches of Washington 
power, social and political. 

In any case, embassies, big 
and small, are often offered to 
political supporters regardless 
of nominal qualifications. Over 
in London, the just departed 
Ray Seitz was the first career 
diplomat ever to represent the 
US at the Court of St James. 
She was confirmed by the Sen- 
ate without demur and. by all 
accounts, is now doing a first 
class professional job in Paris. 

But her road from a stately 
home in Minterne Magna in 
Dorset, the daughter of an 
unremarkable, reserved con- 
servative peer, to sole posses- 
sion in her own right of the 
grand residence on the Fau- 
bourg St Honore is surely one 
of the most remarkable ever 
travelled by a single human of 



Pamela Harriman in 1993 


either sex this century. Chris- 
topher Ogden's book, even if 
written with less verve and 
style than its subject has 
always possessed, has the won- 
derful virtue of leaving virtu- 
ally no stones unturned; and 
what stones. 

This was to have been a col- 
laborative venture between 
Mrs Har riman and Mr Ogden. 
According to the author, she 


LIFE OF THE PARTY: 
THE BIOGRAPHY OF 
PAMELA DIGBY 
CHURCHILL 
HAYWARD 
HARRIMAN 
by Christopher Ogden 

Little. Brown $24.95. 504 pages 


withdrew after a publishing 
house had made an advance 
offer of such magnitude than 
he told her that to justify it 
there could be no dissembling. 
She baulked, but he had 40 
hours of frank interviews and 
lots of other material besides 
under his belt, over which she 
had no claim. Her lawyers 
tried to stop him but he per- 
sisted. 

The end product may not be 
kind to Pamela Digby Chur- 
chill Hayward Harriman, once 
described by her second hus- 


band as the “last great courte- 
san of the century.” But it is 
very hard not to admire what 
she has accomplished and 
even, for those riigtnclfnad to 
make moral judgments, how 
she did it 

Consider, first, the men in 
her life. She wed three of them 
- Randolph Churchill, only son 
of Winston; Leland Hayward, 
the Broadway impresario; and 
finally Averell Harriman, 30 
years after a first torrid war- 
time affair with the US states- 
man while stoi nominally mar- 
ried to the lecherous, drunken 
Randolph. 

Then consider some of the 
men she bedded in a blitzed 
London where living for the 
moment, not the morrow, was 
often the rule of the game; Ed 
Morrow, the legendary US war- 
time broadcaster from f/)odon, 
who. in the end, would never 
leave his wife; probably Bill 
Paley of CBS; two flying com- 
manders, “Peter” Portal of the 
RAF and Fred Anderson of the 
US Air Force; and “Jock” Whit- 
ney. also later to be US ambas- 
sador. 

For a dozen years after the 
war, in postwar Paris and on 
Mediterranean villas and 
yachts there was the Aly 
Kahn. Gianni Agnelli and Elie 
de Rothschild and, possibly, 
Stavros Niarchos. In the US, 
after Hayward’s death, it looks 
as though there was. briefly. 
Frank Sinatra. Though oppor- 
tunities presented themselves, 
there was never John Kenn- 
edy. 

She lived through and in 
extraordinary times. Her rela- 
tionships with Harriman and 
Murrow made her, when barely 
out of her teens, a catalyst in 
the ever closer Anglo-Ameri- 
can relationship before Pearl 
Harbour. At least this is the 
role that ' Beaverbrook and 
Harry Hopkins, FDR's right 
hand, encouraged her to play 
and one to which Churchill 


himself had no objection, since 
it suited his purposes, he was 
fond of her and knew only too 
well Randolph's awful short- 
comings. She was in regular 
attendance at the prime minis- 
ter’s table. When she left for 
Paris last year, she read from a 
letter sent to her by Charles de 
Gaulle after one such occasion. 

At the other end of the scale 
of importance, she learned the 
hard way that years of skilful 
attentive service to the likes of 
Agnelli’s jet set could bring a 
luxurious lifestyle and baubles 
beyond number (and she 
acquired superb but expensive 
taste) but never emotional or 
financial security. She was, 
simply, too independent and, 
lack of formal education not- 
withstanding. too intelligent 
ever to be the sort of woman 
they would marry or desert a 
wife for. When Rothschild 
ditched her. she saw the limits 
of European glamour - she 
already had falTpn out of love 
with her native England - and 
fled to the US. 

There is a lot about the 
nasty Pamela in this book. Mr 
Ogden tells in excruciating 
detail of her neglect of young 
Winston (The Child), her ani- 
mosity to the Hayward chil- 
dren (already recounted in 
Brooke Hayward’s 1977 mem- 
oir, HaywireX her determina- 
tion to eliminate all evidence 
of Marie Harriman’s long mar- 
riage to Averell, her manipula- 
tion of the old statesman in his 
dotage. No wonder she with- 
drew her cooperation. 

But her widow's years have 
been good to her bank account, 
to her looks and to her reputa- 
tion, nothing more than tbe 
approval and affection of tough 
political cookies like Bob 
Strauss and. before his fall. 
Clark Clifford. She is now free 
to wheel, deal, think and exer- 
cise authority. Few of the great 
courtesans of history ever 
ended in such glory. 




The cultural 


spoils of war 


A rt and war usually 
lie at the opposite 
ends of human expe- 
rience. although 
they moot sometimes in litera- 
ture. But the fine arts presup- 
pose peace: the opportunity for 
the creation of painting and 
sculpture, and the repose 
needed for their enjoyment are 
fruits or tranquillity. 

What. then, when art and 
war enter a different relation- 
ship. when destructive, ail-em- 
bracing modem war threatens 
to incinerate art galleries, 
demolish cathedrals and muse- 
ums. reduce statues to rubble, 
annihilate in seconds the rich 
distillations of culture which 
hare formed over centuries? It 
is a 20th-century phenomenon 
that when great powers set 
upon each other, everything is 
at risk, our lives and material 
treasures most of all. 


One of the least known fac- 
ets of the second world war is 
the fate suffered by European 
art. In a book of brilliance 
Lynne Nicholas relates the 
period's history from the novel 
perspective of what happened 
to Europe’s material culture 
under the Nazis. She tells the 
tale with absorbing narrative 
skill, making an extraordinary 
achievement of scholarship 
read like a thriller. 

Hitler and Goering were 
fanatical art collectors. 
Whereas the latter was fairly 
catholic in his tastes, the for- 
mer did not hare tastes - he 
just knew what he liked and 
disliked. He liked 19th-century 
German paintings, and he dis- 
liked “degenerate art", which 
meant Impressionism. Expres- 
sionism, Cubism - and any- 
thing that looked distorted or 
■'unfinished". 


Another difference between 
Hitler and Goering was that 
whereas the latter collected for 
himself, crowding his vast and 
vulgar palace. Carinhall, with 
every sort of art. Hitler had 
imperial ambitions. He wished 
to turn his Austrian hometown 
Linz into one of four great cul- 
tural centres of the Reich, and 
the best art plundered from 
Jews and conquered neigh- 
bouring countries was destined 
to hang there in a magnificent 
public art gallery he planned 
for the city. By tbe end of the 
war the Linz gallery bad accu- 
mulated 8.000 pictures, nearly 
twice the holding built up over 
a much longer period at 
Amsterdam's Rijksmuseum. 

But the Linz plan was 
merely one comer of a vast 
displacement of art around 
Europe during Hitler's 12 
years, caused by many factors. 
The Nazis sold "degenerate" 
art abroad to earn foreign cur- 
rency. They looted art from 
Jews and from occupied terri- 
tories. The experience of the 
Prado collection during Spain's 
Civil War persuaded curators 
everywhere in Europe, includ- 
ing Britain, to make plans for 
safeguarding works of art 
against air attack: and as soon 
as hostilities impended, tens of 
thousands of paintings, stat- 
ues. objets d’art, rare books 
and manuscripts were trans- 
ported into the cellars of cas- 
tles beyond tbe Loire, quarries 
in Wales, and storerooms of 
monasteries in remote comers 
of the Italian countryside. 

With their usual thorough- 
ness the German occupying 
administrations in Poland, 
Czechoslovakia. Holland and 
France - after some resistance, 
in this last case, from the mili- 
tary' government in occupied 
Paris - appropriated vast 
stores of art. Guises of legiti- 
macy were devised: any Ger- 
man art later than 1500 AD 
was “returned” to the Father- 


land on the grounds that it had 
been stolen in earlier wars. 
Jewish-owned art was simply 
confiscated. Public art collec- 
tions were “safeguarded”, an 
official euphemism for theft 
When the Allies invaded first 
Italy and then Normandy, they 
took with them a desperately 
understaffed group of men 
detailed to protect the cultural 
treasures that would be 
encountered in battle areas. 
This heroic group managed 
much with their slender 
resources. Their greatest tri- 
umph. arguably, was in pre- 
venting the US from appro- 

THE RAPE OF EUROPA 
by Lynne H. Nicholas 

Macmillan £20, 494 pages 


p dating works of art from Ger- 
many by way of war repara- 
tions. A batch of 200 pictures 
was shipped from the Ameri- 
can zone in Germany to Wash- 
ington where it might have 
formed part of a handsome 
covering for the National Gal- 
lery’s then under-occupied wall 
spaces. But there was a vocifer* 
ous protest from a group of 
courageous American “Monu- 
ments" officers based in Ger- 
many, and in the resulting con- 
troversy the US returned the 
works alter they had been dis- 
played to huge crowds at gal- 
leries in various cities. 

For this, and for their work 
in rescuing art at the close of 
the war. the Allies' Monuments 
men turn out to be the heroes 
of Nicholas’s tale. It is a tale 
without an ending, because 
many works are still missing; 
and some great achievements 
in material culture were 
destroyed, and can never be 
replaced. And that. In the end. 
is the real danger in what hap- 
pens when art and war mix. 

A.C. Grayling 


I t may not seem like it to 
those readers suffering 
from Bloomsbury 
bulimia, but as James 
King, professor of English at 
McMaster University. Ontario, 
is at pains to point out. this is 
the first full-scale biography of 
Virginia Woolf since the one 
by Quentin Bell In 1972. 

The years that followed 
Bell’s sparely written life of his 
aunt saw the publication of the 
five volumes of her diaries and 
the six volumes of her letters. 
Then Andrew McNeillie began 
to edit a complete edition of 
the essays of Virginia Woolf 
(including all her scattered 
book-reviews, many of which 
were originally anonymous). 
With the appearance recently 
of Volume 4 (The Hogarth 
Press, £ 35.00) this edition has 
reached the year 1928. Two 
more volumes will take it up to 
Woolfs death in 194L 
Thus the milli ons of words 
she wrote both privately and 
professionally during her 
tragically curtailed lifetime are 
now aJJ in the public domain. 
Even tbe laconic diary she 
kept at Ashebam in Sussex in 
1917-18 before the move to 
Rodmell, hitherto only 
partially printed In Volume 1 
of the diaries, is now available 
in full in the current number 
of The Charleston Magazine 
(Issue 9. available from 
Charleston Farmhouse, Firle, 
Lewes, BN8 6LL at £2.95). 

Faced by such a mass of 
primary material - not to 
mention all the secondary and 
related sources that have 
mushroomed - an overview of 
the writer, the selT-destructive 
drives that accompanied her 
endless literary creativity, her 
ironical exposure of tbe 
injustices perpetrated upon 
women, is surely much to be 
welcomed. King has avoided 
over-kill and organised his 
book judiciously. He uncovers 
the autobiographical elements 
in the works while integrating 
his subject's development as 
an artist with the many 
intense relations she had with 
other people. 


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More words 
on Woolf 

But Anthony Curtis finds that 
this overview avoids overkill 


These relations form a set of 
concentric circles - first the 
family ones including female 
cousins like Madge Vaughan 
and older women like Violet 
Dickinson, to whom as a girl 
Virginia was very close. Then 
the men, her brother Thoby’s 
Cambridge contemporaries 
who became Bloomsbury, 
including Lytton Strachsy and 
Leonard Woolf. Finally, a 
wider circle of writers and 
artists like Katherine 
Mansfield. Vita SackviUe-West, 
T.S. Eliot, Hugh Walpole who 
were not part of Bloomsbury 

VIRGINIA WOOLF 
by James King 

Humish Hamilton £25. 699 pages 


but whom she came to know 
intimately as her fame spread. 

King is a sensitive stholar 
who leads us patiently through 
a richly varied life with fresh 
insights to offer about episodes 
familiar from earlier accounts. 
The least judgmental of 
biographers, he cannot avoid 
presenting Virginia's 
half-brothers, George and 
Gerald Duckworth, as the 
v illains of this Cinderella-like 
story. We have her word - in 
papers she wrote and read to 
the Memoir Club, a small 
private society within 
Bloomsbury - that she was 
abused sexually by both of 
them: by Gerald when she was 
six who fondled her and by 
George, who tried to rape her 
in her bedroom after a dance. 

