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FINANCIAL TIMES 


U urope s ' Busiric^ss iNew-sbaper 


WEEKEND SEPTEMBER tO/SEPTEMBER 1 1 199* 




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The US and Cuba reached an agreement to halt the 
flow of Cuban refugees to Florida in a move that 
marks the first piece of cooperation between the 
two countries since a flood of migrants began last 
month. The accord is thought likely to include pro- 
visions to increase the number of Cubans entering 
the US through legal channels from fewer than 
4.000 a year to 20.000. Page 22 

Adams likely to get IIS visa: Sinn Ffeln 
pres i d en t Gerry Adams said he would apply for a 
visa to visit the US after receiving "thousands of 
invitations" to explain the IRA's Ulster ceasefire. 
The state department said his request was likely to 
be granted. Page 5 

Ex-Volvo chairman to set up London bank 

Pehr Gyllenhammar 
(left), former chair man of 
Volvo, is to move to Lon- 
don to set up an invest- 
ment bank with Hans- 
Jflrg Rudloff, the Euro- 
markets pioneer. Mr 
Gyllenhaimmar resigned 
from the Swedish motor 
group 10 months ago 
after his plans to merge 
Volvo's car and truck 
operations with Renault 
of finance collapsed- Page 22; Volvo finalises plans 
to cede part of Renault stake, Page 9 

USAIr crash is fifth m five yews: US federal 
aviation investigators began investigations into the 
fifth crash of a US Air passenger airliner in five 
years. All 132 people on board died when a Boeing 
737 crashed while attempting to land at Pittsburgh 
airport. Page 3 

At least 15 bidders seek coalmines: With 
four days to go before the government deadline for 
accepting bids for British Coal's mining assets, each 
of the five regions on offer is expected to attract at 
least three tenders. Page 4 

Three face uranium chaigesrThree people 
were charged with trying to dispose of 100kg of 
industrial uranium in the Russian republic of 
Udmurtia. 

Asprejr shares fail on profits forecast: 

Shares in Asprev’s fell by more than a third after 
the UK jewellery retailer warned that the loss of a 
few big-spending customers would severely depress 
its profits. Page 22 and Lex; Mappin & Webb opens 
Prague store. Page 2 , 

Leif MUI Is to be TUC president: Leif Mills, 58, 
general secretary of the Banking Insurance and 
Finance Union, took over from rail union leader 
Jimmy Knapp as president of the UK’s Trades 
Union Congress. Monks' s warning. Page 5 

Union Carbide quits India: US chemical 
company Union Carbide is to cut its links with 
I nd i a 10 years after incurring the world's worst 
industrial disaster, at Its Indian pesticide plant in 
Bhopal, which killed more than 2500 people and 
seriously injured inore than 30,000. Page 9 

Christies ahead by 15%: Growth in all its ' 

main salerooms helped auctioneers Christies Inter- 
national lift first half pre-tax profits by 15 per cent 
to £&L3m (812.6ml. Page 9; Lex, Page 22 

Costain in the red: Shares in Costain Group fell 
11 per cent as the British construction and engi- 
neering group reported pre-tax losses of £14m 
(821.7m) Tor the first half and put its US mining 
operations up for salt Page 8 Lex, Page 22 

Seoul to ease hard line over N Korea: South 
Korea indicated it may pursue a more conciliatory 
policy toward North Korea, reversing its recent 
tough approach to Pyongyang which is leaving 
Seoul increasingly isolated as Washington and 
Pyongyang conduct negotiations on possible diplo- 
matic ties. Page 3 

CIS acts to enforce treaties: The 

Commonwealth of Independent States agreed to 
form an interstate economic committee designed to 
put into effect the economic treaties signed by 
members of the CIS, but which are often not imple- 
mented. Page 2 

Im p roved car production lifts Laird: UK 

automotive components and building products man- 
ufacturer Laird Group, saw underlying pre-tax prof- 
its improve by 17 per cent to £23.9m (837m) in the 
first half, helped by a recovery in car production in 
continental Europe. Page 8 

Hospital chiefs ‘better off in industry's 

Britain's best paid hospital manager earned £95,000 
(S 147,000) last year, but was worse off than counter- 
parts in industry, a survey shows. Page 4 


Companies in this Issue 


American Express 
Armour Trust 
Asprey 

Beattie (James) 
Christies Internal) 


Equifax 
Headway 
Laird Group 
Lloyds Smaller 
London City Equities 
MoSns 


1 Perry Group 8 

g Premier ConsoBdated 9 

a Sheffield Insulation 8 

Stavert Zlgomala 8 

9 Taylor Nelson AGB 8 

9 Thomas Cooke 1 

B Towles 6 

8 Trafford Park 8 

8 UAPT 8 

Ulster Television 9 

8 Wnten 0 

8 Virtuality 8 

8 Walker (Thomas) 8 

9 world of Leather 9 


For customer service and 
other general enquiries call: 

Frankfurt 
(69) 15685150 


By Richard Waters in New York 


American Express is close to 
acquiring the international busi- 
ness travel operations of Thomas 
Cook in a move that would 
strengthen its position as one of 
the world's two biggest travel 
agency groupings. 

The deal, which is expected to 
be announced early next week, 
would also Involve American 
Express buying all of Thomas 
Cook's US travel agency 
operations. 


The purchase would be the lat- 
est and largest of a series of 
acquisitions in the worldwide 
business travel market It signals 
a move by agencies to increase 
their negotiating power with air- 
lines and to offer a wider range of 
services to the big companies 
whose budgets drive a large part 
of the international business 
travel market 

American Express refused yes- 
terday to confirm the deal. How- 
ever, one Industry executive 
close to the talks said it was 


likely to be concluded within 
days. 

The deregulation of airlines 
around the world is creating new 
markets for travel agencies. By 
increasing their buying power, 
the biggest agencies claim they 
can get cheaper flights for their 
corporate customers than would 
otherwise be the case. 

The Thomas Cook operations 
are expected to add about $2bn 
(£L20bn) a year to American 
Express's travel agency billings 
(the spending by its customers on 


airline tickets, hotels and so on), 
which stood last year at S8bn. 

That would put it shoulder-to- 
shoulder with the US-French 
grouping of Carlson and Wagon- 
lit, which agreed to combine 
their business travel operations 
in March. Between them, Carlson 
and Wagonlit had billings of 
SlOilbn last year. 

American Express is buying 
the Thomas Cook operations 
from Westdeutsche Landesbank. 
the German bank which itself 
bought the travel agency and 


travellers' cheque business from 
Midland Bank of the UK for 
DM600m. West LB will retain 
Thomas Cook's travellers' cheque 
business, as well as its non-US 
consumer travel agency 
operations. 

In the past year. American 
Express has bought big domestic 
business travel agencies in Scan- 
dinavia, Brazil and Australia, as 
well as a regional US agency- 
based in Texas. Carlson Wagonlit 
Travel, the business travel joint 
venture between the US and 


French companies, has made 
acquisitions in the Far East. 

The US Thomas Cook agency 
business, which has 385 offices, is 
being bought from a private US 
company which operates under a 
franchise arrangement. Under US 
banking laws, WcstLB has not 
been able to own tlus outright. 
American Express is thought to 
have sounded out antitrust 
authorities in Washington on the 
US part of the deal, and to have 
received an initially favourable 
response. 


Renewed fears of rate rise M Dollar and pound weaken against D-Mark 


Shares and 
bonds hit by 
US factory 
prices surge 





Dow Jones 



Lai esi 


Sept 1994 


3.920 
3.900 
3.880 
J 3,860 


FTSE-100 


10-year bond yields (%) 


By Patrick Harverson 
in New York and Jurek Martin 
ki Washington and Our Markets 
Staff in London 

Bond and stock prices on both 
sides of the Atlantic tumbled yes- 
terday after the US government 
released data showing an unex- 
pectedly sharp increase in whole- 
sale prices during August 

The figures suggest that infla- 
tionary pressure may be building 
up in the US economy and 
revived fears among investors 
and traders that the Federal 
Reserve will raise interest rates 
again soon to slow the pace of 
economic growth and curb infla- 
tion. 

The Fed last raised interest 
rates on August 16, the fifth 
tightening of US monetary policy 
since February. At the time, Wall 
Street analysts hoped it would be 
the last rate increase until at 
least November. Yesterday's data 
on wholesale prices, however, 
may persuade the Fed that it has 
not yet done enough to fight off 
inflation. 

The selling on financial mar- 
kets yesterday was widespread. 
In New York, the Dow Jones 


Industrial Average fell 35.33 to 
3,873.13 by lpm. and bond prices 
dropped steeply. The fall in 
bonds pushed the long bond 
yield, the most widely followed 
measure of long-term interest 
rates, up to almost 7.7 per cent - 
its highest level since July. 

The sell-off on Wall Street 
spread to Europe, where early 
gains quickly turned into losses 
as traders scrambled to unload 
the more hopeful positions they 
had taken earlier in the day. In 
London, the FT-SE 100 index of 
leading, stocks closed down 40.7 
at 3,13930. and in Frankfurt the 
Dax index ended 22.52 lower at 
2,155.58. The Paris CAC-40 
dropped 2.2 per cent from its 
day's peak and 34.57 points on 
day. to 134&S3. 

The US data also sent Euro- 
pean government bonds tumbling 
as the prospect of another rise in 
US rates dashed any lingering 
hopes of further monetary easing 
in Europe. "It is another nail in 
the coffin of those who believed 
that further cuts in Europe were 
likely," said one bond salesman. 
"Many more people are moving 
to the bear camp." 

A further worry was that the 






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Jan Fab Mar Apr May Jtm Jul Aug 
1993 1994 

Source- Datastream 



Sept 1994 


3,250 

3,200 

3.150 
3,100 

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2JOO 

2.150 


price fall was accompanied by 
some relatively heavy selling of 
cash positions, suggesting that 
fund managers were growing 
tired of waiting for a recovery in 
bond prices. 

UK gilts fell by 2 points at one 
stage, sending the yield on 
10-year paper up by 26 basis 
points to 8.82 per cent, the high- 
est level since June. German gov- 
ernment bonds were also weak, 
pushing 10-year yields back 
above TA per cent 

The producer price data also 
prompted a sharp fall In the dol- 
lar. with traders fearing that 
another policy tightening might 


be required. The US currency 
was trading at DM3 -5383 in the 
afternoon in New York, down 
from a high before the figures of 
DM1.5620. 

The weaker dollar helped ster- 
ling, which firmed to $1.55, from 
81.54 before the release of the 
price figures, but the pound fell 
two pfennings against the stron- 
ger D-Mark, to DM2.3850. from 
DM2.4050. The sharp and adverse 
market reaction was prompted by 
the US government report of the 
largest single monthly increase 
in wholesale prices for nearly 
four years. The Labour Depart- 
ment said that the producer price 


index in August had risen by 0.6 
per cent from July, the biggest 
jump since the 1.1 per cent 
increase of October 1990. 

The advance, in excess of mar- 
ket expectations, comes on top of 
a 0.5 per cent rise In July com- 
pared with June, when no 
increase was recorded. In the 
first eight months of this 
year, wholesale prices have gone 
up at an annual rate of 2.9 per 
cent. 

Continued on Page 22 
London stocks. Page 13 
World stocks. Page 19 
Lex, Page 22 


De Beers 
accuses 
Russia 
of $500m 
gem ‘leak 5 

By John Lloyd in Moscow 

De Beers has accused Russia of 
“leaking" up to 3500m (£322.5m) 
worth of uncut diamonds on to 
the world market, seriously vio- 
lating the agreement between the 
South African group's Central 
Selling Organisation and the Rus- 
sian producers. 

The company believes the con- 
tract. Vital to maint aining control 
of rough diamond prices, may not 
be renewable after the end of 
next year, when it expires. 

Talks in Moscow this week 
between De Beers executives and 
the Russian Committee on Pre- 
cious Metals, together with Mr 
Anatoly Golovaty. the deputy- 
finance minister, on the huge 
level of unofficial sales brought 
the two sides no closer together. 
The company's executives 
remain pessimistic about future 
cooperation. 

Russia is the second-largest 
diamond producer after De Beers’ 
own production in Botswana and 
South Africa, its defection from 
the De Beers-controlled cartel 
would be likely to set off a price 
war that could send prices tum- 
bling. The CSO sold a record 
S2.6bn (£i.67bn) of diamonds in 
the first half of 1994. 

De Beers has limited scope for 
reasserting order in the market, 
in spite of its traditional domina- 
tion of diamond sales. If it 
refuses to renew the agreement, 
it will be faced with a large 

Continued on Page 22 


Major calls for nationwide 
drive against ‘yob culture’ 


By Ivor Owen, 

Parliamentary Correspondent 

Mr John Major yesterday called 
for a drive to dispel public 
despair over crime as he declared 
war on “yob culture" and indi- 
cated a growing leaning towards 
identity cards. 

While insisting that Britain is 
safer, more civilised and more 
secure than most countries, the 
prime minister admitted: “When 
I talk to people I sense that the 
fear of crime is greater than I can 
ever remember." 

Mr Major advocated the build- 
ing of “a huge national partner- 
ship against the criminal, in 
every city and county, every 
workplace, every school and 
every home". 

The prime minister, underlined 


the importance attached by the 
Conservative party to regaining 
its lead on on law and order 
issues. In the run-up to next 
month's Tory conference, the 
prime minis ter was also keen to 
address the Tory activists' 
fevcrarite Issue. 

But Mr Major's call for a crime 
crackdown was greeted with 
scepticism in some quarters. Mr 
Peter Cadbury the former head of 
Westward Television who 
announced, after his hump was 
burgled last month, that he 
would no longer provide financial 
support for the Conservative 
party, was for from encouragin g . 
He doubted whether it would be 
possible to build a partnership 
against crime and forecast that 
the Tories would be “wiped out” 
at the next general election. 


Mr Major called on magistrates 
to make full use of their powers 
to give tougher sentences for so 
called “petty offences". 

The prime minister said he 
looked for “a real national effort 
to build an anti-yob culture", 
ruled out legalising cannabis and 
other soft drugs and hinted that 
the government was dose to 
being persuaded that identity 
cards should be introduced. 

He said: “Anything that could 
check crime and cut fraud must 
be worth a look. It is crime and 
the fear of crime that most vio- 
late our civil liberties," 

Outlining measures already in 
place, he said they would cut 
down the “scandalous over-use of 
cautioning for persistent offend 

Continued on Page 22 





STOCK MARKET INDICES; 





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in THE FINANCIAL TIMES LIMITED 1994 No 32,468 Week No 36 


LONDON - PARIS * FRANKFURT - NEW YORK ■ TOKYO 


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FINANCIAL TIMES WEEKEND SEPTEMBER 10/SEPTEMBER 1 1 1994 


NEWS: INTERNATIONAL 


Ailing French president prepares the ground for the judgment of history 

Mitterrand wields double-edged sword 


By David Buchan in Paris 

I n recent days Francois 
Mitterrand has been 
behaving like a man 
clearing his desk, putting a 
gloss on his presidential record 
for posterity, and emptying out 
dusty drawers before the 
historical cleaners arrive to 
uncover more murky Incidents 
in his past. 

One of his doctors affirmed 
yesterday that the president, 
whose 78th birthday falls next 
month and who has been 
suffering from prostate cancer 
for at least two years, was 
"fine". And indeed on 
Thursday Mr Mitterrand was 
in Berlin to take the farewell 
to his country's troops there, 
and he was back in Paris 
yesterday to greet President 
Jiang Zemin of China with 
whom he nil] sign some 
big-figure trade contracts 
today. 


But what the president has 
told Le Figaro newspaper in 
two long interviews this week, 
and Mr Pierre Peam the author 
of a startling book on the 
1936-47 period of his youth, has 
left an extraordinary 
ambiguity around everything, 
including his health. He told 
Le Figaro that he reckoned his 
cancer "will be obliging 
enough for me to finish my 
terra" which ends next May, 
but also said he was conscious 
that he would only be around 
‘Tor a few months or years". 

As Mr Mitterrand, a 
specialist in ambiguity, well 
realises, such comments only- 
fuel the uncertainty in the 
markets and the French 
political world about an early 
election. In addition, the 
Socialist president has 
managed to spray criticism 
and praise around in such a 
way as to help destabilise 
French conservatives. This 


would be wholly welcome to 
his own party, if it were not 
the fact that revelations about 
his right-wing and Vichyist 
associations before, during and 
after the second world war 
have shocked many Socialists. 

It was already known that 
the young Mitterrand 
participated in some right-wing 
movements before the war, and 
that after his escape from a 
Ger man prisoner camp in 1941. 
he worked for the Vichy 
administration for a year or so 
before sliding into the 
resistance. 

B ut what has shocked 
many French is the 
disclosure of Mr 

Mitterrand's friendly 
associations with Mr Jean-Pa ul 
Martin and Mr R6n6 Bousquet, 
senior officials in the Vichy 
police. Mr Mitterrand, while 

president, apparently attended 
Mr Martin's fimeral in ISS6. He 


also told Mr P&an that he 
considered Mr Bousquet 
"sympathetic"; yet as president 
he inaugurated a day of 
national mourning for one of 
the Jewish deportations in 1942 
of which Bousquet was 
accused. The latter was 
assassinated last year before 
he could face war crimes 
charges. 

In the same interviews, Mr 
Mitterrand also delves into his 
more recent past. He says, for 
instance, that his 1989 call for 
a Europe-wide confederation 
was misinterpreted as a bid to 
keep eastern Europe out of the 
European. Union, and that bis 
1991 resistance to German calls 
to recognise ex-Yugoslav 
republics' borders was not an 
attempt to freeze the Titoist 
order there. 

But of more current Interest 
are the various stones he casts 
in the path of Prime Minister 
Edouard Balladur by revealing 


divisions in the conservative 
government - over whose 
Wednesday cabinet meetings 
be presides. In addttion to 
warning rank-and-file Gaullists 

of “the certain tendency” of 

their government "to re-enter 

the ranks of Nato". he also 
notes that Mr Alain Jjuppe, the 
foreign mini ster, sided with 

him - and against the prime 
and defence ministers • on 
intervention in Rwanda. On 
Algeria, he points out the way 
that Mr Balladur sided with Mr 
Charles Pasqua. the Interior 
minister, and against Mr 
Juppe. 

Anything r assembling praise 
for Mr Juppe is tacit 
encouragement to Mr Jacques 
Chirac, whose presidential bid 
the foreign minister backs 
against that of the prime 
minister. Clearly, the president 
intends to go on dividing 
before he stops ruling. 


Bundesbank 
member hits 
at move to 
soften Emu 
terms 

By David Marsh 

Mr Helmut Jochimsen. a 
leading member of the 
Bundesbank's decision-making 
council, yesterday attacked 
attempts to relax tbe terms 
under which European Union 
states coaid take part in 
economic and monetary union. 

Speaking as an informal 
meeting of European finance 
ministers was getting under 
way to discuss the issue in 
southern Germany. Mr 
Jochimsen said a big operation 
for softening the convergence 
criteria was already starting. 

In remarks at an 
Anglo-German university 
conference in Oxford, he 
opposed indications that 
European finance ministers 
may decide that Ireland meets 
the terms, in spite of its large 
government debt 

Ireland's government debt 
was about 90 per cent or gross 
domestic product, well in 
excess of the 60 per cent level 
set by the Maastricht Treaty, 
Mr Jochimsen pointed out 
“This gives the wrong signal," 
be said, adding that Belgium, 
Italy and Greece had even 
more acute debt problems. 

He welcomed as a 
contribution to debate last 
week’s proposals from 
Germany's Christian 
Democrats on differing paces 
of European integration. 

However he donbted the 
wisdom of proceeding to 
monetary union with “core 
members” at a time when tbe 
European Union had to open 
membership to the east. 

He underlined the 
Bundesbank's longstanding 
wish that monetary nuian 
should be embedded in a 
full-scale political union 
embodying the principle of 
subsidiarity - carrying out 
decision-making as closely as 
possible to tbe local level. 

“If wc want to take this 
powerful step of Emu wc will 
need a federal order in 
Europe. ..no one wants a 
superstate, but unless we have 
the right framework it might 
be necessary , as a last resort, 
to give up this project." 

Mr Jochimsen expressed 
concern that acceptance was 
growing only “very 
hesitantly" of the need for a 
"common political roof" for 
monetary union. 

He said Germany's original 
request before the Maastricht 
summit in December 1991 for 
thoroughgoing steps towards 
political union had not been 
simply a bargaining tactic. 
Rather, it was a crucial 
precondition to make Emu 
work. 


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CIS strengthens economic ties 


By John LLoyd in Moscow 

The Commonwealth of 
Independent States yesterday 
agreed to form a payments 
union and an interstate eco- 
nomic committee in a drive to 
strengthen economic ties. 

The interstate economic 
committee, described by Rus- 
sian deputy prime minister 
Alexander Shokhin as roughly 
equivalent to the European 
Commission, is designed to put 
into effect the economic trea- 
ties signed by members of the 
CIS, but often not imple- 
mented. The payments union 
is an attempt to achieve rela- 
tively speedy settlement of 
accounts between states with 
independent and non-convert- 
ible, currencies. 

An official communique 
from a meeting of CIS prime 
ministers in Moscow yesterday 
said both mechanisms were 
approved by all members 
except the central Asian repub- 
lic of Turkmenistan and the 
Caucasian republic of Azerbai- 
jan. Representatives of these 
two states asked for further 
time to study the plans after 
saying they would dilute their 
sovereign rights. 

At the meeting Ukraine 
showed it still wanted to keep 
its distance from a closer 
union with the Russian-domi- 
nated body, in spite of the elec- 
tion of a more pro-Russian 
president in Mr Leonid 
Kuchma earlier this year. 

Mr Vitaly Masol, the Ukrai- 
nian prime minister said that 
since the proposal for a pay- 
ments union assumed the free 
convertibility of national cur- 
rencies at their market price, it 



Russia’s Victor Chernomyrdin, left, and Vitaly Masol of Ukraine share a joke at the CIS prime 
ministers meeting in Moscow yesterday 


should be brought in slowly 
through bilateral agreements 
between the states. “For the 
free floating of the Ukrainian 
coupon we need a stabilisation 
fund and gold reserves, neither 
of which we have." 

Mr Igor Mityukov, Ukrainian 
vice premier for the economy, 
said Ukraine did not intend to 
change its status as an associ- 
ate member of the CIS eco- 
nomic union - and thus it 
could only become an associate 
member of the interstate eco- 
nomic committee, taking part 
only in selected discussions. 


• Russia's regional governors 
yesterday demanded that the 
government erect tariff walls 
to protect Russian industry 
against the “uncontrolled” 
flood of foreign imports. Mr 
Nikolai Sevriugin, governor of 
the Tula region and an elms' 
sary from a meeting of the 
Union of Governors in Yams' 
lavl. told government ministers 
that “the untimely policy of 
opening the doors to exports 
will lead to the extinguishing 
of Russian consumer goods 
and other industries". 

At the meeting. Mr Oleg Sos- 


kovets, the first deputy prime 
minister, said he would 
respond "positively" to a pro- 
posal from RosugoL the Rus- 
sian state committee for coal 
production, for subsidies ini- 
tially amounting to RballObn 
(S50m) to subsidise coal 
exports and raise the planned 
sales to Europe from 9m 
tonnes to 16m tonnes this year 
rising to 30m next year. The 
ministers also agreed to 
increase subsidies to coal 
transport so that the tariffs 
paid by the producers are cut 
by 50 per cent. 


Pope picks up remnants of peace 
mission with visit to Zagreb 


By Laura Saber and 
Anthony Robinson 

Sarajevo's beleaguered status 
and fragile security was cru- 
elly underlined by the Pape’s 
decision to abandon his 
planned visit this week. But 
the Pontiff is assured of an 
enthusiastic welcome when he 
arrives in Zagreb today for his 
long awaited visit to the capi- 
tal of staunchly catholic Croa- 
tia. 

The first papal visit formally 
celebrates the 900th anniver- 
sary of the establishment or 
the Zagreb diocese. But it was 
originally planned as part of a 
more ambitious scheme to visit 
the three feuding capitals of 
former Yugoslavia to plead Tor 
a return to religious and cul- 
tural co-existence between 
those of catholic, orthodox and 
Islamic belief. 

Gunmen, and fear of another 
assassination in the city where 
3 Serbian nationalist fired the 
shot which Ignited the first 
world war scuppered the first 
speech. A hostile reaction from 
the orthodox church prevented 
the Pope's healing words being 
heard in Belgrade. 

The risk now is that the 


Croatia 

Beal economic growth [96) 
O 


Consumer prices {*«&) 
1,500 


1,000 



Pope's visit to Zagreb alone 
will be twisted by propagan- 
dists as evidence of Vatican 
support for the Croatian presi- 
dent, Mr Franjo Tudjman. and 
behind the scenes support by 
the world-wide catholic church 
for one side in the Yugoslavian 
conflict 

In fact the Vatican has never 
hidden its reservations over 
the personality and policies of 
Mr Tudjman. a former commu- 
nist general turned Croat 
nationalist. His insensitivity to 

the fears of Croatian Serbs at 
the time of independence 


500 


1990 91 92 93 94 

April 

played into the hands of Mr 
Slobodan Milosevic, his Serb 
counterpart, and contributed 
to the post-independence upris- 
ing by ethnic Serbs in Slavonia 
and the Krajlna regions. 

The independent Croatia 
which the pope is visiting this 
weekend is not the prosperous, 
independent state dreamed of 
by Croats for centuries, ft is a 
rump state with one-third of its 
territory controlled by Serbs 
who possess the most fertile 
land in Slavonia and block 
access to the Dalmatia coast 
which once provided more 


than Slbn a year in tourist 
earnings. 

It is also a country still at 
war in neighbouring Bosnia 
where Zagreb's clandestine 
deal with Belgrade for a 
two-way territorial carve-up 
and initial support for Croat 
nationalists degenerated into a 
three-way conflict. Again it 
was largely discreet papal 
diplomacy which persuaded Mr 
Tudjman to lean on the Bos- 
nian Croats and persuade them 
to accept the uneasy Croat- 
Moslem alliance which cur- 
rently prevails. 

For a brief weekend the 
papal visit will raise the spirits 
of the C-roat nation. He will 
call for reconciliation, address 
the rights of minorities and 
call For the return of refugees. 
They will be words of special 
relevance for the estimated 
250,000 Croats and ethnic Hun- 
garians driven from their 
homes in 1991 and hoping that 
the Pope will be able perform 
the miracle which continues to 
elude armies, politicians and 
international negotiators. The 
unanswerable question is 
whether the Serbs, with simi- 
lar hopes and fears, will be lis- 
tening. 


US upsets 
Paris with 
OECD 
demand 


By Guy de Jonquiferes 
in London and 
Lionel Barber in Brussels 

The Clinton administration has 
expressed Us firm opposition to 
Mr Jean-Claude Paye continu- 
ing as secretary general of the 
Paris-based Organisation for 
Economic Co-operation and 
Development after his term 
expires at the end of this 
month. 

An unusually blunt US state- 
ment, sent by the State Depart- 
ment to the Washington 
embassies of other OECD mem- 
bers this week, has angered 
the French government, which 
will seek EU backing for Mr 
Paye’s candidacy at informal 
meetings of foreign and 
finan ce ministers In Germany 
this weekend. 

Tbe statement, ruling out MT 
Paye’s renomination even on a 
stop-gap basis, reflects increas- 
ing impatience at what Wash- 
ington regards as European 
foot-dragging over decisions on 
tiie OECD job and the future 
development of the body. 

The EU ministers will also 
seek to agree on candidates for 
the top jobs at Nato, the West- 
ern European Union and the 
World Trade Organisation, the 
planned successor to the Gen- 
eral Agreement on Tariffs and 
Trade. 

Mr Willy Claes, the Belgian 
foreign minister, yesterday 
won his government’s support 
as candidate for secretary gen- 
eral of Nato, succeeding Mr 
Manfred Womer, who died last 
month. 

Consensus at this weekend’s 
meetings could be hard to 
achieve if EU governments 
insist on linkages between the 
various posts. Some of France’s 
partners fear it may demand 
that they back Mr Paye for the 
OECD in return for French 
support for Mr Rena to Ruggi- 
ero. an Italian former trade 
minis ter, as the ElTs candidate 
for the WTO. 

French officials were dis- 
couraging such speculation 
last night 

OECD ambassadors will 
again seek to agree on who 
should fill the post in Paris on 
Thursday. The other candi- 
dates are Mr Don Johnston, a 
Canadian former politician 
strongly backed by the US, 
which argues Mr Paye’s 10 
years in the job is enough; 
Lord Lawson, the former UK 
chancellor of the exchequer; 
and Mr Lorenz Schomerus, a 
senior German economics min- 
istry official. 

Mr Claes is competing for 
the Nato post against Mr Thor- 
vald Stoltenberg, the Norwe- 
gian foreign affairs minister 
and UN mediator in former 
Yugoslavia, and Mr Hans van 
den Broek, the Dutch EU com- 
missioner responsible for exter- 
nal political affairs, 

Though Mr Claes won wide- 
spread approval for his perfor- 
mance during the Belgian pres- 
idency of the EU last year, 
diplomats in Brussels said yes- 
terday there was behind-the- 
scenes pressure on Mr Douglas 
Hurd, the UK foreign secre- 
tary, to stand. Mr Hurd, how- 
ever, is said to be reluctant to 
move. 

If Mr Claes were to succeed 
Mr Wflrner, it would most 
likely mean the removal of Mr 
Karel Van Miert, tbe popular 
Belgian EU commissioner for 
competition policy. Because 
both Mr Claes and Mr Van 
Miert are members of the 
Flemish Socialist party, other 
members of the governing 
coalition would most likely 
demand compensation. Bel- 
gium is allotted one nomina- 
tion for the next European 
Commission, which begins 
next January. 

• The German government 
confirmed yesterday that its 
two candidates to be members 
of the next European Commis- 
sion would be Mr Martin 
Bangemann. tbe current indus- 
try commissioner, who is a 
member of the minority Free 
Democratic party in the Bonn 
coalition, and Mrs Monika. 
Wulf-Mathies, leader of the 
fiTV public sector workers' 
trade union, nominated by the 
opposition Social Democrats. 


Mappin and Webb opens Prague store 

Vincent Boland wonders whether Czechs are ready for the ultimate in consumerism 


The Czech Republic's new rich, thanks 
to the country's breakneck economic 
transformation, are no strangers to Ger- 
man cars. French perfumes. Italian 
clothes. Japanese electronics and Amer- 
ican computers. Now they have been 
asked the ultimate consumer question: 
Are they ready for a hand-made, dia- 
mond-studded. £45.555 Rene Bohan 
wrist watch? 

One man who thinks they are is Mr 
Naim Attaltoh. chief executive or 
Asprey. the London jeweller which 
owns Garrard, the crown jewellers, and 
Mappin & Webb, the upmarket Jewel- 
lery’ and luxury goods chain. Yesterday 


Mappin & Webb opened in Prague. 

“I've got a good hunch about 
Prague." said Mr Attailah, explaining 
why he chose tbe Czech capital as Map- 
pin & Webb's first European store out- 
side the UK. “It's new. it's enterprising, 
people are malting money." 

\fr Attailah said he believed Mappin 
& Webb's E15m investment in the new 
store, located on the main tourist route 
through the centre of Prague’s Old 
Town, would show immediate results. 
He said he expected turnover of Sim in 
the first year and profits of about 
£150.000. 

“The risks are very minimal," he 


said. “It is definitely not too early to go 
in." 

The store's main target is not. he 
insisted, the thousands of tourists who 
pass its front door every summer as 
they traverse Prague's famous Royal 
Route. 

M We are opening for Czech business,” 
he said, adding that the store stocked 
more affordable items, too. 

Ms Wiz Marshall. Mappin & Webb's 
promotions manager, who is overseeing 
the launch of the store, said the Inten- 
tion was to offer a little bit of English 
tradition. 

Private viewings may be arranged for 


top clients, and serious customers will 
be offered tea or a glass of wins as they 
consider a fine diamond, or a sterling 
silver cutlery set This will certainly 
make a change from the scowls that 
often greet customers at many Prague 
stores. 

Mr Attailah said he originally 
planned to open a store in Shangh ai , 
another city rediscovering Its taste for 
free-wheeling capitalism and the mate- 
rial benefits it can bestow. He decided 
on Prague after “wearing my feet out" 
wandering around the city one swelter- 
ing evening earlier in the summer, fol- 
lowing a visit to the opera. 


INTERNATIONAL NEWSD1GEST 

Dehaene plea to 
Schneider chief 

Mr Jean -Luc Dehaene, Belgium’s prime minister, yesterday 
called upon Mr Didier Pineau-Valencienne, the fugitive French 
Industrialist and chairman of Groupe Schneider, to surrender 
to Belgian authorities. Mr Dehaene warned that it would set 
“a dangerous precedent" if justice was flouted. “No. person Is 
above the law,” he said. Mr Dehaene’s intervention threatened 
to exacerbate strains between Belgium and France over the 
fate of Mr Pineau-Valencienne, who faces charges of fraud and 
embeslernent relating to Coftroines and CofibeL two Belgian 
subsidiaries of Groupe Schneider. The Schneider board yester- 
day issued a formal statement in support of Mr Pineau-Vakn- 
clenne. The statement followed an emergency board meeting 
called to discuss the international arrest warrant for Mr 
Pineau-Valencienne obtained by the Belgian judge investiga- 
ting the alleged fraud. 

Mr Pineau-Valencienne has pledged to co-operate with the 
Belgian authorities, but only on condition that the interviews 
take place in France under the supervision of French authori- 
ties. His cause has been taken up in France, notably by Mrs 
Edith Cresson, the former Socialist prime minister and one of 
France's two nominees to the next European Commission. 
Lionel Barter, Brussels, and Alice Rauxsthorn, Paris. 

Russians study Iraq oil plans 

A consortium of Russian oil companies is developing plans to 
Invest In Iraq in anticipation of the possible lifting of United 
Nations trade sanctions by 1997. The Russian consortium, 
consisting of Lukoil, Mashinoimport, and Zarubezhneft, has 
been talking to Iraqi officials far months about developing 
twisting projects. Zarubezhneft, which handled overseas off 
projects in the Soviet era, has worked in Iraq before. But Mr 
Vagit Alekperov, Lukoil's president, has fleshed out plans in 
recent meetings with senior officials from the Iraqi oil minis- 
try. Lukoil one of the new generation of privatised Russian ail 
companies, is now planning to exploit the western Kurna and 
northern Rumeila fields in northern Iraq. It is reportedly 
willing to negotiate initial investments of $800m to Slbn but 
would need a total of $2.3bn (£L5bnj for oil prospecting and 
equipment supplies. John Thornhill, Moscow. 

Moscow ‘cannot join Nato’ 

Russia cannot be Integrated Into the European Union, or into 
Nato, Mr Volker ROhe, Germany’s defence minister, said yes- 
terday. He told a meeting of US and German defence, eco- 
nomic and political officials in Berlin that while some eastern 
European countries would eventually join the EU and possibly 
Nato, Russia was an entirely different “quality”. He added that 
the special cooperation which had developed among the 16 
Nato countries over the years would be “endangered" were 
Russia to join. Mr William Perry, the US secretary of defence, 
said the decision by Nato’s Partnership for Peace to include 
Russia was based on the need to co-operate with Russia to 
minimise the threat of a nuclear holocaust happening “That 
feet must always be at the centre.” Judy Dempsey, Berlin. 

New US Europe trade strategy 

The US will launch a new European-wide commercial strategy 
aimed at increasing trade with western and eastern Europe, 
Mr Jeffrey Garten, US under-secretary of commerce, said yes- 
terday in Berlin. He said Washington’s trade ties with Ger- 
many would form the basis for this strategy, as well as 
providing a crucial stepping stone for US companies seeking to 
expand into eastern Europe. He told a meeting of senior US 
and German political and economic officials; “Commercial 
Issues have moved to the centre of our foreign policy. How we 
handle this aspect of our relationship (with Germany] will be a 
driving force for tbe broader ties we seek in the arenas of 
politics, security and culture." Judy Dempsey, Berlin. 

Palestine aid talks break down 

Talks on foreign aid to support Palestinian self-rule broke 
down yesterday in an Israeli-Palestinian 'dispute over whether 
some of the funds could be used in east Jerusalem. The 
conflict drew a rebuke from the World Bank, sponsor of the 
talks, which said the aid issue was too important to be 
"derailed by the two main parties". Hie bank indicated it 
would try to resume the negotiations, but set no date for 
reconvening the delegations from donor nations. A Palestinian 
official said 6 per cent of the Palestinians* $160m 1994 operat- 
ing budget was proposed for projects in Jerusalem. AP, Paris. 

India borrowing curb 

Indian officials yesterday signed an agreement to cap the 
government’s borrowing from the country's central bank, aim- 
ing to curb public sector over-spending. The government is 
limiting itself to borrowing a maximum of Rs60bn (£L2bn) 
from the Reserve Bank of India, the central bank, in the 
current financial year. It is also accepting a ceiling of Rs90bn 
on the net amount it can borrow for periods of over 10 days 
during the financial year. Similar ceilings are to be set in 
1995-96 and 1996-97 after which the government will stop bor- 
rowing directly from the central bank and will raise funds 
from the markets. 

• The rate of growth of India's exports, an important test of 
its economic liberalisation programme, is slowing markedly. 
Exports in July were 6 per cent up on July 1993. Stefan 
Wapstyl, New Delhi. 

Taiwan’s investors shun China 

Approved Taiwanese investment in China fell sharply during 
the first eight months of the year to $652. lm, down 31 per cent 
from the same period In 1993, according to government figures 
published yesterday. For 1993, Taiwanese commitments in 
China totalled $3.17bn. Taiwan’s overseas investments to 
August, apart from those in China, climbed 15 per cent from a 
year earlier to Sl.lSbn. The government's Investment Commis- 
sion attributed the rise to increased funds flowing into the 
British Virgin Islands, through which Taiwanese companies 
may invest in Europe without paying tax. Such investments 
jumped 137 per cent to S82l.4m, making the islands the largest 
investment destination so far this year. China’s mishandling 
of a murderous attack on 24 Taiwanese tourists In China's 
Zhejiang province in late March dealt a blow to investor 
confidence. Laura Tyson, Taipei. 

Cosatu leader re-elected 

The Congress of South African Trade Unions (Cosatu) yester- 
day reelected Incumbent general secretary Mr Sam ShiLowa' 
and pledged to strengthen its formal political alliance with the 
African National Congress and the South African Communist 
party. The unopposed election of Mr Shilowa at the federa- 
tion's national congress in Soweto quashed speculation that he 
would be challenged for the position, while approving contin- 
ued Links with the ANC seemed to show willingness to co-oper- 
ate with, rather than oppose, the government The federation 
has been struggling to define its role since many leaders left 
the trade union movement for political office, ami tensions 
between the ANC-led government and Cosatu have risen over 
a recent wave of strikes. Mark Suzman, Johannesburg. 

First Family ties flourish 

Two men with family ties to the White House survived pri- 
mary elections in Florida on Thursday. Mr Hugh Rodham, 
brother of the first Lady, finished first in the Democratic 
contest to field a candidate against Republican Senator Connie 
Mack in November. But his 34 per cent forces turn into a 
run-off poll on October 4. If he wins then, his chances against 
Ms Mack are sti& reckoned small. Mr Jeb Bush, second son of 
former President George Bush, won the Republican primary In 
the governor's race with 46 per cent and also faces a run-off 
for the right to fight Mr Lawton Chiles, the incumbent Demo- 
crat, in what is predicted to be a dose race. Mr Jeb Bush’s 
older brother, George Jr, is also in a governors race as a 
Republican - m Texas against the incumbent Ms Ann Rich- 
ards. Jurek Martin, Washington. 












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FINANCIAL TIMES 


WEEKEND SEPTEMBER 10/SEPTEMBER 11 1994 


V 

^ P ea 


s INTERNATIONAL 


; British Airways affirms its partnership with the financially troubled US carrier 


US Air disaster is 
fifth in five years 


, T**- ^ 

, - 

. . . , - . “•*-'**. 



By Paid Betts, 

Aerospace Correspondent 

US federal aviation 
investigators yesterday 
mounted a search, to discover 
the cause of the fifth c rash of a 
USAir passenger airliner in as 
many years, which was feared 
to have killed all 132 people on 
board. 

The accident is a further 
blow to the financially trou- 
bled airfine, in which British 
Airways holds a 24.6 per cent 
stake, and led to the brief sus- 
pension of USAir’s shares on 
the New York stock exchang e. 

But Sir Colin Marshall, BA's 
chairman, said in Atlanta the 
UK carrier had no plans to pull 
out of its partnership with 
USAir, the sixth largest US car- 
rier which Is trying to put 
together a sweeping restructur- 
ing package to stem heavy 
losses. He denied suggestions 
that the US carrier’s financial 
problems were connected to 
the crashes. The accident, 
involving a Boeing 737-200 twin 


Seoul to 
ease hard 
line over 
N Korea 


By John Burton In Seoul and 
Judy Dempsey in Berlin 

South Korea yesterday 
indicated it may porsne a 
more conciliatory policy 
toward North Korea, reversing 
its recent tough approach to 
Pyongyang. 

The go veramrat of President 
Kim Young-sam has been crit- 
icised for its North Korean pol- 
icy, which is leaving Seoul 
increasingly isolated as Wash- 
ington and Pyongyang conduct 
negotiations on possible diplo- 
matic ties. 

US diplomats will make an 
unprecedented visit to the 
North Korean capital today to 
begin talks on setting up liai- 
son offices between the two 
countries as part of a deal 
under which Pyongyang would 
accept Ml nuclear inspections. 

The two sides will also meet 
in Berlin where Mr William 
Perry, the US defence secre- 
tary, said he was prepared to 
offer North Korea “substantial 
incentives” in return for 
Pyongyang dismantling its 
unclear weapons capacity. 

The softening of Seoul's 
stance on the North is believed 
to result from talks held in 
Washington earlier this week 
between Mr Han Sung-joo, the 
South Korean foreign minis- 
ter, and Mr Warren Christo- 
pher, US secretary of state. 

The US agreed that progress 
to US-North Korean relations 
would have to be linked to an 
improvement in inter-Korean 
dialogue, but it is believed 
that Washington asked South 
Korea to improve the atmo- 
sphere for a resumption of i 
talks between Seoul and 
Pyongyang. 

In a sign of compromise dur- 
ing the Washington talks. 
South Korea agreed to accept 
liaison offices between the US 
and North Korea, according to 
a senior adviser to the foreign 
ministry. 

The Seoul government has 
conducted an inconsistent pol- 
icy over the North Korean 
nuclear issue since it erupted 
18 months ago, alternating 
conciliatory gestures with 
tough statements. This 
reflected deep divisions to the 
government over the appropri- 
ate response to salving the 
North Korean problem. 

Following the death of North 
Korean President Kim D-sung 
in early July, President Kim 
Young-sam adopted a hardline 
stance toward the North. He 
predicted that North Korea 
was close to collapse and indi- 
cated. that a planned summit 
between the two Koreas would 
not be held as it would give a 
stamp of legitimacy to Pyong- 
yang’s new leadership under 
Mr Kim Jong-il, the late presi- 
dent’s son. 

He also ordered a crackdown 
on leftist students who 
expressed sympathy for North 
Korea, amid allegations that 
radicals bad infiltrated the 
political establishment and 
media. 

Analysts said the tough pol- 
icy was meant to reverse a 
recent drop in Mr Kim’s popu- 
larity and bolster his support 
among conservatives, includ- 
ing the 7m South Koreans who 
once lived in the North before 
escaping after the communist 
government took power m 
1945. 

But the South Korean media 
have spoken of a “crisis lu 
diplomacy” to recent weeks. 


engine aircraft on Its landing 
approach near Pittsburgh air- 
port on Thursday night, was 
the worst in the US since a 
Northwest Airlines McDonnell 
Douglas MD-80 crashed on 
take-off at Detroit in 1987, kill- 
ing 156 people. 

Although investigators were 
reported to have found the air- 
craft’s “black box” flight 
recorder, which they hoped 
would provide clues to the 
cause of the crash, officials 
yesterday said the cause could 
take weeks to establish 
because of what one called 
“the severity” of the accident 

The aircraft, en route from 
Chicago, was preparing to land 
when it plunged into a ravine 
about half a mflu from a shop- 
ping centre. Some witnesses 
said the aircraft lost power and 
appeared to have suffered a 
shutdown of both gngfoAtt oth- 
ers said there was an explosion 
before the aircraft nosedived 
into the wooded ravine. 

Weather conditions were 
clear in the area before the 


crash. P i tt sbur gh airport last 
radar contact with the aircraft 
at GjQQQft seven miles west of 
the airport, a Pittsburgh air- 
port official said. 

BA has extensive commer- 
cial links with its US partner 
and has already warned it will 
not inject any further money 
into USAir until it is satisfied 
with the restructuring. It has 
also warned it may write off its 
$400m f£258m) investment in 
the airline. 

to New York. USAir shares 
dropped by 10 per cent to 26 in 
the morning an heavy volume 
of L6m shares. BA shares yes- 
terday closed in London 9p 
lower at 401p, reflecting the 
overall decline in the stock 
market but also concerns over 
USAir. 

The crash came just before 
public hearings into another 
total accident this year, involv- 
ing the crash during a thunder- 
storm of a USAir Mrp.n rninp.n 
Douglas DCS near Ch&rlotte- 
Douglas airport in North Caro- 
lina on July 2 which killed 37 



_ __ 

A daughter comforts her mother at Chicago airport after hearing of the USAir crash 


of the 57 people on board. 

Boeing said the 737-300 
which crashed on Thursday 
was delivered to USAir in Octo- 
ber 1987. It also said that more 


than 2,600 737s had been deliv- 
ered to airlines throughout the 
world since 1967. 

The 737-300, which can seat 
128-149 passengers, is the mid- 


Japan on slow but sure road to recovery 


By William Dawkins In Tokyo 

The Japanese economy’s crawl 
towards recovery became offi- 
cial yesterday, when economic 
ministers endorsed a report 
stating that better times were 
just around the comer. 

Japan “Is moving toward 
recovery at a gradual pace," 
according to the latest monthly 
report by the government's 
Economic Planning Agency; 
slightly more cheerful than the 
previous month's observation 
that the economy was “pulling 
out of the slump”. Mr Masa- 
I hiko Komura, the agency's 
director-general, said this was 
not a declaration of economic 
recovery, merely that the econ- 
omy was moving that way. 

'Hie EPA’s monthly reports, 
closely watched by the finan- 
cial community for minute 
changes in wording, are of less 


practical than symbolic impor- 
tance. EPA watchers say the 
previous report did not men- 
tion “recovery. 

Yet this latest attempt to 
spread mfld optimism over an 
end to nearly three and a half 
years of recession, the longest 
since the second world war, 
fell an sceptical ears yesterday. 
It produced not a twitch to the 
government bond market, and 
a chorus of doubt from busi- 
ness leaders. 

the agency wrongly declared 
that the economy had bot- 
tomed out last year, so busi- 
nessmen are almost supersti- 
tiously reluctant to believe it 
tfalS tiUML 

“Bright factors are certainly 
spr eading, but I believe it only 
means that the economy is 
coming out of the worst period, 
and I have no feeling of real 
recovery yet," said Mr Sho- 


lchiro Toyoda, chai rman of 
both Toyota, Japan's largest 
car maker, and of the Keidan- 
ren business federation. 

Less circumspect than his 
Ketdanren. counterpart. Mr 
Takeshi Nagano, president of 
the bBkkeiren employers’ fed- 
eration, warned that a rise in 
personal spending might be a 
one-off, brought on by the hot 
summer and an income tax 
rebate. “I cannot be optimis- 
tic,” he said, citing the impact 
of the yen’s continued strength 
on Japan's export-dependent 
manufacturing industry. 

Despite business leaders’ 
doubts,' the EPA report does 
back np the more respected 
Bank of Japan’s recent quar- 
terly Tankan survey of busi- 
ness confidence. Its most 
recent Tankan, early this 
week, indicated that a fragile 
recovery is emerging, con- 


strained by a weak jobs market 
and a continued decline in cor- 
porate investment 

The real test will be the 
EPA’s publication. In the sec- 
ond half of this month, of gross 
domestic product for the sec- 
ond quarter of the year. 

Japan produced higher than 
expected 3.9 per cent annual- 
ised growth in the first quar- 
ter. Growth usually eases in 
the second period. So anything 
near the 1-2 per cent annual- 
ised increase that several pri- 
vate sector economists in 
Tokyo are expecting would 
prove the agency’s moderate 
cheerfulness to be on the mark 
after an. 

• Japan’s top four securities 
companies' research units have 
revised upward their forecasts 
for the earnings of leading 
quoted manufacturers in the 
year to next March. 


New floppy seems set 
to spur industry battle 


By MicMyo Nakamoto in Tokyo 

The 35-inch floppy discs that 
record computer data may not 
seem likely to lead the charge 
into the multimedia age. 

But a significant advance in 
floppy disc technology looks 
set to spur a battle to the elec- 
tronics industry over what for- 
mat will dominate the market 
for next generation recording 
media. 

Fuji Photo Film, the Japa- 
nese film maker, has developed 
an advanced 35-inch floppy 
disc which is capable of record- 
ing 50 times as much data as 
those currently in use. 

This opens up the possibility 
for floppy discs to dominate 
future markets for portable 
recording media far the digital 
data created on the PC. 

Conventional floppy discs 
have a recording capacity of 
just 4 to a maximum of 21 
megabytes, which enables 
them to record data comprised 


of only words and numbers. 

In the age of multimedia, 
however, recording media 
would need to be able to record 
moving pictures and sounds, as 
well as words and numbers. 
This requires capacity on the 
scale of gigabytes, rather than 

megabytes. 

At their current capacity, 
floppy discs therefore would 
not be able to record multime- 
dia info rmation. Even magne- 
to-optical discs, until now 
t houg ht to be the frontrunners 
to the race to increase record- 
ing capacity, can record up to 
only 230 megabytes. 

Fiji’s development of floppy 
discs which can record up to 
100 to 200-megabytes of infor- 
mation, puts floppy discs in the 
frontline of next-generation 
recording media along with 
ma g n e to-optical discs. 

An advanced floppy disc has 
several advantages over mag- 
neto-optical discs. While MO 
discs are a relatively new prod- 


uct, floppy discs are in wide 
use, with production reaching 
nearly 2L4bn units last year, 
according to the Ministry of 
International Trade and Indus- 
try. 

Demand for floppy discs is 
expected to reach 3.5bn units 
in 1994, according to the indus- 
try. 

Not only would floppy (fiscs 
be able to capitalise on their 
familiarity, they are relatively 
cheap to produce. The new 
floppy (fiscs developed by Fuji 
Film can be used In conven- 
tional PCs by installing a spe- 
cial, relatively inexpensive, 
component . 

• Kyocera, the Japanese 
high-tedmology company, has 
been ordered by the Interna- 
tional Court of Commerce to 
pay LaPine Technology of the 
US and Prudential Bache 
Trade Corporation damages 
totalling $257m for breach of 
contract 


KSiT; - 


jj-v*-'.. ‘ t 
■ry-\‘ '• t 


p*i 


Cubans bullish over UK 
trade delegation visit 


Cairo women 
worlds apart 
from UN 
ideologues 




sized member of the current 
second generation of the 737 
family. Boeing has la unched a 
programme to develop a new 
generation of 737s. 


Nomura, the largest and 
least op timistic, yesterday fore- 
cast that blue chip companies' 
pre-tax profits would toll for 
the fifth consecutive year, by 
0.5 per cent This is considera- 
bly less than the 2.7 per cent 
reduction it was expecting in 
June. 

The other three - Yamaichi, 
Daiwai and Nlkko - are all 
forecasting that big manufac- 
turers will show a clear recov- 
ery from four years of profit 
decline. The difference is that, 
unlike Nomura, they Include 
steel companies' asset sales as 
earnings. 

However, aD four agree that 
a rise in exports, the fruits of 
corporate cost cutting and a 
recovery in domestic demand, 
helped by an unusually hot 
summer, are the main features 
in the improved profits out- 
look. 


1 to the gloom of 

“Jimmy's" 
beauty parlour 
in the 

well-heeled 
Cairo suburb of 
Heliopolis, the 
United Nations 
prescriptions 
Iot "empower- 
_ ment of 

women ”, which are being 
forged in the city's nearby con- 
ference halls, seem a world 
away, writes Bronwen Maddox 
to Cairo. 

The walls of the parlour’s 
cubicles for manicures and 
pedicures, decked out like 
underwater grottoes with sea 
shells, are scattered with soft- 
focus portraits of weddings and 
of intertwined hands wearing 
huge engagement rings. 

Much of the opposition 
which has surfaced in recent 
weeks to the proposed policies 
of the UN Conference on Popu- 
lation and Development has 
been provoked by the per- 
ceived threat to traditional pat- 
terns of families and mar riage. 

One elegant woman leaving 
Jimmy's with coral-coloured 
nails to match her black and 
coral dress said that the wom- 
en’s groups she had seen on 
television reports about the 
conference had seemed “very 
feminist, very American. ' 

Egyptian men - and women 
- have very traditional ideas of 
the woman's pla ce in the fam- 
ily and I don't think that will 
change,” she said. 

Dr Nails Sadik. executive 
director of the UN Population 
Fund, who is chairing the con- 
ference, has stressed that the 
UN policy document does not 
threaten traditional notions of 

the famil y 

That message has been 
reinforced by the Egyptian 
government which wants to 
maintain public support for its 
family planning programme to 
combat overcrowding and pov- 
erty. About half of Egyptian 


women use contraception regu- 
larly, but the use is concen- 
trated in the towns. 

Outside the conference halls, 
however, it is easy to see how 
the UN proposals to increase 
women's educational opportu- 
nities, encourage them to 
marry later, and give them 
equal opportunities at work, 
seem uncomfortably foreign 
and militant. 

In particular, the UN exhor- 
tations that women should 
have equal rights at work are 
met with scepticism by many 
Cairo women. The kind of dis- 
crimination at work of which 
Dr Sadik has been inveighing 
against is evident two doors up 
from Jimmy's, at Chez Samir, a 
renowned hairdressing salon. 

Washing and switching on 
the hairdryers is left to the 
quiet teenage girls, but it is 
made clear that the business of 
hair styling is the preserve of 
the five men. They approach It 
like engineering, constructing 
a scaffolding of rollers, pins, 
steel grips and thick hairspray 
on top of client's head to get 
the greatest height possible. 

Judging from the reaction of 
customers and staff. Dr Sadik ’s 
fears that the enduring public 
memory of the conference will 
be the much-publicised row 
over abortion policy, rather 
than the central questions of 
contraception and women's 
rights, are justified. 

"I am not against the confer- 
ence, you understand,” says 
Miron, a Cairo dentist in her 
late 20s. “But there has been so 
much fuss about abortion, I 
wonder if the conference has 
looked at the right questions” 

Others are sceptical that the 
conference will have much 
lasting effect. 

One customer leaving the 
salon said: “The main thing it 
has changed Is that the traffic 
is better because of all the 
police in Cairo in order to pro- 
tect the security of the dele- 
gates." 






By Canute Jamas to Kingston 

A high-level British trade 
mission to Cuba next week 
could lead to a “significant" 1 
increase in business and com- 
mercial ties with the European 
Union, to the detriment of US 
companies, according to Cuban 
officials. 

The mission, led by Mr Ian 
Taylor, the trade and technol- 
ogy minister, will include rep- 
resentatives from, the leisure, 
construction and manufactur- 
ing industries, and is the first 
official visit by a British minis- 
ter in more than 20 years. 

The officials said the visit 
could lead US business to pot 
pressure on their government 
to relax or remove the 32-year 
economic embargo before they 
“lose all opportunities” for 
business with and in Cuba. 

“We are open for business, 
and the world to realising 
this,” said a Cuban govern- 
ment official. “We have a busi- 
ness climate which is better 
than that to most other coun- 
tries of our size and our state 
of development. We have work- 
ers who are highly educated 
and are eager to work.” 



Castro: not one grain of sand 

The Cuban government is 
also laying great store by 
recent changes in economic 
policy which officials say will 
attract Investments and trade 
opportunities from Britain and 
other European countries. 
They point to the free use of 
foreign currency on the island, 
and investment regulations 
which allow the retention and 
repatriation of profits, and 
efforts to encourage private 
individual and co-operative 
bumness ventures. 


Infrastructural problems and 
defitiendes to utilities such as 
power and telecommunications 
are being mended, they say. 

The British mission, in Cuba 
from Monday to Wednesday, 
will be encouraged to explore 
business opportunities in the 
form of joint or wholly-owned 

ventures in tourism, manufac- 
turing. biotechnology and the 
marketing of a range of Cuban 
agricultural exports. 

“Fidel (Castro) said recently 
that If the United States does 
not end the embargo soon, 
there will not be even one 
grain of sand left here for 
American business,” said the 
Cuban spokesman. “The Brit- 
ish and other governments and 
companies which are brave 
enough to ignore American 
pressure to reduce economic 
links with Cuba are getting to 
on the ground floor.” 

Aware of concern about the 
safety of foreign investments, 
the island's government will 
negotiate an investment pro- 
tection treaty with Britain 
later this year, and will be wfll 
ing to enter similar agreements 
with other countries, said gov- 
ernment spokesmen. 


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NEWS: UK 

Swan Hunter design team loses work offer 


By Chris Tlghe 

The design team at Swan Hunter, 
the Tyneside shipbuilder in receiver- 
ship, laces redundancy on Monday, 
after a proposal to offer it sub- 
contract work was withdrawn yes- 
terday by Constructions M&caniques 
de Normandie. Earlier this week the 
French company dropped its attempt 
to buy the yard as a going concern. 

Most or all of the 100 design staff 
will lose their Jobs on Monday unless 
receiver Price Waterhouse Is able 
over the weekend to convert other 
expressions of Interest in buying 
Swans as a going concern Into firm 
propositions. 

Joint receiver Mr Gordon Horsfield 


said yesterday that the likelihood of 
this was a “long shot”. Mr Horsfield, 
who earlier this week said prospects 
of a going-concern sale were now 
remote, said the redundancies were 
likely to be announced on Monday. 

The loss of the design team 
would end the ability of the 164-year- 
old company, one of the world's 
great shipbuilding names, to tender 
for new work, in effect sealing its 
fate. 

Their chances of staff finding 
alternative employment in the 
shrunken UK sh ipb uilding industry 
were further dented yesterday 
by an announcement from Yarrow, 
the Clyde warship builder, that it 
now has a “surplus" of 93 technical 


staff, including drawing office 
employees. 

At Swans, Mr Horsfield said nego- 
tiations were likely to start next 
week on a piecemeal sale of assets. 
Some deals, he said, could be con- 
cluded by the end of the month. 

Swans is due to band over its last 
vessel, the Type 23 frigate Rich- 
mond. on November 2. 

Although the company has shed 
1,800 Jobs since it went into receiver- 
ship in May 1993, the fact it now has 
660 employees and a virtually empty 
order book is a big impediment to 
any sale. Under the Transfer of 
Undertakings (Employment) Regula- 
tions. any going-concern purchaser 
would have to take on £8m of contin- 


gent liabilities for the workforce, 
many of whom have worked at 
Swans for 20 years or more. 

“It's a classic example of a situa- 
tion in which potential buyers for a 
business have been frightened off by 
European legislation which is 
designed to protect employment,” 
said Mr Horsfield. 

The design team was to have been 
made redundant on August 31, but 
the deadline was extended to yester- 
day after CMN tabled revised pur- 
chase proposals 10 days ago follow- 
ing deadlock with the MoD over a 
previous plan. 

On Monday. CMN and Price 
Waterhouse said they had been 
unable to agree terms for a going- 


concern sale conditional on Swans 
first winning two years' work. before 
CMN took over. CMN then put for- 
ward proposals to acquire Swans' 
Hebburn dry dock, the biggest on 
the east coast of Britain, and its 
intellectual property rights. It also 
proposed to offer the design team 
subcontract work up to the end of 
the year. It is still bidding for Heb- 
bum and Swans' intellectual rights. 

In a statement which indicated 
Increasing frustration with CMN, 
Price Waterhouse said yesterday: 
“This is the third proposal we have 
considered from Soffla/CMN in as 
many weeks, and each has failed to 
come to fruition. The frustration felt 
by the design team, and the bitter- 


ness of the whole Swan Hunter 
workforce, can only be Imagined as 
their hopes have been raised and 
dashed once again.” 

Mr Peter Chapman, Swans' MSF 
representative, said CMN now had 
□o credibility with the workforce. 
“It's the way they have strung us 
along, and their indedsiveness.” 

Mr Fred Henderson, leader of 
CMhTs bid team, said it had with- 
drawn its subcontract proposal yes- 
terday after the receivers said it 
must start paying the design team's 
£200,000 monthly wage bill now with- 
out any certainty of acquiring the 
Hebbum dry dock. He said CMN 
wanted the dry dock to carry out 
shipbuilding. 


Stock r 
exchange 
urged to 
diversify 

By Norma Cohen, 

Investment s Correspondent 

Stock exchanges which offer 
only one method of share trad- 
ing, such as London, may need 
to diversify their range of deal- 
ing techniques or face a loss of 
business to new low-cost trad- 
ing mechanisms, an article in 
the London Stock Exchange’s 
Quarterly Review says. 

“An exchange which offers 
only a single trading mecha- 
nism may lose out at a time 
when alternative investment 
strategies are flourishing and 
trading needs exhibit growing 
variation," the article says. 

The article, by Mr Bruce 
Weber of New York University, 
does not purport to be the view 
of the exchange itself. But 
many of its members, includ- 
ing some on the board, have 
been pressing it to accommo- 
date an "order-matching" sys- 
tem alongside its existing 
marketmaking syst e m. 

However, London's market- 
making firms - some of its 
wealthiest and most powerful 
- oppose erosion of the sys tem. 

An order-matching system 
simply matches the orders of a 
large group of buyers and sell- 
ers with each other while a 
marketmaking system desig- 
nates securities firms who 
agree to buy and sell the 
shares of particular companies 
in large quantities in all mar- 
ket conditions 

Earlier this year the board 
approved funding to build the 
hardware necessary for an 
order-matching system, 
although it agreed to put off 
any decision on whether it 
should ultimately be built until 
the end of next year. Some 
board members fear competi- 
tion from a new start-up order 
matching dealing system, Tra- 
depoint, which is applying to 
become a regulated investment 
exchange in London. 

The article concludes that 
“an exchange’s best response 
may be to preempt these alter- 
natives by offering a range or 
linked trading mechanisms 
including competing market 
maker quotes, limit order facil- 
ities and periodic crossing:" 

In his article Mr Weber says 
the drive towards order-match- 
ing systems, which has moved j& 
significant volumes of .business 
away from the New York Stock 
Exchange, was prompted 
largely by the growing popu- 
larity of So-called “passive" 
investment management tech- 
niques. These require investors 
to compile a portfolio of- stocks 
whose performance mimics 
that of a particular index, such 
as the Dow Jones Industrial 
Average and does not require 
the manager to buy or sell sig- 
nificant positions in a particu- 
lar security at any particular 
time. Thus, the immediacy of 
trading offered by market mak- 
ers is unnecessary, saving 
investors money. 

However, the article points 
out that in some instances 
dealing costs through order- 
matching systems are higher 
than those of market making. 


Parsons to cut 600 jobs after contracts delay 



RsaJ Dtmm 

Parsons union convenor Barney McGill yesterday: job losses are "devastating" but he hopes negotiations and new orders will cut the number of posts to be shed 


Managers’ 
top pay in 
hospitals 
is £95,000 

By Alan Pike, 

Social Affairs Correspondent 

Britain’s best paid hospital 
manager earned £95,000 last 
year, but was still worse off 
than counterparts in industry 
or commerce, says a survey 
published yesterday. 

Pay of National Health Ser- 
vice managers has become sub- 
ject tc> frequent political criti- 
cism since the government’s 
health reforms gave trust hos- 
pital boards freedom to decide 
salaries locally. 

The survey of 174 NHS trusts 
shows that chief executives of 
the country’s biggest hospitals 
- handling annual budgets of 
more than £110m - earned 
between £75,000 and £95,000 
including performance-related 
bonuses in 1993-94. There were, 
however, few managers at this 
earnings level - only six chief 
executives received more than 
£80,000. 

While such salaries are good 
by public-sector standards, the 
NHS Trust Federation, which 
represents trust managements 
and undertook the survey, says 
that "In business the top man- 
ager of a similar-sized opera- 
tion would expect total earn- 
ings to be more than £123,000". 

According to the survey 
chief executives of typical hos- 
pitals - with budgets of £50m 
and several thousand staff - 
earned an average of £59,000. 
The federation says this com- 
pares with remuneration pack- 
ages of £107,000 for chief execu- 
tives of similar-sized private 
sector companies. 

The figures are likely to rise 
this financial year as more 
trust chler executives become 
eligible for performance-related 
pay. It was worth an average 7 
per cent to the 70 per cent of 
chief executives who benefited 
last year. 

Almost 80 per cent of trust 
chief executives are shown to 
be on fixed-term contracts. 
Although the provision of cars 
for NHS managers bas caused 
political controversy, the sur- 
vey shows that 85 per cent of 
chief executives either provide 
their own or make personal 
contributions to running then- 
office cars. 


Ely Chris Tlghe 

Parsons Power Generation 
Systems, part of the 
Rolls-Royce Industrial Power 
Group, yesterday announced 
the loss of 400 jobs because of a 
shortage of work. Most of the 
losses will be at its base in 
Heaton, Tyne & Wear. 

In addition Parsons is shed- 
ding 200 temporary jobs at 
Heaton, where manufacturing 
work on existing export con- 
tracts will finish next summer. 

Last November the company 
won three power-station pro- 
jects in India totalling £660m. 
Parsons was to be the turnkey 
contractor - with overall 
responsibility for all three pro- 
jects - and was also to manu- 
facture five turbine generators 
for the projects. 

But the contracts, placed by 
independent Indian power pro- 
ducers. depended on the nego- 
tiation of financial packages 
which have taken much longer 
than expected to complete. 

The delay on the contracts, 
which Parsons still hopes to 
carry out has combined with 
tough competition for orders. 

Mr Trevor Murch, Parsons 
managing director, said the 
company faced a change in the 
nature of its customers from 
“state-owned, monolithic util- 
ity generators" towards inde- 
pendent power producers. 

“For projects run by an 
entrepreneur there's a com- 
plete funding package we need 
to put together." he said. 
“These things take a little 
while.” 

Parsons, which has made 
steam turbine generators at 
Heaton since 1889. has recently 


By Michael Smith 

Intense competition is 
developing la the battle 
to gain control of British 
Coal's raining assets on privati- 
sation of the industry later this 
year. 

With just four days to go 
before the government dead- 
line for accepting bids closes, it 
seems certain that each of the 
five “core" regions on offer will 
attract at least three tenders, 
and in some cases considerably 
more. 

Scotland and South Wales, 


developed a new role as a turn- 
key contractor, responsible for 
projects incorporating equip- 
ment from other Rolls-Royce 
companies and its alliance 
partner, US-based Westing- 
house. Mr Murch said the role 
was in addition to Parsons' 
manufacturing activities. 

Parsons stressed it was mak- 


both rich in high-quality open- 
cast reserves, are likely to 
attract the largest number of 
bids - up to nine in each case. 
The other regions are based 
around Yorkshire, Notting- 
hamshire and north-east 
England. 

Of the 25 companies or con- 
sortia that received govern- 
ment approval to bid earlier 
this summer, at least 15 are 
likely to bid for one region or 
more. 

The likely level of bidding 
presents a sharp contrast to 
gloomy predictions made 


ing "strenuous efforts” to boost 
its orders, and was continuing 
investment in product develop- 
ment and new equipment and 
systems. 

The across-the-board job 
cuts, affecting 360 at Heaton 
and 40 service jobs elsewhere, 
will cut Parsons’ payroll to 
2,100 in Newcastle and to 2,500 


within the industry last year 
and the year before when min- 
ing was in sharp decline. 

While pit closures have 
caused ministers acute politi- 
cal difficulties, they have 
enabled the government to 
reduce the industry to a size 
that matches more closely the 
demand for coal and is there- 
fore more marketable. 

One disappointment for the 
government is that RTZ, the 
only international coal com- 
pany qualified to bid. seems 
unlikely to submit tenders, 
even though it bas been 


in total. Mr Barney McGill, 
spokesman for the unions, 
described the job losses as dev- 
astating but hoped negotiation, 
and possibly orders, during the 
90-day consultation period 
would reduce the numbers. 

Parsons is Tyneside's largest 
manufacturing employer fol- 
lowing the rundown of ship- 


looking actively at what is on 
offer. 

Electricity generators 
National Power and PowerGen 
are also likely to stay out of 
the fray. 

However several large con- 
struction companies are 
thought to be bidders. Taylor 
Woodrow is understood to be 
considering tenders in partner- 
ship with Kier Mining, while 
Wimpey is linked to Powell 
Duffryn, the engineer, for a bid 
in South Wales. Miller Group 
has team up with Ryan Group, 
the mining company, for an 


builder Swan Hunter. Mr Nick 
Brown, Labour MP for Newcas- 
tle East, yesterday wrote to Mr 
Michael Heseltine, trade and 
industry secretary, saying this 
had been a “disastrous week” 
for the area’s industrial base 
and urging him to offer con- 
structive support for Parsons' 
export drive. 


assault on Scotland. Amec, 
another construction company, 
is thought unlikely to submit 
comprehensive tenders for the 
two regions for which it has 
qualified to bid. 

Apart from Ryan, which is 
also aiming at the north-east 
region with Alcan Aluminium 
of Canada, mining companies 
making bids include RJB Min- 
ing, which is expected to ten- 
der for all five regions, and 
Coal Investments. 

Cl is in a consortium with 
the Union of Democratic Mine- 
workers, which wants the cen- 


Redundanci.es at Parsons 
could be averted, he said yes- 
terday. “We need a prompt 
response from government 
offering help with key overseas 
orders. Michael Heseltine 
should intervene now - as his 
French, German, American 
and Japanese counterparts 


tral north and central south 
regions. NSM, another coal 
company, is considering 
whether to take up its option 
to bid for all five regions. 

Other bidders include three 
management buy-out teams. 

Bids are also being invited 
for seven stand-alone pits that 
have been mothballed by Brit- 
ish Coal following closure. One 
definite bidder is an employee 
buy-out team at Tower Colliery 
in Mid Glamorgan, where for- 
mer participants are prepared 
to invest £8,000 each in the 
venture. 


would. 

At least 15 groups likely to bid for coalmines 


U Final day of British Association conference hears warning about cash M Minister’s performance ‘must be monitored’ 

Scientists demand share of Millennium Fund Drive for more 


By Clive Cookson, 

Science Editor 

Science risks being left out of the 
£I.6bn Millennium Fund, Dr Anne 
McLaren, outgoing president of the 
British Association, warned at its sci- 
ence festival in Loughborough yester- 
day. 

Association leaders said scientific 
projects must be given a share of the 
fund, which will distribute a quarter 
of the proceeds of the new National 
Lottery to projects marking the start 
of the third millennium. 

The only millennium proposal so 


far with any scientific content is the 
redevelopment of the area of South 
Kensington In London inspired by 
Prince Albert in the 1850s which 
includes the Natural History Museum. 

Dr McLaren's successor, Sir Martin 
Rees, said one of his priorities during 
the coming year would be to help 
organise “high-profile scientific pro- 
posals" to put to the Millennium Com- 
mission. which will decide how the 
fund is to be distributed. 

"The important thing is to ensure 
that on the menu of millennium pro- 
posals there is at least one that is 
likely to be widely supported by the 


scientific community.” he said. Sir 
Martin, who will also become Astron- 
omer Royal in January, said it was 
too early to specify- scientific millen- 
nium projects. But he indicated that 
his preference was for something that 
would involve people all round 
Britain in science, rather than creat- 
ing a grandiose L'K equivalent of La 
Villette. the "science city" in Paris. 

One possibility would be a nation- 
wide network of science centres, 
linked by telecommunications and 
computer technology. At each centre, 
visitors could interact with their 
counterparts elsewhere in the country 


- videoconferencing, sharing experi- 
ences in virtual reality and taking 
part in collaborative games and exper- 
iments. 

Sir Martin said another priority 
during the coming year would be to 
monitor the performance of the new 
science minister. Mr David Hunt. 

“By the time of our meeting in a 
year's time in Newcastle, he will be 
beyond his honeymoon period and we 
will want to see whether he can 
deliver on the promises he made in 
Loughborough this week,” he said. 
Mr Hunt told the association on 
Thursday of his commitment to 


fight for science in the government, 

“Scientists are being very patient,” 
Dr McLaren said. “Last year’s science 
white paper was well received and it 
is excellent that we have a cabinet 
minister responsible for science. But 
by next summer, unless there are 
signs of a bit more money forthcom- 
ing for the science budget, scientists 
are going to become very concerned.” 

Dr McLaren, a distinguished geneti- 
cist added that one sign of trouble 
was that the Medical Research Coun- 
cil was forced by lack of funds this 
summer to reject some excellent grant 
proposals. 


Artificial hand will be able 
to raise a delicate glass 


Judges attacked for relying 
too much on eyewitnesses 


By Andrew Derrington 

A prosthetic band that will be 
sensitive enough to pick up a 
glass of wine without breaking 
it will be developed within two 
years. Mr Peter Nurse of the 
University of Plymouth said at 
the meeting yesterday. 

Mr Nurse has already devel- 
oped a prosthetic gripping 
derice strong enough to pick 
up an iron bar, and sensitive 
enough to pick up a paper tube 
without deforming it. 

The derice, which is being 
used by a student in Plymouth 
who has had his hand ampu- 
tated. only has two “fingers”. 
The full prototype will look 
like a human hand. 

Hand-like prostheses are 


Pupils should have to pass a 
test of "minimum competence 
in maths and English” before 
moving on to secondary 
school, a leading education 
professor told the meeting. 

"If a pupil does not reach 


that level, then there is a case 
for extra tuition in the eve- 
nings. holidays or, in a few 
cases, repeating a year,” said 
Prof Alan Smithers of Man- 
chester University's Centre for 
Education Research. 


already in use. said Mr Nurse, 
but the grip is not easy to con- 
trol. In order to grip something 
hard enough to pick it up. they 
grip until they crush. 

The new derice is able to 
combine strength and sensitiv- 
ity because it has a novel sen- 
sor that detects both touch and 
slipping. 

The closing of the hand stops 
when it makes contact with an 
object, hut if the object starts 


to slip, the grip is tightened. 
The prosthetic hand will grip 
objects just tightly enough to 
pick them up. 

The wearer commands the 
prosthesis to close or to open 
by twitching two muscles in 
bis upper arm. Sensors placed 
over the muscles detect the 
motion of the skin as the mus- 
cle twitches. The batteries in 
the present model last about 
six hours. 


By Andrew Derrington 

A new generation of judges is 
placing too much faith in 
unsupported eyewitness testi- 
mony. the British Association 
meeting heard yesterday. 

The judges have lost sight of 
the fact that "fleeting glimpses 
lead to fragmentary and easily 
influenced memories” said Pro- 
fessor Graham Daries. a foren- 
sic psychologist from Leicester 
University, after reviewing 
miscarriages of justice. 

Identity parades can mislead, 
he said. The fact that an eye- 
witness is able to pick the sus- 
pect when eight others are 
present may be irrelevant if 
none of the other people m the 
parade looks like the defen- 


dant The effective size of the 
parade - the number of people 
in it with the same physical 
description as the subject - is 
much more important than its 
actual size. 

Often the effective size can 
be reduced to one, which 
means that the identity parade 
is meaningless. In one case 
examined by Prof Daries the 
description of the suspect was 
sufficient for most people to 
select his photograph from 
those of the others in the 
parade. 

Witnesses tend to make their 
identifications using only two 
or three key features, often the 
eyes and the hair, said Prof 
Davies. They tend to ignore dif- 
ferences in other features such 


as the mouth and the chin, and 
will confuse two faces that are 
obviously very different. 

These problems of eye- 
witness testimony are well 
known to the legal profession. 
In 1976 Lord Devlin reported 
the results of a judicial inquiry 
that recommended that identi- 
fication evidence alone should 
not usually be considered suffi- 
cient evidence for prosecution. 

These recommendations 
were not fully implemented, in 
part because of the importance 
of identification in cases of 
rape. But there continue to be 
cases where a conviction on 
the basis of identification evi- 
dence is overturned by evi- 
dence that comes to light after 
the trial. 


bank regulation 
‘may reverse’ 


By Cove Cookson 

The trend towards ever more 
detailed regulation of banks 
may soon reversed, a senior 
Bank of England official told 
the British Association eco- 
nomics section in Loughbor- 
ough yesterday. 

Mr Lionel Price, head of the 
Bank’s Centre for Central 
Banking Studies, said the 
views of Mr Don Brash, gover- 
nor of the Reserve Bank of 
New Zealand, might be “a har- 
binger of a wider shift in opin- 
ion". He “has come to the view 
that banking supervisors 
should be less ambitious," Mr 
Price said. 

The supervisory burden 
faced by central banks is made 
much worse by the rapid 
growth of derivatives, he 
added. "The pricing of these 
products, and the measure- 
ment of the risks they carry, 
has provided much rewarding 
employment for mathemati- 
cians," Mr Price said. 

Professor David Llewellyn of 
Loughborough University said 
the ingredients were- in place 
for a “regulatory nightmare". 
He proposed moving from 
regulating specific risks to . 
supervising each bank's risk- 
management system. 

Mr Price also asked whether 
central banks are necessarily 


the right bodies to supervise 
the banking sector. “The dis- 
tinctions between banks and 
other financial institutions are 
breaking down,” he said. "As 
their fields of activity overlap 
... the case for placing them 
under a single regulator 
becomes stronger.” 

Traditional banking is a 
declining industry, Prof Llew- 
ellyn said. AS entry barriers 
come down thanks to new 
technology and changes in reg- 
ulation, banks will lose busi- 
ness to other financial institu- 
tions and to non-financial 
corporations in retailing and 
manufacturing. 

. “Direct bankings, mring new 
computing and communica- 
tions technology, will reduce 
the importance of conventional 
branches. Prof Llewellyn said. 
“ Institutions with a substantial 
branch network may find that 
what used to bea. major com- 
petitive advantage ... be- 
comes one of their, most expen- 
sive problems." 

Banks will continue to 
respond to the encroachment 
by moving* into other financial 
services. . “However, it .is 
unlikely that the market will 
continue to support anywhere 
near the current number of 
banks in the global financial 
system," Prof Llewellyn con- 
cluded. 






J 


r s t 


’"K'k 


financial times 


WEEKEND SEPTEMBER iO/SEPTEMBER 1 1 1994 


NEWS: UK 


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Adams to Walker weeps in Old Bailey witness box 

TB *w- -r^y a By John Mason, theft, false accounting and conspiring “I got to £95m and the banks said “That caused a lot of anger, and a Ic 

JT*1 1/ I I -M. u Law Courts Correspondent to falsify accounts. they would cough up the rest Every of harsh words were said," Mr Walks 

Sm ■ I ||1 IT* Mr Walker said the issue was neces- penny we had went into keeping that told the court The Brent Walker con 

wwaurAm. k. J L. W ■ ill Mr George Walker, the former chair- sary after the takeover of the William company alive - work money, boxing pany solicitor warned the banks thd 

man of the Brent Walker p r o p er ty and Hill betting shop chain left Brent money, dividend money, everything,” tactics were putting other director 

^ _ leisure group who is charged with Walks' short of funds. Mr Walker told the court He paused under duress and could be challenge 

w * J • fraud, yesterday broke down in team in However, problems an the Japanese before cantinning: “And now 1 stand in the courts, he continued. Howeva 

1/ | ■ “W” WTl r'i flk the witness box at the Old Bailey as be stock market had m e ant that lnstitu- here accused, of ..." Mr Walks then the banks would not relent 

V ■ ■ ■ W ■ told how he tried to save his company turn there withdrew backing of £l5Qm. told the judge: H I have got to have a Mr Walker continued: "I was fired. 

w w T from liquidation. His bankers then insisted he personally break, if you don’t mind”, and left the was told by the banks to be escorted t 

Mr Walker was p^ pfainiTig how in late 
1990 he put “every penny” of his fami- 
ly’s money into the company to enable 
a crucial bond issue to go ah^ad 
He and Mr Wilfred AquOina, a fanner 
Brent Walker finance director, are both 
accused of fraudulently inflating the 
company’s profits. Both deny charges of 


By Jimmy Bums in Belfast 
and James BOtx in London 

Mr Gerry Adams, the s»«n 
Ffein president, yesterday 
moved to raise his political 
profile in the Northern Ireland 
peace process by announcing 
be was applying for a visa to 
visit the US. 

He said he had received 
“thousands of invitations" 
from the US to explain the 
recent ceasefire declaration by 
8m Ftin and the IRA, and he 
planned to visit as soon as pos- 
sible. 

- Mr Adams fa ban^ from vis- 
aing the US, and his applica- 
tion aims to test how receptive 
the Washington and London 
governments are to the recent 
BA ceasefire. He is also anx- 
ious to boost Iriah-American 
support for the republican 
cause and to rally his support- 
ers closer to home. 

The US State Department 
yesterday said it had not yet 
received a visa application, 
which would require a waiver 
from the Justice Department 
It would not predict whether 
Mr Adams would be granted a 
waiver, but pointed out that 
the US admitted Mr Joseph 
Cahill, a provisional IRA 
leader with a criminal convic- 
tion, under the same procedure 
at the end of last month. 

Mr Adams last applied for - 
and obtained - a US visa in 
February in spite of a strong 
public protest from the British 
government that the IRA bad 
not renounced violence. 

On that occasion the White 


House overruled the advice of 
State Department affinals and 
agreed to a 72-honr visit by Mr 
Adams, having become con- 
vinced that it would contribute 
to the peace process. 

White House officials who 
feel vindicated by that decision 
are likely to recommend grant- 
ing a Visa a gate , aKhnn gh the 
State Department remains sen- 
sitive to the complex issues at 
stake. 

The Irish haw will fhat 

Mr Adams is to be invited to 
the US by the Senate foreign 
relations committee, but politi- 
cal aides to Senator Chris 
Dodd, Who as riharmran of the 
western hemisphere and Peace 
Corps affairs subcommittee 
would make such an offer, said 
they were unaware of any invi- 
tation to Mr Adams. 

Officials at the US embassy 
in London they ha| i not 
yet received any application 
for a visa. Downing Street offi- 
cials said reports in Irish news- 
papers that his application was , 
already being processed by US 
immigration staff were “highly ! 
speculative". 

The British government may ! 
formally urge Mir Bill Clinton, 
the US president, not to grant 
the visa until the ISA gives a 
firmer indication that it has 
permanently abandoned its 
military oumpaig n But offi- 
cials are aware that the sur- 
vival of the IRA ceasefire 
depends in large measure on 
Mr Adams bong able to show 
his supporters that the 
“unarmed struggle" is produc- 
ing political results. 


theft, false accounting and conspiring 
to Abffy accounts. 

Mr Walker said the issue was neces- 
sary after the takeover of the William 
Hill betting shop chain left Brent 
Walks- short of funds. 

However, problems on the Japanese 
stock market had meant that institu- 
tions there withdrew backing of £15Gm. 
tyg bankers then Insisted he personally 
bad to raise nocto if they were to con- 
tinue supporting the company, he said. 

The Walker family personally put in 
£30m. After receiving an assurance 
freon the Serious Fraud Office that it 
bad dropped its investigation into Brent 
Walker, he attracted a further 265m 
from associates. 


“I got to £95m and the banks said 
they would cough up the rest Every 
penny we had went into keeping that 
company alive - work money, boxing 
money, dividend money, everything,” 
Mr Walker told the court He paused 
before continuing: “And sow 2 stand 
here accused, of ..." Mr Walks: then 
told the judge: “I have got to have a 
break, if you don’t mind”, and left the 
witness box in tears. 

When he returned Mr Walker told 
how the banks, led by Standard Char- 
tered. finally forced him out of the com- 
pany. At a board meeting in April 1991, 
with the banks attending, he was told 
their support depended on his bring 
removed as efrrgf executive. 


“That caused a lot of anger, and a lot 
of harsh words were said," Mr Walker 
told the court The Brent Walker com- 
pany solicitor warned the banks their 
tactics were putting other directors 
under duress and could be challenged 
in the courts, he continued. However. 

the banks would not relent 

Mr Walker continued: “I was fired, I 
was told by the banks to be escorted to 
my desk, only take my diaries and 
remove myself from the building and 
that I was not allowed back in the 
building again." 

The judge ordered the proceedings to 
stop late in the morning, saying Mr 
Walker was “very tired" and needed to 
recuperate. The trial continues. 



Unionist believes 
ceasefire is real 


By James BUtz 

Mr John Taylor, a leading 
Ulster Unionist MP. yesterday 
added to foe pressure on Mr 
John Major’s government to 
recognise the -IRA’s ceasefire, 
by openly admitting that the 
organisation’s campaign of vio- 
lence could truly be over. 

As the British and US gov- 
ernments continue to refrain 
from full acceptance of the 
ceasefire, Mr Thylor, the MP 
for Strangford, Co Down, came 
as close as any unionist to 
admitting that the ZRA had 
fully renounced violence. “My 
gut reaction is that the cease- 
fire is for real," he told Ms 
constituency association. 

Mr Taylor, who was seri- 
ously wounded by an IRA gun- 
man in 1972, added: T consider 


Calor Gas 
workers 
back strike 
action 


By Rfctiard Donkin, 

Labour Staff 

Workers at Calor Gas, the gas 
products company, have voted 
to take strike action a g ain s t 
the imposition of personal con- 
tracts for manual grades and 
pay cuts for some drivers. 

The small majority - 53 per 
cent in favour from a 78 per 
cent turnout - has led the 
company to complain that 
fewer **»»» a third of those 

covered by the agreement with 

the TGWU general union were 
in favour of striking. 

The ballot combined two 
separate issues. One involved 
personal contracts, affecting 
383 workers, and another 
involved wage cuts for 50 driv- 
ers at Calor Transport, the 
contract transport division. 

Calor has accused the union 
of blurring the issue. Most 
employees, it said, did not 
want to he involved in an 
industrial dispute and about 
half of those offered new con- 
tracts had already signed- 

Mr John Harris, Calor’s 
director of operations and 
human resources, said: “It is 
very unfortunate that our 
employees have become 
caught up in a c onfrontation 
which the TGWU has chosen 
to have with the company.” 

Hie management is to meet 
onion officials to discuss the 
transport division workers m 
Monday. 

Mr Danny Bryan, national 
secretary of the union’s com- 
mercial transport group, said 
one of the initial concerns was 
the company’s September 19 
deadline for employees to sign 
the new contracts, after which 
they would receive notice of 
termination. 


it to be my .responsibility to 
encourage the peace process 
forward so that there wfll even- 
tually be lasting peace for all 
the Roman Catholics and Prot- 
estants of Ulster.” 

He was clearly at odds with 
another unionist MP, Mr David 
Trimble, who claimed that the 
imp's view was that the IRA 
had no intention of abandon- 
ing their campaign unless 
there were substantial conces- 
sions from the government 

Writing in the Belfast Tele- 
graph, Mr Trimble, the MP for 
Upper Bonn, said that the 
ceasefire was a “gamble" by 
the IRA. “They reckon that if 
they foil to gain concessions, 
the blame for resumed violence 
can be placed on the British 
government or the loyalists,” 
he said. 



Unions face a critical period with their 
memberships under threat and their resources 
hard-pressed, Mr John Monks, TUC general sec- 
retary, wanted at the end of tins year’s Con- 
gress yesterday. Robert Taylor writes. 

Mr Monks said unions would have to modern- 
ise their organisation, and this could not be 
delayed if they were “to come through their 
present problems". 

The TUC would have to focus sharply on key 
campaigning issues at national level and give 


more support to union officials in the field. 
Union activity was ranch more decentralised 
and localised than it used to be, he said. 

“The move away from national agreements, 
the growth of local bargaining and industrial 
contrasts, the decentralisation of public ser- 
vices and large companies, the need to recruit 
new members and retain existing ones” were 
all factors suggesting that unions should con- 
centrate their resources where their immediate 
fhtrme lies. Photograph: Ashley Ashioood 


Derailment ‘unrelated to stoppage’ 


By Chariea Batchelor, 
Transport Correspondent 

The two incidents, one of them 
a derailment, which occurred 
during Thursday’s one-day 
stoppage by signalling staff 
cannot be blamed on the 
strike. Rail track said yester- 
day. 

The RMT transport union 
and the Aslef train drivers’ 
union have accused RaQtrack, 
which runs the network, of 


taking chances with passen- 
gers’ safety by employing inad- 
equately trained staff in signal- 
bores. 

An incident at Sawley in 
Derbyshire when two cars 
passed over a level crossing 
moments before an oncoming 
passenger train was the result 
of actions by a contractor 
working on the line. Rail track 
said. 

BRIS. a British Rail mainte- 
nance subsidiary, had begun 


its own disciplinary proceed- 
ings, Ratitrack Midland said. 
“There was no involvement by 
any signalling staff” an official 
said. “Contractors were work- 
ing on the crossing and they 
did not follow the correct pro- 
cedure.” 

An initial investigation 
of an incident at Bickley in 
Kent, where several carriages 
of a commuter train were 
derailed, also showed that 
the signal workers’ strike was 


Teaching union calls for 
above-inflation pay rises 


Teachers are on a collision 
course with the government 
over a pay submission that 
would mean rises of more than 
20 per cent for some over two 
years. 

The National Union of 
Teachers challenged the gov- 
ernment’s public-sector pay 
freeze yesterday by calling for 
a salary increase next year 
above the rate of inflation, pos- 
sibly op to 4 per cent 

The biggest teaching union’s 
submission to the School 
Teachers’ Review Body, the 
quango which advises the gov- 
ernment on setting teachers’ 
pay. Is calling for a 10-point 
salary scale by 1996. This 
would range from £14,750 for a 
graduate-entry teacher - up 
13J5 per cent from the present 
equivalent starting salary of 
£12,999. 

Pay for a classroom teacher 
with 10 years’ experience 
should rise to £27,000 - up 223 
per emit from the present max- 
imum of £22,068 without pay- 
ment for extra responsibilities. 

The NUT is arguing for a 
“significant increase" next 
year, beating the rate of infla- 
tion and combining a lump 


sum and percentage to boost 
starting pay. 

Mr Doug McAvoy, NUT gen- 
eral secretary, said the govern- 
ment had breached its own ban 
on “catch-up” pay rises when 
MPs awarded themselves a 4.7 
per cent increase. 

Mr McAvoy warned that his 
members, could take their own 
steps to cut mounting wort 
load. “There comes a point 
where you say it just can’t go 
on." he said. “If no one is going 
to listen to us, we wifi have to 
lock very carefully and decide 


inappropriate” for teaching. 

It wants a two-year deal 
producing salaries comparable 
with other non-manual work- 
ers and comp e nsating for years 
in which it says teachers' pay 
has slipped behind other pro- 
fessions. 

This year the government 
imposed the School T e achers’ 
Review Body's recommended 
25 per cent pay rise. 

Mr McAvoy said improve- 
ments in pay and working con- 
ditions were essential to avoid 
a crisis as the recession eased 



CHh across Britain are sbtvfe£ 

to pot h place m» ecownlc, 
wad wcM ali» c tui « 
Mtfcft u* enata tint Jobs ait the 


which, aspects of our work we • and numbers of pupils grew. 


could discontinue.” 

With early retirement, 
teacher absences and stress- 
related illness at record levels, 
conditions of service were as 
important as pay this year, he 
added. 

Teachers worked an average 
49-hour week, with one in 20 
putting in more than 60 hours. 

The NUT wants the review 
body,' which reports to the gov- 
ernment in January, to recom- 
mend MiwHar rlafxps and mOTO 
supply teachers. 

The union rejected the gov- 
ernment’s call for performance- 
related pay as "completely 


On present projections of 
pupil numbers, it would take 
19,000 more teachers just to 
keep class sizes the same over 
the next four years. 

The submission to the 
review body from the National 
Association, of Schoolmasters/ 
Union of Women Teachers 
called for a 35-hour-week and a 
pay increase in w™ with other 
non-manual staff. 

The Secondary Heads Associ- 
ation urged the a pay increase 
for all teachers “in reco gnitio n 
of their i m pr oved productivity, 
measured by published exami- 
nation results”. 


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life 444 818349381 
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Brown warns of 
Budget ‘raid’ 
on welfare state 


By James BUtz 

Mr Gordon Brown, the shadow 
chancellor, yesterday called on 
the government to announce 
the results of its year-long 
review into social security 
spending after a leaked White- 
hall document showed that 

nffiriala have been wnwirffo iT ^ 

how to implement a wide 
range of cuts. 

Mr Brown warned yesterday 
that the November Budget 
could be “a raid on the welfare 
state". 

Earlier this week Mr Jona- 
than Aitken, the new ehief sec- 
retary to the Treasury, 
strongly hinted that housing 
benefit payments could be 
reduced in the Budget to rein 
back the Social Security 
Department’s £85bn spending 
prog ramme. 

However, a leaked DSS docu- 
ment yesterday confirmed that 
officials have also been press- 
ing ahead with plans to abolish 
the statutory sick pay subsidy 
to employers and the industrial 
injuries ermpanspHrm scheme 
for employees, both of which 
cost the government about 
£L4bzL 


According to the documents, 
Mr Peter LUley, the social secu- 
rity secretary, asked officials 
late last year to “make recom- 
mendations on a strategy to 
achieve abolition” or the statu- 
tory sick pay scheme. 

Last year the government 
ended the policy of proriding a 
sick pay subsidy to “large 
employers” who pay National 
Insurance contributions of 
more than £20,000 a year. 

But, according to the docu- 
ment, DSS officials have been 
asked to take this a stage fur- 
ther, abolishing the subsidy for 
the 750,000 “small employers” 
who were unaffected by last 
year's legislation. Such a move 
could save the government as 
much as £70Qm a year. 

In addition, another group of 
officials has. been asked to 
examine “the scope for trans- 
ferring the no-fault indu strial 
injuries scheme to employers” 
and to outline the timetable for 

SUCh le gtelatimi. 

Under these proposals 
employers could be forced to 
bear the frill costs of compensa- 
ting employees who are 
involved in an accident where 
the company is not at fault 


Tunnel link bidders 
are warned on rules 


not to blame, Rafltrack South 
said. 

A frill inquiry is to be held 
next week bet initial indica- 
tions were that the signalling 
equipment was being operated 
normally. 

The full inquiry will focus on 
the technical operation of the 
points, signals, the train’s 
brakes and the actions of the 
driver. Rail track added. It 
expected repairs to the line to 
be completed by Monday, . 


By Charles Batch e lor, 
Transport Correspondent 

Any changes in membership of 
the consortia bidding to build 
the £2.7bn Channel tunnel rail 
link must be approved by the 
government, the Department of 
Transport said yesterday. 

It was commenting on an 
annmmrerapnt from the GMB 
general union that the 
consortium headed by Hoch- 
tief, a German construction 
company, had invited XJK 
unions to join the bidding 
team. 

No application for the unions 
to be allowed to join the Hoch- 
tief group had been received by 
yesterday afternoon, the trans- 
port department Raid 

Some of the companies 
involved in the tedding have 
expressed irritation at the gov- 
ernment’s intervention in the 
makeup of the bidding groups. 

London Electricity said in 
June that it had withdrawn 
from one of the four hirMing 
consortia because of a conflict 
of interest resulting from the 
feet that that Sir Bob Reid, its 
ftTiajrwum, was also chairman 
of British RaiL 


Meanwhile, Sofrerail, a 
French railway consultancy, is 
an adviser to but not formally 
a member of London & Conti- 
nental Railways, another con- 
sortium. 

The government is also 
understood to be unhappy at 
the prospect of a French com- 
pany befog directly involved in 
building the UK segment of the 
link. At tme stage there were 
fears that the French state rail- 
way operator, SNCF, might bid 
to build and operate the rail 
link, sources dose to the proj- 
ect said. 

Eurorall, a consortium com- 
prising B1CC, Trafalgar House 
and GEC, yesterday received , 
the documents containing 
details of the tender competi- i 
tion 10 days after the other 
three consortia. f 

The delay resulted from one 
member of the consortium, 
believed to be GEC, refusing to 
sign the confidentiality agree- 
ment because it was too oner- 
ous. 

The four have until March 14 
to submit their bids. The gov- 
ernment has said it expects to 
award the contract by the end 
of next year. 


Building 
output at 
two-year 
high 

Construction output in the 
second quarter of this year was 
the highest for more than two 
years, figures published yester- 
day by the Department of the 
Environment show, Andrew 
Taylor writes. 

Contractors, which this week 
reported sharp falls in con- 
struction profits for the first 
six months of the year, said 
overcapacity in the industry 
had meant profit margins 
remained very depressed in 
spite of an increase in orders. 

The total value of output in 
constant 1B90 prices rose 4 per 
cent in the three months to the 
end of June compared with the 
same period last year. It rose 1 
per cent against the first quar- 
ter of this year. 

Private-sector housing was 
14 per cent higher than the 
same period last year and 3 per 
cent higher on the previous 
quarter. Private industrial out- 
put was li per cent and 8 per 
cent higher respectively while 
private commercial output rose 
6 per cent and l per cent 

Infrastructure work was 
down 13 per emit on the same 
period last year but rose 4 per 
cent over the first quarter. 

Too many chasing too little; 

Costain results, Page 8 

UbDems warn 
on privacy law 

Government proposals for new 
legal safeguards against the 
invasion of privacy would 
deter legitimate inquiries by 
newspapers, a Liberal Demo- 
crats committee has warned. 

A consultative paper pub- 
lished for the party’s confer 
ence which opens on Septem- 
ber 18 highlights the danger 
that a privacy law would 
inhibit freedom of expression. 

The press and broadcasting 
working group, beaded by Mr 
Richard Ramp ton, a libel law- 
yer, says invasions of personal 
privacy should continue to be 
dealt with case-by-case by the 
courts. 

Move to close 
pyramid scheme 

The Department of Trade and 
Industry has petitioned the 
High Court to wind up Global 
Pioneers, a pyramid scheme 
which traded from Morecambe 
in Lancashire. 

It said Global Pioneers “held 
oat the prospect of substantial 
earnings to members by the 
redistribution of subscriptions 
of members joining later." It 
believes the scheme had 
attracted about 3,000 members. 

Bifu strike vote 

About 4^00 members of Bifu, 
the banking and finance union, 
working at Guardian, the UK’s 
largest insurance company, are 
being balloted on strike action 
against the company’s refusal 
to offer an across-the-board sal- 
ary increase. 

CORRECTION 

Avonmore Foods 

In yesterday's PT it was 
reported that Avonmore Foods 
had issued a profits warning. 
While the company reported a 
redaction of 9 per cent in pre- 
tax profits for the first half of 
the year, it did not issue a 
warning about future profits. 


Bahrain has traditionally 
offered business opportunities 
to British Nationals. 

MEET BAHRAIN 
IN GCC & BRITAIN 
EXHIBITION '94 



12 - J 8 September 1QQ 
First Floor 
Olympia 2 - London 


BMK 1*03. EBBS UBS, CO 1892 

FT Surveys 



6 


FINANCIAL TIMES 


WEEKEND SEPTEMBER 10/SEPTEMBER 11 1994 


FINANCIAL TIMES 

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

Saturday September 10 1994 

Rising in 
the east 


There is something different about 
Japan this week. No, the current 
round of trade talks in Los 
Angeles has not miraculously 
resolved the country's conflicts 
with the US. But a process that 
will eventually do more to bring 
the two countries closer has 
begun: the Japanese economy is 
growing and its structure is 
slowly changing. 

There have been enough phan- 
tom upturns over the past 18 
months that the news is spoken 
softly. But yesterday even the Jap- 
anese Economic Planning Agency 
included the word “recovery” in 
its monthly economic up-date. 
Growth is still fragile enough for 
caution to be well-placed: real 
GDP may only achieve around lVi 
per cent growth this year, if that 
But Japan's industrialised, trading 
partners should be more encour- 
aged by the emerging pattern of 
growth than its magnitude. 

Politically, things in Japan are 
as murky as ever, as the debate 
over the continuation - and fund- 
ing - of last year's tax cuts carries 
on unresolved. But thanks to the 
past year's fiscal injections, eco- 
nomic prospects in consumption 
and residential investment are 
looking less sombre t han for a 
long time. 

This does not mean that this 
year’s further surge in the value 
of the yen will have no effect. So 
far, the dollar-denomlnated cur- 
rent account surplus has yet to 
show the effect of the re-adjust- 
ment currently taking place. But 
Japanese net exports will almost 
certainly fall in the coming year, 
what is different about this recov- 
ery is the way that re-adjustment 
will occur. 

Japan’s exporters are benefiting 
from economic growth in their 
most important markets: the US, 
Europe, and East Asia. Falling 
competitiveness win probably rule 
out significant export growth, but 
the decline is unlikely to be dra- 
matic. 


Greater improvement 

In contrast to past occasions, 
the country's exporters are finding 
themselves less able to compen- 
sate for losses abroad by raising 
prices at home. The competitive- 
ness of Japanese export goods, in 
dollar terms, has fallen by 25 per 
cent since 1985. But a still greater 
improvement in the competitive- 
ness of foreign goods has hit 
domestic sales of domestically-pro- 
duced goods. The tentative rise in 
domestic consumption is Increas- 
ingly going towards purchases of 
foreign goods. Imports of video 
recorders trebled in July alone. 

Thus the strong yen, coupled 
with the slow process of market 
deregulation, is adding momen- 


tum to the industrial restructur- 
ing taking place in Japan. Given 
the over-capacity left over from 
the 1980s boom, another ingredi- 
ent of the typical Japanese recov- 
ery - surging capital investment - 

is a Isa misa 'ng 

The spur behind recent invest- 
ment has been almost entirely res- 
idential: usually the country’s 
weakest investment sector. Heavi- 
ly-subsidised loans are helping 
young people buy cheap condo- 
miniums for the first time. 
New bousing starts rose at an 
annual rate over 6 per cent in 
July, the fourth monthly rise run- 
ning. 

Saving cate 

What does this very different 
picture of Japan in recovery mean 
for Japan’s trading partners? The 
steady rise in mneiwnftr imports 
will lessen, but not eliminate 
Japan's current account surplus. 
As the Japanese (and others) 
never tire of pointing out, the 
country's high rate of net saving 
will continue to deliver a net 
injection of capital to the rest of 
the world for some time yet. 
Though the population is ageing 
fast, even very old Japanese dis- 
play much higher rates of saving 
than pensioners elsewhere. 

But the destination of this capi- 
tal contribution may well change, 
in fight of recent developments. 
Wider deregulation of the econ- 
omy now has the harking of many 
important business constituencies, ^ 
as well as that of the ruling coali- 
tion. Though it may be held back 
by political shifts, it is unlikely to 
be halted altogether. This means 
that Japanese consumers could 
begin to enjoy a lower cost of liv- 
ing relative to Americans and 
Europeans, whose goods they will 
buy in greater numbers. 

That might give Mickey Kantor, 
the US Trade Representative, and 
his successors less to talk about in 
years to come. Having lost approx- 
imately §32Qbn an their US invest- 
ments since 1986, Japanese inves- 
tors are likely to be more cautious 
of sending their surplus rash to 
the US. Non-portfolio flows may 
concentrate increasingly on Asian 
emerging markets. Japan’s neigh- 
bours could therefore receive the 
benefit of still more of the know- 
how and technological creativity 
which helped Japan grow so rap- 
idly after the war. 

Much could go wrong with this 
scenario, but there is encourage- 
ment to be found in this week’s 
news from Japan. On Thursday, 
Mr Kantor predicted that there 
would be “no breakthroughs" in 
the state of US-Japanese trade 
relations in the near term. He 
may, however, be looking in the 
wrong place. 


T he greatest strength of 
Germany's Chancellor 
Helmut KohL according 
to one of his closest 
friends and admirers, is 
that he is always “hugely underesti- 
mated" by his opponents- 
Now he appears to have got away 
with It again. 

As Germany’s 1994 election mara- 
thon enters the final straight - with 
12 out of 19 elections over, including 
the choice of a new federal presi- 
dent, and just seven to go - the big 

man is back in front, Leaving his 

opponents apparently floundering 
In his wake. 

Less than seven months ago, 
before a party conference of his 
Christian Democratic Union (CDU) 
in Hamburg, Mr Kohl looked practi- 
cally down and out 
His party was trailing the opposi- 
tion Social Democratic Party (SPD) 
by 40.9 per cent to 35.1 per cent and 
the chancell or himaaif looked even 
worse: his popularity rating stood 
at 26 per cent compared with 35 per 
cent for Mr Rudolf Scharping, the 
youthful new leader of the SPD. 

This week, on the eve of two 
important state elections in east 
Ger man y, and just five weeks from 
the general election on October 16, 
the irrepressible Mr Kohl is sitting 
almost pretty: the most recent per- 
sonal ratings give him 40 per rent, 
to only 30 per cent for Mr Scharp- 
ing. As for the CDU, and its Bavar- 
ian sister party, the CSU, they are 
on a combined 40.3 per cent, com- 
pared with 34^ per cent for the 
SPD. 

In spite of everything the opposi- 
tion nan thmw at him, the chancel- 
lor appears unmo ved and unflappa- 
ble. And in spite of all the urgent 
promises the SPD nan make, it does 
not seem to he able to break 
through the barrier of electoral sus- 
picion. 

Mr Kohl's personal performance 
has been remarkable. He has 
scarcely put a foot wrong. For a 
start, he has calmly sat back and 
waited for the economy to turn the 
comer out erf last year's sharp reces- 
sion. All the latest indirae suggest 
the economy has come right even 
faster than the government’s opti- 
mistic advisers expected. Unemploy- 
ment appears almost to have 
peaked at just less than 4m, 
although it was expected to keep 
rising for tbs rest of the year, and 
gross domestic product could end 
the year with a growth rate of at 
least 2J> per cent, compared with a 
rosy government forecast of 15 per 
cent last December. 

Second, he has exploited every 
possible opportunity to hammer 
home his obvious electoral advan- 
tage as an international statesman 
over the relatively untravelled Mr 
Scharping. The great outcry raised 
by government politicians all sum- 
mer over the illegal export of pluto- 
nium from the former Soviet Union 
owed a great deal to the desire to 
remind the German electorate just 
how unstable their eastern neigh- 
bours remain. The subliminal mes- 
sage was clean in an uncertain and 
dangerous world, vote for the devil 
you know. 

The sudden emergence of Euro- 
pean integration as an issue in the 
campaign is unlikely to do the 
chancellor any harm, either. Mr 
Kohl enjoys a substantial reputa- 
tion as a “good European", but the 
one issue which could cost him 
votes is the prospect of eventually 
abandoning the D-Mark In favour of 
a s in g le European currency. 

By allowing his party to publish a 
tough position paper, suggesting 
that future economic and monetary 
union would be based on a hard 
core of only five member states of 
the European Union - Germany 


Firmly footed for 
the final hurdle 


Quentin Peel and Judy Dempsey on 

Helmut Kohl’s revived fortunes in the 
German election campaign 



and France as well as the Benelux 
countries - Mr Kohl may well help 
to reassure some of the doubters. 

Mr S char ping, a worthy but unin- 
spiring candidat e, has failed to set 
the electorate alight, not to mention 
his own party. Only last weekend, 
he was still appealing for his loyal 
followers “not to be down-hearted’'. 
It certainly seemed a bit late in the 
day. 

Having launched his campaign as 
the undisputed leader of the party, 
he has been forced to co-opt his two 
greatest rivals, Mr Oskar Lafon- 
taine, the Saarland premier, and Mr 
Gerhard SchrOdar, the Lower Sax- 
ony premier, as part of an uneasy 
“triumvirate". Mr Scharping’s own 
performance was clearly seen as 
lacklustre by his supporters. 

Perhaps the fetal moment for Mr 
Scharping was in May, when he 
launched, with great fanfare, the 
party’s new tax plans, drafted 
largely by Mr Lafontalne. In them, 
he proposed to cut taxes for the 
lowest paid - in particular the sur- 
charge to pay for unification - at 
the expense of higher income earn- 
ers. The trouble was, that the 
threshold for the better income 
earners of DM60,000 a year meant 
that a very large number erf middle- 
income earners - classic swing vot- 
ers - would be caught It was a 
gesture of electoral suicide. 

And yet all is not over, bar the 
shouting. Mr Kohl is by no means 


home and dry. The result is still too 
close to calL For the complex arith- 
metic of Germany’s coalition-build- 
ing means that Mr Kohl canno t be 
so sure of gaining the overall major- 
ity he needs far his own party and 
his allies, the CSU aud the liberal 
Free Democratic Party (FDP). 

