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- Sot 20 Gfl.O.oSiJ Executive salaries: .. Bfi45 - J** ... Grata, csioti -Jvda i+j 15 * M < •! .. . jr”"* .Clint .. cco.ra-. •uwBt _ how they vary ' -Oh 8 00- '?*-** . fi re K u-teiKi tutamSfluij 4* [fj ..r*t “?B . FwBKj u*h 3 W *w ..Jkr47, ih : :ii across Europe, Page fan . . ffr era ltt»Ka .la ClMMj . . p** jj;. mu . . . a: ja W—IT > on?, *ta FINANCIAL ww .t!i60j .iMC*-"' Bara . — & BO '"N 3!*** H 7.75 lew/ .... {S3 EUROPE’S BUSINESS NEWSPAPER I. RES 12 JJ** Jm U AC ,..s^ -Ha 10 — Ps; 7C 1^3 d ' . 5; 15 1986 No. 29,929 Thursday May D 8523 B
^summary Sperry in Gorbachev plea NatWest makes buy-back BCal set I first i^fges defence to for nuclear rank- UK to reduce lut in £714m call to fund chief stave off ve the to talk payroll warning system ms of :* : cash Burroughs ng is BY PATRICK COCKBURN IN MOSCOW with with global expansion Swiss Opec by 10% By Terry Dodsworth and ranch Paul Taylor in New York MIKHAIL GORBACHEV, the of Soviet Union’s handlin third, at MR sult the g Norarajris urging the UK to join BIUTISH Caledonian Airways will BY DAVID LASCEUJES, BANKING CORRESPONDENT, IN LONDON SPERRY, the US computer and de- Soviet leader, last night ended his of the accident. [)utch itm a sensible dialogue" with Opee today announce plans which ex- fence electronics group, yesterday 18 days of silence over the Cherno- The Soviet leader gave more de- on cooperation are aimed at strength- broke silence hit back byl nuclear with an appeal origins of the disas- pected to involve a cut of about 10 the The issue is being handled by a 10-day to at disaster tails about the s the ening ofl prices. NATIONAL Westminster Bank, hostile S7D-a-share for a new international early-warn- said it started with a sudden per cent in the payroll costs of the UK's largest clearing tSOOi County Bank, NatWest’s merchant Burroughs' ter. He lowly “1-Mrs Gro bank, yester- Harlem Brundtland, the takeover pill ing system for nuclear accidents. of power during maintenance engi- airline. Union leaders fear this ’Ortfinary subsidiary winch its bid with a poison de- surge s Prime Minister, day set a British record for rights n banking has has given notice and of could mean substantial redundan- fensive counter tender offer for its work which produced steam edian issues with a call on its sharehol- . Shtare Iradex _ own stockbroking and jobbing busi- This initiative was linked with a her new Labour Government's wil- explosion. foe cies among the 9,079 employees. ders for CT14ra (Sl.OSbn) ness. own shares. renewal both of the Soviet morato- hydrogen, leading to an lingness to which it collaborate with Opec. York-based group re- does Page 14 plans to use to finance its global ex- The circular made dear that Nut- The New rium on nuclear testing until Au- He said the Soviet Union had In London, ; foe the Department of 1400 jected Burroughs' S=.06bn hostile un- WALL pansion. West was seeking the new funds to gust 6 and of his offer to meet Presi- reacted quickly to deal with an >ther Energy said the British Govern- STREET: The Dow Jones in- takeover bid as wholly inadequate The announcement shook the finance its ambitious plans for ex- dent Ronald Reagan, either in a Eu- precedented situation and he dis- 2ring ment did not envisage any change dustrial average dosed 22.94 up at London stock market, which has pansion in the world capital mar- and set up a novel defence that ropean capital or in Hiroshima, to closed that a special group in in its. policy of not 1,808.28. Page 36 hree- interfering with S would saddle Burroughs with an ad- absorbed a large volume of rights kets and to meet bank supervisors' agree a ban on nuclear weapons charge of foe situation at Chernobyl as rates of output in the UK sector of LONDON: Equities were stunned issues in recent weeks, and led to a requirements for stronger capital ditional S2.36bn in debt if its bid for tests. had been set up under Mr Nikolai el. the North Sea. Page 14 1300 i by NatWest's the rival computer group suc- hugh cash call while sharp seD-off in shares. backing. On Chernobyl, Mr Gorbachev Ryzhkov, the Prime Minister. He 2 gilts rose. The FT Ordinary share The FT Ordinary Index lost 2\2 f ceeded. also mentioned by name two work- at! - Mr Charles Green, group general told the Soviet people: “We can now E KobJ fights back index shed 21.2 to 1,320.0 and In heavy early trading yesterday, at the plant had died and the points on the day to dose at 1,320.0. in charge of financial con- is behind us." He ers who manager 5‘* say the worst net more broadly based FT-SE 100 lost Some points of the decline Sperry's shares gained to S73¥t said the present death toll was nine, Chancellor Helmut Kohl, West Ger- 4.9 was trol. denied market rumours that called the accident a 'misfortune.” 1 hpxy 29 to “ accounted for by NatWest itself. It 120O after the Sperry announcement with299injured.au of whom were £?' ^ NatWest was planning to outhid saying that “for the first time ever £ first Shares in Burroughs, the Detroit- receiving expert medical attention. initiative in Bonn after ^ became the bank constituent 1986 Lloyds Bonk with its Cl^bn take- encountered in reality such a a week we ^ of TOKYO: Stocks were forced lower based computer group, gained 50 speech, together Cabinet in-fighting of the index two years ago. Its over offer for Standard Chartered sinister force as nuclear energy Mr Gorbachev’s 8AM and opposition by further concern over value the of fell make it more readily saleable and cents to S5SHi. for Western ambas- successes in shares 85p to dose at 770p and Bank. "If that case, escaped control ...” with a briefing 8,113 the wake of the Chern- the yen. The Nikkei was the we that has average lost other bank shares also weakened. enable NatWest to save approxi- The share price gains appeared sadors on Tuesday from Mr Boris 3.743 obyl disaster. Page 2 would have had to state it in the cir- strongly attacked foreign gov- 38.51 to 15,943.75. Page 36 mately £15m to CIBra in underwrit- to indicate that Wall Street inves- He The broader based FT-Actuaries cular," he said. However, he said Shcherbina, the head of the com- tors and arbitrageurs believe that ernments mid media who were us- TAB* :s*» jr.. DOLLAR fell in London to DM All-share index fell 1 per cent to ing expenses. It will bring the share mission investigating the accident, J NatWest would be making acquisi- mg Chernobyl “as proof that agree- 3,909 Dhaka paralysed (FFr price down closer to 500p. a level at Burroughs will eventually have to are aimed at assuring domestic and 2J85 (DM 2.196); FFr 6.9675 786.41. tions in the next year or two to AIM sweeten its current offer for control ment with the USSR is completely six-hour general 7.0); and SFr 1.8175 (SFr 1.8255); but Lord Boardman, NatWest’s chair- which, NatWest believes, it will at- foreign opinion that the Chernobyl A strike called by broaden the range of its interna- impossible” But he thanked by ~ tract more small shareholders. of the group. Burroughs is seeking Bangladesh opposition parties para- rose to Y16325 (Y162.8). On Bank of man, said of the issue: “We are one tional services. crisis is now over. L791 The shares will to acquire Sperry in an effort to name the American bone marrow lysed England figures the dollar’s index of the world's leading and most new qualify for Mr Shcherbina assured the am- 064 Dhaka in protest at alleged rights sec- specialists. Dr Robert Gale and Dr the interim dividend, which Nat- The issue is NatWest’s create a much larger mainframe bassadors that the danger of radi- *J9S4 baflot-rigging in last week's rose to 113.7 from 1119. Page 29 profitable banks. We intend to re- genial ond in less than two years and able Paul Terisaki, for their help in op- tain this position in the face of West forecast yesterday would be computer group more to com- oactive substances being spread as election. Page 4 in- r STERLING gained % cent in Lon- brings to Gbn the amount of capi- erating on Chernobyl victims in ,008 tense competition in the financial 6.79p a share, an increase of 10 per pete with IBM. the market leader. a result of foe explosion had been don to dose at S1.5395. It also rose Moscow hospitals. 1,999 cent on last year's tal the group has raised in that peri- However, Mr Gerald Probst, markets from both east and west. interim. In a cir- much reduced by “a stable high- •,999 Indonesian rockets to Y25L5 (Y249.75); but fell to DM od, including two issues of perpetu- Sperry's chairman, described the Both our national economy and our cular to shareholders, NatWest also The renewal of the Soviet nuclear pressure zone over foe European 3.365 (DM 3-37); FFr 10.7275 (FFr al debt on the Euromarkets. At the bid yesterday as “a two-tiered, Crude home-made rockets were shareholders' interests will, in my said that the fall in the oil price and test ban, dropped for lack of US re- part of foe country.” There were <.72* -* Cj 10.7425) and SFr 2.7975 (SFr 2.8). end of last year NatWest overtook front-end loaded attempt to take 1248 *= HJj fired at the US and Japanese em- opinion, gain from this addition to lower interest rates enabled it to sponse shortly before Chernobyl, consequently no rain or high winds The pound’s exchange rate index Barclays Bank to become the UK's ,028 bassies in Jakarta end a car ex- our capital resources." take "a confident view of the control of Sperry at a wholly inade- may allow Mr Gorbachev to regain to spread contamination. In Mos- fell 0.1 to 76.0. Page 29 largest bank with total ploded near the Canadian group's prospects for the full year," assets of quate price.” Burroughs bas offered the initiative in nuclear disarma- mission, The issue is to be in the form of Continued 14 Ml $342.75 the the E72^bn. to acquire 33m Sperry shares for negotiations with the on Page but no one was injured. Page 4 GOLD fell $0.25 to on oneforone at the deeply discount- though bank did not make any ment US .962 share in cash, giving it just r-.. market It also fell profit S70 a which could have been lost as a re- Details and analysis, Page 2 ^‘aSj London bullion ed price of 200p a share. This will forecasts. Lex, Page 14 A6I Cheap butter plan in Zurich to £34230 from 5344.00. in over 52 per cent of Sperry’s 63 ful- ^*3 New York the June Comex settle- ly diluted shares. .173 EEC Commission announced plans ment was 5343.10. Page 28 Under a second stage to the hid. AS1 Burroughs is offering to acquire the BBS for higher .subsidies to dispose of Libya sues bank AUSTRALIAN dollar closed in Lon- US rest of Sperry’s stock for a package some of the Community’s Urn- will press ahead to 605 dollar, Paris don at AS1.4055 to the US — W tonne butter surplus to pensioners of securities with a certified value 450 ; down from AS 1-3645, after Canberra kind and the poor in member states. of S70 a share. This of offer is 376 announced heavy spending cuts. normally referred to as “front-end over frozen assets Page 4 loaded” because the first sharehol- 623 Palestinians shot redundancy law 547 streamline ders tender only to are the ones to BY RAYMOND HUGHES AND DAVID LASCELLES IN LONDON BANK OF FINLAND raised its key 112 Troops shot and wounded two Pal- receive cash. interest rates sharply for the sec- estinians daring an anti-Israeli pro- Sperry’s long-awaited response to LIBYA IS taking steps to try to re- firmed last night that the writ had ond time in less than 24 hours as BY DAVID HOUSEGO IN PARIS M3 test in the occupied West Bank on the Burroughs’ bid is similar, to a cover assets from US banks which but it refused to com- speculation over a Finnish devalua- been issued, 115 Israel’s 38th Independence Day. number of takeover defences were frozen at the order of Presi- ment or provide further details un- *21 tion continued. FRANCE’S conservative Govern- Bank of France, the French cut its base lendingrale by a Vi launched over the last two years dent Reagan as part of his anti-ter- til it consulted its lawyers. As ment yesterday pleased the busi- The had
- central bank, yesterday lowered percentage point , in a move that which have sought to protect the drive in January. American expelled BANQUE PARKAS’ New York ness community, by announcing rorist far as is known, other US banks its intervention rate -the leading was followed by other banks. At target companies byweighing down The Libyan Arab Foreign Bank, have not been issued with writs. defence attache has branch has been asked by Ecuador that it wtil introduce legislation in Ah American money market rate - VI per- (he same time, the French mone- the potential acquirer with heavy Liby- loan facility of about National Assembly allowing by a which is wholly owned by the The Libyan bank's solicitors said expeDed^fiapi;;.titev Soviet to .arrange a the beet centage point as part of a general tary authorities approved cuts of debt burden. However, the Sperry an central bank, has issued a High yesterday that seek- $20Qm, one of the first voluntary companies to declare redundancies they would be Union after being!caiiglit hOldihfT a towering of French interest rales. about 1V& points in savings ac- defence contains some important Court writ in London claiming near- ing an early court hearing because with a Soviet borrowing operations for a Lathi without obtaining prior administra- dandastmemeeting Sodete Generate, one of the count rates - details of which are refinements - crucially pro- the branch American country since the debt tive approval. most a ly $300m from London foe matter was of public import- citizen recruited by US intelligence, banks, doe to be announced today. ‘ measure, long sought three leading nationalised vision which triggers the share buy- of Bankers Trust Company, the ance. It is understood that foe case reported.' crisis broke. Page 5 The by em- Tass back only if the Burroughs tender ployers' associations but opposed New York-based bank. relates to money which the Libyan offer is completed. writ was issued by the Liby- MAYRA, French state-controlled by tie trades unions, was one of the seek prior approval from the local low the measure to be enacted by The bank claims it instructed should be Death sentence . . Sperry, whose board urged share- bank's London solicitors in foe defence .and electronics group, pro- most controversial items on the labour inspectorate. decree, yesterday made known his an transferred by Bankers Trust from holders reject Yugoslav court sentenced 88-year- duced higher than expected group election manifesto of the right Al- None the less, for a further inter- “strong reserves" and “disapproval" to the Burroughs’ Commercial Court, and is certain to New York to London. The writ =# old Creation fascist. Andrija Artu- consolidated net earnings of FFr though Mr Jacques Chirac's Gov- mediate period large companies of it Thus, the bill will go through tender offer, said it will promptly a raise questions about the extraterri- claims $131 Jim plus interest, and begin a cash tender offer for 29.5m kovic to death for war crimes in. the liQm (£I5.7ra) last year against FFr ernment has always been commit- will be required to negotiate redun- Parliament in the normal way. torial reach of the US Government, 5161.3m phis interest with further Croatia during 68m in 1984 and forecasts a further the while Trades unions also criticised foe Sperry shares at 580 a share, condi- similar to those provoked by the or alternative" claims for damages Nazi puppet state oi ted to implementing it, there was dancy terms with unions tional on the Burroughs* tender of- Carter Administration's freeze on the Second World War. Lawyers increase this year. Page 15 pressure from some of his ministers companies with a workforce of un- move, and in particular the Govern- in like amounts. likely to be_ ment’s decision ahead with it, fer being completed. In those cir- Iranian assets during the 1979 hos- said the sentence was to postpone it to avoid the risk of la- der 10 will be required to give a pei^ to go In addition, there is a declaration GERBER PRODUCTS, US baby the share commuted. bour conflicts. sonal explanation to the workers without prior negotiations with cumstances, Sperry buy- tage crisis. that on April 21 Bankers Trust Lon- foods group, cited recent “un- Cabinet they wish to declare redundant them. back scheme would effectively The Bank of England will be 0 The bQl, approved by foe Continued on Page 14 founded adverse publicity sur- Mr Chirac's decision to press thwart Burroughs’ plan to swap foe watching foe case with interest, al- Syrian help yesterday, will allow companies to President Francois Mitterrand, string of unsubstantiat- remaining Sperry stock for paper. it is not directly involved. rounding a redundancies at once with- who bad earlier warned foe Gov- ahead follows criticism be has faced though Kuwait juggles foreign assets. been helping in trying to declare . >; Syria has ed reports about glass fragments ,v out -as is the case now -having to ernment that he would refuse to al- Continued on Page 14 Continued on Page 14 Bankers Trust’s London office con- Page 4 bring about the release of five Gerber baby food > found on some Americans held hostage in Leba- jars to explain a sharp 29 per cent j. wtf. ^ non, the White House raid. A decline in fiscal fourth-quarter prof- : did . that the US •?tT .. spokesman its. Page 15 jobs AIR FRANCE: TERMINAL 2 iiot have “any independent or con* UK shipyards cut 3,500 UNHOYAL, leafing .USgremann- elusive prooF of Sjfrian complicity BY PHBJP BASSETT, MICHAEL CASSELL AND ANDREW FISHER IN LONDON ACCELERATION DU SERVICE a Pages agement ted leveraged buy-out ain and West Germany. Shipbuilders (BS), the at the merged yards of Austin & could not be “conjured out of thin year ago, said it had agreed . to sell BRITISH HEATHROW - PARIS CDG2. Sunderland Ship- air.” its chemical business to Avery, a UK stateewned group, yesterday Rckersgiil and said the Now London to Paris wifi be Gurkhas demonstrate New Jersey-based coal mining com- frnrwymwri 3,500 job losses and the builders). The Fort Glasgow facili- Mr Channon Govern- Clark ment had put CI.4bn into BS since swifter ond smoother then ever for about £760m in cash.. closure of three yards. It gave a ties of Ferguson-Ailsa and Police shot dead a demonstrator pany that the industry desper- Kincaid will remain open. 1979 and had recently stepped up Start to finish. than 100 during Page 15 warning and arrested more to help it the start, ately needed new orders to survive- BS hopes to achieve the redun- its sales support package At ournewly extended protests by Gurkhas campaigning "£1* CREDITANSTALT Bankvwebx, The job cute will bring the total dancies voluntarily. They were an- to win orders. Subsidies available and exclusive check-in area at for greater autonomy and language Austria's largest bank, has. reap- workforce at BS down to only 5,500 nounced by Mr Phillip Hares, the equalled those in other countries Heathrow Terminal almost India. 2 has rights in north-east last new orders were only pointed Dr Hannes Androseh, for- by March next year. Union leaders rhmVman, who has been in office but year’s double the previous number of departure 10th of those forecast in the corpo- mer. Finance Minister and Vice gain they would push hard for polit- only two weeks, after the a desks. BL, the state- rate plan. Crash kills 32 Chancellor, as director general and ical flptimi to help the UK industry. of Mr Graham Day to And to make things easier, our chief executive for a further five The capacity reductions are the owned vehicles group. Mr James Callaghan, the former bas- crash in the South African boarding has moved right next 7=> A 15 exer- said half of the in- Labour Prime Minister, said it was killed years. Page latest in a series of slimming Mr Hares UK tribal homeland .of TVanskei to the main departure lounge. cises undergone by BS since nation- dustry's capacity was not being uti- an “act of folly” for an island nation cluding 27 chflr (In fact, it's the shortest distance 32 passen ers, in world's big- allow the destruction of its ship- g EASTMAN KODAK, alisation in 1977, when the mer- lised. It probably had no more than to .Y-V dren. and injured 56. from check-in to departure of gest manufacturer of photographic chant and engine-building yards eight months' work overall. "We are building industry. second- any airline in Terminal 2.) products, is stepping up its employed 24,000 people. Its warship not going to be able to operate at Mr John Smith, Labour's spokes- fro 55 cents to 63 In Economy too, Clean air move quarterdividend m and repair yards have already been the size we are at present” man for trade and industry, said Class, we've cents. Page 15 privatised. The BS announcement, which the announcement was 'chilling been on the look-out for im- exhaust standards to cut Siricter BS said that Smith's Dock, its had been expected, caused an upro- and desperate news” which would provements. On our London/ air pollution from difisd vefodes HAPAG-LLOYD, West GOTnan/s yard in Middlesbrough on the Tees, ar in the House of Commons, with cause dismay and deep anger Paris route the seating's being been suggested by the Euto- biggest shipping group, lifted its have north-east England, would dose by the Labour Party failing to win an throughout the industry. He com- upgraded, with extra legroom - They cent to 05m pean Commission. profits 25 per DM Chan- pared the small aid an- the end of foe year with the loss of emergency debate. Mr Paul package ond we're including in-flight effect at the start of 1988.- (S43m) last year. The group is 80 nounced come into jobs. The Troon yard in Scot- non. Trade and Industry Secretary, by Mr Channon to putting catering with Deutsche and 1^00 complimentary per cent-owned by is “pieces of sticking plaster land at Ferguson-Aflsa (325 job said: "I do not think shipbuilding over gap- wine drinks. following a rescue or Dresdner banks in of disappearing.* ing wounds.” losses) and the Wallsend site on foe verge Whilst on arrival at operation three years ago. Page 15 Charles de . north-east England of engine-buil- He announced that the Govern- BS told foe unions of foe redun- War on worms Gaulle Terminal 2, the swift managers der Clark MnwHd (360), would also ment would provide E07m ($10.7m) dancies at its Newcastle on Tyne ca aign to SWITZERLAND'S top baggage reclaim and the "laimofied a mp headquarters talks pay. short- Egypt has position in dose.. to help overcome the immediate im- during over again hold a dominant est distance from aircraft to exit especially The group expected a return to sta- league.league, Pagerage 3.&, Further redundances will occur pact of the redundancies, the European pay of any major airport ensures yard in Devon, the north-east of England. He we are unable tenure at the Apptedore in rinstidolr We regret Continned on Page 14 you're on yourway in SSA^swids losses), the problems of BS were not no time. the appointments advertising south-west England. (95 job said infieldsin Shipyards Just one call books SSi^^working Govan on the Clyde in Scotland due to a lack of cash or government torpedoed, Page 7; your flight, !r“" hotel, hire to lack of orders, which Editorial comment, Page 12 can -St**"*- (495), North East Shipbuilders (925 support but » So Paris passengers lake note? lyW ' SS CONTENTS ———— Air France atHeathrow Terminal 2 plus Charles de Gou/fe 1* •I 93 Bditorial comment Europe: communists try to Economic Viewpoint: a guide Terminal 2 adds up to much Europe..-- -- Enrobonds Jf 3 to profit-related pay 13 more than 4. ~ Gnipaiues Enro-options.-.. * “ win back support America---" 9 Fmanrial Futures 15? Trade: tale of two Chinese Lombard: taxing times in the Companies * ** -i :::: i Overseas .... cities 6 North Sea 13 Companies Wilkinson Lex: NatWest; Mrs Fields ^orid Trade- Management: - 7_q Management Britain Market Monitors 36 its sword 10 insurance results 14 : 'VfllSl draws ,*: ;.? • 2w-“Z*» Men and Matters * Companies 2B Money Markets Editorial comment: shipbuil- Technology: fuel efficiency Agriculture 25 J(swMaterials 32. • 11 Stockmarfeete-Bonrses ding; Australian economy 12 in navies 24 — «* -Wall Street . 33^-38 • . -London.. 30-32,36 Law — g Unilever: letting in a shaft of Daimler-Benz: grappling Cbnnnerrial 28 TtOiadm r—y. Jt Commodities. Busts..-.:. w.... 25 Unit light 12 with board restructuring . * “J» 15 Crossword 29 ' Weather 158 New Bond Street. London W1Y0AY.M 01-499 9511 Heathrow Anport: 01-759 23)1. Manchester: 061-4363800. Cargo Bookings: 01-8972BIJ. Prestei: 344150. 1 " — . " ^ ' - . • '
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Pric> Commission presses 12 Mn K0 24 28% for stricter diesel 25% 15 50* - 25% 12% exhaust standards 10i SS» U* BY PAUL CHEESERIGHT IN BRUSSELS 32 9V* STRICTER EXHAUST stand- The test is designed to simulate driving conditions. 3V* ards to cut air pollution from urban The 241* diesel vehicles have been sug- new engine te5t limit would be 9
