' . £ . .

24

iesi'.,. irt ?3 ft 3530 Farted te53 Milan: bulls take .BMm . D»C&£U tan MBS) S-AtfM . Fu: 5 D9 -lagan , . . *£50 Ea^JB . . . Bf».45 ,j SngifM . SS 4 in csi.na JonSpi ... fife 551 uob... S$w . . 7Q fi5M control of C«m DI0 kgra! ... S.-iinii &wro

Qw«*4 . .Ski Bea ;ietum... Etfi-ffll- Swttfffl . aura Esoi • EC< M iwewtwrg . lfi.tt Snmeiisod Page 19 rmtod . fckEM IM«pt ..&a«2b bourse. . . ItfSSS Fes. Imr Itena . 201 r '•? ’ : ICiM . Do P ECD ES Gwwr. auzni iftneca - oisxn Tbimt . . 1250 EUROPE’S BUSINESS NEWSPAPER Greet.-. . . ftEJ HhmhMi IIZ7S i.5. Ds fesgtaj. MQ IZ trrwtf Mu. IE3 1! ... 5 50 USA. ... SI tata . . fics. 15 PMTgnes . fc 23 00 No. 29,888 Tuesday March 25 1986 D 8523 B Oil prices slide carbide’s Elders tries to US says Du Pont Bhopal a offer block release £r°?is Libya and BT as Opec fails to '•-4 ‘‘r rejected S, on in optics of bid details its jets venture agree on output BY MARTIN DICKSON IN LONDON ELDERS IXL, the Australian brew- it that disclosure was necessary on and WBDam Hall In New York ing-to-agri culture group, is taking grounds of “natural justice'’ and for US ships and jet fighters conducted BRITISH Telecom and Du Pont of BY RICHARD JOHNS IN GENEVA AND MAX WILKINSON IN LONDON legal action in an attempt to block a the Commission to fulfil its statuto- fresh manoeuvres off the coast of the US plan to invest about £100m THE INDIAN Government yester- proposal by Britain's Monopolies ry duty. Libya yesterday, intercepting at (S150m) CRUDE OIL prices fell steeply in with a $2^4 fall in the price of crude which the yen has risen. During day rejected as Inadequate" and and Mergers Commission to hand However, the Australian compa- . during the next lour years the » put 19 New York yesterday as day the dollar totally unacceptable” W least Libyan reconnaissance air- in a UK-based joint venture to Europe and for May deliveiy to $11 a barrel made up over Y3 to "therefore the over detailed financial information ny said that giving this information ;w£?JS craft, as Soviet ships watched, US mass-produce advanced optoelec- the meeting of Opec oil ministers Prices later recovered somewhat close at Y178.85. It also rose to DM $350zn settlement proposed by on its bid for Allied Lyons to foe UK to Allied some three or more having failed nine for vic- posi- . Navy officials said. tronic equipment for telecommuni- broke up, during as traders speculated whether the 2^865, 4% pfennigs higher thaw Fri- Union Carbide of foe US the food and drinks group. months before it would be in a The Saratoga, one of three air- cations networks. Page 20 days of exhaustive discussion to Libyan attack on US fighter aircraft day’s dose. tims of the Bhopal gas tragedy. Elders yesterday lodged an. appli- tion to launch a renewed bid would craft carriers among the more than agree any strategy to reduce out- might lead to a new Middle East cri- Changes in dimate during the The compensation has been nego- cation for a judicial review of the seriously prejudice its ability to B& WALL STREET: The Dow Jones in- 30 US ships in the area, came to put sis. However, the market remained coming months are expected to re- tiated between the company and proposal made by Sir Godfrey Le mount such an offer. »^"5 dustrial average dosed 1L37 up at within 150 miles of the disputed The failure of the Geneva meet- highly volatile and uneasy, with duce demand for Opec oil to around lawyers representing some of foe Quesne, chairman of foe Monopo- Elders claimed that it was “en- Gulf of SLrte. 1,782.93. Page 46 ing left deep and unresolved differ- sentiment “generally negative," 14m or 15m barrels a (b/d) plaintiffs, but New Delhi empha- lies Commission, which is investi- tirely unprecedented in any major r day com- SSftj In Washington; defence officials ences, which were exacerbated by traders said. pared with present output of sised that there could not be any gating the £1.8bn (S2.7bn) bid for financial centre in the world that a TOKYO turned lower in light sell- said Libyan forces had fired at least the bitter Gulf war between Iraq Mr Peter Beutel, assistant direc- around 17m b/d. But although the settlement "without agreement of Allied which Elders launched in prospective bidder should be re- ing after tighter controls on margin anti-aircraft missiles at jets and Iran. The ministers agreed to tor of Rudolf Wolff Futures, said: T ministers generally reco the Government of India." An Act of October. quired to disclose his plans to the two US trading. gnised the The Nikkei market average Indian "indo during the manoeuvres. Earlier meet again on April 15 and to at- have never seen a fall this big. At need to reduce production if they the Parliament has The takeover was referrred to the target company many months in dosed 37.36 lower at 14,875.23. report. Page 5 tempt further discussions with non- the opening, buyers just ran away.” were to have any hope the Government the sole represen- commission — and thus formally advance in order that the target Page 46 of arresting member producers about their com- In Europe the price of North Sea the recent slide in oil tative of the gas victims. lapsed - because of UK government company may comment on them.” k®**SE prices they Extradition sought mon predicament crude fell about 52 a barrel on the failed to get near any agreement . "The Governments position in concern over the way it was fi- It also claimed that it was unprece- However, although some Opec Brent spot market before recov- about how to share this regard is that it will only settle nanced. Elders, which is about a dented for a central part of a Mon- ‘-^6 Lonckm has sent to Dublin nine the cuts. ft** ministers were refusing to admit ering somewhat, with Brent crude After the for an amount that will fully and quarter foe size of Allied, was rely- opolies Commission submission to new warrants seeking the extradi- meeting in Geneva FT Ordinary *W defeat one senior oil company ex- for May delivery trading at around 7jtin fiwidi fairly compensate all foe victims. ing on a consortium of international be disclosed by the commission to tion of Evelyn Glenholmes al- Sheikh Ahmed Yamani, for woo - ^WEdltfr Share Index A ecutive commented: They messed $ 12 . Needless to say, any settlement banks for £1.2bn of lending. the other party. leged Irish Republican Army (IRA) Oil Minister, said thatrtbe Kingdom it up completely. They weren't even News of the Opec meeting’s col- not - which is at variance with this will The Australian company qairi However, an official of Britain’s terrorist offences. A Dublin court had renounced its policy for- y*szi get a face-saving agreement not be acceptable to the Governr Department of Trade and Industry heed Miss Glenholmes on Saturday able to lapse pushed sterling down again mally adopted by Opec in Decem- yesterday that Sir Godfrey wanted that might have kept the price up after it had opened sharply higher ber - of giving priority to recov- ment,” said a statement issued by to give Allied that section of its sub- said last night that Elders could 1 because of errors in previous war- for a little while. They may not even yesterday morning. Against the D- India's Department of Chemicala mission to him dealing with its fu- have no knowledge of past actions is, *! rants. Page 10 ering market share for producers of ?..h Wp, bother to meet on the 15th; they are Mark it gave up most of a 7 pfen- the 13-member organisation rather The department accused Union ture fiTiftTif«ing plans arid bid tartire by foe commission, since these BL policy move so far apart" nigs gain to close in fomdon at DM than maintaining prices. This was Carbide of "taking every possible This included full details of how El- were confidential. The official also Their failure to agree a credible 3.4050. The of trade step to ensure that the case is set- ders intended to formulate and fi- it unprece- g* the Bank England's the “only practical approach" for pointed out font was ^1 UK Trade Secretary Paul Channon as*; plan for limiting oil production left weighted index opened a frill point Opec, he said. tied for a very low amount The, nance any renewed bid and set out dented for a bid to be referred to 3rt ad win today attempt to. clarify to MPs an expectation among traders yes- higher at 765. but dosed at 75J). the present move is part of this' the effects of such an offer at a the commission on financial the Government’s future policy on Continued on Page 20 terday that prices wiQ continue to same level as on Friday. specified price. grounds and it was only reasonable BL. This follows the collapse of below Indian Government is ex- rCre? be weak and may foil well The pound lost 2W cents to end in IMF warning, Page 3; Lex The It also spelt out how Elders that foe defending company should comiiin,, talks with General Motors over the per barrel as the spring weather London at $1.4890 against the dol- Page 20; Egyptian oil pected to seek to have the proposed wouldrefinance foe two-year bans know what it was fighting. «»WB < mb $10 fc ffi5imija,« of BL’s trucks Rover reduces demand. lar, which made ground against oth- development. Page 26; settlement nullified in New York by put in place for the bid over 10 Elders had been given the oppor- this ?fl uanoB subsidiaries. On the New York Mercantile Ex- er currencies as a result of signs of Commodities, Page 38; Money US Federal Court Judge John Ken- years, how would be linked tunity to submit an expurgated ver- a j currently hearing argu- plans to sell to Allied's pub- ^aosalarc LONDON: Efforts to shake out change yesterday the break-up of increasing anxiety at the Japanese markets, Page World stock nan, who is to its sion of its document bat this had Em* Kohl coalition spilt ments on whether courts have licans a per cent stake in their . ad l loose short-term equity holders re- the oil cartel meeting was greeted central bank about the level to markets. Page 46 US 50 failed to meet the requirements of !?02 frca jurisdiction to settle the victims' businesses. Chancellor Helmut Kohl's coalition sulted in the biggest retreat since Sir Godfrey, •rtrEiinfce Haims, told last year. compensation At least 2,000 Elders said Sir Godfrey had Lex, Page 20 e remained divided over West Ger- December The FT ordi- rwfc d £ people were kilted and 700,000 in- a many's proposed Star Wars role as nary index lost 17.6 to close at las Seif jured by the teak of gas 16 months Economics Minister Martin Bange- 1,39411, while the FT-5E 100 index ago. f1 aiTii«t totalling about SlOObn marni flew to Washington to con- was 24.4 down at 1,663.9. Page 46 Imasco launches C$2bn have been filed in the US on behalf clude negotiations on the US Bank of America =t ?eu? of 103,000 Indian plaintiffs. !j t projects. PageS DOLLAR was firmer in London, ris- fWSBBj Union Carbide yesterday reiterat- e; ing to DM 12885 (DM 23415), FFr ^ -r.ssn&r French ed its belief that the proposed set- farm aim 7.02 (FFr R8975), SEr 1.917 (SFr . ci zuEje tlement was “very substantiaT and drops gilts plan L8715) and 7178*5 (Y175.75). On takeover for Fiance's Genstar new Farm Minister Fran- 23 Sa “C2SS said that it had agreed to go for- Bank of England figures the dol- cois Gnfflaame said his first aim in ' ~**K£ a ft ward with the private plaintiffs the EEC farm crisis wpuld.be topre- lar's index rose to 118J from 116.7. BY ROBERT GIBBENS IN MONTREAL BY DAVID LASCELLES IN LONDON 21 Is* ija lawyers because “we believe that serve^ and Improve the -incomes a Page 39 rziia Oar IMASCO, the Canadian tobacco shares outstanding fornot less than of Canada, and in the US, First Bos- this litigation should be resolved as BANK OF AMERICA, suffering where we have an established pres- i ististali his formers. Page 3 products, fast foods and retailing $54 from the Sodlte G&nfrrale Bel- ton Corporation. promptly as possible to permit ben- from foe strains of recent losses, ence." ciQ'saiMii 1 STERLING lost 2.45 cents against shelve its plans to that Ameri- group, has bid about C$2bn gique group, the Belgian financial In Vancouver Genstar said It was efits to flow to tiie victims." has decided to He stressed Bank of Sudan rebate deal the dollar in London to S1.489 but fUSSL48bn) for Genstar Corpora- holding company which has long reviewing the “unsolicited" share The company noted that in foe become a primary dealer in foe UK ca would continue to monitor the remained firm against other cur- Southern Sudanese rebels said they tion, one of Canada's largest finan- been Genstar’s largest single share- offer from Imasco and the board Government of India's US lawsuit, government securities market gilt-edged market and might renew rencies, closing at DM 3.405 (DM had agreed in principle to take part cial services companies. The bid is holder. This would provide about would consider the offer at a special the US judge has specifically not The US bank's withdrawal is foe its application to become a primary 3.3875), FFr 10.4525 (FFr 10.425), in a constitutional conference in one of the largest seen in Canada. C$350m to Sodete Generate, which meeting In the near future." ruled on who is the proper repre- first since foe Bank of England de- dealer after a year. The Bank ot SFr 2.855 (SFr 2R3) and 7266.25 Khartoum if the Government creat- Imasco, 44 per cent controlled by has been restructuring its capital The company said it became sentative of the plaintiffs. signated 29 banks and securities England has imposed a freeze on (Y285J>). The pound's exchange rate ed conditions in which it can be BAT Industries of the UK, earned base. aware of Imasco’s interest in Judge Keenan has appointed a houses last year to act as the princi- new entrants for 12 months after index closed unchanged at 75J9. held. net profits of C$210.3m or CSL93 a Imasco had talks with Genstar acquiring control after the close of three-member executive committee pal operators in foe restyled gov- the big bang when the British Page 39 T share, on revenues of C$3.27bn in management at the weekend about markets on Friday. to represent foe victims, including ernment bond market which is to securities markets are being dere- Shultz talks stall gulated. K the first three quarters of the fiscal the bid but the meeting did not Until last September, Imasco had the attorney representing the Indi- be launched with foe “big bang” on GOLD fell $3.50 on the London bul- October 28. The British central The bank's decision, which will Turkey and the US appeared to be year ending March 3L The compa- bring an agreement to submit any major acquisition in an Government “India is therefore lion market to S350.75 and was $2.50 Tmaaan pman, to join bank has been informed of foe deci- not involve any job losses, appears finding it difficult to resolve differ- ny has been looking for an acquisi- Mr Paul Pare, ffhni i Canada to the Foreign Investment well positioned the settle- lower in Zurich at $350.50. In New to have been influenced partly ences on a range of issues which in- tion for two years. said the company had long been Review Agency because of the in- ment agreement,” said Union Car- sion. by York the Comex April settlement Gerald Docberty, managing the Federal Reserve Board, which dude the tarns of a new defence Genstar earned C5171.2m, or seeking a “fourth teg,” preferably in terest held by BAT. However, as a bide yesterday. Mr was $351.3. Page 38 has revenues of GaTiaria to add to its existi busi- The company also said yesterday director of Bank, of America Inter- been concerned about foe and economic cooperation agree- CS4J6 a share, on , ng result of a reduction in BAT hold- nationa!, the bank's London-based bank's ability to shoulder large new ment, as the visit by US Secretary C$2Jbn in calendar 1985. It nesses. It was particularly interest- ings and changes that came about that it continued to believe it had STEEL output in non-communist yesterday. “We commitments severe of State George Shultz moved into acquired Canada Trusteo last Au- ed in the financial services part of in the recent investment Canada strong substantive defences in the merchant bank, said after the prob- countries rose 0.5 per cent to 34.4m have decided to allocate our re- lems it has had on the US market its final 24 hours. gust and merged it with a previous- Genstar, especiallyCanada Trastco. Act, Imasco is classified as a Cana- tonnes in February, against a year sources towards those markets Last year, it lost $337 ly acquired trust company. “We sincerely hope Genstar will dian company and the Genstar ac- Continued on Page 20 m. Prisoners escape earlier, with an increase in the US Imasco failed in a bid to buy Car view our proposal in the same fa- quisition is not reviewable. Genstar matched by a cut in Japan, accord- Police in Pakistan launched a hunt nadian Tire Corporation in 1983 for vourable light it has been received already is classified as a Canadian ing to the International Iron and for 31 condemned prisoners who more than C$3bn. It has a big fast by Genstar’s largest shareholder company. Steel Institute. were freed when 40 people in police foods business in the US, controls group. Imasco had always said that it uniforms stormed a prison north of more than 50 per cent of the Cana- Imasco has received commit- preferred to invest its surplus re- reported sharp improve- ITALY products market and in Karachi wring qntpnmtin weapons dian tobacco ments from a banking group led by sources Canada, but for several ment in its overall balance of pay- and seeding ladders. owns a rapidly expanding drugstore Citibank Canada to provide a US years, because the federal Govern- ments for last month, with a deficit chain in Canada and the eastern SL875bn credit facility to finance ment refused to grant it Canadian of LB46bn {$6 17m) against a deficit Plea to Yugoslavia US. Imasco has begun its tender of- foe Genstar acquisition. status, it threatened to look again of L3,296bn in January. Reserves, fer in Canada and the US for all the Imasco said its offer will expire in the US. Imasco also made clear Nazi-hunter Simon Wiesenthal has including gold, were marginally up outstanding shares of Genstar at on April 25, with withdrawal rights that if its Genstar bid succeeds, it unbeatable urged Yugoslavia to respond to at M2,104bn at the end of February C$54 cash a share through a subsid- expiring on April 14. may sell off some or all of GenstaFs charges Secretary an that former UN compared with L81,963bn at the end iary, Imasco Enterprises. Dealer managers for the tender nan-financial businesses as General Kurt Waldheim was listed of January. It already has the right to buy offer in Canada are McLeod Young as a suspected Nam war criminal 1BJ3 per cent of Genital's 37m War and Richardson Greenshields Continued on Page 20 financial wanted Yugoslavia for complici- by SWEDEN has turned down an ap- ty in murder. Fage2 proach from Anheuser-Busch, the - : « Z. US brewery, for a takeover of £2*' Suspect questioned Pripps, 75 per cent state-owned Pickens has to pay greenmail package company that controls more than 50 v., A former Belgian policeman is be- -* mg questioned about a series of su- per cent of the Swedish beer mar- BY WILLIAM HALL IN NEW YORK permarket attacks in the Brussels ket Page 2L share. The region last year and in 1983 that left MR T. BOONE PICKENS, foe Tex- neer. This was rebuffed and Mr option is worth $4 a 23 people dead. BARCLAYS BANK’S Italian opera- as oilman who has in foe past made Pickens, whose headquarters are share and expires on the earlier of :•! fg# year incurred totall- tion last losses hundreds of millions of dollars in just around the block from Pioneer September 30 or 30 days after the ing L52bn ($338. 1m). a deficit larger completion of Pakistan aid profits by persuading embattled in Amarillo, Texas, appeared on the the proposed transac- s^J than nominal the bank's L37bn Ital- companies to pay him to go away, scene in the unlikely role of a tion between Mesa and Pioneer. Pi- US has agreed to a new six-year Page •=^V ian capita] base. 2L appears to be in foe embarrassing “white knight" whose $8Q0m offer oneer shares fell Stt to $20% in early $442bn arms and economic aid position of having to pay more than was gratefully accepted by Pio- Wall Street trading yesterday. package for Pakistan to replace the world’s big- Jacobs’ 7AT.K CORPORATION, $20m in “greenmail" to Mr Irwin Ja- neer's board. Mr Minstar Group has f current package due to run out in r# ;jgjp» gest fine jewellery retailer, plans to cobs, a rival corporate predator. Mr Jacobs described the Pickens agreed that it will not acquire any 1987. r." ~ r the European mar- Pioneer .'~£S withdraw from Mr Pickens ai>rv>»n«»ri yesterday offer, which is in foe form of 61 more shares and will vote number of the foares Chad minister ket and is considering a that his Mpjb T.iwritPd Partnership Preference-A units of foe Mesa presently held in favour options including the sale and a had entered into agreement to buy partnership, as -highly speculative of the proposed transaction be- President Hissene Habre of Chad public offering of shares in its chain Mr Jacobs’ 14 per cent stake in Pio- and announced last week that he tween Mesa mid Pioneer if a major- has named former rebel leader Gen of almost 200 jewellery stores in the neer Corporation, a Texas energy planned, to oppose foe deaL Given ity of the other voting Pioneer Switzer- Djibril Djogo as Justice Minister. UK, West Germany and group over which two of Wall bis opposition it was most unlikely shareholders vote in favour of the land. Page 2L Street’s most famous corporate that Mr Pickens would have been transaction. r»»Srf Extradition accord feuding for In addition. granted •• e an predators have been able to win sufficient support from Mesa has cprog tinw> certain members of final le- foe rest of Pioneer’s shareholders. foe Minster Spain and Britain took the , _ .. that Canadian pnees Group is the has agreed to pay group a two year option to acquire gal step to allow a new extradition WE REGRET Mr Jacobs’ Minster Mesa now edition Pioneer and from Mesa pea- cent Pioneer treaty between the countries to were not available for this biggest shareholder in £10m to acquire an option to buy Mr 15 of problems. share bid for Pio- Jacobs' Pioneer shares at £21 a Nuclear, which owns muting assets. come into effect in July. due to communication had made a $23 a 5m Our package can Include cheap loans, cash grants, rent CONTENTS free periods, factories from only £1.30 per sq ft, training assistance, WDA finance and the Delyn Enterprise Zone. Europe 2,3 Currencies US: industrial relations face Lex: Elders; British Telecom; Editorial comment.. Other benefits on offer are a technology park, green Companies 21,22 Eurobonds testing time 6 London stock market 20 America 6 Euro-options field sites, fully serviced land and proven success. Companies 21,22 Financial Futures .. for solution to Egypt: production poised to Gold UK: GM looks Overseas 5 further information contact IntT Capitol Markets new field ..... 20 For s y. Bedford’s troubles 12 start from t Companies 23 Letters.. >- r: The Clwyd Industry Team, ; --S' ' World Trade 8 another ' banks: good " j -V1 32 Editorial comment: Land Swiss . Britain 10, 12, 14, 16 Management Clwyd County Council, Market Monitors 48 French economy . . 18 year for industry leaders . 24 Companies ...... 28-31 Men and Matters 18 Rover; Money Markets 39 trip role of promo- SSS.'S^d Agriculture 38 Haw materials 38 Britain: a through Management: Appointments 35 Stock markets— Bourses .... 43.46 industrial landscape 18 tions in a marketing plan. 32 7 Arts - Reviews 17 -Wall Street . 43-48 - World Guide 17 -London.. 49-43,46 TO. 0352212I J 34 bulls take charge of Technology: computer res- VS Commercial Law ...... 35 Technology Italy: Commodities...... 38 UnitTrusts 35-37 for Japan’s buses 34 Weather 20 Milan bourse 19 cue Clwyd Crossword 35 K —

March 25 1986 Financial Times Tuesday 2 . EUROPEAN NEWS planners Czech leader blames economic mention the need 1968. Husak, CoGtt in Prague. Mr Husak did not praised the Soviet PRESIDENT Gustav errat- Mr Husak East European for “reform," while criticising Czechoslovakia's leader, criticised It was die first word Congress for “stimulating and in- the sharp ic economic performance. The the country’s economic planners Party Congress to follow the Czechoslovak party. in Czechoslovakia spiring" and managers for "hindering our indictment of Soviet economic ills is associated economic pro- 'Mr Husak nonetheless reminded progress" in a keynote speech to the by Mr Mihail Gorbachev at last with the political and his party’s delegates of the dangers congress in Moscow. gramme of the ill-fated Reform Communist Party Congress which month's party stagnation. fjqmimmist Movement in Prague in of economic ANOTHER opened yesterday in Prague, writes However, unlike Mr Gorbachev, Asbestos panic Athens statue Shultz talks in Ankara shuts schools bombing run into heavy weather BY DAVID BARCHARD IN ANKARA in Denmark ‘a warning’ Mr AS THE visit of the US Secre- ister, Mr Vahit Halefoglu, made hi Copenhagen State, Mr George Shultz, Shultz appears to have By Hilary Bames By Andriana lerodiaconou tarv of on moved into its final 24 hours, do progress whatsoever HAS been swept fay an In Athena Turkey and the US appeared other problem areas such as DENMARK with panic which emerged to be finding it difficult to re- Cyprus and relations asbestos THE BOMBING of a statue of for- weeks ago solve differences on a wide Greece. suddenly about two mer US President Harry Truman in causing chaos in the range of issues, including the Members of the visiting and is now central Athens on Saturday was in- FOR terms of a new defence and delegation had long nation's schools. PLUG American tended as a symbolic warning to Mr agree- economic co-operation faees there Jirtle of parents and teachers all ova foe George Shultz. US Secretory of ^ ment (Deca). the exuberance which Is usual country are demanding that in State, who was due to arrive in Ath- Informed sources in Ankara on this sort of occassion, schools where asbestos has been ens today for a three-day official qcpH usually as cladding for ceil- visit, to a Greek under- n seems that , according BT “ny SUSP'S . be aware 1 r ings, the schools are to dosed ground group which claimed Deca before Mr Shultz flies out well J5 °L ^theh? .North asbestos removed forth- Ankara today to Athens. indispensabriity to S and the responsibility the bombing. of for Treaty Organisation knocked the Mr Shultz's visit appears to AOan^ with. The attack which to hold have got off to a had start in (Nato) has decided two-ton bronze statue off its pedes- pos- The Copenhagen city council's Istanbul when he brushed aside out for the highest terms tal and broke windows in nearby to "schools mayor" has ordered all requests from Turkish indus- sible- Its likely aim is not hiiilHtngg without panging any inju- where asbestos has been , trialists to ease US quota re- intimidate the Reagan Admm- schools of tension the to be ries, has added an edge strictions for Turkish textile istration but to convince used in the construction to extensive security preparations exports. His alleged remarks US Congress in Washington closed while the asbestos is re- TOSHIBA for Mr Shultz's visit provoked angry headlines in where Turkey has many moved. Children are meanwhile be- The statue stood not far from the yesterdays Turkish newspapers, staunch enemies m the Greek ing taught in churches and any oth- lobbies- that Athens Hilton Hotel where the Sec- It appears that' Turkey is and Armenian — er available buildings. believes that it is not retary of State and his entourage continuing to insist that it Turkey The panic has also affected public should be given more favour- being fairly treated by the US are expected to be based. offices, where staff are also calling 2 ble trade and economic rela- and feels entitled to a much Co-operation against terrorism is for immediate action to remove tions with the US as part of large amount of military and expected to be an important item on asbestos. the five-year Deca more than economic aid than the $934m the agenda of Mr Shultz's talks the US side feels able to give, granted last year in exchange T/wai councillors all over the with the Greek Government So far, after two meetings for its contributions to the country are under pressure to act, with the Turkish Foreign Min- Western alliance. regardless of the expense. However, scientific experts say Belgrade talks the health hazard from removing the asbestos, a process which is Yugoslavia urged to act bound to release asbestos fibre into for Howe the atmosphere, is probably greater than if the asbestos is left in place. By Ateksandar Letol In Belgrade on Waldheim Nazi claim THE NAZI-HUNTER, Mr Simon Mr Waldheim on Sunday CLIMAX of the visit by Sir THE Wlesenthal, called on Yugo- rejected all allegations of a Geoffrey Howe, Britain’s Foreign FINANCIAL TIMES slavia yesterday to respond to Nazi past and accused the WJC Published by The Financial Times Secretary, to Belgrade was his un- charges that Mr Kurt Wald- of waging a slander campaign Ltd, Frankfurt Branch, announced meeting yesterday with former UN chief, was against him. (Europe) heim, the by E. Hugo. Frankfurt/ Branko MSkuhc Prime Mmister- war “ represented Mr listed as a suspected Nazi An accusation of murder is Main, «nH. us members of the designate, who trill take over from criminal wanted by Yugoslavia of a quite different order,” Mr Board of Directors. F. Berlov, Mrs Bftlfea Plamnc on May 15. for complicity in murder, Wlesenthal told a news con- RAF. McClean, G.TJS. Darner. MC. Sir Geoffrey was keen to hear Reuter reports from Vienna. ference, referring to other Gorman. D-EU*. Palmer. London, Frankfurter-Sochitlits- about Mr.Mikulic’s ideas on over- Speaking to journalists at the charges in the past month that printer; Druckerei-GmbH. Frankfurt/Main. Jewish Documen- Mr Waldheim belonged to three coming the Yugoslav economic cri- Vienna-baaed Besponsihte editor: CJLP. Smith, heads, minor Nazi groups. sis in general and in particular tation Centre which he Frankfurt/Maia. GuiaUettstrasse listing “ When it’s a question of about the economic policy after the Mr Wlesenthal said the 54, 6000 Frankfurt am Main 1. © around Mr murder I want to know the 1988. with the Inter- raised controversy The Financial Times Ltd, standby agreement truth lies with Waldheim—now campaigning truth. . . . The FINANCIAL TOMES. USPS No. national Monetary Fund expires on Government.” for the Austrian presidency— the Yugoslav 190640, -published daily except Sun- that day. to a totally new leveL Mr Wlesenthal said he had days and holidays. U-S- subscription per annum. SMood Sir Geoffrey is believed to have The World Jewish Congress sent a telegram to Mrs Milka rates $36540 class postage paid at New York. stressed that there were bound to (WJC) said in New York on Planinc, the Yugoslav Prime N.Y. and at additional mailing of- conditions set few the multi-year it had found a 194S on an official visit be Saturday Minister, now fices. POSTMASTER send address listing Mr govern- rescheduling. US army document . to Austria, asking her changes to FINANCIAL TIMES. Sir Geoffrey also met Mr Janez Waldheim, 67, as being sought ment to- publish the reasons 14 East 60th Street, New York, NX ZemJjaric, acting Prime Minster by Yugoslavia on suspicion of. why Mr Waldheim was placed 10022. pn a war crimes list. white Mrs Planfoc visits Austria, complicity, in murder. ...

? ffWWR 3K^J^S!«c- *' ..ttiK!m£SlXSB^ •3E325NS53*71: i_* 'O. . ;

I Wholl really be running your

companyonce you’re on trie USM? I *“ Someanonymous pension fund? An obstructive ou tside % shareholder? ^bur sponsors? The Council of the Stock gj Dare we say it, your accountants? Exchange? f. Hopefully, none ot them. And yet we know from our research that loss ofcontrol ? * -- * - — * - >ublic. g ijectiye advice at an early | p., -re of these — , — anxieties and % help you avoid some of the hazards ofgoing onto the USM. | It may simply be a matter of asking some pertinent § questions. ^ % Is it the right step for vour company? At the right time? % Have you planned for the long term as well as the f? shortterm? ‘ | Do„ you have a suitable company structure and Jf management team? k You may want help In reorganising the financial % side of the company in order to cope with the new * pressures that a flotation will bring. v Or you may even wish to consider some I of the alternatives to the USM. . g fThe OTC market, for example, may be a 'V more suitable route for some companies.) You'll find some of our thoughts w on the USM fit and how to prepare for it in our booklet ‘Preparing d for a USM Quotation.’ ^ ^ Tou may also be interested in the latest survey of companies already on the USM or OTC, commissioned by Spicer and Fegler. \JCfe asked them why they had decided to obtain a quotation, whether their expectations had been fulfilled and, if not, why not.

It’s been as just published a document entitled ‘Goins Public; The USM and OTC Experience? ® If you’d like either publication, or ifyou’d like to discuss the more fully, just tick the USM appropriate box in the coupon below and well, forward it to your nearest Spicer and Peglerofhce. OrgiveBobWillotTaringon 01-283 1553.

I 1 would like ,i tree copy of: I 'JtofttriiW forji Quotation; Q The OTC markets' n . 1 enclose £'25 tor a copy ot ‘Going Public The USM and 1 l O’lC Existence (cheque payable to Spicer fleRglci) On the 1st January, we Q j opened computers and telephone systems, Please ii-sk a partner from my nearest Spicer and Pegler » our sixth company in the UK. Which means we manufacture office co concoct me ^ q j It’s called Toshiba Information and supprfyelectric and electronic equip- Name Systems. ment for the home, for the office, for Company. Wb’ve set it up to market, distrib* hospitals and for industry. And some of Address ute and service our extensive range of these products we exportfrom Britain. matl0n In Touch withTomorrow S®"*" 1 * Spicer and Fegler 2!^° \ « ! equipment h we refolly equipped Friary Court, i»5 Crutched Such as to keep the UK frnaryLondon EClisi ->ivjp n 1 B [ | KO Oh 1* 1 bl photocopiers, micro switched on. £ 1? * JSHH!!?- -'"NOH AM. HOI KNEMOVt H. HRJ-TOLCAN BR| LXVLCARIiiP Trvnv .... HI Ltaix LONDON. D virriNuHAM It. Mrt.VtHE.STFP^£is5§K S&g*’M*X INuHAM.n.TtKbOBOl UH >T. ALLANS. SOi:THAHPTON, l XPRUXt AND TH Toshiba Information Systems (UK) Ltd, IntamaUcmal House, Wlnumfll Road^Sunburysjn-Thames. MkkflessxTWIfi 7HR.T* 0932 705666. WTOHuef xSIWoSa

i a J —

it

asi financial Times Tuesday March 25 1986 EUROPEAN NEWS Guillaume calls Commission Car exhaust standards slow to be adopted to rule on BY JOHN GRIFFITHS

ONE YEAR on from the first turers and energy supply vehicles sold. It will be 1998 example, will have little un- lematical. “ There are stm for improved chemical “ compromise ** on cor EEC companies. before the majority of petrol leaded petrol availability questions as to whether series exhaust pollution levels, it Is engined ears In nse conform." economically Despite the first phase of until 1990. So “the UK wfU_ production can evident that it will create The problem Inherent in be achieved to the tolerances cartel fines neither common exhaust the EEC Commission's draft disregard the emissions stan-" the directive, points out DRI. dards required." standards nor a common directive being due to come for large cars until By Paul Cheeseright in Brussels that it is “permissive" The report also warns that incomes their Into effect in 3387-88—for Is considerably past the Euro- farm timetable introduc- for Individual member states aye diesel cars, sales of which It THE European Commissions'^ tion among individual mem- cars over two litres, “progress pean deadline. France, Bel- required to apply the projects will Increase from BY 1VO DAWNAY (N BRUSSELS competition authorities will ber countries, according to towards tighter exhaust not gium, Italy and Spain are standards of timetable within also potential laggards,” says 15 per cent of the new car shortly decide whether there is consultants DR I Europe. emissions standards wOI be their national boundaries. report total in 1984 to 22-24 per cent MR FRANCOIS GUILLAUME, Nevertheless, on the key a bard enough case against “ The varying industrial slow. The (EEC) market the in the 1990s, could also face the new French farm min- sector of cereals production, he leading chemical companies to and environmental priorities will not approach complete One major problem Is It suggests that all medium- tougher emissions standards. ister. flew into Brussels yes- warned that France was unable fine them for operating a cartel of EEC member states are conformity to the standards Identified as the availability sized ears, with engines of terday with a firm declaration to accept any prospect of a in polypropylene products. already hardening into proposed In the EEC draft of unleaded petroL This is between 1.4 and 2 litres, will * Automotive and Energy that his first objective in the quota system to control the sur- This would round off an in- different speeds of adapta- directive until 1995." says essential for ears fitted with eventually be able to meet the Industries: European Emissions “ * EEC farm crisis would be to pluses and expressed his dis- vestigation which started in tion.” says the 379-page the report. Atmospheric catalytic converters. Care of standards without catalysts, Control and Auto Fuel Use, u improve the incomes of his taste—though not outright October 1933 and led to the report •, which was com- pollution is related, more- more than two litres will need wring lean born " techni- DRI Europe, 30 Old Queen St, fanners. rejection—of the prospect of a seizure of documents from com- missioned by Europe's over, to the number of new them to meet the 1987-88 ques. But precisely when this St. James's Park, London 5WZ But the emphasis in his producer tax. panies such as 1CI and Shell principal vehicle manufac- vehicles in circulation, not standard. But the UK, for is achievable remains prob- 9HP. statements appear to International Chemical. various . He also specifically advocated The final decision will alter substantially according the dismantlement of Monetary be the full 17-man Com- to bis audience. Reports on Compensatory Amounts, the made by mission. Officials have told the his departure from Paris border taxes which help to iron Opus Dei European Council of Chemical IMF official warns Italy W. German coalition split claimed, that the outspoken out the impact of currency fluc- former farm union leader bud tuations on intra-Community Manufacturers' Federations that the decision will be made with- praised J* asheSf.** committed France to fight for farm trade. This would be in weeks rather than months. against oil price euphoria over Star Wars role the full 4.7 per cent average rise fiercely opposed by West Ger- ' If the investigation leads the BUXTON IN ROME in farm product prices sought many which is most protected BY JAMES by Pope CHANCELLOR Helmut Kohl's power in parliament. Mr Commission authorities to the by Europe's agricultural by the system. THE International Monetary affect the real cause of the coalition remained divided over Mollemann is also of the FDF. conclusion that the 15 manufac- POPE JOHN PAUL yestreday : anions. "Later, Mr Guillaume joined Fond lias warned the Ital\i deficit, which is excessive pub- West Germany’s proposed Star turers Involved have been fix- voiced strong praise for Opus In spite of the endorsements When be arrived for the farm Italy, Luxembourg and Ireland Government against allowing it- lic expenditure, not all of It Wars role yesterday as Mr ing prices, then, under the com- Dei. the conservative organis- by Mr Kohl and his conserva- ministers’ meeting In Brussels, in challenging the budgetary self to be affected by the cur- deployed wisely. Martin Bangemaxm, the Econo- tives Reagan's petition rules, the companies ation which, some Catholics for President however, Mr Guillaume would discipline provisions which rent climate of national mics Minister, prepared to fly to $26bn plan for a space-based could be liable to fines of up Mr Whittome, who is British, have accused of excessive ' only say that he was going to attempt to put a ceiling on farm euphoria over the recent sharp Washington to conclude negotia- anti-missile defence system, to 10 per cent of the annual warned Italy against dropping secrecy and of trying to be a the ask the European Commission spending. fall in the price of oil and in tion, Renter reports from Bonn. turnover of the product invol- its guard because of the favour- u church within a church," FDP has remained critical of to withdraw its package which At a Press conference held the dollar against the lira. the project and cool to German ved. able trend of oil prices 'and the Reuter reports from Vatican Mr Bangemann said yester- • a calls for price freeze and a during the talks, Mr Guillaume industry circles is be- Mr Alan Whittome, head of participation. In it dollar. Italy ought to make City. day he expected to sign an 3 per cent tax on cereals went back the offensive, the division, on lieved that the investigation has IMF European who proportionately larger savings accord this week on the strate- well that . . . Opus Mr Kohl intervened person- - farmers. present package calling visit “I know "The for firmer action on been rounded off and that the has just completed a to initiative on its energy import bill than its and gic defence (SDI). but ally last week to discuss the could involve substantial cuts farm imports from third coun- Italy, has usual criticised the Del gives all members only barrier to the imposition as other European countries added that "a few important negotiations with Mr Casper in farmers* possible those who draw near to Its incomes," he tries including blanket of fines is an argument within Government for not doing including whether because of its heavy dependence apostolate a profound Christian questions." Weinberger, the visiting US warned. bans on the buying in of maize the Commission itself. enough to reduce the public certain clauses should remain on imported energy. formation,” he said during a Defence Secretary. Both men In an introductory statement and manioc for animal feed. He is said to be sector deficit. This argument 4,000 secret, had to be settled first. later declared that baric agree- at the outset of the talks, Mr also attacked the continuing The IMF mission leader says private audience for between two schools of thought In his letter to Mr Giovanni ment had been reached and a - that young people associated with Guillaume appeared more con- special quota of hutter imports the first believing that the Goria. the Treasury Minister, Italy would suffer from the Yesterday, Mr Kohl’s chief — the organisation who are par- pact could be signed this week. ciliatory still. Reaffirming his allowed from New Zealand. companies should be hit hard, he points out that the Italian loss of export markets both in spokesman, Mr Friedhelm Ost, J5S ticipating in an international government’s commitment to But when pressed by jour- the second holding that a de- Government last year com- the dollar area and among Opec said there were no difficult The announcement ruffled students' meeting here. improve farm incomes, he went nalists on his alleged demand gree of tolerance is needed in mitted itself to taking serious countries. Savings on imported issues outstanding and added it Mr Bangemann, who has led rise, energy will parts of the negotiations asentsfc on to reserve his position on the for a 4.7 per cent price he the interests of helping indus- action to reduce the deficit as a be offset in part The Pope's praise for Opus was quite normal for with Washing- - price. proposals “at this stage." sidestepped the question. by losses in exports. recent criticism such a treaty to be confidential. ton since Bonn decided on ** &00S try meeting growing competi- proportion of gross domestic Del followed of organisation in the The Deputy Foreign Minister, December 18 last year to seek tion from new producers in the product. In the event, however, There could also be excessive the press. Mr Juergen Moellemann. how- a role In Star Wars research Middle East. the proportion actually in- Increases in the cost of labour Italian ever, said secrecy was wrong “in for German industry, though The allegations of price collu- creased from 15 to 16 per cent. if the Government does hot Opus Del, which promotes 2EF* of acute any respect" and he indirectly without any commitment of sion spring from a time The Government should now keep it under tight controL Catholic values in everyday Venture capital companies criticised Ur Kohl for giving the state funds. over-capacity in the industry try to make a sharp reduction Italy's competitiveness in export secular adn professional life, US the impression all was and weak prices in the face of a in current spending, Mr Whit- markets could suffer too because has about 75,000 mostly non- Bonn would be the second sluggish market At the time agreed. seek funding from EEC tome says. It should not be although Inflation is now drop- clerical members worldwide, US ally after Britain to sign an the companies had been en- 'ANiCUL deluded by reductions in ping—It stands at around 7 per some of whom practise self- Mr Bangemann leads the SDI accord. But unlike the Tugs gaged in abortive talks with the BY OUR BRUSSELS STAFF interest rates—last Friday the cent—it is still far higher than flagellation and live a life of Liberal Free Democrats classified British pact, signed by .-. ; : fasd*- Commission about a centralised defence ministers, -- Government cut the official that of rival industrial chastity. The organisation has (FDP), the smallest party in the FDP : R^afc. VENTURE CAPITAL com- and follow a pilot scheme, scheme for closing down plants. discount rate from 15 to 14 per exporters which in some cases denied the accusations of Mr Kohl’s centre-right coalition wants Bonn to keep its distance panies are seeking European primed by Ecus 3.3m of Com- In late 1983, general over- political-military : ei cent—because this does not have zero Inflation. secrecy against it. but holders of the balance of from aspects : ^ ^-aindt Community funding to promote mission money, started in capacity in the petrochemicals ? fa more syndication of invest- March 1985. sector was 30 per cent. This ment across national borders. The Commission acted as mid- to a r has now been reduced “V ?=»l* The European Venture wife to Evca, which was bom in : nominal 15 per cent. , «*refa- of «ai* Capital Association (Evca), to 1983. During the pilot period Partly as a result of this all in - «•*- 1 which the major private operations, 13 ventures areas restructuring. polypropylene -X '• . if ^ sector companies active in the such as biotechnology and ": «*!» prices have latterly been more Vr pro- r ----“ easi: area belong, wants Ecus 10m custom designed microchip stable. .aKiiia (£6.4m) from the European duction were financed, in which Polypropylene is a plastic :?i Commission this year and then the average Commission contri- in products as varied as T3ES.S5 i used -•-S iincafi wants a similar sum to be bution was 9.5 per cent nappy liners and cable wraps. written Into Community the In each case two or more The producers caught up In thousands of the companies budget each 1937 Many 21,667 • r- *=afe year from venture capital companies in the Commission inquiries, apart J '. ; onwards. invested different countries have from ICI and Shell, include which failed last year went down simply because -' B-usiia f Commission officials are in a company or project, often Hoechst and BASF from West ' examining the request with a by taking an equity share. It is Germany, and Montedison from :.thtif customers did. - rj ac view to passing it on. to the believed by both Evca and the Italy, which had started a joint J^-. '* -- >£3S trans- - I Community’s Council of; Commission that more venture with Hercules of the - • The truth is that bad debts aren’t fust Ministers for derision. national investment would help US shortly before the.investiga- J- Tfiese moves* emerged from*" to stimulate small and medium tion began. #} r t ' ! frustrating and damaging. They can and do kill. conference of the venture sized company efforts in the capital companies in Brussels high technology area. Swiss GDP np 3.2% £5000 BAP DEBT - £100,000 LOST TURNOVER Swiss gross domestic product (GDP) rose 3.2 per cent in real For example, if you make pre-tax profit terms in 1985, compared with 5% 2.1 per cent in 1984, provisional on turnover, writing off a bad debt of only figures from the Federal SMALLERTHANA Statistics Office showed, £5000 means that you have to find and service Reuter reports from Berne. In the fourth quarter of last £100,000 ofextra business just to repay the loss. WHISPER year, GDP rose a real 4 per cent llba mini mfciophone pWs up even whispered compared with 32 per cent Obviously, it’s no more sensible to leave your

convasations. Use ft with any podeet recoideror in the third quarter and 2.8 per one of our many ipadabt reewderi. We cent in the fourth 1984 quarter. company unprotected against such a potentially specialise In solutions to your personal r.; jpi jf communications and security needs. Bectronic UK-Spanish treaty lethal risk than to leave your premises uninsured exotica from the fun to the fantastic. Come In for 5 minutes now and be amaari forever. SPAIN and Britain yesterday against fire. took the final legal step that 62 South AudeySL will allow a new extradition Insure your credit with Trade Indemnity and Mayfair, London Wf treaty between the two coun- Tel: 01 6290023 tries to come into effect in July, the risk is no longer a problem. i. Reuter writes from Madrid. UP TO 90% OF YOUR MONEY BACK

When a debtor has become insolvent, this tailor-made insurance makes sure you get 75% -

.jhra^ - 90% ofthe money he owes you within 30 days of ~*sjs* confirmation of debt.

391 That takes a load off your mind when you are rtf signing a big contract or when you depend heavily

,4, !SUls^ rt ; on a few large customers. 'V^u.ifceiE* The cover is equally effective for export credit

and can even protea you against political risk.

1 YOU AVOID BAP DEBTS -^rssfi* Using our credit performance data bank (one of the largest in the UK) and drawing on our :V; ; !vrsfc wide experience of credit management, we also IF YOUR HEARING STARTS TO FAIL help you avoid bad credit risks, before they turn TOASKQUESTIONS. into bad debts. YOU’LL START Talk to your brokers about Trade Indemnity n j , You'll want to know who's working prevent deafness. Specialist researchers Credit Insurance now, before one of your on the problem, who’s looking for the are making breakthroughs. Unfortun- customers brings you down. •,-vw causes cures. ately many of them are badly held up for and the Or contact And you'llfind that loss of hearing is lack of equipment or skilled technical ..Uu? usandwe'U one of our more neglected afflictions, help. But the Hearing & Speech Trust is send you million the one body dedicated to raising funds * even though there are seven >r . ' one of ".-'lO- sufferers today and hearing problems for them. By giving money you'll let us our comp- catch up with more than half of us in give the go-ahead to progress. the end. Help usfind the answers, beforeyou rehensive

' Yet something can be done to need to ask the questions. brochures.

— Post to: Sheila Burman, Marketing Dept, Trade Indemnity pic., 1 2-34 Great Eastern Street, London EC2A3AXL TxName. .Address. 1 Telephone: 01-739 4311 UK Credit Insurance I I Please send me further details on Credit Insurance. I am interested in: Export Credit Insurance interested in helping/1 am I I Q I represent an organisation which may be I personally helping. Please send more information. 1 Position interested in — __jng! Name : I endosettos sum as my contribution: (£— ) I Company 0 enclose cheque payable to Hearing & Speech Trust/ _ SPEECH myAccess/Bardaycard/American Express/Visa/ Address. I Diners Card number is | —| | | | | | | | | | I | 1 HWete those n« appfcabtej I. .trust! Turnover, under AlmD £l-2mn £2-5mD £5-10mD Alton plus lick which is applicable 330-332 Grays Inn Road, London WC1X 8EE. 01-837 8855 ext 4215. Reg. Charity No. 326915. TradeInde j | • '-“A•

Tuesday March 25 1986 Financial Times

THIS ADVERTISEMENT DOES NOTAND IS NOT INTENDED TO FORM THE BASIS OFANY OFFER OF THE SHARE CAPITAL OF, OR THE UNDERTAKING OR ASSETS OF, THE NATIONAL BUS COMPANYOR OF ANYOF ITS>SUBSIDIARY OR ASSOCIATED COMPANIES. NATIONAL BUS COMPANY Pursuant to the provisions of the Transport Act 1985 the National Bus Company has a statutory obligation to dispose of the whole of its undertaking. Any person or company interested in acquiring any of the following undertakings should contact The Chairman, National Bus Company 172 Buckingham Palace Road London SW1W 9TN.

'CUMBERLAND

OPERATINGCOMPANIES PRINCIPAL AREAS OFOPERATION LOCALOPERATING COMPANIES PRINCIPALAREASOFOPERATION LOCAL

United Counties Omnibus Company Northants and parts of Canbs and Lacs Berkshire, NW Surrey, S Oxfordshire Alder Valley North limited, Wokingham B,BBLC Northampton I WEST YORKSHIRE Limited, AidoVaUeySouth Untied, Aldershot W Surrey, NE Hants, NWSussex Cornwall and SW Devon [EAST YORKSHIRE' Western National Limited. Truro (also ' trading as Cornwall Bus and Badgwfine Limited, Bristol Avon, WWBts, N Somerset 'EST RIDING Coachways) Brighton. Hove & District Omnibus Brighton area ^YORKSHIRE* West Riding Automobile Company W, S & parts of N Yorkshire Company Limited, How I TRACTION limited, Wakefield Bristol Omnibus Company Limited BristolCfiy EAST I WestYorkshire Road Car Company Limited W&N Yorks Bristol (trading as City Line) LINCOLNSHIRE MIDLAND! Harrogate Cambus Limited, Cambridge Cambridgeshire Wilts & Dorset Bib Company limited S Wilts &E Dorset O * POTTERIES] Ctattenham & Gloucester Omnifaas Gloucestershire, N Wats MOTOR Poole Company Limited, Chettenham ltractionJ The Yorkshire Tracftm Company Limited S Yorkshire The City of Oxford Motor Services Limited Oxford area Barnsley Oxford MIDLAND RED MIDLAND rox EASTERN COUNTIES * CrosviDe Motor Services Limited N&Mid Wales, Cheshire, Merseyside, NORTH \ C Gtr Manchester COACHOPERATINGCOMPAMES Chester — r/Nira\ Cumberland Motor Services limited N Cumbria MIDLAND . MIDLAND COUNTIES Whitehaven RED V RED N. Counties) AH these companies operate WEST \ SOUTH . Ambassador Travel (Eastern coaches on Devon Generd limited, Exeter Mid and S Devon Limited, Norwich private hire, excursion and scheduled express or holiday work. Eastern Counties Omnibus Company Norfolk, Suffolk .EASTERN NATIONAL! Midland Red Coaches Limited Limited, Norwich SOUTH WALES Birmingham NATIONAL I CHELTENHAM SOUTH The Eastern National Omnibus Company Essex, NE Herts WELSH l*t GLOUCESTER MIDLANC Pilgrim Coaches Limited Limited, Chelmsford BALDER 1 Southampton VALLEY LONDON V / I 'BRISTOL COUNTRY East Kent Road Car Company Limited East Kent' OTYZJNE. NORTH. / |_ Shamrock & RamblerCoaches Limited Canterbury Bournemouth I EAST 'BADGERLINE. | / East Midland MotorServices Limited NE Derbyshire, N & Mid Notts, part of it/ I KENT Chesterfield S Yorkshire 1 1—{MAIDSTONE v HAMPSHIRE" ^ DISTRICT. SOUTHERN SOUTHDOWN EastYorfcsWra Motor Services Limited N Humberside t WILTS & I WessexNational Untied Huff NATIONAL I DORSET lPflOVWCML Bristol HASTINGS Hampshire Bus Company United Mid &S Hants A.DISTRICT Eastleigh SOUTHERNSOUTH /DEVON ^s-VECT ENGfNEEftWG COMPANIES Hastings & District Transport Untied Hastings area WESTERN 'GENERAL St Leonards on Sea NATIONAL

Lincolnshire Road CarCompany limited Lines, Humberside. Notts S E Bristol Engineering Untied Thesecom parties undertake Lincoln commercial Bristol " vetucfe aid,allied industries including London Country Bus Services Limited London outskirts, Surrey, Herts, and parts Eastern National Engineering moor overhaul, repairs, maintenance, Relgate (also trading as Green Line) of Bucks, Berks. Beds, Essex, Kentand AREASOF OPERATION Untied, Chelmsford Sussex LOCAL OPERATINGCOMPANIES PRMOPAL OTp testing, and bodywork conversion. Midland Red Omnibus Company Untied Luton & DistrictTransport Limited Beds aid MM Bucks. Edgbastcn (trading as Canyte Works) Luton The Potteries MotorTraction Company Southdown Engineering Sendees Untied The Maidstone & District Motor Services Kent, W NE Sussex Untied, Stoke-on-Trent Brighton Limited, Chatham Provincial Bus Company Limited Gosport & Fareham Urtied Counties Engineering Limited MkflandRrx limited Fareham, Hants Northampton Leicester 1 RfcWe MotorServices Limited Laicashire. S Cumbria, Merseyside, Midland Red (North) Limited S Staffs, Shropshire, part of W Midlands Preston Gtr Manchester Cannock Southdown MotorServices Limited E&WSussex, Efforts Midland Red (South) Limited Warwicks. N Oxfordshire, part of Rugby W Midlands Southern Natknal Limited. Taunton Somerset &W Dorset NATIONAL PRODUCTS Midland Red (Wfest) Limited Hereford & Worcester, part of W Midlands Worcester The Southern Vectis Omnfcus Company Isle of Wight Limited, Newport, fsfe of WJ^rt iKeynesGftyl Milton Keynes & NE Bucks National Express Limited ton Keynes South Midbrid Limited, Witney W and parts of E & S Oxfordshire Birmingham National WelshOmmbus Services The South WaJesTransport Company W & part of Mid Glamorgan, Dyfed National Holidays Limited Limited, Cardiff Deat, S Herefordshire United, Swansea Wakefield The Northern National Travehvorid Limited Genera Transport Company T)ro4 Wear, GoDwtanr Trent MotorTraction Company Limited S&W Derbyshire, S&WNotts AchainofABTAScensedretaktravef Limited, Gateshead Derby Manchester agencies

Nortii Devon Limited 1 Northumberland. Cleveland. Victoria Coach Station Untied N Devon. United Automobile Services Limbed Durham. Administers the main London coach Barnstaple (trading as Fled Bus). Darlington Tyne & Wear, N Yorks terminal

1 te inard—ui Hltt atirecttomHtee 8ecretetyrt«rtelBrTnni sab-dltMad.«dth«y will be available for sale, in dee course, te a wvteHloim. Approximate si^Wsfowaw stow fa the «baw nap. p iin. rompHTe iieii lmri*OTeinenBy la the process ot being

Barclays Merchant Bank Limited, on behalf of the National Bus Company, will, at its discretion, make available further Secretary information to interested parties upon request. It should be noted, however, that the consent of the of State forTransport is required to any disposal.

NATIONAL BUS COMPANY BARCLAYS MERCHANT BANK LIMITED 172 BUCKINGHAM PALACE ROAD EBBGATE HOUSE LONDON SW1W9TN 2 SWAN LANE LONDON EC4R3TS 01-7303453 01-6234321

This advertisementis issued on behalfofthe National Bus Companyby its financial advisers, Barclays Merchant Bank Limited. '

Financial limes Tuesday March 25 1986 5 OVERSEAS NEWS Libyans Aquino set to Bank of ‘fired Japan ‘not missile adopt emergency pessimistic Bein on economy” at US jet’ powers today By Jurek Martin in Tokyo THE US sent navy ships and air- THE Bank of Japan is “ not the Gulf of Sirte yester- craft into BY SAMUEL SENOREN TN MANILA that pessimistic at this day and American offirials said moment ” about the state of PHILIPPINES 1973 extended his they were checking news reports PRESIDENT that powers the domestic economy, In Coruron Aquino is expected after the two four-year terms that Libya had fired at least one to spile of the rapid and steep Dute assume broad emergency hr had been voted since becom- anti-aircraft missile at a US jet appreciation of the. yen. powers today in an attempt to ing president in 1965. fighter. Beater reports from A senior official at the govern more effectively her Hardliners in Mrs Aquino’s Washington. central bank ' yesterday divided nation until a consti- cabinet want her to declare a yesterday, Reagan Ad- argued that because the Earlier tution is written to replace the revolutionary government so currency had risen faster ministration officials said US Navy one that allowed deposed Presi- that she can do way with legal than expected. deflationary had crossed Libyan leader Mu- dent obstacles and hasten efforts to Its jets Ferdinand Marcos to rule consequences were now being amme r Gadaffi's “line of death" without rebuild the shattered economy. is on interruption for 20 not A purge of local government emphasised, particularly in Sunday, and challenged bis claim years. sectors. officials is already under way the export -oriented over the Gulf of Sirte in the south- The presidential palace said but most of them who were But, he went on, with an ern Mediterranean, without inti Mrs Aquino would sign the elected under Mr Marcos's New equanimity noteahly absent enabling document before dent Society Movement insist on stay- from the recent public members of her cabinet and The Pentagon refused comment ing in office until new elections comments of most Japanese service commanders of the on the military movements, but de- are called. politicians, government offi- armed forces which helped her fence officials said they were check- They plan to stage protest cials and industrialists, the topple enough Mr Marcos a month ago. ing US broadcast reports that at demonstrations and marches yen's rise will have a positive It was not clear what she throughout the country starting impact “ among the silent least one missile - possibly a So- plans to call her government next to paralyse majority." viet-built Sam-5 - bed been fired week Mrs because of a controversy in- Aquino's Government. While capital spending and yesterday at a US jet volving the use of the word If the plot is successful. Mrs Inventory investment were “ '* US radio reports from the area revolutionary which is Aquino could face a serious being reduced because of NOTININTfcRNAITC^^ fadipatpri yesterday that at least shunned by conservative politi- crisis that may call for the use lower exports, other main anti-aircraft missile had been cians and' of one some members of force. elements of domestic demand, the fired at USJets, which are conduct- armed forces. A proposed draft of the con- such as housing and consumer ing exercises from three aircraft They have suggested that stitution now under study by spending, were boldine op carriers in a task force of nearly 30 she call her government transi- Mrs Aquino calls for the re- reasonably well. tional until a ships north of Libya. or provisional turn to a purely presidential new constitution place. system and a bicameral legisla- Japan had yet to feel the Mr Bob Sims, a Pentagon spokes- is m The new constitution, wbich ture with general elections, ex- benefits of lower oil prices, man, said the Defence Department is planned to be completed with- cept for president and vice the official noted. Because oil was checking the reports. in three months, will replace president, set for November takes so long to reach Japan, Administration officials said that one dictated by Mr Marcos jn 1986. the average landed price, ships and aircraft bad yesterday including freight am! insur- beat sent over the "line of death" ance, so far Ibis year was way above spot market leveL drawn by Col Gadaffi just north of the Gulf of Sirte to emphasise The official conceded, how- ever, that could not sft America's right to operate in inter- Strike by nurses hits Japan still and do nothing, par- national waters. ticularly in respeet of Its Two US P-14 jets shot down two hospitals in Sri Lanka external imbalances. Ex- Libyan jets with air-to-air missiles change rate adjustment and SILVA IN over the gulf in 1981 after the So- BY MERVYN DE COLOMBO monetary policy alone could viet-built Su-22 aircraft challenged A SIX-DAY nurses' strike, led Minister, said yesterday that not shoulder the full burden. American aircraft the by a Buddhist monk, has virtu- because defence spending had He maintained that The US accuses Col Gadaffi of have worldwide reputation. being astute businessmen. ally paralysed Sri Lanka's main risen so much, no public-sector economic growth must be The Dutch a For good, supporting international terrorism. state-run hosptials. However, strengthened (another policy wage demands could be con- We're proud of this. But we also know that it’s just not enough- Not in the world of Tensions between Washington and President Junius Jayewardene package is due next month), sidered. The country's 21 has refused to meet the monk, that further market opening international banking which grows daily more complex and sophisticated. Tripoli have increased since guerril- unions have a membership the Venerable Ananda Thera, of necessary la attacks on the Rome and Vienna nearly jm. measures might be Today, AMRO has an international banking capability precisely who is secretary of the 7,000- (“if only to correct the per- airports on December 27 tuned to institutional, commercial and coiporate needs. Indeed, we strong nurses' union, because, A successful strike by doc- ceptions about the relative A US Navy task force - including he says, his conduct is “un- tors for a monthly pay rise of open-ness of our markets"), are built around them. the aircraft carriers America, Coral Buddhistic" and a violation of Rs 1,000 was followed by a that Japan must offer more Why not get in touch and test our competitive edge. We’ve got Sea and Saratoga - is holding 10 the Tripitafea (the holy rule strike by dentists earlier this foreign aid (“ though this will all erf the Dutch business virtues as well days of manoeuvres in the southern book) which forbids monks month. not itself help the Im- from associating with women's some export Mediterranean. The exercise is • The National Christian balances**) that OPERATOR organisations. restraint, though undesirable, scheduled to end on April 2. Council has asked President will have to be maintained It is the fifth exercise held by the The nurses' union was pro- Jayewardene to “ensure that scribed and that direct capital invest- US Navy in the area this year, but on Saturday by the Gov- every person arrested under the ernment under emergency Prevention ment overseas should be B351SS neither aircraft nor ships have of Terrorism Act regulations. Mr Thera yesterday (PTA) or under emegency encouraged. crossed into the Gulf of Sirte this regu- Bank answered the renaming Amro ban by lations be produced before The official refused to year, officials said. a the union and carrying on re- magistrate within 48 hours, with comment on the Bank of Ainsterdarn4k)tterdamBank While there have been no inci- gardless from his headquarters, a report setting out the per- Japan's “view” on the yen dents, carrier jets have inter- US a suburban temple. He has son's identity, his permanent rate. But he felt that the US cepted Libyan Mirage and MiG-25 called for support from other address, the date, time and place Federal Reserve was set Jiqfans, jets several occasionsdiiriRff the .. on of arresL-apd against a further in 1 the place of deten- drop the ANTWERP HAILE BEIJING BERLIN BERNE BONN COLOGNE COLOMBO DVBA! tH'SSEUXMF PRAKKFVHT GENEVA HAMBURG HONGKONG HWSTTWS JAKARTA LONDON manoeuvres. Mr Bonnie de Mel, Finance tion. value of the dollar. LOS ANGELES MELBOURNE MONCHENGLAD&AGH MCJSCUH’ MUNSTER NEW YORK PARIS SAN FHAfcdMW SINGAPORE SYDNEY TAIPEI TOKYO ZURICH

u. ;•/. «».y •(

Thyssen informs m WI t# . ». -r. -i

• 0 TOKYO Business situation stable

of fiscal 1985/86 export business was weaker. Sales were In the first half Thyssen’s trading operations expand (October 1985 - March 1986) the slightly lower than in the previous year. P for services The cost burden of alloying metals Our Trading and Services Divi- N O N-STO demand our products and i the declining sales increased, substantially remained altogether at a high level. decreased because of . sion’s Thyssen’s external sales worldwide dollar exchange rate. in the first half of fiscal 1985/86. attained a monthly average of DM 2.9 The construction' market continued' New orders at Thyssen Industrie billion, a good 496 more than the year to be depressed. There was a strong remain strong • before.. All of the divisions operate at ^ increase in the sales of mineral oil profit products. Steel exports remained steady. a The firm demand for capital goods around the world had a favorable impact Steel Division Outlook on new orders at Thyssen Industrie. sales slightly down In most of its business sectors* the level We expect general economic The trend in domestic business of capacity utilization and earnings trends to remain favorable for the was good. However, export business with improved appreciably. Sales have also second half of the current fiscal year. the USA was more difficult In other shown a strong rise. At present, we are expecting to again export markets some major orders were attain the result of last year. Good work load booked, but at lower revenues per ton * at Budd continues Resolutions of the because of the decline in the dollar stockholder's meeting exchange rate. Sales were slightly During the period under review, below last year's level. the demand for automobiles in North On March 21, 1986, the stock- America remained at a high level. holders of Thyssen AG adopted the Thyssen Specialty Steel Division: All of Budd's plants are operating at resolution to appropriate the net cost burden tighter full capacity. Budd's sales again earnings of the past year for the Overall demand for specialty attained the high- level of the pre- payment of a dividend of DM 5 per steel remained steady, but here as well. ceding year. nominal DM 50 share. Including tax credit,, our resident taxable stock- holders will receive a gross dividend

Thyssen worldwide 1984/85 (October 1, 1984 - September 30, 1985) of DM 7.81 per share. The other proposals of the Supervisory and External sales. Thyssen worldwide DM 34.8 billion Work farce (annual average) 128,000 On April 1st Japan Air Lines will be On all other days we will continue our the Executive Boards ' were also approved by a large majority. These bringing Tokyo closer to London. one-stop flights from Heathrow to Tokyo concerned, in particular, several capital - via Anchorage, including two on Saturdays. , ThatS when webecome the onlyairline procurement measures to give our non-stop flights from London And, of course, alf our flights offer the to operate corporation greater financial latitude. to Tokyo, offering the fastest route to Japan Japanese hospitality and serene efficiency from the U.K. that have made us the world's number one Balance sheet total DM 19.1 HI. international airline.* Steal DM 11.5 bat The flights will leave Heathrow at 1920 every Tuesday, arriving in Tokyo, on JAPAN LINES Eflfty DM 3.3 HI. ! MR Specialty stud * DU 3.BMI ? Wednesday at 14 55 saving almost 6 hours © Capital grads 1 * Everything you expect and more. Capital expradtan -DIL394nN. . on normal flight times. and manufactured cultural. "IATA Statistics. products Depreciation and /y. DM 1164 mM. i- *' V anurtoafioa

Mug Net 'Kura DM 472 Dtil. DM MM. and services A IN

Absolute dividend DM ISBmiB. meant THYSSEN AKTIENGESELLSCHAFT .

March 25 1986 Financial Times Tuesday 6 AMERICAN NEWS crusade Debt help Terry Dodsworth reports on the small-town labour dispute which has become a national GM plant needed fast in Canada Hormel strikers fight a two-headed dragon warns Latin comfortable life- low-cost, privileges anti apart?" he demands. “We can It is this stubborn defiance in around half a century, the work- ing competition from gets C$2bn BY seven o'clock in the evening, pro- the consciousness of the face of virtually over- force had settled negotiations non-unionised plants, the against a two- the Labour Hall in downtown raise ^We are up America America. whelming odds that has the fessional management which re- Austin, a small mid-Western workers throughout made without a dispute and in dragon." says Mr are being the Hormel family has headed Peter Montagnon generously-sized clai^ They know they the Hormel strike something immediate post-war era tbe placed describing the union By investment town of the labour force, Guyette, Costa Riea a hive of treated wrong.” special. Although the conflict Hormel plant was written up trimmed of concentrating first on in San lose, board bouses, is at Incomes and policy By Bernard Simon In Toronto so This is clearly not the lan- has clearly split the local work- by academics as an example of nibbled away for tne activity. Two hundred or no one improving conditions INCREASED commercial bank sturdy, blue- guage of defeat, but is it the force, the hard-core opposition enlightened management prac- automated. Virtually in the indus- MOTORS’ Canadian men and women, The new low-paid workers to Latin America on GENERAL padded uncom- language of a lost cause? A to the wage reductions ordered tices, leading the way with a likes the changes. “ union agrees with lending subsidiary to spend CBSbn collar workers three-*nd- try. The favourable terms is an is against a Minne- few hundred yards away, behind by Hormel have made the dis- 52-week notice of lay-offs, group plant built in Austin that we should more its car promisingly largely the company priority if tbe US imua- (£lbn) to expand and into the the eight foot wire fence hur- pute into a national crusade. incentive systems and self- a-half years ago, a huge, sick like urgent sota winter, swarm take cuts and become debt crisis is truck plant as Oshawa, east of built during the strike windowless, hanger-tike struc- tive on easing the conference room. Children riedly rest of the industry." into of tbe com- main ultra-modern widely hated by tne the succeed, a senior Argentine Toronto, one as though they around Hormel’s ture, is the opposition ox to facili- run arouhd as they see To counter here. pany's largest assembly church social. factory, things are returning to workers, a symbol, leadership, official said were attending a mechanistic the national union Baker. VST ties in the world. friendly, normal. About 1,000 workers counter it, of a remote, Since Mr James The mood is wferm, To the opposition of the national the Hormel workers have The centrepiece of the new flood through the gates at the managerial style. Treasury Secretary, launched down-to-earth. turned to a new type of trade Investment will be facilities for the un- beginning of their shift, unham- union leadership, the Hormel workers have initiative in Seoul last It is hard to equate “Workers there deserve the union activism, hiring a New the such assembly of GBTs planned the pered by the meagre picket there has been no ruffled good humour of money.” says Mr Jim Morgan, York-based labour strategist, Mr October new mid-size car model, known lines that were neuterede a few turned to a new type of trade union activism, improvement in finan- gathering with one of the who disagreed strongly with the Rogers. Under his guid- tangible as the GM 10. The Oshawa has seen weeks ago by the intervention Ray flows to the region, while bitterest strikes the US hiring a York-based labour strategist. strike and has left the union to ance they have run a “ corporate cial plant is the third and largest harder to of 800 national guardsmen. New has continued and key in years—still become manager of the local campaign " aimed at embarras- recession site chosen by GM In North virtually unani- Mr Daryl Arnold, the locally- Prices have fatten believe the unbelievable. export . pro- says that Under his guidance they have run a “corporate Pizza Hot. “It’s sing Hormel’s financial partners America for the GM 10 outsiders that the born plant manager, of the Mr Mario Brodersohn. mous view of You walk Into an area and at bringing every possible further, ject against the about 400 former strikers are an Secretary of Finance, said. dispute, staged campaign” aimed at embarrassing Hormel’s size of a football field and pressure to bear on the State Mr George Peapples, presi- Company, now back at work along with ouce of have too much tune Hormel Meatpacking you can see are hundreds of idea is a ‘•We don’t dent of Canada, said yes- 600 new recruits. All have partners’ company—the latest GM is slipping inexorably towards financial of people in because of WhMtaff commissioned hired at lower wages than hogs and hundreds national boycott campaign of to lose terday that when defeat Mr Jim Guyette, presi- been flashing international prices, ne sain “ paid year ago and white coats with knives Hormel products. of in 1987 the Oriiawa GM Auto- the local union, strides were being a dent of introduced everywhere." some degree, the Hormel in an interview.. plex ” as it is to be known, to scattered the company has a To which »s to begm onto the platform followed by radical trade determination of work for this Argentina, will produce 720,000 vehicles SB-year- two-tier remuneration system in widely could this system be dispute is a test case applause. A vigorous schedules. Austin, tbe How negotiations with bank c”*J**®” Tbe expansion will which new recruits will earn unionists throughout the US. home of Guyette and radical attempt to reshape a year. old, still alert after 14 hours began canned spam, was acknowledged challenged? Mr month on ° m > old hands. The walk-out in Austin American trade unionism with next . also include production of the non-ston organising, he does less than the The the strikers turned to the union hadw" uStort of In a conventional row over as the high-productivity, low- ideas. For the time being, rescheduling nackage. GMT-400 truck. like a loser. other 1,000 or so strikers will and were immediately met with new export, not look the management cost plant in the industry. still cam lbn f£1.45bnl m facility consists only get their jobs bade—if wages when problem for the jury is out on the *2 The proposed He does not behave bke a another crucial since 1984 because of adjacent assembly ever as replacements for announced plans to cut salaries So far, so good. The Austin declining paign. But in Austin, where the receipts of three firebrand strike leader either. — workers in America’s prices. plant leave. from $10.69 (£7.22) to $8.25 an plant was a typical creation of strikers have decided to sue the failing grain plants, a new stamping The meeting is more of a dis- people who basis industries—the enfeebled weakness m sup- to the pressure on the hour but as the strike bas gone the post-war US expansion, national union over their with- Their continued and a network of nearby cussion than a rally, a tactical To add state of tiie established trade significant on, deeper resentments have strong, productive and paying drawn strike pay, the struggle would lead to a pliers. GM has spent CS42bn over picketing methods, strikers, the national leadership uni«n movement. 1986 debate surfaced alongside the battle wages which were envied goes on. deterioration in its current on the Oshawa plant in tbe and finan- of the United Food and Com- by legal manoeuverings to balance of paymento past five years. mercial Union, which has been over pay. At the root of this its neighbours. But since the Like the industries they “All the odds seem be account cial problems. It is only towards last year by refusal to compromise is frus- early 1970s, it has equally faith- the unions are under against us,” says Mr Guyette, was in deficit Mr Peapples said the new tbe end that Mr Guyette sud- at loggerheads with Mr Guyette represent, which supporters since the be- tration over a decline in living fully tracked the setbacks of pressure from deteriorating “ but the most dangerous person $l*bn, he said. investment wil create "a hilly denly catches fire like a hell- and his the of dispute, withdrew standards that has been inexor- traditional American industry finances and withering member- in tbe world is someone wbo Brodersohn said integrated, totally synchonised fire preacher and reveals, for ginning the Mr ably eating away at Austin for as the economic conditions ship lists but the Hormel believes in what he is doing. We on Argentina s economy manufacturing system, tying an instant the intense emo- strike pay a few days ago, urg- inroad tbaton well over a decade. underpinning its prosperity strikers believe that they have believe that we are in a right been comparable to together our resources and tional charge that is keeping ing the workforce to negotiate had have been chipped away. a national and just and moral fight. It of falling oil pnees. The suppliers into one eight-month-old dispute a surrender. Within hours, Mr The economic deterioration been betrayed by Mexico those of our the typifies what is happening in that grain autmotlve Guyette was at a rally in New bas been all the worse because, Hit by the consumer’s shift leadership that has lost the will only difference was of the most modern alive. the Labour movement in more slowly manufacturing complexes in M Hoes the company have the York vowing that the fight in its heyday, Austin was a away from meat products and to fight because it is more prices had fallen town. For tinder pressure from intensify- interested in preserving its America and there are a lot of a longer period. the world.” right to tear this community would continue. model company over trade unionists who can equate Unlike Mexici however. situation.” with our Argentina is making no explicit requests for interest rate relief. Mr Brodersohn said sinroly that at It must negotitae more loans Reagan opts lower interest margins from bank creditors. Argentina has an Inter- for ‘quieter’ nationalMonetary Fund pro- gramme and is due to negotiate a new one in April. It had also Contra tone taken tough economic measures By Reginald Dale, US EcBtor. last year, but social tensions Hi Washington were rising. “ Given the continued drop in President Ronald Reagan export prices there has been no appears to have changed his alleviation, no solution to the tactics In his continuing problem,” he said. battle to win military aid for Brodersohn declined to the anti-government Contra Mr specify Argentina's financing rebels in Nicaragua. After needs for this year, but he said the shrill, and sometimes would be seeking a new bitter, debate that preceded he for raising money from the rejection of his aid plan formula by the House of Representa- bank creditors. last $4.2bn tives on Thursday, Mr Reagan The country’s to syn- now intends to adopt a credit took eight months “quieter” tone as he seeks dicate because of delay In win- from smaller to restore the funds in the ning subscriptions Senate, his aides say. bank creditors. Argentia could White House officials and not afford to wait so long this party leaders believe that Mr year and would be forced Reagan has a much better against its will to run up in- chance of winning support for terest arrears if the syndication his $160ni (£69m) aid process could not be speeded up. package in the Republican- led Senate, which is due to start debate on the proposal Trade surplus today and vote later in the week. Mr Reagan's plan calls for fails to cover $30m In non-lethal or “humanitarian" aid, such as debt payments food, clothing and medietne, to replace a similar $27m By Peter Montagnon programme that expires at INTEREST payments on Latin the end of this month and America's $350bn (£240bn) $70m In military aid. Under a foreign are now major last-minute compromise debt the in region’s balance of offered on the eve of the factor the problem, Antonio House vote, the agreed to payments Mr Grtiz Mena, Inter-American Tfou won’t win tomorrow’s withhold S75m in largely mili- tary aid for 90 days, to give Development Bank president, yesterday. negotiations with the Sajufi- said here Debt service payments nista Govemmnet a last total- chance. ling $37bn last year more than One of the reasons why the offset the region’s $34bn trade surplus, poring business battles with offer failed in tbe House was a stark ililemma that tbe compromise would for policymakers in individual not have been written Into countries, he told tbe bank's law, leaving some members annual meeting. suspicions that Mr Reagan Continued efforts by Latin might fail to put enough effort America to service its foreign yesterday’s office technology. into the negotiations. Mr debt through fresh borrowing Reagan said at the week-end and trade surpluses generated that he would be prepared to by recession-led internal ad- see tbe proposal written into justment will worsen the debt problem Everyone knows business today data processing which uses the same law In the Senate, over the longer term if and The package would then go they are not accompanied by the has become more competitive, more of commands for everything. It interfeces back to the House, where creation of new productive White House officials are con- capacity. a battle. including 11 A struggle for growth, a fight with most other equipment, fident that they can win some The unilateral implementa- for profits. IBM.* And even lets you interrupt work form of military aid In a tion of internal belt tightening second vote set for April 15. policies by Latin another; American But to win this battle, companies on one job to carry out before It was not dear yesterday, countries has failed to produce however, whether House the desired need the right approach, the right busi- resuming file original task. the results,” he said. would be prepared to vote Cumulative loss in. domestic ness ammunition on call day after day At Data General, we believe that we immediately on whatever Is investment since 1982 had been year after year appreciate better than anyone else what approved by the Senate, or $l60bn, imports have slumped whether members would bv 40 per cent and the share of At Data General we understand this today's top innovative companies are insist on first looking at capital equipment In imports Democrat-proposed alterna- has fallen steadily. need; our philosophy is built around it seeking. tives. Far from involving a clash has received A philosophy built around providing And we are better geared to deliver • The US initial between stabilisation policies reports of a large-scale and development programmes, total solutions for our customers. Helping advanced solutions, while others are still Nicaraguan force crossing the or 10 Jail ire of the two border Into Honduras, a r J l to customers win when the competition is offering yesterday^ technology mesb. tbe challenge facing eco- senior Administration official nomic policymakers is centred really working hard. If the battle for said, reports from you are out to win AP Wash- on devising suitable combina- Thisiswhy ington. “Wen over 1,000 tions of short term Data Generalhasbecome growth and profits, you need to talk to Nicaraguan troops” measures were In- that are compatible with one of volved in the operation the the worlds leading providers of Data General first about Office, Business that promotion of vigorous long-term was said to have begun Sun- economic growth, the new generation of integrated office and Industrial Automation which is. at day, making It larger than •** a/.omation systems. Please call or write to Rob Baird at the previous 100 incursions. tab.e/Mie Our Comprehensive Electronic Data General Limited, Hounslow House, Office is a highly integrated 724-734 London Road, Hounslow, approach to word processing, Middlesex TW3 1PD. (01) 572 7456. Argentine Government tuts electronic mail, information *!BMisazeciis«rediradeiiBifcirfInienisiional Business retrieval, personal computing Machines Corporation. at national strike plan BY JIMMY BURNS IN BUENOS AIRES

THE ARGENTINE Government appeared to underline yesterday raised the stakes in Government's determinat its ongoing battle with the stick to its current wage i country's trade unions by tions and its commitment directly appealing to the popu- International Monetary Fi lation to boycott a ten-hour to fJF a permanent br: national strike called for today. £*. inflation rat Zn the boldest official poster pexaenced in recent campaign since years, the mid-term officials elections last November, the Uiat the unions are ruling Radical Party beini claimed l1 pUrPOses that the General Confederation ho«f° by j of Labour (CGT) was no longer 100 lA*T 18 staging the legitimate representative of g it I r Data General strike 8uS? JHr the workers. It also accused AlfonsinSHI* came to Labour leaders of deliberately now December, 1983. trying to undermine the g Government’s success in bring- a Generation ahead in Office Automation. ing down inflation. sumffgnA The propaganda offensive 001 wSJTSSbS ?eb£! - - - £a*i . r 17 r ;

Financial Times Tuesday March 25 1986 If YOU COULD TEST-DRIVE IT I BLINDFOLD,WOULD YOU GUESS WHAT CAR IT WAS?

We wouldn’t recommend this experiment for (xsnstiijction, and the 9 coats ofpaint and primer real, but itis m inte]festing hypothesis nevertheless. that protect the bodywork. Imagine it He mentions the 13-outlet heating and The salesman guides you into the driver's ventilation system, the 17.2 cubic foot boot, the seat It feels reassuringly firm, yet so comfortable it central locking. could have been made specially for you. You can fed the power-assisted brakes for

(In fact it has an adjustable lumbar support yourself and a 12-position height and raise adjustment) “A JAGUAR?” The door closes with an effortless dunk. Wrong again. "IT’S A MERCEDES.” Against your better judgement, you start to Good guess, but the wrong one. lower your sights a bit You did, after all, mention a Somehow, you can sense the spaciousness price limit of £11,000. inside the car. But what car of that sort of price could give Your hands fall naturally onto the steering you this sort ofride? wheel, and your feet onto the pedals. Unable to contain your curiosity any longer; You switch on the ignition. you pull into the kerb and pull offthe blindfold.

The engine fires instantaneously, dying to a “A VOLVO! I KNEW I COULDN'TAFFORD IT.” barely audible pure Yes, it’s a Volvo. The 740 GL, to be precise And "A DAIMLER,PERHAPS?” yes, you can afford it Perhaps, yes. But actually no. Amazingly the car you thought could have As you pull away from the herb (don’t worry, been a Mercedes costs omy £10,271. the salesman gives you directions) you notice the You turn to the salesman sitting beside you. lightness and precision ofthe power steering. In one hand, he has an order form You accelerate briskly through the gears, for a brand new Volvo 740GL In the othei; a pen. presumptuousness, you sign. enj oying the smooth power ofthe engine. Despite his - This car is no slouch. pTo: Volvo, Springfield House, Princess Street, Bristol BS3 4ER 1 “IT'S ONE OF THOSE BIG BMW’S.” For a brochure, phone (0272) 217082 or post the coupon. 1 74/58-Q5-F-12. No it isn’t Mr/Mrs/Miss. Address The salesman, feeling rather pleased with .Postcode. himself hdps you with a few dues. THE 1986 VOIVO 74aFROM £10271. He tells you about the car’s wdded box-sted .J

ANDVAT (DELIVERYAND NUMBER PLATES EXTRA). CORRECT AT TIM EOF GOING TO PRESS. CUSTOMER INFORMATION TEL IPSWICH (0473) 715131. THE 1986 VOLVO 740 RANGE STARTS AT £10,271. 23 LITRE ENGINE. CARBURETTOR AND INJECTEDVERSIONS AVAILABLE. PRICES INCLUDECAR TAX . .

Tuesday March 25 1986 Financial Times 8 WORLD TRADE NEWS Gwagen Financing problems Japanese urged to scrap export targeting steps up BY JUREK MARTIN IN TOKYO electronics go ting consumer JAPANESE companies were yes- now more vulner Land Rover hit Spain-China export and was thus terday urged to abandon TALKS between Japan and officials on establishing the Than ever to call came from lu- -rj £ digital targeting. The the US on bilateral semicon- system. *n **ie professional Dr Wisse Dekker, the outgoing ductor trade remain unre- competition Hiti officials, however, had market . president of Philips, the Dutch solved, according to officials world $375m joint deals no comment yesterday on dais Agreement in setting electronics group. at Japan’s Ministry for Inter- and Financial Time* Reporter in speech saying that the two sides re- for products Dr Dekker argued a nationa1 Trade aM Industry stududs BY DAVID WHITE IN MADRID that “ of the lessons main divided on a “number SSems was equally here one (Bliti), Carla Rapopert possime CHANGES are to be made to $10m from the US of fundamental issues.” that it made INDUSTRIAL COOPERATION to have survived is a Japan can learn reports. in the organisation which makes citrus the concept of officials investigat- - orderly competition. projects between Spain and plant for processing Europe is The talks win move to US are ttos the light four-wheel-drive G- is a lesson concerned that oil refinery fruit oranges and mandarins multi-nationalism. It Washington this week with ing three separate allegations He was so that it will compete China involving an — to pass in the wagen - province. to be learned with some attention that Japanese semiconductor might not come and a cement ivories worth —in Zhejiang expected to be n tele- more effectively against the since I think it is con- firms have been dumping of high-definitio jointly about $375m (£267m) This ventures involves the urgency, focussed on ways to adjust the field dangerously UK’s Land Rover company. nected to the issue of export prices of Japanese their products in the US mar- “We are have fallen through because of Spanish company Empress semicon- S. choice that The G-wagen is produced in targeting.** ductors ket close to making a financing difficulties, according Mercantil Exportation (Emex). “ to the US. Austria by Stey^Daimler-Puch, “ Targeting,” he went on. is set up tom to Spanish Government officials. Spanish authorities It is understood that Japan NBti officials did say, how- would is sold in many markets as The strategy that must Japanese MUSE and The cancellation of the pro- $I20m soft loan a Japanese is leaning heavily toward ever. that they expected an systems; the vehicle. offered a It is a short- European MAC a Mercedes * believed to reflect aid and become obsolete. accepting a US proposal for official annoancement to be system and the jects is facility from their has been Siegfried Sobotta, manag- exchange re- help term strategy that a price monitoring system released at the Fri- Dr China's foreign development fund to taffis on of Daimler-Benz’s enormously successful to Japan, co-ordinating chaos such a situation ing director serve problems. finance the projects, with a 30- and with US day, ^“^Ihe has met its goal of the spec- division, said sales will collapse of the two con- period, 10 in that it would create across G-wagen The year repayment in- two sectors— a heavy blow achieving worldwide domina- trum of video equipment be split into one tracts represents ..sirs' grace and 2 per cent — research and development, not be able to sustain the entire which Spanish ^ tion in a long list of industries. compatibility and to tackle the Land Rover in for the hopes interest production, sales and serrVre. infrastructure of education, re- and manufacturers per ** But success gained by that transmission incompatibility the “workhorse” part of the contractors This loan was to cover 40 Japan's In the electronics field. Dr search and industry to bring prob- expanding trade strategy will not be in “ make our previous market, the other to challenge have placed on cent of the export of goods and Dekker argued that co-opera- the world the full benefits of would best interests In the long term, standards for video Ran e Rover in the luxury with China, .. for refinery project tive competition lems with g services the are all painfully "—in the shape the information society. Is that inn- The projects are a 8350m oil the other since, as we cassette recorders seem sector. and 30 per cent in of joint ventures—was the only what the Japanese want? I Wisse Dekker . . a Spanish con- aware, the US and European Dr refinery, which route survival. “1 ing." . . u, The G-wagen might even fol- two ventures. governments will eventually be to do not think not.” must be learned-** considerable sortium led by Tecnlcas was to have Dr Dekker has toe Range Rover into the The remainder to deal with dying indus- believe, as resourceful and He thought that under his 'vorked low Reunidas and Centunion was to normal export forced dupe ceramic components for experience of Japan Chf (with a 2BJitre petrel- been covered by a result of export tar- successful as the Japanese are, stewardship. Philips had made US have helped build in the tries as boards. in Tokyo from 1966-71). He version) depending on credits. as last- that they alone can cany the significant strides in the co- circuit engined Chinese province of geting. Protectionism a detected a “change of southern Neither Tecnicas Reunidas high-technology industries. operative direction, with ven- It wa& critical, he argued, for said be bow well sales of toe British and a $24m cement resort defence is always lurking senior Japa- Fujian, nor Asland were prepared to “If the course of talent from tures with MatsUshita. Sony, electroiucs companies to remain attitude” among vehicle go there after it is in the northern Liaoning In the background.” industrialists in the direc- works comment on the development defined multi- Europe and the US dry up Kyocera, and—announced only involved in consumer products. nese launched next year. Dr Sobotta : involving the leading Dr Dekker co-opera- region, said it was had tion of multinational yesterday. Asland nationalism as “ the full com- because they have no industry yesterday—with Nippon Steel He felt that US industry added. Spanish cement company director tion. awaiting the report of a ” business activities to feed them. Japan alone will and Nippon Cherai-con to pro- made “a big mistake” in let- is already com- d. plement of The G-wagen Aslan had just returned from a were among the few who peting head-on with Land Rover They to Chino. deals in hand when Mr visit for several important military - mature Other cooperation projects Felipe Gonzalez, the Spanish contracts, including toe Swiss V mooted last year included manu- seeks air Prime Minister, visited China Finland orders SAS Army deal for between 3,000 facturing operations for shoes, four -wheel -drive last September. West accused over oil prices and 6,000 pro- telephone equipment and baby Of the main industrial modernisation of fees accord vehicles. to be food and the FM 2.2bn arms jects considered then BY OUR FOREIGN STAFF Sobotta also said the G- one paper-making facilities in China. Dr virtually tied up, the only wagen had a 50-50 chance of THE SOVIET press has accused 1984 to 595m tonnes last year. According to Mr Jan Stan- for Scandinavia from Moscow beating Land Rover for an Aus- the West of conspiring to drive The striking omission from kovsky, of the Vienna Wito tralian army contract which will FINLAND has ordered weapons oil prices down. The concerted the Pravda and Izvestia com- economics research institute, an By DavM Brown fa Stockholm involve the assembly of 2,600 aryj ammunition worth public attack also seems mentaries was any direct refer- average price of 820 a barrel Aerospatiale SAS, the Scandinavian airline, vehicles in Australia. India to sign FM 2Jfon (£268m) from the designed to show Moscow’s ence to tiie impact of plunging this year (compared to 828 in the biggest Is seeking agreement with the launched Soviet Union in support for Opec in the current prices on the Soviet economy. 1985) would cost Moscow 8*£bn The G-wagen was in of deal by the country's defence oil to give Soviet (£3.2bn) and an average 815 a civil aviation authorities 1979 from a £22m new factory at crisis and Soviet officials have given no helicopter contract forces. The deliveries will span barrel price would cost it 87bn- Sweden, Norway and Denmark Graz, Austria, initially owned citizens virtually their first public estimate of bow much the next five years, Olli to equalise fees charged on jointly Steyr and Daimler- warning of the crisis’ impact on hard currency the Soviet Union Hard currency exports — by BY JOHN BUOTT IN NEW DRHI Vtrtanea reports. domestic and international Benz, Western Europe’s largest toe energy-dependent Soviet is losing as a result of failing admittedly less than half total for the same order weapons will go Bights wito Scandinavia, David commercial vehicle producer. INDIA is to sign a contract competing Most of the economy. oil prices, or bow large a pro- Soviet exports — slumped to last year India decided to ground forces. These Brown writes. later this week with Aero- but to the Pravda, toe communist party portion (60 per cent according 832.6bn last year compared to After suffering substantial accept both offers because of the an unspecified number would seek to spatiale of France for 27 Indude newspaper, claimed toe oil price to Western estimates) of Soviet 83&5bn, according to Plan- The proposal losses in toe early years, toe law outlay in foreign Dauphin helicopters costing extremely of T-72 tanks which will rein- war had been manipulated by hard currency export earnings Econ, a Washington-bared treat Scandinavia as a single G-wagen division is now break- involved. about 850m (£35.7m) to be de- exchange force the existing T-72 on acc nts for. market from the standpoint of ing-even, Dr Sobotta went on. also leading Western oil companies ou research organisation, turning a livered to the country's new Earlier this month, India divisions. Also included are navigation and other last year 4> and their governments in “a Western officials and analysts $6bn trade surplus into 8 8300m Gwagen output Helicopter Corporation. ended a long-running battle various types of armoured per- fees, starting as early as this which form of neo-colonialist plunder are now scrambling to come up deficit over the same period. readied 8,666 vehicles of between Boeing and Airbus sonnel carriers and anti-tank autumn. Among the reasons for This follows a contract signed of developing countries.” with their own estimates of toe about one-quarter went to mili- Industrie for an Indian Airlines impact of falling oil is growing com- Westlands of the on missiles. The the SAS move tary customers. with UK signed a contract Izvestia. toe government oil crisis impact on the Soviet helicopters order when it Previous purchases include prices has been accentuated by petition from regional carriers. current contracts, March 15 for 21W-30 costing newspaper, cited approvingly economy, because of the knock- Among for 19 Airbus A-S20S Swedish Draken fighters and the dollar’s simultaneous fall ticket and closes a series of negotia- what it said was a suggestion on effect on Soviet imports The price of a normal Steyr is supplying kits to Peu- £67Om with an option for a British Hawk trainer Jets against other Western cur- tions lasting more than two from Algeria, Libya and Iran from the West, borrowing bom Stockholm to Oslo, Nor- geot The French group incor- further 12. from rencies because Moscow sells years for the aircraft which to stop Opec oil production for the West and alternative means way, Is now almost double that porates its own engines and Airbus was persuaded to ofl tor dollars but boys most of were originally to be ordered two of finance of the domestic flight between transmissions before selling the agree in principle that some weeks in every month. trade such as counter- (except grain) from India's offshore oilfields. Jakarta eases curbs its imports Stockholm and Gdthenfaurg, vehicles to the French nanny for components for the aircraft Some Soviet officials have trade. Western Europe. although the flights are roughly at toe rate of 1,000-2.000 a year. Under pressure from India, be in India and Indonesia, pressing tor greater recently been claiming that toe Mr Malcolm Baldrige. US should made the mum* distance. The differ- G-wagens were Secretary, last Soviet trade officials in . Only 432 sold France has agreed to supply this is being explored by Indian trade with East Europe, is to reduced volume of Soviet oil Commerce week tight-lipped ence in price is partly attribut- in the last year, compared eight of the 27 Dauphins free official* with Airbus Industrie. allow Soviet bloc investment exports (down by some 25 per estimated that; with every |1 Moscow remain UK the consequences for able to tiie sharply higher tees with combined Land Rover- and to provide softloans for half Royal Nepal Airlines has without prior recommendation cent in 1985) was partly drop in the world oQ price about . • charged on international Sights. Range sales the cost of the remaining 19 at ordered two Boeing 757 aircraft by the national intelligence designed to help Opec stabilise draining the Soviet hard cur- Soviet imports this year, except Rover of 10422. but authorities the D-B-owned import company 2$ per cent over 28 years. with an option for a third. The agency, the official Antara News toe market. To most observers, rency exchequer of 8500m, to stress that Moscow will be Civil aviation wel- substi comed principle, although it has no intention of lowering The Westland helicopters are aircraft will be powered by Agency, said yesterday. Renter it was simply toe result of ever- Moscow had lost as mnch as keener than ever to tute the where has been formally tabled, the price, which is the major entirely covered by grants from Rolls-Royce RB 211/535 E4 en- reports. A trade delegation is slacker Western demand and $5bn since last November, when for Western imports pos- not but said it Involve com- barrier to increased registra- the British aid budget Origin- gines costing £22m. Deliveries to go to six East European domestic Soviet production, the oil price tuned down more sible with Soviet or Comecon would plicated negotiations. tions. ally, tiie two companies were start m September 1887. countries next, month. which fell from 613m tonnes in steeply. goods.

FACE TO FACE WITH THE FUTURE

Hanover Fair INDUSTRY in April is geared to the presentation of modem industrial tech- notogyfromthroughoirtthe world.The new dynamic concept recently developed for this Enjoy the world’s NO.I Airport famous international trade fair - which has been known for decades as the world's largest Duty Free Shopping Complex. exhibition of capital goods - win help Hanover The duty free bargain centre Fair INDUSTRY to set new standards of of the world. excellence. Choose from our excellent It is not surprising that key personnel t* .,i of Items r variety exclusive such as managers, engineers, designers, buyers •nciuding jewellery, perfumes, representatives of the skilled trades and - electronics, cameras, — m W HI specialist dealers should come to the Hanover watches, gold and our Fair. After aR, the "Fair of Fairs* provides • ' recently introduced fur collection. ' r ist*' information on a wide range of industries and Fly via Dubai and pick-up a permits an insight into the latest develop- world of bargains on your way ments in industrial technology.

* HANOVER FAIR Sf 'S • X- industry^april 4* World Center for Industrial Teclmologtes

World Market for Electronics and Electrical Engineering

Industrial Automation: Control Systems Research and Technology Energy ICA- International Centre for Plant Engineering, Transport and Traffic New Materials Stotontrading Surface Treatment Tools Factory Equipment CeREG - Centre for Cleaning Technology ^ Property * II Maintenance and Waste Removal m tt pit’ Advertising and Publicity Centre Hannover

ftuit rnfy*Z MesseM Ftt Uter information front Arnold e Br*etide.S*xjertte*iRoad. Sandentead, Sbytfi Croydon. Surrey 02 QA* 7eL Ql-651-2m, Wvc 8951514 INDUSTRIE 9.-16.41986

- _ Du BA. 'NTERN^nQfSVL^j:P=>op T DUTY FRE E SHOPPING COMPLEX--

k. >*Sf

'owr satetfUEi •owsei imntHjr in’estia i be

13

riGL’jtia'tsft'

AN £8,000 BMW. (OR IS IT THE OTHER WAY ROUND?)

for different reasons. Well, with the smoothest of clutches and the precision ' Youll often hear, people say that BMW cars are all As is the interior, though you ofthe 5 speed gearbox, you'll find it hard to believe you're not alike. That’s not surprising really, because that’s exactly how Since how you feel inside a car affects the way interior driving a much more expensive car. they're meant to be. drive, BMW have pioneered extensive research into ergonomics. Yet the precise, direct steering and firm suspension Unlike some car manufacturers, BMW build. their dashboard ofthe which is have more to do with a sports than a saloon car. £8,000 sports saloons to the same unerring standards as One of the results is the 316, unlike any other (BMW’s excepted). But, perhaps the most surprising thing about a BMW their £35,000 sports coupes. car is under the bonnet it curves around the driver, so that the most used 316 Thus, a 1.8 litre BMW 316, for example, is built from controls are the easiest to reach. With a top speed of 109 mph, it may not have quite the the same quality steel as a 3.5 litre M635CSi. Another result is the advanced cockpit electronics same urgency as the 158 mph M635CSi, but it does share Steel that is tested against rust, stone chippings, and such as the service interval indicator, which makes for more the same engine block with the^fastest BMW of how well it takes paint efficient driving. The Brabham BMW Formula One car. Though, with a 46 stage paint and anti-corrosion service according It tells you exactly when you need a Fortunately though, it doesn’t share its price. process, to say a 316 is painted is something of an under- how tothe way you drive. statement -It’s a shining example to all other cars on And how do you drive in a 316? THE ULTIMATE DRIVING MACHINE to retain their value.

AT TIME OF GOING TO PRESS, INCLUDE CAR TAX AND VAT BUT NOT DELIVERY OR NUMBER nric. nnnci c PDnu ra thf RMtM mr procriRMANCE FIGURES SOURCE; MANUFACTURER. PRICES CORRECT :

March 25 1985 Financial limes Tuesday 10 UK NEWS

Hurd regrets failure to clarify BL Move to lift strike curbs Channon seeks over extradition position after collapse of deal rejected by Kinnock BY PETER RIDDELL, POLITICAL EDITOR of terrorist suspect the deal would be completed MR PAUL CHANNON, the Trade confusion and embarrassment over first PHILIP BASSETT, LABOUR EDITOR by the and signed at the meeting. \ BY BY IVOR OWEN and Industry Secretary, will this af- the apparent turnaround de- Despite pressure from some Tory ternoon attempt a House of Com- Government During the budget LABOUR PARTY and Trades m is unlikely that Mr warrants were sent from responsibility yesterday, Mr backbenchers it (TUC) leaders NINE new to accept for Ibis al- mons statement to clarify the Gov- bate in the commons Union Congress Channon will give approval today to London to Dublin yesterday to seek mighty mess?” He said there had ernment’s future towards BL. John Smith, Labour's Trade and in- moved rapidly yesterday to dis- policy management buyout consor- the extradition of Miss Evelyn been “slackness. Incompetence and This follows talks dustry spokesman, said the whole the tance themselves from a proposal the collapse of Rover about which for alleged ZRA terror- pffair and said tium for Land the Glenhoimes complacency.” with General Motors (GM) over the been a fiasco prepared within the party for Government still has reserva- .i ist offences. sale at BL’s trucks Land Rover that had spent £Lm on a wild the removal of all legal restrictions on Mr Hurd was careful not to criti- and GM Chi Saturday, Miss Glenhoimes tions. cise the IrishGovermnent arany of subsidiaries. goose chase. strike action. Dublin Party was released by a court be- the agencies writes: Mr Mr Neil Kinnock, Labour under its control But The fodications last night were Senior ministers yesterday de- Kenneth Gooding - extradition, cause of errors in he made dear his the BL executive leader, and Mr Norman Willis, TUC fadings about the that Mr Qumnon would be aide to nied that it had been pressure from David Andrews, warrants. general secretary, joined forces at a decision reached by the Dublin maifff Tory backbenchers which bad led who has been given leave of ah- Hurd, the ome only a holding statement Party Mr .Douglas UK H court when Fri- Land Rover man- meeting of the TUC-Labour pressed by Mr Ivor since ministers are still taking to the collapse of the talks on sence to lead the Secretary, told the House of -Com- liaison committee to condemn the Stanhrook (Conservative). stock. day. ministers argued that the agement buy-out consortium, ' said the failure to. The only mons yesterday that were hurt- proposal, which suggested not Mr Stanhrook, a lawyer, Government had knows about this last night that the delays secure the return of Miss den- argued There that the restrictions on striking im- was little attempt at West- had that, had a true spirit of reciprocity apposition for some time and Ndl Kinnock Norman Wlffis holmes was “deeply disappointing” minster yesterday to disguise the posed by the Conservative Govern- existed been prepared to ride it out rision before Easter. that the technical dif- between London and Du- Government's ment should be lifted, but that the terday’s meeting, with both the par- He said Labour dearly needed to He suggested discomfiture over the the failure of the blin, the extradition document the the view that delay in laws on strikes under the last La- ty ami the TUC insisting that no offer legal protections, to working ficulty that led to sodden breakdown of negotiations Instead, ministers argue that 1 share would not necessarily have been damaging to were too tight firm decisions had been taken on people, but there needed to be a extradition proceedings would not last Friday, especially in view of the problems had arisen because GM coming to a decision is hour Government ruled defective. resulted in her being set free statement of Trade TjmH Rover. Customers, staff and and inuiri be relaxed. the issue, and essentially shelving proper balance between rights and have in support of the GM poshed the Department English court. that deal in seeking a axe all becoming increas- The shift of both the party and the internal party paper. responsibilities, which the docu- by an He said had such a technical from the BL board. and Industry too far dealers provide. His repeated expressions of re- objection been lodged in England, deal over Rover which would ingly concerned as to the future." the TUC away from the idea indi- Mr Kinnock, told the committee ment did not Senior ministers, who had been announces fur- cates clearly a desire to try to mini- “No one round this table could gret far the failure to anticipate the the court would have been prepared give the US group future voting If Mr Channon that the document was highly unsa- surprised by the collapse o£ the both possibly agree with this document,” court's objection did sot satisfy cri- to adjourn the case for consider- control, in face of the Government's ther substantial delays the consor- mise the electoral damage that tisfactory and that its key weak- talks, were yesterday briefed by Mr offer prides thought the suggestions for he raid. tics on both sides of the House. ation before making any announce- desire to attain a major British role. tium will probably take its off ness was an absence of any proper Channon at a 45-minute at easier strike action might imply. Mr Willis agreed. He said the doc- There was strong criticism of .the ment. the table until the Government consklerationof ballots. the special Cabinet committee on GM last night continued to insist The suggestions are contained in ument could not be taken as a guide Director of Public Prosecutions. De- wiwfeps its position clearer. He said that in his view, ballots Mr Hurd invited the House to BL. Tie full Cabinet will hear a re- that it walked away because the a confidential policy paper drawn for future work cm employment Mr Gerald Kaufman, Labour's central the issue of employ- take note of the point Mr Stanhrook port this morning. partment removed Land Rover that, taking were to affairs spokesman, asked if Mr Andrews said a op by the party's staff, and unap- legislation. home pa«to had n i from tiie preposed deal. ment legislation. “Ibis is a vital shield-Sir Officials cautious view of the future pros- proved by its leadership. It was Mr Willis made the point, echoed Mr Hurd was seeking to yesterday refused to starting point for all trade union- pects of the business, the consor- meant to form part of the TUC- by Mr Kinnock, that the right to Michael Havers, the Attorney-Gen- There were ironical cheers from rule out a resumption of talks with Agreement had almost been ists, and if we overlook tins, we will financial projections show Labour Party discussions about strike was hardly central to consid- eral, who is responsible to Parlia- the oppostum benches when the GM. A number of Tbiy BSPs densely readied for GM to take an initial 49 tium's alienate our own suporters,"he said. business generates enough legislation to replace the Conserva- eration of employment legislation. ment for the Director of Public Home Secretary announced that, involved believe there will have to per cent shareholding in the Land that the together with epeh fund all the planned devel- tives' employment kws. Mr Kinnock said no one could im- Most employees never went on Prosecutions, or the director the Attorney-General, be new negotiations with GM in Rover company and get full control to urgently considering and capital expenditure - Disclosure of the proposals in re- agine the Labour Party being com- strike, and the party and the unions himself. he was the view of the problems of BL’s tracks later, the group emphasised. opment review including that needed for the Sher* cent issues of the financial Times mitted either in a manifesto or in should continue to concentrate on “Or," he demanded to Labour need for a of the procedures operations and of .GM's Bedford When GM was called to the fur- and handling ilnwimantc prompted heated discussion on fu- legislation to the proposals con- issues such as enhanced rights for Cheers, “in Hnrardanfte with this the the ther talks with Mr Channon late on pa van business. 12 ture employment legislation at yes- tained in the document individual workers, and ballotnig. Government’s style, is no one going needed in extraction cases. The mam mood yesterday was of Friday, same executives thought at Analysis, Page

Ajournal d’exeeption, Sign service d’exception. parce qu'ils ont besoin du Financial Times pour pouvoir commencer leur joumee de travail, celui-ri est depose chaque jour chez ses abonnes, quelques heures apres son impression, par un service special et exclusif ofthe de iiVraison par porteur dans les localites suivantes : Paris, Hauts-de-Seine, Lyon, Nice, Cannes, Monaco, Sophia Antipolis, Toulouse, Grenoble. L’abonnement annuel (service compris!) cdute 1540 F. Si vous.souhaitez, vous aussi, times privilegies faire partie des qui en benefitient, * Writing the way to more efficient renvoyezle Chupon-reponsea financing on the work! capita) Ben Hughes, Financial Times, d’Affaires Louvre markets. Centre Le 168, rue de Rivoli 75044 Paris Cedex 01 ou Straight aft \tamaichi can give you t616phonez-lui au 42.97.06.23 a number of excellent reasons to finance overseas. Among them, the recent growth of overseas markets, deregulation and the powerful new financial techniques.

More often than not, in the current environment of changing foreign exchange rates and the need for alternative forms of financing, the best strategy calls for fand-raising in multiple currencies on more than one market.

As a fuilyfotegrated financial institution, managing US$ 68 billion in

customer assets, \bmaichi is in the forefront of the capital-market Special Subscription revolution. Vitere a primary leader in foreign-currency "Shogurf bonds in HAND DELIVERY SERVICE Japan. Our Euromarket activities, ofthe particularly in Eurcyen bonds, and FINANCIAL TIMES equity-related and swap-driven issues BJROPESBUSI^SSNEVVSFAPER first rate are in Ybmaichi can work to your advantage SPAIN & PORTUGAL in all major capital centers of the world You can obtain your subscription — including Japan. As the foremost coovr of the Financial Times, ^ Japanese house in M&A and venture personally hand-delivered to your capital office investment Vbmaichi can also in the centre ofthe cities indicated, help you acquire leading-edge for further details contact: technology and a readymade John Rofley financial Times (Europe) Ltd foothold in the Japanese market. Guiotlettstrage54 6000 FrankfurtfMain West 1 Germany Tel: 75980 Telex: 416193 Contact Yamaichi today for a possible new direction in fund- raising.

. YAMAICHI YAMAICHI SECURITIES CO., LTD. Head Office: Tokyo, Japan Tel: 03-276-3 181 "felex: J22505

Tfamachi Intemafaonal (Europe) Limited: TeUDndw'0*638-5599 Telex: 887414/8 Ytoutotti N.V-* Tel: /Vnsterdam 020242456 Telex: 15772/4 Frankfurt 069-71 On*** 3* 020 Tetex; 41499677 VtetSdTswIlaBilancflilW Tfel: Zurich 01-202-8484 Telex; 81 5420/1 YBrnarofti {Swtasriand} Ltd, Qormia Branch: Tel: 022-324565 Telex; 42271 1 VfcmaichJ France SA: T&l: Paris 01-4266-3240 Telex: 680866 YBmaicW international (Middle East) EO: Tel: Bahrain 253922 Telex: 9468/9 New YnK, Ids Angeles, Chicago Montreal, Hong Kong, Singapore; Sydney, Seoul. Beijing, Melbourne 11

And don’t forget our direct services to Dallas/Fort Worth from London, /Paris and Frankfurt) And our service from Frankfurt to Chicago.

Business travellers prefer American Airlines. They’ve proved that by voting us the best airline in America in survey after survey.

We’d like to think it's due to our unrivalled service.

In the air, it is friendly and

unassuming. On the ground, if is quick and efficient. Our computer controlled reservations system ensures a May, check-in. From smooth While our international cuisine makes for a delightful flight American Airlines V\fe fly direct from London/ Gatwick and Paris/Orly to Dallas/ Fort Vforth, and from Frankfurt to both Dallas/Fort lAforth and takes off direct Chicago. And starting in May, we’ll be flying direct to Chicago.every day to Chicago from from Manchester (May 1st), Paris (May 2nd) and Munich and Dusseldorf (May 16th). Once in America, we can take Manchester, you to over 130 destinations in the USA Canada and Mexico. That’s more than any other transatlantic airline. And we can Paris, Dusseldorf get you there quickly, efficiently and comfortably.- So the next time you’re going Munich. to the States, fly American Airlines and and See for yourself what sets us apart from the rest For more information and details about reservations call your travel agent or call American Airlines on (01) 629 8817 (UK); 1/47 23 00 35 (France); 069/25 05 91 (Germany) or 1-800-433-7300 (USA).

AmericanAirlines. The American Airline. : .

Ijif'-r.,, 9U- s;

financial Times Tuesday March 25 1988 UK NEWS C Rover-Leyland talks Motors after the collapse of the Land trade in Knud, GoodiDg reports on tile problem for General Balance of motor products Uphill partner for Bedford Trucks struggle to find deficit Output last year af .Befibrd record els. If GM is in a hole over Bedford’s shows trucks over 8 tonnes grbss weight THERE seem to be no obvious selu- reckoning. GM has talked with truck operations it has only itself to to was only 13,400 and Bedford's UK “®J5 the problems which Gcn- MAX, the second-largest West Ger- MARKET blame. The UK company has been 0Y OUR MOTOR INDUSTRY CORRESPONDENT eral itotara UK TRUCK market share slumped foom over 13 (GM) of the US faces in man heavy truck group which once sadly neglected. its Bedford per cent to little name than 10J per commercial vehicle disi* appeared to be up for sale because ivW**** ******rm< Three years ago, at GSfs world SEB3DUS deterioration in the hm 1985. THE UK MOTOR TRADE (£*») »on in Britain oi ’financial When these cent in after the collapse of problems. headquarters in Detroit, a careful UK’s batons of trade in motor in- the talks Bedford recently completed a re- for its takeover of state- turned out to be temporary, MAX ’Quyfand examination of its worldwide com- continued last year. programme which rat dustry products Owned BL's showed the door. operations tionafisatim Rover-Leriand GM mercial vehicle was ear- The deficit, rose by over 18 per cent business. capacity at its Dunstable, Bedford- Something was salvaged, how- ned out to see if the group should from in 1084 to a record 90S 1274 Perhaps this shire, truck fines by 40'per cent to is what the UK Gov- ever. GM is the US will buy MAN stay |q the heavy truck business. QJfibn. about 30,000 a year. But that still mts/aoMMOrlM/ was relying on when :* military vehicles know-how. decided it should. The group be- put to weaker perfo£ GM cf excess AH rectors toJ GM that discussions lasting leaves a great deal Land Rover was na GM also had lieves the potential for growth, par- wmwppg than, in lro4 and the UK «ngK- capacity. for sale. There are still some for about a year with Enasa. the ticularly in developing countries, re- in view of recent replacing the Government, benefits to be gained state-owned and heavily loss mak- GM has considered from a merger mains better than that for cars. events, will be worried that trade in of Bedford TL range with tracks Bedford and Leyland Trucks ing Pcgaso truck group of Spain. GM at that stage had already re- commercial vehicles, which went without the This time away. Mr commercial ve- based on Istizn designs. Bedford al- 2445 *»M Land Rover company GM backed organised its heavy into deficit for the first time only in. Market Shares light vans based on being Included. little chance into a "world truck ready produces Price has said there is hicle operations 1883, is showing a very rapid deteri- . has invested The attractions of his returning to the Ea- V group with its headaoar- Isuzu and Suzuki of such a deal company • and bus" oration. £50m at the Itoton factory in Bed- would be even more apparent if asa discussions even if no deal .\ ters at Pontiac. Michigan- Bedford, Compared with 1984. the com* some subsidiary fonishire to bring them into prodne- kind of joint venture between could be completed with Leyland. as the key truck outside j merdaWehide deficit increased by Bedford 84 as separated from the turn. and Land Rover's Freight The list cf other European track 1974 78 79 the US, was €56m or nearly 21 per cent to The current- range of Isuzn medi- Totol balraiCA {-am f-373^ Rover division could be worked out producers leaves GM with little Vauxhafi car business and became de- £327m. . um trucks, however; was not _ *nd for the development and productcn room for manoeuvre. The strong port of the group. There most also be concern about Source: Sodtrty at Motor Umnufactumrs with Western European Bcefra of medium and heavy vans. companies are certainly not looking The truck and bus group is signed in profit - Ttwdersmf Custom un- the only sector to remain GDI's Scandinavian companies, Volvo and the BL subsidiaries. Daf also had » the ponderous Ttmykets in Fitful they are situation was expressed by for extra prodacten capacity. -qjhiPE through that for puts and accessories and poor' experience with a previous suitable for the region. The cabs are a spokesman at the weekend, who The West European industry Scania. Volvo already has an as- of developing "world products such as agri- .is other motor Austin Rover e exporting more up- American partner. International ; too 'and dafiy servicing said: "There is no doubt that unless probably has the capacity to pro- sembly plant in Scotland. In any dumpers, trailers, awkward carry out. ac- cultural tractors, market cars and the continuing suc- we get into bed with someone - and duce 6O0.COO heavy trucks a year r.ia- Mr Sten Lan genius. Volvo Harvester. much too to trucks . - omygns, industrial works car group, sembled anywhere senior executive. cess of the Jaguar luxury Leyland does too - running at Trucks chairman, pointed out re- cording to one GM the UK truck in- compared with demand Two other groups. Fiat's Iveco - freight containers. in particular- ' components produ^ yes- in the US , dustry will run into serious prob- about 400.000 - leaving considerable cently that if his company bought subsidiary are GM told Bedford employees analysis of Cus- and Ford of Europe, quantities by Bedford find u According to an lems before long.” capacity. any competitor in Europe it would terday that tiie Land Rover-Ley- Imports rose from lH2m to l~07m excess in the final stages of arranging the US and Br*-' toms and Excise statistics by the - GM subsidiaries in points out that Bedford however, run cut of Daimler-Bear (D-B). the world's be to sell more Volvo trucks not wd deal offered the best chance Manufacturers cars, and the SMMT has their own merger. well as by GUs Japanese as- Society of Motor ail, as establish strong per cent gain was in propor- suitable partners. Mr Bob Price, the leading heavy truck producer, is al- those with any other name. for the* group to a (SMMT), the favou- the 5 sociate, Isuzu. and Traders Netherlands is fiercely That leaves only the heavy truck base in Britain. tion. with the growth in the total GM executive who has for more ready doing well in the UK with its Dot of the vehicles, a coBooatSai vehicle balance in the sector fell by 24 Renault The first of the world rable Burn tracks and independent It been busy setting operations of state-owned pegofrfcfrrcy rains it new car market Their value grew a year toured the European West German-built will replace the Now the per cent or £173m to only £443m - of France. The prospect of any GM- medium truck that truck makers in search of joint ven- would no: seem to need the added up its own joint ventures with En- by 13 per cent in the UK, might be last year. medium for Renault tie-up seems remote. The Bedford TL tures and takeovers, has cot hod protection cf British production. So asa for truck cabs and The rest of theindusfry was ask- available in 1989, but by then Bed; several years past, more than Exports tf commercial vehicles of the distribution on the European French group still has a great deal fbr much hick so for. D-B is unlikely to want to buy share in the UK fog the than 3 tonnes gross weight in- to to reduce its cost brae cut- ford's truck market half the cars sold in the UK have more The effec- Bedford. continent of Leyland light trucks do by ?" UK Government has fallen dangerous lev- “What a1 lternatives cent in volume and jobs. could have to imported, and that was bound creased by 1 per tively for the two and Sherpa heavy vans supplied by ting production repadly and been taken Leyland out of the The same goes in value in 1985. making to have an increasing impact on the 12 per cart number of spare parts and compo- it tfe best year since 1982 in money farm*- recent nents imported for the replacement it also reversed the market downward timid in the number of according Last year. Britain's car exports heavy vehicles exported, rose by 10 per cent in volume, from to the society. fra- glimmer of hope 218472 to 240JS47 cars - thanks Searching a mainly to by BL's Austin amid the gloom, fee SMMT says Hover subsidiary to build UP the lower value of the pound European currencies to the Continental sates. against other be main* might How Their value rose much faster, by British exports more 28 per cent, rejecting the fact that attractive in 198ft.

successful transatlantic Exporters ‘hindered by high freight charges9 business traveller. BY AltfMIEW FHHffiR, SMPPBIQ CORRESPONDENT Europe. report BBmSff exporters are pat at a se- in the rest of The vere disadvantage against their looked at rate in some wwtiwiintal European competitors containerised trades and found hy higherfreight rates from the UK large disparities on the North At* Africa. in liner (scheduled service) ship- lantic and to South and East shipping ping, the Department of Transport Same big exporters and imps rates were about 10 . said UK yesterday...... , . . /VldKC bUie.UI ,VUUI, r^si s( „ Therata gap stemmed from high- per cent higher than continental er UK port charges - on average 60 rates across the Atlantic, with a 3) per cent above northern European per emit gap for some products. To shippers reported differ- mmfnrtand relaxation levels —and the more competitive Africa, finer market on the continent, said ences of up to 15 per cent TWAs Ambassador Class gives a report commissioned by the The department said one lesson TWA gives .from the study was that transport business travellers a The report was commissioned af- was taken more seriously by com- I in the business travellers 2 ter shippers hwd complained to the panies on the continent than relaxed and restful flight Government that they were operat- UK Exporters were readier to use special care and attention. ing noth, higher freight rates in freight forwarders to seek out the Widest 747 business dass deepsea markets than their rivals besi deal from ship owners. Special Ambassador Class

NOTICE TO OPTION HOLDERS

published on March 10 In terms of the notice of final dividend Amic registered as such on 1888, ordinary shareholders in utilise up to the March 27 1886 are given the right to elect to whole number of amount of such dividend to subscribe for a corporation to be new ordinary shares in the capital of the issued at a price of 4 125 cents per share. of business Option holders registered as such at the dose too are entitled to on March 27 1986 are advised that they new 5harra in the elect to subscribe, at that price, for dividend they corporation up to an amount equal to the final would have received had they exercised their option entitle- ments in fell prior to that date. despatched to mch In this regard election forms will be 198ft. These- registered option holders on or about April U required in payment election forms, together with the amount and returned of any shares so subscribed, must be completed transfer secretaries by 16h00 so as to reach the corporation’s Johannesburg or London time, as the case may be, on May 16 1986. ^ Make sure sss tsDSXsJ the best Domestic Departures Company Notices service TWA flies to over 60 4 US cities - across America, with- CONVERTNJND Ambassador Our INTERNATIONAL SJL airlines. service is out changing SoeMtt AlWWjrWH* d-llWMttUMMMNti rlasc cabin Luxembourg. 37. ru* Notra-panm Every business traveller to HC Luxambourg BS 130 specially tailored for Nonce IS HEREBY GIVEN to hoMar* the USA knows that by follow- of CIM 'A' ****** M Cmwtthino travellers. IMonUIMI 5.4. Out cm «£. .*£*1 business Mircti 2B, IBM. Q »_t SlriOwwI ing these simple rules he's on of cuo -A- share* of Cemvrtfund Quiet, friendly, way to booming a N.V. Braw^i. the * ra dl«b»Nc SLA. LuwntMWrwotM. attentive Unerabodfg. - Bint* N«lmilf do) Lnoro. Row. successful business traveller. —C radii Commercial ttc France. Rom. —WtmwuclH UMOtunk Gkonn- Elegantly traio. OuwWorf. _ , Class is Mown Giuranty Tract Comwnv of That’s what TWAs Ambassador New York, corporate Trust Office. I 4 r. New York. served meals. As a molt of tbe CMrtbctlfl*. tta nee yourself at a asset wue el *A" tlum wUi ra«Kt the designed for So why put PKrauad pronortloii of tha PumTs net asrats altorauie n 'A' sMras n dta- Ambassador cnbaU m tne oSarino proseectus. disadvantage? Fly TWA CONVERTFUND INTERNATIONAL SuA.

Class and enjoy it. And succeed.

Leading the way to the USA ciubs SLOAN! STREET" Flop roam 4**lD"W WOK early Enpinfe and Arnsriun NIM* mps and fumltura. ouUts. wuihervanes. ate. which male* a home really diBarmrt mod or Urinal. CRANE FOLK ART. 171a S4hm Street nmant, London 5Wi. Tali US-2404. MOrsHhi. 10-& Sat. KM, =» cwftlA

v^aeciai,^, 4:45*2? Last year they had exports worth £77 million spare parts within 24 hours. If they arrive any later to 51 countries worldwide. And in the last three you get them for nothing.

3 tlu rrt years their exports added up to £208 million. All their products meet NATO’s highest quality ‘5;^ ffbca^ .^-assanj • V3K £“* * standards. he: r- * ft In 1980 they invested £62 million in a brand ,? =r^c^ — ->^. new production plant and an facility that R & D They have over 150 independent businesses in pioneered the use of computers in vehicle design. iered the UK to support their vehicles, devoted to sales, bj service and parts. They sell over one million pounds worth of PCKDBiT " :: Iraiaa trucks every working day They develop a new specialist product every :i:: :=».-as ;c -*- sas •= fc :ar.s: = i Jeft three months to a customer’s own specification. - Sc Mag* Every Wednesday the Directors meet to discuss

VK *-'i3 5J!cj# t rr.c: •*»• g-w any faults found on a truck taken from the previous In the past three years they have increased UK vipers i-rse week’s production, and set out to ensure those '• * ;; re* sales volume by 53%. faults never happen again.

. -:^ '«K?5S j:c kszcszb Their trucks cany a total of 250 million tonnes :::? str; e::: triri?-j r -s=: They spend £1 million every yearjust on making -r :>:^5=. of cargo every year for British industry their products safety quieter and less environmentally They are currently investing £9 million in their obtrusive. («I6| axle factory in Glasgow. They pioneered computerised, automatic,

components and parts handling facilities. Their trucks were used to build Port Stanley

.. j airport in the Falklands. They are about to launch two complete new 170 of their trucks are working in Sudan and product ranges specifically for export

• * -i Ethiopia for the famine reliefprogramme.

;;.5 ssf In the past six years they’ve launched no less than fourteen new models. They make the best selling trucks in Britain.

• '.i.-L^ H v : ;.; :* ;« They are the only manufacturer to guarantee They are called Leyland Thicks. Clue: n'-fiTr,-:.#:

' * '» •' -,

s*" r -, l* 1 £•*& - r ;" *• ’ .. iX •

- *.w^ _ H1*’’ .

