X
Wcekexx
buridB section H
A century of
British sleaze
Barbieihe
. plastic virgin
Peg* XI •
FINANCIAL TIME
'Eurbbe-s ‘Bus?
Clinton reassures Kuwait: US president Bin
Clinton arrived in Saudi Arabia on the final leg of
his Middle East tour, having reassured Kuwait that
Iraq would never again be allowed to threaten its
security. Page 3
Serbs hoM British officers: Four British army
officers have been held for three days by the Bos-
nian Serb Army, the Ministry of Defence said. They
are part of a UK liaison team working with local
co mmuni ties. Bosnia fighting shifts in Moslems’
favour. Page 2
Footsie surges fn late afternoon tra di ng
The FT-SE 100 Share
FT-SE 100 Index
Hocaty movements
3,100 -
Source; Reuter
Index surged ahead yes-
terday in late afternoon
trading, backed up by
gains in British govern-
ment bonds and in stock
index futures, and finally
by a burst of strength in
early deals on Wall
Strek. The Footsie
closed 543 up at 3,083.8,
only a touch off the day’s
high and showing a gain
of around 13 per cent
over the week, almost all
of which came after 3pm
yesterday. Loudon stocks. Page 13; World stocks.
Page 21; Markets, Weekend II
Bonn coalition promises savings: The three
parties in German chancellor Helmut Kohl's new
government emerged from their first session of
talks promising to modernise Germany while keep-
ing tight control of its finances. Page 2
Halifax to re-tost sales staff: Halifax Building
Society, one of the UK's largest personal finance
organisations, is to withdraw its 600-strong finan-
cial services sales force for re-testing, after discover-
ing failures to meet regulators' standards. Page 5
BMW heads for record sales: German
carmaker BMW said turnover was outstripping
record levels reached in 1992. Sales, excluding those
of recently-acquired UK group Rover, rose 83 per
cent to DM233bn <$153bn) at nine months. Page 10
Malaysia expects 83% growth: Malaysian
finance minister Anwar Ibrahim forecast that the
country's economy would grow by 83 per cent this
year, the seventh consecutive year of plus 8 per
cent growth. Page 3
Claims provisions hit Aetna earnings:
Earnings at US insurance group Aetna were hit by
further additions to reserves to meet environmental
claims during the third quarter, contributing to a 25
per cent fall in operating earnings. Page 10
Mixed first half for Japanese industry:
Japan’s heavy industry m a n u f acturers and ship-
builders reported mixed first-half results due to the
yen’s sharp appreciation and a weak domestic econ-
omy. Page 9
Weather hits APnomoto profits: First-half
profits of Ajinomoto, Japan’s leading food manufac-
turing company, were hit by hot summer weather,
the discounting boom and increased competition
from imports. Interim recurring profits fell 13.1 per
cent to Yllbn ($110m). Page 9
Morgan Stanley to advise Rome on State US
investment bank Morgan Stanley won a fiercely
fought contest to advise the Italian government on
the privatisation of Stet, the state controlled tele-
communications holding company. Page 10
Award for FT writer: Financial Times writer
Peter Knight, who contributes regularly to the
Technology Page, received the British Environment
and Media Award in the non-specialist category for
his articles in the FT.
Companies In this issue
ACT
10 JAL
8
4ttwooda
8 Kawasaki Heavy
8
3A>
6, 1 Kidder Peabocfy
10
Bar & WaOace
8 Mitsubishi Heavy
8
Benchmark
S Mitsui
8
fete Resources
8 Moody's Invest
10
Sutters
S Morgan GrenfeH
7, 1
Campari inti
8 Morgan Stanley
10
Hirysalte
8 OMIlntJ
Jomwall Parker
8 PaineWebber
10
*Big & Rosa
8 Ramco Energy
8
teutsctie Bank
24, 7, 1 Rank Organisation
8
urottmel
10 Reuters
NEC
24 8,1 Scottish Hyeta
24
won Hid
8 Stega
0
ewitt
8 Stat
Itachi Zoasn
a VSEL
a i
iustomer service and
■ general enquiries call:
rankfurt
*8) 15685150
Tobacco companies
to be banned from
advertising in China
China plans to ban cigarette advertising in the
media and in public places, threatening moves by
foreign tobacco companies to expand into poten-
tially the world's most lucrative market. The Chi-
nese smoke one-third of the world's cigarettes.
Philip Moms and RJR Nabisco of the US and Roth-
mans International of the UK have established
manufacturing joint ventures in China, and other
companies are exporting. Page 24; BAT'S uphill
task to secure approval. Page 2
San ter dose to Brussels deal: Jacques
San ter, next president of the European Commis-
sion, was Last night close to a deal over the share-
out of new portfolios, the first test of his grip on col-
leagues and clout with member states. Page 24;
Rome names EU commissioners. Page 2
Russian villagers fear health effects of oi
By John Thornhill in Kolva, Komi
Republic, and John Lloyd In Moscow
For Mrs Cheslava Potova, mayor of the
tiny settlement of Kolva on the river of
the sar^p name, the amount of oil that
has seeped into the land around her
village recently has been a difference
only of degree.
“The pollution in the river is such that
there are hardly any fish left - it had
been a staple food here. Now, wben you
catch one, it reeks of ofi," she said.
The oQ spill from a temporary dam,
caused by a ruptured pipe, prompted
international fears this week about an
environmental disaster in the Arctic.
But the reaction by the authorities has
been slow - oil oozed into the river a
month ago and it took three days for
“specialists" to arrive for the clean-up.
“I don't say people were afraid, but
they do think of the future and want to
make sure this does not happen again.
People were very unsettled and upset,"
Mrs Potova said.
"We drink milk from the cows and we
eat food grown in the soil all about us.
We do not know how. much oil it might
Contain. The banks of the river are
already polluted with oil, and people are
worried about their health."
In Usinsk, the nearest large town,
40km from the spill, Mr Yevgeny LeskLn,
director-general of the Komi Arctic Oil
joint venture, revealed why the area's
inhabitants should worry.
"Such accidents are not uncommon in
Russia, though this one was more seri-
ous than most. The accident happened
in mid-August, but the rains broke the
dam only in September. The oil flooded
the marshes. The workers tried to dam
the flow into the Kolva river but we
reckon about 2300 tonnes got into it.”
Mr Leskin, whose company helped\
with the clean-up. said about li.ooo ■
tonnes of oil remain in tbe marshes. He
insisted if would be cleared before the
April thaw, which could spread it again.
The Russian environment ministry
said yesterday that oilers of help from
abroad would not be taken up until the
scale of the accident was fully known.
Accounts of the amount of oil leaked
vary from the official inquiry report of
14 ,i)0(i tonnes to US calculations of
100,000 tonnes. Komi authorities esti-
mate that the clean-up cost at Rbs60bn
(£12m) while western estimates have put
the figure as high as £62m.
The official news agency I tar Tass last
night published a list of fires, oil spills
Vtd pipeline breaks affecting the Komi
Republic's oil complex. It said 8,000
tonnes of oil leaked into the Pechora
River, which Dows into the Barents Sea,
in June 1992 - is months after a fire had
destroyed an oil well in the region.
In March 1BSS, 20,000 tonnes of oil
leaked from a corroded pipe and, in 1966.
a pumping station fire caused damage
worth £120,000. The latest accident
began in August when the pipeline
sprang several leaks.
Rival BAe attacks bid as its shares fall New ‘sleaze’ rOW
Battle for V SEL
intensifies after
GEC offers £532m
By Bernard Gray,
Defence Correspondent
GEC. the UK defence and
electronics company, yesterday
stepped into the bid battle for
nuclear submarine-maker VSEL
with a £I4-a-share cash offer
which values the Barrow-based
company at £532m.
This tops the all-share offer
launched by British Aerospace
for VSEL two weeks ago, which
valued VSEL at exactly £13 a
share on Thursday night
VSEL's board, which had
backed BAe's bid, refused to
endorse either offer until clear-
ance for the bids had been given
by the Office of Fair Trading.
Mr Malcolm Rifklnd, the
defence secretary, said yesterday
that he would not use the govern-
ment’s special national security
powers over VSEL to block either
bid.
VSEL’s shares rose 72p to
£1335, while GEC gained 8p to
278p. British Aerospace's shares
fell 16p to 459p, reducing the
value of its offer to £12.60 per
VSEL share.
GEC said its offer would allow
the two r emaining warship build-
ing yards to be brought together,
pooling their design and engi-
neering slrfiig and that the inte-
gration of the two yards would
allow their long-term future to be
guaranteed.
The company said its market-
ing arm would be able to help
■ VSEL win overseas orders.
GEC also said it did not think
its ownership of the two large
warship yards presented competi-
tion problems. Due to thy^low
level of orders, there would in
practice be little overlap between
the work of Barrow and Yo?r?w.
The ministry of defence, whuft
had previously been indie a: mg
privately that it would op;yj?Q a
GEC takeover of the Rurrsw
yard, refused to comment
At the heart of the battle is the
future of the British defence
industry. As well as competing,
for the £2.5bn order for nudear
submarines due to be placed in
1996, the two companies are try-
ing to strengthen their positions
for tbe final stage of rationalisa-
tion of the defence industry.
At its most extreme, this could
involve the merger of BAe's and
GEC’s defence interests.
BAe strongly attacked the GEC
bid. saying it was "wholfy incon-
sistent with the ministry of
defence's declared policy in rela-
tion to defence procurement".
Mr Dick Evans, BAe^s chief
executive, said: “GEC's hidTaises
profound competition issues and
I would expect it to be blocked."
City observers expect BAe to
raise its offer, but they also think
that GEC’s greater financial
resources would allow it to win a
bidding war. BAe’s defence
would then rest an persuading
tbe government to block GEC's
bid on competition grounds.
GEC is expected to have to give
assurances about the future of
the Yarrow shipyard on the
Clyde if its bid is to be cleared.
However, one City observer said:
“These assurances can be flexi-
ble. Barrow can build small frig-
ates and large warships, but Yar-
row can only build small frigates.
If 1 were at Yarrow, I would be
worried."
GEC dismissed such concerns
and said: “It la our intention to
secure enough work to fill both
yards".
Lex, Page 24
Battle of the giants, Page 6
Stable US inflation figures
lift world financial markets
By George Graham
in Washington
The US economy grew strongly
in the third quarter but inflation
remained under control, giving a
fillip to world financial markets
yesterday.
Gross domestic product
increased at an annualised rate
of 3.4 per cent in the July to
September quarter, according to
advance estimates released by
the Commerce Department’s
bureau of economic analysis.
This was slower than the sec-
ond quarter's 4.1 per cent pace
but much foster than the 23 per
cent to 3 per cent growth antici-
pated by private sector econo-
mists.
Although evidence of a still
buoyant economy might have
been expected to alarm financial
markets, the signs of moderate
inflation helped to lift bond and
share prices.
By 2pm in New York, the US
30-year Treasury bond had risen
US real OOP growth
Annuafeed quarterly % change
by a point, taking the yield back
below the 8 per cent level it
breached on Tuesday to 736 per
cent The Dow Jones Industrial
Average was 51.47 higher at
3,926.62, having triggered the
trading restrictions on the New
York Stock Exchange that auto-
matically follow a 50-point move
in one session.
Wall Street’s strength fed
through to European equity mar-
kets, with the FT-SE 100 Index in
London closing 54.2 higher at
3.0833.
In Paris, the CAC-40 index was
up 23 per cent on the day, while
in Frankfort, the Dax index rose
13 per cent in after-hours trad-
ing. The GDP figures also buoyed
the dollar, which rose 1V4 pfen-
nigs to close In London at
DM13094.
Markets took heart from the
implicit price deflator, which
reflects changes in prices and in
the composition of GDP. This
rose by only L6 per cent, but was
flattered by a sharp increase in
Import prices, which are not
included in the domestic statis-
tics. A more reliable inflationary
indicator, the GDP fixed weight
price index for domestic pur-
chases, showed inflation remain-
ing stable at an annual rate of 32
per cent
Lex, Page 24; Currencies, Page
11; Wall Street,
Page 21 and Weekend II; London
Stocks, Page 13; Bonds, Page 10
STOCK MARKET INDICES
FT-SE 100: 33838 f*6*2)
Yield 4.11
FT-SE Euro track 100.1,32001
(42333)
FT-SE-A Aft- Shore .. 1 ,52082 (4-1 .4W)
Nikkei 18305.18 (4830)
New York: lunchtime
Dow Jones Ind Ave SfiBAJO (440.12)
S4P Composite — 472as t*6J>4}
■ LONDON HONEY
3-mo Interbank 6% (same)
Liffe lone gft fue._ Dec iflOji (DeciOOh)
Letters.
■ US LUNCHTIME RATES
■ STERLWa
Federal Funds
New York lunchtime:
3-m Trees BUk Yld.. B.134%
$
1JB206
Long Bond 94ft
London:
Yield 7360%
S
1*235 (1.6317)
■ NORTH SEA OIL (A rgua)
DM
2.4506 (2.4518)
FFr
&388 (83917)
SFr
SUMS (2.0487)
■ Gold
Y
158323 (150.68)
New York Comox(Dec) -.3388.7
(390-2)
£ Index 80.7 (80.8)
London S3S&9
(388J)
■ DOLLAR
New York lunchtime:
DM 1J514
FFr 5.1715
SFr 1.2846
Y 87.45
London:
DM 1.5094 (1,4072)
FFr 5.1668 (5. 1242)
SFr 1.2602 (1361)
Y 07.335 (9&8S5)
S Index 61.1 (60.7)
Tokyo dO»Y 07.13
CONTENTS
tw a naflond Newa —
UK News
WMher 24
L*x 24
Man xi me New -
UK.
.as
Leader POflp.
hit. Companies .10
Hastate
FT-SE Actuaries — 13
FT Wold Actuates 21
Fcrapi Exchanges n
Gold Markets 14
EqwQpAni 21
London SE IS
LSEDednp 12
Managed Funds 15-19
Money Mateo .
Recent taww „
_11
-21
Sure Wormaoon
WbridCarnnodtes 14
WHSteet Sfi21
.2821
_ „ rrn- r— -rt- cfi tbj CBk» FMtB&Sfe Cypnd CCl.lft Cz»tfi Ftop CZMtt Dams* 0016.00; Egypt EKOfc Estonia EKi SflJJO; FMsnd FtT*14, Fiance FfiMO; Qomony DM660; Onaoa
s», ttjnatoiqHKSifc feM* oS Mton temmaphes Pso stt Fete* a 3600ft Pwtvgtf »"*wi) focza* Ctatar QR130 K S mu RfciiXft Ssigaoew SSMft Stow* Rep kStSft Scan
i THF-‘ FINANCIAL TIMES UMrTED 1994 No 32,510 Week No 43 LONPOM ■ PARIS - FRANKFURT - MEW YORK ■ TOKYO
Dame Angela Rumbold, a deputy chairman of the Conservative party,
takes in milk bottles from outside her Surbiton home yesterday
morning In the wake of her resignation from a lobbying firm, which
was seized on by opposition politicians as being tbe latest episode in
the Westminster ‘sleaze’ row. Report, Page 2 4 pemm ra
Deutsche
Bank puts
its money
on London
supremacy
By Andrew Fisher in Frankfurt
and Norma Cohen in London
Deutsche Bank, Germany's larg-
est commercial bank, yesterday
emphasised London’s pre-emi-
nence over Frankfurt as an inter-
national financial centre by
deciding to put all its interna-
tional investment banking activ-
ities in the UK capital.
It is combining its activities
with those of Morgan Grenfell,
the UK merchant hank which it
bought in 1989 for £95 Om a few
days before Mr Alfred Herrhau-
sen, Deutsche Bank's former
chairman, was murdered by ter-
rorists.
Mr Hilmar Kopper, who suc-
ceeded Mr Herrhausen and
worked with him on the Morgan
Grenfell acquisition, said the
bank would continue to support
Frankfurt and expand its activi-
ties there. Its Frankfort invest-
ment banking operations, serv-
ing German corporate,
institutional and other custom-
ers, will stay in the German city.
Tbe move, however, marks a
change of strategy for Deutsche,
which had previously been keen
to maintain Morgan Grenfell as
a separate subsidiary.
Deutsche said yesterday that
the integration of its and Mor-
gan Grenfell’s investment bank-
ing operations would happen
“over time", and changes to its
organisational structure would
be "evolutionary’’. It said a new
Continued on Page 24
Lex, Page 24
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FINANCIAL TIMES WEEKENOOCTOIltR M/OCTOBER M> W
NEWS: INTERNATIONAL
Kohl’s talks
centre on
spending cuts
By Michael Lindemann In Bonn
The three parties in Chancellor
Helmut Kohl's new govern-
ment emerged from their first
session of talks yesterday, vow-
ing to modernise Germany but
promising to keep a very
tight hold on its purse
strings.
"Savings, savings, savings -
tint really is the most impor-
tant element of these talks.”
said Mr Werner Hover, the gen-
eral secretary of the Free Dem-
ocratic Party (FDP). the small
liberal party which shores up
the coalition between Mr
Kohl's Christian Democratic
union (COCTt and the Christian
Social Union <CSU1. the CDlTs
more conservative Bavarian
sister party.
The new government will
reduce the federal civil service
by 1 per cent - or 12.000 jobs -
a year, make legislation sim-
pler. introduce new laws to
shorten notoriously compli-
cated planning procedures and
speed up court cases.
“Our country' is in danger of
becoming paralysed." said Mr
Peter Hintze, general secretary
of the CDU. “We have to work
out why it is that we have the
greatest number of judges per
head of population in Europe
but court cases still take lon-
ger than anywhere else."
Another priority, following
the first round of talks which
focussed on tax and economic
policies, will be to cut back the
Staotscuote - the proportion of
gross national pnaduct which
is consumed by government
spending - by 5 per cent to 46
per cent, where it was before
German reunification.
However, the parties would
not say how much money
would be saved by making cuts
in social security spending, a
thorny issue which has been
thrust back on the agenda by-
company bosses who fear the
new government will not do
enough t» out Germany’s high
non- la bo* costs.
The Wee parties will con-
tinue fciks until midday today
and b*nn again on Wednes-_
day.
Ea.-h oi them has sent five
people to the talks which are
beng chaired by Chancellor
Kohl in the Bundeskanzleramt.
Ms squat office complex. But
for the occasional break, the
negotiators are expected to
remain huddled in there until
mid-November.
The Bundestag, or lower
chamber of parliament, will
hold its opening session in Ber-
lin on November 10 but all
eyes are focussed on Mr Kohl’s
re-election as chancellor, a
vote which is expected to take
place in the week beginning
November 14.
However, the FDP has indi-
cated it wants the coalition
talks wrapped up and future
mini sters nam ed before a vote
is called. Following its dismal
election result, the second
worst since 1949. the party is
under pressure to secure as
many concessions as it can
from the talks before guaran-
teeing its support for Mr Kohl
whose new coalition has only a
10-seat majority in the Bundes-
tag.
Mr Klaus Kiukel, the FDP
leader, yesterday once again
sought to stamp his leadership
on the party which had to live
through a bitter and very pub-
lic bout of infighting after the
election on October 16.
“The will to end the crisis In
the FDP is there." Mr Kinkel
said. “It is high time (to do sol
unless we want forever to
remain the party which is
talked about more because of
its squabbles than its
policies.”
Solzhenitsyn: accused Russia's leaders of indifference to suffering, incompetence, and corruption -
POLITE APPLAUSE IN DUMA GREETS
SOLZHENITSYN’S MORAL OUTRAGE
By John Lloyd in Moscow
Alexander Solzhenitsyn.
Russia's most famous living
writer and symbol of resis-
tance to communism, yester-
day hurled a bolt of moral out-
rage at Russia's political
leadership - accusing it of
indifference to suffering,
incompetence, betrayal of the
state and gross corruption.
The 50-minute address to the
State Duma (Lower House)
contained all the themes the
writer wove together in 20
years of exile, sharpened by his
exposure to the Russian people
through “hundreds of meetings
and thousands of letters".
The people, he said, “have
lost heart...they do not believe
the reforms undertaken by this
government are
in their interests".
Yet his moving articulation
of the plight of his fellow
countrymen was rewarded
with perfunctory applause by
deputies.
"Russia." he said, "is not a
democracy but an oligarchy -
power of a very limited num-
ber of people. People who knew
I was to talk here s3id to me:
"Tell the duma. tell the presi-
dent. about what simple people
have in their hearts".
The authorities, he said, had
few links with the “sickness of
the country". People at the
grass roots had practically
been excluded from public life.
“Everything goes on to one
side of them. They have only-
one miserable choice - to drag
out a lowly and humble exis-
tence. or to cheat on the
state and each other."
In a direct attack on Presi-
dent Boris Yeltsin and the
reformers ir. government, he
said the sale of land was tanta-
mount to “selling Russia". On
privatisation he said the pro-
cess “had taught Tflm people a
very hard lesson - never
believe the state and never
work honestly."
Ke restated two major
themes of his political writing.
The first of these was the
demand to end the •‘lifeless"
Commonwealth of Independent
States in favour of a new fed-
eral state composed of the Slav
countries - Russia. Ukraine
and Belarus, with Kazakhstan.
The second was to recreate,
the network of zemstvos, rural
councils of the kind operating
at the turn of the century.
US taking tougher antitrust stance
George Graham on the trend to more active intervention in competition questions
T he US Federal Trade
Commission’s decision
to challenge BAT Indus-
tries' Slbn bid to take over
American Tobacco has raised
questions about whether the
US government is taking a
more aggressive approach to
competition questions under
the Clinton administration.
Washington antitrust law-
yers say that the evidence of a
tougher approach is clear at
the Justice Department, which
shares jurisdiction over anti-
trust questions with the FTC.
but note that all three FTC
commissioners who took part
In the BAT decision were
appointed by President Ronald
Reagan or President George
Bush.
One commissioner. Ms Chris-
tine Varney, has been
appointed by President Bill
Clinton, but she has only just
started work at the commis-
sion and did not vote on BAT.
Mr Clinton’s nominee for the
chairmanship. Mr Robert Pitof-
sky. has not yet been con-
firmed by the Senate.
In addition, almost all the
senior staff at the commission
have been in place for several
years. Some FTC lawyers also
argue that the kinds of merger
they are being asked to exam-
ine are different from the typi-
cal merger of the l9S0s. which
often involved companies in
different sectors with few over-
lapping markets.
Yet competition lawyers say
the change in approach is pal-
pable not just at the Justice
Department, where assistant
attorney general Anne Binga-
man has taken on issues that
have not been touched in
recent years, but also at the
FTC.
“Both agencies have become
much more aggressive both on
matters of substance and on
procedural matters.” says one
former government antitrust
lawyer.
Other legal experts say that
although Commissioner Roscoe
Starek is noticeably conserva-
tive in his approach to anti-
trust questions. Commissioner
Janet Steiger, the acting chair,
and Commissioner Mary
Azeuenaga are more accurately
labelled independents. Both
are thought to be interested in
winning reappointment from
the Clinton administration.
On the matter of substance,
the Justice Department has
filed the first cases for a
decade Involving US claims of
jurisdiction over anti-competi-
tive action overseas affecting
US exporters, rather than US
consumers.
T he FTC. meanwhile, is
believed by Washington
lawyers to be looking at
bringing some cases involving
vertical competition questions,
where the relationship may be
between supplier and cus-
tomer. rather than the horizon-
tal relationship between two
competitors that is involved in
the BAT case.
Some FTC staff lawyers are
also looking for a case that
would challenge earlier doc-
trine on the existence of poten-
tial competition.
The government can over-
look the fact that a merger
between two competitors
would substantially increase
concentration in a particular
market if it believes the mar-
ket to be open to potential new
competitors. But current doc-
trine requires good evidence
that someone actually intends
to enter the market, rather
than just theoretical evidence
that someone could easily do
so.
In procedural matters, anti-
trust lawyers say the two agen-
cies have been competing
aggressively for cases, and the
decision on which one should
look at a particular merger is
being taken later and later in
the process.
Though mergers in some sec-
BAT uphill task to secure deal
By Roderick Oram,
Consumer Industries Editor
BAT Industries can make a good case that its
takeover of American Tobacco will increase
competition in the US cigarette market bat it
faces an uphill battle to win court approval for
the deal, analysts said yesterday. The Federal
Trade Commission is trying to halt the acquisi-
tion because It believes a reduction in the num-
ber of manufacturers will make it easier for
those remaining to set prices to their advan-
tage. “I find BAT to be very price competitive.”
said Ms Diana Temple of Salomon Brothers in
New York, “bat it will be hard for BAT to get
the FTC's opposition overturned in court.’' “If
is genuinely a bizarre ruling by the FTC
because the cigarette market would never
accept price rises.” said a leading London ana-
lyst But with the court outcome unpredictable
because of political overtones, “BAT has an
even chance, perhaps no better, or winning."
The FTC goes to court in New York City on
Monday to seek a temporary injunction to
block BAT’s Slbn purchase of American
Tobacco from American Brands. A full trial
will begin in the first week of December.
If BAT loses it could appeal to the federal
second circuit appeals court There would be
insufficient time to take the case to the
Supreme Court because BAT'S option on Ameri-
can Tobacco expires next April.
tors such ss airlines are allo-
cated by law to Justice, the
decision is mostly taken at the
staff level on the basis of
which agency has most exper-
tise in the sector. The FTC gen-
erally investigates soft drinks,
for example, while Justice
takes beer, and the FTC has in
the past generally taken
tobacco industry mergers.
The two fought long and
hard for jurisdiction over the
big merger between Martin
Marietta and Lockheed, with
the FTC eventually winning
possession.
This means that when the
case is eventually allotted to
the FTC or Justice, the govern-
ment's lawyers are running
out of time to investigate the
case In the Initial period
allowed by the law. They are
thus filing more and more
“second requests” for informa-
tion. which extends the dead-
line for a decision but also
requires companies to produce
much more documentation at
great expense.
When Mr Pitofsky eventually
takes office, few doubt that he
will cany on the trend to more
active intervention in competi-
tion questions. In an influen-
tial article on antitrust pub-
lished in a policy compendium
presented to Mr Clinton by the
Citizens Transition Project just
after his election in 1992. Mr
Pitofsky argued for an immedi-
ate revival of enforcement “to
undo the damage of a decade of
trivialising and blaming anti-
trust".
Balance in
Bosnia shifts
Moslems’ way
By Bruce Clark
Bosnian Moslem forces were
yesterday consolidating their
grip on SO square miles of terri-
tory in the far north of the
republic, seized in a lightning
offensive over the past three
days.
Their Bosnian Serb euemies
- isolated from their protectors
in Belgrade and facing a grow-
ing shortage of fuel - were
caught unawares by the
onslaught and abandoned
armour and equipment as they
fled, according to the UN*.
In other potentially ominous
developments for the Bosnian
Serbs, government forces
mounted an assault near the
stronghold of Kupres. west of
Sarajevo, and the UN and Nato
3greed on new procedures for
air strikes.
General Dragomir Milosevic,
a Bosnian Serb commander,
pledged to retaliate by shelling
“selected targets" in Sarajevo.
This amounted to a threat to
restart the brutal bombard-
ment of the Bosnian capital
which ended in February.
In a clear reference to air
strikes, the UN commander
General Sir Michael Rose
responded by saving: “If they
shell Sarajevo.they know what
they can expect."
The Moslem successes reflect
a gradual shift in the balance
of military power inside Bos-
nia. thanks to clandestine sup-
plies of light arms and the
“over-stretched” condition of
the Bosnian-Serb army as it
struggles to hold on to 70 per
cent of the republic's territory.
The flare-up in Bosnian
fighting coincides with a
breakthrough in international
efforts to achieve a broad -rec-
onciliation between Serbs and
Croats.
Lord Owen and Mr Thorvald
Stoltenberg. the mediators on
former Yugoslavia, announced
that Zagreb and Belgrade
would start regular consulta-
tions at foreign minister level
on normalising their relations.
Serbia’s President Slobodan
Milosevic has been told by
western countries and Russia
that he should recognize Croa-
tia as a precondition for fur-
ther easing of UN sanctions
against his country.
On the lace of things, both
the Bosnian fighting and the
peace moves in Croatia are
part of a single process: the
decision by Mr Milosevic to
seek international favour and
sever or at least loosen ties
with his former proteges in
both neighbouring republics.
Under one scenario, a Bel-
grade-Zagreb reconciliation
would deepen the Bosnian
Serbs’ isolation and make them
more willing to sue for peace
on terms acceptable to the
world.
A strategic deal between Mr
Milosevic and the Croatian
government could also neutral-
ize the influence of the stri-
dently nationalist politicians
who now control tho Serb-occu-
pied areas of Croatia.
As things now stand, those
politicians are good friends of
Mr Radovan KamiUie. the Bos-
nian Serb leader and cluuuplon
of Serb nationalism in Us most
diehard form.
Few observers see any pros-
pect of the Bosnian partition
pJandevjseri by four western
nations and Russia being
accepted in itscurrent form,
and there is scant possibility of
the plan's sponsors changing
it.
But as French officials have
pointed out several times, that
does not stop the warring par-
ties agreeing among them-
selves to alter the plan - if and
when they all feel that military'
options have been exhausted.
However the latest develop-
ments could have other, much
less happy consequences.
One possibility is that a
reversal of the Bosnian Serbs'
fortunes will put President Mil-
osevic, and conceivably his
friends in Moscow, under
unbearable pressure to come to
the rescue of Mr Karadzic.
Another danger - mentioned
recently by General Bertrand
de La pres le. UN commander in
ex-Yugoslavia - is that Moslem
military successes will put
strain on the delicate relations
between Moslems and Croats.
“If the Moslems have too
strong an army, that could
frightenthe Bosnian Croats and
render fragile the Croat-Mos-
lem federation.” the French
general recently told the
French newspaper Le Monde.
A third possibility is that
even if the Bosnian Serbs even-
tually seek peace on humiliat-
ing terms, there will then be
little appetite for compromise
among the Moslems' battle-
hardened commanders.
Rome names EU
commissioners
By Robert Graham in Rome
The partners in Italy’s right
wing coalition yesterday
patched up a compromise deal
and named their new Euro-
pean Union commissioners.
Prime Minister Silvio Berlus-
coni yesterday named Mr
Mario Monti, a respected econ-
omist, and Ms Emma Bonino a
Radical Party politician, to fill
Italy’s two posts.
The last-minute appointments,
a day before new commission
president Jacques Santer is
due to meet his team and
assign portfolios, ended weeks
of political arm-wrestling in
Berlusconi’s coalition over
whom to send to Brussels.
The compromise followed
two months of indecision. In
September broad agreement
had been reached on Mr Monti,
who is head of Milan's Bocconi
University, for one of the eco-
nomic portfolios.
The coalition partners
decided that with one '‘techni-
cian", the other had to be a
politician of some weight
The populist Northeru
League argued that one of
their members be the commis-
sioner as the coalition group
with the largest number of dep-
uties. Mr Umberto Bossi, the
League leader, proposed Mr
Francesco Speroni, Minister of
Institutional Reform, as their
candidate.
Mr Berlusconl’s.own party
Forza Italia, and their main
allies the Neo-Fascist MSI
National Alliance, were against
giving the league this prize
when Mr Umberto Bossi, had
consistently done his best to
embarass the government As
an alternative. Mr Giorgio
Napolitano. the former speaker
of the Chamber of Deputies
and a veteran of the commu-
nist party and its successor the
Party of The Democratic Left
(PDS), was also suggested.
However. Ms Emma Bonino,
who has extensive experience
of the European Parliament,
was chosen as a compromise
by Mr Berlusconi.
Asterix birthday celebrations hit by real-life tussle
Andrew Jack looks at the infighting in the French companies behind the successful sword-wielding cartoon character
w* Aawi nef**o*einm-L.'aou
A sterix might do well to con-
sider changing his name as
he turns thirty-five years old
today. Megafrancx would suit the
mustachioed, sword-wielding midget
well. The once-rebellious cartoon
book character has found himself sit-
ting on a goldmine in his native
kingdom of Gaul.
Celebrations are well in hand for
the anniversary of the first edition
on 29 October 1959 of Pilote. the
French children's magazine in which
the village of invincible Gauls resist-
ing their Roman oppressors First
appeared, words penned by Albert
Goscinny and drawings by Rene
Uderzo.
“I’m very happy." says Mr Uderzo,
reflecting on his feelings yesterday.
He is also rather surprised, and
quite unable to explain the idea’s
sustained popularity. “I didn't expect
success like this over such a long
time at alL It's a mystery."
But not all those involved in creat-
ing the Asterix phenomenon will be
raising their goblets around the
feasting table as they do at the end
of each of the books. In real life,
unbeknown to millions of fans, a
battle is taking place just as vicious
as any of the fictional plots.
There is no disputing the success
of the Asterix bandwagonix. More
than 250m copies of the 29 albums
have been sold around the world.
Editions Albert Rene, which now
publishes the books, reported turn-
over of FFr!5m (£5.4nu last year,
while Dargard. the original pub-
lisher, still generates almost as
much again.
There have been six animated
Asterix films, with the latest used as
the centrepiece for a marketing cam-
paign across Europe by McDonalds.
Another is in train, and there are
discussions about one starring real
actors Including Gerard Depardieu
as Obelix (who polls show to be even
more popular than Asterix).
There is even an Asterix theme
park on the outskirts of Paris, which
has just broken into profits after five
years and attracted 1.5m visitors this
year. One survey showed that more
than half of the French population
could spontaneously name Asterix -
higher than for either Mickey Mouse
or Tinrin.
Some argue that the success of the
books has been to create a series of
characters who are uniquely and
defiantly French, with stories which
work on many different levels with
clever wordplays to appeal to adults
as well as children.
Yet Asterix also appeals in other
countries. While more than 94m
albums have sold in France, another
82m have been bought by Germans,
followed by the British at 19m. Aste-
rix has been printed in 57 languages
and dialects, including Latin. The
latest interest has come from Slo-
venia and Croatian companies. “We
work with humourists more than
translators when publishing the
books in other languages.” says Mr
Claude de Saint Vincent, c hairman
of Dargaud.
He is equally mystified by the
obviously contagious effect of the
■‘magic potion" handed out by the
village sorcerer Panoramix. “If I
knew the secret. I would do another
one,” he says. “But it came at a time
before TV, videos, computers and
video games. There were not so
many distractions for readers."
But some of the Asterix magic has
now worn off. Mr de Saint Vincent
believes the market is now mature,
boosted occasionally with the publi-
cation of new albums - and perhaps
greater penetration in the UK. His
company will receive none of the
profits from the most recent five
books - nor will it from any pub-
lished in the future.
The reason is a bitter dispute
which developed between Dargaud.
which owned Pilote. and Goscinny
and Uderzo. It culminated in a Pari-
sian courtroom, with Uderzo trying
to win all the rights to the back
titles. He lost on appeal this sum-
mer, but retains ownership of the
Asterix character and freedom to
keep profits from new productions.
He has not spoken to Dargaud since.
which has had its offers of help in
the birthday celebrations ignored.
Goscinny, the author, died in 1977
but Uderzo decided to carry on
alone, producing both words and
drawings. Some readers feel however
- though few would dare to say so in
public - that the quality of the Aste-
rix books has declined with the end
of the old partnership.
Uderzo. aged 67. says he lias no
plans to stop.
But his struggles are not confined
to the drawing board. In 1979 Uderzo
managed to break away from Dnr-
gaud to found his own company.
Editions Albert Rene. He gave Gos-
■rinny’s widow 20 per cent of the
shares, keeping the rest for himself.
She has now also died, and her
26-year old daughter Anne has
started legal action against Uderzo,
claiming that her family did not
receive a fair share of support or
profits. “I am very happy about the
success of the character - in the way
it was created with my father." she
says.
Getting
dirty in
Delaware
j By Jurek Martin In Wilmington
*•> /
.-V:
■ m
US MIO-TERM
ELECTIONS
Nov 0 >nb*r S
different,
few states where a Republican
incumbent. Senator Bill Roth,
is in measurable danger. His
defeat could mean the Demo-
crats keep control of the Sen-
ate. His Democratic opponent.
Charlie Oberly. is running a
campaign lifted from the
Republican anti-incumbent
handbook. Perhaps most
shocking of all for n state
where moderation is rated a
virtue, Delaware is witnessing
a duty race.
Senator Roth, now 73. has
been a fixture in Washington
for 28 years the List 2-1 in the
Senate. This fits the Delaware
tradition. No incumbent has
been voted out of office m the
last decade and Joseph Bnicn.
the state’s Democratic senator,
was elected in 1972
Dour and toupecd. Mr Roth
has compiled a solid record fur
liis state and sometimes on
national issues without ever
being rated n political heavy-
weight. The Kemp-Koth tax cut
proposals of the Into 1970s were
a precursor of Reagan adminis-
tration policies, while his advo-
cacy of personal pen non plans,
known in the US as indepen-
dent retirement accounts, lias
been second to none.
Mr Oberly. 47 and a three-
tune state attorney general, is
taking aim at this longevity,
calculating that national dis-
content with the political
establishment in the capital
applies to Republicans as much
as it does tu Democrats.
He has sought to make Mr
Roth's age an issue, with one
commercial showing his oppo-
nent trudging along the cam-
paign trail in slow motion. He
has also recalled that cvirly in
life career Mr Roth proposed a
constitutional amendment ban-
ning senators from seeking re-
election after their 70th birth-
day tthe senator put this down
to "the folly of my youth".)
The Roth counter is that the
state needs a person of his
seniority. lDth in the Senate, to
keep "the big spenders" of
Washington in check. One of
his advertisements says he
would never consider ending
the tax deduction on mortage
interest payments - not that
Mr Oberly appears to have said
it should be removed.
Tins may seem pallid stuff
by the debased standards of
the campaign in neighbouring
Virginia, but this week Dela-
ware has become much
rougher. Mr Roth has charged
that, as attorney general, Mr
Oberly refused to recommend a
sentence of life without parole
for a murderer. Mr Oberly said
that that incident, in 1990, was
the result of a mix-up in legal
papers presented to him and
was remedied within 15 days.
His campaign immediately por-
trayed the Roth accusation as
an attempt to replay the “Wil-
lie Horton" card - referring to
the 19SS presidential election
commercial that sought to por-
tray Mr Michael Dukakis as
soft on crime.
This descent to the relative
political gutter seems to dis-
turb the state, according to
Allan Loudell. programme
director of VYTLM. the excellent
local radio news station. There
is division, however, as to who
started it.
Polling data only comes from
the tw'o campaigns. The sena-
tor's polls still have him ahead
by more than ten points, much
less in the summer, while Mr
Oberly's put his deficit in sin-
gle digits and declining.
THE FINANCIAL TIMES
PuMi-hod h> The Financial Time*
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Fmjinul Tunes Limited. Number OiW
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Tlie »7t«mpiiny i» mc*<rporjieJ under the
Ijus of England and Males. Chaimi.ni'
D.CM Bell
FRANCE ruhliMiine Director H
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C inlet ill Telephone 11)1 ■ 4?».-WOI.
F.K <n|f Punter. Ji..V Now
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RmiKji\ Cedc\ l Editor. Riehai J Lam-
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DENMARK financial Time* iSeandin-
anal Lid. ViinincUhaftcJ
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first state tu
ratify tlie L’S
constitution
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headlines,
unless they asv
made by a Du
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or family. Rm.
politically, this
year is rather
11 is one of the vm*
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994
★
3
NEWS: INTERNATIONAL
INTERNATIONAL NEWS DIGEST
New trademark
treaty agreed
A new international treaty to simplify protection of
trademarks was signed in Geneva yesterday after five years of
negotiation involving nearly 100 countries. The Trademark
Law Treaty, negotiated under the auspices of the World Intel-
lectual Property Organisation (Wipo), will matw it mwsipr for
comp an i es to register trademarks, including service Tn«rW in
their home countries and Internationally. It will c ome into
force three months after a rmwirrmyt of five countries have
formally ratified it
Some 300,000 registered trademarks used are
lodged with Wipo, but the total registered worldwide with
national trademark authorities Is put at 7m. The new treaty
lays down c omm on procedures for national trademark regis-
tration, cuts down on red tope, harmonises th** duration of
initial and renewal registration to t<m years and gives service
marks the same legal status as trademarks.
Among 35 states which signed the treaty yesterday were the
US, Russia, China, six European Union members including
Britain, several east European nations and a number of devel-
oping countries. Frances Williams, Geneva
Kenya shilling falls sharply
Kenyan shilling
Aeainst the $ (Ks per S)
SO -
70'
1884
Source: Datasuswn
The Kenyan ghiTHng plunged
against the dollar yesterday
by more than 20 per cent in
panic selling caused by the
liberalisation of the oil indus-
try, Several banks, including
Barclays, Standard Chartered
and Citibank, (tooted the shit
ling at an average of 43.83
against the dollar, down from
35.48 on Thursday. The liber-
alisation from midnight on
Thursday and expectations of
it on Wednesday created an
instant demand for dollars as
oil companies moved to build
up their oil stocks. “The rush
by some oil companies and
manufacturers...to finance
stocks for the next three months or so has resulted in an
excessive demand for dollars, causing the exchange rate to
depreciate." said Mr Micah Cheserem, central Hank governor.
He said the panic buying of dollars was unjustified as his bank
held hard currency reserves in «««« of 3800m, “sufficient to
meet the country's import requirements for the next six
months”. Reuter, Nairobi
Seoul cabinet survives censure
The South Korean cabinet yesterday survived a no-confidence
motion in parliament that had been tabled by the opposition
to protest at the government’s alleged mismanagement in
connection with the collapse of a Seoul bridgB last week. The
accident, which killed 32 peeple. Is blamed on poor mainte-
nance of the 15-year-old bridge. The parliament supported
Prime Minister liee Yung-dug by a vote of 174 to 116. The
result had been expected since the ruling Democratic Liberal
party controls 177 seats In the 299-member National Assembly.
John Burton, Seoul
Macedonia poll boycott urged
Macedonia's nationalist opposition parties have called for a
boycott of tomorrow's second round of parliamentary elec-
tions. accusing the government of electoral fraud tn the first-
round vote two weeks ago. Both the hardline Internal Macedo-
nian Revolutionary Movement (VMRO), which lost support in
the first round, and the newly founded Democratic Party are
pressing for new elections. International monitors have said
fraud was not widespread, but the official electoral commis-
sion admitted that 10 per emit of Macedonia’s 13m voters were
not included In constituency registers but said they would still
be able to cast ballots.
President Kiro Gligorov, comfortably re-elected in the first-
round ballot appealed to voters to participate, saying the
former Yugoslav republic's record of a smooth transition to
democracy was at stake. The former communist Alliance for
Macedonia, backed by Mr Gligorov, said it won 32.1 per cent of
the first-round vote compared with 14.4 per cent for VMRO
and 113 per cent for the Democratic Party. Kerin Hope, Athens
Poland, Russia to settle debts
Poland and Russia have agreed to settle their mutual debts in
an agreement initialled on Thursday, Poland's finance minis-
try announced yesterday. The deal, which will be signed next
week during a visit to Poland by Mr Victor Chernomyrdin, the
Russian prime minister, foresees a mutual cancelling of the
debts which date back from when the two countries were part
of the former East Bloc. Poland, has also agreed to make an
additional payment to Russia worth { 160m which the ministry
says will “close the debt issue with Russia”. At the last count
Poland owed Russia $23bn and 53bn in transferable roubles (a
non convertible Comecon unit of account which no Longer
exists) while Poland was owed $334m and 63m transferable
roubles. AH were debts left over from a trade account in the
former Comecon trade bloc. Christopher BobinsJd, Warsaw
Vox shareholder hurdle cleared
Vox, the ailing German private televisual station, yesterday
cleared another hurdle on its way to recovery when four state
television authorities approved the chan n el's new shareholder
structure. However, final approval rests with the r e mai nin g 12
state television authorities who still have not agreed to the
new ownership. Vox, based in Cologne, was launched at the
beginning of 1993 but foiled to attract viewers because of an
unattractive programme mix. The six original shareholders
fell out and the channel went into liquidation on April l. After
months of negotiations with Bertelsmann, the German media
group which has been the driving force behind Vox, Mr Rupert
Murdoch's News Corporation took a 493 per cent stake in the
station in early July. Bertelsmann holds 243 per cent and
riawai plus, the French station, holds a further 243 per cent
Michael Lindemarm, Bonn
Carignon appeal rejected
Mr Alain Carignon, the former French communications minis-
ter who resigned in July following a corruption scandal feces
continued detention in a Lyon prison after his appeal was
rejected vesterday. Mr Henri Blondet, the pr e sid in g judge, said
there was “serious, detailed, and corroborated evidence
against the former minister, who is charged with accepting
gifts from business groups and arranging the rescue of ms
indebted campaign newspaper by a utilities company, in
return, it is alleged that a water privatisation contract m the
city of Grenoble, where Mr Carignon is mayor, was awarded to
the utilities company. The Carignon investigation is one ofa
series of corruption probes which have rocked toe centre-right
government of prime minister Edouard Balladur and French
business this year. John Ridding, Pans
Russia faces budget hurdle
Mr Andrei Vavilov, the Russian temporary acting finance
minister, said yesterday that “we have a lot of work to dowith
the state duma on the budget" - an admission of the difficul-
ties the finance ministry foresees in getting agreement on a
budget which will further squeeze the Russian economy m an
effort to bring inflation down. However, Mr yyadiesiavKosti-
kov, press secretary to President Boris Y el tsin, said yesterday
the failure of a motion of no confidence on Thursday In the
lower house would “ease political tension and avoid a govern-
ment crisis." Mr Kostikov said reforms would get tougher -
"it's clear the government won the tattle for the budget and m
a larger sense for reform". John Lloyd, Moscow
Renamo drops Mozambique election boycott
Dhlakama: volte face after
intense pressure
By Peter Stanley In Maputo
and agencies
Mozambique's first multi-party
elections were back on course
last night after Mr Afonso
Dhlakama, leader of the coun-
try’s former rebel movement,
reversed his eve of poll deci-
sion to stage a boycott.
The Renamo leader changed
his mind under Intense pres-
sure from the United Nations,
western countries that have
helped fund the elections, and
from neighbouring states,
including South Africa.
It would have been made
clear to him that he could
expect no sympathy from
either regional or international
governments, and Mr Dhlak-
ama may well have been
warned that the frontline
group of southern African
states were prepared to offer
military assistance to the
newly elected government of
Mozambique should Renamo
resume its guerrilla war.
"The feet that Zimbabwe had
committed troops (to Mozambi-
que) in the past was a strong
incentive to D hlakam a to sit
up and take notice,” said Mr
Greg Mills, director of studies
at the South African Institute
for International Affairs.
He said the sending by South
Africa of Deputy President
Thabo Mbkel and Deputy For-
eign Minister Aziz Pahad. with
the blessing of other regional
states, to pressure Mr Dhlak-
ama had shown the Renamo
leader the depth of anger at
the boycott, which had threat-
ened to unhinge years of work
to restore peace in the Impov-
erished country.
The boycott decision, said Mr
Mills, announced only hours
before polling began on Thurs-
day, highlighted a deep split
within Renamo, which fought
a 16-year war against Mozambi-
que’s formerly Marxist rulers
of President Joaquim Chissan-
o's Prelim o party.
“There is a very big split
within the (Renamo) party,
with Dhlakama and his advis-
ers on the one side and a large
number of party officials who
realised Renamo had very little
option," said Mr Mills.
Mr Dhlakama changed his
mind after negotiating through
the night and morning with
officials from the United
Nations, western embassies
and the National Election Com-
mission. He declined to answer
questions about his volte face.
The Commission extended
the country's two-day presiden-
tial and parliamentary elec-
tions and voting will continue
today. Mozambicans and Afri-
can leaders had feared the Ren-
amo boycott could lead to a
renewal of the civil war which
ended with a peace accord
between Renamo and Frelimo
two years ago.
“A shadow has been lifted
with Dhlakama's decision," the
United Nations special envoy
to Mozambique, Mr Aldo
Ajello, said.
Mr Ajello, in charge of the
7,000 strong UN peacekeeping
force, said his impression was
that the election had gone well
so far.
President Chissano. widely
expected to be returned to the
presidency and capture a
majorty of the 250 parliamen-
tary seats at stake, welcomed
the decision: “This is what all
of us wanted,” he said.
There remain doubts, how-
ever, about the Renamo lead-
er's intentions, and many
observers do not rule out the
possibility that Mr Dhlakama
will cry foul when the reults
are declared.
Final results are not expec-
ted until mid-November. Mr
There are 12 presidential con-
tenders and 14 political groups
vying for a place in the assem-
bly.
Malaysia foresees 8.5%
By Kleran Cooke
In Kuala Lumpur
Mr Anwar Ibrahim, Malaysia's
finance minister, yesterday
unveiled a moderately expan-
sionist budget for 1995 aimed
at sustaining the country's eco-
nomic growth while also con-
trolling inflation.
Mr Anwar forecast that Mal-
aysia's economy would grow
by 83 per cent this year, the
seventh consecutive year of
growth exceeding 8 per cent
“While others are plodding
along painfully, we are tiding
the waves of rapid economic
growth,” he said.
He proposed a series of tax
cuts which would primarily
benefit lower income groups -
and win support for the gov-
ernment of prime minister Dr
Mahathir Mohamad ht advance
of elections likely to be held
later this year or early next
The maximum rate of individ-
ual income tax will be cut from
34 to 32 per cent while income
tax will be abolished for a
large segment of those on
lower incomes.
“Thirty per cent of the total
number of taxpayers will no
longer have to pay income
tax.” said Mr Anwar.
Corporate tax will be cut by
2 per cent to 30 per cent in line
with other countries in the
region. Mr Anwar said the gov-
ernment Intended to further
streamline investment proce-
dures and announced a num-
ber of measures to encourage
domestic investment
The government says the
inflation rate Is 3.7 per cent. As
part of the effort to overcame
market imperfections and sta-
bilise prices, import duties on
more than 2300 items - many
of them foodstuffs - will be
either reduced or abolished.
Due to a rapid growth in
imports so far this year and a
sharp rise in the deficit on the
services account, Malaysia's
current account balance of
payments deficit Is forecast to
balloon to MS11.7bn ($4.8bn),
compared with an earlier
official projection of
growth
a surplus of MS1.5bn.
Measures to tackle the ser-
vices deficit include increasing
efficiency and capacity at ports
and promoting the develop-
ment of the Malaysian ship-
ping industry.
Mr Anwar also announced a
substantial increase in educa-
tional spending in order to
meet serious skills shortages.
He warned that wages in the
first seven months of this year
wages had risen by 6.7 per
cent, compared with an
increase in productivity of 22
per cent
“While we may rightly
rejoice in our success, let us
not throw caution to the
wind," he said
Beating Mideast swords
into ploughshares
Clinton
reassures
Kuwait
over Iraq
President Bill Clinton arrived
in Saudi Arabia on the final
leg of his Middle East tour
yesterday, having reassured
Kuwait that Iraq would never
again be allowed to threaten
its security, write our Middle
East staff.
“The United States and the
international community will
not allow Baghdad to threaten
its neighbour, now or in the
future," he said earlier in a
brief visit to Kuwait
“That is not a threat That is
a promise,” he told an
audience of US troops who had
been rushed to the emirate
following Iraq’s military
buildup an the border earlier
this mouth.
Flanked by tanks and
infantry fighting vehicles, Mr
Clinton told hundreds of US,
British, Kuwaiti and other
Gulf Arab troops: “We wifi not
permit Iraq to enhance its
capability below the 22nd
paralleL” the line below which
Iraq is barred from flying its
warplanes.
Mr Clinton was greeted with
placards proclaiming “T hank
yon, Mr President," and
“Welcome, Mr President”
Washington announced on
the eve of Mr Clinton’s arrival
in Kuwait that it was doubling
its deployment of armour and
attack jets in the Gulf to deter
any military threat from Iraq.
Mr Clinton's final stop on
his six-nation tour was at the
northern Saudi military rity of
Hafr a]-Batin where he was
due to meet King Fahd before
flying back to Washington.
S even heads of govern-
ment, 50 foreign minis-
ters and more than 1,000
senior business executives
from 60 countries began gath-
ering in Casablanca yesterday
for a three-day summit aimed
at transforming the region's
peace agreements into fuller
economic integration.
Organisers of the most ambi-
tious political and business
networking session ever under-
taken for tiie Middle East hope
it will encourage a new part-
nership between the private
and public sectors, new financ-
ing structures, including a
$10bn capitalised regional
development bank, and solid
moves towards realising hun-
dreds of development projects.
Mr Klaus Schwab, president
of the World Economic Forum,
the Swiss-based think tank
which jointly arranged the con-
ference with the independent
US Council on Foreign Rela-
tions, likened the meeting to
the pioneering steps taken in
the late 1950s which created
today's European Union.
Mr Shimon Peres, Israel's
foreign minister, the most out-
spoken advocate of Middle East
economic integration, has
called the conference a “battle
cry” for regional cooperation.
“Israel and many Arab coun-
. tries are facing a new danger,”
be said, “one that cannot he
fought by conventional means
of guns or tanks: the spread of
extreme movements. What
fuels these movements is pov-
erty. starvation and unemploy-
ment. -the answer must be eco-
nomic.”
Not everyone in the region
shares Mr Peres’ op timism.
Syria and Lebanon are boycott-
ing the s ummit and neither is
prepared to join any multilat-
eral talks including Israel until
a full Syrian-Israeli peace is
agreed.
Some Arab officials taking
part have also voiced scepti-
cism at the scale of the confer-
ence's ambitions.
Mark Nicholson
and Julian
Ozanne on the
peace summit in
Casablanca
Israel has submitted a detailed
list of projects worth up to
S27bn over 10 years.
Some are Immediately practi-
cable: like linking electricity
grids; water conservation and
desalination plants; regional
agriculture research and devel-
opment; shared use of ports
and airports and the develop-
ment of huge tourism centres.
Others will require more
time and political will, like a
Belrut-Tel Aviv -Cairo-East
Mediterranean coastal motor-
way, gas and oil pipelines from
the Gulf to Israel's Mediterra-
nean ports and plans to buy
water from Turkey.
Israel and Jordan, the two
countries most enthusiastic
and perhaps best prepared for
economic integration, will
jointly present plans developed
in a trilateral economic com-
mission with the US for the
cross-border development of
the valley which divides the
two states.
Jordan, whose delegation
will be headed by Crown
Prince Hassan, also hopes to
create a permanent process
from Casablanca. “We’re
already discussing a sequel to
it in Amman in the spring and
are hoping to create a perma-
nent secretariat," said Mr
Ahmed Mango, the Crown
Prince’s pcrmnmlc adviser.
Mr Peres has promoted the
creation of a Middle East devel-
opment hank, with initial capi-
tal of SlObn. Modelled on the
European Bank for Reconstruc-
tion and Development it would
principally make capital
investments and long-term
loans to finance regional infra-
structure projects, provide
technical assistance for pro-
jects and raise money on inter-
national capital markets. The
new bank would also create a
Middle East OECD as a forum
for regional economic policy.
Israel also hopes in Casa-
blanca to get western govern-
ments to commit themselves to
an expanded programme of
government guarantees, politi-
cal risk insurance and export
financing for regional projects.
But the summit's most
enthusiastic proponents
believe the core task will be to
bring the private sector more
solidly into the development of
a region which, among Arab
states notably, has lain over-
whelmingly and often Ineffi-
ciently in state hands.
Israeli companies alone are
expected to present proposals
for 3100m in joint ventures.
There has been no shortage
of interest from outside the
region with an estimated 1,100
business executives descending
on the Moroccan city this
weekend.
Invasion fever grips Taiwan
A book ignites fears China may send in troops, says Laura Tyson
I nauspicious celestial pat-
terns and China's desire to
reclaim the island of
Taiwan have combined in a
newly published best-seller to
prompt the most severe bout of
invasion fever to afflict the
Taiwanese since the early
1980s.
Entitled "T-Day August 1995:
The Warning of the Taiwan
Strait War,” the book con-
structs in blunt terms an elab-
orate scenario whereby China
retakes the island while the
world stands by.
According to the Book, on
T-Day an attack will be led by
elite paratroops, who will land
on the golf courses ringing the
otherwise clattered capital of
Taipei.
Improbable? Yes. Impossible?
Not necessarily.
China refuses to renounce
the use of force to retake
Taiwan and frequently reiter-
ates its claim to sovereignty
over the island. Ominous warn-
ings from Beijing about mili-
tary intervention have accom-
panied the growth of a
Taiwanese independence move-
ment, 1 which does not want to
be “reunited with the mother-
land”, as China puts it
Critics dismiss the book as
politically motivated scaremon-
gering. They charge that its
publication in August was
backed by right-wing elements
in the ruling Kuomintang
party and timed to dissuade
Taiwan's middle-class from
)l)l fi
KAJJ
T DAY
THE WARNING OF
TAIWAN STRAIT WAR
The cover of the book warning
of an invasion by China
voting for pro-independence
Democratic Progressive Party
candidates in key December
elections.
But Taiwanese are genuinely
concerned, as evidenced by a
sharp rise in inquiries over
emigration to western coun-
tries. And the hold over the
Taiwanese imagination of all
thing s superstitious cannot be
underestimated.
According to the lunar calen-
dar. next year will have an
extra eighth month.
Chinese believe that the
insertion of a month portends
either blessing or calamity,
usually the latter. Previous
leap-months coincided with the
invasion of China by western
powers in 1900. a bloody purge
in China in 1956-57, and strug-
gles following Mao's death in
1976.
“In Chinese history, the rea-
son for starting a war is
always face, not economic
advantage,” said Mr James
Chin, publisher of Business
Weekly magazine, which pub-
lished the book.
“The mentality of Chinese
leaders is, 'If you don’t respect
me, I will teach you a lesson’.
This has nothing to do with
rational behaviour."
When Deng Xiaoping took
power in the late 1970s, he is
said to have outlined three
dreams: China's economic
reform; the return of Hong
Kong; and reunification with
Taiwan. The first has been
largely achieved, the second is
well in hand but the last is
slipping away.
Mr Lu Yali, politics professor
at National Taiwan University,
said “tension has built up
across the Taiwan Strait”, as
Taipei's pursuit of an interna-
tional role for Taiwan has “cre-
ated speculation that the lead-
ers in China are not happy”.
He doesn’t think China will
invade, but understands the
growing fears as part of the
“psychology" of Taiwan.
With each election in recent
years, the opposition parties
sap power from the KMT
which has ruled the island
since 1949. Direct presidential
elections scheduled for early
19% will consolidate the demo-
cratic legitimacy of a govern-
ment which has been trans-
formed from a military
dictatorship since 1987.
The policies of the KMT are
converging with those of the
DPP, and it is becoming clear
that regardless of who wins the
presidential elections it will
essentially be on a platform of
independence.
This could be an excuse for
China to invade.
China's domestic turmoil
will also be a catalyst for an
attack, the book argues.
An external conflict, whether
successful or otherwise, will
serve to distract from problems
at home and consolidate the
power of Deng's successors.
Boost for
service
jobs
in Japan
By William Dawkins and Emlko
Torazono tai Tokyo
Japan’s labour market
continues to be weak, but the
mild recovery is encouraging
service industries to take on
more staff, unemployment
figures released yesterday
show.
The unemployment rate hov-
ered at 3 per cent for the third
month in a row in September,
just below the 3.1 per cent
record set in May 1987, the
labour ministry said. A faint
glimmer of Improvement was
evident in a rise in the number
of jobs on offer, from 63 per 100
applicants in August, to 64 in
September.
However, the improvement
in the job seekers’ ratio may be
fragile because it was entirely
thanks to a possibly seasonal
fall in the number of appli-
cants over that period. Taken
over the year to September, by
contrast, the number of people
looking for a job rose by 83 per
cent
Industrial production for
September fell 1.5 per cent
from a month earlier, a
sharper decline than was previ-
ously expected by private econ-
omists. The figure was partly
affected by the upward revi-
sion of industrial production
data for August which rose 3.9
per cent from the previous
month.
Shipments fell by 3 per cent
on the month while the inven-
tory index rose 13 per cent
The inventory to shipments
ratio for the month, which fell
by 3.1 points in August due to
Japan
Job otters To applications ratio
brisk retail sales, rose 3.5
points.
Production of electrical
machinery fell 7.9 per cent,
metal products dropped 4.9 per
cent and “other manufactured
goods’ 1 declined 93 per cent.
Precision machinery rose 4.7
per cent and transportation
equipment advanced 33 per
cent
The latest employment fig-
ures suggest that the main
hope for a recovery in the
labour market rests with ser-
vice Industries, where produc-
tivity is low by international
standards.
Employment by service com-
panies rose 23 per cent in the
year to September, while man-
ufacturing jobs fell by slightly
more, 3 per cent, over the same
period.
Overall employment is now
greater in services than manu-
facturing. according to Mr
Geoffrey Barker, chief econo-
mist at Barings Securities.
Consumer prices in Tokyo
jumped by 0.8 per cent in the
year to October, from a 03 per
cent rise in September,
reflecting a rise in
food prices caused by the hot
summer.
Excluding food, the core
inflation rate remained
unchanged, at 0.5 per cent, con-
firming that there is little
inflationary pressure as the
recovery gets under way.
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NEWS: UK
Scottish Hydro-Electric says Offer controls will curb distribution investment
MMC to rule on power price row
By Michael Smith
Offer, the electricity regulator,
is to ask the Monopolies and
Mergers Commission to adjudi-
cate after Scottish Hydro-
Electric, the power company,
announced yesterday it was
not accepting price controls
due to take effect next April.
It will be the first MMC refer-
ral made by Professor Stephen
Littlechild, Offer director-gen-
eral ScottishPower yesterday
accepted the price controls and
regional power companies in
England and Wales have
already done so.
The referral results from cir-
cumstances unique to Hydro.
But analysts said yesterday
that it could have wider impli-
cations. Although it is unlikely
that the reviews of the other
companies will be re-opened to
allow changes, the MMC may
look at how Prof Littlechild
reached his conclusions
throughout the sector. “There
is a danger for him that they
will say he got it wrong.” said
one analyst
Hydro's share price was
steady yesterday, with most
investors taking the view that
It could gain but was unlikely
to lose as a result of a review.
The shares are already on the
highest yield, and therefore the
lowest rating, in the sector.
The company said It would
continue its policy, effective to
the end of this year, of increas-
ing dividends annually by
between 6 per cant and 8 per
cent in real terms.
Hydro said yesterday that its
prime concern was that Prof
Llttlechild’s review implied a
rate of return for the distribu-
tion business which, at 2 per
cent, would effectively prevent
funding the proper level of
maintenance. All other compa-
nies in the sector will enjoy a
considerably higher rate of
return following their reviews,
with the regional companies on
about 7 per cent and Scottish-
Power 6 per cent
Mr Roger Young, Hydro's
chief executive, said without a
change to the price controls his
company would not be able to
invest in its distribution busi-
ness. "If we do not invest then
shareholders* assets crumble
and the number of power cuts
rises.
“The acceptance of these pro-
posals would place Hydro in an
even more diffi cult position at
the next price control review
in 1999. The regulatory rules
preclude unauthorised cross-
subsidy of distribution from
other business activities.”
Hydro said it expected to be
able to continue cutting elec-
tricity prices even with “more
appropriate" price controls. It
already had among the lowest
domestic prices in Britain.
The company Is also chal-
lenging the “Hydro benefit"
system which allows the com-
pany to cross -subsidise the
tr ansmis sion and distribution
businesses from generation. It
said it agreed with the princi-
ple of the system but not the
mechanism far bringing it into
practice.
The MMC reference is likely
to take at least six months.
Offer said it would hope to
announce terms of reference in
the nest few weeks.
Lex, Page 24
Forum strains Dublin-London relations
By John Murray Brown
in Dublin
Hew signs of strain between
London and Dublin emerged
yesterday over a framework
document for Northern Ireland
as Irish prime minis ter Mr
Albert Reynolds outlined his
hopes for the Forum for Peace
and Reconciliation.
Mr Reynolds was clearly dis-
appointed at the decision of the
British ambassador Mr David
Blatherwick not to attend on
the opening day.
Downing Street said the
ambassador declined because
of the presence of Sinn F6in,
with which London has not
entered into exploratory talks.
Mr Gerry Adams, leader of
Sinn F6in. the IRA's political
wing, described the British
move as petty. “It's an indica-
tion of the British attitude not
just to the peace process, but
also to the Irish government.”
be said.
In another remark unlikely
to comfort London. Mr Reyn-
olds appeared to link the issue
of the “disposal of arms” with
a British decision to withdraw
“troops to barracks". London
insists that weapons should be
decommissioned before Sinn
Fein is allowed into substan-
tive talks.
The forum gathering in Dub-
lin Castle comprised leaders of
the constitutional parties of
the south, together with Sinn
F£in. the moderate nationalist
Social Democratic and Labour
party and the non-sectarian
alliance of Northern Ireland.
Amid public confusion over
the purposes of the forum, par-
ticularly with the absence of
the main unionist parties of
the north, Mr Reynolds
stressed that “no one should be
In any doubt about the value
or the importance of its work".
He said the forum would
“establish for the first time in
our history some measure of
agreement on future structures
governing relationships within
Northern Ireland, between
north and south and between
Ireland and Britain," a refer-
ence to the so-called three
strands of the current Anglo-
Irish talks. Mr Reynolds also
held out the prospect of a
debate on constitutional
change, as foreshadowed in the
Downing Street declaration.
London is pressing Dublin to
remove the territorial claim to
Northern Ireland as stated in
Article 2 of its 1937 constitu-
tion as a necessary first step to
appease unionist misgivings
bkore a comprehensive agree-
ment can be concluded.
Mr Reynolds said: "The Irish
government will only sub-
scribe to a joint framework
document if we are satisfied
that it can form the basis for
negotiating a new and deep
accommodation, and that It
can provide secure foundations
for a just and lasting peace."
This for the first time held out
the possibility that agreement
may not be concluded.
Islands win top marks
for best-value schools
By John Anthers
In education, the best value for
money seems to lie offshore.
A rough analysis of the
value for money which Inde-
pendent schools offer, based on
the FT-1000 ranking of their
A-level results published today
in the Financial Times, shows
that the top two day schools in
the British Isles are both in the
Channel Islands.
Guernsey Ladies' College
charges £673 a term, compared
with an average for the UK
of £1,372, while Victoria
College. Jersey, charges £559-
Among boarding schools, the
best value Is St Mary's, in Shaf-
tesbury, Dorset. Girls’
boarding schools performed
well, accounting for all top
four places. But prestigious
boys' schools still ranked
highly, even after their fees
were taken into account, with
Eton offering best value among
boys’ boarding schools.
The list of day schools
includes several big-city inde-
pendent grammar schools,
such as Withington Girls'
School, Manchester Grammar,
and King Edward VI girls'
school in Birmingham.
The rankings take no
account of the degree to which
schools select their entry, or of
extra-curricular activities. Val-
ue-for-money rankings were
derived by dividing schools'
A-level scores by their fees.
This favours selective aca-
demic schools, and those listed
here do not necessarily offer
best value For children not aca-
demically gifted.
FT Top 1000 Schools, separate
section
INDEPENDENT SCHOOLS: VALUE FOR MONEY?
FTIOOO
A-level
Fees per
Ranking
School
Town
term (Q
DAY SCHOOLS
115
Ladies' College
Guernsey
675
405
Victoria College
Jersey
559
16
Withington Gals'
Manchester
1195
134
St Michael's
Llanelli. S Wales
1015
37
Bab lake School
Coventry
1165
64
Royal Grammar
Newcastle upon Tyne
1147
7
Manchester Grammar
Manchester
1330
21
Bradford Grammar
Bradford
1270
9
King Edward VI
Birmingham
1340
229
St Dominic's Priory
Stone. Staffs
1014
BOARDING SCHOOLS
109
St Mary's School
Shaftesbury. Dorset
3100
19
Badminton School
Bristol
3575
207
Casterton School
Kfckby, Cumbria
2894
14
Malvern Girts’
Malvern. Herefond
3675
2
Eton College
Windsor Berks
4128
190
Penrhos College
Colwyn Bay. N Wales
2990
101
Tudor Hall School
Banbury, (Scon
3265
6
Downs House
Newbury. Berks
3945
4
Winchester College
Winchester, Hants
4262
165
St Leonard's
Mayfield, E Sussex
3165
R JB to offer
min ers deal if
bid succeeds
By David Goadhart,
Labour Editor
Mr Richard Budge, the chief
executive of RJB Mining, is
expected to offer miners a new
three-year contract if his £900m
bid to take over British Coal's
English mines is successful
Mr Budge says that such a
deal would provide greater
security for the 7,000 miners he
is expected to inherit with the
pits. However another advan-
tage of the offer is that it
would supersede the European
Union's acquired rights direc-
tive - known as Tupe - which
covers the transfer.
Tupe preserves most aspects
of pay - including pensions -
conditions, and union recogni-
tion, when a business is trans-
ferred to a new owner. It also
means that any redundancies
will attract the British Coal
pay-off of up to £27,000.
Mr Budge says that he is not
worried by Tupe and that it
has been taken into account in
his bid price. He also says he is
contemplating only “dozens" of
redundancies on the basis of
the current transfer figure of
7,000 people.
Today he will seek to calm
anxieties about the transfer
before a group of Union of
Democratic Mineworkers offi-
cials in Mansfield. He will say
that he has tew ambitions to
change working practices.
However he is known to
want to end the Incentive
bonus scheme which pays a
significant minority of miners
up to £1,000 per week.
Mr Neal Greatrex, leader of
the UDM, which was involved
UK coal sales could be given a
boost later this decade as a
result of negotiations to build
a combined heat and power
plant in the north-west of
England, Michael Smith
writes.
The proposed plant for the
Northwich, Cheshire, site of
Brunner Mond, the chemicals
company, would use Im
tonnes of coal a year, replac-
ing a facility that uses just a
fifth of that amount
It would be the first signifi-
cant coal-fired power station
to be built in several years
and would provide a sub-
stantial fillip to the coal
industry which has lost out
recently to gas in power gener-
ation.
Brunner Mond is consider-
ing the possibility of a joint
venture on the clean coal tech-
nology project with Manweb,
the electricity company, and
IYO, the Finnish power group.
in a rival bid. remains suspi-
cious of Mr Budge: “He’s over-
stretched himself . . . our
legal advice suggests he won't
be able to compensate by
reducing wages."
Other union leaders such as
Mr Doug B ulmer, president of
BACM. the colliery managers'
unions, are more supportive.
Mr Bulmer says that without
British Coal’s liabilities Mr
Budge will be able to produce
coal at less than £24 per tonne
compared with about £32 per
tonne now.
Features, Page 7
UK Companies, Page 8
Eggar supports Europe
h&3 WOoma
Nationalist fervour: Dafydd Wigley acknowledges a standing
ovation after his speech yesterday at the Plaid Cymru conference
Welsh and Scots
step up calls for
Ulster-style deal
By Ivor Owen,
Parliamentary Correspondent
Britain outside the European
Union would be “just an irrele-
vance", Mr Tim Eggar, energy
minister, warned in the Com-
mons yesterday in dismissing
suggestions that withdrawal
was a viable option.
He did not dispute assertions
by Labour MPs that his words
were principally aimed at Mr
Norman Lamont, the former
chancellor, who recently
branded as “simplistic" those
who argue that such a course
is unthinka ble.
Mr Stuart Bell, a Labour
industry spokesman, said that
although Mr Lamont’s name
had not been mentioned he
was the “ghost at the feast”.
Mr Eggar cited Britain’s suc-
cess in attracting inward
investment - which amounted
to £200bn in 1991 and is
excelled only by the US - as
evidence of the benefits stem-
ming from being “at the heart
of Europe".
He said the government's
success in excluding Britain
from the European Union's
social chapter meant there
were no barriers to flexible
working hours.
Mr Eggar denied that the dis-
cretionary grants available to
industry through regional
selective assistance were under
threat because of criticism
from Mr Michael Portillo, the
employment secretary, in his
earlier role as chief secretary
to the Treasury.
Mr Bell claimed that Mr
Eggar had underlined the
extent of the Tory splits over
Europe: extending from Mr
Lamont and other Euro-
sceptics on the back benches,
to Mr Portillo in the cabinet
Labour would “sign-up" to
the full social chapter, said Mr
Bell, denying that inward
investment would then decline.
By Kevin Brown,
Political Correspondent
The government is facing
growing demands from Welsh
and Scottish nationalists for
equal constitutional treatment
with Northern Ireland, includ-
ing the establishment of
devolved assemblies.
Nationalists in both coun-
tries see the Ulster peace talks
as the trigger for a campaign
to highlight the contradictions
between the government's
approach to Northern Ireland
and its handling of Scotland
and Wales.
Nationalists intend to con-
trast the government's reluc-
tance to acknowledge peaceful
demands for Scottish and
Welsh devolution with its will-
ingness to negotiate with Sinn
F6in, the political wing of the
IRA, if the Northern Ireland
ceasefire holds.
Mr Dafydd Wigley, president
of Plaid Cymru, the Welsh
nationalist party, yesterday
stepped up the campaign at the
party's conference in Llan-
dudno, appealing to Mr John
Major to recognise that Ulster
and Wales have equal rights to
self-determination.
"In the name of democracy,
consistency and political jus-
tice, I appeal to the prime min-
ister to recognise the morally
indefensible position of deny-
ing these self-same rights to
the people of Wales.” he said.
“If John Major can tell the
people of the six counties of
Northern Ireland that if it is
their wish, democratically
expressed, that they can unite
with the Irish Republic... by
what token can he deny that
self-same degree of sovereignty
to the people of Wales and of
Scotland?"
The issue was raised in the
Commons on Thursday by Mr
Alex Salmond, leader of the
Scottish National party, in a
barbed intervention at prime
minister's question time.
Congratulating Mr Major on
the apparent success of his
Northern Ireland policy, Mr
Salmond pointed out that it
hinged on the right of the peo-
ple of Northern Ireland to
determine their own future.
“For the avoidance of any
doubt, will you confirm that
you also believe in the right of
self-determination for the Scot-
tish nation?” he asked.
Mr Major, who fell back on
claims that devolution would
raise taxes, appeared to have
no answer to a line of question-
ing that promises to became
increasingly embarrassing for
the government.
Borrowers lean to variable-rate mortgages
By Alison Smith
Borrowers turned away from banks’
fixed-rate mortgages to their variable
rate loans in the third quarter, accord-
ing to figures released yesterday by the
British Bankers’ Association.
It said the proportion of mortgages on
fixed rates dropped from 73 per cent in
the second quarter to 53 per cent
In contrast to last summer when
banks won significant mortgage busi-
ness through fixed rates, which were
cheaper than variable rate loans, fixed
rates can now be more expensive than
floating-rate mortgages, particularly
those which have heavy discounts in
the early years.
The figures underline the shift in
market share between banks and build-
ing societies since last year.
Seasonally- adjusted figures for new
net lending undertaken rose to £659m
last month compared with £610m in
August, but below the £S27m equivalent
figure for September last year.
However, the impact of the 0.5 per-
centage point rise in interest rates last
month is less clear-cut.
Loans approved but not yet under-
taken - an important forward-looking
indicator since they translate into lend-
ing carried out in the following weeks -
dropped from 31.047 approved in August
to 29,718 approved in September.
A similar drop occurred between
August and September last year, bu
from a higher base.
The association highlighted the fac
that banks’ gross mortgage lendini
totalled £1.74bn in September - mon
than 3 per cent higher than in Septem
her last year.
But the difference between the rise u
new gross lending compared with las
year and the drop in new net lendini
suggests that people are remortgagini
to find the best offers available.
Negative equity count shows plus signs
Alison Smith finds controversy
over the effects of the problem
Negative equity: the gloom lifts
Thousand households
ENTE NAZIONALE PER L'ENERGIA ELETTRICA S.p-A.
LIT 500,000,000.000 FLOATING RATE NOTES DUE 2000
In accordance with the provisions of the above mentioned Notes,
notice is hereby given as follows:
Interest period:
Interest payment date:
Interest rate:
Coupon amounts:
28th October 1994 to 28th April 1995
28th April 1995
9.125% per annum
UT 230, 6EC per Note Of UT 5,000.000
UT 2306507 per Note Of UT 50 ,000,000
Agent Bank
While the problem of haring a
mortgage which is larger than
the value of one's home is still
casting a shadow over hun-
dreds of thousands of house-
holds, the gloom that “negative
equity” has shed over the
housing market appears to be
lifting somewhat.
Two estimates published this
week of the extent of negative
equity in the third quarter of
this year, confirmed the fall
during the past 12 months.
The Bank of England esti-
mates that 1,096,000 households
were in this plight - a drop of
16 per cent compared with the
final three months of last year.
A separate assessment by
the Woolwich building society,
the UK's third largest, put the
number of negative equity
households at 930,000 - more
than 20 per cent lower than the
fourth quarter of last year.
The UK’s largest mortgage
lenders agree that they are
I
pleased to see negative equity
falling, and that it is not the
restriction on the housing
market that it was a year or
IS months ago.
Against the background of
house prices which are no lon-
ger tumbling - even if the
price Increases seem small and
fragile - opinions are more
divided about how far negative
equity is acting as a depressant
on the housing market at its
current, lower levels.
Mr Martin Ellis, chief econo-
mist at Woolwich, described its
impact as "removing a rung
from the housing ladder", and
said it must fall further "before
it stops being a problem”.
Many households in that
position are those who bought
for the first time in the late
1980s, he said, and who might
otherwise be expected to move
or to have moved already.
He also highlighted the con-
straints on households whose
Halite* iraaepifc, acuta'
! .\ : i ^
Oi. ■ ■ ' m- ■ : '.'.02 f oft *- cn
stake in their home is slightly
higher than their mortgage,
but which would be eaten up
by the costs of moving.
At the Nationwide building
society, Mr David Parry, head
of planning, is more sceptical
"OS 03 ®
1984 I
of the impact of the phenome-
non.
“There's no real evidence
that negative equity is a
brake," he said. "The real
motor in the housing market is
always the first-time buyers."
Some economists argue,
ever, that negative equit
an effect in deterring firs 1
buyers in particular.
The Halifax building sc
the UK's largest mor
lender, pointed out that fi
negative equity from fa!
house prices mav be a pa
larly acute problem for
time buyers because the
most likely to be borrowir
highest proportions ol
value of their home.
For Abbey National, wi
bias in coverage toward
south-east of England,
gradual reduction in net
equity has been partiev
important: the region was
daily hard hit by the fi
house prices.
Even so, Mr Charles 1
managing director of At
retail operations, played
the importance of nee
equity as a factor, com
with the impact of the £
ent lack of sustained i
deuce In economic recovei
it halved again in the nexi
its impact would become
ginal." he said.
K
Walker
received
£lm in
legal aid
Mr George Walker, the leisure
entrepreneur cleared of orches-
trating a fraud at Brent
Walker, his former company,
received more than £lm in
legal aid it was disclosed yes-
terday. James Blitz writes.
Mr John Taylor, the parlia-
mentary secretary at the Lord
Chancellor's Department, said
Mr Walker, who was acquitted
earlier this week, had received
£1,152,442 to help fight his case.
He said it was not possible to
estimate, as yet, what the final
cost of the court case would be.
although the total sum has
been estimated at £5m.
Mr Taylor also revealed that
Mr lan Maxwell and Mr Kerin
Maxwell, the sons of the dis-
graced tycoon Robert Maxwell,
have already received £400,000
in legal aid payments to help
fight charges arising out of the
collapse of their father's busi-
ness empire.
Names’ opponents
to start action
| The long-running court battle
by Lloyd's Names to win com-
pensation for losses took a fur-
ther twist yesterday when
their opponents’ lawyers said
they would launch their own
legal proceedings.
The action is being taken by
lawyers representing errors-
and-omissions insurers who
provided negligence cover for
the professional Lloyd's agen-
cies being sued by Names'
action groups.
Earlier this month Gooda
Walker Names won substantial
damages for losses incurred
between 1988 and 1990. E&O
insurers now want the High
Court to ckuify whether those
Names should.be allowed to
take a large share of the funds
available for paying damages -
or whether some should be
held back to pay awards won
by other Names' action groups.
Westminster leader
sets out innocence
Mr Miles Young, Westminster
City Council leader, yesterday
sought to prove his innocence
at the public hearings into ger-
rymandering allegations.
The council’s district audi-
tor, Mr John Magtll, ruled in
his provisional report that Mr
Young was not "actively
involved" in gerrymandering.
But this finding has been chal-
lenged by objectors whose ini-
tial complaints prompted the
district auditor's investigation.
Mr Bernard Lives ey, QC for
Mr Young, said there was no
new evidence to make the
district auditor change his
mind.
Warning on small
pension schemes
The government should be
wary of allowing small pension
schemes to operate under a
weaker regulatory regime than
large ones because small
schemes generally pose the
greatest problems, according to
the Occupational Pensions
Advisory Service.
Mr Don Hall, chief executive
of Opas. a government-funded
body which advises individuals
who have concerns about their
occupational pensions, said:
"It's the area of small schemes
where historically we have had
the most problems."
Finance and the Family,
Weekend FT
Business boosted by
EU developments
Business leaders believe devel-
opments in the European
Union during the past five
years have helped to Increase
trade for their companies, says
a survey released yesterday.
The poll by MORI for Ameri-
can Express, conducted among
101 board directors of Britain's
largest 500 companies, revealed
that 39 per cent of those polled
believed their companies had
increased trade with Europe
since 1989, in spite of the fact
that 35 per cent said EU devel-
opments had led to stiffer com-
petition.
Radio licences
announced
The Radio Authority yesterday
announced plans for the next
batch of commercial radio
licences. Including four new
regional stations to serve
nearly 7m listeners.
As well as the four new
regional FM stations for the
Yorkshire area, East Anglia-
east Midlands and tho Solent,
the authority also disclosed
plans at the annual Commer-
cial Radio Convention In Dub
hn for 20 new licences for sta-
tions that will generally
smaller than existing lndsp® 1 *
dent local radio stations.
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994
5
NEWS: UK
Halifax calls back sales force for re-testing
By Alteon Smith
Halifax building society, one of the
UK's largest personal fiTi«nn» organi-
sations, is to withdraw its 600-strong
financial services sales force for re-
testing, after discovering failures to
meet regulators’ standards.
The temporary withdrawal is a
severe embarrassment to the organi-
sation, coming just two months
before the launch of a wholly owned
life insurance subsidiary, Halifax
Life.
Halifax said yesterday that the
compliance failures revealed by its
internal checks related to "observed
interviews" which sales agents per-
form as part of their continuous
training, and there was no evidence
that any customer had been given
poor advice or had suffered.
While most of the irregularities
were minor - such as an interven-
tion in an interview by an observer
who should have remained silent -
some more serious matters - includ-
ing failures to carry out the
observed interview at all - had
involved “a handful" of the sales
force.
Mr James Crosby, general man-
ager of fimmrial services at Halifax,
said yesterday: "It is disappointing
that a minority of our advisers have
not followed the required proce-
dures. We have a comprehensive
action plan in hand to ensure tha t
these incidents do not recur and that
all our advisers measure up to [our]
hi gb standards."
Even so, the move Is awkward for
the society as it prepares for its own
life subsidiary, particularly as ear-
lier this year Mr Mike Blackburn,
chief executive, set the society the
specific aim of being "the biggest
and best personal finance business
in the UK".
Halifax’s approach to setting up
the life operation has been marked
by a desire to see its strong brand
image as a mortgage lender
extended to the new business, partly
by exercising strict control over the
products and services offered.
The re-testing process is due to
take two to three weeks. Hie sales
agents who pass - which Halifax
expects to be the vast majority -
will then be able to go back to giving
financial advice for mortgage-related
products.
At the same time they will receive
detailed training on Halifax Life
products as the society had intended
they should in December anyway.
They will not return to more general
fin an Hal p lanning - advice Until the
new operation opens for business.
Yesterday’s announcement does
not affect the 2,000-plus Halifax
branch staff who can advise on
endowment mortgages but not on
the full range of financial services.
Halifax is not the first large finan-
cial organisation to have to under-
take a high-profile withdrawal of its
sales force this year. Norwich Union,
the insurer, and Nationwide Build-
ing Society, the UK's second largest,
have both had to announce tempo-
rary suspensions of financial ser-
vices sales staff for re- training.
Former banker
appointed to
lift Tory funds
By Peter Marsh
The Conservative party has
appointed a former investment
banker as its new head of fund-
raising In a fresh attempt to
cut its £l5m overdraft by
attracting more company dona-
tions.
Mr Richard Warner, who
until the early 1990s worked
for Morgan Grenfell, the mer-
chant bank, will have as one of
his main responsibilities con-
tacting company chairmen
who have been reluctant to
donate to the Tories.
His appointment marks a
break in tradition at Conserva-
tive Central Office since for the
past 24 years this role has been
undertaken by retired gener-
als.
One of Mr Warner’s tasks
will be to increase annual
donations to the party from
individuals and companies
from £9.4m In 1993-94. It is
believed that the Conserva-
tives want this to increase to
at least £20m by the tims of the
next general election, likely to
be in about two years.
Over this period the Tories
want to cut the overdraft,
which ca™ about after High
spending in the late 1980s and
early 1990s, to about zero.
In the past two years total
donations - believed to be split
roughly evenly between com-,
ponies and individuals — have
slipped. Several big companies
Mr Austin Mitchell, the
Labour MP, has complained to
the Institute of Chartered
Accountants about the audit-
ing of the Conservative patty’s
accounts, Jim Kelly writes.
Mr Mitchell has written to
Mr Andrew Colquhoun, insti-
tute president, alleging that
the audit by Coopers &
Lybrand for the 1993-94
accounts is deficient. He says
the absence of information
about the source of donations
amounting to £9.4m under-
mines the ability of the
accounts to provide a “true
and fair view”.
Mr Paul Judge, director-
general of Conservative Cen-
tral Office, said Coopers &
Lybrand were one of the most
reputable firms in the world.
Coopen & Lybrand — id it
could not comment on the case
of a client
have cut cash gifts either
because of disillusionment
with the effectiveness of dona-
tions. or because of reduced
profits in the recession.
Mr Warner, 55, said he
wanted people to feel proud of
giving money to the Tories. He
took over last week from Maj
Gen Stuart Watson, who
retired. Mr Warner, a chemical
en gine er whose first job was
with Imperial Chemical Indus-
tries, worked for Morgan Gren-
fell for more than a decade. -
Lottery bets on a hitch in live trials
Raymond Snoddy on the build-up to a network of 10,000 terminals going on-line
|. The National
w Lottery comes
_ Mu a step closer
W| today with the
first of a series
of “play days"
the nation al - live dress
wtthjy r ehearsals lead-
ing up to the lau nch of *>w real
thing on November 19.
In more than 10,000 retail
outlets in every local authority
area in the UK staff will "buy”
their £1 tickets, choose six
numbers out of 49 and have
them verified by the lottery
terminals linked tO a muipler.
high-security network.
On Tuesday the numbers
will be drawn as if for real
although the prize will be a
weekend for two in Paris for
the retailer who makes fewest
mistakes, rather than what
will became the usual £2m or
more jackpot
The only certainty about the
dress rehearsal is that some-
thing is bound to go wrong, Mr
David Rigg, communications
director of Camelot, the lottery
operator, conceded.
But whatever flaws are
found, Camelot has already
achieved a great deal - operat-
ing a live national network for
the largest single lottery to be
launched in T*ms than 25 weeks.
Already ICL, a member of
the Camelot consortium, has
manufactured and fagtaiiArt the
specially designed lottery ter-
minals for the launch.
Peritas, ICL’s training sub-
sidiary. will have completed
the lottery ter mina l tr aining
for more than 35.000 people in
the space of six weeks. The
training was was carried out at
more than 220 locations
Political gamble: John Major tries his luck in the National Lottery at a simp in south Wales
throughout the UK. usually at
hotels.
It was unable to begin train-
ing the targeted three staff
from each of the 10,000 or so
retailers - which can range
from petrol stations and inde-
pendent newsagents to' J.
Salisbury and Tesco' stores -
before September .19. -There
was no point in t raining people
before terminals were installed
or too far before that launch.
“I cannot conceive that any-
thing like it has happened
before, not in such a concen-
trated period," said Mr Tim
Holley, chief executive of Cam-
elot, who, like all the 500
Camelot staff, hqg taken the
three-and-a-half-hour course.
"All the Camelot staff are
going to be trained. I want
them to understand in respond-
ing to retailers exactly what is
involved," Mr Honey added.
Mr Stuart Kearns, Peritas
manager of the Camelot train-
ing project, looked at lotteries
in other parts of the world
before designing the pro-
gramme. One key thing to
avoid was what happened in
the Texas lottery where 28 per
cent of those supposed to come
for tr aining were “no shows”.
This lead to the decision to
have such a large number of
venues around the country so
that no one should have to
travel for more than half an
hour to get there.
The course covered every-
thing from an introduction to
the lottery and the five “good
causes" which will benefit -
possibly to the extent of £9 bn
over seven years - to how to
operate the lottery terminals.
There was also a quiz at the
end to check knowledge.
"If people really haven't
coped, we take steps to ensure
that they really will be all
right," Mr Holley said.
The training contract will
represent a multi-million
pound deal for Peritas by the
time the full complement of
more than 40,000 retailers have
been trained by the end of
1996.
After the November 19
launch there will be a pause to
draw breath before the pro-
gramme Of installing on- line
lottery terminals rolls on.
There will be another pause in
the spring when scratch cards
will be launched in addition to
the multi-million jackpot draw.
As the final countdown gets
under way there was encourag-
ing market research for Came-
lot Thirty per cent of people
said they would play the
National Lottery every week
»mi as many as 80 per cent
said they would buy tickets
occasionally.
Virgin
drink
risks
holy row
By Raymond Snoddy
Mr Richard Branson provoked
a potential holy row yesterday
by announcing in the
Staunchly Roman Catholic
Irish Republic that he planned
to launch a drink next year
called Virgin Mary.
The tomato and Tabasco
mixer is intended to go with
Virgin Vodka, due in the shops
in three weeks, and is pan of
the continuing programme of
launching drinks to go along-
side Virgin Cola.
Mr Branson expressed sur-
prise that using the Virgin
name to sell a Virgin Mar}’
drink might be controversial
“It never occurred to me.” he
said. “A Virgin Mary is what
you call a tomato and Tabasco
drink I drink it all the time.
He added: "If we are going to
offend people, we will obvi-
ously think twice."
In interviews at the Commer-
cial Radio Convention in Dub-
lin. Mr Branson also gave a
progress report on Virgin Cola.
He said there were firm sales
already of 30m cans, with 94m
going to the Tesco supermar-
ket group. Mr Branson said
that at a retail price of 25p he
expected a 50 per cent market
share In Tesco stores before
Christmas.
The Iceland foodstore chain,
he said, would replace Pepsi
with Virgin Cola and was
likely to give the new brand
greater prominence than Coca-
Cola. Next week Virgin will
also announce a cola deal with
a 1.800-strong off-licence chain
which Mr Branson declined to
name. "By the end of Novem-
ber we will be in 3.500 stores,"
he said.
The Virgin chief added that
he planned to launch a range
of soft drinks under the Virgin
name, including Virgin Water,
orange juice and lemonade.
"The range of drinks that Coke
sells we will be selling.” he
said.
Mr Branson conceded that
the Virgin nam e had been con-
sidered, and rapidly dropped,
for two other company ven-
tures: Mates condoms and a
model agency.
Conservative MPs put on
a brave face over ‘sleaze’
By Kevin Brown,
Political Correspondent
Conservative MPs escaped to
their constituencies from the
hothouse of Westminster yes-
terday hoping desperately that
the steady drip of “sleaze” alle-
gations against the govern-
ment has been staunched.
Publicly, they were putting
on a brave face, arguing that
with 2 Vi years to go before
the next general election,
the government has plenty of
time to recover its lost popular-
ity.
Many offered a parallel with
the Westland affair in 198386,
which came close to bringing
down the government, but was
followed by Baroness Thatch-
er’s overwhelming victory in
the 1387 general election.
MPs from both sides of the
party dismissed most of the
allegations as either trivial or
unfounded, but there were
sharp differences on Mr John
Major’s handling of the affair.
Most mainstream MPs
believe the prime minister
coped reasonably well in trying
circumstances. Many were
pleased by his fighting perfor-
mance at prime minister’s
question time on Thursday,
when he angrily dismissed
Labour probing.
But right-wingers were
largely dismissive, claiming
that the prime minister had
displayed weakness end disloy-
alty, especially to Mr Neil
Hamilton, the corporate affairs
minister who resigned earlier
this week
"The problem is that his
decision to sack Neil, even
thoug h the allegations against
him were unfounded, has left
every minister open to chal-
lenge. We just don’t know
who’s next," said one.
The right was also angry
with newspaper reporting of
the events of the week claim-
ing that trivial and unsubstan-
tiated allegations had been
unfairly exploited to embarrass
ministers.
Tve been told that newspa-
pers have four more names
which are going to be released
at the rate of one a month." a
senior rightwing backbencher
riflimod confidentially.
Conspiracy fantasies aside,
the party has clearly been
deeply wounded by the contro-
versy. “It is devastating us," a
senior member of the 1922 com-
mittee of backbenchers admit-
ted.
“We are just hoping it will go
away. But the real danger is
that there will be more [allega-
tions]. If that happens we are
in real trouble," he said.
Another backbencher,
fiercely loyal to the prime min-
ister, argued be bad laid
the groundwork for a govern-
ment flghtback by setting up
the standing committee on
public standards, to be chaired
by Lord Nolan.
But she admitted: "All this is
hurting us a lot It has lowered
our morale. We were already
unpopular because of the
recession; now people think we
are crooked as well as incom-
petent"
In a sign of the times, depart-
ing MPs of all parties rushed to
comply with Commons rules
that payments and overseas
visits must he entered in the
Commons register of interests
within four weeks.
Scrutiny of the register
revealed a number of over-
sights by MPS on both sides,
notably Mr Bernie Grant,
Labour MP for Tottenham,
who added seven free or subsi-
dised overseas trips to his pre-
vious declaration.
“It’s crazy really,” said one
MP. “Many of these things are
pretty minor, and this is the
first chance most people have
had to register things since the
summer break But in the cur-
rent climate everyone has to he
squeaky dean."
Nolan
committee
to meet
next week
By James Bfltz
The committee headed by Lord
Nolan set up to examine stan-
dards of conduct in public life
is to hold its first meeting next
week
This underlines the speed
with which the prime minister
wishes to calm concerns of
sleaze hanging over his gov-
ernment
Lord Nolan has told White-
hall officials that he wants to
hold most of the committee’s
hearings in public. But he has
also given an assurance that
he will abide by the remit set
by Mr John Major, and will
avoid investigating specific
allegations of impropriety
against Tory MPs.
The committee’s members
include Sir Martin Jacomb,
chairman of the British Coun-
cil, Sir Clifford Boulton, the
former clerk of the Commons,
and Dame Anne Warburton,
former president of Lucy Cav-
endish College, Cambridge.
One member said the task of
granrining whether standards
of conduct for public servants
should be tightened would be
hard to achieve.
Inquiry into tunnel collapse delayed
By Charles Batchelor,
Transport Correspondent
Ah Investigation into the cause
of the collapse of a railway
tunnel under construction at
London’s Heathrow airport
could take longer than origi-
nally expected, BAA, the air-
port operator said yesterday.
News of the delay followed
an announcement by the
Health and Safety Executive
late on Thursday that it would
carry out its own investigation
of the collapse. It plans to pub-
lish its findings.
The problems at Heathrow
started a week ago when earth
began slipping into a tunnel
being excavated using a tech-
nique known as the new Aus-
trian tiinwftiHtig method. The
tunnel forms part of the £300m
-Heathrow express rail link to
Paddington station in London.
BAA said it would take until
the end of next week at the
earliest before its own inquiry
produced any conclusions.
Work on the collapse site, near
the terminal three car park,
will remain suspended as will
tunnelling using the same
method at two sites on the
Jubilee Line extension of the
London Underground.
The Health and Safety Exec-
utive’s investigation will ini-
tially look at whether the
Heathrow failure was specific
to the site and then go on to
consider whether there are any
broader implications for this
method of tunnelling. It will
compare the safety of this tech-
nique with that of more con-
ventional methods.
The Austrian method dis-
penses with a boring machine
and uses an excavator to cre-
ate a tunnel with the walls
being temporarily reinforced
with wire mesh and concrete.
It has been used worldwide for
more than 40 years and is
normally employed to provide
short-term support before the
construction of the final
lining
There is no evidence that,
once the work is finished,
there is any difference between
the safety and integrity of
tunnels built in this way and
those using more conventional
techniques, the executive
said.
A hranri being built by this
method in Munich collapsed
during thp. construction phase
earlier this year. But the
ground conditions were so dif-
ferent that there was no reason
to halt work in London, it
added.
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FINANCIAL TIMES WEEKEND
OCTOBER 29/OCTOBER 30 1994
★
FINANCIAL TIMES
Number One Southwark Bridge, London SE1 9HL
Tel: 071-S73 3000 Tele* 9221S6 Fax: 071-407 5700
Saturday October 29 1994
Greenspan
in China
Mr Jiang Zemin, the Chinese
president, had plenty to learn this
week &om the visiting chairman
of the Federal Reserve, Ah' Alan
Greenspan. But one lesson of the
market applies as much to recent
experience in the US as it does to
China. Capitalism can allow a
large economy to grow fester, but
it will rarely allow deep structural
weaknesses to go un exposed.
One thing Mr Greenspan shares
with his hosts is a penchant for
gradualism or. as they say in Bei-
jing. "crossing the river by feeling
the stones”. For China, this has
meant 15 years of incremental
reforms. For Mr Greenspan, it has
meant a career as Federal Reserve
chairman in which the interest
rate on federal funds has never
changed by more than half a per-
centage point at a time.
Since February, he has applied
this strategy to slowing growth in
the US, just as he did to reviving
it during the recession. A series of
five rate rises has left the interest
rate at 4.75 per cent, 1% percent-
age points higher than it was at
the start of the year.
One does not have to have a
communist's scepticism of mar-
kets to favour incrementalism.
Monetary policy is a more estab-
lished art in the US than it is in
China, but the precise effect of a
given change, not to mention the
lag with which it will operate, are
uncertain nonetheless. Mr Green-
span would like a soft landing for
the economy and considers a gen-
tle tightening of monetary policy
to be more consistent with this
goal than a more dramatic correc-
tion.
The trouble with gradualism, as
the Chinese have discovered, is
that economies do not always play
by the rules. Data released yester-
day showed US real GDP growing
at a rate of 3.4 per cent in the
third quarter of 1994. This is down
on the previous quarter's 4.1 per
cent rise, but is still significantly
higher than the 2.5 per cent that
Mr Greenspan thinks consistent
with stable prices.
High yield
Over the past few decades, the
real rate on federal funds has
averaged 2 per cent, a little more
than its current level. Investors
fear that this is altogether too
relaxed for an economy half-way
through its fourth year of recov-
ery. That anxiety continues to
translate into rising long-term
interest rates. The yield on
long-term US treasury bonds is
now over 8 per cent, its highest
level since May 1992.
Are these concerns justified? It
is in the nature of monetary policy
that no one will know whether Mr
Greenspan is making a mistake
until it is too late to correct it The
evidence suggests several develop-
ments that could fuel inflation,
but only anecdotal evidence that
they are yet doing so.
In the past commodity prices,
high rates of industrial capacity
utilisation, tight labour markets
and a falling dollar have individu-
ally proved capable of triggering
inflation. In 1994, US producers
have had all four to deal with. The
fear is that that sooner, rather
than later, they will raise prices to
compensate.
Subdued picture
It has not happened yet The
latest price data showed a sub-
dued picture. Consumer prices
rose at an annual rate of 23 per
cent in September, and the equiva-
lent figure for producer prices was
only 1.9 per cent The labour mar-
ket evidence is similarly ambigu-
ous. Hiring, especially in the ser-
vice sector, continues apace. But
so far there is little sign that
wages are starting to rise in step.
Indeed, on Wednesday the labour
department revealed that worker
compensation rose 33 per cent in
the year to September, the lowest
year-on-year increase since the
series began in 1981.
Mr Greenspan may wish to pon-
der the data further before
announcing another rate rise. The
political climate in the run-up to
the November election Is unusu-
ally mean this year. The Fed
chairman would rather not be the
butt of the administration's frus-
tration at widely expected Demo-
cratic losses.
The trouble is that international
investors see things more starkly
than Mr Greenspan and, unlik e
him, they are not in a mood to be
accommodating. Without an un-
Greenspan-like rise in interest
rates - perhaps even with such an
increase - the markets' doubts are
likely to keep the dollar heading
down, and bond yields beading up.
Investors may find fault with Mr
Greenspan’s self-restraint over
interest rate rises. But they are
also exacting a penalty for the
thing s about the US which even a
more aggressive central banker
could do little to alter. The US had
a S203bn federal deficit in fiscal
year 1994, and low savings to com-
pensate for that built-in profli-
gacy. The result is a current
account deficit which can only be
funded by persuading domestic
and foreign investors to buy
American assets. Neither category
sees many reasons for doing so.
The US economy, unlike most
other industrial countries, is
reaching the peak of the current
cycle. From now on the economic
news is likely to bring disappoint-
ment to the US people and to Mr
Clinton. The argument between
Mr Greenspan and the markets is
only over how much disappoint-
ment and how fast it will come.
T he battle for VSEL is a
game theory problem.
"As long as the yard
remained independent
both British Aerospace
and GEC were happy. But once one
of them tried to buy the yard, the
other had to follow, because who-
ever owns VSEL has the prime posi-
tion in the British naval defence
industry. There is only one bid con-
tract going for the Royal Navy in
the next 10 years and that is for five
Trafalgar submarines worth £2^bn.
Whoever owns VSEL will win that
contract"
One defence executive’s view of
the tug-of-love battle which has
developed for the Barrow-based sub-
marine maker between Britain's
two defence giants.
It is a view which is supported by
the history. Both British Aerospace
and GEC have been sniffing around
VSEL for almost a year.
BAe almost bid for the company
at the time it sold Rover In Febru-
ary, but decided not to confuse the
two issues. John Cahill. BAe's
chairman, thpn stood down and was
replaced by Bob Bauman. It took
the board several months to
rehearse the issues once more
before deciding to renew takeover
talks in August. Once BAe’s half-
year financial results were declared
in mid-September, the way was
open for a bid.
GE C me anwhile had crawled all
over VSEL’s accounts in May, but
had decided not to bid. It viewed the
company as too expensive to buy.
and provided BAe did not bid, GEC
was happy.
Once BAe struck, however, the
rules of the game changed. GEC
could no longer assume that it
stood a decent chance of winning
the Trafalgar submarine order with-
out owning VSEL. GEC immedi-
ately demanded access to the docu-
ments BAe had seen in its talks, as
it is entitled to do under the take-
over rules.
After two weeks poring over
them. GEC launched a £14 a share
cash bid first thing yesterday morn-
ing - against BAe’s all-share offer
worth £13 a share on Thursday
night - and bought 14 per cent of
VSEL’s shares in the market The
phoney war for VSEL was over, and
the real fight was on.
Yet while the future of the £23bn
Trafalgar contract was the spark
which ignited the war, there is
plenty of powder beneath it At its
heart is the future of the entire Brit-
ish defence industry.
Lord Weinstock, GEC’s managing
director, has long harboured an
ambition to merge BAe’s defence
interests with GEC: an ambition
that has grown with the decline in
d efe nc e spending since the end of
the cold war.
As BAe has recovered from the
disasters which struck it in the
early 1990s, however, it has become
less enthusiastic about a merger
with GEC.
One executive says: "All the expe-
rience suggests that the stronger
BAe gets, the less likely it is to deal
with GEC."
If BAe had bought VSEL unhin-
dered, it would have strengthened
its finances, as well as securing its
position as the unchallenged
defence prime contractor in the UK
Improved finances would have
given BAe the financial headroom
to rationalise its civil aircraft divi-
sion - its one remaining running
sore.
Talks are well advanced on a deal
which could solve BAe’s commer-
cial aircraft problems through
merging BAe's turboprop aircraft
business with the Franco-Italian
group ATR. BAe could still do such
a deal if it failed to buy VSEL, but It
Bernard Gray examines the implications
for the UK defence industry of GEC’s
tussle with British Aerospace for VSEL
Tug-of-love
over shipyard
The battle for VSEL
would be much more of a financ ial
struggle.
Concerns about the size of BAe’s
civil aircraft liabilities have pre-
vented GEC from making a hostile
bid for the company. GECs tactics
have been to encourage talks about
a friendly merger of the low-risk
defence operation, leaving BAe to
handle its civil problems.
By counter-attacking against
BAe's bid for VSEL. Lord Weinstock
hits two objectives at once; if he
wins he effectively ties up the
Trafalgar order, and leaves BAe
weaker and therefore more pliable.
However, the strategy could back-
fire. The BAe board recognises that
there would be some benefits from a
link to GEC; there were abortive
talks between the two companies on
the subject last year. The directors’
preferred strategy', however, is to
deepen their ties to European aero-
Competition conundrum
W hen specnlation
started over whether
there would be a bid
battle for VSEL, a
senior Ministry of Defence official
was asked what his attitude would
be to offers from BAe and GEC. “I
don’t think that we would have any
problem with BAe buying the com-
pany,” he said. “It would be good
for competition. It would give us
two strong competitors each own-
ing warship yards.” When GEC was
mentioned, however, he shook his
head: “I don’t think it’s on.”
A month is a long time in Minis-
try of Defence policy planning. In
the two wee ks si nce it registered an
interest in VSEL, GEC has mounted
an effective campaign in Whitehall
to make its bid acceptable. Mr Mal-
colm Rifldnd, defence secretary,
yesterday made the first move in
clearing the way for the GEC bid
by saying that the government
wonld not use its "golden share” -
its right to prevent any company
owning more than 15 per cent of
VSEL shares - to block GEC’s bid.
The issue will now pass to the
Office of Fair Trading. Sir Brian
Carsberg, OFT director-general,
must decide whether GEC’s owner-
ship of the two largest warship
yards in the UK Yarrow on the
Clyde and Barrow In Cambria,
would present competition worries.
In practice, the ministry will deter-
mine the issue since ft is the only
UK customer and its submission to
the OFT will be decisive.
BAe’s argument is that if it takes
over VSEL, there would be two
competitive UK yards able to bid
for naval work, each owned by dif-
ferent companies. “There are no
competition issues in our bid and
we expect it to be cleared,” said Mr
Dick Evans, BAe’s chief executive
yesterday. "But GECs bid raises
competition issues and I would
expect it to be blocked. It runs
counter to the MoD’s policy."
GEC's case is that in practice
competition difficulties do not
arise. Trafalgar submarines, for
instance, could only be built at Bar-
row, so whoever owns that yard
will secure the contract even if the
MoD Invites bids for the work. The
only other contracts available are
for the last batch of Type-23 frig-
ates. for which the prices are well
defined. Only after 2000 wonld
there be a potential problem over
the next generation frigate called
Horizon; as an Anglo-French joint
project, there wonld be potential
competition from French yards.
Whatever the merits of the two
views, the VSEL bids highlight
areas of uncertainty over MoD com-
petition policy. The UK accepts a
single manufacturer of aircraft
because costs are prohibitive. But
it is far from clear that costs are a
problem in warship yards.
“The real issue is, why should we
reduce competition before we have
to?" said a defence executive yes-
terday. “If the MoD allows a
monopoly in shipbuilding, it has a
lot of explaining to do about how
this fits Its policy of competition.”
soacc companies, something which
would be more difficult if Dassault
or Aerospatiale were bad wft a
GEC BAe combination.
VlCA-’- . „ .
But GEC’s aggressive tactics over
VSEL risk alienating some BAe
board members who might have
supported a merger. "I boffin to
wonder whether you can do busi-
ness with Lord Weinstock,” says
one BAe board member. “Every-
thing seems to be on his terms or
not at all." .