F or a start, the FDP is 
floundering in a state of 
pre-electoral paralysis, 
after a string of resound- 
ing setbacks In earlier 
polls. It is an open question if the 
FDP can win enough votes to give 
Mr Kohl an outright majority, in 
the latest poll published by the 
Allensbach opinion research insti- 
tute in the Frankfurter Allgemeine 
Zeitungthis week, the FDP stood on 
&2 per cent, to give the coalition a 
combined 48.5 per cent - still short 
of the magic 50 percent 
The challenge for Mr Kohl is to 
drag the FDP up with his own 
revived momentum. Indeed, Mr 
Klaus Kinkel. the FDP party leader, 
seems to be begging for votes on 
just that basis: his message at his 
election launch rally in Nuremberg 
was “vote for us, to re-elect the 
coalition”. 

But it is not his allies who may 
end up giving Mr Kohl the greatest 
headache. Ironically, the party 
which could end up holding the real 
key to the result is the Party of 
Democratic Socialism (PDS) - the 


reformed old East Germany Social- 
ist Unity party (SED), the Commu- 
nist party. 

Tomorrow’s elections in the east- 
ern states of Brandenburg and Sax- 
ony will give the clearest indication 
so for about just how the long-suf- 
fering east German electorate will 
vote in five weeks. Battered by soar- 
ing unemployment, by the collapse 
of their tr aditional industrial econ- 
omy, and the disappearance of all 
the old certainties in their grim 
co mmunis t lives, the east Ge rmans 
are confused, divided and yet 
resigned. Those who have jobs are 
satisfied. Those without are bitter. 
The opinion polls seem often to be 
wide of the mark. Many may not 
vote at afl. Others will vote with 
varying degrees of enthusiasm for 
western parties. And others are 
dearly turning back to the PDS in 
protest at the confusion in their 
fives. 

So fer. the threeparty-dommated 
west German system of Christian 
Democrats, Social Democrats, and 
Free Democrats has not taken root 
in tiie east Instead, to the horror 
and ama»m»nt of most westerners, 
the former communists are picking 
up a very healthy proportion of the 
votes - up to 20 per cent 

The PDS, which inherited the 
SED's organisational structure, 
including a well-disciplined grass- 
roots movement has 130,000 mem- 
bers, of which 90 per cent were SED 


members. This is still less than a 
tenth of the former Communist 
party, but the PDS still boasts the 
biggest paid-up political member- ^ 
ship in east Germany. * < 

With between 15 per cent and 20 
per cent support the PDS is the 
third largest in east Germany after 
the SPD and CDU. On an all-Ger- 
man basis, however, it still would 
not gain the 5 per cent minimum 
seeded to gain seats in the Bundes- 
tag, the directly-elected Iowa- house 
of parliament What the party is fer 
more likely to win is three directly- 
elected members of the Bundestag, 
if they can gain an outright major- 
ity in the first round of voting: and 
if the party can do that it automati- 
cally qualifies for representation 
a oiw drn g to whatever proportion of 
the national vote it won, even if less 
than 5 per cent 

That is the horror scenario feeing 
both Mr Kohl and Mr Scharping. 
For if the PDS does not get into the 
Bundestag in October, it will be pos- 
sible to form a coalition govern- 
ment of right or left with less than 
50 per cent of the vote. If the PDS 
does win through, it could prevent 
either side forming a coalition with 
its natural partners. The end result 
could be one nobody wants: a 
Bo-called Grand Coalition of CDU 
and SPD, leaving the job of opposi- 
tion to the minorities and the 
extremists, including the PDS, the 
Greens, and the FDP. 

The result is that, in spite of its 
virtual non-existence in the west, 
and its uneven showing in the five 
eastern states, the PDS has been 
singled out as the bogey-man in the 
election wimpaign, by all the main it 
western parties. 

One of the reasons for this char- 
acterisation is that over the past 
year, the PDS ban manag ed to erode 
the s up p ort held by the SPD in east 

Ge rmany It baa aim manag ed tO 
ca pita Hag o& its image as the raw 
genuinely “home-grown" party in 
the east, in contrast to the imported 
SPD, FDP and CDU. 

Given the social conditions in the 
east, with unemployment in some 
areas exceeding 50 per cent, the 
SPD might have been expected to 
flourish. Mr Scharping has fought a 
campai g n dedicated to social jus- 
tice, and his controversial tax 
reforms to aid the low-paid at the 
expense of the better-off, should 
also appeal to voters. But the tax 
proposal has not really helped, at 
least so fer, in either east or west 
Mr Kohl’s CDU has launched a 
massive publicity onslaught against 
the PDS, and sought to farnteh the 
SIT} with the same brush. The CDU 
suggests that the Social Democrats 
can only hope to gain power In 
Bonn with PDS support According 
to the latest polls, the SPD plus the 
Greens, their closest allies, would 
have 44.4 per cent of the vote. With 
4.4 per cent from the PDS, they 
could be just in front erf the ruling 
coafithm. 

Mr Scharping has flatly redacted 
any such solution, but the voters do 
not really believe him. Some 54 per 
cent are convinced that if it was a * 
question erf gaming power, the SPD 
would accept overt or tacit PDS sup- 
port So the onslaught cm the for 
mar communists is stepped up. 

And yet the ultimate irony is this: 
the more the western parties attack 
the PDS. the more eastern voters 
appear inclined to back It after afi. 

It is as if east German voters feel an 
instinctive solidarity for “one of 
theirs”. Mr Kohl Is therefore tread- 
ing a very delicate path. 

All the evidence suggests that he 
must have done ennngh to be re- 
elected, albeit by a narrow margin. 

But his efforts to ensure that out- 
come could trip him up at the very 
fina l hurdle. 


Men IN the News: The Savoy board 


Five men in a 
bit of theatre 



I t's show time!" exulted one 
City analyst as the curtain 
rose on the latest act in the 
Forte group's battle to take 
over Savoy hotels. Founded by 
Richard D'Oyly Carte, manager of 
Gilbert and Sullivan, the Savoy has 
never lacked dramatic flair. 

In the past week, a Savoy director 
has admitted he told a journalist 
the subject of a document on his 
desk - but added that anyone who 
suggested he had revealed the 
details would bear from his solici- 
tors. His chairman said it was a 
perfectly acceptable explanation but 
he had had enough of the whole 
Savoy business anyway. 

A managing director has issued a 
statement from a board which was 
astonished to hear it had met The 
managing director is packing his 
desk as a result And the man who 
could decide how the story ends 
reins a golf course and was once 
cornered by police in the south of 
France suspected of being Lord 
Lucan. 

On Tuesday, four of the principal 
characters in the saga will meet 
their fellow Savoy directors to see if 
they can resolve the issues raised 
by the week's events and other mat - 
tere which date back 13 years, since 
Forte first began its quest for con- 
trol. Forte now has 68 per cent of 
the shares but only 42 per cent of 
the votes. 

The four are Sir Anthony Tuke. 
74, the Savoy's chairman for 10 
years who is desperate to retire; Mr 
Rocco Forte, chairman of Forte and 
a Savoy director since toe two sides 
agreed an uneasy truce in 1989; Sir 
Michael Richardson, who has just 
announced his retirement as chair- 
man of securities house Smith New 
Court and who did not leak the doc- 
ument to toe Sunday papers: and 
Mr John Sinclair, Lucan lookalike, 


who is chief executive of an East 
Sussex golf course, and controls 
shareholding trusts which could 
give Forte control of the Savoy. 

The fifth character - Mr Giles 
Shepard, Savoy’s manag in g director 
- will probably not be at the board 
meeting, and, if he is, it will be for 
the last time. After 15 years of run- 
ning the Savoy group - whose 
hotels include the Savoy, Claridge’s 
and the Connaught - he is leaving, 
possibly as early as Monday. Some 
directors are thought to favour as 
his replacement Mr Ramon Pajares, 
the Spanish-born general manage r 
of the Four Seasons (formerly the 
Inn on the Park), one of London's 
most respected hotels. 

The unfailingly courteous Mr She- 
pard always opposed a Forte take- 
over, saying the hotels would lose 
their character. 

Mr Shepard, one of whose hobbies 
is embroidery, has definite ideas on 
the right and wrong way to do 
things. He is always impeccably 
dressed. Mr Forte once said he 
would not employ Mr Shepard as a 
doorman. The oft-told story that Mr 
Shepard then greeted Mr Forte at 
the Savoy dressed as a doorman is 
nonsense; Mr Shepard has his own 
uniform, which includes a waist- 
coat. tie pin and highly polished 
shoes. 

it is true that Mr Shepard and Mr 
Forte have no great regard for one 
another. But Mr Forte has tried to 
put his acrimony aside. Instead, he 
has spent the past months persuad- 
ing fellow directors that the prob- 
lem with toe Savoy hotels is they 
are not well run, turning in profits 
of only £725,000 last year on turn- 
over of £88 -3 m. 

Mr Forte's tactics have been effec- 
tive. Several of Mr Shepard's allies 
deserted him - or began to listen to 
what Forte had to say. One who 


began listening was Mr Sinclair. Mr 
Sinclair, who is 41 today, is steeped 
in Savoy culture. He was a Savoy 
management trainee, reception 
manager at Claridge’s and general 
manager of the Lancaster, the 

Savoy's Fans hotel He became a 
Savoy director last year with Mr 
Shepard's support. 

Mr Sinclair Is trustee for some of 
the Interests of the family of Sir 
Hugh Wontner, Savoy president 
until his death in 1992. Sir Hugh 
ferociously opposed Forte, but trust- 
ees have to be guided by their bene- 
ficiaries’ Interests (ratter than sen- 
timent) on the question of whether 
the Savoy hotels’ performance 
would improve if they were merged 
with Forte's luxury establishments. 

The discussions continue. If Mr 
Sinclair allies himself with Forte, it 
would give the latter control with- 
out spending another penny. 

Sir Anthony Tuke, a Savoy loyal- 
ist throughout the 1980s battle 
against Forte is credited by both 
sides with having taken an even- 
handed approach, since the truce 
and Mr Forte’s accession to the 
board. He hopes to announce his 
replacement on Tuesday. 

Several close observers believe 
Sir Michael Richardson would like 
to be chairman. Sir Michael was 
also on the Savoy board during the 
initial battle but he too drifted over 
to the Forte side. 


It was while he was being inter- 
viewed earlier this month about his 
retirement from Smith. New Court 
that a journalist asked him about 
Mr Shepard’s document lying on his 
desk. Sir Michael says he told the 
journalist it was about the Savoy 
but revealed no details - an 
explanation accepted by Sir 
Anthony. 

Some of the details did appear, 
however. Mr Shepard issued a state- 
ment which said: “The board of the 
Savoy group is dismayed that one 
non-executive director, for his own 
reasons, has decided to discuss 
confidential papers with the 
press." 

The board, however, had issued 
no such statement Mr Shepard had 
acted on his own. apparently con- 
vinced that, as the guardian of the 
group’s spirit and traditions, he 
could speak on Savoy’s behalf. The 
board, however, had moved on. 
leaving Mr Shepard behind. Sir 
Anthony’s even-handedness 
towards Mr Shepard ended. He 
described his behaviour as "extraor- 
dinary”. 

This week, the two warring sides 
hope to put the dissension of 13 
years behind tWi and appoint a 
new chair man and a managing 
director who represent them 
alL 


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are set out in die Offer Document. 

The Offer is not being made direedy or indirectly in, or by the use of the mail* of, or by any 
means or instrumentality of interstate or foreign commerce of, any facilities of a national 
securities exchange o£, the United States or Canada. This includes, bur is not limited to, 
facsimile transmission, telex and telephone. Persons wishing to accept the Offer should not 
use such mails or any such means or instrumentality for any purpose directly or indirectly 
related to acceptance of the Offer and so doing may invalidate any proposed acceptance. 

The Offer is being made by means of toe Offer Document and this advertisement and, subject 
to the despatch of the Offer Document, will be capable of acceptance front and after midnight 
on 9th September, 1994. Acceptances of the Offs- should be received by not later than 
3.00 pja. on Friday, 30* September, 1994 (or such later timers) and/or date(s) as Stanhome 
may, subject to toe rules of toe Code, deride). Copies of toe Offer Document and Form of 
Acceptance will be available for collection from Goldman Sachs, Peterbo rough Court, 133 
Fleet Street, London EC4A 2BB. 

The Directors of Stanhome and Stanhome Inc. accept responsibility for toe information 
contained in this ad ver tisement and, to toe best of their knowledge and belief (having taken 
all reasonable care to ensure that such is toe case), the information contained in this 
advertisement is in accordance with toe facts and does not omit anything likely to affect die 
import of such information. 

In (fail adv er t i s e ment "United S rates" means the United States of America (indnding the thereof 

and die District of Cohsnbu), ha territories, its possessions and other areas subject to in jurisdiction. 

Hus advertiaonenc is pidditoed on behalf of Sranbome and has been approved by Goldnan Sadis, Which 

b a member of Hie Securities and Futures Authority, for the jnirposes of section 57 of the Financial 
Services Art 1986. 

Goldman Sachs is acting for Stanhome Inc. and Stanhome and for no one else in connection with die 
Offer and wiD nor be responsible to anyone other than Stanhome Inc. and Stanhome for the protections 
provided to customers of Goldman Sachs or for prodding advice in relation to the Offer. 

9th September, 1994 


Michael Skapinker 









FINANCIAL TIMES WEEKEND SEPTEMBER 10/SEPTEMBER 1 1 1994 


Russian defence salesmen may not 
look smart, but they should not 
be written off, says Bruce Clark 

Reds alert in 
hostile skies 


A ppearances can be 

deceptive - especially 
in the world of 
defence. The Russians 
were not the smartest figures 
at this week’s Farn borough 
Air Show. They could not 
afford expensive stands with 
imaginary high-tech battles on 
giant video screens; and they 
have something to learn about 
the production of glossy corpo- 
rate literature in the peculiar, 
breathless style cultivated by 
arms companies. 

They are, however, finding 
customers — and not just 
among forma* allies. 

With their craggy, lived-in 
faces, Russian pilots are glam- 
orous figures In their own, 
no-nonsense way, bnt they 
lack the permanent s u m fan* 
affected by their western coun- 
terparts. 

They often also have less 
cash. About half the exhibitors 
who came from Moscow to 
Farnborough two years ago 
could not afford to return. 
“Our engineers are paid miser- 
ably. They only get 250,000 
roubles and they could main* 
2m roubles a month from a 
back-street trading business," 
said one saltpan an 
Though some of the first 
fruits of east- 
west co-opera- 
tion in crritian 
aviation were 
on display - 
including the 
new Ilyus- 
hin-96, a wide- 
body passenger 
aircraft with 
engines from 
Pratt & Whit- 
ney oT the US- ! 
aficionados of ; 
military air- 
craft had to 
search a bit 
harder for the 
Russian contri- 
bution. 

The Tsagl 
institute, one of 
the cradles of 
Soviet research 
and space, was 
seated - at the exhibition 
staid of the UK government’s 
Defence Research Agency, Its 
partner in a recent co-opera- 
tion deal. 

However, Professor German 
Zagatnov. Tsagt director, was 
keener to stress the civilian 
uses of his institute’s work in 
theoretical aerodynamics: 
from the measurement of gas 
flows to the drying of timber. 
Tsagl has had remarkable suc- 
cess in contracting out the use 
of its facilities near Moscow to 
aerospace companies from the 
US, Britain and Germany 
without arousing fears that 
commercial or military secrecy 
will be compromised. 

“We are used to respecting 
confidentiality of our clients,” 
said the professor, whose well- 
cut suit and courteous man- 
ners marked him out as Farn- 
borongh’s most polished Rus- 
sian. “For years, we worked in 
conditions of absolute 
secrecy,” he added, with the 
hint of a smile. 

Yet the west would be mak- 
ing a bad mistake If it took the 
Russians’ low-key style as a 
sign they can be written off. 

The Russians have a quiet 
certainty about the superiority 
of their products. Mr Viktor 
Pnzanov, chief engineer at 
MAPO, manufacturer of the 
legendary Mig fighter, is con- 
vinced that the latest models 
can bold their own against any 
challenge from US or Euro- 
pean rivals. 

Migs are already In service 
in 40 countries, mostly former 
Soviet allies. For MAPO, 
June’s $550m sale of 18 Mlg-29 
aircraft to Malaysia was a 
landmark success: achieved in 



Russian Mig: competitive 


in aviation 
well repre- 


a region long seen as subject 
to western commercial and 
political Influence. 

Besides the Migs, Russia's 
greatest hopes Be with work- 
horse helicopters such as the 
Mi- 17, made by the heli- 
copter company in Tatarstan 
and favoured by oilmen and 
geologists in remote parts of 
Latin America and Indochina. 
“I’ve been flying these helicop- 
ters for 20 years and I have 
never heard of a mfiehantrai 
failure,” said Mr Yuri Ponrin, 
a MI-17 representative, to a 
sceptical westerner. “They are 
as sturdy as tractors.” 

It is i m portant for the Rus- 
sian salesmen to break out 
from traditional markets. The 
Russian defence industry is 
undergoing a painful, but pos- 
sibly invigorating, shake-out 
On one hand, the virtual 
freeze on weapons procure- 
ment imposed by the govern- 
ment two years ago is drawing 
blood, with lay-offs and fac- 
tory closures. On the other, 
Russia has Identified defence 
equipment as one of the few 
industrial products in which it 
has an advantage. President 
Boris Yeltsin threw bis weight 
behind the creation this year 
of a state agency, Rosvoornzh- 
enie, which will 
monopolise the 
export of guns 
and 

On paper, 
Russian arms 
sales have 
plunged since 
the Soviet col- 
lapse, from an 
annual level of 
almost $10bn a 
year - compa- 
rable with the 
US - to barely 
$2bn. But these 
figures are mis- 
leading. hi the 
Soviet era, 
arms deliveries 
to allies were 
on such soft 
terms as to be 
virtually free. Only since 1992 
has Russia properly entered 
the commercial arms race. 

One country with which 
Russia has rapidly revived its 
defence relationship is India. 

A group of Indian business- 
men, based in Singapore, has 
Joined the makers of Mig in a 
joint venture known as Mlg-A- 
pio, which will try to facilitate 
the purchase of Russian air- 
craft by Aslan governments. 
“The aim is to respond more 
flexibly to our clients’ needs 
and get away from the inertia 
of the state sector,” said a rep- 
resentative from MAPO. The 
Malaysia deal Illustrates what 
that flexibility can mean: part 
of the payment is in palm oil 
The Indian government, 
meanwhile, is giving Russia 
the job of upgrading more 
than 100 of its Bfig-21 fighters. 

It is hoped this will encourage 
the world's other Mig users to 
upgrade their aircraft with 
Russian help, rather than buy 
new western aircraft 
As Tass news agency com- 
mented caustically last month, 
Russian Migs have been stud- 
ied by the Royal Air Force in a 
manner that “did not exclude 
the chance of encountering 
them under combat condi- 
tions”. This does not, of 
course, mean the RAF expects 
to go to war with Russia; but 
the greater the success of Rus- 
sia’s marketing campaign, the 
more likely it is that the west 
will find itself In confronta- 
tion with a country that is one 
of Moscow’s customers. 

Companies that supply mili- 
tary aircraft to western gov- 
ernments do not view this 
prospect as an unmitigated 
disaster; it is the kind of thing 
that keeps them in business. 


Dreaming spires on city rubble 


L ondon's docklands may soon 
have an academic ivory tower 
to go with the spectacular 
glass skyscraper at Canary 
Wharf. Plans were unveiled this week 
to build a £6Qm university campus on 
derelict land in the Royal Docks, in 
partnership with the London Dock- 
lands Development Corporation, the 
local regeneration agency. 

The project is the latest in a series 
of innovative schemes where universi- 
ties are taking a tearing role in the 
regeneration of UK cities. These 
include several other new campnacs 
and a host of smaller projects such as 
science parks and student housing. 

The partnership between universi- 
ties and urban regeneration agencies 
is bringing benefits for both sides. 
Universities create jobs, provide train- 
ing and other support services for 
business, and stimulate the local 
economy through spending by stu- 
dents and staff In return, they get 
access to government urban regenera- 
tion grants at a time when funds for 
university expansion are limited. 

The docklands project involves four 
local universities in plans to build a 
campus to cater for up to 5,000 stu- 
dents. Centred around a new Technol- 
ogy Institute, it will offer courses tai- 
lored to the needs of local employers, 

SUCh as Twpdi a l dfffflETI fl TKi r/wnmiini. 

cations, business studies and health. 

The London Docklands Develop- 
ment Corporation has committed 
S4.1m to the plan, arguing that it will 
be a “powerful s timulan t for eco- 
nomic and social regeneration" in the 
area to the east of the capital. Support 
has also come from the London East 
Training and Enterprise Council, 
Newham Borough Council and Lon- 
don First, t-hn business-led organisa- 
tion set up to promote the capital 
The project’s sponsors hope that the 
new Royals University College will 
create up to 2,000 permanent jobs. 

A similar project is just completing 
its first phase in Sunderland, where 
the university, a former polytechnic, 
is b uilding a spec tacular new campus 
on the site of a former ship fitting-out 
yard and dock. It will provide a home 
for four faculties, inrimting business 
studies, computing and information 
systems, and art and design. Other 
parts of the riverside will be redevel- 
oped as student accommodation. 

For the university, the project pro- 


UK universities used to build on greenfield sites. Now they pick 
run-down urban areas, say John Authers and John Willinan 


•! • y; : ; : 

. ... .. 

"• — — --- ■ ■ - i r * i — 






MUus Bknluwp 

On the river bank: Sunderland University is building a new campus (in the background) and student flats (foreground) 


vides much-needed space for expan- 
sion, on a site where the Tyne and 
Wear Development Corporation has 
been prepared to pump in £4m. The 
balance of the cost, forecast to be 
about £40m, will come from the 
higher education funding council and 
the university itself 

“Funding councils are very pleased 
when institutions can get financial 
leverage from other sources," says Dr 
Anne Wright, the university's 
vice-chancellor. 

For Mr Alastair Balls, chief execu- 
tive of the development corporation, 
the campus is the centrepiece of a 
strategy to regenerate the mouth of 
the Wear. Large businesses, such as 
the Nissan car factory, prefer spa- 
cious greenfield sites on the outskirts 
of the city with room for expansion. 
The university creates a new focus of 
activity on a waterfront that once 
housed the area's heavy industries. 
“It will bring new vitality to the area 
and put Sunderland firmly on the aca- 
demic map of Britain,” he says. 

Building the new campus will cre- 


ate the equivalent of 200 full-time jobs 
in construction. When it is completed, 
about 1,500 permanent jobs are expec- 
ted to follow. These include university 
employees, with 600 new staff in edu- 
cation and support services. The rest 
will be in the surrounding commu- 
nity, in businesses meeting the needs 
of staff and students. 

The value of a university to the 
local economy is increasingly recog- 
nised outside big urban centres. Cam- 
paigns have been launched to bring 
higher education institutions to towns 
such as Lincoln and Gloucester. 

In Manchester, the three universi- 
ties in its “higher education precinct” 
employ a third of the city centre's 
population. “Higher education means 
serious money for Manchester,” says 
Mr John Glaister, Central Manchester 
Development Corporation’s chief exec- 
utive. “It was £517m a year at the last 
count, and its value to the city’s busi- 
ness economy is incalculable.” 

For many “new” universities, for- 
merly polytechnics, involvement in 
urban regeneration is not just an easy 


way to raise capital when public 
funds are scarce. Often based on 
inner-city sites, they see their scope 
for growth lying in partnerships with 
local businesses, community organisa- 
tions and development agencies. 

Such universities believe something 
of a virtuous circle could be created: 
they will be in greater demand if the 
local economy is flourishing and there 
is a demand from local businesses for 
education and training. 

Moreover, such universities will 
also do better in attracting students if 
their environment is safe and attrac- 
tive, says Professor David Chiddick, 
an executive pro- vice-chancellors at 
de Montfort university, which has 
four campuses in the east Midlands. 

“We are more likely to attract 
women to sign up for part-time busi- 
ness studies courses in the evening if 
they feel secure about entering the 
area on their own," he says. “I’m very 
anxious that the area around us is 
financially viable.” 

Prof Chiddick is closely involved in 
the government-funded City Chal- 


lenge scheme, in the area around its 
Leicester campus. A town planner by 
profession, lie is convinced that uni- 
versities have a role to play in bring- 
ing businesses back into the city cen- 
tre. “We can offer facilities that will 
attract businesses into the urban 
environment,” he says. 

Like several other higher education 
institutions, de Montfort has set up a 
technology transfer and training cen- 
tre to do just that But the centre also 
brings benefits for the university, he 
says. “We have good ideas that have 

withered or been kept within a 
research environment." he says. “The 
centre allows us to test whether they 
have commercial applications." 

he need for more co-opera- 
tion between universities and 
urban regeneration agencies 
is underlined by the Commit- 
tee of Vice-chancellors and Principals, 
the co-ordinating body for university 
managers. It is lobbying agencies 
such as development corporations to 
make more use of higher education 
institutions. The committee's chair- 
man, Professor Kenneth Kdwards. 
vice-chancellor of Leicester Univer- 
sity, says: “All universities have 
grown out or their local communities. 
As they developed into the universi- 
ties of today, with their national and 
international dimensions, they have 
retained this local focus.” 

It would probably be more accurate 
to say that some, at least, have only 
recently rediscovered their local 
roots. The new universities of the 
1960s such as Sussex, Warwick and 
York were built on greenfield cam- 
puses outside provincial centres, far 
removed from the inner cities. 

At Warwick in 1970, there was a 
bruising student sit-in after students 
discovered links between the univer- 
sity and local businesses. The univer- 
sity's most famous don, the radical 
historian E.P. Thompson, resigned in 
disgust, penning a book called IVinr- 
wick University Ltd. 

Today, 51 per cent of Warwick's 
Income is earned from the private sec- 
tor. And the archive of trade union 
history started by Prof Thompson is 
housed in a £4m library funded by oil 
company BP. The university is now 
one of Coventry’s 10 largest employ- 
ers, and no longer wants to keep its 
links with the local economy a secret. 


Financial programmes are back in fashion, but 
will enough people watch, asks Raymond Snoddy 

TV adventure that 
shows business 


T he trouble with busi- 
ness televirion in the 
past has beat that it 
has not amounted to 
much of a business. Business- 
men may be happy to appear 
on television and, of course, 
they are desirable targets for 
advertisers. But catching them 
in front of the screen has been 
a much more difficult task. 

That may be about to change 
as leading broadcasters and 
infamuitinna] business informa- 
tion providers use the latest 
technology to try to entice 
businessmen to switch on 
more often. 

On Thursday Dow Jones, 
publisher of the Wall Street 
Journal, and FI extech, the 
media group controlled by US 
cable group Tele-Communica- 
tions of Denver, said they 
planned to launch a 
round- tb e-clock business chan- 
nel in February. European 
Business News will be broad- 
cast by satellite and carried on 
cable network. There will also 
bea specialist service aimed at 
the screens of market profes- 
sionals. Dow Jones is already a 
partner in the satellite chan- 
nel, Asia Business News, 
launched last year in Singa- 
pore. 

Also on Thursday, NBC 
Soper Channel, the pan-Euro- 
pean satellite broadcaster 
whose US parent company 
operates the CNBC business 
channel, annnnnBiH an expan- 


sion of its coverage. 

From January 3, NBC Super 
Channel will broadcast Euro- 
pean Money Wheel - five hours 
of live business programming 
which will focus on the main 
financial and business mar- 
kets. The morning European 
Money Wheel segment will be 
followed in the afternoon by 
CNBC live from the US, before 
giving way to non-business 
progra mming tn the evening. 

NBC Super Channel has not 
ruled out becoming a 24- hour 
business channel by ad d in g an 
Asian Money Wheel to its exist- 
ing Asian business service. 

Likely to p rovid e the Euro- 
pean Input is FITV, the televi- 
sion arm of the Financial 
Times, which already provides 
two live 30-minute business 
programmes each weekday for 
NBC Super Channel. It is on 
the verge of signing a deal to 
provide the new European 
Money Wheel section, though 
neither organisation would 
confirm this officially last 
night 

That means that by early 
next year the two rival busi- 
ness publications, the Finan- 
cial limes and the Wall Street 
Journal, will be involved in 
head-to-head confrontation for 
the business television market 
in Europe - though not 24 
hours a day. 

The activity is in marked 
contrast to a few years ago, 
when an early attempt to cre- 


ate a European business chan- 
nel failed. The Zurich-based 
European Business channel 
went Into bankruptcy in June 
1990 after a possible rescue 
from Time Warner, the US 
media group, fell through. 

A similar revival of interest 
in business programming is 
taking place in terrestrial tele- 
vision. In 1991, after four years 
on air, Channel 4 closed down 
its Business Daily having 
decided that its stretched 
resources should be used for 
business documentaries, rather 
than reaching about 350,000, 
often retired viewers on week- 
day lunc htim es. 

Yet on September 19 the BBC 
will launch Working Lunch, a 
new half-hour programme five 

days a week, 

intended to 
explain the 
business 



looking at it [a general busi- 
ness channel], but we have not 
been able to see bow it can be 
done profitably,” says Mr 
Wood. 

Apart from its specialist 
channel. Reuters Financial 
Television, which usually only 
broadcasts when there is a 
market-moving interview or 
announcement, the group pre- 
fers to make 


rr«« _ . 'h, s_ programme 

Th e activity IS in segments for 

and marked contrast to Other broad- 


financial world. 

To some in 
the media 
industry, the 
flurry cf inter- 
est is surprts- 
ing. Mr Mark Wood, editor-in- 
chief of Reuters news and 
information group, which this 
year launched a specialist 
financial televirion service for 
market professionals, is scepti- 
cal about the prospects for 
more general business chan- 
nels, such as that p lanner! by 
Dow Jones and Flextech. 


a few years ago, 
when an early 
attempt failed 


casters. 

In spite of 
such scepti- 
cism, Mr Mich- 
ael Connor, the 
managing 
director of European Business 
News who is beginning talks 
with cable operators about car- 
rying the new channel. Is opti- 
mistic there Is a market for a 
quality channel offering “news 
for business people”. 

Dow Jones appears to be 
intent on creating a worldwide 
network of both general busi- 


“IFs a bold move We keep ness, and specialist, channels 


for market professionals. In 
Aria, for instance, it is experi- 
menting with a specialist ser- 
vice to complement the exist- 
ing Asia Business News. In the 
US, the company is thinking 
about adding a general channel 
(to challenge CNBC ) to its 
existing specialist outlet, Dow 
Jones Investor Network. 

Its plans for Europe appear 
to be built on a conviction - 
rather then evidence - that 
there is a market for such ser- 
vices. There are no Firm esti- 
mates of likely audiences. 
Even in Asia, after nearly 10 
months on air, Mr Chris 
Graves, managing editor of 
Asia Business News, can only 
say that the channel, which 
can be picked up from Taiwan 
and southern China to Thai- 
land and eastern India, is now 
available in between I2m and 
16m homes. 

He has. however, had letters 
from the Solomon Islands and 
reports that his audience 
includes businessmen such as 
Mr Richard Li, founder of Star 
Television, the Hong Kong- 


based satellite broadcaster. 

Similarly, NBC Super Chan- 
nel argues that it has a big 
reach on which to build an 
audience. It says it can be 
received in a total or 60m 
homes in Europe, former 
Soviet states, the Middle East 
and north Africa - 33m on 
cable networks and a further 
27m through terrestrial 
retransmission. 

Nevertheless, as the multi- 
milUon-pound business televi- 
sion battle begins to intensify, 
there is more than a degree of 
caution in the advertising 
world. “Newspapers are a 
much better way to reach busi- 
nessmen. There's much less 
waste,” says Mr Adam Smith 
of Zenith, the media buying 
arm of advertising group Saat- 
chi and Saatchi. 

If business television is to 
become a proper business in 
Europe, it will increasingly 
have to depend on subscription 
revenue from cable operators, 
as well as advertising. It will 
also have to prove business- 
men want to watch. 


Pattern of EU progress 
leaves public feeling 
frozen out by Eurocrats 


LETTERS TO THE EDITOR 


Number One Southwark Brid; 

Fax 071 873 5938. Letters transmitted should be clearly typed 


London SE1 9HL 

not hand written. Please set fax for finest resolution 


From Mr Mark Libby. 

Sir. I read with interest your 
editorial, “The chance for a 
Euro-debate” (September 5), 
about a multi-speed Europe. 

Openness to the extension of 
the “hard core" and minimum 
EU membership requirements 
will not be enough for this 
model to work. Farther democ- 
ratisation of the European 
Union will also be necessary. 
Even after Maastricht, demo- 
cratic accountability under- 
mines the moral legitimacy or 
the European Union and 
endangers both the process of 
integration and the process of 
enlargement 

Until now, integration arid 
closer co-operation among EU 
member states have been ham- 
mered out by national politi- 
cians in a relatively behind- 
the-scenes manner This pat- 
tern cannot be sustained. It is 
alienating to ^electorate and 
leaves the public mth the 
impression that it has b^n fro- 
zen out by “Eurocrats . This 
process also Unks European 
integration firmly to the 


Incumbent and often unpopu- 
lar national governments who 
make the decisions. This dis- 
courages public debate of Euro- 
pean issues on their own mer- 
its. 

In a similar fashion, the dem- 
ocratic deficit undermines a 
key element in the logic of wid- 
ening the EU. Membership of 
the Union will do little to 
“reinforce parliamentary 
democracy” in eastern Europe 
if policy-malting at the Euro- 
pean level does not incorporate 
greater democratic consulta- 
tion. As European cooperation 
grows stronger, decisions made 
at the EU level will take on 
greater importance. Eastern 
and western Europeans alike 
will want a greater say as this 
process goes forward. But, 
however noble its end-goals, 
the current Byzantine horse- 
trading which characterises 
EU politics has little more 
legitimacy than a Soviet-era 
potttburo. 

Mark Libby, 

72 Rogers Avenue, 

Somerville, MAQ2144, OS 


The critical factor in 
population growth 


From Mr John Montagu. 

Sir, Edward Mortimer 
(“False alarm in Cairo”, Sep- 
tember 7) and others at last 
begin to reveal one of the 
underlying development mes- 
sages of the Cairo conference 
which have been blurred by 
the more newsy antics of more 
fanatical priests and mullahs. 
Women’s economic power and 
consumer choice, where it has 
been allowed to develop, is 
already malting an impact on 
the growth of world population 
and may ultimately prove the 
most critical factor - more 
titan education. 

I visited a women’s economic 
activity development project in 
Orissa recently on behalf of the 
international charity Care, and 
was impressed by the potential 
gaming s and savings power of 
rural women employed in a 
variety of small businesses. 


This scheme is linked directly 
with a government nutrition 
programme in which families 
benefit from a range of health 
and childcare advice, while 
mothers have the chance to 
meet and share ideas for 
i m p r ovi ng their income. 

It is only within this social 
and economic structure that 
women cease to be mere child- 
bearers anti have the opportu- 
nity to plan their families in 
the broadest sense. 

In many countries they of 
course start at a considerable 
disadvantage, bnt it has been 
shown that in the least 
advanced rural economies 
there is often potential for 
the most dramatic social 

chang e 

John Montagu, 

Mapperton House. 

Beandnster, 

Dorset DT8 3NR 


Problem of own making 


From Earl RusselL 
Sir, Jonathan Aitken’s com- 
ments on the growth of hous- 
ing benefit (“Aitken targets 
housing housing benefit”, Sep- 
tember 6) are an example of 
what John Stuart Mill called 
the “inability of the unanalytic 
mind to recognise its own 
handiwork". He quotes figures 
for the growth of housing bene- 
fit since 1988, that is since the 
1988 Housing Act deliberately 
adopted a policy of forcing up 
rents which has led, as could 
have been foreseen, to the 
growth of housing benefit The 


government picked the rod for 
its own back. 

Cuts in housing benefit with- 
out rent reductions will make 
more people homeless - just 
when the route of the homeless 
into permanent rehousing is 
being closed. This will lead to 
much higher expenditure on 
temporary housing and to a 
rapid growth in street begging. 
I fear the prime minister might 
find it an eyesore. 

Russell, 

Liberal Democrat spokesman. 
House of Lords, 

London SW1 


Easier to bring to account 


From Mr Stephen B Brass. 

Sir, Government refusal to 
legislate for the interest on 
non-payment of accounts is but 
a s mall part of the UK business 
scene which has long since 
branded ns as a third world 
country (“Venturing capital", 
August 25). Some of the others 
are: 

1) The right to bounce 
cheques ad infinitum. 

2) The time taken for courts 
to approve debts. Even when 
debts are approved for collec- 
tion, the system for doing so is 
outrageous, with bailiffs rarely 
visiting as required - and 
going away as soon as someone 
says “boo”. The time they take 
is sufficient to allow anyone to 
disappear with any remaining 
assets. 

3) Complex court procedures 


for redress. They are as costly 
as for any complex action, 
when they should be part of a 
simple “business court” and 
easy to operate in a business 
climate. 

Business disputes should be 
able to go through the business 
court directly if the parties do 
not wish/are unable to go 
through the various agencies 
currently available, most of 
which do not have any legal 
standing. 

For an easy reference to 
countries which operate easy, 
workable and efficient systems 
I suggest examination of 
systems in operation in Swit- 
zerland and Germany. 

Stephen B Brass, 

Stephen B Brass (Agencies). 

SSa The Broadway. 

London NW7 3TB 


Keep a sharp eye on Spanish property contract, not the Sangria 


From Mr Ian S Blackshaw. 

Sir, I read with great interest 
Gerald Cadogan’s article on 
Spanish property (Mediterra- 
nean Property, August 13/14) 
and, in particular, his warning 
against the vendor inclu d ing a 
clause in the contract of sale, 


under which the purchaser 
becomes responsible for all the 
debts and taxes of the prop- 
erty. Such a clause can, con- 
trary to what the General 
Spanish Law otherwise pro- 
vides, add quite substantially 
to the price. 


This underlines the need not 
only for professional legal 
advice to be taken at an early 
stage in any Spanish property 
purchase, but also the need to 
follow the common sense pre- 
cept that one should not sign 
anything, especially in Span- 


ish, which one has not read or 
understood, particularly after a 
jug or two oF Sangria! 

Ian S Blackshaw, 
international counsel. 

Da la Rosa & Asociados, 
Ricardo Soriano 22. 

29600 MarbcUa, Spain 






FINANCIAL TIMES WEEKEND SEPTEMBER 10/SEPTEMBER 11 1994 


Rise in continental car 


production lifts Laird 


By David Wfghton 


Laird Group, the automotive 
components and budding prod- 
ucts manufacturer, saw under- 
lying pre-tax profits improve 
by 17 per cent to £23.9m in the 
first half helped by a recovery 
In continental car production 
in May and June. If liot year's 
£3.lm exceptional credit is 
included, profits rose by just 
£300,000. 

Mr John Gardiner, chairman, 
said that all three of the 
group’s divisions reported 
higher profits, excluding excep- 
tional items. “For the future 
the full benefits or the major 
investments in Draftex in 
Spain and the Czech Republic 
for the automotive industry 
have yet to be realised and the 
new plant In the US for Fullar- 
ton to supply the personal 
computer industry is just 
starting." 

Underlying profits from auto- 
motive sealing systems rose 14 
per cent to £10.9m on sales of 
£ll4.6m (£U&3m) despite mar- 
gin pressure in Germany. Mr 
Ian Arnott, manag in g director, 
said he did not expect to see a 
rapid recovery in Germany due 
to the car manufacturers' 
efforts to reduce their costs 
and the transfer of assembly to 
lower cost countries. 

However, Laird saw good 
growth in France helped by the 
success of Renault’s and Peug- 
eot's small models. Profits also 
rose sharply in Spain where 
the investment in new capacity 
began to pay off. The full bene- 
fit from Volkswagen’s new 



Polo, which was launched on 
the continent last month, will 
be felt next year. 

Underlying operating profits 
from the industrial products 
division rose 17 per cent to 
£11.5m on sales of £115.4xn 
(£105 Jm), largely thanks to the 
non-sealing systems automo- 
tive components business in 
France. The UK and US build- 
ing products companies also 
turned in better figures. 

Helped by a lower tax 
charge, gaming s per share rose 
7 per cent to 13.2p, an increase 
of 23 per cent excluding excep- 
tional items. The interim divi- 
dend is up from 4J2p to 4Ap. 
Although Laird does not 
recover all its ACT. it has so 
far decided against paying for- 
eign income dividends. 


• COMMENT 

Given its heavy dependence on 


Taylor Nelson rises to £3.1m 


By David BlackweB 


Taylor Nelson AGB, the 
market research group, dou- 
bled pre-tax profits to £3.06m in 
the six months to mid-June. 

This compares with £L55m 
in the first-half last year, when 
the company invested £526,000 
in an associated business. 

The company attributed the 
improvement to rigorous cost 
controls and a reduction in low 
margin business, as well as an 
upturn in general business. 
The increased volume had 
been handled with tittle 


increase in administrative 
costs. 

Operating profits rose by 47 
per cent from £L88m to £2.77m. 
while turnover increased by 10 
per cent from £25 ,9m to £28.6m. 

Mr Tony Cowling, chief exec- 
utive, said the wimpany had 
been promoting branded ser- 
vices, where margins were 
higher. In the business service 
sector the brand Foqus, which 
measures levels of customer 
satisfaction, had won several 
large contracts. 

However, the healthcare sec- 
tor. which accounts for more 


U-. 7 .VT. .. 





COMPANY NEWS: UK 


Sheffield 
Insulations 
well ahead 
at £9.11m 


By Paid Taylor 


DAwidvMNt 

John Gardiner: all three divisions ahead, excluding exceptional 


the French and. German car 
markets. Laird has performed 
extremely well over the last 
couple of years. Its Spanish 
investment has come good 
even though the new Polo, 
which was the main reason it 
put up the plant in 1989, is only 
now rolling off the production 
line. The non-automotive busi- 
nesses are »ien budding nicely 
and the French market is now 
recovering well. But life 
remains very tough. It is hav- 
ing to absorb some raw materi- 
als price increases in the face 
of fierce competition and pres- 
sure on costs from the car 
manufacturers, particularly in 
Germany. Profits could reach 
£44m this year which puts the 
shares at 406p an a multiple of 
nearly 17. With a yield of only 
3.4 per nent the shares may 
struggle to rnafcp more head- 
way. 


Sheffield Insulations Group, 

the distributor of thermal 

insulation and related prod- 
ucts, yesterday announced 
substantially higher interim 
pre-tax profits, reflecting 
organic gr ow th and acquisi- 
tions. 

The group also revealed 
{dans for a one-for-one scrip 
Issue and said it plans to 
change its name to S1G to 
more reflect its broadly-based 
distribution business in title 
UK and overseas. 

Pre-tax profits In the six 
months to June 30 almost tre- 
bled from £3. 09m to 29.11m, 
on turnover up 78 per cent to 
£132.7m (£74. 6m), which 
included £3L2m (£L44m) from 
acquisitions. 

Earnings per share advanced 
by 55 per cent to &5p (5.5p) 
and the interim dividend is 
increased by 11 per cent to 2p 

(1-8P). 

Mr Norman Adsetts, chair- 
man, said the results reflected 
“good organic growth in the 
continuing operations sup- 
ported by encouraging contri- 
butions from acquired busi- 


thflTi 20 per cent of group sales, 
had proved the strongest per- 
former. Turnover grew by 40 
per cent as tbs pharmaceutical 
industry responded to dramatic 
change, with a move from 
branded to generic products. 

The net cash position 
improved from £8.46m at the 
end of last year to £12 2m at 
the end of the hail Net interest 
receivable rose from £195.000 to 
£288.000. 

Earnings per share rose f rom 
0.47p to Q-91p, and the interim 
dividend is lifted from 0.1% to 
0 %. 


“The strong first half sales 
and margin performance in all 
oar businesses and the oppor- 
tunities which exist for fur- 
ther gro w th and development 
within the group lead me to 
view the second half and 
beyond with confidence,* he 
added. 

Operating profits from con- 
tinuing operations advanced 
from £3-09m to £7-81m, while 
total operating profits 
increased threefold to £9.2ffm 
<£3-09m). WMS Group, a man- 
ufact u rer of fittings for plastic 
windows and doors which con- 
tributed only one month’s 
profit to the 1993 interim 
results, posted operating prof- 
its of £3 .2m on turnover of 
£19.8m in the 1994 first half. 

In tiie cure insulation and 
ceilings distribution business, 
market share gains, further 
operating efficiencies and 
progres s on margins all con- 
tributed to an improvement 

In hardware and security 
products, WMS continued to 
trade well having produced a 
strong profit per furuumce. 


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wmmmmmmwmm*- 






Costain slips back into the red 


By Christopher PrJoe 


Shares in Costain Group fell II per cent 
yesterday as the construction »nd engi. 
naering group slipped back into the red for 
the first six months of the year «wf pxrt its 
TO mining operations up tor sale. 

The company that the mining divi- 
sion, which has been the subject of a 
recent $l70m (£UQm) investment pro- 
gramme, was likely to fetch In the region 
of £180m, although industry analysts 
believed the figure was more likely to be 
about CLGQm. 

Mr Peter Costain, group chief executive, 
said that the group had already received 
several approaches. “There is consolida- 
tion in the industry and after our success- 
ful investment programme we believe it is 
the right time to exit" 

He added that the decision to sell had 
been prompted by a review of the compa- 


ny's strategy resulting in a plan to concen- 
trate its efforts on toe construction and 
engineering business. 

The shares dosed dawn 3p at 24%p. 

Operating losses for toe mining division 
totalled £9 .8m (£5m profits) in toe period 
helping drag Certain into pre-tax losses of 
£L4m compared with, profits of £68.1xo, 
which included disposal profits offfi&Sm. 

Turnover Ml to V-HARm a gainst 
which included £3fL2m from discontinued 
activities leaving the derffap on continu- 
ing operations at 12 per rent 

Losses per share were 8p, against earn- 
ings of 2&5p. The dividend, last paid in 
1991, was again passed. 

Mr Costain said that the investment 

p r og ra mme in ftia US mining frflgjwaag had 

been self-financing and had enhanced the 
sale value. Mr Thomas Parker, who 
headed the US coal operations, has 
left by mutual consent and been replaced 


by Mr Peter H31L a member of the 


^Profit margins in toe construction and 


engineering division slipped from 1.5 pa- 
rent to 1 3 pa cent as the company experi- 
enced tough trading conditions, particu- 


larly in the UK. . . . 

Operating profits fell 31 per cent to 
£46m (£fi.7m) on turnover down 24 per 
cent at £349*m <£4S2.1m). Mr Costain said 
be expected toe UK market to remain diffi- 
cult lbr the foreseeable future and that the 
mmp an y was redoubling its efforts to seek 
overseas wosk where margins were healtn- 


The continuing divestment programme 
off nan-core assets resulted in net debt fall- 
ing from £204.7m to £6&3m. Shareholders 
ftrnrtg increased 34 pa cent to £210.4m 
(2157.4m), helping cut gearing from 37 pa 
cent to 30 pa cent 

See Lex 


Too many chasing too little 


Andrew Taylor looks at the problems facing the UK contractors 


S ome of the worst finan- 
cial results to be pub- 
lished by Britain’s con- 
struction companies were 
announced this week. 

The contracting arms of 
Wimpey, John i-arng , Amec 
and Costain between them pro- 
duced a profit of just £8^m 
from a combined turnover of 
more than £i.5bn in the first 
six months of this year. 

Published pr o fits would have 
been even worse but for the 
inclusion by Wimpey and Cos- 
tain of interest earned on 
advance payments for con- 
struction work. John Laing 
and Amec, which did not 
include interest, manag ed only 
to break even an a wwnknpd 
turnover of £834m. 

Annual UK construction out- 
put fell by 12 pa cent between 
1990 and the end of 1993. Con- 
tractors which wan work dur- 
ing that period on lossmaking 
or non-existent margins to 
boost cash flows are now pay- 
ing the price. 

The scale of the downturn 
has prompted renewed calls for 
mergers and acquisitions to 
rationalise a UK industry 
which still has too many com- 
panies rfiflwlTtg too little work. 

Mr Martin Laing, chief exec- 
utive of John Laing, has 
blamed banks for helping to 
sustain over-capacity in the 
industry, propping up UK con- 
tractors which would other- 
wise have failed during the 
recession. 

But reducing the number of 
general contractors will be dif- 
ficult to achieve, says Mr Alan 
Cockshaw, Amec’s chairman. 
Many halanrp sheets have been 
sapped during the recession, 
while companies which can 
afford it “will be reluctant to 
purchase skirls they already 
possess simply to reduce capac- 
ity and benefit competitors as 


much as themselves.” 

UK contracting margins, 
therefore, are likely to remain 
depressed with construction 
demand expected to rise only 
modestly In the next two years. 

Companies in«» Tjjng t Amec, 
Wimpey and Costain, there- 
fore, are looking to interna- 
tional work and private invest- 
ment in infrastructure to 
increase profitability of their 

fl p Tit ra rtTnp o p era ti ons 

Competition in overseas mar- 
kets. however, is also tough 
and likely to b ecorai increas- 
ingly so, as contractors in 
other countries, particularly in 
east Asia, develop new skills. 

South Korea, when it began 
its nuclear power pr o gr amm e 
15 years ago, imported up to 90 
per cent of the value of the 
works. Today imports have 
best cut to 10 pa cent while 
Korean construction compa- 
nies have broken into interna- 
tional markets, particularly in 
the Middle East, where they 
have been highly competitive. 

Martin T -a frig says: "It i>m 
long been recognised that 
being proficient in pouring 
concre te and erecting s te e l is 
not enoug h and that British 
and other TntpTwwHnnai compa- 
nies need to bring something 
else to the party if they are to 
be successful in overseas mar- 
kets. 

“Far Eastern countries have 
shown themselves very quid 
to learn new skills which they 
then use to win work in other 
export markets, further 
increasing competition. - 

Laing and other large British 
co nt ractors in a bid to resolve 
this tlflprrrrna are pursuing pri- 
vately-financed domestic and 
international infrastructure 
projects where returns, 
because of the investment 
risks involved, are expected to 
be much hi gher than for tradi- 




fliYi n rmSii 'C'T ' 

!• 39SSS§ 

jSVS j; ■ •< ■N .n’. i I /y. 

i.’* " - v . ' r ^ (YV^ - -- f 


Hemal contracting. 

Europistas, the Spanish toll 
road company in which Turing 
has an 18 pa cent interest, is 
expected to generate dividends 
this year of £3An, against a 
book cost of £3m. The group’s 
five pa cent stake in a Malay- 
sian power station project is 
expected to yield returns of at 
least 15 to 20 per cent from 
dividends, the construction 
management contract and the 
increased value of its equity. 

Mr Joe Dwyer, nhfaf execu- 
tive of Wimpey, this week 
argued that rates of return on 
privately-financed UK infra- 
structure projects will need to 
be b et ween 10 and 16 pa cent 
if investors axe to persuaded tp 
support them. 

This figure, he admits, is 
higha than the British govern- 
ment wishes to concede, 
although the "gap between us 
has narrowed." 

He is strongly sup p ort ed by 
Martin Laing, who says con- 
tractors with housebuilding 
operations, such as Wimpey, 


Amec and Tjring r can choose to 
invest their money elsewhere if 
the returns offered on UK pri- 
vate infrastructure projects are 
insufficient 

Laing has recently been buy- 
ing UK housing land an the & 
fr pgjg of achieving an operating *■ 
margin of between 10 and 12 
per cent, which would produce 
a return on capital of about 20 
pa cent, says Mr Jim Arm- 
strong, the finance director. 

British infrastructure Invest- 
ments will also have to com- 
pete with international pro- 
jects seeking private 
investment, such as the £30Qm 
first phase of privately-fi- 
nanced light rail system in 
Kuala Lumpur in which Taylor 
Woodrow has taken a 15 pa 
ent stake. 

Contractors such as Taylor 
Woodrow have taken the lead 
in bidding individually and 
forming consortia to tender for 
privately-financed UK roads, 
railways, hospitals, prisons 
and student acc ommoda tion. 
Companies, however, will need 
sound balance sheets if they 
an to mate headway in this 
maitet 

Laing, which had net cash of 
gi e.gm at the of June is 
more advanced than many of 
its rivals in establishing a port- 
folio of private infrastructure 
Investments. These include the 
£S0Qm privately-financed new 
Severn bridge, which it is 
buildin g jointly with GTM 
Entrepose of France. 

The problem for sharehold- 
ers is that projects are unlikely j. 
to start making significant v 
m f nri m until the mid to late 
1990s. Meanwhile general con- 
tracting margins will remain 
depressed and construction 
companies will have to con- 
tinue to rely on a recovering 
UK housing market to bail 
them out. 


Perry shares take a 12% tumble to 173p 


By Heather Davidson 


The share price at Perry 
Group, the motor distributor, 
dropped 12 pa cent yesterday 
from I98p to 173p. 

Mr Richard Allan, rh^jrman 
and chief executive, reacted 
with surprise, blaming the fall 
on “ova reaction by tha mar- 
ket makers'’ to August’s new 
car sales figures. 

Pre-tax profits for the six 


months to June SO Ml II pa 
cent from £2.87m, which 
incl ud ed a £L56m pr op e rly dis- 
posal, to mem. The figures, 
Mr Allan said, woe “in line 
with expectations". 

Operating profits improved 
by 29 pa cent to £3. 14m 
(£2.44m) on turnover up 17 per 
renfr frrnw M fil 2 m to VT 7 figm. 

New operations provided oper- 
ating profits of £131,000 and 
turnover of £L6fin. 


In his statement to share- 
holders, Mr Allan «rid the sig- 
nificant improvement in the 
Cist quarter was not sustained 
in the second, when consumer 
confidence appeared to stall. 

New car sales to fleets over 
the six month period were tip 
19 per cent, while retail sales 
rose only 6J> pa cent. The.sale 
of new cars accounted for 50 
pa cent of turnover but only 
17 pa cent of gross profits. 


Mr Allan added that estab- 
lishment of the new car sales 
“hub” , which the company 
will lease from Ford, was “tak- 
ing longer than either would 
have wished"; nntil then, he 
arid, the market’s fall potential 
would not be unlocked. 

Earnings pa share were 6.6p 
against lOp, a fall of 34 per cent 
reflecting last September's 
rights issue. The interim divi- 
dend is unchanged at 2.7Spi 


NEWS DIGEST 


Automotive 
boost for 
Armour Tst 


cent to £7.7m and profits by 7.5 
per cent to STMjOOO. 

Earnings pa share rase by 
19 pa cent to L9p (L8p) and 
the recommended single final 
dividend is again 0.7p. 


ously recommended a Iowa 
offer from its US rival Trans 
Union. 

Equifax has so far received 
acceptances in respect of 2.41m 
UAPT Info link shares, repre- 
senting 31 pa cent 


Driven by growth in its 
automotive supplies division. 
Armour Trust, which also has 
confectionery Interests, raised 
turnover by 6 pa cent from 
£24&n to £26. lm in the year 
ended April 30. Pre-tax profits 
grew 13 per cent to 21.83m, 
against £L61 sl 

After a reduced tax charge, 
earnings pa share rose 17 pa 
cart to 4£p (4^p), while a final 
dividend of L42p makes a total 
Of L8p (L6365p). 

Mr Andrew Balcamhe, chair- 
man, said the automotive divi- 
sion had been significantly 
strengthened by four acquisi- 
tions to the year and a further 
one since the year end. 

He said “the group can now 
look forward to further prog- 
ress in the current yea 
through a combination of 
organic growth and focused 
acquisitions," 


Trafford Park 


Trafford Park Estates, the 
property company, reported 
pre-tax profits for the yea to 
June 30 ahead by 42 pa cent 
from £4.12m to £5£4m, includ- 
ing a £365,000 contribution 
from pro per ty sales. 

Turnover increased 13 pa 
cent to £LL5m (£10J2m). 

Earnings pa share rame out 
at 5£9p (4£4p) and the divi- 
dend is raised to 8.15p C2-8p) 
with a recommended final of 

22p. 


Stavert Zigomala 


Pre-tax profits at Stavert Zigo- 
mala more than doubled for 
the year ended March 31 from 
£52,746 to £116,078. 

Turnover at the furniture 
and carpet wholesaler and 
investment holding company 
was up from £788,607 to 
£815, 11L 

Earnings per share were 
3L82P (1L91PX The final divi- 
dend is again 9.414®. 


which was already Towles’ 
largest shareholder. 

The purchase became effec- 
tive following a shareholders 
meeting of London City hi Aus- 
tralia and waiver of final con- 
ditions. 

This brings to an end a three 
month takeover bid which was 
Initially opposed but ulti- 
mately recommended by the 
Towles board. 


Headway 

Despite a low level of demand 
for garden furniture. Headway, 
the cppgiimpr and ind us t rial 
goods specialist, raised pre-tax 
profits by 19 pa cent from 
£272^00 to £323,000 for the year 
ended June 30. Turnover was 
9.5 pa cent higha at £27 .3m. 

Operating profits grew 24 pa 
cent to £406^00. The consumer 
products side made a slightly 
lower loss of 23Q8JNQ (£336JQ00) 
on turnover up 9 pa cent to 
gig.gm, while industrial prod- 
ucts raised turnover 11 per 


Thomas Walker 

Thomas Walker, maker of 
metal small wares, increased 
pre-tax profits from £47,370 to 
£221,723 to the yea to June 30. 
on turnover of £35 9m, against 
23£GBL 

Earning s pa share climbed 
from 0.45p to 18p and a recom- 
mended final dividend of 0-5p 
(0.4p) makes a total for the 
year of 0-68p (0-58p). 


Towles/London City 

Towles, the Loughborough- 
based textile mater, has been 
acquired by London City Equi- 
ties, the Australian company 


Lloyds Smaller 

Lloyds Smaller Companies 

investment Trust had a net 
asset value pa capital share of 
1^2 -2p at July 31, compared 
With 10(L9p 12 mnnHia earlier. 

Net revenue for the trust, 
which invests in UK cmaiiw 
companies, was £472,000 
(£463,000) for the six months to 
endjtdy. 

Earnings pa dividend share 
were L92p against L8Sp and 
the interim dividend remains 
L75p. 


DIVIDENDS ANNOUNCED 


Current 

payment 


Date of 
payment 


Armsur Trust fln 

<lamn Dee tile kit 

COrtsSs* Inti .J iii 


Correa - Total 
pondng tor 
ttvidend year 


Eqnifax/UAPT 


Equifax, the US credit data 
group, is extending its £51m 
offer for UAPT-Infolink, 
the British credit reference 
company, until September 26. 

Now the Secretary of State 
has decided not to refer Semi- 
fax’s 650p per share offer to the 
Monopolies and Mergers Care 
miagfnn it has been unani- 
mously recommended by the 
UAPT board, which had previ- 


hwt*m§ bit 

Laird _Jnt 

Lloyds SraaBaifT kit 

Biotas tot 

Perry Group Jnt 

Sheffield tosui tot 

Smart Zigomala fin 

Taylor Netam w 

Trafford ftale tin 

Water TV Jnt 

Vtotan Jnt 

Waiter [Thomas) fin 

World of Leather tot 


1.29 1.8 

1-5 
0.5 

0.7 Q.7 

IS 

4.2 

1.75 
4j9 

2.75 

1.8 

8.4145 8.4145 


«r on 1 * 

0S Chr 






Inion ( ar 


■Jb'aiil 

Vial 


( Vs 


Met'! 

hiv 


DMdands shown pence par ehare net whom nthm^T 

increased capital. §usm stock. otherwise 




J 






} 


FINANCIAL TIMES WEEKEND SEPTEMBER 10/SEPTEMBER 1 1 1994 ★ 

ZZ~ COMPANY NEWSi UK 


Broad-based growth 
lifts Christies to £8.1m 


Vinten in the black at £9.06m 


By Caroline Southey 

Broad-based growth in all its 
main salerooms helped Chris- 
ties International, the auction- 
eers, lift first half pre-tax prof- 
its by 15 per cent to £8.13m. 

Total auction sales rose by 19 
per cent to £390m in the six 
m on t hs to June 30 compared 
with the same period last year, 
although this was below the 
2399m achieved in the nwwnH 
half of 1993. 

Furniture, oriental art. old 
masters, books and wine all 
produced sales increases of 
more than 2S per cent; the New 
York. Hong Kong and South 
Kensington salerooms all saw 
rises of 19 per cent or more. 

Sir Anthony Tennant, chair- 
man, said sales planned for the 
forthcoming season, which 
Included consignme nts such as 
a Leonardo da Vinci manu- 
script, were encouraging. But 
it was too soon to predict sec- 
ond half sales. 

Christies continued to devote 
"substantial resources” to 
developing its presence in east 
Asia and Latin America, he 
said. It became the first west- 


Weather checks 
James Beattie 
performance 

Announcing a static first half 
pre-tax profit of ElJJTin, 
against £l-22m. Sir Eric 
Po nntam, chairman of James 
Beattie, the Midlands 
department store group, said 
performance had been 
depressed by the weather. 

Although total sales for the 
six months to July 81 were up 
by 9 per cent to £40-8m 
(£37.4m) this reflected new 
space; on a like for like basis 
rales were only 2.6 per cent 
ahead. 

“The opening and rinsing 
weeks of the half year brought 
difficult trading conditions as 
we suffered from the extremes 
of weather," said Sr Eric. 

After capital expenditure of 
£2Jm investments stood at 
£19.7m at July 31 against 
£19.3m a year earlier. 

Earnings per share came out 
at 1.8p (L73p). The interim 
dividend is a same-again 
l.Sp. 


jfhtii -m :■ . . 

uransues Hitentauofidi. 



era auction house with a pres- 
ence in nhiwa opening an 
office In Shanghai earlier this 
year. Spring sales in Hong 
Kong grew by 50 per cent 
Mr Peter Blythe, deputy 
finance director, ra i d riftrfetieg 
would use the office in Shang- 
hai to raise its profile in China 
before mairrng d ecistops about 


By David LasceBes, 

Resources Editor 

Premier finnwiiMafnH Oilfields, 
tha independent oil company, 
raised its production by 26 per 
cent in the first half of 1994. 
But a parallel fall in the oil 
price, of 26 per cent, left oper- 
ating profits down slightly 
over the period. 

The company gamed £&5m 
to June 30, compared with 
£8. 7m. while at the pre-tax 
level profits were down at 
£&am ( gfi-2m) _ Aftertax profits 
at £&4m were down by £L2m 
due to adverse currency move- 
ments and slightly highar far 

No dividend is being pro- 
posed, but Mr Charles Jamie- 
son, the chief executive, said 
that Premier “is working 
towards iL” 

Capital expenditure over the 
period was £17m, and gearing 
remained around 50 per cent, 
with net borrowings of £64m. 


further investments. 

Total auction revenues rose 
by 21 per cent from £71m to 
£59m. This was slightly more 
than auction sales, mainly 
because of an increase last 
March in the buyers’ premium, 
a commission charged to buy- 
ers. 

Competition for major con- 
signments Tnaant that auction 
commission as a proportion of 
sales remained under pressure 
and costs had been pushed 
higher. Administrative 
expenses were up from fiM-gm 
to £26m whDe auction, print 
and other costs rose to £49 .3m 
(£39.1m). 

Remuneration costs also 
Increased, partly because of 
recruitment in the Asia-Pacific 
region tjfin America. 

Spink artri Son, t.hp finp art 
dealer acquired last April, con- 
tributed £10, S m to ralra against 
£5.7m last time, while its oper- 
ating profits dropped from 
£178,000 to £51,000. 

Earning per share increased 
by 23 per cent to 2B4p (2_51p). 

The interim is nriphangpri at 
0-5p. 

See Lex 


Premier recently became the 
first foreign oil company to 
sign an oil production agree- 
ment in post-communist 
Albania. The deal, with Albpe- 
trol, the state oil company, pro- 
vides for pnhanrvwn pn t of the 
Patos Marinzp fields in the 
south of the country, and a 
development well at Dumre. 

The ram party has alan had 

exploration successes in Tuni- 
sia mid P akistan, and a testin g 
programme is in progress off- 
shore fjamhndia 

Premier's current production 
is -over 14,000 barrels of oil 
equivalent a day , and this is 
expected to rise to 2QJ100 bar- 
rels by the end of next year as 
developments at Wytch Farm, 
Fife and Qadirpur come on 
stream. 

Mr Jamieson said: “We are 
exposing our shareholders to 
considerable upside through 
low cost offshore develop- 
ments." 


Packaging 
side helps 
Molins up 
to £8.8m 

By David Btacfcsvel 

An improved performance by 
the packaging division and 
lower interest payments 
helped Molins, the machinery 
group, to report a 10 per cent 
Increase for the first half, in 
spite of a fall in operating 
profit on the core tobacco 
machinery side. 

Pre-tax profits increased 
from £8m to mam for the six 
months to aid June, on turn- 
over ahead at £98. 6m (£85-2m). 

Chinese demand for ciga- 
rette making equipment 
boosted the tobacco machinery 
division’s turnover from 
m to £61m. “The Mi ginp 
of growth has been the Chi- 
nese market,” said Mr Peter 
Greenwood, managing direc- 
tor, "with continuing strong 
demand.” 

Operating profits from 
tobacco machinery fell from 
£8.4m to £8.1m. This was 
partly because sales of spares 
declined as a result of the ciga- 
rette price war in the US. 

In addition the net p»n«pnn 
credit, following a repayment 
to the group of £ll.8m last 
year, fell from £lAm to £1.4m. 

The repayment helped the 
group to cot borrowings from 
£18. 4m to £3 .3m. Net interest 
payable for the half was down 
from £l.lm to £500,000. 

The US based packaging 
machinery division, which 
concentrates on corrugated 
board, lifted operating profits 
from £600.000 to £1.2m. Turn- 
over rose to £37.2m (£32£m). 

Mr Greenwood said the com- 
pany was still not happy with 
margins, “but at least we can 
point to progress, driven by 
improved conditions in North 
America.” 

The group is diversifying 
into food machinery, and first 
deliveries of a £6m contract 
with a Tnnt H nnfinTml company 
for food machinery begin later 
this year. “This is a first step 
into what we hope will be a 
new market for us,” said Mr j 
Greenwood. “We are building 
on our expertise In machinery 
flint «m handle delicate mate- 
rials at high speed.” 

Earnings per share were 
22^p (20. Ip), and the interim 
dividend is raised from 4-9p to 
5-3p. 


By Paul Taylor 

Vinten, the international 
manufacturer and supplier of 
photographic, broadcast and 
surveillance products, yester- 
day reported Interim pre-tax 
profits of £S.06m, compared 
with a losses of £1.71m after 
taking account of a £7.27m 
exceptional charge. 

Acquisitions made in 1993, 
favourable trading conditions 
and the elimination of loss- 
making activities, including 
the electro-optics operations, 
helped lift trading profits by 59 
per cent to £9.S2m (£fim) on 
turnover which advanced by 7 
per cent to £46.7m (£43.7m). 

Eamtngs per share of IMp 
compare with losses of 72p and 
the interim dividend rises to 
2.4p (2.1 p). 

Mr Malcolm Baggott, group 


By David Wlghton 

Virtuality Group, the designer 
and manufacturer of virtual 
reality computer games which 
floated in October, yesterday 
forecast that it would move 
into profit next year. 

In the six months to June it 
recorded a pre-tax loss of 
£695.000 , after spending 
£880,000 on development, com- 
pared with a profit of £65,000. 

But Mr David Payne, chair- 
man, stated:“I am confident 
that the gristing core business 
and the signing of further lic- 
ensing agreements will gnahig 
Virtuality to report a profitable 


By Raymond Snoddy 

Growth in advertising revenue 
pushed the pre-tax profits of 
Ulster Television up by 25 per 
cent in the six months to the 
mid of June to £2.45m. 

The Northern Ireland broad- 
caster Increased advertising 
revenue by 16.1 per cent to 
£14. 1m, a rate of growth more 
than double that achieved by 
the ITV system as a whole. 

The growth was influenced, 
said Mr John McGuckian. the 
Ulster chairman , by a share of 
viewing that continued to be 
the higtest of any television 
channel in the UK and the fact 


chief executive, said the 
results, which were ahead of 
market expectations, repre- 
sented “an outstanding perfor- 
mance.” The shares closed 19p 
higher at 502p. 

The profit advance was led 
by the photographic business, 
which increased its profit con- 
tribution by 48 per cent to 
£5.24m (£3 .54m) in turnover up 
30 per cent to £21m (£16. lm). 
The latest period included a 
full contribution from Bogen 
Photo which was acquired in 
April last year and a particu- 
larly strong performance by 
Gruppo Manfrotto. 

The broadcast business, 
which comprises Vinten Broad- 
cast and Bexel which reported 
substantially unproved results, 
more than doubled its profits 
to £L68m (£1.24m) on turnover 
which grew by 7 per cent to 


outcome for the 1995 finan cial 
year.” 

First half sales jumped to 
£4. 12m (£2.44m) as a result of 
unit sales of entertainment 
systems more than doubling to 
184, against 75 and a total of 
183 sold during 1993. 

Mr Jon Waldera, chief execu- 
tive. said sales of its second 
generation machines, intro- 
duced in January, were on tar- 
get. The second half should 
benefit from the recent bunch 
of its second generation seated 
machine and from first sales of 
a low cost system developed 
with IBM for commercial users 
of virtual reality. 


that consumer expenditure in 
the recession had hpid up bet- 
ter in Northern Ireland than in 
the rest of the UK 

Current trading continued to 
be healthy and the television 
market in the UK was 
strengthening as a result of 
growing confidence in recov- 
ery. “We expect that this win 
be reflected in the forthcoming 
1995 negotiations this autumn 
with those advertisers on 
annual agreements,” Mr 
McGuckian said. 

Ulster Television also reaf- 
firmed its intention to apply, 
with partners, for a cable tele- 
vision licence for Northern 


£i6-3m (£15 3m). Trading prof- 
its were boosted by cost reduc- 
tions and by the acquisition of 
Total Spectrum Manufacturing 
in June last year. 

Surveillance, the old core 
Vinten business, managed to 
increase turnover by a more 
modest 2 per cent to £9 35m 
<£9.17m) although profits at 
£1.4m were slightly down on 
the unusually high £1.89m in 
1993. 

Vinten’s cash flow was again 
very strong and net debt fell by 
£10.7m to £700,000 resulting in 
negligible gearing at the end of 
June. 

• COMMENT 

Vin ten's transformation from a 

small domestic defence orien- 
tated business into an interna- 
tional company with three 
main business activities is 


Virtuality’s shares, which 
were floated at 170p, reached a 
high of 364p before falling back 
on worries about cheap compe- 
tition. They slipped 2p to 197p 
yesterday. 

Mr Waldern dismissed 
announcements by potential 
rivals as “a lot of hot air”. 

“Nobody has brought 
together a whole product that 
matches our products In the 
arcade market.” 

He said Virtuality was also 
well-placed to take advantage 
of the potential home market 
when the computer games 
manufacturers bunched their 
new generation of machines. 


Ireland. 

Turnover for the six months 
was £15m, an increase of 13.6 
per cent Earnings per share 
rose from 625p to 15.6p and the 
interim dividend rises from 
6.25p to 7Jp. 

Investment income at 
£204,000 was significantly 
lower than the £641,000 last 
year, reflecting lower deposit 
and dividend income, but will 
realise an exceptional pre-tax 
gain of £860,000 in the foil year 
from the sale of part of its 
stake in SES, the Luxembourg- 
based satellite system. 

The share price rose 15p to 
close at 685p. 


complete and the group is now 
beginning to reap the rewards. 
Bolstered by shrewd acquisi- 
tions and timely disposals the 
trading margin in the latest 
period was a very comfortable 

20.4 per cent. Perhaps the big- 
gest question faring the man- 
agement is what to do for an 
encore. With £29m of cash in 
the balance sheet at the half 
year and virtually no gearing 
the management bos plenty of 
flexibility. Building a fourth 
leg to the business looks like a 
reasonable option. In the 
meantime analysts were 
upgrading their full year pre- 
tax profit forecasts yesterday 
to around £i8m producing 
earnings of about Sfl.Sp. 
Despite yesterday's rise the 
shares are trading on a pro- 
spective p,e or 13.6 and still 
look good value. 


World of 
Leather plans 
faster growth 

Improved trading daring 1994 
has encouraged World of 
Leather, the USM-quoted furni- 
ture retailer, to accelerate its 
growth plans. 

It is also returning to the 
dividend list with an interim 
payment of 0.75p. 

The company plans to take 
the present 29 stores to 
45 within the next three 
years. 

To finance the expansion it 
is seeking a net £2J)m by way 
of a i-for-2 rights issue of 
4.02m shares at 75p. The issue 
is underwritten by Beeson 
Gregory, the company's bro- 
ker. 

The company also 
announced pre-tax profits of 
£341,000 for the first half of 
1994, compared with £71,000 
last time and frill year losses 
of £121,000. 

Turnover advanced by 10 
per cent from £14m to £15.5m. 

Profits were helped by mar- 
gins being m aintaine d and by 
the lack of last time's excep- 
tional charge of £134,000 relat- 
ing to the settlement of a dis- 
pute with a contractor. 

The directors are not taking 
np all their entitlements, 
resulting in their aggregate 
holdings falling from 62 per 
cent to 42 per cent 

The company is seeking to 
move np to a fall listing. 

Earnings per share came out 
at 3.3p (0.9p). 


Premier Consolidated 
hit by oil price fall 


Virtuality sees 1995 profits 


Ulster TV up 25% to £2.45m 


INTERNATIONAL COMPANIES AND FINANCE 


Union Carbide severs Indian link 


By Shiraz Skfitva in Now DeUu 

Union Carbide, the US 
chemical company, is to cut its 
links with India 10 years after 
the world’s worst industrial 
disaster at its pesticide (riant in 
Bhopal. 

The group is selling its con- 
trolling 50.9 per cent stake in 
Union Carbide India to McLeod 
Russell India, part of the Cal- 
cutta-based B. M. Khaitan tea 
and engineering group, for 
Rs2L9bn ($92.3m). 

Carbide, facing criminal pro- 
ceedings in Indian courts for 


the disaster which killed more 
than 2^00 people and seriously 
injured more than 30,000, had 
been permitted by the I ndian 
Supreme Court in February to 
sell its stake in Union Carbide 
India to the highest bidder. 
McLeod Russell’s bid of Rsl75 
per share was the highest 
received. 

The court said Rs65Gm of the 
sale would go to the Bhopal 
Hospital Trust for the building 
of a hospital to treat the vic- 
tims of the gas disaster. The 
trust, headed by Sr Ian Perci- 
val, has received Rsl88m from 


Union Carbide India for the 
hospital. Another Rs500m 
would he due to the govern- 
ment as capital gains tax. The 
rest of money would be held in 
an escrow account until the 
criminal cases pending against 
Carbide were resolved. 

The US parent was forced to 
sell some of its businesses 
worldwide to pay $4 79m in 
compensation to the victims, 
after a settlement was reached 
in 1989 between the company 
nuri the inrtiaTi government, 
following four years of litiga- 
tion. 


The Carbide sale was negoti- 
ated by Bombay-based Credit- 
capital Finance Corporation 
and the State Bank of India, 
India's largest nationalised 
hank. 

Other bidders included Mr 
Nash Warita, head of Bombay 
Dyeing, the textiles and chemi- 
cals group whose bid was made 
in conjunction with the UK- 
based Eveready Battery com- 
pany, a sub sidiar y of Ralston 
Purina, which bought Car- 
bide’s battery business world- 
wide, except in India, after the 
gas tragedy. 


Anglovaal 
industrial 
unit ahead 


By Mark Suzman 
to Johannesburg 


Anglovaal Industries, the 
industrial arm of Anglovaal, 
the South African mi n ing 
house, increased attributable 
profit for the year to June by 
18 per cent to R407.1m 
(3110.6m) from R343.7m for the 
previous year. 

Pre-tax profits rose 8 per 
cent to R763Bm from R704.4m, 
but an 8 per cent decrease in 
tax paid to R220.3m from 
K238&n helped to lift bottom- 
line earnings. This was in spite 
of the inclusion of a one-off 
transitional levy of 5 per cent 
to help pay for April’s eleo- 


er rose 16 per cent to 
hun RfL32bn, of which 
nt was- the result of 
ras. The dividend was 
[ to 230 cents from 195 
iwever, due to reduced 
juices and additional 
gs. net financing costs 

fear were R14.4m, a 
eersal from the previ- 
$ Ri8m in net interest 

, RObbertze. managing 
said trading had been 
ly affected by the 
uncertainty in the 
i the election but con- 
iad improved signifi- 
May and June. 

>bertze sold certain of 
ip's holdings, which 
Jonsol plastics manu- 
Irvin and Johnson, 
lessor and Grinaker, 
tion and electronics 
ill had substantial idle 
and suffered from 
on margins. 


Cray revamps production lines 


By Louise Kehoe 
in San Francisco 

Cray Research, the world’s 
leading supercomputer com- 
pany, plans to revamp its man- 
ufacturing operations to speed 
production. The initiative will 
cut 382 jobs, plus about 1.000 
temporary lay-offs. 

The company said yesterday 
it would temporarily suspend 
some production operations in 
Wisconsin to install new equip- 
ment and 1,000 workers would 
be idle for up to eight weeks. 

Cray said it would take a 


charge in the fourth quarter of 
about $8.5m, or 25 cents a 
share, to cover severance 
charges and costs for idle pro- 
duction. 

Cray is facing competition 
from makers of massively par- 
allel superco m p u ters that are 
less expensive than traditional 
supercomputers. IBM’s entry 
into the market has increased 
competitive pressures on 
Cray. 

Mr John Carlson, Cray chair- 
man arwi chief executive, said 
the new manufacturing system 
would cut production time In 


half, to about 16 weeks, reduce 
Inventories and cut costs. 

“We are retooling our 
operations unit to serve tomor- 
row’s market place and to 
grow,” Mr Carlson said in a 
letter to employees. The 
actions are “unavoidable.” he 
said- “Our customers have 
choices today they didn’t have 
just a few years ago. 

“If we don’t reduce the cost 
of our products to customers, 
they will simply do business 
with suppliers who can. We 
most grow; it is our only hope 
for a successful future.” 


Electrolux plans $50m 
investment in SE Asia 


By Christopher Brown-Humes 

Electrolux, the world's largest 
producer of household 
appliances, has umleiscored its 
new focus on emerging 
markets with a 350m 
investment programme in the 
fast-growing south-east Asia 
region. 

Mr Christer Forsstr&m, 
senior vice-president, said: 
“Onr objective Is to be one of 
the top three suppliers of white 
goods in the Asean region by 
the year 2000.” 

The programme, which will 
rely heavily on advertising to 
promote Electrolux brands, 
will begin in Thailand before 
being expanded to include 
Malaysia, Singapore and 
Indonesia. 

It is fo line with the group’B 
target of doubling its Asian 
sales from SKr4£7bn (35853m) 
in 1993 over the next five 


years. Electrolux said there 
was an emerging class of 
educated, urbanised Asian 
consumers with rapidly rising 
disposable income which 
provided it with a big new 
sales opportunity. 

It cited predictions that In 
Thailand alone, the niTmhflr of 
urban households would leap 
from 3.9m in 1990 to K2m in 
the year 2000. 

The company said it had 
already widened its 
distribution network and it 
bad spent the past two years 
adapting a wide range of 
products to meet Asian needs 
and tastes . 

Electrolux said it expected 
annual demand growth in 
emerging markets, including 
south-east Asia, China and 
India, to be at least three times 
the 2 per cent level it forecast 
for its mature US and 
European markets. 


Trading in BPA 
shares to reopen 

By Peter Wise In Lisbon 

Shares in Banco Portugu£s do 
Atfantico, Portugal’s second 
largest bank, are to be readmit- 
ted to trading on the Lisbon 
stock exchange on Monday 
after a month’s suspension fol- 
lowing the anno uncement of a 
hostile bid by Banco Comercial 
Portugues, a smaller rival 

The securities exchange com- 
mission (CMVM) suspended 
the shares on August 10 after 
BOP’s Esl32bn (S39.04hn) offer 
for a controlling stake of 40 per 
cent of BPA. 

BPA shares were last quoted 
at Es2,650, a gain of 31.8 per 
cent from July 26 when BCP 
bid EsSJKX) a share. The CMVM 
said BCP could buy l.65m 
shares, 1.5 per cent of BPA cap- 
ital. at the offer price. But BCP 
will be allowed to purchase 
these shares only if the govern- 
ment authorises the offer. A 
decision is expected on Tues- 
day. 


Heineken 
profits rise 
15% at six 
months 

By Ronald van da Krol 
In Amsterdam 

Heineken yesterday said it 
lifted net profit before extraor- 
dinary items by 15.6 per cent 
in tiie first half, in spite of a 
stagnation in the volume of 
beer sold. 

The Dutch brewer attributed 
the rise to a stronger perfor- 
mance by its premium brands, 
such as Hei n eken, Amstel and 
Buckler, which command 
higher prices and generate 
higher profit margins than the 
standard beers in its Interna- 
tional portfolio of brands. 

Net profit before extraordi- 
naries rose to FI 254.5m 
(S144.6m) from FI 220.1m a 
year earlier. Turnover was up 
&9 per emit at FI 4.691m com- 
pared with FI 4.52bn in the 
same period of 1993. 

Total net must was lifted to 
FI 313.1m by an extraordinary 
gain of FI 58.6m from the sale 
of a stake in Bols Benelux, the 
spirits joint venture. 

Heineken said profit from 
normal business operations 
would rise at roughly the same 
rate in the second half as in 
the first six months. 

The company gave no figure 
for volume sales by hectolitre, 
but this was unchanged 
from a year earlier, excluding 
the consolidation of new com- 
panies in Switzerland and New 
Zealand. 

The flatness of sales was due 
mainl y to stagnant conditions 
in Europe, where demand was 
constrained by economic reces- 
sion and inclement spring 
weather. Beer consumption 
fell in the Netherlands, Italy 
and France, but was higher in 
Spain and Greece. 

Heineken reported strong 
exports to long-established 
markets such as the US, where 
turnover rose by 9 per cent, as 
well as to relatively newer 
markets such as China, where 
exports snrged by 50 per cent 

The company is planning to 
step up its investment in Asia 
Pacific to benefit from the 
rapid expansion of the region’s 
beer market “We have several 
irons in the fire and we expect 
to be able to provide more 
information before the end of 
the year," Mr Karel Vuur- 
steen, chairm an, said. 


Volvo finalising plans to 
cede part of Renault stake 


By Alice Rawsthom m Paris 
and Ch ris topher Brown-Humes 
in Stockholm 

Volvo, the Swedish motor 
group, is understood to be fin- 
alising plans to cede almost 
half its 20 per cent stake in 
Renault as a precursor to the 
French company's privatisa- 
tion. 

Renault, commenting on a 
report in yesterday's Le Figaro 
newspaper, confirmed it was 
approaching the end of talks 
With Volvo over the dismantl- 
ing of their cross-shareholding 
agreement following the deci- 
sion late last year by the Swed- 
ish group’s shareholders to 
block the merger of the two 
companies. 

However, it said the final 
details of the deal had not been 
agreed, including how many 
Renault shares Volvo would 
sell. 

“We both want to find a way 
of ending what’s left of the old 


agreement,” Renault said “Dis- 
cussions are continuing." 

An amicable divorce from 
Volvo is seen as an essential 
component of the French gov- 
ernment’s plans to float a large 
part of its 80 per cent holding 
in the motor group. 

If Renault is privatised 
before November 30 - which 
looks unlikely - Volvo has 
agreed to swap a 12 per cent 
stake in Renault for that com- 
pany's 45 per cent holding in 
Volvo Trucks. 

If the privatisation takes 
place after that date, the Swed- 
ish company has the option of 
buying back the Volvo Trucks 
stake for FFr4. 5bn (3830m) and 
disposing of its own Renault 
stake separately. 

The French government is 
expected shortly to announce 
whether Renault or the Assur- 
ances G4n6rales de France 
(AGF) insurance group will be 
the next candidate in its state 
asset' sale programme. AGF*s 


management has lobbied hard 
for a speedy privatisation. But 
the consensus among analysts 
is that Renault is likely to 
go first, provided the govern- 
ment can clarify the Volvo 
issue. 

Many observers expect an 
announcement to be made over 
the next few days as Mr 
Edouard Balladur, prime min- 
ister, has just received the offi- 
cial valuations of Renault. 

Hie motor group is believed 
to be worth between FFr40bn 
and FFr44bn but. given the 
fragile state of the French 
stock market, the authorities 
would be expected to pitch the 
price of an eventual issue at 
the lower end of that range. 

Volvo declined to comment 
on the French press report. 
However, it noted that if Ren- 
ault was valued at more than 
FFr37.5bn it would be more 
advantageous for it to sell its 
Renault shares separately than 
to agree to the fixed exchange. 


Groupe Bull widens 
US computer ventures 


By Alice Rawsthom 

Groupe Bull, the troubled 
French computer company, 
yesterday announced plans to 
form strategic alliances with 
two US groups. Motorola and 
Tandem Computers, to prepare 
for privatisation. 

Mr Thierry Breton, deputy 
chief executive, confirmed that 
Bull had concluded negotia- 
tions for a technological agree- 
ment with Motorola, the world 
leader in mobile communica- 
tions technology, and was in 
advanced talks with Tandem, 
maker of fault-tolerant comput- 
ers. 

He said Bull was considering 
forging similar alliances with 
other partners, some of whom 
might take minority stakes in 
the group and participate in its 
privatisation. It is not thought 
that either of the US compa- 
nies would take an equity 
stake in BulL 

The privatisation of Bull has 
been clouded by uncertainty 
due to its financial problems. 
However. Mr Jean-Marie Des- 
carpentries, chairman, forecast 
Bull could return to the black 


at an operating level this year 
after halving its interim net 
loss to FFr843m ($157 .27m) for 
the first half of 1994 from 
FFrlJ8bn in the same period 
of 1993. 

The French government has 
invited banks to tender to act 
as advisers on the sale of Bull 
and is expected in November to 
ask potential noyaux durs, or 
hard core shareholders, to step 
forward as the first stage 
towards selling its stake in a 
series of share sales. 

Last week, a French satirical 
magazine alleged that Bull lost 
FFrlbn of computer sales In 
1989 and 1990 through illegal 
trafficking by employees. 

• Mr Alain Gomez, chairman 
of Thomson, the state-con- 
trolled electronics group, yes- 
terday called on the French 
government to recapitalise his 
company in preparation for the 
proposed merger of the Thom- 
son-CSF defence electronics 
business with the Thomson 
holding company. 

Mr Gomez said at a confer- 
ence that a recapitalisation 
was essential if Thomson was 
to be privatised. 


Australian 
pay-TV alliance 
to be disbanded 

By Nikki Taft in Sydney 

Australian Pay Television, the 
consortium of powerful media 
and telecommunication inter- 
ests which was formed to pur- 
sue pay-TV opportunities in 
the country, is to be disband- 
ed. 

The consortium included Mr 
Rupert Murdoch's News Lim- 
ited. Mr Kerry Packer's Nine 
Network, and Telecom, the 
state-owned telecommunica- 
tions group. 

The Ten network, which 
runs Australia’s other commer- 
cial channel, withdrew from 
the grouping in July. 

Yesterday, Mr Frank Blount, 
Telecom chief executive, said it 
had “become increasingly dear 
that the consortium, having 
failed to win a satellite licence, 
has not reached consensus on 
a business plan for alternative 
delivery for pay-TV services in 
Australia". 

Pay-TV is not yet available 
to Australian households. How- 
ever, Australis, holder of one 
of the satellite licences, has 
pledged to have a system ready 
fliis year. 


FIN ANCIAL TIMES 


WEEKEND SEPTEMBER 10/SEPTEMBER 11 1994 



COMMODITIES AND BOND PRICES 


WEEK IN THE MARKETS 

Economic 
confidence 
lifts metals 

By Deborah Hargreaves 
and Kenneth Gooding 

The global economic outlook 
has not been so favourable 
since the IS80s. said RTZ, the 
world's biggest mining group, 
this week. And metals prices 
are certainly reflecting this 
view. Commodity and invest- 
ment funds are piling into the 
metals markets, often ignoring 
the fact that the fundamental 
outlook for some materials - 
zinc and nickel for example - 
is not that bright. 

On the other hand, most ana- 
lysts suggest that the present 
buoyancy in the aluminium 
and lead prices can be justified. 

Aluminium's price reached a 
fresh three and a half-year 
peak of US$1,591 a tonne on the 
London Metal Exchange yes- 
terday. Aluminium alloy, an 
LME contract launched two 
years ago to provide material 
mainly tor the car manufactur- 
ers, reached a record level. 
Earlier in the week, lead 
moved to its highest price for 
two years. 

Buyers moved In for alumin- 
ium yesterday after the LME 
reported another substantial 
fall in stocks: 17,000 tonnes. Mr 
Nick Moore, analyst at Ord 
Minnett pointed out that this 
followed a drop of 104,000 
tonnes in July, which was the 
biggest monthly fall since the 
LME started trading alumin- 
ium. But he warned that the 
market continued to rely on 
producers keeping to the out- 
put cuts made earlier this year 
and at present prices they were 
being severely tempted to 
restore production. Aluminium 
for delivery in three months 
dosed last night on the LME at 
US$1,586.75 a tonne, up $22.25 
compared with a week ago. 

Lead, used mainly in bat- 
teries, also benefits from a 
healthy automotive market. 
Already lead is the best-per- 
forming LME metal since the 
world economic recovery 
began. Its price has risen by 

WEEKLY PRICE CHANGES 


more than 70 per cent from the 
bottom of the trough in Octo- 
ber last year from US$357 a 
tonne to $625 at one point this 
week. 

Mr Wiktor BielsM, analyst at 
Bain & Co., pointed out that 
seasonal demand from the bat- 
tery producers, who account 
for more than 70 per cent of 
lead demand, was helping 
tighten the market, as was a 
fall in exports from China, Rus- 
sia and Kazakhstan. 

Gold bulls had a good week. 
First, they pushed the price 
through tough technical resis- 
tance at US$390 a troy ounce 
and. after this gave way, 
moved on to press against the 
barrier at $392. Gold closed in 

LME WA RBU OUM STOCKS 

(As at Thursdays dose) 
tom$ 


Atorrtnkxn 

-17XS0 

to 2.413X50 

Atominkxn ritoy 

-140 

IO2S.720 


41X00 

to 300/400 


+50 

m 384.775 


>834 

lO 140.BQ8 

The 

*2225 

to 1X38X60 

Tin 

+45 

to 31X15 


London last night at S39L85, 
some $4.60 up from Friday's 
close last week. 

Meanwhile, the coffee mar- 
ket had a volatile week with 
prices rising close to 8V4 year 
highs set in July when Brazil’s 
crop was damaged by frost 

The trigger for a surge in 
prices came on Wednesday 
from the Br azilian government 
which hinted that it was 
reviewing its policy of auction- 
ing off government-held stocks. 
Brasilia has so far sold 2.7m 
bags by weekly auction in 
order to dampen domestic 
prices and Inflation. 

However, the policy has 
failed to push down internal 
prices and, with 5m bags of the 
stockpile still to sell, the gov- 
ernment is expected to aban- 
don its plans. The abandon- 
ment of tire auction is likely to 
be bullish for the international 
coffee market as it will further 
restrict supply in an already 
tight market 

Prices reacted by surging to 
$4,060 a tonne on Wednesday, 
but traders felt the market had 
overreacted and prices dropped 
on Thursday to $3,920 a tonne 
before moving back to $3£55 
by the close in London last 
night, $115 up from the close 
on Friday last week. 


prices 


Change Year 
on weak ago 


Gold per troy az. 

$361.85 

+4X0 

$349.85 

S396X0 

$389X0 

Slvet per troy oz 

354X0P 

+3.00 

285^0p 

384J0P 

331 XOp 

Afmfnten 99.7% (cash) 

S1564C 

+24.5 

$112a5 

$1564^X7 

S1T07X0 

Copper Grade A (cash) 

S2481X 

-6.0 

SI 932.5 

$2521.00 

$1731X0 

Lead (cash) 

sai».o 

+4.0 

$5845 

$gi ao 

$428.0 

tfeksi (ooh) 

36307X 

+62X 

S4572X 

$6490 

$52104) 

23nc SHG (cash) 

$865.5 

+22-0 

S875.5 

$1014 

S900X 

Tin (cash) 

S5347X 

-30.0 

$4560.0 

$5850.0 

$47300 

Cocoa Futures Ooc 

El 000 

-6 

E856 

£1124 

E859 

Coffee Futures Nov 

$3955 

+130 

$1296 

$3955 

$1175 

Sugar (LDP RaW) 

$306.7 

+3X 

S242J 

$309.4 

$2508 

Barley Futures Nov 

Cl 04.75 

+0.10 

Cl 0455 

£105^0 

£92.85 

Wheat Futures Nov 

C107J0 

+1.25 

El 04.00 

£117X0 

£97.80 

Cotton Outlook A Index 

78.15c 

+0.50 

55.05c 

87.10C 

62.45c 

Wool (B4s Super) 

466p 

+9 

31flp 

466p 

342p 

Ofl (Brent Send) 

$16,415* 

+0235 

$15,685 

$18^1 

$13.18 


BASE METALS 

LONDON METAL EXCHANGE 

{Prices from AmeigamaMd Metal TradnQ) 


Precious Metals continued 

■ POLO CCF/gX (100 Tray oz^ S/tray taj 


Ceeh 3 mOs 

dome 1563l5-84^ 1 5605-87 J) 

Pnteoua 1663-54 1578-78 

HkMw 1686 1891/1577 

MriOfficM 1868-87 1590-91 

Kerb dose **4-85 

Open M. 270463 

Totri daty turnover 8L019 

■ ALUMINIUM AL1GY (S per tome* 


1577-92 

1697-98 


1560-70 

1675-85 

HoMow 


1568/1 5BS 

AM Official 

1575-85 

1696-99 

Kara dose 


1505-600 

Open tat- 

2X146 


Total daBy turnover 

504 


■ LEADS per tome) 


Close 

60834L6 

8206-21.5 

Pravtoue 

600-1 

8143-15.0 

HgMow 

809 

621/009 

AM Official 

6O83D.0 

82O6-21.0 

Kerb does 


820-1 

Open Ini 

41.122 


Totri defiy fteraver 

8.701 


■ MCXB. (Spar tame) 


Close 

6306-10 

8400-5 


6266-76 

8360-70 

High/low 


64408330 

AM Official 

6308-10 

6400-402 

Kerb does 


8420-30 

Open tot 



Total defly turnover 

13X48 


■ TIN ($ per tame) 



Ctase 

5346-50 

5420-2$ 

Previous 

6320-30 

64005 

Hlgh/tow 


5430/5370 

AM Official 

5346-58 

5420-30 

Kerb dose 


5420-30 

Open tot. 

17.181 


Total dely turnover 

3.067 


■ ZMC, apodal high spade (S per tome) 

Close 

974-75 

906-97 

PieNtous 

971-72 

0945-85.0 

«ghAow 


9977992 

AM Official 

971-71.5 

9945-95.0 

Kart) ctase 


835-6 

Open tot 

98^32 


Total dtey hmover 

18.149 


■ COFFER, te«ds A (Spar tome) 


CIom 

2481-82 

2498-97 

Previous 

2473-74 

2491-915 

HgMow 

248G 

2502/2482 

AM Offfdri 

2485-88 

2488-99 

Kerb dose 


2484-95 

Open tot 

216.741 


Total dally turnover 

44/424 



■ LME AM OfSotoi E/S rata: 1-5408 

LBE OoafciQ E/S rata: 1XS2Q 

Spot 1 .5505 3mttx1.S4K 6mSKl-5471 0 marl 5429 

■ HtGH GRADE COPPER (COM0Q 



One 

efinpt 

Mob 

Mr 

M 

M 

Sto 

118X5 

+IA 

moo 

117.70 

6285 

1,088 

Od 

115X8 

-ai5 

116.70 

118X0 

1.166 

182 

Mr 

11110 

-020 

. 

- 

658 

8 

Ok 

11485 

+825 

115X0 

11470 34X10 

8X29 

Jte 

114.45 

14125 

- 

- 

539 

8 

Frit 

TaM 

114.06 

+025 11400 11175 

309 

61X92 

31 

8248 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prices supplied 

Gold (Tray ozj 
Close 
Opertng 
Morning fix 
Afternoon fta 
Day's High 
Day’s Low 
Previous dose 
Loco Ldn Mean QoM Lancfing Rates fl/, US$) 



Srit 

B*B 


Opae 



price 


HDD 

taw M 

VOL 

SR« 

391 J 

+12 

- 

- 1 

3 

ON 

392X 

+U 

393X 

3869 9X73 

1X04 

l tor 

3943 

*12 

- 

. 


0* 

3852 

*12 

3B6X 

392X »i»l 36X72 

MB 

mi 

+U 

4003 

3963 11430 

118 

AW 

402X 

+13. 

4010 

4012 6.735 

3 

TWri 




156X67 46,157 

■ PLATMUM NYMEX ($0 Troy ac: Sffray oc.) 

Oet 

4Z1X 

+12 

422X 

418X 14X72 

4X16 

Jm 

4252 

+12 

427X 

422X 7X86 

2X92 

Apr 

429X 

+12 

<305 

42SX 1X54 

28 

Jri 

*S(I 

+U 

• 

• 461 

- 

ON 

<317 

+12 

- 

- 102 

- 

Tetri 




D4JT71 

ex* 

■ PALLADIUM NYMEX (100 hoy ot; dray 8*4 

s* 

162X0 

-1X5 

163X0 

161X0 136 

7 

DK 

153J5 

-1.00 

154X0 

15225 1895 

870 

Mr 

154X0 

•0.75 164X0 164X0 788 

56 

Jan 

155X0 

■0.75 

- 

51 

- 

Tetri 




ByB* 

733 

■ S8LVBI COMHX (100 Day oz4 Centa/troy oz) 

m 

5602 

*32 

ERLS 

6410 749 

32B 

Oct 

HEX 

*&jD 

545X 

5460 5 

- 

Her 

S54X 

+6X 

• 

- 


DK 

55BX 

+5X 

ffon 

54SX 86657 20.725 


558X 

+5X 

- 

58 

1 

Har 

SB4B 

+6.1 

566X 

6550 6790 

254 

TUri 




116681 21X02 

ENERGY 





■ CRUDE 00. NYMBC (42X00 US gala $/bsrreO 


Lataxt 

Dife 


OP* 



price 

efreapt 

m 

LM* tat 

Vri 

Oet 

17X8 

•0X1 

17.72 

17X9 79X94 41,832 

Re* 

17J8 

+0X1 

17X2 

17.70 67X79 

19X47 

Dec 

17St 

+0X3 

77X2 

77X3 50X79 

11535 

Jb 

17X2 

+0X1 

17X6 

17X9 3M86 

5.731 

Mi 

17X7 

+0X4 

17X7 

17X3 16660 

1X41 

tor 

17X6 

+0X1 

16X1 

17X2 15JB8 

1,778 

Total 




400X42 82X84 

■ CRUDE 00. IPE ff/banri) 




Uteri 

Oafs 


Op* 



Price 

rtiKpl 


Ute tat 

Sri 

Oet 

1642 

+0X9 

1642 

1629 61X60 

17.038 

Mof 

18X8 

+0.11 

16X8 

16.46 48X59 

10.744 

Dec 

16.70 

+0X5 

18.70 

1658 23,748 

4000 

Jan 

1870 

+0X4 

1&70 

18X2 11X38 

3X9* 

R* 

1870 

+008 

1670 

16X0 1747 

735 

ttar 

1871 

+0.11 

1671 

18X8 5.738 

125 

Total 




184X40 38,103 

■ HEATMG OR. NYtaSI ttifiOO US 0*4; cAB grita) 


UtMt 

Owl 


op* 



price 

change 


law tat 

Vri 

Oct 

46X0 

4US 

4685 

4140 39,433 

12X35 

Nte 

50X6 

-0X3 

5075 

5045 20.532 

1004 

Dec 

51X5 

-0X3 

S1X0 

81X0 31239 

6.433 

Jn 

S2X5 

+0X2 

52X5 

52X0 22X72 

1,143 

Fth 

82.73 

+0X5 

6276 

52.73 10.127 

355 

1 §m 

52.18 

+0.12 

- 

- 8X27 

1X29 

TOW 




163X21 

24X93 

■ GAS OIL FE (Stain) 




Sett 

DrTs 


0p* 



Price 

c*MR 

*0h 

Urn tat 

\M 

Stp 

161X0 

+1X5 

162.00 

14175 20X62 

8748 

Oct 

15450 

+025 15475 

15300 3? r TP 

9X43 

am 

157X0 

+1X0 

15775 

15100 11775 

1X73 

DK 

159J5 

+1X0 158.75 156X0 16.171 

1X11 

Jte 

lets 

+1X0 16125 

15925 12X32 

70S 

Frit 

181.76 

+1.75 161.75 159X0 4X75 

290 

TMri 




113X57 23X39 

■ NATURAL GAS NTIEX (10X00 nsoBta;$taiChL) 


0p* 


S price 
391.80-382.10 
380X0-389X0 
389X0 
390.75 

301X0-302X0 
->nn nrutm tvt 

391X0-391.70 



price 

change 


Uw m 

Vri 

Ceqriv. 

Oct 

1X40 

-0019 

1X58 

1X25 31.103 

11263 


IN* 

1X80 

0X19 

1X97 

1X70 20X25 

7.740 

252.430 

251 XS3 

DK 

2X75 

0X16 

2X90 

2X70 28X55 

1438 

J* 

2.110 

0012 

Z11S 

2105 14X27 

754 

m 

2X50 

0X08 

2X60 

2X45 12X56 

1X14 


Mm 

2X00 

-ojni 

?<vtn 

2X00 1238 

437 


TaM 




156X83 28X87 



■ UNLEADED 
NfffiC (42X00 US 


.cAJSgteq 


Per mm uitoa ottwrataa mod p PanoaAs. c Cwas b. x <W 



L3S 12 months 4^1 


Latatf 




Own 

1X8 



Price 



law 

tat Vri 

pffroy oz. 

US eta equlv. 

Oct 

46XS 

+0X8 

48X0 

4140 28X86 12X42 

35120 

545X0 

Re* 

48X5 

+0X3 

48X0 

48X0 

15X23 4X52 

357X5 

551.16 

BK 

54.70 

+0X8 

55X5 

54X5 

9.497 2758 

302.68 

556.15 

J* 

53X0 

+0X3 

54X5 

53X0 

5,150 1.137 

araxo 

574X5 

Fab 

54X5 

+0X8 

- 

- 

3X70 422 

$ prioa 
384-397 
402X5-405.15 
91-94 

£ equta. 
265-258 

6902 

Mw 

Tetri 

55X5 

+0X3 



873 600 

•M* 23X83 


GRAINS AND OIL SEEDS 

■ WHEAT LCE (£ per tonne) 

Sett Dai's Op* 

price daga H* Urn tat Vol 

a* 106.40 4035 10140 10600 165 1 

Her 107.50 4050 107X0 106.75 2 fSS. 91 

jn iota 4000 iota tosxo ijob zt 

Mr 111,00 +G7S 111a 1112S 14a 4 

11160 +0X0 113X0 11X50 1.182 2 

115J0 +0X0 - 191 

7,274 IIS 


SOFTS 

m COCOA LGE (EAoryw) 


SbB Day's 

prfc* change Hgk Lev 


m 

Jri 

TOW 


■ WHEAT CBT (B.OOOUU rrin; certa/BOfc bueh«3 


Sop 

3750 

+6fl 

378/4 

387/4 1,207 

1X11 

DK 

390/4 

+812 

39UQ 

3824) 47X66 

14X19 

Mar 

396/4 

+5/6 

«7fl 

387/4 16X32 

2X88 

•tar 

BK 

+8*4 

3»’4 

377/4 1X38 

360 

jm 

354/2 

+04 

3SM 

351/4 1162 

638 

*P 

3S7/4 

+1A) 

. 

16 

4 

TOM 




71,17$ 18X32 

■ MAIZE CBT (5X00 bu min; cantaffiBta tktetoQ 

Sap 

223/0 

-1/8 

224/2 

222/4 7X95 

3X08 

Ose 

2240 

-1/8 

228/4 

223/8131X19 15X34 

Her 

233/4 

-1A 

235/0 

233/2 31X27 

2X39 


23K 

-1/2 

2*0/6 

239/4 12X88 

952 

JM 

244,2 

-1/0 

2*5/0 

2444) 12X49 

580 

*P 

246ffi 

-M 

247/4 

2+ae 838 

21 

Tetri 




202X22 22X88 

■ BARLEY LCE (£ per tarn) 


Sap 

103X5 

+0X5 10175 

103X5 51 

18 

Ha* 

104X5 

-0.10 

104X0 

104X5 SOI 

42 

Jte 

107.10 

+0XS 107.10 

108X6 344 

IS 

Uar 

109.15 

+0X0 

. 

76 

- 

Ms? 

11090 

+0X0 

. 

21 

- 

TOM 




50S 

76 

■ SOYABEANS CBT {SXOObs mini cantaGOta IMhaQ 

sm 

58512 

-0/2 

5884) 

saw 4X51 

933 

BO* 

575/4 

-0/2 

577/0 

573/2 78X82 10.781 

Jte 

58312 

- 

584/4 

580/8 14X83 


Her 

532/2 

- 

693/4 

5004) 7.1 BO 

940 

Hay 

599/4 

+0/4 

saw 

997/4 4X03 

364 

Jri 

80418 

+0/5 

609/0 

802/0 

309 

TOM 




122,193 H712 


ap 

9S5 

+17 

980 

9K 74 27 

Dm 

1000 

+18 

1006 

988 29,766 3,171 

Mat 

1033 

+18 

1036 

1020 32X21 1X21 

Mat 

1047 

+14 

1048 

1038 11X81 274 

JM 

1060 

+15 

1082 

1056 5X39 112 

SBP 

1071 

+14 

1871 

1071 106 1X51 

Total 




100X82 5X88 

■ COCOA CGCE (ID toms: S/tomea) 

S*P 

1288 

+17 

1306 

1306 98 43 

DK 

1348 

♦17 

1360 

1348 41X19 5X56 

tbr 

1391 

*18 

1404 

1390 11761 1X04 

mot 

7422 

♦14 

1430 

1410 3X54 1® 

Jri 

1450 

+17 

1455 

1449 2,486 15 

3te 

1470 

+17 

- 

- 1X05 

tow 




71X85 7,191 

■ COCOA 0CCO) (BDRVtonne) 

Sep B 



Price 

Pie*, ter 

0a9r_~ 



1000X4 

1010.15 


LCEff/tanna» 


■ SOYABEAN OS. CBT (KUVQfcC cents** 


Sap 

25X8 

+4L0B 

2529 

28X8 

8X05 

1X77 

oa 

2598 

+0X7 

28X0 

2572 18X75 

1781 

DK 

25X1 

•0X4 

25X7 

Z545 37X83 10+53 

Jte 

2534 

-0X9 


tew 

8,734 

1X8* 

Her 

25X7 

-0.10 

25.12 

24X0 

7X71 

1.498 

Her 

24X3 

■0.14 

24X0 

2470 


390 

totri 





79X99 20X18 

■ SOYABEAN MEAL C8T (1 00 tons; 3/torj 


S«P 

172-4 

+08 

172X 

171.7 

0435 

1424 

Oct 

1702 

+05 

1706 

1B07 

11118 

4.128 

Ok 

1708 

+03 

171X 

1701 

37X05 16X27 

Jbq 

172.1 

+OX 

1723 

171X 

7X5S 

1,777 

iter 

174X 

+05 

17S2 

174X 

7X88 

1.163 

Mr 

176X 

+07 

1708 

1715 

fipn 

415 

Tetri 





80X33 28XH 

■ POTATOES LCE p/tama) 





Bep 

4063 

t38 

4100 

4036 

2,187 70 

Ho* 

3955 

+37 

38® 

3909 11428 1X70 

Jk 

3913 

+01 

3336 

3880 HUB 882 

ttar 

3856 

+83 

3870 

3790 

6.434 169 

■fry 

3796 

+67 

3795 

3740 

1X39 ISO 

JM 

37® 

+B 

Z7B5 

3725 

278 a 

TaM 





36X73 2X96 

■ 4AJI 14JL *C* CSCE (S7JS00ba; cantatas) 

Sap 

211X0 

+1X0 211X0 211X0 

188 11 

Dk 

217X0 

+1A5 21 025 218X0 22X<6 4X07 

Mar 

219L9S 

+1JS 

221.10 ; 

218.75 

8X27 468 

■tar 

221X0 

+1X0 

221X5 ; 

220X0 

1100 115 

Jri 

222X0 

+1X0 

- 

- 

727 26 

8* 

mm 

+1X0 

. 