Tuesday March 25 1986 Financial Times 14 UK NEWS

Asia Oil and Minerals Limited tightens in South Wales Government Incorporated New Shorts will take Shipyard Notice of Meeting governing order made by the Supreme Court of lobbies rules NOTICE is hereby given that by an matter die Court direrted New South Wales on 3rd March. 1986 in the above Minerals Limited stake of As.a 0.1 and resist m in Boeing that a meeting of the Option Holders over advertising 1 day of April, 1986 at The MPs the 5th the United Kingdom and Europe be held on cigarette at 10 o dock in the forenoon Great Eastern Hotel. Liverpool St. London. EC*, of ‘he Company resent inAustndia BY USA WOOD and that a meeting of the Option Holders naval order in countries in the United Kingdom and Europe be held on prop-fan on cigarette advertising other than venture BAN and countries A 1st Level. Metropole Hotel and new health warn- the 23rd day of April. 1986 at The Boardroom. cinemas and six By Andrew Fisher to the Military Rd. Cremome NSW for the purpose of BY MICHAEL DOME, AEROSPACE CORRESPONDENT ings, including those relating Convention Centre. 287 and approving with or without modification scheme of SWAN HUNTER, the newly priva- possible link between smoking considering and if thought fit SHORT Brothers, the Belfast-based tional development for the Holders. team tised shipyard on Tyneside, north- are included in a new proposed to be made between the Company and ns Option fatal arrangement aerospace manufacturer, is to join 7J7. Recently, the Japan Aircraft com- between the applicable lc.such meeting, a copyof the staterrwnt east England, which is hotly voluntary agreement A form of notice and a proxy Boeing of the US in the develop- Development Corporation, repre- Govern- (N.S.W.) Code may be obtained free peting for a £240m order with state- tobacco industry and the required by section 316 of the Companies ment of the new technology prop- senting aerospace companies in Ja- owned Harland and Wolff of Bel- office of the Company which is located at ment . of charge by calling at the registered fen aircraft, the 7J7. pan, signed an agreement to take a , Ser- Nest on week days during fast, yesterday said failure to win Mr Norman Fowler, Social 382 Pacific Highway, Crows of under- per cent risk-sharing in Suite 2 2nd Floor, A memorandum 25 stake die the business would cause heavy announcing the i) by letter addressed to the vices Secretary, in ordinary business hours or by requesting the same standing was signed in London yes- 7J7. con- redundancies. new agreement, said it was a registered office. Proxies must be lodged with the Company at terday by Sir Philip Foreman, Boeing is expected to sign an- Company at its It has written to 40 MPs interest- siderable advance on the previous chairman ^ office prior to the meeting. and chief repetiti ve of other 7J7 partnership pact today were its registered ed in the defence industry to ex- one. He also said discussions the said Scheme ot Airangement is Shorts, Albrecht, with Saab-Scania of is hereby further given if and Mr Richard Sweden (which thinks industry on NOTICE plain why it the rival tender still being held with the meeting by the majority required by Section 315 of the said executive vice-president of Boeing is also working With McDonnell approved at the said by Harland for the two auxiliary oil- sports sponsorship and the outcome the Supreme Court of New South Wales Commercial Airplane Company. Douglas). Code then application will be made to er replenishment vessels (AOR&), to would be announced separately. Code for an order that the proposed Scheme The deal provides for Shorts Mr Albrecht said yesterday that pursuant to Section 315 of the said be built fix* the Royal Navy, repre- The new agreement was met with Norman Fowler Clearer Court and that such application will come on eventually to take a risk-sharing Boeing was taffring with other com- of Arrangement be approved by the sents unfair competition. derision yesterday by the British message on dangers South Wales on the 28th day stake in the 7J7 venture of up to 5 panies in Western Europe, Austral- for hearing before the Supreme Court of New Harland said yesterday that, un- Medical Association (BMA), which whether the Scheme of Arrangement per cent, which would be worth ia and Canada. But it would retain £lm every year on a cam- of April 1986. The said Court will decide der its consortium bid with the Yar- has conducted a strong campaign to to spend holder of the Company who about SlOOm through to the end of not less than 51 per cent of the 7J7 with the retail trade against be approved by the Court and any option row yard (part of GEC) and Racal. all cigarette advertising. “The paign should will ban child- orders on the said application may the century. In return. Shorts venture (expected to cost up to S3bn than illegal sale of cigarettes to desires to support or oppose the making of most of the work would be done out- new conditions are little more the receive work on building parts to at for die airframe 16. Expendi- his counsel or solicitor for that development side Northern Ireland. It said that cracks ren under the age of appear at the time of the hearing in person or by an attempt to paper over the least the same value and probably alone). poster advertising will be said application is presented copies thereof will be available its subsidies did not cover naval in the previously highly unsatisfac- ture on purpose. When the much more, depending on how Boeing has over 600 engineers the year end- after the 24th day of April, 1986. work and. that it also faced job inevitable that frozen at half that in for inspection at the office of the undersigned tory agreement. It is many aircraft are sold. working on the 7J7, and the figure 1978. losses without tire order. the time will come in this country ing March 31 The prop-fan now being develop- will rise to over 1,000 by the end of rules will also prevent The Ministry of Defence is ex- all advertising (other than at The new DATED This 3rd day of March, 19S6. aero-engine manufacturers thic when ed by year. The company is discuss- pected place soon, after advertising of cigarettes to the order the point of sale) will be made ille- the poster M worldwide, is expected to give sav- ing the venture with many airlines inriinarinm; that and there will be no Richard Hamilton Fisher last week the Bel- gal," it said. near schools, ings in fed consumption of up to 40 and expects to start signing orders women’s fast yard was the favourite to build Under the terms of the new cigarette advertising in Dawson Waldron, Solicitors, cent compared with present-day per in late 1987 or early 1988. the two £120m ships. Yesterday, set with a circulation of 60 Martin Place. SYDNEY. agreement, a committee is to be magazines jet engines. Sir Philip Foreman said that ini- one third of the both sides said they were stUl up, under an independent chair- over 200,000 where Boeing is developing its 7J7, a tially only a few of Shorts’ between 15 and awaiting the decision. man, to monitor annually the agree- readership is aged NOTE: 150-seat airliner, for service in 1992. engineers would be involved, but Mr Peter Vaughan, Swan Hun- 1 to will be a complete ban on appear at the hearing of the application in this matter presented ment, which spans from April 24. There Any person who inlends to MoDnnnrii is developing eventually Shorts’ work- Douglas up to 1,000 ter's finance director, said the yard in cinemas from April L of New South Wales must serve on or send by post to DAWSON October 31 1989. At present, com- advertising at the Supreme Court its MD-91X for service about the ers might be employed on 7J7 work, intention to do so. Such notice must state was the only bidder to have built a breaches of the volun- Fowler, disclosing the new WALDRON, Solicitors notice in writing of his gimp time. Engine rampawips plaints about Mr in- some of them new employees. ship similar to In the written answer in name and 3ddress of the person or if a firm the name and address of the firm and must tire AOR. tary code are mainly handled agreement in a the volved in prop-fan work include 7J7 work that Shorts would if The 1970s, it constructed Kharg for said: “This be signed by the person or firm or his or their solicitor! if any) and must be served or the through the Advertising Standards the House of Commons, General Electric, Pratt & Whitney undertake had still to be settled, he thnngh thi« did ad- posted must be sent by post in sufficient lime to reach DAWSON WALDRON not later Iran, vessel not Authority. This month, the Health agreement is a considerable and the Allison Division of General said. The company would like it to have the weaponry defence sys- one. Not only than i. 00p.m. on the 24th day of April. 19S6. and Education Council attacked the pol- vance on the previous Motors in the US, and Rolls-Royce be in areas where it had special ex- tems an would possess. general provided AOR icing of the voluntary code. are the public in pertise,' such as composite material in the UK. He said the Swan bid “met all re- messages about the Rowing Cigarettes now carry a health with clearer is boildmg up an interna- structures quirements price, design, deliv- health on warning that says: “Cigarettes can specific dangers to from performance." taken ery and technical •seriously damage your health.” Six smoking, but steps are being The AORs, of which the Royal Navy new messages will replace that to protect particularly vulnerable wants service eventually six, will They include: Smoking can cause groups in the population such as the planned fleet of Type 23 frig- heart disease; Smoking when preg- children and young people, espe- ates. Swan has been promised an nant can injure your baby and cially young women in their early order for a Type 23. cause premature birth; and Smo- childbearing years." Swan is keen to win at least the king can cause lung cancer, bron- The Tobacco Advisory Council first AOR order so that it can keep chitis other chest diseases. In- said yesterday that it welcomed the large intact for fu- its design team dividual cigarette distributors will Government's determination to ture work. If Harland wins the sec- rotate the warning. The warning stay with the voluntary system. The said Alex Marsh, op- ond order, Mr will be ascribed to the Chief Medi- industry said the new agreement director, “we could survive erations cal Officer and not the Government was tough, but it had agreed to it al- through that" In addition, a «tmall amount of ex- though it was a further erosion of Vaughan “If do not Mr added: we tra space will be given on packets its marketing abilities. It was too get the first of class in the AOR or- for the health warning and tar rat- early to say what the effect of the ders, that puts in immediate jeopar- ing of the cigarette. The industry is new health warnings would be. dy 200 design jobs, a total of 1,000 --v'V’- by Christmas 1986, and a further vva 1,000 by Christmas 1987." Harland said its bid was not un- Highland Express *- fair - Swan said it did not allow for _ s _ y . possible cost overruns on such a ’ . t .. :* new vessel - and that it had ad- may postpone launch hered to the principles of competi- tive tendering. BY ALICE RAWSTHORN HIGHLAND EXPRESS, which ynlMg an additional Elm can be plans to operate a cheap no-hills raised before Easter the launch airline from Scotland to the US, of the airline will be delayed. _ Investors is considering postponing its "Negotiations are proceeding launch date from June this year very satisfactorily,” said Mr John until spring next year becanse of Dobbs, Highland Express’s oper- plan daily a shortage of venture capital. ations manager. “But they hav- en’t reached a final position. Mr Hie airline first attempted to Fields has informed us that raise launch capital the through unless negotiations are finalised newspaper Business Expansion Scheme by the end of this month then the which offers investors tax advan- Raymond Snoddy launch will be postponed until By tagei. When its issue failed to spring next year.” generate the minimum invest- A GROUP of UK investors is plan- Should the be post- ment ning to launch yet another newspa- of £2Jm, Mr Randolph poned, Highland Express ™giit Fields, Highland Express's foun- per - a seven-days-a-week tabloid try to generate capital through a der, turned to private sources of scheduled to begin publication in second, less ambitious Business capitaL June. It will follow Today, a full- Expanrion Scheme. Its first issue national daily launched this colour Mr Fields has since ap- succeeded in raising £L8m and by Mr Eddy Shah. month proached a series of private and tiie company is optimistic about advertisement in the latest is- An corporate invertors in Britain the prospects for a fofiow-np now Gazette invites ap- sue of UK Press and the US. Highland Express that the amendments to the plications for a whole range of jour- has already secured £4m from scheme, introduced in last nalists from deputy editor, to fea- sources such as the Scottish De- week’s budget, are fikefy to make tures editor and news reporters. velopment Agency and from Mr H much more attractive to The new paper is to be fully Fields's own investment, but investors. computerised. Unusually, both its newsroom and production headquarters are to be based in Kent, south-east of Lon- HICKSON don. Applicants were asked to ad- dress their inquiries to a company called AMC Consultants in Hove, INTERNATIONAL PLC EastSssex. AMC said yesterday that details Highlights from of the project and its financial back- the ers were entirely confidential and it Report and Accounts for 1 985 refused to elaborate on information given in the advertisement The Year ended 31 December full informa- When American Airlines approached the Euronote consultants said that 1985 1984 tion on those behind the project market, they realized any investment could structure an £m Cm bank would be disclosed by the end of issue. But very few couldplace it quickly and efficiently. They this month. Turnover 148.0 133.7 iwading newspaper groups in needed a bank with proven syndication skills to represent both The the Kent and East Sussex area ex- Profit on ordinary activities borrowers and investors. With exacting requirements for price, pressed surprise at the proposed before tax 13.1 15.0 terms and timing, American Airlines launched an extensive venture. Local reporters despatched Gove address were told only Earnings review of the worldwide investment banking community. And to the for ordinary that they could leave their address they chose shareholders 7.5 8.7 Bank of America. if they wanted a job. clear whether the pro- Through our global network, we have the resources It is not Total ordinary dividend 2.9 2.7 posed paper is to be a paid-for or to respond promptly to changing opportunities in every major free-distribution newspaper. Those Earnings- pence per share 39 45 capital marker. We can team industry specialists with financing behind the venture appear to have the tightest of dead- Dividend experts from Dallas to New Delhi. Our exceptional perform- set themselves - pence per share 15 14 lines, however. Interviews for staff ance in the Euronote market, coupled with the teamwork of are to be held in London during “Group performance was affected our investment banking professionals, provided the assurance April and May, yet the launch date durinq 1 985 bv severe competition in June. the chemical industry and American Airlines needed. They our network. is said to be in duff could count on market conditions: the recession in the buildino For industry y?ur fuiancirig needs, talk to Bank of America. and currency devaluations which reduced the sterling value of profit You 11 find us virtually anywhere you need us. arising in South Africa International New Zealand and Australia ..." “Demand for chemicals increased in the eariv «=»+^ Capital Markets of 1 986 and the overall trend in profits is showingu February 1986 signs of improvement..." “Merchant Distributors has made excellent Based on in-depth dis- progress..." cussions with bankers M. Hopley Chairman and supervisory authorities in 16 key The above information is an m abridged version nf the group's full BankAmerica financial centers accounts which have not vet bepn filed with the Registrar of Companies but on Capital Markets Group Prepared by a seasoned the company wtuch s auditors have given an unqualified IMF staff team

Price: US$7.50 per copy BOX E-250 Forfurther information in London call: Ian Elstein, ExecutiveDirector, Bank America International Ltd. 01-6344537. H,CkS<* lnte of Publications Unit ™tional International Monetary Fund Yorkshire, WF102JT. Washington, D.C. 20431 ^-|p^ U.SA UHICKSON 15

THE MOST DISTINCTIVE BEER IN THE WORLD. FOUND AT THE VERY BEST PLACES IN OVER 150 COUNTRIES.

4 , + — .

March 25 1986 Financial Times Tuesday UK NEWS Top analysts leave Grieveson Grant

» 1 I for Morgan Grenfell BY JOHN.-ina enulAOnCEDWARDS a banking cruits. Mr Tom Bennett, ** CITY of London jobs merry- +• ORDER PROCESSING- THE analyst at de Zoete & Sevan also go-round has taken another expen- moving to Morgan Grenfell at the spin. . sive _ time, is understood to have Grieveson Grant same Stockbrokers similar terms, and Mr then- been offered say that Mr Anthony Munns, assistant Elias slightly less. top banking analyst, his In the House of Lords recently, Peter Thome and Mr Derek Eli- % =‘ ! Mr interna- : • Donoughue said the -wx analyst, are leaving to Lord ". as, insurance City of London 77 s tionalisation of the £% / merchant join Morgan Grenfell, the meant that it had to pay interna- 7/7 bank. Grieveson Grant rewards. Lord Dononghue, head of re- tional was prepared to pay the proper rate search at Grieveson Grant, said the good people. two banking analysts had been of- for f-.v: tax advantages, however, r fered “golden hello" payments of The he with the predators, al- £150,000 each and annual salaries seemed to have though it was bard to see how they r/ of around £100,000. It would after pay- internal diffi- could operate profitably * created considerable : ;>3 such large amounts. culties to try to match that kind of ing out Brew, Grieveson’s chief offer. They were three out of a total Mr John do not like it, research team of more than 50 that executive, said; “We 11 He said the Gty had been built up over the past two but we tv* cope." a turbulent tune. years, he said. Mr Elias had been was going through supply for cer- with Grieveson for only three Demand exceeded sought months. tain staff as companies to Lord Donoughue estimated that protect themselves against the un- the “Big Bang" Morgan Grenfell would be spending certainties before more than £500,000 on its new re- - took place in October. to start • Negotiations g •• - o • c! ; over barristers’ fees BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT 53 . a Hailsham acted unlawful- '• HAILSHAM, the Lord Chan- that Lord • ••%.•! v;i : LORD ly in unilaterally imposing a 5 per ‘ ••• cellor, has bowed to pressure from RTil T ' fi fees from •.'.•»' f legal-aid • on V the High Court to negotiate with cent increase u • • - MJ . contends that he the Bar over its claim for a substan- April 1. The Bar under the 1974 tial increase in barristers’ criminal breached his duty . .1 “fair and rea- CO legal aid fees. Legal Aid Act to fix failed to O Yesterday Mr Nicholas Phillips, sonable" remuneration and 53 ‘ .vv.LC **• fulfil the Bar’s legitimate expecta- •at -j. QC, for Lord Hailsham, told Lord be- Lane, the Lord Chief Justice, that, tion that it would be consulted light of co nts your lord- fore a decision on fees was made. -s' “in the mme ^ had ship made on Friday,” there The Bar claims, on the basis of an dimmsimis 1 been with the Bar with it ' 1 «‘‘ independent report prepared for v- A . -"j - .. * " 1 5wE A a view to the creation of a binding by management consultants Coop- with the Bar's timetable to comply ers & Lybrand, that increases of be- claim. tween 30 and 40 per cent in fees are Phillips said Lord Hailsham Mr justifiable. would like to agree a timetable but •!••.; ' - > Such an increase, the report needed first to consult colleagues, found, would because a timetable would include a bring the incomes of '•;-5c the 2,000 to 3,000 barristers who de- date for a final dedsion "which may pend mainly on legal-aid have implications for public fees into line with those of barristers expenditure." * work- ing in government departments. Asking that the Bar's case be ad- journed until tomorrow, Mr Phillips The case had been adjourned ear- ' '• X/ •'!,!» Hailsham •;// . said that Lord would be- ly on Friday, when Lord Lane, who 47 gin the necessary consultations had said he could not see why there immediately. should not be a binding timetable ' ' ' : ; Lord Lane granted the adjourn* for negotiations, suggested some - . ' 'i . i" mart an the assumption that, if the “hard thinking” over the weekend. ' ••;•; . »• rj r case Jiad to. proceed,. It would-be Mr Phillips's reference yesterday -V-'V : " !*.. -7'' \ r; - : : t X-.-i concluded tomorrow. to public-expenditure -implications _ /j. - its judicial application, In review indicates Lord Hailsham' s quan- fire Bar is seeking a declaration dary.

I.V .^. _. ' j Shamji loses claim for *Z^R^ASEC0NTRQL ' asset sale disclosures

'•. : ':. . 'Jy.- ;V .. ,, -* .... -V '•;•' BY OUR LAW COURTS CORRESPONDENT • .;.*’ ! . MR ABDUL SHAMJI, head of the the receivers had so far provided. Gomba Group, has failed in his Mr Justice Hoffmann said the cir- ' ' • ’ ’ ” High Court move to force receivers cumstances of Mr Shamji's "secret ‘ • ' . “ : • ’ “. '. '* !.*• :. •. :<... j>-..s ->;*;%• ‘v K . i&ii : : T. vt-; if , : ' -. , livjl *\ , appointed to his companies by arrangements with the ' anonymous •• f .' ' •.. , , , : : Johnson Matthey Bankers (JMB) to purchaser" c ' were “to say the least, • « ’ • : • • - ••;••••••;• • '' . . . , •;• • •. • •' disclose full details of their sales l." • -fir.-sw**- '; •.• ••*• . of unusua and the receivers could \ v . J- assets. hardly • ^ Gomba be blamed for being scepti- Mr Justice Hoffmann said yester- cal It was not the first time Mr On a Wang network, every desktop It's the most cost effective and efficient the address below. We can tell you all about day that the six Gomba companies Shamji had assured JMB that re- concerned had not demonstrated payment was imminent terminal can pick up the latest. way of working, especially that tele- the advantages ofworking with Wang. now any need to know more facts than "The history of this case, both be- Wang networking integrates data. communi cations costs are soaring. Ifyou haven't heard already. they had been given by the receiv- fore and after the appointment of ers, two partners in City chartered the receivers, is a chronicle of un- processing and office automation, so any WeVe got a solution fulfilled assurances for your office I terns. accountants Price Waterhouse. by Mr Shamji _^ = that someone one who needs them has access, cabling problems The judge said that, when the re- was just about to pro- anywhere too. I NameName. vide the Dam*:# ceivers were appointed, Gomba money to pay his debts to in your organisation. Position the It's called WangNet and it's probably owed JMB about £22m. Sales by the bank.” Company- The our sophisticated net- the receivers had reduced that indebt- receivers were under no obli- And range of most sophisticated broadband local Address gation edness to about £llm. to provide any information working products can link many other area network until they had firmer available today. (There's even evidence that evidence that Gomba’s was Mr there Tel No. I was a realistic systems to ours. Which has got everyone a version you WfiHMuKUV Shamji had entered into an agree- prospect of the can install yourself.) Road. lUcworth,Icivonfv 1 To-- Janice Dinham, Wang (UK) limited. Ml London debts' being paid, the judge said. Middle** TW7 4EH. Telephone! 01-568 4444. Tdest: 8954121112! ment on undisclosed terms with an tatemfr So call us | He said the relationship on 01-568 4444 or write to undisclosed third party which, it between b the receivers and would provide the funds Mr Shamji and was said, his solicitors had not been easy. OFFICES IN ABERDEEN, BIRMINGHAM. EDINBURGH. LEEDS, LONDON (WEST REDHRX to pay off the bank and redeem the END AND dm. MANCHESTER, AND SLOUGH. While not suggesting that remaining asapt-*- the re- ceivers could penalise Mr Shamji To complete those negotiations, for being difficult, the judge Gomba wanted information about thought it not unreasonable for the current state of the receiver- them to be wary about the disclo- contended that it was ship. It legal- sure of even apparently innocuous ly entitled to more information than information about their activities

?[na\c 6 DIRECT FLIGHTS FROM EUROPE TO SEOUL

t FROM PARIS TUESDAY. THURSDAY With Korean Air’s It’s not surpri- new direct flight from Frank- sing, because in Korea, su- furt to Seoul, you can now perb service is a tradition. fly to Seoul and the rest of ADD SUNDAY AND FROM MARCH 31st Asia from Europe almost every day ofthe week. We EVERY MONDAY. WE LEAVE FRANKFURT fly to Asia more often and we fly there in style. Korean FOR IRE HEART OF ASIA. Air’s Prestige Class offers businessmen a warm wel- come, full of charm and

refinement m 'V-, KSREWAIR , .

Times Tuesday Financial March 25 1986 17 THE ARTS

Galleries/William Packer Borodin Quartet/Elizabeth Hall Andrew Clements The splendour falls on Canadian For the last four weeks the Mikhail Kopelman’s account of Walls solo is Borodin Quartet's Shostakovich the first-violin that the

- cycle has been received with essence of the slow movement Vatican . '.Splendour; Waster 1644. to consecrate the new consistent pieces of Baroque Art is the St Peter's and its initial embel- admiration on this was so perfectly restrained and page. first of two exhibitions — the lishment. On Sunday it came to poised that one almost longed end in the only possible way, for passing Saw. second.. Songs of Experience of Bennni was already well a with the final two quartets, the contemporary Canadian art. established in his reputation m For the Fifteenth Quartet the Fourteenth and Fifteenth. It has opens in earlyJ4ay. This spring Koine at the time of Barbenni's bouse lights were dimmed and been a triumphant series, and summer they mark an election, and immediately he and the music stands trimmed with the prolonged ovation that epoch In the history of the was put in charge of the papal lighted candles. Such aids to greeted the players at the end National Gallery of Canada in foundry; a huge bronze canopy concentration seemed hardly of this recital was of the kind necessary, playing For, with its vast sew was commissioned from for the bad Ottawa. him for reserved for very few musicians. building rising fast on the far the high altar. Within a few such intensity the mind was -at ~ There was none of the con- bank of the canal, due to open years he was confirmed in the held, totally committed. The trived acclamation that some- six linked that In two years' time, the office of archirecr to the Sacred Adagios make up times accompanies opera first the quartet achieve their effect imminent move from the Fabric of St Peter, which effec- L^pT^V nights or jet-set conductors, but by the simplest means — by the cramped and unsuitable office tive dictatorship of the construc- honest thanksgiving for the sudden intrusion of a vibrato- block in the centre of the city, tion and decoration of the quality of the music-making, in,*ected phrase into utterly im- which is its present home, may Basilica he was to hold, with mingled. X suspect, with an ele- passive textures, as in the Noc- now be' celebrated. These are only a brief interval, until his ment of incredulity that such turne; in the almost extrovert the last major exhibitions in the death in 1680. extraordinary playing could cadenza for the first violin that home. And there they are, as it were old have been sustained for so long. touches off the Intermezzo, the together, in the two magnificent Whatever else it is, the Triumph, however, can only semblance of public utter- portrait busts that opening of this Vatican show Bernini is hardly be found in the two ance in the entire work; or in have was certainly attended with all known to made of Urban quartets the Borodin played. the sudden flowering into four- in the early the fuss and tmmpetings of a 1630s—the Ottawa The Fourteenth is in many part harmony for the funeral marble on the one Major Cultural Event. It is no hand with the ways the more hermetic, its march, in a quartet in which lapidary flaw blockbuster; a quality which is that necessitated, emotions kept tightly in check, almost every thematic state- so it is suggested, immedi- to its considerable advantage. the the admission of serenity ment had been monodic. Another, more ambitious ate repetition, and the Vatican's allowed at the end a strangely Each of these moments the Vatican show—a large and con- bronze cast of the second ver- anaesthetised effect. In a work Borodin achieved with devastat- troversial exhtbUon — toured sion on the other. dedicated to the cellist of the ing eloquence, though the best **<&*«• America three years ago. They make a wonderful Beethoven Quartet, the cello testament to their playing came comparison. As images they are receives the lion's share of the in the final cbord of the cycle, Here now is a concise and all but identical, but in tbeir thematic presentation. Here a steady diminuendo into cogent exhibition of some 50 physical nature they could Valentin Berlinsky avoided any silence, perfectly controlled rare, beautiful and mignifleent so hardly be more different The sense of rhetoric or sumptuous that one could not tell where things, neither so many as to marble is the embodiment of tone: he was lean-toned and music ended and nothingness dull the senses nor so few as to the slower, calmer pnxixses of consistently objective, while began. disappoint. There is real point the carver, presenting us with to putting it together and show- the image of a man thoughtful ing it where it is. and self-possessed: the bronze is happens It so that the altogether more lively and direct Songmakers Almanac National Gallery of Canada for being cast from a clay work- -^REspo^aif baroque works owns five that ing model, with all its bravura bear particular relation to cer- Paul Driver flirts and Tricks with form and Bernini's bust of Urban VIII Rubens’s “ The Entombment of Christ” tain works in the collections of texture. The Songmakers* ‘ttasr C indeed and sometimes they jumped on the Vatican; or rather to the the “ ’’ Indeed throughout show vaggio's offered a kind of almanac at to the hitherto virginal Papacy and the Curia of the Entombment is yet and Martinianus (1620), which coveted by Napoleon that he great rival. Algardi. But it is it is the direct experience of the Wigmore Hall on Friday manuscript in twos. The com- are entirely free of its great model is the liveliest work of all. carried it off to Paris in 1797. rounded off by the fine portrait time. These works at the the particular works them- when a day-by-day spoken and plete 46 makes a compelling — which perforce remains in It is an extraordinary and pivo- of Clement IX Rospigliosi by heart of the show, with other selves, their physical No less dramatic and chiaro- recital, in tal work, in music account of the composi- evening-long one which the Vatican. And we catch it scuro, many ways an Carlo M.aratta of 1660, and an works where possible, and presence, that affords the Guerrino's Mary Magda- tion of Hugo Wolfs Itolien- never drags, bewilders (though too in Poussin's own modello orthodox devotional machine extraordinary around them other items that greater pleasure, even though lene mourning at Christ's tomb, sequence of tapes- Liedebruch for his after the fashion of the masters isches was pre- the variety of mood and style is in their several ways, the coin chapter huge and grisly attended by angels, is infinitely tries from the Barberini factory ?Sgs the art-historical and of the previous century, sented. extremely rich), or insists. and sliver, vestments and Martyrdom of St Erasmus more tender and the most beau- yet of scenes from the life of Urban • V-^Z verse are so interesting and manifestly Gabriel Woolf read extracts Wolf, writing about the songs b» besides sculpture (1620), which edifies as it tiful of the modern in its VIII. commissioned by bis tapestry the given so clearly. paintings (1622), •—always apposite if just occa- to his mother, suggested that •'--J appalls. smaller prepara- realism; in the landscape nephew Cardinal Francesco in ‘«RiC and the painting, confirm and The “ ’’ ; This is as it should be with There are in fact only a through the arch beyond the sionally wearisome — from the hearts of these his exend our understanding of the tory work is the more direct and the 1660s and 1670s to con- " all works of great art, even dozen paintings in the snow, figures over Wolfs letters (specially trans- youngest children beat in Ger- effective subject of exercise, open in its statement, the larger bending the dying found the accusations of nepo- of the loftiest sentiment or pur- but they are all so strong in lated by Eric Sams), and man, though their on may final version (which has travel- saint, it oddly prefigures the tism and restore his good name. which is the Papal patronage pose. the Baroque of Johnson accompanied i: With imagery and presence, and some mystical, ambiguous landscapes Graham shine in Italian." The two sin- :5E*cC‘ in led to Ottawa ) the more fixed Vatican Splendour 7.vr v of the Arts the 17th century. course, we are engaged with so big, that theirs is the domi- remains at soprano Felicity Lott and gers had taken note of this gloss ^^asccsa. and finished in its theatricality. and romantic mood of Poussin. The two central figures in the work characterised by a new nant contribution. Biggest of the National Gallery in Ottawa baritone Richard Jackson in and were successful in achiev-

• ^-s.'teaisfc, The substance of the show story are the sculptor Bernini and exceptional physical excite- Another French artist, the all, and the actual centrepiece, until May 11, moves on to Van- performances of all 46 of the ing a lively and careful articula- and Urban VEQ Barber! ni. a ment in its handling. We catch Caravaggesque Valentin de is Domenichino's Last Com- falls well within the first half couver for Expo and the sum- two volumes of songs. The tion of the German words truly great Pope for all his bla- it Jd the work here of the Boulogne, gives us another munion of St Jerome, completed of the 37th century, including mer, to Toronto in the autumn, order was of course chrono- (translated by Paul Heyse from "*" tant nepotism. It fell to him. in young Rubens, in Rome in the spectacular martyrdom, the in 1614 for the high altar of the Bernini terracottas and and finally to Montreal for logical, though that is not the the anonymous Italian) and - ‘‘H 3:25= his long reign, from 1623 to 1600s, whose study after Cara- double racking of SS. Processus the church of St Jerome and so the splendid crucifix of his Christmas and the New Year. arrangement in which Wolf combining it with an airy res- published them. The interval ponse to the mostly unsolemn : —- '«u:z£- came satisfyingly after song 22 situation. Characterisation was i? :'. :;ts ;.: s*t and the completion of Volume vivid and spontaneous—it I. Work on the 24 songs of avoided the coy. Opera in Paris/Andrew Clark Volume 2 heard in the second Felicity Lott often soared in half was only begun by Wolf spftndour and the dramatic five years after his original blaze of her “Verehling der burst of creativity. Abgrund " or the delicate dead- The time-gap does not show; pan lyricism of “ Mein Liebster M6dee/Paris Opera La traviata/Palais Gamier sudi ' was the composer’s ist so klein ” were memorable. .r.r riiis: patient fortitude. His letters She was able to find much more always emphasise the luck of varied vocal colour than i —p : i 'i.czyss It originally This is the third of the Paris 'scopic vision of the turbulent 1962 and for practically' all the was intended constant whirling of furniture none of the harshness or inspiration, the need to be Richard Jackson, though his Opera’s seasons devoted' to ex- Italian language that Franco Zeffirelli’s produc- on the stage turntable, for vibrato that one might expect heavens. French and waiting, to endure . boredom, passionate commitment was £ <-o:: ploring ' repertoire that performances the past 100 tion of Latramata should visit example, becomes tiresome, of an East European singer; the Cavani had deairly done' her of and tile dependence even on strongly felt. Graham Johnson's London on its way from made it tile operatic Mecca of years. This disappointment with no less than four changes she handles the coloratura such variables as the amount piano playing was devoted and homework into the opera's Florence to York. Perhaps the 19th century. Cherubini’s was compounded by the conduc- New of setting in the second scene demands of Act 1 with remark- of sunshine. But whatever the illuminating — he invariably background, but she ended it was the cost such lavish M6dte, written for Paris in up ting of Pinchas Steinberg, who of a of Act 2. able ease and grace, while her attendant birth-pains, these crystallised the oddity, har- trying to pack into her staging staging that eventually made the production will look 1797, is the latest instalment. mowed his way through the But sense of timing, her tenderness miraculous little songs did not monic daring and strange far more than the opera could Covent Garden theatre; aim foi score with unrelenting loudness, change its mind. good in any decent size and humanity, made for a very prematurely cease to emerge. bravado of the songu. The author of this grand pro- investment hold. She interpreted the work and coarseness. The does, however, its lack of interpretative depth strong Act 3. grammatic Idea, Massimo not as a classical tragedy, but appear to have paid off for will help it survive innumerable Italian opera is BogLanckino, has now left the as a melting pot for the cur- The cast was quite good. Paris: the production has been changes of cast; and the right also the Palais Gamier, and his recently rents of the era that gave it Jean-Phillppe Lafont. in the playing to huge, adoring crowds singers will put its largesse into dominant force at the Theatre Caballe/Covent Garden appointed successor. Jean-Louis birth: the demise of the age of bass role Crton, and Nadine at the Palais Gamier, where its a proper perspective. In short, Musical de Paris-ChAtelet, which as have Marinoty, has indicated he has reason represented by the court Denize N£ris both rich, visual atmosphere of Second it presents the more acceptable Is running a Rossini season. The Richard Fairman other ideas for the future. of Crdon at Corinth, swept carrying voices which they used Empire finds such a ready echo face of circus opera. concert performance I heard well. Werner HoUweg was not of Maometto Bogiandtino’s plan bad the best aside by the revolutionary don in the theatre itself and in the The Paris casts have been a Secondo was a For most singers a recital is generous span of breath that she the most natural casting for useful sequel the intentions, offering large scale of Romanticism as embodied by world of La Dame Aux Cami- mixed bag. Manfred Fink, the to staged pro- a chance to let words, as much still has at her disposal. The Jason; but his experience and duction at productions of exotic reper- M6d6e. As a point of discussion, llas. Alfredo on the evening I the Opera earlier as music, take centre stage. So limitations of the voice in its honesty shone through and his this season of Le sibge r.ir.'J “is* toire. But it has often fallen these are interesting ideas, but Zeffirelli's film has clearly attended, looked and sounded de it came as something of a current state were astutely cir- ... rl; voice is still in good condition. Corinthe, Rossini’s short of success because of the they should have been left on helped to open up an audience like a bad Mateo from Arabella: adaption of novelty to find a programme in cumvented. Shirley Verrett’s performance Maometto for Paris. - - —l political situation within the the drawing board. The staging for live opera that might not There were some embarrassing which the major item is a series It is no coincidence that the in the title role lacked nothing --- Opdra itself, or because of the ended up being littered with otherwise have been attempted, attempts to affect an Italianate of songs without words, as it best item in the rest of the . m conviction—we know how This performance, presided Indulgent approach of some of extraneous touches which dis- and for sheer sparkle and style, and the singer spent was in Montserrat Caballe's programme fatal . ."“'••jss over by Claudio Scimone with was "L'ora —- — ' exciting Miss Verrett can be -f-., the chosen stage directors. rupted the flow of the music popular appeal, the “opera of much of the performance star- recital at Covent Garden on s’apressa” from Rossini's when she exercises her mag- alert geniality, scholarliness and acted as a kitschy com- the film” ba$ much to com- ing at the conductor. Giorgio Sunday. L'assedio di Corinto, a piece in This framework of good in- netism and histrionic skills as and practical musical sense, was mentary on the plot mend it. There are none of the Zancanaro, as Germont Pere, This unusual piece comes much the same expansive, tentions and patchy results an actress. But this was not a reminder of Rossini's incom- textual amputations that marred turned in the kind of solid per- from Caballe's native Spain. lyrical vein. Otherwise much of sums up the production of The music was subjected to voice vio- bold bass voice - sssf enough. The swung parably writing, _;. T Zeffirelli's screen version, and formance we have come to Entitled simply Vocalises, it is the singing in this early Italian M6d6e. It was staged by the an equally flawed approach. lently between a forced tone of his undervalued ability to within the confines of a stage expect of him. a cycle by Joaquin Turina, opera group was too vague and Italian film director Liliana Here was the perfect oppor- in the top register and an interject an occasional sense he has been unable to indulge which links alx brief contrast- wanting vocal Cavani, with handsome tunity to dispense with the almost masculine chest register. For inspiration, the perform- of deep human feeling amid generalised, even - himself so much. ing sections for solo voice and one expected Tr", costumes by Franca Lachner recitatives, and to go She was severely handicapped ance relied on the Violetta of the florid writing, control: just when ' and of how * keeps the flashback Etelka piano. An impressionistic a simplicity of expression, as in mwt Squarciapino and a striking back to the opera that Ghent* by the conducting and by the He Csavlek, a new name to dramatically, and no less effec- mood and a penchant for chords Mercadante arias, single set by Ezio Frigerio. The bini actually wrote, with its producer’s decision to depict sequence in the Act I prelude, me. She has a natural com- tively, he was later to adapt the Pacini or with an added sixth give the tone action took place on a broad finely graded balance between M6d£e as a kind of half-demonic making Violetta look rather odd mand of the stage, and the his style for Paris. A cast of an unwanted thread in Jv* piece a Debussy-like feel dynamics would up- flight of steps cradled by a spoken dialogue, string accom- gypsy magician. With her un- when she slips out of bed wear- voice, which took some time to fearless bel canto singers, led or lurch in (Turina studied In Paris with concentration. tilted neo-classical cupola, panied recitatif, and set num- scripted entourage of shifty ing full party dress, and there warm up, makes up in attrac- by Celilia Gasdia and the set when his tive dimly), backed up by a relaxed leading the eye—as if through bers with full orchestra. But followers, she was never fine are other occasions individual character for Sicilian bass Simone Alaiao, A Spanish section, nowever. -rS1- somewhat wayward sense of the ceiling of a monumental the version used was the same to give the role the intense attempt to follow the pattern what it lacks in crystallised gave the evening an invigorat- went well. Four Catalan songs work: the direction. Pianist Miguel observatory to a dizzy tele- as for the last Paris revival in personal focus it requires. of the film does not purity. It carries well, with ing quality of distinction. Pahissa (1880-1969) — Zanetti could well have given by Jaume the work more drive. introduced yet another interest- For Caballe it was a clever ing composed of the Spanish ... “ choice. An expert in Bellini, she song repertoire, showing in El on Record ” that he knew how to ,vi." has always been able to rely Uuslc/Morujay. Opera and BaBst/Tuesday. Hwotm/Wednes- float a memorable and dreamy . “ in a -:ZL& . her unique gift spinning day. ExWbfflona/Thursday. A selective guide to aB Arts Special Subscription the ap- Mar 21-Mar 27 magical thread of a line, what- melody. By the sixth encore Arts Guide pears each Friday. ever other difficulties she may Caballe was well away, chatter- encounter. Here that art was ing to the audience about lost HAND DELIVERY SERVICE indulged to the full: every music and mixed-up luggage, its and late in the day, perhaps, but the VIENNA phrase moulded, weight of the Opera and Ballet • ITALY SPAIN colours chosen" with care, the diva's inimitable- -personality delivered with the had taken over at last. Staatsopen As part the Vienna 1988 whole thing of Borne: Teatro deD’Opera: Concert per- Madrid, Mussorgsky's Boris Godunov Dance Festival Bolshoi Ballet is FINANCIAL TIMES LONDON the formance of Gluck's Ipbigenie en features Ruggero Raimondi and performing The Golden Age; Ray- EUROPES BUSNE3S NEWSfttPER Tauride. never before given at the Stefana Toczyska, Vladimir Atlan- Opera, Covent Garden: A new monds (3rd act), Spartacus (2nd aid) Rome Opera. Wolfgang Scheldt con- tov, Martha Szirmay. Production by and extracts from Coppelia, La Fflle History/Antony Thorncroft Fliegende Hollander, directed ducts, and Iphigenie is sung by Eliz- the Grand Opera of Houston, Teatro Art in Mai Gardee, Nutcracker, La by Mike Ashman and with a cast led The abeth Connell. (48 17 55). de la Zarzuela, Jovellanos 4. Bayadere and Don Quixote; The by Simon Estes, is paired this week Parma: Teatro Rogio: T.nria di Lam- (429 82 16). With a revival or an aged Arabella, Sleeping Beauty. (53 24/26 55). mermoor SWITZERLAND conducted by Angelo Cam- Ballet National de Espafta, Spanish in which the singing of Lucia Popp VoHutyer: Weinberger’s Schwanda pon, Alfredo Kraus sings the role of Baflet co-presents third repertoire. Angled to the bizarre Der Dud elsockpfeif Der Opem- and conducting of Bernard Haitink er Edgaxdo splendidly. also in- Cast Teatro Monumental, Atocha 65. promise most satisfaction (240 1066). ball; My Fair Lady (53 24/26 57). cludes Ludana Serra From this month the UK has ments that do not match its obtain your subscription copy (Lucia), Gior- (239 4014). You can DgUsh National Opera, Coliseum: gio Zancanaro and Boris Martino- a new art magazine. FMR is the chosen illustrations; its con- Times, Joachim H era's Parsifal, conducted WEST GERMANY vich. Pier Luigi fantasy of a wealthy Italian, noisseurship through price — of the Financial Samaritani directs NEW YORK by Reginald GoodalL continues its and designed the scenery and cos- ’Franco Maria Ricci. It is a it will cost £7 a copy. And yet personally hand-defivered to your office Berlin. run, while Madam Butterfly in its Deutsche Open Premiering tumes. (79 5678). cross between the Bur- behind scarcely concealed in- Metropolitan Opera (Opera House): bizarre a to this week is Kafja Kabanowa, pro- in the centre of the cities indicated, Charmless restaging comes on Genov Teatro Margherita: First Ital- lington, Harpers, and The Face, tellectual snobbery there lurks duced Gunter Kar- The week features the first seasonal end with Michael Lloyd taking over by Kramer, with ian performance of Britten's Prodi- belligerently angled towards the off-beat and superbly em- for further details contact performance of Aida conducted by in the pi L There is also the return of an Armstrong in the title role. Otello gal Son, with libretto by William Levine with the rich, the educated, the broidered articles. In particu- Peter Lancaster the Merry Widow, brings together Pilar Lorengar and James Anna Tomowa- ever marketable Homer, translated by Lima Fonta- stylish, and the exclusive, but lar the first English edition Spas Wenknff. Lisbeth Sintow and Luciano Pavarotti. Sir Financial Times (Switzerland) Ltd in a restaging by Ian Judge and a Salome has na. Also Renard, a burlesque based Peter Hall's production of Carmen ia redeemed from elitism and con- has Andr6 Chastel. a leading line-up Valerie Mastarson Balslev in the title role. (3 43 81). 15 Rue du Cendrier 1201 Geneva 1 including on Ru ssia n folk-tales by Stravinsky. by historian, exploring Hamburg, Staafavyn- Tj Hi-himim di also conducted by James Levine descension the imagintaion French art and Eric Shilling (8383161). Both works are conducted Switzerland Tel: 311603/4 Telex: 22589 by Jan with Maria Ewing in the title role, of its contents. the fly in art. Flies first ap- " Opera House. Covent Garden: Tito has fine interpretations by Bar- Lathan Koenig. (589 328). Catherine Muifi^nn as and peared in the paintings of Royal Ballet rings the changes bara Bonnpy, Doris SoffeJ, Yoko It is very much a pictorial as Don Jose. My- masters around 1450 ballets Kawahara and John- Plarido Domingo northern on a dull setoff; and features Anthony Rolfe magazine, with words slipped in ung-Whun Owing conducts Simon and then spread to Italy—were Giselle. son, Faust, with a new cast, features NETHERLANDS between the beautifully repro- Boccanegra with Kiri Te Kanawa as they to show the artists’ realis- Gabriels Benackova, and Alberto duced illustrations. But the Amelia and Sherrill Milnes in the ti- tic skills, just memento mori PARIS Cupido. n Trovatore has Julia Var- Amsterdam. Stadsschouwburg. Neth- words are also old tle role and James Levine conducts by masters. ady and Juan Pods as leads erlands Opera production of Arabel- Symbols, or did they represent Der Rosenkavalier with Tatiana In the first English edition de L'Ecume des Jours: A world premiere, (35 11 51). la by Richard Strauss directed by philosophical gadflies? Troysnas. Lincoln Center (3628000). Chirico (now an artist who is music and text by Edison Denisov, Frankfurt, Opera: This week's high- Lotfi Mansouri, with Ashley Put- Such intriguing articles are New York Chy Opera (NY State Thea- taken very seriously) is matched inspired by a Boris Vian novel. The light is La Boheme starring Yoko nam in the title role, and John hardly the stuff of Dallas and ter): The company's first musical with a commentary by tbe late Orchestra, which Includes two saxo- Watanabe as Mimi anri Giacomo Ar- Brocheler as Mandryka. The Rotter- Dynasty, and although the suc- comedy season kicks off with five Ital6 Calvino. For a timely piece phones, electric guitar, jazz piano agail as Rudolfa Conductor is Giu- dam Philharmonic conducted by cess ot FMR in its native Italy weeks of Lemer and Loewe's Briga- on Sir Alfred Gilbert, whose re- ami drums is conducted by John seppe Pstaah. Also in the repertory: Edo de Waart, dancers from the Na- and, more recently, in the US, doon, conducted by Paul Gemignani putation is being restored by Burdekm. Op6ra Comique Orpheus in der Unterwelt and Eu- tional Ballet (Mon, Wed). (24 23 11). owes much to its decorative in Gerald Freedman's production. the exhibition now at the Royal (4296 1220). gen Onegin (2 56 21). pretensions its first offering for The Notional Bailee with Frederick Ends Mar 30. Lincoln Center Academy, the text by tbe H Signor Brusduno: Rossini's one- Cologne, Opera: The Turn Of The is English-speaking non-Ameri- Ashton's The Dream (Mendels- (870 5570). acknowledged expert, Richard hour opera conducted by Jerome Screw, sung in English is conducted cans sohn). the world premiere of a new Dorment, would not disgrace the A Kahenbach, at 6JOprn at the TMP- by Sir John Pritchard. Cosi fan tutte ballet by Toer van Schayk, and So- common room at All Souls. Let Chatdlet (4233 4444). is a Jean Pierre-Ponnelk? produc- WASHINGTON nia GaskelTs Rhytme en Idank. Mon Oddly enough FMR trans- us hope the artistic standards L’Onnmdo, 3-act opera by Francesca tion. The cast is led Csilla Zentai, by cends its image. It makes much are not watered down Andrea in Groningen, Schouwburg Chinese Ballet (Opera House): Nation- by the CavallL Baroque Music Ensemble, Andonian and Carlos Feller. its (13 10 44), Tue and Thor in Amster- tour of (he international compa- of &ts select readership; blatant commercialism of the Thefitre des Champs Elysees Further offered Lada di Lammerm- al dam, Stadsschouwburg (24 23 11). ny. Ends March 30. (254 3770). pleasure in rejecting advertise- enterprise. (47234777). oor and Madame Butterfly (207 61 ).

i m — — — .' , ) -

1986 Tuesday March 25 Financial Times

ic soent on HP Labs. E APPROACH the ShSS tlusTSo. R “» D RtUe d. future to which the M4 INDUSTRIAL RIDES (3): SWINDON TO NEATH a hte R and a the man who TIMES |W*corridor leads us DOIDon Hammond, FINANCIAL W l does not have a hp i-b the past. STBST. LONDON EC4P4BY through fragments of knock ” sign on his door • BRACKEN HOUSE, CANNON In Windsor, they are con- ? 8954871 TetegramsrRnantimo, London PS4w"feteX: structing a sight and sound dis- Victoria arriving. Sffi&steM Tetenhone; 01-248 8000 play of Queen at the station, all wheezy steam ______m ^ Ss-ansassffi 25 1986 whistles and bowing fibreglass returo to Tuesday March this year to postillions. In Bristol, the indus- fater where the other trial museum on the refurbished 7;''^ Paolo Alto, he'll hand over to dockside displays the techno- %• five labs are: logical triumphs of the town. ' t through the past century: the 9 V; l.z - aerospace display, full such Irresolute of » H artefacts as the Bristol JupUer • • • Ip of 170 thinier*. engines in Imperial Air- ^HtSLl mara* used W1 tpr ways; the Bristol Blenheims and ^ men- are concenied a j3p3 Both economy^not^ough the Bristol Beaufighters flown the British enough r and D. not back approach In one comer, the Olympus, Taylor has just come Mr audience of Ox- developed for Concorde. A . from telling an that the UK cml sentimental attachment of no I fS?a«Scs lowest of ad- SPHHLS: St importance? Or a sign that the . r and D was the ££ SffigHS declining. Phoenix of M4 corridor hi-tech vanced countries, and ? ss Bristol both messi- srsffsrSErt's seardt for«w growth, which the aero- Mr Hammond Is division and wportf ite the r^e Leyland truck space industry did as much as anic and Puriun about a iWjg seeing tM iSSinSmSSRJS SK™" the motorway itself to assist, is entrepreneur, ie 4-^sr® of the of drawing La»? still flapping about in the ashes? traditional low opuJi^ KJ," Then, S"rs ' UK’s ^ product^ »« Right the western perhaps anjjj" ’SS at tSSS S « end of such people as Motor! expected to sign, alter aeM “ the corridor, they are thinking focuson £ Sm of their “exicessive of making a museum out of bits a short-term more speciaH^ personal wealth as negotiation, on Friday, it pro- ward of the present. Neath is town no room for a . - - there is association with Honda of JS™!. voiced a walk-out by the GM in Of some 60.000 souls, who used absolute integrity. be- Japan, now appear, to be in anything but X£r*mX. to think themselves lucky to tcaBlr ^ SF-! ^thtiie ^sudden appornt- rf Developing fais theme, cause the CM negotiators were doubt have so many big companies ^opte devel- of Mr Graham over that the British noflmpSw^ to what ££ BP, Metal Box, Dupont, British of protection, ^ of the existing man- W oped a senes beads had become a completely (Uf- the Aluminium, British Steel, the 19th against exploitation by ferent proposaL The Govern- agement. National Coal Board providing of which strategy still seems — clntury capitalists, ment can now either try to ..... — around 80 per cent of the total industrial though the execu- unions were -one: an tempt GM back into talks, which right, even employment of the town. re-imported especially in terms of culture has to be heuo doneuwut with- tion, — . . certainiycertainty.wxuij cannotcouuvl - — .,, industrial recession w When hit . who got there — itself quaUtyif,, ontrinopnnerengineering, still leaves from nations out loss of face, or resign The at the end of the 1970s. Dupont A deal to be-----desired. later. _ . . puttingUUIUUK moreU>U1C public “—"4money a— good — .. . British „ toId and Aluminium went /m to Swindon, Leyland group. It must Honda-based cars show that Swish on down into the altogether, BSC cut its nearby / its factories- can get % trimming down_ , «UbUalso tryiry luto undouiiuv the damage theuiw Leyiand Port Talbot plant from 11,000 which fc Government m railway wortahop* C Austin-Rover, the car it right. The ^ glimpse once great which to 4,600. Metal Box slimmed through ; A year to 47° at support last buuctcusuffered uuiufrom thewiv auuuiushould *reaffirm its own from -2^00 Side,side, naahas u- -S- from 3,000 to 600 and the NCB but has and convince for Austin-Rovers objectives, the end of this month— whole episode, shut the last pits up the valleys Sys- wv that should also Jet “Mr Day gained 85 through Micro outerother UVCIOCCiboverseas vwAMfcompaniesmm auuand - near the town. So now the as been It was Britain still genuinely welcomes take over from what h unemployment rate is over tems Maintenance. manage- 16 ^TWr 19 y J inward investment rendered a lame-duck per cent, with 900 on the Com- II formed early to ** J} ?^ soon as w prac^ag®- May. who left the Kode elec- the arguments ment as , munity Programme and another wJLi Nobody knows left corridor with 10 mana- be the door company The car diWHon cannot tronics In favour of the GM deal better 200 on the Youth Training new while ndnutere gers after a bust-up with a Government itself. The to drift Scheme, a lot of hopeful wage than the for oth executive. thanks to over labourers trying to become chief heavy truck division, By John Lloyd director parts of the group, entrepreneurs in the industrial He and his executive an investment of some *300m, them- com- estates round the town. Keith dive Marklew, tailor has modern facilities and A HHMaMB market: Acquisition Trimnell talks of starting indus- selves severely to the petitive products, but needs to | the valley afternoon. In all these towns, e printed circuit board Matoda, who compensates dre the M4 because it is replace the export markets it However, perhaps the most trial tours. OK. But up Afoa Mr they on (just north-east of Neath) the collective institutions are fabricationbri cation section, it reads, * for. the loneliness . of his to Heathrow chose has lost in countries like important task facing Mr Paul Mr Trimmell was. until two en route * running a its industrial there . are communities with boarded up or half open—the poetically:etically: “Effort,Effort, enterprise -colonial pasting by because Nigeria. The lighter commercial the Trade Secretary, years ago, an assistant secretary Swindon channon, Cardiff, like a US over 50 per cent unemploy- dubs, chapels, welfare halls, andd PCBs/Make good Tvs.” Japanese Society- in looked ’ most vehicles from Freight Rover m statement on Leyland to- in the Welsh Office: now, with estate ^ Swansea ment. These places are just as In Tylorstown, a Welfare Hall plantplant, t»*«mtaken over emphasises unity and under- industrial park, eschewed South need replacing. GM needs a vir- day will be to limit the damage Dennis Simpson, a con- The likely to disaffected (1933) faces a Congressional fail- standing whenever he gets a (where grants were avail- tually complete new range above the episode may do outside the sultant and Howell Brittan, the whollyrally by .HitachiHits cjhi from a Wales Brixton.” Church (1899): both with sight- mg partnership word in between his- British cot- Americans would the car-derived vans which it Leyland group. This could be Metal Box convenor and local g with the able) because At villagevi! called Resoiven, less windows. Down toe street. leagues. They —- Tony Pegge, industrial decay. successfully, and Leyland extensive if the talks wl/h councillor, he runs the Neath a Generalmend Electric Company in not like sells quite a feUow personnel manager; ways up would provide both new pro- GM have indeed been aban- 84, was where Arnold (now They worked their € ird) Welnstock began his and Frapk McGovern and Jim and do not ducs and opportunites for doned for good. GM is itself an from the shop floor dnstrial career it was Robertson, who run toe produc- them in rationalisation. important member of the when want graduates: get flaunting his varicose pectorals tion side — are keen as mustard industry and some into the harsh realities of the few older people' are looking owneded by Radio and Allied young and train them up is how The Land Rover four-wheel British motor on the set-up. When they come cer- post-industrial world. into the guts of an old Cater- at a community whose muscles Industriesdnstzies after the war. rt They do not want to range can doubt sur- of_ its activities will almost they do drive no Brittan the Jyncbpdn. pillar tractor. It is one of his are no longer required, t* *- to the canteen, which guaran- not think the tainly be curtailed if it is is Son 3t 18 t b y make things—do vive on its own, but might real- schemes and comes under But go over the hill to Aber- . ^?? ? tees to serve up a Choice of a anymore. Says spurned. The potentUd and of a miner, representing two CP course, but it is toe how that country can, ise much more of its growth mining the leadership of a tough, dare and up to Hirwann. There, meal jn six minutes at toe most “ British) more avoidable damage is that former villages — Pon- fascinates. It is run by an Mr Marklew: We (toe potential in the bands of a new Beryl out of the town on a desolate (lunch break is 30 minutes), companies con- trhydyfen and Tonmawr — just funny woman called endlessly courteous and affable can’t run companies over 1,000 owner with a long purse. The other American they point out the old arrange- outside the town, he is the in- Davies who is bringing up three hillside which seems to be man named Thdashf Korose, a people. The Japanese and great promise of the proposal lemplating an acquisition ora ments — 4 canteens, one for sider who can see that the out- kids on her own and who made of coal, next to the de- sent torn accept instruc- direct mv^oaeutln the UK Hitachi hotshot to executives, A'/ericans can is that GM wants Leyland partly voluble Brittan raying (but still working) top one for middle to have second thoughts side will not permit the place renders toe pj^g jnt0 profit (not yet). tions: we can’t- We’ve got owy well ^ managers, for white . because it badly wants some of “ temporarily speechless by say- Tower pit. Into an industrial one and and seeing two Ameriran-b^ed to be tbe same again. You A sign on his door says “Do utilise people's creativity its products; that is the best after “ one for blue collars — and; can’t think a change of Govern- ing: They’re accusing me of estate and yon reach Hitach i. not knock.” He is the only an interesting life.” guarantee of continuity, devel- companies already well estab- snigger. Flow, Mr Kurose eats ghre them few ment will bring millions of jobs, sleeping my way to the top now Here, some 1,000 people make executive with an- officer when management opment and indeed local con- lished here frustrated in a in there' in his blue jacket, It is liberal as a Britain is part of the world I’vere got this job.” an average of 1,650 TV sets a Hitachi took full control, they fur- weeks. often choosing to sit beside toe philosophy, but limiting: tent economy and becoming less and Ken George, a former miner day, and one day last year tore down most of the walls Logica Indeed, friendly invaders convenor. ther down the corridor, less competitive. You have and Metal Box worker, in his made 2,004. They also assemble including to ^4 put the managers in the and ICL are testaments, if not Opportunity from other countries— videos hi-fis. .The Hitachi tends have about define the situation in these early 50s, says he had tried 250 and 250 Five middle of toe people they ones, to more - now need same 10' world-beating - ... , Honda—may two years years ago, the plant an miles of bad road to get to m I terms. for 111 jobs in his made supervise. They put them all management convincing that the Government “ the' dual carriageway «*ivA470 ambitions British if Brittan slaps average of 1,250 sets a with . nil th5? SE oonrirtimi should ! There’s an attitude here, of unemployment. dayfinal in titflA blnfi jacketsJackets that this opportunity be -_£« =_ mutnre stand uo to the — dll —-in tittle blue 3 But tbe pessimism at both ends lose your job just fall tells jokes, but as 2,200 people and set a record.record natnp which curves down past ltonty you yon backs and .withwith labelslabek givingJSSr name (tost;ffiSt(first foyeign-owned dyna- 1,750.' *• piluu£"*“ -tO. tnC. Jl4 OX1C0- XUOre.* -frames the. ‘ Govern- of namp'bfcrV riPnntHiifcnt? hack on the state." It heeds turns’ a"way Says: “ . nnd department: nn g Pa he namename'hig)“Mg) and no mion in, between: .can toe b«>ken out over Land Rover; - £*5£ education to out of that, doesn’t realise what this -'These busy people, mostly r j!S STn;^har5 »£? get ment ranMtoe workers voted ’onouthethe created' tfie HfeVftett C and-the -depressed ;regums---«L ^ wealth' by .•People herg^ave heeK Tialged^ishging • ttr conftitttniWge^'^he women. -tend to-stt m long-rows- colour).--colour).- Most?MOST important, it well as Britain's eX- Packards "arid “the IBM’s and 3s for interested1 - benches ® the Mo fop to Birmingham— - industrial fodder not at well-organised as _ • ^ as youngstersJVW151IV.U “Vare ——» . -—-T DWUCUsignedRimed ad single-union,OUlKlS-UUlUHiKind r-union no-strikeUUMUIBC .. - . judge otherwise, they should , Digital prospects, still depend «“4-toe M4, wfaerem nestles the In.tels .and the face the consequences. They in learning.” For Wales, where belts move slowly in front of “deal with the electricians' heavily on the inward invest- another of t^_iudu£trial Equipments and Honeywelis money The three partners work hard the education ladder has been them with bits of TVs on them, union, the EETPU: some of one ’ and Zilogs, as well as Logica ment which is about toe only successes: .• toe en- genera- conquering Hewlett Packard. It Tnlland perhaps in jobs. and have eagerly grasped for When they have time to look up, the other union* members Inmos manufacturing field in which does not drras_ its and ICL and Racal and gineering company they began, tions, it is among the worst they will see mottos: Hitachi, objected at first, but that is all P®£Ple m The most obvious problems pull up the desolate valleys? Britain has up to now out-per- Manufacturing and things you could say, strong on making TVs,. is very oninn, little bloc jackets, indeed, they . past. The single says concern toe future of the Ley- formed her partners. in Can British companies convince EEC A Engineering (seven workers in AndAn it is terribly bad up the strong on mottoes. Roy Matoda. one of the person- «««» ? dremtoemselves any land a whole. Its cor- British -workers that *^we- are group as resounding speech would be a a co-operative) has just won a Afon Valley and further The overall company motto,motto. nel managers, reflects tbe com- thing. But it does -fly the porate plan, which involved no invitation one”? Should the British start A renewed to big-company order and will take west, up toe Rhondda made in Japan, is “ We are parly’s motto, and: “We could stare and stripes beside the call workers trust them to? Or are further for public funds, GM would be convincing. staff. But there is a through these ribbons Hirwann, workers Union ‘Jack.outside a low build- on more valley, one.” In toe- understand "the . fundamental toe old' defences against vein of pessimism. Says Mr of towns—Wattstown, Stanley- in the various departments policies of the EETPU — ing set to sculpted, rolling capitalism too strong ' for a Trimnell:Trirauell: “ What you’ve got in town, Tylorstown, Ferndale on have supplemented these with, mutual understanding between grounds. capitalism too weak to have a these valleys is inner-city prob- the way up to Maerdy on the their managers say, their own, the union nnd ourselves; to HP is among the world’s most good once more? lems without the racial tension. Rhondda Fach (Little Rhondda) sewn on to banners. In the per- improve the company's output advanced computer companies: go 77w neat Industrial AUr will bfl from French economic Because toe houses lie in strips where Maerdy pit,pit toethe last to sonnel department it reads: and the UK economy so that it turns over SBBbn, 30 per cent Birmingham to Mancftajror. Previous secure: of that in Europe; it spends along tbe valleys and you see toe valley, is still working; just “Achieve more — Innovate employment is more articles m this series appeared In the the mountains, you think it's about hut is dead by 5.00 to the Lead Strongly—Go Faster;” in this principle we found good.” 9500m on R and D, of which FT on March 10 end 17. priorities Cobalt cured decision. Dominique Rambure PRESIDENT Mitterrand and dollar and oil prices, has pro- of France’s Credit Lyonnais, Mr Chirac, his new prime Mini- duced a fertile climate for confusion chairman of toe group of inter- BASE LENDING RATES ster, are to be congratulated for privatisation projects. Horeover, national banks -promoting the tbe smooth manner in which toe whole Issue has become poli- The UK Government is still Ecu, pointed out on Friday that ABN Bank 11}% I Guinness Mahon 11}% they handled the transition tically less explosive as toe dithering over when and how toe symbolic Ecu — minted Men and Matters Allied Dunbar . & Co. 114% I I Hambros Bank .11}% from socialist to conservative result of the admission by some to release a report by its medi- during toe reign .of Charles cal and- scientific advisers Allied Irish Sank lli% administration in France. A leading socialist economic vm — might be forged. Heritable & Gen. Trust 11}% ^ai cu constitutional crisis as toe experts and managers that advocating toe' use of nuclear American Express Bk. lli% result of a clash between a nationalisation is not toe irradiation to sterilise food. 1 I Hill Samuel Bank 11 Sll}% socialist President and a right- panacea they once thought it Amro J% It already permits tbe pro- wing still was. supermarkets, they have coined and media company since the Boys together C. Hoare & Co Prime Minister can- ” Henry Ansbacher 114% 11}% not be excluded in the longer cess to be used on other bits and toe term radurisation.” demise of ACC, Kunlck—aided pieces put into toe body, from Aficionados Associates Cap. Corp— Hongkong & Shanghai 11} term. But. for the moment at Exchange controls of the nuclear by a cash inducement from in- Labour members of parliament Hi% % surgical gut to artificial joints. least, both the protagonists have game will recall that the vestment bankers Albion Trust have found a new name for toe Banco Bilbao Johnson Matthey Bkrs. 11} In tbe immediate future, tbe de 11}% % given the impression that they neutron bomb — the one which —has been persuaded to relin- financial services Bill, which is Knowsley new government, will be faced “Irradiation” of foodstuffs by Hapoalim. & Co. Ltd. ... 12 % want to put the country's kills people but leaves property quish control. expected to complete its Com- Bank 11}% with a decision on whether to an intensely radioactive by- ' interests first and to make “ co- unharmed — was described in mons standing committee stage Lloyds Batik Jl}% seek a devaluation product, such as Cobalt-60, Allied Is to continue in con- Bank Leumi (UK) 11}% ’’ of toe America as emitting not deadly habitation work. promotion, management today. Edward Manson St French franc within the Euro- could, it is claimed, prevent but “ enhanced ” cert' Bank Credit & Comm. 11}% Co. 22}% radiation. No , msdia The fact that Mr Mitterrand pean Monetary System (EMS). some deaths and much misery and agency work, It has been christened “the Meghraj & Sons one was fooled and toe project and ” Bank of Ireland 11}% Ltd ... 11}% resisted toe temptation, offered The objective from food poisoning every year. licensing and distribution l Chichester charter by Austin arguments in was canned. Midland him by the constitution and the favour The government experts have marketing and sponsorship. But Mitchell, the Labour member Bank.of Cyprus Bank 11}% of such a step are con- Iradiator folk need not 11}% narrowness of the conservative vincing. The EMS was devised concluded that, for certain it Is in an expansionary mood for Grimsby—a reference to the trouble themselves with this I I victory, of choosing a project of Anthony Bank of India 11}% Morgan Grenfell 11}% Prime to maintain toe stability of real perishables and under carefully grim 1 and promises “a major constituency comparison. Thte may, 1 minister less opposed to him in exchange small prescribed conditions, it Is in the very near furore.” Nelson, the Conservative MP Bank of Scotland Mount Credit rates through however, be worried that any 11}% Corp Ltd. 11} % ideology and personality than adjustments, whenever neces- harmless. who has been trying to reshape ' euphemism employed will stir Banque Beige Ltd. ... 11}% National Blc. of Kuwait Mr Chirac, was an act of politi- ' to give more statutory U}% sary. In the case of toe franc, up the never-ending “ the bill Could a dis- Sellafield cal maturity. The nomination of a realignment is justified new term that powers and authority to the Barclays Bank 11}% National Girobank ...... by the (formerly Windscale)” saga. 11)% toe most obvious leader of the fact that the cumulative tances Irradiated food from the securities and investments in- Banking on it Beneficial Trust Ltd ...13}% National ‘Westminster centre-right alliance should flation gap with West Germany, dreaded nuclear by-products be board. ii}% greatly help to provide France the answer? Brit Bank of Mid. East Northern Bank Ltd. France's main trading partner, Currency Unit, or Along with his close confidant 21}% ... ii}% with an effective government. The European has grown to 12 per cent since Smith, the Conservative MP Norwich Gen. Trust In toe US, no less an agency Pop art Ecu, set up originally by toe Tim I Brown Shipley 11}% ... 11}% In return, Mr Chirac appears the last readjustment in March Nelson has than the Food and Drug architects of the European for Beaconsfield, Peoples Trust to have recognised the special 1083. CL Bank Nederland ... 11}% 12 Administration, in Washington, Harvey Goldsmith, one of Monetary System to allow toe already joined opposition mem- }% position of toe president in the has “ ” ' in '• defeating Michael As a result of this loss in come up with picowaved Britain's best-known pop music EEC to express its financial bers Canada Perinanent ... 11}% PK Ftoans. Inti. (UR) 13 field of foreign and defence junior minister in % competitiveness, French exports food. This implies that a impressarios, and his business transactions in a unified form, Howard, toe Provincial affairs, in keeping with the one crucial Cayzer Ltd. 11|% Trust Ltd. 12} stagnated last year and France’s shorter ray is used than in partner, Edward Simons, are has suddenly become tangible charge of toe Bill, in % spirit, if not toe letter of toe R. Raphael -& share of world trade in manu- microwave cooking. In South about to prove that — albeit only just. division. Cedar Holdings 13 -Sons' ... constitution of the Fifth the current % 12}% factures continued to fall. A Africa, where irradiated foods, wave of management buy-outs R4mi Gross, in charge of few observers are aware Roxburghe The Republic. The president thus But Guarantee i'3 devaluation of toe franc, apart such as bananas and straw- is not have l Charterhouse Japhet ... 11}% % remains an active arm of gov- confined to state-run banking operations, at tbe Bank that Smith and Nelson from making it more competi- berries, already sell briskly conglomerates. than just Royal Bank ot-Scotland ernment and will provide a in for International Settlements more in common Citibank NA U}% U}% tive, would also make it easier Goldsmith—toe Lew Grade of (BIS), became toe surprised their zeal for tougher measures Royal Trust Co. Canarj certain continuity in French Citibank Savings 12 a ii} economic programme. The done in a years ago when a cash in- Grindlays Bank til} % 13%. s recent improvement in the of waiting until market pres- “Big G as in George—than jection was welcome news. been drawn up since the 1930s. from Mercedes? small 1 as in leather, country's economic situation, sures make the decision in- Now, with Allied toe only signi- The BIS might be looking to e-n-h-o-l-m«-s. .*» thanks largely to the fail in the evitable. . . ficant UK-led entertainment history for justification for its Observer ,v:

; V

I I \ 5 ; . ' — ;

financial Times Tuesday March 25 1986 19

Letters to the Editor aSre: &* Ml Pi«i& UK nuclear power decisions and fossil fuel prices

WlSSS- From the'Director, safety and environmental validity there might have been built to be brought on load be- un- W2i«8 Centre for International grounds is not as self-evident as for the application in 1981. fore 2000 will be hopelessly Mario Scfalmbernl: “We must Ettere bmagilli: condemns Carlo De Brnedetth “ The compared ' with Energy. Stacties, Erasmus the Central Electricity Generat- The essence of the CEGB’s economic not be afraid.” nnsdecttve share buying. market is overbought-” ing Board believed. They fail case was its expectation of a electricity from fossil fuel University situation to consider that the inspector’s strongly rising real price for stations. This is a to Ffcshlock THE STREETS 328bn in January 1985 . Sir.—Dwld and or less of downtown report may well be negative so fossil fuels from their historic- which is -now more as ’’ an Malcolm Rutherford demon* through- Milan have been dotted in Italy's stock market boom nearly $75bn at present) that it will not be possible, as ally high levels of 1980-1081. generally recognised structural trend, strafed* sad lack of objectivity they “ evidenced by recent days by crowds of people historical and suggest, for government Internationally traded oil. .coal out the world and not something which will last In their report and article on abandonment of staring at .the screens in bank 5sJ§ approval for the first pres- and natural gas now stand at the recent for six months, but for the long nuclear power (March projects windows which carry the latest UK 14). surised water reactor to be little more than one-third of nuclear power station term.” As evidence, he cites the failed to recognise that 1 as the flashing prices of shares on the g§£- They given quickly.* They fail, to their prices in 1981 and the in countries as diverse fact that Italy has now over- required Bourse. the time for and the note that virtually all world prospects for 'supplies which US, Italy, Spain. Austria, taken Japan as the country with length of F. A fever has gripped Italy; reported- Sir energy supply, demand and significantly exceed demands Sweden. Denmark. Brazil, Milan’s bulls toe world’s highest savings ratio Layfield’s forthcoming report price developments since the now extend well beyond the Egypt. Turkey and China. hundreds of thousands of first- time small investors are pour- Mr Leopoldo Pirelli, chair- on the Sizewell inquiry CEGB submitted its application turn of the ceptury. Peter R. Odell. r ing money into the stock market man of the leading tyre and indicates that the case for for the nuclear power station Under these circumstances Postbus 3738, as though they were buying lot- cables group which bears his ?MS nuclear power on economic, have undermined whatever any • nuclear power stations 3000 DR Rotterdam. tery tickets. Last year’s unpre- family name, last week also ex- cedented bull run. which saw run wild pressed his concern at the way the Banca Commerciale Italians toe market is rushing ahead. Co-operatives and the Budget Mario Schim- *Sr<7; JAY CU&tr M*NTS -fto T*K£ CM0L Y&UR CUBKT (BCI) share index grow by By contrast Mr more than 100 per cent, shows By Alan Friedman in Milan berai, chairman of the Mont- M. Lynch . From Mr ferred to similar common — HEADS VtHl ossoe -78® FlRSr WH-DMr* no sign of letting up. edison chemicals group, does ownership worker co-operatives -PAESS j£,*jS Samuel Brittan's R6i.£*«s=, -TfW-S J &VE IT Last week alone the market not appear worried. Sir,— article or to a charity. rose by 9 per cent and gained “We must not be afraid of “A new . look at worker Inevitably the application of o earnings ratios; the game is Italian equivalent of toe FT capitalism * (March 6) echoed 5 per cent in a single day. Daily the development,” he says, dis- the co-operative principle of a averaging capital gains. Since tbe start of have risen to nearly 300,000 in my mind as I read the trading volume is now missing the delays in the settle- limited return on capital causes L400bn. this year the BCI stock market copies, a doubting of circulation *g nSji* closing stages of .the Chan- a record ment of share-transactions as some difficulty for worker co- is happening is that index has jumped by nearly 50 in just over three years. A “ cellor’s Budget speech refer- What a technicality.” Montedison is operatives when seeking the on the Bourse — per cent. Stockbrokers say they rather sophisticated guide to a “ a share-owning boom expected to launch a string of ring finance from traditional are working until midnight and called “ Bow to read n Sole 24 Ulr ^ originally fuelled by fundamen- equity issues designed to raise tag?fcV democracy.” Unfortunately, with ” priced at $29 has sources, for In conventional tals such as large-scale indus- weekends to keep up Ore and a total of up to L2,000bn Mr Brittan in- his remarks accounting terms it does not trial restructuring, falling in- orders, while tbe bureaucratic sold 100,000 copies. ($L3bn) in next six months. about mofker co-operatives, the appear that the workers have flation, reduced labour costs, backlog at banks which act as • In Milan recently white-collar There are several dangers and the' Chancellor in his pro- Italy’s any capital committed ’to their dramatically improved corporate dealers with the Bank of workers at RAS, the country’s for toe Bourse: if first-time, posals. have , demonstrated how business. To some extent this orofitability. political stability Milan branch is becoming a largest insurance company, small investors pile into the out of touch they are with the is not surprising since, many in Rome, and the substitution of logistical nightmare. As a blocked the streets for part of a market while professional fund current practice and needs of issuing people currently forming exorbitantly priced bank loans result, banks are day as they went on strike de- managers are busy taking worker cooperatives in Britain of pro- worker co-operatives are for companies with share capi- investors with a type manding toe right to stock op- profits, then the structural base today. share unemployed. The other pro- tal from tbe market — has missory note instead of tions. of the market will become in- Mr Brittan's remarks upon activities in takeovers populist complexion. certificates, which can take 1^ blem has been that the co- PR taken on a • Taxi drivers in Milan will ask creasingly fragile and exposed worker cooperatives, sand- quest for processed. operatives themselves have Capitalism (and the months to be passengers carrying a copy of to a herd mentality. wiched between employee From the Chairman, by two London Business capital gain) has become a mass popular pheno- often undervalued their own Still, the H Sole for today’s Fiat or Another problem is that V° fafift share schemes and the John Research School MBA students and is phenomenon. capital contributions to the City Project, mtnon cvntinoes. Newly autho- Olivetti share prices. One while the Milan Bourse has Lewis Partnership, might lead Institute Public Relations designed to result in a code satisfying, attracted business by not accounting for of In one way, it is a rised unit trusts have banker said he was asked the grown dramatically in the last •fiMfl a casual reader to the conclu- Sir, The concern expressed of best practice in tbe financial development which more their unpaid wages as what — optimistic US$20bn of funds from price of Fiat shares by a toll- year, encouraging more trans- sion that worker co-operatives excellent public relations sector, which which iHatt «n«n past agfjfwk they are, namely a form of loan in Martin Dickson’s reflects the turnaround in savers in the booth collector on the motorway parency in dealings and more are Just. another form of work- article on UK takeover battles will be appended to the Insti- experienced over the capital. Italy, has 15 months. L’Unita, the official organ of consolidated and audited «=£S355 in tute’s overall profes- • ? place democracy which a Lawson (March 12) about the activities code of past Six years. Even though tbe unit trusts !^o«d <£* Mr would appear to tbe Communist Party, recently balance-sheets, mi O work still manager's rights to manage are of public relations companies sional conduct Bourse, however, have been selling heavily in re- *«toi share with Ur Brittan some of On the introduced share listings after a needs to be done if Milan is lift n>, store easily accepted because is by of While this by itself will not profits on the misconceptions about shared the Institute there is more than a whiff of cent weeks, taking flood of demands from faithful to match standards on Wall the workers are participating wipe out bad practice over- invest- worker co-operatives. The only Public Relations. danger. Italy has always been a doubled and trebled party member-investors. Street and London Stock in the profits of the enterprise. This is a major reason why night it will be a significant exaggeration. The ments, hundreds of thousands of l3aL^VJf\ proposal in the Budget directly country of Mr Carlo De Benedetti. the Exchange. This, worker cooperatives its city and financial group has step on the rood to improved leaders savers are going dir- 2»**i!k aimed at worker co-operatives country’s most senior first-time Olivetti chairman who also con- For the Treasury in Rome, •n. IShfej; prove, is not the case. sponsored a research project self-regulation in this impor- into Bourse, buying Jmt would apply to less than 10 are now alarmed that the stock ectly the trols a personal industrial and which needs to issue £60bn of rja;«— 5 co-operatives tant area by the representative M The 900 worker per cent of worker coopera- into the effect of recent and market could go too far too fast with what seems an almost blind financial empire, was among the bonds annually to finance the l£iM*b i body public employing some several future changes the City of . relations prac- tives in Britain. The proposal, in on Normal Anglo-Saxon stan- ignorance. first of Italy’s new generation of state deficit, competition from *!?*. titioners. -titbit thousand people which have to amend the Finance Act 1078 the practice of financial public dards for analysing shares have Dr Ettore Fumagalll, chair- entrepreneurs to understand the Bourse for the public's Milan ^rpuie bbe been formed in die 10 years to permit the use of redeem- relations. This project, which Peter Smith. never meant much in Italy, but man of the Bourse, com- and make use of the market savings is another fear. On the since Industrial is lack selectivity ,K inm; the Common able shares in an approved due to be completed in May Reed International, price-earnings ratios have now plains of the of mechanism. He has used a other hand, the entire market >"j c:a Ownership in 1976 pre- this year, is carried Piccadilly discarded as tbe buying and estimates ifrsji & Act are profit-sharing scheme ‘ for being out 83, W2. been virtually in share variety of companies to tap the capitalisation of the Bourse -f Cin't. Vft’np dominantly businesses involv- worker co-operative registered average hovers between 20 and that there may be up to 3m in- Milan Bourse for around still represents only one w'0?’e’s ing less .dun. 25 co-operators. but one example, it dividuals playing tbe market at capital in total ? crsSwt under the Industrial and Pro- 40. To take LMOObn (8910m) of . seventh of the country's that cr. ;s With few exceptions, all the ' is hard to see how even the present. He is worried a the past year. But now he, too. financial assets of L80Q,000tm s:-H2iqifc vident Societies Acts, Is wel- Problems in recruitment workers' are the managers* and most successful restructuring at dampdown by the authorities is concerned at the way demand Tbe immediate danger for 1 N?::i 1= j Bgfig comed. - It acknowledges the frequently work practices in- Fiat the country’s largest pri- the possibility of which was cm the Milan Bourse is far out- Italy’s stock market is that the tu*. liEif Underlying principle that tax Fran- the Chief Executive, manager will have been In corporate the following charac- vate sector conglomerate, can hinted at a few days ago by stripping the supply of paper. constant marking up of prices w ** r-jj.Ie relief should be given to a co- Employment Division, touch with Mr Santon about his teristics— fact that Fiat ordin- Treasury Minister Giovanni ** ” increasing *- a very active equal operatin’ Manpower Services Commission problems. Justify the The market is over-bought will create sk ‘fftaEit who lends money to a “ opportunity, policy, skill rota- Sir, Angus ton ' ary shares, which -stood at Gone—could have a negative says Mr De Benedetti, adding instability. The danger ds that m^z; os. 3 c cooperative in which she or — Han (March We do not open on Saturday and pay; L3.000 12 months ago, are to- effect on a fragile and over- that “the prices are too high people become convinced you j; •^bf tion equal All he works. ‘When, the worker 18) reported some problems in mornings because when we tried 3n^ L10.500. shares blown market. make sense.” Neverthe- make per cent every day. workers are as a nutter of recruiting a clerical worker ' three years it cost day worth Fiat and no can 2 ' leaves the co-operative, the co- it ago a great lii’r.z-.riztiz week. of investment the the toe a course involved in .duensshms operative can through Brixton Jobcentre. Tbe deal for the business it brought rose by 19.6 per cent last Symptoms less, he sees growth of Then market becomes :\c kri&zHp then redeem that - yields of 2 or per fever abound; stock market (total market gamble and all will get about pay, but social benefits, Jobcentre .tii.jp fact .highly- In, ; are however, Average 3 we . , it.". What ..the We very 1 X«hweBor - ^ bore a t capitalisation ’ - cent' mean as little- as price- Sales of Sole 24 Ore, the has ' gone from hurt,” says De Benedetti.' such as . cMfUnliidtng >Bow- effective-- ini helping both anxious, as is Mr Hanton, to • H Hr have dpne, and hope • SniSfe T •• • ,*.. - oiL ~ • ' axvces and Sme wdik’Tor ; *" employers -and -jobseekets? It?-Help uflempfoyt^ people/^ The '. i'/JMJt .IVsflafti: 2- ':-:3i^ v • :?.i social activities can be'jusf as and takes about 32NMP vacancies a" MSC1jt- Cbnsictering the'GOvern- • * spade introduce a simi- ai 3£ Important. Xu other words, lar relief to a co-operator who year and places about* 8,800 menfs budget proposal lhat the _____ADVERHSEMENT >?*: 223 2ES*. there is a fundamental differ- makes a loan to his or her people in jobs at around £53 staff in Jobcentres should be , V *I*&P ence in the decision-making co-operative, as a' loan. per placing: when I visited it greatly reinforced in order to ' l / A/ L :ri Sprite structure between worker co- The Chancellor has gone some recently I found a highly moti- give this help. S-*. O c c c cu U DTI C rn CCCCU u ' ' ; !E: jKife operatives and companies with way to assist worker co-opera rated staff delivering a good S. Loveman. ' / LI / _/ /_ _/ ///_///_////_ / L- f / _/ -J / / 1 L, CCSJHSK employee share schemes. tives. Unfortunately his pro service to the public. I am sure - Moorfoot, that by • wk**h ua‘“i . A .second fundamental differ- posed relief will only assist r herefore now the Sheffield, Yorks. St ?i£i s J® ence is that the overwhelming small minority of them. J hop* , •jfXlj’ftr majority of -people involved in that he can see fit to accommo- -.' * diirK? S worker cooperatives have date the .majority of worke- The benefits of trusts rnflj ^ • chosen to form common owner- cooperatives his share-own- ni l’S m Plessey world first in :k wd ® ^ ship. worker cooperatives less ing democracy by. introducing r From Mr S. Northcott as a factor to bear In mind, than per of worker co- relief to assist workers in com- Sir, partners that assets transferred 6 >=« =£«• 10 cent —As my and I to a .,. operatives in Britain are nor mon ownership worker -.•pend a lot of time advising on trust will not have la-built W* By developfaig system which .- .-: WtfWT* ownerships. Common co-operatives to re-invest the! npttal taxation and, in parti- capital gains a >«*»* common “washed out" on . ..-. “ ownership means that the co- profits in their own businesses mlar, the burden of capital the death of the settlor. An enables up to 40 separate com- . • f -. - . r operators have no equity stake M. J. Lynch. ransfer tax (CTT) and how to advantage of the use of a trust munications flianup t* to be optical fibre in the co-operative which might (Convenor. Legal elieve it, I was much however, is that assets can be combined onto a angle optical a capital Working Party), merested in Stephen Chap- transferred to provide them with it without pay- fibre, Plessey Research has windfall at some later date. Industrial Common «U's article (March 8} and in ment of CGT, whereas if an achieved awodd first. And, in the event of there Ownership Movement, David Lang’s letter (March 15), inheritance trust is used this being surplus assets on dis- 7 and 8 The Corn Exchange, I think that people need re- often necessitates the sale of Up till now, the number of Plesseyhas woo an older for the RATES solution, such assets are trans- Leeds. uinding of the benefits of dis- assets to raise cash, which may simultaneous telephone con- r. supply of advanced chant cretionary trusts and similar give rise to a substantial CGT versations - or the video and switches to tbe Omani Ministry ... MM-' for . bill. this -ehides saving CTT add Quite -apart from dis- data traffic equivalent - along of Defence. houid not be led- to believe advantage, there are risks in . --i Industrial customers wanted one fibre has been limited to The contract - for the bat the much acclaimed inherl- inheritance trusts arising from some 8,000. Role System mce trust is a sort of cure-all the dose scrutiny which the §*,;a*5 Plessey Multi From the President, cess is happening even faster Plessey system t*k or CTT problems. We view the Revenue is undertaking and Tbe new has (MRS) - closely follows the _i«r Machine Tool Trades An expanding customer base . present popularity of the there are also in many cases a theoretical capacity for announcement that the Greek Association apart from keeping Britain as manufacturing country 'inheritance trust with some income tax dangers on the pro- 500,000 simultaneous calls, so Armed Forces have also a major jr.*' f-:* roncern and caution. fits arising from the policies Sir*—The Chancellor pointed also increases the volumes o' its development has significant t chosen MRS, as the heart of statement that We have been involved in a when the insured dies. : - SM|lr**\* mm. -: i ss**r. out in his Budget production and enables us ar potential to increase the ca- § | — the Hermes system for their se- unit labour costs in UK industry managers to keep down costs number of cases recently where Notwithstanding these dis- mM. m V a pacity of existing , cable finks cure military communications continue to rise and make the and retain employees. it is quite obvious that people advantages the inheritance ' and reduce the number of i: t'*3*,* network. prices for manufactured equip- The fall of ode point in in- have been offered an attractively trust continues to be marketed w *v; ' fibres needed. i ment uncompetitive with terest rates is of help to us wrapped package which does Strongly with Witmnmm or no MRS offers a highly flexible foreign manufacturers. We wel- But UK interest rates are still not suit their circumstances reference to -these pitfalls or The system is based on ,^'V range ofswitches that provides

falling inflation and the with and which has been pressed to. the substantial commission wavelength ' • come completely out of Hue our division multiplex- • - the most efficient and versatile maintenance of this policy so main competitor countries to upon' them by an advisor, per- .charges to which those who sell S' ing. This process employs dif- , :-rs of meeting communi- insurance means ~ 5 ' that industry can bring these the- extent that they are a dis- haps a bank manager, them become entitled. It is a “ 3? ferent wavelengths or colours cations requirements through ... costs under control. incentive to long twin strategi broker or stockbroker. Such a oanse of some shame that the c of light to cany different package normally involves sub- advisors are frequently profes- infor- to the 1990s. He has however neglected capital investment . Adn^I«w»yrienpbdj»isJo«*»dlJ#le3di« stantial expenditure which sional mation forsimultaneous trans- Developed as a “third gener- another . major area which The machine tool industry is people upon whom affects manufacturers' ability to therefore most concerned at the could be reduced to a negligible cheats place a heavy reliance. mission along one fibre no Each can be further sub- ation” system from a sub- control costs and this is the neglect which the Government level if some other course in- I imagine.Jhat little can be done thicker than a hitman hair. divided into eight separate stantial Plessey research -I continues to show for Industry volvlhg, for example, a discre- about this except to urge clients industrial customer base. We colours by a novel process programme, MRS has already \i- .ft1 have watched with alarm over and its development A great tionary trust or an accumulation to seek independent advice and NO INTERFERENCE „ known as spectrum splicing, been chosen by Australia and recent years the shrinking of opportunity has been missed in and maintenance trust had been to see what other vehides may ISDXfor Zealandfor theirstrategic domestic manufacturing capa- industry year. adopted. One such item of ex- be suitable for their needs. The colours are combined at which was developed by New .: *' - gji city and with the withdrawal XL P. Bull. penditure is capital gains tax S. J. Northcott the transmitting end of the Plessey Research at Caswell in communications networks. j:t David mentions. 10 :' of capital allowances this pro- 62 Bayswater Road, W2. (CGT). Lang Great James Street, WCl. fibre and separated at the Northamptonshire. •rr "! ,Sf Oxford receiving end without signifi- The impact ofthis newtech- :.. cant interference occurring nology is expected to have ' : The need to assist small debtor countries between them. majorImportance forshortand QxfonI University has ordered a -"v Although 40 separate fight long distance communication network of ten Plessey ISDX From the Assistant Secretary- stabilise their economies and effort to bridge this gap, until and is so seen by its executive sources (LEDs) are required systems, for specialist uses in digital conmamication systems. mechanisms time reinstate . conventional director. General and Special' at the same more . fortheprocess,theseneed only local areanetworksand parallel The systems, which incor- Representative of the Secretary- democratic institutions, deserve can be put in place and longer- • The conclusions to be de- • - 5 be drawn from five differing computer links, and also for porate DPNSS (Digital Private . .^ =:« General far Bolivia, special international under- term loans negotiated. Dr Javier rived from this are twofold. variants in the infra-red part of military applications such as Network Signalling System) United Nations standing and treatment Since Peres de Cuellar; tbe Secretary- Is it not time to devise effec- the spectrum. aircraft flight control systems. facilities, are ex ected to be Sir,—-Mr Wagstyl's article on he assumed power in August General of. the United Nations, tive and expeditious ways of p international tin crisis last year. President Paz Estens- launched bn October 18 1985 an assisting small debtor countries, operating in September 1986, m the Plessey MBS In action (March 12) correctly states soro has repeatedly pledged his emergency fund of 2150m of which do not qualify for the time for (he 1986-87 academic that the difficulties of other tin Government’s recognition of the short-term loans, to be nego- special arrangements available Better information at the bus stop yean With automatic distribution central banks. to producers “ pale in comparison external debt inherited from the tiated between A those large enough to con- Among tbe departments to and message handling, full with Bolivia's which relies on authoritarian regimes that held situation that was already pre- stitute a threat to the inter- The prestigious Route 65 from up-to-the-minute arrival use the new network wffl interface facilities, automatic tin for 40 per cent iff its export power before 1982, and has carious on October 18 worsened national monetary system, ant? information, there are good be Engineering and Science, system control and a foun- revenues " and are likely to taken stem measures designed dramatically with the collapse which, by the same token, can- “TVacfine” bus service in plunge “ an impoverished to put the economy straight, of the ITC on October 24 and not withstand the waiting time Birmingham is to provide a prospects for expansion of the Botany; Zoology and. Geodesy dation support system, it em- . ; ' country deeper Into economic which must be the first step tire failure of the efforts during imposed by traditional system to other routes. and Surveying. The Bodleian bodies the latest in switching v ::5’J 3i the Plessey passenger information ^ to find trouble.” towards the economic growth the succeeding months rescue -mechanisms? Is it not system. The order for tbe system Library and various adminis- technology. your 10 that ean alone provide a sound a of reopening the tin time, also, to weight In Editorial of March way give more At bos stops along the follows an earlier order .from trative offices will ahobeserved. MRS is designed for tactical ' you had drawn “one obvious basis for the -country to honour market This was an added to the far-reaching political - .. i? “liadine” guided route, tbe West Midlands County The order valued at over or strategic systems, mobile or moral " of a more general its international obligations. blow, due entirely to external implications of such situations, system will display the ex- Council for Plessey to provide £1 million - was placed through fixed. It incorporates experi- character deriving, from the These actions; which have developments for which Bolivia over ' and above the strictly v : with traffic fight BritishTelecom, who (be ence gained in the develop- collapse of tbe International Tin caused additional hardships for can hardly 'be held responsible. economic and financial aspects, pected arrival time of tbe next ’’Tracfine* a market Council, namely “That groups one of the poorest and most The response to the emer- when deciding to give assist- bus to waiting passengers, and priority system. Plessey ISDX as tbe MerfinDX. ment of the Ptarmigan system of governments cannot always deprived populations in Latin gency fund has in some respects ance or not? In- the case of count down the time remain- now operational with the is presumably on America, have been applauded been encouraging and commit- Bolivia, if the adjustment be trusted.” It latest ing, minute by minute. British Army in Germany, for this account that Sir Adam as courageous by many in- ments -how stand at $105m. programme were to suffer the Tbe time is calculated by which Plessey was prime Ridley is cited in Mr Wagstyl’s formed observers. Negotiations Almost all of these have been fate of its predecessor antf ,,j? sensors installed at stra- contractor. •" ;; ’ article as being concerned lest with the International Monetary from T-uHn American countries, founder the consequences bus “ Debt-laden Third-World coun- Fund, on which the provision the only ones from outside would not only be grave for tegic points along the route The Omani order is an ..* y use tbe ITC as a of funds from many quarters being nhino and Spain. Most the democratic process, sr which signal to the bus stop important stage in the mod- . tries might precedent if they ever chose to depends, are also well advanced. of the other European countries recently restored there, and display over the telephone ernisation of Omani military their loans.” The established procedures have indicated that nothing can still fragile, but likely to reach renege on lines whenever a bus is communications, and points an obverse of this take many months, however, be done until an agreement is beyond its frontiers, given the There is detected. the way to further Plessey sales coin, and that is that snail, and Impose an almost impos- signed with the IMF. thus de- country’s key geopolitical loca- With the promise of in this highly competitive desperately poor countries, such sible strain on a small economy feating the whole purpose of tion at the heart of the conti- as Bolivia, which are demon- with depleted resources and the exercise, which is meant to nent. Margaret J. Anstee. increased passengers resulting market strably doing their utmost to virtually no reserves. In an be complementary to the IMF UN, New York, USA.

4 . .

.*?! /K"' GELCO BDAI-ICHI FINANCIALTIMES JHLiDRIVtSG FORCE IS SECURmES CO., LTD. ELEET MASAGRMES T DaMcM Europe Limned: Dunam Houses, 236 9832 8-13 ChisweB area. Lordoa ECTY 4TQ UK Tuesday March 25 1986 TEL: 06T TWi (01) 588-4872 TWejc 883336 JOCD Facsimile: (01} 568-2644

Western Desert discoveries may justify high expectations, reports Tony Walker THE LEX COLUMN Oil prospectors smell success in Egypt More barrels exploration in the Western view, operating costs onshore"are EGYPT is on the verge of a signifi- Chi mid-1950s. about one third of those offshore,” cant oilfield development in its Desert began in the A in- one company representative said. Western Desert, according to oil in- number of Western companies, Shell, have mounted extent "So this is still profitable oil even laughs dustry sources in Cairo, who are cluding than surprised that the find has attract- sive exploration efforts without suc- under today’s terrible market condi- only in the past tions." estimated operating costs ed little attention. cess. It has been He useful discover- at S3 to $5 a barrel against $12 to - Western oil companies are pre- several years that high-volume, cost-effective produc- in an area $15 for North Sea oil The indeciave Opec adjournment paring to begin production from the ies have been made tion of components and help sell ignored. There are also hopes of reason- from Geneva- seems to have been new field, which is located 400km previously them, especially in toe large North formed into York than in northwest of Cairo on the northern Conoco last year able gas deposits in the deeper ba- more papular in New American market. BT probably has Qatta- leases held by Phoenix of the US, a sins, which could be used to provide London. Even the few barrels of edge of what is known as the still more manufacturing plan s; and subsidiary of Texas power for the town May crude traded at $11 were ap- ra depression. The companies are wholly owned of Uezsa Ma- MarritMtham may well be the source of Oklahoma City. tmh on toe Mediterranean coast, 60 parently Animgh to create expecta- Phillips, Conoco and Texas Interna- International of technology that can be bargained agreed to fund exploration km-80 km to the north, in an area tions of a price down into single fig- tional of the US and Denison Mines Conoco into joint ventures. What seems and development costs which are where the Egyptian Government is ures before those barrels came to of Canada. dear from the two deals so far, is the expected to be in the order of seeking to encourage tourist devel- be delivered. While those expecta- ‘This is a major new play in hat monopolies considerations will com- $150m-$160m in exchange for a half opment some light industry. tions were grist to the US bond Western Desert,” a foreign oil for more than lO per cent of Egypt's coveries would nevertheless give a severely limit BT*s freedom of tative said. "The share of Phoenix's leases. There is also the propped rf supply- market, discounting ever lower pany represen cnl production, which last year boost to Egypt’s hope of maintain- rhnjpf* at partner and area of opera- Conoco's 1™™*!-!" point is that this adds a new dimen- initial production from ing gas to Alp rates at US inflation, they were no averaged 876^91 b/d. ... ing reasonable export levels, into tion. petroleum Khalda and Saiam fields and two' A sign of quickening interest in good at all in London - where lower sion to Western Desert the 1990s. stock market Conoco and hillips .will build The only snag in exploration.” He said companies gmaiior deposits might range be- P toe areas around the Umbarka, oil prices principally stand for high- Estimates based on existing terms is that manufacturing is gen- barrels spurs from their fields to connect IQiaMn and Watofh» fMric jg tiiat er funding naedc and a shakier are getting “pay" in Cretaceous and tween 30,000 and 50,000 a rating than with the Meleib-to-Hamra fields in production are that Egypt erally worthy of a lower ft have additional exploration blocks put to currency. . Jurassic rock from 6,000 to 10,000 day (b/d). Denison Mines may Investors might Interpose of France is wouM become a net importer of ml providing services. ft production of some 20,000 b/d from pipeline. tender last year were snapped up. Whatever toe revenue calcula- if current of that neither move will building the pjprfiwa, which is ex- fay the mid-1990s rates tions, be grateful While the discoveries were signi- its Meleiha field and Phillips of the One large block known’ as the sterling remained in reason- completed by the end domestic consumption are mate-, Tnnfeo a significant difference to ficant in Egyptian terms, where de- order of 10,000-154)00 b/d from its pected to be Kanayis concession went to a con- able shape, ft could, not hold its of this year at a cost of $35m. tai neri at about a 12 to 15 per cent against policy butin rap- BTs figures in toe near term. ; competition posits tend to be small and spread Umbarka deposit sortium including Agfa of Italy, BP form a dollar fortified by ter of increase a year. . . Matthew Brown, Ar- out, he said, they could not be com- If those projections prove correct According to an oil industry rep- of the UK, Broken ffifl Proprietary the departure of Mr Preston Martin id succession have ap- pared with those in the Gulf or in - and company representatives as- resentative, the significance of the One attraction at the Western of Australia and Idemitsu, toe Japa- from toe Federal Reserve, but even gyll Group end Elders DflL nearby Libya. If initial promise that preliminary esti- Western Desert development is that Desert find for the companies in- nese oil-trading company. Geneva amid not stop some ad- pealed to a higher authority. International Leisure sert they are . has managed were fulfilled, however, they might mates based on a limited drilling it “opens up a new big potential ba- volved is that costs of production Conoco added to its interests with vance against the D-Mark. It looks So far none of them ruling International Leisure Group - al- in time rival Egypt’s main Gulf and programme - the Western Desert ste." It was much too early to esti- are relatively low because it is on- a successful hid on an area near its as if the currency w31 indeed stand to overturn a Commission ias Intasun - has always taken a ro- said, the dis- shore. “From an col guy’s point of KhaMa liifffi ry for a farther drop in base rate once and it may be that Elders fails even Suez fields. might account within several years mate reserves, he but present vp . view of the amount of debt the authorities decide tiiat the Opec to have its case heard. But regular bust expect- position warrants itbut the shorter court appearances can scarcely en- which its equity base can be money anapieinnal ed to support but, with the balance wta ww y firm . hance the stature of a statutory sheet already over 100 per cent Malaysian French yesterday. _ authority. and Du Pont plan geared and cheques for around £100m the Com- BT against The same cannot quite be said for Elders’ appeal UK equities. There is no mystery mission’s decision to let Allied have, ilOQm ready to be posted to the Booin Company, even ILG has Communists about determined selling of oils. a confidential peep at its own fi- g PM floats unreason- been forced to recognise toe need opto-electronics joint venture And last week’s rather manic buy- nancing plans is hardly ing of the Twnirinj sector faad creat- able. While Allied may be shooting for fresh capital Yesterday’s rights ed some decidedly perishable look- in toe dark unless it knows exactly issue will boost the equity base by BY DE JONQU1ERES IN LONDON challenge Sabah GUY has mind provi- per cent and still leave net bor- ing profits, which were duly swept what Elders in the 50 BRITISH TELECOM and Du Font about £140m, or roughly 10 per cent next year at Ipswich in eastern off toe shell sion of what might amount to a rowings roughly equivalent to plan to invest a total of about £100m of the expected world market, by England. Modem production equip- But for the rest, it seemed to be a pathfinder offer document does shareholders' funds if the four new Marchais Mii delivered the bal- peace plan (2150m) during the next four years the early 1990s. Its main customers ment has already been installed at good old-fashioned w m of tax- seem to place toe bidder at a com- 737-300's are to in a UK-based joint venture to wifi be telecommunications equip- tiie factory, which is expected'to loss selling in the penultimate week petitive disadvantage. ance sheet By Paul Betts hi Parts By Chris SherweR mass-produce advanced opto-elec- ment suppliers wting optical fibre employ about 150 people by the end of the tax year and plain fatigue in While toe rights issue could in Kcrta Khmbuta tronic components for use in telec- systems. of next year. THE LEADERSHIP of toe French the' last leg of a bumper three-week scarcely have been pitched into a ommunications networks. This is BTs second major move BT end Da Font are discussing Communist Party is coming under account Weakness in the Id share more buoyant market ILG may be SABAH’S three warring political BT/Do Pont The joint venture, BT&D Tech- into manufacturing sinrp it was plans to build a neermti plant-in the heavy attedc from a growing and price was not validated by a rights regretting that it did not tap its parties were presented with a for- nologies, is claimed to be the most sold to the private sector 18 months US by 1990. In the short term North increasingly vocal number of dissi- issue announcement, nor yet by the First the Mitel takeover, now a shareholders rather earlier. The mula to settle their differences yes- project its kind in ago. Earlier this year, it won UK America is expected to be by far the perennial' price-fixing story. joint venture with Du Boot to man- shares have underperformed the terday when Dr Mahathir Moham- ambitious of dents, worried by the party's elec- Western Europe. It aims to compete Government approval to buy 51 per largest market to optoelectronic toral decline. But perhaps the fact that loading ufacture components for toe optical market dramatically since the ad, Malaysia's Prime Minister, paid * of i rjnmdijwi shares vulnerable to ru- fibre telecommunications industry. beginning of 1984 and, on a yield of internationally with industry lead- cent M te> . a manufac- systems., As the Communist Party central are now a fleeting visit to the oil and timber- ers including American Telephone turer of private branch exchanges The jointventurewilldraw heavi- committee started a two-day meet- mour is teffing the market some- British Telecom seems to have an 5.8 per cent are not anticipating rich state on the island of Borneo and Telegraph, Japan’s Fujitsu, (PABXs), for ElfiOm. ly on technology developed at BTs ing behind closed doors yertenday thing about itsdif. It woold be a sur- urge to tegfep things rather than quite all of the handsome prospects after 11 days of sectarian violence. Hitachi and NEC and STC of Brit- The Mitel deal was referred to research laboratories. Du Font will to analyse the party’s disastrous prise if there woe much demand just sell its advices. Apart from the to which ILG alludes in its rights is- The move looks like a last ditch 1 i frir ine hi r. ain. the UK Monopolies and Mergers ^ >uti' faute production 9JQ per cent in tins month’s legisla- three matters: a passible sharing of tive elections. By contrast, the So- Continued from Page 1 power in Sabah, future elections in cialists polled nearly 32 per cent in ADVERTISEMENT to devise a formula for reallocatin the state participation in the Sheikh Yemeni stressed again deep cut in production, mainly at g the last elections. ten-party coalition governing the that Opec alone could not increase the expense of Saudi Arabia and shares under a collective Opec out- TELECOMMUNICATIONS erfiing Worried by the party’s steady de- whole country. ite market share and restore stabili- tiie other conservative Arab produc- put of 14m b/d for the sec- cline during the past few years, re- quarter 16.38m for toe full NEWS ty to the market at a higher level ers of the Gulf with small ond and Datuk Pairin, who is head of the formist members have repeatedly without the help of non-member populations. year. Parti Bersatu Sabah, is thought to called for reforms and changes in Ferranti serves Philips producers such as the UK and Nor- It is now clear tiiat Saudi Arabia, Iran, however, refused to accept REVIEW be receptive to power-sharing un- outlook to enable the party to move way. Kuwait and the United Arab Emi- any increase in ite enemy's output der certain conditions. His victory away from its traditional hard-line In a significant endorsement Sales of the Voice Manager the slightest inten- quota whatever total might be last April Sheikh Ah Khalifa al Sabah, Ku- rates never had Busmss of the Ferranti Voice are accelerating has never been accepted 1 approach. following its the unless Soviet But until now, waiti chief dele ate took the tion of agreeing whatever tiurir tae- agreed fin group such a Manager, leading European introduction 18 by his opponents. g , same these reformist members ted by Mr months ago. tical moves during the protracted rise were doubled for Iran Ferranti again electronics giant Philips has A significant installed base line. “I hope both Opec and non- Pierre His two rivals are Ton Mustapha Juqnin, the party's fanner signed an agreement dis- Opec will contribute towards stabil- bargaining in Geneva, however. Dr Ramzi Salman, Iraqi chief del- to shows that sales can be made Harun, a former Chief Minister, spokesman before he was isolated tribute toe product worldwide. to organisations aware ity” he said. Sheikh Yamani did refer to the po- egate, did not concede that there for Statoil of toe who leads the Moslem opposition by the hard-line leadership last Linked with its SOPHO S and productivity potential that Sheikh Yamani referred to a '‘mi- tentially disastrous effects of de- was any limit to ite country’s quota party, the United Sabah National year, have been quashed by Mr SOPHO-TBX range of PABX voice store and forward pressed prices on Third World except what it could actually export Gullfaks nority” of members “who pushed 03 Marrhais and his faHnwprs- products. Philips Telecom- messaging systems bring to a Organisation (USNO), and Datuk Iraq believed producing Qpee to the market share 03 producers. is to be Ferranti Computer Systems, munications and Data Systems modern organisation. Harris SaDeh, who was Chief Min- reformists - alone." Although he did not name He avoided questions on fife Gulf about L8m b/d compared with an The or renovoteurs Cheadie Heath Division, has will sell it as the Voice Mail ister in the ousted government and pffiriai rmri^f as they are - have Server. Mail Voice messaging systems have them, he was evidently referring to araflict between Iraq and Iran. But quota the existing known long ar- won a. £23m contract from The Voice Server until recently head 1 already gained of the Berjaya pact of L2m b/d. By contrast Iranis gued fin the evolution at the party Statoil, the Norwegian state will complement Philips’ considerable the campaign by Iran, Algeria and other delegates stud the war was acceptance Party. along Tfartian "Kumenmmnrprt” oH company, to supply fire present range of products and in toe United mafo reason for the failure of reckoned to be producing only the Libya for a cut in collective output the and gas hazard monitoring its new generation of business States. Ferranti and Philips Both have Indone- about L7m b/d compared with ite model breaking from its old see been in the forefront to 14m to 15m barrels a day. an attempt by Dr Sobrato, equipment for the Gullfaks communication switches will enormous market potential quota of Stalinist mould. of the recent demonstrations. The three producers wanted a sia's Minister of Mines and Energy, 2&n b/d. C platform. Ferranti worked depend heavily on the support dn Europe and toe Middle and But the reformists have now re- on similar systems for the of integrated servers. The Far East. tained to the attack following the A and B platforms as a sub- Ferranti Voice Manager fills Philips plans to market and contractor to the Norwegian an important gap in this distribute the launches confirmation of toe party’s historic * product“ Imasco company Elektrisk Bureau. range. immediately. unprecedented India rejects Bhopal settlement dentine. In an public Winning the new contract bid for Genstar gesture of dissent in a party where direct from Statoil means discipline has always Continued from Page 1 Continued from Page 1 internal been that Ferranti will supply a sacrosanct about 150 reformists complete and tested system building materials, waste manage- litigation, including its belief tiiat to accept the tentative settlement the case was less positive than cm have signed a petition calling for a for Gullfaks C. HELICOPTERS delib- off. Carbide's ment and real estate. all evidence still pointed to a was shrugged Union Wall Street Mr Melvin Belli, the special congress. Moreover,, they The system comprises three distinct dual control sub- Genstar is the former Sogemines erate act of sabotage at BhopaL “In shares rose sharply in heavy trad- San Francisco lawyer representing published the petition as an adver- systems, «U monitored from holding company set up in Mon- light of these defences, the amount ing and by midday were SI higher 32 Indian lawyers, described the tisement in Le Monde, the Parte af- an operator’s console in the is of German treal years of tills settlement very substan- at a new peak $20%. Analysts Navy 30 ago by Socfttt Gen- proposed settlement as ternoon newspaper. main control room. Radars erate and Canadian investors. tial” said Union Carbide. thought the proposed settlement “inadequate.” The of Communist mayors Ihe Radar Systems Depart* A majority orders integration with toe British company went into real estate by Union Carbide's directors, who was less than feared and that the Australian meat of Ferranti have also publicly called far a spe- Defence Aerospace Sea Skua missile. merger during the 1970’s ami into fi- still have to approve the proposed company could meettoe costs with- Mr BelH is reported to have said Dalkeith-based Ferranti Systems, Edinburgh, has cial congress to try towork out a so- been Tins delivery marks the third nancial services with acquisition of settlement, are scheduled to meet out Suffering nwfap finanrial the settlement caught him by sur- Metrology Systems has won awarded a production contract hitian to the party’s popular decline. new radar from Ferranti in as Canada Permanent 1982, in a bat- on Wednesday. strain. prise and he would not have agreed orders totalling £500,000 to from Messerschmitt-Boelkow. many weeks. -supply computer controlled Blohm to supply 20 Seaspray tle with the Belzberg interests of On Wan Street, news that the In- However, the reaction among to it He believes tiiat the figure Call for higher farm incomes. The inspection machines to MR3 radars for retrofit to radar installation will Vancouver. dian Government was not planning some of the lawyers associated with should be "doser Slbn.” Page 3 the to Australian customers. German Navy’s Westland-built include a NATO Datalink 01 gysfa”1 Six ’Merlin’ co-ordinate SH-3D Sea King helicopters. .produced by the measuring machines supplied Bracknell Divfeion of Ferranti The multi-million pound con- Computer through Australian distribu- tract was Systems. The data- confirmed as the itak will service sales tor John Hart of Melbourne first of two Seaspray toe Sea Rothschild urges US airport MK3 IGnefs over-the-horizon are being used to inspect pre- radar target- systems, ordered in ing role cision components including by providing rapid 1984, was delivered to -the and secure •F [ •F BY NANCY DUNNE IN WASHINGTON automobile communication of •c t *f production and Ferranti trials unit for target 1*0*1 F IS 59 tan* c 13 55 F 14 57 aircraft engineering. data to surface ships. s 23 73 EMup F 3 37 U 3 37 HntaJ-a C N. M. ROTHSCHILD & Son, the Hampshire Republican, who urged to Mr Sarbanes said the S47m price R 10 S9 Fm C 18 -81 tat C UK merchant bank, w31 tiy to as- Congress to step back and consider was fixed by the Administration as Briefly . . Abm S IS 58 Ftajjx* - — — C IB H tata F semble a group at investors to buy selling the airports far a fair mar- its “hypothetical indebtedness* by tan S 27 8! Ratal 8 7 45 S 28 73 Sv Franco 0 NATO has purchased a Washington’s National up a3 the past costs id toe B»*sk c 35 85 Rata F 11 81 c 13 a M S and DuBes ket price. A bill currently before the adding Ferranti Infographics CAM-X Mn s 20 68 Ban 8 9 48 c I 45 airports if the Reagan Administra- Senate would shift control of the two airports and subtracting the compoteraided design and The good c 83 F 19 88 F -7 IS tss. l news Mm U Bta tion or Congress indicates that of- two airports from the federal gov- profits. manufacture system (CAD/ Mast c 4 38 Bta*w S fi 41 C 1 M fers from the private sector CAM) for use in toe design F 5* taasr c 7 45 S would ernment to a regional authority un- Mr Fridman said he was not sure 8** 12 taw and development of anti- Beta C 7 45 c 1 34 Uvri G be welcome. der the state of Virginia far S47m. what Rothschild would need to go IB 81 fori* c submarine weapon systems. Sub F 21 70 lltaj c In a statement read yesterday on “The .Senate might be acting too ahead with an effort to organise the i 30 88 ImfridE F 11 52 C 23 73 Wfm C Ferranti Computer Systems, 28 82 Tmrifc S Capitol Hill by a Rothschild repre- hastily In transferring the airports airport purchase. The project had FERRANTI tans R 14 57 tom 8 .4 38 8 Cheadle Meath Division, has Brandi C 9 48 ItaW C 21 70 S 7 « tai sentative, Mr Paul Feldman, the for an incredibly low, beknronarket been conceived at a privatisation delivered a new Cockpit 14 57 F M*M C 0 48 i»u 8 8 48 F bank said it would help the US Gov- price," Mr Humphrey said. conference in Washington last Emergencies and Procedures Toft S B-Arj a 28 7B ktam B 32 a f a a Trainer to the Royal Air Selling 8 ernment to raise money by selling The transfer legislation has been month. It was attended by Mr John technology Cm F 7» 68 *» f 7 45 H 13 55 DU Force training F4J tact C for ton e 19 88 jmq S 23 73 f « a landing rights to airlines. Mr Feld- delayed by a filibuster conducted by Redwood, once a consultant to toe Cm i pilots. 13 65 tan C Phantom Cm c 27 81 im S a 77 man raid tiiat private for Senator Paul Sarbanes of Mary- British Prime Minister's office. He (mhhn c 17 83 Lnfeo F 18 81 C II B tarn C F the two airports would start at land. He says the sale is unfair to is now with NMR's international Oma f -2 28 Inin F 9 48 H 3 37 tattun -1 C S500m and could bring toe tate, had to buy the com- privatisation operation. tap* c 7 45 In beta F 13 a F 38 2n* Treasury his s which Omtam f 4 39 lUMbB| a 9 « Slhn. peting Bakhnare-WashinJfton Inter- The bank's statement promised bfa f IS 58 Writ s 18 M Feldman was airport from the city of that the kept as K-ttd Mr accompanied by national airports “would be Mu f 11 52 Ram 8 17 83 UM B-Ora* M* Hr Senator Gordon for S36ffl in 1972. An aide airports’* Mia F 2 38 RMp $ 21 75 S-taS-®taSa-SoraWbwkr Humphrey, a New Baltimore i . '

21 SECTION II - COMPANIES AND MARKETS [ZIjTravIs FINANCIALTIMES & Arnold Umber, Building Materials, Heating and Tuesday March 25 1986 Plumbing Equipment for the Construction and Allied Hades. Northampton 52424.

BSN buys Swedish Zale to withdraw from Bad debts put Barclays stake in state to Generate Europe in restructuring retain hold Italy L52bn in red BY WILLIAM BY ALAN FRIEDMAN IN MILAN 1 Biscuit HALL IN NEW YORK on ZALE CORPORATION, the world's of 90 airport newsstands and the Zale entered the UK market brewer BARCLAYS BANKS Italian opera- were struck in the years 1982, 1983 Mr Richard Adams, deputy group Housego In Paris biggest fine jewellery retailer, catalogue stores op- tion Last incurred losses total- and 1984. Some L33bn of these general manager in Milan, said yes- By David O.G. Wilson showroom about 15 years ago and its By Kevin Done In Stockholm year plans to pull out of the European divisions. erate under a number of different ling L52bn (5338.1mj. a deficit larg- write-offs were taken by the Bar- terday; “We have a continuing com- BSN, France’s largest food and THE SWEDISH leasing mitment Italy are reposi- market mid is considering a num- Zale operates 1 1 0 jewellery stores names. Over the years the UK oper- Government has er than the bank's L37bn nominal days division in Italy and to and we beverage group, confirmed yester- ber of options including the sale in the UK, 66 in West Germany and ation had done well but in the last turned down an approach from Italian capital base. the remaining L7bn by the bank. tioning our business to the more up- day bad taken a minority stake, a and a public offering of shares in its 20 in Switzerland. In its last finan- couple of years the market had Anheuser-Busch, the US brew- The loss, which is being covered Bardays said yesterday its market corporate and financial ser- believed to be IS per cent, in Gen- chain of almost 200 jewellery stores cial year, Zale’s UK turnover to- been “soft" ery for a takeover of Pripps, the by an injection of L53bn from Bar- L107bn Italian deposit base is small vices sector and away from retail erate Biscuit, France’s leading bis- in the UK, West Germany and talled S33m and its West German Zale refused to say how much it 75 per cent state-owned compa- days' head office in London, can be because it has only three branches. banking." cuit manufacturer. Switzerland. European ny, which controls more than IA5bn Similar to other foreign banks in turnover, which includes Switzer- hoped to raise from its 50 broken down into of bad • Banca Cornmerciale Italians BSN made its move without con- per cent of the Italy, Barclays finding it difficult Mr Donald Zale, chairman of the land, totalled 546m. disposals Swedish beer debts which are bang treated as a is largest bank, Biscuit (BCI), Italy's second sulting G&nerale about pur- Texas group, market loss (and which largely from to make money when it must fund announced the Mr Dolph Simon, a senior vice Zale, a family-controlled group come yesterday announced an 11 per cent chasing the minority stake from the planned withdrawal It has also turned bids the retail side) and 7bn of its loans on the inter-bank market from Europe at president of Zale, said yesterday under pressure to improve its finan- down banking L rise in its 1985 net profit to L101-3bn Athena financial group, which con- from Swedish the weekend as part of a big res- his company had “made very good cial returns, said it intended inten- private sector trading losses. Because foe Italian banks have a (565m). trols Populaire d’Assurances. The tructuring of the company following money in Europe" but the decision sifying its focus on the domestic je- companies indmling Volvo, the The Barclays loss in Italy, which predominant position in foe loan lack of prior warning caused Meanwhile, Credito Italiano, Ita- the rejection of an unwelcome to dispose of the operations reflect- wellery industry. automobile, energy and food compares with a 1984 breakeven market, foreign banks find that, to disquiet at Generate Biscuit which - ly's third largest bank and, like S474m takeover bid from Peoples ed the intention to refocus on the Mr Zale said- ‘Our strategy is group which currently owns 25 performance, is the worst perfor- sign loan deals, they must some- been the subject of takeover BCL controlled by the IRI state has Jewellers, a Toronto company. group's domestic operations. based on the fact that we can per cent of Pripps - and Invest- mance among foe 35 foreign banks time lend at rates below the cost of holding group, said its 1985 net rumours. Ur Zale said the European opera- No decisions had yet been made achieve retailing profitability and ment AB Beijer, the Investment operating in Italy, several of which inter-bank funds. said yesterday it profit was up by 6.5 per cent to BSN had tions were profitable. “However, on how to effect the withdrawal acceptable returns on assets only company, and luw opted are having difficulties Standard Chartered Bank has al- holding in Generale Bis- IKBbn. asr acquired a our strategy of market concentra- from Europe. The company had through dominant market leader- to sell foe concern to Procordia, Barclays’ loss in Italy last year so been among the foreign banks - believed have it cuit to dost about tion requires that these assets be thought of selling the UK operation ship.” the state-owned holding compa- did not include any write-offs relat- most hit by losses in the past two or BCI said its total deposits de- 380m ($55m) - as “a way of pre- clined last Eft redeployed in selected American to another company and perhaps The company will incur a one- ny, despite outspoken opposition ed to a disastrous and embarrass- three years to the Italian market. year to L81,044bn from any foreign intrusion into venting markets.” spinning oft its West German oper- time charge of $80m to 590m from foe trades unions. ing involvement the bank had a tew Barclays in Italy, which has L62,370bn at the end of 1984. Credi- Generate Biscuit's capital." In addition, Zale plans to dispose ation by way of a public offering. against net income for the year Procordia is to pay SKr 850m years ago with a machine tool leas- Ll,400bn of total assets, is hoping to to Italiano said its total deposits added that anxious were L3,123bn It BSN was to of two underperforming non-jewell- The company might retain a stake to end-March 1686 to cover the (SllSm) for foe Pripps parent ing venture, the president of which generate profits to future from com- higher on 1984 at 'National Generate Biscuit develop which »hn L50,08lbn. ^ help in ery operations in the US - a chain in any publicly offered company. restructuring. company Gamhrinns, was placed under investigation for mission income such as foe foes France and abroad in partnership includes a smaller brewery, fraud. earned on the L200bn of funds it Credito Italiano's total loan book, with its shareholders and Falken. It will be Procordia's The ill-fated leasing venture re- manages for high networth individ- to lira and other currencies, was management biggest acquisition since the sulted to IAObn of writeoffs which uals. lAljSSShn, up by 9.4 per cent Mr Gaude-Noel Martin, chair- Metromedia sells radio stations $127An takeover last year of man of Generate Biscuit who has Pinkerton, foe US tobacco and been advocating tie-ups with Euro- snuff producer. The will BY WILLIAM HALL IN NEW YORK state Fiat to sell pean food groups, said he was “sa- compulsorily purchase Volvo’s 25 GM to build new tisfied" with the statement stake. METROMEDIA, the US conglomer- romedia’s TV stations to Mr Rupert nesses will be concentrated on cel- per cent BSN declined yesterday to name ate beaded by 78 year-old Mr John Murdoch, the Australian-born pub- lular telephones, paging operations Procordia was willing to pay subsidiary foe t >=*=>. the foreign groups which it believed Kluge, is severing its ties with the lishing magnate, for S2bn, said yes- and long-distance telephone compa- highest price among foe plant in Canada St By Alan Friedman In Milan were seeking a stake in Generate broadcasting industry and has terday that it was “difficult to leave nies. Swedish bidders, and it is clear * Biscuit Foreign interests are be- agreed to sell its nine radio stations radio after more than 30 years, but foal foe Swedish Social Demo- BY BERNARD SIMON IN TORONTO FIAT, Italy's largest private sector T- The "in«» radio stations are being lieved recently to have purchased a for S285m to an investor group we have decided to concentrate on cratic Government was unwxDiiig group, is to sell majority control of sold to an investor group headed by GENERAL Canadian Oshawa Autoplex” as it is to 10 per cent stake in BSN. headed by local management Metromedia’s substantial telecom- to contemplate the sale of foe MOTORS' “GM its Aspera compressor manufactur- Braze 11, the 45 year-old Mr Carl dominant subsidiary is to spend CS2bn be known, will produce 720,000 vehi- The sale of the stations is be- munications businesses." country’s brewery to a ing subsidiary to Whirlpool Corpor- President of Metromedia Radio, (USS1.44bn) to its car cles year. expansion will also lieved to be the largest ever of a ra- Mr Kluge owns more than 90 per foreign buyer. expand and a The ation, the leading US home appli- and Morgan Stanley. truck plant at Oshawa, east of Tor- indude production of the GMT-400 dio station group. It indudes sta- cent of Metromedia's common stock The temperance movement is ance company. Hip Paribas lifts onto, into one of the company’s truck. tions in six of the top 10 radio mar- and the latest sale, when combined The stations being sold include one of Sweden's strongest lobby- Fiat declined to say to Turin yes- largest assembly faculties in the The Oshawa complex will consist kets and covers an estimated 44m with the recent disposal of foe out- WNEW-AM and WNEW-FM in New ing groups and foe state main- terday how much Whirlpool is pay- bank profits advertising tains a virtual stranglehold on world. of three adjacent assembly plants, a declined • -*•* people. door operations, will York and KMET-FM in Los An- ing for Aspera. It also to 3JE!r new stamping plant and a network Mr Kluge, who recently sold Met- mpan that Metromedia's wai« busi- geles. foe production, importing, dis- The centrepiece of the new in- disclose the percentage of Aspera By David Mmsh in Parts of nearby suppliers. has spent tribution and sale of wine, spirits vestment will be fodlities for the GM which it is selling, saying only “it is rij^^as and beer. assembly of GM*s planned new me- C$42bn on the Oshawa plant in the more than per cent" — -^sfe BANQUE PARIBAS, the banking 51 initial purchase of con- dium size car, known as the GM10. past five years. 5 :1'- Arm of the nationalised fwimipfat The a Aspera in 1985 had total saleri of trolling 60 per re«t stake in The Oshawa plant is the third and Tifcg other US motor manufactur- - and industrial group, boosted net UK advertising groups to merge L250bn (S161m), against L242bn for -7=^22 largest profits 53 per cent to FFr 302.5m Pripps ip 1975 was a further step site chosen by GM in North ers, GM has integrated its US and 1984 according to Flat ;: “'i=:atjL ($43Am) last year from FFr 198.1m BY CHARLES BATCHELOR IN LONDON to increase foe state’s role in foe America for the GM10 project Canadian operation, with plants to Fiat said yesterday Aspera has a ~ :k-£S = 3bl in 1964. That was on a balance one sector of alcohol production, Mr George Peapples, president of each country supplying vehicles workforce of 2,500 people, which i-. 2~2eb creating more find said and entire sheet that grew only 3.4 per cent CHETWYND STREETS aid Addi- broadly based 153p yesterday to value the offer at hitherto been dominat- GM Canada, yesterday that components for the compares with a workforce of 3,256 xr::: groups. 4%3? from FFr 238bn to FFr 246bn. son Page, two leading UK compa- 275.4p per share, just under the ed by the private sector. when commissioned in 1987, the North American market. people in 1984

1 nies in the fields financial public Operating profits before, tax, de- of “We want to be a big and relevant market price of Addison which rose relations, advertising and executive predation and provisions rose to player in the market place after Big 30p to 280p. '•>. i ;:-::s.t3ta " recruitment, yesterday mmtwnrBfl itself FFr 3J)bn from FFr 2.61bn in 1984. Bang (the reorganisation of securi- Addison is the result of a :-.-r itarrrsfcy plans for a £45m ($68m)i-perger. merger 12 months However, net new provisions were ties trading in London) in October," ago of Addison, r-r : :?±2;^: This dealyould create one of the «i'H <*h»innim best known for its work designing raised to FFr 2.43bn from FFr Mr Stephen Smith, This advertisement compiles with the requirements of the Council of The Stock Exchange ::• mmimiwitiqnt annual reports : ri=3H: LB9hn, in what the bank said was a largest M and consul- of Addison Page. and other docu- policy of prudence regarding risks tancy groups in -the UK, employing ments, and its PR consultancy, Fi- — m; The merger will take the form of nancial Strategy with Page, of in France and abroad. 560 people and with combined prof- one an agreed bid from Chetwynd, the largest executive .T.'.-rrt.riT'Ssas Paribas aims to nse evidence of its of £4.4m and turnover of £57Jim recruitment which has a full stock market list- specialists. ; .xzi. izajSE increasing profitability of its bank- in 1985. The two groups claim 800 of ing, for Addison, which has an Un- zn :i=3ste; ing operations since it was nationa- the top 1,000 UK companies among Addison Page yesterday an- listed Securities Market quote. Che- rate lised in 1982 as an important ele- their clients. nounced a 56 per cent increase in represents latest in twynd will offer nine of its own ment In its strategy of bringing pri- This the a pre-tax profits to £3J2m in 1985 on shares for every five Addison. vate investors back into the group's series of mergers and takeovers in turnover which rose 55 per cent on capital the communications world aimed at Chetwynrfs shares rose tip to a year before to £I&6m. BP

This notice complies with the requirements of the Council of The Stock Exchange and does not constitute an offer of, or invitation to subscribe for or purchase, any securities. BPCA Finance Limited

(incorporated in The Australian Capital Territory) ((( Japanese Yen 15,000,000,000 per cent. Guaranteed Bonds Due 1993 Norsk Hydro a.s 6 (Incorporated in the Kingdom of Norway with limited liability) Unconditionally and irrevocably guaranteed by

British Petroleum p.Lc. ...«•* U.S. $150,000,000 The Company (Incorporated in England under the Companies (Consolidation) Act, 1908)

t

•: ; ; ) 8% Notes Due 1996

The following have agreed to purchase the Notes: Fuji International Finance Limited Kleinwort, Benson Limited

Salomon Brothers International Limited Swiss Bank Corporation International Limited Algemene Bank Nederland N.V. Bank of Tokyo International Limited Bankers Trust International Limited Banque Bruxelles Lambert S.A. Banque Bruxelles Lambert S.A. Banque Natkmale de Paris Banque Nationale de Paris Commerzbank Aktiengesellschaft County Bank Limited Credit Lyonnais dsrs Limited 'St* Banque Paribas Capital Markets Commerzbank Aktiengesellschaft Credit Suisse First Boston Limited Daiwa Europe Limited RjF Deutsche Bank Capital Markets Limited Generate Bank Credit Commercial de France Credit Lyonnais Credit Suisse First Boston Limited IBJ International Limited LTCB International Limited Merrill Lynch Capital Markets Morgan Guaranty Ltd Den norske Credrtbank Deutsche Bank Capital Markets Limited EBC Amro Bank Limited Morgan Stanley international The Nikko Securities Co., (Europe) Ltd. Nippon Kangyo Kakumaru (Europe) Limited Nomura International Limited Enskilda Securities Goldman Sachs International Corp. Hambros Bank Limited Union of SkSndJMvtska EnsUMa IMM Swiss Bank Corporation International Limited Bank Switzerland (Securities) Limited S.G. Warburg & Col Ltd. T&maichi International (Europe) Limited IBJ international Limited Merrill Lynch International & Co.

the Bonds, in bearer form in the denomination ol Japanese Yen 1 .000,000 each, to be admitted to the Morgan Stanley International Union Bank of Switzerland (Securities) Limited Application has been made for Official List of the Stock Exchange. the first such payment being due in April 1987. Application has been made to the Council of The Stock Exchange for the Notes, issued at a price of 100 per cent., to be interest will be payable annually in April, admitted to the Official List Particulars relating to BPCA Finance Limited, The British Petroleum Company pJr. and the Bonds are available from Extel Statistical Interest on the Notes, calculated as set out in the Listing Particulars dated 2fst March, 1986 is payable annually in arrears. Services Limited. the The first payment falls due on 10th April, 1987. Copies of the listing particulars may be obtained during normal business hours up to and including 27 March, 1986 from Company Announcements Office of The Stock Exchange and up to and including 8 April, 1986 from: Listing Particulars relating to the Notes are available in the Extel Statistical Service and copies may be obtained during usual business hours up to and including 27th March, 1986 from the Company Announcements Office of The Stock Exchange ami up to and including 9th April, 1986 from: The Fuji Bank Limited Cazenove & Co. The Chase Manhattan Bank, NJL Rowe & Pitman 25/31 Mi 12 Tbkenhouse Yard 7AN Woolgate House 1 Finsbury Avenue London London EC2R Coleman Street London EC2M 2PA < London EC2P 2HD 25 March, 1966 25th March. 1986 — a

!>' March 25 1988 Financial Times Tuesday FINANCE s as mancr TtcorJ oafy AND This iranflgnramru appear a of COMPANIES INTERNATIONAL jfii Sharp gain Enso lifts Salzgitter pulled back payout as for Swiss Group steel unit earnings International chemicals to profit by

Limited BY RUPERT CORNWELL IN BONN double Howaldtswerke-Deutscbe Vfrfanwn hr HetsWfl SALZGHTER, the state-owned be at least as good as those just unit By Offl ASSOCIATED COMMUNICATIONS CORPORATION FLC) as well as of (formerly West German steel, shipbuilding reported. Werft (HDW) Finland's largest By WMam Dufifoiee In Geneva its subsidiary ENSO-GUTZEIT, and manufacturing group, recov- The main contributor to the turn- controlliig stake in forest products company, plans to Pfeine-Salzgitter, Salzgit- Luitpoldhutte. In 1884-85 HDW ROCHE, THE Swiss chemicals ered strikingly last year, turning a round was dividend from 8 per cent to with orders in raise its i even, and group, yesterday reported an 188 DM 422m loss in 1983-64 into a prof- ter’s chief steel subsidiary, which broke for 1985. Turnover of £30,000,000 worth DM 2.41m, 9.5 per cent per cent climb in consolidated net it of 51m for the 12 months to made profits of DM 93m in 1984-85 hpnrf for 18 vessels DM Enso's parent company rose by just expecting to do so again in the earnings to SFr 451.6m (S238m) in September 30 1985. after a deficit of DM 144m the year is 5.7bn SITbn) dur- . I per cent to FM ( that output current year. 3 * 1985 on a group turnover of SFr The performance means before. Heine's crude-steel net profit almost EVERGREEN whole, sales Ing the year while 8.9bu, which was 8.1 per cent higher Salzgitter, whose DM 425m capital climbed 10 per cent to 3 An tonnes, For the group as a doubled to FM 95m. CREDIT FACILITY year rose per cent to DM UNDERWRITTEN than in 1984. I is entirely owned by the federal while total turnover of the steel di- last 3 REVOLVING Group turnover declined by 3 per government, achieved tar- 3bn. ll.fibn, of which exports accounted Hoffmann-La Roche, the parent has its vision rose 142 per cent to DM number of with 40 cent to FM 8£Tbn after a company in Basle, showed a net geted return to profitability a year However, Salzgitter also streng- for 38 per cent, compared year ' divestments. Arranged by profit of SFr 80.3m, up by per ahead of schedule. Mr Ernst Reper, thened its performance by dispos- per cent in 1983-84. For this . 89 The proposed rise in dividend re- year. group chief executive, said yester- ing during the previous year of big Salzgitter is expecting profits from HONGKONGBANK LIMITED cent over the previous The the future rath- business. flects confidence in board proposes to raise the share- day that results for 1985-68 would interests by its shipbuilding its plant engineering - er than good fortune in the past .holders' dividend by SFr 25 to SFr Underwriting Banks last year was clearly worse than 625 a share or certificate entitled to 1984 for Enso as it was for all forest BAN K OF MONTREAL dividends. companies. Much of the in- BANQUE PARIBAS - London Group cash Sow developed Bekaert and BHP in joint venture industry crease in profit stems from proper- CREDITANSTALT BANKVEREIN roughly in proportion to sales, in- BY PAUL CHEESERK3HT IN BRUSSELS ty sales and Enso's operating mar- KONGKONGBANK LIMITED creasing by 8.5 per cent to SFr ein came down from 18.4 per cent of SW1 SS BAN K CORPORATION 949An. The decline in the exchange BEKAERT, the Belgian steel wire BHFs existing plant, adding truck Investment will he spread over five ternover in 1984 to 15.8 per cent last MIDDEN STAN DSBANK BV rate of the dollar prompted a slow- products group with extensive in- lyre cord and steel reinforcing wire years NEDERLANDSCHE plants year. COMMERCE EXTEREEUR- London ing of sales growth in the second ternational Interests, is starting a tor hoses to current production of Although Bekaert has 45 BANQUE FRANCA1SE DU far bad Fentti Salmi, Enso s president half of 1985, but in local currency AS40m (U5$28m) joint venture with steel tyre and for car radial lyres. around the world, it has so Mr chief executive officer, says terms worldwide sales are estimat- BHP Steel International, a subsid- The move wiH make Bekaert and only a small presence, through im- and investments in higher grades Additional Tender Panel Members ed to have grown by around 12.5 per iary of Broken Hill Proprietary, at BHP jointly the main force on the ports, on the Australian market that output paper have now started to bear J BANQUE BELGE LIMITED cent last year. Geelong in Australia. Australian market for steel cord Nearly 90 per cent of group of DEN NORSKE CREDITBANK PLC Some 40 per cent of group sates The joint venture will develop products, Bekaert said yesterday. is sold in Europe fruit. LLOYDS MERCHANT BANK LIMITED are realised in North America and MIDLAND BANK PLC more than 40 per cent derive from SOCIETE GENERALE pharmaceuticals. Turnover in Credit growth lifts Seibu NOTICE OF REDEMPTION pharmaceuticals grew by 9.4 per cent last year. BY YOXO SH1BATA IN TOKYO Agent In an earlier statement Hofi.- U.S.$1 50,000,000 SEIBU CREDIT, Japan's second provement to expanded consumer HONGKONGBANK LIMITED mann-La Roche said it expected a Services B.V. February, J986 further improvement in group earn- largest instalment payment retail finance business. Midland International Financial (Incorporated with limited liability in the Netherlands) ings in 1988 despite "unavoidable store, lifted its pre-tax profits 29.4 currency-related adjustments." per cent to Y1.4flbn ($8.69) in the For the year muting January Rate Notes 1991 to pre-tax profits Guaranteed Floating year January. 1987, Seibu Credits interest by Guaranteed on a subordinated basis as to payment of principal and Net profits rose 17 per cent to are expected to rise 13-2 per cent Y689m, on sales of Y72.47bn, down 5 over the previous year to YlA5bn This advertisement complies with the requirements ofthe Council of The Stock Exchange. per cent from the previous year. on sales of Y73bn, up 0.7 per cent invitation It does not constitute an offer of, or to diepublic to subscribefor orpurchase, any securities The company resumed a Y5 divi- from the previous year. The compa- dend, the first in nine years. ny inte n d * tO niwm^nm tbo anwnal Seibu ascribed ihe earnings im- dividend at Y5. Midland Bank pic U.S. RESULTS QUARTERLY (Incorporated with limitedliabilityin England)

Notice n hereby riven that, pursuant to the provisions of theTrust Deed dated 2Hth Apm! 1 9R1 and Condition 5 I cjof the Notes, Midland Tyros, pteaUn i , International Financial Services B.V. has elected to redeem on 30th' 1084 Hratquarter 1080-88 1084-80 April. 1986 all of the outstanding Notes at their principal amount.. Cl - % 9 On 30th April, 3986, the dale fixed for redcmpu'on. there will UBJm Rarnmm SUlm 626m become due and payable on Ihc Notes the principal amount thereof Province of Saskatchewan HMpraOta. 324m Hat profit* IWm 1m together with interest accrued to the date fixed for redemption. Pay- Natparska 037 Natparaban.... ment of the redemption price on the Notes will be made on or after 30th April, 1986 at the principal office of European American Bank Jt. MAY DEPARTW6HT STORES nusoumr Trustt Company,Company. HiIt) HanovesHanovua Square, New York,York. NY 10005. or at the Ratafia Fast flood ified offices of the other Paying Agents upon presentation and sur- ¥15,000,000,000 er for redemption of the Notes together with all coupons apper- Foortft quarter 1884 ThktfqoMter 1880-88 1884-80 (Issue Amount) ng thereto maturing after the date fixed for redemption. S S 9 "he coupons maturing on 30th April. 19N6 should be presented Rayawm ...... UMi Rwemm 14dm 1.171m yment in the usual manner. On and alter 30th April, 19S6 interest Nat profits.... 110m Nat profit* ...... t Notes will cease to accrue and munatured coupons shall become 7»/2% Dual Currency Yen/U.S. DoDar Nat par share. 255 Natparaharo 123 am Year Mm math* Forex-Linked Notes Due 1991 Rawanu* Utbs ttevano* ... 4.1dm 04Sxi N*t profit* 214.1m Mot profits ... 151.501 1440m riomlZ’ith March, I9S6. Hat pertime. 4J6 Net par stem SAT xs -a*

Securities r- • The Nikko Co., (Europe) Ltd/ : r Ci^aiif^^uese First Boston limited NEWISSUE Hasannouncement appears as anutterofrecordonly March, 1988 Mitsui Trust Bank (Europe) S.A. Orion Royal Bank Limited

Salomon Brothers International Limited Yasuda Trust Europe Limited

Banque Nationale de Paris Deutsche Bank Capital Markets limited Dominion Securities PitfieM Limited Generate Bank RENOWN Mitsubishi Finance International Limited Nomura International limited

Sumitomo Trust International Limited Union Bank, of Switzerland (Securities) Limited U.S.$130 000 000 S.G. Warburg & Co. Ltd. Wood Gundy Inc. 9 9 4j per cent Guaranteed Bonds Due 1991 with The issue price of the Notes is 101 W per cent, of their issue amount. Application h* been made to the Council ot The Stock Exchange for the Notes to be admitted to the Official list Warrants Interest will be payable annually in yen in arrears on 9th April in each year, beginning on 9th April, 1987. to subscribe shares of common stock of Renown Incorporated Particulars of the Notes and the Province of Saskatchewan are available in the statistical service of Extel Statistical Services Limited and copies may be obtained during usual business hours up to and including 27th March, 1986 from the Company Announcements Office of The Stock Exchange and up to and including 7th April, 1986 mom: Payment of principal and interest being unconditionally and irrevocably guaranteed by THE SUMITOMO BANK, LIMITED The Nikko Securities Co., (Empe) Ltd. Horae Govett Limited N&ko House Heron House 17 GodUman Street 319/325 High HoBrarn London EC4V 5BD London WCIV7FB ISSUE PRICE 100 PERCENT. 25th Match, 1986

Daiwa Europe Limited US $100,000,000 Robert Fleming Co. limited The u& $100,000,000 & Nikko Securities Co., (Europe) Ltd- Union Bank of Switzerland (Securities) limited GW Overseas Finance N.V. Nomura International limited Banque Bmseties Lambert S.A. Guaranteed Floating Rate Notes Due 1994 Basque Nationale de Paris James Capel & Co. Unconditionally guaranteed by Cazenove & Co. Credit Lynmmk Credit Suisse First Boston Lunited Deotsd Kemira Oy PG BANK Deutsche Genossenschaftshank C Goldman Sachs International Corp. Floating Rate Notes Due 1995 IBJ International Limited Kfeimrort, Benson Limited Kiowa of which U.S. $75,000,000 is being Investment Company (SAK.) Great Western Financial Corporation Lloyds Merchant Bank limited issued as the initial Tranche Merrill Lynch Capital Markets Mitsubishi Finance International limited Interest Rate 7%% per annum Interest Rate 7%% per annum Hie National Commercial IBank (Saudi Arabia) I Interest Period 25th March 1986 Interest Period 24th March 1986 Societe Generate 25th September 1986 24th September 1986 Universal Securities Co- Ltd. Interest Amount per Interest Amount per U.S. $10,000 Note due U.S. $10,000 Note due Algemene Bank Nederland N.V. ANZ Merchant Bank limited Arab 25th September 1986 U.S. 3389.72 24th September 1986 U.S. $389.72 Bankine Comoro*™ Banca del Gottardo Bankers Trust International Limited Credit Suisse First Boston Limited Credit Suisse First Boston Limited Agent Bank Agent Bank H Baj^dieVereinsbankAktiengesrilscfaaft County Bank Limited a fully integrated banking service Den norske Oeditbank EBC Amro Bank Limited First Chicago limited CITICORP OVERSEAS FINANCE GenosenschaftlicbeZentralbank AG Grieveso^G^&^ Kredietbank SA. Luxembouxgeoise CORPORATION N.V. Kuwait Foreign Trading Contracting & Investment f!r» a v \ (focorporoted wth knifed Sabtfy in the Netherlands Antilles) Kuwait International Investment Co. s^-k. Manufacturers Meiko Securities Co., Ltd. Samuel U.SJROO'OftMNM Guaranteed Retractable Notes doe 1992 Montagu & Co. limited Morgan Grenfefl & Cn MUSS UiKOwdttionafty guarant ed Morgan Guaranty Ltd Head Office: Osaka, Japan e by Ntddou Kanevo Kakumaru fEumnel I imitad KfanMnitwIv-. r —i. London Branch: Tel: 623-8200 cmcoRP& (01) Okasan International (Europe) Limited Orion RovalBankiw^S Notice is hereby given lhaf fie new rate of interest on Ihe subject Notes Frankfurt Branch: Tel: (069) 55 02 31 J. Henry Schroder Wagg&S. Limited Sumitomo Trust has fixed been of 8% for the period April 15, 1 P86 to April 14, 7988. Paris Representative Office: Tel: (01) 4296 15 73 Swiss Bank Corporation International Limited S.G. Value of Coupons numbers 5 and 6 in respect of each U5S10,000 Warburg & CnTSi Daiwa Bank (Capital Management) Limited, London: nominal amount ofthe Nates wil be US$800.00. Westdeutscbe Landesbank Girozentrale Wood Gundy Inc, Yamakhi International fExamp\Ti^uZ Tel: (01) 623-1494 Yamatane Securities (Europe) Limited Yasuda Trust By; Citibank, NA (CSS! Dept,], Agent Bank Europe Untied Finanz AG, Zurich: Tel: 211 03 11 Daiwa (01) March 25, 1986, London CITISANiO — —

-.'S-'f-V-' --•> ; ......