Lord Weinstock s personality is
important in another way. In July
GEC announced that the company
had asked Lord Weinstock to stay
on for two years past the normal
director's retirement date, until he
is 72. The assumption Is that his
successor will be chosen before July
1996. That gives Lord Weinstock a
very short time in which to realise
his’ ambition of consolidating the
UK defence industry. Hence per-
haps his insistence on moving on
VSEL now: if BAe secures the yard
it may put the company out of hut
reach in the short term.
The VSEL bid is a lower risk
strategy than an aggressive bid for
all of BAe. "The fear for Lord Wein-
stock must be that the liabilities at
BAe are bigger than he imagines.'’
says one City observer. "If he
mounted an aggressive bid which
went wrong, the deal which was
supposed to be his crowning
achievement could end up as the
huge blot at the very end of his
copybook.”
B ut the £14 a share offer
is curiously' pitched. It is
not the knockout blow
of over £15 which BAe
could not hope to
match, nor is it a nominal bid of
£13.50 in line with the BAe offer. “U
may be that Lord Weinstock is exer-
cising his usual caution and offer-
ing the minimum he thinks neces-
sary' to win.” muses one defence
executive, "but I think this suggests
that GEC has not secured all of the
competition clearances it needs
from the ministry of defence. For
that reason he has mounted a rea-
sonable but not decisive attack,
from which he could withdraw."
Because GEC's financial position
is so much stronger than BAe’s,
GEC would win in a straight finan-
cial fight. BAe thus has to rely on
arguments about competition in the
defence industry to stop GEC. BAe
has no shipyard and thus has little
worry on competition grounds, but
GEC owns Yarrow on the Clyde, the
only other large warship yard left in
the UK.
The Office of Fair Trading will
debate the competition concerns,
though In practice, since the MoD Is
the only buyer, its submissions to
the OFT will decide the issue. If the
MoD does not want GEC to own
Barrow, the deal will be blocked; if
it is happy, the deal will go
ahead.
‘1 detect a slippage in the MoD's
robust position on competition"
said one executive close to the
deals. “Three weeks ago the MoD
was very opposed to both yards
being owned by GEC. now it is
equivocal There is a danger that
competition policy in defence pro-
curement is being made on the hoof
here. With the situation in the
global defence industry evolving
rapidly, that must be a bad thing.
We need a proper review of what
UK policy is and how the European
industry can be rationalised effec-
tively. As of now, none of us knows
where we stand."
Man IN THE NEWS: Ryutaro Hashimoto
Political fighter
feels the heat
M r Ryutaro Hashimoto,
the chain-smoking eco-
nomic brain of the Jap-
anese government, and
potential future prime minister,
played with fire this week but did
not even bum bis fingers.
To the surprise of many, he got
away with making a tactless
remark about Japan's role in the
second world war, despite arousing
the criticism of China - to which
Japan usually kowtows - and both
Koreas. Two less senior cabinet
ministers were sacked this year for
making similar wartime gaffes.
The survival of Mr Hashimoto,
minis ter of international trade and
industry and a leading member of
the ruling Liberal Democratic par-
ty's right wing, reflects Japan's
commitmen t to finding a more dis-
tinct voice in Asia, and the outcome
of a power struggle within the LDP.
Mr Hashimoto’s diplomatic mis-
deed was to say that it was a matter
of “delicate definition” whether
Japan committed aggression
against Asian nations. He could
hardly have given a different reply
to a mischievously posed opposition
party question in a televised debate,
supposed to be about tax reform.
Yet the ensuing blast from
Japan's neighbours and from senior
members of the Social Democratic
party, one of the three partners of
the ruling coalition, made it look,
for a moment, as if this martial arts
expert was heading for a quick
political death.
That was until Mr Tomiichi
Murayama, Japan's Socialist prime
minister, gave his support to his
right-wing colleague.
It was a notable gesture, given Mr
Murayama’s profound pacifism and
Asian sympathies and the fact that
the leaders of the other two parties
in the coalition - Mr Yohei Kano of
the LDP and Mr Masayoshi Take-
mura of the New Harbinger Party -
do not share Mr Hashimoto's ambiv-
alent feelings about the war. They
feel it was a war of aggression, for
which clear apologies are in order.
Yesterday, South Korea issued an
even more notable statement, to the
elfect that it did not plan to make
an issue out of Mr Hashimoto's
gaffe, and China toned down its
criticism.
A relieved Mr Hashimoto duly
expressed regret and sadness, and
the affair seemed to have been
brought to a close.
There is a simple reason why
such a storm blew itself out so
quickly. China and South Korea
realised it was against their inter-
ests to press Japan too hard on Mr
Hashimoto and risk destabilising
the sensitively balanced coalition.
Mr Murayama knows that his
cabinet cannot survive without Mr
Hashimoto, the aggressive lead
trade negotiator with the US and
one of the few cabinet members
with broad economic policy experi-
ence, as a former finance minister.
The two earlier errant ministers
were disposable, holding humble
environment and justice portfolios.
But Mr Hashimoto’s survival also
seems Indicative of a growth in Jap-
anese confidence about its relations
with its Asian neighbours, such
that it has been willing to allow the
controversy to play Itself out
Aspiring LDP leaders tradition-
ally had to pay public respect to the
families of the war dead: an influen-
tial, if declining, part of the elector-
ate. The acceptability of, and need
for, this reverance persisted in
Japan due to the lack of the kind of
universal remorse for the country’s
wartime past seen in Germany,
Mr Hashimoto. chair-map of the
bereaved war families’ association.
a right-wing LDP group, clearly has
his roots in such traditional sympa-
thies. Much to Mr Murayama’s dis-
comfort Mr Hashimoto still leads
an annual visit by LDP politicians
to Tokyo’s Yasukuni shrine, where
the war dead are honoured.
He stands for a minority that
feels uncomfortable over the ful-
some apologies for Japan’s wartime
record offered over the past year by
two former prime ministers and by
Mr Kono, the dove-ish LDP foreign
minister, who happens to be Mr
Hashimoto’s bitter rival.
Allowing Mr Hashimoto his frank-
ness about the war is only the latest
example of Japan exploring the lim-
its of an independent policy in Asia.
Japan has also been standing up
to China - as was clear last week
when Mr Hashimoto met his Tai-
wanese counterpart, in defiance of
Chinese objections, in the first offi-
cial ministerial meeting between
Japan and Taiwan since Tokyo
ceased diplomatic recognition of
Taiwan 22 years ago.
Mr Hashimoto is a member of a
pro-Taiwan LDP group dedicated to
retaining ties with Taiwan, a Japa-
nese colony for 50 years until 1945.
The Influence of this group was also
instrumental in the admission of
senior Taiwanese to the recent
Asian games in Hiroshima - a deci-
sion that caused another row
between China and Japan.
The other side of Japan's search
for Its own voice in Asia is its pro-
motion of Asian interests. It Is
playing a growing part In the Asia
Pacific Economic Co-operation
forum, and has announced its sup-
port for Mr Kim Chul-su, the South
Korean trade, industry and energy
minister, in the race to head the
new World Trade Organisation.
Mr Hashimoto now looks set to
play a greater role in such policies.
The balance of power in the LDP
moved in his favour last month,
when Mr Hashimoto’s political
patron, Mr Noboru Takeshita, the
disgraced former prime minister,
rejoined the LDP's parliamentary
group after a year in the shadows
as an Independent.
But does Mr Hashimoto have
what it takes to get all the way to
the top? Mr Kakuei Tanaka, a for-
mer LDP prime minister, believes
the main qualification for leading a
Japanese government is to have few
enemies. Here, by all accounts, Mr
Hashimoto's renowned arrogance
may tell against him.
Aides recall how he exploded with
rage at the July Group of Seven
summit of leading Industrial states
in Naples, when the foreign minis-
try failed to tell his ministry about
a letter from US president Bill Clin-
ton.
On the other hand. Mr Hashimoto
did take the trouble to give Mr
Murayama, a novice at the G7 and a
former political enemy, a private
briefing on how to handle Mr Clin-
ton. When Mr Murayama returned
the compliment by supporting him
this week, Mr Hashimoto must have
rejoiced in the one important
enemy he has managed to win over.
William Dawkins
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A convergence of cultures
Andrew Fisher and Norma Cohen
on Deutsche Bank’s merger plans
/
Joint manoeuvres: the Integrated investment banking businesses or Deutsche Bank and Morgan Grenfell will be
governed by a board including (from left) Ronaldo Schmitz, Rolf Brener, Michael Dobson and John Craven
D eutsche Bank, Ger-
many’s leading commer-
cial bank, has decided to
show the banking world
a more aggressive lace.
Few people in the financial world
have doubted its muscle - it is a
triple-A rated bank with assets of
more than DM570bn (£232bn). But
many have questioned whether the
bank was prepared to use its
strength to the utmost to carve out
more business at home and abroad.
Yesterday, Deutsche Bank served
notice that it intended to become a
more powerful force in investment
banking worldwide by putting all
its business in this competitive,
test-growing sector in London. This
comes five years after it paid a gen-
erous £950m for Morgan Grenfell,
the UK merchant bank that forms a
key part of this strategy.
At the same time, the bank is
acting in its domestic banking mar-
ket to eliminate regional branch
management layers, speed up deci-
sion-making and get closer to its
German, customers.
What the hank is trying to do is
maintop the benefits of its univer-
sal banking structure - combining
the whole range of banking services
under one corporate roof - while
also moving deeper into the less
familiar territory of investment
b anking which specialises in the
business of raising capital for com-
panies and governments.
If it is to succeed, the bank will
have to meld two very different cul-
tures. "How a 175-year-old English
institution operates is very different
from a how a universal German
bank operates, ” says Mr John Cra-
ven, chairman of Morgan Grenfell.
Germany's universal banking tra-
dition is nurtured on tong relation-
ships with corporate loan customers
and reliable, risk-averse private sav-
ers, who put most of their money
into fixed-interest deposits.
Investment banking does not
come easy to German bankers: Ger-
man investors prefer bonds to
shares, and much of the country's
share capital is owned by banks and
other companies. Innovations such
as derivatives, though now com-
monplace, caught on slowly.
Yet if the tank is to become the
world financial force that Mr Hil-
mar Kopper, its chai rman, feels is
justified by Its size and strength, it
wifi have to maka the effort.
"The bank has still not really
punched its weight on the interna-
tional scene,” says Mr Bryan Cros-
sley. European banking analyst at
Hoare Govett, the securities firm.
"This is a step towards doing so.”
Mr Kopper makes no secret of the
fact that one reason for the Morgan
Grenfell purchase was to learn from
the innovative, freewheeling Anglo-
Saxon way of doing business. Ger-
many's consensus-minded approach
leads to consistency and quality.
But it can be a handicap in rapidly
evolving financial marke ts and new
technology-based industries.
Even so, Deutsche Bank is not
proceeding with speed. The Invest-
ment banking businesses of Deut-
sche and Morgan Grenfell will be
integrated "over time" and changes
to the organisational structures will
be “evolutionary".
Mr Ronaldo Schmitz, the Deut-
sche Bank board member who will
head its new investment banking
board, said yesterday: "What we are
doing now is to start the process
that will lead to the-merger of the
investment banking activities of
Deutsche Bank and Morgan Gren-
fefi. There is no new legal entity as
yet, but it will happen."
He hoped the merger would also
provide valuable feedback to the
non-investment banking operations
of Deutsche Bank. “We hope it wifi
give Deutsche Bank another culture
and help to speed up the other
fhtng a we are doing.”
The consensus approach to busi-
ness has not been abandoned
entirely. But "Deutsche Bank Ls
continuing to move on and we don’t
want to lose time" he adds.
So why has it taken five years to
start the integration of the two
sides' investment banking activi-
ties? When Deutsche Bank acquired
Morgan Grenfell in 1988, it was keen
not to submerge the merchant
bank’s identity and demotivate its
employees. A 40-page mpirmranriirm
of understanding spelt out the oper-
ating agreement between th«nv
With this history in mind, it is
understandable that a move to inte-
grate the investment banking
operations has taken years to
evolve. "We're not putting factories
together, but people, ” says Mr
Schmitz. "We have to look after the
whole thing as gently as handling a
raw egg.” Even after mulling over
the move for five years, the terms of
the merger suggest both parties
remain ambivalent about integra-
tion.
The new investment banking
operation will not carry the nam e of
both organisations, but there is no
agreement on what the name will
be. Deutsche Bank has not commit-
ted any specific amount of addi-
tional capital to the operation,
which it will surely need.
Moreover, the expanded equities
operations in London will be admin-
istered by Deutsche Bank’s equities
team. However. Mr Craven says it is
likely the two firms will operate out
of the same premises.
According to Mr Michael Dobson,
Morgan Grenfell's chief executive
who will run the combined invest-
ment banking group, the main goal
of integrating the investment bank-
ing businesses is to build a UK and
international equities business
capable of raising capital and sell-
ing shares around the world.
Morgan Grenfell has concentrated
its UK business on corporate advi-
sory work, helping companies to
devise strategies for raising capital
and to complete mergers and acqui-
sitions. It also has strengths in
emerging markets, especially in
trading third world debt. But when
it conies to selling shares in the UK
and internationally, Morgan Gren-
fell lacks the research, trading and
sales teams necessary for it to
become a world-class force, having
abandoned these in 1988.
Mr Craven concedes its shortcom-
ings. "There is no significant UK
equity distribution and what we
have internationally is very frag-
mented,” he says.
Morgan Grenfell’s competitors
speculate the only way it will build
a UK distribution network wifi be to
buy a stockbroking firm. However.
Mr Craven says the group has "no
concrete plans for filling the gap” in
its UK distribution network.
The merged operation will be able
to draw on distribution capacity in
Germany, Australia, the Far East
and to a lesser degree, in the US
and on the Continent through sub-
sidiaries of Deutsche Bank and Mor-
gan GrenfelL However, these units
have operated independently of
each other, hindering Morgan Gren-
fell's ability to sell large blocks of
shares worldwide.
T he integrated model that
Deutsche Bank now says it
is prepared to follow has
been adopted by the most
successful investment bankers.
"Deutsche Bank is finding the Gold-
man Sachs es and the Morgan Stan-
leys of this world coming into their
own backyard.” says the head of
corporate finance at a rival.
US and UK banks have perfected
the integrated model that blends
the underwriting, research, sales
and trading functions with corpo-
rate advisory business.
“Morgan Grenfell's great strength
has always been its ability to iden-
tify clients who will do a lot of
business with it over the years,”
says one London-based corporate
financier. "And they have been very
good at executing deals. But this
move shows the value that Invest-
ment banks will have to place on
distribution."
The question, some of Morgan
Grenfell's competitors say, is
whether it has delayed the move to
integration too long.
Clive Cookson explains how miniaturisation is boosting computer power
The incredible
shrinking chips
1977 1990 1989 1998 I960 1992 1996 2000 2004 2008
megabit D-Rams, have a capac-
T he astonishing pace of
electronic miniaturi-
sation, which has
made possible the
information technology revolu-
tion of the past two decades, is
set to continue or even to
accelerate for the foreseeable
ftiture.
Transistors and other elec-
tronic components on today's
silicon chips are one-thou-
sandth the size of those in the
early 1970s, and semiconductor
researchers say the technology
is being developed to make
them thousands of times
smaller still early in the next
century. Since the capacity and
speed of computers increase as
their components shrink, the
outlook is for dramatic further
advances, with cars and
domestic appliances acquiring
the processing power of super-
computers.
“Many new applications will
emerge over the next 25 years
which no one has even thought
of now,” Professor Michael
Pepper, director of the Toshiba
Cambridge Research Centre, £
said this week, as he |
announced a breakthrough 2
which could keep the miniatur- jj
isation process going after cur- J
rent chip technology reaches
its fundamental physical lim-
its. "Think of all the changes
in computing and communica-
tions in the last 25 years, and
try to extrapolate those 25
years ahead.”
The centre, a collaboration
between the Japanese electron-
ics company and Cambridge
University, has developed a
process for making "quantum
effect integrated circuits”. The
components on these chips are
so small - no more than ID
atoms across or 100,000 times
thinner than a human hair -
that the electrons in them
behave both as particles and
waves, in accordance with the
somewhat bizarre predictions
of quantum theory. They are
making positive use of an
effect that will eventually limit
the miniaturisation of conven-
tional chips, because electrons
leak out of their circuits when
they become too small.
A q uantum chip, the size of a
fingernail, could contain
LOOObn memory cells or logic
gates, switching at l.OOObn
times a second. And it would
consume virtually no power -
a big advantage for portable
applications, compared with
today's battery-draining chips.
Most of the world's semicon-
ductor makers are experiment-
ing with quantum devices.
Toshiba says its great achieve-
ment is to find a way of mass-
producing them at reasonable
cost on integrated circuits, like
conventional chips. The pro-
cess ls based on a technique
for laying down single layers of
atoms with molecular beams.
Unfortunately, the q uantum
effects used by Toshiba are so
sensitive that the technology
works well only when cooled
in liquid helium to tempera-
tures dose to absolute zero. A
formidable technical effort will
be required to remove the need
for special cooling.
Researchers at NEC’s Tsu-
kuba laboratories in Japan are
developing a different type of
quantum device, the Surface
Tunnel Transistor, which
maVpg use of a more robust
effect that already operates at
room temperature. “We expect
to achieve an operational inte-
grated circuit in the laboratory
in 1997-98," says Roy Lang,
general manager of fundamen-
tal research at NEC.
Another Japanese c o mp a n y.
Hitachi, has made an experi-
mental “single electron mem-
ises
ory” - which actually uses
about 100 electrons to store a
hit of information - at its Cam-
bridge Laboratory in the UK
In the US, Texas Instru-
ments, AT&T, IBM and others
are making encouraging prog-
ress with quantum technology.
All concerned are convinced
that quantum devices will
eventually replace conven-
tional electronics. But there is
vigorous scientific debate over
which version of the technol-
ogy wifi turn out best in the
long run, and over the likely
timing of the transition.
L ang says: "Quantum
devices have to com-
pete very seriously
with present-day sili-
con technology. People pre-
dicted in the past that silicon
technology would reach its lim-
its much sooner and at much
lower performances than is
actually happening:”
The first memory chips
introduced by Intel of the US
at the beginning of the 1970s
held 1J)00 digital bits of Infor-
mation on circuits &5 microns
(millionths of a metre) wide.
The most powerful memory
chips on sale today, the 16-
lty of 18m bits and a linewidth
of 0.5 microns; the 64 Mbit gen-
eration, expected in 1996, will
go down to 0.35 microns.
The conventional technique
of optical lithography, which
uses ultraviolet light to write
circuitry, will probably con-
tinue to work well for the first
gigabit (ltm bit) chips in about
2004. But their 0.18 micron line-
width may be the lower limit,
says Andrew Norwood, a semi-
conductor analyst with Data-
quest, the electronics industry
consultancy. Below that, the
wavelength of ultraviolet light
will begin to produce unaccept-
ably fuzzy lines.
For the 4 Gbit generation,
forecast for 2008, manufactur-
ers are likely to turn to X-rays,
which can produce finer lines
with their shorter wave-
lengths. Earlier this month
four leading US electronics
groups - IBM, AT&T, Motorola
and Loral - announced a col-
laborative venture with federal
funding to develop X-ray
lithography for future chips.
Using X-rays and other new
lithography techniques, such
as electron beams, the semi-
conductor industry may be
able to push silicon chips
through several “gigabit" gen-
erations during the second
decade of the next century.
Indeed Toshiba’s Japanese
research centre has shown the
way this year by deigning an
experimental silicon transistor
just 0.04 microns wide, with
special features to prevent the
electrons leaking away
through q uant um effects. The
company says this could be
used to develop 100 Gbit mem-
ory chips.
But at some point conven-
tional silicon will reach its
technical limits. Whether new-
style quantum devices begin to
make si gnifican t inroads into
the semiconductor market
before then will depend not
only on fundamental techno-
logical factors but also on man-
ufacturing costs.
One of the clouds hanging
over the industry is the expo-
nential growth In the cost of
building new chip fabrication
plants or “fabs”. As conven-
tional chips have become more
complicated, the total price of
a fab has risen from $20m in
the mid-1970s to at least $lbn.
Mitsubishi of Japan estimates
that its total investment in
developing and manufacturing
the 1 Gbit generation of mem-
ory chips could reach Jl5bn -
more than for a new aircraft
According to Intel, the lead-
ing microprocessor manufac-
turer, conventional silicon may
reach an economic barrier to
miniaturisation when line-
widths fall below 0.18 microns,
because X-rays or electron
beams may be too expensive
for the Industry to install, even
on a collaborative basis.
At that point quantum chips
will be cheaper to manufac-
ture, their advocates say. Prof
Pepper concedes that the Tosh-
iba process is technically com-
plex, with several stages, but
he Insists tha t it “is highly
manufacturable”.
Another possibility is that ,
entirely new production tech-
niques - for example, using >
“scanning probe microscopes"
to manipulate indiv idual atoms
- will be developed to make
atomic-scale quantum devices
at reasonable cost
The best guestimate is that
quantum chips wifi reach the
market for specialis e d applica-
tions In about 10 years. They
might bec ome the main agents
of the information technology
revolution around 2015.
T he four miners
munching their sand-
wiches 900 metres
down Clipstone col-
liery in Nottinghamshire
seemed oblivious to their
frontline role in Britain's coal
revolution.
Until April 1993. they were
working in one of Europe's
deepest coalmines for British
Coal, the state-owned corpora-
tion. Since January, they have
been sweating in the same
dark tunnels for RJB Mining -
the mining company that is
the government's preferred
candidate to take over most of
the rest of British Coal’s deep
mines in Rn giami-
RJB has bid £900m for the
pits, at least 50 per cent more
than the next highest bidder.
The gap has raised questions
about RJB’s assessment of the
coal market and the compa-
ny's ability to cut operating
costs.
Many analysts assume that,
if RJB can make a profit from
the coal where British Coal
failed, it will be because of the
greater productivity It
squeezes from miners.
At Clipstone, RJB has man-
aged to double output per
man-shift, according to Chris
Daniels, colliery manager,
through a combination of
manpower savings and greater
use of multi-skilling under-
ground.
Bnt the men at the coalface,
such as Martin Mulligan -
who spent six months on the
dole between British Coal clos-
ing the pit and RJB reopening
it - have noticed little differ-
ence. “We’ve got exactly the
same team here, doing exactly
what we were doing in the old
days, and we get paid almost
the same too,” he says.
The differences between
what happens now and what
happened in the old days
become evident further from
the coal face. Daniels says
there have been big job cuts
on the surface. "There Is now
one man looking after the
baths, the lamp room, the
methane pump house and the
boiler room, where we used to
have five," he says. There are
now six people in management
grades, where there used to be
35.
With the zeal of the convert,
he also insists that the RJB
style of management is mak-
ing a big difference. "British
Coal was a very hierarchical
and slow-moving organisation
with detailed custom and prac-
tice built up over 50 years. By
Fuel
for
thought
David Goodhart
hears how pay
and conditions
are changing in
UK coalmines
Budge: not keen on bonuses
comparison RJB is incredibly
open and flexible,” he says.
The emphasis on the team
means there is no place for
union collective bargaining at
Clipstone or at the other mines
RJB will take over. But both
Daniels and his boss, Richard
Budge, Insist that unions are
still recognised for everything
short of pay bargaining.
On pay, Budge says he
wants to keep the existing
British Coal rates in most
areas, but be is not keen on
the expensive incentive
bonuses many miners receive.
At Clipstone, pay is not an
issue. It is a small pit with
only one face open and 250
men producing about 500,000
tonnes a year - compared with
700 producing about lm
tonnes under British Coal.
Sid Walker, the local official
of the Union of Democratic
Mineworkers who helped to
recruit most of the employees,
says there has been no deterio-
ration in safety standards or
in pay. He adds that he
hag not bad to deal with no
any grievance problems.
Nine hundred metres under-
ground Tony McPhee, a
mechanic, says that absentee-
ism has declined and the spirit
is good. But the government
gets no thanks from men like
him for handing over the
industry to RJB.
"We’ve now got the opportu-
nity to show the government
that they made a big mistake
in writing off our industry. If
RJB can do it then good for
them. Pm a socialist and I’ve
got no qualms about working
for {Richard Budge],” he says.
This is mnsic to Budge’s
ears. But Clipstone and the
other two pits he currently
operates nnder licence are
very different from the 15 deep
mines that RJB is negotiating
to buy from the government.
Many or all of these are
much larger at Daw Mill and
Welbeck in the Midlands, for
example, the combined weekly
output is 20 times Clipstone's.
Pay packets are also bigger,
thanks In part to the incentive
scheme, which lifts some min-
ers’ wages to £1,000 a week.
Another difference is that
most of the men at Clipstone
were hand-picked to start
work for a new company. They
had been made redundant by
British Coal and, with pay-
ments of £30, 000-plus in the
bank, were less worried about
small changes to their pay
arrangements.
At the 15 mines now under
discussion, RJB will have to
take over the existing work-
force nnder the roles of the
European Union's Acquired
Rights Directive - known as
Tnpe in Britain. This means
that British Coal's terms and
conditions, including pension
rights, have to be taken over
by RJB, unless it can persuade
miners to sign new contracts.
It also means that, if RJB
wants to make redundancies
among managers or surface
workers, it will have to pay
the current British Coal rate
of up to £27,000.
Without the co-operation of
miners at these pits, the scope
to cut operating costs could be
restricted. And with RJB hop-
ing to get rid of Incentive
bonuses, that co-operation
may be hard to win.
Mr Neal Greatrex, leader of
the UDM, says: "Budge thinks
that he has got all the aces up
his sleeve, bat he hasn’t. We
both want to save as much of
the industry as possible. Bnt I
don’t want it to be at the
expense of our wages.”
Issue is aromatics rather
than lead in petrol
From Mr Michael Pettman.
Sir, As a professional chemi-
cal engineer, but with no inter-
est In the refinery industry,
perhaps I could pnt an other
side to the "green fuels" story
(“MPs spark row over risk
from 'green' fuel”, October 26).
The presence of the carcino-
gen honwmo in petrol has no
relevence to whether the petrol
ls leaded or unleaded. Benzene
and other aromatics are added
to petrol by the refiners to
increase the octane value and
re ce nt surveys show that there
is very little difference in ben-
zene levels between leaded and
unleaded petrol in the UK and
Europe. Benzene levels are per-
mitted in Europe up to 5 per
c*»nt (by volume), but in refor-
mulated gasoline in the US the
limit is l per cent There is no
technical reason why Euro-
pean refiners could not meet
this level, by adding processes
like Isomerisation, alkylation
or a dding oxygenates such as
MTBE or TAME to petroL
It would seem a pity to con-
fuse the issue over unleade d
petrol, which has obvious envi-
ronmental advantages, when
what is required is a standard
for Europe to reduce benzene
to the US level or lower.
Michael Pettman,
3 Tomer Place, Bast Wittering,
Chichester, W Sussex PO208QT
and the digestives test
< Hex Morris.
h reference to David
■s article “Making a
dog’s dinner" (Octo-
iiscovered last Satur-
he pet food market is
pound for pound at
Tesco superstore the
brand of dog biscuit
is more expensive than diges-
tives. , . '
In tests my dog showed a
clear preference for digestives
- he found them easier to
dunk.
Alex Morris,
New Road.
Wonersh,
Surrey GU5 BSE
LETTERS TO THE EDITOR
Number One Southwark Bridge, London SE1 9HL
Fax 071 873 5938- Letters transmitted should be clearly typed and not hand written. Please set fax for finest resolution
Hindsight not best basis for
pensions compensation
> l) Some company schemes [ "best advice” different from
From Mr J L Roberts.
Sir, In considering the ques-
tion of compensation for
“wrong” advice in personal
pension purchases, the Securi-
ties and Investments Board
surely has a duty to those
insurance policyholders who
largely will foot the bill for
compensation (“The high cost
of bad advice”. October 26).
“Best advice" is given at a
particular moment in time and
requires a careful assessment
of present circumstances and
future prospects. It cannot,
however, require prescience. If,
years later, it appears that the
outcome fa poorer than if an
alternative course had been
taken, this in itself Is far short
of sufficient basis for conclud-
ing that the advice was not
“beat advice" at the time
given.
tn the late 1980s:
were (and still are) badly run,
with high costs and poor
investment performance.
• 2) Most schemes had no
guarantees of pension incre-
ments.
• 3) Many schem es had disad-
vantageous early retirement
conditions
• 4) Defined benefit schemes
were dependent upon increas-
ing employer contributions,
which in torn were dependent
upon continuing profitability.
• 5) Unit trusts, uniHsed pen-
sion funds and tha underlying
equities, despite October 1987,
had shown consistent
long-term growth patterns.
• ©Personal pensions offered
control, visibility and direct
investment into a booming UK
economy.
All this made the back-
ground to forming a view of
the one now being used with
the benefit of both hindsight
and subsequent legislation
improving company schemes'
benefits and accountability.
For compensation to be due.
It should be necessary to dem-
onstrate conclusively that the
original advice cannot have
been “best advice” in ail the
circumstances extant at the
time It was given.
I trust that the investiga-
tions will not sanction compen-
sation deemed to be due by
simplistic performance com-
parisons made with the benefit
of hindsight
J L Roberts,
John A Roberts & Co,
chartered accountants,
42 Sheffield Road,
Chesterfield,
Derbyshire $41 7LL
No respect
From Ms Lena Jabbour.
Sir, I was disappointed and
shocked to see the FT front
page picture depicting the
scene of the tragic bomb attack
in Tel Aviv which left 22 peo-
ple dead (“Israel firm on peace
despite blast". October 20). Is
this necessary? The picture
showing a body and severed
limbs reveals a total lack of
respect for the victims of such
a horrific attack. To see this
image must undoubtedly have
a devastating effect on the rela-
tives of those who died.
Do yon not agree that a more
subtle image could have been
used? A photograph should be
used to support or clarify the
text In this case, it could add
very little to the description of
the attack given in the article,
which was sufficient for FT
readers to imagine the horrors
of the scene for themselves.
Lena Jabbour,
9 Avenue des Celtes.
1040 Brussels, Belgium
Locking not a good step
From Mr James PicKthom.
Sir. Christopher Jackson’s
assertion (Letters, October 26)
that “Given adequate conver-
gence, the idea of irrevocable
locking of member currencies
at an earlier stage than domes-
tic use of the Ecu seems
increasingly attractive” is
wrong headed, for the follow-
ing reasons:
• The divergence of member
countries' inflation rates, tax
rates, and national debt is far
too great for convergence to be
realistic. Even if the member
nations manage their affairs
sufficiently well that the
(Eu)topia comes about, then
convergence will be natural
and formalities unnecessary.
• "Irrevocable locking" is tan-
tamount to the single cur-
rency. It would remove the
present ability of different
areas to devalue or revalue the
currencies continually and
automatically, thereby adjust-
ing factors of production and
maintaining the balance of
trade. The result of locking
will be additional depressed
areas and endemic unemploy-
ment, particularly In the areas
where such conditions already
exist. The Maastricht treaty
already allows for this by
creating "cohesion funds and
structural funds" for the rich
areas to patronise the poor
areas.
Your interview with Alex-
andre Lamfalussy. president of
the European Monetary Insti-
tute (“Single currency should
be delayed, says EU bank
chief', October 24) is a timely
reminder that the threat of
the single currency ls ever
present, even after the ERM
debacle.
James Plckthom,
24 Lime Sheet,
London EC3M 7HR
Simple environmental solution
From Mr Peter Stephens,
Sir. It seems timely to pro-
mote once again my solution to
unemployment and to the envi-
ronmental problems which are
caused by road traffic.
Bring back the sedan chair.
Peter Stephens,
62 Crammer Court,
London SW3
,Sr
* %
FINANCIAL TIMES
'*IOC TOBliR 30 1*W4
WEEK-END OCTOBtK
COMPANY NEWS: UK
US investor set to
Heron offer
publish
By Christopher Price
The takeover of Heron
International, the indebted
property group headed by Mr
Gerald Ronson, will move a
step closer early next week
when the full offer document
from HNV Acquisition, the US
investment group, is published
HNV. led by Mr Steven
Green, the US investor, made a
formal offer five weeks ago.
Since then it has been involved
in complex negotiations with
Heron's 82 creditor bankers,
owed more than Elba.
The US group, which
emerged as the Heron board's
preferred bidder last June, has
offered cash and share alterna-
tives to debt and bond holders
in its attempt to restructure
and recapitalise the group.
However, bondholders now
have to approve the offer. Last
May. 62 per cent of them voted
against accepting any further
delay In payments due from
Heron, which scuppered a
£l.4bn refinancing deal by the
banks and precipitated the
move to sell the company.
Yesterday, one rebel bond-
holder said: “Presumably noth-
ing has changed with the HNV
offer - the pricing Is such that
it gives bondholders no real
attraction in taking the cash or
the equity. We hope apathy
will rule and the offer falls."
Another bondholder voiced his
concern: “We would prefer
some sort of debt instrument
as an alternative," he said.
But Mr Basil Vashou, chair-
man of Vasilou & Company,
which speaks for a large num-
ber of non-bank bondholders,
yesterday voiced his support.
“People would be crazy to
reject this deal. It offers you
whatever you want, be it
equity, cash, or a combination.
No other offer would be able to
match these terms.’’
The original offer involved
£450 cash or 300 HNV shares
for every £1,000 of senior debt.
£60 or 40 shares for every
£1,000 of junior debt, and 750p
or five new shares per old
Heron share. Sources close to
Heron said the full offer docu-
ment contained few changes to
the initial offer. This includes
the retention of Mr Ronson and
bis management team, a move
which has caused consterna-
tion among some of the group's
creditors.
The HNV plan would trans-
form Heron's balance sheet,
turning a negative net worth of
£l72m as at March 31 into net
assets of about £200m. HNV,
which would control at least 51
per cent of Heron shares, also
intends to subscribe to a £17m
convertible debt issue, which it
can increase to £30m, to pro-
vide extra working capitaL
Other members of the HNV
consortium include Mr Rupert
Murdoch, the media magnate,
Mr Craig McCaw, founder of
McCaw Communications, the
US telecoms giant, and rela-
tives of Mr Michael Milken, the
former junk bond dealer.
Mr Green has said he intends
to turn Heron into a force in
the European property market
Trading buoyant says Rank
By Michael Ska pinker, Leisure
Industries Correspondent
The Rank Organisation said
yesterday there had been a
healthy rise in UK and US lei-
sure spending, resulting in
strong increases in the group's
turnover and operating profit
However, the shares fell
lOVip to 399p. Analysts said
there had been an expectation
that Rank’s trading update
would be even more positive.
Mr Peter Hiliiar, an analyst
at Barclays de Zoete Wedd,
said he had increased his fore-
cast of Rank's pre-tax profit
before exceptional items fro m
£33Sm to £354m. Pre-tax profits
In the year to October 31 1993
were £277m.
The group also said it was
changing its year end in 1995
from October 31 to December
31. The directors said the
change would bring the group
into line with most other
FT-SE 100 companies.
Rank said that turnover in
continuing operations rose 10
per cent in the period to end-
September, with operating
profit up 15 per cent. The film
and television businesses were
performing particularly well
The contribution from Rank
Xerox was up by more than a
third at the end of July before
restructuring costs. Rank’s
£62m share of restructuring
costs was charged against first
half profit and Rank said the
benefits had begun to be real-
ised in the second half.
Volumes from the video
duplication business were up
by almost 50 per cent, while
film laboratory volumes were
up 12 per cent on last year.
Gideon cinema admissions rose
4 per cent.
The holiday business showed
a small increase, with sales up
3 per cent on last year. Bingo
customers’ spending was up 6
per cent but admissions had
falipn by a similar amoun t
The performance of casinos
had improved, however, with
attendances up 3 per cent and
spending per head up 7 per
cent Profit at amusement cen-
tres was down.
Turnover at the Hard Rock
cafes grew 7 per cent in the
second halt Spending per head
at UK nightclubs was up 5 per
cent and margins rose 3 per-
centage points. Resorts in the
US. however, had a difficult
year.
Chrysalis in Dutch TV deal
By David Blackwell
Chrysalis, the media and music
group which has been building
up its visual entertainment
division, is to buy 49 per cent
of a Dutch television produc-
tion company.
The deal, agreed in the early
hours of yesterday morning,
marks Chrysalis' first venture
outside the UK.
The target is IDTV Holdings,
an Amsterdam-based company
that has the rights to several
popular European game shows,
including Lingo and Boggle.
Chrysalis will pay an initial
cash consideration of £3.79m,
followed by instalments of up
to £l.74m a year for the next
four years, depending on
JDTVs profits.
Further payments could be
made under a share option
scheme designed as an incen-
tive for the TV company’s
managpment ..
IDTV made profits of FI 4.2m
(£l-5m) pre-tax in 1993 on sales
of F135^m.
Put and call options exercis-
able from 1999 could lead to
Chrysalis acquiring the rest of
the shares at a price based on
©TVs profits. The maximum
total consideration for the
entire share capital is capped
at about £18m.
Mr Chris Wright, Chrysalis
chairman, said yesterday that
serious negotiations had
started last April after the
merger of two other indepen-
dent Dutch TV producers into
a group called EndemoL Since
then Endemol had decided to
start its own TV station, which
would soak up most of its own
production.
“It’s a very good deal,’’ he
said yesterday. “The way
things have worked out It's
even better than what we
anticipated when we start-
ed.”
Mr Harry de Winter, the
principal owner of IDTV, is
selling because he felt vulnera-
ble after the Endemol merger,
and he saw a link with Chrysa-
lis as a good strategic alliance.
The Dutch television market
is similar to that in the UK. It
also provides a springboard
into Scandinavia. However, Mr
Wright said Chrysalis bad no
further plans to buy into Euro-
pean television companies.
Barr chairman urges
nephews to halt revolt
Reuters lifts
sales 25%
in quarter
By Andrew Botger
Shares in Reuters Holdings
rose by 30p to 477p after the
(luancial information and
news group said its third quar-
ter revenues rose 26 per cent
to £590m.
For the first nine months,
sales grew by 23 per cent to
£1.68bn, with uo material
impact from exchange rate
movements. Reuters, which
started giving quarterly state-
ments this year, does not give
profit figures.
Mr Peter Job, chief execu-
tive, said: “Revenue continued
to forge ahead reflecting good
business conditions as well as
recent acquisitions. New order
rates for information products,
though below the recent peaks
we have seen, were brisk.
“Electronic transaction
products for the financial mar-
kets continued to be the fast-
est growing part of the busi-
ness.’*
Acquisitions added £42m to
revenue in the third quarter
and £97m in the nine months.
Excluding acquisitions made
since the beginning of 2993,
revenue growth was 17 per
cent for the quarter and 16 per
cent for the nine months.
Sales growth by Instinet, the
US-based equity brokerage ser-
vice, and Thamesway - the
institutional broker acquired
last November - contributed
to a 37 per cent rise to £138m
in the quarter's overall trans-
action prodnct revenue.
Information management
systems for dealing rooms
increased sales 87 per cent in
the quarter, and over the nine
months this product line’s
sales more than doubled to
£S2m. This contributed to a
rise of 20 per cent, to £1.19bn,
in information products’ reve-
nue so far this year.
By Richard Wofffe
Mr Malcolm Barr, chairman of
Barr & Wallace Arnold Trust,
yesterday urged his nephews,
Nicholas and Robert Barr, to
halt their shareholders' revolt
In a letter to his nephews,
who claim majority support
among voting shareholders of
the motor distribution and lei-
sure group, Mr Barr described
their position, as “incompre-
hensible".
The letter came after a pri-
vate meeting, brokered by an
independent member of the
Barr family, had failed to end
the family feud. Nicholas and
Robert Barr have pledged to
replace their uncle as chair-
I man and have called an EGM
to unseat Mr John Parker,
chief executive, and Mr Brian
Small, finance director.
They have also declared
their opposition to the board's
plans to enfranchise the non-
voting A shares, owned almost
entirely by institutions.
Mr Barr warned his nephews
Shares of Campari
International tumbled lip to
24p after increased first-half
losses were accompanied by
further rationalisation and
reorganisation of its troubled
leisure and sportswear activi-
ties.
Directors said the costs of
the moves, involving substan-
tial cost-cutting and centralisa-
tion of its Dutch support
operations, would amount to
£3.7 m, to be taken in the sec-
ond half.
Discussions had been held
with its principal bankers and
“both the level and continu-
ance of their support will
of institutional opposition to
their plans, which he claimed
would expose the company to
large compensation payments.
"Your actions have diverted
management time away from
the business; you have caused
disruption to the normal
affairs of the company; and
you have caused or are in the
course of causing considerable
and unnecessary costs, as well
as exposing the company to
very heavy potential liabili-
ties," he said.
The board delayed publica-
tion of a document concerning
its own EGM on enfranchise-
ment, which ironically is one
of the rebels’ principal policies.
However, the Barr brothers,
who command enough support
to block the board's proposals,
argue that enfranchisement
should only proceed under new
management.
In response to their uncle's
letter, they said: “We had
hoped that in the last 24 hours
we had, on a private and confi-
dential basis, moved forward.”
depend on the degree of suc-
cess achieved in meeting trad-
ing and cash m anagement tar-
gets in the short-term."
Difficult trading conditions
and a “disappointing" product
offer led to lower sales across
the group's markets - turnover
in the six months to June 30
dropped 13 per cent to £17 jm.
A cautious outlook by retailers
left forward sales below budget
and margins suffered as the
group attempted to clear stock.
After increased interest
charges of £330.000 (£95,000),
the pre-tax deficit widened to
£3.96m. against £3.G9m. Losses
per share were 38.8P (29p).
ft
Campari shares tumble
pending further revamp
Investors face a credibility gap
Michael Smith on why the energy industry is puzzled by RJB s bid
RJB Mining
Share pries relative to the
FT-SE-A AD-Share Index
^Jun 1993
Source: FT eta
94
Oct
Richard Budge
Chief executive
Attwoods
details
trends in
businesses
By Peggy HoUtnger
Attwoods, the waste sendees
company, yesterday laid
another brick in the wall
of its defence against the hos-
tile £3 64m bid from Browning
Ferris Industries of the US
with a circular detailing
trends in each of its five busi-
nesses.
The circular precedes a third
defence document, which is
expected to include a valua-
tion of the business and
results for the first quarter.
Tins Is likely to be published
on November 11, the last day
Attwoods may release new
financial information under
takeover rules.
Attwoods said yesterday the
circular, which included few
hard numbers for 1995. was
intended to be a discussion
document for investors. Prof-
its forecasts would be difficult,
given tbe recent end of the
company’s financial year.
“It is another brick and it is
not a huge brick by any
means." said one adviser. “But
there is a lot more to come."
Attwoods said this document
set out “the specific factors
underlying our confidence in
the future".
These included: price
increases and population
growth in Florida, where
Attwoods* claims 32 per cent
of the market. Cost-cutting,
which would more than offset
the pressure on municipal con-
tract renewals in that state.
Resolution of legal problems
in the mid-Atlantic states and
economic recovery; plus a
return to profitability in the
medical incineration business
and restructuring in the Ger-
man business.
BFI responded with derision.
“We wonder why they even
bothered to release this docu-
ment,” the company said.
“They have provided little, if
any, substance as to why
shareholders should feel confi-
dent in the future. The argu-
ments advanced for looking
forward to a brighter 1995 just
are not there.”
BFI is offering shareholders
109p cash for Attwoods ordi-
nary shares and B5p per pref-
erence share. At current
exchange rates this represents
about 59-20 per American
Depositary Receipt equivalent
to five ordinary shares.
Laidlaw of Canada,
Attwoods largest shareholder,
has accepted the offer. Fidelity
Investments, which holds
almost 12 per cent of Attwoods
and has been selling recently,
this week disclosed that it had
purchased 46,100 ADRS.
BFI has said that it will pay
the declared final net dividend
of 3.25p, if successful
Attwoods shares closed
steady at Z13p.
T wo weeks after the gov-
ernment announced its
preferred candidate to
take over British Coal’s
English Twitting assets, the coal
and electricity sectors remain
perplexed.
Industry executives are
struggling to work out why
RJB Mining is prepared to pay
so much more than anyone
else for the pits and opencast
sites and why the government
believes its plan is feasible.
“I just cannot understand
it." said one electricity execu-
tive. “We think that RJB is
assuming far too much both
for the future market and for
tbe prices it can get Are we
missing a trick?"
RJB and Barclays de Zoete
Wedd. the investment bank
advising it. remain unper-
turbed. saying they have a
high level of confidence that
they can raise the funds
needed for the bid and for
working capital, together
thought to total El.OSbn.
However, they are not
revealing any details of the
£900m deal, which is doe to be
concluded on December 24.
In the absence of any guid-
ance from them, speculation is
rife. One theory among British
Coal executives who may soon
be RJB employees is that RJB
will haggle down the price in
the “due diligence" process in
which it is now engaged.
M RJB has the government
over a barrel," says one. “The
government will lose so much
face if it declares a deal with
RJB is not possible after all"
Other merchant banks are
less sure. “The government
would not accept that kind of
haggling." says one banker.
“BZW would lose considerable
face with the government" His
argument is that the due dili-
gence exercise could trim tens
of mflUcms of pounds from the
price, but is unlikely to get It
down to the £6Q0m which was
the next highest bid.
If the eventual price remains
about £900m, how can the bid
be funded and tbe resulting
debt paid off? RJB is thought
to want to raise about 40 per
cent of the £l.08bn through
issuing - shares and the rest,
about £600m, through debt
Most of the foiled bidders for
the En glish regions, as well as
Scotland and south Wales,
have either been told, or have
assumed, that any debt
incurred through a successful
bid would have to be paid off
by the end of existing con-
tracts with the electricity gen-
erators in 1998.
I t is thought that BZW’s
business plan for RJB
assumes the debt will be
paid off by 1998, although the
banking facilities lined up for
it do not require this.
The £600m of debt would be
likely to attract interest rates
of at least 8 per cent. The
amount of income left to RJB
to pay off the debt and cover
the interest bills depends on
production costs.
In the English regions, coal
is currently being produced at
an average of about £1.20 a
gigajoule, against an average
selling price in the contracts of
about £1.40.
That implies a profit of 20p a
gigajoule which equates to
£4£0 a tonne. As the English
regions have contracts to sell
29m tonnes of coal a year to
the generators the difference
between the selling price and
production cost would be about
£140m a year, or £455m until
April 1998 at current cost lev-
els.
There will also be more lim-
ited income from selling house-
hold coal, where margins are
high, as much as 50p per giga-
joule, but volumes small, at
2.5m tonnes and falling. British
Coal struggles to make money
on industrial coal sales of
about 5m tonnes in the English
region, but RJB could make
profits if costs are reduced. It
would also hope to make sales
to to other UK regions.
With only limited scope for
sales growth, the key to
greater profits is clearly cost
reduction in the mines. If RJB
can get costs down to £1 a giga-
joule. as rival bidders acknowl-
edge is possible, annual selling
price/production margins from
electricity contracts would
double to £280m a year. How-
ever, reaching £1 would take
time.
In addition, producing coal
in the private sector also
result* in financial penalties.
Dividends will need w bi- paid
uu the £400m or so that RJB
raises m cquitv and the com-
pany will also have to pay for
insurance nt market rates,
someth ins British coal has
been able to avoid. Nor ft ill it
enjoy the pensions holiday that
British Coal has benefited from
in recent years.
.iking an assessment
of the effect of all
these factors r- dllll-
r .„.- to RJB announcing
its plans, prubublv next month.
RJB is thought to dispute
strong! v contentions by Mr
John Reynolds, an analyst at
James Capel - broker to rival
bidder Coal Investments - that
RJB could still be £200m in
debt by tbe end of 1395.
If, however. Mr Reynolds'
predictions were realised.
RJB's ability to pay off the
debt would depend on the
English market after 1993.
Most bidders assume that
the two main generators will
buy 20m-25m tonnes of coal a
vear from the purchaser of
British Coal's throe English
regions at £1.10 a gignjoule
after 1998. They believe RJB is
expecting about 3um tonnes at
perhaps £1.25. A targe majority
of both generator and coal
industry executives believe the
lower figures are the more
likely.
The credibility gap is nar-
rowed considerably by the
endorsement of RJB's plans by
both BZW and NM Rothschild,
the merchant bank which has
advised the government. In
choosing the preferred bidders,
the government said it was
guided by considerations about
preserving the largest economi-
cally viable coal industry as
well as tender prices.
Nonetheless, RJB and BZW
have a challeng in g task ahead
to convince lenders and inves-
tors that the doubters have got
It wrong.
Institutions give tentative support
By Foggy Holflnger
Institutions, unlike many in the coal
industry, are prepared to give Mr Richard
Budge the benefit of the doubt, albeit
anony mously . -
“We da not believe Richard Budge is a
me gal o mania c who is going to ruin his
company: that, just to get his hands on the
coal industry, he Is prepared to pay
through the nose for it,” said one targe
shareholder.
The doubts surrounding RJB Mining’s
bid for the three English coal regions have
left Its investors largely unmoved. For
them, the issue of whether Mr Budge is
paying too much will be decided when the
prospectus is published next month.
RJB did the rounds of institutions sev-
eral weeks ago and appears to have
received fairly strong indications of finan-
cial support for its plans.
“Wie had to give a ball park figure," said
one investor. Another confirmed that RJB
and its advisers asked “for broad indica-
tions about what our level of interest
would be".
However, undertakings were condition-
ally given when no one, not even Mr
Budge, knew precisely what the company
would be offering for the coal regions - or
how many it might win. Initially. RJB is
believed to have presented tentative plans
to bid £l-3bn for all five coal regions.
Thus, the institutions added heavy cave-
ats to their support. “It would obviously
be subject to price,” said one.
Yet backing will also be subject to Mr
Budge’s numbers adding up. Institutions
will look for reassurance that RJB will be
able to pay off the debt it Incurs, that
assumptions on the price for and volumes
of coal It can sell are realistic, and
that It has the right structure and
management to take on such rapid expan-
sion.
“We are not going to say yea or nay
until we have seen the detailed workout.”
said one.
At the moment, shareholders remain
confident they will be able to support RJB.
“You have institutions pleased with the
progress of the company, impressed with
the work they have done, and which
would favourably view the opportunity to
get involved on a greater scale, subject to
the numbers making sense," one party
observed.
A more pragmatic view sees RJB's
potential in a slightly different light:
“There are only two ways of making any
real money - one is breaking a union and
the other is buying something off the gov-
ernment Budge is doing both and there is
the prospect of making an awful lot of
money out of it,"
NEWS DIGEST
Cornwell
Parker
warning
Shares of Cornwell Parker, the
Bur IriTighfltngMr fl.hflEPri furni-
ture group best known for its
Parker Knoll range, dipped 5p
to 124p yesterday following a
downbeat statement to the
annual meeting by Mr Martin
Jourdan, cVinir-Tnan.
“Trading conditions, particu-
larly in our sector of the furni-
ture market, remain very diffi-
cult." He warned that the
trading outcome for the first
half was likely to be “well
below" that of the previous
year, although he expected
some improvement in the sec-
ond six months.
“We are continuing to review
I every aspect of our business in
order to reduce operating costs
in the medium term," Mr Jour-
dan said.
The likely trading pattern
mirrors that of 1993-94 when
pre-tax profits were £3.15m
f£4.6lm). a decline ameliorated
by a partial recovery in the
second half.
Reece
Reece, which makes equipment
for the ceramic and glassware
industries, distributes cycles
and industrial fasteners and
also makes door panels, is rais-
: ing £1.4m in a placing and
open offer of 48.8m shares at
3‘/ip.
BZW is placing the shares
with institutional investors;
; the open offer to shareholders
j is on a 3-for-8 basis.
The proceeds would be used
to reduce hank borrowings,
directors said.
Reece also announced
, reduced pre-tax losses of £5,000
(£11,000; for the six months to
June 30. Turnover improved to
£6.53m (£6.l4m) generating
operating profits of £92,000
(£90,000).
It is also proposed that each
existing 5p share will be subdi-
vided into one lp shar p and
one 4p deferred share which
will have nominal rights and
be effectively valueless.
Fleming Inc & Cap
Fleming Income & Capital
Investment Trust had a net
asset value of 79 per Income
share as at September 30, down
from 85£p a year earlier.
Available revenue for the six
month period amounted to
£2 32m (22.53m) for earnings of
23ip (2.74p) per share. A sec-
ond interim dividend of lp was
declared in September.
Benchmark
Benchmark Group, the prop-
erty and portfolio investment
company, continued its recov-
ery during the 12 months to
June 30 with pre-tax profits of
£2.69m.
The outcome, struck sifter
interest charges reduced from
21.28m to £760,000, compared
with a modest profit of £77,000
last time and a deficit of
£lZ2m for 1991-92.
The property division
returned operating profits of
£818,000 (losses of £15.000) on
turnover of £998,000 (£3.16m).
Portfolio investment saw turn-
over fall to £9.42m (£l3.lm) for
profits of £2.69m (£2-86m).
Earnings per share were
17.14p (0.48p adjusted).
Raraco Energy
Ramco Energy, which supplies
corrosion control and ancillary
services to the petroleum and
marine industries, reported
pre-tax profits down from
£297,000 to £81.000 for the six
months to June 30.
The outcome was struck on
reduced turnover of £2.4m
(£2.57m) and included a
£117,000 lOSS (£143,000 profit)
from an associated undertak-
ing. Earnings came out at 0.33p
(1.27p) per share.
Mr Stephen Remp, chairman
and chief executive, said the
highlight of the year to date
had been the signing in Sep-
tember of a contract for the
development of oil fields in the
Caspian Sea.
The contract, between the
State Oil Company of Azerbai-
jan and a consortium of 10
companies of which Ramco is a
member, would, he said,
unlock further opportunities in
the former Soviet Union.
Hewitt
A provision for the reorganisa-
tion of its German operations
and increased interest pay-
ments resulted in a pretax loss
of £2J4m at Hewitt Group in
the half-year to June 30.
Continuing German losses
prompted a review which
resulted in a write-down of
assets and other costs amount-
ing to £2.02m. In addition, Hew-
itt’s share of profits at Sphinx
Technical came to £111.000 but
after providing for Hewitt’s
£444,000 share of restructuring
costs, a loss of £333,000
resulted.
The manufacturer of indus-
trial ceramics and refractories
paid increased interest of
£196.000 (£34,000).
There is no interim dividend
(l.5p) and the final will be con-
sidered in relation to the
annual results. The share price
yesterday fell 5p to I25p.
Sales in the first half rose to
£8.1 6m (£4JJSm) and there was
an operating profit of £168,000
(£273,000). Losses per share
were 7l.4p (6.4p earnings).
Dares Estates
Dares Estates, the property
investment and development
group, reported pre-tax losses
of £133,000 on turnover of
£2.62m for the half year to
June 30.
The comparable period saw a
profit of £465,000 on turnover
of £3 .4m, although that
included a profit of £2 .27m on
the termination of operations.
against £698,000 this time.
Interest charges were cut
from £4m to £2£m, of which
£191.000 was satisfied by the
issue of preference shares.
Losses per share came out at
0.38p (1.33p earnings).
Craig & Rose
Craig & Rose, the Edinburgh-
based paint and varnish
maker, reduced pre-tax losses
from £135,000 to £115,000 for
the six months to June 30 on
lower turnover of 22.37m,
against £2. 84m.
Mr John Wightman, chair-
man, said that in addition to
the decline in sales which was
in line with tbe industry gener-
ally, the directors had also
decided to withdraw from cer-
tain specific markets which
were unprofitable.
Losses per stock unit worked
through at 29J25p (32.25pj.
Laser-Scan
Laser-Scan Holdings, the
USM-quoted computer group,
suffered a pre-tax loss of
£730,000 in the six months to
June 30 on reduced sales and
after capitalising the £304,000
product development costs of
its Gothic technology. Profits
were £45,000 last time.
Delays in order placement in
uncertain economic conditions
resulted in a 48 per cent fall in
sales to £3. 02m (£5.78m).
Continuing activities carried
an operating loss of £350.000
(£42,000 profit) and discontin-
ued activities lost £380,000
(£21,000 loss). Losses per share
were 4p (O-Sp earnings).
Europe Energy
Europe Energy Group, which
is transforming itself from a
mining group, has announced
plans to acquire Helston
Garages, a multi-franchise
motor dealership based in the
south-west of England.
Its shares, which trade on
the USM, were suspended at
5%p yesterday, pending a fur-
ther announcement The terms
of the deal have been agreed In
principle and contracts are
expected to be signed In the
next few weeks.
The consideration of about
£l0m will be financed via a
share Issue, which will double
the size of Its capitaL
Overseas Inv Trust
Overseas Investment Trust,
managed by Morgan Grenfell
to seek longer term capital
growth, reported a net asset
value as at September 30 of
417.5p per share, a gain of 23
per cent over the year.
Net revenue dipped to £i.37m
(£ 1.54m) reflecting higher
administrative expenses and a
changed investment mix. Earn-
ings per share were 3.59p,
down from 4.04p, but the pro-
posed final dividend is raised
to 2.45p lifting the total to 3.3p,
an increase of 4 A per cent.
Bula Resources
Bula Resources, the Dublin-
based oil exploration and pro-
duction company, is raising a
minimum I£6m (£5.9m)
through a placing and open
offer to fluid the purchase ol
an option to acquire 51 pel
cent of Aki-Otyr from the Rus-
sian Corporation.
Davy Corporate Finance ii
placing, mainly with institu
tional investors, 80m new ordi-
nary shares at 2‘. a p to raise
l £ 2m . The offer to sharehold-
ers. of 500m new ordinary
shares, is on a 2-for-3 basis,
MG Equity Income
Morgan Grenfell Equity
Income Trust is raising Us
final dividend to 2.8p, bringing
the total for the iz months tc
September 30 to 4.8p - a rise ol
6-7 per cent over the previous
total of 4.5p.
The distribution is payable
from undiluted earnings oJ
(5.i3p) achieved on avail-
able revenue of £Ura i£1.25m).
Net asset value was
unchanged at J39.7p per share,
DIVIDENDS ANNOlINrtrn
Current
payment
Dale of
Payment
Carres .
ponding
dividend
Total
for
year
Total
1631
year
MQ Equity Income..
OMIlnfl .
-lm nii
-im 2.8
„ Ini n
Doc so
1.5
2.5
4.8
325
4.5
»• "It U-rQ
Dec }
0.75
t 75
% •
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994
9
★
COMPANIES AND FINANCE
Hiscox shelves listing
plans after £27m issue
Mixed first-half results for Japan’s heavy industry groups
Kawasaki does better than most
1994 interim results and forecasts for year (Y m)
Company
Sates
Recurring profits'
Nat profits
1904
1993
1094
1993
1994
1893
Hitachi Zosen
135.689
138.459
7JS85
7.232
4.175
3^05
Forecast
4 20.000
23.000
11,500
IHI
380,266
453,380
10,931
13,362
5.331
7,062
Forecast
800,000
23,000
11,000
Kawasaki HI
408,079
369,049
11,223
6,081
5,423
5,381
Forecast
960,000
22,000
10.132
Mitsubishi HI
1,000848
1,056,482
82,758
61,001
43,562
42,353
Forecast
2^20,000
140,000
80,000
Mitsui Zosen
106,782
122.668
1.318
4,291
575
2.634
Forecast
330,000
1.000
1,000
SunRocno Hf
111,381
109.840
-200
-1,002
-1,135
-1,720
Forecast
280,000
1,000
500
-■MMMHMwIMIMlW
S«it>
oOTPiw iwcm
By Ralph Atkins
insurance Correspondent
Hiscox Dedicated, one of the
pioneer corporate investors in
Lloyd's of London, yesterday
shelved plans to seek a UK
Stock Exchange listing after
raising £26.6m via a fully
underwritten share issue.
But Mr Robert Hiscox, a
director and a deputy chair-
man of the insurance market,
said the company remained
intent on evolving into a fully-
fledged quoted insurance com-
pany operating under Lloyd's
iiTnhreflp,
It intended to acquire 25 pea-
cent of the Hiscox managing
agency business, which runs
some of the London insurance
market's most profitable syndi-
cates, with the object of buying
the balance when Lloyd’s rules
were changed.
Moreover, the company said
it intended to be quoted on “a
recognised stock exchange”
within five years. "It will be a
Bullers
confirms
cash call
Boilers, the giftware and
madia group, yesterday con-
firmed its intimated rights
issue and announced a reduced
first-half loss of £402,000.
It is seeking to raise £L26m
via the issue of 7.02m shares
at 2 Op on a i-for-7 basis.
The group, which underwent
a capital reconstruction in
March, said yesterday that all
but one of its subsidiaries
were trading profitably.
The proceeds are intended to
eliminate the overdraft and
short-term borrowings, which
amount to about £523,000. and
for working capital
In the six months to June 30
the pre-tax loss was reduced
by £599.000. Sales of £1.78m
(El.llm) included £711,000
horn acquisitions.
Clashfleet, acquired In
March, forms the media divi-
sion, which contributed oper-
ating profits of £51,000 on
sales of £430,000.
Losses per share were L5p
(04Wp).
much better company to list
when it is merged with the
management of the syndi-
cates.” Mr Hiscox said.
Hiscox Dedicated is one of 25
companies which this year
have invested £900m in the
Lloyd's insurance market.
Unlike many of the others, it
invested in only a narrow
range of insurance syndicates
and had been expected to seek
a listing this autumn as part of
a fund-raising exercise.
But yesterday the company
announced that Trident, a Ber-
muda-based company investing
in insurance and reinsurance,
had fully underwritten a
£17.7m open offer to gristing
Hiscox Dedicated shareholders
and warrantholders. Trident
will also subscribe £8.9xn
through a placing of Hiscox
Dedicated shares.
The new shares are being
Issued at HOp a share, half
payable on issue and the bal-
ance when called.
Trident was formed a year
By Tim Burt
Stega Pharmaceuticals, the
Austrian biotechnology com-
pany, is to seek a London list-
ing to raise ftmds for the devel-
opment of a “revolutionary'*
immune system stimulant
The Linz- based group is mov-
ing its operations to Britain,
where it plans to develop and
market its cytokine releasing
agent vaccine, known as Cra-
vac.
It claims the product could
prove 10 trmpfi more effective
t ha n gristing treatments in
stimulating the immune sys-
tem to fight off Infections.
‘There is an enormous range
of disease states that could the-
oretically be treated with the
aid of the product, ” according
to the company.
Pharmaceutical experts,
however, reacted with scepti-
cism and warned that the
release of cytokines - natural
proteins contained In the
immune system - did not
always prove effective.
Tf all they're doing is stimu*
ago by Marsh & McLennan, the
world's largest insurance bro-
ker, JPMorgan, Mid Ocean, a
Bermuda reinsurance com-
pany, and Byrne & Sons, a
small investment tonic
Depending on the outcome of
the offer. Trident will own up
to 68.35 per cent of Hiscox Ded-
icated’s ordinary share capital.
However, it is seeking share-
holders' approval for not mak-
ing a general offer.
To allow Hiscox Dedicated to
buy the Hiscox Syndicates
management agency, Hiscox
Holdings - parent company of
the latter - plans to demerge
its non-managing agency activ-
ities. These include Roberts &
Hiscox members agency, which
ads for Names, and RK Har-
rison, an insurance broker and
financial adviser.
The funds raised will be
invested on four Hiscox man-
aged syndicates, raising Hiscox
Dedicated’s share on each from
between 4 and 5 per cent to
about ll per cent
lating the immune system, I
cannot imagine it would have
a long-term effect," said Dr fan
Hutchtnson, professor of
immunology at the University
of Manchester.
His concern was echoed by
Mr Alan Munro, scientific
director at Cantab Pharmaceu-
ticals. the leading UK biotech-
nology company, who warned
that cytokines could hamper
the immune system In some
cases.
Nevertheless, Stega said it
would press ahead with plans
to raise £7m through a sub-
scription offer, which would
fund lnital development of Cra-
vac.
Dr Bernhard Llschka. Stega
chief executive, said: "This
concept could revolutionise
medicine. We believe it will be
effective In treating herpes
infection, some cancers and
chronic skin disorders.”
He estimated that the poten-
tial world market for treat-
ments for these ailments would
grow to $15bn (£9.4bn) a year
by the end of the decade.
OMI Inti
expands
with £7m
acquisition
By Peter Franklin
OMI International, the
manufacturer and supplier of
products and services based on
the application of measure-
ment technology, yesterday
announced it was to acquire
Castiet, a private company, for
£7m.
Castiet manufactures elec-
tronic devices and control
systems used mainly to collect
dust and other particles from
waste gases such as those
emitted by power stations.
To pay for the acquisition,
OMI is proposing to raise
£9 .5m net of expenses via a
rights issue of 27.8m shares at
37p each on a 5-for-8
basis.
The shares closed at 43p yes-
terday, down 6p.
In addition to the purchase
price, the share issue will pro-
vide £2.5m of extra working
capital. It has been fully
underwritten by Barclays de
Zoete Wedd.
Castiet made a pre-tax profit
of £1.01m on turnover of £7.4m
in the year to April 30 and on
completion of the deal should
be free of hank debt and have
net assets of not less than
£2. 7m.
OMI also announced results
in line with expectations for
the six months to September.
On sales down slightly from
£17.8m to £17.4m, pre-tax prof-
its for the half year fell from
£237,000 to £18,000.
Mr Gil Williams, chairman
and chief executive, said the
electro-optics and instrumen-
tation businesses had per-
formed well and had healthy
order books, while the move of
Thin Films to Plymouth
remained on schedule for the
fourth quarter. Forward Indus-
tries also met expectations.
Logistics, which had a disap-
pointing second half last year,
had shown a marked upturn,
he added.
Borrowings over the period
rose by £2.4m to £8 59m - giv-
ing gearing of 71 per cent.
Earnings were nil (05p); the
interim dividend, however, is
maintained at 0.75p.
BZW, the house broker, has
upgraded its current year prof-
its forecast from £1.8m to
£2. 3m.
By Mtehiyo Nakamoto in Tokyo
Japan’s heavy
industry man-
ufacturers and
shipbuilders
reported
mixed first-
half results
due to the yen’s sharp appreci-
ation and a weak domestic
economy in the first half of
1994.
Fortunes were divided,
depending on the different mix
of businesses each is involved
in. but sales from shipbuilding,
large power plants and steel
structures for the private sec-
tor were generally lacklustre.
On the other hanri . the gov-
ernment’s public spending pro-
gramme increased sales from
waste disposal facilities, now
becoming a gro w ing business
for heavy machinery makers.
While the companies said the
yen's sharp appreciation had
not yet affected sales - as large
orders, particularly for ships,
that are being translated into
sales now are yen-denominated
- it was biting into profits. A
one-yen rise against the US
dollar has the effect of wiping
of Ylbn off profits, Mitsubishi
Heavy Industries indicated.
At the same time, private
capital spending has remained
weak In Japan, and not all
companies were able to bal-
ance this with firm orders from
the public sector.
But on the whole, shipbuild-
By Mlchiyo Nakamoto
Japan Air Lines disclosed
unrealised foreign exchange
losses of Y43-9bn ($453m) as it
reported a return to profits in
the first half of 1994.
The airline said the losses
result from a purchase of
$3.6bn in 10-year forward con-
tracts dating Cram 1986. which
the company made to hedge
the risk of buying US dollars to
pay for aircraft procurement
Since JAL bought the for-
ward contracts the yen has
appreciated sharply, resulting
in huge unrealised losses to
JAL. The company will not dis-
close any past losses resulting
from the contracts.
However, new finance minis-
ers were able to cut costs and
raise profitability through
increased procurement of low-
er-priced parts from overseas
and reductions in fixed costs.
One of the better performers
in the half was Kawasaki
Heavy Industries. Japan's sec-
ond largest shipbuilder. Its
shipbuilding division enjoyed a
42 per cent rise in sales. Sales
in its industrial plant and steel
division rose 88 per cent while
its environmental and power
plant unit rose by 30 per cent
But its motorcycle business
was hit by the yen's apprecia-
tion. forcing it to revise its full-
year forecast for total sales by
YlObn (Si 03m) as it expects the
impact of the strong yen to
continue to put pressure on
motorcycle sales.
try regulations required JAL to
disclose Its remaining unreal-
ised losses of Y43.9bn which
represents the difference
between the amount in yen
that JAL will pay for the dol-
lars It Is committed to buying
and the market rate-
The disclosure comes as JAL
announced a tumrormd in its
business performance on the
strength of increased overseas
travel by Japanese.
In the six months to Septem-
ber, JAL revenues rose 5 per
cent to Y526.4bn from Y500.4hn
a year earlier. Recurring prof-
its improved to Y20.6bn from a
loss of Y7.9bn and net income
was Y11.7bn against a net loss
of Y3.4hn.
Total accumulated loss for
At the other end of the scale
was Mitsui Engineering and
Shipbuilding which reported a
69 per cent drop in recurring
profits and passed its interim
dividend. Mitsui suffered from
a sharp 50 per cent fell in its
Industrial plant division.
Mitsui, Hitachi Zosen and
Mitsubishi Heavy Industries,
the country's biggest ship-
builder, alike saw weak sales
in their shipbuilding divisions.
Mitsubishi said compared
with the same period a year
ago, the first half was also
devoid of major building pro-
jects such as the Akashi
Kaikyo Bridge in Osaka and a
huge leisure park in Miyazaki
prefecture which boosted the
steel division last year.
At the same time, sky-park
the company still amounted to
Y43.4bn against Y55.1bn at the
end of the last fiscal year.
New lower economy class
feres and the yen's rise led to a
sharp gain in international
passengers, numbers increas-
ing by 16 per cent and revenue
from international travel rising
12 per cent
The airline expects the rest
of the year to bring similar
conditions to the first halt It
forecasts sales of Yl,020bn
against Y982bn, recurring prof-
its of Ylbn against a Y262bn
loss and break-even, at the net
level against a Y262bn loss.
The company is undergoing
a major restructuring and will
pass both the interim and final
dividend.
parking lots suffered a down-
turn in demand amid Japan's
still weak economic condition
while an absence of new ther-
mal and nuclear power plants
depressed sales in its power
systems division.
Ishikawqjima-Harima HI was
likewise affected by the lack of
nuclear power plant sales,
which was the main factor
behind its 16 per cent fall in
mid-term sales.
While the companies have
managed to keep orders rela-
tively stable, there was general
concern that the yen's strength
would begin to show through
in the next fiscal year as ship-
building orders are increas-
ingly denominated in dollars
and other currencies rather
than in yen.
First-half fall
at Ajinomoto
By Enrriko Terazono In Tokyo
First-half profits of Ajinomoto,
Japan's leading food manufac-
turing company, were hit by
the hot summer weather, the
discounting boom and
increased competition from
imported foods due to the
higher yen.
Sales were flat at Y298.lbn
($3.07bn). Interim recurring
profits fell 13.1 per cent to
Ylibn in spite of a 3.1 per cent
rise in operating profits, due to
a 25.3 per cent fall in non-oper-
ating revenues. Profits from
securities sales fell 51.3 per
cent to Ylibn. Net profits fell
33 per cent to Y&bn due to
appraisal losses on securities.
Stega to seek funds
via London quotation
JAL returns to the black
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David Thomas was a Financial Times journalist killed on assignment in
Kuwait in April 1991. Before joining the FT he had worked for, among
others, the Trades Union Congress.
His life was characterised by original and radical thinking coupled
with a search for new subjects and orthodoxies to challenge.
In his memory a prize has been established to provide an annual study/
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Applications to:
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★ FINANCIAL TIMES WEEKEND OCTOBER -W° c 1 olll R <0 1 W
INTERNATIONAL COMPANIES AND FINANCE
BMW shares advance on
rising sales and profits
By Christopher Parkes
in Frankfurt
BMW’s share price rose
strongly yesterday after an
upbeat statement from the
company which said turnover
was outstripping record levels
reached in 1992. and fore-
cast “positive effects” on prof-
its.
Sales, excluding the recently-
acquired Rover group, rose 8.5
per cent to DM23.8bn (S15.9bn)
at nine months, BMW said.
This was 1.5 per cent higher
than in the comparable part of
1992, when the full year's sales
hit DM31.2bn, it added.
The company, which last
year saw net earnings tumble
to DM516m from DM726m in
1992, reported a 14 per cent
recovery to DM290m on a sales
increase of 7.4 per cent in the
first half of the current year.
The group's share price
jumped DM18 in early Frank-
furt trading yesterday and
closed DM12, or 1.6 per cent,
higher on the day.
The company’s statement
suggested production bottle-
necks experienced In the
spring had been cleared, and
BMW
Share price (DM)
7,000 -
Source: FT Grapnite
forecast demand would be fur-
ther increased by new variants
on the successful 3-Series, due
shortly.
While car production rose 5
per cent in the nine months to
the end of September, deliv-
eries to customers increased
7 per cent overall to 434,000.
with a 13 per cent surge in the
last month of the reporting
period.
Analysts at the Bayerische
Vereinsbank calculated that
production in the third quarter
was more than 8 per cent up
on the year-earlier period,
while deliveries had risen 10
per cent.
According to earlier data,
world sales of BMW marque
models were up only 5 per cent
in the first seven months of the
year. Deliveries in Germany,
up only 2 per cent in the period
to the end of July, were up 4
per cent after nine months,
according to yesterday's state-
ment.
Sales elsewhere in Europe
were in line with the overall
market growth of 5 per cent so
far. However, while deliveries
in the UK rose 24 per cent to
39,000, those in the important
Italian and French markets
were unchanged at 24.200 and
18.700 respectively.
US sales, up 13 per cent after
six months, were still 10 per
cent ahead at the end of the
latest reporting period. At
63.500 vehicles, the nine-month
total was only marginally
short of BMW’s US sales in the
whole of 1993.
Sales in Japan rose 8 per
cent to 20.600. while 41 per cent
growth In other south-east
Asian markets took deliveries
there to 17,400.
Sweden’s debt rating
faces downgrading
By Conner MIddelmann
Moody’s Investors Service, the
debt rating agency, yesterday
placed Sweden's Aa2 foreign
currency rating on review for a
possible downgrade.
As a result, the Aa2 ratings
on the foreign currency denom-
inated bonds issued by the
Kingdom of Sweden, the Swed-
ish Export Credit Corporation.
Forsmarks Kraftgrupp and
K iimmun in vest I Sverige, have
also been placed under review.
Moody's cited its concern
about the continuing accumu-
lation of public-sector debt as a
key reason for the move.
"Stronger economic growth,
lower unemployment and addi-
tional fiscal restraint expected
from the recently elected gov-
ernment suggest that budget
deficits relative to GDP will
shrink,” it said. “Nevertheless,
the build-up in public-sector
debt will continue." it warned.
Moody’s review will focus on
the degree to which policies
can be forged over the medium
term to strengthen, the public
sector finances and improve
the investment climate, it said.
Some observers were sur-
prised by the timing of the
announcement, coming just
days before Wednesday's fiscal
statement by Mr Goran Pens-
son. the new finance minis ter.
However, they said the move
might serve as a reminder to
the government that Its top
priority should be to get its
fiscal house in order.
Mr Persson is expected to
detail on Wednesday how he
plans to undertake the
SKr61bn (S8.59bn) fiscal tight-
ening the Social Democrats
announced in the election cam-
paign.
Last week he proposed a fur-
ther 20 per cent cut in govern-
ment spending over the next
four years.
Belize Holdings
buys stake in
Panama group
By Stephen Fldler
Belize Holdings, the Nasdaq-
quoted company headed by the
businessman Mr Michael Ash-
croft, chairman of ADT.
yesterday took a first step
in what the company said
was a strategy aimed at
expanding its operations into
central America and the Carib-
bean.
The group bought for S13.5m
a 75 per cent stake in Panama
Holdings, a new company
established in Panama to
invest in infrastructure pro-
jects in that country.
Privatisation and a restruct-
uring of companies there
“offer timely prospects for
entry into these businesses,"
the company said.
Mr Ashcroft owns more than
50 per cent of the shares of
Belize Holdings, which held
assets of SI37m at the end of
I last year.
Broker bids to gag the greenback
By Patrick Harverson
in New York
Money has always talked loudest on
Wall Street, where salaries are often
measured in the millions of dollars, but
yesterday the securities firm Paine Web-
ber sought to place a gag order on the
greenback. It is suing two rival firms to
stop them from luring away its best
staff with offers of huge pay increases.
Hie saga started 10 days ago when
PaineWebber bought the investment
bank Kidder Peabody, and its army of
highly profitable stockbrokers, from
General Electric. Yet, before PaineWeb-
ber could welcome Kidder's employees
to their new home, several rival firms
had poached some of Kidder's best bro-
kers, many of whom generate millions
of dollars annually in commissions,
from under PaineWebber's nose.
This tactic - enticing staff away from
one firm to another with offers of hefty
pay packets - is nothing new on Wall
Street, but PaineWebber felt it had to
take drastic action to protect its invest-
ment In Kidder.
So yesterday, PaineWebber filed law-
suits against Donaldson, Lufkin & Jen-
rette and Dean Witter Reynolds, two of
the biggest names on Wall Street.
charging them with trying to under-
mine its acquisition of Kidder Peabody
by offering Kidder brokers “exorbitant”
financial incentives to leave the firm.
The lawsuits followed reports that
several top-producing Kidder brokers in
Xew York and around the country bad
left the firm to join DLJ or Dean Witter.
Merrill Lynch, another broking firm,
was also said to have lured away a
team of brokers from Kidder.
Although there is nothing in US secu-
rities law that forbids the poaching of
employees, firms are not allowed to
deliberately interfere with a transaction
such as the takeover of one finn by
another.
So. PaineWebber is asking the courts
to ban DLJ and Dean Witter ffom raid-
ing Kidder’s staff.
The irony of the situation is that Kid-
der's top brokers are being offered big
pay increases to join other firms at a
time when almost everyone on Wall
Street is having to accept a pay cut or.
even worse, redundancy, as firms
endure a sharp slowdown in activity on
financial markets.
The cost-cutting has dug so deep that
the biggest names on Wall Street are
not Immune to the axe.
On Wednesday, Ms Elaine Garzarelli,
the prominent analyst who became
famous after warning clients to sell
stocks before the stock market crash of
1987. was released by her long-time
employer Lehman Brothers because the
securities firm could no longer afford
her miUion-dollar salary.
Fortunately for Ms Garzarelli, she is
regarded highly enough within the
business that she should have no short-
age of offers of employment from other
firms. PaineWebber, tn fact, was one
name linked this week to the former
Lehman star, but the firm may miss its
chance to hire her if it does not move
fast. Rivals such as DLJ and Dean Wit-
ter may already have their cheque
books out, judging by their rapid raids
on Kidder Peabody.
One firm which will almost certainly
not bid for Ms Garzarelli's service, or
attempt to hire any Kidder brokers for
that matter, is Salomon Brothers, the
big bond trading firm which has racked
up huge losses this year.
On Thursday, Salomon announced it
was cutting the pay of its top invest-
ment bankers and traders by two-
thirds.
Although the bankers and traders
were told they could make a lot of
money in bonuses if they performed
"5
The NYSE: centre of the battle ground
well, they were also warned that if they
lost money for the firm, they could
expect to see their pay cheques shrink
accordingly.
Morgan Stanley wins
Claims provisions hit
earnings at Aetna
By Richard Lapper
Morgan Stanley, the US
investment bank, has won a
fierce contest to advise the Ital-
ian government on the privati-
sation of Stet. the state con-
trolled telecommunications
holding company.
The government announced
yesterday the approval of the
recommendation by DU. which
owns some 65 per cent of Stet.
to appoint Morgan Stanley.
The bank has played a big role
in the privatisation or break-up
of a number of the world's big-
By Andrew Jack in Paris
Eurotunnel, the Channel
tunnel operator, yesterday
firmly stood by the projections
given in its May rights issue
prospectus as the French mar-
kets watchdog began its second
inquiry into the company this
year.
“The report put together in
May contained all the informa-
tion that we had available at
the time,” the company said.
“We said the figures were sub-
gest telecoms companies,
including British Telecom and
AT&T. Morgan Stanley was
one of 21 firms in the competi-
tion which began late last year.
The government said an Italian
adviser would be appointed in
the next few days to work
alongside Morgan Stanley on
equal terms.
Mr Stephen Waters, co-head
of Morgan Stanley in Europe,
said he believed it would be
possible to complete the sell-off
next year. “I think it is impor-
tant to get it off when it's
ready to go. My own sense is
ject to change but they were
right at the time of the rights
issue."
The response came after the
Commission des Operations de
Bourse, the French regulator,
on Thursday night made public
a letter to Eurotunnel
announcing the start of an
investigation after the close of
the London and Paris stock
exchanges.
It is concerned about the
validity of the May projections
and why the company did not
Stet role
that this can be In 1995.”
The bank will help to shape
the privatisation process and
will play a role in deciding who
will handle the sale of Stet
shares to international inves-
tors.
Stet owns 60 per cent of Tele-
com Italia and other holdings
in areas such as manufactur-
ing and software, and ventures
such as Stream, the multime-
dia company jointly owned
with Bell Atlantic of the US.
The sale is set to be one of the
largest in the international
telecoms sector.
report sooner on the financial
impact of a series of delays
since then.
The release surprised Euro-
tunnel. which expressed con-
cern that the details had been
made public.
However, it is believed that
the COB policy over the
past few years has been to
make release details of
any formal inquiries which are
wide-ranging and therefore
likely to leak out to the
press.
By Richard Waters
in New York
Earnings at Aetna, the US
insurance group, were hit by
further additions to reserves to
meet environmental claims
during the third quarter, con-
tributing to a 25 per cent fall in
operating earnings.
The S23m of extra reserves in
the latest period come on top
of a S64m charge to cover
indemnity-related pollution
costs taken during the previ-
ous quarter. The earlier provi-
sion had shocked investors,
and prompted concern that big
environmental-related liabili-
ties might lie buried at other
insurers as well. Hopes that a
reform of the US Superfund
environmental clean-up law
would ease Insurers' liabilities
in this area have been damp-
ened by the Clinton adminis-
tration’s failure to push
through legislation in recent
months.
The addition to reserves
announced yesterday, although
causing less consternation
than the second-quarter
charge, contributed to a slight
fall in Aetna's share price dur-
ing the morning, against the
background of a strongly rising
stock market.
Aetna's latest results were
also held back by higher catas-
trophe insurance losses, as the
company added further to its
estimate of the cost of the Los
Angeles earthquake at the
beginning of the year. Catas-
trophe losses during the third
quarter were S2Sm. Siom more
than the third quarter of 1993.
These factors, along with
capital losses of Slim com-
pared with gains of S13m a
year ago, helped to mask an
increase in underlying operat-
ing profits in the commercial
property.’casualty business,
from $43ra to $59. Personal
property/casualty profits
slipped on higher reinsurance
costs.
Aetna's health and life insur-
ance business, along with
financial services, posted profit
gains, while it took net capital
losses of tEOm, compared with
gains of $29m the year before.
Overall net income of Sl29m.
or $1.15 a share, was down
from $226m, or S2.03 a share.
Eurotunnel stands by projections
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FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994-
11
a
CURRENCIES AND MONEY
*
MARKETS report
Dollar rallies
The dollar rallied yesterday
following the release of third
Smarter GDP figures which
prompted a sharp rise is the
bond and equity markets.
writes Philip GatoUh.
Although GDP growth of 8.4
per cent was above market
expectations, the report in
total convinced the market
that inflationary pressures
were more subdued than it had
believed.
The dollar finishwi in Lon-
don at D Ml .5094, up from
DM1.4950 before the GDP fig-
ures. and touched DML5170
during the New York morning.
Against the yen it finished at
Y97.385 from Y96.895.
The firmer dollar weighed mi
the D-Mark in Europe, and ai«n
depressed sterling: The pound
fell from $1.6370, before the
GDP figures, to SL6235 at the
close. It traded in a narrow
range against the D-Mark to
close at DM2.4505 from
DM2.4519.
■ Analysts said the dollar’s
rally had been driven mostly
by short term traders, many of
whom had been forced to cover
short positions the y held
of the GDP release. One
observer described it as a “typ-
ical Friday afternoon short
squeeze.” There were also
reports that funds bought dol-
lars on the XMM futures mar-
ket, driving the price up fur-
ther.
Mr Robin Marshall, chief
■ pMBd b Hw VMk
£<pn 181 * 1-8366
t ate 1.8188 1.6350
3 ratfl 18184 1J53S5
1 V IffiW 1JS2S3
economist at Chase Manhattan
in London, said the GDP report
had “delayed the day of reck-
oning in terms of the Fed's
decision on interest rates.” He
said this could work against
the dollar. “The prolonging of
the uncertainty Is t he main
problem for investor confi-
Dollar
Sterling
French franc
Source: Dststraem
dence," he said.
Mr Marshall gain it was diffi-
cult to he optimistic about the
dollar “with the economy dan-
gerously dose to capacity con-
straints and a central bank
that appears to be dithering.”
For dollar bulls, there is
some cheer to be had from a
technical perspective. Chartists
said the dollar had, on a
weekly basis, made a reversal
of Its downward trend. After
touching a low in July, it then
traded sideways until earlier
this month. Chartists say it is
possible this pattern could be
repeated, although the long
term picture for the dollar is
still down.
■ The combination of the US
GDP figures, and bullish com-
ments about Bn UK tnOaHoP
outlook, from Bank of England
governor Mr Eddie George,
prompted a rally in short ster-
ling futures. The March con-
tract traded 34JMQ contracts to
close at 92.78, up from 92.66.
The Bank of England pro-
vided £61 0m late assistance to
UK money markets after fore-
casting a £Llbn shortage. Ear-
lier it had provided £344m
assistance at established, rates.
Three month sterling LIBOR
was unchanged at 6 per cent
■ Before coming under pres-
sure from the dollar, the
D-Mark was supported by com-
ments from Mr Hans Tiet-
meyer, the Bundesbank presi-
dent. He told an economic
foundation in Bonn that “a
strong currency is in the best
Interests of the German econ-
omy."
■ Elsewhere, the South Afri-
can central bank governor. Dr
Chris Stals, said in Johannes-
burg that a fairly substantial
net inflow of capital from July
to September would hasten the
abolition of the financial rand
system, but “not now”. This
caused the financial rand to
weaken to R4.025 against the
dollar from R3J85.
In Nigeria meanwhile, the
naira recovered on the free
market to N90 against the dol-
lar, from a record low of N1QQ.
The government tried to fix
the exchange rate at N22 last
January.
1 POUND SPOT FOR/
.'ArtD A GAINS •
i HE POUND
Oct 28
Oaring
Change
BtdfoBer
Oey*e Mbt
Ora montt
Three months
One year
Banket
mkt-poirii
on day
spread
high low
Rata
%PA
Rata
%PA
Rate
%PA Eng. Index
Europe
Austria
tech)
17JS375
-0.0078
281 - 468
17.2786 17.1580
172332
03
172713
04
1104
Belgkan
IBFr)
803335
-00052
*55 - 414
504800 502690
602035
07
503085
07
493538
1.1
1172
Denmark
(DKr)
85821
+00018
775 - 860
06908 05509
85773
06
95861
-08
8.6258
-05
1172
Finland
(EM)
7.47*6
+0032
042 - 850
7.4850 7.4490
ra
.
.
.
.
.
801
France
(FFi)
8JJ880
-00037
831 - 928
04038 03684
03886
-0.1
03615
03
03148
OS
1108
Gammy
(DM)
24505
-00014
491 - 618
24070 24422
2A483
05
2.4466
08
24123
15
1205
Greece
(DO
377.172
-052
974 - 389
370209 378.182
.
■
-
-
.
.
_
bMd
m
1X13S
-0.0013
131 - 143
1J7IB8 1-0107
15138
02
13133
02
1.015
-Ol
1067
iwly
(M
260028
+013
469 - 706
250083 2600.12
2612.18
-25
2523.18
-27
257138
-25
74.8
Limmboikg
(LEO
603835
-0.0052
455 - 414
804800 502690
503835
07
603088
07
408536
1.1
1172
Netheriands
(FQ
2.7464
-0.0029
437-470
27514 27413
27441
05
2.7402
08
27047
15
121.1
Mommy
(WO
106488
-QjOOBI
440 - ssa
106777 108330
108484
Ol
105517
-Ol
10.8S2S
OO
885
Portugal
(&)
250344
-0063
186 - 502
250871 240790
252074
-83
2S6254
-73
.
.
-
Span.
(PtB)
20OS77
+0097
049 - 104
204213 202489
204.322
-2.0
200382
-108
207.407
-1.7
800
Sweden
(SKO
11.6683
+0.0475
572 - BOB
11.7071 115893
TV 5889
-22
11.7369
-23
11-92*8
-22
702
Switzerland
(SFO
20460
-00027
445 - 474
20534 20401
25428
15
20362
15
1594
25
1225
UK
«
-
-
-
-
-
-
-
-
-
-
80.7
Ecu
—
1^861
.
8*2 - 880
12878 12803
1286
Ol
1285
OO
12791
05
_
SORT
-
0 911988
-
.
-
-
-
-
.
-
-
-
Americas
Argentina
(Pear*
1.8238
-0.0135
230 - 242
12378 15228
m
m
Brazil
(FB)
1J760
-00169
747 - 772
12800 12740
-
-
-
-
.
.
-
Canada
|C»
21915
-00174
904 - 920
22130 2.1900
21907
05
2.1891
04
2.1824
04
87.1
Master) (New Peso)
5.5739
-O03S2
555 - 922
55128 06545
.
-
.
.
-
-
_
USA
K
1.6235
-00142
230 - 240
15383 15230
1.8229
04
1.6225
03
15123
07
81.1
PacUc/Mdrfla Eaat/AMca
Austnda (AS) 2-1852
-00182
838 - 880
22052 2.1819
218S2
O 0
21865
-02
22048
-05
Hong Kong
(HK5)
123453
-01099
409 - 489
126568 125404
125362
09
125312
04
124807
0.7
-
India
(Re)
608292
-04885
095 - 489
51.4020 509070
-
-
-
-
.
.
-
Jape*
W
150024
-0656
918- 129
150850 167500
157584
35
168586
OB
151244
43
1895
Malaysia
(MS)
4.1446
-0JB39
426 - 467
4.1785 4.1418
•
M
-
-
-
-
-
New Zealand
(MZS)
20379
-00276
360 - 380
25636 25346
20418
-13
20486
-15
26710
-13
-
PHSppInec
(P««)
404252
-03523
316 - 188
40.5400 403275
-
M
-
-
-
-
~
Saudi Arabia
(SR)
EL09CC
-00631
879 -924
01453 00357
-
.
-
•
-
-
-
Singapore
teS)
2l3890
-00134
874 - 906
2.4063 23370
-
«•
-
>
-
-
-
S Africa (Com J
68838
-00475
305 - 872
5.7296 5.6788
-
-
-
-
•
-
-
S Africa (Fkv)
te)
06346
+00085
163 - 528
08238 05124
•
M
-
-
-
-
-
South Korea
(Won)
1283.04
-1233
239 -368
130458 1283.02
-
-
-
-
•
•
-
Taiwan
ITS)
422788
-04
813-083
425687 422811
-
-
-
-
-
M.
Thefland
P)
404486
-03124
200 ■“ 782
407870 404200
'
-
•
-
-
-
-
ISOfi ran ire On 27. BdUr apnede ki o» Pound Boot ns* aim on* the kit three dacfenel pieces. Fonrard reran ara not isectly quoted to 8 m mtwt
mm impted by curve inrara* ntoa. taratao tadrat cteoiaed by tee Bank ol Batand. Bare orange IMS ■ i0oad.Obrmd Mbfinti boh Me md
On Dofcr Spot HUM dirtied Ham THE WMmSTBW CLOSMQ SPOT RATES 8 mm Mfens M taunted by *» F.T.
DOLLAR SPOT FORWARD AGAINST THE DOLLAR
Oct 28
Cteeteg
mid-point
Change
on day
BUfeffar
spread
Dev's mkS
high low
One month Three monthe
RMs %PA Rate MPA
One year Morgan
Rata %PA index
Europe
Austria
(Sch)
108178
+0387
150 - 200
105200 105070
105175
05
10.8173
0.0
105426
0.7
1045
Saltfum
IBFr)
315400
«02»
200 - 000
315600 30-7170
3154
05
3151
04
3054
03
10B.T
Denmark
(DKil
55021
+05621
011-031
85040
65337
sjanra
-05
55136
-05
55491
-08
105.6
FWand
PM)
45040
+05603
990 - 090
45090
45543
4.8052
-03
45
03
00
84.0
Franco
(FFr)
01660
+05434
8S2 - 680
5-1687
8.1095
5.1684
-04
3.1668
05
$1601
Ol
1065
Germany
(D)
15094
+05122
090 - 008
15125
1.4326
15085
-0.1
15078
05
14071
08
1074
Greece
(Dr)
232320
+159
270 - 370
232.370 230300
232.81
-15
233.1*5
-14
235405
-14
B8.4
Ireland
(to
15014
-0.012
008 - 020
15210
15896
15014
05
15014
05
1 5884
05
•
ttriy
W
1543.75
+1525
32S - 426
154425 1528.79
1548
-33
155525
-35
150626
-33
75.1
Luxembourg
315400
+0285
200 - 600
315600 30.7170
3154
05
3151
04
3054
03
108.1
Netherlands
fO
1^10
+00128
905-915
15B36
15744
7.6811
-0.1
15892
04
15787
0.7
1055
Norway
85592
+05517
582 - 002
85070
0489 6
65824
-08
05752
-1.0
65888
-0$
96.0
Portugal
(Es)
154200
+13
150 - 250
154370 152.100
154.775
-45
1355
-44
15853
-$7
952
Spain
(PH)
125.640
+1.146
BOO- 880
125580 124350
125506
-25
124515
23
128.74
-25
01.0
Sweden
PKr)
7.1075
+00311
825 - 325
7.1925
75768
72017
-24
72296
-23
73036
-24
82.1
■ Htinri
owromana
(SFr)
12002
+00092
597 - 807
12027
12455
13586
13
12552
15
12378
13
108.1
UK
05
15236
-0.0142
230-240
1.6383
15230
15229
04
15225
03
15123
07
8S2
Ecu
12833
-0511
B28 - 038
12757
12821
13826
0.7
12023
03
12568
03
ara
SOfif
-
149320
.
.
-
-
.
.
.
_
-
.
Americas
Argentina
(Peso)
13001
+00004
ooo - art
13001
05999
-
_
.
.
.
-
_
Brazil
W)
05475
-0003
470 - 480
05600
05470
.
.
-
.
-
.
-
Canada
(C5)
13499
+05011
486-501
13516
13488
13498
05
13494
0.1
13647
-04
83.7
Mexico (Now Peso)
3.4333
+0.0058
230 - 435
3^4435
3.4230
84343
-03
$4381
-03
$4430
-03
_
USA
-
M
.
-
-
-
M
-
-
•
M
33.7
PaeUc/MMdfa
East/ Africa
Australia
(AS)
13480
+05005
485 - 484
13473
13441
13463
-0L2
1347
-03
13543
-08
855
Kano Kong
(HKS)
7.7273
-00003
280 - 278
7.7278
7.7288
7.7284
0.1
7.728
ai
7.73S8
-Ol
-
India
(Rs)
313700
-0515
875-725
31385Q 313875
31.456
-33
313
-25
.
-
_
Japan
nn
973360
+044
000 - 700
97.4000 985000
97.115
2.7
98535
33
6$ 80
35
1505
Malaysia
(MS)
+05014
524 - 534
25534
25610
2.5437
43
25324
32
25058
-2.1
-
Now Zeeland
(NZS)
15249
-00027
242 - 256
1.0207
15242
15259
-0.7
13277
-0.7
1333
-05
_
FWpptoas
Peso)
245000
.
500 - 500
243500 245000
.
-
.
.
-
.
_
Saudi Arabia
(Saj
3.7513
.
510 - 515
$.7515
3.7510
3.7528
-04
$7587
-05
$7753
-08
-
Singnwe
(SS)
14715
+05016
710-720
1.4720
14705
14702
1.1
1.4883
05
14815
07
_
S Africa (ComJ
w
35010
+00012
000 - 020
35030
34915
35185
-03
35448
-55
$8216
-34
-
5 Africa (Fix)
(FT)
45250
+004
150 - 350
45500
4.0000
4.0587-
-mi
4,1175
-92
-
-
-
South Korea
(Wort)
796.450
-055
300 - 600
797.100 798500
79945
-45
80256
-33
82145
-3.1
-
Taiwan
TO
285418
-00192
390 - 445
285580 285390
285018
-05
28.1018
-09
-
-
-
TMand
(BD
245150
+05245
050 - 260
243250 245000
245075
-35
26.116
-32
95 RAX
-2.7
-
10On w for Oat 27. Bttbtkr tp—rte h ths Drew Spot HIM Maw an *y M M im dsdmtf pieces. P anted mm m not dtreedy queue la tee MM
but m bnpfied by cum Mmt Mm. UK. Intend • ECU M quoted ki US currency. OP. Morgan ranted tarim Oat *7. Bmp mm 1BBW100
CROSS RATES AND DERIVATIVES
EXCHANGE CROSS RATES
Oct 20
BBr
DKr
Ffr
DM
K
L
B
NKr
Ee
Pta
8ICr
Belgkan
(BF+) 100
1951
1835
4382
2510
4879
5448
21.12
•46$7
404.8
2$14
Denmark
(□Kl) 5259
10
$758
2557
1387
2616
2365
11.11
2812
2123
1$17
Fhince
(FFfl 0007
11.42
10
2521
1208
2988
$273
1238
2984
24$1
1350
Oermany
(DM) 2057
$911
3424
1 ‘
0413
1023
1.120
4343
1022
8322
4.758
heiand
dq 49.74
$458
$200
2410
1-
2474
$710
1050
247.1
2013
1131
Itahr
(U) 2511
0382
0336
0068
0040
100.
0110
0425
9388
$136
0485
tat -iifc rail mbi ile
Ptfluwwnofi
n 1838
$480
$058
0385
$369
9125
1
3370
91.18
742B
4248
Nonaqr
(NKr) 4738
9506
7383
2303
0352
2356
$580
10
2352
1613
1056
Portugal
tea) 2013
3328
$361
0379
0405
1001
1597
4251
100.
8148
4.858
Spain
(Pto) 24.71
4509
4.114
1202
0497
1229
1348
8218
1223
100.
$718
Sweden
(SKri . 4322
8217
7.194
$101
0309
2148
2354
$126
214.7
1743
10
8wteartend
(SFr) 24.63
4383
$100
1.197
0495
1225
1342
5200
1223
9936
5309
UK
(Q 6039
0081
$388
$460
1513
2506
$746
1064
2503
2085
11-88
Cwrade
(CS) 2$00
4373
3328
1.118
0482
1144
1253
4DS8
1142
9356
5322
US
m 3T.05
5503
$188
1510
0824
1544
1301
$568
1642
125.6
7.184
Japwt
(V) 31.89
8564
5309
1551
0641
1698
1.737
$734
1584
129.1
7380
Ecu . .
3921
7.4S0
0528
1307
0788
I960
$136
8280
1943
15$7
$074
OMt Kora, FrerWi An. Narantfan Kroner. SBd MM Krwcr pat 10; Balaian FWe, XM. Gaeuto. U«i Md Peaea par iQO.
EHS EUROPEAN CURRENCY UNIT RATES
8ft
C
CS
8
Y
Ecu
Oct 28
Ecu oea
Rate
Change
%+/-ftom
% spread
Dhr.
4560
1585
4348
5221
3133
2350
rates
agekwtEou
on day
eea rata
v weakest
bid.
$135
1344
2287
1.094
1845
1341
Netheriande
$19672
$14782
-030084
-222
530
.
2438
1.192
2312
1335
1894
1332
Ireland
0306828
0.792097
-0000996
-157
533
13
0335
0406
0334
0362
84-48
0524
BMghjm
402123
38.4218
-00104
-157
532
14
9.ron
0587
$163
1302
1503
1268
Germany
154984
1.91811
-000078
-1.72
528
-
0082
0340
0307
0365
$305
0351
franca
$53883
$58119
-000007
034
$10
-3
$746
0384
0798
0391
5738
0488
Danmark
743879
749621
+000360
079
234
-S
1523
0540
2358
1325
1483
1208
Portupri
192384
195532
+0.145
130
132
-11
0817
0400
0376
0348
63.12
0313
Spam
154250
159371
+014
346
030
-34
1503
0480
1378
0798
7748
0330
1.755
0558
1379
1392
1363
1.102
NON ERM MEMBStS
1
0489
1371
0793
7722
0628
Greece
204313
295508
-0.154
1134
-734
-
$048
1
$181
1323
1583
1285
•My
179019
196038
+$29
933
-538
-
0534
0456
1
$741
72.11
0388
UK
0788749
0.7B3254
+0300183
-044
$91
-
1281
0816
1350
1
9735
0792
6ai central r—
» are by fra Europe*" Conwsateri CurendM
ara te tera anting rMxVa auangBt
1295
0333
1387
1327
100.
0313
Percentage cnengM are far Ear; a porBua change cfanctM a tasaK currency. Oeemance rimes Ufa
1362
0778
1.706
1283
1233
1
rate barrean tan apraerfa: Ufa peemraga rWa
crfcs bocwMn mo acEj^ mKfcat mti Ecu osrM mm
tar a curancy. are* a»a wraawe pTreaM pwcanraga Oaiattan or tea atiaiyi warwat ran area te
(174MK3 9M<g and ttaOan Urm«u^>«ndod bun 0*1 Acfualmua catoMad by tea Fteandri Tima*
| WORLD INTEREST RATES 1
MONEY RATES
October 28 Over
night
One
month
Three
mths
Sfc
mths
Ora
year
tomb.
brier.
Die.
ram
Rapo
rate
Batghen
4%
4B
51k
54
04
7.40
4.50
_
week ago
4%
48
514
54
S'*
7.40
430
_
France
5*
Si
5H
SB
84
$oo
-
$75
tweak ago
SH
5%
5%
SH
$00
-
$75
Gennwiy
4.78
455
$16
$30
$65
$00
430
4.85
week ago
4-82
455
$15
525
$58
$00
430
435
Ireland
5i
511
54
ew
7*
-
_
Bra
wreak ago
40
Stt
64
614
7*
-
-
825
ttriy
OH
84
84
94
10*
-
730
820
week ago
8i
84
av
9V4
10W
—
7.60
820
Mathedanda.
4.84
4.97
520
$34
5.74
-
525
-
week ago
4 04
457
$17
530
$68
-
525
*
Swrttrartend
34
3ft
■*4
411
41k
8325
$50
-
week ago
3a
**
4 Vi
4H
6 625
330
-
US
4JJ
48
51k
SB
6Vi
—
4.00
-
wreek ego
4%
•»!
54
5*»
61
-
4.0Q
-
Japen
24
214
24
24
21*
-
1.75
-
week ago
2K
2M
2%
ZYi
2B
-
1.75
-
■ $ LIBOR ft London
bilerbanit Ftdng
week ago
US Dollar CDa
week ago
SDR Linked Os
week ago
54
54
438
4.88
Vn
3%
58
5H
$35
$36
34
34
6
5B
$71
$71
31k
M
64
8%
$31
$30
4
4
“
-
-
ecu LMtad Da bM ram l man 5H. 3 iMa 38: S MK e;: 1 year 31k S UBOfl Jntarbanfc Rung
MM am athnd Moa tar SlOm quoted to tee maul by taut r W nj ri :a brows at Mam sac t» trawna
My lha oanka aw B a n kart Trim. Bar* c< Tokyo. Bac i ai r and Naoonai Wa ao n a— r.
MM ratai ara shown tar im domes* Mtawy (knee. US S CDa and SOR UrWsd Oapoan M
EURO CURRENCY INTEREST RATES
Oot SB Short 7 days One Thu Six One
tarn notice month months months year
Brifiten Franc
4%
-4H
4»
-4}j
5 -
4%
54. -
sh
56
-56
B6
-66
Ctantsft Krona
5>s
-5
54.
- Sh
5%
* 5 s !
8*2 ■
eU
5%
• ft
T\
-7^
D-Mark
5 ■
4%
411
■4H
4*1
'4H
56-
56
56
-56
5H
-56
Duteh Guhter
5 -
5 ■
4%
5-
4^
56-
5^1
54|
- 54.
54.
■ft
France Franc
5V
-s'*
5.1
■54
5 A
-5.1
5*8 -
5*2
sll
-5H
86
-86
PcrtuQMM Esc.
9H
■ 9
« h
- D
Vi
-9V
10»*-
■06
10 3 !
- 10
10H
- 10H
Spanish Ftaeete
7A
‘7H
7&
■ 7*1
7 A
-76
7il-
74.
ft
■B4»
Bit
-ail
Staring
5*».
■sh
s&
5U
-512
8-!
5l
6,1
-64s
76
-76
9M» Franc
ZH
■3 h
3S»
■ aij
-3A
4 - :
>?
46
-*6
4S|
-4»j
Can. Data
5-
4U
5-
4H
56
-411
5^ ■
5*
86
■HI
Bl
-04,
US Debar
4» 4
• *H
411
■4tt
5 -
4%
Stt-
56
8 -
5^
66
-66
btenUra
9 -
Th
aV
* 8*t
0A
-86
8U-
86
96
-86
10»t
-10
Yen
2A
-2V
2£
-26
2A
-2 1 *
2^-
26
2‘:
-26
211
-24.
Asian $Sbig
1^.
■ 14.
i^
-14.
2 .;
-26
36-
36
3> S
■3*2
4 .
2\
Snort teen nsaa «• erfi
lor me
USDrtaar
lYen.
Hhanr
MD (fare’ nonce.
■ THBKSMOWTWP«OHFUTUIB»(MATTF) Pratt (ntarOte* Offered nde
Open
Sett price
Change
Wgh
Low
EaL voi
Open inL
Dec
9428
9429
+$02
9430
9425
16,093
58.084
Mar
9381
93.85
+006
9388
9378
14332
38388
Jta.