West Germany unity (Eurape) XM. Frankfort : European reigns briefly in Strasbourg Brandi,, —jiV'-'. represented byE. BUgorAndtetf " a Luxembourg 5. '•tivSE.' Banque Internationale A. Credit Suisse BY QUENTIN PEEL IN STRASBOURG Main, and, as iaambera'- af the 2 Boulevard Royal 8 Paradeplalz Board of Director*, F. fe*Ajw. Bo ite Postale Zurich, Switzerland KING JUAN CARLOS RJVJ. McCSeen, G.TS. DaxnerjMXi- of Spain system of Western security between the supporters of in a bipolar world that is Luxembourg Gonnon, DJBJp. yesterday celebrated Spanish managed to bridge the divide Nato, and those committed to evolving rapidly from the Mw. London. Printer: Praij3tfuM»v entry to the EEC with a speech within the Parliament between neutrality. Sdci«tits|-,- atomic age to the space age.” Dmckerrt-GmbH, FnaktarC/Maln.' AND to the European Parliament left right and on defence King What was needed was to build Rapaasfbls adttoft Tbe appeared to be in u -C£JP. SihUw A" to Payment or promising support for the goal issues. He immediately quali- ~ Registered Debenture* Only sympathy with MEPs seeking a a Europe not only as a passive FraakfurtTMaia. fTtitiflltlfirfei and Conversion of Bearer of European unity. fied his appeal as being aimed sad Registered Debentures: wider defence role within the shock absorber for tensions, 54. 6000 Frankfort ont Main I/O" He won an ovation from a at “a world governed by but also as a force The Financial Tlmea Morgan Guaranty Trust Company of New York framework of the EEC as well- for generat- ' full house—a rare event for the detente that enabled concrete ing peace on earth." FINANCIAL TIMES, DSPS 30 West Broadway as outside it—although the . No. assembly's state occasions with results obtained in the 190640, published «— New York, New York 10013 — to be Socialists and the Greens want dhdy Son- his pleas for greater cooper- field of dlsamamedL” Co-operation in the fight dtpsand ha&dajrK US. stiMcriptSaa v. United States that role to be a joint commit- ation in all including not rates S385JW per «nninri Second • fields, ment to disarmament, whereas against terrorism must be in- His speech followed a major dais postage paid st GILLETTE only economic and monetary tensified, be said, to use “all Jfev Ye&~ OVERSEAS FINANCE CORPORATION N.V. Christian Democrats, Conserva- N.Y. end it additional. m»iW union, high technology and the debate on the Community's role the legitimate means at our nf>' 3966 tives and Liberals want closer fice*. POSTMAJSTERi sand Dated: May 2, environment but also in defence. in defence, which left the disposal to protect and eddwk arms co-operation. freedom chaoses to FINANCIAL TT^nas ' His plea the Community VEPs divided not only on for democracy against the threat of. .MEast 80th StKeLNowXhrkrNLS.- to “ play a determining role... questions of disarmament said w and Ho Europe had become those who fanatically attempt 10022. within the framework of the nuclear weapons, but also “ a potential stage for conflicts to destroy it."
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1>pjnt*r Financial Times Thursday May 15 19S6 EUROPEAN NEWS COLUMN SURVEY SWISS ON TOP Paul Betts on European party fortunes rOuugllCSG JOBS CONFIRMS m i • « | Communists try to turn banks bloom How senior executives rewards m easier ebbing tide of support climate vary across Europe RC By DUna Smith in Lishon BY MICHAEL DIXON A1 Ihe ject part of what it their country's far poorer eco- ^Sn^h° Western European I Switzerland: an increasing its i But if Mr Marchais’s:hais’s decision number of Totta e Acores and Banco intellectuals a 1 Chief ezecutive & 1.065 70,981 47.912 93060 60017 95049 109015 68AM reflects the profoundbund internal Communist parties. — phenomenon Pinto Sottomayor are seeking which has also been taking Personnel director 42.651 43.695 32034 56.933 39053 64,786 71079 48,113 crisis currently shaldng a permission to Issue similar party place in Italy—while confusing 1 finance director 38,730 43,483 32,777 52,405 37008 58,457 62/190 43043 torn between dissident bonds albeit in smaller Wen Germany: reformists and 2**"®^ktog-dass base with its hard line tradl- In Spain, the Communists amounts Chief executive tionatists. P a ^lcl Pation in " Socialist it is also a further have seen their electoral sup- The bond issue Finance government until 1984 which BESCL may director eloquent examnle of ih« i «^ .T« be particularly attractive Personnel induced sweeping rc.truc.ut- to director S western Sf U.e ssUon^ vote mt S> Investors since tbe bank Netherlands: A reported a record profit for a Chief executive finance director economic programme. Portuguese nationalised bank msst*munists still command about 30 last year of 1.5hn. This Personnel director Es eluding pro-Soviet Mr Marchais’s credibility per cent of the national vote. has France: — —* which h&s Euro-communist was thanks to a marked nr*T v. yr j been increasingly Questioned Chief executive e 1 has suffered a senes mgs. The various factions are improvement in margins fi J5F \. party jj, fl «on after finance directors setbadcs at local and national to help ^ caused by a 25 per cent drop DOw trying to regroup Personnel director in expensive time deposits th ir Pertonnaoce m the March. Communist dissidents Belgium: ? . and 32 per cent growth In el ^°n next openly cri ticis the Chief executive wST tog current accounts and highly of forces is secretary-general and his leader- Finance director But this Joining selective concession credit. Sat. It ^ems^to have sto£ of Personnel director ‘ "BSiS SKiiS^ “V ore In s situation which • H. Parry and Son, the Italy: ‘erosion Jftte*“ ”r°‘Fre“* small shipyard south of Chief executive MWi." 2ff Lisbon in which the state- finance director Personnel director vv; The PCI has not recovered . n*nt French Communist intel- owned company Invest! men tos . chief organs weak- death ni ® panuartv’ss Sweden: from the of -its former f, rr a lectual e Parti el pacoes do Estato Chief executive leader, Mr Enrico Beriinguer, Where the French party goes holds 48 per rent, has Jjgg *aeed MrSiito ha? Finance director wiU depend the declared Its intention to file to the ™ U^yon Personnel directof ingtofinda strategy to replace SSSbSSWRS [ for bankruptcy after piling up of SZttaS choice of its next presidential United Kingdom: at a domestic level Mr Ber- SSStSgroSS losses of 2bn. Spanish candidate. A candidate sympa- Es Chief executive lmguer's concept of “historic tbetfc to the reformists would Prospects of improvement finance director ” “ BOup tmflde .of muteared compromise with the Chris- imply a major evolution in its In the financial situation of Personnel director vegetables.ve eia « 1BB tian Democrats ana, at the s - overall approach. But, equally. the yard, founded 110 years Spain: ? is % international level, the much In Portugal, where the Com- the party might choose a bard- ago and later an offshoot of Chief executive flaunted ‘ Of Dairy maintains a liner in a further last-ditch flaunted .ideaidea , _ Euro- munist ______the big Lisnave repair yard, finance director .communism. strong pro-Soviet line, the party effort by current leadership were dashed when the Personnel director . the At home,' the PCI has been saw its support fall 2.5 percent- to hold power. Whatever hap- Government refused to in- Portugal: pushing for an alliance of left- age points in the last election pens in France will inevitably clude Parry and Son In a Chief executive wing parties—the '.so-called to around 15.5 per cent More- have significant implications rescue deal. Some 550 Finance director *' left-wing -alternative ” while over, the Portuguese Com- for other European Communist workers will lose their jobs Personnel director in Europe it has sought to pro- munists. whose strength reflects parties. if the yard closes. .f.-. -. - • ; . • safety * > : vv **&&' 4. > -•v'll -rt 'R •4s a® "Aydiffe and Feterlee, gentlemen? Be realistic! Its European connections are in no way superior to our present ones (The truth: directly facing Europe, with sea links via the two major ports of Teesside and Tyneside, the region also boasts an adjacent international airport, and a second airport within 40 miles, at Newcastle.) DIALTOANDASK FOR FREEFONE Aydiffe & Peter! ee Development Corporation 6 7 . = - .Financial Tinies Thursday May 15 I9&y 4 J OVERSEAS NEWS K-Mart (Australia) Finance Limited 9% Debentures mar NOTICE OF REDEMPTION BYRNES IN BY MICHAEL JAKARTA ; • . -V • .-VAV-VX' -i- -.d V . V NOTICE IS HEREBY that, pursuant to the the Indenture dated . GIVEN provisions of l; , ^curtain-raiser, as of July 1. 1976 (the ‘Indenture’), between K-Maxt (Australia) Finance Limited, a top .-blasts , wete JAKARTA was shaken by a Jakarta's 10-lane main ture owned by the i»ive» -of X Bermuda limited company Company, •' - (the ‘Company’) and The Roval Bank and Trust military personnel. • -JilcjE^y t^/^STqSi«ai fuzida* thoroughfare. Jalan Thamrin. Indonesian most . a New York corporation, as Trustee. Si. 101 .000 aggn aeries of bomb blasts yester- Another almost simultaneous Police said later^that Ifcwss, menGklifitBr to .atH»*MdifBg;d(ec?'^ Company's 9% Debentures issued and outstanding under day. Embassies, a hotel and La -aJaamaJ >L ..nL .f fe L t . respox*: m blast destroyed seven cats in pot known _ who ; Was iopposltlbtr to the an office building containing However;, officials, at the the car park of Wisma Metro- sible. Indonesian -ej^bTisBmerifsSetiis business interests owned by a politan, a downtown office Japanese Embassay advanced . to be Hargely -basfed on : their Date. close associate of President that attacks Were building which contains the the theory criticism’ of runequel -distribu- The serial numbers of the particular Debentures ,000 denomination to be redeemed Suharto were attacked. No-one - missile bomb- of S3 offices of Mr Uem Sioe Liong, connected with -Jndt»esia. r : are as follows: tttrirbf weal#£9 seems to have been killed or dose business associate ' Of ings in Tokyo during .the recent. a -- year^agOi the- Borobuder injured in the blasts. President Suharto, as well, as - summit meeting.' These' attacks A - In- Canadian Embassy. third launched- the. largest . Temple invcehtral. Jmb.^ Ml l«*0 2259 3876 55*1 9034 10278 12282 l:1784 Z63JI 201 15 23062 25662 28516 3295.1 A missile was fired yesterday the A' were by orgamsa- donesia’s.most prized . teHgious l 1470 2260 4041 6586 9033 10288 12292 13785 1638$ 20340 33133 25759 28565 33011 from 827 of bomb at the DS Embassy failed Japanese left-wing morning Room the 1 3 1481 3261 4088 6627 9036 10333 12318 13786 16411 20344 23219 25768 20$ 73 33019 was bombed •• : ihohumeBt' — by 4 1S24 2262 4109 6661 9037 10402 12343 13787 16491 20342 23234 25034 2859$ 33021 Japanese - owned President to explode at the same time, tlbn.the Chokaku-ha. . terrorists widely > .bdievea to s IJ-H3 2263 4125 67 29 9038 10431 12373 1 3788 16593 23256 2S05O 28597 31022 • widespread .be- 20586 Hotel to the third floor of the there was an explosion in the But -the most •“ 6 1724 2264 4134 8774 9039 10442 12436 13769 16628 20615 23264 25*65 28*74 J3031 h M\ Iranran" 'contiectlCtiV Japanese embassy, across Kartiak Chandra Hotel a ven- lief yesterday was that the have 7 1754 2265 4 204 6815 9040 10471 12489 13790 16645 20*52 23)03 2597* 28754 33100 Keating: S 1795 2266 4220 6822 9041 10501 12526 13791 17684 20*17 23311 2640O 28814 33127 Mr banana republic 9 1807 2267 4278 6825 9042 10506 12536 13792 17695 20655 23317 26409 28846 33161 10 1813 2368 4364 6638 9043 10321 12542 13793 17697 207 IB 23359 264)7 3880 2 33187 41 1828 }M 4380 6894 9044 10533 12547 13794 17708 20733 234o 1 2650) 28948 33188 54 IB39 2270 4421 6950 9045 10556 12550 13864 17728 20755 23441 2*514 28957 33247 55 1840 2271 4441 7078 9046 10568 12553 13882 17741 207*7 23492 26540 26971 33254 Scheme to resettle millions condemned 56 1841, 2272 4550 7151 9047 10611 12554 13906 1774] 20830 2 3503 26543 29023 3)262 57 2273 4632 7155 2659* 29044 33305 187J 9048 10621 12634 13967 17755 2084] 2J304 central Islands at Java, 58 16BJ 2274 4656 7191 9471 10724 12646 13972 17857 ]0$oO 23517 30105 33328 HUMAN RIGHTS and environ- programme by Western nations by The Ecologist, the, tribal fromtbe 59 l?9l 2275 4675 7210 9516 I077I 12649 14017 17971 20*10 23551 20*85 30150 33405 Survival Bali and Lombok to easternmost h0 2276 4743 33417 mental groups called in London seems almost incomprehen- peoples* lobby group 1898 7229 9517 10781 12671 14062 17993 20401 23574 2060? 30)82 environmental Irish Jaya province had foelled 61 1924 2277 4754 7234 9518 20797 12683 14 1 70 18007 20916 23«6S 26698 301*1 33469 yesterday for a halt to funding sible." the report said. International, the r.J 214« 2278 4763 7246 9519 10B1Q 12684 14123 18077 204*0 2 Jo 77 26722 30263 33491 between separatist dmstic cots of Indonesia’s controversial organisation Friends of the. the conflict 63 3153 2279 4829 7282 9520 10943 12685 14133 18084 20991 2369J 26741 30337 J349S The Indonesian Government, Melanesians' there- and - Tn- - Indonesia's human . 64 2103 2280 WJ8 7366 966J J0948 12689 24172 18207 21076 23731 26796 303 74 JJ5I4 scheme to resettle millions of which plans to settle 65m Earth and has forces, 65 2207 2281 4855 7470 9674 10950 12687 1 422*3 18235 21040 23«63 26804 30431 33518 people from crowded Java to rights body TapoL doneslaa y . 67 2208 2282 4968 7477 9788 10988 12688 14236 18280 21*343 23890 26620 30665 33529 people over the next 20 years, 182*»7 spending other less populated islands, ’ 6fl 2209 2283 4895 7M6 9879 12006 13689 14253 21070 23902 26652 30*99 33565 in says transmigration is necessary It also said the World Bank, i The -report' calculated _that 3210 2284 4967 7894 9688 12690 18448 21*373 23932 26864 30725 33610 *9 11032 14261 Reuter writes. ' population . and Which contributed mure * acres. TO 2211 2265 4978 7700 9953 11043 17691 14280 18458 21151 33837 26873 30736 33*44 By Emilia Tagaza in Canberra to distribute had ; more than X45m pf .pain 2286 9099 23987 The call, aimed first at the 71 2212 5016 7710 11114 12692 14JSK 18409 2114? 76913 30863 33*49 economic wealth more evenly. than 6500m- to the. programme, . forest would be, .destroyed, j. 72 2213 2267 504o 7711 10000 11129 12693 14314 18470 21227 24006 26921 308*5 33916 THE AUSTRALIAN Govern- World Bank which provides a Java, with 60 per cent of the had -broken- its guidelines for •year over the -next-five- years- of 73 2214 2288 5079 7736 10001 11134 12694 14333 18478 21256 24174 20976 30894 3J934 slice of the transmigration ' 74 2215 2289 5102 7730 10002 11149 12695 14420 18503 2)323 24 JOS 26996 30944 33983 ment said yesterday there big state’s 165m people, has wily 7 protecting the environment and -the scheme which.: aims' at 75 2216 2240 5112 7834 10003 11155 12696 14474 18523 2133* 24205 27050 31015 34020 would have to be drastic cuts scheme's budget, coincided with per cent of its land area. cultures of minorities from resettfing some 750,060 families; 76 2217 2291 5M5 7835 10004 1 1 273 12697 I44f*0 18543 21352 24206 27108 31027 34038 the publication of a report on : 2213 2242 5146 7889 10005 11202 12698 14523 18624 2U54 2421$ 2711* 31244 34074 in budget spending, which exploitation. The report said transmigra- It said its’: view- that huge 78 221 2293 5154 7931 10006 11235 12740 14534 18905 21501 24227 27156 31250 34086 seat the Australian dollar the effects of what it called the v 79 2220 5192 7947 10007 11236 12763 14546 184 34 21547 24233 27192 312*2 341 II failed in its objectives Transmigration has become were 2J44 tumbling down to 69.6 US largest colonisation of people tion had areas of raiclorest being 80 2221 2295 5249 7986 10008 11248 12811 14658 1*935 21573 2427* 27J00 31284 34121 one of the government's key ~-\ history- of easing population pressure irreversibly destroyed was 5367 8018 1 12926 14079 18974 21*65 24310 27354 31360 34602 cents at the end of trading in 61 2222 2296 10009 1282 economic wealth means for assimilating tribal three Indonesian 82 2223 2297 5325 8071 100IQ 11299 13007 14727 19078 21*95 24346 27 3*9 31392 34630 from the day's high of 73 “ Controversial since its in- and creating shared byT 5.M2 1*1103 24425 274J6 34*40 people and -taking over -their 8! 2224 2299 8075 10012 11395 J 1015 14872 21831 31396 ception, transmigration has now in the outer islands. departments Forestry; Popu- 84 2225 2377 5158 8101 10012 L142B 13230 14917 19133 21855 2*42*4 27450 31397 34*47 cents. lands In the interests of national 85 2226 2426 5439 8116 11437 13313 14*88 141*30 216*0 24475 27499 31451 34658 associated with such a Foreign governments should lation, Environment and "Devel- 10UI3 Tbe Federal Treasurer. Mr become '• national 86 3227 2506 5446 8298 10014 11444 I36J4 15006 19243 2)92o 24541 27500 31471 347 T 7 en- funding which development and opment: and the Interior — 192*1 21927 24594 27602 34725 Paul Keating, announced the catalogue of human and stop the scheme 87 222? 2520 5521 8334 10015 11478 13694 15025 31S09 security,” the report said. . which hate conducted a review 88 2229 2324 5*'0 8414 10016 11484 13754 15053 ] 9785 220*32 24606 27c*31 31539 34728 belt-tightening in the light of vironmental abuse that tbe con- had moved 3.6m people by 1984, 34755 161 2230 2555 5561 8441 10017 11496 13755 15058 19337 22123 24607 27632 31555 the Urge current account tinued support provided to the said the report—issued jointly It added that resettling people of forest -policies: 212 2231 2616 5633 8443 10018 11543 13756 15145 J0554 2212$ 24657 27657 31 7 JO 34773 240 2232 2673 5644 8494 10019 11544 13757 15208 14373 22197 2467 J 27766 31731 35014 deficit recorded in April. “As 306 2233 2679 S76S 8578 10020 11547 13758 15255 19427 22214 24687 27772 31734 35034 indication of the depth of 478 2234 2748 5798 B5H1 10021 11HR 13759 15547 19550 12265 24729 278*Vi 31847 35035 an 494 2235 2774 5787 8661 10022 11560 13760 15594 19582 22J49 2«807 27828 31859 J5I3J Australia’s problems, our 502 2236 2776 5792 6761 10013 11592 137bl 1 »9S 19567 223*4 248*39 27873 31681 SM*^ terms of trade are now the 2237 2794 58*4 8823 10024 11611 JJ762 15596 19605 22425 24854 27881 31932 J52J8 566 since the depcegion 600 2238 2806 ;as4 8878 10025 116(8 11763 15597 19663 22451 24897 279*0 3(958 35267 lowest Kuwait juggles foreign assets 27O80 711 22 Jv 2853 59J7 8008 1U026 11634 13764 1559* 19693 22408 24978 319*1 352*8 years of the 1930s," he said. 750 224i} 2854 tOOS 6974 10027 11697 U7o5 1SS09 19709 22538 24985 3804) 319*2 35426 19724 ]499r, He added that Australia was 764 224] 2881 6949 8999 10028 11739 13766 1 5600 22641 28068 32232 354 33 BY RICHARD JOHNS cabinet 778 2242 2922 IU75 9017 10029 11841 13767 15601 1972* 2?o*>3 25000 280*2 32309 355*4 in danger of becoming a third- 2-344 10*330 1 189*1 13768 1560? iwrbl 22706 2501 2*110 32321 3S592 Bum 224J HU78 9013 rate economy ranked among Kuwait Government is Authority is as anxious as ever of, as well as the income from, 413 2244 322« 6IJ96 0Q19 1UU31 11955 13760 156U3 14772 22714 25028 28125 32326 3560J THE capital and the to finance deficits; The 929 224$ 2270 6132 9020 10032 11995 13770 15604 19830 227)3 25061 281?0 32393 35678 the world's banana republics. understood to have been shift- to maximise growth SGR iwna ted <(16 2246 3299 6156 9011 1*3033 12011 13771 15605 19899 22743 25077 28217 32 4 JO 35712 External account figure? ing assets from its sacrosanct the return from the state’s latter has always included less QQfji 6197 9022 10034 12021 13772 15606 20003 22746 25109 28259 32456 35743 2247 3356 Invested reserves which in total attractive or even dubious By )oh« Murray Brovm in 10! P 2248 3377 6207 902] 1U0J5 12057 13773 15007 2*3005 22704 25)81 28270 32470 35744 released Tuesday showeJ ah Reserve Fund for Future lire 2244 344 2 6274 9024 10*394 12D3M 13774 15608 20013 22866 2$ 193 28202 32578 35779 increase of A$434m (£210m) Generations (RFFG) to its State are probably more than the assets such as loans to Arab Khartoum 2250 3443 n >84 9025 10097 12078 13775 15609 2U016 2 2684 25241 28310 32*06 126'J in the April current account General Reserve to cover equivalent of $80bn indicated countries (Including some $8bn I2«4 2JM 3473 6308 9026 10118 12120 13776 15619 20076 32402 25282 28323 32711 SUDAN’S sew Prime Mariner, 1335 2252 3521 6121 9027 10)46 12143 13777 15627 20104 21*114 25289 28348 J2717 deficit to A$1.47bn, with the increasing budgetary deficits by the last officially published owed by Iraq) and sharehold- 2253 3622 6351 9028 10167 12176 13778 15633 20128 22926 25322 28406 32763 Mr SacQq el MahdL fe .expected I3J6 trade deficit of .VS509m being caused by the drop in oil prices. figure for mid-1985. ings in domestic institutions. 1370 2254 3676 6453 9029 10173 12185 13779 1565 J 20134 22489 25370 28416 327*6 to day to end weeks- of delibera- 1380 2255 3705 6455 9030 10183 12237 13780 1565& 20181 22994 23383 2843* 32836 highest since October last They point out that Mr The decline in its worth has the The fact that it has been - 13 I&PJIV*\y)\ ? . Financial Times Thursday May 15 1985 AMERICAN NEWS Loans ‘reward’ Deaver gives up trappings of power US praises BY REGINALD DALE, US EDITOR IN WASHINGTON Syrian MR MICHAEL DEAVER, long of those receiving o copy of Without his close links with House (a claim that he has Ecuador for President Ronald Reagan’s top Mr Reagan's daily schedule, and the Reagan family, Mr Denver’s somewhat toned down in recent efforts on image-maker, has finally decided even renounced his privileged case would probably not have weeks), he apparently set out that his own image needs access to the White House become the cause eelebre that to make the maximum amount serious attention—os most of tennis court. it has. His prominence, how- of money while that access political Washington has been The pass, which Mr Deaver ever, bas served to focus the lasted—Mr Reagan will be out hostages economic policy trying to tell him for the past says Mr Reagan personally told spotlight more generally on of the White House in consider- month or so. him he could keep, was sent Washington lobbyists, who could ably less than three years. By Our Foreign Staff BY PETER MONTAGNON, Mr Deaver has let it be back by messenger with a letter do without the publicity. “ He was hell bent to cash in EUROMARKETS CORRESPONDENT Administration yes- known that he is giving up of thanks to the President. In It is clear that Ur Deaver has as fast as possible, because he THE US tribute to Syria tiie New countries in return for growth- some of the trappings of power the note. Mr Deaver said he stepped extremely close to the felt he was a perishable com- terday paid fi for Its efforts to bring about Paribas M!9P,e orientated economic adjust- that have helped him to became wanted to spare Mr Reagan any ethical tine intended to keep modity.” one of his friends has ? “ Ameri- c meat policies. one of the capital's most highly embarrassment.'’ former public officials from been quoted as saying. the release of the five «rfab2t«SKttSte? hostage S2 visible and olHuenr public rela- The embarrassment caused by abusing their government con- Adding to the controversy can Citizens Stm held de,al will be Thc Treasuiy said it expects in onetfSi SS B tions operatives in the year or Mr activities, tacts. He insists has been Mr Deaveris enthu- by ShTite militants voluntary borrowing nwni Ecuador to reach agreement Denver’s lobbying that he had so since he left his White House however, so far have done nothing wrong and siasm for signing up foreign Lebanon. *wT tortly wiUl «>E IMF on an seems to the SlTBKS post as deputy chief of staff. affected his fellow lobbyists technical legality of his conduct governments as clients. time Larry At the same Mr Since the debt crisis hrofeT t» economic programme. Because Denver: cause eelebre e m Mr Deaver told the Washing- more than his former boss. has still to be determined in Whether Mr Deaver is tech- 1982. of the country’s record and its Speakes, the White Boose ton Post, has joined Justice the necds At which There has as yet been no Department and other nically in the right or spokesman, said that the US The mandate had« however, decided came as th*. ttc other leading American news- suggestion that Mr Reagan him- investigations. wrong, the issues raised, tighten the law, including a indepen- agreed™ 10 E° ^ead with the loan now. did not have “any reJSf EcSaS papers in trying to make a self has behaved improperly by What has really shocked according to many people in provision that would ban senior dent or conclusive proof ” of Sorts It Xt***** 1" • ta eb«t with ' eeSSte odSS£,t Dcavergate "out trf his activi. keeping up personal contacts Washington, however, are his Washington, are long overdue federal officials from ever rep- Syrian Involvement in recent by extending sti treatment of7 Mexico, which a sisnm twi ties, that he has finally turned with his former adviser, who brazen attempts to exploit his for examination. resenting foreign governments terrorist acts In the UK and in his White House pass, taken is in fact an even greater friend former position. Boasting of bis As a result, moves are now when they return to private West Germany. o£ -President anc oU pnces PIunSed Leon FebreTCor- ? himself off the exclusive list of First Lady Nancy Reagan. unmatched access to the White under way in Congress to life. In doing so, be contradicted dero to ease ^^er this year, pressure on the the statement nude by Vice- country’s finances Panbas » seeking a syndicate caused bv President George Bosh at Die falling oil prices. about 20 to 25 banks to pro* °f weekend. He said: "We are Mr Hark vide the funds for its deal. Lvoff of Banque The convinced that their (the Paribas said in New York yes* syndicate will work Jndepen- terday dently Mexico protests to over Syrians’) fingerprints have that final from the Lloyds Bank- US drug trafficking claims details of the been on terrorist acts.” facility—including the chaired committee of leading precise IN MEXICO The apparent contradiction amount—will be negotiated creditor banks of Ecuador BY DAVID GARDNER CITY with underlined the political and the Ecuadorian authorities which raised finance on a com- over MEXICO was yesterday due to ment in Mexico's booming drug US Treasury. marijuana to the US and 30 suggested that if the US were military difficulties toeing tnenext couple of pulsory basis from all creditors weeks. issue a formal protest to the traffic of members of the ad- Mr Abrams said the PRTs per cent of cocaine reaching the to do the same, some progress fulfilment of the US pledge Taken together, 1“ the past the two US against what it called the ministration of President continual electoral fraud could US was transhipped through could be made. to strike at sponsors of anti- operations were Though bankers say ” described in the re- slanderous accusations of Miguel de la Madrid and the severely erode the PRI's Mexico. The Mexican Foreign Ministry American terrorism as tor as the banking community evi- sponse to Ecuador's needs has “ ” as minor functionaries made in ruling Institutional Revolution- ability to govern and lead to a The army devotes a quarter on Tuesday night described the Syria is concerned. dence of the so-called been encouraging Paribas won Baker — hearings on Tuesday at a sub- ary Party's (PRI> resort to bal- general government crisis." of its total manpower to anti- allegations as “clearly slan- West German police hare initiative in operation. The the mandate in competition committee of the Senate for- lot rigging Mr von Raab claimed that the drugs duties. Last week the derous" and added that "the spoken of complicity by initiative, launched by Mr with other institutions—they eign relations committee. Among those providing testi- US campaign against the drugs Mexican Ambassador to the Government of Mexico does not Syria's East Berlin emfossy James Baker. US Treasury Sec- add that Ecuador is still re- The bearings, convened by mony in the hearings were Mr traffic had been successful but United Nations issued a state- accept the right of minor func- in the explosion at La Belle retaiy, at last year’s Inter- garded as an isolated case and Helms, the far Elliot Senator Jessie Abrams, the under-secre- was being impeded by the cor- ment saying that Mexico devotes tionaries and foreign legislators Discotheque on April 5, which national Monetary this Fund annual deal does not imply a right Republican Senator for tary of State for inter-American ruption of the Mexican authori- 40 per cent of the budget of its ... to reach verdicts on internal resulted in the death of an meeting in Seoul, calls for in- revival of general appetite for North Carolina, centred on the affairs, and Mr William von ties. Mexico, he said, was the Attorney-General’s office to com- problems which concern Mexi- American serviceman and the creased financial flows to debtor bank lending to Latin America. alleged corruption and involve- Raab, Head of Customs at the chief supplier of heroin and bating narcotics and pointedly cans alone." wounding of others. ADVERTISEMENT Coke lore revived to INSIGHT INTO CORPORATE STRATEGY keep youthful image SEIKO EPSON CORP. Merging Success Since the late 1960s, Epson has produced a long line of quality printersfor the com- puter industry. The name Epson has become a synonymfor compatibility since an Epson has a wider range than other printers. This company merged with its parent company SuwaSeikosha Co, Ltd, last fall and the new Seiko Epson’s product line now encompasses computers, computer peripherals, watches, CMOS LSIs, assembly robots, spectacle lenses and various other consumer products. Seiko Epson’s workforce of 7,000 employees creates an annual sales turnover of ¥300 billion in Japan while maintaining a worldwide subsidiary network. This new company is nowfaced with the task of creating a new corporate culture to symbolise itsfirst business year. In the Japanese language, Seiko means both “delicate” and “success”—a meaningful $20m (£l2.9m) spent ’ on merging of words: Cola’S centenary celebra- Frank Opsins visits ras paltry compared with By Glenn Davis L03bu ft. spent on adver- Atlanta for Coca Cola’s and its $678m in 1985 centenary b from continuing opera- $2Qm But $2Gm was enough celebration of the way- le company: to boast ir Mr. Ichiro Hattori minted: the: world’s largest were thirigs President rial show, a four-day Corporation aganza for 12,500 guests Seiko Epson “Coffee and' beer begin to 1,000 dancers, a Friday their influence by age 15." black-tie buffet and a exert ig executive said. morning send-off with an international Lay going build our hour parade through the “So we are to franchise with consumers be- i of Atlanta feaxuring age.” Davis: Couldyou explain which companies transfer with McDonnell Douglas of the Hattori: We pioneered the pocket colour total sales on R & D, mostly in computer-related bands from across fore they reach that 60. per cent of the wens merged last year to form Seiko Epson United States. TV market a few years ago. The market for research. We employ a total of 1.000 researchers CB. -• ' Though company’s income . comes from and why? Davis Did last year's recession in the liquid crystal is very small so far. We still need and some are involved in R & D related to that' the ) coincidence no abroad, the bottlers- (who paid Hattori: Seiko Epson Corporation was semiconductor market cause any headaches? to break ihrough some technological problems manufacturing. Robots are very helpful since for Coke employees and their own way to Atlanta) were bom on November 1, 1985, when Suwa Hattori: We were expecting an income of in order to strengthen our position in this they allow a more flexible tooling system. rs spilled out. into the reminded that American Srikosha Co, Ltd, merged with Epson Cor- ¥33 billion from this sector but that dropped to promising market. There are too many com- Davis: What sort offuture-oriented prod- of Atlanta, for the ede- accounts for half the world's know, electronic ¥30 billion due to the decline of the semicon- petitors and prices must be stabilised in order ucts does your company intend to bring l had a definite public soft-drink consumption with poration. As you quartz out? sluggish computer only five per cent of its popula- watches were pioneered by Suwa Seiko and ductor market caused by for this market to grow. I think that the mar- the com- a year ago. tion. Company chairman Mr Epson Corporation. As a subsidiary of Suwa sales. The rapid appreciation of the yen from ket situation will turn around in another year New Niches hanged its Coke formula Roberto Goizeuta, for whom Seiko, Epson began specialising in electronic 240 to 180 to the American dollar expedited this or so, however. It is still a matter of cost in reduced an outcry that celebration was an endorse- the printers for calculators and then diversified into decrease in income. LCD production since tbe yield rate is so low Hattori: Of course; watches have been the embarrassed—and then of a business-like six-year ment computes' printers. Tbe name “Epson" was In other words, our high growth period and the failure rate so high. centrepiece of tbe Seiko Group’s production, tad—executives. Presl- tenure, said the overriding ob- to to an end in overseas markets as we will >onald Keough compared to increase per- actually created from the abbreviation, HP., had come but Seiko Epson concentrate on developing jective was . “the.- - raise export prices. big with . - The com- top "brass capita- consumption- abroad. meaning electronic printer. We had a hard were forced to Forming New Culture new niches in the computer market. Coining to who’s been married Foreign bottlers were told time at first since there was no visible market puter shakeout, predicted for many years, is back to the portable computer market, for the woman for 35 years me bow much the company, gears for printers, only for printouts from pocket now upon us and we have no choice except to Davis: You have just started a new joint moment it is still small because prices are still eally didn’t pay much flavours' to. their business and calculators. come up with some new products. company that will have to be regrouped under too high for the product’s performance. Some- on to her until somebody territories. In Germany, local later involved in the Davis What sort of new products do you one corporate culture. What will that be? times a portable computer is more flirt with her.” Suwa Seiko became expensive [ to taste demanded orange Fanta was computers. These have in mind? Hattori: The first thing we have to con- than desktop computer. the convention with more colour and Coke pro- development of personal a No consumer wants including i in Coke lore, vided centralised bookkeeping computers were partially developed and Hattori: In the Japanese market, we have sider is increasing public awareness of the to pay more money for a product that has and a ^ of old adverts and trilling to help the 85 bott- manufactured by Suwa Seiko and Epson, but recently introduced two types of new dedicated Epson name. Our IBM compatible computers fewer functions. Technological breakthroughs the soda foun- territories. uction of lers’ small franchise marketed by. tbe latter. And as tbe two com- word processors, one with a built-in floppy disk sell well in the American market, but lap would allow us to offer a portable computer at concoction was here the In Italy, the company has drive another which reads accidental panies became more and more involved with and credit-card sued models are preferred by the European consum- about the same price as a typewriter. We could aired as . the pushed Coke fountain sales in dioxide to tbe computer business, it became apparent that memory cards. In addition, we will also be er. The markets of Europe are definitely then expand the market n of carbon coffee shops- and positioned of advantageous for both. introducing a whole new line of "intelligent different from the American market. It is inter- In the printer sector, ink-jet Pemberton's elixir Sprite as a nearly colourless merger would be and laser coca leaves, the Seiko group has three typewriters'* in the American market which esting to note that the result of the election printers already the ats and - citrus drink' As you know, are on market. We win in- executives- spoke, in top in Japan, Coke has over a manufacturing companies: Seikosha Co., Lid., feature built-in printers that work with plain in France has changed the trade climate Quite troduce the former this year, arid the latter next choreographed morning cola sales, 90. per cent share of Seiko Instruments & Electronics, Ltd., and paper. Intelligent typewriters wfil be priced at a bit [for the better]. year. Their prices will be set at reasonable kvds. held in the local per cent of other flav- is over 70 Total sales for fiscal under S500. We also sell two desktop of public relations activities, we would like Interspersed, Seiko Epson Corporation. models In terms Davis: I to ask what you think ball arena. ours and has had an astonish- 1984 were ¥85 billion, ¥230 billion and abroad called the "EPSON PC’ and "EPSON sponsor a lot of sporting events such as golf the proper role for a Japanese president is aneuxg girls, they melded ing hit with Georgia Coffee, year in respectively. full 60 per cent PC+" which are fuQy IBM compatible. Seiko tournaments. Fbr example, we are sponsoring his od present. The original which comes out of. vending ¥300 biDion A of firm. foT Coke as a "brain machfines eitfaer hot or cold and their total sales were in computer-related fields. Epson is the second largest IBM plug-com- the “Epson Grand Prix of Europe? Hattori: He should be a promoter of ideas elixir " have per cent md medical- has been .growing 30 patible maker after COMPAQ. Davis How much does your company above alL 1 have three mottos. First, yon should with two new pro- since its introduction in pdated a year Operating Joint Ventures Davis: Epson has become one of the spend annually onR&D? How about the new be one step ahead, but not too many or being successfully- test 1975. America! leaders in the LCD market What ever hap- company? everything won't be realistic. Second, like all ted in North Coke executives are con- minerals can catch Davis What joint ventures do you operate pened to your products in this sector? Hattori: We spend about 6-8 per cent of Japanese presidents, I would insist on good „ Maid citrus vinced that the world real juice end anmud'US sales of $3.2bn with foreign companies communications. Third, you have to build a [) per cent up on forti- the operated vitamins, and Tab, cases. They: drool over Hattori: Well, Seiko Epson in the company that all employees can be proud of./ Chinese market, where only soft contact lens field with Syntex. But that par- eth calcium. . These are the fundamentals. Ti to an ageing one bottle per capital would sen Syntex recently separated as sops ticular divisionl of was Davis Do you have any partkuka phi- population wsre- 40m cases a year. But the goal an and sold to another company. We also own a losophy to adhere to? in the .celebqr is probablv a long way off, con- noticed share of an American semiconduc- yonthminess that the .company has considerable Hattori: Well, this move away from the f winning sidering SEIKO EPSON CORPORATION called cultivated. chosen a Chinese . tor company in Silicon Valley Micro- watch business certainly >ke has always only just lends a feeling of when. the D^Arcy name, meaning “May the power Systems, Inc, but this is not considered newfound independence for us as a 1906, HEAD OFFICE: 3-5, Owa 3-cbome, Suwa -Shi, Nagano-ken, 392 Japan company: mouth rejoice.” to renlace the joint venture. gtoJagencygotthefMw a Tel: Previously, it was not uncommon for our one that trans- (0266) 52-3131 Telex: 3362-435 company followed former phonetic Seiko Instruments Electronics, of which t, the “ & workers to think of themselves as “factory peo- young gen lated as Bite the wax tad- EPSON (UK.) LTD.: Dortand House. 388 High Road, Wembley, Middlesex, HAS 6UH, U.K. Ike: “Boys or I also president, has a very interesting joint am ple” since they were involved only in watch pro- wholesome, healthy pole" Tel: (01) 902-8892 Telex: 8814169 be venture with the French company S2M, from or also revealed that duction. My personal philosophy is too ‘handsome ; Executives EPSON DOsseldorf to shift not into we purchase magnetic bearing technol- DEUTSCHLAND GmbH: Zulpicher Strasse 6, 4000 11, F.R. Germany .iff only Coke, has .finally—broken which from Mt. Fuji to Ml Yatsugatakg {the icatetL If there Tal: (0211) 56030 Telex: 8584786 former should the Soviet market since the ogy. We had already been working on this has San in an ad, she only one peak while the latter has right] fa second expiration in December of a technology, used mostly in vacuum pumps, EPSON FRANCE S.A.: 55, roe Deguingand, 92300. Levaltois-Perret, France brunette; the other words, we have to diversify and 1 exclusive. not de- ’ 10-year Pepsi Tel: 4739-67-70 TBlex: 614202 • • found that we could skip a few stages by (1) be a blonde- but pend on only one line of products. classic International head Mr Claus We have to commercials for buying theirs. In addition, we are maintaining EPSON SEGl S.p.A.; Via Timavo, 20124 Milano, Italy Tel: (2) 670-9136 Telex: 315132 noted Coke's usefulness 12, be innovative from within and not depend at the centenary. Halle on inveiled -alcoholism a dose relationship for software technology EPSON-STi S.A.: 152,' Tel: 239-770 script lor to the Kremlin's anti C/Paris 08036 Barcelona, Spain (3) 7 Telex: 50129 other sources when building* new .foundation. old-fashioned “We’ve only., just “Red. White and Crusade. 0Sn - begun,* claimed,- “but. we are ;to M jncontrast establishing our own to- the definitely r- appeal to youth •red' trademark in .the USSR.” world. the . f - . 15 1986 WORLD TRADE NEWS General UK to sign investment tfi^Btfifeh eonipany international ters- hi BRITAIN hopes to strengthen encourage British companies munist country. The first was strong '.a which Sikorsky “the US and titan: modemfeattea of its commercial foothold in the to set np in China. with Romania.* ltaJyjww factory at Luoyang, Ftat oi have a sub- Font large - projects for tractor ! promising but unpredictable The two agreements are stantial minority ^sharehold- Accident British are Henan* where Lucas CAF iff.- companies doe to be signed today in which . Chinese market with two nod a fn& are also fir- the turnings London by Sir Geoffrey in contention have been the- bidder; agreements ptojert forjhe tot- -fo&rey, to be signed Howe, Foreign Secretary, and chosen as possible bene- monlcatians , a hai for which SBC. . Other British enterprises today, writes Christian Tyler, Zheng Tnob, China’s Minister ficiaries of the soft loan agree- Sh ng area agreemeA ' 'edfh w-stake to the financial Trade Editor. of Foreign Economic Rela- ment. has outline money may i» he deal are 'Hritfab - Coal, (be One is a soft loan facility tions and Trade. They are a coat-fired power The feasibility Spates by ttvtl aircraft nrapnlactTiTer of £300m under which money The investment agreement station at Yneyang hi Hunan spent on r for the Ningbo Short Brot'rf lSi Q ^'a Ire- would be lent for 20 years at is meant to increase the Bow province for which -Balfour Davy McKee Zhejiang, by tend, , and the AngtoCfci&ebe 5 per cent interest, for which of capital from Britain to Beatty and Northern En- steelworks to it* .French. - Devdbptoent a number of capital projects China and to insure com- gineering Industries are Wlmpey and - which wfcuts to- pnl up Pecfaiaey for- .an . new have already been identified. panies against expropriation bidding; a steel tube !mUl at partner .famfahim plant at Pfazfcffoo* «£aces for :Catina Daily, the The other Is an investment of assets. It vBl be only Saye, Hubei province, in 1 the A/y'+JlWV:. British Shipbuilders EugHsh-liaignago Jaewspager promotion and protection second of such agreements which Davy McKee and Des- Guanxi- Westland Helleop- Of-FekiAg. V. agreement designed to between, the UK and a Com- ford Tubes are up against and tor The results for the three months ended 31st March 1986, estimated and unaudited, are compared below with those for the similar period in 1985, which are restated at 31st December 1985 A tale of two Chinese cities rates of exchange; also shown are the actual results for the full hindered* by year 1985. THE PROBLEMS and the Zhejiang officials explained Ningbo, too, is •.* problems. Al- - potential of China’s open bat the tightening - of- central communications though it is not as Isolated as It must be emphasised that the results for an interim period do coastal cities are no better government control over invest- Robert Thomson reports has meant Wenzhou, it has inadequate road not usually provide a reliable indication of tbose for the full illustrated Thao in Zhejiang ment in the past year rail links., , province, just to the south of on the contrasting that even Ningbo projects must and . . Shanghai, where relevant attraction is the develop- fortunes of two areas in be approved by the Part of Ningbo’s ment of one open city. Ningbo, ministry in Peking. the nearby port at Beilun. which Zheiang earmarked most modern.; is being pushed ahead by Ningbo is fortunate in having ftac the country’s central funding, wbile the other. handling, facility and. .-- 3 Months 3 Months 1985 for foreign Investment the Hong Kong shipping mag- iron ore has been left to fend of 100,000 to 31.3.66 to 31 .3.85 Year Wenzhou, nate, Sir Yue-Kong rao, a can take vessels for itself. Estimate Estimate Actual native of the city, as a patron. tonnes. The tale of two cities is : .. £ millions £ millions £ millions the He has been helping find foreign Most of China's ports- were Premium Income—General Business 492.3 400.4 1.691.3 relevant to all 14 of the open partners for one of the' larger bady congested last year but - - The position is better in expected to be .. Long Term Business ... 46.7 70.7 205.0 cities, some of which have been planned projects, a steel mill Beilun. which is . Ningbo, has a small air- given priority in the allocation which Shanghai rail Upe- - with an annual output of 3m linked to the • • port and there are plans for a of development funds. The tonnes. Diplomats believe the in June, moved only 10m tonnes rrszr larger one. City officials say others have had development project will be .-lucky to get-off of cargo. It has a capacity for - .-. Investment Income 258.7 slowed, though they retain their that in the two years that ;.vr.7 •— > “ the ground, even with the mag- 30m tonnes- Underwriting Result—General Business ... (237.0) Ningbo has been. open " 26 four power to approve foreign invest- assistance. >m.«> - Baoshain .-ni>y policy., The were: 8.8 joint ventures worth nate’s loneddavad Long Term Business Profits 87Dm i, ments. - Shangha Tianjin. Dalian and (£45m) have been finalised, in- Most of the investments in steel plant near is A vice-governor of Zhejiang, 00 77 joint have been from overseas apparently partly 'to blame for^v*”* ? V: Li Debao. confirmed that cluding six ventures in a Ningbo Less Interest on Loans directed towards the under-utilisation. Large iron - Gu said that tighter controls development funds had stopped greenfield “economic and tech- Chinese and small and medium-sized indus- ore carriers from Australia and . over bard currency . and bank flowing into Wenzhou, and that nological development zone.” Profit (Loss) before Taxation tries, such as food processing, Brnil transfer their Baosban- credit had led to some open Ningbo is one of the cities The Chinese Government says Taxation—HE and Overseas beer and artificial leather. bound loads to smaller vessels cities ‘^encountering difficul- “which have better conditions" Ningbo will receive about 5.2bn ' ’ 7 Minority Interests and Preference Dividend . /'- Investment figures are not at Beilun, ties. ? Signingof contracts would and “will be allowed to develop yuan (Sl.fibn) for development slowdown, Net Profit (Loss) attributable to Share* faster.” from central and local authori- available for Wenzhou. A senior Even though development is holders Businessmen have complained ties during the seventh five-year provincial official admitted: continuing at Ningbo. the city. The government has stressed, “ listed: that Wenzhou is at least eight plan (1986-1990). Total invest- We invited some foreign busi- was not among the four .however, that tbose cities will 1 Principal exchange rates used in hours drive from the nearest ment in the city up to 1990 nessmen and they complained for priority treatment last Sep- noi be closed and provincial translating overseas results airport, and does not have the is projected to exceed 13bn about the lack of proper com- tember by the state councillor, ; bffidahr make dear that Ningbo U.S.A. infrastructure needed to sup- yuan, 60 per cent of which will munications. That is why Ningbo Gu Vn, who has been instxu- has since been added to the list Canada port foreign investment be foreign funds. is developing faster." mental in developing the open of four priority cities. ANALYSIS BY TERRITORY OF GENERAL BUSINESS PREMIUM INCOME AND UNDERWRITING RESULT (before internal reinsurance) Hyundai i Fiat looks for way out of Libyan dilemma 3 months to 3L3A6 3 months to 31JBS BY ALAN FRIEDMAN IN MILAN Premium Underwriting Premium Underwrite FIAT, Italy's private-sector group, running of the company. gramme because of its Libyan In Turin, Rat .said the matter of Income Result Income Result ' maintaining ri office, however, shareholder. flip Pentagon contractwas “too deli- £m £m £m fro was last night a gid Mr Weinberger’s 1 said yesterday that it was *con- The last time Libya's presencein cate* for comment But stoekbro- 169.5 (27.0) 133.3 (30.9) “no comment after Mr Caspar UX confirmed profits resulting Fiat emerged as an issue was in the . kersebse to fiat have UBA. 1872 (26.0) 165.7 (32.1) Weinberger, the US Defence Secre- cerned that no car exports of Defence con- the Westland affair reednify thafcfiie Italian company is EEC other than UK 33.3 ( 4.9) 30.4 ( 3.7) tary, intervened personally to block from a Department UK during Canada S3J* ( 42) 31.9 ( 75) a S7Jm contract awarded by the tract are paid to Libya.” when fiat and United Technologies wotting behind the scenes to find a 6.7 0.9) B Steven B. Butler in Seoul Australia 82 ( 02) ( Pentagon to the Fiat-Allis earth- The personal opposition of the succeeded with theirtfefiir rescue bid for way of ridding iteeffitself of.thethe Libyan . Others, including •» Motor Company of moving equipment subsidiary. American Defence Secretary comes WestiamLWestland. ItKfebtdievedts believed that toedbeof connection. UnfartunatelyUnfortunately the LihyLihy- London Market business 402 (02) 32.4 ( 2.9) HYUNDAI South Korea has trebled its Mr Weinberger's opposition to Jess than 24 hours after the apprw- the reasons why Rat has been so anxans have shownnoshown no interest in sell- the first devekro dfije tiesto United ing their shares ininfiat,Fiat, which have 4922 (032) 400.4 (77.7) car exports during the Fiat subsidiary’s tractor concept al o£ a resolution in the US House of keen to develop dhs® fog year com- fonr months of the is based on the Reagan Administra* Representatives urging the Pen- Techiwlogie^hasTechnologies^ has been itsaspira-its aspira- nmriyqa&dri^iednear^qofldrapled m yahteyalafi anon the pared to the corresponding tion’s policy of to defer awarding the con-- ironstiosutofceconttami^to hecomeanfojor USBSdefencedefcnrc Milan bwnSO in Jiifle over a year,year. not doing business tagon v period of 1985. ; ' with any companies it believed to tract for 178 crawler tractors to contractor.contractor.'’