- 

358 SB 

total 





34X83 3X18 

■ COfYBE (JCO) (US centa/poitocQ 


ta8 



Plica 


Pm. atg 

0*00*1) 

— 

.196.48 


20024 

15 dw taMBI 


.188X3 


187X6 


■ No7 PRBtaUM HAW SUGAR LCE (cterta/fca) 

Oct 12.48 +002 12.40 12A0 1,801 200 

JM 11X2 

Mr ’ 1148 -0.10 - 90 

total 1X01 200 

■ WHITE SUGAR LCE ffiftome) 


Nor 1500 

Star 1050 

Apr 221 J) -05 221 JO 215X 1,378 107 

2400 

Jm 107X 

Total 1,378 107 

■ FREIGHT (BffFBQ LCE ($10ffnde»t polnl) 


OCt 

33a 10 

+(190 TtoTn 329X0 

8X41 2,141 

DK 

32&J70 

+0.10 

327X0 

32800 

2X12 

330 

Mm 

32070 

-0X0 327X0 326.10 

8X89 

<23 

Hay 

328.40 

-aiO 32570 32570 

817 

17 

Aeg 

328X0 

- 

328X0 

325X0 

388 

20 

Oct 

wtopn 

-050 

- 

- 

231 

- 

TeW 





17X76 2931 

■ SUGAR IV CSCE (111000830: oentttaa) 


Oct 

12X8 

■nn? 

12X1 

1222 41X32 8,782 

■sr 

1233 

-AIK 

12X7 

12X1 73X1010X99 

Ma, 

1226 

■0X1 

12X0 

1225 12X08 1X48 

Jri 

1215 

+002 

1218 

1212 

6X97 

769 

Oet 

11X5 

+0X1 

12X0 

11X4 

1X88 

238 

Mar 

11X8 

-0X1 

11X0 

11X5 

669 

61 


TeW 


13031421 J03 


8* 

1540 

+8 

1540 

1627 

482 

21 

Dd 

Od 

ISO 

+6 

ISO 

1535 

308 

36 

DK 

rite 

1558 

+9 

1559 

1548 

59 

25 

ttar 

Jte 

1528 

+7 

1530 

1520 

577 

51 

May 

He 

1530 

+8 

1530 

1520 

313 

12 


Jri 

totri 

1391 

-fl 

“ 

“ 

60 

2328 

146 

totri 


■ COTT ON NYGE (BQOOOIbs: esntVTbe) 

7230 -035 72M 7210 8380 1.224 
71.18 -051 71X0 7080 27,70011.729 


74a -082 74a 73a 0485 158 
7050 -086 7100 TOM 416 22 

K4» 8XM 
■ ORANGE JUICE NYCE (15.000bK centa/toa) 


BR 


148B MM 


Sri* 

84X0 

+0X0 

84X0 

83X0 

188 

117 

So* 

87X5 

+0X0 

8775 

85X0 11X67 4X01 

Jte 

91.10 

+0X6 

91X5 

89X0 

5,122 1X13 

Nar 

94X0 

+0X0 

95X5 

9100 

3X12 

718 

Me, 

99X0 

+0X6 

99X0 

pern 

878 

43 

Jri 

10200 

+0X5 

100X0 

10050 

«90 

1 

Total 





21X69 8,197 


S pi ce s 

White pepper : Indonesia somewhat easier 
repeats Man Production. Malaysia end China 
steady. Spot poritfone europe/un SgM. Min- 
tofc taq spot fladad w us$320Q/mt SeptOct 
Shipment us$3075Ant dL Bach pepper : mar- 
ket ree nte red firm. I nrtpn a at* to wRhcfrMvn. As 
the re- Introduction of the new 13 percent 
export tax wee postponed; more eefiere from 
brazfl appeared. Prices tar Sarawak Increased 
due to heavy demand from euope. Spot mNe- 
rtet In aurope vary scarce. Bach tag: ueS2100 
spot Europe, us$20S cit Sep/Oc t shipment 
black bb&e US$2300 spot. US$2200 df Sep/Oct 
shipment Nutmeg* and mace: martlet steady. 
h d one M n selers wtthtfrawn. Malting further 
price I ncre aa n* Grenade Is eogreded to coma 
back with competitive prices shortly. 


VOLUME DATA 

Open Mate and Volume data shown tor 
contract s traded on COM EX. NYMEX, CBT. 
NYCE. CME. CSCE aid IPE Crude OH are ana 
day in i 


INDICES 

■ REUTBC (Base: 18/8/31-100) 


Sep 9 Sep 8 month ago year ago 
2082 X 2068.1 2073.1 1634X 

■ CRB Rteecs (Base: 1967=100) 


Sep 8 

232X9 


Sep 7 month ago year ago 

234.23 220.70 214X7 


MEAT AND LIVESTOCK 

■ ■ nrc r-jtTTT w CME MSXCfbx oonts/IM 


Oct 


Mr 


TOM 


Dot 

Dec 

R* 

AW 


Tetri 


Sell Mr* M 

prite etteVS HW IP* « « 

7H6QD 4*060 70X00 70.375 33.785 7X00 

66.750 40200 88X00 J}JJ *{“ 

68X80 -0X25 88X75 88.100 11 #5 

68750 -0.100 70075 OOSTO 7.9® 2W 

SX50 -0125 67.100 60700 1,903 » 

K -0225 BOB® ^ 1Q ^ 

LIVE HOQ8 CME 

earns 40U25 38X00 38XW ItfM 
38675 40150 31725 38525 10J2S 
39X78 40350 39*0 
•mm +0076 30300 39.150 IflTS 

44X00 40200 «•*» **■=» ah 

40150 40100 43.150 41000 75 

^ 27,885 MB 

PORK mat ifS CME HQ .000B»; cental _ 


2,732 

1X04 

560 

206 

14 

10 


M 


abb 

Tetri 


41725 +0X50 43X75 42250 
J3B^| 40200 43X00 42260 
41700 +0400 40700 
44X00 40375 44X00 43X50 
43X00 +0100 40780 43.250 


7X02 

443 

80 

133 

so 

7X9» 


1X19 

77 

11 

18 

1 

1X» 


LONDON TRADED OPTIONS 

Sfrto price $ tonne —Cate Puts — 


■ ALUMINIUM 
09.796) LME 
1550 


1675. 

1600. 


■ COPPER 
(Grade A) LME 
2400 


2500 . 


2600. 


■ COFFEE LCE 
3800 


3650 

3700 

■ COCOA LCE 
1000 


1060 

1100 


1600. 


1650. 


Oct 

Jen 

Oct 

Jan 

46 

62 

24 

45 

33 

89 

38 

58 

22 

87 

50 

89 

Oct 

Jsi 

Oct 

Jen 

103 

143 

14 

55 

41 

88 

52 

99 

11 

51 

122 

159 

Nov 

Jan 

Nov 

Jan 

442 

541 

87 

229 

407 

512 

102 

249 

373 

484 

118 

271 

Dec 

MS- 

Dec 

Msr 

48 

96 

49 

83 

30 

73 

80 

90 

16 

58 

118 

123 

Oct 

Nov 

Oct 

Nov 

39 

- 

2 

27 

21 

- 

15 

51 

2 

42 

- 

- 


LONDON SPOT MARKETS 

■ CRUDE OIL FOB (per barraUOcD «*- 


Dubel 

$15X2-5.831 

-a 055 

Brent Blend (deled) 

$15.85-5.96 

-0.023 

Brerrl Bland (Oc4 

$1 8.41 -5-42 

-0.025 

W.TJ. (1pm est) 

$17X8-7.72 

+0.005 

■ OIL PRODUCTS NWEprampt delvary CF flonnri 

PramkJii GasaAne 

$187-189 

-05 

Ges 09 

$156-157 

+1 

Heavy Fuel 01 

S71-72 


Naphtha 

$161-163 

+0.5 

Jet fuel 

$173-175 

+2 

PtolWi Argue maaaamwte 



■ OTHER 



Odd (par boy oz# 

$391X5 

+0X5 

Sever per tray az>fr 

5505c 

+3.0 

PUtdnum (per troy ol) 

$418.30 

-095 

PateSum (per tray ozj 

*152X5 

-1.00 

Copper (US prod) 

122.0c 

+1.0 

Lead (IS prod) 

3ft25r- 


Tin (Kuala Linpu) 

13.43m 

-0.02 

Tin (New Yort<) 

248.5c 

+2.0 

Caflfa (Bve wutuhptO 

1 l0.G2p 


Sheep (Dw we&it)t40 

88X3p 

-0X2* 

Pigs (Sue weight)© 

78X4p 

+088* 

Lon. day sugar (raw) 

$308.7 

-2-2 

Lot. day sugar (wte) 

3344X 


Tate 8 Lyle export 

E311X 

-1.0 

Barley (Eng. (eecfr 

£107Xw 


Metre (US No3 YeEow) 

$180.0 


Wheel (US Daft. North) 

ei3ao 


Rubber (Oct)V 

87.0Qp 


Rubber (Nov)? 

aaxop 


Rubber KLRSSNol Aug 

313.00m 

+1X 

Coconut OB phB)§ 

$82aOK 

-05 

Palm 06 (Malay J§ 

$607 Xt 

-12X 

Oopra (Ph6)§ 

$388.0 


Soyriseens (US) 

E165X0U 


Cotton Outlook ’K tottox 

7ai 5c 

+1.00 

Woottop* (B4e Super) 

466p 

+0 


6 pw tens irte n riwrafra elated p pencofre. c cffiiariv 
r rtiggR/kg. m M4^ Wn cwtetag. u Nov. t OCJ. i SapOct 
HSap.f London Ptiyricri. S CF Hottanten. 4 BUOon 
martte dean. 4 ahaap flJwa a w lflh r Prion). * Change on 
week, e Rica are tor p re rtaua any. 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Rad Day's Week Month 

Coupon Date Price change YMd ago ago 


Australia 

9.000 

09AM 

B&.9900 

+1X90 

9v47 

8.44 

9.58 

Belgerti 

7.250 

OUD4 

90X000 

-0.800 

8.69 

8.47 

8X3 

Canada' 

6X00 

06AM 

817500 

-0X00 

9.05 

8.76 

9.04 

Denmark 

7.000 

12/04 

85.4500 

-0.920 

9X5 

8.82 

8.99 

Franco BTAN 

8X00 

05/98 

101.7500 

-0X50 

7X3 

7X4 

7.15 

OAT 

5 500 

04/04 

811700 

-0.700 

8X8 

7X0 

7.74 

Germany Bund 

6.750 

07/04 

94.3000 

-0.940 

7X9 

7X5 

7X2 

Rriy 

8 500 

04/04 

79.0000 

-1X00 

12X9T 

11.78 

11X0 

Japan No 119 

4X00 

08/99 

103X850 

♦0X10 

3X1 

4.10 

4.15 

4.100 

12/03 

97.4460 

+0.380 

4.49 

4.73 

4X5 

Nedwtands 

5.750 

01/04 

86.9800 

♦0X00 

7.42 

7X5 

7X3 

Spam 

8.000 

05/04 

- 

- 

- 

11.03 

nxa 

UK Gila 

r. ooo 

08/99 

90-06 

-iaoc 

8.47 

8X6 

8.43 


8.750 

11/04 

B6-X7 

-51/32 

8.82 

8-59 

8.62 


9.000 

1008 

101-24 

-S3A2 

8.78 

8.62 

afl7 

US Treasury ■ 

7X50 

08/04 

98-25 

-33/32 

7.42 

7X1 

7X8 

7500 

11X14 

98-2S 

- 20/32 

7X0 

7X0 

7X6 

ECU (French Govl) 

0X00 

04/04 

83X200 

-0.520 

8.61 

8X9 

axa 

London dmsiQ. f*n» Yo+ 

nvd-dny 




VWW*. Locd rrertte Kind 


T Grow finctudno wthhoMhq Lw at 1; a per ant payaua by 
Pncns. U& UR m 32nd=. otfnre to decanal 


Source: MMS ananaoional 


ECONOMIC DIARY - FORWARD EVENTS 


TODAY: Informal meeting of 
European Union foreign minis- 
ters in Germany. British Medi- 
cal Association holds scientific 
meeting in Budapest (until 
Tuesday). 

TOMORROW: State elections 
in Brandenburg and Saxony. 
MONDAY: Producer price 
index numbers (August). Chile 
and Peru begin free trade 
talks. Mr Douglas Hurd, for- 
eign secretary, visits Bangkok 
(until September 14). Quebec 

provincial election. 

TUESDAY: Company liquidity 
(second quarter). Earnings of 
horticultural and agricultural 
workers (second quarter). New 
construction orders (July). 
Capital issues and redemptions 
(August). US CPI (August); real 
earnings (August); current 
account isecond quarter). Start 
of 4S-hour strike by signalmen. 
WEDNESDAY: Retail prices 
index (August). Labour market 
statistics; unemployment and 
unfilled vacancies (August-pro- 
visional); average earnings 
indices (July-provisional): 
employment, hours, productiv- 
ity and unit wage costs; indus- 
trial disputes. Labour force 
survey (March-May). US retail 


DO YOU WANT TO KNOW A SECRET? 

The LD.S Gann Seminar show you how the mariieb REALLY werit The amazing I 
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Currency or Bond fax - FREE 2 week trial 
aiso dasiy gofd and silver faxes a ,. Anno Wh iiby 

Ucjt. t. rvi'yiis L«« T«-l. 071-73C 7174 

? Sv-Mls* litre:. Lcndon V.'lfi 7 HO. UK - Fas 07 1 -439 4966 

ncliancc rale spccialisSi lor over JO yf 


US INTEREST RATES 


■ LONG GS.T FUTURES OPTIONS (LffTQ CSOXOOMha et 100% 


US 


Lunchttma 


Ftetundi 

FaUuteia 





Treassy Bfc and Bond YtaWs 

4XZ too yen 


S&ta 


CALLS - 


■ PUTS 

- ■ U8T1 

1EASURY BO 

NDFUIUF 

ES (CBT) $ 

100,000 32 

MsoMOC 

)K 


Ore month 

8X3 

Price 

Dec 

MB- 

2-49 

2X1 

1-61 

Dec 

2-02 

2- 83 

3- QS 

Mar 

3-13 

3- 49 

4- 25 


Open 

Latest 

Change 


Low 

Esl voL 

Open InL 

toe cw* 

TTvn hbhIi_ 

4J3 tores y*ar. 

4J7D Rusjfl (f 

863 

7X5 

99 

fM 

2-14 

Sep 

102-10 

101-03 

-1-07 

102-14 

102-28 

BX97 

124,43* 

Stic north - . 

5.13 10+rir 

7A3 

iwu 

ioi 

1 riw 

1-17 

Dec 

101-14 

100X7 

-1-X7 

101-19 

99-31 

215X23 

312.832 

o*jm 

167 S+ar 

7X9 

Eat vdL trtrt. 

CMS 1115 Putt 524a Predore day* open lot, Cris 28919 Plte 23863 

Mar 

100-29 

99-16 

-1-10 

101-29 

99-10 

830 

7,647 


BOND FUTURES AND OPTIONS 
Ranee 

■ NOTIONAL FRENCH BOND FUTURES (MAT1F) 


Ecu 

■ ECU BOM) WTURE8 (MATlFV 



Open 

Sett price 

Change 

Hgh 

LOW 

Est veL 

Open tat 


Open 

Sett price 

Change 

«0h 

Low 

Est voL 

Open tat 

Sep 

112.60 

112X2 

-088 

112.72 

111.96 

157.787 

75X18 

S«P 

8084 

8040 

-050 

8096 

80X0 

1X13 

4X02 

Dec 

Mor 

111.86 

111.00 

111.06 

110X0 

-068 

•068 

111.78 

111X0 

111X4 

111X0 

a, 075 

2 

71X58 

5.109 

Dec 

80X6 

79X4 

-052 

80.42 

79.90 

1X69 

4,073 


Japan 

■ NOTIONAL LONG TEW JAPANESE GOVT. BOW) FUTURES 

(LIFTS YIQOm lOOths oT 100% 

Open CIom Change High Low EaL vol Open M. 
Dec 10829 10ax? 108X0 3499 0 

. * UFFE toi w aca Mdtcl on APT. At Open Infemt Bpc. are hr prevtoui (toy. 


■ LONG TERM FRENCH BONO OPTIONS (MATIR 


sales (August). European 
Union economic and social 
ministers meet in Brussels 
(until September 15). European 
Parliament in plenary session 
in Strasbourg. Arab League 
foreign ministers hold regular 
six-monthly conference in 
Cairo (until September 15). 
Launch of Chartered Insurance 
Institute certified status 
scheme for financial planning. 
Interim figures from English 
China Clays and Prudential 

Corporation. 

THURSDAY: Machine tools 
(July). Retail sales (August). 
US business inventories (July). 
Ukrainian parliament opens 
new session. Mr Hurd visits 
Hong Kong (until September 
16). Bundesbank council meets. 
Interims from Booker, Legal 
and General Group, Royal 
Dutch, Shell Transport and 
United Biscuits. 

FRIDAY: Usable steel produc- 
tion (August). Public sector 
borrowing requirement 
(August). US industrial produc- 
tion and capacity utilisation 
(August). International broad- 
casting convention opens in 
Amsterdam (until September 
20 ). 


Strike 

Price 

Oct 

CALLS 

Dec 

Mar 

Od 

— PUTS 
Dec 

Mar 

111 

1.02 

- 

2X0 

088 

1.77 

2.60 

112 

0X1 

1.32 

- 

1X8 

O 77 

- 

113 

0X4 

091 

- 

2.10 

2.71 

- 

114 

007 

0X7 

- 

- 

3X8 

- 

115 

003 

0X5 

- 

- 

4.16 

- 

E*L veL «e. Crib 1X057 

Pus sixes 

Previous days earn InL, Cata 196X63 

Rita 2S4£B7. 


Germany 

■ MOTIONAL GERMAN BUND FUTURES {UFFET 0*4250X00 IQOtha of 100H 



Open 

Sett price 

Change 

Hgh 

Low 

Eat vol 

Open InL 

Dec 

S9J9 

aa.7i 

-OS3 

8002 

oa.ei 

140812 

137023 

Msr 

88.77 

87.96 

-OXO 

80.77 

88.77 

2S 

1058 

M BUND FUTURES OPTIONS (UFFE) 0M2S0XKI pdnta Ot 10034 




SMca 

Price 

Od 

Nov 

GALLS — 

Dec 

Mar 

Od 

No* 

PUTS 

Dec 

Mar 

0880 

OGS 

■1.14 

1X7 

1.49 

048 

OB3 

1.18 

2.03 

8900 

044 

0X7 

1.11 

1X5 

0.73 

1.16 

1,40 

2X9 

mo 

OXS 

085 

085 

1X4 

1.04 

1X4 

1X4 

2xa 


Eat w*. tote. CM* 4078 Ate 18892. PMM dB/a epan HL. CM 188834 Rill 188317 


■ NOTIONAL MEDIUM IBM GERMAN GOVT. BOW) 

(BOBUQJFFg- DM250.000 1008a of 10085 

Open Sottprica Chongs Hgh LOW Eat w) Open ML 
NA 

Italy 

■ NOTIONAL ITALIAN GOVT. BOM) (OTF! FUTURES 
(UFFEr lira 200m IQOtaa ot 100% 



Open Settprice 

Otonge 

ttg* 

Low 

Est vd 

Open Int 

Dec 

96X0 95X3 

-1X8 

98X0 

05X0 

41268 

59241 

Mar 

95.78 94.50 

-1X7 

96X8 

95.75 

200 

190 

■ ITALIAN GOVT. BOND (BTF) FUTURES OPTIONS (UH-t) Ura200m IQOtha of 100H 

Strike 

Price 







DK 

Mar 


Dec 


htar 

9500 

2-73 

1.78 


ZAO 


2X8 

9550 

2.43 

1X7 


2.60 


2X7 

9000 

2.17 

1X7 


2X4 


2.87 


£«. *ol ml Cm «M Pun 1S17. FMne tier's open H, CW 8003 Pun 10B83 


Spain 

■ NOTIONAL SPANISH BOM) RJTUREB ffAEF^ Ssp 9 


6ep 

Dsc 


UK 


Opai Sen pries Change High 
06.47 87X5 40.76 87.08 

85X5 B&67 40X1 86X0 


Low Est veL Open tot 
8&40 4SX89 84X47 
86X5 7,731 33X02 


■ NOTIONAL UK QH.T FUTURS3 (LBTET S60X(M 32fld» of 10085 



Open 

Sea price 

Otange 


Sep 

101-23 

100-00 

-1-24 

101-23 

Dec 

100-29 

99-08 

-1-28 

100-30 

Mar 


98-18 

-1-28 



Low 

100-01 

994)1 


EaL <ml Open tat 
172S 24828 

799SS 83270 

0 0 


FT-ACTU ARIES FIXED INTEREST INXCES 


UK (fits Price Meet 

Frt 

Ste9 

DSy^ 
change % 

Ttar 

Sep 8 

Acoued 

Interest 

tateH 

yield 

Index-toked 

Fri 

Sap 9 

Day's 
change K 

Thur 

Sep 8 

Acoued 

Internet 

ad ad 
yirid 

1 Up to 5 yeas (24) 

120X0 

-0X4 

120X9 

1X6 

8X1 

6 Up to 5 y«*s (2) 

185X7 

-0.15 

185.74 

0X1 

SX5 

2 5-18 yeas pi) 

137.79 

-1X8 

189X0 

1X4 

9X2 

7 Ow 5 years (11) 

172X7 

-0X3 

173X2 

0X4 

3X1 

3 Over 15 yoac<9) 

162X3 

-1.42 

155.13 

1X2 

9X1 

8 AM stocks (13 

172X5 

-0X8 

174.19 

0X8 

8X1 

4 Irredeemable* (B) 

174X8 

-1X0 

177X0 

2X6 

&X3 







5 Al stecha fat!) 

135X9 

-0X6 

136.77 

1.75 

8X7 

9 Dabs and loans (73) 

127X5 

-OXB 

127X4 

2X1 

7J3 


Sfp B Sep 8 Yr ago Mgti 


8«p 9 Sep 8 YV age 




8«P» Sap 


B W ago rigf! 


5 yre 
20 ym 

irreri-t 


8X8 

8.42 

6X3 

8X8 (Bri) 

5X7 (ian) 

888 

8X4 

846 

870 n/9) 

5 X2 (ian) 

879 

8.08 

8X0 

7.00 

8.78 1/S| 

8X0 (20n) 

8X1 

882 

7.13 

8X2 (1/8) 

sxs (2tyi) 

9X4 

aei 

8^44 

7.13 

8J6 I/B) 

8X1 (20/1) 

891 

882 

7X1 

8X2 h/Q 

BA2 pon) 

8X6 

8X8 

8X3 

7X1 

8.86 1/ri 

8X2 04/1) 








6.66 6X1 (2W6| 5X1 


taigtan rate 595 ■ 


InRefian ites 1095 


Up to 5 m 
over 5 yre 

l«L 


3X6 

3.85 


378 

3.70 


2.82 4X3 0/8) 

3.10 399 i 
3 yea 


2.13 (4711 
2X8 (2Q/7) 


2X1 

367 


2.70 

3X1 


302 379 (Z1/$ 2.7V |avil 
■ 15 yew* — - 


9-75 9X5 7.72 10X £1/6) 7.19(1071) 9X8 9X9 305 9X0 (1/B) 7X9(2071) 

Average gross radempflon ytekts are shown BtMve. Catalan Bends: Low: 095-7-1(95; Medhxn: 696-104(95; rtgh: 1195 end ■ 


25 years 


9X1 9X3 aXO 9.84 (U8) 7X9 (10rt) 

er. t Rat yield, ytd Year to date. 


FT FIXED INTEREST INDICES 

Sep 9 Sep 6 Sep 7 Sep 6 Sep 6 Yrago Hgh* Low‘ 


GILT EDGED ACTIVITY INDICES 

Sepa Sep 7 Sap 6 


Govt 


Sep 5 


Sep 2 


(UK) 80X4 91X6 91X8 91X8 91X9 102X4 107X4 90X4 Ot Edged ba rgains 100.7 79X 833 91 4 121 7 

10319 10320 107X9 1032S 109X2 124X4 133X7 107X3 May avenge ^ 92i 8U 327 8U 

rrr -' <q 9>nm ’ ^ <&>a Fb " d ^ • he mifc laniv 


UK GILTS PRICES 


^VkU_ 

lot M PriraC+ar- 


— 1994 _ 
Wi Urn 


«_ ^,iaw„ 

m Meat+tt- Wi Low 




9mW Dim * * »■ T«te^ 


TnP.9pe18M»- 
I3pei985. 


Ed SpeSB 1990-96 _ 

KH^CISK 

T»121(#e«flBtt~ 

145*1998 

IMtfOlOBtt-- 

Bri, 13 1«pe 1999ft 

Cnate TOpe iTMB — 
InnCnv7pei997ft — 
Tnn ISI^e 1997ft __ 
Bdi lOijj* 1997 — __ 

tan Stipe 1907ft 

ESfrISCC 1997 

9*pc1988 

Tr«K7Hec 1996ft 

Trwa)wci995^8tt-. 

14pc 1998-1 

TmBaTFtpCKft. 

EteiiaciBee. 

TwaSpe 1998ft 


11.73 

3X5 

0X2 

11X5 

12X4 

1350 
72.13 
855 
7.15 

11X8 

8X1 

8X0 

12X9 

9X0 

7X8 

7.10 

11X0 

1351 

ion 

319 


118 Id* 
140 1G2U 
159 98 ft 
123 10 34 
6X7 1D69 
392 109 

7X2 l!2i 
7X8 1Q9»* 
7X8 IMfi 
7J7 97^*1 
7.77 111® 
7X5 1« 
307 1&1B 
325 115i 
8XD IIWs 
8X0 9T)a) 
8X6 9Wi 
8X9 IIS* 
842123iJri 
8XS 111* 
354 103* 


Hen It*)* 2001 -4 

icon loop Rnovstoc 1989-4— 

107£ 10211 Career*nS>2PC2004— 

OwiMipeamcft 

::3 ” 

Jr™ S 25SS= 

jjS 1MU Treat 1140*2003-7 — 1028 

- — 8.72 

1067 
8X5 


3 

= lf 

-i 

■fl '■«! i«ti - — t:_ . . 

45 100% 07% D^FjpcTOOTft 

-* 1Z1U 111*1 WrieWM. 

-& 1I4£ 106(1 Treat SKZBB ft 
tV !I0i lOia 
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FINANCIAL TIMES WEEKEND SEPTEMBER l O/SEPTEMBER 1 1 1994 


tl 


★ 


CURRENCIES AND MONEY 


MARKETS REPORT 

Dollar tumbles 


The dollar fell over two 
pfennigs on foreign e xchang es 
yesterday as August PPI fig- 
ures in the US renewed market 
worries about inflation, unites 
Philip Gauoith. 

The 0.6 per cent rise in pro- 
ducer Inflation, the largest rise 
since October 1990, was worse 
than market expectations. The 
dollar was sold on fears that 
US interest rates would have to 
rise again, probably causing a 
fall in US asset prices. 

The dollar fell from. DMi.5620 
before the figures to a low of 
DM1.5345 during New York 
trading. Against the yen it was 
more stable, closing at Y99.26 
compared to a high before the 
figures of Y99.62. 

Sterling finished higher 
against the weaker dollar, clos- 
ing at $1.5509, up from $L54 
before the figures. It lost 1% 
pfennigs against the stronger 
D-Mark, closing at DM2.39I4 

The D-Mark was generally 
firmer in Europe after the 
news, finishing against the lira 


at L1.019 from L1.016- 


■ The market's sharp reaction 
was partly explained by the 
fact that it had spent most of 
the week waiting for the fig- 
ure. 

Mr David Cocker, economist 
at Chemical Bank in London, 
commented; "It brings back to 
the attention of the market 
whether the Fed is tightening 
quickly enough to combat 
inflationary pressures." 

■ Found to Mm* Votfc 

Sep 9 -latest — - Prey. dote - 

Swot t.5505 1.5445 

I mill 1.5602 15443 

3iMh 1-5490 15412 

1 1f 1.5387 1432] 


It also renewed attention, be 
said, on the question of rela- 
tions between the White House 
and the Fed. Clearly President 
Clinton does not want rates to 
be raised before important mid- 
term congressional elections in 
November. 

When the Fed raised the dis- 


Dollar 

DM per $ 
1.60 - — 


1.59 



Aug 1894 Sap 
Souca FT Graphta 


Van perS 

101 



Sterling 

$per£ 

1.50 



9 8 

Aug 1994 Sop 


DM per E 



French franc 

FFrperDM 

3.41 - 



Aug 1994 Sap 


count rate oh August 16, by 50 
basis points to 4 per cent, ana- 
lysts took the Fed's comments 
at the time to mean that rates 
would not need to be raised at 
least until November. 

Should, however, the market 
fre the PPI, ?rui other indica- 
tors, to suggest that earlier 
action from the Fed Is 
required, the dollar could be 
heavily sold if political con- 
straints are seen as preventing 
this course. The next FOMC 
meeting is on September 27. 

■ Concern about the outlook 


for US rates spilled over Into 
UK and European markets 
with all maturities losing 
ground. Short sterling suffered 
a sharp correction after the 
large gains on Thursday. 

Although there seems little 
prospect of UK rates rising 
soon, interest rate markets will 
find it difficult to flourish so 
i mg as US bonds remain under 
a cloud. 

The December short sterling 
contract lost six basis points to 
close at 93.67. The equivalent 
euromark contract fell by five 
ha points to finish at 94.60. 


In the UK money markets, 
three month sterling LIBOR 
was unchanged at 5g per cent 
In Its daily operations the 
Bank of England provided UK 
money markets with £246m 
assistance at established rates, 
and £85m late assistance, after 
forecasting a £40Qm shortage. 

■ Elsewhere, trading in the 
Swedish krona was volatile, 
ranging between SKr4.9255 and 
SKF4.89I0 against the D-Mark. 
Early weakness flowed from 
rating agency Moody's express- 
ing concern about the speed of 


debt acc umula tion. 

In Germany Mr Hans Tiet- 
meyer, the Bundesbank presi- 
dent said the growth of Ger- 
man M3 - down to an 
annualised rate of 9.8 per cent 
In July, from 20 per cent ear- 
lier in the year - had slack- 
ened, but was still too high. 

■ OTHER CDB MH C gD 

Sep 9 Z S 

Mwigay 151205 - 151446 105550 - 1C665D 
tan 270509 - 311XO 174500 - 175300 
bull 54813 ■ 54623 0375 - 02980 

NH 35802 - 35717.1 250140 - 230240 
Rasas 350038 - 350074 225700 - 22B0X0 
UAL 50940 - 17055 30715 - 30735 


1 POUND SPOT FORV 

/ARp A 

P 

-r 

CO 

-f 

THE POUND 








Sops 

Closing 

mid-point 

Change 
on day 

Bid/aftar 

spread 

De/a Md 

Mgh tow 

One month 
Rata *PA 

Three month* 
Rate 94 PA 

One year Bank of 

Rate 94 PA Ena. Index 

Europe 

Aus&ta 

(Sch) 

13^312 

-0.0961 

229 - 394 

16.8369 16.8225 

168268 

0J3 

16815 

04 



1165 

Befgltan 

PM 

40^58? 

-0282T 

237 - 926 

40.5500 40.2230 

492582 

ao 

462432 

or 

49.1332 

03 

1160 

Danmark 

(UKi) 

9.4570 

-4LQ587 

503 • 837 

9.5262 9.4500 

9.4658 

-i.i 

0.4888 

-15 

9-5437 

-09 

1166 

Finland 

(FM) 

7.7570 

-<L 0483 

488 - 853 

7.8270 7.7450 

re 





. 

945 

France 

(FH) 

5 1338 

-0-0484 

883 - 982 

02479 8.1815 

6197 

-as 

61992 

-03 

61717 

03 

nas 

Germany 

(DM) 

2.3914 

-OJ7137 

901 - 926 

2.4081 22877 

2.3914 

ao 

2.3895 

05 

23646 

1.1 

1269 

Greece 

(Drt 

384-229 

-212 

902 - 558 

388.510 383.900 

. 


. 

re 

. 

. 


Ireland 

TO 

1.0128 

-0.0012 

121 - 135 

1.0148 1.0061 

1.0131 

-0.4 

15143 

-05 

15194 

-07 

104.1 

ftaiy 

(U 

2437.94 

-6.35 

689 - 919 

245529 2435.19 

2444.84 

-63 

245674 

-3.4 

2526S4 

-67 

74.9 

Luxembourg 

(LFrl 

AOOWJ 

-4L2921 

237 - 926 

405500 49-2230 

49.2362 

0.0 

462432 

OI 

43.1332 

05 

1169 

NotharlandB 

TO 

2.6815 

-0.0168 

793 - 837 

2-7016 2JS7BS 

2.6818 

-ai 

25795 

05 

2852 

1.1 

1215 

Norway 

INKr) 

10.5188 

-00558 

155 - 240 

■ 10.6028 10.5077 

10,5193 

ai 

105225 

-OI 

1052S8 

-ai 

863 

Portugal 

M 

244.035 

-1.161 

884 - 176 

245.341 243.537 

245.785 

-85 

248 A4fi 

-60 

. 

. 

_ 

Spate 

(Pa) 

199.059 

-0^92 

862 - 26S 

200.102 198.841 

199504 

-67 

200344 

-26 

206434 

-25 

861 

Sweden 

(SKr) 

11.7237 

-0.0811 

148 - 325 

11.BB0S 11.7045 

11.7492 

-25 

11.6022 

-27 

12.0482 

-28 

745 

Swftzertand 

(Sfi) 

1.9948 

-0.0189 

938 - 968 

2.0148 1.9823 

1.9031 

1.0 

15887 

15 

1.9682 

15 

1260 

UK 


- 

- 

- 

■ 

- 

- 

- 

. 

. 

- 

768 

Ecu 

- 

1.2580 

-0.0084 

652 • 668 

1.2631 15545 

1.2567 

-0.7 

15576 

-05 

15573 

-0.1 


SORf 

- 

0.944859 

_ 

- 

. 

. 

. 



. 

. 


Americas 

Argentina 

(Peso) 

1.5504 

+0.0068 

499 - 508 

1.5515 1.5395 








BncS 

(HD 

1.3493 

-0.0099 

474 • 612 

1.3577 1-3470 

- 

• 

- 

A 

. 

- 

- 

Canada 

(CS) 

2.1238 

40.0081 

226 - 245 

2.1252 2.1113 

2.123 

05 

21215 

04 

21125 

05 

664 

Mexico (New Peso) 

5^785 

+0.0263 

733 - 837 

5^843 5.2601 

- 

. 

- 

• 

- 

• 

- 

USA 

(S) 

1.6509 

+0.0054 

SOS - 513 

15514 1.54G3 

15507 

02 

15495 

04 

15388 

05 

fWR 

PtacMc/MkfaUe 

Austrata 

East/ Africa 
(AS) 2.0822 

+OJM59 

809 - 834 

2.0837 2.0656 

2-0821 

ao 

20635 

-02 

2.1017 

-09 


Hong Kong 

(HKS) 

11^842 

+0.0422 

807 - 877 

11.8885 11.9031 

115803 

04 

11.9792 

05 

115862 

ao 

_ 

India 

m 

48.6656 

+0.1729 

392 - 720 

43.0770 483270 

. 

- 

. 

. 

. 

- 

_ 

Japan 

ro 

153.951 

+0.333 

872 - 029 

154^60 163.150 

153.341 

2.4 

152 006 

60 

146191 

67 

1866 

Malaysia 

(MS) 

3.9649 

+0.0124 

831 - 667 

3.9688 3.S409 

. 

- 

. 

- 1 

. 

- 

- 

New Zeeland 

(NZffl 

2.5667 

+0.012 

849 - 684 

2_5685 2.5489 

2-5706 

-15 

25784 

-15 

28007 

-15 

_ 

Pttllppinos 

(Peso) 

40.7888 

+0.1434 

458 - 319 

41JX322 405370 

- 

. 

- 

• 

- 

- 

- 

Saudi Arabia 

(SB) 

fx8163 

+0.0208 

144-182 

(LSI 88 5.7769 

- 

. 

- 

» 

- 

• 

- 

Singapore 

(SS) 

23221 

+0.0048 

211 - 231 

2JS23S 23079 

- 

• 

- 

» 

- 

• 

- 

S Africa (Cora) 

(B) 

6J177 

+0.0147 

161 -203 

65223 3.4015 

- 

. 

* 

- 

- 

- 

- 

S Africa (Hn.) 

(B) 

8.9048 

+0.0138 

773 - 119 

7.0200 69400 

- 

- 

- 

- 

• 

- 

- 

South Korea 

(Won) 

1241.27 

+329 

087 - 166 

1241.69 1232.88 

to 

- 

- 

A 

- 

- 

- 

Taiwan 

(TS) 

40.6301 

+0.1547 

189 - 433 

468446 40^551 

- 

. 

- 

. 

- 

- 

- 

Thailand 

(8t) 

38.7182 

+0.0974 

927 - 437 

367480 365080 

- 

- 

• 

• 

- 

- 

- 


tSDS ratae lor Sep 8. Bidtoflsr spreaife In Hie Pound Spot mein ahum only rim Inst three decimal places. Forward ram ora not dbacdy quoted lo dm rartmt 
but are impend by cum manat nmre. Scaring Mm cstaitatnn by tfw Bank at Endavt Ban smrapa 1985 - 1003d. on* and Mta+ntoe In nodi Ms and 
trio Dm* Spat tabkn (Mud tarn TIC WM/HEUTERS CLOSWG SPOT RATES. Sbm» nkiee ore reinM by «0 F.T. 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


&ep9 

Ctostog 

mid-point 

Change 
on day 

BkVotfer 

spread 

Day's mM 
high tow 

One month 
Rale MPA 

Three months 
Rate SPA 

One year OP Morgan 
Rate SPA Index 

Eiaope 

Austria 

{Sch) 

105S25 

-0.1005 

500 - 550 

10.9830 

lOimin 

108525 

OO 

108523 

OO 

10.7775 

07 

104.4 

Btegtxr. 

mi 

31.7610 

-050 T 

470 - 760 

321550 

31.7350 

31.7686 

-0.3 

31.8 01 

-05 

31836 

-0.8 

108.0 

Denmark 

(DK«t 

60978 

-00566 

050 - 005 

8.1761 

8-0950 

8.1043 

-13 

6.122B 

-1.8 

62041 

-1.7 

1043 

Finland 

(FM) 

55018 

-00485 

975 • 057 

60728 

4.8336 

6.0016 

OO 

5.0081 

-03 

5.0665 

-13 

767 

France 

(FFr) 

55832 

-005 

817 ■ 847 

6.3500 

52780 

62859 

-OB 

53917 

-0.6 

53547 

05 

1064 

Germany 

(D) 

1.6419 

-0.0143 

415-423 

1.5623 

1.6401 

1.5421 

-02 

15421 

-OI 

1.6369 

05 

107.2 

Greece 

(Dr) 

234.850 

-2.2 

700 - 000 

237.600 

234.700 

235.15 

-13 

23681 

-1.6 

236875 

-16 

68.1 

Ireland 

TO 

1.5313 

*00071 

308 - 320 

16350 

1.6303 

i^ai7 

03 

15Z78 

09 

1.5093 

1.4 

- 

Italy 

U 

1571.95 

-9.66 

155 - 235 

1591.00 

157018 

1576^ 

-33 

1586.95 

-28 

164295 

-46 

753 

Luxamtxxrg 

(LFr) 

31.7910 

-0501 

470 - 750 

321550 

31.7350 

31.7885 

-03 

31.801 

-05 

31.936 

-0.6 

1060 

Nethariands 

TO 

1.7290 

-00183 

280 - 300 

1.7515 

1.7276 

1.7291 

-OI 

1.7293 

-OI 

1.7238 

03 

1058 

Norway-' 

(NKr) 

67830 

-0.0599 

820 - 840 

8.6668 

6.7785 

8.787 

-07 

68065 

-1.4 

6878 

-1.4 

962 

Portugal 

f&) 

157550 

-15 

300 ■ 400 

158J500 

167.070 

158.1 

-5.7 

159.89 

-68 

185.475 

-52 

953 

Sfjftte 

(Pta) 

126350 

-1.095 

250 - 450 

129.700 

128J250 

128.656 

-2.9 

129505 

-20 

13235 

-20 

803 

Sweden 

(SKr) 

75593 

-00792 

555 - B30 

7.0973 

7.5545 

7-)fb6 

-2.8 

7.8173 

-3.1 

7.8318 

-38 

795 

Switzerland 

(SFr) 

15862 

~0.0188 

858 - 866 

1.3000 

12845 

12853 

09 

1.2835 

0.8 

13735 

1.0 

107.7 

UK 

K 

15509 

+00054 

505 - 513 

1.5514 

1.5403 

1J607 

03 

1.5495 

0.4 

1.5386 

08 

87.0 

Ecu 


15348 

+04106 

343 - 353 

12360 

1-2201 

12339 

09 

15321 

o.e 

1.2238 

09 

- 

SORT 

- 

1.48028 

- 

- 

- 

- 

• 

- 

• 

- 

• 

- 

- 

America* 

Argentina 

(Paao) 

09997 

+nnrvw 

996 - 997 

0.9997 

0.9985 

. 

. 

. 

. 

. 

. 

_ 

Brazfl 

TO 

08700 

-0.0085 

690 - 710 

0.8790 

08690 

• 

- 

- 

. 

- 

- 

- 

Canada 

(CS) 

15693 

+00004 

890- 695 

1.3715 

1.3690 

1.3899 

-05 

1372 

-08 

15878 

-1.3 

821 

Mexico (New Paao) 

64035 

+0006 

010 - 060 

3.4060 

3.4010 

3.4045 

-0.4 

24013 

-03 

24137 

-0.3 

- 

USA 

fit 

- 

- 

- 

- 

. 

- 

. 

- 

- 

• 

- 

967 

Pachlc/MfkSe East/ Africa 
Austrata (AS) 15426 

-00009 

421 - 430 

13430 

1.3405 

12429 

-03 

15438 

-0.3 

1.3518 

-06 

860 

Hong Kong 

(HKS) 

7.7273 

+0.0001 

270 - 275 

7.7277 

7.7270 

7.727 

05 

7.7279 

OO 

7.7427 

-03 

- 

teds 

<R») 

315725 

+ 0.0012 

700 - 760 

31.3750 31.3700 

31.4575 

-23 

31.0025 

-29 

- 

• 

- 

Japan 

(Y) 

995850 

-0.135 

400 - 900 

99.6400 99.1000 

99.075 

23 

96815 

26 

96435 

20 

149.6 

Malaysia 

(Ma 

26585 

-0001 

580 - 570 

25800 

25668 

2.5473 

43 

2536 

22 

28105 

-2.1 

- 

New Zealand 

(NZS) 

15660 

+0002 

543 - 558 

1.6558 

1.8534 

1.658 

-07 

1.6578 

-07 

18611 

-03 

- 

PhAppines 

(Peep) 


- 

500 - 600 

26.4500 28.1500 

- 

- 

- 

- 

- 

- 

- 

Saucfi Arabia 

(SR) 

67503 

+0.0001 

500 - 605 

27506 

27500 

3.7518 

-0.4 

27557 

-08 

27742 

-0.8 

- 

Singapore 

(s$) 

1.4973 

-0.0022 

970 - 975 

1.5006 

1.4966 

1.4969 

1.1 

1.494 

08 

1.4895 

07 

- 

S Africa (Com) 

(R) 

65578 

-0503 

570 - 685 

3.5896 

XS560 

3.5733 

-53 

26016 

-48 

26813 

-24 

- 

S Africa (FtaJ 

(R) 

45100 

-0.007 

000 - 200 

4.5200 

4.5000 

45437 

-8.0 

48Q2S 

-83 

- 

- 

- 

South Korea 

(Won) 

800560 

-07 

300 - 400 

901.100 800.300 

80235 

-45 

80685 

-33 

82605 

-3.1 

- 

Taiwan 

TO 

261978 

+00078 

960 - 996 

26.2020 26.1960 

28^178 

-0.9 

265578 

-09 

- 

- 

- 

Thaiand 

(81) 

245650 

-0526 

550 • 750 

24J990 24.9560 

220375 

-35 

25.165 

-33 

25.67 

-27 

- 


tSOR ass tar Sap 8. BkVoBar gre*dt ft dm Doter Spot tebla them arty the late tnrea dacffrto ptac as. Farerere man »e not drocdy quoted lo dm iratot 
bur n t nO ed by curare in u re* rare*. UK. Mend 4 ECU ere quoad in U8 currency. JJ>. Morgan nomntf (ndtaea Sap 8 Barn mange 19WM00 


CROSS HATES AND DERIVATIVES 


EXCHANGE CROSS RATES 


Sap O 


BPr 

DKr 

FFr 

DM 

K 

L 

R 

NKr 

Ee 

Pta 

SKr 

SFr 

£ 

CS 

S 

Y 

Ecu 

Belgium 

(BFri 

100 

1930 

1684 

4855 

2066 

4948 

5.444 

2154 

495.4 

404.1 

2380 

4.049 

2030 

4311 

3.149 

3125 

2850 

Denmark 

fl»r) 

5288 

10 

8.683 

2528 

1.070 

2677 

2836 

11.11 

2588 

210.4 

1239 

2108 

1857 

2245 

1840 

1027 

1328 

France 

(FR) 

60.11 

11-54 

.10 

2318 

1336 

2974 

3372 

1283 

2978 

2428 

1450 

2434 

1321 

2801 

1883 

1875 

1833 

Germany 

(DM) 

2060 

2955 

3.427 

1 

0.423 

1010 

1.121 

4598 

1028 

8333 

4802 

0834 

0418 

n raw 

0.849 

64.37 

0625 

Ireland 

TO 

48.67 

9.346 

6096 

2383 

1 

2406 

2848 

1036 

241.1 

1966 

11.58 

1.970 

0888 

2068 

1833 

1521 

1341 

Holy 

(U 

2021 

0388 

0336 

0098 

0042 

100. 

0.110 

0.431 

10.01 

6166 

0.481 

0082 

0841 

0067 

0864 

0315 

0.052 

Netherlands 

TO 

1887 

2527 

2056 

0882 

0377 

909.0 

1 

6820 

91.01 

7433 

4372 

0744 

0373 

0792 

0579 

5740 

0.468 

Norway 

(NKtj 

4688 

8.998 

7.796 

2275 

0983 

2319 

2551 

10 


1803 

11.16 

1507 

0551 

2020 

1-478 

1464 

1.196 

Portugal 

(&) 

2018 

3.B76 

3558 

0960 

0416 

9988 

1.090 

4507 

100. 

81.56 

4803 

0817 

0.410 

0870 

0.636 

6607 

0.515 

Spate 

(Pta) 

24.75 

4.752 

4.117 

1302 

0509 

1225 

1547 

6381 

1226 

10O 

5.889 

1802 

0803 

1887 

0,779 

7734 

0.631 

Sweden 

(SKr) 

4202 

6069 

6991 

2.040 

0663 

2079 

2388 

8868 

2083 

1608 

10 

1.701 

0.863 

1811 

1323 

1313 

1872 

Switzerland 

(SFr) 

24.70 

4.743 

4.109 

1.198 

0506 

1222 

1545 

5371 

122.4 

99.80 

5876 

1 

0802 

1865 

0776 

77.18 

0830 

UK 

(ti 

4935 

9.457 

S.1B3 

2381 

1812 

2437 

2.881 

1051 

244.0 

199.0 

11.72 

1.904 

1 

2123 

1851 

1569 

1356 

Canada 

tCS) 

23.20 

4.466 

2859 

1.126 

0477 

1148 

1363 

4851 

1148 

9674 

5820 

0539 

0471 

1 

0.731 

7240 

0892 

US 

(S) 

31.75 

6097 

5.2B2 

1.542 

0.652 

1571 

1.729 

8.776 

1S7.3 

1263 

7856 

1386 

0545 

1360 

1 

9033 

0810 

Japan 

00 

3200 

6145 

5524 

1354 

0858 

1583 

1.742 

6820 

1565 

1293 

7815 

1396 

0850 

1379 

1.006 

100. 

0816 

Ecu 


3931 

7.529 

6323 

1.604 

0606 

1940 

2135 

6368 

1945 

168.4 

9531 

1888 

0798 

1.690 

1336 

1228 

1 


Dawi Kjonv. Franc* Pare:. Noraegien Kroner, and Sweden Kronor per 10; BdQtei Anne. Ten, Eaeudo. Ua and fSata* p* 100. 


■ D-MARK FUTURES pMM) DM 125.000 par QM 



Open 

Latest 

Change 

High 

Low 

Eat vd 

Open InL 

Sep 

0.6421 

0.6488 

+00058 

08493 

06402 

44562 

82806 

Dec 

06420 

06488 

+0.0060 

0.6493 

06402 

16.186 

34.631 

Mar 

0.6445 

0.6500 

+0.0063 

08600 

0.6445 

235 

2876 


■ SW»S FRANC FUTURES (IMM) SFr 125300 per SFr 


Sep 

Dec 

0.7684 

0.7780 

+00094 

0.7790 

07662 

19380 

33307 

07685 

0.7800 

+0.0088 

0.7808 

07676 

4.718 

12393 

Mar 

07790 

07814 

+00093 

0.7614 

07790 

16 

119 


M JAPAUB8BYEKrunme8<fUMI Yen 120 par Yen <00 



Open 

Latest 

Change 

Wgh 

Low 

Eel vol 

Open ira- 

Sep 

1.0050 

1.0065 

+00037 

13007 

13046 

20.096 

55,060 

Dec 

• 18128 

1.0161 

+03037 

1.0165 

1.0106 

3,934 

16346 

Mar 

- 

13196 


- 

- 

110 

1.864 


■ wmmroniBB8|WMiegjOOptft 


Sep 

15430 

1.5512 

+00058 

1.5820 

1.5404 

10353 

33.491 

Dec 

15420 

1.6606 

+00072 

15510 

15300 

4,722 

7,789 

Mar 

15380 

15470 

- 

15470 

15380 

1 

183 


EMS EUROPEAN CURRENCY UtiTT RATES 


Sap 9 

Ecu cen. 
rates 

Rate 

against Ecu 

Charge 
on day 

96 +/-from 
can. rate 

96 spread 
v weakest 

Drv. 

ind. 

NeUteriapde 

219672 

214405 

+000009 

-240 

553 

. 

Belgium 

403123 

393821 

+00166 

-208 

5.19 

15 

Germany 

1.94984 

131283 

+0.00105 

-130 

532 

- 

Ireland 

0.808628 

0805680 

-0.001552 

-0.36 

3.40 

2 

France 

6.53683 

655277 

+0.00151 

03! 

230 

-2 

Portugri 

192.854 

194348 

+0.191 

1.09 

1.92 

-7 

Denmark 

7.43879 

756234 

+0.00106 

1.69 

131 

-12 

Spain 

154350 

168.912 

-0214 

102 

OOO 

-21 

NON ERM MEMBERS 






Greece 

264.513 

201.100 

+0142 

1008 

-6.41 

- 

Kafr 

1798.19 

1944.90 

+074 

047 

-532 

- 

UK 

0786740 

0794751 

-0.001941 

132 

130 

- 


Ecu carnal row a* by taa Eta npre i C o mm ei ni i L Curonaea in dan c endS i g r**h»e reengft. 
Perceraage c hangee are lor Ecu a poaUve change denotes a warn currency. DMreganc* mow dm 
retto between two spread* dm percentage dflerance between tea acnm market and Gcu central raw 
tar a currency, and the maarmm puktad pe rc entage ae m e rt o r of the currency^ market me bum ire 
Ecu osrtrai me. 

(17WBD Storing and atom Ure suspended from SOI. Artueonere ratatotart by the Financial term. 


■ PtELAP«Pl«AagC/» OPTIONS £31.250 (cents par pound) 


Strfce 

Price 

Sep 

- CALLS 
Oct 

Nov 

Sep 

— PUTS — 
Oct 

Nov 

1.450 

930 

938 

934 

- 

- 

0.03 

1.475 

7.45 

7.48 

7.S2 

- 

- 

013 

1500 

436 

5.10 

535 

- 

Oil 

044 

1520 

257 

330 

247 

0.01 

050 

134 

1560 

061 

1.45 

205 

052 

139 

235 

1570 

0.02 

055 

138 

240 

2.93 

3.50 

Prwtaus day's wk. Cals 6506 Puls 3563 . 

Pro*, day’s open 

tat. Cate 007.420 Pun 443.050 


S3 


ORLD IHNTERE3T RATES 


Y RATES 


■ TWB MONTH EUROMARK FUTURES (L1FFE)’ DM 1m pcinteof 100* 


Over One Three 


Six 

tilths 


One lo mb. Ob. 
year Inter. rate 


Repo 

rate 


4't 

4”a 

5i 

Si 

4.90 

4.90 

4fl 

8*: 

81S 

4.84 

4.84 

3'n 

35 

43 

4»i 

2'-i 

2!a 


FT London 
I ring 

me 


5Hr 

5* 

5% 

6* 

7.40 

450 

5’* 

5& 

5?» 

54 

7.40 

4.60 

5i 

59. 

SIS 

6H 

5.00 

- 

54 

S'* 

53 

fite 

5.00 

— 

435 

4.95 

5.10 

6.45 

630 

450 

4.95 

435 

5.02 

633 

630 

4.50 

5* 

64 

64 

7te 

- 

- 

5’r 

64 

H4 

7H 

- 

- 

8te 

83 

94 

1096 


7.50 

8H 

814 

94 

104 

- 

750 

437 

5.02 

5.15 

649 

“ 

625 

4.97 

4.99 

611 

642 

“ 

626 


44 

4H 

4H 

6626 

350 


44 

4% 

43 


350 

49i 

43 

5W 

5* 


4.00 


4Q 

6 ’ft 

544 

- 

4.00 

2te 

2H 

24 

£3 

- 

1.75 

2te 

2te 

24 

23 

" 


jr* 

5 

54 

Bfl 

- 

_ 

4't 

S 

54 

63 

“ 

“ 


6.75 

6.75 
455 
4.H5 
655 
825 
8-*5 
8.45 



Open 

Sett price 

Change 

high 

LOW 

E8L vol 

Open bit 

Sap 

65.00 

9438 

•002 

9530 

9437 

7209 

130064 

Dec 

94.B4 

9430 

•035 

9438 

94.79 

31818 

170092 

Mar 

04.49 

94.42 

-007 

94.49 

94.40 

27031 

162470 

Jun 

04.13 

9434 

-0.10 

94*14 

04.03 

20069 

104617 

■ THU 

Oi MONTH KUROLmA NT JUTS FUTURES (UFFE) LI 000m points of 10096 



Open 

Sett price 

Change 

Mgh 

Low 

Esl vol 

Open kiL 

Sep 

9134 

91.07 

-004 

91.11 

0134 

932 

19229 

Dec 

80.76 

09.70 

-012 

9B.S2 

8958 

0131 

32655 

Mar 

89.12 

89.00 

-016 

80.16 

8830 

4016 

18135 

Jun 

8669 

8660 

-015 

8674 

88.00 

999 

14180 


■ 11— MOUTH EURO SWISS FRANC FUTURES {UFFE) SFrim pofcns oM 00% 


4.65 

4.65 

31k 

3Vt 


433 

4.60 

34 

34 


5.12 

507 

3*. 

3*4 


5.67 

5.68 
4 
4 


10 * K rntfle 63' 1 rw *»• • UBOH WertuxH »*ig 

and *R O'*- 0* 

CURRENCY INTEREST RATES 

Short 7 days One TW ~ 
tarm rotic* 


Tinea 


Sbc 


One 


* 4fS - 4U 

n 5ft - ft 

<1 - 4U 
ter S- 4% 

c 5ft - SU 

esc. 12ft - 1’ 7 ! 
seu Wt - 7ft 
4* ■ 4* 4 
33* • 3*2 
51, - JtJ 

*-*s 

9 - 7ft 

ft - 2ft 
, 34 - 3ft 

fine sM i°* t* - 


5-44 
JA - 6*, 
4|S - 411 
5-4% 

5Js -sq 

ft -w* 
7A - 

4« - 4jj 
3^ -3?* 
5>4-5A 
411 ■ 4|1 
ft -8 
2 A ' S»| 
3% -3E 

US Dcsar arid 


month 

months 

months 

year 

5*g 

, - 5 

5ii 

- SA 

s*. 

54* 

M 

-6A 

6% 

- 5*4 

ft 

■ft 

7& ■ 

7A 

7ft 

- ft 

5 - 

ft 

5 - 

ft 

5*s 

• 5 

6*2 

-5*| 

s - 

ft 

5 - 

4% 

5A- 

BA 

SA 

■ft 

5£ 

- 5A 

5*8 

■ ft 

ft- 

5*2 

ft 

■BM 

10% 

- 10*2 

11*8 

-1«2 

11^ ■ 

10% 

11*2 

: - It 

Tli 

- 7*2 

8 ■ 


8*1 ■ 

BA 

8 ■ 

612 

5 - 

412 

& 

-SU 

ft- 

ft 

ft 

■6ft 

4 ,** 

- sfa 

ft 

- ft 

ft- 

ft 

ft 

■ft 

b& 

- 5A 

5*4 

-ft 

B%- 

ft 

ft 

‘ft 

5 ■ 

ft 

5 • 

ft 

34- 

5A 

6ft 

-5ft 

B*l 

-8>a 

812 

-BJJ 

8A- 

9A 

105a 

- 10ft 

2A 

- 2*2 

212 

-2ft 

2*2- 

2 A 

2h 

-2ft 

4A 

-4A 

4* 

- ft 

5A- 

SA 

5 ft 

-5ft 



Open 

Sett price 

Change 

Hltfi 

LOW 

EsL vol 

Open InL 

Sep 

9679 

9532 

+003 

9535 

9678 

2148 

15438 

Dec 

95.42 

9640 

- 

95.46 

9639 

6452 

18291 

Mar 

9613 

96.06 

-032 

9613 

95 08 

919 

11925 

Jun 

94.81 

94.78 

•<102 

8436 

94.77 

904 

8266 

■ THREE MONTH ECU nmiRBS (UFFH) Eculm points of 100% 



Open 

Sett price 

Change 

High 

LOW 

Esl vo) 

Open Int 

Sep 

9437 

94.08 

-033 

94.08 

9435 

812 

8588 

Dec 

93 50 

93.48 

-035 


9355 

1261 

6690 

Mar 

9333 

92.98 

-007 

9334 

9236 

904 

4384 

Jun 

92.62 

8258 

-037 

92.82 

9256 

06 

1740 

* L*=FE hitwos titotad an *PT 






■ TWEE MONTH EURODOLLAR (NM) Sim pointe of 10096 




Open 

Latest 

Change 

Mtfi 

Low 

Esl vo< 

Open Int 

Sep 

9437 

9433 

-034 

9438 

9433 

64334 

358350 

Dec 

9433 

9430 

-006 

9435 

9434 

98535 

510.680 

Mar 

94.00 

9339 

“ 

8432 

83.88 

64.927 

387372 

■ US TREASURY BILL FUTURES (IMMJ STm per 10096 



Sep 

BS.42 

9638 

-004 

9642 

9538 

4.459 

6058 

Dec 

9431 

94.83 

-036 

94.92 

9432 

2.721 

11321 

Mar 

9433 

94.40 

-0.10 

9453 

94.40 

445 

4306 


M Open tatoe* flga. are lor preytaua,day 
■ nmoaUnK oraOMB(UFFQDM1m points of 100K 


w, cdwis: HOM1* nollca. 


Strflra 

Price 

Sep 

Oct 

CALLS ~ 
Nov 

Dec 

Sep 

Oct 

POTS — 
Nov 

Dec 

Adam 6 Company- 

% 

— 625 

% 

Duncan Lanis B25 

9476 

033 

0.11 

014 

017 

0 

038 

0 09 

012 

Akad Trust Bar* .... 

— 525 

Exanr Bark Umted _ 62S 

9600 

002 

0.02 

034 

036 

034 

022 

034 

038 

A® Bank.. 

... 625 

Rnandai& Gan Barts... 6 

0820 

0 

0 

032 

032 

027 

045 

047 

047 

•HanfyAnsbacher- 

..... 536 

•fttoart Flaming 3 Co _ 625 


Eat «!. total, OaSs 8150 Pm 7110. Premeue dayte opan ML CMS 238*38 Pus 200*66 
■ EURO SWBS FRAMC OPTORS (umg SFr im poms of 100% 


Qpm SflttpnM cnange 
94.37 94.37 


93.93 

93.52 

93.21 


93.88 

93.45 

93.11 


-0.04 

-0.06 

4107 


Htgfl 

94-38 

Low 

94.35 

Esl vof 

8572 

Open rrt. 
42.116 

Strike 

Price 

Sep 

- CALLS - 
Deo 

Ms 

Sep 

— PUTS - 
Dec 

Mar 

9355 

93.37 

21353 

46.173 

SS73 

038 

0.03 

037 

0.01 

038 

0.74 

0354 

93.46 

6.121 

29393 

9000 

0 

002 

034 

0.15 

062 

056 

9331 

33.10 

3,749 

29311 

9699 

0 

031 

□32 

0.43 

056 

1.10 


n-reu tartSMDOUAB 

Op^O Soiiprico Chong* ““ 


Esl »oL ont CMs 600 Pids 50. Pwloi* d mf\ span Int, CaGs 305 Pure 1755 


94.85 


94 94 
94 26 
93.80 
93.53 


-0.04 

-aoe 

■an 

■0.14 


Htflh 

94.es 


Low 

94.95 


Eat U4l 
60 
0 
0 
0 


Open im. 
2809 
2003 
1436 
334 


IffifTBBSSBEHHB 

LONDON MONEY RATES 

Sep B Over- 7 Pays 

night notice 


One 

month 


Three Sbt 
months months 


One 

year 


Interbank Rarflng 5*2 -4 4{J - 4« 5,'« - 4% SA - 5,1 5% - ft BjJ - 6fi 

Startng CDs - . - - 4fi Sfi - 5& 5ii - 5|‘ t 6ft - «A 

Trwsunr B»s A-fH A-SA 

Bank BMs - - 4^ - 4}1 5^ - 5, 5 « 5H - 5}1 

Local authority depa. 6/, - i\\ S,'« - 4}I - 4» Sh - ft - bil 6ii - 6il 

Discount Martcet daps 4% - 3% 4% • 4H 


UK dealing bank Base lending rate 5^ pw cent from Febrwuy 6. 1994 

Up to t 1-3 3-6 8-9 

months 


9-12 

months 


Cans of Tar dap. (£100,000) 


1«2 


A 

i ter cash %pc. 


3^. 


3*2 


Certs of Tex dap. indw £100,000 la ii^pc. DapoeM w 

Are. tender re* of aaooum s twopc ECOD bred rare Brig. Export Flnmce. Make up day Aug II. 
198a. Agreed rare tar period Sep 28. IBB* *0*28. 188*. Schemma *■ 8J2pc. fWarencerare kx 
period Jay 3D, 19W»A jo31, 1984, Srilemee nr » V 6J57MDC. Ftaanee Houee Base ftate 6>2pc 6om 
Sap 1, 1884 

MONTH STBtLMa FUTURES [UFFQ £500,000 points 0(1 00% 



Open 

Sett price 

Change 

High 

Low 

Eet vui 

Open InL 

04.47 

94.47 

■001 

0450 

94.47 

9547 

88427 

93.71 

93.67 

-0.08 

93.72 

9356 

31048 

151441 

S258 

92.79 

-009 

9258 

92.78 

12606 

75582 

OOPS 

92.18 

-0.06 

92.27 

92.18 

4370 

66632 


ire* age. ere l» p ra i ri oiei day. 

■ SHORT STRRLHta OPTIONS (L1FFE) £500,000 points at 10088 


Strike 

Price 

**26 

9450 

8478 


0-23 

aos 

o 


CALLS - 

Dm 

Mar 

Sap 

— PUTS — 
Dec 

Mar 

004 

0.02 

031 

062 

1.48 

032 

031 

038 

085 

1.72 

051 

0 

028 

139 

136 


Esl ML nsi. Cato 1MSB Pure 18888. Predoua day's open tat.. Csils 388925 Putt 301462 


BASE LENDING RATES 


Bank of Bands — 525 GfebMc 525 

Banco BfcaaVkcays^ 525 OGdmaaa Mdiort 525 

Bank of Cyprus 52S Hsfafe Bank AQAaieh. 526 

Bank of Wand 525 H a n tt ua Bank.,.. 

BankMMa 525 HafaUe&GenlrarBk.S25 

Bank of BcoUand .525 oMSamuaL _525 

BodwsBef*- -525 C.HoereSCo .526 

&l Bk of UkJ East — 525 Hongkong AShanghaL 525 

«6tDanSHplBy&CoUaS25 JJan Hodga Bank ... 525 
CL Berk Nederland... 525 •LecpoU Joseph & Sons 625 

CtbankNA 225 UoycsBar* -_525 

Ctydesdala Bank 52E Me^ Bank 1st 525 

The CbdparaivB Bank. 525 MkEandBenk —.525 

CbuBs&Co — 525 • Moran Banking—. 6 

OeMLymals 526 NSWesnTnster ..525 

Cyprus Pofxis Bank ,_S25 •fteeBrotnera 525 


* Roxbughs Qiarantea 
Cotpcradon umed b no 
longar aUiortsed es 
a banking komObn. S 
Royal BktfSeoltend- 625 
•SnWi & WWnan Sees . 525 

TSa -525 

MMBrfBkafXdWBk- 525 
UntyTruN Bank PlB ....525 

Western Tnat — 525 

WM»ayUd»’.... 525 
YorteNneBork 525 

• Members of London 
Investment Banking 
A s s odatton 
- ku sk iMa tiJ on 


MONEY MARKET FUNDS 


Money Market 
Trust Funds 


M CM MO 


a:i-taui: 
-I -I . 


im am wo 


CAP Money Management Co La) 
a imaxiry fciri. TorSrttae Ikfl OO! 7T0114 

CafcadiOcnaUhtad-l *88 - 

DroouaOterCi netoil 4.79 - J M i-ton 

DewBOMOiHbrlcaa -I aeaia-ton 

The COIF CbartUes OepoMt Accoont 

erfw .071- 


? far Surer. LnnBtOY! 
Coax 1 470 


Jflfl ISIS 
irals-Mm 


Cert. Bd. of Hn. V Gteircti of Btgtantt 

3 fan Srrer. ubmot terr iao rjri-vw rail 

IVx«j I t» o - I e-wlj-wn 


Money Market 
Bank Accounts 


an* 

coutasco 

*ra Urea Utota ms 
Cam Ctopreto tocaat br rtoe 
ii u-ma !er* i»w IC3* yt 
Mn refl uw & k ' m w .1 *400 
Oso Heng Soak (London) PLC Premier Acc 

lJRnoa C«il. LBraVjnECCl d.'l-Ml 1418 

caux»- 

CIO Wi-CMWO 
UJCO-CIOJM) 

- - 

Daientiara Tit Ptc-Oavonham 500 Ace 

SSiAtoiSr.UmMtoM^DU MI-43J B4W 

rin/vjo. sun f : so se»[ rs* l»-ton 

ci!Laao*niaf ...|soo e ooa I eoaitmti 

aow-inedurectonil sis min I rs>l 

FWMfy Itauy llaffcat Account 
fVarur, BnAe<ige Screen ua. r.u<«nrare Aaie. 
renen u»n. xiMer* 

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Hafltu Bldg Sm Asset Hasnve Cheque ftcc 

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30 toy Reed. London EC1Y ZM 


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upvn.999 
tio.ooo-r?*jw . 

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j lama d nhmi Brmn nntnn Uiragtnniei 
l‘4nraeaT<M!tota.l0CU‘U0*:8I .'•I-.I'ILI 
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jf Ireland High lotareat Cttaque Acc tio.otw* . 

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FdWdue CaaL LMbwv, Until ECS ,071-008903] 

NO.. .1 40a 300 4 OS I 0* 

krafOemandWc I 400 3u0 I 401 1 Ov 

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MCA I 4.75 14624 I -I Vderiy 

Cater Aiteo Ltd 

BO Mo*! LlM. umam EC3V SOI 071-023:070 

MCA I 340 243 3401 Mm 

FM (50400* 1 4.38 - I 446 I ton 

OmdrtS C60.000* 1 4.12 -I 4201 Wta 


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Moment 1(40. LMn tCTM KH 071-0231133 

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C2.000 - £4.999 

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3500 2623 

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muno-cases — 1 3.70 are \ 379 on 

eSO.OOO-C249499 340 205 345 Off 

£2603)00 and dire I 440 3-38 I 448 1 0* 


Tha Co-operaUw Bank 

POBai 300.aMmueaaiA.Lrea 
TISSA I SJS 


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tai WM 98-99 lay totoSetopa 


(303X»*._. 

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£30000+ 

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406 3355 1 410)8-8*0 

3L00 221 3L02 e-UUI 

276 208 I 277 B-Mfl 

231 173 1 2J2le-4Hl 

Mltaid 7(1 043^311] 


£138)0. I 4 75 266 1 46*1 06 

United Trust Bank lid (fonnsriy ULQ 
1 teattCtadtortreen, Ldodoe WIH 7AL 071-3600084 
n03WMOarynoW».| 075 SM ) 092|2-tot 
£10.000-1800% ItoVd- 1 7SO 563 7 64 6-Wm 

aSJXH-IIW- 1 725 S44 I -I Yuriy 

X Homy Schrader Htag* Co lid 

120 cnawwe. Lormoa GCS60S 

Smew Acc I 379 281 

£103)00 and atom _ I 43100 OOO 

Western Trust Wgh Interest Ch«jna Ace 

noUcrotanoe.ftfnwuOtn' 1 SC 0792274741 

ns.000-.__. 1 4.75 250 [ 

£5 JWO-C 14.999 *50 3 28 44a Off 

C1.00D-£4«9 —I *25 XlSl *32 1 Off 


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| 3*1 ton 
I LOG 1 to* 

ACC 

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acres- Ena ctnnoud reu <4 mare MW. ito 
tevnc noon id M dftksOni oi Dane rau rare to. 
tot Itria or tnarre onaM mar atautis tar deouenan <4 
nauc rata him tax. Greaa CAR; Ooaa alt lrreitoul 10 
Me score m wynntv at Haw rota rear mea 
ma S ire. CuoyrejodM Amto Rata lei Cr Ffoqmncy 
a «**n maraat la cryomd ta M rental 



I mum sfa 


Commodities on the move - 
Time to speculate? 

Call Philip O'Neill 

TH: 071-329 3333 or Fax 071-329 3919 


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pnges. monthly. Singly issuo Sift or US$22. annuel SIS* in UK 3 Europe, 
elsewhere £1£Ci oi US5220, cheque c; credit catd. 

Call Jcno Fotquhcrfon OI Cl-.e.-t Anoly;-. ltd, 7 Swcilovr Sheet, lonaon. '.VIP 
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12 


FIN ANOAL TIMES 


s. 


V 


v 


WEEKEND SEPTEMBER 10/SEPTEMBER IUW 


LONDON STOCK EXCHANGE: Dealings 


British Funds, etc 


Derate of business done shown below have been taken with consent 
from last Thursday's Stock Exchange Official Ust and should not be 
reproduced without permission. 

Details relate to those securities not included in the FT Share Information 
Services. 

Unless otherwise indicated prices are in pence. The prices are those at 
which the business was done in the 2«t hours up to 5 pm on Thursday and 
settled through the Stock Exchange Talisman system, they are not in order of 
execution but in ascending order which denotes the day’s highest and lowest 
dealings. 

For those securities in which no business was recorded in Thursday’s 
Official List the latest recoded business in the four previous days Is given 
with the relevant date. 

Rule 535|21 stocks are not regulated Dy the International Stock Exchange 
of the United Kingdom and the Republic of Ireland Ltd. 

t Bargains at special prices. Bargains done the previous day. 

NortturMan water Group PLC BOB 
2002 (Br C Var) - £99% 100* GSoBfl 
Pacific Beetrte Wke&Cobte Co Id 3*% Ms 
2001(8410000 ■ 3120 ESdBd) 

PowwGen PLC 8%H Bds 2003 (Br 
£100003100000) - £90*4 
Prudential Finance BV OM Bds 2007 
(Brtsooosiooooo) - eas’d 
RWCCflfSMLa B*M Cnv Cap Bds 2006 (Br 
QCO0&5O000) - 034% CS*S4| 

Robert Flaming Inti Fhsice Ld a 1 *** tap 
Suaord GM Us (Br C Vh) - £83* 158*94) 
Roms c h Ms ContkiuaBon Rn(C.DUJB% tap 
Subartf Old Nts (BrCVartouc) - £81 * 
noya Bw of Scotland PLC 6%% Bds 
20O4(Br£Varat - £B2fi 3* l2S®34| 

Royal Bank of Scotland PLC 1(L5% Subord 
Bda 2013 (Br C Vto) - C1B3* (S8o04) 

RoyK Bank ot Scotland PLC io%% Subord 
Bds 1996 (Br£5OOOS2anO0) - C1W 1 ! 

Royal ktuanca HKJgs PLC P%% Subonl 
Bds 2003 «& c van - £98*4 
Sofosburyt/) PLC 8*% Bds 1006 (Sr 
£60003100000) - C140 (2Se9*) 

Saknbury (JjtChannei MmvtaJLl 
8*%CnvCaoBds 200S(Br £90003100000) - 
£139* 

ScaltMi tvria&m FkMnca PLC 8S% 
undated Subord Gtd Bds (B/Ctfa) - £80* 


Baas PLC 4*% UnsLnSa 02/87 - £87* 
Ban PLC 7*tt Ura Ln 3tk 92/97 - CBS 
Bass Investments PLC 7%% Una Ln 8tk 82/ 
97 - £85*2 ES«84) 

Beradn Hdga PLC 5p - EflpSafM) 

Perg ew i d-y AS "B" Nat Vtg Sha MCS0 - 
NK199 02 A7 .72 

Benwgbom MMaMres Budding Soc 9%% 
tam h* Beamg Sta £1000 - £Sfl* 
Btaekwood Hodge PLC 8% Cum Rod MCI 
-40 *2 

BkM Ode Industrie* PLC ADR {1:1} - $4.79 
Bua CVdo hdustara PLC S*% Ura Ln 
S0«97SaraM-£BA* 

Bogod Croup PLC CM I0p - 45 (2S604) 
boats Co PLC ADR &1) - SIB. 99 
Bradford 3 EAngMvBuMng Sodatyll^H 
tarn M Bearing Shs £10000 - £112 


Treasury 131,=, Stk 200003 - C123J- 
ftcftoquar 10*% Sdi 2009 - SM1+A ESe84) 

Corporation and County 

Stocks 

Brcvnyvxn Ccrp 3*H Stk 19*6for after) - 
£35175094) 

Dmflev Mcmopcktan Boroucft CaunafDk Ln 
St* 2019 itagHF/Pl - £78)1 9lo (7S«94) 
Glasgow Ccrp M Stk - £35 (53e94) 
Kensington 3 ClMSMlRoyal Boraughfl 1.15% 
Red SB. 2006 - £107 (7Se94J 

UK Public Boards 

Agricultural Mortgage Carp PLC S*% Dab 
Stk 33.55 - £90 J (7Se9«) 
tain Ports Authority 3^i% Funded Debt - 
£37 

Foreign Stocks, Bonds, etc- 
(coupons payable in London) 

A.M.P.RJ.K.) PLC 13S. Bds 2015 (Br 
£500031000001 - C132|J C2S0941 
Abbey Matronal Storing Capmu PU»*% 
Sutxad Gtd Bds 2004(BrfVarst ■ £33*4 
Abbey Matronal Treasury Serve PLC 6% Gtd 
N» 1999(Br£ 1000.1 0000. 1000001 - £88 ^ 

% TfieWI 

ABbuy Matronal Troosiry Sons PLC 7*% 

Gtd Nts 1096 (Br £ Van - W8* 7 (7Se94) 
Abbey Matronal Treasury Sores PLC B% Gtd 

Bds 2003 (Br C VM - £82* .45 ffSefl*) 

Acer incorporated 4% Bds ZOOI IBr51 OOOO) - 
SC 73 

ASOA Group PLC 9*% Bds 
2002(Bif1 0003100001 - £96.9675 <2So9A| 
BOC Group PLC 6*% Bds TOCWfBrt Varsl - 
£83i| f5SeS4) 

BP America Inc 9';% Gtd Nts 1996 (Br C 
Van - £101 \ 

BP Dovdapmants Airjtnxn Ld11*% Qtd 
Bds 2001 (Br C Vjf) - £109.1 CSoWI 
Bark o) Greece 9*4 *■ Bda 2003 (Br E Van - 
£89* 

Barclays Bank PLC 9 .675 It Undated Subord 
Nts - £95,; (TSeWl 

Barclays Bank PLC 12*% Sartor Subord 
Bds lB97IBr£Var) • Cl TO* * 

Bread 3 West BuSding Scdery 10*% 

Subord Bds 2000(BiCl 000031 00000) - 
noniJ 2/, (SSoSJ) 

British Arwavs PLC 107*% Bds 
2008(Brf 10003. 1 0000) - £107*8 (6Se94) 
Brash Gas PLC ir*S Bda 1995 
IBrEIOOOS 100001 - £103 (5Se94) 

British Gas PLC 7*8% Nts 1967 (Br £ Var) - 
£96 >a* 

Bnttsn Gas PLC 7%H Bds 2000 (BrC Var) - 
C9&A (2S*04» 

Briton Gas PLC 10*% Bds 2001|Br 

ciooo.iaxxuiooooo) - E106U 

Ekrton Gas PLC 8*% Bds 2003 (Br £ Von - 
£94* (2S<r94) 

British T o tgcon v ixinicaoons PLC 7*a% Bda 
2003 (Br £ Van - £97* 8* (7Ss94) 

Btamali Castral Capnalpmeyl Ld 9*% Cm < 
Cap Bds 2008 (Reg £1000) - £153 
Cable 3 Wdtsa tnt taance BV Qu 
BdO 201 WBrt: varel - E92J5 (2Se94/ 

Cable 3 Wireless im Hnanca BV 10*% On 
Bds 2002 (Br £100003100000) - £103* 
Commercial Union PLC 10*% Gtd BUS 2002 
(Br £ Van - £105 A (BSe94) 

Dn*y Mai 3 Genera/ That PLC 6*% Each 
Bds 2005 (Br£1 00035000 - £163* 
DenmaMKingdoni oil 6*% Ms 1998 (Br z 
von -era* * 

Depfa Finance N.V. 7%% Gtd Bds 2003 (BrC 
Var) - £86* PSe94| 

Eastern Beanwy PLC 6*9k Bds 2004<Br£ 
Vaml - (S3* (TSoM 

Elf Enterprise Fina nce PLC 6*% Gtd Exch 
Bds 2006 IReg £5000 - £09 * (SSe04) 

EX Enterprise Fkianoe PLC 8*K Gtd Exch 
Bess 26O6(Br£SO0O3inO0O0l - £93 (530&4) 
Encsm(l_M )(Tel0forakMbolage()774% Bds 

1997 iBrSVAR) - 5101* 101* 

Far Eastern Department Stores Ld 3% Bds 
2001 (Beg Integra mult) S1000) • S99* 
(7Se94l 

Far Easton Textile Ld 4% Bds 
2006(BrSlOOOO) - 5120 |5Se94) 
RntandiFtepubUc oft B*% Nts 1907 (Br£ Var) 

• £102* (6Sa04) 

FirtandlReputfic 0ft 10V% Bds 
Z008(Bf£1 00031 0000) - £1042 
Fade PLC 9*% Bds 2003 (Br C Vaft - 
E94*<J> 

ta Bank Ld 1*% Ciw Bds 2OO2(BriBO0O) - 

3106U |USo94) 

GESB PLC SJ5% Gtd Sec Bds 2018 
(Br£l00d) - £92* isSeW) 

KSBC Hokkngs PLC 9*% Subord Bds 2018 
IBr C Vo) - £93 * (6S«94) 

Halifax Butdng Society 7*% Nts 1998 (Br C 
Vol ■ COS* 

Maktax taung Sodety 8*H Nts 
IWW&EVora) - £97* (7Se6J) 

HaUax Buung Society 10*% Nts 
19B7(Br£1 00031 00001 - £104* (7SO04) 
Hansen PLC 3*% Cnv Subord 2006 (Br 
CVart - £107*4 *4 
Hanson PLC 10*% Bds 1907 (ft CVarl . 
£104* 

Hanson Trial PLC 10% Bds 2006 (BrfSOOO) 

■ £100 05 (7S*94) 

Imperial Clwmroal InduSOIes PLC 9*% BdS 
2005tBrC1000C1(XXXH - £101.175 (SS«M 
imemanonai Bar* lor dec 8 Oev 9*% Bds 
2007 IBiOOOOt - £101* (ftSeftM 
infernal onal Bank ler tar 3 Oev 11*% Nte 
200 liBrf 00031 OtXW - £106 (7Sr»q 
UalnRapudic oft 10*% Bite 2014 
.Prf 10000350000) - £100* 

Japan Ckwoopment Bonk 7"b Old Bds 2000 
iBi € Van ■ £97 

koras Oocfrw Pww Co me 7*|% Nts 1996 
(ft £ Van ■ 0/5,* (2A^Jl 
Krt.-sn\> Electric Power Co Me 8% MU 1697 
■Bi E Van - £09 

Lena SecurUKB PLC 9*% Bos 
TCOriBrC 1000X1 0000) ■ W7|i (7So94l 
Land Securities PLC 6*% Cm, Bds 7004 
iBrCMOOSiOfW' ■ E* 12 (650941 

Lam? PLC 7*1, Cnv Bds 
7205.Br£ 10C03 100061 ■ £81* i5S«94( 

Leeds Pnenanmi Bmkjmg Sooaty 7*% Ms 

1998 iBr C Van • £95* *S«94l 
Leeco Ppreionenf BuWmg Socury 10*% 

Subord Bds 2018 (Br CVarl ■ £103,', 
iOSo&Ji 

LmvJs Permanent Btriong Sociotv Colared 
FltaFOeMa rOCOiPeg MunfMtXU) - £96* 

iTftrMi 

Leers Uc*ml PLC. 10*% Bds 1996 (ft 
£1000031000061 - C104U 
Uevas Bank Ptx 7*% toboid Bds 
.-KUiSiCVaflixsi - £85 * * * (6Se9Ji 
LLr,ds Bank PLC 9*% Suboro Bds 7009(B>£ 
Varsl - £97 

•-•ends Bare. PLC Sutrora FttQ Rre NtslftC 
\«I-E10018 10018 1003 l7Se94l 
londcn ElertncRV PLC 8% Bda 2003 (Br C 
van ■ £92*4 

ME PC PUT 12% Bds 2006 (Br £10060 3 
laaoooi - E11&8 e* icsow 
Mams 3 Spencer F nance PLC 7*% Old Nts 
1W3 .Br £ Van - C95* 

L'cratnk IntmVRKmal Inc 35% Bds 
roCH.'ErSlOSMOi - *112 
l.'ureciBaiay F nance Ld 9*H Gtd Nts 1967 
.Bi CVan - £103* i2Se94) 

Matronal '>«1 Cc PLC '*% Bds 1998 (Sr £ 

V«1 - C9ftJ 

Maewjl V.esunnsiBr B*nk PLC 11*«i Und- 
SubMs ClCOOCnv id PrftReg - £103* 4 

!iV«wal Westminster B*»k PLC 11*% Und- 
?**Nt, £1000(Cnv to Prftft ■ ClOS* 

(TSe94) 

Nabomrroo Busang SoC«tv6*% Mis 
i?49(Br£ Varsi - CB7J’ |7Sn94) 

Va-.cnwldd BuJding Scanty d*% Subord 
PRs 2318 ift £ Van - £86* i5Seft41 
Nauorwide Euiiww) 'SoWv 13.5% Subord 
Ms 2030 (3r CiCOCO) ■ £116* l7S*OJI 
Me* Znsona 3*% Bda 
19Sf;Bit1000ai030Fl - C101* i5Sn9J1 
‘ippcii TeJegraph and TgJectaro CorplOH 
Nts 1995 i&6C 100061 0000) - £1Qq 
■Matt Hydro AS 9*% Nts COM (Br 
E1XM103WJI ■ £100* 


SnVthkSne Beacnom Cepttol PLC 7*% Gtd 
Nts 1998 (Br C Var) - £96* (5SeS4) 
Sirtthktlne Baecham Copton PLC 8*% Gtd 
Nt9l9»(Br£Vte)-£&7* 
SwodenffOngdom of) 8*% Bda 
lB9(HBr£5000) - £102, * (2S«94) 
Swdden(K)ngdori oft 11*% Bds T9B5(Br 
£50001 -£102* 

Tarmac Finance (Jassy) Ld 9*H Cnv Cap 
Bda 2006 (Hog £1000) - £100 
Tarmac Fhonca (Jersey) Ld 9*% Cnv Cap 
Bds 2006(Br £50003500001 - £100* 
(5Se94) 

Toaco PLC 8*% Bdo 2003(Br£VHrs)(FVPd) - 

£SS4 

Taseo Carttai Ld 9% Cnv Cep Bda 200S(Reg 
CD- £116* *7* 

Taco Cap**/ Ld 9% Cnv Cop Bds 
2005(ar£SOOa3 10000) - £117 (5Se94) 
Thomea Water PLC 9*% CnvSrtmdBda 
2006(Bf£500035000(ft - £133 l2So94) 

Tokyo Bactrlc Power Co Inc 7*% Nta 1996 
(0r £ Vafl - £95.154 
Trafalgar House PLC 10*% Bds 
2006(Brf:i 00031 0000} - £99* * 

Tramay Corporation of Victoria 8*% Gtd 
Bds 2003 (BrC Vart - £85* 

Tung Ho Steel Enterprise Corp 4H Bds 
2001 IBrSI 0000) -S114 114* 115116* 
Vkaortan Pbk; Arm Hn Agency 9*% Gtd 
Bds l999(Br£Vm) - £101* 

Wdoh Water infltles Finance PLC 7*% Gtt 
Bds 201 4<B«£VihHP/P) - Cl 1* * (28e94) 
SwedenQtkigdam of) 0600m 7*% Nts 3/12/ 
97 - £97* * 

SwedwiOOngdom aft G200m 6*% Debt Inst 
1099 - £68* (7Sa04) 

SwofflmflQngdam aft C3SOm 7*% Bds 26/7/ 
2000 - £92* |6Se04) 

Sterling Issues by Overseas 
Borrowers 

Aden Development Bonk 10*% Ln Stic 
2009pegi - CI10 B (88eB4) 

Bart, of Greece io*% Ln Stk 2010fftag| - 
£98 (2Sa94) 

Credit Fancier De France 
10*%GWSerijrStk201 1.12.1 3. 14ffteg) - 

£111454 *4 

Credit taicier Oe France 14*% Gtd Ln Stk 
2037(Reg) - £141* & 2f t 
DenmarkfKlngdom of) 13% Ln Stk 2005- 
E125,V * (7Se94| 

Empeen Imeetment Bank B% Ln StK 2001 
(Reg) -£100* 

European InvaabiMm Bart. 8% Ln Stic 2001 
(BrCSOOO) - £89* (7S094) 

European Investment Bank 9*% Ln Stk 
2009 - £104* g, (6SeS4) 

European Investment Bmk 10*% Ln Stir 
2004{Reg) - £108,* 

FWareKRepubh: oft 11*% Ln Stk 2009 (Reg) 

- £115 (7Se94) 

Mamobond Bart, for Rec 3 Dev 0*% Ln 
StK MlOfftefiJ - £104.8375 ft 
Mamatkxd Bar* fcjr Rec A Dev 1i£% Ln 
Stk 2003 - E115A A * (8Se94) 

Wand 12*% Ui Stk 2008(Reg) - £123* 
I73e94) 

New Zealand 11*% Stk 2008(Reg) • £114* 
(7Seftft 

New Zealand 1 1 *% Stk 20l4(Heg) - £120* 
{7So94) 

taroiew Mextamos 14*% Ln Stk 2006 - 
£121 

PtmugallRep of) 9% Ln Stk 201G(Rag) - £99 

Province de Quebec 12*% Ln Stk 2020 - 
C1Z4* 

SwedertKkrgdom qft 9*% Ln Stk 2014(Reg) 

. C104J25 (5Se94) 

Listed Companles{excluding 
Investment Trusts) 

ABF tevwstments PLC 7*% Uns Ln SB. 87/ 
2002 50p • 44 ®S«r94) 

ASH CapW FWnce(Jwaey)Ld 9*% Cnv 
Cap Bda 2006 IReg Unite lOOp) - £77*4 
Aberdeen Trust PLC A Wta to Srt> lor Ord - 
51 * (5Se94) 

Aetna Mdoyekm Growth Fund(Caym»i)Ld 
Ord S0.01 - S12* 13 (BSe94) 

Albert Fisher Group PLC ADR (10:1) - S7S7 
(5Se94) 

Alanander 6 Alexander Services Inc SM of 
CtaeiCCom Stk SI - £l2r7Se9o) 
Aiexardere Hdgs PlC 'A'tRaLVKM lOp ■ 
20I2Se94) 

Akron Group PLC 6.25p (Net) CRv Cum Red 
Pit lOp - 45 8 

AIM London P roperties PLC 10*% let Mtg 
Dob 5* 2025 - £106* * (7SaBJ) 
Abed-Lvona PLC ADR |1rt) - 99.18 
AlHd-Lyons PLC 5*% Cum Prf Cl - 58 
ASied-Lyons PLC 7*% Cum Prf £1 - 78 
ABted-Lvona PLC 7*% Uns Ln Stk 93/98 - 
£94 t6So94) 

Aflnair London taparttoe Bj 3 0«H let Mtg 
Deb SO. 96/7001 - Cl 00* (2Se94| 

AMs PLC 5 5% Cnv Cum Non-Vtg Red PH 
Cl - 72 (33*94) 

American Brands tec Sns ol Com Stk S3.125 
-935* * 

Andrews Sykes Group PLC Cnv Prf SOp - 
41* 2 

Angtan Worn PLC S*% indax-Urked LnStk 
20Mta2578%) - Cl 30 *4 
Anglo-Eastern Plantations PLC Wwrents to 
sub tor Ord - 23* i6Se»«l 
Angtovaol Ld N Ord RC.OOOI - £18* (5Se94) 
Attvnwds (Finance) NV 8*p GM Red Cm Prf 
50 - BS (65*94) 

Automated Sacuntyd-edgs) PLC 6% Cnv Cum 
Red Prf Ci - 90 

BAT Industries PLC ADR G:1) ■ £8.764 9 
is. <4 

BET PLC ADR (4:1) - Sd.87474 

BET PLC 5% Pep Dab 3rk - £52 155*04) 

BM Grouo PLC 44lp (Not) Cm Cum Red Prf 
20p - 65 

BOC Group PLC 4 J9fb Cum Prf £1 - 70 
(7Se94) 

BOC Group PLC 12*% Uns Ln Stk 2012/17 

- £123* (5Se94) 

BTP PLC 7Jp(Pteft Cnv Cum Red Prf lOp - 
206 (63*94) 

STR PLC AOR (4:1) - S22 
Bank rrtlre<and(Govemor 3 Co oft Unite NCP 
Stk Sre A Cl 3 £9 UquUatitm - £11*4 
Bonrar Homes Group PLC Ord lOp - 148 
Barclays PLC ADR (4:1) - S37 .33 .748742 
.998733 

Barclays Bank PLC 12% Uns Cap Ln Stk 
2010- £115(786041 

Rrdays Bar* PLC 1B% Uns Coo Ln Stk 
2008/07 - £133* 

BartMri Group PLC 11 J5o Cum Red Prf 
2005 10p - 107* (73094) 

Bangs PLC 8% Cum 2nd M £1 > 9ti 
(73*94) 

Barrel PLC fl*% Mon-Cun. Prf Cl - 112*$ 

Bon 3 Wallace Arnold Trust PLC Ord 2 So - 
530 40 

Bose PLC ADR (2:1) . SI 7.024413 
Bass PLC 10*% Deo Stk 2016 - £111 
fiSrtM) 


FT-SE ACTUARIES INDICES 

The FT-SE 100. FT-SE Mid 350 and FT-SE Actuaries 350 indices and the 
FT-SE Actuaries Industiy Baskets are calculated by The International 
Stock Exchange of the United Kingdom and Republic of Ireland Limited. 
(2 The International Stock Exchange of the United Kingdom and Repubttc 
of Ireland Limited 1994. All rights reserved. 

The FT-SE Actuaries All-Share index is calculated by The Financial 
Times Limited m conjunction wtth the Institute of Actuaries and the 
FacuJty of Actuaries. © The Financial Times Limited 1994. All rights 
reser.ee. 

The FT-SE 100. FT-SE Mid 250 and FT-SE Actuaries 350 Indices, the 
FT-SE Actuaries industry Baskets and the FT-SE Actuaries All-Share 
Indet are members of the FT-SE Actuaries Share Indices series which 
are calculated (n accordance with a standard set of ground rules 
established by The Financial Times Limited and London Stock Exchange 
m conjunction wtth the Institute of Actuaries and the Faculty of Actuaries. 

■FT-SE' and “Footsie" are joint bade marks and service maria of the 
London Stock Exchange and The Financial Times Limited. 


Costs Parana PLC 4*% Una Ln Sti. 2002/07 

- £63 

Coots Patera PLC 6 *% Ura Ln 9tk 2002/07 
•£70i 

Cohan(A 4 8 Co PLC Non-V "A" OTO 20p - 
505 (2Sa94) 

CommeroU Union PLC 6 *% Cum Inti Prf 
£1 -97* 

Commerc i al Union PLC 8 *% Cum Inti Prf 
£1 - 103* * 4 (7SeB4) 

Co-Operative Bar* PLC 926% Non-Cun krfl 
Prf Cl - 100f6Se94) 

Cooper (Frederick} PLC 6J9p (Neft Cnv Red 
Cum Ptg m lOp -90* 

Courtaukt* PLC S*% Uns Ui Stic 94/96 - 
£97 (7Se94) 

CourtouJcfci PLC 7*% Um Ln Stk 200005 - 
£89* (SSe04) 

CourtoUds doming Brands Ld 7*% Cun 
Prl Stk Cl - 73 

Coventry BuBcftrg Society 12*% tarn Inter- 
est Bearing Sha £1000 - £113 * * 

Daily Mai A General That PLC Ord 50p - 
Ciai 14 (7Se94) 

De Been Coraotektiad Mna Ld B% Cun 
2nd PriRI -10 (ZSb94) 

Dencora PLC 825% Cum Cnv Rati MCI - 
H2PSe94) 

Dewrtrat ftoup PLC 176% Cun Prf £1 - 
105 SSe94) 

Dewtrust PLC Old 10p-95 
Dominion Energy PLC Ord 5p - 13 3 (2SeS4J 
Durtop Plantations Ld 6 % Cun Prf £1 -60 
Ecttpee B4nds PLC CW 5p - 9* * 10 * * 

S Oro MbUigSExplanKlon Co PLC Ord lOp - 
583 (7Se94) 

ByoWknbtedon) PLC CW 25p - CS 
Emoas PLC 625p(NaQ Cnv Cum Red Prf 5p 
-712 

Eifcaeon(LM)(Te W u n ddtebol a gaOSer 
BfRogJSKIO - SS4M24 SK407* 8 * * 9 
.19 * 10 10 2164 * .635 3837 1* 2-04 
Eaaak and Suflofc Water PLC A Orti Cl - £21 
(7S094) 

Euro Dteney S.CA Shs FR5 (Depository 
Receipts) ■ ill 23 79 
Euro Disney 1 CA Sha FW (Br) - FR92 23 
237b * 235 M 

Eurotunnel PLCTEurotunrel SA Units 
(ftcaum tiBcrtyecI) - FR23.4B 
Ex-Lands PLC Warrants to sub tar Shs - 23 
l5Se9e 

Exdoratton Co PLC Ord Stk 5p - 297 
Fticon Holrtnga PLC Ord 5o - 126 (2Se94> 
FW Chicago Carp Com Stk 55 - S505163 
(83e94) 

Fast National Bulding Society 11 *% Perm 
Ini Bearing She £10009 - £S9* (7Sa94) 

Fret MHkmrt Finance Carp RX! 7% Cnv 
Cum Red Prf Cl - 1Z7 
Fiscms PLC ADR (4:1) - C6J536 (7Se94) 

Hsons PLC 5*% Uns Ui Stk 200MH - £71 
(5Se94) 

Fttzwthon PLC 6 *% Cum Prf IRE 1 - EO* 
(75e»R 

Fletcher QuBenge Ld Ord SNO^fl - SN4 423 
(7Ss94) 

Folkra Group PLC OTO Sp - «t |GSeaft 
Forte PLC 9.1% Uns Ln Stk 95/2000 - £97* 
Friendly Hotels PLC 7% Cnv Cun Red Prf £1 
-92(750941 

GKN PLC AOR (1.-1) - S9* 9.88 
GN Greet Nordic Ld Shs DK100 - DKS 8 S 
(5Se94) 

G.T Crete Growth Fund Ld Ord SOJH • £31* 
31* 31* 

General Accident PLC 7*% Cum Irrt Prf Cl 

-91*(7Se94) 

General AcckSent PLC 8 *% Cum Inti FW Cl 

- 105* 

Genera Bootee Co PLC ADR ( 1 : 1 ) - £41; 
Geeretner HKtgs PLC OM Cep 2fip - 158 
(BSe94) 

Gtexa Group LO e*% Uns Ln Stir 05/95 SOp 

- 49 |7Se94) 

Glaxo Group Ld 7*% Uns Ln Sti. 85/95 SOp 
-48 

Ctiynwea International PlC 7*% Cum Prf £l 
-72|7So9J) 

Oynwed Internation al PLC 10 *% Uns Ln Stk 
94/99 - £99* 

Goode Dunam PLC 34% Cum Prf 50p - 28 
(5Se94) 

Grampian HWga PLC 7% Cun Prf El -61 
(6Ba94) 

Grand Metropolitan PLC 5% Cum Prf El - 
534 

Grand Met rop oBan n£ 6 *% Cun Prf Cl - 
64 (73e94) 

Great Panland Estates PLC 9.5% 1 st Mtg 
Deo fitit 2016 - £101 .1375 A 
Great Universal Stores PLC ADR (171) - 38.18 
(7Se94} 

CnanOB Group PLC 9% Cun Prf £1 -98 
(88094) 

Greenaila Group PLC H- 2 % DW Stk S0T4 - 
£119* 

GreenMa Croup PLC 7% Cm Suborn Bde 
2003 (Reg) - £112.19* * (7Se94| 

Gunrwa PLC ADR i5ff) - 537.15 
Guinness FUgm Glsea) Strategy F« Ptg Red 
Prf SQJOlfEutipeui Fund) - £80.49757 
cse94) 

HSBC hugs PLC CM SH 10 Mona Kang 
Reg) - SH9t .58555 325 25 * * 4 
074021 * .739006 24678 4 .040537 
.102155 .1372C2 * .358648 .73 * 

HSBC HKJga PLC 1129% Suborc BCS 2002 

(Rag) -£l074 

HSBC Htdga PLC 1 1«% SuboTO Bds 2002 
(Br CVarl - £1094 

Halifax BukUng Satiety B* % Pram M Seer- 
«8 She £30)00 - C86 (S6e94) 

Halifax Bidding Society 12% Penn Ira Bear- 
ing Shad peg £50000) - £115* {78*94} 
Kafldn Hoktnga PLC Ord Sp - G9 
Holma PLC 11% Cum Prf £1 - 12S pSe&S) 
H ammar su i PLC Od 2Sp - 338 0 41 2 3.17 
4 17 5 Si 

Hutiys ft Hansons PLC Ord Sp - 280 (2SeB4) 

Hardys & Hansons PLC im 4% isr Mtg Deb 
Stk - £44* (SSeS4) 

Hartepqaa Water Co 0« Stic - £1850 
Hasbro incSna at Com Stk &L3D-S31* 
169484) 

Hauemere Eatatee PUC 1D*% 1st Mtg Deb 
Stk 902003 - £101* (2S4B4) 

Hewitt Group PLC 10% Cun Prf Cl - 90 


l PLC ADRfA;1) - 51 1.02 


Bradford a Bsvjiey Bukfrtg 9otietyi3% 
Perm fm Beamg Shs Cl 0000 - £123* 
ftj*ne(Tj:AJ JHJCHdga) PLC ‘A" NoroV OTO 
2&P-213 

Brent Waker Group PLC Wta to Sub lor Crd 
- 1 (6SeS4) 

Brent Wtillrtr Group PLC &5K 3rd Non-Cum 
Cnv Red 2007/10 £1 - 2* 

Bristol Wmr PLC 8*tt Cum bid Pit Cl - 
104* * (5Sa04) 

Bnator Wmar hfdgs PLC Ord £1 - 965 
Bristol 6 sweat Butting Sooaty 13*% Perm 
M Bearing Sha E1000 - £123* * 

Bntama Bulding Society 13% Farm bit 
Bearing Sha £1000 - £120* 

British Airways PlC AOR (10:11 - 363.24789 
.37288* 

British -Americai Tobacco Co Ld 6% 2nd 
Cum Prf Stk £1 - 63 

British Petroleum Co PLC B% Cum 1st Prf Cl 
-61 

British PetrotewTi Ca PLC 9% Cun 2nd Prf 
£1 - 88 (5Se94) 

British Steel PLC ADR (10:1) - 523.8742 
British Sugar PLC 10*% Red Deb Stk 2013 
-Cl 13* 

fttxton Estate PLC toVK list Mtg Deb Stk 
2012 - £l 10* (6Se94) 

Broadaroner Hag* PLC 4^4t> (Frrfy 6%) 

Cum Prf Cl - 59 

BrownfJahn) PLC 5*% Sec Ln Stk 2003 - 
£77 (5SeS4) 

BUgm(A.FJ 3 Co PLC Ord Sha 5p - 58 
(2Se84) 

BUmerfHPJHdgs PLC B*% 2nd Cum Pit 
£1 -103 4 * (7Se94) 

BuimarfH.PJiedgs PLC 9*% Cum Prl £1 - 
H0(7Sa94) 

Bund PLC 7% Cnv line Ln Stk 95/97 - £10* 

jggiU 

Burton] Grots) PLC 10*% let Mtg Drtj Stk 

2014 - nosjj 

Bumroh Castral PLC 7*% Cum Rad Pit Cl - 
70 (7Se94) 

Bumah Castro) PLC 8% Cum Prf £1 - 83 
(5Se94) 

Burton Group PLC 8% Cnv Una Ln Stk 1990/ 
2001 -£85 

Butte Miring PLC 10% tMOft Cnv Cum tat 
Prf 1994 10p-2*3* 

CRH PLC 7% "A* Cum Prf lr£1 - U!tL7 
(7Se94) 

CdMdrrta Energy Co Inc Shs of Cam Sift 
300875 - £112195344 
Capua! 8 Counties PLC S7«% 1st Mtg Deb 
Stic 2027- £102* <BSe94) 

Cerda En o me wten Group PLC 10*% Cun 
Rea FM Cl - 98 (6Se®4) 

Carlton Commulcationa PLC ADR (2:1] - 527 
(7Se94) 

Carlton Communications PLC 7*% Cnv 
Subord Bda 2007(Rag £501X9 - £133 
(7Se84) 

Caitton ConvnurtcaDona PLC 7*% Cnv 
Subord Bds 2007(Br £5000) - £130 (5Sa94) 
Casket PLC 1(L2S% Cun Prf £1 - 106 
(2SeS4) 

Caterpta Inc Shs of Cam Stk Si • 
555.090806 (7Se04) 

Cemex Caparittm Shs of Com Stk S02S - 
S28JJ25 

Cheltertiam A Gkxjcwstw Buld Soc 11*% 
Perm Int Bearing 9a £50000 - £113* 
(BSeOfl 

CHy Site Estates PLC 5w!5H Cnv Cun Rad 
Prf Cl -88 

Ctaytxtha PLC 9^% Sutxxd Cnv Una Ui Stk 
2000/01 - £94 pSa&q 

Coastal Corporation Sha of Com Sat XL33 V 


Hoknos ProtoGdan Group Inc Sns ol Com Stk 
ttfifi-SS 

ttmttng PLC *2% Cun Ptf £1 - So (SSaM 
M PLC 5*94 Urn Ln 88c 2001/00 • £72! 

IS Hnidaysn Fuid NV Ord FLOOI - S3 17% 
17* 17% 17* (78004) 
toeland Group PLC Cnv Cum Red Prf 20p - 
12839 

BLngworiti Morria (Settam) Ld 7% Non-Cum 
Prf SOp - 17* 

Industrial Contra! Services Grp PLCOid lOp - 
143 8 

Irish UfB PLC Ord b£D.10 - K2 p 197% 0201 
Judine Matitaron rtdga Ld Ora KL25 (Mono 
Kong fta0Stori - £8.13 6.14 5H72JM1617 
.947392 3J08712 .1982 J38G A * * 
Jantirv, S&ata^c Hdyn Ld Oro 50.05 (Brr- 
muda Hainan - SH32^S (73*94) 

Jffltina Strategic Htdge Ld Old £0i}5(Hong 
Kong Regtetar) - 5K32JI632M 331907 
Jusay Becmchy Co Ld -A’ Onl £1 - £30 

(7Sa94) 

Johnson Group deonere PLC 7J5p (Nil) Cm 
Cum Red Prf 10p- 135 7(5*194) 
Koree-Europe Fund Ld Sha(IDR to 8ft 50.10 
(Cjxi 7) - 54875 4700 
Kvaemer AS. Free A Sha NK12J50 - 
Mai 081 4 

Laatxohe Gtoup PLC ADR (Irt) - C2.K? 

Land SecurttiM PLC 9% let Mtg Deb Stk 06/ 
2001 - £101 (75e94) 

LASMO PLC 10*% Deb Stk 2009 -El 03* 
Labowa PWkiuin Mows Ld Ord HUJ1 -84 
Laeda A Holback Bufdlng Sotiety ?3*% 

Pern Irt BwaVig Sha £1000 - £123* 
UnrttiJohnjtameratep PLC 5% Cun Prf Stk 
O - 80 (5SM)4) 

Lontirerd North Central PLC 5% Cum 2nd Prf 
£1-50 (8Se94) 

London HemeBonti Group PLC ADR (W) - 
57 J5 

London Securities PLC Old Ip - 3 
Loortw PLC ADR n:1) - 52.164 
Lookera PLC 8% Cnv Cun Red Prf Cl - 
123* 5(7Se9*) 

UnrfWTn) 8 Co PLC 8.75% Cum Cnv Red Prf 
£1 - 172 

MEPC PLC 9*% let Mro Dab Slk 97/2002 • 
£101 pS*94) 

MEPC PLC B% Una Ln Stk 2000/05 - £90 
McCarthy & Stone PLC 8.78% Cum Red Prf 
2003 Cl ■ 85* 6 (7S&94) 

McCarthy A Stone PLC 7% Cnv Uns Ln Stk 
9004 - 588 (BSefl*! 