9339
9344
+0.08
9345
9335
6398
20309
Sep
9399
9305
+038
9305
9237
3266
19,155
■ THRU MONTH ■URODOLLAR fUFFET Sim points Of 100%
Open
Sett pries
Change
High
Low
EfiL voi
Open bit
Dec
9420
943B
+0.08
94.06
94.00
52
2539
Mr
9331
+035
0
1386
Jun
9315
+038
0
350
Sep
82-79
+035
0
56
■ INI
m MONTH MJMNMHK FUTURES (UFFEJ* QMIm points of 100%
Open
Sett price
Change
Hitft
Low
EaL vol
Open tnL
Dec
9434
9435
+031
9436
94.79
27132
157840
Mar
9435
9439
+$04
94.60
94.49
49024
155587
Jun
84.14
9421
+037
9*24
94.09
35410
106179
Sep
8377
9332
+037
9334
9370
10919
77249
■ THRU MOUTH BUROUIA HTJUTl WUm 0JFFE) LI 000m pcinta of 100%
Open
Sell price
Change
High
Low
EaL vol
Open InL
Dec
9035
00.97
+0.03
9038
8035
4882
32580
Mar
9020
9027
+$05
9028
90.15
3922
28576
Jun
8936
89.73
+$07
8ft 75
89.00
1865
15902
Sep
8927
8935
+$07
8935
8922
2121
19210
■ THRU MOUTH MJRO SWISS FRANK FUTURKS (UFFQ SFrlm points of 100%
Open
Sett price
Change
High
Low
Eat vol
Open kiL
Dec
9533
9538
+$02
9539
9531
1842
19908
Mv
9531
9638
+$06
9530
85.48
2463
17342
Jun
9S.11
95.17
+$07
96.19
96.08
S10
5100
Sep
94.88
9430
+$07
0435
84.09
252
1757
■ THRU MONTH HCU PUTUM8 (LFFQ Eculffl polnte of 100%
Open
Sect price
Change
HI01
Low
EbLudI
Open InL
Dec
9336
9394
+$07
9334
9385
1100
7885
Mv
9337
9348
+0.10
8348
9335
544
6910
Jun
82.65
9396
+0.10
9236
8233
387
4140
Sep
8237
9347
+0.10
82.47
9236
185
2444
' UFFE Uuraa traded on APT
■ HBMM MOHT11 WbOOOLLAItOMM) 51m polnte cl 400%
Open
Latest
Change
Mflh
Low
Est vol
Open InL
Dec
9339
94.07
+$08
94.08
8394
84,021
421340
Mv
9356
9331
+0.06
9363
9383
79.527
385,743
Am
0309
9315
+$06
9318
9316
48228
291395
m IMTTtEAMmy UJ. FUTURES {B4M)$linpv 100%
Dec
9439
9437
+$0B
9437
9438
330
17380
Mv
9439
94.18
+037
94.18
9436
149
10352
Jun
-
9367
+032
9307
9381
38
5345
9 MWBCWnilWHI (IMH DM 125,000 per DM
Open
Latent
Change
High
Low
Eat vol
Open ht
Dm
03675
03829
-03060
$6705
0381*
awe*
87303
MV
06693
$6842
-$0050
$6712
$8825
215
4365
Jun
$6732
$6848
-$0049
03732
06845
1
616
■ SWISS FWA1TO FUTURES QMM) SFr 125300 par SFr
Deo 08000 07043 -00067 08044 07925 17.896 41.067
Mv 0.7886 07875 -00050 08075 O7BB0 582 2330
Jun ' OS1QO nnfgn - OjBIQO 00020 21 162
■ Jfr»MM1TMIFUTW»gMM)Vrai123pvYan100
Latest
Change
rtgh
Low
Est mi
Open InL
Dec
13862
1.0314
-$0948
13378
13805
11323
90,743
Mv
1.0425
1.0994
-$0054
13464
13391
382
7386
Jun
-
13649
-
-
-
279
718
■ STSRLBIO ronww (1MM) E82.B00 par g
Deo
13382
13244
-aoiso
1.8380
13220
9,229
46380
Mv
13440
1.6200
-03148
13*40
13200
37
629
Jun
-
13170
-
1.8320
13170
1
S
■ WWUU«PWASecreOPnC>»»e81^50(e«nnperpount8
Strike
Price
Nov
- CALLS -
Dec
Jan
NOV
— PUTS —
Dec
Jan
1350
730
7-46
730
.
oon
031
1375
434
531
$72
03S
034
$99
1300
233
848
431
$27
1.18
1.70
1326
132
237
233
1.11
9.99
230
1390
nan
1.11
138
2.78
339
436
1375
$03
033
$99
532
539
634
Prarkxa dayV «eU Cafis MB1 Put* 11.178 . Pray, day's open tat. CMa 434832 ftds 404,758
UK INTEREST RATES
ONDON MONEY RATES
i*2B Over- 7 days
night notice
Ora
month
Three
months
Six
One
- 6\ - 6U 7H - 7lj
I-* sa-a* 7ft-7d
ratartcStartng B*. - 4 1 * 5&-5& 5^ -5H 6-
adngCOe - - 5H - 5B
Zth - 5H-5A A-6>5
nkBKa - - 5&-5J|8S-Slj®H-**4 -
at uthorty daps. 5 1 * - 5 1 * 5V - S 1 * 5A-5& 6V-5% M - *Ar 7,a-«S
tcoimt Market deps 6b - 4*2 SA -
UK rtaarlnp taaifc bow iendng rale 5$, per cent from September 12. 1894
Up to 1 1-0 ^8
moRih months irmwis
9-12
Coda of Tax dap. £100,000) 1*3 4 3V 3% S 1 *
Cana rdlkx und» C100J0Q l» l^tpa. Oapoaba aTlli.ya«m lor raatv Vp c .
Am. Mr t rrarof dtacooffl B4 S«pc.^D fttad
IflM. Aiwa raa lor pMod No* 80. 1904 to Oac 23, 1984. SrMnm nil 'W"™*""
rated Ostl. 1084 to QotSt. 1884. Schanwa IV * V STOSpc. Fteenee Horea Baaa IMa Ope frora oa
1.1994
■ Twm«MmT« eT »H uiro wrniiat»gjFFE)£soaooopotTOotio(»4
Open
Sad price
Qtemge
Low
EaL vet
Open 'rtf-
Deo
9336
9338
+034
9339
9330
22212
144920
Mar
9237
92.78
+$12
9230
9234
54295
70814
Jun
9234
82.15
+$13
82.17
9232
10032
58839
Star
9138
91.70
+$18
91.71
9137
8637
53893
Tradad «n APT. At Opm Maceat Rga. ara tar pntfoua My.
■ IH O H T S TWnjMOOPTlOIBgJffq £500,000 poWe Of 100%
Strike
Price
Dec
- CALLS -
Mar
Jw
Dec
— PUTS -
Mv
Jun
9860
$20
030-
$10
$12
030
145
9375
038
033
007
nra
130
1.67
9400
$02
$01
$04
$44
1-23
139
EaL vet tout CoSm 10720 Pirn 12839. Previous dW* epan In. Cala 333S7B Pur* 201127
BASE LENDING RATES
%
%
%
Adam 8 Company.
_ 5J8
DurcanLawte $75
ASed That Baric...
$75
Exeter Bra* mated _
$73
Corporation Unfiari M no
AB Baric $75
FtarexJali Gen Bonk- 83
longar atftartaed as
, •ttanyAresechv..
5.75
•Robert RteTbg & Co - $75
abvtengkeriUon. a
BorkafBBrada —
— $75
Qkobsrk
$75
Royal Bk ofSootend - 57s
Banco Bfeaa wrafra_ 5J5
•Graness Mahon
$75
•Gmffl & VMbTwn 8ecs . $75
Bh* at Cyprus —
- $75
Hfibb Bank Afi Hitch . $75
TSB $75
Baric at Ireland
._ $75
•Ftemfame Baric
$75
•LMted BkotKuen*_- $75
Bra*oftadta_
.-5.75
HraUte & Qen tev Bk. $75
UnSy Trust Bar* Pic $73
Bvkot Scathnd ...
— 5.75
MSemuaL ...
$75
VteotemThrat _$75
BsdtasBank
— 575
C. HoeraLCo $75
Wtearawy Laktesy...- $75
BA Bk (4 Mid East..
_ $75
Honcte»&8ranranL $75
YorkshkB Hnr* _$76
•awn Shipley 40o Ut $75
JUtenHoteBM —
$75
CL Baric Nederiand
.. $75
•Ucnokf Joserii & Sera $75
• Mambera of London
□Merit NA
-.375
LtoVdsBer*
$75
Chdesdata Barit —
.-$75
Megtnt Bar* Ud
$75
The Cooperate* Bank 575
•Attend Bsr*
$78
Coins 8 CD
_ $75
- Mount Beridno
8
Credlrimb....
... $75
NNWaifirtuU'
$73
Cyprus PoputerBtnk _&70
•ftte Brnthara
$75
M Opae Ma i aa r Bm- ara ter p t Mte ua day
■ HWABK OPnOMS |LIFFE) PMlm polnte d 100%
Strike
Price
NOV
Dae
CALLS —
Jan
Mv
Nov
Dec
PUTS
Jan
Mv
9475
0.12
$18
0.10
$15
$02
$08
$2B
031
BSOO
031
0.04
0.03
ao7
$16
$19
$44
$48
BB2S
0
031
aoi
$02
040
$41
087
0.88
E It VOt to M. CdJ» 4094 Puta £870 PMOUS (tar's epan K. Ca9a 208927 Puta 188370
■ BUBO 3BM» WUHC OPWOm |UfFB SFr im points of 100%
SMrte
Price
Dee
- CALLS -
Mv
Jrai
Deo
PUTS -
Mv
Jun
9875
$19
$13
$09
aoe
$30
$87
9600
$06
$06
$04
$17
0.48
037
9025
032
033
$30
0.70
EstveLteM.
cate o Puts a ftwous (fay's opm xc. cate zom Pus n*6
■onnc Mw n tcw
Od 28 £ S
(tiro 1728a - 172861 1083BD - 10K.4SB
bn 285780 - 288080 174380 - 175080
Kaaea 04808 - 114820 02983- 02988
Mod 874102 - 374818 230508 - 280808
taW 08880 - 500880 807880 - 308280
UA£. 58582 • 58701 38715 - &5T36
FT OU1DE to WORLD CURRBKCTOB
The FT Qukta to World Cunendes
table can be found on the Emerging
Markets page In Monday^ paper.
THE BOTTOM LINE
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NEWBRIDGE
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S OOP ereraa*k mms Mb trar mM hm*m ■»*. hm imb, ra- i
Newbridge infbnnatioa Kne 0633 413602
teaMi teaM tea BoerMM ta SUMMa* InMMIMp hA MW aewar-i^e Mra emu* ran..— . n i.m.q n u a- MHU.
— rnH p|) -.g/oCTOBEK JO 1994
FINANCIAL TIMES WEEK.EN P OCTOBER - •
LONDON STOCK EXCHANGES Dealings
British Funds, etc
Treasury l3^% Slk 2000/03 - fM21^
Etttwqucr 10«jS StK 2005
l£SOc94)
£110#
Details of business done shown below have been taken with consent
from last Thursday's Stock Exchange Official List and should not be
reproduced without permission.
Details relate to those securities not included in the FT Share Information
Services.
Unless otherwise Indicated prices are in pence. The prices are those at
which the business was done In die 24 hours up to 5 pm on Thursday and
settled throujpi the Stock Exchange Talisman system, they are not In order of
execution but in ascending order which denotes the day's highest and lowest
dealings.
For those securities In which no business was recorded In Thursday's
Official List the latest recorded business In the four previous days Is given
with the relevant date.
Rule 4.2(a) stocks are not regulated by the International Stock Exchange
of the United Kingdom and the Republic of Ireland Ltd.
t Bargains at special prices. «J> Bargains done the previous day.
SudweatdeutscrieLandbank CaoMwaPLC
6.25% GU Bds 2003 {Br DM Vail -
DMS&A0 (260c94)
Svonewc Exportkreat AB 8.375% Nts
1996(BrS5000A1 00000) - $101% (240c34)
Sweden(Kkis«Mm of) 8J,% Bde
ige«Brssooa) - tioi eioca**
TSB Group PLC 12% Subort Bda 2011 (Br
£10000A100000> • Cl 14.7 (SeOc&a)
Tarmac France (Jessy) Ld 9*?% Cm Cap
Bos 2006 (Reg El 000) - £25% It 125034)
TeteALyte Intm PLCTattALyfcr PLC S\9»
T&LUfiiGdBds 200I(Hr) W/WtaTALPLC •
£84(21004)
Tesca PLC 8%% Bets MttXBrO/areKFyPr# -
EB4.6
Twee PLC 1Q%% Bets EDGE (Br EVsi) -
£102^ % 3 >4 06OC04)
Tesco Capital Ld 9% Cnv Cap Bds 2003tHsg
£l)-£1iS 4, 6
Tesco Capital Ld 9% Cnv Cop 80s
2005<Brf5000A10000) - £113*4
Tokyo Electric Power Co Inc 7%% Nta 1980
OBr £ Var) - £95,*, p4Oc04)
Trafalgar House PLC lCJ*i« Bds
200fl&£1 000*1 0000) • £100*4 (21034)
U-Mnq Marine Tiwupon C<xporsuon1%%
Bds 2001 (Reg in Milt 51000) • S105
Unlever NV 7.25% Bds 2004(BrS Vara) ■
S83J 93*2 p1Oc04)
United Kingdom 7*4% Bds 20Q2(BrSVari ■
S95%CSOe94)
wootwKti Bulking Sadety 7% ms iw 8 (Br
£ Var) - £93*2 (210c94>
SwedarVWiwdorn of) € 600m 7%% Nta 37127
97 - Oflfi 7
SwedanOOngaam oT) £2 son 7% Instrument*
23712/90 - £93 J210c94)
SwedenOOngdcm oft ECUlOQm 7U« Nta
2000 - EC94*, SS (260c04)
Corporation and County
Stocks
London Court/ Jlj 1 *, Cons Six I920tor attar)
- £25*2
Dudtoy Mewpofcon Borough Coune>f7% Ln
Stk 2019 (PeoKFiP) - £791, E1Oe04)
Hun Carp 3%% Sups bs) ■ £35 (2flOc94j
LeeoKCnv of) 10%% Red S» 2009 - £126$
Beading Con 3H S* 1962(or attar) • £294,
SmansentCtty oO Uklt Red Stk 2006 - CITS
ISMOeOil
UK Public Boards
AgrtaMwal Mortgage Carp PLC Doe
Stk 93195 - £9B*« (250c94l
Port of London Authority 3% Port of London
A Ste 29199 - £80 I250C&4I
Commonwealth-Government
South Australian 394 Cons ins Ste 1916(or
after) - £29 it f?60c9J)
Foreign Stocks. Bonds, etc-
(coupons payable in London)
Hungary JRapubkc of) 7*2% Sttg BdotAosd
Lon 1969 Sen) - £40$
Abbey National Sterling Capital PLC8lt%
Suborn CM Bds 2004(Bt£Var3! - C93'J
04OoH
Abbey National Sterkng Capital PLCTO%%
Subord GM Bds 2002 (Br £ Var) - £102/,
%%(260c94|
Abbey Matronal Treasury Servs PLC 6% Gta
Nts 1M9(BrC1 000, 10000,100000 - £07*4
(260c84|
Abbey National Treasury Servs PLC 71,%
GM Nts 1998 (Br £ Vari - £951, (260c94)
Abbey Nsbonal Treasury Servs PLC 8% Gta
Bds 2003 (Br £ Vari - ESS 7 * 90 %
ASOA Group PLC i07(% Bos
201 «Br£l 000041 00 0001 - £1045 I210c94)
BT France B V. 91,% Gtd Bds 1999
(BrS50CQA 50000) ■ Si 03 U (240c9J)
Barclays Bank PLC 6-5% Nta 2004©r£Vari-
ous) - £80.7
Botc/aye Bank PLC 7.875% Undated Subaru
Nts [Br £ Vre) - £85 > I260C94)
Barclays Bank PLC 121,% Server Subord
Bds 1987TBt£V*r) - £109*2 C25Oc04|
Barings PLC 9*,% Pop Subord Nts (8r£Van-
ousj - £62 l?JQcJ4|
Bntlsn Ainrays PLC 10*i>% Bds
2008(Br£1 0009) 00001 - £107*, (24Oc04|
Bmttti Gu trrt finance BV 8*4% Gifl Bds
2003ffirSVar5) - $87.15 57%
Bnbtti Gas int) Finance BV 9*2% Gta Bos
30DJ(Br5C Vsn-SClOl
British Gas PLC 7*,% Nts 1997 (Br E Var) -
£97*g (250c94)
British Gas PLC 7*,% Bd3 2000 (Br C Vari -
£93*2
British Gas PLC 10%% Bds 200 HEr
£1000.1000091000001 - £105.8 6 (260c84)
British Gas PLC 8%% Bds 2003 IBr £ Var) -
£92*4 (260C84J
Bntan Goa PLC ?%% Bds
2044fBr£1 000.1 0000. 10COQ0C) - £78*2
aioc94)
British Land Co PLC 12%% Bds 2016
(Br£100009100000) - £118.65 I250c94)
British Tetecommurucattcrtt PLC 7%% Bds
2003 IBr £ Var) - £86*; £
British Tdacommunicabohs PLC 12*4% Bds
2006 - El 199
Bunion Casual CopttatfJoney) Ld 0%K Cnv
Cap Bds 2006 (Rag £10001 - El as 6
Cade 5 wireless Int Finance BV 8%% Gtd
Bds 2Q1 9fBr£ Vars) - £90.4875 (2lOc94)
Cable 9 Wirstess In Finance BV 10%% Gu
Bds 2002 (Br £100008.10000(8 - £102%
(260cS4i
Dally MaB 8 General Trust PLC B%% Exch
Bds 2005 (Br£ 100085000) ■ £145
Dunsco A/S 5% Cnv Bds 200UBrOK1000) -
DK86 89 (240c94|
DenmarMKmgCQm of) 9%% Nts 1998 (Br £
Vari - £92*2 .85
Depfa Finance N.V. 7%% Gtd Bds 2003 (Br £
Vari - £84% % (260c94)
Dw Chemical Co Zara Cpr Nts 30/5/
97(Bc£l 00081 0000) - £80*4 (210c94)
Eastern Eteanaw PLC 8%% Bds 2004(Br£
Van) - £93,*, (250c94)
Bl Enterprise Finance PIC B%% GM Excti
Bds 2008 (Reg £5000) - £99 G40c94)
Export-1 mtxxt Bonk of Japan 7%% Gtd Bds
2002 (Bf SC Var) - SOK% C9% (2iOc94j
Far Eastern Department Snraa Ld 3% Bds
2 001 (Reg Integral mAh 51000) - £99
FWandtflepubflc eft 9%% Nts 1997 (Br£ Var)
- E102% ClOcSri
Feme PLC 8%% Bds 1097 (Br C5000) - £97%
(250C&4)
Guaranteed Export Finance Coro PLC GM
Zero Cpn Bds 2000(Br£l 00008100000) -
£58% (2iOcS4j
Guaines* PLC 7%% Nta 1997 (Br £ Var) -
£96% (25Gc94)
Halifax BJdlng Society 6*2% Bds 2004
(Br£1 000,1 0000.1 000001 - £80% 1 %
Hatfw Bulking Society 8%% Nts 1897
(BrEVar) - CO^ij .6
Halifax Bidding Sadety 11% Subord Bds
2014(BrCi 00008100000) - £107.90 805 *4
Hanson Trust PLC 10% Bds 2006 (BriSOOCl
-C89%
Huttons A Crosii wa PLC 7%% Suub Cnv
BdS 2003MBrCl 000810000) - £97 BlOcSA)
Hlcknon Capital Ld 7% Cnv Cap Bde 2004
IReg) - 131
hipertal Chemical Industries PLC 9%% Bds
20O5(BrC1 0008 10000) - £99%
Imperial Chemical industries PLC 10% Bds
2OO3IBri:iO0OA 10000) ■ £102 (2lOcfl4|
International Bank for Rec 8 Dev 0*4% Bds
2007 (BrtSOOO) - El 00 176 l2BOe94)
Japan Devetopment Bank 7% GM Bds 2000
(Br E Van - E9C* C60c94)
Kama Electric Power Co Inc 7%» Nts 1088
(Br E Var) - E94* 2
Kyushu Qectnc Power Co Inc 6% Nts 1997
(BrEVar) ■ C9?lj
Land Securities PLC 9%% Cnv Bds 2004
(Br£E000850000) - £108*2 (260cS4|
Leeds Permanent Bunding Society 7>2% Nts
19B7(Br£Var] - £90%
Leads Permanent Biding Society 10*2%
Subord Bds 2018 (Br EVar) • £103.55
(210c94)
Lewis Llonnl PLC 10%% Bds 2014
IB r£1 000081 OQQOO) ■ D057, (260c84J
Lloyds Bank PLC T%% Subord Bd*
2004tBr£Vai*OU9) - £54 jj (250cfl4)
Uoyttt Bank PLC 11%% Subord Serial Nts
1fiB6(Br£lOOOOj - £104% (240094)
Lonriw Finance PLC 6% GM Cnv Bds
SOMBMVaraf • CS44, (S^Oe94l
NeBontt Wntmtntter Bank PLC 11%% Urw-
SubNU eioootcmr M PfftRog - £»%
Noflonwiaa Budding Society B%% Nn
l999(Br£ Vars) - £87.73 .78 445 B40c84j
NaOonwioe Budding Society 134% Subord
MS 2000 [Hr £10000) - £115% 43
I2SOC94)
Peninsular 4 Oriemd Steam Nav Co 11%%
Bds 2014 (Br£r 000081 OOQOO) ■ £111%
(240C94)
Prudential Finance BV9%W Gfd Bds 2007
[Br£50004 100000) - £88% (210c94)
RMC CooftBl Ld 31,% Cnv Cap Bds 2006 (Br
£5000450000) - £129*. (240c94l
RTZ Cauda he 7*4% GM Bds
199BIBr£50004 100000) - £93 %
Rood Baevter he 7%% GM Bds 1999 (BiS
Van) - 597 J 96
Royal Bonk of Sea Hand PLC B%% Bda
2004lBr£Vani - EB1.1
Royal Bank of ScoBand PLC 10%% Subord
BOS 1909 (BrES 000425000! - £104^
(21QC94)
Salnsbury UKChennal ldanA)Ld
8%KCnvCBpSde 2005(Br £50008100000) -
£124 (210c84j
Sheer* Navigation Cflrporatkxi 3.75% Bds
2003 (Br St 000081 00000) - S107 105
fllOcOJ)
South West Water PLC 10%% Bd9 2012 (Br
£100008100000) - £109 (21OC04)
Sterling Issues by Overseas
Borrowers
Aslan Development Bank 10*.% Ln Ste
2009(Reg) - £1084
Bank d Greece 104,% Ln Ste ZOIOtReg) -
CP6%(26C*c94]
Credit Foncter Da France
T0%%GtaSerLnStk20l1.l2.13.l4<Ffeg) •
£110
European nvostmant Bank 9% Ln Stk 2001
(Rag) - £39
European investment Bank 8% Lit Stk 2001
(Br£5000l - £100** % £10c94)
European Investment Bank 9%% Ln Stk
2009 - EJQP%
European Investment Bert. 10%% Ln Stk
2004<Rag1 - El 0835675 |240c94)
Bmpun investment Bank 10%% Ln Stk
2004(Br £5000) - £106^975 (240c84)
European Investment Bank 11% Ln Ste
2002IReg) - £110% <240c84)
fntana&onai Bank tor Rec 8 Dev 9%% Ln
Stk 2010(Regl - £103,*,
International Bank tor Roc 8 Dev 1 13% Ln
Stk 2003 - £1 1V« <240c94|
New Zealand 1lU% Ste2008(R%? - ni5\
(2lOc94)
Patroieos Mexicanas ia*j% Ln Stk 2006 -
£120 (210C94)
Portugal (Rep oft 9% Ln Ste 2016<Reg) -
£37% £40c94)
SmadertKingdom oft 94,% Ln Stk Z0l4(Reg)
- £101% 2,‘,
Tnnoad 8Tabago(RepuMcof) 12%% Ln Stk
2009(Reg) - £107 C210c94}
Listed Companles(excluding
Investment Trusts)
AAH PLC 4.2% Cum Prf £1 - 57 (24Qc94)
ASF (nvestmenta PLC 5%% Una Ln Ste 87/
2002 50p • 35 £260c94)
ASF investments PLC 7%% Uns Ln Stk 87/
2002 50p - 40 (260c84)
ASH Capital FmanceuenaylLd 9%% Cnv
Cap Bds 2006 (Rag Units lOOp) - £70
(280C94J
Aetna Motaydan Growth FuntKCaymanlLd
Onl SO-Oi - S13 13% 13%
Aieaon Grow* RLC 626p (Net) Cnv Cum Red
Pit 10p - 55 8 (260C94)
AUed Domeco PLC ADR (i:i| - £0.3
(260c94)
Alwd Domeco PLC S%% Cum Pif £1 -55
Ailed Domeco PLC 114,% Dob Stk 2009 -
£118?, (24OC04)
Alwd Domecq PLC 8>,% Una Ln Ste - £63%
Ailed Domecq PLC 7%% Uns Ln Stk 33/98 -
£94%
A/tled -Lyons Fhanctti Services PLC6%%
GtdCnvSuboft1Bds2(X)8 RagMilUEIOOO -
£106% (2SOc94)
Ailed -Lyons Fhendai Services PLC8%% Gtd
Cnv SuOord Bds 2008/Br £ Var) - £104%
(240eS4)
AMs PLC 5.5% Cnv Cum Ncn-Vtg Red Prf
El - 87 % 8 % (260C94)
American Brands Inc Shs of Com Ste 83.125
- 534% (?eoe9A)
Andrews Sykes Group PLC Cnv Prf 50p • 42
Anglian Water PLC 5%% Indax-Unkod LnS*
2008(65578%) - £130%
An^&stwn Plantations PLC Wa/rantt to
sub tor Od - 26 8
Armow Trust PLC 1ft%% Una Ln Ste 31/96 -
£100$
Asda Propwty HMgs PLC 10 5/16% 1st Mtg
Dab Ste 2011 - £101% (24Oc04)
Attwoads PLC ADR (5:1) - S9%$
Attvroods (Finance) NV 8%p Old Red Cnv Prf
5p - 88 (Z6OC04I
Austin Reed Group PLC 8% Cum Prf £l - 75
CSOc94)
Austrian A^fcuRutta Co Ld SA 0.50 - 470
(2SOc94|
AutomaMd SecurKyiHkJgs) PLC 5% Cnv Cum
Red Prf £1 - 55 OUOcSaj
A utomated SecuriMUdga) PLC 6% Cnv Cum
Red Pit El - 45 %
Automotive Products PLC 4.55% Cum 2nd
PrtCI - 60 {2AOcS4)
Automotive ftpcfticts PLC 0% Cum Prf£T -
100 (24Oc04|
BAT Industries PLC ADR (2:1) • 51 3 58 4
I24OC04)
BET PLC ADR (4:1 1 - 565997*
BM Group PLC 4^P (Net) Cnv Cum Red Prf
20p • 86 % %
BOC Group PLC ADR 0:1) - 511 J9
BOC Group PLC 3J% Cwn 2nd Prf £1 - 51
CBOeflJ)
BOC Ooup PLC 12%% Uns Ln Stk 2012/17
- £121% (26OC04)
BTP PLC 7Jp(N«) Cnv Cwn Red Prf lOp -
180
BTR PLC AOR (4;i) . £20-26 5
Bate of MandtGovemor 8 Co oft Units NCP
SteSrsACI 8 £9 Uquklalkm > Ell*,
(2SOC94)
Banner Homes Group PLC Ord lOp - 125
C50cS4)
Barclays RjC ADR (4:11 - S37% fZ6Oe04)
Barclays Sank PLC 12% Uns Cap Ln Ste
2010 - £116 (260e34)
Swdon Group PLC 7.25p (NeO Cnv Red Prf
26p - 88% (240004)
Btettan Group PLC 3,85% Cum Prf £1 - 40
C6OC04)
Bardon Group PLC 11£Sp Cum Red Prf
2005 1O0 - 105 (24OC04)
Borings PLC 8% Cum 2nd Prf£i - 93%
(240c94)
Barings PLC 0%% NorvCum Prf £1 - 112%
(24OC04)
Bomoto Expkmtton Ld Ord R0.01 ■ 170
f20Oc94)
Barr 8 WaOaoe Arnow Trust PLC Ord 2Sp -
590 (2lOc94)
Beaa PLC ADR (2:1) - S17S3^
Ban PLC 10%% Deb Ste 2016 - £110%
(25OC04)
Baaa PLC 4%% Una Ln Ste 02797 - £87%
(26Oe04)
Baas PLC 7%% Uns Ln Ste 92/87 • £86
(26OC041
Bass Investment# PLC 7%% Una Ln Ste 927
97 - £95 % (2SOC94)
Beroesari d-y AS 'B* Non V|g Shs NX2J -
NK142#
Birmingham Mldahkw BUUng Sac 9%%
Perm Int Bearing Shs £1000 - £85 %
Blackwood Hodge PLC 4.7% Cun Pif £1 •
37(250084)
Blackwood Hodge PLC 9% Gum Rad Prf £1
■ 43 (ZSOc94)
Blue Ckoie Industrie, PLC ADR tint • 54.60
T-SE ACTUARIES INDICES
he FT-SE 100. FT-SE Mid 2S0 and FT-SE Actuaries 350 Indices and the
T-S6 Actuaries Industry Baskets ere calculated by The International
tock Exchange of the United Kingdom and Republic of Ireland Limited,
i The international Stock Exchange of the United Kingdom and Republic
r Ireland Limited 1994- All rights reserved.
The FT-SE Actuaries All-Share Index Is calculated by The Financial
Imes Limited in conjunction with the Institute of Actuaries and the
acuity Of Actuaries. C The Financial Times Limited 1994. All rights
The FT-SE 100, FT-SE Mid 250 and FT-SE Actuaries 350 Indices, the
FT-SE Actuaries industry Baskets and the FT-SE Actuaries All-Share
Index are members of the FT-SE Actuaries Share Indices series which
am calcu lated in accordance with a standard set of ground rules
established by The Financial Times Limited and London Stock Exchange
m conjunction wflh the Institute of Actuaries and the Faculty of Actuaries.
"FT-SE* and ‘Footsie* are Joint trade marie and service marks of the
London Stock Exchange and The Financial Timas Limited.
Boots Co PLC ADR B-1) - SI 7.02
Bradford 6 BVi0ey Buldng Soctttyi1%%
Perm Int Bearing Shs EiOOOO - £109%
Bradford 8 Bmgley Bulong Society 13%
Paim int Bearing Shs £10000 - £121 %
Brant Walker Group PLC Wts to Sub tor Ord
-0%
Brant WMkar Graft] PLC Var Rte 2nd Cnv
Red Prf 2000/2007 £l - 6
Brent Waf her Group PLC 8.5% 3rd Non-Cum
Cnv Rad 2007/10 £1 - 1% % 2%
Bristol Water Hdgs PLC CM El • 986
Bristol Water rtdgs PLC Non-Vlg CM £l -
930 E8OC94]
Bristol 8 West Bunding Society 13%H Porm
tm Bearing Stt £1000 ■ £121 % V 2
Britannia Buddng Society 13% Perm hit
Boring Shs £1000- £118%
Bntnn Akways PLC ADR (1£H) - £35.335 5
56 % .15 23 % 9
BmWi-American Tobacco Co Ld 6% 2nd
Cum Prf Ste £1 - 59%
British Pattoieum Co PLC 8% Cum 1st M SI
-79(260c94)
Bnosn Petroleum Co PLC 9% Cum 2nd Prf
£1 - 88 (260c94)
Brmon Steel PLC ADR f10:1] • KS%
aoe dMo ner rtdgs PLC 42% (Fmiy 6%)
Cum Prf £1 - 54 £50cS4)
BufokKA-F.) 8 CO PLC OTO 5p - 57 60
Buknerfl-LP.lHIdga PLC 8%% 2nd Cum Prf
CJ • 704
Bira PLC 7% Cnv Uns Ln Stk 95/97 • £104
(280c94)
Butman Cestrol PLC 7%% Cum Rea Prf Cl -
68% (2lOc94)
Burmah Castroi PLC 6% Cun Prf £1 - 74
(260CS4)
Burton Grom PLC 8% Cm Una Ln Stk 1996/
2001 - £82%
CESC Ld Equity RulO . 209 10 (250e94)
Caffyns PLC 6%% Cum 1st Prf Cl - 70
eiOc&S)
Caffyns PLC 10% Cum Prf £1 • 110 |210cS4J
Canetfian PaOfte Ld 4% Non-Cum Prf CSOg
NPV - 80 1240c9^
Canadian Pacific Ld 4% Non-Cum Pifllntareri
Trmnaft ESBg NPV - 80 (24Oc04)
Canton Common cabona PLC ADR 12:1) -
Cl 6. 9099 S 2753 (250eS4)
Canton Ccmmuri canons PLC 7%% Cnv
SUbOTO Bds 2007(Reg £5000) - £132
Canton Ctenmisucaeottt PLC 7%% Cnv
Subord Bds 2007(Br £50001 • £127%
|2SOc94|
Cater Alan rtdgs PLC *2% 2nd Cian Prf £1
• 54 ESOc94)
Cat-rpTirr Inc Shs of Com Stk SI - $57%
Cathay fmamabonal HkJgs PLC 10%% Cum
Prf £1 - 102 3
Centex Corporation Sits of Com Ste 50.25 -
S23(26Oc04)
Chariwood ASanca rtdgs Ld 7%% Uns Ln
Slk50p-34
Chaftanham 8 Gtoocesrer Build Soc n%M
Parm tnt Bearing Sttt £50000 - £111%
Cnapstow Racecourse PLC (M2Sp ■ £B%
(2SOc84|
Ctty Sria Estates PLC 5^5% Cnv Cum Rad
Prf El - 58 f35OC04)
City Site Estates PLC 7% Cnv Uns Ln Ste
2005/06 - £50 50 C4Qc»4)
CtaytKhe PLC 9.5% Suborn Cnv Uns Ln Stk
2000/01 - C03QSOC04)
Coastal Corporation Shs of Com Ste SC .33 1/
3 - 537%
Costs Pawns PLC 6%% Uns Ln Ste 2002707
-£79ffl40cW
Costs vtyefta PLC 4J}% Cum Prf £f • 62
(240C94)
Commercial Uraen PLC 9%% Cum Irrd Prf
£1 - 06% % %
Commercial Union PLC 8%fo Cum Ind Prf
Ci . 103% % (260c94,
Co-Operative Bar* PLC 9.25% Non-Cult Irrd
Prf £1 - 103% I250C94)
CooKsan Group PLC 4.9% Cum Prf £1 - 69
I26OC04)
Counartds PLC 5%% Uns Ln Ste 94/96 -
£95
CourtaukJS PuC 7%% Uns Ln Stk 200005 -
£ 88 %$
Coventry BuMng Society 12%% Perm inter-
est Bearing Shs £1000 - £110% l %
Daily Mas 8 General Toot PLC Ora 50p •
£14.1
Daigety PLC 4.35% Cum Prf £1 -68 71%
□eberhams PLC 7%% Uns Ln Stk 2002/07 -
£73
Delta PLC 4.2% Cum 1st Prf £1 - 60
Doha PLC 3.15% Cum 2nd Prf £1 - 43
(25OC04)
Delta PLC 10%H Deb Stk 95/99 - £100%
(2SOC94)
Dow Corp Cam Ste Si - S56 (260c9 4)
EcSpse Binds PLC Ora So - 8 %
Electron House PLC 7-5% Cm/ Cum Fed Prf
£1 - 102 (250c84i
Ernes* PLC &25p(N*ft Cnv Cion Red Prf So
• 70
Engs* Ciina Clays PLC ADR (3:1) - 5lfi7|
I260e94|
EricssonO-hLXTaletonakbeoolagatlSer
B(Reg)SK10 - SK433.13 4 5% % 6 7% % 6
%.68 9 9%%%4040
Essex aid Suffolk Watte PLC 11 50% Red
Dab Ste 95/67 - £102 (2lOc94l
Eiao Disney S C A Shs FR5 (Depository
Receipts) -SI .4 p 80 1 3
Eiao Disney S.CA Shs FRS (Bf) - FR0.6 .65
.7
Eurotunnel PLC/Eurotunnel SA Units
(SkMvam Inserted) - FR 18.68 £55.9 9.1
ErtOtuinel PLC/Eurotunnel SA FrfOr
Wad H*LC & 1 ESA WrttoSub fcrfJnfts) -
700 C250eS4)
Eurotiainel PLC/Ertoturmei SA Fndr wa
(Sicovam Inscribed) - FR60% 6058
(2SOc94,
Ex-Lands PLC Warrants to aub tor Shs - 23%
Exploration Co PLC Ord Stk 5p - 230 50
(260C94)
F*l Group PLC 7.7% Crjv Crarr Bad Prf 95/99
£1 -105
First Chicago Corp Com Ste S5 - S47%
(20Oc94)
first National BuldtogSooeiy 11%% Perm
tot Bearing Sns £10000 - £100 I250c94)
First NabonaJ finance Com PLC 7% Cnv
Cum Red Prf £1 - 12S %
Fttons PLC ADR (4:1) - S7.65
Fisans PLC 57 a % Una Ln Stk 2004/09 - £70
Fletcher Crwienge Ld Ord SNO.S0 - SN4J1
(26OC04)
Fo*es Group PLC Oro 5p - 44 06Oc34)
Fricndy Hatsb PLC *%% Cnv Cum Red Prf
£1 -60
Friendy Hotels PLC 5% Cnv Cum Red W £1
- 120
GKN PLC AOR (l:i| - Si 0.05
GN Groat Norrtc Ld Shs DK100 - DK572J8
C60c94l
G_FL(Hi<Jga) PLC 10%% 2nd Cwn Prf £1 • 90
PSOcteiJ
G.TJtsle(3wr1ing)Fuxl Ld Pig Red Prf Ip -
E24.85 (240c94)
G.T. Chile Growth Fund Ld Out S0J)1 - £33%
34.085
General Acrtdant PLC 7%% Cum kid Prf £1
■ 90% 1 (28OC04)
General Accident PLC 8%% Cum bid Prf Ei
-10S
General Electric Co PLC ADR (1:1) - 54.42
Gfottt 8 Dandy PLC Ord lOp - 92 (25OC04)
Glaxo Group Id 7%% Uns Ln Ste 0S«5 SOp
-48%
Gtynwed totarneBonel PLC iO%% Urs Ln Ste
94«9 - £100% (240C94)
Goode Durront PLC 3S% Cum Prf SOo - 25
7£50c94)
Grand Metrooolttan PLC 6% Cum Prf Cl -
52*] (20Oc94)
Grand Metropolitan PLC 6%% Cum Prf £1 -
65 7(Z40cB4)
Great PorOand Estates PLC 8J% let Mtg
Deb Ste 2016 - ES01J (26Oc04|
Great Universal Stores PLC S%% Rad Una
Ln Ste • £53
&»enaA* Group PLC 8% Cum PH Cl -B7
GraanaRa Group PLC 9%K kid Uns Ln Stk -
£92(240c94)
GreenalB Group PLC 7% Cmr Suboid Bds
2003 (Reg) - £101 2 <260e94)
Grtnnees PLC ADR (6:11 - 836% 7
HSBC Megs PLC Ord 3H10 (Hong Kong
Reg) - SI 1261584 11.342222
5HB7.432B36 .746858 .881 225 8436727
JUS&7BT .6324 .872585 £74 .9333 9 %
37489 .85 .85
HSBC HWgs PLC 11.68% Subord Bds 2002
(Reg) - £105 7%
Halifax Bueotog Society a%% Parm tot Bear-
ing Shs £50000 • £83%
Ha (fax BoWlng Society 12% Farm Int Btmr-
Ing She £l (Reg £50000) • £113 (230604)
Hrtkto HoHngs PLC Old 60 • 63$
Hall EnginearingCHdgsiPLC 6.66% Cum Prf
El -83C80CS4)
Hembroe PLC Non Vftg £i - 80
Hammerscn PLC Old 2Sp - 332 3 3 4.83 6 8
Hardys & Kansans PLC Ord Sp - 256 7
Hasbro Inc Shs of Com Ste 3030 - 531
(28004)
Hercules I no Shs of Com Ste of NPV -
SIOO%
Hotmos Promotion Grow toe Bna of Com Ste
30.25 • 21 (280C94)
IS HimBUsyon Fund NV Old FUX01 - 617%
Icdoxt Group PlC Cnv Cum Red Prf 20p •
133 3 4
IWngworOi.Moms Ld 6%% Cum Prf SA £1 •
4S (2SOc94)
Inch Kameth Kajang Rubber PLC lOp • £18
I210C94)
inonirtal Contra Services Grp PLGOrd lOp -
120 1 2%
tot) Stock Exchange of UK&Rsg of kLd 7%%
Mtg Deb Stk 90*5 - £99%
Irish Ufa PLC Old h£0.l0 - IBS 6 .91 7 9
Jamne Matheson hJdga Ld Ord So 26 ( Hong
Kong Regbtw) - £Afi7 SHB2.4S08 A90627
.50711 .739625 3
Jardlne Strategic rtdgs Ld Ord 80C5 (Hong
Kong Register) - 5H29J .4 .477752
.621835
Johnson & Finn Brown PLC 1i.OS% Cum Prf
£1 - 93 (250C94)
Johnson Group Cleaners fft_c 7£p (Nat) Cnv
Cum Rad Prf lOp - 128% 9 (240e94)
JupHar Tyndall tot Funq L0 Otttobuban
Shores ip ■ 477 (240c84)
Kanrtng Motor &oup PLC 385% (Frrty
5lj%) Cum Prf Cl - 58 C60e94)
King & Snaxaon Hfdga PLC 5% Cum 2nd Prf
£1 -48 (250C94)
Kcrea-Europs Fund Ld ShsQDR to Brf SO. 10
(Can 7) -$4000
Kvaamer A.B. Free A Shs NK1350 -
NKZBZ^3 4.21
Latearoke Group PLC ADR (1:11 - S% 252
253
Land Sacurmas PLC 8% is: fnj Des Ste 96.'
2001 - £99% peOc94)
Lebowa PUbnurn Mnes Ld CTO RO-Oi--
51^2
Leeds & Hotoeck Bunding Scxae^r 13%%
Perm im Bearing Shs £1000 - £122
(250cM
Lcncon triierrauonal Group PLC ADR (5:11 •
S6S2(240c94)
London Securitlea PLC Ont Ip - 2%
Lonmo PLC ADR 11:1] >52.14
MEPC PLC 9%% IB Mtg (foO Stk 9T-2002 -
E10i (510C941
MEPC PLC 8% Una Ln Stk 20HW5 - £91%
(260c94)
MEPC PLC 10%% Una Ln Stk 2C32 -£i(J4
OSOc94)
McAlometAriradj PLC 9% Cion Prf £1 ■ 98
McCarthy 5 Stone PLC 8.75% Cum Red Prf
2003 £1 - 84 <260c94)
Menchestar Ship Canal Co 4% ParpDeBSfc
. £40 p40c94)
Mandarin Oriental Intemattorrt Ld Crt SO J5
(Hong Kong Rag) - SHS 474899 .5142
(250C94I
Minders PLC 5% Cum Prf £1 ■ 50 2
C50c94|
Manganese Bronze rtdgs PLC 8*,% Cum
Prf £1 - 73 (250e94)
MansKgkt arowary PLC t !%* Dab Ste. 2010
- £114|i
MarsnaSa PLC 10% Cum Prf £1 - 100
(25OC041
Marston.Thompaon A Eversheo PLC 7% Urs
Ln Ste 33/38 - £90 C-IQcOa
MarBon.Thorooaon A Everoheo PLC 10%%
Deb 3W 2012 - £105% (2eCc94l
Medova PLC ADR (4ri) - Sn 03 % %
Mer cne nt Rettei Group PLC 8%% Cm. Uns
Ln Ste 93704 - £65 (24Qc94|
Mercury International Irw Trust Ld Pt; Red
Prf ip (Reserve Fund) - ES03906 i250c94)
Mercury Ofttnore Slarlrg Trust Sha of
UPVtGJobai Funo) ■ 1148$
Mersev Docks A Haroour Co 6%% Red Dab
Ste 36/99 - £83
MAUnd Bank PLC 14% Subord Uns Ln Ste
2002/07 - £120,*, f260c34)
MucklowULA J.)Group PLC 7% Cum Prf £1 -
67% I250CS4J
NEC Finance PLC 10%% Deo Ste 20:6 -
£111% 2J625 A (240cS4)
NEC Finance PLC 13%% Dec Ste 2016 -
£139^ (240c94)
NEC PLC 7%% Cnv Bds 2007((Reg| - £89%
.71 % 90%
National Medical Emarprises Inc Shs of Cem
Stk S£L05 • S15^
National Power PLC ADR 110:1) - S79% 75%
NadonaJ Wastrrtnster Bank PLC 9% *Ccn-
Cum Sag Prf Sera 'A' Ei - 101% % % %
%
Newcastle Bunang Society 12%% Perm
toterost Bearing Sns £1000 - £113% 4%
News In te rn a t i o na l plc 4.g% irmty 7-.) 1st
Cum Prf £1 • 64 C260C94)
Newton.Chombers A Co Ld 3.5% iFn-ly 5=».j
1st Cum Prf £1 - 65 [240c94j
Nert PLC 7%*A* Cum Prf £1 - 57
Next PLC 10%‘B‘ Cum Prf 50p - 45
Ncrfh East Water PLC 535% R*c Deb Ste
2012 - £62% (240c94)
Northern Foods PLC 6%% Cnv Bubcro Bds
2008 fflegl - £85.21 %
Nafftem Foods PLC Cnv Sirxro Bds
2006 (Br £ Var) - £84% 94 ^ EECcSR
Nertnam Rock Bunding Society I2%fo Perm
Im Bearing Shs £1000 - Cti6 % :25Cs94.
OitasPLCOTO iOp-21
P & 0 PrtXMRV Holdings Ld 3H Urn: Ln Ste
97/99 - £90 (250C94)
Pacific Gas A Electric Co Sns cl Ccm Ste S5
• S22J5 (260c94)
Partner Securmea PLC lifts ro sjC Is- Cro -
13
Paridana Grow PLC Cro 253 - 169 XCSf*!
Paterson Zochons PLC iC*i Cum Prf V -
109 (250c94)
Pool rtdgs plc 10% Cufti Prf SCa • 52
010c94)
Peel HWgs PLC 525% iNaft Cn. Cum Ncn-
•Jlj Prf £1 - 93
Pertoris Feeds PLC dcfNeti Cun Cn Prf
10D - 38 9 C60c34;
PeWRne SA. Oro Sns ?iPv iBr -i Cencr, :,5
A 10 - BF9397
ParttmoutnASwidenand .“/ewsaa-
pe«PLCil^% 2nd Cum Prf £1 - i£7
(310c94)
Pcigtetmrust Platinums La Oro R3225 •
38% D 525
PawarGan PLC AOR (101| - SS0%
Premier Healtn Grous PLC Crc 1C - 1%
aaoeftt)
Prossac HaiCrrgs PLC 105% Cum Prf El -
1 JO (2SGc94|
RPH Ld 4%S Urs Ln Ste 2CC4. C3 - £33
(25GC941
RPH Ld 9% Ura Ln Ste 93£Q04 - £93
<2eCc&h
RTZ Generate? - PLC 3J55H ’A' Cum Prf
Cl -49 %
RTZ Corpwa5cri PLC 35rr "S' Cum PH
£i(R*Sl - 54 (24CtS4J
RTZ CarporaKen PLC 35% "B" Cum Prf
EKBrf \Csr. 65l - 54 Q40c94|
Ratal E leuuuuj PLC ADR 12:11 - 56
fil-te Ossrasscrt PLC ACP (2:11 - 513%
(260e9h
Seekir. 3 CeJman PLC 5% Cum Pr: Ei ■ 5*
A
Reed inramabcca. 1 PLC 3 ESS (Prnty 5%%)
Cum Pec Prf ET - SS 7% (£5Cc94J
Reta.i CorocraLon PLC 4.55% (fitly 6%%)
Cum Prf £1 - 62 i?5Cc94.>
Roan Cnpe rat on PLC 4.C2SS (Frrty S%%)
Cum 2r- Prf Cl ■ Si
rtvervow Ruecer EftMi Bemad 8M 1 - 740
0GC434I
Pohr Inc Shs Ct Com Ste SI - S3 125 Oc94)
Roys) Bank cf Scscacc Group PLC 1 1%
Cum Prf El - HI C60C34)
Revs I n&nrca Htfarga PLC 7%% Cnv
Suscrt Bda 2637 (3r £ VW - £105%
eiCc&4)
Rugby Greta PLC 6% Uttt Ln Stk 93.98 -
£37
Rugcy Grcus PLC 7%% Uns Ln Ste 93rB0 -
£93%
Saaicm A Saaxrv Co PLC ACS (3:1) -
5~55Q
SirstuyfJ) PLC ADR (Ml - S&39 C80c941
SajuCWVJI PLC 3H Irrd Utt Ln SB, - £84%
giOcM
So a r a r c -K; rtogs PLC 725 S (Net) Cnv Cum
Pec Frf Xz - 42 2 5
S cit .ectt e rtdgs PLC 5.75% Cnv Cum Red
Prf£t -50
Ssnci PLC 5*4% Crr Cum Red Prf 2006/11
£1 • 60 (2£CcS4)
Schroder JamLiese IVarram fir-d la IDR (ln
Cerrom rK S-s A 10000 Shs) - SltJS
•25CS9R
Sectcsh Metroob.ten PrcpeRy PLC :0%%
1« t4tg Deb Ste 2016 • £!0i%
Seagr am SotCers PLC i2%% Deb Ste 2012
- £123% (240C94)
Seam PLC £251* ffiry 7 %9fci Cum PrfCt -
74 I240C94)
Saare PLC 4SH (Frrty 7W "A* Cum Prf £1 -
67
Sears PLC 7%fi Uns Ln Ste 92,97 - £B6b
Sevan Kuar Cro swig PLC 655 tndas-fjrtiad
Deb Stk 2012 • £115
She* Transsen&TrarfLrgCo PLC Cro Sfts (Br)
2SC (Cpi 193) - 7D8
She!! TrarascrtATra^r q Cc PLC 5%H 1st
PrflCL=r i£1 - 58 (2eCc94)
Shcsme finarca (UK) PLC 7^75o(Nat) Cum
Red Prf Shs 2209-27%
&em> Grous PLC 7%fo Una Ln Stk 2003638
- £81
Scigapcna Para Rubsar Easton PLC Crd 5p -
iao c4CsS4)
SJrctori SildJ-q Sacar, 12^ 5j Perm tot
Bectrg Shs E1CCO - £1ieJk 8
Sr-nn New Ccjt FLC *A‘ Warrants ts sub
for Cro - £1.15 i24Cc94j
S r m Nr* Csun PLC t SuSonl Uns Ln
Stk 2=01 - Sica 4 (24OC04,
Sirror ,V/.H.) Groud PLC 5%?t Red Uns Ln
Ste • £46
Sttd?L r .ne Seecram PLC ACR (5:1) • S324
Sr-rst-e 5eeeria.ro PLC/SronMOine AOR
•5:1) ■ 523*4 ’j 975 .399 999 X .0939
CS5 .123996 tt
Sirttns meustr^s PLC 11*445 Oeb S» 95/
203 - £101 SBOc94r
Stirroa.ro C*areroe FLC :27,4c Subcre Uns
Lri Ste 2C22i37 -till I,
Su-x'.rfe.Sdeevr-an FLC 3%% Red Cum Prf
Ci - 50
S*TaL!driri) A Sens LS 6 3*6 Cum ft# £1 -
103 250-54-
S/mcfds £ - 9 ’tearing PLC Crd Ip - 31
TSB 3-1 F.-J Ld Pee Prf Ip/Class'A*
P!g nee Frf) - 10137 i2£Cem
TSB Grov= FLC S-3W 1 Li Stk 2008
- CTCSte
TT Groud PLC 13 67Si> Ct, Cum Red Prf
Sis El 1337 - IC-’iJi
Tare & L/e PLC plus tax cmd-
*,Cu-r Prf Ei - 56 :240c94i
Tate A L%*8 PLC B'f. Uro 1 Li Ste 2003.08 -
37 !25Ce9f
Tesca PLC ADR ,1-) - S3 72 7,
TftUrfS liaarrarrora! fijnd id Ptg Sh* SO. 01
fCfl s * SI - SZ2503 327SC t2eCc94)
TND=7i EW PLC ACR *1:11 - £9.62 C40c94)
Tiemsri Crrtrfai >.-esnw Fund L3 Cate*
SM £0 TO - £t7 C78S94 <<5Cc94)
T*r* V earCa‘>ir. PLC 5*6 i« Cum Prf CIO -
4€2
Tcca. Grous PLC 4»,ee Pero cab Stk -
£44% :25C:9 a>
Trato.31 r H=j# PLC 8*t Ijns lr Stk 94/99 -
£33% ZSCdSf
Trv*xga.* Hrusc °LC 13%**, Uns Ln Ste
2KT re - os%
Transtaanfie HoWtogs PLC B 6% Cnv Prf £i
- 90 2 [260=84!
Unibank $ean*iwian Fund Ld Ptg Rad Prf
ip - 209.32 C 200.69 p 21532 (260c94)
Uregate PLC AOR fin) - S5*j !260cS4)
LWgtite PLC S% Uns Ln Ste 91/B6 - £90
LWgate PLC fc%% Una Ln Ste B1/B8 • £93
Untgata PLC 8%« Uns Ln BIX 93197 - £92%
p40c94J
UnfMar PLC AOR (4n) - S73
Union mtam a t ia nai Co PLC 646 Cum Prf Ste
£1-40
Urton totamsaonsl Co PLC 7K Ctm Prf Ste
Cl. 45
Unisys Carp Com Ste SOO! • S10.13 %
Unned Kingdom Prooarry Co PLC 8%9e Uns
Ln Ste 2000/05 - £82 £2*Oc94)
LAiBty Case PUC Warrants 10 sub tor Ord -
18
Uickars PLC 5% CurrftTox Free To 30p)P>f
Ste £1 -62
Vodafone Group PUC AOROteD • C202 9
32% % ^5 % It 8739 3 3
WadOngto/HJohift PLC 5.6*>S Cun Prf £1 •
WeteerfThomas) PLC Oro 5p • 27 (2iOc94)
Warterg (S.GJ Group PLC 7\% Cum Prt Ci
- 87% (2lOc94)
Weacome PLC ADR (i:i) - EBJ244 S
10.124863
WaOs Fargo S Company Shs Of Com Stk SS -
*143%^
Wamttey PLC Bp(Nat)Cnu Cun Rad fit 1999
ei - 65 (2SOC94)
Whttbread PLC *%*> 2nd Cum Prf Stk Ci -
50<240c94)
Whitbread PLC 6% 3rd Cum Prf Stk Cl - 82
(240cS4)
Whttbread PLC 7W 3rd Cum Prf Ste El -70
Whitbread PLC 7%«e Una Ln Stk 95/99 -
£91%(2SOc94)
Whftoreod PLC 7L% Uns Ln Stk 9072000 -
£93|260cS4
Wnotraad PLC 10>2% Una Ln Ste 20008)5 -
Cl 02 p4OC04)
WKs Corroon Group PLC ADR (5:1) -
S1 1.07484
Wlntrust PLC 10%% Cum Prf £1 • 705
BSOe94)
Wyevrta Garden Centres PLC B5% (Net) Cnv
Cum Red Prf Cl - 158 (280cB4)
Xera Carp Com Ste Si -5111% (2iOe94)
Yon, Waterworks PLC OTO lOp . 315
060c94)
YorioNre-Tyre Tees TV Hugs PLC IMS 10
sub for Ord - 227
Zambia CoraoOdatad Copper Minas Ld*B a
Oro KJO - 195 P40c»4)
Investment Trusts
Allanca Trust PLC 4%H Prf Ste (Cum) - £42
<250c94)
Agiance Trust PLC 4%% Deo Ste Red attar
l5/srse-C4S
Angto A Oversees Trust PLC 4%«i Cum Prf
Stk - £49 I21OC04)
BauUd Gifford Japan Troat PLC Wts to Sub
Old Shs- 95
Basse Gifford Sten Mppon PLC Warrants to
sub tor Ord -118 (26Oc04)
BaUD* Gifford Shin Nippon PLC Warrants to
aub tor Ord 2005 - 76 (Z4OC04)
Bankers investment Tlust PLC 10%% Dab
Ste 2016- Cl 08
Bering Tribune investment Trust PLC9%%
Oeb Stk 2012 - £97\ (250cS4l
Brlban Assets Trust FVC *A* 5% Prf
StktCunft - £49 50
Bnosn Assets Trust PLC Equittts todex ULS
2005 lOp - ISO 50
British Empire Soc & General Trust 10%%
Deo Stk 2011 - £108% (2SOeS4)
British divestment Tiust PLC S%% Prf
StktCwn) - £5574 (210CS4)
British Investment Trust PLC 11.126%
Seared Deb Stk 2012- £11 4j}
Caprfol Gearing Trust PLC OTO 25p - 455
Drayton EngLoff & tot Trust PLC 3.85% (Frrty
S%%) Cum Prf Ci - 55 tf4Oc04)
Dunedin Income Groertn toy Tst PLC 3%%
Cun Prf Stk - £54 (25Oc04)
Dunedin LVorttfuride Inv Trust PLC 3%% Cum
Prt 5tk - CS4 (250c94)
Etfinburrti Investment Trust PlC 335% Cirri
PfoSte- £62
FkMity Eiropejn Values PLC Eoufcy Linked
Uns Ln Ste 2001 -138
Rnsbuiy Smaller Ob’, Trust PLC Zana Olv PH
2Sp - 177% B % (2lOc94)
Ftommg Far Eastern inv True! PLC 5% Cum
PrtCI • 53% (2lOc94)
Fleming Mercantile Inv Trait PLC 2.8% Cum
Prf Ste £1 - 43% (2lOc84)
Gdrtmore British Inc A Gnh Tst PLCZara Divi-
dend Prf lOp - 101
Ganmore Shored Equity Trust PlC Geared
Oro Inc lOp - 97 6%
HTR Japanese SmaKar Co's Trust PLCOTO
25p - 102% 3 % 5
Investors CaotoU Trust PLC Cum Prf
Ste - £57% iSlOeWJ
JR Redgaltog Japan Ld warrants to sub w
Old -45 59
Laaid Select investment TruK UjftW
prf (LipOtobal Arttve Raid- £1^59 13.04
CSlOcB*)
Laaid Setter investment Trust Ld Pig Pad
Prf 0.ip UX. Acrtve Fund • £13.9 13.95
(SI Oc9«>
Laara Select investment Trust Ld Fig rad
Pit 0 ip UX. LUutd Assets Fund - £10?
Leveraged Opportunity Trust PLC 2rr Cpn
Cnv Um Ln Ste - £118 C»Oc94l
London & St Laurence investment PLCOTO
50 - 1 54
Mtnerats OasARea She Fund toe SO 10 ■
51 8.98 C210c94)
MorganGrentMLatsiAman^'s Tst PLCWh »
auo for OTO - 59
Now Throgmorton 7rust(!99J) PLC ZstB Cpn
Dab Ste 1998 - £70% |2l0cM
Paribas French toveetmeru That PLCSere A
Warrants to sub for Ort ■ 25 iMOcM
Pvrbaa French tovestmont Trust PLCSers
•B* Wenentt to aub tor OTO - 17%
(240cB4)
Rights and Issues tnv Trust PLC S%% Cum
Pit £1 . 03 (24OC04,
Scottish Mortgage & Trust PLC 0-12%
Stepped tot 040 Ste 2026 - 023%
(250c$J)
Shkae Htgh-YtoiQtog Srrtlr Co's Tatwts to
Sub tor Old- 66
Sphere Invtsbnem That PLC Revised War-
rants to sub tor OTO • 4%
Wigmoie Property trrveetment Tst PlCWH to
Sub ter Ord -27
Miscellaneous Warrants
Barclays Do Zoate Wsdd Wts Ld Crt Wts
(Sm BB) RHg FTSE 100 17/3/95 - £0 1
t260c84)
USM Appendix
BLP Group PLC Sp iNaft Cnv Cum Red Prf
lOp - 89% 90 (210c94)
Sdos PLC Ord lOp • 290 320
FBD Hrtdtoos PLC Ord lr£O50 - K1.6S
(260c84)
Gibbs Msw PLC OTO 25p - 445 (2SOC941
Midland A Scottun n eso u r c s s PLC Ora lOp -
2 % 4
NeetSar Group Ld Com Sbs of NPV - 45
Total System PLC Oro 5p - 34 (260c94)
United Energy PLC Lifts to sifo for OTO - 7
(24OC04)
Rule 4.2(a)
Advanced Media Systems PLC Wte to sub
tar OTO- £0.48 0.47
African Gold PLC Ord ip • £0.034
Ann Street Brewery Co LS Oro £1 - W
(2SOC04)
Amo, vliaga Ld OTO 10p - £031 (240c94i
Arsenal FootbOl Club PLC Old Cl - £475
(240C94)
Assured Care Cenaea PLC Ord 50g - £045
0485 051 I280CM
Azure Group PLC Ord 100 - £0%
Azure Group PLC New Ord 10p(Nfl po-
28,10/94) - £007 (260c94)
Barclays tovaarmant FundfCJ.) Starting Bd Fd
- £0.4238
Bat Court Fund Management PLC OTO lOp •
£1.65
Bison Industrial Group PLC OTO ip - £0.09
Brancote Hakflng* PLC Oro So • £0AS
Br ^Jfortw ologies PLC Ord 10p - £0.6
Cavartwn PLC OTO ip - £0.1
Channel ceands Corn (IV) Ld Ord Sp - £0^5
C210CB4)
Crowtherfjarti Edward) Hiags S%% Cum Prf
D - £0.85 CSOefri)
Dalkeith mns PLC lOp • £016
Dawson rtdgs PLC OTO lOp - C5£
Da Grachy f Abraham) Co Ltd Ord 20p -
£1.19
En^ish Churcttea Housing Group Ld 3%%
Ln Stk - £12 (250C94)
Enterprise Computar Mdgs PLC 10% Una Ln
Stk 92/96 - £28
Everton Footes* Club Co Ld Ord SA Cl -
£2450 (250c94)
Faaesst Sroaacaer Corporation PLC Ord 5p -
cobs aa
Frandstown MtolExLfoney)Ld Oro SO Oi -
S2.7 (260c94
Gander Holdings PLC OTO ip - CO 0875
CSOG94)
Gradutts Appalnunants PLC Ord lp - £0.17
)2SOc94)
Greenstar Hotels PLC Ord 1 0p - £027
Guernsey Gas Light Co Ld CTO lOp - Cl .05
I E S Group PLC Ord ICp- £3.7 GlOc94]
Just Group PLC Ord ip - £00325 (34QC94)
ummcA 0»«MN> » ‘Tty *’ i "' Vn1a
0«TO rri - £0 4.' i- ffoV-44'.
K*nwx.,t Dan**™ s «-» W
. £13.950271*
Wo ,nw« 8n»gf 4jgyf" *
Cwth me • £2 0*.9 :.40»4|
Lane**.'* trorewrfrth ^1.
1 PlC L>d *L’P - Cl > iTOWW'
ic « c ■ «**
toiaurehnw rrw.e PLC C"J . p - £33*
i260c!« :
Lop*.,, PJwrun liurf PLC Ip •
£0.0225 0026*5
MaGGuemtwviHiJM F,:n>3 Aream
Urin - CtS2 li-" 0
MAdunwriMhiinund l‘«*TO toe UiH* ■
CJ3 --4'J iTt-OviH!
Maine A Wreonrtn ^ M
I/C02U .£132
N.VY F LC CTO £1 ' £7*4 TOSCtlW
NowbuiY Rucecoureo PLC Cr» ‘.'CO ■ CuCO
SXia plc era so ■ c- *« cwm ,
Pocilfo Utefla PLC C-rd 1 u ■ 1 i-
Pacific Media PLC 1 IS Cum ^ £1 • «*«
Pan Andnait Resouroeo PLC Oro id
C00K5
PwoeturtiJerkev) Offoh=m Lmerong -
57 0459 C 7.040 l2»OciMJ
ParoteuslUerpr.) pwar UK Cro»m -
53D3C9 (25OC0J)
Ronowe fii-VDak Club PLC OTO ISP ■ COA
0 8 CtSOe94i _ , ,
Rorqcvn Football CSub PLC * 0*8 Ste L10C0
. tfioo r:sco9ai „ ,
Ranflora F^ctCaQ C^u|> PLC C Sac t ’ WO
■ c,5tw
Sctvodv Manaoemeirf EerviCeslGuamiScnro-
C0.7?2*iS CiOc&4l
Scottnn RugOv union 'B' Debs C22C3 ■
£2300
Select Incu3ti.ee PLC New Old 7%P I So Pa
- £0 025
Shepherd Neeme Ld '*' Ord EM - W 9
Southern NetMMSWB PLC OTO d - T4 4
Southom Vecltt FLC OTO 10D - £0 2?
(2lOc94l
Surrey Free Inns Ord £1 - CO J8 i280c94t
Sutton Harbour Hkjgs Ld Ord 2bo ■ £1 J
(260CB4I
ThwuaesiDaniafta. Co FLC Crt -’Sp - Ck
Itognur PLC OTO 5o • £0 £» CSOc94)
Tracker Network PLC CTO Cl - «% 9^
I250C94I
TYaneenee Technotogfos PLC Crd lp - CO-6
0.8 240c94)
Urtcom torts PLC Ord C5p • £0.07 uVOcWI
VDC PLC Ort £1 - C4%
Warburg Asset Management Jeraev Mercury
Ire Gold A General Fd - S2.1437 i28Cc94)
Wbdderbum Secuifttte PLC Oro 5? ■ CO I
Weddweum Securitas PLC Wts w sue fte
Ort -EO.tM
Weataox Ld ‘A* Ncn.V Old 25p - Cl 8 35
16%
Winchester MulU Media PLC Ord Sc ■ £0.7
0.71
RULE 2.1
Bargaina marked In securitlea (not
falling within Rule 2.1 (a)(1) ) where
the pidclpai market la outside the
UK and Republic of Ireland .
Assoc Manganese Mules FZ22G74 10)
Boise Cascade Corp
Brush WsBnren £10%(24.I0)
Cape Range OK 200126.101
Ctty Davofopmones S58. 704-90
Community Psychttirk: Centres 510%
Oalnippon Scm Mon Y775.93J3
Own MftM.tO)
Futuna 48
Gen Bees Inv 551 942456(24 10)
Hsoma Nth West ASO 383124 101
Ksfgooitie Res 05(26 10)
Kukm Mofoysla Ora M56 J{26 10)
Malayan Credit SSI 707(24 10)
Murray & Roberta rtdgs
F29S.3184 l&fcg: 250^(24.101
Not Electronics rtdgs 3423.10)
Os Search 45
Palonm Mining Fen .00.71 .75(24. 10,
Playmana Hdgs HS3 3005.101
Regal Hotels rtdgs HS 1.844(25. 10)
Samantha rtdgs Bathed A$4.38(28.1Cn
Seagull Erasgy Corp 3S23%^f24.iO)
Surer Comms SK434 3(21 .10)
By PmTntnkn of tft» Stoc* Eotisngm esunct
JBk
WHAT'S WRONG HERE?
Look at these nice happy people.
Notice that each one has something:
a tool or implement here, a bicycle or a
briefcase there. All completely normal
and unremarkable.
But wait Something’s amiss. That
nice fellow near the bottom — third
row down, second from the right He
doesn’t seem to have anything.
Indeed. You see, he’s a refugee.
And as you can see, refugees are just
like you and me except for one thing:
everything they once had has been
destroyed or taken away, probably at
gunpoint Home, family, possessions,
all gone.
They have nothing.
And nothing is all they’ll ever have
unless we help.
Of course, you can’t give them back
what’s been destroyed, and we're not
asking for money (though every cent
helps). But we are asking you to keep
an open mind. And a smile of welcome.
It may not seem much. But to a
refugee it can mean everything.
UNHCR is a strictly humanitarian
organization funded only by voluntary
contributions. Currently it is* responsible
for more than 19 million refugees
around the world.
UNHCR Public Information
P.O. Bax. 2500
1211 Geneva 2 , Switzerland
United Nations High Commissioner for Refugees
■/.
M
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994
LONDON STOCK EXCHANGE
D
' Q
t*
0
MARKET REPORT
US influences take equities higher in London
FT-SE-A All-Share Index
1.650
By Tarry Byland,
UK Stock Markets Editor
The end of the week brought a
wdden swing to the positive side of
the equity market balance following
a strong recovery in the dollar in
the wake of the latest data on the
US economy. Backed up by gains In
British government bonds and in
stock index futures, and finally by a
burst of strength in early deals on
Wail Street, the FT-SE 100 Share
Index surged ahead in late after-
noon.
At the close, the FT-SE Tntfov was
542 up at 3,0818, only a touch off
the day's high and spurred on by a
December contract on the Footsie
which was moving above the 3,100
mark. The Footsie moved through a
range of nearly 60 points, dipping to
the 3,024 area at mid-session when
the market became nervous ahead
of the US economic statistics. In the
event, US markets took the view
that the unexpectedly large growth
of 3.4 per cent in US gross domestic
product in the third quarter, bal-
anced by unexpectedly low growth
in the deflator figures, could be
seen as very favourable for the
economy and the securities mar-
kets.
A powerful upswing in the dollar,
together with a gain of nearly 50
points on the Dow Industrial Aver-
age in UK hours, sent the London
market racing ahead. Dollar stocks
led the way, the strongest spin com-
ing in Reuters, the global electronic
business Information group, which
also benefited from its tra ding
report. Oil shares, with the big
names on the brink of the reporting
season, were also in diwmr'd insur-
ance shares continued to brush off
the report on personal pensions
from the Securities and Investments
Board.
The market opened higher with
much of the impetus coining from a
dramatic move in the defence indus-
try when GEC launched a £53L7m
counter-bid for VSEL, the subma-
rine builder, and later bought more
than 13 per cent of VSEL's equity in
the stock market.
GEC shares rose sharply on its
move, which tops the existing Brit-
ish Aerospace offer for VSEL,
although this still has the support
of the VSEL board. But Aerospace
shares fell, reducing the value of its
share offer, and the market
appeared still uncertain of the out-
come of the bid struggle.
At last night's close, the Footsie
was showing a gain of around L3
per cent over the week, but virtu-
ally all this came after 3pm yester-
day. Trading volumes have been
drying up for the past mouth and
marketmakers paid the price yester-
day when the sudden demand
caught them without stock on their
books.
They responded by raising share
prices quickly but were still obliged
to deal and then search for stock in
the market to meet their commit-
ments.
Seaq volume for the day totalled
508.9m shares, barely changed from
the previous session and a bargains
total of just over 22,000 remained
well below dally averages for the
past two years. Traders said that
the institutions had stayed out of
the market, leaving marketmakers
to scramble for stock.
The FT-SE Mid 250 Index rose by
21.5 to 3,501.6, somewhat left behind
by the focus on the blue chip issues
which are closely linked to trading
in the stock index futures. Turnover
in non-Footsie stacks, which are
widely represented in the FT-SE
Mid 250 Index made up only about
56 per cent of business yesterday,
below recent daily averages.
Dealers sounded unconvinced by
the sudden upturn in the market.
Retail issues were easier against the
general trend on underlying worries
that, in spite of the favourable
response to the latest US economic
data, the chances of a rise in UK
base rates before Christmas are
Increasing as the domestic economy
shows signs of stronger growth
than the Bank of England, and tbe
chancellor of the exchequer would
like at this stage of the recovery
circle.
Equity Shares Traded
Hanover By voJumu (mlBon) Exriuainff
Ultra-market txdness and overseas turnover
1,000
Indices and ratios
FT-SE Mid 250 3501.6 +21.5
FT-SE-A 350 1544.3 +23.1
FT-SE-A All-Share 1529.62 +21.47
FT-SE-A All-Share yield 3.94 (4.00)
FT Ordinary index 2345.1 +34.3
FT-SE-A Non Rns p/e 18.79 (18.54)
FT-SE 100 Fut Dec 3101.0 +59.0
10 yr Grit yield 8.76 (805)
Long glrt/equity ykJ ratio: 2.23 (2.22)
FT-SE 100 Index
Closing index for Oct 28 3083.8
Change over week +51.0
Oct 27 3029.6
Oct 26 2999.9
Oct 25 3000.9
Oct 24 3029.1
High’ 3083.9
Low- 2985.6
'Intra-day lugh and tow tot week
TRADING VOLUME
■ Major Stocks Yesterday
VOL Closing tfe/a
OOPS odes thnm
EQUITY FUTURES AND OPTIONS TRADING
3t
ASOAGmupf
Abbay NcOaiHit
Albert Ftahar
AJtod Donweqt
Angfan Wafer
Argos
AfljyMQmupt
AQbVnggbwt
AtoOC. BriL Foodsf
ASSOC. Bl«. FtWB
BMt
BAT Mat
bet
acc
BPt
Broke*.
Hfflt
Bank o) Sconavtt
BsreW
Bmnt
afcnOieMt
Boom
Bo ost ,
Bownf
BrtL AttospBctrf
MWiAmoyit
BtotilGtot
EMBtit Land
Bnosh Stoatt
Bin)
Bumah Curort
Bum
CatXa&WMt
Csdbwy ScfonpoMt
Csiadant
CsrtunCoRws.1
Comm. Untont
Cootaon
CouuuUst
DakJOty
Dais Rust
Eastern BacLt
Entf Mktond Bact
Ssctncanes
Eng CMm Ctoys
Enwprtw Out
Biawmal Unfit
BO
FbmtanSCOLl.T.
FortoT
Gan. Aeadsnrf
Qanarfi BacLt
Slant
Oynaad
Grand Matt
oust
3S
GutonsUt
HS8C (73p oh«)t
Hattoera CnialWd
*9*
to chcapa t
Jofinaon Mattwy
NngWvrt
Kami Sava
Udbreket
Land SacuMaat
UgHSGanamt
£223
LASMO
London Bact
230
322
B.TOO
61*1
421
«b
7.100
43/£
*
839
69*
+7
218
541
<0
187
ash
+b
1500
2M>1
+tb
M7
268
«e
877
551
+15
184
274
<2
1500
514
+ii
3500
•7b
4500
105>2
♦b
1500
330
-2
1Z4
003
+2
7. BOO
42B>2
•13
90S
300
•2
6X00
3W»2
•O
3500
312
1500
206
+ob
4.400
502
47
1500
6S3
40
m
281
40
100
404
-1
1500
529
47
1500
448
R500
*57
-10
3500
358
42 b
11500
299
+0b
691
380
-8
4JU0
I99>a
43
1.000
184
841
044
+4
2500
06
-1
4500
*13
*14
2500
441
+13
1,900
£88
42
036
m
428
090
19*
1500
548
+10
1X00
240
45
072
438
-4
34
431
-1
846
078
*1
2500
197
42
623
700
40
440
007
43
277
400
44
1X00
354
397
380
•3
661
231
43
398
ISO
702
110
900
134
43
ft
220
1500
603
431
0500
270
47b
*500
590
48
100
332b
43b
1500
520
+14
2500
412
+12
1,100
557
48
049
IflO
4fi
1.10D
on
+10
1500
404
•*
2500
710
*7
14
337
♦1-
4,100
230
45b
1500
103
*1
1.100
200
+11
554
172
43
2500
300
•5
ixoo
783b
47
622
438
14
lOO
502
40
1500
*73
-4
123
505
49
081
152
43
1.100
Oil
♦11
801
000
-1
1500
440b
40b
093
300b
412b
2500
MB
+10
2.700
148
048
roe
43
VoL Ctoatog Da/a
000» odea c Hanna
MEPCt
MR
Mata 5 Spencerf
MidandaBect
MMun (Mta.1
NF C
rkaWaat Bankt
National ftawarf
2,400
Stock Index futures advanced
strongly for the second day
running with the latest session
underpinned by a dear
Improvement In trading
volume, writes Jeffrey Brown.
The FT-SE 100 December
contract was 3,101 at the 4:10
official close, a gain of 59
points, and of 108 points in
two days. The premium to the
cash market was 18 points
with fair value premium around
15 points.
Traders said the quality of
business Improved
dramatically allowing larger
contract numbers to be dealt
There were 16,779 contracts,
against 11,044 on Thursday.
Northern Bact.
rtanham Foodst
KonaMl
Psonenf
PAOt
■ FT-SE 100 WDEX HITURE3 (LIFFE) E25 per ft* Index point
Potato Gent-
Pnidamuif
HMCt
nrct
toed
Rank ft* t
fedott & Oaknent
todandt
FttdHLt
Roraokft
Peumf
Rotor
nyaki
Royal l
Open
Son price
Change
High
LOW 1
Ett. VOl
Opon M.
Doc
3056.0
3101.0
+590
3118.0
3023.0
18748
54015
Mor
30580
3121.6
+59.5
31100
30580
30
aiwo
Jun
3143.0
+S70
0
BO
■ FT-SE BAD 290 MDEX FUTURES flJFFE BIO por ft* bKtaoc point
Doe
36000
3540.0
+70.0
354O.0
35000
54
4210
*
-l GouDdiiiT
■ FT-SE MID 250 INDEX FUTURES (OMLX) £10 par M Indax point
OK 3535.0
A B ooan kaaraai Ogurai an tar prtdoua day. t Bad vabms ton
■ FT-SE 100 INDEX OPTION [UFFEJ f30B3) 210 par U Index port
SCatttoh A Naw-t
Seat Hynto-BaaL
Scortfc* Powarf
3oo«*t
Stagta*
Saaoodd
SownTiaifft
Shot Tramportt
Btabat
StaughEda
Siam (WK]
8mMi & Motoarf
SmN BoKtamf
SfiH Baacfnm Lka-t
2900
C P
2960
C P
3000
C P
3050
C P
3100
C P
31 BO
C P
3200
C P
3260
C P
+eb
Souhan BacLt
South Wataa ElacL
South Wait Wafer
acumaitoLBaoL
Smaham Water
Standon) Ctnrtdt
SmhouM
SunMtonMt
TIN
U Qroupt
TB8t
Tamfec
TanSLyta
Ttotar Woodrow
moot
Thmnaa Wanart
ThamBUrt
TarnMnaf
LWtoert
UnHod CHaafiat
DnL Nwapapaa
voWonot
WHOuglSGlt
WWtaomat
WtMiWdar
W o — k Water
WhUbroadj-
WMama HUga-t
WBto Concern
Hn TOJh Bb 1B3 13 119b 20b 82 34b 82*2 55b 30b K 1Bi 2 122>] 7h Wfe
OK 224 23^ IM 33 W] 47 114 M 05 86 Wh 114 4a»z 146 W 162
Jan ZVh 37 ril^ 51»* I7F2 «Sb 144 85 U4«a105ij88J2 129h 88 158 48h 192>2
F* 281 4P22244 60 lIMfe 74 158^94^130^ 115 1 05^141 ^ 84 170*2 84 202
Juflf 305h73>2 26pj 107 180>2 147 138^ 232
Ml 0223 Rn 8822
■ BIRO STYLE FT-8C 100 MDEX OPTION (LIFFg 210 per M Index point
2822 2978 3026 3075 3125 3175 3225 3275
(ID* 182h 81a 138b 16^101 28 G81 2 43 40>2 67 Zllg 971] tCHa 136 8 182
OK 2B3>2 29 IBB 40 129^54^ 98U 73 72 95>2 Vi 123 32 15S 20 192>a
Jan 2211] 37*2 153 87 99 Itl^a 171
Mv 2S1 82*i 185 114*2 130 133b 88 187
Ant 292 82b 228 114b 171 154 124 202b
Mi 2J87 PM 7JHB • Undadjtog Mb Bno*ma ataown an oaaad on aadmart prtcaa.
t Long ddBd Bpfcy donlhL
■ EURO BTYLH FT-SE MIP 250 IWDPt OPTION (QMOQ £10 per M Index point
3400 3400 3600 3560 3000 3000
Dd 111b 74 Bib 98b 65b 127
Mi D Pus 0 Saaanant prkn and votamna an Woo at 4J0 pbl
3700
3760
FT-SE-A INDICES - LEADERS 4 LAGGARDS
1.700
2iob
48b
1,100
53
*b
1000
338
+i
TO
11»
414
1000
301
+1
1000
312
+4
5000
211b
48b
Percarttaga chaneas akm Docwntw 31 1BS3 baaad on
MtadgnM. Npn-Hnandto -TS7
0< Bqjtadtai S Plod .
'.Mart Bdmcan ^
+*70 FT-SE IBtf 2S0 « IT .
+748 FT-SE Md 250
-738
■704
ToRnMraBKt.
YertoMraWMar
Zatocot
2M 600
BM
549 633
470 511
455 857
•IS 344
1.500 144
400 135
283 788
TO TO
101 534
1.500 040
«
*7b
«
45
43
42
48
-«
+12
43b
PiMtog. PfiMr & Pche — . +7.18 Spttta. mw t cun -753
Enghaolna toadta +4.70 GtolkMEBton -0.19
Bfiaclw MMIaa +459 Pindcadkdi -530
BOM} 40.13 IWBiGan -350
BMnamg -040 Srtcas 450
FT BOH Mpm Mai -OBS FT-SE-A MOBan 405
RaMan. Food -1.27 COBStaanr Goodi -9.17
Qmlera -152 ' FT-SE-A 380 -852
UAtaeA Hotab -151 UMtot 4171
aflHntH.
FT-SE EasKlp BIT.
FT-SE SmaKto.
Bui on trading Mkm Nr a wtUOkn id mpr mcaWa dM DMDQti to SOO qiwi wtonfm ml 4 Jftm. TMn
H m adtoa or non n ibmM iHm. IWohn an FTSE 100 Mot oadtaiaL Hoownnasn*
FT - SE Actuaries Share fncilce;
. -259 VMM _____
-3.18 FT-SE 1W
-353 lanato i ad Tnaa .
-454 Suoport SMdeaa _
-724 UTi Assumes _
— -9J5
- -8.79
_ -897
i -tun
.-1123
Friday Octobsr 28 1994
Mfe ta wa d hUM — , -1203
BactiDste S Bae B|d __ -12JM
Tunaport — -1397
G** DWltoHon -1450
Tnfta & Awn! -1454
RatMn. Onto -14.82
wuanufcMon -1459
DUtuka -15.18
HwnaU Soodo — -1857
frtncMl -HL7U
BaWog Mkttata -1721
Bata -1720
tom -1750
Pioperty -1941
BMSRO 5 CMnadM — -2951
Todacra -2930
-2153
The UK Serie-
Dai's War
Dd 28 digB% DH 27 Od 26 OH 25 a»
DM. Earn. K »4 Tool
]U% jffk Ok> ifH ReUn
■1904-
Low
"0
Lon
FT-SE MO
FMEU0 2SB
FT-SE Md 250 ax Ik Until
FT-SE-A 350
FT-SE SaaBCap
FT-SE SmtfCap ax tar Until
FT-SE-A ALL-SHARE
30895 +15 3005
35015 +05 34991
34995 498 3479.1
15443 +15 15212
177753 492 1774.15
1 74904 491 174855
132952 +15 150055
29999
34872
34891
15094
1774.18
1747.44
148958
30099
34745
34749
(6095
177557
174978
1487.74
31715
35291
9527.1
15885
180559
178905
158557
4.11 754
358 552
3.74 930
9» 977
353 500
551 558
304 954
1977 11059
2973 10850
1938 11357
1753 8177
2524 4855
2980 9071
1702 5250
117005 3093
1307.44 41525
130354 41097
119928 17785
138301 2O0UB
136406 288972
120755 T7W.11
2/2
»
1971
m
4 S
4/2
2/2
21785 24fl
33894 27 »
33894 27*
1451 J Wt
177104 7/10
174358 IQflO
144986 24*
36293 2fflB4
41525 3/2S4
41097 Ifl/UM
17715 2/2/M
708183 4/2194
208972 4/2/94
17W.11 2/2194
9890 23/7/84
13794 21/1/88
13793 21/1/88
8845 14/1/88
138979 31/12/92
138979 31/12/02
0102 13/12/74
FT-SE Actuaries All-Share
Day's Yaw Kv. Earn. P/E Xd aft. Total
Oti 28 eftoa* OCt 27 Oct 26 Oct 25 . aco yktURM wtfa yM Rafcm
•1994
Low
9nca | fe«"f* > 4f ta | —
High law
10 hmml ExnvumoHfm
12 ednaba mduatalaa(4}
16 0*. kflvatadp)
19 OS Exptoadon 5 ProdfU)
2752.71 +25 2891.83 2682.10 264854 248800 934 407
388706 +92 388009 380302 383910 318920 932 501
272913 +25 286958 282608 2B0844 244550 9ffi 551
189927 +00 188157 157933 185904 1990.00 2.19 t
25.43 8253 110805 280901
2931 9962 108703 410759
2250 8608 112SJH 270948
t 3903 109858 209943
5/9
2/2
8/9
27/4 178440
31/3 280201 5/9194 98050 19/2/86
12/7 410758 2/2/94 100800 31/12/85
30/3 776246 9/9/94 BB2J0 20/2/BB
31/3 394110 8/8/90 65030 287/88
20 SEN MM*ftCnJRBBf287) 185808 +09 183983 1B3157 183401 193150 111 5.18 2343 6857 94808 223258 2/2 183157 28/10
21 BuBdM 8 Cmdntifa433) 183947 -91 104035 104088 1041.18 118850 350 504 2171 3608 81910 188910 8/2 101754 5/10
22 BridM JUUtS 8 Mmha(3a 180708 +98 1797.11 178178 178973 1871.10 112 508 2250 8850 85605 238302 24/1 178172 7/10
22 OwdoMCBl 229452 +00 228857 229114 228842 223850 DM 450 2751 7958 101805 25M42 8/B 22B912 5/10
24 OtartfladMatirtaMIQ 1782.01 +15 176108 1728.41 1725.10 2D0750 5.14 918 2119 8275 91848 223157 2 <2 1725.10 2V1D
25 OKNOrtC A Bad En«K34) 1BS204 +1.7 182042 182501 184918 214300 408 879 1758 8085 90708 228308 4/2 182042 27/10
26 Endnaartemi 1/8648 +08 177152 177229 177910 170700 120 506 2309 4947 102258 2011.17 2/2 173806 24*
27 BUMarku YBMdati12) 222800 +07 221401 223*41 223107 194450 149 148 80001 9254 109019 291008 8* 206804 28*
a PrMno taw & PctaPBJ 276103 +05 277755 275801 274306 246980 306 505 2154 75.03 110008 304651 18* *21 .IB 4/1
3 1555.74 +02 18C.73 184751 188&82 1«>O20 403 606 17.82 4958 881.18 20MJ6 4 <2 164741 26/TO
212550
238302
223157
2011.17
281858
304651
232500
2/2/94
16/7/87
zvim
8/8/94
2094
4/294
2/2/94
8994
18/3/94
2/1067
68910
53800
85400
07990
95400
99500
87300
90080
14/1/86
9/902
BW 92
14/1/88
21 / 1*8
29/8/88
ion 1*7
14/1*8
14/i/ae
24/9*0
30 CONSUMER 60006(07) 273201 +10 280758 2660.17 287504 2835.10 139 704
31 Bm»lati17) 224601 +97 2231.70 221803 221252 207100 401 755
32 SMta. Wtaea A Ctinttq 283800 +20 279001 2747.05 27B102 274700 304 806
.33 nod Hfitahctawscai 2281.70 +1.4 2231.18 223308 222971 237910 123 704
34 Hnatiufef Qooda(13) 240138 +10 237950 238977 238403 272800 180 758
38 Hootti CHBQlT WO® +0.1 180908 180251 1S9&83 17*500 3.13 135
37 Ptonw«MBMl2) 268963 +10 203707 293978 2942.78 318300 161 7.17
38 tSSStI 368700 +1.7 382109 348805 354919 418140 508 902
117610703 94408 3948.79
1S57 81.10 100803 248402
180010103 86143 322903
1808 8199 962.70 290054
1553 8908 87006 289114
4204 4804 83807 1908.13
111512128 98804 328601
110221707 84104 471858
207107
24/1
19/1
2471
19/1
18/2
19/1 168959
28* 2S41.70
7/1 312004
24* 308000
24* 248402
24* 340700
24* 280954
5/10 199114
8/10 204751
1* 4HB0O
24*
22 / 12*2
19/1*4
11 / 8*2
19/1*4
15/2/94
28AV87
14/1/92
2an2*3
98700
98X00
BB750
916.10
927.10
87X50
96800
98200
14/U8B
14/1*8
14 / 1*8
i4n*a
21/1*8
21 / 1*8
1371*8
9/1/88
40
41 OHMUmpO)
42 Lalaunt A Mtata(2S)
43 tosto<38)
44 MM Foodpffl
45 RtiMora, 6 anoraH 4 *
48 awwrt San*aa(41)
49 Trmmmiet
61 Ottwr Sanfeaa A ButowaafT)
190103
2S1105
204053
170251
183207
149202
224801
1288.73
+1.1 188103 187504 187805 189500 305 652 1800 61.78 B3&60 2207.77 1971 184&11
+05 248905 248707 248000 266000 3.74 700 10,19 8S05 87199 331903 2/2 24BB0B
+0.1 2037.76 202701 2OB907 1933.40 309 409 2108 5759 100801 236082 17/2 199119
+ifl zrn.48 278906 278US 2815.20 2-44 507 22.14 8942 99057 3849.11 17/2 2B76.11
+10 1682-70 168750 187208 1648.70 ISO 951 13.14 5200 101900 191408 19/1 161154
+05 182040 163115 1685.71 170100 123 184 1802 4*58 87174 191057 4/1 1B7&12
+10 147162 148358 1478.77 181000 282 647 1803 3802 91007 1BS&43 2/2 14B&18
+15 221206 218806 220100 229000 174 504 2158 50.28 B82.13 2BO60B 3* 218BJ*
+0.1 123106 1234JB 124053 122800 109 118 4754 2552 108109 138958 10* 113052
5710 OD7J7 19/1*4
5710 331953 2/2*4
8/7 23KL82 17/2*4
27* 3548.11 17/2/M
28* 228900 2871*3
5/10 193124 29/12*3
6/10 188843 2/2*4
5/10 280008 3/2*4
21/4 346900 18/7*7
91400 23/1*8
98850 21/1*6
97140 21/1*8
97120 9/1/88
91740 21/1*8
370.10 9/12*8
1/2*1
14/1*8
110 14/1*8
90 UmiTIEBOe)
82 Bacwatj<17)
M OH OMMutionpi
88 TiwramanfcanasW
69 *MBt(15
242141
280132
184188
204809
187170
+i.B aria
+15 248472
+20 189009
+14 190956
+0.7 188804
294801 236113 252250
244057 247181 221150
188120 184106 2284.10
1970.45 197759 232110
184203 184113 188050
138 7.78 1557 8157 93186 278233
IBB 056 1211 9148 109907 278474
118 3 *11708 9120T 239177
404 759 1184 5Q02 87268 248042
1171258 188 8858 93858 212878
89 non n NHt a mpBfl
166153 +MJi
1817.18 161171 167198 192 858 1179 E162
70 FMAMMLBhM)
71 BvkKIO)
73 numri7)
74 Ufa Maumee*)
73 Mareftant BaiMp)
77 QIMr ftwdtipfl)
79 Prap«rtM4i)
217700
288103
241118
182154
144854
+15 213800
+20 280128
+27 121153
+20 238300
+10 234857
+00 181178
+05 T
211107
27B40S
121221
233750
284752
178254
144109
30 WW3TWPT TtSgT8fia4)
M FT-SE-A 4LL-SHAHE*8* "
Z727a>
152952
+10 269954 299149 298198
210149 234190
273181 290350
120119 148450
229190 290100
269091 327000
178801 179120
144158 172240
272300
4.4i 950
4.22 903
140 140
600 7.72
137 1228
400 850
4.21 4.43
228 107
117087
868X7
2/2 210802
30* 2024.12
7/1 188420
2/2 1BM5B
3/2 138171
2/2 II
24/6
24* 278404 30/8/94
24* 237130 16/12*3
1* 248100 28/12*3
27* 210179 3/2*4
24* 18
187059 2/2*4 63X9
an o*a
7/1*1
99490 9/12*6
B025D 3/10/88
984J0 1/5/BO
1 VI 2/74
’.13
88487 WB301
1258 8055
115311139
1117 6101
185012752
0X8 87.78
1358 8351
28.01 4358
5151 6416 917X2 318451
81176 3*109
97700 227130
82170
4/2 203474
4/2 an 5.77
24 n 118352
19/1 218051
2* 269202
4/2 17SEJ3
4ft 143755
2/2 291199
24* 2737.13
8/7 960158
24* II
1* 2821
4/10 STM.
4/7
5/10 21 32X0
27* 3194X1
4/2*4
4/2*4
an 2*a
191*4
2/2*4
4/2*4
sum
SW*4
97250 23/1/88
88050 23/1*8
87000 28/8/92
987 JO 23/1*0
27/1*6
1/10*0
718X9 1842*2
977+
14/1*8
M1 nan an 1+B7.74 19137 304 854 1702 8160 120755 1784.11 2* 144858 24* 17W.11 2**4 8102 13/12/74
■ Hourly movement*
Opart
900
lOJDO
11*0
1200
1300
1110
tfah/ttoy Low/day
FT-SE 100 3041-*
FT-ee Mid 250
FT-8&A360 1S2M
Trt 01 FT-SE 100 rttfe low 1208pm
AAM.S
3031.4
30320
30330
3048X
30870
30830
30830
3024.7
34870
3487.0
34830
34870
3483.1
36004
35010
34833
15280
16230
19220
1S22.8
1323.1
19284
18380
1844.1
15443
15190
■ FT-SE Actuaries 380 Industry bssksts
Open 900 10*0
1100
1200 1800
1400
1800
16.10
Chne
Pmfoua
CWniie
Bfcig&Crwrcn
nwrmmufcto
Banka
980.7
2921.3
10835
2841-4
9711
2013-0
18785
2041.8
977.7
29165
1B7BJ3
28410
29145
1875.1
20430
29220
18713
28575
29380
18780
L7.
2969,4
1878.0
28945
29644
18713
28870
8780
1804.8
28400
+010
+14.7
9620
2B390 29350
S3 L aa-° tw - s ga r +-““ ® u ■“ fc .'sa
Mrt dM* M EqMyartan.orfltgffi rtto va fea . Sm S ^SH . ffJB BB *****
.-TTr : "\lI il , SS0K b_ TrBaa 31/12/B5 14125 a WMar 29/12*9 1000JM UKGBaindeai 31/12/7B 10000
^E WtiMunimcto SSSSo 31 / 12*6 88204 Wflnanctata 10WB2 10000 Mox-Untod 30/4*2 10100
FTj E&relC ap _ SJJJS SS 31/12*3 100a00 FT^6-A AB^tmn WVB2 10000 Dabe and Lnana 31/12*7 10000
ESSTSSL mSlISS SSI? 31/12/BO lUXLOO All Otf+r 3, AMS 100M0
lha FT-SE
Ftonctai Tknaa Lkifead,
Rapubto 4/ tatartd Unto
LnM. Airtor. Tha MU Convcny.
MUnOMnambmchpi).
Defence
on alert
(APT)
GECFs early morning delivery
of an all cash offer worth 1400p
a share for submarines group
VSEL and subsequent pur-
chase of some 14 per cent of
the shares left the stock mar-
ket with plenty to chew on
over the weekend. News of the
counter bid pushed VSEL up
by 72 to 1395p in turnover of
12m. sent Vesper Thorny croft
ahead by 14 to 7lp but left Brit-
ish Aerospace languishing at
4£9p, a decline of 16.
The initial reaction In the
stockmarket was to talk of the
bid in terms of a knock-out
blow. Lord Weinstock’s offer
tops the all share bid from BAe
by 144p and outstrips BAe‘s
cash alternative by 160p. But
thLi approach softened later as
BAe showed itself determined
to attack the GEC flpftl-
It opted to play the monopo-
lies card, declaring the offer
from GEC as posing competi-
tion concerns. This led to spec-
ulation among some analysts
that BAe might just decide to
Increase the value of its all-
share terms.
But the sheer power of
GEO'S finances - its cash bal-
ances of £3bn exceed BAe’s
market capitalisation by
around £1.2bn - were the main
talking point yesterday as GEC
itself gained 8 to 278Kp.
Brian Newman, electronics
specialist at stockbroker Hen-
derson Crosthwaite said
“GEC’s market raid effectively
removes the financial engineer-
ing aspect of BAe’s bid for
VSEL.” He said GEC will not
relinquish its shareholding,
and that will prevent BAe from
using its tax losses.
M & S weak
Leading stores group Marks
and Spenrar was restrained by
a mix of technical and funda-
mental factors and failed to
benefit from the market
bounce.
Expiry of options early in the
week apparently prompted an
influx of stock and several big
blocks of shares were said to
be overhanging the market.
The weekly In-house magazine
NEW HIGHS AND
LOWS FOR 1994
NBWHKMSfHL
GILTS (1) BULGING S CNSTHN Ot VtoropLnt,
Wlggtaa, DMimiTOm {Q Man 4 Hcn+y.
Mtol Hantaan ELECTRNC 8 ELECT EOUP (3)
Magnun Powar. Radtawc. ENGMEBMO p)
VSEL, EXTRACTIVE HDS (8) AFVUN, Eastern
TtariMaL &m*b. Johonmoeug. Vtest Hard,
HOUSEHOLD GOODS (1) Ousma 1 Lida.
INVESTMENT TRUSTS (1) INVESTMENT
COMPANIES (1) OIL EXPLORATION & PROD
(1} Gufamam, OTHER FINANCIAL CH
EdMuQh Fa. Mngrs. Jufmr Tyndtil OTHER
SOWS 5 BU8N8 W Angto-Ete* Plants..
SUPPORT SERVS (1) RaXanca Secunty.
TEXTILES 4 APPAREL (T| Ctfentaartaln Ptn^ga,
NEW LOWS pMS.
OB.T8 (1) BANKS M MitotoaN. Sumacm.
BULGING A CNSTRN pt AMEC. Do 65p Pit.
Boot CHL BUM MAILS A MCHTS (B) Btettan.
M Gnjup. HaywoM worn Pit. Malay.
Romua, TUon, CHEMICALS P] Engatuad.
OWTRtBUTDM (8 Atucua. LtoServicai
Whofeaafe Ftokiga. WVERSIHCO INOLS (SJ
PoareB DiAvn. Suier Wits. B9/D+. ELECTRNC*
ELECT BQUP H Btom Conor/ Tadtaquaa.
GasteUMr. ENGMEBVNG f* Concanwe,
Johnson * ML OM tofl, HEALTH CARE (*
AAH. Kaamocs*. HOUSEHOLD GOODS P)
Corram Pertor A. Fbw Oooor. INSURANCE H
Aon. Kaato (CEJ. Lowndaa LanKtoL
MVnriMBIT TRUSTS n LB3WE * HOTELS
n Alton, Do SVp PH.. Trtnj IntU MBNA n
Wa m aopaTadL. Portsmouai a Sunoerinna.
Staapy KkM. THnay WMOa Do WHa, OO.
EXPLORATXM 5 PROD fl) Oceoiuea, OTHER
FINANCIAL H Cattfe'a. to to m n aate. Untan.
PKARMACmillGALSn) OntoMtan. F+TTNO,
PAPER * PACKS (1| AG. PROPERTY M
Chaataftohf SHpc Pit, fTaniton Trust London
* MnopeBaiL TfiJlort Parti, RETAILERS,
FOOD [i] pfanfln a Paacoefc. RETAURS,
GENERAL n MMnato Uwny. tUgnat
SUPPORT SEHVS H BS-M B. JBA. StH-Hua.
TEXTILES S APPARS. (Z) Campari feSL,
Sherwood. AMGVCANS Dm * BcadMreet.
HomyimL RockwaL
from rival John Lewis, pub-
lished yesterday, pointed to rel-
ative weakness in sales and
there was a feeling the Lewis
figures reflected a wider trend.
The shares shed a penny to
416p and other stores groups
were also weak. Kingfisher slid
4 to 473p against suspicion that
the company was beginning to
talk quietly and cautiously
about Woolworth's trading.
Sears softened a half to 108%p.
Reuters bought
News and electronic informa-
tion group Beaters Holdings
was one of the strongest per-
formers in the FT-SE 100 as a
good reception for the trading
figures combined with the
impact of a strong dollar to
send the shares spurting for-
ward 6 per cent on the day.
The market appreciated
news that revenue for the third
quarter rose 25 per cent to
£590m against the same period
last year. Following warnings
from tbe company, the market
had been expecting a slow-
down in orders, which had not
materialised because of a
reporting time lag. As such the
figures were above many fore-
casts. But the company is also
a big dollar earner and some of
the rise - 30 to 477p - reflected
the US currency's move.
Scottish Hydro called the
expected meeting of analysts
but surprised the market by
rejecting Offer's regulatory
review of the Scottish genera-
tors. thereby inviting a refer-
ence to the Monopolies & Merg-
ers Commission.
Analysts said Hydro gave an
impressive defence of its posi-
tion and picked up hints of the
possibility of the MMC taking a
hard look at rates of return
from the English recs, post
their regulatory review, os it
investigates Hydro's claims of
underfunding of its business.
Dealers were alarmed at the
possibility that the MMC might
reconsider its review.
Hydro shares initially fell to
3Q7p on the news, but later ral-
lied to close 5 higher at 318p.
Media group Carlton Com-
munications built on recent
strong performance as the
shares responded to consider-
ation of a trading statement
from Rank Organisation. Both
companies have video duplica-
tion businesses and Rank said
its operation was having a
much improved year, with vol-
umes up almost 50 per cent
and margins widening. Carl-
ton’s video and audio produc-
tion and distribution division
accounted for more than half
its profits for the six months to
end-March and analysts are
hoping for good news when the
company publishes full-year
figures in December. Carlton
shares jumped 28 to 878p but
Rank was hit by profit taking
despite a positive statement
and the shares fell 1014 to 399p.
Good figures from US rival
Omnicom helped advertising
group WPP improves to lllp.
The oil majors were in the
vanguard of the market’s
advance, with specialists high-
lighting the sector's obvious
exposure to a strengthening
dollar. BP hit an all-time high
In dollar terms, as US Institu-
tions chased the stock in the
wake of excellent third quarter
results from the leading US oil
companies, including Shell Oil.
At the close BP were 13 higher
at 428Vx. just short of the peak
430p reached last month.
BP is scheduled to announce
third quarter numbers on
Tuesday. Specialists also said
■ CHIEF PRICE CHANGES
YESTERDAY
London (Pence)
RIbbb
Aviva Pet
60
+
7
Bank of Scotland
205
+
6 l J
Benchmark Grp
33
+
5
Biocure
26
+■
7
Danka Business
305
17
GEC
276
+
7'i
Hays
286
+
11
Magnum Power
79
+
8
Petrocett/c
29
+
4
Phonetink
330
■4-
11
ReGanco Security
159
+
7
Reuters
477
*
30
SEET
50
t
4
Shiloh
152
+
7
Tams (John)
80
6
VSEL
1395
72
Falls
Aminex
57
_
5
Apollo Metals
88
-
5
Campari Int
24
-
11
ComweH Pkr A
99
-
9
OMI Int
43
_
6
Pascoe's
33
-
7
Protaus Int
235
-
25
there is an even chance
that
the dividend may be increased,
with a rise of up to 12 per cent
a share a possibility.
Shell leapt 19K to 73lp as the
market wanned to its US sub-
sidiary's figures and subse-
quent broker recommenda-
tions.
Speculation has returned
that Unigate, the milk pro-
ducer, might be poised to sell
its 35 per cent stake in Nut-
ricia, the Dutch group. The
talk was fuelled yesterday by
reports that Unigate was hold-
ing a press conference. The
shares jumped 9 to 846p but it
transpired that the conference
was merely an internal meet-
ing and the stock ticked back
to only a penny firmer at 338p.
BAT Industries was initially
restrained by news that the
Federal Trade Commission
would attempt to block the
company’s £600m takeover of
American Tobacco. The shares
were off 5 at one stage but as
one of tbe stocks most sensi-
tive to US currency and mar-
ket movements it recovered to
close 7Vi better at 439 Vip.
Clothing manufacturer Cam-
pari fell il to 24p alter interim
losses of £3.96m against £3.09m
loss last time.
Turnover of 10m in Standard
Chartered was the fifth highest
this year and reflected contin-
ued heavy buying from one of
the London market’s leading
marketmakers; the shares
edged up 4 to 290p.
& FhtaodaT
HbBKy ob Compact
Disk
bmucm prices
ind fanttmncnnl ioTorltadoa
immoduiely at jour fiagcrtpsl Bj
crayGIqt ym need to ooa caxy-to [
bk w in ce CRB InlbTecta hdpa yxm perform
uttiyio, baefciefllng,
nwi*ii«i| ) prrpuTrfcHw md tots more—
SS YEARS OF HISTORICAL PRICES FOB.
CASH. FUTURES. OPTIONS AND
INDEX MARKETS.
MYEAK OF FUNDAMENTAL DCCfiM/VnON |
ONI
ttotaricti dKt, CRB towns* tin (aiW
pike updates mi KR-Qdmc, KnJglit-RJdifcrt
k*diy|
INFORMATION: I
KR Home, 78 Fkd Seed, London EOXY IHY
Tldi +44 TO 71 843 083
.Ojf.
Sovereign (Forex) Lid.
24hr Foreign Exchange
Hnikit.i Tjuullju- Ci-rffTru
ivnuyin ■ Mfe wag racmjr
Coapatili vo Pikas
Daily Fax Sorvico
U: 071-931 9188
Kcoc 071-931 7114
43a toddnohen Mom toad
London SW1W 0«
financlaltSibs
MANAGUMKNT REPORTS
AUTHORITATIVE
MARKET
REPORTS
AuMiaifiMy - ABuauxiv«
• Baaldnn ft Hnaaea • Emw
* Eavtownui ■ [anraoca • Madia
• ntarmacwtlcab • Prop+ny
* Tckcomntankaliou and Travel
+44 (0)71 814 9770
OIL VAX
+44 (O) 71 814 9778
r
rnrv («
RPFTe C B O O K M,AJ^d9flRI
INDEXj
.. - 4
The MaiLcl Leaden in x»end betltog - Fbnuinal and Spoiift Fora
bmclwe and on occniu eppHcamm (wm cal 071 28) U67
\ ccouitn on ancmUly openal Mtltes 72 town
See our up-to-dete prim Bo.m lo 9p ra oa Teleiekt pegc OOF
to REUTERS lOOO
cR 24 hours a day -only $100 a month I
’«-/* UVE FINANCIAL. DATA DmitCTTO VOUN PC
pv'
The Property Finance Sourcebook 1994
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financial times
WEEKEND OCTOBER 29/OCTOBER 30 1994
COMMODITIES AND AGRICULTURE
WEEK IN THE MARKETS
Selling
trims metal
price rises
London Metal Exchange base
metal contracts mostly sur-
vived a wave 1 of pre-weekend
profit-taking yesterday to end
with most of the week's earlier
Impressive gains intact.
The only substantial loser on
the day was al uminium, which
closed S14L25 down at $1,827.50
a tonne for three months deliv-
ery. But that was still $74.25 up
on the week. In a hectic morn-
ing session the price had first
scared to a fresh four-year high
of $1,870 a tonne, helped by
news of another big fall In
LME warehouse stocks, and
then tumbled to Si. 810 , before
bouncing to §1.853. The sellers
returned after lunch, but not
insufficient force to spark off
the major “correction" some
LME WARBfOUSG STOCKS
[As x Thursday's dt»)
Alumirriuin
-29.875
to 2.Q58J17S
Alunlntum aacry
-140
to 25.540
C«WMr
-1,700
to 335J175
LMd
-1.500
to 371,150
Nickel
*82+
to 149.262
Zhc
-24875
to 1-211.300
Tei
-885
M3CL340
pundits have forecast following
this month's 15 per cent surge.
Mr Tony Bird of the Anthony
Bird Associates consultancy
warned this week that the mul-
tilateral agreement to curb alu-
minium production could col-
lapse “quickly and chaotically”
if the price rise continued
unabated. Mr Ted Arnold, ana-
lyst at the Merrill Lynch finan-
cial services group, predicted
meanwhile that some trade del-
egates would be arguing for
capacity re-starts when signa-
tories to the agreement meet
next month. That did not mean
the agreement was about to
collapse, he said, "but it does
suggest that it is starting to
crumble well before its end-
1995 deadline".
This sort of talk brought a
response yesterday from Alcan,
one of North America's biggest
producers of the metal, which
cut its output by an annual
156,000 tonnes earlier this year.
WEEKLY PRICE CHANGES
“The fundamentals dictated
the cutbacks; the fundamentals
will dictate restarts," Mr Jac-
ques Bougie, chief executive,
told reporters after a presenta-
tion at the Almnitech *94 con-
ference in Atlanta. Georgia.
Stocks remained too high to
permit a restart of capacity, he
insisted.
Copper was also helped early
on by news of a further fall In
stocks, though much more
modest than aluminium's. The
three months price shot to a
four-year high of $2,690 a tonne
before the profit-taking
trimmed it to $2,647. It closed
at &65&50, up $15.50 on the
day and $102 on the week. The
earlier strengthen of the mar-
ket had been fuelled by specu-
lative buying, notably from US
investment funds.