. Vv'Y' • - The company exported be substantially owned byfay Libya. Rat-Allis. ' lieThe mounting concern at fiat has • It is Understood that the conting- 86,826 vehicles until the end increasingly become dear inin.fobfoh pastpast- fortnight ency plans now being prepared in Net written premiums and investment income increased in Fiat is 15 per cent owned by the Fiat has become ; of April, against 27,547 last and 15.1% respectively. The 1986 figures •LibyanLibyan Arab Foreign InvestmentInvestment worried in recent weeks that it will as first Mr.Uesare-Uesare Bamfti,Romiti, manag-mauag- Turin could call for a purchase of sterling terms by 22.9% year. of the increase Is Much Gianni” libyaifl (Lafico), and two Libyan unable to obtain a variety ofim- . ing director, aodfoea. Mr the efoifiy stake-by tFL foe include the results of Pilot Insurance of Canada for the first time. the ship- Company and two be accounted for by ' representatives sit the Fiat portant contracts, espedafiy Agnefli, chairraan, imve guae well ' AgneUi family^ holding vehicle Adjusted to exdude the effects of currency fluctuations and Pilot ment of 47,900 snbcompact on foe US those related to the Strategic De- out aftbeir way tosaympubfic font which already owns 3L3 per cent of the increases were, 19.3% and 9.4% respectively. Pony Excels to the US where board, fiat has said repeatedly that sales began in mid-February. the Libyans do not interfere in the fence Initiative or Star Wars pro- they wish to buy but foe Libyans. In the United Kingdom, net written premiums were £ 169.5m Hyundai hopes to export (1985 £133.3m) and there was an underwriting loss of £27.0m 200,000 vehicles this year, of which half will go to the US daims frequency in the Motor Arianespace (1985 £3G.9ra loss). The high market. in account continued in the first quarter to produce a loss of £S.6m France removes tax on VCRs Hyundai improved its inter- of increased premium rates in the (1985 £7.7m loss). The impact national reputation last year Japanese deal seasonal BY PAUL BETTS IN PARIS Homeowners’ account was more than offset by the when it became the top car TOT European space consortium weather claims and resulted in a loss of £13.7m (1985 £10.3m importer in Canada, pushing THE FRENCH Government consumer electronics market France. Arianespace has announced that loss). The Commercial Property account benefited from both aside Honda and Toyota. It announced yesterday it will The climax of the French The lifting of the tax; which the Japan Communications sold nearly 80,000 cars in remove the annual licence fee protectionist measures came Satellite Company (JGS) rate increases and a reduction in large Industrial Fire claims and, was about the same as the will Canada last year and dom- on video cassette recorders with the celebrated battle of use its system to launch a despite weather losses, reported a sharply reduced loss of £5 .3m annual licence fee for colour inated the lower end of the (VCR) in a move to help boost Poitiers when the Government satellite in February 1988, loss). Liability classes showed a satisfactory (1985 £l0.4m market. the domestic cassette market. forced ail VCR imports to pass television sets of FFr 000 Renter reports from Tokyo. improvement Hyundai is the first Korean The tax was part of a pack- through the central French (£54.50) a set, reflects the new JCS had initialy planned to car maker to begin volume age of trade protectionist city for customs clearance. right-wing government’s efforts use the US National Aero- In the United States, net written premiums were $277.1m vehicle exports and is market- measures adopted three years The combination of Poitiers to speed up broadcasting de- nautics and Space Administra- its cars North (1985 $240.3m) and the operating ratio was 113.97% as ing in ago but subsequently phased and the annual tax VCR owners regulation in France and tion (Nasa) to launch foe satel- America through a network of compared with 119.75% for the same period in 1985. On the out to halt what the then have had to pay has acted as encourage the development of lite. but bad to reconsider after independent dealers. Government viewed as an obstacle to the development a wide range of television pro- the loss United Kingdom accounting basis the underwriting loss was Socialist of the space shuttle in By next year it will be a “Japanese invasion” of the and growth of VCR sales in ducts and services. January. £26.0m (1985 £32.1m loss). There was improvement in joined by two other Korean Commercial Lines, which benefited from rating increases, but car makers. Daewoo Motors Personal Lines showed some further small decline. and Kia Motors. Daewoo is a 50-56 joint venture with General Motors, and GH will losses of Elsewhere there were aggregate underwriting £10.5m market the cars as .Pontiac (1985 £14.7m loss). Results in Canada. Australia and most other Le Mans- territories show welcome improvement on 1985 experience but France and Netherlands were disappointing. There was a satis- factory improvement in London Market experience. Nissan Iberica New annual premiums for life business in the United Kingdom for the three months were £5.8m (1985 £5. 9m) and single signs tractor premiums £5.1m (1985 £31.0m). deal vrith Kubota By Hazel Duffy GeneralAccident Fire&Life Assurance Corporation pic Iberica of u NISSAN Motor Sir Spain has signed an agree- Kenneth Durham, Chairman of Unilever Mr A. W. MaHtnson proposed a vote of thanks to Headquarters: Pitheavlis, Perth, PLG. presided at the World Scotland PH 2 0XH. ment with Knbota, the Annual General Meeting the Directors and employees of Unilever and in Japanese tractor manufac- of the Company on Wednesday, 14th May, doing so expressed particular thanks to Sir Kenneth turer, to build tractors in 1386. Durham and good wishes to Spain. Mr M. R. Angus. Sir The Report and Accounts Kenneth and The agreement signed this were adopted, the Mr Angus responded. NOTICE give Japanese Auditors re-appointed and a final dividend for 1985 week will the The Annual General Meeting of Unilever N.V. took tractor industry its first declared at 27.05p per 25p Ordinary Share making place in Rotterdam on the same day with To Beneficial Owners of manufacturing foothold in the a total dividend for 1985 of 38.62p per 25p Mr F. A. EEC. The deal provides for a Maijers in the chair. 11 Notes Due April 30, 1990 Ordinary Share. new company to be set up, Sir Kenneth, having retirement The Company has published a report Issued By although the split between reached age, made to the relinquished his appointments at the meeting British Government under the EEC Code of General Foods Capital Corporation the participants has yet to be agreed. having served Unilever for 36 years. He is Conduct for companies with interests in South Africa Guaranteed and by The company will build 80 succeeded as Chairman by Mr M. R. Angus, a and a copy can be obtained using the coupon General Foods Credit Corporation horsepower tractors at a new member of the Special Committee and a below. plant near Madrid. It will Vice-Chairman of UnHever PLC since 1984. nse advanced production Also available are two booklets which refer to the All Directors other than Sir Kenneth methods and employ 500 Durham were 1985 results, the Annual Report and Salient figures US. $75,000,000 people. A Japanese engine is re-elected and Mr W. K. Grubman and Mr M. G. which contains general information of interest to likely to be used in place of Heron were also elected to the Board. shareholders and the statutory Annual Accounts. General Foods Capital Corporation the Perkins engine which powers the small tractor now (Incorporated in Delaware) made by Motor Iberica. The Spanish company, Notes Due April 30, 1990 wbich is SO per cent owned by Nissan, will continue to NOTICE IS HEREBY GIVEN that pursuant to the terms of (0 the Fiscal Agency Agreement build tractors in the 80 to ISO dated as of April 30, 1985 (the “Fiscal Agency Agreement"), among General Foods Capital horsepower range based on Corporation (the “Company"}. General Fowls Credit Corporation ( the “Guarantor'’) and Moi Massey-Fergason designs, Guaranty Trust Company of New York, as fiscal agent (the “Fiscal Agent"), and (ii) the which are marketed under the 275,000,000 aggregate principal amount ofl l! :°o Notes Due April 30. 1990 issued pursuant to the name of Ebro. Fiscal Agency Agreement (the “Securities”) and guaranteed by the Guarantor pursuant to the Nissan does not build terms of the guarantees dated April 30. 1985 (the “Guarantees ), an amendment to Unilever the Guaran- tractors, which is the reason tees has been made stating that amendment of the Support Agreement, dated as of October 15, for Motor Iberica turning to Please tick as required: temaI Affaira 1984, between General Foods Corporation (“General roods") and the Guarantor to provide that Department, Unflever PLC, Knbota. Japanese strength I°A^ during the term of the Support Agreement all of the outstanding voting stock of the Guarantor Annual Report & P.O. Box 68, Unilever House, London EC4P4BG. ( or their successors shall be owned In the tractor industry, where and General Foods ) by Philip Morris Companies Ictc. 1 “Philip there Salient figures 1985 Morris") or a wholly-owned direct or indirect subsidiary of Philip Morris, will not adversely affect is substantial over- the interests ofthe holders ofthe Securities. capacity worldwide, is tradi- The above-described amendment may he inspected^! the corporate trust office of the Fiscal tionally in small tractors, Annual Accounts 1985 of SO per cent In vans Agent, 30 West Broadway, New York, New York 10015, and at the offices of the paying agencies to €0 Report under the EEC Coda named in the Securities and four-wheel-drive vehicles. relating to South Africa GENERAL FOODS CAPITAL CORPORATION Mr Juan Echeverria, presi- dent of Motor Iberica, told a By: Morgan Guaranty Trust Company management conference in Barcelona that the company, OF ?*EW YOSJC. FiscalAgent which also makes commercial Dated: April 15, 1966 life, vehicles, has been given four Part of everyday in 75 countries. years to achieve profitability. t W*ill?vi 7 redundant Andrew Fisher explains why state-owned BS is to make 3,500 workers Nimrod ‘biggest Titi *h n. Merchant torpedoed by lack of orders problem’ way our competitors do, not destoy- for the shipyards news of job losses, calling on it," the TUC said. BRITAIN'S merchant t BSjYards and Employment ing have almost given up the ghost In Government to step in and save the In continental Europe, however, Yet 125 the spite of strenuous efforts to win industry from ultimate closure. governments are trying to meet one, In new business, the worldwide crisis the problem is a worldwide Clark Clark Merchant ship same difficulties faced by BS. | even the Japanese and 1 cuts defence proved with huge Kincaid 1 West Germany, heavy capacity budget has too much. Kincaid enginebuilding orders m Other S * Yesterday's announcement of South Korean yards finding workers and closures have occurred- 3,500 more redundancies in an in- hard to obtain. Ferguson- EFP countries have followed suit "* A?NV BY BRIDGET BLOOM, DEFENCE CORRESPONDENT Austin and dustry which has already shrunk to BS is dosing three facilities alto- Further reductions are planned f* Ailsa ®» THE POSSIBLE gether and cutting the labour force Pickersgill even the South Ko- ** Sc need to finance an which specific defence commit- about 0,000 people come as a bitter in Japan and alternative at six others. By the end of the * regards ship- to the controversial ments or key programmes would be blow to yard workers in Scotland, Covan rean Government year. in Middles- many iftp® Nimrod airborne early-warning sys- gap England's north-east and Devon in Smith's Dock building as a sector with too OHw* cut, was necessary to meet the Shipbuilders! Sunderland tem was the single biggest problem budget south-west, even though the brough, in north-east England, now problems and less of a future than between the demands of the the Shipbuilders wing the defence them employing nearly 1,400 people, will industries. budget over the and the available resources. management hod prepared Ferguson- high-technology next no longer build merchant vessels. cuts two or three-years, Mr George The Defence Secretary acknowl- for the worst Not affected by the latest BS BiTs Ailsa Younger, the The yard, though not one of Wolff of Belfast, the Defence Secretary, edged for the first time that there State-owned British Shipbuilders Smith’s is Harland and told the most modem, had built up a reputa- but not House of Commons defence was no provision in the defence has been struggling ever since the Dock yard is also state-owned tion as a successful and efficient been shed- committee yesterday. budget for alternatives to the in- industry was nationalised in 1077. part of BS. It too. has shipbuilder. But BS has decided 1977 78 80 82 04 86 productivi- Mr Younger indicated that an- creasingly costly Nimrod early- Then, the merchant yards employ- ding labour and boostig it now needs only three big peo- other mgjor difficulty would be the warning aircraft whose complex ed about 34,000 people. Three years that ty. Its workforce of about 5,000 yards, Sunderland Shipbuilders af- need to find additional money to radar system, being developed by ago, there were 22,000 not counting ple will be similar to that of BS the meet and Austin & Pickersgill on as the latter's losses. new wage awards for the GEC Avionics, has failed to perform the mostly profitable warship yards buih one sophisticated off- creasing financial pressures ter the job England, and Go- brink of closure. He said in the ers has armed services. He also implied, now been privatised. Wear, north-east recession has continued. Since the mid-1970s. EEC ship- to the RAFs satisfaction. which have “Or- shore vessel for Stena of Sweden the Clyde, Scotland. House of Commons yesterday. the cost gap without giving any details, that the Estimates for completing Nimrod Under its previous chairman, Mr van on In a bitter comment on the state yards, subsidised to cut not there to be and will finish a second at the turn It will also have two small yards, ders ore simply lost about promised programme of building or for buying alternative systems Graham Day, the voluble Canadian of British shipbuilding, the Trades with the Far East, have won." He noted that other Euro- of the year. three state-owned Appledore in Devon and the Port the cent of their labour, a drop frigates a year could be delay- from the US vary from £400ra to who now heads BL, the The maritime environment Union Congress (Tl)C) said 60 per Glasgow yard of Ferguson-Ailsa on pean countries such as Sweden had people. New ed. Cl bn. The Government is believed vehicles group, BS achieved high exist is Government's obsessions with priv- from 206.000 to 90.000 also had to decide on yard closures. against which yards have to year won the Clyde. The latter's Troon yard borrow- prices have fallen sharply in The Defence Secretary was giv- to have provided only for some productivity and last fiercest the industry has seen. atisation and public sector ship Scotland is to its last financial year to March the ing evidence to successor, on the west coast ol In driven yet another nail in- recent years and world order books the all-party com- £2D0m over the next two years. some large orders. His the past year, such leading ship- ing “have closed yards two 31, 1985, BS achieved only a tenth of In mittee on last had to face a dose. B5 last offin British industry." are a quarter of their early- 1070s Monday's statement Mr Younger said that the extra Mr Phillip Hares, has ping names as Sanko of Japan and to the c of though there have been its order large: of 209,000 compen- on the defence picture. years ago, called the redundancies and peak. estimates. He ac- cost of wages for the armed ser- much bleaker measurement C. H. Tung of Hong Kong were It large-scale job losses since then. sated gross tonnes, a the days when knowledged that, as a matter of vices to the defence budget last BS is negotiating on several con- of their debts and closures, which also affect the Wall- It is a far cry from Scotland. takes account of both the size forced by the size concluded Henry Robb at Leith in that plant of engine-builder Europe was among the leaders in government policy, the sums allo- year bad been £129m. following a 7 tracts but none has been the lack of adequate earnings to send (Tyne) Goole Shipbuilders on Humberside and work content of vessels. the sec- cated to defence over the next three per cent wage award. It is under- in tim» to prevent further heavy job banks for rescue. Clark Kincaid, though not its Port shipbuilding. Sweden was the Govan yard hopes to win or- turn u their com- and Clelands on the Tyne were The a tragic blow ond largest shipbuilding country in years would decline in real terms stood that a similar award this year losses. As ships on order near World shipowners, bullish in the Glasgow operation, last to close. They were small ders for container ships from Chi- steelwork is crur yards workforces and communi- the early 1970s. Back in the 1050s, by some 6.5 per cent although, if would add £150m. pletion, follow-up past about cargo prospects, ordered for the yards which had run out of work. na. It will complete early next year share the alklands Mr cial to keep yards busy. Without ties. the UK still had a 20 per cent spending on F was ex- MPs failed to persuade for Penin- too many ships for present demand. Mr Paul Chaxwon, Trade and In- its £40 m North Sea ferry’ market. Today, its cluded, this would drop to about 4.5 Younger say precisely where pro- more orders, yards will run out or “The Government should be of the world to Oriental Steam Naviga- Freight rates have slumped and year. dustry Secretary, denied that the sular and this vital industry in the minimal. per cent or “roughly 1J3 per cent a gramme cuts or delay’s might fall as work at about the turn of the companies have come under in- backing share is UK merchant industry was on the tion (P&O). Sunderland Shipbuild- year.” Die Government strove to keep Unions reacted furiously to the He repeated that he did not be* within the declining defence bud- 'lieve that a defence review, in gets. BCal prepares to clip its wings BY LYNTON McLAIN of a riS beginning to look as if the end The plans are the outcome There were dis- imU f an era of growth and a dilution of boardroom debate. ex- mbition is in sight for British Cale- agreements over the nature and ooian Airways (BCal), Britain's tent of talks with ILG. A “balanced the iggest independent airline. view,” was eventually taken and been widened It is to rnake a statement of its fu- scope of the talks has directors, me plans this morning in the wake by agreement among the Cotanan, the BCal ma- f competitive and other pressures Mr David naging director, said yesterday. i the civil aviation market and the 1 tinning speculation that BCal There were no boardroom casu- nd the International Leisure alties, but differences of style and roup (ILG),. whose interests in- ultimate objectives between senior tide the Intasun holidays busi- directors could leave in question the ess, may form dose business future of some older established nks. members, perhaps those who fed a fully-in- The airline, like its competitors that the days of BCal as not as been hit by excess capacity on dependent, private airline are lie north Atlantic and by the de- yet numbered. line in the number of US visitors to In prospect in today's statement terrorist of airline opera- iurope in . the face of is retrenchment treats. tions, with possible slippage in de- BOH faces fierce competition on liveries of new aircraft investment redundancies in re- D its US routes. Three of these, and . large-scale rom Gatwick to Houston, Atlanta sponse to tough competitive condi- nd Dallas, end in the main bases, tions in the airline market and r hubs of three of the most pow- problems in specific markets served rful US airlines, respectively Coa- by BCaL iTnentei, Delta and. American.. More fundamentally, the airline These airlines are able to feed is likely to acknowledge that its lassengers from across the US to. long-standing ambitions to compete onnect with tfa0r own transatian- on more equal terms with state- ic flights to Gatwick. BCal has no owned British Airways (BA), by a JS hub network to feed its lonely major transfer of routes, have been tight back to Gatwick. At one time, shelved for the foreseeable future louston was a powerful money- because of Government support for pinner for BCal where it had the BA ahead of its eventual privatisa- oute and the oQ industry-related tion. raffic to itself for a while. All that Many of BCaTs air routes are los- ias changed. ing money. Up to now, BCal had In the Middle East BCal has li- been able to rely on a small handful Tripoli, Riy* enees to serve Tunis, of routes such as some of the trans- Ldh, Dhahran, Jeddah and Dubai, atlantic ones and routes to West suspended ['be Libyan service was Africa that made regular profits. Saudi ifter the US bombing. The But even profits on these are now Arabian sendees have been hit by >mA»r threat oil activity in the he decline in “It is not a happy picture on the law which kingdom and by a Saudi Atlantic and on routes to the Middle travelling for ©quires passengers East,” Mr Coltman said. These government-fi- rork on Saudi routes account for 61 per cent of the nation- ianced contracts to use BCaTs airline activity, but “a large il airline, Saudia. majority of routes are not perform- difficult- Behind the catalogue of ing as well as we budgeted." BCal on its existing es BOW never had any delusions with its existing plans, mites and about trying to eliminate BA In- tale of frustrated ambition. by ies a stead it wanted to expand as far as 1070 when Phis goes back ftpgmriwg BA routes and so make Caledonian Air- he present British competition between the two BCal has tong the ways was formed. jriinea slightly fairer. Goliath of p the David to the wen The inequality and the struggle to Airways; always ready with British Britain's second but never, seenung- remain viable as i loaded sling, appear to and air airline in world markets able to equate in size y, have **kpn their tolL routes with BA A BERRY, a seed and a root ~ STEEPED IN HISTORY Italy, coriander seeds juniper berries from Northern T\w hours and a million miles away. Dry And every time you taste our London pfjuniper, your striped umbrella. itsfleetingessence playa is something right on your deck chair, under Gin, with This is a picture of a playa. And a siesta coriander and angelica -you II enough. Spaniards are soft-spoken, and radios are quite different from a mere beach. It’s quiet like it that way too. of. For instance, any old beach can offer you sand. But the almost unheard difference. In Spain, the night life doesn’t quit playas —the beaches of Spain— have perhaps the cleanest Another restaurants clubs until the sun comes up. And besides our and sand there is. It’s cleaned every night. unique casinos. Try the one in the ancient Life on our dean sand is different, too. After a long, lu- we have some Perelada. It’s rather startlingly beautiful. xurious morning in the sun, you can have lunch at one of the Castle of did so much for this land. And we make it our tiny restaurants near the ocean, with an icy pitcher of sangria. Nature cooperate with her fully. And then —after all your hard work— take a well-earned business to Spain. Everything under the sun. 2 1 ,! 15 . 