Mcfnomey Properties PLC *A* Old K01.10 - 
10106 

Mandarin Mental Intemadomd Ld Ora £005 
(Hong Kong Reg) - 8H1 1.482505 J65029 

Mangariaaa Bronze HUga PLC S*W Cun 
Prf £1 - 73 psefl*) 

Mansflelcf Brewery PLC 11 *N Dtii 84k 2010 

- Cl 18. 14 

Marta A Spencer nc ADR (6E1) - S39JI 
(raaftft 

Martey PLC 11*% Deb Stic 2009 - £11(138 
(7Se94) 

Medeva PLC ADR (4riJ - S8A9S 0 XXI * 
Merchant Ratal Group PUC 8*% Cm Ura 
Ln Stir 99/04 - £62 

Mercury In ter na tional Inv Trust Ld Pig Red 
Prffp [Fterrve Fund) - &t9JXW9 {BSe94) 
Meraey Docks 8 Harbour Co 8%% Had Deb 
Stk 94/07 - £98 

Mereoy Docta 6 Htebou Co 6*% Red Deb 
Stk 98/89 - £894 

Mersey Docks A Harbour Co 3%% hd Deb 
Slk - £37 7 (7Se94) 

Mktand Bank PLC 14% Subord Urn Ln Stk 
2002/07 - £121* (73004) 

Morgan Startey Japanese Warrant Fd Sha of 
Chisa A Com Stk (Br) - 52*4 
NFC PLC 7*% Cnv Bda 2007«Rag) - £82 
NarttorougH tantedona PLC Old lOp - 41 
(7Se94) 

National Ptsnr PLC AOR (10:1) - 577.52 
National Westminster B»* PLC 9% Non- 
Cum Sllg Prf Sara *A* £1 - 105* 

National Westminster Bank PLC 12*% 

Subord Urra Ln 8tk 2004 - C117% (B8eB4) 
Ne wau du Bufldng Society 12*N Perm 
Interest Bearing Shs £1000 - £1 16 
Nawa International PLC 8% 2nd Cun Prf £1 

- 76 (2Se94) 

North Of Englard BUhftig Society 12%% 

Perm Int Bearing (£1000) - £116* 

Pacific Gas 6 Bectric Co Shs ol Cam 8tk 56 
-523* 

PuMand Grout PLC Ord 25p - 196 
Ftaaraon Zochorts PLC 10% Cun Prf £1 - 
11B (65004) 

Part Mdga PLC 10% Cun Prf 50p - 54 
(86094) 

PON HOgs PLC 5.25% (Nat) Cnv Cum Non- 
Vtg Prl £1 - 97 8 (7SeB4) 

Peridna Foods PLC 8p(Naft Cun Cnv Rad Prf 
lOp -87 

Petroflna 3 A Ord Sfts nw (Br in Daramt 15 
A 10) - BF10383 415 41 
m&nde PLC 9*% Cun Prf El - 80 (0So94 
Pbertation A General Invs PLC 02% Gun 
Red Prf El - 90 (6SeB4) 
tanlabrook Q«e> PLC 8.75% Cnv Rf 91/ 
2901 lOp - 106 

Pore«eaa knroatment Fund Ld Old 30-01 (Br) 
-588 

PotgtetereruBt RaDnuma Ld Ord ROJJZ0 - 640 
PewwGen PLC AOR (10:1) - S82J9 93 
(23*94) 

Premier HertBi ftoup PLC Old Ip - 2 * 

Ortdca Group PLC 10% Cun ftf D - 111 
PSe0fl 

RPH Ld 4*% Uns Ln Stk 2004/09 - E38 
pSaftft 

RPH Ld 9% Una Ln Slk 09^004 - £97* 

HTZ Corporation PLC 3325% 'A' Cum Prf 
£1-50 CBSeS4) 

Race) Bectrortca PLC ADR (2rt) - 57.88 
(78a9fl 

Rank Orgamteation PLC AOR 12:11 - $17-8 jn 
Reckftt A Caiman PLC 5% Cum MCI -54 
Regia Proparty Htogo PLC 8*% Gtd Una Ln 
Stk 1997 -£35(78004) 

Ratal Ccrporztion PLC 4JS% (Fhvy 6*%) 

Cum 3rd Prf Cl - 83 (78eWj 
Royal Bank o( Canada Conadan Fd LriPtg 
Red Prf SC Clin - SC18A62 (7SaB4) 

‘ * 1 PLC 6% Una Ln Stk 03« - 


Ruaaa8(Ateicanderi PLC 5.75% Cun Cnv Rad 
Pi* - 95 (53*041 

Saetcrt A Srech Co PLC ADR (3.-1) - 57* 
(7Se94) 

awwbury(J) PLC ADR (Irt) - 57.08 
Scantronlc Mdga PLC 72Sp (Not) Cnv Cum 
Rad Pr120p- S3 

Schnrtdua(Sj A Son Ld 6% Cun Rad 
PrtCOOO or aftaftEI - 53 (7Se94) 

ScnoB PLC B*% Cum Rad Prf 2001/05 El - 
96* (68*04) 

Sere* PLC 5*% Cnv Cum Rad Prf 2006/11 
£1-786 

Scottish 8 Newcastle PLC 4JJ% Cun Prf £1 

Scottish A Newcastle PLC 7% Cnv Cum ftt 
£1 - 24a (5tSe94) 

Sesre PLC 5J25% (Firty 7*%) Cum Prf £1 - 
72 t5SeB4) 

She* TranaportATradlngCo PLC Od Shs Or) 
250 (Cpn 192) - 754 4 (SCrtM) 

Srtrtd Grouo PLC Ord 5p - 7* (7Se84) 
atirto Group PLC 564% (Net) Cnv Cun Rad 
Prl £1 - 12 3* (5S094) 

Shopraa Fkianca (UK) PLC 7S7Sp(Net) Cun 
Red Prf Sfts 2009 - 47* (7Se94) 

SUow Group PLC 7*% Ura Ln SW 2003AM 
- £80* 

Sgnet Group PUD ADR (3:1) - Si-4fi 1A7 
Simon Engkieerfng PLC 9*% Dab SW 92/07 
-ESO* (5Se94l 

Smdal (WWam) PLC 5£Z5% Cnv Cum Red 
Prl £1 - 82 (BSe94) 

SMpton Building Society 12*% Pure H 
Bearing Shs Cl 000 - Ctia* * 

Smftn New Coui PLC 12% Suborn um Ln 
Stk 2001 - £104* 

SmWiKtine Baaotum PUD ADR Sri) - £33.85 
* (BSeCMl 

SrtdhKtine Beecham PLC/SmlthKIne ADR 

- (30235 * ass M .923970 .14UTS 
South Staffordshire Water PLC 0*% Red 
Deb Stk 98/2000 - 159* CSoM) 

Starxtad Cftartared PLC 12*% Subonl Ura 
Ln Stk 2002/07 - £114* 

SutctitaSpeokman PLC 9*% Red Cum Prf 
£1 - 85 90 (BSe94j 

Symonda En gtoeering PLC Ora Sp - 31 
(SSe94) 

TAN PLC 11*% Mtg Dab Stk 95/2000 - 
CUM* 

TS8 Group PLC 10%% Subord Ln Slk 2006 
- £1004 

TSB Ofbhore inv Fund Ld Pig tad Prf 
UXPflfl American Ctes) ■ 47S4906 KSaM) 
TT Grouo PLC 10575% Cnv Cum RM Prf 
Stil Cl 1997-307 

Thai Prime Fund Ld Pig Red Prf SOOI - 
S175537 1754243 16Se9fl 
Thatiand In ta/nat toual Fund id Ptg Sha S&01 
(BWs to Br) - S33* (6SeD4) 

THORN B4I PIC ADR (111) - $1556 (&Sf94) 
TOW Estate! PLC 10*% 1*1 Mfo Dab Stic 
2011/18 - £103* * .675 (73*04) 

Trafalgar House PLC 7% Uns Deb £fik Cl - 
70 I5 SoB4j 

Trafalgar House Pic 9*w ura Ln Slk WW 
05 - £93* (SSaOrn 

TraWgar House %£ 10*% Ura Ln 9tk 
2001/06 - £97 8* 

Trans- NaM Coal Corp Ld RO50 - 400 
f7Sa94) 

Transatianttc Houflnos PLC A Cnv Prf 50p - 

£3*(BSe94j 

TransBtiantlc Hokfnga PLC B 6% Cnv Prf £1 
-934BSe94) 

Transport Dovdopment Group PlC 4.7% 

Cun flrl £1-03 

Trwapsrt Dentopmant Group PLC 9*% 

LM Ln Stk 95/2Q0Q - C07 (6Sa94) 

Transport Development Group PLC 18%% 
Um Ln Stk 2008 - £115* (5S«U) 

Uregate PLC AOR (1:1) - 55. 76 (7Se94) 
Urtoate PLC 0a% Uns Ln Slk 91/98- COG 
BJSe94) 

Ltitigrout PLC 7*% Cun Oir tad Prf ti - 

75(53a04) 

Unlaw PLC ADR (4;1) - 370* (2S«S4) 

Urfton Hemational Co PLC 0% Cun Prf Slk 
£1-40* 

Unays Corp Com Stk SOOl -18*4 
Utfcty Cable PLC Wterants to sub for Ord - 

29 20 

UMue A Heame Dub PLC Wunmts 89/94 to 
sub for Ord - 51* (78004) 

Van Dtomarf* Land Co "A" 2Sp - 75 {5Sd94) 
Vain Group PLC n*% Dsb Stk 2010 - 
£118*4 

VfokBti PLC 5% CunXTsx Free To 3(MPrf 
S1KE1 -62 

Vodafom Group PLC AOftoGT) - 531* -2GA 

*** 


WEW Group PLC 10*% cun Rod Rf 80 
2002 £1 - 97 (65*04) 

Wagon mctoBrinI Hdgi PUD 72Sp (Nat) Cnv 
PtoFVfiap- I45(BSe94) 

WrtkarfThanafl) RjC Ord 5p - 26 (63rtW) 
WrtmougrapAdgs) PLC 8*% Cun tad Plf 
9mA n - inn 

Welcome PLC ADR (Irt) - 510* 

Wemotey PLC Bp(N«i)Ciw Qm tad Prf 1999 
£1 - SB (BSe04) 

Werektnve Property Corp PUD 95% 1st Wig 
Deb Stk OTlfi - £90* ps«64) 
wnmread PLC 6% 3rd Cun M SBC £t - 64 


WWtbraad PLC 4*% Red Deb Stk *02004- 
£7D(7SeS4) 

WhObread PLC 7*% Um Ln Stk 96/BS - C91 

* 

Wtotbread PLC 10*% Ura Ln Stk 2000/05 - 
£103*4* 

WWtecroft PLC 5.1 % Cum Prf £1 - SS 

Wktoey PLC B.76% Cnv Cvm tad 2nd FW 
2000 £1 -95168*04] 

WRMneon A RkkteiMHtocn) Ld 5% Cum Prf 
S% C«rw Free To 3001 - 72 (656941 

VWama FBdga PLC 1D*% Cum FW El - 120 


WRa Comxn Group PLC ADR (5:1) - £124 
wraxhun A East Drab Water Co *JJ% PtPg 
Chd Slk - £8*004 

Wymrrte Garden Centres PLC 3-5% (Net) Cm 
Cbm Red Prf £1 - 15* (88«*4) 

Xerox Coro Com Stk 31 - 5199* 

York Waterworfte FLC Ord lOp - 308 
YoricrtWs-Tyne Tees TV Hdge PLC Wto to 
sub for Ord • 207 

Zemin Corartldned Copper Mfcies LcTB* 
OTO K10 - 200 (5So04) 

Investment Trusts 

Bmte GMbrd Japan Trust RJD Win to Sub 
Old Shs -158 9 601 (73e&4) 

BeWe Gifford Shin Nippon PLC Wetrante to 
tub lor Ord - 122 

Brtttah bnrratment Treat PLC 11.125% 
3eeum<l Deb Stic 2012- £116% % 
Broadgote iiMStmerri That PLC Wts to Sub 
for Old - 57 9 (5SeB4) 

Broad nate investment Treat PLC Nominal 
Equities Moot Ura Ln Stk 2007 - 160 
(58e94) 

C&CJmtatmentTreK PLC Onl 25p - 94 
103 RiSeS4) 

Ceprtel Soaring Tnra PLC Ord 26p - 470 
Cfomente Koras Emerging Growth FundShs 
510 (Reg Lug - Si 3 13* 13* 13* 

Danas Investment Trust PLC Wts 10 Sub- 
scribe for 1 he A 1 Cop - 65 (7SeS4) 
Ednbugh fnvestmsrc Trust PLC 3*% Deb 
Stk 1988 - £83 

EdHxagh kwsstrrwrt Treat PLC 11*% Deb 
Stk 201 4 -El 21 

English A Scotttdi Investors PLC *B* 250 - 
120 

Europaai Assata Treat NV Br R 1 (Cpn 17) - 
HG02(BSeB4) 

FWeftty Euooaan Vrtuea PLC Equity LMcad 
Ura Ln Stk 2001 - 14fi (5Se9«) 

Rnsbury Snorter Co's Trust PLC Zero Dh Prf 
25p - 133*4 

Fleming CtevarhOUM Inv Treat PLC 1 1% Deb 
Stk 2008 - £111 (BSo04) 


Remlng Mercantila few Treat PLC 3*% tad 
Deb S6c 8045 - £97 (BSe&ft 
Gartmor* Brtttah fnc A Oth TtU PUZoro DM- 
dwra Prf lOp - 103* 

Gertmore Shnd Equity Treat PLC Geared 
ora bo 1 0p - 106* 7 
Goveft Strategy bn That PLC 10*% Deb 
SW 2016 - £108* 

HTH Japanese armtier Co’s "Bua PLCOid 
25P-111 *22 

Hotepir Inveatmert a PLC Old CT -385 
S3efl4) 

foveatore CeptU Trust PLC 7*% Deb Stic 
82/07 - fSfl* (63fB4) 

Uzard Stfect bnwbnent Truef Ld Pig Rod 
Prf (Lip UK. Active Find - £14-77 14.77 
14JS (2SaS4i 

Lazod Select bnestment Trust Ld Rfl tad 
Prf (Lip UK. Liquid Aseata Fund - £104 
Lazanl Sdea bnoatirexitlhat Ld Ptg tad 
IW aip Europe Index Fund - E17J9 17^4 
(23604) 

London A St Lawrence brvestrrart PLCOrd 
Gp • 163 

MtxganGranMLatinAmarCo's T*t PLCWta to 
sub ta Ord - 57 * 0z 
Paribas French kwestmant Trust PLCSere "A* 
Warrants to sub for Old - 30* (53694) 
Ptetbea French k n a wtiuant Treat PLCSere 
*B* Warranto to sub for Ora - 26 
Sc o tti s h Investment Dual PUD 4*% Pup 
Dab Slk - £43 (7SaS4) 

Sphere Investment Trust PLC Retard War- 
rants to aub tor Ord -5* (5SaB4) 

THCttV Ol London Trust PUD PM ora 
Stkdanv Non-Cumfei - 195 CSeM 
TR City of London 7>ust PLC 10*% Dab Stk 
2020-ei OA* 

■m Far East Income Treat PLC 7% Dab Slk 
97/2002 - £93 (66*04) 

tM gm o re Property Investment Tat PLCWto to 
Sub lor CW - 37 

Waan Investment Co PLC S*% Deb Slk 
2016 -E83* (53*94) 


Anglo Amoricrti A ytaduae PLC Qd 25p - 
HD-07 

• Are« Street 0ra«rtr Go “1 Cnv Red 2nd Prf 
£1 - C$55 [TSriWJ 

Amoa VDA96 Ld Od lOp - £0 J 0321 PtaM 
Anenal Cfob PLC CW £1 - £450 

RiSaiM 

MonVlaFOO(bcrtCU]PLCOra£5(l void 

- £95 

Ann Group PLC ora icp - £02 0.205 
(L2075 (X2' 

Bardrsyft bMWPwra FundJLL) Stertng Bd Fd 

- £ 04 071 4 

Bcf Court FvmO M rm agament PLC OrdiOp- 
C1.02 1JB 1-08 

Bison industrial Group PLC Ord ip - £tti 1 

ftawne IWdbiga PLC Old 5 p - OL37 0.4 

041 (73004) 

Stay Tecnrariogiaa PLC Ord lOp - ED.Osa 


Buttress SUribig Bond Fund Pfo R« Prf Ip - 
£9.748 C2SW94) 

Covanham PLC Ord ip - C0 1 0SS 0. if 
De Greohy (Abraham) Co Ltd Ord 20p - Eli 


aw (BJ PLC r^H (Not) Cnv Cum tad Prf 
£1 - £U2 (7Se«) 

Foeaat Broadcast Conxxation PLC Ord 5p - 
QL6A 0.58 0JB5 (L5875 0.8 0J1 
Formscan Intamatfcmrt Group H-C Old tp - 
OL47(7Sa64) 

Franctetown MlnSB((J«aey)Ld Ord 50.01 ■ 
S2-6 (tSSod*) 

Purtong Homes Group PLC CM top - Cl D4 

1.05 

tauter Hoktinga PLC Ord Ip - E0,‘« 0X3875 
Qradueta Appointments PLC Ord Ip - CO 23 
Grampian TeievMon PLC CM lOp ■ C3* 
158094) 

ftoucho CMi London PLC Old lOp - CO* 


Guernsey Gra ugh* Co Ld OKI Kip - CO 415 
(73eB4) 

Guernsey Rrass Go Ld Ord top - £1^5 


USM Appendix 


BLP Group PLC OTO 50p ■ 180 (7SeB4) 
Bedford(WfBanft PLC Ord 5p - 32 (7Se94) 
Crossroads 08 Group PUD ADR (120 - 
S7.38{7Se94) 

Dakota Group PLC Ord bE025 - £02 C 02 
BdOS PLC CW lOp - 410 3 
FBD Hoktings PLC Ckd K050 - IE1 j 62 
Gifts Mew PLC Ord 25p - 406 15 25 
tfWoD 1) 

MkSrad A Scottish Reaoinas PLC Ord lOp - 
2 * 

Reflex Group PLC Ord - 324 
Total Systems PLC Ord Sp - 27 
United Energy PLC Wta to sub far Old - 3 
(7SOB4) 


Rule 4J2(a) 


AMOQ Coro km Old lOp - EHS3 p3e94) 
Advaicad Media Systems PLC Ord £1 - 
£1.55 

Advanced Mattia Syafams PLC Wts to aub 
for Old - E04B (5SaS4l 
AmaJaarratad MaWCnp PLC Ord £1 - 
E1J72 (2SO04J 


I E S Group PLC Oid 1 0p - £3.4 RSe94j 
ns Group plC ora £i - caiz4 0.S14 
Johnson Press PLC 13*94 Prf £1 - Cl .35 

S8e04) 

Just Group PLC Ord Ip - £00425 (6Se94) 
KMnwort BonsonOrtt) Fteid Man KB Gift Fimd 
-E14J115 (2SeS4) 

KMiwort Bmwonflnl) Fund Man till Eqtety 
Garth Inc - £2034 298914 2.984044 
Lancashire Enterprises PUD Ord 5p - £1075 
Lowrie Group PLC Ord El - £26 27 
La Fuchs'S Stores Ld Ort £r - E2.65 (5Se04) 
Lrtauratfana into PUD Onl Sp - £0.09 (2Se94) 
London FMuetay Trust F>LC Ord lo - £0015 
U&GtGuercsey)teland Gold Fund Inc Unite - 
£34092 (&Se94 

MBitM A Mercantila Securities PUD Ord 
-K0J20 - Cf.65 

Mercury Fund Manftdeol Man) Mwcury tnt 
Bond Fund - 0309114 
H.Wf. Id ora Ct - £605 QBSe94| 

North West Exploration PLC Ord Ip - 2 
OmnMetSa PUD Ord Sp - £04 0.41 0^42 
Orchard Medfo Ld Ord £1 - £3 pSe94) 

Pacific Metfla PLC Ord Ip - 2* * * * 
PerpetuaKJeraay) Otiaftore Emerging Go's - 
9803S778 (5Se94) 


PerpefuaftJanuy) Ofttwra F» Warn Gretti 
Fd- £3407213 (BSS94I 
FVavsre Ffootoo* Ckft PLC Ort 10P - CD as 

Cm European Bond - C8037BO6 
Softon Hotel Id Ord Cl - » 9 (TSaW 
Start fodustnei PLC Now Ord 7*p (5P Prf) 

. £0035 

Shepherd Noomo Ld 'A' Ort £1 - CC* 6* 
(5Se94) 

Southern Ftewspop ere PLC Csd £1 - C4.2 

Southern VecW PLC Ord 10P - £3*4 (53694) 

Sun OH Britain Ld OB Ftoyrfty Wk imits ip- 
co* 

Surrey Free mra Ckd Cl » £047 (5S*dJ) 
Sutton Harbour wags Ld Ort 25o - £1.3 
Thwarws/DonteftA CO PLC Old 25P - ES.73 
ntarftur PLC Ord 5p - £0.0525 (65*941 
Tracker Network PLC Ord d - Cl3 
UAPT-fntotek plC ora 2Sp - £92 a* 
Unicom mro PLC Ord ?5p ■ £00 itiSefl*! 
United Autatxo tgcotiond) Ld Ort £1 ■ £20 
(73894) 

United Busmera Group PLC Ort £1 - £0.7? 
(7Se94l 

Vetcnrvxy Drug Co PLC Old £1 - £4 «Se94) 
Vista Entertatemeno PLC (to* Sp - £0015 
(63894) 

Warburg Assert Management Jersey Mercury 
Inti Goto & General Fd - 5202954 
weddorbum Sewt Uea PLC <>0 Sp - CD. 13 
0.t4 

WaetiDtt Ld *A‘ N«lV Ord 2Sp - £17 17* 
Whitchurch Group RC Ora 10p - £0.54 
Winchester Multi Media PUC Ckd 5p - COjE 
0j8S (538941 

Wynratoy Properikto PLC 25c - £13 GSaSJ) 

RULE 2.1 (a)M 

Bargains marked bi securities (not 
fading wfttdn Rule 2.1 (a)(Q ) where 
the pricipal market Is outside the 
UK and Republic of Ireland . 

Allstate Explorations 740(7 J0) 

Aunt Oi A Gas 60 0(701 
Cope Range OH ASO 855(20) 

City Dmatopmants SS707p0) 

Dntixpoon Screen Men Y768 44(9.9) 

Elec A EKek Kf0.91(7.9) 

Hyson Developments H3230*(70) 

Ktimghafl Tin £10(7 .9) 

Nat Electronics HWgs AST.tWgj 
North FVnden Mines £30(6.9) 

03 Search 470(8.9) 

Patabora Mining Ff72.S(70j 
Regal How rtogs «2.O7(70) 

Setangor Coconuts £105 (7.9) 

Sdangor Properties MS3.9(70) 

Smg a pore Lane SS8 J8(&.9) 

Sterer Communicattona SK42 7.92(9 .9) 
WastiteU Mewran 47.0(9.9) 

fly RMPba/on of Vie Stock Ekc/unp* Ceoneff 



If 

rainforests arc 
being destroyed 
the rate of thousands 
trees a minute, how can planting 
just a handful of seedlings make a difference? 

A WWF - World Wide Fund For Nature tree 
nursery addresses some of the problems lacing people 
chat can force them to chop down crces. 

Where hunger or poverty is the underlying cause 
of deforestation, we can provide fruit trees. 

The villagers of Mugunga, Zaire, for example, eat 
papaya and mangoes from WWF trees. And rather chan 
having co sell amber to buy other food, they can now 
sell the surplus fruit their nursery produces. 

Where trees are chopped down for firewood, 
WWF and chc local people can protect them by planting 
last-growing varieties to form a renewable fuel source. 

This is particularly valuable in the Impenetrable 
Forest. Uganda, where indigenous hardwoods take 
two hundred years to mature. The Murkhamia lotea 
trees planted by WWF and local villages can be 
harvested wichin five or six years of planting. 

Where trees arc chopped doivn to be used for 
construction, as in Panama and Pakistan, we supply 
other species that 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 agra forestry course at UPAZ University in 
Costa Rica, where WWF provides technical advice on 
growing vegetable and grain crops. 


Unless 
help is given, 
is exhausted 
very quickly by “slash 
and burn" farming methods. 
New tracts of tropical forest would then have 
to be cleared every two or three veare. 

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 again. 

In La Planada, Colombia, our experimental farm 
demonstrates how these techniques can be used to 
grow a tamily’s foo^ on a small four hectare plot. 
(Instead of clearing the usual ten hectares of forest.) 

WWF fieldworkers are now involved in over 100 
tropical forest projects in 45 countries around the world. 

The idea behind all of this work is that rhe use of 
narural resources should be sustainable. 

WWF is calling for the rate of deforestation in the 
tropics to be halved by 1995, and for there to be no 
net deforestation by the end of che century. 

Write to the Membership Officer at the address 
below to find out how you can help us ensure that 
chis generation docs not continue to steal nature’s 
capital from the next. It could be with a donation, 
or. appropriately enough, a legacy. 




WWF World Wida Fund For Nature 

Unrmtit, Wo.14 Wildlife Fundi 

International Secretariat. 1196 Gland. Switzerland. 


FOR THE SAKE OF THE CHILDREN 

WE GAVE THEM A NURSERY. 


FINANCIAL TIMES 

FINANCE 
EAST EUROPE 


Finance East Europe reports twice-monthly 

on investment, finance and banking in the 
emerging market economies of Central and 
Eastern Europe and the European republics of 
the former Soviet Union. 

To receive a FREE sample copy contact: 

Simi BaitonL Financial Times Newsletters. Marketing DeparunoiL 
Third Flore. Number One Southwark Bridge. London SEI 9HL England. 
Tel: i+44 7] i 873 3795 Fax: (+44 71)873 3935 

Thr «awi«aw piwrtiaiBteWMta uaMTutra jaaiiix twtranv. 

FKintai rrt p a y mg . 


FlKUiCIAL Trees 
IMw 

FTBhMM~enaiiM#tU4 |>1V.V ’■«w»Ok Vwi»u r-vfcinQn via. 

HtjunnlNb V U V Ctr><>:i ;i 


FINANCIAL TIMES 

financial 

REGULATION 

REPORT 


Financial Regulation Report is „ 

monthly service from (he Financial Times. It provides 
u P' l ®^a«e and thorough information 
on worldwide regulatory devd 0 p menl s and their 
implications for the financial services industry . 

To rcc ^ a FREE sample vu Py cvuaa: 

TTiira ll Flcw! l Numb«^MS«xu^wl i Brid‘7c V | M ^ lWl ' nS Dl! P un,,,e ' u - 

TC. (+-T4 7J 


nMI ,, 

VrmVih, 

-u. trobra 



















J 


FINANCIAL. TIMES WEEKEND SEPTEMBER IO/SEPTEMBER 11 1994 


LONDON STOCK EXCHANGE 




^►1 






T? ^ 


MARKET REPORT 

US producer price data hit bonds and equities 

R£T* n ’ y .®Y* and * touched 3.134. The September Producer price index had risen by was no better across the ranee of eovemment bonds yesterday 


FT-SE-A All-Share Index 


Equity Shares Traded 

Turnover by vofcjmo pnHon. Excusing' 

Inira- manat Business ana ovutmm turner ur 

1.000 


By Terry Byland, 

UK Stock Market Editor 

The unexpectedly large jump tn 
August producer prices fa the OS. 
rising the spectre of further rises 
ahead in the Federal Reserve's key 
interest rates, hit UK financial mar- 
kets very hard yesterday afternoon. 
Short-dated government bonds, 
those most closely linked to b ase 
rate prospects, fell by a quarter of a 
point while the longer dates which 
reflect deeper inflation worries, col- 
lapsed by more than l'A points. 

Early confidence in the equity 
market was wiped out by the set- 
back tn government bond prices. A 
gain of plus 12 on the FT-SE 100 
Share Index fa early afternoon had 
been replaced by a net fall of 40.7 
points at the closing reading of 
3,139.3. At the day’s low, the Footsie 


TRADING VOLUME 


■ Major Stocks Yesterday 


touched 3,134. The September 
futures contract on the Footsie 
closed at around 3.125, after trading 
at a substantial discount to the 
stock market for most of the after- 
noon. The Dow Industrial Average 
was more than 30 points off in New 
York when London went home for 
t-he day. 

Most analysts admitted that the 
Footsie 3,100 mark would be at haz- 
ard on Monday morning, when the 
UK's producer price numbers are 
due. Next week also brings further 
important challenges to market sen- 
sitivity to inflation prospects fa the 
form of the US Consumer price 
index, expected on Tuesday, and the 
Britain’s Retail price index, which 
is due on Thursday. 

There was little time in London 
for any disciplined reaction to the 
news from the US that the August 


Producer price index had risen by 
0.6 per cent overall, compared with 
market forecasts of around 0.4 per 
cent. Sellers poured into London's 
stock index futures market, and 
there was a good deal of technical 
activity between futures and cash 
equities, with some negative arbit- 
ra g in g operations involving buying 
the futures and selling the underly- 
ing stocks. 

Substantial losses were suffered 
by the retail and consumer stocks 
which are directly in line for the 
negative effects of higher interest 
rates. BTR lost farther ground as 
the market continued to react badly 
to the half time trading report. 
Bank shares, too, suffered sharp 
losses as investors weighed the 
prospects for their bad debt custom- 
ers should domestic interest rates 
begin to move higher. The picture 


was no better across the range of 
industrial sectors, where building 
and construction issues also felt the 
threat of higher base rates. 

While the focus was on the blue 
chip stocks which make up the 
Footsie 100 list, the reverberations 
reached well down into the list of 
stocks fa the FT-SE Mid 250 Index, 
which closed 25.8 off at 3,736. Seaq- 
re ported trading volume of 642.3m 
shares compared with 668.5m on 
Thursday when retail business 
returned a value total of £1 Jbn. 

The first half of the trading ses- 
sion appeared fairly confident Mar- 
ket analysts remained optimistic for 
a further rise fa the stock market 
over the medium term, although 
most agreed that UK base rates 
would rise well before the end of 
the year. 

The losses in US and In British 


government bonds yesterday after- 
noon bit bard at a stock market 
where worries about Inflation have 
increased over the past week. The 
FT-SE 100 Index has fallen by 
nearly 2.6 per cent over the week 
and appears likely to fall farther. 
The loss on the FT-SE Mid 250 fades 
was held to only 1.4 per cent, 
reflecting the focus on the blue chip 
stocks which suffered from the fall- 
out In stock index futures. 

However, not all the market spe- 
cialists were negative. Some believe 
that, while next week will inevita- 
bly bring fiuther pain, the UK stock 
market may still move higher 
before the end of the year. Base rate 
rises have been built into market 
forecasts and. in spite of this week’s 
shocks, company earnings are still 
expected to continue rising until 
well Into next year. 



800 


iiL 


Source nr Oivam 1994 
■ Key Indicators 

Indices and ratios 

FT-SE Mid 250 3736.0 

FT-SE-A 350 1589.2 

FT-SE-A All-Share 1578.98 

FT-SE-A AJ I- Share yield 3.79 

FT Ordinary index- 2426.6 

FT-SE-A Non Fins p/e 19.47 

FT-SE 100 Fut Sep 3126.0 

10 yr Gat yield 8.88 

Long gilt/equity ytd ratio: 2.34 


EQUITY FUTURES AND OPTIONS TRADING 


ASOAOnxvt 

AbbayNMttWt 

MbOtl Fbhar 
Ataad-L/orot 


flfgy* Qnupt 

AiloWtgtfnct 

Anoc Bra Foodat 

Abbot, era. Potts 

BMf 

Bat Ms.f 

BET 

acc 

fleet 

BPt 

BPB bids. 

art 

BTffVPokt 

BTRt 

Bank of Scottamrt 

sr 

BhaCfcctat 


Bra Arapacat 
Etrtton Arwayif 
Brtdsn Gait 
Braun Loral 
tatitfiSeoff 
Bund 

Binrah Casbrat 
Bwton 

CoHoi HWot 

Codbuy Ictuuppai 

CUJor Group 
CmratortT 
Coition Comma, t 
Coats lAyelat 
Comm. Ltotont 

CjyAr rarrfi 

Counaridst 
Qalgoty 
Do Ls Ftost 
Qtuna 

EnwnBact. 

Earn JJUukJ Poet 

Eng C**«a Clays 

Era*priw>09t 

Euotuml Unite 

FK1 

Finns 

FonsuiBCELLT. 

Fonof 

Obr. AcoUmff 
Gantral BacLT 
GiDOt 
Oyrwod 

Gramdat 

Grand Molt 
CU9t 

Cknt 
G umssst 
HSBC (TSp Holt 
Ita nmoxn 
Hsnsonf 

Hantoono CraoMd 
Hoys 


•Cft i 
hchcapit 
Johnson Msohsy 


KmUSsmi 

ladbrofcst 2/ 

Land SocunUost i; 

Laporta 

Logo/ 8 Gontotif 

* 

LASMO 1.' 

London Elect. 

Bmm ob todpj whan hr a i 

nmDSDninuiiw 


VoL 

OOGW 

Ooelng tteye 
P raw chonm 

7.000 

oua 


1®0 

3U 


708 

48 

-1 

1®D 

BOO 

-4 

588 

559 


21t 


-oh 


278 

-« 

2 JOO 

278 


300 

563 

+8 

888 

282 


2JUO 

488 


4/300 

434 


081 

1® 


B77 

400 


2J000 

724 

+2 

8®D 

418 


ijeoo 

311 


KLOOO 

380 

-**a 

S®0 

M8»» 

-5 

24®0 

323 


2.000 

206/2 


9.000 

585 

-4 

2®0 

573 

-2 

3®0 

233 


207 

448 

-6 

2JDOO 

528 


2,700 

487 

-13 

2®0 

407 

-17 

2,100 

402 

-a 

B®0 

205 

-a 

20 

300 

-7 

l?/XC 

T+fl/l 

-3 

425 

187 

-a 

303 

889 

-a 

860 

84 


11.000 

419 

-ii 

780 

467 

-il 

315 

270 

+i 

l.tOO 

291 

-i 

1JO0 

848 

-12 

1®0 

218 

-4 

839 

549 

-7 

13® 

284 

+5 

701 

607 


336 

478 

-8 

1® 

080 

-4 

13® 

206 

*1 

2300 

773 

-10>2 

236 

742 

-8 

629 

JOB 

♦1 

2o2DQ 

403 

+8 

68 

273 

•2 

585 

183 


3.700 

151 

-a 

578 

142 


13® 

234 


SM 

554 

-17 

33® 

290 Ij 

-4 

4.1® 

811 

+2 

332 

340 

-3 

V® 

480 

*5 

2,1® 

415 

-a 

B10 

581 

-a 

2.700 

187 

-4 

579 

604 

-S 

1.0® 

470 

-0 

A5® 

748 

-10 

523 

7. BOO 

3& 

-s 

-6*t 

720 

181 

-1 

835 

292 

-a 

2-600 

177 

-i 

468 

321 

-aji 

3®Q 

828 

♦7*2 

611 

438 

-9 

1W 

583 


2®0 

488 

-18 

137 

80S 

-8 

ZAOO 

16S 

-a 

1|3® 

823 

-7 

155 

775 . 

-4 

261 

473 

-1 

413 

375 

-3 

3®0 

5B2 

-18 

1.4® 

155 

-4 

580 

7® 

-14 


MH*Ct 

MR 

Monweb 

Maria a Sparest 
MtandaEIecL 
Munson fiVnv) 
NPCt 

NaWsstMct- 
Nauona Power? 
Nad 

Norm West WMat 
Northern Sad. 
Nonlmra Fbodst 
Nonsab 


hnwGat 

Pntoontwf 

mzf 

n sea 

FlarU Ory-t 

Pecfcnt iCotment 

n^rt.1 . l 

I | 

Rod Wi t 
Ftamokrt 
Hancraf 
Wsttoywt 
Ryt 6*, Scodaraft 
Royal toaurancoT 

Idrcdn 
Sooabft • Herat 
Sera Hytto-BacL 
Scooui Powart 
Ecaist 


7M 

i37<a 

♦>2 

1®0 

191 

-1 

l®0 

435 

♦3 

3/300 

143 


1®0 

847 

-19 

3 MO 

407 

-ah 

427 

BOB 

-10 

1®0 

143 


1®0 

1® 

-a 

8.8® 

5® 

-7 

BjQOO 

478 

-17 

107 

281 *2 

-a>t 

346 

550 

-13 

217 

8® 

*8 

2.100 

saoh 

179 

m 

-13 

1®0 

017 

+2 

838 

857 

-11 

2/300 

133 

-Ih 

5.9® 

571 

-7 

2.4® 

311 

-8 

185 

985 

-2 

2M0 

BBO 


on 

248 

-1 

2.4® 

415 

+2 

321 

568 

-7 

972 

526 

-4 

1®0 

784 

-1 

454 

Z2h 

-a»j 

3.1® 

483 

-4 

1.4® 

182 

-4 

S ®0 

421 

-IS 

2J300 

274 

-7 

2®0 

444 

-5 

498 

1533 

-7 

1®0 

G17 

-2 

111 

382 

-O 


The sharp rise in US producer 
prices brou^it widespread 
selling In the London 
derivatives markets yesterday 
afternoon. The September 
contract on the Footsie 
collapsed to show a discount 
of around 15 points to the 
cash market for much of the 
afternoon - fair value premium 


Is worth about three points at 
present And little recovery had 
been seen by the close when it 
stood at 3,125. Heavy 
arbitrage business was 
reported. Of the 22,149 
Footsie contracts traded, 
around 600 represented 
roll-overs into the December 
contract 


■ FT-SE 100 INDEX FUTURES (UFFEJ C2S per ful Max point 


(AFT) 


Open 

Sett price 

Chaise 

H^i 

LOW 1 

Eat. vol 

Open Int 

Sep 

31864) 

3126.0 

-53.0 

3195.0 

3121.0 

22149 

32868 

Dec 

3201.0 

3138.0 

-53J 

3207.5 

3135.0 

8192 

27486 

Mar 

3233.0 

3187J) 

-53.0 

3233.0 

3233.0 

100 

475 

■ FT-SE MID 2SO INDEX FUTURES flJFFE) CIO per fi* Index point 



Sep 

3784 i) 

3737 J0 

-28.0 

3784.0 

3742.0 

228 

3522 

Dec 

3781.0 

3757.0 

•31.0 

37860 

3763.0 

238 

1284 

■ FT-SE MID 2S0 INDEX FUTURES (OMLX) £10 per hit Index point 



Sep 

- 

3742.0 

- 

- 

- 

- 

63B 


flwamTnntt 
8ti8 Transport! 
Sabat 
Sto'jtfi Ests 
9mtit(W.HL) 

Sirtlft A Mphasit 
BaH Beechnut 
8mW Beectnm Ute-t 
s«n»s mm. 
Souftsm BscLt 
ScuftWUaaBect 
South Waat Writer 
South WaaL Bbcl 
S oufttm Wftr 
SandM ciMit 
fimtoun 
8uiA6ontet 
TUI 

aaoupt 
TSBt 
Tsrrnac 
T»aS Lyte 

Taylor Woodrow 

Tweet 

lhamssWMsit 
Thom get 
TorSdrvst 
TraWgar Mouse 


Unied Btecutet 
UKL Mwn popa re 
VtxUdonot 

vtatssnusot 

Watamet 


W*tan» Hdga.t 
WBa Corroon 


Yoftatsre wnt 
Zanacst 


388 -S 

iirb -2'j 
171 »2 

440 -4 

561 -8b 

743 -11 

565 -14 

230 -6 

480 <6 

152jl -1 

*21 lj -13*2 
384 -I] 

447 -a 


I open Moran Igosa «s tor provkxn day. t Eact vokma ahoinv 


■ FT-SE 100 INDEX OPTION (Uffg [-3134) £10 per fU Index potoi 

2BSO 3000 3050 3100 3150 3200 3250 3300 

CPCPCPCPCPCPCPCP 
Sip 1W 2*2 134 5 Mb 9 «b 19b 19 43b 5 824 1 131 1 181 

Oct 190 17 Mi 25 112 38b Ub 57 54 81 33b 111 20 1 } 191 

Nor 211 30 m *1 135^5312 107 7<b 78 97b 58 127b 40 160b 26b 198 >2 

Dec 22912 44 IBJb 58b 158b 73b 130b 94 191 IIS 79b 143 57*2 172b 42fa 208*2 

jBdf 283 104 225 144 173 193*2 129 250*2 

OH 4364 Mi I3/S7 

■ EUBO STYLE FT-SE 100 INDEX OPTION (LUTE] E10 per M hflw poOll 

2976 3025 3075 3125 3175 3225 3279 3325 

Sap 133*2 3 107 8 


Oct 

170 22 131b 33 97 

48 87l 2 68 44b 

95 Z7 127 ISb IG5b 

8 207b 

Ncv 

1» 49 

93 85 

« 139 

21b 211 

Ok 

I72i 2 Bflia 

11112 97b 

»b 150 

35b 219 

Mart 

225*2 A7*2 

165b 125 

118 174 

81 234b 


t Luo need opty rwrtfis. 

■ EUfK»STY1£iT-3E»aD250M3EXOPTWW(OMLX}C10pa-ftjfl(ndwpocnl 

3500 3590 3600 3560 3700 3750 3800 3090 

Sap 61*2 19*2 33*s 41*2 15 U 73*2 

Cats a Ms 0 SeSenwn prta rt sotaws am takas it OOpei. 


FT-SE-A INDICES - LEADERS & LAGGARDS 


22S*7 -3h 

90 -1 


201 -l£ 


Percencoge ctnngos 

08 Dp fc Mlnu 5 Prad — 
PiWtoft PR*r * Pop — 
Engtaaftwa. liwurifi 


Retaiara Pom . 
EupMotog — 


1 0 waff Mnaflaa ftft 8ftapi pa SUL robs a ft ft «ft 4J0pa. TObm 
■l Itaflcfta ■( R-St W0 Mv condftesL 


FT-SE &o4bp as IT . 

FT-SE SraOOv 

Lftras&Hftdt 


FT-SE t8d 2S0 sir. 
FT-SE HM SO 


s since Decambft 31 1to3 besed on Friday September 9 1994 

— *42.72 FT SMS Utors tods -1.78 FT-SE 100 -8.17 

— +12J3 Ssb Mntacanta — -218 vm -872 

_ *193 F(|« MwttKUm -106 UBK -888 

— +835 He® Can -401 Mtieg 8 toa&ucSw — -10.14 

— +841 MKflBKW* -408 Ofttaukra -1859 

+833 tonsbwrt Tnata -4.63 UiAssmca -1053 

_ *551 Bwftftd l -503 Transport -11 10 

_ *5S Smcn -556 Batatas UmtaS -1120 

+4.43 SLpport Sendees -857 RMn. Ceoad -1108 

__ +298 FT-SW -813 HouattM Cooes -1147 

.— +234 Bacnrtoa See Eppi -626 natation -1168 

_ +184 [extan 8 Apparel -C29 Rnarefch -1507 

_ *152 nrcatM tacaddata -848 Tila co n i— keaPorg -1524 

*851 Fl-SE-A 350 -888 Property -1874 

— -898 Sort!, Woes 8 Oden -871 Badta -1875 

— -101 Gomner 60001 -685 bnaaso -17.79 

— -1.46 MHdtadBnks -7JJ0 lateen -2199 


| FT - SE Actuaries Share Indices 













J 

‘he UK Series | 



Daft 




rest 

Or. 

Eara 

P* 

XdatL Total 



— 1994 

__ 

Stan CaopbdM — 


S*P 9 

dBA 

Sep 8 

Sap? 

S*P S 


»MK 


rate 

re 

natun 

Hfa 


Low 


High 


Lite 

FT-SE IN 

31 7U 

-U 

31800 

32019 

3206.4 

30370 

4.03 

085 

17.27 

9023 

1183.15 

35203 

m 

28788 

24* 

33203 

20*4 

9809 23/7*4 

FT-SE M4 260 

37360 

-17 

37819 

3778.1 

37814 

34703 

132 

5.63 

2130 

8103 

138731 

<1508 

372 

33834 

27* 

4152* 

3/2/94 

13704 21/1/38 

FT-SE Nd 258 ex In Tnota 

37393 

-tt7 

37604 

-3784.7 

37806 

34907 

348 

009 

1082 

91.77 

138438 

41607 

19/1 

33824 

27* 

41607 

1971*4 

13703 2trt*B 

FT-SE-A 3H) 

15812 

-1.1 

16075 

18106 

16105 

15238 

3J6 

&E0 

ISO? 

4388 

122534 

17713 

272 

MB13 

24* 

17703 

2/2*4 

6845 74/1*6 

FT-SE SaaBCap 

190438 

-02 

190725 

191085 

191108 

178629 

198 

4.13 

3139 

3821 

147238 

2034JB 

4/2 

177051 

877 

2DS4S8 

4/2*4 

138373 31/12*2 

FT-SE SaaBQ* « In Tunis 

187099 

-0.1 

187298 

187004 

187021 

1*7.41 

115 

456 

2064 

3014 

1450 66 

288072 

4/2 

I7S2JB 

1277 

20BO7Z 

4/2*4 

118X79 31712*2 

FT-SErA AU--5HME 

157B.H8 

-1.1 

199807 

1606JB 

160756 

15109 

3J8 

038 

1084 

42.74 

123022 

1784.11 

272 

144585 

24* 

1754.11 

2C*4 

81® 13712/74 

■ FT-SE Actuaries AH-Share 


















□art 



1 

/ear Ml Earn. PTE Xd acl 

Total - 


- 1994 


- ■ ■ 

State C— pHEte - 


Sap 9 dio 

BK Sep B Sep 7 Sep 8 

ago ym ytiK aS)o yU RBun 

High 


Low 


Ute 


10 MMEML EXTBACTHWOS) Z 

12 Enscttva MuatrtM(4) 41 

15 01 taMorawlC*) Z 

IS 09 EyUnOon S 7W|11) II 

20 GEM MMUMCTUSSSW 11 

21 BuUdfcig 8 Coratnidtonfjg 11 

22 Buftang Malta 8 MercnapU 1! 

23 chemcaKCb * 

24 Dwraftfd (noustriataig II 

25 Sector*: 8 Sect ByutpCSS) 1! 

26 EnBfneetno[7D| II 

27 aewwtno. VWdenfa Z 

28 PitaUno. 8 2S 

29 ToMM 8 Awarripq 1] 

30 coneaa awoKOT] a 

31 Bra*rertas(l7J Z 

32 Sptota, Wn C CMerefia 3 

33 rood Manulactmn(23) Z 

34 HaoMtnH Goo «m*5 Z‘ 

35 health Carol. 1 1| 1( 

37 Rarmanuncab(l2] 3* 

38 To&acconi a 

40 sanKB(zi9 *< 

41 MsMMondlj z 

42 Utotn 8 Ha(ris(24) T 

43 MedaCm 2 

44 RoWm. Fooddfl) 11 

45 Re&aera Gorwok+a 11 

48 Swart Sen*t»s(40) 1i 

49 TniawVIQ Z 

Si Ofta Savtoea 5 6udnesst8l K 

eo umiTKstaa) z* 

02 Becouiyun 21 

64 G3S BMjUsiflonra IS 

66 TeteomnM*caiiacH) 21 

66 Wdm*3* 11 

68 ■O frH WMggUgl » 

70 FWARC1AL5(104) Z 

71 8S*S(10) ® 

73 lnswncB(l7) *■ 

74 me AsartnCBM » 

75 Merchant Banks® s 

77 OCher a 

79 Pwp«tyt*i1 Jf 

M HWSTHBiT 1H0S13(123> M 

89 n-SE-A AU.-SHARE{8Bt8 V. 

■ Hourly movements 


2779.16 -87 279801 779857 277350 2273.80 3.24 438 2833 54.71 110735 280281 

404883 404844 4028® 387X61 330050 3.15 4-97 75.20 504 110455 410755 

272457 -1.0 Z7S156 2759.70 273357 218&90 138 552 22.56 5899 1109.47 2762-48 

19B7J3 +05 1977.14 1S44J8 184801 18B7JO 1® f t 2DJ4 1139.75 208843 


— 1JD 1987 46 2D30.02 203794 183800 

-02 1177.32 119432 1207.70 115850 

-10 195853 199502 2018® 1828® 

+81 2459.78 247141 248291 2222® 

-1.7 10815 2017® 203864 135810 

-0-7 186855 199363 199362 2123® 

-lit 1891.47 189860 190887 1671® 

-0.4 2349® 2359® 2397® 1956® 

-1.6 2977.45 295828 293068 2459.70 

-08 171876 172828 172821 1M830 

-07 2621.10 2B2507 283034 2795® 

-03 231334 231823 232840 2110® 

-13 2913® 292891 296137 2871 JO 

-05 2398® 233537 239231 2340® 

-08 2497.74 25(0.12 20829 2465.10 

-02 169835 1703® 1712® 1788® 

-87 3108® 309871 311253 307830 

♦02 3832^7 3657.64 3886® 3911® 

-15 198874 199731 2000® 193870 

-13 2874® 2883.49 270428 2901® 

2117.48 2121.11 2104® 1968® 

-85 232837 2931® 233861 253840 

-89 183558 1844® 1651® 189840 

-18 188875 170816 171251 1688® 

-84 158457 1594® 1801® 1655® 

-U 23S1® 236883 235821 2284.10 

-08 132123 1328® 132827 1301® 

-1.6 2484.18 2500® 2495.18 2309.® 

-IS 282054 204885 2844.07 1981.70 

-IS 1972.92 1955® 1933® 2185.10 

-IS 2070.43 2098® 2081® 208170 

-IS 1837.57 1954® 1887® 1894® 

-IS 1723® 1735.07 1736® 1629® 

-1.6 2256.81 2Z71J7 2289® 2188® 

-10 2939.44 2984® 2338® 2637® 

-IS 128154 1287® 1Z72® 146810 

—I® 2464J7 2488® 2527® 2628® 

-09 318818 3187® 3188® 3079 .60 

-01 280810 2019® 2017.47 1784® 

-09 ISjffjO 1522.16 1541® 1607 JO 

-4U 290T.IZ 2908® 290816 2570® 

-1.1 1S9807 1606® 1607® 1511® 


186 4® 2817 92® 1003® 2232® 
3® 4.53 2849 2147 911® 156810 
1® 447 27® 4851 90834 7®322 

177 4.15 »® 7257 109887 259842 
4® 891 2441 64.96 964® 221137 
179 6® 1870 55® 904® 2261® 
1*35 4.77 24® 39® 1066.62 2011.17 
443 849 57® 54® 1124® 2518® 
292 547 23® 54® 1146® 304541 
194 844 1803 40,49 958® 2024® 

4S5 7® 18® 8337 960.14 ®<878 
4.10 7.41 16® 6823 1032.78 246432 
1 88 a 70 >7® 8932 Ml® 322543 
4® 7® IS® 71.03 1000® 260044 
163 7.® 16® 5240 88148 2894.14 
295 118 44.14 3546 979® 1B0813 
431 897 18® 7045 98747 32041 
5® 844 113721747 83041 4718® 
112 649 1879 4241 98842 2271® 

143 873 17® 6243 91163 3319® 

127 4.57 25® 4833 104173 236942 

138 817 2149 60® 100963 334811 

153 867 14® 45.10 1085® 1314® 

114 645 19.25 3545 867® 181 087 

162 548 19.73 2812 951® 188843 

161 5l22 2129 4232 00543 2805® 

1® 112 BttflOt 21.46 11234* 1369® 

431 7.69 1543 73.42 941® 

157 9® 1147 8146 108890 

813 t t 6878 69104 

4® 7.72 1877 5022 669.13 

811 1148 173 69® 95837 


4® 853 
4.18 941 
812 9.74 
814 7® 
139 10.45 
154 7JJ 
4.04 815 


1157 8807 
112311444 
11.74 4855 
1838 8834 
11.15 7842 
1816 46® 
3023 39® 


110 1.61 58® 4884 9702+ 318431 

179 838 1864 4174 12382Z 1784.11 


5A 2439® 
312 3658® 
99 2348® 
27M 1764® 

7TI 1865® 
V2 113642 
24/1 119810 
8ffi 228342 
2A 1952® 
472 183848 
SZ 1735® 
678 20 9 834 
ISA 2621.19 
472 1810® 

24/1 2454® 
Ifi/T 2871477 
24/1 783848 
1971 2098® 
1872 234234 
19/1 157117 
2B7B 2641® 
771 312074 

190 1854.19 
272 2607® 
1772 1994.18 
17/2 2B3SL11 
19/1 1511® 
VI 18181# 
272 147820 
372 2184® 
1072 113882 
272 210892 
30'S 2804.12 
7/t 1884® 
272 1884® 
372 1S88J1 
272 1881® 
472 '203434 
472 261 5J7 
24/1 115182 
19/1 218081 
272 2E38GS 
472 1782® 
4(2 1468® 
272 2018® 
272 1448® 


3173 2502® 579794 998® 1972/99 

1277 4107® 2726)4 1000® 31/127® 

30/3 278148 99/94 981® 20727® 
3173 3844.18 0/8/30 6MJ0 28/77® 

24/8 2231® 2/2A4 98810 14/1/BG 

297B 2125® 1V7757 538® 979792 
21/6 2393® 24/1794 954® 9797B2 

28/6 25S842 am* 979 M 1VI/88 
2478 2231 J7 2/2/94 964® 21/1® 
6/7 2203® 472794 968® 29/9/88 

2476 2011.17 272/94 962® 10/11787 

2876 2518® 87BA4 995® 14H® 

4/1 30(181 1873794 973® 14/1/98 
8/7 232100 2/10787 968® 24/9790 

2478 3060® 22/12792 967® 14/1/86 
2VS 348452 1971794 982® 14/17® 

2476 3467® 11/5792 ®7® UHM 
24* 280864 19/1794 94810 14/U® 
2770 289414 18/2/94 927.10 217 1/96 

577 2847® 28/9*7 972® 21/1/86 
175 4168® 14/1/22 85170 1371/86 
24* 4738® 29/12/33 982® 971*8 

27* 2267.77 19/1*4 944® 2371*5 
877 3319® 2/2*4 968® 21/1*6 

677 239882 17/2*4 975® 21/1*8 
27/6 334811 17/2794 978® 971*6 

25/4 2238® 28/1/93 917® 21/1*8 

27* 193424 2W12793 87810 97127® 
28* 180843 2/2*4 938® 1/2*1 

24* 280898 3*794 960® 14/1*6 

21/4 245830 167*7 98110 1V1/86 
24* 278133 2/2*4 802® 3/10/36 

24* Z7S4J4 3078794 885® 7/1*1 

24* 237830 16/12/93 99U0 9712*8 

1* 2481® 23/12/93 602® 3/107® 
27* 2126® 372794 92470 1*790 

24* 187838 272*4 61® 1 VI 2/74 

24* 2737.13 472794 97120 23/1/B6 

m 3801® 472794 950® 73/1/88 

24* 182420 29712*8 B70B0 2578*2 
1* 2921.37 1971*4 967® 23/1*6 

1/7 37BU9 272794 982® 27/1*6 
477 2Z793S 4/2*4 36830 1/10790 

27* 213140 MIB9 118® 1679*2 


27* 318431 272794 
24* 176411 272794 


718® 1679*2 
977® 1471/88 
61® 13/12/74 


lt cc UK) JIOO.J oirrfcB *»■" 

FT-'^E MU 250 37610 37613 3757 

160M I*** 16 « 

TTmo u> FT-5E 1W» H*r **"■ *- 11 P m 

■ FT-SE Actuaries 350 Industry baskets 

m Open MO IOjOO 


Open 

3183.3 

aoo 

31708 

looo 

3177.7 

11.4W 

31875 

12X90 

3193.0 

13X0 

318*5 

14X0 

3163-9 

UXO 

3146.7 

16.10 

31341 

3782X1 

3761.5 

37585 

3760.1 

37B20 

3798.8 

3762.8 

3745.7 

3736.0 

1608X9 

16003 

1606.4 

16102 

1812.7 

1609.8 

1602* 

1583.1 

15875 


Wflft/dftf 

3193.3 

37613 

1612* 


Low/rtay 

3134.0 

3735* 

15871 


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Rtarmacautida 

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FT-SF SmaOCap 
H-SE SmUCap « m Tns 
FT-SE M* 250 


2974-1 29747 29702 2971.6 S9S 4.1 2977^ 29 

Saw bm Qua 

date value Equfty or btoip date toflte BggmgMon or i 

31/12792 1000.00 FT-SE Md ISO K tar Trust 31/12785 141160 Water 

31/12/92 136079 FT-S&A350 31/12*5 68194 Mon-Rnancrfs 

31/12782 1363.70 FT-SE 100 31/12*3 1DOOOC FT-SE-A /W-Shai a 

31/12/85 1412.60 Electricity 31/1 2/W 1000® <M Other 


date yriat Eocfty section or i 
29/12/89 1000.00 UK &K& macas 
10/4*2 100.00 Indsc-Urfud 
1074/63 100® Debs and Loans 
31/12/86 100000 


<7£ +4L1 

18 -210 

B.1 -36.0 

82 _ -6U7 

Base Base 
data totua 
31/12/75 10000 
30/4/82 100.00 
31/12/77 100. DO 


BP peak 
in heavy 
trade 


There was heavy activity in BP 
shares, which outperformed 
the market throughout the day 
to (ouch an all-time high of 
429p in mid-session, before set- 
tling 2 easier 418p as the mar- 
ket became increasingly 
excited about this Thursday's 
presentation to analysts. Turn- 
over reached K9m shares. 

Dealers were said to be 
expecting plenly of good news 
from BP on the exploration 
front, particularly regarding its 
recent drilling success fa Col- 
ombia, via the Cupiagua gas 
field discovery. 

And there are high hopes for 
more positive news from BP’s 
operations west of the Shet- 
lands, as well as from Vie tnam 
and Azerbaijan. Further details 
from the Ciusiana oil field fa 
Colombia are awaited. 

Helping the stock continue 
its recent good prop-ess yester- 
day was a suggestion that one 
of the UK market’s leading 
securities houses, said to be 
Smith New Court, had pub- 
lished a positive note on BP. 
Another story in the market 
was that BP may be consider- 
ing buying in some of its own 
shares, to mop up its growing 
cash flow, although analysts 
tended to disregard that the- 
ory. 

ft was also announced that 
US holdings fa BP have fallen 
to 20.65 per cent, or I.13bn 
shares, down from the 26 per 
cent-plus figure of early 1993. 
“The Americans have found a 
ready market for BP stock in 
the UK where underweight 
funds have had to pay up and. 
more to the point are still pay- 
ing up." said one oil analyst 

ICI stand out 

Chemicals leader ICI was 
one of the few London stocks 
to avoid the impact of yester- 
day's discouraging US statis- 
tics after receiving a push from 
a leading US securities house. 

Goldman Sachs had pub- 
lished a substantial research 
document regarding the global 
pick-up in bulk chemicals 
prices. The house cited - 
among others - ethylene 

Sovereign (Forex) Lid. 

24hr Foreign Exchange ' 

Margin tfoong rocRfry 
Coc n p Mi toa Pricte 
Darofy Fox Servic e 
let 071-931 9188 
Fmc 071-931 7114 

4b Budoaghan More Roari 

(sadon Start W ORE I 


You want to 
advertise in 
the 

Financial Times. 

For further 
information 
please contact 

Melanie Miles 

on 

+44 71 873 3308 

or 

Karl Loynton 

on 

+44 71 873 4780 


NEW HIGHS AND 
LOWS FOR 1994 

NEW MOHS Hft- 

BREWETOES (l)Mwsron TTromBson. SLDQ 
MAILS A MCKTS tfl Oraftn. John 
DCTRUHRORS p) ftronmar. Fobar Pisot, 

JacM mu. ELECTRIC A ELECT COUP PS 
NoUa Prf, Pttkfa Ftoonca iVpL ENOMEBIMQ 
B| Dornoch HMr. For m e,. Manganese Bronra. 
ENO, VEHICLES P) Baaron, UPF. 
EXTRACTIVE BIDS {4} QoQfea Cone. Ftanncn). 
Ptacor Pac, SoraJ Gwohx FOOD MANUF (1) 

OPL AfGcnaa. HOUSEHOLD GOODS |1) Royal 
DotAon. INVESTMENT TRUSTS (J) 3L Morgan 
Q Uffln Amor. North Advac Snft Co's. Oa Ln 
3013. ScuOrter Latin fmm. Socono Conwtitnaa. 
TomMaion iota, Araar. divestment 
COUP AMES ( 1) Maurths Fd. LEISURE S 
HOm* R BMBra Toys, ChyatU. MEDIA Of 
ML Butineoa Canara. Taytor (Maori on. 
EXPLORATION 8 PROO (1) OrDOnan Has 
Canada. OTHER SEHVS A BUSKS (1) tech 
Anow. PHARMACEUTICALS ffl Brtnh Btowch, 
RETAILERS, FOOD (1) Graggs. RETAILERS, 
GENERAL. (3) AmcBs. AuaOn Rood. OUver, 
SUPPORT SERVS HbiW WMng. MmE. 
Real Tima ConML TEXTILES S APPAREL (Q 
Horaca Smal AOparN. WmuiL TRANSPORT 
OH7 But. NIL ErtTOBL P S O Sfcpc Rtl Han 
-Cum PM. Sagacoach. WATER (1) South Srolla 
Water. CANADIANS (1) toco. 

SEW LOWS (91). 

atTS a OTHER FIXED IN TE R EST « 
BREWER08 (1) Mar 8TA. DSTmBtfTORS 
(3) Conte . Pentagon. Party. HVERffiED 
MDLS (7) BTR Do Wtanrsa. Do. Wnroraa 199«/ 
BS, Do. Wonans 19SSI98 Oa Wonno 1997. 
BIW Hytax. Buwr Wtarante. EHQINEOIIMO (* 

HB & SmnJi. (hating, ffiOntrda. EXTRACTIVE 
Bios cq ftMtea P«+fc An: Er*i 
HOUSEHOLD GOODS n CtertMl Pamv -A'. 
CfOUftton Nartaaly. Vyraaa. Wylttid. 
INVeSIMDIT TRUSTS (1* MEDIA (O SatecTV. 
PRTNO, PAPER A PACKS (1) BnL Thornton. 
PROPBmr f* Boson. Brit Land Gpe Cw Bd. 
Engtoh a Oranoaa Props, FlalEiar King. Slough 
Earn Pit Souftand Prop. RETAILERS, POOD (1) 
BraSo Broo. RETAILERS, QOSRAL 0 Aaprey. 

Psrtrtdga Flna Arta. SUPPORT 8ERVS P) Courts 
Conatteng. MR Dflto ManagemonL TRANSPORT 
Of NFC tor Vtg. AMOBCANB « Amvtoan T. 4 
T, canroti Hom. CANADIANS p) CMtei toda. 


which rose from 18.3 cents per 
pound in June to a prospective 
25L5 cents for September. 

The US investment bank’s 
chemica ls analyst highlighted 
ICI as the main UK beneficiary 
of a price rise. The company 
generates around half of its 
profits from bulk chemicals 
and has also underperformed 
against the broader market 
recently. 

Helped also by some take- 
over talk, ICI shares rose 20 at 
one point but fell back with 
the market to close 7'/» stron- 
ger at 828p. Turnover hit 3.8m 
shares, a high figure fa com- 
parison with recent trading 
sessions. 

BTR continued to head up 
the market’s list of active 
stocks with turnover topping 
24m shares as the stock price 
responded to a big two way 
pull after Thursday's dismal 
interim figures. 

A burst of buying early in 
the session drove the shares up 
to the day’s high of 342p 
around midday, with fund 


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managers at some of the big 
income funds taking a hard 
look at what could well be sub- 
stantial returns in the stock on 
a fifteen-month view. It was 
pointed out that over that 
period the company, which 
nows yields around 5 per cent, 
would produce three dividends 
in two sets of results. “At the 
end of the day, BTR remains a 
quality company," said one 
analyst. 

The subsequent steep fall in 
the market left the shares 9 
lower at 329p at the close. The 
warrants also attracted 
renewed selling, the 93/4s dos- 
ing 8'. t off at 36‘/>p. 

Cookson, whose excellent 
figures were overlooked in the 
aftermath of the BTR debacle 
on Thursday, jumped 5 more to 
264p. 

Pharmaceuticals group 
Fisons shed 3 to lSlp ahead of 
interim figures on Tuesday 
which are expected to produce 
profits of around £35m down 
from £42.3m a year ago. Reor- 
ganisation costs and a low pol- 
len season in Japan - which cut 
demand for hay fever drugs - 
are expected to hit pharmaceu- 
ticals profits while continuing 
losses are expected fa scientific 
instruments. 

Continued bid speculation 
helped pharmaceuticals groups 
Wellcome and Zeneca resist 
the market pressure. The for- 
mer held its ground at 696p 
while the latter slipped only 3 
to 835p. 

Tobacco to insurance con- 
glomerate BAT Industries held 
firm as UBS reiterated a buy 
recommendation and Smith 
New Court confirmed its bull- 
ish stance with some rivals 
suggesting it had upgraded to 
a buy from a hold. The shares 
were up 14 at best and ended 
the day one better at 434p. 

Ulster Television added 15 at 
685p after producing encourag- 
ing figures. The television 
group announced a 24.5 per 
cent hike in interim profits to 
£2.4m. 

A sharp increase fa profits 
from market research group 
Taylor Nelson saw the shares 
improve 2'/* to 38%p. 

A follow-through from disap- 
pointing car registration fig- 
ures in the UK saw Inchcape 
fall 9 to 436p. 

Costain shares dipped 3 to 
24V*p after the dismal figures 
and the projected sale of its US 
coal mining interests which 
analysts said could fetch 


Abj 3 «o 


FT-SE ICO Index 

Closing index lor Sept 9 3139.3 

Change over week -83.4 

Sepi 6 31S0.0 

Sept 7 3203.9 

Sept 6 3205.4 

Sept 5 3241.5 

High* 3253.4 

Low* 3134.0 

■mira-ojy ugh and low f-v 


■ CHIEF PRICE CHANCES 
YESTERDAY 


200 - DO 


London (Pence) 

Rises 

CPL Aromas 185 ► 10 

Haggas (J) SS +■ 4 

Scantronic 34+6 

Sleepy Kids 55+6 

Tadpole Tech 400 + 15 

Taylor Nelson 38'.-+ 2*.- 

Ulster TV GS5 ♦ 1 5 

VSEL 963 + 28 

Waheboume 88+8 

Falls 

Asprey 200 - 1)0 

BTR 329 - 9 

Booth Inds 66-9 

Coslain - 3 

Kingfisher 488 - 16 

Perry 175 - 23 

Porvair 315 - 17 

Royal Bk Scot 421 - 15 

Time Products 228 - 15 

World o( Leather 90-4 

between £l50m and £lS0m. 

Bank shares were badly 
affected by worries that UK 
interest rates may soon be on 
the way up. Lloyds were given 
the roughest ride in the mar- 
ket. the shares sliding 18 to 
$52p. 

Royal Bank of Scotland lost 
15 to 421p on big turnover of 
5.3m with sentiment affected 
by news that Mr Peter Woods, 
the head of Royal’s hugely suc- 
cessful Direct Line insurance 
subsidiary, had sold more than 
600,000 shares. 

Willis Corroon came in for 
strong institutional support 
after a recent bout of selling 
pressure, the stock price mov- 
ing up 2 to l55‘/*p on turnover 
of 10m. 

Jeweller Asprey plunged to 
178p after warning that group 
results for the half year to Sep- 
tember 30 would be signifi- 
cantly below current market 
expectations and those for the 
corresponding period last year. 
The shares recovered slightlyta 
close llOp lower at 200p. 

A cautious annual statement 
from Dixons prompted concern 
over forthcoming figures from 
Woolworths parent Kingfisher. 
The market had anticipated a 
pre-tax figure between £90m 
and £95m but the Dixons state- 
ment coupled with the Asprey 
profits warning had prompted 
some analysts to err on the 
downside. The shares fell 16 to 
488p. 

Auctioneer Christie’s Inter- 
national fell 4 to 175p after dis- 
appointing results tbat 
included a static interim divi- 
dend. 


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Ijondon stock exchange 



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FINANCIAL TIMES WEEKEND 


SEPTEMBER 10/SEPTEMBER 1 1 »»* 


WORLD STOCK MARKETS 


man Urn YM P/E 


»/- Won Uw YM HB 


♦ /- Woa IwHd M 


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WORTH AMERICA 


MTGD STATES (Sep 9 / USS} 

Ppnfl 



Dram 11% 

Dresar 20%ri 
DtMPW 37 
□uiBrd 5S 
Ouftml 68 

gj « ^14 

+% 17% IZA« 34 720 LSS, 

ft ft gS «W.* S3& 5V«; 

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MS 3 0 ._ Nasnua 3M 

40% 3.1 DM mn» 531)0 

47 ia 195 maw »% 

35% 24 b £5 1B.4 NDntQ ITS 

65% 58% 14 182 KMHM 18% 

31% 31% T.B -. IWSarrt 17% 

34% 27< 3.4 233 WStt» SG% 

19% 12V 1.3 23J NanUBk 47% 

37% 23% 7.7 84 Nantf 19% 

18% 10% 4.4 14 B NSO Bn M 

87% 66% 45 145 NettMS S% 

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. -% 37% 24% 1.7 24,4 Nmnnffl 44% 

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16 4.5 575 Trim 

-% 37% 25% 1.6 9.1 Total 
-$ 55% 42% 04 14.7 Tin 
-% 38% 3? _ 1«J mi 


-% 4 7 ^ 31% 2.B 23.8 TTOWtr 


45 V I I 469 Mini W*ji 


7% 


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75% 24 11.8 MagM 12% 

20% 1J ... Wear 2+% 


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_ 30% 24% £5 BJ nrnhM 
-S 57% 44% 3.4 110 Ttamrk 
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19% 13% ZB ... TjUVa 
15% .. 129 mown 
2*S 4.1 17.1 Tmaw 
3BS 39 __ Tra* 
12% ™ 19 7IMM 
27% 4.0 12.1 TltCOn 

as .._ ... TVma 
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31 7.4 10.7 Titan 
19% 114 94 ncoL 




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3 a Sin -7 

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— 4> 30% 31% 24 _ 


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5.0 12.4 SS* 

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53 »% 56% 47% Ml 24.4 S'*, 

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36% .% 44% 33% 23 133 S?55 

-IS II2« 92% SSI 


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27% 18% 2.1 a>5 Nonas! 
. 30 Z3% 4 4 2U NOWNfl 

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810 782 14 U* 401 

-6.158 10*0 — — IW* J74 
—3 744 *20 — — «dar 1430 
♦10 2570 1.730 „ Waco* 1,170 
-12 684 82B _ _ YmahaC 1.130 
+10 1.770 1.490 a8 _ YmataM M 

+11 446 284 YomSac K2 

+2 77B «5 ft7 .... VMndd 1410 

+2 501 383 YIMM 1490 

-6 686 *78 ... _. YaaffOD i.vao 

+20 £120 1.818 _ _ YrnTraa 1490 

+5 480 266 YnuSok 1/88 

+a B*e 690 _ _. Vtnhan 1,1*0 

-S TIB 431 — — YMAp SIS 

-30 1440 822 0.6 ... VlBV 784 
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1 14*0 — — 

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-11 336 102 .„ 

*S 698 351 94 
-15 616 910 54 
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-20 £186 1495 £6 
._ 1.435 960 14 
-8 730 3S3 74 
— £401 1,300 14 B 
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-10 3480 2460 1.0 


10 08 


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-1430l!l2a .. 

+10 564 350 1.1 _ 

+2 889 7Z7 04 6T.fi 
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£670 


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II siraffll (Sep 9/ Kroner) 


•SSL 

KMden 




B==« 

8!5 


04 - 
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67 +140 93 

6560 +40 95.75 
570 —5 660 

679 -3 889 

183 -1 107 

181 -1 10* 

9£5o -i loam ram as 

93 -140 104S0 78 9.7 


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'» 3fc85V«» 


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1.121 

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2* 12% 4.4 124 

29% 21% 1.4 2X3 fecap 
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44 18.4 


10b ... 34 RoyOdk 
30% 1.4 174 SO.WIA 


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ft =40 

3% 44 3.1 

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232 -flSSJH) 227 14 
464-1029 BBS 482 34 
3408 -60 3.750 £787 £B 

-10 767 561 £7 
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— 1.166 SOI 4.1 
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- -.AO 21 320 15830 ... 
£110 -21 £200 T711 £0 

17010 -14Q 29613280 4 A 
1/65 *5 1470 1476 £6 

„42a ^ 455 348 £1 

29180 -040 30090 201 £1 
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*53-20 -10.60 BSB 415 34 
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8.010 +140 0160 5.000 06 


771 -24 1402 


787 ^+OT 830 816 


440 — 140 478 
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23% 14 2£« 

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-60 1100 1464 24 
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-44 £395 1.286 44 
-24 2,010 1,098 
-«S £820 1J830 4.1 
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-28 £564 1468 — 
-120 7. 330 4.071 1.8 
-00 4420 £118 £7 
-20 7.3S0 1678 X* 
-180 17*80 UUflO 6.8 
-24 1485 1436 £2 
-69) 4gJH> 37220 09 
-30 4l®5 £075 __ 
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+10914490X170 __ 



282 1.7 
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93 £9 
80 07 
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88 3840 £8 
311 137 34 

178 £0 
135 10 
132 34 
17 £0 
14 14 
108 14 
102 £9 
99 £8 
123 ... 

128 12 

143 9940 14 
142 030 14 
73 3940 — 
~ 740 1.7 
132 £2 

35' '■* 

350 T J 
86 £2 
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122 8X90 £2 

128 78 8 3 

ISO 106 54 
175 108 64 


£7 r. 


1940 -20 2040 IS. 
Ill — -09 lOO 


1.14- 

1.100 





fi z 


£95 +08 8.86 

020 „ 11.12 

iai S -via aio 

8.46 .-. 11.00 

345 -.IS 182 240 24 — 

343 +41 6.72 176 54 — 

4.7S +.06 4-79 £60 £4 _ 

144 — ,01 246 1.72 44 84 

20.12 -.12 2046 18 1.1 31/ 

2.67 -v21 £66 £89 4.0 7.1 

129 -ulO *42 122 94 — 

T.18 ... 1.36 ac* +. ... 

14-22 +42 16.06 1240 44 354 

1,00 -S 1.10 004 06 _ 

34M -j 07 rura xm 9.1 iao 

*40 -43 6/8 4.4$ £8 184 

— . .. 248 34 Z 

+42 £40 240 2.4 — 

-.06 1240 7.90 £1 _. 

+43 3.70 442 *4 .~ 

1.1 — 

^ 5.7 ^ 

-78 04 _ 

043 64 — 

449 -48 842 *33 54 2X4 

1J» 2J. 142 140 £8 ._ 

am +42 I/O 048 1.1 

-44 3/S 2/4 2-7 ~ 
348 +43 342 £30 __ — 

1.17 -41 1/7 048 5.1 _. 

248 + £80 243 09114 

242 +.04 IK £23 53 — 

m +01 1.7B 1.10 £2 £8 

£34 “ 249 24* 74 74 

140 „ £02 1.12 24 ... 

■ -42 242 145 



!! “46 114$ *?l 


... w - = _ 

-8 702 OH? 0.7 ._ SSnM 
_ 14*0 1.4E9 04 _ mSbm 3j 

18- " 


4.22 +02 *90 £03 ... __ 
175? "n18 HO* 1B.70 *8 324 
... X40 £49 5.1 _ 

-44 £39 248 1.7 744 


+48 10^4 740 *2 210 


— 8WRBUIID(Sflp9/Rl) 


.. „ £16 4/ ._ 

-48 1348 HUB *8 114 
+42 740 £29 14 ~ 
-,10 1045 £09 03 8.1 
*42 -48 am 344 34 


-30 £*30 2400 

itioo r — 


- .. 8J80 £8 
-510 156*6 £852 £0 
-130 6.4*0 4 071 £2 
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-430 njjjnwyro 14 

— £10? 3.610 14 




-165 6(390 44« £3 



US INDICES 


faputa] 

BiDire .731277) 


M 210114: 2(01908 2547040 16/2 17758/90 2DW 


AntraOi 

a 13)71+1^,1 i got 

- Mural - 1 Wi 

AiEtrb 

!>•« %am.ul I2£H 
PWO tnar>l2 1 91) 


IPCtfev 1979 


Kl 2762.16 273692 2881.17 8/2 


1957-33 3M 


3J.T16 

«ri:9 


28W1 

iHfcS 


21044 234060 X 
1030 7 113X10 3/2 


1957/0 27.« 
80*40 S/5 


4J2*J: -uaro *aun aboob ziz 
115AM 114117 114036 122225 1C 


39847 239 
101138 6.6 


EiCr? il l ■lit 

BTEfl 

ta+TBv3L't9a> 

Canada 

kvas uahti1?:$i 
C.+noourr* ,n^/ 
Pratf.® ill S'. 

CMb 

PGACcrir.il 1 ’801 

DOnmn 

iism*agenSf.HS3l 


145343 14W65 146230 1S*£6S « 


CBS TKmCenEnd 83) 
CBS AS Sir [End 83) 

fe* Zealand 

Cm 401U7.WI 
Norway 

Mo S£0nSX2n,t» 


439/ 

277.7 


44£5 

2796 


4422 

2794 


43*90 31/1 
28040 31/1 


*0030 21/6 
25790 21/8 


215X71 215848 216175 20064 31 2 


19*091 11/7 


1092.09 110X33 111443 1211.10 2Sf2 


98091 TUB 


Dow Jm 

Sap 

Sto 

1 

Sap 

6 

1884 

Ugh Low 

sww cwngtotan 
HW 1 LOW 

HUM 

390X48 

388X25 

389X70 

397X38 

(31/1) 

■KMJW 

14/*) 

367X38 

(31/1/3*) 

4132 

(2/7/33 

Hocw Bents 

97.96 

8138 

9X18 

19X81 

(21/11 

9X43 

113/5) 

10X77 

(16710793) 

5439 

(l/lOTI) 

Transport 

161X46 

1617.62 

162436 

15B29 

(2/2) 

16*632 

P8Y4) 

188X29 

(2 nm 

I2J32 

(8/7/32) 

URNS 

18117 

182-77 

18X69 

22731 

(3/1) 

17X71 

cm 

25X48 

(31)8/83) 

1030 

W402) 



+1 292 191 _. 
-3 714 388 14 
-6 713 507 14 
♦10 3488 2.173 1.4 
-0 14*9 1913 14 


US 


— IMMr 


“I . 

-1 747 

-11 070 

-14 843 

— 422 

-. £dqo i.seq is 

-30 1.700 1460 2 A 

— 2. 8 32 2.400 £7 

_. 9S3 *00 14 
_ 400 310 £1 
_. Wl 782 1.0 
-- 19014X60 14 

-20 031 700 1.7 

+20 1420 1.400 £2 
-12 1.437 1463 XI 
-140 175 123 _ 
-6 1,730 1/29 44 
-40 9.B40 £760 .. 
+1 263 133 64 
1440 1401 
_ wm 11.125 OX 
-140 7270 X160 04 
-10 £300 1480 £3 


— UbPM 

— MiTrfl 

— MWMra 1,__ 
871 
639 
346 

— MRFUd 1.180 

— lunar 770 

— UflMnS 410 

— MtOah 390 

— MUPot BSD 

— MHSWc 631 

— MRToa 410 

— mnw 1490 





OJ 

— — ttESP" £<g -JM 2J0 140 2.4 ~ 

— — NBHNM 342 +.12 *15 XOB 34 284 

— — PlEflWl *10 -.12 fitfllS *4B £2 — 

— — Pancon UM -46 £'S 148 — ... 

— — fera £M - 2.43 Ija „ _ 

— — gun X21 -v07 1*6 240 *7 1X4 

jig a ::e S 8 JSSilSa = 

’t'SS ffs — — (bsaa xan .07 *30 im 24 

Sil = = ssl a « ta» = 

t § SS r S 

ijlll 

» H = E fiP Ii SaSH}"":! 

’•““M -B» a = £S «« = 


4.30 -44 

^ -an a 


-50 22/ 148 14 

*3 sas ®35 .„ 
-11 070 642 _ 

-6 14m 1/60 24 
-6 1,100 IMS 14 
_ 631 352 4.2 

-40 290 177 44 

-8 BIG 6B4 _ 
-3 770 516 _ 

-3 868 735 

—6 1.303 1455 £7 
-4 832 6)0 £3 

-2 1,613 1/16 14 


— MmatM 838 +7 624 405 08 

— MoriS £380 +20 £700 2.000 ._ 

n Ef" ~ 

— Math 1.030 -10 1.170 


+20 I. 

+1 690 765 04 . 

-7 468 J7B — WMno 

-6 «3 J3) WUH5 

+10 930 678 — WltfTr 

+1 940 770 0.7 WXpac 

+3 448 31 fi _ 772 WOOOPt 

+00 1/00 B4B _ WNtUl 
-8 1.110 ^ __ ... 

+5^'™ 'll Z «WG«MQ(Sfip9/HKS) 

2400 1 



+40 154g ,846 15 .8.8 


„ _ 2X80 £1 *4.1 

+43 1X70 l£40 £2 _ 
+40 52 30.50 £6 _ 

31 

19.W 1640 33 1$3 
1040 io a« — 


- 


139X46 13/7 


DJ Ini Osy% Mgh 392X90 (332080 ) Low 367X48 (386068 ) (Th«oradcdl*) 


K) 5436X00 l,n 


380X90 3H 


ilk 413151 *06445 4131 jl X*9 
«H *35440 433907 460X90 IV1 
Ml .Wil aims 2(8269 tC 


329008 20/4 
393X90 2«5 
(05X17 20/7 


*ll 4871 0 4617.7 4071.10 8/9 


3801.20 *.'4 


3SS£i 3573C 357.46 41X79 2/2 


Mania Comp (2/1, BS) 
FOrtup* 

BTA 119771 

Stappon 

SE5 AD-rpUEC'-VTS) 

South Africa 

JSEGtfdfi»a^J 

JS£ WL paOTB) 

Sootfi Korea 

KcreaCni(i6d*.1faor 


2981.97 2987+83 2)4032 830X37 4/1 


250733 013 


47114 


29608 29423 29415 322680 1W2 


281280 20 IB 


RKlHMafeV 


571.76 57472 577.36 64131 4/1 


nancU 


557/3 

4X10 


2464J7T 

6617JJV 


247X0 

683X0 


LOW 388X22 P88104 ) (Ac&wte) 



47X99 

471 38 

48240 

on 

43832 

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48240 

CfiWfl 

400 

(1/6/32) 

55*38 

55461 

BMW 

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5I0JE 

(3 W) 

iga1«M 

(209*) 

302 

(21093 

4X11 

4X27 

4804 

P4/6I 

4109 

(4/P 

4808 

(28003) 

XU 

(1/10/74) 


AFRICA 


sauiH AFHCA {Sop fl / Rand) 


253*0 233480 7/0 
887X0 67974X1 15/5 


174080 14/2 
544000 Ifln 


HYSE Can*. 


96X82 23X76 26X11 


98*8 991.44 97££0 981/4 M 


35537 2f4 


Ama MM W 


IO Ccnprall3.i:«« 

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ser 30 uMiwi 

CAC 40O1.-I3X'! 

Cetmany 

EA:«3>n3:7i:xi 
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APCTO SE(31. liBOl 

feng bag 

PzK SenjfJl T.Wi 

bb 

BSE Sera 11973 

tadoeasla 

amojic-im 

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GEO OvcnMl'SSi 


1W38 16426 1-til J 197X00 4/2 


1601.10 XT 


Maw SE pm:V85) 


M 305.18 23027 36X31 31/1 


NASDAQ Qi? 


76930 


46632 

76470 


287.71 

(20) 

48788 

tax 


24X14 

(4/4) 

42237 


759.46 60X83 69X78 


291/3 a n 


ova 


max *46 

(2/994) (ZSMI4S9 

48739 2931 

C/2/94 <9/12/73 

86X83 54,87 

[1»3W (31/10/7ZJ 


13289 IJ3873 133137 158520 M 
19)033 1?33 40 196* 20 235X83 2'? 


126X35 *7 
lOE&ia vr 


s::ai aiaji 35127 its 

TX5A 3 335.4 2T5 5 246X50 25 

n*15 .'17137 :iSL® 2271.11 I&5 


7S7SI 27.9 
214030 27.6 
196X82 X/6 


SiiSi B4128 B4X14 110436 16/1 
I014&02 1015033 lO>S5b87 1220139 4>1 


80X67 25/5 


836044 -VS 


Kl 4W1 93 4530 J3 456X10 31/8 


345430 5/1 


£1236 5ES4 552.05 61X69 &1 


44072 12/7 


1K0.1Q 193U4 19*050 206X16 2071 


1BM.14 1/7 


tblf 

tea Cmm tj U973 
US Girer.e -4.1-411 


WX53 

10^0 


bests 

107X0 


65839 617.17 IQ^ 
106*0 131X00 109 


68X85 lOrt 
94400 Itt’l 


AOnuantnGcn (1/2/371 144090 1445.40 1441.1 160390 31/1 

Swth al md 

Swiss fill ku 01/1253) 125238 1263-39 1262.71 14ZL34 31/1 
SBC General 93820 94*13 944 03 103529 31/1 

Tain 

waqasproaxw 609123 gsobsb 8035.93 70*032 za/t 

ThaSand 

BengKsh SET (XH/7& 1S0X8S 152X58 IS3U1 17S3J3 Vt 

Tutor 

Wanw duty* 1988) 2451&3 2*200^ 243475 2888180 13/1 
WORLD 

MS C**3 IM ■ 1/1/70)8 6345" S36S 637 6 64400 2fl 

CnXMORDR 

Eurabaft lOOrafi/lttW) 137X03 138001 1371.13 154X19 31/1 

Eura Tcp-KM WEflO) 120400 121X28 121034 131101 32 

JCaWDi^B (31/12fflffl fu) 34709 34772 38X19 H 

Banegn Eraer^.l^a 16X15 1B5J2 16*21 18X15 «9 


133*70 6/7 


■ RATIOS 


i? 3707 1 arr 

888.10 13/7 


Dow Jon* Ind. Div. Yield 


stows tag 


3 & P Hid. Otv. ytdd 
S & P ind. P/E ratio 


Sop 2 

/tog 20 

Aug 19 

Year ago 

2.03 

2.64 

2.73 

2.90 

Sep 7 

Aug 31 

Aug 24 

Year ago 

2-37 

243 

2137 

2.46 

2030 

21.11 

2073 

2736 


118X89 *AS 


1298070 24/3 


sum 4/4 


■ STAHDAHD AHO POORS tfOO IHDBX PtnURCa SSOO itenea Indax 
Open lutes Changa 
S«P 409.50 48X40 -4.50 

Dbg 47500 47D.70 -4.55 

Mar 474.00 47400 -4.40 

Opm mareat agues are lor pMou) day. 



— J5 mra ojo *3 
_ 79 17 JO 2X> 

— 123 63JM £8 

— Z5S m £D 
— 3ZB45018Z5B IJ 
-11 50 EOS 344 £a 
+1 140 102 08 

-36 



3X80 40 _ 
13 £3 2X9 
‘ M 7J1 
£7 15* 
3.4 



+3 4R 318 ... 
_ 2.130 1010 _ 
-40 £300 1.230 
+ 10 1.110 037 ~- 
+14 gK 702 XXI 


Ii +^Si ni 3 3 :! - 


Mio -60 4£50 27J50 1J ._ 
2*65 +.65 3£2B 102£ 38 — 
♦m iiio 7.60 aa — 

stw-sa* 9 ** 1 *® -■ 


._ *30 _ 

-3S 12125 072 
+.10 10 25 Si. __ 
-33 73 , 23 48 37l 

+.75 1200 7.26 40 
_ 3*60 2£50 11 
- lS 42 30 43 

._ 23.50 21 50 33 
-25 BO Sxn (LO 
+.181405 704 10 

_ 130 8700 10 

Z8. 73 ixre 60 
__ 3300 10 10 

+10 5 £20 10 

_ 104 53 10 

-6 122 76 tJ 


j 8400 4X73 Oi _. 

i-ffi - KSs Ti l iaSi’Isfj 3 ?! 

?TS " Z Z SsS“ ’"■IS 4Z SS w = 


1.400 

7 a 


High 

469.60 

47X75 

47400 


l*w 

408.10 

47025 

474.00 


ESlvoL Open mil 

42,934 121078 
81,781 130.015 
78 4099 


1303.48 21/B 
114308 21/B 
29028 21/3 
14108 21/* 


■ raw York active stocks ■ trmdum activtty 


Japan 

:<w»r2r>r>%ro 

K*ka 100 ii/i082i 

T«n p/T.te. 

Sid SecOun -LT/fS) 

Uabrm 

KLSE Ccmp-ii-iW 


R CAC-4Q STOCK INDEX FUTURES IMATIFI 


lfw:83 19917 73 3X2330 2155201 135 
23888 M8.09 M915 311.71 13B 

15660 15fl23l 159806 171273 IM 
nii ?i raises 2312.99 29420s xt 


1738X74 *1 
26X22 VI 
144X87 VI 
167333 4/1 


Open SeHPnca Cnanfls 
1MX0 1951.0 -39 0 

Oct 2003.0 1960.5 -39.5 

Dae 20220 198Q0 -39.0 

Open ntoNM figure* ter pm/aua aw- 


Hl^l 

2002.0 

2009.5 

2027.0 


Low 

1952.0 
1984.5 

1387.0 


eat. vol Open w. 
28,645 36,957 

3005 
246 13005 


118J6G 1181 If 116315 1314m VI 


V* 


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Stodcs 1 
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On annge 
price on day 

9 Vrtuma fra BUM) 

S«P B 

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FINANCIAL TIMES WEEKEND SEPTEMBER 10/SEP TE MBER U 1994 


«k 

: Nto, 

e rsifc 

14 C, ** 


WORLD STOCK MARKETS 


EUROPE 


Ill-prepared Dow slumps on PPI data Shock leaves brokers 

scrambling to unload 


• iV; 

; 

’■■r. ^ 


. 1 * i- 
• 2V 

■ .T'" 


Wall Street 

US- share prices tumbled yes- 
terday morning on news of a 
sharp increase in producer 
prices last month, writes Frank 
- McOurty in New York. 

By lpm, the Dow Jones 
Industrial Average was 3&33 
lower at 3.OT8.13, after recover- 
ing somewhat from its worst 
level of the session. The Stan- 
dard & Poor’s 500 was down 
4.52 at 468.62. reflecting the 
hroad base of the seU-o££. 
Declining issues outnumbered 
advances an the Big Board by 
& fbur-to-one margin. Volume 
-was moderate, with 171m 
shares traded by early after- 
noon. 

The secondary markets fared 
only a little better tha ^ the 
NYSEL The American SE com- 


posite was off L34 at 45117, 
. aryd the Nasdaq composite shed 
4.79 to 7BL5L 

In spite of indications to the 
contrary, the maricet was ill 
prepared for the bad news on 
inflation delivered by the 
Labor Department. Stocks 
across the hoard went into a 
tail-spin as trading opened, 
with investors jolted by the 
announcement of a 06 per cent 
increase in the August pro- 
ducer price index. A 05 per 
cent gain was forecast.' 


strong reading set off alarm in 
the band market, -where a wave 
of selling pushed the yield ah 
the benchmark 30-year Trea- 
sury to just under 7.70 per 
cent, its highest level since 
mid-July. 

After sliding mare than 40 
points in the firet hcur. the 


Dow industrials were able. to 
stabilise and retrace same lost 
ground. 

Still, as the afternoon com- 
menced, 25 out of the index’s 
30 components were showing 
losses, four were unchanged 
and a single stock - General 
Electric - was clinging to a 
slender gain. 

Rate-sensitive stocks were 
among the hardest hit, as some 
investors feared higher infla- 
tion. would bring forward the 
Federal Reserve’s next tighten- 
ing of monetary policy. 

In banking. Bankers Trust 
dropped $1 to 570%, JP Morgan 
retreated 51 to 563% and Wells 
Fargo shed 51%. to $154%. 
Among securities houses, Mer- 
rill Lynch tell $1 to $37% and 
Morgan Stanley $1 to 506%. 

In retailing. JP Penney 
slumped 51% to $53% and Gap 


Stores retreated 51 to $36%. 

A 10 per cent decline in 
USAIr’s share valuation was 
unrelated to the day’s eco- 
nomic developments. The issue 
was marked down 5% to 56 the 
meaning after one of the carri- 
er's domestic flights crashed 
near Pittsburgh, killing 131 
passengers and crew members. 

CBS was one of the few 
bright spots in a generally dis- 
mal market, The group 

climbed ¥9% to 5345/~on 
stepped-up. takeover specula- 
tion. 

Canada 

Toronto was in retreat at mid- 
day, shaken l>y the US pro- 
ducer prices which awakened 

dO Tiramj TTifln+inn fears. 

The TSE 300 composite index 
tell 28-75 to 4JQ5.68 In volume 


of 30.40m shares. Declines out- 
paced advances 343 to 340, with 
253 issues flat 

Interest-sensitive financial 
services ten 4189, or L4 par 
cent, to 3,04565. 

Brazil 

Sfio Paulo rose 12 per cent in 
moderate midday trade, still 
optimistic about Mr Fernando 
Henri que Cardoso's presiden- 
tial candidacy. The Bovespa 
index put an 1,152 to 58373 at 
1300 local time in turnover of 
RS232.7m ($628 Jm). 

Analysts noted that the mar- 
ket was keeping a close eye on 
the commercial foreign 
exchange market where the 
real was up 16 per cent against 
the US dollar to the highest 
level since it was Introduced 
on July l. 




- jtz 

’ ? r 
■’’■is 


i 


Telecom leaves Tokyo wary of over-supply 

Emiko Terazono says that the Japan Tobacco listing is likely to be another casualty 

N 


et only has last week’s listing 
of Japan Telecom, the coun- 
try’s third largest telecommu- 
nicatkms operator, left investors sitting 
an losses, but it has also triggered wor- 
ries among investors towards future ini- 
tial public offerings.' 

As a result the biggest casualty is 
likely to be Japan Tobacco, which floats 
more than Y900bn worth of stock next 
month. What worries investors is that 
together with Japan Telecom, the list- 
ing wiUmjertmoreeqiiity into the mar- 
ket than investors can handle 

The concern Is that the Telecom list- 
ing has come at a time when underly- 
ing confidence has been weakened and 
the supply and demand situation has 
deteriorated. Such worries stem from 
containing sales of shares by compa- 
nies and banks, which want to spruce 
up their profits ahead of half year book 
closing at the end of the month. 
Another concern is that overseas inves- 
tors, the biggest buyers in . the stock 
market rally earlier this year, have 
started to question valuations of Japa- 
nese shares. 

Banks have been especially active in 
the half-year end selling spree tins year, 
partly due to recent weakness in the 
bond market As fund procurement 
rates have risen hr tenrinm with the 
increase in long term interest rates, 
profit margins have been squeezed. The 
stagnant demand for loans has also 
prompted lower profit murgiHH as sanie . 
banks have been forced to & dumR" 
loans to companies. ,T£e decline in pro>jr 


its team loans, as a result; has farced 
financial Institutions to turn, to the 
stock market fbr profits. 

On the demand sMb, domestic institu- 
tions, which were expected to come, 
back to the market earlier this 'year, 
have remained cautious, although pub- 
lic pension and insurance funds have 
been pumped into the market by the 
government to support prices. Seme 
blame the high valuations of stock 
prices, while qthers argue that the 
■chances of a triple dip in the economy 
are still hi gh 

• The reversal; in -sentiment among 
-overseas investors has been the funda- 
mental factor in the weakness in 
demand. Foreigners were the mainbtxy- 

' ere of Japanese stocks due to expecta- 
tions of a recovery in earning s and the 
economy. However, many fund manag- 
ers have lost their patience over the 
lack of movement in prices, especially 
with a price/eamings ratio of more than 
90 times for the Nikkei 

•Foreigners who started buying 
shares around 16,000 are questioning 
the extent of fire recovery discounted 
into current share prices,” says Mr 
Jason James, strategist at James CapeL 

• He adds that E u ropean and US inves- 
tors are once again looking to shift to 
file US and markets in south east Asia. 

While earlier tills year many overseas 
..investors were expecting a sharp earn- 
ings recovery due to restructuring and 
i/thfi faH in depredation costs, opposition 
^fojthis theory is asserting itself. 

Mr Alexander ft™™* "*, strategist at 

• — - 


ASIA PACIFIC 

Nikkei 



Morgan Stanley who is forecasting a 
mere &3 per cent rise in profits ter the 
current year to next March, argues that 
file effects of cost cutting will be muted 
since Japanese style restructuring still 
frowns on aggressively cutting over- 
head. 

He maintains that since depredation 
only accounted for 3.27 per cent of nan- 
financial companies' sales in 1967 and 
3.60 per cent last year, it can hardly be 
the main reason ter the profits plunge, 
while a decline in depreciation over the 
next few years does not necessarily 
point to a sharp recovery hi corporate . 
earnings, as some foreigners had hoped. 

However, analysts are divided on the 
outlook ter corporate earnings. Mr 
James sees a 15 per cent rise in consoli- 
dated pre-tax profits for the current 
business year and expects companies to 
revise their profit projections upward in 
the coming earnings announcement 
season in November. 

Some investors seem to agree with 
such views and stocks that are usually 
active at the start of the eamtegs cycle 
have started to move. Raste materials 
such as steels, cement and paper have 
. gained ground and could receive a fur- 
ther boost later in the cycle as commod- 
ity prices rise. 

Mr Alan Livsey, strategist at Klein- 
woort Benson, believes that foreigners, 
many of whom mrnte the mistake of 
gening 1 their bnlrfingg last autumn, do 
not want to take the risk of making the 
name mistake r* fp»in , 

He says thdre is a historical case for 


not selling now. Looking back a tew 
decades, investors in the Tokyo market 
who have bought in November and sold 
in May have seen for higher profits 
than those who have-bought in May 
and sold in October. 

Meanwhile, fears over Tobacco per- 
sist among many investors. The bear 
argument over the negative impact of 
the two JTs triggering another down- 
ward spiral is supported by Nikko 
Research Institute, which claims that 
share prices are piarWi lmrtar Btiiw rw 
pressure when equity financing by 
listed companies is greater than 15 
times the average dally turnover. The 
extra injection of funds from the two 
issues will raise a total Y5,700bn, sub- 
stantially more than 15 thnafi the cur- 
rent daily activity. 

M r James says, however, that 
investors, who have learned 
their lesson from the East 
Japan Railway fiasco last year, have 
been selling futures to hedge their port- 
folios ahead of the Tobacco listings, 
prompting arbitrage unwinding. 

The Tobacco flotation on October 27 
wHl not cause the market to plunge like 
last year’s JR East listing, and could 
eventually trigger a rally. Although the 
Nikkei index is likely to move in the 
19,000-20,000 range over the next month, 
share prices are likely to recover in 
November, as hedging in the futures is 
unwound by institutions and with the 
expected spate of upward earnings revi- 
sions following the listing. 


The shock delivered to 
currency and bond markets by 
the US FPI figures reverber- 
ated through the continent's 
equity bourses, writes Our 
Markets Staff. Brokers in Mad- 
rid, unhealthily sensitive to 
stimuli recently, may have 
been glad that bourse was 
closed for a holiday. 

FRANKFURT ignored a weak 
bond market dining the ses- 
sion to close the Dax index 
12.78 higher at 2085.15. just 08 
per cent down on the week; 
after the US PPI news, traders 
scrambled to unload positions 
ahead of the weekend and the 
Ibis-indicated Dax dropped to 
2J55.5S. 2.7 per cent lower than 
it was seven days earlier. 

The afternoon's big foils 
came in the senior, most liquid 
blue chips: Allianz ended at 
DM2,428 after a session rise of 
DM23 to DM2,480; Deutsche 
Bank, at DM71980 after DM9.20 
to DM732; and Daimler, at 
DM825.10 after DM840. up DM7. 
There were similar perfor- 
mances from Siemens and 
Volkswagen. 

Variations on the theme 
included; 

• Metallgeselischaft, weak on 
the session on a newspaper 
report that restructuring costs 
had eroded part of Its capital, 
matching its year's low of 
DM175 in the post-bourse 
before ending at DM179; 

• Lufthansa, losing its prepri- 
vatisation support on the ses- 
sion to close DM9 lower at 
DM197, but actually recovering 
to DM200 after hours; and 

• SAP, the computer software 
group, soon to be traded on 
fins, up DM23 to DM803 on the 
session on the strength of this 
but, fortunately, not traded in 
yesterday's post-bourse. 

PARIS peaked at 1393.47 and 
when the CAC 40 index 
dropped an initial L5 per cent 
in mid-afternoon on the US 
data, the French market still 
tried to run its winners. 

However, the CAC 40 carried 
on down, closing 22 per cent 
off its peak and 3437 down on 
the day at 1,94833. 33 per cent 
lower on the week; and the 
general run of its outperform- 
ers lost their early enthusiasm. 

Retailers still had some 
steam in them. Docks de 
France, which had a flurry 10 
days ago on renewed rumours 


FT-SE Actuaries Share Indices 


Sep 9 
Hourly chanQM 


0p*n 10X0 11JB 1200 


THE EUROPEAN SERIES 
ixoo i«m ism Ota* 


FT-SE Euratock 100 

FT-SE EuratmA 200 


1388.10 1388.71 1387.54 1 38823 1387.45 137998 1370.49 137003 

143404 1 43833 143738 1*3839 143892 1427.01 >41934 141830 


saps 


S»p7 


Sap 8 


Sap 5 


Sip 2 


FT-SE EuratncK 100 
FT-SE Eorotrack 200 
Bm idoo fanum 


138001 1371.13 1371.03 1380.11 1401.88 

143T.14 1429.33 1427.57 143812 1451.57 

100 • 13052. ZOO ■ 143BW ImrtSy TBS ■ 1JWJT 200 ■ M11»t Ml 


of a takeover bid by Sainsbury. 
the UK supermarbeteer, 
climbed another FFr20 to 
FFr797 after a block trade took 
300.000 shares, or 2.5 per cent 
of its capital, through the mar 
ket at FFr800. 

What dealers described as an 
upbeat outlook for the retailing 
sector also lifted Comptoirs 
Modemes by FFr35 to FFrl.475; 
after hours, it produced half 
year results which seemed 
more or less as expected. 

Turnover was FFrLlbn. Of 
the CAC 40 stocks, 39 fen and 
one was unchanged. One of the 
biggest losers was Schneider, 
the electrical group, which 
added the Belgian legal tribula- 
tions of its chairman to the 
general malaise and dropped 
FFr1 2.10 to FFr387.40. 

AMSTERDAM turned lower 
as worries about higher infla- 
tion and interest rates were 
revived. The AEX index fell 
2.65 to 4iai9, for a L8 per cent 
foil on the week. 

Heineken, the brewer, 
jumped FI 7, or 23 per cent, to 
FI 244^0 after its first half fig- 
ures came in above expecta- 
tions and the group forecast 
higher foil year profits. How- 
ever, analysts noted that the 
rise was exaggerated by a 
shortage of sellers. 

HBG, the construction 
group, added FI 4.50 to FI 300.00 
after reporting higher first half 
net profits. 

Royal Dutch fell FL2.70 to 
FI 19440, dragged down by the 
lower dollar, while Akzo. the 
chemical group, lost FI 440 to 
FI 212.70. 

ZURICH turned back after a 
firmer start in growing turn- 
over with investors anxious to 
square positions ahead of a 
long holiday weekend. The SMI 
index lost 22.0 to 2J542.1, for a 
1.1 per cent foil on the week. 

Roche certificates gave up 
SFrl40, or 22 per cent, to 
SFrt.185 after their firm perfor- 


mance earlier in the week, and 
Ciba was marked SFri4 lower 
toSFrtSO. 

Nestle, which is to buy Uni- 
lever's German ice cream busi- 
ness, lost SFrl2 to SFri.217. 

Against the trend, Ascom 
bearers built on Thursday's 5.3 
per cent jump, in the wake of 
results, with a further SFr55 or 
3.5 per cent rise to SFrl.645. 

MILAN saw early gains 
erased as the market took its 
cue from other bourses, and 
with the absence of the prime 
minister from the day's cabinet 
meeting adding to worries over 
the cabinet's cohesion, and its 
ability to act decisively to cut 
the budget deficit. 

The Comlt index tell 2.63 to 
662.53, for a &3 per cent foil on 
the week; but the real-time 
Mibtel index, reflecting the 
market's late weakness, fell 1.8 
per cent to 10,447 after a day’s 
high of 10.700. 

Olivetti group shares were 
under pressure after news that 
police had seized documents 
from the treasury ministry 
relating to a bid made by the 
company for the supply of com- 
puters. Olivetti was L81. or &9 
per cent, lower at L2.006 and 
Clr, the holding company, gave 
up L58 to L1.963. 

Insurers contained losses on 
expectations that they will 
benefit from government plans 
to reform pensions. Ras was 
L258 lower at L23343 and Gen- 
erali was L431 down at 140,796. 

BRUSSELS saw strong first 
half figures from Union Min- 
ifere and the polyurethane foam 
maker, Recti cel, and the broad 
market fared better than most 

The Bel-20 index ended down 
5.66 at 1,453.99, above its low of 
L449-28 and down 1.9 per cent 
on the week, in turnover of 
about BFrl-20bn. 


Written and edited by WUllam 
Cochrane and Michael Morgan 


four-month low 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


■USES AND FALLS 


Option 


Cafll PUto— r- 

Oct Jm Apr Oct Jan Apr 


Tokyo 


rin® 

nils®' 

erse 


Share prices lost ground after a 
morning rally, and the Nikkei 
average closed 3.7 per cent 
lower an the week after five 
consecutive days of losses, 

' writes Emiko Terazono. in 
7htyo. 

The Nikkei 225 index fell 1 
13.90 to 19,897.88, the lowest 
close since May 9, having 
recovered the 20.000 level dim- 
ing the morning session, with 
a day’s high of 20,150.93. How- 
ever, late arbitrage selling and 
a foil in telecommunication 
stocks depressed the index to a 
low of 19.853.17 in the after- 
noon. 

Vdiume totalled 685m shares 
against 304m. Activity surged 
at the outset due to settle- 
ments for futures and options 
trading. The Tqpix index of all 
first section stocks rose 4J29 to 
1,586.60 and the Nikkei 300' 
added 0.79 to 288.88. Gainers 
led losers by 556 to 415 with 228 
issues remaining unchanged. 

In London, thew ISE/Nikkei 
index fell 1.69 to 1,291.00. 

Overseas investors were seen 
stepping up seTiing in the after- 
noon. Traders said same for- 


eigners?- who bought Japanese 
this year were 
'their portfolios to the 
PS an&jtang Kang because, of 
the ^aefc of movement in the 
Tbkyt* markets i 

JapanTelecom fall Y60.000.to 
Y4.4)aj| Other telecommunica- 
tion T 4Sctor shares ware also 
weak^ttthDDI down Y5.000 to 
Y907$G0.and Nippon Telegraph 
and TOtephona Using YL.Q00 to 

Y885.00Q. 

Fuji --Photo Kim, the film 
maker, gained Y50 to Y2J280 on 
reports that the company had 
developed a floppy disk with a 
large storage capacity. 

In Osaka, the OSE average 
rose 3440 to 22349.92 in vol- 
ume of 28.6m shares. Aoyaroa 
Trading, the men’s suits 
maker, rose Y50 to Y3.750. 

Roundup . 

Profit-taking was one reason 
why a number of thr regions 
markets fell yesterday. Bom- 
bay was closed for a public hol- 
iday. 

. SYDNEY, already weak, 
slipped farther after the diver 
s filed manufacturer, pacific 
-Dunlop, reported an annual 
profit at the lower end of mar- 


ket expectations. The All Ordi- 
naries index dosed 18.6 lower 
at 2,070.6, 1.7 per cent lower cm 
the week. 

Pacific Dunlop lost 12 cents 
at A94J& Its results were cou- 
pled' with the continuing 
sell-off of BTR Nylex as major 
influences as the market 
dipped near the close. BTR 
Nylex fell ZL cents to AJ2.67. 

BANGKOK fen an selling by 
retail investors ahead of the 
reopening of parliament ' next 
week, the SET index closing 
16.71 lower at 1.508^5, 2 per 
cent lower on the week, in 
turnover of BtLOJjlbn. 

The finance sector, which 
shed 05 per cent, was the most 
active in BtL6hn billion baht 
There was some “talk of a possi- 
ble interest rate rise by com- 
mercial banks. 

HONG KONG’s Hang Seng 
index slipped 5.96 to 10,145.02, 
2L5 per cent up cm the week, 
but the spotlight again focused 
on mainland Chinese compa- 
nies. The H share index turn-, 
bled 3R52, or Z5 per cent to at ! 
1,478.09, on profit-taking. On 
the week, the index was up 8 
per cent «nri brokers «aid that. 
they did not expect the consoh- 
riaHnn period to last long.. This 


week’s rises were attributed to 
buying by overseas funds, and 
a follow-through from specula- 
tive demand. 

SINGAPORE closed easier 
but off the day’s lows, the 
Straits Times Industrials I n d ex 
ending 4L27 lower at 2^99-96, 
mainly on selling of shipyard 
stocks. The index was L3 per 
cent down on the week. 

SEOUL hit profit-taking and 
the composite index lost 6J4 to 

984JX) after peaking at 1,002.72 

in early trade. The frufa* still 
finished 4L3 per cant better on 
tiie week. 

TAIPEI was nervous because 

Of PttnftKfion Over, gn ro r m niwii 

policy towar d liquidity, but the 
weighted index managed to 
dose up 58.62 at 6^87.20 in. thin 
turnover, down 0-3 per cent on 
the week. 

SOUTH AFRICA 

Johannesburg saw further 
profit-taking in fairly quiet 
trade as the market continued 
its correction from recent 
highs. Golds gave up 13 to 
2,468, industrials fell 22 to 
6,617 anti the overall index 
was 52 lower at 5^55. De 
Beers fell 25 cents to Ellfl. 


FT -ACTUARIES WORLD INDICES 


JoMty compiled by Tlw Flnmete Times LIU. QoMrnan. Sachs & Co. and NanVWt SacwWas UdL In confunclioo with ffw Instihite of Acosta and toe Faculty of Aetutta 


NATIONAL AND 



Jl-m.* ' 



' 




Figure# in pamnthsaaa 
show number of Snaa 

US 

Dotar 

mdex 

Day's 

Change 

% 

Pound 

Starting 

hdan 

Yen 

beta 

DM 

Max 

_ LD« 

Currency 

tntta 

Local 

W chg 
on day 

Gross 

Dhr. 