Zinc also attracted the atten-
tion of speculators as its LME
stocks fall speeded up. The
announcement yesterday of a 2
per cent drop to 1 . 21 m tonnes
encouraged a rise to a near-
two-year high of Si, 147 a tonne
for the three months position.
It eased to $1,135.50, but was
stil] $47 up on the week.
Nickel was the only LME
metal to register a stocks rise
yesterday, but that did not pre-
vent it building on its earlier
strength during the morning,
when it touched $7,450 a tonne.
Subsequent selling took the
price down to $7,335 at the
close, down $22.50 on the day
and up $34750 on the week.
Tin followed a similar pat-
tern, reaching a 22-month high
of $6,070 a tonne for three
months delivery but closing
$95 off that level
At the London Commodity
Exchange coffee futures sank
lower as uncertainty about the
Brazilian weather outlook kept
buyers on the sidelines.
“Everyone is frightened to take
a position,” one dealer told the
Reuters news agency. “Even
the locals [traders operating on
their own account] are scared
to get into the market.” He
said a flurry of crop forecasts
and rain forecasts from Brazil
had finally saturated an
already nervous market.
At the dose the January
futures position stood at $3,488
a tonne, down $70 on the day
and $175 on the week.
Richard Mooney
Latest
prices
Change Year
on week ago
1004
High Low
Odd per troy oz.
538&90
-3.8
5339.65
5396,50
5389.50
Sftver par troy oz
328~0p
-1-2
241. OOp
384 JOp
320.5Op
Aluminhsn 99.795 (cash)
SI 8055
*71
S1147.75 S1819-5
Si 10730
Copper Grade A (cash)
52690.0
*127.5
$1452.00 S28BaO
S1731JS0
Lead (cash)
5657
*6
S32250
S858.S
S428.0
Nickel (cash)
S7223.0
-345.6
56O7a0
S7240 0
5521 OJ)
Zinc SHG (cash)
81114.5
*47
S1092J
S1114J
S0OCL5
Tin (cash)
S589G.0
+370
S5830.0
55890.0
S473a0
Cocoa Futures Mar
1386
*5
£705
El 124
£859
Coffee Futues Jon
S3488
-175
S941
S4091
Si 175
Sugar (LDP Raw)
53215
+4.0
S22B.4
S317J
S252B
Barley Futures Jan
EM 03. 80
-0.45
El 29.0
El 05.50
£92.65
Wheat Futures Jan
El 07.30
*0.05
£131.0
£117.50
E97J30
Cotton Outlook A Index
75.85c
+2.05
51.60c
B7.10C
62.45c
Wool (64s Super)
440p
+11
406p
485p
342p
Ofl (Biot! Blend)
S16&IZ
+4L5S
51X36
S16.8T
$1X18
BASE METALS
LONDON METAL EXCHANGE
{Prices from AnnJganffi fed Mala) Tiadng)
■ ALUMINUM, 90.7 PURITY (S par tonne)
Cash
3 mths
dose
t
1827-5
Prenrious
1019-20
1841J-ao
High/low
1828
1870/1820
AM Offldai
1829-30
1850-1
Kero doee
1822-3
Open Int
N/A
Total daHy turnover
N/A
■ ALUMINIUM ALLOY ($ per rorna)
Close
1760-M
1815-25
Pimfous
178545
1820-5
HtoMow
1845
AM Official
1810-20
1845-56
Kerb ctose
1810-30
Open bit
N/A
Total date/ turnover
N/A
■ LEAD (S per tonne)
Close
658.5-7.5
671 .6-2.0
PravtoUB
658-9
671-2
High/low
S75/670
AM Official
866-8
6695-705
Kerb close
871-2
Open IrtL
N/A
Total Oefly turnover
N/A
■ NICKEL (S per tenne)
Cteee
7218-28
7330-40
Previous
7235-45
7355-60
HgMow
7450/7290
AM Official
7270-6
7383-5
Kerts ctose
7310-15
Open Ira.
N/A
Total dally turnover
N/A
■ TM (S per Torme)
CAMS
5585-85
5970-80
Previous
6820-30
5900-10
High/low
6070/5950
AM Official
6875-85
5360-66
Kertj dose
5980-90
Open InL
N/A
Total dally turnover
N/A
■ ZB4C, apecW Mgh grade (B per tonnel
Ctose
1114-5
1135-6
Pravloua
1107-8
1129-30
Hffih/kw
1147/1128
AM Official
7113-4
1 734.5-5.0
Kerb ctose
1135-6
Open kn.
N/A
Total daffy turnover
N/A
■ COPPER, grade A (S per tome)
Ctose
2879.&4KL5
2858^
Previous
2661-5-2^
2842^-3^
MgfVtew
2668/2065
2890/26*8
AM Official
2688-8
2847-3
Kerb close
2658-60
Open InL
N/A
Tbta easy turnover
N/A
■ LME AM Official OS rata: 14382
LME Cloelng E/» rate 14186
SjwtiXan 3 mttel.filflO 6 mtoeLCtfir g natal 41 35
■ MQH (HADE COPPER (COM EX]
lta/s
0p«
Ctose
change High km
tat
Vel
Nos
124.25
*030 124.70 123X0
1X07
95
Ok
123.46
*0.10 123X0 122.10 41X18
9,098
Jan
722.70
*0.05 >2250 122X0
793
9
Fob
12190
-0X5
575
3
Mar
120.95
-0.15 121.20 119X0
9.190
Z*Q6
Apr
11ILB5
riUO
695
78
Tata
6X158
1X388
PRECIOUS METALS
■ LONDON BULLION MARKET
(Prices suppled by N M Rotnsctfd)
Pur mm unless att re ramo stated. p PenwAg. c Cents ft. i Dec
Qofd (Troy oz.)
Close
Opening
Morning fix
Afternoon ft c
Day's High
Day's Low
Previous close
Loco Ldn Mean
1 month
2 months — — .
3 months — ,
88m Rx
Spot
3 months
8 months
1 year
Sold Colne
Krugerrand
Maple Leaf
New Sovereign
£ epuhr.
237.423
238.570
5 price
388.70- 367.1 Q
388.40-38840
388.40
387.70
388.80-389.20
388.70- 387.10
388.60-389.00
Odd Lending Rum (Vs USS)
—.448 8 months - — - — ,j5.t3
.>441 12 months --5^
„443
p/trey oz.
32840
33240
338.10
351.40
S pries
390-303
388.40-40045
91-94
US eta equlv.
538.75
54340
55145
57040
£ equtv.
239-242
56-59
Precious Metais continued
■ gold COMEX flflO Trey a.' Sftroy caj
Dee
Mr
flpr
JBB
Aob
Tata
Sdl Osya
price drags Mge tow
3573
3817
3922
3854
3994
4013
0p«
tat VOL
fi 12
-14 3874 3874
-14 3904 3884
-tJ mO 391.4 80473 20«
-14 396.1 3954 10489 S78
•14 401.1 3994 8478 1422
-14 0 0 94&t 1.936
135,7® 2*824
■ PLATINUM NYMEX (50 Troy cm 5/lroy oz.)
Hot
-24
4254
4254 -£0
tar 43*1 -24
Jet 4344 -14
OCt 4394 -14
Jm 4424 -14
TaW
■ PAI I A CHUM NYMEX (100 Troy oz.' S/tray o*J
the 18049 -045 IGMO 150-75 4481 IXlfi
Her 16245 -040 16345 16240 1489 31S
JM 18345 -040 * • 465 90
Sep 164.ro -040 - 31 31
DM 7/MS 1,435
Nov
534X
-7X
- 100
100
Oac
B3S.7
-ax
5«X
53X5 75X07 17X30
jm
539J
-8X
e
79
t
Mar
6452
-8.1
5525
545X 18X57
1.654
may
5512
-82
558X
554X 4.690
S
Jri
557^
-ax
w
- 4,030
7
Total
113X82 19JT7
ENERGY
■ CRUDE OIL NYMEX (42X00 US galls. S/trantf)
Sad
town
Open
tales
chengs
■Bob
Low tat
Voi
D*C
15X3
+0X6
18X4
18X5 9X*35 4X940
Jm
18X6
*0X1
1820
17X5 6X918 26215
mb
173*
■0X1
1X07
17X4 35.150
11.177
Urn
17.B*
-0X3
18X0
17.73 24X82
7.131
Apr
17.77
-0X4
17X4
17JZ 1X306
3.569
May
17.72
-0.06
17X3
17X5 11X37
1348
Total
390,101102X60
U CRUDE OIL IPE (S/bentO
Lataxt
to/»
Open
price cbDfla
»0b
Um lot
Vot
DM
10X0
-0.05
17.07
1BX3 BX242 30X87
Jan
16X7
-oxa
16X3
16X3 47X43 14.199
Fta
16X1
■0.12
18X8
16X1 15.948
3.767
Mar
18.43
-Q.10
16X3
1X38 10X36
1X72
Apr
16J7
-0X7
18X7
16X2 4.753
1.050
May
16.31
41 nq
1X36
1X31 5.233
2316
Total
40586 58X70
■ HEATING OIL NYMEX (42X00 US gab: BUS jatoj
sea
Owft
Open
pries
dung*
»oh
Low tat
Vol
Hot
49X1
<1X9
49.70
48X0 10X5*
9534
Me
49X3
-029
50.15
4025 45X24
14.163
Jm
SD.1B
-0X4
50X0
4935 32075
*62B
HO
5053
-024
51X0
50.*0 33.658
3.735
Mar
5043
-019
5X80
50X0 11X62
874
Apr
49.73
0.14
50.CS
49X5 7X56
639
Total
15X480 34X70
■ QAS OIL FE iS/hme)
Soft
toyv
Opn
totes
ctrengs
Htft
Low tat
Vol
Nov
151X0
-225
15175
151X5 20289
4342
OK
153X0
-2.00
155.00 152 75 2&2SB
4.138
Jan
154 XQ
•200
15X00
154X0 21X62
1 JO*
Fta
155X0
•200
157X0
15X00 &4J6
1.691
Mar
155.75
-1J5 156.75
1325 7.6M
356
Apr
15AD0
■1X0
15525
154 00 2.426
33
Total
109X00 13J534
■ NATURAL QAS MYMSX (10X00 nreSOL. SAttrXu.1
Sett
to/s
Open
ffitae
change
00
Low tat
W
Me
1392
0X18
2015
1366 29X21
13.452
Jan
2X94
0001
2.105
2X75 tarns
2937
Fab
1 nyi
-0X0*
2X40
2020 12X14
98*
Mar
1X67
0006
1.975
1363 11X86
875
Apr
1.903
0007
1X10
1X95 6XC2
615
May
1X04
0007
1X10
1300 6X83
3*0
Total
131X80 21X88
■ UNLEADED 0A8OUNC
NYMEX (42X00 US gab: c/us gaoil
Dot
DSC
JM
Ml
Mar
Total
Sett Day's
price tangs Mgti
5848 -*348 59.40
59.29 *044 5940
5844 *030 5640
55.19 4824 5545
5839 -824 5540
5849 -024 5840
Open
Law tat
54.40 18197
5745 25.452
5540 16,113
5445 6208
5440 3454
5845 44ta
7*968
Vot
14413
134<2
<442
1479
212
117
35,111
GRAINS AND OIL SEEDS
■ WHEAT WEE per tonne)
Satt toy's
pries tasogs HgO Low
10529 *815 K02S 105.25
107J0 *815 10740 10740
10940 +810
11120 -840
11245
9645 *845
_
_
1
1
Doe
391/4
4220
424X 20.AJI
1.571
Mr
*01/6
*31 X
429X
3.717
4
May
379 12
435X
435X
1.272
2
JUl
351/0
MU
441 X
445
-
Sep
354.-4
-
2
25X50
1X78
Ok
TbM
3657*
Jan
Nr
"*r
M
Sap
Tata
m WHEAT C8T B.OOOtiu mta; Oenfl/BOtti busheO
-2/5 394/4 389(0 39499 11497
-J/4 4040 4000 SOTS 4454
•2/4 380M 377/0 4.417 397
- 352(0 34810 10462 1.128
- 355U) 351/4 248 43
■Mi X St* m/a >47 S
7*832 16435
■ MAIZE CST (SJXJQ Du mfcvj oontt/58tt> OushaQ
Dec 2185
Mar 226/0
My 235/E
Jut 2*V4
Sap 2*6 ! 4
Dec 251/0
Tata
■ BARLEY LCE f£ per tonne)
■VI 217/a 218/4H8444 3*489
-1/4 2298) 2Z7/8 HL247 11.904
•Iffi 237/0 23S/4 25.108 4.466
-2ft 242/E 241/0 31.645 4283
-2/0 24718 248/2 8873 *8
-2/0 25212 2SO/4 11099 1075
293,182 WAN
NOT
101XS
-a 15
101X3
101X5
140 5
Jan
103X0
w
-
•
418
Mar
106.15
-
•
-
IX
“W
1CB.I5
-
-
-
48
Sep
93X0
-
-
-
5
Total
739 9
■ SOYABEANS CBT (SXOQbu met canaftQB OushaQ
Not
8*816
-5ft
saw
546/4
31X03 20X27
Jan
558ft
-5*4
962/4
558/4
49X87 22781
Mar
558ft
-W)
572ft
588/4
23.405 4,134
May 577/4 -5/6 582/0 577/0 11,140 1,207
-U 564/D -5ft 587/4 583ft 18878 25*0
Aug 587/2 -4ft 581ft 587ft 1.284 434
Total 14*968 82/818
■ SOYABEAN OIL CST (SOOOOlbK certa/to)
Oac
28X3
+007
29 SR
26X2 37.437 20X32
Jan
25X2
*0X1
2579
25X8 15X83
4X14
Mar
24X5
-012
24X2 13X00
3X98
Kay
24X0
-012
24X3
24X0 12X83
2X74
Jet
2*X7
-013
24.60
24X5
6X01
*X23
tnq
24X0
-015
24.45
24.30
2X89
11!
Total
92X21 38X23
■ SOYABEAN MEAL CBT (tOO tons: S/ton)
toe
1EG.1
•3X
162X
1800 41.429
7X89
Jn
161 X
•2X
164.1
181.7 17X97
1X08
Hr
16SX
-2X
167X
185.4 14X62
1X72
Mat
I69X
-41
1708
169L0
&2B4
014
Jol
1713
-U
175.0
I73X
8.135
907
Aog
174.8
-IX
176X
I74X
1,175
208
Total
98,188 12X70
■ POTATOES LCE <£/tonne)
Hot
150.0
.
.
.
.
.
Mar
USX
-
-
n
•
■
Apr
225X
+1.0
IMS
224.5
1,438
74
May
242X
+2X
-
•
■
Jn
107X0
-
-
-
-
Total
1X38
74
■ FREIGHT (BIFFEX) LCE (SlOflndox point)
Del
1871
■2
.
.
458
.
Not
1800
-
1800
1795
318
25
toe
1703
-10
1720
1096
271
102
Jn
1655
♦7
I860
1050
1X97
65
Apr
1810
+2
1605
1605
891
3
JM
1448
+18
.
■
142
■
Total
Ctoaa
har
3.192
218
m
tin
1874
Spices
Block and white pepper prices ware fully
steady ns week, reports Man Ptoductan. Tha
week Carted Wifi higher offers from Inda for
Hade pepper and the Malabar marital has also
been very firm. Short shippers continue to eel
■way any canyovar in Cochin. Whiles prices
ter tedonesian supplies have been rising quietly
as Concern about the the affects of the dry
weather has Increased. China b a seller out win
soon rim dry. The nutmegs and mace market
remained steady in origin, with Bmtted offtake
because most Industries are wo* covered into
and this year. There were a few eurepaon
nesdtars taking profits by underquoting origins.
When me current prices survive thb lul In the
market we vriO certainly saa a much ffitner
market early next year, whan coverage wD be
dona ter T895. High grades of Casste are
increasingly dfficuit to obtain.
SOFTS
■ COCOA LCE (Wonnft
Open
Sell
da/*
to*
Vet
tat
print daoge
lSK
til
BZt
no
Dae
B58
.1
063
955
20.950
1,048
IX8S
a
Mar
980
992
985
43.863
2XB5
1X92
May
998
-i
tom
996
14.550
220
1X72
.
JM
1011
1015
1010
6.305
87
205
.
Sep
1023
■i
1027
1023
12,485
57
40
.
toe
1037
-z
1039
1037
8X28
15
oxsa
188
Tobri
1t2X83
3XB0
■ COCOA CSCE no Hones; S/lonneo)
D« 1333 -19 1354 1320 27X88 6X83
Mar 1373 -19 1398 1370 21083 1605
Key 1407 -20 1425 1402 8X28 E57
Juf 1433 -20 1449 1435 3,029 22
Sep 1460 -20 1470 1470 1X83
toe 1487 -20 - - 4X79 JS
TBW 74X1013X89
■ cocoa occa (SOFTa/tame)
00127
Hka
Pray, my
IMni
VVWRJ
900.72
■ COFFEE LCE (S/tonne)
HOT
3488
-85
3500
3455
4,194
1X25
Jan
3*88
-70
S10
3405
11X96
1.387
Her
3454
-81
3*70
3430
5.416
302
May
3439
-31
3450
3*15
3,m
68
Jut
3455
-10
.
.
1X40
-
Sap
3408
-7
-
-
irifll
-
Total
29X82 2XC
m GOFFS XT CSCE (37X0034; cenaftta)
Dec
189X0
+0.10
isaoo
187.00
12X08 5.401
Her
194-30
■0X0
team
192.25 12X79 1,740
May
19050
-0.15
197.00
19500
4.944
304
JM
196X0
*055
190.00
197.50
1X90
71
Sep
190X0
-
199,50
IBS 00
907
52
Dae
199X0
-1X0 281X0 200X0
882
22
Tow
■ COFFEE (ICO) (US wnts/pound)
Oct 27
Price
Re*, day
Cann. d*2y
.18096
180.63
15 day avenge —
, 18X29
184X4
■ Not PREMIUM RAW SUGAR LCE tconts/tb*)
Jn
13X0
.
.
-
Mar
12X9
•003
.
90
•
Stay
13.13
-ao2
1107
1107
300
ICO
JM
UOO
-am
.
.
4S0
-
ToW
940
100
■ WHITE SUGAR LCE (SAonnO)
DOC
353.80
•1.00 35150 351X0
3,138
2B2
Mar
346,70
X.1Q 347.10 3*5X0
9.124
1,360
May
3*5X0
»
3*550 343.30
2,415
Off
A»g
342X0
*050 342.00 341.00
2.810
40
Oct
320.10
*1.10 318X0 31850
696
I
Dee
31900
+1.10
3180) 31600
4
10
lew
17X88 2X11
■ SUGAR II 1 CSCE nilOOBbs; Canutes]
Mar
12X3
4.08
12X7
12.75100X9815X9*
May
12.87
404
12X8
12.79 24X38 «X22
M
12.73
404
12.74
1287
14,794
1X79
Oct
12X5
401
12X5
12X8
13.166
637
Ur
11X2
4X4
11X8
11.92
1X47
82
May
11.92
404
-
-
44
-
1oW
184^2021X14
■ COTTON NYCE (5C£00tar cnnUtea)
Dae
71X5
488
7285
71X1
24,3)4 91049
Her
73X5
480
74.10
7110 15X01
3.135
May
74.35
475
75X0
74X5
8.703
806
JM
75X3
402
7960
74.B0
3,984
305
Oct
7060
475
7075
7D.7S
536
4
DM
89X0
480
7015
68.85
2.6S1
350
ToW
B3X0914X4S
■ ORANGE JUICE NYCE (T5.CKXH**; csnwtta)
Nov
104.75
450 105.05
1(0.80
2X42
757
JM
109.15
455 110.40 10840 13.022 1.040
Mar
1U8B
4 50 >1125 111X5
5XC3
216
May
110X0
4X0
118X0
uexs
1.422
27
JM
11900
450 11B2S
11925
875
10
S*P
121X5
-0X0
121 JS
121.75
543
1
tbW
H95S 2,00
VOLUME DATA
Open interest end Volume data shown for
contracts traded on COMEX. NYMEX CBT,
NYCE. CMS. CSCE n d IPE Crude OS are one
riey ki arrears.
INDICES
■ REUTERS (Snag 18/9/31*100)
Oct ZB Oct 27 month ago peerage
21D4-9 2104.7 2 209a7 1804X1
■ CRB Futures (Beset 1B87»10a)
MEAT AND LIVESTOCK
■ UVB C*mE CME (4Q.ttXMW. cwnsrlbsL
On
Mi
Jn
Mg
Oct
TOW
sm Day* .
fska data Mgti Usr W
B9.950 *0.125 70.100 59*00 7
61 675 6A9W 68.450 3ftB10
69 GM +0.S75 89675 69D00 SMM
65900 *0.37$ SWOB BS * 75 >3.099
84 775 *0175 64800 64.475 4.210
65500 *0.150 65-500 -
Oftllfi
IM
\tm
2.69*
I.KU
411
83
9X7
m uvr H OPS CME lAO.OOfflbo. cwristo)
ON
HO
Aar
Aop
Od
Total
35 400 *0650 35.7W 34550
33JJ25 *0275 35300 37.450
38.000 +0500 35250 37 553
41000 *0.125 43 W0 *3500
42.200 *0.100 42J0O 47050
39.I0Q *0.350 39 350 W-BM
1S.69H 4.J30
a.T4f 3.3C
4 663 IX-ffi
2,035 J43
355 3*
Ht» UH
FM
42X50 * 0X50 42 900 41.400
8.957
116*
btar
41850 *0625 41000 41700
1 JM
May
*3.680 *0.675 +4.100 *15«0
31*
42
JM
44X75 *0 673 44.750 *3.450
11*
*3500 *0X25 43.900 42J60
70
4
TOW
man
3.453
LONDON TRADED OPTIONS
Strike price & tonne
— Cana —
— Puta —
■ ALUMINIUM
199.7%) LME
Doc
Mur
Dec
1800 -
74
11J
36
65
1825 -
61
too
48
76
1950
48
88
59
59
■ COPPER
(Grade A) LME
Dec
Mar
Dec
Mar
2600
108
123
54
102
2850 —
6(
H»
76
72.’
2700
59
80
104
157
■ COFFEE LCE
Jen
Mar
Jan
Mar
3500
223
328
235
374
3550
204
311
266
407
3800
186
205
290
441
■ COCOA LCE
Dec
Mar
OK
Mar
925 -
39
92
6
31
950
23
78
IS
40
975
12
63
29
52
■ BRENT CRUDE IPE
NOV
Oac
Nov
Doc
1800
as
IDs
5
104
1650
60
74
20
74
T7U0
35
56
35
LONDON SPOT MARKETS
■ CRUDE Oft. FOB (per barret Duel
♦or-
Outre]
Brent Blend (dated)
Brent Blend (Dec)
W.T.L (1pm eat)
ST151-5.632
S17.I7-7.1B
Sl6.90-8.92s
S18 17-119=
■0125
*0.035
-0.065
* 0.01
■ Oft. PRODUCTS NIM: prompt delivery OF (tonne)
Promkm Gnooilne
$181-104
■2
On CM
$154-155
■2
Heavy Fuel Oil
$94-95
+1
Naphtha
$170-172
-1
Jot fuel
$180-181
Diesel
$180-101
-2
toefeun *** TV. iOPOtm ftTII SSS 0792
■ OTHER
Gold (par tray oztf
5388 90
-1.90
SUiftr (per tray cd*
538-Oc
■3.5
Platinum (per tray Oil
$423.25
PoAeahim (per tray or.)
$159 75
*0X0
Copper (US prod )
1290c
*1.0
Load (US prod.)
4025c
Tin (Kuala Lumpur)
14.69c
*0.52
Tin (Now York)
27S.Sc
+7.0
Canto (he vrelghDr
117 46p
-2.17“
Sheep (Him wwghftT+
95.Q2P
*3 52*
Ptgs (Qve weight)
74.53p
■099*
Ixn. day sugar (raw)
*321.30
■D.9
ion. day sugar (wte)
$350.0
*1.0
Ten & Lyte export
£309.0
-
Barley (Eng. food)
Unq.
Mala (US No3 Yotow)
$132 J)y
Whan (US Darit North)
£185.0u
Rubber /Doc)Y
8&75P
Rubber (Jnn)V
80X5P
Rubber (KL RSS Nol Jul)
343.5rtt
-1.0
Coconut 01 (PM)§
3647.5V
-7.5
Palm 09 QWafyjS
$645.0t.
+2.5
Copra (PN8§
S4Q0.QU
Soyacwara (US)
B153.0v
Cotton Outtook'A’ indox
75.85c
♦0.30
Woofeopa (6*5 Super)
451p
Oct 27
234.98
Oct 28 month ego year ago
23130 230.67 217X7
C ear loon* uriere otrierw*** *ta wa. p porae/kg c conra/to.
rrinpgMkp.ni Uslsysum centa/Mg. y OcUDec. » NoWOec u
Octtvor. = Dec r Nov. V London BpeitaL § OF Row
don. f BuKon roartwt doee. 6 Show IU»» wepte prtcmL •
Chwigeon weak O Prices are tor previous dsy
WORLD BOND PRICES
BENCHMARK GOVERNMENT BONDS
Red Day's Week Month
Coupon Pete Price change Yield ago ago
Australia
9.000
09/04
91X100
-0.170
10.48
10.17
10X0
Belgium
7.750
10/04
05X500
*0X10
8.46
8.43
8X3
Canada-
8.500
00/04
*0X00
9X8
9.13
8. 88
Denmark
7.000
12/04
07X700
+0X20
8.98
0X0
9.02
France EUAN
B.000
05/98
101X500
*0.130
7X8
7X5
7.48
OAT
5.600
04/04
82X100
*0X80
8X7
0X2
8.12
Germany Tmu
7X00
09/04
99.4500
+0X70
7.58
7X0
7.03
Italy
8X00
08/04
82X700
-0X80
iixat
11X2
11.45
Japan None
4X00
OB/99
102.6520
+0X60
4.12
4.07
3X9
J^wn No 164
4.1 OQ
12/03
85.9400
+0.180
4.74
4.74
4X4
Nethariands
7X50
10/04
97.7200
*0.180
7X8
7X8
7X8
Spain
8.000
05/04
81X600
*0X70
11.14
11X4
11.1B
UK Gits
6.000
08/89
90-00
+13/82
8X8
0.51
8.63
3.750
11/04
67-08
+19/32
8.67
BX3
8.B1
9.000
10/08
102-29
+22/32
B.84
8X2
8.77
US Treasury •
7X50
00/04
86-00
*13/32
7X1
7.78
7.02
7X00
11/24
94-20
+27/32
7X7
8.01
7.83
ECU (French Govt)
6.000
04/04
83.1300
*0.160
8.67
8X8
8.87
London domg. l*aw Vort mU-dav
r Chon (including nriMnUrg nu at 120 per cat payable by
Prices. US, UK In 32ndS. oOws In
YWdK Locsli
ri
Saues: M4S taamsSons/
ECONOMIC DIARY - FORWARD EVENTS
TOMORROW: Middle East /
North Africa economic summit
in Casablanca (until November
1). 50th anniversary meeting of
the International Civil Avia-
tion. Organisation in Chicago.
MONDAY: Monthly digest of
statistics (October). Economic
trends (October!. M0 figures
(October-provisional). US per-
sonal income and spending
(September). European Union
foreign ministers meet in Lux-
embourg.
TUESDAY; Advance energy
statistics (September). Bank of
England quarterly bulletin
(third quarter). US NAPM
index; construction spending
(September). Mediterranean
environment ministers confer-
ence in Tunis. Interim results
from BP and Thames Water.
WEDNESDAY: All Saints and
All Souls' Day - European insti-
tutions closed for holiday
(until November 2). Overseas
travel and tourism (August).
UK official reserves (October).
Renks registered in ITK consol-
idated external cla i ms (June).
US leading indicators; factory
orders (September). Bosnian
republican and federation par-
liaments to meet. Senior offi-
cials of Asia-Pacific Economic
Co-operation forum (APEC)
meet in Jakarta. IAEA meeting
in Vienna. Financial markets
in Singapore closed for holi-
day. Interims from BAT Endus-
tries-
T HU USD AY: Details of employ-
ment, unemployment, earn-
ings, prices and other Indica-
tors. Major British banking
groups' quarterly analysis of
lending (third quarter). Full
monetary statistics (Including
h ank and building society bal-
ance sheets, bill turnover sta-
tistics, lending secured on
dwellings, official operations in
the money market, sterling cer-
tificates of deposit and sterling
commercial paper (September).
US new home sales (Septem-
ber). Financial Times holds
conference “Corporate Risk
Management and the Interna-
tional Insurance Industry” in
London. Boots results. London
Film Festival opens.
FRIDAY: Housing starts and
completions (September). Insol-
vency statistics (third quarter).
Company winding up and
bankruptcy petition statistics.
US unemployment data. Fran-
co- African summit in Biarritz.
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INDEXIA
US INTEREST RATES
■ LONG CULT FUTURES OPTIONS 0JFFQ ESQ.00Q &*tha of 10096
Lunchtime
FoAtanre «1 WanenttaL-
(kwmoren.
TV Two anrtti .
Tina month-
Tmswy BBs and Bond Yteftfc
4J54 Two yaw.
Sh/notar.
One i
wa Tire* rear-
5.14 Hu jew —
5.68 Jfl-jMT
6.18 BLynr
&J4
7JJ7
7.52
7J3
tun
Sirfre
Price
100
101
102
Doc
1-48
1-09
(WS
CALLS
PUTS
US
» US TREASURY BOW FUTURES (CBT) SlOftOOO 32nde d 10096
2-30
1-82
1-36
Dec
0- 50
1 - 11
1-48
Mar
2-28
2-68
3-31
Be. voL ml Cab 4473 Puts 2303. Pravfcu day* open nu Cab 80164 ms 44383
Dec
Mar
Jun
Open
97- 11
98- 23
98-03
Latest
97-26
97-05
88-19
Changa
+0-14
*0-14
+0-07
High
97-30
97- OB
98- 19
Low
98-29
98-12
95-20
Ew. vol. Open mt.
241.085 390.012
1,309 27.4912
101 11.313
BOND FUTURES AND OPTIONS
France
■ MOTIONAL FRENCH BOND FUTURES (MADF)
Ecu
■ ECU BOND FUTURES (MAWF}
Open
Sett price
Change
High
LOW
EsL voL
Open Int
Dec
109X2
109.94
+0X0
110XB
109.68
128X14
134.148
Mar
109X0
109,14
+0X8
109.34
108X8
1X08
11X80
Jun
1ML42
108X2
*0X4
108X0
108X2
172
1X01
Dec
Open
B0JW
Sec price Change
60.14 +038
High
B0.34
Low
79.82
Eat vol.
1321
■ LONG TERM FRENCH BOND OPTIONS (MATTF)
FT- ACTUARIES FIXED INTEREST INDICES
Strike
Price
110
111
112
113
114
Dec
030
047
nyt
0.10
004
CALLS
M«r
131
1.10
0.77
0.52
UK G8ts Price taftcea
Frf
Oct 26
Da/e
%
Tha
Oct 27
Accrued
Open bit.
6315
xd ad|
yWd
Japan
■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES
(UFFE) YIQOn IQOtha ol 10046
Open Ckwe Change High Lew EsL vol
Dec 107.85 107.67 107.49 2254
Mar 106.78 108.78 106.78 6
* UFFC b ore nui tredid on APT. Al Opm Merest flga. are (or previous day.
tndax-MuKl
FH
Oct 28
Jun
Nov
Dec
Mar
1 Up to 5 years CZ-s)
119X4
*0X2
11BX0
1X3
9X3
0X4
2 5-15 yearn (23)
138.67
*0X4
137.7B
1X7
11JJO
-
“
-
3 Over i5 yeoraW
155X0
+0X1
164.18
2X4
10X7
1X4
-
*
3X7
4 IrraclMmoMoa (6)
174.06
+1X4
172X5
-OX
1347
'
2X6
“
-
5 An otueko |6i)
138X3
*0X8
135X5
1X5
10X5
Da/a
change 96
Thw
Oct 27
Accrued
interest
E*t WL tore. Cab 48.746 Pure 2ifl» . Prertoua ds/i open Mt, Cits 258326 Puts SB6JS4.
Gormany
■t MOTIONAL GERMAN Bt/MO FUTURES (UFFS* DM25O.0W lOOI/M of 10096
Dec
Mar
Open Sett price Change
69-24 68.49 +OJK
8930 88.69 +034
«8h
89.58
88.70
Low
8838
8830
Eel vol Opon InL
161560 178668
1026 5518
■ BUND FUTURES OPTIONS (UFFE) DMZSO.OOO poMs of 10096
Strike
Price
Dec
Jm
CALLS —
Feb
Mar
Dec
Jm
PUTS
Feb
Mar
Beta
1.08
0.95
1X2
1X5
0X9
1X8
1X3
1X8
8950
0X1
0.73
090
1.1T
0X2
1X4
1.80
1.92
9000
0X7
0X5
0.80
0X0
1X8
1X8
ill
2X1
ESL VOL tOOL C4H 33801 Putt 14031. Rwrioua more opm MU Cite 276807 Putt 2246B1
Italy
■ NOTIONAL ITALIAN GOVT. BONO (OTP) FUTURES
fljFng* urn ann loozns of 100 %
Dae
Mar
Open
100.45
Sett price
1<X).47
Change
•0.05
-0.04
Ugh
100.60
Low
100.06
Eat vex Open kn.
39921 59785
D S 216
■ IT ALLAN OOVT. BOfM (BTP) FUTURES OPTIONS (UFFE) Ure200m lOOlhS Of 100%
Strffca
Price
Dec
■ CALLS
Mar
Dec
■ PUTS
Mar
10000
1X2
2X2
0.95
2.73
10050
1.14
2.19
1.17
3X0
10100
0,89
1X8
1.42
3X9
EA vdL UHL Cib 2SI3 Pun 2387. Previoue <ta/t open hu Cob 26456 Puts 29483
Spain
■ NOTIONAL SPANISH BOND FUTURES (MEFF)
Dee
M8r
UK
Open
B7.09
Sea price
87J25
88.05
Change
+OJ1
Hah
87 SI
Low
86.75
Esl voL Open kiL
48,174 73,607
50
NOTIONAL UK QH.T FUTURES (UFFE)* E50J00 32nds Of 100%
Dae
Mar
Open
100-11
9&-U
Sea price Change
100-SI +0-1 B
100-02 +0-19
Ugh
101-02
100-01
Lew
99-31
98-14
Eat vol Open Int
76048 108538
173 47
6 Up U 5 yean (2)
7 Owr5 mere (fi)
8 Al stowe fi3j
9 Debe and loam (77)
IC'
Open («.
0
0
<d 0(4
yWd
105.71
*0.05
185X2
0X8
5.07
172.00
*0X8
172X5
0.S2
4XS
173.16
*0X3
172X8
0.78
441
127X9
+0.95
128.19
2X3
9X4
8.11 9.88 (2Qft) 739 (2(V1J
Average gross redemption yhrids are shown above. Coupon Bonds: Low. 0%-7*»% : Medtem: 8%-10^%; Hj*; 11 % and dvJ,^ pm
FT FIXED INTEREST INDICES
Oot 28 Oet27 Oct 28 Oct 25 Oct 24 Yr High- Low*
7.49 (10/1)
Oort. Secs. (UK)
Fixed bitoraet
* feir 1B94. OOVHTKIMM
91 at 90.50 90.08 90.40 90-84 102.67 107 JM 68^4
107.31 10684 107.08 107.46 10784 12485 133.87 10680
GILT EDGED ACTIVITY INDICES
Oct 27 Qct 2B Oct 25
Od 24 Oct 2t
OBt Edged bo s go l i w
5-day average
Bi.l
83.4
90.9
84.4
B7B
84.1
64.5
84.5
91.9
899
M *- 4, - ,B ^ **- NP. — -creptata, 1*UP eiaiw) . b. 6ft* ™, . nrai « aecuZivuv
UK GILTS PRICES
_YWd_
tat Red Price E
„1994_.
+ BT- Wgh Law
tat Rea Pricoe-
BtaarV (Untiv to Rm 1
nzMBpt
izpciass
Bdl3pc6»1BS0-es„
10LPC19B5,
— 1894 m
or- H0i Law
Nms
Trees l2Lpc1W5tt —
Itec 1896
i£tpcia
Ew013\pc 1996**
Oumtan lOpc IflM
Tress D»7#cisar*f —
Ttal13*4CC 186744 —
EurtlOJjpCIM?
TreasSLpc 109744
&di1Spci897
OLpc 1998
ton 7V0C 1088#
TMM6Jg)Cl9BS-B8tt_
14pc 1906-1
rnsttltPipcIB#
Etdi 12M 1096
Trees (Pape TWO#
aw
-lOlftal
■d
10QU
11X3
SX7 liny
W7A
3X4
5X0 98ft«
„
98H
TOW
6JE 1021]
, , . „
10713
1206
0X81O51tol
lias
1207
7X3 107 J|
117*
1273
7X1111*0
12113
1223
7X8 108*1*
rXm
lire
B.62
7X0 10*4
+a£
112*
7.15
7X7 art.
+H
ISO's
1200
1ST 110H
*A
12111
9X9
7X7 lOfili
114*
8-64
022 101 It
110*
1279
8X3 M7lt
♦a
131JJ
9.42
6M 10313
+A
I14fl
7X1
843 081]
+A
108*
7.11
8.43 942M
102
12X5
BX2llBAa)
+43
131*
1282
iSO 722J 1
V.
140*
10.78
8X2111 A4
+*»
12SU
9X3
6X0 I02U
■HI
116*
Fonanga^pc i999-4_
7COA tonwteiO^peaXH.-.
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AT CAVENDISH ASSET MANAGEMENT WE HAVE
BEEN PROVIDING A PROFESSIONAL INVESTMENT
SERVICE FOR THE PRIVATE INVESTOR FOR
NEARLY 30 YEARS
WHATEVER YOUR RISK PROFILE AND INVESTMENT
OBJECTIVES WE CAN USE OUR WEALTH OF
EXPERIENCE TO MATCH YOUR OWN INDIVIDUAL
CIRCUMSTANCES TO A CUSTOMISED SOLUTION
CATERING FOR YOUR INVESTMENT NEEDS
IF YOU WOULD LIKE TO KNOW MORE ABOUT
CAVENDISH ASSET MANAGEMENT'S SERVICES FOR
THE PRIVATE INVESTOR, PLEASE CONTACT
PAUL MUMFORD ON:
mt sw §041
CAVENDISH ASSET MANAGEMENT
* MEMBER OF IMRO
MC1A1W
FINANCIAL TIMES
WEEKEND OCTOBER 29 /OCTOBER 30 1994
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Schroders.
Outstanding
by any standards.
Such unit trust performance will raise Tew
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Of course, you may wonder how such an
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The reality is that Schroders have
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All or which begs one question. Wouldn't
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You can invest with a minimum of only
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For more information on our world-class
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return the coupon below. Alternatively,
contact your usual Financial Adviser.
C ali 0800 002 000
* To: Schroder Unit Trims Limited, Kittd
I FREEPOST. London EC4B 4 AX
1 Please send Die a fore copy of 'How lo ImeM in a
I Schroder Unil TruM*. Lndudme infomvilioa on
Schroden 1 range of funds. I am particular!)
, late rated in; UK □ US □ Japan D Far EM □
I Europe □ Emerging Merkels □ AH of ihcu □
1 Tel. No. 1
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pcrtormuicr The value of minunmii *>111 I be income ■
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FINANCIAL
TIMES WEEKEND OCTOBER 29/OCTOBER .-0 1' w4
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+3 STS 070
+8 1.280 970
+3 778 *33
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-1 435 £93
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-8 sns 4£i to
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-10 £460 2.PEQ .
-10 ££30 l.7«
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+£0 1.390 083 . .
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~2 DOS 343 . . ..
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-20 1 WTO (US
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+10 1.010 SC 1 0
-10 £230 1.040 . . -
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-16 1.ZM «0 .
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-10 2.29U 1.6*0 0 0
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-16 1.120 TtW ..
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-I 1,190 921 ..
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WO
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-
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— Veoa
ar 460M +4 jo
\yr 437 JO -5 30
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£276
167-90
— — 1^35
6.4 17.4 OUBMd 44050
7b ... S&2 CJtfno
18b £8 IIS Qirgra
3.15 6 *-
62b 4-b 44 M — :
51b +b W Mb U •
44b -3 4fli+ Mb £1 ;
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50b ♦l'C 6ib 43b £5 13J Sl^c
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66b 56b 10 14 J SOMA
81 IJ 14. H SHLSy
28b 9.3Z0O Sounxm
47b £7 1£3 SQarAe
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32b 19b — SJ CrPonF
37U 28b OJ 38-7 DlyCI
TOb 19 3.8 13J CrUtf
35b 27b 14 too CrNU
7b 5b — 4J Damtfx
24b 185 9J 11J Danone
9b 6b 0 9 90J DocWF
30 19b SJ .... DCtva
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fa ^ «"£! %%
125 9 1.7 68.7 ErfiOs
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16 1.3 29.3 FcncLy
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£70 *65 346 2.0
£80 33190 201 £0
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394 JO -3 SO H7 370 1ST
5.7BO +20 8.160 5.000 £7
725 +21 1.002 685 3£
714 +8 830 610 -
323 +3 479 317 IJ
930 +3 977 760 £4
471 JO -2500 749 418 15
665 +2 740 509 2J
33030 -9M 4TO3S.I0 ft!
325 ♦1150 392 290 00
259.90 +1190 232 191 139
697 +4 1.088 855 -
TOO +50 B65 650 6.4
770 +5 630 835 1.7
1*50 .... 3,487 £760 £8
1.782 -18 £E69 1.700 4.0
570 +5 734 556 ZS
7.10 +.35 1 9.70 6.15 9 6
100 -£90 182 100 9.2
565 ... 639 560 17
1050 +10BJ20 4J40 IJ
3.475 +75 5J62 3.340 SJ
3.070 +245 1965 7,341 .
1.6*6 +85 £450 1.525 I J
112 +4 211 78 ..
20.400 +*203.850 10500 1.9
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— »IB
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“ 3r3oo +900 *Lra iiro i3
._ Gaum 3.900 +55 4J60 2.073 ...
— IH Pr 24.7<»TO .900 302® I 1.1
_ «. 5J90 ,240 8.360 5,025 1 9
-. 6/a 10.450 +7SO T4JOO 9,170 —
2J215 +® £400 £000 ...
+*30(Sj«aja2 to
• IBS 0*40 4,486 £4
+130 19.350 1^500 £1
+400 1B.7® 12210 IJ
+47 1,6*8 870 _
+791140 1,750 ...
SO
234 +1 60
23150 +.50
17030
170 JO - SO
327 +3 JO
134 ,1
TOarmB 131.50 -I
SCAA 117 JO *150
‘ ‘ 117 +1
125 -I
120.50 +1
11950 .ISO
120 -a
47.10
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9.230 +1301 £450 9,110
1.770 >90 ItOO I J84 2 9
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1435 +35 £395 I £83 4J
1.000 *X£OIO 9*0 ...
.6001 T +5 £518 1,5*0 54
9.600 .. 1127* 9J43
1.231 +78 £554 IJ23 —
8,225 +225 7430 4.071 IJ
3.665 .110 4,820 £110 £7
£750 +160 6.198 3,101 4J
1IJ20 +83017JW) 10*70 52
1477 +20 1.983 VfcW 24
129 +140153 9)97.50 1.6
ISO JO 233 129 £0
445 *5 351 1.5
448 +8 480 3S0 IJ
93 50 ..144 85 £1
96 ,3 110 M 11
M _ 122 62.50 3.4
110 -JO 128 Tfl 59
138 SO . 159 “ " ‘
140 -50 175
. Ift
Mttdonc 1
™ Slanted 1 . _
_. OWW !4M
— Pni
«rS|
INDICES
Od
28
Oa
27
Oa
26
•1994
Low
AigMhn
Central (29/12/77)
ALBStfb
«l OnSrtTtas(ini80i
Al Wnmou/KBOI
Aatirft
Cram AMMntSQnZW)
Traded tralM2/i<Rn
Btfotan
BEL20 D/1/91)
tonal
Bxnespa (29/12/83)
Canada
Mann MUtts9D97S|
ComwsSBt 119751
TOnfo0O§§ (4/1/83)
CMB
PGA Gen (31/12/90)
Osnik
Capamgai£E(3/i /33i
(10 19160.17 18935.45 2547040 1«
+Q212
10708
20322
1078.9
381.43 379.75
10K13 1020.19
20I7J 234080 3/2
10884 1138.10 3(2
(0 *6048 2/2
« 122225 1/2
1371 74 1357.11 135*00 1542J5 «2
M 47087.0 485373) 911000 1V9
(U) 431102 4220.97 427&02 2QD0
M 4265J0 4260 JM 460BJO 23/3
M 2063.17 2099.16 218Z89 1/2
2017 JO S/10
90450 5/5
STEM 25/10
1Q11JB M
133BJ9 7/10
380090 3D
329808 201*
365090 24«
188148 2Bfi
00 5581. B 551 £2 567820 13/10 360120 4/4
3*£09 34£9Q 344.76 41639 2 12 mil 7/10
WX Gonetaeft 12/90) 19318 19419 1B2Z9 197Z00 VZ 1801.10 3D
1Z6&92 I2*1S2 1231.77 158127 22 12Z7JB 2STQ
I905JB 1858.11 1831 J* 235883 272 1824J2 ZSrtO
7BJ34 78327 78332 85827 18/5 74£M &10
2188.10 2189.4 21886 SH68J0 2/5 211820 5/70
204032 201320 202050 2277,11 IBB 198059 7/70
W 822.08 01849 1184J8 18/1 B0B87 23/S
837847 930458 9K244 12201J9 4/1 838944 4/5
4274.71 4328.74 4357.44 482BJ7 1Z/9 346400 fin
Jkan C0nxMiaR®2) 518.41 B17J5 61832 B12J8 571 44872 12*7
1830.19 MOJX 17033 208210 377 I0K74 1/7
SSF 250 (31/1M9
CAC 4001/12/87)
Gemw
EAZAKWOl/iaM
Ca mu ai aa nKi/i 2/531
awpammi
Groan
AOieni 8601/12/80
Hang Kang
Kanj Sanq(31/7/B4)
Mb
BSE Senylff/a
BSQOmal(WOT
IW?
BTO Damn Hal (1972)
UBfiadtfp/UM
JBpu
WM225 D66W
300 (VI 0182)
Oct
X
Oct
27
Oa
28
w
LW
itadee
PC (Nov 1078)
M
258129
2580.00
2881.17 8/2
196733 30/4
MtfBadMd
CBS iVM>m(End B3)
437J
4309
4208
4E4J0 31/1
40030 21/8
CBS A9 Shr (End 83)
274J
2708
268.1
29080 31/1
267 JO 2U6
Haw Zealand
Cap. 40 I1/7QB)
309517
309042
208033
2*3084 3/2
HMSJ1 11/7
Norway
QM SSMK2/U83)
105582
1054.15
1055.18
1211.10 28(2
B0OB1 21/9
PHBpphaa
MMto Comp (2/1/B5I
3088J2
306O2S
307O2B
330037 VI
3507 .33 8/3
Partial
ETTA (1977)
2891 A
28804)
28807
322000 102
SB1Z80 205
thypqy
SES M-Spara(ZW7E)
5B1J2
wn«)
58152
841 Al VI
52129 V*
Soafli Africa
JSE GcH (28/V7Q
22910V
22874)
Z2B04)
2S34JO 7/9
17494)0 \V2
JSE hdL (2aW78)
ceozof
85880
G5700
87574)0 15fl
844000 190
Snrti Korea
Kro>a£)4«i/Bar
loeiM
1084.71
1082J3
111129 18/10
88537 2/4
Sp»h
Madrto SE OOnZBS)
29533
2914)1
28065
168J1 31/1
28588 28/10
Sweden
AfiaswwiGen (7/2/37)
1471 JO
140080
1«040
160340 31/1
133470 67
SrWBW (31/12/58)
1157.79
1138.72
11514)5
142134 31/1
1138J2 27/10
SBC Seneal 0M/B71
80087
87857
894.16
109029 3171
87857 27/10
Tttma
WBgrtsoPr(3C6EIS-
8GD4JB
858*57
E68087
7191.13 309
519453 13/3
TbtfMnd
Ban^toK SET 00/4/73
150012
1801.73
15144)7
171173 4/1
119058 V*
Tiakay
CmUti 19861
«
24836.4
248005 288808) 13/1
1290070 24/3
wan
KG Casual >nt (1/1/700
838.(7
8308
8306
6444)0 29
891 AO 4/4
■MM
Eumraoi icopariMOi
132001
130020
130071
1540.13 31/1
12M40 5/10
8
i
i
117134
115*50
114032
13114)1 2/2
113048 5/10
jc&diws Qinim
tut
334.05
33045
AlSW
28028 21.9
smp Effltf£<7/1(83
M
18059
18077
19139 26/9
141 AS 21/4
US INDICES
3'JOS +155 81003^40 I J “ Sgft
: <$s>i3a = S
-2TO ft 350 4 ,dS 2£ “
’ Sn
RcivnBr
SWTT2BILAW) (Oct 28 / Fra.)
220 +7 292 161 ...
518 -2 721 588 2.0
BM +3 713 507 2.0
£380 .... 1088 £173 1.5
1 .067 *22 1.3491.015 1.7
2D4 +3 250 190 IJ
541 +7 747 500 3J
737 +4 970 7QZ £fl
731 +8 «*2 na £i
*17 +S 432 327
3J70 +20 3,670 IJW 18
1.430 +201.700 IJOO ZJ
£200 „ £932 £140 33
M9 +19 993 859 IJ
340 +15 450 303 3J
623 +5 971 782 1.7
160 +2 190 1*350 1.7
875 -13 991 070 1.8
1J70 -10 1.975 1.400 £1
1.154 +21 1.437 1,083 £2
129 +£60 175 110 JO _
1,410 +10 1.738 1^0 «J
£780 +140 5,640 3J70
184 +4 283 178 BJ
I £25 -16 1.540 1.001 _..
iijoo +4aoiia«o nw; o.4
5. *00 +80 7270 6.180 £9
1.700 >60 £300 1.640 £7
+17 1.066 6*2 1.*
♦4 227 148 1.2
+1S 888 835 —
+10 B7D 008
MamraH
582 0.7
S3 b?SS?
9211 -3 1.230 790 OJ _.
I**
407 ... _
lie ... _..
Home Bonds
I77J3
DJ Ind. Oey't nun 389X99 0891.97 J Lem 3834.44 (381801 I (Tbeoradetf+J
Day’s Mgn 3976.15 (3870.10 ) Lon 384X23 (3837 47 ) (Actual)
Standard and Poors
-10 1.830 1JSO £1
+5 1.100 B49 2J)
+* 531 352 4.4
+2 238 17250 4.6
+10 819 964 1.4
+14 770 516 1.4
+6 6M 735
-12 1 J03 1 Jes £7
+13 832 564 £7
+6 1.815 1.123 IJ
— MRFud 1.070
— Mffltar 734
= 5K SB
— K ss
•■■■ MhToe 426
= B5K '-iS8
— MUrre 1,380
— MMP 614 -
— MfSprt x.0*0 -10 IJIO I
— » V
— Mans £700
3J90
'£20
ffiia
1J40
Ml
297
* ®
+2 *69
+2 *33
+Z 9*0
+13 9*0
+1 449
—20 1,400
,)Jt.lId
£230 1,
-I 782
+8 624
+20 £780 £0
+20 *.490 3.4
,10 1 JIO 8
-10 1.170 9(
+20 I.4B0 i.a
+4 630 T
+8 —
+7
AFRICA
787 +2
i
S65
Coapasns t
mamahf
Hnandd
46085
55443
4191
46192
551.13
4242
461.53
5*572
4228
4824)0
era
0EB83
OSS)
4094
(14/6)
*3632
(4/4)
51005
{21/fl
4139
14/41
48100
(2/2/94)
man in
(1SW94)
4840
(28/983)
4.40
(1/8/32)
IK
(21/5/921
064
(1/1074)
NYSE Comp.
20SJ7
25X81
253J1
287.71
24X14
287 J1
4.48
era
(4MJ
mm
C5/4/43
Amei im we
*55.09
453J3
452J3
407A9
42167
*81 £9
29.31
(27)
CW8I
OVM\
0/12/73
MSOAOCmp
76747
76X24
73026
883A3
69179
80X33
54 A7
iiarai
l2*rt)
(18/3/94)
(31/10172)
a HA 7708
SOUTH AFRICA (Oct 28 / Rand)
Dow Jones ind. Dm. Yield
S & P Md. Oiv. yield
S 1 P Ind. P/E ratio
m STANDARD AND POORS 500 INDSX PUTURNS SSOO dmes hdex
Oct 21
Oct 14
Od 7
Year ego
£72
£71
2.70
2.70
Oct 26
Od 19
Oa 12
Year ago
£39
2.38
£37
2.42
20.62
21.11
20.01
20.51
Open Latest Change
Dec 467.20 47£00 +4J0
Mar 4 70 JO 475.15 +4.7S
Jun <79-26 479JM +€.16
Opar kaaraa; ftgum* ara (or pmnlow day.
R NSW YORK ACHY* STOCKS
Hlgn
47£90
478.00
479.70
Low
465.86
470 JO
47350
Eat. vo(. Openint.
67,174 224.300
2.466 12.922
222 3J74
Pregtf
Hnoat
(SCOT
gs
FWBOM
Pramto
Handfti
RmtaOp
ftnbrCn
nwi
62421
10100
61 £73
K£Q
61041 817.17 IDS
9860 131800 105
and Ssdon {VI/6Q
19BQ5.T6 1979038 t974d3ft Z155ZOT 133
J88J9 287.14 288.80 311.71 138
1367-32 1S6&44 1SB6.94 t71£73 IM
219006 218474 21909 25GJ8 8^
ion
84400 ion
T738R74 VI
735022 VI
14097 m
157133 VI
6MT» 4/4
N CAC -40 STOCK INDEX FUTURES (MADF)
ODen SettPricn Change
Oct 1884.0 1856.0 +37.0
Nov 1870.0 1913.0 +60.0
DK 1B79.0 1924.5 +50 J
Oner Intaraat Agues tor ot«<m day.
High
18854
1918.0
1928.0
Low
1860.0
1888J
187S.0
Eat. vol Open Im.
33,376 1UB1
27^84
811
20,302
27J33
TTMBdar
sprint
Fort Motor
Gen Motort
Minim
Tetafanu
Pitney Boom
cneorp
fun Netuco
Ptiip Morris
YPF
torts
traded
5,402.000
4J84J00
4.011.100
3JIS,900
1181 JOQ
3J17J00
2.788JOO
2.705.200
2J5*m
2,52J,4«J
Ctefl
pra
32’4
28
48*
39ft
96ft
32ft
48ft
7
64ft
23/i
a hum
® day
■ft
-ft
•ft
*1
•ft
*1ft
+»
+4»
N TRAPSKl ACTTWTr
• Vaunts (OKI on)
Oct 27
Hew York SE
Aim,
Oa 28 Oct 24
327.810 322.528 328.102
21474 16.043 17 £94
NYSE
laaoea Traded
RSf3
Fab
Unchanged
Nee Wfa
Nm Uws
♦.IS to.86 0.70 4.2
_ 29 17 JO 2.1
1Z3 9X30 ZB
... 255 115 2J
+2IB4 501CM 1.7
+2 508 3*4 £8
+1 140 1 02 1 JO
-JS 57 28J0 .._
.... 31 20.75 £9
+.50 BO *2 0.0
-.10 4 JO £*3 19
+.7317123 97 0.*
-JO 1025 8.60 3 Z
— 73 SO *0 3 J
+.15 14.25 7.25 4.1
35 2£S0 13
_ 42 30 4.4
- 33 2X30 IS JO 3J
-.50 BO 53.78 3.0
IB. 75 ,7.94 IJJ
♦1 1 30 87 M 1.7
+.10 47 23J5 ....
-£5 28.75 18?5 7.4
34 IB IJ
-JS 4.86 2.16 IJ
104 53 IJ
+.25 122 7B IJ
-1 B4.60 6160 £8
— 75 41 £5
U» .76 IJ
+25 22 15 60 ..
.20 33 ..28 1.7
91 50.50 7J
-.10 7.76 4.73 0J
+.13 36 JO 37 JO £4
.... 30.75 23J0 1.4
-joasia 1AS0 1.8
♦JO 126 72 1.4
.... 1XJ0 0.70 ....
+.78 20 1 8 1.9
+.80 10440 79 1 B
— 86 28.30 1.2
+. 37 27 £3
-1 184 IK- £2
-.30 M 40 1 a
-.25 48 78 2125 IJ
■ - *J8 359 3 3
- SO 7B 50 33 4 J
.... 230 131 2.5
... 80 44 JO 3.1
M*&n
WmNo
MmPk
— H’tand
— Npcrflk
HoDn+j
frpPapr
787 .. .
+8 404 315 .. ..
♦4 910 611 ...
953 „ 1.040 781 0.8 ....
501 6M 500 _ ...
1.4*0 -30 £080 1.410
1 J0O -ro 1,000 1.350
032 -2 BIB 090
742 -7 610
Hennv
3s*
455 +10 358 400 0.7
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1.100 -10 1.440 1,080 OJ _ {*a5f
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3 05 -10 5 65 lid OJ .
0D2 -Od 11.12 6*2 38 33.4
404 -0/ 8.10 365 I 2
A 30 -JH II DD .'.05 3 8 322
3 - 05 3JZ 2 DO 2." .
3.78 - 04 572 3 M 5 3
4.32 4.7D )M)I
146 - 03 2 51 141«12 47
. - 20.72 16 l l U 0
-03 JM 2-14 48 02
-03 4 02 V15 8-!
1.38 l»/14 ,
+.02 1506 12 80 « 5 34 1
iBrsanm
-02 20 jo 15 no x; ...
. 380 ISA .1.1 ...
320 + 03 5*0 2 00 2 5
BOB >04 1230 7 90 22 —
COMM 4.11 -02 3.70 3.59 4.1 ..
- — Cmtfco 570 -03 SW 4.20 1.1
CammBii 7.40 , . 9 86 0 JO 9 1
‘ ... 1.37 0 78 U * ...
>01 OJS 0.3S 5 3 .
___ -.08 6 02 £95 8 1 198
i» *.ra im i»ii ..
0 70 -01 1 40 0 08 £6 aa
£73 - 3 *3 2** £7 .
B S :««! l%t\ r
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- OJ 1.70 1 10 2.4 2 3
1 25 . . 1 78 1 £1 BJ ...
£18 +02 £03 2 7 7 70
1 SO -JK 2.02 1 12 3 0 ..
1 83 -02 £82 I 53 .
1130 -20 11.50 9 75 £9 443
3.75 -.03 4J0 2.83 0 4
18.44 +.02 18.84 15.7U 4 9 3 1 A
2.49 -J1 3.40 2.45 3.4 ..
- - -.02 3J0 £55 1 7 71.9
-J3 1004 0 9! 4 d 20 4
-14 4£l 285 4.9
-08 13 00 9*7 4 7 12 J
-.41 7 JO 5.2S IJ
-08 10 BO 7.7? 0 4 TT
a +.10 8.28 3 70 J 5
. . 2.76 1 90 2 6
-.11 4.15 3.05 3S 24 J
-.03 5.92 3 90 S 8
1.90 +02 £15 1.W . ..
£Z2 -03 2 43 1 53 . .
3 JS . £48 2 60 4 8 Ii5
4.05 -.07 4-25 2.40 5 9 —
U. *3 -IS BJ5 580 09 .
iSJ -.10 4 JO 2 ro r.8 ...
4.73 +.01 8,96 4. JO £3 ..
1.35 .. 1.74 1.1S 5 7
0.3S „ A23 4 28 OJ
511 +.01 SJO 4 82 . ..
190ml -.10 4J2 3 08 8 9 9.1
5J5 -.05 7.10 5.90 5 0 ...
— SonGwa 11.10 -loiz.io 8.10 43 ..
_ _. spifp 2J0 -.07 3.90 2-85 55 ...
288 - 02 3 70 £« 8.4 204
2.34 —.03 2.7* 1 01 ... „
4.72 +oa 4 72 328 3.7
8.86 -JM 9 .90 a 10 4.7 _
aro -.02 0-SO 8.20 IJ .
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FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994 ★
1 WORLD STOCK MARKETS
AMERICA
Complicated backdrop
as Dow gains
Wall Street
US stocks surged yesterday
morning, even although an ini-
tial reading on third-quarter
economic growth was much
higher than forecast, writes
Frank McGurty in New York.
By 1 pm, the Dow Jones
Industrial Average was 51.13
higher at 332028. about half
an hour after the NYSE’s
restrictions on program-guided
buying were triggered. The
more broadly based Standard
& Poor's 500 was up 6.37 at
47222. as advancing issues on
the Big Board outnumbered
declines by nearly a three-to-
One marg in
Volume was heavy for the
fourth session in a row, with
some 226m shares traded by
early afternoon.
In the other leading markets.
the American SE composite
was 223 better at 457.42, and
the Nasdaq composite was up
6.77 at 77432.
The powerful advance was
staged against a complicated
technical and fundamental
backdrop. It was triggered by a
solid gain in bond prices in
spite of the announcement that
the economy had expanded by
a bigger than expected 3.4 per
cent in the three months to the
end of September.
The Treasury market had
expected a 3.0 per cent gain but
a sell-off fallal to materialise
because of some surprisingly
good Inflation news contained
in the report, and suggestions
that the economy might start
to cool off rapidly in the cur-
rent quarter.
The. upturn pushed the yield
on the 30-year government
bond below 8.00 per cent for
the first time all week. The
rally gathered strength around
midday on rumours, later
denied by Washington, that the
Group of Seven industrial
nations would meet in an
emergency weekend session to
consider ways to prop up the
dollar.
Share prices paralleled the
action in bonds, as the mood of
relief allowed equity investors
to retrace some or the ground
lost over the past fortnight.
The Dow industrials had back-
tracked in five out of the past
six sessions, even though the
earnings news flooding the
market over that time was
overwhelmingly positive.
Among the best performers
Caterpillar climbed Sift to
S59Yi, Chevron $1% to 845%.
IBM $1% to S75Y. and Proc-
ter & Gamble $1% to SM!4.
Airline stocks were up
sharply for a second day run-
ning. UAL, parent of United
Airlines, jumped to $93%,
Delta climbed $1% to $51 and
AMR, parent of American, put
on $2 to $54%.
The technology sector
showed impressive strength,
too: Motorola was S1V* ahead at
$57%, Texas Instruments was
$1'4 better at $75 and Compaq
Computer up SlVa at $40%.
On the Nasdaq, Ventritex, a
medical equipment supplier,
jumped 20 per cent to S28%
after the Food and Drug
Administration approved a
device developed by the com-
pany to control life-threatening
rapid heartbeats.
Canada
Toronto stocks continued on
an upward path at midday as
bonds climbed on the US data.
The TSE 300 composite index
added 1538 to 4281.04 in vol-
ume of Sl.lm shar es valued at
C$460m. Advances led declines
360 to 244. with 277 issues flat
A fall in the precious metals
group muffled solid gains in
forestry stocks, as well as
interest rate sensitive conglom-
erates and financial services.
Active issues included Nor-
cen Energy, off C$7, at C$17%,
with Um shares traded and
Nova off C$7t at C$1 3% as prof-
its were taken after it
announced good third quarter
figures.
Brazil
Sao Paulo surged 5.0 per cent
in heavy trading in a rebound
from recent losses, the Bovespa
index rising 3225 to 49292 at
1530 local time. Turnover
R$308m fS2623m).
EUROPE
Paris puts on 2.5% ahead of long weekend
Traders called it the “ maul i n g
of the dollar bears". US eco-
nomic data came in with less
of an inflationary feel than
expected and currencies, bunds
and equity futures responded,
writes Our Markets Staff.
PARIS regained the 1,900
level for the first time since
October 18, the
CAC-40 index climbing 4728 to
1305.69 for a 22 per cent gain
both on the day and on the
week. Turnover, boosted by the
expiry of October futures, was
FFrfi.lbn. French markets will
be closed on Monday and Tues-
day for public holidays.
Eurotunnel up 20 centimes
at FFr1920, shrugged off news
that the COB, the market
watchdog, had launched an
official inquiry into whether
the channel tunnel operator
had presented Its financial
position fairly in its rights
issue prospectus published In
May.
The other Euro stock, Euro-
Disney. added 35 centimes to
FFr7.10 ahead of full-year fig-
ures due next Thursday. Ana-
lysts did not expect surprises
in the figures, since the bad
news was already in the price,
and forecast losses of between
FFrL6bn to FFrlJSbn.
Sanofi put on FFrlI.90 to
FFr259.90 before reporting an
82 per cent gain in nine-month
FT -SE Actuaries Snare Indices..
Oct 2 a
Hatty changes
Open KUO 11JM 12. DO
THE EUROPEAN SERIES
1100 M-00 1100 Cton
FT-BC Euonck 100
FT-SE Braude 200
131055
1370.12
131050
13BX43
131018
138043
1312.87
137044
131177
137130
1316.12
137149
1324.85
130622
132681
130101
0a 27
Od 26
0d 25
0d 24
Od 21
FT-S£ aranck 100 130128 1300.71 120600 131132 1304-73
FT-E Brabadt 200 138152 1358.10 13S147 137258 138154
Best 1000 OSnOttk HfM*. 100 - 132731 3D - 1387.15 IMOy 100 - 130871 200 - 136853 t PBritf
sales.
FRANKFORT did not empha-
sise short covering, or the per-
centage point rise in the Dow
at the US midday. However, a
27.12 rise to 2,040.32 in the Dax
on the official session, which
left it up 0.9 per cent on the
week at this point, was left Car
behind in the post bourse
where the Ibls-lndicated Dax
put on 3849. or 1.9 per cent at
2,064^6.
The day, and the week was
marked by relative strength in
chemicals. BASF, Bayer and
Hoechst rose DM8.40 to DM318,
DM880 to DM350 and DM4.60
to DM325.60 by the end of the
afternoon; Mr Martin Evans at
Hoars Govett said that the sec-
tor had been excited by Thurs-
day's progress report from Id
and anticipation of third quar-
ters from DSM, Akzo Nobel
and Rh6ne Poulenc next week
before Germany’s “Big Three”
report later In November. »
Turnover rose from DM5 ^bn
to DM5.4bn. BMW was the car-
maker of the day as it pro-
duced niria - mnnth tUTQOVer fig-
ures and the shares rose DM17
to DM771 after hours. Deutsche
Bank moved from under-
performance during the ses-
sion to outperformance in the
afternoon, where it closed
DM17.50 higher at DM739.
ZURICH'S rise of 31.9, or 1.3
per cent in the SMI index to
2,490.5 left it 4.5 per cent down
on an introspective week.
UBS closed well off its worst
for the day, but the bearers
still dropped another SFrl2 to
SFrl.200 and the registered
SFr2 more to SFr273, reflecting
the board’s battle over voting
powers with Mr Martin Ebner’s
BK Vision. Among insurers,
however. Winterthur climbed
SFrl9 to SFr634 ahead of a
progress report next Thursday.
AMSTERDAM made a reso-
lute end to the week, the AEX
index closing up 5.18 at 409.05
for a week's improvement of
2.3 per cent.
There were good rises in a
number of stocks reporting
third quarter figures next
week, among them Philips
which rose FI 1.60 to FI 54.10 In
heavy volume, and DSM, up
FI 1.10 to FI 147.80.
Royal Dutch saw one of the
‘best performances, lifted by
tbe dollar and a good overnight
set of results from its US sub-
sidiary, Shell Oil closing with
a gain -of FI 5-60 to FI 195-20.
Nutricia, the manufacturer
of baby food, was lifted F] i.so
to FI 89.80 on reports that Uni-
gate of the UK might be about
to sell its 32 per cent stake.
Unigate denied the reports.
MILAN remained focused on
the banking sector following
Thursday's news of a L2,000bn
bid by Credito Italiano for
Bologna-based Credito Romag-
nolo, which, said some brokers,
could herald a shake-up in the
sector.
The Comit index ended up
il.48 at 624.21 for a l per cent
rise on the week.
There were suggestions that
the next bid target could be
one made by Banca Commer-
riale Italians, up LT2 at L3.462,
for Ambroveneto, up a further
L442 to L4.774 on top of a 11
per cent gain on Thursday.
Romagnolo. which said that
the takeover bid was "not
friendly" put on L798 to
L16.878, while Italiano added
L16 to LI ,605.
MADRID moved from depres-
sion to ebullience, the general
index rising 4.32, or 1.5 per
cent to 295.33 on the day, but
only 0.7 per cent on the week.
Turnover was up from
Ptal9bn to Pta25.1bn. a lot of
that in banks which were rela-
tively muted in share price
terms. Gains of Pta55 to
Pta3.255 in BBV and Pta60 to
Pta4,835 in Argentaria com-
pared with rises of 2 to 3 per
cent in the big ADR stocks,
Endesa. Repsol and Telefonica.
3 per cent or more in construc-
tions and Pta770. or 5.8 per
cent in Acerinox, the stainless
steel group, which reported a
72 per cent gain in nine-month
pre-tax profits on Thursday.
Written and edited by William
Cochrane and John Pitt
SOUTH AFRICA
Shares generally made modest
gains in low volumes,
although activity picked up
towards the close helped by
strength on Wall Street
The overall index added 17
to 5,752, industrials 14 to 6,602
but gold slipped 5 to 2,292. De
Beers rose 75 cents to R100.50
and Anglos R2 to R238.
Mexican fatigue takes
the shine off equities
Telmex results add to woes, writes Damian Fraser
T he past month bas been
an unrewarding time for
investors in Mexico's
stock market Battered by poor
third quarter results, the rise
in US bond yields and an
uncertain political environ-
ment the IPC index has lost
about 6 per cent of its value
since the beginning of October,
falling below the level reached
at the end of last year.
Tbe drop has been most dra-
matic over the past week, fol-
lowing worse than expected
third quarter results from 7el£-
fonos de Mexico (Telmex), the
country's largest private com-
pany, which reported a rise of
15 per cent in net profit to
7.i4bn pesos. US brokerages
reduced year-end estimates for
the company's earnings, and
the value of Telmex’s equity
plummeted by 5 per cent on
Tuesday, the day after its
results were released.
Hie steepness of the drop in
Telmex’s stock price took
many analysts by surprise,
since the profits were only
modestly below analysts’ fore-
casts. However, with investors
already nervous about
Mexico's economic and politi-
cal situation, and with US
bond yields moving upwards,
"many were looking for an
excuse to sell the market", con-
cludes Mr Boija Ussia of Grupo
Moneda in Mexico.
The stock market has proved
especially vulnerable to move-
ments in US bond yields and
Wall Street because of its
dependence on foreign capital
to finance a current account
deficit expected to reach $28bn
this year, or 8 per cent of GDP.
The rise in US yields has
forced Mexico to let its domes-
tic interest rates climb to
attract the necessary foreign
investment, damaging eco-
nomic growth and raising the
financing costs of Mexican
companies.
“What is driving the market
is the global liquidity short-
age,” says Mr Jorge Maris cal of
Goldman Sachs. If US bond
yields continue to rise then he
expects the market to suffer
further - although in his view
US bond yields have probably
peaked, meaning that the mar-
ket is well-placed for a strong
recovery.
Compounding the rise in US
bond yields have been adverse
political developments, follow-
ing the presidential election in
August and the assassination
of the number two official in
the ruling PRI party at the end
of September. As a result,
domestic interest rates have
risen for four weeks running,
and now stand at over 14 per
cent, or over 7 per cent in real
terms adjusted for inflation.
The exchange rate bas depreci-
ated to 3.43 pesos against the
dollar, near file top of its per-
mitted band.
“The political situation is
tense, the economy is still not
strong and companies are not
reporting good results." says
Mexico
Indices rebased In S terms
120
IFC Emerging
Mr Ussia. "We have to resolve
these problems before inves-
tors return to the market."
The Central Bank announced
last week that reserves bad
fallen to $l7J2bn, about $i0bn
less than the peak in February.
The Central Bank is thought
unlikely to want reserves to
fall below SlObn, giving it little
option but to permit further
rate rises if the peso comes
under further pressure.
Tbe political situation has
deteriorated despite the con-
vincing victory of Mr Ernesto
Zedillo in August's presidential
election, largely because of the
assassination of Mr Ruiz Mas-
sieu, the number two official in
the PRI and the man in charge
of negotiating political reform
with the opposition. Mr Ruiz
Massleu's assassination was
allegedly ordered by a PRI fed-
eral deputy from file state of
TamauUpas.
The assassination raised
fears of a deep division in the
ruling party, between reform-
ers and hard-liners, which
could make the country diffi-
cult to govern. Such concerns
were fuelled by tbe deputy
attorney-general investigating
the case - Mr Ruiz Massieu’s
brother - who appeared to
blame the murder on a group
of old-style politicians, possibly-
acting out of personal or ideo-
logical motivation, an accusa-
tion vigorously denied by the
PRI leadership, and not yet
substantiated.
The fall-out from Mr Ruiz
Massieu’s murder has come at
an awkward time, with govern-
ment ministers scrambling to
position themselves for jobs in
the next administration. The
unity that normally character-
ises Mexico’s ruling party in
government has been notice-
ably absent in recent weeks.
Nevertheless, many analysts
predict that the political cli-
mate will Improve when Mr
Zedillo formally takes office on
December 1. Mr Zedillo is
expected to appoint many of
the cabinet ministers closest to
Mr Carlos Salinas, the outgo-
ing president, to senior posi-
tions and deepen many of the
economic reforms that have
characterised his presidency.
T he economy is expected
to pick up further next
year, with a consensus
forecast of 4 per cent growth,
compared to 2J5 per cent for
this year. Third-quarter results
from banks and infrastructure
companies indicated that
credit growth and investment
was picking up. Meanwhile,
exports have increased rapidly,
helped by a depreciation of
nearly 10 per cent in the cur-
rency.
The stock market is cheap by
regional standards, trading at
about 16.5 times 1994 earnings,
according to Morgan Stanley,
compared to a multiple of
about 18 times in Brazil and 20
in Chile. Arguing that much of
the bad news is already dis-
counted. Salomon Brothers
confidently asserted in a report
this week that investors will
shake off “Mexican fatigue”
over the next couple of
months.
ASIA PACIFIC
LONDON EQUITIES
Malaysian budget subdues Kuala Lumpur
Tokyo
Speculative trading dominated
activity, and the Nikkei index
closed almost unchanged,
unites Emiko Terazono in
Tokyo.
The Nikkei average rose 8.80
to 19.805.16 after a high of
19,90408 and a low of 19.72545.
down 0.5 per cent on the week.
Shares initially rose on buying
by public funds and brokerage
dealers; but the gains were
eroded later by selling of spec-
ulative shares, prompted by
rumours that a consumer
credit company based in Osaka
had been declared bankrupt.
Arbitrage buying finally sup-
ported the index just before the
dose.
Volume was 255m shares
against 209m. The Topix index
of all first section stocks fell
1.12 to 1567.32 and the Nikkei
300 lost 055 to 286.79. Advances
led declines by 485 to 462. with
207 issues remaining
unchanged.
In London, the LSE [Nikkei 50
index rose 1.57 to 1291.60.
Japan Tobacco, whose shares
were listed on Thursday,
dosed down Y40.000 at Yl.OCjm.
Other privatised companies
were also lower with Nippon
Telegraph and Telephone down
Y2.000 to Y890.000 and Japan
Telecom losing Y80.000 at
Y3.6m.
Speculative stocks were sold
on fears that credit for individ-
ual investors could be
squeezed. Daikyo, a condomin-
ium maker, fell Y6 to Y769 and
Hanwa Yl7 to Y38S.
Foreign ' investors traded
steels and other commodity
linked issues; Nippon Steel the
day’s most active issue, rose
Y2 to Y396 and NKK added Y6
to Y297.
Cal sonic, a car parts maker
affiliated to Nissan Motor, rose
Y27 to Y766 on expectations of
brisk earnings. However, car
companies were sold on profit-
taking, with Nissan down Y8
to Y824 and Toyota Motor los-
ing Y10 to Y2.080.
In Osaka, the OSE average
fell 36.20 to 21.929.16 in volume
of 447m shares.
Roundup
Wall Street's overnight gains
had limited effect.
Malaysia cut income taxes in
yesterday’s budget but the
absence of further corporate
tax cuts left its equity market
relatively sub dued
KUALA LUMPUR saw selling
in the final half hour of trade
and after a high of 1,119.14, the
ELSE composite Index ended
11-30 up at L113.04, a fraction
down on the week.
Brokers said that with the
budget springing no positive
surprises, the market may fall
back into consolidation while
investors look for fresh direc-
tion.
SYDNEY lost its enthusiasm
for commodity-based shares
and the All Resources index
dipped 7.8 to 1,415.1 as the All
Ordinaries finished 11.3 lower
at 2,020.9, 0.7 per cent lower on
the week.
Golds were among the weak-
est sectors, losing 1.5 per cent
after the bullion price slipped
below US$390 overnight. Tbe
oil and gas sector was also
weaker with Santos going ex-
dividend and Woodside Petro-
leum stock was upset by a
report that BHP was planning
to sell its 10 percent stake,
fallling 7 cents to A$495.
BOMBAY faced selling pres-
sure and the BSE 100 index fell
5403 to 4,274.71. 0.8 per cent
down on the week, as institu-
tions made room in their
portfolios before a number
of private plarings.
HONG KONG extended its
rebound to a third straight ses-
sion, the Hang Seng index
adding another 74.89 to 9879.47
which put it 0.4 per cent up on
the week.
Anticipation of a Sino-British
deal on Hong Kong’s new air-
port financing and Indications
of an improving local property
market continued to bolster
sentiment, but turnover stayed
sluggish at HK$2.53bn up from
Thursday's HKS2.34bn.
Good demand for a recent
luxury flat sale by its property
unit took Swire Pacific A up
HK5185 to HKS57. Other prop-
erty stocks also finned with
Sun Hung Kai gaining HKS1 to
HKS57.25 and Cheung Kong
adding 50 cents to HK336.40.
WELLINGTON ended the
day marginally positive, with
the NZSE-40 index up 474 at
2,095.17, but 1.6 per cent better
on the week after another solid
performance by Telecom,
which rose 4 cents to NZ$5.64
TAIPEI offered a weak
rebound after four straight
days of falls, the weighted
index closing 10.01 higher at
6,60498. Off a 6 ,561.71 low, 3.4
per cent lower on the week in
turnover of T$41.7bn.
FT-ACTUARIES WORLD INDICES
t emptied by The Rnandm Times Ltd., Goldman. Sachs tk Co. and NatWeet Saarttss Ltd. m conjunction with the Institute of Actuaries and the Faculty trf Actuaries
XML AND
DUAL MARKETS - — — THURSDAY OCTOBER 27
s in parentheses
number of maa
US Day's Pound
Dotor Change Storing
Index 9S Index
Yen
Index
Local Local
DM Oureney % chg
Index Index on dey
Gross
Dtv.
Yield
WEDNESDAY OCTOBER 28 1904 - — DOLLAR INDEX
U3 Pound Local Year
Dolor Storing Yen DM Currency 52 week 52 week ago
Index Index Index Index Index High Low (approx]
Australia (88).
173.10
181.85
Beighm (35)
159.73
..... 25X74
Rntand (24) J. -
—....201-41
Franca (101) .......
..... 142.58
Hong Kong (56) — . — ....
377.73
......208.31
ttty (58)...: — —
77.07
Malaysia (97)
342.71
MwJco (18) RIM — -•
Natheriend {19>
.-...21X14
New Zealand lie)
20521
..—397.43
Scum Africa (59)
.—33X89
..... 14060
....—24224
......10128
United Kingdom (204) —
USApiS)
..... 201.72
190.13
172.51
Nortfcfnej-
Pacific Bum (747)
233.85
171.51
Eure-Padflc f!454)
North America (BIS)-— >■.
Euopc Be UK (503)
171.61
-18X70
15X27
28098
World Be 173 (1634) -
17X71
World Ex. UK (1945)
WwWE*. So. AJ. (2060-
World Ex. Japan (1681) -
176J34
177-Ofl
16X80
156.70 108.02 134.74 154-90
164.02 111.38 141.55 141.40
153,85 103.98 132.11 12081
12X35 B3-4B 10006 133.08
231.52 15064 19006 203.48
18033 123.38 15077 193.10
10096 13084
87.33 110.98
83106 294.02
127.59 162.14
47.20 58.99
99.43 12036
1.1
1 JO
0 A
0.0
- 0-6
13 16017 10X96 13084 135.12
_X3 12907 8703 11008 110S8
0.4 34105 23106 294.02 374.75
aB 18457 127.58 162.14 181.02
0.0 69.77 4700 5809 87.98
02 146.90 98.43 12636 M-43
-0.3 481.30 332.40 422.44 533 30
-03 1017.96 1207.65 1649.12 7838,63
09 187.48 133-61 1B9.80 167.09
6029 4021 58.72 6500
185.77 12508 158.73 18108
358.78 243.42 309.35 28X22
30407 20604 26252 293.43
127.40 8604 109.59 132.79
219.38 148.43 10X6« 2S4.59
146.00 96.78 125.64 12X00
182.81 12X55 157.02 162.01
172.12 116.46 147.90 190-13
1.5
-0.4
02
-0.7
06
02
- 1.0
1 2
07
0.0
09
04
Ol
-0.3
1.8
14?
-02
0.4
07
.ai
Ol
-03
-02
1.0
1.3
-0-3
ao
04
06
0.6
-OS
09
0.7
X58
1.14
4.29
236
1.48
073
X21
1.07
331
3.48
1.78
077
167
129
3-46
3.73
1.82
157
2.18
4.39
1.57
1M
4.17
2.86
171.30
17098
1684)8
136.31
257.03
198.71
168.38
142.98
378.14
207.16
77.08.
131-04
544.50
2124.80
21628
74.33
206419
396.62
33040
13067
241.70
16238
19023
15X55
163-44
16X54
123.78
233^1
180.45
181.07
12064
341.67
188.12
6097
1474)6
484.46
1929.49
19041
67 20
187.14
38017
30821
120.83
21054
146.00
18091
171.40
1054)7
11040
103.71
8361
157.06
121.88
102.04
87.70
23072
1274)7
47
1
132-66
4059
12841
24328
208.18
3667
14620
0097
12220
11X83
13017
139-92
131.44
10087
199.81
16448
12033
111.15
29242
1614)5
5000
120 BO
42320
1851.79
168.14
57.79
16021
3084)4
283.88
10058
16725
126.70
15428
14820
163.47
14008
128-29
132.96
204.14
189.15
133 55
111.15
373.17
18060
8722
99-33
535.02
18546
6436
18121
263.14
20228
131.74
252.98
12626
18001
18664
18015
19089
17724
145.31
276.79
20141
18037
15040
50868
216.60
07.78
170.10
621.83
25474)6
21075
77.59
211.74
3934)1
342.00
155.70
34034
176.56
214,96
1964)4
14036
187.48
149.33
120-54
23027
11066
15034
128.37
341.29
171X6
57.88
124-54
430.71
187.01
50SB
16052
294.66
202.72
12088
175.83
14064
181.11
17085
155.79
177.75
150.03
131.78
235.73
.123,90
188.73
13230
3554)3
172.01
67.89
15X80
46033
1687.70
102-35
65-89
17944
328-82
214.23
14136
201.41
140.10
18842
18031
03
0 2
0.3
0.4
0.7
02
03
0.4
0.4
OS
0.0
168.17 105.00 134J26 147480
211.88 143423 182.02 200.88
15556 105.06 13X50 110.17
16X53 105423 13X73 125.14
11440 1*5-30 16X19
8X07 11X30 12X68
1594)4 20X13 231-33
10X39 18X21 12X91
107.70 13X87
159.00
13X75
23X24
157425
169.18
160431
17X73
10648
115451
1374)4
14X80
144.17
14X61
17X02
09
0.5
0.1
09
a7
04
04
03
04
04
06
X17
141
1.10
1.08
245
240
243
1.98
249
249
248
171.48
23X28
17144
171.10
18648
16244
25940
17X07
175.18
17942
18741
16X72
211.84
16X32
155-37
16842
13X88
23643
167.16
15945
16042
17028
106.18
14349
10441
10445
11X83
8X81
16848
10X15
10743
10849
11X02
13X30
16146
13247
133.01
14447
11X88
20147
13444
13X16
13X99
145.77
14X40
20X85
11041
124.74
18448
12X26
230.44
12X51
14X61
14X07
174.99
17840
23X81
17X86
17X14
192.73
160.12
29X21
17X65
17X60
18043
10540
154.79
173.19
134.79
14X88
17S.67
135.94
23244
14X58
15X98
16X54
17X34
18047
19045
15X50
16844
18X74
141.14
23X05
15941
16843
16X44
17048
17X12 0.6 18145 10X10 13&64 ,47 ”-
249 17747 16048 10X73 13741 147.05 18040 16X86 1EX65
04
iM7
liwpnoN «Mwun»n»ab»forTNfl Kttn
mi wa iwd ***»». Se d. e* qd WgWBjecurge IM.
LIFFE EQUITY OPTIONS
—
Cafe
—
—
Puts
—
Option
Jan
AW
Jd
Jan
Apr
JJ
MUDOHC*
550
56
88
71
7
13ft
22
(*506 )
600
22ft
34ft
42
Z7ft
34
48
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280
14ft
22ft
25ft
15
20ft
25ft
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280
7
13ft
17
28
32ft
37ft
ASM
00
5ft
7
Bft
4
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7
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70
2
3ft
9
lift
12ft
13ft
Brit Alnnys
330
38
48.
Sift
Bft
14
21ft
(-356 )
360
18
28ft
35
22
27ft
34ft
SeflBdaiA
390
27
38ft
43
15ft
22ft
27ft
(*40* J
420
13W
22ft
29
32
39
43ft
Boots
500
37ft
51
57ft
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17ft
26
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550
12ft
28
32ft
39
43ft
51ft
BP
420
25
33ft
40
15
22
27
("42B )
480
a
15ft:
22ft
38ft
45
48ft
BrttASM
140
24
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30
3
4ft
7
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160
9ft
18
IBft
10ft
12ft
15
Bass
550
25
35
43
20
33ft
41
<•555 >
BOO
7ft
IBft
24
B5H
69ft
74
CdfctHto
390
39ft
91 1
59H
13
IBft
26ft
("413 1
420
34
38
44
26ft
33
41
CourtaAb
420
38ft
48
40
15ft
IBft
28ft
(-*36)
460
lift
22:
17ft
39
42ft
50ft
Comm mu
543
31 ft 39ft
—
19
32ft
rwa )
582
lift
Uft
-
50ft
05
-
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750
84U7Bft
88
13ft
30ft
38
093 1
800
34
48
58
35
SB
83
KtagHier
460
39ft
49
53
15ft
25
32
P472 J
500
13ft
30ft:
MH
38
48
53ft
Lead Seas
am
27
48ft i
IBft
18ft
22
33
mm
650
7ft
18ft:
23ft
52
53ft
54ft
ktau&S
390
33
42 '
raft
6ft
12ft
14
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420
15
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31
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25
27
HaBttat
500
29ft
38ft<
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22
36ft
42
rsoi )
550
11
IBft
27
55
69ft
73ft
Sobtamy
390
26ft
39'
IBft
14
21
28
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420
11
24ft
32
31
38ft
44
Shefl Trana.
700
49
56ft 1
BSft
10
23
28
r730 1
750
IBM
38ft
38
33
48 :
53ft
Storeinuoa
200
38
28
33
a
5
7ft
rzio i
220
12M
17 21ft
10ft
13
15ft
TnMgar
80
a
lift
13
5
7
8ft
m >
BO
4
Bft
Bft
lift
13ft
14ft
IMsrar
1100
68
78
91
23
38ft
GO
mss
1150
31
52 64ft
48ft
85 :
75ft
Zeneca
900
raft
82ft 00ft 12ft
27U32H
(■649 1
850 :
38ft
53 62ft
321
soft
58
OpOon
tow
Mttay
MW
Fab i
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Grand Met
390
27 :
35ft 41 ft
4
15ft
18
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420
9ft
18ft 26ft ‘
17ft
31
35
Ladtnka
140
I5ft
22 24ft
2
SH
Bft
ns2)
160
3ft
it 14ft :
lift
1518ft
LUd
300
lift
23
27
8 ■
13ft
23
1*301 )
330
2ft ■
16ft 14ft 31ft
33
43
Otym
Dee
Mr .
Jon i
Dae
Mr
Jun
Raons
110'
lift
16 20ft
5ft
8 10ft
niai
120
Bft •
lift 18ft ;
lift
14 15ft
Option
Nw
Feb May
tow
Feb i
m
M Hare <20 49M 621S 7Bta 8 17 28ft
(*456 ) 480 23 39 49% 24 35 48
BAT Ml 420 26H 42 48ft 5 14ft 25ft
f440 ) 480 7 Bft 27ft 2514 34H 48St
STB 300 18 2B 32 « 9ft 16ft
(-312 ) 330 4 12H 17M 22 26ft 34
Brtr Telecom 360 32H36H 42 1ft 7tt lift
H 89 ) 390 Bft 17 25 9 20M 24
Cttay Sdl 420 28ft 41 4914 3 Bft 17ft
(*441 1 480 3 18 24 23 28 38ft
Emm Bee 750 3214 58 70* 22ft 41H 52
1*788) 000 lift 36 B2ft 61 B8» 77
Giinsa 480 13» 2914 88 71BHMH
(•465 ] 500 8 12K17M37U 41 48
GEC 260 22 2314 3114 1SS 8 814
1*278 ) 280 8 14ft 19ft 7ft 14ft 17H
Option
tow
cm
Fab
II
Mw
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Fra
Itay
Hmon
220
14
18
21
3
7ft
12
(*229 )
240
3
8
12
13
IBM
22ft
Lasmo
134
18
-
-
2
-
-
(148)
154
4
-
-
9
-
-
Lucas knfa
180
15
2T
25ft
2ft
7
11
(•190)
200
4ft
11
15ft
13
17ft
21
P&O
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84ft
65ft
6ft
18
33
(*626 )
650
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28
39ft
31ft
41ft
60ft
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18
19
23ft
2
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300
25ft
34ft
37ft
2
7
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(*321 )
330
8
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21
14
20ft
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39
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7
17
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5
20ft
28ft
33
39ft
58
topi trace
280
17
27 :
33ft
6
13ft 20ft
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300
7
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24ft
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220
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31ft
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5
11
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14ft
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200
18
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3
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217
8
13
-
11
17ft
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325
24
—
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-
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(*344 )
364
5ft
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13ft
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ton
Apr
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500
27ft
39
48
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18
23ft
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525
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-
27
31
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500
34
47
54
15ft
21ft
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lift
24ft:
aoft
45
49ft
59ft
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Dee
Mv
Jun
Doc
Mr
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390
39
48!
51ft
5
14
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420
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550
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600
17
32
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31
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54ft
Btaa Cttde
280
15
23
28
12
18
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300
Bft
14
19
25
28
36
Midi Gas
280
21ft:
29ft
34
5
9ft
16
(*294 )
300
Bft
IBft
23
13
18
26
□beans
180
22ft
27
32
4ft
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200
Bft
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12ft
19
23
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180
14ft
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22
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7
11
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180
4ft
9
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15ft
18
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139
10
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10ft
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(*134 )
140
7
11
14
11
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17
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480
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61 91ft
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25
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500
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34
44
Seat Power
330
38
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15 '
18ft
1*358 1
380
17ft
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is ;
28ft 33ft
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100
12 14ft
18
2
4
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6ft
9 10»
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Sft lift
Forte
220
31
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2ft
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220
15
22
28
7ft
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18
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120
8
15 18ft
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14
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130
5 10ft
14 ■
13ft
18 19ft
Thera ai
950 1
92ft Hft BOH •
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31 39ft
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1000
24 40ft
81 38ft
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200 88ft 29ft 32ft
2ft
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220 '
12ft IBft
21
9
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TemMne
200
17
22 28ft
6ft
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(*209 )
220
Bft 12H 18ft 1
ISM
21 23K
wrioome
BOO SDH
09
81
15
29 41ft
(-629)
850
23 43ft 55ft 41ft
54
B6
Opton
ton
Apr
■M
Jan
Apr
Jd
Stan
SS0B7H
78
88 lift
24 29ft
1*689]
800
39
60 B2H
31 48ft S2»
GttCKMSB
TOO 55ft TIM
22
27
SO
SO
(*718)
750 31ft m
59
55
79 BBft
Raim
480
38
47
GS
13 22H27H
("477 J
500
18
27
38
34 43H
48
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Mas
Fab May i
MW
Feb Hay
AMfrflOfN
180 17ft
23 26ft
2
5
9
H73)
180
5
12 16ft
10
14 IBM
* underiyfag eearty prtaa- Pratriuira Mown are
baed on detoig °riw price s.
October 28, ital comas: 3847a CMb: 2X050
Putsi 18424
FT GOLD MINES INDEX
Oct
27
Ktbg
an day
Od Oct VBar
28 2B ago
Mss dht
yWd K
62 weak
Hfgb Law
Md Unas Mac (34)
221080
-U
2283X9 228X77 107X00
143
2367.40 178262
■ Regboal bdeae
Africa (161
-44
3644.76 3664X9 2717.72
172
3711J7 2304-45
tedratasta (7)
2BB1ZB
-43
2B9X86 287X89 2162XS
160
301189 2162X5
North Aorta (11)
lttMB
-3J
174X47 1784.35 1734JB
479
203986 146X11
Copyright. The Hnentui Times UnCM HB4
done In brackets show nunber ot oo mp anfta. Bede IS Ddhua. Bra Vetoes: 100040 31/1 M2.
Predecsattr Gold Mms indue Oct 28: 2794 ; dbyt Manger -24 press: veer ego: 22X5 7 PanM
Uieei tsneee were immmm lor Me edUon.
RISES AND FALLS
PrIHmr ,
Oi
Rtees
i the wreak
FaBs
Wsea
vii many •
FbDb
Same
Same
British Funds
63
1
7
128
187
42
Other Fbwd Interest
4
0
10
6
16
48
Mineral Extraction
74
42
BO
265
281
434
General Manufacturers
148
101
3B8
510
740
1.933
Consumer Goods
52
22
113
158
223
554
Services
95
63
337
338
506
1.631
utnuoa
35
3
7
102
74
49
Financials
129
48
188
362
460
1.003
Investment Trusts
212
17
236
470
509
1J48
Others
64
20
28
198
212
156
Totals
876
317
1.392
2.535
3.206
7,196
Doe bated on mote companies mm on tne London Share Service
TRADITIONAL OPTIONS
Rral Dealings October 24 Expiry January 28
Last Dealnga November 4 SetUement February 9
CaBs: Air London, Aminex, Avtva Pet, Com Murchison, Crossroads OX Hanson Wta,
Morrison (Wm), Stanhope. TuRow OIL Puts & Cals: Hanson Wts, Madeira.
LONDON RECENT ISSUES: EQUITIES
Issue
price
P
Am
paid
up
MM.
(Em.)
1994
Mgh Low Stock
Close
pnoe
P
W-
Nat
dtv.
Dtv.
GOV.
Gre
yw
P/E
nel
-
FP.
O.B8
6>2
4 APTA Wmts.
6*a
+1
_
.
.
_
-
FP.
9J»
73
63 Artesian Eats.
69
43
-
-
_
-
100
FP.
17X0
93
B9 Bzw Cammotfues
89
•
-
-
-
-
F.P.
16.0
47
42 Do. Wits
45
re
_
_
-
-
F.P.
130
1%
1 Cont i Foods Wits
1*4
-
-
-
-
63
F.P.
1X2
68
65 ErtnemU
67
RN0.71
5.3
13
6.4
-
F.P.
544
124
108 FHronlc Ctek
120
RN0.75
2.G
06
40.4
115
F.P.
36.1
126
115 Games Workshop
128
RN4.8
2-2
4.6
11.9
-
FP.
234
35
27 Group Dv Cap Wta
27
-
-
-
-
-
F.P.
299
82
58
-
-
-
-
-
FP.
2.70
30
27 Do Warrants
27
-
_
-
-
180
FP.
169.0
222
205 Irish Permanent
222
♦7
□N6.0
4.6
3 A
7.7
iao
FP.
17.9
195
178 MacMe Inn
186
RN6.0
2 2
49
7.6
180
FP.
4249
181
160 Man ED & F
165
44
RNfc6
19
X5
9.1
-
FP.
33X1
488
475 PtoWc Inc.
483
44
-
-
-
-
135
F.P.
6X7
149
136 Servtsar
146
AN3.8
13
3.3
2X7
-
FP.
111.0
379
355 Templeton E New
359
re
_
-.
_
-
F.P.
n ?n
62
57 Whitchurch
62
♦1
RN125
39
2-6
139
-
F.P.
2X2
360
335 Wnuham Wale’
333
-
-
_
_
-
FP.
4.74
330
320 Do. NV
330
-
-
-
-
RIGHTS OFFERS
Issue
Amaru
Latest
Closing
1 *<"-
price
paid
Renun
1994
price
P
up
date
High
Low
Stock
P
17
Nil
2/12
2pm
'4pm
APTA Health
Iipm
*«*
118
DU
28/11
20pm
9pm
Catties
9pm
Wp
N4
26/11
3 »pm
Upm
Dragon Ol
'eptr
ISO
Ml
9/12
15l3pm
5pm
Sbftwr
0pm
+1
hsaop
Ml
20/11
59pm
35pm
Smuts (J)
39pm
♦14
5
Nd
15/11
2*2 Pin
%pm
■{Union Square
?ipm
FINANCIAL TIMES EQUITY INDICES
Oct 28
Oct 27
Oct 26
Oct 25 Oct 34
Yr ago
■Ugh
•Low
Onflnary Share
234X1
2310.6
2298.5
2301.8 2325.2
339X0
271X6
2240.6
Orel. dtv. yield
•L38
4.45
4.47
4.47 4.41
X87
431
X43
Earn. ytcL % lul
X25
694
X37
X37 6.31
4.48
631
182
P/E ratio net
1X42
1X15
18.06
18.08 1X24
28.07
3X43
16.94
P£ ratio nil
17.96
17.70
17X1
17.62 17.78
35.B9
3030
17.09
-For 1894- Ordnay Shn Mm xtnee compandor* high 2713 a Z/D2/M. to* 48.4 26/8/40
FT (tanary Shan Index base dale 1/7/35.
Ordnary Share hourly changes
Open 940 1X00 1140 1240 IXflO 1440 1X00 1X00 Hltfr Lora
23202 2317.7 2312.0 23106 2300.1 230X8 2317.6 2334.2 234X4 234X4 2302.3
0« 28 Oct 27 Oct 28 0ct25 Oct 24 Yr ago
SEAQ bargains
Equity turnover (Emff
Equity bargahat
Shane traded (piQt
22.487
21.112
110XB
24,353
46X2
21425
906.0
24,627
434.7
24.673
12115
27,312
467,1
22454 38,032
947.8 1636.2
26,378 40,551
4206 72X4
lEjctodng imn nt ra toi business and omeaa turnover.
22
BANKS
FINANCIAL TIMES WEEKEND OCTOBER ^/OCTOBER M IW
CHEMICALS
LONDON SHARE SERVICE
ELECTRONIC & ELECTRICAL EQPT - Cont EXTRACTIVE INDUSTRIES
HEALTH CARE - Cont
INVESTMENT TRUSTS - ConL
iew w w
non m cob n am he
B0I.7 IK V
3.1 ma
22 212
♦ or 1994 Mt Vd
Korea Price - sm k» CapEm Grig PIE Non Mi
JBNMnH £. £21 >9 +ft ESP, E19B IS 17 12 « «A3tt □ B „ _ .
ANZ*S 172 M 278b 177 2289 13 »3 AtaoFl _ .□ ETflJf +Cii ES23 EB29 3087
Abb»Na«ml..%; 421 +«b 523 mb H23 4® M® Jtted MoWe-TO 13§4 *1 *1®; ns5 7132
Med MSB E -$TIC 280 +2 314 233 1086 ID 9.5 AlSteTM M 780 780 705 305
*»««■-*« _» ----- *.m jj « BF«- =? a jg
11 70 BTP_..— -So 207 -2 *373 288 m2
___ 50 99 Slyer DM
BUrettndE *2 284 +£ *319 246 10*7 4.8 81 Burnt
♦ or 1994 US YU
Non Pitt - Hgh far CbeSh ers ?£
.W 87 _ 7B 63 S0T
110
118
7994
AssrtY-— — — _z_ wa -a»j BIS'* ezais^n
Banco bi w* Pa..^ eip* +, 1 , eie,i ewft 3®io — . —
Banco Sant Pm— . CM *0011 £23* 4.288 50 99 BiyerDM. H £IAMl +2B £1«V fl29tf 9,443
BUrettndlE *2 284 *6 *319 Z46 U*7 4.8 81 Brant UlllSba . — 131 710
BartiScaHaraU+fC 3E8 -®b 247 1721s 2392 3.2 11.5 BrttSBWO HO 236® .... 309 210 5113
9bpCPf 10Wa® 141 7; 108 ,008 70S - CantekWBoS--.-* IB
OtaocPf TIM +Ij 1487} 111*4 1120 100 - Caring (W — VC 162®
Bvons *+l *Z 962 +7 840 487 9080 18 1&0 Cemerame— AN —
MKNKsrtY „C E10y -ft E12U E10A 94,191 05
DM E301 i *92 £344i S270ft 14082 2 2
mn ~ eg ! +ft t,3ft EflS 19IO 4.1
888*4 -ft 819** 829 15*71
1- & 184 283 194
- .jTeeMflfcn 44® SI Idg
32 162 Futtiu Y id MXt *6 191 35ft 12030
72 - s£7 IO 278 +7b S6ft 268*2 7020
4 2 23-8 Gwtetwr «*□ 110 -2 W 110 2174
28 11 J AFWNR _
12 110 13 — 2*
11 Ancttn-
Deuette
EscmeoSamn
Ron Mai Fin tC
BJpeCu"
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1140 2.8
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85
18
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48 OMB HO 353m
- Ottflfe 0N 135®
- EneetadS 213"
TdcCvW- 1251; 171 123 BM 70 - EUOpeai CDtairTO BT
RJ8anX» 1341b -4 18*8 ■« 1152 38084 14 * GBWI *«»__.« K
ISBC UK HC724 , jd +llb 1133 66012078 40 101 HWWfl — ~-*W3 148
1480
7180
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M 308 KerenataUQ 1*
8.1 33 Kodak® M
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43 3li unxPraj Teens — H
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1-9 ~ Me m te S a nta .
__ 2J *20 Uhrm BlL*
14S l£ 120 40 130 KasT **
223 148 2803 60 133 *
1113 980 9.110 4.3 10.4 HoedBtDH^-^ O30JJ *21, E1M £10811 V* SO - EV
... an 519 7387 5.1 71.2 *BkleyC»a*alWC 217 -250 IBS*. 2230 20 17.7 SSi,
MautWUY □ £161, -J, ElBjJ £15Vj 43064 14 « « J Q 7»^ *7 M 7U ITS* 43 6*.1 ^
11827* 697*3 11,288 S3 1&0 krapae..
WBTH&BiY — . _
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Brl Bk Scodard ,»tlC
SakuaY-
943 ...
HZ 1 ! -J* 879 814 8418
4Sfi -2 820*4 472 8423
602 *18 622 421 8384
E22 *4* £33 £21*. 1100
439 *14 S2B 377*2 33U
28** -ft £®JJ E8A 27375
0.8 237 KaWI
5.6 103 U^tt -*I
7B3*?
2150 *1 232
Wh 1811,
8880 -1 843
81 35
- ArgAaCtfR £34f
40 140 A.0)aAraern E38L
17 - A.^ An Gtffi R f E72js
5.0 Ri Arcs Pxfta -"AC Z9‘s
15 - snan Keanu — #Np 359 —
I I ISSsSst^tS mm ri ian> 138J3
?i£fSS^:-:S ^ ^
3.7 193 Tamarts-^
13
5.1
* AitfaiaalR
219AO — E19J* £135 BOBO 1.1
AomE^nAS^. «
«7 mb «f i q i.4 33J A£»3 - £13ft -ft OB*, £11 jl 1091
W 335 3S 30 mC Ajw Ham MS -_-1f tfi -1 W ife 103
m So? a ja&sicca-i va ^ am w go
38 34 358
184 90*4 374
27 10 134
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1 UnbdOmlE — Hj
- YMsteMerKoniC
227
2>*
57
2700
183
394
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♦1 IBS
♦1 "313
.... *215
... 400
Aid
Cacti*
1100
113
1054
108
2944
808
1J.7
4813
310
IBM
«a
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13
44
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15 9
15.*
113
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300
154
188
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3.7 - Bach Uaug l Dd-tB 34 —
1 4 a KrrarR 18$*i -*•*
J iaj B&ttrGAlA 22
. Bracken R 1 19
4 " v ; HOUSEHOLD GOODS
210 1270 20 203
_ . Et eaoeAS 154*.
40 03
64 4 Matter* JO 308« —
3.4 190 Mclaod Rusal „ JO 1(B
0.7 512 Uentactktt.-fMD 104 *1
CT2fl +S C1G*i CIlJ 38095 04 ‘ - PenOpSKr -□ £Mj
Sandard Cnaru.HG zn *4 *350** 223 2,792 27 10.0 PonaH 4tK
73/SncM
SumnonoY n
Sumaouw T0 Y — G
T3B .ttC
805 *1912 11481;
._ 219 *7$ 281
T*JtY Z £7*1 *ft
TonT9SBkr_^G 718+12*9
WeftncAS 2D4 +2U
YaswfaTstBkY -4G 84«* *J*
85 +** 10812 B2V. au 100 - Scene fO
nip* -it Clip. 38077 0 5 24 2 SuKHte Spett -%J
1912 11481; 52511356 "
“ 197 3^52
OH 15423
8S2 686*. 6020
2U 194 3,716
058 442 6021
BREWERIES
tenet
AacotMdga G
Bass._ tliG
8od®H8KWi_ _ TTC
BronmM. N
BijndBePope A..»JtN
FosereAS—
WterSTA v»N
SUn lie*
. 54
08 <fr ttanUSmys — KG 411
40 110 waunmun WG 19S«B
0.8 47.8 WOBarMina itN 7BM
a7 B3.4 Yoteshk, .1+fc 398
27 » YkdaCaua HS 2840
OO 40.4
DISTRIBUTORS
272
480
220
HaWPdW □
17B 1834 20 350 £Ss^ s “ *
140 188.1 30 113 „
E83 1018 30 174 fg^CZZZZI £lS ^ SZ&
_ ft=»-
qj _ CHAAS •
53 a Ce>dsSaSiSn'Z -V
-H 0411 Elrt 1188 20 714 — S*
._ rii 23 mi 20 * S55S
- - 80 250 Cc ^??-—
W in, warrara — — —
183 Ccn MurcS R
46 30.1
302 1223
100 880
99 25.1
“SS’S I
IBS 4810
31
*? 150 -
PKM
A..
7 0 17.0
4.1 14.1 r , „„. r
1.7 290
lO 222 gratat-;
is 173 Presort* fN
182 ll 202 7**ne»PI
381 1022 52 210
193 468 13 188
570 58.1 10 *6-4 R*a*
380 1800 20 170
258 2820 20 210
81 68 129
74*3 950
Cl 4 8488
Etlfi £37-?