1986 Times Thursday May 8 Financial NOTICE OF REDEMPTION UK NEWS Anheuser-Busch OPERATIONS International Finance N.V. Drugs benefit from CHANGE OF STYLE FOR CAR GROUP'S lV/4% Guaranteed Bonds Due 1990 Ford reverts to split roles On June 2, 1996. An heuser- Busch Overseas Capital B V„ a Netherlands which the w% COrp<(ration assumed payment of the 11 Guaranteed Bonds extra four years BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT Due 1990 (the “Bonds") of Anheuser-Busch International Finance N.V, will opera- tant post in its European FORD OF BRITAIN has appointed came chairman and. managing di-. important consider- : tions. Another a managing director for the first rector in 1976 has the company split atkmisthatMr Barron, although a of patent time in years, a move which em- the roles. Mr Sam Toy, who. suc- cease to accrue after that date. protection 10 interest thereon wiU on and The redemption past citizen, has Spent the for each $5,000 Bond will be ceeded Sir Terence and is about to British price and accrued interest S5.Q0l.56. phasises again the change of style South Ameri- ail appertaining seven yews hi Ford's The Bonds together with coupons thereto maturing BY TONY JACKSON for the US group's European opera- retire, also Combined both appoint- at will be c®- after June 1, 1986 shall be surrendered for payment ments. can operations and THE GOVERNMENT is to give an thought more likely however, that tions. conditions pletely out of touch with Manufacturers Hanover Manufacturers Hanover Mr Roger Humm, aged 49, who Ford said yesterday the change extra four years' patent protection the legislation will be attached to a Other hand, Mr TVust Company TVust Company would enable Mr Barron, who is 57, in the UK. On the to some of Britain's best-selling bill on intellectual property has been director of sales in Britain BRITAIN and its EEC .partners 7 Princes Street Bocfceabeimer undstnuse 51-53 and in- Hunun has had six years experi- Frankfurt since 1980, will become managing to concentrate on Strategy away ofScsal juntatfs- London, EC2P 2LR, England 6000 gun Main drugs. novation in Britmn- should broaden of the ence as director of sates Federal Republic of Germany has been decided to scrap the The change will affect director on June 1, reporting to Mr from the day-to-day business Union; Manufacturers Hanover It a number joined Ford in. I960. with the Soviet Derek Barron, who takes over as highly competitive UK car market Jdr Humm lto” Bank/Belgium S.A. Manufacturers Hanover “licence of right" system, intro- of the UK's 150 best-selling drugs. sales and in view of the "mhereut tmm The parent has appointed a He has held a number of Rue de Ligne, 33 TVust Company duced in 1978, by which the owner Mr Martin Paltnoi, a drug patent chairman and chief executive offi- US dialogue uearoca tte marketing posts within the UK and in sustaining B-1000 Brussels, Belgium cer of Ford of Britain on the same similar "quiet strategist”, Mr Ken- of a patented drag is obliged to li- specialist, said those involved in- before taking superpowers. -jv 8027 Zurich, Switzerland neth Whipple, 51, as chairman of European operations two _ Basque Generale cence it to a generic (unbranded) cluded Glaxo's Dermavate. a der- day. of the recommenda- recent appointment . This is one du Luxembourg S.A. Banque Nathknale de Paris Not since Sir Terence Beckett be- Ford of Europe - the most impor- up his most manufacturer for the last four years matological treatment due for li- put forward by the Hpaso.d 14 Rue A1drin gen 16 Boulevarde des I (aliens tions j i of its 26-year patent life. cence of right on June 11, the anti- Foreign Affaire Commit- Luaembourg-viUe 76460 Paris, France Commons Is&'i industry arthritis drag Surgam of AngkrSo- Grand Duchy of Luxembourg The drug had argued from the tee in a lengthy study that increasing regulatory delays French Roussel Udaf (due Novem- published yesterday. The Bonds are being redeemed pursuant to the previsions of the fourth Metals group viet relations between patenting a new drug and ber 10) and the heart drug Betaloc launches rival permits redemption at Inmos paragraph of the Bonds which any time from and Nearly 79 yea» of relations be- alter June 1. 1984, at the redemption price specified therein. bringing it to the market were re- from the Swedish group Astra (due viet Union may open mine tween Britain and the So ducing effective patent life in any April 1987). (tarts bat ANHEUSER-BUSCH OVERSEAS CAPITAL B.V. had their ups add , case. The Government has accepted The licence of right system has have By: Manufacturers Hanover TVust Company, computer characteristic has to big IBM their dominant Trustee under Indenture of the argument, and intends to intro- not entirely removed protection in North Wales mutual distrust, saysifaetdm- duce early legislation. from drugs, since the inventing Been Anheuser-Busch Overseas Capital B.V. , BY ALAN CANE mittee'S report. 1, 1980 The industry is pressing to have companies have been entitled to By Kenneth Marston dated as of June , quite fair which faces tte the change included in the Patents, four years' licensing fees from gen- INMOS, the ThOrorEMX semicon- Tbe comparison is not Tie problem Dated: 2, 1386 IMPERIAL Metals of Canada is May I is de- h dew Designs and Marks Bill. It is eric manufacturers. ductor manufacturing subsidiary, because the IBM machine now, at tin* begfcnihg q* hoping to start an underground yesterday launched a raft of new signed to process commercial work- de in the relationship, to hdW.tett mine in North Wales to produce products including a computer sys- loads. The Inmos supercomputer, to ensure that future temtiMis tire copper and other metals. The prop- tem eight times more powerful than containing 40 of its revolutionary Contained, that erty is on the site of the old Parys the biggest commercial mainframe “transputer" microprocessor chips, which Britain and tire Ssyitf Pham Mountain mine which was last computer available from IBM, at a is designed tor research in parallel have in cdthmdn ate espoitedrto NOTICE OF REDEMPTION worked in 1920. The area's history fraction of the cost processing, a technique for persuad- the toll, that distrust 16 6bt aggra- goes back to Roman times. The new machine, the Item 400, ing many mreruprucessOr chips to vated by misunderstanding, ahd the for particu- To the holder of bonds payable in United States Dollars of the issue designated AGA AKT1EBOLAG SINKING FUND DEBENTURES 9'i % DUE A planning application mining is said to process 400m instructions process a workload co-op&atively. risk of armed conflict, and redemption instalment of US$3,000,000 due June 1 1 986. development submitted JUNE 1 5, 1 988 eighth 5, has been a second (mips). IBM’s biggest ma- Many people beliert that thd fu- larly nuclear conflict, is •efitomat- given that and will redeem for mandatory redemption purposes on June 15, 1986 but Imperial Metals stresses that 1 Public notice is hereby AGA AKTIEBOLAG intends to chine, the 3090 Model 400, which ture of commercial and. ed,” the report States. : provisions of Section 5 of the bonds an amount of U5S3.000.000 of which USS54 1.000 has been repurchased by the pursuant to the any decision to go ahead with the consists of four processors connect- computing lies in parallel process The ®fceW eyrie" which ffa# obift- company m the Open market. The balance i.S. US$2,459,000 has been drawn by lot. venture must depend on future eco- " ed together, is rated at 50m instruc- in& - mrtiee detects is an apparent refer- 2.459 bands of US$1 ,D00 nominal value are called on June 1 5. 1986 at 100% of principal amount phis accrued interest. nomic conditions, notably metal tions a second. ence to the hew leadership to the prices and capital costs. the The products launched by Inmos 9 T149 2899 4250 5226 5853 6505 7137 7815 8451 9114 9773 10916 11592 15531 17698 18367 13105 23519 241B1 At a list price of £40,000 for Krtfnlin and the Soviet retnitt to 14 1150 2915 4251 5231 5855 6518 7156 7B21 8452 9119 9777 10927 11597 15532 17702 18377 19106 23526 24190 The operation would call for a 1 Item 400, Inmos claims that each include anew transputer which pro- arms control talks in 19&5, and to 1151 2918 4252 5237 5862 6525 7157 7826 8478 9121 9781 10929 11605 15595 17714 18386 19107 235*2 24194 cesses information 16 bits at a time 16 shaft to be sunk to a depth of 540 mips costs the user only £100. The , MiVhaii Gorbachev's call tor “di- | Mr 18 1152 2932 4266 5241 586B 6535 7159 7829 B484 9131 97B2 10934 11606 15596 17715 1B389 19108 23543 24197 several evaluation systems and metres and this would take about IBM machine costs over £100,000 rect and systematic toflfogtie" with 29 1153 2946 4268 5242 5871 6537 7162 7837 8490 two years, after which there would for each mips. computer sy steft. control devices. leaders. - 57 1270 2947 4269 5244 5876 6542 7163 7838 8496 9151 9B03 10939 11613 15598 17730 18393 19115 23560 24203 other world 59 1271 2949 4270 5249 5877 6549 7164 7840 8497 9152 9808 10940 11615 15599 17731 13396 19116 23561 24208 be underground drilling and ore Among the committee's recom- 5251 7167 7843 10943 11621 15600 17733 18411 19126 23564 24221 sampling . 76 1272 2958 4271 5BB5 6559 8498 9153 9B15 It could take up to four i mendations are: 1273 2959 4278 5252 5894 6560 7174 7847 8499 9155 9B23 10947 11622 15601 17735 1S416 19133 23571 24222 79 years from the start of shaft-sink- should pro- 2971 4300 5257 5911 6562 7204 7850 8504 9166 9B26 10965 11623 15602 17739 18418 19141 23573 24224 #Tbe UK Government 83 1290 ing to reach full production at a Biffen moves into line 84 1293 2977 4301 5260 5912 6563 7205 7851 B515 9167 9827 10973 11631 15603 17746 18425 19143 23574 24231 pose a reciprocal tiffing or .relaxa- planned rate of about 250,000 tons TOO 1323 2978 4302 5274 5914 6570 7208 7852 8524 9187 9834 10974 11643 15606 17760 18428 19147 23577 24235 BY KEVIN BROWN tion of controls on the movement of of ore per year. 101 1324 2979 4303 5278 5915 6575 7209 7877 8526 9188 9836 10978 11655 15609 17773 18430 19155 235B1 24236 diplomats London ami Moscow. JOHN BIFFEN, the Cabinet other Bu r[lament, Mr Biffen did not in 124 1325 2980 4304 5279 5923 6577 7211 7880 8529 mine would have a minimum MR The future of the Prime reap- 2981 4308 52B3 5925 6590 7213 7884 8542 minister described as “se- mention tiie • The Government should 125 1326 operating life of 15 years and could 126 1327 2982 4321 5289 5930 6591 7214 7886 8556 9197 9841 10990 11661 15714 17790 18456 19176 23599 24240 mi-detached" after publicly raising Minister, or the need tor a “bal- point a ssenee counsellor to the provide up to 150 full-time jobs. Im- 146 1328 2987 4334 5291 5936 6594 7215 7901 8557 9203 9842 10993 11662 15715 17792 18459 191 77 23601 24243 the prospect of a change in Conser- anced ticket” at the nest general British efttoadsy m tossow. It 5942 7216 7910 9208 9846 10998 11689 15738 17796 18462 T91B7 23607 24252 perial Metals claims that there 163 1329 2990 4346 5292 6599 8558 vative leadership, moved quickly election. should not &Bo* the possible esta- 252 134) 2991 4353 5293 5943 6604 7217 7912 8562 would be minima! impact on tiie en- back into line yesterday with a He also avoided any reference to htistetent this year of a UK Cham- 253 1356 3000 4354 5309 5969 6607 7224 7913 8567 vironment, especially as there speech praising the achievement of the prospect of a cut to 25p in the ber of Commerce to MosfcoW to di- 254 1372 3001 4355 5310 5973 6613 7232 7914 8568 would be smelling operations. no ^ objec- 255 1402 3003 4361 5322 5975 6618 7243 7916 8570 9861 11043 11707 16232 17829 18476 19225 22636 24272 Mrs Margaret Thatcher's Govern- basic rate of income tut an lute government maadri support Mineral concentrates would be 256 1403 3004 4365 5331 5976 6619 7264 7922 8582 9234 9882 11044 11708 17179 17835 18477 19228 23637 24276 ment tive announced in this year's budget tor embassy cotottfcrrial activities. 257 1404 3012 4401 5333 5979 6633 7265 7924 8587 9247 98B6 11045 11709 17180 17836 18478 19235 23653 24301 carried from the mine by road to Nigel Lawbod, tiie Chancellor by Mr Gov&Htrfteat Should, ute its 1415 3014 4403 5339 5980 6643 7266 7925 858B 9248 9902 11046 .11713 17181 17838 18480 19252 23664 24306 Mr Biffen, the Leader of the • Tito 258 smelters elsewhere. Shipments of the Exchequer - and described 263 1421 3032 4410 5340 5988 6648 7268 7928 8593 9251 9910 11051 11723 17182 17842 18496 1925B 23666 24310 House of Commons, took the oppor- membership of CoCom, the Paris- could be made from the port of by Mr Biffen at the weekend as tup 271 1430 3051 4411 5344 5996 6662 7272 7929 6594 9257 9916 11075 11724 17183 17843 18499 19268 23670 24332 tunity of an address to parlia- based alliance body that veto tech- Holyhead to European smelting ly a “marker" in the Cabinet debate 292 1447 3052 4412 5345 6002 6655 7301 7941 8595 9270 9917 11082 11730 17189 17844 18502 19269 23673 24336 nology sales to the Bast, tb keep the companies, already ex- mentary journalists at Westminster 297 1685 3057 4413 5358 6005 6663 7308 7946 8599 9271 9927 11083 11744 17198 17847 18503 19277 23676 24337 which have over the merits of tax cuts against to reiterate his support for a strate- embargo list to a rainimBm. 300 1721 3068 4426 5364 6026 6670 7309 7959 8600 9273 9928 11088 11757 17213 17848 18508 19282 23680 24338 pressed interest in taking the con- increases in public spending. 6027 6676 7310 9275 9930 11102 11759 17215 17853 18511 19285 23691 24339 gy of consolidating the Govern- teaching 301 1722 3060 4428 5365 7969 8603 centrates. Instead, Mr Biffen concentrated • The of Russian should 302 1762 3062 4429 5375 6028 6679 7312 7984 8604 9280 88349934 1)107 11760 17234 17859 1851418614 19286 23692 24340 ment's successes. Imperial Metals obtained an op- on the threat posed by both, the op- be made "a major educational prior- 303 1763 3065 4431 5376 6054 6681 7316 7987 8605 9287 9949 11110 11766 17237 17862 18515 19287 23696 24351 ity.* Tbe Department of Trade 304 1764 3075 4434 5378 6057 6682 7338 7989 8608 tion on the property in 1984 from In contrast to his remarks last position groups to the Govern- should estaUisb an ifcqtrfzy into the 305 1767 3082 4440 5382 6058 8692 7339 7993 8609 9296 9952 11112 11770 17243 17889 18534 19297 23700 24354 the vendors. Intermine Joint Ven- weekend, when he suggested Mrs ment's achievements ad inflation, ;i 330 2117 3083 4452 5390 6060 6693 7352 7998 8618 9306 9958 11120 11775 17244 17896 18538 19298 23715 24355 ture and the Marquis of Anglesey Thatcher would not remain as Con- privatisation, economic, liberalisa- linguistic needs of British business 2118 3087 4454 5397 6066 8010 9311 11123 11779 17246 17897 18542 19299 23720 24371 346 8698 7353 8630 9965 and Sir Arundel Neeve jointly. servative leader throughout an- tion and trade union reform. dealing with the Soviet Union. 347 2119 3089 4464 5406 6067 6707 7358 8021 8645 9324 9971 11125 117BO 17255 17901 18551 19317 23732 24373 wir 351 2120 3099 4475 5407 6068 6711 7370 8024 8648 9325 9972 11130 11800 17256 17903 18557 19318 23733 24382 444 2139 3101 4483 5409 6069 6718 7374 8025 8663 9326 9983 11133 11801 17257 17904 18558 19322 23734 24383 465 2140 3105 4498 5410 6070 6719 7375 8027 8664 9327 9984 11143 11802 17258 17914 18561 19323 23739 24388 456 2141 3119 4500 5419 6074 6720 7376 8029 8665 9329 9986 11152 11803 17261 17917 18562 19326 23743 24399 467 2142 3122 4501 5424 6075 6724 7381 8030 8666 9332 9988 11160 11804 17267 17921 18565 19327 23746 24400 Euromoney magazine,an independent andunbiased financial 468 2189 3126 4502 5425 6080 6729 7383 8041 8678 9334 9993 11165 11810 17279 17925 18566 19347 23751 24404 469 2190 3130 4503 5433 6082 6731 7385 8043 8686 470 2216 3138 4511 5435 6083 6735 7401 B050 8691 9341 10001 11171 11824 17286 17941 18600 19355 23753 24406 pubbcation,has a chart of thebest performing managed and 493 2280 3141 4512 5450 6096 6736 7403 8055 8697 499 2281 3144 4521 5451 6103 6737 7404 8060 8700 currency funds, acopyof whichcanbe obtainedbyusing the not 501 2282 3145 4537 5452 6104 6738 7405 8061 8705 526 2283 3189 4541 5463 6106 6752 7416 8066 8715 very independent,thoroughlybiased couponbelow. 530 2284 3164 4543 5465 6107 6754 7421 8080 8721 9377 1001 7 11207 13019 17312 17967 18634 19371 23768 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We own up. 838 2749 3400 5050 5702 6361 7010 7657 B324 8962B962 9640 10738 11449 14899 17544 16211 18885 19603 24033 24694 The best performerwas Standard 840 2759 3401 5052 5708 6371 7017 7670 8328 8980 Chartered's Sterling 843 2760 3402 5057 5709 6374 7019 7674 8329 8985 Managed Fund. 044 2761 3403 5068 5716 6375 7020 7677 8330 8986 For a copy of the table (compiled 2763 3404 5075 5718 6380 7022 868 768B 8333 6987 by Lipper Analytical Securities 875 2771 3405 5077 5724 6391 7023 7693 8341 8996 Corporation) 876 2775 4162 5084 5739 6399 7024 7696 8349 9009 and further infor- 882 2781 4163 5091 5743 6402 7025 7700 8350 9012 mation, please fill in the coupon and 890 2792 4164 5101 5746 6406 7039 7710 8362 9014 send to Mrs. Corinna Steer, Standard 897 2807 4165 5102 5756 6409 7043 7713 8365 9018 Chartered Fund Managers 898 2811 4166 5104 5760 6415 7044 7714 8373 9026 (C.l.) 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Standard if Chartered Luxembourg Lateat tabled antmis a*oiWUe on rtqueCL ; V I Financial 9 Times Thursday May 15 1986 Jivin' }\$s£> i UK NEWS ll>ge London-Dublin agreement was signed Hugh Carnegy measures the political progress or lack of it - made in the six months since the Anglo-Irish test Ulster Unionists’ marching season ^ith accord faces of NfiVEK'®VER against maltreatment Onesones to missmice ana«> ...... ~ make the province of tradi- ence set up under the accord, guard anniver- has seen considerable violence but fieial Unionist Party (OUP), Minister, then abruptly pulled out liament and to August when hundreds other things to consider While these subjects are being ungovernable have amounted to tional Protestant parades are held. among “wusaods failed to dislodge it. On the other reached stalemate. when hardliners at home furiously con- Unionists will measures to reduce nationalist discussed by the conference, . be on 0» hand, expressions Public rebuked them. More talks with gov- little. Instead, street protests such Leaders of paramilitary groups tt^di there have been unity between the OUP to emerge aeate tonight in Associa- alienation, has met five times. So crete results have yet Hillsbor- of poli- the Rev Ian ernment officials petered out last as a one-day strike on March 3 and such as the Ulster Defence impatience from nationalist and Paisley's Demo- that a code of o'S^ County Dora, to like far, it has produced little. likewise, a promise mark the ticians, notably Mr Seamus Malian, cratic Unionist Party (DUP) per- week as London refused to meet an Apprentice Boys march in Porta- tion and newer organisations affufig there six Irish side has been pressing conduct for the Rt'C would be intro- months ago today tempo- down on March 31 have sparked the fundamentalist Ulster clubs re- The efthe deputy leader of the Social Demo- sists. But the politicians have failed the Unionist demand for a in 1986" Anglo-Irish agreement the for changes in the non-jury duced “as soon as possible which cratic and Labour Party, that the even to carry out their own threats rary suspension of the accord. serious violence in which loyalists gard the “marching season" as they despise. and advances would be made on ex- with attacked the mainly Protestant tune to their muscle. Co-ordi- “Diplock courts" and an end to “su- pact has not made faster progress of action and under the surface ore The breakdown coincided use al- The accord affirmed pergrass" trials - the trials based on tending the Irish language and the place of within Royal Ulster Constabulary as never nated leadership of these hardlin- in redressing Roman Catholic divided. growing evidence of splits na- Northern Ireland within the informers' evidence under which lowing freer public display of UK as grievances. They won the backing they the Unionist camp over whether to before and launched sectarian at- ers, such as emerged to bring down Jotig insignia, have not been 45 the majority so wished power-sharing only Catholics remain in jail. An- tionalist but From the start, the Protestant sought In January by-elections pre- pursue full integration within the tacks on Catholics. the Sunningdafe gave Dublin a formal nationalist demand is for re- forthcoming. say in the Pow- The agreement is still in place. agreement in 1974. has not coa- other community regarded the agree- cipitated by themselves, but UK, as favoured by Mr Enoch say these province for the first time with forms of the predominantly Protes- Both Governments offi- ment as interference by a foreign embarrassingly lost Newry and Ar- ell and other prominent OUP lead- But with the Unionist politicians ef- lesced yet and may not do so, but cials from the republic tant Ulster Defence Regiment, par- things take time, but the risk is that based in Bel- state fectively withdrawing from the they are encouraged by the instabil- and the first step towards a magh to Mr Million. ers such os Mr Robert McCartney, reputa- fast ticularly that all its patrols which the conference will gain a united the DUP scene for the summer, both govern- ity they caused during March and Ireland. But their efforts to In February, Mr Molyneaux and or devolution, which as being no Six months on, a Unionist come into contact with the public tion among nationalists cam- destroy it have, in the words of Mr Mr Paisley accepted talks with Mrs wants. ments know that a hard test is like- April. paign to bring down the agreement should be accompanied by police to more than a talking shop. rrigt James Molyneaux, leader of the Of- Margaret Thatcher, the UK Prime Promised moves to boycott par- ly at street level during July and The intergovernmental confer- Leyland truck range A hish aims • ta» at Third World BY JOHN NATIONAL GRIFFITHS MOVE UP TOABBEY LEYLAND TRUCKS has spent’ rather than in a distant overseas nearly Efim to develop a new range plant of trucks aimed specifically at cash- Mr Les short and Wharton, Leyland Trucks' cost-consriotis Third managing INTEREST director, refuses to be ~'~ World export FIVE STAR IsS^J' markets i! Dtts-^ specific about sales targets. He .The Leyland Comet and Super talks only of a “substantial” boost to Ct>6iet ranges, in gross weights export sales before the end of the s from 9 to 24 tonnes, Sr?rfB will replace decade. n^; *% eventually six current Leyland ex- Last year, v port models: the Landmaster. Terri- Leyland Trucks' ex- percentage i er, ports by value reached £77m. repre- The jr-** fc Chieftain. Reiver .; t5 and Gydes- ^S date. senting about 25 per cent of produc- A key element tion. But Leyland Trucks is still of the new trucks' rises as you making losses and Wharton ac- • .'.^ design is simplicity, to allow them Mr .., „“r "•* — is- to be Shipped either built-up, or as knowledges that a target of reach- kits capable Of being assembled ing break-even by the end of 1987 is r -A ' us- Ciai-rv* unlikely to be realised without sig- £KMXXH- ai* ing even rudimentary facilities in developing countries. nificant strengthening of export de- acknowledges, however, • The company has invested mand. He . .•%. £800,000 in a separate production that developing world markets re- volatile, little facility, for the trucks within its main with immediate growth. i. main Leyland Lancashire assembly prospect for overall V:V - plant using 90,000 sq ft of a former Mr Wharton says that Leyland engine factory. Trucks can break even producing The unit has a capacity to pro- 15,000 trucks a year. Present pro- duce 90 -kits or built-up trucks a duction, however, is Just over 10,000 week On a single shift Such is the units a year. Maximising growth depressed state of Third World potential in such markets is the track markets, however, that initial main reason for the particularly utilisation will be less than half of flexible approach Leyland is taking this. with the Comet It ranges from M- Production of built-up units is to lybuilt-np versions down to kits be carried out within the Leyland With UK content reduced to as low Instant access. facility in exactly the same manner as 60 per Cent, to satisfy some coun- • "' if it overseas assembly tries' demands for local assembly — :?• as were ad plant This procedure is to be used and, in some cases, selective compo- No penalties. '.‘•-ns both as a way of hefpihg to ensure nent production. that any kits despatched are com- Leyland has Cut development interest rates on Abbey plete, and to eliminate any potential Costs Ofthe truckby sharing compo- The assembly problems at Leyland, nents with, some other tracks National's Five Star Account start high and rise automatically the - right up to our EAST RAHB GOLD AMD 0RANIUM more you invest top rate of 8.50% . You get Five Star COMPART LIMITED interest on all the money in your (Incorporated in the ttOpubUc of South Africa) Registration No. 71/07001/06 _____ account, yet access is instant. You TO HOLDERS OF 15.5 PER CENT NOTICE to £250 in cash or ' UNSECURED CONVERTIBLE DEBENTURES can withdraw up I financial —INTEREST PAYMENT No. 4 £15,000 by cheque each day from aged and of the the with Notice is hereby given HatJa respect interim any Abbey National branch debentures fot the period Jaiuxary 1H«6 toJune » latter date wiR 5* no loss of interest, no penalty iiigtkiK warrants bearing the 1 and United Kingdom offices of Johannesburg . debenture holders no notice. secretaries on or about JUne- 18 1986- to charges and that close of bu.ine* 0n_M4y3t> 19S6. R* deteriture If your money now earns less, purpose the transfer registers and registers of May 31 to June 13 198®, both holders will be dosed from move it up to Five Star interest at RSSstered^debetMtire holders paid from the any Abbey National office. Or post equivalent on June win receive the United Kingdom currency interest due them. Any 2 1986 of the rand value of the the coupon. debenture holders may. however, elect to be paid to such received South African currency, provided that toe request is secretaries to Johannesburg or Society, at the offices of the transfer I To: Dept PS7, Abbey National Building FREEPOST,” May 30 1S6R in the United Kingdom on or before Tax Act 201 Grafton Gate East, MILTON KEYNES MK9 IDA. In terms of the Republic of South Africa Income I withholding tax at the rate «£10 P^ 1962, as amended, a I/We would like Five Star treatment for my.'our money company, where applicable, from^ j be deducted by the payable to those debenture holders whose and apply immediately, enclosing a cheque for the interest | the registers of debenture holders at* “g*8**? addresses In ,2® to be invested in a Five Star Account at amounting to R20 or less J £ RepuMte of South Africa. Interest Br is eXEinpt the ta accruing in any one y® *L . 