Financial Times Tuesday March 25 1986 23

INTERNATIONAL COMPANIES and FINANCE This announcement appears as a matter of record only.

March 1986 Bell drops bid in new BHP ploy More ftY LACHLAN DRUMMOND IN SYDNEY losses for

BELL RESOURCES, Mr Robert ket sales could be established. drawal of the offer, counsel for noted that be was entitled Holmes & Court's energy Invest- It could also contain no maxi- BHP has said the company under the take over code to Kirsh NORD/LB ment vehicle, has decided not mum acceptance condition and wants to proceed to seek orders make another bid and to bid NORDDEUTSCHE LANDESBANK to proceed with its current par- fewer of the more onerous con- and injunctions on aspects of as often as he wished. yoj5- tial offer for Broken HiU Pro- ditions carried in the earlier the offer document. GIROZENTRALE & Court did not prietary — A technical retreat offer. Bell clearly believed with- Mr Holmes Trading think the decision to proceed which is expected to be fol- Such a move would narrow drawal of the bid would end with the offer meant Bell lowed by almost immediate the grounds for legal objections the action. Indeed, the with- By Jim jonn In Johannesburg out its BHP registration of a new bid. by BHP and increase the pros- drawal came on the eve of the would be selling shareholding. “ I don't think KIRSH TRADING, The current Bell offer docu- pects of an offer actually reach- court's subpoena documenta- the troubled there is any prospect at all of South African retail group, con- ment, served on BHP on Feb- ing shareholders. tion on the group's financing U.S. $200,000,000 It is also us giving up." tinued to suffer losses in the ruary 1?, failed to reach share- thought likely the arrangements with Standard half year to December even holders because of court injunc- bid price may be lowered from Chartered Bank, a step Bell Meanwhile. BHP yesterday 55?Sg the though sales improved substan- tions won by BHP as it sought A57.70 a share Bel] origin- had strenuously sought to pre- mounted a legal challenge to ally intended tially. to prove the documents were offering for SO vent and which the withdrawal prevent Bell Resources recon- Interim operating profit illegal. per cent of each shareholding. is designed to avoid. vening a shareholder meeting ; before interest and tax pay- It is expected that, now Bell Market observers see the Mr Holmes & Court res- called to vote on a placement ments fell to R7.1m 53.4m > has established the grounds far withdrawal and the prospects tricted his press comment to to Bel Group, the energy com- f as^ from R41 21m. although turnover Euro Commercial BHP*s~ objections to its previous of a new offer as also providing a single radio interview yes- pany's controlling shareholder. Paper Programme increased to will move quickly to a breathing terday in which he reaffirmed The meeting was adjourned R1.64bn from offer, it space in which BHP Rl.47bn. = register another offer which could seek to orchestrate a that Bell Resources’ objective last week after BHP bought an An increase in finance charges will vaiy many of the non- buyout of the Bell shareholding. remained the same despite the 18 per cent shareholding in 5L«SS& led to an interim pre-tax loss of flnanriai terms. It is expected Meanwhile, the fate of BHP's decision not to proceed. Boll Resources, enough to - tor c~-T* R26.7m. to exclude the so-called multi- court action against the Bell He said he would have to defeat the proposal BHP Mr Marinus Doling, the new plier effect where an infinite offer will be determined this await future events before alleges a number of breaches chairman, is pessimistic on chain of acceptances and mar- morning. Despite the with- deciding his next action, but of takeover and securities law. immediate prospects for the group. Executive morale, he says, was affected by what he German group describes as a “cash crunch” Tussle over Chinese Estates which caused borrowings to i.wN joins funding of peak during the first half at a BY DAVID DODWELL IN HONG KONG time of extremely high interest venture rates. M1M SUN HUNG KAI International, company, paying about interest in Paliburg, the A loss of 61.4 cents a share The following are pleased to have been selected as By JUnneth Marston, about -*****3$ the Hong Kong-based finance HKSlOOm, or HKS15 a share. property group, for has been suffered against earn- Dealers for the above programme Mining Editor and Investment group, has He has not made a general offer HK$2l6m. ings of 5.6 cents and an interim METALLGESELLSCHAFT of joined forces with family for the company. Chinese Estates’ only major dividend has not been declared. Germany has joined interests linked with Li Fook- asset is a prime property in In the last financial year the West After acquiring the stake Australia’s MIM Holdings in Shu and Li Fook-Hlng to make Hong Kong’s central business loss totalled 66.7 cents a share. acting in concert with Sir the further exploration a controversial bid for Chinese district, which has an estimated An interim dividend of 5 cents funding Kenneth Fung Ping-Fan, the of the MDki copper prospect at Estates, a properly group, value of more than HK3350ra. was declared in the last finan- existing chairman of Chinese Sun Hung Kai and the Li Balcooma in northern valued by the offer at HK$317m cial but the final was passed. Union Bank of Switzerland (Securities) Credit Suisse First (US$40.6m). Estates—Mr Wyllie mounted a family, acting through a shell Boston Queensland. Kirsh Trading is controlled Limited major board reshuffle, removing company called Bassina, yester- Limited Under the terms of the farm- by Saniara. South Africa’s The bid for what is regarded all Li family members from the day revealed that they control in deal, Metallgesellschaft can second largest insurance group, as a small and generally board. 32.3 the shares in earn a 35 per cent interest in per cent of which underwrote Kirsh’s unnoticed property company Ur Wyllie. who has been an Chinese Estates, offered Balcooma within two years with and recent rights issue. follows a surprise “ palace active corporate player in HK$16m apiece for all outstand- :-° l the option of increasing the ?^oteste coup " mounted by Mr Bill recent years in Hong Kong, is ing shares. At the very least, • stake to 50 per cent at Wyllie. the Australian entre- understood to have funded his the bid seems intended to force J the end of the third year preneur, who last week acquired acquisition following the sale Mr Wyllie to make a general of the planned exploration just under 35 per cent of the last week of his controlling offer for the company. programme. This Announcement Appears As A Matter Of Record Only the companies now say that a new zone of hitherto con- cealed mineralisation with MUI Increases dividend Kubota to cut iRkpie some precious metal values has been found 3 km away. Work payment - '• -'-r ' is being concentrated in this ‘.:j-J despite sharp profits fall new area. BY WONG SULONG IN KUALA LUMPUR and salaries

. V MALAYAN UNITED Industries Ming Court Hotel, its By Financial Stall "/' a Jardine Mafheson Singapore Our . ;*«: (MUI), the diversified Malaysian listed subsidiary, which reported Because of a misplaced line, KUBOTA, THE Japanese farm group controlled by Datuk Khoo a net loss of S$3 16.000 ‘-Jft 1985 net losses of Jardine machinery maker, is to cut its Kay Peng, suffered a sharp fall (US$146,160) compared with Hatheson of Hong Kong were dividend for the first time in in profits last year but is lifting profits of S$2.8ra. wrongly stated in the Financial more than 21 years, because of its dividend to mark its 25th The weakening ringgit and a limes of March 22. After tax, • heavy foreign exchange losses anniversary. scheduled refinery shutdown minorities and extraordinary ad- resulting from the appreciation versely affected after-tax profits items, the deficit was HK$260m MUI said pre-tax profits fell of the yen. ’-‘t'wrSr.B! of Esso Malaysia, which slipped (US$34.4m), Improved from 23 per cent to 70.1m ringgit The final dividend for the by 10m ringgit to 48.7m ringgit losses of HK$793m the previous ($27.6m) while profit after tax current year to April is to be Safeway Stores, Incorporated last year. year. ind extraordinary items fell Y3.75. Management pay is also Esso Malaysia is paying a (Incorporated under the laws of Maryland, U.SA) The extraordinary loss for 60 per cent to 18.9m ringgit on to be cut, and capital final dividend of 20 cents, spending 1984 This a turnover up more than a third for was HK$873m. was making an unchanged 30 cents the following year reduced reduced last year HK$426m. to 416m ringgiL to for the year. The company Is by 20 per cent. regret the errors The results were a disappoint- We 65 per cent owned by Exxon, Kubota earlier this month - ment as directors and analysts through Esso Eastern of New reported third quarter group I had earlier forecast pre-tax York...... net profits more than halved to profits exceeding 100m ringgit Kingdom ofSweden. I • Hit by- falling prices- iu all of Y1.4?bn ($8.4m) from YftMta. The US$500,000,000 Floating Nevertheless, MUI is paying a its major commodity crops, company yesterday forecast US$150,000,000 Rate Notes due 2005 final dividend of 14 cents, after-tax group profit at High- full-year pre-tax profits down 28 For the six month period making a total of 22 cents for lands and Lowlands fell 22.4 per per cent for the parent alone to J8ih October. 1985 la the year (taking up 75m ringgit), cent to 16.5m ringgit in the six Y19bn, on flat sales, Euro-Commercial Paper Program .1f.-r.CI 18th April, 1986. the compared with 15 cents (taking months to December, AP-BJ • Mitsui Engineering and Ship- amount payable per USS10,000 51m ringgit). adds. building is to omit entirely its Note will be US$396.96 parable MUl's finance division had a Full-year earnings at the dividend for the financial year on 18 th April. 1986.' satisfactory year and contri- plantation group fell 19.1 per which ends this month — for Bankers Trust buted to the bulk of the profits. cent to 36m ringgiL the first omission since its Tokyo Company, Q Agent Bank However, the hotel division A final dividend of 8.75 cents Stock Exchange listing in 1950. DEALERS: London which operates four hotels in a share brought Highlands* full- This follows similar announce- Malaysia, Singapore and Canada year payout to 15 cents a share, ments by other leaders in the —incurred losses as reflected by down from 22.5 cents. troubled shipbuilding sector. Chase Investment Bank Citicorp Investment Bank Limited U.S. $100,000,000 Merrill Lynch Capital Markets The Sumitomo Trust Finance (H.K.) limited (Incorporated in Hong Kong) 12%% Guaranteed Notes Due 1992 ISSUING AND PAYING AGENT:

The Chase Manhattan Bank, N.A.

redemption on 28ih April, 1986, at the redemption price of 101% of the principal amount, together with accrued interest Lo 28Lh April, 1986. The serial numbers of the Notes drawn for redemption are as follows:— SI 949 1934 3159 4020 4680 5731 7103 8057 8803 9717 10588 11970 13036 14096 15565 16498 17062 18185 18945 71 973 2052 3206 4061 4725 5763 7172 8139 8866 9748 10611 11996 13085 14141 15586 16501 17079 18201 18949 91 994 2153 3249 4093 4835 5863 7215 8(88 8905 9796 10614 12003 13150 14143 15622 16587 17111 18251 1B983 105 1048 3367 3296 4104 4842 5891 7263 8255 89)6 9798 10705 12038 13158 14161 15678 16593 17142 18259 19068 227 1105 2423 3353 4134 4845 6032 7268 8260 8929 9935 10845 12187 13177 14173 15771 16638 17183 18282 19113 306 1107 2552 3420 4210 4858 6192 7342 8295 9009 10037 11034 12200 13183 14(75 15782 16646 17215 18326 19135 March 1986 361 1115 2624 3514 423D 4952 6259 7371 8298 9019 10043 11170 12252 13365 14241 15814 16698 17248 18365 19138 447 1162 2642 3516 4235 4983 6391 7425 8361 9090 10071 11290 12275 13-SI 7 14252 15913 16711 17312 18391 19169 478 1330 2672 3527 4243 5066 6477 7443 8405 9182 10086 T 1331 12324 13463 14368 16014 16712 17352 18405 19237 479 1359 2682 3621 4286 5107 6488 7515 8412 9203 10195 11355 12563 13514 14427 16042 16719 17374 18434 19257 536 1528 2697 3633 4401 5185 6673 7570 8449 9318 10221 11432 12628 13530 14431 16168 16770 17448 18475 19357 iii 653 1549 2737 3652 4424 5271 6678 7583 8464 9320 10236 11603 12630 13580 14437 16171 16806 17499 18517 19523 724 1556 2777 3682 4427 5293 6713 7705 8468 9330 10305 11682 12637 13692 14458 16285 16832 17526 18538 19609 757 1605 2898 3711 4474 5364 6788 7710 8525 9349 10308 11754 12766 13848 14914 16288 16853 17679 18617 19613 US. $150,000,000 820 1682 2922 3771 4506 5367 6876 7713 8565 9379 10346 11841 12824 13866 15068 16300 16878 1 7711 18641 1P622 882 1728 3956 3858 4539 5446 6909 7769 8617 9466 10400 1JB71 12847 13S71 15180 16334 J6907 17716 1870J 19752 1 BURRUPS 1735 2959 3884 4557 5449 6937 7855 8638 9527 10477 11904 12871 13974 15296 16347 16922 17756 18718 19836 , I JSWV 887 898 1758 2999 3886 4561 5482 6974 7862 8641 9546 10484 11910 12895 14016 15306 16392 16929 17832 18733 19862 907 1806 3036 3917 4649 5612 7049 7863 8642 9563 10568 11957 12970 14076 15310 16414 16948 18015 18736 19922 918 1920 3107 3955 4653 5693 7097 7910 8705 9686 10576 11969 12997 14079 15376 16430 17027 18083 18919 19981 IB THE FIRST NAME IN PRINT On the 28th April. 1986. the said redemption price will become due and payable upon each Note to be redeemed, together with accrued interest to SI 1 and after date, interest from 20lh February, >986 to 2Stb April, 1986 amounting US 9.24 per US S3,000 Note. On that on the said drawn Bumip Maihieson are pleased tn annminfp the appnlnrmrrrr Notes will cease to accrue. Payment or the Notes to be redeemed will be made cm or after 28th April, 1986 upon presentation and surrender of the BANQUE INDOSUEZ ofMr Stephen Bradly as their International Manager in said Notes, with all coupons' appertaining thereto, at the office of any of the Paying Agents mentioned thereon. After 2Sth April, 1986 US 518,000,000 principal amount of Notes will remain outstanding. Tokyo as from 1st April 1986. The Chase Manhattan Bank, N.A., London, Floating Rate Notes Due 1999 All enquiries concerning Eurobond Issue documentation £*.8* Fiscal and Principal Paying Agent and other priming matter may be made to> Interest 7”/l6% per annum 25th March, 1986 Rate Stephen Bradly, Bumip Mathieson 6c Company Limited, Interest Period 24th March 1986 c/o Obun Printing Co., 1-17-2 24th September 1986 fcuu, Hcmgo, Hunkyo-ku, Tokyo 113, Japan interest Amount per TeL No.: (63) 813 5641 Facs. trans.: 813 9768 w U.S. (03) * 810,000 Note due Bumip 24th September 1986 U.S. $39232 Maihieson & Company Limited. Crane House, Lavwgjon Street. London SEIONX Td. No.: 01-9288911 Telex 919218 ^.?S PMVREDNA RAMA ZAGREB Credit Striae First Boston limited Agent Bank FLOATING RATE NOTES SCOTLAND INTERNATIONAL v.**r*si*5 FINANCE R.V. DUE 1986 US$100,000,000 NOTICE OF PREPAYMENT In accordance with the conditions of the Notes, notice Guaranteed Floating Rate Notes 1992 The Bank of Tokyo, Ltd. For the six months from 25 th March 1986 to Oncorporatod witfi limited uoUbty « Japan) is hereby given for the period 25th March 19S6 that 24th September 1986 inclusive the Notes will carry an U.S. $30,000,000 Callable Negotiable Floating Rate to 25th April 1986 (31 days) the Notes will carry an interest rate of 75/fe% per annum. Dollar Certificates of Deposit due 12th May, 1987 interest will (Series RW interest rate of 8.5%. Relevant interest payments The relevant payment date be 25th September 1986. UCO BANK accordance with provisions of the Certificates, notice is follows: Coupon 10 will be for U.S.$194.86. In the Formerly United Commercial Bank will be as hereby given that The Bank of Tokyo. Ltd. ("The Bank”! will the next Interest Payment AgentBank prepay the principal amount on NOTICE IS HEREBY GIVEN from 3® December 198S United Commercial Notes of US$1,000 US$7.32 per coupon Date, 12th May, 1986. together with the interest accrued to Bank (having iia Head Office at 10 Brabouma Road, Calcutta TOO 001 Barclays Bank PLC that date. India), has noma to UCO BANK and continues u operate CREDIT LYONNAIS (Loudon Braneb) Stock Exchange Services Department Payment will be made against presentation and surrender of changod its f from House. London Wait, London EC2Y 5DT Agent Bank 54 Lombard Street the Certificates at the Bank's London Office at 20/24 Moorgate, ihalr London office at Lee (Tel. Belgrava Road. Lalcaatar LE4 SAT 3??i^ London EC3P3AH London EC2R 6DH. March, ism. SOS 9212, Tela* 886331) and at 100a r m r r.’S\^ — «

T ~rvj Tuesday March 25 1986 Financial Times

> » * V NTERNATIONAL COMPANIES and FINANCE ^ I ' ^ T and Valmet ballkS Set CSM link between Otis of the US Big Five SwiSS om j and downs of a Finnish takeover for another good year -W1 Uds acquisitions. Valmet, and paid made a number of * . _ ... of their*h*ir own to eentcent share of Valmet, and Scan- make an offer it bought lift manu- WICKS IN ZURICH countries, but not in Val- an unconfirmed $20m—and Last year BY JOHN sight the proposed with Valmet. The directors of companies in itaij. AT FIRST Joining forces officials began to pick up facturing between Valmet. dinavia. refused to negotiate. In have Canada. The Five COMPARE joint venture would give xh m an met Germany and SWITZERLAND’Ss Big THE BKS BANKS metal ana Valmet f ~, there was no contact be- the pieces. com- HOW ^ Prcflts Finland's state-owned stone for the Nor- fact failure to add a Finnish increased their combined Balance Sheet /«. of ideal stepping Finnish com- Mr Ian Reynolds, vice-presi- an jbanks engineering group, and Otis tween the two that list is not only more than 20 market. that pany to jI jnet earnings by T9M biggest lilt dic during the whole pro- dent of Otis Elevators, says also a 7985*1 *** the US. the world's Scan- panies embarrassment but last year. Officiate for in j big obstacle Kankaanpaa, Otis ! per cent seemed like any Otis’ cess. Mr Matti the new company—Valmet step to erosion manufacturer, Kone. which potential first , traditionally cautious, devel- dinavia has been chief executive, had —will seek a 30 per cent market market \ the banks, it soon Valmet’s : other deal. But world lifts of strong Scandinavian _ predicting a success- contro- ranks third on the clause with Otis which share in all Nordic countries. ; are already Union Bank oped into a politically all of signed a share. perhaps even more Kone regards already have ! \ful year— had table. talks with other In Finland they j Swiss Bank versial affair—and one that market. banned liaison 1985. . than Scandinatia as its home present 30 per cent Kone now ! successful Credit Suisse similarities with the lift makers. Valmet's Both Otis and several Otis has been unable to providing they to year’s growth reflects an Volksbank So far Kone contacted market share, price competition I Last Westland crisis. share As a result. expect activi- a significant market it. But in Sweden Otis n° l in all main Bank Leu win Val- can keep says it is improvementi an attractive Nordic directly the shareholders of increase. Kone Here, too, was in any of the five selling The most significant up- opposed to an Idea of ties.\ company (part of the in the in the past few American if situation ,swing continues to be rights issues Corpora- lifts at a loss a continued de- other United Technologies counters this sector, the strong there has been as well as such Otis nonrcredit, in weeks, bidding for a Finnish com- demands it." celeration due to the drop Banking and , con- tion) of intense competition that the new company stock markets in particular banks as Dow politicians soon business looks set for a period by saying the pany. But some Scandinavian lift cent share in to what a Swiss Bank the dollar. Gottardo. One of local The villi take a 30 per tributing are Etanca del began to favour a more sort of in a Today the Big Five smaller twnks has the hacking of the similar one ,Corporation analysis shows as interesting as with the p^ihi price war—now that Valmet Finland and a their asset- most partner—Kone. And v i„ a “ at any rise in Big Five com- rapidly building up owned Vontobel. fav- other Nordic countries 20 per cent »« the privately Westland case, management bring into the trading rmg. management operations. plans for a for multinational can mission income. recently disclosed the American bidder muscle that a US price." remains extremely oured same time, livelier tail banking issue. long term prospects. in every Nordic country com- At the the real growth public share better per cent market share Finland’s state-owned to a important but the Vnimpt Otis seeks a 30 currency business led forecasts, it pure business terms great deal of is elsewhere. Despite optimistic In panies enjoy a the ’ any growth ' in earnings from are w seller didn't really have Some five >’ ear® This year shareholders impossible to sa> independence. foreign exchange and is . £? S^ part- banks' generally l 986Q They choice but the American were introduced from the will fare w - cent The same applies ago guidelines precious metal trading which benefiting banks T affair rapidly turned The Ministry of Trade has 3 per operate results with divi- such a boost from ner. The Kone claims an met. requiring state firms to than per cent. excellent 1985 may not get on the govern- countries. which is in charge to Norway and Denmark. rose by more 17 of lastytNar* into a hot potato market share or over and Industry, the same profit-orientated deveh dend increases. Union Bank the stock market as weeks of average state-owned in- does have a strong ser- on Earnings from securities on ment level, but after Scandinavia in- of practically all Otij private sector com- Switzerland has already dropped wbat might happen the 50 per cent in maintenance network principles as oped quite differently from bank and offers and threats enterprises, took the vice ana situation, up is anybody s meetings, 60 per cent in Finland dustrial panies. reversing a by a broad hint that it will come currency markets cluding acquisi- - to bank—actually dropping Americans finally won. Sweden. point anil demanded that Kone in Sweden, thanks to Finnish state was year to mark present, though, and about the same in where the cent in the case of with a present next guess. For the clear a bid. This tions, but the market for new t almost 15 per be Valmet's board had a a be allowed to make a provider of jobs at all anniversary. surprises would Valmet and Otis signed year, is .the seen as itself—and showed only a its 125th unpleasant from the start. They they promptly did. lifts, about 2,500 a SBC rights vision intent of a proposed costs. growth rate of There is no lack of surprising indeed. expand production of letter of postponing the decision, primary target Otis delivers slight combined wanted to in October. After 1985, banks issued barely joint venture market from * per cent issues. In are which they make under a statement from the lifts for the Nordic Valmet suffered massive under 5 Swiss bankers lifts to this Otis would asking for with a nominal value of the the According factories in Britain, France 1980s due to* shares threatened by licence from Schindler, Valmet 30 Commission for Foreign Invest- Its losses in the early The increased importance of prevt seriously n ranks own 70 per cent and will be gradu- leader- SFr 1.2bn or double the crisis. Risks Swiss lift maker which ments and considering two more and Ttaly. These politically orientated top financial services and fee in- international debt per cent of the Finnish group s at j year’s level. Also, nearly 40 a in the world behind Valmet's ally replaced by lifts made new professional1 that balance-sheet eus countries make up number two a turnover offers from Kone, ship. The come means issues in problem not lift plant which has plant. eventual per cent of all bank bond of their Otis. But Schindler would supervisory board—which is the Finnish An management under Mr Kan-‘ totals are less and less a guide relatively small share 90m (SlTm). The Val- all accounted for by their lifts of FM per cent market share in the com-" in 1985 were In addibon allow Valmet to sell 280 politically appointed—failed to 30 kaanpafi has turned to banking properity. According total commitments. Fin- met plant produces about countries would mean \ai- -linked securities. This is capital outside Finland. Thus the final decision. That was Nordic Into black. Last year ~ Swiss National Bank figures equity they have vast a year, which is roughly take tbe pany to 1986. to this, to Otis. lifts Valmet producing about profit1 continuing into and nish company turned passed on to Valmet's board of Otis met produced a FM 300m total published assets grew by resources—both published SO per cent of the Finnish mar- Network Five, four—SBC. happy to body that 1.400 new lifts a year. in the Of the Big they are con- Otis was only too directors, the same on turnover of about FM6bn.* only some 4.6 per cent Volksbank hidden—to which the Finns. ket. Kone in the maintenance and service would to Credit Suisse. Swiss make friends with refused to talk to had sales last year off first 10 months of 1985 stantly adding. o When the deal became pub- add further to turnover. Kone Bank Leu—have announced a strong ' and After all. the group has Kone first place. i SFr 740bn (S391bn; since then the lic in January this year, years has FM 5bn. market presence all over Otis got its 70 per In recent Kone demanded a fair opportunity to Eventually world, operating m 130 NOTICE OF EARLY REDEMPTION Today's PanAm R SPAREKASSEN SDS

• ... * L.. . v . . US$ 30,000,000 ...... t RATE CAPITAL NOTES 1991 9 .9 ' 9 FLOATING pursuant NOTICE IS HEREBY GIVEN that will to Condition 5(B) of the Notes, The Bank at their principal redeem all of the Notes amount on the next interest payment date 24th April 1986.

Repayment of the principal will be made upon vriih presentation and surrender of the Notes, at the offices all immatured coupons attached, niionea of any one. of the Paying Agents me thereon..-. Coupon No. 4 which matures on 24th April 1986 should be detached and presented for . ...-3

7' i . j Bankers Trust Agent Bank • --«. 1 . V f jlrnmnanv. London

25th March, 1986

-,.i

For all the right connections BARCLAYS BANK PLC U.S. $750,000,000 Undated Floating Rate Primary in the USA Capital Notes Series 2 (“the Notes”) betterway to travel But as well as New York, Pan Am In accordance with the Firstrust Supplementalsupplemental Trusttrust Deed dated I4th14th Today sees a February. 1986 (“the Trust Deed”} made between Barclays Bank to every corner of. PLC (“the Bank”) and Phoenix Assurance Public Limited Com- across can connect you constituting the Nates, the Bank hereby gives notice across the Atlantic and , that 9th 1986 has been determined as the Exchange Date as defined - , in the Americas-Mexicor— x 5(B) of the Trust Deed. America. Pan Am. \ 9r^ E Persons entitled to delivery of any of the Notes are accordingly schedules Central and South advised to obtain from the specified office of any of the Paying For PanAmnowhave the office of SA..A. in Agents, CEDEL Luxembourg or the office of Morgan Guaranty Trust Company of New York as operator of ihe and service to47U.S. driesunrivalled America Euro-dear System (“Euro-dear") in Brussels, the formls) of the relevant certificates ) to be completed, stating that such Notes are beneficially owned by persons (a) who airline. are not ii) U.S. persons [as by any other defined in the Trust Deed) or (ii) persons who have purchased for reoffer or resale to any U.S. person or (b) who are U.S. bank brandies (as defined in the Trust Deed). Completed certificates should be delivered to tbe office of CEDEL S. A. in Luxembourg or And wherever to the office of Euro-dear in Brussels prior to. on or after the Definitive Notes Exchange Date. with Coupons will be available on. Exchange Date are going when you travel Pan Am— or after the in exchange for relevant certificates check-in and one it's one ticket, one BARCLAYS BANK PLC all the way. claim ' baggage 25 ch March, 1986

^ PiBcticaihixuriousandyours Because your time is valuable. To47US Cities — - exclusivelyfrom the BnanriaHimes Pan Amis the only airline in lambskin which h* as soft ap Yorkwith all international and cashmere tothe touch, vet very New hard wearing. *' If Vouwuuld like to see internal flights under one roo£ j jj jtle mwMif ihvCfty Collection, your i'sk is secretary to ring Celia Parkes So making your connection as on t' 1-623 1211 ext. ^.orwrffe lor our colour brochure simple as a short walk. now. The Financial Times Citv busy traveller there Collection is. quite simply, the And forthe exclusive use ofFirst For today's finest set of leather accessories to cross the and luggage that money con buys and Oipper®Class passengers. really is only one way Supremely practical, ami extraordinarily good looking, Am's complimentary helicopter Atlantic. every item is Hand -era ft<.*d to Pan the Highest standard. Pan Am. Call us on Accessories include a Travel can whisk you into the centre of And that's Organiser, Credit Card Holder, or your travel agent. anu even an Attache Case with Manhattan in only eight minutes.. 01-409 0688, built-in pocket computer — all in. a deep, rich buigundv leather. Trie luggage has been created A*|£j^U»taSG««T. in a sumptuous black nappa (NO STAMP TodayS EanAm-You can't beat the experience REQU irep IN UK) . —

- H s

b SWIFT GEC BIONICS

CHRISTIAN SALVESEN Sfefi ®OTALS COMPANIES fc>v< WHOVE MOVED THEIR BUSINESSES TO PETERBOROUGH ARE LEGION M Since 1971, over 360 companies have moved to Peterborough. That’s even more companies than Julius Caesar moved to the his armies here over 2000 years ago. AL NOTKiBi region when he brought Peterborough today is a unique blend of the traditional and the * LN nit pUISQr y ideal choice for companies seeking a new location. -c>. The Biii v most modem, the -:I 'loir pnity In Peterborough now, you’ll find ready-built offices and factories with office space costing as little as ^6.50 a square foot. There’s a large pool of experienced staff to dip into and you’ll o* :hs Nesf it find higher and a more positive attitude to work. ^k'J.aifea levels of productivity Ai'SSs IMS'/ city’s excellent living and working conditions bring real benefits. The • m Peterborough offers an outstanding choice of housing. ::o- on ^ here enjoy unrivalled sporting _ press*:* are first class and people m :.r,J Schools |||| £>. iffev- n j opportunities. Among these are an indoor tennis ff|| ?nd recreational sfitiS mtiOMAS rowing course, a huge and badminton centre, a 1000-metre r ice-skating rink and three golf courses.

*1 ‘ ' J5TJBB .v\.v?. . v! Peterborough is just 50 minutes by train S (and 78 miles up the Al) from London. It has excel- igf&^g g fSBi BBKBB L the Midlands, the North, ^ lent connections with VKPLC and the expanding East Coast ports. ; .• •->&&/ There are six airports (including Heathrow) within two hours drive, all with scheduled Hr jffjF ® - IL ;ri-S * domestic and international flights. And the city’s v Jk/ JL '* s T Business Airport is only = jig " own f==— pr . - * ' S’ ® ./ •“. .3 ", aJJ 20 minutes away. Ifyou’d like tojoin the pjBjfjjyl Bg| ga Vs. legions, make sure of your ^fogJ H | |j||| J free complete guide to reloca-^^^H' "-

1 tion. Simply fill in and *^^ retumthecoupon,or Ifill pcs -^***S rail John Bouldin Mo Bgl|| H| on Peterborough (0733) 68931. iMjgiy Afts.

8I'M? p * ^ 0 0 - .

1986 Financial Times Tuesday March 25 26 INTERNATIONAL COMPANIES and FINANCE

Budget proposal for US trading of UK shares Hanson introduces Alexander Nicoll on traders’ reaction to the Share tax plan seen as threat to London’s volume sh I longest-ever would become a criminal bodies be v® LONDON’S international capital be created by the passage of the which the Government will dele- in which rules are spelled out ^ ^§jB JSf market practitioners, already Financial Services Bill now gate many powers. The SIB worried about their place in the before Parliament The Bill’s rules put less onerous require- fts££r«sss aBsaawasas g^sfiaraas new regulatory scheme of committee stage is due to end ments on securities houses’ We._ » lea,, * SLfi W>5S2 Eurosterling bond things, have been thrown into this'week. dealings with corporate trea- precise rules up to the markets despondency...by Britain’s plan. ISKO's fear. Is that London's surers and investment managers themselves. Jt also has to be shares, competitiveness ^jssssrsa's to tai OS cradii^rof UK could . be body could be BY CLARE PEARSON excluded. tions governing~ sst the'5 pefcent charge on - eroded by Jhe imposition of the Until> _ji at risk to orient _ -.1 nlldn doelmmd fW* The outcome of talks between personally conversion of J:' shares - into rules designed to protect the eo-Iqad managers. Tlie .tax betrays, a lack of comprehension of inter- that they HANSON TRUST, the diversi- burg are American small' investor, rather than /pro- the DTI and ISRO is that the . b*Ap' holding The issue -hds a coopon'hf _ itationaL- securities markets. Though it -appears to exemption will apply to instru- advised not to fied British industrial was announced a week ago in’ fessional market participants'* uncle the JO per eedt and a 100J per wonJd reduce meats which have their origin organisation. It is also ar company, launched the Budget, they had been who are expected to be sophi- protect the London Stock Exchange it cent price. After taking fees mar- whether such an longest * ever Enrosteriing sensing progress in their efforts sticated enough to look after volume because opportunities for arbitrage between in the international bond into adcoont, it was launched could or should be bond yesterday- The 20-year ensure that they wonld not themselves. kets. But the government will yielding about 05 basis to London and New York would be lost* suits brought by its own £100m issue follows last as Britain sets The progress which inter- apparently need a good deal Of from points over the 12} per cent be handicapped week's 17-year issues for .up a new regulatory structure national market practitioners convincing that international members, Treasury Stock 2004-08, the _ recent meeting on this > Imperial Chemical • Alter a MEPC and for. London securities markets. have sensed was based on assur- issues of equities should also normal long-dated -reference than.: on their to meet between ISR.0 and Industries (ICI) and, like the ances given Department of handling of the rushed through . be exempt question Equity .traders , day the tax by these, carries only gilt. proverbial Aunt Agatha. as neariy as possible the time- other security regulating bodies second of betrayff a lack of comprehension Trade -and Industry officials Officials have asked ISKO to negative pledge as security. After a downturn in prices; ISRG scale set-by October's Big Bang including the Stock Exchange, a of international- securities that the Government was alive wants a definition set ta come up with specific examples at the long end flf the 'gOt securities advice Is being sought John PattJson, a direc- appears to to their concerns, and had no statute so that it- could not be reform of London- of share issues where price legal Mr market following the adjourn- markets. Though it what in- easily markets. jointly on-- exactly- Hanson Trust, said that intention of hampering Lon- altered at a stroke by a stabilisation has been shown to * . - . tor of ment of the Opec meeting yes- protect the London Stock Ex- be sought The would be used don’s competitiveness. simple change in SIB rules. A UK officials acknowledge the be beneficial. Since many blue demnity should the proceeds terday morning, and as buy- change by taxing trade that making professional,_— ' it-- suggests, should ****** *• definition in ***> bodies- are considering refinance existing short- rflKPC The officialsViutuxu appeardPinrtu readyicnuy toiv — _ risk that a only chip British shares are viewed — _ _ . .. to vulniae it,iu they*-sayLucy _ Enrosteriing mar- takes placeDiaCe outside iay , A ing in the be defined simply as someone changed, a joint approach to toeGovern- term variable rate debt. The •it would actually reduce London make technical alterations so SIB rules could be as international equities, an ket subsidised from last week’s after taster, company had not intended to volume because opportunities that the Eurobond and other who is “sufficiently expert," and There is a much greater risk, exemption could mean syndi- ment shortly in strength, some bankers were dealing, in large denominations are many order P»d- arrange a long-dated issue for arbitrage between the -markets -are not unintentionally they argue, - that a definition cate managers were allowed to There doubtful about the depth of de- still to be fully the domestic market before ‘limited. They remain ancon- — or .example, . investments put in the Bill would not stand stabilise the price of IGL yet tical issues for the Hanson Issue/ London ahfrNew’Yorltma&ets for long-dated mand - ^ered dnly . in amounts -df could not 'so aired, such as the relationships the window -would be^fost =. vin«xl, however,' about the vali- s the test of time but could go to gaol for doing the^ ' - tions regU-r &gu- opened. . Nevertheless, the bond was — ; Aarfo-.W TCDn £50 . 000 - or Ihe equivalent,eoiliValenL ancito ha nltorori TJlAV «tf»R a uritW a laccap RiMch tiAtWARTl the oreamsaorganisations sterling Eurobonds - The ADR Issue. wilf thus be' dity-of certain key ISKO com- easily be altered.' They see a same witii a lesser British between w bid ai less 1}, within fees of individuals markets, and Lead-manager was Salomon added to the long list of the plaints. Wealthy who invest conflict between ISRO’s desires stock. lating the same About two-thirds of International with 2{ per cent ISRO n-airtpaigning In the Eurobond market should for flexibility and for a defini- ^ the regulatory treatment Brothers tohwiconcerns wof the International bas| been u The question threatens the demand for it was be- tiius of forei^ers Credit Suisse First Boston, of the Securities Regulatory Organza- for a definition of the^descxlp^ not be treated in the same tTon set in rtone. The issue is practice? whit* has beetTgrow- many thousands lieved to come tr&m UK insti- as small markets which has arranged Hanson tion (ISRO), the body set up by tion "professional” to be in* the investor with not yet' closed, however, and ing rapidly recently, of using who use the London equity- tutions. *6w mares. time but do tot Trust’s previous practitioners, to. handle Britain's eluded in the Bin, rather than will be discussed by the Govern- the Eurobond syndication! sys- from time to Last - week's issues- for presence, related Eurobonds, J. Henry new-- regulatory demands. ^ Its in the conduct of business raids ISRO’s rationale owes sozhe- meat during April tein to market equity issues. haVfe a permanent UK itfEPC- and ICI continue to as the Schroder Wagg, N. 1L role so Sir has.'beenrto articu* recently drafted by the Secnri- thing to the fact that the body A separate concern has been a third topic on which views Most will be debated G. War- trade dt or above tssue price. further snape Rothschild, and S. late the worries of : the Euro- ties and Investments Board, the includes leading US houses that stabilisation of market appear far apart is indemnity!. SIB'b rules take the coming months. marketsabout'the fritxneworkto umbrella regulatory body to used to-a litigious - environment prices of new securities issues ISRO and other self-regulatory over

offering by Trnsthouse Forte Sharp rise in More construction bonds in prospect FFr 400m foreign issues JAPAN’S Prime Minister. Mr although he did not want to say possibility of a virtual depar- BY EUROMARKETS STAFF OUR Yasuhiro Nakasone. hinted definitely it Would be aU right ture from the avowed policy ot by Japan banks national TRUSTHOUSE FORTE (THF). until now financed assets in quoted elsewhere outside this Y20bn bond with a five-year yesterday at the possibility of to issue more construction curbing the issue of life per cent coupon, construc- bonds, be they construction or the UK hotels and catering France including such Parisian level. and 5] By Yoke Shibata increasing the issue of bonds. Restaurant Seibu, tbe Japa- and an issue price of 101 *. tion bonds if need be. However, deficit-covering bonds. group, yesterday launched the ho J els such as the Plaza JAPANESE BANKS have, in Construction bonds are issued Dealers said it was well received he reaffirmed the Government’s first French franc Eurobond Athenec. nese catering and restaurant catering for brisk overseas mainly for finanring public Mr Nakasone reportedly told issuing deficit- since parliamentary elections The bond, which matures in group, brought a £50m five-year by a market that has been look- lending business, expanded aim to cease works. They are distinguished a cabinet meeting on March 14 ing for a state-backed issue. covering bonds by fiscal 1990, brought a conservative govern- 1931 pays a coupon of 8} per bond with equity warrants. The sharply overseas fund raising from deficit-covering bonds that the Government will not Cola launched a YSObn Kyodo reports. fiscal spend- ment to power under President cent and is priced at 99|. It was bond is priced at par with an Coca with forelfd bond issues which are designed to make up be able to resort to coupon. 20-year per cent bond, priced of stimulating Mitterrand. quoted within the fees at 99} indicated 4 per cent 5f through their overseas units. Mr Nakasone said that the for revenue shortfalls. ing as a means at 101 per cent, and terms were u ” in the next The FFr 400m issue was the bid. The exercise premium on the Japan's city and other banks’ Government bas a free hand The prime minister’s remark the economy at least warrants Is expected to be considered tight third Eurobond issue in March, The Eurodollar bond market 2} foreign bond issues are pro- regarding construction bonds, was taken hefe as a hint at the five years. In the sector, Credit following those for Rhone remains quiet, with recent per cent. Ecu jected to iAcfeaSe 40 per cent Nippon Kangyo Commercial France arranged Poulenc and Swedish Export issues moving slowly. In the Lead-manager de to £4.7bn, or YLOOGbn in rose reported good a secondary offering of up to Credit and was allowed secondary market prices by Kakumaru fiscal 1985 to the end of this about per cent on light demand for the bond and noted Ecu 30m of Union Bank of although the new issues £ month. For 198687 their FT INTERNATIONAL BOND SERVICE volume. that the borrower’s earnings Norway bonds, created through calendar initially authorised overseas fund raising is ex- • . export-related. It was exercise warrants on a dollar only two issues for the month. Deutsche..- Bank,--, .Capital are not. of pected to be another record, French bankers said the Markets launched an issue for quoted at 111 bid against a par Issue launched last November. * reflecting the ' Finance Listed are the 206 latest international bonds for Which there is an adequate secondary market oil issue price. The five-year bond pays authorities had permitted the Chevron, the- US company- new Ministry’s planned relaxation Closing prices on March 24 ... . . £50 issue interest Nomura International brought 81 per cent coupon and is extension of the calendar in the The Om pays of tbe issuing rules on their three Yen-denominated issues. priced at 102. Change on face of the strong market that at 8* per cent and was priced foreign bonds. US DOLLAR Change on had developed since the elec- at-l00£ per cent to give a yield The US Federal Home Loan In Die Swiss franc sector, STRAIGHTS Issttsd Bid Oder day week Yitfd OTHBT STRAIGHTS laftrtd Bid Offer day weak Yield The banks’ sources of fond Amn Credit 1tP» 90... TOO 1064 HA -HP, 4-OV 83d A. a NZ Bk. 16V 90 At OD 106V 106V +ff,’ -MV 13-04 teats at issue, inclusive of fees, of Banks issued a Y25bn 7} per secondary prices moved slightly tions and the allaying of raising have also diversified Amoco Co. 16 200 miHKB — — 9.69 BMW Finance 13 90 AS 60 M2V 103V +0*. +2V 12.17 a devaluation of the - afoudd 60 basts points over- cent bond due in 1996. priced at weaker. Tbe two-tranche issue Atfwi. Richfield Iff, 00 250 *. Flat Finance 86 AS 60 MtV TOZV +ff, +1 13.50 about With the popularity of interest low. ion +ff» +0 ».ao 14V rcse \ currency. THF Was chosen comparable US Treasury notes. 101* per cent The redemption for Nippon Telegraph and Tele- Australia Cora. 11 95... 200 115V 115V 0 0 8.42 LB Schiewa. 14V SI AS 30 104V M5V +0V 0 .12.84 and foreign exchange swaps. 100 Antes C$ 60 9.43 It first Australia Com. 11V 00 118V 110V +OV -toy 032 10V 90 104V 104V +0V +0V because the authorities were can be called at the amoufit will- be. linked to the phone traded for the time, 7 Capital Canad. Pao. Iff. . 75 -8.98 . Their Issues of Euro-dollar BP 11>, 92 1EO 109V 109 * . O +0*. 8M 90 CS 104V M5V -HJV +0V keen to include a foreign borrower’s option in year seven yetf/doQaf exchange rate: If and both ttahebed closed at 09 £ bonds have been particularly Camp ball Sour Iff, 96 too 111*, 112 —OV —OV 8.61 CISC 10V 90 cs:.;....., 75 tW3V 10SV “OV +3V 9.72 1645.' 'redemption will per cent 1000 8.18 Genstsr Fin. 11V 96 08 75 104 -OV 10.87 private company. at thereafter at this is . , Canada 9 96 TO5V f 104V sector I01i, and large, 105V -OV -OV +0V estimated to reach Canada II 1 90 500 -'OV 7-88 Montreal 11V 95 CS 75 106V- 10®V +1 THF is expected to use the declining premiums. The lead- be at par. The-boUd is in regis- in West Germany, secondary , 111V 112V 0 +0V M53 $3.5bn ($3bn) for 198485. Canadian Pae. 1CA93... too 108 WSV +ff. -FOV 8.13 Ryl. Trudtco 10V 90 CS 75 Htt M2V-F1 0 9.73 proceeds to refinance some of manager qutfted a bid price of tered form only. trading of Eurobonds continued This was because Japanese CEPME Iff, SI 100 107V1Q8 +0V+0V 8-32 Sedre ACC. 10V. 92 CS 76 TM3V 104V -OV -OV 9.74 the floating .rate Eurofrgnc less 2 points, the level of its Efectridte de France, the lacklustre, and- prices were un- Citicorp If 88 200 -HA, 8.02 Coca-Cola F. 17 90 N* 75 M6V107V -OV +ff, 14.66 ' +6V banks' overseas units are 1103V 104V rwoh loans by which the company bas total fees, although it was French,.st#te agency, issued A changed on the day. Citicorp 10 96 200 1103 103V -OV - O SJtt Denmark 17V 89 NS 50 t98V 99V +0V +1V 17.92 . only allowed jo remit pro-. Citicorp .10% 96 200 104V 105V -OV +OV 9-78 Unflevar Cp. 17V-89 MS SO 99 100 +OV+OV T7.56 - <- ^ /Wit lynnnwht 12L4 .200 _io3Vj04>->ff*i+ff. : 80S Ct««V»egm-. ‘ x>. an Cradii National 9*» 93... ISO 1MV10S O +OV 8-18 Eut«»lsot9 93 Tcu.._ 50 fl03V . +OV 0 X-V thqir parent banks in- Japan 104V , 822 Oaximdrtr Kgdm. 11V 69 -KM 10§V ion 0 . OV. 8,» O fl0g,10ft, +OV +0V 7.75 : + „ •. dollars,' ..* .“. ' U jL .--si,* cip. / « i. \ : _ dfftnar* Kgdm. 90 1 UA, O nT;!Tto •, .wiofc 11H 111V y ‘ “* 1 "100 " T?“ Meanwhile, D-Mark bonds and Denrnarfc Kgdm. II * 32 100 113V 113V -OV+OV 8J0 Honda XW^V 90 Fi; 91 V “9TV ^OV '+OV 6.39 sterling bonds ere projected' -CDF -10 S6 225 107V 107V O -OV 8.75 Thydaeri 7V SCI ft- 60 103V 103V +OV 0 6.34 91 160 “OV +OV 7JB Waraldhave 7V 90 FI... 75 103V MBV -OV 6.S7 reach EEC 8* 102V 103V. +0V to DM 850m and £100m eec a*. 90 330 •tOT. 106V 0 +0V 8-1« Wessanen-SV 90 T1 50 lOOVMlV^OV -09, BA7 \ from ufl in.the previous year. ElB Iff. 94 200 106V 109V O -HIV 8.AT EdKJflme 11V 92 FFt ... 300 M8VM9 +0V +0V 922 Amau E. Swiss frdric bonds have E18 12 95 200 120V 121 -OV -OV 8-80 11.93 GO W ,104V 0 +1VM.09 This rub vrttvtiteni is issued in cuniplitmce wiib tben^inwiMrfs tbeCotiiieilcfTbeStock fixcbongc. It duetnot Australia if Eli Lilly Iff, 92 ISO 110V 111V "O'. -OV . 0411 Com. 1192 £ 40 10SVM6V -OV +1V 9.68 trebled .to reach SFr 540m constitute on offer arbaitattontoBx'pttbUctostdscrihefur, ortopurebase, anysecurities Ecjuft. Lid. Rity. Iff, 97 100 105V 100V O -OV 023 SIB I IV S3 C. 50 107V MTV -8V +1V 9-61 of, . and Ecu and Canadian dollar Export Dev. Cpn 10 90 100 107V W7V +0V -OV 2JO GMAC UK F. 10V 90 E 30 103V 103V.—OV -MV 9.41 issues have also increased. Fed. Dep. Strs. Iff, 96 10 100 108V “OV -OV 8-83 Imp. Ch. Ind. 11V 95 C 100 MBV 108V -P -MV 9 82 Imp. In the Euromarket where' low Ford, Motor Crd. Iff, 01 150 W7V 107V +0V -OV 8.77 CJt. Ind. Iff. 92 C 75 103V TOM, -OV -f IV 956 Ford Motor Crd. 11* 90 100 10BV MOV -OV -OV 8-51 McDonalds 10V 80 £ ... 40 M4 104V 0 +1V 954 •floating rates are widely Ford Motor Crd 12 95 100 114V 115V -OV +0V 9AS Krfubahi. F. HK 11 90 £ 60 703V 704V +BV+1V 952 obtainable, the issuing for- Gen. S. Cred. Iff. 00 200 105V MO —OV -UV SM NSW Treaay. 10V 92 £ 60 103V 103V +OV +2V 9.8S Rank mula has been “ on-lending " GMAC Iff. 89 200 ,105V M8V +0V +0V SJM X6ro« 11 92 £ 40 104V M5 -*0V-FDV 9.92 GMAC Iff. 92 250 lOff, 106V -IV - 8S8 Royal Ine. 10V 92 E ... 60 M3VM( +1JV-+2 9.90 which enables lending of IAOB ff. 95 200 10»V MW, +0V +OV 6^40 J. Sainsbury 10>, S3 £ 60 104V 104V -OV +1V 955 proceeds through banks’ IADB Iff, 95 160 112V 113V O -OV 8.44 Tricentrol XW 11 92 £ «av —2V -3V 1653 Tsthsa. Forte 90 overseas units, direct to Kellogg Co. Iff. 90 WO 106V M7V +0V O 8.82 11V E 60 M3V104 0 +1V 954 Kellogg Co. 92. MOV 0 8^7 World Bank 11V 95 £... 100 borrowers. TH, WO 110V +0V 111V 112V 0 +SV 952 Nippon Cr. Bk. 10*. 96 150 112V 112V -OV +0V 8.66 COE 8V 96 LFr 600 “tM2V103V +0V +2V 859 -. The hanks have, also N. Lux. AI. 10V LFr. tty •t'-a "r expanded P.ilfabury Co. 10V 93... MO 106V 106V 0 -OV 8-97 92 600 t104 10S +0V+0V 9.61 issttes of bonds offering cur- Proct 6 G. 'A' 07, 32 150 104V 105V +OV -OV 8-85 Realty 121 95 546 115 115*, — 8-49 FLOATING RATE rency swaps reflecting a Pru S. . OV -OV Qentss Airways 10V 95 140 111V 111V -BV 0 8-54 NOTTS Spread Bid Offer C.dt«C-«pn Bldg. rapid expansion erf the Enro- Ouebac Hydro 11*, 92 100 1114V 115 O -OV 320 AngHa S, 5 98 f OV 9856 9953 M/4 17-i Belgium, Kngdm. yen bond issues by foreign Oueensld. Gvt. Iff. 95 KO 111V 111V +0V +OV 8.44 of 91 0 100.13 100.23 1978 8.06 BNP SV 9S - VOLVO corporations. Ralston Purina 11*. 95 ISO 117V 118V -OV -‘OV 8.78 0.06 Ml .17 101.27 TO/7 8.05 . - ^ Saab Scania 9^ 31 125 104V 10«V -OV -OV 8-38 Britannia 5 93 £ OV 9856 99.93 8/4 During the year, Japanese 11V city Saskatchewan 10\ 92... MO 112 112V +0V +OV 8 -OB CCF SV §7 0 39.37 9957 5/«. 8.06 and. regional Citicorp 5 20OS OV. 9950 AktieboIagetVolvo banks were, , for Scandinavia Air 10*. 96 150 108V 109V -OV +0V 820 99.30 27/3 854 Citicorp 5 the first Sura Bk. S. Au. ff, 93 IIS USV 0 -OV 8.69 2035 ,.0525 198.90 99.00 27/3 5.04 time, allowed to raise Credit {Incorporatedin &eKingdomcfSweden with limitedliability. Statoil 10 90 170 W7 107V 0 +0V 736 Lyonnais 5 2000 OV. 100119 10059 M/7 856 long-term debt capital EEC S. Wales Trsy. 11* 90 150 llff, 111V +6V 0 8.43 3 92 DM 0 100.06 20/8 4.44 EEC 5 90 through foreign currency con- Swad. &co. Cred. 10 92 MO 108V 108V -OV -OV 8. ft OV, 9959 700.0? a/7 8.06 EEC 93 Ecu vertible bonds overseas. This Sweden Iff. 92 250 109V 110V —OV +0V 8.23 5V .0.0312 99.90 100.00 30/4 9.91 Sweden Kqdm. Iff, 90 200 109V 110 -OV -OV 739 ENEL 5 2000 OV 100.17 109.27 1/3 8 development was cited for the V- Ireland V Sweden Kgdm. 11% 94 MO 114V 114 -OV -OV 323 5V 97 o*i 100.13 10053 28/2 8.44 U.S.$100,000,000 rapid Increase Lloyds of foreign Tenneco Cpn. Iff. 95... 106V 107V O +DV 838 Bank Pern OV 100.18 10858 9/8 8V Midland Bk. Perp. 5 ... bonds by underwriting Utd. Tech. Rn. lift 95 100 t109V 110V 0 0 8.99 OV 100 .0® 100.13 19/8 8V Victorian Bsp. 11N 92 150 113V 113V+OV -OV 8.66 NetWeet Perp. A §0V 100.14 10054 houses. Previously city banks NetWest 9/7 9.31 7% per cent. Notes Due 1988 World Bank 9* 2016... 300 109V HO O +0V 8.81 Perp. B 50V 100.15 10055 9/8 SV had been prohibited from New Zealand 5 World Bank Iff, 300 112V 113 -OV-Oh 8.1* 97 C ... 0.07 9959 90.89 16/3 11-57 raising tfijl New Zealand 5 2001 .... long-term funds .Average pfiea cmagd-i/On -Fi In mak O , 100.01 M0.11 ‘ . 4® BV Prudential Cpn. 4 95 ’ IssuePricetlGO^iper cent through overseas ‘capital E ftf 99=72 '»« ' S/3-11.78 DEUTSCHE MARK Change on R. Bk. Scotland 3 Perp. OV 100.09 markets, „ . 100.19 11/B 8.44 j • apart from foreign li Societe Generate STRAIGHTS Bid Oder day week Yield 5V 97 ff» 10054- 100.14.- 18/3 8 - V bonds issued by 8.70 United Kingdom 5 92... O their over- Asian Dev. Bank 8 94 200 MTV 108V “OV -OV 100.03 100.10 7/7 Co6 TbcJolkm4ngbtwec^edlostd>scrSm»procure.sitbsargtersJbrtbe Notes Austrian Elec. 95 ... 160 0 6.28 Woodside Fin. 5V 97... 0 seas subsidiaries. This was 6V 101V 101V -OV 93.46 99.55 ZB/7 b!to Copenhagen 150 6.90 Woolwich S 96 £ rigid 7V 95 102V 103V -OV -OV - 5951 19/6 due to tbe separation 300 Average price «.89 Dow Chemical SV 95.,, 103V 103V 0 -HIV 6-25 changes On day +U.C3 «n wk. +053 of long-term and short-term ElB 6V 95 300 105V 106V +0V 0 6.11 JbH, t CONVERTIBLE ElB TV 94 300 -OV 6-35 Cnv. . . - Merrill Lynch Itten&grional&Co. banking which had tradi- 105V 106V +0V Cnt . cha. Emfiart Con 6V 95 176 101V 101V +0V +0V 651 BONDS data price Bid tionally allowed only long- Ajinomoto bffer day E*. Im. 8k. Korea 7V 90 100 101V 102V 0 -OV 7.1T 3 99 TOO.. Batik ofAmerica International Limited credit Comcast jj® 179V 180V -W Algemene Bank Nederland N.V. term banks to raise Finland Republic T 92... 200 104V 104% — OV' +0V 6.88 7 2000 Fanuc -fo? nx long-term debt capital. Gould Int Rn. TV 9f... MO 104V 104V O 0 6.56 3V 98 1/84 7032 -2 Brussel Credit Suisse First Full Hvy. Inds. 201V 203V 62.65 Bank Lambert N.V. Boston Limited Heron Inti. Rn. 7V 95 100 98V »8V 0 +0V 7A6 3 2000 8/85 078 TQB?, .# Accordingly, the six major city Fujiusu +1V 4.12 .7:., Intt. Rn. 96 100 8.99 3 99 ' banks during the year Hoesch 7 102V 103V -OV -OV Dec norske Credttbaok Deutsche Bank Capital Markets Limited raised Ireland 8V 32 150 107V 109 0 +0V 6.56 Kumsgsi Gumi 3V 2000 3/85 9620m through Eurodollar I/S Eisem 6V 93 125 199 MO O +OV 653 Merui 3V 99 7/84 116* 22a j.1 S'JS s m Minolta Cm. 2 ' Enskilda Securities, Scandinaviska Enskilda limited Goldman Sadiabtanatkwal Corp. convertible bonds and Japan Fin. Con. 7V 91 100 10SV 105V -0*. -OV 6.34 , 94 DM 2/98 rite « grL iSi Mtsftahl M 3V 89 WW 100 M6V107 +0V+OV 151 Mitsubishi BSni 2V 99 life 3&T' SFr 420m convertible bonds. Mitsubishi 8^ ?7W iS +tfv 3-51 Mtsbshi. M 3k 89 XW MO 92V 93V +0V +1 658 Mitsubishi Bee.EI»c 2at.t« 00no 3/85 422^ IS? If5* 1 5? Morgan Stanley International Post-ocH Kreditbanken, PKbanken Mitsui lS2 For 1986-87 Japan’s top ranked Ouebac Hydra 7V 95 ... 200 106 106V “OV -OV 8.19 Bank 2V Q1 4/86101.9 regional banks Renfe 96 100 -OV. -rOV 659 Muraia 3>j 2000 7/tu i are planning 7V 109V «*V Nippon 2m 17.01 Soctete G6n£rale Sumitomo Finance International Soc. C. Nuclear 7V 95 ISO 10JV 10* +0V -HJV 850 Elec. Vm 2000. 1/U 1ZK J2J* Tji to raise funds through Euro- Nippon 1 01 Roc. C. Nuclear 8 91 — 100 10RV M5V +OV +OV 6.71 Oil Co 3W» S/te SL-S& ~1 ®S dollar convertible bonds with OKI Dac. 'nd^aV ^*3®* “0.12 Svenska International Limited UtitM Bmk of Switzerland (Securities) Limited S. African Tran. 7V 92 im 9fiV 98V -OV -OV 8-33 asTTO/M ^ Sanwa 1 9-82 -the administrative -guidance World Bank 7 95 000 Mff. M6V -OV +!«, 6.11 BenK 2V 2000 HJ/8G 1488 ™ T? Seklsui House "^>-96 of the MoF. Average price changes... On day 0 on weak +0V 3 99.. 6/84 In addition, the ministry is Sumitomo 210 VD* +»f “l‘£ con- SWISS FRANC CMVMd OK Cpn. ZV 99 5/B4 693 in TS* ! “ sidering to ease regulations STRAIGHTS lamed Bid Offer day week Yield T.,yo ¥»«,„ 3V 2000... 3/86 Application has been made for fife Notes, in bearer form in the denomination of U.S.$5 ,000 each, Tokyo imB *12tlS^ —0.03 on bond issues by overseas Avon. Cap. Cpn. SV 94 130 1101V 102 0. -OV 5.10 S VO El. av 99 12/M 7» 12, +5 constituting the above issue to be admitted to die Official List by the Council of The Stock Exchange, subject Sr. Land. Comp. 6V 99 76 tlfls M6V -IV -OV 654 651 offshoots of city banks so as Chrysler 98 160 *1M2V 102V —OV -OV 8.41 4.50 •v. r only to the issue of the temporary Global Note. The issue price of the Notes is per cent. Interest will 5V 100% be to broaden tbe scope of their Council of Europe 6 92 120 1106 UJ6V +0V +1V S.06 payable annually in arrearon 1st Atmust in each year, ‘100 Asm. from and including 2nd April, 2986. Tbe first interest channels for raising foreign Credifsiwaft 5>a 94. *un W2V40V a rig atTsra8 92 DM "ZiZitijS a ’tW.ITO payment will be due on 1st August, 1986. Deutsche Bk. Fin. 5V 96 100 1104V 10s O +0V 4.68 Renown 3V 90 DM* 3/85 §» ^ currency funds. 675 118V ElB 5V 94 120 1103V 104 -OV -IV 551 119V “OV -355 The deregulation plan calls for: Gen. OecidentsTe 4V 94 90 T117V 113 Listing Particulars relating to tbe Notes and the Issuer are available in the statistical services of Extel +OV +1V XfQ , l Glendale F. SBL 5V 93 100 +99V **V 0 -OV 558 Statistical Services Limited and copies f| Non-financial companies to mJ£S5Er^^ may be obtained during usual business hours on any weekday Ind. F. Finland 5V 94... 40 0 0 be allowed to Issue bonds. 1M2 102V 6A3 the m Id-price; r®dBmption of (Saturdays and tmblkhoU^w excepted) from tbe Company Announcements Office Int. Am. Dv. Bk. 6V 9* 120 IMS M3V O +0V 556 ofTbe Stock Exchange, Tbe ceiling on issues, cur- TO ! to including • N. Zealand Steel 5V 98 1101 101V +«. +0V 550 WIRone. Change V8?S,d« J*eS 1?^ up and 27th March, 1986 or during usual business hours ou an (Saturdays and Kftwk. 95... 100 on wrak-Change y weekday pubnc rently equivalent to a sub- Obeme. 5V Htnv 101V -OV -OV 5.14 &fftSU*g iweak Ollvutti Inti. SV 99 MO m holidays excepted) at the addresses shown below up to and including 8th April, 1986: sidiary’s total assets, fo be mrt losv o +av sjut PepsiCo 6V 95 V 130 1103V 104 -1 -OV 4.71 abolished. 110 - ’Sfe* Phlbro- Salomon 5V 07 1MB 103V +PV +»V 4.77 hate next 125 ooup6n' C.dte- Rolsron- Purina 5V 94... HQ2VM3 0 +0*, 456 above eix-month Tokyo Elec. Pr. 5V S3... 320 1107V «» —OV— S.Of OV. raeea rate) lor- cLifwwjMOittb; {above Tokyo Metropolis 6V 94 ’. 80 1MPV 107*, -OV 451 US doH«n. +0V Ct'rwarnbU Bonds: I l*tailBOn- " - Indesit in talks World Bank 6V 94. 160 ft 04 104V -OV 6.15 DanomUwtarf'ul‘" «TvS^ ^r 1 CazenovcftCo., +«V wise indicated. Chg. odw tl- Banket* TruatCompan Aversffa price chawpeo On day 0 on week +0V Rrar day-cS n y, dma for conSamii, y nv ' Nominal VCnv 12, Tokenbouse Yard, on rescue plan amount of bond - - price Dashwood House, Change on currency of mh.re at Convar^fon' “oreaaad m London EC2R Financial Issued Bid Offer day Yield «< « 7AN 69 Old Broad Street, By Our Staff YEN STRAIGHTS weak Pram Percentage pieralum 81 ,8SU«- Canada 91 8° — S.S6 of° Urr troubled 6V 102V M2V +0V OV pnee of acquiring ehsres ®nt •B®«lve London EC2P2EE ITALY'S Indesit white Credit Foncier OV 96... 16 — 559 vlB°thnth8 bondiLJS 103V 103V — recent price ol »,a aham, ow «» nun goods group is holding a CSX Corooretian 8V 98 10 9BV 99V — — 6.87 .. ** 10 "-.l second round of talks with PostlpenkU 6V 95 103V 103 V — — 6.15 r, . t*; several potential rescuers, the Swed. Exp. Crd. 6V 96 IQ 102V 103V +OV 0 65Q Average price changes... On day -HJV on week —OV consent. Dm, ^ «,y. 25tbMarch, 2986 company's court - appointed auppRed by £2X1 administrator Mr Giacomo The prices over the past week wen suppRed by: Kradietbenk NV: Credit Commercial Franca: Zunino said over the week- de Credit First Chicago; Goldman S*r*. ; tttc Amro Bank; Lyonnais; Commerabenk AG: Deutsche Bank AG: WesT- end. Indesit is “trying to Hamfaras Bank; IBJ ln»Sa«?ne"^ deuische Landeibenk Girozenirale: Benqua Genersle du notional;neimnni* find a LTCB ln,DmInternational;0ii Paabody Inter- new owner that would Luxembourg SA: Banque ImeraatlOnala Luxembourg; 8B>|; U. rr||i' Stanley International: Nlkko L h: MorOa" assure the restructuring” Kradietbenk Lusemboura: Algemene Bank Nedmfend NV; U ti- ^° ._ of Nemure Internairanal;* Orion°R * Co. CEuropej; Pierson. Heldring end Pierson: Credit Sulssa/Swin lSlS 5 the company, Italy’s second JM Co.: Samuel Montagu and Heming Credit Bank: Akroyd and Smithara; Bank of Tokyo Inter. ^Co largest Societe Genersle Strauss om ,n * ulan Bank: home-appliance pro- national: ChrunJeel Bank Inumsilonst; Chase Monhattart; Turnbull- ®f J ducer, he said. Iniemetlonal Bank: Credit Citlcorp Commercial da France CflMAMtiiMCorporation VsSm &0 ‘ : Innmaiional: WooS Guwly? B#nk • .

23

Financial Times Tuesday March 25 1986 27

Why Morgan Guaranty manages bond issues in more currencies than any other underwriter

rni. fri 5 t

aViSs**“••••.. .OBscje = . 0;

Major borrowers increasing are turning to the Swiss francs. Morgan Guaranty (Switzerland) as book-runner a SF235 million issue s«;M international currency markets to meet both Ltd launched w their dollar and iKm-dollar financing needs. And which we combined with a currency swap to pro- they choose Morgan Guaranty to manage issues vide 15-year U.S. dollar financing for RJ. Reynolds. in a wider range of currencies than any other Increased to SF275 million, tfiis was the largest underwriter Issuers give Morgan these mandates Swiss franc offering to date by a U.S. company. In because we have the capital strength, global the Swiss public bond market we were also book- resources, and skills to structure the most advan- running lead manager for issues for Chrysler, FIT, tageous financings—in any currency. PepsiCo, Olivetti, and the first zero coupon issue for the Wadd Bank. Issuers like those in the table require a lead manager Sterling. We were book-running lead managjer that participates in all key international securities for Euro-steriing bond issues for British Petroleum, markets, and has the ability to identify attractive Sterling Drug, and N.V. Amev. In addition, Morgan financing opportunities in each of them. When lead managed a $100 million issue for Minnesota borrowers ask Morgan Guaranty for advice they get Mining & Manufacturing that was the first doflar/ that and more. sterling dual-currency issue ever. They find that our capital strength-over $5 billion Australian dollars. Two issues for Bank of Tokyo in primary c^ital—reduces their cost and risk in and one for Dresdner Bank were among the seven our currency intermarket arbitrage. They also find iv: GOinifljoo? A$ issues led or co-led by Morgan. and interest-rate swap specialists can help them New Zealand dollars. We led ten issues, includ- create dollar obligations at the lowest cost ing a NZ$75 million Coca-Cola Financial issue which Here are examples of how we helped borrowers we swapped into fixed-rate U.S. dollar financing. take advantage of new opportunities in foreign- r-rr Lira. We were co-lead manager of the first U.S. : currency bond markets in 1985, when more than Technologies, for corporate Euro-lira issue for United vv't: half of all international debt issues were in non-U.S. Iit50 billion. dollar currencies. ,v ' ' ? ! v Danish krone. were lead manager for the first ' % a . .‘if / We ' ; ’ " ' I ^5MiC3i * Deutschemarks. Morgan Guaranty GmbH was + / V] two issues in the Euro-Danish krone bond market, lead manager of an RJ. Reynolds DM265 million which opened last year. issue swapped into U.S. dollars. This was the first Yen. For J.C. Penney, we arranged U.S. dollar straight Euio-Deutschemark issue in which a fixed-rate funding, at a cost below the yield on U.S. foreign-owned firm acted as book-running lead Treasury notes, through a Euro-yen bond issue and manager currency swap. French francs. We were co-lead manager of than any non- eight French franc issues, more We deliver innovative sendees in the capital markets two French banks, French bank. We co-led, with with the same high quality and skill that have long issue that reopened the Euro- a Gaz de Fiance been hallmarks of all Morgan banking. Challenge us four-year French franc bond market after a lapse, with your next, complex financing problem. then we co-led French franc issues for IBM France, the Kingdom of Sweden, Mobil, Electricite de France, and Unilever Morgan Guaranty Ltd, 30 Throgmorton Street,

’ -T . ECUs. Morgan was lead or co-lead manager of London ec2n 2nt 100 \ f.r-!' ten ECU issues, including an ECU million issue

ji Morgan Guaranty Trust Company, 23 Wall Street, ,r . for Security Pacific Australia which we swapped into U.S. dollar financing. New York, NY 10015 tncotpcHMad^iiiaBdM " . ^)

March 25 1986 Financial Times Tuesday 28 UK COMPANY NEWS Hanson Freemans IMI gives hint of „ Leisure £28m rights edges ahead International up 27% BY DAVID GOODHART further disposals shares are said bookings were buoyant at In Imps ment well our existing tour ordinary. The new International Leisure Group, between September l.lm against 530,000 at this second operating and airline busi- convertible owners of the UK’s 199S and full conver- stage last year "and we are and outlook nesses.'* 1988 and largest tour operators. Intason, . battle total indebted- sion would leave 226m new expecting a significantly lower yesterday announced its first However the and acquisitions about 30.5 per level of discounting. - ness of the group at February* ordinary shares By Martin Dickson ever rights Issue from which it enlarged share Following the disposal of six was about £94xn giving a 110 cent of the favourable sales amounted to hopes to raise £28.25m. 28 737-200 tmt tbe metals and engineer- Overseas Trust last night gearing. The rights capital. Boeing aircraft which mail order in Hanson Harry Goodman, the ILG per cent Freemans, the ing group which is making an 47 per cent of total turnover Ur reduce gearing to About 40 per cent of the realised a £28.3m profit, the inched ahead in the £2.4bn take- chairman, also announced that issue should business, saw taxable profits £88m agreed bid for Martonair, 1985 with exports from the UK per cent. "It will issue, which has been under- Air Europe fleet is being over battle for Imperial Group the difficult year for the about 65 per cent in the hinted at farther 7 per cent higher at £123m and despite sheet written by Kleinwort Benson, re-equipped with four Boeing rise by 27 yesterday announced that it now is strengthen ILG’s balance 1986, and sales overseas companies when it tour operating business he - year to January 25 acquisitions and disposals as it by the group’s position has already been placed with 737-300 aircraft due for Spoke for 26.9 per cent of the a pre-tax profit of enhancing expect that trad- shift Its business only slightly higher at £240m. forecasting markets and institutional investors. That delivery in spring 1987. A sub- the directors attempts to shares. United of March. in its present likely to areas. companv’s £235m to the end the 30.3 per stantial part of the estimated ing conditions are into znore profitable The divisional contribution a rival it to take advantage figure comes from Biscuits, which is making year the company made enabling for the of the port- profits follows: build- Last con- cent of the capital owned by the 100m dollar purchase price for remain favourable The adjustment to was as bid for £241 ra. of opportunities with the and recommended £11.8m on turnover of per the aircraft will financed current year. folio must be an ongoing pro- ing products £7.7m (£6.6m in M that the enlarged capital directors and another 10 be on on Friday that it He said: Our diversification fidence continue im- £4.9m Imperial, said said Mr owned by Iberotravel who a secured basis. share of mail cess if IMI is to 1984) ; heat exchange more broadly based base will provide," cent The group’s spro for 21.89 per cent. into a have renounced their, entitle- In the light of current trad- rose to a record proving Its performance by (£4.4xa); drinks dlspence £l2.5m progressing Goodman. . Older trade said that by yesterday leisure business is . building on its (£13m); fluid £11 -2 m Hanson is taking the ments. The rights issue will be : mg and prospects, net dividends in the 52 week selectively power recent major invest- The rights issue 13.9 per cent afternoon, the second closing well, lbe at a discount of about 20 are expected to be increased to turnover, includ- strengths. Sir Robert Clark, (£9. 3m); special purpose valves total- form of 29.5m new 7.75 per made period, with revised and final ments in London hotels will formally against 4-8p year. ILG’s chairman, said. £42m (£3J9m): general engin- date of its cent convertible cumulative per cent. An EGM 5p, last ing VAT but excluding that accept- £50m and in our overseas ** it had received ling preference shares approve the issue on April 16. share price fell 2p to close at company I would like to see our next eering and other activities offer, our acquisition of Global redeemable of the related covering a further 5.7 per hotels, basis of Mr Goodman, reviewing the 125p. £359.68m acquisition be US-based but it £8.6m (£6.5m) refined and ances the German of £1 payable on the Together, up from to the 12 and our entry into this summer. See follow that that will wrought metals £11.9m (£4.5m). ~ent of shares, to add four convertible for every seven tour prospects for Lex to £410.12m. Pre-tax profits does not tour operating market comple- oer cent it picked up by the £28.04m against come before another oppor- came out at dosing date. It has also £22.03m, of which £l-20m tunity in the UK," Mr Erie • comment first bought 9.2 per cent in the came from Together. The Swainson. managing director, Any Martonair shareholders conference. market. 50 per cent relative achieved told a press who were in doubt about accept- IMI has irrevocable accept- Sir Gordon White, who heads a "highly satisfactory and ing tiie agreed bid from Du, sets its sights on growth Hanson's US operations, noted Steetley profitable find year,” say the ances to its bid from the owners should be reassured by the Martonair’s «ast night that the group could directors. of 7 per cent of publication of detailed interest charges. Geographic- tribution and services £4.69m IMTs takeover rules still BEING VASTLY stronger than comment shares. It expects to post its While IMI under the ally, the rise stemmed from (£27,000). In 1985, Together’s only figures for 1985. in the it entered the downturn, offer buy another 5.8 per cent when Western These results mark the end of West Ger- formal document in the directors are constrained, by group is now con- North America and The UK. including exports, franchise was in market, lifting its total to 32.7 the Steetley phase of Stettley's rehabili- next few days. takeover rules, from saying Europe. Currency translation for 30.35m (£29.3m); one many, but this year franchises used that fident that is well placed to accounted £ IMI announced earlier this the oer cent. "If we in profit. tation programme: recovery has much about 1986 profits, exploit its carefully prepared cost fl.lm North America £8.2m (£5.23m); buying power we would only happened and growth is just month, in connection with the hope among brokers is that the expansion, directors Western Europe £lJHhn per cent for for directors say the group’s 17 or IS - r . t */ base The beginning. All divisions are now Martonair bid, that pre-tax 15 per cent increase in IMTs need . * competitive position (£2 -51m); Middle East £342.098 added. say. improved profitable with North American Drofits had risen from £45.1m to share capital will be matched ’ontrol." he group gathered strength enables it to take advantage of (£944,000): Australia ail in turnover United has already reached The distribution, whish was in tbi £57An . 19® on by the profit benefit of the deal f in (£897,000). purchases of following strategic concentra- the better prospects the the red last year, now respond- which rose from £738m to going through, suggesting pre- the limit of its geographical construction industry. also Capital expenditure in 1985 -14.94 per cent tion into fewer It ing to enthusiastic pruning am- £766m. tax of about £75m. IMI has been Imperial shares— activities, looks to a further advance in came to £24.2m. The major Friday, the first areas and fewer generating strong profits. Bad Progress in 1985 owed more steadily improving its average —and by last for operation. areas were completion of the coupled with extra support the North American weather, and inflated energy to better margins than higher margin as the higher added closing date of its bid, had re- Borrowings were reduced spending in Steetley Brick and the core businesses. Now the costs upset profits in the con- sales volume, it said yesterday. value businesses grow faster ceived acceptances covering a £36.1m to £27.6m in the the construction materials emphasis has switched to from struction materials and refrac- The margin of pre-tax profits than the commodity-type acti- further 6.95 oer cent. year, and net interest charges operations in the UK and still wait- growth and the group has an tories last year but both should on sales rose from 6.1 per cent ties. The group is firing on most However. United is were less at £4.04m. Gear- France. industry base, borrowing capa- £lm be absent in the current year’s in 1984 to 7.5 per cent with of its cylinders at present, with ing for the Government to say ing is now down to a modest city, and management to The group’s position in the figures. With the tail end of IMTs highest added-value busi- titanium, largely used in the whether it will allow the pro- 15 per cent of shareholders achieve this, both organically South of France market has recovery still to come ir nesses such as drinks dispense aircraft industry, leading the posed merger with Imperial to and by acquisition, the direc- funds. been consolidated with the Canada, a full contribution from and fluid power typically achiev- advance. The remaining loss- oroceed without a reference to tors state. The final dividend is 8p for acquisition of two limestone the Parkhouse factory — which ing margins of 10 per cent. making subsidiaries are being the Monopolies Commission. For the year 1985 the group a net total of 13p. a rise of lp quarries in Marseilles/Toulon involved large commissioninr The titanium division did. dealt with. The balance sheet Imperial said last night that confirmed its recent strong over last year. Earnings are and a large sand quarry near costs last year — and a first- however, achieve a substantial is in good shape, thanks to a green light would clear the recovery with an advance in shown at 36.25p f33.1p). Toulon. time profits from the French volume increase and this is tighter control of working way for more acceptances of the pre-tax profit from £32 ,7m to The profit was broken down In the Lyon market the group acquisitions. Steetley should expected to continue for a capital and retained profits of United offer. Hanson, it added, £36.S4m, although turnover by activity as to:— construction has strengthened its position by make £43m this year. After 40 fucker two vearc or more £23.2m, while Martonair’s is must be pretty disappointed showed a near 3 per cent drop materials £2*2. 5m (£22.56m) acquiring another dredging per cent tax the shares at 457p This can be achieved without free of borrowings. This bid is with its latest acceptances. “ We to £408.72m. The profils minerals extraction and pro- company on the River Rhone, are on a p/e of 11, and even capital investment so cash flow by no means the end of the understand it had been leaning increase arose from improve- cessing £10.42m (£10.97m); and it has agreed to buy a fur- after the rapid rise over the will improve in line with acquisition trail for IMI. The on the institutions fairly ment in the distribution and refractories £1.93m (£2.65m): ther sand and gravel quarry last two years, remain at a dis- profits. IMI is currently looking shares have been re-rated in heavily." Imperial claimed. * dis- services side and reduced net chemicals £l-34m (£1.37m); near St Quentin. count to the rest of the sector. for a !icencee in the US to recent months, although down However, Sir Gordon last enable it to get round US 4p to 174p yesterday, and are night pronounced himself en- import tariffs on titanium. now set for some consolidation. couraged by the latest accep- will be operating in a number tances, and said United had only Berisford of other European countries reached 6.S per cent after a Improvement in margins lifts and North America. major campaign of phoning-up small shareholders. holding to The final dividend is raised from 35p td 4.7p fbr Brent Chemicals Shares in Hanson closed last a total lJSp higher at 7p. Earn- night at 179p, down 4p on the change hands Lamont profit to £4.6m ings per share came out at day. At that price its shares 24JJp <17.1p>. and convertible stock offer is

' worth 367p and its shares and ...Barclays Merchant .Bank has WITH THE textile side experi- Incurred a loss of £584,000 on on the management buyout of Borrowings remained firmly profits rise 23% cash offer is worth 332p. contracted to sbll its 9 per cent encing another year of growth a turnover of £21.6m. the bureaux business in under control) with the debt/ United's shares closed at 236p. Stake in S. & W. Berisford. the and achievement, the Lamont Reporting on his own group. Ireland. equity ratio improving from RECORD PROFITS of £l9m times by operating profits and down Sp, valuing its offer of sugar and commodity trading Holdings group has shown an Sir Desmond says textile divi- 22.8 per cent to 20.5 per cent. have been achieved by Brent at the year-end the debt to shares, cash and convertible pre- 3-'* group, to AJ.F.A. Holdings SA, advance of 33 per cent, from sion increased its trading profit • comment Net interest payable was up rhpmifik International, maker equity fatio was 375 per cent by ferred shares at 330.7p. Imneriat iv Hi an offshore subsidiary of Bar- £3.46m to £4.62m, in pre-tax £500.000 to £3.2m. Moyga- from £L57m to £2.11m. of industrial chemicals, in 1985. Sales for the year came to Lamont is making a habit of shares closed at 347p. up 3p on clays client, Ferrnzzi, the Italian profits for 1985. sheil (apparel and furnishing These show a 23 per cent in- £53.28m <£5Z.5lm) and the fabrics) maintained turning in immodest rises in tb« dav. food and agricultural group, at This stemmed from a 14 per progress. • comment crease over the previous £4.gm. operating profit to £6.28m Emphasis placed on design and profits and earnings achieved (£5.1m). Hanson's £100m. refinancing. 225p pet share on or before cent lift in turnover, from Earnings are ahead from marketing and the reduction In through Page 34 April 7. £40Bm to £46.58m. and high- higher sales and fatter Nobody could say that a 23 7.6p to 9-3p and the dividend Is' unit costs: has shown market • comment margins on both old per cent profit rise and an lifted from 3.5p to net. with i • - Barclays said yesterday that lights the success of the man- and new 42p results both ;there and in car., air "caution' agement’s policy of emphasising businesses. Although these Improvement in both gross a final of S.35p. An "of oyer Brent file timing and the sale was not pets, with thi, latter increasing, . the control of unit costs and the margin and market share war Chemicals' interim figures had AigylPs linked to an imminent ind by its turnover strongly. .figures came hs no surprise, the The directors report that the bank margins, says a bad result from Freemans. brokers trimming their full-year Ferruzzi for Berisford. Berisford improvement of City seemed well satisfied group's involvement in such Technical improvements in and If the shares fell yesterday forecasts last September only closed 2p up at 233p. the chairman Sir Desmond growth areas as aerospace, synthetic yarn production led the shares rose 5p to 182p. to 414p it- was against the to find themselves falling sh-jit buys shares Lorimer. to increased productivity printed wiring boards and and Textiles, by far the biggest divi- background of a sliding mar- in the event, and ffie shares there flexible packaging provided a Earnings have risen from was a shift in sales to sion. is also the most exciting kef. and after a powerful rise responded to yesterday’s con- divi- new linen- significant contribution to the in Distillers 15.62p to 19.02p and the markets. Linen and with the three satellite activi- In the priee over the last six fident statement witH a 9p rise Jonrdan sells dend is lifted from to 4.5p blend yarns had a difficult success, 3.1p ties, showing comparatively months. With further in- to 151 p. Brtnfs unsuccessful The Argyll Group's m£fchr«»': although still profitable, " net, the final being 3-3p. These year;, pedestrian advances. The creases expected in (be num- All three divisions achieved US venture into laundry bank. Samuel Montagu, an- represent percentage gains of following a sustained fall-off in organic growth. In the Ardox trouser plant acquisition of Shaw Carpets ber of agents and in sales per chemicals is now a distant nounced yesterday thdt it con- 22 and 45 respectively. exports, there are signs of a re- side this was effected by con- will focus Lamont on what it is agent the mainstream cata- memory, and the group is prov- tinued to buy Distillers shares Thomas Jonrdan, the cos- Sir Desmond says it is early vival in demand and the home tinuing to emphasise its systems good at—Shaw has good equip- logue business sboold con- ing its ability hot just t6 make last Friday thd day the final metics and fireplace group, has in the current year, but trading market has also improved. approach to non-destructive test- ment but poor management and tinue ttf pfbsper this year. the right acquisitions but also Argyll offer for the company sold its trouser press production to date has been on target and Computing and software did ing in the aerospace and auto- can well benefit from Lament's However the rest will come to put them to work. Ardrox, was presented. Samuel Montagu plant in Windsor to a local he is confident of the outcome well particularly in software guidance. the trendy motive industries. In the food, Furthermore its from Together and one of whose fortunate niches bought at the cash alternative property company, Ronverman, for the year. and computer maintenance. carpets will make a nice match new “specialogue" beverage and packaging BYMAIL is the buoyant aerospace in- level of 660p. Argyll and con- for £900,000. The company plans The group is in the process Performance of the bureaux with Lament’s contract furnish- which was launched last through improved management dustry. is still leading the cert parties now own 14.44 per to move trouser press produc- of acquiring Shaw Carpets, and equipment sales division, ing, and the two will be sold in month. Not quite so go ahead of the two first named and over- growth, but the group continues cent of Distillers share capital. tion in mid-summer to a factory based in Darton, South York- however, fell short of earlier a co-ordinated package. On as Grattan, Freemans never- all market expansion in flexible finishing to broaden its base to protect Guinness’s share offer re- in Andover acquired in January shire. In the half year ended years. There is an extra- profits of £0m and a tax charge the less does not seem too packaging. The metal an against cyclical downturns in mains marginally ahead for 225,000. November 1, 1985 this company ordinary loss of £178.000 arising of 20 per cent, a p/e of highly rated on a p/e of less business benefited from in- of 7} dny one sector. Some £7m Argyll’s although would suggest that the share’s than 14 assuming profits of creased share in an overall flat its cash alter- & market. looks likely for this year, a native is 30p lower. outperformance is not yet over. £33m. Argyll rose The acquisitions — Winnetts. figure which would almost meet 5p to close at 335p yesterday Brent’s target and Lectrokem and Chemlec Solu- figure of 12* per Guinness too rose 5p to tion — all performed well in cent real-terms earnings close at 315p. the time they have been in the growth even without further DIVIDENDS ANNOUNCED group. acquisitions. The prospective Date Co ire- Total Total The group's financial position p/e ratio of 14 after a 35 per THE SCOTTISH LIFE Current of spondiog for Jasf remains strong. Interest charge cent tax charge looks un- ASSURANCE COMPANY payment payment div. year year for the year was covered 17 demanding for the sector. Notice is hereby given that 4± — — 8 1S\ July 1 1.41T 2.5 22 3.35 — 2.75 42 3.5

1 July 1 1 152 1.32 Brasway pulls out I Bullers purchase -iot 0.5 May 39 0.5 — 4 a of scrap metal Buffers has purchased the Freemans ... 4.7 — 3.5 7 5.5 business and assets of Frogmore Ei -int 1.95 May 2 1.77 — 6.92 Brasway yesterday announced Cavers- Gorton Eng. 2.5 July 1 2 3.5 3 that it had withdrawn from wall China Co. from the receiver 4 May 10 3.5 6 5 the scrap metal business for a sum of £150,000 in cash. 4.71 May 9 42 8.37 7.61 through a £1 .35m cash deal Caverswall is engaged .inL 2 June 2 1.5 — 4 in the Sales£410m»up 14% HpgPp^i with Coopers (Metals) the manufacture and distribution Hickson Inti. 10 May 6 10 15 14 ferrous scrap processor division of high quality uo 3.05 May 23 2.5 525 4.5 fine china and Coopers Holdings. 3.3 July 1 2.4 4.5 3.1 of its acquisition is seen by Under the deal. Brasway has Profit before tax £28m• up 27% Memee 2.13 May 23 1.68 3 2.4 Bullers as a further step in the sold its Wednesbury site in the development of int. 2.5 — 1.5 5.5 a . significant Coopers, ESS&BXESaZ2XS!!3SBBaaSESSS5XX3SSn NarbOroaghl .iot. 0.5 June 27 0.5 1.8** West Midlands to and consumer products division. 125 July l 1.25 2 2 will also undertake all outstand- Earnings pershare 24.8p • up 45% 15 — 1 1.5 1 ing debtors and pay all the 152 — — 1.9 1.5 division's creditors. It will sell FULCRUM 121 June 12 1.1 1.82 1.65* the existing stocks at cost to INVESTMENT TRUST Steetley .. 8 April 28 75 13 12 Coopers, and the net proceeds P.L.C. Dividends shown in pence per share except where otherwise stated. are estimated at about- £300,000. * Equivalent after allowing for scrip issue. tOn capital The scrap business made a Net asset value ( unaudited LADBRUKE INDEX on as increased by rights and/or acquisition issues, t USM stock. net profit of £354,000 turn- at 28th February, 1980 W98-L40Z <^ stock. Interim and final Gross over of £7.16m in the year to i7) 5 Unquoted 1 Second [[ throughout Income Shares: 4i.51p Based on FT ** Including bonus. i April 27 1985, Index Capital Shares: 9.57p Tel: 01-427 4411

nucnoOce is issued in compliance wllb the requirements oi the Council of The Stock Exchange ASDA PROPERTY HOLDINGS PLC Granville & Go. Limited Btonbw of TT-B NiHomi Aaiociodon of Registered in England: No. 823907 Security^ Dealer.fl8,er* _ and Investment Managers 8 Lowat, Lane. London, EC3R 8BP -r_i__Teleph. — one 0I-G21 1217 ~ -~i Placing of £9,000,000 nominal of lOVis per cent Over-the-Counter Market Debenture Stock 201 1 at per cent. First Mortgage £99.999 P/E Gross View Low Company Price Change FM lly 118 Ass. Bnt. d P A< Ind. Ord. ... 133 Ad -1 * ual u *<»d 121 Ass. 73 tr l to per cent on acceptance and Bnt. Ind. CULS... ioo 7 Payable as £25 A3 Airsomng Group * U 7.1 i: i 33 Arrnirago and Rhodes ' 3S 11 154 9th — 43 1liS as to the balance by June, 1986 108 Berdon HiH 177 In 2 3 4-3 5.2 42 Bray 'Technologies 56 224 73.3 136 CCL — 3'i 52 Application been made to the Council of The Stock Exchange for the whole of the above Stock to Ordinary 138 — has 37 CCL 11 Conv. pc PI. 99 — ill » 3.1 be admitted to the Official List 80 Carborundum Ord 148 -2 ill 83 4 9 33 nominal of the Carborundum 7.5pc H, 91 7 a riT" -S hi accordance with the requirements of the Council of The Stock Exchange £900,000 46 Deborah — 10.7 fl a Services ...... 56 — -f Stock is available in the market on the date of publication of this notice. 20 Frederick Parker Group 23 7j) 12_5 58 73 50 George Blair Particulars of the Stock will be circulated in the Extel Statistical Service and copies of such particulars 106 -t 20 Ind. Precisian Castings 61 -t may be obtained from the Company Announcements Office, The Stock Exchange, Throgmorton 161 Isis Group 106 +i 101 Jackson Group Street, London EC2 2BT for two days from the date of this notice (for collection only) and, during [ 121 _ ’ll 228 James Burrough 345 « fi and public holidays 14 days from the date of this ~_ | norm"! business hours (Saturdays excepted), for 85 James Burrough SpcPf. BBxd — *°1 notice from: 62 John Howard and Ca. 62 — S ill ”j 510 Minihouse Holding NV 1140 32 Robert -a, *8 Asda Property Holdings pie X«ingftC»ldnhaBk Jenkins ...... 69 — oi all 4?| P Piercy House. 28 Scrutions "A" ...... 30 — 9 0 19.7 201 Haverstock Hill 66 Torday and Carlisle ... 69 — London, N3W4QG. 1 CopthaQ Avenue 320 Trevian Holdings don EC2R 7BE 330 — Lon 25 Uniloek Holdings 62 _ 0 S3 Welter Alexander !? » March. 1986 . . . IfiO-d ^ § 25th 195 W. S. Y notes 2C0 — iff 8 u 1! . ». ) ; ' ;

r s*

Financial Times Tuesday March 25 19S6 UK COMPANY NEWS Timber protection setback Vinten pays Memec rises 40% despite Smith St •fcs £lm for Aubyn: new | reduces Hickson to £13m contract semiconductor market approach Smith St. Aubyn. the discount SHORTFALL of £2m from The 1985 cyclical IN SPITE >> A year saw group notoriously and Hick- release of very poor market Although the company's con- to 380p which says a lot about house which agreed last month its timber protection interests turnover rise son's have conditions in the from £ 133.75m shares long been semiconductor tinuing policy is to limit its how over-optimistic this to be taken over by Irving Trust, together with sharp to the electronics memory In 1985 a £ 148.02m but costs and over- depressed by market fears of a Yisten Group, market, Memec exposure in this market, its the US banking group, told its sales concern, market has become. Admittedly decline in chemical during heads surged by £15.76m to cyclical downturn. Last year and computer (Memory and Electronic Com- 1985 results suffered somewhat shareholders in a surprise four months reduced it has free of acquisitions and a sharp the last £ 135,33m. Investment income the market's worst fears were announced yesterday that ponents) raised pre-tax profits from this fall in demand and announcement yesterday that it • International's full Devices Hickson . less interest charges added fulfilled. The company had. pru- had to pay Computing py 40 per cent from £4.51 m to prices, in other areas business Increase in interest receivable had received another approach *".^ year pre-tax profits by 12 per £434,000 dently. prepared the City for Company £lm to be released £6.32m in 1985. Sales climbed satisfactorily. to £640,000 following the rights rAS (£760.000). 44 grew which could load to a better £13.12m. tbe a contract to develop a ner cent cent to Tax accounted for £5, 58m bad news and shares lost from to £49.52m, against On prospects, the company Issue, the underlying profit offer. at yester- military reconnaissance video £34.43m. ;*u;SfV The directors point out. how- (£6. 27m) to leave net profits at just 7p to dose 420p says that it is still too early growth comes down to 15 per It said the approach may ever, that demand has shown an £734m. against a previous day. Hickson has embarked recorder. With stated earnings per lOp to be certain that the world- cent but that still represents a lead to an offer being made on i**l£*b | improvement in the early £8.69m. Earnings emerged at upon a radical rationalisation The fixed price contract was share up 21 per cent to 12.94p wide semiconductor component small margin increase in what terms rather more favourable and programme to haul the com- into S. Da vail and (10.7p), the net business is on tbe way to has undoubtedly been a very available months of 1986, 39p (45p> a final dividend entered by dividend is I than those currently the cyclical of lOp (same) lifts the net total pany out of most Sons (now Vinten Avionic raised by a quarter to 3p (2.4p) recovery, but current activity difficult year for semiconductor under the offer from Irving In- They say the lower price of organic by lp io 15p. areas of chemicals. Systems) before it was acquired with a final of 2.125p. indicates tbat market conditions distributors. Ambar, for ternational Financing Corpora- oil is expected to result in bet- the market’s viewpoint | merit a substantial increase m duction and rising output mean 2832p prices to just over $12; even Brae's development, is set £1.82m (£557,743). after all charges, rises from that the outlook is not previous year. *wZ dividend. is placed an average price of $15 would aside. In effect Sovereign it better than some £2,3m to £2.36m. encouraging. ” When the price Pre-tax profits were struck The pre-tax figure was struck see turnover down to under collects a guaranteed >i However, because of continu- independents to ride out the of the sole commodity 40 per after taking account ol admini- The Trust has forecast a com- after exploration costs written ing exchange rate uncertainties £30m and pre-tax profits almost cent royalty on its 4 per cent r! storm, but there must be a price pany produces falls by over 50 off of £8.91 (£3.75m> and .•...i 7r deal stration expenses of £1.31m dividend payments in respect of m certainly in the red. perhaps by stake in Brae. Further the and the recent sharp fall in oil per cent in two months it (£185,203), adding in interest level below which the company the year ending August 31 1986 must finance charges of £2.2 lm as as £4m_ Sovereign's company ended year 1 much the with m w prices they are taking a more create shock waves,” they say. ^ receivable and similar income cannot survive. At a barrel of 2.5p for each quarter, (£3.19m). It included interest saving grace becomes tbe in the bank. On a cautious approach and lifting $15 now £10m two-year •.•:. *swij«b (most of it exchange rate gains) compared with 2.75p previously. They add that the concerns received of £1.18m (£736,000). pool of deferred tax. As PRT view, Sovereign looks like a the year's payout by 50 per cent it can probably tick-over, but no of £873,655 (£1.49m) and So far it has declared two expressed at the interim stage is liable at current oil price survivor but the shares, 60p last to lfip net, payable in cash or yesterday's events in the oil • comment 1! deducting interest payable and payments, the latest due on were realised and they have levels on Brae, some of the night, are attractive only to I'J*: - CofkV shares. market took the company a step the similar costs April 14. decided not to make the ex- Sovereign’s net income was estimated £13m (worth 29p a brave. ^ The 1985 year saw proven nearer to the point where it ' • Net profits emerged at £2.96m : \ : > i!i» reserves rise by 82 per cent to might eventually have to call (£2.04m) after tax of £334,728 8.3m barrels of oil equivalent on its shareholders or bankers (£289,000). Earnings per lOp and the directors point out that for help—a situation in which ordinary share were lL62p there is still further upside it would be unlikely to find . --“:-Vr; * (10.02p). wSir.. potential from existing leases. many sympathetic ears. Tbe ;I They tell shareholders that shares, once 635p, were yester- T .T comment since flotation In 1984 proven • day 3p up at 60p. They remain r " It oil 5r.> c' reserves- have increased over seems churlish to gloss over a gamble on the price. r --> ; 'si ? ! -f -r* ;r* jjfia* '’ • i Vji We encourage -1 ; has Asda raises £9m • Maxwell ••• 14.1% c * •- via debenture issue stake In Clive Discount Asda Property is raising £8m through first mortgage deben- MR ROBERT MAXWELL, the and for the two following days. ture stock in order to reduce r proprietor of the Daily Mirror His stake stands at 14.1 per Its variable rate borrowings and staff - vi fiai our to take fcaS newspaper, emerged as a sub- cent and his shareholding is to provide a stable base for stantial shareholder in CUve valued at £l.67m. future expansion. . . Discount;- tbe discount' house . On the London stock exchange The company was. on the which has agreed a merger with yesterday shares in Give re- verge of launching a similar rgy!i‘slsi Prudential-Bacbe, the US mained unchanged at 50p. Issue in January, but withdrew securities yesterday: group. Mr Maxwell said at the last minute when interest Maxwell bought &35m "X am a long standing share- Mr rates moved sharply against it. iivs sham in Clive the day the mer- holder and I hope to remain shares The stock, which is being ger was announced last week so.” placed by Laing and Cruick- shank, carries a 10A per cent coupon and matures in 201L It • ,lr??!! Grftvt. is priced at £99.99 and has a TXZ XT. gross redemption yield of 10.315. The stock is partly paid ; ; :.. feat?.* with £25 due on acceptance and ARTNERS, ASSOCIATES and staff alike, the balance on June 9. f .- ' . all .‘v *C P are at your service at Jones Lang Wootton. * GOLDIE : BROWN . rv; fcUt Pifco /MeUerware Try calling us and you’ll see what we mean.

;f -i* ! &CO. LIMITED r?L'* Mellerware International, has The very least we’ll offer you is a 'copy of our j- . . -\j >l $= agreed to sell part of tbe busi- “' r : ness assets of Sona, to Pifco personal directory.

„ , . r-~; ; S Holdings for a consideration of It tells who to talk to in which department. 5 aproximately £750,000. you ’’•; • j ; . Sona was formerly part of ^ • ! for . • ' Development Capital it gives first as as - Naturally sur- i‘<- the International Salton Hold- names well / ... : *• :-- -JT): ings NY Group, whicb Pifco * names. It’s all part of our plan to become the first / • ;£ <(Ifyou'd like acopy Private Companies purchased in September 1985 ^ “ ourpersonaldirectory, : ; of but, up to December 1983 it was • name you think of in commercial property: / : . 'J/. part of N. C. Joseph =_ S } you’re interested Management Buy-Outs If in anything to do with ' ^rSy^V r^scornsj^ *= Murray Ventures offices, shops, or industrial and high-technology -= /. ^ujywacoww. ! ; V Ventures, 1 1 Murray investment = - - •=- • buildings, can help. /v - v w trust, raised net asset value to we £yr: JS* V! ; 433Bp as at January 31 1986, ' ‘ ' We’ve eighty-five partners and associates, / > % ^ telephone: Ian Hislop or Cameron Brown, against 373.9p a year earlier. \ Write or ; Earnings per share for the ' * and over five hundred staff in the UK alone: / i S*i, < V ?• V- Brown Goldie & Co. Limited. 16 St. Helen's Place, six months period were 3Jp ; ' London EC3A 6BY. Telephone: 01-638 2575. (3.02p) and tbe interim divi- And we didn’t grow big by saying no to jfSV:.'dr . increased y-mm dend is from l.5p to -w and Investment Managers 2J5p net a final of not less than jobs. In the past year, example, A member of ihc National Association of Security Dealers — small for ^ 4J5p (4p) is forecast. we’ve handledinstructions on units ranging^^^<^_. • .

* 1*-** ;=' 400 to over feet. . . .. in size from L5 million square . .. .J; This advertisement is issued in compliance with the Regulations of the Council of Whatever you need, we’ve someone who can The Stock Exchange. It does not constitute an invitation to the public to subscribe V- for or purchase any securities of W5L Holdings pic. help. And to help guide you to the right person, V V let’srunthrough'whatwedo. WSL HOLDINGS PLC Our investment people handle buying and When will rents rise and ; England (incorporated in with registered No. 222271 selling, and the funding of property development. fall, and why? What is the strength^"^^.strength / work for owners, occupiers, and, of course, of demand? Introduction of We investors. They’re the sort of questions our databankdatafc can 17,921,046 new ordinary shares of ::•- -- Our agency teams cover, amongst other, things, answer. It’s one of the largest sourcessources' of com- 5p each of WSL Holdings pic developing, letting and acquiring, as well as rent mercial property information. It enables uus to give Application has been made to the Council of The Stock Exchange for the reviews and lease renewals. soundly based advice, which is one reason why we whole of the share capital of WSL Holdings pic, issued and to be issued, Llnii^ to be admitted to the Official List. And whether you’re buying or selling, occupying act as consultants to many clients.clients, What’s, more we’re Listing Particulars will be circulated in the Extel Statistical Services and or investing, be it office or factory, farm or fen- just as at home abiabroad. In copies of the Listing Particulars may be obtained during usual business hours land, almost anywhere in the world, our valuations other Jones Lang Wootton firms overseas theret are on any weekday, except Saturdays and public holidays up to and including it’s a further partners and ,200 staff, 15th April, 1986, from: group can tell you what worth. 125 11,200 in 353 offices, In these days of ‘intelligent buildings’ you need in 14 countries, on 4 continents,continents. WSL Holdings pic, highly intelligent advice on management, main- Whether you’re at home or abroad, large] or 8 & 9 Lincoln's Inn Fields, London WC2A 3DW tenance and the improvement of property. We’ll small, the number to ring is 01-493 6040. take care of everything, from the security of your We’d be veiy pleased to hear from you. There’s Lloyds Merchant Bank Limited, L. Messef & Co., buildings, to the security of your investment. nothing we like more than personal calls. 40-66 Queen Victoria Street, PD. Box 521, 1 Finsbury Avenue, London EC4P 4EL London EC2M 2QE

Copies of the Listing Particulars will also be available until 27th March, 1986 Jones LangWotom] from the Company Announcements Office, The Stock Exchange, London #f|> EC2P 2BT. The first name to call in commercial property. 25th March, 1986 Chartered Surveyors. International Real Estate Consultants. 22 Hanover Square, LondonW1R0JL. Telephone: 01-493 6040. Kent House, Telegraph Street, Moorgate, London EC2R 7JL. Telephone: 01-638 6040. a ) —

March 25 1986 Financial Times Tuesday 30 UK COMPANY NEWS Grai pian HIdgs up BRITISH AMERICAN BANK NOTE INC. MMG sees profit cut as and order export margins disappoint £1.7 A REDUCTION m refits for ferrites in the UK, profit mar* -weeks of coming to market books are healthy the year to June 3 1980 are gins in export markets have not MMG’s order book started to forecast by the Magnetic’ .matched expectations because of fall away. The difficulties are have waxed and waned with IMPROVEMENTS in all activi- conglom- Materials Group, which made its the strong pound against cur- centred on the computer sector costs those of the industrial ties together -with redured debut on the USM last October.- rencies tied to the dollar. with Swflt Levick's permanent erates sector to which it enabled Grampian Holdings to For the first she months the In the half year turnover magnets taking the brunt of the belongs. The market has token Security Printers since 1866 lift its 1985 profits by £1.7m Canada's Leading group has shown a marginal in- came to £Q.73m (£6.98m). Earn- downturn. Further Investment conglomerates to its heart la £3 pre-tax. crease from £962,000 to £990,000 ings were 5.1p (4£p) per share. in rare earth components and to .42m months, especially with earnings emerging recent but the expectation is that the. The directors intend to recom- possible acquisitions will And conglomerates like Grampian 8.13p higher at 20-19P the final second half will not equal that.- mend a dividend qf ia?p for eventually leave MMG less vul- which make enthusiastic noises dividend Js being increased to For 1984-85 the profit was the year. nerable to the highly competi- about organic growth, rather 4p (8.5p> giving shareholders tive permanent market while a than acquisition. The shares a lp rise in their total to 6p Trusted suppliers to Governments, Mr LG Baker, chairman, says' • comment general recovery in orders by 18p to 238p yesterday net—5-5p was forecast last rose there has been a recent fall off To find a banana skin so soon points to a better 1986-87. But should rise further once June at the time of the 335fli and Financial institutions and in demand for some of the after flotation is not something it takes a great deal of con- scrip issue takes effect and rights. the group’s products, but he sees' the market will forgive in a fidence to start predicting a full , with profit projections of £4-4m A scrip issue on a one-for- Corporations around the world this as a cyclical situation re- hurry. The half-time figures recovery when MMG is show- and a p/e of 9.5 for 1986. Of two basis is also proposed. lated to recent problems in the have only just marked tune apd ing how quickly markets can Grampian's four core areas of Turnover for 1985 rose from for electronics industry generally. worse the third quarter has move against it After yester- activity only one, transport, has £4G.73m to £5337m. The profits Whereas the group’s sales cur- came a cropper. Even with an day's 30p fall to 85p the shares, relegated to the ranks of by activity as -to been rently represent a larger share “upturn in the fin^i three months on a p/e of 12} after a 20 per broke down Within pharma- and construction the growthless. - BONDS - CERTIFICATES OF DEPOSIT than hitherto of the available full-year profits are unlikely to cent tax charge, are still search- transport expects to BANKNOTES retail ceuticals Grampian business, particularly in soft be more than £1.5m. Within ing for a firm footing. £133m (£680,000), from the drug CREDIT CARD SYSTEMS £L56m (£991,000), sporting benefit I.D. AND and companies’ Indifference to goods £559,000 (£263,000) retailing will pharmaceuticals £404,000 animal products; ORDERS - POSTAGE STAMPS through the develop- MONEY (£339,000). expand Early’s of from ment of new tourist mills Spring Ram ahead Central costs were cut shops; TRAVELLERS CHEQUES 46% and Gleneagles classics £550,000 to £425,000. should be Witney doable Tax accounted for £832,000 while sportswear soccer's popularity ant good start this (£377,000) and extraordinary buoyed by year college circuit and to £304,000 charges for £282,000 (nil). on the US Spring Ram Corporation, a momentum. by the acquisition of new brand Security, Quality and Performance With sales of blankets When maker of bathroom and kitchen Equally significant was the both • comment names in the serious sports equipment lifted pre-tax profits transfer Spring and floor coverings showing are essential. Professionals choose of Bathroom’s Grampian Holdings' fortunes field. by 46 per cent from £3.0>3m to administration and plastics improvements Early’s of Wit- £4.43m in 1985 and the current manufacturing facilities from ney was able to double its year has begun well. Sowerby Bridge tp Bradford. profits from £150,634 to £303374 Turnover climbed 4L5 per- This near £2m investment pre-tax. during the year to NOTE INC. February 1 1986. BRITISH AMERICAN BANK cent to £27J3fim (£19-36m) and yielded an increase of 40 per UK side lifts Hall Eng company increased its The figures did not include from the UK cent in plastics manufacturing A JUMP of over £3m in UK pro- net total up 10 per cent market share in bathroom pro- capacity. any significant sales of land or per 50p England fits enabled Hall Engineering 7.61p to 857p. Earnings Europe; Stancrest Ftouse, 16 Hill Aa-enue, Ammham, Buckinghamshire, HP* 5BP buildings but the directors are ducts and flat pack kitchen Increase pre-tax share climbed 31 per cent from Tel (02403) 28954 Fax No. (02403) 28971 Wex 922488 (Ref AMB) • comment continuing their plans to (Holdings) to furniture. _ figures by per cent from 155p to 20 .3p. A bunch of canny Geordies achieve an orderly and profit- 55 Montreal: 5 Place VHie Marie. Montred, Quebec TeL (SM8 8718630 Fax Np. ($14 S7S6471 After a tax charge of £793,000 year At the operating level, profits making an acrylic bath revolu- able disposal of such items. £2.7m to £435m in the Tel. 729-5854 Fax No. 7250674 this time, stated earnings per 1985. Turn- increased from £2.46m to Ottawa; 975 Gladstone Avenue, Ottawa, Ontario (613) (613} tion seems an unlikely formula The dividend total is held at ended December 81, lOp share rose from 14.3p to over was marginally ahead at £5.03m, before including share Tfel. 255-2311 Fax No. 231*5544 for a market rating comparable 1.315p net, covered 3.16 (L5) Toronto: 799 Isfirtfon Avenue, Toronto, Ontario (41® (41® 16J2p. The final dividend is £117-23m. of related companies profits with the better end of the times by earnings of 4.16p £119.32m, against stepped up to L21p for a total progress by ac- down from £2 .09m to £1.1 3m. retail sector but that is Spring (l.96p). The final payment is The made UK increased from an equivalent Interest charges were little Ram. The shares have risen lp (same). tivities offset reductions of 1.65p to 1.8X5p net. A one-for- changed at £1 .88111, against A member of the Bell Canada Enterprises Group from 105p at the time of the Turnover moved ahead from about £lm each in profits from one scrip issue Is also proposed. South Africa and in the contri- £L86m. April 1983 placement to 395p; £8.75m to £935m and operating related Tax charge was up from Last July, the company's pew on forecasts of £6m they are profits by 48 per emit to bution from the group’s ' £467,000 to £129m and after factory for vitreous chirm now trading on a heady £388,402. companies. sanitaryware began operations. multiple of 21 given a 80 per The board says there has been minorities of £10,000 (£2,000) flnmmi’qnnnlng of tht« plant is cent tax charge. This year the an encouraging start to the cur- and sharply reduced extraordin- nearing completion and build- continuation or a strong growth Dares Estates rent year and it remains con- ary debits Of £87,000 (£156m). profits showed an up to fall production is gaining rate depends on sales of com- Dares Estates says 14.63m fident that Ball should produce attributable plete colour-coordinated bath- shares were taken up in its another eyar of solid growth. advance from £911,000 to £2.87m. rooms, made possible by the recent rights offering of 17.15m Taking into account the Net borrowings fell by 51 per rising production at the new at 6ip each. Tfils represents improved results and prospects cent in the year from £12 .8m Bradford vitreous goods plant 85.19 per cent of the issue—the for 1986, the board is recom- to £6.3m and as a result gearing Export sales, -a weak area to balance has been sold at a mending an increased final was reduced from 35.4 per cent date, should also gain from the premium. dividend of 4.71p (4J2p) for a to 19.4 per cent Interim Statement of Results - 6 months to 31 December 1985 availability of complete suites. In fitted kitchens the five-year price freeze is profitably being extended np to 1987 and the two-year deal with ICE over Asterite (which threatens a si-nk revolution that could sur- FROGMORE ESTATES PLC pass the impact of acrylic on the bath tub) promises con tinned gains. The scrip should 6 months help marketability and the Unaudited Results to 31 Doc *88 to 31 Dec *84 share price especially as the £000* £000*3 forecasts already look a little on the cautions side. Turnover 15.418 17,073 Nuclear work Profit before taxation 5,123 4526 helps Shorrock Taxation

financial Times Tuesday March 25 19S6 UK COMPANY NEWS Acquisitions push Assoc Frogmore Estates Steel profits to £2.62m expands

ACQUISITIONS have pushed up and lifted the profit by over Associated Steel Distributors to £5.1m growth rate at Associated 15 per cent. the increases profits through its Steel Distributors, and for 19S5 Thu chairman says Frogmore Estates, the Hcrt- th** cur- Strategy of improving internal the group has turned in a pre- rent year has started relatively funfshi re-based property devel- efTuency gaining market share opment and investment group, tax profit -of „£2.62m, . against slowly, perhaps because of the from its rivals, and expanding per £ 1.59m. The second half doubled cold weather. Increased activity raised pre-tax profits by 11 through acquisition. Its progress £4. £5. for its contribution to £1.21x0. is expected from the more cent from 63m to 12m three areas enabled to recent weakness of in all it the six months to December 31, The group, which came to the the pound which and " wc are optimistic about produce figures surpassed 1985. Turnover was lower at USM a year ago and is in the renewed strength and the market’s exportations and £15.42ra, against £17.07m. ultimate ownership of Couiinho vigour of on the economy in the second half the shares put 8p to232p. Earnings per 50p share Caro, is paying a final dividend L. VC. of the year and in 1987." The acquisition of Lam- increased by 19 per cent to of 4p for a net total of 8p. There The long term aim remains to bourn is unlikely to add much 9.5p (Sp) and the interim divi- was no payment in 1984. tax level this become a broadly based distri- at the pre year but dend is higher at 1.945p organic growth should suffice to Hr Ralph Oppenhelmer. bution group handling steel ( l.TBSp) net. £3m, chairman, reports that some and a variety ot other pro- take the group to putting Since last June, the com- prospective 75 per cent of the increase in ducts. the shares on a p/e pany's rent roll has advanced after a cen* turnover (group total was up Earnings for 19S5 rose to ratio of 7.J 35 per by 17 per cent to £7.98m. At group’s long- from £-30.2801 to £60.2Sm) and 24.2p (19.4p). It is proposed to tax charge. The year-end estimated net asset objective is to diversify profit was attributable to tlie change the group's name to term value stood at 23op, against of acquisitions of Randle Steels ASD. into the distribution oilier 209p. and Reusable Steels, which have industrial produets, but in the The rent roll increase was been integrated into the • comment shorter term nervousness over now achieved by virtue of £368,000 group. Their first year was out- Steel usage may have its occa- its exposure to a cyclical indus- rent secured from pre-letting standing. ?hd previous existing sional upturns but it is essen- try keeps its shares at a discount development activities, £348.000 interest also performed well tially a no-growth business, so to the market. from the leasing of existing buildings and completed devel- opments, £103,000 from rent reviews and £327,000 from Barrow Hepburn improves 37% investment properties pur- chased during the period. THE ENLARGED Barrow achieve further satisfactory (£942.000) from which ordinary Rent increases achieved at Hepburn Group -saw its 1985 growth in 1986. dividends will absorb £807,000 review were 38 per cent above cent (£610,000). the old rents and in the second turnover rise by 11.2 per A divisional breakdown of came through at expected to to £45.67m and its profits before group turnover and trading Earnings half reviews am cent, from 4.13p. compared with 3.24p, per of further tax by 37 per £1.65m profits <£2.73ra, againsT a pre- provide over £250,000 - share. to £2£6m. vious £2.0?m) for 1985 shows 25p increases. Extraordinary items com- In the light of the results the chemicals £11.27m and £1.12m. Mr Dennis Cope, the chair- prised a loss on the disposal con- final dividend is being lifted to engineering 119.44m and man, said the company of Scotnord and a provision for invest- lfip for a 0.3p bigger total of £1.15m, consumer products linucd to actively seek reorganisation costs. 2fip net on the capital enlarged £11.23m and £474,000 and hide ment and development oppor- During the year the group last year’s rights issue. dealing £3.Tlm and £14.000 loss. tunities. by acquired Fastencreliable and Operating costs rose to The group’s major profit Extrafast Bolt & Nut. The £8-34m (£7. 84m) and interest centres are chemicals and companies manufacture and Charges to £466,000 (£422,000). engineering. The two acquisi- supply special bolts and nuts Technical tions in 1985, both in the Tax took £902.000 (£709.000) and fasteners, principally for engineering sector, performed and extraordinary items the petro-chemical and power well and in all, the directors £210,000 (nil). Profit for the generation and energy Indust- Component are confident that the group will year emerged at £l.l5m ries. makes £0.3m Technical Component Indus- tries, the bolts and fasteners Turnround gives Palma £0.6m company which came to the USM last November, made pre- tax profits of £302.000 in the CLOSURES by the Palma Group, able activities, benefits will start The dividend is held at 2p net. 1985 year. The result compares which' makes knitted products, to come through from the sig- as indicated, with an unchanged with a £167.000 profit last time nificant capital investment pro- final of 1.25p. meant that turnover fell from and a flotation forecast of not gramme. he says. There were extraordinary £19Jm to £17.3m in 19S5. But less than £295.000. In addition, the cash position profits of £91,000 against losses they had the reverse effect u.i will benefit from the sale of of £891.000. Earnings per share moved profits; and af-rhp pre-tax level certain assets, thereby reducing The group's products include ahead from 4.09p to S.05p. The the group turned in £613,000, borrowings. - By the end of 1986 hosiery, knitwear, underwear, company says that its objective compared with a loss of £388,000. the level of gearing should show children’s socks and tights. It is to achieve a strong increase for shareholders by And chairman . Hr Peter a substantial reduction Interest lifted its gross profit from in earnings Bailey is looking for further charges in the past year were £3.25m to £4.i9m; and by reduc- a combination of internal acquisitions substantial progress in the cur- an “unacceptably high” ing its sales, distribution and growth and steel reported in 1984. Our general rent year. Apart from the com- £790.000 (£444.000). administration costs by £280.000 It adds that stainless Sir Robert Clark, Chairman, prospects are pletion of 'the closures, which Net profit for the year catne it has turned the 1984 operating fasteners future suitable com- engineering and building products will also' release management to £474.000 (loss. £533.000) for loss of £$5,000- into a profit of excellent, and reports on an encouraging year; technical component time to concentrate on profit- earnings of 1.81p (loss 3.45p).. fl.lTm. panies in . activities significantly better, and other engineering fields are also did being actively sought. The com- “Our sales, pre-tax profits; return pany hopes to successfully con- as did heat exchange. - clude one or-more set of nego- on assets and earnings per share are I. Habtead : Garton advances tiation this year. . Turnover for - 1985 came to all records for the Company ‘in special-purpose valves higher "BUOYANT MARKETS and the says that the Integration of boll- our 41% £1.44m (£1.26m), and there was Integration of bolt-making making was carried out during Engineering a tax charge of £125,000 advance was more modest but we . at six months helped Garton in- the second half and the hoped- “Margins, at the pre-tax stage, were crease pre-tax profits by 21 per. (£77.000). for benefits are being seen. He were encouraged by some upturn While turnover rose £l-2m to cent on turnover up by 12 per up overall from per cent in 1985 £17.97m, improved margins adds that a further contribu- 4.7 f cent in 1985. tion from area is towards the year-end. Only in drinks helped Janies Halstead Group, The West Midlands-based this expected BOARD MEETINGS cent per in the present year. and 6.1 per in 1984 to 7.5 cent flooring and leisure products maker of precision engineering dispense were we unable quite to concern. ,to lift pre-tax profits by components and fasteners re- A significant reduction in TODAV A.B. Electronic Products. 41 pec .cent from £1.28m to gearing was achieved re- Interims:— pons an increased final divi- by the Car Auction. Closo Brothers. “Of our total sales, 52.6 per cent in half year to British match last year's record figures, but £lRm the dend of 2.5p net (2p), making duction of duplication in manu- Manson Finance Trust. Pitiec.hu rch US 1985. December 31, a total for the year of 3.5p, facturing and stocks were Growth Fund, Proosac. were made in the UK, 16.1 per cent by Amaricjn Trust. Aqua- the outcome was by no means Given reasonable- trading con- further reduced, helped de- Fitwlsr— against last year’s 3p. Earnings by scutum. B.A.T. Induotnos. Booker ditions over last year’s second per lOp share rose from 9.77p veloping computer control McConnell. British Aerospace. Bryant export from the UK and 5L3 per cent unsatisfactory confidence of the company, expects the Chort Poults and our half, to 12.33p. The tax charge was little Holdings. W. Connin'], Dairies. Combined - - - final result to exceed the pre- changed at £100.000 (£97,000) Lynch. CliWoids from overseas manufacture. — On turnover of £13.18m Stores. Comcap. John Crow- future profits growth from this sector vious £3m pre-tax. English (£11.74m), pre-tax profits came and with extraordinary debits ther. EBC. Estates end General. Last year's interim profit was out at £554,000 (£457.000) after of £19,000. against last year’s Eucalyptus Pulp M>lls. Goal Petroleum, remains high. after. £175.632 losses incurred £1 12.000 group profit came HB Electronic Components, icelend “We achieved the greatest interest payable of £268,000 Johnson Group by discontinued Activities. Earn- Frozen Foods. (£230.000). out at £435.000, compared with Ceaner*. Keep Trust, Unread, London share rose from improvement in refined and wrought ings per lOp Mr Aubrey Garton, chairman. £248.000. and Scottish Marine 0*1. Albort 559p to 7.57p atn the interim Martin. Peninsular & Oriental Steam “Our employees throughout the Prudoniinl, Rock ware. dividend is- increased to 2p Navigation. metals, and two activities were Southampton laid ot Wight and South (Ifip) net. world have put a great deal of effective ol England Royal Mail Steam Packet, responsible: IMI Refiners I primarily Standard Chartered. Sunbeam Wo say, . Klearfold margins rise Tahoe. Trade Indemnity. United News- and dedicated work into achievement Narborough papers; V.G. fnstrumemts. Wills and titanium, where turnover and in the middle of the Group.' Wolstenholmo Rmk. Plantation Klearfold, the US plastic dis- operations of these figures^and I express the play' company which gained a year—going smoothly -and ' an FUTURE DATES benefited product from a . . Interims:— mix Pre-tax of Narborough listing last January via encouraging outlook on licens- profit} London Boggertdpo Brick May Id Board's gratitiide to them all. ing, it is well on its to Plantations Mt-fromf 166.000 to an oversubscribed offer for way Christy Hunt Mar 26 substantial uplift in aerospace £79,000 in the half year ended sale, has achieved what it achieving 1986 objectives. New Cavendish Estates Mar 27 resources pro- Share Drug Stores Apr 10 December 31-^985. The interim regards as its primary goal for The financial demand which seems set to continue the listing place the Tyzack Turner Mar 26 - 1985 year increased vided by current year Etas started well fa^Af.-same-again 0.5p the — • - “The dividend "Ulster Television : Apr 11 - margins. company -in''. a strong position Finals:— gross. - 7 for at least two or three years. Net proceeds of the rubber Profit before tax grew by 41 to pursue new opportunities for Abboy Lito Apr 2 in most of our business areas, and I on product development and mar- Alexandra .Workwear Apr 2 crop amounted to £161,000, per cent to $1.9m JTL28m) Apr TO expansion. Bbmroae ability down from /£23?,000. Oil palm turnover ahead 9.5 per cent at ket B rammer Apr 1 “In fluid power we made furthe: am confident of our to build produced i5j00Q (£9,000) and $19-6m. Earnings per share The directors add that the Bruton Estate Apr 17 £11,000 from 82 cents to 141 company is actively pursuing Common Brothers Mar 27 excellent performance ...further on our recent sszcces cess refunds totalled were up Hawker Siddeley Apr 16 progress on the flotation the opportunity to secure licens- (£16,000)./ General charges cents, in line with Higgs and Hill Apr 16 accounted/ for £133,000 estimates. ing arrangements for its packag- Laing (John) Apr 10 processes and equipment Lyle Shipping Apr 2 (£171,0001. Other income On prospects, the company ing Oilfield Inspection Services ... (Apr 10 with the new manu- . in a number of countries, and added £?L,M0 (£106,000). Re- says that Spirox-Serco Engineering Apr 9 Summary of results 1985 1984 this area is very , planting/ expenditure took facturing facility at Louisa, Vir- the outlook in Weyno Kerr Apr 3 ginia-expected to commence positive. (Amended £26,000 /£31,000). . ! £m £m Turnover 766.2 737.9 Alcan Aluminiumlimited (Montreal) Trading profit 65.7 52.6 SummarynfAnnual Report 1985. ALCAN Profit before taxation 57.8 45.1 ‘ applicable 1985 1984 Earnings • to shareholders : ; : . - The volume ofbusmessheld up well, fihipmnnte nfAluminium in all forms (M.T.) 2,218,000 1,790,000 butthe effect of deterioratingprices (excluding extraordinary items) 40.1 28.9 put a heavy burden on earnings. Againstthis background, the dividend Tbfcal Sales and OperatmgRevenues (US$) 5,718m 5,467m wasredneed from 30 centsto 20 cents Earnings per share inthe fourth quarter. The 1985 results Expenditures 597m 427m were also affected by special charges of Capital (US$) (excluding extraordinary items) 14.9p 10.7p , $252 million after tax, which reflect steps takento improve the company’s Income (US$) (180m) 253m Dividend per share future earnings positionbut whichgave Net . 5.25p 4.5p/~ rise to a loss for the year of $180 miffion. « Steps were taken toreduce costs, to Net Income per Common Share (US$) 081) 2.59 simplify management structure, midto 1 improve the company"s cash postion. The . Annual Report, which contains a • V Dividends per Common Share (USS) 1.10 L20 f While a price recovery appears to be comprehensive review l ’s I of Ml gnderway^the prima^dumrom^ means more than metal activities will be published on | 24th April If you would like a copy Long-TermDebt (US$) 1,600m 1,350m . IMI please, complete the coupon: ' If Alcan continues to develop thetwo - | j To: The Secretary, Bill pic, main areas ofitsiongterm strategy, Common Shareholders Equity (USS) -2,746m • 2,916m I P.O. Box 216, Birmingham 7BA. namely to strengthen its core BUILDING PRODUCTS HEAT EXCHANGE B6 aluminium business, includingthe Please send me a copy of the Annua! Report. Common Sharps 99m DRINKS DISPENSE FLUID POWER | disposalofindividual investments Numberjot . 100m I Name, ; which doaflt fit Alcan’s strategies, SPECIAL-PURPOSE VALVES while continuing to expkffe Address. Number ofEmployees 70,000 * 70,000 GENERAL ENGINEERING electro*^ and ceran^i^lelds. This REFINED AND WROUGHT METALS dual thrust is the basis forAlcan’s M.T.— Metric Ibnnes approach to the 1990s. m— millions L_ - — — e t , 1 . a — —

March 25 1986 Financial Times Tuesday

CHRISTOPHER LORENZ THE MANAGEMENT PAGE: Small Business EDITED BY / perty assets reduced in 1 that more than half to Mull, via tbe Oban ferry, last WEEK’S Budget con- value so MANY PEOPLE are attracted venture’s worth, ends up were needed to transport every- tained useful nuggets for prac- of the "fay the idea of starting a small In brief.. they could techni- thing and. even after the hotel tically every kind of entre- in property, business when retire. Many out of the they opened, Wendy was preneur. ranging from young- rally be thrown don't survive, quite simply buying THE TENTH. «m«d small some of her supplies, particu- sters struggling to exchange the scheme. because they have tried to turn business teacher training larly meat, down south because held dole for self-employment to a hobby or interest into a com- programme to be Companies with more than 90 she could not get what she established businesses seeking mercial proposition without daring the two weeks starting AFTER per cent owned subsidiaries wanted locally. Now. she finds venture capital. realising how deep unknown July 14 at Trent Polytechnic, even overseas ones—can, now that the general development of waters run. Nottingham. Even if the package appeared BUDGET the BES, so ending an ex- Mull as a tourist area has led THE join Donald McLean is one of the to critics to amount to less than elusion which had frustrated * ‘ Supported the V •. to a good supply of most of her by Manpower extra- A the sura of its parte, small busi- ambitions of several high exceptions. Today, an the , catering needs. Services Commission and much more ^ntures w^ch ordinarily spritely 75-year-old, National Westminster Bank, ness lobbyists got technology run a favourable treatment than they id foreign mar- he and his wife Wendy Three years of hard work the course will Include William Dawkins needed to work hotel do Moreover, Nigel with, competi- small country house (and living in a caravan) saw speakers on small business expected. kets to keep up west Chancellor, pro- the Isle of Mull, off the -completion of the rebuilding training' and education from Lawson, the discusses the latest tors. venture • will make coast of Scotland. It is a ' while they lived Donald’s duced nothing that on government and professional changes are likely bears witness to 10 years ^ pension. doors entrepreneurs’ lives significantly All these The which were opened bodies. Details from Terry measures from benefit to younger persistence and imagi- to the Druimnacroish harder (they are still smarting to be of most of toiL Hotel in Faulkner or Jody Baxson. However, the Chan- nation. 1979. They began by spending from the phasing out of capital businesses. Small Business Centre, Trent Chancellor also produced a If there is a lesson to learn -V. £3,000 a year on newspaper ad- allowances announced in the the cellor has ,x, Polytechnic, Nottingham, Tel. family from the McLeans’ experience vertisements. but got "practi- 1984 Budget), evidence perhaps carrot for old established w 0602 418243, extn 2488. form of the is the value of diligent plan- cally nothing” in the way ofi that Lord Young’s Enterprise concerns in the it Capital Transfer ning and having a sound sense custom. Involvement in the and Deregulation Unit is begin- abolition of within seven of purpose. For these factors making of a 1980 BBC film on ning to achieve its task of Tax for gifts made donor's death. probably drove the McLeans to Mull called Eye of the Needle scotching any potentially anti- Applicants for LGS loans can years before the MONEY CLINIC 86, hang on when the one—rather led to their having a good year, an business proposals before they expect to get a more welcome exhibition arranged by will be a boon for major—weakness in their grand but there followed two bad reach the statute book. hearing than recently from bank This Rosters, financial pub- companies with ageing plan manifested itself. That years in which they had only the managers, who were unwilling family of any lishers, is Intended for small Life will from now on be a managers who want to pass weakness was the lack return customers and no new to push the scheme until last in their marketing “ businessmen who need finan- little easier for people starting ownership smoothly down to the promotion Drtiimnacrouh Hotel: marketing effort given focus ones and all my pension went week because they feared the McLeans cial advice. out in self-employment. They generation. Until last plan, and until the into running the hotel,” says Government would abandon it. younger identified this omission and took will pay slightly less tax, get extended week, such companies faced tbe Donald. He also acknowledges 1 Experts will be available Now that It has been active steps to remedy it the cheaner loans and find it easier threat of having to be broken that, without the support of the ! to advise on anything from for three years, they are more hotel was at times their alba- to obtain help from the Man- LGS up or sold to pay tbe CTT bills Clydesdale Bank in this difficult i tax and choosing a computer, willing to build up their tross rather than the retirement power Services Commission. from such ownership period, they might not have sur- through to pensions or audits. portfolios again. arising originally envisaged. promotion dream they changes. Why I will One of the most popular ways vived. They there be between Further up the small business Donald and Wendy McLean's 9.30 am and 1 pm at the Sel- of getting started in business scale, incorporated companies If they feel like celebrating ambition was first fired by Donald now admits that “at fridge .Hotel. Orchard Street, at least for 121.000 people over aign get a small tax windfall, their survival with a spot of Donald's desire to establish a the beginning we hadn't a clue London Wl, on Saturday the past four years is through — with the added sweetener of expansion, a more affordable business which Wendy would be bow we would sell the hotel to April 12. Tickets eost £2.30 the £40 ner week subsidy avail- needs direction measures to make it easier for source of labour is being made able io take over entirely when the public.” They thought from Caroline Galvin, Rosters, able under the Manpower Ser- the less asset rich among them available through the New he was no longer able to help; simply that a few newspaper 60 Welbeck Street London vices Commission’s Enterprise to raise venture capital from Workers’ Scheme. This gives a P Wendy is his second wife and Nicholas Leslie on a hotel’s search for custom advertisements in such papers W1M 7HB. TeL 01-935 4550. Allowance Scheme. This is now I private investors. subsidy to busi- considerably younger than he. as the Observer and Sunday £15 per week to be enlarged from 65.000 to take on young Telegraph would do the trick. The one percentage point cut nesses which Planning began several years 100.000 Places annually, making 18 and 19 But when things got sticky he to 29 per cent in the small com- people aged between he retired from his job room for more than 1.900 before ANYBODY feels con- I per week or riding a small country house They were funded by a £23,000 started to cast around for ideas. WHO panies’ corporation tax rate will at wages of £55 as a physicist with the Ministry fused by the huge number of entrants per week—good news 20-year-olds: hotel in spectacular surround- grant and £15,000 loan fro.m the tried to buy a save £1.000 for a business mak- £65 per week for they He eventually for anybody, queuing for a sub- of Defence in 1975. When first guidebooks offering advice this year, measure which will be of ings. Various factors had Highlands and Islands Develop- particular position in the sidy. ing £100.000 pre-tax a began speculating on areas of on how to start an indepen- | value to small to be checked out before pur- ment Board and considerable British Travel Association’s In- the top limit for the low rate. particular joint expertise the idea of a dent venture win welcome Once admitted to the scheme, unskilled help. chase was concluded, though, support from the Clydesdale Britain magazine, but was told That little windfall should be retailers needing small restaurant or hotel began this week’s publication of participants will get fairer tax not least the water rights Bank. he could not specify his prefer- enough to pay an accountant to to suggest itself. They had Starting a Small Business treatment than was the case At the top end of the wages attached to a spring which runs ence without being a BTA com- — prepare a modest share offering already done a lot of entertain- Some professional help was Select Bibliography. until last week, when EAS scale, the Chancellor has re- through the hotel’s grounds. After one or two the under the terms of the newly choice, at enlisted the rebuilding (there mended hotel. of the paperwork ing—by their own the sole source of on subsidy was treated as If it were revitalised Business Expansion moved some This is mentions in the local Scottish It Includes details of all received home—when Donald bad a spell was little but crumbled walls business income. This meant Scheme. associated with benefits supply. “ oress business nicked up a bit. leading publications on in the Netherlands on second- and no roof to start with). But that recipients could end up pay- by directors and the highly From the outset the hotel But it was after they were various aspects of getting Small ventures with growth ment to the European Space we did everything we could our- ing tax for three years based on paid. A quick survey of small was deliberately aimed up- adrised to try a London nublic started in business and can potential will undoubtedly find Research Organisation contract selves,” says Donald. This in- profits which included the allow- business lobby groups suggest market-prices are now £45 for relation company. Holder Swan, be obtained for £3*50 from it easier to attract investors’ And this had led Wendy con- cluded wiring, plumbing, ance. Now the subsidy will only that few employers have ever dinner, and breakfast that their marketing Hertis Publications. The attention now that the BES. siderably to develop her already bed pi asterboarding and decorating. effort form (A), which Hatfield Polytechnic, Box be taxable for the year in which heard of PHD established culinary abili- since Wendy will not com- finally was given focus and PO which allows people to offset well The building was designed to it paid, change which applies requires them to list the names promise on the standard of food direction. 110. Hatfield, Herts. AL30 is a the cost of buying unquoted ties. have seven bedrooms and bath- to everybody now receiving an and National Insurance num- offered. The aim is to provide 9AD. equity against their top mar- purpose and the con- rooms (one more than the allowance. bers Of higher paid staff and ja So the high quality fare, but not overly New brochures were designed ginal tax rates, also offers Capi- their plans became minimum requirement for an directors not receiving taxable r cept of fancy. and printed defining more EAS participants, like all un- tal Gains Tax exemptions on of the Isle HIDB grant), together .with benefits in kind. However, they clear. The location clearly the market niche to ABOUND 160 franchisors are incorporated businesses, will get share sales. was virtually a fore- Funding should have been their own private quarters. will no doubt be glad to hear of Mull which the hotel aspired. Vari- expected to take stands at the a small bonus from the one per- gone conclusion because Donald little problem. The McLeans Among Donald's innovations is But any business with more that this bit of red tap has been ous, . more specialist and third annual National Fran- point -per cent enveloping centage cut to 29 than balf of its net assets in wanted to settle in the land of had their own home and an a plastic "bag” the focussed, forms of publicity scrapped chise Exhibition to be held in basic personal tax rates. This land or buildings can from now his forebears (Mull is the home investment property in Wilt- building between the inner and were also organised and the from October 19 to 12 at would save an EAS entrant just disappointment for the Clan MacLean) and shire which were together outer walls. “This means we on forget the BES, unless it The only of hotel eventually found its way London's Kensington Exhibi- over £20 annually. worth £70,000 in 1973, when completely dry despite the wants to raise less than £50,000 all but a minority cf the small Wendy, despite being a are into the Good Hotel Guide, the Donald due to retire. But, hygroscopic walls,” Donald tion Centre. base per year. Holding goods col- business Idbby was that Lawson Londoner. hankered after was says Michelin Guide and the BTA The general reduction in to complete another Budget lected as investments is also did not do more to increase the Mull’s rural environment persuaded —an important factor enabling commended guide. The organisers estimate rates which followed the out. This is bad news for hotels, annual sale& threshold at which project Donald finally retired heating to be switched off in the that some 25,000 would-be is clearly good news for all Finding the right property wine shippers and antique deal- businesses 'must register for in 1975. In the interim the hotel when it is closed in the result a substantial business borrowers; however, proved less than straightfor- The was franchisees will be attending property market collapsed and winter without fear of damage upturn the smallest ventures will also ers, but good news for hosts of VAT. The rise he announced ward. That they eventually in business enabling the examine the Donald, faced with purchase from damp. Donald also sought the event to benefit from the halving in the small manufacturers and high from £19.506 to £20,000 is in McLeans to . plan forward with settled in 1973 for a total min technology companies which will but well and rebuilding costs of £98,000, advice on the interuretation of greater certainty. Strangely, prospects of joining an indus- premium paid for government line with inflation, called Druinmacroish, situated longer have to compete for short managed to realise only £37,000. fire regulations so that he could perhaps, given the generally try which represents an guaranteed loans from 5 ner no of widespread demands in an isolated spot in the BES cash against apparently Roaring inflation only added to argue the case for his own poor economic climate of the annual turnover of fil.TSbn. cent to 2J5 per cent. The for a £100.0Cp threshold. On Bellart Glen two miles from copper-bottomed investment the problem. region, Wendy finds staff some- premium applies to the. 70 per that matter, hfe hands are tied tiie nearest village might seem internal design features. Details from Nicky Stephen- schemes. logistical Undaunted, the McLeans thing of a bugbear. "Finding cent portion of Loan Guarantee the European Community, perverse given the Furnishings are a mixture of . sen DressweO Exhibitions, by “ everything ” Including staff who are- prepared to work Scheme facilities backed by the There is, however, one pos- difficulties involved in the sold — Blenheim House, 137 Blen- which would lille if anything to items brought in Scotland and with us in -the wav we want Government, so It comes down sible catch. It loss making com- rebuilding and the subsequent Donald’s prized, aid, Bentley said see the British threshold heim Crescent, London panies. in genuine ' BES busi- yfAT maintenance. Donald Healey Healey cars (the their own pieces. Fourteeep is our Biggest problem,” she to 1.75 per cent net if spread running and But 4".* ’ 1 Tel. 01-727 JL929. out ‘over the-whole loan.. nesses find that their non-pro- come. down. r It suited the purpose of pro- latter something of a "special" ). trips with a van. from Wiltshire says... .^jl,2EQ Business Investment Opportunities tXTSL.

READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS

Expansion S- MR Management Buy-Outs BSD

Startups Need d Swiss Business Bose? Come to the International are part of wide range These only the Office in Zurichl Wa provide of merchant banking services offered by you with competent and STOCKBROKING Gresham Trust confidential Enterprise zone ITyou would like to discuss Greshamk Business Services services further please speak to: • DonciloHon Address 100% Capital Allowances • Company Representation Substantial provincial partnership seeks • Operational Exeortive Lot size <\ Office, do3y monthly with larger group. Bill Ireland, Gresham Trust pic, amalgamation • Market Advisory Services £385,000 to £1,640,000 Barrington House, Gresham Street, • Company Formation • London EC2V7HE GUARANTEED INCOME Write or Cd Telephone: 01-606 6474 ^ International Office Richard Ellis fetmweg 32, CH-80QI Zurich Principals only please write in strict confidence to: Chartered Surveyors Greshamlriist Phone 01/21461 U 64 Comhill, London EC3V3PS l Telex 812 656 Inof Walter Judd Limited {Ref: L733) 01-6296290 (Incorporated Practitioners in Advertising) la Bow Lane, London EC4M 9EJ Cambridge WE SEEK YOUR INDULGENCE Freehold Office New RESCUE CAPITAL 4 : We are unique in Development Buildings ihe world of fop qualify creative typesetting. Research and DETERMINED TO FLOAT Progressive but illiquid companies with We are situated in a£lC0K nlus modern premises in lfie heart of Manchester: requirement please contact: p We are seeking acquisitian/diversificatian FOR SALE WITHIN THE NEXT 3 YEARS? to project us to Uie No. 1 'spol in the media market. MURRAY HILL ASSOCIATES Rare Investment/ Owner If your company has substantial growth prospects. ' 14 Holland Park Road, You are progressive, ambitious and currently technical London W14 m.v \ involved in the fields Occupation Opportunity If your team has first rate expe.*Jse in your or eaU . (01) 602 3166 . of Media, Graphic Communications or Publishing. successful entrepreneur with a professional between_ ,A field. A 10 am and 3 pm today or tomorrow You ate trading within Europe or Ihe USA. City background will assist a limited number of private companies to achieve their goals on a cost- If you have been looking for this progressive opportunity for your Januarys effective basis. organisation then write to Write Box F6398, Financial Times MORTGAGE FUNDS Mr. T. Rhodes 10 Cannon Street, London EC4P 4BY REQUIRED 0223 63291 As agents we Binder Hamlyn currently introduce £6/£8 Chartered Accountants mortgage business million nt **~,~.* p.a. for the purchase of wSSiL „ Scottish Provident House Houses. Top rates H aaci ublic Wainedfo?T5/2^^ f B r meat. ^ n a menu EndowmentEndowment *P«y- 52 Brown Street £andd P^nXPension Pnla^ ? DETACHED FREEHOLD relationship with W q dre clos r Bank/Finiuice House »hiI^ J 5 Manchester M2 2AU SERVICE!. 0 provide RESIDENTIAL REST HOME Contact Thomas A. GilL“* FCMA.txaiA. iianaot^ Business Sales. Managing Director, PRIME POSITION - SOUTH EAST 01-439 6617. * REG 1 9 (SEC 5(21 RHA 1 9841 * GROSS FEES E150K NET PROFIT £60K PROPERTY FINANCE * MINIMUM OF SUPERVISION MANAGEMENT £100 Million Available * EXCELLENT INVESTMENT - ALWAYS FULL BUYOUTS PRICE: E299K - NOT NEGOTIABLE. A new allocation of Cl 00m 01 FIXED HATE funds has just A 2 Day Conference Property bean made by a PRINCIPALS ONLY - WRITE BOX No. F6390. loading UK Institutional lander and Is available through Seymour Adelaida 10/11 April 1986 periods of 2-30 years at these rates: Financial Times, Bracken House. 10 Cannon Street. London EC4P4BY. for Effective Tactics a Strategies Portfolios 2-10 yean 111% tor Buyers, Sellers & investor! 11-30 yean I0j% Fat details contact Minimum loan £230.000 on good shops, offices and Induct rials. No Policies Jana Laurie ‘SPOdrommendal/ra^Tlgjortl. VI -Kt Development and variable HANDWRITING ANALYSIS Business Research International . rate loans also available SEARCH prolnsionala around EXECUTIVE 52/81 Mortimer Street Seymour Adelaide lind by London WIN 7TD v & Co. Ltd. tha world - *. t- -s., ; COMPANY Tel: 01-637 4383 d - 1 os Baker Street, London W1 Teh 01-486 8141 In ever* man * writings. «*w character- Telex: 8858007 UR LON G VENTURE CAPITAL ed the writer must be receded. Small thriving Executive In EuroDe. grasHotogy Is routinely uwrJ Search Company seeks n ®nt sb anirtpiBMur 8**"# P“' wtth privets company and capital a® u a hiring tool b»w Mt^WO partners with STOCKBROKER lurtimr challenge invites enquiries from companies with opportunities thst Of ml eamMiun. Out, 2.000 AMFlMn working mucklcw require assistance or a quoted energetic chairman. aims currently retain aranholoulst* u company looking lor an consultants. Corporate enthu- capital. A building refurbishing, or business in London or personnel CASH AVAILABLE Long-established and broadly-based Stockbroker with progres- services maintenance siasts claim a handwriting sample can South East England would management services would personality, pwternn- FOR ALL sive management would consider reversing into clean public be of Interest. Hia provide clues to: Interested parties initially be part time due to oilier commitments but financial guidance and ance. emotional JtMilllly and to|W». lets cauir Han a battery of SURPLUS AND LIQUIDATED company shell or investment rust or possibly a merger with monitoring would be available from company. Ir is tor write Box F6396 hia nwcnowgleal tests many companies a public company already in financial services. Replies from It STOCKS use In the hiring process. Is Financial Times jSBSB' i merchant banks will be processed. Write In confidence ro; acieniias. (nwensive ami accurate. C: principals or only 10 Cannon Street Phone 0793 641257 0. W. d&tb Lux. 124 E. oo Straot Write Bor F6399. Financial T'mes Esq. BA (0non). Solicitors Write: B. P- Tale* 932905 LARCH S NYC 10016, USA London EC4P 4BY Ssssrr. ID Charlotte Suite 804, 10 Cannon Street, London EC4P 4BY Road, London SW13 SCU Ref TRO 4127

'•••.. V..V . .

(U°Jj B 1 a

* ....

Financial Times Tuesday March 25 1986 33 Businesses For Sale

READERS ARERECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS

FINANCIAL INSTITUTIONS/FINANCIAL EIJECTRO<>FnCAL COMPANY AT LAST, WRITERS/INVESTMENT Frozen YOUR CHANCE CONSULTANTS LASERGAGE LIMITED Shell Fish and Switzerland and tha Swtes franc should be part of rang term teveat- Seafood Processor TO RUN YOUR OWN BUSINESS. mnnt atieteglaa. We con assist your IN RECEIVERSHIP clinnia/readera te making nolid Old dients. on the East Coast, process and sell high quality a Our based ago provisions or In obtaining products. Current annual life-time income denominated in preserved shellfish, fresh and frozen seafood from BUT ONLY 7^ 25 Swiss francs. Designers, manufacturers and suppliers of remover is £1.6m. The majorpan ofthe business is operated Please contact: dectro-optkal equipment, operating from Hove, freehold premises. VOLCON SA CHANCES REMAIN. PO Bex 948/3 East Sussex. For further details contact: CH-1211 Genova 3 INVESTORS’ Business and assets for sale. Approximate INQUIRIES WELCOME I. R. Chisholm annual turnover £2M. Peat, Marwick. Mitchell & Co. For further details, please contact: Kingswood House Pelham Road. Nottmeham NC5 1 AP Hatf ofthe WJ H Elies, Emsc &. Whinney, Becker House, 53 franchises planned / FINANCIAL Telephone: (0602) 62501 t Lambeth Palace Road, London SE1 7EU. for the UK have been awarded. Only 25 i PLANNING j TH: 01-928 2000. remain. jr CONSULTANCY PEAT ^ Life company Entr& Computer Centers is the and pensions broking {members ol HIBA, W" IBRC Ernst &Whinney NASDIM), established 16 years, Accountants, Advisers, Consultants. MARWICK world's largest publicly owned computer * fully experienced In ell areas of ' financial and Investment planning. centre network. Our centres sell IBM, soaks merger with a strong finan- cial services operation praferabfy Compaq and other business and professional possessing an underutilised client i base. systems SURREY BASED OniratrueMonsollhftjQinlRecelron PMonfock, Esq. TCA ASDSwoden, Esq,FCA on a consultative value-added basis. Telephone Managing Director dUaMdCMMSCs on 01-837 1847 Ifyou, oryourcorporatfon, have entrepre- PROPERTY INVESTMENT COMPANY Long established for further details FOR SALE neurial passion and high-level sales, f GENERAL ENGINEERS This Company’s major investment is two adjacent, fully-let marketing or business management specification in METAL FABRICATORS ^ EXPORT office buildings constructed to an excellent & experience, call our Franchise Develop- 2883 in a prosperous S.W. London suburb. It also owns some Fabricators of aluminium, stainless ond mild steel and general The Prestige Profession let cottages and ground rents. The assets have been profes- engineers with full design facilities. Excellent goodwill, long ment Department during business hours. START YOUR OWN sionally valued at over £2.5m and the net assets are approx. term contracts with Government Departments and major EXPORT/IMPORT AGENCY £L5m. The vendors, who have owned the Company for 35 International companies. Thetime is now. The chance is rare. Operats from home, part or full needed. years, would prefer cash. Principals only. time. No cap l lb I Benefit Designers and manufacturers of irradiation from our experience advising clients and sterilisation plants. In 12D countries since 1946 Reply to Box Will, Financial Times FREE BROCHURE 20 Cannon Street, London EC4P 4BY Turnover Elm. pa No oblrgation. no riek Wade World Trade Consultants RtfMKH FRANCHISE DEVELOPMENT Dept UKR3 Freepost Swindon. Wilts SN1 1BR 075331222 No stamp needed SMALL PROFITABLE WHOLESALERS AND BUS1NES5 RETAILERS OF STORE 56/62 Wilton Road, London SW1V 1 DH * Edinburgh has now been awarded. CLOTHING IN Educational publishing company for REJECT 01-834 8454 Telex: 8954348 sola os no longer compatible with CITY OF LONDON And at Manchester. Liverpool & Bristol long-term plans of psrani. Can bo run with minimal overheads from Long established business with /ho any location on a port time me valuable connections for sale, baste or expanded to ester for SHORT TERM 18 ideal ready market. Great export poten- due to owner’s retirement— Your tial. Important bonking and agency highly profitable—under BUILDING AND business — connections Nigeria. Chemical blending plant management—offers sought in " Pre-tax profits C £40.000 BRIDGING FINANCE region of CSO0B0Q plus The assets of a recently established chemical outstanding locations Write Boa H06SB. Financial Timet blending plant for rigid polyurethane foam 10 Cannon St. London EC4P 48V Stock at Valuation. on Industrial Commercial and systems occupying 10,000 sq ft of modem Principals Only Residential Developments Teh 01-663 8622. Totem *46240 leasehold premises in an enterprise zone ae BSC Industry Opportunity Write Box HOTOO. Financial Timas receivables at Prime Rates Ref. 19010140 Scunthorpe, S. Humberside. The facility com- Areas in Scotland. TO Cannon Sr. London EC4P4BY Minimum £250,000 Norton prises heated storage tanks, associated pumps and blenders capable of producing 50 tonnes of Apply to: England, the Midlands and purchased polyol component per 8 hour working day. Wales are unique. There is DO YDS HART TO EXPORT 18 Equipped Q.C. laboratory and workshop facility. Europa Leading s more support in more regions For further details apply to the We are one of the world's Financial Consultants BUSINESS FOR SALE Pteasa address inquiries to: for businesses prepared to Joint Receiver ond Manager: largest finance British man- companies, and CHINA Small privsuiy-owned. Mafor NYC supplier to jewaltery »L M. Addy, Cork Gully Hindi International company. Substantial ~ we wish to purchase ail types of start, expand or relocate. aged trading and diamond industry. Long ^ „ (Financial Services) taxes advantages. No Gully SbeHeyftome.JNoblett Ltd MB 8TBEB FAB EAST HHJ8TR1ES future profits established, profitable business Cork consumer finance a^eements 15 Be rite ley Street. LondoRTWI Wte can help if you've got: liabilities of stocks at present. Near London EC2V 7DQ For Consultancy and Market Excellent return Tel: 01-829 5051-3 • Telex: 28374 Parte. Management wining to stay Tel: 01- 606 7700 We specialise in purchas- * and market- Research and Sales Agenda* A develop during first 6 months after, pur- Contact: Minimum initial Investment gSOOJOOO Telex: 884710 CORKGY G ing outstanding receivables and chase. Meal for company Wishing able product or service. Vermark International Qualified principals only regularly buy a wide range, from to start operating in Prance. * A financially sound business Limited HOTOB..FfoeoeWTJjne* a few hundred accounts to many Write Bor Write Boa HBJ01. Financial 4BY • or proposition. Telephone (09328) 60228 TO Cannon St. London EC4P TO Cannon St. London EC4F 4BY thousands. We are interested in AUCTION SALE Telex 929835 VERCON G Phone BSC Industry on- acquisitions worth as little as 7TH APRS. SCAFFOLDING/PLANT HIRE PRINTING COMPANY £K).000orasmuch as £20milik>n 66 GREAT EASTERN STREET 01 686 0366 extn. 300, or LONDON EC2 PRIVATE BUSINESS 5. E. ENGLAND plus. Wecan arrange to buy all or valuable comer, city fringe write to us at NLA Tower, TRAINING EAST ANGLIA SHEET METAL COMPANY IN SOUTH EAST partofthem - even if someofthe OFFICE. BANK or Turnover £550j000 12 Addiscombe Road, on the South Coast For SHOWROOM, MIXED FOR SALE Sate or Merger accounts are in anears We will OPPORTUNITY Highly profitable residential proparty Long established profitable COMMERCIAL BONDING Croydon, CR9 3JH. conversion company fbr sate with Substantial tax loss could be all amx With Urge modern factory. Tax also handle the admin- Entrepreneur seeks appraxlnistafy /bulldln bonk Company with modern plant requiring internal refurbishment eoUiahte tond a lenses available. Trained workforce available istration and be hilly responsible FREEHOLD WITH C76.000 to capitalise on en innova- (vfthu £900*000) Well equipped workshop. Would and machinery tive training equipment, stock, POSSESSION opportunity related to Elm Including consider selling factory separately for any customers who default VACANT personal computers. Huge profit vehicles, Serious enquiries from leasehold premises in good . etc Principals only total 9,000 sq. ft, Fbr further details, please on potential. Ideally, seek association Write Box H0657. Financial Times principals only position III S/N 875 Telephone: 863849-347 six floors Gutfstream with computer refund organisations TO Carmen Sr. London EC4P 4BY cat! David Haney at Auco Trust - Write Boa HUFT3. Financial Times BARNARD MARCUS. Auctioneers 3 Long range nav systems. wishing to expand or diversify. Write Bax HBI14. Financial Time 71 South Audiey Street W Cannon Street. London EC4P 4BY on Reading 817341 586123. Refurbished earthlone interior. write oak. » Cannon Street. London EC4P 4BY London W1 - Ref: KAO Please In reef confidence Tel: 01-493 8889 Top value in G-UI market. to Boa FB401. Financial Time* ZWCOTRUST 10 Cannon St. London EG4P 48V ESTABLISHED COMPANY Ako Trust A*CO House Your Trade Welcome; EMPLOYMENT Cede Street. Reading RCI 7DW. FOR SALE Distribution Agency eveltebfo AGENCY EXPORTING tar UK market fn (WEST MIDLANDS) Business Wanted PROBLEMS WORKING INDUSTRIAL TRUCKS — ELECTRONIC Well established - profitable Bnaaufactarod stackers, Full range of Turnover c£l 00,000 INSTRUMENTATION TOWARDS USM? pellet, reach tracks, order pickers TO WEST GERMANY? Omni Jet Trading Floor Expanding Publishing Company plus valuable service Sale due to retirement Wo have an established sates Write Boa HOTOS. Financial T1mm Write Boa H0712. Financial Timm* BUSINESS PARTNERS 984-3232 for association with Wanted company in Germany which wt (301) looking 10 Cannon St. London EC4P 4SY 10 Cannon St. London EC4P 4BY would like to expand on a Joint Telex #’s another company with view to venture basis. Investment required HOUSEBUILDING COMPANY dependent upon expectations. RCA 248647 / WU 898460 moving more quickly to USM. Pipes Limited was farmed in 1982 Replies. Including Indication of Writ# Boa FB394. Financial TTma* UNLIMITED POTENTIAL Southern England lor the purpose of supplying; tech- marketing method INDUSTRIAL CLOTHING your prasenr Rockville, Maryland, USA 10 Cannon -St. London EC4P 4BY Highly profitable company with Gov- nical and construction personnel end turnover to: INDUSTRY ernment contracts in the for PLC wishes to acquire housebulding company to the petrochemical and heavy UK Boa F6404. Financial Timas unique clothes dry cleaning service industrial engineering fields. workwear brand with sales in excess of 100 units per annum and 10 Canon St. London EC4P 4BY Established either espial Currently we are looking for people seeks to expend and chip customer list. largs overseas or supportive landbank. to develop and build successful with blue meat demand a buyer lor the existing company at employment and recruitment Potential for cortsMerabte All replies will be treated in the strictest businesses with us ae Licensees. VENTURE CAPITAL 100% I.BJI.S approx. ClJSai. Knowledge of dry cleaning unnecessary end only mini- wilt help you to set up the developmerit. confidence. We mal managerial control required business end systems end provide SOUGHT STILL AVAILABLE to Write Boa HCOOf. Financial Times ensure continued high returns. initial training. Oar computerised are small Independent vehicle We a 10 Carman St, London EC4P 4BY Teh 0202 29662 Office Hours Write Box F6400, Financial Times Heed Office will handle baste sunroof manufacturer with a wide HEATWtELD. HAUHAM will always be 10 Cannon Street London EC4P 4BY administration and. range of patent protected products EASTBOURNE , there to help you build end develop specialising In 4-wheal drive your enterprise. vehicles. Our current order book is front OSJS00 substantial end our potential for For more bfomwian writs roe WHITEHEADS CLOTHING ELECTRONIC CONSUMER Tbo Licence Consultant growth in the home end export market exceeds our financial 0829 48158 MANUFACTURING PRODUCT FOR SALE resources. era therefore actively BUSINESS WANTED PIPCO LIMITED We A tatty dtoaloMd patented and tooled seeking an equity and management Established unit occupying clean Street. Hounslow LLOYD’S BROKING GROUP 28 High participant to assist us with so specious premises in London area Middlesex TW3 1MW expansion programme. (nr M2fi end Mil). Modem machin- SUBSIDIARY OF PUBLIC COMPANY ery. Nature of current work resort- Please write Boa F84K ing In flexible skills. SO employees Seeks to acqulre/merge with a complementary insurance Financial Times PROPERTY FINANCE growth with potential for substantial broking company. Up to S2J5 million brokerage. 10 Cannon Sr, London EC4P 4BY Wrhe Boa HOTOB. Financial Tmoa FROM £100400 10 Cannon Se. London EC4P 4BY Opportunity for incoming company with strong manage- ment to take over management of enlarged Group. DISTRIBUTORSHIPS insurance or pension required) EMPBZSA DJkS ACUAS OO VIMfIRQ WHte in strict confidence to: FOR SALE BY THE BEST PRICE FOR MINERAL WATER WANTED Financial Times "VCMCIRO Bridging Loans The Chairman, Box H0709, 5HUI4G" I FOR Free warehousing offered in INVESTMENT CAPITAL 1 to 26 Year Terms 10 Cannon Street, London EC4P4BY Suocrb location oygfeoMng Me. frith Mortgages ESTABLISHED Spa and Mineral Water UUNMJS. Ex- REQUIRED I Commercial WELL Ease Anglia for suitable product Development of Conyentona clusive area of fioo acre*, so miu London aviation company | STEEL STOCKHOLDERS north-west Ot Ltlbon. distribution. Any type of SEEKS A PARTNER i Owner Occupied Properties beaches. 1 raUe lono. spiemUd 1. Three finance exciting SEYMOUR West Midlands Private Company hotel -Coil-Mar**. MO room*. swUn- to help en new BERKLEY product considered. profit projection Turnover £3/£4m mlno pool tone cmered with beeted route. Good end I Nor Place, London NW1 6DA sea-watafl. talassotaetapy. soil. positive cash flow io first year Teh 01-784 3311 £5382. Financial Times Proprietors retiring CONNECTION Write Boa £200,000 will secure a high THE BUSINESS pool, tennis Tale*: 291646 SEMOUR Continuing management 2. Health Sna^Hotol wtth 10 Cannon St. London EC4P 4BY equity participation _ court and. batMns tUafeC- Financial Times 3. TMO bOttMriB P'lnBriUlf wHOOUt Write Boa F639S. Financial Timas Write Box HOKB. FEE-EARNING COMPANIES WANTED lleresihoiir 10 St. EC4P 48Y aeration, capacity 150.000 10 Cannon St. London EC4P 4BY Carmen London Ws are rooking efthor outright purchase of, or a controlling Merest In. eatabSshsti mineral water. Latest Japanese involved in financial sanrice*. Management will macninerv tor glass or punk Franchising: the tee-vonUng companrao. preferably bowing. Good export contacts USA be required to contl ru» lor on agreed period. In Ure firet Instance, please contact and Arab countries. SEEKING FUNDS! Pronuptia case MrTWCofibiB, Managing Director, at Hie addrast bekwr. (CW/52531 A Salt mines available, good wine pro- duetkw, ir you ere looking for capital to Seminar on the decision Services -I'ECf AUSTS f\ AC< <( ISM IOVS A.Vf) W'ttCKRS s. Sold as a whole or wilt no. expend or atari n business you WANTED URGENTLY of the European Court Business V B. Faculties for payment. Should contact Venture Capital Contact Cerdhn. Av- Cons. Fern ando IS seeking to parchme London, April 10 Mr to discover how you msy Public Company da Sousa 1. IDOO LUboo. Portugal. Report eranco and excess In the TelOJC EMAVIM *270? Or benefit by raising funds more lowing products; travel goods, house- phone 568 better terms through S equipment, stationery, Franchise World Collins-Wilde pic BBC quickly ond an wares. office . VCR. Full details without obligation; toys, gifts, Utmost discretion giwm. 37NoMa0»aH lea*»SW177EA Member ol The National AssoctaUonol Seen rttyDeatere and Investment Managers Baldwin St, Bristol 1 Immediate decisions one guaranteed VCR. 20 payment. Ptosse write or tdew ToLU Jr 07-767 1371 Tel: 0272 272250 THE A MAJOR INTERNATIONAL 100% CITYBOND STORAGE SERVICES PLC PUBLISHING COMPANY NORTH AMERICAN MARKET companies ALLOWANCES BUSINESS Wb have the Clty^s confidence ot-2415050 based in UK/USA ia looking to purchase additional Frank Oxley will arrive in High in the business magazine/dlrectories/conferences/exhlbltlops CAPITAL from Toronto on SECTION markets. Wycombe PCD UP? FATIGUED? SO WAS t. Exciting NW KENT March 26 and will gladly discuss ‘ business opporumltv available. Coll will now be appearing Interested parties should respond in strict confidence to: profitable opportunities for Edmund Clalster. 01-736 »B7. every Saturday and Tuesday Box R.O710, Financial Times your produces/services in North COKPOKATIYC FINANCE ARRANGED tor in the Finanoil Times 10 Cannon Street, London EC4P 4BY America. U.K. or Internationa] Propositions. No For further details Also excellent facilities with upper Umits. please contact: Please leave e message Inns, and Restl available tor Hotels. Penny Scott on ACCOUNTANT Mich sal Barker on 0494 39002 Nursing Homes. Contact In Confidence Business Soles Notts. « Goose Gate, 0V248 8000 ext 3740 TROUBLESHOOTER SERVICE COMPANIES Hockley. Nottingham 10602) 502990. Specialist in managing surt-up and Medium Size lure round businesses REQUIRED Will consider new sssfomnenu international company FOR BJLS. APPROVED A diversified SALE WE ARE A AH tmpllea. in strictest confidence seeks to develop further by acquisi- Times UK-bused surveying com- PMVATB.Y-OWNS9 TRADING COMPANY to Bo* FB3S7. Financial a Keunt Pleasant, Oeegtm. tote of Man tion of 4BY parties, loss adjusters, stocktaking have raised a substantial pan Franchises 10 Cannon St. London EC4P Tab Dcegtm (0624) 2371 COMPANY We companies, manpower services end Include prime iBiait freehold the BES funds required and are Tatae SELECT Assets of 439H4 a similar service companies associ- property and equity holding for further £100,000 to 20% looking a London rapreeentaiiva: Located West Yorkshire with the consumer goods PhotograpWc Processing our funding m this tax ated in complete 8-6 Old Bond St, industry and/or international trade. Company shortly destined for USM year. Come and talk to us about Botch or Bowline capacity, including tendon Wt to: PRICE £2m our business plan which dews not . own iron is available Reply In complete confidence Tofc 01-4S3 4244 foundry, for Write Son F6403. Financial Times depend upon asset appreciation but syef manufacture of machinery, Director Tffies 2S8S7 SCS1DH O new The Managing TO Cannon St. London EC4P 4BY is based on trading. Office Equipment eh&er on sab-coonct beets, manu- Box H08S5. Financial Tiroes Burnett 01-637 2166 Ring Ridley facture under licence or by purchase 10 Cannon Sc. London EOtp 4BY of exteting designs. Wrhe Bar HBT03. Financial Tfares 10 Cannon St. London EC4P 4BY 100% 1BA BES/CAPITAL LIQUIDATED STOCK QUALIFYING PREMISES TELEPHONE SYSTH4 DeTaWe E12 MAJOR FIRM REQUIRED FREEHOLD. NIL LAND COST 6 tinea. 12 handeets. TRAMSFMrr fUtlMGE VDflCU NKT Involved In insurance broking, FOR SPECIALIST 6,220 sq ft end 4.500 sq ft alt functions 61450 IHb assurance, unit trust advisory reaulrad. With or mKnout property- MONTHLY PUBLICATION Salford Enterprise Zone. *zm M6C2 SANYO MBC BBS Word processor sonrtces. pensions anti benefit For detail* by return: ConMentteiity asum. Mr Harrboo. 7 issues old. Ad rev £i00k + pa 2 disc drives.* Wordstar software consultancy, seeks acquisitions and Juki daisywheel printer £885 07S 139 2969. 9500 circulation P. A. HARDEE Commission /t ue income between «wmcp Carpet end Upholstery Cleaning TELEVIDEO Portable Computer £250,000 and CEm pa considered For Infarmattofl INC disc drives, coreplots CPM £425 Write Boa C 10380. Financial Times TBUPLETOd SANKEY Bibton (0902) THE GREAT AMERICAN CHOCOLATE CHIP COOKIE COMPANY. 2 8AJ0TT Chocolate Chip Cookie Retailer 70 Cannon St. London EC4P 4BY StPMor Sous™ RE.- (0892 >4) 2024 Peter House, CHANCEL 45453/4538$ VIDEO UPDATE. INC Video Store Operation C5 Manchester - Tel: 061-228 6791 March 25 1986 Financial Times Tuesday TAN'Of TECHNOLOGY The Leaders in Fresh Public Address and Computers come to rescue fields for Closed Circuit Television Mowlem of Japan’s bus system 0494450608 panies, mindful of sensitive faced offshoot JAPAN’S bus companies, Roy Garner, in Tokyo labour relations, decline to give with declining revenues as pas- precise figures on these reduced By Geoff Chari ish and well as reducing the cost sengers turn to improved on how big cost staff requirements. combinations of As railway Although there are detail IMPROVED of such stations from £4,000 to speedier underground sensors, micr°P™‘ differences between the equip- modern about £2,000, ELE has incor- services, have been looking to sayings and an software areope^ ment of the three makers the cessors and porated a microprocessor which a$ a means to horizons llc* . new Identify new technologies transit control systems are all ine up can be programmed to and cut over- the Hemel Hemp- win back custom improved service basically comprised of a cen- Interantional, levels of say, temperature and Hertfordshire, instru- heads. tral processing unit located at stead, humidity that are known to company. As a result, many travellers been achieved the bus depot and an assortment mentation give rise to specific plant have ‘f.tjz part of Mowlem, the are now benefiting from such transmitters, receivers and is diseases. The farmer is alerted of international cmru amenities as bus stops which located either on the UK-based and can apply sprays or take monitors group with provide computer-processed in- buses or at the bus stops. engineering other actions before it is too which, like most of the formation on the expected All operations, including the of sales late. industry, has been arrival times of approaching vices for bus users, comple- sending of instructions to construction Although aimed at farmers in harder life as large buses, and the synchronisation mented by improvements drivers handled by staff cuts can having a and growers, the station can vehicle are new-look vehicles unsure as to bow East contracts bus departures and train street planning, including the lime elapsed since the introduced smoothly. scale Middle provide routine measurements of computer, which the | the central and greater passenger and be implemented arrivals; no longer will a late- widespread introduction of bus bus passed. offering to export become scarcer. and weather records at low requires only one supervisor. previous part of an Makers are keen ms train lead to missing processor can driver comfort, as enquiries The in strument: company line to an- running lanes. Fixed on-road receivers are The central their systems and say cost over a phone been the overall effort to boost the flag- providing soil mechanics the last bus home. Three companies have mounted on poles which arc also gather information on have been received from a num- been other location if necessary. Air ol bandied ging image of bus travel. expertise and measurement humidity, companies are also involved in the development over the road at bus stop sites. volume of passengers city authorities *»««“" and soil temperature, The bus Transport Ministry ber of the civil engineer^ ‘‘ “Comprehensive Transit individual buses and monitor The the US New assistance to rainfall, surface wetness, finding the detailed time and these These pick up signals from bus by of these tries which include years and (CTCS); Mat- hours of drivers. reviewed the efficiency Tne ing industry for 25 windspeed/direction and day- motion” data provided by the Control Systems” mounted transmitters which the working in 1983 Zealand and Singapore. for Elec- a display computerised systems although that still accounts length can all be systems to be an invaluable tool sushita Electric, Simitomo give such information on the In the driver’s cab market is considered light and concluded that the average export of sales, the propor- operating tric Industries and Omron its route unit can flash up to seven as the exten- two thirds measured. in streaming their vehicle as number and save difficult, however, ‘ market such as public bus company could tion has been dropping. The procedures, both on routes Tateisu with current destination and the identifica- different Instructions, sive costly support facilities Y500-fi00m annually by intro- and flat,” says Mr Philip shares of around 60 per cent, driver. “slow down,” “speed up" or prohibitively market is equipped with monitors and on tion card number of the technology, after an required would be Mowlem. So and 10 per cent depot.” ducing the Beck, chairman of The company has normal routes for which these 30 per cent This information is fed in “contact the expensive. . in outlay per total system of some the company has been diversi- ran serve as a model. respectively. real-time via the central pro- In a recent innovation But the Japanese can claim the driver Y1.5bn. a system control- cessor, which controls informa- Yokohama and Tokyo possess the world’s most chosen to diversify Efforts to improve the lot of Although the It is mainly public systems to 85 per cent of ELE's with around 20 tion provided on the display also receives information on bus stop. This is ^^"over the bus traveller were spurred ling a route which have introduced com- expensive are overseas and one of in each bus arrival of trains at underground Osaka inter- sales by a 1977 directive of the Trans- stops costs upward of Ylbn panels contained control so far, the to be found at drinking its efforts to allowing for the bus to puter terminal its latest products, a in Ministry which stressed the ($11.4m) manufacturers claim stop. These panels variously stations, hard-pressed private national airport bus port waiting for its financially water quality meter, is aimed 10-15 per cent increase in bus indicate the arrival of buses at be ready and providing information on a need to bait the decline in bus a firms remaining sceptical as to at third world countries. savings on to three previous stops, the alighting passengers. of routes serving mainly counter a flat usage. The ministry recom- usage and oonsidable up whether such cost-efficiency can large number it costs order Alongside the transit control Called Paqualab. mended the development of personnel, notably' schedule- number, destination and in the time, and the airport. It cost Y2m. of a bus operators have be achieved £3.250. is about the size ser- planning staff. The bus com- of arrival of approaching buses systems, for its comprehensive information large portable radio and allows market both chemical and bacteriologi- cal analyses. traditional products In the field it is Initially used content increase in efficiency to determine chlorine an high, indi- basis another sub- Digital dictation is central for which, if sufficient On a wider - *! water is safe to Hempstead, CASH THEFT becomes diffi- "v? *r?- cates that the sidiary at Hemel quickly tion convenient to customers • has de- DIGITAL DICTATION for rewinding and no tape The book was cult with an alarm system drink. Mowlem Microsystem, and fabricators. Mere from the centralised use by larger degradation. Furthermore, wrapped in polythene and put from a UK company called If no chlorine is present, veloped a small box of elec- freezer to prevent Dow Chemical Europe in conductivity (autono- companies is being made there is no further expendi- in a deep Transalarm (0579 83383). water's electrical tronics called ADU deterioration or bac- Horgen, Switzerland, on 1 728 measured. If acquisition unit). available in Europe by ture on recording media once farther The money is carried in a- and clearness is mous data Harwell, 2111. bacteria between Harris Corporation In the the system has been installed. terial growth. At bag containing a radio these are high enough, This can be connected US. Typists can go immediately the water was removed, with- receiver which normally re- ’ M } are likely to be a problem. To as many as 64 sensor outputs System IV can be used 24 to any point on the disk and out the application of heat, a signal from a belt- confirm, the water sample is and virtually any desk top com- GLYCOL, the ceives hours a day, seven days a by putting the bible in a DIETHYLENE motmted transmitter worn by filtered and the bacteria, puter, to order. which has week, from any telephone In chamber in which pressure anti-freeze agent person carrying the cash. trapped, on a filter membrane, A microprocessor in the ADU European the the world. The nser just rings WORTH was reduced to about two per been found in some However, if the two are are incubated at Temperatures is programmed to carry out 1985 in and with verbal assistance cent of atmospheric. The 40 wines and caused the separated because a thief has that will indicate the source of measurements in any sequence - in ” from the controlling com- .WATCHING lb book dried out in two scandal, can be detected snatched the bag, the received the “ bugs —usually human or and manipulate and display 1§ puter, dictates his material weeks leaving little visible concentrations as low as level drops causing a sharp animal excreta. them as desired. The company milligrams litre using a down the tine. The speech fiHTED BTfiEOffCHAHUSH marking. Daring this time per audible warning to be trig- ELE sees an additional already has over 100 customers , signals are digitised and some four gallons of water method developed by the gered and a staining dye market for the instrument in one of which is the British access was removed. Hewlett Packard Instrumen- is activated within where the EEC has Standards Institution which is recorded in a rapid they can control the speed at eannister Europe, magnetic disk store which tation Group, Bracknell. UK the bag. marking the notes. laid down standards for coastal using it to obtain impact test which work is replayed to hold np to 20 hours of gas addition, pink smoke pours water pollution from results on safety helmets, In can them. The system costs about The company’s 5890A In sea _ dictation. CUSHIONING MATERIAL in out, marking everything and sewage outfalls. minutes instead of hours using £2,000 a month to lease in the chromatograph is used made from Dow Chemical reaches. Called particularly in the paper methods. Later, the dictation can be More on 0731 698787. conjunction with another HP everyone it On land, UK polyethylene foam can be system costs £315. are wear- Only half of ELE's sales are allocated to specific audio instrument, the model 5970B S-100, the XJK many city sewers thoroughly tested in packaging has originated it- typists through a management detector. ing out, with the prospect of of products it component form using a ser- mass selective console which handles BIBLES is not a only grams, seepage Into ground water. In self. The rest of the company’s control SAVING is injected FINNISH MOBILE common! Weighing 750 Harwell, vice to be offered fay Dow in The wine sample hopes to sell 500 £9m sales are of instruments workflow and routeing auto- routine activity at without pre- cations company Mobira, part and called Cityman, it can be all. ELE recently the British Europe. directly, Paqualabs a year. and systems from some 300 UK matically. but or separation and of the Nokia group, has de- used on either of the UK’s Energy Authority labs The US company has treatment On a fresher note, the com- companies that are thus able to Harris claims important Atomic claims the veloped a handheld cellular Vodafone cellular " rescue a 17th launched a new mobile testing the company Cellnet and pany has developed a " brainy benefit from a network of 80 advantages over conven- were asked to to radio unit which It claims is so that drop tests can method is quick and easy radio networks. In the UK, station that distributors abroad that most of tional tape cassette machines. century lectern bible that had service smaller and easier to automatic weather by salesmen, carry out as well as highly lighter, and them could never afford to set There are no cassettes to be been saturated with water be carried out bold than any other wait cur- Mobile Is in Cambridge on is interesting farmers More on 0344 - working out of Paris, London accurate. fruit growers. ,» up individually. lost, documents can be due to a leak in a Warwick- rently available. 0223 862762. and Frankfurt, at any loca- 424898. erased quickly, there is no shire church.

Tokyo Pacific Holdings N.V. Tokyo Pacific Holdings (Seaboard) N.V.

AntiHes Curacao, Netherlands Antilles Curafao, Netherlands

General Meeting of Shareholders Annual General Meeting of Shareholders Annual

Notice Is hereby given that the Annual General Meeting of Notice is hereby glw» that the Annual General Meeting of Shareholders of Tokyo Pacific Holdings (Seaboard) N.V. has Shareholders of Tokyo Pacific Holdings N.V. has been called by been called by the Manager, Intimis Management Company N.V. the Manager, Intimis Management Company N.V. The Meeting will The Meeting will take place at John 8. Gontiraweg 6. Willemstad, take place at John B. Gorahaweg 6, Willemstad. Curacao, Curasao, Netherlands Antilles on 17th April, 1986, at 10.00 sum. Netherlands Antilles on 17th April, 1986, at 10.30 a.m. Agenda

• 1. To consider the Report of the Management of the Company on 1. To consider the Report of the Management of the Company on the business and the conduct of its affaire during the fiscal tile business and the conduct of Its affairs during the fiscal year ended 3ist December, 1985. year ended 31 st December, 1985.

of 2. To consider and, if thought fit, approve the Statement of Assets 2. To consider and, if thought fit, approve the Statement Assets and Liabilities as of 3l st December, the Statement of and Liabilities as of 31 st December, 1985. the Statement of 1985, of Assets of December, 1985 and Sources ot Net Assets as of 31 ot December, 1905 and the Sources Net as 3lst the Profit and Loss Account for the fiscal year ended 3 1 st December, Profit and Loss Account for the fiscal year ended 31 st December, as audited by the Independent Accountants 1985, as audited by the Independent Accountants of the 1985, of the Company. Company.

3. To declare a cash dividend of US$ 0.548 per Ordinary 3. To declare a cash dividend of USS 0.75 per Ordinary Share of Share of the the Company. Company.

4. To re-elect the Manager of the Company. 4. To re-etect the Manager oflhe Company.

5. To elect the Supervisory Board. 5. To elect the Supervisory Board.

6. To ratify, confirm and approve ratify, confirm and approve the acts of the Management and the acts ot the Management and 6. To 1 the Supervisory since -±~ the Supervisory Board since the last Annual General Meeting Board the fast Annual General Meeting & of Shareholders of the 1 April, i $*-£** of Shareholders of the Company on 16th April, 1985. Company on 6th 1 985. other business. 7. Any other business. 7. Any

The Rems for consideration have been recommended by the The Hems for consideration have been recommended by the Supervisory Board for shareholders approval. Details may be Supervisory Board for shareholders approval. Details may be j from obtained from the offices of the Company at John B. Gorsimweg 6, obtained the offices of the Company at John B. Gorsiraweg 6, Willemstad. Curacao, or from the Paying Agents listed hereunder. Willemstad, Curasao, or from Uia Paying Agents listed hereunder. Shareholders will to be admitted - Shareholders will be admitted to the Meeting on presentation of the Meeting on presentation of w their certificates or of vouchers, which may be obtained from any their certificates or ot vouchers, which may be obtained from any of the Paying Agents. 4 1 of the Paying Agents.

Willemstad, Curacao. 25th March, 1986 Willemstad, Curasao, 25th March, 1986. Intimis Management Company N.V. Inthnte Management Company N.V.

Paying Agents Paying Agents Bank Pierson, Hatching Pierson Pierson, HaMrtng A Pierson HV. National Westminster PLC & NY, NationalI Westminster Bank PLC Herengracht 214, Stock Office Services Herengracht 214, Slock Office Services 1016 BS Amsterdam 3rd Floor, 1016 BS Amsterdam 3rd Floor, 20 Old Broad Street 20 Old Broad Street L*Euro 6 enne de Banque London EC2N 1EJ Banque Paribas London EC2N 1EJ p - 21 Rue Laffitte, Paris 9 3 Rue d'Antin, Paris 2 SaL Oppenhahn Jr- A Cie. Banque Paribas Belgique SJL Sachsanhausen Banque Paribu Trinhaus A Buridumft llnter 4, (Luxembourg) 5A Boulevard Emile Jacqmain 162, KOnlngsallee 21-23, D 5000 KOin 10a Boulevard Royal, Luxembourg B1QOQ Bruxelles Foreign markets open up new vistas. D 4000 OCsseldorf 1 Let's explore them together.

s international markets become in- example, is no mere coincidence: through .Into a single financial package This too con- Acreasingly intermeshed, entrepreneur- the UNICO Banking Group, we are linked firms the credentials erf DG BANK, the com- Tokyo Pacific Holdings is to enter new dimensions, and NX ial thinking forced with associated financial institutions in coun- bined strengths of its UNICO partners, IMPORTANT NOTICE ^ "four banking partner in worldwide business tries whose currencies are ol key importance the placing power of our system which oper- Tokyo Pacific \ Holdings (Seaboard) NX' today must have globe-spanning information for the ECU. banking network in all West j ates the largest Gateway Building Society, Worthing. West Sussex, wish it to be sources, experience in international money So why don't you and we jointly analyze Germany. known that 600 Society cheques have been stolen in transit between The Annual Report as of 31st sectors Street, December, 1985 has been and capital markets, expertise in all youropportunities and the best ways of capi- DG BANK London Branch, 6 Milk published. and two of the Society's offices and are being used fraudulently to may be obtained from: of finance. talizing on them: financing through Eurocredit London EC2V BOX England, Telephone: 01- services. The cheques are drawn on National Pierson, Hetdring & Pierson NX DG BANK, the international arm of Ger- or swap arrangement? Funding through bond 7266791, Telex 886647. obtain goods and m6BS or Bank High Street, Bedford and the cheque ***** many's cooperative banking system, affords issue, private placement?lnvestmen l infixed Head Office: DG BANK, P. O. Box Westminster pic. 81 5000, KOInl rr±“'’ B" nkPLC system- interest securities or you a universal service range and a DM floating rate notes? 100651, Am Plate der Reputrfik, D-6000 numbers are all in the range 367801-368400. Slock Office SeM^ ^ “OJJKjvara Em,ie atically developed network of international Often the right solution turns out to be a hybrid Frankfurt Main Federal Republic ol Ger- 3rd Floor Jacomato 162, am 1, 8 10°°‘ Bru5“Hles person( having sight of one or more of these cheques should 20 OW Broad Street contacts. Our strength in the ECU sector, for of various instruments transnational^ fused many, Telephone: (69) 7447-0, Telex:412291. Any s) London EC2N 1EJ Banque Paribas immediately contact their local Police Station. 3 Flue d'Antm, Parts NJM. Rothschild A Sons Limited 2 Apart from the above numbered cheques, no other Gateway cheque drawn on National Westminster Bank, Bedford or Midland Bank, Worthing is involved in this fraud. 'sssssssr SEssasr-^ -1 GATEWAY BUILDING SOCIETY KoSgaffllMSJS RM?ESS2n!ltJ?,ito<1 D 4000, DOmeWori Deutsaio CmosGensd-iatsCank 1 P.O. BOX 18, WORTHING, WEST SUSSEX The broadly based Bank i . — 1 — 1 ' —. ^ S a . j

Financial Times Tuesday March 25 19S6 35 FT COMMERCIAL LAW REPORTS FT UNIT TRUST INFORMATION SERVICE

p n Boekaustar Hugemeat Ca US 7S9S Tto to lafngt, Umocm EC2P 2JT ^SSSHSSS^ “BSU, ling urau Wf am < 32]t f„ train* U2 +a* mdmmi £»*3 —I tower BCVBM 2113 22 | MU AUTHORISED 1 .HfcJ) Jiq *«U1 979 jrtfcir ’ci sa+ft »(* r.MMlM Lao Accra box.1 Unpaid dividends are not a loan inmnjl’l ItSBj I Ater- JM-. u„ 19_ . ;ni IKS Lloyds Bfc. IMt Tst Mgn- Ltd {) ScfiT 7 122-91 oE UNIT TRUSTS II- III ill hainS Oe««, Cormo-D'r-SM. WortWflB- W SuUW required for its u^e. ihe cash There were no minutes or docu- accounts, and were recorded by aui 0903 502541 Draft* 0944 flSUjfl JUb.1 IN KE LB HOLLIDAY could be lent to the subsidiary. ments or cither company which bath companies in accounts 1 i umeu M*. 2U . 21 1 125 Und zaj Atoqr IMt T«fc £««. (,) Da (Aeon J 02?3 * CO LTD A cheque for £999,975 was suggested there was any bind- entitled " loan accounts.” UHatontwaRST CS Food HMBflffT LMH EaemrMB 1M Do. Iflccan I Pl-5 u* Chancery Division: Ur Justice drawn on the subsidiary ing agreement. Against those considerations iraum 4.99 and lunula Cara —fejO 4.99 I team I EI70 Mervyn Davies: February 23 paid to Holdings. On the same The court declined to infer in favour of change, the follow- jjrawttqal, VJO Da BOB "Wa«*iibk a«a DarraaCraua WJ BOB 1986. day Holdings provided a any agreement between the ing considerations suggested 419 a r &{!“=.-.= JS& — m tom, | iH -UJ7fl Cattr MM Unit Tst fonagrn CMErawiCra S mmiKaneflu 1D5J 443 accounts. were merely a " Gamn Praia IK 4* They -US?h li£i3lV.!tajn?LEC4M7AU 0142^6314 .i tc -DJi 445 tion by Holliday (Holdings) £06 ... Dm _ _**• Holdings said it debit. .Tn. I .0673 was plain record dividends. Cree'ilw&.llI.t'—jlCfcb US* *0511066 U 5. Orman Act 453s liquidators of of unpaid Trra _ W7 236 pie against the from the accounts that the divi- In Spargo 8 Ch App 407 Lord Tran CchL Bd.rtFio.o1 Church of EuUndtt 111 ILS firms! DO 6L2 itaojjA 5ufa 248 subsidiary, LB Hoiiiday (3) No interest was paid. fT* . -M b 77 wall LtMon IDS 01-6B8181S Ew M»at its & dends payable to Holdings were Justice Mcllish said that ECW y 4 - 51TJ UK Pmomme tac 95 Authorities' Mutual Invest Tit* IK. '022.' 339 16 I I 443 Local Co Ltd, for an order reversing treated “ transaction resolves One would expect a loan to bear i 5881B15 as a loan back to the where a fri'-t !>:. F«.J3 I 77LMonUU'I.EC2N]DB 01 IStS 1 , I interest. DrcFaFmA 10000 1200 CrmUfc Ub« Tst Masmt Ltd Prmpr,FiiuFct<2a..: fe£40 I — their decision to reject its subsidiary- . . The liquidator said Itself into paying money . - Lmdnn EC3 BUT £wi»Eaaiv Fm)FiaUFrar» ' 29 -_ -J *0533 » Cturince Ouuttfes Fun B UkM Lw. , 0142)1212 — } M d» I llin proof of debt in the liquida- there it ... if the 6T3I 1 FraW5*c_Mf«B26..T1 FU FrB -1 9675 was no lending back and then handing back (4) The bonus issue could Tm finaxmrCMU MO . 2bJ 5« a Mawaal [74 l lb Mown*. Lonm. EC2 M-63B41Z1 uarananwS. Araiaaia sal, tn Local aaaanra ,*2^' tion. that the dividends were parties agree to set one demand have Malms Jots Income Frc 23 < U2.4I taff simply been made whether the Tiu-J. OantK -illb.7 - . j tiutua IMt Trust MBBigift r !r , CtAuU _J 47972 1 Section 212 (I) (g) of the left unpaid. against the other, they need not £999,975 was money lent or was flaa-teSula Jb5J 9-27 PenyaouK R2 Hfl«MdlHaRb 0444 416581 Lawton & Manchester (Tst MsraOLM -*»i S5t Charitm Official freest. Fuad# SKuZl'aF,.T-16 89.]] -Olj 395” Tiraol IbiTika 67 1 290 -LO MmMnCoMs. iftSfl Fecj «LT, -D3 — MraaCramajaTit S9* character of a member, by way to Holdings in its “ character way must involve the use of real tow 3U character of the B5M»tf9VTD Imi (Oat, rKB IKQuc 413 — crams Faun, Trae ... 1 unpaid divi- Londos Law Unit Trust Mogt Ltd . Fia in ?>.? •sa — Crctarid £cn»ej» Trw of dividends . . shall not of a member, by way of divi- sums of money. dends. ** fi*- & tutt 01-23661® " SSStt--- MClrafln 35 s? — GnfiaidGiItTra.. Balfy H0D5C. Old SCJt»»l Law, EC4 be deemed to be a debt of the dends within section In the present case the first tacaraE* Tv. ..1129 4 Aavuuntomm.. J*0 — firrbas lamraJ-- CwSora-91 ..-_T?079b 19211 JZ\ L22 Ta 2i2ci)ig), " ” (6) AH or some of the Far [ME* il47 I M-Grm-* H43 company payable to that mem- or whether loan was said to be the atlUIa. 7.9 they I— HI ErauibMa 227 ~ GwfdlM Royal Ex. Unit Mgra. Ltd (a) Group balances shown in the sub- UlAEi la. 0243 139 6«&r.tnru:.« 250 MAG (yKcXz) ber. . changed their character so as £999,975 paid by cheque. But 01-6*9903 Hip, m-6264sn sidiary's Ratal Lkwbk LnraanEC3V3LS^“2.7 Three Quan Timer EC3H 680 ‘ to loan account were not tattnay Wider IMt Tst Hunt. Ltd CBafedmtira Fi 22M -SIT 091 DM a 1-283 5362 HIS LORDSHIP said that be claimable as debts. it could not be said in truth that 4 L2B LoMnoEl Lane. WC2A 3 HE Aorncao fi Ganfril 2J7 7 30i -J true balances but notional 7HP 01-3771010 KC&WJrn 9® -33 128 Holdings was beneficial owner It was for Holdings to estab- Holdings ever received that IX fiMOlul.. 12243 2® JAoraUumi 12524 2675 balances framed on an expected 289 Amman Rrcmr'r 6413 260J -0.9 OJC. of ail the issued shares in the lish that the money was due to sum so as to be in a position to County Baft UT Ltd Iflaan llnazi 2821 -lfl a® A36 -0.1 008 declaration of dividend. 161 CnriaM. Ubden EC2V6EU flar’can Smjr Col .(594 63 JJ subsidiary. it otherwise than in its charac- lend it back, because when the Ltd lake) -02 0.08 Crald 'fletraj A39 lamn iwu 605 641 ‘ 151 Fkramy Pmneat, E£2A UY *30 BSD In March 1982 a resolution ter a* member. get subsidiary drew its cheque it (7) The liquidators produced Ur^r, TJL 413 Ana iia— . . .. 174.9 KUa To out of 4 07 4 »3L3 OflO !5SLW«.-_r"l!g7o Tw-.?7» -0.1 was passed for the voluntary tbe grip of section was without funds and without a document which showed that Earn ns. 1389 1*7 ba 329 212(1) (g) BrtfcWi ,H73 329 Ml r-vnud ,1476 (Aeuaa until ___ _ 2186 -ai winding-up of the subsidiary. it sufficient overdraft facility at from 1972 onwards EmrirarFra . -H18 12a FMfiiry So LosBSfl EC 298 must show that the unpaid tbe borrow- &DStrKra —55D f3 CoauooW Cmatb .. —{4121 0409 426 F rarer fiPmacrl, 9 +03 261 of the directors wrote dividends its bank to honour cheque. ing limits on the subsidiary V CUfljlwrTri-J 548 CtSMnJan Sreran. 020 7 M3J One were the subject of the CU4FUM CmmOR inconr QBOJ 190.9B -1J 628 HV>V«ta 1724 fimmn j>ra>3rerr S5Q9 to the prospective liquidator some agreement, were exceeded if unpaid divi- lacnr Ltomnls. 4 toram— Sms 4318 +12 434 express or In those circumstances it was tnmauaoM |W2 +15 43* IbJjQ Irjmylu 1342 295 Gunuess Mahon Unit Trust lid lAionUHii .ni7hl 12*7.1 a dens urmmtuimi It9fl Manem 076 asserting there was “loan implied, between Holdings and permissible to take the view were regarded as a loan. JasmvfiFaLCran- JL257 ddt Ciaibiui ;}7B5 1892 -12 Q4.9WM,inlr JM.fi iS raBnM2.32StM4rrW-Hn.LC3 01-6239333 -L4 0 7b Noni flra 0»r» Tu JM3 itraa* Umb> -JjlB 225J outstanding" due to Holdings the subsidiary; or that Holdings that in law (as opposed to bank (8) The letter of June 10, tMusroad. 67 2 _ TneirBv&«CD1.FS.U265 16UK1 EunVnia .-T5i7 s 22532 +0J 5J9 360 Saumr 8WII [I94F 539 from the subsidiary, of £35m. must, with the passage of time, entries) no payment of £999.975 1983 claiming £3.5m referred Ma- Uufcja i432 LAcaraUntW -J4572 4846 *04 UmnUntJ— SB1 Fjr Cram ml 1057s +13 218 1 hooray On June 10 1983 he wrote be taken to be in the same posi- ever left the subsidiary. If that to dividends, not a "loan out- zao Crown IMt Trust Services Ltd (Accra Unto. 11200 128 < +11 218 UB7 T 2502 +1* 299 ‘ K Crow Hone. WokogficaUHW 0*86224933 Fmol In « JZ360 again fonraHy submitting tion if standing" as did the letter m 1356 , S( Vaicra U 5 G4W - 776 299 as the dividends had were so. the money did not of Croan Ine. Trra .. J 2gA I Accra U»li» 0668 3881 25 Mat.. HW Og “?S SI Varan lac. B09 357 Holdings's claim for £3.5m. March 1982. JM Owtoawtni 0223 237 < -Jj 30 W Carara fajOfi 647 1 23 been paid and paid back as a reach Holdings and Holdings (Aara unw ,1277.9 US46] 337 GeaeroB Fund Mangers Ltd 659>r 885 to be made up of loan Reviewing all those }w5 - Hambro (f) Gi«IDC0B« — . ,678 said —in other words, recogni- never lent it back. con- 885 ^ IS« 1D9 41 -*lil - Prrara U.T. Adnan. 5. Rnyto* aa. Hatun. (Accra Umu MT 984 ''amounts due in respect of siderations, one could only -161 Ml 444 26* tion necessarily of a loan For those three reasons. con- 9B1I — BrefllMisd. Ey«ea €677 Z1 7916 GoU 1 £? Wjfl Accra UaUsi -.432 46.7 26* clude that Holdings Hwafita UK fins* TjL-jSLS -oil 292 * sas . . . dividends." situation. Holdings could not base its was not Darhngtoa Unit Trail Mogt Ltd law —J3L35 335/1 46* Hun 6n> Brap Snare TiLMB L72 W. 48* ^ 3} entitled to Toun OM) T096JL 0B0B86227J lAcajai UmW . - mi3 8892 The liqnidators rejected the Miss Williamson, for Hold- claim on any agreement. escape section 212 Archway UaM Tst MfL LtdUXc) 211 +£-« T«*)frr» Larii 348 SB4t .. ' 120 iKMUbonai Groans. _J7M9 y Strtn, 2Q* ** claim on the ground that the ings, submitted that there was In connection with recog- 11) (g). There had been no A Sul LoaODD EC2N 070B4S3Z2 Knbm Bank Unit Trust Mangers Ltd (g) (AccwnUUJ ..11*99 211 Fand ... 6593 27S8! I 4JJI Dtaietionnr (M Fand Rrjlrqii Huuoa. IrwruMM be JSU £3.5m to a member of change or transmutation. PianWr UT AUara, 5 M. Brentwood. 15 was due some agreement: the dividends nition. one must examine how The 186 36*38 Nna Brad SL EC2M 1MU 01-63B4J85 TT™ .7916_ (Accra Uracu _]S7J 1 /^SBl Hua yraa t 9-8* 936i 1 398 BOoB company in its character were answer was in favour of the —u AOnc [acMiru7 KL7 - 164 JaewfiGrawal- the to be held by the sub- the dividends had been treated. in (Aura llanu 16392 - liquidators. Arfcwriobt ManapeiwfUt Drommasd Fond Mfingt Ltd , . as member and, under section sidiary on the understanding Kanenn Ernprao T«_jsaj| non 3bjb auHer Co _J746 If the dealings over the years HOngfitMancfeener M603AH 061-B34Z332 Hoase. Kmq BWaw S«. EC4A J«9W kb* (Accra. Uwtd Hraara wraiisTu— Sa sill +ii 4ffi 212 (1) of the Companies they were have For Aitaar^(FsU4rt6U.h961 31171 ._ I 200 C*n C*> TocO »r JM4 V 046 UK (g) deemed to been necessarily made it reasonable Holdings: William Stubbs MJWl Far £4Bj913l 4f» (Accra UbsiJ-_- 14130 +62 n, „ — , GmeaprsaEAx 2335 0.93 Act 1948, was not deemed to paid and paid back. The fact that parties QC and Atouna Ural Mauigan Ltdu CKnucFaaauic ^.5 365 « -Ot 281 to assume the ought Hazel Williamson —07 debt. that 46 Mocruae. Lndon EC1R 6£t 03-638 1711 CtmraraaAa 3038 110.4. (taraUa*) ...jtC3 4(7)3 281 '—*4 be a no actual payments -were to be regarded as being in a (Sebastian Coleman & Co). ira fircralGraeri, 6825 72 +10 3.41 ... to tn \ AamaiS«Gra-J&5 Dunedin Mnprs Ltd E^Cn°TTai46 M Holdings applied to the made either way was explained loan situation, the court should For Cmtar Tna__-—*9/ gfg Uaft Tft (Accra, ton) 153314 ]4UJt +5J 3.41 the liquidators: Michael njl 3 o-^rtatic Jti ESu^uab EH24DS Erac Coaoran I61B8 M8*3 429 258 Jao FarLxSFar EM J626 Wrafion (a) (») (c) +44 258 court contending that the by saying that circuity of recognise that and accept there uarb 177J IV BnliWGroraiTu. 1I0B5 1 lAccraUMM _>965B lDOJj LgndanrStanfard QC and J. D. Mala MW Asrsa, 48&J +15 40B action UT 5 Timm Mi34 ground for rejection was was unnecessary. had been a change from unpaid Martineou 13 BERSr^dBSi (Acorn. Urn] 11280.7 15TO3 +39 4M (Wm F. Prior & Co). a 05 unsatisfactory. It said that the There’ were difficulties in W&EJWtV 116 3J5 3KW>SrsllrC«.Ta- HW. dividends to loan. 3J5 iMraamencaaTn— 1‘ CnartxiM Uw 18 Ba 1086 £3. 5m, at commencement of accepting that submission. As years passed there must Rachel (Accra. Until . : By Davies EBC Am Unit Trust Mugmut Ltd CBMituaB uaria 566 s*t Drwnftr* London oi-ozioioi. *19 -—>W--• winding-up, was due to it in The first was as to evidence be a tendency to regard a long 10 Sq, EC2M 4HS PcnraEiDtoM i! JfUToiB Barrister |j. BaOie Gifford A Ca Ltd Cenraq 01-626 0181 : : * its character as lender, not as of agreement. Miss Williamson unpaid dividend or series of : - tea ns SOmflalBSi.EhriN’W 031-2266066 OsrabbUntra .*493 «j! -»2Jl 225 MGM Unit Managers Ltd •‘ ; accepted there was express dividends as left loan. member. no money on lari Ca* Hir 19 PJ96 - i^A EFM licit Trust Mnagen Ltd MGM House. Utw M, Wontina « ** E® JBPmEnUarl2 -JjOLb The evidence was that in agreement, but relied on agree- Also, all concerned in the affairs UKEaUwl* £lL4 jlS 4 MrlyAr CreKwU. EiftdsrGh 031-Za34M Aawnean 7»3| -«4 2» If? v- ‘v^ ment to be implied companies ”IT. - EFT* 1972 the subsidiary had from the of both had acted THESE _ EFMCascUFMCiu) 9T.4i 175 ^ "fMw. REPORTS, together 382 ' accumulated reserves, and it adopted policy and the course throughout in good faith. Noth- «07 BOO ETU Carefigas U1 -945 2621 J ; --' with 431 : 2 HTs* full texts of judgments, *L2 056 EFVGraaWfilacFSUI : of dealings between ing was done with intention 190 cm Hit* OBJ. FaUJ. „ 961 HLA Unit Trust ManageMUt was decided to declare a the com- the are published in ' monthly I6l ETMlitmoriFfiaWri.. 99-100 Srndvrg M, UM»una 0622674751 special dividend of £999,975, panies. of defeating section 212(1) (g) EFURnaaran 2 volumes. For subscription 481 ULAGcaTa. 133.9 -03^ ZOB r®* de- *25«d -ad 475 ‘..,J which could be capitalised by One would not expect a hold- or any other improper Intention. tails “ MLA ITO» Tmn_—B9B contact Kluwer Law Pub- -UataXeraad EF M.Wno'rSdiji- MLAI*t_ — JW-9 5LH -afl 1^ way of bonus issue. ing and a subsidiary company It was a fact that the divi- lishing, Africa HLAGWUMTu-- mo 26.9a* +0.1) 984 House, 68 Kings- MMcTrust Mwiagart Ltd gssr-ss's MLA Eivtpeaa Tm9 088 Holdings was advised that to bind themselves by contract dends were sometimes referred way. AAcrwrie LflnWn 4AD JmnaUarM London WC2B 6BD. Phone 2926 SL W1X M»c*21 " “ 01-991 0295 V."":'" since the dividend was not in a matter of this nature. to as loans in the published 01-831 SWJ6CBBM21 MMUfe Mawigenimt Ltd rr-irr. i r&g t. 039L Si Gaorgrt W«. StewiOK 008556101 Gm&FM Inc 1117.9 RM ^ Eagle Star Udt Mugn Ltd 252 TfS Baw Red, nuuummst 7U> -23 074 Hrft Intoaw UM- 558 Ml 033 MiVliM«fGaUb S*8 9.78 9-SBS!fi5&dB3 +06 186 IW GmalD UaK T9 [111 9 0.42 APPOINTMENTS 1 r— ^•v-JH-J? UKGraasrTnsrAcc - O* UKSnoUrrltov __}b7* “Jha KS UKWWiacTrra jL2 am n*n»Aa*TttoP— gre FINANCIAL TIMES SURVEY -ua,_ M*ramcaTmaa *0.3 un — [naenTiwat -Oi 23T The Financial Times proposes to publish a Survey on todays UriMtU^Xl) -07 050 Co-op Bank senior posts FW39BM +03 nut -06 2S IKGMfiFWWAcc —071 057 14-18 Gredam St, .' EMPLOYEE OWNERSHIP (acnaa Itodi The COOPERATIVE bury Group • BANK, board in 1981, having pre- 3J 1^3 The Eogdbh That PLC -0A| 4.91 GnaWUrah Manchester. has appointed Mr vlously been chairman of —(L5j 267 UamalHlNArU. 9 APRIL 1986 James Barge the 32 58 mm rffW -l3 L5D ea board] SX as executive direc- , Consumers' .....I 270 Association from DB-EracraiMC IS LT:JS5fSI^T1iI29 1»3 Hencap Unit Trust Mogrs Lid (aXcKd) For information about how to advertise and a copy of the tor (city) and Mr Peter Layhe, Do. EwnpiTa. 4X32 dw«9 oar newraw 1965-1978 and chairman of the DB.Earalicsra 7311 J" Uncarn HJe. 252 HgWawlHcIME7 01-534 53«4 synopsis, contact: as executive ofi Enterprise Fand Managn Ltd _ 7 1*6.41 -LOl 3.V director (finance). Historic Buildings Council for Do.FbranU gr ^1x 3X3 —057 ZM.Tli -OJ 35B 2 Si Way Ate, Lordor EC3ABBP . 01-6251212 They were general managers. Mr England since 1975. Peter Highland Mrs Diana 1998 JO* 2W prasraurccnrab .^506 OJt J 34a iMt Trust Mungan Ltd Mercury Fund Mauagars Ltd Barge Is chairm of the Inter- Eceles B*Shfi.FW.W.ii~fc*.9 57.4 an has joined the Sainsbnry zm Eurit^de Units Arhuaistiabau Ltd 52Bo6eicf SqmLoaaaiiWlXfiEH 33 Kins UMlun St. EC4R MS 01-2602860 Financial Times. Bracken House, 10 Cannon Street tt*0D Wl +02) 155 national Chamber of Commerce’s board as a non-executive director, - 333.9 -U 8« 35FoWH«Sfi Tel: 01-248 ext Telex: SS5033 -1126.9 5»i +04 155 London EC4P 4BY. 8000 3360 commission on banking tech- Mrs Eccies DoJuaofitaaTSAcc IMA -09 J* Farfanrrn. a. 469 is vice-chairman of on Jaaa *Gw T* lac JgM -“5 CnifiFSlM Oi ... . 4« niques T«.ui. 07 -OJ 152 I ream Trust Details of Financial Times Surveys are subject to change at and practice. Durham University Council, a Da. Lawn # _ ruw ru Hesman Udt 1605 -01 L42 197 C -12 235 r»jrT» A«rnc*i„_ ^2b.4 Da.at« — SOFrtBrSI. RaadMUL Bella 1231 -Oi 142 the discretion of the Editor * member of the Widdicombe ‘SFanwlm.'nr— -051 ’*3 PWICJir*lerlB*»J 058 - IS-! SS ,C «J -01 4J2 Inquiry into DoinweM 495 -OJ LUCAS INDUSTRIES has Local Government, DaUWiTadLAcc. -.75=B *X -; ; S i "i: 2HUW -11 222 appointed Mr Jack Fryer as * director of Tyne Tees Tele- Oa. Uar, Trabc .'j- : '.('• 14M Edufty ft Law u*. D. IL (C) Hengre Services Ltd 51 0 Da WMaMrTnac ^ ^ w ?i group director — product tech- ? “<* vice-chairman of the BWloFSAcc. 3*5JB -33 121 Si teornr^ Hie, CorptraOw Sfi Coraov BBBSSBU TBWntern Rft RoaSopl RM13LB *_•*[* J* 157a -Ofl 981 732 , riZ -L9l 221 4 33 AMFnan noiogy in succession B. A. National Council for Voluntary 226W UAGMA.TUACC 1 14B -04 647 to Dr Gntti -0-71 firw 834s - > ... UK Ty lac. .—ZZ|CT5 33 Canada -02 Jarrett, is retiring Organisations. Baring Fun Managers us csli 2533 -14 455 9L4D 647 who later this rbokrr u* ra 6tc 2a< -12 098 PO Bo* 156, BrdcmKiajn, Kea BK34XQ 01-6889002 Hraw i« Ta 1* -16-i| 9-55 Hfi Sanuef Ifdt TfL Mgn.t (a) year. Mr Fryer joins the group - - . - 2736 -11 0.9B F.T. CROSSWORD PUZZLE No, 5^81 +03! 03 GfiyFaAIUTUAa 0OL9 107iri 02*03 2.TO^ Ml. T +03 270Z7B oner AJCneonpe Bofld Crorfui 127 7 -02 um from Rank Xerox in April and CROWN has OJ 05 &*ts^«*u»TalM_J7a -03 009 HOUSE appoin- U AratncaTuAcc 035.1 14 017 MBdUBTrM ».+ takes over full responsibilities ted Vincent -4LSl 58 200^ -U 7S> Mr Underwood 1024) -o3 09 Far liJ la Acc -UM.7 U! SSS*rTSL -L* 755 ” 2J0 EraorTBAtt 11366 1C. S Sf ZU-* from Jarrett July anaging 2374 .. . 251 .: .--r« «j> Dr on 1, when m director of W. J. be becomes a member of the Furse & Co. Mr Pan! Ludlow 3*ZS _.. 261 §7 F ft C Unit Manageroaut OU FtaaroU TrM Sgli u, (DC £9.7 Lucas executive. As director and becomes a director, responsible oi lUamwPoutnryHifl.eCARDBA 4680 an Ml F«1 — Midland Bank Croup UT Mugn. Ud linrwdl 1*38 . Araraja d Wl 8f4 liaGd —— _ -...«-: rltSB chief engineer at Rank Xerox, for Furse Engineering. S24 18 F 4 C r M5. 521 Owl oqixI Hour, Srtan- Sg Hem SBetHeM SI 3RD Hr Alan FfiCCacCBFd 0030 ,1102* 044 (DIHiWVMITk-. B5fl 03 CUiPCsralnKI *« Tel: 0742 790»2 ‘.;r£. :-«rs Mr Fryer was responsible for the Miles has been appointed deputy 03 F 6 C Eurasrca lac A6.9 ,,71J -I 2*® v Ala 046 (91 iBjTTmS design, development and pilot managing director r&CFarEaaawFs—EQ mJaW*T*C*T«- : of Dema ftwrtagtau Mgwt Co Ltd F*cr.rtflmfd..-^a8 4SJ 9B0 (D 19J NacRcraruyTu— B22 :;.y. 6K plant manufacture Glass, 01-6064433 F4C lama* Fd 1784 88*n 439 ;S:S of tbe 1045 UK tableware division of 59 Greftam St LonUm EC2P 20S col Srcnruy Tran _—085.^ ' FfiCatUaiABuFsITIfea 491 4m 1 75 to) SraAerCrnTa M.4 ; I- -•>;.: r* family of copiers. Crown House. -I 88 iS r*C0am6»lacF«_Il647 u 6*0.5*3.74 W (b) AL2 +o| 321 FS bnestmead Mmstri ltd +08 MACDONALD MARTIN DIS- Mr Peter Luff has been 55? isnuiMt (uwSL GKsodw .041-3326*62 JV r | DIM TILLERIES has appointed Mr appointed deputy managing WU4 Anthony J. Burnet as export director of GOOD RELATIONS 766 ]ri 9QJ sales director. Mr Burnet, who PUBLIC AFFAIRS, a subsidiary 1097 has been a director of subsi- of Good Relations Group. He will 1234 rrrW**!55ji. *91 diaries Macdooald & Muir, and have special responsibility for co- 566 James Martin & Co since 1979, is ordinating international political IBS 1054 "S3 irS Aaar. Es. Ibc.U1_. responsible for the sales of all communication assignments 23LC d» Aiacr 5MCSblH > oa Macdonald Martin portfolio between London, Washington, tejl 20144 -M JUaluTrelljl 1 tbe VP® * Qrapr+B TnrBtcl ..— of brands in the American and Brussels, Ottawa and Tokyo, Fir US uc 74 Id M1M Udt Tst Mgrs Ltd 15SUHMV Ftee, IjOAOBi^ SW1A1NVI bn&Fain KWowert Benson Udt tax-free markets. GrwrafiiiKTn — U Dewsrirt Square Loadon EC2M- 4VR- j^»Swoal5aiul 2DF«*daHtb St London EO 01-6263434 ie sssoecz a KBUKEoiylacUMorl) Hr Joe L. Allbritton has been 165 J»ca»TrBCl(.-J _ GcWfiPracUnra W2 165 Mmnrdire TsU) (AmanUaHa) Dame Jennifer Jenkins, who appointed a deputy chairman of KBFdln. __J*25 — mat 6t_EnTa. - 12 la Ta .. retired as non-executive director AP BANK. He is chairman and ra»«“Grat»T* — KB Fd Ace (Accra UWKJ 4104.9 *S KBSa’lrCo'sRPac — Sainsbury’s on March 22, is chief executive office of both L43 Sautb6Au»TM(iJi~ UKUnWlad —. —tfi « Ti» of S*«uilS« 895 HBMU UCtVD LtvZM -J7TL5 •*«"•" KB HiqA vn F4. Il y to become chairman of the Riggs National Corporation and Brcwiu Dolphin Udt Td Mogn lid U5 SocaalFcaB.. * ~ Robert Fleudug ft Co Ltd KB Hlft Vld- ACC-. 5 GUtspw S*> Lwrioa EC1A9DE (Accra Uauw —1W0 01-6385 lac TRUST on April 1. The Riggs National Bank of - - 8 CroOn So. Loaded EC3A6AH KB Ab*t Gdi . NATIONAL * IFd 0264 131 ‘ ! '.-’- 1 (4ia Garay* I1W3J JE3»A3 L99 KBArarGU. jr * Jennifer joined the Sains- Washington, DC. a* Ft 67. J67. 3 Dame ~ ib*7 KB IB. EdaSyEaMM \7'-<£i Brraar (al GW lac — J 343 Wl SfSSrSor-=fcia55 *S: lAcon UafiU MB6 PailornaB W(e) Zl ti»— H - 72.9 ^ 01-6234951 t9iwTWU258»— EM33 030 CONTRACTS as? ass FrarnUngtoo Gram U) Mkntzr Fund Managers Ltd JM WaU ECZM SUQ 01-6285181 iSl 3 Uedoa Bd» LAS Uidt Trust Mauafars Ud Mbrner Hons*, Ante Si. EC4R9BN 01-623 1050 cM IBS Aur.lha g2S8 451 LS3 — 936raw St, EdMH50EH23JL SG (ALcra Uaitu. ' 480 £llm orders for Mansell US An rare LAS Ml. Growth" ua.aawrii B 192 skin, ACROSS 5 It has a thick rougher - - J1.931.93 UT MgnL (a) K. MANSELL, Croydon, has been Pulteuey Street, Wl; and a LAtCA. .1 .. S>M CMUTnoi 1998 counter ?' than peel (8) Dratog *Tra 3WM TTW, Won Ura* lfil9rW lAaraUnta) — 2368 163HepeSmel,Clasv»fi22UH 041-221 9252 1 Chinese takeaway contracts fitting Ara i i can 0095 llfilhd- -dll 33b awarded a variety of £350,000 contract for out Brttareia UoB Mreagar* Ltd. UXcKb) —_— Tnst U)7M .. 49i to yawn, when it’s refur- for tbe EratT ha» 660 1 (6) 6 Where totalling over film for- an office building 74-78 FliUwn rWmi. Lrate EC2A LC Eia™«.^_ ail -l*| 09: 9* Trust Blarngmint Wa s’# 4 Directions on a ship for find- late (10) bishment, new build, repairs, National Coal Board at Harrow. 01-5883777 DaUng: 01-638 04700*7? (Accra toteJ L ft C Unit Ud Fa/Easrri ZS* +M 0.tt MrewaWw^ala 01*75 Cam raeflan Tnal — PMRr Haase. CflptMB Are. EC2R78E 01-588 2800 &aa*er CM C026 2169 +Z-W 0.9B fi works. The works division has 6U6 , ing the coast (8) 7 He has reached his majority maintenance and minor special (ACOsaUMU 302 Many E*M Largest is conversion of the contracts totalling £lm from GrareUtTraK- on rTB. tSBl&szdSS at 3 083 Aa»lifa®« I Uaani. • 10 Not a particular person (7) the majority ; L3B (Accra - =• ’* —and is in (5) '. Flying Angel Seaman's Hostel in clients including Barclays Bank, „ lat Grow® Fa Unit Tst 2-94 (Accra llBCl 11 Drain a pipe (7) ? _ | Kir. London IU, GUMtord 0483503649 8 Saying when (6) Victoria Dock Road, E16, into 41 Property Services Agency, -D5l L94 Japan & ton Fd InvenW Lfie GnwttTraU W.9 99.9i 076 12 Cut a prison term (4) self-contained flats under a con- Church Commissioners, Bank of litera (total +M 9 Pole taking meat around for 698„ uraNiwcarorFd.. in an' nearly £2m for Look Credit and Commerce, and 740 Hrccwny Traa irenau Food Maregets Ud (a) (c) ’;^W^ IS Saw nothing new sale ? (5) tract worth -1 |g) gm Mutual Unit « » Ltd (Aura (total J1406 OChnriaueS%£dhexjrV>EH2 (HI-22$ 6000 Ahead (Beacon Hostels). Work British Sait at Waterloo Station. . honest feller ! (10) Trent Ud 14 A brave line to adopt (6. 4) to start on March 3 and * U9 Robert Fraser JN*- 15 Make a mistake and run for is due 29 AKiranrif St,LondonWl 01-4^^1 17 Be prone to ambush (3, 2, 4) take 80 weeks to complete. Work A £4u3m contract to bnild a 21 246 RBI. Frw Gwbl To. —1967 it (6) Pror. Trust on this 8-storey 1930's building materials warehouse, technical « 5= Friends LW 48 Gracedradi St, 18 keeps it in reserve (8) **4 Pndnm E«d, PorUTO MOB — 16 Pile made by industrious One provision of staff accom- engineering centre and vehicle H? _ . HFI UKUortTn. Uj 34 includes —l_fl FPEOxyUfiO E&! lAooai IlKJ ... nod 31 '19 Phaeton's rebuilt as a car- has M, 53 FlaaPeaMja KM 555-2Ma -ID workers (34) modation, laundry, kitchen, TV workshop in Southampton, *04 LJ* KPi (7ten Una To LI head- riage for one (8) room, general com- been awarded to TAYLOR -06 055 (Aoraltobi — (iTJSA —-3,7] 14 20 Endlessly longing for a and games MX Far EM Til ttJfl toQj 03 by (AsraUaStf -»u3 ache cure (7) .22 Tbe academic field (6) munal facilities and replacing WOODROW CONSTRUCTION 44^ DJ London British Work t/s HPI Anralcm wjJ —ojl L3 all windows. For the Telecom. 1 SIS -M 13 21 When in a hole, use your 23 Bus—or train (5) Nursling Xfca 167 Funds in Court Borough of Tower Hamlets the started on the town's -wl L« PaljQc Tniure, Kjnpsrra, WC2 Ingenuity (6) 25 Unusual Roman dwelling is kto-L3 -wi wo Harwich IMau hmuance Grnap (b) company is carrying out £l-3m Industrial Estate and mu 296 Groat Uar 13 PO Baa 4, Noraned NR13MG 0603622200 24 Tina in mood that’s awkward, house (5) structural repairs and improve- scheduled for completion in Hr^rwM Manii 13—J2038KH „ gets a warning (10) 27 Heap of carpets (4) ments to Sivill House, a 22- December. Tbe contract calls Uraoa. Weunoad » a ssa/s?Bcz3fe -*TS Trust (a) block of fiats, in Colombia for a single-storey materials ox 6. ft A. (g) 26 A French veto soon (4) storey -03) 050 5 Rartrrgfi Road, Broswand uo Octastau Una Trust Mgrs Ltd No. 5^980 El. involving re-roofing, warehouse of 4.450 sq metres and -J131J ZH> FenclBjndi Si, Loadon EC3U 48V 01-2660371 28 French boarding house Solution to Puzxle Road, ^ B4 . exterior concrete and a two-storey office and facilities SM SpadUTnd SO 7 545i _7T 2J0 retired, repairs to appreciated by the all bloCk. single- brickwork, and replacing of The adjacent OppaMiataer Fund Mugt (7) and -08l 376 01-2B357S Ud windows and doors. Work has storey vehicle workshops CjcUjI'Ipcj.. 66Cflnoi5l,toodBnEC4N6AE Wj.01-2363885 in 983 brats (Ace imncdraal GraaUi—0314 090 29 American city fashionable started and is due for completion technical engineering centre will r&BfiFJ.. 62) M06 . J lacBJK&Eaaw® ——1618 *64 +02 350 , c l-‘* the past (7) in February 1987. have a floor area of 2,450 sq Bnuu Shipley ft Co Ud t>K«) SaccUISIDiaUBai —— JE7 B* -OA 440 metres with stores and offices. 9-17 Perrynaat 84 OrhA HW 0444458144 Amador Gr««* JZ3 346a -OJ 070 30 Looked very worried in ill- us stom -torraGrara VL2 516 +«H 080 have r an Gran)' used garb Both buildings will struc- Trca. A Growdi B Em to S65 UU ril! UD (8) I JapaafiGraral. UK Graft 534 S7J +04 040 CONSTRUC- tural steel frames on mass con- tomfic Grata aa9 31 It's used for pounding with a JOHN NUGENT 43J 404 040 has won contracts worth crete stanchions bases, reinforced Hra>«ra» — MO 33J +0.7 B40 TION Ganrai U1 Fueled I ipunr Urart_ 518 54 3m mortar (6) concrete beams and LJJ -OJ Z3C £4m. These Include £l.4m for ground Cartwore Food Manors (O (B) PnawriAcsara.Umft.J328 9Bj3 -OI 280 ground slabs. W works to the cargo area and reinforced concrete 2 Sr Mary Aae, Losran EC3AB8P 01-6231212 DOWN Oriau Royal fife TeL Magro. Ltd. Air- Cladding will be insulated Drarmy «(r. 01-623 offices of Lufthansa German AdnraPO Boa 48 St Paler Pen GVIl 0481710591 1 Gave Bill the OJK. (8) Village, finished steel sheets. Service jSararaTreL RSCVtKtGaiftTa , lines the Cargo f 508 | Z at la-lAnraTl RBGSeKaGnunaAc_k- -J storage areas, BrHrtA .. J _ ” -• • Soldiers in camp—sorry, on’ contract for roads, yards, i 2 Heathni?/: a £Im Brrwurt Uaft That Hvnt IMbdUIW Do IObLI- BBCSeWIraTn I 505 I ..Ti _ r _ " - fencing and 01 6382 CraMUjl . ..is- 1 manoeuvres (4, 5) the Bartle, Bogie and Hegarty parking, landscaping, Kaftan HsbParoaraSAlUHOJR -WS , I 468 EraparaTn COHTmUEB BVERLEAF 3 A superior preposition (4) headquarters at 24-27 Great drainage are included. 144JJ iffimruB

5 ; . u — a5 : 91J .», 5o«1 1 AT» 1,: .L F. T I . 7 1 ' s . 1 W »2 . . 1 -7 1 1 .

25

Financial Times Tuesday March 25 1986 37 Scottish Life Imeftanits Sun Life Uml tm«i Lid—Coots cw Pcni» rum SCI TECH SA United Fund Managers LU lv br Aecrera !oi'r. Eauiit'y" Honq £31417 ;...-< s..-rara» >i*i BxiVurd Howl. Lmraevt GPO Bu* 590 Horn * i (••taraf 1t»0 Ufa 7 2 X^i r:i>r ..”«<* a. ‘ <1578 5i* inML- 2~ V'TnfaVAV * S4«br _ Vi Carli ;ir?u 191 i, 1 tliH fr(». Ca.-u f l.t. -*J: i l.'JI ...137 I K> Vi-M f “ &J Vdimg Fund—SICAV • 14MI Up Fund i Sabre Fntam LU i OVERSEAS f.i-i JiJji’; & INSURANCE, Swvieev MONEY ••mx'v.-l .. w FUNDS Buedewta t Uitofaito n*»i 20. ixMii: . . '.ill 5 11 Cura" Sl. LgatoacEC* I.’ 156-- be-'. V calls II . _ . 'i« NAV «J|» « Ivr -Js-tataA. It SADHeH . - .. 31571 73 ft r . im I re* ’ l — . ^a—uJ'-n. AJ - l*;r Warbnrg Investment Mmytswiil Jersey Ltd . -Wl* IK* £« Hurt s Maban-CwitihMd ! t iiAro . Ltd *_u. r^.7 E»C Twit CampBByj*Wf| Man lnterutiDui Futraes Prosper International fal jemej. Cl Cfr.K 74e 15 g BflKpl . .. 'IMS 1 1* 5| AfbotlMnt securitlcc (Ctl Ltd (aMeXh) Save & J9A1 Brua&l. HHln Hrfar* 0514 36331 Cawm'ilieilj ItAU ] J VjIt S'. Si Jer«** !S7J76 ? fax^jeCxJp L**n Tluam': Lceeecm.tfa.l fat Helen. 05)4 73933 LdeSH OLa 21 -iil 25 ' ;moj W#v Unit PD B-m 42D. Si Hrlw. Jrtvri H5M •rxFnaimFS 91-626 PO 73. Jrrwy Mix, 5!W Sun Lift. Auwuct Ud _ |eaj|7 A .1* Bf> Tu"«Se.'l 31 3Pto 00>* si hmKmnto - ...{risa !«£ Owu. Mmv'M fSl 12J i iaoi -oouii moo WMiVexil bee* Fgad BF°a lire. 889*31. tan T-nb 21 7 912 SFFC fta M«M Fata 1m J-.'OiJ SHp-ftCMr,!iwi!:''i >>_ G'PbJi trtfl. |)I7 III 77* *• l^v l'>(gui ,V«7 tri* C2,Vt5,0J l farxfSn- ru j.DO l«d «« (221 HIDE » »i*7;a . -.iDMU 57 UJAra Hnirtfflrlljr J) ilAtA 1911, ' |( USSOniVeiA IMWAwfxBn. frinu HU1 Prffl Aanre*** IbOC - . J5iS II r (r.xix SlSUfaS 0 003 9 _ . |W*G8 24 54 9jJ trir 171". IU1 *TX Bnml* •• 2V 166 Ob OnJ WIT uaaerre L>g S443 - - ton? VeljU Iran 20 . rtll* g! Iwnit!: ' l-noioM Japa" L Pic.l.. Sjl xj are >**i Si*a> l«A .ii leei.-u I uifflT <1* 14 . Jl«* I Martial )n I Irarx SI NCO •||AT Eorffl, las HAtf Mja 21 . 55801 Pm _ . 7I7J1 4 -,b '*1 SI . o rajifa Sf-l 73 kISi t.if.iee* 217^ 7741 Lngw JOh* Annan fatfflrtll' Ce-e Oil* J S* 19 ?! 17 54m 7U «J 2 I*. . *: Maaaqetnent luternatiam iB.1L799 Mfv. » I J Ltd Ivt IHHMW . .ITS* * M'.i'rntrt . /.l Hanx 1090 .,V»-«1 M Pre-fa Ufflifa -» 27 LWiTax . V7JH - lttll M Mffl iiacea ; •! K-leb S* t* Pl-n li>Hi« .. '|?5V IUJ> '•PlvMI'. . I3»< iv I turn Ot (Jnm-nXJ tHO-.l UffBfflfl J 80924)4000 101 I Uw fmlaM Fa 5 IbW •ZZrjTu^'T,'^ ««; | ir«d ;..t llbC it'i; 7X • bm «nl>W-.. imn Cmfci Australian Gen Mqt Ltd DScD'C . - . |?7IJt JO _ UCBffl taenea rs 1 .4**5 Twra fa* 1». 97521* Tbicv 147 j.-v, itoeww - -.iMI t-fir'l -Mu I J AH Al&ni Slir.1. DrtrqLr. li.M 0624 2084) SlJbB 14 11? -01 75 826 B Ufa adi'Cfi - S3 74 12*7 — ?1DJ Hcrara, ttataf TraW LU is! (V> HpCBUfal An MwW — '!Ui II* u 314. 73 P> in r. I i tax: are'-r War 21 ..NTT in?* _ ait* iir AS fal' aaenae O .;5I37? llbuto Amifatxrma -M4} IfarsEffl-Airffl . _ illxQS .at.r- A". 1 7 Ik; 14 1* taairre . -sjj.76 71 — faxtai iiu FarU-felie .. i*4 UfaSMwgM - - ^'O? ^ -DJJi Mel Afnl 1*06 Art FPdBr^f. mnrt a.n>) aj.a ilurift. ' f,4. fe-d-n* 4ru 8 fajc Ill'll' *SJ2 PeJ 12*6 - fertpth 4tancJA Scottish Matnal Soeiety onaAd . All 73 Awnm ^'^“‘foT'asr- Jiff Irt lyr .irnre OXH-f _ ... ssr jjj pjp IT.X-. Jl ’tar [1 Xrnr Oanmt tfj, .,5100* .: : ?>% ; in'ji larauni 5«. CUiVm. 041-2*8 djn S*a P**^ A 63to iST . ifiV BUI Multicurrency (SICAV) OIL. »ee MOM B'W die >CF Ufa — Up . - seoi 5 •0 21 '. Hambmi Bonk , Flril«iin:4 . ..Mil uu^ - i, i f, 1, le* 4/641 Ltd , 7* tafoiiJlluDdeiill I i .-1HAV . 514.37 l jewrtliM ?JS— Si P|* «>?l • The Eaabsh Trust Gnu* Bnlfaffltatf- LonoiM. i In’ ^ Mtf&'M AJII 4. .. I I 41 LCJ X IS Heim 1 185468 01 583 JEM »tta« Ireffl. rata QU'ib GeelscT ... ill 406 •001, • 0 3l| - 5*. »ta« 067*18738 HUnficbim Hanover Geofnuds I'. . 16147 J 1 16AINP Omus HffM* Hasbro Pacific : 1 y Fund Mgmt 141 ..... I 1 00 Sxnvravea . . I tSIbO J 1 I Ltd PO &J. V. Prfe. Pan. 0481 v! ScctUsh Mntitaf inveftmuts L let. 117.144 (le.La-e SUW,. I7J* 5 Cuefflf) 23961 SdJffl torn ' SMHla* laOM^ 2110 CanuAm rmirr m. rx, «cxx> BScauar Mel dUMfa UjeiB 78 F '-r. in _ . Vi Jl 16 3* -3JS itnsiVowoSt.CHhea* Mimibx: t.vi i seen.-g 1 CO I I - 37* 54 31 b9> • HI ImcSt AuM.aHaaFaUx. H fSe. 1 1 .*4 Gxu ta • |y?4 BIA Band mots AG 96 11 ST • (17> Ukiiruu . . :n*i J mtamaliaaal Mgs Ltd 14 2* le. - . ll««) fapoxa*)** - 517 * - San Idt CHteJOI. 5»4Jr*Li»«J Equity 4 Law Fond 51 tarn Fd Uji . ‘>>15 v sipjn 103 or . —. ritf A Wl Ptatwn Km«ra ]U BAAememw foe. • 301: fawnin' Hl.ftfla jaoaePmwUJi.’l JaouFtad. -,5I3H ?; IK’i.n ' jl taM 0674 7 7877 !s.<5 51 1/ fan Lfataiv » Un> I P'Btatl HM.DlBfalr •SI 5836 !«* > ' 7’ *•! Cacnm!|laia« UL«. ree.5ujB.mn 71 >SFU"«75 II5UU' V*h»»Kx. faw-taOtan' 'TIBS 71* 0J> feonr omaavus Feta .. -fall -go--: *1 JWMIMUM71 . 'Ihfa? 179* x. an. Il -Oj, 1-35 9 - F.~ ijjo *1 1 Caei-tta -loot 7rn-i»' [fwailen, '?£ 25 3 ' l? ._ . DVr gne muj 86 lAxxetf >j n ai u fta 'll !* - Ltd i»l ooni Fa fjiuptnlj^. . .IIIL'n IK/* BMP tax Uamnt Oerter) re LrHietfafe 1«» Hd/obroi Mgrs (Cl) Ltd jiS . . (.> fantlrfiKin.-llKt nn.s - »fL LXhn .l ft — PODoi 15B. JHrifat.Jrno 0934 7)011 6BrtJi*mmiuxl«fa> -»l II" lll«j •ouin PO DCie 8b. l»l»T»'<) Midland Bank Tst. (Jersey) Ltd Warburg fnv Mngmt (Isle of Mnn) LU i lull 1181 26521 Corn. Scandinavian Bk Fd Mgrs LU - bh run ll '1111 (WKnnllntf J9X? b» UP Wixmnei Pwd lid C I'l . ibO«b 64.1 28 M.H 5l. ii HrU»x, Jrrtrt 093*72196 1 TtttaWJl failed. Dstaltv. Ivlr of K*r 0624 7*956 1 * : farAfio 809-40-98744 765 M Csyfflaa. •101 1 1014 PO Bn 1904 BWI . fa “ . u>'aenl..H'« itfriutvafstJ. ....JWi* is 14 F-ffl Ufa UlVar SIB faMX'ffartv ...rt ai c-h . ois fane fou fwm. 76 9 814, -Cl| 6.* • : ’m: n*? nsi MbiNLS ftuall U W*i- !* a*. OfXlxban.6 Drpcai )>»«l JW'Ufai lenxrBx Piae •'?,?! (: Ml 1' An*ncn>fta—fiCl Urn— . : ~i i • - Data 147 ] Ml< -0 7 D , — n£* tiiiabrt -.51 4: . 1*2 563 11" I dm w 1 eta tta-'jFa ...fi)29 . .17 1 Den 62 Ddutmi L 1 074 OoHaf iocMf fn»8 Inilt % OMaffln . .lira. Iu4 . 030 I K’r life. ' • Tnx. Bam f . .-fal 12S - linr Vrilffl](Jnwv* 1J*H 0 -, Wl A e 77 Prcomi Jtnd- -.-JjaCJ PUmuqfodlM x> ScbttaR Fatal LU VifanuM Si” s-x- U .. JU J LfTf -J7- IB* Sun WanUey luvrstmenl Services Ltd rifa.i*- 778." fr . Ad. Ve.hayHir, PruapfXJ Hefa. OouSLr.toM 067* iWOmUMir* - SET6 UJ' V Bunrifaru Hwivr farm* IB 1756 I 112 78 Cw*M " rfffi 2MOi.es >i' ... 10*2, -OT. JU* faMx're-- • I ;?» 2* 10* l. ~ 6!b 1934 I 4ib Ft*. HbKbauffl Ktci Hare Rne; JV94 ien ee '6*1 ' 5974 i *2 KwmwJiM L-mkire J Bar. V d lU v» 1.7*9 I. limb 17*4 538*702 'a xap £i?ai 17u? 7 18 14 . HU Into . 65071 DO] .*s . UUrtfro Jam* 155665 r (J FsJ. ’r lRI'i Swhi Pfnnan* fimxl ifa Pm I - » Up Lttf Hr IH* a .*u*2 n 427? J5Jfa F .ii iffllie*-4 I1 o PerOar All.') FjoJ :-.5!' I *-'l ;*24 . (UU> JH7, . WartVfflPnxCtalu ..514 7* J 2*5 Ut $ i.'i — Pin 177 8 p V* h 'df Guernsey Mppt. Ltd OUUrlMMul • ' i>! -v ItlWI— !vi '"bdai 3M.'4»!bl Bamlard Brandt . 157(0 74 «cn A.fa.rCxmraPfb.'S «.'• 75 »l I II J. Keary Schrader Wagg A Cn LU 1.+ T, » lm»»«pin«W..!lU« i . Slixewi OfBH.l PO Sue 71 5* Prlet Pom. bifmrr P»271 V VP Cfei.HMxell AFI4410 1)6 19 ! D99 6000 Secs. (Guernsey) Ltd ft MjrurtfaCnrrpnit 12DCbrA6U*e. London EC2 01 382 WestAvon Pnltculo - U»» f-taj.-i t:^9 ; . •viB F faff n 0401 26541 Mil V* :: U: 5 £ Utalfa U5S1041 1182 -CIO fat 15i(t Ara'bldUjribS . I 5I3B9 D<0 Boraenee Hve. Petra Pon. Cirtavv SI BmPKsroFb*. -.y" a »lPt 1 : . fajx | | . I^N - Ml Ufa SUiaMrt Sewn jj 72) it Tacbaert 88D7 P51I AAua>F3U4>0-74 . hj2JJ MODI '•Dll! 4« . - .41 II h FmijilarnM. piBi ! ' ) - r *(-. j..-- Cw* ( GtoADmoaH I2J . f Cepeeir QrtUitalUr Few* . >* i - 1 FaxilaX . S4B38 44 11263 -HO 37 & ail f Ufa I Pm ltd Ltd Minerals, Oif* Be*. Shis. Fd. (nc. (4ngual*ee taw' . 4 in Feta Fto 28 519*8 Japan Fiod- .TlUiW 0595- 010 ll 1 60 17 7-4 LtoAer^h lUmixxiCwrtrfa 7 )>n-.7ran tan . W9i.'''ef t Si fadm Sa 300 Siloffl RlajA, Bjw*a*. TbeUm AILfajanei . J 5*6 11 I -086 Ban* 6 Cave 74 DlObb IB 7M VcvStaerv * 3.033 OJfa EM ... ||JK«. |4bC 3 Murray, Jatxmene (In*. Adviser) ffl*Tvi*fa_ IS3B14 «0 li *0051 World Bond Fond u.wa — 766.406*1 1USS1D i I •k HAD Mae 12 8Adl Kftbfl Lt.HmU 1 17254 : - TS3 Lite Ltd '.3 • 44) •-it*. tawi . - — -fi* it* 1 k.t* i, Urfa». C2 0*1-221 9152 rasesMuf..fi]J18 1*13 Ucnajcn- PO Bos 190, fal HHee» lerirt DS34 7*715 1)41 8 HeBmp Scandmawiaa Fuad Ltd MiniWfa _ . - Jl*7D POBoe 5 '"T|7f pv.w*Pio:pg 02)4 'JIM America InttanaUoaai SA x^rfa>Wa?5. . - - 1«{ Bank nf ErmitascmitaK ManManagementa ement CayCayman Ltd jndai idAI sms: t*b«0| l UltaU DOS FtaS HAV 1 SI754C; i-QUJlFl *j»i i> 111# = 17: r 'A-ina.rj* n-ja - g f Hoim OaoPav. A'j _ 147 :a)i- SBofeniiel RorAI. laeumboein 00 Vjrni I xxe Ala 2D '25.11 7b 4& Ira ra*l Iran..- 1 * 35 POi Son 2192. Oijnd CirfeUL BW 5faWSan».anrata> 19 1122 7 111 l2.Ua lurtlnrrl .. -.11190 i. ) i.f,— .,r.-i :.”.v J Pxi iK FuxdllH.falV ' . -.'176 1) 177 0*1 *83 520 - ewvnriK 7M alieitarlcx S19S8M I - - . Ml jci^ P •<-luttm-a 17 * r. «". *« * MU I arid Fund SJL l«T' S2I4F Henderson Admin. (Guernsey) Ba Hi Si Fatff Ron. (efewi 048128/50 W cbmMImeauo-114 I Cun -IrrW* i.'f' •&». - I - ' ,,, HEX BritasnU fqt As* Ltd Ung* Caitoe* - 4771 654 6 -370a 611 2 Bcalriard Haiti Liirnismiav ’ll, HnMwA - - .jin* lii’i' Fa'rF.x- l»far. Hi ,W r* PO Bm n. Si Ptirr Port. Cvnenr) OiDl 26511 V pfw fa, Bait lays Unicom ifllernatamal ".620! bW Vet** Fetal NAV I 516*0 - -0041 — <«6oi elrfave At:-n Kau'> Amjl il. CxxsV*. icrW l FiMMieJ* - Uieenll Trull >17-'* fill • l *1 I0«1 Ul Treed 5ef".-x|faau9a . . Mbb -02, t« am il7«7 IK-1 Enc.'le*'*' .*3 e> ll? life Group M 11 tA i bl?D KHI lira Aaearaan mh vl 021 07 2747; 170 Cura Assunwee 1 *4# -00151 050 10a BMJavjtd Royal, LoirtWetira . Jim i •:s' i i Fax. Pmxn O' . . 1 120 - P IF-J .11 4 J ! Prn ITT* tm.- *V* 0778 f 14^ ! bewaid Trerd Slltf 16 103XM1 440 5 11 Monemef Si. iieeamWIk 78H 1' aattara** l*toiex Cas... 'l 32 1*1 ll -OOQl. 0J5 Woefata Grte Fs . ! 51671 -0091 - - I Erl * Target 0161^ la Lbeil Pontina jfai '-•Ur-rrl . -1113 114 .*» * O" dm ... Life Assuraice Co. Ltd. I***- raen! I»1 tagi Li 1 taJixrfer fel Ell 7b 74 lumcxandf J 115 5 AamaitaFc... .Ml 07 V • 7 it 1*3 lot. Are U A G , t L«ta .1 114 , 5lx I j Ml SlnHx 4 Bi'faxrd fanfab PrtUu c iMiWavae. . - iiSi Pr*KJW«jif«e -ii in l4*-fc* •*. CrX'n F-An r P.'l. faxT Jxrv ns ; -k .coi.- e n Jl 16 5 125 X »|F- 1*» Dm USStadUee, fa - — 1 ST? ID i b*D IXHlftaxIl .1 IIS 3 Bralajae F eeees . . . _ J1F51 4 -cn 15b Ca Or* |L-i* M* *01 SWu Man Porrux, 14fa£ xQv.ll fa 24 • — ’ -201 087 VarnaKbi Dynamic Most Co SA *n*n Aiwjsn :5fm: 5441 pw Mun^re, re piufpn , j *4fa 177 b! tW.itnlua n* UnP M>* lauMv PanoLr Isiw 1 154! x<(0|d 10 VJ igelloos NEL lolematiniraf Ltd • 404 RayJl. ATe-le-l SA . '.‘.•A9S Boblexjao 5V ) »«*lx •’!. - fa. — 3 tf, 227 $.£. Europe OW GsMFta IV 2<34 lunrabnif '^U PaDnv.. —a»b Ufa«i :S3 ••taunt [eenwvMlVm. v 146 ?.*# xQelSb A 7 Pfanm .*. -.11 4 dr Ij Ibrnle Lu«4irtn» iq CibWTr.Ec Hw. il Prin Pan. Giwux 0681 2*561 KmhMlM .. |9B5 mi • 0 5, 7 37 *W»Tr<> ...l 614 54 ‘ *02’i _ imh LM 1m - Jwa ITti -a* ITtaMSlOfaftarUhOraM »mw DKbtfaUi 41 fall ecu*: mjdsv !Xi r ifi faewiTuGrp .. — Etafta... 1177 125 099 . I 6|444 *71 lift n r. b Ii ' • * LomJarn IF SahtOu^ Hm«. I wed#" Will _ A»J 43 S i q 1 Dtaw GtobFa 1-0 do - • 5; -a.- (Hu-Affll *(n ... £58 Aym 5, O* -*'. 1 1 5>fx>ue, F i . 138Ji 018 >'f;. -e A-* . -«'! . . .U2 P 10B ll i - fta - .11794‘ ^ih •5! mu. *0 |i Uffl/hrA lac !(« 01 0776 3 rlex 887781 Henderson Management SA 2.^ PtnCnlM . IC2M5TA 920 L 00b iMf .'-7 -7J! 5 ti"S*n . IH2F - eSejcxCtr. ,ls61 177 b -! Zero Bond Fund Limited «9* UO | .2557 I Emusejrl snur, Doom-- TlMt inn bn. tat WmmJIAcr C^prOofasilMffl - 563 36 i •0.39' 071 20 Bootaim Lu. 010 3V2 21402 IS 04' 017 Vj» • 1 . &e«UaarCU4UfH4i Ifa* 7 5/3 'ncj IV. S'jre xb I pi 'tatadF . '!l I i F21 PO Bos 206. U Pnet Port. Gurrmey 0481 20268 IIXxM kfavrij |rt- - ) tan• fa i e.i en layttlnMt 1 .1* tar , tiuiar ritolabani [1078 iifag 7 55 -k 1 UrnV Il'WX, Jj :51 I. *OV 4 vierj Mia Vai '1.12 } 1*1 - -OWIr ImBmlml - .51 I229i - a: S. Widow* uen Pac4n Inee - p5R Eurotat Investraents Ltd J«xr5ab7iaa .sr.'s : bS •DOS LM Scattbtl troop ywraixm ml . tlioj UD latararfom! AiL 1U15 Dt*ql*!n •Mr ol *01 JjpjaSrdlrCavStaFM *.’70 -001 RQ Du W. tautnrw MU 031 -t-Wt faXH 1 AM.QI Sum. DM Cetatatf 5077 4*t- IMmaM . [ 1' ll"' MmmaiMi. M07 I PwJl^5wrwa NM Income Gwth Fd wPoll Mw.*7l — *».' T'O. UK aqriKv FIS S* Akaev 0727*1122 S)4b 62m *0iT7 A DoStaCitarocs i(73b - IHX-OK . . -4 Iljxfatif .tffi I HifflgkbaSfamPiM- 7a )(W bouferartl Si ^ ftHlSisil 252? C**e*Jflara IJ0SJ6 1307(3 2 Fata. LaicnbtaB . - 1iio-OS* , jur >r.P*?VU*#2l-. Jlttl IMI, “ Swtalnffljasataitaairf .. _ , 5 '15 ua-UK *ffl- - "a- > VI' i. .’ (euu )A*. Ida ib 24 . .410 91 1 _acM ... . j **0 S* i iwPsMUptbjl .- >039 *a* 71 Heritable & General Fund Moors (Jersey) Ltd VtaCtaanCT 205 7 J Money Market 11747 193 *. Fidefity International ULawwoCtataCr 105* -0 5! 610 I.UiM«i:i Banna Fuad Managers (Guernsey) Ltd PO Boa 443, Hrhrr, Jfr-r> _fiB7 Mi«*linl 2W1 9BoM5l.S1FMerf.Jm49.CI 053* 716% Si 05M7514) Nat Westminster Jersey Fd. Daaua Krvnwf sta. Jl 07*5 l 02551 BU PO (Lu 71. Si Freer Port. Guninty 0481 36541 CBFual Mgrs. Ltd JDS ? 812 02 l?9« : )65 LU* hnona tot Ltd Trust Funds tb-nFua.... OrJtoev 33201 PO Bu 670. Harndoa. Hamnuta Brua Si. 700*1 UMOi Oslla F.irV fS 2325 St Hel'rx.Jmay 057* .’.a -|*s « arms Cum*** Fw* U* in F* , |U1 U 37' , fa?.' C^ffliLeWta. BI5BI -21 2! Eojiv I* - - .1171 fata . ,TM9 n1i95 D fjryj. L, 1 Hit Lv MmiMw Find i2)l Jt*S - SxiWai “ 1.V i? Searbail ... I 11085 .1 I'UbFrl/F EfajCr I-?' Jl-.*' . 1*4 0 193 Dm *1 ft 203 . •- -;no% .Hit t Ear'll L'fr Fd - . b SO 1 srsj i r,wa>« I ml ‘ Are Weill PHr.e^ ec>eFdi4i'fi The Charities Deposit Fund DM3041 1 Hill Saamel Fd. Mngrs. (Cwmiey) Ltd •wl . .0*4 U» 712 Tl iT3t.Hi ia- - ..iUCjn lt2 .j •9 fa SFetaahal'feFS . Ii 72 9 185 -Ilf I I - AenlialnA ' (I . Be PO Be« "njh —C«, fad Bn 195 7 10) 7, nuraobWaO LsMaa EC2M IDE 01 589 IBIS ;1JH«» l«li i1 s ? IMA Mi 35 St Si Peter Port Curfnvry. O Starala ia»F9 . . 2)9b ilbO, •0 Crnltl . . 'W SP>vuFmai;i - I - — -ito Ifa rim Ihn —faifa Off «Mta5 5a am 29o> DreoM - I 1185 1 >mb . P . CwtbuiTj "551 5 iS7 2> Juj LHanedi'bh . 115)4 16* M **jJ Pwr. H-ffOla Ira . L»t auw r Iprtuwrrlmtlil -)v Being taleraalfoita! Group Ctumtt Ih* Cremes frud til HoagbtaRtarFd .19436 101811 4022? - Pm Etptf»7n W 3WI J?** #J'*.-.'IlVM vi Dut*fa FU 111 .. Market 5*wg* DidUe {Lev. . - The Money Trust 1901 cantata rower. Hong 60*9 01-408 6L33 HIM Samuel investment Mgot Inti SA . 57)4419 ixOOrlb; tfje.a, i« Lr,, nwi «».'• If C*'a tax'xxi tW . 'SfcJ IUV 1.I31««.)|V. 9'. f 4 ! USj »wr. SS -:)i fai.TUej - Victoria ' aer.Mta |5I7 4) P10 Fairf" Jcno.POBoifcJ iHn *14227* TclOiH Cl».- I El 121% .C0D41: 6 3 On Si. CC4N4ST 01-2360952 MMFI.U —-..-pile niii 1 riosbm IK 76029 tefafek ‘•0 - *14 •tm! Due. ; 09*56601? 00341 CaBFto - -111.77 880, 1797 on ifMfc fflrfl J0 flexor. PDBoc2b22 MngmL, Jersey l~n lul iK-rnCkd.- JD7-’ Pflliw f in ip) Wi 4122)0 M4I31 22405’ uco'fax Scrimgeaur Ktmp-Gee 0- 5b D7t Ofa:b CUfa. . , 0757*176 Fns '1211 Ift mb 170. 'Cl P.'T. .s t)7 .aWN 7^t . nN PffnMd*.ol*3u : 1 . 169 P. n P... 1 Or ri 0m . - ilbbB «C?. L y Wl, .1 OoMDfalFjrLcJI . JU r*. r0-.'5 I M 51110 1420 0 P*4< III . r>» lib* fabt Cta* j< FmJ . .. 4)6.1 44951 Oppcnhtimer Money Management Ltd 1144 4; -*fa 4*1* (r PHUmCMMlKanJlIM* . CSF'BMMu-di faFTB 2) JOJbi «U J2 . Pjcta Fa ‘l ? Vifabgeo'H yilanwi.nl . jd66 _89jj i 636 66 Caosoa M. £C4N 6AE 01-2)51425 PvClEf»*>c*M - eIIBJJ UB1 *? a La'itr- l 4SS* »; Wfflfa'fl Iroralvirg J? 1*43; Newport Intenatloaal Mae . iDUlA . 206 ita 74 IIJ 27 1197 •001 GJiBuis 196) « 7i; 79,6Mt1e ..-i|«9 8 14) tr • 01. .-ir» r in i(> l.’J !• 4-7. P*e"fa FewoIi* I Barai Bun* o* Emnuti Cab Fm ..,1170 9 l2 PMPnaWwnT* UFart'li n.’i 1 lie* :0 Id Oci Berwoll 8092954000 ei:a< »• *12.774 B49 . . 1 1 BoraFa 11417 1 7 Ftad _ 278 1141 6UU 1 nil PUObUxnbJ* . .11721 172 L •a.” G-j, JWi V.-. Jimueier Tm bj| -a;r 510 3b «A27. KlrMuen Brmao I Fcrxluta 17 30 7671 SentiMf Life pie itrrtirg Aemfa^c ill UK Gratae crrod > t}74J 3 9h? *<3H>> 215 W-fflUtavKlJ . <1*40 156AM r 4JJ ?twrl«niHdi E.C1B Sit oi jijtw Tutbrn' Assurance Caeuuay Ltd Nikkn Fleming Group Mil 48 IntL Cap. MagL Cn (Europe) Ltd Ausnnct International Ltd i - !2Cfri.uiu>ci' UK. Bmo.it DN1 A M 320.' 241111 ll5*mM'4 Sentry BHhoasgate Cnmmoaity See. Ltd t oPO Ben !0i. berm** Cl 0*81 21438 Money Market _ I;*'. iJ9.li tDndon « F Datap EC) 01-630 9858 faferVa eUfa*)r«FS XlDJb 1776. HaaSilua5. Branuu 55303 iw^pHa^i.Cjri ; 062*23*11 Agm . B 5% POBoa PO Efais <2. OnesUv, loM Mpfa'VfflxaasFa 5 . 211127 11 I — U.'t, ITS t. — (51705 J* lib faifaijiiinTi j MnxoaAwr F'rOA . ISsH For FnSbProev Psora 0377 41454 a«M*C‘Wae*3 ... 384 54 45 ?3j llfaffled Fine irrirc -III.. li»s I l- FWiEMSAaea* F*nd 011*05 114 3b| Bank Accounts ' Sbatp (Albert £.) k Co. CDUM1” Mavk 1 . - £*863 515* 14)18 Growth Fmvmj iKrtbiM Fd JSI670 17 78- Sttata-- - Nomura Fund SA Seoul luterantfonal Trast Gr E aie.v UNriOulf&irTflBniMVswUXR 021 23bW. flifanna Mar "S10 rut 'll MM Mkir tad 7 UiDOta Tiwsaflaotic Life Auer Co Lid 2 DnJreunf Bcyal. Lbctatooivq ijTT, • -. Mel 'JAR ml Cr -6.-, Fast Stair. Korea brent Trot Co Ltd MjnC'friJJ Wri _ iUl/6 1(B6 Fgrbes Srcorttks Management LU DffahtanM limb 21 ,J - BN** kd Camujis Rpi i K«4M>ai’ua Sendees Ltd 66V 111,313 3171 hrtyta & Ci pic 1 BrazM Capital Vicler, Kisg than starm, laaooa, V|M UjnloilMW --JSll J *K i PO Boa 887. Oman. BWI JcOMnrlifa eft da Caa* Lid. W t«C9v ••..! . no!) 16<*6 *8 ViKifatv UIK40V 535 0*120*12*9 bad 22Chak*i»Sq.Edudrayt£H240F 0)1-2258*84 il St 02 bffllFrwe . . tC* 01*2)2*94 ItaeOM AfaFTVl 01839 3014 Nartbgate UMt TsL Mngr- (Jersey) LU >1100 8 11771 Qu Co Lid Ibr Bnni r«*8 . -1 SI? 270 UAV Was 12.42109 IDR ufar ll fail4020 07 FdSfwCvlo- 04 Slusdia Life Awuynce TraminienutMnel Life In. Co Ltd biHyriKeffl . 19* 8 994 1*4 tadjefawEi* Htoto 1 S714 I I r Hnttram Fond Mngarl (Eiqrauy) Ltd PO Boe 82. Si CNerr. Jmry 0534 737*1 PraantfrHw. WpP*wBtr. ScWMapion B753 3JM:1 faced ice _ MBAS 111 55 57 Ntxh Hotou-n. B'CtV otK! 01 7491 M PJ66C FcM fajr 19 . .819 25 2069e Aitken Hume U! PO g*4 61, Brcitai tar. Sl Jkluf-, Ate. ii Pe-irr Pan. it—*. I*, fond. Data l« 1*747 f ~ Seven Arrows Fmid NV Sw'p.JIPjp Ta . ‘264 x 27BD, • JOj - Bridge Management Goowsey Ud(aXcXh) W «A Crtcrtwy 30 Cm Road. EC1 V 2AV 01-6396070 cvwo LeiU Arecx ull'ac . -S*76 0*812b2oa Remeitade. Netlwttash Apum : .< dt Cowan 5ff M.t*Cfl J JUS J4I •IS - POBo* ))l. Si Pelef Port. CeeefbMi.CJ 0*8171071) 5Q North Star Group nf Companies 62 TivairavAu.. - him 12171 On l - I ton**o -. . JCl* " Svarpslrtata -- B14I l^i 6177203 l Srt t-.'E-ai In 27 1 »S» •10 4 •Opsy - MAVIS*) J Nib lot Cas . . . liu»Ill 1270 Mlb WrtfevBiCDaMta -iliB 1553) MmawaStMlm . .11158 1161) fa-0 Pramtraunm ImmuMCU! iLoreuacmg) SA OmUMBjIfff - -C212 231.51 -OF 613 5f'r-?r,r3l -ill 221 7 VskfntaC Aaeed I* 81 347 1 3M *0 tlM 1100 Foreign CMadM Management LU UtafMQPUr J«)» 10987 tO 02. 5*9 258eSLRdialLlfn(«nBaHig CuPtaro ..7741 lr’-r- 41 * TeF4627S Arab Bank ULw, r 1 ._,l4=b I fa - WorttafflOJalCAn .01627 171? *U6V - Singer A Frietffandte Ldn. Agents AfUed LU re T.I” tJiso7 PUHVfief Hd. Ltmoos 01-6234*80 SUflaeatkyoM . llOJ 2 1Q3 ? > lb 06 MtaiFmd pbiar. - . W - 1 Uvnu EC* _ 8 TOC Srxe- 2'jww.ra K7 I Ml 1, -Cl*. | Meo 5*. Brabopvtaf. EC774 aHH 01*233000 47-101 tom- Sl. London. EC4N SAD 01 2R39111 DoLk ftnmv, . .. . 51000 1 :i Df«rulPfl. . j D.ib Fens .. loiCflsAD . hva Tun.-.— t;*l7. • — Managem FsC Altrtlix tar 14 . J 516 59 Lb* . lb9» 1 “ fa r.7*i h7* Bridge ent Ltd I 905= 491 etal 0*1 DrexJ . '0*450 Tu MS’* i 1920 LU H'BCA '1210 IT Siimterx4.il - .U71i> *.' 67 SpibW 3 JH H