B.9 90
50 -
CmesusAfc_
782*4 -At 08 580*2 8M
♦At 150‘j 107 570
B 2 l J 847
an *3 958 745*2 8.119
323 *2*2 38 940
24** — ** 531= 14U 904
45*2 581} 36 310
— *1« 281* BZJ
. _ n is
300 65 IM
— ** 22 13*4 184
HJ7
47
241
T7?i
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2*3 ^-cp, 3871, 3121, 2J2 122 - LeCrfcaaFFf-
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37 ♦ Com as.. -ii*
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4-2 158 Cte^naiaBjAS-V ■
& 980
30>2 3U
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V4 170 CkkciA nap. -21, 1858*2 6B5\ 2081
2.1 21.1 Octaa C«oB 924 riA, 941A. 5491, 2U
40 1« Stt3R + ITS -1«2 203 *t '
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723 2380
38 1180 30 106
25*1 402
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253 289
tow Csrfin
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1
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380 483
360
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512 rilj 513 3001; 4960 3.7 720 Tens pnflrt BO
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♦ w 1994 Ifla IW
tenes Pitt — IrtW to* CaoUn QPi WE
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FINANCIAL TIMES
Weekend October 29/October 30 1994
‘l
ORT E
STAYING AWAY
MADE EASY
Rumbold move sparks fresh controversy
Major rebuts claims of
ministerial impropriety
By Kevin Brown.
Political Correspondent
Mr John Major angrily rejected
allegations of ministerial impro-
priety yesterday, and promised
full co-operation with the direc-
tor of public prosecutions' inqui-
ries into claims that Mr
Mohamed Fayed tried to black-
mail the government.
Clearly annoyed by a fresh con-
troversy over the resignation
from a lobbying firm of Dame
Angela Rumbold. a Conservative
party deputy chairman, Mr Major
rebuked reporters who ques-
tioned him about her position
during a visit to Wales.
"If you want to know about
Angela's position, then you had
better ask Angela. It is not a mat-
ter for me.” he said. “I am not
responsible for the headlines. I
am not responsible for tittle-
tattle."
Mr Major's outburst suggested
that the strain of dealing with a
week-long onslaught was taking
its toll. But there was no sign of
an end to the stream of accusa-
tions from opposition MPs.
By Lionel Barber in Brussels
Mr Jacques Sa titer, next
president of the European Com-
mission. was last night close to a
deal over the apportioning of new
portfolios, the first test of his
grip on colleagues and clout with
member states.
Pressure was increasing on the
two hold-outs - Sir Leon Brittan
and Mr Hans Van den Broek - to
fail into line at today's meeting
in a Luxembourg chateau
attended by the new 21-strong
Commission.
A deal would enhance the repu-
tation of Mr Santer, who has dis-
played a shrewd touch and a
steely determination during
tense negotiations over portfo-
lios. The chief obstacle remains
the allocation of responsibilities
in external relations, with Sir
Leon, the chief EU trade negotia-
Contixmed from Page 1
investment banking board would
be established under the chair-
manship of Mr Ronaldo Schmitz.
Deutsche Bank board member,
and also comprising Mr John
Craven, Morgan Grenfell’s chair-
man. and Mr Michael Dobson,
Morgan chief executive who will
run the combined operation.
"Investment banking is an
Anglo-Saxon business," said Mr
Schmitz. “We want to achieve
the global integration of our
investment banking business.
Dame Angela, MP for Mitcham
and Morden, said she resigned as
a director of Decision Makers to
prevent the firm being “dragged
into some kind of unpleasant
dogfight with the press".
Dame Angela, who had regis-
tered her interest in the firm,
said the “campaign of innuendo"
against the government “is
becoming a quite unpleasant
witch-hunt".
Labour claimed she had offered
an “inside track” to the company
during its successful campaign to
have a station on the proposed
Channel tunnel high-speed rail
line sited at Ebbsfleet, Kent. Mr
Michel Meacher. shadow trans-
port secretajy, accused Dame
Angela of “hiring out her posi-
tion and contacts" to businesses.
Downing Street said Mr Major
took no part in the Ebbsfleet
decision. He met the Ebbsfleet
campaigners only once, by acci-
dent at a social engagement. The
transport department said Mr
Brian Mawhinney, transport sec-
retary. had never met them.
Mr John McGregor, transport
secretary until July, was also
tor. reluctant to cede responsibil-
ity for relations with central and
eastern Europe to Mr Van den
Broek, the former Dutch foreign
minister, who is in charge of
political affairs.
Sir Leon would retain the pow-
erful multilateral trade portfolio
as well as relations with the US
and Japan: but he would lose a
plum area since one of the main
tasks of the next Commission
will be to lay the groundwork for
EU membership for Poland, the
Czech Republic and Hungary.
Mr Van den Broek is also
uneasy about Mr Santer’s plan to
assume personal control over for-
eign and security policy, though
he has received assurances that
he will still be responsible for
orthodox diplomacy.
Officials close to Mr Santer por-
tray the foreign policy plan as a
bid to break up personal fief-
This can't be done in Frankfurt
It’s got to be in London. New
York is outside our time zone.
Europe is of overwhelming sig-
nificance for ns.”
Mr Hopper said customers
expected a range of services from
investment bankers. “A truly
European bank most must have
an integrated pan-European
management operating from its
largest market - that is London
for international products."
Together, the Deutsche Bank
and Morgan Grenfell investment
banking operations employ more
said to have had no official meet-
ings with, the campaigners, but
they did meet Mr Roger Freeman,
then transport minister of state.
Mr Major, who had hoped that
his announcement of a standing
committee chaired by Lord Nolan
would stop the sleaze allegations,
said he would speak to the DPP
about the blackmail allegations.
Mr Major also reaffirmed his
confidence in Mr Jonathan Ait-
ken. treasury chief secretary’,
who denies claims that he paid
only half the bill for a stay at Mr
Fayed's Paris Ritz hoteL
Friends of Mr Aitken said he
was expected to release the docu-
mentary evidence which led Sir
Robin Butler, the cabinet secre-
tary. to clear him of accepting
hospitality’ as a gift.
Meanwhile, a Harris poll for
ITN suggested that 66 per cent of
people think MPs' standards have
declined since 1979. and 85 per
cent think MPs should not
receive money from lobbyists.
Tories put an brave face, Page 5
A better class of corruption.
Weekend FT, Page I
do ms. Others suspect he intends
to dilute the Commission's role
in foreign policy-making in defer-
ence to the member states.
On Thursday, Mr Jean-Luc
Dehaene. the Belgian prime min-
ister whose bid last s umme r to
succeed Mr Delors failed only
because of a UK veto, warned
against the Commission yielding
powers.
One surprise is the expected
announcement that Mr Franz Fis-
chler. the former Austrian agri-
cultural minister, will take over
the farm portfolio.
Other key posts expected to be
agreed today includethe Emu
portfolio to Mr Yves-Thibault de
Silguy, a French civil servant,
and transport to Mr Neil Kin-
nock, the former UK Labour
party leader.
Rome's choice. Page 2
than 6,000 people: last year,
Deutsche earned a pretax profit
of nearly DM2bn (S1.34bn) before
tax from investment banking
with Morgan Grenfell’s profits
totalling £236m.
Helped by changes in the law
and a more relaxed attitude
towards new financial Instru-
ments by the Bundesbank (Ger-
many’s central bank), Frankfurt
has made progress towards
becoming a more effective finan-
cial centre. Bat bankers agree Its
future lies more as an important
regional centre.
Tobacco
companies
face ban
on ads in
China
By Tony Walker in Beijing and
Roderick Oram in London
China plans to ban cigarette
advertising in the media and in
public places, threatening moves
by foreign tobacco companies to
expand into potentially the
world's most lucrative market.
A new law. published in local
newspapers yesterday, appeared
to contain provisions outlawing
tobacco advertising that are more
restrictive than those in many
western countries.
The law. due to come into
effect in February, will ban
tobacco advertising in films, tele-
vision. newspapers and maga-
zines. Advertising is also “forbid-
den" in waiting rooms, theatres
and cinemas, conference halls
and sports venues.
The Chinese smoke one-third of
the world's cigarettes and the
prospects of continued growth in
the market have attracted foreign
makers, facing flagging markets
in the west. In Beijing, the repre-
sentative of a leading tobacco
company said the law appeared
highly restrictive, hut the com-
pany would seek clarification.
Philip Morris and RJR Nabisco
of the US. and Rothmans Interna-
tional of the UK have established
manufacturing joint ventures in
China, and other companies are
exporting. All are operating in an
industry dominated by China's
state tobacco monopoly, which
has 96 per cent of the market and
is reputedly the world's biggest
cigarette producer.
One British manufacturer said
that restrictions could make it
harder for foreign companies zo
woo smokers away from Chinese
brands.
Companies have been spending
heavily on advertising In China.
Philip Morris, through its Marl-
boro brand, sponsors the national
soccer league, and others are also
active in the sporting arena. Cig-
arette advertising on hoardings is
also widespread, although
whether existing hoardings will
survive the new law is not clear.
Foreign tobacco industry repre-
sentatives attribute the new
law's apparently tough provi-
sions to China's desire, where
possible, to bring itself into line
with international standards.
Interest among foreign compa-
nies in the potential of the China
market is understandable, given
the numbers involved. According
to a survey last year by the State
Statistical Bureau, 293m people
over the age of 15. nearly 35
per cent of the population,
smoke.
China has been reluctant to
expose the lucrative state monop-
oly to foreign competition, are
placed on But this has not
stopped a flood of foreign
imports. In 1990, the Worker's
Daily newspaper estimated that
less than 1 per cent of foreign
cigarettes on sale in China had
passed through customs - the
rest were smuggled.
Santer nears deal on naming
posts for EU commissioners
Deutsche Bank puts its money on London
Europe today
Low pressure over the southern North Sea
will bring rain to the Benelux, Germany, and
north-west France. Further to the south-east,
cloud will give way to sun. Most of Spain will
have cloud interspersed with sunny spells,
although the sun will dominate, especially in
the west. Showers will linger In the south-
east. Italy will have high cloud and a few
showers. Showers, some with thunder, are
expected in the western Balkans. Southern
parts will have sunny periods but the north
will be cloudy. The north-west Balkans will
have showers. More rain is expected in
western Russia.
Five-day forecast
High pressure will develop over central
Europe after the weekend. At the same time,
a new depression over the Atlantic will
strengthen, creating a ridge of high pressure
over north-west Europe. Consequently,
central and parts ot northern Europe will be
more settled. The UK and north-west edge of
the continent will remain unsettled although
temperatures will rise. The central
Mediterranean will have thunder showers.
TODAY'S TEMPERATURES
Situation at 12 GMT. Ternperatun s matimum far day. Forecasts by Meteo Consult of the Netherlands
Maximum
Beijing
Cdsus
Belfast
Abu Dhabi
son
33
Belgrade
Accra
fair
31
Berlin
Algiers
shower
£4
Bermuda
Amsterdam
ran
10
Bogota
Athens
sun
24
Bombay
Atlanta
cloudy
21
Brussels
0. Aires
sun
16
Budapest
B.hani
ram
12
C. ha gen
Bangkok
(air
33
Cairo
Barcelona
lair
18
Cape Town
sun
14
Caracas
cloudy
31
rain
11
Card.ft
rain
13
thund
23
Casablanca
fair
21
rain
10
Chicago
fdr
15
cloudy
26
Cologne
ram
n
shower
21
Dakar
sun
30
fair
36
Dallas
sun
28
rain
10
Delhi
sun
32
doudy
12
Dubai
sun
33
rain
8
Dublin
rain
12
sun
28
Dubrovnik
shower
22
fair
23
Edinburgh
cloudy
9
Faro
sun
22
Madrid
Frankfurt
shower
u
Majorca
Geneva
fair
11
Malta
Gibraltar
drzd
20
Manchester
Glasgow
dowdy
9
Manila
Hamburg
rain
10
Melbourne
Helsinki
drzd
7
M&rico City
Hong Kong
cloudy
25
Miami
Honoiiiu
tar
31
Milan
Istanbul
sun
20
Montreal
Jakarta
fair
32
Moscow
Jersey
rain
1J
Munich
Karachi
sun
35
Nairobi
Kuwait
sun
35
Naples
L Angelas
sun
24
Nassau
LasFtfmgs
fair
24
Not/ Y ork
Lima
cloudy
22
Nice
Lisbon
lair
IS
Nicosia
London
ran
13
Oslo
Luxbourg
ram
8
Parts
Lyon
fair
13
Perth
Madeira
Cloudy
23
Prague
fair
iS
Rangoon
fab-
34
cloudy
20
Reykjavik
cloudy
3
fair
26
Rio
thund
37
ram
11
Rome
fair
23
cloudy
31
5. Frsco
fair
20
shower
17
Seoul
sun
15
fair
22
Singapore
Shower
29
ram
27
Stockholm
Orzzl
7
sun
17
Strasbourg
Shower
13
lair
14
Sydney
shower
21
shower
e
Tangier
lair
21
SfWwer
10
Tql Aviv
sun
29
shower
26
Tokyo
shower
22
fair
24
Toronto
cloudy
13
ram
30
Vancouver
cloudy
9
■sun
20
Venice
sun
17
sun
18
Vienna
cloudy
10
far
39
Warsaw
rain
8
ram
6
Washington
fair
21
rain
13
Wellington
shower
15
fair
26
Winnipeg
cloudy
5
rain
10
Zurich
fair
11
No other airline flies to more cities
around the world..
Lufthansa
THE LEX COLUMN
Pocketing battleships
FT-SE Index.- 3083-8
The battle for V5EL is more likely to
be decided by high politics than high
finance. British Aerospace is cam-
paigning for GEC's rival bid for the
warship-maker to be blocked on com-
petition grounds. So far, there is no
definitive word from the Ministry of
Defence. But GEC’s purchase of a 14
per cent stake in VSEL suggests confi-
dence on its part that the bid will
receive the necessary approval.
BAe's decision to focus on politics
reinforces the impression that it has
little chance of winning a straight
financial fight. GEC's cash offer is
worth 12 per cent more than BAe's
paper offer. The financial logic of
merging with VSEL is so attractive
that BAe will be tempted to improve
its bid. But the company is not in a
position to put up cash and. if it offers
more paper, its share price would fall
- so diminishing the value of a higher
bid. Meanwhile, the group knows GEC
could easily use its cash mountain to
top any improved offer. GEC's current
bid of £14 a share should enhance the
group's earnings by around 2 per cent,
giving it scope to pay more cash with-
out suffering dilution.
VSEL is a pawn in a wider battle
between GEC and BAe. Lord VVein-
stock. GEC's managing director, is
anxious to force BAe to agree to a
merger of the two groups' defence
businesses before he retires. Without
VSEL, BAe's balance sheet would be
snatched. The company would find it
harder to take the write-offs necessary
to restructure its troubled turboprop
business. That does not mean a BAe
deprived of VSEL would automatically
fall into Lord Weinstock's lap. But the
pressure would be on.
Deutsche Bank
I: has taken Deutsche Bank five
years to decide to integrate its invest-
ment banking activities with those of
its Morgan Grenfell subsidiary. Even
so. yesterday's belated decision to do
so gives Germany's largest bank a
sporting chance of joining the invest-
ment banking big league with the
likes of Goldman Sachs and Merrill
Lynch. Its decision to locate the head-
quarters of the operation in London
also strengthens the City’s position as
Europe's pre-eminent financial centre.
Other Continental banks, seeking to
deveiop their corporate finance and
international equity businesses, may
feel under pressure to follow suit.
The decision is undoubtedly a blow
to Frankfurt. Efforts to bolster Fin-
anzplatz Deutschland - Germany as a
GEC
Share price relative to the
FT-SE-A A B- Share Index
financial centre - have not succeeded.
Germany may be Europe's lending
industrial power, but its financial sys-
tem remains relatively underdevel-
oped while its equity markets are
over-regulated and illiquid.
Deutsche Bank will not find it easy
to achieve its ambitions. While Mor-
gan Grenfell still has a strong pres-
ence in corporate finance, neither it
nor its parent is known for equity
research and trading. There is also a
big question over whether Deutsche
can successfully merge its solid but
slightly stodgy culture with Morgan’s
more entrepreneurial spirit. One read-
ing of the decision to locate the invest-
ment banking headquarters in London
is that Morgnn'ii culture will come up
on top. But. given Unit Deutsche has
yet to agree a name for the business, it
would be a mistake to bet on it.
Markets
Markets on both sides of the Atlan-
tic had worked themsplves into such a
state of nerves ahead of the US GDP
numbers that even the distinctly
mixed figures were mot with a huge
sigh of relief. The initial alarm created
by the 3.4 per cent growth figure only
exaggerated the bounce when traders
digested the lower-than-expecied price
deflator. Yet this probably had more
to do with the shape of trading books
ahead of the news than any change in
sentiment
Those worried about US inflation
were not cheered by the low deflator
figure. Their argument is precisely
that the Federal Reserve is being lul-
led by good inflation statistics and will
not take the stern action required
until it is too late. Nor were they
impressed by the large element of
stock building m the OOP figure since
they helieve that inflation is already
working its way through the system
as a result of past growth.
In Loudon, by contrast, markets are
more inclined to accept the Bank of
England's relaxed view about UK
inflation prospects - something likely
to be reinforced bv next week's quar-
terly inflation bulletin This has
helped gilts outperform the US and
German bond markets. Yesterday's
rally made up most uf the ground lost
earlier in the week. Shares did even
better with the FT-SE 100 up 51 points
on the week. But they stilt remain
largely at the mercy ot Wall Street.
Judging by recent experience yester-
day's recovery in US bonds and the
doilar is likely to be short-lived.
Scottish Hydro
Tlio City lias nu doubt that Scottish
Hydro-Electric was harshly treated by
its regulator when the company's new
pricing regime was announced last
month. Its shares have underper-
formed the sector by almost a fifth
since August when Professor Stephen
Littlechild announced price caps for
the 12 regional electricity companies
in England and Wales. That regime
should allow the RECs' distribution
businesses to make a real rate of
return of around 7 per rent, as will the
cap announced for Scottish Power. Yet
Scottish Hydro claims its rate of
return on distribution will be squeezed
to less than 2 per cent.
In rejecting the new cap and forcing
a reference to the Monopolies and
Mergers Commission, the company
appears on strong ground. In its :
review of British Gas, the commission
suggested an appropriate rate of |
return for a utility would be 6.5 per
cent to T.5 per cenr - a judgment that
the electricity regulator took into
account in his review.
Scottish Hydro seems to have been
singled out for special treatment
because the price corset at privatisa-
tion was tied too tightly. Treating it
equally now would mean allowing the
company's distribution prices, to rise
signulcantly relative to other regions.
After the political furore that followed
Prof Littlechild's generous treatment
of the RECs. it is not surprising that
he was reluctant to take such a
course.
There must have been a temptation
to follow the water regulator’s exam-
ple with South West Water and pass
the hot potato to the commission.
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FINANCIAL TIMES WEEK.EN D OCTOBER 29/OCTOBER 30 1994
WEEKEND IT I
and Major governments, have
restricted the scope for local corrup-
tion. although recent cases in West-
minster and Wiltshire show that it
has not vanished. However, a new
form of sleaze has emerged in the
1980s and 1990s: malpractice in the
growing number of quangos -
appointed government agencies,
notably in the health and education
sectors, which now handle nearly a
quarter of public expenditure, many
subject to lax regulation.
A snapshot of quango sleaze was
provided this January by the Com-
mons public accounts committee,
which published a report citing a
string of cases involving “serious
failures in administrative and finan-
cial systems and controls". The
Welsh Development Agency was
censured; other cases of misuse or
funds included £20m by Wessex
Regional Health Authority, £10m by
West Midlands Regional Health
Authority, and £lm by the National
Rivers Authority.
“Whenever you hear this sort of
thing mentioned in Italy, Africa or
South America we just smile and
say it could not happen here.” said
Robert Sheldon, the committee’s
chairman. Yet “this sort of thing"
ought perhaps properly to be seen
as but the latest incident in a Brit-
ish tradition of sleaze.
Another concern is the current
reformation in public administra-
tion. as the “career for life” is
undermined and officials are
encouraged to move to the private
sector. "Once you have the revolv-
ing door, there is always' the ques-
tion of when the official negotiates
for a future outside job, and how
strongly it is on his mind when
carrying out public duties," says
Pinto-Duschinsky.
Three themes emerge from a
Continued on Page XI
Corrupt and sleazy, Page XXVI
A better class of corruption
Britain has a notable record of sleaze. Andrew Adonis looks at a century of hypocrisy in high places
This country has an international
reputation for the integrity and hon-
our of its public institutions.
- John Major in the House of
Commons on Tuesday.
B ritain, whose govern-
ment has been seen as
pristine in a murky
world for the best part
of a century and a halt
has three senior minis ters up to
their eyes in sleaze.
The chancellor of the exchequer,
the attorney general and the gov-
ernment chief whip have been trad-
ing in the shares of a US group with
cross-holdings in a British company
which has just gained a huge gov-
ernment telecommunications con-
tract. They bought the shares at a
discount courtesy of the attorney
general’s brother; a third brother is
manager of the British company.
The chief whip has also invested
party funds In the shares.
That was the position in October
1912, when the House of Commons
first debated the Marconi scandal.
David Lloyd George and his col-
leagues covered their traces with
disingenuous speeches, but prime
minister Asquith felt obliged to set
up a select committee investigation.
The truth only started to emerge
after revelations In the French
press. Yet the majority report of the
government-dominated committee
exonerated the ministers, and a
party vote on the floor of the Com-
mons did the same. Asquith not
only failed to call for any resigna-
tions: within months he had
appointed Rufus Isaacs, the Attor-
ney General, as Lord Chief Justice.
Lloyd George ousted Asquith in
the depths of the first world war.
During his six years in Downing
Street, he turned trafficking of hon-
ours into an art form, leaving office
with a personal fund estimated at
£1.5m - £40m In today’s money.
Contrary to popular myth, Lloyd
George was not the only prime min-
isterial honours salesman. The
saintly Gladstone substantially
cleaned up British politics in the
1870$ and 1880s, introducing the
secret ballot and laws limiting local
electoral spending and curbing cor-
rupt electoral practices. But Glad-
stone continued to sell honours to
fill the Liberal war chest
After him the late- Victorian and
Edwardian Tory governments of
Lord Salisbury and Arthur Balfour
dished out peerages, baronetcies
and knighthoods at an unprece-
dented rate in return for contribu-
tions to party funds. Salisbury
treated the process with patrician
disdain: “No more tobacconists I
entreat you.” he wrote to his col-
league the Duke of Devonshire after
a dodgy baronetcy raised eyebrows.
The trafficking was hidden from
public view. As Dr Michael Pinto-
Duschinsky of Brunei University,
an expert on party corruption, puts
it; “Over the past century British
politics has been far from sleaze
free: but compared to other coun-
tries the British are adept at dealing
with corruption quietly."
The comparison with France is
instructive. In the 1880s and 1890s
the French political establishment
was shaken by a succession of pub-
lic corruption scandals, including
the Wilson affair which involved
president Gravy's son-in-law selling
the Legion of Honour from the Ely-
s6e Palace. In Britain such scandals
rarely reached the press; still more
rarely were they taken up by oppo-
sition parties, who were themselves
part of the honours trade. Even
Maundy Gregory - the celebrated
honours tout, who operated a net-
work of agents for both the Liberals
and Tories - was spirited abroad to
France, at the expense of Tory
donors, when official investigations
started to close in.
Lloyd George's crime in the eyes
of the Establishment was that his
excesses brought the system into
public disrepute and embarrassed
King George V. The scandal started
to boil when a convicted wartime
food hoarder received a baronetcy,
and became uncontainable after a
peerage was offered to a South Afri-
can diamond merchant who had
been convicted for serious fraud.
Greater discretion reigned after
Lloyd George's resignation, bat the
sleaze continued. In the late 1920s
Warden Chilcott, one of Gregory’s
associates, persuaded several Indian
princes to part with £100,000 (nearly
£3m today) for a fund to promote
their interests in London, believing
that the India Secretary, the flam-
boyant F.E. Smith (Lord Birken-
head). was in Chilcott’s pocket.
Even those determined to cleanse
the Augean stables were dragged in.
In 1934, the socialist Ramsay Mac-
Donald. prime minister of a mainly
Tory government, was forced to
give a baronetcy to Julien Cahn.
who had paid £30,000 to finance
Gregory's overseas sojourn. Stanley
Baldwin, the Tory leader, warned
MacDonald that all three parties
were implicated - including three
past or future Tory leaders (Chur-
chill. Bonar Law and Sir Austen
Chamberlain) - and that otherwise
Gregory would “stir up such a filthy
sewer as would poison public life".
Not a word reached press or Par-
liament. France again offers a paral-
lel. In 1934 the Stavisky affair -
prompted by the suicide of a shady
financier, whose affairs the govern-
ment tried to hush up to protect
ministers - led to a storm insti-
gated by the extreme right. Riots
and shootings took place outside
the National Assembly in Paris, and
two governments were forced to
resign before the crisis abated-
Since the 1940s there have been
no indications of systematic hon-
ours trading, although the correla-
tion between the honoured and indi-
vidual or corporate donations to
party funds has at times been
marked. As for MPs and ministers,
only a handful have fallen in recent
decades for shady dealings. On the
Tory side sex. not money, has been
the grim reaper the only prominent
national politician tainted by a cor-
ruption scandal was Reginald
Maudling, who resigned as Home
Secretary in 1972 after disclosure of
a business association with the
notorious John Poulson.
However, the Poulson affair
showed that corruption flourished
in parts of local government, which
had become a mighty spender and
regulator. For 20 years Poulson’s
architecture and construction
empire manipulated officials in
local government, the police and
the health service, including T. Dan
Smith, Labour leader on Newcastle
council, who received £155,000 from
Poulson to establish public rela-
tions companies.
Poulson was not an isolated case.
Other corruption cases involved
councils in Birmingham, south
Wales and Dundee; and a series of
cases involving the police also sur-
faced. A 1976 royal commission
report on standards in public life
decided to treat them as isolated
incidents, but noted that the local
planning regime put "greater strain
than has been generally realised"
on councils, whose members “may
find themselves handling matters
on a financial scale quite beyond
their experience of private life".
Tighter rules on declarations of
interests, and curbs on local author-
ity powers imposed by the Thatcher
CONTENTS
Family Finance: Compensation for
wronged personal pension holders HI
Books: Once upon a time there used
to be fairy-tales ... XV
Arts: Why the censor killed Natural
Bom Killers XVI
Outdoors: Fishing for the golden
salmon, catching piranha XIX
How to spend its Post early for
Christmas XXH
■ivate View: An explorer in the
jrky depths of the gene pool XXVI
norous doily to mature
iartoie at 35 XI
:don
. c ms, Crossword
. t : s.1
cethe Family
*’ 4 Drink
mg
. Spend It
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_ Morgan
wing
pecthms
«VIW
. Business
. Oft
'awl
—& Rocfio
XXVI
xvt-xvn
XIV-XV
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XXIV
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XXffl
XIX
xx>
XXVI
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XXVI
XXI
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XXV
The Long View / Barry Riley
When prudence vanishes
The pensions business
is a natural breeding
Loui.JSr vi ground for swindles.
You pay your money
now but do not find out
what benefits you are
getting until many
years hence. Mean-
V V while, the information
• you receive is, at best,
actuarial gobbledegook. If you are
really out of luck, your trustee turns
out to be Robert Maxwell.
The particular financial scandal in
the headlines this week has concerned
the mis-selling of personal pensions
after they became available to employ-
ees (rather than the self-employed) in
1988b The government and its regula-
tory watchdog, the Securities and
Investments Board, turned a blind eye
when armies of salesmen fanned out
across the country. Up to the present,
around Sm personal pension plans have
been sold to employees.
Now, SEB’s penny has dropped. It has
discovered that some of these people
were misled by commission-hungry
intermediaries and has outlined its
plana for redress. About 350,000 priority
cases will be re-examined and another
lm-odd could be affected.
Unfortunately, there has never been
an inquiry into a comparable pensions
disaster of the early 1980s. In the reces-
sion, many British, companies declared
hundreds of thousands of long-serving
employees to be redundant and fobbed
them off with frozen deferred pensions.
The already-inadequate real value of
these has now halved-
ft is asking for trouble to allow provi-
sion of pensions to be controlled by
economic agents - employers, life com-
panies. sometimes even governments -
which do not have the interests of the
beneficiaries primarily in mind. Com-
pany schemes were designed to achieve
corporate objectives - basically, to
reward long service and promotion -
but companies had little regard for
employees once they had left. It
required legislation to improve matters;
meanwhile, occupational schemes got a
bad name, especially among the young
and mobile. That gave the personal pen-
sions 1 salesmen an opening - encour-
aged by the government, which itself
was motivated primarily by a desire to
reduce the cost of the state eamings-
related scheme (Serps).
As for the life companies, by the late
1980s the most successful of them had
become dominated by their sales forces.
Their ethos was that they were selling
unquestionably desirable products in
life assurance, savings and pensions.
You could not have too much of these
good things.
So. the increasingly high-pressure
sales methods, and rising commission
rates, were considered to be means jus-
tified by ends. Disclosure of commis-
sions and other costs at the point of
sale, which might have disrupted this
sales drive, was resisted successfully
for many years; its imminent introduc-
tion, in January, is throwing the life
industry into turmoil.
I n selling the new-style personal
pensions to employees, however,
life companies were not just mar-
keting products - inevitably, they
were offering advice. Customers could
stay put in their company scheme (by
then, with better protection for early
leavers) or in Serps or. alternatively,
they could opt for a personal plan. But
you cannot reward advisers satisfacto-
rily by paying them commission on
product sales. Biased advice Is sure to
result.
What was SIB doing at the time? It
was re-writing its rule-book and devis-
ing its core principles, or "10 command-
ments”. These say firms must observe
“high standards of integrity mid fair
dealing” and that the customer should
be given “any information needed to
enable him to make a balanced and
informed decision”. Meanwhile, the gov-
ernment was delighted at the success of
its personal pensions’ promotion.
To a degree, things have improved.
The regulators have come down from
the ethical stratosphere. They have
fined many of the erring life offices.
Two of the subsidiary regulatory bodies
have been merged to form the new Per-
sonal Investment Authority, which is
supposed to apply more consistent con-
trols. At the same time, you would have
to be irrepressibly optimistic to believe
similar problems could not recur.
The combination of aggressive mar-
keting by myriad investment firms, and
bureaucratic investor protection, is
prone to huge blind spots. These hap-
pen when particular market trends
(such as the 1980s’ house price boom,
which produced the home income
plans' scandal) or fashions of political
correctness (such as personal pensions)
override normal prudence and judg-
ment
Bailing people out of trouble is all
very well but it brings a clear risk of
moral hazard: that small investors will
come to believe they will be compen-
sated if anything goes seriously wrong
and, consequently, they will be drawn
more readily into risky and unfamiliar
products. The responsibility of clients,
as opposed to salesmen, is ill-defined.
As it unpicks the personal pensions'
tangle, SIB should think laterally and
wonder why there is so much invest-
ment risk in British savings products.
Why are investment companies not fall-
ing over themselves to offer low-risk
products based upon the remarkable 9
per cent gilt-edged yields now avail-
able? Instead, there Is a plethora of
complex guaranteed and hlgh-lncome
products based upon futures contracts.
The answer, as with personal pen-
sions, is that high commissions are dis-
torting advice. Interestingly, the left-of-
centre Committee on Social Justice tiffs
week suggested a National Savings Pen-
sion Plan - which would offer very low-
cost, index-linked gilt funds and index-
tracking equity funds - to set a cost
benchmark for the competition. The
puzzle is why such funds do not exist
already or, where they da. have so little
impact The explanation is that it does
not pay intermediaries to recommend
them.
There is a fine line indeed between
regulating the market and interfering
with it. Here is a motto for SIB: a little
bit of the latter might remove the need
for a lot of the former.
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II WEEKEND FT
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTQBHR 30 |t?94
★
MARKETS
London
Fiasco over
pensions casts
long shadow
Andrew Bolger
Equity trading depressed
'OOOS
55
N ever mind the
sleaze allegations
that have engulfed
Westminster: the
scandal which gave the City
much greater pause for
thought this week, was the
extent of the pensions fiasco.
It was always expected that
the report of the Securities and
Investments Board into the
mis-sefling of personal pension
would make unhappy reading
for the personal finance indus-
try. However, it still came as
unpleasant news to learn the
scale of poor advice was far
greater than had been thought
- and that the compensation
bill could reach £2bn.
Life insurers must review
hundreds of thousands of per-
sonal pensions and compensate
those investors who were
wrongly advised to buy them.
Since 1988. some 600,000 per-
sonal pensions have been sold
to people transferring lump
sums from occupation al
schemes. Separately, a survey
by the SIB's actuaries esti-
mated that in more than
850,000 cases, people were
advised to opt out of employ-
ers' schemes or not to join.
The shares of the quoted
insurance companies held up
fairly well, because they have
already made substantial pro-
vision for potential compensa-
tion. However, Prudential Cor-
poration, the UK's largest life
insurer, gave an inkling of the
damage to investors' confi-
dence when it revealed that
sales of single-premium indi-
vidual pensions in the first
nine months of the year had
fallen by 30 per cent.
Sir Brian Pitman, chief exec-
utive of Lloyds Bank, did noth-
ing to alleviate these gloomy
thoughts when he warned a
conference of personnel man-
agers that Britain's financial
services industry was facing an
upheaval on the scale that bad
previously been experienced by
manufacturing. Sir Brian said
that although about 160,000
jobs had already been lost in
financial services in the past
five years, the competitive
environment was going to get
tougher stilL
For most of the week, there
was little offsetting cheer from
the stock market, which con-
tinues to he in thrall to fluctu-
ating sentiment in the bond
and currency markets. The
FT-SE 100 went down 28 points
on Tuesday, up 30 points on
Thursday, and scarcely moved
on Monday and Thursday.
Even yesteniay's 54-point gain
mainly reflected relief that the
US third-quarter growth fig-
ures had been well received in
the bond markets, and was
achieved in thin turnover.
Volatility in the stock mar-
ket is being increased by the
low level of trading in London,
which the chart illustrates.
Edmond Warner, an analyst
with Klein wort Benson, points
out that equity bargains cur-
rently number about 25,000 a
day, almost 10,000 below the
average of the past two years.
Over this period activity was
only as thin in the Chris tmas
season and in early July this
HIGHLIGHTS OF THE WEEK
Price
/day
Change
on week
1994
High
1994
Low
FT-SE 100 Index
3083.8
+51.0
3520.3
2876.6
Wall Street strength
FT-SE Mid 250 Index
3501.6
-0.8
4152.8
3363.4
Second-liners neglected
Brit Aerospace
457
-13
584
390
VSEL bid topped
Brit Airways
356
-21
496H
344
Big loss at L/SAIr
Brit Petroleum
42816
+2DJ4
430
340
Hits aB-tlme $ high
B ulmer (HP]
393
-26
459
358
Kd hopes recede
Eurotunnel Uts
231
+22
59294
195
Buyers return
(Cl
793 Vt
-20%
868
728
Third quarter figures discounted
Lloyds Abbey Ufe
356%
+2614
471
322
Relief over Sffi report
P & O Defd
626
+31
743
587
Broker confidence
Pearson
625
+25
735
552
BSkyB flotation presentations
Shell Trans
731
+30
758
651
Excellent 03 figs from SheU Oil
VSEL
1395
+97
1398
980
Counterbid from GEC
Warburg (SG)
606
-27
1012
569
Weak/turbulent markets
Wellcome
629 Vj
•2114
731
498
Goldman Sachs "sefl" recofnmend’n
year - just after the market hit
its 1994 low.
Warner says: “Meagre turn-
over is not in itself negative -
apart perhaps for stockbrokers’
sanity - but does reflect the
prevailing uncertainty in the
market. However, it also indi-
cates the growing risk that
equity prices will shift dramat-
ically. Either current nervous-
ness will transfer into outright
institutional selling, or market
makers will find their trading
books unprepared for a resur-
gence of buying interest”
The Confederation of British
Industry’s latest quarterly sur-
vey of industrial trends
showed on Tuesday that UK
manufacturers were enjoying
an export boom, but were also
p lanning to increase prices in
the face of rising costs. The
survey said more manufactur-
ers were planning to increase
domestic prices over the next
four months than at any time
since January, 1991.
The survey said that the pat-
tern of price rises was mixed,
with some industries still
reporting declines. It added
that manufacturers’ expecta-
tions for higher prices did not
always translate into reality.
The CBI survey’s findings on
price expectations were one of
the factors cited by Kenneth
Clarke, the chancellor, and
Eddie George, the governor of
the Bank of England, when
they increased base rates last
month.
However, on Thursday
George said financial markets,
both in the UK and overseas,
were exaggerating the infla-
tionary threat, and the likely
interest rate rises needed to
combat It. Analysts surmised
that the Bank's quarterly infla-
tion report, to be released on
Tuesday next week, was
unlik ely to contain any sur-
prises about inflation pressures
in the economy.
Meanwhile, shares in the
electricity sector rose after
East Midlands Electricity said
it would give El 86m back to its
shareholders in a special
interim dividend payment The
pay-out brings to nearly Elba
the amnrmt returned to share-
holders by privatised electric-
ity companies this year.
Imperial Chemical Industries
confirmed that the chemicals
industry was recovering
strongly with third-quarter fig-
ures that showed operating
profits more than doubling in
some divisions. But it warned
that while prices for many of
its goods were rising, those
nearer the consumer - such as
paints - remained very com-
petitive.
Sir Denys Henderson, chair-
man. said demand in most
markets looked “more promis-
ing than for some time. Activ-
ity in the US, UK and Austra-
lian markets remains generally
firm. Recovery in continental
Europe appears to be under
way and even the Japanese
economy seems to have bot-
tomed. Robust growth in the
rest of the Far East continues ”
One domestic factor which
encouraged yesterday’s surge
by the FT-SE 100 was GEC's
decision to top British Aero-
space's agreed £518m bid Tor
VSEL, the Barrow-based sub-
marine maker.
This may or may not be the
start of the final showdown
between GEC and BAe over
which group will dominate the
rump of the British defence
industry. But watching a con-
tested takeover makes a pleas-
ant break for traders from fret-
ting about the global bonds
market
Serious Money
Y ou’ll pay - even if
you weren’t conned
Gillian O'Connor, personal finance editor
A n unsung victim of
the latest great pen-
sions scandal could
be . . . you. Of
course, the worst hit are the
hundreds and thousands of
people who were advised
wrongly to buy personal pen-
sions. But the bill for compen-
sation - estimated at up to
£2bn - will be footed partly by
other life insurance and pen-
sion policyholders.
Here is how the chain works.
Liability for recompense falls
either on the independent
financial adviser or on the life
insurance company if the sale
was made by a life company
salesman or appointed rep. But
where does the life insurance
company go for money?
For mutual companies, the
only source is the life insur-
ance fund, which is wholly
owned by holders of its life
insurance and pension policies.
Companies with shareholders
can go both to policyholders
and to shareholders. If they
fund the compensation pay-
ments from the life fund,
roughly 90 per cent will nor-
mally come from policyholders
and the other 10 per cent from
shareholders - and they could
also go direct to shareholders.
All the figures involved are
so notional at the moment that
there is no point in trying to
work out the impact of the
compensation payments on
individual companies. There
are around £300bn of life funds.
So, even if the whole of the
compensation were the respon-
sibility of the life companies
ivery unrealistic), the compen-
sation still would be less than
1 per cent of assets. Some com-
panies may take a bigger hit.
What is more, the fresh cash
drain comes at a time when
life insurance payouts on with-
profit policies are falling and
are likely to drop further.
Many industry experts reckon
that far too many life insur-
ance companies are still paying
out much more than can be
justified by their investment
returns - and running down
their safety margins fast. So,
policyholders will, yet again,
pay for the mistakes of insur-
ance manag ement - as they
have already over the disas-
trous forays into estate agency
by some life companies.
The innocent winner in the
personal pension scandal is
British industry. Company
pension schemes have bene-
fited from the Improved sol-
vency produced by the opt-outs
- people who were persuaded
to leave a company scheme
even though they still worked
at the company, or advised to
buy a personal pension rather
than join the company scheme.
Meanwhile, the employers
themselves have benefited both
from this and from the drop in
the number of employees for
whom they need to make con-
tributions. A large number of
companies have enjoyed sev-
eral years of pension "holi-
days" during which they have
not needed to pay in to the
pension fund.
O pt-outs are not the
main reason for the
pension surpluses
which allowed com-
panies to take these holidays,
but they will have helped in
some cases.
A less innocent winner is the
government - which enjoys
the same benefits as any other
employer. It is arguable that it
is no more responsible for
IU-advised opt-outs than any
other employer. But the next
pension scandal to break will
be over the state eamings-re-
lated pension scheme (Serps),
where the government actually
bribed people to trade in part
of their state pension for a per-
sonal plan.
□ □□
Now for a couple of books for
the very serious stock market
investor. Both are potentially
usefol but both are hard work.
The first is for people who
want to understand not just
what company accounts are
trying to tell shareholders -
but what they are trying to
conceal. Interpreting Company
Reports and Accounts*, by
Holmes and Sugden. Is in its
fifth edition and remains the
best way to learn about - if not
to love - the subject.
The authors use real com-
pany examples, first to set out
how all the items in accounts
work and then to explain how
investment analysts use them.
The section on accounting
loopholes is getting smaller,
though. This Is sad for the
reader, since it was the most
fun. but the shrinkage reflects
good news for shareholders at
large: the scope for financial
sophistry - is getting smaller.
The other "book" serves the
investor who has a working
knowledge of accounts but pre-
fers to let other people crunch
mast of his numbers, while he
concentrates on looking for
that handful of shares worth
buying. Publisher Hemmington
Scott has used its extensive
data base to produce a com-
pany handbook tailored to the
requirements of former finan-
cier Jim Slater. Company
Refs** is a touch gimmicky but
provides a diversity of invest-
ment yardsticks for all the
companies in the FT-SE-A All-
Share index.
The main book is divided by
company. The second slices
companies by stock market
sector, investment classifica-
tion, attributes such as yield,
and even the likelihood of com-
panies being promoted to one
of the main indexes such as
the FT-SE 100. The third
explains how to use the system
Would anyone actually
invest just on the basis of com-
parative analysis done with the
help of Company Refs? Proba-
bly not An intelligent investor
would use it to get or confirm
ideas - then send off for a set
of company accounts and
sweat through the numbers
himself with Holmes and Sug-
den. Not for the faint-hearted.
* Woodhead- Faulkner £34.95.
** Subscription costs £475 a
year for monthly updates: £175
for a quarterly service. Hem-
mington Scott - 0171-278-7765.
AT A GLANCE
Finance and the Family Index
The SIB report: Personal pensions compensation, III
The Week Ahead, Directors' dealings, — IV
Electricity bonus. Loan stock tax loophole. New issues, V
Unit trusts and Oelcs, Highest savings rates. Trust launches, ....VI
Training to be a financial adviser, Unit oust performances, VII
Pension complaints, Lloyd's Names, Annuity rates, VUI
Picking the right pension, Q AA briefcase IX
Unit Trust sales
Net Investment £bn
3D
US long bond
30-yr yield, %
- BJS
Unit trust sales fall sharply
Unit trust sales for the third quarter are down to El. 88 bn from
£2.81 bn the previous quarter. The third quarter is traditionally
one' of the weakest for sales but in the corresponding period last
year net sales totalled £2.61 bn. Monthly figures also fell, in
September they were a net £470, 7m, the second lowest figure
this year, down from August's net sales of £767. 1m.
However, net sales of unit trusts for the year are still higher at
£7.1 5bn than for the same period last year when they amounted
to £6.95bn. Last year the unit trust industry attracted a record
£9.14bn of net investment
Bonds stir the markets
Wall Street had been expecting it for same time, but when the yield
on the 30-year US government bond closed above 8 per cent for the
first time In 2 Viz years on Monday night, it sent a shudder through
financial markets. Bond prices have been fafilng - and
correspondingly, yields rising - since late last year.
Lazard offer goes flat
Lazard Investors this week abandoned its planned launch of an
investment trust specialising in regional brewers. The offer for Lazard
Brewers Investment Trust failed to attract the minimum £50m the
fund managers had hoped for. The collapse was blamed on poor
market conditions, rather than the concept behind the fund. The trust
had agreed to buy a £27m portfolio of shares in regional brewers
from brewing giant Whitbread, but this deal has been cancelled.
Gracechurch action group
Dtesatfcsffed investors in the Gracechurch BES Companies may like to
know that Gordon Leighton, chartered accountants, are organising
an action group. (Far more information, contact Andrew White on
071 935 5737.)
This loan-back business expansion scheme, launched by Barclays
de Zoete Wedd in March 1993 was, aiong with National
Westminster's Homeshare scheme, caught by the Budget
announcement banning such schemes.
Investors in the BZW scheme who expected a tax-free return of 14
per cent after six months, have been offered 5 pa- cent after 18
months or have been locked in for five years.
Small companies lose ground
q—aiiar company shares reversed tire previous week's gains last
week The Hoare Gcvett Smaller Companies Index (capital gains
version) fell 1.1 per cent to 1594.24 over the week to October 27.
Me n* week’s family finance
im usance bonds come in a bewildering variety of forms. We explain
Sttwrall work and how to make sure you don t get sold
something totally unsuitable.
Wall Street
Stop worrying and love
Dow Jones Industrial Average
3,600 > 1 1 1
•JuJ Aug Sep Oct
1004
T he US economy keeps
moving along at an
impressive clip, but
Wall Street remains
as unsure as ever in the face of
the economic recovery and
does not know whether to love
it or loathe it
This week, the markets
passed the first four days in an
uneasy limbo, with traders
and investors spending too
much of their time worrying
about what Friday’s third
quarter gross domestic prod-
uct report would say about the
pace of economic growth, and
what It would mean for mone-
tary policy and interest rates,
and not enough time concen-
trating on the positive funda-
mentals underpinning share
prices - such as robust corpo-
rate earnings.
When the GDP report came
oat just before the markets
opened yesterday, the news
seemed bad. Bad. that is, to
anyone worried about exces-
sive economic growth. Accord-
ing to the Commerce depart-
ment, GDP rose 3.4 per cent In
the third quarter, a slowdown
from the 4.1 per cent growth
rate of the second quarter, but
still considerably stronger
than Wall Street had been
J eremy Lancaster, who
has turned Wolseley into
the biggest supplier of
heating and plumbing
equipment in the world, is
frank about his pessimism.
"I’m just not an optimistic
guy," he said, after announcing
yet another set of record
results on Tuesday.
However, after 20 odd years
the City is beginning to catch
on to his downbeat manner.
Pre-tax profits for the year to
July 31 name in at £202. 3m, at
the top end of analysts' expec-
tation s. This was 67 per cent
up from the previous year,
when Wolseley surprised the
City with profits of £121.1m -
well ahead of the top forecast
of Eiism.
The results are remarkable
enough, given the recession.
Even more remarkable is the
latest earning s per share figure
of 50.77p, up from 33.60p for
1993 and 37 per cent ahead of
the previous record EPS of 37p
in 1990. The growth has come
from across the group's
operations. "There hasn't been
a laggard amongst them," said
Lancaster.
Leading the field last year
was the US. where profits from
expecting. Forecasts had
ranged from GDP growth of
2.8 per cent to 3.0 per cent
The fact that the economy
was growing faster than antic-
ipated triggered some early
selling of bonds, on the
assumption that the data only
increased the chances that the
Federal Reserve would raise
interest rates when its policy-
making committee next gath-
ered in mid-November.
Although share prices did not
fall on the news, they did not
rise either, and no one in the
stock market was particularly
enthralled at the prospect of
yet more rate increases.
Consistency, however, has
never been one of the markets'
stronger points. Within half
an hour of the opening bell
yesterday, sentiment appeared
to have turned round com-
pletely. Bonds begun rallying,
in the process sending the
yield on the benchmark 30-
year back below 8 per cent
(On Monday, the 30-year yield
closed above 8 per cent for the
first time in two and a half
years, triggering an avalanche
of feverish commentary her-
alding the end of the world as
everyone knew it) Stocks took
off on an even more improba-
building distribution leapt
from £47m to £86 on turn-
over up from £i.21bn to
£L72hn. The first' full contribu-
tion from Erfa Lumber, bought
last September, was £13.5m.
Erb and Carolina Builders,
both timber distributors, have
been “on a roll for two years",
with 30 per cent annual sales
growth. But sales in the US
plumbing distribution
operations also improved
strongly, with Ferguson Enter-
prises 22 per cent ahead, Faxni-
ban Northwest 20 per cent and
Tamilian in California ahead
by more than 3 per cent and
back in the black.
“We have a reputation for
being extreme pessimists
which Fm happy with - but
even we do not think the US
will be too bad next year," Lan-
caster said, adding that the
rate of growth was likely to
slow down.
The improvement in Euro-
Souroo: FT Graphite
ble flight. By llam, the Dow
Jones Industrial Average was
up more than 40 points.
The roots of this remarkable
comeback were hidden in the
text of the third quarter GDP
report Although the headline
figure of 3.4 per cent growth
was disturbing, bond traders
and analysts liked what they
saw elsewhere in the data. The
implicit price deflator, a close-
ly-watched inflation indicator,
Wolseley
Share price relative to the
FT-SE-A All-Share Index
200
Sounw. FT Graphft#
pean building distribution was
not quite so dramatic, with
profits rising from £57.1m to
£81m on sales up from £lbn to
£i.i4bn. Of special interest was
Brossette, which managed to
maintain margins and lift sales
by more than 5 per cent in a
difficult French market
rose by only L6 per emit in the
quarter, down from 2.9 per
cent in the previous period.
Another inflation measure, the
fixed weight index, rose 2.7
per cent, which was also con-
siderably less than expected.
Then there was the data on
inventories, which showed
that companies rushed to
stock their shelves in the third
quarter to meet unexpectedly
strong consumer demand.
The successful export of the
Wolseley formula to France
bodes well for OAG. the big-
gest distributor of plumbing
supplies in Austria bought last
April for £56.9m.
Wolseley sounded warning
on the UK. although the
results were good, especially
The Bottom Line
Doom, gloom, record
Pre-tax profits
(Em)
250
the boom
Analysts said the subsequent
big jump in inventories - the
largest since 1984 - should be
offset in the fourth quarter
when businesses, their ware-
houses likely overflowing with
stock, place fewer orders for
manufactured goods.
There were other, less com-
pelling, statistics in the third
quarter GDP release which
also reassured the markets
that the economy was not
quite as buoyant as it seemed,
but the clear message from the
markets was that overall, the
report was nothing like as
unwelcome as it first seemed.
That did not mean, however,
that everyone could stop wor-
rying about another imminent
Fed rate Increase (following
the markets these days
requires a mind as agile as a
gazelle). No, there was nothing
in the GDP data to suggest the
Fed will not decide to tighten
policy again at its open mar-
ket committee meeting on
November 15. But there were
enough encouraging nuggets
of information in the figures
to suggest that the next Fed
rate rise may be the last for
some time.
The Fed would like to see
the economic growth rate
profits
since two-thirds of sales go
into the still-depressed repair
and maintenance market. The
British recovery was fragile,
and it was impossible to pro-
diet the housing market.
Margins in the US and UK
are near their peaks, however
which puts the onus on
increasing volumes and better
results from the manufactur-
ing side. Manufacturing sales
were ahead just 3 per cent at
£390.3m. yielding profits of
£36.6m, up 11 per cent.
The group believes expan-
sion is possible in all markets.
It went to the US in 19S2
because it was worried about
tbe prospects for expansion in
the UK. At the time it had an
UK outlets, which have grown
to 444; US outlets have risen
from 52 to 4lfi.
The balance sheet is strong,
with gearing of just over iu per
cent, so further acquisitions
are likely'. In June the group
reduced to a less potentially
inflationary 2.5 per cent.
Assuming that the Fed puts up
the federal rounds rate next
month by another half a per-
centage point (this is the con-
sensus among analysts on
Wall Streets), the central bank
will have raised short-term
rates this year from below 3
per cent to 5.25 per cent Over
the same period, long-term
interest rates will have risen
from 6.3 per cent to about 8
per cent
According to the optimists
who bought stocks and bonds
yesterday, these increases
should have tightened credit
conditions sufficiently to slow
the economy over the next
year to a growth rate with
which the Fed feels comfort-
able - say, 2.5 per cent It is a
neat scenario, too neat per-
haps. Bnt it at least gives Wall
Street some reason for opti-
mism as it enters what could
be a long, cold winter.
Patrick Harverson
Monday 3855 JO - 36.00
Tuesday 3850.59 - 04.71
Wednesday 3848.23 - 02.38
Thursday 3875.15 + 26.92
Friday
paid £2Sm for Calumet Hold-
ings of Chicago, a deal which It
believes has made it the
world's leading distributor of
professional photographic
equipment. Calumet is strong
in mail order, an expertise
Wolseley would like to transfer
to other parts of the group.
The City is looking for fur-
ther growth, with profits fore-
cast at £240m and earnings At
around 58p. The shares, which
closed at 752p last Friday, fall
to 725p after the results' were
announced on Tuesday, partly
because the figures did not top
the forecasts. Bv the close yes-
terday they had more than
recovered the losses.
The question of succession
remains. Richard Ireland,
finance director, retires next
month .md will lx* irphiced by
Stove Webster, who joined ns
deputy finance director ut sum-
mer. Lancaster, ss. is widely
respected to retire in two years-
Perhaps that Is why he was sn
keen on Tuesday to pluy down
the importance of individuals
to the group’s jierfomumce,
and why most of the board
attended the results meetings-
David Blackwell
WEEKEND FT III
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994
\
ty»
FINANCE AND THE FAMILY: THE PENSIONS SCANDAL
How losers will be compensated
Debbie Harrison explains the ways you can now get redress if you switched wrongly to a personal plan
T he Securities and
Investments Board
- chief regulator of
the financial ser-
vices industry in
the UK - told insurance com-
panies and financial advisers
this week how to compensate
thousands of people who
incurred financial loss when
they gave up company pension
scheme benefits in favour of a
personal pension plan. SIB
identified three groups which
may qualify for compensation:
■ Pension transfers - people
who transferred company pen-
sion benefits to a personal pen-
sion plan.
■ Opt-outs - employees who
left a company scheme to take
out a personal plan.
■ Non-joiners - employees
who did not join a company
scheme because they were sold
a personal plan.
Each group is divided into
priority and non-priority cases.
If yours is a priority case, it
will be reviewed automatically
within two years by the organi-
sation responsible for the sale.
If poor advice is proved, the
organisation must follow SIB’s
rules on calculating and pay-
ing compensatiorL
The provider or adviser must
set out compensation details in
a “letter of redress". Under
SIB’s guidelines, you could be
reinstated in your former com-
pany scheme or receive a
top-up to your personal plan.
Either way. the compensation
should return you to a position
equivalent to the one in which
you were before you took out
the personal plan.
SIB has legal power under
the Financial Services Act 1986
to enforce its rules and will
monitor the system closely.
But your case will not be con-
sidered for compensation if:
1. You were self-employed
when you took out a personal
plan.
2. Your employer did not
have an occupational scheme.
3. You were advised to trans-
fer, opt out or not join before
April 29 1988 when the Finan-
cial Services Act began.
4. Your complaint relates
solely to investment perfor-
mance.
If you-are not on the priority
list but think you have a Justi-
fied complaint, you should
write to the organisation that
The persona] pensions scandal was revealed
in December 1993. That was when the
Securities and Investments Board (SIB), the
chief Ctty regulator, repotted that only 10
per cent of employees urged to transfer
company pension benefits to a personal
plan were given good advice.
StB’s finding was based on research by
acco unta n t KPMQ Peat Marwick, which
examined 735 cases of opt-outs from
company schemes over 2% years. The
advice given by the Insurance salesmen and
independent advisers, on which the sales
were based showed an almost uniform
failure to comply wHh rules set by the
regulators.
More than 5m personal pensions have
been sold since they became available in
July 1988. Life offices paid their own agents
and Independent advisers large
C om m issions to aefl the product, and took a
further cut themselves to cover
administration and investment charges. All
these deductions came out of the
employees’ pension pot
As a general rule, company schemes offer
much better value than personal p lans
because the level of pension Is gu aran te e d
and Is linked to the member's feral salary.
Annual pension increases may also be
guaranteed, as are death and cftsabHJty
pensions.
With a personal pension, the investment
risk rests with the individual; there are no
guarantees on what the pension wS be
worth, and any extra Insurance cover must
be paid for separately. Moreover, emp l oye r s
usually make a substantial contribution to
the company scheme but rarely contribute
to an employee’s Endtvtdual plan. (See page
IX for how to make the choice between '
personal plane and company schemes)
About a quarter of the transfers examined
by KPMG came from local government and
the public sector, which run some of the
best schemes In the country. These offer
index-linked pensions and penalty-free
transfer s , provided an emp lo yee change s
Job within the public sector. Many teachers
and nurses were among the unwitting
victims (see right).
Which priority group do you fall into?
Pension opt-outs
By which most <
ought to be reviewed
Pension transfers
ITBW?
By which most eases
ought to be reviewed
Priority group 1
People who era reUredfepoutes or dependarts ot people who have died
People who left an employer'a scheme, awe aged 35 or over at the Uma they
took out epenonal pension and who am stifi with the same enployer
31 December
1995
Priority group i
Men ewe 55 at the time o(
transfer
Women over SO at die una
31 December
1995
Priority group 2
People who deeded notto join an employer's pension scheme, warn aged 35
or over at the time they took our a personal pension, era paytog ttielr own
money two a paraonat pension and -aha are «B with the sane employer
People who tew retired
Spouses and dependants of
people who ham died
30 June 1996
People who left mi employer's pennon schsme, ware under 35 si tha time
thay took out a paraonat pension, am paying their own money Into a personal
pension and who are sdl ritti the same employer
-
Priority group 2
:
54 «Uhe tana at ranter
Women agad between 45
ax! 49 at the time ol transfer
Priority group 3
People who left an enptoyat's pension scheme, were aged 35 or over at the time
they took on a peraonai petition and v*» am no longer with tha same employer
31 December
1996
31 December
1996
Sauce: Soarttaa and Investments Borad
sold you the personal pension,
setting out the relevant details.
Where individuals complain,
SIB has asked organisations to
review the case within two
years of the request.
The whole process - from
identifying those who have lost
out, to paying compensation -
is complex and time-consum-
ing. The following guide,
together with the diagram
showing priority cases, could
Tipip you through the maze.
PENSION TRANSFERS
Total number of cases:
600,000.
Priority cases: 100.000.
Number expected to receive
compensation*: 20,000.
Average compensation per
case*: £2,500.
Priority cases: These are
split into two groups of older
employees, since these face the
most immediate HifHmlriPs in
the run-up to retirement The
first group includes men over
55 and women over 50 at the
time of transfer; those who
have retired already; and the
spouses and dependants of peo-
ple who have died. These cases
will be reviewed automatically
by December 31 1995.
The second group includes
men between 50 and 54 and
women between 45 and 49 at
the time of transfer. These
cases will be reviewed auto-
matically by December 31 1986.
Comment: The number of
priority cases is small com-
pared with the total and, of
these, very few are expected to
be compensated. Mitchell PhU-
pott, director of independent
adviser Lexis Pensions Consul-
tants, says: “For many of these
cases, actuarial calculations
will show that prospective loss
has not occurred."
James Higgins, managing
director of independent adviser
Chamberlain de Broe, adds:
“Unfortunately, with the way
personal pensions are sold, the
client believes the transfer rep-
resents a simple choice
between two similar pension
arrangements. He probably did
not understand what guaran-
tees were given up, yet might
well have signed a statement
saying he did.”
PENSION OPT-OUTS
Total cases: 450,000.
Priority cases*: 150,000.
Number expected to receive
compensation: 250,000300,000.
Average compensation per
case*: £10.000.
NON-JOINERS
Total cases: im.
Priority cases: 60,000.
Priority cases: SIB assessed
the opt-outs and non-joiners
together in three priority
groups. The first includes (a)
people who are retired, and the
spouses or dependants of those
who have died, plus (b) people
who left an employer’s scheme,
were 35 or over at the time
they took out the personal
plan, and who are still with the
same employer. These cases
should be reviewed by Decem-
ber 31 1995.
Group 2 includes non-joiners
over 35 when they took out a
personal plan who are still
with, the same employer, plus
those who were under 35 when
they left the employer’s
scheme and who are still with
the same employer.
The latter group must be
paying contributions in addi-
tion to the National Insurance
rebate paid to employees' per-
sonal plans where they opt out
of the state earnings related
pension scheme (Serps). These
cases should be reviewed by
June 30 1996.
Group 3 includes people who
were over 35 when they left an
employer’s scheme and took
out a persona] pension (both
rebate-only and where extra
contributions are paid) and
who are no longer with the
same employer. These cases
must be reviewed by December
31 1996.
Where more information is
required on the employees’
pension options at the time of
the sale. SIB asked providers to
send questionnaires to priority
cases. These will go out early
next year.
Comment: Most people who
were advised to opt out of a
company scheme for a personal
pension in theory should
receive compensation because
personal pension benefits do
not match up to those offered
by most schemes. But Pfailpott
warns: “The logistics of identi-
fying opt-outs is enormous and
non-response will reduce sig-
nificantly the numbers com-
pensated."
Moreover, the priority cate-
gory includes only those who
are still with the same
employer. If you changed jobs
■einra* faking out the ppn cn q jil
plan - and an estimated 60 per
cent have done so - then you
are a non-priority case. Non-
joiners represent the most diffi-
cult category to assess and
experts believe few will be
compensated.
■ Sources of help. For advice,
telephone the Personal Invest-
ments Authority (PIA) pen-
sions unit on 071-417 7001; fox:
417 8100.
If you disagree with your
review, you can complain to
the relevant ombudsman or
arbitration scheme. The pro-
vider or adviser should explain
the appropriate complaints
procedure in the redress letter.
To get SIB’s fact sheet. The
Pension Transfer and Opt-Out
Review , send a large SAE to
Pensions Fact Sheet. P.O. Box
701. Basildon. Essex SS14 3FD.
•Source: Lexis Pension Consul-
tants.
■ Picking the right
pension - page IX
Sutoris- . . High Court writs have been issued
Travel Hinvttm
Mugged by salesmen
Mike Sutoris. a former teacher
who now works in local
government, got a multiple
mugging from personal
pension salesmen. The
National Union of Teachers
(NUT) has issued a High Court
writ against the life companies
involved.
The teachers’ scheme is one
of the best in the country in
terms of guaranteed benefits
anH annual pension increases.
For those who move within the
public sector and local
government, it is possible to
transfer the full value of
benefits.
Yet, Sutoris was advised in
November 1987 to leave and
start a retirement annuity
contract - the forerunner to
personal pensions - which
took effect from early 1988.
Later that year, he was advised
to transfer his seven years’
benefits out of the teachers'
scheme to a personal plan.
“No mention was made of
the guaranteed indexed
pension I was giving up and
the investment risks associated
with personal pensions,” he
said. “I didn't realise I would
lose out on the transfer - if I
had known. I would not have
gone ahead."
On the salesman’s advice, he
opted out of the state
earnings-related pension
scheme (Serps), and his rebates
of National Insurance
contributions were channelled
into a separate personal plan.
Later, he was sold three
more personal pensions to
increase his regular premium
polio* in tine with his salary
increases.
The NUT has a heavy
caseload of similar cases.
Debbie Smith, who works in
the legal department at the
union’s headquarters, sai±
“We have up to 100 complex
cases like Mike’s and our 10
regional offices have a similar
case-load. Over 50 different life
offices are involved.”
Time is running short for
some victims but the NUT has
taken steps to protect these
members. Smith explained:
“Where one of our members
was sold a personal pension in
1988, we have issued High
Court writs to protect them
against the six-year breach of
contract time limit"
Several other unions,
including the GMB, the miners
and the nurses, are
co-ordinating cases. If you
have not yet done anything
about your transfer, ask your
union if it will help.
D.H.
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FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBHR 1094
FINANCE AND THE FAMILY
The week ahead
Cost-cutting lifts BP
TUESDAY: British Petroleum
is expected to announce net
profits of about £360m when it
publishes third-quarter results.
Cost-cutting in recent years is
likely to leave it with a stron-
ger improvement than has
been achieved by its peers. The
chemicals division could bring
pleasant surprises, with a solid
performance in the US,
TUESDAY: Interim results
from Thames Water open the
water companies' reporting
season. The interims are expec-
ted to show an 8 per cent rise
in pre-tax profits, before excep-
tional. to £l4Sra.
Investors will be watching
two issues very closely in the
first results after the summer's
price review: first, the divi-
dend, forecast to show an 8 per
cent increase to Sp: and, sec-
ond, the performance of the
non-core businesses. A dose of
further bad news on the non-
core operation would not be
welc omed.
TUESDAY: Powerscreen Inter-
national, the Northern Ireland-
based manufacturer of screen-
ing and stone-crushing equip-
ment. is expected to report
interim pre-tax profits of £13m-
£14m, against £ 12.6m last year.
Analysts will be examining the
performance of Simplicity
Engineering and Ludlow-Say-
ior. two US businesses
acquired in February.
WEDNESDAY: BET, the busi-
ness services group, is expec-
ted to report pre-tax profits of
about £54m for the six months
to September, compared with
£47m. but the picture is
clouded by uncertainty over
the scale of further rationalisa-
tion costs. The group, which
over-expanded through acquisi-
tion in the 1980s, has recently
seen a couple of high-level
departures and analysts will
want reassurance that its
recent recovery remains on
course.
Specifically, there has been
little sign so far of the
"bolt-on" acquisitions which
BAT Industries
Share price relative to the
FT-SE-A All-Snare index
110 ■ ■ • — - —
John Clark, the chief execu-
tive, mooted in May,
WEDNESDAY/THURSDAY:
Interims from J. Sainsbury.
the UK’s largest food retailer
(Wednesday) and final results
from Kwik Save, the biggest
discount chain (Thursday),
should provide an insight into
the state of the grocery mar-
ket
Directors’ transactions
Ross boss sells 2m
DIRECTORS 1 SHARE TRANSACTIONS IN THEIR
OWN COMPANIES (LISTED & USM)
Company
Sector
Shares
Value
No of
directors
SALES
Elam
RetG
59,999
172.797
2*
Famell Bee
-...Drat
11,000
57,750
1
Independent Ins
Ins
150.000
373.500
1
Ropner
OivI
40.000
50,600
2
Ross Group
Dist
2.000.000
152.500
1
Sehtfes
EE&E
175.029
437.573
Steel Burnir Jcres.
30.000
33.000
l
Storm Group
283.101
31,141
1
Ttma Products ....
25.000
59.000
1
Watmoughs
PP&P
10.000
38.700
1
Weiherspcon
Brew
17,500
72.450
1
j Argos
..RetG
6^30
19.998
1
j Carpeinght pic -
..RetG
20.00C
45.400
1
| Garz'es (HIdgs)
...OthF
10.000
13.000
1
) Eurotunnel
_.Tran
5.650
12.969
2
| E/co
—OthF
200.000
360,000
1
i Fairway —
.PPSP
166.456
136.494
2
if
I
l
Eng
50.000
17,000
1
j Greenacre
....HUM
92.000
10.120
1
Group Dev —
-InvT
262,298
150.034
3
Hambro Countrywide
- Frop
60.000
25.800
T
INC CO
.. Prop
280.000
28.000
2
Independent ins
14.000
35,420
2
Weinwort Endowmnt
... IrtvT
20.000
21.000
1
..OthF
5.000
12,100
1
Mezzanine c&i Trust. —
-..InvT
10.000
28.800
1
Senior Engineering
. ..Eng
25.000
18.700
2
Taylor Woodrow —
.BCon
20.963
24.427
2
Town Centre -
... Prop
12,000
14.760
1
Utd Drug — — —
.... Hith
10.000
19,500
1
Wace Group
.PP&P
15.000
33,150
1
Wassail - —
.... Divl
20.000
58.000
1
Whatman
.... Eng
fi.000
31,640
1
TAKE-OVER BIDS AND MERGERS
Company
lyd faw
Vdueot
bid D«
ware-
Uvfior
ore*
before
tkl
Value
of hd
Cm#"
Pnccs n pener urleu oitweite ktoluieu
Altkgn Hume
55-
51
51
29 60
Andrews Sykes
85'
68
67
10.70
Attwooda
109
114
109
304.00
Date Electric
70’/."
72
60
16.00
Ptanttbrook t
17S-
173
165
193.00
Schotes t
250-
253
193
98.10
Towtea ;
275*
268
243
4.22
Trans World T
181
178
173
70.80
VSEL
1291
1394
1228
490.27
VSEL
1400-
1394
1323
532.00
ADted Group
Eure Hro ProL
Brawnlng-FUnis
TT Group
SCI
Hanson
London City
EMAP
Brit Aeroepaee
GEC
The sale by Ross Marks of 2m
shares in Ross Group, a distri-
bution company, comes after a
big drop in its share price. A
year ago, when the price was
around 20 p. we monitored con-
siderable director buying. But
Ross Group has had a wide
range of problems, most
recently in the technical divi-
sion.
□ The largest sale of the week
was at the Independent Insur-
ance Group where Sir Iain
Noble, a non-executive direc-
tor. sold 150,000 shares at 249p.
He retains more than 94.000.
The company has been on the
market since November 1993.
Over the past month, its share
price has underperformed by a
small margin relative to the
market.
G Storm Group, which is
involved in rights for cartoon-
style characters (or their cre-
ators). featured on this list last
month when managing direc-
tor James Clarke bought
175,000 shares on joining the
board. Most recently, Jerry
AIpcrt, the senior vice-presi-
dent in the US. sold stock at
lip - his entire holding.
Vivien MacDonald
The Inside Track
Pre-tax profit forecasts for
Sainsbury rang® from -^1° to
about E460m. with the ennsciv
sus at around E445nt - a" per
rent increase from n re-stated
E417m last year. Sales in tlw:
supermarket chain are expec-
ted to be up by about 7.5 per
cent, with little price inflation.
Forecasts for Kurils Save are
concentrated around £l30m. an
increase of only 3 pL'r cent
from last year's £ 126.1m. Tlw
group lias been affected by the
increased competition in the
market, which is eroding its
price advantage over the super-
stores. Analysts arc looking for
an increased interim dividend
of about 5.5p. against 4.9p last
time.
WEDNESDAY: BAT Industries
is expected to report an
increase of about 10 per cent in
third-quarter pre-tax profits
from last year's E453m. The
main growth will come from
US tobacco where BAT. along
with other producers, has
enjoyed a recovery from last
year's pricing traumas brought
bn by “Marlboro Friday”.
THURSDAY: Speculation over
the future of Boots’ pharma-
ceuticals division is expected
to overshadow sharply
improved interim figures from
the retailing and drugs group.
Although it is expected to
highlight an increase of about
33 per cent in first-half profits,
analysts are likely to focus on
the outcome of the company’s
year-long review of the drugs
business.
This was prompted by hist
year's withdrawal of the heart
drug Manoplax. which left a
gap in products under develop-
ment.
Boots' officials insist they
are under no pressure to sell
the business, which remains
both profitable and cash-gener-
ative. But rumours that dis-
posal was the favoured choice
were heightened earlier this
year when the company issued
a confidential sales memoran-
dum for potential bidders.
While confirming that it is in
discussions with a number of
companies, the group remains
coy about its intentions -
partly to avoid rousing fears of
a possible withdrawal from
Nottingham, where the phar-
maceuticals division Is based.
Meanwhile, interim pre-tax
profits are forecast to have
risen from £l74.6m to about
£233m, although last year's fig-
ures were depressed by £35m of
charges. The chemists’ chain,
however, is expected to remain
the most profitable division.
Value expressed in EOOCs. Tfta lot ccn tarns all transactions, todudng the exercise of
aptiORS H if iffiJ^o suPceoueruly sold, with a value over £10.000 information released by
the Stock Exchange 17-21 OacCer 1994.
Source: Dkectus Ltd. The Inside Track. Edinburgh
RESULTS DUE
Dividend (p)
Company
Artncmni
Lott year
This year
Sector
due
tot
Final
tot
FINAL DIVIDENDS
BaBway _ . —
BSC
Wednesday
4.0
8j0
2-2
Breadgoto Inv T«
InTr
Wednesday
-
1.8
Edinburgh Inca Tst
InTr
Monday
-
-
Eurontofley PubBcatkxis
Med
Thursday
105
27.5
1X0
Homing Chinese Inv Tst
InTr
Monday
-
-
-
Frederick Cooper —
Eng
Wednesday
0.7
15
08
Ind Comm & Da La —
SpSv
Monday
-
-
-
Kwtk Sava Group
ReFd
Thursday
5.4
12B
5.75
Lowtand Inv Co — ..-
InTV
Monday
3-2
5.8
X3
MMT Computing
SpSv
Thursday
-
-
On Demand Info
Med
Wednesday
-
-
-
Scottteli Natl Tst
InTr
Tuesday
-
-
-
Smart (J) Contraction —
B&C
Thursday
2-3
6-2
23
Usbome Pks ._
4=dMa
Thursday
02
0.4
-
1HTER1M HVIDEKDS
Abtrusf New 77n»l fT
_Mr
Monday
-
1.0
Anglo St Jnmea . — __
Prop
Monday
-
BAT InduP trlM .
Too
Wednesday*
-
-
BP CO _. -
041
Tuesday*
2.5
-
Banner Homes Group
esc
Fnday
-
1.0
Bertam HWgs
OtSv
Monday
-
2-5
Beverley Group
n/a
Monday
-
-
Boots Co
-FteGn
Thursday
43
10.1
Burtonwood Brewery —
-.Brew
Friday
0.7
43
CampboS & Armstrong _
B4C
Monday
-
-
Capital Gearing Tst
—InTr
Tuesday
0.43
Cah&i 3si8 .
. HKh
Tuesday
-
Cook (WlT&tmJ ...
Eng
Friday
ZJ>
5.0
Danka Butinasa Sysloum
F^FF
Monday
0.75
0.75
Fall-briar .
B&C
Monday
. -
Finsbury Tat
InTr
Thursday
12
2-0
QBE tod -
Eng
Monday
-
1J5
German Inv Tst _
Mr
Thursday
-
008
German Smaller Co's tov
— JnTr
Wednesday
1.4
Jr riiiyn Ism Co
InTr
Wednesday
.
Mezzanine Cap & Inc Tst
InTr
Wednesday
-
.
Newport hldgs
Prop
Monday
Northumbrian fine Foods
.FUMa
Monday
#
Ocoana Cons Co .
OtFn
Friday
OS
Panffior Securities
prop
Monday
-
Powerscreen tad
Eng
Tuesday
2-0
5.3
Quadrant Group
LeH
Thursday
-
Rackwood Mineral HkJgs
ExU
Monday
Raglan Properties
- Prop
Thiasday
.
Raxmore _
Tent
Tuesday
IB
Rowe Brans inv _ _.
OtSv
Monday
Sate land -
Prop
Tuesday
0A
0.79
Sainsbury (J)
ReFd
Wednesday
3.0
Schroder Korea Fund _
InTr
Tuesday
So ton Healthcare Group
Htth
Ttusdoy
1.9
Slam Selective Growth ._
InTr
Tuesday
St Oavisifs inv Tst
InTr
Monday
TB1 .
... — -Prop
Friday
_
WIT
Tuesday
7.4
Toys & Company
Text
Monday
Westbury _..
B&C
Tuesday
1.75
33
‘DnMerds are Jlwwn net
pence per share and are adjusted (or any
rnpona awj accounts are not nonruffiy oualaHe unU about 6 weeks after ih* hnnrri
approve prenmnary results. U 1st ouwwriy. 4 2nd duartoriy. 4 3ro Ouari^ty
■M ctw onw far caput m lam Mt l uncamuqwL -Bom .
l3W n" H-iofli Dhm 1
PRELIMINARY RESULTS
Year
Pro- tax
prefit
Earning**
per stare
DMdends-
per stare
Company
Sector
to
(C000)
(P>
(Pi
Air London
Tran
Jri
726
(E4ffl
35
0.5)
(I
BM Group
Erg
Jun
71500 L
tUi.OOQU
-
H
-
1-1
Bridport Gundry
Text
Jul
753
(1621
616
(0.84)
30
(2.5)
Bute
OE
Junt
1350 L
(1570 U
-
H
H
CentroGoid
liH
Jul
4.030
(2.7201
73
(5.63)
2.4
CO)
DY Davies
Prop
Apr
56 L
(733 U
-
(-)
(4
EsMotRontoi*
ReGn
Jul
1.410
11fl90l
805
^241
4J
05)
Herring Japanese Inv
InTr
SepT
260.7
(245 ?1
oxa
(0.48)
-
(0 45)
1AWS Group
FdMa
AugT
1X800
(10.100)
2.415
fT.1)
-
<4
London 4 St Lawrence
InTr
Augf
180.4
(175X71
3.86
14.39)
dj>4
(-1
Mafedta Investments
InTr
Sept
227.0
(22101
5fiJ
15 33
525
(5.ffl
McKechris
Ervj
Jri
35-300
C4500)
27.1
121.4)
14 75
(14 75)
Preasac
0K
Jli
2J210
11^50)
5^
(4-861
2.33
(2.57)
Soottigh Metro Prop
Prop
Aug
IfJOO
C.780 U
8.82
t-i
20
\1S>
Sunset & Vine
Med
Jui
1 JQ20
(1081
12.1
I'J)
40
(351
Trace Computers
SpSv
Mdy
410
<2111
2X3
(1.1)
1.5
<1.43
UDO Holdings
OtSv
jul
4510
0.7301
11.38
099)
8.0
172)
Wolsatey
SdMa
Jli
202X00
(121.10Q
50.77
P3.ee*
18.72
(13 JO)
INTERIM STATEMENTS
Inlertrn
HM-yeor
Pro- lax profit
dMdends*
Company
Sector to
(fiood)
per state (p)
AAF Industries
Stacks Leistie
Boxmoro Ml
Bourne Bid Props
Bradford Prop Tst
British Arrar Fikn
Broadcast
Corrira-Cycflcai
Country Cantata
Culm's HoUngs
EFG
Edinburgh hw Tst
B Ore MMig
B Quo Expl Co
Fleming Cord Euro
Fleming Euro FMgtig
Flying Fl owers
Gartmora British Inc
Gerard A National
Gieveg Group
Guartflan Ueda Grp
Hurting
ICI
US Smafier Co's Tst
ittheape Estates
Lap Group
London & Metropolitan
MUand 4 Scot Res
Mow Bras
Ocean wasons
Olives Property
Scottish Mt0B & Tst
Shi oh
EngV
ReGn
PP&P
Prop
Prop
OtFn
OtFn
InTr
ftGn
ReFd
OtStf
Mr
OtFn
OtFn
Mr
Mr
ReGn
Mr
OtFn
ReGn
n/a
Eng
Chem
Mr
n/a
SpSv
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OE
ReGn
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Mr
Tea
Jri
6370
(11,000 u
.
Aug
53 L
1638)
0.75
Jui
3.750
(2,720)
U75
Jun
231
(145 U
05
Oct
12.300
(17,500)
3 2
Jri
675
PIS)
4.8
Jui
121
(224)
05
Sep
311
(506)
2.25
Juf
t.490L
11171
1H1
Aug
114
(IS)
.
Jul
615
l«W)
-
Sept
326 6
(3114)11
3.05
Jun
1.040
(92 7)
.
Jui
766
(751)
Sept
324 1
1321 B)
.
Sect
1C2
(98 J)
Sep>
267
M)
Sept
730
094 9
182
Sep
14.400
(JO. 400?
80
Jul
518
(3371
05
Oct
18,700
(11.500)
.
Jun
13.SOO
(17.700)
48
Sep4
1J1JXJ0
(72.C001
Sept
120.11
(116318
10
Jun
6260 L
11.840)
Jun
9.660 L
(5.050 U
-
Jun
2.140 L
13.450)
Jui
7.1 BO L
119,500 U
Jul
1.920
)K5)
Ad
Jun
2.280
(3J3TO
10
Jui
224
1/201
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2JS6
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Apolo Metals la to mu* up to 11m sharos on .1 3 ■ 5 haw J .-.v
BuDers Is to raise about Cl 3m vu a nghts issue
Preaeac a to raee £3 75m va a I - 2 iS 85p n^irs i-.tue of 12 3m Staten.
^ffehs for sale, placihcs & INTROmurm*
^ J tteiw) and OPW tftr.
ftja^htoraseOtodaapUanpan Ctffarof ?«ir.n show « ^ |*«ur
&«Wan is |q rase Cttn M a plxing.
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tareeiect is cmwig to mo moriat waa E?7m u«,w
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X
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994 ★
FINANCE AND THE FAMILY
WEEKEND FT V
More power to the people
David Lascelles on the £186m payout to shareholders by East Midlands Electricity
S hareholders in East
Midlands Electricity
will be celebrating
Christmas early this
year, and other electricity com-
pany shareholders could be
joining them. On Monday, East
Midlands announced a special
interim dividend of £186m, or
85p a share. Since the average
shareholder owns 200, this wOl
produce a cheque for £170 some
time towards the end of
November.
Like the share buy-backs
that other utilities have
announced in recent weeks.
East Midlands' sudden, generos-
ity was prompted partly by the
embarrassingly large amount
of cash it has accumulated
since privatisation and partly
by a fear that Kenneth Clarke,
the Chancellor of the Exche-
quer, might try to get Ms
hands on it when he brings
down the Budget next month.
For a number of reasons,
East Midlands thought the spe-
cial dividend was a better way
of getting this cash to share-
holders than buying in shares.
According to chairman Nigel
Rudd, it is fairer all the share-
holders get the cash, rather
than just those who are lucky
enough to be at the top of the
buy-tack queue.
It is also better for East Mid-
lands' staff who are saving up
to exercise options on shares at
a set price: it gives them a big-
ger profit when they exercise
the options.
The third reason is that
there is greater tax certainty:
the Inland Revenue has said
that the dividend will be
treated Like any other, and
those who qualify for a tax
credit will get it In the case of
a share buy-back, decisions are
UK electricity
FT-SE-A Electricity index
2,800
Souck FT QrapMto
made on a case-by-case basis.
The dividend was only half
the story, though. East Mid-
lands also it WHS
consolidating its shares on a
22~for-25 basis. This will offset
the value by which they might
be expected to fall to reflect
tbe amount of cash being
taken out of the company. So,
at the end of the day. the share
price should remain the same.
(At the moment they are ex-
special dividend and trading
well below their earlier price.
This will remain the case until
November 34 when sharehold-
ers are due to approve the
transaction).
In the long run. though.
Rudd says earnings per share
should benefit because the
company has become more-
highly geared because of the
pay-out, and its assets will be
working harder.
Analysts generally welcomed
the pay-out and cast around for
other possible candidates. The
obvious ones are Yorkshire
Electricity and Southern Elec-
tric, the only two regional elec-
tricity companies which have
not, so far, passed surplus cash
back to their shareholders.
Another possible is Eastern,
which did its buy-back before
the industry regulator intro-
duced new price formulas in
August which enabled compa-
nies to work out how much
surplus cash they would have.
The cash hand-outs may
have got the stock market
excited but they were not pop-
ular politically. East Midlands'
move brought angry protests
Grom consumer groups which
thought the money should go
to customers rather than
shareholders.
Labour's trade and industry
spokesman. Jack Cunningham,
also called for an inquiry into
“profiteering'’ and said; “East
Midlands' consumers have
been forced to pay 20 per cent
more for their electricity since
privatisation."
T ax-free - for now
A n investment offer-
ing unlimited tax-
free capital gains
from UK shares
might sound too good to be
troe. But a new issue from
Fidelity promises investors
precisely that
The equity index-linked loan
stock attached to the new
Fidelity Special Values invest-
ment trust is a low-cost instru-
ment. with a capital value that
will mirror exactly the ups
and downs or the FT-SE-A All-
Share index. Any capital gains
are not taxable.
The loan stock makes use of
tax legislation which treats
bonds issued by companies in
the same way as government
gilts, which are exempt from
capita] gains tax. The down-
side is that losses cannot be
offset against gains elsewhere.
Still, even index-linked gilts
only keep pace with the retail
price index, not with share
prices which, over time, have
tended to rise faster than
inflation (although, of course,
there is no guarantee of this).
If, at the rad of the Fidelity
stock's 10-year life, the All-
Share index has fallen below
its present level, investors wifi
get back less than they paid.
The stock will also pay
interest twice a year, set to
reflect the yield on the All-
Share index - now about 4 per
cent This income is taxable.
About half a dozen invest-
ment trusts have issued equity
index-linked loan stock, but
Fidelity appears to be the first
group to achieve this tax-ex-
empt status. Loan stock issued
by Fidelity European Values in
1991 and in January this year
also has the same tax status.
Stocks issued by other trusts
have not met the exact criteria
to be defined, as both qualify-
ing indexed securities and
qualifying corporate bands.
Stock issued by Scottish
American investment trust
for example, is classified as a
deep-gain security; this means
gains are taxed as income,
making it un attra c tiv e to pri-
vate investors. Broadgate’s
loan stock is classified as a
qualifying indexed security,
but does not have qualifying
corporate bond status. This
means investors’ gains are
taxed like equity gains: you
can use your capital gains tax
allowance and indexation, and
losses are allowable against
other capita] gains.
The position of the two
issues of index- linked loan
stock by Ivory & Sime trusts -
British Assets and Selective
Assets - has not yet been clar-
ified.
Yet, even tbe Issues which
are liable for capital gains tax
can be attractive to private
investors (particularly smaller
investors who do not use up
their annual capital gains tax
allowance) as they are
straightforward, index-track-
ing instruments and are lower
cost than index-tracker unit
trusts, which charge an
annual manag ement fee.
The new Fidelity issue is
also the first to be accessible
easily to private Investors;
previously, most issues of
index-linked loan stock have
been snapped up by large
institutions which manage
index-tracker funds. Tbe mini-
mum purchase of Fidelity's
loan stock Is £5,000.
If there is strong demand for
this issue, other fund manag-
ers are likely to come up with
similar products - but an
expanding market could
attract less welcome attention.
“It Is a loophole, whichever
way you look at It," said one
industry insider. The worry is
that such loopholes trad to be
closed smartly by tbe Inland
Revenue.
Bethan Hutton
The Financial Times plans to publish a Survey on
on Friday, January 20 , 1995
The attention of all those interested In assessing company
performance will be keenly focused on this special editon, which will
report on the International trends among the major industry leaders.
Uniquely, we list Europe's top 500 Companies In order of market
capitalisation, the one internationally comparable yardstick - and then
go on to provide comment and aniysls of the Companies by sector,
size and profitability.
The survey will similarly put the top 100 U.S. and Japanese
corporations under the microscope.
For a copy of our brochure, detailing the editorial content and advertising
options available, please contact one of the" FT 500' team:
Financial Times Ltd. One Southwark Bridge, London SE1 9HL.
Tel
Fax
+44 (0) 71
+44 (0) 71
Bill Castle:
873 3760
873 3062
Liz Vaughan
873 3472
873 3428
Cliff Crofts
873 3804
873 4336
Alan Cunningham
873 3206
873 3078
or contact your usual F.T. representative
FT Surveys
New issues
Investors are wary
W hat price new
issues? Despite
FT research,
published in
Thursday's paper,- showing an
adequate return from a major-
ity of this year’s stock market
debutants, adverse publicity
about a small but significant
number of new issues has
affected investor sentiment to
other flotations.
TLG, the holding company
for Thom lighting Group, this
week became tbe latest group
to unveil a lower valuation on
its shares than previously fore-
seen. TLG’s valuation of £205m
is mare than £20m below its
expectations just two weeks
ago when the pathfinder pro-
spectus was issued.
“They tried to come to the
market at I25p a share - lOp
higher than the actual price -
but the institutions wouldn't
wear it," said one analyst
Yet, the FT research - which
covered 85 issues between the
start of January and the end of
September, excluding invest-
ment trusts, Investment com-
panies, demergers and non-UK
businesses - showed new
issues outperforming the FT-
SE-A All-Share index by 0.8 per
cent Even where new issues
underperformed the market,
they often scored better
against their sector indices.
The survey also indicated
that the worst-performing
stocks were priced between the
tack end of 1993 and the first
quarter of 1994, a period when
the stock market was riding
high and optimism over the
scope of the recovery helped to
fuel expectations.
Low interest rates and inves-
tor demand for smaller compa-
nies geared to the recovery led
many private companies to
consider an earlier flotation.
The result was a flood of new
issues which ranged widely in
quality and were priced for the
most optimistic potential.
"There’s no doubt that
healthy cynicism has returned
again,” says Andrew Parry,
head of UK equities at fund
manager Baring Securities.
“The prices being put on new
issues are realistic."
This view was echoed by sev-
eral other fund managers -
indicating that many new
entrants desiring at least a
market rating will now have to
earn it.
As if to prove the point, deal-
ing began this week in Fil-
tronic Comtek, which also saw
its valuation expectations
reduced when its shares were
priced recently. They are being
traded at a 15 per cent pre-
mium to their Issue price.
Christopher Price
Morgan Grenfell.
UK Performance Tax-Free.
| U K EQUITY INCOME TR U S T>
•rV —
TOTAL RETURN ON 1 1 ,000*|
SINCE
LAUNCH
OVER S
YEARS
.MORGAN GRENTELL
UK EQUm INCOME
£2,179
£1,628
UK EQUin INCOME
SECTOR AVERAGE
£1,684
£1,300
Investors looking for an excellent invest-
ment opportunity should now he considering
the UK.
To capitalise hilly on the potential for
growth and income you need look no
further than the Morgan Grenfell Uk Equity
Income Unit Trust.
This remarkable UK Trust has delivered
consistently outstanding performance since its
launch on April 1 1 th 19SS. il ,000 invested
then would now he worth 79*, placing it
2nd out of S3 funds in the same sector.
What’s more , the returns from this Trust
can be ynura totally free of tax by investing in
the Morgan Grenfell UK Equity Income PEP .
UK - A GROWTH OPPORTUNITY
Wo believe that the prospects for the UK
economy an: now better than they haw beat
for many wars. Today, companies are leaner.
tougher and poised ra profit from a period of
steady , sustainable growth.
Don't mis the opportunity to benefit
from the UK’s growth potential with
Morgan Grenfell UK Equity Income Unit
Trust. For more details, talk to your
Independent Financial Adviser today.
Alternatively, return the coupon or telephone '
as now on 0800 282465.
To: Morgan Grenfell ImntnutU Funds Ltd..
JO Ftnsbury C trail. London EC2M IUT.
Pf tend me further deulli of the
Margin Grenfell UK Equhy Income Unit Trow &
Margin Giwtfell UK Equity Income Umi Tnw PEP.
t
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INVESCO-Discipline
nvt ■
fe-
P
TOP It E 7: Gregor Mvndcl, who founded the haiic Ijiri of I’L-net'ic'i.
A HOVt: Type of apparatus likely to h.ivc been me d hr ■Wort’.m, who proved Mendel's finding.
BELOW: kjthvrinv and/fvsica. identical twin*. Wh.it ^i-nm do they ■.h.iref
"-iVi vV:
3% FRONT END CHARGE
The scientific
approach
to investment
NO BACK END FEES
Science has led us lo find mays lo
manage our environment and create prosperity. Mendel,
through the observation of sweet peas, unlocked a
secret of plant behaviour and ultimately, the basic
laws of genetics.
Applied to crops, this has resulted in
high yielding strains with increased resilience to di>easc.
In a similar way. INVESCO applies
science to the management of funds, producing hybrids
that aim to contribute to our clients' prosperity.
Take our I UK Extra Income Fund I for
example. Through scientific management, it is possible
to receive an above average income while retaining
the potential for growth of your capital.
This requires a constant, objective
and scientific assessment of investment options.
We anticipate how well an investment
should perform by projecting its behaviour. If an
investment performs too poorly or indeed too well,
we analyse why. Unacceptable deviations from given
paiameiers are eliminated.
It is because we understand that our
clients’ long-term objectives are best met by consistent
results that each one of our investment judgements is
made on a scientific basis.
As one of the few global investment
specialists, we believe that research, analysis, measurement
and understanding must always be applied to investment.
We don’t believe in instinct alone,
because what we aim to do could affect your future
as profoundly as any scientific breakthrough.
If you'd like to know how INVESCO’s
scientific approach can benefit your long-term invest-,
ment objectives, please complete and post the coupon,
or call us free on 0800 010 333. Alternatively, contact
your Independent Financial Adviser.
INVESCO
The scientific approach to investment
RESEARCH
ANALYSIS
MEASUREMENT
UNDERSTANDING
Please send me more details on (tick as appropriate!:' □ UK EXTRA INCOME FUND □ INVESCO
S$nar*fe jf 3 i iM^Mrs^iss^l — .V— Ty- Initials ** "ft ; -
lidrel Mil-- IJX -g J--:m «£■ -*7
L tit
M
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. Posscodtf.
•*« m /2
Telephone
Please complete and post to INVESCO, FREEPOST. 71 Devonshire Square, London EC2B 277.
■\25lOl
INVESCO is the marketing name of INVESCO Fund Managers Ltd. The value of investments and any income from them can fall as well as rise and you may
not receive back the amount invested, particularly in the case of early withdrawal. INVESCO Fund Managers Ltd. is a member of IMRO, LAUTRO and AUTIF.
/
/
VI WEEKEND FT
★
INVESTMENT TRUST LAUNCH
We still do.
- EMERGING-
ECONOMIES
trijstMg- - “
As the frontiers of the developed world were
pushed outward a century ago. Scottish engineers and
entrepreneurs were at the forefront. They nor only
knew how, but also where and when.
And now the Scots at Murray Johnstone have decided
that the conditions are right for Murray Emerging
Economies Trust PLC (MEET!.
KNOW WHERE
MEET will principally invesr from Asia to Latin
America in rhe 25 countries contained in the
International Finance Corporation MFC) indices.
KNOW WHEN
Emerging market*' performance is shown below.
The figures speak lor themselves.
So far this year, emerging markets' performance
KNOW HOW
Six of our experienced fund managers currently
manage over £500 million in emerging markets.
Murray Smaller Markets Trust PLC. one of the trusts
managed by Murray Johnstone, had a third of its
:-v
assets invested in emerging markets at its last year
end and was the best performing trust in the A1TC
.:i International Capital Growth sector over 1.5 and 10
: years to 31/8/9**.*
• Murray Johnstone Ltd. FREEPOST, Dunoon. Argyte PA23 8QQ •
; Please send me the mini prospectus for M.E.E.T. •
iMr.-MrsMs - :
• «
? 5 Address - :
j Postcode FT29-13 •
hasn’t reflected the continued underlying economic
growth, and m-any emerging markets currently offer
good value. It /.i also e.\ peered fhar rh ere will be
continued strong corporate earnings per share
growth in emerging market countries.
.So, for further" information and ro register for thii
opportunity, contact your financial adviser, return
the coupon or call the number below, li is proposed
that the offer runs from 9th to 29th November.
/^LOC: ALL 0345 222 229
<. This advcnisemcni has been prepared and issued by Murray Jotumone lad r«i member of fMRQl fur the purposes of section y'of the Fnuncul Services Act 1 ‘Wli
Past performative a nor necessarily a guide to future performance, and the price of shares and ihe income from ihetn may fall as well as nse. ImeMore may nor
'■ gm bade the vnouni they originally invested. Vtmnu involve a high riegiee of searing so ilui a rciau'vdiy small movement m the pn« of shares may result in a
. dtspropoitiMiaarK- large msicmeiu. unfavourable as well as favourable, in the price of warrant*. Vo offer or Invitation lo requite xctinoev of Murray Fmeiiring
V. Economies Trust PLC is being node trow. Any such offer or Invuaiton will he made m a prospectus 10 be pubfehed tn due course and any such acqumiinn
should be made solely on the basis of infocnonon contained in such prospectus. Them is no guarantee ihu ihe market prcc nf shares in investment irusv will
;■ felly reflect ibelr underlying net asset value. Investors should he aware ihai the markets in which this misi will invest con be highly volatile, marketability of
^ quoted shares may be Lmiied. and changes in rales of etchings may cause ihe taJue uf invtstmeras 10 llucnuie. ”%<s Asset Value wtal rental wih net tlivKfcnds reint exoi
■■&■■■• t. ■. ;
MEDIOBANCA
SOCIETA PER AZIONI
PAID UP CAPITAL LIT. 47b BILLION - RESERVES LIT. 3.273.7 BILLION
HEAD OFFICE: VIA F1LODRAMMATIO 10. MILAN. ITALY
REGISTERED AS A BANK AND BANKING GROUP
The Company's Extraordinary and Ordinary Annual General Meeting, held in Milan on 28ih October 1994, adopted the following
BALANCE SHEET AS AT 30TH JUNE 1994
ASSETS
cash wn DFPOsrrs rtth central banks axo post
OFFICES
CO! ER.VVEVT AND tflUSI-COVERNVEVT SEO/KITIES
ELIGIBLE KOH REKIX VNCIXG AT CENTRAL BANKS
AMOUNTS WE ITIOW B.WKS
Deposits rrpsvahlr on (tenure)
•Silver aoreuiiu
Lk.
■130.8(j 1 .038.23 7
■368.0ri8J2TC.0T2
Itt A NS VNn ADVANCES TO CUSTOM ERS
Ln
r23.7fli.ns
:..A7fl.t/MJOinu3
O'Vi.QuajSOJuA
IH.824..V.2.ui.l.0H4
UtUT SECURITIES \Np OTHER FIXED-I.NTEREST SECURITIES
issued bn.
Public imei* 3n.na4JSbO.7D4
B«ri* ■W.OMUJl.BTC
■arf. ■«<! v^nnli*. IjI. lW2wi.5ll.rill
financial company-^ 2fl.nOO.iHKl.iWi
Other nwuer. lEL0S4JUU1.lt>
Epim INV ESTMKNTS
INVESTMENTS IN CROUP UNDERTAKINGS . .
TANGIBLE FINED ASSETS
othek Assrrrs
ACCHUED INCOME AND PREPAID EXPENSES:
Accrued mr«w
Prepaid ripnwv
ja4JM4.34'i.02.'!
32jm.53S.ll2
lt»7.lft9..'.:V73 1
2U>ll.7<n.lKt.O'in
4vtMnPi:Al7
33 flSH.338. Ul l
317 437.8«3.Snn
J7.W>l.M7.<Krl873
Lf ABILITIES
DEPOSITS FROM B ANKS:
Repayable on demand
Term depoau* and drpoaua mpavablr
dcr immT
CUSTOMER DEPOSITS.
KepjvaWe un demand .
Term dt-pouu ami depoailv npoviblr un-
der rorxe
DEBT SE-IURtTIES IX ISSUE.
Bend*
CcrTifeium of deputH
Ld.
t83.40T.7T2
3J82J3R28l.f>U
3.1 13.00h.60i
1 .282.333.Sb0
B-lOri. M0 222.100
iaKM.4l3.8l3.7Sn
OTHER LIABILITIES
ACCRUED EXPENSES AND DEFERRED INCOME;
AecrUr rl mperan
Orferred inr-wne ,
34bJsO.lt3.S22
*4.1 W.SIT.104
PROAISIOX FOR STAFF TERMINATION INDEMNITIES
PROVISION FOR T AXATION
CREDIT RISKS PROAISION
GFNERAL BANKING RISKS PHOAISION
SHAKE • .APTT.AL
SHARE PREMIUMS
LEG At. RESEKA K
STATLTORV RtStmES
RFA Ul aTK» RESERVE.-* .
RFTTAINFD EARMNCS
PHUFTT FOR THE NEAR
.1 J&f.TE 1 .bOTJWb
4.343J340.2S2
ia744_U4.iM3.S80
27hJCi.il2.'i M
44S.40ab40.T3l
2njll 6.033. R3B
22.A.0Sa088J!0T
m.o<Sjjar
SOOA30.OflO.OTO
4 76.000.000001 r
1. 330.000 JW0.M0
4ftPO«.ooo.ono
i.SISJUnViTiO.bflO
I4.b4fl.022.00fl
7nr.flj2.r3s
215.44K303.SU4
2T.bblA0T.402.RT3
A: Fjciracrdhiarv Qusiueu. u wna reMlted:
1. lo increaw ihe Compotlv \ share capilj] from Lit. 476 biUkm lo Lil. 5T6 billMn bv means of a riphtj issue IwtH uisling shareholdew 10 be debarred from ihcir rights under ihe fifth
paragraph of Arnrle 2441 of ihe Italian Ctvil Code I of 100 million urw ordinary sham »uli o like number uf Mediobancu ■imnii i<. subteribe (or a further 10 million diarrs. The
aJuivs till be aened al u price » be draenrnnnd show h beforr ihe offer m aceonfanre nab j pnfmg formal* appruied u :he Mrcriryt. The shares issued to holders of the »amnu
upon rvcrciwng ihe onmniis adl be priced al a premiuni of Lh. S00 per share over the price os w> deter m ine d:
2. lo mcreosc I he number of Dheetora lo iwenlv-onc.
.As Ordmoiy Bunncw il molted:
1. lo afloetUG Lil. <20 fnlhun lo the SlalulOrv Reserves;
2. ro pat a dividend of SiKr. ue.. Lil. 200 per share on all ihe Compaav'j 476 mi II ion sham ■.-unenilv in issue repmenibqt iiv share capital <J Lil. 4Tfr Ulkm.
The dividend oft jL 200 per share will be payable as from ITlh November 1944 upon surrender or Coupon No- 10 at ihe Company’s OfBrrs. Vis Filodrammaiici 10. Milan, and
al Branches in Italy of Banco Caramcrriair lufiatsa. Banco d! Roma. Crnliia lidusc. and oho at Msslf Tildi in swprd of 4 uih adnioigtered by it. under rtjrrrnf legal
regulations.
CHAMBERLAIN DE BROE LTD
Fee-based Financial Advisors
You do not have to give away your investments to avoid Inheritance Tax
You do not have to buy life assurance to avoid Inheritance Tax
Our new Tnhf ril qnr « > Tax Guide shows how to retain full control of your investments and reduce or even avoid inheritance Tax
For a FREE copy write fo:
Chamberlain De Broe Ltd, IS Brock Street, Bath, BA1 2LW
or telephone 0225 484242
Member of ihe FmMdel intermediaries Mutagen and Broken Regulatory A oociortm
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994
FINANCE AND THE FAMILY
The end of unit trusts?
Share-issuing Oeics could take over , says Scheherazade Daneshkhu
O eics - pronounced
the way a pig might
- are an unfamiliar
sound to the ears of
most unit trust investors but
that is set to change. If all goes
well, fund management groups
will be able to market Oeics, or
open-ended investment compa-
nies, from next summer.
These are described widely
as a “modern'’ type of unit
trust - the type unshackled by
ancient trust law which has
been a barrier to marketing
unit trusts to the rest of
Europe. But since Oeics have
been years in the making,
many fund management
groups have hopped offshore to
establish their marketing gate-
way to Europe from more con-
genial regulatory environ-
ments such as the Channel
Islands, Luxembourg and Dub-
lin.
Having done this, they may
choose to remain where they
are. And because Oeics will
have a different pricing struc-
ture from existing unit crusts,
it could be - initiall y, at least
- that their impact will be
greater at borne than abroad
by forcing changes on. the
structure of existing unit
trusts.
Final details on the structure
of Oeics are yet to be honed
but they will differ from unit
trusts in two significant ways.
They will issue shares instead
of units and they will have a
single pricing str u ct ur e instead
of the present dual system.
M Single pricing
At the moment, investors buy
units at the “offer" price and
sell at the lower “bid" price.
The difference between the
two, known as the bid-offer
spread, is often in the range of
7-S per cent although it can be
much higher.
Unit trusts have a dual pric-
ing system because their
underlying assets - the stocks
and shares which the fund
manager buys - also operate
on two different prices. But the
spread, on a unit trust is much
wider than that on stocks and
shares because it includes the
initial charge - the manager’s
sales levy, which is usually
between 5 and 6 per cent - as
well as stamp duty and broker-
age.
Under single pricing, an
investor would pay the same
figure no matter whether he
wanted to buy or sell units -
probably, mid-way between the
bid and offer prices. Stamp
duty would be payable on top
and the manager would quote
the initial charge separately.
The annual management fee
would, as at present, be stated
separately.
Yet. Jeremy BurchllL compli-
ance officer at M&G, the larg-
est unit trust group, is con-
cerned about the viability of
the modem and the old living
side by side. “Since Oeics will
have single pricing and will be
sold to private investors. I
think it is undesirable for the
two different types of pricing
to exist." he says.
Many in the industry expect
single pricing for Oeics to
result in single pricing for unit
trusts as well. Some even
believe that Oeics represent
the demise of the unit trust.
One said: “In a few years, we
will be wondering what a unit
trust was."
Further steps are being
taken along the path to deregu-
lation. From Tuesday, newspa-
pers - including the Financial
Times - will not be publishing
the "cancellation'’ price, the
lowest level at which a com-
pany will buy back units from
an investor. This is used
mostlv bv institutions which
buy and sell units in far
greater numbers than private
individuals.
More importantly, unit
trusts will be able to impose
exit charges on their funds.
Because of a quirk in the rules
they have, until now. been able
to do this only on unit trusts
sold within a personal equity
plan.
This flexibility has been used
most effectively by MtfcC* in the
marketing of its Managed
Income Pep. which attracted
around £500m within six
months of its launch in Janu-
ary.
With this Pep. M&G elimi-
nated altogether the initial
charge but introduced five-year
withdrawal charges instead.
Philip Wariand. director-gen-
eral of the Association of Unit
TYust and Investment Funds,
says: "We are likely to see
more price competition as com-
panies take advantage of
greater pricing liberalisation."
This should be good news for
private investors, but it also
means they should be careful
not to be swayed by the pricing
structure on a fund but to
choose a trust - or, indeed, an
Oelc - based on their needs
and the management compa-
ny's performance record.
NEW INVESTMENT TRUST LAUNCHES
— Taiwan — — Outskta P6» tnstte pep —
Issue Mnimun Ueiraum Amun Mnunutn Annual
Sfle YleM PS> &n«tp Pnc» NAM tnwt Donga liML Change
Manager iTrigimej Setter Warrants an % Quaff SOwme P P t % t * Otto PwO
■ Fidelity Special Values
fi&tiy raeco 41416U
S.G. Wjrtwrg UK Growth 15 30* n/a Yes Yes tQOp 95.5p £1.000 0.95 Itfa n/a 19/tQW- 9/1 1/94
New twin lor Fiddir/s Special Situations unit trust, run try Anthony Bolton
■ Fleming Natural Resources
Femrag /on 2S2 83831
Caracve CommaKy & Enogy 15 25+ n/a No Yea lOOp 96p £2.000 0.9 n'a n/a i/t 1,94-23/1 iw
Trust win mves: m commodity and energy companies worldwide. Shan life of 2'.c-5 years.
■ Foreign A Colonial 1 mer g i n g Markets
Foreign & Cttrial I3H 62S 3000)
Craft Lyonnais Laing Emargmg MMs 15 100 n/a No Vos lOOp 95.5p £2.000 1.5% n/a n/a 2S/10/94-14/11/94
C -share issue from estah&shed emerging markets trust, ranked second m its sector over three years
■ litvesco Korea Trust
tmeses (OaOO 013333)
Ot Zhete & Sevan Far East ex Japan 1:5 30 n/a Ko Yes IDOp 96p £2.000 1% n/a n/a doses 2/11/94
C- share issue to raise new capiat far this three-year-old, £40m specialist trust
■ Murray Emerging Economies
Murray Johnstone (0345 222 2291
De Zbete & Sevan Bnarghg Mias 1:5 20an. n/a No Yes lOOp 05.5 £1,000 1.25* * f 4 n/a 9/1 >,94-29/11/91
Investing in real emerging markets - India. China. Brazil, Hungary etc - not “gateways" Iflte Hong Kong or Vienna
NEW UNIT TRUST LAUNCHES
Taipei Fun Savings - Charges outside PS* - mwaum - Charges Iraida PEP - MMmwii — — Soeoa «fcr — - —
MO PEP Schamas MSN Annual Other tewt Inttal annual Other tewt. Dtsount Period
Manager /Tetepnmi Sector % dual Aval *4 £**%£%
■ Global Growth Pop Fund
Matin Curie (0800 833776) International Growth 1 Yes Yes 525 1.5 No £1.000 5J5 1.5 No £1.000 * 17/10/94-5/11/94
launched to attract the Pep market this Is more UK and Europe-oriented than the company's International growth fund, ranked U of 115 funds over 5 years
4 2 pere a- rage ac-ir gacaoj Mr braaaw t fU h n < r»g ton amarPop schomoa
Savings
rates up
at last
The long-awaited rise in
variable savings rates,
following the increase in base
rates on September 12, has
only now started to come
through. That from the
Halifax, which took effect
from October 21, was 0.35 of a
percentage point on most
accounts.