1 my/our local bra nch i n_ By order of the Board ANGLO AMERICAN. CORPORATION OF SOUTH AFRICA LIMITED I Please send full details and an application card. I/We Secretaries Transfer^ .Secretaries:r- perFLE. Phillips i understand the rates might vary. Consolidated Share Divisional Secretary Registrars Limited I/We understand that the interest will be credited annually ' •• *•»*• I . fidur* : >. -v;% N : , First Floor, Registered office: Street on 1st September to this account. 40 Commissioner. 44 Main Street Johannesburg 2001 Johannesburg 2001 Full namefs) Mr/Mrs/Miss, • c <‘ J 61061 ’ • - - (P.O. Box (P.O. Box 61587) >/. '.v 2107) Marshalltown Marshalltown 2107) London Office: Holbotn Viaduct Samuel Registrars Limited 40 Hill I EClP RAJ BGreencoat ‘Place London SW1P1PL Johannesburg .Postcode. Afov IB 1966 .-T-' Telephone— /Get'g- : I - !.<*>;* Signatures). theft Abbey Habit Tenneco Inc HOUSTON. TEXAS ABBEY NATIONAL 1986 1986 second quarter The voU^be'pa'd^Ju^ ICMo is our 40lh FIVE STARACCOUNT consecutive share in our eamirtgs. year ol cash Stockholders will dividend Secretary waiter W Sapp. payments .DING SOCIETY, ABBEY HOUSE, BAKER STREET, LONDON NW1 6XL. one - Fare! ... It's a newTWA Latesaver from Heathrow icuimreturn ferei«6wrmto Philadelphia and it works TWA has a daily non-stop service to Philadelphia Take aTWA special Lau=*wwLatesaver details. See your TWA Main Agent for Leading the way to the USA bargain, from now until 31st May !** . - i . — — -. - ; Times IftaEStfc^ 10 Financial THE MANAGEMENT PAGE; Marketing and Advertising EDITED by CHRISTOPHER LORENZ ve com- nothing like a spot fashioned and passi THERE’S of dynamic Marketing bower in the form of compara- The UK shaver manufacturer is tackling Gillette head on. Feona McEwan reports pared with Innovative, tive advertising of rival pro- Gillette.. ; abstracts ducts for stirring up the mar- The sector W keting pet. wth advertistagrteg cliched, men •The' “Ovet^Fdrtles-r X. Lakas- For five years, British con- featured beardless young chus in Marketing ZFP (Fed yc been spectators at the sumers ha Wilkinson’s of words and blades shaving or else took P P Rep. of Germany); Aug 1985 the duels-on-the-lawi\ as winch,- says video approach, pages; in. German, English Qualcast (which fired the first fine, but /did, not the rival Wilkinson product Wilkinson. total Fraser, was verstotv available).', salvo) and Flymo pounded up rest to lit the brands. (Profile). The marketing world urge people to switch - shaver market -the break- Maintains ' that • the “ and down the turf jo the battle UK advertising was over Comparative . now awaits Gillette's reply. is Gillette about 45 per ” Seen a for control of the power lawn- down “ shake the forties must as Knocki ng copy, as it is Wilkinson, SO per seen as the way to mower market. Every inch of cent. about the target groop^separate from the known, is still exceptional in break the apathy in cent and the rest 24 per cent, tree.” youth and gti?y markets; these marketing mileage was wrung people sit -up the UK (less so in the hard- and make ; according to Richard Bate. sector :'.are: .not fighting encounter as ;cohsumdris' : from the claims, hitting US) where a consider Wilkinson in a softly Wilkinson Sword's managing and against getting older, (which to counterclaims and open chal- softly approach to pro- light. The pushing director (dh. -shaving). more dynamic w '-' lenges saw to it that the public research them . means getting. : more ducts is regarded as more in trying dependency conducted gaze remained fixed on the pro- “What we’re to do" users mature - mad anort .attractive) tune with British sensibilities. .“ 300 Gillette product, he says. is not just hjtve a go of do not respond to; the lore tagonists and their products. Nonetheless, direct attacks WCRS with the am* they at Gillette, but we’re trying to delivered of “staying- young."- V But they For the moment, the war is on the competition by way of showed a build interest into the system monition. Results over, if not won (Qualcast unfavourable comparisons are Wikinson pro- pitch their dezoands. high as shaver, which is the more profit- preference for claims victory with over SO per above board regards, product quality.^ . in the UK. pro- able end of the business for aU ducts in a four to one rftio. cent of the 1100m consumer vid ed they toe the 11 ne. as into of us, retailers and manufac- So far, just' four weeks Tbe new demographics. V. A. market in the UK) and each expressed * explicitly in tbe (which includes turers. If we all spend our time the campaign Zeithaml ''in : Journal. of Mar- side is concentrating on its own codes of the Advertising television commercials) it its latest advertising. developing disposables, we’d two keting -(US), Summer -1985 product in Standards Authority (for press results in eventually be out of business.** is too early to see (12 pages). Now the spotlight turns to work) and the Independent agency behind tbe cam? sales terms, says the company- another battle of the blades as Broadcasting Authority Tbe . Contends that supermarket ifor Ruther- trade response is consider- Wilkinson Sword takes a pot television commercials). These paign is Wight Collins But retailing^ strategies, based on a able. e People are talking about shot at Gillette, in the struggle outlaw unfair discrediting, ford Scott, the agency which r typical^. ‘.household .Of work- says Fraser. for control of the systems irrelevant and inaccurate com- handles the Qualcast business. the advertising,” ing father, housewife, and two have comparative sector of -he UK shaver market. ments. and the conferring of “I must a reputation as At this stage the children, are how thoroughly tbe aggressive is UK- only. (This includes floating head artificial advantage. So far the one of most advertising strategy out of rdate,^because of the in- razors advertising men' around,' “ at different stage of and retractable blade ASA reports one complaint only We’re a ” crease in', sjngle-perao a. ' house- Alas- US and is the more profitable end on the Wilkinson campaign. wars and sparks flew in 1983/84 observers express concern at director. mutters account director Hie marketplace in the holds, more- elderly people and “ of a market that also covers “There's always a member of when gas challenged electricity, the Wilkinson strategy, Unlike the lawnxnower tussle, dair Fraser, who appears any- says Bate. Some 10 years ago of on the working wives. . ^A survey . there disposable razors and the the public objecting to deroga- drawing howls of protests from grounds that in taking on a where the protagonists were thing but we had over 10 per cent shoppers stresses these hew have original double-edged razors.) tory advertising of any kind," the Electricity Council and the giant like Gillette it is fighting neck and neck in market share, When in February the agency but we let it slip and now demographics, pointing to the The Wilkinson ads go straight says a spokesman. Electric Home Bureau. itself into a corner, especially this battle is more of a David took on the account (which bad less than. 1 per cent. So our US Importance 'of considering these straight- for the jugular (see right) Besides the brand-to-brand There is always the risk with given Gillette's imminent new tackling a Goliath. In the moved three times in four-end- advertising is a. more groups’ need s. --- * claiming that in a recent re- bouts, there have been the knocking copy thar. If mis- product launch. Contour Plus. systems shaver market, on a-half years). “ tbe name on the_ forward new product style, t search survey of users of the generic battles. Butter and judged, the retaliatory action it For the moment Gillette is which the campaign is based, world’s finest blade,” as Wilkin- ^getting the brand name across Motivating salesperson work - Gillette product (Contour) over margarine have long been fight- invites can end up scarring the keeping mum. "No comment Gillette in the UK takes about son claimed, had a name for and describing product' bene- performance.' P: K/Tyagl in 60 per cent actually preferred ing each other in tbe cholesterol original protagonist. Some at all." says its marketing 80 per cent leaving most of the quality, but was seen as old- fits.” -'journal of Marketing : (USL - . Summer 1985 (l l_ pages).. .. Reports res&tich; into - . the NOW HERE'S a conundrum: to the small screen at the time relative influence of certain job know name of a Do you the of the £L8bn takeover bid by dimensions; eg, , drill, variety, British company which pro- Eiders IXL of Australia for and autonomy and leadership duces 250m batteries a year on Allied-Lyons, the food and behaviour! salesperson work more than the entire population motivation - and- performance; Hanson at the double • of the United States? drinks group. identifies .extrinsic . (rewards, No? Then what about an is this really an effective - timing might appear odd. for tical praises of an unnamed attack on Hanson and its pro- But bonuses) . and intrinsic (job American company which has way of reaching the right importance, task identity) the advertisements began great British company, and an fits record in both Britain and made enough chairs to seat audience in a takeover battle? - appearing just a few weeks aggressive American actor motivators* . and desirable < Joe the US which formed a central every office worker in Britain, . City institutions have in .recent after Hanson won Britain’s big- Don Baker) who does the same leadership behaviours . (eg, France and Germany? part of Imperial's press adver- gest ever takeover battle—the for a US company. The denoue- months been strongly critical of trust,, support goal emphasis). No idea? Then what about tising campaign during bid. £2.6bn fight for Imperial, the ment is the realisation that they the the amount of money thrown by Concludes that motivation/ an American company which tobacco, food and brewing busi- are both speaking about the “It doesn’t address the allega- companies into takeover news- performance is more strongly has made enough Frankfurters ness. Is not this a case of bring- same company *' Hanson Trust.” tions they made." paper advertising (until the influenced by job redesign than to stretch around the world ing the “ Takeover Panel imposed tough on cheer-leaders after says the punchline, a company The advertisement was the by emphasising- leadership three times? the is over? is Han- new restraints on knocking game What creation of Lowe Howard-Spink behaviour. The answer in each case is son up to? copy) and television advertise- Marsehalk. which was brought Hanson Trust, the diversified Hanson says the answer is ments go to an even less tar- Lewd Effects In Advertising and The based group is in to handle Hanson's advertis- British industrial holding simple. The campaign was UK geted audience than . news- Marketing Decisions. P. Doyle ing during the bid. rather than company which also has a meant to appear in the final papers. To take just one ex- and J. Saunders in Adxnap revealing its two Allen Brady & Marsh, which it major presence in the US few weeks of tbe Imperial bid ample, vast numbers of Britons (UK), -Dec. 1985 (4 pages). had used before and which still through its subsidiary, Hanson and help tilt the battle its way. must have been baffled by the Defines lead effects sales selves on TV. Martin has Hanson's Ever Ready bat- of Industries. But the three-way tussle for TV advertisements for Elders, promotions - those sales teries account. (ABM. inciden- Actor Joo Don Baker parades the American achievements as The statistics are taken from Imperial, which could have run which sung the praises of a influenced -before the campaign .^Dickson explains why tally. has just been taken over tbe script of a jocular cor- until 1 company few would have ever the end of April, ended by Lowe Howard-Spink.) The starts; identifies their sources porate advertisement for Han- several weeks earlier than ex- gree of corporate advertising, humour." heard of and which did not campaign will only be shown on — supplier-induced, consumer son currently being shown pected when United Biscuits, mostly in tbe press, for the past Television advertising - to mention the fact that it was in- expectations, and competitive several a from over here [Britain] that's British television and Hanson nights week on prime the other contender, decided on nine years. “We have always boost a company's general volved in a takeover bid. for deterrent tactics; ..presents also doing rather well over has yet to decide how long to a time British television. a game of sudden death. The felt that Hanson Trust, being image is becoming more com- Allied. illustrating their there [the it case study At first sight, US].” keep running. It also refuses the most fasci- result was that Hanson's film tbe sort of company it is, needs mon in takeover battles Nevertheless, Hanson’s Taylor impact, and explores bow their nating “ The advertisement to disclose the cost. conundrum of all may came too late. But having seen explains some explaining.” says Taylor. though the Independent Broad- insists TV advertising can be negative effects on campaign appear to be the very existence our commitment to the It is the biggest television the finished product, and liking US as “We’re not a one-product com- casting Authority does not worthwhile. “ It is often the case profitability can be reduced. of the advertisement. it. well as the says For one Hanson decided to go ahead UK," Martin campaign mounted by the com- pany and we have tried to use allow advertisement specifically that shareholders in one com- " Thaaa abstracts art condensed from thing. Hanson Trust is a com- anyway and screen it. Taylor, a Hanson director, and pany. but it is not the first. TV corporate advertising to explain linked to a bid. example, For pany are not shareholders in an- abstracting published pany with a reputation for being the fact that we’re in a large advertisements have appeared the journals by The advertisement takes the our philosophy, and what we’re Guinness produced a campaign other. ahd for us it would have Anbar Management Publications. run on a very tight number of businesses in sub- in past, as ° budget and form of a tongue-in-cbeek ex- a on occasion the such involved in. And there’s value playing on its “ genius slogan been a useful way of communi- Licansod • copies- Of the Original an expensive television self- change of boasts between a stantial way." one pegged to last year's interim articles .may be obtained at a cost of in creating a sense of identity in its recent successful bid for cating ourselves to ' Imperial’s promotion does not fit this pukka Briton (actor Denbolm that results. £4 each {including -VAT and p+p; He denies it was in any in the group, particularly if it Distillers, the drinks business, - shareholders, .employees and cash with orderJ from Anbar. PO Box austere image. Secondly, the Elliott), who sings the statis- way a reaction doing with ' to the strong Hanson has been a de- can be done a sense of while both protagonists took those who work with it” 23. Wembley HA9 BDJ. Now you’ve filled it in, take a Production Incentive. commercial in the TVS region long hai-d look at what it repre- It’s a scheme designed to show before anywhere else, spending at sents for your advertising budget advertisers that the most powerful least. £60,000 nett over a period £10,000 could well tip the selling medium isn’t, necessarily of 36 weeks. outside London. balance between not making a the most expensive. Of course, (Ifyou prefer, youean limityour And we offer disecWnts qn tek television commercial and making there are one or two conditions. campaign toTVS Channel 4, spend- marketing projects. '"/'il'. ] one. And we’ll be happy to substi- First, your commercial must be ing £30,000 over 36 weeks and we .... What better incentive. .fpr# , tute the real thing for the replica for a product or service which has will send you a cheque for £6,000.) making a . . TV commercial . . J . shown below. notbeen advertised on television in The Ihcxtuction Incentive apart, ; Call John Fox on 01*828 981)8 ; All you need to do is make sure the last two years. there are plenty of other good and he’ll fill in you apply for a TVS Commercial And second, you must air your reasons- for advertising on TVS. all the details! 20-79-25 :.T . . v r ’ : I •' : •' 'V t '.v ^U' > . -v vV. • Sr- '..7 . | .. 20* ? q a s«: i*o*i ia iao«* 4 _ I mSpiaaSm mamm t^^ma-t^^m mmaaa aaamaa t^mam a^^m mb mmam a^^m ^ama , —— , ; Financial Times Thursday May 15 1986 11 fSiK Nordic painters/William Packer s j** s a,< « Surprising lights of a summer night 1"sday. » should ? be and various discovery and sur» common not just to Norway hut ally impressive, Ellen Thosleff And now, at the turn of that Sweden. I have just returned from prise. They were also to all the countries of the far and Helene Schjerfbeik, and decade, comes in that general a tour of five countries in triumphantly allayed, and a North. Here was an artist of his preoccupation with the evening a Httle over a week. I indeed throughout our lour the warned number of important and time and place, albeit of a most light, blue and purple over the ' *** as n uch 13 strength and quality of tlic 2 - f Possible of general truths were demon* extraordinary kind. water, and the evocation oi the .me art of the Nordic shown on countries at rated on the way. women, working and gentle melancholy of the long, —and I saw more than To see the artist in his time equal terms with men at that I had Munch, of course, remains a northern, midsummer evening ever imagined I would. and place might well be taken central and dominant figure, time, were remarkable. that is not yet night. To travel On July 10, Dreams as the journey's epigraph. In Si of a and the large room at the Is Sweden the pattern of through these countries even Summer Night, an every country the pattern exhibition National Gallery- in Oslo rural retreat could only be con- before midsummer is to catch or painting ip repeats itself: the young artist, Scandinavia and devoted entirely to double* firmed. Already through the something of this sensibility, Iceland a disenchanted perhaps with the at the . turn of the handful and at once to make more sense of his greatest works heavy hand of the national 1880s, as I had seen in collec- Sfyii century, opens at the of the paintings Hayward from the 1890s and 1900s. in* tions and exhibitions in Copen- themselves. Gallery on the South academy, travels abroad to "•* ***** Bank, it eluding the first version of the hagen. artists from throughout Arriving in is study, only to be drawn in- Stockholm by to be the largest and most 5«cfc Girl,- gat hi- red at Paberty—the naked exorably back, and not just back Scandinavia had boat, slipping through the archi- .comprehensive show of work of seated Shagen, at the northern tip of girl — and the smoky to the capital city and the centre pelago in the dawn o> the mists that period ever to be sent blue Denmark, where the extra- self-portrait with a of his country’s art world but clear, is memorable enough, but abroad, going on to Dusseldorf cigarette ordinary soft purple and violet the was indeed one deep into the heart of the to have spent u long evening at and Paris after London. But light of dusk had elicited a of the very greatest of self* countryside, to savour its Thingvellir, Iceland's sacred Nordic painting at large natural contemporary impres- is not portraitists) altogether affords essence and achieve a responsive place, where the parliament met ;V< so familiar and secure sionist response. his return in its an even more sensational ex* equivalent. On on the remote hillside in the =a&t, place in the history in the late lftROs after travels of modern perience than the excellent m open air over nearly a mil- art—-nor yet so outlandish Most obvious in this respect southern Europe. Richard to Munch Museum itself a mile or lenium. is unforgettable. More become was Akseli Gallen-Kallela, who Bcrgh and his fellows. Karl a natural curiosity—as two away, with its holding of so even than the Finns, the Ice- to excite a thus steeped himself in Finnish Nordstrom and Nils Kreuger, ”> Wide and certain the bulk of the life's work. landic painters of this period — ., welcome. Indeed, legend and tradition to become withdrew to Varlbvrg deep in T so high Coming to it after a long Thorlaksson, Jonsson and the stands at last a kind of simultaneous the Swedish countryside, where the critical reputation drive through the highlands somewhat younger Kjarval (who of a single guardian, symbol and illustrator their work shifted from open ?..:**& master, the great landscape of hills lived on until 3972) a and lakes, of the national myth. But even naturalism to something more — had Norwegian expressionist forests of pine and deeply my.-tical attachment *~3 birch, all at his most graphically extrava- directed and psychological, to *i Edvard Munch, that it is too cast in bright the very lira and ep.-enco sunshine and gant his formal strengths sus- looking more to post-impro«- of the ,-> *£!?* often assumed that he stands sudden shadow, was itself a tain the work: the direct si on ism native landscape. quite alone. more and the immediate revelation. To sec an artist at the work in relation to its sub- example of Gauguin. Anders Here, with a not-.*o gentle Such at least were the fears home in his native light and ject in the landscape, the more Zorn, also much travelled in ram falling, clouds low over the of the exhibition's Nordic landscape is to see him, as it particular and poignant it is. England and Europe, took him- volcanoes, a sey*cr plume in the organisers and their colleagues 1 were for the first time. And He was not alone—his quieter self off to Mora in the west, distance beyond the lake, and i 'V . at the Arts Council, and hence here was all Munch, for his per- contemporaries whom we saw in and off went Carl Larsson to the water-fowl sn!! calling in Maria Ewing as Carmen my crip. To be fair; those fears sonal angst and inner crises, the Aieneum in Helsinki, and live out his ideal of domestic the pale light at half-past ten, -to some extent were justified, not inventing for himself a in other collections, were quite rural, arty comfort with hts 1 could see at half-past ten. for the experience of the mood and context, but sharing as effective and impressive. Here craftsman wife and their seven myself. Such are the dreams journey was one of constant in a sensibility and experience two women artists were especi- children. of a northern summer night. New York Opera Andrew Porter Balanchine ballets/La Scala, Milan Looking for the World/Cardiff I didn't see Glyndebourne's in voice and appearance to The Aida revival that I saw mercurial a the day before was brainless Carmen last year. Its amplifica- match so young Carmen. He has long since re- and boring. The scenery. 30 tion for the huge Met stage has 0 Music/Monday. Opera and Bailet/Tuesday. Theatre/Wednes- Saleroom/Antony Thorncroft day. ExMbltlons/Thursday. A selective guide to all the Arts ap- May 9-15 Arts Guide pears each Friday. BASE LENDING RATES Impressionist jackpot display to 1980 with collection not usually on display. Grand Palais. Ends June 30. coherent | Leger, Picasso, Tbe museum began its collection kt Exhibitions (4281 5410). Braque, Mondrian. Sotheby's had a spectacularly Guggenheim Foundation in Biblioteca National. Paseo de Re- 1900. Ornamental combs by Rene 19th century pastels; A renewed, revig- successful sale of Impressionist New York, made £620,512. WEST GERMANY Ends Lallque. enamel and Ivory pieces by ABNBank.-~-.-~r-- o rated use of the pastel crayon tech- eoietos 22- (435 40 03). June 30. and Modern pictures in New fi jiiiard, and beautiful jewellery us- Sotheby's also had successes Allied DtmbarfcOo- nique, in complete break with its York on Tuesday night, bring- »» HoHb, Akademie der Han- ing glass and semi-precious stones in Geneva, disposing of the Allied Irish Baak- genteel 18th-century tradition, gives ing In £20,219,552 with just 7 sz seatenweg ID: Life Or Theatre? This by the Belgians Van de Velde and jewels of tbe late Countess American Express Bk W™ a sense of immediacy to Delacroix ' per cent unsold. This is the mrhlKiHtwi displays gouaches by Philipp Wolfers. There are also Mona Bismark for £2,750,000. Back — 250 country enes by Millet Florence: Museo Nazi oriole del Bargel- Amro ftalwmon. studies, to sc market which attracts the big AnSbacner duffing Shg died, aged lo: Homage to Donatella: to cele- pendents, lockets, brooches, neck- Moussaieff. tV»? dealer, paid . Henry and portraits by Manet. It catches money, both investment and Cap Carp. 28, in Anschwdtx, Sods June 15. brate the 6th centenary at his birth laces, belt buckles and rings from £666,666 for a diamond ring by Associates the movement of Degas dancers and genuine collecting, and the Bilbao—— Bayreuth. Iwalewa-Hans, MSnzgasse the 19 Donatellos the museum owns, the masters of foe Wiener Werk- Cartier with a stone of 31.77 Amigo de } at their toilet and lights up 1 women demand will have re- 9: Art and Culture from the Congo of which only six are of absolutely statte - Hoffman. Moser and strong carats, £258,596 Bank Sapoalim Redon's inner visions. The Louvre, and for her paintings, cuh - on public view for assured the international art <5 i About attribution, have been Czeschka many ami Zaire. 