The precise extent of the 
abuse remains obscure. One 


should remember that Woolf 
was capable of fantasising - as 
in one spectacular instance 
after Thoby's death; she 
pretended to Violet that be was 
stai alive sending her details of 
the improvement in his 
condition. But even without 
the activities of the 
half-brothers Duckworth 
(Gerald was to become the 
publisher of her first novel) 
she suffered a series of 
bereavements when she was 
growing up that were in 
themselves more than enough 
to de-stabilise her finely poised 
mind. 

Her mother Julia's death in 
1895 at the age of 49 was 
followed two years later by 
that of her half-sister Stella, 
who had assumed the maternal 
role in the family. Virginia was 
15. Her tyrannical but lovable 
lather Leslie Stephen died in 
1904 when she was 22; her 
brother Ttaoby died aged 26 in 
1906; and her nephew Julian 
Bell was killed in the Sp anish 
QvU War. 

Her recovery from her 
breakdowns, to the point 
where she could write her 
novels and reviews and even 
recreate the process of losing 
control of reality in the 
character of Septimus Warren 
Smith, was a minor miracle. 
Though innately anti-Semitic 
she found her personal 
salvation through marrying 
Leonard Woolf, a Jew, who 
gave up a very un-Jewish kind 
of career in the Ceylon Civil j 
Service where he was rising 
meteorically up the 
administrative ladder. He I 


became instead a writer and a 
devoted husband. Her lesbian 
tendency was already apparent 
and marriage did not eliminate 
it Marital sex was another of 
Leonard’s sacrifices. 

The marriage survived an 
endless series of upheavals, 
including Virginia's intense 
sense of rivalry with other 
women authors, notably 
Katherine Mansfield, and with 
her sister Vanessa with whose 
husband, Clive Bed she flirted 
outrageously, precipitating 
Vanessa’s lifelong passion for 
the homosexual painter 
Duncan Grant 

When Viriginia was 43 she 
entered upon her passionate 
friendship with Vita. This did 
not become a long, full-blooded 
affair, like those Vita bad 
with Hilda Matheson and 
Gwen St Aubyn. According to 
King they only slept together 
twice but afterwards remained 
firm friends. Orlando was as 
much a requiem as a 
celebration. 

The composer Ethel Smyth, 
another attachment sends a 
breath of Irreverent fresh air 
through this hothouse 
informing Virginia that she 
hated everything Bloomsbury 
stood for. VWs ups -ami-downs 

in her relations with all her 
friends were mirrored in her 
attitude to her work. She 
seesawed bewilderlngly 
between exaltation and utter 

despair and was over-sensitive 

to reviews and verbal 

criticism. 

After King's thorough 
biography, which inevitably 
concludes with her suicide in 
1941 as the threat of Nazi 
invasion loomed, we will not 
need another life of Virginia 
Woolf for some time to come. 


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The Baton and Baroness Thysson-Bomemtezn, who frequently feature tn the pages of Hotel. the Spwfeh celebrity magazine 


,<•• i» v .y 


: f?- 


Saving Grace: patience, 
passion and the baron 

Annalena McAfee meets the collector and benefactor Baron Thyssen-Bornemisza 


B aron Hans Heinrich Thys- 
sen-Bornemisza Is relishing 
the rote of saviour of Brit- 
ish heritage. "My. wife and I 
love Britan," he says, nod- 
ding indulgently at his fifth wife. Car- 
men “Tita", a former Miss Spain. “We 
were married there - in Moreton-in-tbe 
Marsh.” They liked it so much, in feet, 
that they took a little of it with them 
when they left - Constable’s "The 
Lock” (£10m) and Holbein’s Portrait of 
Henry VJH (a snip at £10,000). 

The baton's' donation of the final 
£800.000 to keep Canova’s Three Graces 
in Britain is being greeted with whoops 
of joy in some museum and gallery cir- 
cles. But there is, as those used to deal- 
ing with the wily Mllionalre will have 
anticipated, a catch to the baron’s offer. 

"I would like it to come to Madrid, 
maybe for six months, maybe a year, to 
be a centrepiece of an exhibition we are 
holding at the Vfflahennosa". Only 200 
yards from the Prado, the Villahennosa 
palace houses the £175m Thyssen col- 
lection. said to rival that of Queen Eliz- 
abeth n in range, if not quite in value. 

Tim Clifford, director of National Gal- 
leries of Scotland, seems undaunted by 
the prospect of parting so soon with the 
prize he has only just secured. "Obvi- 
ously. we would smile on this loan.” 
says Mr Clifford. "We’re all absolutely 
thrilled.” 

Others In the UK heritage lobby, still 
smarting from the baron’s rejection of a 
£100m government inducement in 1988 


to bring his collection to Britain, will be 
more sceptical. Baron Thyssen’s pas- 
sion about art - “It is universal, it is 
impossible to have a disagreeable con- 
versation about it. It should be shared 
by everyo n e” - is matched by the hard- 
beaded pragmatism that befits the 
retired head of an industry spanning 
plastics, car parts, container industries 
and shipping— 

He dearly enjoyed giving the run- 


in the event. Spain won the prize, 
largely thanks to the loyalties and pow- 
ers of persuasion of the baroness, the 
former wife of Hollywood tarzan actor 
Lex Barker. The collection, ranging 
from Old Masters of the early four- 
teenth and fifteenth century to Picasso, 
C&zanne, Mondrian Bacon, Hopper and 
the German Expressionists, was to be 
loaned to the Spanish g ov e rn m ent for 
10 years, split between Vfflahermosa 


Mrs Thatcher tried her best . . . I later heard 
that she said I was the only one who did not 
give in to her - though I dont think I was 
the only one 


around in to the beads of state and 
royalty as they queued to woo him and 
his collection. “Mmirgn.” he says reflec- 
tively. “That was a very nice period." 
Prince Charles came to put the case for 
Britain and even prime minister Mar- 
garet Thatcher got swept along in the 
excitement, inviting the baron to Num- 
ber 10 to press Britain’s suit “Yes, she 
tried her best” he says. "We sat on the 
same sofa and she talked fra- ten min- 
utes. Then she suddenly said T 
shouldn't talk so much. You should 
talk.’ I later heard that she thought I 
was formidable - that I was the only 
one who didn't give in to her, though I 
don’t think I was the only one.” 


and Monastir de Pedralbes, a 14th cen- 
tury convent in Barcelona. Last year, 
however, the baron signed it over per- 
manently, maintaining a key interest 
and a core collection which he distrib- 
utes between his five homes. 

Some of the baron's five children had 
initially resisted the handover of the 
collection. "There ware a lot of condi- 
tions to get all my sons and daughters 
to consent We had a preinheritance 
discussion and they exchanged pictures 
for money and objets d’art If I die, 
there will be no discussion about it 
Everything has been divided up.” 

The family wrangle has uncomfort- 
able echoes at the fete of his father's 


A t a mere 75 years 
old, the Los Angeles 
Philharmonic 
Orchestra may not 
have the venerable status of 
the Vienna Philharmonic or 
fee Dresden Staatskapefle, bat 
in its relatively short Ufo it 
can boast a noble line of dis- 
tinguished music directors, 
including Klemperer, Van 
Beinum and Ginlini. More- 
over, what it lacks in longev- 
ity It more than makes np for 
in the enthusiasm and exper- 
tise with which it delivers np a 
broad repertoire, including an 
enviably healthy proportion of 
contemporary music. The tech- 
nical prowess of fee individual 
players, their unanimity of 
purpose and the vivid immedi- 


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LA at the Proms 


acy of their playing are second 
to none, and were palpably 
evident daring fee orchestra's 
two visits to the Proms last 
Tuesday and Thursday. 

Much of the credit must go 
to Finland’s musical imxnder- 
fdnd, Esa-Pekka Salonen, who 
was appointed the orchestra’s 
musical direct o r in 1992. An 
o u ts tanding musician, a gifted 
composer as well as a dynamic 
conductor, one can sense the 
guiding hands of someone who 
knows music from the inside. 

The choice of a work tailor 
made for them to begin Tues- 
day's concert, Lutoslawski’s 
Fourth Symphony, was partic- 
ularly appropriate - and also 
poignant. Lutoslawski, who 


died last February, himself 
conducted the British premi- 
ere of tins symphony at last 
year’s Proms (It had been 
premiered in Los Angeles the 
February before). The beauty 
of its many lyrical passages is 
self-evident and its powerful 
dimaxes are visceraHy excit- 
ing; but certain stiffness char- 
acterises its more aggres si ve 
material, and the sadden 
upbeat ending seems a gratu- 
itous afterthought. Nonethe- 
less, Lutoslawski’s fusion of 
an uncompromisingly contem- 
porary musical language wife 
genuine accessibility remains 
one of fee most consistent tri- 
umphs of post-war music. 

Salonen’s involvement wife 


the nuts and bolts of composi- 
tion is clearly a potent ( factor, 
too, in his attitude to the stan- 
dard repertoire. His firm com- 
mand of overall structure 
Imprints his interpretations 
with beguiling logic as well as 
authority, traits amply demon- 
strated in a fluent, poised 
reading; of Mozart’s D-Minor 
Plano Concerto, K.465, with 

Kmaimri At an eloquent and 
stylish soloist, and a taut, 
often ecstatic account of Hin- 
demith’s unjustly neglected 
though sometimes ponderous 
Symphony Mathis der Mahler. 

Ihevttahty, the greatest tests 
for an orchestra and conductor 
lie in the major symphonic 
repertoire. There have cer- 


coflectfan, which forms the Old Master 
nucleus of the 800 pain ting s on show in 
Madrid and Barcelona. This original 
collection was, against his father’s 
wishes, dispersed after bia ripath and 
the present baron spent years trying to 
buy it back - pursuing a Fra An geBco 
Mad onna, takan by his sister Margit in 
1918, for 10 years. 

Collecting, he says, is likp falling in 
love. “Only unlike women, thw pict u res 
can't talk back.” He confesses to using 
an unorthodox method before pursuing 
art deals. He plays the solo card game 
pati enc e “and if I don’t have to cheat 
too much to win, 1 go ahead." 

The future of fee c o l lecting has been 
recently uppermost in Baron Thyssen- 
Bomemisza's mind. Only two months 
ago, he was lying near to death in a 
Paris hospital after suffering a stroke 
while undergoing surgery. The baron- 
ess. a vivacious woman who frequently 
graces the pages of fee Spanish celeb- 
rity magazine Holai, attributes his 
recovery to the intercession of the Vir- 
gin of tm? Miraculous Medal 

Before long the baron was stirring in 
his hospital bed, leafing through a sale- 
room catalogue and authorising his 
wife to put in (successful) bids for a 
Manet and a Pissarro. His intervention 
to save the Three Graces is a further 
sign of his full recovery. “And, ” he 
confides, "I didn’t have to cheat at 
patience at all when I played for the 
Graces. The cards kept coming up. I 
kept winning—" 


tainly been more expansive 
and searching readings of 
Bruckner's Third Symphony. 
Salonen’s relaxed account, 
somewhat larking in the cus- 
to mary Teutonic gra vitas and 
spiritual fervour was, nonethe- 
less, projected with blazing 
certainty, as was an immacu- 
lately turned ffibelrns Second 
Symphony. In both cases there 
was scope for more subtlety 
and more expressiveness, 
though perhaps that may be 
too much to expect from an. 
orchestra whose new home, 
scheduled for completion in 
1997, is to be called The Walt 
Disney Concert HaTL 


Antony Bye 


Sponsored by First Interstate 
Bank, in celebration of its alli- 
ance with Standard Chartered 

Bgrtk. 


Rossini’s ‘Magpie’ revived 


B ritish Youth Opera, 
whose eighth season 
opened at Sadler’s 
Wells this week, is a 
Good Cause. In a world where 
young singers need all the 
practical experience they can 
get, 8YO plays a vital role. 

Wife both valuable talent to 
nurture and a precarious bud- 
get to balance the company’s 
Stakes are high, and it can ill 
afford the errors of judgment 
that marred one of its new pro- 
ductions: tiie c ontr asting for 
tunes of The Tfdevmg Magpie. 
a h eart warming success, and 
the lamentable Yevgeny Onegin 
will, one hopes, have been 
instructive. The former was 
everything it should have 
been, and provided Thursday’s 
audience the chance to hear a 
Rossini masterpiece not staged 
in London for over a decade. 


The Magpie is a difficult 
work and perhaps BYO’s most 
ambitious project yet Its sem- 
iserid genre, balancing humour 
and pathos, puts pitfalls in fee 
way of producers, but here 
Jamie Hayes traces the plot — 
which binges on a sinister mis- 
carriage of justice - from light 
to darkness and back with a 
sure hand The young oast Is 
given strong direction; the 
minor characters illuminated 
and crowd scenes are effective, 
especially the march to the 
scaffold that fills fee raked 
stage. The show is at once 
lively - fee eponymous bird 
being taken by a (fencer - and 
serious. Rauri Murchison's 
designs have colourful flair. 