Compared with the rest of
the industry, this seems fair.
Bearing in mind, however, the
millions of pounds the Halifax
most have sawed by its delay,
it would have been hoped that
the rise could have matched
the increase the society made
to its borrowers' rate (0.46 of a
point).
Alliance & Leicester,
Britannia and Leeds are the
major movers this week, but
their increases have not been
across the board and vary
from tier to tier. At least these
societies have moved. Many
have yet to react, taking the
view that, if the money fs still
coming in, there is no need to
raise rates. Credit most be
given to Barclays, which
increased rates to savers by
the full half percentage point
on September 12.
All savers need to keep a
wary eye on their investment
products. Even where new
rates have been announced,
some tiers have risen by only
0.05 of a point and savers
could do better elsewhere.
Fixed-rate products that
were quick to go up after the
base rate increase are also
beginning to fall, or be
withdrawn, as rumours of
another base rate rise subside.
Halifax has reduced rates on
its Guaranteed Reserve
account by half a percentage
point in recent weeks, and
market-leading rates from
Cheshire and Skipton have
been withdrawn. Guaranteed
income bonds are also on the
slide: the best is down again to
8 per cent net (10.66 per cent
gross).
Christine Bayliss,
Moneyfacts
HIGHEST RATES FOR YOUR MONEY
Notice/
Minimum
Rate
Ini
Account
Telephone
term
deposit
%
peld
MSTAKT ACCKSS A/ca
Confederation Bank
Liquidity
0438 744500
Instant
Cl 00
5-25*.
Yly
Manchester BS
Money-by-Maa
061 836 5545
Postal
n.ooo
5.80%
Yty
Skipton BS
3 High Street
0756 700511
Instant
C2.000
6.10%
Yly
Northern Rock BS
Go Direct
0500 505000
Instant
£20,000
6.65%
Yiy
NOTICE A/ca and BONDS
Northern Rock BS
Postal 60
0500 505000
60 DayP
£10. COO
6.7516
Yly
National Counties SS
Day
0372 742211
90 Day
£50.000
725%
Yly
Haifa* BS
Special Reserve
0422 333333
1 YrBnd
Cl 0.000
7.35%
OM
Chelsea BS
Four Year Fixed
0800 272505
31.12.98
£10,000
9.0Q%F
Yiy
MONTHLY nnilfiST
Britannia BS
Capital Trust
0538 391741
Postal
£2,000
5.70%
MJy
Confederation Bonk
Monthly Income
0438 744500
30 Day
£2,000
6£5%
Mly
Northern Rock BS
Postal 60
0500 505000
60 Day
£10,000
6.55%
Mty
Chelsea BS
Four Year Fixed
0800 272505
31.T2.98
CIO.OOO
8.65%F
wy
TESSA* (Tax Free)
Confederation Bank
0438 744500
5 Year
£8.900
9.00%F
Yiy
Market Hartwrwgfi BS
0856 463244
5 Year
£9.000
7.60%
Yiy
Hincktey a Rugby BS
0455 251234
5 Year
C3.00QA
7.50%
Yiy
Holmesdafe BS
0737 245716
5 Year
£1
7.40%
Y?
WOH HtTERgST CHEQUE A/oa |Qro»)
WooMch BS
Halifax BS
Chelsea BS
OFFSHORE ACCOUNTS (Gross)
Curent
Asset Reserve
Classic Postal
0800 400900
0422 335333
0800 717515
Instant
Instant
Instant
£500
£5.000
E2J500
£25.000
3.50%
4.85%
8.00%
6.35%
Yly
Qfy
Yly
Yiy
Woolwich Guernsey Ltd
Confederation Bonk Jersey
Derbyshire 0OM) Ltd
Yorkshire Guernsey Ltd
international
Flexible Inv
Ninety Day
Kay Extra
0481 715735
0534 008060
0624 663432
0431 710150
instant
60 Day
90 Day
180 Day
£500
£10.000
£10.000
£50.000
5.75%
6.30%
6.55%
7.30%
Yiy
’.Wiy
fly
Yiy
OUARAHTEED WCOW BOMBS [Hat)
AtG Life FN
AIG Ufa FN
Save & Prosper Group
General Portfaflo FN
Euraflfe
081 680 7173
081 680 7172
0600 282101
0279 462839
071 454 Q10S
1 Year
2 Year
3 Year
4 Year
5 Year
£15.000
C1S.000
£5.000
£10.000
£10.000
5.70%
645%
7.00%
6.80%
8.00%
Yly
Yly
Yty
Yly
Yiy
NATIONAL SAVINGS AJCa t BONDS (Gtom)
Investment A/C
Income Bonds
Capital Bonds i
First Option Bond
Pensioners GIB 2
NAT SAVWOS CamnCATBS (Tux Pr»»j "
1 Month
£20
5.25%G
Yiy
3 Month
£2.000
6.50%H
wy
S Year
£100
7.75%F
OM
12 Month
£1.000
6.40%F1
fly
5 Year
£500
7.5096F
wy
42nd Issue
6th Index Linked
5 Year
5 Year
C100
£100
SB5KF
3.00%F
OM
OM
Childrens Bond G
5 Year
C2S
♦tnlln
7.BS%F
0M
dwwsj aro oiiwwn uross. r = nxea Halo lAH other rates are variable! OM - ^ wuoi rowan mvw
By Post only. A= Feeder account required. G= 5.75 per cent on rsm- ft ITla,urrt V- Net Raw.
cent on £25.000 and above. 1= 6.80 per cent on £20.000 and aSJ £ 'll!
favMtment and Mortgage Rates. Laundry Lake. North Walshara 'nS' ^ MoolWv
introductory copy by phoning 0692 500 665. Figures compiled on: ^7 cSolKrIS? ° B0 - Rl ' Jd0ro ° b, ° ln
Who said your
business can't
and earn 4.00%
gross pa.?
Call 071-203 1550 during office hours or 24 hour fine 071 -626 0879
You can have 60 free
transactions per month,
and earn a high interest
rate on a minimum
deposit of £2001.
all 1 C D r R u S T.
- BANK r7rr“
l l ,.iliv 1 Li, 11,11 I U tv :U
mV-
y
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994
WEEKEND FT VII
FINANCE AND THE FAMILY
Stephen Harrington is a junior
manager m an ele&rcmScs firm
who earns £27,000 a year. Wife
Diana left her job four years
ago to bring up their children,
now aged two and six. Stephen
has no death-in-service benefits
and the only life cover they
have is a joint life endowment
policy covering their £40.000
mortgage. So what would
Diana need if Stephen was to
die now?
W hile this
might sound
a morbid
question,
financial
advisers deal with, such issues
every day. And such questions
are considered protective, not
morbid.
This week, I was invited -
along with five other Journal-
ists and a press officer - to
consider the life Industry’s per-
spective during a two^day
course for trainee sales agents
at Legal & General Sealed off
from the world in a converted
country residence at King-
swood. a village in Surrey, we
reviewed a range of subjects
including regulation, taxation,
mortgages, life assurance and
pensions.
When I decided bo attend the
course, I was sceptical; for the
industry has not earned a par-
ticularly trustworthy reputa-
tion in recent times. During
the past year alone, several life
offices - including L&G - have
been fined by Lautro, the
industry regulator, for a failure
to control their sales forces.
Learning the tricks of the trade
Ever wondered where financial advisers get their know-how? Motoko Rich goes on a training course
Then, too, there was this
week’s announcement of action
by the Securities and Invest-
ments Board over mis-selling
of personal pensions. So, tt has
been easy to wonder If training
methods have, at least in part,
been to blame for the indus-
try's problems.
Finally, as a potential con-
sumer, i wanted to see what
sales staff were taught to do
before trying to part people
from their money. Was it just a
big con?
It turned out that this was
not true. Equally, though, if
consumers do not have the
chance to attend such courses
- and most do not - they could
well be conned. For the baste
assumption of the entire L&G
course - and the industry - is
that ail the services an insur-
ance company offers do fulfil
genuine needs. This, most cer-
tainly, is not always the case.
This basic principle was
introduced at the outset of the
course. Mike, one of two ear-
nest trainers, launched it with
a session on “the need for
financial services". He asked
us to fill in the first of many
work sheets; this one Listed
financial commitments for
eight stages of life, signposted
by conventional institutions
such as home ownership, mar-
riage. children and retirement.
Managers
under the
microscope
John Cuthbert devises a new
way to measure performance
IffifA* by Investment category of ten top-selling
unit trust firms 1993
Group
name
Equity
core
MVA 96
Equity
MVA spec'lfst
fraction MVA %
MVA Bond
fraction MVA %
MVA
fraction
M&G
25
(4/16)
57.1
(4/7)
0
.(0/1)
Barclays Unicom
8.33
1)712)
125
(1/8)
100
(i/i)
Baring
333
m
66.7
(2/3)
0
(0/1)
F&C Hypo
0
(0 *)
100
(1/1)
n/a
n/a
Fidelity
40
(4/10)
50
(3/6)
0
mi
Gartmore
57.1
(4/7)
50
(376)
0
(0/1)
Legal & General
12.5
(1/8)
100
(2/2)
0
(<V3)
Mercury
30
(3/10)
0
(0/3)
0
(0/1)
Perpetual
75
(S/8)
100
(2/2)
n/a
n/a
Schroder
100
(5/5)
50
11 /2)
O
m.
ir»gnanent Orav MTua-adflad
Smtx Una flu* anw MM* by JP Cuhbert
I nvestors and financial
advisers are often
prompted to put their
money in a particular
unit trust by their perception
of the management group’s
overall performance. But there
is little evidence that unit trust
groups grow or dwindle as a
result of performance results
alone - perhaps because inves-
tors and advisers have no
authoritative source of infor-
mation about group perfor-
mance.
I have devised a simplistic
but easy-to-understand way of
looking at management group
performance. The method is
called Management Group
Vahie Added, or MVA.
First, 1 adjust the perfor-
mance of each of a group's
hinds for the riskiness of its
investment strategy. The MVA
U then the proportion of a
group’s ftinds whose risk-ad-
justed performance exceeds
that of an appropriate bench-
mark. It measures a group’s
ability to add value consis-
tently. A group with five
hinds, three of which exceeded
the performance benchmark
would, therefore, achieve an
MVA of 60 per cent
MVA measures uses perfor-
mance adjusted for risk
because most people agree that
it is almost impossible for a
manager to beat a benchmark
consistently. So, comparisons
with benchmarks, such as the
FT-SE-A All-Share index, are
powerful tests of performance.
MVA does have its draw-
backs, though. Benchmark
comparisons often can be
flawed If they are distorted by
"special" events: the effect of
the Japan market's long crash
on the Tokyo Stock Exchange
indices is a case in point.
And, where large numbers of
funds are involved, the MVA
percentage score might have as
much to do with a group’s
spread across a range of differ-
ent investment strategies, and
the Ukellhood of their outper-
formance at different stages of
the economic cycle, as it does
with managerial ability.
I have studied the MVA per-
formances of SS unit trust man-
agement groups; here are some
of the results. The smaller
table shows the overall MVA
scores (without taking speci-
alisation into account) of the
10 top-selling fund firms of last
year.
Column two shows the per-
centage results. Column three
shows the number of value-ad-
ding funds as a fraction of the
total number of funds surveyed
NIVA* of ten top-selling
unit trust firms 1993
Group
name
OvaraH MVA as
MVA % fraction
Perpetual
Schroder
Gartmore
Baring
Rdeflty
M&G
Legal & General
Mercury
F&C Hypo
Barclays Unicom
B0
(8/1Q)
75
(6/8)
50
(7/14)
39
(5/13)
36.8
(7/10)
33.3
(8/24)
23.1
(3/13)
21.4
(3/14)
10.7
(1/8)
14.3
(3/21)
MVA; mww&ra* group wfcw-wMm
Source: UK Trust Gnuy UUA by Jfi Cuthbert
within that group. MVA com-
parisons should always take
these two columns together.
This Is particularly impor-
tant in assessing Fidelity and
M&G; their large fund ranges
make comparisons with nar-
rower benchmarks a fairer
test. Barclays Unicorn, Legal
and General and Mercury also
have wide ranges, but remain
poor performers on either com-
parison.
The larger table allows for
specialisation by breaking
down the overall results for
these groups into narrower
investment categories.
M y complete study
(only part of
which is dis-
cussed here)
reveals that there are 14
groups with zero MVA and a
further 27 that have added
value on only one or two
funds.
The study also reveals that
the highest MVA scores are
produced by small to medium
sized firms such as Baillie Gif-
ford, Capel-Cure, Dunedin, Per-
petual. Schroder, St James and
Stewart Ivory. All of these
have cultivated independent,
distinctive management and
analytical cultures plus an
ability to keep good managers.
The most important finding
of all. however, is the revela-
tion that there is absolutely no
relationship between the value
of a group's funds under man-
agement and its MVA perfor-
mance. In other words, size
and reputation alone are no
guide to a firm's investment
abilities. . _
Among the top 10 fund firms
by size, for instance, there are
only two firms that have MVA
scores greater than the aver-
age. indeed, Standard Life,
until recently the largest man-
ager of unit trusts*, has an
MVA score of zero.
■ John Cuthbert is a freelance
investment analyst.
Then, we were asked to fill
in a column marked: “What
Could Go Wrong". From the
answers we provided, be urged
us to extrapolate the need for
countless financial products.
Throughout the course, the
trainers produced an overhead
projection slide of these life
stages with irritating regular-
ity. Woven in between factual
information about taxation,
social security benefits and
Industry regulation were refer-
ences to this “life line" and the
all-important need to provide
for each stage with products
from the financial services
Industry.
I n many cases, though,
the products they claimed
were crucial would sim-
ply be over-kill and.
moreover, a waste of money. It
is hard to believe, for example,
that a young person who is
earning but still living at home
needs to consider a life assur-
ance policy or critical illness
cover. Yet, from personal expe-
rience, I know that finanHa)
advisers try to target such,
groups.
The trainers were careful to
emphasise the requirement for
advisers to inform clients of
product risks and poor surren-
der yields. They also stressed
constantly the importance of a
“fact find" to determine a cli-
ent's legitimate needs. But
there was never any mention
of the fact that some of the
industry's products - such as
endowment policies - are now
considered inappropriate for
most people.
By using the life line as a
framework for determining cli-
ent needs, the course did not
take into account many
changes in society such as
increased periods of unemploy-
ment or multiple careers.
These do not fit very soundly
with most of the products
offered by insurance compa-
nies: namely, policies that
require regular premium pay-
ments over a long period. In
many ways, the training
course simply seemed out of
step with the times.
Nevertheless, the course was
reassuring in that the company
expected us to be familiar with
a broad range of topics. Prepa-
ration for the classroom por-
tion came in the form of a 400-
page manual, which we were
told to study for at least 40
hours. In my case, it was more
like 10.
A t the end of the
course, we took an
examination mod-
elled on the first
paper of the Chartered Insur-
ance institute’s* financial plan-
ning certificate (FPCll. At
L&G, the FPCi is the first hur-
dle all trainees must overcome
before proceeding to instruc-
tion in specific products, sales
skills and, ultimately, selling
itselL
"It is a relatively low-level
qualification," said Clive
Sanderson, divisional director
of examinations at the OIL
“But. nevertheless, it is very
thorough in that it does intro-
duce the regulatory situation
and generic products."
I passed L&G's mock exam
by the narrowest margin. But
it is slightly worrying that I
achieved this benchmark quali-
fication without a great deal of
conscientious effort - espe-
cially since Dick Evemy, L&G's
tr aining manager, said that “a
majority” of recruits who walk
through the doors of the train-
ing centre pass it. It is even
more worrying that indepen-
dent financial advisers - those
who are not tied to a particular
company - can sell on the
basis Of FPCI knowledge alone.
I would not want to give
financial planning advice to
anyone merely on the basis of
what I learned from the course.
This is not an adequate foun-
dation for giving professional
advice (although there is slight
relief In knowing that Lautro
requires all company represen-
tatives to have more training
before being allowed to
approach customers).
What I do believe, however,
is that it is the only adequate
basis for reaming professional
financial advice. Without it, or
some equivalent, I could easily
feel that I was being blinded by
jargon or concepts I did not
understand.
The Oil produces course
material for its FPC exams,
and although they are mar-
keted widely to industry sales
agents, any member of the
public is welcome to buy a
study pack far £40. It could be
the best financial investment
you make.
Regulators who are con-
cerned about investor protec-
tion should not only be con-
cerned with proper training of
the industry's sales force. They
should also put more effort
into informing the consumer.
Perhaps the new Personal
Investment Authority could
sponsor a course for customers
called "Let the Buyer Beware".
"The CII. 31 Hillcrcst Road,
South Woodford, London ElA
Tel: 071-606 3835.
What other
m
WjjP
all this?
The initial charge on the Schroder PEP has been reduced to 3% - now it will cost you
less lo invest in your PEP. There are no additional charges for unit trust PEPs apart
from the normal unit trust annual charges. And there are no exit charges.
FUND
PERFORMANCE
POSITION IN SECTOR
Schroder UK. Enterprise Fund*
+188%
1st out of 107
Schroder UK Equity Fund*
+3098%
1st out of 15
Schroder Income Fund*
+4156%
1st out of 9
Schroder Smaller Companies Fund*
+968%
2nd oat of 13
^ There is no initial charge if you transfer any existing PEPs to Schraders.
Our aim is to continue to provide you with consistently high returns. As one of the UK’s largest
investment management companies with ovcr£50bn under management globally, we have the resources
necessary to make well researched stock decisions across our wide range of PEP funds.
To request a brochure giving full information on the Schroder PEP, just cull us free or return the coupon
below. Alternatively, contact your usual Financial Adviser.
Can 0800 002 000
| To : S
I Pleas
To: Schroder Investment Management Limited, 00764 FREEPOST, London EC4B 4AX.
Please send me ray copy of the Schroder PEP information pack □ and information on free transfers. □
Name:
Address:
Postcode .
1
Past performance is not necessarily a guide lo the future Th« value or investments and the income from them may fluctuate anu cannot be guaranteed and investors
I may not get back: the amount originally invested. Tax concessions are subject to statutory change. Tire value of any tax relief depends on personal circumstances. I
I Schroder Investment Management Limited is a member of rMRO. Head Office and Registered Office: 33 Gutter Line, London EC-V 8AS. I
* Source: Micropat offer to hid with gross income reinvested since hunch tv24.i0.94. UK Enterprise Fund from 0I.O8.88 and from 02.iu.89 *90.2':;,. 2/1/7;
Smaller Companies Fund from 01.06. 79 umlfrom 02. 10.89 + i 1.6%, 32/53; Income u/id UK Equity Funds from 03.01. 72 t the earliest date for which
Micropul figures are available) and from 02. i 0.89 +63.90. 7193 and +65.6%. 1180 respectively.
Schroders
Schroder Investment Management
/ /
4f
VIII WEEKEND FT
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Tf
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INVESTORS
CHRONICLE
THE CITY INSIDE OUT
FINANCIAL TIMES WEEKEND OCTOBER >>/OC fORKR 3 » *‘'° 4
FINANCE AND THE FAMILY
Hot line to Opas
Calls to pension advisory service rise 20% in year
O ccupational pension
schemes got a bad
name after the Max-
well affair but,
given the excesses employed
by personal pension scheme
salesmen, the tables have
turned.
The number of inquiries ban-
died by the Occupational Pen-
sions Advisory Service, the
free state-assisted scheme to
help people resolve their pen-
sion problems, rose last year to
30.700 - a 20 per cent rise over
1992.
Chief executive Don Hall
stressed, however, that more
than 28,000 of these were minor
enquiries dealt with by a sim-
ple explanation. Difficult cases
needing detailed examination
actually fell by 4 per cent to
2397 - a tiny fraction of the
20m or so occupational pension
scheme members.
The most common problem
areas were unclear member-
ship conditions, early-leaver
benefits, early retirement and
scheme wind-ups. In many
cases, the problem was caused
by complicated language which
confused members.
Transfers remained the larg-
est single source of complaint.
In one case, an employee who
was made redundant asked for
details of his pension’s transfer
value. After a delay, his com-
pany said it would be worth
£4SjX10.
There was another delay
when the employee asked for it
to be transferred. He then
argued he had incurred invest-
ment loss. After Opas inter-
vened, the company agreed it
had been at fault and increased
the transfer value to £52,000.
Another major problem area
is insured schemes - those
administered by an Insurance
company - which tend to be
the preserve of small compa-
nies.
Brian MacMahon, the Opas
president, said proposals that
smaller company schemes
should be regulated less rigor-
ously than larger ones “does
not. in (our) experience, make
sense when so many of them
are apparently badly run".
Opas can also take enquiries
about personal pensions as
long as these are not connected
with their marketing or sale. ,
And it produces free leaflets j
designed to answer common
problems.
Scheherazade
Daneshkhu
■ Opas. u Belgrave Road, Lon-
don SlttV JJ?B. Tel 071-233
sosa
Annuities
People about to retire often
face having to decide whether
to take an escalating annuity,
which has a lower initial
income, or accept the higher
initial pension offered by a
level annuity, writes Peter
Quinton of the Annuity Bureau.
To avoid unfair advantage to
either, life companies struc-
ture level and escalating annu-
ities to pay out the same
amount in total gross income
should both run far their
expected durations.
Based on a life expectancy of
another 13 years, a man of 65
who opts for a 5 per cent esca-
lation rate will receive about
3d per cent less income in the
first year than if he had
bought a level annuity. This
can be seen by comparing the
annuity tables this week and
last in the Weekend FT. When
he reaches 73, he win be get-
ting more from the escalating
annuity than the level annu-
ity. By the time he is 79, he
will have received the same
gross income under both.
Naturally, those who buy an
escalating annuity and then
live beyond their normal life
expectancy will be much bet-
ter off than their level coun-
terparts. For every year lived
after this time, the gap
■ Top annuity rates
An annuity provides a guaranteed income tor Me m return tor a lump sum investment.
The huh of the fund butt up by many types o( pension plan must be used m this way
This week's table stows compulsory purchase ertnutty rotas. 7hese am used for small
company schemes m well as additional voluntary contribution lAVCl and free-9Uinc9ng
A VC [FSAVQ plana, among others. This week's rates Include mttatton-prooflng-
Escalating at 5% pa
Escalating at 5% pa
Mato age 55
Annuity (-0.4%)*
Female age 50
Annuity
RNPFN
£6,591 .96
Prudential
£5.302.56
Generali
£6.529.10
RNPFN
£5,263.44
Equitable Lite
£6/489.00
Generali
£5,166.83
Escalating at 5% pa
Escalating at 6% pa
Mato age 60
Annuity (+06%)*
Female age 60
Annuity (-1.111)’
RNPFN
£7.663.44
RNPFN
£6.643.20
Generali
£7,456.36
Prudential
£6.389.40
Equitable Life
£7.425.00
Generali
£6,325.38
Escalating at 3% pa
Escalating at 3% pa
Mato age 70
Annuity R&9%)'
Fetnato age 70
Annuity 1+1.611)’
RNPFN
£12.691.92
RNPFN
Cl 0,707.64
Canada Life
£11.665.36
Canada Lite
£9.992.64
Equitable Ufa
C1t.8l7.96
Equitable Life
£9.936.96
JOINT LIFE - 100% SPOUSE'S BENEFIT
Escalating at 5% pa
Escalating at 5% pa
Mato age 60
Male ago 85
Female age 57
Annuity (-3.0%)*
Female age 63
Annuity (-2-0° o)'
Prudential
£5,571.36
RNPFN
£6,435.46
RNPFN
£5,562.96
Prudential
Cd.26Q.04
Generali
"Month's movement
£5,461.81
Generali
£6.177.92
Payments are monthly in arrears, without a guarantee period. Rates are at October 25
199-1 Figures assume an annuty purchase price Of £100,000 and ore shown gross.
RNPFN annuities ore avertable only to nurses and allied workers.
Source: Annuity Bureau' ort -SCO J0M
between the total income
offered by the two annuity
types will continue to
increase. A joint life escalating
annuity will - even after the
buyer’s death - effectively
secure a spouse's income until
he or she also dies.
Names
get a
boost
Lloyd's Names do not need
reminding about the perils of
trading on the basis of
unlimited liability. This week.
Citibank unveiled an
innovative - but inevitably
complex - scheme that could
offer existing members of the
insurance market a way of
switching to limited liability
for future trading.
The scheme, drawn up in
conjunction with agents
representing Names' interests,
could prove attractive. And
while it would be impossible
to buy complete protection for
liabilities arising on policies
underwritten in the past.
Citibank's plan would, in
effect, “re-insure” those
liabilities into an individual
company for each Name - a
NameCo.
At the same time, it would
use a separate re-insurance
deal to provide extra funds at
Lloyd's. This means that
although companies arc
allowed generally to
underwrite policies worth
twice the value of the funds
they hold at Lloyd's, the
gearing of some NameCos
could be boosted to 3:1.
Tax and other details have
still to be thrashed out but the
scheme has n good chance of
being approved by Lloyd's
authorities, which appear to
regard the switch away from
unlimited liability as
inevitable and almost
certainly a good thing. Patrick
Han ratty, a vice-president of
Citibank, says setting-up and
running costs should not be
“onerous".
Whether the scheme can
offer real protection against
losses incurred on past
policies will depend on the
extent lo which Lloyd's
succeeds in subsuming
pre-1986 liabilities into
NewCo. the company it has set
up for that purpose.
Meanwhile, the timing of
Citibank's announcement
means few Names are likely to
be able to convert for the 1995
underwriting year. The road to
conversion is not going to be a
high-speed freeway.
Ralph Atkins
ADVERTISEMENT
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TELEPHONE FREE ON
0800 30 33 30
I your savings net* In me port Win. INSTANT ACCESS, 90 DAY, HICA. MONTHLY INCOME. TERM. TE5SA. htset i, ,
y#*ir guarantee
certainty
dimion of (ft, 4 W«ri ttuiWno Sgtiely-
FINANCIAL TIMES WEEKEND OCTOBER 29fOCTOBER 30 1994
WEEKEND FT IX
FINANCE AND THE FAMILY
Standard’s rise
C ustomers who cash in
long-term life
insurance and pension
policies after just a few years
are to he given higher
surrender values by Standard
Life, the OS's largest mutual
life insurer, from next year.
The company believes that
Knowing they will get a better
deal if they have to surrender
will compensate customers for
possibly having to accept a
small reduction in what they
get when a policy reaches its
full term.
Standard can offer these
improved surrender values
because it plans to change bow
it pays commission to tire
agent or adviser selling the
policy.
The company will finance
the initial cost of paying
commission - so the adviser
still gets his money - and take
the total out of premiums over
the life of the policy instead of
taking it all from the early
premiums. It is also cutting its
margins so, in some cases, the
maturity value will not fall at
ail.
Surrender values across the
life industry have come under
heavy attack because many
people have been giving up
policies early. Standard's
changes will coincide with the
imminent new regulatory
regime requiring life
companies and advisers to set
out the surrender values in the
first five years of a policy, and
to tell customers the
commission paid to the sales
agent.
For a 25-year personal
pension policy, where the
investor pays £100 a month
and a 9 per cent annual rate of
return is assumed, Standard's
surrender value after four
years - when an investor
would have paid £4,800 in
premiums - will rise to £4.918
from £4,290. The maturity
value falls by £622 to £79,879.
In the case of an
endowment, the improvements
are even more marked.
At present, if a man of 29
took out a Standard Life
mortised house purchase
endowment for a £50,000 loan
over 25 years, and cashed it in
after four years, he would -
assuming a 7.5 per cent annual
rate of return - get back just
£3,062. This is less than the
E3£5&28 be would have paid
in premiums.
Under the new system,
though, he would get £3^67.
And if he maintained the
policy for its foil term, he
would get £53,882 - slightly
more than at present
Standard says only about 4
to 5 per cent of customers give
up life policies in the first lew
years - and it hopes better
surrender values will not
cause this to rise.
Alison Smith
Wedding doubt
My daughter has a certain
amount of personal equity and
is about to marry a person
with few resources. How can
she can arrange her finances
so that if her marriage fails,
she does not lose capital in
any settlement?
■ Your daughter and her
fiancA could enter a pre-nuptial
contract providing that, if the
marriage ends in divorce or
separation, her capital would
not be able to be shared. Such
contracts are not strictly
legally enforceable, but any
court would take its contents
into account.
There is, also, the possibility
of effecting a settlement by
which your daughter would
transfer property from her
ownership to those of trustees,
although this might well be
impractical because of the
expenses Involved and the
small amount of property.
At the end of the day,
though, marriage has to be a
matter of trust and, if there is
the slightest doubt, the general
advice would have to be -
"don't!" (Reply by Murray
Johnstone Personal Asset Man-
agement k
Shares cairt
go into a Pep
I am a 25 per cent taxpayer,
and I hold a modest portfolio
of blue-chip shares. Can 1
transfer £12,000 of these into a
personal equity plan?
■ Apart from new issues, it is
not possible to transfer stock
into a Pep. You would, there-
BRIEFCASE
Na fegaf wpo at ly can be oxwtad by On
Hxnott Times br Un au w s 0Mrt *»
cttnm At HflMnObenamndbypaera*
seen x pcsabb.
tore, have to sell £12,000 worth
of shares and re-invest the pro-
ceeds for yourself and your
wife. (Murray Johnstone l
Cutting the
corners '
I know shade-giving high
bushes and trees - like bound-
ary hedges - are a common
problem between neighbours.
Would it be feasible to pay a
neighbour to restrict the
height or density of a hedge to
some agreed level, and to get
that agreement to be binding
on subsequent owners?
■ It would certainly be possi-
ble to execute a restrictive cov-
enant preventing boundary
hedges or trees being allowed
to grow beyond a certain
height. In order to be binding,
the covenant should be regis-
tered at the Land Registry as a
burden on the property on
which the trees go and, if pos-
sible, as a benefit on the neigh-
bouring property. We suggest
you contact a local solicitor.
(Murray Johnstone).
Over
TAX FREE INCOME FOR YOU
We have a plan which gives you tax free
income from investment funds which have
already been taxed at source.
We can also arrange that the growth
accumulates outside your estate to save
Inheritance Tax for your heirs.
If you would like to know more about tax
efficient plans, ask Towry Law. We are one
of the country's leading independent
advisers on personal finance.
Talk To Towry Law
INDEPENDENT FINANCIAL ADVICE
Free Retirement Guide
Towry Law Financial Planning Limited
A OMBRA N*»br. BayUa House. S»c*e Poges to Skw^i. SL1 3TB
Phone free or return the coupon below-.
0800 52 11 96
Please return to: Towry Law Financial Planning Limited,
FREEPOST, Newbury, RG13 1BR. A FIMBRA Member.
I would She to know more abowt yoor tax efficient pbnu
sod please send me your free Retirement Guide.
Name
Age
Address
Postcode ,
Tel
FT 291094
T he Securities and
Investments Board
(SIB), the finance
industry’s chief regu-
lator, explained this week how
employees with personal pen-
sions would be compensated if
their plan was sold on the
basis of bad advice (see page
IU). But while it stressed there
was nothing wrong intrinsi-
cally with personal pensions as
a product, you should remem-
ber that thw plans were intro-
duced for the self-employed
and for staff without access to
a company scheme. They were
never intended to replace com-
pany pension arrangements.
The following guide could
help you choose the right pen-
sion for your circumstances.
Q: Should I leave my company
scheme for a personal pen-
sion? No. If you are in, or have
access to, a company scheme
that, l in its the value of the pen-
sion to your final salary, offers
death-in-service benefits and
disability pensions, then you
should stay put. If the pension
is not salary-linked, check
exactly what you get for your
contributions.
Q: What about senior execu-
tives? In certain cases, a senior
executive who has built up a
substantial fund could gain
more flexibility over the pen-
sion income, and the invest-
ment of the fund in retirement.
If he switches to a personal
plan. But this is a complex
area and professional, indepen-
dent advice must be sought
<fc I have (hanged jobs. Should
E transfer my former company
scheme benefits to a personal
Picking the right pension
Personal plans should be a last resort , says Debbie Harrison
pension? Probably not In most
cases, your pension will be
worth more If you leave It with
your former employer. This is
called a ‘‘deferred” pension
because payment is deferred or
postponed until you retire.
Remember that any transfer
costs money, except where
employees change Jobs within
the public sector.
If, for some reason, it is nec-
essary to take your pension out
of the old scheme, then con-
sider transferring it to your
new employer’s scheme if you
can. A personal plan should be
regarded as a last resort
By law, advisers and sales-
men must compare all these
options before making a recom-
mendation.
Q: I have been made redun-
dant Do I need to transfer my
pension? Na. Do nothing in the
short term unless you are
forced to act - for example,
where the employer is insol-
vent. Even then, it could take
time for the trustees or liquida-
tors to establish the value of
your pension. Where the
employer still exists, the new-
ly- redundant should leave their
pensions in the old scheme at
least until all the options are
known. Your next employer
might offer an excellent pen-
sion and it could be best to
transfer to this scheme.
Q: There is no company
scheme so I want a personal
pension. For future contribu-
tions, this might be the only
option. But do seek indepen-
dent advice, preferably on a fee
basis, and do not transfer bene-
fits from old schemes just for
the sake of neatness.
Your adviser should explain
the personal pension provider's
charges and the amount of
commission, if any, that he
gets. He should also consider
the financial strength of the
provider and the performance
and flexibility of the plan.
You should, for example, be
able to reduce and stop contri-
butions and/or retire early
without penalty.
Q. There is a company
scheme but I may change jobs
after a few years. Some careers
lead to frequent job changes
and periods of self-employ-
ment so it is important to ask
the pension manager or trade
union what will happen to
your company pension if you
leave.
Provided you expect to stay
for more than two years, the
company scheme Is likely to be
best, particularly if it offers
good family protection benefits
if you die. If you do want a
personal plan to take with you
from job to job, choose with
care and make sure the plan is
genuinely portable (see above).
Q. What if I want to retire
early or my employer has a
habit of enforcing early retire-
ment? You should still join the
company scheme. If you face
early retirement, you should
top up your pension by paying
additional voluntary contribu-
tions (AVCs), provided by the
company scheme, or take out a
free-standing A VC (FSAVC)
plan sold by life offices and a
few unit trust groups. Com-
pany AVCs offer better value
because the employer bears all
or most or the charges, but
FSAVCs can offer a wider
investment choice. If you are
interested in FSAVCs, seek
independent advice.
■ Where to get advice. If you
are not sure what benefits are
provided in your company
scheme, contact the pensions
manager or your trade union.
SIB publishes two fact sheets
on opting out and transferring
benefits out of an employer's
scheme. Send a large SAE
marked "Fact sheet" to the
Securities and investments
Board. Gavrelle House, 2-14
B un hill Row, London EClY
8RA.
Keep your head above inflation.
Earn 3% pa compound, in
addition to inflation, guaranteed
over 5 years.
In 8th Index-linked Issue Savings
Certificates.
What could possibly be better?
Well, for a start your earnings are tax-free.
And your money is' totally secure.
'What else do you nted to know? '
You can invest any amount from £100 to
£10,000. That's on top of any other Issues of
Savings Certificates you might hold.
And you don’t even need to get off
your chair to get them.
Just fill in the form below. Your
cheque should be crossed “A/C Payee",
and made payable to ‘NATIONAL SAVINGS
(SAVINGS CERTIFICATES)' - using CAPITAL
letters for this part of the cheque.
Please write your name and address on
the back of your cheque.
Post your completed application form and
cheque to National Savings, Freepost
DU51 (Department X) Durham DH99 1BT.
If, before applying, you would like further
information and a prospectus, pick up an
8th Index'linked Issue sales booklet at
your post office where you can also buy
your Certificates.
Or call us free, 24 hours a day, 7 days a
week on 0500 500 000.
This Advertisement is a simplified guide to the terms and
conditions for the sale of 8th Index-linked Issue Savings
Certificates. The prospectus contains the full terms. If you buy
hy post, when we receive your completed application form and
cheque, we will send you a copy of the prospectus. Once we have
accepted your application we will send you your Certificate, normally
within a month, The purchase date will be the date we receive your
application- If, however, on re ceip t of the prospectus you wish to caned
your purchase, tell u» in writing within 28 days and we will
refund your money. Your application can only be accepted if the Issue
you ask fat is on sale when we receive it.
Eaeh year the value of your Certificate is guaranteed to move inline
with the rate of miladon as measured hy the Retail Prices Index plus
Extra Interest as set out in the prospectus- Lower rates of return art
earned on Certificates repaid m less than five years; no index-linking
or Extra Interest is earned on a Certificate if repaid in the
first year. The Director of Savings reserves the right Bo cede evidence
of identity when you want to purchase or ask for repayment
of Sth Index-linked Issue Savings Certificates. Any Issue of
Savings Certificates ean be withdrawn from sale without notice .
National Savings Index^linked
Certificates* For those who take
the long view*
I Please send this form to : National Savings
1 FREEPOST DUS 1 (DEPARTMENT X)
DURHAM, DH99 1BT
FT 510
For NuaoBil Sivnp tat only
If you pr efe r, use a first class stamp for rapid delivery.
(Amount of cheque l
1 I apply to buy 8th lndex^inked Issue Certificates to the value of )£
2 Do you already hold National Savings Certificates? iFkuetidtl Yes | } No | |
If you do, please quote your Holder’s Number
3 M (Mr Mrs Miss Ms) Surname.
All forenames.
Permanent address .
Postcode,
Date of birth
Day
Mowb Vur
4 I understand the purchase will be subject
to the terms of the Prospectus
Signature.
Date.
NATIONAL
SAVINGS I
L
Daytime telephone number
{■acfol if the* a i quay)
This form cannot be used to purchase Certificates at a post office or hank.
SECURITY HAS
NEVER BEEN SO |
INTERESTING. |
/
X WEEKEND FT
FINANCIAL TIMES W
fHKKBND OCTOBER 2#OCYOW ! * M> IW
PERSPECTIVES
o
ace, stretch limou-
sines, the unfeasibly
long Cadillacs
which are the trans-
portation of choice for film
stars, supermodels and movie
gangsters, were rarely seen
outside Manhattan and Los
Angeles. Now they are an
increasingly common sight in
London, in part because of the
success of Limco, a limousine-
hire business based in Ches-
hunt, Hertfordshire.
The idea that Britons might
take to being chauffeured in
30ft. three- ton monsters with
shag-pile carpeting, white
leather upholstery, smoked
glass windows, bar. refrigera-
tor, TV, telephone and video
came to Les Barnes, managing
director of Limco, four years
ago during a visit to New York.
Barnes, 45. and Chris Thom,
48, had been partners since
1978 in a much less glamorous
enterprise, Cheshunt Contrac-
tors Plant, engaged in ground-
works on building sites - exca-
vation, drain laying and the
like. But by the end of the
1980s. with the construction
industry in recession, business
was deteriorating.
“We were suffering very
badly, with no prospect of
improvement," says Barnes.
"We had to look for something
completely different I had seen
the chauffeur ed limos in New
York and thought 'if it can
work there, it can work here'."
Having decided to get out of
building, Barnes and Thorn
could not sell their 17 heavy
earth-moving machines, worth
£150,000 on paper, and had to
scrap the lot for just £2,000.
The building boom of the 1980s
had been kind to them while it
lasted, however. They both
owned large homes which they
were able to remortgage, rais-
ing £80,000 from Barclays Bank
towards the cost of two
stretched Cadillacs which were
shipped from the US in 1991.
Barnes believed that the lim-
ousines, with their huge seat-
ing capacity (the smallest seats
eight) would appeal to "cus-
tomers who wanted something
special, unlike any other limo”.
These days celebrities attend-
ing London film premieres
often hire a stretch from Limco
rather than a conventional lim-
ousine such as a Daimler -
what Barnes calls "Co-op
funeral cars”.
Famous names driven by
Limco have included Liz Tay-
lor, Sylvester Stallone, David
Bowie and Muhammad Ali.
The footballer Paul Gascoigne,
a Hertfordshire resident, uses
Computing
Fast way to
explore
your files
David Carter reviews Magellan
O
Salas drive: Les Barnes, joint owner of Limco, with two of the company's imported stretched limousines
Minding Your Own Business
The pull of star vehicles
Tim Minogue meets an entrepreneur who saw a niche for big cars
Limco much as others would a
local minicab service.
What surprised Barnes was
the enthusiasm with which
non-celebrity customers
embraced the concept of big
nights out in magnificently
vulgar style. Twenty per cent
of Limco 's business is corpo-
rate, but the rest is private
hire, mostly “ordinary people
out for a good time": birthdays,
anniversaries, hen and stag
nights, at £30 an hour (mini-
mum four hours) plus VAT.
Barries says: “We’re selling
the Image of the glamorous,
showbizzy lifestyle, if only for
an evening."
Limco's fleet consists of four
Cadillacs and four Lincolns.
Barnes says demand justifies
adding another five cars next
year, including a 33ft “super-
stretch”. Expansion, however,
has been curbed by the reluc-
tance of finance houses to sup-
ply credit for the purchase of
such exotic beasts.
Barnes says: “We have had
to buy all our cars so far.
except for the first three, with
money up front, despite having
a perfect credit rating. As soon
as you mention American
vehicles, lenders run a mile."
Valuation data is hard to
come by on such cars, and
lenders assume - wrongly,
says Baines - that they have
little resale value in the UK.
Limco is negotiating with Ford
Credit, about borrowing up to
£250.000 of the £400.000 cost of
the new vehicles.
Barnes concedes that finance
companies may fear that the
stretch limousine craze is mere
flashiness in the pan. "We
have grown very quickly and
lenders are wary of firms with
rapid growth. They think the
bubble will burst."
Profits are nudging £100.000
per annum on a turnover of
around £320,000, up from a
MINDING YOUR OWN BUSINESS
HEADERS ARE RECOMUENOED TO SBEK APPROPRIATE PROFESSIONAL AEMCE BEFORE BtTERING INTO COMMITMENTS
TRAVEL AGENCY
Specialising in Exclusive
Tailor Made Holidays
Established Business
Investment Sought
To Finance Growth.
Please write to: Marlin Stone.
FMCB Management Consultants Ltd.
Hathaway House, Pope, Drive.
Finchley. London N3 IQF
Tel: 08 1 -3*6-6446 Far. 08 1-349 3990
OFFER FOR SALE OF
MASTER LICENCE
on terms to be agreed. To person
or company with expertise to
develop the market potential of a
senes or inventions relating to the
Packaging Industry.
Ropiy Box B3408. Financial Thiwa,
One SouffTMik Bridgo. London, SEl 9HL
International
Trading Company
active in oiL coal and chemicals
seeks to develop new markets by
cooperating with other companies
who may be able to utilize their
knowledge and experience to
enhance their own activities.
Write to Bo* B2A5 1, Financial Time*,
One Southwark Bridge. London SEl 9HL
Cane Sugar on
PBG and SLC
Lowest price/ Min. qoute (2.50QMT.
Only for qualified buyers.
Call +31 SS 211722 or
fox +31 55 217334.
Abo loaning; Cnufc Oil. Refined Petroleum,
Urn. Opiiol frames and coax, lenses
Marlboro. Lev? « etc.
BUSINESS SOFTWARE
To advertise in this section please telephone 07 / S7I SF03
or write to Nadine Howarth at the Financial limes.
One Southwark Bridge, London SEl 9HL or Fax 071 873 309$
BUSINESSES WANTED
WANTED
Power Supply Manufacturer
Turnover £l-£3 million
^ Write to: Pox B3SI9. Financial Tunes. One Southwark Bridge, London SEl 9HL ^
INVESTOR REQUIRED
Return of capita! negofeMa
Fiiiy secured on property
H> to £100,000.
Write ta Bo* B3487, RrrancU TVmo3,
Orta SouffMafc Bndpa. London SEl SHL
BUSINESS
SERVICES
AIRCRAFT
FOR SALE
BUSINESSES
FOR SALE
FOR SALE
Northern Based
R adio Communication*. Business.
Cellular. P.M.R.. Sales. Service,
Rental. Established 25yrs.
Blue chip clients 'it million
plus turnover reasonable profits,
owner wishing to retire.
Write to Box D35IO. Financial Times.
One 5>unh»-3ik Bridge.
London SEl 91IL
Business For Sale
The owners are considering the safe
of an Engineering Business
Established over 100 years
Turnover approx £0.8 million
0.5 acre Freehold site in
West Yorkshire
Write w Bos B3511. Financial Timm.
One Southwark Bridge. London SEl 9HL
RESTAURANT
FOR SALE
3m FFr.
Excellent location in Paris.
TeYFa* 480 86271
or Tet 403 09327
International
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Australia 40p per min
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to other countries .
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“We based our unit costs on
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we are turning down about 40
or 30 houre worth of bookings
every week, because we
haven’t got the cars.”
Barnes says: “We’re giving
people a taste of how the other
half Jives. When you hire one
of these, it's a party from the
moment you get in."
He says “anytliing goes" in
the back of his cars, although
women on hen party outings
are not encouraged to climb
through the sunroof and bare
their breasts, as has happened
on more than one occasion.
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nee in a while I
come across a soft-
ware package and
think: “This pack-
age is terrific. Why isn’t every-
one talking about It?” That's
my feeling about Magellan.
Magellan is a “file manage-
ment'* package from Lotus,
producer of the 1-2-3 spread-
sheet. It runs under DOS or
Windows; price £115. Magellan
will benefit anyone who has a
large number of files on their
hard disk and needs to keep
track AT them and keep them
organised. I use Magellan con-
stantly.
The problem for anyone who
does a lot of word processing
or spreadsheet work is that
over time they build up a large
number of files - letters,
reports, worksheets, etc - on
their hard disk. Such docu-
ments are saved under cryptic
DOS filenames such as
"JIM. DOC” or "TAX-
MAN. WPS”.
This is no problem at first,
but as time goes on you run
out of meaningful filenames to
remind you what the docu-
ment is about Consequently, a
year or two down the Une your
hard disk becomes cluttered
up with lots of rednndant files
which really ought to be
cleared off and the space made
reusable, but you cannot
remember what they were
about so it is not safe to delete
them.
When this happens you need
to be able to go past the name
of the file and take a look at
what is Inside. Enter Magel-
lan. Its "viewer” facility
allows you to go into any doc-
ument and display the con-
tents on the screen.
Unlike the more technically
oriented file management
packages such as Norton Utili-
ties or PC Tools. Magellan is
designed for the ordinary user
who has masses of information
locked away In files on his or
her disk and wants to navigate
around and "explore" them as
easily as possible. Hence its
name.
Magellan splits the screen
into two. On the left are listed
the directories on your disk.
One of them will be high-
lighted. In the right hand part
of the screen Magellan dis-
plays the contents of the high-
lighted directory.
As you work your way down
the list, Magellan displays the
contents of each file being
highlighted. It is as if yoa
were in the index at the liack
of a book. On the left page
vour thumb is on the first
entry of the index. As you
move vour thumb down MM
entrv in the left page or the
index, complete pictures of the
pages being referred to are dis-
played simultaneously on the
right page.
Simply by using the four
arrow keys on your keyboard,
you can find and display any
document on your hard disk
within seconds. And the more
files and directories there are,
the better it gets. On a net-
work. for example. Magellan
gives you a list of ail the local
drives, and with just a few
keystrokes you can see into
any file on any machine. This
is the definitive way to find
your way around hundreds or
thousands of data files.
Magellan also contains
many more useful features.
Copring and moving files is
far easier and safer than under
DOS, for example.
When you are installing
Magellan, it will ask you if
you want to create an index on
your files. The program may
take an hour to create the
index, but it will enable you to
make lightning-last searrhes
of your disk.
I recently wanted to find a
letter written a couple of years
earlier. I could not remember
the name of the person I had
written to. nor the company.
However, I knew they were
based in Edinburgh. I chose F»
to explore, pressed right arrow
twice, typed in “EDINBURGH"
and pressed enter. Within 10
seconds Magellan had
searched through 1,600 files
taking up 30 megabytes of
data and come up with a list of
all the documents containing
the word “Edinburgh”.
Complex searches are simi-
larly quick. People pay thou-
sands of pounds for specialist
test retrieval packages to do
this sort of thing: with Magel-
lan it is thrown in for nothing.
As hard disks grow bigger
and bigger, it becomes more
and more important to have
help navigating around them.
Magellan is the answer. In par-
ticular. for anyone whose com-
puter is several years old with
a hard disk that has become
cluttered up with half-forgot-
ten documents which need to
be cleared off, it is indispens-
able.
The Nature of Things /Clive Cookson
Writing with atoms
A
new generation of
microscopes, more
powerful than scien-
tists would have
believed possible before the
1980s, Is enabling researchers
not only to “see" individual
atoms but also to pick them up
and move them around.
These microscopes will be
vital instruments for the com-
ing era of “nanotechnology", in
which miniaturisation will pro-
duce atomic-scale structures
thousands of times smaller
than those used in microelec-
tronics today. On that scale, all
the words in the Bible could be
written on the point of a pin.
(A brief explanation of the
terminology used in nanotech-
nology: the word comes from
the Greek nanos for dwarf. The
fundamental unit of the field is
the nanometre, one billionth of
a metre.)
The first of the new instru-
ments, the Scanning, Tunnel-
ling Microscope, was invented
in 1981 by Gerd Binnig and
Heinrich Rohrer at the Swiss
laboratories of IBM, the Ameri-
can computer group. The STM
was a wonderful leap of scien-
tific imagination, recognised
unusually promptly with a
Nobel Prize For Physics in 1986.
Conventional microscopes
work by focusing beams of
radiation or particles. Optical
instruments are limited by the
wavelength of visible light,
which is about 500nm: even a
perfect lens cannot focus on a
point smaller than this, so they
cannot see atoms. To achieve
greater resolving power,
microscopists moved to elec-
tron beams and X-rays, which
have much shorter wave-
lengths, but they use penetrat-
ing high-energy radiation
which is unsuitable for imag-
ing atoms on surfaces.
Binnig and Rohrer decided to
use "electron tunnelling”, one
of the slightly bizarre conse-
quences of quantum theory.
When a low voltage is applied
to two conducting materials
which are extremely close
together but not touching, elec-
trons “tunnel" through the
gap; the resulting electric cur-
rent is highly sensitive to the
distance between them.
The instrument built by the
IBM researchers had a stylus
with the sharpest possible tip -
a single atom - which scanned
a metal surface. The variations
in tunnelling current revealed
the ups and downs of the
atoms on the surface.
The STM could only give
images of materials that con-
duct electricity. The next step
Tungsten atoms on a silicon
crystal. Imaged at Cambridge
University
was the Atomic Force Micro-
scope invented by Binnig and
colleagues in 1985 to look at
non-conducting materials. The
AFM scans a tip attached to a
thin metal cantilever across
the sample, and gives an image
based simply on the repulsive
forces between the atoms at
the end of the tip and those on
the sample's surface.
More recently, the STM and
AFM have spawned a variety
of other instruments, known
genetically as Scanning Probe
Microscopes, which produce
atomic images based on ther-
mal, magnetic, optical and
other interactions between the
tip and sample. By speeding up
the scanning rate, scientists
have even made "atomic mov-
ies", showing how atoms move
around on heated surfaces.
An estimated 3.000 SPMs are
now operating worldwide, for a
vast range of applications, and
the number is increasing. Most
are used for research into sur-
faces, helping scientists under-
stand processes such as corro-
sion. They are also moving on
to production lines in the elec-
tronics industry, inspecting
semiconductors and other
materials for surface quality.
In biology. SPMs have
imaged the double helix of the
genetic material (JN'A and dis-
tinguished the chemical
“tetters” which hold our
genetic code. If the technique
can be speeded sufficiently, it
may be possible to read genes
by microscope, instead of using
chemical-based analysis.
But much oF the excitement
about SPMs concerns their
potential for manipulating
atoms. Researchers at TBM’s
Almaden laboratories in Calif-
ornia showed the way in 1990
when pushed atoms of xenon
across a nickel surface with an
STM tip, one by one, and
arranged them to spell the
company’s initials in atomic
letters Qnm high.
Such demonstration:: show
that, in principle, data could tie
stored in ultra-compact “atom-
scale memories".
Decades of work wifi he
required to bring atom-scale
devices based on SPMs to prac-
tical fruitimi. In particular, the
speed with which atoms are
moved and scanned will need
to increase millions uE times.
, fint it is far from certain that
SPMs are the main route to an
atom-scale future. Alternative
methods tif nano -construction
are already further developed,
such as laying duwn atoms by
molecular beams in a vacuum.
Those are hiss sensitive than
SPM.s but far faster.
The future for the new gen-
eration of microscopes may lie
mure in observing nano strue-
tures and assembling proto-
type devices than in muss pro-
duction. However they have
transformed the way scientists
see the world In miniature.
FINANCIAL. TIMES WEESLEND OCTOBER 29/OCTOBER 30 1994 *
WEEKEND FT XI
PERSPECTIVES
Barbie - the virgin queen
of a plastic paradise
ished to find all the paraphernalia
of an established Barbie collectors’
market, including books with
descriptions of the dolls and how to
recognise their ages and dates. In
fact, adult collecting of Barbie
began in the US in the 1970s and the
first Barbie encyclopaedia was writ-
ten in 1975. Now. there are Barbie
conventions every year.
Collectors often specialise, some
buying only Barbie and shunning
her family and friends, some buying
only Barbies from the 1960s, now
the most expensive period. Icarda
tries to collect everything from 1964
onwards, conceding that his collec-
tion grows "only very slowly - the
world of Barbie is so huge”.
change constantly with the times:
last year alone. Barbie had 100 out-
fits from which to choose.
While Barbie's unique propor-
tions have never changed. Ken has
been altered several times. His ear-
liest skinny body has been made
bigger and his fragile flock velvet
hair (now much prized if found in
pristine condition; replaced with
more practical paint or, for special
occasions, wigs.
Their world, too. has expanded
from homely junior proms and fra-
ternity meetings to a frantic round
of globe-trotting and activities that
include every kind of sport, making
television programmes and even
ballet dancing.
The world's most famous doll is 35 but
never ages. Lyrut MacRitchie looks back
I t has been quite a year for
Barbie. the most popular doll
in history. Born on March 9
1959. her 35th birthday has
been celebrated all over the
world; Columbia Studios is bidding
for the rights to make her a film
star; and Sheik Khaled AI Madkour,
president of a committee in Kuwait
City which advises the government
on religious issues, has declared
that to buy her is forbidden by
Islam.
There is no such veto in Monte
Carlo where the National Museum
is hosting an exhibition in her hon-
our. It is drawn from the collection
of one person: Jean-Plerre Icardo,
an office worker from Nice who has
"between 700 and 800" Barbie dolls.
Now 40. he first saw Barbie in 1964,
the year she was introduced to
Prance. He has been her faithful
admirer ever since.
As a child, Icardo was enchanted
by all forms of decoration and
wanted to work in the theatre or
cinema. As he grew up, he made his
own theatrical tableaux at home
and put on entertainments for his
friends, using dolls as actors. But
traditional dolls were stiff and it
was not possible to dress or pose
them satisfactorily. Barbie, with her
long legs, slim body and beautiful
outfits, was the perfect solution. "I
fell in love," he says, simply.
After attending Nice University,
he took an office job and continued
to weave his theatrical dreams at
home, always with Barbie as his
star. His collection grew slowly: the
dolls were expensive and his
mother saved up to buy them for
him as birthday and Christmas
gifts. "I believed I was unique,” he
says. ”1 had no idea there were
other grown-ups who were collect-
ing. "
In March 1984, though, a conven-
tion of doll and automata collectors
was held in Monaco. Icardo and his
mother went along and were aston-
MatteL the company that created
Barbie, makes limited editions espe-
cially for the collectors' market.
Unique examples of older or special
dolls, such as the very early ver-
sions made in ivory white plastic,
now change hands for up to $4,000.
Icardo's devotion extends to Bar-
bie’s friends and relations. This
year, he told me, is also the 30th
anniversary of her sister Skipper.
Her best friend, Midge, will have
her 30th anniversary next year.
Ken, Barbie's faithful consort, was
born in 196L "But she will never
marry Ken," Icardo insists. "She
must stay the young teenager for
ever.”
When first launched. Barbie was
not popular with parents who,
rather like Sheikh Khaled, thought
her “too sexy”. Her popularity with
young girls was instant, however,
and there are thought to be 700m of
her worldwide. Today, Barbie and
Ken lead a hectic life as their
clothes, make-up and hair styles
Barbie's circle of friends reflects a
changing America. Her first black
friend, a girl doll dating from the
mid-1960s, was followed by the
grown-up Brad In 1970 ami Cara and
Curtis in 1975. The first Hispanic
and Asiatic friends appeared in the
1980s and an American Indian was
added to the circle recently.
The all-American girl has only
recently been made at home,
though. Originally manufactured In
Japan from 1959, Barbie's produc-
tion cycle has followed the global
trail of multi-national investment
and new sources of cheap labour.
She is now made at 15 locations in
seven countries: Mexico. China.
Malaysia, Indonesia, UK and Italy,
as well as the US.
Some Barbies were produced
briefly under licence in various
countries, so allowing regional dif-
ferences to creep in; this resulted in
her being more sun-tanned in Spain
and smaller, with huge cartoon-
style eyes, in Japan. But this has
been stopped and uniformity reigns.
Icardo considers this "very sad”.
Barbie, of course, is not just a
pretty face. When I expressed a cer-
tain envy of her lifestyle, and
pointed out that she never had. to
work for a living, Icardo was quick
to disagree. “She always works," he
said. "She has been a model and a
singer. This year, she was a doctor.
She and Ken have been in the army,
taking part in Desert Storm; and in
the 1980s, the great days of Nasa,
she was an astronaut"
This year’s Christmas model will
talk and answer questions; one
released earlier swims and dives.
Truly, she is a superwoman “at the
centre of her world”, as Icardo puts
It Perhaps, though, it takes another
woman to spot a few snags.
To me, it seems obvious that, as
she approaches 40. Barbie faces the
same problems as the women who
have tried to emulate her - success,
fame, and glamour do not necessar-
ily bring fulfilment. And few of
them have made her supreme sacri-
fice. For Barbie - astronaut soldier,
fashion icon - has never bad sex.
Forever dreaming of romantic wed-
dings - dresses for which feature
among her sister's outfits, if not her
own - her relationship remains
Despite the sexual message of her
appearance - huge breasts, heavy
make-up, ever more sophisticated
clothes - Barbie must remain
untouched. She is an Eve who can-
not fall, in a paradise filled not with
flowers and fruit but with products.
The message she brings is to look,
to dream - and then, to buy.
■ La Poupee Barbie, Armwersaire a
Monaco, continues at the Musee
National de Monaco. 17, Avenue
Princesse Grace, Monte Carlo, wild
September 30. Barbie can also be
seen with 33 outfits specially made
for her by top French couturiers at
the Musee Greoin. Paris, until
December 31.
Y ears ago, the vicar
of a London pariah
was beaten by thugs
in his own house
and his daughter attacked and
raped before his eyes.
Shortly afterwards he
appeared on TV and
announced that he forgave his
assailants. There was public
admiration for such
high-minded Christian charity.
But some of us felt uneasy.
The cynic in us thinks It is just
what he would have to say if
he was going to keep any
self-respect as a Christian min-
ister.
But then I found myself pon-
dering why it felt so different
when a father who had seen
his daughter blown to pieces
by the IRA spoke so movingly
about forgiveness and pleaded
that there should be no
revenge. Was it that one was a
private tragedy, the other a
wound to a whole community ?
These are tangled issues, but
I have a gut feeling that we
must explore them. Behind
them loom much deeper waters
about the transactions commu-
nities and nations need to
engage in If they are to steer a
course out of vengeance into
reconciliation.
In my trade we spend much
time trying to help individuals
and families find ways out of
personal conflict. Is any of that
experience transferable into
the arena of international
affairs? There, I suspect, we
are all out of our depth. But for
what they are worth there may
be some pointers.
For one thing, I cannot for-
give an assailant if he Is not
around to be forgiven and if he
has not asked for forgiveness
and given some signs of genu-
ine contrition.
Time has to pass. The rage
and anger has to be processed
somewhere and somehow or it
will seep out in displaced
responses to other people and
Only
other situations.
Arid the' daughter? I cannot
forgive her assailant. Only the
victim can forgive. No one else
is entitled to. Only after she
has reached the point where
she can stretch out a hand am
I entitled to do the same.
I may want to persuade her
to, for, gross as the Injury has
been, part of her own healing
process must lie in letting the
poison go. By nursing our
wounds we may turn our backs
on healing them. The future is
more important than the past
If forgiveness at the personal
level is more complex and
intractable than a glib Chris-
tian precept sometimes makes
it seem, forgiveness at the com-
munity or national level is far
more perplexing. Yet If nations
and communities are not to
live embattled in age-old feuds
and poisoned by past traumas
we have to find some way of
enabling a process akin to for-
giveness to be transacted.
But bow? How does a nation
forgive? There can be no for-
giveness without repentance.
How does a nation repent?
The first step must be to tell
and acknowledge the truth, not
just the facts about the trauma
and loss which have been
inflicted, but a truthful recog-
nition of the feelings of horror
and grief and pain.
Peoples who have suffered
must feel that their pain has
been felt and responsibility for
it accepted by the other side.
There must be no excuses, no
explanations, no glib political
prevarications.
Not for the first time the
eyes of nations are fixed once
again on South Africa. Since
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THE FRIEK PS OFgffi ELOE&Y^
Truth of the Matter/ Hugh Dickinson
victims have the right to forgive
A picture of forgiveness: Nelson Mandela and F.W, de Klerk
the 1950s South Africa was the
international paradigm of
gross oppression, destroying its
own black citizens by the thou-
sand.
Now, South Africa is groping
its way towards reconciliation
and forgiveness.
How far this is the direct
influence of men such as Tre-
vor Huddleston and Desmond
Tutu and how far it is due to a
natural generosity in the Afri-
can character we shall never
know. But some of it is due to
the acceptanu the ANC and
the nationalists that there is
no other way out of the
impending bloodbath. They
recognise that the future is
more important than the past.
They know their fates are
bound together. And they are
pragmatists not Ideologues.
Ideology is the death of peace.
In Nelson Mandela they have
a statesman of global stature
with a clear understanding of
what must be done to achieve
reconciliation. No concealment
of past atrocities; the terrible
truth must be told. An
amnesty, perhaps, for all but
the most wicked, conditional
maybe on admission of guilt
and reparations. Of course no
reparation can bring back the
dead or remake shattered lives,
but, even if inadequate, it can
still be a token of a change of
heart to which a generous
response may be made.
Generosity is of the essence.
Mandela himself has been a
victim, a man brought back
from the brink of execution,
his best years destroyed. He
has the right to choose to for-
give and to provide a paradigm
for his people to lead them
away from the abyss. “In vic-
tory, magnanimity.”
Such a stance requires con-
siderable political courage.
Chancellor Helmut Kohl of
Germany is one of the few
western leaders to have had
the courage to ask for forgive-
ness for his people. But it
would not have been realistic if
there had not been a ground-
swell of public opinion which
felt guilt and shame for the
years of the Third Reich.
The next question is more
difficult When and how do we
forgive? When do the Jews for-
give? When do the Unionists
forgive? When do the Irish for-
give the British? When do the
Bosnians, Serbs and Croats for-
give?
Nations and communities
are not good at repenting - yet
if we do not find a way to
repentance, forgiveness and
reconciliation, our ancient and
more recent wounds will
remain running sores and our
children’s children will be
caught up in these vicious
cycles of unforgiving violence
A better class of sleaze
Continued from page I
study of British sleaze over the
past century. First, all political
parties have been involved -
either (as in the sale of hon-
ours) through a process of tacit
agreement in shady but not
illegal practice, or (as in Poul-
son) through straightforward
misuse of office.
Secondly, sleaze has not
been limited to parties - wit-
ness the trail of police corrup-
tion and the doings of quangos.
Thirdly, sleaze has resulted
at least in part from an
absence of definite standards
of public conduct A recent sur-
vey of British MPs by Maureen
Mancuso shows that many
have no idea where to look for
guidance.
Mancuso asked 100 MPs for
their views on, for instance,
fliflhYiing first-class but travel*
ling economy and pocketing
the difference, or getting par-
liamentary passes for assis-
tants who were paid by lobby-
ists. She found "a multiplicity
of competing ethical stan-
dards” with no consensus. She
divided the MPs into groups
which straddled parties: "puri-
tans”, “muddlers” and “entre-
preneurs”. A third of the MPs
were “entrepreneurs", willing
to condone "almost any activ-
ity as long as it does not con-
travene a written statute or
formal rule".
In one respect, Britain’s
international reputation for
noiKorruption is deserved; its
elections are cheap, and the
pressure on parties and candi-
dates to raise large sums Is cor-
respondingly low. The credit
belongs to Gladstone and a
decision taken at the launch of
the BBC. The limits imposed
by Gladstone in 1883 on local
electoral spending have
remained in force, while the
ban on television advertising
by parties removed one of the
main objects of party spending
in other democracies.
Constituency spending
allowed per candidate in a UK
general election is barely
£6,000. little more than £20m
was spent by the main parties
combined at national level in
the 1992 election. In the US,
more than $750m is likely to be
spent by candidates in the cur-
rent congressional elections.
More than $400m was spent by
the three candidates in the
1992 presidential election.
In spite of what Dr Tim
Hames of Nuffield College,
Oxford, calls “an orgy of self-
deperking” In response to
recent scandals, the pressure
on US congressmen to raise
money from corporate interests
for elections is all-consuming.
Or it is for those who are not
super-rich. Two-thirds of sena-
tors are dollar millionaires.
Ross Perot spent $65m of his
own money in 1992.
Nonetheless, Britain boasts a
notable sleaze tradition of its
own. The first words of Lord
Nolan after his appointment
this week to chair Major's com-
mission on standards In public
life might have caused Gregory
and Poulson to smile: “As the
p rime minister said, this coun-
try has the highest standards
of integrity in public life: it is
of the greatest importance that
those standards be main-
tained."
and revenge which threaten to
overwhelm os alL
A nation with no history is
like a man who has lost his
memory; our national identity
is forged in the telling of our
history. But, if the core of our
national consciousness is
welded only from an obsessive
picking over the fragments of
past injustices and trauma, or
from the mythic triumph of
battles long ago, the past holds
us in fetters.
We cannot reach out to make
a new and peaceful future for
our children to live in as long
as we are constantly showing
repeats of films about past
wars. The images of war offer
no solutions except more vio-
lence to the problems of trau-
matised and hostile peoples.
How can we go about it?
The terrible truths must be
exposed. Reparations must be
agreed. But then statesmen
must speak for nations words
which nations cannot speak.
Stories must be told. Journal-
ists and editors must take risks
with their congenital cynicism
to say the unsayable. The
media have a huge responsibil-
ity for shifting public attitudes.
Images of generosity must be
sought and held up to the pub-
lic gaze.
One such I heard from Arch-
bishop Trevor Huddleston.
With his permission I tell it
here.
The archbishop was an hon-
oured guest at Mandela's inau-
guration. He was lodged in a
guarded hotel with other heads
of state, for he, like Mandela, is
at constant risk of assassina-
tion. He rose early one morn-
ing and went out to say mass
on the arm of his minder for he
is now physically frail.
From his room he had to
walk along a passageway at
the end or which was an armed
guard. As they approached him
the man stepped forward and
saluted. He asked if he could
touch the archbishop's arm.
From his accent it was clear
that he was an Afrikaner. In
bis guttural English, he said
quietly: “i am so sorry. I am so
sorry for what we have done to
your people. I am so sorry."
The archbishop held his
hand, and replied; "But now
we are all one people; black
and white and coloured and
English and Afrikaner. We are
all equal citizens of the new
South Africa. Our future is
together.”
“Ach no," said the soldier.
“You do not understand. 1 have
done terrible things. Terrible,
truly terrible. But I heard your
voice on Lhe radio and my
heart changed.” Then, hesi-
tantly, as if he expected the
request to be refused: “Father,
will you bless me?" So he knelt
and the new South Africa for-
gave the old.
■ Hugh Dickinson is Dean of
Salisbury.
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TRAVEL
Adrift in bliss between sea, sky and land
A mong Yankee
New Englanders,
a tribe generally
known lor its tac-
iturnity, the peo-
ple of Maine are supposed to be
the most taciturn of all.
Bemused contemplation of
“outta-state folks" is said to be
their pleasure, the monosyl-
labic response their forte -
“Nope...”, or “Yup...” are
supposed to be just about all a
Down-easter feels inclined to
say at any one rime. But it was
not that way at the Bailey
Island General Store when I
walked in one afternoon.
Bailey Island sits at the end
of a narrow finger of land -
one of several collectively
known as The Harpswells -
that stick far out into Casco
Bay north of Portland. It is
hardly a major attraction. It
has none of the summer mass
tourism of Old Orchard Beach
further down the coast, none of
the moneyed, old-family cachet
of Bar Harbour further up the
coast. It is a hardy rural com-
munity. spread out along a
treed and rocky coastline, that
lives primarily by lobstering.
Endless backwoods colloquy,
however, appears to come a
close second.
I sat at the counter in the
general store long after the
blueberry muffins and coffee I
had ordered were finished. It
was not the community notice-
board fEd's Trucking - you
call, we haul) that kept me lin-
gering. Neither was it the pot-
bellied wood stove, extin-
guished since last winter, nor
the rack where general store
habitues kept their own name-
labeled coffee mugs.
It was the habitues them-
selves, a clutch of flannel-
shirt ed, baseball-hatted duffers
gathered in favourite chairs at
the end of the counter. I had
never heard crustier, longer-
winded griping in my life.
Nothing was right with the
world. The lobster season had
gone all to hell, volunteered
one coffee drinker. This was
worth an emotional 20 minutes
moaning. Hunting was not
what it used to be. someone
else threw in, and that was
good for a 10-minute wirings.
Something had got into the
pumpkins this year, cackle d a
third, and they all got going on
the woeful state of vegetable
gardening. The local economy
drew no less cynical a reaction:
“Well of course they can say
the recession is over. Your cat
can have kittens in the oven
and you can say they're bis-
cuits. but it don't necessarily
make ’em so.”
On and on it went. The base-
ball strike, the weather, the
price of plywood, those damn-
fool environmentalists from
Washington. Life in Maine of
late, it was roundly concluded
with a Great North Woods
flourish, was hardly worth a
raccoon dropping.
I was about to step out con-
vinced there was nothing at all
that Mainers could discuss
happily, when someone
brought up the subject of a
recent canoe trip he had taken.
Almost instantly the atmo-
sphere changed - there were
smiles, good natured anec-
dotes, discussions of the best
Nicholas
Woodsworth goes
kayaking off the
coast of Maine
routes, the best techniques, the
best camping sites. Suddenly
happy days bad returned. I left
feeling intrigued: if canoeing in
Maine was something that
could make this crowd happy,
then it was something worth
investigating.
Not five minutes away, at
the foot of the stone bridge
leading on to Bailey Island, I
was brought to a halt. Sitting
on a wharf overlooking the
wind-ruffled water of Harp-
swell Sound were a rack of
brightly-coloured, strange
looking craft. They seemed an
odd mix between canoe and
Whitewater kayak. Where a
canoe is high and open they
were low and decked; where a
kayak is short and stubby,
they were long and narrow.
They were in fact sea kay-
aks. one of the most elegant
and graceful one-man ocean
craft around. I fell for them
instantly. This was better even
than plain canoeing. In five
minutes I had introduced
myself to Jeff Cooper, owner of
the kayaks and proprietor of
H20 Outfitters. Not only did we
agree to meet for a bite that
evening, but also arranged a
day of sea kayaking.
In The Happy Isles of Oceana
- Paddling the Pacific Paul
Theroux recounts an island-
hopping trip he took from Aus-
tralia across the Pacific to New
Zealand. Tonga, Fiji, Samoa,
Tahiti, the Marquesas Islands,
Easter Island and Hawaii.
Accompanying him were two
large canvas sacks - the sepa-
rate halves of the sea kayak he
assembled wherever the whim
took him. And it took him
often: the trip was something
of an escape from an unhappy
pert of Ns life, the paddling a
sort of therapy.
There was nothing unhappy
about Cooper - there is a con-
stant twinkle of humour in bis
eye. Nor did he feel the need to
escape quite as far as the south
Pacific. But as he told me that
evening over a swordfish and
scallop dinner with his wife
Cathy, Maine is his escape and
sea kayaking his life. For
beauty and enjoyment he is
not even sure that he would
trade the Pacific for the rock
and pine-covered coast of
northern New England.
After 11 years here. Cooper
cannot imagine returning to
urban Pennsylvania. "Old col-
lege friends sometimes call me
up." he laughed. “They have
MBAs, big businesses, big cars,
big stress. 1 have some canoes
and a big white Pyrenean dog.
We are so different now it is
hard to have a normal conver-
sation. I teach sea kayaking.
Cathy teaches canoeing and
skiing for Li. Bean’s Discov-
ery programme. It is not hard
to fail for outdoors Maine;
you'll see tomorrow.' 1
I sat up that night an the
porch of tiie ancient Driftwood
Inn. a wonderfully unfashion-
able place of creaky floor-
boards and rusty bathtub
water. Imagining my own
escape to a fishing community
on the coast of Maine.
Below the inn. the tide
swirled and gurgled as it began
its 12ft climb up the rough
granite sides of Bailey Island.
A night bird hooted from the
spruce woods across a stretch
of water. The moon rose. Miles
out to sea, steaming south to
Portland from Yarmouth, Nova
Scotia, the ferry-boat Bay of
Fundy slipped away in a dim
twinkle of lights. It would cer-
tainly be a different way to
look at life I thought as, bed-
PaddHng to happbma: the taciturn Yankees of Maine moan about the fishing, the hunting, the crops, the government, the economy and fee weather. Kayaking cheats them up
bound, I too slipped away.
But the best way to look at
life in this part of the world, I
realised a few hours later, is
from out at sea, in a low-riding,
swell-hugging kayak.
With a small group I spent
the morning in calm water
near the wharf learning basic
sea-kayaking techniques: the
double-ended paddle, the knee-
squeezing narrowness of the
hull, the awkwardness of entry
and exit, the closeness to the
water surface - all took some
getting used to. So, too, did the
fluid, hip-swivelling paddling
motion that Cooper made look
so easy; on prolonged sea-kay-
aking trips it is this graceful
movement that saves vital
energy and wear and tear on
arms.
By lunchtime though, with
several capsirings behind us.
we all felt confident enough to
propel our craft under the
stone bridge against a rising
tide, through a set of narrows,
and out into the open water.
It was a soft, hazy day. the
kind on which the sun is
barely discernible and the pre-
cise line between sea and sky
disappears. There was no wind
and the air was warm, but an
occasional, inexpert dipping of
my fingers below the water
reminded me that this was no
south sea - far from the Gulf
Stream, Maine coastal waters
remain cold all year.
Along the rocks, large her-
ring gulls swooped in and out
from stony perches over the
water. Cormorants dived, dis-
appeared, shot up unexpect-
edly and dived again. On the
way out to Pond Island, run-
ning a course a mo n g a thou-
sand bobbing lobster buoys, we
were joined by a party of seals;
curious enough to stop robbing
bait from the lobster pots
below, they followed us for a
mile or so.
How much nicer to be out
here looking in. I though as we
paddled silently past the Drift-
wood Inn. Houses, forests,
rocky promontories and deep
coves came and went, all the
more attractive for the broad
seascape they sat behind.
Closer in, I drifted to that rest-
less place where water meets
land, surging in among the
swirling kelp, feeling the pull
of the swell on the rocks.
Exhilarated, I found myself
gulping down great lungfuls of
air and wishing it would never
end.
Real sea-kayakers pack their
craft with water, food and
camping gear and disappear
for days at a time. I had done
just one circuit of one small
island. But there is nothing, I
decided, like seeing life from
barnacle level.
Given the chance that after-
noon of paddling a few more of
the happy isles of Maine 1
could have had just ono
answer. Tup."
■ There are a number of com-
panies that will rent $va- kayaks
along the Maine coast with few
questions asked. Sea conditions
often change rapidhj. houwer.
and extreme caution is
required; notices are advised to
take basic instruction. Jeff Coo-
per may be contacted at H20
Outfitters, PO Box 72. Orr's
Island, Maine 04066. tel (207)
S33S257.
■ In Britain information on
sea-kayaking dubs and courses
may be obtained from British
Canoe Union. John Dudderidge
House. Adbolton Lane. West
Bridgford, Nottingham NC2
5AS. tel 06DXS2im
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further mformnlron from the FT Group or companies approved by the IT Croup. O
X
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994
WEEKEND FT XIII
Uld
2±**
TO
3S9
iaiffi*
The Ashdown Park Hotel. No Finer
Surroundings To Take A Break.
S^rome and experience our unrivalled hospitality, with one of our special
SBy CAhort break offers. Prices start from £147.00* per night for two persons,
B§*§vyK| which include a delicious 4 course table d’ hole dinner and breakfast.
All in aD a unique offer that cannot be equalled.
«9SBr Christmas and New Year details are available upon request.
-sm
MlaQfrjxn ffi&nxx r (Ernmtru pfcriel
Ash water. Seaworthy, Devon EX21 SDF
Tel : 01409 211224 Fax: 01409 211634
A 17th century manor house, beautifully restored, in Saeres with superb views of rural Devon. Dinner
party atmosphere, fine wine & food. Warm & Cosy with open log fires. Luxurious en suite bedrooms.
Perfect for short breaks and weekends open all year. Write, fax or phone fw our brochure and tariff.
Escape to the heart of the West Country 2
WILLET HOTEL
32 Sloane Gardens
London SW1W 8DJ
Telephone: 071-824 8415
: Fax:071-730 4830
TetoC 926678
Small character town
house, off Sloane Square.
Aft modem facilities. Fufl
English breakfast inclusive
of very modest rates. 5
The Old Swan ia recognised as “one
of the finest hotels in Ihe Cdswolds*
and has been welcoming visitors for
over 600 yeszs (including Rkhard HI
according to die stoat*). Our 16
bedrooms are individually furnished
and Che restaurant renowned locally
fur Its personal service and
quality of food.
Price £55.00 per person per night
inclusive of Dinner. Bed and Foil
English Breakfast
AUTUMN OFFER
THREE FOR TWO -
Boak two nights ami shnr the third night
mdusfoe of dimer atmpieteh) free
The Old Swan
Minster Lovell
Nn Burton!
Oxfordshire OX 8 5Rn
Telephone: 0W3 77*443
SWALLOW
HOTEL
5TOCXTON-OK-TU5
First Choice for Business Class
accommodation in Teesside
For reservations
Tel 0642 679721 or Fax 0642 601714
SJZAEEffi 10
“ item
37 ECCLSSTON SQUARE,
VICTORIA, LONDON
SWI V IPS. Teh 071-823 6812
Friendly, private hotel (a Ideal,
central, quiet location overlooking
magnificent gardens of stately
residential square, elate la
Belgravia. Comfortable Singles
from 234.M.
Don Wea/T wins from £58.00 and
Family Rooms bom X7SM
including jjood
ENGLISH BREAKFAST A VAT.
Also luxury 2 bedroom & studio
apartmeals (mis. let 3 mouths)
COLOUR BROCHURE
AVAILABLE
Egon Ronay/RAC Recommended
Set in 300 acres of parkland this
Georgian Mansion, with ia open log
fires and fine cuisine, is the perfect
setting for the festive season.
/-CHRISTMAS PROGRAMME--^
f 3 NIGHTS £375
I NEW TEAR PROGRAMME
Vl 2 NIGHTS £200 *
iachulve of V/CT and tue of o*r health spa
PLEASE raws FOR BROCHURE
Buxted, UckfieU, East Sussex
"0825 73271 1
mm
Pont Day Cramnus Bouse Parxt ax
St. Brides Hotel
1C SATJNDEBSFOCT
SA099NH
LytheHill Hotel mid BteAubogede FrantTResfaucint
Join us far a Christmas Home Party in Mth Century Splendour!
FrinMy owned coaany hod in die bean of As Sony bate.
* DcMdoas Can) and One wina
» Laj»rio«cmnte bedroom- hytmfin g 1< «mm T .. tt.h tt > i AST? K
* Fricndy nd effidm mbS lyUK Hill ^Hotd /Rm.
*■ 20 icrraol j^niwpKwndiiWcriociklng a.£ M. W ,
Bla cW own HJl - a National Tnm fcfy ipcl
9 A fall progr amm e of c uiriulmm incfarfani JJfcjjEr-
trip tD aiE'nie«recfcjiikra»il»w4psan4»tfci«icij(BSfPr^ - I^-.otII -
UlnealidulwiK'alLj’lbefSOM rtcCuino
* A iwo day Mailer Myncty ukd ptacc on ilia D Cl flB 'Ji Jf? 1 ff Bi U L_
27Aaid 38lh December
» To ctwgilae am fanrint* lor 1994 ww are Wuk?.57Ur-rTrtl<* Jr fcL l ?»- r
hokdeg • New Yc«N Etc G«h Diaon Dencr 3 ' ”,
(whbtpcdriixrafbroveinigtteccnnaiodatiDa) 1 V^s3*54 ‘
* AAA RAC Four Snr- Sfcrii Aw*r*4T*o PI
Renata tot food and hoqnlaliiy. " r- | "
Rx fmdw dctsSior resavanoaa pfcnc raUnsoa ■; frijJt J/. 7 ; ;
(I142S A5I251), Road. HBekrtfrr, Stnnrf GU27 3BQ. •■■■
LONDON IN STYLE H
17 At This Superb Town House Hotel
CORPORATE RCX3M RATES FROM JUST £55 FULLY INCLUSIVE WITH
COMPLIMENTARY CHAMPAGNE WELCOME OFFER
* Overlooking Hyde Park * Private Car Put
• 55 Personalised Rooms * Restaurant & Bar
“ Deluxe Rooms & Suites * 24 Horn Room Service
LONDON ELIZABETH HOTEL
Lancaster Tcmux, Hyde Parit, London W2 3PF
Teh 071-482 6641 Fmc 071-224 890*
a cbown mamr cuianmsBD
from Dewmbc-r 25th
£275 per person
an <J tho
| opportunity to ho nwardi-tl o ~ day
FKFI-: JndjiLiy in .i superb
HAR1JERI Villa in
El l'.nl’K or tin- C.-OatiRt'.vs
Writ* 1 or phono for
bnH'huiv <!v details
0,834 ,812304
THEBIAKENEY
HOTEL
ETB «•** aa/RaC ***
Blake n ey. Nr. Holt, Norfolk
Traditional privately owned
friendly hotel overlooking
National Trust Haihaui. Heated
Indoor pool, spa bath, saunas, mini
gym. billiard room. Visit to relax,
sail. walk, and explore the Norfolk
villages, countryside and coast.
5FECIAL FESTIVE
ARRANGEMENTS POK CHRJSntAS
AND NEW TEAR .
21 Brochure: 0263740797
Lyme Regis
*$*
irkirtc AA& RAC
2 Rosettes AA
VERMONT
HOTEL
This recently opened Hotel is centrally located in a 12 Storey
Landmark Building Dead to the Casue with unique views of
the River Tyne and its fatuous Bridges.
Already awarded the City’s Highest Classifications the Vermont offers a
variety of Facilities including 101 Executive Bedrooms and Suites, a
range of Meeting Rooms and Dining Areas from the internal Martha's
War &. Ri<arn in the Brasserie and the more formal Blue Room Restaurant
On-she Car Parking.
Castle Garth. NewcastlbNEl IRQ
Teh 091 233 10L0 Fax: 091 233 1234 19
THE ULTIMATE CODNTBT HOUSE
CHRISTMAS- PART I
u • . hac mdbt awes » ■
24 ««*•» canwr.
£~HexwiJra &tobl
TEL: B297-4420I0 _/
THE CUISINE
THE BEST
L'nder the guidance of Aflxtrt
Ruux. our awatd^vinnmg itsttunn
ism esqieriemw to sbwouc
As well as the cuisine, life
in this elegant country house
mon, set in 200 acres of park-
land. offers many attractions
including a Jack Nkklaus II
designed, championship
IS AS GOOD AS
IN FRANCE.
sundaid golf course, tennis and
squash, a magnificent indoor
pool and health and beauty spa.
Our champagne breaks
start from £9250 per person per
night sharing, inducting dinner
and full English breakfast and
you can arrive on any dajt
Essential
Hotels
For details of advertising in the next
Essential Hotel Guide
On 26th November 1994
Please telephone Robert Hunt :
071 8734418
CHRISTMAS
at THE SPA HOTEL
TradUonal family Christmas, including;
* Christmas Eve Carols &
Dinner Dance
‘ Wine Tasting * Laser Shool
’ Children's Entertainer fW
* Spartling Health Leisure Facitities H ^ .
* Magician \\A*.r
* Boxing Day Party NfaM j l
* Fun, Food, Festivities and More |
Three day package E35C per adult, sharing
Special rates for single accommodation w'W
and children. * '/
For further. details please call Jacky Woodland at
\
The Spa Hotel Mount Ephraim
Royal Tunbridge Wells, Kent TN4 8XJ
Tel: 01882 520331 Fax 0iB32 5105T5
■|f
A mercifully unspoiled Georgian manor bouse
set in 90 acres of deer park and renowned
gardens, only 8 miles from Bath.
Award winning food and discreet impreccable
service in a genuine country house setting.
Hunatrete, Chdwood, Bristol, BS18 4NS
Tetepbon® 07S1 490490 Facsimile OT61 490732
A Christmas to remember
Three nights of hurray with three days
of the very beet of traditional hospitality.
£275.00 per person
{fully inclusive programme)
Far our Christmas brochure please contact Wendy Grierson
Telephone 0628891010
SjfanqBljfMme
Daanesfitdd House
Marlow, Buckinghamshire SL72EY
24 HIGHBULLEN
Country House Hotel, Chi tile hamholt. North Devon
* Secluded Ym Marvellous Views. * Highly Riled Resuonuu.
* 35 Double Rooms Willi Bath. Colour T.V.
Ia all the impartial Hotel Guides
£47 JO - £70 per person, uKloding dinner, breakfast, service,
vat and UNLIMITED FREE GOLF
OVER 10 MOLES OF SALMON & SEA TROUT FISHING
ta*» A aofefaar kneed pwb, ewdear ft INDOOR icaah.
&!»MAoB9«At^qdfciwiaiL«icMiii>»Baiticd.tpil»ri.fal°»xiMu»Bl»PhiilepM:dflgy^we
gotfcoaiitfitdikaptttolgi ar tE irtrab ecoalbrieo nag SOL
CUtan<ie&
RtVERSJDCLODGEe cmniK bedrootns seif CKeiing (services avaDable).
85 acre aodeat woodtsed.
Telephone 0769 540561
S South East Tourism Award- Hotel of the Year
Wych Cross.. Nr East Gwnstead, East Sussex RH18 5JR Tel 0M2 824988 Fax 0542 826206
LICENSED EBU BRIDGE WEEKEND
AT THE AWARD WINNING TIVERTON
HOTEL IN BEAUTIFUL MID DEVON
: 'T.
ill
CH Ml
ill
ill
LEISURE BREAKS
IN THE HEART OF ENGLAND
Enjoy a rebuemg "rimer break at lids luxurious modem hotel.
Unique ia character whb extensive leriore facilities set hi
rrnal junomufiogs and convenient far the
bean of England amactioBa.
Weekend Break £89pp ladndec
2 irigbt* DB&B ia iSchizc f pwf m nm ie riflti
dricremt vaaAre to toed mrteanps
WWnriek Chnle. Ikmwonh Soowdomc, gpU etc.
Free mrfiitiited me of oar eawrtrej karate facilities.
fli i lhc ii free in tram.
R*r farther details please call and quote ref FT. LB
WNCKLEY ISLAND HOTEL
AS Hinckley, Leicestershire
7 TEL: 0455 631122
KGONRONAY AA+*** RAC
Luxury Breaks
TT3E
GbtfManor
HOTEL
Victorian Manor House- Set in
300 acres of hillside woodland.
Ideally located for exploring the
beautiful Gwent Countryside. .
With cuisine prepared by Trcfor
Jones. Welsh Chef of the Year.
Indoor Pool St Leisure Facilities.
£50.00 per person per
night Dinner, Bed
and Breakfast.
(Fra, Sat or Stun
The Celtic Manor Hotel
* Coldra Woods » Newport
• Gwent • NP6 2YA
TEL: 0633 413000 4
Suffolk Heritage Coast
Highly Commended
Wood 9{alC 9{oteC & Country CCuB
S&BtOi&x. ■Hbo&nfy, Suffolk. FP12 3TQ Hk (01394)411233 Too (01394)410001
Como and enjoy the -ambience tint only n Listed Historic 16th Century Elizabethan Manor House can provide. Set
in 10 idyllic acres in a designated area of oatstanding natural beauty with roaring teal log fires, candlelit dining
luxurious accommodation and much much more. The picturesque riverside town of WoodbridgA provides (he ideal
base to explore the tranqufi villages and hamlets of undiscovered Suffolk.
i2 ’’Where the Countryside meets the sea'
* TWO NIGHTAimiMN/WINTER BREAKS FROM £45 PPRV.DB&B
(Special Oder, afay 5 uighfi only pay far 4, Smt-Umn) £195 pp.
1 W UV>4 4 1 Ulil)7
“...V
THE
SWAN HOTEL
IOUTHVOLD IUPPOLK IMS 410
Recover Your Peace of Mind
This Christmas
Total rest and relaxation, be pampered by young, caring, attentive Staff, enjoy delicious food, select
your wines from a chosen list by Adnams, ‘Wine Merchant of the Year 1994/95 ■ Firm beds in
comfortable bedrooms, open fires and and a noticeable absence of young children.
Telephone now (0502 722186) for our brochure, the passport to a wonderful Christmas in one of
England’s least spoilt towns by the sea.
SWALLOW
HOTEL
YORK
In association with Charles Heidseck & Krug Champagne
you are invited to join a Champagne Weekend Friday 4th &
Saturday 5th November 1994.
For full details contact John Gallery, General Manager
Telephone (0904) 701000
&
CHATEAUX.
Rd»s Gourmands
Interestingly Different
Independendy owned. Individually run. Inspirationally & la carte.
Internationally renowned.
Impossibly wonderful. Indelibly memorable.
Immediately available.
The 1995 International Guide.
Over 400 hotels and restaurants worldwide.
Details from: Relais Sc Chateaux,
7 Cork. Street, London W1X 2AB.
Telephone 071 287 0987 Fax: 071 437 0241
Weekend FT
> / - "A couple tamed up at reception witli a copy of the
. advcrtiseracat cBi Sauutl^ nipmrag, stayed the
• .■wedlwad: ,, ‘
Blagdan Man or Country Hotel
Tne awsage salary of the t miffion d*- Weekend FT
reader is’£56,GQ0* gross p!a-» Which means that they
havttthgjneaaa to stay at high quality hotels ...
Bor detaite of advertising fo ^thenext Essential Hotel.
Gn^deaseteIeplw»I6c^ Hmfloh:0718734flS
XIV WEEKEND FT
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 I 4 * 04
BOOKS
A lec Guinness is a mad-
dening challenge for a
biographer: private life
impeccable and without
incident: career one of absolutely
solid achievement, the one or two
failures subsumed in a steady
march to glory; work exceptionally
fine and universally admired.
The renowned mystery and
secrecy of the man prove simply to
be a refusal of the usual pact by
which successful actors, in
exebange for perpetual publicity,
allow themselves to be reinvented
by the media. In fact. Guinness, as
countless people - as opposed to
journalists? - have testified. Is a
delightful and amusing companion,
deeply interested in the outside
world while being inordinately
fond of his home, lover of food and
wine, rellsher of literature and art
and prone to intense enthusiasm
The mystery and the magician
Simon Callow finds that Alec Guinness continues to be an elusive subject
for both things and people. A para-
gon, in fact What's the catch, the
biographer wants to know. What
he asks Impatiently, makes the guy
tick? "I was not aware," Guinness
replied magisterially to an inter-
viewer who asked the same ques-
tion, “that I was ticking." He is, of
coarse; very loadly indeed. There is
a great deal going on Inside, emo-
tionally and intellectually. What
exactly this might be is the ques-
tion which Garry O’Connor
addresses.
Mr O'Connor has a distinguished
record as a biographer; bis account
of Ralph Richardson is nothing
short of a masterpiece, the life
itself interleaved with his extraor-
dinary encounters with bis subject.
In the case of Guinness, for bet-
ter or for worse, he has not had the
same advantages. Be has accord-
ingly made as much as he can of
the existing record, above all, of
course, Guinness's own masterly
Blessings in Disguise (another curse
to the biographer: the carpet pulled
from underneath his feet).
The revelation that Guinness
chose to make in that book of his
illegitimacy and terrifying upbring-
ing is the core of Mr O'Connor’s
meditation on his life and art. The
ALEC GUINNESS, MASTER
OF DISGUISE
by Garry O’Connor
/fodder £17.99. 316 pages-
quest for the Gather; the distrust of
the mother. Mr O'Cotmor detects
these everywhere and it is no sur-
prise that he sees Hamlet as the
correlative of Guinness's Inner
journey. There is obvious truth in
this; bat it cannot explain Guin-
ness either as man or as actor.
The essential fact about Guinness
is that he transmuted his inner
drama into acting, not in an auto-
biographical sense bat by becoming
a sort of ontological magician. He
was able to release himself into
character, or rather, perhaps, he
was able to allow himself to be
seduced by. to be taken over
by. another self; and he did this
above all by the power of
thought
It was no emotional abandon-
ment rather a consciously acquired
ability to discharge the rage and
feelings of impotence that Blessing
in Disguise clearly tells us were the
primary experiences of his young
life. The need to control and release
these emotions produced the power-
ful mental instrument that is cen-
tral to Guinness's work.
There is a mystery here and it
turns out to be the mystery of act-
ing itself. Mr O'Connor is not good
at analysing this because he is less
interested in the physical perfor-
mance than in what the perfor-
mance portends. The alchemy is
merely alluded to.
As for what goes on in Guin-
ness's mind, O'Connor seems to
view him as an intellectual; this, 1
submit, is not the case. He is a man
of prodigious, almost frightening,
mental force, but ideas, the
medium of the intellectual, are not
what he uses his mind on. -He
observes, he penetrates, sometimes
he eviscerates.
He is a remarkable writer. I
would suggest that he is that rare
actor, one who has the tempera-
ment of a writer - and not neces-
sarily a dramatist. His perfor-
mances could almost be said to
have the depth and complexity of
fiction. , , .
Perhaps this might explain a cer-
tain lack of linearity In his stage
career, a quest for characters
rather than roles. His has ban a
unique journey; Mr O'Connor
charts it thoroughly and intelli-
gently, In a series of short chapters
and In elegant prose which cannot,
however, conceal the fact that he
raises questions which he is unable
to answer. So the Master «’/ Disguise
Virtual
hippies
It is not all a brave new world '
says Stephen Amidon
T he Utopian urge has
been with us since
Cro-Magnon man
started bumping his
head on the cave ceiling, so it
is hardly surprising that some
people maintain that quantum
advances in information
technology might give birth to
a vastly better society.
The young American
journalist Douglas Rushkoff Is
such a believer. His lively and
informed book is an ode to
computers and fibre optics, a
glowing map of a brave near
world called Cyberspace.
Rushkoff defines Cyberspace
as a “consensual hallucination
accessed through the
computer" - hence, anything
from two people speaking by
satellite link, to a boy
CYBER1A: LIFE IN THE
TRENCHES OF
HYPERSPACE
by Douglas Rushkoff
Flamingo £6.99. 320pp
wandering deep in the latest
virtual reality program.
For Rushkoff, Cyberspace is
a realm ripe with possibilities
for new human organisation
and development, ft is a place
potentially free of
governmental oversight and
personal neuroses, where
human impulses can be
infinitely perfected with the
help of the microchip.
The author is at his most
convincing while charting
recent advances in hardware
technology and showing how
these have benefited the
human imagination. For
Rushkoff, the existence of a
“datasphere", where a large
number of people are plugged
into one another's computers,
provides an imaginative arena
of unbridled possibility.
He posits a world where
business meetings and
classrooms no longer require
physical proximity, where
correspondence occurs without
delay, where news can be
transmitted without need for
media conglomerates. Rushkoff
breathlessly scans the future
horizon, catching glimpses of
scenarios such as cyber-sex
between two people using
Virtual Reality software and
“wet", bodv-reactive hard-
ware.
It is hard to argue that
technology like Video Toasters,
which allow us to “sample"
television shows as disc
jockeys now do records, and
“wireheading", hardware that
plugs directly into the human
brain, promise a whole new
way to work and play.
What Rushkoff seems to
have less of a stomach for is
the dark side of this world, the
dystopia in which technology
is used as a means of
repression and conformity
rather than liberation.
Believing that “as
computer-net working
technology gets into the hands
of more cyberlans, historical
power centers are challenged.”
he seems to forget that the
reason so much power is
centralised is that the people
who wield it have a knack of
staying one step ahead of the
rest of us. Cyberia's relation to
its Soviet namesake may be
more meaningful than just a
facile pun. That said,
RushkofTs examination of the
technological aspects of
Cyberspace remains essential
for those interested in the
subject.
Where the book proves Ear
less effective is in Its second
part, which deals with the
non-computing side of Cyberia.
Smart drugs, house music and
Cyberpunk fiction are all
subsumed under a tatty
umbrella of New Age thinking
that would have us believe is
in some way related to the
information revolution.
RushkofTs arguments are Tar
from convincing - one need
only listen to the monotonous
drone of rave music or the
cretinous babble of a “smart
drug” saleswoman to
understand that this is nothing
more than warmed-over
hippyism. RushkofTs prose, so
lucid in the early parts of the
book, becomes unmoored and
jargon-ridden as he takes us
through the poorly-lit
labyrinth of "neopaganisnT
and “technoshamanism".
Where he started off largely
convincing us that a brave new
world was being born, we leave
the book thinking that Cyberia
is little more than an enclave
for the sort of drop-outs who
have always found their utopia
in the same place - anywhere
but here.
‘The fax diminishes and degenerates transmitted information . . . fruit emphasises the decaying process': artist Michael Callan quoted in 'Fax You; Urgent Images', a study of fax- machine art (Booth- CD bbom £36, 17S pages)
A good drinking companion
Asa Briggs raises a glass to an alphabetical, illustrated, treatise on wine
I n editing this massive Oxford
Companion to Wine, Jancis Rob-
inson, Financial Times wine
writer, has accomplished a
unique double. She was the first per-
son to present a television wine
series. Now she is the (list person to
offer to a smaller but more knowl-
edgeable public an impressive refer-
ence volume that treats wine as
English literature, music, art, mind
and medicine have already been
treated. She calls the writing of it
“the greatest challenge of my
life".
There are more than 3,000 alphabet-
ically-arranged entries, many of them
illustrated, which cover an immense
range of subjects, some of which
could include cross references to
other OUP Companions. There is an
interesting entry, for example, on
wine in English literature though
none, surprisingly, on art or music.
There is, too, one on “Health, Effects
of Wine Consumption” with a refer-
ence in the reading list to Sir Richard
Doll. There are many references to
mind. Under Herodotus, for example,
we learn that "far from regarding
drunkenness as undesirable or
immoderate behaviour, the Persians,
if Herodotus is to be trusted, viewed it
as an altered state of consciousness
that is as valuable as sobriety". The
very presence of Herodotus in the vol-
ume demonstrates that the ancient
world is given due attention.
History, indeed, is well treated
throughout The 19th century is not
neglected, and some of the interesting
British writers on wine are included,
like Alexander Henderson (a medical
doctor) and Cyrus Redding.
“England’s answer to the great wine
explorer of France, Andre Jufiien".
Both Redding and Jullien were trav-
ellers. and Redding, convinced that
geography mattered more than his-
tory, discussed wines from all parts of
the world. Geography and history
have always travelled well together in
studies of wine, both academic and
popular, and more than one-third of
this volume is devoted to specific
wines and wine regions: there are 31
regional maps.
Some of them reveal the topical
strains to which wine making is sub-
ject. The article called Yugoslavia
incorporates a map called “former
Yugoslavia". The article on Cyprus is
as problem-laden as Cyprus itself.
Azerbaijan and America have articles
too. Apparently vineyards in Azerbai-
jan account for 7 per cent of culti-
vated land and grapes for 30 per cent
to 40 per cent of agricultural
output
There are 12 articles on the former
Soviet Republics (as revealing as the
excellent articles on Argentina and
THE OXFORD COMPANION -
TO WINE
edited by Jancis Robinson
Oxford University Press £30. 1086 pages
Chile) and one on “Soviet sparkling
wines”, a specific term devised
according to European Union law
(“See European Union"). Gorbachev,
who tried to cut alcohol consumption
(there is no article on him or an Yelt-
sin) does not appear as a liberator in
this context. He makes a dramatic
entrance, for example, into the article
on Bulgaria: “Gorbachev's arrival as
Soviet premier had dire consequences
for Bulgarian wine."
Politics - and economics - are less
fully handled than most other disci-
plines in the interdisciplinary mix.
although there is an article (all too
brief) on taxation and scholarly
articles on investment in wine and on
auctions. There might well have been
an article on Gladstone, who cut taxes
on French wines, and when we reach
the 20th century there is too little on
the retailing and pricing of wines and
on the changing roles of stores,
chains and supermarkets.
There is little, too, about competi-
tion Erom other alcoholic beverages
not based on the grape or about soft
drinks and mixers. Aperitifs have an
entry, but there is no reference to
cocktails, and while aquardente and
oquardiente are mentioned and there
are long articles on armagnac and
cognac (the latter making one cross
reference to vodka), there is no sign of
calvados, whisky, beer or, for that
matter, black velvet A brief article on
alcohol makes the point that
‘'the alcohol content in a perfectly
balanced wine should be unfathom-
able".
The articles on food and wine are
sketchy, too. but the place of science
both In viticulture and In vinification
is handled in expert fashion, and the
brief article on traditions ends with
the comforting words that “traditions
are likely to have evolved for a rea-
son. often one that Is eventually
explained by science".
The article on "training systems"
that follows almost Immediately is
concerned solely with vines, not peo-
ple.
The first two entries in the volume
are abboccato and abocado. medium
sweet, and we are directed to the
article on sweetness. In the absence of
an index such direction is all. but no
one interested in wine should
miss the aroma wheel on pages
58 to 59.
Not all writers on wine could be
described as medium sweet, but all
those whom Jancis Robinson has
recruited to make this volume such a
good companion, a companion for all
times, deserve a collective toast.
Unfortunately, it must be taken from
outside the volume, where under
“toast" we read only that “toast given
to a barrel when forming it over a
heat source, is one of the processes in
barrel making that most obviously
affect eventual wine flavour". Roll out
the barrel.
T liis is the third biography
of Evelyn Waugh. The
general picture of a mon-
ster who was a comic
genius and who wrote like an angel
remains; but this portrait is painted
in warm fresh colours: the back-
ground is filled In with an eye for
detail based on much new investiga-
tion and from personal knowledge.
Waugh emerges as an even more
complex character than before as he
travels through a life that began in
1903 at Fortune Green, North Lon-
don. as the second son of Arthur
Waugh, publisher and occasional
writer.
Waugh does uot become any nicer
through renewed acquaintance. At
Lancing College he moved in a pre-
cocious set that included Tom Dri-
berg, Dudley Crew (later Times film
critic;, Roger Fufford and Max Mal-
lowan. The latter remembered
Waugh as: "courageous and witty
and clever but Ihel was also an
exhibitionist with a cruel nature
that cared nothing about humiliat-
ing his companions as long as he
could expose them to riducule."
Those traits remained for the rest
of his life. At Oxford, he fell foul of
his history tutor, C.R.M.F. Crut-
twell. who became thereafter a con-
stant butt of Waugh the writer's
wit. Waugh went down without a
degree but not without memorable
experience. He had fallen in love
with inebriate, feckless Alistair Gra-
ham, a Catholic convert (who
became Sebastian Flyte in Brides-
head), and had met two homosexual
aesthetes Harold Acton and Brian
Howard (who jointly became
jv Blanche).
gh had no job and no pres-
ort seemed an option. He had
it for drawing - or perhaps
t-making. He revered crafts-
A monster
in context
Anthony Curtis appreciates the detail
in a new biography of Evelyn Waugh
men. In the end it had to be school-
mastering. He went off to Arnold
House, Llanddulas, Denbighshire,
where he became popular among
the boys oil account, we are told, of
“his enlightened policy of laisser
faire". He hated it but it was all
EVELYN WAUGH; A
BIOGRAPHY
by Selina Hastings.
Sindair-SlevensoH £20, ~24 pages
wonderful copy. When Decline and
Fall came out, illustrated by him in
1928, he enjoyed universal critical
success. “An uncompromising and
brilliantly malicious satire," said
Arnold Bennett in the Evening
Standard. Waugh was still only 24.
His first brief marriage soon came
to grief and Waugh, now a celebrity,
fell in love with many of the
well-bred young women he met.
Most were indifferent to him as a
lover. Sometimes it was whole fami-
lies of whom he became enamoured
in his upward ascent. There were
most importantly the Plunkett
Greenes, two tall brothers, a daugh-
ter and a mother Gwen, niece of
Baron von Hugel. the theologian.
It was she - Gwen Greene - who
set Waugh cm the path to Rome and
Father Martin D'Arcy who
instructed him. It took a long time
for the Vatican to annul his youth-
ful marriage, a measure that
became urgent when Waugh met
his fate, Laura Herbert, 18, who was
of all things the cousin of “She-
Evelyn", his first wife. “I thought
we had heard the last of that young
man," said her aunt.
A happy permanent second mar-
riage did not somehow mellow
Waugh. Children, of which they had
several, bored him. He tended to
disappear when his wife's pregan-
cies came to term. Instances of his
incivility, his outrageous behaviour
in his public life, abound. Feuds
with other writers such as Peter
Quennell could be never ending.
His saving grace was courage. He
was an intrepid traveller before the
war on various assignments Includ-
ing visits to Abyssinia (see Black
Mischief and Scoop). As an officer hi
the Royal Marines and Commandos
Waugh behaved badly in the mess
and inconsiderately towards his
men, but was brave in action espe-
cially during the exodus from Crete.
The contradictions inherent in
Evelyn Waugh could be endlessly
prolonged. The role of the landed
English Catholic country gentle-
man, in which he cast himself, was
stressful for him to keep up. Add to
it the precariousness of literature as
a means of sustaining a large house-
hold and an extravagant lifestyle
and you have the prelude to the
ship-board crack-up so well
described in Pinfold. It was precipi-
tated by bromide poisoning; he was
taking it to cure his insomnia.
In his last years Waugh became
an icon of English insularity, a vol-
canic John Bull-figure In hound-
stooth suit, brandishing cigar or
ear-trumpet which he put to his ear
when he was speaking and lowered
when you were. In fact, you were
most unlikely to get anywhere near
him especially If you were a jour-
nalist. He saw the intrusive Nancy
Spain of the Daily Express literally
off his premises and then success-
fully pursued her through the
courts for libeL He managed in the
famous television Face to Face
interview to discomfit the normally
unflappable John Fireman by reply-
ing to his probing questions in
brusque monosyllablic one-liners.