*kri4 Earuru fd - 1672 rtCtawxulltaP). .J 137 . 1 r CoxOFm ..tofeUbb ! f Miiwwt. .*. rs w SI 6 2*4 50 127 R Bank of Scotland I 528b I Werbh Arniwn J VefaDwov* . . !v>.m 11321 *7? Skandifond IntenatMnai Ud t'nhn-n rc .V- >l‘,bl I 2EH. - >Kwfa Fd Mjt 19 . J5*4«« V9 06* 38 IhavtawtA- SL EC2P 016288060 - *!* ;! Norway Find Mmtagement A/S P0Bm44.Guermei.Ci 0481 27111 Uj \ Milts l *W ai 1* Hdcjun SUwtt S' HHae. JMirr 053*27351 Hnteam Fond Mngmt (Jersey) LU , MtaYtoiCwaa Judo is 1220 WU - IbU'Tiroul Is* 15809 1*0 UuPit idfa. .. 5546 WJ7' •hi Britannia IMI. Investmaot Mnmrt LU Fmp 6 Crhffld huiK Atari Feta HiU Sb-wergi 29 015*. 0-Jo 1. Tri 618100, Nw>sj 8b2f 2BF3* St Sl Helm. Jervey 0534 72156 Era i.*a ^ ' MnauoMiaa 17 Sl Heine. A 5aonTexi4USS. 510*8 814 SMUmifCDFd ... h6990 - 8*4 Barclays Prime Account Bm 271. Qerwnwsr Home, Etort" Street 10*D Fd S50O 462 Tntient Life Asuiraoce Co Lid B-fatal FeniMib'en 51761 8 42 |pcm« Bsnd bU Jersey Cl 0934 73)14 «a*ai -05 Ik OfJ 4f>7 PO Bar 129. Nontun^an {MM 25289) Lofflm Ci3*.:^J»i r- Stal Trent UD 3b 12 J* AoanBctaFa &J» 6 Rptt M Jenei IrMv OtM taU GraMt (CAD) !J»i -021 PFC Intematl Partfolio Fd Rngt LU Heyb IK. Cotta - -.TO 75 00O< II 70 Ota -iuectk . . iWtfY C-UiSarta 517 85 931 0- POBoe 30927. HongMwto 5-79084*8 Saciete Generaie Merchant Bank pte . r.ie Gqa 2SSD 70 Mirb-CMrBcMV- 11492 B 56 I.C. Trust Managers Ltd Britannia investment Services Ltd. .jh*J2 Br' I 11 faOK'abUbraetaFd. ..fil52 UOI i - P.Cpffft - Sbrms Bata 111 54 ID 50 60 bamasran SI, Lotata IC3V OLT 01-6264621 HfQB . .... 814 97 ' 9J0 5a Gooeun Onegin, lofa 74-7BF stdsiay Pavromn. EC2A UD 01 5882777 *6f*a U331 0*410.70 30 il. 0624 2SU5 DAvxM&Msrs._ Kim na *nr«l Fa >**l. PO Bm 10*4 Caynffl |-,. BWI 119 Caras* Sl 01-623 929Z AnUsm Wa99 1 Pawnrarr EMM 01 U»r, - . 10i BoeAewO Rnyfa. Luimtms fadoai * Ire Grtrdto dU) Jtlrt 542 I -03*1# 781 Ulk Stop** M t Formosa Fond MG0MF6 .. . I QOUFiita DJ47 OJ7J1 UL20 Sutore P150 12 . m KAMA I 16*2 i *0131 - Sffl-tt&o.. pHi IbSsdFtad 6917 fl-«5 -tUJJfl IfltoJ U S Dctojr (72* rn-*l _ _ cjd Hone Gown Am lid. Heron Hit 319-325 H46 lor We Ii A G lor Werjfa, LU. LctaDf IwM.huwfy — -- ipso tanuehwmTil X25 MV Intmtctaer Islra IraCfflerd 6)77 03751 -0011122.10 Giaisa* Maru .fiTfa fane* - ' - l»Lo F*UI... 1AD HoUmr WC1 01404 034* . • 4>1 .*.•• WfaCoNffl.. .325* InmaePtoi N*4 PO Bor 85640. The H*gw. Httkjnd KraiuNsoo.- . . C'«w Oi-. . 34 WAV NT5J9I 12 IDW eur USUOA67AO. Pacific Grawth Fand l<9- iiWI EMmHrh FHUI 5b I. Joann* Van _ fVffl.ian4.CU Law Mil I0*e fan 2* DFU5757 T *0211 171 Standard Chartered UK. Money Mkt Fund taulow -|I37 2 Far Ceil FfaeCI/e UUB LOO 2L Bmtanfd Baml Uewvwg Tel 4791 . Prt»i Fraralingtan Overseas Fond MngL Lid 053A 74454 Uwrt 161 - ' HIBaaLR5iHmr'.Jenry^ Cttlbaak Savings llurMt( C< kTHuMSWi UK Cferaa Fddl *02 I nternati mial Bond Trust uvSnkT* ... ) tu 17 -OOP - P.'S* Cc*T! (ill ...... _ fa. 3 075 PO Ba» Si Pfiee Part. Camay IMI 265*1 Store- .-»ii:.4> 71. Irani Bsaal. LsMtanara Si Maitvn Hie, Ha ,P«r. ClTl .. 2. Boo 57*6938 :ce rfM) 1J1 Far K0623 06551 - I - 05S_ P»H Hum EtaFned • - Parinter Bond Fmx) SA MoararfaraUl Phb. „J- B7*> - Pf-Pl. .. 1315 CICA daw (tack’d . 112.M I -00*1 D-farak 017550*56 C^rxxMf 9*«-, leunelMk.-. 10665 0 70* JA j Fra e*ta. (*x*» Ora F.xcra Pi Ufa *:« J I -01*1 put* . 'xn.mrMIfaxI J 17 D CUUBVAVtaKbri.J STOW IDs Son lewd Royjl. UurtaMmg Stall Ii 141*4 FtuifittifOfim.-. Ar» ifajllr- HbiuwoPwtano . 10566 09451 *0U(B 06 TFAV l 51251 i •OCT) - Immcmmi . GaM Feta’ll fnrestistfmenfs Atfantmaes JMraMim Co-operative Sank Cheque 1 Saw !»- -.73^8 • SA •r Frankfort Trust Investment GmbH . USSfatareHLT- . farr... Pcvfbrttofl^ Uoce Ini l"wr Jjp Dlb • 78-80 CoraMI EC3 Dl 4126 6543 .. tmo-wKt; .,11293 14 Rwe AiOnaaea. CitaaikSfflF ! ’S .1 ffl Ml Hu* IncOW - -- Obaeffl GI4*4> fatra. Weevtun 1, 0-6000 Fratalort 'Perpehal UT Mngrs (Jeisty) LU 5ie re U .fri- xs - tasHoliVlur .. r7«l-0 75. -. PrOUftlJTJWVx- MnaeM j Sftai -DAVItamU —1513 J3*fa -PC Boa 454: Si Hrb*>. Jenry - 053*74517' TO ; KttKL-~dUKt SSS1 &R •i Mmlrw-Amtm . — „l 12 l WOefabl t*>aer€ii •:. PlmlnrWp' i 1*6 CoowgM KobQ SfeJWWC Mata If J»Ja4>9 CWO 0U W 52 Tel: 01-283 2575 True. 886100 - 107 1 •• . JU)** JF Atar i CJO fi4J)6 466 Ml. Lrneari Fwa — Ji? 46 HontMMPfrt - 102-0 Pn»P'«Blmj6« - Brawn Shipley Fund Mgmt (Ct) LU J Lomta tor: Dow Fal lye Futa- J55 09 Heodersou'Bank ol Scnttand MmuP6*4Ui»w*li 1117 5 InJ* - DororgatiiMin - 5uO beta. Jaory 053*74777 UMI JFAHta**. *537 171 Stronghold Management Limited POBm 583.51 . - 5lrr Fd 38 Tbreadnmvr faf EC2P 01-6288060 1 Ml * 597 HEdiMEWd'. Lioat io4ij jFauUrdesTa— (5561 bOQ EutatG*) _ JO ID 2EH Jjdjt Prrlonnancr . [in Camuanfavnitinnin Hehtr. Jtrtoy 05)4- 70152 1 .j StrtafBdekHDtari -JCJl.18 PO Bm 315. » .’701 UJflj tartaFaltalB (5154D 13*1 JF Ctal - - I MonreMbLUrara-Ao 11,00 D22 l UOe iitcnSrui'Lo -- -h07J 12* Ce> fa Hu. Pm. . 2.5*2 250 Ltaerar* Sl62 73 ' - .. uttsowt* at C*ata4nir Taffll — , — I065Q 9L05I UKfanwu -Zu .V* 1741J Stay P«eF6 'll - ... 07* JF Carmcf Bita-' . -fil67? 177K Premium Life Iuta national LU t? Pre -. Legal ft General (Money Mngrs) Ltd Mm46>d- -- -.10 7 U91 Tynddt Asiuracce Pemom Btar 5"3y If I 171 jrUaffflTg— . . lf*KSJfalbfl 99897 Benteria Hnitr, Gaeimey Cl 048126618 in Comer (MM) -,_U2B 1 Trast Frenis (Cl) CTAtaSuxarFd'n 007 JFliewTa- TSB 355 Boafl. NW1 3AG . 01-380 3213 tan Fintaln Fwh Btrhil 732241 m:,ih , fi447 1066 far Jlmyrd SlfTtrvi .J1110 - Emm* JK Cjtw fewl 0272 122B .| 1 GTtajFdifl cm 0 79 JFProUlKTrtni’*—SJBJ9 4061 26HMSLSlHeUre,Jmffl>(CII 053*73*9* - 400, 13 fan*n Til UTtaaStaMfaitl . 52.401 112.' IWnUI 7 4fW4 JW3J 107* fiSOM JTiJlvreilfflrtlCo- IY3C 1*6 31.301 • TSB Call Fata If* 11000 ion 5u .... i *5. I HamUiO". Bennitoa '• .fa, f"* wi .-uie ta. PO Bo> 195. .. . • .1060 71 Bank . lli. 10 PLC .. - .J1V17 162* GTAtafAWFaifl 5260b JFJmaeTn- NMBV 6J?5 TSBCJir* Jtf >LM Uoyds Cell. C~rr, 1 445 D 30 OOlj BemmtCtata J 513 GTBomTetalfl . . U5T1 jf Jmjr letbtaionr- -430 *7B am TSBJgEavniM 1360 1*3. 3 13 Lotted Loreto* EC3P3BS 01-6261500 immofou .. |ina re* I 21 71 Sl Euf i . . H10 uoS Prestige Management SJL , BtamsEmniAM.--.g7i2 GKMUfFnl" . *1431 JF frt fares” ..151105 110* TSBGTnCntorFd- 1360 1»3. 313 Actarai 1,0 75 825' ,7 Id On- (MM- JP*8 B5C . _ tbpelfflOnraF P«6«Ti -I 196 UfaVIMbKAU- *4.43 'id 0 Qll GTOPriSiUFdlll - U»2 Hony Baryta- 20 Bnelevard EnmuetaH Sbevils Im 01035221902 TfaBCfflreraaFto* lObO III. tu.jfacofflt - ..Jl6J« 171 1162. U4« 31JJ JT ...M5 15 SJSI 520*1 •012 *0651 - rid ***** 26 Lamharri North Central PLC . UOli CTItarleUL-l - 008 JF HH.*C»fe«ey'T_Bl0JJ 10 W FrebPetafa-rllMAVj 51141 Pncn a* Maim 19 Uni tar —.71525 | luw. Sin - 0 Investments (1 _ Pm 3 * -j 4W CAL 6*1) LU fal Earn far* fanlfl . 51498 i - rrOP«Urll FFe02«7 l *50*1 - UL Oil Graffl* 101* bare* bomb Trwi- S 51274 J 17 BftaKin faL W 3tiH . 01-W9 3«4 .MS txv.r, Prn . . 807 B 16 51 Geoegeb Suet*. Dmglai, iol* 062420231 OF fatal JfcbFdlft. . 115*6 •01S I -(KeH«Ii aut, “Or o—r, lurx '112* - JeeUbwa U140 I70VI UC 2164! d« S TahviB (ROC) Fired la-iLuanx* B.40* 120I31 lln.ll CALCAC-- HOC *? GTHMI*1etaxl J 560190 Leopold Joseph A Sent (Guernsey) 91-99 New LoteiRtfOwImUari. 03*551651 Sodn l F.1IJ — .tei 174 7' •D»; - l UK Ft iffl no* 7 2 HAV 5537. IM aba* 05513. BUD 7 GT TlBUBi Fd If' - Petfr fasermey HiCA ,1100 BIX 1228 tab 1®4 . .i:a>« l/bdl *01 — M6rn Home. Sl Pon. 0*8126648 iuk in ult ... J2*i9 l Cju> 7xtxi'l CAL Investments (Betmada) LU GT PsuAt Fd Ul S8 C87; 077 hfUrd Omnnuu [1160 Wceef. 1119 l J A S Caereney Teta ISHyfadd- 71868 2 Midland Bank PO Bm 1022. Huaitm, Byewtad >809291 55950 AT Praia MK faille ill SUJ5 -0 06 *07 Target Investment Management LimHed pk 4.WJIW 6*9 I.f-.j. b*.’o 775* Ttttmme Hrtugn'iiP Mrfa pnuv 1 5*0 Ml _J1*7# 1 ?cr - I - . 81 4 *021 424 SbeHarKL 0742 3)9991 n 8655 Feiwrev Fax].. . _93BC0 l*lte> CTStkCtaiFUifl 20 CJ, - jyta Ayletoray. 8*4- 102961 5941 POBtaZ, IX Unwa II *4 B * - CAL i j i amhr Fa ]5 III Uffl .. 1 Tarnri Hie, GaM6otrte AL 'T.re.1 . -‘.5r 21# H 4»U5j -JU*li Uoner . Ji?9d ConrodHtlTurw. .Jfl2 _ laaaGaMtbFs J 517*5 I -0081 - Hta'*)Ctoi*>( - [1070 BPV 1178] Or — I'HI IhPiJ l-XI —lien Gartmorv an ager Ldn- Agents lik+wrad ..Jt2l39 DO Sira fan ecu .hill 1 EviSfjr 354 7 Capital lirtematlaoal Fond M s UO.DOO t -...'1104 BTSt 12 Ul tor r|JrV*xnC2 ,nni 21a - 01-6231212 u MtoCmort^fin* ii*3 5H4.Fr.les_ il64b I tfiilianf ..1157 6 43 Btairfairt BoyAl, UmtoBiera 25l*tayA*c.La . CC3 '.urWw! 1143 B 7*MI» , _ SttorUyd .. .1527 TfwtntiHi Management LU. Oppenheimer Money Mgreat LU *»Oart» -. t Cjpcu Fffld J 55609 I *0 7*1 - Kleimifnrt Bence* Sranp — . bw - • ,1771 l«6 5l = ML 51X11 tamey U172 l*3fi Careen. 01-6384761 5m ;sf 0534-27301 16 Fonhaay Lnrauai EC2M 7W hb Casrwe Sl EC4N 6AE . 01-236 1425 r.«djnm* ™UJ4.i _ tOoa , Slb '.Wit 'i . I*d71 *ov JPFeaeJwt* Sl La fC3 tm*rm fiM* IV L - flW.’ Capital Piesatvafimi Fqnd IML lluteyr Fata Ltd (ll Japan Feta. ... -fil&Sf I67B55( »0* CA Dm* lx Fd Bias? WS« (Ul USSHomtoffl) .. _ 1440 1010 AJiNt Pfl AVrenOUiTi. CbeJTerr 061-4284011 fa* (orir 2 J Mqnb »fflrtHii4f* 11 *1 A5 toC™S«a,> X) OuudLfflrer JB* 3 _ ..KTism 1402m +&03I *.« I -..J Pr«e-. «l>r 19 Nnf Mug fair 76 F» pnun effl* Meow Manjeemm Co HV. Curacao _ ju fall Fart .evtpj .. IfaAiJ nod vo« CAitatmF*-. •ODI] - Ciaataa 'ilffl ifanl 94541 m HW HtoMraCmAu - JI70O 6.971 1329, Win Scrap SohMi. . . Jl 56 D Jamnra S?*o NAV raa ouar 51(633 - . “.'I 107 uJ xOll 0*81 267269 Ca«IU6»f». 11412 Crpn-i P*u6c BtaeTd 51 73 Uliiuf - -"lx A •*»*( *144 - Chartethnae Japbet KWnWft Bensno (Csemur) Fd tfaprs LU Royal Bank of Scotland pic ue. SMM IRGeaawFd . 5140 06 SIMM ^Jl)2 6 - fior, 012*83494 - Tokyo Pacific Hldgs. (Seaboard) NV famifarxi* -. ;i|21 lull -id 1 Paieramtn UtaM LC4 ?0 PO Bm **, Gsemry. Cl 0481 27111 Putnam International Advisers Ltd 24 LfffllDWll S'. Loadon EC3V 9BA ,031 557 0201 IrteMF* ... Cl 64 Cesscaa '• =» PmnMtWn'* - IH'J 11b 41 xOS - Cta~e»Ff« '." .. .1177 0 IB7? DtfflXbrl DM22.190 35*2 IFd il7155 laDMj ~ to is .. fi21« 1256a 953 rale o' in acroa, taie atler Artoiaaon of CRT. — LutaCiDntFdUfaS J 43«*b2 I 718 SF2106S 0630 Fd. *17053 17451' I (Accra* araffl, -.3786 3®a 953 CAR. farm have rae* H* MM «7J Lfflnrimcv. UuidCraOmFdY — 2**89J1 sn Rea Brothers (loM) Ltd Ga Emit Haulm to uaAaye'9— 1 taun Trial JllflO Vwbragb Pension Limited Fpxfl 92311307 H mnurat— n s*. no* 7*11 I t-uTEif - ‘~- ,, JiMfflf Vrt LJCJrtCefDolFdOI4..i 2*48959 3.750 gfis^ convotorJ ramal rats. 1*1 Cr. Iiegwon MUrett 5m. . ...1(24 SI IlMSDi )’ t.WOmWlR9L6 01-494 4923 512671 - Gertrast SA 1 ] 24AtholSlOM9lmlBll 062429M6 NIGsmBsilfflv— IQ 1090 Jeea farujl 45 “ fane*w»rms. 1 LuivfaaCWiFdSF..] 1928)19 368 -J1230 3| cmfctM. . .Jill 3 --|144M *20 41 - Juan re* fa 1211 Grneu, SertUertasl J BbUFeta-. kJ 395 I *475d I 70D (Accra* tairevi 11160 14l3 1090 PeiMSouberCa casrrAQiit . ]MTmifaUm..J 10166 22 « DM. Laurfl CfRn FSL I1L42 114S IL0JBO SinenjMlUM. |W0 Fox,'. _ . -Vi 1 Sfa* 1 luer* PartMeo J5F14200 15570 -0*9 — LaffdCf RnFdUSOoSb I a ATI 7ID75 Nffllb Aarcw . . -1105 H fa-lii [w'i -- — - -UP CfDtwrsFcklB 1 15415 ..1 - Sotbsthild Asset Management (Cl) Tyndall International Assurance Ltd NOTES Global Management Corps. LOOraSC* RaiFdV fizOO 3210! [500CJJ Amman Snuitf Co • S r.crt Inrr.r'l . - 3J5 Asset Hpoto. Sl Pelcr Peru Gotrw 0*81.27066 J107 Lours CsrRrv FS . . 41.91 Si JMup'vCl Gseroiey 0*81267*1 Atom oeree sninc raebcsiea 0IOV - CombiS Ins. (Guernsey) LU. DM 41.93 _ Pa« are m Klwraw am bfflse 324 P.ow.;* . ... tV7 7 P08o«119, PefarPon. Gumweywmey 0*8128715 - Bam 5< . LoutS Cat fl« FdSF_(3L2S 312U 2875 PC AffltfSJ* fO- 4* . 4 III .076 i*tmunwa"v . -g«4 S« 6 PO 157. 5» Pnr« Pan. G»wowj_ fil de-jpura, S tab » (irrleb avltf (PUS etoUarS YtM. ItaBAffld 3324 CUT-. . 317 Mbl Bu 1.99 . 430 U67J3 U*taCtaenFdFE_QU53 U25? 12075 OCSwCc-- .. - . 3*74 - .2620 Da 5 — J7 7S Sub* TS0 HiUM ffflH Indni 1-tfdt.K -1»7 132 4' Ms) fats re Fra Jravs *&<* f 1*4 ijaatai si laM udairei) alto* tar ail burex) cxpnnev -Si n. GAMem*.. S10369 LoordCer FdOKr I OCCtaeraMri— 0.98 F*(ilc Cosba 0377 7*55 Rn -Q4J0 142fi 700 JlL2 117M 158 Pnauftn rWanrrX . 10 1? I Offered pnerx raUtae to, egranei 6 pnees m 6 tmefnatlniial Glfanfa - 813620 Atari KUitai-. .fill 21 35Jtf 075 Da 5 EJBQ 2 U A 10d'<3 rSBAmmun TllaJ iimrirJ Wean - 'Iti 3 1688 -02I Cortesa Le«es*0Biv CAHAiVuaw tJbYZZ UttaEempetaFtta-fiZLTO 7467) 100 KwjUn,-.. .JHKS530* 5b za — HaatbAton.Utor . fiTTb 1 c Vaeto bmto m oMw unte d Ejiniaees g Todre'c 158 Ej64 income - . JJ6) 10* talewid Hoyjl. SlHJJb 174 GafataMu Uu-feSFf Eo3 : M 30341 laa Pi<4i Mjr 71 U D. Fit 7 —Prce fair 14 U0. Mar Do S ....JbH opera 09 fote b DnirtoLi-on her u ur. Me-, Windsor LKe Assur Co Ltd -> I -0171 - W TSfiCiwM 4137.3 CyauifM •— SHAM GAU Bmh 814541 •P"irt 1* fflffly LofJrtlnCsB K17 71 I80fa 100 28 Mi HD Um 79 rtDto- 1M uk PenatoC pmrevffl inwance ptair \ fainglr premium 7SBC46FRM ibrei Si p Ul-JUIl RuijI Atom hoT*'. WeMr GAMCnsSofr- 12143 LutatUeta ... . 817*2 100 d CratgMMmt Flaed lot. Mngrs. (Jmey) 1859 OCiRL t tin 503 pfif*- al, 15U Income I bnurarer i Werefl ireftnm pepnw pus ,^Jl506 in^-jor—jar Hiyn.iv X 1 S 7 277 GAM Fftacta SFt .. . 505063 laww tag filBb PO Sl Het*e>. Jeney 0534.27561 OCIRL AS 19 181 15BPAOK -vlmil I'nil Bu 195. . -0740 aaeWt movnawsrc y OHnrO pnee kkImOh an eisewiei >-l P-« 10*2 GAU Ksng IOS| 1960) lazard Brothers A Cn. (Jersey) LU. . Dp 5 — 01' CS -- . 46281 T5B Jill 5 .'4(1 A GdlFafaUrJ.. .:_-J84.7 8*fi I 1179 SL _ IwmM AtKum f’rtt Otiil . A77 6 3)8064 brarool Paul ire. . — 6*3 5 if boupH Irtroraj* nunreen r Pneaevi djy'i Onie ,, PO. Bom Up, SfHerar, Jeney. C.l. OSM 37361 OC'HLOFl _. _ . 97230 ISBSMRWdOu - .413*1 230 n& in. mn Vlv 5 B GAM J*S44 817386 «».- 10023* D* s Jr 310 T Carnxrf toon. * Summed. « Yielif before Jra toy |i . - -J1164 4* nc**i 151 « 6 farr fiaw aifal 274 - GBU Usrib Aoernts -, l«41 151810 56951 SfraltaFeta 141 ..1)77 4 Skaada Piaiiaai Muiagl Pa Credit SUste JtpnwFeo! I84JI, CiC'RL DM U1 f Ei-wMunnn s (Mr areelaMb to cbanuble ru a,, i-i- ID) 0*4* >58.0*=" UPFtolc t18*05 15511 Da 5 F*6S • II 23 Avrrac Momritv. Lwemboefa OCIRL CLU Booes. » Yield cotomai «bo*n amiah-ran rare to NAV OunKiMed 4&U Rr| An> Fra. - -1 6084 (»- *7650 DanraDrcna— .. jU7B • Unrt"i Ja'lc.1- 01747 -YS 1786 OLIHi. BI. 106844 Arum Weuwd . .Jicaa 1742, CSMoitaMUFeiJS6jSll?e 8164 52 - Da 5 limO seceasef. to n draeoeod FjrEifaFD Lutalnlsc. UMU...61915J719B1 OC'SLFFr . . . . 217 740 . C5mtayfauFdDM IcuwllnlH . <1367 K3« «34i tiCOtu 255^ -&4W76 GAM WBilflaedf - .. 824409 SftnimOmo- FnM k4»U Jg” = Ca» GofDBsm fi2.IW.75 onin. ho. l - - 113697 - I”5 FraaHnxpDn liAaawd 16* • I . 2H64 . .ilfa-0 a 0( 27b 4 (60 lACrnn Ff* Ufa] 3 m£SI GSAUCstaOW Ifa 511427 OCIRL Lear 52.IH De 5 J? faAnacav twn ..Jib* I - 172 vC2i >-).]*'" ««.* Eiassasffrei^ffii* ... P.X1 I ClAi AM V j 65AMIM30M. 8118 78 J - Hr r OCIHLSS 74V3I Unawllata-_Jl54) 162 j! rOB ->7i0 I G5AM 'eslSamn.. 510800 -|7J»D *J« l4rf* Dratsctw Ges. F. Wertpaplered OCIRL 5F . - 499666 31* Da* TSUUewo.. _ J136 7 1«*S •0*‘ will DWS . AfflrfKM . 6000 F'taMbrt (-SAUlfaStar 5T1D451 Lewis A’ Peat, Clarke (Onerwey) LU CCIiai U.5 3 36548 A* lew bn& p««x. ut 113. . , wi rawiam acwu W P«iM .6»? 4)3 1. (nmem . GfaAK hs Vrs dciHl 723*55 m-5-: -•--L-Jfe. TRADITIONAL OPTIONS OM6009 71 ** -4551 - POBen 147, Sl Pete* Port. GeeroKy 048! 23*88 rn — 1 IS e a ltar 6cjx 5Aewa Lie - 164 7 171 Jl MMiuTT!? GSAMIfflOH .. Pioacrln _ ssex* CetaBtaoyFta 1*66 *84i OCIRL Moil _ k13 82235] I I5757 903 ?lb 4. fafa&M in 5n>9 — r fa.ll Daetwi Investment Trust Co LU 1 — 11225 ocmifauDM 1*1 *9117 47 4651V' 503 b065 Standard Ufa Auurance Company 7ID6I - ?1L7 3-mimih call rates KH'X iQu'. j&3 *4-5. YotaHtaS. YO490SH9PS6U. Llayds Bank (Cl) WT Mgrs. OCIRL UtaS 603 fa* 124 71 . John fiovett Mngmnt (Guernsey) LU -.Tore bnrqc Iibntun^n 2*2 031-2252592 M.-m 1 ix f.irt 'use ladnstririi 3 St FH2 Ifau 2?. 18.430 UB52O06 PO Bm 19S. Si Hfatot, Jtrwr 77561 OCCFlE 1121 p UarliS Swneer. 'U 160 2 letfbi Kir., Tim JUV W4 PO Pwt, 0*8126268 0534 asie* NUOAM . .. Cfawii USJ1321 B«208. SlPrWr tiwncey.CI OCCFL *S - . . 16012 1505 . [3406 11,686 LtojesTu. I IlliJl sSl tS*“aV HR 17 «m - Owl 11902 202JI 060 _ . . .1*715 '23 Midland Sk ... .-3S Eipnti . .J4686 ••crc-L'iibrOfa.'' GowuibOfasos 1340 6Jfl .. . 0CCFLC8 70699 OOObJ 1001 AH rad- Lyons ... ..r^" (Gnermsey) - *0.111)11 Ml .. ..10 F.nn0 latere . 222*4 Bantrast Mana ement LU Gaam Hep) lea GJI - - So J 5«0al OCCFL DTe _ .. -. 51 030 I *00101 S-to , g LtoldllrtSIbeS .^nSk^Sni ,108b Tyndah-GBardlan Mngt Ltd BAT 26 I "Or. 0481711808 7 42 Wai We-,i Bk ...'55 iwg [W4 1 PO Boe <73. Si Pelf Pol. GtecraW Bramble Management Limited Hem srawy u. 2b OCtFLOIt. ... I54*ai *0031] BOCGfp - '27 iMtrVTUlnruf .. 1097* 1 — 40 574 • ODOfa 142 PO Bei 1256, Hjiwhon. 8mnuea Otansl Life4 H086 OCCFL DM p 4 0 Did .. 35 53*7)933 ' i PryorTT* PQBat 7J, Si HcArr, Jtnf 0 . .. - 15*83 ! *oi»c 124 79 BSR .... a -3nso Lfnyds Bank Geneva fleen ecu . na Tt< . '14 Investment Trast SA bantotinlu. ' l** : fiiwre I .. . LnB . !isi 1 OFFSHORE AND oean Witter World Wide . ..lib 17? OCCFL BFa .. . .. 33)08 .020 B 51 TGfataer 57638 BTR. J3 1 Plate BH-Aw.'CM-ttll Geetoxs 11 ISaeimlaMI 7-J Peel. 7* IPally . ...;2i •MiwwMeiabfd . . -42*7 ken «Btan S*J Mptie a 1986 OCCFL FF, . . lo) Bed I 40 0361 12 T EraWta - With .jv 1* Boe Atoroto**, limemt . G -i Babcock. 'U _ ' Tel 010-*l<2Jt HQ 86 11 irtl 294) Ur hj^j -15 PffflrtatlPDlr I - kos 1C2D41- • 0 01S 5 S3 Zarmcan, 530,0 Baca, Eleti . . JW! NAV I 51571 -01* ’ occri T-t - - GrimBay Vanguard Management Limited Itojfflla'itWW. |*I13 Barclays - .133 Fca ffll 5*70 . U 117 Ifll 26J8* ia i3 9i Ston C5ID 1* Pmuoa OVERSEAS OCLFLLana T-G w '30 RHM . .. 02 POBc. (14. S) HeMr.Jmav 053*7*2*6 uatak mlEiatne .. 5F1W40 1 10-TO, Beecftam. . Prmroa MMafP-Lfabm 4157 Delta Braun lb OCCFlSS .. . 30*83 • ODDS 6*6 TGOwaseAx - *15 95 '35 Uardi mi Graoli htuiMVpiJ'd - Fund VntaFtaltoU 5887 Jl 70eU] — 5F1B0KI laraOi 14 fafeFa 30 331) OOClil lib e YZ163 Elbe Circle . '50 Prnvon Ib««.to Tip) 4 AcUbcnds Ineestraent SA PO Box 3012. mwm, BPmM» fil ” i OCCFL - - 3 • Tto Paul LXrtffllffll .. - 4 Inti] .. ;60 Fvextxi HnOfflr .143 1 MtataSAuUsrl? -1124809 1ZI Ina»r SF296S0 30800 7 5. 15 47? 41 Wjle faererT 53*67 Reed . 37 rvn holre luir-nosuia ll Drilllffl Meet* ... ..60S I OCXFl US T Boots ...... -24 Upw 2} 8*52 Ito* - . SmbgFta* . . LtoMH V Atanu SFI710S 127051 3 40 -11 PraaaifarJi '1644 lix '] C5T75 9 ID7J70 7 OCCFL 338**0358* tOSN 5 5b T G Grad . SB2* faaarc. ... lilvcrf I* rt*5U*fa»71 .. ' Bm* .. . 1 atm 30 Frt 01-623 BOOO fatirMOvl — -. 126753 :sssa LlfflOV 'ML PfarlK - 5friaB0J47*3 l* OCCFL Moil. 9 ®6Je* ID2952 1 -002507! 950 -35 laenUnb ueftalfw Irt T, USIFbxs • O0O4C* LtafOk Srteadn' Cffl 01b 25 ' But Aertnaare- 32 Sin AUbfice Immaut group Adtg investment .. I 90339 I69fi D00 l*x 1» - •» M. G. Tyrrell A Cn. LU. .'24 Botscher Investment-Trast U534CC ... _ 747761 •00*511 BnL Teleuwi •17 T«! .. . Sun AKtmcp Moire. Horhea BfaOC' Vunun 1 l*le PJAI *J' 73e. Fraskhm IffaF* J 5*7167 •oooni; Ud Thorn EM, .. *34 Ujijrr Iftouenur 11-13. 6000 Australia Assat ' 3‘? Life fetdi 70 7*4* *006 POflO'136 St PfW» Port. 2*98) BoUischild Mgmt LU Oaira. . 51)00 1)401 B'OwnU.J ;W2« SF Acc . 1 •u 00 Gtasnwy 0*81 Tan'J HobW-, ...12 536737 Aeavlaoiu 4ru4rd Tual - .JW8 3Ti4| plr'ln iDu:eS I 176 V -0061 AaU'Jieai OaeUr 1 7 Brads' 51 Stoner 2000 Bunas 0>d ,'4S „ 0 VfieAu . A53T243 ( lb lb 91,- 5661 r i . ‘ Turner Newall F 73 0*. -0*3 Srsz+i-:.-:. £5'&?»giv m!5 tail 51 87 2 91 6 10 US Fedornf Securities Fund SA CooixFimd .. 46B6 All rpuk «fa 0navc6«jrtn S 04151*32 350 Fur Amnr. £q CadDurys. 13 3*J iiaefflil Fa* I A5 IP Grafund Invest Managers (Guernsey) Ltd Unilever*. . • • !90 Tired 777 *CM . . Bulrvvd Bujae. Luarmeounj Tri 0 M Dresel Burnham LamMit Hew .VWM OttUr - 67512657 71' il 2 47911 Chan it Coni 18 nrVi trfflpd Fan 9966 P08n< 86. Gtmm.Oianeeiliidndi IMI 26521 SircfflCeart U2532 I) 17 Wnodstndi (Bermuda) Limited NAV m rata 71 510 7* *001' Vecie-r -35 S Fund Hasaqement Limited 77 tooNb Wall. Loeedf. EC2 Ol -920 Reuse Comm Uneon 23 PlCRflfFufa „•) Albany i 5tavfF'«fa> SFrfal 4JQ itaTOjiata . <81 02901 464 urar aAVUJetB71S142 39 Grab* 927 2 ... | 789 POB 1179 Htaihoai. Benauu . 80929^224* Welle .09 ImwtlJlKA*. Pd •717 t I'D 1 Hr Ix-I 0534 73*733 F'oan Gran Itan CourUuUs 13 «!: eu 1 S' Jw-ve UbOtffeCu.. . 87*219 710 1 US Pacific Slack Fund Wtawwn OwvlM Ltairo wav Fro 28576 b6 CIC SrJffl»M 51385 (Property Morin Aiwrita Fa*fl . 106 9 in* Ouj,., sra 'E'l SHI 47 3761* 034 A NAV No* 22 *9en drta* to, 2b Lira Dr.1i, L* rs 36 W-fflVWf r-Hncu* lew "av 1-^.38110 77 h, 15 Axrrw If kruii-r. Luwn*w*n| 14 Ita fjr ffilFn . '171 7 12B Z */-ip f4 4f Ap*p*I J tJ9*r haute. Do" hx Jl HeAtr. Jeney 853* 76600 Pa.lljesl . . , T 6dvr«e 288128 SI PNAVMikaN . 11203 -001 F«FC J2 7 ja> Wffltbnbx FiiKOta l«« 1 Uoyds Life (ifsle of Man) Royal Bank of Canada Foods Drpmx Ih71 l»6> fanJeio* IktajoVa 1 11 50 LU Lend Sec- 26 IntL Iml *4 *4 RrcotaVletarO uav t ro28V>94| 100 Gen Auedenl 55 IPH Cltiffli Mare ID Alliance Capital Management 6 Bi ea*r noerte. CunewwL loU 0624 82*151 BBC DfHNor* Fond Vii»)m Ltd (•rocarw PrwnrvLeeffltral Cum YieJ* 7 Yt U.S. Treasury Securities Fund Ltd IMEF* • 26 Fuad* '7: Gumness Mahon Fmtd Mgrs (Gucntuy) ltd G>vi Electric 14 Plena A3 uptirf fa'Q* .f'xt' 5i 1 Htatoa. 014439606 48. fa* Peter Van. Gcermre 0481 >1021 ;n»-l . . .24 UyiapM . 2*7 484 -0 PO Bo- IBp. 5* Peter Pon, Geer'iuery 23506 Ptwuar urowx'DOfflrv' ll 165 .51 1 6V BOO IN crx—.j. D'O |f «*V March 71 36390 I •li ec.rarlfl 00 17 GUio 7.“fl bvetar Sum Liwid _ ex»i Tr'ibfatarm nr, Peiip-. ....670 fc*il L.lr |lfl 5 6)0 -dll 35 EauiTr l.rj.h'C— VIA 57 151) 1% wwotta Fm* ITHunl faro*Fd- 91 109 Fd .5V7J 34 0*0 W , em> Crews- fiH*raeatarSUim. 74 Crjna M*i 30 p.^Inl-.U 2304 7026 Fd. BfflalLihrGrtFd . 109] 616 -UeU M.'-Jd. ISUXI S* 1 3** 17 76 Dreyfus Intercontinental lnv. Fenin)x|SilFr rSTBI? TOW id) 6.JHD AnKU »a ,511 41 I7«l 70 flfc!.3 L'l-lik FS Clafa'A Inane L'lmrfl I»*0 -. ..fix F---..U ; 11m ISranraaLtaUW* 419 13 14 87 ROM' Life .UL9J 1 U> 15610 e 11 tv PO Bfjnuv |*[NlfMel| fil**J Oil B» N3712 NdttM lovesl Gixudi.an . 60 B.I.l 5 Men 31/ Piuprrli DIO IMI .rEr.lxU.lli *6 2* AuxmUta5IUH-v <535 JOlil L>fe 4x*x FS (10 93 31 1.1 Unicn Fd Mgt Cn SA Lire Sir) taV IS .4*61(4 *967 63 *64 I0D- ftara'd _ Cl l? .-258 D 271 L Vi 5erra«, tMwHL-ert^i.Fj 'llf 93 London Banters 20 B"l Fr-friileum . 45 ini-naiea' -ill, -n S1SS7 IAB7 • 9U7. 1 romfan 173 74 24 51 160 BC feral Crareaerat FS LIS 4 Cdramenul Lid GAM Pmacffl-Fnijata 50 93 1 . iGuineanOH 27 Otani U-«j. S'. II 7 1 31 *f. 1 a! Bnoean Lawrie In*. MgL LW btaj Dre. tan (Mil 00 li*.5 2 TnfOflmonnr Ave. LDnttm 01 6)86111 Hjaixon T .1 . 19 'A lu *1 SAIF 1 •Jic.-w )* -out. 1017 Vdlwy Kir 5l Pelf Pfal. Cmtmrf 0*81 2803* CUUi 57* 5H b « ./SC? 582 CSL-'-ri •001- lM»l—J Fta UU75 65 7600 xUW> Mavrin Slid 36 (Chafirin.il, 4 ?rr Sfe’M* 797 1157 ViUGnMiKFB 11048 1 Life nf Canada (UK) Ltd v-.rwf I . 117 17T Iraq 0)55 *061. Sun s:*A . D15WM4 -«*8 «J *5 ICI 42 Ipereniei 5 *. ,f...wi, 2.- '.B .'A w -C •rae V*»J 397 6u7 ,l 21 ' 75 1 70 OW?) ! ’ 4C*iipui bi Sifclv )DH 1 b5 Uafon-Inrestinent-Gesenschaft CmhH » P'. 171x1 j. r .. 81 (Cayman) LU -55 lelrrntleuJ Inuni D-«« "nan. Did 2 91 MAG latail faF419| ‘Inpe 16 Ifare-U AHuaer Ma 55 557 , HMfa If*• Pu*l . Bill 706. Caron*' Am*. BL\i PetaLicn 16767, 0 6000 Fifto'rai 16 -18 Irr .'.' .U U JL1.-75 <6 'B-UMI Dunedin Unit Trust Mgrs (Bermuda) Ud Sra-v'-ax SI 47 771 314 PO Gijm Camu*. __ra*»»x . VS055 •!. Jawra 27 TiKtmi.il Giwmbixeii rot ' Uralcnffl 10. 1 B7 33 -0 «000 GUtal Strife*) AfltaK it UjnP 18 fill 06 1177 74 . 4f!. PUll 50 Bool 111 Df -iffliM BuiedHX). Brfsewu IA«245 raU IFn] ttnifrtllto 529 0 uxtoitar 27 UHilenui 18 la.niwlC.iWi U».’ie DfeH5S6 - 1 uH International ' fair lx 9UJef AHied Dunbar Fund Mors. . ...' ll«* uSStoo-n 570 11 6 4 Av-J'A-talLe fiJID J 30 HffliuDei 110 93 UxnfU DU*I - ID Legal Gen . 60 t-siifv AW ln.xT.re r Fx-J.li' WP3 i Maw, bjaiafartiv Sl*** j:na T! 0} *2 hi J & Mom I T £llx« Hex 0624-29*11 LI075 IntenritroBal Fd. Uyxpwerd faitnffl IUP7 fa* Royal Trust Mngt. LU(b) • tri1 Vdnry 73 llKI.' 557 78 [3 Lri fai-rwkb 24 Cd'h. Gold . 40 NI'a A .i H4I6 J AA.’ *C0iik Dnnn A Hargett Group >507T tun 67 :: ] Fa AiAE.ru 7*7 0 •iurf:- PO Boe 19*. fal Hriiea. Jra-sr 0534 27*41 Unit Trust Services (Jersey) Lid [yrl, 02 640 32 BO t*« Mumtt DUiia? 35 Lhard-ftan^ twin. . 12 A >i WroC."i.'f.‘ U>2Q O.lUi- 6 Avp (.tow) Gnaw. 1050 Brntai » H. up* fr Fj fie* ilia’ H'O MAG Island FwM Sinix^ru ,*irq 90976 DM, 7r: 4 ti nasan' «fl(V!« 5408 16 523 Luiji Ind. 38 WiU 7 Jet ... SC I let I'ufl lb I « Inf 4 6M C-taoHSi P«C e ** rltt Part. l.V l 054 i.rd Fa iF.eM 1,8 PO Be y P Ckwvrav 038i2.‘lll ix^v'rtxe'W, i, 791c . taroriWF 2*1 .“8 1 i|.. V'1*XE".'*.'I SCA.I3 1 C17e* efljlltf Poor 5167 76 tl 1 *_ 1203 117 00 12)50. fa r^ui .5*5 1 CfflKe & GvU fn.iajixxvi' H',d 'turabf 1 ill Ora -6 ??*• ‘Wl A t ew 110 IT 10 1 liu ulsrtmn nf Options traded ghen on Ike I Jl Afar Fa(»"" Si'AM UW« •fal'07 I 173 67 *534 »1«1 A A 17* i O 1-MLWffltoFeie Paw • J< Jamil Offl, , »J AW* Af. eta • I 1 .'• ’’» 5Frar4 572 17 27*9 S3 51 B fa I '.I' . eu SI' .'Ol P WronVLJrFwIW Sib ID Loadap Slock Exchange Report Pag* ifart-Ui 5*' FdJfaf* •1.45 ::5’ ^7j7 War , - 1 J — J J—* 8

March 25 1986 Financial Times Tuesday 38 COMMODITIES AND AGRICULTURE

SalMGS JUICE 15.000 ID. Centl/lb US MARKETS Close High Low Pr»v LONDON May eg. -v 89.70 87:50 8735 METALS came 88-90 86 60 PRECIOUS July 88.60 8660 Currency INDICES lack or 86.50 B4.75 84-55 to MARKETS under pressure on the Sep* 86.80 launches scheme TIMES 07.00 85.50 84-76 India FINANCIAL an Opec agreement and weak Nov 87.05 BEARISH short-term supply/ Yearago reports Jan 87.10 88.75 86.75 8435 21 M'tfTago . Mar. 24 Marl currency markets, 87.50 87JB 86.90 85 65 demand factors cootinned to ' March boost for - * Commodities. Copper - — depress values on the London HT _• 297.72 Helnold May 87.90 8535 aluminium suffered from 88-30 — — 8635 coffee futures market yester- IBmE Mr f 13S5-«WT and July selling. Reports of Australian farm loan defaults day. The May position ended arbitrage cut interest REUTERS _ Russian baying at £2^63^0 a tonne, adding Year ago in High Lew Prev Mar. 21 Mar.gOM'th ago prompted a sharp rally 440.0 426.0 IN NEW DELHI £82 to last week’s £117 April 423.8 433b BY JOHN ELLIOTT values. Cocoa remained 444.5 4280 4443 1792.2 • 1854.4 • 1985.7 sugar July 433.5 decline. 1781.8 ! mine output Early steadiness was producer 446.0 *462 Bank has per- The Indian Government has Gujarat and Madhya Pradesh at weak on reports of Oct the WORLD dne to an easier tone in - 100) 441.5 438.0 4483 a agred to a fundamental review the beginning of last year and BaseTSeptember fl 1B3I selling and slack manufacturer Jan By Kenneth Marston, suaded India to launch major sterling, dealers said, but 447.5 447.5 441.5 4505 credit system is being spread to 17 other Cotton traded mixed April Mining Editor campaign to improve the low of the agricultural now prices dropped sharply offtake. which July agree- in the DOW JONES house short- level of repayment of agricul- and a scheme from 1 districts under the $375m - with commission production afterooH following an unex- " Mar. Month' Year" crop. AUSTRALIA’S mine loans in return for being will reduce the flow of refinanc- ment at a cost of $25m. Dow fMar. covering supporting old High Law Prev tural pectedly • * ago — weak New York Jones 21 20 ago rose afresh last year, according tranche of the ing funds by as much as 75 per Repayments improved in two Opec's decision to suspend S67-9 572.5 566.0 5753 granted a new opening. Factors affecting 5763 to figures from the Bureau of credit to bank branches whose 131.48, — Ilf-57 until mid-April April 568-9 Bank's agricultural cent of the districts after only a few Spot~ I3V74 discussions sea's 560.0 coffee market sentiment at 133.07 135.86, — .123.00 572.5 575.5 Mineral Resources. customers have bad defaulting work. In Aurangabad, Fut. without any agreement on 576.0 6873 totalling $375m. months the moment Include slack 579.7 585.0 great iron ore mines of line of records. Bur December 31 1931*100)831 — cuts sent oil 5925 584.0 534.7 The This is the fifth Maharashtra, repayments of suspsnaro production 586.9 benefited roaster demand, limited retail £ot available dne to auspenamn 602-5 503.5 605 Western Australia agricultural credit approval by farmers default on only '39 per cent in 1983-84 rose futures to limit-down levels. 597.6 5 Many demand and heavy Of tin LME — 609.4 a continued increase in but its intro- Colombian moved lower early on 601.4 from the bank for India, their loans when their crops to 53 per cent in 198485, despite Crains 011.0 607.0 from overseas shipments. In addition chart dollar and the 608.6 ««'l demand duction was delayed IS months fail because of drought or other severe drought in many the stronger 616.2 619-0 B24.S the deve- patterns have developed a export sales “ customers, notably in ago because the bank was not setbacks. This problem is being villages. Similarly in Hoshan- continued slow July 623.9 6323 and decidedly bearish appearance. trade loping Asian countries, willing to commit fresh funds tackled by the Government gabad, Madhya Pradesh, the MAIN PRICE CHANGES but maize uncovered “ " rose to The sugar market continued were also SUGAR WORLD 11 112.0001b. total output of iron ore till credit control and repay- per stited. support. Soyabeans with a crops insurance scheme figure rose from 42 to 54 advance meanwhile, In tonne9 unless otherwise centi/lb a record 100m tonnes from systems were improved. its with influenced by the stronger ment which is being expanded across cent In Sabarkantha, Gujarat, Close High Low Pre* in 1984. The farmers to the London daily raws price losses were held In. 88.97m tonnes Repayments by the country having started in where extensive communal riots Mar. 24 or Month dollar but 8.14 S.1B 7.65 7.63 of So-5m average only gaining another $6 to a 20- + of good previous record was agricultural banks 1984 in 12 states for over could have severely reduced 1886 — ago check on expectations July 8.37 838 7.92 7J£ made month high of $182 a tonne 8.36 8.22 8.01 733 tonnes in 1980. about 50 per cent of loans 600.000 fanners. Rice, wheat, repayments, the level only METALS export sales. also at its morning fixing. Values H Oct 8.S1 8.52 8.06 8.03 Production of aluminium and in some districts the figure to millets and pulses and oilseeds dropped from 65 per cent Aluminium.. r ' ~, 8.20 record, cent. on the London futures market _ m NEW YORK 8.62 8.30 8.12 a new low as per But ,81533-535 4- [01218/238 reached is as 4 are covered initially in the 62 per cent. Free Market 10 8.30 8-90 8.53 9.49 to 851,286 tonnes figures have improved moved further ahead daring Copper-.- 8.15 8.70 8.67 increasing the scheme which is run by the The project is based on the £969.5 ALUMINIUM 40.000 lb. cents/lb 9.15 Cash h Grade... • £987.6 >15 757,798 tonnes, while the significantly after a few months the day. Dealers said there July a JO 9M 8.81 880 from General Insurance Corporation. training and visit system for 1008.25 :+ 18.WT99S.75 Close High Low Prev contained by the were no fresh fundamental S541.B production of copper of a pilot project run agricultural extension work Gold Troy oz *350.75 -5.5 59.90 60.15 60.05 60.ZS moved to an Other farmers default factors but buying continued Cash. '£257.5 —1 £254.75 — — 59.85 in concentrates up Bank. developed by the World Bank £264.63 59.95 CHICAGO from agricultural aid because they borrow around reflect 3 mths £255 1 60.75 60.35 60.00 60.50 estimated 258,000 tonnes “In earlier to the recent improve- May lb, ccnts/lb in India with a pyramid 60.50 60.55 60.30 60.85 LIVE CATTLE 40.000 tonnes. projects supported by the Rs 30.000 for tube wells and run ment in snpply/demand pro- FraWC^.'^OS.TOec'-I !S3 71»C 236,040 structure of experts reaching 60 86 61.00 0080 61.20 High Low Prev increased to Bank in India the pro- out of money before they have jections and stronger demand Palladium oz ...,*113.25 1-1.85 *105.25 Nickel output World to individual villages. 3405 50 Doc 81-30 — — 61.65 58.10 58 97 57 92 68.82 largely enough to find down Platinum oz *43 1.25 + 2.65 tonnes from 76589 duction objectives were drilled deep on the world *"»***- 1 61.45 — 61.80 59.85 58.90 59 65 85.000 Each bank branch is allocated Quicksilver t SB33-24S U»'2U 59 JO cases are being 61.90 — — 62.15 57.87 5735 57.77 tonnes, largely as a result of an achieved. But the dramatic water. Such LIKE prices supplied by Silver troy oz .... 381.35p -l.W404.B5p 57.37 one field officer for every 500 — — 62-45 work- growth in credit has stretched reviewed under the World Bank Metal Trading. 3 months 391.85p.-O.80415.85p May 62.10 56.45 56.90 56.37 56.77 increase to full capacity Amalgamated ’ — 1 — 62.7b 57.95 accounts. The World Bank Tin cash 1 July 62.40 Dec 57.72 58.15 57.50 Green- the institutional capabilities project and potentially i the loss-making ’ : 57.90 ing at lending the field officer money 3 months. i —* _ tonnes, S/toreras 57.90 — 5832 there is now clear need successful wells will given 1*65.61 S66.32 COCOA 10 vaJe mine in Queensland of and a be BASE METALS Tungsten .... April 58.72 — 68.72 to buy a motor bike and it is 56- 1*56-63 Low Prev Freeport for a strengthening of the finan- fresh fund. Wolfram 22JHb_8S0 Latest High Metals Exploration and +• his job to develop a close ZJnc - —>£429 i 10.5,2433.5 1997 1997 1890 1955 30,000 lb. centa/Ib cial institutions through which ALUMINIUM May LIVE HOGS is sometimes 3 -.IC440.5 , + 9.7*2433.25 1993 1935 2004 UcMoRan. 1 Non-payment relationship months. July 1950 consultative with .S6SD<670 Close High Low Prev says I of lead rose to credit is channelled' the local producers _ 6650/670 Sept 1988 2031 1985 2040 Production encouraged by and farmers who he visits according April 41.17 41-50 40.82 41 JO Bank. unofficial or : 2035 2072 2038 2083 tonnes) ; + Dec 491.000 tonnes (440,676 regional politicians at election to set programme. develop- 2110 June 44.75 4590 44.35 45.10 network of agricultural a A I oloM'p.m.i — High-low OILS March 2075 2096 2070 and that or the associated zinc A other times. Big land- tonne July 45.32 46.00 45 00 45 82 and ment officer covers every six £ per 8310 cants/lb banks ranging from 94,000 j Coconut i Phil! S290x COFFEE "C" 37.600 lb, 44.50 4a^5 4422 increased to 734.000 tonnes owners also often refuse to ~ SB75 August 43.95 field officers and a senior • Palm Malayan S263.5V —2.5 41.25 40.75 40.70 pre- generally inefficient co-opera- Cosh '812-2.5 + 2.75 WOU Close High Low Prev Oct 40.77 (658,664 tonnes) after the repay loans of Rs 100,000 or 1834-4.5 42.45 41.90 41.85 to commercial banks, re- development officer for every Smontna i +4.75 857/827 May 232.58 238.90 231.15 241.24 Dec 42.20 year's labour troubles at tives tractors, believing 42.80 41 42-00 vious more for six development officers. luly 236.65 242.90 235.10 245.29 Feb 42.35 M in New financed by the National Bank ' 39.80 39.80 39.50 39.75 the Broken Hill mines they wield sufficient local power addition, proce- Official closing (am): Cash 807-8 Copra Phil ,31902 “"-...Tl. 8200 245 29 246.00 246.29 24933 April for Agricultural and Rural In banking 41.85 42-00 41.90 41 32. South Wales and also in to avoid any penalties. and (806-.5). thrse months 830-1 (826-7). Soyabean iU.8.tSB2 1.5 S 22 2.5 248.48 250.50 248.75 252-48 Jims Development, lent Rs 58bn dures are being Introduced settlement 808 (806.5). Final Kerb 249.50 251.00 251.00 2S3.S0 Tasmania. PORK BELLIES 38,000 lb. cents /lb ($4.4bn) in 1984-85, a figure The World Bank’s project streamlined to reduce problems doss 835.5-6.5. GRAXR8 May 250.00 254.00 250.00 254.00 however, for customers and to start Turnover: 23.675 tonnes. luly 250.75 250.75 250.75 264.75 Close High Low Prev For the most part expected to rise to Rs 125bn in was initially launched in three 16.50 BarieyFuLSept.XB8.40 '-O.2021 68 -8S 59.90 58-85 60-85 the Australian non-gold opera- 1989-90. districts of Maharashtra, regular monitoring of accounts £143.50 COPPER 25,000 lb, cents/lb May COPPER Maize X140.M* 59.50 60-85 59.47 61.47 progress 15 £118.30 tions owe much of their Wheat Put Juty. £119.80,+ a Close High Low Aw 68.45 59 75 50.45 60.45 No. 2 Hard W.nt,; = to the weakness of the : ; March 67.66 68.25 67.65 08.10 62.00 60.40 61-35 —— Fob 60.95 Hfghergrade I April 67.70 — 68.25 61.00 Australian dollar which results _ . Hi9h)tew OTHB8 March GOJO 61.00 60.50 68.CS 69.15 68.00 68.60 '£1415 9' £1601.5 May in higher domestic revenue from Cocoa Ft May ' 68.35 69.45 6830 68.90 l-t-16 883'881 July MAIZE 5.000 bu min, cents/OSto-bushal Cosh 1 987-8 j Coffee Ft. May '£2363.5 -62 £2655 US dollar-priced products. Any 1+- 16.5' Sept 68.55 69.55 68.55 69.10 1 3 months 1 1008-8. 6 10M/9M Cotton A Index '51.56c —6.30.54.65c High Low Prev significant change in this bene- 1-6 *161 Dec 68.90 69.80 65.95 09.40 barters surplus cotton Gas Oil May 8137.5 231.4 231.4 229.0 231.2 Sudan 69.00 — — 69.50 May Cathodes ' 1 Rubber-kilo) !5Bp ! *63p Jan ficial currency relationship 1J July 225-2 226 0 224-2 226.4 '-x. - 69.20 70.00 69.36 69.65 987-9 IB — Sugar trawl iSISZzv . + 6 ;S146.5 March severely their Cash 209.0 209.0 206.6 209.0. would erode com- i i BO SO 70.00 60.75 69.36 BY JOHN MURRAY BROWN IN KHARTOUM 3 months 1003-7 .'J-22 — Weettopa 64a 4 J8p kilo; •42Bpklo May »• 203 Z00 .fi 202. petitive position with other July 69.BO — — 70.25 Dec 203 In tonnes unless otherwise ststed. 212.6 210.2 211 . J policy for the present crisis Official closing (am): Cash 982.5*3 March 212.4 world producers. SUDAN, Africa's second biggest government concern at Sudan's Per flask, c Cents 1 50.000 lb, cents/lb (962-3). three months 1.009.5-4 (983-6). t Unquoted, t 75-lb COTTON May 217.0 217.0 214.4 215.4 position. Failure pointing out that Egypt. Sudan’s pound, v May. Apnl-May. z March 217.4 The North American base cotton producer after Egypt, chronic trade settlement 963 (963). Final Kerb close: y Close High Low Prev July 218.4 218.4 217.4 competitor in production of 1,010-11. Apnl. x April. have this is resorting to barter deals with to sell last year’s 600,000 bale one May 64.52 64.70 6438 64.38 metal miners do not Official dosing SOYABEANS 5.000 bu min. East Bloc countries in a bid to crop is set to depress the the high quality long staple (am): Cash 982-4 July 65.20 66-39 64.90 64.90 exchange rate advantage, but (963-5). three months 998-1.000 Oct 40.50 41.10 40.40 40.78 osnts/60lb-bushal off-load large unsold quantities. market for this year’s estimated cotton, is reporting improved are learning to live with low (967*8). settlement 984 (965). Dec 40.55 41.08 40.35 40.71 Close High Low Prev the sales at higher prices. Turnover: tonnes. metal prices in real terms by a An agreement worth S130m 400.000 bale crop, due in 33,275 US Producer MEAT 41.05 41.50 41.05 41.40 May 532.2 534.0 537.0 534.4 Prices 70-75 cents per lb. May 41.B5 — 42.10 535.2 severe cutting-down unit was signed last week with next few weeks. A recent government tender Pigment and bee! markets closed July 531.2 534.0 531.0 of July 41.85 — 42.40 533.2 Rumania under which cotton of 200.000 bales received offers lower due to weaker physical markets — 528.4 532.0 529.0 costs, a notable example being Even with the current down- LEAD 515.2. 517.4 514.4 917.0 is used as part payment for for only 30,000. end light long liquidation, reports CRUDE OIL (LIGHT) the US copper-producing Phelps ward trend in world prices, the Eastern Capital—-COST. 42.000 US gallons. S/barretS Nov 511.2 513.6 509.6 5124 services supplied to Sudan's The US Agency for Inter- 520.2 522.6 519.0 E22.0 Dodge is operating stockpile is an excess of : Unofficial + or Jan which now worth PIG MEAT BEEF Latest High Low Prev agricultural and industrial sec- national Development has long Close<.p.m.) — High: low 530.0 531.4 529.4 531.4 profitably after past heavy US$500m. This further strains , Y'day + or Y'day +_or 12.20 12.47 11.00 13.94 per tonne < May May 537.0 538.0 537.0 540.0 tors. Negotiations are also argued that with costs of inputs £ close ; 13.17 losses. efforts to service the country’s Month dose Jims 13.17 13.17 14.17 July 541.4 541.4 541,4. — understood to be underway with such insecticides July 13.28 13.28 13.28 14.28 as fuel and i -1 massive US$9bn foreign debt. Cash | 247-6 245 p. per kilo (deadweight’ Such cost-reduction and pro- —1 August 13.44 13.44 13.44 14.44 Soviet and cotton's profit- 3 months 254.65.5) , 255.2523 —0.80, —8.60 SOYABEAN MEAL 100 the Union East Cotton is Sudan’s principal ex- spiralling, net April 102.00 193.50 i i ductivity • 13.90 13.EO 13.60 14.60 increasing measures at May- - i _ 195.00 - Germany. ability has come under pressure 13.75 13.75 14.75 Close High Low Prev port earner. Official Closing (am); 245-53 .... -6.60 Oct 13.75 the mines inevitably involve June. 102.00 -<-0.BC' 192.60. 157 159.0 157.0 181,1 Barter arrangements, effec- Sudan's export potential (249-3). three months 252-2.5 (256-5). 100.50. — Nov 13.88 13.88 13.88 14-88 May J July- —O.W 190.00 157.0 166.5 156.5 160.0 major changes in work practices - 14.01 14.01 14.01 16.01 July tively subsidising cotton sales, Earlier moves introducing maintains, settlement 245.5 (249.5). Final Kerb Aug. - 101.00 1 0. 20 . 190.00 +7.80 Dec USAID now lies in 168.9 157.5 156.8 159. on the part of workers together close: 253-4. 106.50 1-0.60. 182.00 -LOO 14.06 14.06 14.06 15.06 Aug were earlier banned by Sudan’s cross rates, whereby customers food production in the rainfed Sep 155.0 with TumovBr: 6,150 tonnes. US Spot: Feb 14.11 14.11 14.11 15.11 153.2 164.5 153.0 a reduction in the numbers pay in a variety of currencies, fst- 148.0 149.5 143.0 150.3 new government after criticism sector. IB-20 cents per Ib- MEAT COMMISSION—Average Oct employed. They stoefc markets. GOLD 100 troy oz, 5/troy oz 150.5 might well be of the handling of similar deals did little to boost sales. After good rains this year pnees at representative 148 J 150.0 148.5 vigorously GS—Cattle 96 39p per .kg lw (+0.04). Close High Low Prev 149.5 149.5 149-5 151.3 opposed in Australia. former President Jaffar trader last farmers are expecting record NICKEL by One Khartoum _ GB—Sheep 239 0So per kg eat dew 350.9 — — 366-9 March 152.6 153.0 152.8 152.4 ' Nimeiri. week blamed the government’s surplus figures for sorghum, (4-14.59). GB—Pigs 74.0*p per kg lw April 381.3 364.6 349.5 357.4 [Unofficial +orT : (-3.53). SOYABEAN OIL 60.000 lb, cents/lb 9 Reviving the practice reflects refusal to adapt its marketing the country's staple food. ok>se

2790-800 . — 17.5 12855.2805 18.29 18.40 18.10 18.10 (Changes during week ending 3 months : Dec 366.3 389.2 385.0 372.5 Aug COCOA Feb 3703 37241 370.7 376.5 ®ept 18.32 18.45 18.25 18.12 last Friday) Official closing tarn): Cash 2.725-35 April 374.0 377.0 377.0 380.2 Oct 18.42 18.52 18.35 18-27 Good demand Dec 18.90 19.00 18.72 18.65 (tonnes) Australian wool market (2.755-BO). three months 2.806-10 in active trading futures moved 377.9 377 377.2 384.1 (2.815-20). settlement 2.73S (2.760). over a £28 range end established new August 382.0 383.2 3832 388.2 Jan 19.00 19.10 18-94 18.77 Aluminium -1,025 to 171,200 Final Kerb dose: 2.790-800. life-of-contact lows before rallying. No Oct 386.3 — — 392.5 March 19-25 — — 19.17 at London ongin interest was seen end consumers 390.8 — 387.0 Mey 19.50 — — 19.45 Copper -875 to 157 375 Turnover. 1,746 tonnes. Dec — were also absent at currant levels, Lead +425 to 59,850 HEATING OIL WHEAT 5,000 bu min. stages pre-Easter rally reports Gill and Duffus. Nickel +4 to 6348 TIN 42.000 US gallons, cents/US gallons cents/fKMb-bu&hel tea auction Yesterday's} 1 Tin —725 Kuala Lumpur Tin Market Unavail- ; Latest High Low Prev Close High Low Prev to 68,420 Close + or .Business Zinc -400 to 48,125 BY PATRICIA NEWBY IN MELBOURNE THERE WAS good demand at able (15.70) ringgit par kg. COCOA Done April 47.65 49.00 45.00 52.82 May 306.0 309.0 304.0 3096 I 42.51 42.61 42.51 46.51 July 247.6 251.0 247.4 2S2.0 (ounces) London's weekly landed tea j£ per tonne. May AUSTRALIAN WOOL prices, actually been steady or ZINC June 3931 39.45 39.31 42.31 Sept 249.4 253.4 249J 255 J) SHrer + irUX»to 40,812^)00 auctions yesterday, the Tea Bro- March. 1 1405-1410 j-8.5 1425-1409 July 38£7 38.87 38.87 41.87 Dec 258.4 263-0 258.4 265.0 which had been declining since declining. , 38.92 41.82 kers’ Association of London said May ! 1418- 1480 -9.0 1438-1410 August 38.92 39JO March 261.6 265.0 261.6 267.4 . Unofficial or , the new year, rallied last week High + 1451 1-3.0 1 1465-144* 39.50 In spite of the fall in the reports Reuter. •closa'p.m.i — .High/low July—-.. —..I 1450 Sept 39.60 40.00 42.G0 on the eve of the three week grade Sept. 1 1475-1480 -9.0 1 1496M72 40.60 40.80 40.30 43.30 * SPOT PRICES Chicago loose lard Australian dollar over the past 1 £ par month Oct — Dee. i 1508-1512 !-9.0 i 1*30-1681 41.10 230,000 tonne Easter recess in the selling Selected Assams often gained Nov 41 JO 41.10 44.10 12.00 (11. SO) cents per pound.. Hardy • THE NEW 12 months and a 17 per cent — March— 1545-1650 -5.0 1660-1*38 42 50 434)0 41 JO 44.90 and Harman season. several pence, while plainer : 428-30 + 10.6; Dec silver bullion 570.5 (576.0) per year Becacour taluminium ! 1660-1568 1—8.5 1578-1560 increase in wool sales during 3 months 1 440-1 * + 9.76- 459.4M May | Jan 42.70 — — 45.50 cents per iroy ounce. Strong buying from Europe sorts with poor leaf were some- smelter in Quebec. Canada, is 1985, prices have remained Sales: 3.302 (6.791) lots of 10 Official Closing (am): Cash 423.5-4 to be brought on stream supportd by China pushed up times cheaper, with buyers fol- tonnes.nnes. 101.50, Oct 103.50-104.50. Oct-Dec on well below the 555 cents a kilo (415.5-6), three months 435-6 (428-3), .[...mm- lowing quality. ICCO indicator prices (US cents per 105.00-106.50. Jan-March 11130-112.00 r April 20, one month before the some merino types by as much (clean) predicted by the Aqs- settlement 424 (416). Final Kerb close: KtKaHT FUTURES pound). Daily pnee for March 24: 92.46 buyers/seflers- Main; US No 3 yellow/ original schedule, as Australian cents a kilo offerings sold 437-9. Mr Manley 7 traJan Bureau of Agricultural Bangladesh transshipment east coast first- (94 BO): five-day average for March 25: French * CI 080 ! Hlgh/Low Prey. S. Schultz, president Turnover 11,025 tonnes. US Prime ; of AVbecour dean. The market indicator Economics late last year. readily at around last week's 96.72 (9737). half April 140.60. Barley: English teed Western: 30.50-35.75 cents per lb. Dry Cargo Incorporated of Quebec, an- rose 3 cents to 529 cents a kilo The market indicator peaked levels. fob March 116.00, April 118.50, April- 120.00 sellers. July-Aug 96.25- April 787(788 • June 796(785 1 802(802.5 nounced in Kingston. Jamaica, on the first day of last week's in May last year at 586 cents Selected brighter Africans COFFEE | a 9BSS.33.7S. Sapt 100-701, July 736/730 > 39.00. A«g I , 73S/736 735/736 yesterday, writes Canute James. auctions and held steady all GOLD kilo and started the new selling and coloury mediums were Values suffered from long liquidation Oct-Dec 105.50-106.00 buyera/sellers. Oct. 835(835 > 835 838.5(841 week. Gold fell S3** to S350V351 on tbe Jan. ; , | The plant is owned Fechi- year snd an apparent lack of physical off- Jan-Mar 111 buyer. 847/850 ‘856/850 1 866/860 by in July at 561 cents. dearer, but others were irregu- London bullion market, reacting to the April 905)925 < 925 923(940 ney of France. Alumax The rally will take and could not hold despite de- ax-farm ! of the be good news By Christmas it had declined lar and at times easier. Ceylons of the Geneva Opec meeting. HGCA — Locational spot ' break-up July I 800/826 — clining sterling, reports Drexel Burn- 1 795(820 US and Le Croupe SGF of for wool growers, who to The lack of agreement on oil produc. prices. Feed Barley: Eastern 113.00. Oct. ; have 525 cents and, apart from met strong competition i -885(985 — and flam Lambert. ] . 875/925 Quebec. Its output tion cuts vras expected to put down- E. Midlands 113,40. Scotland 114 JO. Jan. (1880/925 — will be the been expecting i 860(945 the market an early New Year rally, were often dearer. Offshore coefficient for ward pressure on oil snd gold prices. The UK monetary the BF1 i' 743.5 property of the 1 744.5 owners, Mr indicator to rise for the past fluctuated around that figure teas were generally fully firm $355355*2. snd was 'TesterdyVj + or Business beginning Monday March 31 Gold opened at COrpfcfc week “Turnover; Schultz said. morning . Close ! — Done calculations 151“(111)7 few weeks although it has until last week. with demand good and general. fixed at $352.40 in the and | (based on HGCA using S3S0-20 in the afternoon. Ths metal four days' exchange rates) is expected ' I Close 1 High/Low touched a peek ol $356-356*2 and a to change to 1.084. 1 Prev. .'2310 15 2*352500 low of *349.34aH. March..— r—82.5 : Tankers May 12362 65 1-82.0 I 2445 25S6 Mar. 960/970 . GOLD BULLION (fine ounce) Mar. 24 17 80.0 2505 2380 965(964 1 900(9700 July [3416 I— April 830(840 - 835(820 Sept. 12455 64 ; —94.5 I 2556 2450 ; 820.830 SUGAR May 780(825 BOO .2 36 I4 Nov >2505 10 1—107.5 26062610 1 , 790/801 dose saSOie 351 i£23554 LONDON DAILY PRICE—Raw sugar June 760/838 8355-3551* (£234i*.335; Jan 12630 60 1—85.0 I 2820-2560 — * 750/810 Waiting for Opening ~ (£121.50). up $5.00 (up £4 Sapt. 975/ 1035 . $182.00 00) the fat 1 years 87.6 ' 2580 1000 97BI1020 NPnPfl fix. *352.40 (£335.404. Mar. —..'253080 tonne lor March-May delivery. Whits Dec. 980/1022 , Aft'n'n fix 5360.20 t£336,746i a — 060(1000 Salas: 4,775 lots of 5 tonnes. en. 985.5 I “THE ONLY good news I can (4.963) sugar $208.00. up $4.50. — • 960.6 mechanism. ICO indicator prices (US cents per offer to European is With sentiment Slid bullish, pricee Turnover: farmers Wondering if pound) for March 21: Comp, daily 86 (62). the Canadians rallied strongly following reports that they are not involved in a 1979 202.28 (204.39): 15-day average still believed in the Macnamara from Brazil that 200.000 tonnes sold Kr'g'r'nd. *355-3661* l £8 381* 239. OIL trade war with the United 205.94 (206.28). export from September theory I telephoned the Wheat >a Krug. 8186*, 187 (£124*4 -12554) for would be FARMER'S In the petroleum products States. The bad news is that it Krug. 894 ia-951* •£651*64141 cancelled, reports C. Czamikow. marks* Board's London office to U 8 *5? nad 10 l£26V 26 U 1 5/!“ crumble after Ui? will look like a trade war as the 1/10 Krug.*38u-3B SOYABEAN MEAL upec adjournment. enquire. According to Mr Paul Mapleleaf S363i*-S64 (£844 14 -244*4) Gas oil and farm subsidy regimes of Prices opened higher on trade naptha traded in both Westdahl, their London repre- Angel 8SM-388 i£242J« 244} 50p No. 8 Yeat'dayn Previous Business a thin market with VIEWPOINT (£231, *4/ buymg snd remained firm until Isle supplies for prompt the the -40** -87 US and EEC, are over- 1/70 Angel $35** Con- 1 close close done cargoes raadriy sentative. they still do. The [ { available. whelmed by the rising success New Sow.. SB4VB5U 1307 57*41 cash selling depressed the marker, re- tract Board, he told me. took the 650i* -51 <£34-34U* ports j P^-liBMiMMnM. of the world's other farmers." By John Cberringten i*NewSov Mulrpace. a Strong prompt long view, studied population Old SOV. *90 91 (£60 is -61 >4) ,0Twar,, cargoes. Brent 1 per F.O.B. Eagle 8440*80 (£295 >4 322 s. Yesterday +or; Business 8 tonne Sltcai. 7-11 / l The speaker was Mr Dennis growth and demograhic chance 520 on "ews of Opec's *4431* 4481* (£298*4-301 *g cJosa ! — Done break NobiePlat lBS.6-tB4.fi: 170.8-171.0; 184.8- 178.5 Nyn, " x 0‘w,, ®', flmft-down Avery, senior agricultural and reckoned May ftITau re«-* demand would hotAug... IB8.O-IM.41 177.8-177.8, 1B8.B-177.fi KC® May analyst alfalfa, instead £ M *,hlch #toad of the US State of the tradi- : mrarinaround v* w Depart- But then since appear j 188.8-180.0' 180.4-1Ba.Ej *1.7 1931 there has again as it always had. oer tonne Oct 191.8.178.4 down at 1 pm EST— tional Tlec I 185.0- 194.0' IB5.B-184.fi. - v* Petroleum ment in Brussels recently. His grain and fallow. This been a guaranteed He did admit SILVER J '155.8.157,0 Argus. London. price for though that the Apr— ’+-1.5fi! ; M 199.8.200.0 190.8-!91.0 198.0-190.0 main argument is that the process, he believes, could in- wheat for all British subsidised Silver was fixed 1.2p an ounce lower June IS 1.0 152.0 + 1.25- 131.S farmers, competition that they / 2W.»aw.® I94.z-fs«.4j 196.0-135.0 in London bullion August 126.5- *27.0 -0.90 — Ma cpOT Pftlr-cc application crease the lor spot delivery the 1 - - 1 «KPT PRICES of modern tech- yields of grain and which is a factor in our were encountering 207. 0 288 . 0 1 2 1 0 — disdain from the Aug ; M. M. yesterday at 381 .3Sp. US cent October— 127.0-127.5 -1.00 nology to farming in the way forage to make the Iberian for things EEC. market co-operative. the US and elsewhere In equivalents Of (he fixing levels were: Dec 127.5 m.D —0.68, — Sales: 4.«1 (2.453) lots of SO tonnes. peninsula •I29.fi- 153.0 — of plant breeding, irrigation self sufficient. He world markets was most serious spot 570 1c. down 4.15c: three-month Feb. -O^t Tate and Lyle delivery price for Anway, while i in Canada I : 154 -0.51' i Latent went down 3.6c; six-month 591c, Apr. — 29.0- J — granulated basis mechanisation, fertilisers and on to quote examples from and unprecented. But he 580.7c. . sugar was £226.00 interviewed the then chief 3.75c; and 12-month 611.9c. down tonne chemicals has made nonsense of every area of the world, includ- thought down Sales: 28 (70) \of. of 20 tonne (£225.50) a tor export. Per commissioner the excellent quality metal opened at 379>4-3fKAp ^™>-APr1U3 of the Wheat 3.1c. The International the traditional patterns of trade. ing Africa, the only remaining and presentation Canadian closed at Sugar Agreement of (574-576c J end 381V3825i Arab Heavy __ I Board, Mr John Macnamara. GRAINS (US cents par pound lob and stowed . _ Self-sufficiency in food is the food problem area. Wheat would (567-569C). When I suggested win in the end. Caribbean porta.) Prices for March 21: that 1 had Old crop wheat rredo revolved aim of most governments and His views coincide so closely This of course is the only Daily price 7.15 (7.01): 15-day average ::: iMEH heard critical noises about around May/July spreading, reflecting W.T.I. (lpm estl an the r 12JU 18, jg increasing number of states with view that l 6.68 (6.60). tj my own observations over Board in prairies a marketing concern L.M.E. doubrs concerning the probability of Foreatlas (Nigeria) _ the he asked SILVER Bullion !+or !+or Urals which have achieved this are the last few years that if like the Board — the new crop year beginning on Julyl. Na 6 cif contract—May 203.2-4.0: Aug ictfNME) ...... I had could take. But or Fixing t P-nj. ! Z me if I had i — read the Bible J beginning to look for markets in Onoffic’l. hence a steady July trade against 206 2- 7.0; Ocr 206.4-9.0. Sales: 422 lots I1 0 the courage of convictions maintaining oy Price . I my I lately. Did it the central C , unload I remember the sailers on May. New crop, followed of 50 tonnes. NoTth on which to the inevit- would sell my farm and live story fact of the situation is being — Pww?J2>M2ir w®*t Europe of the seven fat years and Spot- '381. 35p I-1J0 381.5p ! the recent trend ol shipper support PARIS (FFr per tonne): 1485- Prompt delivery elf able surpluses. out my concealed. '-0.B0 — May (8 per days in Budleigh the lean that This is that the 3 months. 391.86P 391.75p i-0.6 againsr country hedge selling,- «• -H-.-reports 1518-1620. ones followed? — 14go1490., Aug Ocrocr 1650-1560. Premium Salterton, or cereal trade 6 months. 1401. 15p :-0.75; — T. G. Roddick. Oasoirne . It is well known that the some such place. worldwide is in j 1587-1579, Dec March 1820-1630. May Gas Oil • Then I must month*l419.75p i-O.Ki — 1 — 151 be aware, he 12 * I technique of hybridising maize But then, while talking to Mr irreversible decline. You should 1655-1673. Heavy firel nir “S ±72a . 6 insisted, that although his WHEAT BARLEY 1 *s?.»o ; _T0 s has increased yields almost four Avery in London last week, I remember that as far as North LME—Turnover: 2 (5) lots of 10.000 Naphtha— farmers were going through 'Yesterd’ys; or Yeeterdys: or i- 12.5 fold. Wheat is a rather harder thought about an experience I a America is concerned it has ounces. + + Mirth I Pstrohium lean time at the present, Three months high/low 390 p, final , close — close — Argus estimate*. crop to hybridise but in France had in Canada about 15 years a good been only a 100 - year time was sure to kerb 3S3-5P- POTATOES GAS oil FUTURES quite satisfac- ago. be coming phenomenon which began with and the US some soon. 1-0.55 This was a most comfort- the May- 118.18 116.30 I-+0.1B Despita an uninteresting physical tory results have been achieved At that time Canadian farms ploughing up of the prairies RUBBER July.. 119.80 + O.I6 Yosterd'y ing philosophy 1 market, expectations ol tightening a: + or for a of 1 Business man who ' to feed + 0.20 Month l and the seeds are now coming were piled high with unsold the deficient countries. PHYSICALS — The London market Sept.., 99.95 98.40 : + 0.20 supply for quality samples over coming Close was not actually l Done involved in NOV- 102.90 ; 4-0.25 101.75 1 + 0.26 into commercial use. Mr Avery grain, in fact some farmers Now that these can feed them- was quiet throughout, the da y. reports weeks end speculation over a techni- fanning himself, Jan...- 106.25 +0.25 105.00 * * but not much selves end Peal. Closing prices | l+OJb cal squeeze for US f does not see how farmers can were paying for their groceries the -prairies might just as Lewis April, lod to firmer per tonne ' comfort to a farmer (buyers): Soot 68.00p fsnme): May trade, repo ns Coley end Harper. J abstain yield and college with who had well revert to grass and possibly from bills sacks of to barter grain to 66.OOP (56.50p): June 58.50p (E7.00p). Business done—Wheat: May 118.50- buy petrol buffaloes. (Malaysia/ increases as a matter of prin- wheat for his The Kuala Lumpur lob price 8.15. July 120.00-19.75. Sept un traded. .Yesterday* Previous IBtrain ll^'in - '*0-00 48.50 car. • 1 It is Singapore cents per kg: RRS No 1 Month close - °? 47JM 88.00 not a unique experience Nov 102.90-2-85. Jan 106.25 only. Soles: dose I done 129 on S ciple. It costs almost as much The Canadian wheat farmer Mr 26.80 Macnamara was proved by any here in wss 193 6 (195.0) (194.0) and for 206 loig of 100 tonnes. Barley: May July ...... lla'on JlI-ig'M-OO to cultivate a field to produce completely means. Even £ per tonne Aug is co-operativised as right, however. Within a couple Britain SMR20 189.00 (191.0). untredod. Soot 98 50-8.40. Nov 101.80- -7.00 land use has switched I 15O.DO-2fl.0O one tonne an acre as to produce only. Sales: 37 Apr 102.90 Sep_ ill So far as wheat selling is of years the Russians 1.75. Jan 105 00 lots 1 100.70 185.06- mo. 5 133.50 |-4J5Q bought from grass forest j 134.00-58.25 to corn to May 118.90 ( 117.00 three tonnes. concerned. The Wheat Board the US grain surplus in COTTON ol 100 tonnes. — 119JHM17.S a pretty and back again according to the GRAINS—'Wheat: Dark Nov__ 82.80 81.00 95.90-92.00 LIVERPOOL- Bnd shipment LONDON US , does all the selling and farmers fly deal, and —Spot Feb...... Afl no 1 Turnover- He noted that Spain and this set off the demands doubt northern spring No 1 15 per cant May 89.00 88.00 of the time. No sales far the week commencing Marsh 100 tonnes. (3.488) (ote Portugal, substantial importers not really know what they price and June 123.25. transshipment oast Apr — 105.80 104.00 105.58-104.60 do production surge those changes had been accom- 17 amounted to 225 tonnes against 402 124. grains, turn- will receive until the end of the worldwide, that in the previous week. This coast. US No 2 soft red winter June Salas: 737 (844) lots ol 40 of US feed are now creating the panied distressing tonnes was tonnes. 1 "* by just as July 91.75, Aug 32,50. EC second- '-SETs ing their lands to the selling year. It would not suit present problems which accord- the lowest weekly total for many 92, Earl lee—-July 98.30. -1-2.00, 98.50- business (Close, changajjk- dry human suffering as the US and hell April 141. English teed fob March done): Ind.^M**. farmer ing to such months back and business was con- SB 00 Aug 75.00, unchanged: Sept Australian system of following me as a free enterprise as Avery and myself, over 118 seller. Apnl 120.00.1 20.60. May- -4-7.50. Canadian fanners will face ducted in Colombian end West African 70 00 . Sales; 13 lots ol 10 grain with a legume, probably used to doing my own thing. cannot be solved by the market the next few varieties only. April-Juna 120.50-121 .50, 5ept 101.00- tonnes. Turnouer: years. 0 (0) lota Of l.OOO^e™^- : 5 3 - . — B — ; 8

Financial Times Tuesday March 25 1986 39 I§B CURRENCIES, MONEY and CAPITAL MARKETS P»1 S* SJ -

|3 |? 5$f FOREIGN EXCHANGES FINANCIAL FUTURES before sellers appeared in the sis ; Sir last half an hear cl trading to take it to a closing level of 97-09, still up from Friday's close in Dollar Improves as pound slips US bonds firmer London of 97-04. Sterling based §; rose on foreign instruments «75 ^ *2 The toller tbe £ IN NEW YORK cials over the weekend and yes- US bond prices were firmer in by Mr Paul Volcker. chairman of including the International the finished weaker cn the day. t exchanges yesterday, after a terday morning, the London Finan- Federal reserve. j^Q gf dollar's Sterling lost all of its earlier successful attempt by Japanese ClQM Mftr. 24 suggestion that the fall cial Futures Exchange yesterday However initial trading , Prov. clot* was more or less complete. The but finished below the day's best attracted little follow through gains as its exchange rate index officials to talk tbe US currency £ Scot SI «60 1.4878 dollar rone to DM 2.2890 from levels. Opening levels were dawn selling and values to fell a full point from the opening whe- < *1.31531.5175 picked up higher. It was not clear 1 1 mont h O.S7 -0,54 pm 0.53 0.52pm DM 23475 at the Frankfurt from Friday’s close in reaction touch 96-24 in the June contract to finish unchanged from Friday. ther Federal Reserve Board the * month* 1.S1. 1.38pm t.33 1.31pm close. Earlier in the day the in the resignation of Ur Preston after an opening of 9S-14. News Cash rates were firmer, reflecting was with the statement 8 months 3J5.3.7Bpm!3.6B 3.63pm happy German Bundesbank did nor Marun, formally deputy chair- that Odcc had adjourned until sterling's decline on lower oil front an official at the Bank of Forward 1.1 premiums and diccounta apply intervene when tbe dollar was man of the US Federal reserve April is without any format prices. Against this background ^ Japan that both central banks to tha US denar fixed 2.2S77, long gilt prices finished at DM compared board. Prices were marked down agreement on oil output immedi- close to 3.; Ss th»qk the dollar's fail is more with 2.2513, after touching because pre- ately the day's lows while three-month ssi $ opening DM Mr Martin had depressed prices of crude t Ji or less complete. The comment at ’6J. Six months ago 2.30 In the early sen *aa - DM morning, viously advocated a further oU and the benefits on the sterling for June delivery dipped « s gi ‘ creased credibility the Index was S2JL l was given in level of the day. Hi; i -. Hlj the highest decline in US interest rales, a economy and inflation pushed the to 90.15 from an opening of 9030 Sli t Friday's resignation Sterling began on a very firm €•".{, b .. however by JAPANESE YEN — Trading 2 direct contrast to the views held June contract to a high of 97-21 before closing at 90.21. E,s of Hr Pttston Martin, as vice note, touching $1.5160. but range against the dollar in 1985- & » 15;?. chairman of the Federal Reserve retreated as it became dear the 1986 is 263.15 to 175.00. Feb- Board. President Reagan, is meeting of ministers from the ruary average 184.545, Exchange LIFFE LONG GILT FUTURES OPTIONS L!F?E US TREASURY BOND FUTURES OPTIONS -<* Organisation expected to replace Mr Marlin of Petroleum Ex- rate Index 193.4 against 160.5 Strike Cotta—Lost Aits—Lest Strike Caffs—Las: Puts—Last with sofaeone of similar views, porting Countries was ending six months ago. price June Sspt Dec Mar June Sopt Dec Mar June Sept Dec Mar June Sept Dec Mar — — 0.33 1 SO — — 0.23 1.50 bat the initial reaction is that without agreement on produc- The yen weakened against the ne 9.oe 10.42 92 S.4S 126 _ Mr Paul Volcker. chairman of tion cut backs. Tbe Geneva 118 7.32 9.14 — 0 02 2.22 — — 94 4 10 609 0.53 2.33 — dollar, following comments by 1ZO 602 7.5S — — 1.32 3.02 — — OS 254 4.02 — 1.36 3.26 asserted influ- meeting will resume on April the Board has his Japanese officials, and Friday's 122 4.46 6.45 — 2.12 3.53 _ — £3 1 53 3.07 215 4.31 ence, and Mr Volcker is known 15, but it had been hoped that resignation of Mr Martin from 124 3.38 5.40 — 3.04 4.48 — — IM 1.GG 2.22 3.52 5.46 — to fear rising inflation from a the talks which ended yesterday the Federal Reserve Board. On 126 243 4A4 — 4.05 552 — esa- 102 033 — -m- — S.21 — — downward spiralling dollar. The would find a compromise to cut Saturday Mr Yasuhiro Nakasooe, Estimated volume total. Calls 843, Puts 117 Estimated volume total, Colts 3! 6, Puts 223 Previous day's opart lot. C*Hi 5,943, Puts 1.157 Previous day's open tnt. Calls 234, Puts 46 Send this advertisement Japanese Prime Minister and the Opec production to 14m barrels Japanese Prime Minister, said G Key Rings © Cuff Links Governor of the Bank of Japan a day. The pound fell 2.45 cents the had risen too high attached to your company yen and LIFFE C/S OPTIONS LOtiSON SE £/S OPTIONS also spoke of their concern to Sl.4S85-l.4S95, but remained too quickly, and that he expected lerrerftedd for a free design © Enamel Badges £25.000 (cents per £1} £12.500 (cents per £ 1 ) aboat the sharp rise of the yen stronger on the day at DM 3.4050 the Bank of Japan to take mea- incorporating your logo. © Paperweights ©Medals Strike Calls—Last Puts—Last Stake Calls—Last Puts Last dollar. compared with DM 3.3875; FFr — agahut the sures to correct the situation. pries April May Juna Sept April May Juea Sept price April May June Sept April May Juno Sept 10.4325 FFr 10.4250; — The dollar rose to DM 2.2865 against Yesterday Mr Satoshi Sumita, 1.20 — — 28.66 — — — 081 — 1.20 — — 23.50 — 0.20 SFr 2.8550 compared with the Bank 1.25 23.66 23.66 000 — 0.05 0 37 1.25 — — 23.50 23.80 — — 0 20 from 2J4IS; FFr 7.02 from Governor of or Japan, — 23 66 050 DM 1.30 18.66 18.66 18.66 18.66 0.00 0.06 0.30 O.SS 1.30 — 18.60 18.80 — — D.33 110 Qualiiy PROMOTIONA L GIFTS SFr 2.83; and Y266.25 against stated that a further fail FFr 6.8975; SFr 1.9170 from io the Y265.50. value of the dollar would have 1J5 13.68 13 66 13.66 13.66 0.01 0-28 0.61 1 74 1.35 13.70 13.70 13.60 14.10 0.13 0.40 0.75 1.90 SFr 18713; and Y178.85 from 1.40 8.66 fl 87 9 09 9.61 0.16 0.94 1.54 3.16 1.40 860 890 9.20 10.15 0.23 1.10 1-60 340 D-MARK — Trading range an unfavourable impact on the 1.45 4.38 5.30 5.77 6.86 0.96 2.37 3.22 521 1 45 4.30 5.10 5.90 8.80 1.06 2.50 3.40 Y175.73. On Bank of England 6A5 MiKifaerircJ t>.v Manhattan -Windsor against tbe dollar in 1985-86 Is world economy, and would cause 1.50 1.59 2.77 333 458 3.19 4.84 b.7B 7.93 1.50 1.55 260 3.20 4.60 3.40 5.10 6.00 figures the dollar’s index rose CIS 3.4510 aver- inflationary Estimated vohuna total. Calls 393. Puts 1,097 Previous day's open IM, Cans 4.445, Kite 3.439 w to 2.1990. February pressure in the US. to 118.1 from 116.7. STEWARD ST.. BIRMINGHAM. BIS 7AF, ENGLAND. EX: age 23310. Exchange rate Index The dollar closed at Y177.30 in Previous day's open int. Calls 4,507; Puts 5.494 Volume. N/A TEL l'S.4 Manhot Ian-Winder PO Box STERLING — Trading range 133.5 against 127.4 six months Tokyo, compared with Y175B75 Addmr Milwaukee, WI 53202 Ceiwmt .•ff. If C.'imixiM!.' against the dollar in 1985-86 is ago. in New York on Friday, and PHILADELPHIA SE E/S OPTIONS LIFFE—EURODOLLAR OPTIONS £12.500 (cents par Cl) Sim pomts oi 100t* L511S to 1-0525. February aver- The D-mark lost ground to the Y176B0 in Tokyo on Thursday, ss rate index Strike Calls—Last Puts—Last Stake Calls—Last Puts—Last ?; age L4297. . Exchange dollar in Frankfurt, following before the long weekend local I prrea April May June Sept April May J««ie Sopt price June Sapt Dee Mar June Sept Doc Mar dosed unchanged at 75.9, after the comments by Japanese offi- holiday. 1J0 _ — — — — — — 90 00 2 81 —re — — 000 — rev ^re Company Notices Legal Notices 8® a; 1.25 — — — vrer — — C.50 93 50 2.31 230 — — 0.00 0.20 si 1.30 — — re— — — — 91-00 1.81 1.81 — 0.00 0.01 —re CURRENCY MOVEMENTS — — — — — — — O.DO 0.02 SPOT—FORWARD AGAINST POUND 1 JJS 91.50 1.51 1.32 1.29 OA9 WESTCLSN FASHIONS LIMITED POUND 1.40 8.50 — 9.06 9.7S 0 25 0.95 — S200 083 0,87 0.88 002 0.07 0.13 r:&- 5* «i* REPUBLIC OF FINLAND T/A REPLAY 1.45 3.95 re— 7.S5 0.85 250 3.30 — 9250 0.41 0.49 0.54 0.10 C.19 Day’s Three 034 £50,000,000 14>- per cent Loao Stock Bank of i Morgan 1.60 1.40 265 — 4.65 3.10 — 5.3S — 93.00 0.13 0.22 0-29 — 0.32 042 0.59 JiUa; MutbM spread Clow One month p.s. months P-s. Mar. 24 England Guaranty 19B6 NOTICE IS HEREBY GIVEN pursuant Previous day's open bit Celle 51.851, Puts 41.880 Previous day’s Open im. Calls 2343. Puts 1.753 Index Change to Section £88 p| tha Companies Act. 1JW05-1 .5100 1.4885-1.0695 0.S7-0.54C pm 4.47 139-1.34 pm 3.67 & Previous day's volume. Ceils 10319. Pots 4351 Volume. 101 US 1985 that Meeting the of Canada 24760-2-0990 2-0646-2X896 0.16-0.04c pm —0.57 0.41-0.20 Jim 0.58 REDEMPTION a ol creditors Sterling 73.9 -15.4 the above named Company will be hold S^rg: Nethlnd, 3 .83-2. 80 >* 3-83V3-8AV 2V2e pm 6.64 5V5>, pm 6 S3 U.8. dollar 11B.1 + 9.0 NOTICE IS HERESY GIVEN to Band- at the officos al Belgium B9J5-7036 66.55-69.65 6c pm-1c dis -0 GO 22-9c pm 0.89 no'om ct out^arHilno IS'- per emt Loan a* 4. Canadian dollar. 78.3 — 12.7 THREE-MONTH EURODOLLAR LEONARD CO., a 3.64 3.34 CHICAGO LONDON simx one 1 9B6 oi the Rcpuanc ot CURTIS & 5i« a*, Den merit 12.S1V12.fl6V 12.57V-12.S8V 1S82-100L Bank oI Enoteod Index Dec 93-18 93-14 92-15 Treasury 20C4-OS less equivalent price London, accom- .i Switz. 2-83Y2-86V 2-85-2-86 2-1 Vc pm 738 6V-4V pm 7.01 93-18 Previous day’s open Int 17.440 (17,343) panied by the special application term CLASSIFIED (bass average 1876-100). re— 92-00 of near futures contract) -4 4 available Bslgbin' rare ie for convertible francs. Financial franc 70.90-71.00. March — to from that Office ro) at me Olflce d( Morgan .85 Jura —re — _ 91-18 f32nds) US TREASURY BONDS Guaranty Trust Company at 5“. Six-men dl forward dollar 2.25-2.20C pm. 12-momh 3 -3.70c pm. New York. Brussels, or tc) at the Office ADVERTISEMENT RATES - ? re— _ rere —re 8% 5100.000 grids of 100% m. 10% NOTIONAL SHORT GILT of Knedietbanfc S.A. Liotembourseolsc. Dec 91-28 91-29 91-24 90-25 Low Luxembourg. Single CURRENCY RATES £100,000 fl4ths of 100% Close High Prev . Per column DOLLAR SPOT—FORWARD AGAINST DOLLAR June 97-03 97-21 56-11 97-04 Payment of Interest In respect or tbe final US TREASURY BILLS (IMM) line cm Cltxjo High Low Prev 96-20 96-15 coupon. No 10, should be claimed i — special European Sim points of 100Y. Sept — separately In usual manner (min. (min. Day’s Three | March 100-35 — — 100-45 the as above. March. 24 Drawing 1 Currency Estimated volume 5,739 (3.454) Ropubiis Finland 3 linesJ 3 cilia) Close One month P-a. month* P-a- Latest High Low Prev Juno 1GO-53 100-56 100-46 100-63 . ol March spread I _ 84 Rights Unit Previous day’s open bit 5J2B (5375) By: National Westminster Bank PLC Juna 93 86 93.89 93.84 93.82 Estimated volume 87 (133) UKt (3865-13160 1.4885-13895 0.57-0. 54c pm 437 136-1.34 pm 3.67 j Principal Paying and Exchange Agent Commercisl & Industrial Sterling a768027{ 0.655300 Sept 93.83 93^1 93.84 93.82 Previous day’s open im 873 (890) Property Irelandt 1 3150-1 3250 13245-1.3255 135-035c pm 10.44 2.60-2 20 pm 7.41 Dated: March 25. 1986 11.50 39.00 US 6..:. 7 1.1402^0.946915 Dec 93.81 93.81 _ 93.74 CURRENCY FUTURES Canede 13646-1.4015 13005-13015 043-0.48c dis -3..“ 1.00-1. 10da -3.01 I THREE-MONTH Residential Property 900 30.00 Canadian 8. >10.68 1.38426 March 93.57 93.67 93.K 93.60 STERLING Nethlnd. £3530-23940 23800-2.5810 0.49-037c pm 233 130-1.27 pm 139 £500.000 Appointments 12.00 41.00 Austria 1 1 0.422 15,2463 Juris 93-53 93.46 points of 100% POUND— (FOREIGN EXCHANGE) — 28-35 -2.69 Sch l 4 93.53 $ Business. Investment Belgium 48303635 48.7046.80 13-17c dis 334 dis Bela 53.78461 44.4245 Inn Fr Sopt 93M 93.40 93.38 93.33 Cfose High Law Prev 6-171 Opportunities Danmark 834337V 8.44V-83S V-Voro dts -030 V-1V 0 far —031 Spot 1-mth. 3-mth. th. 12-mth. If.fiO 39.00 Danish Kr... 9.69081 8.00948 Dec 93-26 93-26 rere. 93-21 June 90.21 9032 90.15 Business W. Got. 23910-23000 23660-23870 0.61-0.56pr pm 3.07 1.70-1.65 pm 233 2.62789 2.17052 90.25 1.4835 1.4754 1.4668 1.4513 PROVINCE OF for Sale/ D'mark March 93.13 93.13 — 93.13 Sept 90.58 50.67 90.50 90 68 Wanted 11-50 Portugal 148V- 160 149V-150 150-400C dta -22.13 E00-1050d -20.78 Guilder. 8.96695 2.45006 STERLING Sn per C 39.00 Ode 90.79 90.85 90.73 90.93 IMM— NEWFOUNDLAND Personal 9.00 30.00 Spain 14330-144.05 148.40-143.50 5030c dis -535 175-225 dB -537 Frenoh Fr.. 8.06965 6.66628 CERT. DEPOSIT (IMM) March 90.94 91.02 9034 91.05 Latest High Prev Motor Cars 9.00 30.00 '& Italy 1538-1664 1E51V-1552V 10-121 ke dis -8.49 28-30 die -736 Ura 1706.60 1476.24 Sim points eri 100% 10% 1979/1994 USS 50,000,000 «, h: 91.00 Holiday Travel Norway 7.T7V-7.18 3V4ore die -636 lOVIOVdis -539 Yen 203.576 169,498 June 90.94 90.93 91.05 June 1.4705 1.4820 1.4675 1.5060 & 9.00 30.00 7.10V-7.18V Latest High Low Prev Pursuant ta the terms and condi- Contracts r'K- >"j*. Im dis -6.41 BV-5V dis -4.99 Kr. 8-23834; 6.80596 Estimated volume 4466 (6,118) Sept 1.4640 T47S0 1.4815 1-49B5 ft Tenders 11.50 39.00 Franco 6.95V-737V 7.01V7.G2V 3V-4c Norway re-re tions of the Bonds, notice is hereby • March _ 32.85 Book Publishers -.3) BJ .725*1-736 2V-2Vom dis -3.72 6-SV4la -3.41 Bpan'h Pta. 164.824! 136.119 Previous day's open int 14.713 (13.245) Dec 1.4590 1.4600 1.4530 1.4890 given — net 22.00 Sweden 7.1B-738V June 93.10 93.10 93.10 93.06 to Bondholdera that during positions ‘i- s 8.350771 6.87697 Premium available "V: E! Japan 177.10-179.10 17830-17830 0.23-03Qy pm 1.44 039-0.85 pm 1.95 Swedish Kr FT-SE 100 INDEX tha 12-month period ending March ’ Sept 83 AS 93.09 — 93.04 LIFFE—STERLING £25.000 S per £ £8.00 per single column cm extra S 'Tf SU Austria 1637-16.14 18.05-16.06 5-apro om 2.99 9-6 pm 1.87 Swiss Fr_... 2.199951 1.82063 14, 1986 no Bonds have been pur- • 92.91 £25 per full Index point Greek Draft NiA 134.462 Dec — — All prices exclude VAT •i. : V- ej Swin. 13920-13300 13165-1.9175 0.61 -036c pm 3.67 1.66-131 pm 332 | Close High Low Prev chased for the Purchase Fund. For further details write to: Irish Punt.. — I HIA f 0.717080 Close High ; •si ai t t UK end Ireland are quoted in US currency. Forward premiums end THREE-MONTH EURODOLLAR (IMM) Low Prev June 1.4755 1.4932 1.4720 1.4913 Outstanding amount: March USS42.C00.003 Classified Advertisement •i- 2 •=:: «i i discounts apply to. the US dollar end nor to the Individual currency. Sim points of 100% 106.90 167.90 166.40 168.70 Sept 14665 — — 1.4833 Luxembourg •tri 3i ; Is for eonvsrtible francs. Financial franc 47.6D47.7D, June 169.15 170.00 16880 170.75 Dec 1.4590 — 1.4753 er Belgian rata- Latest Hiufi Low Prev — The Fiscal Agent Manag Sept 171.15 — — 172.75 Estimated volume 157 (45) „ z: si t 92.81 92.82 92.77 92.78 Kredietbank 3.A.. Luxembourgeoice Financial limes Estimated vofcane 396 (508) • Previous -- OTHER CURRENCIES ^ 92.7* day's open tnt 1.862 (1,865) MtfCh 25, 1955 MSPkTOB > Sept -82-80 92.81 92.76, Previous day's 10, Cannon St, EC4P 4BY r^- ’ open fnt 1,810 (1.743) V EXCHANGE CROSS RATES CS/SDR rats for' March 21: N/A." Dec 92.49 92-69 92.65 92.61 la > •92-50 92-51 92.47 92.43 1 Hfi F Fr. S Fr. H Fl. Lira Cl B Fr. June 9ZJ& 82-33 92J2 32.27 ' HtarJU C * DM YEN , 1 1 , | | as j ] | Mar. 84 8 Sept 92.19 92 JO 32.17 91 -S3 • 10.46; 2.B55! 3.B45. 2311.; 69.60 j £ 92.06 u £ 1 1.480 3.4051 266.31 2.087} 92.06 92.08 9138 1. j j Dec is : 1 7.080, 8.581' 1.402] 46.75 f 0.672 1 ». 2^87) 17BLB- 1.917} 1682.j March 9133 91.95 9133 91.86 25 Argtlnn.jl.lB7ai.l966i0.80004J.8010 ' 8.0766H.S95D-1.3966 TM DM Ojmi 0/137 I.! 78.19) 3.0701 0.838! 1.12ft' 678.B] 0.613. 20.44 Aue'nila- 2.0715 ; 85B1.I 7.839; 261.4 Brazil ..... S0.4928 7038M 13.77-13.84 YEK 3.756, 5.580 12.79' lOOO. 39.26, 10.72| 14.43; | Finland.. 7.6280-7.644016.13606.1360 STERLING INDEX j FFr. 0.0671 1.489 3.238 254.7- 10.) 2.731; 3.676) 2211.1 1.997 66.69 Greece _ 208.60-213.101140.60-143.47 ; 8 Fr. 0.3501 0.5B2 1.193; 93-26; 3.661; l.j 1.346; B09.B; 0.731 B4.3B H'kong .. ll.aG0-U.7DSQ !7.ei36-7.61B6 | 80.00* Mar SO Previous Iran ! 116.30* ( WORLD VALUE OF THE ' : 0.543; 1B.11 Kuwait .. 0.4306-0.4315|03M40 D.2BW 7&9 75A H FL 0.860' 0.383] 0.286 69M 2.720. D.743 l.J 601.5; 8^0 *un 1.663} 1000.; 0.903; 30.11 Lira : 0.4831 0.644] 1.473 115.2 4.522; 1^35| 9.00 am 76.6 75^ 10.00 am 76.3 75.7 1 0.470! 0.713' 1.631 127.6; S.008 1.368; 1.841j 1107.1 1.! 3W5 CC \ 76J 75.7 1 5,581' 3321.1 2.999 100. 1L00 am SFr. 2.437- fi.239* 4.893 < 382.5- 26.02, 4.2D2.' Sln’pore. 3.2430 3.2610 2.1655-2.1685 Noon 76.3 75.7 sftr 10: Urn par USOc Bala Fr osc TOO, VM Dte lODfc Preach Ik S.Af. (Cm. 3.1055-8.U20i2.0WB2.0M0 1X0 pm 76^ 75.8 SJW. IFM. 4.60204.6430,3.0306-3.1250 The table below ghre* the latest available rate of exchange for tire 18-8.6745 2.00 pm 76.0 75.8 UJt.E... . |8.4630.6.471B|3.67 pound against various currencies on March 24, 1986. In some cases EURO-CURRENCY INTEREST RATES 3.00 75.9 75J pm rate is nominal. Market rates are the average of buying and selling rates 75.9 75J •SslUnfl rare. 4.00 pm except where they are shown to be otherwise. In some cases market : 7 Dors 1 • Three . Six One Mar. j 24 notice Month Months , Month* ; Year rates have been calculated from those of foreign currencies to which (exC) cxdiange certificate rate; (nc) non | j ; , commercial rate; (nom) they are tied. nominal; (o) official rate; (sg) selling rate; (c) controlled rate trllng 1 12-12V llrf-llti HtVUA EMS EUROPEAN CURRENCY UNIT RATES (u) unified rate. U.H. DcSWr... 7-7 la 7»a-7sa 7ri-7.tr ! 7*r7V 7^-7i%

xlij.% XOr ll ie 2O10-1OM i 9VJ0 9V-10 Om Doftar...' XI ll«s 0 Currency change 6ie-5Gs 5l6-6«3 6*8-5 'f 6*8-610 % D Guilder ..| 6fr-5tf , from change 18i*-13a* 31C-3I* Sil-31? Ecu . amounts % Franc..-] 4*4ft -4* : Sw. 2-2V •gainst Ecu central adjusted for Divergence DaUtschmrK 6V-6*b 6w-6ia 4V-47S 4rJ-4ii 412-4* 4la 4V» central CURRENCY VALUE OF 121 .13i 11-12 9l0-lOl( rates March 24 rata divergence limit % COUNTRY COUNTRY CURRENCY VALUE Fr. Franc ....1 40-50 16-30 15U-16>4 e a £ STERLING OF COUNTRY CURRENCY VALUE OF 15-17 19 22 16H-17-4 1CV-16I* 15-1610 14*8-16 ±1.6425 £ STERLING lUaltan’Ure..! j j 44.8320 44-4245 -0.91 +1.14 £ STERLING B.12357 8-00945 -1.47 +0.58 2:1.0421 9E»-10 ' 9Gfl-9ts 8**9 8V-9 Afghanistan Afghani 99.00 B-FrJRnk.... Otg-lOlR 9V-10 . 2^3840 2.17052 -3.03 -0.98 *1.1455 ' 810.9 Albania Lek 10.83 Greenland Danish Kroner...— 12.6775 ll-lUz Bis-10 Peru.— . Inti ... 12-14 12»t 13 — 1 B.Fr.(Can) exe(AlS0.746tH 10U10V ; 6.86402 6.66828 -us -0.83 ±1-3654 5ls-5Ss 6 *4-6*6 Sia-5V Algeria Dinar I7.X5 Grenada —. — E, Caribbean 9 4.04 Philippines - | — — Philippine Peso Yen 6lt-6« 6,V.6* 2.62208 2.46005 -258 -0.81 ±1.5162 29.60 9*0 BJa-8re 8*6-870 10.4525 Guadeloupe Local Franc 10.4635 D. Kn»s u ., 8le-9 9V-9V 9 Bis9 i 0.724S78 0.717088 -1.03 + 1.02 ±1.6673 »—™ 214.Z6 Guam — U.S; S 1.4890 Pitcairn Island. 7J,-7t|i 7*4-77% ! 7Ja-7l2 l 7*e-7*B InrVk — iSSaTSSi: AaianSlSngi: 73e-7i» 8.7686 Italian Lira 1520.60 1476.24 -2.92 -1.83 ±4.0856 Angola — Kwanza. 45.9765 Guatemala- Quetzal 1.4890 4.04 Guinea.— Franc yaara par cent: Changes are for Ecu. therefore positive change denotes a Antigua.— E. Caribbean 8 508.30 il9j Poland — Zloty 243.12 Long-term Eurodollars: two years 7V-7V per cent: three 7VB Austral 1.19X6 Guinea- Bissau Peso 254.87 Short-term rates currency. Adjustment calculated by Financial Timas. Argentina— four yesra 8-8V par cent five years 8Vt-8Vb oar cent nominal. weak Guyana Guyanese S 5.86 Portugal. Aruba Florin 2.69 UBi — ——— PortuguesePortugu Escudo 322.42 notice. are call for US dolura and Japanese yen; others two days Puerto Rico Australia-- Australian 3 2.0735 Haiti.....*-—- Gourde 7.48 — U.S. 9 1.4890 Austria Schilling 2 5.9X50 Honduras Lempira 2.99 Qatar— — Qatari Ryal Azores — — Portugese Escudo 222.43 Hong Kong—..— H.K. S 11.6950 5.4640 Bahamoa. Ba. Dollar 1.4800 Reunion Island...— Bahrain Dinar 0.5660 Hungary—— Forint 68.6791 French Frano 10.4625 214.15 — < Lira 2.311.29 London cent Botswana Pula Japan— Yen 266.25 Sco Tome 5t Prln... Dobra lending rate 11} per 20.5603 1 201 — 59.15 lower oil forecast was later revised to a Brazil — ... Cruzado sterling’s fall on an outflow of funds due to tax 1.4690 Jordan —— Jordanian Dinar 0.6250 since March 19 Brit. Virgin Isles U.S. 8 prices. Adjournment of the Opec shortage of around £150m and payments. There was also a — Saudi Arabia Saudi Ryal 6,4340 gave assistance of 3.2470 Kampuchea. fuel NA Senegal... C.F.A. Frano 522.625 meeting until April 15 the Bank demand for liquidity with banks Brunet — Brunei 5 Kenya* Seychelles— Bulgaria - Lev 1.3544 — Kenya Shilling 25.58 S. Rupee 9.30 £121ar through outright pur- Kiribati Australian 2.0735 Sierra depressed oil prices and the trying to meet this month's Burkino C.FA. Franc 522.625 8 Leo.ie— Leone (0) 7.30 Faso Korea (Nthl 1.41 Singapore Singapore pound .and effectively removed chases of eligible bank bills, reserve requirements with the to stock up well before Burma. Kyat 10.7758 Won 9 3.2470 — Korea .'Still— Won 1,340.43 Solomon Islands — Solomon Is. S 2.3685 in £63m in band 1 at 111 per cent Burundi— —... Burundi Franc X5B.8? any lingering hopes of a cut Bundesbank. Tbe problem was March 31. An increase in the Kuwait — - Kuwaiti Dinar 0.4310 Somali Republic — Somali Shilling 53.80 2 lift per UK base rates in the short term. and £58m in band at farther exacerbated because the note circulation before Easter Cameroon - GFJL Franc 622.625 South Africa — Rand 3.1090 Laos Spain cent. the Canada Canadian 2.08671 New Kip 62.35 Peseta 214.15 With the Bank of England Easter break coincides with the put further pressure on S Lebanon....— Lebanese £ 29.00 Spanish ports In Canary Islana* Spanish 214.15 brake gently last Tbe Bank revised the forecast month end that banks have market. Peseta Lesotho— MaiutJ 3.1090 North Africa Peseta 214.16 applying the so Capa Verde la Cape V. Escudo 133.46 once again, this time to a short- 1.2465 Liberia Liberian B 1.4890 Sri Lanka S. L Rupee 40.90 Friday by lending money until Cayman Islands .... Cay. Is 8 Libya Libyan Dinar 0.4425 Sudan Republic .... Sudan £ 8.74 around £100m before Cent. Afr. Republic C.FJL Franc 522.625 April l and UK banking figures age of Liechtenstein Swiss Franc 2.8550 Surinam s. Guilder Chad C.F.A. Franc 522.625 — 2.67 week, the authori- taking into account the early FT LONDON INTERBANK FIXING —— Luxembourg Lux Franc 69.60 Swaziland Ulangenl 3.1090 due the next Chile Chilean Peso 276.80 Sweden the help. There was no further help China 4.6742 S. Krona 10.8070 ties may wish to wait until Renminbi Yuan Switzerland Swiss Frano 2.B550 did give late (1 1.00 March. 24) She months US doJIare Colombia- Cot Peso fF'267.90 middle of next month before but the Bank a.m. Macao. Pataca 12.14 <»iiTi9.a Comoro fstands..— O.F.A. Franc 522.625 Madeira - PortugueseEscudo 222.42 Syria. Syrian £ assistance of £30m. making a 1 iCM) 6.B7 sanctioning another fall in base Tbres months US dollars Congo iBrazaville). C.FJL Franc 522.625 Malagasy Republic MG Franc 809.50 total £l51m. 1/2 Taiwan. rates. Three-month interbank of bid 73/8 offer? Costa Rica — Colon illiBl.22 Malawi - Kwacha 2.57 — New Taiwan 8 58.29 Malaysia Rjnngit Tanzania - Tan. Shilling 23.80 money yesterday was quoted ct In Frankfort call money rose bid 77/16 offer 7 S/16 Cuba — Cuban Peso X.3Z2G 3.8460 — 0.7660 Rufiyaa Thailand— Baht 39.00 Cyprus Cyprus £ Togo Republic 112-11$ per cent, up from Hi- l 8.75 Moldnre Islands— 10.47 C.FJL Frano 522.625 five reference banka at 11 am each /conn : 15 Mall Republic C.FJL Franc 622.625 Tonga Islands—..— Pa’anga 8.0735 US per cent and three-month the arithmetic working are National Czechoslovakia... .. Koruna n/c M The fixing rates are day. The banka Malta- CLS955 Trinidad.—.. Trinidad ft Tob 5.38 NEW YORK RATES ( 14.79 Maltese Lira 9 sterling certificates of deposit moans, rounded to tffe nearest one- Westminster Bank. Bank of Tokyo. Tunisia ... 1.06 Denmark Danish Kroner 12.6775 Martinique Local Franc 10.4525 — Tunisian Dinar isgi were higher at 11 A-ll| per cent Ijnasntfi. of the bid and oflered rates Deutsche Bank. Banqua Nationals da Mauritania-.— Ouguiya 115.12 Turkey.— — Turkish Lira 963.56 DjrboutL. Djibouti Franc . £60.0 (Lunchtime) for quotsd by the market to Parts and Morgan Guaranty Treat. — Turks & Caicos ~ U.S. s 1.4890 compared with 114 -11 per cent. 510m Dominica- — E. Caribbean 3 4.04 Mauritius— M. Rupee 20.0420 Prime rate 9 MF1719.33 Tuvalu—-— — Australian 6 2.0735 Overnight money opened at 12fr Broker loan rate 8V-8V 4.06 (71 Mexico— Mexican Peso Dominican Repub. Dominican Peso 'i 10,699.01 Fed Funds 7V Local Franc 10.4525 Uganda Uganda Shilling 2,050.0 per cent and eased to 8 per cent LONDON MONEY RATES • (oi 152.54 Miquelon — Fed funds at intervention ... 7V Ecuador - — Sucre French Franc before finishing around 11 per mF. 211.73 Monaco — 10.4525 United States—..... U.S. Dollar 1.4890 io' 1.2410 (Mongolia. lurgrik 5.02 Uruguay 202.90 1 j Uruguay Peso cent. Over 7 days SBC One | Egypt. Egyptian £ Treasury Bills & Bonds 1 | (4i 6.45 Including maturing assistance Local Author 'y Bonds 12 »« 106b 12.5775 Nepal - Nepalese Rupee 30,65 -’.5. 7.1Z ' ir Bolivar 11.21 Two year 10-12 1 IS -I 8 US) Faroe lands.....— Danish Kroner Venezuela — Discount Mkt Depos. 4 1.6125 Netherlands ... Guilder 3.B425 ( i6» and a take-up of Treasury bills Three year 7.12 12 FIJI Islands--. FUF 6 28.27 Company Depos. 101= 12te!l2le-12*s< Finland 7.63600 Netherland Antlies Antillian Guilder 2.69 together draining These Four year 7J9 1 10l« Markka £964m. Finance House Depos lUi 10>9 New Zealand N.Z. Dollar 2.78B5 (Oi 18.63 <151 Five year 7.42 j 10.4525 Vietnam New Dong were partly offset by Exchequer Treasury Wile iSuyr - 1150 10/8 France French Franc Nicaragua Cordoba . (0(41.66 Seven yeer 7.68 — 522.625 — Virgin island U.S... U.s. Dollar 1.4890 11*8 11 loil ! French C'ty In transactions adding £4l5m, a fall Bank B4Hs (Buy * Af_. C.FJL Franc Niger Republic-.-.- C.FJL Franc 622.625 ID year 7.73 Fine tBuyi 12 III*. 10 V French Guiana Local Franc 10.4525 Nigeria—.. Naira Trade Bills 180.0 1.477668(Bgl Western Samoa .— Samoan Tala (A) 3.32 in tbe note circulation of £310m 30 year 7.92 Dollar Cos- 7.36 7.40 7.25-7.30 7.26 7.30l 7.3-7.35 French Padllc Is.. C.F.P. Franc Norway Norwegian Krona 522.625 10.6875 7*-7|* I . 7-7*1 Gabon Franc Sul'ate Rial SDR Linked Depots 7V-8 7,i-7* C.FJL Oman of ... Omani 0.5760 iNthi Ryal (A1 10.4860(80) ety-st* e4.-8ri- 10.20 Yemen 97g-iQ | gsa-gif i ! Gambia. Dalasi Pakistan ...— Pakistan Rpee Dinar 3.4050 23.40 Yemen iSthj. S. Yemen 0.6130 RATES Germany (Easti Octmark Panama ...— Balboa 1.4890 Yugoslavia New Y Dinar 486.35 MONEY Treasury Bills (sell): one-month 11V* per osnt ihree-months 10V par cam. Germany iWestL.- Deutsche Mark 3.4050 Papua N. Guinea— Kina 135.4050 1.4260 Bank 'Bills (sell): one -month It “tr per cent; three-months 10**u par cent. Ghana Cedi Zaire Repubfic Zaire 82.7337 March 24 . One TWO Three Six Lombard ; Treasury Bills: Average lender rate at discount 10.7831 per cent. ECGD Fixed Gibraltar Gibraltar £ 1.0 Paraguay Guarani Ov*r-nlgti Month Months Months Months J 356.28 Urn Zambia Kwacha 10.44 ; InVtin Finance Scheme IV reference date February 5 to March 4 (Inclusive): 12.654 per Greece..— Drachma 210.95 Zimbabwe 6 2.3950 -i- 11176.58 it! Zimbabwe. . canr Local authority end Finance Houses seven days' notice, ethers seven days' Frankfurt ' S.4-5.6 >4.664.75.4.46-4.604.464.604.4^4.60; 6.5 fixed. Finance Houses Base Rato 13 per cent from March 1 1968. Bank Deposit . 8>4-8 . , I Bifl-tJV Paris - 8* 8'i-Bts *b 8*4-83e i 8V 1 For at seven days' notice per cam. Certificates of Tax Deposits T -ll . 44 — Rote sums 5V-6 Zurich 8 0 | 4*s-4*t 'e ; — „ £100.000 held per cent: t Rate 1s the transfer market (controlled), ft Now one ofDcIsf rate. (1) Essential goods. (2) Preferential rate for priority /means such as foodstuffs. — I 1 (Series Deposits and over under ono month 11V i 5*a-SSs i 5*e 5>a G): Amsterdam 5*a5* Preferential sector debt and essential Imports. (5) Preferential rata. Free rate lor luxury Imports, remittances of money abroad and foreign &-656B5' 6.343751 ene-thn» months 11V per cent; three-six months 11 per cant; slx-nina months (4) rets for public (6) I - Tokyo 5,89375 \ 1 J travel. Banknote rates. (10) Rate for exports. (14)Nesrly all business transaction!;. (15) Viflinam:—1 now dona equals 10 old donga. 16*1-17 16 16*0 — per cent: nma-12 months 10V per cent. Under £100.000 10V per cent from (7) Parallel rate. (9] Milan 1610 17V — j 10V (10) Peru - —-1 inti equals 1.000 aolss. (17) Israel:—1 new shekel equals 1,000 old shekels. (18) Aruba Borin:—now currency introduced January 1. 1988. (19) - — held under Senas 6 10V par cent. Deposits withdrawn lor flrUMefa 8.BS ; 9V-97* — ; Bfi i March 26. Deposits Guinea Republic:—franc, new exchange rate announced. (20) Brazil;—1 cruzado equals 1,000 cninlios. Dublin- ; 1410-15 jl6Ss-15*4 lSls-lSfcl^V-Mifiliaas-iaVl caah 7 per cent. 1 4 ' ——JJ JJ.1;1 1 UV . . J^J11I.I 1 V 7 6 . . _. I . ! « 43 J J ——.1 1 . 1 1 B b ——:—J. ' 7 j ^J0 I , —..———J—J4.|.I . 1