The BYO ensemble distin- 
guished itself by getting virtu- 
ally every word of Jeremy 
Sams's excellent translation 


across. Rosamund Cole stood 
out for 1 her brightly sung 
Ninetta. a performance that 
seems to promise an exciting 
future. Mark Mnhofer disclosed 
a mellifluous high tenor as 
Giannetto, and Matthew Har- 
greaves a well articulated bass 
as the lecherous Mayor. Step- 
hen ABen and Joanna Bdwor- 
thy as Glannetto’s parents 
Fabrizio and Lada, Beniamin 
Bland (Fernando), Heather 
Shipp (Pippo), and Colin Jud- 
san (Isaaco) ail deserve men- 
tion. The company’s music 
director, Timothy Dean, con- 
ducted with zest, judging 
tempos admirably. 

The contrast with the previ- 
ous evening's Tchaikovsky, 
ruined by Sloppy orchestral 
playing from the same band 
and wayward Rin g in g from fee 
same chorus, could not have 


been greater. Mark Shanahan’s 
conducting was test and 
unfeeling. The production by 
Wilfred Judd was under-re- 
hearsed and under-directed. 
The young singers desperately 
needed better guidance, but 
three in particular survived to 
emerge wife credit the Swed- 
ish soprano Linda Ttrvas was a 
striking Tatyana. Garry Magee 
a dark-voiced Onegin, and 
Rachel Lambert a strong Ffli- 
pyevna with a well-focussed 
mezzo. The show as a whole, 
however, is probably best 
wiped from fee BYO annals. 

John Allison 

Farther performances at Sad- 
ler’s Wells on Saturday and 
September 14,15; and at the 
Edinburgh Festival Theatre 
from September 7-10. 


The Edinburgh Festival/ Antony Thorncroft 

Profitably challenged 

B rian McMaster has Faust, which caused a few fought over by the Riversid 
pulled it off. He artistic and financial head- Studios, the West End am 
planned a Challenging aches as substitutes were ral- New York - but stand-up com 
programme for fee lied. But McMaster can eredi- edv is losin? its Antral and m 


B rian McMaster has 
pulled it off. He 
planned a challenging 

programme for fee 

1934 Edinburgh Festival - a 
seven and a half hour Oresteia 
In Russian; three and a half 
hours of Antony and Cleopatra 
in German without an interval, 
and more - yet is contemplat- 
ing a 80 per cent increase in 
ticket sales and record box-of- 
fice revenue of £L8m. 

The good financial result, 
which means a wmiinsi Iqs^ at 
the worst, owes little to the 
foreign drama. It was the weQ 
received music mid dance 
which saw the festival home. 
The bias towards Beethoven 
h as Anahtari fee Usher Hall to 
be 81 per emit foil; the Queen’s 
Hall, 84 per cent full. The 
American ballet companies 
were a roaring success, at least 
critically, and Mark Morns is 
already enrnmittM? to bringing 
his dancers harfr in is9S. 

In contrast the Oresteia sold 
2,000 out of 3,700 seats, but 
McMaster was delighted. “We 
should programme diffi cult 
things special festival events. 
If we are doing our job well, 
drama will always be contro- 
versial. I will be intellectually 
rigorous again next year. Only 
if we had failed would I have 
been forced to think about 
more popular works.” 

For a festival wife 150 perfor- 
mances, there were remark- 
ably few crises. The NDR Sym- 
phony Orchestra of Hamburg 
cancelled perfor mance and 
Franz Welser Mfist and two 
sopranos belatedly ducked out 
of Schumann’s rarely-played 


Faust, which caused a few 
artistic and financial head- 
aches as substitutes were ral- 
lied But McMaster can credi- 
bly claim: ‘Tve had the most 
wonderful three weeks.” 

The major disappointments 
were a new work by Robert 
Lepage The Seven Streams of 
the River Ota and the static 
Torquato Tasso, but the rest of 
the programme found at least 
some fanatical supporters. 
McMaster is happiest at fee 

Well received 
music and dance 
saw the festival 
home financially 

way fee Festival has nourished 
artists, most obviously Peter 
Stein and Mark Morris but also 
the pianist Richard Goode, who 
sold 30 per cent of fee Queen’s 
Hall two years ago; 50 per cent 
last year, and has queues 
around the block this timt» for 
his Beethoven programmes. 

Next year will bring a major 
opera company to the Festival 
Theatre and probably another 
visit from Peter Stein. Much 
still needs to be planned, but 
with funding apparently 
secure, McMaster can concen- 
trate on his next ambition - 
finding a proper HQ for the 
Festival. 

On the Fringe It was not 
quite so simple. Here drama 
was strong and one production, 
Tom Courtney’s one-man show 
Moscow Stations is being 


fought over by fee Riverside 
Studios, the West End and 
New York - but stand-up com- 
edy is losing its appeal and no 
comic alternative has yet 
emerged. Some venues, espe- 
cially the smartened-up Pleas- 
ance reported ticket sales up 
by over 20 per cent while the 
biggest Fringe venue. The 
Assembly Rooms, was 5 per 
cent down. Director Bill Bur- 
dett-Coutts blamed fee rail 
strike. Overall the Fringe office 
sold around £lm worth of tick- 
ets, about the same as last 
year. New director, Hilary 
Strong, had a quiet initiation, 
with no scandals. She plans to 
grade venues in terms of facili- 
ties and to try to open more 
ticket offices around town to 
make customer access to the 
1. 300-odd Cringe productions 
easier next year. 

There is an Edinburgh stand- 
off between McMaster and the 
city's other cultural heavy- 
weight, Timothy Clifford, 
director of fee National Gal- 
leries of Scotland. McMaster 
wants total control of the Fes- 
tival and refoses to accept Clif- 
ford's ambitiously-planned art 
exhibitions in the official pro- 
gramme. 

Clifford is carrying on 
regardless - next year’s big 
one will be devoted to Scottish 
art But as the Festival ends 
today, Clifford is the happiest 
man in Edinburgh. He could 
confirm that Baron Thyssen 
was giving the £800,000 needed 
to keep the Three Graces in the 
UK They will make their Edin- 
burgh debut in the National 
Gallery next August 


T he Edinburgh Fringe 
has sent an unequivo- 
cal signal to the ftm- 
nybane of fee nation 
- the day of the stand-up come- 
dian is over, writes Antony 
Thorncroft. No more will audi- 
ences accept that rambling 
monologues about the contents 
of a bathr oom cabinet are nec- 
essarily hilarious. Resistance is 
mounting to wimpdians who 
intrusively question Hw sexual 
habits of people whose only 
crime is feat they have paid to 
see a show. 

Of course attractive person- 
alities, competent entertainers 
and imaginative jokers will 
survive. But the era of unsuc- 
cessful actors who embraced 
stand-up because it enabled 
them to show off in public has 
passed. 

The death knrfi miwr from 
the Perrier Award for the best 
comedy act on the Fringe. Five 
stand-ups, inriuding fe p snrre- 
alfa tically original Harry Hill, 
were knocked down and the 
money wort to a pair of Aus- 
tralians whose comic roots 
streched down to music-hall 
and beyond. 

Lano and Woodley have a lit- 
tle of Morecambe and Wise in 
their cosy domesticity, more of 
Dean Martin and Jerry Lewis 
in John Cane’s aggressive 
good-looking dominance and 
Frank Wood’s screwball inno- 
cent passiveness; and whole 

lashingc of the aitant movies. 

But Lano and Woodley wan 
the Perrier because they were 
not stand-ups. Scott Capurro 
was voted Most Promising 
Newcomer because there were 
just so many gay American 
comedians on the Fringe thfa 
year. Cappuro describes him- 
self precisely as a cross 
between Karen Carpenter and 
Barry Manilow. He begins 
perched on a stool, all camp 
confidence — “Let's get the lug 
question out of the way - are 
you Barbara or Judy?” - but 
soon wallows In homosexual 
angst and gay initiation rites. 
To a nation that has taken 
Julian. Clary to its fireside 
bosom the only reaction to this 
sob stuff is: “So what?” 

Another American, Will 
Durst, is a graduate of the 
"ain’t life odd” school of com- 
edy, University of California 
Campus. His material is 
unashamedly American, which 
means, as a good left wing 
stand-up, he has problems 
knocking Bill Clinton. Still 
wife a catchphrase “Only in 
America”, he is scarcely bereft 
of targets. 

Of Ross Perott “Elect a bil- 
lionaire fin- president instead of 
a politician and cut out the 
middle man.” Of politicians 
generally; "Voting is like 
swimming towards fee least 
hungry shark.” It is depressing 
stuff: there are no heroes here. 
His life view, and act, is 
summed up in his pay-off. 
“'Carter, Nixon and Kennedy 
are In a antking ship women 
and children first’ Carter. 
'Screw them 1 , says Nixon. 1 
thought we already had,’ said 
Kennedy. The last one to leave 
can turn out the tight” 

It is a relief to turn to 
English eccentrics. Richard 
Herring Is Fat, which is the 
name of the show, but Herring 
is also fanny. His scene is food 
- ms “chocolate raison d'etre” 

- and hlS iwapinatinn pine 
amnlc as he justifies putting on 


Stand-ups lose out 


a stone or two in research to 
reveal, almost plausibly, feat 
God is Mr Kipling : you never 
see him; and he turns rubbish 
into beautiful food. His clever- 
ness just about allows him to 
get away wife a ramshackle 
format, reminiscent of the 
Goons on a good day. 

For well-turned wit, pointed 
social comment and verbal 
pyrotechnics you still cannot 

The face of 
comedy is 
changing on 
the Fringe 

beat Kit and the Widow. This 
is their 10th year mi the Fringe 
and they celebrate by dragging 
it up in kilt and trews and giv- 
ing a potted history of their 
Edinburgh nights. From 1984 
when they feared a flat with 
Hugh Grant - Huge Grunts in 
those days - through to 1987 
when the Widow - “the Holly 
Hunter of light entertainment” 
- first spoke, to now when 


their annual update on the 
Royal Family, “Postcards from 
the Edge” remains the defini- 
tive history of the Windsors. 

The new songs are strong. 
The Jackson-Presley nwiim is 
celebrated In "a marriage made 
in Neverland - where little 
boys disappear without trace” 
and Kit gets to camp his socks 
off as Marlene Dietrich unable 
to get her tongue round “Rasp- 
berry Ripple Rouser”. Wife 
their own tongues firmly up 
their innuendos. Kit and the 
Widow get away with more 
bawdy than a busload of stand- 
ups. 

With almost 200 comedy 
shows straining for a laugh on 
the Fringe some smiles are 
inevitable. Among the new 
faces who scored was Julian 
Dutton, wife an act that has 
been banished fra- more than a 
politically correct decade - 
impersonations of famous act- 
ors. But his Albert Finney is 
auditioning for Thunderbirds: 
His John Le Mesmier for fee 
role of the Godfather; and Rob- 
ert de Niro for Noddy. Well, he 
got through to me. 




Marc Chagall (1887-1985), Young Bride Among Roses, 
gouache and pastel over pencil on paper, 

24 x 20 in. (61 x 51 cm). Estimate: $250,000-$350,000. 

19th and 20th Century Paintings, 

Drawings and Sculpture 

Auction: 

25 September at 7.30 pm, Dan Hotel, Tel Aviv 

The ale will Include works by 
Man4-Katz, Chagall, Kisling, Mokady, 
Gutman, Rubin, Danziger and Arikha. 

Viewing: 

Dan Hotel, 21-25 September 
Enquiries; 

Anfce Adler-Slottke or Matthijs Ertfman 
in London on (4471) 839 9060, 

Nathalie Zaquin In Paris on (33 1) 40 76 85 79, or 
Maria Reinshagen in Zurich on (411) 262 05 05. 

Catalogue Sales 

London (4471) 389 2820 Paris (331) 42 56 17 66 



CHRISTIES 

8 King Street, St Jams s, London SWI Y 6QT 
Td: (-H71) AW 906U Fax: (4471) 161) 





ARTS 


A theme for success 

Alastair Macaulay looks back at Me Master's third Edinburgh 


I f you go to the Edinburgh Festival 
fao cover just one art form, you miss 
the point And, In particular, you 
miss the point of the festival as It 
has been directed for three years 
now by Brian McMaster. 

This is particularly dear in the case of 
this year's theatre. Chances are if you 
went only to plays this Edinburgh, you 
had a mediocre time. And yet there was 
excellent drama to be seen in the official 
Edinburgh festival this year, thoug h not in 
the area strictly labelled theatre. Two of 
the 1994 operatic stagings - Tim Alberts 
Fidelia and the Jeremy Sams-Michael Wil- 
cox version of Cbabrier’s Le Rot maigre 
bd. both receiving their world premieres 
here - were better than any of the official 
plays: better in creating coherent stage 
worlds and in catching all the various 
moods present in their respective dramas. 
And the most potent and imaginative and 
daring theatre of all occurred in the Merce 
Cunningham double bill, Mark Morris’s 
L' Allegro, Penseroso. Moderate, and four of 
the Miami City Ballet Balanchine produc- 
tions - aneroids, Rubies, Serenade. The 
Four Temperaments. If you wanted to find 
out that movement in time and space 
could be profoundly express i v e this sum- 
mer, Edinburgh was the only place in the 
world to be. 