After more than quarter of a cen-
tury, neither the legend nor the bad
behaviour matters. Great comic
novelists such as Waugh and Dick-
ens do often behave badly to their
nearest and dearest as well as to
their furthest and most loathed.
Waugh the man diminishes to noth-
ing when placed beside the delights
of his still hugely readable fiction.
Selina Hastings does not neglect
this. She can be most perceptive
when relating the life to the novels.
All are still In print and selling
well. Vile Bodies and Brideshead
Revisited both sold between 11,000
and 12,000 copies last year- If
Waugh were alive he would, surely,
at 91. be gruntied to know that
Fiction/Joan Smith
Vengeance exposed
P.D. James rises to a creative
T he sin at the heart of P.D.
James’ new novel is a cal-
lous act of betrayal com-
mitted many years ago,
before most of her characters were
born. It is a book In which she
reveals an almost Oedipal sense of
the inescapabiiity of the past, while
remaining too complex a moralist to
endorse notions of pre-destination
or determinism.
The epic tragedy which unfolds in
Original Sin is a warning against
vengeance, whose blind rhetoric is
exposed at the end of the novel as a
destructive force beyond the control
of those who unleash it. Lives are
lost, careers destroyed, because of
one character's literal acting out of
an Old Testament view oF justice as
a means of enforcing equality of
suffering.
That a detective novel should be
discussed in these terras is an
apparent vindication of James's
argument that the form is flexible
enough to contain the moral sub-
tlety and fine writing more usually
associated with literary fiction. At
the same time, it has to be said that
few authors who write this type of
fiction come anywhere near
approaching James's degree of
accomplishment.
In her case, the boundaries of the
genre appear to act both as a com-
fortable framework and a creative
challenge. Original Sin slyly replays
some of the cliches of Golden Age
detective fiction, from a closed cir-
cle of suspects - the partners in an
ailing publishing house based in a
mock- Venetian palazzo on the
Thames - to a locked- room mystery
which only gradually -re veals its fic-
tional and historic antecedents.
James has always revelled in
plots of startling intricacy which
she manages to unfold without
intruding her authorial presence. In
Original Sin she writes cinemati-
ORIGINAL SIN
by P. D. James
Faber £14 99. 432 /wy.-.i
cally, beginning with a series of
brief, vivid scenes in which a tem-
porary secretary arrives at the Pev-
erell Press and observes not just its
architectural magnificence but the
discontents among the staff. The
company's chairman has recently
died (of old age, unlike the deaths
which swiftly follow) and been sue-
ceeded by Gerard Etienne, the ruth-
less son of his French business
partner.
cent House, to a property
Shortly after a bad-tempe
meeting he is found dead
upstairs office, his corps)
presented; half-clothed ar
draught-excluder in the s
challenge
snake (known in the company as
Hissing Sid) wound round his neck,
its head jammed into his mouth.
The image is grotesque, panto-
mimic. yet without in any way
undoing the horror of the scene-
Later in the book, when another
victim is shown struggling and fail-
ing to escape the gruesome death
planned by the same killer. James's
contribution to detective fiction
becomes clear. Where Agatha Chris-
tie or Dorothy L Sayers or John
Dickson Carr used violent death as
a device, the enabling act which set
the plot in motion, James aims for
an emotional authenticity which
restores its chilling, unforgiving
finality.
Murder for her is an outrage, a
rent in the social fabric which the
forces nf law and order - repre-
sented in this novel by her Scotland
\ani detective Adam Dulgliesh ;uid
his assistants - struggle uot so
much to mend as to limit. In Orig i-
nal Sin , the impossibility of the
tusk conics close to overwhelming
them, producing a black, bitter
finale which casts a baleful light on
the conventional romance acted out
by two of the surviving characters.
James's finest novel to date. Origi-
nal Sin exposes the harsh fallibility
of human vengeance in a world
whore the ideal of divine Justice,
though attractive to Dalgliesh - ami
l suspect, his creator - may also
prow illusory.
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994
WEEKEND FT XV
★
^ BOOKS
Feminist
mauling
of the
power
of myth
Jackie Wuttschlager writes on a
deconstruction of fairy-tales
Etaancr Vere Boyle’s cfasalc M uatra flo n for 'Beauty and Hie Beast*: 'Animals are now romanticis e d rather than feared*
Purity vs
promiscuity
A.C. Grayling on sex in history
O f all art forms, the
fairy-tale is the
most reliable barom-
eter of a society’s
cultural priorities. It is the old-
est popular literature we know,
and responses to it have
always spoken loudly for their
times.
In the 18th century - the
Age of Reason - fairy-tales
were banned from the nursery
as dangerously imaginative.
With the Victorians, their inno-
cent heroines were sentimen-
talised - Dickens said perfect
bliss would be to marry Little
Red Riding Hood. In the 1930s.
the Nazis billed the Gr imm
Brothers' stories as pure Aryan
volk tales, advertisements for
the German heritage.
Marina Warner, one of the
FROM THE BEAST TO
THE BLONDE
by Marina Warner
Chat to and Hindus £20. 4S0 pages
best-known cultural commen-
tators of the 1990s, has brought
the politically correct cliches
and intellectual fripperies of
contemporary mediaspeak to
bear on fairy-tales.
The book confirms what the
Reith lectures earlier this year
suggested: that Warner is not a
serious thinker in search of the
truth but a propagandist for a
brand of popular, feminist prej-
udice. She uses the trappings
of scholarly reference and liter--
ary allusion to deliver familiar
ideas which neither challenge
nor illuminate the received
wisdoms of our age.
From the Beast to the Blonde
says that fairy-tales offer a
misogynist view of female
characters. This misogyny can
be traced to the “particular
web of tensions in which
women were enmeshed" when
the stories were first recorded,
but ft is now outdated and we
should develop alternative
readings.
Warner shows convincingly
how features of fairy-tales that
we take for granted are rooted
in specific historical periods.
Mothers are absent because
they often died in childbirth:
Cinderella, in sackcloth and
ashes, is a child mourning her
mother. Stepmothers are pres-
ent because widowers gener-
ally remarried: 80 per cent did
so within a year in 17tb- and
18th-century France, when the
early literary versions of Cin-
derella and other tales were
written by courtly authors like
Charles Perrault. Arranged
marriages, dynastic feuds, dow-
ries - all were part of the daily
fabric from which the tales
emerged, and agpiain why evfl
stepmothers and cruel stepsis-
ters play vital roles-
Warner presents her case as
a quarrel with a second - and
by no means a contradictory -
interpretation of these charac-
ters: as archetypes who tell us
less about history than about
the human psyche.
Bruno Bettelheim, in his
seminal book The Uses of
Enchantment (1976), crystal-
lised this psycho-analytical
view, showing brilliantly how
the mriftyn t unconscious
dilemmas and help resolve
tTigm through fantasy — suiting
rivalry in Cinderella, mother/
daughter friction in Sleeping
Beauty, fear of abandonment
in Hansel and GketeL Bettel-
heim spoke up for the evil step-
mother, arguing that she
licensed children’s fantasies of
hatred by preserving the idea
of the good real mother, and
that when she is offset by a
fairy godmother, as in Cinder-
ella, a nhilii can work through
his sense of a parent as both
benign and threatening.
For Warner, “this archetypal
approach leeches history out of
fairy-tale . . . Bettelheim's the-
ory has contributed to the con-
tinuing absence of good moth-
ers from fairy-tales in all kinds
of media, and to a dangerous
degree which itself mirrors
current prejudices and rein-
forces them". Evil stepmoth-
ers, ogresses, ugly sisters have
become “hallowed, inevitable
symbols, while figures like the
Beast bridegroom have been
granted ever more positive star
tus . . . the danger of women
has become more and more
part of the story, and corre-
spondingly. the danger of men
has receded".
To want fairy-tales without
stepmothers and ogresses is to
want Hamlet without the
prince. Characters from great
literature are both archetypal
and historically specific, to
.deny one or the other is to
infllte a nonsense of how art
develops out of the particular
to show the universal. Jane
Austen’s characters, for exam-
ple. are unimaginable outride
their calm 18th-century houses,
yet they survive in our imagi-
nation because they go so far
beyond them in their timeless
human experiences.
There are other flaws in
Warner’s attempt to talk away
the power of myth. Her evi-
dence for misogyny is ridicu-
lously weighted. The handful
of bad women she fixes an can
easily be matched by a cast of
male horrors - Bluebeard,
Rumpelstiltskin, ogres and
giants, the child murderer in
Babes in the Wood.
More seriously, her argu-
ment that outmoded stereo-
types still shape the tales con-
flirts crucially with the central
piece of criticism in the book,
the deconstruction of Beauty
and the Beast Warner exam-
ines how recent versions -
Angela Carter's retellings, the
Disney fibn — reflect two shifts
in modem sensibility.
One is the revolution in atti-
tudes to animals, now romanti-
cised rather than feared as in
medieval Europe, when bears
roamed the woods on the out-
skirts of town. In the film, the
cuddly Beast resembles the
American buffalo and “repre-
sents the lost innocence of the
plains before man came to
plunder”. The second is sexual
liberation. Where once the
Beast had to be tamed, now he
answers Beauty's desire for
wild sexuality.
The Disney film was made
not only for Me-generation kids
- the first song is “I want
much more than they’ve got
planned" - but for mums
raised on Gloria Steinem and
the ecology movement It indi-
cates the extent to which femi-
nist thought now governs pop-
ular culture, and it reduces to
absurdity Warner’s conspiracy
theory that “as individual
women’s voices have become
absorbed into the corporate
body of male-dominated deci-
sion-makers''. fairy-tales have
become the province of misogy-
nist tellers.
From the Beast to the Blonde
joins the fray of one of the
great intellectual battles this
century: feminism versus psy-
choanalysis. But, unlike Warn-
er’s previous subject - the Vir-
gin Mary, Joan of Arc - Goldi-
locks and Jack and the Bean-
stalk do not fit easily into the
grooves of sexual politics. As a
result, the book carries a tone
of carping insecurity and com-
plaint which sits oddly with
both the subject of fairy-tales
and with Warner’s intelligence
and scholarly ability.
Both Bettelheim and Iona
and Peter Opie, the other great
modern writers on the tales,
echo in their criticism the
upbeat optimistic mood of
fairy-tales themselves. The
Uses of Enchantment ends with
an account of family happi-
ness: This is one of the mani-
fold troths revealed by fairy-
tales, which can guide our
lives; it is a truth as valid
today as it was once upon a
time."
By contrast, Warner con-
cludes an a note as weak as
Bettelheim’s is strong: “It is
time for wishful thinking to
have its due." It is the differ-
ence between a critic who was
wise enough to stand outside
his times and write what he
believed in, and one who is
pandering to popular preju-
dices.
M ore is talked and
written about sex
now than at any
time in our his-
tory. Until recently we took
this as a sign that ours is a
time of sexual liberation.
Because of the erratic genius
and even more erratic scholar-
ship of Michel Foucault, how-
ever. we have been made to see
that this is not so. We are.
according to him. still in the
grip of repressions and Inhibi-
tions which have grown apace
since the 17th century.
Few historians accept Fou-
cault’s consciously wayward
treatment of the facts, but on
this point at least he seems
right Neither AJX Harvey nor
Michael Mason make use of his
views In reporting the complex
recent history of attitudes to
sex, but it is hard not to con-
clude. after reading their
books, that despite Freud and
improved contraceptive tech-
nology, we are - as Foucault
claimed - scarcely more ratio-
nal, liberal or active now than
our forebears were in 1700.
Note the phrase “attitudes to
sex": these books are not about
sexual practices but about
ideas and opinions. Harvey
traces the change in attitudes
to sex during the 18th century.
Mason the nature of attitudes
to sex in the 19th century.
There is considerable overlap
between them, not just in sub-
ject matter but also in time.
Together, although uninten-
tionally, they provide a contin-
uous history of changes in atti-
tudes to sex in the two
centuries before Freud.
In early Georgian England it
was commonplace to believe
that women had stronger sex-
ual appetites than men. “A
woman is 10 times more
inclined to, and delighted in
Copulation than a man ,* 1 wrote
one supposed authority; “in
the rites of love," wrote
another, “a woman is too many
for a man, and capable of tir-
ing him quite down". The
robust picture of female sexu-
ality implicit in Shakespearean
bawdy is recognisable here.
But by the beginning of the
19th century, women had
become frail and delicate, and
“expert" opinion now pro-
claimed that the normal female
sexual appetite was “dormant,
if not non-existent”.
In Harvey's view, what was
going on was a denial of female
sexuality coupled with an
increasing concern for female
“purity". With the view of
women as inferior and vulnera-
ble there grew up new mythol-
ogies of seduction and rape -
the former being what hap-
pened when girls said "yes",
the latter when they said “no".
The common belief was that
girls who had "mislaid their
virginity” were doomed to the
streets.
Harvey reports Georgian
England’s increasingly anxious
attitudes towards sex, and its
concomitant attempts at
repression and control. Mason,
who recently published a
much-praised account of Victo-
rian sexual life, focuses atten-
tion on the surprising fact that
it was secular, rather than reli-
gious, opinion which turned
Georgian anxiety into Victo-
rian obsession.
The usual view is that Meth-
odism and evangelical Angli-
canism were responsible for
the primness of Victorian sex-
ual attitudes. Mason shows
that religious orthodoxy in
England was on the whole In
favour of sexuality - within
marriage, of course - and
strongly disapproved of the cel-
ibacy of Roman Catholic
priests and nuns. “Anti-sensu-
alism" came not from vicars
and bishops but from progres-
sive opinion, such as the fol-
lowers of Bentham, the propo-
nents of working-class
self-improvement, and the fem-
SEX IN GEORGIAN
ENGLAND
by A.D. Harvey
Duckworth £2U, 205 pages
THE MAKING OF
VICTORIAN SEXUAL
ATTITUDES
by Michael Mason
Oxford £17.99. 256 pages
inists, most or whom were
opposed to liberalised sexual
attitudes and birth control.
This odd inversion is
explained, according to Mason,
by the progressive belief that
the more human beings aspire
to civilised values, the less
instinctual and animal they
become - and this means, the
less they are gripped by sexual
appetite. Mason calls this
“aspirational anti-sensualism".
The claim that such views,
rather than canting religious
sentiment, are the chief engine
of Victorian morality is a stri-
king and original thesis. Mason
does not deny that religious
sentiment played its part, but
he accords it a “passive" role.
There is one important gap
in Mason's account. The grow-
ing confidence of Victorian
medical science put a weapon
into male Establishmen t han ds
which obstructed a clear-eyed
understanding of sexuality in
general and female sexuality in
particular. Much of what was
believed about sex by Victo-
rian doctors has since been
stood on its head, but surpris-
ingly many of its prejudices
remain. Only now, for exam-
ple, is it again being acknowl-
edged that women have as
robust a sexual appetite as
men.
These are instructive and
important books. Apart from
their special Interest, they
show yet again that the study
of history is an absolute neces-
sity for understanding most
things human.
I*
A guide and a gambler
Iain Macleod was a man of paradoxes, writes Malcolm Rutherford
I ain Macleod has been a
legendary figure in the
Tory Party for so long
that it is surprising we
have had to wait until now for
a comprehensive biography.
Even posthumously, para-
doxes abound. Macleod was
one of the first senior Tory
MPs to recognise the talents of
the young Margaret Thatcher.
As shadow chancellor in the
mid-1960s, he Insisted that she
should be his second-in-com-
mand, and let her rip. He con-
cluded quickly that one day
there could be a woman prime
minister, and it might be her.
At the same time, as we now
know, Macleod was the hero of
another aspiring politician who
was also a future prime minis-
ter: John Major. It was
Macleod's appeal to one nation
and his ability to captivate a
Tory Party conference that
Major admired.
Yet Macleod made enemies
as well as friends. Lord Salis-
bury, once a force to be reck-
oned with In the party, dis-
missed Him as “too clever b7
hair, and the charge stuck.
Alec Douglas Home, in whose
cabinet Macleod declined to
serve, thought that Macleod
was naive, especially over
Africa. Macleod thought that
Home was the most arrogant
man he ever met.
In one telling case, friend-
ship turned to ashes. Two of
the guiding lights in the post-
1945 Conservative Party were
Macleod and Enoch Powell.
Macleod Jong regarded Powell
as an intellectual mentor, even
if he seldom went ail the way
with his conclusions. When
Powell turned against coloured
immigration, the friendship
died.
Some of Macleod's other
likgs and dislikes have no obvi-
ous explanation. He rather
liked Janies Callaghan: the
pair of them shadowed each
other across the House of Com-
mons first on colonial policy,
then on the economy. He had a
marked distaste for Roy Jen-
kins, despite the fact that the
kind of Britain that both of
them wanted to see must have
been practically i dent ical . He
professed to despise Harold
Wilson, although Wilson was
one of his greatest admirers.
Above all, Macleod thought
that Edward Heath was boring
and never considered him as a
serious contender for the lead-
ership of the party until it was
too late to stop him.
In short Macleod was a very
unusual man, which is what
this book is about - or should
be. At times Robert Shepherd's
biography is a little too com-
prehensive, a mite too taken
op with detail to let the story
of the man come through. Yet
the story is still there.
Macleod was a gambler.
Early in the war, after a bout
of drinking, he attempted to
shoot Ms commanding officer
for refusing to play stud poker
with him. But that was an
aberration. On the whole he
gambled astutely. He made Ms
spending money out of playing
bridge and writing about it in
the newspapers. He helped to
invent the Acol system of bid-
ding - named after a dub In
Acol Road. South Hampstead.
Shepherd perhaps under-
states the importance of this.
The system works by keeping
the initial bidding low in
order to allow for a possible
dramatic change of suit later
on. That was how Macleod
worked in everything.
As minis ter of labour in the
late 1950s, he loved bargaining
with the unions over pay.
Some of the union leaders
respected him for it At one
stags, during a famous London
bus strike, a group of them
went to see him privately to
say that Frank Cousins, the
transport and general workers’
leader, should be taken down a
peg.
Macleod continued in much
the same style as colonial sec-
retary. In retrospect, that was
far and away his most iropor-
IAIN MACLEOD. A
BIOGRAPHY
by Robert Shepherd
Hutchinson £25. 60S pages
tant job. When he appointed
him after the 1959 general elec-
tion, Harold Macmillan noted
that "Africa seems to be the
biggest problem looming for us
here at home”. Macleod’s task
was to accelerate independence
without provoking massive
unrest. He did it through a
series of cliff-hanging negotia-
tions during which both blacks
and whites often claimed that
they had no idea which way he
would play the cards.
The unrest that resulted was
mainly in the Tory Party at
home, which was why Mac-
millan removed Mm from the
job after two years. Nothing
that Macleod did subsequently
quite lived up to the African
achievement For a while he
seemed a possible future
leader, but was pre-empted by
Home and then overtaken by
Heath. He might have been a
very good, tax-reforming chan-
cellor of the exchequer when
the Tories returned to office in
1970, but he died within a
month.
There were other sides to
Macleod’s character apart from
the gambler. He was brought
up in Yorkshire, but had roots
in the Scottish isles. His father
was a GP from whom Macleod
inherited a social conscience.
His first mark in politics was
to speak up for the reform, but
also the preservation, of the
health service. His belief in the
brotherhood of man lay behind
his approach to African inde-
pendence. Previous colonial
secretaries had been well ofE
Macleod had to cash in his life
insurance policy to defray Ms
expenses.
He loved poetry and could
quote it at length; also sport
From early on, his physical
health was not good and grew
steadily worse. He concealed
his pain very well. He was a
great speaker with a marvel-
lous voice and immaculate
sense of timing. He was also a
sparkling journalist, as his
stint as editor of The Spectator
revealed after he refused to
serve under Home.
Yet he was undoubtedly
ambitious for the premiership
and, as Shepherd points out,
could be devious and calculat-
ing. Shepherd perhaps attri-
butes too many of the
unsigned articles in The Spec-
tator to Macleod himself, l
know because 1 was there.
When he wrote his most
famous article of all on the
Tory magic circle, I suggested
that we should put on the
cover singly "What Happened"
by Iain Macleod. “That’ll do,”
he said. Then he chuckled and
added quietly: “Well, some of
what happened.”
The days of
a maverick
J.D.F. Jones recalls the life and
times of a great eccentric
F rauds Younghusband
was one of the great
eccentrics of the later
British Empire, a
large dub which included Gor-
don, Baden-PowelL Meiner-
tahagen, and many more. Pat-
rick French has given him an
enthralling, well-written, reve-
latory and flawed biography.
I am not sure about the sub-
title - was Younghusband
really the “last great imperial
adventurer"? (What about the
Arabian, gang, including T.E.
Lawrence?) But he was cer-
tainly a great and maverick
character whose invasion of
Tibet in 1904 was only one epi-
sode in a dramatic life. “Jour-
nalist, spy, guru, geographer,
writer, staunch imperialist,
Indian nationalist, philosopher
and explorer" are listed by
French (leaving out soldier and
geriatric lover), and he adds:
“How had a blimpish colonial-
ist managed to end up as a
premature hippy?”
Younghusband 's exploits in
Asia have of course been
recorded before, most recently
by Peter Hqpkirk and Anthony
Vender, and before that by
Peter Fleming and Jan Morris.
The value of Mr French’s book
is that he tells us so much
about the rest of the life:
indeed, he has the wit to argue
that the Tibetan adventure
was merely “a formative part
of an extraordinary Journey of
personal discovery and devel-
opment”.
After 1908, when Younghus-
band retreated from India to
Britain, he recedes from our
history books; yet he became
author, public figure, president
of the Royal Geographical Soci-
ety, founder of the "Fight for
Right” patriotic movement in
1915. commission er of the Jeru-
salem gnthfriw promoter of the
first Everest expeditions, fore-
runner of the “Gaia" theories
which are today favoured by
Professor James Lovelock and
the New Age movement, stal-
wart of the Travellers Club,
mystic (“a religion of atheism"
said his friend Bertrand Rus-
sell), supporter of Indian inde-
pendence, philosopher, crank -
and (Mr French's most deli-
rious discovery) the passionate
76-year-old lover of Madeline,
Lady Lera, with whom he pub-
lished a marriage manual and
to whom he wrote, “The
YOUNGHUSBAND: THE
LAST GREAT IMPERIAL
ADVENTURER
by Patrick French
HarperCollins £20. 440 pages
woman in you makes great
appeal to me and rouses all the
most manly in me. You are a
remarkable Illustration of the
essential Creative Spirit of the
World . . he thought Lady
Lees might be the Messiah (he
had had a cold and unhappy
marriage).
Well might the biographer
ask. after 300 pages, “Was he
barking mad?" To which the
answer must be, not quite.
Younghusband was a product
of post-Muttey Anglo-lndia and
Clifton (where he acquired a
lifelong friend in Sir Henry
Newbolt and a habit of cold
baths, which he continued to
indulge at 20 degrees below in
the Karakoram). The young
Army officer with an Evangeli-
cal background and an interest
in Buddhism began to have
mystical experiences in the
high moimtams and his col-
leagues must have been aware
that a certain instability might
accompany the compulsive
risk-taking and extreme physi-
cal stamina — as the colonial
phrase would put it, he tended
to “go bush".
He made an early name for
himself on a crossing of the
Gobi Desert and then as a
young participant in the Great
Game, in the remote region
where Russia, China and Brit-
ish India met. It was Youn-
ghusband who. when sent to
tame the Mir of Hunsa in 1889
- "I knew that he was a cur at
heart, and I have no doubt he
was impressed by my bearing"
- encountered the Tsar’s for-
ward agent Grombtchevski; he
deliberately mis-directed the
Russian, almost to his death,
an episode which surely must
have inspired the scene in Kxm,
though Mr French does not
mention it
Hie subsequent career was
by no means smooth. Youn-
ghusband only got the Tibet
expedition in 19034 because he
was a chum of Lord Curzon.
Mr French enjoys teffing the
story of this last round of the
Great Game, without forget-
ting that the Invasion was an
unnecessary failure - the Vice-
roy and Younghusband sin-
cerely believed that the Rus-
sians were in bed with the
Tibetans, and were wrong. The
advance on Lhasa was never
Intended by Balfour’s govern-
ment, and Younghusband, not
so unfairly, was to be a scape-
goat
That should not have sur-
prised anyone: Younghusband
was usually out of his depth in
the world of diplomacy,
whether in the Himalayas or In
his mysterious, and still
obscure, involvement in the
Jameson Raid In 1895 Trans-
vaal. Ninety years on, with the
Chinese more than ever the
imperial masters of Tibet, that
useless British exercise looks
even shoddier, less justifiable
than ever.
There is one serious flaw in
this enjoyable read (apart from
the inadequate maps, whereas
the photographs are good). Mr
French has chosen to tell this
splendid tale in the framework
of his own recent travels in the
region “to follow his trail".
There is surely something -
well, immodest about this in
the context of such superhu-
man exploration. Who cares
about the young Mr French’s
stopover impressions of Kabul
Airport? Who cares that he
foiled to follow the route of the
1903 invasion, foiled to find the
letters to the adored Mrs Doug-
las, fell ill in Calcutta, and
overdramatises his own minor
skirmish with the Indian Army
in Sikkim?
But to set against this we
have a frequently happy turn
of phrase - for example, of the
west’s fascination with the
east, “conquest and wonder
durin g hand -in -hand " - and
an eye for the apt quotation, as
when Younghusband writes to
a married lady he fancies.
“You would make a splendid
Colonel of a Cavalry Regiment
if you were a man . .
Those were the days.
NEW AUTHORS!
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i
XVI WEEKEND FT
FINANCIAL TIMES WEEKEND OCTOBER 29 /OCTOBlIR iO l***
ARTS
I n a recent interview in the
New Yorker film-maker Oliver
Stone mused on the QJ. Simp-
son murder case. “The line
between thinking murder and
doing murder isn't that major,” he
said. “Isn't that the point of Natu-
ral Bom Killers anyway?"
Oar censor certainly seems to
think so. Using the excuse of cau-
tion in the run-up to next week's
Criminal Justice Bill, he has put
Stone's new movie - which was due
to open in three weeks - on indefi-
nite hold: presumably in the belief
that showing it might help those
with murder in their minds to get
It out on to toe streets.
A story of two young killers on
the rampage. Stone’s film is
already a cause ailebre in Its native
OS, where people refer to it famil-
iarly as “NBK" (from the director
who brought you JFK),
Several murders supposedly
Influenced by the film have been
pinned to its charge sheet Original
Land of natural bom censors
Nigel Andrews on the postponement of Oliver Stone's controversial film. Natural Bom Killers
screenwriter Quentin Tarantino
disowned Stone's reworked script,
saying it turned the spotlight away
from the satirised media circus on
to the luridly depicted couple them-
selves (Woody Harrelson, Juliette
Lewis}. And Mario Vargas Uosa
broke jury purdah at last month's
Venice Film Festival to curse the
movie publicly and to help ensure
that it won the Special Jury Prize
rather than the Golden Lion.
Hardly a wooden spoon even so.
Now NBK may become the first
high-profile, prize-winning feature
film to be banned outright in toe
UK. For a film journalist this has
been a bizarre week. Two days
after rumours broke last Sunday of
censor James Ferman’s move - or
rather derision not to more on the
overdue certification - I rang the
distributors Warner. Their press
office said NBK would open as nor-
mal, on November 18, and that 1
must disregard all groundless
reports.
Two days after that, the rumours
had several feet of concrete under
them. And we who oppose censor-
ship on a more or less across-
toe-board basis had another 10-ton
controversy coming towards us.
Natural Bom Killers is not a mas-
terpiece. In the US it was not even
a popular masterpiece. After open-
ing strongly it fizzled out, making
about $4 7m (£29m). Any film-goer
keen to be depraved or corrupted
bad to negotiate the alienating
impact of Stone's style in toe film.
And yet that style - or cut-up mul-
tiplicity of styles, as if from the
brain of an intellectual who has
overdosed on MTV - gives the film
its one claim to distinction.
In a matter of seconds the same
scene - even the same shot - is
presented in colour/newsreel-style
black-and-white/home-movie video /
slow motion/fast motion. There are
surreal back-projections; there are
subtitles lantern-projected on to
characters' bodies during a dia-
logue scene with Indians.
Most bizarrely - and for me effec-
tively - a flasbbacked sequence of
Lewis's abused childhood is pres-
ented as broad sitcom, complete
with canned laughter and comedian
Rodney Danger-field as Dad.
This not only debunks any hint
of solemn special pleading on the
character’s behalf, it adds to the
sense that Stone’s film is less about
the killers themselves than about
the multitudinous ways we re-pro-
cess - and trivialise - true-life
tragedies and horrors in the age of
tabloids and wall-to-wall TV.
The film has at least a glimmer
of serious intentions. But that will
not stop the usual baying for film-
makers’ blood of those who see
movies as Incitement rather
TTKipht is times of trouble and vio-
lence. For me, those in the UK who
favour screen censorship - which
has a stronger hold time than in
almost any other western democ-
racy - are in the same ideological
cul-de-sac as those who favour state
subsidy to our film-makers. They
think that victory comes through
lack of struggle: that moral argu-
ments are won by never having
them, just as prosperity is won by
uever having to earn it
Should children be protected
from violent films? Probably they
should. (Ergo: certificates'). Should
the mentally unstable be shielded
from violent films? Of course they
should- Should the adult, sound-
minded population be held to ran-
som bv these sector* of society.
that none of us can see and debate
the controversial works? Of course
if should not- . , ,
But the UK is a HlAt little island
with a siege mentality towards its
culture and morals- We arc natural
born censors- This goes all the wav
from the protectionist nationalism
of our attitude to our film industry
- we believe the world owes us a
living - to the throttling of Irel-
and informed debate on movies like
Natural Bom Killers, by with hold-
ing the none itself.
We have hod no full explanation
from the censor on why he has sin-
gled out Stone's film. He lumseli
has poured scepticism on the
"copycat" factor by refer ring to
last vear's Child’s Plan d falsi*
furore. The pointless martyrdom
visited on Natural Ham Killers, it
delayed certification turns into a
ban. may end up enhancing not
diminishing the film's repu-
tation.
Searching for
space in outpost
by the sea
William Packer surveys the Tate at St Ives
T he Tate Gallery at St
Ives, a new and not
exactly unobtrusive
building by Evans
and Sbalev on toe site of the
old gasworks overlooking
Porthmeor Beach, was opened
to the public last summer amid
much local baUy-hoo. Why
should Modem Art be imposed
so heavily, and so expensively,
on an old fishing town that
was used to artists but these
days depended upon tourism
for its livelihood? Would such
money not be better spent on a
leisure centre, or a swimming
pool?
Protests were made, meet-
ings held: and now we have
something of an answer. The
scheme was argued on a proj-
ected annual attendance of
some 70,000 visitors. This tar-
get was reached within
months. The full year achieved
a total well over 200,000. More
to the point, with tourism so
seasonal and St Ives shutting
up shop for the winter, atten-
dance ran to above 80.000
through the winter months.
The seasonal orthodoxy has
been confounded.
That said, however, the Tate
itself does face certain prob-
lems. Purpose-built as it is, the
building was never designed to
cope with so many people. And
once inside, the galleries seem
surprisingly few, and rather
small. The view over the beach
may be spectacular, the cafe
delightful, the bookshop full,
the lobbies even generous in
proportion to the rest But has
not space been wasted, just a
bit?
In fairness it must be said
that such questions are being
addressed as exhibiting policy
evolves beyond the first plans.
This time more works have
actually been hung. And while
the concentration on the later
modern artists of St Ives itself
- on from Ben Nicholson,
Christopher Wood and old
Alfred Wallis in the late 1920s
- is dearly not to be given up,
it is never to be dogmatically
exclusive. That, with Newlyn
and its turn-of-the-century
painters only six miles aw ay,
would be merely perverse.
But there is another nettle to
be grasped. The Tate was
never going to offer any perma-
nent display of the St Ives art-
ists in Cornwall, for to do so
was not possible in the
restricted space, nor desirable
in what must always be an out-
post. What is given instead is a
rolling programme of displays,
each treating on a given aspect
of the subject. Yet what is the
distinction between the imper-
manent study display and the
temporary exhibition?
For these new displays, chro-
nology is given up and the five
galleries devoted each to a sep-
arate theme: The Penwith
Landscape: In the Studio: Pri-
vate and Mythic Narrative:
Observation and Abstraction.
The fifth, and the only one
called a study display, is in
fact a small exhibition of Peter
Lanyon's two “ Generation"
series, made in the late 1940s
after his return from the war.
Both are figurative, one more
mystical with its chalices and
still life, the second directly
founded in the coastal land-
scape of West Penwith and Por-
treath. Together they fore-
shadow the larger and ab-
stracted expressions of the sen-
sation of landscape that char-
acterised Lanyon’s later work.
Apart from what it tells us of
Lanyon, this little show makes
the point that so focused an
exercise carries a dispropor-
tionate weight. The Tate at St
Ives is perfect for the coherent
temporary exhibition of
medium size, which is not the
same as the current run of dis-
plays through the remaining
galleries. With them the sense
is rather of the hanging of
sympathetic work first, and the
naming of it later. It is not a
Alfred Wallis's ‘St Ives', circa 1928, showring at the Tata at St Ives: each room holds remarkable and beautiful things
question of size, but only of
purpose and concentration.
Even so. each room holds
remarkable and beautiful
things - Paul Feiler's abstract
rockscapes and the Alfred Wal-
lises in the first room, Mar-
garet Mellis's anemone in the
second. Frost and Heron and
Scott in the fifth. And the
grievously under-rated Karl
Weschke's dark, drowned body
on the beach, in the fourth
room, would grace “The
Romantic Spirit in German
Art" now at the Hayward, had
the organisers but the wit to
know of it
Downstairs, in the entrance
lobby, is a monumentally lum-
pen sculpture by Peter Ran-
dall-Page. He is the most dis-
tinguished stone-carver of his
generation and quite at home
in the town and spiritual com-
pany of Barbara Hepworth.
The London show of his latest
carvings. “Secret Life", mas-
sive pods of granite split to
reveal their carved insides and
looking magnificent against
the Thames at Reed’s Wharf.
has a week to run.
The New Displays: Tate Gal-
lery St Ives, Cornwall: spon-
sored by Intercity. Peter Ran-
dall-Page - Secret Life: Reed's
Wharf Gallery. Mill Street
S&l. until November 5.
A n unusual musical
partnership takes to
the stage in London
and Birmingham
over the next two weeks: Niko-
laus Harnoncourt will conduct
the Philharmonia Orchestra in
two cycles of the Beethoven
symphonies. Harnoncourt is
toe pope oF historically-aware
performing practice in conti-
nental Europe. The Philhar-
monia represents toe modern
symphony orchestra par excel-
lence.
Harnoncourt has been hailed
as one of the most original and
dynamic interpreters of classi-
cal repertoire, celebrated for
his ability to make people hear
familiar music with fresh ears.
Well-known to record-buying
cognoscenti in the UK. he has
been a rare visitor to London.
The Philharmonia concerts are
his first encounter with a Brit-
ish orchestra - one which
helped shape a previous gener-
ation's knowledge of Beeth-
oven through its concerts and
recordings with Otto Klem-
perer.
Just how easily the Philhar-
monia will absorb Harnon-
court's ideas is the subject of
Putting a fresh twist on Beethoven
Andrew Clark on a controversial conductor who likes his players to take risks
much speculation in London's
music establishment Whatever
happens, the results are
unlikely to be dull. Harnon-
court’s Beethoven is worlds
away from the traditional
approach. He favours shorter,
more eventful phrasing,
rationed vibrato, sharply-de-
fined timpani and horns that
rasp like their vaiveiess ante-
cedents.
He is equally far from the
opposite pole of “authentic"
gurus. He has never conducted
Beethoven with a period-in-
strument ensemble. Ids dictum
being that the player is more
important than the instru-
ment. He drives Beethoven’s
allegros with blinding inten-
sity, but unlike Roger Norring-
ton or John Eliot Gardiner, he
introduces subtle inflexions of
tempo. The result is a marriage
between historical nicety and
the need to project and re-in-
vent the music for today.
Harnoncourt, a Berlin-born
Austrian, made his name as a
specialist in baroque and early
music, but now spends most of
his time with conventional
orchestras. Those who have
worked with him speak of his
instinctive feeling for the
music, backed by extensive
study of contemporary sources.
Francis Hunter, who played
oboe in Harnoncourt's Mozart
cycle at the Zurich Opera
House, refers to “his ability to
slot into the gut level of each
piece and convey what is
meaningful and expressive”.
Harnoncourt spent 17 years
as a cellist in toe Vienna Sym-
phony Orchestra, so he knows
what it is like to sit listening to
conductors. “He has answers
to why he wants things done in
a certain way," says Dane
Roberts, a double-bass player
in the Chamber Orchestra of
1.0 t k. 'r- b e r 19 9 4
-f ; 'J''
ART
Europe, with whom Harnon-
court has recorded the Beeth-
oven symphonies.
Harnoncourt, 64, is less for-
bidding in conversation than
his platform manner would
suggest. He speaks good
English and is accompanied
everywhere by his wife. Alice,
an experienced violinist who
acts as his agent
His biggest triumphs in
recent years have been at the
Salzburg Festival: cold-shoul-
dered during the Karajan
years, he has become a fixture
of Gerard Mortier's pro-
gramme, and will conduct Le
nozze di Figaro next summer.
His present repertoire ranges
from Purcell’s Fairy Queen to
Bruckner’s Third Symphony.
He acknowledges numerous
blind spots, including Gluck.
Berlioz. Mahler and Strauss,
but has late Verdi and Berg’s
Violin Concerto in his sights.
Central to Harnoncourt’s
understanding of Beethoven is
what be calls the musical rhet-
oric - word-like units of phrase
which grew out of the connec-
tions between music and lan-
guage in the baroque and early
classical era. “Composers a
generation after Beethoven
would laugh at the idea," he
say& “Beethoven drew on the
same musical vocabulary for 30
Tim Rietvnond/Teldec
Nikolaus Harnoncourt dynamic
years of his life - words, fig-
ures, formed from a handful of
notes - and used them in a
rhetorical way. Is the musical
speech a continuation of the
previous phrase or a response
to it? It’s important that the
players know, because his
music tells you some thing -
it's on the verge of programme
music."
Harnoncourt dismisses the
idea of musical authenticity.
He says that even when
orchestras play with period
instruments, they are realising
their idea of sound from a 20th-
century perspective. “Musical
interpretation changes with
every generation. Each laughs
at its predecessor and believes
it is closer to the will of the
composer. I (to all the repeats
in Beethoven’s symphonies,
but 30 years ago it was not the
done thing, and in another 30
it will be different again. It is
like chang in g fashion."
One reason why the field of
interpretation Is so wide is that
Beethoven did not always
make his final intentions clear.
Harnoncourt says the auto-
graph scores are different to
most composers of the period,
"because Beethoven did not
correct them - he gave them to
a copyist and corrected the
copy. The parts were printed
before the fell score, so he cor-
rected the parts. You cannot
even say the last source is the
will of Beethoven, because he
changed a work like the
Fourth Symphony for certain
performances. You have to
make a lot of judgments your-
self."
At the same time, Harnon-
court is determined to root out
modem accretions, such as the
trumpet's “note of victory" in
the first movement of the |
Eroica. “Orchestras today play
a note which was not written
by Beethoven. You could say |
the theme is not complete I
without it, that the trumpet
players of Beethoven's time
were not good enough, so let’s
add it. I think Beethoven
included the failure, just as he
asks the sopranos in the Missa
Solemrus to sing a note that’s
too high for them. He wanted
their faces to be blue and the
voice to crack - this is part of
the composition. A hero likes
to show only his heroic side,
but what Beethoven does is to
show that after alL the hero is
a failure."
He dismisses the argument
that if Beethoven had had
access to today's instruments,
he would have adapted the
parts accordingly. “Then he
would have written everything
differently. The limitations of
the instruments were a source
of inspiration. We don’t know
what Beethoven would have
done with the instruments of
today - geniuses always do
things differently to what we
expect. I don’t agree with the
retouching that goes on. I don’t
change a note.”
Harnoncourt also questions
modem trends in orchestral
sound, saying the American-
led drive for technical perfec-
tion puts the emphasis on
security at the expense of
beauty. That is why he encour-
ages brass players to experi-
ment with the old valveless
instruments.
He describes beauty as
"something to do with uneven-
ness - it’s changing all the
time, there is a bit of dirt in it,
it's not pure. If you have a
group of semi-quavers and you
play them absolutely equal, it’s
sterile.
“For me, the most beautiful
instrument lies at the edge of
catastrophe. 1 prefer risk - 1
like a musician who makes a
mistake because he risks too
much."
The Hamoncoart/Phllhar-
monia Beethoven cycle begins
at London’s Royal Festival
Hall tonight and Birming-
ham's Symphony Hall next
Thursday.
M A K INC tS.' M K A N I N ( .
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FINANCIAL, TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994
WEEKEND FT XVII
ARTS
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‘‘'iiu-
Inspired flair
captures Wexford
David Murray on a final act at the festival
T his year's Wexford
Opera Festival is the
13th that Elaine Pad-
more hgg directed,
and her last; she is moving on
to the Royal Danish Opera.
It would he impossible to
overestimate what she has
done at Wexford, for year after
year she has fulfilled her brief
superbly. She has chosen an
annual trio of neglected,
obscure or forgotten opera
with inspired flair, resource
and cunning balance. She has
scoured Europe and the former
Soviet Union for the right con-
tactors, producers and casts,
'rom the range of artists -
specialty young ones - that.
Yexford can afford.
The rare let down only
roves that she can take brave,
alcula ted risks.
Not least, she has kept the
awn thoroughly Involved in it
IL Good Wexford singers find
lies, one or two operas each
jar use a lot of local children,
id some 250 vohmteers work
ipaid for the festival - in the
fisfying knowledge that it is
tre gain for the town. Every-
idy is happy, even euphoric,
any Wexford Festival-goer
a attest At White's Hotel,
the Talbot and other watering-
holes. the operas are discussed
far into the night Miss Pad-
more's Italian successor will
find hers a formidable act to
match.
Besides young Wagner’s Das
Liebesverbot, which I wrote
about on Tuesday, the 1994 fes-
tival offers two more rarities:
Anton Rubinstein's once-£a-
mous The Demon (1871, premi-
ered and the alternative
La Bah&me by Leoncavallo -
composed simultaneously and
competitively with Puccini’s,
but eclipsed by that and by his
own Pagliacd, like everything
else he wrote. Yet he is more
faithful to Murger*s original
serial, “Scdnes de la Vie de
Boh&ne”, which he captures
with a crueller vision.
Where Puccini reduced and
intensified just two sentimen-
tal strands of it, to the point
where the ’'bohemlanism" was
little more than local colour.
Leoncavallo insisted upon the
feckless, niWHs t real-life scene.
His first two acts givB us a
Schaunard - here a main char-
acter - who is a flamboyant
catch-as-catch-can composer,
along with the choked poet
Rodolfo, the would-be painter
if
fery Serkin as Prince Skiodai m 'The Demon': an Interne tenor
Marcello and their promiscu
ous sweethearts Mimi and
Musette, amid their cut-rate
arty parties. In the later acts
they are reduced inexorably to
prostitution and destitute
squakrar without hope; Mimi
dies miserably while nobody
does anything.
In Reto Nickler’s production,
the descending curve is traced
without mercy- Unfortunately,
the conductor Albert Rosen
gives the National Symphony
Orchestra its unbridled head at
every point. His singers are
driven to ear-splitting passion,
with ultimately deadening
returns: Jonathan Veira's rol-
licking, eye-rolling Schaunard,
Patryk Wroblewski’s fluffy-
haired, bespectacled, distracted
Rodolfo (here a baritone), Jean-
Pierre Furlan’s desperate tenor
Marcello, the heartfelt -
though not notably musical -
Mimi and Musette of Jungwon
park an«j Mag aK Damonte. But
Leoncavallo is not, finally,
betrayed: the taste of ashes-in-
the-mouth is sour and true,
over-screeched as it may
be.
The Demon, in which Miss
Padmore has wisely cast six
pne Russian and Ukrainian
principals, proves to be more
im p res si ve than expected, even
with cuts. Perhaps it faded
from the repertoire, some 70
years ago, merely because
native Russians had become
bard to find in the west
Shorn of Its spooky-mystical
trappings, as here in Yefim
Maizel’s production and Paul
Steinberg’s striking modern
sets, it is the story of a “fallen
angel’s” single-minded erotic
obsession with young Tamara,
even to her convent re-
treat
If the music is not radically
ori ginal, it myn a gaa to sound
likp no nnp else’s, and Inrlnriofi
much that is rich and st r an ge,
quite mesmerising as Alexan-
der Anlssimnv conducts it
Anatoly Lochak’s suave,
powerful baritone and Marina
Mescheriakova’s dramatic
soprano rise splendidly to it
with sumptuous support from
Leonid Zimnenko, Ludmilla
Andrew, Alison Browner and
an intense young tenor, Valery
Serkin.
A truly exciting Wexford
rediscovery - and one which
some larger opera houses must
surely copy in baste.
DfdyVeldman and Laurent Cavanna In ftotitB Ifort*: an exercise in sexual grappling using Mozart as a soundtrack
Dance/Clement Crisp
Troupe’s leaden turn
The re-launched Ballet Rambert is disappointing despite a promising group of dancers
I n 1966, Ballet Rambert
was re-launched as a
dance company inspired
by the adventurous exam-
ple of Nederlands Dans The-
ater. For 40 years, Rambert
nurtured talent but fell victim
to the need to lure audiences
with ringgicni stagings of the
sort we still see being touted
round the regions today.
The post-1966 Rambert
troupe did grand thing s , help-
ing build a public for modem
dance, joining with the London
Contemporary Dance organisa-
tion in this missionary act But
after a quarter of a century,
what had been re-named the
Rambert Dance Company fell
victim to declining audiences,
as did LCDT. The rigorous
post-Cunningham aesthetic of
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Richar d Alston brought about
his departure as Rambert's
director, and curious funding
policies resulted in the demise
of LCDT, and the forming of a
smaller contemporary troupe
which is now Alston's creative
home.
Meantime, Rambert was
given more hinds and more
dancers, a strong musical
ensemb le was envisaged, flnri
Christopher Bruce, long-time a
Rambert star as dancer and
choreographer, became the
director. Hie re-launched Ram-
bert company was unveiled
last week. And, as In 1966. the
guiding influence is that of
Nederlands Dans Theater.
Bruce’s choreographies have
often seemed shadowed by the
work of Jiri Kylian, who has
shaped Nederlands' identity.
There is a similar concern with
the folksy and the non-spedfi-
cally anxious, even the same
affection for dun-coloured
designs and muzzy emoting.
For the “Rambert re-launch"
we have a piece from Kylian,
and from Ohad Naharin, who
has made pieces for NDT, and
of course from Bruce himself.
Watching Rambert in Edin-
burgh last week was like see-
ing NDT 4 - there being
already three NDT troupes, dif-
ferent only in that they all look
the same save in matter of the
performers’ age.
Be it said first of all that
Bruce has assembled a magnif-
icently promising group of
dancers. Some remain from the
previous ensemble; recruits
include an outstanding artist
in Ted Staffer, East, clear in
rhythm and movement But
the portents In Bruce’s reper-
tory choices axe less encourag-
ing. I can see no point in bap-
tising the troupe with Martha
Clarke’s Garden of Earthly
Delights.
Miss Clarke was a member of
the Pflobolus company (gym-
nasts passing themselves off as
dancers), and this Garden was
seen nearly a decade ago at the
Edinburgh Festival It has the
audacity to claim that it is
“based on” the Bosch triptych
which explores the idea of
heaven and fa>n in astounding
and surreal imagery. What we
are shown are crass mime
scenes in which dancers lurch
and posture, and interfere with
three hapless musicians who
provide olde-worlde tocrtlings
and clatter. (At one moment
two dancers assault a set of
tubular bells. Send not to know
for whom these bells toll: they
toll for the staging.)
As a portrayal of medieval
faith and its terrors, the piece
is sexually and doacally vul-
gar. As a piece of dance-theatre
it is brutish. As a baptismal act
it is like inviting Attila the ,
Htm to stand as godfather. The
stage is covered with move-
ment graffiti of the dullest and
most explicit kind - every
bodily function, highlighted -
amid a cascade of that
well-known medieval delicacy
- the raw potato. Not Bosch
but tosh.
The programme ends with
Bruce’s Sergeant Early’s
Dream, dating from 1984,
which offers emotion . folk-SOQg
performed on stage (oh, that
pitch-wary keening!), and
dances, blazingly done, that
bring the novel news that the
peasantry had a hard time.
If this first programme might
be seen as retrograde - cannot
well-funded modem rianoo do
better and more boldly than
this? - the second was worry-
ing in its implications. Ram-
bert has acquired a strong
musical identity with the
involvement of London Musici
under Mark Stephenson.
Yet the programme brought
choreographic assaults on com-
positions which should not
have been countenanced.
Kylian’s Petite Mart uses tire
adagios from Mozart’s K467
and K488 piano concerti as a
soundtrack for a witless exer-
cise in sexual grappling.
T he girls lurk within cut-
outs of black 18th-cen-
tury dresses, which are
obligingly on castors and can
be rolled about the stage to
give us such a jolly laugh.
Kylian, whose musical sensi-
tivities have something of the
chain-saw about them, pro-
poses dull duets and a good
deal of spurious “meaning”
while the two adagios are
played. Hell gapes.
So it does as Ohad Naharin
shows 19 dancers got up as par-
pons de co /6 (with aprons In
twee fabrics), chairs, undress-
ing, childish humour and even
more tiresome dance ideas, and
a touch of angst for his delete-
rious Axioma 7. The fourth
Brandenburg concerto is well
played while these fatuities
take place: I hope Mr Stephen-
son and his musicians get dan-
ger money. The piece is of stag-
gering foolishness.
The programme Is completed
by Bruce’s new Crossing,
which is dark, disturbed,
reflecting the moods of Gor-
eckl's grinding second string
quartet.
The programme-note makes
oracular statements - each
piece comes with a guide-book
quote as a kind of early-warn-
ing system - and the dance,
magnificently done (as is
everything In this repertory),
is richly endowed with striving
and the statutory moments
of consolation. I thought it
looked most like a Site of
Spring in which no one wanted
Chess No 1045: 1 c6! KdS 2
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to be the Chosen Virgin.
The merits of these perfor-
mances were clear to see - a
superbly trained and already
coherent ensemble, and nota-
bly good musical standards.
The problem lies with the
dancers' ability to transform
choreographic lead into the
gold of the theatre. Match
riancp to dancers and Rambert
will truly be re-launched.
Rambert Dance will be at the
Grand Theatre, Swansea, from
November 1-5, and at the
Orchard Theatre, Hartford,
from November 8-12.
. SOUTH BANK
Sat PHILMARMOrUA ORCHESTRA NOcolaun Humoncouit (condl
39 Oct rllltoleus Hemonoourt Booth ovon Sertsa Symphony Nat: Symphony
7 Jo NoJ (Eroica) 6pm: Music ot Today. James MncMnon. odm ftoo by cone
nckeL caa, E22. C17. CIO. cs -ptwuiannonlo Ud
Sun SUNDAY NIQHT CLASSICS Royal PhWisnnonte Orchosirn.
30 Oct Tchaikovsky Romeo &JuHac Symphony No.6 (PatMdqua);
7 JO Rachmaninov Plano Concorto No 2
£22.50. C21, El 8.50, E1H.50, £12.60. £9.50. £0.60 Raymond Oubbay
Hon pHlLMARseosHA orchestha Nlkoioua Harnoncourt (cond)
31 Oct KikoiauB Harnoncourt Be Hawn Sanaa
7 JO Symphony No2 Sysbhony No.7
£2 a £22. £17. £10. £5 -PMhamwnla Ud
Tool THE LONDON IrtflLHARaSOMIC Rsaktont at tha RFH.
Wed 2 Marlas Jansona, Kyung-Wha Chuns- Schubart Ov In Italian Stylo:
Nor Brahms Sym 3; Baethoven Vln Cone. Spons; Pioneer High FldeUty
7 JO (Q.B0UdCORMMieW Union Mb. C30.C21 jEl7.E13X8.CS ton Phi
Thu 0BC SYMPHONY ORCHESTRA Alexander Lazarav (cond)
3 Nov Pater Jablonski (pno) TctiaBcovaky Ptancaaca da Rknlnl:
7 JO Rachmaninov Po9 anJnl Rhapsody; Schnittke Sym No.SSConcerto
Oromo No. 4. £10 (unraservad) BBCRadoSFM
Frf DEUTSCHES SYMPHONIE-OHCHESTER RERUN
« Nov Deutsche RomsnUk. Vladimir Aahkanaxy (cond) Cristina Ortiz.
7.10 Schumann Ov. Hermann & Dorothea; Intro & Allagio Appassionato;
Mahler Sym No.S. £30. £23. £17, £12. £7 Hantson/Parrott UrVSBC
Sal LONDON MOZART PLAYERS Matthias Banwt [cond)
29 Oct Marla Jo8o Pi res (pno) Sailor! Sym in D (Venedana); Mozart Plano
7.45 Cone. K.406: Divertimento. K.138: Krowmn Symphony. Op 40
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San NELSON COERNER mtemaUonol Plano Sodas.
30 Oct Deutsche Roman ilk. Haydn Andonte con voriozloni. Hob.XVIIi/6;
3.00 Brahms Sonata. Op-5; Schumann Etudes Symphonlquos
£10. £8. £6 Hantoon/Penotl LkVSBC
San VIENNA CLASSICS CONCERTO FESTIVAL London Soloists
30 Oct eh. Orch. H Daunt, So-Ock Kim, Choa-Huna Toh. Schubart Sym
7.45 No-8; Mozart vin Cone, KJ16; Strauss Ob Cone; Baothovon Pno Cane
NO.4. £14. £12. £9. £7 XSCO
Han A HALLOWE'EN NIGHTMARE Deutsche Romontlk. Two
31 Oct screenings ol Nomfmrmtu (1922) (cart 12) and Warning Shadows
TAS (1323) Ctasstc sOoni turns (or HaDowe'en with scores by Paul Robinson
played by the Harmonle Band. £9 "SBC
Tim LOUIS DEMETRIUS ALVANIS (poo) Chopin Largo: Nocturne:
1 Nov Fouffle rfAtburrr; Nocturne. Oo.Posth; (our Scherzr Bartlett Caprice (let
7 j 45 ped.) Nyman The Plano: Brahms Hungarian Danes*. Noe-1. 3, 6. 7 & 5.
Spons: Capstlcks SoUcliora. E15, £1 T. £8,50, £8 KCM
Wad B(LL FRISELL plays BUSTER KEATON
2 Nov Screenings of "Go West - and omar classic Keaton films with new scores
7 JO played Uva by tho Bill Frtsell group. F risen la one ol America's most
inventive jazz composers, ns. £12.50, CIO Sorioua Spoataxil
Thu TABEA Z1MMERMAHN, MICHAEL COLLINS, IMOOEN COOPER
8 Nov Kurtdg Trio (Hommapo A Schumann); Schumann Trio. Op. 132.
TAS FomasleBtOcke: Ligeti Sonalo (let UK ol.); Mozart Trio, K.40B
(Kegebtatt) £15. £13. £9.50. £8 mtennusica Artists- Mgt LtdTSBC
Sri HAtmneus The oasonca ot Portugal, its people, its wndsenpoe. bs
4 Nov emotions and the bltterswoet longings of aaudode.
7 AS Further performances: Nov 22 A 26, PulBOH Room.
£16. £12. £7.60 'Portugal 600
ROYAL FESTIVAL HALL TUESDAY 1 5 OCTOBER 7.30pm
LONDON INTERNATIONAL ORCHESTRAL SEASON
O
OISTRAKH plays
Violin Concerto
Brno Philharmonic, Leos Svarovsky conductor
Progam me also indudes:
Jana£ekx Sinfonietta
Tickets £6 • £25 Box Office/CC 0171-928 8800
Presented by Van Walsum Management & The South Bank Centre
AUTUMN MUSIC AT THE V&A
Monday 7th November at 7 JO pm
Academy of London
RICHA RD ST AMP conductor
ERNST OTTENSAMER clarinet
STEPAN TURNOVSKY bassoon
- Programme includes -
MOZART Bassoon Concerto K.191
COPLAND Clarinet Concerto; Appalachian Spring
Coneot sponsored by ARCO
In ukl of Cities in Schools (Reeincreti Cturtlv No S83333)
AH Scats CJO Tel: 071 -WE 8407 {MonJay In Fnvlav |(M)
«L Loodoo
VleiwH ml Albert Mnseum, Exhibition Road. I
SW7 2RL
‘BRIAN KAY’S SUNDAY MORNING.’ MUSIC AND REQUESTS. 9:00AM.
nno r i d i o 3
*9-03 F
1
I
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xvill WEEKEND FT
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBBR^^^^^
Sailing
Sparring begins in San Diego
T here are lots of comparisons
going on in San Diego right
now. Men versus women.
Wide against narrow. The
occasion is the International Amer-
ica's Cup Class world championship.
Most of the teams that will compete
in the Cup itself, beginning in Janu-
ary, have a boat entered in this
“check-out" regatta, so-called because
of the opportunity to check out the
opposition prior to the main event.
Intense interest is focused on the
all-women crew sailing the America*
yacht Kama. It is the first time at this
level of sailing that women have
raced against men in a world-class
event. Initial fears that a deficit in
body strength would handicap “the
Cubettes" seem to have been wrong.
■These boats aren't terribly physi-
cal. It’s about talent and mind-
games.” said Dawn Riley, one of the
afterguard and the only woman
aboard Kanza with previous Cup
experience.
Olympic gold medals and world
championships abound among the
other 15 crew.
America*, funded and sailed by
energy billionaire and amateur
yachtsman Bill Koch, walked away
with the Cup in 19%L Koch admitted
to having spent S70m on the pro-
gramme. much of it on high-technol-
ogy R&D rather than training and
technique. His designers produced
yachts that were long, narrow and
heavy when compared to the opposi-
tion. They were also much faster.
Two of the new generation of IACC
boats built since then will be racing
this week; oneAustralia and the Japa-
nese entry JPN-30. It will be fascinat-
ing to see the extent to which they
have followed the hull design trend
started by Koch's technical gurus hut
far from universally believed in by
the opposition.
Koch's presence is largely a conse-
quence of a dispute with IRS officials.
His 1992 campaign was via a not-for-
profit foundation which gives
considerable tax benefits to the donor,
in this case Koch. The IRS told Koch
that bis tax-breaks depended on con-
tinued involvement in the Cup. Put-
ting women on the boat began as a
snook-cocking exercise aimed at the
taxman but has unintentionally
proved an inspired move in terms of
sponsorship and media coverage.
Papers such as USA Today, hardly
known for its yachting, have been giv-
ing a great deal of coverage, con-
sumer companies which make prod-
ucts for women have been keen to
provide support, and the television
networks cannot get enough onboard
footage of the Cubettes.
Among the more traditional partici-
pants. none has attracted more atten-
Keith Wheatley looks
at the intrigue
surrounding the
Americas Cup regatta
tion than the Australian challenger
John Bertrand, head of oneAustralia.
Bertrand, skippering the wing-keeled
Australia H. took the Cup away from
America in 1983. It was the first vic-
tory by a challenger in 132 years, the
longest home-run in international
sport. Since then Bertrand has done
little sailing, concentrating instead on
a business career.
It may be that his business contacts
helped him to put together a complete
$30m sponsorship package, largely
supported by Phillip Morris, while
other challengers struggled in the
customary finan cial mire. Bertrand
has his first new boat racing this
week, with a second being built That
is proving his undoing. OneAustralia
has a design co-operation programme
with the rival Australian campaign
funded by Sydney property entrepre-
neur Syd Fischer. All four boats will
be drawn by the same “think-tank" in
which each group has shares and
board members.
Every other Cup team is up in
arms. They believe that this arrange-
ment drives a winged-keel through a
cost-control agreement ratified after
the 1992 Cup. This limited competitors
to two new hulls. Although a 75ft
carbon-fibre canoe body need cost
only Sim or so. the research underly-
ing each new hull may cost 10 times
that
So, if Fischer and Bertrand axe
working as a single team, they might
greatly increase the effectiveness of
their research and build three proto-
types where everyone else can build
just one.
It looks certain to become a matter
for the international jury convened to
administer the Cup. The US courts
have already become involved. If Ber-
trand's new boat proves fast this
week, the already sharpened knives
will be out .and flashing.
On the defender side, the dominant
figure of Dennis Conner will be on the
water doing what he does best; learn-
ing everything and giving away noth-
ing. IBs Stars & Stripes 91 is the old-
est boat in the class and is scarcely
competitive. Yet with a new yacht
due for delivery in mid-November,
and talent such as Paul Cayard to
augment Conner's 20 years of Cup
experience, one should never underes-
timate him.
No one will be able to miss the
Russian chartered entry from the St
Petersburg Yacht Club. For reasons
not yet clear the old U Mora l has
been repainted with a black hull and
yellow decks and mast by her new
crew and renamed Vek Rossti. Since
the New Zealand challenge is
choosing to miss the regatta for tacti-
cal reasons, at least there is no risk of
the Ivans being mistaken for the All-
Blacks.
Cricket /Simon Hughes
T ourists
at work
A winter cricket tour
- three months in
the Caribbean or
four travelling
aro und Australia ~ sounds like
an agreeable way of spending
the English winter. How nice it
must be to bask In the sun-
shine in T-shirt and shorts,
warm waves lapping your
ankles, beside you a cool beer
and a copy of the newspaper
reporting the doom and gloom
back home. Occasionally yon
play a little sport
Reality is not quite as easy
for members of the England
touring party, apart from the
doom and gloom back home
bit Yes they may have isla n d
hopped round the West Indies
from January through to April.
month embarked on
their 16- week tour of the Great
Outback but no they have not
been to any beaches or even
caught a whiff of a pina colada.
Well, that Is not quite true.
When the team eventually left
Antigua in mid-April this year
at the end of a hard-fought test
series, there was a day set
aside for sun. sea, sand and the
rest of it. “Before that," said
the fast bowler Angus Fraser
“all we’d seen was hotels, air-
ports and cricket grounds. A
fortnight in Jamaica may
sound fantastic but it's not if
you are stuck in run-down
crime-ridden Kingston and
more or less imprisoned in
your hotel by security guards."
The 1994-95 Australian tow
lasts 116 days, but only six of
these (including Christmas
Day}, are completely free of
matches, travelling or practice.
There are 20 internal transfers
across three time zones leaving
little opportunity or energy for
exploration. Most will return
with no more knowledge of
Australia than when they left.
Your heart is still probably
not bleeding for them. But
tours are much harder than
they used to be because of the
speed of transport and the
advent of one day internation-
als. which are played to excess
in Australia. The players do
not necessarily help them-
selves. They are notoriously
unadventurous, preferring to
lounge around hotel swimming
pools in their England track-
suits hoping to attract the
attentions of other, preferably
female guests, rather than ven-
ture further afield.
There are exceptions. Derek
Pringle and David Gower dis-
appeared off into the bush with
their zoom lenses (during tours
of India private jets or distin-
guished travel guides material-
ise miraculously for interna-
tional cricketers) and Bruce
French, the wicketkeeper,
chmbed mo untains .
In the main though, overseas
tours are routine, neatly
summed up by the title of
Frances Edmonds* book about
the last England tour of Aus-
tralia which was called Cricket.
XXXX, Cricket On match days
Australia, the Sheraton
tel breakfast will be eaten in
. room at 7.15am IplaV^
rnlly double up as much tor
momy as team spiritl thj?
un bus will leave at
nigh Phil Tufnell usunll>
sps it waiting-
xm ups are schediUed for
n (England endured 99 o
sse sessions during the west
lies tour) and the gann?
rts at 10am, although one
f games often begin an hour
rlier. At the 6pra close of
.. „ nf hp*»rs is brought
D uring a Test the
dressing room floor
gradually disap-
pears beneath the
clutter of bats, boots, pads,
sweaty clothes and other para-
phernalia that spews out of the
players' kitbags. Hauling these
around continents is an ordeal.
In some countries there is help.
Govind has looked after the kit
of teams touring India since
1948. At night he sleeps with it
in tiie dressing room, resting
his head on a pair of pads. “I
haven't lost one bag in 45
years," he says proudly.
Sometimes the players are
hard to keep track of. John
Emburey sailed a windsurf
board out to sea in the Carib-
bean. but could not turn it
round and had to be rescued
by lifeguards; Mike Gaiting,
captain at the time, missed the
warm-ups and arrived 20 min-
utes after the start of a match
at Melbourne in 1986 claiming
his alarm had not gone off,
Allan T-amh disappeared into a
Queensland casino 80 miles
from the Test ground; and then
there was Gower’s infamous
impersonation of a first world
war pilot
The landing stars in any side
are wont to go it alone, leaving
everyone else in their wake.
Younger players stick together,
which on this England tour
means almost everyone except
Gatting (37) and Gooch (41). If
that pair - Gatting has discov-
ered fitness - keep up their
habit of turning up for practice
an hour before everyone else,
they will be sick of the sight of
each other by February.
The fringe players have the
worst deal, apart from the
wives, who are usually only
“allowed” on tour for a couple
of weeks. Once the big games
have begun, the reserves trail
from ground to ground with lit-
tle prospect of being involved
in tiie action, nothing but a
handful of enthusiastic boys to
practice with and little time off
in case there are sudden inju-
ries in the camp. It is bard
work, hut even so, I would
rather be playing for England
in Australia, than watching
them on television in the Brit-
ish winter.
€ B € L
i e architects of tim
Rugby /Derek Wyatt
Pros crack
the code
R ugby league has
overshadowed
union this week,
with the British
Lions beating the
Kangaroos in the first of three
tests.
At Wembley last Saturday,
the English rugby league team,
with one notable exception,
beat the Australian rugby
league side 84.
The notable exception was
the match winner, a Welsh-
man. not any Welshman, but
former union hero Jonathan
Davies.
His try just on half time
came when Great Britain had
been reduced from 13 to 12
men after their captain, Shaun
Edwards was sent off for a
tackle so high and so danger-
ous that Edwards was lucks*
the referee did not award a
penalty try. Had he done so,
the match - and almost cer-
tainly the series - would have
been lost.
Frequently in team sports,
victory is not decided by the
strategy of a brilliant coach or
his equally brilliant players
but by the split second action
of an individual. Edwards' stu-
pidity nearly cost his side the
game.
Nearly.
Davies, at full back, and
entering the line at the edge of
the field, took the ball on half
way. sold an old-fashioned
rugby union fly-half s dummy
and. because a league defence
lacks the cover of the 15 a-side
game, had only one defender,
the fullback. Brett Mullins, to
take oq.
Ten metres out Davies
thought he would be caught
and looked for support but it
had evaporated - testimony to
his pace.
Davies made a split-second
decision. He realised he bad to
find overdrive, a gear everyone
else thought he had been in for
the past 40m.
“Try" went up the cry and
even members of the press
stood to give Davies a standing
ovation. The euphoria that
swept Wembley could be smelt
for minutes afterwards.
Great Britain's win ensures
full bouses at Old Trafford and
Leeds. But while the game may
never have been in better
spirits on the field, all is not
well off it. Next year, Britain
hosts the world champion-
ships. There is still no title
sponsor nor for that matter
any sponsor of any description.
Rugby league does not want
another competition sponsored
either by cigarettes (hooray) or
alcohol. It wants to occupy the
territory currently occupied by
its arch rival, union.
There is very little chance of
that.
Meanwhile, in Cardiff, rugby-
union finally kick-started its
international season, (the
Romania v Wales and Wales v
Italy World Cup play-off games
had been a side show). In a
dismal game. Cardiff suc-
cumbed to a very ordinary
South African side, now to be
known, after some hesitation
by the ANC government, by
their old name, the Springboks.
SpBt second of glory: Jonathan Davies stretches away from Brett Mullins to give Great Britain a winning lead against Australia at Wembley
The four home anions are
gunning for South Africa. This
is because they cannot face the
future.
In the southern hemisphere
the game has gone “open".
Players are being paid. In one
form or another, contrary, it is
true, to the spirit of the cur-
rent laws.
The game's base has moved
since 1985. when the Interna-
tional Rugby Football Board
made its momentous decisions
to hold the world cup and to
hold it in Australia and New
Zealand.
In Australasia they knew the
world of sport better. They had
seen the devastating effects of
the Packer circus on cricket.
What has happened? New Zea-
land won the first world cup in
1967; Australia the second in
1991. In 1995, New Zealand,
France, Australia and South
Africa look the four most likely
semi-finalists.
France is the one leading
northern country not eager to
confront South Africa over
payments. This is because Jac-
ques Fouroux, France's former
captain and coach, has said be
is organising a professional cir-
cus, to take place after the
third world cup next year.
Fouroux has only four fix-
tures agreed but he does have
television and sponsorship
deals in place. Hardly surpris-
ingly, the games will be played
in South Africa. The only com-
plication is that he has no
players.
The home unions have lost
the arguments. As Vernon
Pugh, chairman of the Interna-
tional Rugby Football Board,
put it “The IRFB has been 10
years behind the game. This
has to change”.
As it is. the professional code
ts Infinitely better as a specta-
tor sport The game is harder
and faster. It is simpler to com-
prehend. Every player needs to
be able to give and take a pay?
The trick for each side, on the
surface a simple one. is how to
break down one line of
defence. -
Quite the best thing that has
happened to the laws is that
the opposing side must retire
10 metres rather than five after
a tackle. It is this that has
added an extra dimension to
the tactical part of the
game.
The Australians use a huge
variety of ploys. They are mas-
ters at running off the ball.
They do it at such speed and
with such intelligence that I
would not hesitate to conclude,
with two more tests yet to
come, that these professionals
are the finest collection of ath-
letes I have seen in this coun-
try.
At the bi-annual IRFB meet-
ing in Vancouver 10 days ago,
the world's governing body
refused to make a decision on
Pugh's report on the opening
up of the game.
"As I see it, what the Austra-
lian Rugby Union already has
in situ, is what we need to
adopt throughout the world.
No payment at club level;
appearance money for games
played at provincial level and
for our best players to be sala-
ried," he said.
Going properly “open" would
of course mean that rugbv
union and rugby league plav-
ers could play either code at
international level.
Union might try. each sea-
son. to contract every potential
international player to stop
them playing the other code.
But, even If this was legal and
I doubt that it would be, play-
ers would be able to move
between the two codes.
lUtRLI or <H||).Liia>p.T1c
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t
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994
WEEKEND FT XIX
OUTDOORS
T o be able, on a marrow-
chilling February day, to
tell your chains “I’m fish-
ing in Brazil next week"
is a pleasure of rare deliciousness.
To be ignobly honest, the pleasure
is enhanced significantly by the
expressions of envy writ large on
their faces.
So there I was, in a rather natty
straw hat and daft shorts, white
legs and arms and neck shiny with
son cream. I was feeling pretty
pleased with myself as I poured
cold beer down my throat sur-
veyed the surging half-mile breadth
of the Parana river, down near the
Paraguayan border.
I had a companion on thfo adven-
ture. In his field, he has something
of a reputation as a fierce and com-
bative interrogator and mangier of
public figures. But I found him a
jovial soul and have decided to for-
give him for exposing me to ridi-
cule in his account of our expedi-
tion. For one thing, it would be
Fishing / Tom Fort
The day we found El Dourado
beneath my dignity; for another, he
has a nice bit of trout fishing in
Gloucestershire.
Before we started I did my best to
demolish notions of my angling
proficiency. But neither Edward,
our host on the Parana, nor Jorge,
onr dark-skinned, gleaming-toothed
boatman, would take any notice.
And my companion - who. for the
sake of convenience, I shall call
“P” - persisted in harping on about
it.
The only way to rid myself of the
slur was to display thorough a w d
constant uselessness - which I did.
We had come in pursuit of the
great fish of the Parana - the dour-
ado. I knew something about it.
having read old books by English-
men who had paid visits 70 years
and more ago to do battle with it
They called it the Golden Salmon,
although it does not look like a
salmon at alL It is, however, a most
w|agwi fi f»p i i* fiyh: its fins, t ummy
and head deep gold; its broad
flanks spotted with black; its wide,
predator’s mouth bristling with
teeth.
Those Englishmen of olden days
went after it with spinners, and
many were the epic encounters
they had in the surging currents of
the colossal Parana.
I had thought, vaguely, that we
would spin, too - or even fish with
fly - and had brought with me rods
and reels lent by Hardy Brothers
which would, I hoped, suffice. But
the river was 15ft above normal
and mud-brown. Perforce, we had
to follow local practice. This
Involved impaling a slippery, eel-
like creature called a morenita on
the hook, with a large weight
above. This was then hurled
upstream from the boat and
zoomed downstream with the cur-
rent The theory (sound when prac-
tised efficiently) Is that the bait
bounces along over the rocks until
seized by a rapacious dourado.
Ah, the rocks. What a multitude
of those we booked and failed to
land. T would stand at one end of
the boat, redrfaced under bis green
baseball cap. I would be at the
other, smirking at his discomfort
then cursing as I became hooked
up. Between us were Jorge and
Edward, grinning at our antics.
Our performance was. on the
whole, pathetic. But we did catch
Some fish. “P" caught a pi ranha,
which was appropriate, and some
small dourado. I hooked one decent
one, which took the bait with such
violence that my multiplier reel
over-ran and jammed. The fish got
off and everyone, apart from me.
laughed.
Edward, taking time off from
schadenfreude, caught a tremen-
dous 28-pounder which, roasted
whole, made a memorable feast It
was maddening, but it was also the
greatest fun. The beer, the heat, the
river, and its forest, the comforts
and hospitality afforded us. the
companionship - all were ample
consolation for the failures. But
always, the thought nagged at me:
we should not be fishing this way,
we should be spinning.
By the last day, the river had
dropped and cleared. We trailed
onr baits around without joy. then
headed for base. As we did so,
Jorge spotted dourado slashing at
the surface near the shore. I rigged
up a spinning rod while he edged in
towards them. Using a large copper
spoon. I hooked four - and lost
them all. The last, announcing
itself in a great golden boil, bent
my Hardy rod like a horse-shoe and
broke a 20-pound fine like cotton.
It was the most exciting half-
hour of my fishing career, a
glimpse, both tantalising and agon-
ising. of what ought have been. But
ifl try again, 1 shall know what to
do. I shall go in November or
December when the water should
be right.
I shall take a rod capable of
quelling a shark, with line to
match, and copper spoons with sin-
gle, extra-strength, extra-sharp
hooks.
I shall, politely but firmly, wave
away Jorge and his horrible, slimy
morenitas. 1 shall, most assuredly,
catch the fish of a lifetime. And I
shall be very modest about it
■ Tom Fort's trip was arranged by
Dourado Sports Fishing. 72 Glen-
thome Rd. London W6 OLR, tel:
081-583 198& fax 0B1-503 2230. with
the help of the Brazilian airline
Varig.
Gardening I Robin Lane Fox
No excuse for
a dull autumn
W e have had the
most marvellous
days for autumn
colour the field
maples have been the most
brtUiant yellow in every form
hedgerow in which these easy
trees are planted, L have been
trying to see them in context
with an outsider’s eye, with
this result
For six months of the year,
marooned wives, harassed
weekenders, and financiers
who really do want to create
something more than a paper
muddle, engage in a constant
battle to weed their flower
beds, swap round their plants
and colour-plan their borders.
Their aim is to grow as many
flowers as possible, arranged to
look like heaven on a golden
evening.
They start to ease off in
October, whereupon trees,
shrubs and many border plants
turn to colours of a brilliance
which flowers cannot equal.
Gardeners, though, are still
fussing about the last few
blooms on their roses, consid-
ering that autumn’s other col-
ours are for park-owners and
farmers - but not for them.
There are excuses, of course.
."How can we give up space for
something which lasts for just
a fortnight? The garden is too
smalL Autumn is too muddy.
We have enough leaves to rake
up already. The best place to
see colour is in somebody
else's arboretum. When we are
more organised, we really must
try to go to Westanbirt. Once
you have seen the foil in Ver-
mont, you do not want to
bother with Sussex on a wet
afternoon . .
I disagree. Once again, the
agapanthl have turned a bril-
liant yellow while the white
rose blanc double has started
its third season, turning yellow
to match them. Anyone with
acid soil, good trees or a euony-
mus has added an extra fort-
night to a season which flower
gardens cut short
Admittedly, you need the
right euonymus. In a smallish
garrian the answer is EL alius
compactus. the winged form
with branches that will have
spread only about 3ft high and
wide after several years. Two
or three of them stand well
against the front of a shrub-
bery, woodland or lightly-
shaded hedge.
They turn to the most amaz-
ing ghatfe of scarlet, «* pianiwg
anything in flower, and grow
steadily almost anywhere.
They are cheaper and less sus-
ceptible to drought or lime
than the small Japanese
maples which gardeners seem
to prefer. Red Cascade is a big-
ger alternative; it is twice as
large and not so bright but set
with, masses of red fruit
On acid soil, there is no
excuse for a doll autumn
among the declining araleas. A
few bushes of the easy enlrian-
thus go a long way unless you
like bell-shaped flowers in a
dullish white during high sum-
mer. This weekend, they are
something else: a flaming ™«
of red which saves their repu-
tation in a sudden finale.
A gain, they are not
large plants. I like
to see them behind
the gmaiiw azalea s
with a bush or two of the sen-
sational disanthus behind
them, perhaps to one side.
Although its flowers are negli-
gible, this larger shrub has
leaves shaped like hearts
which go to the colour of deep
claret and crimson in slight
shade wherever an acid soil is
not too dry.
Higher up. an any soil, it has
to be pamrtia, a Persian tree
which is surprisingly lime-tol-
erant but likes to spread
widely. It looks superb in
rough grass if two plants are
spaced out in isolation: you
can train the central stem into
a tall leader by supporting it
on a tree stake, persuading it
to make height which parrotias
otherwise avoid for spread.
Behind It. at a distance, you
can put the upright ginkgo
bfloba as a narrow, vertical
contrast 1 wish cur town coun-
cils had planted this urban, tree
as widely as in New York or
Seoul Ginkgos turn the most
brilliant shade of yellow all
over those curious leaves,
which look like a webbed little
hand.
People worry that they grow
too slowly to be worth planting
as a boundary, but I notice
that one of the best sources of
unusual autumn trees would
disagree. The Bluebell Nursery
of Blackfordby, Swadlincote,
Derbyshire, lists all sorts of
varieties and indicates their
probable size after five years. It
estimates that a ginkgo would
be eight to 12ft high by then.
Thp supreme ad vantag e of a
ginkgo is that, although an
extremely old tree, it thrives in
our polluted cities.
In its place, many authorities
have preferred the coarse and
stiffly-shaped malus, which is
now called Bonfire, or one of
the more common types of
flowering primus. It is always
worth considering the autumn
colour when planting a primus,
or flowering cherry, bnt the
prettiest in flower and leaf are
not always the best known.
This weekend, I am being
pleasantly surprised by the
upright, single white Umenlko,
which has such elegant leaves
of a fresh, lively green and
such pretty white rounded
blossom in spring. I have never
known it turn such a magnifi-
cent shade of red- Its only
superior is more famous for
the autumn season: another
single white of great distinc-
tion called Korean HflL
Either of these trees would
make superb specimens on the
boundary or towards the back
of the lawn of a smallish gar-
den.
A k— at work: rid r es ort staff would cheerfUy ehoot there cfcrena of the mountains
Jean-Pad Fans
FT Ski Expedition /Arnie Wilson
One ski in the grave - but no parrots
Arnie Wilson oral Lucy Dicker
are trying to ski every day of
1994 on a round-the-world trip.
They are in New Zealand.
I have joined New Zea-
land’s One Ski In The
Grave Club. Although
one is supposed to be 55,
when I applied for member-
ship for Nigel, my skiing chnm
in Hampstead, London, they
made on exception for me. At
50, 1 am old enough to qualify
as a veteran.
However after an exhilarat-
ing day's helicopter skiing in
tiie Harris Mountains (Lucy’s
first fall day of beholding) I
feel it may be some time
before both skis are entombed.
We thrived in excellent com
snow on Roller Coaster and
Gold Mine Ridge and found
good powder on Twin Falls.
We also landed on the spec-
tacular Tasman Glacier in a
Pilatus ski-plane. While the
skiing was undemanding, the
scenery - not dissimilar to the
Vail fee Blanche in Chamonix
was superb. Bob Monro, onr
guide, even led os through
tunnels in the huge ice-falls,
and on one occasion we took
off our skis and climbed into a
series of tomb-like ice-caves in
a huge crevasse.
Meanwhile we have become
the latest victims iff New Zea-
land's unique Alpine Parrot,
the Kea. This comical bird -
which waddles and hops its
way around every ski area in
South Island - cannot resist
sinking its sharp beak into
anything malleable. Ski
gloves, cardboard cups, picnic
leftovers, or - in our case, rub-
ber clips on our ski-rack - the
Kea will go for it
Sometimes there is no
escape. The official archives of
Mount Robert recall that even
in the primitive alpine lavato-
ries, “with a large gap above
the door, the occupant would
invariably be subjected to
•Charlie* Kea’s beady eyes as it
bung upsfde down from the
roof. Should the door be acci-
dentally left open, it would be
seen flying off trailing a huge
streamer of toilet paper."
At Porter Heights, one of
these clownish birds got inside
a lift operator’s rucksack and
ate his sandwiches while he
was standing, oblivions, a few
feet away. More seriously,
Keas frequently gnaw their
way through robber seals on
car windscreens and rip off the
insulation around electrical
components on ski lifts.
Many sU resort staff would
cheerfully shoot them, but this
would mult in a hefty fine.
Recently a European tourist
was heavily fined for trying to
smuggle Keas out of the coun-
try in tubes stuffed into his
trousers. They are said to be
worth £50,000 to collectors.
A 11 cars - well,
f\ almost all cars - are
fa 1 so good nowadays
. that It is perfectly
nslble to choose them on
celr looks, size and price,
jere is no point worrying-too
uch over the purely technical
itures: most drivers neither
iderstand nor want to know
tout them.
That being so, I predict a
igfrt future for the Vauxhall
gra coupfe (an Opel cm main-
ad Europe): This little 2+2 is
pretty that it cannot foil to
m heads.
Motoring / Stuart Marshall
A looker with loads of style
MOTORS
CHARIOTS
ST \UiA.\S
911 Turbo Coupe 3JS Flat Nose
Om d wty on m> pmduoM Dr
«»■• U.K !<•**»■ ■ BO*
,«mo rat* l*» CMnoto. «
SpoeMication '
-Foonuprattf'
■vrpotttadMi
reofam
-n«Mgun*M(n.azj4
For further information
contact Jammy Bigland
Sunday: 0535 269566
Teh 0727 3552G6
JAGUAR XJ220
E ULTIMATE MODERN CLASSIC
I NEW* UNREGISTERED -AND
KEPT IN PERFECT ORDER
FWahed In protatypaflauncft
Cotas -'shw'lBpel
y.K. spocffleattan
» of only 360 h tfw woridt (No. t T 7)
Ming can to arranged tor serious
y«n only and oNbis hwMtt <n the
raglon of £375.000.
Enquiries via:
pio 067$ 264*53 n aSW0fre*12*B
Foe (010 0073) 24+489
ak tor Mr. Jeremy Q, Weather*.
OF LEXUS otars in s LS 400 Fr
loo pm ana QS300 Fr £363.00 pm.
lonstrsOans at your Home or oKloe
OBI ABB 0005 fefl
JWCA lomtofft LkbosI 0*Msr tor LEXUS
Tot got 3031088
The Tigra is related, closely
to the Corsa hatchback and
was seen first as a styling con-
cept at last year’s London
Motor Show. The public
responded so enthusiastically
that, months (rather than
years) later, it was railing off
tiie assembly line.
The Tigra goes on sale in the
UK in mid-November priced at
£10.995 for the 1.4-litre and
£12^95 for the better-equipped
L.6. But there is little to ten
them apart; even the engine
Size is not indicated, to please
the insurance companies and
keep premiums down.
The mam external difference
is that only One 1.6 has a stan-
dard sun-roof, larger-dJameter
alloy wheels with wider tyres,
pnd body coloured bumpers.
For the extra £2.000. buyers
also gat anti-lock brakes, twin
air-bags (rather than just one
for the driver), electrically-
adjusted door mirrors, fog
lamps, and a leather-covered
Steering wheel Power steering
is standard cm both models.
So pretty: VauxhaJTs Tigra is a smash Mt wtth woman - but turns men's
Already, the Tigra has
proved a smash Mt with
women, and Vauxhall expects
a majority of buyers to be
female (as they are for the
Tlgra’s only competitor, the
Honda Civic coupfe. which
costs £10,900 with manual
gears and £11,670 as an auto-
matic). But when my wife and
I stopped our Tigra in a dusty
square near Barcelona a few
weeks ago it was the men who
gathered round. They admired
its lines, asked how fast it
went, and preened with pride
when 1 told them it was made
in Spain.
So I disagree with those who
take one look at the Tigra and
half-dismiss It as a “woman’s
car”. I see it as having a simi-
lar appeal to the old British
Motor Corporation's frog-eyed
Sprite, although it is light
years ahead of that dreadfully
crude and uncomfortable two-
seater of a generation ago.
Both Tigra models are enter-
taining to drive. Their engines
combine ample pulling power
at low speeds with a willing-
ness to spin quickly, and the
five-speed gearbox has a sweet
shift. There is no automatic
option yet but that is on the
way.
Which to buy? I would go for
the L4. It rides better titan the
squatter-tyred 1.6; yet, on
winding hill roads, it handled
just as nimbly and securely.
Outputs of the 1.4 and 1.6
engines are not all that far
apart (90 compared with 106
horsepower), performance dif-
ferences are fairly trivial and
either model should reward a
sensible driver with at least
40mpg f7 .0611100km).
The small boot's capacity is
doubled by folding the back
seats (which Vauxhall admits
are really for under- 12s) and
head room is restricted. Par-
ents of young children may
have trouble strapping them
into the back of a Tigra. (1 find
fixing our grandchildren's
safety seats difficult enough,
even into good-sized, four-door
cars.)
I cannot see many Tigras
being bought as sole transport
for households with small chil-
dren. But it must appeal
strongly to men and women in
their 20s - and, I suspect to
empty-nesters more than twice
their age. Vauxball's forecast
of 4,000 British sales this year
could be over-modest
Peninsula's rooftop pool
Bmm
^wWWIlllr
has the only
lanes in New York
mm mm m m km.
that aren't jammed.
Please go easy on diesel, Mr Chancellor
K enneth Clarke, Britain’s
Chancellor of the Exche-
quer, warned a year ago
that excise duty on motor
fnel would go up by at least 5 per emit
in Ms next Budget - due at the mid of
November, writes Stuart Marshall. In
plain English, that could means up to
18 pence a gallon - or 4p a litre.
That figure could, however, be a
great deal higher - perhaps almost
double. It depends how strongly the
government is convinced that the best
way to curb atmospheric pollution is to
reduce vehicle mileages, and that the
best way to achieve this is to put up
fuel prices.
But would it work? Italy has some of
the most expensive petrol in Europe;
but If high pump prices have persuaded
I talian motorists to leave their cars at
home, at moderate their driving habits,
it hardly shows.
The most obvious causes of exhaust
pollution in big towns are lorries,
bores and taxis powered by old - and
often ID-maintained - diesel engines.
Because most diesel cars in use are
fairly new, their individual contribu-
tion to the pollution tote! is minute.
This is acknowledged widely by
industry experts. But modern diesel
cars get tarred with the same brush as
the stinking old smokers.
In general, politicians seem remark-
ably ignorant about diesel cars. (“I
know taxis have diesel engines but are
there really diesel cars?” (me junior
minister said to me, straight-faced and
quite serious, only a few years ago).
Wfl] the diesel car get a square deal
this time? I doubt ii In the past year,
there has been too much ill-informed
comment on diesel vehicle emissions.
All one can really hope is that things
stay as they are and that the chanceDor
does not take fiscal steps to slow down
the growth in diesel car sales. But even
with the fuel taxed at the same level as
unleaded petrol, we diesel car-users
know we can drive at least 20 per cent
further on every litre.
THE PENINSULA
1 i ■ R >:
tniai T hi I \ M > I i N L i
■V P.i ift o'la III- v ► . mt ■ V-ir.iU • n-it • Imirlv H.lk
tf r I-jlj.i H, 'VI Fi-.|iH|* » TtH' « .■'« It. -H rMfl li.mp
1
J
1
XX WEEKEND f-T
FINANCIAL
TIMES WEEKEND OCTOBER JN/OC 10,11
•K :*»> *‘ ,a •*
LONDON PROPERTY
COUNTRY PROPERTY
HARLEY HOUSE
MARYLEBONH ROAD. REGENT’S PARK
LONDON NWI
Isn’t Life Grand 1
if
T/uae days ii is unlikely tv get much grander than Harley
House. Behind the magnificent Edwardian facade of Portland
,md Bath stones are apartments of rare comfort, scale and
character - and for Ok first ame they are available for sale
u-ith 150 - year leases.
Haritn House is being lovrn^y restored to its former gfory. Most apartments are
2,OGt5 square feet or more with four to five bedrooms, nm bathrooms, shower
room, satdyfjruud's room, reception and diningroom and Poggcnpohi kitchen -
all with 2-1 -hour porterage and securirr surwUMnce.
Harley House stands at the crossroads of London. It looks down towards- the
West fetid, it looks back onto Regent's Park, (t looks forward to you.
APARTMENTS FROM £625.000
HARLEY HOUSE - A PLACE IN HISTORY
Con race CfirU Mcrccr
Con men Ian Franklin
I<WI kragtKbrahp- SKIS 714
071 584 6106
SHOW FLAT OPEN
i him - 5pm Weekdays
I pm > 6pm Weekends
071 486 4563
White Druce
& grown
1 I UUntlck Srrm. I undm UIKShA
071 734 4734
m
m
mfw
..; . -ao.'
* s . ■.« !
An individually
designed 5 bed roomed,
5 baihroomed detached
house tasteruily appointed
throughout and set in
extensive grounds of
approximately 1 acre.
Close to the RAC Club in
one of Epsom's premier
private roads.
Price £695,000
freehold
Open every weekend f/vm
Want to 4pm.
Tel: 01372 279566
Contact the Selling Agents.
Hamptons. 70 High St. Epsom.
Sumy. Tel: 01372 728191
OCTAGON DCVCLOPMEWTS LTD
HAZELDEaN STATION ROM
V LEATHER HEAD SURREY J|
TELEPHONE 0LJ7J MI7T7
235
BUTLER S SHERBORPi
\ ■ ‘ '• ■ :i» •' ■ ”
THE ISLAND
U'lMRT J null*. RarjM IY eu!f. Oanl WniJr*
A private island with wooded
garden and grounds and a
comfortable house.
2/3 reception rooms, 4 bedrooms.
3 bathrooms. Workshop and
outbuildings. Second Island.
Abo at 3 acres.
Further leisure development bud
available by QegoLuUon
Telephone: Burtbrd (0993) 622325
*J4|
J&r-X-
COURT,
LONDON W2
A triple aspect fifth (top)
floor apartment with well
proportioned entertaining
rooms, which has the
benefit of 24 hour
porterage and video
security.
)0it Drawing Roam. Dining
Room, Kitchen Breakfast
Room. 3 Bed rooms.
3 Bathrooms <2 Knsuitei,
Dressing Room. Lift.
£725,000
Leasehold 116 years
SAVILLS
INTERNATIONAL
071-221 1751
INTERNATIONAL PROPERTY
WHY PAY" HOTEL BILLS 7
DRAYCQTT PLACE.SW3
Soxiio Roren, Kflriicncttc, Suhrocm.
Lease 85 years appror £92500
ELM PARK ROAD.SW3
StucSo Room, Bedroom Ana, Kitchen
ftuhnxm.
Lease 57 wsus approx £92500
CHELSEA OFFICE
Td. OTl 703) FajcOTI 22S 1237
DORDOGNE VALLEY, FRANCE
•KTZ
Fttx/Td: France 55276665
SCI Du Soulie, Le Smilie. 19120 Asmilbc
A 1 7/ ISA txmry know n ith ctuuda
buiU iW slime in rmgwd wyk. nett the
vtIIjjqc uf Gasbcu Sui Donb^iK. un
Ihe burden ufQucrcy and Pcnpud.
Ourramglv mured ami iceovucd.
Tuul living space f»2m\ Cunt w of
4 bedrooms 2 bathroom*, Lip; living
loom Kitb Raurtuocc chimney, wuiicr
lenace. centrally baled ihrougbunr. jfcu
a large iomr. Vaimming pool I lm t 3.
wnh lubmuik cnalrult UmOjupnl
garden auh aut umaiic warning ttMcrq.
A lidkl uf rongldv 2 Ha. railed and
Icmol bend* iha iiJiJcn.
Prfve: 1500,000 F. Fw.
W.l. SMART 4th floor 2 bad. 2baih
ItaL Mod P/B block, lift. Clone Coven!
Garden. Trafalgar Sq.. Leicester Sq.
2195.000 UH. BARNARD MARCUS
071-838-2738 FAX: 071-436-2549.
MORTGAGE PROBLEMS? Aptfy ro die
experts. Hnscft int Mortgage, on 629 5091
Fine 071 408 W19
CHELSEA HOMESEARCH 5 CO Wa
represent ine buyer io save lime and
money; 071 837 2281. F» 071 337 2282.
LONDON
RENTALS
Take advantage of our colours to
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RENTAL PROPERTIES
Quality residential llais/houses
required.
Please call Karen Goodin
for further details.
071384 2315.
KENStNQTONrCENTRAL LONDON LargOS
selection of quality properties. £180-
£1500pw. From 3 whs Io 3 yrs. Chard
Associates 07* 7020792. 10-7pm
SOUTH AUDLEY STREET
MAYFAIR Wl
A wpctb 2nd flow lla in a fine comet
holding above ‘Harrys’ Bar*
inchc bettnof May&ir.
Bedroom, bathroom, reception roam,
kiidica breakfast room.
Lease 48 years. £2651)00
GROSVENQR SQUARE
MAYFAIR Wl REDUCED TO SELL.
A well presented 6th door liar with good
views acros ihe Square. 2 Bedrooms,
2 Bathrooms. Double Reception Roam.
Kitchen Lift. 34 tour porterage.
Ijease 76 Yeais£ 475 Wl
MAYFAIR OFFICE
Tct07MOJtv.» FasUfl-Nira)
SffITZERLUO
MWknlpiMlkiM
Lak» Qwwva &
Mountain raaorta
Vw can om a qoURy NMTKNT/
CHALET bl MCHTRtUX. MUAfO.
IBS DMBIJERgrS. UEY8W. 08TMC I
Ww CRANMKM1MH. VO E W,
MCLHomSFb 2000001 - OadRtacMM
RCVACSJL
a. na a NMMaa-CH-tfll S0BA 2
a, *44122/ 734 18 a - FM7M1Z2B
WESTMINSTER
Smith Square
EXCEPTIONAL HOUSE c. 1726
facing St John's Church
DRAWING ROOM and large
U BRAKY on first floor.
DINING ROOM, four bedrooms,
large stiff room,
kitchen breakfast room. lift.
FOR SALE FREEHOLD
T. Hoskins 1)71 371 6721
Agem
BELGRAVIA
Eaton Gate,
SWi. Interior designed top Boor i
bedroom apartment {Eft) In period
bldg. Ideal pied a terra or letting hrv.
Grosveoor Estate lease 51 years.
£160,000.
Tel: 071 837 9871.
A ONE STOP
INVESTORS SERVICE
JB INTERNATIONAL
find the Best London Buys
Finance, Furnishing, Letting
and Management
Tel: 081 445 3848 Fax: 3868
FRANCE, PARI5 1st -VflndAma-
Concordo area- 2 apartments. Ideal
lor reception in new. luxury, high
standard building, parkings- 166m 1 -
IMMOBIUERE SATIS Tel: (1) 45 03
78 78.
PANAMA Magnificent Waterfront
Property. 21 00 acres Of land 4 125-Acie
private island. Beach house. Tax free,
S3.800.a00. owner. Fax: 331 3969 6197.
MONTE-CARLO
LES OLIVIERS
Attractive 2 bedroom
apartment 110 SQ.M.,
living room, 2 bedrooms,
equipped kitchen,
parking space &
storage room (R58)
AAGEDI
7/9 Bd lies Mouliru MC 98000 Monaco
ly Tcl 33-92 1 65 959 Fax 33-93 SOI 942 j
WORLD OF PROPERTY
MAGAZINE
The best & biggest.
For your
FREE COPY
Tel: 081 542 9088
Fax: 081 542 2737
BUYING FOR INVESTMENT? WeldenBfy
ihe best opportunities for you throughout
control London and also In the dty of
Cambridge We provide 3 complete
package service: Acquisition, Finance,
Furnishing, Lotting and Management.
Telephone Malcolm WOfton I nt ernat i onal on
071 4934291 or F(DC 071 493 4319
BERMONDSEY. SE1 . Superb two
bedroom, galfarfed apartment In Victorian
C tf warslon. Many original features Inducing
parquet wood flooring, high ceilings
and brick walla. Carrion and secured oM
street parking. £87,500 UH. A/ex Nell
TdL 071 537 9699 Fa* 071 637 9883
BLACKFRIARS, dose. 2 bedroom flai
In P/B block, lid. porter, underground
parking. £99.500. BARNARD
MARCUS 071-636-2738 FAX: 071-
436-2649.
BRYANSTON Mews house . Double
garage. 3 bedrooms, 2 r seeps, superb
location. £387.500. T. Hoskins 071
371 6721 Agt.
UMBRIAN FARMHOUSE MIDWAY
Rome -Firenze lake/ml views, antique
furnishings. Can Ms. Nielson 44(71)284-
768803) or 44(71)229-5097.
MADEIRA. An aparimont of 2 beds/2
bains, sitting rms overlooking (he
ocean with 30ml sea views.
Furnished. For iurlher Inlormollon
Tel/Fax: (3Slf 9f 933859.
COSTA BLANCA tar hi colour brochure on
our range of new and resole apis. vUaa.
Dncas and businesses In Morelra and
TcmwWja. a* OHH on 0270 67B2S1 now.
INTERNATIONAL PROPERTY TRIBUNE.
Free property & service megazkie. Request
One 0483 455254 R» <MS3 454898
BOCA RATON/PALM BEACH FLORIDA.
Waterfront a Gel Course Homes. Buyers
Representation. No fee. Con fact Roslyn
Cereens. Realtor. Fax your TeU>. FI erf you
lor details. Fox: USA 407 241 B02B
Tot USA 407 347 2823.
FRENCH PROPERTY NEWS Monthly
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Ask tar your FREE copy now. Tel: 061 947
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COSTA DEL SOL PROPERTIES MarbOU
Offices. Far Inform anon & Price list ring
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RETIREMENT
Weekend FT
on
DECEMBER 3RD
The Residential Property
pascs will focus on
PARIS PROPERTY
To book advertising space
please ring: 071 873 3252
ENGLISH COURTYARD
‘WHERE LONDON MEETS THE
GENTLE COUNTRYSIDE'
lOturdt Place, Idtenbom, Middx. The homd
|farm at ibc heart of Lhc v ilhgc. A spccuoibr|
new development of roomy cottages and
flats. 2 and 3 bedrooms. Conservatory.
£2 HMHO U £235,000 including gang?.
Lease uver 125 years.
Full Service Quip: d e tails available.
FOR ITUS AND ALL THAT
IS BESTT IN RETIREMENT HOUSING
ACROSS RURAL ENGLAND
English Courtyard Association
8 Holland Slncef, Landau W8 4LT
FREEFONE 0800 220888
Knight Frank
& Rut fey
INTERNATIONAL
Wiltshire
Kjmsbijrv Hunperfcnf 3 Bill's. Marlborough B milw.
iW «Jl4i S mild* Samdun 65 miles, tDidUincw iipproxiniatc'
An exceptional mill house in a popular village
with extensive fishing on the Ken net
Reception hail. 3 rectpiion moms, billiard room, Enrdun vnum,
d fcitfrooitui. J baihroamx.
p-.r ii:.li v walled ifardcia. water nradeui. mill ulrcam and puoL
Over ■ a 'mile of main -stream risbim; cotuprisiru; about 60U yards
of <i cubic and t>00 ynrds of single bank fishing.
About 16 Vz acres
pply. ffunKL-rford tlWAii ij»2726 or L-mdon Q71_ ^^ ®v7tjxrj.
London 071-629 8171
‘^0 Hanover Square WIR 0 AH
SONS
CHARTERED SURVEYORS
0304 - 612147
Residential
EAST KENT
A FINE USTED COUNTRY
HOUSE
SANDWICH 4 miles.
DOVER 9 miles,
CANTERBURY 13 miles
5 Reception Rooms,
S Bedrooms. 4 Bathrooms.
Gardens and grounds of
14 ACRES
£425,000
HAMPSHIRE
Bishops Waltham
Nr- Winchester
6 bed Georgian srete country h«. 3 nxp.
5 balix. cxKnMVC garaging. fi acrcv
s tabling, menage, pa-idocto. ytenming
pool cumplez. sac nos, 'and reaped
groundi. Pbnntr.g for large ledge hsc,
devoid poMlii'c,
Offer, in ci cess of £6*0/1 41
Tel: LAN JUDD & PARTNERS
(Rot TJtil
TeL- 01489 B96422 Fair 01489 896669
STRUTT&^fe
PARKER *
Kinross - Shire Kinross A imUss IVith 21 uwto. l-dinhuiph
A rcddcntlaL agricultural and 'fiordne olafr. Monniti l»«tw ■ t
rooqa.7 IwinwmjanU 3 hoiluoiiiit 2 lormhuusci C.uch huiwr - <'■'>:> 1
482 Jena arable. 106 jqa pasture 2« wa hilL Pheasant dm.4
Trow falunB Barony wk. AbuuC 1040 acre*. For osa wftule nr In 1 1 W"
EriMHirgh (Mike Tel: 03i r> 25W
Hr r unfa
Buckinghamshire - Tver Heath xtw (Ji 1 3 miles, mi t/S)
3l mtlci. M25 (JI6) 4 mUcs. Ik-athrowbrnAa, Ccnliai I. widen lftmiIi->.
A fine Kdwardtaii house whh rndure ranletu In a hl|jhly acctsaiMe podtkm.
S reception rooms, 7 hvskwno. 2 lurtlw bctltoontl in the self eoniaincd
annexe .1 hatuvsns Mature g jnlcta. grass tcraus court area. fnpV: g-iragc.
About 3 seres. London OmcrTtl: 071-nN 72H1 Ref i.\a3Iy«
13 HtL STREET BERKELEY SQUARE LONDON WlX 80L
Tel: (071) 629 7282. Fax: (071) 409 2359
Now W8 aro in Hong Kong. Cod our reprBseroiivB Cat*ne Fislwr.
Tel: 010 852 816 2532. Fax: 010 852 816 2504
lllllll II ^
I MORAYSHIRE 1
| by Tomintoul 1
Inverness 52 miles -> Anrjctivc
imklional fonurrniansc 6
3 reception rooms 5 bediuoms
<• Rural sinuliiYi with pkasuU
views ■> Staff flat Jfe garage
Mock ■#“ Garden ground
OFFERS OVER £150,000
Ret; 9175
-
45 Church Stroef, Invornoss IV) 10R
Tel: (0463) 224343 Fax 0463 243 234
CHEPSTOW
ESTATE AGENCY
Cribau Him
“•* •
NR CHEPSTOW, GWENT
L'oique Fanuhouse 4c Bom
Conversion in 22 acres of secluded
grounds and trout stream
M4 7 mile*. £2S5.0fi.i
Tel: 102911639292 Fas: |029I| 629294
PEEBLES, SCOTLAND
Chambers Terrace
A superb and imposing
luwn house in I acre garden.
4 fine reception rooms, 5 bedrooms
with en -suite facilities, self-coniainevl
fiat • 3 bedroom flat, 3 car garage,
central hearing.
Offers over £350,000
Ret. No: 1301
JOHN SALE:
0721 722787
Fax: 0721 72966 2
DEVON, NR OICEHAMPTON ResxJantal
arable and stack farm. 253 acres, approx
2000 yards saknon and sea trout fishing
an me River Tarrfdge. Potent ia l lor goad
shotuig. Farmhauso and attacnod former
collage. Good larm buildings. Bruton
Knowles, tel: 0285 850808 Fax; 0285
640355 Ref MTU
NR DEVIZES Substantial period former
Manor farmhouse In aporoximaTdv 8-9 *368.
4 receptions. 8 Ded3. potential tar addttanal
conversion. outbuBcfcigs and stabOng. VBoge
location. £395.000 - Kavena-jha 0225 706880
COUNTRY
RENTALS
Autumn ’94
Now available, our
newest fully illustrated
selection of houses ami
flats for sale and to rent
in London and the
Country.
Telephone:
071 - 493 4106
or Fax:
071 - 629 6071
JOHN D WOOD N CO,
Li.wikik ami OX’.vtry Kst\t»: Agfnts
HSTAUUMn-O ur-c
ACORN PROPERTY
MANAGEMENT SERVICES
EsL 1979. Members or ARLA.
aAKTLEY..*YINTNEY. A 4 bedroom
semi detached coiugc built around IS40
is sveiL part turnudicd. Farmhouse style
kJicben. Muster bediuom with en-suile
dresing room aid dunnr mm £ 119500
ODIHAM A superbly presented S
bedroom town bouse in a courtyard
■retting. Furnished to very high
standards. 3 bathrooms. Avail, end of
Nov. beginning Dec. £1500. OP
Details: Hartley Wlntney 0252 842793
HAMPSHIRE,
OVERTON
Basta^Mfc 8 miles Nvxbuty 13 miles.
Undcn n I miles. M3 3 miles
A Grade II Lined farmhouse »idi
s ou therly rtt*. over open farmland
Entrance balL dnimr njcmt, snuni; room,
vtnjy. kuehcn.nicaiam room.
lUtlltjrcloakjt-.'m. tuilcr. ertLn. 3 ticJiwtm,
tulinxxn. .farucr rnuro. urc. ho room,
Wl bcdruvm,hjilinMm Walled garden nrilh
sntmmlrig pjul and Indien ^rdol. Grade If
Lhtnl Norman 'Hupei. F.ucasne range of
oultralldings Padducks and woodland.
In ill about 8.17 Acres
LONDON OFFICE: 071 4M |UI0
ROMSEY OFFICE: 107*41 520470
A NKANI) NEW
LOiVDON
TKKRACK H.XSKIJ
ON TDK «IKICSI.N.\I.
DESIGN' BV
London’s most
INFI.IKNTI.VI.
RKIiKNCY styi.k
arciiiticct
Thomas Chhi'it
14/26 GLOUCESTER ST.
LONDON
SWI
SUPKRB 1HUND NEW
APARTMENTS IN TRADITIONAL STYLE
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Tut 071 7.VHH22 I SAVILLS | Ft.v07I 730O.VH
ihTEnnarioNAL
WOODLANDS FOR SALE
STRUTT &. 4 !«
PARKERS
2 ST. Margaret's Street
Canterbury
Kent
CT1 2TP
KENT 407 ACRES
Pluckley 3 miles. Ashford 7 miles. London 55 miles.
A large block of Broadleaf Woodlands of Silvicultural and
Historic Interest, as well as potential Wildlife Interest.
• Approximately 70% Hornbeam Coppice
• Majoritrvcly Uniform Clay throughout area
• 120-140 metres above sea level
For Sale as a whole or In 2 Lois.