300 certain favourite pearls, RankLeumi Pavilion Flore (42615410). Ends two rows, 70 practical objects from the Coto- first time. Applied Arts Mu- world, which has had its doubts and Juned. grouped, with much documentation, foe pearls in all. nlal period to today. Rods June 29. to give a new view of the artist. The seum. ends Jane B. in recent months. In the European silver sale at exhibition includes his extraordi- The freshness of tbe paint- BRUSSELS Geneva a German parcel gilt nary, languid bronze David. Ends NEW YORK ings. and the fact that the gothic beaker and cover of • German and. Dutch paintings on Mai- 30. decline in the value of. the Boyate ifArt et Hktarire: Tai- around 1425 sold for . Bode des MaSeum: centuries £277.894, loan from tbe Peris Rome: Palazzo Braschi: (Piazza San Metropolitan Two dollar allowed foreign buyers wan-based painter Wong Liu- Sang. while Phillips, BeauxhArts. Among the artists art Pantaleo): Edvard of Renaissance masterpieces from S. J. the dealer, 10 his Munch to compete actively for the - 40 paintings, of which are by von Boater Pfizer and Gottzms. Fnrfg (1863-1944): More than 250 works by Nuremberg include 270 works in acquired a German parcel gilt pupal Chen Sum-Nan farm this works, aided the auction. Most June 29. the Norwegian painter from tbe painting, sculpture, tapestries and three-mast nef made around painter's first European exhibition. amazing; was the £4,036,859 Munch museum in Oslo and private illuminated manuscripts by Al- 1620, for £165,964. sale just five LONDON The artist will demonstrate tradh Griea, raised from the of collections. Death and 31c ess be- brecht Durer. Haas Baidung Christie’s was selling silver tional Chinese painting on June IB. Adam Kraft Ends paintings from the collection of Shad- came a dominant theme in Munch's Veit Stoss and at Geneva on Tuesday and Tbe Hayward Gallery: Falls The Ends June 29. Mr and Mrs David Bakalar. works: Subjects such as Death In June 22- brought in £1.125,224. with 12 ow - this year’s Hayward Annual There were two auction oil. per unsold, Armitage. fiue tbefftsttime extends Its view of Tbe Sickroom are reworked in cent the artist records the £987,179 NETHERLANDS Charcoal and pastel *- ww.fr qwning WASHINGTON — London dealer, bought a pair of contemporary art from Britain into Fantin-Latour, paid for typical double salt Europe. Tbe Aits Council's guest se- more compelling than the last Also Louis XIV cellars fruits, Amsterdam: Van Gogh Museum. 90 is Hirshhora Museum: 75 works of foe Fleurs et and the same lectors, Bury Barker and Jon tin show his extraordinary work by Robert-Josephe Auguste for Telman sculptor Robert Arneson which secured a Pissarro, Thompson, a hint from T.S. Whistler etchings from the The Scream painted in 1893, in California sum £256,272, and a George Et large follow tbe career of the presents tbe glazed ceramics be pio- 1898 view of the Avenue EKotfs ambiguous poem of file mid collection which foe scenery becomes a vortex his salver, made in London In 1745 abandon brilliant eccentric from his Paris pe- for the central, anguished figure. neered in what became the Funk d'Opera in Paris. The top price . 1920s, .The Hollow Men, by Paul de Lamtrie, for penetrating obser- movement in foe 1960s with its ir- five paintings the pcmdplefl of avant-gardism in riod, through the During foe 1890s. Munch moved among the was £110.394. vation of London's dockland, the reverent view of other artists, con- £1,269,231 from favour of a more open and catholic away from realism and impression- the an Back in London yesterday tranquility of tbe Venetian set, and temporary artefacts and art itself. modernism- Tim result is an ele- ism (there are three delightful pain- American private buyer for a Sotheby's managed a remark- ckwipg with tbe late, dreamlike im- tings on show of Nice and Cloud) Ends July 6. gant, difficult and fascinating an- St. portrait of Annie Bjarae by able price in a routine auction Jane 15. pressions of Amsterdam. Ends towards expressionism, a style thology. Ends Modigliani. of Old Master and British oaint- Junes. which he used to express not only In the general sale. Au bal ings. The flight into Egypt, desolation, but also lyricism and Toulouse de I'opera by Lautreo, catalogued as the “studio of passion. Ends June l. Anfani Cfeve: 130 works by one of went for £1,833,333, and La Jacob Jordaens.” and estimated Rembrandt fa Vermeer; BO chefs Spain’s prominent modem artists. ftam. Jamille Mante by Degas for at £3.000-14,000. 1 Forms. Abstract actually sold d oeuvres on loan from the Maurits- Madrid: Contrasts of Tokyo Teien Museum, Meguro. This sponsored and £1,057,692. Femme pemtre by for £27.500. which suggests huis trace a panorama of 17th- nnrf geometrical art museum, with its art deoo architec- that Mama. New Matisse sold for £705,128 and the buyer feels he can century Dutch painHng with Ver- recently exhibited at Jewellery from 1S00-25: A selection ture and garden was once foe home prove art- The Muse by Brancusi, sold by that the work is the meer's View of Delft with genre York. 150 works by 20th century from tbe Museum or Applied Arts’ of a member of foe Tnippripi family. genuine offers the trustees R* article. ists out chronologically, a extensive Art Nouveau jewellery Ends June 6. of the Solomon paintings, still Byes and landscapes. set , ^ "; FINANCIALIIMES Unilever's BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY new chairman, Michael Angus, Telegrams; Finantimo, London PS4.Telex: 8954871 talks to Christopher Telephone: 01-2488000 Farkes about the choices facing his company. has i-bRwdw, j Its agnbusiness NILEVER is coming out : plenty of roam.foT growth, he of its shell. Mr Michael • says.. Pitadsiog'WCH* in medi- U Angus, newly-appointed cal diagnostics., could lead to chairman of the British furtbersideways expansion. He busi- skins Anglo-Dutcli . wants, a falter global food Banana end of the soap, food, cosmetics and chemicals ness, already' sees signs of ' combine, is still quite in the Far - seeks coy about it, but be admits that . East and India, and he the group has come to recog- more - n£ \ ther ^prtied- North ' A mpriCaTi in Australia nise it is living in “a franker JOBlkeL environment" . Th&e r will- -also "be changes Improving internal and "dose to the. heart /of the com- Australian Government’s aged to gain agreement that THE external communications comes pany. ; Some' are already economic growth was wage increases would not fully dash for mm 1 - to Mr close to the top of his list of apparent. :-acqwding always a risky strategy. Now it reflect the rise in prices which priorities for his term of Angus^ . ^We are very nrach a in downpour. import fir 'hi ‘ been caught a resulted from higher 1 has • company. In office. s & businesslike my A steeply rising external costs. Noted among City analysts, • eariy-.days parts- ofit flsed to be deficit and a sharp fall of the The halving of oil prices since tiie UN*"Tie saars, referring has prompted investors and the press for its . like Australian dollar last has only re- 8 v one-time- xeputa- autumn not Federal impenetrable ways on the to- thfr’group’s Paul Keating, the ' Mr duced the value of exports from corner of London's Blackfriars V tion for a ralher tdvil. service Treasurer, to warn that the Australia’s Bass Strait fields, Bridge, Unilever is feeling the drifting into the country is but is now putting downward “ banana republic." need to be better understood. status of a pressure on the price of coal, to partly rhetoric "Employees want know," is ' This *' ; the largest single export. These Mr Angus says. You have got . ment trainee a degree hi designed to frighten the left when misfortunes have come explain to people what you BfflWBBwi . .w,. v. maths and after service with the elements of his Labour to wing copper, aluminium and other doing to let His. first cbmpan^wns the sub- are them know '‘JflH RAF. party into accepting metals prices are weak, while public spending why they should help you do HHimrcL stantial cuts in y ' exports of wheat and beef are : • manager for Sou- it. It is a function of efficient « • j^^^B came brand which are needed to balance i severely threatened by the large leadership. People want to feel silk hair shampoos. Marked out Australia’s accounts. ' food surpluses genera red by the involved." •« - early as a high flier he joined However, the phrase does US and Europe. " in The City, too, will share in . the board of Unilever fiieua. point to the rather alarming .4 The prospects for a major this new openness. It is not at theage of .40 -as ..toilet pre- rise in Australia's external expansion of the volume of that the company has been coordinator, and be- have Qtfr .. C parations debts, as its terms of trade ‘ Australia's farm or minerals misunderstood, he says, rather - i head’ of the- chemicals deteriorated while world mar- came exports are therefore bleak for that it presents “ a puzzling and kets for primary products which the time being, in spite of complicated entity.'* Investors He d<4ned tbe^)e^^ committee account for 80 per cent of Aus- rgtirf J the continent’s abundance of and stockbrokers' analysts have f' tralia’s exports weakened. : itself natural resources. Manufactur- become more demanding, press- ... The special committee was brought iffffifflwF ' ' Australia’s plight : ing industry', which accounts ing for more information and ^mmSKF . .V developed into a . more sharply into focus on Tuesday \ .m has cent visible detail about the group's doings. ‘ prizes his for only 20 per of body. : He- by news that the current democratic exports, has been weakened by “There is no merit at all in experiences as the f* third mail account deficit had widened to years of protection behind tariff being mysterious," says Mr ~ the past two years daring AS1.48bn, bringing the total _ ^ over walls and by traditions of trade Angus. Sir Kenneth “and Mr in the first 10 months W I 9 J W which deficit H H union inflexibility. Accordingly, an interview of the year to AS12bn. By I -n H Tddi —Mill Florent Maljers. the head of the fiscal with the Financial Times, fixed *W 9 B this year, gross gif I i§ JOk m V BB Dutch -end of the. group, had the middle oE strictly for one hour, promptly i| fl %# JUS fl fl • .slay an equal external debts will have risen Object lesson SSI f §9 fl fl fl U V fl fl fl fl fl fl fl jrm allowed him to stretches to twice that length. A$82bn. so that Aus- « M B part in policy-making. about Y AJIjI . to In these circumstances living Mr Angus, a burly, rumpled ver letsWP^ . .. in alyawys a “This has. not been tralia will need to earn around standards will almost certainly man, who took up his post • •• just to pay the interest the case with the third man," ASabn have to fall. The question is when Sir Kenneth Durham debts. he says, attributing. the change on foreign whether this happens by con- stepped down at the annual Ta a in attitude to the fact that both These are very large num- meeting yesterday, appears to AF& O * g tinued wage discipline, by an ' : his. had themselves bers and the slide into indebted- fi§ _ _BL — — fl _ Jk_ colleagues inflationary spiral, or by have strengthened his faith in cannot continue indefin- ffirH fl Ik A ! V V I V JTV fl^b endured spells in that relatively ness government-induced recession communication during his spell a iM T junior ralel As a result he had itely. After almost three years in the US, where he was sent fH B H M I If I which would once more send ' felt himself closely associated of rapid expansion. Australia in 1980 to prevent Lever Bros H B H nil L/y B B B B B B B fl fl^ OL . ‘ unemployment on a rising AAWW hi. •*“ m with' the strategy for paring the is. therefore, facing the pros- S of sunlight from collapsing under the drub- “ trend. business .to Its core pect of much slower growth or bing being handed out by down The immediate danger for operations, even though it was possibly even a recession. Procter & Gamble and Colgate . the Government is that a fur- came. Palmolive. and it had appointed US man- business and buying Sbedd's a suffering severe losses. Mr Mr Angus. "Whatever I say can instituted before be ther depreciation of the cur- also felt free to exercise Weak markets " arrival agers to run its affairs. Unilever margarine manufacturer from Angus blames trad luck and bad be misunderstood." He rency will kick import prices My was dramatic and failed to appreciate that Lever Beatrice Foods in 1984, Lever judgment for its more For the bis personality at -stressful This would be a sad conclu- traumatic" he recalls The two of moment Unilever upwards before the economy nfessi tendency group's decision to pick Bros was not a typical domestic Brothers now has more than 30 recent disasters. Dimension seems to be stumped. New man- times. Co ng to a sion of a remarkable economic bas fully recovered from the a us comp*11?- It was up against per cent of the US market com- shampoo failed miserably be- t0 be overbearing; he says he experiment. Mr Hawke's Labour director and send him over with agement has been installed. The inflationary impulse of the last international competition from pared with about per cent cause it came to market at the helped reinforce XJitileyCT's government appeared to be the simple instruction to put 7 special committee — the group depreciation. This would widen its arch rivals, and it needed when Mr Angus arrived. same time as a dozen other new determination in its ;bids for succeeding for a time, while things right was unheard of An 0 f three directors which runs the external deficit and put the an international style of man- aggressive new preducts pro- brands. Its toothpaste interests Brooke Bond and Bumardson Europe was failing, in a break His first task was to let the" the company and binds the accord with the trade unions a en' ent gramme, -style, it have suffered because it was Vicks. “ I was able to say let s towards higher employment, demoralised US workforce know ^ P&G has won British and Dutch parts to- under extreme strain, especi- The basic Problem was that market leadership in the slow to enter the high-margin. ffo.out and loll these guys without creating a havoc of in- what they were up against. bar gether — visited the division — ally if a cut in real incomes intend to. Pakistan is pursuing Exchange rate, a peaceful nuclear programme because it believes that such stability power holds the key to future Letters to the Editor economic development and pre- From the Director, Economic sents the only viable alternative Affairs Directorate*. for overcoming the critical Confederation of British power shortage being experi- enced. Industry _! . Sir,—Full membership of the; The peaceful nature of monetary - system Pakistan’s nuclear programme , European manifested by the M would not have quite the results rates would be promptly raised Northern Ireland. “ This is not is clearly fact tbat Pakistan had proposed suggested '. by Bryan Gould to counteract them. its strategy for dealing with that the regional states in (May 7). With these assurances, at the IRA.” south Asia should jointly pledge existing relative interest rates, It cannot have escaped your The objectives of full employ- not to acquire nuclear weapons. international investors would attention that the policy of ment and industrial regenera- It has offered India reciprocal regard sterling as a firm buy. In successive British governments tion are entirely compatible inspection of each other's other words, the Chancellor of refusing to use military with Britain’s entry to the ex- nuclear facilities. Unfortu- could sterling roughly against the IRA have change rate mechanism. Indeed, keep means nately, India has not responded where it is with lower in- been singularly unsuccessful. such entry is now a prerequisite now to any of these initiatives. for their attainment. terest rates. - To maintain lower Perhaps there is a lesson for President Zia-ul-Haq has said interest rates over time it would Northern Ireland here. advantages to Britain's The be necessary to avoid excessive Adrian Day, in unequivocal terms: “Pakistan export trade of exchange rate is committed to the nuclear reflation too rapid a growth (Editor. Investment Monthly). are not simply only peaceful stability of unit labour costs and de- 1300 North 17th Street, programme for members have purposes.” Khan assumed. CBI terioration in non-price com- Suite 1660, Mr Mohammad said they can live frequently petitiveness. Arlington, Virginia 22209. Junejo, the Prime Minister, with reasonable exchange said last month: want to any - -With lower interest rates and “We it persists over harness the atomic energy for rate so long as the prospect of greater ex- time. producing electricity, for agri- a period of change rate stability the pace The company culture, for health, and for Export markets require sub- of investment export maricets fa tapping water resources, and stantial forward investment m would Increase, promoting a car would continue to benefit from the form of research and de- faster rate of economic growth r*T^ From Mr H. Cote the programme.” Refusal to to adapt products of and ultimately a lower level of velopment Sir, Fraser's latest home- accept such unequivocal assur- the establish- —Mr foreign markets, unemployment here in Britain. of state !• work (May 12) deserves lo ances from the bead » overseas sales networks V ment of I. T. Caff. very few marks indeed. and the head of government by 71 U- instalment of additional score and the He proceeds from a fallacious some quarters reflects bias and productive capacity to supply 103 New Oxford Street, WCL •<*'.- assumputlon a mistaken con- a desire to malign Pakistan. M Each of these to i»* new customers. clusion. Akram Shaheedi. requires the investment of con- . If private mileage of 5,600 a Square, SW1. capital, often with Combating 35 Lowndes siderable year is assumed, then the cost borrowing costs. Ex- substantial terrorism of fuel (187 gallons at £1.70) rate fluctuations of be- change Mr A. Day is £818. To pay for that pri- Politics and 15 per From in tween 10 per cent vately would cost anybody on with the Sir,—I was disappointed to cent, as we have seen the standard rate of income tax read~" your strident editorial Cambridge pound and Deutsche Mark in £448 from gross Income. the condemning the US bombing recent months, can make Should a company meet the From Councillor A. Duff, between profitable of Libya, and British support difference bill a scale charge of £575 Is Sir, — Your Political Editor investment. thereof (April 18). Your and unprofitable, levied. But Mr Fraser's error (May 10) says tbat Labour did can elimi- editorial has just come to my Besides which, they is to overlook the fact tbat the particularly well at the local produc- attention, having been travel- nate the major gains fa actual cost to the individual is government elections in those are past few weeks; in tivity that many UK firms ling the only 29 per cent of the £575 key marginals, like Cambridge company anticipat- fact. X was midway across the making. A which is deemed to be added to with large student populations. financial director is ha to report ^rate. bombers flew This ing substantial exchange Atlantic as US bis gross income, ie £166.75. But be should know that the ppy willing Tripoli. fluctuations will be less- over The company - subsidised Alliance held comfortably two or capital in export mar- to see the motorist is thus over £280 University dominated . to sink Tt is disappointing the three a reduction in lighting energy cost ^ ' off in anybody’s money. Market) and 30% kets. Financial Times, almost alone better wards (Castle and the £280— (Newn- These facts are not amproven of the respectable press (apart The trouble is that Labour held the third • • millions of -aspect from . the — predictable multiplied times— ham) against the Alliance chal- assumptions but an lighting is run Guardian), come out against is everybody else’s money. lenge by only four votes. Philips High Frequency much cheaper to the way fa which action, particu- Harvey Cole. tne . necessary works. Politicians ignore this If the Alliance were disap- busi- larly so for the strength of 9 Clifton Road, and return coupon to: ground rules of sensible pointed in failing to make gains Philips High Frequency lighting can use 20-30% less electricity Please complete periL your remarks. Winchester. ness practice at their this was because of the 33 per than conventional fluorescent lighting. And since electricity is Philips lifting. Marketing Services sterling carriesma also disappointing to rise perpetrated by City At present, It is cent rate much the largest part of total lighting cost, that’s wry good news Department, FREEPOST, House. premium,^ be; recommendations for nuclear Alliance-led county coun- interest rate read your Pakistan’s the forany financial manager. 420-430 London Road, Croydon. CR9 9ET. and « per synthetic revival 3,5. per cent .combating terrorism, all cil, Labour's telephone Philips Lighting Customer tween And while it s saving on running costs, it's also making lite Or our 1 inconvenience tbe programme pleases socialist students but cent .against . designed to Which can Service on 01-6892166, telex 946443, 4 . twice as more comfortable and more productive for everyone. petitors. This gap Is Innocent traveller rather than From the Press Attache. few others. save even more money, in all sorts of indirect ways. Because existing unit labour strike decisively at the heart large as the to assy (Councillor) Andrew N. Duff. ourselvsa^ of Philips High Frequency lighting is a ‘smoother kind of cost gap between of 'terrorism. As ah English- The Guildhall, Please send me the bets on Philips Sic.—This refers to Simon at 28.000 competitors, resident fa Washington, I fluorescent lighting. In technical terms, it operates those man Henderson’s report (May 9), Cambridge. High Frequency fluorescent lighting fully support cycles per second instead of the usual 50. So hum aid flicker markets think this must say that X “ Suspicions on nuclear current contribution to Name maintain actions of the • US and become a thing of the past, eliminating their . necessary to the weapons.” values. Governments- designed exchange rate Britlfb For the past couple of years It was Judy, absenteeism through headaches and eyestrain. Position of the EMS safer. Full membership to make travelling western have been report- So does the stroboscopic effect seen with fast-moving objects scope, media Company „ the CbancdtoJ not Kate opportunities to make : would give you may wish to know, that .Pakistan is about to such as rotating machinery; so there are rato And* ing Nature ofBusiness the “tejest ' levels. — to rtdnce many' Americans have wanted explode a midear device. Mr M. Brown. the factory floor a safer place to work, and reduce the rejects considerably. Tne From Address premium hand and tell me Nothing has. happened so far For benefits of Philips High to shake my more information about the I Pakistan's nuclear pro- Sir,—This chap runs up his of their respect for. the British because Frequency clip the coupon opposite. battle pennant and attacks: fluorescent lighting, just decision. I do not believe gramme stems from its Katie O’Grady indeed! (a step- I Postcode Americans will forget this desperate need for energy since woeful deficiency in sister under her skin?) Fie. Mr Telephone tSTD courageous action of .Mrs. there is ) f Francis (May 9), fie! Would HF/TOfFT/WHlI Thatcher and the British conventional resources. The L you next have us watch Punch Government programme is essential to meet present and Katie? Most ironic, however, was the requirements of Michael Brown. PMIUPS comment that' the British and future nuclear power plants The World's No. 1 Lightmaker your Inglewood, believe and not for competition with bringing you the Benefits of Bettor Lighting . Government does not wmr. ot the adverse other countries which may be Salvay Ash, * ance that if any that terrorism can be defeated they fcar^came^o referring to producing atomic weapons or Nr Bridport, Dorset factors interest by military means, bear on sterling, UK - —1 ' i ., . . ' >r^‘. 