But everything about McMaster’s Edin- 
burgh suggests that for him music Is the 
holiest of the arts; or, at any rate, every- 
thing about his festival confirms my belief 
that music is the holiest of the arts. This 
must be why McMaster keeps inviting 
Morris back to give us more each year, 
and why it now seems to us that Morris 
belongs in the Edinburgh Festival 
For dance people, this year’s Edinburgh 
was, of course, a bonanza. Or, to put it 
another way. if bombs bad dropped on the 
three main companies appearing here this 
year, there would be next to no dance left 
in the world worthy of the name. For 
those of us who love human movement. 


there were other places to find it memora- 
bly presented: for example. In the Albery 
FideHo , . I have never seen the finale so 
vivified - achieved by revealing musical- 
tty. 

But let us try further to read the McMas- 
ter mind as it presents itself in his festivaL 
He likes to have themes, and two of this 
year's theme artists - Goethe and Beeth- 
oven - were wonderful choices. Beethoven, 
was covered in depth - all nine sympho- 
nies, all five piano concerti, a FideHo day, 
five programmes of his string quartets, 
five concerts of piano sonatas - and the 


Everything about his 
festival confirms my 
belief that music is the 
holiest of the arts 


pleasure of this was that one can discover 
different Beethovens. Goethe was not 
shown in anything like his full range, but 
was shown as a potent influence on music: 
In Schumann’s Scenes from Goethe's Faust, 
in the wwnii half of Mahler's Ei ghth Sym- 
phony, and in songs by Beethoven. Schub- 
ert, Wolf and even Verdi. And - whether 
or not you admire it as a {day, or admixed 
the production it received hoe - everyone 
can or should agree that his Tasso is just 
the Mud of play that is Mm? far revival in 
a festival such as this. 

The beauty of the Goethe-Beethoven 
combination goes further. It ties in with 
the concurrent exhibition of The Romantic 
Spirit in German Art 1790-1990; and so 
light is cast on the past two centuries of 
German culture, and on all Romantic 
post-Romantic art 

McMaster’s other musical theme this 
year was Chabrier. The more honour to 
McMaster, for, githmig h the cente- 
nary of Cbabrier's death, no such celebra- 


tum is occurring m his native France. But 
more planning could have gone into this 
Cbabrier's considerable and delectable out- 
put of songs and piano music was confined 
to a mildly gruesome late-night cabaret 
narrated in pcnderously mellow tones by 
Dennis Qnilley and sung In pinched 
English tones by f-friria Kitchen and Philip 

Salmon Not until Jere m y Same 's Gflbttt- 

and-Chabrier revision of Le Soi malgri bd 
did I annmmtpr Chabrier as Z hoped; 
and the degree to which Rain" and his 
co-librettist Michael Wilcox have let Cba- 
brier’s music be their guide was (espe- 
cially when you Ivw this music) a minor 

mirarfp 

In these respects, despite this or that. 
McMaster seems to direct a festival from a 
core of belief and interest in the arts. But 
a different McMaster emerges when we 
examine the spoken theatre he has pres- 
ented this year (and last year too). The 
only theme here is Director's Theatre. 

I would Hate te aee Bdtnhnrg h fn pntnpaH- 
tion with Salzburg or anywhere else to 
become the latest smart showcase for 
next-wave ways of directing theatre. 
McMaster began two years ago by having 
two theme playwrights, and it would 
surely be truer to the spirit of Edinburgh 
- truer, I hope to the spirit of McMaster 
too - if he returned to this. IT he can give 
us four different pragr arntru** of dear li ttl e 
Chabrier, he might consider doing the 
same by (say) Goldoni, or Pinter, or Lope 
de Vega, or Marlowe, or Marivaux. 

But what “make s" the Edinburgh festi- 
val is its least-buzzed aspect; its concerts. 
Even thnng h tills festival tan gfr t me that 
there a few famous works by Beethoven I 
am in no h u rry to bear again, the Beeth- 
oven experience — the tinning discov- 
ery of the extraordinary di v ersity of Beeth- 
oven’s mind - kept growing as I went from 
one concert to the next No festival could 
be more physically exhausting than 
McMaster’s Edinburgh, or more spiritually 
invigorating. 


Sweet musical bon-bons 


Richard Fairman reviews the Chabrier operas at Edinburgh 


W hen Emmanuel 
Chabrier died 100 
years ago this 
month, he left a 
remarkable early collection of 
French impressionists: eight 
Manets, - eight Monets, six 
Renoirs, two Sisleys and a 
C&zanne. This was a man who 
recognised an enduring work 
of art when he saw it. It Is 
just a shame that his own 
music never lived to enjoy 
such feme. 

As an antidote to Beethoven, 
this year's other featured com- 
poser, Edinburgh could hardly 
have chosen a more fizzing 
tonic than Chabrier. The sur- 
vey did not go much beyond 
his operas, but even that is 
welcome. Sadly we did not get 
anything of Gwendoline - a 
real hoot the only time when I 
haw seen it But the festival 
did push out the boat with a 
concert performance of his 
unfinished Bris&s, winch sails 
off foil of ambition across an 
ocean of Wagnerian ecstasy, 
only to lose all sense of direc- 
tion. 

Tbe two stage productions 
were saved as the highlight of 
tbe festival’s final week. A cou- 
ple of years ago Opera North 
scored a success with L’Etoile, 
a spiffing piece of theatrical 
nonsense which has proved to 
be Cbabrier's nearest thing to 
a lasting success in the opera- 
house. Emboldened by this 
venture, the company deckled 
to follow up with the intracta- 
ble Le Roi malgri bd and bring 
them both to Edinburgh. The 
King’s Theatre is just the right 
stee for serving these sweet 
French musical bon-bons. 

After all tbe praise that has 
been heaped on the show, it 
pains me to say that the com- 
pany's idea of L'Etoile was 
wrong-headed. My teeth grated 
at its cartoon-style stage 



Pamela Heten Stephen in Opera North’s carto on-style VEtaOe’ 


designs. My stomach sank at 
its heavy-handed humour. Fol- 
lowing on from Offenbach, 
Chabrier came up with a new 
line in French operetta, exqui- 
sitely light-headed, a little 
zany, more than a little erotic, 
its sparkling comic score leav- 
ing little doubt how it was 
meant to go. Opera North 
played the music in the right 
spirit, but turned the stage 
action into English panto- 
mime: false and 

two-dimensional. 

Le Roi malgri bd followed on 
Thursday. This was a new pro- 
duction and tbe first time that 
the opera has been staged in 
Britain. The problem has 


always been its plot Dedaring 
that the original story is 
unworkable in the theatre (a 
point we have to take on trust 
although those who have seen 
it overseas remember little 
that made sense). Opera North 
commissioned Jeremy Sams 
and Michael Wilcox to weave a 
new libretto around tbe music 
- as Sams remarked, like a 
crossword which ends with 
guessing tbe clues. 

Tbe result is inane, but in 
the most delightful way. As 
though learning the lesson of 
the night before, they have let 
the music be their guide. When 
solo cellos set a tone of 
heartfelt F minor compassion. 



Power to excite 



the would-be king sings of 
his ruined fatherland and 
starving people. A soprano aria 
• with yearning strings -is 
matched to a text about a 
flower that will bloom: “its 
name is change and' revolu- 
tion". Yes - the opera has 
acquired a social oonsdence it 
never had before. 

Sams and Wilcox have set It 
in “semi-imaginary" Moldavia 
(though no imagination was 
needed to identify tbe city on 
the backdrop as Prague). Henri 
is the true successor to the 
throne, believed lost or dead, 
who now leads a hand of revo- 
lutionaries. He is opposed to a 
monarchy, but that does not 
stop him keeping his orb and 
sceptre under the floorboards. 
When he finally reaches his 
coronation, there is some inde- 
cision whether he should be 
crowned with those, or a ham- 
mer and sickle. 

The authors’ dry sense of 
humour is the saving grace 
through all this nonsense. 
Among some fine music is a 
heavenly Venetian barcarolle 
for Russell Smythe’s straight- 
faced Henri and Juliet Booth’s 
Alexina, which is as sensuous 
as anything Chabrier wrote. 
The duets seem to have 
inspired tbe composer to give 
Us best, as another between 
Booth and Rosa Mannion’s 
stylish llfinka is a winner for 
two sopranos, soaring away 
hmpidly like Micaela's identi- 
cal twins. 

Somehow the plot manages 
to push Minka and half-a-dozen 
“nymphs” into suspenders and 
frilly, black-lace bodices for a 
cabaret number swinging from 
a silver moon. There is also a 
gay Italian revolutionary, who 
divides his time between chas- 
ing hairy Hungarians and per- 
fecting the exploding pineap- 
ple, a part taken with flair by 
Geoffrey Dolton. Justin Laven- 
der sounded pinched in the 
tenor role. Nicholas Folwell 
made bis mark as LaskL Jer- 
emy S*™ rimihiflg as a pro- 
ducer always ready to come to 
the rescue with a dead-pan 
sense of humour. 

Add in Paul Daniel’s lively 
conducting and the opera 
seems to have more wit than 
L’Etoile, even though that is 

easily the more original work. 
The Opdra-Comique burnt, 
down after only two perfor- 
mances of “Le Roi malgre luL 
Opera North is risking two in 
Edinburgh and promises to . 
take it to Leeds and on tour , 
afterwards. 1 

L’Etoile sponsored by TSB. Le 
Boi malgri Inf sponsored by 
Manchester Airport 

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‘Dti da l ug 1 , bronze, 1991, by Eduardo Paolozzi, currently on show ki the Yorkshire Sculpture Parte 



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WilUant Packer admires the wit and strength of Paolozzi s sculptures 


O ur sculptor knights 
seem a hale and 
hearty lot We cele- 
brated Sir Anthony 
Caro's 70th birthday earlier in 
the year with the show at Ken- 
wood of his suite of monumen- 
tal new works, The Trojan 
War. Now it is the turn of Sir 
Eduardo Paolozzi with a small 
but choice retrospective, most 
appropriately the first of the 
two to appear at the Yorkshire 
Sculpture Park, for he is its 
patron. 

A much mare ambitious proj- 
ect had been mooted, for the 
Sculpture Park can happily 
embrace the largest monumen- 
tal works and Paolozzi has 
never been afraid to work on a 
monumental scale. (His latest 
big commission. “The Wealth 
of Nations” for the Royal Bank 
of Scotland, has recertify been 
set up in Edinburgh.) Small 
this survey may be, in both 
actual size as in number, but 
while It may seem a pity that 
the larger scheme should have 
been scotched, in the event it 
proves a blessing. 

Huge works are naturally 
impressive, but they tend to be 
impressive for themselves: 
they hold the attention by 
their scale and physical pres- 
ence, but as single and isolated 
creatures. Here, set out on the 
hillside among the trees, there 
are . enough works of a mid- 
dling size to represent that 
open-air and monumental 
aspect Most are welded stain- 
less-steel pieces from the mid- 
1960s and early ’70s, industrial 
in their processes, material 
and references. I remember 
them as seeming pretty big at 
the time. 

But with the emphasis on 
smaller works - the studies 
and maquettes alongside the 
substantive pieces an a human 
and domestic scale - we find 
ourselves considering the unify 
of the oeuvre as a whole. Phis 
CO change, plus e'est la mSme 
chose: and with Paolosi, as 


with so many other artists, 
despite superficial shifts and 
changes in interest and prac- 
tice, the essential preoccupa- 
tions seem instinctively, intu- 
itively, to remain the same. 
The hand, the eye, the inform- 
ing sensibility, do not change. 

Take the group of heads that 
fills the PaSsBothy Gallery. 
Among all Paolozzi's myriad 
magpie enthusiasms, that for 
toys and games and puzzles 
stands very high, especially 
those that come apart, or 
break, or show their insides. It 
has always been the putting 
back t ogether, twisti ng a nd 
refiltirig the elements, mixing 
tjiMn up and getting them pur- 
posefully just wrong and out- 
of-kOter, that seems to fasci- 
nate him most All the heads, 
the recent self-portraits espe- 
cially, demonstrate this 
approach, sliced apart and the 
bits jammed incongruously 
together. And here is the earli- 
est head of all, “Mr Cruik- 
shank”, a portrait head of 1950. 
cleanly modelled and entire, 
yet with its potential fear seg- 
mentation dearly inferred by 
the vertical and horizontal con- , 
tours that mark its sections. It 
could have been made yester- 
day. 