Tel: 1012271 451123 Fax: (01227) 762509
Knight Frank
ZZ & Rutlev
Oxfordshire
OU KUHnpun. Oilunl Cn> Came 4fau e min
A Grade 11 lutrd homr uiih
d reffreoauhKri fhm
Main house: Entrance hall, 2 icccptioa
rorwiK, 4 bed moms, 2 tadumnu ^hewer
room. pus.-4hlc lurcher accuinmudiikw.
6 self-eunulnci] flu^ providing a
productive icdcaul invc^menL Gaidem.
3 cu garage. etKroive paikiBp.
Tuwer by 'Vanbmph'
Guide band £3954X10 In E425AW
,\pply: Oxford |U8651 790077
RELOCATION
ACTING ONLY FOR BUYERS Amo sup
point of contact io manage Uu purcriasuor
residential or cammerclai property lor
private use or imosimunt purposes Offices
throughout the UK. Tho Compass Croup.
T«: 0638 815850 Ftb- 0636 016G86
YES. YOU CAN AFFORD THE QUALITY
OF A BOV1S HOME.
THE WOI.VF..SE Y WITH FIVE HEDROOMS
Stylish five hed rin mii Iti.nio jvaifahK- ,tr E.ilrfivUI (.rjiiKC.
llRiinircc and lliy>liUi).Hi >t Ctilcliorcr I lie train time to
l ivcrpool Mitel Iomu nrainirvc .s one ho.tr fm- ■iimiuo
.utkl from < it k-i tester ..ue liuur. I hese tles.rahlc liiMiies nffer
t?'o fcjl,,r,:N •nt-'uUi.iB .1 starting price or
J61-*9,*i00 (llramirve) ami Al-S.LSDO (t iildiesU'i'l
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PROPERTY
WANTED
ARE YOU LIVING IN OUR
DRE.VM HOUSE?
WANTED: 4-S hcJ. 3 ,« <p .
>pJUiwis h.re With garage unU
gaidcn ID quid locaiwii within 'h hr
l«y Crain .it City lies* .r p«wsil.|c|
E4IW-£4504)00 v|uiv.k deal u, r
the tight pinpunv.
fclcplirtnu: 071 3?.l'i« 0 s
MILLERS0N
CORNWjVLL
•W >e ir rtkl kinaigc wilh iMdWiiped
ganblis in. I mvidldmh lading hi privati 1
sjIiwhi iVsIiitik m ihe Bw« T«nur .1
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uJnreiMriury. .1 hMtuonk* tmrb w«h
baihrivm. U>s| reurn with
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Fcl llM.IIWI ■VM.V
I FUfe-UIUI UIMJLO. LWUXM Rrf aSfc'W
M1LIJ-1R.SON Tel: 0579 .344401
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994
WEEKEND FT
i
..if
Mil 1 '-
Cool and
controlled:
that’s how
to create a
best cellar
Rosalind Russell finds demand
from oenophiles remains solid
A s an object of through Savills. the agent
desire it is tern- which is seeking offers of mon
peramental, can than film,
suffer from Almost immediately aftei
alarmingly they moved in 2‘A years aen. ;
A .s an object of
desire it is tem-
peramental, can
suffer from
alarmingly
expensive ailments, and is
rarely a thing of beauty. But
wine-lovers are a patient breed
and, to them, a cellar is to be
prized, cajoled and indulged -
especially as it might be pro-
tecting a considerable invest-
ment
Since three man were jailed
earlier this year for the system-
atic theft of £2m worth of fine
wines held in bond, a private -
and secure - cellar has become
even more attractive. BBC
Food and Drink television host
Oz Clarke and the Marquess of
Bristol were among the vic-
tims, but the ripple of shock
must have rattled claret
glasses across the land.
“A lot of people ask; ‘Has the .
house got a cellar? Because we
have a lot of nice wine.*" says
Colin Swait, of estate agent
Hamptons. “Most people seem
to keep their wine under the
stairs these days. But there are
still those who buy wine to put
down, so the cellar is an
advantage."
Max Robertson would not
live in a house without one.
The voice of radio tennis until
he retired nine years ago,
Robertson lives in the Old
Manor, a Grade H-listed Geor-
gian house owned by Patricia
Savill in Aid bourne, Wiltshire
- which is now on the market
COUNTRY PROPERTY
LAKE DISTRICT
Just think about IT-. A riverside home 15 mins from the M6. J36
80 mins from Manchester International Airport, 3 hours- ish from
London Euston. 10 mins from Windermere. Scarfed Pike? well
that depends how fit you are„or
Just think about nr ... a spot of golf? Just walk across the bridge
over the river, the first tee is 20 yds away fit's a 4 iron)
Just think about it ... a swim? Yes, the river would be bra ring,
but the indoor pool is 82 deg F. The Jacuzzi is rather wanner .. and
a sauna and a steam room!
just think about it- pop to a bistro in Bowness or visit aunty in
Australia. While you are out the video entry system will watch the
way. Secure by Design is what the certificate says.
And if you are thinking about interior I ay out- furnishings? - No
problem J R Taylors the regions leading department store can
nandle everything down to the last champagne mile.
Just think about it and then come and see us. Cowan Head is 15
mins from the M6. J36 off the A591 between Kendal and
Windermere. Our office is open everyday from 10 to 4. The coffee
pot is on.
Prices at the PRIVATE DEVELOPMENT where quality, security
and privacy are priorities, prices range from f 155,000 and to over
£200.000. Crane and see us at Cowan Head we will not disappoint
VOIL
Sal. % < Office Tel: own 7:t075u Fax: 731*56
\^« nt- H \cUru a \ 1 i-iuh T<T U.V.ttt 7'2'»" \ t
>v« J," - . ■» • •' .-.V •. r - — • ■> ■‘T'n ; . '--I - r>
PROPERTY
through Savills. the agent,
which is seeking offers of more
than film
Almost immediately after
they moved in 2% years ago, a
programme of restoration was
put in hand. Included was an
electronic cooling system
installed in the 20ft by 8ft cel-
lar to maintain a constant tem-
perature for his wine collec-
tion. An emergency generator
provides back-up in the event
of a power failure.
He points out: "If you have
nice wines - and I’m not say-
ing mine are the greatest - it
is worth keeping them well”
Indeed, he says a suitable ceL-
lar was a prime consideration
in moving to Aldbourae -
although his previous homes
in the Channel Islands and
Wandsworth, south-west Lon-
don, both bad temperature-con-
trolled cellars.
“My present cellar can hold
between 3,000 and 4,000 bot-
tles," adds -Robertson. *T don’t
say It does have that many,
though - a lot has been
drunk."
Apart from the obvious
charm of the six-bedroomed
manor, with a conservatory
nmntng the fall length of the
back of the house , the cellar
has provoked considerable
interest “I have to say that all
the people who have come to
view the hnuBe have thought it
is fantastic." says Patricia Sav-
ill_ “And it wasn't expensive to
put in - just over £5.000." The
Tf. "J
Offers of more than £tm are being sought for the Old Manor at Aldbouma, Wiltshire. Among its attractions is a temperature-controlled wine cellar than can hold up to 4J3Q0 battles
wine racks are not included in
the sale bnt a buyer win get an
artist's studio, garden cottage,
garaging for four cars and a
walled rose garden.
Among other country houses
with wine cellars now on the
market is Berden Hall, which
is being sold through BidweDs
for £975,000. Six miles from
Bishop’s Stortford. Hertford-
shire. it is grade IP-listed with
eight bedrooms, staff cottage
and flat and just over 15 acres.
Apart from its wine cellar, it
has an indoor pool, billiards
room, flood-lit tennis court,
squash court and stable yard.
The wine cellar is next to a
secondary cellar housing the
boilers.
"The trouble with a lot of
cellars is that people found it
convenient to put their oil-fired
boilers in there when central
heating was installed,” says
Swait Tt can ruin the cellars
for wine. But temperature-con-
trolled cellars are an invest-
ment”
When the Swaits bought
their own house in Surrey, it
had brick barrel vaults full of
empty Dam Perignon bottles.
They turned their cellar into a
kitchen. “Some people fill them
in with rubble to cure a damp
problem," he says. "To take on
a cellar can be an expensive
business if you have to sterilise
the lot to deal with dry rot and
then seal it
“A tennis court is still a big-
ger attraction than a wine cel-
lar, especially to people with
daughters. A tennis court
keeps them at home and stops
f wandering;"
Ian Homersham, joint chair-
man of John D. Wood, adds:
“Your better London house
would normally have had a cel-
lar with bins in the basement
A lot have been destroyed
because people opened up the
basements and now use them."
Where water tables preclude
an underground wine cellar,
home owners often dedicate a
ground floor room as a wine
store.
One family who bought a
house in East Anglia planned
to return such a room to every-
day use as a dining room.
Wben they picked up the keys
and arrived at their new borne,
they found the doorbell and
the knocker bad been removed.
Once inside, they realised
everything else had been
stripped, too. But there was a
happy ending.
As Andrew Hay, of Knight
Frank and Rutley, tells it:
"When the family began to
refurbish, they discovered the
bins at ceiling hei ght in the
wine store had not been emp-
tied. They were full of vintage
claret and port. The family
sold it for a fortune - enough
to pay for the work.”
■ The telephone number for
Link Up Properties Nation-
wide, featured in last week's
article. Matchmaker selling, is
01444-457999
For £975£00:Jlerden Hal, i
.•9USM*
Bishop’s Stortford, also has a wine cellar
Ireland - Co. Westmeath
'Mullingar 9 miles, Dublin 49 miles.
Beautifully restored 18th Century Country house
overlooking an ornamental lake in a peaceful setting.
Octagonal entrance hall. 3 reception rooms, 6 principal
bedrooms, 2 bathrooms, 2 staff bedrooms. Two cottages.
Formal gardens. Pasture land with mature trees.
About 141 acres. Guide Price IR£575,000.
Telephone: 010 353 1 660 3155.
COUNTRY
Graduate
TO CAMBRIDGE
South acre Park Cambridge An elcgpnt development of
luxurious 2 and 3 bedroom apartments, set in acres of mature,
tranquil, landscaped gardens — many with balconies or terraces
Yet just l mile from historic University City or Cambridge.
Isn’t it time you graduated to the undisguised luxury or
Somhacre Park?
| Tni'iiU like Inn her inlornhiiinti on propenm ji Sour lucre Park OnihrjJgc j
.
[h* wd« * *mh mnnm 9 fak-i.HBlu 0 .fark 4Chc«rtwlH.«i>e iwluae Hra,'.Ci m tio^.C &I2Ti
Souitwoe Part. ISA Balfour Beatty Pari of me »CC Group of Companies. -
W. SUSSEX
CHICHESTER 5 Miles.
3 Highly individual and
superbly appointed period
residences in lovely country
setting, adjo ining farmland
with rural views to the
South Downs, now the subject
of skilful and complete
restoration. Fine Georgian
residence 4/6 bed.
3 bath 4 Reeep, 1 acre
£350,000.
Flint and stone COach House
'/a acre £325,000. Single
storey Regency Vffla, 2 bed,
2ba*,Gdn-
£165,000
TcL 0850 963862 0243 771959
Fax 0243 378498
Thomson’s
Preparty Laf!k>a 6
RELOCATION OR
DIVESTMENT IPROreRTY
Fuads la fcrrtstf Satmiag la the DKJ
A] relocation jprriatie* we toestt ud
purchase properties to our client's
«l»i wi i' Mi fln in Bath, Bristol. Gamsa,
Cheltenham, Gloucester. Eeadisg sad
Swfadoa for private occupation or
fandnaiil
A fail letting am) a umenrnt sautee of
investment property isnvaibhlc.
4a c rtnti a Mmnusw. cuppafta. wte
Tal.ndtaMBSttlUB
FT Worldwide
Residential Property.
Every Saturday the Weekend FT’s Residential Property section
enables you to promote your property for sale or rent to approximately
1 million potential home buyers or tenants in 150 countries.
For further details
Call 071 873 4186 or Fax 071 873 3098
Weekend FT
XXII WEEKEND FT
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994
3
' m
C3®
Hiy
<<7
HACKETT
LONDON
Essential
British Kit
j.r-l.iN SLOANF STREET
LONHON Sft I
»7I- ".'■n .'.'.'I
JERMVN STREET
FULHAM A Nil THE PITY
HOW TO SPEND IT
Be charitable and let
Father Christmas
Christmas is coining. The mailbag’s growing fat. Lucia van der Post
picks the seasonal gift catalogues that serve a good cause
and selects some of the most attractive and interesting gifts
W hen the piles of
Christmas catalogues
arriving on my desk and
doormat reaches
mountainous
proportions then I give in . . . Christmas is
coming and nothing short of Armageddon
will stop it. So for those who believe in
planning Christmas rather as Rommel
might have approached the desert
campaign, it is once again time to get out
the catalogues, to think of one's nearest
and dearest, to start the lists.
The catalogues whose proceeds go to
support charities are as good a place as
any to start - they may be short on
expensive knick-knackery and truly
sumptuous luxury but they nevertheless
offer a multitude of cheerful presents that
do not cost a fortune. From the most
7m
Top: naturally dyed beige and blue/grey striped carry- all with leather
handies, £19.95, from Traldcraffs Alternatives.
Bottom: fitted willow picnic basket for two, £110, National Trust for
Scotland.
Left eco-friendly carrier-bag, made from string, £339, from WWF.
■ Oxfam. Oxfam Trading. PO
Box 72, Bicester. Oxon 0X6
7LT. Tel: 0869-245011.
Perhaps the grandaddy of them
all - the company that first
promoted the notion of fair
trade, of helping poorer coun-
tries by buying their products
rather than handing over
money. From rug-makers in
Mexico to printers in Ahmeda-
bad and batik artists in Indon-
esia, buying their wares will
keep them in work. The slant
is. of course, ethnic but that is
the catalogue’s charm.
Brightly coloured waistcoats
from Guatemala, cotton rugs
from India, jewellery from Chi-
le .. . most of the products are
brightly-coloured, cheerful if
short on sophistication. Prices
are excellent - a pretty mirror-
worked wall-tidy for £7.95.
soapstone solitaire set from
Kenya for £9.95 and some
enchanting Loro Blonvo fig-
ures from Indonesia (usually
given at weddings) for £59.90.
Nice fat catalogue with the
profits going to what Robin
Pellew, its director, describes
as the “business of saving wild-
life”. Not surprisingly, many of
the products have an animal
theme - needlework cushion
covers featuring leopards
(£3939). wooden tortoise book-
ends (£19.99), plenty of animal
Christmas cards, a beautiful
crystal bowl with a school of
dolphins sand-blasted round
the edge (£7939) and a tough
coir doormat featuring a panda
(£1439). Also, for more every-
day use. some beautifully
plain, simple and fine clothing
- a creamy cotton and linen
sweater (£51.99) and creamy
cotton T-shirts and night-
shirts.
Clockwise from top left 3ft high six-roomed doffs house made from
recycled cardboard, £1435, Oxfam; 28 wooden animal dominoes, £239,
NSPCC; Children's playtime T-shirt, £635. Shelter; Brightly-painted
crocodile boofcends from Sri Lanka, £835, Water Aid.
alogue to help the charity that
“cares for people in crisis...
whether. ..in Bosnia or Bolton,
Somalia or Sheffield”. Not the
biggest or the best but enough
to choose from.
■ WWF, PO Box 49, Burton-
on-Trcnt. Tel: 0283-506105.
Ibfetolfeaan Sxrvtee mem * sues you
f AO wool hand cut
and finished made-fo-
measure suits tram
Whether at home or In
the office we offer a
superb selection of
styles, cuts and cloths
(busmess orcountryl.
Have one ot our
trained measurers
take the strain out of
buying a new su'L
CaB 071 - 7 $$ 4701 fora
brochure or an appo intm en t
■ Help the Aged. PO Box 28.
London N18 3HG. Tel: 081-803
6861.
Hot water bottle covers, floral-
bedecked bags to hold knitting,
door guard alarms, lightweight
gardening shears, foot-re laxers.
folding walking sticks and an
alarmingly large “pill organ-
iser” are the kind of presents
that Help the Aged feels might
enliven the scene around the
Christmas tree. The emphasis
is on the useful rather than the
charming or the beguiling.
Nevertheless, there can hardly
be anybody who could not use
at least one of their handy gad-
gets. I rather fancy the moon-
light lamp myself (£12.99, it
runs off batteries and is just
what one needs for reading
when camping in the bush).
■ The National Trust for Scot-
land, 5 Charlotte Square, Edin-
burgh EH2 4DU. Tel: 031-243
9399.
Some unusual presents here -
a ready-to-sew hat kit, for
instance, at £15.95. and a
sturdy wooden Victoria garden
tray (£3225). Then there is a
charming travelling games
compendium (backgammon,
chess, checkers, two packs of
cards, dominoes and dice in a
■ Shelter, 88 Old Street,
London EClV 9HU. Tel:
0983-821303.
Not so much a brochure,
more a pamphlet with not a lot
of choice but some nice things
nevertheless - cone-shaped
candles and beeswax ones (a
very "In” present), wooden
puzzles for small children
(housing jigsaw. £6.75, and ele-
phant jigsaw. £6.75), good note-
books and stationery.
The gifts range
from coffee to
cassette racks to
Thai ear-rings
little black box for £22.95),
some silver-plated spoons for
butter (with a cow on top),
pate (topped by a fish), mus-
tard (with a mustard pot) and
honey (with a bee) all at £830
each and some useful tartan
picnic rugs (£4930).
Urtcn. MkfefleMS. EKm Harts. Beds. Bucks.
Carries, Sutvt, Sussex. Kent Knti. YckifMc.
Mffttrttfe. Norn East North West Edtimk
■ British Red Cross, Britcross
Ltd, PO Box 28, Burton-on-
Trent, Staff's. DE14 3LQ. Tel:
0283 - 506767 .
From the most deliciously
kitsch brightly-coloured tulip
doorstop (£9.99) to a
Fleur-de-Lys throwover (excel-
lent value at £24.99), wooden
bookends embellished with
carved apples (£17.95) and
warm furry-lined suede slip-
pers (£1239). this is a small cat-
■ NSPCC Trading Company,
PO Box 39, finrton on Trent,
Staffs. DE14 3LQ. Tel:
0800-444280.
As Is only right and proper for
a charity devoted to the wel-
fare of children, this one has
more for the small set than
most - fun watches water-re-
sistant with funnyman figures,
£14.99), a beginner's micro-
scope (£1239), friendly soldiers
laundry bag (£6.99), wooden
puzzles and construction sets.
There is quite a lot of choice,
too. for the grown-ups - an
enchanting Peruvian Dancer's
hairslide (£539), virginal white
■ WaterAid Trading, PO Box
iO.Gateshead NE8 ILL. tel:
091-487 0399.
Another charity that goes in
for just a folded pamphlet and
not a full-scale catalogue but it
has some nice things on offer -
sturdy sisal carriers (£1935),
high-quality ground coffee
from Cafedirect. the company
that insists on paying fair
prices for the beans, sliver
ear-rings from Thailand (£335)
and notebooks made from
paper made from jute fibres
(think of all the trees you’re
saving).
<, \ \
> \ .
the postman be your
H
, \ i \ V
! i *
remote relation who needs just a token
acknowledgement that the season of
goodwill has arrived to the very best-
loved there ought to be something in them
for almost everybody. If nothing else,
all of them offer the statutory selection of
Christmas cards and holly-bedecked
paper.
Here then is a run-down of some of the
catalogues on offer.
Illustrations'. Ashley Lloyd
Clockwise from top leffc Brown velvet embroidered sfip-ons, £2935 from Traid craft's Alternatives catalogue;
Glass candle holder, wtndproof, £739 from Help The Aged; Carved wooden bookshelf from Saharanpur, India,
£935, Oxfam; 100 per cent cotton chenille rug In pale blue and white, £1339 from British Red Cross; Facsimile
of a 19th century Labrador draught excluder, £3935, National Trust for Scotland; Brass wall sconce with mirror
and candlestick, £1439, Netting Hffl Housing Trust
IPo,
cotton nightdress with pin-
tucks and white embroidery
(£2735), cassette carriers (a sta-
ple of charity Christinas card
catalogues), candlesticks (plain
blue glass at £539 each or ver-
digris-finished ones at £2339).
Clockwise from top left: Black cast-toon duck bootscraper, £939 from British Red Cross; AM/FM radio with
stereo earphone, solar-powered, £4230, WWF; Charles Rennie Mackintosh Inspired sflver cufflinks, £31.75,
National Trust for Scotland; Handmade photograph abum, 25 pages all interleaved wHh protective paper,
£1235 from WaterAid; Plain white mugs with elegant drawings of Charles Rennie Mackintosh chairs, £1130 the
pair, National Trust for Scotland.
■ Notting Hill Housing Trust
Mail Order, Notting Hill Hous-
ing Trust Shops. Aspen House.
1 Gayford Bd, London W12
9BY. Tel: 081-563 4888.
Another pamphlet with a lim-
ited but excellent selection -
blue or jade green glass pud-
ding dishes at £339 each, thick
blue and white throw, embel-
lished with gold sea motifs
(£59.99), metal verdigris-
finished coat rack with fish
motif (£14.99), naif. Colonial-
style navy-blue and white cot-
ton rug (£639) and lots of can-
dlesticks.
craftspeople get a fair deal
from international trading”.
They are mostly all-year-round
catalogues but you could find
something for everybody by
trawling through ail these cat-
alogues . Here we have
sketched some sweet brown
velvet slippers embroidered
with gold stare at just £2935 a
pair as well as a naturally dyed
sisal carry-all (£19.95) but there
is lots, lots more.
Happy shopping!
•‘grot
Baume & Mercier
■ Traidcraft. Kingsway
North, Gateshead, Tyne and
Wear, NE11 ONE. Tel: 091-491
0591.
Traidcraft has a whole series of
catalogues - Interiors; Alterna-
tives (primarily fashion); Paper
and Cards; Foods. Teas. Coffees
and Tissues and Christmas
Cards and Gifts. All are based
on the idea of “combining the
skills of third world' producers
with a concern that these
GENEVE
MAlTRES HORLOGERS DEPUIS 1830
The Antique Wine Company
of Great Britain
Collection GENEVE
For a most unique trill, we will
supply a tine buttle of s image n ine
( Lalour. La file, Rothschild, del.
from the exact year nf the recipients
birth together with the original issue
of the London Times' newspaper
from the precise day. Elaborately
p resented and delivered worlduride
tvitbin days.
New watch
HAMPTON
stainless steel.
waler-reaisliinl to 30m.
I il. I K’li.X. ! mi;- rin;'.;.
■! i.t rm .* f i. i. .-.tpp-'i-v. I u!>. . .-ii vt,iii :
From leading jewellers throughout
the United Kingdom or for your
nearest stockist please call :
TEL: UK IW27 5)0707
F«; UK 0827 830725
Toil, fkee nost/r.u from the USA
1800827 7133
HouKcvcOma
PHONE 973 08711 FAX 973 0966
CHAU MET
01 ASPREY and KARROOS
Sole Importer Jakar Inter national Ltd. Tel; Mi-445 6376 Fax- 061-445 2714
ru-it.'MLV V. ' i
!Y : ,'ot- i'~ : 7 i
Lon pon SVVjX’tR!.
Tel: 071 416 4160
Fax: 071 416 4161
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994
WEEKEND FT XXIII
FOOD AND DRINK
*■
••
Cooking /Philippa Davenport
The oyster’s
in the post
T oday’s brightest shop- deliver the direct to tot
keepers do not wait individual customer, depend
for customers to ing on whether this works rc
come to the hi?h wfrti Wa
T oday’s brightest shop-
keepers do not wait
for customers to
come to the high
street - they go out and knock
at their doors. They have dis-
covered that sending cata-
logues and offering a mail
order home delivery service
can be a most effective way of
increasing business.
Kitchenware merchant
David Hetlor is one of the lat-
est recruits to this way of
thinking. He has always been
happy to send items to custom-
ers by post, but this month
sees the launch of Ids first mail
order catalogue for cooks. Very
enticing it is. too.
Others keeping up with the
times include Franco and
Alberto Camisa. Having sold
specialist foods in Soho, cen-
tral London, since 1929, they
now aim to sell nationwide via
Camisa Direct Their first cata-
logue sports some obvious gift
items and some very un-Italian
oddities, bnt it also includes
goodies worth putting in the
larder for winter comfort
There are. for instance,
whole San Febno salami and
little nibbly cacciatori salami;
stuffed pigs’ trotters; capers
packed in salt baskets of dried
porcini; arborio, camaroli and
viakme nano rice; soft amaretti
from Alba; and dried figs from
Calabria, stuffed with walnuts
and dipped in chocolate.
■ For those without a fish-
monger in miles - a problem
that seems to afflict vast tracts
of Britain these days - Carew
Oysters of Pembrokeshire,
Wales, is one pf several compa-
nies now farming and dispatch-
ing the Pacific variety to pri-
vate customers and
restaurants all over the coun-
try.
So far as I know, however,
Carew is alone in offering a
“deliver and open service'’
where, if you plan a large
party and want to splash out, a
professional will bring the
shellfish and open them per-
sonally.
■ Many people hate the
thought of eating beef from
cattle stuffed fail of growth
hormones or other indiscrimi-
nate medication. But farmers
growing cattle the slow, tradi-
tional way on grass and hay
only are on the increase. .
Newest to me is Richard
Vines, of Wild Beef. He raises
his animals - mainly Welsh
Black and South Devon, occa-
sionally Aberdeen Angus, Her-
eford and Galloway - on
Devon moorland and has them
slaughtered locally by appoint-
ment for minimum stress.
They are hung properly and
well-butchered.
Since Wild Beef is essentially
a one-man operation. Vines'
service can be more personal
than most. Sometimes, he will
deliver the meat direct to the
individual customer, depend-
ing on whether this works in
with his timetable for restau-
rant deliveries in the same
area. Otherwise, tt arrives by
overnight courier.
Wild Beef sells not only
prime cuts and mince but
skirt, shin, oxtail, tongue, kid-
neys, liver and heart - ifaww
offered only rarely by outlets
of this sort.
■ Those with a sense of adven-
ture will relish news of the
Cool Chile Company. Owner
Dodie Miller is dedicated to
promoting chillies as more
than just volcanic spices - an d
she is quietly persuasive.
Mexico State University
recognises more than 1.000
varieties and Miller sells a
splendid selection, each variety
dried and labelled with a heat
scale warning. They are accom-
panied by enthusiastic notes
about uses and suggested rec-
ipe ideas.
Under her tuition, I tried a
few choice samples, ranging
from fruity mild to positively
breathtaking. But even those
cooks afraid to experiment
with chillies will delight in the
colours and shapes of some of 1
them.
■ If you fhncy becoming a food
producer - albeit just for your
own needs - you might like to
consider buying a do-it-your-
self sbitake mushroom grow-
er’s kit imported from Finland
by ESC.
This consists of a small,
spore-impregnated log packed
In its own little Perspex green-
house environment Expected
yield is a kilo of shitake mush-
rooms spread over four crops.
No green fingers are needed.
J. Sainsbury, meanwhile, hag
just started to sell fresh wild
giroHes and grey chanterelles.
Ceps (porcini), pieds de mou-
’ ton. and troxnpettes des marts
will follow shortly, and morels
will be introduced in the
spring.
The had news is that - ini-
tially. at least - just seven
stores in London (Camden,
Chiswick. Cromwell Road, Dul-
wich,. Fulham,. Ladbroke Grove
and Hampton St Claires) and
one in Southampton (Hedge
End) are to stock them,
■ David MeUor Mail Order: 4
Shane Square, London SWJW
SEE. TeL 071-730 4259. fax: 730
7240; Camisa Direct, PO Box 31,
Boreharmoood, Herts WD6 3TF.
TeL 0181-207 5919. fax : 905 1238;
Carew Ouster Farm, West Wil-
liamston, nr Carew, Kilgetty,
Pembrokeshire SA68 OTN. TeL
0640051452; Wild Beef. Billhead
Farm. Chagford, Devon TQ13
8DY. Telifax: 0647-433433: The
Cool Chile Co. PO Bax 5702.
London W10 6WR TeL 0973-311
714: ESC (UK). 9 Crescent Rd.
Wokingham, Berks RGU 2DB.
TeL 0734-893097; fax: 890906.
;; v; X.v.
& ilyt
• mm
1
A quick byte: modem diners’ orders are tamped into a Romance hand-bold computer and transmitted at once to the kitchen
AsMay Asimood
Chips with everything
New technology is transforming the traditional kitchen , writes Nicholas Lander
S cene L* A London res-
taurant. The cus-
tomer gives his order
to the waitress who
enters it on a hand-
held computer. Thirty seconds
later the customer changes his
mind but the waitress replies
Tm sorry, sir, the order is
already in the kitchen."
Sceoe 2: Late at night in the
chefs office. Having placed all’
his orders for tomorrow’s deliv-
eries by fax, the chef sits down
to finalise plans for a special
gastronomic dinner. He plugs
into CompuServe and seeks
advice on recipes from fellow
chefs around the world.
Scene 3: takes place wher-
ever food and wine lovers have
a computer and electronic
mall. Looking for the most
romantic restaurant in St
Louis? Want to trade some
Chateau Margaux? Forgotten
the name of that wonderful
Australian Pinot Noir you
drank recently and need to
find a retailer? The world of
food and wine, always interna-
tional, has gone electronic.
Until the late 1960s most res-
taurants could not justify such
investment. Computers were
introduced slowly and proved
themselves by legibly transmit-
ting recipes around the
kitchen. Then came fax
machines to make ordering
from suppliers easier (it is
always worth taking a restau-
rant’s fax number to confirm
that important lunch).
But the need to cut labour
costs, maximise efficiency,
monitor stock controls and
improve accounting informa-
tion has changed all that. Now
even the Rita's dining room,
possibly London's most ele-
gant, boasts an electronic
point-of-sale terminal, albeit
neatly encased in marble.
One restaurant made possi-
ble by today’s technology Is
Wagamama. WCl (tel: 071-680
9365). This basement restau-
rant serves the most interest-
ing inexpensive Japanese food
in town and takes no bookings.
It seats 104 but feeds 1,200 cus-
tomers a day.
It manages to do so because
when it opened in 1992 it paid
£25,000 for a Remanco ordering
system (today's far more
advanced version costs
£15,000). These begin with the
electronic order pad (they cost
£990 each) which can be pro-
grammed with everything a
restaurant can offer - size of
steak, how it should be cooked,
even whether the customer
qualifies for an incentive
scheme such as a happy hour.
Whan the order is complete,
the waitress presses the “send"
button and toe order is trans-
mitted by radio signals to a
computer which stores all the
information, backs it up and
sends toe separate elements to
the various sections of the
kitchen. Seconds later the
order is printed out At Waga-
mama small strips of paper
spew out at the bar, noodle sta-
tion, wok station and toe sta-
tion that prepares the side
orders. The chefs pick these up
and get to work.
The advantage is not just
speed of service but accuracy.
Fewer specialist order takers
have to be trained and there is
a much lower risk of custom-
ers being served with a dish
they did not order or- being
chained for something they
never received.
The system can faiL Twice in
the past hectic 30 months
Wagamama ’s system hag gone
down and the restaurant has
had to resort to pen and paper.
It is linked by modem to
Remanco's headquarters so
that a failure raw he tracked
down and corrected remotely.
More fundamental are human
oversights. One kitchen
thought lunch was quiet when
at 1.15pm it was still waiting
for its first order. The printer
had run out of paper.
This type of electronic order-
ing generates huge amounts of
management information: how
much money each seat gener-
ates, how many customers
each waiter serves, a break-
down of all toe dishes sold and
whether new dishes on the
menu sell or not.
And it is flexible. At Waga-
mama the philosophy is to
deliver as quickly as possible
and keep turning the tables. At
other restaurants which want
their staff to try and maximise
a customer’s spend, known in
the trade as “upselling", other
ploys are introduced. When the
waiter asks toe console for the
bill It responds “Have you
offered cigars and liqueurs?"
At Rules. WC2, (071-836 5314)
the chef can communicate to
all the waiting staff just how
many grouse, partridge or
pheasant, are left and save toe
embarrassment of having to
ask the customer for a reorder.
One wonderful piece of tech-
nology I saw in action in the
US over the summer was
shown for the first time in the
UK at this week's Restaurant
Show. It is toe Silent Paging
System. When you arrive at a
restaurant and find either that
there is no table or your table
is not ready, the receptionist
hands you a small disc which
you put in your pocket When
your table is clear the waiter
sends a radio signal to the
receptionist and she in turn
presses a button which starts
the disc vibrating in your
pocket Having enjoyed a short
stroll, a drink in the bar or
done some shopping, you walk
back to find your table ready
and waiting.
Read the
menu in
cyber
space
I f your souffle will not
rise, someone in
cyberspace can help.
The Internet, the
global computer network, lets
you link up with people of the
same Interests, via mailing
lists or news groups. You send
a message to sign up and
receive the news and opinions
of other members of toe group.
“Food wine" is one of the two
main lists for gourmets. “The
purpose is for serious, but not
pedantic, discussion of food,
beverages and related
concerns," say Elliott Parker
and Musa Knickerbocker who
run toe list from Central
Michigan University.
"Consider the list as a
discussion around a very large
table among people who like
to discuss food: the talk may
become passionate and even
off-topic sometimes, but
always returns to the topic.”
When I dropped in, a
discussion of Zinfoudel wines
was in progress.
Another list is the "eat-l",
where everyone airs their
views on how this or that dish
should be cooked. Rachel
Karan in Alaska was having
problems with her chicken
soup which was too salty.
Suggestions poured im add
canned broth, giblets and so
on. Lars Larsen from
Sonderberg, Denmark offered
2,000 words on chutney
recipes and then 7,000 on
cranberry dishes.
In cyberspace you never
really know whether toe
advice is from an expert or a
well-meaning neophyte. So on
“recJood. restaurants” a
posting of “I’m off to Greedy
Gulch next week. Where can I
get some decent food?" will
elicit replies from opinionated
locals with whom you cannot
remonstrate if their
recommendation turns out to
be a greasy spoon.
The list tends to be
US-dominated. Asked to
recommend somewhere In
Soho, London, Glen Poorman
from Michigan suggested
Wong Kei, a Chinese
restaurant better known for
shovelling customers in and
out quickly than for its chow
mein. "Packed house,
incredibly rude waiters and
low prices,” enthused Glen,
"but awesome food!"
Nick Lander
Wine/ Edmund Penning-Rowsell
A great vintage rained off
it D
D uring the summer
in the Bordeaux
region conditions
were perfect if not
for yet another "Vintage of the
Century" at least for toe pro-
duction of one of the vintages
of the decade.
The vine flowering at the
end of May was early and
swift, although the outcome
was on toe small ride. But it
was quality not quantity that
was urgently looked for.
June was cooL but July with
a little rain, and August were
relentlessly hot, especially in
the first 10 days of August The
last three weeks enjoyed beat-
wave temperatures of 28-29°C
(82-84°F) with occasional
storms: perfect for the month
that traditionally "makes the
flavour".
The veraison (when the
grapes change colour) in toe
first 10 days was unusually
early. The bunches were
smaller than last year, but the
grapes were bigger.
Haut-Brion picked its very
special white grapes on August
31 and started its reds on Sep-
tember 10 - one day after toe
Ban de Vendange that offi-
cially permits the red wine
picking to begin. A first-growth
director said he was going to
make "a superb 1M4".
Everything was fine until
September 7 when some not
very significant rain fell, but
WANTED
We will pay auction hammer prices.
Payment baaedale.
Ptenc telephone
Patrick Wilkinson 071-26? 1945
or Fas: 071 2S4 2785
Wilkev^on VWTNSiSLarrrBD
Hnevwna Merchants
Coatanfew fw tendon NWS 2LN
Cate struck on September 12,
and it rained for the next four
days, washing away the pros-
pects of a great vintage.
The dates for picking varied
according to local conditions.
This is the largest fine-wine
area in the world. It may be
r aining in Fauillac but sunny
in Pomerol. The general
starting date this year was Sep-
tember 19, and the finishing
■ •'"'I; if
<! Li- ,/
5v Y3 *
date September 29.
Among the leaders Chateaux
Margaux picked from Septem-
ber 14-28, with Cheval-BIanc in
St Em i li nn from September
1M0, Vieux-Ghdteau Certan in
Pomerol from September 12-24,
Pichou-Lalande in Pauillac
from September 17-28 but had
to speed up as the ripe grapes
were falling off toe vines while
Mouton-Rothschild began on
September 19, stopped owing to
rain on September 22, and re-
Vins de Bourgogne
for stockists,
teh 071-W7276
started on the 28th with 600
pickers to finish on October 1.
So what are the likely
results? The dry white Graves
picked before the heavy rains
in the first week of the month
made excellent wines, but very
small in quantity. The Sau-
ternes and Barsacs that waited
until the end of the month, and
completed picking in toe first
10 days of October made suc-
cessful wines, but those that
did not delay suffered badly.
For toe reds, only a provi-
sional assessment is possible
before the vats are emptied
after the fermentation. How-
ever the general view Is that
the 1994s are better than the
1993s, whose reputation has
been steadily rising, and whose
prices probably wllL
Colours are deeper, the
grapes are riper and the alco-
holic degrees higher. I sampled
a variety of wines, mostly Mer-
lot, that h^d Rniahad their fer-
mentation and was impressed
by their colour and sweetness.
It is a Merlot year because
picking is usually earlier on
the right bank of St Emilion
and in Pomerol. Professor
Ribereau-Gayon, head of the
Oehological Institute of Bor-
deaux University has bran
quoted as saying that the Mer-
lots are “homogenous". The
laggards are usually toe Caber-
net Sauvignons, but owing to
the exceptional summer a good
Yquem, Claret
and
Vintage Port
Wanted.
Cash Paid
Tel: 0473 62 60 72
Fax: 0473 62 60 04
many were ripe at the same
time as the Merlots. The vin-
tage has been compared with
*88 but with softer tannins.
What about likely prices? If
it had been the predicted great
vintage they would have rock-
eted for the internationally
known “names". Moreover
with fine wines short on the
Bordeaux market the chateaux
have been very successfully
selling their stocks held up by
several recession years. Haut-
Brion ’89. considered the finest
first growth of the vintage, cur-
rently sells on the Bourse for
FFr600 (£72) (a bottle, duty
paid, has a delivered price of
about £110 in the UK). Latour
Margaux and Montrose ’90 are
unobtainable there. The lead-
ing seconds are around FFr150.
The 1993 firsts opened at
FFr155 a bottle, the next rank
at FFr60-70, and a general view
is that the 1994s will start at 10
per cent higher, but not more
if they expect to sell a substan-
tial portion of their crop. The
crop is smaller than last
year.
Meanwhile, what should one
look to buy in toe near future?
'Hie '93s will be in bottle next
spring: They have good colour
and when carefully selected
Originally, have a good deal of
body and character much
more than toe '92s. Neverthe-
less in two or three years these
relatively inexpensive wines
from reliable sources may
make agreeable introductory
or “luncheon clarets" for mod-
erate meals.
I was agreeably surprised
with those left-bank *91 wines
which had survived that year's
terrible April frosts. They have
en g a g in g bouquets and fruity
bodies; not expensive but must
be carefully chosen and bought
only from merchants who spe-
cialise In fine claret
D;i? iOj .ViJT-S
iiorfcsd
Ov=r IS: tsars
u !40 sjifiis
iiSrtiS
WINE MERCHANT OF THE YEAR '92-93 Sc '93-94
Like to Save 20 %
on a Case of Wine?
Join the Club.
12 Scutes x 75c
Namely, tin* Cellar Key Club. 6 Lotties of wine, IO?o off anv 12 anti 7 .
Join now anti we’ll make you a special bottles of sparkling wine or champagne
introductory offer 20% off vmir first 1 2 lor the price of 6. j
bottles of wine. Even il it's a mixed case. hor your free membership, take this ■
That’s on top of the regular savings coupon along to jn\ branch of Wine Rack, I
club members can make, like 5°-‘o off any and join in the savings, !
Discount applies to wine, sparkling wine and champagne and excludes fortified wines and certain limited wines as shown in store. No further
discounts apply. Offer available to UK residents only aged IS or over. 20% offer only available ?8ih-30ih October 1994 on 12 bottles or more.
n
XXIV WEEKEND FT
FINANCIAL TIMES WEEKEND OCTOBER -
FASHION
Chic plqu6 with a couture touch by John GaDIano
Alfred Dunhill
A feel for the rhythm
Avril Groom on how the catwalk designs make their way into the real world
I f you were an indefati-
gable fashion-watcher
you could have sat
through more than 150
shows in the three cities
- Milan. London and Paris -
which have so far held their
spring collections.
If. that is. you could put up
with the long waits for the
shows to start, the rude secu-
rity men, the hassle of evicting
interlopers from your seat and,
at Vivienne Westwood’s show
in Paiis, the stampede of unin-
vited students who stormed
the barricades. And today, you
would be starting another
week’s onslaught in New York.
You would, if you were a top
buyer, be trying to make sense
of this maelstrom of creative
input knowing that your deci-
sion to back certain trends
could directly affect both your
company's profits and your
career.
Attuned to the deeper
rhythms of fashion, the buyer
tries to pinpoint what will be
significant in “real life” while
bearing in mind those first
news-page images which can
alter current dress almost
instantly'.
Buyers normally go to the
shows of the designers their
stores support, plus those they
might in future. They are, one
reminded me. “invited to press
shows out of courtesy- Our real
work is done at the showroom
where all the catwalk fantasy
is stripped away".
They rely to some extent on
the independents, who are one
step further back in the fash-
ion chain, and who offer buy-
ers advice.
Jour nalis ts on trade maga-
zines or consultants to stores
begin their forecasting at least
six months ahead of the shows,
by going to the fabric exhibi-
tions where the designers
themselves seek inspiration.
By the time of the shows they
already have an idea which
way the fashion wind is blow-
ing and can put designer fanta-
sies into commercial context.
We asked experts for their
views on the spring look and
its significance to the ordinary
woman’s wardrobe, and to sug-
gest autumn buys for an
Instant update. Real life may.
as one of them points out.
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Chanel; modem glamour
"move more slowly than the
fashion world thinks , always a
season behind the shows", but
a consensus emerges from the
welter of Ideas despite widely
varying interpretations.
That overworked word
"glamour" best describes the
image of fashion's inevitable
swing away from the years of
increasing casualness which
culminated in deconstruction
and grunge. But within the
context of glamour - which
essentially means more care
over hair, make-up. choice of
accessories and cut - it is pro-
portion and fabric which
count
Skirt length is a non-issue,
as Karl Lagerfeld pointedly
illustrated in his three collec-
tions. His own label and Chloe
included on-knee and calf-
lengths, while Chanel was res-
olutely short because that is
what its customers demand.
So choose what suits you
and proportion jacket and
Gaultier: denim Victorian corset
shoes accordingly. Knee-length
looks freshest with a heeled
shoe but this need not be a
towering stiletto.
The much-hyped retro look
can also be moulded to suit
you. Skilful old-fashioned tail-
oring is back, with the hour-
glass silhouette of narrow,
sharply-defined shoulders and
emphasised hips that Vivienne
Westwood foresaw with last
season’s "bustles”.
It reaches its apogee in high-
ly-mannered, perfectly-cut cos-
tumes, complete with 1950s
accessories, from new British
Designer of the Year John Gal-
liano, who de termin ed
to put the "haute" back into
couture.
But the best collections, such
as Westwood. Gaultier, Ver-
sace. Dries van Noten and Ann
Demeulemeester. use historical
elements and make them look
modern. Jean Paul Gaultier,
often a creative catalyst, gave
a lesson in individualisation by
Yamamoto: kimono In (fray red
taking shapes from every
decade of the century and
Gaultier-lsing them with his
signature fabrics and cut.
Shock-value transparency
and high-shine fabrics are Ms
statement on the 1990s and
how right he is.
High-tech fabrics, powered
on by plastic at Helmut Lang
and paillettes at Lacroix and
Montana, are indicative but
the real-wardrobe versions will
be sateen, glazed linen or
Chanel's cellophane braid
rather than vinyL
Betty Jackson’s white satin
zoot suit or Jil Sander's skinny
rock-chick trouser suit in deep
iridescent nylon have believ-
able modem glamour.
As one of our experts,
Vanessa de Lisle, points out,
"women need not be frightened
of modem nylon. It looks and
feels sophisticated."
For a link between catwalk
creativity and commercial
nous, old masters such as Yves
ik
Lacroix: sequin stripes, high gloss
St Laurent and Valentino
repay attention. They take
advanced themes and cleverly
detune them into pretty wear-
ability.
One strand of fashion seems
destined to remain on the mag-
azine page rather than the
clothes mil. An undercurrent
of violence has succeeded the
ugliness which shocked observ-
ers last season - Alexander
McQueen's trussed-chicken
polythene dresses and tyre-
track printed suits, Rifat
Ozbek’s fencing jackets with
red slashes and jewelled blood
drops, Lagerfeld’s restrictive
patent corselets, even Galli-
ano's beautiful but unhealthily
pampered girls in gilded cages
- all are suspect images to
today's independent woman.
They are designed by men.
At least Westwood's women,
for all their over-emphasised
curves and silly high-heeled
shoes, appear in control of
their lives.
The experts recommend . . .
Vanessa de Lisle, consultant to
House of Fraser stores former
fashion editor of both Harper's
and Vogue magazines and
consultant to Hatreds:
■ SPRING THEMES: colour -
with black, with white and
black with white. Subtle reds,
through to lavender or ochre
at either end of the spectrum.
Mary Gallagher, consultant to
Harvey Nichols. Paris editor af
American Marie Claire
magazine, ex-fashion editor of
British Ma rie Cla ire.
■ SPRING THEMES: Pastels
to refresh black. Touches of
brilliant colour with pastels.
Flesh and pale peach shades.
High-tech fabrics - knits.
Rebecca Lowthorpe. ex-model,
and Andrew Tucker, reporters
for trade magazine Draper's
Record.
■ SPRING THEMES: bright
colour, notably orange, as an
accent. Pastel and buttery
shades. White, but not next to
the face. Retro prints. Shiny
Soft greyed pastels. The dress
as the new basic, versatile
under a small cardigan or over
a T-shirt High-shine,
high-tech fabrics - nylon and
stretch, glazed finishes,
sateen. Kimonos - the calm
antidote to hard glamour.
■ BEST COLLECTIONS:
Mariot Chanef s sophisticated
sophisticated mflinnailps.
Tailoring - high-buttoned,
single-breasted retro or men’s
frock-coat style, or sharp-cut
tuxedo. Just-above-knee
dresses.
■ BEST COLLECTIONS: Jil
Sander’s glamorous high-tech.
Ferretti or Prada’s dresses.
Dries van Noten and Ann
and transparent fabrics -
satin, nylon. Period shapes -
hourglass or high-button
frockcoat silhouettes. Cinched
waists - belts and trenchcoats.
A-line dresses with horseshoe
or halter necks. Eastern
influences — kimonos and
cheongsams.
wrap shapes and cut Yohji
Yamamoto's inspiring
kimonos and fabric mixes,
Westwood's tailored glamour,
Galliano’s bias-cutting.
Workers for Freedom's reds,
Betty Jackson and Sonnentag
Mulligan for modernity.
■ AUTUMN BUYS: knee-
length tailored black dress in
Demeulemeester’ s mix of
retro and modern, Sonia
Rykiel's knits, Galliano’s
sheer beauty.
■ AUTUMN BUYS: black,
fitted, day-in to-night dress
(crepe, short sleeve with
three velvet bows by Moots.
£69.95 from Fenwick), thin
Mack patent belt (Otto Glanz,
■ BEST COLLECTIONS: Rifat
Ozbek and Orson and Bodil for
clean modernity. Lagerfeld
and Ann Demeulemeester for
updated retro. Helmut Lang
for innovative fabrics.
■ AUTUMN BUYS: a short,
neat, jacket A la Chanel (black
wool with velvet trim, £189
criipe or jersey (Episode's
higfa-waisted cap-sleeved style,
£119), black satin jacket
(Whistles, £265), high-heeled,
point-toe, delicate shoes
(Stephane Kelian one-bar,
£150, in cream, navy, brown or
black nubuck and black
patent; Shelly’s stiletto court.
£34.99, or one-bar. £39.99).
£16.95 from Fenwick and
Harvey Nichols), tiny black
patent rucksack (Bill Am berg,
£75 from Harvey Nichols.
Space NK), old-looking
diamante or crystal for day
(Erickson Beamon. £55 at
Harrods, Fenwick. Liberty.
Van Peterson or Fenwick
own-label from £9.95).
from Episode), flat-fronted
trousers (charcoal wool with
turn-nps, Sportmax, £115),
dusty pastel small twinset
(£94.98 from French
Connection and Fenwick),
black, shiny, fluted on-knee
skirt (Fabio Piras from
Whistles. £135).
Ermenegildo Zegna
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Conservation society
FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994
WEEKEND FT XXV
★
TELEVISION
CHESS
BBC1
7M Lento. TJS Nava. 7 JO Pingu. 7M Happy
BMtiday. 7.46 Mariana Mariowa tovasttoaiaa. 84)6
Atoan the Rfm Musfcetera. MO The New Adven-
tures at Superman. 8 . 1 S Uve and Kkttng.
12.12 Weather.
12.18 Grandstand. Introduced by Dougie
Dormrty. Including at 12.20 Football
Focus: Pravtew of midweek UEFA
Cup matches. 12J50 News. 12^5
Motor Sport The World Touring Car
C ha m p ionship from Donbigton Parte
1420 Racing from Ascot The 1430
United House Development Novices
HunSa. 1.40 Gtstfc Volvo Masters.
Coverage of tha third round from
Vatderrama in Spain. 2.00 Racing;
The 2-05 Steel Plate and Sections
Young Chasers Quallfler. 2 . 1 5 Goff.
2- 35 Racing; The 2.-40 United House
Construction Hancttcap Chasa. 2.50
CoK. 4.40 Final Scone. Times may
vary.
5.15 Nam.
5425 Regional News and Sport.
5-30 Stave Wright's People Show.
6.10 Bruce Forsyth's Generation Game.
7.10 Noel's House Parly. ComJc capers
from Crinkley Bottom, featuring a
guest appearance by Leslie Haisen.
a Gotcha lor Andy Crane. NTV and
Grab-a -Grand.
8.00 Casualty. Ash's professtonafism Is
tested when fascists and anti-racists
clash vioiantfy tn die Accident and
Emergency ward, pushing an
already distraught Rachel to the
Emit. Charlie's suspicions are
aroused by a reluctant patient, and
an injured DIY enthusiast helps avert
disaster. Drama, starring Derek
Thompson, Patrick RoUnson and
Jana GumetL
8-50 News and Sport; Weather.
9.10 Fflm: Another 48 HRS. Comedy
thrfler sequel, starring Edcfio Murphy
as the wisecracking ex-convict who
once again joins forces with tough
San Francisco cop hflck Nolle
0990J.
10*40 Match of the Day. Desmond Lynam
and tha team analyse Wg h M i ta of
two top matches in the FA Premier-
ship. Plus, goals from the day’s
other games and the October goal
of the month com pe tition.
1148 The Denny Baker Show.
124M> Fflm: Busting. Anarchic police caper
following two maverick Los Angelas
vice squad officers lighting official
corruption. Starring BHotr Gould and
Robert Blake (1973V
2.00 Weather.
2.06 CkMML
BBC2
7 JO Open UrtwreJry. 246 Plaid Cymru Confer-
ence. 1035 Ctianafcya.(Eflgtati subtitles). 11.15
Network East 1145 Style Today.
1248 Fflm: One, Two, Three. PQfitiC&f
comedy about an American soft
drinks executive m west Berlin who
lands In trouble when his boss's
daughter marries a communist.
James Cagney stars pggi).
2.10 Tfcnswateh. Merchant mariners
recall their role during the second
world war, naveattng how many sac-
rificed their Eves In the attempt to
keep Britain suppled.
34)0 Fftn: Henry V. Laurence Ofivtar’s
acclaimed, Oscar-wtnning version of
Shakespeare's historical play. With
Robert Newton and LesCe Barfs
C1944).
5.15 TOTP2.
64)0 Late Again. HighfiBMs from last
week's editions of The Late Show.
M8 What the Papers Say. Peter Brad-
shaw reviews (he week's news as
reported in the press.
74)0 News and Sport Weather.
7.15 Assignment. Jufian Pettier reports
on Vietnam's economic resurgence
lottowing the lifting of US sanctions
and relaxation erf communist rule,
and finds out why entrepreneurs
from Britain and the USias well as
Aston countries Inducting Japan and
South Korea, are rushing to cashfri
on to unprecedented growth.
0.00 Walking the WaB. Rare archive
footage and personal testimonies of
east and west Berliners who Bved In
the shadow of the Berlin Wall
8l 30 Performance; Message for Poster-
ity. New series. New production of
Difinb Potter's 1967 drama about a
radical artist co mm issioned to paint
a portrait of a former Conservative
premier. John Neville and Eric Potter
star.
11.10 Have I Got News for You. Angus
Deayton hosts another helping of
the comedy news quiz, with Paid
Merton and Ian FBsiop.
11.40 Last Word. Germaine Greer debates
topical issues with Janet Street-Por-
ter, Anne Lasfle and Suzanne Moore.
1UB Fflm: l Only Want You to Love Ma.
German eframa. starring Vttui ZepB-
chal as a buttetor whose determina-
tion to win the approval of his
parents and flancAe leads to trag-
edy. WHh Bke Aberie fl976).(EngBsh
subtitles).
2.10 Fast Forward.
2L40 Close.
SATURDAY
LWT
&» GMTVL 825 What’s Up Doc? 1120 Ilia m/
Chart Shew. 1230 pm Speatony.
1.00 ITN News; Weather.
14)5 London Today; Weather.
1.10 Champions’ League SpecW. A
look ahead to next week’s group
matches in Europe’s premier dub
competition, Including Barcelona v
Manchester United.
1.40 Movies. Games and Videos.
Review of new movie The Shadow,
starring Alec Baldwin as the hook-
nosed crime-buster. Plus. The Pea*
can Brief and crose-dreadng com-
edy Mrs Doubtfira on video.
2.10 WCW Worldwide Wrestling.
330 Saint's Soccer Skflta. Crystal Pal-
ace striker John Sslako and Spurs
star Jurgen KBnsmam pass on
tricks of the trade.
3.20 Brand New Life. Part one of a pflot
episode. Comedy-drama about the
uneasily blended famtty of a newly-
wed couple. Barbara Eden and Don
Murray star.
430 Cartoon Time.
445 rTN News and Results; Weather.
54)5 London Tonight end Sport;
Weather.
530 Baywateh. Mitch agrees to remany
ax-wife Gall for Hobie's sake - then
surprises everyone by abandoning
the ceremony to rescue the crew of
a sinking boat
4.10 Gtedtatnra. Contendere from South
Wales, Surrey, Devon end East Sus-
sex chaflenge the might of the mus-
cie-bound warriors.
7.10 Blind Date.
8.10 Famtty Fortunes. The Drlnkwatars
from South Glamorgan match wits
with the Watkins family from Lanca-
shire in a bid to win £3,000 In cash
and a luxury car.
84K) UN News; Weather.
< M> o Lonoon wontMT.
0.00 Fflm: The Running Man. Convict
Amok) Schwarzenegger takes part In
a brutal TV game show In which he
is hunted through Los Angeles by
trained WBws. Action adventure, with
Yaphet Kotto (1987).
104*5 Fflm: KS Me if You Can.
Fact-based eframa, storing Man
Aida as notorious convict Caryf
Chessman, who spent 12 years on
San Quentin's Death Row before
being executed in 1960 (TVM 1977).
1240 Love and War.
1.10 The Big E; ITN News Haatfflnee.
24)5 World Ch am pionship Boxing; ITN
News H oor jfn e e.
3.05 Hot Wheals SpedeL
44)5 Tour of Duty.
54)0 BPM.
CHANNEL4
3J30 4-Tef On View. 636 Early Morning. 946 BRz.
1131 Gamma Footoafl safe 1230 Sign Ore At
Letaura. 1230 pm Pm Great MaratiwUEnatati aub-
Atoto. 1235 Madetoa.
1.10 Racfrig from Newmarket and
Wstherby. From Newmarket: The
1 .35 ASKO Appliances Zetland
Stakes. 2.10 ASKO Appfiances Mar-
shafl Stakes, 2.45 ASKO Appfcmcas
Quality Stakes, and the 3.20 Lad-
broke Autumn Hancicap. From
WMherby: The 130 Rkfiey Lamb
Handicap Chase, 1.50 Tote West
Yorkshire Hurtles. 235 Wensieydaie
JuvenBe Hurdle, 3.00 Chafe Hafl
Chase, and the 3.35 Arthur Stephert-
eon Novices' Chase.
44)5 Sesame Street Jem: A Musical
Celebration. The 25th anrive mat y
of the chfldren's programme, featur-
ing Marilyn Home, Little Richard and
Queen LatHsft, and guest appear-
ances by Maya Angelou, the Nevffle
Brothers, Los Lobes. En Vogue and
Ladysmith Black Mambazo.
B.os Brookshfe
630 Right to Reply. Roger Bolton pres-
ents viewers' opinions about tatevi-
atotv
TjOQ A Week bi PoBtfce. With Vincent
Hanra and Andrew Rawndey;
News.
8-00 For Love or Money. Proftte of Susie
Cooper, hafied as one of the great-
est British ceramics designers of the
century, who maintains a prolific
output even though she is in her
90s. Plus, a report on the changing
face of fireplaces.
04)0 Brides of Christ. Rosemary defi-
antly embarks on an Rficit sexual
adventure after Sister Agnes lectures
her on the facts of fife. Starring Kym
WBson and Brenda Frickar.
10.05 Rory B ram n en Who Bee? Satirical
sketches and Impersonations.
10145 Fflm: The Lovers. True-life crime
thriller chronicling tha pttght of a
young man tom between his naive
fiancee and the sexy widow he
lodges with. Victoria Abril stars
flW1).(Engtoh subtitles).
1235 Late Licence.
1246 Herman’s Head.
1.15 Let the Blood Run Free.
140 Wax' on Wheels.
2JM This is David Harper.
34)5 Packing Them In.
340 Close.
REGIONS
nV REGIONS AS LONDON EXCEPT AT TUX
FOLLOWING TIMES i
ANQLIA:
12J0 Movies, Games and Videos. IjOS Angle
News. 140 The Gcfidsn Voyage of Stated. {1973)
345 Knigra Ftoar. SL05 Angta News and Sport 845
AngBs Waattw. mes BL. Stryker Die Leustwtg.
PW*
BOHDBfe
1240 Movies. Games and Vtataoe. 1JM Border
News. 140 Superstore of Wrestling. 2J* Hot
whoow. 245 The Lest Oeys of Frank and Jesse
James. {TVM 1965) &0S Border News and Waamra
5.15 Banter Sports Ftaault*. 1045 BL Stryker Die
Lavgraig. pWS)
comuu
1240 America's Tap ta 146 Central News 210
Cartoon Time. 2.15 The Fail Guy. 3.10 SaoCkwat
DSV. 4.10 WCW Worldwide WresJHng. S.05 Cantrel
News 6.10 The Central Much - Gaols Extra. 845
Local Weather. 1046 The China Lake riMdere.
(TVM 1990)
GIVUEPIAfb
1240 Spore. 145 Grampian H aadttnea. 140 Ttae-
flos. 2.10 Donnie Murta 245 Escape Route. (1952)
440 Super stare Of VWwfinp. 546 Grampian Head
toes. 5.10 Gramptan News Review. 5.10 PoBce
News. 845 Grampian Weather. 1046 BL Stryker.
Die Laughing. ( 188 S)
TMlflMAWft:
1240 Movies, Games and videos. 145 Granrafe
News 140 Superatare of W reading. 225 Hoi
Wheels. 245 Tha Last Days or Rank and Jasse
James. (TVM 1935) 640 Granada News 64S Gran-
ada Goals Extra. 1045 BL Stryker Die Laughing.
(1889)
HIV:
1240 No Naked Ramee. 145 WTV Nans. 140 Best
of British Motor Sport. 2.10 yes te rday's Heroes.
240 Movies, Gemw and Videos. 3-10 The A-Team.
440 Krtflte Rider. 546 MTV News end Sport (LSB
HTV Weamer. 1045 BL Stiyker Die LausftHg.
(1369)
HTV Mates *a HTV aNBEopt:
1230 The Gen.
1140 COPS. 1240 The 1TV Chart Show. 145
Matkfian Nam. 140 Yaotwrta/s Heroes. 210 Col-
our Scheme. (TVM 1978) 545 Knight Rider. 845
Melrlnn News. 5.15 Cartoon Tana. 1048 Crime
Story. 1140 Nit* Knight. (1988)
1240 Extra Time. 146 Scotland Today. 140 Teto-
flos. 210 Dgsk Journey. (1937) 340 Sons and
Daughters. 4,10 Taka Your Pick. 646 Scotland
Today 1046 Tha Asphyx. (1973)
TVM M2
1240 Worn 146 Tyne Tees News. 140 The Moun-
tam Bke Show. 210 Plana Turn Over. (1958) 346
Knight Rider. 546 Tyne Ten Saturday 1045 Under
Stags. (TVM 1988)
W88TCOUNTKY!
1240 Movies. Games end Videos. 145 WesKoun-
try News. 140 The Sealphuntere. (1068) 145 Dino-
saurs. 4.15 The Mountain Blka Show. 645
Weatsountry News 845 Waatcountry Weather.
1055 8L Stryker Dto Laughing, fl 968)
vonomto
1230 Movies. Gamas and Vktaos. 145 CNandar
News. 140 The Mountain Bke Show. 210 Pleas*
Turn Over. (1969) 945 Knight Rkte. 545 CaMnctor
News. 5.10 Scoretoe. tOlSB Under Stage. (TVM
19BQ
SUNDAY
BBC1
745 The Man from UXC.LE. 216 Breakfast wtti
Front 9.15 Deottons. 940 TTdt Is the Day. 1040
See Heari 1040 French Expartanca. 1045 Easy
Money. 1140 The 11th Hour.
1240 CountiyFfla.
1225 Weather for the Week Ahead;
NflWSa
1240 On the Record.
1-30 EastEndera.
250 FBm: Butch Cassidy and the Sund-
ance KkL Oscar-wfnrdng Western
following the escapades of train rob-
bers Paii Newman and Robert Bed-
ford as they try to stay one step
ahead of the taw (1969).
440 Junior Masterchef. And Patera and
Caroline Wsktepave Judge the cufi-
nary efforts of contestants from
rtewcastie-upon-Tyne, Rochdale and
Etftibugh.
5.10 Tha Bookworm. New aeries.
Reports on the nation's readng hab-
its, beginning with a review of prize-
winning children's book Stone Cold.
Presented by Griff Rhys Jones.
5- 40 The Clothes Show. The Afro Dtt-
dac Heir Styling Championships, a
new look for winter, and designer
bargains found In retail stores off the
M25.
6- OS News.
828 Sonus of Prates.
7.00 Children in Need: Toddflng for
Pudsey.
7.10 Lovgjoy. The roguish dealer is
arrested after one of his valuable
antique shotgun ta stolen and used
In an armed robbery. Ian McShane
stars.
Sloo Vintage Last of the Summer Wine.
A chance encounter with a resentful
dog- waiter gives Foggy another
sure-fire business opportunity.
840 Birds of ■ Feather.
9l 00 Sesforth. Bob's marriage to Paula
creates hostifity in tha town, a prob-
lem compounded by an accidental
meeting with ruthless setftftade
Gweloper John Stacey.
9-50 Nows Mid Weather.
104)5 The Fuff Wax. New aerieo. Ruby
returns wtth her offbeat chat show,
featuring legendary actress Zsa Zsa
Gabor and spiritual leader Ram
Dass.
1235 Heart of the Matter. Investigation
Into the moral Implications of suF
CWfiL
11.10 Fflm: True Colours. Drama charting
the turbulent relationship between a
committed Justice Department offi-
cial and a ruthless pofitidan. With
James Spader and John Cusack
(189U
1-00 Weather.
1.05 Close.
BBC2
740 Taka or tha Tooth Fakies. 745 Bump. 740
Arimal World. 740 Btoky BHL 8-15 Ptaydaya. 845
Moomn. sloo The Busy World of Rlchairi Scarry.
B45 BBbsl 940 TT» Stone Pratsctora. 1045 Ttnw-
Buatare. 1040 Grange HBL 1045 Tha Legend of
Prince VMtont 1140 Bay CUy. 1146 Tha O Zona.
1200 Ouantun Loop. 1246 pm Snowy River: The
McCtagor Saga.
1.30 Around Westminster.
24)0 WBdllfo Classics: Cranes of the
Grey Wind. This programme from
The Natural Work) series was photo-
graphed by the new Wildltfo Photog-
■ • rapher of the Year, Thomas
Mangetoen.
240 Golfe Vofvo Masters. Live coverage
of the final round from Veridenama,
- Spain, as Europe's top players
chase a first prize of £125,000.
54)5 Dhvafl Lights. New aeries. Begin-
ning a week of programmes to cele-
brate the Festival of Lights, the moat
important event of the year for Hfrt-
dus and Sikhs.
5.15 Rugby Special. Highlights of
Leicester v Sale from Weifoid Reed,
and the dash between UaneH end
the touring South Africans at
Stradey Park.
5.15 One Man and Hb Dog.
7.00 The Money Programme. The future
of BMW, one of the most successful
car companies of the 1960s, whose
future now depends on adapting to
consuner demand tor smafler
vehicles, end successfully marketing
Its Rover range.
7.40 The Car's the Star. The Ford Mus-
tang, loved and che rt dhod by gener-
ations of Americans since Its launch
In 1964. Last In series.
84)0 The Faff of the Waff. Two-part
investigation into the coBapse of
oommuntam In eastern Europe,
focusing on the prims movers
behind bringing down the Berlin
Walt, tnducBng former Soviet leader
Mtkhafl Gorbachev and West Ger-
man foreign ministar Hans-Dlstrich
Genscher.
SUN) Strings, Bows and B effow a .
Joarma MacGregor performs Qyorgy
Ligeti’s powerful work Autumn ta
Warsaw.
0.05 Monty Python’s Ryfng Circus.
OjBB Shakespeare: Playing the Dane.
TV and fDm stare dtocuss the role of
Hamlet from an actor's point of
view.
10L25 Fflm: Hamlet Premiers. Franco
ZeffireHTs production of Shake-
speare's tragedy, storing Mel Gib-
son as the Danish prince seeMng
revenge on his vOataous unde. WHh
Glenn Close (1991).
1SL40 Close.
LWT
540 GMTV. 840 Tha Disney Outi. 10.15 LJnk.
1040 Smday Matters. 1140 Morning Worship.
1240 Suidfr Matters. 1240 pm CrowaBc London
Weather.
1.00 UN News; Weather.
1,10 Walden. Brian Walden asks Gerry
Adams If Sinn Fata is serious shout
peace.
2.00 The Motor Show at fha Motor
Show. Report from the stands at
Birmingh am ’s NEC.
240 Saint's Soccer SJdHs. Crystal Pef-
ace.striker -John Salato end Spurs
star Jurgen KBnsmarm pass on
tricks of the trade.
245 The Sunday Match. Stake Cttyv
Wolverhampton Wanderers. Fret
□ivtakm coverage from the Victoria
Ground as Graham Taylor takas
table-topping Wolves to the Pot-
teries. Commentary by John Heim
and Dave Bassett
5.15 Father Doming Investigates. When
the crime-busting clergyman Is tar-
geted by an assassin. Ms habitual
skMdak Sister Steve takas on a
risky Job In an attempt to flush the
. W8er out
MO London Tonight; Weather.
040 ITN News; Weather.
•4(0 Schofield's Quest. The legendary
Beast of Bodmta, a haunted sports
shop In Newport Pagnefl and newa
of an Argentinian plant atteged to
have miraculous healing properties.
7JB0 Heartbeat A Russian safer jumps
ship ta Whitby and turns to Nick for
help. Greengrass goes poaching for
troirt, and Kate Joins In the search
for two missing chttdron.
840 You've Been Framecfi
8.00 London's Bunlng. Mck rescues a
youngster trapped Inadsused
water pumping station, and Sally
refuses to attend Kevin's houseboat-
warming party. George tackles a
blaze on Ms first night as a theatre
fireman.
10.00 Hale and Pace.
10.30 TIN News; Weather.
1040 London W het her.
104MS The South Bank Show. British
playwright Alan Ayckbourn gfvea a
workshop at Cardiff iWversfty.
11.45 Youfre Booked! -
1215 Cue the Music.
1.15 Married - WHh CMdren.
148 Get StuffatL; ITN Nows HeatOnes.
140 Fflm: He’s Fired, She’s Hfred.
. Comedy, sttrring Karen Valenktae
(TVM 1984).
348 Get StuflecU UN News H e o c flln e e .
340 Hfrne Hate Not Your Son. Domeatic
drama, starring Ken Howard (TVM
1984}.
8L2B Get Stuffed.
CHANNEL4
840 Bltz. 7.10 Eeriy Morning. 1040 Dcrmia. 10.16
Saved by tha Bek 1046 Rawhide. 1146 Little
Houm on the Prakia. 1246 pm Opening ShOL
1.15 Footbal Hafia. Milan v Juvantus.
Lhw coverage of the Serie A dash.
3-30 FBm I Married a Witch. Aspiring
pofitidan Fredrie March is hotndBd
by the spirits of two witches burned
at the stoke by Ns puritan ancestor.
Fantasy comedy, with Veronica Lake
(1042).
54)0 Belfast Lessons. Reports from Bd-
■ last's Hazelwood Cottage.
5.05 News Summary.
5.10 Fflm: Forbidden Planet. Space trav-
eilera land on a world Inhabited by a
seemingly friendly Earthman, his
beautiful daughter and heipfui robot
servant - but soon dbcover dark
forces halting behind this idyllic
facade. Classic SF tale, starring
Waiter Pfdgaon, Anne Francis and
Leslie Nielsen. Part of the Future
Features season (195BI-
74)0 Equinox. In-depth study of bottie-
noeed dolphins off the Florida coast
of America, Australia's Shark Bay.
and Moray Firth ta Scotland, reveal-
ing a seldom-documented aggres-
sive side to their soda! fives.
Cameras foSow typical males as
they group together In packs, vtatkrv-
ise outsiders, and pursue females
with Often brutal ardour - behaviour
remarkably starter to that of their
human counterparts.
8.00 Beyond the Ctouds. Carpenter
Zhou returns to find hb vfitage
recovering from a murder committed
by a teenage boy, whose conviction
leaves his 10-yaar-old sister to care
for their mother. (English subtitles).
04)0 Fanr SOS. A Bolywood director is
furious at the fsttura of his latest
epic, end deckles to remake It ea a
sex film. Btake Edwards comedy,
starring Jufle Andrews. Richard Mul-
ligan, Robert Preston, Larry Hag-
man. SheBey Winters and Robert
Vaughn. Part of the Hoflywood
Dreams season (1981)-
11.20 JuBa*s Baby. An Independent deaf,
bKnd and single gbt'a struggle to
raise her newtxxn child atone ta the
face of social workers’ worries about
her competence and the baby's
safety.
19L80 Fflm Before tha Dawn. Powerful
Sri Lankan drama focusing on the
hardships of peasants brutalised by
their unacnipuiouB tantfiord. Wfiar-
aina Warskagoda stars (1B86].(En-
Ofah subtitles).
145 Close.
REGIONS
rrv R50KMK AS LONDON 5XCSPT AT TM5
hmjlowmo iwn>
MNUk
1230 Bodyworks. 1256 Angta Hem. 200 Father
Dowfing Investigates. 255 Nck-Offl 346 Cartoon
Tims, 440 BNon Dcflar Threat (TVM 1979) 545
Angto at War. 6.15 Anglta News on Suiday 1040
Angbn Weather. 1145 Street LuguL
5 0 HP 5W.
1240 Gordwtoria Diary. 1255 Boeder News. 200
Scotsport. 8.16 Cartoon Tima. 540 Coronation
Street 645 Border News. 1145 Prisoner Col
Block H,
cnmuL*
1230 Central NewSwMk. 1266 Central Mem 200
Xpresa. 240 The Central Match - Uvel 455 Gar-
denfnfl Tine. 540 B'a Yorr ShogL 555 Htt the
Town. 645 Central News 1040 Central Weather.
1145 Prtesnen Cel Block H.
nnnwiiH
1140 Smday Senrica 1145 Bcon. 1240 Gerten-
era' Diary. 1255 Grampian Haadtae. 200 Scot-
sport. 5.15 Yastaiday's Heroes. 545 Movies.
Games and Videos. 6.15 The River. B4S Grampian
Heattnee. 645 Granptan Weather. 1040 Gramp-
ian Weather. 1145 Pri eo oer Cel Block H.
ORANADA:
1225 Clow to the Edge. 1255 Granada News 240
The A-Team. 255 Cindy Crawford: Stmt Women
World Tow. 345 Harris Down Under. (TVM 1988)
840 Coronation Sheet. &25 Granada News 1146
Prisoner. CeB Block H.
mvs
1225 The Wrap. 1255 HTV News. 200 On the
Edge. 240 Midweek. 340 The West Match. 340
Carry On CSea (1985) 5.15 Cartoon Time. 545
Country Watch. 545 up Front! 845 HTV News.
1040 HTV Weather. 1146 Prisoner Cafi Block a
HTV Wate* as HTV eaoepfc
1225 Primetime Dtoy. 240 Wekh Agenda. 240
Face to Faith. 340 Soccer Sunday. 440 HWwray
to Heaven. 446 Dinoeam. 545 TeByphonin'.
1240 Seven Days. 1250 Meridtan News. 240
Cartoon Dm* 210 The Pier. 235 LWtags. 240
The Meridtan Match. 345 The Hoflywood Detective.
(TVM 1989) 540 Hfchway to Heaven. 545 The
VHeaa. 845 MerttSan New. 1145 The Pier.
SCOTTISH:
1140 Sunday Service. 1146 Eton. 1240 Scotland
Today. 1246 Stoo*n. 200 ScotaporL 6.15 DMo-
seurs. 546 Cartoon Tkm. 555 Michael Bafi. 845
Scotland Today 1040 Scottish Weather. 1045
Don’t Look Down. 1140 The South Bonk Show.
TVNXTBtte
1245 Newsweek. 1256 Tyne Toes News. 200 The
Tyne Toes Match. 255 The Prince end the Pauper.
(19629 545 Dinossura. 540 Anknri Country. 640
Tyne Tees Weekend. 1145 Tha Rowora Thai Be.
WWCO W tlHT :
1230 Waatcountry Update. 1246 Westcountry
News. 200 Hot Wheels. 230 Vet 3JOO Warlords of
Atlantis. (1078) 440 Westcountry Cameos. 540
BtaamJns Marvelous. 540 Father Dowflno tnwsd-
patee. 645 Wtetcountry News 1040 Waatcountry
weather. 1145 Prisoner Ce« Black H.
ES'SESL. 1250 CNendra- News. 200 Hgh-
wey to Heaven. 255 The Prince and the Pauper.
(1902) 545 Dinosaurs. 540 Anfantd Country. 840
Calendar News and Weather 1040 Calendar
Weather- 1145 The Powers That Be.
RADIO
SATURDAY SUNDAY
BBC RADIO 2
BJOO Skfara Swot. 645 Brian
Matthew. 1040 Judi Spiers.
1200 Hayes on Saturday. 140
The Newa HuddSnes. 240
Martin Nabwr on Satuntay* 440
Mck Benactough. 540 David
Esasx in Conren. 840 Fram
Chobenooas to San Joca. 740
The Gotten Days of Radta.
740 The Golden Days of
tafe 940 David Jacobs.
1840 Sheridan Moriey- 1346
Bomrie HHtgn, 1246 Adrian
RNghev 440 Suim BeroL
BBC fUUMOS
WO Open Urtwraky; VIPs.
646 Westtwr.
740 Record Review.
BoccheU, Medtner, Anon,
Pwa. Rachmanin o v.
WBufctog ■ Library.
Winer's EfieMeietersingar. by
John Warrack
10.16 Record Mease. Mozart
MHhown.Bynt
12S0 Spirit of the As*.
140 Rota Ray.
146 cetabrfty Raoiw. Brahms
■tad 8chunann.
340 Vtatage Years. RtwL
Cworak, Tetoitawsky,
®teO»itan, Brahns, EJger.
640 Juz Record Requests.
Ustamra' choke.
646 Mudc Matters. Fredert*
Mtttf a Both ura lru ja ry
“kbretfonSi
6» Stryanthe. Weber's
fboeraa opera. Sung In
German.
SlSQ WtwTs Beneath My
6fauss7 An tndtan chart NL
1010 Glasgow Jazz festival
1094.1230 0068.
BBC RADIO 4
840 News.
8.10 Ftamkig Today.
6J0 Prayer for tire Day.
7.00 Today.
1M» New*.
945 Sport on 4.
940 Brardrawey.
1040 Looee Ends.
1140 The Wtek in
Wastmtwer.
1140 Europhfle.
1200 Morwy Box. Ftnendal
advice.
1223 The Newa Out.
140 News.
1.10 Ary Question#? With
Frank Dobson MP.
340 Any Answers? 071-580
4444. Listeners' commerts.
230 Hobson'S Choice. Harold
Brighouae’a deteto comedy.
440 Thetis History.
440 Sctance Now.
B40R)eon<.
5A0 A Short fflstoiy of the
Lettuce.
840 News and Sports.
64S Week Ending.
840 Poetcerd from Gotham-
740 KaMdoxopo Feetura.
740 The Dteram Betwerai
Sum. SF dtaine, by Andrew
Wilson.
940 Musk: in Mtad.
940 Ton to Ten.
1000 News.
10.15 Quota Unquote.
1045 Chocolate Nuns and
FMxxnbs.
1140 Rtahard Baker Comperes
Nates.
1140 Death Oamaa staocesa.
1200 Newa.
1243 ShlPOfrig ForacaeL
1243 (LW) As World Service.
1243 (FM)Ctoee.
BBC RADIO B LIVE
B4G Dirty TscMe.
640 The Breakfast Progsrrane.
945 Weekraid vfflt Kmhaw
end WMttakcr.
1145 Speotat Asslflnmini.
1145 Crime Desk.
1200 Mkktay BcBtaft.
i2i5SponscaL
144 Sport on Fhta.
640 feon Report
AftaSb-O^bL
745 Saturday EdMon.
045 Asian Perepecthra.
945 The Goedp Cofcram.
lOLOSTheTreatmert.
1140 Mgl» Extra.
1205 After HOUS.
205 Up Al Mght
fier Europe can bo
rad h w i a tum Ewop#
wdkttn wave 64B kHZ
i) at theee tknaa BST:
Morgenmagazln. 040
a Today- 740 News- 7.16
Waveguide. 74S Book Chttiea
740 People end PoBtica. &DD
News. 840 Words of Faith.
8.16 A Joiy Good Show. 940
News and Business Report.
9.15 Wo rid brief. 940
Development 94. 945 Sparta.
1040 Printer’s Devil. 10.16
Letter from America. 1040
Waveguide. 10.40 Book
C ride a. 10.48 Prom the
Weeklies. 11.00 Newedesk.
1140 BBC English. 11.46
Mlttagsmagazia 1200 News.
1249 Words of Faith. 1216
Multi track Alternative,
Sports. 140 Newtshour. 240
News Sportaworid. 440 News.
4.15 BBC Enflfah. 440 Haute
Aktoett. 5.00 News. 5M
Waveguide. &15 BBC BngMi.
640 Newedesk. 640 Haute
Attuefl. 740 Newa and futures
In German. 840 News. 210
Words of Faith. 216
Devniapment 84. 230 Jazz for
the Asking. 940 Nevrahour.
1040 News. 1043 Wools or.
Faith. 10.10 Book Choice.
10.16 Meraaen. 1045 Sports.
1140 Newedesk. 1140 A
Tapestry of Sounds. 1200
News. 1215 Good Books.
1230 The John Dunn Show.
140 News: Play of the Waste
An Englishman Abroad. 200
Newsdeek. 230 Creeds,
CauneQe end Controversies.
340 World and Biittah News.
3_1S Sports. 340 From Our
Own Oorrespendent 3L6D Write
Ort. 440 Nswsdwk. 440 BSC
Engfish. *45 News and Press
Review In Gramm.
BBC RADIO 8
7.00 Don Maclean. 9.05
Michael AapaL 1040 Heyee on
Sunday- 1200 Desmond
Carrington. 200 Bamy Green.
340 David Jacobs. 440 Tee at
the Grand. 440 Sing
Something Sbnpta. 540 Oiaitie
Chester. 840 Ronnie lOton.
7.00 Richard Baker. 840
Sunctay Half Hoi*. 940 Alan
Keith. 1040 Ragtime. 1206
Stave Madden. 3.00 Alex
Lerfar.
BBC RADIO 3
068 weamer.
740 Stand raid Profane.
Wrajghrai Wfl te tm. Haydn. FteL
Mozart.
255 Choice of Three. With
Stan Edwods.
840 Brian Kay's Sunday
Morning.
1216 Music Matters. Frederick
Ashton'* noth e nn ta ere ray
cetatw t lona.
140 Beethoven Pta.
Beethoven raid Lutnsiawsid.
225 The Schoenberg Quartets.
340 Young Arttata' Forum.
Daathcwan and GBbert Amy.
440 The BBC Oreheatias.
Bartok raid KooWy.
SL45 Making Waves. PaWer
John BaBony’s new biography,
640 Lois Lnrtie. Beethoven.
740 Fauat: Part Trap. By
Johraw WeHgang von Goalha.
1026 Muakj ta Our Tfrna. Bane
Flreova. Sofia GubafcMna.
Staabeth Lutyens.
1140 Choir WOrira. Constant
LambarL
1230 Cheat
BBC RADIO 4
840 News.
0.10 Prelude.
040 Morning Hsa Braksn.
740 Neva.
7.10 Sinday Papers.
7.15 On Ynr Farm.
7.40 Sunday.
840 Plurals 8cata& The
actress speaks tor e chatty
offering advice » prisoners.
aOONean.
210 Sunday Rows.
9-15 Latter from America.
230 Morning Sarvioa
10.15 The Archers.
11.16 ModuiWHue.
1145 New Four Comers.
1215 Deeart bland Discs.
140 The Worid Thb Weekend
200 Ga rdenera* Question Ttme.
230 CteHlo Serial:
Raatmefion.
340 Pick d the Week.
4.15 Aradyds.
640 Hack on the Cut
640 Poetry PtoantiWUi
Grata* Oran-
640 Sfx 0‘Ctook Norau.
0.15 Feedback.
340 ChfidranYi Racflo 4.
740 In Buatnaa*.
740 Opinion.
340 1FM) There Hotory.
640 fl-W) Writer's Weekly.
640 (F»fl Fhe and Rata.
230 (LW) Tha French
r^ifrtrrrn
200 IBM) Th e Natural Htetoiy
Proganvns
215 (LW) Mitchell Am Rhein.
B40 IFM) One Sup Beyond.
245 (LW) Short Stortaata
French.
1040 News.
1215 Journeys to Imaginary
Races.
1245 Stitt Lives.
11.15 In Commutes.
11.46 Seeds Of Faith,
1200 News.
1240 Slipping Forecast
1243 (LW) Ae Worid Service.
1243 (FM) Close.
BBC RADIO B UVB
345 Hot Purautts.
2ao The Breakfast Programme.
940 Wttchta an Sunday-
1240 Midday EdMon.
1215 The Big Byte.
145 Top Geer.
145 Carol SmfSe’s Btue Sides.
205 You Cronot Be Sariousl
340 Suidey Sport
346 Jim and tha Doo.
740 News Extra
745 Tha Add TaaL
840 Tha Uttferala Preview.
1043 Special Astagrment.
1045 Crime Desk.
1140 Night Bdra
1245 Nlgtlteal.
245 UpAI MghL
WORLD SERVICE
BBC for Europe een be
ra ce Wed ta we ste rn brep*
on medium wave 643 kHZ
(483m) ta these fknoa BSR
340 Newa end features In
German. 640 Jazz For The
Asking. 740 News. 7.15 Wood.
Guta end Brass. 740 From Our
Oran Correspondent- T40 Write
On 840 News. 849 Words of
Faith. 215 Tha Greenfield
Collection. 940 Worid Now*
and Business Review. 215
Short Stray. 940 Fora Routes.
9A6 Sports. 1040 News:
Science In Action. 1040 in
Praise of God. 11.00
Newsdeek. 1140 BSC Entabh.
TL4G News and Press R eview
Fn German. 1240 News Play of
the Wmlc An Engflshmsn
Abroad. 140 Nsiuhour. £40
News; The Turkish Diaspora.
230 Anything Goes. 340
News. 215 Concert Had 440
News. 4.13 BBC EngBeh. 440
News and features h German.
540 World News and Butinese
Review. 5.15 BBC EngBtii 340
Newsdesk. 840 News and
fradums In German 840 News.
210 Words of Faith. 215
Primer’s Devil 230 Europe
Today. 840 Newahora 1 , 1200
Worid News and Businas*
Review. 1215 Meridtan, 1246
Sport*. 1140 Newsdesk 1140
The Turkish Diaspora 1200
Maws. 1213 Top Scores. 1230
In Praise of God. 140 News
Peter Warlock 146 Wood,
Guts and Brass. 200
Newsdesk 230 Composer of
the Month. 200 News. 215
Sports. 340 Anything Coos.
440 Newsdesk 440 BBC
<M6 Fnisnegazkv
If Imagination scored
points, Julian Hodgson would
be Britain’s No 1. The London
grandmaster Is a feared oppo-
nent on the European open cir-
cuit, where highly-geared prize
funds make tt essential to con-
cede few draws.
Hodgson likes unusual open-
ings ainri has transformed this
week's variation single-hand-
edly from an off-beat footnote
in theory books to a respect-
able system which many play-
ers now use
(J. Hodgson, White; F. Hell-
ers, Blade Leeu warden 1994).
1 d4 NfB 2 BgS Hodgson'S
trademark, which inter alia
deters Black from g6 allowing 3
Bxffi and doubled pawns. Ne4 3
BT4 He has also tried 3 h4I? . . .
dS 4 f3 NXB 5 Nc3 C5 6 84! dxel
7 d6 eacfS 8 Nxf3 . . . and now
■we have a favourable version
of the Blackmar-Diemer gambit
1 d4 d5 2 Nc3 NfB 3 e4?! dxe4 4
13 ex£3 5 N or Qxf3 which was
played widely 30 years ago
before being rejected as
unsound. g6? Better aS, pre-
venting what follows. 9 Nb5
Nad 10 Qe2 efi 11 (H)-0 Qb6 12
dse€ Qxe6 13 Qd2 Be7 14 Bel
Ne4 is Rxe4! A consistent
theme of such early attacks is
to stop your opponent castling,
even at the cost of material.
Qxe4 16 Nd6+ BxdG 17 Qxd6
c4 Else Bb5+ is fataL 18 Bxc4f
Qxc4 19 BgS Qc7 20 Rel+ Be6
21 Bxe6+1 Resigns. An elegant
finish. If £se6+ 22 Qxe6+ K1S 23
BhS+ Qg7 24 NgS! and mates.
The victim of this cameo Is
Sweden’s No 2 grandmaster.
■ Young players have forged
ahead this week. Judit Polgar.
IS, is in second place near the
finish at Buenos Aires, ahead
of several worid top-10 grand-
masters. including Anatoly
Karpov. Luke McShane. 10, set
another age record defeating a
Danish international master at
Richmond.
Chess 1045
Mark Taimanov v. Bob Wade,
world senior championship,
Biel 1994. Wade, who is 73 and
England's chess trainer, was in
contention for the title until
Taimanov (White, to move)
squeezed out a win from this
seemingly drawn endgame.
What did White play?
Solution Page XVII
Leonard Barden
BRIDGE
My hand today comes from
rubber bridge. See what you
can learn from The Trojan
Horse:
N
A A Q 7 2
¥54
♦ EQ8 642
47
W E
A J9 85 A 6 3
¥ K 10 8 6 ¥ A J 2
♦ J f 10 7 5 3
A K 10 4 3 4 Q 8 6 2
S
A E 10 4
¥ Q973
4 A 9
4 A J 9 5
With both sides vulnerable.
South dealt and opened the
bidding with one club. North
responded with one diamond.
South re-bid one heart and
North said one spade. This was
Fourth Suit Forcing although,
on this occasion. North hap-
pened to hold a biddable spade
suit South bid one no-trump
and North raised to three.
West opened with, the five of
spades and declarer played low
from the table so that he could
score four tricks in the suit At
trick two he cashed his dia-
mond ace. West dropping file
knave, made dummy's king
and queen and conceded a
trick to East’s 10. East was a
first-class player and saw that
the heart suit offered the only
hope for the defence. He led
the knave of hearts, the queen
covered. East took with his
tong and at once returned the
six. East won with the ace and
his heart return allowed West
to defeat the contract with the
ten. and eight
Instead of being lured by the
Greek gift, declarer should win
the opening lead with dum-
my's queen and lead the two of
diamonds. When East plays
low, he finesses the nine to
West’s knave. A heart switch
from West is not lethal - East-
West can make three tricks in
the suit - but the declarer’s
contract is safe.
E.P.C. Cotter
CROSSWORD
No. 8,597 Set by DINMUTZ
A prize of a classic Pellkan Souveran 800 fountain pen. inscribed with the
winner’s name for the first correct solution opened and five runner-up
prizes erf £35 PeUkan vouchers. Solutions by Wednesday November 9,
marked Crossword 2587 on tbe envelope, to the Financial Times, l South-
wark Bridge, London SEl 9HL. Solution on Saturday November 12
Address.
ACROSS
l Dahlias, for example, burst
open about end of June (6)
4 Lowering second cover cm air-
craft engine (8)
9 A pitcher too boisterous
DOWN
1 Novelist seen in baggage-
point (8)
2 with those who pick him
__ fle (6)
10 Old wife in a heap on the way
oat (8;
12 Closing dty street (4)
13 Child smashing icons (5)
14 An indefinite amount of soft-
wood (4)
17 Early vehicle sometimes pow-
ered by a generator? ( 12 )
20 Fit after a system of diet, that
is how people are disciplined!
( 12 )
28 A mother and a father origi-
nally (4)
24 Take oxygen in to prevent
bad posture (5)
25 Cut off good-bye. would
you say? (4)
28 No whole number? (4-4)
29 Short jacket for the dance 16 )
30 Inside Oxford, for example,
one works to keep form (4-4)
A way yonth jegms to
casually (8)
Solution &596
S Flower wine (4)
5 Boat cox. Chios, turns out to
be almost too pretty (9-3)
6 Farm vehicle women own in
Scotland (4)
7 Case-hardened and ruined,
possibly (6)
8 Gallivan
pest (6)
Assoc la:
.vant knowing one is a
ll Associate Bill Strange can
tom key (12)
15 Dark colour of northern run-
ner leaving hospital? (5)
16 Value of poet who drops
words (51
18 Mournful-sounding informa-
tion in factory (8)
19 The Oxford, major work we
hear (81
21 Theatrical states of university
grounds? (6)
Fringe, say. of a musical
16)
to attract attention of
some beD-hops, standing (4)
27 AlwwrtpHahmp nf of rrimpany
showing a profit (4)
Solution &585
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a o □ □ h
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0 0
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ma omnanoo
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ODE
WINNERS 8JS8S: GJ. Lbmey, Xfonsford, Exeter; Kirk Burweli. Bridg-
north, Shropshire; A. Porter, Kuala Lumpur D Bums. Carlisle; UJ3.
Rage. Prague; Mrs MJ. Ounsworth, North Ferry, Bast Yorkshire.
\
XXVI WEEKEND FT
FINANCIAL TIMES WEEKEND
OCTOBER 29/OCTOBER 30 I" 4
I f it is true that we are wit-
nessing the beginning of the
end of the car culture, then be
sure that it will not go out
without an explosion of blown gas-
kets and a few righteous puffs of
bine smoke. For bell - or the M25 -
hath no fury like a motorist, sur-
rounded by traffic cones, jugger-
nauts and vapid environmentalists,
being asked to pay more for the
“privilege" of using his or her car.
This anger is not so hard to
understand Bizarrely. taking a car
out for a spin has come to repre-
sent one of the few expressions of
personal freedom left in a world of
increasing uniformity and state-
ness.
Perhaps only the historians of
the 25th century will be able to tell
the story with the necessary degree
of detachment; how strapping your-
One last drive to the end of the road
The car has smoked itself to death. Peter Aspden laments the passing of a furtive pleasure
self into a confined space for a con-
pie of hours came to symbolise the
ultimate in liberation from modern
life's quotidian drudgery.
But such are the claims made for
car culture. Listening to a mourn-
ful radio phone-in following the
report of the Royal Commission on
Environmental Pollution, which
had the temerity to pronounce that
Britain's road-obsessed transport
programme was unsustainable, it
was as if we were being asked to
sacrifice the most inalienable of
our rights.
Well, I like a whirl in my Alfa
like the next man (and, my good-
ness. what a boy’s world it is). Bat
the man ringing the radio station
from bis mobile telephone in the
middle of his traffic-jammed route
to central London must sorely have
realised how absurd he sounded
when he talked, like an old
trucker, of “the freedom of the
roads".
In truth, the romantic view of car
culture, the world of throbbing
engines, hair-raising carves and
consummate clutch control, is fast
dying on its wheels. There is not
much fun to be had in driving
today’s bland, sanitised cars;
indeed, to talk of a “culture” at all
is to evoke a whimsical image far
removed from the belchingly slow
reality of the average city vehicle,
power-steering (what a mocking
misnomer) its way at 7mph into
another gormless queue.
Car designers have realised this.
After a brief spasm of "supercar”
madness in the 1980s, they have
settled into their more pragmatic
briefs of producing neat small, effi-
cient cars for the 1990s.
Advertisers, ahead of the game as
always, have plucked out a series
of neat small, pretty girls to pro-
mote these otherwise charmless
items. Nicole, in her oh-so- wicked
Bing through the Provencal coun-
tryside, is the future of car culture;
slinky, surreptitious, a bit on the
side, like a quick drag on a Gau-
loise.
Soon, cars will become so
naughty and so compact that we
will deny that we possess one at
alt only to disappear for a couple
of hours to a concealed entrance,
like the launch pad of Thonderblrd
Two, for some serious clandestine
pleasure.
Of course eventually, no one will
be able, nor feel the need to drive
because we shall have a perfect
public transport system. But we
shall just sit there, ou a specially-
painted double yellow line, chal-
lenging the world at large to come
and give os a ticket if it dares! It
will be the quintessential free
thinker’s act of civil disobedience,
recalling a world when the bound-
e newer were drawn
JSl b&S? ?he P %i"K' l "B horizon
3$s£SE5
s£ t«“s-srr«K 1 s
the m®* aeeallins
ole of over-consumption and [sires*
mismanagement you could ever
h pSiaraf’will is at bst catching
upwith the public percepti on t hat
Hw cost of the motorist s freedom
S Sm- ly grown too high to bear.
It is time for all of us, macho
boys and furtive girls, to grow
up.
Private View/ Christian Tyler
A sanitary worker
G enetics has had
an ugly history,
dating from the
days when theo-
ries were built
on a naive interpretation of
Darwin - or pure prejudice -
rather than on scientific know-
ledge.
Today there is a great deal
more knowledge and the prom-
ise of medical breakthroughs.
But there is also, says Steven
Rose, a danger that bad old
thinking will be revived while
irresolvable ethical dilemmas
are being created.
Professor Rose is a biologist
of the brain who studies mem-
ory by teaching day-old chicks
(they learn fast and don't need
telling twice), then opening up
their brains to see what has
been going on inside.
He is probably better known,
however, for the clarity of his
papular science writing (The
Making of Memory won last
year's Science Book Prize) and
better still for his campaign
against what he calls the "neu-
rogenetic determinists".
By this he means the people
who. in a world desperate for
simple explanations and
instant cures, claim the answer
lies in the genes.
I asked him: are you saying
their claims are wrong, or
merely premature?
"Some are premature, some
□re right, some are wrong." he
replied. “But in alt cases 1
would argue they are being
grossly oversold and over-
hyped.”
He went on: “Although alt of
us use the phrase 'genes
for . . as a shorthand, of
course there is no gene for any-
thing in this sense.
"What a gene does is code for
a particular protein not a piece
of protein. People talk about
genes for blue or brown eye-
colour. In fact many thousands
of genes go to determine the
pathway which ends up with a
blue or brown eye-colour.
What's different between peo-
ple with blue eyes and brown
eyes is that one of the genes
along the pathway is different
So it's a gene which helps
determine a difference, rather
than a gene 'for' something "
It sounded like a distinction
without a difference until Rose
explained that even ■‘single-
gene” medical disorders can
adopt many forms, while their
severity depends on all the
other genes in the system.
Rose is saying that the
in the gene pool
answers provided by molecular
biology can only be partial
answers. Organisms - espe-
cially human beings - need to
be studied as a whole.
“Genes are one-dime osional.
while the organism is four-
dimensional and we don't go
from one dimension to four in
a very simple way." he said.
Gene-sequencing was a
skilled but repetitive business
quite divorced from the organ-
ism in which the biochemistry
was going on.
"That really worries me as a
biologist, as an educationalist,
quite apart from the politics.
"It was Jim Watson (codis-
coverer of the DNA double
helix) who said that it was so
simple it could be done by a
team of monkeys... It wasn’t
me who said that." He laughed.
Even supposing a clear
causal link between gene pat-
terns and medical conditions,
what was to be done with the
knowledge? Suppose you could
quences were mistaken for
causes, methodology was ele-
vated into a philosophy.
If there were gene markers
which tallied with the experi-
ence of being homosexual that
was “an interesting observa-
tion," he said. "But it doesn't
account for the nature of
homosexuality in society, it
doesn't provide an explanation
of the meaning of homosexual-
ity or a statement of how we
should treat it.”
In the US, where the homi-
cide rate among 16 to 19-year-
old males had doubled in 10
years, they were worried about
violence.
"I say as a scientist there is
no conceivable genetic expla-
nation for that doubling. It's
stupid to look at genetics. We
should look at the guns, or the
social conditions which foster
violence.”
Rose is a materialist with no
time for supernatural explana-
tions. But he is a materialist
was Tor a while anti-Fascist
organiser for the association of
Jewish ex-servicemen.
With this kind of curriculum
vitae, it seemed fair to ask him
whether his criticism of molec-
ular biology is, at bottom, emo-
tional.
"Some of the questions being
asked have the appearance of
being scientific, but are not"
he said. "In other cases it is
desperately important to get
the right answer - the causes
of schizophrenia, for example.
But studying the genetics of
schizophrenia is not the best
way of doing it
Tm not against doing it. But
I am in favour of assembling
research priorities, and our pri-
orities have to be set in a
social context. People say $3bn
for the human genome pro-
gramme is trivial. But to shift
funding away from research
into the whole organism is I
think a mistake in priorities."
Is it that politicians do not
Sieve/ 1 Rose, a brain scientist, says some gene
researchers have got it badly wrong
predict that a foetus bad a 30
per cent chance of developing
schizophrenia at the age of 16.
the knowledge itself would
change the way the cliild grew
up. Would it lessen, or
increase, the chances of schizo-
phrenia developing?
“My criticism of molecular
geneticists is that they are
really handling human time-
bombs of information and they
don't begin to understand the
complexities of what they are
trying to unravel, even in the
simple cases.”
As for research into the
genetics of social behaviour.
Prof Rose is not so much
alarmed as scornful.
"To look for a genetic expla-
nation for phenomena like vio-
lence in society is the classical
story of the drunk looking for
the key under the lamp-post
because that is where the tight
is.
“But if the key isn't there,
then it’s stupid to look there.
It’s clever-stupid but it's stupid
nonetheless.”
Researchers had claimed
there are genes “for” homosex-
uality, aggression, alcoholism,
even homelessness. This, said
Rose, is the fallacy of reifica-
tion - making a thing out of a
process. Congruences or conse-
wbo wants to distinguish the
levels - and define the limits -
of scientific explanation.
“Look, I wouldn’t want to
evoke biology to explain the
Tel Aviv bombing," he said.
“Or the conflict between the
Serbians and the Moslems. I
don't think measuring dopa-
mine levels In Dr Karadzic's
brain is actually going to help
tell us anything.”
After a First in biochemistry
at Cambridge and research at
Imperial College, London, Rose
was recruited by the Open Uni-
versity. His wife Hilary (he
calls her his "partner") is a
feminist sociology professor;
Rose says he is much influ-
enced by the “feminist cogni-
tive critique".
He pays attention when ani-
mal rights campaigners tell
him that cutting the heads off
day-old chicks diminishes him
as a human being, and was a
founder of the Society for
Social Responsibility in Sci-
ence.
Brought up in an Orthodox
Jewish family in London he
was, he says, an atheist at Uie
age of eight. On that birthday
he was given a chemistry set
and a copy of Darwin's Origin
of Species. His lather, returning
from the second world war.
understand biology' or that
biologists are highly political
people?
"Oh, I think that all scien-
tists are in that sense highly
political You have to argue for
funding. You go where the
money is."
I reminded him of a letter he
and his wife wrote to The
Guardian earlier this month
protesting about a “provoca-
tive display of authoritarian
police power” at the last dem-
onstration. against the Crimi-
nal Justice BilL
The professor Laughed rue-
folly. but remained unabashed.
"My whole life has been a pas-
sionate concern with two
things at the same time," he
said. "One is to understand the
world and the second is to
change the world where I see
what I believe to be injustices.
Science is a way of doing
both."
We discussed the revival in
the US of the debate about IQ,
race and class, a touchstone in
any genetic debate.
Rose said it was a fallacy to
think that IQ was a fixed prop-
erty. Intelligence, like memory,
was not “a lump of something”
and the IQ test was a variable
device useful for particular
purposes.
“If you say that IQ is fixed in
the genes then you have an
ideological defence of the sta-
tus quo of a society divided by
wealth, poverty, class, race and
gender and you offer the possi-
bility of spurious technological
fixes."
Are you not politically pre-
disposed to believe that people
of all races are bom on average
equal?
“What I am scientifically pre-
disposed to do is to reject the
concept of race in the genetic
sense as having any real mean-
ing-
"Race clearly has a great
deal of social relevance. What
defines it in contemporary
society has very little to do
with genetics. That is, the gene
distribution and gene fre-
quences between any two
‘white’ individuals are as dif-
ferent as between any white
and any black indlviduaL”
Rose does not believe in
arguing about nature versus
nurture. His ambition is what
he calls a "synthetic biology"
in which different levels of
explanation, from the molecu-
lar to the social, are conjoined.
I asked him If he had any sym-
pathy for the so-called anti-
science movement i
“Because western science
has insisted on this rigidly
reductionist approach it does
prevent us understanding the
richness of human experience.
“I think there is an under-
standing or the human condi-
tion which Is given to us by
novels, by philosophers, by
religious writing, and one can’t
discount that.
“You may argue that you
can understand more about
memory by reading volume
one of A la recherche du temps
perdu where Proust rediscov-
ers memory In the taste of the
madeleine cake than by any-
thing I’m doing with the
chicks.
"People understand different
things about memory, and I
can't handle those in terms of
biochemistry. What I want to
do, desperately, is to be able to
put the two of them together,
to unite the fractured halves of
our lives, to put science hack
into the service of humanity,
to give an integrated under-
standing of the world.
“In that sense one’s got to
listen to what the critics of sci-
ence are saying and try and
address their concerns even if
you don’t agree with their solu-
As They Say in Europe
Corrupt Europe,
sleazy Britain
C orruption pages
proliferate. They
appear all over
western Europe.
One wonders at times which
country produces which com-
ment; “Shady financing ... Is
eating away at the state. That
means many existing politi-
cal careers, if not all, have
been made in dubious circum-
stances. Hie discredit which
has rebounded on the politi-
cal class is now being purged.
Such a medical exercise, how-
ever disagreeable, can only
end by pepping np a profes-
sion which has terrible need
of it”
That appeared in Liberation
in Paris this week. It could
have appeared in Spain or
Italy. Bat not in Britain. In
Britain there is sleaze, not
corruption. Here, for the ben-
efit of non-British readers. Is
an account of what sleaze
might be in Britain.
Mr Kettle MP and the busi-
nessman Mr Black become
firm friends while sharing a
tent on a camping holiday.
Subsequently. Kettle is made
a consultant for Black and
asks questions In parliament,
at £2,000 a time, abont the
poor management of the
state-owned British Pots Cor-
poration. Kettle rises to
industry secretary and privat-
ises BPC. Black becomes
chairman. Kettle retires from
the House and, as Lord Ket-
tle, is made a director of Brit-
ish Pots PLC. The company
donates £250.000 to the Con-
servative Party. Black, now
knighted, retires to Liechten-
stein with a £3m handout
from the company. Lord Ket-
tle heads the new Suburban
Government Commission.
Black is appointed by that
commission to be chairman of
the Snrrey Development
Agency, a one-day a week job
paying £50,000 a year.
None of this is true, and
even if it were it would not be
illegal or corrupt. So the gov-
ernment has set up a stand-
ing commission to stamp it
out
I hope all Is now clear.
In France, by contrast,
nearly every report of corrup-
tion is leading to prosecution.
The spread of corruption is
blamed on decentralisation.
In recent years the central
government has handed
many of its functions over to
regional bodies which have
had considerable sums to
spend on local development
Fortunately, tbe head of an
institute of decentralisation,
Pierre Richard, was there to
pat the record straight this
week. In Liberation he wrote
that extending powers to the
regions had nothing to do
James Morgan
on how nations
respond to
misbehaviour
with corruption. "Let us say
load and clear, the tree which
is composed of certain offi-
cials who have, either
through imprudence or indel-
icacy, sinned, cannot conceal
the forest of honest and effi-
cient managers.”
The accompanying story
was that of the gigantic
bridge at Nantes. In 1987,
“commissions” worth any-
thing between FFr7 m and
FFr20m were allegedly, and
possibly indelicately, offered
to those who might have had
some influence over the con-
tract. The papers have
already regaled us with the
complex history of the earlier
Nantes water supply contract.
The “one tree of imprudence”
seems to cast a long shadow.
Bnt Richard has a number
of solutions. He wants to cre-
ate a ministry ran by an
administrative judge, “organ-
ised in specialist sections to
deal with public contracts,
urban affairs etc and account-
able directly to local citi-
zens". That would be under-
pinned by more powerful
regional audit offices. And
there should be an increase in
“the powers and prerogatives
of the central anti-corruption
service". Most people. I imag-
ine, would prefer corruption
to anything like that.
Governments in such cir-
cumstances usually turn to
this sort or thing - the
“crackdown” approach, pio-
neered by Italy. But it easily
gets out of hand. An economy
ran run into difficulties when
a large proportion of its most
dy nam ic and enterprising cit-
izens languish behind bars
pending further inquiries.
Then there is the alterna-
tive, but doomed, “return to
morality” solution. In Britain
there was the ill-starred
“back to basics” campaign
which started a year ago and
collapsed three months later.
Corruption was not its target
but it ran into the sleaze fac-
tor. In Italy “back to basics"
was translated as a fascist
renascence. In France it is
promoted by the prime minis-
ter, Edouard Balladur, under
the formula known as "the
moralisation of public life."
One has to turn to the
unscathed Germans for guid-
ance. The Paris correspon-
dent of the Frankfurter All-
gemeine Zeitung wrote this
week that Italy had provided 1
an example to France - once
judges and magistrates had a
free hand they could really
tackle the problem. But Bal-
ladur’s approach was failing
because it lacked an essential
element. “What is decisive in
the struggle against corrup-
tion is the political will for
sharper sanctions.”
Except in Britain, of
course. There all measures
have been taken to ensure
that nothing untoward con-
dones to happen.
■ James Morgan is economics
correspondent of the DBC
World Service.
Globa! Emerging Markets Trust
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