Yield 

US 

Dolar 

btdax 

Pound 

Starftig 

Max 

. • Local 

Yen DM Currency 52 waak 52 weak 

Max'.- Max Mm H(9i Low 

, 460 . 
tw®4 


178.67 

-02 

180*7 

111.01 

14234 

15728 

-1-1 

828 

17830 

17090 

11124^ 14326 

16929 

18015 

13834 

14417 


16623 

-03 

187.95 

123.11 

158.52 

15047 

137.78 

03 

121 

186.62 

17536 

18046 

18825 

12320 15820 

11007 14128 

15022 

19002 

18424 

14322 

17330 

14002 


.17426 

-1.0 

167.15 

109-49 

14626 

-08 

421 

13828 

17724 

Canada (104) 

13526 

03 

13041 

244.12 

17037. 

85.42 

18921 

111.60 

10923 

00520 

143.70 

184.76 
213.1$ 
18838 . 

- 03 

229 

139 

0.74 

13533 

255.00 

17837 

129.31 

24AM 

-8478 -109L12 

■ 13431 
21010 
18043 

14&31 

12054 

12223 

Danmark (33) 

_ 17722 

-0.4 

-i? 

77080 

lllj^v 14820 

17930 

10423 

106.48 


^ 17331 

02 

10824 

10838 

14022 

M428 

09 

324 

17221 

16035 

10722 13829 

143.68 

18537 

15934 

16720 


14722 

-0.1 

74128 

8224 

11068 

11928 

as 

1.72 

148.13 

14128 

6227 11630 

11028 

14834 

12436 

126-49 

Hong Kora P8) 

41SM 

0.1 

-02 

1.1 

389.04 

20622 

77.30 

26138 

13429' 

38827 

172.92 

41228 

107.56 

' ai 
-02 

. 227 

332 

415.53 

21428 

39029 

9i KflR 

26625 ’ - 33425 
13442 17320 

41238 

19038 

50068 

21820 

26208 

10124 

16929 


I- 8028 

50.89 

.027. 

;o9&29 

13 

; 1.83- 

. 7921 

- 7820 

.4433* U26 

; _9424 

97.78 

5728 

73^40 



-07 

15232 

9077 

120*7 

-9077- 

-03 

■'■0L77 

10635 

15331 

100.06 ' '128.78 

10006 

17010 

12424 

16028 

Mateyeia (87) 

57728 

13 

55424 

2188.74 

207.91 

36221 

143237 

138.10 

48730 88820 
184437 347072 
17538. . 17225 

13 

V 

Old 

126 
- 131 ■ 
832 

56925 

224723 

217.75 

84630 

215433 

208.72 

35656. '46828 56020 
14OS20'^8OO48 8351 34 
13832L. 17532 .177, 58 

82123 

264728 

21018 

392.03 

1816.11 

18035 

40722 

177138 

18230 

Modoo p8) 

216.74 

-0.5 


7528 

-0.1 

7221 

4730 

«y«-. 

BOOT 

02 

332 

7834 

.7222 

.47.18*. ‘6028 

; jflSJS 

7729 

5022 

. 01.77 

Norway (23) — — 

*05.78 

-0.9 

-12 

-02 

78737 

34827 

20002 

120J28 

1«47 

.191.11 

35139 

307.78 

.--05 
-13 
’ -03 

.1.73 

128 

228 

207.74 

169.11. 

12825." 1072B 
2304^:29022 
18058 25239 

gS426 

31037 

211.74 

37822 

31434 

16522 

17129 

29039 

angajxw (44). — - 

_311.73 

19527 

20220 

31434 

301.19 

17528 

17528 


141.60 

23 

135.73 

88.91 

11428 

188.76 

23 

4.16 

13833 

1822S ' 
213.78 

0824 11137 

13534 

10878 

12828 

1.7523 

18083 


22323 

0.1 

214.13 

14036 

18021 

26823 

03 

. 128 

22324 

18BL5S 1 17028 

25178 

23135 


168.99 

-0.6 

10018 

10422 

135.10 

13429 

02 

120. 

16724 

18000 

10526- 13530 

13429 

17056 

135.70 

130.19 

United Kingdom (204— < 
USA (517)..— 

20028 
13228 

-02 

04 

10048 

185.11 

12028 

12125 

19235 

155.13 

19228 

19828 

-017 

02 

ROC 

231 

20236 

192.15 

19326 

184,17 

12053^18224 
12020-: 15470 

mse 

192.13 

21496 

19004 

181.11 

17095 

19021 

10822 


AM-iyiw 388 27 - - 13 - - 

rSM ) 838 7 - -44iK- - 

AW* 260 24 30 38 4M I1H 15H 
(*Z77) ' 280 11H 1«W2B*. M 22 26 

JISDA 00 7 IB W* 23* 4 SV4 

(*4) 7D2W4H5H7VIIW11 

BrttMnnp 390 24V. 38 ASH BM IBM 25 
f401 ) 420 9 20H31H2BH35U 41 

SnNBdsA 420 18)4 28 38U 1«t 24 30 

(*420 } 480 S . 13 21 41 48 55 

BOOH 500 Ktt 44SBK SH15K 22 

(*525 } 550 8H 18 31H 30 42 48 

V 390 SDH 48 8114 4 11 14 

C418 ) 420 18 27 3S 14* 23 27 

BM0SMI 140 1SW TO 2114 3 0 8M 

(148) 160 4 8 12 1414161* 19 

Bta 590 30 4614 MM 9M 28 3814 
(*571 ) 600 1054 29H 30 365* 55HB31* 

0*4*1 390 3i <854 GSM 854 18 21 
(-418 ) -420 19M 3154 4254 16H 2914 38H 

comm* -.50023)435544754 is 20 32 

[*306 ) 550 5 14W 25 47 5BH B2 

Cmn LU® 500 3054 W 74 9 1654 

("540 ) 550 1854 ' SB 43 1754 SB 38 

IQ 800 48 9954 81 12 2854 41 

(*828) 8902DH 41 5414 38 50 WM 

NngU» 480 3654 48 80)4 954 17 24)4 

(-487 } 500 13H 27 40 29 37 44 

Laid Saar 600 31 41 54 5 16 21 

1*819 ) BSD OH 10 20H 34-44H 48 
Until 8 S 390 2454 3554 4154 5)4 12 16 
r«fl ) 420 OH 18 28 20 2654 3054 

MAM 500 2554 4154 4854 15 255* 3514 

(*507 ] - 560 8 2054 27 4754 5254 65)4 

Stafauy 420 3254 4254 52 6)4 1754 23 
("442 ) 400 105* 21 3254 27H 38 43 

SMlTra. 700 47 09 67 6 16 2554 

(741 ) 750135* 29 3854 29H 3754 51 

Stafnae 200 21 2BH29H 3 6 OH 

(*216 } 220 7H 1334 10 104 15 19 


90 554 5 13 5 854 1054 

100 854 514 05* 13 IBM 1854 
1150 44 83 8454 2DM 371* 53b 
1200 IB 3754 58 4054 65 81 ft 
800 4154 8354 7454 14H 24H 4054 
650 18 37 48H40HS0H 68 
In Ml* Hwftblter 


r«n 


niw 

Zeneca 

r®*) 


On) Met 

390 

87 

« 80H 

8H 

17 

21 

T412) 

420 

19 : 

m 3* 

21 

Xi 

35H 

Larfemtia 

100 

13 

18 2ZH 

0 

12H 

1814 

n»i 

160 

B 

11 14H 

23 

Z3» 

2B 

uid Btacuta 

300 

38 

4B 4* 

5» 

9*4 

18 

ncsi 

330 

um 

23Z7H 

17H 

23, 

31H 

opta 


<ap 

Daa Mar 

S«P 

Ok 

Mar 

Hn* 

140 

18H 

W 19 

It* 

6H 

BH 

(150 1 

160 

254 

• tm 

12 

17H 

am 

Opttao 


Mm 

FM Mm 

Nor 

Fab 

m 

MMra 

400 

84)4 

BB 77 

13H 

23 

31 

T497) 

500 

ZB 4614 Bffft ; 

30H 

41 , 

5014 

BAT Ok 

420 

SI 

43 48H 

12H 

17H 

28 

r<3zi 

400 

12 

23 20: 

34H39H 

51 

am’ 

300 

33 

40 40 

6 

7H 

12 

(*3Z8) 

330 

14M23H 28 

I7H 

20 

28 

nun 

380 

37H48H4tH 

.4 

9H 

13 

t*306) 

390 

17 

Z2 2SM 

14H23M : 

26H 

CritaSdi 

420 

43 81H^H 

5 

9H 

104 

r4«> • 

480 

17 

26 SSH 

21 : 

ZB» 

36 

EHWBR 

750 

a 

76 BOH 

27: 

99H 

51 




— 

(Mi 



• Pula 



Dpdcn 


NM 

Fri 

**»» 

Nor 

Fab 

“ay 

Kansan 

240 

12H 

16H 

20 

OH 

13 

1BW 

r242 ) 

260 

4H 

a 

11H 

21H 

2SW 

28H 

tamo 

154 

12 

- 

— 

9 

_ 

- 

P5S) 

180 

4 

7 

11 

29 

31 

32 

Lucw bti 

180 

TJ 

21 

25 

7H 

11H 

15 

n« j 

900 

7 

12 

15H 

20 

23H 

20W 

PA 0 

680 

2BH 

45 

53 

32 

44 

58H 

mss) 

TOO 

11 

24 

S2H 

68H 

ran 

8/ 

FMntfm 

180 

21 

2314 

27H 

3 

a 

11 

(183) 

200 

8K 

13 

17 

14H 

1BH 

zm 

Pndentai 

300 

IB 

2BH 

31 

rt 

15H 

22 

rsio ) 

330 

814 

IS 

17 

2BH 

32H 

38H 

R1Z 

050 

6714 

77 

B1 

21 

32H 

45 

nwt) 

900 

2BH 

50H 

B4H 

45H 

57K68H 

ftafiand 

500 

3814 

48 

B8W 

14H 

20H 

35 


550 

13H 

28 

35 

44 

49 

04 

(tori Inaca 

260 

25 

33 

38 

10H 

14 

1BW 

(*273 1 

260 

15 

2ZH 

Z7H 

13H 

23H 

29 

Teato 

240 

12 

U 

23 

12H 

17H 

21 

f2«) 

360 

5 

914 

15 

26 

29H 

33 

Vbdafana 

183 

24 

27H 


4 

7H 

— 

ra») 

200 

18V4 

IB 

22H 

11 

15 

18 

®aams 

364 

IB 



14H 

- 

- 

f358) 

3B4 

5V4 

- 

- 

35)4 

- 

- 

Option 


Oct 

Jan 

Apr 

Oct 

Jan 

Apr 

BAA 

475 

25 

3ZH 

43 

9 

16 

20 

rear) 

500 

tl 

19H 

28V4 

22 

28T4 

32H 

Thsaaa Wir 

500 

22V. 3214 

40H 

T4W 

28H 

31 

rsos) 

550 

5H 

13H 

1SH 

48 

59H 

61H 

OpOon 


Sap 

Dae 

tar 

Sap 

Dbg 

NM 

Atabay Nafl 

390 

14W28H 

38 

8H 

1514 : 

25W 

r394) 

430 

3H 

13H : 

2tH. 28 

33 

43 

AaxliM 

30 

3 

4H 

SV4 

TH 

3 

4 

rai > 

35 

1 

2H 

3)4 

5 

BH 

7 

Baretaya 

550 

41 

58 1 

S9V4 

2 

12»: 

m 

fSM) 

BOO 

B 28H i 

41H 

21 

34H46H 

Bta Cbda 

280 

T7 : 

25)4 SSH 

414 

11M 

17W 

f293 ) 

300 

6 

ism : 

23H 

15 

22H 

2B 

Mtaii 6 m 

280 

19 : 

Z3H2BK 

2 

9 

13 

rw) 

an 

8 

«H 

19 

9 

so; 

21H 

Dotone 

m 

ii : 

9)14 24)4 

4» 

11 

16 

rare) 

220 

2K ' 

I1H 

15 

17H 

Z2H ; 

Z7W 

WdOM 

160 

18HZIH20H 

1 

4» 

0H 

H75 ) 

160 

4 

8 14H 

7H 

14 

16 

Loartn 

130 

10K 16H 19H 

ZH 

6H 

8H 

(137 ) 

140 

4H 

11 14H 

6H 

115* 

IS 

Nan Power 

460 

2314 

37 47H 

5H 

18 

26 

T475 ) 

BOO 

4H 

18 28H 

29 

40 ‘ 

45M 

Scat Puau 

360 

33 45H 

51 

a* 

10 

14 

r3B7) 

390 

11 

28 33H 

12 : 

22H 

27 

Sears 

110 

10 

12 

15 

1H 

4 

5H 

ni7) 

120 

a 

8 

0 

5 

aw • 

SOW 

FOne 

220 

17)4 

23 

20 

2» 

7W 

12 

(-233) 

240 

414 

12 17H 

10H 

I7H 

22 

Ihmuo 

140 

16 

23 

27 

1H 

B 

BH 

(156 ) 

100 

4 

12 15)4 

7H 

18 18H 

tarn BA 

1000 

40 7114 Hfk 

9 ! 

3SH44H 

n0Z7) 

1050 

«)4 44»S?a«r; 

SSH 

53 

69 

TS8 

231 

BH 16»21H 

0 

12 

18 

(*220) 

210 

IK 

B izh: 

an: 

24H 

30 

Tooddra 

220 

14 

22 

25 

2M 

6 IZH 

f229) 

240 

3 

11 15H 

13 ' 

16H 2ZH 

iKtoma 

8501 

53H77HSBH 

4H : 

21H32H 

rws) 

TOO 

19 

49 

67 22H 

42 

55 

Ogdon 


Oct 

Jan 

Apr 

OCI 

JM 

Apr 

BMC 

600 

23 41H SSH SSH <8H 61H 

rwa ) 

650 

7 23H 

34 

72 

81 

94 

II 

T? 

i 

700 

70 94Vr 

nz 

15 

33 sat 

(149) 

750. 

■M68H80H: 

SSH 

36 77H 

RaUara 

487 zn 

— 

— 

15 

- 

— 

r*s2) 

B00 15W 

32 

«3 : 

21 Vi 

30 38H 

Optn 


NOV 

Fab 1 

>w 

N» 

Fab uay 


I tern 


On ttn wwh 

F , ala Swim 


British Funds 

0 

04 

B 

94 

199 

57 

Other Fbud Interest 

0 

15 

0 

13 

38 

24 

Mtwral Extraction 

60 

71 

77 

320 

268 

402 

General Manufacture!* 

912 

173 

379 

523 

788 

1,909 

Consumar Goods 

26 

50 

111 

148 

237 

550 

Sanricaa 

72 

123 

305 

417 

478 

1.613 

LHHtieo 

4 

32 

9 

68 

111 

45 

FJnanda/s 

44 

135 

187 

333 

517 

988 

tnvostment Trusts 

33 

213 

221 

206 

699 

1.426 

Others 

36 

60 

10 

150 

240 

150 

Totals 

357 

826 

1,313 

2£75 

3£75 

7,160 


Dm bawd on tm oompwta Med on n* London Ghana Son**. 


TRADITIONAL OPTIONS 


First Darings 
Last Darings 


August 22 
Septembers 


&pl»y 

SatUamant 


Novambw24 

DaoombarO 


Calls; BTR Wts *S7, Cons Murchison, CPL-Aramos. Hsfrfngtnn KBbrida. Navan Ros, 
Takara, TUlow OB. WO* Qrp. Puts: BTR Wts W. 


LONDON RECENT ISSUES: EQUITIES 

Issue Amt Met. Ctosa 

prtoa paid cap 1984 price 

p up (DnJ Hgh Law Stock p +7- 


Nat Dtv. Ore 
tin. cov. y4d 


P/E 

DM 


• 

FA 

19.9 

89 

79 Brito G Sfcn uVrta 

79 


_ 

_ 

. 

_ 

100 

FJ>. 

183 

102 

99 Beacon Inv Tst 

99 

•a 

- 

- 

- 

“ 

- 

F.P. 

1.60 

48 

42 Da Wairents 

42 

-3 

- 

- 

- 

- 

- 

FP. 

130 

11? 

1 Ccrtl Foods Wrta 



- 

- 

- 


- 

F.P. 

31.1 

94 

88 INVESGO Jpn Mac 

89 

-1 

- 

- 

- 

- 

‘ - 

F.P. 

329 

60 

42 Da Warrants 

47 

-1 

a 

- 

■- 


- 

FP. 

« 

77 

63 JF FI Japan Wria 

63 

-1 

- 

- 

- 

- 

- 

FP. 

24^1 

t*h. 

35 fMagnum Power 

5&>2 +2 ‘2 

- 

- 

- 

- 

23 

F.P. 

106 

31 

29 Orbi® 

29 


- 

- 

- 

- 

a. 

FP. 

0.60 

17 

5)3 F>andiar Wrt*. 

17 


- 

- 

- 

- 

- 

FP. 

0-85 

40 

27 Ptorocattlc 

27 

-1 

- 

- 

- 

- 

- 

FP. 

3P7 

44 

34 Sutar Wrts 99AH 

34 

-5 

- 

- 

- 

“ 

100 

FP. 

3.81 

105 

97 TR Euro Gth Pig 

105 


- 

- 

- 

- 

- 

F.P. 

2.32 

35 

29 Tops Eats Wrts 

29 


- 

“ 

- 

- 

RIGHTS OFFERS 








issue 

Amount Latest 





Closing 

40T- 

price 

paid 

Renun. 

1994 




price 



P 

up 

data 

High Low stock 




P 



380 

Nti 

21/10 

48pm 48pm EUAP 




46pm 



32 

ND 

3/10 

i*2pm *2 pm Raglan Praps 



1>2pm 




FINANCIAL TIMES EQUITY INDICES 


top 9 

Sap 8 

Sap 7 

Sep 6 

Sap S 

Yr ago 

Ugh 

•Low 

2426.0 

2484.0 

2475.7 

247BJ9 

2512L2 

2365.3 

2713.0 

2240.6 

4,19 

4.15 

4.12 

4.12 

40T 

$04 

4M 

$43 

. 6.03 

&B8 

533 

532 

5.85 

485 

6.03 

3.82 

17.73 

1739 

1604 

1800 

1838 

27.46 

3343 

17.73 

1832 

18.49 

1033 

18.66 

18.89 

2536 

3030 

1832 


(771 ) 800 a 54 SS52H6SH 78 

teMH 460 2354 34 4154 16 234 29 

r468) 500 7H 18H 23 44 47H 53H 

EEC 280 21 MH30H 5H 10 13 

(790 ) 300 10 15 2DH15H 20 E2 


hfrftffa ISO 1354 1754 21 9H 14 17H 
HQ 200 6 9)4 13 2354 265* 30 

* UMgri)4ng aacutiy price. Piantiuma ahown an 
bated oa do*k»oi1«r pnese. 

September cantracta: «.477 Cetr 

iBjea Pike 22.H4 


Old. dlv. yWd 
Earn. ykt. » M 
WE ratio rut 
P/E ratk> nS 

-For 18B4. Oniniiy Share Index atnea coataeBca hlgfi 2713a 2102/94; tow «L4 2GAS/40 
FT Orinry Share Index baaa dan 1/W5. 

OrcBnwy Share hourly oftanges 

Open 8 jOO lOJO 11JO 12JO 1&0Q 1400 IQuOO 

2457.0 2452J 2451.8 2458.7 24822 2457.7 24445 2429.0 2425.1 2463.1 2422.4 
Sep 9 Sep 6 Sap 7 Sap 6 Sep 5 Vrago 


10.00 High 


SEAQ bargains 26370 27,449 

Equity lumewer (Emit - 1S0W 

Equity bargainat - 2B527 

Shams traded (m/)t - 545.0 

IfiKhrino rtintiartw tuanaaa aad onmeaa turn 


27,583 

iaea5 

30^07 

588.5 


27,677 

138B2 

31.182 

raw 


28.703 27.318 

1292.fi 1368.1 

330W 31.848 

607.3 581.8 


EUROPE (n«.. 174.1$ - -02 

Nardto^llB).- 21f>* 

PSCIflO Btan (748) 

EUro-Ptafle tlteQ 

North America (621} 1»44 

Europe Ex. M (514) 

Padflo Ex. Japan ( 27 $— -.-273,01 

Worid Ex. US (1847) — ira-lf 

Wald Ex. iflcnsec? — “ 

World EX. So. At (2105 1”-* 

Worid Ex. Japan (IflflS 22 


-02 

-08 

-05 

04 

Q.1 

-oi 

-04 

-OI 

-OI 

.Ol 


209.65 

1824)8 

1B440 

181.71 

149.70 

261 

168.13 

189B8 

17001 

18043. 


137^3 

loose 

107^6 

liana 


-176-8$ 

13721 

13086 

15026 

12026 


17134 

10082. 

11025- 

111.75 

120.16. 


14012 

14288 

14090 

.164.71 


211.00 oi 1.40 21096 20080 13099 17030 21088 2220$ 17019 177.60 

^.1125 -02 108 17064 18056 10075 - 13728 111,63 17086 134.79 1B2JJ3 

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22 



^ s JBryant 

JplfGroup 

Invest in Quality 

FINANCIAL TIMES 

HOMS S • PROPERTKS-CONSTftUCnON 

021 711 1212 

Weekend September 10/September 11 1994 


Mo Do 


PULP, PAPER & 
PAPERBOARD 


M- 


Asprey’s shares plunge as 
big spenders stay away 


By CaroBne Southey 

Shares in As prey fell by more 
than a third yesterday after the 
exclusive jewellery retailer gave 
a warning that the loss of a few 
big-spending customers would 
severely depress its profits. 

The shares closed down UOp at 
200p after dropping as low as 
17$> during the day. 

Mr Naim Attallah. chief execu- 
tive, said sales in the core Asprey 
businesses had fallen dramatic- 
ally. with the biggest decline in 
high-value sales to “certain cus- 
tomers in the export market". 

“Many heads of states are not 
spending the kind of money they 
used to." he said. 

“We are still dependent on a 
few big accounts, and the volume 
of high-value sales has been very 
low so far this year.” he said. 

There were no signs of an 
upturn, he added, and the fall in 


sales would significantly reduce 
profitability in the first half of 
the group’s financial year. 

Asprey's Bond Street shop 
stocks items including a set of 
jewellery made from diamonds 
and Burma rubies retailing for 
rom ap H a pair of life-sized pan- 
thers made from oxidised silver 
offered at £450,000. 

The prices of commissioned 
items, which accounted for 10 per 
cent of turnover last year, can be 
much higher. 

Evidence during the recession 
suggested that even the super- 
rich had been discouraged from 
buying luxury goods while prices 
in that sector of the market 
were held steady by lack of 
demand. 

Although Asprey has sought to 
expand its customer base, the 
core Asprey business contributed 
75 per cent of profits and 55 per 
cent of sales in the year to March 


31. The company also owns Map- 
pin & Webb, Garrard and 
Watches of Switzerland 

Mr Attallah also identified 
other areas of concern in the 
group. Garrard, the crown jewel- 
lers. had suffered a fall in export 
sales that was “likely to elimi- 
nate its contribution, to group 
profits in the first half'. 

The contribution from Watches 
of Switzerland was also likely to 
be depressed, as overhead spend- 
ing had exceeded sales growth. 
The division has opened 10 new 
outlets since its acquisition by 
Asprey in 1992. 

In the year to March. Asprey 
reported an 18 per cent increase 
in pre-tax profits to £25.4m and 
sales up 30 per cent from £144. 7m 
to £187.6m. 

Mappin and Webb opens 
Prague store, Page 2 
See Lex 


Gyllenhammar switches to 
banking after Volvo debacle 


By Hugh Camegy in Stockholm 

Ten months after resigning in the 
aftermath of Europe's most spec- 
tacular failed merger. Mr Pehr 
Gyllenhammar, former chairmnw 
of Volvo, has emerged in a new 
guise as investment banker. 

The announcement that he is 
to move to London to set up an 
investment bank with HansJorg 
Rudloff, the Euromarkets pio- 
neer, has settled the question of 
what the former chief of Swe- 
den's biggest manufacturing com- 
pany would do after the collapse 
last December of his plans to 
merge Volvo's car and truck 
operations with Renault of 
Fiance. 

Mr Gyllenhammar said the 
bank would offer a traditional 
service - “very private, very dis- 
creet and very focused on the cli- 
ent" - which will operate across 
Europe. 

Yesterday as he is 


known in Sweden, was in ebul- 
lient mood, frill of enthusiasm for 
his new project and insisting that 
he harboured no bitterness over 
the shareholder and management 
revolt that scuppered the merger 
plan and prompted his resigna- 
tion alter two decades in charge 
at Volvo. 

Mr Gyll enhammar , 59, has 
avoided - and says he will con- 
tinue to avoid - talking in detail 
about the events of last winter. 
But he did not disguise his criti- 
cism of Volvo’s subsequent 
change of direction, nor did he 
makp much effort to dispel the 
impression he gave in a recent 
interview that he believed he was 
the victim of a “gigantic power 
play” by the Wallenberg empire 
to cut Volvo down to size. 

The Wallenbergs flatly deny 
the allegation, which Mr Gyllen- 
hammar has not substantiated. 

Volvo has since decided to con- 
centrate on its core business and 


sell SKr40bn (£3-38bn) worth of 
non-core businesses built up by 
Mr Gyllenhammar. He is ada- 
mant that his strategy of merg- 
ing the vehicle operations with 
Renault and diversifying Volvo 
into other industries was the best 
long-term prospect “I haven’t 
rhang prf my mind I stand by my 
conviction that the deal we pro- 
posed was a good deal.’’ 

He added: “I am looking to the 
future now. This is a very inter- 
esting venture and it is very nat- 
ural that if I am to be involved 1 
have to be there, on the spot” 

Mr Gyllenhammar said he 
would spend four-fifths of his 
time working at the as yet 
unnamed investment bank, 
which is to be backed by Bel- 
gium’s Banque Bruxelles Lam- 
bert and managed by Mr Rudloff 
and Mr Peter Ogden, a former 
director at Morgan Stanley. 

Volvo finalises plans. Page 9 


Major call 
on ‘yobs’ 

Continued from Page l 


era" and tighten the bail rules. 

Mr Major accepted that the 
public wanted “tough and chal- 
lenging penalties for persistent 
young offenders, not visits to 
safari parks.” Alleged offenders 
should be remanded in custody 
rather than bailed if there was 
any risk of repeating the kind of 
violent crimes for which they 
were awaiting trial, he said. 

He said the public want a 
claaipdown on those who make 
the streets frightening. 

Mr Alun Michael. Labour 
spokesman ou home affairs, 
accused Mr Major of giving “the 
illusion of action” while offering 
little comfort to victims of crime. 


De Beers accuses Russia 


Continued from Page 1 

producer capable of launching a 
sustained attack on its prices. If 
It renews the contract, it may 
have to accept a level of indisci- 
pline that might also threaten 
price levels. It would also send 
the wrong message to other car- 
tel members such as Zaire, Aus- 
tralia, Namibia and Angola. 

The belief in Russia that pro- 
ducers could achieve a higher 
return outside the cartel has 
been strengthened by the retire- 
ment of a generation of officials 
used to working with De Beers in 
the cartel system - and the rise 
of nationalist politicians hostile 
to the agreement on political and 
economic grounds. 

Mr Leonid Gurevich, formerly 
head of a parliamentary commit- 
tee on gold and precious metals 


and now vice-president in charge 
of diamonds at the State Precious 
Metals Committee, believes the 
agreement with De Beers is too 
restrictive and should be 
renewed only if it allows much 
mine scope for free sales. 

De Beers executives, who have 
held a series of talks with the 
Russians this year, presented evi- 
dence that the unofficial sales 
had lowered prices worldwide - 
or at best kept them at last year’s 
levels when increased consumer 
demand would normally have 
caused an increase. 

According to De Beers, the 
Russian officials accepted that 
there was substantial unofficial 
selling and that prices were 
depressed, adding that these 
sales were causing concern to the 
Russian authorities, which were I 
investigating how to stop them. 


Cuba and 
US reach 
deal to 
halt flow of 
refugees 

By James Harding in Washington 

The US and Cuba yesterday 
reached an agreement to halt the 
flow of Cuban refugees in a move 
that ma|H w the first measure of 
co-operation between the two 
countries since a flood of 
migrants swept towards Florida 
last month. 

There had been speculation 
that the talks held in New York 
for over a week were on the 
verge of reaching a positive out- 
come after Mr Mike McCurry, US 
State Department spokesman, 
told repo r ters: “The United States 
is satisfied that many of our 
goals have been met at this dis- 
cussion. today.” 

The talks resumed yesterday 
after a 24-hour suspension in 
which Mr Ricardo Alarcon, the 
former foreign mlniator and Ttwad 
of the Cuban delegation, returned 
to Havana for consultations. 

“This agreement, when carried 
oat, will help ensure that the 
massive flow of dangerous and 
illegal migration will be replaced 
by a safer, legal and more orderly 
process,” President Bill Clinton 
said in a statement Issued in New 
Orleans, where he was making a 
speech. 

The accord was thought likely 
to include provisions to boost the 
numbers of Cubans entering the 
US through legal channels from 
the current level of less than 
4,000 a year to as many as 20,000. 

This may involve bending 
existing US immigration regula- 
tions in return for a guarantee 
from the government of Presi- 
dent Fidd Castro that border 
patrols would stop people trying 
to flee Cuba on makeshift rafts. 

The Cuban side was reported to 
have ori ginally demanded visas 
for as many as 120,000 Cubans, 
and to have sought a commit- 
ment from the US to future talks 
on broader bilateral issues, in 
particular the 32-year-old US 
trade embargo against Cuba. 


Bonds and 
stocks fall 

Continued from Page l 


Although the increase in pro- 
ducer prices was commodities- 
led, the index rose by 0.4 per cent 
even when the volatile food and 
fuel sectors are excluded from 
the data. That “core” rate of 
wholesale price inflation climbed 
only 0.1 per cent increase in July, 
and actually fell 0.1 per cent in 
June. 

As regards food, beef prices 
were 6.9 per cent higher, ports 3.3 
per cent and fish 4.4 per cent 
That combined to more than off- 
set drops in the cost of fruit aod 
vegetables and produced a 0.7 per 
cent rise in the food index, the 
largest advance since last 
November. 


FT WEATHER GUIDE 


Europe today 

Western Europe will continue unsettled. 
Frequent min showers, some with thunder, and 
strong winds wll be common over the British 
isles, France, the Benelux and Scandinavia. 
Most of Spain will be sunny, however northern 
parts oi Spam and Portugal will be cloudy with 
rain or dnzzle. It will be qurto warm and sunny 
m Italy with afternoon temperatures of 2 SC- 
32 C, but with a few showers in the north. 
Greece will have scattered thundery showers, 
but more thunder will erupt along a cold front 
over the Balkans and Baltic states. Sunny 
weather will bring temperatures in the eastern 
Ukraine to 25C-30C. but the west will be much 
cooler due to cloud and rain. 

Five-day forecast 

Cool, unstable air will be drawn deep into the 
continent by Sunday, producing showers 
interspersed with sunny spells in north-western 
Europe. A depression north of Scotland is 
expected over Scandinavia by Sunday. As a 
result, showers wll lessen over the UK, where, 
by Monday, it will be mostly dry with sunny 
periods. Unsettled conditions will return later in 
the week. Scandinavia will remain windy with 
frequent showers, but the Mediterranean win 
have only isolated showers. 

TODAY’S TEMPERATURES 



Situation at IS GMT. Temperatures maximum for day. Forecasts by Metao Consult Of the Netherlands 



Maximum 

Soiling 

Shower 

25 

Caracas 

shower 

31 


CoIsbis 

Belfast 

Shower 

15 

Cardiff 

shower 

16 

Atu Phasi 

win 

J1 

BOfOKKfa 

thund 

28 

Casablanca 

fair 

25 

Accra 

cloudy 

28 

Bedbi 

ram 

14 

Chicago 

show 

24 

A'sfflrt 

far 

30 

Bermuda 

Shower 

30 

Cologne 

Shower 

17 

Amsterdam 

shower 

15 

Bogota 

shower 

21 

Qatar 

fair 

29 

Alhono 

thund 

31 

Bombay 

ran 

29 

Daflas 

shower 

32 

Atlanta 

show 

?fl 

Brussels 

Shower 

16 

Delhi 

fair 

28 

B. Aiwa 

fair 

13 

Budapest 

doudy 

26 

Dubai 

cun 

40 

B-ham 

shower 

16 

Chagcn 

rain 

14 

DuOfin 

shower 

16 

Bangkok 

shower 

34 

Caro 

sun 

33 

Dubfovnft 

fair 

2 7 

Barcelona 

far 

27 

Cape Town 

Ml 

19 

Edinburgh 

shower 

17 


We wish you a pleasant flight. 

Lufthansa 


Faro 

sun 

26 

Madrid 

lor 

29 

Rangoon 

doudy 

28 

Frankfurt 

shower 

ia 

Majorca 

sun 

29 

Reykjavik 

shower 

10 

Geneva 

shower 

21 

Mata 

sun 

31 

Hlo 

fat- 

23 

Gftnftar 

fair 

29 

Manchester 

shower 

14 

Rome 

son 

28 

Glasgow 

shower 

16 

Manila 

shower 

32 

S. Fraeo 

fair 

21 

Hsntwg 

shower 

IS 

Melbourne 

fair 

14 

Seoul 

show 

27 

Helsinki 

fair 

17 

Mexico CUy 

shower 

20 

Singapore 

cloudy 

32 

Hong Kong 

shower 

30 

Miami 

(hund 

32 

Stockholm 

shower 

16 

Honokdu 

shower 

32 

MHan 

shower 

24 

Strasbourg 

ran 

21 

Istsibuf 

sun 

28 

Montreal 

rain 

21 

Sydney 

fair 

19 

Jakarta 

cloudy 

32 

Moscow 

rah 

21 

Tangier 

fair 

re 

Jersey 

rfwwer 

17 

Mwrich 

shows 

21 

Tel Autv 

far 

32 

Karachi 

cloudy 

34 

Nairobi 

thund 

23 

Tokyo 

fair 

29 

Kuwait 

sun 

43 

Naples 

sun 

26 

Toronto 

shower 

20 

L. Angeles 

SIS) 

24 

Nassau 

shower 

32 

Vaicouwr 

shower 

17 

Las Palmas 

fair 

27 

New York 

Ur 

26 

Venice 

shower 

24 

Lima 

cloudy 

19 

Noe 

fair 

24 

Vienna 

cloudy 

24 

Lisbon 

13k 

27 

Pdcosta 

sun 

35 

Warsaw 

doudy 

21 

London 

shower 

17 

Osfo 

shower 

13 

Washngton 

fair 

27 

LuxJxvg 

shower 

16 

Pals 

diower 

19 

Wellington 

fair 

tl 

Lyon 

shower 

23 

Perm 

fair 

27 

Winnipeg 

doudy 

27 

Madeira 

fair 

2S 

Prague 

cloudy 

21 

Zurich 

shower 

IB 


THE LEX COLUMN 


Running scared again 


It would be nice to dismiss the violent 
market reaction to yesterday's US pro- 
ducer price data as simply Friday 
afternoon excess. Excluding food and 
energy, the August rise was only 0.4 
per c ent , but t he re are grounds for 
concern. First, there is growing evi- 
dence that inflationary pressures are 
b uilding up. As productivity gains 
associated with the early stages of 
recovery snbstde, input price rises 
may become harder for companies to 
absorb and will thus feed through 
more easily to the retail LeveL Second, 
yesterday’s market reaction shows 
that European bond markets have still 
failed to decouple from the US trend. 

That is bad for equities, which have 
managed to advance afrgad of bond 
markets since mid-summer, leaving 
relative valuations looking stretched, 
hi the UK, for ovampip equities trade 
at a small difirarmt to fn dex - linfrgd gift 
yields, while the gfltequity yield ratio 
of around 2JJ times leaves little room 
for comfort However good the recov- 
ery story, it will be difficult for Euro- 
pean equity markets to ignore devel- 
opments in bonds. 

Nor is it easy -to see bow the US 
bond market can 'calm down if infla- 
tionary pressures continue to surface 
even while the economy is cooling. 
That might require a more aggressive 
H ghtoifng than the Federal Reserve 
has so far under taken, which would 
certainly choke off the recovery in a 
way that again risks under mining 
Wall Street equities. Until that uncer- 
tainty is resolved, other markets may 
be nervous too. 

Costain 

Co6tain continues to spring nasty 
surprises. Admittedly, its profits 
plunge was not as bad as it looks since 
last year’s £68.lm pre-tax result bene- 
fited from a £6&5m profit on disposals. 
Bat the US mining operations, which 
were supposed to be the engine of 
growth, are now in loss - and the 
decision to sell these businesses raises 
the question of where the group goes 

nert Shareholder s have stumped Up 

£160m in rights issue money over the 
last three years, but the group’s mar- 
ket capitalisation is not even worth 
that amount and the outlook remains 
glum. 

On the positive side, the continuing 
disposals programme will finally en d 
fears that the group was in danger of 
being strangled by its debts. The bal- 
ance sheet is more or less repaired. 
Margins at the rump contracting busi- 
nesses are poor at L3 per cent, but 


FT-SE Index: 3139.3 (-40,7) 


Contain Group 

Share price Ipanc^ 
AS 



Costain claim they are better than 
most in the industry. 

Nevertheless, the group does not 
have the scale or financial muscle to 
participate in the high-margin lead- 
contracting business for large-scale 
private finance initiati ves. Elsewhere, 
the contracting market is unlikely to 
improve for at least a couple of years. 
Probably the best option would be for 
Costain to be absorbed by another con- 
struction company. Such deals do not 
have a good record, but they can work 
if the differing cultures can be suc- 
cessfully welded. 

Fids 

Foreign i rro rp**- dividends, known to 
tiie cognoscenti as fids, have begun to 
catch on. This week Coats Viyella, 
BTR, RTZ and Burmah Castrol all 
announced they were adopting this 
form of payout. Like last year’s 
enhanced scrip dividends, fids reduce 
a company’s liability to tax. By paying 
the dividend out of foreign Income 
which, has been tarai abroad, a com- 
pany can escape advance corporation 
tax. The lower tax bQl enhances its 
earnings. Fids are a more - welcome 
device than enhanced scrips, princi- 
pally because they require companies 
to pay cash dividends. At best 
pnhanneri scrips dilated an investor’s 
stake. At worst they were little more 
than rights issues in disguise. 

The impact of a fid is neutral on 
tax-exempt investors provided - as 
has happened in every case so far - 
the company grosses up the payment 
to compensate them for their inability 
to claim an ACT credit Tax-paying 
investors then become the main bene- 
ficiaries, as they receive a higher divi- 


dend t han would otherwise have been 
the case. Tax-exempt investors nay 
grumble that others are receiving a 
larger slice of the cake than hitherto. 
Yet even they should reap some indi- 
rect benefits. 

The earnings enhancement that 
comes from fids is somewhat illusory. 
The company must pay extra divi- 
dends to reduce its tax bQl, so its cash 
position is unchanged at the end of 
the day. But though the benefits are 
unequal, the feet that more cashis 
being distributed should push up 
share prices and increase value for 
everybody. Moreover, the rules pre- 
vent any scrip alternative or .share 
issue in connection with fids, which Is 
one reason BTR's results wore notable 
for tire absence of a warrant issue. To 
benefit from the scheme, companies 
must ensure their subsidiaries abroad 
are generating the cash to pay for it 
There cannot be harm in that 

Art market 

Art may not be a perfect indicator of 
where the world economy is heading, 
but it is better than many. When peo- 
ple* believe they have more disposable 
income, they spend it on mconsequen- 
tialk such as antique toys and pretty 
pictures. The art market is experienc- 
ing a recovery of sorts, but, as in the 
broader economy, confidence remains 
fragile. Although Christies’ auction 
sales were up 19 per cent year on year 
during the first six months, they were 
ma rginally down on the previous half 
year. Consumer confidence had been 
hit by tire collapse in the band mariwt, 
accounting for disappointing sales of 
Impressionist and modem painting 
during May and June. 

While Asprey complains that heads 
of state are spending less, Japamse 
corporate buyers and Australian 
entrepreneurs also remain absent 
from the art market North American 
buyers have given few signs of pur- 
chaaing works as hedges against infiai 
tion. 

As an indicator of global shifts in 
wealth, the art market is an even bet- 
ter guide. Buyers are Increasingly 
from the rapidly expanding far eastern 
economies. The Asian region now 
accounts for 10 per oent of Christies’ 
auction sales. Although such buyers 
are purchasing local works - Chris- 
ties' sales of oriental works were up 25 
per cent - they are also picking up 
easy-on-the-eye Impressionist pictures. 
Whether they can drive prices to the 
absurd levels of 1990 is highly 
unlikely. 



vesting m 



from 


verien 



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To Rdafty Inve stm e n ts. POBta 88. Tontadgu Kent TMfl 9DZ. Fa* no. 44 732 838836. 
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FINANCIAL TIMES WEEK-END SEPTEMBER I O/SEPTEMBER 1 1 1994 


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SECTION II 


Weekend September 10/Septcmber 11 1994 


Will they bid for peace? 


$ 


The republicans 
say they have 
given up violence. 

But are the 
unionists buying 
it? Christian 
Tyler went to 
Northern Ireland 
and asked them 


A woman in the little crowd 
outside the Orange Hall was 
shouting. “Is Gerry Adams 
in there? Is he hiding under 
Mayhew’s raincoat?" 

Inside the hall. Sir Patrick Mayhew, tall 
and grey-faced, was m aking his most 
important public appearance since the IRA 
ceasefire. Alternately flattering and firm - 
and with an apology for past misunder- 
standing - the Secretary of State for 
Northern Ireland was trying to cajole the 
distrustful ranks of Protestant brethren 
who remain convinced their British gov- 
ernment is selling out to Sinn Fein and the 
IRA gunmen after 25 years of bloodshed. 

The hall was decked with the banners of 
the Orange lodges for an historic encoun- 
ter in the town of Comber, County Down, 
on Wednesday night. About 200 men - and 
half a dozen women - were packed into an 
airless upstairs room. Arrayed in the 
orange stoles and insig nia of their Order, 
they looked honest, decent folk - but 
implacable. They declared their fears and 
suppressed their anger as they respectfully 
applauded the first Secretary of State to 
come down from Stormont Castle to face 
the rank and file of Orange Protestant 
unionism. 

Before Mayhew's ordeal a minister said 
prayers and read from St Paul's epistle to 
the Thessalonians. The Grand Lodge chair- 
man. the eloquent David McNarry. warned 
against indiscipline on the floor. Sir Pat- 
rick was then presented with a handsome 
bible: and for a moment it seemed he was 
expected to take the oath on the spot 
There Is No Secret Deal. 

The unionist majority of northern 
Ireland feels itself the underdog these 
days, the more so as Sum Fein reaps the 
propaganda rewards of Its 10 -day-old initia- 
tive. For many unionist footsoldiers the 
IRA declaration is a tactical sham, a con- 
trick. They are suspicious of the republi- 
cans, suspicious of Westminster, afraid of 
being cast as the villains of the piece, 
afraid of their own triumphalist paramili- 
taries, and afraid of domination by Dublin 
- or Rome. 

Can such people ever make peace? 

In spite of the universal hope of peace, 
for many unionists the IRA ceasefire has 
changed nothing. Asked whether he felt 



A ringside seat in Ulster: farmers at the weekly Saintfleid Rvestock auction In County Down. For many uraontoto, the RA ceasefire Ins changed nothing 


Tony Andrews 


differently now. an old farmer at the Saint- 
field weekly cattle auction winked rogu- 
ishly and said; “No. I had my hair cut last 
week. It’s grown again this week." 

Fanners tend to be men of few words. 
But the buyers clustered at the ringside 
this week, giving almost undetectable 
jerks of the thumb to register their bids 
with the feat-talking auctioneer, constitute 
the backbone of a dangerously aggrieved 
majority. 

William Dick, a pleasant and articulate 


young beef fanner with 140 acres, is a 
local councillor from the Rev Ian Paisley’s 
Democratic Unionist Party. Speaking after 
Paisley’s showdown with John Major at 
Number 10 this week, be said mainlanders 
should not make the mistake of thinking 
that just because Paisley had “bis own 
way of expressing himself" he did not cor- 
rectly represent the views of the commu- 
nity. Nor should they forget that in the 
recent European elections, Paisley’s party 
had topped the Ulster poll 


“We have made our views known, but 
the unionist viewpoint bas been set aside." 
he said. “For the English it is hard to 
perceive what is going on. At local level 
we have no trouble getting on with the 
SDLP (the non-violent republican party led 
by John Hume) but at national level their 
demands are hardening all the time." As 
for Gerry Adams and Sinn Fein, they had 
sponsored butchery one week and been 
received by the Irish Prime Minister the 
next. “There baa been no word of remorse. 


no apologies for the deaths." 

Even out in the rolling countryside of 
County Down, most people have been 
touched by the violence. The last IRA vic- 
tim before the ceasefire was a friend of 
Councillor Dick, a part-time member of the 
Royal Irish Regiment (formerly Ulster 
Defence Regiment) and church organist 
called Trelford Withers who was shot at 
point-blank range in his shop in nearby 

Continued on Page XHE 


7 was on holiday in 
London when the IRA 
Christmas bombing 
campaign began I was 
worried for the bobbies. 
Me! Irish Dan Ring!' 

Hie view from Boston, Page XIII 


CONTENTS 

Finance & Family : Are these the 

re-emerging markets? 

III 

How To Spend It : Starck naked 

and simply stylish 

XII 

Gardening : Gentle end to a 
scorching summer 

XV 

Food : A fresh, simple flavour of 
Provence 

XVI 

Collecting: Rays of sunshine break 

the Cotswold gloom 

XVII 

Sport s Primo Nebiolo dears his 
route to the Olympic throne 

XXII 



Bob Hawke interview: 10 rounds 
with the Australian political 
pugilist Page XXIV 


Arts 

Books 

Bridge. Clues, Crossword 

Collecting 

Fashion 

Finance A the Family 
Food A Drink 
How To Spand It 
Ootr inic Lawson 
Markets 
James Morgort 
Motortrg 
Property 


SmaH Business 
Spoil 

Travel 

TV&RjkSo 


xvn-nx 

xx 

xxni 

XVH 

X-XJ 

a-K 

xw 

XB 

XXIV 

« 

XN 

XXX 

XIV 

XV 

XVI 

xxn 

XXI 

xxni 


Long View /Barry Riley 

A new phase of crisis 



When the German 
government can no lon- 
ger easily sell its bonds 
you have to start worry- 
ing. For decades Ger- 
man bunds set the stan- 
dard for investment 
quality among fixed-in- 
come securities but, this 
week, the yield on 10- 
year D-Mark bonds rose to more than 
7V» per cent - significantly greater than 
the yield on those by the US Treasury 
and denominated, or course, in the 
dodgy dollar. 

That old law of supply and demand is 
at work here. A reminder of the sheer 
volume of supply of bonds around the 
world comes from the annual Salomon 
Brothers estimation exercise, which has 
thrown up a figure of $1&3 trillion fltrn 
= I.OOObn) as the size of the world bond 
market by the end of last year. 

This covers the 21 leading currencies, 
although almost half the bonds are 
denominated in US dollars and by the 
time you have added in Japanese, Ger- 
man, Italian, French, British and Cana- 
dian paper you have covered 80 per cent 
of the field. 

Total outstanding debt rose 10 per 
cent in 1993, expressed in dollars. The 
world's investors swallowed all the new 
issues greedily - a net total of $1.6 
trillion - then choked. They have spent 
1994 regretting this over-indulgence. 
The US 30-year Treasury bond yield at 
about 7.5 per cent is slightly below the 
worst but is a long way above tbe 5 l 8 
per cent at which it trough ed in the 
totter part of 1393. 

Not only bas the overall yield on 
bonds risen but there bas been a widen- 
ing of differentials as investors have 
become more conscious of risk. Swed- 
ish, Italian and Spanish 10-year govern- 
ment bond yields are running at more 
than 400 basis points over the corre- 
sponding US Treasury bond yields. 

What ore tbe risks? Firstly that the 
currency will depreciate but ultimately 
that some country or other will get into 
such a mess that it will have to restruc- 
ture its debt The sort of risks that used 
to be confined to tbe third world are 


now beginning to trouble first world 
investors. Old-fashioned fiscal disci- 
pline is right out of fashion. This week 
the European Commission ticked off 10 
out of 12 member states for running 
excessive budget deficits. 

In the bond market they particularly 
worry about elections. They were 
mildly impressed by Silvio Berlusconi’s 
victory in Italy but have lost faith sub- 
sequently. Now there is an imminent 
poll in Sweden promising the return of 
the social democrats and another in 
Denmark, althou gh Denmark is a long 
way from being on any critical list 
For obvious reasons electors do not 
tend to vote in a way that bond inves- 
tors would like. The man in the street 
likes public money to be spent on 
health, education, social security and 
other benefits but hates the idea of pay- 
ing matching taxes. He also flirts with 
nationalism and ideas of separation, a 
theme that has sent the Canadian bond 
market into a tizzy over the imminent 
Quebec elections that may well restore 
a secessionist Parti Quebecois to power. 

T hat is not to say that the PQ 
could ever win a referendum 
on separation. But the very 
possibility that particular 
regions of a troubled country might try 
to walk away from responsibility for a 
large part of tbe national debt is a 
bondholders’ nightmare that may yet 
haunt creditors of the Belgian and Ital- 
ian governments, to name but two. 

Oddly, unification can be fiscally dan- 
gerous too. Germany has accepted the 
financial burden of its restored eastern 
provinces, but it would prefer not to 
pay up right away. Hence, most of the 
debt problems. 

Germany is also facing elections this 
autumn. It seems that Helmut Kohl is 
likely to be returned to power, and poli- 
cies will not change significantly. But 
those policies have become notably 
slack - extraordinarily so by past Ger- 
man standards - so that the money 
supply is rising strongly and govern- 
ment borrowing is worryingly high. 

Internationally, therefore, the prob- 
lems in bonds are becoming focused in 


public sector debt. A few years ago 
there was a flurry of private sector 
problems, notably in US junk bonds, 
but such of the corporate indebtedness 
has been refinanced through the boom- 
ing equity markets, in emerging as well 
as developed markets. Central govern- 
ment outstanding bonds rose by 12 per 
cent last year as the fiscal deficits bal- 
looned. 

And whereas in 1980 the share of new 
bond finance raised from abroad ranged 
from just about nil for France and 
Spain and up to 14 per cent for Ger- 
many and the UK, by 1993 these coun- 
tries were selling 25 per coat upwards 
to foreigners. 

In fact, Germany in recent years has 
often sold more than half its bunds to 
international investors (although for- 
eigners have now lost their appetite, 
helping to explain tbe recent sharp rise 
in funding costs). The solution to the 
bond market’s woes is clear enough - 
governments must cut their spending 
and encourage higher savings among 
their populations. But it is a deeply 
unpopular message and not one that 
can be writ large on election manifes- 
tos, even if the strategy will, perforce, 
have to be adopted eventually. 

Hence the fear that the bond markets 
may have to choose a sacrificial victim. 
Some uncooperative country or other 
in Europe will be declared a pariah. Its 
debt spurned except perhaps by scaven- 
gers running vulture funds. Would 15 or 
20 per cent interest rates force such a 
country to reconsider. It might simply 
declare a siege economy and restruc- 
ture its liabilities, say by converting its 
debt into 30-year bonds yielding a “fair" 
5 per cent It is not clear who would be 
teaching whom a lesson. 

At any rate, we seem to be entering a 
new phase of the bond market crisis 
that began last February, this time cen- 
tred in Europe. Investors seem to per- 
ceive that tiie risks have risen. Or 
maybe it is that tbe Japanese, with a 
trade surplus, are hogging too much of 
the world's liquidity and. scarred by 
losses, are refusing to recycle it into 
long-term markets. But those elections 
won't be over a moment too soon. 




A •• 1 i 




□item Milts HEoargingMirtfU Sonar Gums FIighL Dauaresm 


We believe uivcoon should bold up K> 10% of 
their international equity portfolios in the 
Emnpng Mirim - U> wryn? evpovurc to 
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GflOOTMMG 

Mm of these markets are now at Itu'li 
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tr.-ij is*® nr-s asc 'its 


xvx ns-: s- 


country funds or internal unullv iridcd 
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FOCUS ON CUffiENCYRISX 

Funicular attention will also he paid in 

pm -run I currency risks and opportunities, 
offered hy these market-. 

Asset allocation and currency onalisn arc- 
areas of proven erpc-ni.cc n Guintuc Might, 
js evidenced by major Muiupal Award-, 
received in IP9J. 1«Gand1«l3 

LAUNCH DISCOUNTS 

Until 30 September. 1994. there is no 
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n-rc-ive n I 1 ". discount, off the fund s normal 
initial rliaige of 5\ during this pen oil 

Return the coupon today, call our Investor 
Services Department on (441 481 ~1 II 7t! in 
contact your Financial Advrsvr. 

(; U I N N K S S KI.Ki H T 


GLOBAL EMERGING MARKETS FUND 


■Jvi 


Rruon UK Cuma fldv Fund Managers (GuCimc I LhnhcJ. Cuntims Fibril Kinoc, 

PO Bo* 250. Si ftur PUL Guanoes. CY1 JOI I. Tel M-U «l 7I2I7K. Fas. [141 4SI "IS*!? 
Hmr mi n detail* uf the new Gilucu Flight Global I: imaging Markets Fund. 


Tldr 

Address. 


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II WEEKEND FT 


FINANCIAL TIMES WEEKEND SEPTEMBER 10/SEPTEMBER 1 1 1994 


MARKETS 


London 

Industrial 
shares wilt at 
the margins 

Andrew Bolger 


Slow climb from the trough . 

GB housebuilding sinrts fOOC) seasonal adjusted 
24 


F ew companies are 
big enough to 
move the London 
market sin- 
gle-handed, but 
BTR certainly achieved that 
dubious distinction this week. 
Unexpectedly low interim prof- 
its from the industrial con- 
glomerate helped tip the FT-SE 
100 back through the 3,200 
Level it had been hanging on to 
since the summer rally. 

This is partly a question of 
scale: BTR is one of the UK’s 
biggest manufacturing group's, 
even after Thursday's sell-off 
cut its market market value by 
£l.6bn to £l2.2bn. Analysts 
estimated that the plunge in 
BTR's share price alone 
accounted for nearly 10 points 
or the FT-SE's 100 s 235 point 
decline on the day. 

The main reason, however, 
was that a drop in BTR’s profit 
margins confirmed a concern 
over manufacturing shares 
which has been increasingly 
worrying investors in recent 
weeks. 

The growth in retail spend- 
ing and consumer confidence 


remains subdued, as demon- 
strated by the confirmation 
that last month's new car sales 
fell well short of the industry's 
hopes and the modest level of 
new housing starts. The Con- 
federation of British Industry’s 
distributive trades survey 
suggested that retail sales in 
August were only slightly up 
on a year ago. 

A good summer helped Cad- 
bury Schweppes, the sweets 
and soft drinks group, lift prof- 
its by 23 per cent. But the com- 
pany, which bottles Coca-Cola, 
admitted that sales of Coke in 
J. Sainsbury stores fell by 15 
per cent after the UK's largest 
supermarket chain launched 
its own-brand of cola. 

Investors had responded to 
these pressures on the retail 
sector by moving out of con- 
sumer-oriented companies and 
into industrial manufacturers, 
which seemed better placed to 
benefit from increasing eco- 
nomic growth. The theory was 
that manufacturers, having 
reduced their workforces dur- 
ing the downturn, would be 
able to transform quickly any 



1988 as 80 91 

Source: Dataatream 

significant rise in demand into 
increased profitability. 

BTR’s results highlighted the 
big flaw in this argument: 
manufacturers are finding it 
difficult to pass on rising raw 
materials prices to their cus- 
tomers, who are themselves 
struggling to sell goods to 
unenthusiastic consumers. 

BTR said the problem was 
particularly acute in the auto- 
motive industry. All the big 
car groups are taking a leaf out 
of the book of Volkswagen, 
where the Spanish executive 
Jose Ignacio Lopez de Arrior- 
tua has cut costs by putting 
pressure on suppliers. 

Alan Jackson, BTR's chief 
executive, said his group 
would turn away some of this 
automotive work, rather than 
lower Its profitability. How- 
ever. the warning of margin 
pressure still caused dismay: 
BTR has a strong position in 
many markets, and if it cannot 


92 93 94 1968 89 90 


HIGHLIGHTS OF THE WEEK 


Price 

/day 

Change 
on week 

1994 

High 

1994 

Low 


FT-SE 100 Index 

3139.3 

-83.4 

35203 

2876-6 

Results disappoint 

FT-SE Mid 250 Index 

3736.0 

-45J3 

4152.8 

3363.4 

Following the blue chips 

Aijo Wiggins 

276 

+11 

316 

237 

Weff-recefved figures 

BTB 

329 

-54% 

401 

329 

Poor figuroa/cautious statement 

Bowater 

487 

+20 

524 

409 

Boost from figures 

Cable & Wireless 

419 

V. -36 

543 

394 

Casanova downgrade 

Caitaxy Schweppes 

457 

• -27 

545 

407 

Profit-taking after results 

Enterprise Oil 

408 

+20 

486 

379 

Oversold/better than expected figures 

MEPC 

435 

-33 

562 

409 


Manweb 

047 

+24 

871 

635 

Cost-cutting/buys In shares 

Medeva 

146 

+17 

187 

120 

Profits above forecasts 

NatWest Bank 

509 

+15 

622 

421 

Broker ‘buy’ recommendations 

Schraders 

1533 

+55 

1540 

1050 

Re-Joins FT-SE 100 

South Wales Beet 

819 

+32 

840 

591 

Buys In own shares 

Standard Chartered 

271 

♦16 

359% 

223 

Lehman Bros positive 


resist being caught in this sort 
of squeeze, then weaker manu- 
facturers will have even less 
chance. 

There was, consequently, a 
large switch of funds out of 
manufacturing companies and 
into traditional safe havens 
such as utilities, which con- 
tinue to offer high dividend 
payments. British Gas held its 
dividend, in spite of a slight 
drop in profits. The group con- 
firmed that its reorganisation 
programme was on schedule, 
and that an additional 3,000 
people had been made redun- 
dant in the first half , bringing 
the year-on-year total to 10,000 
out of a target total of 25,000 
over the next three to four 
years. 

Shares in Man web also rose 
after the Cheshire-based 
regional electricity distributor 
said it would cut 500 jobs. 11 
per cent of its workforce. The 
group is the second in the sec- 
tor to respond to the regula- 
tor’s recent price review with 
job cuts and a wide-ranging 
restructuring. Most aS the Rees 
are expected to announce simi- 
lar action to cut costs over the 
coming weeks. 

Reducing the workforce 
seems a foolproof wheeze for 
making privatised monopoly 
suppliers more profitable, and 
increasing their dividend 
streams, but it also offers one 
due as to why the recovery in 
consumer confidence and retail 
spending remains fragile. 

.. News of the slowdown In 
retail sales growth, combined 
with a marked narrowing in 
Britain's visible trade deficit in 
'June, at least raised hopes that 
Kenneth Clarke, the chancel- 
lor, would hold back from an 
early rise in interest rates. On 
the most optimistic view, these 
figures hold oat the prospect 


that UK recovery could be 
becoming more established 
without threatening to push 
inflation higher or trigger a 
balance of payments crisis. 

S.G. Warburg, the invest- 
ment bank, points out that, in 
spite of some disappointments 
this week, most companies 
reporting tn the current 
interim results season have 
matched expectations, even if 
they have failed to justify the 
upgrades in earning ?; forecasts 
which some had looked for. 
Warburg says: 'In consequence 
a period of disappointment and 
nervousness may be inevitable, 
not least while investors con- 
sider how generally applicable 
BTR's talk of margin pressures 
as raw materials rise is." 

London equities were further 
unsettled yesterday, when 
news of unexpectedly high US 
producer prices startled the 
bond market with the prospect 
of another rise in US interest 
rates. Even if UK interest rates 
go up later rather than sooner, 
no one in the market doubts 
that an increase is coming. As 
the aut umn progresses, we will 
also see increasing speculation 
over the contents of the 
November Budget - particu- 
larly regarding the govern- 
ment’s intentions on the tax 
treatment of dividends. 

One possible source of opti- 
mism came from BTR, which 
said it was on the lookout for a 
large acquisition. The group’s 
borrowings have fallen below 
the level they were at before it 
paid £L55bn in 1991 for Hawker 
Siddeley, the aerospace and 
engineering group. BTR will 
certainly not just consider on 
UK opportunities, but a well-- 
judged large domestic deal 
could both chew the market 
and take the group out of the 
doghouse. 


Serious Money 

Investments that 
spell danger 

Gillian O'Connor, personal finance editor 


A merican pundit Ben- 
jamin Graham com- 
pared the stock mar- 
ket to a manic 
depressive. “Mr Market" was 
always ready both to buy and 
sell, but his share price quotes 
veered from the ridiculously 
high to the absurdly low as his 
excessive optimism about com- 
pany prospects gave way to 
equally exaggerated gloom. 

The chart on page m sug- 
gests that, if all markets have 
a touch of the reanin depres- 
sive about them, emerging 
markets are an extreme case. 

This patient is highly unpre- 
dictable and dangerous to 
know. For the average private 
investor, that means investing 
through a broadly-based hind 
and staying aboard for the long 
term. Trying to take advantage 
of manic depressive market 
swings is a mug’s game. 

□ □□ 

Warrants were one of inves- 
tors' favourite toys last year - 
but toys can be dangerous. 
This week, the price of BTR's 
93-94 warrants tumbled from 
87p to 45p as bad results at the 
conglomerate knocked its ordi- 
nary shares back by 44p to 
338p- 

The fall in the price of the 
ordinary shares was only UL5 
per cent So, why did the war- 
rants nearly halve? 

These particular warrants 
give investors the right to bny 
ordinary shares in BTR at 
288p, but this right expires in 
October. The brevity of this 
remaining period is the main 
reason the warrant price 
responded so dramatically to 
the move in the underlying 
share price. 

Add the warrant price (45p) 
to the subscription price (288p) 
and the warrant-holder can 
buy BTR shares for an effec- 
tive 333p, close to the present 
share price. 

When warrants get very near 
the end of their life, they tend 
to move penny for penny with 
the share price - as the 93-94 
BTR warrants did. But war- 


BTR warrants collapse 

Piles (pence) 

110 



Sep S3 . . 

soueg Pgt BS W M W . 

rants with longer to run nor- 
mally sell for more than the 
conversion sums would sug- 
gest For the extra time itself is 
valuable, pnfl this “time value" 
tends to act as a buffer to the 
warrant price. 

Longer-dated warrants do 
not normally react as sharply 
to movements in the underly- 
ing shares as ernes near expiry. 

Many people first get their 
warrants as an add-on to a new 
issue (particularly investment 
trust issues) or as part-pay- 
ment in a bid. What they need 
to remember is that the riski- 
ness of these warrants might 
well increase as they age. All 
warrants are potentially dan- 
gerous. 

Short-dated warrants are the 
most explosive, though. Selling 
your warrants when they still 
have a couple of years left can 
prevent some last-minute 
upsets. 

□ □□ 

Foreign income dividends 
(Fids) are a wet towel subject 
but they are getting more pap- 
ular with companies. The trail- 
blazer came from BAT in 
March; Coats Viyella, Bramah 
Castrol and RTZ all joined in 
this week. So; It .'is worth 
understanding the rules. 

Fids are suitable only for 
companies getting a large pro- 
portion of profits from over- 


seas. Some such companies 
used to face an abnormally 
high tax charge because their 
mainstream corporation tax 
liability did not suffice to cover 
tax paid on dividends. A Fid 
carries a normal 20 per cent 
tax credit, but tax-exempt 
shareholders cannot claim a 
rebate. 

Very broadly, if a company 
paying a Fid pays the same net 
dividend as one paying an ordi- 
nary dividend, investors pay- 
ing tax get the same amount, 
but tax-exempt shareholders 
get less from the Fid than they 
would from an ordinary divi- 
dend. Tax-exempt shareholders 
include large investors such as 
pension funds, private share- 
holders whose low income 
takas them out of the income 
tax net, and personal equity 
plan-holders. 

Companies are tending to * 
increase their net Fid dividend ' 
payments by 25 per cent in 
order to make good the cut in 
income of their tax-exempt 
shareholders. This attempt to 
level the playing field in prac- 
tice tilts it in favour of tax-pay- 
ing investors, for they actually 
benefit from the dividend 
increase. 

Shunting your holdings 
around to get potential Fid- 
payers outside your Pep is . a . 
hassle. But the discrepancy 
could be worth bearing in 
mind when deciding which 
companies to put into your Pep 
in the first place. 

The sums, courtesy of BZW, 
are: 

1. For a UK dividend 
received of 80p. A bask rate 
(20 per emit) tax-payer gets 80p, 
a higher rate (40 per cent) tax- 
payer gets 60p, and a Pep- 
holder gets lOOp. 

2. For a Fid received of 89p. 

A basic rate tax-payer gets 80p, 
a higher rate tax-payer gets 
60p, and a Pep-holder gets SOp. 

3. If the company pays a Fid 
but increases it to lOOp. A 
basic rate tax-payer gets lOOp, 
a higher rate tax-payer gets 
75p, and a Pep-holder gets 
lOOp. 

Apologies for the headache- 


AT A GLANCE 


Finance and the Family Index 

Emerging markets - ...... Ill 

The Week Ahead/Results Due IV 

Is this the time to invest in breweries? VI 

Charges disclosure/ Directors' dealings/ Rbs prices VII 

Divorce: do you need a forensic accountant? Vm 

Old age insurance /QS. A briefcase /Highest rates DC 


Japan 

Nikkei 225 Index (000) 


RTZ 

Share price (pence) 



Tokyo market hits 
oversupply snags 

The Tokyo stock exchange was hit das week by the listing of 
Japan Telecom, the country's third largest telecommunications 
company- Bather than boosting the market as had been 
expected, the flotation created an oversupply problem, and 
sheres in the newty-hsted company fell, pulling other sectors 
down too. On Thursday, the Nikkei index fell through the 20,000 
level for the first time in four months. 

Traders are also worried that another big flotation next month - 
Japan Tobacco - could hither depress the iparket The Tokyo 
market had a good first half of this year, helped by cash inflows 
from foreign investors, t>ut has stagnated in the 20,000 to 21 ,000 
band since mid-summer. 

Boost in demand for metals 

The encouraging growth In world economic activity is boosting 
demand lor metals such as copper, aluminium, lead and zinc, 
and minerals such as coal and titanium dioxide - which gives the 
whiteness to paint, some plasti cs and tiles. 

All these are produced by RTZ. the world's biggest mining 
company, which this week pleased the market by reporting 
interim profits at the top end of analysis' expectations: a 30 per 
cent increase to £242m in comings adjusted to reflect the 
underlying business performance by excluding exceptional items. 
The group. usuaBy a conservative forecaster, also said the global 
economic outlook had not looked as favourable since the 1960s. 

Free guide on stockbrokers 

If you are thinking of using a stockbroker for the first time, 
pn vote client stockbroker Garrard Vivian Gray has produced a 
»mpf? guide to choosing one. It covers areas such as location, 
making a short-list, regulation, fees and so on. For a free copy, 
write to Tracy Preston at Gerrard Vivian Gray, Bume House, 88 
High Hcrtbom. London WG1V 6LS. 

Smaller companies unchanged 

Smaller company shares ended the week virtually unchanged. 
The Hoars Go vert Smaller Companies Index (capital gains 
version) slipped less than one point from 1715.10 to 1714.88 
over the week to September 0. 

Next week’s family finance 

Do you believe mat you have suffered as a result of poor 
financial advice? Next week we guide you through the process of 
making a complaint against your financial adviser. 


Wall Street 


Inflation sours the mood at bulls’ party 


P at the bubbly back on 
ice, deflate the bal- 
loons and cancel the 
catering: It looks as if 
Wall Street’s late-summer/ ear- 
ly-autumn market rally may 
never materialise. 

Two weeks ago, share prices 
began an ascent which took 
the Dow Jones Industrial 
Average up from around 3,750 
to over 3,900 in eight trading 
days. Although stocks subse- 
quently stumbled, they 
rebounded nicely this Thurs- 
day as the Dow again climbed 
above 3,900. 

With mutual funds reporting 
rising cash Inflows, bond 
prices seemingly stable, and 
Federal Reserve monetary pol- 
icy possibly on hold until the 
end of the year, there was a 
spring in the step of investors 
and traders not seen since 
early February. 

Now, however, any optimis- 
tic thoughts Wall Street might 
have had about a sustained 
rally in share prices may have 
to be shelved. Yesterday, fol- 
lowing disturbing inflation 
news, bond prices plummeted 
- pushing the yield on the 
benchmark 30-year govern- 
ment bond up to 7.68 per cent 
- and stocks dropped sharply. 


T he image of US super- 
model Cindy Craw- 
ford. chosen to dem- 
onstrate Bowater's 
media imaging technology at 
its interim results this week, 
was appropriate - even if 
David Lyon, chief executive, 
looked somewhat bemused pos- 
ing alongside it for press pho- 
tographs. 

A 15 per cent increase in 
underlying profits for the six 
months to June 30 confirmed 
that the packaging, print and 
coated products group has 
become something of a super- 
model among companies. Few 
manufacturing businesses can 
match Us progress, even 
through the depths of reces- 
sion. since new management 
took over in 1987. 

First-half profits, excluding 
exceptional items, have 
increased every year, from 
£17 .3m to £109m over the 
period: operating margins have 
increased every first half 
except one, from 35 per cent to 
9.2 per cent; the interim divi- 
dend has grown at a compound 
rate of 15 per cent. The story 
for the full-year results is simi- 
lar. 

In spite of this record, how- 


In the first half-hour of trad- 
ing, the Dow fell more than 40 
points, and although the aver- 
age recovered slightly later In 
the morning, the damage to 
the market’s psyche had been 


Dow Jones Industrial Average 

3,950 - — * — » 


The cause of the stock and 
bond markets* kisses was the 
producer prices index, which 
the Labor department said yes- 
terday had climbed 0.6 per 
cent in August That was the 
biggest Increase in the PPI in 
four years, and well above the 
0.4 per cent forecast by most 
analysts. Just as troubling, the 
“core" PPI (a measure which 
excludes the volatile food and 
energy prices) rose by 0.4 per 
cent again more than expec- 
ted. 

For an inflation-sensitive 
bond market the August PPI - 
which pat the annual rate of 
producer price inflation at ZJ9 
per cent - was too modi to 
bear. Inflation has remained 
relatively low throughout this 
year, and some analysts had 
expressed confidence that the 
Fed's five policy tightenings 
would ensure It remained that 
way, bnt fixed-income inves- 
tors have been unable to shake 
their concern that at some 
point, economic growth would 



feed through Into higher 
prices. Consequently, they 
have been ready to sen bonds 
at the first hint of rising infla- 
tion. 

To the inflation-fixated, yes- 
terday’s PPI report was more 
than just a bint. As James Sol- 
loway, chief analyst at Argus 
Research in New York, pot it 
“TTris should again raise fears 
that the Fed has not done 
enough to nip inflation in the 


bud. Inflation is not dead by 
any stretch of the Imagina- 
tion." 

The breakdown of the PPI 
data was particularly disturb- 
ing, as it showed rising prices 
across a range of goods. Coffee 
prices soared 12 per cent, 
tobacco climbed 1.4 per cent, 
energy 1.7 per cent, and cars 
and food prices both rose 0.7 
per cent Analysts can explain 
away the occasional jump in a 


PPI component bat when a 
broad group of prices are ris- 
ing, it becomes more difficult 
to ignore. 

David Jones, an economist 
at Aubrey Langston, said yes- 
terday that inflation was "cer- 
tainly building up in the goods 
production chain. We saw it a 
year or so ago in commodities 
and now ft’s worked its way 
down to the finished goods 
level, and we still see inflation 
in in the pipeline at the crude 
and intermediate goods leveL* 

What this means for the 
stock market is that investors 
cannot relax their guard 
against further increases in 
short-term and long-term 
interest rates. If next week’s 
August consumer prices index 
is anything like as worrisome 
as the PPI was, then bond 
prices could tumble further, 
and the Fed could quickly be 
forced to break its current 
holding pattern on monetary 
policy. That would spell trou- 
ble for share prices. 

There is a possibility, how- 
ever, that the Fed will not 
make another move on inter- 
est rates soon because the 
increase in the PPI may have 
been exactly what it was 
expecting. 


The central bank has raised 
short-term rates five times in 
the past six months in what 
has become a sustained round 
of policy tightening. Although 
ft drew fire for its actions - 
most notably from politicians 
worried the rate increases will 
reverse the recovery which 
began in 1992 - the Fed may 
have known, or at least sus- 
pected, all along that the econ- 
omy was growing to fast for 
inflation to remain dormant 
forever. 

Given that interest rate 
increases do not have an 
immediate effect upon eco- 
nomic growth - the time-lag is 
varionsly judged to be 
between six to nine mouths, 
depending upon the vigour of 
file economy - the Fed may 
well be untroubled by yester- 
day’s disturbing PPI data, 
secure in the knowledge that 
tins year’s policy tightenings 
win soon begin to take its toll 
on the economy and biflatunL 

Patrick Harverson 


Monday closed 

Tuesday 3898.70 + 13.12 

Wednesday 3886.25- 12.45 

Thursday 3908.46 + 2U1 

Friday 


Bottom Line 


Bowater’s supermodel image 


ever, Bowater's shares had 
fallen after its two previous 
results presentations, as it 
warned last autumn of falling 
demand for packaging, and in 
spring this year of a possible 
squeeze on margins as raw 
materials prices began to rise. 

There was no such problem 
this time. Bowater said raw 
materials prices - mainly 
paper and resin - had indeed 
risen about 20 per cent 
between April and June, 

than kg to increasing demand 

in key markets. But the com- 
pany had passed on the rise to 
customers, and believed it 
could pass on the further 
increase of up to 10 per cent 
expected by the end of the 
year. The shares gained I9p on 
the day to 492p. 

In 1987 Bowater was a rag- 
bag of relatively unconnected 
paper and packaging busi- 
nesses. Through a series of 
acquisitions it has developed 


Bowater 

Share price relative to Uw 
.FT-SE-A Aft-Share index 

2S0 . — 


Pre-fax profits 

m 

250 



strengths in three sophisti- 
cated, value-added sectors of 
packaging and printing - food 
and drink, toiletries and cos- 
metics, and healthcare and 
pharmaceuticals, as well as in 
the coated products sector. 

It has operations in North 
America, Europe and Austrai- 


111 

g 

All 



20Q 


ISO 


too 


SO- 


TOS SO 91 92-93 


asta. The restructuring began 
in 1987 with the acquisition of 
Rexham Corporation, the cus- 
tom coatings and laminates 
group, followed in 1989 by 
Release Technologies, the 
release films and papers manu- 
facturer. 

In 1992, Bowater bought 


DRG, a food and healthcare 
packaging supplier, and Cope 
Allman, a cosmetics and phar- 
maceuticals packaging group. 
The buying spree was com- 
pleted last year, with Specialty 
Coatings International, the US 
coated products group. 

The most recent acquisitions 
were funded by two successful 
rights issues, allowing Bowater 
to keep borrowings down - 
gearing is a moderate 43 per 
cent 

Now, David Lyon says, 
Bowater is entering a new 
phase. Restructuring is over, 
and the group plans to expand 
through organic growth, with 
some “bolt-on” acquisitions to 
strengthen its position in cer- 
tain markets. 

It has formed a team of “free 
spirits", roving senior execu- 
tives who are experts in partic- 
ular technologies, to spot tech- 
nological developments In one 
part of the group that could be 


used in other parts, and merit 
investment and joint develop- 
ment 

Capital spending this year is 
projected at a record £i50m. 
One important growth area Is 
healthcare packaging, with 
Bowater building a new £30m 
factory In Bristol and trying to 
establish joint ventures in 
South America, India and 
Poland. 

Bowater also wants to 
expand its share of tbe beauty 
packaging market outside 
Europe, and parts of its coated 
products operations into the 
Americas, Europe and East 
Asia. This week’s results 
prompted analysts to upgrade 
their profits forecasts for the 
fell year from about £225m to 
at least £230m. 

That puts Bowater on a pro- 
spective price/eamings ratio of 
134 - only a small premium to 
the packaging sector. "With 
Bowater’s growth prospects, 
the shares are looking quite 
cheap,” says David McCrossan, 
packaging analyst at Kteinwort 
Benson. For investors, that 
could make it almost as attrac- 
tive as Cindy Crawford. 

Neil Buckley 





•/ ... 


i 


T 8 I ? 




ft. ■ 
B u; 



T| 


ii \ 


4 




FINANCIAL TIMES WEEKEND SEPTEMBER 10/SEPTEMBER 11 1994 


WEEKEND FT 


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FINANCE AND THE FAMILY 


4 


A success story of swings and roundabouts 


Scheherazade 
Daneshkhu and 
Bethan Hutton 
on the worlds 
emerging markets 


E merging markets were' “ 
the success story of 
1983. They not only cap- 
tured the Investor’s 

imagination withthelr 
exoticism; they also- delivered in 
teams of perfismance. - The oring-*:* 
bag markets index of the Interna- 
tional Finance Corpmatum. a sub- 
sidiary of the World Bank; doubled 
between the beginning of 3993 
1991. 

- This year, though, investors also ' 
got a taste of the volatakywhich is 
a feature of these markets - the 
index fell by 14 per cent in the three 
months between February mid May. 
ft has, however, bounced back and 
sow stands 8 per cent higher than 
at the start of the year. 

...Rachael Maunders, of Govett ; 

Emerging Markets, says: . "Certain : . 
markets have bounced back more . 
sharply than others. Sbme.may only 
have 5 per cent more to go; but’ 
others like Argentina, Taiwan and 
Korea have more scope'- possfldy 
15 per center more. 1 ' . 

■ Why invest? : 

A portfolio of emerging markets is 
not an alternative to investment in 
more mature markets- but. as 
emerging markets are expected to 
have far higher growth rates than 
the OECD countries, a holding is' ' 
essential lor a well-spread portfolio. , . . . 

Emerging markets are more votohT, • ' • 

tile than others, as the chart shows. , v ftndsa Imwtmnnt tnirti 

But Barings (which alBO has an • --"t 1 ,'"'" , ' - 1 ' — — — ■ 

emerging markets index) has Ag- ~ 

ures to show that not oriy win a _ Sto>m i yr 3yrs 

holding of between 10 and 3Q »per Bote'Giobal atnwg itakta St3 3ZJ3 8Z2 

cent,- added to a portfolios df FTA ;/ Hwrtk«verneiu rrtWa .. 165.7.. 208 

AH-Share stocks, mcre/die^ ^ the-ZiF^ AP 0 * ernwg nvkto. 125.7 51A 18CM 

re^m to the^ Investor ’ , So VA 

ally reduce risk as wdL ' wa VA 

Thk i> l^iBPemm^n g in^Arnhr ' ; Teng»ton emeqf 183 1542 

tend to bdiavievery iSflfeffSBfly from „ •Average, emerg inrSis -■ 22A 110.4. 

wrii n thw - yhfl^i ram falh jw^‘ Biwin it tvoiytti ; “ 109 6ft4 

•c^tn a wedEi'amrtlier wffl pn^a- ; ' . ; 

bly-be rising Just as fast.ur hst^to ^ ^MjbDn i« p«mhi ctmnp et jkM —<ii mM >■■>!■* imt mt or» ana *m jm to 

Cajaaneilsate.Lastyem'. wfaec allfhe' nmim tmitff a* ^ pmlmiiAio*ncml mti Oafr cowty or Uk* Imm bfm mdue*L 

the same direction -.upwards Ja , 
there were, wearies that :^e.lackoi^ . ■ A*. • ; • *"' 

carxelatkm gas, cB sappeaa ipg. TMs'^ - grt%je^s: tiae Far East, Latin Richard Bade. ( ; ctf CongnjercJal , 
year. ^they. h^^aT^mnea to mHp^-ATp^a^^ndrfte Tpst: For mp?,, jJJoion, manages tfcj&^osjttnty 
plated jfoqmBiariLjs.Hp 80per ceat; fund^fqgn^e^&e j^am^self emerging markets unit trust and 
Turkey is dbwh by tw^Srds. ;.; 4 ' teffl-femartaid l^n ^fi ipial^aiM helieves tliat a lot of .the uncer- 
■ Whhh markets? ' ’-o; M .stodcs. Soipe jsrtay . tajuty^-whlch ranged the markets to . 

E mergtaK a-'o^fta(BJ Ml earilm* this year after the US 

egorised aaswrmng *to!mree matn ;fa^^4ahac^tad 5 ^v^ Federal ^Reserve hank first raised 


The 



Gnerghifl mw tet i; how tfk«y h«w* performed 


IntSow rabaMd (| wnrid 
220* — — — 



-j 


Sdurnc FT Ortpttt* 


Iw erglng martot fBndss unlt trusts 


Fund name . 
Bets-Oiobal amars itckte 


Fund name 

Cfy of London emetg mrfcts 
Remington emerg mrtds 
Gertmore emerg mrtds 
bronco emerg mrkts 
Martin Curie emerg mrtds 
Prosperity emerg mrtds 
St e war t Ivory. emerg mrkts 
Thornton gL emerg mrkts 

- Average emerg mrkts - - 
Average kit growth 

: jppwir i « t— S rt^j >D«c c M^Bpatrrf 


She (Em) 


wmoutM txm y — r pmtomm*» mead Hmm tmnmcUttol OMriaMt 


he Far East, Latin Richard Bade, ( : of Congr^rt^al . 
kjhe Tpst For ^JJaion, manages tfig M^ oiyenty 1 
cQffie region «£nalf&j emerging markets unit trust and 
t jjhan the qual^y and believes ihat a lot of .the uncer- 
tf.sbodcs, Soxpe jnay . tainty^-whlch mused the markets to . 
^ie bd3Ss"of a c^td[B^ Ml eaxfier this year after t£oe US 
i^ntad’^owtiLrate. Federal Reserve hank first raised 


^interest ratta^hag ( na ^ t gcm e. “The 
i^dden reversal m J[TS policy 
mheted cap&l fSowTur e mia gi ng 
markets, bat the last initerest rate 
move should have beea sqfficfent.to . 
satisfy &e inmkets. 4 !-,/ , • ’ 

ffis fund is 50 per cent invested in 


the Far Bast -with a-tot of exposure 
to China, which Bade favours for its 


Chech Republic.' “We think there is 
a cyclical reason to be exposed 
there because of the leverage to the 
European recovery, but also for the 
long-term reason that those econo- 
mies are starting to grow under 
their own steam. 0 Even so, eastern 
Europe accounts for less *b»n 5 per 
cent of the fund because the mar - 
kets are still so small. 

Amah Banerji, of Foreign & Colo- 
nial, has high hopes for some of the 
larger markets, particularly Brazil, 
Mexico, India and South Korea, but 
he is also keeping a dose eye on a 
few of the relative minnows such as 
Peru, Bangladesh and Morocco. 
“Bangladesh is about the best-per- 
fa rming market In the world this 
year* Banetfi says. The problem for 
would-be investors is that it is tiny, 
with a market capitalisation of 
about flbn. 

■ How do you invest? 

Direct investment in emerging mar" 
in»tq i$ only for professionals — 
_ and even they can find it taxing at 
times, since these markets tend to 
be relatively illiquid. 

, The simplest way for UK-based 
investors to gain exposure is 

- through > unit or investment trust 

- Since unit trusts are open-ended, 
593 the fund manager faces the problem 
92 - 6 of having to sdl hnl/Hng s quickly to 
11 8 meet redemptions if panic sets in 

*_ and investors want to liquidate 
54,. their hnldingB. 

— — ' '' Investment trusts, which are 
OTA ~ dosecterid funds, do not have this 
4Z '° problem but, instead, might fan to a 
deep (Kscotmt if the final or the. 
***. ““countries in which it invests 
become unpopular. 

A global fond is less risky than a 
sure re^LMiaL|und because of its wider 
r its spread; single-country funds are 


culture of entrqirmM» imhtp- ‘likely 1 to be more volatile th an 1 

Rome funds also look closer tp either. Some global funds are more 
hqme. Steve Bates, of Fleming s, is diversified thaH others. If a man- 
ppmtive about eastem Europe, pita- ager takes a big bet on an nuflvid- 
ctpally Poland, Hungary and the ual market, and invests a quarter of 


aa as S4 


his fund In it, the fund should out- 
perform Hs peers if the bet pays off. 
But if, rather than rising, the mar- 
ket collapses, the fund could lose a 
large chunk of its assets. 

Kenneth King, head of emerging 
markets at Kleinwort Benson, 
imposes strict asset allocation rules 
in order to reduce risk. No more 
than 10 per emit of the fund Is ever 
invested in any single market 

If a market has risen more 
50 per cent over a year, the maxi- 
mum holding is cut to 7.5 per cent 
If a market has halved in 12 
months, the fund must have 2£ per 
cent in it 

This approach means that the 
Kkdnwost fund is never affected too 
badly by the swings in individual 
markets, which can be extreme: 
since 1987, Turkey has been the 
wurlff s best-performing stock mar- 
ket for three one-year periods - but 
has also been the worst performer 
three times. 

Funds investing solely in emerg- 
ing markets are relatively recent 
few have a track record even of 
three years. The tables list the per- 
formance of those that have more 
than a one-year record. 

A number of funds have been 
launched in the past year. Portfo- 
lio’s Fund of Emerging Markets 
fund is a unit trust Investing in 
closed end funds. It picks the funds 
ac cor din g to a combina^icm uf asset 
aiinnafinn, management .quality, 
s ize of discount and redemption 
terms. 

— eity of London Emerging Markets 
- ajmit trust which also invests in 
closed-end funds - this year 
acquired a twin in the form of the 
Emer&ng Markets Country invest- 
. ment trust. Another investment 
trust too new to be included in the 
table is Abtrusfs Emerging Econo- 
mies ftmd, which is the second best- 
performing in the sector over six 
months. 


t : y 7 J 


-v ; . 

~U>Jf - .A. M ... 


THE 


INCOME FUND 


,-u> 


I. * • ' ‘ ~ mK ‘ - ’ 


' y v ^ 
r 

■«r. : . 


: f , ; .^.‘1 










THE NEW TEMPLETON CHINA GATEWAY FUND 

Now there's a new way in to the huge growth potential of China, Taiwan and Hong Kong that offers 
the renowned stock picking flair of Tfempleton: the China Gateway Fund. lake a look at these dazzling 
statistics: China has the world's fastest growing economy and foreign trade has grown at a staggering 
15% per annum for the last ten years. What’s more, China offers some of the lowest labour costs to be ; 
found. Add to this a wealth of namral resources, a young entrepreneurial workforce - as well as a; 
domestic market of over a billion enthusiastic new consumers - and you have an economic phenomenon.. 
And thexe^ no one better qualified l5S help you take advantage of it than Tfempleton, which is part of 
the Fran lr lin / Templeton group with oyer SI 14 bn under management worldwide and which has offices 
and experience throughout the region. Minimum investment is Just ,£3,000 or equivalent - which means 
the doo A now wide open to a whole new investment world. 

For more d f 1 ” 1 * 1 *, to your financial advisee. Alternatively, fine or *ond the coupon bdow 
to ypor nea^llenipletoo Service Office or call os on 


Top 

performance. 

Consistent 

performance. 

Tax-free 

performance. 


N°1 

UK Income Fund 
over one year. 


Top 


10 


over 2,3, 5, 7 years 
and since launch. 


PEP 

option 


■ vi 




i l !.> DISC or \T l M U 31 . 10.04 


. -*a t '.i.- -r ' - 

rnwaon Aerfd lowmber dmpw pefermanarTl notoetcOaflya gnkfe a» dw fim AiiinaOBX in theTempfeion Oobal Saaew Rw* m*y 8 ui 3 b«k and 
do no. -ppSTSs « &=««« h : <Se ‘bytei » l «*4 ^ d- V« 


TO; TfmpleMB Rcpmiti*a OfBctL HCEEPOST &Q 721. -1 7 Napier Square, Uvugaon EHS 4 5 BR. 
Pteaic seni me detail* of tte Ifanpkian ChiaijC&tirtny Rind. . 


FT10A94® 


Om ifac past >2 months, ibe GT Income Fund his delivered. or consistent bui performance. For more mformauon, contact your 

« total return to Investors of 16% placing it first among all UK financial adviser, call GT Chew Services on 0800 212274 or complete 

Equity Income funds. and mum the coupon bdow. 

Even more unporwuly, perhaps. U is rated “ 1 “ ' ' ” “ 

1o GT Chew Services Limbed. Alban Gate. 14th Floor. 123 London Wall. 

Hinoag the iop ten funds in its sector over London EC2Y 5A5. Mease send me details of the following trick brash 

2.3,5 sad 7 yars, ind since Uiuich in September 1973. lnd„,, (f O 

you had tmested £.1,000 a launch, your investment would now be Cl Transfer from other PEPfc) 

worth E232M. ibtK 

A* 4.4%t, the cuirem yield is also significantly above the sector Addww 
avenuac - and the managers’ consoent recotd of delivering a growing ! ! " 

PnBgrA 

IrKomehoUitMaihe real prospea of fimher Income growth in the Futme. ttxw 

The GT Income Fond also qualifies for tax-free PEP Investment; 
and to make a very good investment even better, we an offering a 1% 
rfkfnunt at all lump aim Imauiwus made before 31st October 1994. 

For investor? seeking both a high and growing income and the 
potential for capital growth, the GT Income Fund olfers a proven record : 1 — 

Ah Spires rebu to 23 8,94. Sonree Mterond. ofler u ofler. net Income reinvested, live year petfotwwve- +70.146. testunaudgnm rtdd. Pas peifonmncr b not a guide to ihe future. 
Hie price of unhs end the income from them can go down as well » up anti you may rax grt back the mount Invested. PEP legbudon can change at any tune raid the value uf lax 
owmiidnnic imH fWiveid ni> in dMdnol dfcuipstincei.'nie GT PEP ts manned by CT Oibb Services LttL a member of IMHO, The GT Ineotnc Fund is managed by GT Unu Mnugpn Ltd 
■ - Ounember of AUTIR, pan of-the BIL GT Group. 




Baapode 


| hntr^ by Templaan tnv^muji Mah^Mfttne 'Unuted. lAcmbcf oT IMRP and the Tcim^aeon MaAcoitg fimm J 



THE INTERNATIONAL • 
INVESTMENT MANAGERS 


t 









IV 


WEEKEND FT 


FINANCIAL TIMES WEEKEND SEPTEMBER 10/SEPTEMBER II 1994 



OLIO 


Portfolio Fund of Funds 

The best funds from the best fund managers 
in a single unit trust. 

Portfolio Fund of Funds PEP 

The best lunds from the best lund managers, 
tax tree, in a Personal Equity Plan. 

Portfolio Emerging Markets Fund 

A wide spread of the best closed -ended 

emerging markets funds, in a unit trust. 

Portfolio Monthly Savings Plan 

Invest from £50 a month into Portfolio Fund of 
Funds or Portfolio Emerging Markets Fund. 

Portfolio Share Exchange Scheme 

A straightforward and economical way of 
exchanging shares for Portfolio units. 

To: Portfolio Fund Management Limited, 
64 London Wall, London EC2M 5TP 

Telephone 071-638 0808 Fax 071-633 0050 

Please send me full details as marked above. 


□ 

□ 

□ 

□ 

□ 


FINANCE AND THE FAMILY 


The Week Ahead 


P&O profits from cruising 


Lasmo 

Sham pnee (pence) 
170 


Name ... 
Address' 


I 

L hwmm /-liner Management unmeo u reyutareu uy »» ■ 

Personal investment Authority and is a member ot IMRO and AUTIF ^^1 


Remember that Uie value Ot unit trusts, can fluctuate 
flprftofoj Fund Management Limited is regulated by the 


FORENSIC ACCOUNTANTS 

with the experience that produces 
value for money 


Sinclair Silverman 

Roman House, 296 Golders Green Road, London NWIl 9PT 
Teh 0181-453 0011 Fax: 0181-455 1199 



Take over an endowment policy before it 
matures and achieve a high return with 
low risk by benefiting (ram the bonuses 
already built up. 

Example el 5 year Investment 

Initial Lump Sum £1 2.000 

Monthly Premium £100 V™"£*V»/ 

Formula Maturity VjJuc E30JH0* 

For details of our range ot endowments 
contact Policy Portfolio today. 


POUCY PORTFOLIO PLC 


Gadd House. Arcadia Avenue. London N3 2JU 

i.mv IMmravnawggm uiMIMai 



MONDAY: Dalgety is expected 
to produce a modest increase 
in pre-tax profits for the year 
to June, from £112 21m to about 
£121m. But the result mil be 
essentially fiat, excluding 
gains a year earlier. Progress 
in food ingredients and animal 
feeds will be offset by fiat 
results from consumer busi- 
nesses such as snacks, sauce 
and pet foods. Dividend for the 
year should be up 2 per cent to 
2 Ip. 

TUESDAY: Half-time results 
from Caradon. the building 
products and printing group, 
are expected to produce profits 
in a range of £85- 100m against 
a stripped -out £59.5m last time. 
Earnings are forecast at 9p. 
with the dividend inched up to 
around 3p (2.8p). 

Integration of the Pillar 
acquisition and the perfor- 
mance of the UK products divi- 
sion will be high on observers’ 
agendas. 

TUESDAY: A good half for the 
cruise industry is expected to 
have helped P&O, the shipping, 
construction and property 
group, lift pre-tax profits to 
between £100 and £130m, 
against £80.1m. Analysts 
reckon that volume growth in 
ferries will have offset the 
price war and that profits from 
house-building and investment 


COURSES 


THE BRITISH INSTITUTE 
OF FLORENCE 

Gap Year paduges 
and also one year "A* levels 
in ITALIAN and ART HISTORY 
Lugamo Guicciardini 9. 

50123 Fizeaza 

re] OlllW 55 2S4031 fax/289557 


property will be flat. They 
anticipate a dividend of 13 .5p, 
against last time’s 34p. which 
was higher due to the 
enha nced scrip alternative. 
TUESDAY: Interim results 
from pharmaceutical group 
Flsons are expected to come in 
at under £40 m, with most ana- 
lysts clustered around the 
£35m mark. The progress of 
Intal. the anti-asthma treat- 
ment. will be of particular 
interest, especially given the 
threat of generic alternatives 
and the performance of the US 
market. Restructuring at the 
group's scientific instruments 
business will also be the focus 
of so me interest. 

TUESDAY; An increase in first- 
half pre-tax profits from msm 
to about £93m at Kingfisher, 
the retailing group, is not 
expected to lift the gloom sur- 
rounding the stock, which has 
fallen from a high of 778p last 
December to 488p yesterday. 

The results will include a 
full contribution for the first 
time from Darty, the French 
electrical retailer. Stripping 
out the increase from Darty, 
the underlying result is fore- 
cast to be down on last year. 
WEDNESDAY: Lasmo, the oil 
explorer, is expected to 
announce interim net losses of 
£20m, excluding exceptionals, 
against net profits last year of 
£20m. Few surprises are expec- 
ted after the barrage of infor- 
mation delivered In its defence 
from the £1.6bn hostile bid by 
Enterprise Oil this summer. 
But Investors who backed 
Lasmo widely in the battle will 
want clearer indications of 
when the losses will come to 
an end. 

WEDNESDAY: Prudential Cor- 
poration. the UK’s largest life 
insurance company, reports its 
interim results. Analysts’ fore- 
casts for pre-tax profits range 
from £243m to £283m. This 
compares with £242m last time 
and is expected to include a 
significant recovery in the gen- 
eral insurance business. 
THURSDAY: Legal & General, 
another of the UK’s larger pro- 
prietary insurance groups, 
reports interim results. Like 
Guardian Royal Exchange, the 
composite Insurance group. 
LAG accounts for realised and 
unrealised capital gains and 
losses In its profit and loss 
account, and analysts expect 


We’ll take you to 
the top of the I T-SK. 
and keep you there. 


Iin.uiuu.* ymi mmld predict the movement of the 
1 l-sh loll liule\ well mm tile next cctmiry. You'd he 
cvri.im i»l' Cetiiini mu when the market wax at its peak. 

Tli. iik just how our latent Kquiiy Linked Savings 
Account (KI.SAI operates. It "> a unique investment. 
Unique lH.cnii.se ih>i only does ELSA offer you all the 
ndiant.iCes of similar accounts currently available, it 
.ilio locks -in ' vour Cains at the lop of the index. 

This is how it works. Each time the FT-SK UKi 
wee U v aivniijc readies a peak. you are £uaraiUecd that 
y.mr invest mem will Crow by at least that amount. 
SI i , >u lil flic marker subsequently reach a new peak, 
\onr return will Co up accordingly So you don’t have 
to worry ahuut the market lalliiiq during the term, 
winch ends on .1| PeeeiiilK.T ’(WO. 

\\ Mai's more, in order to s*et your investment off 
in a thing Mari, we cuaraiiiec your first 18% gross. 
Thai means vmir imcsuuciti is already 'locked -in' and 
Cu-'i rantccd to grow bv at least t.vy although past 
trends indicate (hat it •dmuld he much higher. 


The following table* shows how impressively 
KI.SA would have performed in the past: 


njb T*a*r 

M.ilunly LVjiv 

Anniullwl < SrcMrih U.n\] 
on II latest WnrMy 
Acvrrek In Kt^kJ n lm«i 

■M « H:l r"0 

.'1 IK.1T WVI 

Jh.iiS IVt Annum 

•U iki l**H4 

■»l iKM l"**! 

IJi.IMVt Annum 

.»l ik-i rrifl 

.11 rkv f«i 

13 A Kt .Vnnura 

Al iKt !■*•**• 

»1 lk.1- P»c 

1 1 . lit Annum 

.u ihit r»r 

.11 Unr ml 

U..'l% IVr .Vnuum 


You can take advantage of this unprecedented 
opportunity for as little as £2,5<ili. with a maximum 
of £5(10.(100. Of course, KI.SA is designed to be u long 
term investment. However, should you need your 
money, you cun withdraw it two years before the end 

of the term/ 

This really Is an unrivalled opportunity to benefit 
from potentially unlimited returns, with uo risk 
whatsoever to vour capital. To find out more, complete 
the coupon, or call our Hoilinc number below. 
LIMITED ISSUE OFFER CLOSES 12 OCTOBER 19*74, 
OR EARLIER IF TAKE-UP IS AS RAPID AS \YF. EXPECT. 


CALL FREE 0500 710710 — 8am to 8pm 7 days a weak 



sn 


Birm ingham 

Midshires 

Building Society 


Well exceed your expectations. 


| Tii llirnliii£h,-irti MuUhirv. RniiJiiiQ Niukly KRKKI'oST !WVlU«) 
■ FVl LSu ISA VfefcvHumrlKi WVI 1 IW. (No -ramp ih-v.loJ. I 

I I vmrfina: J i-hnitu: ip- ... , W t — — - 

] Iminlniuni ii-SO 11 . ina.Mnmni Msiui.mili) p.iyaMu V> Birmingham 
I llkMiruDiHUIut.'^XK FTl 

] I'lca-v usnil me yuur Li|um‘ Linked /uniit- AciaiuiK Lcalkt. ■ j 


Lrtzr 


-=J 


• HmUmc sun n > n..i -L I'-r, LkhtfAl MmM. U, Atrium,.,., HI I M. Aw> ,-v.tu) : l.>« nullM. l.-uNl-«,4 •“»* Imiw u ee-U* •* tat 

T<™, ...na.,K.v .11 -K* r»>» jikJ a, .U IV- ' Dm AVanl «us •< " to.t-wS inr I Jsr Hid ■hfc* d>r Imoiaam 

-,ll I. I-- II-J ... 1^1 f*,. .J «-.«r— t r .-t J irafenurtunl-CTlK irurWih. I "—l- »-* I. «l 'Ib IMannal Time. Limoni 

“I 1 .,-! ivtimMlw: id' lltc FT-SK |I»I link > l- IWUMnly a (link lurulV: 


this to produce a profit fall 
from £75m, to £4£m-£58m in the 
first s ix months of the year. 
THURSDAY: United Biscuits is 
likely to report interim pre-tax 
profits of about £75m, against 
£70.8m a year earlier before a 
£ 62.7m gain on disposals. A 
dividend increase is unlikely. 
UB's business might have 
slowed a little since the AGM 
with, for example, a price war 
in cris ps. 

THURSDAY: Booker's interim 
pre-tax profits are likely to be 
down by about 5 per cent at 


£28.fim, with an unchanged div- 
idend. New management is 
still retrenching and its cash 
and carry business remains 
tough. 

FRIDAY: Next, the fashion 
retailer, is expected to provide 
evidence of Its continuing 
recovery, with interim pre-tax 
profits up from £23m to about 
£3 2m. Although sales are 
thought to have been hit by 
the very hot weather in July, 
the company is expected to 
report a return to strong sales 
growth since then. 



RESULTS DUE 

Company 

Sectoi 

Anncmnt 

due 

DMtfend tpj* 


Last 

InL 

year TWa year 

Ftnai tat. 

FINAL mWDCHPS 






BZW Cotnrenftta Im Tr _ 

InTr 

Wednesday 

IB 

- 

15 

BafcytCH)_ 

OtSv 

Friday 

• 

- 

- 

Brtdah Data Manaoamant SpSv 

Tuesday 


325 

185 

CALA. 

B&C 

Ttwraday 

0.75 

156 

050 

CaaHa ComnartcaUona _ 

LeH 

Monday 

4G 

45 

45 

Conrad RHUat 

Prop 

Tuesday 


- 

- 

Cortecsbiti. .. 

Hit) 

Tuesday 

- 

- 

- 


RAin 

Menday 

7 £5 

12.65 

an 

Domestic S General Grp _ 

Ins 

Tuesday 

7JS 

155 

923 

Dowdlng A Mflte 

E&EE 

Monday 

0 SZ 

15 

Ofri 

East German Inv Tst 

InTr 

Thursday 

- 

02 

- 

Exptanra Hldga 

BdMa 

Friday 

- 

- 

- 

FS Grop — - 

Text 

Monday 

AM 

8.75 

85 

FlsminB Owsrsaa Inv Tst 

biTr 

tuesday 

1 £ 

27 

15 

Foreign & Catantal hflgh 

InTr 

Wednesday 

1 2 

1.42 

12 

Gartmore Scotland faw TT InTr 

Tuesday 

- 

- 

- 

Hoggaa (JoM 

Te*i 

Tuesday 

IB 

25 

15 

Industrial Control 8arva 

FKFP 

Thursday 

1.33 

307 

15 

Koras Europe Fund 

InCo 

Monday 

• 

- 

- 

Uncat Group 

Eng 

Wednesday 

2JJ 

45 

22 

Logics . 

— i — SpSv 

Thursday 


275 

14 

Mertwda Moore 

— —Prop 

Monday 

• 

- 

- 

i«l, n,,-. n 

Eton 

Thursday 

- 

- 

- 

Perpetual Lv kn 

InTr 

Monday 

• 

- 

a 

Ptet Petroteum 

OiE 

Monday 

- 

- 

- 

Potyp(pa _.. 

BdMa 

Wednesday 

006 

1.44 

0.71 

Prfanadona 

InTr 

Thursday 

zo 

29 

20 

Second ASanoe Tst 

InTr 

Monday 

125 

285 

135 

Sirdar 

Text 

Thursday 

1.6S 

3.7 

1.72 

Usher (Frank) tfldgs 

Text 

Tuesday 

25 

35 

25 

Zambia Copper bnrs 

Exin 

Friday 

" 


“ 

RTTHM DIMOCNDS 






APVPtc. . - - 

Eng 

Thmday 

ZO 

34 

. 

Aegis Qroup — 

Uad 

Wednesday 

- 

- 

- 

Amoy Mdgs 

BSC 

Monday 

• 

- 

• 

AppAed Dtstrfljuflon 

Tran 

TTusday 

- 

- 

- 

A ran Energy P*c 

OdE 

Friday 


- 

- 

Argent Group 

Prop 

Wsdn63d3y 

- 


- 

Aden 

E8EE 

Wednesday 

- 

- 

* 

Aspen Communlcattoos — 

PP&P 

Monday 

2.0 

29 

- 

Assoc British Ports Mdgs 

Tran 

Wednesday 

35 

55 

- 

Berdon Group - , -■ , 

BdMa 

Monday 

05 

12 

- 

Bariows Pic _. 

Prop 

Thursday 

- 

- 


Baynes 

Eng 

Tuesday 

0575 

1.075 

- 

Beirford 

Big 

Thursday 

- 

• 

- 

BentaAs 

ReGn 

Thursday 


14 

- 

Btotrace hrtl 

Hlth 

Monday 

- 

- 

- 

Btogden Industries .. ... 

PP&P 

Tuesday 

15 

- 

- 

Btanhebn Group 

Med 

Wednesday 

3.4 


- 

Btocmstxcy Pub fishing 

Med 

Tuesday 

- 

- 

- 

Booker 

-FcMa 

Thursday 

75 

1425 


Brtdah Biotech 

Phrm 

Mondayf 

- 

■ 


BrflWi Rtttogs Group 

Dot 

Thursday 

0.75 

125 


Bridal) Mohair - 

Text 

Thursday 

1 A 

7.1 


Bidfah Polythene Inds 

PPSP 

Monday 

3.75 

7.75 


BnmWM Aagrogntes 

&*) 

Friday 

- 

05 


Cmdow InvosuiHili — — 

bfTr 

Monday 

355 

755 


Caird Group 

OtSv 

Wednesday 

- 

- 


Cator Group 

Gas 

Wortiesday 

65 

65 


CAMAS - 

BdMa 

Wednesday 

- 

• 


Canning (W) 

Chem 

Wednesday 

2-94 

456 


Caradon 

BdMa 

Tuesday 

253 

658 


Claremont Garment* (HHJ 

Text 

Tuesday 

35 

<5 


Clyde Pvtroiauoi 

OiE 

Tuesday 

- 

- 


Computerised RnreiciN — 

— rVa 

Thursday 

- 

- 


Co-Operettre Bank — 

Bank 

Tuesday 

4525 

4.625 


Courtautds Tsxtfies 

Text 

Thursday 

4.7 

95 


Oraen (Janes) 

FtMa 

Thursday 

- 

- 


Crestacare 

Hth 

Tuesday 

023 

05 


Croddoids 

LeH 

Tuesday 

- 

26 


Cusshts Property Qroop — 

B&C 

Tuesday 

15 

25 


DRS Data A Research Ser 

E&££ 

Tuesday 

- 

- 


Daby Farm bid Hklgs 

ftaFd 

Thursday 

• 

- 


Delta Pic 

E&EE 

Tuesday 

42 

105 


Dam bid 

FOMa 

Wednafoay 


417 


Dowtib St Group 

Taxi 

Monday 

04 

155 


E8C G reqi 

B&C 

Tuesday 

1.75 

255 


BSGrorp 

— Eng 

Monday 

35 

95 


Bya (Wta*tedon) 

ReGn 

Friday 

15 

15 


EmsSS — 

E&EE 

Tuesday 

* 

OIO 


Eiohart Co 

— rv^ 

Wedrwsthgr 

- 

- 


Engdsh Chins Clays 

Extn 

Wednesday 

65 

134 


Era Group 

ReGn 

Wednesday 

- 

- 


Eyecare ProAtcts Pic 

«th 

Tuesday 

15 

15 


FBD Hddbigs . 

iVa 

Tuesday 

- 

- 


Fakey Group 

E&EE 

Monday 

35 

85 


FUeOty Aecumuiaflng 

n/a 

Monday 

- 

- 


Fidalty Dbtrlbutlon 

n/a 

Monday 

- 

- 


RnteypanMl 

FdMa 

Tuesday 

25 

215 


Fired Earth 

ReGn 

Friday 


- 


Flsons 


Tuesday 

35 

15 


f~lemtog Wgh (nc (nv 

InTr 

TUasdayf 

T.t 

- 


Fetes Group ... 