Paolozzi has been a major 
force and influence in British 
art far nearly 50 years and yet 
more recently, while he has 
been impossible to ignore, he 
has been, made to seem some- 
thing of a marginal figure, crit- 
ically awkward if not actually 
incorrect Fashion has had a 
lot to do with it It was bad 
enough to remain even 
remotely figurative In the 
work, and his. with his towers 
and monsters, was always 
founded in humane experience. 
And then the literary arid phil- 
osophical, technological and 
scientific reference with which 
the work Is dense made it so 
hard to categorise. Acknowl- 
edge the quality of his surreal 
invention by all remits , and his 


particular role as a pioneer of 
British Pop Art, but that was 
then: safer now, in a tidier age. 
to push him critically aside. 

This subversive little show 
quite dismisses those safe pud 
tidy assumptions. Rather, it 
restores Paolozzi to the central 
position which in truth was 
always his. from the time 
when he was in Paris Just after 
the war and bringing together 
the formal simplicities of Hep- 
worth and the organic surreal- 
ism of Picasso and Giacometti. 
The Park’s Pavilion Gallery 
shows it all in a stimulating, 
tmehrono Logical mix of early, 
middle and late. How strong it 


is, the work of the 1940s and 
*508 with JtegieefoL monumen- 
tal primitivism, and how con- 
sistent the work has remained. 
In the vitality of its invention 
and its formal strength alike, 
to this day. We must never for- 
get the simple truth, that good 
artists do go on, and what they 
go on doing is malriny good 
art 

Eduardo Paolozzi - 70th Birth- 
day Exhibition: Yorkshire 
Sculpture Park, West Barettan, 
Wakefield, West Yorkshire, 
until October 2; sponsored by 
the Friends of Yorkshire 
Sculpture Park. 



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FINANCIAL TIMES 


WEEKEND FT 


XIX 








WEEKEND SEPTEMBER 3/SEPTEMBER 4 1 994 * 



TELEVISION 


CHESS 





SATURDAY 


LWT 


500 GMTV. 523 WTWs Up Doc? 1140 The FTV 
Chan Snow. 1240 pm The Litvea Hobo. 


10 - 25 S™**""* Intro ^ced ay Steve 
Wler. Including at 10.30 CrtcKeC 

weat Trophy Final. 12.4S Football 
Focus: Preview of England v. US- 
1.00 News, 1.05 FooibaH. ij >5 

S??^. 1 ' 55 Racir ^ from Haydock 
Park: The 2.00 Stanley Leisure 
Group Handicap. 2.05 Cricket. 245 
Jh® 2_30 Cecil Frail Hated 
2 -3S Cricket 3J25 Racing: 

Park Sprint Cup. 

. . *35 Athletics: The Grand Prix Final 
frtm Paris. 4.45 Final Score. Times 
- • . . may vary. 

5.18 News. 

*-26 ResKonal News and Sport. 

. MO Cartoon. 

Fftru Flight of the Navigator A 12- 

year-oto boy Is Knoi^ uncon- 
scious and awakes to discover that 
^ough eight years have passed, 
no does not seem a day older. 

When hospital tests reveal he was 
' taken on a time-traveWna voy*»e tn 
an alien spacecraft identical to one 
- found on Earth, the authorities keep 
Nm imprisoned pending further 
research - prompting a desperate 
escape bid. Children's SF adventure, 
starring Joey Cromer. Veronica Cart- 
wright and Cliff De Young (1986). 
7.10 Bruce Forsyth's Generation Gome 
with, the Navy. Brace Forsyth and 
Rosemarie Ford join the Navy on 
board HMS Victory in Portsmouth 
.harbour to look pack at WghKghts erf 
last year's series. 

MO Challenge Annoka. New series. 

Anneka Rice returns, kicking off with 
an against-the-ctocfc dash to buHd 
an Indoor riding school at Worm- 
wood Scrubs. 

0.00 News and Sport: Weather. 

0 - 20 FBnc Terminator H: Judgment Day. 
_ . Premiere. Arnold Schwarzenegger 

returns as the android built to kill, 
but this time he is programmed to 
protect the future saviour of the 
human race from a rival, shape-shift- 
ing android which proves tedousty 
difficult to destroy. Enterta in ing, 
expensive blockbuster with plenty of 
nice touches and impressive special, 
effects but rather too many chases. 
Linda Hamilton, Edward Furlong and 
Robert Patrick also star. James 
Cameron directed (1991). 

1148 Cher Extravaganza: Live in Las 
Vegas. 

12.15 Cricket: NatWest Trophy. 

1.15 Weather. 

1 - 20 Close. 


12*5 FRm: I Know Where I’m Going. 
Light-hearted romance, starring 
Wendy Hitter as a girl whose plans 
to marry tor money are thrown into 
disarray when die meets dashing 
naval officer Roger Livesey (1947). 

2.15 Tl m ewat e h. Report on the Battle of 
Kursk, 50 years ago between the 
Russian and German armies, was 
The biggest tank engagement of the 
second world war. yet It Is lithe 
known in me west 

3*05 Tha Sky at Night The importance 
Of redo astronomy in Australia. 

3-30 Cricket: NatWest Trophy. Warwick- 
shire v Worcestershire. Further live 
coverage through to the ckua of the 
60-overs-per-side final from Lord's, 
as Graeme Hick and his Worcester- 
shire team bid for revenge on Der- 
mot Reeve's Warwickshire side after 
their defeat In the Benson and 
Hedges Cup Final. 

7.50 News and Sport Weather. 

- 8.06 Carlos Saura’a Seva tanas. The 

director of the efrrema dance trilogy 
Blood Wedding, Carmen and Love 
Bewitched presents a tribute to the 
flamboyance of Spanish flamenco, 
featuring performances by Rock) 
Jurado. Paco de Lucia. Manola San- 
lucar, Lola Flores and Manuals Car- 
rasco. 

8*0 Screen Two: East of Ipswich. 

Michael Palin's nostalgic semi-auto- 
biographical comedy about a cha- 
otic famffy hottday at a Suffolk 
seaside resort, focusing on a 17- 
year-okf boy determined to escape 
his parents' watchful eye and enjoy 
himself - no matter what the cost 
Starring Edward Raw ta Hi cks. John 
Nettfeton. Phyftta Hewat Pat Hay- 
wood and Graham Crowden. 

10.15 Mdnight Cowboy: Introduction. By 
the film’s director. John Schlaamger. 

10.20 Hfm: Mdnight Cowboy. John 

Schleelnger*s Oscar-winning drama 
following the offbeat friendship 
between a New York lowfife (Dustin 
Hoffman) and a Texas country boy 
(Jon Volght) with ambitions to be a 
well-paid stud. Brenda Vaccaro and 
SyMa Miles also star (1968). 

12.10 Ntfsson In Concert. Performance by 
the late singer-songwriter Harry NRs- 
son. 

1250 dose. 


1.00 ITN News: Weather. 

1.05 London Today* Weather. 

1.10 Movies, Games and Video*. 

1.40 WCW Worldwide WrestDng. 

2.24 Life Goes On. Corky develops a 

crush on a new girl in tvs health 
class, and Libby's mother decides to 
leave her husband. 

3-20 Burke's Law. Amos investigates 
when the Grand Duke Kadanan. ® 

murdered at a dinner party. 

4^0 Cartoon Time. 

M8 ITN News and Results; Weather. 

5.05 London Today and Sport; 

Weather. 

5.15 Baywateh. New series. 

5.05 GMaton: The Return. As the TV 
warriors prepare tor a new series 
beginning next week. John Sachs 
looks bade at the best battles from 
last year, goes behind the scenes to 
see the Gladiators at work and play, 
and previews the coming season. A 
new peak for trash TV. 

7.05 Fame The Karate Kid IIL Ralph 
Macefso reprises his role as the 
teenage martial arts expert. When 
his old mentor (Pat Marita) refuses 
to coach him for a championship, he 
tuns to a new trainer - a ruthless 
Vietnam veteran who turns out to be 
in league with an old foe. Action 
adventure, with Thomas Ian Griffith, 
Martin Kove and Robyn Elaine 
Lively. (1989). 

850 ITN News: Weather. 

0.05 London Weather. 

0.10 Hfrre Die Hard H. Bruce WilKs grabs 
a 10- minute start on Schwaraen- 
egger on BBC1 In tha battle o< the 
blockbuster sequels. Willis Is a 
tough cop who. arriving at the air- 
port to pick up his wife, finds him- 
self plunged Into a bloody straggle 
against a terrorist gang who are 
allowing no more planes to land until 
a convicted drugs boron is released. 
Tired reworking of restrictive for- 
mula. (1990). 

11.20 FRmc Jam and the Lost City. 

Adventure based on the disrobing 
British cartoon heroine who was a 
big hit during the second world war. 
Shaming Kirsten Hughes, Maud 
Adams. Jasper Canon and Sam 
Jones. (1987). 

1.00 Get Stuffed; TTN News Headlines. 

1.05 Mad Dogs. 

1.40 Tour of Duty. 

The Bto E. 

3-30 Get Stuffed; ITN News Headines. 

545 New Music. 

4^8 BPMj Night Shift. 


CHANNEL4 


REGIONS 


5J» 4-T£H on View 645 Earty Morning. 1040 The 
Ahsoiff BegnnWs Gude to Amenean Foatw. 
11.00 Gaelic Game*. 1240 High 5. 1240 pm 
Kisses on the TranjEngisn aubtttieai 

1.05 F3m: Lullaby of Broadway. Musi- 
cal. starring Dons Day as a success- 
ful performer who returns from 
England to New York to find her 
mother's singing career has fallen on 
hard tunes. With Gene Nelson. 
Gladys George and Billy de Wolfe. 
f195U 

2JM Racing from Kempton Perk. John 
Francome introduces the 3.10 
Geoffrey Hamlyn Handicap Stakes. 
3.40 Bonusprlng September Stakes. 

4.10 Bon lapring Slrenia Stakes, and 
the 4.40 Spelthome Handicap 
Stakes. 

5.06 Broofcskte: News Summary. 

540 Opening Shot Second of two 

reports on American photojoumaSst 
Nancy McGlrr's work with under- 
privileged Guatemalan children, feat- 
uring an exhibition of their work at 
the London Photographers Gallery. 

7.00 The People’s Parflamant Public 
forum debate on whether people 
working in essential services should 
have the right to strike. 

500 FUm: Desert Fox. RommeU returns 
from his unsuccessful north African 
campaign and becomes involved in 
a plot to assassinate Hitler. Wartime 
drama, starring James Mason. Jes- 
sica Tandy. Cedric Hardwicks and 
Leo G Carroll. Part of the None But 
the Brave season. (1951). 

9.40 Blue Heaven. Frank thinks hts 
dreams of hitting the big tone are 
coming true when he and the band 
are invited to support at David Bow- 
ie’s latest concert. Lag in sales. 
1510 Fanny and A l exan der. In the 

second part of Ingmar Bergman's 
glorious, semi-autobtographfcal 
drama, the Ekdahi family is thrown 
into confusion when Oscar suffers a 
fatal heart attack. Starring Allan 
EdwaH. Pemilta A! win and Bertll 
Guve. (English subtitles). 

11.40 The People's Parliament Late 
CaJL Lesley Riddoch p resen ts as 
viewers air their opinions on the 
subject of tonight's programme - 
essential services' right to strike. 
124)5 Late Licence. With 

singer-songwriter Billy Bragg and 
comecSan Phill Jupitus. 

12.15 Herman's Head. 

12u«S Just for Laughs. 

1.15 825 Live: Therapy? 