March 25 1986 Financial Times Tuesday 40 IN DUSTRIALS—Continued ENGINEERlNG-CoirtinuBd * 1986 I I ^ AMERICANS Cant. .+ or, Ore ,.794 - £Hrt 'Peeiort'PX — j l Frta BRITISH FUNDS Pit Hreh Lm. Stack - Net 16 Oj Fiw ; ... 162 *2 83 53(110 1 Yield 1986 ^’“lpw' - 118 lAman. Pnc* Of) ^ - . - ID 162 1 1986 > , ttfflJJ *J. j ••. 5 fiel. ! Hfgft Low Stock flreflCJCh STolOd- -_i f (AnOer MB - ! "at [ 4) 4.5 '106 140 330 HI* ImI SM I E , tU 7 “ 1*^5 30! 0175*% 34 1™ . F«M B«L Steam ! 14461 l%A«f Crpoo -j I 198 170 1 25 £141i' a iBwswkl . _ ; tLO 3 mV 15 1 7ljpJ • flromwrowioaS African Fm 1 42 Core 25c — 60 ICoHerCreup. l-S 10 30 24J 513 SKUpJ 505 |-B 5 (k 4 ra^ *f72 32 32 ; . IV?*™ Ip ... 13.711 1053 30' ; • ^ 201501--9.7 7 5*JabK- Be Eng. _ lOO^Ettii 14oc 1986 u£b." 24l*Dsoe WWn U25 — «10.2.7:30 '14.7 58 18 fdkeac. ZOd 5.9S 86 | 10Oi 97,'UTrea IOUpcCv U7 iooMI 19VOtr«lerJ6>4 i 9 5J k. 10n 1 70ia‘. - ! ' 155)35 M IL* 36 ^hewing CrounSB- • 1 2631 817 g ' 357 Assoc Heat Sereiees 2* 507 - 395 DewICeoreeiSo e. Value Id* 590 j _ iTope !-l 001 I 73 - 95 . QZldEmJiZl^clW -... S‘+V 40*j( T3i^CiucoreS4 12 92 131 lOpJ 64 +*“ 1 Da.Cnu.Ra FI5P--J DreEl 48 45 1006 '37.7 in , I Steel : 10 ' 11J 23? ISO reAiwc 1001 97wE»rt. lO'jpc 1967 MO.Ldl-X *»4o 774q titjFeflFin Core iRabLUi.. a 751 26 30 J47 194 1 ial iUMeiwootalOp I IB ....1 Rl 30 13 as 65) horn „ — 37 96 *l+i* I 671 949 DunJ on Group ij 37 Warty [143 lAnh'y & Madelfj 20p- 5o I '....: 43 197 ‘B^FiMllnq fc*jK -BV87ti 25% Zl'JCoVaie-P. II f _ 21 >034 4J 16 16.5 37 I 31 (UptontErA' 32 22 aa 22 701 10.02 Scn5A> 01*"% , li-i MOV J tClavron la £<5'4Astra AS Sk25 6 99 42'JCoh Infif. SI . +EBC50P 155 It For Vwnonp Vryeha see Coat. Viyetta 12? « ; 37 35 £51 10pcl«W7 j Sl'ii 236 440J 108 M I < 5.% 3.7 33202 B25 -33 1380 ICohtniAi^ * 764 lAwnrAvni Rubber OQ 5 1987 — 93V' 's : 25 [Ci» Fre^ium S06S Emh 78 3.H16 57 1159 370 (173 [WW Group J 350 '• 79* 6 4 WO 3.71 2.0 5.9 312 265 n k 32% } w ILhfl ]0J2 • Cuncerant !0B Ztf i ill .' -*2 I 32 '155 TO70 «2J»”ree 4 - bOTp IComi non Core SI-' FjitbrurlOp 148 R4 « 27 13.9 136 292 Z50 Ward Whue 292 Mf»J 20 °0no I --| *5 , T2.75' 20 I 35 Il85 240 . 139 [8BAGroop 236 M CAUKiW 946 81% 1 r j i . .9» fro lOp 75- - tl«0 13 a Item 1 Miron Hklji SI .J I41L 85 ta?.« I nCfel) ;*ZO' 00 Mi 7tot 198588ft-.. B9tjts 42o a? 70 650 ( 490 Warehouse 1650 3 448 | 365 «ETDrM.. ^ 93 9 .' 1 JJ 4.0 J wia-A iQ-Pt : VCoreoratilbuScaci- Do.'A-IOp. 63 tdZ (13*3 IWassaVU. W.l ( 58 -+L 10 5B 15174 24 I 37 diiofet-BS { Mi 39s 56 [ '*0.7(94 58 | 51 j 0.79 74 I 66 (BCTEC , 9.76 1 ' 99111*,’, 4 7b ' Housing • zrgtoariAtt- 938 £8 ...j [Crown 2HI. 51 Kf ederaud Sc. 87 I ' ITS 1 140 kfrWicke>40p 172 i-3 11 ; Group S95y7feM9tocC* B8 32S| 28 55 — hi 3J 9 50 0 J HO 1 M 4 2 i 382 I Z79 [60C — ' : • 7 87 Cr*Ke Group. 7? l ! 0941920 '78-68 90/,! [CdllinnShwrSOl... .60 |Fwl«6reual0p I IWigMls 1 108 *+3 ul5. 06 1 3« .463 B> 4202 117 97 17J5I L7 [60 150 ESI £196- Ds9pcC,Ln200l-06- 977 I 1 :£«*= He**;; 8.75 "88 1 99,:«t*>t iS <141(i {hncon Oil 1 79 tafWorrl5o _ 84 cJ 4.41 (Wc*BwrmHH*50p.| >-S th7.7S 35 1.7 180 IBS 155 I - 47 nil •Wl'Tr**. 9 IjK — 2BTp 40c L5 ! 75 643 [438 635 - 19 495 361 ®TR 11-01' 970 , 27 bdtas 1 — (501 - H1BJ 22 V(TneaS U'jKlWI iw.;'+i IBStoana Core. SI J Dandy MOp - 32 1301 20 Q50 1 Lias DaLn v3.7(24 l I 8?£[TnMs30c. 241^ l J'- k,9J 7 I 6 Do. PM. Ort ..— 6 10-31' 9.79 Grenp . 1173: 173 iDelaajela Grow - ~ z jn L j I 56 kfefaalBar Tjfl i 3? W>1V>& 55)lDim& Brad area U- 1 160 4 ! ( 40 12.9 95i*Tre*sl0*iKl989 1 75 ELECTRICALS :~5 rbJ. 28 9 100V + 9441 9.7B mendtrai Croup...... 190 Demerol 50p ” /. 50c 1315 240 94JgiEidi 10k19B9 -| 52% 44V.EaunCaren 160 20 1 ' <3.1 1120 j > 33 '3.7 >646- 33 .sjAKrasai- a+i 1061' 317 1 105 iABEIraronc 310 ad Una HDiiaL*,'. 973 44 Mradro-Stuan lfflp—i 39> 167 DewanerBrok. " “ 97>5illpel9B9 l*Ei»cai -- 15# 34 ... +0.5' 29 1 laarereiOarinJUp- 3PJ 75 , 48 28 )A.0G SecEfresSoJ 42 (-2 I2*30?4J'90 1-2 J343 3? ?4 ' 5Stf 8.46 Ttewr..e6rae MB : 89,;rf+'i I 27 1 . L155 [030 lOpcla . 84%Treas 5K 198589 21 lSVjFPL G'oreSOOl. J Do 0108 OlO^j - 1)63 02 1 « B 83 Hearan Clark 1 794 0 125 73 lAMSInnSp I B4Bf-l LI 22 4 121; 4 it 9 25 198 [137 1 9 5J) (EMroihldgil 1071*;*', , 157 134 [Herwood WiHams 1 194 94’JEjr6 IOVpcC, *89 17*,! 12VF*mi0rt Fill.. . 96 75 2 0 45 ,13.7 ; ; 43 456 bearer IC0J 10a— „ 106 34 rjXoare Ciuptr 10b_ J 66 -B ' 2.0 - 458 uov! II 74| 955 430 .EU.oti.iB: ! I -.. -1 Amer.SOe, IHms&HiM .| bfl 5? 1 llQ.'jl 103,UT'WS 13K 1990* U>iihS5p Csren 548 T12J 3.4 1 34 111.9 Si 'i - I .. 200 reAn Call 1 ‘ . 10.34 23J t 385 320 [Beecbam 1051; 952 1 255 235 50 -Fanner'S w.l - - • yi 1 10411 [Howard Stun 40 i 1640 31 20' 72 n).4i 001404 29 14 iBenMi lOp - B2V-1. • 3621 7.95 30 23 lfAmer£iKtCana5c.J 24 i-2 6007] ..53!. 95 iF.rrtfG.MJlOs— 39 ..' 60 relre* Arkc Cpn 1 57 . 73 83 I 79%Treas. 3pc 199tt — 28% 23VCATT6Z1* — _ 65 n 100 [-2 : t0.94-20.9 '169 j ,1 dlJl 2J .531102 85 Bendorps 9 30 436 182 [AnsradSp — J 410 1-I6 0J ' 115 85bj 1 FoAeiti,5o * S9*3tn«s 1987-JO* 96%-** 47<*Cen El«. SI V 50*3-11*1 *2-30 - 131 270 UamsUI J w 28 , ( %JJ 8V* — 5 r? 355 !... — - — 73 1 130 100 iBespak lOp —I 130 260 200 «Ap0fd H'lpapha 5p J 235 — 144 1*1 5.8S 13 | 9 751 9J1 ; |GEl1ntnL20» ! 1990 1 SZbOl. - I 22 £4 ! 102 JVl 93 Tr**. lUpcC, 58% 48 iCMMeSl 57) -H 31 HtJayPtant. ] 25 19J — U5 Ib0! jBestoben — [M)a Warrants i 210 ' 3.5* 6 . 304 215 . 3J2 7 61 220 __185 [ . Eng. lOp 86 :+6 aovl IftAnFrt - 1 , fcaricn 761*0* 2ljK 1990 4 197J 15 5«r.B*Sl J 17 l+i, 1 440d 16 jVJeMikws A5.50 _...[ 109 9.9 0b 60 8W, I ‘-2 1 151 70 ! 8 1925119(3.9)192 450 315 BntwoodlSo 1O0JI 944 98 61 [Aar ical Camp IQp 92 2.3; >' ' I Si.M 1 JiJWnsttws Prs M? ( 24 Glyrwed Hit - — 34^ J 99iTnwSl3tKl99l 30V n*mlGL WeWrn fa. H — J 27V -4 - 25 vnMoamn) iwlOo -4 dm-jBSat-2 i 4 27> *2 3 J 4 f I 2.7. • 4 [14.4 2b0 34 24 |Am*mnc'A'Nv5p J 34 .1 065*30 1U - .. >Zli 10 6 335 BddrfJfSOp TJijMMtnilKSOiO €116 UUrgeCop F100 47 ! 36 CrewtBjAGrolOp 47 -[tUSV-V WZJZiSl) 20 [340 ; '.1641 +5 [ i-3 I -[--I- 12.Q| qLfa I 4 7 Fifteen Years 90 60 lArlen 87 • 200 140 BhhfleHUgv Five to _ *GKNU -! 372 ! lBVHoae Federal 01 400 Lairg (John) 4 398 -2 ! 372 '259 » tag 55 2J2 120 I 1 lOp 7.76 £39 £29ljASEAAB 'A’ '+; |rtI8+* 2J 4 • 70 • 175 22 36 H* 98 75 BiOarofj I 91V*I*V faJTTl £39 0 rHatm Preo«n5p... 83,V[Funding5toc'B7.9Ui._. J 57*? 49ynoneyweB 5L50 _ -I 300 LdtamUJEl 300 1 72U' 00 , 1325) L8 63 105 i*i,!rtl8%l ’ Black Arrom a- [ £39 131 Tdo'S i E39 6 2.1 4 “ 1 +2 8 J7! 9 I 63 1 4 175 150 50P . 10 9J1 M7V*| -I ‘ .riafl tug. 50o 1?6 9b,ilbEh 11k 1991 1 771- 24 lHox»uiCoreAniSl 104 'Lawrence IW > 103 1-1 M3 63 3.1 5J 7b 196 132 lAlbmk Cn*utr 1+5 • [OS 152 I 3.7 113 J fliackiPIHUgj 1 11 0* 924 235 205 10p J 285 hit# 80 h3.94- 29 220 203 USlji+V 1 WiiManhewl 10j*tTr*4Sl26K 1992* ]9ViMointtin 1 rah IncS 89 I 1 - - t .138 ! 1^2 C 8b T5.64 17160 110 ; _ _ ; _ _ 15b [1B.4 I 1 9.02 4 [Audratronic 2bp—_! ... 4d 1J, 16.9 188 [ffilueOnnw 1 959 71J 6V +85 333 104 1 . .Halide SOo 92,VTieB 10k 1992. V* * 112*2 99 1 EM Coren SL25 1 140 Hides* ... 140 56- 57 124 213 LBS , 20 ] 1124 10114 8 05(24 -48 1 100 10p_ I 74 l ; 9 14 187 138 tuiD'ted Sec. lOp [IBS !-2 >dl 218 172 HfuetardToys 106<: *<. 9 881 i 25l 31 9441Ti*js lOi^e f. 1992* _i 30V 25VIC In0u«j« - — 39B J.i 398 144 Jl £Hawa«lnih.5p — 70^ 30 25 . * 1054' 4 5 15.5 .12 Perm I 10 771 936 345 341 [fliCC 50p Z3 336 [-4 L7 605 '-0 IllSi 33 20 6 ZOO 192 iBlundH) 200 ;EKh.l2Vp£'4? 113V*>« 42b (Wired! .... .433 .Hawker Smdeler | 101 £ ! 31 U 25)1 FT Core, 51 420*1-6 dl2.5i 20 4 120 -7 - 013 1 - 1 1-1 117 I [BSRIntllOp 98 Q24I 25 305- 25 6.0 40 |BodytKef*'l 249 I1Y»«3) • 11 28i 938 63 Srmtt. Wa-»j 250 167 119% 106) Exdi liljK 1992 - 21 7p ‘141o reimotrorlK 1 2tt 330 1 Sum ZOd. 300 2.72 5 0 1 22-1 93 : 73 ,H.H & 9Jflj 9.13 lli^+BeaneaA Flam ]04 1 2W+I > RO 42* 2 0 1 3.4 211 26 Z3 Iflognd Pet 'A' IOD — Treas 1193 £2Cod). Z9V+<* 3b)|in9ervill.RaM52. - 140 29« 19^ 10K J 461 J hhn&H . 115 7 0 '93 — 929 ?j 9 £14 (Bl«i 6 Decker sasa „J 05%. .. 064c - Z 9 4J 3.4 ins 265 Booker McConrefC-- l HW1.+I1 10.7 L JSJ [ 353 . 4 1fTr*3Sl2 1993* — 12'j.IihiIcoSI. J 172 Sonherns.. .hS»mp- - : ^5j5| 103 164 4j) j 116*1 jK 15 1.7 4J. 200 » . ; . 43 17)201 X 89 l+*« 674. 798 m 375 Bawlhorpe lOp — J 474 1 >5.43 “ 275 190 Boot IHenry) 5(h) — 78i? 1993* 1 |lll Intel. 229 . 89 I Fu«W9bK ITU'S lo 51 JS I Wdg) ... 229 T75I2J 4.7 ...123 , 11 1* 937 210 165 4Brikat5a.- J 195 -5 4ft 3 5 -2.9 130 '‘1 T 28Q .225 Boots lzsy+v - j i •i«>1 17re» 13VK 1993* -j 198 I 1 IZjd 1092 , 39% 31VLodJi«d Cnn-Sl — Hafalar 190 140 is u9 SS^izJ S 1 30 1 I 1.7 16.9 p ' a j *', I AJ 929 104 75 K-firttaina Sec. lOp J 104 U6 135 30 ' [15'aBmg-W USS250_ 14I?k 1994* 128 11 I 221-JofcnwniFinhlOp^ 38*. 1 £21% 128 lMlIrw 23% 20VLone Star irah SI . .J 1B0 (Uanders Uolw 1 20p-_ 180 40 V 9 Tetacnn J !-5 * 565125 36 1173 I HUH 45 233 180 IBnush 221 1 4> 340 265 BowairrMsEl jeh 13* .4X 1994 .J 122S«H*>i< Ijatm 4 Slapnun — U9 j-3 6 [ [ 22V 16)1ko**b« Land S035 .j 127 May&Hassei) 127 126 I 66 « |Bro«m8a,. Kent J. j-2 25.30 ' 33 'UJ ! 6 '126 i 10 59 936 110 75 108 1+2 5 9 36 2 385 32 Bram*er2Ito u* 1994 118 *) Irt. Group 307 i 3 12^ 28 ! 17%Lowtfy50e j 256 (Meyee J 256 1-2 t5J5j 15 t+1 +058J '213 307 1 216 Mm) 9.01 901 16 11 IsiJvui'A'Sa _J 16 13 7 * 231 30 I4J 92 Brengrere lflp 1994* 994,1*1, — JArUwrl LZ'jO .. 69 ,~2 j 33*a re* 9K 36 28)j»3Pol Hanmr S71/-.I 34V.-V «2d- 64 77 IMiOerlSUflj 10p_J 26 '196 7? I 41 [lee , 14 1351,1*1, 10. 937 220 138 Ifluroea PnutetjZJ 206 1-8 ! 20 4 4 L5 0J.2.7 - 44 35 Bndgend Group lOp. 1995 1 [Lmiauf 78 . c* 12K 23 UvtMHanffuSlOO — 129 04 ., | 27% 120 65*U I 30 35 650 " lbO I K [winh Ramo Up J 146 |-2 12! 6J L2'190 L >25 13 >65 <16.4 156 112 Bndoa 'W-95 , 440 11 1 (LtoydiFN) i 55 ( Jk 30V 27tflMemKliK6Sl.--J a [MowleHrUT 434... 11.43121 4 .293 67 55 225 183 ICAPlOp- 1 222 i-3 ul5 9110 i 4.9 , 46b! 95 1 • 38 +2 130 22 1 122 193 139 fciitoart-G 20? .,«_h I014K1995 t 106V*'. I lBo hrtlitncnpiiBW Uenr. — — i — . ( [Locker iT) 5p ; 46o J Up | 920 blMMhdlU —I 910 -io 1101 5 4 38 2b 1 1 351 78(21 -75 1050 933 150 90 iCASE Group 20p __J 90 [-6 1 • 1 I 9.9 HEil? my** ' I 1 301 22 60 606 421 BnL Aerospace 50p_ 32 lObvfTre* lZtoc 1995* — KVMKfCnn Corpll ' I+SZ44] _ 44 212 Nottmghani Bnck i I 23)1 Do 'A'5p_ •; 37%d-V — 212 bJ 21 '-5 6' 33 ; » n«i I 10 85 9.40 160 125 I4CML UcnwnwklDp . 145 1.4.5 l.< '153 7130! 29115.1 Bloodstock 40 Il20 129 ^7 I tBrd. Treas 14 J 4 I 1 ] ' 382 |-5 250 212 I 52.45] - 675 WLHoifcnjs — , U3 k*96.. 42).Morem(JPi MVjhI-i, IPwrwlC.H 675 *7 75i ' 390 308 S25 1 7 0 : ; : 34 2® J 100 *>, 9 on 900 24 |4CPSCan*ulerZ0p -2 10 6 61 * rroilSOJ* 02 1110 * 97 Bra. Syphon 1+2 8bi[rreai9Kl992.9btt-_. ' 77% 1 S6.96J - 192 [Perwimra IQp i 65 .MS imend 10a. ___' 84 135 20a 135 MVNYMEXS1 -V 1 192 505[ 4 < B5 9.42 41 iiCPU Computers 33 1-2 I 1371 J+% 11U9I 29 5p J -1 Oi 20 ! 6-9 7.4 145 nlntJsh Tr*« 19%* - — 1 - iMangareke Srowe 3 26b Vita— , 1202 15UK 21VPHH . S10OI 112 Ptoreii Timber -7 - 52 — W 24%+V 88 53 68 ; | 1 10341 928 710 568 tablei WuWe«50D- 693 -5 445 29:2.0 196 1996* . 125 V**. .' #11.01 23 26 Z10 290 IB. H Pno.SAU !+10[ UO EnJi UVut Pacific 410 Podtets. 12*)<34 ‘ IMarunair ?0p. J 60S )-20i 383 310 13) On & EIkS5 380 050 i 355 — — < 528 315 237 Cambridge EVec. 312 7.45 35 1 « 74UR(denviian 3 198b-96-4 ai>*«+U 3671 —J 6 ... +619.IK1.7 *60 130 184 156 BrownGTauM. 50 121 k 54 yPacificTemn SOJO ., 142 h»Poiyp*elOp 1 13Se-1 bU.45^20 238 : IBS iMcKechme Brov 196 ; d iTp ' 10-4S 105 85 kClwckaoun Europr.J 98 1-3 24' 9JZ ' . 0751 62 09 BrenunsIMtul 73 14i 12b % IW ,‘JTre* 13 Vk 1997* .{ 126V*'. ( 19)iPad 1 606 BMC (-2 1 'Mev5*o5o. 120 | bl 52 Care 25c ..._| 604 tL30j 33 123 9S J , *.'*'< 9 70 920 53 37 IChtoikteGiB 1 45 I .. 2.45' I 4 4 I 94 ,feiOil0l?Kl997 108 » 82 ! 0 4 45 39 Bkflen 39 (-1 50 4 108V 34VPtim«rfa3>jC- 53 Raw lod>. IQp 1 +>0-73 1 02 - b2 :Ueulr+i5p-. : J 57 V 05 1 - i - - 1 89^ 404 30 113 I Oo. fliocOnQnPI. 194 . fp • 325- 1.7 ( jiao Art 84,',lTreaiBtoeJ997ti 97)*) • i I 4 , [ 97 . .. 48 39 24 Bnmdene 15p__ 30 81 49 40VPifctoYd 4SV+V 106 100 Afinas 7 d505 LO 47 i 09 IMtoeHSontlOP—J ] [ 1 I 1 10871 952 Z'^VChuanu'siHUgs) — 2*j|. 7 ,4i ' 1170 120>tlEfdL 15 1997 138a:**, I 6J Amts'll 5.7 1150 138 1 k I 456 3VL ftedlaftj .1 [Mourn U 69 59 Bores lOp 48 | 38V0u4ktf0auS5 45)!- t!05j Z2 1 3J I Iff? 162 |1« j < 922 9 kfCiler IDd ; 9 i-ltf , 01' 940 1 [100 BQfilEjck 9toC !9>B 103V*'. £340 (£242 i ( 'Nrepwnd 29 *-‘i 16:05 1 42% 26 [Pen NV Coren S5... 27VO|+i, iRedfmM [£Wmns J£340 • 30 20 82 78 (fCCAGadtertmlOa-l 7.94 8.79 kClroaprua lOp -3 1051 ! ' 9J 85 |+V 93 75 90 fi T7 ' 7 127 199598* | K7.0I2 40 72) Ire* 66 k -J U%ReanorpS5 I 170 148 Roberts Ad bud [HeiU Lldiertl 208 ,-Z 70 U | 168 21b 1161 43 CHMmttjlQp ) 1 125.4 '+22 tl.tf 93'05 ' ». . ia7n 9.47 315 203 CamcapSp 307 125/,Tre*.15l2K’98tt 143)61 141 I +5 S 1.7 50 >135 24VPDCkwell (ml SI 45 32 [Rowfanson 10p 45 40 141 ( 92 INewman-Toris 1 .[ 188 138 FCSRAS1 1 933 49 K0ropsaft HUgsSp J {... Ll.S 30 . ' 9 6 1 1996 119U+1. 10O4| ' 38 45 I 71 1032 E«di 12k 19%Roltf 240 188 RnbertM 1 iNohieS LundlOp... 105*1-1 0 9 1101 « ; IndllKSl 230 Ub 65 190 135 KVDbC-SCLOl — 1 • 91* 904 345 tCont'I.MKrawaw.i Z70 i....l 40 43(21)15.9 J . 1 270 89,', iieJts9*j(K 1999* 103V* 411,1 !Sa>a 180 134 Rugby P. Cement.— For Noranfc SyJem, i« l-^uitrali 33 Lee Slh 179 * 11 102 85 fCanuonSt UnsZOp S ! 051 931 ISO 123 [Mini Tech lOp .1 ZM L27*20 '210 1999 121^^4 10 I I 11 2 105,l|Etth. UWk I jPegler-Hatteroiey 394 . ... 121V UVSdui'B FJ SI 320 228 [SGB Group 318 40« [ 35 27 Caparo Inds 12) I (333 — Elect < 29 120.4 — 1999 109)l*v 92a 76 67 Kranbraok Sai 73 — I LU 72 * 109V 94!:(Treii IO'jk ' 223 * ... I IPoner Ctsul ?On ; 55VSo«iirn»eilem Bed SI J 98 88 Suree&Fisber 93 259 221 — IOO 92 Oa 8 toe tor Pl£l . 922 CrayEftreM (...) >2.971 . 1270 93,V(itoteiw(nr 1 OUoc 1 999.... 107V*) IJ5 305 259 10s 1302 30 L4 1 .) 107V 32 'Sperry Cpron SO 50. J 23 15 [Shehaeu Brick 23 I 12 (Pnet fBenl 5a M j. 128 , -j- 15 102 92 Da.aKCYPIO 8981 897 ZZ5 140 Crewala* Sp.__ I 218 1-7 424/34 1201124 — 25 Kar9ii(200Q-A lUSpU6.J 29 "-V I —.1 I .* 29% 36*3 30V 5unCo Inc. SI 555 465 [SmdaUlWml 555 10ffl55 ?48 (Z15 t DoSocCmRtdF'rf W 8b 56 Caarlwhrftrtn i 10 17. 9J5 72 I SO wSE Tedwohsgj IQp -I *4 _ l _ ! _ ',3L9 lW.’j+'a » . 13 2000 .j 1 . 128*3 UJ .tfcreiM. I - 171 k 57IJTRW IK Sl'a 80 70 KmaniJ.ilOo 80 d4JS) 13 1 120 flHP Do. a+pcCreOPl.J (-8 I 1 183 135 i 107)1 931 905 152 115 W)T Group 5o 142 Id 70 10 173 m P 107U 92,',>Tre» 10k 2001- 344 200 l+Z 486 rtaraacSOo .! flanwme, Sons 24 [TetmetoSS.. 482 [-4 >680(28 i 115 CckssUait 20p 1(176 IOO 77 WXJ Sec Alarms 10p.J 100 1-4 15> 70 1 23 85 25*a 1 100*1+2 141 I Do.lOMLflSik 91-5 . 78 52 (+ lay Homes 76 Td2.5l 15 98 filatdrffsiCB.) i _ Fifteen Years ...1 i 5V CeaL Sheerwd. 5p Over 79 64 brieEletLlOp J 77 I 45* OJ BJ 'ms T* ~ 473 (Taylor .. UTUroi IT nan lOo ISP ... r 18>ijTeiaco S60S 572 Woodrow 567 [-5 gl5.0* 22 15 Oil . „ ' lad [ j 13 Cenlreway 10p I 4.9 (16 '33.8 j 20 ~ IWAjT'Mi. 14 9tW)l no y+v : 198 155 ULHaseni Iie5c_ZZ] 198 —..'dOUSC — 132)1 k 1 41 Wine Inc. SI 160 [TiAuryCraup 14 8(2.1 SSJjRenJfd ...... 71 bLVS 137 152 I 82 65 Chamb'lan Pfe. 10p — 305) 10 105*2+1, 90 71 ^DamolmlSp I 80 ulIS 49(101130 • 105*j 90)|Coii*tr5«*i4)K2OOl_ j j .. 22VTracirS0J3ii - 387 326 [Trans & Arnold 387 +1 7.93 3.4 ,3 . TRtdunVLero.) . 75 , • ! 53 — 273 190 Charter Com 2p- 11 0.9 Elect. . \ 3.71 120 UO 80 kOmmaro I 105 6 (50J 6 q V) 22'iiTranMOienta SI 102 74 iTrem Hokfcngs 10p._. 80 1105 60 30 I 19 libchanhan Weil. lOp 30 : 37 Kjewtairfl 'A' _J 37 184 3 18 8 KfteMul Methods^ qij3 4 ! 331 43 107) W**, 30 lOp— 105 .+5 , 25)f7ram»or«CarffS5 175 145 (Turn)) Core 250 242 1 156 IRabmonl7tenJ 1 242 — — [Domino Print 5p.< 347 1013.6. 0.4 255 151 130*2 VCbxu Light HK55 _ QMM2.9 _ J . ! 350 262 So. 105*3 9Oi;fTit*.9)K2O02..-_ 105V I >4 1 41 (Tysons (Cantr 1 [ftxari 155 I,. 5126 1 975a OhrotartWeSl — 26 10P- 41 22 157 i 115 lOp I*. I6^3J ( Jf: hi.4; ' : 343 280 torsties 10p 134Ull6UfTmts. I3 2000-03. J 50 40 |Do*thng&M 10p....l 48 t! 42 153 £29%+i) Vk •' 60 020>il , 30VUId. Tech 42 kHKdCrrzKOresaip.J 58 35115 £31)1 SKF AB Sk50 — ; * 03iD5piJi. 385 345 WrukHldgsSp J 38S >151 36> 40113 :266 £25V 210 130 CLufce (Oenentl 74J3|La! 34VTrMil0K -] 1 1 282 195 fvsno(«it 5PP ... 159*2-1 L4.75I 0 WVWSSleHSI 289 619.0 34 duller 43 160 1147 lOp 73 60 Coro lixh. lOp I |D 5o 106 20 12 129 l(C|?Tr«H. 1 1*.4K 2001-04. —1 212 180 ( 1-2 Seal'S »««-. 1 290 246 [WardHkfgs. lap 288 71 I 49 Simile Gordon 10s . r 68 11112331,18 ' 73% 20 1 360 321 Cole Group ffioaul 92i{*TrM 10k 2004 1 125 101 SEaUngElearoSp-l 125 R20 43 25 )132 ! re (T605 1 - + 38 . .. 15) 12 4Q',IVWdOlwortIiS3>i 68 58 (Wa union - 66 -. - _ ) Seme Eag-g lOp ! 14^ 1-7 ! 38 29 -J 94 frCalcreen 4«Vtfi«llng 3*^K '994)4 __1 445 I 385 klecTcomps IQp 1 425 153 35 1 10 >229 106 Ik $001 204 172 (Warn Blake.. „_J 202 6140834 29 160 25? ! 180 fflroan Erg'g 2«8 -4 8 0)25 j 189 >47 CoiorotUOp M5.oj |l6A niilConcna 9*^x2004 ._.! 145 93 kSElearon HoralOp! 138 ]-2 ! »2i 20 133 '199 20 1 30 84 67 [Wettfrr Bras 84 LM3.7 L7 160 — 115 83 [600 Group I U5 55)1« 89 CmwiMOK 91,k 2005 — 75 i 62 [6Elec.DitaProt4.5p-i 72 l . .. HIM <2 ' 32 300 20 10 CondHwdTnblOD J M!?oV«*oi Energy Core 55 41 [Wig^iB Croup 10a — 54 15 35 29 SrortHMni.5n 35 0251 26 KanwkantsSa 0.75 32'mj I ' 07.71 117 7b 20 On VrftTCAlEZOodl- J 66 46 RieaniaicMachiae J 66 +2 0.7 23 i — 4 401 314 1 285 . +160125 liUBLMmimHI ! WrtsamConnaHyl 401 nag 74 '-2 285 362 |Swar4 Jackson 113*. 97,|fE ie)< 10*?« 2005 17% 4 61 l 42 tewwwRioUh—I 50 32H 10 1 8MII63 71 26 tot SMMiTr lflp- f tWimpej 20p_l 166 !... +3.rt TUp l595p More Scot II 188 120 (Geo) 182 33919 172 132 Spencer dark » CocfcsanSOp 1 859a I** I lEmns Lighting I 1-2 24 20 >29.4 520 354 tt*-» 50 129*. 1U tTre» 12 I?k3X)3U5 1 284 235 282 Oi 1-2 54 (q 380b d»mer tonck Res 174 132 Sptra»-Sar» 372 >6459 23 2002-06* J — 469p £28 £20 lEnraeoll-MJSKSOJ £28 j+ivj»qifruj [so' 345 245 Cape Affaire 5i>.... 173 32 92) 78%!T-wv. Bk J+7 CHEMICALS, PLASTICS j * 457 . >153 231 20)1 18%BCEU -J 19VJ*) 457 347 iSuwiey imh. £1 —I , 1Z2V 105*. [Tree LI Vx 200 H17... -1 375 300 'Eurothemilni. lOp-J 370 4 34 1 18 1202 75 UjCasati 2.79.22 l507p VBowVaMeyd 598pl+63 I £45% DWjAkro F7.20 203 153 iSwuen & Pm SI 162 j .... 138 jUBijrrrw, Ui.ac'04-tB-,. 707p 64 47 (TKI Elec 10p - -J 61 |-i >05 52 12*203 _4 370 340 Courtney PopeZOp 18J|3J 1 — •25 293 1+Akda Hldgs. .... j IT 665) llVBrawaW. — I 495 I 370 ACE lDp ) 495 + 11% .Fernell 1 40 13 >265 81 40 CaundeCrLlOp r-i M20|U 69U 57)hre® 5i?K 2008-12* ...J 250 197 Elec So 230 TL& j , .. I 190 160 lADwd CaUonfe lOp 25' 1 19.7 1353 60! 29 I 2J 174 '-2 91 fcfe [TeHm20c 88 1+1 N271 32 I mp +5 154 I Ferranti 10p 144 I tl5b!42*2.5 202 166 123 ICreUHkkallOp 131*5 UZUEcch. 12k 122 [ ( Kan.PuihcU 1+17 245 177 [Anchor Chemical ... 425j 25(27 165 1 123 ITei Hktgs lOp 160 ., 1433 20 957o 801c 957p , * . . 3.4 : .202 I 10 , 203 154 iFirU Cxlle lOt 192 t9212* 480 412 hpCE5p t. .• 730)53 Undated 4pcOr6. flUL-i £100 [BASF AG DM 50. .fUNU'U £11 V 975 iTkywflDmlO £11% . |Q78I'J 25 36)Jdp 36) Srconty . . I i 3.7 .133 J , 145 120 iFtrst lOf—J 235 o35 26 40 32 DSC lOp 1 134 I ' Ume-, 105 BTP10p_ ... [-2 M4.0( L9 1 4J . [Triple, 122 t2ttX2 u' 90Cp IVEcho Bay , 1' 123 78 45 l 38,lteon5oh4K 1 0961 37 25 frorwaidTedi 37 .1 -i - - 1122 \ 208 DaFjetjEl hl25i 300 , ... 15 36To ‘Cadre Sceptre Rn. - £105% €77 Bare, AC DM 50. -2Vl ,14V 6 22 73 5? (Tyuct Timer.— . I 67 i ... 63.223 8671 500c 73 . 0.7 ll90 | 4QjJ JSHIWkLjhiOIjk* sy 412 339 [Faptsu Y50 [ 374 i+lOlhSUi.*. 178 DawmAM'roMi.ZJ 217 M904 30 104 I SOOe :400p nth Cokl 129 BUgden IMs 104*(-2 37 l 31 iTytatk (W. A 1 lOp _. 37 . . 1^19 1 tb Mmrs 1-4 • 34 '61 *,«(-<< I '30 '12-9 51 1 45 ICon. 3*?K Att. 50 640= £10% 725 > La Roe 995 30d23 425p 325P VCraqetEipfl 151 112 Bren Chens 10a J '-3 16-220 53 ! 29 tUW. Spring lOp 1 43 15< LB 33V 28ii(Trwft.3W66Ah.. — .1 33Vtf^V 886 —— SSL 183 1150 Wocfw.nWarrw.__; 180 >20 43 J 41 34 JetaneyGrplOp-.—, ZA 4 86 56 Beit Bereol 475 : 2S6 afrckeroQ 475cL._ . 13.(HqL9 12% 703o Walt Can II i +46 10a -10 1 105* 16 2T,| 24VtffK0K2*,K 28V9J+V aw 819a 500 420 'Gcutng Kerr lOp 420 21 1 3b J DndiipHeelSp 1 059 20 j 19% 18 130 83 wag'W.) *110 rViaw Products 1 ... lrJ lOl^VHawli re Std Canil . — J +) 1.7 107 130 112* 145) 28)! 23ijtTree ZiV- J 28)«r 8731 13V 101 1 94 'GronenorGrp '101 57$ M 368 270 3iphma5p. 52% 30 260p“l0t*> *Hei4y* Croup J 21Op +6 284 246 Uie Croup. 20 45 I 27 (WA-HlagslOp 1 34 O.ll 68 25 [fHB Elec. Comps. lOp.j 55 >2 L25. ' 32 193 97tj 83 Mfion PartlOp- 5J%L5 * Index-Linked UUHadUM-iBaf B- I 154 140 lesfluas. 243 1120 frVadfcinSOp 238 -5 13% 13V +) 104 jHigMand EL . - . 25- 3 J U.7 g 88 20p 30 [ 108 97 Mn Hldgs. IQp 4.W10 135 111 DP -A' j 97 1157 Wagon industr‘1 1 -2 . . - MV — 200 25% 2DUVI*iofnjlO(U SSlAffl ; 202 (W .ro m nv - 131J 10 Ujfcrtmolfaifti-j 111J t03'59 33 H4.7 218 94 amwwfPtZOP—, Unci*..—. - 16« 15 (Cory /Horace 1 47 I 32 !*0kerlC0 w.’ ISp.J 45 -1 U«J 115V|7re«.2K'88 (297JJI U9VML'**, ! 3.7BI 4 81 UV899P USMM 5k— 53 1 1 '16.9 loS 140 IBLlOp ISO (. gl2* £32 V £26V Tree, Core. If SSI _ “ 154 kradabclOp 1 I 69 barer 1 IBS +1 12%550p Wirt Corew Rk...__. 111 +04. 1 105 Group (333.81 1 102*. 3.931 454 — — 102V 99 DO , 30 14iJfiimetGrt«*lQp 25 j+1 J 56. Bren. i | I 57 May 10p— US £0 300 I500o fflilaml - -251 127 100 68 Do.JQKCrePrt._J 100 +2 U3V. 108V Do. 2k 96 (267.911 ua*'*v i 4J6 4.40 575p Nat Gall 537a -5.7 225 185 kfrlNSTEM 10p 185 1-10- 2251 * 18! 9 92*’ , — , 58 MportSp shea i i j 1^35 Maudy^erpxonU . 141 29 14UWeltaM 29 89) Wjj Do 2i?pe 01 130881. 9891' 4.0§ 4.19 155a !l32p 372 303 jwtSig SCcmtlOc-j 340 -10 >25c 70 0J:26fl 76-• 24 luck Group IQp 1 i Westland 1 87 -1 88) Do.JljK'OJ (310.71. 97*. J.S 408 202a ‘I+Ob MpKKhoEreln. J ^-2l,| 131 215 177 boon Sinn* _!213 tW 31 4 7 80 117 32 93V IWhasoe 92 75 JTsanUSJJ — 4^13 VVRmAI*ob 1 . 171 107 86 102 -2 & 7 1 961/ Do. 2 '06 (274.1IJ 997,'*i, 3.79| 393 U*?l 10 ( 4JI2J 140 101) k 82 I 55 (Wewill Systenn-— 76 U2 85 71 I Do. 'A r+i 401 U ...... I - 23* 16*jiWhewayl0p 23 92 1 09 (31071 951,'* 1, I 3.7* 307 17% UVIRoyatBECw n 15*«+V ‘ 9 1 J 96) Do.2L'« 112 77 [fkuri. _ Tekn*5p._J 77 ...j 00 1 | [J40 275 217 |FusccaMnsep I 37' -; fas 160)26 . '1201 OaSijK'll t294.nl • 38V 30)tSei»*ii(| 213 285 >13 ‘+2 4J 27 JWoadESM*J20p — 101« 96?d loovi+v 3 380 140 90 (hade I* — ' 132 50. 5.5; 9 — | 39 ,112 HahtradU.HOp. ‘ " AStiJarnseihmizijp. 32 hfEastcourt 3k '13 3.72 KPyronWbOom. Bk.n.- U.9 ! Bl WU 90, Do 2‘jpi I35L9IJ 12% id:” 106 67 feLPA iKhstHcs lQp 8Stti+2 30. 39 50 B4 , B5VJ ’ll J . 310 275 kwenrProd.SflH .J I 109J2 1 I817P 'Ytran, ...< 1+11 £31(4 £2HjjKe«*es (neff - 89 -32 iWymSain Grp. 15p 87 Al D6.2 (32201 351. 369 S8Ep Cap Pw 885a 45 fcLwrUiSAOSoJ 30 ... ' bO5*nl56 "»0 69' «QS *jk'16 SKi 30 16. f+Ecafaric HUgs, lOp.i 1 | S 333 ]Hickwnim50p 60S 1500 lTarro»50p. 1 33.122.7 11 1924% « 1 6.7 . 7 1 80)! 85V 0>.2*jK ZO 027311 89«?J*V. . 33213.. 362 322 Lee Refrigerator. 265 ...: 125 27 J BANKS, HP & LEASING £10*4-770 HoecbsiOMS- J233 — 15 M Oo. DeMIQp.- Pioxwctnre rral rrdcnvman rale on proiected iirflairan at (11 10% ana 117 {LewnUvSOOl ^1184 . aQ34o3-9'Zl 123 110 65 55 teds. I ptj £208 DDLFml(kxUaLn.j£208 — " tBw 50p- 1986 + We Mno M8 ' 1 - -n (21 5%. (61 F19UW5 >n P»e«lie%ei iho* RPI Wm Month lor inOoing. | 190 122 MvcaUto -J !-fr *035 - i FOOD, GROCERIES ETC, 1 36 29>2;rm.Ah.br. SoltDlOp—hr. n in. «3 41. 1 ” 122 105 ElecolOp U60)l£141)ilge«nree FU00- JUSlIj -z*. 14 I 51% Dd.SkM.£ Sl*i .|Q27V •. 8 » — 210 160 roMMTConoKeig 5n— 210 4 0 30 271175 1132 j 150 ^KreelQp Elearetu BKr25 408 . S [Allied 336 [laporte imh. 50p — £17V 250 >190 In* 240 im6N40 48 6.9 if rHtopeOc HawhUb—^ B5 1-30 «Z0! 3.1 [ 4.7 70 >5 123 85 375 1 330 fV Group .7! 26 INT. BANK AND O'SEAS [AihbaUierlHJlp 75 113 102 LetghluurestsSp.. £10% 890 EUren AS NK50 78 63 , ..J 9b 75 We»erware(*10p_ 82 5 30* 40152 6.7 318 23B BritFos 5p 154 340 300 fthrcua Hklfi. 30 10O - Ehwie* Hopper5p— £13% 890 Banco de BibaoSAi 02B*J 571 4* J 34 *10.3' GOVT STERLING ISSUES €12% « 66 48 [Wemcam InLlOp- 52 r 35 32 126 110 Fdherie 125 20 DOi. &uico 46 25 ^MorieT( Emliari Core. SI 1 Be Santander £U)8 .... 261 £13% ,«»iN • mi,; 94i?(4tntjno«Bhiivijiajio_j mv+i- 985 6 425 370 iMemeclOo 380 30 9 ;u 604 |5?7 Group 5p. — 1US 20 Bant Ireland 460 €23 UaVNore IMs. 'S’ Ki 20. 36» 261 Eng. Drtiu Clays 963i 955 470 358 lrLl-..J -10|!ffl367H23 t [12.1 IS 10 IfMnwuy Coraw lftU 14 [BSHFrlQO 911-AiurDetBh lWicLn7009.i 106$+% /I £375 ‘£240 05556 3.6 205 184 EqugMlOp.. 106 V 950 850 Sank Lnn. 850 £14! LUMPershsro AB 'B'SklO 41 *14.4 85 55 MicroBusSysSp 63 L75 25 1 132)1 UVuBusirallJ IJIjkTOID ....J 132 y+v iai7i 9.91 4 Pi 255 238 »u*s ISkSaey C J— ... 110.0 54 75 163 145 Lrsklue - 225 179 (Plyai -3 1 Knee 260 230 Bk-LeennlUKKl _? Z40 67 I 1+35] 0.4 1565 , Do.UVbcU2015.. 116 !+v 98U 971 nJ j 535 360 'JMcTDiifcn Rejuo — I 535 >15 40 15‘jl LltjiBarker & Dobson Ip J *OJ - 116 100 315 [Raisam l Wm I lOp ... £51% £40VE««l»ABIt50 I 285 1 466 364 Bark StoUano £1 453 -7. M12.pl 1-151 I _ i _ 1490 . 33 Focut IQp. — In Bl 2002- 9.41 240 lbO [Mere -| 105 335 IZJB.BurlAt) 845 30 113W 98S(Eirro 11k L" U3V«U*) 176*3 135>j Ewp Femes ... ! Barclay SSirof-LIi 7 82 62 fReabrookHlOgs ! 589 £1 J 18% 43 142 . I 40 IS !1B0 i I 9.42 142 108 Mtan Scape 10p„ 153 1145 BaueUFoqdi *6.72 108V 92V Da 10*gpt2OO4 — 108V+V IS 174 134 htemakil 10p 190 10 169 133 Do. 5% Red. Prof— I - -l 480 IBrewn Shipley 480 1 1 ' 1+5 92% Mirrogen HldgL !-3 .> 45’ 35 17 23 7 141 . 395 310 5p — 380 105 97 MueyklQo h2J 3.7 lOO/.TmlanO 1'JS-k Ln 1986 — 100V100V-. 1 | 124 103 Oo Piet. 101V „ • 265 Z38 (San Agnc i*h . 6.75% On 146 1 103 iBesmeu Mon T« ... 140 1+15 *151! 41 U KMicrolejselOp 140 1 30)46* 32 '7.7 124 i 105)lld -Am B) 2003 124 l+IVj 10W 959 220 140 160 1355 ifhJmU)p„ 573 22 On 12'jxx 33• 225 JSmaSPO UOOO. -...] 270 J60 Erered 615 1425 iCafer Aden £1. ...; 615 +2 28081 - 140 WJicnnysient Ri 7» 40 I LI [17.0 > 960- 959 125 10c J 135 { 42 35 WBemous Crops lOp 101 85V Do.9)Kb«2015 1Q1U+1V 57 47 Spectra 10p.... 126 111 Erode Grp (J 78 1-2 k Auu l-i ! R20 23 43 £44icroirtcc5p I 31*1-5 I 125 50 22 9 1 * Ml -P 99VM. Bank 13*mc 1986—.2 ioo,C 39 Z5WTtorgar Bardr* lOp 233 U3 Benshwiaitt.l. 182 127 Expamet loti 33 IChre Dnuum 20o..J 50 - 1+10 I <136 1046 t2 9 360 265 WMite 33 Ids— .... 360 275 50 U 28 16 Wd-IsqUIbIOp— lOO.'.i Og 14pcL« 1987 J 103VW . 1351! 300 209 IWan#e Storeys 10p_ 415 313 Eel 47 IConim.1 66 2.41 0 [Mitel Carp.) 353 -10 457 346 I 74 Buie BirdConfec SSViMlyvU lOltKLn M09 — .1 9314+v 1153| 1159 142 nflWrtJ - 212 200 (Wahtenholne Rndr .J 271J 22 £akon lady y+i, 45 14 35 . . . n = (50) *88 I l+Brrwrukerlp- 93V Oa 12VK Lb 102 11 9b 1102 112 66 (Yorkshire Ckerw 26 19 38 28 Feedn Agnc.l0p_ EZZlpChoa HULUrlOO . _l . ..leOlSVi £25*1*1, . 101 191 r t 76 65 76 9 9 54 Brtt Verotng L9 156 92VMe, 16*^x2008 • 16A 15Jb7 76 lOp _ 136 105 £.’17%Deutsche Bk DM50 H2371i!-6>ilK455 93*j< BollKLn20l2 1 110).+) 9.93 9.70 27* [Aiidier I 165 120 fSChes6.ro W(iwfc5pJ UOV 1-1 - 16 Der2*H>— 20*a-i* B— — — 110 37 ritzwttlpp 86 |G«i*D[Mry5p_. 86 S3 = 29 jj 107 82 DEI.. 104 529 I J 72(152 „ WUB3 310 130 lAQsjsailirm . 200 ISO fcliH ore's Dames 5p J 300 >225 15 1 11 914 — tGoewev. Pul 1 19)24 'Vtcker CMwk KZS05_3 , % 66 85 |*2 30 *152 , 280 240 Newmarh 1 Louril Z7B TU-fl 20169(113 125 - 104 67 |Do. A 5p_ 93 -2 >229 15 35 283 195 149 Do "A* N-V 84 CORPORATION LOANS 162 lHartnK5o 220 -3 T6 5I 421 — 190 145 5+Jorbain Elec. 5p._. 160 dLi 78111.170 fleiielloC. 120 240 171 iAsMey (Laura) 5p~... 219 1-1 81. 8% 3.1 12 37 4 UO - 9b kCramwich Udt lOp J-" 333 tHiB Samoa I 4Z7 1-3 tU-55) -3 .9 I - f-% 300 FFlogas IR£OJO lOJVBinmroham 13*jpc 1989. 1841,1-V 12.331 10 31 - . £43% €36) Monk Data 'A' N JL20 . £43 MW, jo.4 * — 109% , , .J 505 440 HAsprey ... .- 505 [+12: >6667! 44 I J.9 170 0 ; 280 233 WfenMUd* 10p._ — ! 1 — [ 32 FobellKIlOp. U6*«l+V I 99d 9.77 64 [HKAShans-HICCJO 66>+2 !38d 6 J 245 205 Nonhantw 5p 245 1+5 Id 901 06 25 0 Do. 11 ‘jpcTOIT | 116V 200VI — 77 60 l+Amoniagic lOp 1 d5.6l '24.1 J £3bi J LZTVOait 6 hrah S10O 77 ! . 0.7 110.4 318 bmroDiLeoiri [ 408 |-19 1125| - 3.91 - II 040(1 _ I 14 I — 100 Fogarty JOp 102) 100 IBorelev 13 1987 1 12.68* iata £24 £18VPtth Tetecnm 1397J+V Crop k 102V-V 95 78 IBnHkUi'A' 62 JJI 2.7 I 32 152 [ 295 [230 tore 5p ! - 157 -1 138 Inn* & Shin* 20p . 196 -2 «L25i - 60 ka.n FptberginHaraey. 1 - 48 BcwntcslOp 33 1 0 75 1 32 99) 98 fcardiH UK 198b. — 122 87 H0edlordiWmi5p. 33 i 30 43 25 tngianc U. EJ 5p ' 95*1 . 45) 6 0 7 741 9 5b5 HUuiwne) Benson L 825 180i - 321 - tetfanfl/dpaoncSp.. 487 -5 till 90(04(39.6 50 Trench (ThosJ 10p. 88 77%CLC6)k19W-92 #7V(dj->4 )2 172 - 505 382 1 137 teffl IrSp. | j -12 ?10*q4j| 137 Benlafh lOp - 167 i-5 «1I25 30.7 LBO 443 ILTowfitl 46 1 93,'jHtru 6 )pc 198507 -1, i 7051 69 175 ]f Penny 4 G*ln Inti. 170 U02 40 13 193 260 fcR(Hldgs) 95^ 95) 1016 18 13 [Clacks Leiwe Gp lOp 143 ; 1B8 151 Fisher (A.) 5o kl Cora — > 7 i — .., 16*i-V ' £12 55 W13ZI J rfPerecom lOp- 117 13 1.7 [513 102 teestetner 132 115*^Lertli 13 ‘jbc 2006 132 UL2l! 900 130 90 H-Bkmdivdsl0p._.-| -5 148 63 10 316 250 [Fdch Lorofl 20p Fm. I".' 1.7 155 Into.. 2BJjO( I 32 Manx* 20p. . LS 50 Pertukilmer 4 -6 Q4^i - (151 — 2WJ TbVtbrrpool 3<,k _ J I2J8 590 390 Body5hop lm5p £330 063 k... -i£267 76 [rfresttofce Foods 5p_ Mercury 61601 - 26 — 580 66 '8507 l 5.771 9 73 680 Sec,_ 48 Petbow HUg 10p tflJ - £10% 756 94fc 92 lLCC5>2K J 94V-+A 20 16 Bohan Ted. 5p 193 51 30|- 257 ZZ8 teiassGW5o ESitl ' 420 hl«UM£l. 1 70 I 94 1 523d- 13 25.5j421 88-90 I Ul • 7 8 Do 6)k 1 88V- , 7611 1006 58 51 iBremner 32 20 btramlOp 9 9 60 44 J+GIOUIGrp. IDp 4 1 - 208 [Ma»A*5V Bi.ASl. [290 +3 0275c] 33 6 Fin. ....1064 - »35l - 245 Do 3k' 20 Ah 1 25v«Ti . 119i U39 ptnlw 5V*V 4 J7l 20 i 2.9 119 1 184 141 pfanson Z28 164 , 150 115 wHatler Saphir 145 11 Trust di. ,J 7S 3J 1 97)1 Do. '83-86 99* I 7581 Z125J - 2.1 I - — 0 99% 71,K 1167 LISV UlsJSchrodeaU J 04% [ Elea 3.771 I 1240 | j 230 160 rePufyt+ckuic 5o J 210 23 20 I Iceland £181 [043 Da. SpcCr. Lo.'OWM. Frozen lOp.. . _ k Viyeila JOp 155 570 500 558 66 0)26 1 .1 -1 TDl - RfeadZijpc hoo-ABtd - Pacti* 510 hOSl I 201 1192 15 196 OWSec. E2SV+) 321 1-3 1 — £26% 153 115 IfFawtiifw lot 5p. J 127 9 2 a 9 |*lsraef 114 98 Cundi. Eng. 12)p 217 30% 25 (iackLJ4a J 29* j . 605 23 Ita5.75pcCiCi*ltdFI_ I I - I 78 I 72 Do 4Ijk87 9TAuhl..J 78 1*1 6 00 950 44 33 ISntitk 5L Aebyn 44 +3 4«5 t - 2 3.1 I 2 [ZOJ [ 117 b*rtsssaclOp 138 |~ ! 163 133 Coarts ’A' 155 22j 3 138 T 82 paubtw.&R.l 138 HargrearesZOp.. ! -1 110 9 249 1 205 tZmbatme Ann lUODoal....! 207tf+l 1327 569 420 ISundard Grand. Cl J 54S -10 T2801 19 7J 85 frreuw*fc5p_ 57 -1 22? 173 t . | 61 48 dt u 276 222 KunkSare lOp 274 402 35 lams (Phi 30> 795 |Un«fl Discount 790 1-3 - 67 _ |DAKS5muHon'A'Z| 168 hi 202 615 U- [ a 127 93 (Procns Sy«enK Inc. 106 1-1 Q025cl22.ll 02 153 49 36 HartonsSp » tDeBmtiAMro) lOp 37.7 108 83 Ler.lAhnJllQp 105 tbl.4a 32 20 *17 7> E43WWMIS Far^i S5. - I - LOANS £5BVj £58VJ+1V S0272) 32 44 (Quest Auto 10p 32 B — I — '153 165 130 > 23 —| 615 51Q Lorn lWm.1 30p 615 1201 3.0 20 160 HWwy4T20p 293 212 [WesloacSAl _ 280 +3 Q27d 2.7 40177 iDewhiiHUJ 10p_ 212 229 157 MueUeilOp. 227 +12 L4dl 9 25 9 490 Matthews (8> 2S5 203 LtUtefockEnropalDp i Gnus I Os 390 | | 655 655 30 14 30.9 Building Societies 320 225 lw«(rtwJBa_. 320 (401 — , JJ 211203 (Ratal Ekeoromcs .... 186 303*3<1 65 |D0 B2il b8*jjHareui>s 60 48 HenaralDp 26 1 1 u 0.9124 50 11.1 me Art Ons. 5p. 189 Group 10p.. 72 IB 20 100, 1 1 -J 99 Do U‘,:k21706 100 11.931, 1104 190 162 RouHe> lOo 185 >45(20 35111.7 Thonhem 206 140 Hepworth 80 59 iLnflScnLFw.lOp. 62.41 20 4 J IS 1 oro iMantm 10a 292 260 Foods 262 7.25)2 toantic _ Do 11 21 I IL37I 11.16 73 1 09 113.7 100% 98,1 )k 886 100,., (Uoorqalel 10P..I 46 1-1 140 115 ISCUSA let. 5001 — 130 -I >0182 174 [NBrdnP'k.lDp 170 131 101 Hestan i. H 40. Merc ri45i 1 4 5 [<15 71 'armmaef ll}p ...... 95 152 m*3Jtt 3J 100 9B DallVpc 1.906 100 /.J i 11241 1113 a I |STC -.-.J 122 Park 86 65 'Pro, Financial . 415*1+3 UO 98 Food Hemtl (J.I 415 310 — 130 4. S .Freemans 138 12b JQo 130 06(26 , I 4]l 4 I 100,Vi 98, Op JJ.tK 15 906 100,Vat 11 1116 'J! 77 60 l5aasou7ttti.lOo-i 77 231) 2.4 «J 1100 400 Premier 430 . 150 122 /wagon Fmaro- f 150 | . .. *1*0 101 reuch CouircUw5p 500 Grp R050_ ... 3M fWroWWut.Sen. KJp^ ' I 32< « UJ t 100% 98, Do U%x 20.1006 i 100/. an- 11 1160 95 78 [fScantronc lOp 82 >L27| 33 22 ;188 Pylre H/dgs. 140 230 1 133 IWoodcheta IRTOp J Z10 1-8 falllO 77*4 38 1 27 J 520 390 IQp ..7J 520 1 1 8B 5p 19J IW|V 98, . Do. 11%K 17 J 106. MO&+V 11591 1106 bcWesIGH) 560 209 .. 560 445 ! 2.4 [115 1 157 RHM„ 115 105 ; (Rowland) 53 223 j 222 — j l«i 97V Do. 11 r.K 15 12.86. M0»+i 11 53] 1104 BEERS, WINES & SPIRITS lbO .Tag Sis 155 j Raumtrw 81 70 42 eeiCedlilOp.- 525 390 M. 50p ....J 510 Mollis 2tjre .. 100) 99/J Do 12K 32J 87.. 100%+,; I 11.92 10.94 K273 Wr lOp 205 -2 02.75134:191210 295 215 I Safeway 337 32S I7.S 23 ee-Rasen -- — j £27% £23«i SL06Jj__l £24* 218 I Holder lOo ' 5p 15.9 101 99,y Do. 1211 9207 „ ™ v-,, 12.611 10.86 78 . •! i9 15 • % k 101, 825 817 14 7(12 ler(AJ)20p 80 406 344 Simsbury f J.I 400 290 234 taming Assoc. 90 Irt u053jl95 0.9 BO 49 Brewery — 45 10.751 105 .... j 153 121 Salmen rchnsnan) _ 153 240 210 k+tunUngh Tech.5p- Public Board and Ind. 25 (S Rl lOp — , +z taqiaa SCnirom 10p ... 120 20 * (27 9 Catering 253 124 121 32? .. 135 \ 170 130 ISm 5k I. 162 207 mtutcbWhwHKSl. '5409 0 ,(AI_. . , 79%Adrtc ML 5K 1 84?^-V I 5S*h 1057 226 Cd.VSO IJ -> Q88*b( 70U3(lL3 480 (Mai dm) 460 1140 IB 40 Z3.7 ahsCre 05% 03% lfa8 130 l+Slaters Food lOp _ 160 41% 31 Utyiiaa5o 39 lMel.vnr.3K'B' 1 i 041 10.00 12.4 JtT. 7 IjJSobimI DiHsn. 44i jl,-r 0 43aa.U;i35 I 5p_ 79 I KMudMlBndpeUB.. BZ — , — ley's Brew 27*10 49I1&B 'a «*aa»dnariBroi5p.... 5p j 116 97 116 85 67 fertaftdAwSOJOJ 1 1-1' ilim “Sure[Sure liInti 20p 207 » 1438)2.9(30 Financial 180 145 teuime»(H.P.l5a..-J 175 1-5 I 4.9; 10 40tcs:i •42 [314 iGianan 208 158 188 154 IScmporie,.. — 168 353 280 IlDtemrepe TediZOp J « igh Elect IDp.J 26%+ 002S 20 1 13 [500 , 555 410 purtanwaml Brewery 555 10.® 77% 35 24. S«u>relH'nl2lm... 34 136 +6-- ! 3J 261132 £14 880 jCreal Urmersal 209 113 [inn. Bk. Caroms. lQpZj I lintei Ind 103 98 11 Ui>Ui 88...{ 102V- 10731 9.40 , • ^73 -3 k 1? 405 Clark IMatthew) 230 CompYSA.] 210 -5 Rdl5> 5.1 10 1275 {-Sutherland IE-T.l_ 490 — 480 -10 1 Hi?® 30 972 (730 87 58 60 315 '90 -l> 1 141 21 [181 *CUSA '140 _.J I 106 98% Do.llVKUm.Ln 105) 11 1000 [-2 045) I 0.5 475 p»-*WrtsBw (H|(56> I 475 128 Srdem Onroieri ... 126 9 6 263 I +9® L5 2 7 360 For Habitat 6ZS 520 Tale & Lyle £1 622 117 90% TBiJ Do 7VBcADb89-93 J B9V-I I 8J0I 940 see Siorebome 181220 IWSpOwrt Crn-SpJ B2S 640 bmarhUAI ! B20 3JS ysetmRlNrr IDs. 335 . W4.2i 35 46 4Q Tanner Rill. 1 2(0. *130 25 23 230 64 58 l h IQp ; 46 110*2 99i J Do. 1992.1 110V .. I llJli 10 10 Wl M (toeare Li4 . 29? 2* 12'iKUn.Ln 6 4 < 7*1 9.4 i HJ-PawowlOp , Corpn 10UOJ 677 487 jDistill+n .1 -2 DK YSO £13 hen 50s 675 1 El 268 TewSo -3 K30 I +tl50)h3 321137 282 202 Harm b . 6% 350 347 295 27 78 T Do. 7Vfl(A '91-94 1 I 043 9 70 Quermwar 20 T4B24 280 ?B5 tedoons Bourne 87] 86J-1 4 4-4.7142 1 7J J 480 nA» SnOi Tum'sn.A-J... T6.5I 1.9 18a TDSCncuitsSp. - 105 £276 £209 Du9pcCfLu?00?-07. £275 , 42 117 4 zaijj 25 'Helene Lon. -I 124 97(1 87l?j Do 9ptA -91-94 J 97*1-) 42» 950 lOp .... Tl 49 10 102 <16.7 97 pJanfcne M HKSZ-.Ij 204 toreenaii vmuiey .* 39* 195 Tetecmpating 10o 175 h0 75ll4 DID 6 Unigate lOffl^ista) * 200 [-4 M55! 27 391139 2B 295 220 292 -3 113 110 *1^15 94% 82 Do. 8+ptLn '92-97 i 93>?*l-2 I 9.4% 907 [Hollas Croup 5p I20i 14 12-4 Uobne6JargeaM “ 425 ' gl(L34*b 1 6 1 5.4 111 9 Uu 230 [Green* King J 223 -6 440 .etehnuiCoroNnai.' 247 1 218 Ihnlefl Brtoah 236 t4 8731311 14.4 370 240 (Home Charm 10p ..... -3 532 352 *3JI 1 Jo»PianCteanees__ Bawrwss * 4 (Telemetrer 5p J W«-3 > dl 75) 86 7.7 1 53 Warrjrts ,-r 320 - - 315 1*5 i 120 90 115 97 Os J 72| 30 JJ '11.9 £212 n«7 Do. 7ocln 1997-04 f.Tnn 10 162 j 07*4 — • 142 IK Johnson Mauhry El _ FOREIGN BONDS & RAILS Tele. Rentals I 199 -3 >605) LB 45 U23 DoSVocCvLa X113 |-2 08*4%! - 1 1761 208 170 : 159 138' Watson GPMiplOp. _ 126 102 House of Lerose . 118 1 9.9 j 150 293 230 8 Oj I JpfuBun Grp. lOp Hi^hkM ..J Thermal SoemiFK 390 1+5 14 1 5 358 I 0 36 1986 ! Prke |+ or; Dr, Red DntS. ZQp 87 1 9Bj 3.3 19.4 163 390 360 J £71 £61!j£61'j wnukKiKKlOFITO..WfJUuniKoalOFlTO. m %\ 23 120 [Macoun Veil 10s ... £65% 192 132 [ 137 bg55) 19 128 jl26.)l Jourdan (T.l 10p 1 l I - I I [Irre^ordon Dias. — ' I (ThamEMl 472 [-5 tgl7 10 53 frWkctwirors Lew Slock C Onus field 176 1+1 4 75) 487 377 5j 97 BO +Wkawirors FoodieFood . WOh * 3.9 « 74 LkwslEmnU 10c. [ le 80 57 48 86 3.91 LI 142 I _ (Just Robber ‘ 7+3286174 ireJiDhUJIerS , 7 Cu» F> 12-94 283 I 84 U1 Do 136 53 l+Wo«Spl+VYotd Sp jowl's) 10 3J 1272 68 [MCreiUamuSe ... 75) U7 k -| 85 J 68 25 4 I 1 — 81«| +1 3.0 152 * KdtowiroolOo 1 J 22 — I * Z3 22 tlun« )k 1898 1 I *3 20 83 MauhavGlerliva . 360 1 334) 198 173 nnwll.Wl LOo — 198 >3 ¥ 60 5 - J *. 1 I 132 111 iLCPHIdgs 38 I « 126 >4Jj 217 » Kahn I. I I 1J Gtow 15p I — — 23 22 jOo.SK 1912 22 .. llarsum Thonpsan J 97 TI95I30! 146 122 TosMu Coren V50J 132 M Q14TJ 3 1 ’ 2.1 (156 t? 29 lib 36 24 LadM Pnde ?Jp ... HOTELS AND CATERERS 155 104 . 1 — 23«l+*a 073 Keep Trust 23 21 1 Do 5 1913 1 21 1 - I : « 4 7 122.7 k 350 ^MmydownWa*..' 390 tk533| < 330 225 tTiuisull Telecam 5p- 330 i+3l L6^ 88)0 40 20 IB.1 225 138 [Lee Cooper b7| 240 140 I I I - 135 [-3 3 40 90 '213 56 [WbtrteeuStk Hse5o J 54 .... I u22 20 1.114 Keheylnds 11 10 Do. 5 75 Borer .) 10 .. - I iMarland 268 -4 [ S3 k 215 __J 248 638 3.7 840 276 206 [UEI lOp 535j 23 20 ,« 7 I 20 1 113.7 790 Liberty - j ~~ 130 1 — ' < f+Breaknute 101 I 7 I 810 >64(45 29.7 210 129 lOp. ...j 215i*"!' +K3.0) Kennedy Smale_._ 52 tree* k A* . 52 . I 16.77 I 1160 30 W 147 l+duddle (G.l lOp ..J 162 t. Id4 Ot 35 35 llD6 267 220 lUmtedilOp 255 [-8 >5041 25 32 640 bOO Do. MpnVtg - .. 610 1+10+10 '22.4 • 71 290 230 I i Da.6oc2B$ll> An. ; 52 J 1 7589 , tV4J 4j I 4.4 90 1+Cro*l55p_ J 87! RD.71 (UnkwfAJ5p K 52 * * 16J [Sccdf A Kew20p- -.1 229 1+1 0(22 4.4 I135 278 Inned Leasing 20p - 278 >36 ! 6.3 L8 90 ‘ 7 £27% £21 VI Luntwd Ik 5050 ... €24 j 155 UB 1 Dc«ocklivMfci . - . J .1 2 M02 17 [Emcure Hldgs. ij ^24* \ Khroa-EZeHIdB..-. 50 50 50 350 Wan Group I *05 1-2 lid Scientific +2 5.7(20147 114.7 V | 11 Obi 2 2 I 3 9 1150 183 ILoicnilt 190 172 - 172 (Otgaur IQp 1BO 1-2 Friendly 38 22 I iHnnq.'ZdAK 72 l .. I ‘.75 25 97 157 Bl Hotels lOp^ urn.-*^ |LDH Group 15p.. 77 72 358 I 300 ! 1227 Wnturead 'A 307 j-5 »695 20I32J15 399 G Instrument 10o. 392 >10j 7.1 [0.7 3 21fc j 167 [Marks & Spencer. ^ 1—4 112 1142 212 >3*21123 280 j 166 126 Ba+uakris Rest. IQpJ [-10 Thomson.., 140% 12Ji?'H«droOuetiec 15k 2011 -I, 140V+1 115 00 1410 hNDly « Dudley J 500 94 nairunNV FI035 .J 93 156 P^4**»»* ~ |-3 8.55132 124 18 3 102 I 68 iManmlRiZOpiMa i+i 13 185 im ' ] 102 I teranBIIM.SOp 413nd-2 IK jlanwat '83-88 J - I 10 27 4.2 101 41 332 J 690*20 HMgs. 10p _ B4 HcelandblfK 88 14 5 [14 195 Young >3d I )I1L4) Brew 'A' 500 J 260 I I 1V*ei Croup 275 >79 25 39 *6Ji 20 3 5 >200 [Wearies (J.i. .... 275 225 343 290 _ J 3^50 i_3 1 rolnn > —66 42 I ]4i?«Ln 132*1+ I j >3J»40 14 210 140 103 Insure 136 Lawte, 135 114'J Do 201b 132 W+t 145 1086 > I 040 93 i 160 Da V. 50o - !. I 1 t+Wame Kerr 10p nlJ] 42 73 15J — [ Mm . 235 >6 3 201381180 195 180 M.t4?itsLnv20p. 105 82 95 '91-96 J 1 - J 180 I *3 99 - J 14.4' « hoM Emererism 20p J 95«f. Lep Group lKVj £U‘?lrel«* )k 102V *1 937 1+Webber EL 1 231 34 95 f 023 15 259 2p._._.J 620 553 Brw ZDo J 98 I 75 IT .*... 98 30 Aj 34 1 I Wca -5 268 'I bfrenedi 91 Uapano’k.'aMfl ....I 95 . 6 BIO BUILDING. TIMBER, bis >50*39(12 3L6 6 5.4 205 Brookes lOp -I 256 24 JLitecarelm] IQp 9)1 ROADS I 73 54 (War StHecI 20p 71 -2 2.71 1 ' 16.1 1«1 150 112 INSSNewslOp -Tj [ I 74 j LmS>ri*e i 982 132 -2 3bi 20 ! 34 132 367 312 lOp. ... J 364 -3 W 1! elPerr,nfPrrv Au.Aii 20072007.. 161*1, liquid Median 161*1 16 J 522 271 i 215 tAUECHp .J 266 I- IWftftronnElSu. . - 25 - 10P r 11 Ol 22 59(95 277 1 [Nett 100 85 87 151] 188 10p ... J 1-4 1 44 ITunn S92 I 9 1(1200 IA66ey 272 3 79 2J JL4 478 440 |Ur Pari Hotels ... 475 ... f+7 38 11 WMLianm Pareetaai 59? 1592 9k 1991 128 1 109 ..„ • 128 625%' IWhotnaleFiig i-3 3.LJ36 120 I. 26 I 45 109 28S 235 lDp 265 >6^ 320 {315 'OlreerlG.I "A". 1+5 I 198 159 j 320 9ffl © 4 335 >228 bMaluonrrlanSOo. 335 gI3eo iLantfor boa! IQa 250 -21B [Aberdeen Conn. .1 259 I >7 25! 23 '40 45 (wiotdolen SOo . - 45 [-2 *5^57)15 !l5J 570 505 )Oar Puce 20p _ . 525 % 10! ) 1ML 207 179 1 J I5 0| 34 33.4 99 8b CWrloue lOp 96 1 . L4l 9 London & MMI'd 142 65 fM«essS*lHliw5o ' 82 !*4 >3 020l52iU6 4 4 H-XyllytlOo I 4d I AMERICANS [Penios I j 83 | lOp I 112 56 ' 98 ... 71 23 Norte*. Capital Sp. ... (+1 — 1 Oo Old [Arntiaie * 4 - I - l — 38 j 38 9 I 1 It 60 52 lOp 54 01' — I kfZygal Dynamic. 24 0^ fTd ; 0.3 — 120 80 kFPepe I 26 17 5o. 1986 Pne* j+ .. Oi* I ] J Gimp 10a. 107 1 98 roMpncn HaietsSOp I pH u$ b 152 «24^ 42 t*"-**»»AGni 152 123 (auwoods J 147 *^1 ! >* 0122139113 9 86 54 I Slock j< - Gross CVr'Ge's 1 IPeie+s Shuts lOp. J [Longue Hip Low ‘ 68 051 - 104 64 [Pnnwol Wales .. 15i 25 22 10061 135 tads. 480 318 I8P8IRK 50p 472 | 5j-v !-b t 17 71 3 3 >23117 4 114 1D2 "Prredk Alfred. ! ENGINEERING ‘ 284 . j ua 38711 210 79 l 56 'hlneeirp Moat bn 78 -1 N1531 23 ‘ 328 [Low & Btmar 50p __ .* 4110- 22 358 tBafferespBndi - ! 358 b 4 0 ; 2.7 4 kJ2a 205 54% 44 VAbbMi Labs II. — 52*?-l [ 88j 1130 143 {-sCrvCiariM Hdy. LQp I 1 [APV50B J 330 1125119 9 125 245 '112 (hi 117 140 6101 31 25.1 330 [ 134 7pcC, Pf £J ... ^IZ-S MCD Group I - 25 21 /Ba-reyiBenllOo - . J 25 251 - < 1.4 ! . »-» 0 — 0 '!• T 1 47% 33 «6ma«KiHFt. . 39V- V 31 ...Zb'jlRamar Tern. 5a .. • 29' 1. 72A 174 iAdwrs! Group.. . J 1-2 7 751 ?0 5 *35 , 1.6Si 2 4... [6 1) 471J 24 iRran Hotels Iri* ... IS 046J5M29 MV UY Dan lflp I jCaldwn 'H -I 28V-1VI Sl.20j-.29 51 40 JMOp-J 51 13*. 111? iRuuiers jllJ 3T% 2b*|Ul(Q4 51 lOp 370 lAsh & Lore- - 370 ?0 Oj L6 i 134 T2 5i 20 2.7 27 2 360 j 7_? 405 '375 ISaroy "A" lOp >2 51 7.4 M'frewPh.aop-q 154 'Barrel . i-B'! i-1 1116 132 I l-i? 1 6(1 >03 Dn.lOp 762102 >84 _ 1 13 - 45 • SijlAyrointfl ,!*', 1?2£ 30% 13 IfASrefcreyi* SCOL.I 30 jRaybedr lOp . . 44 9 5p J G fiLWhlOp - | • M) 75] - I 00 Bl 1 57 — 12> ! MaclarlaueGo 1 1 1 31 1 184 127 iBellwav ISO 1-4 . >5 i - . 70' 36 16 56 164 ' ' i 111 9 ' 35 wl 31 %AJli«»5KjnJl$l 34V-I? 41 80) 'lu2 13b Beet) Amur A' N-'V r-2 59 J7> bAurarjJQp 55 -3 W 75 53 20 i!46 ’TnedlMwFroie 40 MacfrifretPAWl.tih. .- 262 R» 2 J 4 0 14 9 ?06 . . 298 f-4 I 5451 10i < 65 [BenfordM . 1 < — - - 76 10p 76 5 3 75.O7(70'4O4 3b 30 I ll%87«p lAnuiSl - ... MV -h ! !* (S&U 5itues lii.p „ 25.7 175 135 IBM Group lOo I 175 o!J3 37'11 [351 78 Magnolia — 31 1 Group ] .. .. • I 408 1 283 'Berkeley Groan 1408 1 I I lAmooWSt 20o - I 3 1d36‘ 15 3 >31 9 tip *jdcPI (—4 tftD 1 7 I 52 -1351 ll)|94Jp -J 10>e+ 'Bine Circle " 695 533 U J 686 20 0)26 0) : UOVL'16 [kGAABK2S .' J £17% 1 - -54 '42 «IB4i • 7 1 54 UOliW American T A T SI ; 1120 104 [Sears l-p 190 I iBanrolnh 2f^> ) 190 US 0 + ' 4 21 [ 17% 14 % 1SV . 134 | >3 d 25 i 32 174 130 '' 9 73 Marilre I 1 I '4 [Bieedgn Lime - 262 >891 1 I • 1 0p 1 57 08- 262 235 9(25 7 *v5hjre Diuq ’ I I .1 5l 103 >bi_ tali. 69 EomernediSl . - Up 1 118 I 94 iBeaxIO'd lOo 114 M 25 56 1.2 [3.9 &'V 8:W 79).- V - [01 315 —11 ial 1 ! ' ** M Manlu...., 7 6 00 4 1 58?* !« I 'House ' I ‘SI 92 73 Dwtry 10c 92 ^45 1 ' 54 .154 I 317 5 6u 05 TVl 5 1 8 4 111 • H%+I W Fai bimpsgn (SI let 34 i 2b 'BrewDFiSp 1 34 1+3 T125 315 | 0 Marxian's 19% IbVAmbcB- - : DAK5 SmpHn 6i UnreerJ IBB I 5> I I itAaroniif GroiD . . .1 1 ! 4l I 130 *120 & EA 130 02 I — 334 240 : >43 '12.1 68 35 63 1 - }2 \ - i I 3.75 ; * ^ Smilk . W H A .( 12b 84 iBimne Oualuu . 126 |»1 26 40c 1 JJijJvAndTerti 38a 50 p 326 :-fl >5.0 ! iJl.4 jfr Dft7tocC«RetWQ. j 1 5' ; 30 2 2 I 71 I 'birosh Dredging ., 71 I 50 j 80 lAdnm-sw enyi IQp 1*9 ) 42i "Li - 1 - bl 2 21 '131 65 GmHeyiA thj 75 22- 48(130 110 101 *1591 85 ' 'Biropogfum Mrel . J 172 Iflarkanwrica II,; . 1 J G >5p BJ 1-2 ! 17? 1103 0 ifi»md)l!)p.j 12%87Jp U’e-Vi 1 2 1 4 |t3 ,91 Wan* 9 : ’ - 4J < 55 (Brorotlw. . 67 For Atner ve Buifoaigs • - 68 ] . Mat'*’! 2 75 4b 76 (Stead Sun Black. EfeCfrlOfs iBankfrs H . • Bl.ofl" 6 A -4 : Fk & Decker vet . £110 30)1 24 1 S10. SO <-V ; 88 041 lb >55 il6 9 ‘ MJh'+sam 7',% inm '. __ 1 I 1 122 1 83 'Bry.ert HMgs . 122 33-14 39. 89 I 1 - 104 93 l+Abbeycrest Ida a 151 135 IStemDrei) lOo - I — - ' 5 6 IRA5IX Core ... 734p +34' Uc - »1 128 )-7 i 7 56 35 Ifliaik+oed Hodge 56 j+1 . 18 782B >637p J 122 35' 25 12 ABertuyie *2 !* I +MaxH>mip * * - '22 9; ’ ( 39 Htoji J 1 27 i 10 'Swrwtt&HananZOp 25 O' - I ' 37.46 Bo. Ji i (Stuiuig • 120 83 i*ll 86% 69i?iBeli Adamic SI 82)-% 47 » - *60 Group 20u 102 005.301 uliiB 370 200 IBocdMUiinginrercU 370 K 518 Metal Ehw U ' JS > 'aieunkaerrm IOd ' * 50 SGakefiteap (toy. ’A' 55 11 1 8 1 . 2B0 207 . no : • 56 4ft 355 2)7 (SiDiwhouW • 845(23 123 ,263 J lOo 'BoulionWm IDn 15 ' lOVOTeihSies'Se 14 -V 9 338 -ID u5 T 20 1 2.4 10 8 9 129 (UeudCtoum 1 - « W.9 J210 i - LZZVaHi L+mI AB'B'SkM 1 19 I <4 ’ Ca^J-Vc , 1 85 ‘CwwRoaflsWf 1U 0I9JB-, 9 40! 0 Ibl; SUemgard -J (BiaiUnwnf £ 1 113 «*91 03 ; L26V UM+J 9 36 « 72c - 25 10p 21 -1 l - I 12? 75 - 4 j+Metal 'BowaierlK . — 21'- 17 20 , 333 Ssnutesj.ro. j • ZZVAHtetf Flare i. 1 37>j> 24U9ChHunimitr Cra • 33 42 • 12 £> 3b 34 ‘145 27 5« J 26 8— — I — -24 24i? • 26 Sumn+rOu —4 - 1 10a 85 0 21 V8

*a r ch

Financial: Times Tuesday MaTCh 25 1986 41 - Sj CoHtinoed INDUSTRIALS— LEISURE—Continued Continued INVESTMENT Cant. FINANCE, LAND—Cont. MINES—Continued '* PROPERTY— TRUSTS— wj I • nit : #n ; Tw nit I .'+> :+ orj Pi) TH On lrw| 1986 :» arl 80 19H' I + ar. M . VM 14 M Pm fR 19K j { . Stack *«-' Cfi nit La> Met fn PE Hifb Lw > - • Nrt ICir Grl SlMt 1 Nrt - I IOrlSr%'W 1 1 - > Itel ttw ' rn IpwCrt-M Stack W« C’fribVP't Nrt Stack Srt 1 Nrt High Lot ! I uwl Suck Me* Up ton High LOT Stack ton 106 82 !«Mu«lWtarti 1® +1 a£V 2_] i5-t I25 NW ‘ X'wrtmr I Jl i20.ll ' 1 m 10b » ? 0 19 115 NGrtMMrSgPipdGb 1 I »407 9* 40 JtajtalOs 40 1. Tl ? 0 4 S 15.9 iPr.ftl KwMICWV *25 10,96 1891 m ,S | ; | 10 « 571 23 1 ! W£ .100 K+nTur . . .1 i+2 i < *•241* 4Z1 Khavtan Japan .. - i S7J +1 ; lO>ll!OL2 *&ft V-• MR 105 u3b]1 30 lb 490 -- 1-45) B *(1.5 29 ?3>«»W 1 1H _ R!rM;U-]42 rtjftrdij Trtb by JOp Lj 570 Otjtf.Jn HO ipHISbl 10152 7™ (70 j X*7 £Z5tf 25i - I 1-5 l&j . )4j?JI I I 0-1 l.lm 6J.9J Momill •• , Ilfs 40 15 btaMMTTnitaSP- l+v-v 25 iundar.bnr 5p - . 27%)+', 21 230 170 IRmW* . — -1 183 0 . — H '210 - -7 i I ; ^ifWiCrwH*— 2*0 MB Jc’ l b *./ 175 ! I«t 1 '**-4 1 - 67 Ut lOiaMUM: iT r»9BI 1* !2X) : m XltWM-tmOb ;21.7 SCS I 109 192 130 kmamtlemdoUb.' 190 7 3 71 ! 57 XX-MmSM. _ 1 62 ?2Jl 2 1 51 ll* 719 er 1 200 560 7,39 1 Lm«rr -- I I 22 <40.9 ! - 1 2003-C5 1 l *0 "90( > -2* 0265c ; — 1j'' * 68 640 4H?o0tjnlr«rtr lOp 635 £86 Ob Sa 7%pcC, CSS Q7%fJ 9b2 614 .Harmony 30c 831 # ltiMiinsmlOD HJhiidi — inoim m SSlSwaSTi'D*- J 96 uii5 a ! 15la « 17 < 104 !£cMughAn.Ttt ) 16*451 : m 10%-."*h 5 ) +2 075c ' 62%. Land . . 0 1MA1 1001 L9 2 FlLSl LotameRl- 310 30 i-i s& — -5 48 (pHK 51 j*l<^ 0 ( <30 ! 120 430 *5 410 256 JM 2W -yHlXWtenfvxm-' S«» fc» ‘09 37 lECuborgnF'mTti. .. J 44 >: > tf ) 0 2U W>a 23 WWr.ttrMJp 1 1 1 0 30 I. 1 0> 22I43 [iso 1 HI J w 51. ft Group .. - 0450c '. 40 G. f ...< 345 310 tamAipLoMBUp 320 . i 20 ' 850 >768 020 150U'Z0'249 987 755 St HrtenaU — 900 0 71 ku.>iaai . 05? ^ - 149 [Eifmoargn in ' I f-5 *5 nff* 90 46 Cbmmilge I . >33* 119 147 '-i i325j X* 32 ' +i, ' 1 ' I 10150c -v ns • 270 fine, Proprd* . - 280 15 1 27 11B 153 'W«p lb -; z* 6— — -67 52 ItumOnron In 23 2^I*.S««<*MP — 1 29 Wm fJ'rfP'fflUr kaa«> NV 1 - I i ft ! M 20! 13 92 llJl 7D7 '717 km IK so 01...- 766 OOSci — 1 78 345 263 Ihtarcmta Huuv i >12 1-5 TIlS 2* 6D IlHOI HWIkunGaMlWcUC. 413 1+3 02340 LO ?n toll 1 372 :-i 3* - 1#'!:4TI 155 13? ir, i*. I - 523 20 “ -37 Cmarj _ _ i-l IX1X7)Ij 11 1 rfPmrJeptrMtilDb 1 > I 125.6 US 11 1 30 It* 150 Urrmrn imnl 160 . 1AJJ X) 1 15 £620 11620 UtMPta+CftPtgta 4620 !. . taimnl - us - : ... -1 I 163 Etatl 075 59 24 ‘80 >9* -AO . 1 2B9 iOn 1 14 65 H "PtftotwjmJbB. . Tib! X2 ' «M I i'V 3* .1 .ft 30 , . • 0 j II KmCayPrep- - 77 90 TOlattUCiratU'jO J 8U(.. tioj 1 4 L7 1S40 ^souoiiShexnio J olff ‘30 | KO EnemrUr-. tfr. Diamond and Platinnm S%I3& 13D «6 m • « Ija 136 1 I1S2 m i IS J 32 I Do 7wC| X3 me 01* 0 HjmrLoM 75p.' ,1 777 luomPmprwtft JOS 45 i 39 •• ( ] " > « 2Sfl *i« ilonm ®* Tftb 20 44 14 0 £34 £31 >CR|& OUtft tna rPlCtl 04 l«Q*7%'09l37 £53 £32 iAndtaAm.ln+00: £50 . — BW.-6Prr.£ptrrVMob0b 1 I - '180' 13* N2 1 1 : I w O’ 131 I lb2' la 2 2 U*4 -U3I DoBUcUiMOMS U42 I 08%S|9 5 £46 '£19 toSBcCr 2005 £46 *1 OPJ - - 1 , 1-2 ti .' « sfe-SartW-.- -' r30‘t9:68'102 W 18 RadmCnr 101 136 jEn# A !» ini Ttl .. . J 151 MSilO'JJ 525 312 Dr BerrtOF. 5e. 1 523 A NV_l 30 1 I Baltic > — '30,— g -1-1-1- 65 W Land Innum . 6U-1 Id 101281350 123 95 ftp*’ 5s 120 +2 lHg247* : • 5ff LI 7.7 70 47 Da jntt . . i 490 315 1 to «K.M R5 425 » IlNWGa-- i W 125 37 I J) -JRacko ' 5' | Wan _ J 70 * % *6V XT . . 2Sl 09112 0 *240 ' I CWr 3 ..... 12 1 ‘-3 rtLla 3 7 . < I — — J. 331 -279 k«d SkuhumII . 315 10 11J 90 DoTptCmHwPrt 113 1*1 I'd 88 - -’ 77 4 J 127 iEfig ft NV Frvu. HirpaU Plat. 20c. J 660«j]-U 2*. 'ai safe. 4 Bed - ¥26 4 |LJ 14.4' 111 . . 1 20110(28 1 1 710 550 §-= 'AM «rrtrU*rtJC»B5o Lj t61125l22l46 127 ' S® 3SO 416 1 1+6 (blOW-V 36 Jtawmartat ! *& *5 | 2>0 ferrtLMWSOt- 412 I* U5* 143 [lift Set. . 143 g ! • • JO MB 75 Xn| ft Ian J 1 410 llydratairo . . 3 590 1-20 102 T4ft26 5 7 tj Lrtmr _ Sun 17c— 1 610 12%b 87 lOp 1 1« 0 23 ' ?2 - U 60 * ij 24 4 I 4 I . tO t MO JO lorn, A CsrtMrpi Uhl . i T6JS 16 'X« 59 41 Xk+anaCan.... . 49 . 10183 ' 32 48 tfir* 1 -2 j — j MO PtaLlDc^ 1 1-25 SoSartMiteSOW.. •0CBW2.1 <46 11.4 139 119 tnwj. Inn, J -1 I r 790 500 flu 750 lb » '5a*a hmi . . j0-2 1 I I 136 U 10 13 20p I — ’ I ft 2*5 7fH .[47 —1441 39 iParanor 1 : ™ 4J . ”5 «W 6 12 WjKCiPt. 209 blj*J 10p ... 1X1] l.t 40 '26.1 ' Op 47 39 2* S 138 116 IDb B I -1 — I — 6ft '3H MlmQ. — * ] 39 450 760 1 136 -1 . * i5«>p>w.&b20d 505 I 1 ><72JI l?«bO'U 239 2fa7 21A Lon Pro. Sim IOd 203 1 .. * 6* 2b 900 530 -PtanMitJ. T.» _ B50 I . ' * -• I . 2* lEpurtr 10 » ftmmdnr 12»jC — M ijOjJSi 1.9 10 y 50 *3 73 i+SanjxnPaaiolOp ?95 I 26b Cun-atr £1. .. 295 +7 'M1105I12I57 Central African 4 l»3 3%l «i. | I ‘ f?0U9lIJ London lira. §& j W J+b J 4% 5roird+i 98 1 6b iWlan Imtu. . BS 1-2 11 b3 3J 27 -159 ufcaWtaOfivOMZxaM -»: - 1135- _ 540 481 Do Ota -JOo . 1 trn Sis. Q9S! 1*1 1 t 1 _ 540 H14r 111 39 I ! M <5Mr,50b . 148 1 114 « I <18.9 terarrminn I 1 205 1 155 if-dcoe Z50c 205 j UbffZO 169 | 'Lon Shop Prop 1074 1502 16 4* IBP 174 2%p 124 IM97*3 5 1 -ft 3b 6ft **5. ISff. ’ M (luruoran 1 1 6FCT fira 100 12 12 I ! 207 154 Aura DFil 100 (67 llil 27* .188 Scan 7v ' 274 . j 207 |«Q1D“J iWantbtd.ZSl . 12 4-lOp .. *8028 -94-99 : 094J10 7-I56- — t>13 SmraBrat . . t-2 1 44 <10.9 12 I 10 . ; 1U 1161 .Ji« 0a 9k Cn> .'£162 j 206 .160 J 195 ...9P6lB 29 cw%,-% - •- 105 85 ^dCArr^KPira-..) 1 > #ui*s*a-.-f ioajrj <3j 294 • 173 -SraCoInt ' I 105 +1 f 1 I* ) 2J > c»V«a 0 SO 12b.. f«8 | _ 7| I ism Cpr 0800 24.. 14 _ I 12 267 I Far 16 M3 1 28a liman Hdgt 20b . 295 I 6051101*9(452 Strata Imrumnnit tra IravumHirn TTrout 232 1 174 If&C I 156 ;iw wsubti ~--i Wfc I9«25‘2i 40 11 I » • I — Euramra 231 -1 17112 11 ia7 I _ -HrtnlVJOb . *P| . 10 *ffl . I M5IL4I44.270 199 ITramunt tar. £* — [ IMCPC. 3*3 : 243 27b -J_ 243 1 IF O907fl2[27jlB7 33& :45 166 1142 ft c Pjcdre In ' L3B« 37 ' T . UIJS! 12<11 ' 2» :«j • 1J * 2S {Vnl.ui'to . . ' 1 162 -l 26 (L2P40 , MO XM Mate 4 Co 70b . . 285 i L35mll* Z63 128 ' 105 Da Wraramt 123 Finance i • 235 f anuir Ira i >44 1 ! UtfnlOkr. JD 7.0 41 1 205 | Tu _ 265c . 825< ' 73 M> «Pk9s ** 12. 167 31 I&WSs.. .1 45 I 7> 1 1 I — * ; tl 2 4 5 7 . 13 — 130 I 70 'Did Carnot Inn 1 I ; 58 52 MarUvalti . . _ 55 1 12 : ( 1 Ur 125 U3jib' fVisij* 91 75 Alra CBTO SA SI 00. J *0tf 1 41D TMiai .a'-" 225 2S2 j 390 ft Grn fttfto.n* i-J ! 1 T625-17 ' 283 36 209 no ISO ;tvs ii-vm ion 1 410 1158)10150 WeOoMIr,... ' 4 ft* 0 [57 75 hQ iUuftHwAlarOuramh ti.5*. . .. 74 >-l *502.71X1^831 74 62 . ft* I 1 102> 34 >3ft* £ld%*Aiuj-Aro.C<>ii50e. -* Eioy *!(** iFir.i CrvirMii Bavtr. ' U £13 (P4*tf -- M3 +8 188 10 9 : JS3 (» |75 3b 188 150 1-2 I , { 00a 0 07 - '5 ?7; 1J8 rMrmvuarSTeiSOB.I 11.51 4 1 23 9 PtortraOTaln 1 1 Aiiwt. *3 + 160 J 2b0 172 Mv*rEwun .1 260 l+ZJl 3*1X1 16 17 32 5a 33 £10% 735 'AwjIb 10c . . . ; 990 * 445 ' 200 4t>«kfiMGiMSf <25 -20' 724 24 100 377 I 289 IFirti Sidt Am.. . ;44 711 bl iHtrUiam i 10* _ . 0 f W Hal-Bar . :ao> 1 - 1 i 12 71 34'lbff tvulf Cana 19a 1-2 i Ii j 51 [ 117 100 l#Mai153 160 16028154)70 £38V»nq AmCotaRl — i £03 I .* < l iFMgrimq ' £57% 40 VH>3<-«lert ... 40 : 63 50 Japan ic . 92 bb 41r.lr»10p - .1 1 LL1< 3 3 1 2 0 -142' jj M 80 125 90 lUdarnuy lOp US 10764V 0 0 £40 £24 AtupaudSOc . . J £36 I 1 Wjrrjnt- .' -1 - 15 10 Dfl . .. OSt I | tOoUa.bia'MU UW '102 11» Qll** - ?05 'WO 4Tmr »rr. IV A 11 200 • .. 179 Jiay 0 115 105 iMrXaySre.ZOp- < 112 1. • U*Ul*4J 162 22 11 :*CJcgai Gold lOp - 18 * -7 1 Iflrnunq 4 Lin — - *» 100*2.7' 24 llfcl <104 UKIrr I < 558 4B0 fannur XI 1 OIL AND GAS m- — UO V N.-V -A- 110 1 145 I I 5i 5ZM • 5251 0 b* 122 Wrtwalr MgntrMontrbp5 144 . 62 410 25(14 2 ; 123 90 TCumAfnCtM 1 90 IP»** Holdout jp .. tlJ9 aZJlJ Dd7tR C.UnLn 1999 • ia>>> 12 u 100 | bl !+V+wBU»6b .1 i-3 !rtASfftbt«to»Pmij 21 98 2tr 7 I SC 28 1 'IB (jO . 760 rgb0l 54 .16 5 ~ r 510 iMadPthogn . 12 537 435 ICcm GddFictth — : 515 }- i lAjljlnnm.-^ * -*4 ' ' 177 CLlarrhUitr . ; 4.! ; 88 120 63* -82 — ' ' 50? VAdriardr Pet- 1 i — 1 — 25 i > io _ UQ 1 7%tKrtO Jcr. So . 22 I. 4 BO • i -100 { 18 13 NL - 13 — • 00507)33 365 HMasnmrwluv 5p *80 45)107- 1J j 66 34 EM Rand Can. 5p. I 49 [ ‘ 1 iFIrmra] «*» ?7l iJJ 285 Emfrpmr t051 1 > 7 i 480 1285 JPwUJKfHb MiaT-TOA'OJ ' 0 3 i 'FIAran Era* ZOu - ; ; Ih — i - - 216 r IWxtW.SwxniHr.l bo ZJIjd 0 91! 53 1 ' 114 30 15 is 97 82 (MKtkmtA ftJ». % l-l I I50S L2 7 7 820 610 £*flbd1Rl._ < 700i» '. [ UKtjl B5 Kli mahj Far ‘ '14 • • Lnlfn, I ht ; ' 114 i/K CU T50SBJ Ob' ISO > 125.j2rnrr.S3 158 1*3 >111 ; . mi trio J2 12 llja-ueed Brt 03 d i+i — J O' 1 1 T* 30 30 75 74 k*CaimM5«. 74 I I^IJ 24'42-B £10 590 firacor4Dc. . ..1 925 I. |FlenngFtaB|rGald ft Bjep 12>jc . 1 27 1 Mb ) *78 iFJemnvAiwwr*- .. raj tTTJ iP>H»£ 273«#l 1 1130 110 6 < ! 255 (PvaUrr i 180) 20 «? ; j 0 £79 £49 Jetmrg GanX R2 £73 ' ‘ > * 1 145 I 123 sFlemMwOin+iratT'.t. .4 ..7 ’PungnMSp 7».# &. — — — 1 275,11:2* 12 I 7 ISratai 0,1 ft Mm*. .. «0 J05 tin Kept ' 4» 20 (261*91 900 530 lUtadtaWdSc i 825 '. Its. Motor* and Cycles 162 143 f iei»m Ircr tra i ’. i rfpxwo no t? I 1 ' 2XlO>2J IBrt. Barora IQs - . ! > -143 UO U5 # 3 ? J 11J 7b narmaftop artFe 72 — I — * ) 3V) :XS '350 I TlTfii 14 Tl 'UnortaSBOl 1 • 1 5b — | 1 660 545 40- 620 T.J^wrtlOo , 14 - • - - . 381 (322 tamumUnwrMi .. 300 I M5 01 1 0 1 0lq21' M'! 71 si ... *5 :-B 518 Bra Prtnlnn. . (-201 34 S— n m* ; 5&J ...553 ... . . ; f!4 450 IPnrtl MonaraCI — EX4 I 8— ! 88(6-3 575 300 ilbra Was 50c 500 i ' • ‘SO t bB%+on+7> ft Cal ! I 1 ' ; , a 49 lb. CwPIA a - 56 10*» - I2>5 - 2ib 2n >Grr Un Umn. ' 235 Q2V' 7J I - 87ac -1 1471I0'24 73 73 l Da OpcPF.U. S0*W ;110 — - J IJO 107 IPrap HMg ft Ma 128 125)1012*1310 73 [ « £22% £18-,0FS Hurt lc. , CU~j'+ < 129 ill* I 6? I 61>nFoh.rum IK _ ... 1 773 : 585 ‘Parah ‘775 Tie Grain L«irt - - 67 56PX0 119 Brood IDp .....! 1-9 < Iq2 9.11.7- 5 HJB 127 .6—! ' 3B .167 168 1X0 > 30 J4 130 W5 3 JO 315 'Prop. ParumhtB. J 325 1052 37 1 23)262 42 21 10 Rand London 15c- 17 I 1 Do '2* 50d . . : 1-2 I 470 UolorYSO ; +4 7 3%i Gd 2%p Far BrcPinrJ UdWt'AuurJIija n8 IWiltH 280 24(r 1J 7 ] 154 J86 HoMj 403 IKlMVaollJlOO 1312 6%-% ^ 194 ft Rnritum-y (Proa, ZBb 14 Hi 1 £25 08 iRamManRl J £21 : «T > ' I SrrawcB 490 1 -10 Bb|q4.5l 52 41 Fundtawm Ik. 52 +1 6J911 10a +1.. - -I - M ! 38 j J25 8 4 - ! B 4 ’ >. 5 •frProemy tu 10p 4 100 1 100 'Vug'll 100 1 • £34%' 1 iff-? 93 itBCGnutjl... +2 ia I ‘ I 45 jfROUrtfWSo. 42 -2 £Z»jVjMi K»25 ..... ><034*-J 1 2.7 i 1 1*9 Q:ocj{3; 354 267 'BwtmHLI 348 l-b 110 751 2.5 4 4 111 K 10’4I;J4 10i C29V+1 6 0 9% 8%>Ragian Prop lp '«' t> 09<0*b 14 - ' I Do War ram. 1 775 «*hfl»Sr»A^S010 37 29 1 37 . DaB'aPtLn.91 9b i 1 (121/ ' Qe>jSllb2'ilG7: tUiJ 455 1 I 0 igi C77%- £88 - ercial 325 iRrgaban 455 .1. g325j TOM 0j20 Comm Vehicles 09 ' 1 Australians . 77 • < 157 CTGKfcuinKtl .. +2 1 rn RfpGuMioa . . ns «t f 24 1 47 '1? 7 H30 107 2tf 1* 310 1 230 .ItCamonunOflU Z30 -20' b-l - - 3 77 3b JlURrqrmitn IOd ... 34 iMlVO-ilfa) - ; 0 41 . I 35 't nr tHkm) *A 1 5 ifAtro-Wm AS020 .. : .Ifofljnf 159 IUB jGTJWn 4i 1 0 1 3 • , IJO 124 Blew 127 75' 71 - 159 *2 ! 105 1 Carte.iCaprt IDs ~ 63 1-5 2 751 33 ' 62 41 0 28 - 1 1 - 63 ’5 SO 77 LO-RmIm CIIMLSI . 90 . ..! BJP 02 > ' 85 I I I 1 7J 1pu.iui-.G01. .! 84 4.5 I 77 <118 tan-wun - 64 fACU 50c . . 1 : ' ku’ i 0 132 Amnoji ixff 1 22 : i 3Js a 33 tyteK4 0* ' 805 *HMT 6 Can* . . 800 TW 2 2 -205 • O' jJ5 308 £24 CnrurpnO S3 £25 l-% 180 2 9 T* lb ' 90 198 1 153 tSamuH Prgpt . . .>198 1+6 I 5*5l 1 1 4 2 5 7 4 fAuJraln MngN . I 1 L -i ,ftKfli>3ni Cla% . ' 153 138 IGrraraiFumhSp 150 *1 Z0> I0> 1.9 JVMCittTtiofl tot . : . . - 232 i» 190 +3 44 4%| | V-tyi 64 l-Z t Of JT , -41 6) 5> 7*6719 B4 , 5 66 'Arrouuirtie -. #1529 08 HI 15 Sjni’SjralratiUdiBTNV. JO i*U 00 1 1 22 ' 1 *42>C , Rn. 1 t I 41 Antrtm NL . 1 154 140 Cana. I — — 234 IT* OhMIC-R 18p . 234 - Da 2a. 103 — • 42 TGdfemoniPHKL. I 45 28%f 93* 4 J ' 10 ISO 37 34 JUrlm Suram - j 1+1 1*51 i 4 0 1 b.4 Keel. .. a IS 7 bJ StKt4jl59;3fl 36 8b 7B Mrtron 20o Hi (Ml ‘bb Ante £ubi. I '.. : .Fur 19 13 f .. ! ‘ Gm SloUhOkkv. vra Cnnt Erfaprrw =*ClaniJil . -. .• 882 ‘Wf rRw4W.II MB *8 ns 2.7 >30 <15 3 *-4 1 >121160 - - 36 ; 26 - . 30 1 132 69%fc«nrn, . 327 Tl I, . . . - I £o. 10b SJ 27 M fsi18 7 # ' 4BTS lOP M39> 70 96 m ISfwdiEUt .. 169 1 4i HiK 19 15 ffflacK Muh ._ 129 115 blatfuai Gfhtor. . i J 1 72 . \ • I 127 -2 2.U11 '20 biii 4i»0Cnuunand Pit N I 102 8nnr. l liil 102 40 2015b 126 7 Hkjrmrl ' -l - I - .. I - j L 5% -S 7 Rcr. 7» r. LUO DalO|KCyA'-90 1373 : I 010“+ |C7 • 1 I NJ833d 3bt 291 GMBr-ln. ! -2 1 19910 39 154 85 fBondCoro 0 470 ! .. 362 InCatrsy Pit MB Set. ' t+7 1 345 teWfn-fflOp™ .! 450c) -3 50 , 23 58 32V -10 150 '115 * 140 <*2 < 91-94 1501- 1 6 6 ]10 MCont ‘US .! J - - » iio >45 1 - ' ’ ?i : 228 172 Do* l,S0o 222 5P 72 1J?1lBJ £121 InOI DBlZ%KLn2O09 1121 1012%%! - <102< IS ' ifBnim«nd.AM •' 1*3 JuKrll Emp^m«12ljp 1 3151 11 28 21 IbO 107 .tourtti .. 1 153 •2 • 162 157 '26 92 • 66 *CnruOTFO1)2 ' 1 1 - 89 37 2b 377 '308 Fit . . <+) : f31Jl40 12)22.9 £117% 1 Da ll%pc 0(6 2019 1 £117 l-% - 90 73 Grow 360 £9ff lQU',% 1 : Rii'Ai ' ' j 358 '+26 QI5C Z.0 m ITS 1137 iGorm Ordinal Ira. 175 62J2* 11-19 ' >1 j # 130 ! 120 ftMmv RtcnlOp J 128 *i ‘ 47 1 7Jt • 23 12 ’tFOorviHtaCSl 12* W2 2 J • 1 131 88 55 XraA-Frt HMgv IOd D I rl 3.1 30 13 7 99 B5 (Southrnd 5Uham 5c.' 99 k»5 1 05W 20 1 0* Ur) 5 11^ — ' 1 230 I ‘Gbarii Ira • '-1 i 1 88 67 9C*rrtVOYd20e.. Jli;'-i.. . -• ’ 185 jlnqi 10b 228 361 1* 2J ' W»raron(U4Gr,. 1-2 : oilsj - : ' - SS:5I J5 15L’|»el IQs - - '473 43 32 . Ob 1 » 7JJ M3 LiUtnMl ...>fi»(“2 11* Xh 20 1128 405 260 Ispniijaak. . . . 405 1+0 I P9.521 21 1 20 0 ' J4 I 1 2*4 iGrrvtdrij. 1 ' 20 V3 9Crr.ua> KaUoor!* - 1 lar. . .. 1 1 OO • : «4>* - - - 315 315 34 lb 1|:E«r«M Oil 11005 I 31 Rod 5ft «-f . l I 17 M -I46J . I j 1.7J 44 ... > 1181 63 43 VaruOnwP Ida 60 Thl Bb ...2.1 1137 JM 304 ISUMart5ru . 160 4*5)22 3b ' < J 1 ' In fCmral Panlic l!sW 1 a • 255 2Z5 Jjnr-Jum H-ju-a- . f 4.4| i 25 - ! f 255 8 - . £10910, , . - 77 70 4to!!t&liiol>BlO|>.' 70 ' £110% £IO?VELF!JKU%Lr :qlvV — I — * “ 240 tGroos irnpJm . 1 41 lVVCamGidUfAmiNL lffl i 275 270 |4«IJ>?5 > 24 fta*7iC+|nU22‘.« 34 '-2 :128 jBapoff .... 145 1625 ?4 : 1 [ 4? ; 6 2 46 I ::.^S 605 5P5 ISiack Coramw .. -600 -5 1751X7 1* 202 rVCuttm Paata 1 (Mjimus-. ! 1 > 18 9 NLAS2 ' Bsrages mM' Distributors 190 159 im Tit 190 +1 T42> 1*1 32 C. SI-25 ..- 1 146. ‘.128 On. ‘A- { 140 . Tb25 24 64 I 90 70 'LIE RJ 78 ; 72 UO bl . . . > 79 - i 1 fcuckm -1 # ' 1 1 < I I — I — 5 V’YEag'n Coro 10c - J ggBfe > I *4 W.irramt . — ) . — I _ 33 Oo 44 ' • • — „ 39 ' r*^- 3‘/fiwapfml - - . 13 8 Mr+anamlOp U 0 154 128 tM+ronwOil . 134 '-ft i IB* 85 X9 to ;>W 5o 7 , 340 <+301 215 vTopt Evutn lOp . 340 06X04'03i- 17 9> Jftaurrn Pnroi Am * 1 Jiin'Pmhpi ' 78 288 263 ...... ' 90S 10)48 \-2 . -I-)-,- * * 60 On Il>riKC>*15: 138 A«0rT*4CtB _ ..( 120 |-2 . so; jeo; 0 2*7 bO 30 irCxlnotuiuUDl. 53 sift 125 , « tJM im I 7'jk n 7014 . £330 ,+ JO' QHjV - 1 9 -f Emperw Mov. 10 22*, 1 * *. * 5l ilmlmh+aSmi Ira. ' 05a ' 192 142 _ 22% iAi!nqi»ft!vvr 223 0) 276 1268 1 i i i * » »ntr*iiA.i lOp .. 122 -2 9 2 4 1 60 |lB 272 03 45 45 Falcon tot. IQs 1 —; _ — _ , 130 « T13J 16 1 6 57.5 49 'Tpttfi 1 2.9i293 4M ' 45 CynM L* IT lliufEnraarow I lira rn I I is*j! ?0c 30*jR»4*li<'l5q. ' Jff%- 24 BSGwi 10n I 38%j+J%. (L0>20'37ll5:; 600 5*3 Suurt 600 574 0 ,14 24 fFatmomh Pit i — i — i — i — 31 «*$S 38 - 33>.V-i, - - - ! <3*1103 12 ..'U> | 6 1 * 41 33 k-TptMKridr Sro.TA) 47 tin X7 ' , < > ‘ 19 14 VEntcrpmr Gld .. . ) I ‘ 275 1244 'iraruDf-Capiui- . ! ‘ 300 183 VtJauQiC 01 . . 300 1+2 Tdb.7> 32 1 10 5 ' 274 '-I 3(6*6(10)36 lUFirotaocOd IBs. J 40 - 116 115. vSAC r«fllOp . . 136 *1 61.5 4J 55 33 +5 iK .• 36 16 235 • 15 *198 OrjHiM PWL 205 • 1110)131*2113* 37 (fForayihOiiGat I 58 I 44i_jjujr Atvrt-. IDp . +1, tjjr.apfmn ( 1 25 JgijJ ' 1 . ... -2*. I - 1 _ 13? 91 Ant Cj> And Kb-- Xtt 1+1 325175 35 15 7 58 BO 7j, .Pn £1 - 3b 7V&I 6nap 5o 32 - 305 270 ^rrntvnrrwoon lOp <15 2t 0i24'0 » :o 305»+5 9G«l ft Mineral-. > I b2 38 Eu .' 180 168 CjHtt'.Mo . . 170 l - * -- 1 ’ 24 14 1D0 Wanjatt 24 +1 4F lord -• '-2 I -Tl 280 <216 l&Url-Hn.. . 272 5> 4S 37 j I - 60 52 (M IDs 55 _ _ log !%:$ 6 a . I , J : T5 58 Unit) a * 0 P/oil 5p 55 OS 11 (10 Kalgiwn* .. I JcQ50d - I a 1 480 . - 365 fGU 25c X 4 * I 4ijw ; * 17b i 79 331 5.1 } £106 £00 Do C» L« 1W4 £105 04%SJ 'MJ IVG+nMilie.ft imSDi 1+2 1 S3 ST Sdnfrura Ml 10b. 03 -*1 ] 1 20 CpwrT'5o _ 176tf+7 28 7J I 87 70 J 72 IH , 7 30 21 i 13b 122 'UK Land 126 -2 tuctnnj 1 '— - ' 30 i 17 ifGn^l Gold .1 L33 ' Gadlrif th3 751 2.9 1 ( lll.l 350 [310 JrnrtG*.- £1 - 350 ^IU75N LO 19 itF&eber .> l 500 373 .Vjpj Onwb _- . 483 -2 2.7 10b Bar 122 4 1 55 25 Ewror 10c 30 — , — flip >J 3 127 570 525 >UU Ural Prop ... 1 570 1 12tf 2* 10 1240 Aufl .. j a 1 1 3%1 2%lf HMC NX 20c ..J i . -.1 157 133 Joa to; opt. . 13.7! 1*: 34 .._• ISchiutOnTer >.« 66 £atn iF G . 72 JP 27 162 84 ’ ' 156 240 200 VGUbalNgtR?-... 220 125* £20 HlOl £2JP- 4- S120 - 40 - , 115 40 5Vjkcrt lAUrrt) lOu 101 OTSIOaflt) - • " 1 -VHjoruNW . . s. - I — 73>> 6b Llmriin me lOp _ 40 3 • ' -Gljrtu-Kl 5 70 RcfcM-.br 25' 50 Lawru 70 +10. HID 2.0 73% [108 58 • 3b ftoalPrtSo - 36 qltt 7 5 ' 55 106 5wn 107 3 33 127 35] 6 ' J : 810 b8D Warart Ltlaur 810 1BX2 '32< « 1 1+J5! 0 46 fHrab Imivnw. AJQ 2 it > I i Do | I J •' 67 r'fMdiMdL. - J ' 42 1 ’ 29 21 Gw 2t .1 28 Wrurm HrUi Ilf .* 10? 5iiCfimn*W7fti. 117 120*0 '37 91 l?*5> 30 7 3 IWanHdnflifr. 1 I42I2JD 220 40 Croa, 07 W ; 0 •W5 475 20p. 490 <140)15 : 1 •' 3) -fHill Unwrah L .1 '. ina N • i <• 495 1 410 iKrr-JDP* SOp.. 490 100 13 130 > 6:if 142 - • n urw. 91 . 4P 2 J 63 Ib9 50 : 30 «KaHureimRet>i 33 122 140 • 925 )4 26 W 3 149 125 Crtrrtlah . 149i0 53 3 .- Ruin 201*0 22 s 15 9lediaa0c«anRn .. ' i 1 Fro Ljkr hn -jtt Im 2U iHrmwiv Weidr . . 51 Vw GorPtl OnedJl > - 136 192 #6 764 WamdBnOilCoiB^.i B34tf+17' 010(1 ln5 ! 146 'SCamtar Group -2 0.47' 06 40 462 ;09 ISO 0 ;09 0 . j £41%IWnrWha*r DFL20. C44>t) 'Q536*J 07) Uiy 0 0 £48% 0 0 ' 37 22 flrjdiunCMNL 1 I I 1 ft Landau Ira . 1 6.9 ' . 1 KB 148 14) iLtrc. 147 7JX i • Grp. 50 I 31 6 'TJH^fciand Partaati , b 1 40 155 138 Do "A" R-V .. 145 47 Of)' 10^0 4LMU. 10b l2.51 ? 0 7 1 6.9 205 UO UO 1 . « IM) <135 Wnl&CHMr) 155 20 75 1 8* 1 24 1 IhivfJaymlraroViOJQ. | J • I 63* a;. .. ’ 268 . . .. 370*1-15, 1.7)41 >210 210 IBS Hj- Dfbmturr 230>s . <39 Petrol 103 70 -K«uO»Jn»Cip5o 1 100 '-2 - 'LnStner I0t/ # 130 Ufa Ximttaf . .106 r*ai*''io*'09 2r2o'J7 185 110 95-- IfWerplr Prop In* 95 I 01171101201290 31 ifJingrtta UnU _ _ > I '42 I • 1 49l 1 17 11 iLrta Ira Ik 20p - - 665) 10 7 Ln ..i -2 90 'Loolwn 30)04 J7 ,+l - 99 1 --4 I S) ll'-VJuha MinnNL... : I Gill > j > ! 117 J>rrr* Grou> 327 j. >425 4 8 17.1 199 161 Do 5a.. 105 44 'iNOCOlOp 1-2 . 76 45 ISMrta «4ir 20s 60 245 07 55 '30f 23 ] ; 53 44 ' ’+2 7 ! I I >4.4 20c 1 55-U509I 197 172 'Lon Allan# 197 1-2 ' •»r;»5S .76 70 70 465 14:47178 50 i * 75 i 0 ; 75 WrUrtr Wo»f . SO .-i-l. I - ?>0 >245 Im- ft Gwf. 50d. . 2SS -5 tl 1 5 09 £127 '£101 D» SiirCr Ua 90200 ! £124 1 QB 'g|42 5jft< - A Mj luff 72 SUaC. 104 ! I28f52'27'74 387 30) iBIHAConM lOp. .. 372 i+T I0*rj0fJi:2O0 7j • t>0 i 34 IfKdchraer NX 25c.. 1 «Jg.8 1 ft 5traihcW4r . I t26b< 1.0 1 2.1 r ; 178 165 >Lta 178 ' <#tnd £1 . . 125 !S«ia»tiOM> . • 143 -2 - 115 50 Sun terror 50 150 _ 70 10 70-B7 93 6J iFipirr 4J> .. A 1-2 t3j; 54 450) 31 24 fMHhamna 30 : - 25c -. I I (London . ! ' 71 65 Tru-J 67 -1 tl*5:0B I Inert EmiilSU 43. i :+7 ; • > j 227 60 67 820 703 ,S*6e.._ 820 9110)2 >21 17b £10 iGouaiUfunSl- ' £12... U4V-% 1 23 14 Ei .. i • l fM«uh 50c I - 1 I -i I ! 41 38 DaWarraast ... 39 - i lldtr AttrthtRK...J — — _ Z I .. 44 55 30 35 ss.ii iSrtHUnfshl '113> NEWSPAPERS, publishers 1 .46 32 iflp. . . (275 13* J 605 520 iGratqShpU I 520 1 12i 36 1 X4 1110 i ) - I 149 114 'fMMJMUuKtaliNL qQ5o — \1* ' 138 117 IlcMLnd Ira. . 2B,1.1>2.9 II ' 138 37 Llicktan EipCP . J 12 +1 «miUnfWrti> - . .. . ! 1 U 135 165*1 5.25 1 10 T 1 19) 4 . . 1 . I. 240 J« 3 4J TIB IM BoS 20b .. . _ . M 53 llaufc-.U 70p SO 1X3)081*1 * 72 50 ifMnranlarWiHTOc ' ( 355 ' 510 ill ft G Dual Ik. JDp .J 3SS r 2*75, 10 lib .W+btfoi Drilling 452-1388 1 .4-3 ( ttfjh, J . I 2b 13 J U SkncMrr 452 T15 J Iff 40 U-t 24ff zrpffi&K "w.lSKailfllF290 £425)+2)?J 16? 2%' l%lLsn *$ratFrtrt. — 2 1 . 117 I HMqiSft: I * • '-20 1 153 %M M . J gVqZ 1 • t 810 580 Da G* lOp 790 1 IKCA Drllhag lp . . FZ 0 00 '14313JJ I ' 28 WO .VabbtHrobJOli—.' 256. 1... 07.1 9 315 ' ! t 47 '146 -• i.J [ ( 19 20 25b 465 2b 22 ZBS «U»(* iC 290 T95 IB DB.Pfcl.IW ' ‘ V V JA-. 4 21a9M> <102 1 > 155 155 1* V/fLtmMid D-IASl. 6%t... 313 227 SiMh lo*. 313 45' >2.1 .24 3 6J0 >513 flfiwi Cff. Pott .. _1 620 1+5 > T21 1 50 124 0 . ' 25b— 26 ' V 2 13 9 ittWSMWwn- 9V '-2 • 12%9Mmaa S«v SOD 25. 1 - l . - 17>t( 1 181 '134 Do Cap. *p 179 - MV osiot Z Igj; Z 1 ' .' 495 1-5 £250 £250 NionAmEngy ..£250 ... ,..., 20148 '140 505 465 CofimiW.iluai 7 2.1 1 m 45 32 Some 45 15 75 6 1 0 lltfi 8 DoPfdOrt5p .. 8 I I North Hid Ada. £!.' 145 108 9 B 50c. . c I 202 1175 tMonar X Ttt 202 +10 243 'LASMO ...1130 .-12! #122(2.1 >134 i 128 52 8) 63 IWirc ; 73 378 . 306 Dd "A" 375 1 . 775 0l3Jli0 38 2/%bMtftrr 0L. Um! - . 37 ; Kalgvh a: .1 189- m 50 B%lNih J 1 1 109 85 HjrwCwntPx SOP *1 > "0 .' I i - <522! l ' 250 to IOD. 250 9l.« - | . SiLSj £10 k>moi> 1W-6VM3S- ^OlVo 121! U2Vn*nvuaii vrsco .. 1 48.5) 1 0 39 >37.0 88 48 iMiHonl E . . 74 *4 ' 310 h £12U £UV-V 0 0 D7V-% Dkm 1 62 I *1 -fOrtbtidgn 50c ... * ‘ I • *• 32 Datt*T,rtt 32 i i - - . tUuai. : » ' 30 18 | 1)5 115 Da9\pcC«,RdPiu 115 903V <120; 130 117 MihnSurGralOB. 128 -2 d? 71 34 'll 2 136 fUAP-4'.. _ ..J 167 '-I T3O)23l?0:M5 205 1*1 Ocrin Trjoiiiotl , 205 l+l 1001 27 I 3* '10* I I • - 35 21 IfOttFrErpTn NL 230 >197 (UMBumlra 230 551 1 1 134 < --Z * 1 1 <*LyunoerPn. So...' 36 *» > > 1335- 62 3b J 81 81 BurrM >t. W. 120? 01 r*M0 7V 1 5 ,67b smart' mb 20b ... , 35*4 dU* 1.5 1 5 J Il7 2 556 430 IPftDDHdEl.. :..J 548 1+7 f 14A 20 36 lib* 105 81 If Pramri 25c . . ( IDS 1+5 £ ‘ 1 iUrrdwmtltt '-3 I 14 ) I I I - I - ' 1102 122 3 5 - - I 120 0 <*UaqrUrtPn 68 .. • I 110 68 ' '163 ... . ! I — IStrar U.W 220 26 1 >203 64 (mn> CBiMn Hdf, 173 17 W 7 7 ! 5.7 22S 4* 20 >L J2 ! 158 125 OcbJKCrtttoM. 157 i-l Q9%) - ) 14 9'^PP.Vjqcol Rrvfc*u-, N L laeWyMIra Ttl • 11)17 Ml.. • 1 IBO U54 178 1205 51.- 3% 3%' .. 1 > 12*5 . ‘ 1 70' l - "i5. „20 W 5w<4Kt49!5D, 19*/+ 1 ZD.4110'29 *15.5 JS5 hMMMMn. — 385M«5 0K35>.< 0 <«* 0 105 98 iRancrmaniWl . . 98 5 01 0*i 45 ;Parmg» I+l Cl 1 I 58 HnoXiUi 5o J 08 * 19* 1162 (MadnlnM .. 192 '-I 12*09) 1* I ' . , 1 - 35 23 -li-MamnlOp 25 » -+10 450 400 . *425 1+1 1 395 320 [Surma tom IQb-- J MS 182 >071 .Im Thormorta ~ 1550 31)35)11* L2JV f 19*clSeaCMUnrrt50i01- 042c'128‘.L4 53 1 0 0 E20V ' 10c - ‘S-fi 1 !<9 288 215 fPrLa-WdhradSOi. 270 ;+I3 10 1* • 1 380 1 332 Boorgaie Ira T« 380 M130 10 1 .< I. > - 23 10 iVUenthanOdNtf^ 11 128 I 71 (SMKpgni...- <125 +7 63*21 134 WJ 138 .10) ItyMttal BoHriHi IDp J lOSdl TM* Lff > 55 [14J 389 368 TmhuU Suit U_- 378 9*1 - 134 *1 • 20 12 (fPrturt Rn NL I -a^i 154 S 'Murray Ircam? Tfl -1 |5 LO 1 5 J Itanjrdi - ! - 138 153 6] 3< 1 %(f Pn N L-l 1%> ' 270 <16? Da. lOpcCrafttPH U 1 285 >+10 51 SIT' - £11 620 torn l». Sort. *».. £10>V-I. 110.59« 37 14 -239 1 9*^if Portman Mmng > 14%1 1 1 • - I 150 1126 DoS. 150 < 04 1+2 ; _ 537 ws Slag +4 I 2.75 40 1)651 670 475 OcupavPab. IOd -«0 SHOES AND LEATHER 1 13 10 »»»*« 5a _ U — "58 98 85 Funmurr 98 10! 62S 675- 0 16 0 ' Jftlaw l U Manpatt fimd. 1 161 Hurra* loti XSBvt-2 H5flj 40 0,1 1-3 1 ' H38 0 150 (105 Woanir AS025 ' 105 I O20c- Uj- iU. 159 05 !«SuMiM.Utbknri- u'uuj 2ni 138 .118 IPwitra-thASHri 138 4* 20 4.£ 122 'fllOrtwd f 106'23> 40' ! 20 '105 : M ; , j 2M 3»W 232 ifflniboa toiocju 158 'X35 Da B . . 157 '-1 1 -nUorav Fulh • 1 !. i h303i ' 1 .,1 .- I 3 3 109 85 '5w F««o«9h-_ - 100 3J 5J 8.4 338 220 Umn m tildSOb 338 +10 »0) 4 6i 0 lfa5 Gama Boah _ ... 206 > 18 75 3.7 60 *2 ; — MSamscn ,' I 10%) 5 E CPI's NX.. ' > ' 275 2X5 Hurra SmNrMMKI. 274 -I I *rw Court H4. 5p 15 ,'+I 165X8 40 62 22 -fScMo/lOa » '-1 0-1 - - - 328 280 8M.Nmitwrn..-) 32J 1-2 - Nib* 15 '71 U36 32 (HNBtam.Si>w5p 35 L I 28 M 1157; 1 19) 143 9&om Gwalu NL ..— . t016dX2 ip 1 . . ! 1 I ' 270 2X0 iOo B 270 46 30 ttlrw LonrttaOrl 5a 33 - 6? 42 Guram lOp.— 60 168 IcanDrrfHIh 20p_ 203 r It# TW 3 0 1 3 4 ,14* | I 14 lOVfStlm GoWint*, ._. J 3 367 ! 'Murray Veurart— .1 -2 M7* fl 2* 1 * i 318 365 17 16 91 ZraUelW&tta.. 10 1. isH :j90 I 270 :-2 < NrbMtfXBtttdb. - 76«8 J08i ; in K-sui-PhBSfl. 3* 6 16 . 6 68 LI 59*25 13' 9% 6%> Do 20 75 QOifluU Ins xtfoilij; '. jAbrttwoi 30 i — >65 1 — U 60 Sm._. 65 46 36 £aid.f1c5pjk 1 38 .. 1+1 1 '28.4 .60 37 RO M Q12c| g* 227 .162 ^Aibrr-Cori9n.i5»-j 02.16 1* 1 45 HnJWGddliEhhML. ; & 2*; 1 Takyp '#. SOp--' oej las -I • 242 1105 Wrw 0 31 16 ;I|1»«frRr*«iaft..l 20 286 >100 SM*r5b.. . - 286 I-l 111 835 Anglo Ain. NX Rl... 950 Qiaod 63 0 21 Coast ,7] * 246 1220 'AlWtPw* J 233 28 >37,140 0. .' 13%lfWeM £Sc i ; ' " Irani 4(3 IJ* 3.1 . r 'jj .v ** ’ 1 6g - 187 [158 [1928 i 67 35 TOrtW 39 ” (2b\-(2b\m SSihGiMrili J 380 12*301 fs 1389 W 65 eoMFltftPiiac- 94 102320 *3 1^0* 193 149 town. Mmmg 50c ~J 1278 him. Atlanta - 34 1* i 1 • 326 S* -i 44 27 YPrkoOrl 44 J 6-3“ 12 27 - F? 1X2 721jArw, Kir* to* 8025.1 80 tdl54 2 4 m ( _;= i 61(69 38 iSsumprHidto 1 165 135 fecmroir IS* | 104 wwhra Cwt 1, - 1 I- 136 20e J5.4J Carad^i.... '+2 6 XO I — 238 203 WBr. Bm. 23» 2) 32 24 IjlPranlneRrt. .. ..! 29 -'.tc 217 '195 S»to* J 195 ‘ 100 24 73 70 340 1233 toetrMavMmUijcJSM t3S) IS 130.0 350 240 HWB»a*t50e_...... 000 . . . 27 tfWindvK Rn i j hI~! 32 J 70 I M NL._. 2* M Of towtb St* Asms 5H>.J .. lOi^ 0. so JPriroOTIDp AO , 81«r - -6 - - f - - T.T 2os ibO WAsoter i63 f-< 1 50 VO { ( 6 ^4»e. So J 201 Iffcc 1 03071 « .< 230 1 1»4< > zn — til* 60 6* l 4%lfYDr6 RtsOTCiH .( 7 | 358 278 HfduiAtmnean —5 yaiio 1 * 223. '-12 333 143 110 fprtrtcanl2»ip 140 teii| 3 . ujS -- 150 «ABm*20e . _. .12 3211X2 v » 250 '20? «Tech. Compt tah. J 230 >2 4 |?0< 4 178 142 'bromteGrp .'..J US r 4.9TI2.I45 !292 ! I U2 (ttorwenSro*-.— 187 -I t20V 0 L6 £104 I £S6%Ytoh0hMSA JOOl ,...;i>rr»8Fr300| ' UPi>U4 ITtofrOattRl I 0230el 2.91*1 r*4 0 135 1100 gT«lwkH»1or0UiJ 1»30 » _‘.:3S1 248 '210 ftSLltfiwiSiwl . (-9 3*50118_ 120 i 235 3*50 J i 1 S'ftEfc^dR IPudl* Av*ttTtl50pJ • 77 6b Wrf-Z 5! 3 TPMmORtGasNL' 3 . - 195 1140 WHumSUl 14IWf-5 -.: CSLtiB snv 17 m»Trt4ttVb50...-i 23 ! fO* X9 1 34 1190 810 1 720 tirtMataneani .. 840 t-10! 0*4*11*1270 | TEXtlLfeS 37 1 33 I Do.Se 1 Warrant. 110 * 65 IttoLPetCl 65 -3 - 72 40 Ewwr.. 55 1-3 > - 12 “ill 92 72 **Twmia*. 4 M . loaiiiB 213 (MB OUBUD 4m. 50b —! 207 84114 I 5* -170 j j 410 'AlMdTrrtlr ST* '+10 89 76 IF tot re Ira Tu 1 « ; •! 0 0 00 34 l 2b iPronuraCora . . 27 I. .i — 83 50 CowroBr^adUSO0O. .. t 27 '160 U0( * 32. • J « y * 106 91 ITlinllliWln> j 106 . 1.9 ' 26 tCfcrtwirtt Hr#m 54* IS# 5 -:,2T- UO 'U8 I JS «.U 02O|0 ' 16 • Do. Wtarant 24 l-l ^ ItongrrOta— 1+7 : 650 1 650 'Hongkong . ( ' 1 135 IWfcim Brat XtS . . 5051 X* |44'!3t# a 254 1181 251 -, r ."•' 20 ' — , 1 i 176 114 |TlfTAS040 170 *•) UWc* 4 0 B9 290 ChwUOnGrtop ...J 290 40 # „ j i2» Bond FandSA - 1 - ' . | *— 4.3 to jcstbBamMv 8X5[ 22 69 * • j * IPeyiMlAvrtt X2%». ;-2 OJj 1 08 1 28 19 UAilayuaMng.lto . 3 I 87 IftrckiWHiIfirclman A. IOd.....lOp . 180100 57*37J 10 1*211X782(117 40 37 37 273 .179 If&aclin AO 25c 1*5 +4 OKId 0 50 230 4.J2I *1.73 ! *C2 91 | 230 1132 OmbaoHOb- 24 23 110 bCP.M. 5p 132 U.75I * '1-9 0 I • -i'-' - • I iPtanaimo Trot- - 17 taPaharg :.; 123 IfinL Mohair.. r 142 bOl 2.716*1*7 70 53 50 1 32 ‘fSappharPm 50p....' 40 I -I - - 17 J-W K-Tob50 ... 140 T2.751 3J 120 >154 tl 114.3 -: ,115 , M kfCwmOK 90 20 3* j R20J . J . .v,® i i hj [ i-2 28 I 20 Da Wirram 20 ' rtPScevtOT 225 150 pragkalwMhi ‘-3 1 60 jBihnrr ft laid] 20p - 76 233 119 RM1 136 (-4 — <20* T*i*«l(FKJ5 13 56 *C+mMr P»**t 10* 65 dl 33 [12.7 I j 13 127 1109 IPiKW.MfUhTU .1 1 Dsli 07 • 1 130 100 IPrtJTmgSMl J >fl60i 112 iBamamlOp- 154 -4 5.75 20 1 50 111* 116 i+l 0 773 1660 l»ea Tronv Reg— 765 1-8 35IS 0 67 „ 02 1 (ft .. J 200 T7 3.4 1 4 7 9 -* •; - 200 ;i70 -TaoUiill W.l. 5 5 90 -KmonUMgflfl - 105) 2* I <£ J 95 • 0 0.9 Staged Besi .1 _ , 145 Cant Patent 307 r*50i 32 26 '130 397 339 iRwtam. 395 j-2 10 5 3* 64 i 62 ! to. 7pcPf £1 ; 62 L .. 4.9M u 1101 - 130 95 SMI 115 ! 11? *Tiirr» . XU 30-2.9 3.9 !l!0 180 CroifWr Uasml . .... 260 I I 225! 93 L2 90 > < * 1 102 trapping >.. -r 53%«orab 63%W-1 «Cj 0 9*. 124 115 Kitfktilti Cap.. . U6#F t02> 0 150 130 Smnirnr 148 I 9* 10-87199 150 105 10a 349 307 ITrj/jtprH 20p-...l 325 <-b 33 S" 3 5 '52 1901 77 Wr»»/>fAwia».? w+3 4J 0 >61 4 ; . '147. Mr, . fTotBjfcdi H. r»i J 191 Camuiridt 2*9 -1 150(4* 25 <11* 162 Him ft cart*-.... 162 10 SJ 30 I 17 >#5miitmM Rn 40p 20 . 0.7(7 4 '50 :2.7 125 W SMI »0Z*IL2 iBb *124 TTmmrDn 184 !--2 300 ' 19j ®RG.. ? 296 1-12 8251 .4* , . J f 0 flhrtr Plain Drt ...... < I 40 • -I - I 140 I 95 ITronohSMl 1 ltiQ64dll £97% £94 I 7pdDrb8Z*7_; £97 .+% Q7%1 48.91(1081 - »5 *219 253 St-2 05io; 95 1 60 IStM+rtlgnOd- . 60-3 - l 0 :j > roij*Tr»i«iwI!fc Oo 20 OawhMPMitrlOdJ 178 1 ••« 105 W5 L25j # 0 2*« ) , 24; (24%) £20%(flofi«ca iBrJ FUO .— £23%'-% <021 1* 30 .. .. -j - - 74 1 -2 <4281 (iStrae»BnWH*V_, 1 > 1 M5 ICrowiber j ' 268 196 IDertonlntL ! — Miscetlaneous ... -1 ' Us ; 214 86 iTiinirr&Nrw £1 J 2M 5**7135 02 403 355 l&ulFmib . i 400 1 1059.1 19 1 — 42 ' £10%112 IFnijPldilOp i 140 627*2.9 2*117.7 ! ' I — 1 — — 1 Ul%narn4DnVFU0 I - 1 - .*30 68 62 (EarYtcl Wdarylfr- 67 102! 4 0 03%! U2V-S £33 £26 lloul-CirFrPnB ) £321]: . .; r30\J 63 I 200 ICons. Murth. iDc * 200 mat%c X9 iUVlMtorr J £15%'-% • 3862 0 445 375 Tib# Co. tor. 129j> 28( 1 115V 0 : 8 ..}4W 1531^2*1X7 ' j : Bl Andrea T«.. ... 137 '30 ! f-6 V: ;? 96 68 JFovWrUabrl 95 -I 0*1 29 1 45 183 U7 1 116 29j 6 150 81 ilncemrol ; 85 10*1 Z9 16*120 28 tj-Eimer Int IrlOp- 34 £67 l5W.IUrT.NV FI 12 i £04%.- l*j. 074 S* >30: —4 ’ [ 1 # 6 76 54 OrrvGnMlQp J 60 140 13! 1 lUO* ' 119.11 >106 105 88 IGathHI B'lomn 20p 90 5 (3 2.9 >7.9 1 62 258 1227 SPXITIkIOb 258 6 £100 £86 •OoUpcCiLri-45051 £Bb (-2%. Qllto' - !tlX3j - 101 I 70 troemroJi Ri> 95 r'yy' I 1 05* 1 • 26 20 V. Guarawe 5b i 2W - 3J1 77 jKiMon lOp- * 77 z 1*0.521X6 1 6jll41 — 1% 73 Imm I I ( 10p.. . . 3 77 -2 — 66% 36 Gkn Abbrj J — — — 379 J23 BPtllCM — J 280 U53 TntonEuroor 5p ...i 170 I. - 143 115 tomato* An* lOp... J 120 175 0.9 ' - «* 132 >102 *C-U>uie3PjE«MM} Uto - -> IB Th27 62137 53 118 > 88 Vfic«»miPne20b.; 110 r 2 4 X9 1130 “ ' ' " L3* j J 37 PratccM... 37 126 98 tSPRAITSOb 126 M3.1S 1* X6 30 1 20 W-TtriarRnlrSp^J *•)..' 1 = : £1 i High wood +3 Throne. I 32 hicUnf { | 245 165 If Rn. 235 For V W Ttarmax W 148 110 CMrfKttaNKlOp- USai .. 4.9> 150.0 0 . . 1 1* 72 44 Da. Warranlt - (Ultramar.. 1-5 ]O0jQ2 7> 9* 1(40) - ' 138 B7 5irg*BrthM.20p.— 132 -3 ra091 9.7 '112 218 1158 160 E19W ElSVHmwiUkeMitungn oak I > (Valor |-2 »4 b! 3.1 1 27 14.5 J 1 : '. j 247 1 212 245 06 49 Bo*m5c OO !-l llil 2* 2 7 <2b5 iuourJ CwhPUPrrt-.J ) 70 > I 155 90 HngrmalH.MOp 1 145 .-<5 1201 26 ) 25 118.7 132 l» Do IM - 19 13 (fWarnraRnl 14P .! 310 105 If HtFintey Red Lake 260 194 - '146 • 3.1i 1 -13.1 '415 470 129* ] J - '14b .VimwCrp 20P- -B 25 3 475 ImmcBMihUB-' 13*4*11.1 I 1 I ; I 273 9cot.Aiv.lin, Sfti- . 3.1 I * -- 66 55 jJopmrlHMit.' i AT • ! 2B2t 2A 5* (10.4 JOS 605 0 59 45 WtttalMdf 450c. 04 Uo » 25 ffltava Grolorauotr',. ) Z45 J * 1 - 1 210 - r .. B*b Bjf IWS150 .. . -- 8M n— - 190 >145 tfRtrOF iRaantl 20p .. MS -5 325)4*12*111* ' 455 ! *50 Beat Cant 'A J 455 I HO! 12172 1 71 50 Viwdift F*intr20p ! 65 :-l 1100*1 1* 1 67 (120 45 40 IfNew Sobma Res CS1 45 Mad? Poll 0 1 26 16* .’134 /*«. 1 10.4 85 35 lOp- [162 3 32 173 >00 Non! 160 325)4* 2LB • Ira • -1 r 2*1 1 2.7 168 138 IXHdtGiB 165 -2 6521)30 40110.7 110 89 !5ca£EM 108 0 260 210 Nnmgair CSI I Z35 £70 119'J0*W«W»BFMMJ £19/ (013V 0 156 0 '187' 4«4 N«WVi|»r|il.-,-.-MgmrrpnM- , • !#*230 > l 4.p " OVERSEAS TRADERS £ 233 i 42 J2.9 <22.1 347 : Wi ISeoWUl Ira .1 337 -6 X95l 1 2.5 77 64 (Ultr 77 +3 025) 10.9) 0 5 j 0 j 765 ,513 'KTZ. J 745 t20.Ql XB L '-4 3<22A I — 124 69 .W«*r1ort5o 116 43552V £27%>£21 Inc SO 10 > — 130 1 (JWT Gp — 5X221 ' 4 £26%}+% I 114.0110 14* 73 ( jAlncraLakn 1 SSrtj " i X51 1 -- - ‘ - 1 417 1 390 Scot ft Mm A 413 58 ' -95.2000 <6.1 >3 — — 4B 39 (LMpllUbfftHJ 43 >*1 ] 1 £164 £115 to ‘dieUi J £159 09%%| ;; ‘ 0 O! 188 159 WauhanTibb 108 I 436 22 2.7 ‘238 307 252 fKLPGraap5b 295- gdXtfbOjXS 1, 17 1 Borfbiich m»U 10 1 .. ' 505 1 405 teem. Won. ft Tu...—! 497 -6 5! 1 1 22 41 32 b 37l 00 «=-•': 94 79 iLviri (S 1 20p 55)0.91*51192 ! ..J 950 BOD *TaraExtfn51 J 912 r.:,'.i; • . 92 270 240 fWatun K. . .j 265 1 «4J5J 1.7 ,374 kWjrMlldcSO01-.! 120 | (L lOp ; 1 123 >1X3 20 -2 4*5) 1.1 r 24 48 23 WbUMdlOp > 23 -1 I 1 National — < 295 Bun 285 96 71 iMaCksyNinp, 96 I 7 i 3B 285 240 * 278 -2 |75 30 1 3.9 134 Wnigmxtf ] 175 135 tCAHUe<20n 4 171 13 '-4 I 1 i 570 Src- Altaic* 11625 106 84 iFmUrUamrl) 97 >-l 415 : 20>j1 10 ddiaaii Brat lOp 38 -% •a* t - 654 Tu 650 1*[36 l 14 I-, 0J.40I27 '130 an lain>312 b_u.cr.ai 20 K-Wr*uc lOp _| 16 405 loarH-SC OMb ._[ 21 14%l 10 iSecml Markrt lm.5p. 14% «ooa - 102 5%i 3%ifF«»Pacihclm5cJ 5 I. OOJt t 43 3? totanaGranp 43 I | i * 1. >188) ' > ...I <60 1 it* 118 ffO Iww-iGrwwlm. 116 *5*. 11 63 59 bKCoflftoflllf 227 3612X3 134 ! £103«l £83%(Si.I4thp QO .1£U1 QI, NOTES ' Snwrtrrt T« .... .+1 1431*142 137 IfPaattmti 137 I 'l45 165 1136 Scot. 105 -V ‘ •:-n 1 130 IIS 29 V‘ 42 55 WntnmoOwn A'i 39 630) 5MMkiarlUI0n2^J 62 23 23.4 1 . J 1-2 217 19# [5Mnt tar. SOp 1 213*1-1 .M13 J3( 12 88 360 ( 327 iH’m'M.CTOLU. 330 127 43 VsiUmO'V 116 . . <£2615.4 (721 AijrtSff r L 92*61 ! 14 >2X4 270 210 IWVwwfl 286 165 IfWMMttomHS J 170 211196 I t are 100 I '303 1 1+2 mrhutra. pnees oet dnndemh peace and I Do Upc 20034 £113 . 0U“W - mo 2 385 UKhcjp+U 352 Unless oromiM art 40% 30%feadKai 5o - 34 !-l fl.59 20 (67 79 £113 1B2 79 { • <3.7 41 30 Iwmnryto 41 +1 053 1D3 10 55 1)5 93 MorrOTrtr. Mp — 133 J.4l IS >ai ' 290 202 iO*tX>_ 283 on latest annual rapnris and actants aod, *dim potuble, at wuWrd an had- • 37>^Sinran Er balOp— 0410(,H5 <5 5.7 38 38 ; • ! ‘ 154 130 SEETZOp 132 51' '53 > > -5 67522-60.94 «45l j 183 145 WiftnU) 1« 110 95 1ST 3*134)1*2 ' ' 65 dWrttutian basts, r WbAMNlinilV-l : ' 'Nnulnmts. hgpres P-’Es am cakuaud oo “nrt" earmngs per 93 72 brbmim-ltf,— — 93 20(30 J150 203 1155 iS-hototFE*. 1 209 >+6 01 Sd 0 OA 78 65 yearly 1 - — — 6 4ViHMaAa 2b 3 St 155 £30 Nunon Opn — ' 148 _ *33) 2.4 (34 [104 [31 ttflsn. I share profit uutisn and unrthevtd adiere Srum — 10b f fOwan 20p ...J bong unrooted no aher ACT ; 12*' - For Snctmtwm ira trt Grant Atlantic bl 51 01 7 33 27 Gba* Caraw 10b — 2* L 2.5) OJ . 395 WHIuonv 593jS+1 19 £2* h54d-ll3'- < !:;:#•• 600 Nhwv B* 0 0 i, arvtfrivrGwW — a<%4% ' .1 - — - 260 '187 iPal'ton- Znch. 10P—1 250 -7 I apuhcabte. Drxli+IM liBures rndiMle 10 per cine or nnrr dIHerence ll J ' IBO 133 ISmUf 175 -3 |4 X3 ) X4 [12.4 114 97 Strata iracumpno U4 — ' 1 ' 5**+’ - 129--- — 12] ST 1167 Do 5bcOmC.Pt £1-1 250 -5 30 UtwtPaprrZOa — I - — I >-5 calculated '-nr thsinbuiign. based on "maiiuram" astetbaiuav 30 U I i 1 187 "A" MV IOo 250 on Cmn me — ! Trait—. 12.151 13 ' 3.7 260 Da 20i I 90 81 iTRAinlialia 84 +1 1 -*’* — 68 48 ISnuBtlU* 1*) lOp-t 64 56 8* ; ' • 20 36 » . 34 flO*am*ftUllr5bJ 1 324 • 1 tani id profit after taxation, 20 WAimiJ - 212 no 2U L2* 33 3 ! tt Old -1 . M3 9t X I 4.7 180 130 |PoUi Pedt 10p 130 1-8 tnis commies grots dmoend rods ndathag 1. J 119 9b R City tHLoracn .J LIB —j ! . 14 1] SUKKUrd 'A'lOp 14 ! • - 74 • ... * 214 258 1145 WdhCrow 155 8* 70 50 SawrCBrtWMttft 11251 2 5 1 ! 9p(CiLfl 113-08 1 losses bm nclMhng esiunaed HI rot o! oHsettaMt 4 1155 ITR lnd.6Gmr>il .' -3 M3*)1J)28 £91 £80 Da 1 £89*0-2 eoeptoul atjlm. ACT » , 140 <125 . DolOpc Cam P»l. 140 .+2 010V - '102) - 197 194 1 > .- 573*1+1 *145 1+5 ! 573 382 'Kobrlw-Hagte* 00535(26.177 192 Am(MiclaMI.J 170 201 27 22 23.7 Natoral '+1 751 1*149 205 '1*3 rtl»Wdfv .. 205m +3 Vrolds are based on raddle prices, are gross, adnsttd to ACT of 30 pm rant 86 Rilrjr Dr"d J -1 ' ttlXOI 225 201 TR Btmrwt 217 1 I M Straw! — 85 1225( Z7 3* 84 1 56 Wood lAnbvr) - 82 X5 37;b4 63 31%i 21 JffWrtfie*sttaw5B.' [-% #0 7)24-33)175 1 < Darby '. fa rata at dnlarra deaniiiitton ana rights. 5p 30 I Amrrtu '-2 ML8Si 1 0 2.7 50 3b 5™ MSO0 J 39 . >0108d bid am* | 101 90 TR North 97 ...J. 1 ' 13 10 (ScmortlF.lSp Wprihmsw >A Jl -< 18 — 70S 905 1+10 2*1197 10>ij ij* ' 21 16 10b 12 20 164 1135 tTenpipBar • -1 53', 0 >46 I Interim suite reduced, passed a ad erred INSURANCES 2D5 • . OlU.tSl 2 1 1 1 1 <43 5 163 180 ITdmiVSO 209 ' PLANTATIONS «:»- 184 140 5 nan-rpudena on ered’cantm J. IX* I 51 Thro# G-Owth _.l 3 751 1*18B XT >i - 1 60)<0 1110 61 S« 61 221 *191 lAbnrr L>!r - 199 -2 Jbbb - Ifl; 270 235 tYarUjdrlOp 270 32 V j 178 120 ISrorfuU'thoJ ..._. 158 L . .iNEOTSlbKlZ.I <7* 1986 ! + a Bn TTd Figures recort awaited • 210 1 Do. tip £1 357 +5 ; a .* :. >?;:•• - B%. tVoaghal 1 7', 357 ( £2«% -+ 5 1 - ,1 £2bV £22*TAlfM««4Alw»r' W1D* ;28; 90 ‘5oalinrT4MRM>'. >02 f-'l : 12 >113.1. High LOT Inch Prxn i Nrt ICir'Gfl By listed under Rale — • . -.’ 110 i 2* 3> !Throti>rarton TtuJ . .. -4 BJSJ*)4* V ha UK dreBnrs *n»Med KPeOIla). ' * - 300 1219 290 • £74 107 : Do llbcCr..SlDO QI1V 0M7- 1 DO f 1 W: 70 ij&iCTlng *iMisfc. biOll 3T120* 1 -• out ¥.• 90 3p 1 I — SM; ksted nn Sudi Excangr and company subject jt same r 85 TOBACCOS l< I '+2 — L nM lo *-2 105 '760 , 106 Do W u ram 106 £7 SB 1577 lAlluiu AC DU50 _ 41683 »22V27 A*r»t>un*,. 1.3 >23.7 Rubbers, Palm Oil legurauDn -ecunties. 134 li> HrTMD 131 BtbSjS; |8a 1 Inpt 371*1 12*6 'Tar.lmcR.lK <+13' 113 89 12 (73 degree of os rated " £28%l OlOOcl - ‘241 - 411 313 593 1-8- IOD Xb! — 330 272 £23>.[AmwMiiGiriCMB.. £28 r ; 3.1134.7 1 '. 75 60 tflaotMC Irons St - 75 h l ! (Ang o-Eaw Plant, 42 in uujtt Rule Mst3i. p:j; 1 r 2*1J UZ^jlLlK - blOJj - 490 ) 3»4 J 490 H5&M0J 39 IF Craft j| ' Oj UUtL«2«JOB-J Datp. 5*. 272 ' 1525 X4 20 210 023%+% U17%M 272 223 Braduuk Croup ( Pie 3.1 I ISO 136 Tradr aoUM lOp ua h- IX* 2: >1*4 1'.7 1-1 385, ! 9 347 lAng D-lodonfuar, us : #717 50 1 54 d Puce at I mr oi sospensiea *- ;!' -. 351 24J Ihnteria] 347a «H12C> 19 49(180 192 ITrant OceoK J 191 6 I :. t. -3 - ?+J , * 908 ' 806 iBmanmcSp. . . 900 T25.5 4 2 2B •:* J -5 81' L 166 127 UtoHiman? 12-jo 153 -2 6*' 2* 6* U.9 141 I I STnbaiw liwu 139 ' 305 750 K-Dryam (DnHk* lOp 270 0 >4 0 153 »JVafcn Po if* hi or v 180 Sp. U0 hL*4i 0.1j39.9 93) Wyinalra-ulK 50p..-.. +2 9 35] 10 (144 46 Con PUwjMM0_ 48 '-I trt2ficUl * previous d nutno larecasi .', L' '. £30' ,.< - »44. - 93 L30V tConbmrd Ini 51. £30% .0»06 Gror d-T * I - TRUSTS, FINANCE, LAND progress, 50 40 47 l Wats D 20H-. 970 -7 3 Da G'PtLd LI • 970 24 Cr w) Cratrol 10l>. . 32 + klerorr tu m reaigarusatioa m 1 - s.7 310 230 tunm. UWor 309 -b 118 : 6Va8A>gt(iai-. .. 47(0171 -Ha Pi ranle. 735 £35 725 nr t24*?£ i486 . ru 54 rrot. Wr *S! . 56 5+aWc' 15 1 AM tongs . — • «: n> 1 264 1 2 7 USDet Coro 1 260 -2 6521 # .36 7 ft I 1004 7.5 ;10.# 0 - 185 IX tSDrrwrrWm+jn lOp 0 2^0 272 IWaunongl t 1 1+2 IldB 200 5 ci( o ! 3 ' High Stack Free - IM ICir Grl I Vdiatg tauuirm tl 1 1 1 4.0 35 iHnWaabMSOc 40 iQlta' 6 Same mte un. raduerd Final a an reduced randros md-eaird. UO 2 J 55 ft >-2 ( - h bl 55| £513 1(437 £idm UK 9pcCm. . +£466 Q9V - fl 9 ' I 1 J 393 '322 Vli|MCol1iBRS10> T2.75i 4i l.-J * l *016 Krona MSI. -.1 iOISc. 12 >110 Farecasi o wdrnd. tran on earn ng . upoalrd sy lalesi wtert ti aatrmeot 390 ,h3 515 4-2 IWemyt-liw £1 .< 514 I 220( 11.63 36 40 ; ' 50* 301- '-1 ' 298 1238 tE*n1,bLa-lD. 250 5 - ; 117 nnrr . I. R10I17 ILS'227 l 2*51 Zb in lor uoveruan id slu not ranking tor j . 14B 'VrUMlk 5p 148 . | 234( 10 36 38 iRaaeE-aBlra.lOp. 41 7* I Cover aim es me> oi dents or '0.1. , Investment Trusts 9* h6 Wa#w ioti»ii5p 94 +1 345 i 231 EAllruraKrtMOlCJ 31*0-5 H»4^ 0 0 rarbing wly lor lAihalny. ' 1221 14 12* 208 lll-l Wrfaa In ZOO 1295)10 2J rrunewd Ormlend . - 115 9» U4 i-l 898 1 70S 1 095 '-3 1 22* - W Covet dpe- alipor wtch iad> WAcum A sot tor tlBrr< may aho fardhHead at a 753 681 'Alliarcr Trust 75110 ) 4* 76 • Da W I reams : 76 +1 880 ;-10( T2b* ;0J 745atf- 0 < Teas 72C CRE '870 - PROPERTY future dal- to WE >«o osoa Iv urowded. 80110 186 - 216 Vrtna Ira -3 90*1O<4.1 .' • -93 6b 6)%AMual IK H +1 335 332 £1 - 90* 2.4 > .. . T210 3 1 46 805 775 JAvjm C otun ... ..4 605 10 703 Mf WAM/ >C£.i ;Qb 050 f f *o par mot 27 Abaca 1 in" Sc._ fO 14f 00.563 548 SOI 043. LO (Oi ‘26: 2.1 59 '160 37% 3( Da Gamut 598 +1 |Ld«nf Grp-El.. . . n7tj 35* 43 1 29 340 Itlagg Rotmoe . - i MO -3 J9.4 ( £17/115 B.Fr. Betqrm r iancs. Fr. French -ram. 75 lAI&rd Lad ton H14j 2‘ 1 I (# YieM based M asunrentwn n 19b 2.7 [167 208 193 Alya lnr*simti*t Tips*. t2 1* t I >-5 7 24 . 3.7 -163 . 200 9j Finance, Land, etc 3*7 287 (Mi Lied Routt £1 1 347 7.5 7 7 3 1 325 '19T i0HarI9J|52 632 69) 'Legal truer al J 776 j- b - 46 192 _ m r & 116.9 + nr Ota I TTd OindeM. hFqmrs based an proviX CU- - or Mhrr otter rtunaii. e Chits, ' 287 21b ASddPnb*H20P- - 285 i-4 u3J3j 21 10 333 2bl 1986 j : Do. Cap 333 32 1 24 39[- 725 725._ tocranCl. . .. 725 al20 V £27 £lU.lU6rr f LiteSARI .. £25 .. .nQSKfc- - 1 Nrt CDr'Ei-l P.E d Drwdert rate pad a payable on pa t pi capdal, cover based on indeed pa | 10 10 VABHmstlat 10 L 349 Trust -1 1 4 2.8 Mgfc Lmr Stack Free < - 13. Amrrcan 146 j Putmunn ft Gen lmr CMnngttn, Rfurrt Eaortm 1 a £40 — — 3J 124] - Fx m* £43 £34iJUbco*i - .•V' Na) Cl 51- 1 IV0S1J9; ; lull caul at e Proemomm yietd fflit gAiswned yield, Fw Uut* (* J trr Indoitrolt 148 130 AmcncanTtL'8 245 1 223 ADtagenhUp 240 . Jl 25 10 nrtd dudrad ana 1981' - 146 >-l 575 ' 290 William an £1 560 . 20* 66152 895 I8U lUnfgntUar 073-9 - 3 2 'll! 2i h Assumed dindend and yield after sc>g> issue . 1*2 1*8 Aitfcrn torac 148 -10 7.7' 11-74 | Payment Iron caanri wi-tes. 12.7 124 ; 85 iBng-whUgt 217 I5-|BX 348 28b iAkIoAol Sra... — 348m +2 02 6 '25 I '-7 350 SI 'Lanrn Utuin 20l.. i 343 . 13* 21 [54 43JJi 1 1 700 530 lAkipyd artthet '+5 17 5" 24 3b MO k Knwa olflym hrohrr bias anon total n Rttfits tsun penMng. 1; a WonirriHirHiD. mu... -I-,- -. “2 114 ArUinMnlK 127 10 15 1 1114 700 ; 173% LSWtUrJ.WU+o'Rll. £68*g'vb 053*10 261 j - • T+2 23%: 16 lAnaRr -natvd P Iras g Ebinngs base I on ptelonmary lagur-s I Dividend «d yiekl ntlw ( a special •— — ' 254 *8 rOHsnlPrfyl tlO V \S 1 S.9 (14.7 132 115 Dp. Cap 50a 132 Z3% MINES -+6 1623-31 12.5 » | 270 238 'MmnHISgvIOp.- J 254 T 3i payment l InMoted 4ndena nurev re ratio ( — >440 'BradtwflP-ap >-15 1851 145 1.1 etf 510 300 iAmalag«uHidgi£l - -30 02r5 6 59 0 ates u> srenoos drabena, P/E 1 535 53S 3i 123,194 117 .VAigolulAU)— ... Qliv 67 !<0l7V' ' 1« Central Rand 53 iWICpoSNZIJO. J 60 1+6 0 52 . 0. 05“ » - 11' - based ra latest amuai eararags Fn or estimated 70 70 Da 5(c Cum Prf £4 . « hi. amruausec dnmfcid 177 W5 Utrfnii uo 1. 176 12 5<33 2J1 167 168 147 Athdo+dlm. ... 168 >+2 Xli 10 120 70 !- ;+lO- 9.0- 49 136.9 303 |22D TO3 'denalNial lOi 260 00 17-25 31* -Durbar fli 556 -11 Q100r'3J'£B ratr. cover based mi previous r-s earning,. 150 138 tolrfHe 151 15.15 li 4.H Z3J. For Special ser Asset -and 57 II .Arqyk Tnrtl 57 10 725 450 Dm — ye. Subsea to Ixal u>- 1 - '30' - tYM Initt, Fmaou' UttJ£12£14%! .'P*arl5o . *300 -a. -9 - -- - £1? PfarlSp > ! «%D4%. 1 1 10 419 243 EjjRjndPra Rl 356 x Diwoeid lown m eveess a) 10* tunes, and petd merger 1BZ 166 (Mraaffmom 182 4.S i 2.’ 'll* '07 BS 76 tAurl T nsl IOo 84 a* 1096 _ r Dmdend bawd cn * til R3 5 119 108 Atlanta; Astra -1 055114 912 ' 753 'Piudenwl - 5 T22-S - 30 - 114 j. 885 1 18 ‘10 53 88 50 FtpLCoir. 75 tenre, t Dividend and weld laouk.- a airuai payment. Cover dart nst to 20 lO tf&MdSi:, 28 r. 3fa4 275 Was hr Gdloni Japan - 364 +4 2 02 14 :i VAint HmJ, AS025 13 02c 7; apply 447 ‘387 * 13.75' - >46 - lReltigr5o 435 c IbS* £47%tondt«i|-DEa RJ - £61%-% -flLBHk 31 98 special tuvmroi A Nm Ovnsnd Piefereree xxssed or *5 35 CabdiA) 44 1 .... _i - _ 44 Ba, 'll 125 \2 Aidborhy Im. 20p US ' m- nekL B dnlidnd ' - - 0 U hr Gtffwd Sh Np 6 laff Ar 898 >Rayal 1 8W7nf-8 2675 *4.1 >7K ' In fra 0.1- 40 > 14 260 182 95 Sim-vi ft JdCk 9002 . IAS 020c 0 r<5 defeired C Canadian. £ Minn»muMdr> price Dmdend jadsiel-. based on .68 - 48 UbBraPr.pt 60 C . . 05' 23 1.! 153 3 77 69 Baa lie Gdlord Tech .77 085 13 1 M S 8»nc ft 2%o 10 +% F 412 134! iSM0*id.Crft« 1 143 1 . : l€p.- 373 11 * 0 0 >20 170 '110 BCTtrtpy Tcdmalogy *2 06 1 4 36 2bi 169 Wr-t Hard Rl. 215 -10 Q120c 0 '1B1 prespretus m Mne> oIIicmi cvdimales Im 198405. G Assamed Mr dend and 230 ; 217 Cap £C6if((!J_ 225*. M, * X T 1 3 H 114 98 Barkus'ln* — 111 l275j 1* 170 252 I2U iSrrd Bamll J 10 - J 22S -3 M 75 25 24 23 7 - yield rtllrr pending senp b ; ' - i £ liy&oiPtJMoio« frati _ U10C 00 and or rnpi'' is-ta H Dividend and yirk based ra U20*j1£1Wj) On*%BU. 1 199*04... £320%: 08>4Vl - 16 t 200 15# Brrry Trust 200 +1 IDS' 12 0.7 £12 £13% 405 1 397 ‘405 +5 69*19 -32 218 .SlewaRVfr.ZOp Pr« 200 <»7 «Bnialms.£l 195 PIDSWCUISOV other ofliciair-amsatn. or I486 K F >gu>H based on srosorclsr. > 230 200 CStR 2®.... 230 j+ZO 1.* • Far Borne Gtwrti Strange Ira Eastern Rand v 445 445 14 i 1.9 303 0 1 j 0 ft Sn* wc |4tt 'Staror 6* H!Ot>20q- _ ; Arrow -2 bl* 17 39 17 S or dHkui eUiniates lor 1984 L Ejneured mautiisrd ftwderd. co»« and vr :-.j 197 172 Cent rrnne al 20p .175 ,1 1 7 1 45 >15 Bnwti .. mi.* 04 :45 156 '1C-3 BnUMO 152 '-7 ' -> '31 - — 6* 62% S3 Atm 61 -% 160 100 i6rac>r”90c - iaw+5 tOlOOc 11 249 720 1 520 Albanc*. 7X3 155 09*. - - annual or W r -20' 1.7 06*.' - 15.7 U5b 'IDS Dp 9pcC* 95-2000 - £154 -2 38 bated mi Lars' earrangs M Dividend and view based m> BrCspeOus - 475 ;420 Chtflwrirtl 40ff flOS ' 3 J 24.5 £107 £100 Da.6pcCvULS149S. £207 MatTim 5t 310 +10 90530 5.7 927 ! 778 SurLrlrSp 870 -Z I978> - 385 250 PGani - « ; M » lb . other cliicidl pci mates Im IWVBb. M Dranrnd .nut bared on jrosoecius 155 125 ICrtrSiltEMMn MS.' ... 0ffllD2- 0* >16.4 3b 31 -Brn.Emp.Sru.10p..- 00 1* W; Canuum V+klCb 5p It -10 reW £21 i M £ £21 '9010V 0.1 - 36 +2% 255 lfal Ea-atoma Rl .. — 240 £lWWT«tho DR — ! -1 4.0 23 or Other olticial (-imutr, lor Figures ba*ed on prosomns ptner 854 854 CALA 830 >. 3|Il22 445 ! 4.7 250 19b Canon* Im i49 0 0 1985 P m £23%i - .'3.3- - S(k>. UB0 37 368 ft#. Irani 445 +5 OBJ 4 6; 12 £11 7*4 Ej<.if>i> Tros Cr Stx . £10 %+% tffiOGc 23 60 £L5*,jTBrttaui+ S1.00 ... £22 . OH* Ceotreuy oiiicul est-nuni lor 19BJ Gross annuhsed dividend Cover IbS 177 darbr NidubK -150 . bJ>b3lb0'354 Sb 80 Braaaarr Ira 2 2 1* 33 25 15 Tmi lOp 25 50 •OfaSc Q Fiwn ' -' ! - <2Bi - 390 2*6 ERGO RO 340 27 b ? 425 360 Ir.adr Indrmnily 425 IBA) 738 14 «5 22* and »e tunrt on other oUkiiI vJimates T Sun xssumra - 253 223 Bros mnsnedus or I ' 265 217 Wavftum Ptoot 5a , 260 R75£1'4J 165 363 290 CaKdoma Iras 5a 14 0 3 1 1.7 Own 233 +3 GioiT,lri25c 0180c 4 j • - ' 38 - sSS 375 268 300 0 19 £40% Ul>jTramrr,S2L50 £38%-% S2J6 117 110 Fiu SnraSp.. hi 0 20 24 200 Z Dividend loial re dale 440 410 CarftbuHUw.20p — 440 S. 52 3.7 1.7 1115* 120 106 Cambrian Mdfidn 60 85. 12 12 117 856 Mmrov *1 - £10%m+% t0325c 13 10.4 485 i 423 'MuFrmurBlOpl 485 140 1.9 4 3 167 , m 4 £12% — '172 ConnrlhEvi log £15 £13% Duncan iw.) ft G£1 £15 15 D 0 1 * Atam'iaurcv On dunaenn a ev aroi e.suv. a e» ngms. un sH. «* f ' 21ff AgHSb X97 -J 35 23.’20:2«6 180 D0C*7%p 190 160 111 LnUirftta 120m iQIOSc 09 470 1 40iywMlfi Fabrr 12%o 420 .-5 8 75*22 JO 206 2.9 dr-iraunam - Trim 300 265 +£>frt'0iFdUao5p_ 0 * cjcaM : 60 50 #Co« Inn 20b- 53 ut5*20 135 53 £2fa £20 Camellia (rat. 12 o' # OB 300 IdariinUi RO 25 105 070. 49 ' 42 turndwSm lOo— 43 03 0 0J f 10a £22 % 0 216 - %*» 34 25 EontyFra. 10p- 34 1 11 06 56 WD 20 WijCoMrtH Sns 10b — 17 -+1 150- UZ 218 IBS Ctiani It Ik £1 105 «t 057 # 31.1 — Ptl-jonrr 5 Gov H'3]t 50 2Q5 £70 160 {-Do ihx£rU 95-2000 Qfi“» a* 112(1 136 99 Cmr»IW«T 10p... 136 * 135 29.16 1251* 820 692 Da Cap 820 £70* 165 JOS S Aba^mia 3ta. 130 +3 WT’it 0 118 LEISURE 2*5 188 EiCDlm 100.. -2 42gJ* 2U 139 160 116 CoaUrPraBt A'lOp . 16S 99 Ocartrr .. 34 218 +1 351* 3U-5J 81 Tnrt - . 232 10 IDS 62 VIAtirt>nu 20c 95 c04(lc 09 1J6 REGIONAL & IRISH STOCKS Prop. 34 19 E> lane IOo 27 W U*V*A W Group lOn 13%: ,04 22 '4/ ttS 215 175 Cutset Gra. ... Z25 40 12b 360 300 Omd HralihU .Wu+nb+auRl | a ]4>V & - 6025 360 £17% nr, U2*tm-% •0460c II UB la ei , If, .it . .ii+T l»> I* I'l'Kb .il i r rQl 19 Ub , t . ' 72 95- - 11.8 25 2? FftCEm TulOo 25 12 A-R TV Pnd. £1 72 ! 17.8 110 615. 470 ‘DatMMHkfe*) 610 13* 40 3* 67 61 DraaftEMiMSOSO 61 55 36 11*4 Jt-grtiSf - 32 Fprgutan lj> Uhl 32 17 10 4Aaan Lnurr lOp 15*j— 10 WcDarmEuamSb... . 10 U025 - 1 22 IT Da Warrant 17 W 56 35 *Flf .i«u Hh, 43 Albany InvTOo 105 Fin 13’»4?02 - £120 ZS '175 |fcp(iaTV 22S*r 40 S.7 IIS IDS -Mascara 115 20 139 48 39 Car Com Inc 1 45 13.4 35 j A* i 0 +2 u20 33 6 - - 484 + 0 307 Far west Rand 1 1 1 650 375 FramlmgliwGru ,... th50 42 Cryigft RtVe £1 Airotls 335 179 .145 . 53-87 £48 Dcraem VaHrytl. £46 . 900 050 £13% *Mvs35 18 59 115 425 3M BI..-X* 2ta. 363 toiaoc u : Fmiav Pvg 6n 47 £Pl Micas - — 60 1 1« '113 Bln A W AT A- _ 7*20 80 65 JSVDieer 65 113 103 CavaFntrigHimr 11341 +5 10 07 3 ] 1U Bidfi-h Rl *1* 395 360 VGrriOneMAiSOlO £21% 115% £17% K»J5c 3? 14 9 Molt 'Jos' 25n 770 I r.erol I'dh. .. 174 163 <127 - 18 12 Edmond HUg< . 72 b 244 725 10 34 367 8c«nANMW..— 132 10b 18 +% 10 33 20 : 265 Cttyo'Orbrd- ... 265 *2 D+rtWaaiROTO MambroTruu ib 10 117 200 128 17* 1030c 18 57 1 Dubim Gjs 60 128 1 98 iBrm Water 10B. _ 127 r-1 mV 26 34 ill 307 155 Etei*A4rt«.. U2 30 05 2b 114 104 Cura VfatarpTu.Wd 109 0*5 08 1.1 250 185 _ 235 98 low 5im 11 75 '-1 - 04 S3 VHjaPar 551 S3 Q’Oc 12 67 LJ4 4)9 tab Daoin'aaii'pRI 769 «H20c 30 9} M.1II iR ft H . 72 5fi 33 ICampan rn 20p .- 58 10 29 717 110 Ctlv AGra.ZOp.. . 110 *23 10 2 9 25 3 31 •0 Do lOOWatramv - 31 £15 980 ttrwvtaAamGp >160 4 J L5 • LlJh 942 0» 'in a 55 49 CemiAv«i<.fsi7Sa 54 -1 „ 13 -5 l 113 SO Inn Fm ft in, Cu + 3 35 20 50 195 114 EMhuqR) IBS MWix 10 Nat 9 4’e84 84 £98'; 1 kll'IELVe Ufld 1B7 118 Forhor B«iK< IQp ...- 160 42- J4 37 11.3 83 -Emm of LrTOt - . #4 -+2 1337 2 4 51 11 7 36 JO Dp Wjrfjris 101m ; 36 71 74 345 Hjnron-4l0c 293 -3 tQBOc 198 163 lr#l Cd» tlldT- . - «90 22 275 14 89 «51 410 Tin: UrurrU 45Sa£+3. 7.5 0 24 0 131 129 EamNnrNia... 130 Xb 0.9 1 b 788 645 CanranMftlnd . 788 U210 10 183 -W lit Im tb 6 bJ7 424 Kind G*D R025 494 -1 anoj'/ *. 71 1 . bJO 600 T l Q1U0 0 15 02% 54%«RAC'MSp . 55% + - b7 *3 FiarDA»lmrt3p 57 -% 79 IBS 139 Cn+CMJJMn S*n 105 *2 035 XyU 620 950 >~r <07 e-m • 3 9 0 fJJ% 9% L-tonraRl £11% «tJ33dc 18 43 27 iCwampian TVAlOo-- 43 Thl 67 0 55 0 200 170 Fragnarr£n50p 198 +4 tbB2 2J SO 122 480 370 CnJ#FAra«,U 480 950 »BiW A5k50 950 93 J 5 7 7 9 £20>, Snulvui 50l ' 1 29 27 Iraruno+tCa . 29 105 5 £31 £23's 0660c * B 3 Issues” and "Rights’* Page 3B 26 19 >!G*mja3Cja»Lliin» 26 +1 lb4 130 Ga6N>Hv»Ptas5p 160 +16 288 29 26 160 70 6J / Dmur (lit ' . 70 f49 10 “Recent 163 Irorjft 5mi UlD |4 25 1 7 3 J 32 5 556 424 StillM+x 50c 488 0290 1*3 1 0 220 17b .HTVNwVig 220 17 7 3J 5.1 4 1 U&7 U55 Da 10am Cm 9599 087 +14 OlOlTv • <5B I*.- Do 'Go &f .18% 183 183 (international Edition Page 4Z) 1 70 ).Ou7i#5 .OUT* 2 4 88 *3 £59>* f41%UjjlRr+H5* £51% -% 01400. 119 138 44 36 4.9 5 7 15 15 vGAvn Hu Im <35 O' 136 tat 837 10 107 TO 0 128 V Hwvon. - Up 15 05 09 «B MO OebfTM 136 Vn Dnro R2 £27%-% Exchanges fhrouglwut the United Kingdom lor a fn Oi £875 per ' 310 240 fitraai'aine.AlOe 4 0640c • 7b 337 2b3 iV*i **1 TJ*4 10 62 12 5 90 70 Cr^roPra+tif i>2ii ITe i*l2b'; 0 J* • 157 H4 DrJrMaFK E.M 156 ii OB ,0 42 9. 208 200 hitch n Tarts’ 10P 2S 50 4? ZaaUuolOc 31 +1 013'ac 10 8b annum far each security. 4? • 32 iflware ln» iOd 4+ 0 254 210 Ofjiofi lOp 254 +2 •22 3 4 XJ 329 67 «4 to Wjii jntt *B2 91 67 • , I 81