Prop 

Tlxasday 

0575 

0525 


Forth Ports . — 

— .Tran 

Monday 

225 

5.0 


Heahhcal Group 

_ — Hfth 

Monday 

- 

“ 


HongKcng Land Hdgs 

Prop 

Friday 

- 

• 


Hornby Group 

LeH 

Friday 

“ 

9.0 


Independent Irauronce __ 

~ — .Ira 

THisday 

35 

4.75 


tefl BMk Tst 

n/a 



“ 


bid Business Com 

Med 

Tuesday 

- 

25 


Jackson Group — - 

B&C 

Thursday 

05 

15 


John Lewis 

n/a 

Thursday 

“ 



John Lewis Partnership — 

n/a 

Thueday 

- 

• 


Jupiter Tyndall Group — — 

Otf=n 

Monday 

45 

75 


K«Aer Group 

B&C 

Friday 

“ 

* 


Kingfisher 

ReGn 

Tuesday 

44 

105 


KMnwort Smefler Co's InTr 

Wednesday 

1.5 

Z5 


Kwflc-FB Mdgs 

— Oka 

Thivaday 

T5 

23 


Lambert Kowanh Group — 

Text 

Wednesday 

45 

95S 


Lasmo — — 

Cȣ 

Wednesday 

15 

- 


Legal A General Group 

UA 

Thusday 

65 

126 


Liberty 

ReGn 

Monday 

155 

&45 


London Fortateg Co 

OtFn 

Wednesday 

32 




Med 

Tuesday 

“ 



Macafian-GIsaBvet 

swsc 

Friday 

056 

074 


Mandarti Oriental 

LeH 

Friday 

- 

- 


Maybom Group __HwG 

Tuesday 

15 

29 


Msugrtt 

JEng 

Thursday 

15 

253 


Uereharta TruM — — 

InTr 

Monday 

255 



sitj _a« 

BIKXMMCA fWWnBl — 

n/a 

Wednesday 

- 

- 


MUand Indp. Newspapers 

Mad 

Friday 

- 



lArpr Group 


Thursday 


” 


Murray European Im Tst _ 

InTr 

Monday 

- 

028 


National Espresa 

Tran 

Thursday 

25 



Nestor BNA 

HWi 

Monday 

1.18 

25 



n/a 

Wednesday 


- 


Hast' 

ReGn 

Friday 

15 



Nth Atlantic Smafier 

InTr 

Tuesday 

- 

“ 


OIS Ind inspection 

SpSv 

Friday 

07 

1.4 


Owen t Robbwon 

ReGn 

Tuesday 

“ 



MG SbUi Nwtgafloii 

Tran 

Tuesday 

- 

- 


ParUean Leisure 

LaH 

Tuesday 

“ 

13 


Pwttkagan — 

Da 

Monday 

24 

4.8 


Psridns Foods . FdMa 

Tuesday 

T.75 

27 



— SpSv 

TTwsday 

25 

15 


Prudandst Corp 

UA 

Wednesday 

45 

27 


Record Hokfings 

Eng 

Tuesday 

1.15 

2.46 


Roekel 

BdMa 

Wednesday 

13 

20 


R04HTO Group — 

E&EE 

wearasdoy 

- 

- 


Royal Dutch Petrotouro 

on 

TTusday 

- 

- 


Rugby Estates 

— Prop 

Wednesday 

“ 



S«U 

OtFn 

Thusdy 

26 

8.9 


Savoy Hotel 

LaH 

Wednesday 

- 

35 


Select Appointments 

— SpSv 

Monday 

“ 




— BdMa 

Monday 

15 

27 


Shefl Trans & Trading _ — 

.Oil 

Thusday 

102 

138 



MiSh 

Monday 

125 

1.75 


Sot Plus Group 

— SpSv 

Wednesday 

45 

48 


SwsflowtWd HseG 

Thursday 

22 

38 


Taytor Woodrow — 

B&C 

Tuestfcy 

05 

13 


Thatod bid Fund Ltd 

..n/a 

Monday 


“ 


TrMty WJ Wdgs 

Med 

Tuesday 

35 

07 


Try Group 

B&C 

Wedwsday 

05 



UKSmaty 

Text 

Monday 

154 

156 


IMud Saadis podge} 

FdMa 

Ttxnday 

55 

98 


United Fritncfly Group 

UA 

Tuesday 

55 

11.0 


Vardod 

LeH 

Wednesday 

03 



Vymura ... 

__HsaG 

Tuesday 

- 

“ 


Wwrenta A Vekia bw 

InTr 

Thusday 

■ 

- 


Watmoughs (HHgs) 

— PP&P 

Tuesday 

35 

21 


Whatman 

— Eng 

Thursday 

35 

83 


Wood (Arthur) * Son 

— _ HseG 

Thtraday 

- 

35 


WoodcheeterlmPte 

OtFn 

VMdrtesday 

- 

* 


WywMa Sanhn Centres — 

— ReGn 

Tuesday 

Z75 

185 


Zambia Copper Inva ... ... Erin 

Friday 





TMdaxfe am shown nsi pane* par aha* and are a^iatad ftr ary taurartog scrip Issue. 
Report* and aecaum me not mrna*y MUM imti rtuut 0 after the tart meeting to 
approve prellnilnmy remits. f 1st quarterfy. f aw quatariy. * 3rd Quarterly 


pfltt IMINAHY RESULTS 




Pre-tax 

Earnings* DMdanda* 



Yaar 

profit 

per share par share 

Company 

Sector 

to 

(EDM 

W 




Med 

Mey 

2050 8.100) 

118 (iai) 65 

ft.9 

B 

0.7) 

(4.9 

ABbnes Renorew 
BaOefadi 

Stock pm) 

OE 

SAC 

T«t 

ReCtoi 

AH* 

JUi 

Jui 

Apr 

1,180 (18M 

544 (181) 

12400 ftlOQ 
2540 B8K| 

1.1 (M*- H 
1556 (11.1® 4.47 
1033 45 

Courtyard Labors 

GfaoHtigs 

HTTT Japan— 

Hfiyrttt Mbttfing 

LflH 

Rwm 

InTr 

Med 

Mar 

Jim 

«Mt 

May 

298 L £578 L] 

184000 fl 66,00? 

1121 00.48) 

2040 B8W) 

2070 12110) 

H 

P0« 272 
054 H 0-45 

196 (1753) 9.0 

17.0 (17-3) <77 

1229 

H 

(65) 

(4.34) 


SpSv 


11200 (105M 

342 (315) 202 

(i7.7a 


InTr 

Mar 

468 (499 

256 (27.55) 2S2 

p&9 


WTT 

JUf 

1438 (132-2) 

4.11 (457) 4.13 


TR Clly ot London Tat 

biTr 

Junt 

Junt 

13233 (13384) 

17058 (117.64) 

625 (#59) 52 
248 (2611 1-7 

11.7) 


LeH 

May 

BBS (3560} 


(58) 

MAs Group 

Obt 

Jil 

2960 05601 

125 

UJ> 

(34) 

INTERIM STATEMENTS 






Interim 



Hrtf-yew Pre-tax profit 

dMdendr 

Campviy 

Sects 

to 

(EDM 


par ahare U 

AMEC 

BSC 

Am 

9500 

(9.100) 

15 

(18) 

ASW Kokkigs 

Eng 

Jim 

700 

(1500) 

30 

P8) 


Dtot 

Jim 

4200 

(281(9 


09 


PP&P 

Jun 

105,100 

(638QH 

265 

(265) 


FdMa 

Junt 

10.100 

(9.990) 

185 

(189 


BSC 

Jui 

2640 

(2200) 

21 

(19 

B8A Group 

EngV 

Jim 

22100 

(50800) 

15 

(225) 


Drin 

Jun 

894 

(598) 

52 

(489 

BTRNytax 

Ml 

3m? 

354 

PM 

525 

(59 

BaM(WBto>4 

Text 

Jui 

8800 

(8,770) 

355 

(385) 

BtotcMsy Motor 

Otet 

Jim 

1,130 

(785) 

5275 

(4J5) 

Buabbd Toys 

LeH 

Jut 

7,190 

(1M8 

25 

H 

Bkn Cfcda Mo 

Bcftta 

Jun 

48,100 

(B05M 

375 

079 

Boddbigtan 

&BW 

M 

12100 

(ZS200) 

315 

(289 


EngB 

Mm 

2250 

ft .000 

25 

P3 

BnpnHr 

PWP 

Jun 

105500 

t«W»0) 

58 

(59 


ow 

Jun 

8540 

(4530) 

45 

H9 

Brent M 

Chem 

Jin 

4510 

(931) 

1.6 

(19 

Britannia BHg Soc 

rVa 

Jun 

48800 

(285M 

- 

H 

British Dredging 

BdMe 

Jun 

858 

P39) 

25 

M 

BrtMita 

Gas 

Jui 

630500 

(6345M 

84 

P-4) 

BrMsh Vita 

Chem 

Jim 

22710 

(142 M 

375 

(385) 

Bind 

PP&P 

Jui 

2200 L 

(26500) 

18 

tun 

Burford 

Prop 

Jim 

5.120 

(1830! 

0.75 

(385) 

Bwmah CasM 

Oft 

Jun 

1(0800 

(B95M 

108 

(169 

ftireWInU 

Eng 

Jifl 

1540 

(493 L) 

18 

(189 

CRH 

BdMa 

Amt 

40,100 

(25.100) 

28 

(227) 

Cadbwy Sclwwppao 

FdMa 

Jun 

204800 

(1662*3) 

48 

09 

Cakabread Robey 

BAta 

Jui 

425 

(IM 

- 

H 

Caktortwn 

Tort 

Jui 

2840 

(1,410 

23 

P9 

Canarian Pisa 

FdMa 

M 

1.420 

05M 

24 

H 

Cemantom 

Chem 

Jui 

24 

(S52) 

0.4 

« 

ChaRantnn ft (Bos 

n fa 

Jim 

108500 

(755M 

- 

H 

Cbbna CooununtoaUora 

Med 

Jin* 

208 

PI U 

- 

(■) 

Church & Co 

ReGn 

Jui 

884 

(565) 

30 

09 

Coots Wlyefc 

Text 

Jun 

69200 

(82800) 

35 

(125) 

Computer People 

SpSv 

Jui 

733 

PM 

18 

H 

Cookson (toots 

Drtn 

Jui 

52800 

(365M 

32 

09 

Copymcra 

E&EE 

Jun 

1,710 

PM 

28 

(29 

|^ ul n 1 util in Jbuid 

UDOa wwnwonffl 

Chem 

Jui 

19,500 

(I850H 

31 

PM 

Dartmoor bw Tat 

InTr 

Jrtt 

1062 

paf) 

28 

P9 

Darts Service Group 

SpSv 

Jun 

10500 

(447C9 

287 

B-rJ) 

Edpsa BBnds 

BdMa 

Jun 

1270 

(787) 

- 

H 

Etftixirgb income Tat 

Mr 

Jiit 

465 

S02) 

18 

(19 

Energy Capital bw Co 

Mr 

Junt 

4329 

H 

- 

H 

Enterprise Ofi 

OIE 

Jm§§ 

8500 

(80,100 

68 

(99 

Estates A Generd 

Prop 

Jun 

970 L 

(1530 L] 

- 

H 

Exeter Prai Cap hw 

Mr 

Jii 

349 L 

Pfl 

- 

H 

Expand 

Eng 

Jui 

2500 

(25M 

135 

(129 

rabtuwwi brfi 

(X 


7,000 

P7.4CO 

08 

(39 

Rfc tndma 

out 

Jun 

431 

(424) 

375 

0.7b) 

Frost Group 

ReGn 

Jui 

4880 

(W49 

27 

02 ) 

GasM 

HseG 

Jrt 

24 

(383) 

18 

C9 

Gowrings 

Dal 

Jui 

179 

(137 L) 

18 

(19 

C^aflon Group 

BdMa 

Ju4 

2840 

(1529 

15 

09 

HrftexBMgSoc 

rva 

JU 

482000 

(4115M 

- 

H 

Hefl Engineering 

Eng 

Jun 

2810 

(3.750) 

58 

(349 

HaMya 

DW 

Jui 

2460 

R229 

25 

(19 

Haywood WHems 

BdMa 

Jui 

16,100 

(22.749 

58 

(«9 

Wsdown 

FdMa 

Jim 

65500 

(82209 

22 

(22) 

Hobson 

□bl 

Jun 

530 

(544 4 

- 

(-) 

Home Counties News 

Med 

Jui 

978 

(159 

25 

(29 

M 

Eng 

Jun 

37500 

135509 

4.4 

(42) 

Iceland 

RaFti 

Jui 

32.100 

P0.109 

122 

(12) 

hfrau Jutf ftfa 

OtFn 

Jim 

7570 

vm 

1.1 

(1.1) 

JB Qroup 

his 

Jui 

12700 

(11,709 

25 

09 

John Mansfield 

BAfie 

Jui 

102 

P04 

- 

(-) 

Wngspon 

BdMa 

Junt 

2550 

(1509 

12 

(19 

Laing (John) 

B&C 

Jui 

11200 

(5,109 

30 

P-9 

Litho Snppfies 

Det 

Jui 

2500 

(2209 

273 

H 

Merten 

Chem 

Jui 

18200 

(4829 

28 

09 

Medeva 

Rxm 

Jui 

22.100 

(135M 

1.1 

(09 

IMsac 

Bi9 

Jui 

754 

(505) 

18 

H 

bBtbraa bn Trust 

Mr 

Junt 

615 

H 

- 

H 

NFC 

Tran 

Jti 

76800 

(11B209 

48 

H 

Newmai Tanks 

BAta 

Jui 

9.700 

(8.119 

275 

(253) 

Nunfin ft Peacock 

RefiJ 

Jrt 

2560 

P579 

216 

OM 

OQC fate 

0 c 

Jun 

5830 

(5239 

18375 

(125) 

Ocean Crop 

Tran 

Jun 

19,700 

C08M 

4.71 

(4.71) 

Ofieer 

ReGn 

JU 

1550 L 

(22404 

- 

H 

Oriel 

tos 

Jun 

2530 

(2B4 

20 

09 

PCT Qnp 

Dbt 

Jun 

823 

(751) 

27 

09 

Pearson 

Med 

Jim 

69200 

(46209 

5.75 95275) 

Peek 

ESSE 

Jui 

3260 

P579 

185 

(18S) 

Pentote 

Tart 

Jun 

18800 

R709 

125 

(1.19 

Warisbroofc 

OOv 

Jun 

6,440 

(5969 

- 

H 

Ptasmec 

Chon 

Jim 

362 

(237 U 

15 

(075) 

Portsta 

PFftP 

Jui 

18200 

(135M 

575 

(525) 

POTYW- 

Chem 

Mey 

964 

(8<S) 

18 

H-4) 

Princadato 

Med 

Jun 

909 

(71 4 

02 

H 

BPS 

Prop 

Jun 

62S 

(388) 

13 

(1.1) 

RTZ 

Extn 

Jui 

427500 

(339509 

9.0 

B 

Radius 

SpSv 

Jui 

aw 

(1.170 4 

335 

(045J 

Raadynrix 

nta 

Junt 

1260 

(1559 

355 

(055) 

RoMnaon Dwthara 

rVa 

Jui 

1A50 

(1809 

. 

B 

Royal Douton 

HseG 

Jui 

9/en 

(3.790 4 

1.75 

(189 

Russel (Alexander) 

BdMa 

Jim 

1,450 


18 

(09 

Sctnl 

Wl 

Jun 

9560 

(11.709 

28 

09 

Schrodars 

Mft 

Jui 

103200 

(B5509 

30 

(4JJJ 

Scoria HoUtogs 

Phrm 

Jim 

1540 L 

(2500 4 

_ 

H 

Sama GrotR 

spa. 

Jun 

12560 

(15213) 

18 

(19 

Smwrfiald n«wo 

B&C 

Jui 

305 

CIO 

35 

P25) 

Simon Cngbwaring 

□tot 

2 m 

12440 L eS2800U 


H 

Stung ft riilvsi 

Tod 

Jui 

1,750 

(1.729 

. 

H 

Sunk 

Mr 

Junt 

229 

(163) 

37 

P7> 

Star ABance 

ms 

Jun 

180200 

(81.700) 

58 

(529 

Sutar 

Dvti 

Jui 

12000 

129,000) 

35 

P-4) 

TLS Range 

□a 

Jun 

720 

(34) 

08 

(■) 

Tetopee 

E&EE 

Jun 

2520 

(1849 

12 

H 

Today ft Carfisto 

Dot 

Jun 

548 L 

(17) 


H 

U8DC bmsbnant Trust 

Mr 

Junt 

274A 

(2815#) 

125 

(125) 

WSP 

Spa 

Jui 

545 

(279) 

18 

(39 

Mates C»y ot London 

Prop 

Jun 

12X L 

(900) 


rt 

WaSngtan Group 

Own 

Jlfll 

1540 

(1,269 

12 

(-1 

Vflson Bowden 

B&C 

Jun 

18500 

(16809 

285 

089 

WBson Carmofiy 

B&C 

2m 

13200 

A2CQ 

138 

127) 

Whnpay (Qaotg^ 

B&C 

2m 

7500 

(2004 

20 

09 

Yorirehba Food 

FdMa 

Jin 

700 L 

(3784 

08 

373 


(F&ms n ponnhaaas «b hr Bis coresporUng parted.) 

•QWdend a W Wn nat panes par share, mcapt where ottenriss inttatad. L » toss, f Nal asset 
*" P* ert .penes. $ 3 month figures. 4 US daUB and eeda • ftantous 

yaar wid Hgtra. S Nrt figures. V Ausoatan dofian and carta 


RIGHTS ISSUES 


Snap a lo ibm C772n vfa a 1 - 6 isaua 0 360pi 


OFFEBS FOR SALE, P1ACWOS & WTBODUCTIOHS 


H3SF Man is to relsa ESOm its lotatm 

Gai«J WuthalHqi is to nan G20m via fis flotation. 

fibdda IntanHooBl is cotwig tp ihp mshat vta a ctacna 

Nortah Is to reba £10m via a open offar. 


TAKE-OVER BIDS AND MERGERS 


torpffh 

Ud tor 

Vtouael 
tM per 
tomre- 

Warner 

pries” 

Pries 

before 

Hd 

Castto Caroms 

mm in panes ufiaa ntwvrec 
360* 3S0 340 

Dale Beobio 

7016' 

73 


Bmfek 

18W 

17Y, 

12 

Low (Win) l 

360* 

382 



asr 

2S3 


Tmrtes T 

275* 

288 


Trans World ; 

181 

ire 

173 


Vokie 

«(Ud 

&n«- 




24.S0 ACEHowinga 
10 00 TT Qraq) 
37.70 Farguaton bin 
W7 00 Tosco 
%10 Hanson 
4-23 London City 
70.80 BMP 


> 


/• o»». tfa or wi i 


-a— a hb» But*, tiae*. — j 












***** X FINANCIAL. TIMES WEEKEND SEPTEMBER 10/SEPTEMBER 11 1994 

T5t ^?N 1 


WEEK.END FT V 




Tt ^UrT 


WAIT 


WAS 


WORTH 


"'■‘"' ; "N€E. 


'MMmm 






good things come to those that wait, by the same team who concentrate on Because this is the one you’ve been 


. then our new trust is no exception. 

At last, you now have the opportunity to 
aim invest for rising income and an 
appreciable growth in your capital with 
Prolific’s UK equity income specialists 
through our new investment trust. 

Indeed, since launch our three equity 
income funds have outperformed 90% of 
our competitors*. So with good reason, 
the new trust - planned to be launched on 


those income funds. 


What’s more, the trust is fully eligible 
for inclusion in a PEP. And, for every five 
ordinary shares subscribed for, you will 
receive one free warrant. 

For a mini-prospectus, either contact 
your financial adviser, complete the 
coupon or call the 

Prolific Prospectus line on 

0800 99 88 55 


waiting for. 

rw : Prolific Income PLC Prospectus Service , 
I FREEPOST, Ijondon EC4B 4JY. 


Please send me . 
Income PLC . 


.mini-prospectus(es) for Prolific 


KRftlRsmS INmALS SURNAME . 


Thursday 22 September — will be managed Weekdays 9am-7pm Weekends 9am-5pm 


| lROLlFIC | 

L^^NCENTRATING^OlV^INyE^TMENTJ 


•Scarce: M figures - Hfcn»a!, offer to M, ntt income rekweted <gK«a wcarne n the case of PrtSSc UK Etuty Income FuncS to 1st A»£i^l99AGrer 5 yeare.lht^ High income UritTrast Bandied 2.9.1974) is 29ft ortOt 94 Extra 

ProSfic UK Equity Income find was lanched on 16.12.1991. 

pfr.ioi rwrranbgf that the value of shares and the income from them can go <fcwn as wet as up and westers may not get back the full amount invested. Past performance is not necessary a guide to the future, ^formation on PEPs a based upon current tax legidatioji and may change. The tenrffc nf a PFP rfppond up™ mHniri»ai 

stances of investors twestmrt ill warrants involves a high degree of geamg so that a relatively smal movement in the price of shares may rea* in a cfepropoftanately large movement unfavourable as well as favourable, in the price of warrants. 

The information contained herein is neither a prospectus, nor an offer of , nor ai imitation to app ly (or, shares or warrants. Appfications for shares h Prolific Income PIC may be made only on the basis of the Listing Parfafers relating to the Company, utwh it is expected w3 be putafehed on or wowd 22 September 1 994. 

baasJ bj ftoMs tad UnagHcot Mai, Mra* House. 23 VUra*. tentaECWttfc AmtawdaHO. 





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Income PEP 

No. I since launch * 


O ne well-known 
brewer calls its 
product “amber 
nectar” - and, to 
drinkers the 
world over, that describes beer 
perfectly. But actually putting 
money where their mouths are, 
and buying into a brewery. Is 
something else. 

Now, though, one sober City 
firm is offering small investors 
an easy way to do just that 
Lazard Investors believes the 
UK's regional brewing compa- 
nies are set to prosper. So, it 
has taken the unusual step of 
launching an investment trust 
to specialise in these, along 
with pub companies and others 
producing or selling drinks. It 
aims to raise at least £50m 
from individuals and institu- 
tions. 

The trust is to be managed 
by Billy Whitbread, a member 
of the brewing family and for- 
merly manager of the Whit- 
bread Investment Company, a 
trust set up to hold shares 
mainly in regional brewers. It 
was bought back by the parent 
company at the end of last 
year. 

The Lazard trust will invest 
mostly in regional brewers 
listed on the main London 
Stock Exchange - such as Wol- 
verhampton & Dudley, Mar- 
ston Thompson and Mansfield 
Brewery - and will look also at 
companies on the Unlisted 
Securities Market and else- 
where. 

At the start, it might buy 
shares in the large national 
brewers as well; but as oppor- 
tunities arise to invest in the 
smaller companies, shares In 
the big ones will be sold. 
Investment of s mall amounts 
in unquoted and overseas com- 
panies which fit the trust’s cri- 
teria will be considered, too. 

Analyst Martin Hawkins, of 
Greig Middleton, says the one- 
time trend for shares in the 
regional brewers to trade at a 
premium to the market has 
been absent since 1990. This is 
because brewing companies 
generally have not been popu- 
lar with investors after the 
industry shake-up caused by 
the Monopolies and Mergers. 
Commission. 

Hawkins adds, however 
“With a more favourable trad- 
ing outlook now for; the 
regional brewer than has beer 
evident for some time, we feel 
that this prolonged period of 
discount to the market is likely 
to be nearing an end.” 

Most of the regional brewers 
concentrate an producing beers 
with a strong local following 
rather than developing 





Growth PEP 

25% growth since launch * 


General PEP 

No. I International 
PEP since launch * 


PEP PERFORMANCE OF 

A HIGHER MAGNITUDE. 



Distributor PEP 

Launched January 1994 


k 



>L-\W“n i>. .in iiKU'peikk'm investment house with .1 Newton income and General PEPs is evidence of our 
-.isiitle. Moiple purpose in life: to increase the real wealth achievement. For more detoiU of our PEP performance. 

»«i .Mir clients. The no. 1 performance since launch of the call us. tree, on l.'5l H 1 550 'll h t at any time. Or dip the coupon. 

MAKE THE MOST OF YOUR TAX BENEFITS - INVEST NOW 


i uii.l Man.iflr-r* l.imiied. "I Queen Victoria Street. London EC*1V 4DR. Please send me details of the Newton PEP range. 


Performance above and beyond 


w :• PUP' Jc. ifjji'.-s !■.' I itfi June l <M, t irern louriert (Income F>j*± • '5»85. General Fund. Grow th Fend, 1/12/92) on an 

jj.-j ... i k io,-.; £-o v, income rantestad G-owib fi«ures for Income PEP over five -ears 94%. tVevarfmg t 2 .« Iweb and reliefs an? liable to change and thor 
.; d <-iij-v-tfu.il oreiflintiin-x* The value of units and ihe income from tnen can eo down as wtHI as up and investors may not get bod. the lull 

j P-t ; - v.’-i <nc»- r ; «/-> nwsHni-, a guide to the future. Issued b* Ne*:cn Fund Manager? Lmircd. a member of IMRO, LAUTRO and AUTIF. 


SEPTEMBER 10/SEPTEMBER II 1994 


FINANCE AND THE FAMILY 









A detvury to savour . . . some breweries sH use horses to take thefr products to tMrsty consumers 


Time, gents - to invest ‘ 

Bethan Hutton drinks in the news of a trust aimed at breweries 


national brands. Recent gov- 
ernment rules forcing the large 
national brewers to allow their 
tied pubs to stock “guest 
beers” have helped the smaller 
regional brewers, too. 

The proportion of beer drank 
at home has been increasing 
for some time and, initially, 
tViia favoured the mainstream 
beers and lagers stocked by 
supermarkets. But the growing 
popularity of bottled tradi- 
tional English beers means 
that a variety of brands is now 
stocked by many of the main 
off-licence and supermarket 
chains - which also is good 
news for the regkmals. 

Any fund which invests in 
such a narrow range of compa- 
nies has a higher risk profile 
than more diversified funds. 
But Whitbread says brewing 
shares actually are compara- 
tively low risk as the sector is 
less volatile than many others. 
He adds, however, that the 
trust is really suitable only for 
shareholders with a relatively 


Breweries 


PT-SF- A ctoa/fesIndax 
2£Q0 r* 


2.400 ■ . 

2^00 

2 sax ' — 

2.100 

24M0 - 

ijno' 

woo -J| 

1,700 


Sep 91 

Source: FT Graphite 


19S4 Sep 


large and diversified portfolio. 

One drawback for small 
investors who choose to invest 
in brewers via a trust is that 
only direct shareholders are 
entitled to the perks offered by 
some of the companies. Bur- 
tonwood Brewery, for example, 
gives shareholders discount 


vouchers for bar snacks and 
fflflfliq at its pubs. The Vaux 
Group also offers discounts on 
meals , drinks and accommoda- 
tion and provides a buffet 
lunch at its annual general 
meeting, while Greene King 
shareholders can get discounts 
on cases of fine wine. 


■ in a similarly alcoholic vein, 
Neill Clerk Capital is looking 
for up to £3m for three new 
companies being set up under 
the enterprise investment 
scheme (BIS), successor to the 
business expansion scheme. 
The Unchained Growth Pub 
Companies I to 111 will buy 
pubs in and around Loudon to 
be managed by the recently 
floated Regent Inns group, 
which itself is a former BGS 
company. 

The scheme offers investors 
a limited guarantee which 
promises that if. after five 
years, the asset value of the £1 
shares has not grown to at 
least £1.40, Regent Inns will 
contribute up to 40p a share to 
make them up to that leveL 

Losses on EIS schemes can 
be offset against tax and indi- 
viduals, who can invest up to 
£100,000 in EIS companies each 
year, are entitled to 20 per cent 
tax relief on the initial invest- 
ment Minimum investment- in 
Unchained Growth is £500. . 


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DIRECTORS’ SHARE TRANSACTIONS IN THEIR 
OWN COMPANIES {LISTED & USM) 


Company 

SALES 


Sector Shane 


No of 
directors 


Brandon Hire 

Eurocamp 

BCon 

LSH 

Perpetual 

Pok* 

OthF 
Pwt 

Rank Org 

Marsten Thompson , 

LSHI 

Brew 

PURCHASES 

Airspnjng 

HGod 

Ban & WAT 

1 AUt 

Ecfipee Bfinds 

Ren 

BM&M 

FPAI= 



Ha/teforsa — 

— Text 


39.000 

50.000 
7.000 

50000 

22.000 
118300 


31300 

140,000 

82350 

137500 

93380 

347,170 


Thumbs up 
for disclosure 


London Ire Met Irtsu 

Northumbrian FdS FdMa 

Quadrant Group L&HI 


60.000 

42.000 
650500 

10.000 
2.000 

386,427 

33523 

330.000 

10500 


200.000 

228.900 

52.000 

31.000 

10.000 
37564 
32523 
36500 

3,100 


More insurers are accepting the 
new rules, says Alison Smith 


T here are signs that 
life companies are 
beginning to accept, 
however reluctantly, 
that they should introduce the 
new disclosure rules for the 
financial services Industry 
before January 1 - the manda- 
tory dea dlin e for the first 
tranche of changes. All of them 
must be in place by June. 

The rules, which require 
sales agents to provide custom- 
ers with more information 
about products and charges, 
have been resisted fiercely by 
the industry but are now seen 
as inevitable. 

The TSB group has just 
become the first mass market 
life insurer to announce that it 
wfil introduce the full system 
from November L Until then. 
Equitable Life had been the 
only life insurer to break ranks 
and implement the rules ahead 

Of dpadlme . 

Now Scottish Widows, a 
mutual life insurer, plans to 
join in. Over the autumn, it 
will introduce disclosure for 
one product range at a time. 
The first probably from Octo- 
ber, is likely to be a mortgage 
endowment policy with critical 
frinpon cover. 

The TSB announcement is 


Vahjs axpreand in CDQOs. Thte la contains al transactions, induing tt» axandse of 
options p) i 100* auhsequartly notd. with a wbe oust £10300. Worratton rafeasad by 
ttm Stock Excfcanga August 30 - Septsfr*»r2 1984. 

Source: nodus Lid. The Inskm Track. Ednbwgh 


Directors’ transactions 


Directors of the Kank 
Organisation, the leisure giant , 
are not among the most active 
traders on the market but 
James Daly, director of the 
television and film division, 
has sold almost two-thirds of 
his stake at a price of 424p. 

□ Brandon Hire rents out all 
manner of tools and equip- 
ment, ranging from power 
tools to marquees. The share 
price has been an outstanding 
performer over the past year, 
growing from about 28 p some 
18 months ago to trade now 
around 77p. 

Brian Nathan, the chairman 
is one of the largest sharehold- 
ers with a stake of more than 
14 per cent His recent sale of 


39,000 shares at 80p must repre- 
sent a little profit taking. 

□ Keith Carnelly, the chair- 
man and chief executive of 
Polar, an electronics outfit, is 
another director with a consid- 
erable stake in his company. 
IBs recent sale of 50,000 shares 
still leaves him with a holding 
of more than 3m. 

□ By the end of August, we 
had recorded a ratio of 35 buys 
to every sell over the course of 
the month. 

The figure for July was 45 
buys for every sale, suggesting 
there has been some slow- 
down in directors* enthusiasm 
for the market 

Vivien MacDonald, 
The Inside Trad 


PERMANENT INTEREST-BEARING SHARES 


Stock 

Coupon 

Mkimitn 

Issue date 

Issue price 

Price* 

Yield* 


(gross %) 

» 


(pence) 

(pence) 

(gross, %) 

Binningham MidsWras 

9J38 

1,000 

16/12/93 

100.17 

86.75 

10.80 

Bradford & Bfrtgtey 

13.00 

10,000 

30/9/91 

10030 

122.75 

1039 

Bradford & Blngley 

11.63 

10,000 

29/6/92 

100.13 

111.75 

10.40 

Bristol & West 

13.38 

1,000 

11/12/91 

101.79 

12430 

10.74 

Bristol & West 

1338 

1,000 

31/10/91 

10034 

12430 

10.74 

Britannia (1st) 

iaoo 

1,000 

13/1/92 

100.42 

12135 

10.72 

Britannia (2nd) 

13.00 

1,000 

8/10/92 

107.13 

12135 

10.72 

Cheltenham & Gloucs 

11.75 

50,000 

21/10/92 

100.96 

113.75 

1033 

Coventry 

12.13 

1,000 

28/5/92 

100.75 

11330 

10.72 

First National 

11.75 

10,000 

4/5/93 

10035 

9935 

11.84 

Halifax 

12.00 

50300 

23/1/92 

10038 

115.75 

1037 

Halifax 

&75 

50,000 

7/9/93 

100.62 

8530 

1033 

Leeds Permanent 

13.63 

50300 

3/6/91 

100.00 

13035 

1Q.46 

Leeds & Holbeck 

1338 

1,000 

31/3/92 

10033 

123.00 

1037 

Newcastle 

12-63 

1,000 

8/9/92 

100.45 

11535 

10.95 

Newcastle 

10.75 

1,000 

15/6/93 

100.32 

99.13 

1035 

North of Bigland 

12.63 

1,000 

23/8/92 

100.14 

11735 

10.77 

Sldpton 

12.88 

1.000 

27/2/92 

100.48 

118.50 

1037 

Scud Hsm« OtwoK. •Opv*v puidmae prtoaa mm StettmberB: mefcito aoonjstf Mmit 


particularly significant 
because it is accompanied by 
other changes which also will 
affect customers who go to the 
bank for financial services, 
first, financial services staff 
who have been paid commis- 
sion only will get a mix of com- 
mission and salary. John 
Elbourne, TSB’s bead of retail 
banking, says this shift will be 
accompanied by an integration 
of the bank and finanniai ser- 
vices staff into a single sales 
force divided into four tiers. 

Staff at the first level will be 
paid a basic salary of £9500 to 
£9500 while those at the most 
highly-qualified level - who 
will be able to advise on any- 
thing from personal pensions 
to offshore funds - will get a 
basic £17,000 to £25,000. Only 
staff at the top two levels will 
be authorised to sell financial 
services products. 

Beyond the salaries, there 
will be bonuses for branches 
which meet certain customer 
service standards and attain 
certain sales' levels. Individual 
bonuses also will be paid for 
staff who sell more than a cer- 
tain figure over a quarter. 

Although payment by com- 
mission has been attacked 
widely as encouraging sales of 
inappropriate products, 
Elbourne Hnnipg that custom- 
ers would have been sold 
unsuitable policies by staff 
because of the existing pay 
arrangements. He says the 
alteration in pay structures 
will not make much difference 
to the figures provided to cus- 
tomers in terms of the incen- 
tive to sell and the charges 
which must be disclosed. 

In a further shift, TSB is to 
introduce new product ranges, 
also to coincide with the start 
of its financial year at the 
beginning of November. The 
emphasis will be on making 
them simple and straightfor- 
ward, and one possibility 
would be a move towards 
“unbundling'' - the separation 
into two distinct, but comple- 
mentary, products of the pro- 
tection and investment ele- 
ments that make up packaged 
life insurance products. 



ANNOUNCEMENT 


NO INITIAL CHARGE 
NO WITHDRAWAL FEE 




U =M : t 


M&G will launch the new M&G Managed Growth PEP in 
early October (subject to SIB authorisation). Investment in 
the Fund made through the M&G PEP will have no initial 
charge and will carry no withdrawal fee after 5 years. 

Register now for details by returning the coupon below 
or by telephoning 


( 0245 ) 390 000 


(24 hour service) 


To: The M&G Group, PO Box 111, Chelmsford CM1 1FR. 

Please send me details of your new PEP offer to be launched in October 
and how to transfer any non M&G PEP. 

NO SALESMAN WILL CALL. 

You should contact your independent financial adviser (if you have one) before investing. 


K2*™' INITIALS SURNAME 


ADDRESS 


POSTCODE 


l^amllabtBtomad&t^OtmRapi^ofysland. 

We never make your name and address available to unconnected organisations. We win 
o^^ir^ flayteUvcxi about other products or services offered by ourselves and associated MAG 
Companies. Tick thebox □ tfyouwouWpf^nottoieeefveiWsInlenTieJlon, 

The price ot unite end the income from them ean go down as wen as up. 
ft&Mdtjy ffnanefa/ Services Limitetf {Regutatod by The P«rscf&tov*3tmenl Authority). 

The M&G Managed Growth Fund is managed by M&G Securities Limited. (Member oflMFiO. 
Rfjoutefvd by 77ra Persona/ tnyostmont Authority). 


NDATPK 


r 


rT 

Lll 


THE NEW M&G MANAGED GROWTH FUND 



PEP offers 


all this? 


The initial charge on the Schroder PEP has been reduced to 3‘*o - 
now it will cost you less 10 invest in your PEP. There air no 
additional charges for unit trust PHPs apart from the normal 
unit trust annual charges. And there are no exit charges. 


PERFORMANCE POSITION W SECTOR 


Schroder LTK Enterprise Fuad* 


-Schroder UK Equity Fund* 


Schroder Income Fund* 


Schroder Smaller Companies Fund* I + 101 $■/. 


in ow arias 



There is no initial charge if you tninsfer any existing PEPs to Schrodcrx 


Our atm is to continue to provide you with consistently high returns. As one 
of the UK's largest invest mem management companies with over £50bn 
under management globally, we have the resources necessary to make well 
researched stock decisions across our wide range of PEP funds To request a 
brochure giving lull information on the Schroder PEP. please return the 
coupon below. Alternatively, call us on 


To: Schroder Investment Management Limited. 00711 FREEPOST. London EC4B4AX. 

Please send me my copy of the Schroder PEP in/bnui ion pack O and information on free transfers. □ 


Past performance is not necessarily a guide to the future. The value of investments and the income from them may 
fluctuate and cannot be guaranteed and investors may not get back the amount originally invested. Tax concessions 
are subject to statutory change. The value of any tax relief depends on personal circumstances. Schroder Investment 
Management Limited is a member of IMRO. Head Office and Registered Office: 33 Gutter Lane. London EC2V SAS. 


'Source: Micropal offer to bid with gross income reinvested since launch to 22/08/94. UK Enterprise Fund from 0I/08/SH and 
from 01/08/89 + 1021V. t/t 16; Smaller Companies Fund from 01/06/79 and from 01/08/89 + 14.49a, 30/52: Income and UK. 
Equity Funds from 03/01/7? (the earliest dine for which Micropal figures are available! and from 01/08/89 +68 3%. 8/94 and 
+74,1%. 1/80 respectively. 


Schraders 

Schroder Investment Management 


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VIII WEEKEND FT 


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FINANCIAL TIMES WEEKEND SEPTEMBER ■O/SEPTEMB ER ■ » 

FINANCE AND THE FAMILY 


mm ii.ihh y* HttHMl 


h hbbbb msbm 


that aren't jammed. 


THE PENINSULA 

NEW V-iRl" 


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Th« PcrlAiUla Hvfif hews • MlniU • New York « Beverly Hi lb 
The Heerl Bri|in« ■ The e’eMoon Held Hour Kant 


Inside the 
world 
of the 
money 
hunters 

If divorce looks inevitable, some 
people call for their lawyers first 
— and a forensic accountant next. 
Barbara Ellis examines their role 


L awyers are usually 
the first profession- 
als to be called in 
by a divorcing cou- 
ple but. In some 
instances, forensic accountants 
- wbo carry out specialised 
work for court cases - may be 
consulted almost as quickly. 

Indeed, clients - particularly 
those involved in divorce 
actions - often put lawyers 
under pressure to bring in a 
forensic accountant according 
to Pauline Walker, a family 
law specialist with London 
solicitor Baileys, Shaw & Gil- 
lette 

“It was awfully fashionable 
in the late ’80s," she says, "but 
not so much now, thoug h. This 
is partly because the courts 
have come down heavily on 


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spending large sums of money 
on investigations.” Walker 
adds that most wives and hus- 
bands with business interests 
will always accuse the other 
partner of having money 
secretly tucked away. 

She cautions, however “Lite 
tie chunks of £3,000 or £4,000 
don’t matter. With forensic 
accountants on the same rates 
as central London lawyers, you 
need to be finding £50,000 or 
£100,000 to make an investiga- 
tion worthwhile.” 

Accountants see their rnatw 
work in divorce cases as inject- 
ing some detached financial 
objectivity into what can be an 
emotional mrnpfipTri 

In practical terms, this usu- 
ally means running a check on 
the affidavit of means sworn 


v/" 1 • N / 




by each party in the divorce 
(these are used as the basis of 
the financial settlement). 

Chartered accountant Peter 
Lobbenberg, a specialist in the 
forensic side, says about 75 per 
cent of the divorce cases with 
which he deals Involve women 
tracking down a husband's 
money, and 25 per cent men 
defending themselves - "prob- 
ably because a man usually 
has his own accountant and 
financial set-up”. 

Among the typical questions 
the accountant is asked, Lob- 
benberg cites: 

■ How much is my husband 
worth? 

■ Where has he hidden it? 

■ How can he raise the 
money? 

■ How much does my wife 
really need? 

Checking past life-style 
against declared income is rou- 
tine. Lobbenberg says it is 
probably easier for a sole 
trader or individual to hide 
assets than for someone own- 
ing a company, but easiest for 
someone in a cash business. 

“Some tunes," he adds, “part 
of my responsibility is having 
to tell over-optimistic clients 
either that the crock of gold at 


the end of the rainbow doesn't 
exist or that the chances of 
finding it won't justify the 
cost" 

Lobbenberg charges £200 an 
hour plus value added tax. and 
says his cases are typically in 
the £1,000 to £3.000 foe range 
(although some end up in five 
figures while others are much 
lower). 

I n. common with other 
accountants in this 
field, he has a computer 
programme and a stan- 
dard charge of £400 plus 
VAT for so-called Duxbury cal- 
culations. These are based on 
the 1987 case of Duxbury v 
Duxbury when the former wife 
of a millionair e was awarded 
sufficient Income to satiety her 
reasonable requirements, but 
also take into account the 
amount of income to be 
received each year, inflation, 
tax rates and allowances. 

Many City accountants 
charge around £200 an hour for 
their services. At Touche Ross, 
Mike Barford estimates that 
divorce makes up about 5 or 10 
per cent of the work of the 
forensic department He says 
many divorce cases would 


involve total accounting costs 
of between £1,000 and £5,000, 
although the bill would be 
greater for a case that was 
large or complicated. 

Touche Ross charges £300 for 
its Duxbury programme, but 
Barford points out that this is 
used less often now that law- 
yers have access to handbooks 
de tailing 1 the same information. 

Barford says divorce candi- 
dates sometimes overlook the 
importance of taking care over 
the affidavit of means. “People 
are feeling very bitter and emo- 
tional and, if one party misses 
things out, there is often a ten- 
dency for the other to assume 
it is deliberate.'' 

Another aspect of divorce 
cases often misunderstood is 
what a court can award. “Mat- 
rimonial cases are different 
from other litigation because 
the judge can split only the 
assets there are," says Barford. 
“A judge will never say the 
husband has behaved appall- 
ingly so he has to find the 
money." 

Costs run up by each side 
win deplete the amount avail- 
able to be split Barford recalls 
a case where one party was 
convinced that the other was 


extremely wealthy. “By the 
time it was discovered he was 
not, over half the joint assets 
had been spent on the investi- 
gation." 

Barford adds: “If the hus- 
band is hugely wealthy, the 
award to the wife will broadly 
be based on her life-style. If she 
has been used to spending 
£100,000 and that is well within 
his capacity, then, broadly 
speaking, that is what she will 
get 

“If he declares £I0m and the 
wife says he is lying and that 
he has £20m, it doesn’t matter. 
If there are more assets than 
are needed to pay the wife, you 
don't need to investigate.” 

On the other hand, Barford 
stresses there is no point in 
spending money to prove that 
someone is used to a certain 
Ufe-style if there are no assets 
left to maintain it. 

As he explains: “A typical 
situation might be the wife of a 
Lloyd's Name who has led an 
expansive life-style and might 
feel entitled to it But circum- 
stances have changed. He is 
about to go bust and there is 
simply not the money avail- 
able. Yon can only have what 
there is." 



Witan 

FRFFj sh f re 

i. 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 performance 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 largest investment trusts and 
its broadly based international portfolio makes 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 us today at local rate on 
0345 212 256 or return the coupon below. 


PLUS: 

FREE 

SHARE 

EXCHANGE 


Figures Tor Wiian's 
performance are source 
AITC Services Ltd to 
29.7.94, share price total 
return, mid market to mid 
market, with net income 
reinvested and excluding 
transaction charges. Please 
note that past performance 
is no guide to the future. 
The value of investments 
and the income from 
them can go down as well 
as up and the investor 
may not get back the 
amount invested. 



Henderson Touche 
Remnant Investment 
Trust Management 
Limited is an Appointed 
Representative of 
Henderson Financial 
Management Limited and 
Touche, Remnant & Co. 
(“Henderson Touche 
Remnant”) members 
of IMRO. who are 
associate companies 
within Henderson 
Administration Group 
pic, or 3 Finsbury Avenue, 
London EC2M 2PA. 


WITAN - 70th ANNIVERSARY OFFER 


I § To: Henderson Touche Remnant Investment Trust Management Ltd, FREEPOST, PO Box 216. 

" ™ Aylesbury. Bucks HP20 IDD. 

| p Please send me details of the Witan free share dealing offer, and the free Share Exchange Facility. 

I IZ ; 

- Title Initial(s) Surname 

Ll " 

■ 3 Address 


mi 


■■'4 


Postcode 


v / 


Call at local rate on 0345 212 256 


Quoting reference Witan- 22 











FINANCIAL TIMES WEEK-END SEPTEMBER 10/SEPTEMBER II 1994 


WEEKEND FT 


IX 


★ 


FINANCE AND THE FAMILY 


Should we insure for old age? 

More people are living longer. Bethan Hutton explores the case for compulsory cover 


I nsurance to pay for the cost of 
care in old age could become 
compulsory, according to A Cri- 
sis in Care?, a report published 
this week by the Famil y policy 
Studies Centre and the Centre for Pol- 
icy on Ageing. 

It says longer life spans will lead to 
much larger numbers of very old peo- 
ple, a possible 40 per cent increase in 
dementia cases by the year 2 ) 20 , and a 
much smaller proportion of working 
people to pay for the older generation's 
care. 

According to the report, traditional 
patterns of care are changing, too. At 
the moment, famil y members - mainly 
middle-aged female relatives - provide 
more than two-thirds of care for the 
elderly. 

Already, though, the number . of 


women aged 45-69 for each person over 
70 in Europe has fallen from 2.4 In 1960 
to L6 now, and will drop much fur ther . 
Higher divorce rates ami more working 
women also will reduce the number of 
potential carers. 

Perhaps surprisingly, the report 
found that an increasing number of 
elderly people expressed a preference 
for professional rather than family care. 
But it notes: Despite the evidence that 
the family may not be there to care for 
Europe's ageing population, member 
states are increasingly stressing family 
care over state care." 

One possible exception is Germany, 
which recently introduced a compul- 
sory insurance scheme under which 
employers and staff share a 1 per cent 
tax on gross earnings to pay for 
long-term care. Francis McGlone. one of 


the report's authors, says: “Germany's 
new legislation . . . Is something we 
should consider. It would not only meet 
the financial cost of long-term care, but 
would also help to ensure that older 
people no longer became dependent on 
their families or benefits." 

In the UK. the state healthcare sys- 
tem no longer covers care of the elderly 
automatically. Anyone with assets of 
more than £8,000 has to meet the full 
cost of their own care. And although 
private insurance to cover long-term 
care has been available in the UK for 
several years, only a few thousand poli- 
cies have been sold. 

The cost can be a deterrent, particu- 
larly as the people most likely to con- 
sider long-term care insurance are 
around retirement age. For a man aged 
65, wanting cover for nursing home fees 


of £300 a week, PPP Lifetime charges 
£117 a month for its most comprehen- 
sive policy. Alternatively, It would cost 
another £39 for a top-up policy to cover 
a £100 weekly short-fell between pen- 
sion income and nursing home fees. 

Unlike private medical insurance, 
there are no automatic age-related 
increases once the policy is In force. 
But premiums usually can be reviewed 
at any time if the insurance company 
finds claim levels are greater than it 
expected. 

PPP has just introduced a guarantee 
promising that premium and benefit 
levels will not be altered for the first 10 
years, no matter what the claims expe- 
rience turns out to be. Commercial 
Union, the other main provider of 
long-term care insurance, offers a five- 
year guarantee. 


An unexpected bill for extra tax 


I recently sold some insurance 
bonds (a mix of managed and 
international units) bought 
some years ago for a useful 
capital gain. 

I declared this gain on my 
tax return but, in his wisdom, 
my accountant decided that 
the sale should be declared 
under “all other income or 
profits” as a “chargeable 
event". 

The Inland Revenue has now 
added the full amount of the 
profit realised on the sale to 
my taxable income and 
requested payment at the 40 
per cent rate. 

As a result, I am now faced 
with an addition to my tax 
approaching £24)00 instead of 
enjoying what I expected to be 
a tax-free gain. 

The bonds - from which I 
have drawn no income - are, 
in effect, an investment m unit 
trusts and, to my mind, should 


be treated as such for capital 
gains tax purposes. 

Are my accountant and the 
Revenue correct, or do I have 
a case? 

■ When you say that you “sold 
some insurance bonds", we 
take it that what actually hap- 
pened was that you surren- 
dered a unit-linked. single-pre- 
mium life assurance policy, or 
perhaps more than one’ such 
policy. 

That being so (and assuming 
that no top-slicing relief is 
available under section 550 of 
the Income and Corporation 
Taxes Act 1968, which we can- 
not tell from the limited data), 
the gain will be taxable at 15 
per cent by virtue of section 
547 (5) of the Taxes Act 

Only your accountant has 
enough precise background 
facts, figures and dates to say 
exactly what your tax bill 
should be. 



No bgtl aspmttty cm bo mx xp m rt tf® 
flnanaof ftnae for As anawn gbwi h Im 
ootims. Af hquMsa *• be anweretf by poa at 
soon m posstto. 

When life is 
a lottery 

I have several thousand 
pounds worth of National 
Savings premium bonds as 
well as a few hundred pounds 
worth of prize bonds issued by 
the Prize Bond company of 
Dublin. 


I like the idea of having a 
cash deposit linked to a regu- 
lar, lottery-like c hance of win- 
ning large cash prizes - and 
tax-free at that 

Are there are any other 
countries with reliable econo- 
mies and currencies (such as 
Germany, the US. Canada, 
Australia and Switzerland) 
that Issue similar “lottery 
bonds”? 

■ As fer as we are aware, the 
National Savings premium 
bonds in the UK and the prize 
bonds issued by the Republic 
of Ireland are the only type of 
deposit schemes which link 
you to a regular possibility of 
receiving tax-free cash prizes. 

Of course, simple lotteries 
are well established in many 
countries and, indeed, one is 
soon to begin in the United 
Kingdom. They depend, how- 
ever, on buying tickets and 
your stake is lost rather than 


deposited. (Answer by Murray 
Johnstone Personal Asset Man- 
agement). 

Anyone here 
seen Alice? 

I have found some share certif- 
icates in the name of Alice 
Edwards (Holdings) Ltd. Does 
this company still exist or has 
it been liquidated? 

■ It changed its name to Bri- 
gray Group Ltd on June 30 
1969. Brigray was wound up in 
May 1961 and the Inland Reve- 
nue approved the negligible 
value of the ordinary shares 
during the 1981/82 fiscal year. 


The Professionals: The mini- 
mum portfolio investment col- 
umn in the Factfile on page V 
last week referred to a portfo- 
lio of equities. 


How do you keep up with 
an expanding Europe? 


Europe's essential online business 
information service from the Financial Times. 



Now that the single market is a reality, the 
need for basinets information ... on markets, 
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92M& PART OF THE FINANCIAL TIMES GROUP 


L. 


_l 


Short and sweet 


Because of recent speculation 
about possible base rate 
increases, Investors have 
become wary of buying into 
long-term, fixed-rate products. 
Building societies have 
responded by offering much 
more attractive short-term 
investments. 

Halifax raised its Guaran- 
teed Reserve fixed rates by 
half a percentage point on 
average last week. New three- 
year fixed products were intro- 
duced this week by Northern 
Rock, Dunfermline and Coven- 
try. 

Dunfermline has launched a 
three-year Caledonia bond to 


coincide with its move to a 
new head office. It pays 8 per 
cent gross on £5,000 and 
above. Northern Rock, which 
issued its new three-year fixed 
account earlier in the week at 
8.75 per cent from £2,500, has 
been leapfrogged by Coventry, 
which is paying &80 per cent 
on £5,000 with a monthly 
option at 8.45 per cent 

Escalator bonds continue to 
flourish. Barclays has 
launched its own version, with 
rates starting at 6 per cent for 
the first year and rising to 12 
in the fifth. Minimum invest- 
ment is £2,000. 

The market leader, however, 


is the new Step-Up bond from 
Portman. On a minimum bal- 
ance of only £500, It pays 
yearly interest of 7 per cent in 
year one, rising to 8 in year 
two, 9 in year three, 10 in year 
four and 12 in year five. 

Halifax International in Jer- 
sey has increased all rates on 
its Fixed Rate International 
account by np to 1.1 percent- 
age potnti making it the off- 
shore market leader In terms 
of one to five years. The high- 
est rate now available is 8.7 
per cent annually for five 
years on £50,000. 

Christine Bayliss, 
Moneyfacts 


HIGHEST RATES FOR YOUR MONEY 




Notice/ 

MnkRum 

Rate 

hiL 


Account 

Telephone 

tern 

oeposii: 

% 

part 

INSTANT ACCESS A/cs 

Portman BS 

instant Access 

0202 202444 

Instant 

£500 

5to% 

Yly 

Bradford & Bingtey BS 

Direct Premium 

0346 248248 

Postal 

El ,000 

5.40% 

Yiy 

SMptonBS 

3 High Street 

0750 700511 

Instant 

£2,000 

0.10% 

Yly 

Nottingham BS 

Post Direct 

0602 481444 

Postal 

£25000 

650% 

Yly 

NOTIce A/os and BONOS 

Bradford & Bingtey BS 

Direct Notice 

0345 248248 

30Day(P) 

£1.000 

6.00% 

Yly 


Postal 60 

0500 505000 

HJ0ay<P> 

£10.000 

655% 

Yly 


1 Yr High Option 

091 232 0973 

BODay 

Cl 0.000 

6.80% 

Yly 

Covertly BS 

Rxed Rate Income 

0800 126125 

31.8.37 

£5.000 

830%F 

YV 

HONTHLY INTEREST 


Capital Total 

0538 381741 

Postal 

£2 toO 

537% 

Mty 

Bradford & Bingley BS 

Direct Notice 

0345 248248 

30Day(P) 

£10,000 

6.30% 

My 


1 yr High Option 

091 232 0973 

90 Day 

£1.000 

5.95% 

My 

Covertly BS 

Rxed Bate income 

0800 128125 

31.8.97 

C5.000 

8.45W 

My 

TBSSAs (Tax Fred 



0858 463244 

5 Year 

£9 toO 

750% 

Yly 



0455 251234 

5 Year 

E3.00BA 

7.35% 

Yly 



0737 245716 

5 Year 

£1 

7.1 S% 

Yly 

Nottingham BS 


0602 481444 

S Year 

£1 

7.10% 

Yly 

MOM INTEREST CHEQUE AA» (OrosaJ 


Curem 

0800 400900 

Instart 

£500 

3.50% 

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Asset Reserve 

0422 335333 

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£5 toO 

450% 

ay 


Classic Postal 

0800 717515 

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£2.500 

5.75% 

Yiy 





£25 toO 

6to% 

Yty 

OFFSHORE ACCOUNTS (Onrao) 


International 

0481 715735 

Instant 

£500 

5.75% 

Yly 


(rases 90 Day 

0624 663494 

90 Day 

£20,000 

6.80% 

Yly 


O'ahore Key Ex 

0481 710150 

180 Day 

£50 toO 

750% 

Yiy 

Haifa* BS 

Rxad Rata 

0534 59840 

5 Year 

£10to0 

&60%F 

Yly 


QUARAHTSBa HCOBBS SOUPS pteti 


Utterly Life 
AK3 Lite 
Premium Lite 
General Portfolio 
EuroBte 


081 440 8210 

1 Year 

£2to0 

5 

YV 

081 B80 7172 

2 Year 

CSOjOto 

6.10%f 

Yly 

0444 458721 

3 Year 

Cl .toO 

650%F 

Yiy 

0279 462839 

4 Year 

£50to0 

7to%F 

Yty 

071 454 0105 

5 Year 

CIO too 

7.60%F 

Yty 


HATTOflAL SAVWaS A/Cs > BOEPS {ttrowl 


kwestmant MG 

1 Month 

£20 

fL25%G 

YiV 

Income Bands 

3 Month 

£2to0 

650%H 

Mty 

CapBal Bonds H 

5 Year 

£100 

7.25HF 

OM 

Rrst Option Bond 

12 Month 

CltoO 

6to%H 

Yty 

Penstonara BE 

5 Year 

F*TO 

7.00%F 

wiy 


mat savinqs cgmgggm pm ft-e*) 


41st issue 

5 Yeer 

£100 

5l40%F 

OM 

7th index Linked 

5 Year 

£100 

3lD0%F 

OM 




■♦Win 


Chldrens Bond F 

5 Year 

£25 

755%F 

OM 


mwra rrtaior banks and Buttdrw Societies only. Afl rates (except those under heading Guaranteed Income 
aSJSmaKmnQroL F = Rxad Rate (AS other rates are variable) OM - More* paid on matutty. N=> Net Rate. P= 
r° T Y?’ nn}v » Feeder account also required. B= 7 day taw of interest on afl withdrawals. G» 5.75 par cert on 
Son ^tbove: 6 per cart on £25,000 and above. H= a.75 per cent on £25^00 and above. i= 8.40 per cert on 
Mflnno «d rtxwe-Source: MONEYFACTS, The Monthly Guide to Investment and Mortgage Rates, Laundry Uke, 
ShWalshMkiSrtoflJ, NR28 0BD. Readers can obtain an Introductory copy by phoning 0692 600685. Figures 
compil e d on; 8 SeptoiTtoflf 1994 


Who said your 
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X WEEKEND FT 


FINANCIAL TIMES 


WEEKEND SEPTEMBER 10/SEPTEMBER H t** 4 


FASHION 



She is wearing a grey, soft tweed wrapover dress and jacket £296, by MareOa. They can be 
bought separately and leaned (with things such as waistcoats, kilts or trousers to buBd up 
several (fifterent looks. Stockists nationwide, ring 071-287 3434. 

He wears a single-breasted basket weave suit, £275 by Austin Reed at branches nationwide. 
White cotton shirt, £41 by Van Heusen at House of Fraser and Debenhams nationwide. 
Green silk tie, £45 by Paul Smith, 41 Floral Street, London WC2. Teh 071-379 7133. 



A good example of the sbnpte-cut th roo button single-breasted suit in a current version of a 
traditional style. Flat-fronted trouser with the more flattering narrow leg. 

Slit, £185 by Jigsaw, 126 King's Road, London SW3 & Leadenhafl Market, London EC4. Teh 
081-878 8446. 

Silk weave tie, £43 by Jigsaw. Black shoes, £140 by Sweeney’s at Plumline, 55 Neal Street, 
London WC2 and Haney Nichols, Knightsbridge, London SW1. 


Classics 


with a degree of modern language 
at Austin Reed. 



l»*r mrr 'll* >«*ar*. w«‘\r lax ti-licil iiiorr ran* than amour iknolopiii” <*lotlir‘ai like thr traditional rollegr 
Vuil'hi/.iiui-r into Uniat oA'iuiiik, Siieii «oml tliinjr.*. mat we Mijwrsl. merit a mure than academic inlcivsi. 

NAVY WOOL BLAZER £195. INDIGO COTTON SHIRT £19.95. SILK TIE £25 • TO RECEIVE OUR BROCHURE FREEFONE 0800 585 479. 


AUSTIN REED 


Suit yourself 
carefully in 
your first job 

A sober working environment is simply no place 
for making fashion statements , says Heath Brown 


Y ou have landed 
your first job. 
Day one in the 
office looms. 
Your wardrobe 
seems to consist of little more 
than jeans and sweatshirts. 
What on earth do you do? 

No matter how fashionable 
you may be in your private life 
the sad truth is that if you are 
starting work in a sober city or 
business environment it is not 
a time for fashion statements. 

Greys, blacks and blues set 
the tone in business and con- 
servative suits rule the day. 
No, this is not some youthful 
hnmng a to p rimp minister John 
Major but the realities of the 
need fbr no- fuss, simple cloth- 
ing on the first rung of the 
career ladder. Simplicity is the 
key and a crisp, efficient 
appearance will compensate 
for fashion fripperies and style 
statements. 

“If you're serious about your 
first job you do not wear 
clothes that will attract too 
much attention,’' says Stephen 
Ibrahim, men's tailoring expert 
at Simpsons of Piccadilly. 

Flashy shows of individual- 
ity would create the wrong 
impression to those higher up 
as well as to your peers and 
perhaps promote resentment. 

Few companies issue strict 
guidelines but most expect an 
unwritten dress code to be fol- 
lowed. The more successful 
you become the more flamboy- 
ant and noticeable your clothes 
are allowed to be. Bold chalk 
stripes and vivid pink shirts 
are not for the new boy on the 
block. Expensive Chanel ear- 
rings and flame-red suits are 
reserved for high-flying women 
who have made it already. 

The golden rule is: do not 
dress above your station. 
Brassy shows of aspiration are 
considered vulgar (although 
the older hands are excused). 
Your work must seem to come 
first not your image. 

Even Lowri Turner, an out- 
spoken television fashion 
critic, advocates the subdued 
look for that first, probationary 
year - “neither too severe nor 
too sexy”, says she, who has 
progressed from a raincoat and 
pumps to her current dressed- 
for-success image in spiky 
Manolo Blahnik heels and Cal- 
vin Klein suit “But there is no 
need to look boring," says 
Turner. “We all want to look 


good.” And this can be done if 
the style is kept subdued. 

One tip, if a restricted dress 
code operates, is to spend as 
much as you can afford on 
your first sober suit Good cut 
and fabric really matter - they 
last longer and look better. 

Susie Faux, who has built a 
namp as the working woman's 
sartorial psychologist and is 
the owner of Wardrobe, a rash- 
ion consultancy, feels strongly 
that the most important thing 
is to "love your suit" - not 
only will you be seeing a lot of 
it but this will give you tre- 
mendous confidence”. 

Although all this may seem a 
bit like reverting to school uni- 
form. it is not as grim as it 
sounds - and there is no need 
to look dowdy. 

Just as chaps should avoid, 
at least to begin with, shirts 
with stripes, so women should 
beware of loudly-striped suits. 
At the next stage or your 
career, you could introduce 
stripes as well as bold, colour- 
ful ties and, for women, 
scarves and more expensive 
jewellery. 

Grey outfits often look better 
than navy. Inexpensive navy 
clothes often tend to become 
shiny more quickly. Remember 
this suit should take you from 
your first interview to your 
first pay rise. 

For men's suits, medium 
13oz hard-wearing hopsack is 
best Single-breasted, three-but- 
toned jackets can introduce an 
acceptable fashion element and 
flat-fronted trousers are flatter- 
ing to a youthful frame. If you 
prefer double-breasted jackets 
choose the traditional six-but- 
ton/two- fastening combination, 
which is more classic than tbe 
continental-style single-fasten- 
ing as this can hint at a wide- 
boy, 19805-salesman, style. 

Women’s suits, although 
they should be dark, can be 
more adventurous with fabric, 
textures and weave. If you can- 
not afford a really good suit, 
try and spend as much as you 
can on a quality jacket and 
team it with a cheaper black 
skirt or some good chain-store 
trousers (Marks and Spencer 
usually has excellent ones). 
Skirts should not be too short 
and. in most city offices long 
ones are frowned upon. The 
best length tor the moment is a 
couple of Inches above the 
knee. 


A mid-sized heel is good for 
women's shoes which must 
have the minim um of detail- 
ing. For the men. Lowri Turner 
thinks they should invest in 
one pair of well-made shoes. “A 
good pair of Church's will see 
you through to promotion and 
beyond." Plain brogues or 
Oxfords seem to be the only 
choices - certainly no loafers 
and. of course, they should, 
above all. be immaculately 
clean. 

Once you have chosen your 
suit, think about your appear- 
ance. Clean-cut and groomed is 
how employers prefer it. Susie 
Faux thinks a good hair cut is 
where it ail begins and advo- 
cates regular manicures for 
both men and women. 

When it comes to make-up 
she thankfully excludes men 
but believes women must use 
the right amount: “Not too 
much - but they must use 
some.” 

Soon the days of the first and 
only suit will be behind you as 
you head for the Versace ties 
and your skirt can be as sexy 
as you like. After all, when you 
are the boss, anything goes. 

■ To find affordable ranges of 
“first suits" for men and 
women it is worth looking at 
smaller department stores, 
such as Kendal Milne in Man- 
chester or Dickins & Jones in 
London, and specialist shops, 
such as the Norton Barrie 
chain of shops in Northern 
England (mainly men) or, if 
you can persuade a parent or 
godparent to fund it. Wardrobe 
in Brook Street. London, 
Wl. 

For a slightly less attentive 
service, but with suits that are 
good value, chain stores Next. 
M&S and Principles have inter- 
mittently excellent ranges 
while on the slightly more 
expensive side Jaeger. Austin 
Reed, Hackett and Daks Simp- 
sons offer mid-range suits that 
are true investments in your 
career. 

Other shops to check out are 
Jigsaw, Whistles and Selfridges 
and Dorothy Perkins which 
has Invested heavily in upgrad- 
ing the design content without 
pushing up tbe prices. 


Photography Richard Bums 

Stylist Heath Brown 

Hair and make-up Mary Balfe. 
at Carol Hayes Management 



Black sbc-tHitton, three-fastening doubfe-breastad suit that harks back to pre-war traditions. 

Tha high reiera are beoon^ more feaMonable again and are afcw^a cCT ptablpiAiHwlnOTawtiHO mo 

troussra are tapered In ttw style so much admired by former public school bars, who are renowned fbr having 
their straight-legged versions altered. 


* 






m 





cv * oioft.; -.T-i .- : . i-'M-h (I..™ wni . ,Mk>irjwo« • chhmy <ahm* • h.-j'V srvcr • uwkku yn«r ■ .jw, • mom-™ rcamMiii i itt iM«r 9*oni mm •haqun ■ b*th • wm , ckam - lounraWTH - Mkww 

• rr .-in • • , «nwrT"4 - rAMfMIUi*- .ro* t-IM, . ruom . , r«-.iui • CPi'M.-flC" • OtiffiTW • tllJtDIoa? - - MMGriGl-, WOM • fHAUSS • UKBTBl. M*MO»*.TW • WMMtu -Main) • N*Ul» 4«UiOUlXF* ffQatMMI 

‘ • '."’W - • 'x3un«#*rciN . !nur»o««ui>c.-, *vo«i • tu»,b«.s« aiu\ • -jutnei - »■ r- ->i, >u.;n «co mom iwrn « mimocfi. o*fo*e> iiMi-.r uouxin m«d * a-onrewi swot at otArTBi, wavww-tCH 


Jacket E99JJ9; trousers, £49.99, both from Next branches nationwide. 

Light Wue/gray sWrt, £2<LS5 from Oakland branches nationwide (081-450 3100). 
Black and white tie, £1396, Oakland. 
















FINANCIAL TIMES WEEKEND SEPTEMBER I O/SEPTEMBER 1 1 1994 



FASHION 


; e ‘f The long, hard road 
1 r * to a couturier’s heart 

| Q It’s tough if you are a textile artist, says Jane Mulvagh 




T 




extile artists are 
the unsung heroes 
of fashion - vital 
to the finished 
product, yet often 
and unacknow- 


unknown and unacknow- 
ledged. 

One has only to remember 
Paul Poiret's orientalism, for 
instance, which owed much to 
Raoul Duffy's painterly depic- 
tions of the Levant on cloth, 
and Keith Haring’s graffiti, 
lifted straight from a Bronx 
subway which lent street credi- 
bility to Vivienne Westwood's 
sportswear. 

But for the would-be supplier 
of textiles to the Parisian fash- 
ion houses the road is long and 
hard. 

The back door of most Pari- 
sian couture houses is fiercely 
guarded by a manu ten tiona ire 
or storekeeper, typically a 
woman with a Napoleon com- 
plex who will fob off any hope- 
ful talent with a sharp, “We 
have our suppliers.” If you do 
not happen to be French the 
rebuff will be even more crush- 
ing. 

In the 1960s, when the Azza- 
rios, textile suppliers from 
Italy, approached the couture 
houses, they sensibly hid their 
origins behind the name “Nat- 
tier”, taken from the French 
painter whose favourite blue 
was a mainstay in their collec- 
tion. 

They introduced their card- 
board-stiff triple gabardine to 
Courr&ges, enabling him to 
carve his board-flat, space-age 
tunics. Without this French 
pseudonym, Courages would 
probably never even have 
looked at their new fabric. 

Zika Ascher, a Czechoslova- 
kian Jew who mixed mohair 
with nylon to give it stability 
and create new textural possi- 
bilities, became so desperate 
that he introduced himself to 
the world of couture by push- 
ing fabric samples through the 
open window of Christian 
Dior's car. 

Sabina Fay Braxton, a 30- 
year-old Englishwoman, is the 
couture world's latest textile 
darling, but it took her three 
years to wheedle her way in. 
Her “vintage" effects on mod- 
em fabrics, be it medieval alto- 
basso (varyingiy cut) velvets, 
early 18th century Venetian 
and Lyon "Bazaar" prints, or a 
pastiche of a Gericault eques- 
trian scene, have been seized 
on by couturiers because of 
their passing resemblance to 
rich embroideries, at a third of 
the price. 

Braxton grew up in the Mid- 
dle and Far East Her mother 
was a painter and her father a 
writer and collector of ethnic 
costumes. She studied film and 
costume design in Nice and, 
while helping to restore a 
medieval hunting lodge in the 
south of France and the Pro- 




veugal house of a Renaissance 
and Baroque art collector, she 
created mock-period fabrics for 
both. 

In 1390 she began supplying 
Christian Lacroix and, later, 
Emanuel Ungaro. Olivier Lapi- 
dus, Louis Feraud and Chanel 
in Paris, and Bill Blass in New 
York with her shimmeringly 
ornate renditions of historical 
fabrics. 

Indeed, she almost single- 
handedly diverted Ungaro from 
splashy, bright, geometric 
prints to muted and layered 
chiffons and velvets which 
evoke the Levantine concu- 
bines in Tales of Hoffman. 

Her signature is gaufrage or 
embossed velvets. The deep 
pile is stamped under heat 
with carved wooden blocks, 
invariably with silver or gold- 
leaf or bronze filing s to accen- 
tuate the motif. 

The result is embellished 
with paint to give it the 
appearance of a splinter- 
cracked fresco that has been 
scattered with moondust 
Christian Lacroix spotted 
Braxton’s patinated velvets In 
Verseta, an interior design 
shop in Paris, and saw their 
potential at once. But Braxton 
had never intended to work in 
high fashion: "I never thought 
there would be any money in 
it, for some of my fabrics cost 
up to FFr4,000 (about £480) a 
metre and much more for a 
one-off piece which is more 
like a painting.” However, it 
was too good a chance to 
Together with Lesage, the 
master embroiderer, Lacroix 
and Braxton collaborated to 
create the most successful 
jacket - of his spring and sum- 
mer 1991 couture collection: a 
Chinese-yellow velvet 
embossed with a silver-leaf 
motif made up of griffins and 
gazelles. Byzantine squares, 
ultra-modern cubist flowers 
and a Moorish tile pattern. 

One would Imagine that her 
path into haute couture was 
then assured but in spite of 
congratulatory telephone calls 
from Lesage, the mamtiention- 
aires at Jean-Louis Scherrer 
were as obstinate as ever. 

“They don't want to see any- 
one new . . .they wield a weird 
sort of power and if yon can’t 
get passed them you're sunk.” 
But Braxton persisted and was 
eventually granted an audi- 
ence. Scherrer ordered immedi- 
ately. 

Many couturiers live rather 
like renaissance princes, iso- 
lated from daily trivialities. A 
couturier’s brief is passed 
down the fine, like a Chinese 
whisper, from maestro to stu- 
dio director to supplier, so it is 
not surprising that the end 
result is either vague, or dis- 
torted. 

At Ungaro, Braxton's brief 
was that the couturier was 


l *v- 






% 


• ’ ► -t"X 4 A 
-5 * 

rrr«fr*. _*•••• > 






interested in “patterns like a 
Persian miniature with striped 
borders". That was it. No col- 
our. motif, size or fabric 
instructions. And all to be 
delivered in 24 hours. “Fortu- 
nately, I was very familiar 
with these mini atures from my 
childhood, so 1 went ahead,” 
she recounts. 

The studio is based in a quiet 
side street of the 14th arrondi ■ 
ssement where, surrounded by 
paint pots, carved blocks and 
art books, Braxton conjures 
new processes. Her latest 
inventions are photo-printed 
suedes and fake furs embossed 
with tracery. Some of her spe- 
cialist pieces can take as many 
as 120 hours a metre to create. 

What is marirteTiinp is that 

couture studios may prevari- 
cate for weeks, holding on to a 
precious sample and then at 
the last minute rejecting it or, 
worse, ordering several metres 
for a couture show in a few 
days' time. To survive as a 
handmaid to French couture it 
pays to be unflappable and to 
require just snatches of sleep. 

Her insight into couture has 


led her to question its 
time-consuming methods: often 
the same effect could also be 
achieved by printing or using a 
machine, but the kudos of 
“hand-made" means they often 
Insist on unnecessary and 
expensive handwork. 

Braxton has used her part- 
nership with couture as a 
means of promoting her own 
range of accessory clothing to 
be launched in September. It 
will be sold in department 
stores and boutiques in Lon- 
don and New York. 

It includes scarves, stoles, 
waistcoats, body suits and 
loose tunics and pants for 
women, and waistcoats, ties, 
scarves and handkerchiefs for 
men. She will also offer a small 
range of embossed leather 
accessories. Prices start at £20. 

They will be on sale in Har- 
rods of Knightsbridge, London 
SWi in for Christmas and 
in the US at Barneys, Bergdoff 
Goodman, Neiman Marcus and 
L Magnin. 

■ Sabina Fay Braxton, 5 rue 
Daguerre. Paris 75014. Tel 46 
57 II 62. 


i * . * - 


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Rust embossed vehnrt shawl with fake fur border. 

Black stretch chiffon body with gaufrage velvet cross for Christian 
Lacroix couture. 

Necklace by Ungaro. 


ALFRED DU N H I LL 


Christian Lacroix’s black velvet jacket embossed by Braxton. 
Earrings from Musde Cluny, Paris. 

Photographs John Sivann&i 

Stylist lane Muivjgn 

Hair and make-up John Gustafson 




M . . / ■ 


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a . 


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fill 




wm. 


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mm 






The Centenary. 

fared Q)///iA/// fvatc/uw/r'om die /9<jOa\ /wn&itrmp one Anndredj/cars a/mt da 
^ydind/n^ ofdie conijhonij. tJi&M# made \ midi ntec/uiniccd movement, 
tftaw/e&s £fee/ cane, r SafipAirc jf/ann. *1f crier -resistant . S7n tern alio na/^/aaran lee. 


iinmro’s waistcoat, part of a couture wodcflng ensambte, made from 
^ orgmSTjawn^rti, decorated with block-printed birds of 

Sw^Fay Bsxton's pmted chifloo scarf worn a* a wrong. 

SSrr'S AnOquw. 96 Porttand Road, London W1.,. 


ul : ^ . • IrfauA/i'.v . '// ///rAt-v o/ • Itt'itzt'r/itrn/ ■ ~/7 h‘ -'a >/ f/rottf* tunf 


forty At a/fier since 













XII WEEKEND FT 



HACKETT 

LON PON 


Essential 
British Kit 

137-131. M.O \NI ; STKI-fT 
LONIH 1M Ml - 1 

ir 1.7311 

JF.RMYN srKI-Kl 
FPLHAM ANI » nil; t'| | y 


FINANCIAL TIMES WEEKEND SEPTEMBER 1Q/SEPTEMBER^I 

HOW TO SPEND IT 


Starck naked and simply stylish 


A bidet based on the design of 
a bucket, and a bath costing 
more than £4,300 are part 
of a new collection admired 

by Lucia van der Post 


T here seems no end 
to the inventive- 
ness of Philippe 
Starck. He is, for 
those whose minds 
have been on higher things 
these last many years, the 
famously shabby and cuddly 
Frenchman who speaks 
English with a Peter Sellers 
French accent and who made a 
lavatory (the one with mirrors 
in the Cate Castes in the Place 
des Innocents) one of the most 
visited sites In Paris. 

He is, just in case that has 
not made it clear, a designer. 
Or rather he is what most of us 
would call a designer but he, in 
his playful, provocative way 
denies it hotly. He is. he 
insists, a political activist, a 
radical changer of the way peo- 
ple live. 

Be that as it may, the man 
who gave us the ultimate lava- 
tory brush, the most expensive 
lemon squeezer in the world, 
the most eccentric kettle and 
the most uncomfortable chairs 
in Paris is in designing mode 
again and this time he has 
turned his attention to bath- 
rooms. 

As you can see fro m the pho- 
tographs, he has managed, as 
with almost everything he 
touches, to give the standard 
components that we all know 
ami use. baths, basins, lavato- 
ries and bidets, a fresh look. It 
is a look that, alas, comes with 
a hefty price tag - but being at 
the cutting edge of design 
never did come cheap. 

Commissioned by Duravit, a 
German manufacturing com- 
pany, to produce his own 
vision of contemporary bath- 
ware, Philippe Starck went 
back to basics. How, he asked 
himself, did early man wash 
and keep himself clean? He 
would scoop water from 
streams and lakes by cupping 
his hands. 

Later, as he provided himself 
with a few comforts and arte- 
facts. he built round washing 
bowls (all those heavily deco- 
rated Victorian bowls were 
almost all perfectly round) 
based on the simple round 
shape of cupped hands. 

Water to primitive communi- 
ties was (and sometimes still 
is) collected by hand-pump and 
he has used this shape as the 
inspiration for the wash-basin 
mixer. 

The lavatory and bidet are 
based on old buckets. The 
bath, a simple free-standing 
oval, is modelled from the 
old-fashioned tub, rather like 
the ones we see in old West- 
erns or nostalgic photographic 
essays of vanished work- 
ing-class life. 

But do not be fooled by this 
artless vision - the inspiration 
may go back to early Arcadian 
days but the technology, of 
course. Is white-hat new. The 


lavatory, for instance, in true 
eco-chic style, flushes properly 
with only six litres of water - 
most, it seems, need nine and 
even the newer more conserva- 
tion-conscious models need 7V*. 

The manufacturers are 
excited by the tap on the basin. 
This is based on the lever 
action of the hand-pump which 
means flow and temperature 
can be operated with one-hand 
but it required the develop- 
ment of a new small mecha- 
nism to make it work effi- 
ciently. 

The bath, too, sitting 
serenely in the middle of the 
room, required some new tech- 
nology to enable the taps to fit 
neatly on to its rim. For those 
who like their baths to do 
fancy things it is possible to 
have Venturi massage jets, an 
air injection system or a com- 
bination of the two. 

The bath itself is made from 
reinforced acrylic, the rest of 
the equipment from ceramic, 
but where wood Is used (as in 
the basin with cupboards 
below) it has a pearwood 

veneer and a bl ack mplaminp 

interior. 

What appeals to me is the 
simplicity of the aesthetic - it 
is cool, clean, tranquil, with 
nothing pushy or aggressive to 
disturb the eye. When properly 
installed not a vestige of 
plumbing is to be seen. 

Yet it is clearly practical - 
for instance, around the oval 
bath runs a p pifahaH chrome 
rail so that a towel or even 
clothes are always at hand. 

For those whose notions of a 
proper bath include the possi- 
bility of dr inking the Odd glass 
of champagne, there is a broad 
ledge. 

If you like to buy a bathroom 
as a package, there is a range 
of accessories - everything 
from simple hooks and a sleek 
toothbrush holder, to towel 
rails, lavatory paper holders 
and a mirror. 

The collection, as I have 
already intimated, is not 
cheap. The bath, being the 
most innovative technically 
and, of course, the largest 
piece of equipment, is the most 
expensive at &L361.60. 

Hie floor-standing (there are 
also wall-mounted versions) 
bidet and lavatory together are 
£1,024. The wash-basin is 
£529.93 and there is a shower 
tray at £L3L4£2. 

The complete range can be 
seen at Ci > . Hart, Newnham 
Terrace, Hercules Road, Lon- 
don SEL 7DR. The range is new 
and is available to order only - 
currently the waiting time is 12 
weeks but C.P. Hart hopes to 
get this down to more like six 
weeks shortly. 

Later in the year it will also 
be available from other bath- 
room suppliers. 

■ Tel 071-902 1000 for details. 



Cool, airy, tranquil, the PMppe Starck bathroom with not a piece of plumbing fti sight 



The basin with a peerwood veneered cupboard below The wash-basin: the shape of cupped hands provided fa inspiration 


o, 


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Cutlers /£\ 

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Small company, 
big following 


C obra & Bellamy has 
always been one of 
those small London 
shops that had a rep- 
utation and an influence out of 
all proportion to Us size. 

Its two partners and owners, 
Veronica Manussis and T ania 
Hunter, have had a way of 
sensing the mood of a moment 
almost before It arrived and 
offering a growing band of 
aficionados the jewellery they 
did not know they wanted 
until they saw It 
On Monday there is a big 
milestone in the development 
of the company - it opens a 
large and lavish new branch in 
the newly glamorised D Scions 
& Jones store in London's 
Regent Street and it launches 
its first ever mail order bro- 
chure. 

For those unfamiliar with 
Cobra & Bellamy, it started by 
selling period costume jewel- 
lery, then moved on to popular- 
ising Art Deco pieces. 

Today it still sells Art Deco 
inspired pieces but it is better 
known for an interesting part- 
nership with the Italian jewel- 
lay designer Barbara Bertag- 
nolli, who designs intricately 
Interesting pieces for them in 
24-carat gold wife richly col- 
oured gemstones. 

Their glass-based strings of 
pearls, using original 1920s and 
1930s clasps, are always a huge 
success with those who cannot 
afford the real thing . 

Now. with the new shop to 
supply and mail order custom- 
ers to keep happy, Manussis 
and Hunter have introduced a 
special Cobra & Bellamy line of 
their own. mostly very well- 
priced, very strong and simple 



Art Deco-inspired jewellery has always bean a strength of Cobra & 
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black acryfic cushion, £91 



HaSnwked saver dumb- be* cufHnks, 22-carat gold-plated with lapis 
laaJ be odn, £84 


pieces in either hallmarked sil- 
ver or 22-carat gold-plated sil- 
ver. Amber is a big new devel- 
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For chaps there are some ele- 
gant cufflinks and retro 
watches sell between a very 
reasonably-priced £26 and £37 
(but hurry, each Friday's con- 
signment sells out before the 
following Friday). 


■ For a mail-order brochure 
Ting 071-730 9993. It costs £5 
which is refundable on the first 
£50 order. 

Otherwise visit the shops 
either in DicJdns & Jones or the 
original branch at 149 Skxme 
Street, London, 

SW1X SBZ_ 

Lucia van der Post 



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'ERIE DEPUIS 1874 


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financial times weekend September i o/september i i i 994 


WEEKEND FT 


Xlll 


PERSPECTIVES 



The IRA s declaration of 
a ceasefire and the 
prospects of peace are 
important to many 

Americans. Nicholas 
Woods worth visited an 
Irish society in Boston 
to see how the news was 
received 

slk into the headquar- 
ters of the Emerald Soci- 
ety in a suburb of Bos- 
ton, Massachusetts, and 
. x i. ■ y™ start to under- 
stand why the US president. Bill Clinton is 
so e x erdsed about Ireland. Thia is a haEL 
soaked in Uffey-side nostalgia, with sham- 
rocks and bright Kelly green curtains. It is 
the meeting place for one of the 4,000 Irish- 
American organisations. The number of 
US citizens claiming Irish descent has 
been growing rapidly and is now thought 
to have reached 44m. 

The sense of fellowship with their com- 
patriots across the water has been a great 
source of strength for the republican cause 
in Northern Ireland - and a source of cash 
to arm the IRA terrorists. So the IRA’s 
declaration of a ceasefire and the pros- 
pects of peace are a matter of same impor- 
tance to a very large body of Americans. 

In Boston's Emerald Society hall they 
are men of substance: large of girth, loud 
of voice and confident of mannw - the 
patrolmen, deputies, sheriffs and consta- 
bles of the Boston city police force. 

.They meet under an Irish flag at the 
front of the halL A mural of the Irish Dail 
decorates one wall, the blazons of Ulster, 
Leinster, Munster and Connacht the other, 
..But when at the society’s meeting this 
week Constable Tom Brown made his way 
round the hall with copies of the US-pub- 
tished Irish Echo, the glow was dimmed, it 
was not that anyone present was unhappy 
with news of the IRA ceasefire but. if 
violence has come to a halt across the 
water, it has not stopped in Boston. Some 
officers were still in the ceremonial kilts, 
spats and argyll socks of the Boston 
Police’s Gaelic Column, after the' the 
funeral of a slain Boston policeman, the 
third to be kilted in as many weeks. 

“We are absolutely sick of violence,” 
said Brown. “We have seen too much of it 
ourselves. It doesn’t matter where police- 
men. and innocent civilians are being 
kilted. It must be stopped in Ireland, and 
at any cost" 

Had Brown’s views an the IRA been 
sounded out a decade ago his response, he 
admits, would have been very different 
For many years he has been a member of 
Noraid, the Irlsh-American organisation 
responsible for much of the funding of IRA 
activities. Still a Noraid member, he 
acknowledges that Irish-American support 
lor IRA violence has dwindled sharply, 
both emotionally and financially, in the 
last two or three years. 

Narald, Brown says, now supports the 
ceasefire and will work for a negotiated 
settlement If the price of peace is the Irish 
Republic's rehnqmshment of its territorial 
claim to Ulster, that as far as Brown is 
concerned, is acceptable. “Compromise is 
what it is all about" he affirms. “Both 
sides are going to have to bend.” 



The Nature of Things /Andrew Derrington 

The windmills 
of your mind 


Message of hope 
and fellowship 


The vast majority of policemen In the 
Emerald Society feel as Brown, does - they 
have as much fear as any Americans of 
growing levels of violence, and no illu- 
sions as to its romance or benefits. 

“I admit it I was a Republican punk,” 
gmifea p oliceman nan Ring - “i used to be a 
member of the Charlestown (a Boston sub- 
urb) Liberation Army. The CLA would go 
around spray-painting 'Kill the Brits’ and 
persuading, more or less politely, local res- 
idents to contribute to the causa That’s all 
over - 1 grew up and became a cop. In 1992 
I was cm holiday in London when the IRA 
Christmas bombing campaign began. I was 
worried for the bobbies, for chrissake. Me, 
Irish Dan Ring! But a cop's a cop whoever 
and wherever he is. I stOl believe in unit- 
ing Ireland, but not by the gun." 

If Irish-Americans have any hesitancy 
about the ceasefire, it is not generally 
based on any clear appreciation of the 
complexities of contemporary Irish eco- 
nomics or politics. They are instead felt at 
gut level, and are old ingrained views 
inherited over generations from forbears 
forced to emigrate from Ireland a century 
ago. Most reservations are expressed, now 
as they were then, in terms of mistrust of 
British intentions: as Americans the 
policemen of the Emerald Society freely 


admit that they wholly fail to understand 
religious division within .the game ethnic 
community. 

But, as Americans, they are quick to 
come up with a simple solution that is 
neither political nor religious - most 
Emerald Society policemen believe, per- 
haps rightly, that a quick, large fix of 
money would do wonders for the old coun- 
try. 

“Ireland needs money, but it shouldn’t 
come from the US tax-payer’s pocket,” said 
“Dapper” O’Neil, the conservative Tam- 
many Hall-style Boston city councillor 
who, as the city’s chairman of the co mmit- 
tee on public safety, had came to address 
the Emerald Society after the funeral. 
“We've got too many problems here and 
too many social programmes that are ruin- 
ing the country.” 

Affirmative Action, the social pro- 
gramme that gives a head-start to disad- 
vantaged minorities in the US. is not the 
way to go in Northern Ireland. Emerald 
Society members believe. They have seen 
It create too much bitterness against 
blacks in their own community. Nor is any 
other social aid programme likely to suc- 
ceed . Instead, it is good old-fashioned pri- 
vate enterprise and investment that they 
believe offers Ulster its greatest chance. 


“Look at the thousands of Americans 
who visit the Republic every year”, notes 
policeman Jack Sheridan. “Bill Clinton 
can't change Ireland. What will r.hang n 
Ireland is if there is a peace long enough 
to bring tourism, investment, jobs and 
prosperity." 

Miles away, in downtown Boston, Irish- 
American businessmen seem to agree. At 
the Irlsh-American Partnership, a non-sec- 
tarian organisation claiming 7,500 US 
members and promoting employment and 
economic growth on both sides of the Irish 
border, Joseph Leary speaks enthusiasti- 
cally of the 375 US company subsidiaries 
based in the Irish Republic: less than 40, 
on the other hand, are to be found in 
Ulster. That imhalan«> would change radi- 
cally, he feels, if a stable political environ- 
ment developed in the future. 

Will It? Most Irish Americans, given the 
enchantment lent by distance, believe 
some sort of point-of-no-retum has been 
crossed. But the bipest problem, in for- 
mer Charlestown liberation Army police- 
man Dan Ring’s view, is not International 
negotiation, US funding or British recalci- 
trance or any other external factor. “It's 
the Irish themselves. I should know. We 
hate to give way. We are the stubboraest 
bastards in the world." 


W hat is it about drugs that 
allow them to alter the 
workings of the mind, 
manipulating moods and 
perceptions, lifting depression, even 
enhancing memory? 

According to neuroscientists, these 
mental phenomena result from the electri- 
cal activity in the circuits of the neural 
computer between our ears. How then, do 
drugs cause selective changes In the activ- 
ity in these circuits? What gives the neu- 
ral computer its chemical dimension? 

These questions have been thrown into 
sharp relief by the reported deaths of 
night club revellers, thought to be caused 
by the drug Ecstasy. And although neu- 
roscientists can answer them, and can 
even explain wby Ecstasy has such dan- 
gerous side-effects, it is still Impossible to 
predict either the efficacy or the side- 
effects of new drugs. 

The chemical dimension of neural activ- 
ity starts from the fact that the electrical 
currents in neurones (nerve cells) are car- 
ried not by electrons, as in a computer, 
but by ions (electrically charged particles 
produced when salts dissolve in water). 

Ions carry electric current much less 
efficiently than electrons because they are 
bigger and heavier, but they have the 
advantage that ionic currents can be 
switched on and off by chemical switches. 

The brain compensates for the ineffi- 
ciency of ions as current carriers by using 
the same technique as modern communi- 
cation engineers, digital transmission. 
Information is coded and transmitted by 
neurones in the form of a stream of iden- 
tical pulses, called action potentials. 

Action potentials are electrical pulses 
controlled by chemical switches. The 
chemical switches are operated by 
changes in voltage (voltage-gated). The 
action potential travels down a neurone 
by operating the voltage-gated switches 
just ahead of it, and “switching on” an 
action potential there, which then repeats 
the process. This is exactly the way that 
relays enable man-made cables to trans- 
mit long distances without losing signal 
strength. 

Drugs that impair the actions of the 
switches can suppress the transmission of 
information. Tiffs is how some nerve poi- 
sons, such as tetrodotoxin which is 
secreted by the Japanese puffer fish, and 
anaesthetics work. 

Any drag that acts on the voltage-gated 
switches that control the action potential 
will affect the whole brain. To affect our 
moods a drag must modulate the activity 
of different brain circuits selectively. It 
must act on a process that works differ- 
ently in brain circuits controlling differ- 
ent functions. 

The synapse, which is the device that 
transmits information between neurones, 
is a promising target for selective drag 
action. When an action potential arrives 
at a synapse, it releases a minute quantity 
of a chemical called a neurotransmitter. 
The neurotransmitter acts on the next cell 


in the chain by reacting with a special 
molecule, a receptor, to operate a chemi- 
cal 5 witch and turn an ionic current on or 
off. 

There are many different neurotrans- 
mitters. and each may act on several dif- 
ferent types of receptor. Different brain 
circuits differ in the transmitters they 
use. The same transmitter may also differ 
from circuit to circuit This gives drug 
designers an opportunity to devise chemi- 
cals that will have very specific effects on 
the brain. 

Chemicals that influence the interac- 
tions of ncurotransmitters with their 
receptors, for example by altering the 
amount of transmitter released or the 
duration of its interaction with tbe recep- 
tor. have the potential to alter tbe opera- 
tion of specific brain circuits. This Is the 
way drags alter tbe workings of tbe mind. 

Drugs can also affect the (Unction of 
other brain circuits, and of cells through- 
out the whole body, causing side-effects. 

Unfortunately there is much, not only 


Ecstasy . popular as a 
dance drug, is the classic 
case of a drug w ith a 
wide range of effects. 


about transmitters, receptors and brain 
circuitry, but also about general physiol- 
ogy that is not understood. It is impossi- 
ble to predict the effect of new drugs 
either on the body or on the brain. Poten- 
tial drugs still have to be identified by 
trial and error, and rigorously tested for 
safety. 

Ecstasy Is the classic case of a drug 
with a wide range of effects. It acts by 
suddenly increasing tbe release of the 
neurotransmitter Serotonin, which is used 
by neurones in circuits controlling mood, 
particularly reactions to unpleasant stim- 
uli. Serotonin is also associated with the 
brain circuits that control body tempera- 
ture. and those that select which of tbe 
millions of sensory signals available at 
any one time we attend to. 

Ecstasy’s popularity as a dance drag 
stems partly from its effect on mood, but 
also from the fact that serotonin shuts out 
unpleasant sensory signals caused by 
thirst and high body temperature. It 
enables people to dance until they col- 
lapse from heatstroke. 

Tragically, this effect of serotonin is 
compounded by the way it acts outside 
the brain. It causes massive and wide- 
spread blood-clotting, which could be 
fatal even in people not suffering from 
heatstroke. 

Thus Ecstasy (3,4 methylenedioxyme- 
thamphetamine). which was originally 
patented for use as an appetite suppres- 
sant, is an object-lesson in the difficulties 
that face the pharmaceutical industry in 
their search for new drugs. 


Will they bid for peace? 


Continued from Page! 

Crossgar on August 8. 

Another friend of the mur- 
dered m m said he belonged to 
no party but was "disgusted’’ 
by tbe way the British prime 
minister had treated Paisley. 
The rival Ulster Unionists 
under James Molyneaux were 
betraying the people, he added, 
and Sir Patrick Mayfaew talked 
down to thani. Then he con- 
fessed: “Our worst enemies 
now are the loyalist paramili- 
taries." 

The map says Ireland should 
be one nation. But Protestants 
b ehind the north-eastern parti- 
tion feel different, part of 
another culture, another his- 
tory, another tribe. The evi- 
dence of their descent is every- 
where: in the Scottish n ames of 
fawriiteB, villages and streets, 
in the Presbyterian churches, 
in the notices clamped to street 
lamps which read "Alcohol -free 
area". The people of north 
Antrim are physiially closer to 
Glasgow than to Dublin. 

Gerald Douglas, an eighth- 
generation Scot, is a Toyota 
deater under the Moun ta i ns of 
Mourne in the south of Co 
Down where Catholics predom- 
inate. In spite of the ceasefire, 
he keeps a gun beside his bed: 
his garage was blown up 20 
years ago and he has received 
death threats. Though he 
regards Paisley as a destruc- 
tive force and a retrogressive 
influence, he thinks Ma jor t his 
week put himself in the wrong. 

Douglas is a former police 
reservist, an Ulster Unionist 

councillor and a Presbyterian 
who goes to church every 
week. He is also a deputy 
county Master of the Orange 
Order, and was flying to New 
Zealand this week as a dele- 
gate to the Orangemen's world 

counciL His is the profile of the 

hard-line “prod”. Yet Douglas 
com** ova 1 as a humorous and 
tolerant man who lives peace- 
ably with his Catholic neign- 

grandfather told me 
‘you can’t trust Englishmen, 
he said. “This suspicion goes 
back to the days of Home 
Rule.” Why. then, cling to Lon- 
don rale? “Better the devil you 

know. I suppose.” 

Protestants were afraid that 
union with the Irish Republic 
would bring religious oppres- 


sion, he said. They still 
regarded the Republic as a 
priest-ridden state and Irish 
CathdicisTn as a “more super- 
stitious, idolatrous faith". 
Douglas himself went to a 
mixed-faith school. His obser- 
vation was that the Catholic 
chil dren spent more time 
learning religion and the Irish 
language while the Protestant 
kids got on with their maths 
and English. Ulster Protestants 
were thrifty, industrious and 
more likely to succeed. 

Religion is a cultural identi- 
fier in northern Ireland, not 
the cause of the conflict Cath- 
olics and Protestants are not 
killing each other over the 
theological doctrine of fcransub- 
stantiatdon. It is all about sov- 
ereign allegiances. As if to 
prove the point, opinion polls 
suggest a majority of Catholics 
- certainly thft expanding mirl- 
dle-class - would vote to stay 
in the Union if a referendum 
were held tomorrow. 

It is this fundamental ques- 
tion of sovereignty which 
makes Ulster politics so polar- 
ised. The centre Alliance party 




■ We would rather be 
detached than semi- 
detached with Dublin’ 

- Sir Edward APdxMe, a Tooee 
cannon 1 In the unionist ship 

is small and weak. In the face 
of what they call tbe “pan-na- 
tionalist front", unionists 
remain badly divided. 

If the unionist leadership 
cannot break with the past, 
new voices and new Wood will 
be needed to turn a ceasefire - 
still not reciprocated by the 
Loyalist terrorists - into a gen- 
uine peace. 


'My grandfather told me 
you can’t trust 
Englishmen ’ 

- Gerald Douglas, who 
keeps « gun beside Ms bed 

This week the Belfast Tele- 
graph published a letter from 
“a group of business and pro- 
fessional people from the 
Unionist tradition”. It called 
for “a pluralist society at ease 
with itself" and went on: “We 
must convince our fellow 
countrymen and women that 
there is a place for all of us in 
this new society. We ‘protest- 
ants' must also be the *per- 

suade-ants’.” 

Where were these well-wish- 
ers when they were needed in 
tbe past? Roy Bradford, a min- 
ister in the last northern 
Ireland executive and now 
mayor of well-heeled Bangor, 
was scathing: “It is the trahi- 
son des clera," he miffed. "The 
letter was unsigned. They 
hadn't tbe courage to put then- 
names to it because they were 
afraid it would be bad for busi- 
ness. These businessmen are 
doing all right, and they don't 
want to get their hands dirty. 

“For a professional to be 
publicly associated with the 
unionist position is not good 
for him. He does not want to 
seem a bigoted anti-Catholic. 
In the past, of course, a lot 
were afraid of being shot" 

The mayor and his chief 
executive, Adrian McDowell, 
sat puffing cigars over a map 
of the town's yacht marina. 
This is one of the most pros- 
perous parts of the province, a 
dormitory town lor Belfast 
with below-average unemploy- 
ment and above-average 
income. The plate-glass villas, 


with their hydrangeas and 
pampas grass, gravel sweeps 
and baying guard-dogs along 
the Gold Coast southern shore 
of Belfast Lough are enough to 
make the stockbrokers of Sur- 
rey weep with envy. Here, it is 
said, you will find the highest 
concentration of BMW owners 
in the UK. Even without the 
help of the Province’s net sub- 
sidy from Westminster of £3bn 
a year, this would be a bour- 
geois paradise. 

Unionist politicians admit 
the mlririte f-la«at fraa opted OUL 
In one sense it is not surpris- 
ing: under direct rule from 
Westminster the powers of 
local authorities in Ulster are 
derisory. "Burials and refuse 
collection - and that's about 
it," said Sir Edward Archdale, 
a former borough councillor. 

After a distinguished career 
in the British Navy, Sir 
Edward, who describes himself 
as “a loose cannon" in the 
unionist ship, retired to his 
homeland to study politics. He 
is a baronet who lives in a bun- 
galow. In religion, he is a die- 
hard traditionalist, in social 
affairs an anti-capitalist radi- 
cal. His long absence allowed 
' him to escape the atmosphere 
of intransig ence among those 
whose lives have been shaped 
by the conflict. For Sir Edward 
the political answer for Ulster 
is self-government under the 
Crown, a similar status to that 
Of the Mb of Man. 

“We would rather be 
detached on our own than 
semi-detached with Dublin," he 
said. Sir Edward would like to 
reconstitute his party as a sec- 
ular Ulster National Party to 
appeal to unionists of all 

rtftwnmi na tions 

The plans of such potential 
peacemakers among the 
besieged majority were looking 
sadly premature this week. 
The IRA may have laid down 
its weapons but the unionists - 
mentally at teast - are re-arm- 
ing. A father of four sons asked 
to r emain anonymous for fear 
of reprisals - all Ins boys are 
in the police. “I once hoped 
they would be my coffin-bear- 
ers," be said as he proudly 
showed a photograph. "But all 
these years I have been afraid I 
would find myself carrying 
theirs.” That is wbat peace in 
Ulster means: a man whose 
last wish can be granted. 



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For your nearest stockist telephone 071 637 5167. 





XIV WEEKEND FT 


FINANCIAL TIMES WEEKEND SEPTEMBER 10/SEPTEMBER U 19W 


* 

PROPERTY / PERSPECTIVES 



For £250^00-pkis; the Artist's Cottage at Farr, near Inverness, which is based on plans prepared by Charles Rennie Mackintosh in 1900 

Cadogan’s Place 

Mackintosh lives again 


A d extraordinary 
house is for sale 
near Inverness. Hie 
Artist's Cottage at 
Farr was built in 1992 from 
plans and elevations prepared 
by Charles Rennie Mackintosh 
in 1900 for an artist's cottage 
and studio that never went 
ahead. 

Architect Robert Hamilton 
Marin tyre, of Keppie. Hender- 
son & Partners, adapted the 
Mackintosh plans (kept in the 
Hunterian Gallery in Glasgow) 
to modern technology. The. 
result is a stunning, white-ren- 
dered piece of the Mediterra- 
nean - almost mud-brick, 
architecture in its rounded 
parapets - set in the heart of 
Scotland. But I am not sure 
Mackintosh would hare 
approved of so much fitted car- 
peting or of five showers and 
only one bath. 

The leaded glass windows 


use Mackintosh designs, and 
the wing which he intended 
for servants will now take 
children or visitors. Bidwells 
in Perth (0738-630666) seeks 
offers over £250,000. 

□ □ □ 

Average rents have risen 67 
per cent between 1991 and 
1994, according to a new sur- 
vey by Strutt & Parker, while 
Inflation between May 1991 
and May 1994 was only 8.38 
per cent 

This is certainly a very large 
increase bnt Ann Sogden of 
the Newbury office, who com- 
piled the survey, points out it 
is based on S&P properties 
outside London - mostly 
houses of farmhouse/old rec- 
tory size, cottages on estates 
or farms, or executive homes. 

The prime reason for the 
increase is assured shorthold 
tenancies (ASTs). which form 
94 per cent of these lettings. 


Although ASTs began in 1989, 
it took time for owners to 
understand that they really 
could regain possession when 
the terms ended. So, rents in 
1991 were lower than they 
might have been, reflecting 
the uncertainty of the land- 
lords as well as the recession. 

The survey shows that rents 
now are highest for detached 
houses in East Anglia (averag- 
ing £700 a month) and the 
west country (£768), and for 
semi-detached houses and flats 
In the south-east (£432 and 
£450). 

Rents for pre-1700 properties 
are almost twice as high as for 
post-1950. Detached houses 
rose the most (72 per cent) 
since 1991 and flats the least 
(22 per cent). 

O □□ 

At Warbam, on the Holkbam 
estate in Norfolk. Savills in 
Norwich (0608612211) is offer- 


ing two solid, late-Georgian 
box houses on five-year ASTs 
for £12,000 a yean the old rec- 
tory and Chalk Hill farm- 
house. 

In Staffordshire, the West 
Midlands office (0902-851347) 
has Somerford Grange for £150 
week. This is a farmhouse 
given a castellated Georgian- 
Gothic facade around 1770 to 
improve the view across the 
park of Somerford Han. 

Nettleden House, built in 
1856 on the Ashridge estate in 
Hertfordshire, is available fur- 
nished for £3,950 a month 
from Hamptons (071-493 8222). 
The house has 11 acres; stables 
and tennis court - and the gar- 
dener’s wages are included. 
Pay more to use the owner's 
Rolls-Royce or his cellar 
(charged by toe bottle). 

Slightly cheaper, at around 
£8,500 furnished, is Tilbury 
Ball at Tffbury-Juxtndare in 


east Suffolk. This is a Tudor 
house owned by Edward de 
Vere, an earl of Oxford and 
favourite of Queen Elizabeth. 
It, too, comes with a gardener 
and 80 acres (from Bidwells in 
Cambridge: 0223-841841). 

□ O □ 

Edwin Lutyens designed the 
red-brick Beacon House at 
Enebworth, Hertfordshire. 
Bryan. Bishop in Welwyn 
(0438-718877) is asking 
£475,000 (down from £497,000). 

A Norman Shaw house is for 
sale at Groomhridge, Sent, 
where he designed several 
properties. Set In three acres 
near Tonbridge Wells, Hillside 
respects the Wealden tradition 
of bnRding with half-timbered 
gables and tile-hung upper 
walls. Savills in Sevenoaks 
(0732-455551) seeks £750,000 
for It. 

Gerald Cadogan 


As They Say in Europe 

The Swiss corner 
of Chinatown 

James Morgan foresees a cultural melting pot 


A t the north-west 
corner of Leicester 
Square in London 
stands the Swiss 
Centre. It was originally 
planned as a cultural site to be 
called “Forum of Switzer- 
land”. That foiled to take off 
because, characteristically, no 
Swiss was prepared to offer a 
guarantee to cover any defi- 
cits. 

Today, it houses a Swiss 
watch shop and the Swiss 
National Tourist Office (‘toe 
oldest such foreign travel 
office in the world"). Outside 
stands a 10m pole emblazoned 
with the arms of the 26 can- 
tons. 

To coinride with the Swiss 
millennium in 1991, Westmin- 
ster city council renamed toe 
bit of street next to it Swiss 
Court There is not a single 
facet of Swiss culture that 
goes unrepresented on the 
facade or in the environs: 
flags, cuckoo clocks. Swatches, 
coats of arms. 

Since it was established In 
1965, the centre has been, 
what it was once for me, a 
leading trysting spot It sym- 
bolises romantic hopes, shat- 
tered dreams and broken 
hearts. It is unfortonate, 
therefore, that it should now 
be at the heart of three com- 
plex problems - commercial, 
racial and political. 

“Uncertain fate of toe Swiss 
centre in London, 0 ran the 
headline in the Neue Zurcher 
Zeitung, followed by “Tempt- 
ing offers and contractual hur- 
dles”. It emerged that the cen- 
tre was transferred in 1986, to 
an in-house deal, to a holding 
company, the Swiss Centre 
Ltd, for a mere £3.2m. -Its 
shareholders are the Swiss 
Batik Corporation (SBC) with 
51 per cent, and two largely 
state-owned enterprises, Swiss- 
air and the Swiss Travel 
Office, dividing up the rest 
But, “toe structural circum- 
stances of toe bufltong. make 
reconstruction necessary”. 
That will cost an estimated 
£45m. Now, last year toe Swiss 


Centre was valued at £l4m but 
today, says the paper with 
heavy use of italics, £30m bas 
been offered for the present 
structure. The SBC is, says the 
NZZ, anxious to sell but its 
minority partners have the 
right to first refusal. The 
Travel Office to particular, as 
a government agency, “does 
not wish this successful shop 
window to give way surrepti- 
tiously to an ‘exotic funfair*." 

This needs some explana- 
tion: the Bank Corporation 
says it is going ahead with the 
sate but the NZZ says there is 
a catch in the articles of agree- 
ment It alleges there is a 
clause saying that any buyer 


Alpenhorns would 
add to the 
Chinese New 
Year celebrations 


has to guarantee the Swiss 
character of the building. 

Now it will not take any 
observer of the London scene 
long to realise there might be 
a problem if that is so. The 
offers made up to now are 
hardly reassuring: the Swiss 
Centre stands at the edge of 
Chinatown. “Chinese investors 
are apparently ready to pay 
practically any price for tills 
building.” But they are not 
prepared to accept any 
“Swiss” condition. 

It is evident that this prob- 
lem cannot be resolved by 
some superficial, papering- 
over-the-cracks solution such 
as turning the MGvenpick res- 
taurant into a Swiss-style 
chow mein centre. It is also 
evident that it is too late to 
offer Hang Kong as the 27th 
canton. Bnt it does seem that 
both rides are unnecessarily 
overwhelmed by an assump- 
tion that there is some kind of 
incompatibility between them. 
This should not be so. 