130 Passengers. 

250 Beavte and Butt-Head. 

3.16 Packet of Three. 

4.00 dose. 


fTY REGIONS AS LONDON BXCSPT AT THE 

FOLLOWDM TTMES:- 

ANGLIA: 

1240 Moines. Games and vieeos 1.05 Anglia 
News. 1.10 Niger Mariwa's InOyCer ‘94. 1,40 Car- 
toon Tree. 1.45 U Rohm Crusoe USN. 1 19661 340 
Krvght Rder. 546 Angls News and Spec 5.15 
Cartoon Tree. 515 GkxSaiora. The Retire. 7.15 
Ponce Acaaemy U- Thar Fret Aasgrreem. n965< 
043 Angtta Weather. 1140 Royal Flash (1975) 
CENTRAL: 

1240 Amenta 'a Top 10. 145 Central News 1,10 
Ths Munsmrs Today. 14Q Monos. Games ora 
Videos. 2.10 Jesse. (TVM 1988} 240 WCw worm- 
vnde WresUng. Cemml Hm 5.10 The Centra! 
Matcn - Goats Extra. 8.15 Gtadtaws: The Retire 
7.15 Pattce Academy H: Thee First Assigrment 
(1985) 948 Local Weather. 1140 Tropical Heat 
OfUWlAN; 

1240 C>ume-Ce. 145 Grampian Headlines 1,10 
Teiefios. 140 Etfeamw lonmhaa. 110 Ana Women 
SM Weep. (1959) 3JB Ntgei Mansell's mo, Cor 
'9A. 449 Stpemara ot Wresting. 545 Gramson 
MeadSfies 6.10 Grampian Mens Review 8.15 Gladi- 
ators: The Return. 7.15 Police Acaaemy n- Thar 
Fins Assignment (19851 945 Grampian Headines. 
11-20 Royal Flash. H975) 

GRANADAi 

1240 Movies. Games red Videos. 145 Grenada 
News 1.10 Get Wet. 140 r*gei Mansed'c tndyC» 
■94. 2.10 Bffion DoSar Threat (TVM 1979) 3JS5 
Superstars o < Wresting. 546 Granada News 5.15 
Granada Qoett Extra. 6.15 Gutnerora- The Return 
7.15 Polios Academy II: Their Rret Assignment 
(19851 1140 Royal Flash. 119751 
Kite 

1240 Mowes. Games and Videos 145 HIV Men's. 
1.10 The Dam Busters. (1954) 340 Cartoon Time. 
345 Tha A-Team 845 KTV News end Span 5.15 
Gtad am re: The Rexurn. 7.19 Police Academv II: 
Their Frst Assignment. (1985) 045 HTV Weather. 
1140 Royal Flare HS75I 
M0R87IAN: 

1140 COPS 1240 The ITV Chart Show. 145 
MencSre News. 1.10 Best of British Motor Soon. 
140 Sari Great Britain. 2.10 The Magoon (TVM 
1974) 345 Cartoon Time. 3AS Knlc^n RiOer. 545 
Meridian News. 5.15 Cartoon Time. 515 Glaaiaior-r 
The Return. 7.15 Pace Academy II: Thetr First 
Assignment (19951 1140 Cnme Story. 

SCOTTISH: 

1240 Extra Time. 143 Scotland Today. 1.10 Fare. 
Hope ana Cebmty. 140 Teietes. 2.10 M>s»on Top 
Secret 510 Brian's Song. (TVM 1970) 440 Car- 
toon Tims. 646 Scotisnd Today 515 GU&atoia: 
The Ratum. 7.15 Poic* Academy B: Their Fast 
Assrgnmam. (1 385) 045 Scatnsh Weal her. 1140 
Delta County USA (TVM 1977) 

TYKE TBS: 

1240 Mouse. Gamas and Videos. 145 Tyne Tees 
News. 1.10 The Fa* Guy. 245 BXlon Dollar Threat 
(TVM 1979) 346 Knight Rider. 545 Tyne Tees 
Saturday 515 (Samaras: The Ratum. 7.15 Petes 
Academy L Their First Assignment. (1985) 1140 
The Haw. (1971) 

YORKStURE: 

1240 Movies. Games and Videos. 145 Calender 
News. 1.10 Tha Fall Guy. 245 Bonn Doaar Threat. 
(TVM 1979) 3L4S Knight flkier. 545 Calendar News. 
516 Giad Caere: The Rosen. 7.15 Police Academy 
I): Their First Assignment. (1985) 1140 The HeW. 
(1871) 


SUNDAY 


BBC1 


740 Dlly the Dinosaur. 745 King Qwnflngm. 

7.40 Playdaya. 840 Blood and Honey. 515 BrsA- 

faet wan Fred 9.16 To Be a PBgrim. 940 This Is 

die Day. 1040 See Howl 1040 Fim: Tarta the 

Otter. 

12.00 Counfryne. Rural and agricultural 
issuee. 

1245 Weather for the Week Ahead; 
Nowfl. 

1230 Hany and the Hendersons. 

14)0 Cartoon. 

1.05 Steven Spielberg's Amazing Sto- 
ries. 

140 EastEndera. 

250 FBrre Angels One Five. British 

fighter aircraft head for a confronta- 
tion with the German Luftwaffe over 
the English Channel, leaving ground 
staff anxiously awaiting their return. 
Wartime adventure, starring Jack 
Hawkins. Michael Denison. Andrew 
Osborn and Cyril Ftaymond.(1952). 

•525 Junior Mas te r chet Eugene McCoy 
and Chris Packham Judge as three 
young cooks from London display 
their aimary skills. 

4w55 Trie Greet Antiques Hurt. Amateur 
collectors search for oak dressers 
and become picture experts ki 
Chester. Presented by Jllly Goolden. 

6.40 The Clothes Show. Comedians 
reveal how clothes can reflect and 
enhance their humour.Faehion edi- 
tor* predict the autumn ranges. 

8.05 News. 

6.26 Summer Praise. Jumoke Fashote 
and David Matthew visit Edinburgh 
to soak up the festival atmosphere. 

7.00 Film: The Great Outdoors. A fami- 
ly's camping hoKdey is naned when 
rowdy relatives Invtte themselves 
along. Chaotic comedy, starring 
John Candy. Dan Aykroyd and Ann- 
ette Benlng. Written by Heme Alone 
creator John Hughe&.(198Sk 

km The Tales of Pare Handy. The 
boys' Jobs are threatened by tech- 
nological progress - can a beached 
whale change their fortunes? 

0.18 News and Weather. 

9.30 Screen One: A Breed of Heroes. 
Charles Wood’s black comedy 
about British army officers whose 
ideals are tested by a posting to 
Belfast in 1871. Samuel West and 
Richard Griffiths star. 

11.00 Everyman. Report on the work of 
The Samaritans. 

11.40 Bangkok HHton. Nicole Kidman and 
Denholm Btott star In this 
acclaimed three-part drama about 
an Australian woman Imprisoned In 
Thailand for drag smuggling. 

Repeat. 

1.15 Weather. 

1.20 Close. 


BBC2 


518 Open UNwraity. 510 Llttt’ Bte. 945 Spacev- 

ets. 500 Erft tfw Oat 1515 What's that Notae? 

1840 Ganger HBL 1145 Dynamite. 1140 Bay City.' 

1140 The 0 Zone. 

12.00 Sunday Grandstand- Introduced by 
Sue Barker. Including at 12.05 Motor 
Sport: The British Touring Car 
- Championship from Brands Hatch. 
Murray Walker commentates as 
rounds 16 and 17 reach their con- 
clusion. 1240 Equestrianism: High- 
lights of the cross-country 
co m pe ti tion and the showjumping In 
the BurghJey Horse Trials in Lincoln- 
shire. 1.15 Motorcycling: The British 
Super cup Championship from 
Brands Hatch. The top names In 
British motorcycling Ikie up for the 
two legs comprising round nine of 
the TT Superbike category. Com- 
mentary by Barry Nutley and Steve 
Panteh. 1.40 Cricket: Coverage of 
this afternoon's Sunday League 
matches as the season comes to an 
end. 2.10 Motorcycling. 2.35 Cricket 
3.30 Equestrianism. 3.50 Motorcycl- 
ing. 4.15 Cricket 4.45 Motorcycling. 
5.15 Cricket. Times may vary. 

6^0 Tiger Crisis. An Investigation into 
the future of tigers, revealing how 
Increasing numbers of poachers In 
Irxfla are threatening to wipe out the 
spaefes- 

7.30 BBC Proms ■04c The First Hundred 
Years. The Bournemouth Symphony 
Orchestra perform s Cart Orffs cho- 
ral work Cantina Burana five at the 
Royal Albert HaU. Conducted by 
Richard Hickox. the presentation 
features the talents of Janice Wat- 
son (soprano). James Bowman 
(counter-tenor), and Donald Maxwell 
(baritone). 

940 Monty Python's Ryfng drew. 

10.20 Movtodrome. 

10429 mm: Mqfor Dundee. Near the end 
of the American CM! War. a US cav- 
alry outpost Is destroyed by Indians 
- prompting a battle-weary major to 
lead assorted thieves, renegades 
and Confederate prisoners in search 
of revenge. Western dfrected by 
Sam Peckinpah, starring Chariton 
Heston. Richard Harris and James 
Cobum. (1985). 

12425 Movfedrwne. 

12410 FUm: Bring Me the Head of 

Alfredo Garda. A wealthy Mexican 
general offers $1m for the head of 
the pianist who seduced his daugh- 
ter, sotting his cronies off on a sav- 
age and violent manhunt. Typically 
violent Sam Peckinpah thriller, star- 
ring Warren Oates and Kris Kristof- 
fereon. (1974). 

2J» Close. 


LWT 


500 GMTV. 500 The Disney Ctub. 1515 Unk. 
1040 Sunday. 1140 Mooting Wotalvp. 1240 Sixi- 
day. 1240 pm An bwflarion to Remember. 1246 
London Today; Weather. 

1.00 FTN News; Weather. 

1.10 100 Women. AB-female debate on 
burning Issues of the day. chaired 
by Sheena McDonald. 

2.00 Him: Chopper Squad. Austraffan 
adventure following the daring 
exploits of a newly formed ai rbo rne 
rescue service. Rebecca Gilfing and 
Graham Rouse star (TVM 1978). 

3420 Pop Sport 

350 I nter n a tional Athletics. Britain's top 
athletes fine up against some of the 
world’s leading competitors In 
today's meeting from the Don Valley 
Stadium In Sheffield. 

6.00 London Today; Weather. 

6J20 ITN News; Weather. 

540 Dr Qufem: Medicine Woman. Mike 
dashes with a travelling faith healer 
over tha best way to treat Kid Cole's 
TB. while Grace and Robert E pre- 
pare to many. Johnny Cash guest 
stars. 

7.30 H e art bea t New series. Nick investi- 
gates a moorland mystery and Kate 
joins a practice in nearby Whitby. 
Greengrass settles he debts in novel 
fashion. Rural police drama starring 
Nick Berry. Nlamh Cusack. Derek 
Fowfds and Bin Maynard. 

8.30 You've Been Framed! New series. 

9.00 London's Burning. New series. A 
juvenile offenders' Institute goes up 
m flames. 

10.05 ITN News; Weather. 

10.18 London Weather. 

10420 The London Documentary. 

Cameras follow three unmarried 
young women - two of them teen- 
agers - through pregnancy and 
chBdbtoh, to MgWtght the realities of 
fife as a single mother. 

11.20 Tracey USmarc A Class Act The 
British comedienne a joined by 
Michael Palin and Timothy Spall in 
three short films and an improvised 
sketch spoofing the class system. 
12.10 Safi Great Britain. 

1240 You're Booked! 

1.10 Cue the Music. 

2.05 FHm: 11 th Victim. A TV newswoman 
goes to HoBywood to investigate the 
murder of her actress sister. ThriUer. 
starring Bess Armstrong (TVM 1979). 

3JK> ram: Delta County USA. Drama set 
In a sleepy American town where 
the lives of a wealthy family are 
threatened by passion and rebellion. 
Jim Antonio stare (TVM 1977). 


CHANNEL4 


645 Earty Morning. 545 The Odyssey. 1515 

Saved by the Bell. 1545 Rawttida. 1145 Little 

House on the Prairie 

12-40 FHitc The Man in the White Suit. 
Alec Guinness stare as a chemist 
whose invention of a dirt-proof and 
indestructible fibre brings him Into 
conflict with clothing Industry 
moguls. Classic Ealing comedy, wtth 
Joan Greenwood. Cecfl Parker and 
Michael Gough. (19511. 

2.15 Of Dice and Men. Canadian anima- 
tion. 

2410 Football (tafia. Uve coverage from 
the first Sunday of the Serie A sea- 
son. fealunng two members of the 
supporting cast: Tonno v Inter. 

54K) News Summary. 

545 F3m: Cousin Bobby. Silence of the 
Lambs efi rector Jonathan Demme's 
documentary about activist and cler- 
gyman the Rev Robert Castle, 
whose work includes promoting 
underetanrfng between races and 
faiths, and campaigning for better 
living conditions on behalf of resi- 
dents in his mainly black and His- 
panic New York parish. (1992). 

8-20 Mirage. Shon animation. 

8.30 The Cosby Show. 

7.00 Equinox. Insight into the physics of 
wave formation, revealing how pow- 
erful currents we formed In ocean 

• storms, and exploring how they 
behave. This understanding, coupled 
with developments in technology, 
has helped improve surfboard 
design and raise standarto In the 
sport, enabling surfers to perform 
feats previously thought Impossible. 

8.00 21st Century Airport Account of 
the difficulties plaguing an ambitious 
Japanese bid to construct an artifi- 
cial island as the site for a new air- 
port which is due to open this 
autumn, the 20th century's biggest 
engineering lest 

0.00 Fftnr City Slickers. Premiere. Three 
businessmen sign up for a two-week 
cattle drive to escape the stresses 
of urban life - but find the going 
much tougher man they expected 
Comedy stamng Billy Crystal. Daniel 
Stem. Bruno Kirby and Oscar winner 
Jack Paianco. Part of the Saddle Up 
Season. (1991). 

11.10 Gaefie Games. The Afl-lretand 

hurting final between Umenck and 
Offaly. 