1 '

March 25 1986 Financial Times Tuesday LONDON STOCK EXCHANGE RECENT ISSUES MARKET REPORT

in Geneva had been adjourned Account Dealing Dates until April 15, and fears of pos- + Option sible dividend cuts by LASMO. i-iSi-J !!|- _"I*S jjiilsi I — 'isgs-sO 1 jo - I Hhgi First Dedara- results 1 , I Last Account suffer shake-out and index reporting preliminary High 1 Low Dealings tlons Dealings Day Equities today, and Trieentrol. reporting 7 on encouraged per- 5 MarlO Mar 26 Mar 27 Apr Wednesday, . R5.U 2JS 3L7 n.6 HIOg». 1DP Apr 1 Apr 10 Apr 11 Apr 21 sistent selling of oils. BP re- F.P. 18/4 BBPP |J94130 - i 1- Chilllngton Corp 1 3 - Apr 14 Apr 24 Apr 25 May 6 treated to end the session 20 F.P. - .00 ; 1 Do. Defd. * *' ** - ) R2.9 3J&. BJS'26J8 Niw-time dealings may take lower at 553p, while Shell fell F.P.’ Greenlees T. 6p..lB5 l Gold 1394.6 F.P. 18.4 ' R3.3! 2.6j 3.5 ISJ5 place from 9.30 am two business days 17.6 to 135 retreats Porter 10p back from an opening 7S3p to F.P.'1B,4 Jams KUO 6^ 1.0 2U2 •oilier. 5p - ,’Meero 4 Rfl.Si 3.6 close a net S off at 765p. LASMO F.P.14/3 5p... 137 9.6 15.5 into 14 to a new peak of 606p, while 94/4 i-i-Menvler-Swain 6.0; a.z I1J Leading shares went S55p dipped 128 at one point prior F.P. I u8.5 BarcJays i05t 12 more at to d l Tlphook reflected an investment _ - - 1 F.P.. 4/4 , 6.6 reverse yesterday and finally at 646p. NalWest to steadying at 130p, a net as ^Lloyds. recommendation with a leap of F.P.' — uE.8 2-2 4^. 12.4 recorded the largest falls since before closing FINANCIAL TIMES STOCK INDICES decline of 12. Trieentrol touched 4* droppedl to S95p 32 to 230p. A sharp jump in F.P.j Gaj|mith 232 •Q5.S7c; 2.3, U 21.7 December of last year. Several a low picked up on F.P.1 1/8 'TemptotoS J0 ^awn oa balance at 900p. annual profits and a proposed of Sip but .Throgmorton USM.... 108 factors were cited as responsible midland gave up 13 to vague takeover rumours to close F.P.27/3 "i u£osj uo, 1.4W5 wbUe 100 per cent scrip-issue helped F.P. 84/3 for the down turn but there was Char- 6 cheaper balance at S5p. -Westland Warrants 28 523 Elsewhere. Standard Spring Ram advance 10 to 395p, ou F.P. — little doubt that the prime rea- BritoU retreated 10 to 545p ahead while Parker Knoll “A" moved, gave up 9 at 168p and for the setback was an - son f today s preliminary figures. Enterprise — scheduled to -- 91.37 91.24 91.09| 90.03 88.92 88.53 B0.74 up 8 to 383p in front of today’s attempt to shake out loose short- Government Sec*. j SC0Unt Houses. Smith “ " announce full-year figures on ^3. D 95.11' 95.03 94.30 93.59 B3.06 92.93 84.64 Made in Britain exhibition. term holders. Many similar moves Rxed Interest. j ^nbjn, currently in receipt Awaiting further bid April 2—eased 6 to 134p. Second- tried during - 13B4.6 1412.2 1415.1:1389.5 1374.6 1357.7 989.9 news, from Irving Inter- Ordinary* Staffordshire Potteries gained 7 ary oils remained depressed. year's upsurge In prices without Corporation, 309.4 3X2.0 310.8 318.1 317.4 318.3 499.7 Sovereign a nationaj Financing Gold Mines ] at while Booker McConnell OU and Gas lost 3 to success and the oppor- 125p, STOCKS much moved up 3 to 44d on the Ord. Dlv. Yield 3.88 3.B4 8.83 3.91. 3.95 3.99 4.57 low of 60p following the annual FIXED INTEREST 1 rose 8 to 348p in anticipation of tunity afforded by the Opec board results. announcement that the Earnings, Vld. fefutli 9.24 9.13 9.13' 9.31 9.40 9.50 J1.33 today's annual results. JBarrow Petranol's preliminary failure to limit production ^ad recejVed an approach from 10.75 figures were weU received, how- Pi£Pi E Ratio met)(net) 1*1—l*»— • 13.43 13.59 13.60 13.33 13.20 13.07 Hepburn's preliminary figures Streets } coupled with Wall " party. Business Mort- ever. and the shares hardened a Fn- Total bargains lEst. - .42,606 41,181,40,491*41.003 38.553 27.702 were well received and left the ' sharp technical reaction on found support in couple of 60p. of l»ue 1-5- 1936 Trust 4 the pence to Talk stock I shares to good at 5Sp. S I l! miss. — ‘967.72 985.27 '1093.06 753.85 783.10 288.93 price t op !tr day were loo good to to an investment Equity turnover £m. an encouraging North Sea oil Ctt response Bestobell continued to reflect £ igs-3, : ! 1 i Equity bargains - 43,472 41,104 S 38,164 37,201 40,196 26,119 ' in thin I recommendation and a discovery boasted San (UK) 5 High; Low J sharp across-the-board open- the strong profits recovery with ; I1 A afteralter 1-Op,l-Up, i - 371.2 411.3] 472.1 337.6 303.3 166.5 ing markdown deterred potential market leapt 15 to Shares traded iml)...mb... a rise of 15 at 304p. Charter to U5p. 88.255 £30 .25/4; 36 '^.American investors and triggered off a 145p. Consolidated, recently the sub- Interest in mining markets Centrovincial 00 {98.287 £25 .19/5 36i2 ! 251? 10 am 1399.9. >1 am 1399.3. Noon 1398.0. 1 pm 1393.0. 2 pm 1393.2 9>a% Cum. Red. Prer.. nap! of profit-taking in Wgh-high- v ject of stake build-up rumours, again centred London-regis- I liep, liOpChlJJinaton wave es succumbed to seat-scat- ou F.P. , SrewerieSreweri s 3 pm 1392.5. 4 pm 1393.8. Day’s High 1405.7. Day's Low 1392.4. Basis " ; fiying top-quality and secondary declined 7 to 260p on profit- tered Financials. Tlnto-Zinc >100 I F.P. lered profit-taking in the wake of 100 Government Securities 15/10/26. Fixed interest 1928. Ordinary 1/7/36. Rio big taking. Parkfleld 1985-86 , F.P. stocks. Some of last weeks heady rises follow- Gold Mines 12/9/55. 5E Activity 1974. Latest index 01-246 8026. *Ntl= 12.92 dropped 20 to initially advanced to a ]ast weeks — . F.P. were particularly affected 425p and Blue Arrow chapened high of amid continuing movers chancellor's surprise 765p 99.97' F.P. I i09? 108pl.Green.il j lhe Tst. 1li|1at. Mort. « a losses. The 7 to latter 1 • 99'4'Hampton and showed sizeable not to increase excise 310p; the following rumours that a 5 per cent stake 599.11’ F.P. 110 decision HIGHS AND LOWS S£. ACTIVITY “ institutions showed no desire to Allied-Lyons dipped 12 to take-profits " advice. The has recently been accumulated 94.917/ £30 d : i«pi Nil ! sell but in the absence of fresh leaders drifted lower on techni- in the company but subsequent II whlle Bass fell 8 to Slip. f.p. chip — ; strong demand most blue IsinceCompllarn, INOK3ES cal influences. Boots, still reflect- profit-taking prompted a sharp *« F.P. ground. Building sector's recent ing 1 issues gave further The a broker's downgraded profits reaction which left the shares a II F.P.

* ; markets, faultered with the Low High Low i Dally I (97.955 £25 Developments in other strong run forecast softened 5 more to net 10 down at 745p. Consoli- Mort. Deh. 2010 88 a ! 10le* Quo- :OHt Edged I {99.480 £25 28 ! 24lUs.E. where North Sea oil prices onset of light profit-taxing ; 267p. dated Gold Fields, also regarded 8B3223.6' fi 238228.9' 9 and money market tations steadied late in the Govt. Socoj 91.37 • 80.39 127.4 49.18 Motors lacked a decided trend. takeover touched weakened..eakened ' as a target, and usually <24/4/ ,2Bn,<28/1/ tS.-l/AS, : tf/1/76, interest rates hardened, put the session, however, agi.7- B66 . 3 BL dipped 6 to 45p following the early retreating ’ 530p on before worst, Fixed lnt—| 95.11 86.55 160.4 : 60.53 Value jl.956.0 1991.49 market under fresh pressure closed a shade above me j collapse of the General Motors to end the day 22 lower at 515p. <24<3> ' (Mil)(23i1) (2B/ll/4?i I3/1/7S) .6 dayAvorage down to 450p at one ; ; talks, while sellers held sway in later. Redland. The Australian mining sector RIGHTS OFFERS 200 - 8 Jaguar, finally 10 cheaper at s aia7 gave its best performance of the a2M!ai.3S -i i 458p, after 455 p. Among Distri- I year following the latest 257.6 | 734.7 ; 43.5 Bargain*... 259.4 266.3 t butors. Press comment lifted l2,'1| rtl&i&'ttj |i2S Point Services accusations were Stores were volatile in front of of tomorrow's preliminary of 53 to 338p. levels. 3BO ^"Hlflh \ ket price-fixing a two-day advance or around the day's best 330 1 F.P. 914 speculation sus- , | 50pm. + 5 but bid ! I 35pm KLP op also reflected in sentiment; 132p, today’s full-year 'figures; up to a figures. Fears of a possible In contrast. Octopus Publishing, RTZ associate CRA were out- 259 Nil I 30/4 82 1+7 George Wimpey which 70 'F.P. • 7/4 75 dealers were sceptical of a sug- tamedtained nnw new peak of 243p at one stage, Government squeece on defence which also revealed better-than- standing, reflecting the recent Computers. 114pm— 1 I 24/4 sapm'-f N.M.W. unchanged at lS2p. after 220 Nil + 12 gestion that the group might be closed the shares ausubsequentlybsequentiy met ner- spending continued to unsettle expected full-year figures last rumours concerning RTZ. and 48pm Thomson T-Line 70pm ^ — I IOO ; Nil . comment helped 1 Bpm;—l‘a lS5p- Press • is a fund-raising vous 0 ff erj nea reverted to GEC, a further 4 lower at ISSp week, encountered sporadic jumped 26 to 35Sp. while 11 • Nil — 6 pm Tranwood 6p contemplatmg nse London/ 149 i~2 Benford Concrete Machinery “ 86*4 130 iwates iCity of ( 116 FJ». ! I exerciseexercise. unchangedun Gauged gatt 234p. “Take-Take- and RatalRaeal 6 down at 186p. Pies-] profit-taking and fell 40 to 625p. Bougainville, another RTZ asso- 146pm. + • 137pm Wolseley-Hughes. ahead ! - j 5 to 76p, while demand profits" advice unsettled MartinMartin 426 Nil 1 „ individual *sectorsrs pro- seyy also dropped 6 to 2l8p. Advertising and PR concerns ciate, added 4 at 134p. Among Many ec annual iresults ” i° ...!?I£ Ofof Thursday'sThursdav's Ford wwhichw eh dippeddinned to 91pSin before _ . progress. Howard- “ down-under . made selective other leading features on week- , sen ted good ]lfted judders 6 to 229p. ® n 1 trad- staging a smart rally to 97p—still ® IJLL* Spink, annual results expected issues gains in the region of 10 day lor d*a8ng free ol Whir^diity. bHgwws end press recommendations, promptedJ J. a reaction otof 8 to 605p Bsmmelfltloa dM» mobOr tost F For is aavmdown“Wn^n ib16 onoa “*thetne sessionsesslonsession.session, tomorrow, put on more. 17 to were common to Holdings, Aesomed dhrtdaod and VirtU man isolated Reports that the groupgro - M1M based cm proa pectus estimates- a ing statements and in Hawker and a fall of 6 totp l««wt fixing allega- 405- uSM-ouoted Addison Page 142p, Peko-Wallsend, 276p, dividend cover on eamtaga updattd by JWjSL activity. The overall facing EEC price ' r* rorajsn speculative RRecentlyecenti v buoyant Shoes and 504p in TL Elsewhere in Engi- and Yield based on DrasoectBS or other official estimates lor laoa. bfSSw^7 in Street s dull per- advanced 30 to 280p. after 2Wp. Renlson, 295p and Western trend, however, was measured tions and Wall . ^i neerings. Delta fell 12 more to dhridand. cover and p/e redo based 0,1 ? at her issues alsofi0 met profit-D rofit- following news of the proposed Mining 193p. an nuall sod ^SuSf*dlvi^ndh*D/ep/t *r^rtrUO fall of 17.6. the largest formance on Friday combined to , Indicated dividends: cover ratetea to prevtooa dlvidand. a closing la^_„king, notably Stylo which fell 227p7p after comment on the dis- chetwynd oetimstss. t Busllend drrfdend last year, to ICI which closed _6 down merger Streets, during on Imw* sonusl eeminas. u Forecast, or ertnwt^ since December 2 depress appointingipomting results. Babcock The strength of bullion based tender. Otiered " '**£»-*'t0 236p pjj were unchanged * gngjiy g t0 the good at 153p, cover based oa previous year's earnings, l Issued by | 1394.6 in the FT Ordinary share at 965p. Among other Chemicals. following early trading, coupled with sub- mu, Issued by wiyol at 355p; the “ priceJg? in recent cheapenedleapened 4 to 218p21Sp after I6O0 holders of ordinary shares 11 i’’ rights." II Introduction. index. The broader-based FT-SE Hickson International shed 7 to ‘ stantial Australian buying over- loaned issuesfj-was SjorrS?^correct.incorrect sporadicoradic offerings ahead of , „ r,„_a_ Hac „ eapftaUeadoa. SPI.dog price. 55 Belntrodnaid. « |" index fell 24.4 to on disappointment with the Leading Properties Settled A night gave boost gold Altotment price. 100 share 420p tomorrow'stuuiutruwmnrrmv'c* preliminaryntwliminarv-uicuiuiuw) figures.jikulcs,fimires. .u.j,. ... =_ a major to roaiganisetloa. merger or takeover. * figures, but Brent Dealt In under Buie 635 (4) (a). 1663.9. prelimmar;preliminary Secondary Electricals provided while IMI lost 4 at 174p after issues. Central Norseman raced market. M Dealt la under Rule B3S (3), 9 secondary issues— remained2S" selec- Gilt-edged securities were gained 9 ti ahead to close 50 higher at 463p Immune and opened higher at satisfactory tively firm. Press comment high- amid talk of a sizable gold dis- Friday’s enhanced late levels, interim figi covery, rumours of a takeover

per cent 1994 ran out forsrssursssusru'ssssJames . s bid in the offing and heavy US Treasury 9 . . ,ri>. . 1_ o0 tu10 o«p.OOp. ...J

CAPITAL 68005(213) -LI 1 7.9* 330 Abovn average activity was noted in Based on bargains recorded in ORioial List. Building Materials (24) -LI 1 BL09 336 the lollowing stocks yesterday. Exchange BIOTECHNOLOGY 1 Contracting, Construction (28) -9.9 7.91 342 Closing Day's No. ol Fri. Day's Electricals 03) -LZ 7.47 347 pnea change Stock changes close change | Publication date: May 2 1986 .. 677 37 Electronics (38) -L9 . &97 241 280 + 30 Distillers 35 + 1 Ankan -10 Midland Bank . 25 536 -23 Mechanical Engineering (64) -02 839 341 Hume 14S date: April 14 1986 267 - 5 RTZ 24 755 + 33 Advertisement copy Metals and Metal Forming (7) -LI 6.70 521 British Aerospace 60S + 14 5TC 24 122 - 6 Motors U7) -LB 7.73 333 publish this survey on the BP 553 -20 Boots . 23 272 - B Financial Times proposes to above industrial 6ffX 2.99 The Other Materials (22) -LI DRG 296 -12 Barclays . 22 558 -21 CONSUMER GROUP (184) —L2 72S 344 Imperial Group 347 + 3 Bass 21 825 +23 provisional editorial synopsis is set out below: -12 21 — date. The Brewers and Distillers (23) — -L0 az7 335 646 Ultramar — Lowe Howard-Spink ... 405 + 17 BP . 20 573 Food Manufacturing (22) -08 903 347 INTRODUCTION Raine Industries ...... 45 - 2h Glaxo . 20 ElO’, + 0*, 1 Food Retailing (14) -Off 6ff8 243 - 765 8 Wellcome .... 20 217 + 7 2 COMMERCIAL PRODUCTS Hearth and Household Products (10) _ -0.7 4.97 200 Tunsiall Telecom 330 t30 Woolworth 20 043 +23 Leisure (25) -L3 7J1 3.76 3 THE COMPANIES PedsHsMng& Priming (13) -0.4 7.23 3.97 4 THE FINANCE Packaging and Paper (15) 753 346 -Off 5 TECHNOLOGY TRANSFER Stores (43) -2A 5.94 245 NEXT PHASE Textiles (16) - -Off 6.92 332 OPTIONS EXCHANGE 6 THE Tobaccos (3) -U 1L56 436 EUROPEAN

OTHER GROUPS (86) -L3 8.07 347 May 1 Aug. Editorial Information ! i Series Vol. i Last I VoL Last Vol. Chemicals (19) -2ff 10.05 437 or suggestions concerned Office Equipment (4) -Iff 7ff6 3.93 Please address all enquiries with editorial GOLD C 8340, 78 .22.90 8 38 — ;S35I Shipping and Transport (12) 4-Off 620 344 | this survey in writing to the Surveys Editor. GOLD C 8360 8 110.50 41 81 35 B6 content of Telephone Networks (2) — -L7 820 336 , — GOLD C S3 80 74 1 3.80A 10 IS Miscellaneous (48) -Off fcffO 333 GOLD P 8320 — 50 50 Advertising Information | 3.60 GOLD P S330! 60 3 56 5.70 — GOLD P S340! 4. 95 B — can be obtained from 10 , BO William Bl — Information on advertising Clutterbuck GOLD P 8550 69 i 7 i — - telephone number 01-248 8000 extension 4148 or your usual Financial representative. 1.384 Times — JF — are subject FL390 37 1 5 29 8.50 Details of Financial Times Surveys to change at the discretion F1.400 1 £6 3 33 5 A — — of the Editor. F1.4Q5 1 55 ' 3 12 3.80 — — FI .410, 50 1.50 — — — — . FI. — — — 375 53 ; 8.30 Br Fl.aBOi 51 12 8 — — — — FI.BBfii 50 13 Bi — — ' — — FINANCIALTIMES 1 — — FI.390 60 16 B> 1 23 EUROPE’S BUSINESS NEWSPAPER > l — — F 58. 50 FI.2SS! 99 8.60 — : — |.2 — — | FLB6O1 161 ! 6.20 — | — — - FI.265- 3.70 I 54 1 FJ.270 238 2,60 B! 4 4.50 — n.280i 102 30 — FI. 840 38 1 1.80 FI.Z45I 02 1 3 61 6.70 10 7.50 R.SSO, 36 4.30 10 7 — * 1 SHIPPING n.865 43 6.10 6 9.60 — FI.26DJ 8.70 • — — 48 : Publication date: May 2 1986 : — FIJ75! 1 2 Ai 470 29 , Advertising copy date: April 18 1986 — ABN C FI, 5801 81 il3.60 | 60 28 ABN P Fl.560; 22 2.30 16 18.30 — The Financial Times proposes to publish this Survey on the above date. ] j The AEON C Fl.liel 136 9.90 60 3.70 _ - .Fliofc provisional editorial synopsis is set out below: AEGN P FI. IOO! 110 IffO 2 4 E 1 I 4 - y 1 • AH C n.eoi 137 2.80 1 8 5.70 —_ — In. 81.60 1. INTRODUCTION AKZO C FI. 2801 121 882 4.40 34 7.90 .FI.169 i DO ! 2. FINANCE AKZO P FI.170| 15 139 10 22aa 10.80 A; 40 j — SO 76.40 AMEV C FI. IOO! 50 ! 3. — 8 Jn. CONTAINERS AMCV P FI.78I 42 ! 8.30 27 4.30 ~5 ; 7.80 jfliBs.sd 4. TANKERS AMRO C FI. llo! 47 i 1.10 1 61 6 5 I — 5. BULK AMRO P FI. 1 180 6.20 CARRIERS 105 81 3.10 ; GIST C FI.280! 3 26 L0.80 "4 is [Fi.aBsAc 43 j 6. PASSENGER SHIPS GIST P FI.260 49 6.80 — "7 ;Fi.a’4a.«i HEIN C FI.330; 69 14 4 17 7 i 80 7. SHIPBUILDING 3.50 HEIN 2 4 , P FI. 2 10: 6 . 0.20 44 3.90 8464 6 .FI.94.M 8. SPECIALISED CARGO HOOG C FMOOl 426 , 1.40 301 HOOG P F1.B3! 3 234 63.0 — Editorial Information: KLIM C 1.50 131 3.90 84 > 5.50 ;FI.5Y.S0 . I all KLM P FI. 50 319 1.30 132 3.10 21 4 ! „ Please address enquiries or suggestions concerned with — (FL171 the editorial NEDLC FI. 170! — 75— ;iB.70 content of this Survey in writing to the Surveys Editor. ^ NEDLP FI.170. 11 . 8.70 44 . 12.50 Advertising Information: 1.40 57 3.30 8 , 4.60

^23

Financial Times Tuesday March 25 19SG 43 WORLD STOCK MARKETS

AUSTRIA GERMANY NORWAY 1

- . Ma». fne* or ' M + Mar. 24 Price + or ! Dm. — I Bergen* Gailk_ Gen. Prop. Trust 400 i AEG 3 i> 7 -5 Oorrcgaard..— Hftrdie Monies'. MITSUI Bank.. 1.J | • 52 AJi :ar>c Vers ... 2. 110 .-5 Cririscinnie Mitsui. 450 1 Bank Hanogen Energy BA3 F 50y - h DcnNarske Cred Mitsui Estate .. 1.620 Herald W’yTlmw 242 [OJiOr J 2•l.B - 5.2 Elki-n,. Id Aust Mitsui Toatsu.. .. Gayer. Hypo. KctniQa.,. j.mberlana F.P.: MIUukWilL ! 822 Carer- Vera In Uuo.nrf Kin Ora Gold ... NGK Insulators ... 490 NikkoSec. BSO : Morccm Kidston Gold .

Norsk Data . . Nippon Denso— .200 . Lend Lease...... I . Elect . Norsk Hiaro._ MiM : Nippon .... 1.200

880 . /LUXEMBOURG y.arcbnnC- .... Moyne NtckleH.i Nippon Express. BELGIUM Nat. Aust. Bank..- Nippon Gakkl,. . 1,560 News Nippon Kornku... i.o5o . Puce or + Nippon Kokon.... i 135 Frs. — Nicholas Kiwi..... Mar. 21 Oil * 941 NorandaP'clP'pd Nippon ; Nippon Seiko 447 North Bkn Hill™ Nippon Shlmpan 1.190 • Oakbrldge Nippon Steel 160 oacITic Dunlop B Bilbao. - 825 .. . . FRANCE co — Nippon Sultan. . . 377 b] 5 panoontinentoJ . * 1 .24 Si < l> Bco Central.—. . 4 10 14 I CAC General .Sil'SOi 5 8.5 333,5 341 A 8 S2.7 645 . 3 267.8 2 Nippon Yusen 3 B3 Mink 1 I Muck 7 I Feb I Ubnmri Pioneer 1 M22 ha™ Bca I* 1"1 • Cone..— ” ,»i 1 > .. . . 1.4 IM , .S< > Henkel Bco Exterior . ... 300 540 • 154.4 151.5 131.7 12B.2 134.4 24 181.6 2,1j Poseidon Nnsnn Motor-.... I Hochtief ...... Bco Hlopanc 405 . -t 35 Nlsshln Flour..... 638 3.77 3-72 • am I Bco Popular US 9 - 36 Queensland Coal Haecnst. . ReckittACaimnn' Nomura 1,660 . GERMANY bbB . -2 Kocscti Werko Bco Santander 988 • Olympus FAZ Aktlen iSI.-H.-H. 674.85- 678.54 852.74 ! 631 J7 716.76 1 15' t> 618.54.27:2, - Repco 1 Holinann .p Sco Vircaya . 1070 30 388 . Onoda Cement... Commerzbank i 1 M 2 53> 2043.7 50M.S 2102.2 2095.5 2l61.Bil5.li 16B4.E.27-2. .. Cantos — Horten Dragadoa... 2 !H.b . 1 1 B 0 Smith iHowardj. Orient Finance- . Hti-.scl Hid r ola . . . 117.5 — 6.5 Orient Leasing.,. 3.660 Thos. Notwide ... Ibcroucro 140.5 - 7.5 24 21 20 18 18 17 Lm Ban Las Karsipas Pioneer 2,830 | | j Kfih | | [ | j | . . (IB Tooth—. j HSn^Soi^fttnkiSI LB*. 1635 . 28 1611.73 1805.70 1558.94 1 B28 . 81 : 8 1 i 1555.94 S, Kail! ho! Pctroleoo - Ricoh — 866 Teloiomco Vamgas . . 2.360 Sankyo ' Western Mining i ITALY ,166 k39 i&'33 Sonwa Bonk ..... 1.420 (20 ^) Westpnc Sank.. J Banea Hal. Il972 i 671.78 674.38 865.831 649.45 674.38 i 21 . 3t 454 .S7.24 ll Sanyo Elect 305 . comm Wood side Petrgl ' Sapporo 889 . 163- 238-55 1 jn SI 4.48 1 Woolworhst : JAPAN^ Seklsul ,. 1,050 ' Prefab |l 3 ; HONG KONG ShlsDido — ..' 1.740 XIedorf - -3 ASEA iFreci. 422 ANP.CBS Induct (1970) 250.8 251.6 25 1.0 250.4 255^ (17 1, 1 234.0 ,3'3i Shows Dcnko ... 263 Porssne .... Astra iFreoi. .. . 525 ; +i ' 3,620 Atlas Copco 2IB -* 4 Mar. 24 Price + or Bony .. ; Pre-jssaa H.K .5 — 'to . 2 0 X NORWAY —— -Free) 26b - i 5 mo Bank— , 0 Carao ' i«it-B ' ' Rtteln West Elect S'tamoChem. i 303 Oslo SE 5 t 354.71 S52.S5 >51.53 354.63 402.91,18-11 341.33,11:3. I Cellulose 209 , -ri Corp..., > Rosenthal . •* 3 ‘tomo | 840 Electrolux 8 205 . b 1 Schftrifig S' to Elect—.. 930 SINGAPORE — ErieruouO. • 305 +5 mo DENMARK ; ' ' : Straits . 30 . 582.55 < . * . I > Siemens.—— . stemo Metal 143 Times USE) 686.38 575. 63 589.68 644.69 18 569.85 19 3 Erne f to ...... — — 500 . ThyMen Talsc Carp...... 439 : Mo och Domajo- 218 . . . »in* Tslsho Marine^- 798 SOUTH AFRICA Pharmacia — 239 < «1U Veba ... Taiyo Bank 740 JSE Gold <28 1,781 — 1289.9 1270.5 1250.8 1307 . 9(27 1 , 1168. 7, 18 2 l Saab Scania Free 600 ...... Kobo , JSE Indust t3BiB,7Bi — 1200.8 1205.1 1192.0 ! 1203.1 i 3 i*:l» V.E.W BOO -5 Takeda 2,320 2,059 20 , 1069.3 — Sandvik— - — ; Verein West • TDK 3,660 : 762 — Sfcandm— - 46Q -r? Volkswagen.—. Teijin 490 Skan Enskllda— 87 + 1 1 I B53 SPAIN Tea. Nenryo— 1,480 - .- 5KF. i 32S *13 j Madrid SE tSOrlS.-ftSl 152.61 156JW 152.41 150.10 156.06 (21 St 160 .B3 (3 1 , Sonne non — IB4 ’ TokaJ Bank— 1 1.050 Toklo Marine.. 2.330 ‘ St or a Kopparbrg 232 . r 4 Tokyo Elect Pwr, 3,700 NYSE-ConSOEdatod 14IE0 Acthms Price or Sven Hand leson . 311 . jKObnn A PiSMZ'U, 2036.70 2002.22 1987.20 1975.70^ S03S.78 124.3, 1729.57 I29.-1, + j Tokyo Gas ' 403 . Lira — Swedish Match 305 I + 5 1 S.fflpHI. ChMgft «Y — Pmgy i - Volvo B iFreei.--: 318 ,' +2 TokyuCorp 851 SWITZERLAND Traded Pnea on (by Traded Plies onDayoa Day Com'le 27, SOD Print 1,530 - Banco — Toppan — SwlssBankCpn>Sl'12i5B, 581 J 581.B 581.9 1 579.6 62S.5i8.li 554.7 i28i2i 1 Coon Ed- 3.659,KM XD 33 '.I - 138 meb B^ctogl-IRBS — 7M Toratr 534 4 RsiBekbC— 1.784J08 Elect 1 AIT .... 3^53.400 XD 224k - to Bdbou* U41.10B filto + V« i Centralc —— 4.51& SWITZERLAND Toshiba — 361 . WORLD C.I.R. Seikan— i IbisiCHt. 2Bto +l«e . 1,112^01 117 -2 ill — . 10.430 Toyo 1,630 2J79500 BM — M.S. Capital Inti. t:70» 301.2 302.40 296.7 302.4 iSOfS) . 249.8(25/ .' Credito ItailanD.. 3.B4S Priee i or Toyota Motor— 1,210 2.176,400 40V. - Vs Soudan 1.148488 -» mim + | 23 to — m Rot 10.399 > Frs. — UBE Inds. 256 > LITS.aog 13 + to GsaMoan— 676.000 84V» + to • j Generali Asilcur. ICB.SflO Victor ———.18,070 i di,, aSan °* “ , ‘0B3 ItalccfjiL-nti— . 63,500 Yamaha—!.— 1 624 "Saturday March 22: Japan Nikkei 15,013.19. TSE 1,191.67

i La Rmasecnte— . 1,350 JAPAN Ysmaichi Sec — BIO , 1 - Y manouehlPlim Montedison 4.2 3 0 l 2,B 50 01. vest i — 12,740 YamazakL 1,210 ! Pnqe Pirelli Co— 7,e23 +—or Yasuda Fire—.-. 743 1 ; Yen Pirelli Sp3. 5,693 Sal com — .. 5,100 - 74UU2{3T#1D/SS) Base value of all Indices are 100 except JSE Gold! -<255-7. JSE Industrial— Snia OPP 7,490 3485 264.3. and Australia. All Ordinary and Metals— 500. NYSE All Common—50: •Price or mm + iror oAssie 4^000 . ... Standard and Poors— 10: and Toronto Composite and Metals— 1.000. Toronto Price ,+ or . rl | __ — 1, c_ „ 15IUi|!559J2| 15*657 11583-38 (2t/3/B)jUB9A9 |4;17Q indices based 1976 end Manueal Portfolio 4/1/S3. 1 Excluding bonds, t 400 i Industrials plus 40 Utilities. 40 Financials and 30 Transpons. c Closed. NETHERLANDS 1 Ilf Botistaad Hldgs .. u Unavailable. I Jelmoll , Cold Stoniga J Price 4- or I Landis &Gvr DBS 1 FIs — Genttng ....j Hpw Par. Bros,... 1 Hong Leong Fiq,j Inch cape Bhd—3 Keppel Shipyard; Malay Banking... Malay Utd. lna...l Multi Purpose,—’ Ch,0f rice changes OCBC ..... I r T\\rrvr^\T P OUB. indicated) J 1 ,t ll\ 1 H 11% (in pence unless otherwise Public Bank.— Slme Darby J Slngapope Air....; RISES FALLS ISTANBUL Singapore Press~ Addison Page, 280 +30 Aitken Hume 148 -10 Straits Trdg. ‘; Tit Lee BM Argyle Trust 57 +6% BL 45-6 UOB- ...... —i BusMggeTst 140 + 15 Barratt Dev 132-8 SPECIAL SUBSCRIPTION CRA 358 +28 Beecham 373 - B Chetwynd St ^ 153 + 8 BP. 553 - 20 HAND DELIVERY SERVICE Gable Props 160 + 16 Burton 322 - 26 QartonEng 86 + a DRG 296 -12 For information contact; GlanfieldL 70 + 10 Ford (Martin) — 97 -16 fimmp pirigs ...... 238 + 18 Foseco Min 285 -13 Parker KA 383 + 8 ia 965 -26 Samuel Props™.. 198 + 6 130 -12 DUNYA Smith StA 44 + 3 Magnetic Mat — 85 -30 Miss Moral ERDEN Staffs Pott 125 + 7 M^Tnyr -im-ir-r—i-rn-i 380 -45 Narfibahca Sok. IS CaSalogiu Tiphook 330 +32 Stylo 236 -19 Na — ISTANBUL/TURKEY . TunatallTei 230 +30 Tricentrol 85-6 Tel: 520 54 00/4 fines — 520 67 25/4 fines Tlx: 23822 DSVO

Mazda Motors— 379 MeiJaSelka— 633

NOTES—Prtase* oa this page .era is quoted oo the htdlvMual VEiVL&h'iifi exchanges end are fast traded prices. S OasOngs evspended. xd Ex dividend. *c Ex scrip issue, x» Ex right*, xs Ex sH- W;':yrr*- ,- ’.*< Si'-e ‘ Price la Sc hHHn ge. \ ?•»' - S " ' *. • -'j T .-vl . • :• - .i-.'v// .-v.-r-j . u .

- • ” •• ' - /• ...... / • . -. ;v < .; ^ OVER-THE-COUNTER Nasdaq national market, 2.30pm

Slock Suck SJu High ten Lesi Cmo Sales High low Last Cbng Saits High Low Iasi |W Sake Wgh Lon Un Omg (Hnfa) IIMsI IHnds) |HMfs|

, -lig TticrPr 10 -Pt 43,-1, 4071 6% 61, 6% Continued from Page 45 128 481 35’4 34'4 341 iy- l Thermd 48 151; 16«4 i .12D 342 18% W3? 2«, 251? 25 4 151;+ R 18% 18% + % - PirdNs Scan Op 336 12% n% 11% h an 14?, 14 14-1 .76 537 3? 30b 3? + H, 22b 154 7% 7 7% + % SconTre 93 21% 21% 211; (, Thonee 275 - 125 19% IB IB - .07 S20 6-S 9'i ^S 7^ 63* 63, % Sciw+or .32 126 12% 12% ThouTr 164 I 1 123 29 «% 15 15J, 153, 15?« 6'4 C'fl 6 4 - . 29% 29% SchlmA .44 220 38% 36 3*% TotiSys 25 38 34 34 173 - •T? a» 12 11% 1l'«- \ 9% 8% 8% % Sc. MIc 149 6 b * T, TnadSy 301 11 11 11 - 1. 102 211; - ! 1^ TX(7i 17 ^ % % 20% 20% % 41. ' SciSn 453 4% 4 < % -i’j TrmJo .48 11 3fT, 293, - I, 1 52 S2 3 33*4 34yi+^ 2®, w w Scxo* 207 75, r. 7%- 169 49 46 % .64 ^ u u 104 381 281; 26 26!;+ 1; ScoGai 53B 3% 4%* 1 — % 05a 50 7^1 7 ? «« USLIC 28J - l - .80 57 4 28% 28% d 32 28 20% 20 20 - % Soagaia 14048 10 9 &% % 21 ’» S' i - 5 4 5 t !a UTL 213 18% 171; 177. - I. 456 8% 7% B%+ INFORMATION :% * % SccTag 100 2% ^6 * 167 15 - lo % 15’s 1*4 'a LSIrsy 1831 1 176 1 .08a 11 % M 11 - , W 287, J6% 26%+ % SEcC 364 Z7, J ; .72 ID* 25 ZP, 24 - II 4 Ungmn 1378 11% 111 111,- 1 .72b 209 31% 31 31% Sflibcl 21i, ; , .80 1434 22% 22 io-’a 1 + 26 W4 id's 'a UrnBs 1396 16% 15% 15% + .100 B37 24% 23% 24% + % Semicn 5 7 7 i - i % I 5 8 lB!j 17?4 19 4 UnPlmr 203 35 34% 34% - 294 97, 6% 9% - % Sensor 05 1127 e% 6% e% .76 49N 49 + I % 4SL 4 UACins .08 341 29 281; 281; AO 451 14% 14% 141, SvcMw iM 1034 14% 14 14% + 201 29<4 00<4 * % 186 , 1 UBAlak 59 B 01 546 39% 367, 39%+ Svrosts .84 907 24% 24 ?4'. 9% ,+ % % ZiS 28 «eij 200 200>s-iv UQCol 1.08 63 34% 34 34 355 19% 187, 19%+ t 73 27 2d% % % % Servico 2*% 1.03 107 too 39 I 1 991 - 5 , b UFnGrp 89 5% 5% 5% - 3 10 10 10 SvcFid 10 51* Xlj 3-% * 114 4 45 -1 % % 'a a 4&S-S UFslFd 10o B13 23% ST), 23 85 21% 21% 211, ScvOak .20 23 cn. — % 52 22% 1 10 + .10 » icph io's 2 USSneh .12 64 4% 4 4 7 25% 24% 25%+ % -V 147, 15 - SUiconS 335 15% % 1078 £-8 »a- 14 US Sur ,40a 1632 21 20% 20% + 233 8% 8i, 8% SllivVal 4 15% 19 1«, 437 IJ'j 14 IOb % 's US Trs 1 32 23 52% 52% 52% - 1, 230 6% e>« 6%+ 14 W% % Silious 1210 14% + % .08 90 27 263a 27 US lain .24 x7T9 21% 20% 21 + ». .60 193 15% 14% 14% - % 38 5% S'* 5% + Sliwc % UnTolov 28 28% 28% 26%+ % .60 61 15 14% 14% Simpln 101 24% 24% 24% - T m % UVaBs 1 84 3? 56% 58% 56% .44 359 29% 28% 28% -1 - J Sippun 36 11 — 71% - TCA Cb .16 105 K3, 25', 4 12' % UnvFrrt 806 331, 3??, 33 + .15e S3 10% 101, 10% ! ' Jj % %V- SlHtore 8*6 20% 20% 204 TjcViVS 14 3'y V» UnvHIl 277 -80 46 22 22 - ' 14% 141, 14% + % 22% % .03 90 k'n 5% >3 Tandom 4954 23fy 2y»- s® Skipper UF5Sk .15? 74 15% 14% 15% + % ~ : Tjnoon 2088 5i - i* X Y Z r* SmiinL 435 3 ?'S 2 s 6 # 5 Uscal 32 263 5% S% - 64i, - 1 5% % 2982 3-16 2 2 3-16 +S1- Society 192 151 6J% 63% 1% TcCcm 35 1 , ibi, + ?» 9' 273 10% 10 10 - SoctvSs 957 22% 21 22', t 1 Tcieo 181 8 9’>+ 's V V % i 2531 171, 17 SoHOCtl 14 10% 15% 10-% - % TicmA 480 49 48 a VLI 1628 6 5% 5% + % 16% - 1 C-lPUlj 675 7-'»- VLSI -54 348 33% 32% 327, - SotlwA 29 15% 18!j 19 % 03fl h 1005 13 11% 121;- tj % ,46a 111 IBi; 18 IB - SOnpcPs .630 34 34% 3i 34 - % Telocrd .38 561 37 !y 371*+ 1 VMX 424 5% 4% 4% — % % 1.36 373 53 53 +1 SoniFd .£fc 51 14% 13% 14 - % TolvW 557 334 3=* -M VafadLg 468 7 63, 6% - % 51% 38 SoHosp 67 4% 4% 4% - % Tciabs 42B ir4 ii’a VaJFSL I 70 25% 25 25 - 4% 4% 4% + % % 42 — SmoFn .52 ex 2C% *9% 2B%i - ‘a Telrons .01 1*5 28 273, ValNU 1.92 146 45% 45 45% 6% 61; 6% % 7 - -i. Trunpo .14 9 <014 1014 ValLn 2566 177, 17% 17% - Soulrsl .68 199 n » 21% 21% .40 1 25% 25% 25% - % % 4671 15-16 19-16-5- Scnran .10 3637 8% 7% s-i T 1, TuimCH 39 3'4 33-16-3-1 VanzMI 5 4% 4<« 4% - % 19-1B

-" < • . . --V* On behalf of all those business travellers who Lines. Eastern. Egyptair. El A1. Ethiopian" use their flying time profitably, the Financial Airlines. Finnair. Ghana Airways. Gib Special Subscription Air! Times would like to say thank you to the Gulf Air. Iberia. Iceland Air. JAT Yugoslav *": "> copies ail the Airlines. . following airlines for carrying over Japan Air Lines. Kenya Airways. h aVniI .R. e; uV (•: ry s f rv i cti world! Kuwait Airways. KJLM. Lufthansa. Luxair. of the Maersk. Malaysian Airlines. Middle East Aerolineas Argentinas. Air Afriquc. Air Airlines. Nonhwcst Orient Airlines. Olympic FINANCIAL TIMES Algerie. Air Canada. Air Europe. Air France. Airways. Pakistan Airlines. Pan American ELROPES BUSSES NEWSf^PER Air India: Air Lanka. Aer Lingus. Air New World Airways. Peoples Express. Philippine Zealand. Air UK, Air Zimbabwe. Alia Royal Airlines. Qantas. Royal .Air Maroc. Jordanian Airlines. Alitalia. American Airlines. Scandinavian Airlines System. Sabena. Saudi *tHE^@iE'RLAND5 Austrian Airlines. Bangladesh Bimun. Arabian Airlines. Singapore Airlines. South Birmingham Executive- British Airways. British African Airways. Swissair. TAAG Angola Caledonian. British Midland Airways. British Airlines. TAP Air Portugal. TWA. Thai Canadian Airways You can obtain your subscription copy' West. Indian. Brymon Airways. International. Tower Air. UTA. Varig Pacific. Continental. Airlines. of the Financial Times, Pacific Air, Cathay Viasa. Virgin Atlantic. World - Airways. Dan-Air. Delta Air Airways. personally hand-delivered to your office Crossair Cyprus Zambia Airways. in the centre of the cities indicated, for further details contact: Richard Willis Fi^ freeto ask foryourFiimncMTimes. Financial Times (Europe) Ltd Singel 512 1017 AX Amsterdam Netherlands Tel: 239430 Telex: 16527 % U 111 - 1 N 1 s 1

Tuesday March 25 1986 Financial Times 44 NEW YORK STOCK EXCHANGE COMPOSITE PRICES O'gt Oige P/ Sis OuahtT tt'B* age OTge Don ftw 12 Momb £ lOOtHigb taw OniaiBc Bfm Manta P/ Sta s®“ On m \ PI St, Ckm Pm. IZ F/ 5b One Prev IZMMb TV St Chat Pib» 12 0"*a »»« High low Hw- 12 Mon* Dm E 100s Higb Uw 725? H*j -i, 12 Mona ?/ sic Owe Kgh OooteOou Higk La* Stack On. YM. E ICO* Hgfe Low (bum Qm -High Low Suck Ota IIS E IDOstbgh law Ekxne Ck» Higk Law Suck m 3 «% 11% High low Stack Dw. W. E 100* 12% S3, LIL.Ce High low Stack Div. YU. E lMttHgb low bo»Ck» 53 r £6% 28% 23% 23% Chml pH.20 4 4 81 277, 771* 271,' -”>8 20 Eckerdl 361 + 17% Narcos L1L P« 31% (K 33 15 31% 31% 31% % 2£% rrifl 16% 187 26% W% 25% B B B 477, Chml 60 81 15 S>, - + 30i* + Harim *1 pfW -l -1' 61% P14 5% 5% 377, EdoBi 160 4 3 14 25 37 35% 37 », 43 30% 27% 161* UL 144 24 10% AAR 188 23% 22% 221; 3i, 278 41* 4% 4% p»V 26% 26% 26% -*« 121; BMC 1% 7-16 v)CW wi 3 -M- 17 14 EDO .28 1 7 17 117 u17% 16% - 15% HadSe LIL ‘ M 17% AFG 821 35% 35 35% -% % % % 16% 13% 271, 16'; 9 SB's 29% 29% + 12 246 26% ’ 32% 21% SaimcobO 23 27% 26% 3% 1% vJChrt pf 22 2% 2i* * 12 ff* EaCmp .76 18 30 Iff* Iff, - HawEI LIL Piu 2ss, 181 23% 23% 23% 2% % 1 5 10% 1* 3(7, »% 19'; j« 2b 247, 25 -* 10% AGS 15% 121? Bkrtntl 92 68 11 4170 133* 13% 13% t% 48 24i* Chaw s 7 3236 45% +1% 24% Edward HaynaA pfT 74% i* 45% 45% 4ffj 90 20 18 287 AT, 44 44% *.% 12% ff* «* IS 9% AMCA 97 14% W% 1 132 22 -% - 20 21% 27 271, 23% 19% Bolder 40 8 IS 22% 22 81% Chase pffi 0 4 U04 831, *21. Iff* .40 1 0 .< -- — . ptP +1 56% 75 8 04 9 EI7oro .08e 6 15 104 u I3*« 14 3P% 18% Hazletn tas l- ,i- 37% 9 2465 53% 52 53% S'* +% Iff* **% 21% H% 5* 21% 21 21 -•£ 53% AMR viBaldU 547 S’* 21, + % Chase pt 17I 7 x i»199 Iff; -o i * 3% % 5ff; 41% 535 80 15 53% S3% S3% 4% 13% 7% Efcor 35 27 99 13% 1J1, 13% -3* 13% HazLah 32 22i" J> >31* *“; P'0 2 11 ;£% 25% Bi* s 21% 17 *69 29', 3ff, S, 18% AMR p1218 86 »% 11% uiBkiUpf 11 8% 8% 56% Chase pfl66e 11 _ 28 455 14% Iff, ^4 '5 .72 24 30% 25 25 - 2% 62 35 53 S3 M Fa 33* EiecAs 15 125 6% ff* 6% % 25 10 HllhAm in, 24 LongO 2ff* 33 >* AMR pi 1ST 11. 19 25% 37i« 23 Bail , 72 21 15 82 34% 33T, 34% 05 25% 7 2 21 5<4 4ff, 3 27% 16% 377. SS% ASA 2a 51 4 1 BmTet 1088 T% 1% 1% u347, 2* 34% -% 3,8 18 340 2B% £ff, 28% *; 15-% 53% 33% ChmNTCGO 4 9 7 1693 53% 52% 5S * »- 40% 28% Emharft 43 35 14 156 40% Sff* 397, -% 341- Iff* Keifta s X IX LaFac 80b, 0 103, AVX 20 532 16% 15 108 871* 67 39 +?’• in, 10% 88% 48% Banda® 30 1 9 13 66% +% 55% 51% ChNY pf5.09b 17 150 90 23 19 2070 39 38% 21 B37 29% 29% 89% + % 52% 52% 57% £7% 19% EmpOsl 88 7 3 9 22-257, 25% 257, 38% 22% Heinz s 29% 'i AZP 272 93 8 78% 43% 5k 264 3S 9 96 763. 753* 761; - % 44% ChespM 24 2ffj 2<3* +% 1344 783j + V* 32>* 28 19 34 44% 43% 433, -3, ff; 4% Emp pi 47 82Z47DU S3, 5% S% 257, 13% HelneC 11 IX BCO, 491; AMLabl.68 21 21 79% 79% a 4 1 521* 531* -1* 19 - 497, BKQ pi *8e86 52% <69 18% % 7 7 10 *738433% 32% 33% ^ | "% 54% 31 ChmPn 2 AS 19 1663 44% <3% 441* 1 5% «! Emp pi .50 Zl680ff, 2A-, 1?: HelmP 36 1 9 32 19% j? 1938 AccoWdSO 1.7 21 >62 30 29% 30 52 -% BS 5% ff, B + 253*iS' Lou^Sia^ 31% 54% 49% Bfcfl pfB302o5.B 15 52 52 <6 <5% 8 »i 10 24 618 39 35% 38% 288 13% 12% 33% Chavm2.40 66 8 3625 37% 36% 36% -1 16% 12% Energe*04 7 2 13 39 i«% 1<% -% 47% 31% HeiruM 60 3 5 19 1503 16 V16 - V 27 14% HerUC s 041 54 185 u27% 2ff, 26% 1,8 40 19 -,7, •9i, 7 AcmeE 33b 3.8 16 25 8% 8% 8% % BXNY 155 82 82 a ^33^* g 63 228 37 10 61% 34-’, 34?, - , 3^ 18% 19 - % 37% 19% ChiPnT 2 3 8 3 3 M% 21% EnglCp 72 30 15 483 24% 24 24% -% 35 16 Hannan 25 3M 35 S a 1»* 16% AdiiE. 1 50c 10 89 19% 12 12 206 957, 361? 351; - % OS’* Z*U &»*vaf 3? % (4 CftuFuf 74f 2Z 680 7, 20 15 EntaBus 17 195 50% 653, % 14 AdmMI 40 14 12 44 u28'- 27% 2778 "% «% % 1% 7, 36 1.3 17 75 27% 27 271* 62 3ff* Hershyl X 25 60% - 20% 22% 12 BnkAm 2978 17 163* 17 % Chrism + '4 17 165 19% 18% 18% -% ff* 3 73* 7% 7% % 2ff, .17% Ensarcfl 80b 8.2 895 19% Iff* 19% 8-% 6 Hcsslen X ff, 6% a-rs-aa:* 20% P* AdvS/SlMl 7.3 47 33i; BkAm pl4 49e 11. 29 390, 3914 39% -’a Chroma 41', 42i* + % SStsr- »* 704 U2ff; 5142 2149 30% 293* 295* 67i; Iff, Iff, -% 21% 15% Enscx nZ409 15. 10 257 Iff, 15% 1S% -% 45% 2®, HewlPk.22 .5 22 42% M 34 22% AMD 74% 55i2 BkAm pt698e 10 16 67% 67% -% Chrm 361* 3* + M M •>« 4ff; pf 5 81 33 u8?% 8l% 8ff; 1% 2% 1 Ensrce £33 1% 1 1% 3ff, 24 Hexcel .60 1 6 X 26 u37 12% 8% Adobe n 91* 5% S% 16i; pt2 88 90 14 IS, 13% -% 10% BLAm 221* Cftrys s 5 6150 4ff* 71, Entsra 73* 21 10 59 24% 2< 2<% +% pi 164 11 16 16% 16% 16% -% - 45 45% 13% 320 81* 7% -% 24% 17 HiSheaz50 10% 1<% AdoQ 33 24 BkARiy2 40 73 8 53 u33% 32% 32% 1* IS* -» 9 s s Chubb 31 56 22 72i« 1 -1- 78 13% 13% s?r-:25sa pi 13. 12 18% 18% 18% -% 37% M SB 73% 71% 18’, 7% EnrexE 14 *29771; d 6% 7 14% ff, HrVolt 17 1.2 12 , 18% '5% Adob 240 29 BokTr a 1.46 3.3 1064 45% 45 45'* + 1* + J - 4SF, Sff. Chubb pf 4 S.« 14 801. 79 79 - 17 EnHolnl 36 11 Iff, 19 110 u313* 30% 314* 4 17*4 Adwssr 7a 7 15 23* Iff* 15-% IP* % x 1% 20% 75 b3 18% 18% -% 2J% X% Hrfnbrd .56 18 «% 27% 23 BkTr pf 250 90 14 uZ7% 271* 27% +% '<% Church** 49 75740406% 4ff* -% AelnU 284 4 2 10 4574 83% 61% 63% - % 25 29 38X 18 Iff; 17% + % 45% 25 EqudaXI.24 26 X 45% 44% <4% -% 243% 2 Hicacfl e6e 66 39% 53% 39% BkTr pi 4 22 80 66 uS3 53 53 -M, 65 + 90 52% 52% -% 8% 47, Chyroo .ia i.s 26 471 B% 6% 8% -% 23% 12% Equt* wi 2 232 23 2+% + 4ff* Holiday 16 1 8 13 613 65% 64 % ®Iff; ”10 52% AetL p<4 97o 9« 52% - U 68% 57% 20% 13% Baimer.03e 2 13 93 19% 19% 19% 1* 97 -% a sir® »'* C4loorp2.28 7 4 11 69 31% -% 5ff; 331, Eqlflasl 72 46 3H| -'* 18 5 97 87 "s 1601 60'; 59% 60% +% 30% 30% 9 1M 37% an* 9ff, 76 HlidyA 1.70 43% 601* 29 Aftmns 1 38 23 8 .64 1 18 464 49 4®% -% »% B IT r, 277, Bard 3 u50 1203*-% SIII3I 3 2* % 4i, -% 49% 42% ClnBeia.52 54 11 29 17 Eaullec .16 10 318 Iff* 19 12H- 1X% , 8' ' 43* 2<; Alleen 80 37 4 4 66% 65% 65% -1% 7% 16 10% + % 1321* 68 HOHyS 1 8 « 31% 191* BatnGp 1 3.1 19 8 321- 32 32 -% 40 iff* -% 3 MMGUaWTte* 425 ^ 17 01% 80% “% 14% CinGE 216 9.0 7 199 24 233* 237, ~% 25% 10% ErbmnJ 1 7 17 279 24% 23% 23% -7 20% 10% HonieD 43 X6 15% 15% 111 MMGUaaw 46', AlrPnJ 148 18 599 81% .0 2.. 222% -% J277 jg fl1g 0 82% *344% 118 BBiyWWr 71993012332^1, 291, ii. ^ 334 25% 25% +% CmG pf 4 z90 38 37 38 t 1 33% 171, EssBus 56 IB 18 106 31% 30% 30% - 1 351, Iff, HmFSQOSe .2 9 295 31 30% 30% +% 11% 2% MGMuwl 26 171; AirbFrt 60 2.4 10 25% 6% BASIX .12 1.1 83 1890 11% 101; 11% + 21% M% 21 i, - 1 12% % 84% CmG pf 8.30 IQ 94 - 1 .70 47 10% + % AIMoari 50C 273 15-32 15-32 41 z750 93 93 28% 17% EsenCs 24 17 23 28% 29 39 10% 7 HmeG pit. 10 It 10% 10% 1 411.-1, 2% % 41% 2«* Bausctt .78 1.9 18 2272 U411, 40% + 1 4 20 fWoSiI 4We 27' 2ff. 2ff« -% % 51% CmG pl 7.44 IQ z30 731; 731- 731; “% 241, 15 Eshine .72 10 77 241* 23% 23% -% Hmstke 8 54 1013 25% 2<% 25% - % 291. as% AJeP pl2 52a 9.4 58 .40 8737 163* 167, 28% 21% X ^2 V 133. 123, BaxITr 21 22 19% ClnG pl 253* - 6 dpi 33 9% ff? ff? 64% 852 IQ Z26SQ9S1' 94 84% 39% 18% Ethyl 64 1.8 X 387 371* 36% 36% + % 28i, 12% HmarFn40 16 6 75 2ff; 253, % 101* J AlaP 87 92 506, BttT plAI 42,2.9 6 40% 48% 4®, -1 ;ss» # S: :ir 971; 971; 18% CirCtty .10 3 32 793 39% 381, 38% 53% 331; ExCetol 72 33 13 96 S3 51 52 + 3, 63% 50 Honda 53e .9 9 834 59% Sff* 5»* S a33’- MagiCil“E...Ui£e as 103'* 70% AiaP pi 9 9 2 B«t7 ptS3«J 51 91 683* 68i* 72% iff* r iff* - '* 69% 50% 68% 22i, Circus 18 30i, IB, Exceterl 84 4541 70 71% -7K 20 1 3 76 M , pi 11 10 106 IX 2M 371* 36% + % Iff, 98 16 18% iff* 78% -% 661; 54'* Honwea 2 28 12 753, 103* ManWn 107 B6 AlaP 2W. 203, Bayfin .20 .6 86 24% 24 24% -1, 16% 34 12% 12% 12% -•« 91 91% -% 40 Cidcrp 246 4 1 8 2238 60 Sff, 59% "% 5ff* 40% Exxon 360 666 83<3 55 54% -% 42 231; HrznBnl 26 3.1 12 30 41 403* 403* MannNl32 25 92% 63% AlaP pi 816 69 153 u92% 29% BayStGe.72 66 9 IB 41% 41% 41% -% M% 21% 8% 18% 17% 18 -% 41% ffa Clabfr 1 7 51* ff* -% 7 X 5636 07 65 AlaP pi 828 9 5 1530 85 86% Bff* 6% .72 9 5 152 7, 7% 77, &% 3% Horizon 111 ff, 19% 14% ManrCs 12 33i. 19i* BoarSin.60b 18 73 1201 u33% 33 331* +3, F F F 15 ire 53% 33% 33% -% AlskAir 16 10 290 22 21% 21% - % 08 OalrS 9 .10 10 22 5*4 9% 9% S% + 52i* HCA .86 1.7 13 2233 40% 39% 40 -% Iff* Manpwiba JS% 15% Bearing 1 2.3 17 43 44% 441* 441* % B9<; Sff; FUC 220 25 12 1097 e9 88% 80% 28% 34% S2i* *., -% 4S>, 31% 2ff, CtarkE 223, 23i, 31 2Z% - 6.2 6 645 52% Sff, 313* 9 Albrto 5 28 1 0 JO 20 29 28% 29 289 X'* 22% -% - 781* Hollins 2 88 19 22% 22% % 3ff« MrrHan3.24 49 28% BcatCoi 80 37 12 4179 487, 48% 40% +% 110% 75 FMC pi 225 20 34 110% 110 110 ', 53% 4 521* 5214.521.+% 84 14 37% 371, -% ff? ClayH s 21 378 217, 30 20% -1% 49 HoughM.04 21 IB 2 49 49 49 Mlrit pl567e 11 38 »% Alty-via 2 3 31% 21% FPL 0(396 6 6 10 795 29-', 29% 4 34% 56% 50 531; Seal pi 3.38 37 10 90% 901* 90% -1, 22 ClvCIt 11 29% % 16 11 181 <9% <0% <*B 223* Alcan 60 23 W% 34% -% 90% ,5% 1 60 82 167, 101; Iff* -% 12i* 12i* 1«% 121* HouFabAB 30 15 139 Iff, 153* + % 46 MlrH pIS.23b 34% 16i- Bator .20 1.5 166 123* 13 9 FabCtr 20 231GB 57 a 12% 12 52% +% 44% 44% — 1- 12 68 13% -% 28% 137, ClewEl 264 96 8 1713 27% 27% 27% -% 47 Housing 61 40 12 *2536451, 45 45% +5, vjManvl 890 7% 7% ~-B 447, 31'; AlcoSidi 24 28 20 IS* S', Facet IB 11% 11 11 -% 28% ff* 5% 361* 23% Bead s .66 1.6 19 1886 u40% 38% 40% *2 74% 55 Ch/EI pf? 40 10 50074 -U % % 101 101 -33) 1 *; 1 % 26 AleiAix 1 28 30 35% 35% Z, 73 73 105 761, Holnl pt237 23 *2 101 v|Mnvl pt 17 38 vtBekar 78 17% 7% FaJrrhd.20 20 xSSB 10% 10% Iff, -% 2ff* 13% 11-16 9-16 9-16 -t. 4£ 14 39 38% 38% -% 8% % 1% 1% 1% 6% Qevptc 43 ff, 83* 0'« "% 74 Holm pJ62S KB *11 91% 91% 91% -% Marcde IX 43 21% Atoxdr 31% 231, Fane p<360 10 « 35% 3S% 93% I too -% 11 1', v|BaLrpf 8 3 3 3 Clip 35% +*, % 8 362 49% <9% 101 75 AllgCp 1 541 1577 A IX 8% ptA 24 Iff; 10% 10% + % Fair'd 311* 227, Houlnd264 8.4 7 2687 u31% 30% 31% 30% MarMIdl X a? ^ 20i; 12% BekinH .40 2.1 12 34 19% 19% 19% -% Ctvp -'* 15% 9% 20 1.5 13 61 13% 13 Iff, 4ff. 53 61% 61% - K 25% AlgCp p7286 ia 4i 27% 2f% 17% 7 pfB 14 9% 9 9 17% 7 HouOR 1.698 22 18 73* 73* 71* Marion .38 6 52 232 27% 1.7 27 19 FamOl s .24 1 0 24 1239 231, 2ff, 23% *% 833. iff- I2i; - 1'. 37% 25% BelHwl .62 12 291 37% 363. 37 -% 58 33% Coro* ,36 24 16 671 Hutty .40 Iff, Iff, Iff, -% 26 17 12% 123, 283* 16% Alglnt 35) 15 B 22% 22% 56 35% 56 + % 6ff, FrtWsC 31 -•* 137, 8% 29273 278 131- 8%" MarkC .32 X 37 BeiHw pi. 74 2 0 2 36% 36% 36i; -% 24% 7 56% 58% 58% 141 137 139 +7- 11. 8 Iff* Iff, + 25% 1»« ClubUd X 7 34 35 27% 263, HugtlTI .48 4.71*5 631 103, 10% Iff, - % 64 5 22 514 301* 15% Algln P'219 % 26% 16% Farafi 60 27 14 31 233* !», ff, ' 143* 81% Marnot -1*- 89'- 1261; 82% BallAU 720 59 11 x47151£2>* 120-”, 121% -% 23% 23% ” 20»* 773 104 ,00% 101 98 78 Algl pfCH.2513 11. 69'; “ 9% CoachiTMO 23 39 746 ir. *** 1f%' “% 30% 171* HughSp .32 1.1 14 17 a 283* MrshM 3 3.0 23 2.36 267 113* 8 FayDrg 20 1.8 55 538 11% Iff, 11 -% 10B 80% 4 37% 37% -% 33 25% BCE g 29 26% *0 257, Coosil S .40 1 0 11 1269 38% 373* 301* + X', + 48 30 2<% Zffs 2ffj ~'t 39% 28% AllgPwZaO 7 10 527 38% 27i, — % Feders .06e 11 245 ff, - 36% 251; Human .76 25 13 5222 X 29% % 15% Mnhln Betllnd 32 12 32 £8 271* 27% _% pf 7% 4% 12 7% ff, % 24% <1 40'; -J 14 257,21} -% 19% 1 28%SS>, Cstf 21172 380 u£S% 23 32t, 64 u32% 317, 9 '837 40% 263* 14% AlieoGs 56 2.2 268 25% 28U + H 35% Iff, FedICosI 04 13 165 Iff* HuntMs 19 31% 44% 31% MartMs 7 Z* 4 11. 35 BeliSoi8.04 59 11 1352352% 51% 517, +% 33 31% 31% 31% +% * 411; 18% AlldPd 17 179 40 38 »'* CocaCI 3 12 10 19 3419 1057, 104<* 105% 1% 44% 28% HuttEF 86 22 13 <205 421, 40 <0% - 1'. 28i; Masco 56 1 0 22 687 57% 58% 57% % 44 BatoAH .80 1526 60 521* 52% -% 73% 34% FedExp 22 B997 63% 60 61% -1% Sff* 42 AldSgnnl 60 3854 52% 51% 51% -% 52% 21% 13% CoJecc 1250 18% Iff* 18% +% 37 Hydra! 2 11 21 3< 33% 33i; -i„ 3023 2% 541; 35 45% 33% FdMog 1.80 3.8 11 110 433* 42% 42% -% 23% 60 2% 1% MaaeyF piC6 25 66 £41* + £6>; Bami, 1 20 25 15 28 487, 48 45% +K 3ff« 2ff, calami* 20 38 21 3*% 34% 34i* 66 681* AldS 74 10 64% % 32 26 63 37% 38 14% 16 MasCp 3 13% Bema wi 1 24% 24% 24% 33% FcdNM .5 58 6950 31 23% 30% +% I I I 3ff* 36% 114% 103% AUS plD 12 11. 12 112 1111; 111';-% 39% 23% Co(gPal36 35 28 239538% 381, 38% +», Maaind 3Se 57 12% 12% 12!r 52-', -7, 27% Iff, FedJPB 70 27 47 186 26% 25% 25% -% 47% 2ff* 1C 14«.1 15 928 461; 45% 48% -% 13% 11 3.1 10 629 741, 74 74% 36% BenfCp 2 38 14 140 53% 53% 397, is% CcIAlk 80 21 13 187 38 371* M 10 998 73% 721* 72% -21, 76% 50', AlldSJr 232 37% -% 253* FPap p!231 37 343* MatsuE37e .5 p)4 30 9.6 1 44% 44% 441* 35% 66 35 35 Iff* 14% ICM n 1 ?1e 7 9 40 15% 15% 15% 76% 40% : -% 33% Bend C01F03 1 +l 0% 3% AlkJSuP 39 353 8% 7% 7% 16% 11% .12 .8 15 *151 14% 14% 14% -% FedHBsi.W Mansrl 9 2888 2 t 12% 12% ? 35 Ben at p|4 50 97 i70 4di* 467* 46% 19>; 13% 5 3 22 28 vIBU 7ff« 19% ICN .46, 3 6 68 320 133* 13 131* f7% Iff* -% 741; Caltind2 - &'* . 71, 3% AlilsGh 596 6% 5% S3* 53% SO 3 5 10 854 717, ?T 711* 1* «Ji B wt 246 ff, 83* *% Benel pf25Q 9.5 u27 £*% 15 FdSgnl .80 36 16 128 22% 22% 22% -% 26 1C pi 2X 0 7 79 31% 30% 31% + % 13% 6% Male! pi 3 33 38 38 -% 263, 19% z700 26% 20% +% 41% 2EP* CalGaslIB 84 400 3T>* 33% 19'* 18% -1\ 403. 261* AHsC 38 38 +1* 15 771^ + - 2Qi* 10'- Maxam 9 321 19% 16% Bon eqtn 1.20 5.6 26 u2t% 21% ” 79 53% FedD£4254 33 23*2 ?5 ,^ 13% Iff, INAin 1.7Se 95 31 10% 18% 10% % TV. 1 98 10 164 33% 327, 33 * 21% 21% +% 48 CotGs pfS.40 IQ 1 521; ^ 7W* 77T, 35 25% ALL. 59 % 521, 52% 42* Qfl 14 389 72% -1* BangtB 222 -1, 37 25% Ferro 1.20 20 2* 638 32>* 31% 31% - I'; 28% 21 rpr»m n2.7Se 10 *264 27% 27 27% -% 723* MnyDSBOS 47 1 4ff. 43% 431; 8’, 3% ‘ 4% 4% ColumSv 078 271* +1, -1* 45'* J4% ALLT pfZQfl 7% 363* 27 SCO* Fldcst 1 si 50 34 17 538 <5 44% 44% 4 109 7*8 w, 25% 1.9 15 216 u52 Sff* 51% 7% 19% 14% IRT Pr si.50 7 8 13 54 19% Iff, Iff* + <51, ES% Mayig 2904 431, 42% 43 + 9 5% Borkoy a _ -% CSO pf 345 12 4 1, % 23 + 46% 293, Alcoa 1 20 28 % 29% 25% M 28% 28% 38% ff* 147, 1 McDr 9 6 15 23% » % BcstPd 24 16183 -% 17% FlnCpA 14 3163 14% 14% 7, *73, 301* ITT Cp 1 22 14 6175 47% 45% 45% -% ?ff, 20% pf2X io% Amu 1630 16 15% 153* 1S% 11% 799 14% 14% 14% 1161; 1021; CSO F*n16.2S13 *30 1151, 115%115l;-'% ICC 22 ?1% 2? +% ie-’s IIP* 4% FlnCp pi .60 66 xb 7 6% 7 f'a ITT pU 419 8 uB2 82 82 + Iff, McDr pl20O 12 p 94 34 -1* 22 121; BethSii 1170 21 201* 20% -% iff, 41 Comtriltl* 12 647* % 26% TP, 36 27% Arva< I 3 8 8 5 34% 15 406 83% 63% -1% pIS McDar'l 80 ia 1527 I8>, TP; 301* Betnsip< 5 94 371 531; SB1, S3 -i, 44% £3% FlnCp 99b 15 *15 41 40% 40% -% S' S' ITT pIK 4 4.7 15 85 05 SS 28% 13% 34 18% ARlHCS JTi 2603 20% 13»* 20 -% 541* 36 23% CmbEn 1 ZB 1394 35% 35% 35% 345 2 1*3 -% 13% 3% FnSBar 13 555 11 10 11 » 80 58 ITT ptO 5 6 3 5 80 80 X McDr) wl 1% 140'- p>3 40 8 68”; 871; 881; -% 27% 18% BemSlpasO 9.3 221 27% 26% 26% -% 22% Comdsa 14 1829 217, % % 8% 1% 85 AHts 50 8% u23% 21% -% FlceFd n 30 7 411 Did 14 16 31 14 Iff, 13-a “% Beverly 32 0 IB *1178301, 38 38 -% 44% 25% 42% 40% 4ff* -1% 62 41 ITT PR42 25 3.0 1 62 62 52 Iff, 81; Me X 1% AmAgr 438 1% 1% 1% 40% 31% 26% 15', ComMtf.36 1.4 15 3> 261* 25% 257,-% 19 3155 94% 9*7, ”% 2% ' 27 17% Flrestn .80 11 17 1194 26% 25% 2S% - 66 60 ITT pfl 4 50 5 2 2 uBff-1 08% 861; + 98% 58 McDnld X .9 96% ABakr 10 61 27 25% 257, - V. 24% 18% BevtP n 103 24% £3% 24 +1, 127, 43, Comdie 6 002 8 ' B -% % % -1, 283* 17% 8% 53 F1A0 pl5.4fl0 10 2 -1 IU 00 17 - McOnDZOfl 2.4 10 171, u88 861* 871, 84 26% 20% BigThr 88 35 66 566 2S% 25 25 -% 58% 53% 53% 63% 171, ii Int 3 5 688 17% Iff, % 87% 64% 87% 53% ABiarK* OS 4 8 11 965 84% 63% 35 27 CmwE 3 9 1 7 *369683% 327, 33 + •* 8J 2 6 20 2235 u«l% 58 53 * V, Biodl s in, 17 - 57 30% FISkSyl 76 32 10 56 55% 553* +% 265, Iff, IdahoPSi 72 &8 12 234 23% 25% 25% + % 59% Iff* McGrH 1.52 33 26'* ABrd pl2 75 84 111 32% 32% 32?, 4% 1«8 8% 30 236 17% 1, 11% B', CwE 4% 64% CwE pi 838 9.3 xHE 90% Sff; 90% +% 5% 3l% “% 441; 32 FiBT* piaixe 16 6 32% 32% 321; -i* 421* 30 llPCrw pt37B A3 j 8720*0% 40% 35 23 McNeil 1 3.2 13 13 31% 31% 447, pi *5 4 66 66i* 57% 379* Booings 1.20 22 15 3375 56% SSi* K0, +% pi 40% +% 681* ACan 3 66% 26% 22 CwE 237 9 5 x20 25% 25 25 -% 41 FlBTi pf -3* 16 193 9 -h <2% 271* 1TW .72 1.7 33 107 413* 41% 413* + % 1 Iff- Mesne 36 1 .23% IS% ACJpBiX R4 138 23% 23% 23’; + % +% 30 56% CwE pi 73* 9.3 XM0 777, 77% 777, ->* ~ - 6f 61 + 60U 48 FFB 112 4.6 9 156 881, 6T* 677, — 81 34% tmpCh 2.46a '1 II 0*9 B0 59% 59% -7, 61 27 Medtrn .80 1.3 26 385 80% '; 32 25% ACapCe.51e 79 24 32 31% 3D* +% 41 23% BofiBer .10 .3 35 56 367, 38% 381* -% 371* 23% ComES252 73 6 S3 35% 34J* 30, -% % 65 45% FhJtsm 2 50 39 9 531 64 63 64 +1 14 71, bnpfCp 959 12 11% Mellon 2 78 4 0 10 45T 6B3* Bff; +M. n 475 201* 61 32% Boidenal.S 26 16 788 58% 58% 58 +% Iff, 11% +% X 4ff* 221, 19 ACMR 20% 20% 277, Con-saD 20 13 635 Sff; 35% 3ff, 4% £Ji; 63'- * 1 - BorgWaBfit ZSi* Iff, 5% FiMias 2* 34 n *305 71* ffl 7% It?, 10% 1NCO X 12 2577 16% i6% 16% -% Sff, 403, Malvill 1 56 25 16 742 6ff* 9% 4% ACeniG 93 6% 6 6 31% 191; 3.3 IS 2990 30% 29 -% 35% 23 CPsyc 23 1.0 19 2936 291* 28% 29 +'« ff. 5% FstPa 26 344 9 - indiM praea oi 91 9i MeraBh.76 25 7 181 31% 31 31 +% 48 12*3 -% in, 6% Bdrtnns b 119 167, 15% 15% +% 9% 9% % 92% 64% “ ' _as zso +i 33% 17% 71% AC ran 190 27 26 70% 70% 70% 221 CCopggr .0 2.499 277 U 4% - Hj 1323% 5% % 341* 261, FstPa ffZtO 8.0 65 33>* 3ff, 3?% 24’. 16% IndtM p!2 15 93 2 23 23 23 97 54'; MercSn.X 1 4 14 X 96 94 95% A 2ff* 21% ACT 92 35 399 26% 231; zs% +% 537* 36 BosEd 344 67 10 630 51% 51 51 - % 3T* 13 CompSc 22 229 3S% 35 35% - % FTUnR12T0 IS xS47 J 21 1543 16»j 158% 160 -1% 96 73% BosE pia 80 9 4 Z1S0 94<; 841* 94<* -II 31% 25% 69 30% X 30% *% - IndrU pf225 96 7 23% 23% 23% ,88 98% Merck 360 2 28% 19% AElPw 226 26 10 1964 26% 26% 26% 21 Cptvsn 700 Iff* 15% 15% -% 9% 32 20% FlVaBk .82 30 12 x74 301, 29% 30% 29 24% IndrM 75 IQ I 2ff; -% MerdOl 1 1.3 15 22 78% 777, 78% +% AmExpl.36 19 7961 67 +** 12% ST, BQs£ prl.17 99 21 IS TT7, 117, _% % P'2 281; 26% 823* 58 701, 40% 20 65% 66% ConAgr 1 19 49 -1 52% 291* 20 1B0 49% 49% «% 32% FWachn 1 23 12 283 431, 423* 43 22 IndiEn 20< 09 9 29 29% 29% 29% -% MerLyn.X 20 18 0527 41% 39% 40% 31% 12% AFami s 40 14 21 B63 29% 28% 28% -3* 15% 12 BosE prl 48 96 24 1S% 15% 15% -% X 43% 26% 23% 16% ConnE 1.68 7.4 13 4 227, 22% 22% 40i* FTWrsC 27 II 4Si* 477, 131, 13% -% 42 -1, 3£ 201* Bowatr .72 24 13 150 30% 29% 297, -r, 26% 1.X X 48% +% 73* 21* Inerico 07] 368 3% 3% 31, -% iff* 121, MesU>n.50e 3 8 *250113% 43% 27% AGnCp 1 12 27 12 2509 421, 41% CnnNG2.80 7.5 11 35 345* 34% -1* 39 241* 13 60 49% FWttc pC25 11. Z600 59% 5ff* 583* % Sff* IngerR 260 28 18 283 68% 67% 68% — MesaOf 729 1% I'; 1’; 223* 101, AGnl wt 314 22 21 21 -11. 35% 253, BngSt 1.60 46 16 220 3S% 34% 35 -% % 2% 1% 18 121* Conroe .40 24 14 166 17 16% Iff, sai- -s, 44i* AOni “ * 75% 53% BrtslM 220 3.0 19 3277 75% 73% 737, -l 33% Fischb 35 31% 30% 3ff, <41- 301* IngR p! 235 53 33 Aff* 43% +% 37, 21* MesaPn 3580 31, 3 3% 4% 563. 53 p'A5«e10 2 S3”, I l 10 41% - 42% 30% ConsEC.68 65 3235 41% 40), +% ls 8% FisttFd 05e .3 31 45 143* 14% 14% -% II HierTec.54 2 7 18 79 iff, MesaRI 89e 64 *8 29i, 29% 29% + 55 A On p.C264 3 2 12b 6* a: 93; 152 1 183* BrstM pi 2 1.3 1 11157 157 157 +5 20% X X +% 3ff* X% % 86% ; 571, ConE p<4.65 62 Z200 57 57 57 *1 - 39% 49% 30% FHFnG 1.44 30 10 275 48% -% 29% 19% InlaSd .38) 418 271; 27i* 27% +% 7i* Masab 76e 12 98 6% 6% 8% 44% 30 AH&nl J 20 20 16 1/ 43 ** # - % 35% 25% BdtPi 2.36e 6LS 7 IBB 34% 33% 34% - fT* fe 5% *£'t 55% 421, ConE pt 5 9.0 3 55% 55*2 55% », 1 29% 20 FigntSl* 16 6 X 204 27% 271* Zffj S41, In last p!4 75 8 8 46 u 55 54 54 7 MestfU- 11 6 6 6 AHorSt 786 107, 101* Ml -% 34% 22 BrfT2 ppl 20a 35 18 7 34 33% 337, -i* 42% 2% % 13% 8% ; 491, 26 CnsFrt 1 10 23 15 1781 48 47% 47% - 17 1*6 9-18 15-16 37% 231, FloalPI 20 343, 3H* 33% *% 22% 16% Irrstlco 1 4 7 18 504 221, 2i% 21% -% 85 54% M£ pfF812 98 *100 S3 83 e3 24% 19% AHoratpll 95 60 419 u25 24 24% 4% 3% Brock 359 7, 7, _v IQ 38% CnsNG 264 5.3 275 Sff, 49% 50% +% 51% 37i, FlaEC 16a .3 15 16 47% 471 471; -% *% IrispRs 353 pfG? 68 9 8 2120060 79% 80 5U. 4 1 16 1320 - *0% Brtkwyl 32 3.6 17 106 36% -1* ; 6% 6% 6% 6% M 52% M£ 80 AHomeXIO 70% 75% 75% % 39% 36% 36% 121* -% ?i, - ConsPw 2582 127, 12 37 23% FlaPrg 2.28 83 10 552 36% 36 36i* * <71; imgR pf- 25 92 51 46% *6% -1, MlE PUB32 9 7 Z236O06 86 86 + 12U* 81% Amrtch7 08 6 0 11 *4993118% 1171,117%-% 48% 36% BkyllGS 24 8.7 10 134 usai; 477, 48% 1* % 20% 46% 86 56 21% CnP p!A4 18 11 ztO 37 37 37 24 - 84 ia>, wt 10 £7% 12% FlaSlI 33 21 1b 23S 26% 241; 1% Iff, 7% tnUog n IS 332 18% 177, 10 -% 85 55 M1E pf Id 12 9 7 z90 84 84 -2% 141 69% AlnGrp 44 .3 24 130, 13ff* 1321* 1333* + % Mg BAUG 24% 24% 24% t% 3ff, 25 CnP pfB4 50 12 Z1M 387, 38% 6 3% RwGen 96 ff, ff, 9 Intlog pfl 50 14. 6 II 11 11 pfHB.32 9 7 z6*24006 88 86 2X IX AIGp pIS as 27 2 218 2171- 217% -61, 271* 22% BkUG p!247 91 2 27 27 27 6% 11% 88 553* MlE 41 CnP PID7.4S IX z200 66 65% 66 241, 16% Flower .48 21 33 24 23% 2< -% hriRFn Iff, Iff, 201 Iff* 18 -% - 1, 37% 31% B*UG pf!95 11 £3 341, 341, + 20 % 147, ff* 22 12% -% 21% 8% M«!rF S 77% 28% IB AMI .72 34 12 3838 217, 20% 21 34% % 70 41 CnP pfE7.72 12 z3S0 67 6+ 66% 20% 133* Fluor 40 2.4 1033 16% 16% 16% 22% in, llcpSe 210, 95 BS 221, 22 22 -% 3 2 MexFd 29e 11 372 21t £% 2% 5 ff* AmMdt 3439 4% 4% 4% + 1; 29 19% BwtiSli .40 1.4 10 46 29 281* 28% -% Iff* CnP prT3.78 11 12 201, 28% 2B% 07% 401* FooteC 220 13 17 187 857, 65% lnteroo3 0B 12 79 787, 81 337 u25% SO, +% APresds SO 11 25 BrwnGp 44 18 15 771 38 65% +% 79% 61% 39 IX 78% X% 197, MhCn P'2 05 25% 36 13% 24 42l 21% 2% 2% 39% 38% 30% +% 41 pfH7 66 12 *550 85 65 65 80i, CnP 01% 40% FordM 200 35 6 6310 80% 79B* +7, Iff, 7i, In trial 60 7.7 9 637 77, 7% -% 24% MehERI.40 59 28 33 2ff, 533, 23% -% 15 AShip 80 69 9 92 ,21. 11% »% — 7, 301, 20% BrwnFs.64 1.7 22 1012 37% 367, 371* 4 7% 15% 2ff* CnP prR 4 14. 49 291; 28% 29% FlOearl.X 17 14), Intrik 14 71 41; AmSld 160 25 81 465 <5% 4b + 34 15% Brnsw s .58 I T 14 2207 u34% 32% 32% - 15% 11% 9 3 14% 14% 72% 44% 2.80 36 62 721. 71% 72 8% 3% Mfcklby.06 13 4% 4% +% 46% a 45% % 191, CnP prP190 14. 16 28% 283* 55%' - X 53% 30% FtHow s 22 17 22 1277 533* 51 533* +23, 131, Intmad 236 13 12% 12% -% 69% 42% Mtdcona44 4.4 12 892 56 54'; U, 68% 48% AmStor 84 1.4 15 *141060% 59% 60% + % 397, 291. BisnWI .52 14 17 79 38 37% 37% - 15 6% 19% CnP prN305 13 5 29% 29 29% 15% 10% FoalWtl 44 10 19 *41 14J, 741- 143* -rig 243* 16% knAlu .72 30 13 75 24 24 MidSLRl 6 22296131, 75 59% ASI7 p»43S 61 4 72 72 72 23 16% Bendy .80 16 45 36 227, 22% 22% -% 23% + % 15% 81, 33j 12% 12% +% iff; CnP prM2S0 12 11 21% 207, 20% ff; 4.3 171 Iff, -3* 4 - I7i, BunkrtC.16 Id *14 15% FOxPhase U Ulff, 16 161 117% IBM 40 30 14 13254150 148% 1477, ,1, 221, iff, MldRoS 1 5 0 19 X Iff, 19% Iff, 61% 53% AS* ptBfi.80 11. 20 59% 59% 597, 22% 21% 21% 21% +% 11. Iff, 197, 12% CnP prL2X 10 20% 29% 22% Foxbro 78j 198 27% 2ff, 263* -7, 331; 193* hi ton 50 16 14 S3 37% 31% 37 MWE 278 7.5 13 104 u37% 36% 37 19% AT&T 1.20 S3 16 x 3629823* 22% 22% 389 224 BBullln864 4.4 65 300 37i; 363* 37% +', 30% +% 28% 25% 20% CnP prS4.02 11 15 Wl 30 30 115 15 1- -1; BrINth 160 2831 2 22 FPEP 2n2e0a 9*951151 -t 41 2ff* MFIavl.16 30 X 349 383, 38% 38% +% Iff, 10% Miltnfl .44 3066 26 Iff, ,4% 14% 49% 347, AT&T p!364 76 *274 481* 47% <7% -4 82% 48% II 9 76% 7b 75% +% CnP 12 21 21 21 13 p>K243 2 313% 9 Flexi pf 7.61 I 1 1 5 1071* MMM 360 35 ,8 2374 1051, 1021- 104%-% 50% 36 AT&T pf3.74 76 *357 49% 4S% 4ff, •*% BriNo pi .55 69 88-% 44 2SP* imum 1 £9 8 425 35% 34% 34% -% 73% 68 371, 55 CntICo 280 5 0 51 802 53% 51% 51% -H 10% S3* FMOG 1 82e 26 3 >82 7 ff, 6% -% 44 -I* 31 MmPL 304 6.5 10 193 <«»* 33 AmWtr 1 12 3.6 10 114 317, 31% BMN pi 213 53 3 u2S% 25% 45 35 IntMn pf 4 Q, 4 44 44 50 46% 46% +% 21% 31% S. 91 25% +% Iff* ff* ComMl 17 253 ff* ff, -% i, -i* 9% 22 ui, FrpiMc1.34e 7 7 11 2410 18% 17% 17% MHai 1 173 SI; S% -% 14 11 AWal pfl.ZS 9.4 2600 13% Iff. 13% + 52 4«l, BrlN pi 4.926 10 5 491, 48% 49% O’* 28% bitMull 1 75 4.2 114 4 % 4 7% 4% 5% % 7% Corall n 406 3 V, 3 - Frrgtm 34 4 2ff, -»* 4 15 Burndy 268 14% 137, 14 % 33% 22 60 20 30 », 5661* 4 InaPapTOao 44 2 28Z2M06 60 B + 261* Mobil 2X 7.5 12 4983 39% Zff, 20% -7* 22% 9% AmHoB <30 10% w% 10% -% 9% -% 11-18 - 1- % +J CttIHId 345 % 11-16 37% 201, Fruell .70 1.9 II .2*817% 353* 371. +ji* 7-16 vjMoblH 132 74 68 ATr pr 5.64 7 S *2 713, 71% 71% 717, 52 Burrgh260 4 1 12 2171 63% 62% 63% 411 % 5<% 35% IntNrtti 248 68 11 657 37% 37% 37% -% 21; 1% 1% 19% 8%- CnOnlQ 12 *56 Iff, 173* >7% -% 47 Fugua .40 M 283 46>; -% 29 9 46% *6% 131 . 573* - H. 233 30 10 ATr 9C 3 28% 20% 11 Butlrln .52 10 16 46 17% 17 171, - 59 38% impoGp.x 2,17 58% 57% 7% 28% % 20 22 - ConfTea.BD 8J2 9 2781 29% 267, 2ff, -% -t, % 3ff* 1S% ImBakr 14 X 29 28% 38% -% 39% X Mohasd.48 1.3 14 52 361, 35% 3S% 103 76% ATr «m 5.64 56 *5 WO IX a -J sa* CtOata 5618 24% 227, 23% -% G G - . c e c .15% 24% 1B% hdstPurl 90 &0 (1 133 34% 23% 233* -% 8% 1% MohkDt 307 3% 3 ff, '* 60 30% Amerori 60 27 11 13 5ff; 59 59 -% -.60 294 -1; 9-16 741* 29% GAF X .3 16 588 73 69% 70% -1% 27% 1B% C81 In 17 221* 22 22 17, vJCookU” 292 1% 1% 1% +% 143, 71 Iff. Iff* AmeaDolO 4 21 15 7 2 |42 27% GATX 120 1! 1502 38’, X'* _ Z% 26% iff. InPw pl2M 80 Z30O253, X% 25% -% HS5* Morn* .80 4326 Iffs 29 17% % 143% 98 CBS 311179 1643 ul46 1401* 1*5% -t-5 Sff* 28 Coopr 1.60 13 17 1203 49% 4S% 48% -% 38% <7 471; -3 151. ff, MSec n 40 28 1* 88 14% 14% 14% - 851* 40% MorwaASO 4.0 1738 64% K?% 63 + 7. I If AmSvSeOS IQ 10', 10% 10% -% - 11 21 t 52 38% GA7X ptZ5Q 53 1 471; 47% % 7*4 « CCX 175 04 51, 5% 5%51* <« 21% 1«% CoprTr 40 19 211 21% 20* % 22S* 7 361; 492 GCA 479 ff, ff," ff, 243* 177, lowaB 1 94 a7 IS t» 2ff* 221* -% 38% 21% MonPn4.40 6.8 252 35% 35% + % 29% 22 Am'ac 322 29 s* 29 + % 771, 473* 2-G0 4737 78 -2 £ Coopvis.40 1.5 18 1480 271, Z7% 27% 4% CIGNA 15 7*» 73% 8% 20% 26% +% 10 57 -% 20* If* Mon SI 1.80a 84 37 21% 21% 21% - 11% 13-16 vjAmtac 56 13* T% 94% 85% GEiCO IX 1 2 ID 87 91% 89 sa 411, ZT-s towllG 290 73 39% 39% 39% 1% 377, 27% OG pi 175 7 7 106 38 35% 35% - 13 71; CopwW 44 ff, 8% 8% -% towllt p>2.31 1 27 Sff* 10% 81* MONY .88 94 11 *148 ff. 53', AmocolXb 56 8 6330 SB), -IS S% 7% GEO 345 33* 3% 3% 26% 19% 88 z XXL 26% +% 9% ®% 70% X 58% 64 49 CIG pf 4 10 16 62 63% 62% 621* -11 22% 157, Cpwld *2*6 11 10 Iff* Iff* 19% -% 7 6i, 40-’, 303* krw3Rs3.16 7 8 10 65 403* 40% 40% +% X 10% Moores .72 2 9 16 552 25% 25 35 -% 421; 277, AMP .72 18 <1 1503 41% <07, 41% i% 18 -% 8 3% GF Cp 5 6% :5 1 vfCLC 44 27, 2% 23* -% 281, 21% CoidUrpB2 16 74 26 25% 2S% 41', 15 16 30 42 112 Iff* -% 3ff, GTE 3 16 6.2 2722 51% 50% 5? 453, 321* Ipalco 304 7.3 11 98B «ff, 41% 28% 22 MotXtol.O* 38 164 z?% 27% 271; “% ,1% Ampco 20 15% 15% 275* pi 2.12 7.2 119 291* 11 Coreln .60 4 1 13 -% 52% 301; CNW 29% 29% 4% 15% 29 15% u% 14% 14 fff's 44 Motgare.45 Amrepe 14 155 Sff* 387, 29 -i 27% 21% GTE pi 240 9.1 63 27i, Sff* 27% *% 141- 101- lpwrCp 36 26 13 188 14% 13% 3.2 10 6884 77 75% 761, 31% 65J- 383* cpc meo 3 5 21 *472 62% 81 62% — % 74% 34% ComQl 1.40 Z0 23 788 70% TO 70's +% AmStft Sl.04 34 12 404 29% -% |S% U, GolHou 173 23, SS 5*9 321, frvfink 208 4 0 9 278 53% 52 Sff* +% 89% 00% MorgnpIfiSBe 6.8 1 88% 88'; 881; + % 35% a 31% 30% 341, 20 CP N0 150 4 7 11 36 321* 31% 32 -% 6ff, *,% Corfllk 1.30 20 21 08 66 65% 05% — 3h % Iff, - 21% 74 20i? <71* 35 Amstcdl.60 53 46% 46% ,74 52% Gannett. 23 23 1082 71% 701; 7H- +11; 17% 12 Italy n 1522 15% 15% 11,| 12% MorKegX 10 16 21 201; "% 35 X 48% CRUM) 226e 9.7 *166 23% 227, 23% 4 13 ff* CntCrd 2Qr 1.7 20 216 121 117, 12 -% M ? 23% 19% % ; 40i <% 68% MorgSn 3607 + 1% Anacmp 12 772 <7, <% 4% Sff* 11% Gap .36 8 X 615 4ff, 45% f +% 72% 71% 72% 6% I 10% 13% CRSS .34 11 15 38 16% 161; 161; 8% Craig 11 9 10% 101* 10% +% J J J 48 MorKrrQ 18 Anfog <6 -% Iff, 3 Geartit 511 4 J% - 37% <8 11 12 48 47% 47% 47% 31 M 28% X 28 1.16 1 14 61 47% 47% 47% 2Q 4% % 41 27% JWT 1 12 29 33 Off, 39 39% -h 36*8 223* CSX 12 1522 33% 367, 35% 327, Crane 80b 25 X Iff* Anchor 148 111 2ff; iff* Geico .56 14 239 20i; 15% 23% MorseS .80 28 22 18 29% 33 X -% 30% S0% 52124 29% 28% -% 271; CIS 115 24 *347 401, 391, -% 747, 32 CrayR s 27 1485 6ff; 67% t®, -% 321; 28 X 45% 24 JR.ver .56 1.3 14 812 44 43% 433* -% 38% 22% 16', MlgRty 1.80a 86 10 105 21 207, -% b1% 35% AnClay 33) 30 235 531; 53% 53% -% 91 12% 9% GemllC 248 1ZJ* 1 £% 1 Z>* 173* Jamswyl2 .6 17 219 217, 2Vj - 20% 10% 6% C 3 Inc 117 S% 9% S% -% 24% Iff* CrekNptZlfl 7 23% 237, 23% 28% 21% % Morion -'* AndrGr.240 iff. 11 II 161 Iff, iff; iff* 2ji 38% .70 20 9 1680 36% 35% 35% Iff; 9% 1.5 18 568 Iff, 16% + % 7.3 531, 14% Gem 1113a 0 2 Iff* JapnF 1 73a 12 342 147, iff, - 29% 2d, Cabot .90 17 169 24% 24% 2®* 4% 53% 49% CrchN pt3.8Se 58 53% S3 + % 15% 15% % 457, Angelic .60 15 1.9 19 423 -71 29% Molorla64 1 S 72 3910 44% 43% 437, -% 29% 19, 21 48 28% X 28% -% Iff, 4 13 20 -% 83 39 GnCorit 50b 81% 80% 80'a 36 JelfP.I 1 52 28 12 131 547, 531* 53% - 19, 12 Caesar 16 1258 103, 18% -% 26% 18% Crmpkl.M 3 23 »% X % 4.4 17 2856 48'- 47 -% 20 GAlnv 1 7.9 50 19% 19% 15% -1. 33% 21% MurpO 1 10 2<3 23% 2ff; 22% <9% 36% Anneus.80 17 47% Cal .40 1.6 1350 -1* CrwnCk 13 81 07% 85% 071, + 1% 16% 54e 27i- JerC pi 4 ,1 zXO 37 37 37 -% IS 16% Fed 5 30% 29% 29% 91% 50% 73i* 237, ,9 23i. 561, Anheu plO 6019 47, 75% 39’* GnBcsh 1 1.4183 45 TJi* -1* 18% MurryOeO 28 149 23% 23% -% Sff; 29% % 2% % 64% 43% CalFd p!4.7S 81 230 59 SB% Sff, 4% 46% 35% CrwZel 1 22 374 <6 4S% 46 + % 96% 65'- JerC pl 338 9.6 Z500 97% 973* 97% + % iffe 13% MulOmi 44 91 58 -1- 24 A% xb*2. 2 .2 1 7 677, 3% ~ 23i, 49 291, GCitnxl 50 1 l 19 133 47 461, 47 1 pl 12 15% Iff* Iff, % 14% 10% Came 1.28 10. 12 11 12% 1*4 12% 4% 24% 171* CrysB n 668 23 23% ' % 67 56 JerC a 96 *350 84% 841* 84% f% 19 Anthem. 04 .2 37 553 + 45 29% GC-n pi 56 1.3 10 44 44 44 1% MyerL 244 7% 7% 7% *% % 16% 15% 16% % 34% 15% Calltm 2S> 13 77 Iff, 19 19 -% 50 261, Colbm go 1.6 ig 21 uS1% Sff, 51% + 1% 85% 55«; JerC pl 8 96 7100 83% 83% 83% -% 11 Aothny.AAb 17 21 77% Iff* 71, GrDjU 20 IS6 ?J.i* 1 Ii'z IS 25 17% 17% 36i* 20% Calmat .60 1.9 13 304 35% 35 351, -% 31% 12% Culinet 21 970 13% 12% tz% + % IV -v 105 67 JerC pf If II zlD 104 104 UM N N N 1?% Apache .28 3.2 23 * 174 9 8% -% 24 ff, GnDovn 7 652 21% 2H; 8% 8% 1% CmpR g.16t 1082 1% 1% 1% -% 78% 58% CumEn220 29 14 157 75% 75 751, “% 21% 23'; 15% JerC p! 2 18 9 5 37 23% 23% 23% “% »% 14% NAFCO 1b 4.2 21 43 23% 23% 23% ApehP wt 183 13-12813-12813-128 ff* GnDevwt 64 9'* 9 -I* 58% 32 CamSpol.32 15 16 474 52?, 52% 521; +% 12% 8% Currtncl 10a 9.3 7 11% 11% 11% 10% 9% 23% 7% Jowlcr 22 46 21% 2,% 21% +% 46% X% NBD * 1.60 16 9 209 45% 44% 45 -% ApcnP un2.10 17. 1247 121, 121, -% 87 62 GnDvn l 1 2 9 1562 03% 823* 83 +11 19% 10% 12% 157, 11% CdPacs .40 4361 141, 14% 14% -1* *% 30% CurtW 1.20 22 10 54% 54% 54% “% 55% 39% JohnJnl 30 24 18 5241 547, 5*% 547, +J, 201* 10% NBI 18 136 Iff, 13% Iff; -4 pI2 1 GenEI 15 6759 70i* 75% 37% 24% ApPw 65 89 26% 261* 28% 11 293 357, 35% 351* 43% Cyctopg 10 189 11b 60% 59% 601* 79 56% 232 10 76% +% », JohnCn 2 23 13 81 61 60% 61 + 29% 18% NCH 72 17 37 37% 163* CanonG 61% - % 25 2ff* 29 29 -% 31 ApPw pM.18 12 9 331, 333* 333* 11% 45* GnHme X 253 10% ff* 9% % 18 1 52 34% +% 256 1831* CapCiK .20 .1 21 *363 231 225 229% 437, 271, 22% Jorgen 1 3.8 2ff* 26% 26% 33% NCN8 1 52 30 11 478 50% 49% 497, 32' ApPw pt3 80 12 4 307, I D D 8% GHosl s 22 1.1 19 630 21'* 20 -% 22i; - 28% W% 30% +% .82 14 13 256 341* -% 21% % 31% Joslens .88 3.0 17 155 £ff, 29% 29% 1* 47% 25% NCR .92 23 13 41 3 35% 201a CapHda 33% 33% Dallas .66 15 Iff* Iff* -% 3830 39% <0% +% 19% 12 AppiMa 27 82 18% 16% 16«- -% 20% 15% 26 19% 13% 8% GnHous24 20 42 13 12 12 27i, Iff, 110% 1031* CapH pia9le 8.4 1 1061; 1061; 106% - % 22i. % % 2|% JoyMIpl *0 53 31 263 27 29, 28% -% 9% NL Ind .20 1.4 46 1238 141, 13% 13% -% 297, 19% ArchDnl4b .5 15 1867 29 + " 9% DamonOO 1.0 333 SCP* 19% X % 21 12 Gnliw 25 13 1370 an. 19% Iff* -% 28% 28% .40 34 Iff, Iff, % % 36% 27 NUI % 13% 6% Caring g Iff* -% 23!! 6.8 11 21 34% 34 34 - 1, 271- AMP pi 12 22 34 221* DanaCd.28 38 11 49< 33% 33% J3% -% 45'; G»MIII£32 31 095 741; 74% -% K K K 31% 3.58 31 30% 30% -% 38% 271* CaritaM-08 30 14 567 367, 357, 25% -1 8ff* 73% >16 NVF 1 .24 1 12 1057 11-16 9-18 ->1 18 .60 1.5 14 73 401* 39i; * ff. S'; Denahr 7 461 9% 9% ff* 85'; - +J* 12% r% KW 9 486 ul?% 12% 12% + % 421; ArkBsl 38% -% .44 - 116 86% 64% GMoi Sr 59 7 9636 84% B4 % 5fli 20% CaroFl 1.2 17 38% 37% 37% -% 16 51c 11 1126 2 37% NWA X 1.7 16 772 Sff, 51% 51% -I, 16 Arkla 1.08 6.0 13 981 181, 18 -% 12% 6% Darnel ,10b 25 294 0% T% T% -1% 37% GMoJ p!175 77 48% 4B'; 48’; 237, KLM 26 203* X X -% 3«% 161, 3S* 251, CarPw 2.68 7.7 9 2013 35 343* 347, 40% 31% 22 Nairn 1.20 4 2 15 349 - - 1- 53% 29% DartKt al 56 10 16 1756 52% 51% 521* +% u«i; +3* 45% 30% Kmart 140 3 2 25 3770 447, 43% 43% -% 29% 28% 28% 7, 1-16 ArfnCp 262 15-32 7-16 7-16 pl267 277, 04% 48 QMot pi 5 7.7 42 64% 05% 28% 221* CarP 9.5 8 27% 27% 4% + 221; KaiarALIS) 2127 42% 23% Nashua 13 14 41% 411, 411, -% 131- -1 SO 31 DataGn 2293 38% 301, 38% 1* .40 763 48 *5 451.- + '* 12% 2ff* 2,7, 21% ISS 11% Armada 78 133* 123* 10 471* 2ff, CMir E 9 ff, 42% 231, Car Ted 17 27 108 37% 36% 36% -% KbisCe .20 1 12 179 17 - 15% NrlCnv 36 3 5 37 ,77 ,0% 10% -% co 18 1123 5% 4 Datpi n 2S2 51, ff* 6% -1, 16 ff. ff, -% 18% 13% 2 17% 17% % 10% 12 6% Arm II 107, 10% - % Carrol .10 10 22 801 Iff, 10% -% 7% 4% GNC 30 X 5% 431; 287, NalDiaCLM 6% 9% 14% KaiC p! 137 7 1 - 5.3 18 666 43% 41 - ff, 26i; isij Armc p1210 81 37 25% 251; 25% +% 17% ff, DfaDog 2* 12 14 18 7% 7% 71, 20 11 GPU 13 971 Iff; 19>* Iff, +% 18% 8 171; 17% 171; % 41% 307, 17% CarPirs 80 1.6 18 2165 u33i* 30% 31% 4 % % 30% 11% NaiEdu 21 571, 22 Iff, Dayco 24 1.2 10 116 20% 201* 20i* - *; 72i, 13 9% Kanab&240 33 *23 Iff, 10% 10% 02 275, 27% 21% 13% ArmsflbM 30 18 276 16% 16% 16% -% 34 223 31 129% GenRe 1.76 15 41 006 1SS<* IX 12Cl*-3» 361, 24% CartHwl.22 39 31% 30% -% .06 404 - r* 34% 25% NaiFGsZoe 63 9 *92 ArmWin 14 - 11, 48% 357, OeytHd .84 1.7 17 3912 u50 49% 49% -% 10% 3% Kaneb 2.1 9 4% 3% 3% 33% 33 33 -% 601, 311* 30 22 242 59% 58% 583* " CariWI 90 1.0 17 2S5 -% % 14% 7% Gnflelr 12 50 13% Iff* iff* ?7l; 31% 61% 60% 61% 231* - 103% Kaneb pHQTOe 11 *50 - 2 NFG p( 230 80 t! 261, -% 18 11% ArawE .20 13 38 16 16 16 -% -t, 23% 15% DayIPL 2 66 23 765 23 23% 1, 531, 37 GnStgm.90 30 29 485 50% 49% 49'; -% 94% 94% 94% % X% 26% 143* CascNG 28 6-8 10 317 u20 18% 167, 18 491; 26 NtGypsl.52 3 1 13 u49% jgv Artra .7 74% 531; 0PL pi 7.48 1 a 2100 74% 741* 74% -% 7 *100 14% -% 27% KCryPL2 30 80 6 270 271, 26% 2ff, -1* X74 40% 30% 190* .22 50 115 297, 29% 29% -% 10 CasOCfc 13 1734 ul 5% 147, 15% 4% 15% 10% GTFI pH 25 8 14% 14% 90 3- MHom 48 29 0aanf«tS6 12 21 52 48 47% 48 15 IS 15 - fil% 46% KCSou 1.08 1.8 12 102 59 58 581,-1 SO 271* 14% Arvln & .64 23 12 £22 271; 27% 271; + % pKLSO 93 29 28% 29 16 Iff, GTR pi 1.X 6.7 z20 % 300* 24 N« 291* 19% CstfC 88 4 % »% KanGEI.IB 7 2 8 939 Iff, Iff; -1. -»9 948 27 2ff, -% 85 45% Arvin pi 2 23 3 uB7% 871* 871* + 21, 35 24% Deere 1 10 93 *107734 33 33% -% 99% 66 GTFI pIS 10 03 r150 98 SB X +11 19% 18% 28% IT's 12 CsUC pi .90 52 44 17% 171* 17% 4% 47 KarrPLO 16 7 32% 18% NMedE 58 23 12 4155 24% 151* Asarco 3C% 22% DelmP 202 67 11 165 30% 30 3ff, 33% 0 10 188 4% 45% 45% -% 23% 24 371* 1472 22% 217, 221, + % .50 .9 3251 411. 5% Z% Gensco 105 ff, 3% ff, - “ 53% 297, CatrpT £8 53 51% 53% 271, KaPL - 10% ff, NMIneS 6" ff, 47 AWilOlll 52% 36% DdtaAr l 2.4 1, 1096 421, 4H, 41% +1. 1 1 - 20% p»232 8 9 2 2ff, Zff, Zff, 6'; ff* 28% 60 33 10 2947 u48% 4®, 40 + IS Corn 60 14 13 64 34% 33% 33% - 1L 18% 8 GnRad 303 11% Iff; 7, _ ' 1, +% 343* 22% 10 - 26% Iff* K*PL p!223 8 5 11 26% 26 35% 243, NtPrestl.06 32 15 14 33% 481* 41 AshIO p!4.50 92 118 u49 48% 48% + 14 41*. S Dettona 89 ff, ff, ff, % 41 IB Gensi g i.X 3 4 2303341 3ffj 4ff, -% X% +% 33% 33% ~H % 203 88'* Colons*. 80 15 218 195% 183% 194% Karyin -1. 15% 10% NtSemi 45% 281, AsdOGs1.4Q 14 2357 43% 41% 42 -IS 227 2% DnssM 1200 661 4452GSC6 261* -% GsJpl 168 47 1?4 u3ff* 35»* - 38% 13% 339 177, 17% 17% 29M14 ,3% Iff* -% 33 38% Colon pM.50 0.1 1 55’* 55% 56% n-% 36 20 35% % 61% 47% NtSempi 4 “ 1 40 40 £7% 12% KaulBr .50 19 9 366 2ff, 25% -% 144% 91 AsdD pK 75 35 1 1371; 1371- J37V 16 40% 31% DaSoto 15 13 29 3ff* 39% -% 45 3ff, GenuPri.X 30 18 540 43’* 42% 43'* » -v 10% 47, Cwigy .040 .8 W 5% 5% 5% 14% Kaut pflbO 60 23 23 231; 16% Alhtoota 60 7.4 55 22 21% 21% -% 19% 14 Deffid 168 968 4511 17% 171* 171, -% 20% GaPJC .00 2.4 21 2958 33% 32% 32% +% 2ff, 21% 22 S? 387. +% 531; 39% Cental 244 4 6 11 94 53% 52% 52% -% -2” 33% S?iff* Vi,2% ZSSJJ*NS land .40 361, 24 AlCyEI 7.3 12 -1? 105% 80 DetE plS.50 56 2 96% 9ff* 981* pf224 I IQ 74% Kant p!8 75 8 0 t 109 109 109 IPS 14% 143* -1* 258 288 351; 35 35% Centex -25 .8 13 424 327, 39% 35 GaPc 59 5 X M 36 -% 33% 20% > 371; 30% hidde IX 13 11 350 36% 38 36 - z500 22 40% 35% 15% Cenvlll 2 11. B 34 107, 1B% - £5% 28% 24% IS', GartSc 12 6 16 472 »% 19% 19% % 21 ?1 21 -% 21% 18% % hid 4 4 1 - Iff, NevP pH.95 9 7 17T, I 1186 321* — + 6ff, 731* ptB 6 84 04 04 2/ 32% Avon 63 31% 3,7, “% 34 21»* Crt-read 90 2.S 12 2*7 -13, 33 24% DE pmii42 12 28% 28% 28% % 44% 221, Gerty s .16 .4 69 19) 373* aff* 37'; «> ' 33% 32% 32% 40 KlmhCC 40 14 451 183, 91; NevSvL .50 as 27% 16% Aydin 30 70 261, 2b'- 25% 33% 29% DE prt. 4 13 31% 31% 31% +% 10% GIANT 19 115 171* 16% iff, 3 0 04% 82'g 83 -3* *127 ?7% +^5 29% 20 Cbm pm. 52 1.9 17 1464 20 2?% 27% -%• 9% 2ff* 19 NEngEal 92 2 a 343, 297, DE pIK 4 12 13 32 31% 31% -% 4 '2 KngntRda ns 386 471* 49% 47% + 12% ff. GibrFn D5e 5 437 UP* 10% 10'; *2 % Cff, 3* 13 22 Ml NEnP pl2 76 B9 24 rpr2S2B 110 ' 3. 13* 24% Knogo 237, 23% -% J. 2 DEC 23* % 26% Iff, GdlHill 52 2 3 IX 22% 221; 22% 23% !? a s Koger 250 1 49 *23* 29% 243* NJRm 230 7.7 11 237, 14% DIGIor .64 28 14 123 23>; 231* 23% - % 88% 571, Gillenc2 SO 30 17 691 87i; Sff* 87’* +l- »* 9 27% 27% 27% 17 283* X'; 28% +% 32 64 313* -2% NY9EG2S6 83 20% Iff* DlamS 1 38a 12 1770 113* 11% 11% -% 20% 11% CleasC 139 6a Iff, 19'; Iff; 19% Iff; KtHmor 2 0 16% 16% 16>, -% 8 691 31U S7 I? -', Kopera .60 29 594 277, 261, 3,58 DioSh pi 4 11. 14 351, 35% 35% 25 9% Gicnled .30 1 5 7 3376 £1% 20% 20% -% 2ff- 15% 27% J09 s +i 14 Iff; as Koppr p# 10 92 3 109 109 ? v£ 14% OraSOfnZlQ, *67 J* d!4%14% -% - s s s s 22% M 47* % v|G(6M. 121 7S2 1% 1% 1% % 1T»* 9 DianaCflO 2 7 24 2 11% 11 % 11 % -% 4 4 GWN wt 286 2% 2% 2% ? 12% Korea 53a 2 2 234 24% 233, 241, +% : 111 43'; Q 39% Kroger 2 4 3 11 604 46% 46% 45% s: s%-s"s \- 52% 317, DietKkt.lD 2 5 19 43% 4J% 431* 171* GldWF s .16 5 7 1669 35% 343, 35% +% H a b 1521;- ji Kubota 57e 1.4 4 41 41 41 -1 1 173% 85% Digital 62 5363 1551, 151 45 Gdrtcn 1 2033 +1, 43% 26% 28% 56 35 u45'* 43% 44% 10 14 Newtilt520e 35 +% 24% 143* Kuhlm 9 40 2 1 15 S3 Iff* Iff, 19% 36% Iff; Deneys.32 .9 27 3003 35 34% 11% ff, Gdrch pi 97 93 ZIOO Iff, 10% 10% +1; 10 Iff. 16% n .30 2.0 298 ff; Nwtilflaxe 11. IP? 2ff, 18 DEI 1 40 56 18 277 » 25% 25% -n 25', Goodyrl 60 47 9 1423 35 34% 29% 15 LAC 15% 15% ,5% -% 5 57 S» % 35*1 34% 537, 4ff, Newmt ®0J 6% 6% - % 41* Dnrrski 7 100 71, -% -l* 34% X Lit H»3 Q2v 90 11 24 33% 33% 33% 1 2.0 „595 7% 7% 7% 18% 15% GordnJ .52 2.7 26 34 Iff* 19% 19% 9-18 SCO* 49% 50 - 7, - 77, LLE f*39a 26 872 83, - f* 2% Nwyuric 12% 67, Dome g .12 1509 6% 6% O'; % 37% 19% Could 68 26 MX 27% 25% 26% -% Iff, 8% 6% 13-16 13-16 £3% 17 NiaMP 2.08 ?J— 'J’O 40% DomRa204 7.4 11 1324 383, 38 38% +'; 57'* 19 143) tgtf '* 1 UCCp 306 2 2 2 92 8 1965 223* Kidder, Peabody 28% 38% Grace 2 80 5 3 5ff, 52% 3ff; 27 22% 22% +1. International 4409 NiaMpflfO 1 3S% + 11% 5% LTV 9% 9 ffs-l; 35% 161; Donald 60 8 13 220 u35% 34% % 421, 28% Grangrs 60 1 B 17 142 41'* 4Q% 411, 50 Z440 34 34 +% 34i; pl 1 44 44 - M NiaMI M 7ff; 51 Donley 1.28 1.7 20 247 77 75% 77 tC GIAFsl 40 1.9 LTV 44 1 .8851 <223 448 Limited 29 13% 7 234 26 £5% £5% 83 5ff* NiaMpt7.72 448 4 2.6 14 45', 44% 46% + 1' 23i, Z37, 8% LTV p!022Q 52 Iff, 16% 15% - IQ 40% 24-, Dorsey 1 20 97 25% 15<* GlArPc 10, 4 10 400 Mi- 73% +% % If 14i; 77% in* 31 plC 39 52 52 l NiagSfti.Tle 38 7% Oownys 287 33% 30% 30% -21 2*7, 15 GNIrn 3 £5e ll 19 243* 24% 24J, +l; 59% LTV 52% - j ,57 IS, 113* Ffccotat » 157, -% «17% 171; 47i, Iff* ff. LTV plD 79 13% 13% 131, -% .12 9 155 17% 11% Dravo .50 29 03 ISC 17% 50 34% GiNNk 152 13 » 556 46% 48% -% U 153* ,3 13 24i* 11% LQutal 278 14% Iff, iff, 33% 19 NICOR180 7 * l -% 15ij Drew .80 4 4 1099 10% Iff, 10% 45% 22% GlWFm l £ 4 B 5573 42 40-% 411, X -% 4 2i% LaciGs 6.7 10 52 Off, 33 21% IflCO pli 90 6.7 *3% 2<% +% 17% Dre*B 2 09 21 22% 2ff; iff, 15’; GMP 1 7 4 11 19 23J* 34% IX 33% 33% + 1* ?? S! 23% 24% 76 23% 23% -% Iff? ff. Nodi Ar 1° aa 28% +2 1181- 441; Dreyfus.84 .9 765 97% 95 95% - O - 17% ff. Lafarge X IS 37 174 11% in* 11% 12n ll 20 42% 2?% GreenT 7 596 37% 35 35% V. Iff* NordRn 72?, f% 21% Lairg pi 2 *< 8 3 34 2ff, 23 29% - 10% 70 51% duPoni 3 4.1 16 3352 73% 72', 237, Gram 1 32 38 14 917 35% 347, 35 30% % 36% 2.124 95% 62 NorfkSt*40 45i* duPnt 3. 7.0 4 45 45 45 + pi 13% 71* Lamaur.24 53 1? 11% 11% -I. 33 pi 50 % 43 Grevm 4 75 91 Z50 52 52 52 31 »8s&33j? lam5es 18 131 4% 41* -% 19% Nor sir si 26 International 573* 421, duPnt pf4 50 7 8 0 u50 57% 57% 9% 4% Grolier 13 847 9<, ff. 8% -% 3% 4% Investment Bankers 10% Lnwnnr 56 4 4 ?67 13 12% 12% -!* 2<7, 133* Nonak 08 417, jo DufctjP 260 6* 11 392*407* *01; 40% *% 13% ff* QrowGfdSb 27 16 126 11% Iff, 11 -% 13% 00 99 LearPi 20b 29 395 7i, ff, 7 51% NACoan.10 101% 74% Duke p«a70 ae *21201 Off* 99 Iff* 10 C it) Six n 442 10% 10 !0<* 45i* LearP p!2B7 17 42 Iff, iff, — 31% NAPftll 1 4 99% 871- Duke pta2o a* *200 96 98 98 12% 7 GruBEI 9 235 ff* 9% ff. - u _ 10% % 8 X X LaarSg 2 ,2 412 20% 15 NEurOQ02e ® 2% S% -C* 607, 4S% 14 50% Duke pt209 10. 24 271* 3ff, 27 Grumn t 58% 58% fa? 27% 25 36% 23% 3 7 10 2739 27 26% 26% 22 14% S 3* 148 115 LoarS P'2-25 1 5 1 1*5% 146% 145% - ff. NoeBUi.68 3ff. £9% Duke P'3 85 11 47 3* 33% + % 271, 351* Grum pJ280 ID 4 27% 27 27% i, 51 »: Sr,]?' 21 14% LsaRnls.40 2 0 19 210 19% Iff, +%' 33% NSPw pf4 11 __ S 97% TO Duke pU2B a7 2180 66 95 95 -I 10<. 5 Gnmial .16 IS 26 194 10% ff* ff* -% 19% LswyTrl 50 7 83 387, 3Bi; 4ffl 77, 71* DukeRIn 56 71, 71* 71* -% 221 Guiltrd - 39' 28% 19 38% -% m ; 60 H 16 « 32% 31?, 31% % S% NSPW y?0 103 ,01% 103,03* 1% 32t 27% IB LwrEiW 58 2.3 22 7 25% S’* 25% — A pf 7 aB 2“' *3 +% 77, 7% DufceRCa 102 1% »% dOI; 3 CHWsl .90 1 5 17 1176 59% 58% 59 % v3QQ Bn4 105 -»2 3 P« 12% LggMridni 7 21 116 29% +% 4 orT« -40 13 21)4 81% -3b 112 691; DunBuC.20 2 1 37 874 108% 103 17% Iff* GultR- 2.9 262 I2>. 12 12% -% a 29% <7, S?' U 2reo»!760 *'* % 12% LegPlis 17 40 301, -1, 2% NthgalQ S 2ff, 301, +% 19% 14% OuqU 206 n a 1071 18% 18% 18% 23 16% GullR pi LX 7.0 11 Iff* 18% 18% +i, 32% 30% 30% Ha LenVal 186 ff* 3 3% + 58% 3ffg Nonrp 120 2 4 ®» ~ % 221; Iff* am pfAZIO 9 5 *350 22 22 22 -% Iff- 10% GlfStLKI 64 14. 6 8S5B 11% 11 11% 3% 1* 21 11 ^et*84 5i *S % Left mn 202a 314 151* ,5 6 NwSfW ®^* 40% 49% 11. *270 Iff, 18 18 - pit ’60 48 46 +1 10%. 11 15% +% +% 187, 14% D«J pf 2 % <7 371* GlfSU 08 48 % 40*. 33 Notion S ,9 10% Lennar .20 1 1 15 188 19% Iff, Iff, -% 2 sa S, '« ’W? 21% 15 DW pi 207 B9 *500 21 21 21 -% 32% 271, GlfSU prlSS 11 2? X 29% 30 20% ITS* LOuCNt 8 211 u£8 26'; 26 “ JtereallX M'* +1* 11 3 20 20 20 -% GlfSU pr4 40 13 32% +% 27% + V, S? 49 11 I2L S* ?!!« 21 15% Ouq PTK210 35% 30% 35 32% 32% » 23% Novo 4 38% 221 +i, S3 51 LeuCd piS37e 11. I 5l% 51% 51'- +7, 26e j 3S M3, +% 23 16% DuQ pr 231 10 *500 27% 22% , J43, 141; Gulton SO 1.6 tS 7 34 33% 34 fO 32 LOF 1 40 1 9 13 333 7S% Nucor .44 31 “% 26 23% Duq pr 2 75 11 *100 25% 25% 25% 76% 43% 75% 74% - % 7 16 *^B % 113 68', LOF pl 4 75 42 *0 112% 112% llff, 5% 3% Hums ,08j 65% Bff! -% 17»* 11% Dynlcl 27a 1 7 46 108 15% 19* 15% H H H LibrvCp.72 1 7 IS 4 421- -’* 22i« OynAm 20 7 0 93 2BJ* 2B% 28% -% 27% 23% HRE 226 68 13 >22 X ZS% » % 43% 38% 43<, A2% 30% 371; Lilly a 19 6557 TQi* 680. 2®nV. K% 171* HaltFB 1» 3X 23% 22% 22% -I % IX 26 59% +11. E E E - Iff, B Lilly wt 6553 14% 13% ,4 + 3 U ° O -7, 321* 21% Halbin 1.80 7.7 66 1468 23% 23 X'* % 1% Ooklnd _ 43 3ff« EGG 52 1 3 19 363 4ff; 33 39% Umltd a .24 6 33 3108 4gi* 39 39< + 3ff; 14 2 22% Iff, Halwd nl i; 6 2 13 151 16% Iff, Iff, - % 40% 18% ff; 273, OakiiaPi 52 471* « 1% 2 +% Iff, 15% EOK 1.36 7.7 26 30 17% 17% 17% + % -13 37% LmcNU 2 13 12 927 61 -% 4 15 An affiliate of 42% 261* HarrPa I 3d 3622 251 39% 37% J7% 62% »% % X Q% iPtt sq 2% 23i; E Syst .50 1 7 20 521 30 »* 29% -% 21 LutcPI 234a fib 3 2ff, - 5; % -L 32% Iff, Ul, HanJS 1 47a 0 0 31 16-% 16% Iff. Z7% 26% 26% 1, 9% W»8 OP W 3 27 40 IPfBpfS Z512 22 27, 41% 20 EagtaPI.0* 89 38% 19% HanJl 7 72 -% 931- 66'; Lmon 150) 12 1976 65 84 84% +% MOT, Occi 23% 184a 7 u24% 23% 23% pi,4 82 ,4 53% 53% +% 2ff, 141, 2 16% 16% 16% 21% LalUn pl 2 63 3 32 11 32 2 ^ * 37% 191, Kindi 1 19 34 -% 32 12% 56 8 60S **% SB* ff OOECO 1 1D®» l3* 43. EaslAir 3119 B>* ffl 8% -13% BO 1 10 2727 sol, 7 8 X80 IL !2f 12% 24 Iff* HurutH 4 — ig New York • London • Paris • Geneva Zurich ® • Eaton 1-80 22 10 490 721; 71% 73 r •; 1&f LoneS pffi. Hong Kong Tokyo 7B 49% 1®% 12 HarGrp »2 145 16 a Iff, % h£% 4S* 37 8-9 73 ?s 6C% B0% % 18 11 Echlin -44 2.8 17 1085 17% 16% 17 % Continued % % a on Page 45 a ; 1 1 1 1 " M 1 -