In Chinese, “Switzerland” is 
made up of characters pro- 


nounced “Rui Shi," which are 
considered auspicious by the 
Chinese. Then again, some 
Germans refer to the form of 
their language spoken to most 
of toe Swiss cantons as “Can- 
tonese”. 

The two peoples share many 
characteristics: both seem able 
to accept iron rules in order to 
avoid anything resembling 
anarchy, or even excessive 
personal freedom. Both put a 
firm emphasis on family val- 
ues while allowing consider- 
able latitude to those who foil 
to stick closely to the more 
demanding of their marriage 
vows. And one of the sub-head- 
ings in the NZZ to covering 
this story was, “What's a 
promise worth?" Just the kind 
of question a Chinese busi- 
nessman might ask. A prag- 
matic approach to resolving 
such riddles Is a shared qual- gg 
ity so some kind of deal should 
be possible. 

But the NZZ which emerges 
as a leader of the pro-Swiss 
faction, says a face-saving 
solution is ont of the question: 
“The meaning of the contrac- 
tual obligations of the three 
partners is clear.” A proposi- 
tion SBC denies. 

There seems to be nothing 
for it bnt the creation of a 
Sino-Swiss Centre which 
would certainly add a touch of 
the unusual to the anonymous 
feel of Leicester Square today. 

2 like the idea of buxom Swiss 
girls ctod in cheong-sams serv- 
ing up lashings of sweet-and- 
sour Rdsti every August 1, 
Swiss national day. And alpen- 
horns would add to the festiv- 
ity of the local Chinese New 
Tear celebrations In February. 

With any luck, to years to 
come, a young man will be 
standing outside toe centre, in 
toe rain, clutching a bouquet 
of etiolated Taiwan edelweiss 
to his right hand and, to his 
left, a box of Madame Cbo/s 
Lucky Cuckoo Chocolate 
Mooncakes. 

■ James Morgan is economics 
correspondent of the BBC World 
Service. 


COUNTRY PROPERTY 


SAVILLS 


INTERNATIONAL 



BEDFORDSHIRE, About 285 acre 
Sharubrook 

BcJh <rj 9 links, iSt Pjtums SO niinuia) 

Mithm Kiyncs 21 miles, LeruLm S6 mites. 

SMALL COUNTRY ESTATE WITH STONE 
BUILT GRADE! I LISTED MANSION 
Mansion requiring rcnovamm. Stable courtyard. Separate 
ftmatv- Parkland, pasture, arable Und and woodland. 

For ^de as a whole or In tots 
Joint Agent 

Robinson A Hall, Bedford (0234) 352 201 
Savills, Cambridge 0223 322955 





ABERDEENSHIRE 29,000 Acres 

Driven grouse moor available on lease 
or joint venture basis 

3 Bculs providing up to 10 separate days driving. 

00 hno of butt, with pxxl ooccssabdiry. 

K«pcn Kconunudiihin. 

Ten year averages: In excess of 1000 braze. 

Also t>l stag* & otw roe. 

Espcndrtunr will be Kmaed tn cost uf keepering, 
managing & maintaining die moon. 

Savills, Edinburgh 
Teh 031 226 6961 
Far. 031 22S 6824 


INTERNATIONAL PROPERTY CONSULTANTS 



An independem. cost 
effective and very successful 
house finding service 

Devon & Cornwall - 0872 £23349 
Hants & Dorm - 0962 715768 
The Cotswidds - 0242 262260 
Thames Valley • 0494 766140 
Surry & W. Sussex -0730 8 1 7444 
Wtostat & Stmcnri ■ 0793 73 ISl 
Bed, Herb & Combs - 0234 254592 
East Anglia - 0284 764422 
London - 071 738 8938 
Fax -0872 223727 




CENTRAL TOTNES 

Detached Coact House Born mtti planning 
penaiuua (or caauetewa u Vamgff, dining 

mom. kiichcn/brciUasl room, 2 bedroom*, 

huhimtn. shower renin, garden and parking 

Far Auction 7th October, 1594. 

Price GaJdr £55.804+ 

Rrate Sia«. nj Few Sow. Tones, Doran 
TO »RU Tel: 08ttW*>J454 (CtMT+PSl 


White House Farmhouse 
Nr Leyborn, North Yorkshire 

1 7lh Caunrjr Grade U Listed Rumfeoase 
with 1 acre of grounds sod magnlflreal 
views over Hit Pales. 2 rec ep tion room*. 

4 bedrooms, kitchen, dairy aod bathroom. 
OtdhuiMfag) and grewsds. Addnkmal 2J 
acres if mpnicd. In excess at £10&00Q. 
GEORGE F WHITE Teh 0677 425301 


Knidit Frank 
ZZ & Rutley 

INTERNATIONAL 



Perthshire 

Dundee about 11 nub*. Edinburgh about 61 miles. 

A magnificent fortatice set in a commanding 
position overlooking the Tay Estuary 
Sympathetically twtured containing many interesting features. 
Kings Room, study, kitchen/ dining room. 4 bedrooms, 2 bathrooms. 
- bedroom cottage. 17th century doo'ooL 
Garage. Outbuildings. 

Immaculate alpine garden* and paddocks. 

About 10 acres 


Edinburgh 031-225 S171 
2 N'ortli Charlotte Street, Edinburgh EH2 -1HJR 


PAUL JACKSON 

AUCTIONEERS AND ESTATE AGENTS 



t> bed Period cottage of historical importance situated in the heart of the 
village overlooking the anrieaf Quay and river beyood 
Thf property which possesses great character and Charm has scope far 
farther imp rove m ent. 

FOR SALE BY PUBLIC AUCTION ON 19TH OCTOBER 1994 
ITOCE GUIDE £250400 FREEHOLD 
Contact - Paul Jackson 

14 Quay Hnx* Lvmincton * HAMPSHIRE • S041 9AR 
TEL: 0590 674411 • Fax: 0590 671919 


ssmsM 

South Yorkshire 

Aimi/ct rm 3 mila. 
OoncaOer J attics, Lrrds 33 miles. 
AN WRtSaVE COUNTRY HOUSE 
LYING IN OPEN COUNTRYSIDE 
WITH EXCELLENT ACCESS TO 
THE MAJOR ROAD NETWORK 
Principal bouse currently occupies as 
offices. Extending to appMumaldy 
10,000 square Sect, s lauding in 
attractive gardens end groonh- 
15 Acres 

For sale by private treaty. 

SAVILLS YORK- 0994 630731 
Contact; Ben Hudson 


HOPE COVC, Sal com tw - specially 
comrorletJ alone bams, luxuriously 
turn tehee. Nestle In hflls on secluded 
woridng (arm, a meadow away tom safe, 
sandy beariMO - in ata hdoar pncL sauna, 
gym. to rente etc. We offer the perfect 
cambnaten of progeny end kxaOon wMtft. 
tbioiiflti group ownership gteos you the 
opportunity id enjoy a very special 2nd 
home or rantte Income tr Ei/.OSg. Hope 
Baffin. Ref FT. Hope Cm, Knggbridge, 
£JDawn.T071BR Tot (£48501333 

RELOCATING TO JERSEY? Period 
House Diet la- he yeas. Tp tap mafcn. 
fuiy lUmtehed 5 aqutoped. 4 hWrexxns a 

bamraoms staff flat garage largo garden. 
Panoramic »aa Views. Residential 
g u Nf B e a i iero required. For dntata far 0534 

8537® * 


KENT - DODDINGTON 

London 47 miles. Faversfuoa 5 mJta 
Chamei Tunnel 32 miles. 



I Aflac example of a Listed Tailor I 

| Had Hone setter 

a nr* 17tfa I 



ReceptianUiiiug hall, 3 1 
I fermhouse kjtthch. VS I 


mom. 3 b at hrooms. Garaging lad 

and grom (atari awn. 
About Acre 

CANTERBURY OFFICE: 
(0227)457441 


By Direction of (be Gown Esmc 

PORTLAND, DORSET 
A ftae Gnda n Listed Portland done 

bouse in need of renovation. 

Acc on gnex te iioa gurready provider 
3 receptions rooms, kitchen, skae rooms, 
4 bedrooms, buhoouL 
Walled courtyard with outbuildings. 
Ground*. 

la all aboet 55* Acre* 

For Sain by Private Treaty 
a* a Wlnla with Vacant Paasesriaa 
LONDON OFFICE.- on sag ISIS 


HAMPSHIRE 

Tax Candovcs Valle? 
BamAMorindBaottfa 
A VALUABLE INVESTMENT PROPERTY 
of adcra a> Developers and teveatoa 


8 ReridoaU Unite Pbyiae Kdtte uxf 
(UHnac. Puffy hi mi pmtadog 

O.IOtdOpTBWl 

taatek Dcvdofmeu Area 
AS Acre* 

For Safe a* a Whole 
, Sole Agents 

London office, on -« 1010 

ROMSBY OFFICE: (1TMJ 522*70 


KINGSTON GORSE, 
WEST SUSSEX 



Gauge MoA and maom tern*. Lnreed 
gardui vtei gMaa mnb Mast 
037 Am 

LONDON OFFICE: 071 Jtt 1018 
ARU NDEL OFFICE 8W«HU 

S. DEVON * TOROUAY 1950‘S HPIIM h 
0-4 acre In Canaervaflon Area. Needs 
modomlaln g. Hal, safing Rm, KWBIbjl 3 
Beds, Both. 2 WCfa. Sedated gotten rffr 
rnukag was. To Aucftxi 14 Ocloba 1984- 
Waycotu. 5 Fleet St. Torquay (0803) 
212531 

PENRITH - Gateway to the Latent, Luxury 
RSBSnertS h town esrtra bcaflon. ftteato 
underground ear park, caretaker. Prime 
tesii ciffy G443S& Tot 0788 8BBW? - Hon 
io Bi i iam - 6pm, Sat * Sun 1 pm - 5pm. 


LONDON 

PROPERTY 


INTERNATIONAL PROPERTY 


SDebenham 
Thorpe 

Residential 


CHARLES STREET 
Mayfair, London W1 
A Lillf wAjwilml 

rypnrtfmily 

family residence with 9ie 
benefit of are adjoining 
mews house. 
Comprising in tola! over 
U500 aqJt 

99 Yen team In be granted. 

SOLE AGENTS 
AO nqujrio to Peter Stenenew 
MAYFAIR OFFICE: 
TEL: 071«niUI 
FAX: 071491 49S3 


BLACK. HORSE AGENCIES 
^*5* Gascoipme-Pees 


Take advantage of oar colours lo 
promote or find your property. 
SW1, SW3, SW7 
Contacts in 16 countries worldwide. 

400 offices across the UK. 
Lctrings, Management, Sales, Survey. 


SLOAM SQUARE OFFICE 
TvA: i)7'l 73(1 Fsv. 071 730 3110 


CHELSEA HOMES EARCH a CO We 
represent die buyer to save Iftna and 
money: 071 037 2281, (tea 071 937 22BZ. 


COUNTRY 

RENTALS 


ACORN PROPERTY 

MANAGEMENT SERVICES 

Eat 1979. Members ofARLA- 
Cunbericy. A wmerb todhridual residence 
it offered fully taratehed. 4 bedmiaa, 
muter cn-miie. Giest suite, ee-wile. 
Immaculate landscaped ground*. Heated 
gmfaonniig poeL £3fiOO PCM. 

Maple DnrvelL A charming 3 bed OXQgC I 
in s tovdy sente* on fte edge ol Am vfibgc ) 
sorroaaded by field*. Rental includes | 
service* of a sordaxa. £1^00 PCM. 

Detadk; Bartley Wlntney 0IZS2 8427Y5 | 

CAMBS/E. H0RTHANT& Portod houn. 

S itc, 6 bad. 3 bath. Around Cl ,600 pan. 
Contact Sldwells (0223) 841842, 

F»C 0223 840721 ReUPGC. 

RETIREMENT 


ENGLISH COURTYARD 
"WHERE LONDON 
MEETS THE GENTLE 
COUNTRYSIDE" 
Church Place, Icfeedham, Middx. 
Hie home fane at the heart of 
the village. A spectacular new 
development of roomy cottages 
3nd flats. 2 and 3 bedrooms. 
Conservatory. 

£210000 U> £235.000 


Lease over 125 yean. 

PU1 Service Change details avaflaWe. 

FOR THIS AND ALL THAT 
15 BEST IN RETIREMENT 
HOUSING ACROSS 
RURAL ENGLAND 

Eaftfish Cflortyard Aasccfadjcn^ 
|S HnUand Street, London W84LT| 
FREEFONE 08M 220858 


SWITZERLAND Vitbre ChtaiiNa The Ample - Dandne de rBystc 

Tt» O o m a »n <te rejyafte la an umpaft is acre Man parttecd ootaa aftuatad an aa aaaly 
acenilMa pwaaj |uai auntie the on afYKre, hnateMly a4**g Sn Ineui Dontena da b 


■ eflore oaay accaia m in oanaa of tan: and u tea ftae dOraqroffw ear riaikn MM pWaa. DM 
vlen* ore nMtftMy Monnhs and a* poaea and tnaty ol t>a anviraamtt la ntody uffqua. 


ptenl of ftv DomaMe m mo am tehrtng 14 marl 


. ,vMdi oretufclotiah^tMilatiniaRii iff S*4aa cyaMylfenaapareoanticAarctami. 
dMcraSan panarenScaaffMni vtaua andirtaaaiUiprtBaa. 

viteniArebMuty aacmayaTOafenMiy quay ol Mart izaooiatti *my taetey k«aiUngtagd( 
snlnnilng. i«B4a. Imaay reewrerete aecAla ataraa rod aarectfM baMpniL B b ro 
Wan w no n a»yrgin»namtel«— lyatwdreaon. padncl fatal Waaaag ia and anaayii uj aaa W i H a 
M aaSgtea oi HentaK on Ma Omo. flat 20 aiUu by n»L ora He tanw by Mr 

lire ttemaMedorSyata reprenotta a*tngoiirti|u9Dare*y and baaqoMy u<h p uma Baa eaten 
atamoBtcompeMhaprtca. 


Dapoata frm C2RD00 
Upte mH thancOig real 


W aaa b um ffW3 Q ,OPO), 

'Mala 


Throe flaahau nraparttaa lapnreere tre imy bare oompta of apremrenfe, duMa and houaaa «*Ui 
«« buH, managa rod nramcro h BaibrolaM and Aontea. Unreri* Piopanka tnavnaSiM b a 
ffWt »»««l enre*wyu*hoiro20 yearn repretenca, (Ateng u aMearei bnassaante bon 

aMro rod woteMila. OarewvdMcMtoiand mm penteta tarctam aaredng premanM SHlaa a 


US 


LENTS ARDS PROPERTIES INTERNATIONAL 
071 588 94G2 OT OBI OS8 0970/5194 ran orertrep and ireroareia w m Spit. 


ATLANTA, GEORGIA USA 

57 Acre estate - woods, pastures, good streams. 5 Bedroom main bouse, 
2 bedrooms gucst/staff cottage. Teams court and swimming pool 
An understated but hum nous haven for country lovers or horse 
enthusiasts yet only 30 minutes from RiTZ CARLTON, NEUMAN 
MARCUS, SAKS 5TH AVENUE etc. 

Excellent private and public schooling; in area. 

PRICE: $1,600,000. 

For foil details and brochure call Evelyn RaQerree 
Tel: USA 404 713 0848 Fax: 404 250 5337 


MONTE-CARLO 

Carre DU: 

supeib 3 loom apartment 
146SQM.wiiiabig 

terrace, Irving room, 

2 bedrooms, 

2 barroom, kitchen, 
sea view (R56) 

A AGEDI 

7/9 Bd des Monlins MC 96000 Monaco 
Vjd 16S 9W Fax 33-93 501 942^, 


DAVOS 

Sv:it7.'i'dr.r,(i 


Lssorioua, but cosy and rustic 
boms 12 intercuno. villas. 9 rooms, 
2200 square netreil 
Pride ides for discuarion Sir? 3M 
Write to: AJ. Gredig. Floela 
Hotel, Ch-7260 Davos Dorf 
« Fax ‘411 81 46 4401 


SF~ 

* FwTLY SHLLS DiaECTLY IN 

TUSCANY 

between Siena & Volterra 
Medieval Castie/VQlage 
plus 10 Farms 
2J0ha. field, 470ha. wood. 
Price range UK £4 mi 11. 
For iMfmmaton. mile firm to : 
Box No. 94/370, Studio Blei 
SpA, Via degli Arcimboldi 5, 
20123 Milan, ITALY 

L We nu imiKmrano BB<u»sessL 


COTE D'AZUR. ALFES UARfflMES & VAR 
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FHCKCM PROPERTY NEWS Monthly 
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RtecpiBpariv&erevtoe magazine. RoguHt 
Ins 04S3 4SS2S4 Fox 0483 45«MM 


mumjml 

\Or, 

Lake Geneva til 
Mountain r eeo rt e 

JSS, «■“ tnitWMMnHO 

QW£r fa MOti ro faflC. VUARS. 

IS ft 300 
IHEVR CSJL 

& — JB U ft B B S 1 04,181 «*»* 

lB^44gfO»t540 - Rre*a* 129a I 

TUSCAHY MOUTH of LUCCA. I l» Ptsa 
aftpat Raoarad lOh C arena teinnn 
retaWng many original fcwaros. Swcncite 
vtew*. 6 beds, 2 bath, 3 bam. about 1 
IWe&re tend. C1B3J300 Tot 073*472502 

- HUELVA. SPAIN, NEAR 
p ARO, Villa on the beach, s d&t. bed. 
WflWat tfaiffahed. Mom. Mwirid T (341) 
WO 1882 Muagfei. Huelva T (34681 
37E44& 

BOCA RATON/PAU* BEACH FLORIDA. 
Waterfront & Gall Course Community 
fonm Hepreaenetfion. Ho Foe, 
CmffMfc Raoiyn Cerasne, Realtor. Pm 
T«t raced you tar doi*#. Fee USA 
407241 8028 Tat USA 407 347 2823 

GUERNSEY -SHELSS & COMPANY LID 
e goteh Eratanada.st Parer Pat one gum 
ftMnfa brgeat tadapamtam Eafeta Agente, 
HL048I 714448. Foe 0481 713811. 

COSTTA no. SOL PROPERTIES WoitMHa 
MormaUqn i Price 0« ring 
081 8033781 enydme Fm 3SG8 























WEEKEND FT 



t 

} 




■i. 


FINANCIAL TIMES WEEK-END SEPTEMBER 10/SEPTEMBER 1 1 1994 ★ 


XV 


OUTDOORS 


Gardening 

A gentle end 
to scorching 
summer 

Robin Lane-Fox contemplates clipping 
his blooming magnolia and healing yew 


M other Nature has 
scorched her poor 
gardeners all 
summer and, as 
the end of the sea- 
son approaches, she is now soften- 
ing them up with a kinder post- 
script. 

Gentle rain and intermittent sun- 
shine show September at its best. 
They also give us a chan t* for use- 
ful action, while enjoying die one 
high-class performer in this testing 
year. 

Perhaps it has been the heat, per- 
haps it is the passing of its seventh 
year, but my evergreen magnolia 
GrandifLora, planted in 1987, has at 
last put lesser companions to 
shame. 

Never be shy erf planting these 
heroic trees against a sunny wall 
when you start a garden. Mine has 
had 14 flowers this summer, four of 
them open simultaneously as I 
write. 

The myth that they need 10 years 
to flower in Britain is irrelevant. 
Better forms have speeded the pro- 
cess. 

As yet. The Plant Finder, the 
Hardy Plant Society's list of more 
than 55,000 plants, lists only one 
source for the Maryland cross, 
which will flower in its third year; 
experts now speak equally well of 
Saint Mary, but I am happy with 
my usual Exmouth variety which is 
recognisable by its narrow leaves 
and flowers with smaller, more 
widely-spaced, white petals. 

They last for a long weekend and 
then the lemon-scented flowers turn 
brown like suede and start to drop. 
Blame their fall on the beetles who 
find their way into the flowers and 
pollinate them, their primeval duty 
since the years before the earth's 
last ice age. Who can be cross with 
the beetles when the slightest cool- 
ing on a September evening 
releases the scent which draws 
eyeiyone to it? 


Gran diflora owners must soon 
decide whether to choose clear day- 
light through their ground-floor 
windows or whether to leave their 
magnolia to grow sideways on the 
wall outside and obscure the light 
These ma gnolias grow furiously and 
I will soon be hidden behind ever- 
greens. lost to the world beneath a 
pre-glacial canopy. 

Next spring, the magnolia will 
have to be pruned. Meanwhile, we 
should all be using the weekend on 
our evergreen backbones: those 
hedges and shap es of yew and box. 
Now is exactly the right moment to 
clip and train them because their 
sap is running less freely and their 
growth will be less delayed by being 
stopped. 

Arm yourself with some bamboo 
canes, a ball of string and a sharp 
pair of hand shears. Fix the ranre 
at intervals down the front of a 
young hedge, tapering them 
inwards slightly to give the slope, 
or batter, of a well-groomed hedge. 
Traditionally you should allow an 
inward slope of o ne inch to each 
foot of height. Stretch lengths of 
string along the ranes and then cut 
the hedging bade to its fine, striking 
firmly so that you do not leave split 
ends. 

1 hate cutting anything and would 
have disappeared by now in an 
undisturbed jungle if visitors’ 
expectations did not force me to 
give hedges a shape. This year, the 
clipping of yew has taken on a new 
attraction: it is our chance to be 
useful and contribute to the 
nation’s health. 

You probably know the feeling of 
wistful waste when you are left 
with piles of green yew clippings, 
too early in the autumn to be used 
in winter decorations. It always 
seems sad to cremate them, but 
now you can "send them off for 
resea rch . 

At Old House Farm. Stubbs Wal- 
den, Doncaster, Yorkshire, John 


Angling /Michael Wigan 

Russia’s river of 
high returns 


E ast of Murmansk, a large 
snout of taiga called the 
Kola Peninsular noses into 
the Barents Sea. Its few 
inhabitants, famed for their 
extremes of inebriation, herd rein- 
deer. It used to be one of the world’s 
more forgotten places. 

All tins changed in 1990. however. 
That was when an American sport- 
ing outfitter called Frontiers discov- 
ered that the rivers on the near-des- 
erted Russian peninsular supported 
stocks of Atlantic salmon in num- 
bers not seen in Europe or America 
for more than a century. 

Most of the waters meander 
through trackless wastes, cuckoo- 
haunted Forests and immense, gla- 
cially-scoured plains largely 
untouched by man. 

When the salmon smolt heads for 
salt water. It finds unobstructed 
passage to the wintering grounds, 
patrolled comfortingly by the Rus- 
sian navy. It is all quite a change 
from the mayhem of the EU-regu- 
iated North Sea. 

This has led to big changes. The 
shacks of Murmansk airport are 
now full of colourfully-clad fly-rod- 
ders - an international coterie of 
fishing enthusiasts who will do 
almost anything to make contact 
with their premier game fish. 

From a battered Russian airport 
bus, they creep into the cavernous 
holds of even more battered Rus- 
sian helicopters. These huge iron- 
clads thud over the taiga, deposit- 
ing their human cargoes at camps 
newly constructed in the forest. 
Polystyrene igloos, tents, anything 
will do. Nothing like this invasion 
of fly-pole artists has been seen 
before. 

The river to which I went is 260 
miles long and queen of the lot. Of 
the 11,000 fish caught by rod annu- 
ally on the Kola. Peninsular, 7.000 
come from the Ponoi during a sea- 
son that lasts four months starting 
in June. It is remarkably consis- 
tent 

Two camps operate over a fishing 
concession from the Russian gov- 
ernment that covers 80 of the prime 
120 miles that are suited to fly fish- 
ing. The luxurious Upper Ponoi 
camp, my abode for a week, not 
only has a stretch of this great 
salmon river hut also flies devotees 
out daily to two dreamily beautiful 
tributaries, the Aacheriyok and the 
Pournache. 

When salmon are encountered in 


these rivers, they can be blissfully 
forgiving. Alter a botched cast and 
a poor strike, even after having 
been hooked and lost, they return 
to the attack with an aggression 
that usually occurs only in fisher- 
men's wilder fantasies. 

Statistics may he inconclusive, 
but salmon talk is rarely devoid of 
them for long. One British woman 
landed -12 salmon in a day from the 
upper Ponoi. 

My own fishing partner found cre- 
ative embellishment or the day's 
proceedings unnecessary - he 
hooked and landed nine salmon in 
two hours m a pool requiring only 
half a casL Three years ago. 12 rods 
on Lower Ponoi camp averaged 66 



fish apiece for each of their two 
weeks there. 

Contrary to expectations. 1 found 
that the fishing was usually sporty 
despite the occasional “taking fren- 
zies". Pound for pound, these Rus- 
sian fish punch above their weight. 
Indeed, much Stolichnaya has been 
sunk in sorrowful meditation on 
their breakaway powers. I found 
unshaven, bleary-iooking men 
slumped in the airport reflecting 
ruefully ou the inadequacies of 
their tackle and competence. 

On the Kola, the accent might be 
mainly on salmon - but you can 
never quite forget the stories of 
Stalin's extermination or the Lapps, 
or overlook the feeling of history 
that- permeates all Russian soil. 
Together, all these thing s make this 
migration of western sportsmen a 
particularly interesting one in 
which to take part. 

■ Michael Wigan flew Finnair to 
Murmansk. The trip was organised 
by Frontiers' London office at 14 Old 
Bond St, WIX 3DB. tel: 071-493 0793 
Prices for a Ponoi package run 
between $5,650 and $7,500, starting 
from Murmansk. 



MagnoSa GiandWora; new be shy of planting these heroic trees against a sunny wal 


Cook and his family have been 
farming 1 ,200 acres for nearly 40 
years. 

Since 1991, their company. Friend- 
ship Estates, has branched out from 
green herbs into yew clippings: they 
travel all over Britain to collect 
them, blow-dry them and send them 
to be milked for their vital extract, 
known as 10-DAB Iff. 

When purified, this extract 
becomes docetaxel, a current 
favourite in cancer research, where 
high hopes are held for its medical 
worth. 

Friendship Estates will come to 


your garden for the dippings of at 
least 50 yards of yew hedging. It has 
300 customers already and, in its 
third year, is collecting more than 
100 tonnes of yew dippings. Fax on 
0302-700958 or telephone on 
0302-700200 if you have enough yew 
to help. It is a prompt collector and 
has swept up the crumbs from the 
academic yews in a nearby Oxford 
college already. 

One hope for docetaxel is in the 
treatment of breast cancers, among 
others. Clippings should be stored 
in a cool and shady place to a maxi- 
mum depth of 9in until they are 


collected. Friendship Estates will 
lend appropriate bags and cool air 
fans to customers with a serious 
length of yew on offer. 

It has been an awful year for 
hedge funds, but I feel it is up to the 
gardening col umn to name one 
which will actually turn out to have 
some value. 

If only the doctors would come up 
with a use for the leaves of my 
magnolias. Then it would- not be so 
hard to cut them, too. let in the 
daylight and tell myself that I was 
striking a blow for a longer 
life. 





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AUCTIONS 


COUNTRY PROPERTY 


ST FILLANS, PERTHSHIRE. BRONWB4 HOUSE 


Lna«tope«IcMiIyfaj*Ba»*n. 

. Hfrr. m rrtrnrtffrUM W tmr inriteL 
PERTHSHIRE , CLPffARiuM. ai ruXANS 


ns» uol Kasim. UlHljn**, 

Hd UndKiped 


So N ke d y ape over 
- Lig SWJaewuB 
and ShmiMdL 


i afClSSAQOm kiW 


— -lUqtoac (07M) S7W77 Faa: fOJMl «V*90 

jefes LidtaghMn. Drummond Stmt, Ce“iA ra* 2D W 


PROPERTY Al'CTION 2S SEPTEMBER 1994 


AT THE PALACIO DE FERIAS Y CONGRESSOS 
MARBELLA 

In Excess of 7.000.000.000.- Pesetas 35 million pounds of 
Property For Sale on the Costa Del Sol 
Including Instructions Directly From The Bank 


Luxury tarfividnl villas 

Hillside Townhoussei 
Bead From Townhouse* 
IndmdaaJ Mas of Land 
Development Land ft* 400 Houses 
with mountain views 
Development Land. BaacWde, For 
400 Apartments 
Major Shopping Ceonc 
Shops 


* Restaurants 

* 2 Hotels 

* Land For 297 Apartment. Within 
the "Golden bOtT 

* 70 New Golf-Side ApjiliaeuB 

* 70 Acres Dw tfa p w i Land By 
Siena Nevada 

* Office and Crtnnirrcial tr uiktin gs 

* 18th Century Monastery 

* WstcrmiU/HoJel with Cookery 
Training School 


FOB MORE OVOUUTXm AHB A CATAWGIS rLSASE rna\c NOW 

Forma Property Auction Hook SJ - 
13 A. MarbeHn Rot Uwd 22, Ora da Cfidb. Km Y7S£ 
29600 MARBELJJt fMdhgp) 

Td: +34 5 282 . 97 .S 7 Far *34 S 277 . 95. 14 



BERKS ABOUT 11 ACRES 

Beech Hill 

Reading Station 6 J > miles . Central London 42 miles 

FINE GRADE II* LISTED HOUSE IN NEED OF 
MODERNISATION SET IN BEAUTIFUL 
GROUNDS 

3 receptions, 6/7 bedrooms, dressing room. 4 bathrooms, office. 3 
As a whole or in 3 lots. 

Guide price Ipfwhol^ in Ihe repon pi £ 1 . 25 in. 


Sale by Public Auction 
25Hi October 1994 

Savills, London - 071-499 8644 
Contacts Paul Finnegan 

ISAVILLSl 

INTERNATIONAL 


FT Ski Expedition /Arnie Wilson 

Caught on the hop 


Arnie Wilson and Lucy Dicker 
have reached the Australasian 
stage of their round-the-world 
expedition, on which they are 
trying to ski every day of 1994. 

I n the Australian Alps, 
where the pied curra- 
wong gargles and warbles 
and crimson rosellas dart 
through the snow-gums, they 
worry a lot about your welfare. 
“If you drink and then drive, 
you are an idiot," is a common 
road sign. So is “buckle up in 
the Bush" and “Drive to Sur- 
vive”. 

My main survival problem is 
driving on the left After eight 
months and 23,000 miles of 
driving on the right, I am find- 
ing it difficult to adjust back 
and we have already had one 
near-miss. 

In Mount Buller we were 
urged not to forget the “slip 
slap slop” (suncream). It is 
unseasonably warm and the 
snow is suffering. Appropri- 
ately in the land of the kanga- 
roo, what is required for the 
kind of snow conditions we 
have here in Mount Hotham 
(slushy moguls) is “the bop". 

“There is absolutely no 
doubt about it" said Norman 
Wilson, one-time designer of 
Formula One engines, “you 
have just got to get the tails of 
your skis out of the snow". 

He went on: “We were 
taught the hop by Peter Zir- 
knitzer, one of the first ski 
instructors in the resort in the 
early 1960b." 

Wilson and his wife Liz put 
this technique to good use on a 
recent visit to Stuben, Austria. 
“There were some excellent 
German skiers in our class," he 
says. “Liz and I were content 
to bring up the rear on the first 
day. Then next day the sun 
had got at the snow and we 

were skiing in the kind of 
slush you sometimes get in the 
Victoria Alps at the end of the 
season. This time, Liz and 1 
were right b ehin d the instruc- 
tor and the rest were ailing 
like ninepins." 

Zirknitzer - a boyish-looking 
61 who can still ski the pants 
off most of the locals - runs 
Zirky's, one of Mount Hoth- 
am’s ski lodges that combines 
accommodation with a restau- 
rant and ski hire: Peter Mal- 
kin, probably the most laid- 
back man in town, if not Aus- 
tralia. runs another, called 
Jack Frost, where we have 
been staying. In his spare time 
be runs a gold mine. 

Zirknitzer is one of many 


Europeans in the mountains of 
Victoria and New South Wales. 
At Mount Buller, we skied with 
Paul Romagna, the newly 
appointed director of St 
Anton's Bundessportheim ski 
school for Austrian ski instruc- 
tors at St Christoph. 

He is about to complete 21 
double winters as ski school 
director in Mount Buller and 
Schruns. Why does he keep 
coming back to Victoria? 

“It’s the scenery," be said. 
“At the end of a day’s skiing I 
like to gaze across the moun- 
tains as the sun sets. The dif- 
ferent ranges change colour 
from green to grey to blue. 


Even though I have a wonder- 
ful view of the Montafon Val- 
ley back home, this is superb - 
and very different from Aus- 
tria." 

I notice that Romagna skis 
sublimely, but with his legs 
bolted together. Surely this 
style is very pass£. 

He replies: “It is not a ques- 
tion of skiing with either legs 
together or apart. One is func- 
tional the other aesthetic. 

“When you are being 
watched and want to look 
good, you should ski with your 
legs together, although it has 
to be said your balance is more 
fragile. When you are skiing 


faster, then you gradually 
adopt a more functional stance 
with your legs a little further 
apart." 

Our last Victorian ski area 
was Falls Creek. Some still 
sneer at the idea of skiing in 
Australia, but Falls Creek, like 
Mount Buller and Mount 
Hotham, has a vertical drop of 
1.181ft, considerably more than 
most resorts east of the Missis- 
sippi, and 22 lifts. Australia's 
top six resorts - Thredbo. Per- 
isher Valley, Buller, Hotham, 
Falls Creek and Blue Cow - 
have more than 100 lifts 
between them and an average 
vertical drop of 1,430ft. 


WeekendFT 

PINK SNOW QUESTIONNAIRE 


On Sahrday October 15. toe Financial Times vrtl 
publish toe 1994/95 edition at Pink Snow, toe 
indispensable guide to the world's Dost ski resorts. 
Hare Is a second chance for you to have your say in 
the exclusive list otiop resorts that writ be compded 
from your repftee. to this quesUonriake. But only one 
entry per person ptease. 

HtEEPBff PMW 

Each questionnaire received will be entered into a free 
prize draw. First prize wil be a weekend for two in 
Grindeftreid, courtesy of Powder Byrne sW company, 
featuring three days half-board accommodation at the 
Hotel Hrochen end adsy of private oft-ptete tuition 
from Swiss mountain guide Ueij Frei. And 10 runners- 
up wffl each receive a bottle of pink champagne. 


How would you rate your skiing ability? 
Beginner Intermediate Expert 

□ (=□ 


2 In wbich resorts have you skied 

during the last five years? (please write in) 

<0 ("1 

I'i) t v > 

(iii> fvi) 


Which is ynur favourite resort among 
those you have visiicd, and why? 


SHARE YOUR SKBHtt EXPEMEKCES 

Wa would F3ra to hear about your skftng experiences. 
Teh us - In no niore than 300 words - about your best 
moments on skis. And if you have any tips tor fellow 
skiers trying to improve their technique, tea us about 
those too. Send in yotx replies, with toe 
questiomare, to the address below. The best may be 
included in an article m Pink Snow. 

Ptease return your questionnaire to: 

Ski Survey. Weekend FT. 

Number One Southwark Bridge, 

London SEl 9HL 

The closing date tor entries is Sunday September 25. 
1904. The winners' names will be published in Pink 
Snow on Satu-day October 15 1994. Only one entry 
per person. The editor's decision o finaL 


la) With which lour opvraion, if any, have you 
hooked a packaged skiing holiday during 
I be Iasi five years? 

(b) Please rate them fir efficiency of service 
A-D, where A = excellent and D = poor 


fl) 

fiv) 

fii) 

tv) 

friil 

fvi) 


Which is your favourite lour operator among 
(hose you have experienced, and why? 


Mr/Mrs/Ms Forename . 

Surname . 
Street and number 

Town 

Country 

Postcode 


TV inL-runiiiiR [*•... sir xill it- hilt* h. Pir -ju u, 

iiracr '.id m; 1 Iv jv., 1 Li i-.Tjr ii. Ii m-.->) ; '■ T pr.»l|n 
jikl 'U.r iLc'sa: l< t !=.! jmrp.i;.-_ 

Tie. I clmVi.iI l'jnn i.n Jjsj pnileillon 

| 1 *fcv4 i In. Fijiiau ,1 1 Ulies. * kw "'-•ntiTAiiiP Dtli-JV. 
l..--Jur.SF| 51!! . 

111 -.** 'n't-. tx.\ :i m.i C". m- v . -1 lUISvl 

i-ltiiriiutiiir. (nun [he (■ I ci.<u|i.il iiNimHMf 
■r,-.i»v.4!»;. 'If FT -ji. jp 


□ 










XVI 


WEEKJEND FT 


FINANCIAL TIMES WEEKEND SEPTEMBER 10/SEPTEMBER 1 1 IWW 


★ 



FOOD AND DRINK 


Wine 

Exciting and under £4 a bottle 

Wine merchants and consumers should sniff out the south of France, says Jancis Robinson 


lie south of France is 
making the best value 
wines In the world 
today. Discuss. 

Weil, where else can 
you find varied wines with real 
character and a sense of prove- 
nance for less than £4 a bottle? And 
the exciting thing is that the south 
of France produces such a large 
quantity of wine - more than any 
other wine region in the world - 
that the number of interesting bot- 
tles Is substantial, and the poten- 
tial is enormous. 

Take, for example, the two most 
fashionable white varietal wines, 
solid Chardonnay and modish Viog- 
nier. The Midi may not be able to 
Offer anything with the concentra- 
tion of a Cor ton -Charlemagne 
(Coche-Dory's 1991 is stunning) or 
the best Condrieu, but it can field 
some of the world's better-made 
examples at the blunt end of wine 
pricing. 

Domaine St Hilaire's Chardoonay 
1993, Yin de Pays d'Oc at Oddblns 
and Le Gineste at Waitrose can 


offer full, round Chardonnay fruit 
with a distinct suggestion of the 
added Interest accrued by stirring 
the lees after fermentation. Not bad 
for £3.99, although I suspect these 
wines are best drunk straight off 
the bottling line. 

Viognier 1993 Resplandy, £3.95 
from Sainsbury's and another Vin 
de Pays d'Oc. has, like so many 
cheaper Viogniers, more than a 
whiff of air freshener about It, but 
it has very lively acidity, lots of 
fruit and Is generally a better bet 
than the vapid market average 
with this variety. 

Perhaps the interest for serious 
wine lovers is the Midi's ability to 


provide carefully made, small 
domaine, appellation contrblte 
wines at rock bottom prices. Ch de 
Cabriac Corbieres 1991. £3.43 at 
Asda, is a good example. Round, 
full, and generous, it is a fitting 
memorial to the winemaking skills 
of the late Bernadette Villars who 
was consultant there. 

Sainsbury’s Ch La Voulte Gaspar- 
ets 1990 at £4.75 comes from one of 
Corbiferes’ most respected 
domaines, run. fay a former plumber 
with suitably fastidious attention 
to detail. Full, herby and chewy, 
the wine is truly representative of 
this beautiful region, and the 1991 
vintage will be a worthy successor. 


Faug&res 1991, Domaine Mar- 
brieres. £4.19 Safeway, is another 
excellent, deep draught of oak-aged 
wine from the ambitious Laurens 
cooperative in the rocky Faugfcres 
zone. 

There is no shortage of serious 
estates in the Minervois appellation 
making sleek reds and increasingly 
sophisticated whites on a shoe- 
string. Oddhins has invested in one 
of the Languedoc's most polished 
bottlings, Cuv&e Trianon 1991 Vll- 
lerambert-Julien, which can pro- 
vide that rather nouveau bordeaux 
mixture of density and structure 
with fruit ripe enough to enjoy now 
that is difficult to find in a red 


bordeaux selling at £6-99. 

Both Arinams. of South wold, Suf- 
folk and tiie Thresher /Bottoms Up/ 
Wine Rack group have taken a par- 
ticularly good look at what the 
Midi has to offer and both the 
Adnams and Bottoms Up lists are 
worthy of serious study. Domaine 
lUortus makes some excellent red 
and rose, and Fiton is once more a 
potentially interesting proposition. 
La Vlgneronne, of London SW7, 
also has a fine collection of some of 
the more obscure southern French 
wines. 

Further east the Grenache grape 
starts to dominate and many of the 
reds are a little sweeter and more 


alcoholic. Grenache Le Radical 1993 
Vm de Pays de Vaucluse, £3.25 Odd- 
bins, is a new wave Grenache made 
in Cdtes de Ventoux country just 
north of Mayle country by an 
Incomer. Full, fruity with high 
acidity, It is certainly good value, if 
far less exciting than, say, the 
dense, Chdteauneuf-llke wines of 
Ch de Fonsalette from O.W. Loeb, 
London SEL 

A fair stab at this hefty style for 
muter a fiver can be found at Wai- 
trose in the form of Cairanne 1990 
Domaine de la Presidente £4.99. 
This is absolutely correct Cdtes-du- 
Rhdne-Vlllages with real density, 
roundness, and lovely, spicy Gren- 


ache fruit from the village of $te 
Cedle des Vignes. 

Meanwhile, Provence is produc- 
ing more and more interesting red 
wine, often from blends of Cabernet 
Sauvlgnon and Syrah- Domaine de 
Trevallon, from Tapp Bros of Mere. 
Wiltshire, showed the way and has 
yet to disappoint this palate. Now 
Coteaux Varois wines such as Rou- 
tes. from Adnams and Morris & 
Verdin and Domaine du DeSends 
are worthy of serious consideration 
by any serious wine enthusiast, if 
that is not an oxymoron. 

Domaine de Triennes, Les Aure- 
liens Vin de Pays du Var 1992 is 
£5.99 at Oddbins and the most 
impressive Provencal red so far 
from this new enterprise under- 
taken by two of Burgundy’s most 
admired winemakers. 

It is full, rich, dense yet supple 
and , while not being under £4, cer- 
tainly does nothing to disprove my 
thesis that the south of France is 
where any wine merchant worth 
bis salt should be sniffing most 
keenly. 



Simple and 
special 
ingredients 

Nicholas Lander finds shelf space for 
Richard Olney’ s new book 



Lucieo Peyraud dtadges the secret of making vta cult 


Appetisers 

Ready roses 


N o enthusiastic cook with 
limited space on the 
kitchen bookshelf will 
welcome yet another 
book extolling the virtues of Pro- 
vencal cooking. Almost every cook- 
ery book written today, regardless 
of the author's birthplace, seems to 
Include a recipe for aloli. grilled 
vegetables or a daube of beef. 

Lulu 's Provencal Table by Richard 
Olney (Harper Collins, $30, S64 
pages - soon to be available in the 
UK), is different. 

It begins romantically in 1935 
when Lurien Peyraud met Lucie 
(known as Lulu) Tempier in Aix-en- 
Provence and recounts their subse- 
quent marriage In 1937. 

in 1940 they took over her fami- 
ly’s wine property, Domaine Tem- 
pter. in Bandoi, but the second 
world war imposed its harsh reality. 
The only food available in any 
quantity was Jerusalem artichokes 
and. unsurprisingly, they do not 
feature in any of Lulu's recipes. 


The book describes Lurien' s dedi- 
cation to improving the quality of 
his wines, now sold around the 
world, and Lulu's dedication to 
cooking for family, friends and 
those fortunate to have found their 
way to the Peyraud’s table. 

Lulu's recipes exude an air of sim- 
plicity because she is a domestic, 
rather than a professional, cook. 
Her leg of lamb on a bed of thyme is 
stunning but very easy (even If you 
are cooking on a small oven in ycrur 
holiday gite) and her recipes for flat 
vegetable omelettes will please a 
single diner or a large gathering. 

Behind all the menus lies a con- 
sistency of method and balance: a 
thoughtfully prepared amuse- 
gueule, a main course that is there 
to impress as much with, its taste as 
with the care with which it has 
been prepared, a well-chosen cheese 
and/or a light dessert, usually incor- 
porating the freshest fruit 

This book excites on several other 
levels too. It is fastidiously written 


by Olney, an American who has 
lived in Provence for many years 
and has become a close friend of the 
Peyrauds. 

Gail Skoff has not only taken 
some inspirational colour photo- 
graphs but has lovingly resusci- 


tated some black and white pictures 
from the Peyraud family album. 
The book has also been edited 
thoughtfully. 

Many cookery tomes are annoy- 
ing because the recipes end mid- 
page. The editor has avoided this 


and skilfully used a series of wood- 
cuts from Le Tr6sor de !a Ctasme du 
Bassm Mediterranean . published in 
1930, to add to its variety. These 
proride the final special ingredient 
to a book which should find a place 
in any kitchen. 


Some roses for immediate drinking 
(I have yet to encounter a rose 
which improves with age): Cdtes du 
Lub£nm Rose 1993, £3.29 Safeway 
only, is a Hugh Ryman creation, 
and very successful too, with attrac- 
tive Grenache fruitiness, appetising 
weight and a really dry finish. Bor- 
deaux Kos6 1993 Francois de Lor- 
geac. £3.49 Waitrose, has attractive 
bite, and is just off-dry. It would 
make a perfectly respectable lunch 
wine. Jancis Robinson 

□ □ □ 

A chance to savour Rajasthani cui- 
sine at The Red Fort, in Dean 
Street, London, until October 23. 
Dishes include safed maas, lamb 
marinated in yoghurt and cooked 
with almonds, coconut and chillies 
to a white finish, and dal batti 
churma, a meal of mixed lentils, 
hard bread soaked in clarified but- 
ter and sweet, whole wheat mar- 
bles. A typical three-course meal 
will cost around £25, excluding 
drinks. Tel: 071-437 2115 or 2525. 
Fax: 071-434 0721. JW, James 

□ □ □ 

As is so often the case, for entirely 
unmerited reasons, the most memo- 
rable bottle drunk during a recent 
visit to Champagne was a still red, 
a 1987 Mondavi Reserve Pinot Noir 
from a champagne maker's personal 


cellar. Waitrose sells the regular 
Robert Mondavi Pinot Noir 1991 for 
£835. 

It should age every bit as well, 
although can now offer essence of 
true Pinot fruit - and is earthier, 
somehow more ambitiously “Bur- 
gundian'’ than the Falveley Mercu- 
rey La Frambolsfere 1992 at £7.95 
which is super-fruity, not to say 
super-raspberry-like. But since it is 
Farveley, which is suing the Ameri- 
can -wine critic Robert Parker for 
his comments on their winemaking 
practices, I would like to make it 
clear that I very much enjoyed this 
splendid wine. JR 

D □ □ 

Well worth a visit if you are in 
south-west London, is Sonny's at 92 
Church Road. Barnes. The shop - 
more like a French trmteur than an 
English deli - and adjacent cafe are 
open Monday to Saturday, 10am to 
6pm. Dishes such as chicken and 
choroso gumbo, char-grilled vegeta- 
bles, and bread and butter pudding 
are on sale. Rebecca Mascarenhas 
stocks the best of everything that is 
homemade. It makes a handy one- 
stop-shop for a dinner party. If you 
are pressed for time, Mascarenhas 
will plan a menu for you over the 
'phone and then taxi It to your 
home (and send a chef and waiter 
too, should you need them). Tel: 
081-741 8451. Ludnda delaRue 


MINDING YOUR OWN BUSINESS 

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Minding Your Own Business /Stephen Halliday 

Swimming against the tide 


W hy am I standing 
In Berkhamsted 
High Street at 
2.30am In a 
thunderstorm, when sensible 
people are asleep? In a rash 
moment I have arranged to 
spend a day working with my 
local fishmonger, Wayne Sles- 
sor, owner of Aylesbury Fish- 
eries, to find out how he makes 
such a success of a business In 
which many of his competitors 
have been closing down. 

Superstores, which concen- 
trate on a limited range of 
fresh fish, have increased their 
share of the market and inde- 
pendent fishmongers have 
found it hard to compete. 

Yet in the last 15 years Sles- 
sor, who is 35, and his family 
have created a business which 
now has three shops, seven 
market stalls and a steady 
business in special orders for 
customers such as Champneys 
health farm. Sales are more 
than Elm a year. 

I want to know how he has 
done it. I am also curious 
about how hard he has to work 
to afford the new Lamborghini 
for which he has just traded in 
his two-year-old Ferrari. 

We set out in his van at 
2.45am, making brief calls at 
two of his shops and at his 
depot to check that the Ice- 
making machines have been 
working effectively overnight 
At 3-30 we call at Nat Jacobs 
of Edgware, a Kosher shop he 
has recently bought, to check 
that the overnight deliveries 
have arrived from the ports 
and that the shop has been 
thoroughly cleaned. This shop 
is run separately from the oth- 
ers, to conform to strict Jewish 
dietary laws. No shellfish may 
be stocked and a skilled 
"blockman" is employed to fil- 
let and prepare fish while cus- 
tomers watt. 

The shop, like Slessor’s other 
outlets, has been re-fitted with 
white, decorative tiling and 
stainless steel units to display 
the fish in ice. It is attractively 
decorated with preserved fish- 
it costs about £30,000 to fit out 
a shop in this way. 

It is now 4am and we set off 
for Billingsgate, arriving at 
4.40. The new Billingsgate is in 
the shadow of Canary Wharf. It 
Is a modern complex with a 
trading floor of about 40,000 sq 
ft. The first Impression I get is 
of whiteness. The tiles are 
white; the polystyrene boxes 
containing the fish are white; 
much of the fish is white; and 
the overalls of the market trad- 



A family business; Wayne Stessor, his son Wesley & his Sister-fn-law Uaa 
Bouehey at the BarfchaRistsd branch of Aylesbury fisheries sumwi 


ers and porters are white - 
though by the end of trading 
they are stained grey. 

The only incongruous note is 
struck by the Karrods buyer, 
dressed in a black banker's 
jacket and black striped trou- 
sers. He looks as if he has 
stopped off on the way to a 
wedding. But there are no rep- 
resentatives from the super- 
stores at Billingsgate looking 
for anything out of the ordi- 
nary this morning. The second 
impression is that there Is 
hardly any smell of fish: the 
ice that keeps the fish fresh 
and the ventilation system are 
responsible for that 

At 5am a bell rings and trad- 
ing begins. Slessor makes his 
way from one trader to 
another, checking the quality 
of the fish and haggling over 
prices. He can tell, from han- 
dling a fish, how long has 
passed since it was caught, 
from the degree of rigor mor- 
tis. 

Crabs are rejected because 
today they weigh too little in 
relation to their size. He shows 
me how to tell a wild salmon 
from a farm salmon. 

Much friendly, loud abuse is 
exchanged between buyers and 
sellers before prices and quan- 
tities are agreed. Each makes a 
note in his own book (or occa- 
sionally on his sleeve) about 
the bargain struck. No signa- 
tures are exchanged. The speed 
and informality remind me of 
the old trading floor of the 
Stock Exchange. 

Slessor also distributes 
cheques in payment for fish 
bought the previous week. In 
45 minutes he spends £15,000- 
Half of his produce comes from 
Billingsgate, the remainder 
direct from the ports much 
of the latter being for his 
Kosher outlet. 


By the time we return to his 
van, much of the fish has been 
brought by porters to the rear 
of the vehicle. We start to load 
it and, while we do so, further 
deliveries arrive. It is hard, 
physical work, lifting boxes 
which can weigh more than 
801 bs - a ftilly grown tuna is 
longer than a small car. 

I t is now 6.30, about the 
time I would normally be 
waking up. We make 
deliveries to the shops, 
the managers having arrived 
by 6.30. By 9.30 the shops have 
received their deliveries and I 
am exhausted. Slessor heads 
off to make deliveries to two of 
his stalls. 

He has built an expanding, 
profitable business in the face 
of supermarket competition 
and has made a substantial for- 
tune. How has he done it? 

First, through hard work. He 
first began to sell fish (and 
meat) in his teens, putting in a 
full day as an engineering 
apprentice at Vauxhall, selling 
his produce In the evenings 
and at weekends. He also 
attended evening classes to 
learn about retailing fresh pro- 
duce. Now that he works for 
himself he leaves home at 2am 
three days a week. On those 
days it is normal for him to 
work a 15-hour day. 

Secondly, he knows his cus- 
tomers. No two shops or stalls 
have the same mix of products. 
Some sell mostly cod and 
plaice, some do better with 
exotic species. 

By judging his markets care- 
fully sells up to 75 per cent of 
his produce on the day of pur- 
chase. He therefore has no 
money tied up in stock and has 
never needed a bank loan. 

Finally, he emphasises the 
importance of his family to the 


enterprise. His wife, Michelle, 
has worked with him since 
they were both in their teens. 
Of the 10 people employed in 
the business, six are close rela- 
tives who, tike him, are pre- 
pared to work unsocial hours 
and can be trusted not to 
pocket the takings in what is 
almost entirely a cash busi- 
ness. He is also fortunate in 
having secured the services of 
experienced staff from busi- 
nesses he has bought 

The biggest single constraint 
on the expansion of the busi- 
ness is likely to be difficulty in 
recruiting staff with the know- 
ledge and commitment 
required to work in a reward- 
ing but tough business. 

In the 15 years Slessor has 
been in business 10 per cent of 
fishmongers have closed. Sles- 
sor has bucked the trend 
towards superstores and is 
seeking further sites from 
which to trade. He has cer- 
tainly earned his Lamborghini 
in my book though I cannot 
imagine when he finds time to 
drive it. 

■ Aylesbury Fisheries: 0442 
842416 

■ Stephen BaUiday is Princi- 
pal Lecturer in Small Business 
at Buckinghamshire College 
Business School, Brunei Univer- 
sity. 


CHRISTIES 


City Wine Auction 

12 September 1W 

For this catalogue to bt 
foxed to your desk, 
dial 0929 401 265 

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FINANCIAL times WEEKJEND SEPTEMBER 10/SEPTEMBER 1 1 L994 


WEEKEND FT XVII 


COLLECTING 




* 


iC 

i V 


tl 1 

Lit 





Cotswold dealers 
see the light 

After four hard years, Antony Thomcroft finds 
that optimism is returning to the antiques trade 


A fter four years of 
chill winds and 
battened down 
batches, the first 
rays of sunshine 
are brightening the lives of the 
Cotswolds' 60 or so serious 
antique dealers. The recovery 
in demand is still described as 
“spasmodic" but most dealers 
are more relaxed about the 
future. One of the largest. Jack 
Baggott of Woolcomber House, 
Stow-on-the-Wold, says; “I wffl 
be making my first profit for 
three years." 

The Cotswolds is easily the 
biggest antiques centre in the 
country outside London. It is 
also the pleasantest to visit 
The charm of the country is a 
big factor in persuading deal- 
os to set up shop there and 
customers, both dealers and 
private collectors, to trawl 
around the clusters of shops in 
Stow and Burford. and the 
good showings in Broadway. 
Cirencester, Witney, Moreton- 
in-Marsh and the smaller vit 


In some sectors, such as oak 
furniture, there are probably 
more fine pieces on offer than 
in London. And because the 
operating costs of Cotswold 
dealers are lower than their 
London rivals, their prices 
tend to be more attractive. 

Anyone interested in 
antiques, especially for home 


decoration, but over-awed by 
London dealers and the auc- 
tion rooms, can find a wide 
range of antiques, mostly cost- 
ing less than £5,000, in the 
Cotswolds. Most dealers will 
also negotiate on marked 
prices, but only within 10 per 
cent. 

This year demand picked 
up, even in July and August - 
usually quiet months when the 
towns and villages are crawl- 
ing with tourists who clutter 
the shops but usually do little 
more than browse. This year, 
though, some actually bought. 

Private collectors, who in the 
past decade have replaced deal- 
ers as the main customers, 
have recovered their confi- 
dence. An important factor has 
been the increase in house 
sales in the region, particularly 
in the upper price range. Peo- 
ple buying a new home tend to 
refurbish, and they like the 
country furniture which is 
available readily in many 
shops. 

Some of the houses will have 
been sold by bard-hit Lloyd’s 
Names, but expectations that 
these would dispose of their art 
and antiques to a trade desper- 
ately short of fine items have 
not materialised. Lloyd’s has 
hit the Cotswolds mainly by 
depriving dealers of regular 
buyers. 

Of course, many dealers like 


RICHARD GREEN 



Alfred SMey(UQ9 - 1899). J 

" Canvas: 15x21% HW3&1 x 53.2 cm 

Visions of Impressionism 


Exhibition opens an Wednesday, 21st September 1994 1 
4 New Bond Street, London WIY 9PE 
Fully illustrated catalogue available £15 
Telephone: 0171-491 3277. Fax; 0171-495 0636 
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a moan and, with trade 
improving, their grievances are 
directed now at grasping and 
unsupportive bank managers 
who continue to raise charges; 
spiralling business rates; and 
the shortage of good stock. Cer- 
tainly, dealers must work 
harder - by touring the UK. 
and abroad; by cultivating cli- 
ents in the hope these will sell 
back items; and by attending 
obscure auctions - to ensure 
that they can re-stock with 
quality goods. 

It is not surprising that, with 
real incomes rising, there 
should be an improvement in 
damans But many dealers are 
sounder financially because of 
their success in cutting costs. 
Stephen Jarre tt of Witney 
Antiques, who has one of the 
finest stocks of 18th century 
(and later) furniture in the 
area, has managed to reduce 
operating expenses from 
£280,000 a year to £190,000. 

Others, like Robin Shield, 
have given up their shops (he 
used to operate in Burford) to 
trade from, hnmp - in his case, 
Cricklade. But dealers are g rill 
attracted to the Cotswolds. In 
Stow, which has more than 20 
antique shops, numbers have 
been swelled recently by the 
arrival from London of Arthur 
Seager, who concentrates on 
pre-1800 furniture and carv- 
ings, and Roger Lamb, who 
covers the field of decorative 
items. 

Both are delighted with their 
move. Seager swopped a Ken- 
sington lease for a Stow free- 
hold and saw his costs foil 20 
per cent He is one of the deal- 
ers who locks his door against 
casual callers: he relies on his 
regulars, many of whom are 
American collectors who 
appreciate a pair of 16th cen- 
tury carved wooden heads for 
£2,200; an early-18th century 
tavern settle for £1,250; and a 
cosy Elizabethan farmer’s 
chair for about £13,500. 

Lamb has turned over his 
stock since February. He con- 
centrates on small, decorative 
antiques, all priced below 



■The Grand Canaf, by John UnMd, one of Ihe watercolours of Verice to be shown at the Stow gaBery ot John Davies on October 19 


£5,000, such as a Regency chif- 
fonier for £3,000 and a games 
table at the same price. Both 
show off well in the homes of 
his principal customers, the 
weekend country cottages of 
the wealthy. 

Costs apart, the Cotswold 
dealers have survived better 
than London during tiie reces- 
sion partly because they are 
happy with more modest mar- 
gins (30 per cent and some- 
times less) and partly because 
many concentrate on furniture. 
"Demand is still out-stripping 
supply in English furniture,” 
says Baggott, although it is 
only the finest pieces which 
command thp premiums. Even 
so, he reckons prices have not 
moved up in the past year. 

Baggott has a huge stock, of 
almost 5,000 items, mainly 
priced between £1300-£5300L At 
the moment buyers want use- 
ful fiirniture, like the Gillow 


pedestal desk priced at £2350, 
and the circular, Coalbrook- 
dale garden seat, which rings a 
free, priced at £3,450. 

Like many dealers, he 
regrets the disappearance of 
good 18th century walnut and 
Chippendale pi e c es . Prices for 
them at auction can be so high 
that, by the rime a dealer has 
smartened up an item, there is 
no profit in it Few local buy- 
ers like to venture above 
£10300. 

Those that do, end up at Wit- 
ney Antiques, which carries a 
stock that rivals London's 
Bond" Street On offer now are 

a magisterial pair of Re genc y 

desks made by Gillow, priced 
at £58,000. This is exceptional, 
though. As a sig n of the times, 
Witney Antiques is seeking a 
wider market, and most items 
now cost less than £25,000, 
such as an attractive group of 
four tables that slip beneath 


each other and carry a £5300 
tag. 

Among the specialist Cots- 
wold shops, Manfred Schotten 

in Burton has one of the widest 
ranges of sporting antiques in 
the UK. One of the smallest 
items for sale at present, a 
feather golf ball of around 1940 
matte by James Gouriay, is one 
of the most expensive in the 
shop at £7300; while one of the 
largest Items, a late- 19th cen- 
tury fun-sized snooker table, is 
priced at £3,000. Here, you can 
find enticing presents for 
sports-mad partners: late-Victo- 
rian golf dubs at £185 (and 
Edwardian at £95); Victorian 
tennis rackets for £145; and 
1930s’ cricket bats for just £45. 

Across the road is another 
specialist. Richard Purdon. 
who wails rugs and carpets — 
the genuine, pre-1900 articles, 
not modem substitutes. This 
market has received a new 



fete- ’■? 

A selection of the items on offer at ktanfced Schotten’s shop In Burton. He 


of the widest ranges of sporting antiques in the UK 



Ssnia Maria dcila Salute 
John Lin field RWS, NEAC 


John Davies 

"VENICE 

and Other Images" 
David Gluck RWS, NEAC 
John UnfieJd, RWS, NEAC 
An Exhibition contributing to 
Venice in Peril 

October 10th - 29th 

Cokror Catalogue oa Request 
Church Street Gallery 
Stow -on-tire Wold, GL54 IBB 
Tet 0451 831698 (Fax 832477) 


i) i s c o v i; r r h e 

COTSWOLDS 

& SOME OF THE FINEST 

ANTIQUE SHOPS 

IN THE WORLD 


A WEALTH 
OF ANTIQUES 




IN THE HEART 
OF ENGLAND 




Pete frit Ha nb u^ DSnctorj, write to: 

The Secretary, Cotswold AsdqBO Doles' Anockdon, Basefeestoe Mean, 
ShipstoiMO-SiaH, Wswidsbnc, EogUad. TO: (0408) $6136* 



■ ' r- 3SM? idStui 



XHIBITION 

T,,E HOLLAND ft HOLLAND 
FINE ARTS GALLERY 

• iW SPECIALISES , N SPORTING 

AND WILDLIFE PAINTINGS. 
SCULPTURE. MODERN 
PRINTS AND 

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Vjjj “A LOOK INTO THE FUTURE*. 
■y CELEBRATES THE OPENING 
$ OF THE GALLERY. 

PRESENTING THE WORK OF 
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IN THE FUTURE 

OPEN MONDAY FRIDAY 
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A LOOK INTO THE FUTURE* 
I3TH - 2STH SEPTEMBER 


1066 PIANOS 

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lease of life with the disappear- 
ance of the Soviet Union. Many 
fine rugs and textiles are now 
coining out of places like 
Uzbekistan. Purdon is offering 
a fine, colourful Uzbek coat for 
£350: he sold an even better 
one to the US for £3300. 

Purdon goes for a small 
profit and a quick turnover 
and his prices rarely climb 
above £10,000. An exception is 
a fine Bijar carpet on offer ah 
£14300: he bought it from- a 
local family which had 
acquired it in 1979 for £4,000 - 
so proving that many antiques, 
even those you walk over/ 
appreciate in price. 

There are not many special- 
ist picture dealers in the Cots- 
wolds but, just outside Chel- 
tenham, The Priory offers 
decorative late-19th and early- 
20th century art, while John 
Noot and Richard Hagen of 
Broadway trade in similarly 
popular works. Noot has just 
opened a third outlet Inside the 
Lygon Arms hotel. 

in Stow, the biggest gallery 
belongs to John Davies. He has 
adapted to the more selective 
marke t by adriing limited edi- 
tion prints to his stock along- 
side works by Dorothea Sharp 
and Harold Harvey, now on 
offer well below their 1989 sale- 
room peaks of £60,000 or so. 

On October 19, Davies is 
showing watercolours of 
Venice by two respected art- 
ists, David Gluck and John 


Linfield, priced between £350 
and £2300. 

Typical of Cotswold premises 
overflowing with every con- 
ceivable antique, from Victo- 
rian snuff boxes to Georgian 
dressers, are Rankin Taylor in 
Cirencester and Jonathan 
Fyson at Burton. Leslie Taylor 
has crammed her shop with 
items she likes, ranging 
between early glasses from £8 
to a leather-covered chair of 
around 1680 priced at £1350. 
Fyson likes to turn over his 
stock four times a year. Among 
his curiosities is a collapsible 
teak table of around 1800 used 
aboard ship: price £3,000. 

Other shops are more severe. 
Keith Hockin in Stow loves 
early oak, and here you can 
buy 18th century candle boxes 
for £300 or less; large pewter 
flagons for £2,000, and an 18th 
century wine bottle from All 
Souls' common room for £95. 
And back in Cirencester, at 
William H. Stokes, you get 
equally early items aimed at 
the higher end of the market 
He is offering, for £22,500, a 
1580 table which he sold 25 
years ago for £1,900. 

People now know that 
antiques can be a good invest- 
ment But their real attractions 
are that they are beautiful, 
often useful, and cheer up a 
home. Equally pleasurable is 
hunting for them in a region as 
quintessentially En glish as the 
Cotswolds. 


Huntington 
W* Antiques Ictd. 

Earfy Period Furntae, Worts of An A Tjpescrie*. 

Pise CooBtiy fnnutnre, Mciajwait, Trreo & Tcxiika. 

The Old Forge, Chun* Sons. Sww-oa-Ae- Woid, Glouccsicnlifre. 
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Height 
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Width 

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Depth 

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Weight 
llklgs (251bs) 

Maker* of Ah WoiU’a Finest Clocks 

Sinclair Hnrrftng&Coj/iptmy / id 

Landown Plan Lane, Cheltenham, England. Tel: Cheltenham (0243) S25CT 



\ 


— T 








XVIII WEEKEND FT 


FINANCIAL TIMES WEEKEND SEPTEMBER l O/SEPTEMBER II 1994 



ARTS 


Excellence 


is the only 




criterion 


s •. J-, '.y--. •„ ’•V'Sc'U- ' • 


y4 prize like the Jerwood was long 
overdue , William Packer 


Yet another prize for artists 
may seem old hat. but the 
institution of the Jerwood 
Painting Prize is something of 
an event. 

In the first place, an award 
of £30.000. winner takes all, ups 
the ante quite a bit. Outstrip- 
ping the Turner Prize by SO per 
cent, this has persuaded an 
extremely strong field to 
declare itself. 

Unlike the Turner there is no 
waiting upon nomination by 
the art world's great and good 
- if you think you are up to it. 
you can have a go. Nor is there 
any nonsense about age limits: 
not least of the Turner's pres- 
ent failings, some would say. is 
its high-minded commitment 
to artists under 40 - as though 
they need encouragement. 
With the Jerwood Prize, the 
only rule is that entrants must 
have been working in the UK 
for the past 10 years. 

But what really makes the 
Jerwood special is that it is a 
painting prize, its criterion the 
simple rubric of "excellence in 
modem British painting". The 
Turner Prize, on the other 
hand, has in recent years so 
apparently become the pre- 
serve of the sculptural and 
conceptual avant garde - this 
year the shortlist features two 
sculptors, a video-installation 
artist and one painter. The UK 
has as varied and vigorous, 
serious and mature a commu- 
nity of painters as any in the 
world, but to see what is 
shown of it abroad, you would 


hardly know. 

There are. of course, several 
other well-established open- 
submission awards for paint- 
ing. such as the John Moores 
and the Hunting Prize. How- 
ever, being based on the princi- 
ple of selecting an exhibition 
first and then finding a winner, 
they are very different. 

In contrast, it really seems 
that the Jerwood is setting out 
to select a single painter from 
among his or her peers as the 
most distinguished in any year 
by virtue of sustained achieve- 
ment and a substantial body of 
work. The nettle has been 
grasped at last 

The Z50 entrants were 
reduced by the jury to 12. each 
of whom was visited before the 
final shortlist of six was estab- 
lished. Those six supply the 
Prize Exhibition, which was 
shown at the Royal Scottish 
Academy during the Edin- 
burgh Festival, and opens on 
Monday at the Royal Academy 
in London. The winner will be 
announced on September 21. 

Together the six artists 
embrace a range of what with- 
out any condescension, we can 
call current mainstream mod- 
em painting. There is no con- 
ceptualism. nothing program- 
matic or polemicaL It is work 
that by not being self-con- 
sciously avant garde, does not 
readily receive its critical due. 

One of the painters is still 
young, three are middle-aged, a 
couple are getting on a bit. 
Two are abstract - John Hoy- 



Era by Euan Uglow: a long underestimated, artist be can measure himself against the great European figurative ; 


land with his expansive expres- 
sionism. Yuko Shiraishi with 
her restrained, minimal colour- 
fields. Maurice Coc krill Is an 
expressionist too, but one 
whose work is abstracted 
rather than abstract, his fig- 
ures now subsumed within an 
organic, invented landscape. 


The other three are 
out-and-out figurative painters, 
but of very different sorts. 
John Lessors creates low-key 
and loosely stated figures and 
interiors. Craigie Aitchison's 
colour is pitched high and dec- 
orative. his figures schema- 
tised and symbolic. Euan 






f . J?:. T. .. * 


Uglow. is committed to an 
exact and disciplined scrutiny 
of the model 

Had I been on the jury. I may 
have chosen others from the 
12. but only one or two. 1 have 
to say what a relief it is to 
confront a shortlist that is 
entirely acceptable. There is no 
token presence and each artist 
has a chance of winning - well 
worth a punt 

Shall I mark your card? 
Coc krill started his career late 
and has finally emerged as a 
mature and significant painter, 
which be has been threatening 
to do for some years now. He is 
certainly in the frame. But 
Euan Uglow must be the clear 


favourite. Why he does not 
have an international reputa- 
tion is no mystery, but it is a 
scandaL Though an artist of a 
very different kind, he is the 
one painter of the figure work- 
ing today who can match 
Lucian Freud in measuring 
himself, beyond mere modern- 
ism. against the great Euro- 
pean figurative tradition. 


The Jerwood Prize Exhibition: 
Royal Academy, Piccadilly 
Wl, until September 28; Prize 
sponsored by The Jerwood 
Foundation and the Sunday 
Telegraph in association with 
Modern Painters. 


' \ 


Proms record 


«?• 
8S£ ” 




fa 


H'ni-ri: 

m M 

( V-/: , 1 ; . ' 


WORKS OF ART 

. FROM 




The 100th season of BBC Henry 
Wood Promenade Concerts, 
which ends at the Royal Albert 
Hall tonight, has been the most 
successful ever, attendances 
for the 68-concert season aver- 
aged 86.4 per cent - the high- 
est since records began. Over 
half the concerts achieved 
more than 95 per cent ticket 
sales. 

The programme for tonight's 


traditional Last Night celebra- 
tions includes Bach’s Toccata 
and Fugue in D minor , Wal- 
ton's Belshazzar's Feast, and 
Vaughan William's Five Vari- 
ants of Dives and Lazarus. 
Andrew Davis conduct the 
BBC Sumphony Orchestra. 
BBC Singers and soloists 
Evelyn Glennie, the percus- 
sionist, and Bryn Terfel, 
baritone. 




tffcl 


Romanian 


''r-’ 


HOVGIITON 


• i 


LONDON 

B DECEMBER 1994 


. 'i ; 

A • . Wf* 


£XiSC-J PSOE-UCT.OCvs r r. : CON;TA-;TiV CV7ZU PSOJCTICttS pr« 

Verdi 

Nabucco 

Madama National 

Butterfly 

I* Sainn-Saens 

s 3d IT1S Oil FIRST MAJOR UK TOUR 

et Dalila DYNAMIC 


Opera 


t> (( 




m- 






SB 


Bristol Hippodrome 

20 - 24 September 
Sox dec: 0272 299444 

Apollo Theatre. 
Oxford 

27 September - I October 
E«c?« 0865 244544 


Sunderland Empire 

4 - 8 October 
Be,™ 091 514 2517 


Kind’s Theatre. 
Edinburgh 

1 i - is October 

octc* 03 1 220 4349 



Royal Albert Hall. London 

ONE PERFORMANCE ONLY 
NABUCCO: 17 October 
Sox Office- 071 589 8212 


CHRISTIE’S 


Marlowe Theatre, Canterbury 

18-22 October 3cxC+«:0227 787787 


the tp|a|,ig a fiut.e-"““7 


Sconsored (1 ‘30*1 Yorttsfltfo-Jyf* Teeo T«*wWJn 


r .sR 

ti- if 


5 3 

•l 3 
vss a 


L- 

\4 .T 


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ART GALLERIES 


MARLBOROUGH RNE ART 6 Atwrrwla 
SL W. On 629 6«l. Wurta gn papar tff. 
Anfcha, Auerbach. Bramhem. CampbeS. 
Conroy. Dates. JaddM. KTT. K fat Mason, 
oum P a r; lore, Pad ate F*w. l«9 30 
Sept MorvM HJA30. S* MMZSO. 


CHABSIBR 

Sponsored (tWMl by Manchester Airport 


KINGSHEAO GALLEHY. 40 Church 
Rose. Qraat Bootttsm. Surrey. Tor 0372 
45957ft Waarata** ana a n yw Hg* bam 
itre studio ot ROWLAND HILDER OBE. 
PRI. HSMA (1905-1993) 1Wh-24in 
September Mon-Fri 10-5. Sat 


27 September - IS October 

Leeds Grand Theatre 

OtIJ 245 9351 >'244 0971 


18 - 22 October 

Sheffield Lyceum Theatre 
0742 769922 


25 - 29 October 

Nottingham Theatre Royal 
0602 482626 


8-12 November 

Manchester Palace Theatre 

06 1-242 2503 (wbjwt in a booking fn pn ticket} 


SPINK A Pastoral Lite Remembered. An 
tefebitian ot prints A drnfcflB by Robin 
Tons (1904-13391. 15«h30ih September. 
Mervfti,a-S30- 5 Wnq Street. LondsiSWI. 




The rhythm ' 


S i - 


*' 


r 


of life 
after Stalin 


Martin Hoyle on a finely written 
but overly-eosv play about genius 


T he ice on the Neva 
cracks with the reso- 
nance of fine writing 
- French writing, to 
boot, than which there Is none 
finer. The poetics come up like 
thunder. 

Black Sail White Sail. 
playing at the Gate in Lon- 
don's Notting Hill, is that 
tricky thing, a play about intel- 
lectuals written by a cosmopol- 
itan Francophone with a thing 
about “feminine writing”. Not 
feminist mind you. but some- 
thing subtler and deeper, to do 
with basic rhythms. 

It is also about genius - 
another trap for the over-confi- 
dent writer. How do you 
express genius without sound- 
ing like a press release, a book- 
jacket blurb or a Reader’s 
Digest “Most unforgettable 
character I ever met” article? 

You could do worse than get 
Donald Watson to translate 
from the French. Tact, sensitiv- 
ity. and extensive practical 
experience of the theatre mark 
his version of Hdfene Cixous - 
play. This does not. however, 
quite efface the impression of 
self-conscious monologues, or 
negate the slightly laboured 
superimposition of the hero- 
ine's poetic gifts on to an 
everyday story of post-Staiinist 
folk. 

The play deals with the poet 
Anna Akhmatova (1889-1966), 
for many years an unpublished 
cultural outsider, two of whose 
husbands disappeared and 
whose son was interned in a 
labour camp. 

After Stalin's death came the 
thaw - of a sort Significantly 
the play begins with Anna, 
played by Kika Markham, 
gathering firewood with 
Nadezhda, widow of the writer 
Osip Mandelstam, as the frozen 
river splits with the onset of 
spring. 

Disappointments and frustra- 
tions await her before some 
semblance of recognition and 
restitution, due not least to her 
own stubborn refusal to com- 
promise with the literary 
authorities’ required cuts, 
omissions and general censor- 
ship of her poetry. 

The play is a hymn to endur- 
ance in apparently hopeless 
conditions, to a struggle for 
survival so basic as to be 
barely distinguishable from 
death: “Committing suicide to 
live.” as Anna puts it 
The light it casts on the old 
regime in Russia is fascinating : 
the pervasive paranoia that 
prevented poets from writing 
down their works, instead 


Gate Theatre. Notting Hill 
until October 1 


PALAIS VIEIL ORIENT 


rnoniPm AALSTS3DO I 
ItefimMIU T« 053 71 »o ml 


EXHIBITION -SALE 
Objei a An - Private CoUcctiooi 
Iron • lade ■ Coni - MaladuK • 
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CHINA -JAPAN 
Baying - SeOinj - Free appraisal 


wmmmmmmmm royal festival hall mhmhh 

GRUT smouts, GREAT SONQ 3 

SpwdaJ (jurots InCjComabtla. Jojw Dankworth. Gaora* Shaartng 5 
Rioftaitl SUIgoe. Cleo Lairra A Nad Sharrtn boat a gUnortng avant. 

C25, E20, E1S7 CIO Roymotia Guboey 

CLASSICAL GALA NIGHT wMi fantastic losar display. 

Ine Ov. WIMarn Toft Chants ol Hebrew Staves; Pomp & Clicumstancti: 
Bolero: Grand Manvi; Rida of Valkyries; Nesaun Donna; 1 Q 1 2 Ov. 

cas. E22. ei&SO. Eiaag ca.so Raymond Gufabay 

ROVAL PHILHARMONIC ORCHESTRA Sir Chirloa (teckarras 


i£X2! jntinp langrMga, David Thomas, 

8£° m5 - Moan Requiem: JanAcek Glngofitic Mass. 
U- > , EZ1, fclo. ETO. L5 -Rpn 


MYSTICAL SUFI MUSIC FROM ERAM 

An evening at traditional Patater and Kunflsn music 


E22J50. E19S0, EI7.sa El 5. Cl 2. 50. CIO. ES 

PACO PE LUCIA a. StiAie f " “ 

Bxxiglng mnovallon and a rich new fangusqa 10 tha guitar, ha has tana 
aa ^l n j> al tna Oultar 8 poet ol ina sJx 
strings. E22.SO. Cl 7 JO. Etg. Ell. C7.KJ AEw^SesaMuak 

wmmmmmmmm queen euzaseth hau iwaHi 

e«w»rr oala of magic sounds 

77^7^™*" «_OretM»atra. FtAnh Bollock iconai Alma 

Hanry (contralto) A Anttiea Fry (pno). Varied mu me Salnt-SaAna 
Lloyd Webber j Kltehanar . ei3. CIQ. Ca. CB “ll%ARe 

»^AT. CHILPREIfS WIND A CHAMBEB OBaw nc na 
Taien taa chlklron patvraon to and 15 term two wind orchestras and a 
atanteer PadomtOTg music Irom the standard rapenoira to toe 

very nlgnest standard. Sponsor Yamaha -NCWOrtn 

OSARK SWARTZENTRUBOt (piano) ’ 

Bach FmriCti Suita No.S; Schubsrt Sonata. 0.ft5St Dehuasv Estamoee 
^ Qen * wo; Au «*« d uo* 

**■<”*» WWWS * UNION STATION — 

A virtuoso nddte-playar -who can make iiadWonal Wuegross seem unertv 
Erelso’sSaSo - d rBr ® accomo,lshmBn * «« »ny ooe?(Rolilng Srone? 
m gj — — Asgaid 

ESS ft MR.'MiTS 


_ NATIONAL POWER 

WORLD PIANO 
C OMPETITION 

PURCELL ROOM 14 • ZS September 

Stage* l . Z an d Semi-Fowl* ilhu detail, b«* Offlre' 

ROYAL FESTIVAL HALL 27 September at 7.00pm 
•GRAND FINAL- 

in the p«8*m* of HBH THE PRINCESS OF WALES 

DIRK BOGARDE 

PHUJHABMONIA orc hes tra 

Conductor JEAN-CLAUDE CASADESOS 
Concerto performances by 3 (inaluta 
Bb T«k-o. I5-^A0.3ah«et,i>ti«i.ar A u ll hlei 

u Box Office 071-928 8800 ^ 


2Gth CENTURY BRITISH ART 


.‘I 

r 


enlisting friends to memorise 
them - and the funny, sad dis- 
may when author and confi- 
dante find they have forgotten 
lines, like failing to remember 
what a loved one looks like 
after a long absence. 

Anna lives in a room sepa- 
rated from a communal cook- 
ing area only by a curtain, 
behind which sits a nosey 
neighbour (aptly nicknamed 
Polo ni us) who eavesdrops, goes 
through Anna’s things, dabbles 
in the black market and even- 
tually becomes something of 
an ally. 

The poet’s chief friends are 
Lydia, an eagerly helpful go-be- 
tween with contacts, who 
spends her tune championing 
Anna's cause with publishers, 
and Nadezhda. with whom she 
argues over the authorship of 
some poems - did Anna write 
them, or the late Osip? The 
puzzlement seems genuine in 
this shadowy world of disown- 
ing one's creative progeny for 
its own good. 

Mia Soteriou makes Lydia 
rather touching, not least 
when, loyalty strained, she reb- 
els against Anna's imperious 
demands. No genius, as she 
admits. Lydia still “in her 
small corner needs a life of her 
own”. Her revolt foils to ring 
entirely true, since Markham's 
Anna is simply too nice for the 
cantankerous unreasonable- 
ness of genius depicted. A 
woman as pleasantly straight- 
forward as this would have 
lacked the resilience to survive 
in a world where she had to 
resort to placing the odd hair 
in a book to tell whether her 
private possessions had been 
disturbed by a stranger. 

Sue Parrish’s direction 
makes this a soft-centred, 
almost cosy world, surely the 
last thing intended - though 
the author's prolixity, more 
intellectual than theatrical, 
must take much of the blame. 
The curtains of Iona McLeish's 
set, white with slashes of 
black, evoke the birches of 
Mother Russia - hinting at a 
prison-camp palisade as much 
as a lyrical backdrop. 


! 1 

i i ; 'i ■ i 

I I V h. i 


? an s 







FINANCIAL TIMES 


WEEKEND SEPTEMBER 1 Q/SEPTEMBER II 1994 


ARTS 


Venice Film Festival 


Inspired by 
organised chaos 

Nigel Andrews thoroughly enjoys the inspired 
madness embodied in this week* s onscreen offerings 


T he Venice Film 
Festival has 
reached an alarm- 
ing stage. Instead 
of feeling as we 
critics should during these 
events - like hardworking 
martyrs to art with subtitles 
permanently dancing before 
our eyes - we have been enjoy- 
ing almost every new movie. 

From the latest Woody Allen 
comedy Bullets Over Broadway 
we jaunt over to a midnight 
Harrison Ford romp. Clear And 
Present Danger . From a jolly 
Spanish film about love and 
acrobatics. The Tit And The 
Moon, we proceed to a nailbit- 
ing, inspired Danish TV series 
about a haunted hospital. The 
Kingdom, before skipping over 
to Heavenly Creatures, a truth- 
based New Zealand black com- 
edy about two schoolgirls who 
murder for their friendship. 

Jury president David Lynch 
was seen leaving this last in a 
glow of approbation, so the 
Golden Lion may reach a long 
paw into the Antipodes next 
Monday. Heavenly Creatures 
was co-written and directed by 
Peter Jackson, best known for 
spoof splatter films like Brain 
Dead. Here be has held back 
on the flying intestines but not 
the sense of camp hyperbole. 

This 1950s Christchurch is 
awash with picket-fence pretti- 
ness and twittering moral 
decency - Lynch territory par 
excellence - as Pauline 
(Melanie Lynakey) and Juliet 
(Kate Winslet) form their fan- 
tasy-filled friendship. This is 
fed by their own tales of cas- 
tles and kings, and served by 


Jackson's blithe camera ara- 
besques and transformation 
scenes. Gasp at the Sound Of 
Music-style helicopter shot of 
Juliet running over a hiO; gasp 
again when that land s c ape is 
metamorphosed into a lush 
palace garden. Unicorns, foun- 
tains, butterflies large as hang- 
gliders... 

It all ends in blood and tears, 
as the two girls’ parents, who 
condemn the friendship as 
"unhealthy" and “unwhole- 
some”, predict it wilL But for 
the audience, what a movie 
ride before we hit the buffers. 

The only other Venice movie 
on this scale of robust post- 
modernism - witty exaggera- 
tion built into the po-faced 
melodrama - was Lars Von 
Trier's The Kingdom. 

This is not a movie at all but 
more a four-part, 4 &-then- two- 
hour TV series, shot with a 
handheld camera in poverty- 
row monochrome. But it 
proves the Danish riirwrtair of 
acclaimed style-pieces The Ele- 
ment Of Crime and Emopa can 
turn on the magic without 
tricksy optical effects. 

In this Lynch-lore festival 
you could call The Kingdom 
“ Tain Peaks in a hospital": 
teasingly quotidian setting; 
weirder and weirder charac- 
ters; emergency outbreaks of 
non-sequitur; the apocalypse of 
ghosts and guilty secrets. 

But Trier and Niels Voreel’s 
script has a start-to-finish logic 
that Peaks never quite had. Its 
perfectly meshed characters - 
the sarcastic Swedish neuro- 
consultant, the solemnly 
deranged anatomy lecturer, the 


hypochondriacal old lady who 
hears “voices” in the lift shaft 
- give the story a strong, even 
Ibsenite, vertebra, while the 
wacky toll of severed heads, 
masonic rituals and self-de- 
struct surgery provides the 
gymnastic freedom of narra- 
tive. 

In the vain quest for a dud 
film at this festival we critics 
tried everything. A Woody 
Alien film without Woody? 
That might be a trial. But no - 
it was Bullets Over Broadway, 
a sparkling comedy of theatre 
manners, with gangsters, gags 
and the funniest not-by-Woody 
performance in the entire 
Allan cannon. This was nianno 
Wlest’s vainglorious actress: 
sighing, soaring, scatter- 
brained, Gloria Swanson 
crossed with Margaret 
Dumont 

Then there was the movie 
from Spain’s Bigas Luna, late 
of GoIdenbaUs. about the little 
boy, his older pal and the big- 
breasted circus ballerina tl^y 
fight over. Tiresome Fellini 
rip-off? No. Charming, stylish 
and funny. 

How about Jefery Levy's 
SFW? This rock-scored, kalei- 
doscopic CS movie is about a 
young hostage-crisis survivor 
iBackbeat's Stephen Dorfl), 
who after 36 days in a conve- 
nience store at the mercy of a 
lunatic's video-camera whose 
images were broadcast “lfve” 
across the nation, tries to 
adjust to the vulgar glare of 
media heroism. It threatens to 
be a glib, easy-target topical 
melodrama but gains in wit 
and bite as it goes on. 



-Jackson's 'Heavenly Creatures': camp hyperbole abounds in this tale of fantasy and friendship in the Antipodes 


The only undisputed flops 
have been Alexandre Rock- 
well's Somebody To Love - a 
drippy New York love story set 
among what seem to be the 
underworld folk left over from 
Woody Allen's film - and 
’R rmannn Olmi’s The Bible Part 
l. This is subtitled Genesis: 
Creation And Flood - and yes. 
Ohm plans to film the entire 
Good Book. 

Not like this , we hope. The 
Noah sequence aside, with its 
eye-catching ark and brief 
warmth of human detail, the 
film is no more than a glorified 
nature documentary set to a 


maunderingly “prophetic” 
voice-over. 

The Ohni style seems even 
more ossified in a festival that 
has just produced Oliver 
Stone's Natural Bom Killers. 
Some people loved this film, 
some hated it The only sane 
response is to do both. 

Based on a story by Holly- 
wood’s favourite enfant terrible 
Quentin Tarantino (Reservoir 
Dogs, Pulp Fiction), the movie 
is a two-hour bloodbath. The 
main terrorists are a young 
couple (Woody Harrelson, 
Juliette Lewis) who, after a 
cross-country murder spree in 


the film's first half, repeat the 
mayhem when they break out 
of jail in the second. 

That Oliver Stone was 
becoming an eccentric film- 
maker we knew from the St 
Vitus style of JFK. But even 
that seems measured beside 
the poetic epilepsy of this film. 
Manic jump-cuts; topsy-turvy 
angles; high-speed alternations 
between black-and-white and 
colour, film and video, reality 
and hallucina tion; split-second 
bits of newsreel, animation. 

Since the soundtrack also 
bawls out rock music, some 
have called the whole thing a 


feature-length pop promo. But 
it is much more. Despite the 
suspect encouragement it 
might offer susceptible film- 
goers - that killing is exhila- 
rating - it is inspired. 

The fragmented approach is 
not arbitrary. Stone offers us 
different ways of viewing the 
same story at the same time: 
documentary, fantasy, home 
movie, even sitcom. Scenes 
from the girl's childhood are 
enacted as clips from a TV 
comedy series, with comic Rod- 
ney Dangerfield as Dad and 
canned laughter greeting each 
dialogue exchange. Later, 


Stone derides the couch potato 
culture again in the figure of 
an Aussie-accented tabloid-TV 
interviewer (Robert Downey 
Jr, very funny) who follows the 
couple's jailbreak live. 

Natural Bom Killers is an 
alarming work, and for some a 
demented one. (Tarantino him- 
self has disowned the movie). 
But you cannot expect tranquil 
responses to a film that pro- 
poses a whole new direction 
for film-making itself - and 
that never offers spectators the 
soft option of a single, moralis- 
ing perspective on its bloody 
subject 



. v 

* ,N 



Houghton Hall 
plans winter sale 

Auction should raise £25m says Antony Thorncroft 


F urniture, pictures, sil- 
ver and other works 
of art from one of the 
grandest houses in 
the country, Houghton Hall in 
Norfolk, will come under the 
hammer at Christie’s on the 
evening of December a 
The Marquess of Cholmonde- 
ley is organising the greatest 
clear out from an important 
stately home since 1984, when 
the Duke of Devonshire sold 
Old Master drawings from 
Chats worth for a rather £21 m. 

Christie's estimates that 160- 
odd lots from Houghton will 
bring in at least £15m. This is 
unnecessarily modest. The 


quality and provenance of the 
goods, which include William 
Kent chairs, a conservation 
piece by the French 18th-cen- 
tury artist Jean-Franpois de 
Troy - estimated at up to £5m 
- and a pair of Queen An ne 
silver ambassadorial cups val- 
ued at £lm, should ensure the 
total take reaches S25m. 

It is believed that Lord Cfrol- 
mondeley, who is 34 and 
unmarried, plans to split the 
money raised equally between 
personal expenditure and 
trusts to maintain and restore 
Houghton Hall and his other 
family seat, Cbolmondeley Cas- 
tle in Cheshire. 


The Official London Theatre Guide 

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Ironically he can only 
achieve this end by accumulat- 
ing a tax debt. Since inheriting 
bis estates in 1990 he has been 
attempting to sort out the fam- 
ily fortune. 

He sold the greatest treasure 
of Houghton, a Holbein por- 
trait of a lady with a squirrel, 
to the National Gallery fox 
£ 10 m, and a Gainsborough 
self-portrait to the same gal- 
lery for around £2m. 

But Houghton costs perhaps 
£500,000 a year to mn, and the 
Marquess has been examining 
ways of cashing in on his 
greatest asset, the Tfan and in 
particular its furniture, which 
was supplied by William Kent 
when Houghton was built by 
Sir Robert Walpole In the 
1720s. 

The Marquess has attempted 
to set a precedent by offering 
the ftxraishings to the nation 
for £10m. They would, of 
course, have remained in situ. 

The Department of National 
Heritage would not bite, but it 
is believed to be more inter- 
ested in a deal whereby Lord 
Rhnlwi< yndeley*s tax liability on 
the money raised from the 
December auction is taken care 
of through an acceptance-in- 
lieu arrangement, which comes 
with a tax sweetener. 

If after the sale the Marquess 


ST JOSEPH’S 
HOSPICE 

HABE ST HACKNEY, LONDON 8i <SA 
curUfo-nm!) 

So many arrive as 
strangers, weary of pain 
and (earful of the unknown. 
They gladly stay as 
Mends, secure in the 
embracing warmth, fortified 
and cherished to the end 
with the help of your 
fpacefat gifts, 
t thank you kindly 
an their behalf. 

Shier Superior. 



Christie's employees cany Jean Pranqois de Troy's ‘Lecture of MoSdre’ 
during the sale of art from Houghton Hall, ye s terday L*ia van ck* Mew 


owes, say, £10m in tax, this 
could be written off in return 
for at least scone of the furni- 
ture at Houghton. 

The charm of the idea is tha t 
not only will his home remain 
exquisitely furnished but, by 
selling off two sets of two 
chairs from the original fur- 
nishings at the auction, he will 
also have achieved a market 
value (likely to be a high one) 
for the remainder. 

Houghton Hall is one of the 
most outstanding houses in 
F.ngland. The Treasury, always 
suspicious of deals in which 
works of art are accepted by 
the nation to pay off tax, may 
buy this one. But it will not 
want all the aristocrats in the 
land creating tax liabilities and 
then trying to force the hand 
of the heritage department to 
accept the contents of their 
homes in lieu. 

In planning this move Lord 
Cholmondeley and Christie's 
have been shrewd. Most of the 
antiques to be sold come from 
the collection of Sir Philip Sas- 
soon, who left them on his 
death in 1939 to his sister, the 
current Marquess of Cholmon- 
deley’s great aunt. They are 


mainly 18th-century French 
decorative items and never fit- 
ted comfortably into 
Houghton. Few were displayed 
and they will not be missed by 
visitors. 

The loss of more paintings is 
serious. Sir Robert's marvel- 
lous collection was sold to 
Catherine of Russia in 1778 and 
Houghton has never had great 
pictures since. But the best of 
the rest have been sold in 
recent years. 

But at least Houghton will 
survive. Its existence has been 
parlous for almost two centu- 
ries. Hie family did not live 
there and three times tried to 
gat rid of it - to the Duke of 
Wellington, at auction (when 
no one came to bid), and to the 
future Edward VII, who 
rejected it because of its poor 
shooting. The 3.000 acres of 
land surrounding it are also 
not rated highly. 

Lord Cholmondeley’s only 
asset is the house, designed by 
Colin Campbell and James 
Gibbs, and the furniture. 
Through this auction he has 
enabled Houghton, himself, 
and his sisters, to continue to 
live in some style. 


Delightful Mr Shaw 


T he greatest pleasure 
of the National Thea- 
tre's new production 
of George Bernard 
Shaw's 1887 play The Devil’s 
Disciple is that it puts ns for 
over two hours in the com- 
pany of Shaw himself. Who, 
we soon feel, is the best com- 
pany in the world. In 
life-and-death situations, he 
never loses his sense of 
humour; amid busy narrative 
passages, he never loses an 
opportunity to throw in seri- 
ous points. The play never 
stagnates into sheer dialectic; 
about every five minutes, 
Shaw adds some new twist to 
the plot that takes us by sur- 
prise. A pity that this staging 
is not a lot better - but it does 
nothing to get in Shaw's way. 

The Devil's Disciple, set in 
New England during the 
American War of Indepen- 
dence, contains three arche- 
typal Shaw male characters. 
The first is Dick Dudgeon, a 
charming buccaneer, so 
fiercely determined to reject 
Puritan repression that he is 
content to be known as “the 
devil’s disciple”. The second is 
Anthony Anderson, a Presby- 
terian minister and also a man 
of action committed to the 
American canse. The third is 
the British general John Bur- 
goyne, a leader who can sur- 
vey both minor incidents and 
the vast pattern of history 
with an endless supply of sar- 
donic humour. Though they 
are utterly distinct characters, 
you can hear in all three 
Shaw’s own voice - irreverent, 
audacious, authoritative, 
ironic, wonderfully funny. 

Amid these three humorous 
heroes is a humourless hero- 
ine, as urgent and complex 
and fresh as Shaw loved his 
heroines to be. She is Ander- 
son’s wife Jnditfa, who finds 
herself in more than one 
extraordinary dilemma. 
Should she let one man go to 
his death to save another? 
Should she follow the dictates 
of her heart or her duty? 

Shaw called his play “a 
melodrama". Would that 
Christopher Morahan, the 
director, had a higher concep- 
tion - a more dramatic concep- 
tion - of what melodrama can 
be. And would that British act- 
ors today had a surer sense of 


how deadly seriousness and 
ironic humour can co-exist in 
the same person at the same 
time. Richard Bonneville is an 
amiable actor, but be has nei- 
ther the devil-may-care free- 
dom of spirit (and body) nor 
the appealing glamour to 
make Dick a hero. His most 
original effect - to have the 
jitters just before mounting 
the gallows - is a mistake, 
like Paul Jessou, who plays 
Anderson, he fails to press 
home the character’s moments 
of terrible seriousness. Jes- 
son'5 transformation from a 
quiet priest into a passionate 
man of action is funnier than I 
had realised it coaid be, but it 
carries little conviction. 

Daniel Massey by contrast, 
plays General Burgoyne as 


fectly audible. But it is easy to 
find this kind of fault. The 
evening belongs to Shaw, and 
the production does not steal 
it from him. 

In repertory at the Olivier 
Theatre 


A las fair 

Macaulay reviews 
The Devils 
Disciple 


easily as falling off a log. He 
can switch - even during the 
course of a sentence - from 
languid irony to vehement 
urgency. If anything, he over- 
does this relaxation of man- 
ner, but that is an error on the 
right side. To turn from him to 
the younger Bonneville and 
Jessoo is to be alarmed: per- 
haps only actors who grew up 
in days of empire can know 
how to blend commanding 
power with casual impishness? 

What is good about Helen 
McCrary's Judith is so good 
and so right that you wonder 
why she leaves parts of the 
role so tepid. She has the self- 
consciously erect Puritan car- 
riage, the mixture of moral 
probity and emotional vulner- 
ability, and also the inquiring 
freshness. In some scenes, it is 
she who turns up the dramatic 
tension in an instant So why 
is she so subdned in the scene 
of Dick's arrest? 

Morahan and his set 
designer, John Gunter, place 
the action very much to the 
front of the Olivier stage, with 
the result that when the actors 
are turned to speak to each 
other across its wide expanse, 
not all of them are always per- 


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BOOKS 


A balance sheet on Terry 
Maher - founder of Pan- 
tos. iconoclastic creator 
of Dillons Bookstores 
and now autobiographer - might 
read somewhat as follows. 

On the credit side, Maher merits 
respect as a high-flyer propelled by 
sheer talent He is the classic poor 
boy made good: humble beginnings 
In Manchester, compounded by 
childhood TB. offered an unpromis- 
ing start but once his foot was on 
the business ladder he climbed fast 
- and would have done so in poli- 
tics too. except that he chose the 
Liberals. Two unsuccessful efforts 
as a parliamentary candidate 
inclined him to accept a head-hunt- 
er's offer In the City; in two years 
he had launched Pentos. 

Daring and finesse helped Pen- 
tos’s success but there were ups and 
downs, the latter mainly associated 
with recessions. Pentos evolved 
from an eclectic holding company 
into a specialist retailer, with Dil- 


Balancing Terry Maher’s books 

A.C. Grayling assesses the rise and fall of the man who built Pentos 


Ions Bookstores as its jewel. The 
growth of Dillons from a single uni- 
versity bookshop to a highly visible 
nationwide chain was spectacular. 
In much of this there was high skill 
on Maher's part, especially in bril- 
liant marketing and some novelties 
Of financial management, justifying 
his colourful reputation. 

Experience has given Maher a 
sharp eye. Many will applaud his 
comments about the unhelpfuiness 
of banks. City short- termism, 
inflated commercial rent levels, and 
the fact that too much money chan- 
nels into pension funds, starving 
smaller companies of investment 

The debit side brings more recent 
events Into focus. In September last 


year Maher was forced out of Pen- 
tos with a handshake of £392,000. 
The recession had hit Pentos hard, 
and although Maher thought the 
company was roughly at break-even 
point ("accounting," he wistfully 
remarks, "is not an exact science") 
his colleagues on the board reck- 
oned otherwise: Pentos was facing a 
£70m loss. 

Maher had over-reached. Dillons' 
expansion went too Ear and East in a 
race for market share against WJL 
Smiths- Waters tones. The fate of 
overblown companies - dismember- 
ment and dispersal - threatens 
Maher's life-work. 

The story Maher tells is austerely 
a business autobiography - there is 


AGAINST MY BETTER 
JUDGEMENT 
by Terry Maher 

Stnclair^S (erensofi 

£15, 222 pages 

barely anything of his personal life 
in it - and although its aim is to 
vindicate the Maher side of the Pen- 
tos saga. It is agreeably less vaunt- 
ing in one direction, and less bitter 
in the other, than it might be. After 
all, there are Shakespearean ele- 
ments here: ambition, success, 
hubris, betrayal by friends, failure. 

Others can judge Maher's busi- 
ness adventures, but a book 
reviewer must be forgiven for con- 


centrating on what he takes to be 
the largest item in the debit col- 
umn: Maher's attack on the Net 
Book Agreement, the arrangement 
by which booksellers charge no less 
than the publisher’s cover price. 

Same markets benefit from con- 
straint. and some are better with- 
out In Maher's opinion the book 
trade foils into the second category. 
"The NBA" he argues, "prevents us 
from exploiting the full potential 
from expanding book sales; has 
kept book prices unnecessarily 
hi g h ; a n d hag propped up inefficien- 
cies in the book trade." He wants to 
pile 'em high, as the phrase has it 
and sell ’em cheap. 

Defenders argue that if the NBA 


goes, price-cutting retail super- 
stores of the kind invented by 
Maher will undercut small book- 
shops. The range of books will nar- 
row into the bonkbuster and cook- 
ery parts of the spectrum, and there 
will be fewer titles (“a good thing," 
Maher opines). Small publishere 
an d small-circulation, specialist, lit- 
erary and recondite books will be 
squeezed to vanishing. 

The NBA maximises choice by 
maximising the number of books, 
publishers and book shops avail- 
able, which is why almost all 
authors, publishers, booksellers and 
- when informed - readers agree 
with the 1964 decision of a restric- 
tive practices court that the NBA 


Flashes of sunlight 
from America’s 
finest novelist 

J.D.F. Jones reviews Saul Bellow's non-fiction work 

W e can take it, l Chicago cold seemed to have 'just', 'beautiful'. The restora- 
assume, that the headhunter's power of tion of these connections is to 
Saul Bellow is shrinking your fece, you felt in be undertaken only out of the 
the finest living the salt-wbltened streets and soul’s recognition of their 


serves the public interest If it goes, 
impoverishment of the book world 
will result and not even the super- 
stores will benefit for long. 

The French abandoned their ver- 
sion of the NBA In 1979, only to 
restore It in 1981. aghast at the 
effects. In the US there is no NBA, 
with stark results: only big second- 
hand city shops give genuine range, 
while university bookstores are 
echoing halls stacked with teetering 
piles of pre-ordered textbooks. 
Thirty per cent fewer books are 
published in the US annually than 
in the UK. in spite of its vastly 
larger domestic market; and the UK 
exports more. 

To their immense credit W.H. 
Smiths-Waterstones supports the 
NBA because it recognises that it 
keeps diversity in books and book- 
selling alive. But Maher, alas, might 
have done enough to take the book 
world down with him in bis own 
plunge from the heights. 


Poetry 

Family 


W e can take it, I 
assume, that 
Saul Bellow is 
the finest living 
American novelist. (A col- 
league has just said to me, "I 
simply can’t read him". Fair 
enough. We can agree, never- 
theless. that Saul Bellow is the 
finest living American novel- 
ist) He's getting old. of course, 
and there’s a whiff of farewell 
in this - first - collection of 
his non-fiction writing. 

The selection of pieces in It 
All Adds Up , which their beget- 
ter says is "not a reliquary but 
a gathering” of “the trifles I 
wrote to support myself' , is 
rather odd. Why, for instance, 
has he chosen to start with 
what are surely the less 
impressive essays? We have a 
chat about Mozart, some mem- 
ories of Chicago in the Roose- 
velt era, a few thoughts about 
Khruschev in New York, a rec- 
ollection or Paris in 1948, a por- 
trait of an elderly Mid-West 
con-man, an interview with 
himself (never a good idea), the 
necessarily high-minded Nobel 
Prize lecture of 1976, and some 
more memories of pre-war Chi- 
cago, including the surprising 
news that Bellow was in Taxco 
when Trotsky was assassi- 
nated, with an appointment to 
see him the next day, instead 
of which he went to see the 
bloodied body. I was beginning 
to think my colleague might be 
right about the non-fiction. 

Then, suddenly, the sun 
breaks through with the Jeffer- 
son Lectures of 1977, and all is 
well. Here the combination of 
memory and reflection works 
triumphantly. Like this, for 
example: “On winter after- 
noons when the soil was frozen 
to a depth of five feet and the 


Chicago cold seemed to have 
the headhunter's power of 
shrinking your fece, you felt in 
the salt-wbltened streets and 
amid the spattered car bodies 
the characteristic mixture or 
tedium and excitement, of nar- 
rowness of life together with a 
strong intimation of scope, a 
simultaneous expansion and 
constriction In the soul, a 
clumsy sense of inadequacy, 
poverty of means, desperate 
limitation, and, at the same 
time, a craving for more, 
which demanded that Tmprao- 

- IT ALL ADDS UP 
by Saul Bellow 

Seeker A Warburg 
£20. J 27 pages 

ticar measures be taken. There 
was literally nothing to be 
done about this... The only 
remedy for it was to read and 
write stories and novels..." 

From which It is a short step 
to Bellow's conclusions about 
the role of the writer and artist 
in America today, where the 
degradation of modem urban 
society, the abasement of man, 
is the price paid for the eco- 
nomic and technical success 
story of the century. On the 
way we get a glancing rebuttal 
of Hemingway and what John 
Berryman called his 'moral 
vacancy* - “Hemingway's dig- 
nity in the face of nothingness 
Is not a negligible concep- 
tion... But ‘moral vacancy' is 
nihilism, and nihilism 
acknowledges the victory of 
the bourgeois outlook... Other 
responses may be possible.” 

Bellow goes on: “There is no 
human life without the attach- 
ments that we express in 
words like ’good’, 'moral'. 


'just', 'beautiful'. The restora- 
tion of these connections is to 
be undertaken only out of the 
soul’s recognition of their 
necessity... It will begin when 
the intellect confirms what the 
soul desires...” There speaks 
the creator of Herzog, Hender- 
son, Mr Sammier and the rest. 

Now at last we get Bellow 
the reporter and traveller. 
Spain in 1948 where he wit- 
nessed a political trial, Paris 
(and Hemingway again - 
“Hemingway the writer I 
admired without limits; 
Hemingway the figure was to 
my mind the quintessential 
tourist”), the Six-Day War, Ver- 
mont and Illinois, obituaries of 
friends such as John Cheever. 

And finally, a good and long 
Interview from Bostonia maga- 
zine in 1990. full of fascinating 
autobiographical revelation 
and quick, flashing insights, as 
Bellow the young Marxist 
begins to see his life as “a pro- 
cess of revision, of the correc- 
tion of errors” - a process, he 
assures us in the preface, 
which is still going on. This 
interview serves to draw 
proper attention to the impor- 
tance of The Adventures of 
Angie Marsh, and Bellow’s dis- 
covery that it was necessary to 
move on from the English 
mandarin model - "I wanted to 
invent a new sort of American , 
sentence. Something like a I 
fusion of colloquialism and ele- ; 
gance... Street language com- 
bined with high style”. I 

There is nothing in this vol- 
ume to convey to the stranger, 
or the sceptical colleague, the 
magnificence of Bellow the 
Novelist's portrait gallery of 
characters, but for the initiate 
It will be a necessary addition 
to the bookshelf. 



Tennessee WMams In a languid mood on the beach In Posftano: from Visual Journeys’, a celebration of the Wo and work of photographer and 
traveller R of off Beny (Thames and Hudson £30, 255 pages). Bony, a flamboyant Canadian, photographed landscapes, architecture and ant i quities aH 
over the world. He also candidly captured pubic figures - including Laurence Oflviar, the Duke of Windsor and Jean Cocteau - in private moments. 


T he serial killer is rap- 
idly becoming a new 
folk hero, a debased 
Robin Hood for the 
Fin-de-sidcle. Popular culture 
got there first, with the Ameri- 
can thriller writer Thomas 
Harris cleverly exploiting the 
notion that it takes one evil 
genius to catch another. 

The serial killer has entered 
the echelons of literary' fiction, 
popping up in Peter Ackroyd's 
novel. Dan Lena and the Lime- 
house Golem, and more unex- 
pectedly in Felicia's Journey 
by William Trevor. 

Ackroyd's story is a deliber- 
ate shocker, as vulgar as the 
Victorian music halls which 
he evokes with apparently 
effortless skill. 

Trevor’s offering is shabby 
genteel, set in a contemporary 
Britain which eludes him so 
completely that the novel 
seems to be composed only in 
shades of grey. 


Fiction /Joan Smith 


Killers with literary aspirations 


Felicia is a typical Trevor 
creation, a naive Irish girl 
whose credulity tries the read- 
er's patience. Trapped in a 
household which is itself 
mired in the past, embodied by 
a bed-ridden greatgrand- 
mother. Felicia runs away to 
the English midlands in search 
of a man who has made her 
pregnant All she knows is his 
name, Johnny Lysagfat, and 
his claim that he works in a 
lawnmower factory. 