12.05 Him: An Hasard, Balthazar. Robert 
Bresson's Christian parable showing 
mankind's cruelty, kindness and stu- 
pidity through the eyes of a donkey 
as it is shunted from one owner to 
another. (1966). 

1.45 Close. 


REGIONS 


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CtofTRALt 

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iihiwihh 

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QHdUAPAi 

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Block H. 

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Ptaooo Oomitvjo. 
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News. 240 CobMesrones. Cottages and Castles. 
230 The US Women's Chalsnge. 840 Speed 
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country Weather. 1040 Tracey Uaman: A Class 
Act 11.10 Prisoner Cell Block H 
YORKSHRE: 

1245 Nawrang. 1240 Calendar News. 240 Hltfv 
way to Heaven. 245 Cartoon Time. 340 The 
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An Evening with Rackto Domngo. 


RADIO 

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500 AJan Keith. 1040 Oh Whs 
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640 Open Urnersty: Modem 
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1.16 The BBC Oro h as tiaa 
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440 Lassus. The GabneS 
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*45 The BBC Orchestras. 
Sbeika end ttetsen. 

505 interpretations on rteewd- 
Recardmgs Of Fauna s La 
Bonne chanson. 

74S Prom Newe. Preview of 
tha final week of this year's 
Proms. 

740 BBC Promt 1994. Sav 
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550 Sunday Hay- Wattng (or 
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and George Nicholson. 1230 
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received In w e tem Europe 
on medium wave 648 KHZ 
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I The City of London audience 
[ sat in stunned silence on 
Wednesday as Garry Kasparov, 
close to tears, fled the stage 
after offering a draw to Pen- 
tium Genius. Intel's new PC 
had knocked out the No 1 
human lV* in the first round 
of the £100.000 Grand Prix. 

A few months earlier, 
another Pentium-powered PC 
outplayed the grandmasters at 
Munich: but that was five- 
minute chess, where speed is 
alL This week at the Sedgwick 
Centre, the games last 50 man- 
ures. which should be enough 
for humans to display their 
superiority in planning and 
intuition. 

Kasparov stood better in 
both games, but Pentium 
Genius, which can calculate 
100.000 positions a second, out- 
witted him in the ending, nota- 
bly by its surprise queen 
moves. Nigel Short was also 
beaten in round 1. The remain- 
ing UK survivor. Michael 
Adams, went down 2-1 to 
India's Vishy Anand. 

The semi-finals and final of 
the Intel Prix take place this 
afternoon and evening: to 
watch the last stand of the 
humans, call 071-358 24M for 
ticket details. 

Even before Wednesday, it 
was quite a week for chess 
records. Alexander Morocev- 
ich. 17. won the Lloyds Bank 
Masters with 9‘=. 10. on ratings 
the third best tournament 


result ever after Fischer and 
Karpov. At the same event 
Luke McShane. 10. became the 
youngest chessplayer to draw 
with a grandmaster 
The memory remains of Kas- 
parov's harrowed face as he 
realised the implications of 
defeat Before Wednesday, he 
was the greatest ever cham- 
pion. assured of an Olympian 
place in chess history with a 
magnificent record in matches 
and tournaments. AU that may 
become secondary to his bit 
pan as a landmark in the 
march of machines. 

No 1037 


* £) 


A 

k 


d-a 


1 

A 


White mates in three moves, 
against any defence iby F Gie- 
gold. 1961). White has a huge 
lead while Black is down to 
king moves, but you will do 
well to spot White's obscure 
key in under half an hour. 

Solution. Path: XW II 

Leonard Barden 


BRIDGE 


Do not miss Stcp-by-Step Card 
Play in Suits, by Brian Senior 
(Batsford £8.99). It will do 
much for your declarer play. 
We start with The Right End- 
play: 

N 

A A Q 10 4 
¥ A 4 3 
♦ 7 6 2 
ft K74 

W E 


A 5 

¥ J 10 9 6 
♦ K 10 9 
ft A J 63 2 


A 2 

¥852 

♦ J54 3 

* Q 10 9 8 5 


S 

A KJ9S763 
¥ K Q 7 
♦ A Q 8 

ft - 

North deals at game-all and 
opens with one no-trump. 
South bids three spades, North 
four hearts. South five clubs 
and North five spades. After 
sis diamonds by South. North's 
six spades closes the auction. 

West leads the heart knave. 
You have ll top tricks but 


where is the 12th 1 .' In dia- 
monds. Yes. the obvious way is 
to finesse the queen. 

Is there any better line? If 
your diamonds were AQ9. you 
could eliminate hearts and 
clubs, finesse the nine of dia- 
monds and endplav West. But 
AQS is not good enough - East 
could play nine. 10 or knave. 

There is the chance of 
another, quite different, end- 
play. Win the heart lead with 
your queen, cross to spade 10 
and ruff a club in hand. Cross 
again to spade queen and ruff 
another club. 

Cash king and ace of hearts 
and return dummy's club king. 
If East plays low. discard your 
diamond eight. West wins and 
is trapped. But East might 
have the club ace. In that case, 
you must ruff, crass to the ace 
of spades, return a diamond 
and finesse the queen. If that 
loses, you are unlucky - but 
you have done your best 

E.P.C. Cotter 


CROSSWORD 


No. S.549 Set by DINMUTZ 

A prize of a classic Felikan Souveran 800 fountain pen. inscribed with the 
winner's name for the first correct solution opened and fire runner-up 
prizes of £35 Pelikan vouchers. Solutions by Wednesday September 14 
marked Crossword 8449 on the envelope, to the Financial Times. 1 South- 
wark Bridge. Loudon SE1 &HL. Solution on Saturday September 17. 



Name — 
Address. 


ACROSS 

1 French style of quiz in Seoul, 
possibly (5.81 

7 Note made by foreign coin? i3) 

9 Old cricketer's prayer? (5» 

10 Picture of Gran, given new 
style (9> 

11 Concert packed, we hear 19) 

12 A department cut. yec 
remains expert (5> 

13 Shakespeare's wall-hangings 
in winter? (7) 

15 Grand piece of mlnce-ple. cold 
(4) 

18 A mug fashioned in island in 
the Pacific (4) 

20 They became known as cop- 
pers. rained off before one iTi 

23 Stump Olympic finalists with 
sound sense (o) 

24 But don't expect this to have 
a cube-root) (5-1 1 

26 Dropping the subject of tor- 
ture? «9) 

27 Ecstatic to be broadcasting 
12-3) 

28 A church in the crescent? (3) 

29 Dried grades processed and 
brushed away illi 


Solution 8,548 


DOWN 

1 Country home of Wodehouse. 
we bear 13-5' 

2 Unlikely condition of faun 
trembling before attack? <81 

3 Carry-on picture? i5» 

4 Futile advice to the prodigal 
IT) 

5 Thing that is ordered for a 
retired lady? »7\ 

B English mother-race in out- 
flow? (9) 

7 Second winter abroad makes 
one shudder! «6) 

8 Member at embassy opening 
In an envoy (6) 

14 Fire block, a feature of rocket 
platform? i6-3) 

16 Carte blanche for idle 
employee? (J.41 

17 Fielder, sort of square, turns 
out strained (8) 

19 Loses Scottish isle in edges of 
mists (7» 

20 Is one trained in the garden? 
13-4) 

21 Explanation on a tongue (6) 

22 Fungus in a cigar thrown out? 

t6» 

25 Girl can be hard, keeping 
ring! (5) 

Solution 8,537 


□□□□E0EIC10 OiiLlfJLJ 



□□ana □□□QQBamj 



WINNERS 8,537: Mrs R. GrafTety-Smith, Sherborne, Gins; j. Burden. 
Richmond. Surrey; Miss M. Co\. Beckenham. Kent; JAL Lynch, Peny- 
lan. Cardiff: D. Smyth. Poros. Greece; Mrs Y. Stonard. Bath. 






V 


XX weekend ft 


FINANCIAL TIMES WEEKEND SEPTEMBER ^SEPTEMBER 4 1394 


On the day that the 
[rish Republican 
Army announced a 
complete cessation 
of its “military 
activities” - terror- 
ism to you and me 
another 
annonnceoent 
gained rather less 
attention from the British media. It 
nonetheless also had consequences 
for British troops. 

In case yon missed it In all the 
euphoria over the IRA's tactical 
withdrawal, here are the facts: on 
Wednesday the Foreign Office 
revealed that it had offered the ser- 
vices of two ships and a military 
training team to assist in a possible 
US invasion of Haiti. 

I'm sorry, 1'U read that again: to 
assist in a possible United Nations 
invasion of Haiti. 

The Foreign Office has offered 


The pressure of gunboat diplomacy 

Britain has offered the US two warships to help invade Haiti. Dominic Lawson asks what the fee is 


HMS Broadsword which last saw 
action in the Falklands War, and 
the Royal Fleet Auxiliary Oakleaf. 
Broadsword is. apparently, 
unsuited to naval gunfire support 
of an amphibious landing as it has 
no gun. However, a spokesman 
from the Ministry of Defence said 
(according to The Independent): “If 
the Americans requested it, she 
might be replaced by a ship with a 
gun.” 

I should think the Americans 
jolly well will “request it”. Guns 
are useful in such circumstances. 
Yon never know when yon might 
need them. 


But what is going on hoe? What 
are we British doing offering mate- 
rials and men to facilitate a dubi- 
ously motivated invasion of a god- 
forsaken Caribbean island of no 
conceivable strategic interest to ns? 

The trite answer is that our man 
at the UN put op his hand when the 
Security Council passed Resolution 
940 which authorises member 
nations to “use all necessary means 
to facilitate the departure from 
Haiti of the military leadership and 
to maintain and establish a secure 
and stable environment”. 

This is the usual post cold war 
charade, of course. In which the US 


uses a tame UN to give interna- 
tional legitimacy to the pursuit of 
Us own very particular foreign pol- 
icy objectives. We saw the same 
thing in Somalia, and - though 
here the international interest was 
genuinely widespread - Kuwait 
But it is not onongb for the 
Americans to have Britain's signa- 
ture to the policy they wish to 
carry out They also want us to 
make the pretence of an “interna- 
tional task force” even more believ- 
able by the actual involvement of 
non-American troops. And for some 
reason the State Department con- 
siders Britain the most useful 


stooge in such endeavours. 

This is not primarily because 
British troops are the best in the 
world, but because - as one former 
State Department official told me - 
“you guys have a pretty good 
record”. In other words, direct mili- 
tary involvement by Japan or Ger- 
many, even were it feasible, would 
raise associations best forgotten. 

In Somalia, Britain did the abso- 
lute minimum, supplying one 
addled old Hercules transporter. 
The Americans were not at all 
pleased about that, but when fine 
recalls what happened to the Paki- 
stani troop contingent - 48 of them 


butchered by General Aideed’s men 
- one can only be grateful. 

In the case of Haiti, the British 
response Is slightly more accommo- 
dating. What is the reason? The 
.qnw as always: the Foreign Office 
wants something in return from 
America. Perhaps an absence of 
criticism by President Clinton for 
the Major government's less than 
effusive reaction to the IRA’s cease- 
fire? 

The precise details are, irrele- 
vant All we British can hope Is 
that die trade-off Is more in our 
favour than In the Americans’. 

This is simply the staff of diplo- 


macy. low and embarrassing as it 
undoubtedly is. Why. for example, 
did that arch third world groupy. 
Harold Wilson give vocal support 
to President Lyndon Johnson's mil- 
itary escapade in Vietnam. It was 
the tfltid pro quo for American sup- 
port for the ailing pound. A qua pro 
quid, in other words. 

I quote from Ben Pimlott's mas- 
terly biography of Wilson: “In 
December 1965 ... the Foreign Sec- 
retary reported that recent British 
requests for American financial 
help had been met by a dry 
reminder from the White House 
that the British had not been very 
helpful over Cuba, and by an 
Inquiry about when the first Brit- 
ish battalion wonld be arriving in 
Vietnam.” . , 

Well, at least wc wriggled out of 
that one. 

■ Dominic Lawson is Editor of the 
Spectator. 






Interview /Peter Aspden 

The wheel 
turns full 
circle for 
Dr Steiner 

Oxford is about to welcome back 
a thinker it rejected 40 years ago 


G eorge Steiner 
sips from a glass 
of white wine in 
the corner of a 
Cambridgeshire 
pub and confesses that the lat- 
est twist in his academic life 
reads like the climax of a “bad 
novel". 

Forty-two years ago. a preco- 
cious graduate from Chicago 
and Harvard, he submitted his 
doctorate to the English fac- 
ulty at Oxford, and it was 
turned down. That doyenne of 
the academic literary world. 
Dame Helen Gardner, told him 
his work was a worthwhile 
study in comparative litera- 
ture, hut as that subject did 
not exist at Oxford, the exam- 
iners were not able to oblige. 