dani % 4 Financial Times Tuesday March 25 1985 45

NYSE COMPOSITE PRICES AMEX COMPOSITE PRICES Prices or 3pm, March 24

w, MnlnCm*? 20'j 14 35 Ill M'i :«ji, •»,, ir. Trilnd pf 1? 5 1» U03>; 221, m* St 5 - „ w ft su ft Sis P7 Sis K , S, Rjl.nEi “VI 4 34 IiiImiI r.« £1 u33?, O’ 33'; l?Mwft Ste Cbm Fta* -M r vw# n?7 72 , Sfe* Bw E 160s H 10 Relims *i 1-, Kgb ObM Qagi Sack Da E 100, High law Ctag, (Stack Dw E 100s High low Doss Ouge Dhr E 100s Htgb law Qbh dug* « » i- T 1 like 1 1 9 14 14 fiJI, Ml, 631, * V Dm Mga law Sack Da. W E lOfeMgft taw' OoowOoh 11 - - - • ‘ - -•* AcmoHf M ? '“jar. 14 1 7a 74 -M '» Tribune 1 I s 21 747 r-v, sc , r*3, AU 4?. 's c c u ?»; 4? Ft>rfw 1 ij ! ignon gS 10 >w m ? S.* . - , lllCIlll 111 II 4 :* s, d ?"i s' Acmn 2 - 0. liras J K 34 34 + 23 Re:ietin - AORusl Ifi 18 2M 47% *2 42-, SJWs 157 11 1 3* Continued from Page 44 Wt ii_“, re, 7.”. ?L, lruj 22 3 I >1 93 61; b?« Rv 1, 21 84 34% 33 33-1% uwren 7n is iu ft% - 10’, >ooec 2* t-4 5% 0% % &oge 178 7% 7 7 - & Pt-ndn 1’ ?7 713 ->•. '’» I Hilly I i'i 19 r.K, Aa'onc 14 *-y *', - 39 ev ff. - V it. ziro 7-1 ?4 - ?r jV sO 26 7C5 4% % JonnPd 50 ff ff- - % ]?: M OrCS pfeM DomeP i'? 19-16 2% 3 Salem 15 6 5%- V 535. Ro^ip 3 .-*v 4*> r. i?63 ri’* 7?', - 14 2F5 ITS* Mb* - 1 AlilPbs 44 2ft *£ii *6' - V231B-16 5% 5% tjiH’ 31 OtiEd pi ISO it. IS 3£P* 30% 301; 7? J> TmEiHJ Kb S 1BV 5 46% V Jcnrtnd 5 *7 13% 13 13 * » 1.' Dusom 80 35'; % SchciO 60 1* 13 ?ft WP, 28-%- 17« nn^ilil 3D 113 I.’’, le', 17>, lniE [4 T9 43 2W; ft», iW, AiiCM 14 6? lG'i 16 10 - 435 3*V 34=,- % J3% £??, OhEd pf3SC 12 33 »; 3Ta 3T, -% 32i; ? % % KaiCp* .2* 7 24 19% 1ft 19 22-'* RjBiniaiA ArCaipJ 1 Scneiten Z 14% 14% 14% 1 » 100 ?B 78 7B 1 3 .'4 11U W, 37'- 3r. 0 lucaCPJ JO 66 12 1U3 tOL 492, 50V -'a 30 3? 13% 13 T "« 11 ** + ai'; M ; QtiEn did n , KeyCoA '5e 8% 6% 6% % 2^. R'js'.ei ?*'. » 1 .’5 7- E E SbdCp 50 9 4 96 96 96 +1 mV 18 rr 1-11 iuiib-K 1 9 70 771, 274, Ateaw 87 r <00 S3 Otf p»W« II zao 9r« 97V 97’* ?& s •, *a : KevPta 33G9u16% 15 16V - V Af 1'", P tc “"0 '6 79 i4 ;? 1C T-uiD'. IS', - A Iphmln Je7 ff, EAC 43 13 90?, rav j? J SwCap 20 6 *9 J0% 10% 10% 3* IC2 £4 qbe jjnara n £10 100 WO 100 76V Tu'- (H 4 0 3? 1 IS?, IS', V ffj - KrrDy 19 73 ?>• ff, 2% 26’, IV, Rusm-ii 1 ERG ia i«» 10% 10% ', Sharon 113 11-16 11-16 ? * £ £0 43 41 .IS M’s 20 9 ro 1 jc are?, C8<- ?v, 3,‘r TtcoLD BO 1 J 10 343 trfi,-. bl.i, -2 AnvUM 20 25 5G2 15', IS 15% - » KogerC 2.32 101*75 28 - % | lb 10% CWMaw 25 n% 61V % EaglCI 28% 28% % 5* 41, R..1-H i in J.’fl Hi, T Abiaul 6 b* 11', si re. 3% ff; - SiHili on 15 9 S-% 9 + ; 91 ZlWO 63% ST; b3% n 3 3 13 JIT* Jn M iCi) lh 0 32', 31’, 31 1C% 11% * % % % es : 991; CMP [46750 EitnCo 14 7 ‘ 47’t r? R.xi 1 6 16 1374 41-', 41?, 4U, w lykrr 16', 15J, AMzuA 52 *5 1% I'- r- - - B zre. 22 are, * v SWOOP 31 8 B 8 69 Qhp p(C7 6Q 9 zioo are; 82”; «!’. «n .40 2 5 19 30 IU, «* a;. fl.l.tn; AmRoyl24Se 5'; a t? 33 are; 33 * SbancCT 1 n, 7% 3* ?«- ?4*, -’ ^T, n.: 1 d Ib I’.r.i 4J 41’- Jt>, CL' I 4 5% % 7% 14', ib om> 106? 17 92 H& s u u EcbO&g 15', lb-% 15?* - *- L L *e 171, h.-nur Xll 1* I'l u A5c£ *0 lb ff* ff* 12 6184 SiHevn 08 42 94 5% 5 5 - % III*: 106 QnP (!* M 11 rt» 111 \*S% 4 co laBarg 3 1?, r, i? - -- I Hi w, UAL 1 IB 1124 S7*J 56 57 Etanor 7* 5-5 a % Stanwd 2* - 910 110 13-i R.reip 17 IV I. 13', Arnp.ll Ob 10 I?? Z% 3% 3% * % 23 13% '3% 12% % 113 - 103’; Tff 14 13 zOO no . W* I 111, i 1 - Laser 21 105 14i- - i, QWP L’C-.Tt IR Mtl 1 r, v EnrErv 4 - 14% 14% StortEl • iilSH - AndUl 15 7 ft s % % M 93 ii Ft 2% 2% OnP »i Jl V r: Lynenc 71 - W, W M8« W s s S «; 22V UDC 4 tt 10 2JT 377a 37', 37% -V Espe 40 8 il }!% 21% 21% 20 2 173, 171* in, SierlSn lOe IV; ~ pioirs >1 iiJ as - 43'- ahojco U i 25 >935 16% IS'? % Rff, 50 OhP . J' K'l 1(1 743, 741, 2A’i UC.I 7 K? Tt.’- »'* - 74V S W 9 21-V ArgoPl in 1, SlrutVT 17 T% 1% - % CWnGCDB 1 1 13 »» "3 rtr* % ‘s 1% 3»a n’> *C 17'j ir ir, UGI PI 2 75 z3>V2V I — b M .b £«* 2»I temlin 6 SV 5>, Syria oy IS 4% «V —7* % <«i*4 B I ,?00 b-» «-* .’3-4 341, •1 5% F F ' OalaCplBO 8% 35V SPST.t K? 3d 15 34V 11 lincrits ib 2s* irv in, in, -j, - Arund* 11 17 2ft 24*, FiCau Si ' 133 40 2b 11' ". •» % 6% 6% ev_ 413, ro* Otm 130 IB 33*0 'ft 04 3 35 1} 12V 1.'. 12 lb'* ini. uns 40 24 158 1t>% 16% 1| M M S?.*, 16% Asrwg 20 35? ff, FCopHd 65 742 <«• T Uf Si, 20 099 u 8?* ff, 8U '!*; :uii 7% ft, T; MCO Hd 17 3 18 IS?, 15?, T T * S’; Oirmcra 11., LCIlKf IJo 17 102 12-, 12*4 Lfi-TG 3 32 5 3 2197 447, 42 44 + I W* AlJrotc 51? FocnP 33t IS 19 19 - .si‘ 50 49 61 * 2% 2 3%" % 36 Iff, Rt 111 1 ISrlD 15-16 -T- II TIE 43*3 51*- S' in. K Oneida UO »% 16» 1C% 2m + I,'; ji? i , ia ?>** 3(? I * 1 UCO 6% 5% % 1*+ • 1 " SVU8: 70* use a y? 20 10 303 «7% £7% i S' i,5? - «V AlhCM ZCC 1 151b i Fiu'-e I 14 15 fa - 33% S7i, ONEOiCK 0.4 12 174 30\- !» 30 u a-. yn ul.TJ &V 26% 35% USI Dt 38 12 1»% 12 TH 35 141 8*7 ff, B% - % a ; 5'i^JSc 15 M II'; «V 11V -v UW pi l«l lh I 120 120 +1 Allan wt 2'. - 4 ff- FDuHG 315 6% 8’j KSR 63 2 i?a 1?,- TaoPnJ is 5 21?* 271* » I, Mis 43ran«fl.M 7.0 11 83 30 1 l? Ul.iFl-J 1 41 % 20 21% 31*e V so% JC , v w >¥) J I'l i ra O 17 20 20 20 1 \ Avondi ta 2?'* - - ll-s-j , OrtonC .76 19 1»» 40 33'. -ft-'s Sjv*, ' 7ti tn 1SMf.T7’i 071 UViKTpl tl 521 48 "% B B 22V 3% 3 =!-Wr 23% MV -V 3 37V I'Jj'i 3.H 3 4 25 49V 48', - - In MaiRsn e i*a 97 M'a 12% 12% % TetvSym 17 5« 17 V5V iff*- V 1 271, 1 Ui'jib * I'. BAT k v MV 2J QnofiCfdt12 83 6 34 Z2- 33V W 9 to 7. :.'V 70 : 3U827u21', 20', ST-, I60J31I1515-16 513-18 51115- $ G 23 401 22'; 21% 21% - TecflTp II 100 53, - 14’, OnoeP 1ft siinPiiC ftso 201 27'- 28 3'% tinCin il IBffJ 3ff.- - Banslig G UairhB % 5% % :: * 9 . . to 12 1N| n% -% ffiv 373, 37 , V IA b.% ffj ff. ? GRI 2 5% S'* 5V - Media 1 16 18 12 BST, 85V - V Teteci 33 83 10*, 10*, + *? Iff* 7 Ofun pi SO 60 16 13 1 * r vjE*ni3rl 198 12', 11 V 11, I.- UniunC T»1 11?, II It.’, BarrRG 12’- ¥, 5% 5^ - u % 05V 9% GslivO 14 205 13- 16 T£.:8 3 73 •*% 4'. Tetesph 119 4 * - p*2 - ^,'ilU '4 -07 % McnCn' «% 3?, ?;« 5*& *,?• SC’j Orion 7S 9 2 Ml sw, 2ff« r*., > 45'a 25 5 IS 49’* 444, 44 „ UnCli-cl 84 .19 1230 24V 2»li 24', * V BeiftBr ret> 18 219 ’2% 3ff, 3 - % J 23-', GntVlg 2Se 114 ir. 16% 17 - V MidAm 20 2 B?e ff. 8?a Tft«Air 61304 2S% «0 28% + *? « ,-: : 3l'e IV, OutodMM 2 1 21 446 4i- -TO 3L-0 M'. * ? 2 10 4at 3 iv 31 3d* UnEI ,43 50 ,-jo a*v wi, J41 B*Cps 40 14 If IS', • M -V 27* 23 % Stem] 1 - - 40 CjuanBoti.- 4f.', 15 26 *5% 44% 44% % MtclUE .2* 101013 10% 10 10 - % TotlPlg M 271 16% Iff* Iff, J* IJ-| OumT a 14 21 312 331, C b 9 • 331 B M W, UnEI C0 4 jd ft tl <360 u46' 48 Bowmi IU 117 32-a 7"i 5-, 5 5 - % Slnmr 10 29 26-j OuSWp 17% 9': SJuoiiR 7 34?, UnEI pIM 4 no 44 18 4 33, 30% 30%+ V TubMex 33 2 2 T3 .30 2-* 9 17 11 x, ll’n r", 1? 17 33 32% as V Bo* 9> re 25*, 25*, - 1 - % CMS1V +’• l 1 «»'. 63 5 +% 5*4 SPV OwenC *0 S' Smuii 60 * ?* 338 4 , 4(Vd 414, y L/EI pn. H ft i <200 fib fib 86 Biscng 1 80 40 34'- 34i« 34>- - } % GloFid «?7 9-16 12% 411* oweoinao 25 14 562 724, 71% 7 2V +r. S Ant IRC. 04 7 2 14 2AV 26 3P, 2" 23V UnEI p?3 08 t< 27 2ft 30% 2BV -% % N N 1AJ, c c GnrtAu JO IS ig 21% 23% % 474 Iff, II Oxiord 48 26 31 US 18 173, | r* ZFi I9-, SFlEP n , 150 23' 22V 24 UnEI p72 IJ 90 18 23% 23J, 23?, NtPutnl .10 ire, 23% 23% U U r - CW 15 211 22% 22% CnlkC 12 M 200 39 38% 38%- ’« USRbNJ 3 <, £i , SFe&oP 1 2C 14 0135 31". 3?V 3d', t 27V LhiEI pt? 72 10 4 26% 26% 26% -% ~ * NU*Ar 35 25 so. ». 22% - V 5 2 3 3+V PP CMI Cp 29 M 7% ?•- n, * Groenm 19 160 3D, 31% 31% - 1% 27i, LUbnte 3* £C?« 36; 5p4rol.ee bO 2 7 15 613 w»'i 5fl', 58', - 24 UnEipnl OJu .'0 res u% M% -% % NProc 1 2Se 1} 97 271i m, - 19 23% 23% 2S%-.% 34*; PW3 1.75 2 7 T4 1515 I.EG'* - 14% Cameo 4* ISl, - oionwr 14*4 14", % 65% E5 65 - 9 IS IS'j *;.'; nun 1«v+ V UFdoCA ICa 53 1?, i-V 41V 201* Sai^H L*8 38 16 11 JB'i 38; UnPoc 1 AO 3 1 13 2006 54 V 1 3 NYTirneS 60 21 454 81% Wl 6ffg + 1%- % 341, PSA 1 3*i, 33J; - MV W, W CUaicg «?- % 60 8 9 258 33 43, -. - ?0 20 18 17-* I'?," SrdCH 500 14 82 14% If- «* LtFoodB 1?» 30 IB So.L:P1 tt SO 10 ,163 201; 28?, Ti 103 UnPc pi 7 25 6 1 63 lift 1)8% 1185, V NewbE » « 1 4J« 4). *5, 20c 32 2 "i 18'? PSA dpfioo 83 16 £3'i -V CaerlA aa 20 52 1164 11?* S’? 23*; 23 23 -v • 2 11U 1ft., 79% SnCdse 17* «!- % rJolbx 2* — iaimiRs 14 12 6 S-«E U4 4 4 .1 W’, ;«K, 3b-', M Umyl (0 8 ft 4 .•110 86% 65% 85% •% 1 45, 45, 4% ', 6% 6% ibV Wl PoeAS 154 9.8 2? 16 IS, Iff, - ClryBu lb 2 I6i- 16'- 16'; * UnvPai 16 17 Tfl TOV £.o*E dm 28 11 *11 12 nV 12 UnitOr 20 2 l'e 2 V ie% i6%-% r?V 16V P«OEl«4 sar *367aiv ?»i *=• CnmpM 6ft I2wl J-'j 2% -3-1 9 nv S« 3 Szu'ii £•6 4>? 4 4’, - i?ft UnBrndOSb 2 13 17 23% 2J% ZP* -% ;v H H sr-, PacUfl340 66 14 2S4 52), ChmpP 72 16 9 22t* V l Sf 3SV 52V 5tU 12 4 5’i 2D', UBid A -t 23 2?., - % 55 444 3% £% 12i, a Sjv« 33 Vi Vj > V 12 8 t a ir% in, ir% £% 7W P«cfl« It 575 12 12’* - 16 177 - 12V 23", 22’ .Id iiR 2'% 21% rlompit !J2r 10 TO?* iff, 10% *, O P Q 23V SCAHA2 24 6 9 11 223 37V 32’, LnrnTi !, 6od 229 3 9 V W \"r: ’? P«Aapf 2 33 22 15 :r • Wb 91 21S* 22 »V «7 29-. 65?, 1 Ulliu 22'; 22".; fantrCs 50 16 28 28 - GEA 15 9 23*, 2ff, 22%-% VTAmC .40 31 236 Iff, v, 5 - ScmPMao 2? 1; 3821 U*v to', 1* 21V pr2 2D 11 *450 21 201, 201, 28 23% % 18% 18%+ h 12V PacSo 40 25 15 25 IS * IGi, 16>, eji< 11 T* 44'; 4A, - Oakwoa .08 17 60 2ZV 21% 21% - IV Wj ScobP 1 24 2 1 13 ina? 5S1, w, „V'» Uinu pt * 13 29 31 30 - <4 lasero .15 13 359o*7 *e% % vtRsn 29 +% 4', •ns* 04', 10 1T34 esi, 90*, &7V 30V 5 - 3$ 67V PaeTaWTS 63 9(p; -V CmpCn 180 7% 7V Iff; - OOterp 42 ff, '- S'; *4 Vcrntt .20 32 114 10% 10 10*- m iT-e Seovys 52 32 M 149 IK, -** lh'; u% Ulliu pt 1 90 12 ft 16% 16% 15% -% rixhCn 414U1CV 10% % H 73 tO 5T5 3S>* 12-S 16V »V Cncten 12 cearfcH 338444 17 10-% Iff, 3^7 »t Pat*p3« 33 33* 43 Uniirnu iJ 20 OT, HoinieA 10 15 31 27% 27% - 20 - % t'ertpte 38 48 u ff* s% 25', SljOi « 13 13 219 3*1, SJJ, 3l'o 'V ."‘V rj 24 11 253 27% «, 2£% 27% % - 5% 2rj 3i Paco pro or 1L 21 »« 35V 35V *•’* ConcdF rt9 5 11 Iff, Iff, 4'; PaBCps J0 92 238 43 *2% 42% *; WTC 284 J + IT, HV SmCt pM 48 12. 2 12V »2V * 4ft 36 Unillnn 22 6 21 82 441, *4% -% riennO 64 23 4% ra ff, 9 5% % vL 2T-1- 443, Pwim>4fi 13 20 606 401, 40’, -L 12V V 43V ConrCp 1C 45 77-, PE Cp 251 22 9-16 9-16 25V 41 V pfB21i) 16'i 16’’ - in* 17V HtJltyCn 4 2* 13 14% 15 + % WongB .16 1890 Iff* 19'; 19% * 1 I&V SeoC 13 26 16V 40% : jv UJriB sl 18 30 13 405 X* 30% 36% % V 36 2S'1 PaanW p<2M 57 34 2V. 33’- S3*; - -V ComOG 93 3': i'3 PoriniC .00 5 32% 33 32 •-> %** j 17 141, SnaC plC2 ID 13 16'.- 11>- UN.1M61 3% -fmeGn 1731 30% 25% 29% - WanpC 11 3 20*, 1*7 ?.* PanAra 4474 1u% 1(*V 20V 230 u2C6g 20% 20% % PeiLw 19V- V 91; *; 18 #v Ws 25'* CnSlors *0 7*9 u2£% 24 25 13 27?; 27% - 138 11-16 9-16 9-18 WmCwt 67 13-K 13.18 13-16 -H 1~: SoaLnd 40 2 1 30 397 27', 22% 22', 3% 2 UPh/Jn 1 21 2V 2% -k»mia .56 15 27% % -.4 PanA wt 339 % 27* 2-, 2v viCotnA 7 15', - P«>ruSy £1 3*4 .. i? n 3-32 SeM-n (I - X 15V i*V HmHar 153 9 6'; 8% 3% 3% WssnPsl 112 17 3 152 151 151 -1 i - 6 S32 S32 S3? 1 27V UiJirG 12 3 a 1171 35% 3Cu 34% " 1 301, 1«V P«M0i> 1ft 04 U30>; 2>, 30 Coni Mtl 10 1 26% ?«£ «S, PitOsm 26 17*, 17 17 - »• 5*, 2?, SpoCo 9V 5 USHom riTft ff, r r, -touOTI (E>e 270 3% 3% 3%+ % Witifrd M3 2 1> 2 + % *?,£ ? -v 1 14 S* 161, 43, PlKWPr 1892 MV 15 - Cross 44 17 20 38% 38', 20*! - ff, 5% - *, Piltwayi 80 15 92 S3 92 Weikw 7 22U 15V V ft 3.'% Srjgmi 80 » s 15 1562 533, 53 51% 45 31’» UFAi.-Jb P-0 18 13 441 U45% 45 45% +% V +u5*yo 38 500 6 7 22% =2%- % U7, 5V Pu4*0 252 CV 81, CrnCP *3 65 20% 1ft, W?8- '. PosoEv 187 4% 3?* 4 - % WetlAm - c!p 8V -V 13% 12% ffljjul 14 -J7 lb 15V 16% S3 28’, UVSboc 12 13 17 ej 51% 51 51 M 2% 2% re* % 17 34 177* 173L > CrCPB 1ft 16? «!.- I; 1B-V HV P40£UKa 3 17V V 42*, - 38 e W; WolGid 89 * y. re,+ - 2T? Sb-llAiT .44 1 2 19 54 375, 37% 3.", 1. 33 31% ussmei 20 5 3 13 6J85 23 22% 22?, - % % 2- 6-V a ParKDrtOO 21 256 a:, 3), 3?, CrulcR 1 119 7- IS % 718 \ Wnbrg 20 14 102 - v;i >U 31** 22% ScalPw 1 36 II 214 Off, 27% 31% ~% 36% 51 US5II pl'j b9e 11 50 62 62 52 - V 12V iv. 12 V 1 49', 281* 9hOM . 1 12 25 15 219 451, CryaO 1375 5t6 '« 5-16 12 i ff, »«+ ia.-; 44V 44V “V 48 Sears 176 30 13 0165 SS «% % R R WDigui 31 263 11% 11% U%+ % :** 43," 31% 47% 4&% 46% +% 33 &V USSlJ pf2 25 8 3 229 271- 27 37 - - 3<« PatPw >4 196 4 37, -l„ V Cubic 39 11 217 24 2re, 23% r mpOUgl.60 97 3*% 33 33% 1-% .12 48 - wtemta 30 •' 3V 1071, t02', Soars pf&Obo 8 3 400 I04>; 104'- 1 % Ragan 33 22% 22 22 2 2 2 *• - 104% 39% USTob 1 * 56 11 854 36V 35% 35% - I % ib iKg P*yt*P A* 43 » 798 15*j IS , 29% Curtice S2 It 30 2r% £?% SO - i 15V -V •9% IT*, snattoa 72 3 8 lb 1 431 Iff, 19 27% (KWH 2223 6 S?s 6+V Ransbg .72 28 444 2ff, 20% 21 1-% Wicfces 14 11S38 6% ff. 6%+ V i3i 21*. 1&V 9ff, 73V USWosfi 08 £3 10 1290 971; ass, 97 f 233, z Pa?Ca*i.i6 .8 18 377 ap, 20 -7, % hatSf 10 228 3% 2 2 - 54 51 51% Wdsrnn .40 17 17 14% 14% V 18% Shawm CO 1 0 13 30 37% 37 37% UnSKk 14 0 D % Heart A 509 52*, -1% MV *, PeMO 45 13-3? 'O', 6 9 9?, 9% 95, traCtyg .80 235 tt% t v v -n 46 Offl 11% U% % PsiAfiB 12 5 ff, ft*« WwoeE 59 re, re* r 34% SheKT 252e 56 0 2606 48?, 45 4?'* ~? 36>, UnTvi-TiT 4Q 30 25 4203 53 *11, DWG '25 2 1% 0% $+ % . f- <5 PanCin » 1004 Hi, 56V 52% 52% intmA 12b 6 2C?* 20% 20% - 68V »V 55V -V 45'; 21 .90 0 45'-> 45' 1 + Damson % Rckwya .28 24 20 19% W T9 SbClGla 2 U 189 45% 1, 44 1 143 * 19* ff; ff, 671, 453, 3 5 13 1794 AS*, 1. 32V UTtn PI2 65 6 417, 4U- 41% 1, imEUtni 41, r, P*mMqe.M 6C’s 6P-. * <9 SiulG pit 49 DaiaPd 8*9 u 5 Rogers .12 92 45 23% 23?,- 22% 40c 2 9 14 49 49 29% re% UniTol iy 60160 3274 29% 20?, 387, - is 1C? IL’* f+'e 23% % 33<* 23i; Pa PL 2S6 8 2 12 839 31'* 31 31V - a % ImPwr 1 4% 4% 4ig-1, RBW 8 £5 S% ff,+ X Y 2 58?, 31’; Sin win 1 1 8 lb 314 57% 56'; itfi, -1, 2I.V 17% UIVR 128 5015 30 rev rei- rev -»j Deunca 393 1% '% 8% % 48 34 Pan. pM 40 0 6 *1790VFj *', IroqBrd 17» b 3 34% 3*% - Hmcrfl 36 7% ?i* 7%- V 45V 4SV IS-', Snrwnwi i>0>, 28'i 2tw, 1 Dovtcp '425 14'* 14'* Ml, *% % .60 17 72 26% Zff* 25-%- % 04 *400 6 29% 17J* Unnrde 30 8 38 55 25% 241, 2*V -1 9 -"j 48 PaPL pi 4. 60 0 7 47 4&, 4K. 1 lOV Snoowfi - a 6 13 1178 9% 9V 3% 3M1 17', Univ.u Co 3 4 13 1 23V 231, re', - V 9T? 64U POPL pfflM 97 <10006} H (9 • r; 19>, - 12 SnowM 60 3 1 16 142 19% 19V iff, -‘2% UmvFdi.13 13 159T59 32?, - 293, P*PL 1Z 6 2Si, 24% 3 5 u32VuJ2V 31% 32V % 26V 4*142 2BV 28V -V VP, SreiPja 7 22?* 23-V CL. 3 12 203 23 2r„ »% 19% UnLcall 08 39 10 143 27?, 27% 27% -% 87'; 623, Pan. PI840 9 9 *450 65>i OS to Sl'i 32' Cetger 40 8 1? T Ml u51% 51', f-1% - 53 20- Unocal I 2186 ll&V 001* Pan. pr 11 it *10 wa 103 1C3 % j 20b 56 9 25% 21% 21% -% >; t 71; 23 Smfir pnsa 24 10 371, 3C?j 37% +% i lt>3 7(3, UncZlnO 04 1 ft 25 1052 11 1847, 161', 161% * V. ids ioiv Pan. p» » i2 *178 108 MB MM *• 121 Sipylmo -43 2 6 20 2E6 1ft 1#'; 18% -% : : It » I 471, 32% USUFEl 12 25 12 778 45% 44% 45% +% i' 841; 60 PaPL pr a 08 ZlGO 82 82 82 - V 32 ST- SlMory 58 17 2ft 2B% »i -% ,r% 9% LhftkiFdl 08J 93 13 11% 11% 11% +% 2.30pm prices X: w 88 66 Pan. P*S70 10 *230 861; 85 + , Nasdaq national market, I.; f'i! 86V ,v I2i, 1«, fctSmiBlCft 674 2% - OVER-THE-COUNTER 2% 29% 22% UluPL £32 8 1 12 332 20% 281; 28% % sr : 34 PanwttUD *5 140 43V 491, 4T, * 89V my SmkB 3 34 13 1.301 B8V 86'* #7V - % ™% 23% UtPL DI280 9 7 18 24% 29 29 -% ''< ^ s 213, 36 13 28?, ?9V p«iw pneo 2» fl 2»V -V 5LV 26 _ Sinur a 60 1 4 19 53 43% 4?', 43% % 1 UlPL 90 10 50 B®, 91 38'* PmnzdL20 - 39 2S 787 65?* - V* 30V 24% P'2 28% 28% 57V 54 V 5ff* SrupOrt. 16 17 94 50', - H7 ta* £3 | High 33% 50 50% 1, 19?, UlPL pi? 36 103 26% Stack 5*%i High ® Saks Low 1M Om Slack Saks High taw Last Dmg Stack Sates High Law Last Ong 23Sg PaopEn .32 319 S00 “ 1-1 90 28V 26V law Ian Owg MV 2?V 21V 21V IS* Snyder 2 15 440 II', -1, j 9% 13 ip, 11% 24V 17 UlPL PI204 ae 2i 23% 23<, rev +% (Hotel (Hotel (Hotel PftpBy .20 .7 22 ITT *’, IHsM ! 29V 17V 5 27% 37V 27V 43% 28'* Sonal 2 68 501 31 30% 30% - 31 19’, uni I 4 6 10 117 PepsiCo. 1* 2050 % Co am 30% 30% 30V ‘ 85V W; 78 22 82V 61V U* .9 Ccqiytef 14*, - HarpGs .26 190 29 201, - 3* 21% 14% SonyCpITp 13 2703 20% 20 TO -% UlllGo £>13.44 1 23 - ADC n 14 27?* 26% 261, M7 15% 14% % 28% N N 3ff* 22-g PaikQ .80 I. 16 1184 32 3i - 20 9 B 25 25 9 31V 'a V 34 34 -1, Carcom 20 r% 7*-> 7*i HrttW 1.72 *443 42 - 36% 23% 5eoLm 1 20 15 16 34% UiMCo pi 4. 13 12 I -% AEL 1131 MV Iff- 141, - *2% 41% % MCA Cp 12 5V *3, S + V 187, 1H ParyO s .1.3 17 7ft 181, 161; ¥ 32% 34% 34% 34% % : ( 22 19, -V 40i, Cerda 434 Haffnvs 441* 3P, SouicC3.30 ai 105 41', 401, -V ASK 1519 121, Iff, 12%- % 101* 10% HP, + % .20 30 ff, 8% 6?, NMS 113 4% 4?,+ % • *•?••? 3 301, Petrie a .70 £4 IS 220 30?b 2BC, 29>, -3, i-’ 16V 26?* SrcCp pl2 40 94 11 AamRt CoreSts 1.24 000 41 40% 41 + V HawfcB 3173 4*, 3% ff* - 30 10 ft% Iff, . 28i; n 25% 25% 25% 26 17% 17*; 17% , „ % 32V Petfls 35 le 14 50 2SV 2*V 247, V V V 1-16 1-16 + -v 33', ?5% SoJerhftSS 7 8 13 75 u33% 33 33V 1 Ace din OSr 29793 5-16 3 ? Cwws 759 2% 2 2 -I- 16 Hhhln 48 1 1-16 1 VIS 1 VI NBnTex .78 91 19% 19% 18>, 11 % 31* + % 171, 1SV Pa«s pM.87 04 1C7* K3, 16V 4 1, , 68 30% VF Co.pl 2820 M 702 64 631* 63?, *7, 47V 31% SoudM n? 30 11 Sit 34?, 33% 33', - % AcetfUl I ?3 Iff, tt% T2%- COM» 122 4% 4 4 -1-16 HHbdyn 573 4?, 4% 4% tvetya IU Mb 42% 42% 42% - % 5', 2 Plrtnv 26. 121 S', — v 143* ff, Valero - % J JBdB 7\ 21, V 8 359 9 ff, ff* CrSBrl .14 72 17% 17** 17% HchgAs .16 849 24 24 MCptro IS 392 17?, 4?% 26 SoeiSk 1.20 2 8 12 ,339 421, 41% 42'* +% AcuRay 24 130 34?, 24% 24% - 7, i 24% -% 171; 17%-% 607* 4rtg Pfizer 1.64 £8 17 3525 59 583, '29% 19% Voter pli-44 14 54 24% 34 58V 5V SoolPS2 131 30 42 117 7% 6', 7% +% 23% +% AdarLb 6417-16 15-16 18-16 CromJS 04 29 20% 28% - % HciigBs .08 126 24 23% 2* + V NQata 44 272 13% Iff, 19% i 32V «p* PlMipD 51 3118 321, 31V 31V -V 3% 2% Vateyln 72 29 2% 21, 2% | CrcsTr Helen! 154 30% 2Z>< SCal Ed? 16 7 1 9 2184 3C% 30', 30% »% Adage 4% 4% 41 80 S32 25% 25% Z5V - V 4% 4% 4?, + % MHHCs 18e 32 17 tff2 17 + % 62V « PhMp pr 5 81 31 u62V 6iV 62 34'* 20% VonDm 1 28 W 66 u347, 341, 34% +1* “ 23-', 18% SoulliCaOt 8 9 7 1184023 £2?, 22', AdvCir 82 10 9% 8%'- CwnBk 25 15 14% 15 + % Hell* 39 255* 25% 25% NlLumb 97 ff. 5 S-% 571, 341,“ PhdirS .64 1-2 15 5729 -1 — 53. 7i> VJiro 50 2?, 2», % 56V 55V 55V 223* SoIndGifiS 8 0 II 131 321* 329* - 2% +% Asquftn 4 13- Crumps 25 *78 25 24% ?*% HenrdF 1 268 45V 45*, 45% + % NMIcrn 160 3% 3 ff, + 20i| 32% Ti- 61 5 16 *5- % % 13V PiUaB£20 II. 8 2452 19V 19 19V + 1, 15% Vdrca pi 138 103, lffi, jq% CulInFr 18i* - 37 SNET1 280 60 12 01 47V 46% - •* AIIBsh 80 808 17% 17 17% - .9* 83 Iff* 18 HlberCp lb 127 221* 22 22 % Maugle 4 3% 37 27 Plh pl3 IT. *20 Van an 411 % - f IE 60 3SV 34V 35’; -IV 44 UV 22% 36 3 39 2ff, 27% 27% -% Crtums 50 >59 20 20 Hicham 39 1«, 15 + NotsnT 71; 71;- SoNE pW 62 8 7 *70 53 53 53 it AgcyRs t 5 31% 31% 31% + '* 20% -% 15% V % 42 32 PttliE PU40 11 . z200 4iv 40V 401 173* 9% Vara 40 £4050 33 17i« 10% 17 -% 23% SoRy £42 60 89 13 29% 29% 29% AifMd •lOe 76 7% 7$ *7^ - % Cytawe 35 26*; 25 28% + % Hogan 4M 7% 7% 7%- % Nelson 60 6 a 5%- !« '•* 81V 60 PIWE p(B.75 11 . Z900 77 7P; 20?, 13 Voiko .40 £3 23 98 10% 17% 17% -% 7 ? 76V 19'-, SoUnCd 72 «0 120 195, di9 19% AkW.sc 451 15% 141,- 3 Hooted 64 192 38 35% 35%- % NwhSec 100 ff, 6 fl% 9*, PhflE 41 12 48 12i, -i, -V 12 ends M% t D D 13V pM 181, 121, 3% V 17 105 B n, 7% -% Horzlnd 7 ff* MtwkSa 3723 Iff, 10*;- 283, Soutlndi 12 23 11 606 40", 48% 48V +% AlexB 180 83 50% SO SO** + % DSC 1477 0 - 5% 5% 10% % 9 PfidE p< 133 11 . 3« iu in* 13% 9?, VWiiSe I 20a 87 81 IT, 133, 0% 8% 12V * nv pl -' 13% -% Afina HBNJ 148 38% 38% 38%-% Neuirge 4 34 33% 33% - 70% 401; Sound 4 5 8 33 69 6ff* 68?, L " 539 3Z% 31% 32 +1 DtasySy 2888 1t<; 11% 11<; + % 73 32 PtulE pf785 11 . Z220080V 6»j 15V 0% Vocftm n 12 888 12 '»’• “% r'£ s 69V 14% SV Sotnnrh24b IB 7 3213 M 12% Iff, ~% % Algorn 3 71* - HumJB 2A 24 359* 35% 35V- V NS rurr3 327 10% Iff* Iff; + % II. 49 MJ' fiff, 40 VJacom .40 091 7% 7% % DmnB>a *91 0 7% B + »3V «« PME pH2S 1*V # 111, -» S 24 50% 5S>, -I .64 41 41 51% 46 Son* pM.34e 12 7 49% 4ft), 1, AlegW 34 378 20 19% Iff* Deicrd 24 HE Bus 8 41% 130" Phil p| 17.13 14. Z420 126 126 126 «V 521; 42 VaEP pf 5 £4 ,20 u83 53 +!•; % 56 23% 23% 22% I 1MV 31 SwAirl .13 14 20-', 21 -1* AltogBv NHmpB .80 8 40% 40*; - 20 A 810 21% .40 340 271* 27 27% - DtalO *22 11% 107, 11 - ILC *5 91, 8?, 8?,- 40's % = 117V 104 PhaE pf1525 11 z280 114 113 -1 90% 64 VnEP pf7 72 80 Z500 00 0B % % *57 4| 41 5* S. m 15?, 9% SwtFor 129 15% 15% 15% -V AUdBn .04 1249 17 16% 16?, DtSwtdi - IMS* 24 1136 42 42 NJNU 1.12b 41% 68 63 PME pTB.50 11. *660 84 83 84 +1 101 71V VaEP piaae 08 Z 1850100 100 30 5** 5 5 42*; - % - 19 15'* SwtGasi 20 60 10 07 19 1BV 18V ~% AtpUlc 34 5% - Datscp - NwtdBk -15e 129 2T« 21% 21% 7| 5% 5% % 193 33>; 31'; 32 ISC 1238 !4<; 14% -- 1 • " 75 58V PME pf70O 11. *268071 70 71 91 73 VaEP pffl 60 97 1 89 89 1*V r. 4V 95% 73% SwSeH 6 66 9 990 BT% 91 91% 4 ?; Altos 1223 18% 18 16 - - Mewpt .06 268 17 164 16% " 4 73 54 1063, 78 VaEl pi 860 104 % DUott 12 ff* ff, ff, ICM 382 Iff, 11?, 12 PKUE p!7 75 11. ZSQ 70 70 70 -IV B3 *10 104 +1 NwpPti 841 7+, 7*; - *, ,K r 29 16% BwEnr -52 20 7 5ft 17% 17% 17% Amcest AA 17 13*; 12% 12*; -1 Datum 33 ff; hnunex 2008 Ml* 133*- 7% 231* 1W, PlWSuM.32 13 24 105 7BV VaEP p)97S 9 7 zl 10 102 101 - 1 5% S% + 13% % • 4 60 27* ret, 22 SwtPS 71 11 177 % NrCaig 998 1% 1%~- 0% re 202 28% 28% 28% ~% A1MAM 607 11% 10?, 11 - 1, Dawson 8 5 5 5 teaemp 456 7 6»,+ '* 1% % 2ip 62% VaE pU> 72 £7 z 100069 09 +1 6% : •' rx. 126<; 72 PhilUr 460 38 12 5045 127, 1191* + Cl, SpffBfl.SZ 17 17 487 %* Nike B 409205 17** 16% 17 + . T 121V 10% 11425 159 16?g +% AmAdv t 1% 1 1%- Debaa JO 349 31 30*4 ErrtllN-. 32 - % r 54ij 04% 59 VaEP pf? 30 B6 *100 03% 831; 30%- 40*4 3», 39% V • 67; PMM wi 89 Bn* 801, 81 +i; 291* 03% Nordsn 68 17 22 22 . A 15% 3poctP 85 27% 271, 27% -V ABnkr .50 810 17*« Iff; 16% - % DecisD 2259 11 - WoRac 55 33 32% 32%- V 3S 36?, 10, Ptktpto .60 1.8 17 263 34J* 3T, 3T* - IV &? — Nordstr 52 414 59*, 571* - sr jg 5=7 1« 3773 AotCjhT 468 18% 15?, 15% l4 Dekalb .72 429 - teBm 66 Iff* Iff* - 3* 50V % 15 21% 21% 21%' 17 9<< PtlllPI 1 ^ . 13?, a 10.7 780*10 S', 07, -V 47 31% SprtnpSI S3 83 31 13 46 45% 45?, - * ,« AConV 19 12% ire* ire,*- NrehBa 22t 30 M% Off, 833, 85« J « VernadySSfl 275S10 S if, if % Dettaus ISO 9-16 bwNtw 117 36% 26 2ff;- 1, PWPrp»t60e 7M 91 '21 04 39% 76% 75% 75% -Si!* Morstan 41 « SO SguerDl . AFdSL 19V 21V 39 10 206 48% . 47% 47»;.r», «. ... ?! 1? !5!? 60 *11 20 20 8% P;+ -V 38% I5L. ' IffTSSL It* 31? + 6% % »V 19% DeniMd . -3,, 108% 70% VulcnbC.96 £8 17 41 105 IOC TOC'; % 475 7 6% 8»,+ 882 3% 3% 3% - % 23 U% War I XOt. .1 17 207 uZ»g 23V 97?, Swdpb 1.70 1®» 9T, % AmFiH ' NAIUn 32 7% 7** .71, +V . 1421.95% 92% -I 8 6 6 8 - 54% % DmgPr . 109 23 are* 22*, - JnfgOv 1430 S0% 19% £0 - % 11«;11'; ft PMgBBO : 239 .101, tD»* . SB1 ..iff; Staley' 80 9 96 331 26%. 27?, 27%.,-'*, AFIMCS - T7* 35*2-35 33’ NesiSv 2371 243, 2| 23V -1% i T.3.- 10V. * ,2 .80 - V Dunonc z 2707 3% 3% 39-16 + tmgGcn 1331 10% '10% 10%+ V 4*3, nislvy.1-73 £5 "15 10DB6SV fiB>,'+Vr -58’ ' 288 7tv :MV 24% M% SffiPnl £* 14 52 23% 22?, 22% -V WWW AMSs 30* 3ff« 32*. are, -11,' Dieeon 4 241; 241* 24*, 45 Iff* NwNG 152 22% 21?, 21?,- % 1SSGO 13%. 13«f 30, 18V PIOMML24 to} 17 888 21 20V 16% Iff; SdZoCr .32 20 20 1G0 Iff; IT, 15?, 34% 20 WCOR2.42 7.2 8 31 33?, 33% 33% -% ANOm 1.20 390 36% -is,' NwNU .80 127 273* 27% 27% - 20V “V -% , 38% 36% Diemed 08 4 3% 3% - Intel 3218 27% 27 27% % Z1S» IT; Pipwaioe .5 35 2DV £9, StdOU 280 8 2 35 3054 47 - I 48% 40 WabR pK50 10 ZM 44% 44% 44% -3, APhyG NwsrPS £30 38 29% 29 29 -1, f 20V' 20V 42V 45% 45% 7% 85 43, 4% 4% + % DrgtJCs 1034 25% are* 23V IndSy 388 5% 5 5 Wm»B 1.32 £3 15 557 57 +»* 23i, 2ff, 17 Wackht GO £2 16 47 -% Nowells .58 30S 421;- *, 57V 36V U57V 50, 24?, 10% siPbc s 288 24% 23% - | 27% 27% 27% AmSec 102 21 333, 33*; 33% - Dtono* 42); fntrtel 19 42% 42% % 4T, % 28 43 43 + 1% 1% !%+ % IS 10V PWam 1450952 14% Ml, Ml, “V 4S’, 103, SUPrd .84 18 11 68 U43% 43 43% + C iff, womoc 78 ff; 8% 6% -% AmSIta 399 10% 10% - Numrax 518 12 11% 11?, 10% + 1* DlrGnl JO 1524 re 20% 20?, in and 110 14% 14% 141* - % 21 is nara a 07 A 35 47 17V 10% 17 18% 1ff, SBUHKX32 »4 13 72 15% 15% 15% -% 41 21% WIMrt b .17 .4 33 4054 38% 37 58% +2+ ASolar *615-16 13-18 15-16 " * Numres 56 97 3ff, 20 m - DomB 122 120 40% 40*2 *0% Ini ih i mao 34 %. ? % 2* 11 PlaafU JO J 213 23', £2% “% SWnWKIJM 42 3c*, 22% Walgms SO 15 21 1262 3312 32% 331, f% ASurg NuMrtto 85 » 22V 4T« S81; £5 15 293 42?, 43% ~% 112 11-18 % % DrchH .28 x3 ra 16 16 - Intnntr 34 7% 7% 7% 6% 01; e%- % 18 7 PUntrn.160 1.0 M 98 1SV 1EV 16% A3 Sarrrmi..O .68 2 3 4% 4% 4% - 25% 18% WkHRsgl.48 568 23% 23 23% +% Amnia 160 *82 *5% 45*, *5% -V 3% DoyOB 83 *748 20% 20% 20*7 hllClte 421 14% M% 14%+ % 0 o " ini, n, Playboy 30 Or, 0% - V SnxtftO .OK 24 15 + 46 31% WaiCSv 50 1 1 19 65 45 44% 45 + % Amrwst 11 22% 22% . 9V 3% 3% 3% 3% " T 2% % a Dram* .20 4 ire. ire. ire. •Game 61 9% 9% 9*;- *, Oceaner 153 1% l»; 1% 3*'« 10, Ptesdy 72m £2 24 1ft 34 33 33 —H 16 SLrIBcp BO 4.0 12 710 11 18% 16', 60 31 WfilUral.40 £5 11 1117 50% 53?, 551* -% Amgen 1931 17% W% 16% +% 17% 17%+ % DrexJr 66 173* 17*; 17% mtKlng 668 24% 24% 24% Ootlas 713 12% 103* 103,-1% 1ft TV PbooPd .80 7.4 448 O'* ft 8V 45 29% SterlDgl 20 £5 24 845 44 43% 43% -% 45% 24% WaU wl 10 45% 45% 45% +V AmakBa 49 23V 22*; 23% + I, DreyGr *tg 177 241, 23% 2*V- WLse* 436 23% 23 Z3% + % OgiIGpa .80 10* 38 37 38 + V TPg 2CPg FoJerid 1 1.0 54 1212 64% 04 04% 37% 16% StovnJ 120 33 456 36% 38% 35% -% 30% 20?, VKBmeo .00 £2 17 3699 U40 3ff* 39% + ?'< Ampad .40 15 2F; 22% 22% - OunkOs 2S 118 2ff7 2B% 291, fnfitobd 217 H% 10% 10% - % OhtoCa 3 208 B8V 683* 99 - % 2223* 1 PoeueO . .2033 16 20% 20V 20V 30% 25% SlWW.rt.E8 56 23 73 Z9% 2S% 2ft?, 43% 24., WmCm 50 1.2 M 2317 42 41% 41% - V Antogie 325 13% 13% 13% iron + % Dm .58 305 14% MV- BUS 283 1 9-18 1% 19-16 + 1-1 OMKnt 1.10 115 36 353, 38 + V PortGEI.BO 7.3 * 397 20?, 25% 25% ia save pi 1 83 Z300 Iff, 12 12 54 33% WarnrLl 56 30 2858 53% 51% 52% -% Anaren 46 HP, 10? 28V 17V -V 10% 1C% B + % Diafils .15 389 14% M3* Iomega 670 17% 17% 17% - OMR pa 74 230 4», 41% «t% - ; i 28 2l»* P0»O pf26Q 98 17 271; 27% 27% -% 57% 39 Swnewi 80 2-8 12 58 u58% 57% 571| -% 24% 19% WB9KGS 66 89 10 *6 24% 24 24% -% Andrew 123 21*, V % 21% 21% Dynocn 71 ff* B% + taomd* 31 14% 14% 1*% OJdSpfC £60 32 20>, 20% 20% i. - 13. ' a 35?, 37, PorC pM<0 28 34% 34 34', 50 24 StorwC .03 1.3198 453 47% 47 47% 34% 21% wwiNaaoe £2 M 383 34% 34% 34% -% % % DyntahC 421 31 3ff, 30%- nei 1199 13% Iff, ire, - % OneBcp 60 47 35% 38% 391* - V 35'? 31V PbrG J04J2 a 22 337, 33% 33% 51% 3ff* SwpShp.10 £6 20 209 AT- 43?, 43 -% 12% ff, WayGotfO 1 6 12 43 Iff; Iff* 121* - % ApoioC 1021 15 Ml, 15 -V OnLtne 113 Iff; 11% 12 - % *3V 3*V PMtebl^e 27.19 101 421* 41% 4??* 2t% 16% StorEq I.S2 9 B 14 386 19% Iff, Iff; + 241; Iff; WayG pfl.BO 84 2 U24% 34% 24?, +% AppfeC 9812 27% 26% 26?, - I E E J J % 1QT, % ECTTel 79 7 70 OptrcC 438 IF, 16% 163, 40V Z7V POMIBUO 8.2-11 713 38% 37?, 38 7% U}S1otT 814 4% 4 41, 3% WeonU 21 4% 4% 4% ApidBio 728 33% 32?, + 6% 7 + % JBRste 8% 93* 83, - % 1% 33% % EIP .12 Opticfl 10*1 18 17i, 17% - 53 *11* PMEI pM.50 87 *550 51% SiratMn.35® 11 67 2ff, MtebbO 20 .7 14 412 27% 26?, -% ITS, 5 7*; 7 7 - % Jackpot 195 8 5», 5?,+ % 61% 50V 20% 17 9S 1S% 19% 19% -% 16% 20, ApfdCm 435 ire, 17*;- % % Orbaoc 2 1*', 14',+ *400 48 49 12 Wcdtcti 16 928 11 *% EatfTl 216 ff, 2 2 - JchUes 32 35% 351, - MV % 51’* 35V PUB p!40* 82 49% 233* 14% StridRl 30 £4 16 186 231; 22?, 23% -% 8 11% 11% ApIdMI *8 £7% 27% 27% - % 35% V 1134 % EconLb 1.0* 161 477, 47% 47?,+ JamWir 512 Orbit in, 11% 11V- ** 33V ®« Premia .40 12 2* 58 331, 33 33 -% V» 4% SuavSh 35 7 6% 7 - % 22 19 WctnRnT 58 7.2 330 2 B* 2T% 21% +% ArizB 00b 374 42% 42 42% + % 31% 29% 30 + % "" 37i, % EICIhc 41 - OrlaCp 457 31* re; 3%- % 27!, W, Prlmli ii,i0 41 156 27i* 463* .40 1.1 154 42 24% WomMs iA 1.4 19 a 371* 37 Artel 7% 7*, 7% % JefUart TOO 0 9% S%- % W 28% 32% Soncn 85 44% 43% 44% -% 30 4% 4% 4%+ % DOwnMs .a 188 19% ire, 18% Mi; PnmaC WeflfiF 11 <107687 ElPas 152 7B2 I7?p 173* 17% - % Jericos 2248 21% 201; 2D% + 28 20 6088 24% 23'* 23*; -% 13% 6% Sun El 137 u13% 13»; 13% + % 88% 51% 272 £2 85% 80% -% AwJHSt .12 145 ff* 8% 9?, + % % Elan X 13 Iff; 13 JofUctu 999 13 12% 127, + SOI; 2»V PrimMi.M 2 31 689 -*8% 4S% 47% -f 25% 19% SuoEn n£08 14. 138 20% 20% 20% -% 51 45% WeIF pKOZa 82 222 49% 49% 40% -% Asnosy 70 ff; ff* ff, - % % P Q 18 48T, EKHtg 5 3 8 8 + Josphsn 8 8 8 8 — 1.32 44%- 381; PrinM ml ft 38% 36% 36% -1% 56', 4ff, SunCo 3 61 10 452 49 40% 4% 28% 20% WeffM280 11 12 107 26V 36% 26% Ateor .40 X449 27*, 28*; 201; - % % % % % % PNCs 53S 45% 44% V ProctG2fl0 18 2721 73 -1 pi — iff* Wendy .24 14 17 3*34 1? -% Eldon, .16 6 17% 17% 17% + % I Junos 56 30% 30% 30% Panar 140 293 54% 55 - »« 76V 60V 38 74% 72 1)0% 90% SunC 22S 22 102% 102% 10ff; 1%| 14% 17% 17% AUAhig 34 *108 W% 18 16% % — 55V 1«i* E10C0KJ 1541 8 7% 7% V } Jusun .40 31 1S% - 15?,- in, si, PrdRa • .28 1*34 230 15?, 16 64% 40 SuadsM-00 £9 18 75 63V 62% 63 -% 31% 20 VfestCo 40 1 5 17 48 u31% 31<; 31% AifnFd 83 13% 13% Iff, - 19% 19% % J PaeFsi 805 16% 151* % % EiCam 409 22*4 27% - 141; 43% 36 Proler 140 24 U 2 40V «P* 40V 6 SunhU 329 51% 38 WPcmPpM.M 9.0 4110 51 5ff« 50% *% AOFIn -05a 711 17?, 17?,- «% V | ‘ PacTet .80 34 141, 14V- 7, -V 5% 5% 5|; 18% % > KK - EtoNud 479 IS*, 1*% » - % PacoFti 167 ire, 21% 21% 2% IV ProHCo 10B 1% 1% tt. -V 8%& 7 SunM pfl.10 14 98 8% ff, ff* 50% 35 Ws«PiP220 £9 13 301 56% 547, 56 % Artless 758 29% 2B% 29*, + % 555m * 34 -1, WStcng104 112 -% EkRnt 23 18?, 18% 18% .13 17 12 VP, 12 + 8V 7V Plum nJfle 33 8 77, 8 43?, 31 SunTrsO 20 28 13 307 43% C% 43 14% 9% M 10% 10% 10% AHSeAr 850 12% t2% 12% " ~ Kaman* .44 193 28% 2ff, 26 - V EkfiMte 17 ff* 3 ff* % 83 11% - 2*'* 18?, PSdCoI 2 94 12 1432 21% 21 21% -% SupVals .38 1.6 1ft 636 24% 23% 24% +% 31% 18% WAIT pf 2 6.7 83 30% 30 30 AiwdOc Karcftr 60 Iff; Iff, Iff; JO 10% 10% H; 5* ElronEI 95 ff* 7% 81, + *8 12 0, PSInd 11 2779 W7, KJ% TOV SupMU .48 .6 16 337 57% 501, 56?, +i; ff, % WCNA 835 1% 1 1% AiaTrT t V Keeler 300 PumM ff* 5 BV a s n H 'sr Emulen 94 10 10 - 17% 11% li%- V PEJn *170 u28 28 +1 1 1 50 WCNApflBIJ -% 4ti 4Sw 10% V PauiH/ t 225 171, Iff, 171*+ 27 20?, ptA 27% us* 12 Swank .48 3.3 27 15 14% 14% -% SV 3 *V *% 7% Aulim* 60 4?| Ksydon 33 Iff, 12% 12?, + % % Bi, 1383, 107 WPad .750 135% Enina 180 6% ff; 0%- Peyctlx 51 23% 231; 23% 9 fit Ktn pIS zWO 81, 81, -V w% SyraeCp M 189 13% 121, Iff, -% .6 12 10 135% 135% -V Au, ton 345 10?, 10% HP, + % % Kemp 1 00 653 97 94', 94% - 2% Endvco 64 ff* 6% ff*+ ' PeaxHC *28 11% BV es* PSn pic 304 8% 81; 81; -V 56% 27% Syntax sl.20 £1 10 1368 50%. 57% 58% +% 23% 0% WWSL , -2D .9 9 74 221* 213, re% -% Avacre 156 17 16% Iff* - % KyCnU 110 32 58 57 58 +1 17% 11% -r% % EndoLs 91 re* p, 6% - », PegGkl 06 139 7 69% 50 PSfii pIF *250 68% 681, 68% -H 60% 32% Sysco A4 8 22 11B 56% 55% 55% - 15% 6 WUrton 1449 61, ff; 6% AvntGr 177 *• '* Kevex 62 8 8 7% 7-% 1%) — - *B 3- 23 23 -f. ff, 1 +H; WnUn pf 1 3*1* 288 «% PanaEn 220 55 33 37), 3?3*+ 683, 50 psm pto z3Q0u69 68 * G9 30% 28 Sysco Wi 2 28% 28% 28% 46% 26% 34% 34% +V Avniek 11*2 re 20% 20% - 7, ! KeyTm 88 14% 13?, I3r, % EnFart 171 20% 20*-* 20V Pemars 72b 131 31 31 - 78% 56 PS&1 pn *50 U80 80 80 +1% 7% 3% WnU plS 143 6% ff; ff; Avalor 5 23% are, 23% Kinder .06 573 10% 1S% 18% 31% 1% T T T Eitgpns .17 *27 12 11% -Iff 1517 74 5ZV PSln [At *100 721, 72% 72% - V: 14% G% WnU p«E 118 HJV 10% 10% AzicM 11V PeopEx 8 ff, 9 + % 47% 30?, TDK 31a .7 00 41% 4T% 41% £0 3% 3% 3%- % Kroy .06 215 ff, 8% S’,* % 245 pf 43 *% EnzoBt 835 15% Iff, Petri® 1.12 436 273, - 11% 0, PSwNH 4 10% »V MV “% *2% 24% WUTi 12 u43 42?, 15%+ Kruger .36 212 171, 16?, 26% 38% % -S, 38% 29% TECO £38 81 11 130 38% 58% 30?, +% B B Equal 709 8 Phrmcl 97 S% - 25% 8V PSNH pt 2400 217, rev 217, 171; #1, WUTI p(A 1» 16% Iff, 16% -% ^ Kulcka 717 15 13% S-.S! 6% 8% % 12% 6», TG1F 16 69 8% ff, ff* BBDO 1£0 78 82 61% 01% - EqfOII .20 125 5J, »5 5%~ P8FS 1B90 II?, 25% 8V PNH pfB 26 34% 24% 24% 52?, » WOgE 1.20 24 14 4379 50V SO 50% + 1% % -% J0e 11% 11%+ % 21% 1S% TM» 1.32 0.4 10 41 20% 20% 20% EncTl 1300 42 - 31 PWH &G 4 29% 29% 29% “V 56 34?, We9(*c1.32 26 15 299 52% 50% 51% -1 (J {J «e 41% 41% L L Pima Kin 2031 25% 24?, 24?,- % 13V 3ff; TRE 1 - 20% 4 3.5 Concurs 1128 17 Iff* iff, - Ertykid IS 9% i= LDBmk 75* 9?, 9% 9fe- % PhnxAm 29 4 3?, - 28V 12 PNH pfE 32 27% 26% 27% 4% Sv ZZ w^m.» 29 SlK 3^ +i % | i -3?i, % 101 09 T* 3 U* IS E> IV, EvnSut 21% LSI Lgs 1412 - 2S K 10? 49 -% CntrBc 180 675 41% 40% 41** + •* l 32 21% «% 16% 15% 15% % PlcSav 362 3ff, 331; 331;— 261* 10 PW pIF 10 34% 24% 24% 60 1«W 5.7 4B 40% v 210% 152V TRW *?•**oM 40 .*?£0 1 U?ra%21B%ulim,?T0i, JW-?TB%-IBV+ A. run. 34), Exortr 173 189, 10 Iff, - LTX 74 15 271* 10V PNH p«3 43 25% 25% 25% “V ! 55% 40,*ra, WOyfwevr pi<50nr* wi aiR1 4111 55*. 55%5SS. 55%MS. Cemcor 839 34% 31V +S | % 15% 15%+ % PfcCafa 52 3 25 25 25 182% 130 TRW pr* 50 2-5 1 M2 182 182 -% LaPetas 1ft* iff, R6*NK2B2 ft 10 520 94 -% 91 75 Whe1U5.75 aao 0* a* a* +i CenBcs 1.50 25 50V 49% 4S3, - 19% 19V PkmHl 1.04 203 41 *01; *0% — 34% 243, 0 34% 337, 16-18 15-18 15-18 as % F F % SV 1V1S KjTacBt 323 CBSRSa 27 LaZ By 140 397 66 84 64-1 PtonSI .12 77 - 38V 26V P&VEG2JB4 7.8 ft 2050 30% 35% 36% ir, 8% vjwbPd 103 10% iff* 10% % 2«* 23% MV TOP 136 7 71,-1; 10% 10% 10% % TaflBrdl.18 1.3 -3, 7% 077, #3 21 137 M W, 9ff, WMript 67 CFdBks .84 236 28% 29%+ LadFra a 821 283, 28% 28% - % PoFotk 9 11 Iff, Iff, - 18V 121* PSEQ prl.40 73 4 17% 17V 17% +V 705, 40% 2 £9 14 3377 60% 60% +2 29% % FMJ 165 11 Iff, 10% V £1% 15% TsOcy 20e 1.0 13 124 19% Iff; Iff, - % Cermft 116 Laxffw 20 17 ?«| 16% FftcyMg 2762 19 49 33>« P8EG p?4. IS ae Z12£W8% 47% 48% 4 A 50 25% WW* 1.50 £2 a 311 46% 40, 4fi% - % 3 2% 2% - % FamRest 100 1% 1% 1%-1*1 W 15 18% + V 23% 17% Tolley pf 1 45 17 22% 22 22 - LamaT 80 58111 111 - - 61 33 PSEG pM.30 &B z30aX9 487, 49 V *67, WMtC pfA 3 80 3 u49% 4®, 49% +% Cetua 5135 92% 31% 32% + ?, Iff, - 1% Pore* 206 271; J7v 27% " V 104 FarmF 101 13% 13% % 105% 66 TambrtB.40 £3 20 15 104 104 -% ChapEti Lawam .32 xG5 3ff* 32 327, + Powell 156 23-16 - »* 60, 40V PSEG pl5£a 87 z240 El 60 81 +31. 39% WMtC pfC3 tl 7 49% 49% 49% -% 828 3 2%215-18+V1 FrmG 2 323 86% 051, 851; -1% % 2 2 45 28% Tandy 19 2*68 43% 42% *2% -% CharmS LeeDta 538 s?, e% 6% 16 2J», 17V PSB3 pf217 89 37 24% 24 24% 4% 15% wmtofti 11 24 28 27% 27% -% .22 709 39% 38% 3B% + % FedGpe 477 17% 171, 17i, - Powrtcs 33 16 16 Iff, 12% TlKtyCB 18 24 Iff, 16 18% - % Lelner 35 Iff, + 1; PSEG D4 3 257, 257, 25% % ir*- wnmak 60 £2 25 733 26?, 26% 26?, + ChkPm 292 22% 22 22 - Feroflu 13% 13% PwConv 13 13 13 13 - 26V »i ptt*3 4% 6ff; 1 17 17 790 57 % % 933 4 3% 3% — % % *7% TeUrnK S9 57% -1%| ChfcTcti ff, ff, LewwP 28b 93 9?, 9?, PiecC SI .12 161 - 91'* 62V PSEG pfT.BO 09 2330 #8 88 88 4% 8 Wdfrnd .12 B M 330 Iff, Iff, 13 +% 28 ff, FI brans 213 Iff* 131; 13% 9% 30V 361, 3ffj 1% 2% Tetcom aa a 3 211“ 77. Wlllnfl in .40 - t, Lex lens 207 41; 4% - 1, 294 15 Ml* 87 80 PSEG pf7-52 08 *100 85% 85% 85% +1>; A 7 130 Iff* 18 18% +% ChLwn 881 28% 2B% 28% FdlCTO 132 262 41% 41% 41% - 4% PrpdLg 14% - % % Llebn JOB 56 23>* 2ff, - ', 06?; GOV PSEG pf7.40 88 2500 83?; 83% 83% C hem ex 223 0?, 6% ff; - % FHteTh 1.92 *19 78 771, 78 M Pham 610 6% ff, 6% .12 Iff* LflnvS 24 27 48% 48% *8% - PnceCs 3170 441; 43 - 4% 21, PUbJicA 15 3 3 3 ChryE 27 12% 12% FigsieB .68 34 5* 52% 52% -Us % <1; 1% ChtCW 10 10 - LtoCom 197 ff, ff* - 151 1*1, 14 18% MV Pueblo .16 3 W B2 18% 18% 18% 4% 2137 10% % Flhr» 60 24 201, 193, 2ff, + 9% V 13?, + % % LilyTid JO 741 17% - 11% 6 PR Cem 8 29 11 11 11 -% ChiPacs 268 29% 29V Sff; Ftnaleo 20 263 *% *% *% 18% 17% % ProdOp IS 5 4% 4% *%+ % Chronr 12 IT?,- LulBrd 1453 45 44% 44% - ProgCs .12 64 6ff, 65% -1 22?« 13 Pug«Pi.76 ai m> *96 rev re% re% 25 11?, V Fmgnm 178 ff, 9% 9?»+ % % 65% ChrDws 175 - UncTol £20 xl5 38 37V 37V PropiTr 1.20 278 11?, 10% fiV PulPo n.DGe .6 90 362 10 9V 97, -% M?, 1*% 1*% % FBlroan 305 19% 19% 19% 12V 12V + % -1 Cipher 1230 LitKbrg .16 10 5% 5% 5% - % Provin 185 23 23 23 22% 10V PunsHM2 .8 22 998 IT, 187, 1ft 19% 18% « + % FAiaBk 1-28 246 373, 371; 37% Cipnco r 18 5?, 5?, 5?,- 1* LizCte -35 1682 681, 6ff; 671, -1 PuitBn .*0 27 - 317, W« PURMaL64f 13 81 19% 19% 19% -% FIAFbi .60 *27 54 53 53 + % 39% 33% 39% % Clrcon 252 9 LongF 1.40 90 31% 3ff, 3ff« - T», 891 11% 8% Pyre TO 07 7 EV -V 8% 9 FlATrra ft* 02 QMS 11% 11% - % OuehOf.40 20 17 88% 68% 4% 1-52 FlColF 2 25 25 25 - % % 34% 221* TxASc 6210 83 24% 24% 24% +% CttFWs 54 - Lyndon 2 24% 241* 24?, .42 170 19 27V IP, QuHSOBOe 1014 1248 27% 28 26V “V 46% 31% W>scPfi£G8 64 10 57 44% 44% 44% .B0 28?, 28% 28% % FComiC 1.20 31 Iff, 19 19*, Quahcn 18 18V - V 38% 10% TexCml 56 7.2 13 007 21?, 21% 21% +% Lyphos 1531 25% £5% 25% Quotum 23*9 9% 5 Ouenex 20 132 77, 7% TV -% 53 33 Wttco 1.48 £9 13 35 520, 51?, 51% -% CtzUI A 50 42 41V 42+3, FlCom -7Be *7 ff, 6 6', + 22 ZD* 21% - 41% 2ff* Tcu£st£20 07 44 1778 33% 33% 32% 12 % 578 34% DuestaS.72 &S 9 382 287, 29 ?« 14 9% WoJvrW-2* £0 22 267 12V " 12 -V C&Ut B £16 6 42% 41% 4ff, 379* 25?, 25% - M QuesiM ff* 6 6 - % 29V 23% Texlnd BOb - FE.ec 25% % M 33?, 25% £5 11 125 31% 30?, 307, -% Wofwtti Diyfed 40 110* - Oulxoie 160 as*, - 401, 19V Qkfleil JBat .7 23 IS# 3ft 37% 38V +% 72?, «Pg 2 £7 13 2501 u73% 72% Tff, +% 13% .13% 13% V FFCale 465 2S% 2ff; 29% - % MBI 281 13 ire; 29% 29V 129?, 06% Twins! 3 10 915 12P* 1241, 124%+% *315 22518 IB% ' CtyNCp Quotm - 5% 3 WrttAr 23 4% 4% 4% 08b 38% 3ff, 38% FRFIU* -40 138 28% 261, 26V- V MCI 7445 12?, ire, 18% 18% % R R R 6% 1?, Tertnt 603 33, 3% ff; -% 111?, 59% Vlrlgly 1 BOs 1.8 18 101 U113 110 lire, +3). ClartU 08 1 1B 27 28% 26% - V FtFnCp .40 47 21% 21 21 UIW 35 11 10% 9% 5>* RBI IK? .04) A 9 8% BV 8% -% 34% 233* TxPac 1.5 15 56 27 27 - R R M V 26% % 4% 2% Wuitttr 52 4 37, 4 ClearCh 9 Iff, Iff, Iff, - MadGE £28 23 31 ' KlFnMS 131 20% 20 28% V 30% RAX .0® 170 7?, 7?, 64% 39V RCA 1 0* 1.7 34 3300 U% 62% 82% + % 34% TMUUIZ68 80 8 M19 33% 33% *%. 17i, 17i, 7% 25% »% 17% 10% WytaLb .32 £0 It) 294 Iff, 15), 16 aavtFU 2 18 17% AA 3* 30* 3*% MajRt 75 9 9 53 321, pi 7.4 *1210*9 471; -1^ -V FtRBk 34% fffM 62 313 2H, 2(p, 203,- RCA & 50 47% 5% 2% TadJ m 30 3 *% 4?, 47, - % 15 Wynn, Cl Dibits 858 33% 32% 323, + 1, % 21% go £3 5 18% 18% Iff, FJerri 1.80 88 45% 45% *ff;+ V Me kite .Die 64 15% 14% 1037 Mi* 1* 14 MS 83% RCA pf 4 2-8 9 1«3V M3% M3% 6 Vs 41% Textron! . 00 30 10 £010 01 ®% 80% +% OoaSfF - f, 39 17% 17% 17% FMdBe .88 68 30% 30% 30% - tagtSd 377 ire* 12% HadtnT 314 ' 8 71;- «F, 341, RCA pi 3® 15 35 *27, 427, «?, 5ff* 30 Teaflr pll.dO £6 1 54 54 54 - V 71; V CobeLs 00 20 19% Iff; V FNCJns 14B *10 4tv +1’* Month* B0 727 20% Iff; Ragan 112 11% 6>, RLE £0 20 30 51ft 10% 10% 10% -%, 12 7% Tnack 354 43 11% 10 10 -% X Y Z «V 4?, 4% *% — V % % % 4ff, XonM - CoeaBd 56a 2567 56 55>; 55% FHBGa 1.08 13 4ff, 4ff, 491, WrsNs 124 62 471* 4fi% 4i; 3i, 3»* • 23i, 72% 3 4 5 IS 4622 68% 6ff; 68>« Rainer 1.00 311 401; 40 40V + V 27, RPC 82 3», 26% 14% ThrmEs 23 7ft 237, 2ff, -% 1% Coeur 13 15 15 - 577, xerm ptt45 58 15V % FISFtt .80a 4 31V 31'* 31V Uutia .30 0 22% 221* ReyEn 24 21 -', 28 14V RTE .60 £4 12 x58 2«| 241, 24% 4% 47 3ff; ThmBet 36 £2 20 177 42?, 427, -% 49% 96 18 56% 5ff? -% M rev re 43% Cngenic 285 3>, 3 3 - % 1.10 236 - Margux 90 5 s%+ iff, 174 mi, -% £7 37 28 ZaleCp 1 32 £7 M 102 35?, 35% 35% - FSecC 26% 25V 25V 1% s% % RediCf 2757 2% re, + 9% Radio 11 15% 18 2ffj 15% TnominBeb 14 30 251, 25% 251, -% % Conerm 280 17 16% - 248 % 2ff; 20i; Zate plA SO 3.0 3 27 27 27 -1 16% v FTarm* 1.12 148 30% 30V 30V - % Marqst 10% Iff, Raedng 41 21 21 64 3H, RatoPuf.10 1.8 M 1011 62% 01% 82% + ». 10% 11% TnmMadO £5 13 <87 Wt, 15% 15V -% CoiabR *95 - 21% + 8 7% 7% V FsHJflC 1 2* 463 5*?, 54 54% - MaildN 1 1030 44% - 10 “ 1ft 002 87, Tlullly .04 15% 3% Zapata 0% 29 500 4% 3% *% ', % Recrtn 55 12?, 12% 12% 1* ff* Ramad 9% 87, -V 29?, 18% £3 17 207 26% 28 28% - % Coiagea 930 te iff, 4ff. zayre s 10% + % Fla key 187 2% 2% Z%- ', Mae 25 »? 28 a + '• 475 Iff; 24 18% Banco .84 3£ 12 13 23% 23<, 23i* -% M% 14% TimpU 13 154 15% 15% -*% 71% 48 .7 22 052 u73% 70?, 72% +U; Reeves 15% 14% - % 15% Collins 73 4% 4% 4% + .48 18 18 UiMor 300 804 SO £4 18 2ff, 16% ZMHhE 725 24% 24% 24% -% % FtortUl 73 16% 1% 1% S RgcyEI .20 474 7?, 7% 7% — v 4% 2% RangrO 3>* T; 3% -% 82 43V TuneMI 7BB 81% 61% 61>, +% Col LIAc 1.12 7 40% 40% 30 ZenLtff.lQf -7, 40% Fiafdl 539 16% 18% 16% - Maxcrs 1555 21% 21% + Regiss .12 74 Iff* 134% 55% Rayon .44 A 3* 710 127?* 124 125% -2\ 53 41% Timken 1 IB 136 51% 501; +3* 11% .3 a 473 34% 32?, 33% % 21V % 171; Iff* + V 51V CoIrTte *67 23 22% 22?, - % 157 441,-1, Maxwei 7 14 14 42 Tuan 22% 13% Zero a 94 20?, 19?, 20% -% FleNFI .80 44% 43% M Rehab 3 ff* S3* 61, + 13% 9% Raymk 12% 12% 12% -V m, 51, 121 10% 10% 10% -% CokJktt .74*144 101, 17% 17% -1 MayPt % 45% 2SV Zumfn 1.32 - FiowSa 174 11% 10% 11 + % B0 2% 2 2% +V1 RpAuto .18 15 ff, ff. 25% Iff, Raynr n 189 u2S% 24% 25>* 4% 13 6% Than pf 1 85 18 11% 11% 11V »*, 12 15 179 42% 41% 41% % Cotnalr 9% 452 ff, B% 9% -28 18 UaynOf 1001 " + fl Rurocb 247 IB 17% + % 4% 3% 3%- % HpHttft 1918 171; 77% 17% - 64% 44 Reytfin !.6D 26 13 1896 61% 59% 60% 56% 25% ToflSnpJ-32 4A121 103 27% 27% 27% Contest .12 361 25 25 % — 24% + % Fonarii 710 8% 8% ff; McCrm 3*5 43% *21; - 3, 108 11% 10% 11 - 18% 13% RURel 1.84 WL 11 18 Iff, W 16 ?l 22% T5V Tokhme .48 £4 13 178 20% 13V 201, .16 768 % -V Comdta 12% 11% 12% + .11 181 25 2*% - McFari 4 ft?, ' 16 181 14'* -% TolEtHcCSZ 10.7 % FLkmA 2*V V ft?* “ % 1160 421, - 8% RecnEd 39 13V M% 25% 171, 1213 24% 24% 34% -% Sales figins are unoffidaL Yearly higtw and lows reOect the Comdial 131 «% «% V 2% 2% 2% FUonB .09 48 27% 2TV 27V- Made* .05 48 ff; ?• ff;+ - 12% 7 Rearm .32 30 19 467 11% 10% 10% -V 31?, 25% TcHEfl pf£72 1£ 20 31% 31 31%- % V 245 84', 62 62 -re. provtoua 52 weeks plus the cunem week, but not the latest Cmerlc £20 484 46% 45% 48 1, ForAm .96 156 *01, 401, - MenCm 131 6 re* S3*- 1S% 8% Rate* 78 26 M 14 -V 31% TolEd pl£75 1£ 23 41V % % Rhodes .32 IB 24 23% 2ff« - V 14V 25% 31% 31% 31% trading day. amounting to 25 C me ell i .o* 213 5*% 54% + Mentor 143 -s« pl£47 Where a split or atook dividend 52% 1% ForastO 1 25 10% ft% 9% — % 14 13% 13% Hibihns 497 6%-7 49 % 5-m na 30% 2ffj TMEd 1£ 7 30% 30% 30% -% CmlShg 56 06 15 - 6% 6% % per cant or mors has paid, year's Wglvtow range and 14% 14% V Forte F M0 25 24%- UemrG 98% - 43% 29% .80 21 15 37% TolEd pM.28 1£ -i, been the 24% 4%% 4%%-4% RichEls 107 2ff, Z7 2ff, n RWcbC 37% 37% 38 29% 3 359, 35% 3ff; CmwTI 1.60 44 - *21, 421,-1% dividend are shown lor Unless otherwise 9 ForlnS 2322 2 2 - MerBos 884 17% 171* 171*- I* 16 SV RfipAir 4 998 16 15 15% -% 16?, TolEd [*236 11. -% the new stock only. MS H Rival 00 *0 17% 171, 17% - 23% 9 22% 22% 22% CmpCra .32 0*2 18% 10% 10% MrdBcs 1.80 % noted, rales a) dvldends are annual dta&ursemonts baaed on Forum .0S> 881 ire. n'a 12%-% 381 461; 46 *{P; + % RoadSv 1.10 1839 - ff* 11* RepA wi 105 61, e e 22 Iff, TMEd pf£21 w. 4 21% 21 % 21 % +% Campus 97 - V16 39% 38 38V % latest declaration. 2% 2% 3% FutUHBB 2 177 20 iff, 20 UeryG 506 17 16% Iff, + .06 35 ire* 13 71, R«pQyp30 IS M 627 12% 117, 12 -7, 341* Mi, Tonka s 10 .3 7 209 33 32 32% -% ihe ccrrc % RobNug 12% 12% - % 232 0% 8% B%- % Micem 176 Iff; Iff, Iff, - I, 41', 271* RpNY a L12 £7 12 360 U4I% 407, 41% 1 Tosco 10 RobVsn 56 101, ff, B7, - — — 5 1M9 3% 2% 2% ”8 CmpAs 64 30% 35% 35% - % G G MtcrD M0 28% 1ft RNY pl£12 3 25% -% iff, Towto also plus 20 Iff; 3% 2?a 3 Rouses 60 355 31V 30'; 30% f as 28% 2S% 5 17994 d 3 3% -3% a-dMdend extras), b-onnud rata ol dMdand CmpDi 08 3 ff; ff; - Galileo S3 «%+ % % 0% -% McrMk 68 8% 5>, re, - 57J* 52V RNY pfA6J8a11. 300 58% 63% 53% % 7% 2% Towle pf 13 IV d -l%| stock dMdond. c-8qwdalteg tJMdend. Md-ca3ed.d-now yixriy GamaB 228 7 6% 6%- ', v RoyPlm I 114 8% 8 ff; + % 1% CpiEM 53 7%+ Mlcrdy -06 7% 7% 10) 5% 5% 5% re* 35 an, RepBh 1.84 558 597 3D>, 30 30 -% 41% 29% ToyRUs as_ 1807.... “ + i months, g- “ Geneses 2152 87*, 63% 65% + 1% RoylRs 39 2 ...30V a I low. B-dMdend dectarod or paid In prscadng 12 CmptH 153 12% 12 12 - V MicrTc 826 12 2-V 30% 24% RepBkpf£12 73 K> £7% 27 27 -% IS Tract a .33 1.5 2ii; Gene* re. 2% 12% 12% RustPel 42 13% 13'* Iff* - 26% 3l 341 22% 2*% -% dMdend In Csnarfian funds, artifact to 15% non-residence tax. Cmafdn 23 0% & + 200 2% Microp MSS V 32 19% RshCoc 32 7.1 88 -i, Traml 271, 27*« 14% Mi, Ml; RyanFs 125 21% 21 38% 28% 28% 15>, 12% n 138 147, 14% W% 117 J* GaFBk 72 27% 5»* 1-dMdend declared alter spH-tv or stock dMdand. HSwdand CmpLR .12 ff, 8 B-%a* MicSm* wa 7?, 7 30V 18?; Re*nm .70 £4 13 23 29% 29% 29% -% 23 11?, TWA GeriMs .08 437 7% 6% 77* + % 7?, + % 3812 18% 18 18% Oils taken at latest CmpUi 183 3% ff* - i-i0 % MdPcA s s 20 12 Rexnrd .44 11 262 19 -% paid yew. omitted, deterred, or no action 241,+ 3,4 3V % 2J Wa 19 16 B TWA M£2S 15 111 1S% 15 15% + % CmpPds 1273 b%- GibsnG -25 291 2*% 24 V '% SAYInd 49 10 10 Ruynlnsl *8 5777 — dMdand meaong. k-dMdend dedwed or paid Bite year, an ac- B% a % Md&ffd .40 20% 2ff, + 9% v 44% 24% £4 12 4ff; 42% 43% +% 40% 26% Transno.88 4.7 17 1054 371, 3P, - GigaTr 647 O'; 13 ire,- v ^ V 35% 1% ai the CmTshS 530 » 22% 23 -1 UldlBk 12* «J, set Sy 506 18 17% 17% - % 139 123% R»ytn pi12.96 93 17842139 t38? 13ft Ti*lHntf£B 9-4 cumulate* issue with dividends m arrears, n-new Issue 21?, S) 45% 57% 57% % SV 2 RvrOak 3% SP re, 2Z>a 15% TranEx£3S 1£ 462 177, 171; 17% -% sales. t-dMdend paid In stock preceding 12 months, esd- Grpnts 35 15% 15V 15% 6V m CCapR 1.68 78 S% 8% ff, + % Minstar 387 22 21% 21% SalHlB 360 ire, 11% 12 » RObstiki.20 £4 12 68 u51 28% 2ff* 7rCP pt£» BA u- GrphSc 1315 81* 9% ff?- % -V 2 SB 26 26 nated cash value on oaKfivtdand or ex-dtetHbuuon dale, CCapB £18 21* 12% 12% 121; + % % Mole* 03 *13 SUuda 280 243, 24i, 34% - 18 21'* sy 21 -% 21 45% 45 45 - % % Ftobtwil-30 Iff* 8% TnwOfl 8 0 Iff; 17?, 18% +», or r«» "! 1S% TwW wiA Gtocn 254 23 22% 22V “ 18V 17% % S3* 60 28% 28', 28V -V rities ascumed by such companies, wd-dwtributed. wf-w^*en CtLosr 162 0% fi% 9% - % % MonuC 1.40 4* SanBar 54 6% 6% 6.4 10 83 3ft% l 36% 36V 36% 8% 42% 33% RachTI£58 38% +% 50% 39% TrovInraiB 38 M 2*20 &77, £6?, 57% -% Convgl 5433 10?, 10% - GuIHrd Be 146 Iff, 18% •ff* — V SavnFs - teaued. ww wflh wananla x-ex-tfvktend or Bx-rtgm*. x«0a- 10% V UorFlO .01 73 10'* IB 19i* * 88a 7 35), 351, 35% 1, 171; RCkCtrnl.78 BB 703 20 19% 19% +% btP, Trav pf 4 % 20% 50% 16 S3 IB «% 86% bff, -% Conwse 54 W 15% Iff? - % Morrcn SBhPSs .44 34 4521 44% 443, +2» ex-dearibution. xw-wfthoui warrants. y-ex-dMdenff and sales H H AS 549 2*?, 24% 24% - I* 26% 26% 26%+ % 46% 31% Rockwli.12 £5 11 «% 301, 2ff* TnCon 1 bto 12 32B 28 1 256, + '* CoprBio 13-16 fl, -1-10 ; 29% 7*9 1 1% Hodco 7 4% 4% 43, MOMley 601 7i, + 1? m tun. yld-yteid. 2-^safes tn tuH. 7% 7%+ 106 55?, Ro«WH2 20 21 18 307 u 106% 704% 106% 33% 26 TriCn pfZ50 7.0 6 37*, 32% 32% -% CoprLsr 5254 15-16 43, - % 4% % Hudson 71 4% 41-18 4 >16 “1*1, MotOD 33 85 17% 171, £3% Rohr s 12 262 33?, 33% 33i, -% are, 4*, Triam t ID +*« 171, V Continued 36% 47 1567 uZ3'» 23 3ff. CooreB SO 585 27 26V (£% - % HamOtl 20 1? IS - 1, on Page 43 809 12% Mytens 10 3450 22 21 21% %

5 i 1JI .-ilfV

t l- w .

March 25 1986 Financial Times Tuesday 46 FINANCIAL TIMES WORLD STOCK MARKETS

and Leyland oil STREET a bid for the Land Rover Smithkline Beckman fell $1% to $87% any agreement, the Anglo-Dutch LONDON WALL units of BL, the UK state-owned motor in moderate selling after withdrawing group narrowed its gain to close up only group- some products from retailers’ shelves Preoccupied FI 2 at FI 188. reasons, airlines turned retreat For similar following evidence of product tamper- NMB lost FI 2 to FI 212.50, insurer Ae- Big gains were also Weakness in higher. However early ing. Merck dipped $1% to $159% and the gon dropped FI 370 to FI 105, while in $% to $8%, but trimmed. Pan Am shaded remainder of the sector also weakened. with plans the publishing sector VNU gave up FI held among domestic carriers, United a On the takeover front, Genstar, the 2.50 to FI 293.50 and Elsevier ended 50 at $42. follows S% gain at S56%, Delta was $% up Canadian building materials group, eas- cents lower at FI 181.50. computers eased $% after Northwest Air, at $51%, ed $% to $39% in heavy trading as specu- for Easter Bonds were lower where changed. warning of an operating loss for the first lators bailed out in the face of the $38.60 Brussels ended mixed to easier. Hold- quarter. a share offer from fellow-American TRADERS in Europe yesterday ap- ing company Societe Generate de Bel- shake-out checks rise The early euphoria in the stock mar- Tmasco. peared to gique lost BFr 5 to BFr 2,900 as rumours short-term be preoccupied with their EFFORTS to shake out loose ket was checked by weakness in the On the consumer announce a DISCORD among the Opec ministers, pitches, Maytag, the plans for Easter celebrations and shares circulated that it would soon holders sent London into its big- sector. blow came from equity falls in crude oil technology The washing machine manufacturer, was were mostly ignored. France, however, rights issue. year. signalled by renewed 7 gest retreat since December^ Honeywell, which fell $3% to $70 /« after suspended at in a futures on the New York Mercantile Ex- $45 and Magic Chef at 573 continued to prove the exception. Bekaert toe wiremaker which is Ordinary index lost 1 t.d to close in The FT rebound on Wall warning of a sharp fall in profits the after news of merger discussions. In Paris, investors shrugged off Wall joint venture with BHP Australia’s larg- change, encouraged a at 1 394.6. first quarter. Merrill Lynch at $40% Street’s - 110 to Street in early trading yesterday, writes shaded $% as it poor performance on Friday as est industrial group, added BFr actives Addison Page jumped of difficulties in Among York. The latest indication sought stockholder approval for its anti- well as dollar and oil worries - and con- BFr 10,100. with Terry Byland in New 3(h> on news that it is to merge gains be- the computer sector quickly brought a i takeover measures. fidence in the newly Sofiaa, the investment holding group, But the stock market lost its appointed Govern- Chetwynd Streets, up 8p at 153p. ICI, sec- new setback in IBM stock. At $147%, There was heavy trading in some utili- ment and its economic programme is planning to raise its dividend for 1985. fore mid-session, as the technology con- however, slipped 26p to 965p on reports down $1% in hefty selling yesterday, Big ty issues, notably tinued 8,700. tor was undermined by a warning from Commonwealth Edis- to buoy trading. It ended unchanged at BFr face EEC price-fixing accu- its 1986 that it could profits would be down Blue is now nearly 9 per cent off on, which added $% to $33%. Some ana- Broad advances were made across toe of Honeywell that Zurich was mixed in toe absence sations. • bpnd peak and selling on an earnings ratio be- lysts have begun to worry about the board and non-voting sharply in the first quarter. The shares of nationa- any fresh factors. Elsewhere among actives. British initial low that on the Standard & Poor's 500 stock markets volatility anH have ad- lised companies were in- market was very firm, although in demand as Higher profits and dividends at Hoff- Aerospace added 14p to 606p, Imperial trimmed. stock index. vised clients to buy high-yielding vestors anticipated gains of a full point were soon issues toe Government’s mann-la Roche pushed it SFr 590 up to Lowe Howard-Spink of the market leaders. Group 3p to 347p, close however, the Dow Jones In the wake for security against a market shakeout privatisation plans. At the 7 SFr 131,750. and Tuns tall Telecom 30p to Digital Equipment fell $l /t to $151%. A 17p to 405p average was 14.37 up at In the credit market federal funds re- ' industrial All sectors made gains, although some Bonds were mixed, with domestic is- 330p. lone firm spot was Burroughs which an- mained low at 7%t per cent with the Fed 1,782.93. selective spiling dragged construction sues continuing their firmer tone. Losses were recorded by Boots down nounced a range of new products and again draining reserves The Dow was held back by weakness by means of and food issues lower. Milan's bull-run slowed as investors lower at 553p, Lloyds to $63%. In personal 5p at 267p, BP 20p and oil, while losses edged up $% the matched sales and repurchases. in computer stocks BSN-Gervais, which is buying a stake paused to assess their positions and Rank which shed 12p to 646p and Shell domestic energy issues brought a computer sector, Apple gave up $1, to The bond market opened firmly but in in Generate Biscuit, faded FFr 85 to FFr take profits. The market appeared to ig- Transport down 9p at 765p. sharp dip in the American Stock Ex- $26%, of last week’s gain. gains were trimmed to around three vq 3,820, champagne to rosebush group nore toe decision on Friday to cut the Gilt-edged securities saw buyers turn- change index. There was heavy turnover in Union quarters of a point at the long end after Moet Hennessy gave up FFr 65 to FFr discount rate. ing away in later trading following ster- $1% at $51% Carbide, up $1% at $20% although the In- crude oil futures slipped off their best Atlantic Richfield, down 2,185 and Pernod Ricard lost FFr 5 to Among insurers, RAS fell L3.490 to against toe dol- dian Government ruled out a reported ling's less bouyant trend and Chevron, down SIM at $36%, fea- levels. L45.000, while Generali rose L8D0 to FFr 1,110. lar. Few short or longer-dated maturies tured among the losses in oiL At $54%, $350m settlement of the Bhopal claims. Elsewhere, Redoute continued to gain LI 18,500. net gains on toe sesrion. weakened $% Other chemicals were firm, spurred by showed Exxon strongly with a FFr 95 rise to FFr 2,495 Snia put on L65 to L7.490 and an- Page 43; De- renewed weakness in the dollar which Chief price changes. On the other side of the oil price nounced higher profits for 1985. and CTT Alcatel added FFr 39 to FFr tails, Page 42; Share information ser- contin- benefits their overseas sales and by the New margin Detroit motor stocks scales, the 2,260. Madrid was lower as utilities led the Pages 40-41 Prices came sign of a further slide in prices for their vice, ued to forge ahead at first The Commerzbank index in Frankfurt downward move. support waned, leaving oil-based feedstocks. Du Pont edged up off the top as fell 11.6 to 2,043.7 as recent gains in HONG KONG - S% to $72% after disclosing plans for a General Motors up $% at $84% little af- limit sparks export-oriented stocks were eroded. discussions for joint project with British Telecom. AUSTRALIA PROPERTIES led Hong Kong sharply fected by the collapse of In toe chemical sector, Hoechst higher in late buying interest spurred dropped DM 8 to DM 307 and Bayer DEMAND for golds and minings again partly by Jardine Matheson’s improved downturn gave up DM 6 to DM 329, while electrical helped to lift Sydney to new peaks yes- results announced on Friday. margin Siemens ended at DM 671 after a loss of terday and toe All Ordinaries index TIGHTER controls on trading The Hang Seng index closed 23.56 up sparked light selling in Tokyo yester- DM 12. closed 19.9 up at a record 1,156.8. at 1,63579. day, taking leading stocks lower and the Deutsche suffered the sharpest drop BHP added 12 cents to AS6.52 after Mr Jardine Matoeson added 20 cents to Nikkei stock average below among banks, shedding DM 8 to DM Robert Holmes k Court said he was 15,000, HKS11.80, while Hutchison Whampoa writes Shigeo Nishiwaki of Jiji Press. 810.50, insurer Allianz held steady at iwnHftiiiiw his takeover bid, but hinted rose 30 cents to HKS25.80 and Swire Pa- r Among stocks to lose ground were DM 2,315 and Bayemverein gained DM at a new offer. His takeover vehicle, Bell cific HKS1 to HKS33. electricity and gas utilities, government 2 to DM 565 on news that it may keep its Resources, slipped 20 cents to A55. Among properties, Cheung Kong was investment and loan programme-linked 1985 dividend on this year’s results. Among actives diversified mining up 30 cents at HKS19.60, Hongkong shares, and railways. Machinery maker Linde gave up DM house CRA added 20 cents to a record T-a-nri io cents at HKS5.90 and Hongkong After fluctuating during the session, 5 to DM 630 and steel group Klockner- AS7.40, while MIM rose 20 cents to and Kowloon Wharf 5 cents at HKS6.35. the Nikkei average closed at 14,97573, werke slid DM 1.50 to DM 96. AS275 ex-rights and Western Mining 29 off 3776 points from Saturday. It firmed Bond market investors were also hes- cents to AS4.07. Poseidon, however, CANADA 32 points at one stage in the morning itant about opening new positions ahead slipped 15 cents to A$3. and plunged 169 points in the afternoon. of the Easter break and prices eased by Oils finned with the trend. Vamgas OILS and other resources traded weak- Volume was 744.90m shares, down from as much as 20 basis points. was up 5 cents to AS275 and Santos 7 er in Toronto after last week's rally to Friday's 864.42m. Declines led advances The Bundesbank bought DM 2.9m cents to AS370. record levels. by 576 to 289. with 117 issues unchanged. worth of domestic paper after selling Banks, after slipping in early profit- Imperial Oil Class A traded ‘ C$l% The Tokyo Stock Exchange cut the DM 2.4m on Friday. taking, also showed gains. National Aus- down to C$46Yi. while among golds Lac collateral assessment rate from 70 per Anwiidiiin faded as nervousness tralia was up 2 cents at AS6.06 ex-divi- Minerals was G5% down at C$2 1% and cent to 60 per cent from yesterday after over the dollar set in. dend and Westpac 12 cents at A$5.88. Campbell Red Lake lost C$% to C$26%. the Nikkei average soared to more than Royal Dutch picked up FI 4.50 in early Elsewhere News Corporation added 25 In Montreal banks were slightly 15,000 on Saturday for the first time. trading but as the dollar eased and the cents to AS16.75 and Herald and Weekly ahead, while industrials and utilities STOCK MARKET INDICES CURRENCIES The measure followed an increase in the Opec meeting was adjourned without Times soared A$1.40 to AS6.50. .traded largely steady. margin trading requirement from 50 per NEWYORK March 24 Previous Vearago US DOLLAR STERLING cent to 60 per cent on March 13. The ex- (London) March 24 .. Ravious March 84 PrsWoua : DJ industrials 1,778.73* 178856 1767.45 change also called for self:restraint"by DJ Transport 806.42* 80422 59428 S - - 1.489 13115 investors. DJ UtSttes 18655* 184.60 14926 DM 22865 22415 3.405 3.3875 Tokio Marine and Fire Insurance was S&P Composite 234.01* 233.34 179.04 Yen 17835 175.75 26625 2652 FFr 7.02 6.8975 10.455 10.425 the most active stock with 28.62m shares LONDON SR- 1217 1.8715 2355 263 changing hands. It closed Y40 up at FTOfd 1.394.6 1.4122 9892 GuSder 25805 22285 33425 28225 Y1.330, after fluctuating between Y1.280 FT-SE 100 1,663-9 1.688.3 12022 Ura 125225 1225.0 231125 23052 and Yl,400. All-share 809£4 620.18 62544 FT-A BFr 46.75 45.65 892 69.0 Nippon Express, third busiest with FT-A 600 890.70 90221 683.66 c$ 1.401 1.4005 2.0871 21049 24.12m shares, put on Y10 to Y88Q on re- FT Gold mines 309.4 312n 499.7 newed investor enthusiasm in its off- FT-A Long gilt 9.12 9.14 1029 I—— ii iLiiuJ—M the-book assets. Mitsubishi Estate rose TOKYO Eoro-cwrwdw March 24 Prev Y90 at one point but closed unchanged Nikkei 14,975.33 15.013.19 12,5426 (3-month offered rate) from Saturday’s Y1.870. £ 11%a 11% Tokyo SE 1,192.30 1,191.67 120626 Sumitomo Metal Mining climbed Y240 SFr 4¥i. 4%. AUSTRALIA DM 4'%e 4%. to a record Y2.170 with the second larg- FFr of 24.9m shares revived AflOrd. 1,156.8 1,136.7 8102 13% 12% est volume on FT London Interbank fixing at Hishi- Metals 8 Mins. 602.8 572.3 498.7 interest in the gold deposits its (offered rate) kari mine in Kagoshima, southern Ja- AUSTRIA 3-month US$ Th* 7% A 6-month USS 7% 7% pan. The previous peak of Y2,040 was Credit Aktien 114.88 114.95 70.76 US Fod Funds 7%«* 7%. reached on July 2 last year. BBLOKM US3-month CDs 7.15' 722 Kurabo Industries firmed Y29 to Y420, US3-mottth T-bMs 6A05* 6.61 ' Belgian SE 3,447.83 3.466.7 2208.6 reflecting growing interest in the hidden assets of textile and paper-pulp makers. CANADA Toyobo rose Y23 to Y363 and Oji Paper Torarta Treasury Y69 to Y689. Metals & Mrnla 2,424.4* 244285 2060.0 March 2** Prav However, Tokyo Electric Power weak- Composite 3.043.9* 3,055.3 26052 Pries Ytefc1 Pries Yield major Montreal ened Y20 to Y3.700 and Kajima, a 7% 1988 100 7.125 99*%* 7.159 Portfolio 1J57632' 1583.36 129.86 contractor, eased Y20 to Y720. Blue chips 8% 1993 105*%* 7.624 105*%* 7.672 remained out of favour. DENMARK 8% 1996 107*%* 7.711 107*ki 7.76 Elsewhere, department stores streng- SE 241.61 240.6 1772 9% 2016 115%* 7219 114*%* 7.942 thened on steady consumer spending FRANCE Trauonrtadu with Mitsukoshi rising Y16 to Y872. estate CAC Gen 346^ 339.5 208.1 March 34* Hasegawa Komuten, an agent Ind Tendance 134.4 1325 73.8 Maturity Reftsn Day** Yield . specialising in apartments, advanced (years) index change change Y61 to Y750. VEST GERMANY 1-30 14833 +023 7.65 -0.05 Bond prices moved erratically. The FAZ-Aktien 674.66 678SI 42128 1-10 141.46 +034 737 -0.05 yield on toe benchmark 67 per cent gov- Commerzbank 2.043.7 2055.3 12224 1- 3 13329 +0.19 725 —034 ernment bond due in July 1995 moved 3- HONG HOMO 5 14259 +033 728 -035 up to 4.730 per cent at one stage from 15-30 Hang Seng 1.635.29 1.611.73 126029 17292 + 122 827 -0.07 4.720 per cent, but closed at an all-time Source: MenS Lynch cent ITALY low of 4.645 per While some investors were wary of BancaComm. 671.78 67428 27829 Corporate March 24* Prev the high prices, others bought briskly on ATS T Price Yield Price Yield hopes of another cut in the Bank of Ja- 10% June 1990 101% 935 101% 9.65 ANP-CBSGen 262.9 263.5 205.6 pan's discount rate. 3% July 1990 8.75 6.75 250.8 251.8 166.8 89% 89% 8% May 2000 97% 9.05 97% 935 NORWAY Xerox SOUTH AFRICA Oslo SE 354.71 35285 30627 10% Mar 1993 108 821 108 821 GOLDS closed mixed in Johannesburg Diamond Shamrock as the bullion price lost gains scored 10% Straits Times 585.98 SB235 826.17 May 1993 10121 1025 10121 1025 over the weekend. Federated ended the session SOUTH AFRICA Dept Stores Driefontein 25 cents 10% May 2013 109% 9.60 108% 9.70 down at R5625, and Buffelsfontein was JSE Golds 1289.9 1.004.4 Abbot Lab 50 cents lower at R80. Gold Fields added On behalf of all those business travellers who JSE Incfcjstrials - 1200.8 8752 1130 Feb 2013 114% 1020 114% 1020 25 rents to R43.75. use their flying time profitably, the Financial Alcoa Other mines and mining financials Times would like to say thank yoa to the generally firmer, with Anglo 12K Dec 2012 113% 1023 113% 1023 were Amer- following airlines for carrying copies aU-pver the Sourca: Salomon BmOnrs ican up 25 cents to R4675. SWEDEN * world! J&P 2,036.70 200222 1.41720 FINANCIAL FUTURES SINGAPORE SWITZERLAND Aerolineas Argentinas. Air Afrique. . Air Swiss Bank Ind 581.9 581.8 428.4 CHICAGO Latest High Low Prow CAUTION dominated Singapore in the Algerie. Air Canada. Air Europe. Air Fiance. OS Treasury Bonds (CUT) absence of fresh factors, but some bar- WORLD Mar 21 Pro* Year ago Air India. Air Lanka. Aer Lingus. Air New World Airways. Peoples Express. 8% 32nds of 100% gain-hunting and short-covering helped Pfcg Capital IntT 301.2 Vs*. : MS 3024 2012 Zealand. Air UK. Air Zimbabwe.- Alia .Royal Airfiros, . Qantas. Royal June 97-08 97-21 96-21 96-09 lift the Straits Times industrial index Air . -Wo* ' US Treasury BMs Jordanian Airlines. Airlines. Scandinavian Airlines System. COMMODITIES (DIM) 3.63 to 585.78. Alitalia! American Saberfc; S Sim points of 100% : Banks generally showed gains of a Austrian Airlines. Bangladesh Binran. Arabian Airlines. Singapore v ' : Airlines . * P. (London) Mmltai Prow June 3356 93-99 33.84 93.82 S«ifh rents. DBS added 2 rents to : few S$430 Binmagham Executive. British Airways. British- African Airways: Swissair. . &' Silver (spot fixing) 381.3&p 382S5p w* n TAAG Arabia >port (I—) and OUB 4 cents to SS2.18. However, Caledonian. British Midland Airways. British Airlines- TAP/ Air -Portugal. - Copper (cash) £98750 £97250 $1m points of 100% . OCBC was steady at S56.15. TWaTtS Coffee (Mar) £2.36350 £2,44550 June 93.10 93.10 93.10 93.06 West Indian. Brymon Airways. Canadian Airway^ International TowerAir. • The stock exchange says it will hon- UTA Oil (Brent blend) 512.50 $13.30 LONDON T*adBc Air. Cathay Pacific. Continental, Airihw^ Viasa. Virgin Atlantic. •' transacted . our contracts through the ex- ' Three month EurotfoBar ' * :; i GOLD (per ounce) change including those with member Crossair. Cyprus Airways. Dan-Air- Delta Air. Airways, Zambia Airways. 31m points of 100% Marchs Pi companies under independent manage- June 92.81 92.82 9274 9279 London $350.75 $35425 ment, receivership or liquidation. This 20-year Notional Got ZQrich S350.50 $353.00 follows reports that some investors have £50,000 32nds of 100% Peris (fixing) 5354.04 $35342. not been paid for shares sold through iHli ^ June 124-17 125-00 124-15 125-03 Luxembourg 5353.10 5352.00 brokers facing financial problems in the New York (April) $35130 S357.40 ‘ Latest fr&abie figure wake of the collapse in November of

I -I*- .f- , « Pan-Electric Industries.