Felicia's story is Interwoven 
with that of Mr Hilditch, an 
obese catering manager who 
lives alone in his dead moth- 
er's boose. Mr Hilditch, whose 
appearances in the novel are 


marked by lists of food, is an 
undetected serial killer whose 
victims also come in lists: 
Beth, Jakki, Sharon, Bobbi, 
Elsie and Gaye. Mr Hilditch 
fixes on the destitute and des- 
perate Felicia as his next 
victim. 

What is so troubling about 
Felicia's Journey is not the 
banality of its characters; 
serial killers often lead 
unhappy bnt otherwise unre- 
markable lives, as do their vic- 
tims. Its fonlt is transparency, 
a painful sense of the novel- 
ist’s imagination at work, 
straggling to convoy charac- 
ters whose feelings elude him. 
Hence the lists, a device which 


DAN LENO AND THE 
LIMEHOUSE GOLEM 

by Peter Ackroyd 

SincUiir-Sletenson 
£14.99. 282 pages 

FELICIA’S JOURNEY 
by William Trevor 

Viking 

£15. 213 pages 

seems intended to reveal per- 
sonality but in the end substi- 
tutes for it. 

Trevor’s fiction has increas- 
ingly moved in tins direction, 
possibly because the products 


of his imagination belong In 
the past and cannot comfort- 
ably inhabit contemporary 
life. His fey Irish heroines are 
decades ont of date and in Feli- 
cia's Journey he fells back on 
repeating himself, Introducing 
a sob-plot and a set of minor 
characters uncomfortably sim- 
ilar to those in his 1971 novel 
Miss Gamez and the Brethren. 

Where Felicia 's Journey 
leaves an impression of sur- 
faces barely touched, Peter 
Ackroyd's new novel is a pyro- 
technic display which delights 
in tricking the reader into con- 
flicting emotional responses. 

Its apparently sombre open- 
ing, the hanging in Camber- 


well prison in 1881 of a 
woman convicted of her hus- 
band’s murder, is immediately 
undercut by a macabre, panto- 
mime detail: the prison gover- 
nor takes home the dead wom- 
an's gown and dresses op in it, 
presumably to aid masturba- 
tion. 

Ackroyd's plot centres on a 
series of bizarre and brutal 
murders In the East End of 
Loudon, culminating in the 
slaughter of a family in the 
Ratclfffe Highway. These Anal 
murders take place in the very 
house where, in 1812, the real- 
life Marr family was attacked 
and killed, Ackroyd's sly mix- 
ing of fact and fiction has an 



The badger in his sett 

Malcolm Rutherford reviews the writings of Brian Redhead 


B rian Redhead may 
have been a radical 
broadcaster; he was a 
very conservative 
man. For long the unmistak- 
able anchor of the BBC Radio 4 
programme Today, he helped 
to Instil badgering as an 
accepted way of asking ques- 
tions. Yet. as badgers go, he 
was a friendly beast and, as we 
now discover, he put a lot of 
his thoughts on paper. 

Redhead died early this year. 
Instead of a formal biography, 
his family has put together a 
series of articles which he pro- 
duced over the last decade for 
the relatively obscure maga- 
zine, Saga , a monthly for 
elderly people. 

One point about him in Per- 
sonal Perspectives comes out 
immediately, his EugUshness, 



' tram Macctesfiekfc Brian Redhead, Englishman and regional 1st 


and the regionalness within it. 

"We are a mixed lot,” he wrote, 
"Celts, Romans, Saxons, 
Danes, who have managed to 
get along over the centuries. 
When the Normans came, 
imagining that they had con- 
quered, they were simply 
absorbed." And again, in a per- 
ceptive remark, “history is 
what people make of their 
geography". 

Redhead was fascinated by 
everything to do with English 
history: to some extent the 
more remote the better. He has 
a charmingly erudite piece on 
whether or not his adopted 
home of Macclesfield was part 
of Mercia, to other words, 
which came first, Mercia or 
Macclesfield? 

He was equally at home In 
the 19th century partly 


PERSONAL 

PERSPECTIVES 

by Brian Redhead 

Andre Deutsch 
£14.99. 244 pages 

because it brought the develop- 
ment of the railways. If you 
want an account of how the 
president of the board of trade. 
William HusMsson, was lulled 
while opening the Liverpool- 
Manchester line in 1830, here is 
a source. Chi the other hand, 
even Redhead was not quite 
sure of the first genuine pas- 
senger line: S tock to n-D arling- 
ton or Merseyside? Passengers 
from Stockton, he thinks, were 
initially drawn by horses. 

Redhead liked Crewe Junc- 
tion, where at one stage you 
could get a train to every part 


of the kingdom. Some of his 
best stories were told on the 
rads. On the way to Maccles- 
field he gave a young man the 
history of Cheshire which ulti- 
mately - because of the coun- 
ty's salt deposits - led to the 
founding of ICI. The man 
turned out to bean ICI recruit 

Why Redhead forsook his 
native north east, where as he 
describes, he had an excellent 
education at Newcastle Royal 
Grammar School and was put 
on the fast track to read his- 
tory at Cambridge, for the 
north west is never fully 
explained. 

Yet it was the north west 
that held Him. In terms of jour- 
nalism Manchester was, In 
Redhead’s words, “for 90 years 
the other end of Fleet Street". 
He liked the cheeky northern 


extra dimension if the reader 
knows that the Ratcliffe High- 
way murders were the subject 
of a true crime book co-au- 
thored by the novelist P D 
James. 

Ackroyd's novel is 
brilliantly ventriloquial, 
taking the form of diaries, 
court transcripts and 
fragments of autobiography. It 
Is a performance in the best 
sense of the word, an 
imagination so excited by its 
own confidence that it dares 
go to the very limits. Ackroyd 
also understands a crucial 
point about the serial killer m 
fiction, which is that in this 
genre Grand Guignol works 
better than gritty realism. Dan 
Law and the Limehouse Golem 
pokes fun at the stuffier 
conventions of the crime novel 
and creates a murderer as 
mad, and bad, and as unlike 
real life, as Harris’s Hannibal 
Lector. 


editors who could tell the Lon- 
don men where to get off and 
what was front page news in 
the real world. 

So it remained on the Today 
programme. Redhead never 
really liked the south. Abroad, 
even Scotland, was foreign to 
him, though he did go to Bei- 
jing and hired a bicycle and 
was much taken by Virginia in 
the US. 

Possibly some of that plain 
blunt man stuff was affecta- 
tion. At times he could be a 
trifle pompous: “1 received a 
letter from a friend who la a 
historian at Oxford. His father 
was a historian at Cambridge 
and taught me”. It contained 
some esoteric fact about the 
monarchy which Redhead did 
not know: "So I instantly 
informed the nation”. 

Yet he could also be humble, 
as when he recalls Mark 
Twain's remark on April Fool's 
Day: “This is the day upon 
which we are reminded of 
what we are on the other 384.” 
Here is a delightful collection 
of essays. 


epic 


I n this volume Craig 
Raine transforms within 
his three-line stanzas 
scenes of modem life - at 
its most public as well as its 
most private - which may at 
first sight seem among the 
most grittlly anti-poetic mate- 
rial of the 20th century, 

In what his publishers 
describe as “an epic history of 
Europe from 1905 to 1984,” 
milestones of history running 
through geography from 
Moscow to Oxford by way of 
Berlin, mark the converging 
relationships between the fomi- 
lies of two poets - the Russian 
Pasternaks and the English 
Raines. Their private - often 
very private - histories are 
conveyed in scenes dramatised 
- or should I say “turned into 
home movies” - at points 
where these overlap with his- 
toric events; the first world 
war, the post-war era, the Rus- 
sian Revolution, the second 
world war. 

Craig Raine seems to have a 
setter’s instinct for discovering 
points at which the public 
events in public lives strike 
home into the private lives of 
contemporaries and become 
elements in a mythology of 

HISTORY: THE 
HOME MOVIE 

by Craig Raine 

Penguin. £9.99 paperback. £18 hdbk 

modem history. These occa- 
sions of public historic signifi- 
cance are brilliantly selected 
by Raine and they retain the 
immediacy - indeed the inti- 
macy - of the moment Here is 
the artist Leonid Pasternak, 
father of the poet Boris Paster- 
nak, drawing Lenin as Lenin 
addresses a meeting - 1919 The 
Comintern, Moscow, 

"How Leonid’s pencil hovers 
and settles and hovers again, 
until slowly the head, 
seeps out of the paper 
bearded, bald as an acorn, 
chin strained out tike a 
sprinter. 

Touching, then talcing off 
until YL Lenin is there 
and there on the page, 
brass-rubbed rather than 
drawn. 

At first, the accumulation of 
such precisely drawn observa- 
tions may seem too crammed 
with facts, too grittfly resistant 
to any escape into the purely 
poetic. But reading on, one 
realises that these are the 
details of a mosaic, the cumu- 
lative effect of which adds up 
to a large scale picture of the 
two families concerned - and 
of other characters - against 
the geographical and historical 
background of Europe in this 
century. 

An epic is supposed to have 
a hero but the chief character 
here, Eliot Raine, a doctor, 
interesting as he is, and mas- 
terly as is Raine's translation 
of his medical skills into his 
poetic terminology, scarcely 
Strikes me as being on the 
heroic scale. Indeed a lesser, 
rather inexplicable character 
called Roniger, who makes an 
adventurous and largely disas- 
trous journey from East to 
West and ends up (lying in 
Oxford, seems to me to have 
more the makings of a hero 
than any of the Pasternaks or 
the Raines. 

The poem does not quite 
establish members of these two 
females as being on the epic 
scale. If Pasternak Is accepted 
as such this is perhaps because 
literary history has already 
perceived him a$ such. Yet out 
of this highly personal mate- 
rial. Raine creates a fascinat- 
ing world that I feel I will 
return to again and a gain 

Stephen Spender 

NEW AUTHORS 

PUBUSH YOUR WORK 

ALU SUBJECTS CONSIDERED 

'Sarsssssss'- 

-iSSSS, 

UHBBjgJBBB. 


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FINANCIAL TIMes WEEKEND SEPTEMBER 10/SEPTEMBER 1 1 1994 


WEEKEND FT XXI 


TRAVEL 




ai]v 

epi; 


l 4 ' 




A land of cottages, peat smoke and pubs 

Adrian Gardiner travels from the east coast of Ulster to the west coast of the Irish Republic. Destination: Holy Mountain 


E ven before the 
IRA's ceasefire, the 
troubles" 
Northern Ireland 
should not have 
deterred visitors. The strife 
was about money, about dis- 
crimination and relative stan- 
dards of living, political mis- 
takes have been made in 
Ireland since Tudor times and 
the British taxpayer is still 
footing the bill 
Statistically, the tourist is 
less at risk in Ulster than in 
New York or South America, 
though some find the rampant 
jingoism unacceptable. Leav- 
ing Newry, we skirted beauti- 
ful Carlingford Loch to Anna- 
long, where sections of the 
pavement are painted unionist 
red, white and blue. In the next 
town along the coast a banner 
proclaimed: "Kilkeel says No!" 
presumably to the Anglo-Irish 
agreement Farther on, a road- 
sign pleaded; “Our only crime 
is loyalty." 

In contrast is the legendary 
friendliness of Ulster's people 
and the wonderfully pictur- 
esque land and seascapes. The 
Mountains of Mourne really do 
sweep down to the sea, which 
washes over miles of deserted 
white sands. 

Newcastle, the chief coastal 
resort was anything but des- 
erted. An hour’s drive from 
Belfast it is popular day-trip 
territory and the main street 
has more fast-food outlets to 
the mile than any town in 
Britain except Blackpool As 
dusk falls, a riot of neon adver- 
tises pizza, kebabs, fried 
chicken and every other kind 
of carry-out devised. Amid the 
sleaze, one elegant and sophis- 
ticated beacon shines out; a 
restaurant called the Percy 
French. 

William Percy French led an 
extraordinary life. He was born 
in Roscommon in 1854 and 
want to Trinity College, Dub- 
lin, to study engineering, but 
spent most of his time learning 
to paint and play the banjo. 
Fora while he was inspector of 
drains in Cavan and in his 
spare time wrote songs - The 
Mountains of Mourne is the 
best known - which made 
money which he invested in a 
distillery. 

~lt went bankrupt He tost his 



A hange at Blacksod, one of the exhibits on the new Mayo sculpture ferai, a dozen outdoor structures by local and Invited torn 91 artists. The sating to superb. 


job with the Board of Works, 
went to Dublin and became 
editor of the Jaroey. the Irish 
Punch. When that folded he 
wrote the first successful Irish 
musical, The Knight of the 
Road. His wife died in child- 
birth on their first wedding 
anniversary and French moved 
to London where he became 
established: as a music hall 
entertainer^ touring 1 America 
and satisfying the thirst for 
Irish pop culture. 

He died in 1920. just as the 
era of die music hail was end- 
ing - and Ireland was dividing 
- and is best remembered as 
the non who; in* the. words of 


Practical Traveller 

Chasing a 
tail shot 


T he first sight whale- 
watchers have of 
their quarry is likely 
to be the mixture of 
carbon dioxide and water the 
whales huff into the air 
through their blowholes. Boat- 
men should cry “Thar she 
blows!” What the ones at Kai- 
koura, in New Zealand, actu- 
ally say is: "Get your cameras 
ready for tail shots, folks!" 

Sure enough, once refreshed, 
the great sperm whales lift 
their tails slowly into the air 
against a background of snow- 
capped coastal mountains, and 
silently vanish underwater 
while 100 shutters click. When 
they resurface, more tourist 
boats, alerted by underwater 
sonar gear, will be waiting. 

Whale-watching has bur- 
geoned in the last decade. You 
can visit feeding, breeding and 
migrating grounds round the 
world on small local fishin g 
boats, or lengthy scientific 
research cruises led by quali- 
fied naturalists. 

Though people join in for 
much the same reason they go 
on safari, whales evoke a vis- 
ceral awe which not even lions 
ran produce: whales are big. 
But the sea is so wide that you 
do not feel you are getting in 
the way. 

Off the British coast, there 
are trips run by Sea Late Sur- 
veys from the fete of Mull (tel: 
06884 223), from April to Octo- 
ber. You can have four hours 
for £26. seven days for £470, or 
a variety of excursions in 
between. The most likely sight- 
ings are small - 25ft minke 
whales, target of Norwegian 
harpoooists, but orcas (“killer 
whales") and dolphins can also 
be spotted. 

Coastal New England was 
among the first regions to turn 
from catching to watching. Off 
Cape Cod, for instance, you 
can see humpbacks, right 
whales iso called because, 
swimming slowly, they were 
the right whales to hunt), fin- 
backs, jninkes and set whales. 

They eat enough from April 
to October to fill them for the 
rest of the year, which they 
sensibly spend in tlm Carib- 
bean. Whale Watcher of Proy- 
incetown (tel 508-382 6038) is 
among the many organisations 
to run day trips: 3% hours lor 
$22. In Boston, call New 
England Aquarium for details 
Of trips (617-973 5277). 


Off the US West Coast, grey 
whales migrate south from 
Alaska to Baja California from 
Dec emb er to March, and h ack 
again until May. Monterey 
Sport Fishing (tel 408372 2203) 
of Monterey Bay offers two- 
hour tripe for $15 until March, 
on which you may see as many 
as 60 sailing by. ■ 

From July to October, longer 
trips ($30) go further out to 
watch humpback, blue and 
minke whales which summer 
there, though not as many as 
the greys. Similar trips are 
available from San Diego; try 
Mariposa (tel 619-542 0646). 

Those who want to become 
more deeply involved could try 
Monterey Bay Whale Watch 
(tel: 408-372 0671). For $43 from 
June to November you can go 
on six-hour cruises helping to 
identify humpbacks' migratory 
patterns. Oceanic Society 
Expeditions of San Francisco 
(tel 415-474 3785) offers every- 
thing from winter half-day 
trips to see the greys to 12-day 
cruises in March. 

Most far-flung of all is Kai- 
koura. A cold current meets a 
warm one, attracting food 
(squid, mostly), so male sperm 
whales are here all the time 
and trips run year-round 
unless bad weather stops them. 
R ummer and autumn mornings 
are best. Whale Watch Kai- 
koura (tel: 03-195 045) trips 
leave from the Whaleway sta- 
tion and cost NZ$95. Expect to 
see up to five whales in a 2 l A- 
hour trip five miles offshore; 
the guides know most of them 
by name. 

There are other places to 
look at whales: Dingle in the 
Irish Republic; the Azores; 
Maui in Hawaii; Vancouver 
Island in Canada; Anchorage 
in Alaska; Perth and south-east 
Australia; Peninsula Vaidfe In 
Argentina; Santana in the 
Dominican Republic; and many 
more. 

It is also possible to hook 
from Britain. Twickers World 
(tel QSl-892 8164), for instance, 
offers 10-day packages to 
Mexico, including eight days 
afloat, from £2^00. 

With minimal regulation, 
whale-watching is ecologically 
sound: once whales generate 
more money being watched 
than MUori, they will live lon- 
ger, possibly for ever. 

John Westbrooke 


one biographer, “captured the 
Irish spirit better than anyone 
of his time". 

The Moumes are granite. 
Sheve Donard offers great pan- 
oramas: the Isle of Man Is 
clearly visible. Wedged into 
these hills, the Silent Valley 
holds Belfast's water supply. 
Three feet wide, 8ft high, 22 
.miles long and connecting 15 
mountain summits, the 
Mourne Wall protects the 
catchment area. No fanning or 
habitation is allowed within its 
boundary. It is great walking 
country, and still relatively 
undiscovered. 

We left the Moumes, my 


wild rose and 1, and journeyed 
west across the Republic in 
search of the Holy Mountain. 
Middle Ireland is little- visited 
by tourists, but the dear lakes 
and tumbling streams of 
County Cavan are an angler’s 
paradise. We passed the town 
of Cavan, where Percy 
French's house is now open to 
the public, and travelled the 
roads French travelled, easel 
under his arm, for he loved 
this scenery, “unique in its 
combination of sun-stricken 
mist, brown bogiand and green 
pasturage, solitary trees and 
feroff visionary mountains”. 

Rural Ireland is still- a land 


that time forgot a land of tum- 
ble-down cottages, donkey 
carts and peat smoke, of pubs 
where the choice is Guinness 
or Guinness. 

At Carrick we were back 
briefly in the 20th century. 
Wine bars and bistros jostle 
with chandlers and marine 
engineers, for here the broad 
Shannon attracts people who 
like to mess about in boats. 

We continued west towards 
Atlantic shores, through the 
Ox Mountains an lonely roads, 
the landscape becoming 
increasingly wild. The north- 
ern edge of County Mayo is the 
Barony of Erris and part of the 


Gaeltach. the Irish-speaking 
fringe which runs down the 
west coast from Donegal to 
County Cork. 

Always there is restless sea 
and changing light Along the 
northern headlands of Erris, 
the Atlantic, untamed for 3,000 
miles , crashes in on the 1,000ft 
cliffs of Glinsk and Benwee 
Bead. Gulls circled far below 
us. Small wonder that several 
ships of the Spanish Armada 
be beneath these waves. 

HalfWay down the Mullet 
peninsula we turned for the 
ruins of Cross Abbey and its 
dramatic hillside of Celtic 
crosses. Far out to sea was the 


island of Inishglora where the 
Swan Children of Lyr served 
out the last third of their 900- 
year curse. (The wicked step- 
mother story is familiar to' 
Irish children.) 

From Blacksod Point, most 
southerly on the Mullet, the 
twin peaks of Achill Island lie 
just four miles south, though it 
takes two hours by road to get 
there. Above Blacksod on toe 4 
headland is a henge of stand- 
ing stones erected last year as 
an exhibit on toe Mayo sculp- 
ture trail: a dozen outdoor 
structures by local and invited 
foreign artists. The setting is 
superb. South of Achill Is 


Westport, a Georgian town of 
wood-panelled pubs and smart 
craft and jewellery shops, 
while nearby Westport House 
is one of Ireland's best-known 
stately homes. Down the hill is 
Westport Harbour, a cluster of 
authentic fishing taverns, and 
a few miles west Is our “tar -off 
visionary mountain": the 
2,500ft sheer cone of Croagh 
Patrick, toe Holy Mountain. 

St Patrick, fresh from driv- 
ing the snakes out of Ireland, 
Fasted here one Lent; every 
year on the last Sunday in July 
60,000 pilgrims follow in his 
footsteps to the top. You have 
to be dedicated because the 
path becomes increasingly 
steep and is composed of 
rounded pebbles. 

Two hours later and 300 
yards from the summit I nearly 
gave up. 1 was glad 1 did not. 
No superlatives could describe 
the view as half of the Emerald 
Isle unfolded beneath our feet. 
To the north is Adlib's brood- 
ing bulk shrouded in aureoles 
of mist. To the south: the 
Maamturk Mountains of Con- 
nemara. Below': the thousand 
islands of Clew Bay. described 
by Thackeray as like "so many 
dolphins and whales basking". 

Out in toe Atlantic, toe sun 
began to set behind Clare 
Island, where toe 16th-century 
pirate queen Grace O'Malley 
built her castle. Perhaps Grace 
was toe first Irish rebel, for 
when she was captured and 
brought before Elisabeth I she 
insisted on equal status as 
Queen of Ireland. It was during 
Elizabeth's reign that the seeds 
of the present troubles were 
sown. But from the holy 
heights of Croagh Patrick, Bel- 
fast and bombs seem to belong 
to a different world. 

■ We sailed from Stranraer to 
Belfast on the Seacal a state-of- 
the-art catamara n which does 
twice the speed of conventional 
ferries. Jt does not carry freight, 
so loading and unloading is 
rapid. Sealink operate ferries 
from Holyhead (Anglesey) to 
Dun Laoghaire ( near Dublin). 
Contact a travel agent or book 
the Seacat direct: tel: 
0232-310910. The Northern 
Ireland Tourist Board is at 11 
Berkeley St, London WLX SAD. 
The Bard FaUte Eirearm is at 
Baggot St Bridge, Dublin 2 


HOUDAYS & TRAVEL 


AFRICA 


PRIVATE YACHT 


In 1855 David Livingstone stumbled upon 
the magnificent Victoria Falls and described 
them thus: ‘scenes so lovely must have been 
gaed on by angels in their flight'. Indeed, it is the 
natural beauty of this country and its temperate 
dimate which will attract the prospective visi- 
tor where, even today, it is still possible to relax 
and explore in some comfort inline hotels, the 
surrounding unconuneiriaiiscd areas such as 
the Hwange Came Reserve, the Kariba Dam. 
Bumi Hills or just tosoak up theatmosphercand 
beauty of the Victoria Falls which is an experi- 
ence in itself, with then perhaps a farewell 
sunset cruise on the mighty Zambezi 

We have selected two different hotels offering 
a range of facilities; the Sprayview and the 
Victoria Falls Hotel itself You may also elect to 
take one or two of the optional excursions listed 
below. 

THE SPRAYVIEW 

The Sprayview Hotel is one of the few pri- 
vately owned and run hotels in Zimbabwe. Lo- 
caLed in Ks own lovely tropical ganlerv contain- 
ing an Ofyropic-sizeswinTnmg pool and poo (side 
bar.Thrre tea 34-hour reception service and the 
43 double bedrooms are fully air-conditioned 
with en suite facilities. The Sprayview also 
boasts two bars, a large comfortable lounge and 
two diningarcaa. Activities include table-tennis 
and there is a competitively priced curio shop. 
THE VICTORIA FALLS HOTEL 

This fine hotel has rightly earned mtema- 
tional aedaim for its Edwardian elegance, charm 
and tranquil atmosphere. Situated in acres of 
private garden, the hotel's 141 rooms are el- 
egantly appointed, cool and comfortable. The 
choice of activities is as wide as it is exciting. 
Whilst the breathtaking Falls and the tropica] 
rain forest are only a short walk along the hold's 
private access path. Zambezi Rive remises, game 
drives and white water rafting can ail be booked. 


FLIGHT 

ofANGELS 



DEPARTURE DATES & PRICES 

Mondays - per person ina twin room 

7 nights at the Sprayview Hotel 

1994 September 19.26 £675.00 

October 3, 10. 17.24,31 6675JX) 

November 7. 14.21.28 657500 

Decembers, 12, 19*. 26” JQ6T500 

1995 January 2, 9. 16.23,30 JQSTSjOO 

February 6. 13, 20, 27 JOnSOO 

March 6, 13. 20, 27 £675.00 

April3.1QM7*,24 £675.00 

Single room supplement £80100 

* Christmas and Easter supplemental 50 

Hotel Supp le me n t 
for toe 4-star Victoria Falls Hold 

Per person ina twin £2501)0 

Single room supplement £450.00 

I nrfwdrr return flights, transfers, accommoda- 
tion on bed and breakfast basis. No! indmied: 
travel insurance, airport tax, main meals idinner 
from £5). tins, optional visits. All prices are 
■object to change. 

Optional Visits 


Fill I day Hwange 
Full day Chobe 


..<£95.00 

.£11000 


7 nights at Victoria Falls from £675-00 
with optional visits to 
Hwange and Chobe National Park 


Livingstone (ind lunch) £253)0 

HOWTO BOOK 

For reservations or more information please 
telephone VoyagesJuksVaneon 071 -723 506& 

VOYAGESJUIfS VERNE 

Travel Promriioru Ltd. 

21 Dorsel Square, London NW1 6QG 
A6rA6Bi15ATOIB83B 

Our officr is also open at wrekeods to* 

(deftone nacnaliem from SJJOam toS.Mpm. 


Private Yacht Captain 

Seeks employment on poweiyacht 120'+. Fifteen years 
experience on private yachts. Well over 100,000 miles 
completed. Excellent references. Believes owner's pleasure 
and enjoyment is main purpose of yacht, run with sound 
financial control. 

Tel: 44 + (0) 372 463549 Fax: 44 + (0) 252 702498 


HOTELS 


ii'i fla.totel international 


V T O U R EIFFEL 


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also in New York - Brnaicla - Coda del tol - Preach Riviera 


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THAILAND 


Phuket, Bangkok, Pattaya, Hua Bin & Cha-am 
With an expanded programme beginmg in November, Somak 
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.4 - 



" 1 



















V. 


XXII weekend ft 


SPORT 



FINANCIAL TIMES WEEKEND SEPTEMBER 1 0/SEPTEMBER 11 1994 


T he Olympic move- 
ment is poised for 
profound changes. 
Last week the Inter* 
national Olympic Committee 
held its centenary congress in 
Paris. The constitutional 
changes and elections that 
took place give some claes to 
the future of the IOC. 

President Juan Antonio 
Samaranch stands down in 
1987. The succession may well 
have been settled by the voting 
last week in the hotels of la 
Defense. 

Primo Nebiolo had, on the 
face of it, a good week. The 
widely-feared emperor of track 
and field. officially described 
as President of the Interna- 
tional Amateur Athletic Feder- 
ation, saw the rules change to 
his benefit and the IOC admit a 
new cadre of potential support- 
ers. Making all members, 
elected or appointed, eligible 
for every office gives an oppor- 
tunity to the Monte Carlo- 
based capo to stand for the top 
job three years from now. 
Bringing 10 presidents from 
international sports federa- 
tions on to the IOC gives 
Nebiolo an additional voting 
bloc. 

Samaranch is 74, three years 
older than the Italian. He will 
almost certainly leave it to 
ASOIF. the association of 27 
summer Olympic sports, to 
choose the nominees. Nebiolo, 
also President of ASOIF. has 
controlled this organisation 
ruthlessly for a decade. His 
power is both patronage and 
the allocation to individual 
sports of millions of dollars in 
revenues trickling down from 
Olympic headquarters in Lau- 
sanne. 

“Primo will do anything to 
ensure that these men owe 
their place on the IOC to him 
and no other factor." said one 
administrator who has known 
Nebiolo for 20 years. “When he 
gets them the job he'll give 
them the speech. ‘I want one 
thing in return, my dear 
friend, your total loyalty. 
When I come to you in need, 
then you must help me.'" 

Those two phrases, “my dear 
friend" and “help me", uttered' 
in an accent horribly reminis-' 
cent or Marlon Brando in The 
Godfather, chill anyone who 
has had dealings with Nebiolo. 
In the 1987 Rome scandal over, 
the cheating Italian long- 
jumper Giovanni Evangalista, 
Nebiolo was able to draw on 
the support of three IAAF 
council members who owed 
their President everything. 

“He has an executive council 
of trembling puppets. He is a 
powerful man who gets his 
own way, superficially similar 
to Samaranch, so it is natural 
for Nebiolo to see himself as a 
logical successor," said the 
source. 

Within the world of Grand 
Prix athletics. Nebiolo is 
acknowledged as having been 
an effective bulldozer, chang- 
ing a landscape ripe for rede- 
velopment 

“As president of the IAAF he 
has been a fresh wind. Primo 
has consistently removed or 
surmounted many barriers. A 
considerate manager, a gentle- 
man, would not have managed 
it." said Res Brilgger. organiser 
or the Zurich Grand Prix meet- 
ing. In a recent interview with 
SpoTO rj/ormofionsdiensf . 

Vet comparisons with 
Samaranch, unparalleled 
moderniser of the Olympic 
movement, are misleading. 
"Measured against Samaranch, 
he is completely unsuited to be 
President." the source said. 
“Primo's motives are totally 
selfish and self-seeking. Samar- 
anch may occasionally sup 
with the devil but always far 
the good or the cause." 

The British have always 
been Nebiolo's particular pho- 
bia. Whether it is their pecu- 
liar insistence on rules and 
transparent administration or 
individual frictions (IOC mem- 
ber Princess Anne treated him 
witb Arctic disdain), his 
instinct for deals has repeat- 
edly clashed with London's 
world view. Nebiolo was in a 


T he competition is 
going to be red-hot in 
Britain's luxury car 
market this autumn. 
Four new models from Audi, 
BMW, Jaguar and Land Rover 
will slug it out with the well 
established Mercedes-Benz 
S- Class and Lexus LS400. 

f have driven ail the new- 
comers but cannot yet write 
about the Jaguar and Land 
Rover - even though security 
surrounding the latest Jaguar 
XJ Series and the first com- 
pletely new Range Rover for 24 
years has been less than cast 
iron. Sneak pictures and 
descriptions of their features 
have been appearing in enthu- 
siast magazines for a year or 
more. Bui accepting invita- 
tions io official launches, 
which may run for several 
weeks, means one is honour 
bound to observe an embargo 
ag ains t publishing before the 
last of the international motor- 
ing writers has Down home. 

So. although my lips may be 
sealed until the end of this 
month so far as Jaguar and 
Range Rover are concerned. I 
will say this. Jaguar already 
sells twice as many luxury cars 
in Britain as its nearest rival, 
BMW. The new XJ models can 
only put it still further ahead. 














1 










Sport Politics 


The emperor climbs 
towards Olympus 

Keith Wheatley looks at the growing power of Primo Nebiolo 


carpet-biting rage over the 
British Athletic Federation's 
decision not to withdraw its 
women's team from this week- 
end's World Cup after the posi- 
tive (IAAF-administered) drug 
test on 800m runner Diane 
Modahl. 

When the IOC in Paris 
elected Craig Reedie. chairman 
of the British Olympic Associa- 
tion, to one of 12 new seats on 
the committee they may have 
been bestowing more than an 
individual honour. If anyone 
has the instincts to fight the 
tendencies Nebiolo represents, 
then it would be Reedie. 

“He is one of the very few 
men who has always been firm 
with Nebiolo and stood his 
ground whatever the pres- 


sure," said John Holt, a former 
secretary of the IAAF who 
worked with Reedie on Man- 
chester’s bid for the 2000 Olym- 
pics. 

Reedie, a former president of 
the badminton federation, 
works as a director of a Glas- 
gow pensions company. He is 
the kind of Scotsman who 
would have held out his fore as 
he stepped on to the Glasgow 
tram. Also with Reedie in the 
new IOC intake are Gerhard 
Heiberg of Norway, Arne Lju- 
ngqulst of Sweden and Alex 
GUady, an Israeli who, when 
he lived in the US. was a 
rice-president of NBC televi- 
sion. 

Since the mid-1980s it has 
been received wisdom among 


the savants of the Olympic 
movement that this was an era 
dominated by Latin and His- 
panic interests. Barcelona 
received the 1992 Games from 
Samaranch (a Spaniard). Mario 
Vasquez Rana (the Mexican 
IOC member) rose rapidly to 
huge influence with southern 
hemisphere members. Primo 
Nebiolo built his long march 
on the careful cultivation of 
personal contacts with Latin 
American and African sports 
administrators. The arrogant, 
Corinthian, Anglo-Saxon, atti- 
tudes of Averey Brundage and 
Lord Exeter seemed to have 
been consigned to a quasi-colo- 
nial past 

Yet no political situation or 
movement Is over static. Rich- 


Tennis/ John Barrett 

Grand carnage 


T omorrow's men’s sin- 
gles final of the 114th 
US Championships at 
the National Tennis 
Centre, Flushing Meadows, 
will produce a new champion. 
That much, at least, is certain 
at the end of a fortnight when 
upsets have abounded. Who we 
shall be hailing as he holds 
aloft the famous silver cup and 
pockets a cheque worth 
8550,000 is difficult to predict. 

In today's semi-finals, the 
1991 Wimbledon champion. 
Michael Stlch of Germany, 
seeded No 4, will play 
unseeded Karel Novacek of the 
Czech Republic, ranked 56, in 
the top half. In the lower half, 
Andre Agassi, unseeded for the 
first time since 1987, will play 
fellow American Todd Martin, 
seeded No 9. 

When Jaime Yzaga beat Pete 
Sampras, the defending cham- 
pion, tm. Tuesday it meant that 
for the first time since tennis 
went open in 1968, only three 
of the seeds bad reached the 
quarter-finals: Sticb, Martin, 
and the left-handed Austrian, 
Thomas Muster (13). Once 
a gain, the growing depth in the 
men's game was apparent 
The carnage had begun 
early. Wimbledon finalist 
Goran Ivanisevic (2) foil at the 
first hurdle to the German 
giant Markus Zoecke whose 
serve is nearly as big as his 
own. “Maybe it's a brain 
injury. As soon as I come here 
it is finished. IPs not a problem 
with New York, it's a problem 
with me," said Ivanisevic. 

Boris Becker (7), also lost in 
the first round, beaten by 
America's Richey Reneberg. 
The 1989 champion was disap- 
pointed. “I thought I had a 


good chance.” said Becker. 
“But it was extremely slow 
this year - both the court and 
the heavier, softer halls." 
Almost as slow as Becker him- 
self, one mi ght have added. 

Another former US Open 
winner, fifth seeded Stefan 
Edberg (1991, 1992), fell in the 
third round to fellow Swede 
and frequent practice partner. 
Jonas Bjorkman. The match 
was played at night in the 
same cold, windy conditions 
that had prevailed when 
Edberg lost unexpectedly to 
Aaron Kxickstein in 1988. 
Thus, for the first year since 
1986. Edberg has foiled to reach 
a Grand Slam final. He was the 
victim of his own frailty on 
serve and an inspired piece of 
attacking play from Bjorkman 
who h«d given notice of his 
advance by beating French 
Open champion Sergi Bru- 
guera two weeks ago in Sche- 
nectady. “This is a much big- 
ger win for me because it is 
centre court and a Grand Slam 
...and also Stefan.” said 
Bjorkman. 


B ruguera had per- 
formed well until he 
was hammered into 
submission by Muster 
in (he fourth round. 

Michael Chang, the sixth 
seed, believes that he is at his 
best on the surface. He proved 
it, too, in one of the best 
matches of the tournament 
when he faced Agassi in the 
fourth round. It was a 
full-blooded contest The qual- 
ity of shot-making from both 
men was remarkable, the 
result a tonic fix a sport that 
badly needs the survival of 
characters like Agassi. 


IL at times. Agassi's sinister 
black cap. black, white and 
blue striped shirt, plus black 
socks arid shoes, makes him 
look more tike Darth Vader 
than a tennis player as he 
darts about firing bullets from 
his light-sabre of a racket, one 
can still admire his astonishing 
timing and his courage in 
going for his shots. 

Whether Martin will be cast 
in the role of Luke Skywalker 
this afternoon remains to be 
seen. Certainly the tall- 
upright. all-American boy has 
done well to survive after sav- 
ing three match points against 
G uillaume Raoux of France in 
the first round. He is carrying 
a groin injury that inhibits his 
movement and is playing well 
below the form that took him 
to the final of the Australian 
Open in January and enabled 
hirn to reach the semi-finals at 
Wimbledon. Yet he will start 
as favourite. Martin has won 
three of his five matches 
against Agassi. 

Of the lower seeds, only Yev- 
geny Kafelnikov, a 29-year-old 
Russian, did himself justice. He 
had not dropped a set on his 
way to a fourth round match 
against Stich but seemed non- 
plussed by the ferocity of 
Stich's attack and relative free- 
dom from error. Stich engi- 
neered a 7-6 60 6-2 win that he 
badly needed after losing in 
the first round of the Austra- 
lian Open and Wimbledon and 
the second round in Paris. 

If he is to re-establish him- 
self in time to lead Germany to 
success in the Davis Cup. as be 
did last year, Stich really needs 
to win this title. Otherwise his 
confidence, and his ranking 
will continue to slide. 


Baseball /Frank McGurty 

Fall in a min or key 


F or this baseball fan, 
the season began 
with all the promise 
of a sunny April 
afternoon. On opening day ‘.at 
Yankee Stadium, the home 
team put on a display that sig- 
nalled a year filled with tanta- 
lising possibilities. 

Four months later, my sum- 
mer raided on an ambivalent 
note, for away from the top tier 
of the professional ranks, 
where play has been brought 
to a halt by a player strike. At 
Skylands Park, 65 miles west of 
New York city, the New Jersey 
Cardinals were showcasing the 
scrappy brand of baseball 
which attracted thousands of 
new fans to “minor league" 
ballparks this year. 

This year was marked by a 
rebirth of sorts for the minor 
leagues, where small-town 
clubs such as New Jersey 
helped fin the void left by the 
strike for millions of disenfran- 
chised fans. 

The walkout - which 
Involves players on the 28 
teams which comprise the 
American and National leagues 
- is in its fifth week. It has 
forced the cancellation of hun- 
dreds of games. With only 23 
days left in the regular sched- 
ule, there is no agreement in 
sight. 

The cessation of play could 
not have come at a worse time. 
Even if a settlement is forth- 
coming, the strike already 
spoiled a season In which some 
of baseball’s hallowed individ- 
ual records were threatened for 
the first time in decades. 

The strike proved to be a 
windfall for the 200 or so minor 
league teams which play in the 
relative obscurity of small 
cities and towns across the US 
and Canada. 

The main purpose of these 


ard Pound, the Toronto lawyer 
who is the most powerful mem- 
ber of the IOC after Samar- 
anch, and Dick Gosper, the 
Australian vice-president who 
has just retired after a gutter- 
ing career with Shell, now 
have powerful newly-elected 
allies who are likely to see the 
world more from their parepec- 
tive than Nebiolo's. 

The next two Olympics, 
Atlanta in 1996 and Sydney in 
2000, are both in venues which, 
although famously multi-cul- 
tural. possess predominantly 
Anglo-Saxon business cultures. 
Although the media largely 
greeted the Paris changes as 
an open door for Nebiolo, it 
may prove to be one which 
slams in his face. 


“form” .foams - mpst of which 
are independently owned - is 
to cultivate young talent for 
the major leagues. In exchange 
for an operating subsidy, each 
dub fields players who can be 
moved around the parent 
club’s organisation at any 
time. 

This year, the minor leagues 
carried their role to its logical 
conclusion. The strike forced 
television networks that fea- 
ture baseball as their program- 
ming mainstay to turn in des- 
peration to the farm system. 

ESPN, the 24-hour sports 
channel, twice called on the 
Birmingham Barons of the 
double-A (triple-A is the high- 
est minor league level) 
Southern League to fill embar- 
rassing holes in its schedule. 
Why the Barons? Its left-fielder 
happens to be a former profes- 
sional basketballer ' by the 
name of Michael Jordan. 

Jordan’s decision to try his 
hand at baseball this spring, 
brought a wave of welcome 
publicity to the minors, but he 
deserves only a small part of 
the credit for the farm system^ 
season in the sun. After a long 
decline which began In the 
1960s, minor-league teams have 
been enjoying a steady resur- 
gence in popularity over the 
last few seasons. 

In 1993, total attendance at 
minor-league games reached 
32m, up from 10m in the 1960s, 
when television introduced 
major-league action to the hin- 
terlands. Today, new minor- 
league ball parks such, as Sky- 
lands are springing up across 
the country, as local and state 
governments trip over one 
another to entice franchises to 
their areas. 

The reasons behind this 
resurgence are complex. In 
part, the form teams have ben- 


efited freon a disenchantment 
with bag league baseball which 
has been bubbling just below 
the surface for years. The 
strike has further sullied the 
Image of a sport in which the 
median player salary is 
*500.000 (£322,600) and billion- 
aire ownere are suspected of 
cooking their books to show 
operational losses. 

As a consequence, young 
form hands - who earn *1,400 a 
month plus *18 a day in meal 
money - seem more Hke the 
idealised “boys of summer** 
than their big-league counter- . 
parts. Most minor Leaguers 
support the strike and, to a 
man, hope one day to make it 
to “The Show". But in the 
friendly confines of a s mall sta- 
dium like Skylands, it is easy 
to imagine the Cards are 
playing baseball for the sheer 
enjoyment of it. At least one 
very rich Baron is certainly 
doing just that 

Economics has played a big 
role, too. Salaries are lower, 
and so are tickets and refresh- 
ments. Families of average 
means - most of whom now 
live in the suburbs - can enjoy 
professional baseball without 
the expense and inconvenience 
of travelling to the big city. 

At Skylands Park, the famil y 
event sphere seemed more like 
a county fairground than a big- 
league ball-yard. The good- 
natured crowd was equally 
divided between pre-teens - 
girls as well as boys - and 
their thirtysomething parents. 
Beer drinkers were thin on the 
ground. * 

The atmosphere contrasted 
sharply with opening day at 
Yankee Stadium, where play- 
ers on the field had to compete 
for attention with the numer- 
ous brawls which erupted in 
the grandstands. 


Motoring/ Stuart Marshall 

Urbane additions to the market 


I do not go along with Land 
Rover's claim that the Range 
Rover is a direct competitor 
witb the likes of the BMW 7- 
Series, Audi AS. Mercedes-Benz 
S- Class, Jaguar and Lexus. But 
if you insist that your luxury 
car must be able to Ford rivers, 
cross deserts or climb moun- 
tains, even if you have no 
plans to take it off the tarmac, 


then the latest Range Rover 
reigns supreme. 

Which leaves ns with the 
new Audi A8 and BMW 7- 
Series. because both the Mer- 
cedes-Benz S-Ciass and Lexus 
LS400 have been around in 
their present form for some 
time. 

Although the AS ■LS quattro 
looks a fairly conventional 


large saloon car. it is anything 
but This is because it is made 
largely from aluminium and 
weighs around 140kg less than 
its sheet steel rivals. This, 
Audi says, makes it more 
crash-resistant and friendlier 
to the environment. Fuel con- 
sumption is reduced and, at 
the end of its life, the vehicle 
will be easier to recycle. 


Whether this will cut much ice 
with the customers remains to 
be seen. 

The AS quattro, priced at 
£46,639, puts its VB’s 300 horse- 
power on the road through all 
four wheels via a Tiptronlc 
gearbox which lets a driver 
choose fully automatic trans- 
mission or manual gear selec- 
tion according to mood. 



The Audi AS 4Jt quattro. bmovattvs high technology, with afl-alumjmum con s tr u ction. Tiptronlc tran smi ssion and four-wheel drive. 


On the German autobahn, 
the quattro reached its gov- 
erned ISSmph (25Qkph) maxi- 
mum In eerie silence and 
treated curving mountain 
roads with nimble indifference. 
It is a brilliant performer - 
but, like Lexus, the Audi 
marque lacks the charisma of 
BMW, Mercedes-Benz or Jag- 
uar in Britain. Audi hopes to 
sell up to 500 A8s in 1995 and 
expects 80 per cent of them 
will be the cheaper version- 
£34,499 with front-wheel drive, 
and 174hp, 2.8-litre, V6-engme_ 
But BMW GB aims to get at 
least four times that number of 
customers into its new VB-en- 
gined 730 and 740 saloons. 
They replace an eight-year-old 
7-Series which was second 
best-seller in the luxury mar- 
ket after Jaguar. 

Standards in this class are so 
high that it is difficult to find 
any fault with cars such as the 
BMW 730 and 740 (or, for that 
matter, the Audi AS). It came : 
almo st as a relief to note that 


the 7-Series’ screen-wipers 
were a bit noisy. In any case, 
most users choose than not for 
sheer performance (legally 
unusable, anyway) or refine- 
ment (all are utterly urbane) 
but for less easily defined qual- 
ities such, as status and image. 

The new BMWs look little 
different from the old ones and 
retain the classic rear-wheel 
drive layout At £39,800 (the 
730) and £46,700 (740), they cost 
no more if specifications are 
taken into account 

They cruised in silence equal 
to the Audi As when 1 fried 
them some time ago on the 


Chess No 1038.'l.. I Q£2+2Khl 
Bg2+ 3 Bxg2 Rel+ 4 Kh2 g3+ 5 
Qxg3QEa mate. 


The next Desest Orchid? 

Your donee to o»n i 

Stunning Gray Steeplechaser, 
• Sfinnfl: of br« only race. 

CM 0468 64S6S7. 0235 760754 

or Write to Tbe Pomp Hoose, Pounds 
Hun, E« Ganton. Newbury RG16 7H1J 
Aa for details, btdufag a free 

videptfdu dafgf yauag horse and a 
free gaide to owning racehorses. VLttr, 


autobahn. More recently, they 
were no less impressive at for 
lower cruising speeds on UK 
motorways. 

How do the BMWs and Audi 
AS rate against the new Jaguar 
XJ models and the latest lux- 
ury Range Rover? All will be 
revealed at the end of this 
month. 


First Front 

AT VAUXHALL BRIDGE 


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U.a. CARS AT U.3. PRICES Atnakfti 
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FINANCIAL TIMES 


WEEKEND FT 


XXIII 


WEEKEND SEPTEMBER 10/SEPTEMBER 1 1 1994 A 



TELEVISION 


BBC1 


7-25 Nwa 7.30 Faflx the Cat. « .. 

*?*«*• *** SWAT tl 
pardlei ft. 1L00 Ffcn: Bugs Bunny Si^wnar. 


BBC2 


400 Open Unraaratiy. 12.13 pm Fine Mi. The Last 
of Hb Tribe. 


SATURDAY 


LWT 


&00 3MTV. 9L23 VHtaTs Up DOC? 11.30 The ITV 
Chart Show. 12J0 pm The UtOaat Hobo. 


1205 Tom and Jauy. 
12.12 Weather. 


ftnnMaii Introduced by Steve 
Rider. Including at 12.20 Football 
™ CU8: Pwiaw of tha day's Pre- 
nwrahip fixtures. 1.00 News. 1 OS 

Graid Pit*. 1.15 Athletics: The sec- 
and day of the World Cup from 

w^.Chan'p^ from Rome. 

17,8 Uttra 30 Series. 

I IS ESS?.*?" ?f!7! woo<fc 7710 

2.15 Westminster Tad Irrarewjce 
Hantfleap Stakes. 2JB Yachting. 
2-40 Racing: The 2.45 HJgttiancI 
Spring ROA Nursery Handicap 
Stokes. 2.50 Athletics. 3.15 Racing; 
The 3.20 WBUam HW Sprint Cup 
(H'cap). 3J5 Athletics. a55Radng 
from Leopatxlstawn: The 4.00 Giti- 
ness Champion Stokes. 4.05 Athlet- 
ics. 4.45 Final Score. Times may 
vary. J 

8. IB News. 


(UEB Regional News and Sport. 
S . 3Q Cartoon. 


&SO FBm: Wings of the Apache. Air- 
bome action adventure, starring Nic- 
olas Cage as a helicopter pitot 
frahing to combat drug boons in 
Latin America. With Sean Young 
(1990). 

7.10 Bruce Forsyth’s G eneration Game. 
New series. Bruce Forsyth and 
Rosemarie Fbcd return with the fun* 
fSed tomOy game show. 

8.10 Chaflonge Annefca. The residents of 
Bumhanvon-See throw down the 
gauntlet to Armeka. setting her the 
task of building a now fifaboat sta- 
tion In 72 hours. 

8.00 News and Sport; Weather. 

8-20 Hie Last Night of the Prams. Part 
two. Live tram the Royal Albert Hail, 
featuring tha tracflttonaJ rendition of 
Sir Henry Wood's Fantasia on British 
Sea-Songs. Simultaneous broadcast 
with Radio 3. Subsequent pro- 
grammes may run late. 

IQjSS Match of the Day. HVghfighls from 
two top matches in the FA Premier- 
ship. plus goals from the day’s other 
fixtures. 


11-08 Fine Grievous BodBy Harm. 

Thriller, starring Cofin Frfete (1967). 
IJM Weather. 

1-30 Close. 


1v48 The Phi SOvars Show. 

2.10 TTnamatch. Reconstruction of the 
vicious and brutal spectacles once 
staged in the Roman arena, using 
high technology computer graphics 

to convey the Violence of the ancient 
world. 

3.00 Film: Becky Sharp. Adaptation of 
Thackeray's Vanity Fair, about a 
self-reliant glri struggling to make 
her way In Regency society. Miriam 
Hopkins and Cedric Hardwicks star 
(1835). 

WO EMBant Gardena. 

4130 Alone to the South Pole. FSm fol- 
lowing Norwegian Bing Kagge’s 
groundbreaking solo Journey to Ant- 
arctica 

3-00 Hotshots: WOrid FIsMng Champl- 
onshtpe 1983. Flm following com- 
petitors in Coroucha, Portugal as 
they contend with all manner of 
problems in their quest tor the title. 

8.00 The Bratislava Connection. Man- 
agement courses in Slovakia 
designed to help combat the coun- 
try's rising unemployment, industrial 
decay and high pollution levels. 

MO News and Sport; Weather. 

8J55 Developing Stories. Now series. 

FBm short tram Gaza, recounting the 
tale of a 12 -year -old refugee whose 
chance meeting with a girl of his 
own age sets him off on a quest for 
three missing Jewels. 

7.48 The Last Night of the Proms. Part 
one. Richard Baker Introduces the 
farewel concert five from the Royal 
Albert Hal, featuring Bach's Toccata 
and Fugue In D minor and pieces by 
WMams and Walton. Continued on 
BBC1. Simultaneous broadcast with 
Radio 3. Subsequent programmes 
may run lata 

9.00 FBk A Star b Bom. Musical 
drama, starring Judy Gartand and 
James Mason as HoBywood stars 
who faB fn love and many as Barir 
careers take tham In different cfireo- 
tions (1954). 

11-80 The Moral Mam. New series. 

Michael Buerk hosts as a panel of 
guests Inducting Edward Pearce and 
Jane! Daley tackle a topic of currant 
concern. 

12L3S FBm: Ghost Ship. The captain of a 
merchant ship b cMven mad by iso- 
lation. ThrfBer. Starring Richard Dfac 
and Russel Wade (1843). 

1.40 Ctoso. 


1-00 fTN News; Weather. 

1.06 London Today, Weather. 

1.10 Champions' League SpectaL Pre- 
view of next Wednesday's opening 
matches in this year's competHaa 

1- 40 Movfss, Games and VMeos. 

Reviews of new Western Wyatt 
Earp. starring Kevin Costner. 

2.10 WCW Worldwide Wresting. 

2- 60 Life Goes On. 

048 Burke's Law. 

448 TIN News and Rseutts; Weather. 

5i08 London Today and Sport 
Weather. 

6J25 Cartoon Tkna. 

838 Beywatch. Conducing part Mitch 
races against time to reach the 
sunken atrfiner as Hobla's air rune 
out DavW Haasdhoff and Jerary 
Jackson star. 

8-30 Gladiators. New series. The confess 
game show Is back, with few brave 
contestants ready to take on the 
might of the muscle-bound TV war- 
riors. Presented by John Fashanu 
and Ulrika Jonsson. 

730 FBm: Crocodte Dundee U. The 

Australian trapper's suvival skffts are 
needed once more whan Ns girl- 
friend Is kidnapped by drug dealers. 
Comedy adventure, nturring Paul 

Hogan (1888). 

9.38 The Bfg Fight - Uni Nfgel Bern v 
Juan Carlos Gimenez. Ringside cov- 
erage as the Dark Destroyer defends 
his WBC Super Middleweight title 
against the tough Paraguayan. 

1080 fTN News; Weather. 

11.00 London Weather. 

11.08 Spiffing Back. 

11JS Kavhi Costner's Wyatt Earp. 

1SL08 Bruce and Bob Eat America. 

1.05 Wet Wat Writ; fTN News Head- 
fines. 

2.08 TpwofDuty. 

230 Tlw Kg ITN News HeaAm. 

345 European Mne-BaB Pool Masters. 

440 BPM. 

840 ITN Monring News. 


CHANNEL4 ■ REGIONS 


5l 00 4-Tol on View. &OS Ewiy Morning. 945 Bfiu. 

IIjOO Gozzatta Footbal tiata. i2j 00 K*h 5. 12_30 

pm Tandoori Mghte. 

1.00 FBm: Torrid Zone. SMby singer Aral 

Sheridan helps banana plantation 
owner Pat O'Brien pereuaie Ms 
trusted manager not to quit Com- 
edy adventure, with James Carney 

(1940). 

2-30 The Friend. Russian animation. 

2-80 Racing from Donc as ter and too- 
parristown. From Doncaster. Cover- 
age ofthe 3.05 Abu Dhabi National 
OS Company Stakes Handicap, 3.40 
Teteconnection St Leger Stakes, 

4.15 Tripleprint Ffyfog Childers 
Stakes, and the 4.45 Ladbrake 
Handicap. From Looparda to wn: The 
•LOO Guinness Champions Stokes. 

8.05 Brookskfa; News Summary. 

6-30 Opening Shot Flamenco. FRm fol- 
lowing the progress of two British 
flamenco dancers In Spain as they 
attend classes at a prestigious 
school and perform in an annual 
concert Last In series. 

740 People's Parliament. Debate on 
whether afl women have an auto- 
matic right to bear children, ques- 
tioning whether the NHS should 
provide more help. 

8.00 FBm: The Puph Heart. Wartime 
drama about eight American airmen 
shot down over Tokyo durkig a 
bombing rakL Starring Dana And- 
rews and Farley Granger (1944). 

9J5S Fann y and Alexander. Part three of 
Ingmar Bergman's drama exploring 
children's emotional turned In the 
wake of their father's death. (Engflsh 
subttifes). 

11.08 Ufa Just a Rida. Tribute to 

American comedian B8 Hicks, feat- 
uring c«ps of hb performances and 
contributions from family, friends 
and admirers. 

1148 Late Licence. Mark Lamarr and 

Rhona C am aron introduce tonight's 

pro gr amm es. 

12-00 Bffl (ticks. 

140 Harman's Head. 

140 Just for Lauj#». 

2.08 Passengers. 

3jOS Pac kin g Them In. 

340 Close. 


ITV RCQKM3 AS LONDON EXCEPT AT TM 

RHIOWMO TIMES: - 

AMQJLIA: 

1240 Movies. Gamas and Videos. 1.69 Anglia 
News. 140 Ng* Mansers IndyCar *94. 2.10 Cany 
On CansteUe. (1959) 3.46 KrOght Rfctar. 809 Anglia 
News and Sport 11.00 AngSa Woathor. 1133 VHK 

wet wot. 

Bonn 

1240 Movies, Games and Videos, ids Border 
News. 5.05 Banter News and Weatiwr 5.10 Bordar 
Spans Results. 1139 Wet wet Wet 

CENTRAL: 

12_30 America's Top 10. 1.05 Central News 2.10 
Ttw Comeback. (laesj 3L90 WCW Worldwide Wres- 
tling. BAS Central News 5.10 The Central Match - 
Goto Extra. HjOO Local Weather. 11.36 Tropical 
Heat 

CKMHEU 

1130 COPS. 1&00 Tha ITV Owl Show. 1J» 
Chmil Olay- 140 NgV MonaaTs IndyCar *94. 
2. to sal Gnat Britan. 240 Btgfcwt SHAM Agah. 
S49 Knight Rider. 6 jD 5 Channel News. 5.10 Puf- 
fin's Ptaftce. 11-35 Crime Stay- 
nnAMPtAN 

1230 Cnrinna-Ce. IjOB Grampian Haadfees 1-40 
T o i cfl o r 210 Donnie Munte. 240 Cubm CWnne. 
340 Zona. 328 Mgel Motah IndyCar *84. 355 
Suparatara of WTrat a ng. &0B Gmmpim Headbtes 
5.10 Grampian News Review. 11.00 Grampian 
WeeSher. 11J6 TaSdng Loud. 
ru mffAfty 

1230 Movtaa. Games and videos. IDS Granada 
News 140 Nigel ManseTs IndyCar *9A 210 I 
Married Wyatt Earp. (TVM 1963) 355 Suparatara of 
Wraalling. SjOO Granada News 5.10 Grenada Goals 
Extra. 1158 Wet Wet Wet 
Hint 

1230 Movies. Gomes and Videos. 1X6 HTV News. 
150 Nigel Mansers MyCar *94. 210 633 Squad- 
ron. (I960 355 The A- Team. 656 HTV News and 
Sport IIJOO HTV Weather. 11.35 Wat Wee Wet 

Btrimmtffiri- 

1150 COPS. 1200 The rTV Chat Show. 155 
Meridtan News. 1-40 Nigel Manadra IndyCar -94. 
210 Sal Greet Britain. 240 Btgfoot States Agaai. 
3-45 Knight Rider. SJU Meridian News. 1159 
Crime Story. 
tcomSH: 

1230 Bora Time. 1J>5 Scotland Today. 1-40 Tate* 
fios. 210 Mtaslon Top 8acret 210 Trad. 240 Body 
Heal 4.10 Taka Your Hck. 205 Scotland Today 
1150 Scottish Weather. 1155 11th Utctta. [1979) 

TYKE TECS: 

1230 Big Bust! 1-06 Tyne Teas News. 140 Tha 
Mountain BHta Show. 210 Cany On ConstObia. 
(195ft) 246 Knight flder. 555 Tyne Tees Saudoy 
226 Tweety and Syhestar. 1156 StapsrioL (1977) 
ULSTER: 

1230 SUB. 1-06 UTV Uvu Naws and Sport 210 
Cartoon Tbna. 230 The Munsters Today. 300 
Knlghl Rider. 356 WCW WoridwWe Wraatflng. 5j05 
UTV Uve News 5.10 Saturday Sport. 11JJ0 UTV 
Uva News 1155 Wet Wet Wet 

— i T cow mw 

1230 MoNtes, Games and Woos. 1J05 Westaoutv- 
Uy News. 150 Mgef Mansers kxtyCar -94. 240 
Hoad Runner. 250 The Cephas of Grizzly Actons. 
(TVM 1992) 5J05 Wtafcouniry News IIjOO Lotto 
Weather. 11.35 Writ Writ WeL 
wnanh 

1230 Movies, Gamas and Vkhms. 159 Calendar 
Naurs. 150 Tha Mountain Bfloa Show. 210 Cany 
On Constable. (1959) 246 Knight Rider. 205 Cal- 
endar News. 210 Sootabw. 225 Tweety and Syl- 
VBOter. 11-36 Stapahot (1977) 


SUNDAY 


BBC1 


750 My the Oinosar. 755 King GnwillnoBis. 
750 Play-days. 200 Blood w*J Honey. 215 Break- 
fast with FrasL 216 To Be a Pflgrtm. 950 This la 
tha Day. 1050 See Hand 1050 Rkrc Trouble ki tha 
Glm. 


12.00 CountryFle. 

12JE8 Waattier for the Week Ahead; 
Nam. 

I1L30 Harry and tha Hondersons. 

■LOO Cartoon. 

Staven Spielberg's Amazing Sto- 
ries. 

1.30 EaatBndare. 

280 The Divine Garbo. Celebration of 
legendary actress Greta Garbo’s 
career, using rare archive footage 
and clps from her most famous 
ffims. 

3.40 Bltebadt. 

4^0 Junior Manterehaf . TV poreonaty 
Anneka race and chef Mck Naim 
judge the cuinary efforts of corrtas- 
tante from York, WhWey Bay and 
Newcastle-upon-Tyne. 

450 Farnborough ’94. Second of three ’ 
programmes taatutng Mghlghts 
from the spectaetder air show, 
including a 25th anniversary celebra- 
tion for Concorde. 

5^40 The CMhee Show. Reefiy WM 
Show host Chris Packham meets 
the goats and rabbits msponsasle tor 
one of this autumn’s fashions, and 
cab drivers get a new took to cele- 
brate 300 years of the trod service in 
London. 

6.08 News. 

228 Songs of Pratsau 

7.00 SmaB Talk. 

750 FBm: Summer Rental. Chaotic 
comedy about a family hoflday 
plunged Into disaster by the arrival 
of tess-than-vretaome oampartona. 
John Candy and Richard Crenna 
star (198^. 

285 Screen One: P« and Margaret. An 
American soap star visits Britain on 
a publicity tour - and is horrified to 
be reunited with her long-to&t sister. 
Comedy drama, with Victoria Wood 
and Jufie Wattera. 

1220 News and Weather. 

10.38 Everyman. Chief Rabbi Dr Jonathan 
Sacks speculates on the future of 
the tamfly untt. 

11J28 Flm: Play It Again, Sam. Woody 
Aten stars as a neurotic «m critic 
who seeks relationship advice from 
his ghostly hero, Humphrey Bogart. 
Comedy, with Diane Keaton and 
Tony Roberts (1972). 

1250 FBm: Blue City. Revenge thrifier, 
starring Judd Nelson and Ally 
Sheedy (1986). 

2.10 WOather. 

2.18 Close. 


BBC2 


21S Open UntaraOy. 210 Utif Bits. 955 Base. 

280 Eok.ttM Cot 1219 What'S That Nofae? 1040 

Grange HJl 1155 OyrumBe. 1150 Bay City. 11-46 

Tha O Zona. 1200 Rugby Spacbi. 

14)0- Sunday G ra n d st a nd, introckicad by 
Sub Barker; Including at 1.05 
Cricket: Coverage of a top match 
from the Sunday League. 1.40 Motor 
, .Racing: The Kaftan Grand Prix from . 
Monza 3.40 Athletics: The final day 
of the Wbrid Cup from Crystal Pal- 
ace. 5.00 Cricket &25 Sw immi ng: 
World Championships. Times may 
vary. 

248 Galapagos: Paradise In PeriL The 
threat posed to the Galapagos 
Islands' giant tortoise population by 
rioting fishermen furious at a govern- 
ment ban on the intensive fishing of 
sea cucumbers. 

750 The Score. Dams Joan Sutherland, 
Maria Ewing and BrigSte Fassbaon- 
der assess the role of the dva In the 
1990s, whfle opera singer Wfflerd 
White and Labour MP Paul Boateng 
dtocu8s why there are relatively tow 
black classical musicians. Plus, per- 
formances by Plano Circus and a 
duo specialising In making Indian 
musk: on Western Instruments. Last 
in series. 

210 The Lighthouse. Peter Maxwel 
Davies' opera based on the true-ffe 
mystery surounding tha tfsappear- 
ance of tha three keepers of Ftannan 
Isle lighthouse In 1900. Phfflp Creasy 
and KaMn Thomas star. 

230 Monty Python's Flying Circus. Vin- 
tage surreal sketches from the 
Python crew, including a rousing 
rendition of the lumberjack song. 

10.00 Grand Prix. Fflghllghta of today's 
race at Monza. 

1040 FBm: The Keep. German sokflers 
set up a HQ In a Romanian fortress 
- unaware of the avB presence hik- 
ing Inside. Horror thrfiter, starring 
Scott Glenn, Ian McKMen and 
Gabriel Byrne (1983). 

12.10 Movtedrome. introduction to 
tortghfa cult fflm. 

12.18 FOm: Mss Me Deadly- Private eye 
Mks Hammer foflowa a trafl of 
extortion to uncover a deadly secret 
Violent crime thriller, starring Ralph 
Meeker (1955). 

2.00 Close. 


LWT 


200 GMTV. &D0 The Dfenoy CUb. 1215 Uhk. 

1230 Sunday Uartara IIjOO Momkig Wontap. 

1200 Stndsy Matters. 1230 pm An ImtaMan to 

n emambar. 1255 London Today, Weather. 

1.00 ITN News; Weather. 

1.10 100 Women. 

100 Fte Rascals and Robbers: The 
Secret Adventures of Tom Sawyer 
end Huck Urn. Mark Twain's 
famous boy a dvantu i as Join a circus 
after fafllng foul at a viHafn. With Pat- 
rick Creadon (TVM 1982). 

340 Cartoon. 

348 Ftirtc U Robin Crusoe USN. A navy 
pfiot parachutes on to a remote 
Pacific island and gets involved in 
the native gfrte’ battle for women's 
rights. Canady adventure, with Dick 
Van Dyke (1968). 

0.00 London Today; Weather. 

040 ITN News; Weather. 

230 Dr Quinn: M atPc k ia Woman. 
Drought htts Colorado Springs at 
Thanksgiving, and the festive spirit 
te threatened even further when 
Jake and Loren steal water from the 
Cheyenne. 

7-30 Heartbeat Nick Investigates skul- 
duggery In the cemetery, than Joins 
Kate to look Into a case of sus- 
pected poisoning. Rural drama, star- 
ring Nick Berry and fflamh Cusack. 

840 You’ve Been Framedl 

200 London’s Bumfaig. The Biue Watch 
firefighters are ctofed to a blase In a 
library basement, and Pearoe unwit- 
tingly finds himself the centre of 
attention at Recall's charity baatv 

10.00 ITN News; Weather. 

1210 London Weather. 

1218 The London Documentary. 

Fly-on-the-waft look at Thurrock 
Police’s efforts to combat crime, toF 
lovring a campaign to put fear Into 
the minds of criminate. 

11.18 TVscey Uftnan Takes on New 
York. 

12.13 Saft Great Britain. 

1246 You’re Bookers 

1.15 Cue the Music. 

2.18 Get Stuffed; IIN News HeadBnea. 

2.20 lAanrtad - MHth ChBdren; fTN News 
HeadBnes. 

240 FBm: A Fire In the Sky. SF thriller, 
starring RJohand Crenna (1978}. 


CHANNEL4 


850 BStz. 7.10 Early Momk«- 248 The Odyssey. 

1215 Saved by the BaL 1045 RMNda. 1145 

UHte House cm tha Prakia. 

1248 Rin: The Magic Sax. Biography of 
British dneme ptoneer WIBam 
Frfese-Greem. played by Robert 
Donat The all-star cast also 
includes Laurence Ofivier and Mich- 
ael Redgrave (1951). 

248 Football ItaBa. James Rfohanfeon 
presents live coverage from Juven- 
tusvBari. 

200 News Summary; Weather. 

205 The S ea s o ns . A n i mation sat to 
Tchaikovsky's music. 

220 Fibre A Guide tor the Married Man. 
Bored husband Walter Matthau 
seeks advice on the finer points of 
adultery. Comedy, with inger Ste- 
vens, Robert Morse and Sue Ann 
Langdon (1967). 

7.00 Equinox. GHmpse Into the world of 
artificial and natural reptacoment 
body parts, looking back at past 
breakthroughs and forward to the 
developments of tomorrow. 

200 21st Century Airport. The 1992 
daisy in construction caused by 
adverse weather conditions Is fol- 
lowed by further problems whan 
architect Renzo Piano's designs are 
altered without his permission. 

200 rant. Edward Scfesorhands. Premi- 
ere. Johnny Depp stars as a 
strange, lonely boy taken In by an 
average American terrdy. Bizarre 
fairytale, also starring Winona Ryder 
(1990). 

1140 Racing from Longc ha mpa. 

Highlights from the Arc De Triomphe 
trials In Paris. 

1140 The Sleep of Reason. Fflm tracing 
the origin and history of myths 
about the and of the world, from 
Bosch and Bruegel's 16th century 
paintings to the science fiction films 
ofthe 1950s. 

1258 Ftkrc No End. Drama about fife in 

Poland under marital law, (blowing a 
recently widowed woman and a 
worker accused of inciting a strike. 
With Grazyna Szapotowska (English 
subtitles} (1984). 

240 Close. 


REGIONS 


ITV RB1IOM AS LONDON B tCm AT TM 
rni i rrsmin man 

1230 Ccuntrywtae. 1255 AnQfta News. 1.10 Ttw 
Feminlna Touch. (1956) 280 Fetter Dowflng tnvos- 
tioatea. 345 Joaaa. (HIM 1888) &S0 HeHoon. 200 
Anflia News on Sunday 1210 AngSa Weather. 
1215 Tracey UBman Takes on Now York. 11.15 
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1230 Gordanara* Dtay. 1255 Banter News. 200 
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News. 1215 Tkaoay UBman Takes on New York. 
11.18 Mooraong. 1145 Prisoner . Cal Block H. 
CEKTTUUL: 

1230 Contnd Newsweek. 1265 Central News 200 
Gantertng Time. 230 Tha Central Match - Urn. 
4£5 HI the Town. 525 Father Dowftng Investf- 
gatea. 210 Central Naws 1210 Local Weather. 
1215 Tracey UBman Takas on Now York. 11.15 
Prisoner. Cal Block K 

QRWHnUUb 

11-00 Sunday Service. HAS Bkon. 1230 Garden- 
era' Diary. 1255 Grampten Hoatflnoa. 200 Scot* 
■pan. 5.15 Pick a Number. 545 Movies, Gomes 
and Vkteoa. 215 Grampian Headlines 1210 
Grampian Weather. 1215 Tracay Ulman Takes an 
New York. 11.15 Prisoner Cell Block H. 

GRANADA: 

1225 Gardeners’ Diary. 1255 Granada Nwra 200 
Hot Wheels. 230 The Towering Memo. (1974) 520 
Or Qulm Mecflefoe Women. 215 Granada Nam 
530 Coronation Street. 1215 Tracoy Ubiwt Takes 
an New York. 11.15 Festival; Comedy. 1L45 Pris- 
oner. CoS Block H. 

HTVJ 

1225 The UtUam Hobo. 1255 HTV Nows. 200 
Umitad Edition. 230 Survival. 200 The West 
Match. 330 Carry On ReganSoaa. (1961) 215 
Country Watch. 545 Up From. 215 HIV News. 
1210 HTV weather. 1215 Tracey UBman Takas on 
New Yo rk. 11.15 Prisoner: Oefl Block H. 

1230 Sew Days. 1255 Meridten News. 200 
Wanted. Dead or ABvo. 230 The Meridtan Match. 
215 633 Squadron. (1964) 455 Highway to 
Heaven. 246 The Vllage. 215 Merkfem Naws. 
1215 Tracey U&nan Takes on New York. 11.16 
Both Skfca of the Fence. 11.45 The Take. (1990) 
SCOTTISH: 

11-00 Sunday Service. 11.45 aeon. 1230 Skooeh. 
1255 Scotland Today. 200 Scobport. 220 Knight 
Rider. 215 Scotland Today 1210 Scottish 
Weather. 1215 Tracay Ulman Taku on Naw York. 
11.15 Secrets. (TVM 1977) 

TYME TEBfc 

1225 Newsweek. 1250 Tyne Tees News. 200 The 
Munstera Today. 230 Tha Tyne Tees Match - Uve. 
5 20 Anfcnel Country. 550 Tyne Tees Weekend. 
1215 Tracey Utenan Takes on New York, 11.15 
The Powers That 8a. 

WESTCOtHfTRY: 

1230 Westcountry Update. 12JS5 West country 
Naws. 200 Special Report. 230 CobUastones, 
Cottages and Caatiaa. 330 Tha Prince of Bel Air. 
fTVM 1966) 4JS0 Cotton on Canvas. 220 Murder, 
She Wrote. 216 Westcountry News 1210 Local 
Weather. 10.15 Tracay Uiman Takes on New York. 
11.15 Prisoner Co* Btocfc H. 

YDRKSWEl 

1225 Nawrang. 1250 Cetendar News. 200 hRgh- 
way to Heaven. 256 The Assasateadon Bvaau. 
(IMS) 230 Animal Country. 250 Ctaendttf New 
and Weather 1215 Tracoy lAman Takes on Now 
York. 11.15 The Powers Thai Be. 


RADIO 

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BBC RADIO 3 

200 S(4a» Barot. 205 Brian 
Matthew. 10.00 Judl Spiers. 
1200 Hayes on Saturday. 1 JO 
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Golden Days of Radio. 300 
Ronnie Hilton. 4-00 George 
Before John and PauL 5.00 
Mck BarredouBh. 200 Jimmy 
Tarbuck Sahtfes the Searcnera. 
700 100 Yearn ot tha Movtaa. 
730 The Musical World of 
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Jacobs. 10.00 The Arts 
Programme. 1205 Ronnie 
HHocv 1J» Ctertae Nova. 4JD0 
Suia»8araL 


BBC RADIOS 

230 Open Unhwdty: Talking 
About the EnSghtenment 
&55 weather. 

730 Saturday Momlno 
Concert. 

200 Record Mease. 

1200 Spirit of the Aga 
TOO Japmasa Reflections. 
1.15 Mndta FmnL 
<00 Russian Plano Music. 
208 Jazz Record Bequests. 
24S Music Matters. New 
eertao. Shostakovich's now 
toflraphy- 

230 Endataon String Quartet 
Britian. Mozart. Brahms. 

7.45 Last NigM of the Proms 
1994. Bach ante Wood, 
Vfaughcn WBtams, Wotton. 
Skndtenooua bro e dcast with 
B8C2 

285 tmervat 


9l20 Proms Part Two. 
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Barite. Moeaemt. Grainger, 
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oraft Bgar. Strmtaaneous 
broadcast with BBC1. 

1028 Joe Pa*» and Marlin 
Taylor. 1230 Ckae. 


BBC RADIO 4 

200 News. 

210 The Farming Week. 

250 Prayer for the Day. 

7j 00 Today. 

200 News. 

BJJ5 Sport on 4. 

230 Breakaway. 

IOjOO Loose Ends. Chat show. 

itOOrefldnofWte 

1130 Rom Our Own 

Correspondent 

1200 Money Box. Personal 

(fra n co . 

1425 The News Quit. 

1.00 New. 

1.10 Any Questions? 

200 Any Answers? 071-680 
4444. 

230 Ptaytwusa: Change. By 
MfceDorel. 

4 jOO The Rapa of Mfttalauopa. 

4J0 Science Now. 

200 Relative Values. 

540 Man of Lattera. WBh pool 
RJS.Thomos. 

200 Naws and Sports. 

225 Struok Off and Die. 

250 Postcard from Gotham. 
7.20 Kute fcte ac np n Feature. 
7^0 Saturday MshMhaefre; 

Whon Wo Am Married. J-B- 


Priesttay. 

220 Music In Mnd. 

230 Ten to Tan. 

1200 New 

1216 Looking Forward to the 
PasL 

1045 As Soon As I Open My 
Mouth. Accents. 

11 JKI R taha td Baker Compares 
Notes. 

1130 MeMng love to Markyn. 
Selection Of erotic poetry. 

1200 News. 

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1243 2W) Aa World Sendee. 
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BBC RADIO 5 LIVE 

206 Dirty Tackta. 

230 The Breakfast R o g n ai ra niL 
9 l 30 WeeHand wHt Kershaw 
and Whittaker. 

1106 Special Assignment 
1136 Crime Desk. 
t2JM Midday Edition 
12.15 Sportscafl. 

1J»* Sport on Fhe. 

200 Sports Report. 

206 Stx-O-Stx. 

7.36 Saturday EdUm. 

936 Aslan Perspective. 

935 Out This Week. 

1206 The Treatment 
1100 Night Extra. 

1206 Alter Hours. 

230 Up A8 MghL 

WORLD SERVKB 

BBC tor Europe oan be 


rwoehed In w e eteiw EUropo 
on medhun wave 648 kHZ 
(463w^ at these times BST: 

200 Morgenmagazln. 230 
Erapa Toitey. 730 News. 7.15 
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830 People and tomes. 930 
News. 939 Words of Faith. 
216 A JoSy Good Shew. 1030 
World News and Business 
Report. 1218 Woridbrtat 1230 
D o v cta pm o K 9*. 1040 Sports. 
1130 Newer Jezz Now and 
Than. 11.15 Letter from 
America ILSO BBC EngBsh. 
1135 Mittaosmsoadn. 1230 
Newsdesk. 1230 Meridian. 
130 News. 1.08 Words of 
Faith. 1-is Muititreek 
Affarnatlva. 1.45 Spots. 230 
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230 Heute AkfaeL 730 Naws 
and features bi Germsn. 830 
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News. 200 Last Night of the 
Proms. 1030 Newhour. iuoo 
N ews. IIjOS words of Fatal. 
11.10 Book Choice. 11.15 Jazz 
for tha Asking. 1135 Sports. 
1230 Newadeek. 12 j 30 Sounds 
of South Africa. 130 News. 
1.16 Good Books. 130 Tha 
John Bum Show. £00 Nam; 
Ploy of the Weak: Dangerous 
Comer. 330 N o wsdasfc. 330 
Liberation Now. 4.00 
H B w ad Mfc . 430 BBC English. 
445 News aid Press Review In 

German, 


BBC RADIO B 

730 Don Maclean. 0.05 
Michael AspeL 1030 Hayes on 
Sunday. 12.00 Desmond 
Carrington. 230 Bersiy Green. 
330 Alan DeL 430 Serenade 
in Brass. 430 Stag Some t hing 
Stropte. 830 Charts Chester. 
7.00 Richard Baker. 830 
Sundey Hstf Hou-. 200 Aten 
Keith. 1030 The Magnificent 
Musk) Man. 1235 Stove 
Madden. 330 Ate Lost*. 


BBC RADIO 3 

230 Open Unfveratty: 

Mana^ng Stands. 

265 weather. 

730 Sacred and Profane. 

&5S Choice 01T1W2 New 
series. Preview of forthcoming 
programmas. 

200 Brian Kay^ Sunday 
Morning. 

12.18 Music Mature. 

130 Beethoven at EdWxegh. 
236 La Bonne Chanson. New 
series. Songs by Fere. 

430 The BBC Orchestras. 

545 Interpretations on Record. 

545 Papal Motets. New series. 
The bptiftuab of the Avignon 
Papacy during the 1400s. 

730 Drama New; SaAtg with 
Homer. Now series. Bernard 
Hops' drama. Leo McKem 
stars. 

206 Andrew BaB. Ne8 Boynton. 
Tbni Tatamiteu, Hanna 
Kuienty. Robert Saxton. 

280 Berceuse and Barcareto. 


Lutiabtas and waterknute 
1050 Choir Wtatks. Beethoven. 
1230 Ctooo. 


BBC RADIO 4 

200 News. 

210 Pnakida. 

230 Morning Has Broken. 

730 News. 

T.10 Sunday Papers. 

7.15 On Your Farm. 

740 Sunday. 

250 The Week's Good Causa. 

830 News. 

210 Sunday Papers. 

215 Lsoar from America. 

9J0 Morning Service. 

1216 The Arahere. Omnibus. 

11.15 Madhaiwram. 

1146 Dank Cooper's 
Necessary Pleasures. 

1213 Danert latend Dtacs. 

130 Tha Wcrid TMs Weekend. 
230 Gardeners' Question Hm®. 
230 Classic Sartet Jana Eyre. 
330 Rck of the Wmk. 

215 The Water^aire. Written 
and par lo rmed by Carey 
Harrison. 

530 Framing the Land. 

530 Poetry Pteasai 
200 SbtOCkidr Nwra. 

215 Feedback. 

830 Chum’s Rado 4; Tho 
Horaa and Hs Boy. By C-3- 
Lewis. 

730 in Business. 

730 fishing tn tha Bher. 

500 (FM) The Rapa of 
MtUteuopa 

830 2W) Open UMvoraity. 


230 (FM) Your Ptaoe or Mine? 
200 (RM) Tha Nahrei Ffistory 
Programme. With KaMn Boot, 
930 (FM) tba Start of 
Something Big. 

1030 News. 

1210 Sunrfvora. 

1245 No Triumph. No Tragedy. 
11.15 Dr 81000/0 Tfcwota. 
Ttauthy West stars. 

1146 Soads of Faith. 

1230 Naws. 

1230 Shipping Forecast. 

1249 (LW) As World Sendee. 
1243 (FM) Close. 


BBC RADIO 8 LIVE 

205 Hot torauks. 

230 The Breakfast Programme. 
830 Afestar Stewart's Sunday. 
12j00 Mklday ErSOoa 
1215 The Big Byta. 

134 Sunday Sport , 

730 Naws Extra 
735 The Add Test. 

SjOO The Ultimate Preview. 
1036 special Asrfpvnant. 
1035 Crime Desk. 

1130 Mght Ektra. 

1235 Mghteo*. 

230 Up Ai Night. 


WORLD SERVICE 

BBC for Europe can bo 
received in w catnro Eranpe 
on aMtiham wave 548 kHZ 
(403 b 4 at than tenaa BST: 
200 News and features In 
German, 290 Composer of tha 
Month. 730 Naws. 7.15 Loner 


from America. 730 Jazz For 
The Aaktng. 830 News. 216 
March of the Woman. 230 
From Or Own Correspondent 
280 Write On. 200 WOrid 
Naws. 200 Words of Faith. 
215 The Greenfield Coiection. 
1030 World News and 
Business Review. 1215 Short 
Story. 1030 Folk Routes. 1045 
Sports. 1130 News: Science In 
Action. 1130 BBC Ertgtish. 
11.45 Naws and Pracs Review 
In German. 1230 Newsdesk. 
1230 Tha John Dunn Show. 
130 News; Play of the Week: 
The Bench. 2.00 Newshour. 
330 Nows; Daughters of 
Abraham. 330 Anything Goes. 
430 Naws. 4.15 BBC Engfah. 
430 News and features in 
German. 530 Nows. 218 BBC 
Engtah. 200 Worid News mid 
Busfaass Ravtow. 215 Heatat 
Matters. 830 News and 
features In German. 200 
Sounds ol South Africa 230 
Europe Today. 830 News. 030 
Words of Fatih. 215 Bki» 
World. 280 Brain of Britain. 
1030 Newshour. 1130 World 
News and Business Ravtow. 
11.15 Short Story. 1130 Latter 
from America 1145 Sparta 
1230 Nowsdwk. 1230 
Daughter’s of Abraham. 130 
News. 1.18 Mind Manas- 130 
In Prates of God 230 Nows; 
Donizetti's Final Mad Scow. 
245 March of the Women. 200 
Newsdesk. 330 Cotqpossr of 
tha Month. 430 Newsdesk. 
430 BBC English. 446 
Fruh mag a zl n. 


CHESS 


Last week's Intel Grand Prix in 
the City of London demon- 
strated impressively how chess 
can be a spectator sport. It was 
very different from the mara- 
thon sessions and longueurs of 
world title matches. One-hour 
knock-out games with 10-min- 
ute tie-breaks, an elite field of 
grandmasters, informative 
commentaries and inventive 
play drew a capacity audience. 

Garry Kasparov's early loss 
to the Pentium computer 
allowed his young rivals to 
fight out the 530,000 first prize. 
In the semi-finals. Vishy 
Anand enticed the Pentium to 
exchange down to king and 
pawns, then exploited the com- 
puter's horizon effect it missed 
the distant implications of a 
losing pawn advance. 

In the final , Anand met Vas- 
sily Ivanchuk. Ahead 2-1, Ivan- 
chuk missed the simplest of 
one-move checkmates which 
the audience were even calling 
out to him. The Ukrainian still 
won the final. (V Ivanchuk, 
White; V Anand, Black; Lon- 
don Intel Grand Prix 1994). 

1 e4 c5 2 NTS Nc6 3 Bb5 g6 4 
Bxcfi dxc6 5 d3 Bg7 6 h3 e5 7 
Be3 b6 8 Nc3 f6 9 Qd2 Be6 10 
0-0-0 Ne7 11 Bh6 00 12 g4 This 
was a tie-break game with five 
minutes cm the clock each for 
all the moves. Opposite side 
castling often heralds an 
assault on both kings. Nc8 13 


Bxg7 Kxg7 14 Nh-1 Nds IS Ng2 
NbS 16 f-1 Nd4 17 Rdfl bS IS 
Kbi Qa5 19 b3 C4 20 RTZ b4 21 
Ne2 c3 22 Nxd4!7 cxd4!? White 
instantly offers and Black 
rejects the queen offer cxd2 23 
Nxe6* and NxJB. 

23 Qcl Qc5 24 f5 Bg8 25 g5 
a5 Black's attack looks 
quicker, but Ivanchuk conjures 
up a decisive break. 26 Rel 
fxgS 27 QxgS KhS 28 Nf41 gxf4 

29 Qh6 Threat Ng6 mate. Bf7 

30 Qr6+ Resigns. If KgS 31 
Rgl+ Bg6 32 RxgSt hxg6 33 
QxgGh Kh8 34 Qh6- Kg8 35 
ElgU Kt7 36 Qe6 mate. 

No 1038 



Tony Miles v Alexander Moroz- 
evic, Lloyds Back 1994. How 
did the tournament winner 
(Black, to move) decide the 
game? 

Solution Page XXH 

Leonard Barden 


BRIDGE 


Today's hand is from 

teams-of-Four 

N 

♦ Q842 

¥ Q7 62 

♦ 86 

A K97 

W £ 

A A K J 9 5 4 10 

V 5 4 10 3 

49432 4 K Q 10 7 5 

4J10 4 4 Q 8 6 3 2 

S 

4 763 

f A K J 9 8 4 

4 A J 

4 A 5 

North dealt and, after two 
passes, South opened with one 
heart. West over-called with 
one spade. North raised to two 
hearts. South’s four hearts 
dosed the auction. 

West led the spade ace and, 
when East dropped the 10, 
played the king, on which East 
discarded the two of dubs. The 
spade knave came next. 
Declarer covered it with the 
queen. East ruffed and 
returned the king of diamonds. 
Declarer had nine tricks on top 


- whore could he find the 10th? 

South saw that only a 

squeeze could produce the 
extra trick. He knew that a 
double squeeze was a cer- 
tainty. The eight of spades was 
a one-card menace against 
West - see why South was so 
careful to cover West's knave? 

- and the diamond knave was 
a menace to East's queen. That 
meant neither defender could 
keep a guard in dubs when the 
declarer ran his hearts. 

Taking East's diamond with 
his ace, declarer drew five 
rounds of trumps and cashed 
the club ace, leaving a 
three-card ending. West held 
S9 and CJ10, dummy S8 and 
Cj£9, East DQ and CQ8 and 
declarer H4, DJ and C5. South 
played his last trump, forcing 
West to throw a dub. So dum- 
my’s spade, no longer needed, 
was discarded and East was 
under pressure. He. too, had to 
throw a dub. South crossed to 
the dub king and the nine was 
his 10th trick. 

E.P.C, Cotter 


CROSSWORD 


. No. 8,555 Set by CINEPHILE 

A prise of a classic Felfkan Souverftn 800 fountain pan, inscribed with the 
winner's name for the first correct solution opened and five runner-up 
prizes of £35 FalDum vouchers. Solutions by Wednesday September 21, 
marked Crossword 8355 on the envelope, to the Financial Times, l South- 
wark Bridge, London SEl 9HL. Solution on Saturday September 24. 



Address. 


ACROSS 

1 Roughly repair a stone (6) 

4 Diner caught crab and sank 
(5.3) 

9 Less than three - about four 
- do well (6) 

10 Roman life, tn rags possibly, 
displays high seriousness (8) 

12 Laird running pub? (8) 

13 Stability at the end of a rope? 

15 & of clothing in the win- 
dow (4) 

16 Time for getting level? CT> 

30 If divided. Fascist output? (7) 

21 Bird call to bird (4) 

25 Highly polished church head- 
quarters? (6) 

26 None left? Content (33) 

28 Little money In trust of late 


2 Noblewoman has singles io 
pubs (8) 

3 Beautiful sort of volley (6) 

5 Standard answer to "What's 
the middle of the alphabet?" 
(4) 

6 Contract of witches with 
insect (8) 

7 Exhibiting malice by confin- 
ing desire (6) 

8 Go and rearrange holiday 


11 


glace (6) 


29 Dressing in pob at base of pil- 19 
larf(fi) 

SO Illegal entry may be ae 
vated by regular 
moves (8) 

31 Groom at pub lost letters to 

the Queen (6) 

DOWN 

1 Sword without string is crys- 
tal (3,5) 

Solution 8,554 


man about this period 
needs self-confidence <71 

M Joint that gets under in capit- 
ulation (7t 

17 I leave Italian city (in part of 
Calabria), which is very 
wrong (8) 

18 One trap in test, old or new? 

One with muscular spasms is 
looking for birds (8) 

22 Scottish and Middle Eastern 
beetle (6) 

23 Tradesman sounds more 
obese (6) 

24 French troubles from over- 
elaboration? (6) 

27 Aspersion indistinctly 
uttered? *4) 

Solution &543 



WINNERS 8£43: EJL Co Id win, Seaford, Sussex; W.J. Balle 


tiley, Snape 

Suffolk; RJV. Custte, Ched worth, Glos: Mrs MA. Harvey, Horsham, 
Sussex: Mrs Valerie High, Braughlng Friars, Herts; C. Kennedy, 
Canterbury, Kent. 




XXIV 


WEEKEND FT 


N early three years 
after being knocked 
out of the political 
ring, veteran pugilist 
Bob Hawke is still 
throwing punches. Australia's four- 
term former prime minister might 
have dropped in the weights since 
the Labor party leadership was 
snatched from him, but he looks 
very fit Tor 64: short, wiry, quick on 
his toes and eager to trade blows. 

He was in London this week to 
promote The Hawke Memoirs, a 
smoothly-written record of his tri- 
umphs which critics have found 
self-serving, even by the standards 
of political autobiography, in partic- 
ular. Hawke's successor. Paul Keat- 
ing - his one-time finance minister 
and friend - gets a pasting. 

In the snakepit of Australian poli- 
tics. attack is the usual form of 
defence. When I suggested that the 
memoirs bad the tone of a man who 
felt grossly under-valued - I did not 
dare use the word “whingeing” - 
Hawke began chastising the Austra- 
lian media for bias. They were the 
reason, he said, why he had 
"inclined to be emphatic". 

Like Margaret Thatcher. Hawke 
lost his premiership in an inner- 
party putsch. Was he still as sore 
about it as she appeared to be? 

“No. I believed the party had the 
right to make a mistake, if 1 can put 
it that way. I did not feel bitterness 
about the party making a decision. I 
did have some bitterness about 
some of the tactics that were 
employed and what, in my judg- 
ment. was some unprincipled, dis- 
honest undermining.” 

What happens to a man used to 
power and attention when it is 
taken away? 

"I can’t say what happens with 
Mrs Thatcher or someone else. But 
with this man - because I've done it 
all my life - when I've finished one 
thing. I get very interested and 
involved in the next stage of my 
career.” 

His plan to re-launch himself as a 
television interviewer of world lead- 
ers fell through. Instead, Hawke has 
set up as a consultant on Asian 
affairs and has a couple of Austra- 
lian university chairs he has yet to 
warm. 

There must be some withdrawal 
symptoms. I said. 

"I don’t know how long I’ve got to 
go on about it. At the time, right at 
the time, there was. But what I'm 
saying is. that's something that's 
finished. I don't want to go into 
what I’ve earned in this period. But 
I’ve earned very welL My time has 
been fully occupied working long 
hours and a whole range of things 
which are tremendously satisfying. 

"You either believe roe or you 
don't. I mean. 1 keep saying I’m not 
one that looks back. I fought to 
keep the position. 1 was hurt right 
then, but then that was it. Done." 
He punched the palm of his hand. 

Do you see in Paul Keating some 
of vour own faults? 

“No. no. Tlial's a nice bit of ama- 
teur psychology. But entirely with- 
out foundation." 

Hawke took the question as a ref- 
erence to his own ousting of Bill 
Hayden mow Australia's Gover- 
nor-General) as Labor leader before 
the election victory of 1983. “The 
evidence showed that 1 was the one 
to set Labor into power, and not 
Bill. Here im 1991). you had a situa- 
tion where the contender said that 
even if he had a less chance of win- 
ning the next election than me. he 
wanted it because it was his turn. 
That sort of ambition was totally 
different." 

I reminded Hawke of some of the 


C hristian Aid says: “It 
seems that God is very 
interested in economics ." 

It may well be that this 
respected British charity is abso- 
lutely right. 

But as the opening argument in 
Christian Aid's indictment of the 
World Bank and IMF, it is some- 
what disconcerting. 

We all know the feeling. The 
doorbell rings, and there stands an 
intense, well-meaning evangelist, 
tract m hand. 

Common courtesy then requires 
that we at least give the visitor a 
hearing, but we are determined we 
will not get drawn in. Otherwise 
before we know it. we are engaged 
in a debate based on a premise 
winch we were too polite to reject, 
but which takes on a Logic of its 
own. 

Thus it is with HTjo Suns the 
World, Christian Aid’s analysis of 
the Bank and the Fund. It contains 
a blast or Old Testament fire and 
brimstone, with a whiff of humbug: 

It begins: it seems fair to assume 
that God may well be "very inter- 
ested in economics". 

Christian Aid. ensconced on mv 
mental doorstep presses on. The 
text starts to take on a conversa- 
tional life of its own. assisted by its 
use of italics and bold type. 

Christian Aid now fixes me with 
the gaze of the proselytiser who has 


FINANCIAL. TIMES WEEKEND SEPTEMBER 1 0/SEPT EM BER 1 1 1994 


Nine months ago 
my sister. Thoma- 
siua. died. She was 
32. My immediate 
emotions were of 
T simple grief, partly 

V at my own loss, 
partly at her much 
greater one. But the 
passage of time has 
brought with It other, more com- 
plex and surprising emotions. 

In particular 1 have begun to feel, 
in some strange way, outnumbered: 
that the balance of Lawsons versus 
the rest of the world has been 
altered to my family’s disadvan- 
tage. 

I felt this most strongly, I am 
ashamed to say. at a gathering 
with my best friend and her four 
brothers. Mach as I lilted them ail, 
I was overcome by envy of their 

superior force. 

It is not as though I am without 


Safety in numbers: the family logic 

Those who want to halt population growth do not understand human nature, says Dominic Lawson 


allies, however. I have two remain- 
ing sisters, and come to that, % far- 
ther two half-siblings. But the feel- 
ing of being outnumbered remains. 

However, being neither an unrea- 
sonable nor a vindictive man, I do 
not propose to demand a coll of my 
friends' families in order to restore 
the local balance of power. I am not 
even tempted to demand reprisals 
among the many more numerous 
families in the great world outside, 
in order to ensure that the Lawsons 
are not defeated In their aspira- 
tions by the madding and ever-com- 
petitive crowd. 

That however, does seem to be 


the motive of those developed 
world delegates in Cairo for this 
week’s United Nation’s Interna- 
tional Conference on Population 
and Development They are deeply 
worried that the earth's environ- 
ment will not be able to support 
the growing industrialisation of the 
developing world's bffltons. 

Or, not to beat around the bosh, 
western delegates are concerned 
that they themselves might be fac- 
ing much stiffer competition for 
the resources which in the past - 
first through colonialism and later 
through superior economic power - 
they have found it so easy to 


acquire. 

Naturally the western delegates 
in teeming Cairo do not quite 
express tilings in this way. They 
prefer to say that it is in the devel- 
oping world’s own best interests to 
limit their populations. 


T his argument persists, 
even though there is no 
proven connection 
between high densities of 
population and poverty - think of 
Singapore and Taiwan versus Mon- 
golia and Chad - and even though 
there is clear evidence of declining 
birth rates in the developing world 


without any intervention from 
western busybodies such as Lady 
Chalker. 

One country in which coercive, 
imposed birth control has been 
tried is the People's Republic of 
China, which aspired to become 
the-not-so-many-people's republic 
of China. The result has been the 
widespread slaughter of female 
infante, and tire creation of a class 
of fat, spoiled only-eons. Mean- 
while, in the province of Canton, 
booming through the recent intro- 
duction of local capitalism, there Is 
an acute labour shortage. 

Here, indeed, lies the solution, if 


one is needed. Capitalism has con- 
sistently showed itself capable of 
rending MaJthns’s ancient predic- 
tion that food production could not 
keep up. w i th population. Indeed, 
the problem has recently proved 
quite the reverse: there has been a 
global overproduction of food, 
creating such economic absurdities 
as the Common Agricultural Pol- 
icy. 

Meanwhile the African starvation 
which we witness so distressingly 
on onr television screen is directly 
tiie result not of unchecked forni- 
cation, as the Conservative MP Sir 
Nicholas Fairbaixn argues, but of 



...7* 


. ..W! 










M^Mhm d 


Private View/Christian Tyler 


Aussie boyo comes out punching 

Bob Hawke still displays the pugilistic streak that carried him to the top in Australian politics 


pejoratives he bad used about Keat- 
ing. He picked up a copy of the 
memoirs and began to read from 
one of many marked pages: “From 
hesitant beginnings, Paul had 
grown in confidence, competence, 
courage, imagination and determi- 
nation..." 

I know political memoirs are an 
exercise in self-justification. I said, 
but, in retrospect, might you have 
left all that stuff about Keating out? 

“Of course 1 wouldn't.’’ He glared 
at me as if I had lost my marbles. 
“Why would you? I mean, has his- 
tory changed? Do the facts change?” 

Maybe it would have been more 
dignifed... 

"What's the question of digni- 
fied?” he spluttered. 

To say less, I mean. 

"Why? Wbat’s the question of dig- 
nity involved in history. That may 
be your perception about one’s 
responsibility writing the facts of 
history, and why and how things 
happened. All 1 can say to you is it’s 
not mine. If the concept underlying 
your question is that dignity is 
more important than the facts... 
that’s a perverse view.” 

It wasn't, quite. But it was a good 
jab. and I stepped back. 

Hawke achieved his aim of mak- 
ing Labor a natural party of govern- 
ment by grabbing the political cen- 


tre. He also embarked on a bonfire 
of protectionist controls. What 
advice had he got for Tony Blair, 
Britain’s new Labour leader? 

“I don’t presume to tell him - I 
would want you to preface with 
that But for what its worth, he 
should adopt policies that are rele- 
vant to the needs and aspirations of 
the country. It’s no good having 
outdated shibboleths. The basic phi- 
losophy is to pursue policies which 
will be electoraily relevant and 
acceptable." 

At the same time, he ad d ed, a 
social democratic government 
should see its role as creating equal- 
ity of opportunity for every citizen. 

Hawke’s mother, ElUe, a strictly 
religious person like her husband. 
Clem, was convinced her boy was 
destined for great things - espe- 
cially after his elder brother. Neil, 
died young of meningitis. I asked 
him if he shared her conviction. 

“I had some sense that, in a 
strange way, my life had been 
developing in a way that was pre- 
paring me for the capacity to move 
through the ranks of the labour 
movement to leadership. It's a very 
lair question, a relevant one.” 

After reading law and economics, 
and with politics at the back of his 
mind, he went as a Rhodes Scholar 
to Oxford University where his 


choice of research topic - Austra- 
lia’s unusual wage-bargaining sys- 
tem - led to a job with, and inexora- 
ble rise to the top ot the Australian 
Council of Trade Unions, the equiv- 
alent of Britain's TUC. 

“The way those things happened, 
it was almost as though... if I'd 
been sitting there, almost being 
able to choreograph the steps in a 
career, you couldn’t have done it 
any more relevantly. That's the 
point rm making. Tm not excluding 
the fact that within me there was a 
well-developed ambition to move 
through and go to the top.” 

If Bob Hawke once was famous 
for his gambling, swearing, drink- 
ing and womanising, he was even 
more famous for bis public confes- 
sions and tears. I asked this former 
yard-of-ale record holder Why did 
you hit the bottle so hard? 

"Oh, I don't know. I tended to do 
everything hard. Remember when I 
had the accident and nearly died?" 
(While at university, he crashed his 
Panther motorcycle and ruptured 
his spleen.) "I just then determined 
to do everything flat out I didn't 
determine to drink flat out - the 
main thing r determined to do flat 
out was in respect of my studies. 
But I was a person that was full of 
energy. I never did things in a half- 
hearted way. In a sense, that 


God the economist 

Michael Holman finds Christian Aid on his doorstep 


made a breakthrough. 

“The main reason for failing to 
worship the true God is our unchal- 
lenged and sinful allegiance to 
other sources of power in our 
world." 

There is no answer to that “Yes. 
well, I see what you mean, even if I 
do not actually believe in God, as 
such . . 

The doorstopper now gets a glint 
in their eyes. The voice shifts from 
italics, which was bad enough - the 
visual equivalent of enunciating 
words slowly and carefully to some- 
one who is either a foreigner, or 
mentally challenged. 

I am now addressed in bold. 

“So if our financial Institutions 
destroy poor people they must be 
judged." 

I am now the quarry caught in 
the headlamps, bemused. 

I search for an escape. Humour 
them, always humour them . . .“Yes, 
you may well have a point." I mum- 
ble. I am about to say: “I think that 
is my ’phone." Too late. 

Christian Aid. foot now firmly in 
the doorway, cunningly changes the 
tone. Calmly, tn a voice patient and 


reasonable, the logic of the premise 
Is pursued: “Behaviour that 
destroys the poor person Is always 
condemned (in the bible)." 

Without warning, another hurst 
of bold: 

“So if we accept powerful finan- 
cial systems without question we 
may fall into sin.” 

One final salvo and Christian Aid. 
armed with the Good Book and the 
testimony of its ideological mission- 
aries in the field, has cleared the 
way for the onslaught on the IMF 
and the Bank- 

“So we are called upon to dream 
about God’s will done on earth." 

I shake myself awake: “Were not 
these countries in a spot of bother 
before the Fund and the Bank had a 
go at them?” 

Christian Aid mates a small con- 
cession. “Even before Structural 
Adjustment Programmes came on 
the scene, third world countries 
were already in great difficulties. In 
some, a few people with influence 
tn government or business had suf- 
ficient power to protect or even 
enrich themselves . . 

I start to splutter. Worse, I find 


myself speaking in italics. "A few?” 
I'm even tempted to use bold, but 
stick to italics. “Even enrich them- 
selves?" 

1 want to add: "Is that all you can 
say about a whole generation of 
kleptocrats?” But Christian Aid is 
in full flight 

“Third world governments had 
borrowed money in the 1970s ... to 
cover the cost of rocketing oil prices 
and to build and improve necessi- 
ties such as roads, schools and fac- 
tories." 

This is too much. “Hang on! What 
about white elephants, French 
chdteaux and Swiss bank 
accounts?" 

But Christian Aid has moved on, 
offering testimony from those Third 
World citizens afflicted by the IMF 
and Bank policies. 

“There is an astonishing level of 
knowledge” about the activities of 
the duo. says Christian Aid. quoting 
the testimony of the “victims”. 

I try to calm down. “Yes. but they 
do not always get the full picture. 
You know, no money for medicine 
but enough to buy those new 
tanks.” 


applied to my socialising.” 

Was if just socialising or were 
you trying to get away from some- 
thing? 

"No. As I said. I shared Chur- 
chill's view that 1 got more out of 
drink than it got out of me. It was a 
very useful and important part of 
developing relationships, cementing 
them. The Australian political 
labour and industrial scene is a 
very gregarious, mateship sort of 
thing. The reason I gave it up was 
there were too many Instances 
where I behaved stupidly. I wasn’t 
proud of some of the things I did.” 
In 1980, with the Labor leadership 
in his sights he turned over a new 
leaf and became teetotal. 

Many writers have described 
Hawke as an exceptionally paradox- 
ical. complicated man. Did he 
agree? 

“Well, I don’t know what 'compli- 
cated' means. I'm not being seman- 
tic about this. Whether I am, in 
fact, more complicated that Joe 
Blow, I don't know. Neither do you. 
I'm not professionally qualified to 
answer the question. I wonder 
whether it only becomes an issue 
because I'm a prominent person. 

“I don’t fully know myself. No 
human being does. But to the 
extent that I do know myself, I ! 
don’t think I am terribly complex. 1 


Again, Christian Aid has a ready 
response on behalf of the “victims 
of the World Bank's failure to lis- 
ten". 

“Some governments too do not 
listen to their people.” 

‘It is more than some, it is most 
governments." I want to add. 

I am now getting even more irri- 
tated. “Will you not at least concede 
that something had to be done?" I 
ask. 

Christian Aid frowns: “Some fail- 
ures have certainly been due to the 
incompetence or corruption of third 
world governments... Change cer- 
tainly had to happen." 

I nod vigorously - hut too soon. 

“We do not absolve governments 
of their responsibilities . . . but 
argue that the World Bank and the 
IMF should take into account what 
governments are actually likely to 
do and what it is politically possible 
for them to achieve." 

I have one last go. “I do not quite 
follow. Could you explain how this 
would apply to Daniel arap Mol, 
widely believed to be putting away 
a bit of the old whathave-you while 
living above the shop?" 

But by now we have lost each 
other. Shared passions, shared con- 
cerns, but divided by our convic- 
tions. Who is right? God knows. 

■ Who Rims the World?, £4.99, 
Christian Aid, PO Box 100. London 
SE1 7RT 


understand what drives me. I 
understand what my passions are. 
But I could be wrong.” 

The boyo image. I said, was 
almost a caricature of an Austra- 
lian: was that really you, or some- 
thing you found politically useful? 

“Oh, come on. Come on, don't be 
silly. You really are an amateur 
psychologist. I am a gregarious 
bloke who loves his sport, is pas- 
sionate about his sport and good at 
it, loves people... in a sense, a 
quintessential Australian since I’ve 


the imposition of feudal or socialist 
economic policies. And, much as 
Lady Cbalker and Sir Nicholas 
might dislike the thought, the 
rational response to a high mortal- 
ity rate Is to produce more chil- 
dren. 

It would be irresponsible for the . 
heads of any family to behave oth- 
erwise, unless it craves extinc- 
tion. 

For this reason, what I would 
most have wanted, in the nine 
months since my sister's death. Is 
to have fathered another child. 
And, in the absence of that, the 
continued rude health of my 20- 
month-old daughter is the greatest 
consolation; that, together with the 
arrival of my first niece, born a 
week after my sister’s death, and 

named Cosima Thomasina. 

■ Dominic Lawson is Editor of The 
Spectator. 


been like that" He held his pahn 
close to the floor. 

“Sport people, lack of pretence. 
Let’s get down to it That’s been me 
all my life. I mean," he miffed, 
“that's bow I’ve related to toe Aus- 
tralian people. To come along now 
with this ‘Have you really adopted 
this persona?’ Come off it mate!" 

People seem to be confused by 
you, I said. That’s why I ask. 

“That's why I'm giving you a 
direct answer. To refute the non- 
sense." 

I nipped across the ring and asked 
why there was no mention of the 
entrepreneurs Kerry Packer or Alan 
Bond in the memoirs, and only one 
of Rupert Murdoch - compared to 
King Midas. Your left-wing critics 
have made a lot of the fact that you 
were big mates with them and say 
you gave thsm the run of the' roost 

“Walt a minute. If I spent my 
tiTTip writing about Inaccuracy and 
misrepresentation. . .1 mean, it was 
a canard from the word Go. 1 knew 
these people. Bond, early in m; 

. prime ministership, wins the Amer- 
ica's Cup. I was photographed with 
him and lauded him for what he 
did, as did the rest of Australia. I 
was never close mates with Bond, or 
with Packer or with Murdoch. They 
had no part in determining the pol- 
icy I ran. 

“I happened to believe that Aus- 
tralia was over-regulated, and that 
it had been buggered by a conserva- 
tive government which was sup- 
posed to be for free enterprise but 
continued to cosset it behind high 
tariff wails. I was for International- 
ising the economy” . . . here he 
banged his fist... “deregulating, 
bringing in foreign banks, floating 
the dollar. Within that context you 
have entrepreneurs who . go like 
that" He shot his arm towards the 
ceiling. “Big surprise!" 

Australia, I said, used to be seen 
as brash, noisy and chippy - a tat 
ashamed of its culture. Bo you 
think it has grown up in some way? 

**I think it has in many ways. yes. 
It is true we have been exporting 
reasonable quality culture for a 
goodly period of time.” He made it 
sound tike wooltops. 

“But you’re right Australia’s got 
more confidence in itself now, 
beyond the traditional areas where 
we were great at tennis and swim- 
ming and so on. 

“Some of the insouciance you talk 
about is still there. I hope for God's 
sake it will remain a part of us. But 
now there’s a quality of real self- 
assurance, as distinct from the 
attractive bravado.” 

I stepped from the ring to leave 
the former title-holder looking as 
fresh as a daisy for the next bout 
Thanks very much, I said, 

“It’s been a pleasure,” he replied. 
“The economics, the politics - and 
the psychology!” 


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