"One day.” she added, “it 
may well arrive here; but right 
now it is not in the rubric" 
Next month, Steiner, first 
visiting professor of European 
Comparative Literature at 
Oxford, gives his inaugural lec- 
ture in the subject which 
prompted such a cursory dis- 
missal all those years ago. The 
ironies of his appointment will 
doubtless be given an airing in 
the university's imposing 
Examination Schools building, 
but his tone will be affection- 
ate: "Dame Helen was right; 
she was always right It just 
took 42 years, which, by 
Oxbridge standards. Is not too 
bod.” 

In the weeks leading up to 
the lecture, Steiner is feeling 
remarkably relaxed about the 
world. His magnanimous mood 
enables him to skip over inci- 
dents which have become some 
of the most enduring tales in 
that curious, twilight world of 
academic mythology. For the 
Oxford snub was not liis last 
unhappy encounter with 
authority; mure was to come. 

He re-submitted a substan- 
tially different thesis to comply 
with regulations, and after 
spells at The Economist and 
Princeton, was invited to 
become a founding fellow of 
Churchill College, Cambridge. 
Once there, he began to lecture 
with unusual charisma to 
packed audiences, but he had 
failed tn take the hint from the 
Other Place: his first course 
was on how to read poetry 


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after Marx. Freud and 
L6vi-Strauss. Traditional 
English literature it was not 

One day, the story goes, a 
senior member of faculty 
arrived to assess Steiner's cre- 
dentials to be appointed to a 
full lectureship. Stetner was 
talking about Theodor Ador- 
no’s bleak conclusion that 
there could be no poetry after 
Auschwitz. The faculty mem- 
ber walked out in mid-lecture, 
ostentatiously, angrily. “When 
I was on the Burma death rail- 
way.” he allegedly told col- 
leagues. "Steiner was sitting 
safely in his New York apart- 
ment. I will not be lectured by 
him on Nazi atrocities.” Not 
only was there no lectureship; 
Steiner was told not to bother 
applying again. 

So began the breach between 
Steiner, the archetypal Jewish. 
Mitteleuropean, polyglot intel- 
lectual and the English aca- 
demic establishment Although 
appointed to an extraordinary 
fellowship at Churchill so that 
he could carry out his 
research, he ceased teaching in 
Cambridge. In 1974 he accepted 
a chair in Geneva, in which he 
has spent half his working 
time ever since. 

Now, at 65. he is back in the 
fold. The sense of the wheel 
having turned hill circle in the 
year of his official retirement 
from Geneva gives Steiner an 
almost happy-go-lucky air 
which sits uneasily with the 
brooding intensity and sharp 
sense of melancholy of his 
prose. 

Even when conversation 
turns light, however, it rarely 
becomes trivial; describing the 
simple, quotidian joys of wak- 
ing up in the morning, Steiner 
typically manages to quote 
Hegel- "A Jew is a man who. 
given the choice between eter- 
nal salvation and tomorrow's 
newspaper, will choose the 
newspaper." He is insistent 
that any rancour he has car- 
ried inside him has been 
finally dispersed: "There were 
mistakes on both sides; I was 
not easy to be with. Bitterness 
would be folly.” 

Many take the Steiner story 
to be the classic case study of 
the collision between English 
intellectual values - oblique. 


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clenched, bracingly empirical 
and fiercely pragmatic - and 
those of “continental” Europe 
- bold, speculative, swathed in 
abstraction and rhetoric. It is 
not a new story, by any means; 
but when Steiner moves in his 
unmistakable lilting tones 
from Mallarme to Heidegger, 
Rilke to Benjamin. Hegel to 
Derrida, one can hear the 
mocking chorus at his shoul- 
der. “pretentious”; “charlatan"; 
most damning, and English, of 
all “too clever by half!" 


S teiner is not unaware 
of tbe charges, but 
these days shrugs 
them aside. In fact, 
his relationship with 
English intellectual life is com- 
plex: he has. after ail spent a 
large part of his life in English 
university towns and has some 
sneaking sympathies. He 
decries the pragmatism which, 
in his view, inhibits great 
works of creative genius (“that 
cry of 'come-off-it'. which 
would have prevented Beeth- 
oven’s 9th symphony or 
Michelangelo’s Sistine Cha- 
pel"!. but recognises that “a 


Europe in which the spectre of 
Germany looms immense 
needs a British presence more 
urgently than ever, for its 
irony, its tolerance. Us genuine 
respect for the law”. 

He will not turn a blind eye 
bo Britain's indigenous flaws, 
however. When asked if he had 
ever been asked to give the 
Reith lectures, he replies that 
an informal approach bad 
failed to bear fruit when it was 
teamed “at the highest level” 
that his proposed subject was 
"the tiredness of England". He 
has no regrets: “f am quite 
unrepentant on that If there is 
too little nerve, too little pride 
to accept discussion of such a 
subject, then we are in trou- 
ble." 

Another important reason 
for the wariness and occasional 
outright hostility shown 
towards Steiner is the very 
substance of his work, as well 
as its refusal to pay homage to 
traditional academic catego- 
ries. His most urgent anxiety is 
that tbe humanities, tbe beau- 
tiful world of high art and cul- 
ture created and enjoyed by 
Europeans over the last 500 


years, have not only foiled to 
humanise but have contributed 
to tbe legacy of horror which 
reached an unspeakable climax 
with the Holocaust The stri- 
king examples he first pres- 
ented in his Language and 
Silence have today become 
cliches: the concentration 
camp guard who tortured in 
the morning and was moved by 
Schubert in the evening; the 
cry of King Lear which carries 
greater resonance than the cry 
in the street 

He asks If the price of all 
that culture, all that beauty, 
has been worth paying. 
Although he prefaces his tenta- 
tive conclusions with the hope 
that he may be wrong, his tone 
is one of unmistakable pessi- 
mism. Asked in a BBC Face to 
Face interview how he thought 
he would be remembered, he 
replied, “with deliberate self- 
cruelty”, that he would be seen 
as a rearguard; “someone who 
could still remember tbe inven- 
tory of that great culture, 
roughly from the Renaissance 
to Auschwitz, but who never 
understood his own time at all 
because he was hanging on to 


something which was in many 
ways a world of ash, a dead 
world." 

Certainly he finds little 
solace in tbe democratisafion 
and globalisation of culture, a 
chief characteristic of the post- 
war world. He finds it depress- 
ing that the lowest common 
denominator of cultural taste 
“prefers football and bingo to 


Aeschylus", and sees rock 
music as “a seismic break in 
the history of consciousness, a 
triumph of death”. 

In truth, he has shown little 
signs of coming to terms with 
mass culture in his work, 
though this may be a relief; 
there are probably enough cul- 
tural commentators making a 
living from EastEnders. Ryan 


MXIMisaniFtaiiM 

Giggs and Nirvana. 

But there remains the schol- 
ar’s sense of curiosity. As we 
drive out of college. Steiner 
slows down to read the slogan 
on a T-shirt of a man painting 
yellow lines on the forecourt. It 
reads: '1 have entered the vor- 
tex of love." He drives away 
with a bemused smile, trying, 
no doubt, to make sense. 


Rushing towards my last word 


Schroders. 
Who better 
in Japan? 


VJ 






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JI3LU v . 


s -”t y.-t 


aisZZ*. TWs wiH the 
last of these 
f ■§£ columns for a 
of W-.K while. I am 
uy y .-'e being eata- 
tt5?*V:r7 pulled forward 
in time, to join 
the Monday 
MM ft, so Hawks 
& Handsaws is 
going into storage, together 
with its best-loved character. 
Miss Lee, ray executive assis- 
tant. 

I broke the news to her on 
Thursday, in a restaurant near 
Chelsea barracks, a place so 
fashionable that the bill for 
two people is always £130. 
whatever they eat or drink. 

During the past four years 
Miss Lee has established a 
place of great affection in read- 
ers' hearts. Last Christmas she 
received more cards titan 1 did. 
She has been invited to numer- 
ous functions, and to address 
school prize-days. 

Miss Lee's popularity has 
been based on the fact that she 
appeals equally to men and 
women. Women tike her 
because she is a Thatcherite 
Yorkshire wo man of immense 
poise and style who speaks her 


Michael Thompson-Noel 


mind plainly, wears stupen- 
dously expensive clothes and 
exhibits minimal tolerance of 
male fears and foibles. Strange 
to relate, men seem to like her 
for exactly the same reasons. 

But now* she is headed for 
storage. When I told Miss Lee 
in the restaurant that she and 
Hawks & Handsaws were going 
into the cold store, there was 
an instant sprinkling of tears 
and a dabbing of ivory cheeks. 
But that was just the waiters. 

Miss Lee remained com- 
posed. “Well, Michael." she 
said. “I suppose there are ele- 
ments of the readership that 
will miss your pensfrs creases, 
but remember pietra mossa 
non fa muschio, A rolling stone 
gathers no moss, or, indeed, 
gra vitas. There were signs, just 
lately, that your Saturday 
morning drolleries were 
acquiring some shape, the first 
suggestion of weight. 

“In particular, you seemed to 
have dropped your campaign 
against John Major and the 
Conservative party, and to 
have switched your eyeless 


gaze towards a far more 
deserving target: boy-scout 
Blair -and his new-model 
Labour party. When Tony 
Blair comes to power, if he 
comes to power, we shall know 
whom to blame: wluppersnap- 
pers like you whiffling in the 
wind, fomenting unrest, unable 


HAWKS 

— & — 

HANDSAWS 


to see that John Major is ali 
that stands between us and the 
bottomless pit.” 

I said: “If that is only half 
true. 1 reckon we should jump. 
Why is it. Miss Lee, that con- 
servative-minded souls nurse 
the belief that they know 
what's best? The only hate- 
mail Hawks & Handsaws has 
received has been from far- 
right conservatives - anony- 
mous and scurrilous, penned in 


mauve ink. What produces this 
hatred?" 

"Dislike of namby-pambi- 
ness." 

I said: “That's not much of a 
reason. As for John Major, 
whenever I see his name I 
think of what the American 
writer Wendell Berry said. 
From our point of view, said 
Berry, the difference between 
the mind of a h uman being and 
that of a mountain goat is won- 
derful. From the point of view 
of the infinite ignorance that 
surrounds us, the difference is 
not impressive." 

Miss Lee said: “Any more 
pick-of-the-penates from four 
years of column-writing?" 

“Wen," I said gamely, relish- 
ing her tartness, which is 
about to go into storage. “Not 
long ago ( had lunch with 
another FT columnist. This 
was most unusual. On austere 
newspapers such fraternising 
is rare. Columnists eye each 
other cagUy and pass by on the 
other side. 

“However. I and this person 
were having lunch, and I said 


that I often regretted that in a 
column of 720 words it was 
hard to do justice to compli- 
cated subjects Like human 
over-population, which is kill- 
ing the planet - that all you 
could do was make a few 
points without really getting 
round to formulating solutions. 

“And this guy said - be is 
really extremely bright - that 
columnists weren't there to 
provide reams of analysis or 
draw up legislation, but to lob 

a few well-directed grenades 
into the seething mess of 
human affair s and hope for tbe 
besL 

“1 could see that he was 
right But then I thought as a 
species, we have analysed 
everything that is wrong with 
us. We know all about our mis- 
takes, yet we are making more 
and more of them. The faster 
we lob grenades, the faster 
they come back at us. We are 
rushing towards our end. Miss 
Lee, of that I am quite con- 
vinced." 

Miss Lee smiled brilliantly, 
and signalled to a waiter. 
"Michael,” she said gently. 
“You are speaking for your- 
self." 


As an experienced investor, you 
arc probably aware that the Japanese 
i lock market has only recently begun to rise. 
In fact, the Nikkei 22S a currently trading 
at just over half the level of its all time high 
in 1989*. 

Wc believe this b an ideal lime to invest. 
As signs of economic recovery become ever 
more appjrctiL, so the confidence of 
domestic and foreign investors grows. It is 
our opinion that their money will cause 
Japan's market tally to accelerate, 
producing the potential for exciting returns. 

Bui who can you trust with your 
Japanese investments? 

Schroders have over £4 billion invested 
in Japanese equities on behalf of those 
who ulreudy know about our expertise. 
£800 million is invested in our Japanese 
unit trusts. Little wonder, when our 
funds in Japan achieve such excellent 
investment performance. Take 'our Tokyo 
Fund, first in its sector since launch in 
February 1981; and our Japanese Smaller 
Companies Fund, the top fund in its sector 
over S, 7 and 10 years* 4 . 


Who should you trust? Who better than 
Schroders? 

For more information on our view of 
. Japan's economic recovery and details of 
the Schroder Japanese unit trusts available, 
just return the coupon or call us free on: 


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IViic wad nm, fan KfnmaMi 
I S'i'oJm' oBgeuI l^mxIMTiw. 


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. r"* «•*■*« mine* l*| 

U-hnrJ., merttrm IMHO. I .\tmiO»| aUTII- j 

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Schroders 

Schroder Investment Management