14- 4040 FINANCIALTIMES intm Telex 8812619 - AN INTERNATIONAL ' PROPERTY SERVICE - Thursday May 15 1986 NEW MEASURES WILL INCREASE CHANCES OF AGRICULTURAL TRADE WAR Norway THE LEX COLUMN urges UK Reagan set to curb EEC imports; BY NANCY DUNNE IN WASHINGTON to join it in PRESIDENT Ronald Reagan is ex- In Geneva, the US demanded some settlement might be reached efit from the Spanish-POrtugese ac- pected to announce today non-re- compensation for what it said was before then. cession because industrial tariffs strictive quotas and proposed high- SGOUm worth of lost grain sales, re- will be lowered. He says US Indus- ‘dialogue’ The non-restrictive quota - on | er duties on EEC products, bringing sulting from tariffs increased when trieal exports to the two new mem- white mine, apples confectionery, ' the US and the Community a step Spain joined the Community. In re- bers would fall juice, beer or biscuits - will be in re- closer to an agricultural trade war. sponse, the President is expected to with business Opec market is LbndonxnarfceJ: fronxov " taliation for Portuguese quotas on Pan! Cheese right in brnssels adds:l The London equity — confrontation, is the ~.: The which withdraw tariff concessions on it - • -seagoopaprii tors. oil-seeds and the requirement that The Community has been some weeks past the stage where .. t w-.T expecting*6 By Richard Johns In London result of Spain and Portugal's ac- some EEC products. could shrug off rights issues as no Portugal reserves 15.5 per cent of the US move and is ready to re-e- ft: ' v When the cycle swim* cession to the EEC, is one both Much debate has surrounded the o _ NatWest . pa its cereals spond more than a distraction from the market for community with equivalent measures.s. NORWAY is urging the UK to join 'awsrnx move, fast, and.jboth:€U-andi sides have sought to avoid for fear list of possible candidates for retal- main -I* grain. The US claims the quotas are Such a policy has been endorsed fund manager’s business of damaging industrial trade rela- by>y it in a “sensible dialogue” with the shouldtop ClQQm :comfortabty/t of iation. Officials want it to have a getting into the next hot stock. Na- " illegal. Both sides have agreed to the Council of Ministers. Organisation of Petroleum Export- -year, for prospective nmltm tions and, ultimately, the Atlantic broad impact across the Communi- Westminster’s decision to go ’ irtr set them so high that no one will be ing Countries (OPEC) on co-opera- tional jL ’.‘around T7; This year should ; .« . Alliance. The US had delayed ac- ty and they have had under consid- The Commission yesterday wasiS for a record size in rights issues - mo- hurt this year and time will be tion aimed at strengthening oil j-jL.' ?• vntbessClTs fetdjvidmJiacrei after the •_ tion until Tokyo summit, eration: Cheese, ham. sausages, making dear that there would be raising El4m by means of a one-for- gained for more talks. • • Prices. -. liI: siiMJe 1881* anR it may reported talks ? -AiijJ ; but the failure of last hops, whisky’, gin, cordials, brandy retaliation even if the - in full Reagan Ad- one issue at 200p was taken : Mr Gunnaer Berge, Norway’s • fnw N - ?. covered; Of the' two, though/ G. week in Geneva to produce much and white wine. Mr Malcolm Baldrige, the . US ministration's measures were non-~ that the news would go D Minister of said yesterday. knowledge has forced President higher duties will Finance, 400- IT progress the The not be im- Commerce Secretary, has disputed restrictive quotas and hence Had*“ down with a dull thud in an alrady “We have to do it together." ' to act posed until July 1 in the hope that an EEC claim that the US will ben- only a symbolic trade effect sickly market After its 29 points -tTWi» '*• • In London, a spokesman tor the _ ~~ fall yesterday, the FTSE index is al- 7 S22SL5HK ^-Mck Department of Energy has said that FfeMs• *"'••• - •• • • I J, •- most lYi per cent off the top, fast ap- : . | -1- T 9 en- - ' the British Government did not qqi_ r I I r I Thertedskm of -a US cfaeceiL' proaching the limits of what most 3 ' / visage any change in its policy of BCal ‘action plan calls for big job i90JB2 TJ3 ’84 ’BS 86 chip cobkte company to go public cuts bulls can explain' away as a mere non-interference in rates of output — -:1 ; - . London’s 'Unlisted- Securities correction. _ M in the sector of the North Sea. ^ UK te|»rhaps qtte' of have been themore . BY LYNTON MCLAIN IN LONDON On Tuesday, Mrs Gro Harlem NatWest may indeed action by a fear that BRITISH routes. David Coltman, manag- Brundtland, Norwegian Prime propelled into against awati for years.' BotiiCom-- Caledonian Airways, Mr members about how far the talks postponed plans indefinitly for a the e^ity if it postponed its equity raising Bri tains second largest internation- ing director, said today’s announce- with ILG should go. But eventually stock exchange Minister, gave notice of the new La- flotation and4 plane until the summer results sea- the trading hour Government’s willingness to al carrier, will today announce ment would concern a compromise was reached which blamed the uncertainties in the air-p, son it might have to wait a very plans that are expected to involve a problems facing the airline. It had allowed the talks to go ahead. line industry. collaborate with Opec. Labour took long time for its money. The rivati- if ?aS?SS5F5J2 p 1 cut of about 10 per cent its payroll nothing to do with the talks which Mr Coltman is understood over last weekend after a conserva- :*** to be The BCal group as a whole re- ^ worth Offer, the sation programme and TSB flota- until these yet costs. Union leaders fear this could BCal has been conducting with In- in favour of closer links with other tive austerity programme. from CU wtbwt ported record pre-tax profits off tion might well have blocked the ££££.,*£5 hSS substantial ternational Leisure Group (ELG). I* She told parliament in Oslo: “If more provisions for their US bua- mean redundancies groups, but others on the board £21.7m (S33.4m) on turnover of rfthe 2^ way for an issue of this size until ness and to see a Erstrquarter profit J among the 9.000 employees. the holding company for Intasun, Opec nations reach agreement on \“T . have reservations about undermin- £602.4m in the year to the end of£ p next spring, and nobody knows ~ attainmfint.Oc such site Sir Adam Thomson, chairman the package holiday group, and the ing Bilal's independent status. measures which can stabilise off of 02.4m is a- tong-forgotten' de- b, October 1985, but it had heavy be in prices at reasonable the what state the market might light GA’s profit also conqany is inqjr and chief executive of the privately Air Europe charter airline compa- BCal faces the problem of excess debts. net a level ’CSim was A tangible worth of £92m then. Beyond a sense of fading sure h, rticularly Government will contribute to such tty welcome. Almost every trend has enoug pa when owned airline is expected to meet ny. capacity on several routes, notably supported net debt of £285m in the . opportunity, however, its is none ' wrt earnings stability, which in turn can en- been favourable. Rates are going up amountedto tr . union leaders tor breakfast to de- These talks cover co-operation on the north Atlantic and the Middle 1985 accounts. price oil gas too easy to see what made NatWest around putting Siam. However, this figure jot - scribe the planned cuts. The Trans- issues like aircraft use, hotels, tour East, where profits from passen- plans sure secure and supplies”. the world, under* BCal to buy seven of the just now. port and General Workers Union, operations and engineering, though Mr Berge indicated that, as yet, move writing losses, while boomingstock by 36 per cent once ti» ma gers are down sharply. The airline latest A320 Airbus short range 150q It was a natural leap yesterday wand of UK accounting princro the union likely to be most affected, there has been speculation - so far would not say yesterday which seat . Norway’s change of heart about col- markets have given insurers capital airliners worth El 50m. with to - laboration with Opec - apart from for some parts of the market see rime nn their investments ushing te applied to 8 US profit and fe has called a meeting of shop stew- denied about a merger. Mr Colt- routes were losing money, but the three deliveries in 1988 and four g , p in the issue as a prelude to a counter- 0“ m historic basis Mrs FWdE ards for later this morning. man said he did not know what US and Middle East routes account 1989. being dependent on the UK’s parti- their asset values- well above their p cipation, toll short offer for Standard Chartered. Stan- being sold an a multiple of about The airline is to unveil an "action might emerge from the talks. for more than 60 per cent of BCal may still of a re- share prices. OTs shareholders' dard’s share price took to the idea, compared to the 14 or so tiiatRw plan” to cope with the crisis of un- There is believed to have veen passenger business. Preparing to clip its wings, cognition to concede some market funds rose by 15 per cent in the later denied, just as Lloyds Bank paid not so long ago for one v derused capacity on many of its disagreement among BCal board In December the BCal group Page 7 share to the 13 members’ of the pro- quarter while GA’s gained 16 per found that it paper was being un- *** competitors, Original Cookie, ducers’ association. cent The outlook is for yet more' in- . dermined by the assumption that He was quoted by Reuter as say- creases in premiums, and (me day Mrs Fields’ profits estimate . ing that a dialogue not neces- all the major clearing banks must would insurers may again make money S18.5m fin* the current year is its Institutions sarily mean a cut North again be in need of equity. And if its Anger at French TV sales plan in Sea out- underwriting risks. Whether the slightly inflated by the stand; is NatWesfs concealed purpose to put, "but it could have an impact on stock markets can carry on up is prospectus ruse of assuming t. frustrate Lloyds, a right issue may development policy.” Collaboration another matter. the proceeds were in hand for aJ] BY PAUL BETTS IN PARIS turn out to be nearly as effective as cut British could take the form of delaying pro- ^Tte advantage is held to The question now is whether indi- jects, suggested. a bid, and better for the NatWest THE FRENCH right-wing Govern- Chirac, the Prime Minister and day it was a candidate to acquire> he “wffitors can visualise >. shareholder. vidual companies can make the ment unveiled yesterday its long- RPR leader, wanted the third re- TF-I. Nevertheless, Norway’s new atti- company m .^idealised Since NatWesfs capital ratios most of tSrerevery. GO has the awaited broadcasting deregulation gional network - FR3 - to be priva- The Hersant group is among tude resulting from the grave eco- state. In mid May ttos is strom farmland l were in reasonable shape before harder job after the drastic surgery programme, including the immedi- tised first several French and European me-i- nomic and financial crisis caused a “t since it Jus acta* this right issue -which will add just it performed in tbe US. With fewer ate privatisation of the country's ol- The compromise announced in dia groups battling to gain a majorr by collapse of oil prices this year .,*****$**$ $5flm of ;d- over a point to the gearing ration a^SinthefieldCUteimsringout dest and largest state television net- parliament yesterday footing in deregulated Frenchi will greatly encourase Its f by Mr Le- the Oped. ~ " fpf Peatfy.hal the swear. But at le- investment bringing it into line with those of on some : business. especially the work, which touched off a major po- otard involves the immediate priva- television market leading figures, in particular commercial accounts the fas- Barclays and Lloyds - capital adeq- wfc ; . litical ;- By Andrew Gowers in London controversy and the anger of tisation of TF-i, the first state tele- Others include the Hachette-Mat- Sheikh Ahmed Zaki Yamani of Sau- “ulhpte into the teens. - uacy does not seem to be the due. ter rate rises are being seen, and ^ broadcasting unions. vision channel which is not only the ra group, Mr Silvio Berlusconi andi di Arabia and Sheikh AH Khalifa al “ OWNERSHIPof UK farmland by fi- Even supposing that there is no will probably still see a small loss Mcs Fields’ prospective UK-st The deregulation programme al- largest and oldest network in the his French partners, the Luxem-- Sabah of Kuwait, have been insist- nancial institutions fell last year for such thing In banking as too much there this year. GA has yet to push p/e of almost 19 rests on a so constitutes a compromise be- country but is also heavily in the bourg-based CUT group, Moet-Hen-- ent that any collective attempt to the first at least its fa < time in 20 years, capital NatWest has left its own ex- up prices much on US motor ac- charge of only 6 per cent, than tween the dominant neo-GaulIist red, unlike Antenne 2. nessy, and possibly Sir James; contain global oil production as a according counts, there still - to a report published yes- pansion strategy under an intern- and are worries the skilful ose of tax shelters it- . RPR faction in the Government and Mr Leotard said the Government Goldsmith, among other candi-- means of bolstering prices must in- terday by a leading British land tional layer of obsurity in the that cheap oil will mean a higher web of interlocking bolding comy its centrist UDF coalition allies. would also study a change in the dates. volve the UK Norway. agent. words of a famous old prospectus, claims frequency. But it bas the nies. As the prospectus itself peril Mr Francois Leotard, the Com- current status of the FR3 regional The new privatised national net- Dr Subroto, Indonesia's Minister In its annual survey of institu- the money is being raised for a pur- benefit of its Pilot acquisition in out, the chaise could rise to alas munications Minister and leading network in work will not only compete with the tional investment in a coming months. How- - of Mines and Energy, said yester- agriculture, pose to be revealed later. Canada, another area of good recov- 30 per cent tty 1988. So tbe propc . figure in the UDF, bad announced ever Antenne-2, the second chain, two other existing state networks, Savills said the financial a day that the reported willingness of ery which well for institu- ; bodes Royal In- tion for tbe sweet-toothed invest also with new private channels5 few weeks ago that he planned to would remain under state control but Norway to collaborate “is tions included in its sample made with Opec Composites surance's figures today. In the UK, to swallow -at E4 per pound of a privatise France’s second and profi- The right-wing Hersant pub- and the Canal Plus pay television1 sign net farmland sales of 4,548 acres in a good and very encouraging”. too, commercial tines are recov- kies and 140p a share - is that M table television chain - Antenne 2 - lishing group, owned by Mr Robert network. 1985, the first time their ownership Mr Berge said that his Govern- Insurance companies have been ering faster than personal and both Fields' profits can continue to ris as the centrepiece of his deregula- Hersant, the French newspaper . France removes tax on VCRs, , of farmland had dropped since his- ment might need to borrow over- collectively banging their heads companies saw a strong return of great deal faster than its tax rate tion programme. But Mr Jacques magnate, immediately said yester- Page 6 torical records began in 1968. seas more than the NKr 7bn Nine whole farms totalling 4J969 ' ($950m) envisaged in the previous acres were sold by eight funds and government's budget he also hinted , only two were bought Libya sues that the Government could open the This is the latest indication Gorbachev plea over of the domestic bond market to foreign in- fading popularity of agriculture bank for vestors tor the first time since 1982. among outside investors. It reflects It was also considering the pos- falling farm incomes - which lead nuclear accidents sibility of a tax on share earnings to lower rental yields - mid declin- frozen funds Continued from Page X and a share turnover tax. ing land prices. In the 1970s, when Continued from Page 1 farmland prices were rising sharp- cow the wind direction in recent will have to be tested to ensure ly, City of London acquisitions of don branch wrongfully debited the days has been predominantly from their safety and reliability. It has farmland were running at an annu- Libyan bank's account with S7.7m the Arctic. made it clear that it plans to contin- Sperry acts al level of between 40,000 and 55,000 "and that the said debit is of no ef- He said there was a substantial ue with its own testing schedule, de- acres. The purchases levelled off fect" emission of radiation after the first signed both to help modernise the to stave off from 1981. There is another "further or alt- explosion on 28 April which lifted American nuclear deterrent and as- I THAMES Savills estimates that the capital ernative” claim tor damages for radioactive gases 800 to 700 metres sess the feasibility of Star Wars value of its sample of institutionally breach of contract and for an in- into the air. He said the explosion space-based weapons under Presi- Burroughs owned farms, which it says repre- demnity against "any and all liabili- came after the reactor had started dent Reagan's Strategic Defence In- Continued from Page 1 sents three quarters of the total, ties the Libyan bank may have in- to heat up, causing zirconium alloy itiative. THAMES TELEVISION LIMITED curred or may in the future incur cladding to react with steam va- It would dropped by nearly IB per cent last by The US has also consistently said commit the company, in- year, the reason of Bankers Trust Company’s pour, but he did not explain why the stead, to spending an additional largest fall in any single that Mr Reagan does not want to “The overall year since the mid-1970s. failure to comply with certain pay- reactor had heated up. S2.36bn while ensuring that profit for the year represents meet Mr Gorbachev for a special p Sperry a "The analysis for 1985 presents a ment instructions." The reactor is still hot, at a tem- shareholders receive summit concentrating on a test ban, a higher price major improvement on the depressing picture for owners of ag- During the Iranian crisis more perature of 300 to 400 degrees centi- for their previous year. The most whether in Europe or Hiroshima. stock. j ri than 12 writs involving millions grade, said Mr Shcherbina. New The cultural investments, with I of j Sperry share capital Washington dismisses the sugges- buy-back de- significant aspect of this improved values dollars flew between Iranian banks concrete foundations for the reactor picture is falling, income growth tion, which Mr Gorbachev has fence is designed to dissuade its sharply curtailed and total returns and the London branches of leading are being installed as well as an shareholders from tendering into the return made before, as a propaganda ploy. to profitability of the UK operations.” for all but the better quality land US banks. Bank Markazi, the Irani- earthen wall to prevent seepae as a the Burroughs' offer. At the same Reagan, the contrary, falling below the level of inflation an central bank, made High Court result of rain and a further concrete Mr on time, it appears to a floor Mr. Hugh Dundas, put price Chairnwn, Thames Television Limited - when measured over a 10-year peri- claims against five US banks, in- wall 32 metres deep into the wants to hold Mr Gorbachev to his of at least 574H under the stock, od,” the report says. cluding a S332m claim against ground. commitment at last November’s based on the combined cash values Geneva summit to come to the US Most institutions surveyed would Bankers Trust. None of the litiga- Mr Gorbachev made no attempt of the twin tender offers of S£31bn for the next top-level superpower like to reduce their exposure to ag- tion ever surfaced in open court, during his speech to downplay the and S2.30bn. SUMMARY OF RESULTS encounter, which Washington does riculture in the long term, it adds. and it was eventually settled in ear- seriousness of the accident or to ap- Sperry added that its tender offer not at Year It cautions that institutions are ly 1981 after the US hostages in portion blame for the original acci- now expect before November is also conditional on it obtaining ended 31 March the earliest unlikely to switch out of farmland Tehran were released. dent or the failure to cope with its sufficient financing. The group said Because of this the legal ques- aftermath. David FVshlock adds from Lon- it currently because . has about completely, partly they . $800m in 1985 would find it difficult to sell in the tion, over the right of the US to Reginald Dale adds from Wash- don: The British Government has cash and is negotiating a $2bn bank Increase • Restated current market tor let land and freeze bank assets outside US terri- ington: the US Administration has launched the planning procedure credit facility. partly because agriculture repre- tory was never ruled upon. It has consistently turned down Mr Gorb- permitting scientists to test-drill £000 £000 sents only a small proportion of been assumed in banking circles achev’s past invitations to join the four potential sites in England tor a Turnover their total portfolios. that the US can freeze assets held Soviet Union in a nuclear test ran low-level radioactive waste reposi- 190307 167,870 UK shipyards | +13-7% the and is unlikely to be re-’ SavUts-lPO Agricultural Perfor- by foreign branches of US any more tory. A special development order Profit before taxation mance Analysis; Savills. 20 Gras banks, but not those held in subsidi- sponsive to his latest offer. to permit drilling was laid before 14,625 +67-2% Venor Hill, Berkeley Square, Lon- aries incorporated in foreign coun- The US argues that as long as parliament yesterday and is expect- cut 3,500 jobs Profit after taxation don VfIX OHQ. tries. there are nuclear weapons, they ed to be debated by MPs next week. 8,278 +81--7K Continued from Page 1 Earnings * per share ' f hility of the industry and even an PC * S'i Paris redundancy plans upturn in orders by the end of the Thames Television decade. But ahead of that, there is planning a flotation later Continued from Page 1 this year was not enough work to keep open ^ annua ' Report and Accounts f and/or a prospectusspectus when in recent days from both the busi- one that stands no chance of suc- the yards it was published, please oaks s an closing. complete and return the coupon bdovT° KadsJ-l C 31 K ness community and government ceeding as the extreme right wing Mr Mares said: 1 think that we dm s n n supporters tor being too half-heart- National Front will vote with the will be able to survive sate! F 24 75 through to ed and too slow in deregulating the Government 1990.” But if BS did To: Thames Television SuFtamsS 24 75 not win orders Hi Limited, PO Box 50. Bromley, Kent BR2 Sat 15 59 economy. front The 9TTM (01) 1 C A page editorial in Government hopes that the for about three ships, then inside a Please 2057M0 S*pam S 30 send me a copy of the annual Report 32 the right-wing newspaper Le Figaro new legislation will, over time, en- year the whole industry and Accounts r— SaUdm t 15 53 would be on Monday accused the courage Sndovg C 15 Govern- companies to invest and “on the tiles." it 53 He said was an "ex- Please send me a copy of the prospectus following take (in when pubfished Sfter F Ifl EB ment of a policy of "pru- more labour. Employers tremely disappointing” day for him. M [** C a 73 dent half-measures". have long complained that the diffi- Local union officials talks F la sa at the In the same spirit culties of cutting F 22 72 of giving more back workforces said they thought BS might have to urgency implementing his pro- in France have teen a big disincen- one or two buyers interested is the B IB » gramme, Mr Chirac on Tuesday tive to taking on new employees. ffallsend engine C 2D a works, but Mr night cut short debate in the Na- France is virtually the S 27 fll only major Hares said a buyer for Smith’s s n n tional Assembly on the enabling industrialised country where com- Dock was unlikely. 5 24 75 legislation allowing the Govern- panies require official approval be- BS proposed to the unions a com- This advertisement a issued F 25 77 ty County Bdnk Limaaf ment to privatise the fore declaring f 24 75 nationalised redundancies. Even plex two-year pay package which it sector C 12 V. though ffl per cent of these requests said would give average increases C 17 63 The Socialists yesterday followed are currently accepted, delays in ob- of 10 to 12 per cent It linked die this up by putting down a motion of taining approval can substantially package to the cuts being met and censure the - against Government worsen a company's financial posi- on further productivity improve- the first of the new Parliament and tion. ments. . « . » : M M M 1 1 SECTION II - COMPANIES AND MARKETS ^ international FOR BUSINESS CARS Leaders in & VANS Polymer, Fibre TEL: 0783 44122 and SUN06HMNP - CAMBWDGE • OC«WN . Fabric „ W* Technology FINANCIALTIMES C3COIME BRITISH CONTRACTHIRE LTD VITA PLC Thursday May 15 1986 A Member of the Nationwide Cowte Group Brown, Boveri order Earnings WEST GERMAN VEHICLE MAKER PACES ORGANISATIONAL CHALLENGE intake ahead of Daimler to restructure board declines 25% BY JONATHAN CARR IN STUTTGART forecast DAIMLER-BENZ, the West Ger- sitions, for example, make little dis- BY WILLIAM balance OULLFORCE IN BADEN man motor vehicle maker, looks set DADAIMLER-BENZ expects to is expected to stagnate, above all cernible impact on the rahraise sales because of tbe weaker sheet fatoke to decide within the next few weeks revenue by about a dollar The consolidated annual report has already been put to the trade at Matra on a major restructuring of its top quaquarter to S6bn (530hn) this which lowers US sales revenue in Passenger car production rose in 25 **“ cent dur* DM PBbUshed >*esterday shows a 28per unions which, under French law, account year, terms. 1985 by per cent to 541,000 but otanpaiwf with cent management to take of its yea after a boost of over 20 per D-Mark But unit vehicle 13.1 improvement in net earnings have four months to consider it. In S5 By Paul Betts Paris recent growth into a broadly based, cencent to DM 20bn in the first four sales will increase, with passen- even so, Daimler says, demand ex- * l9fl5- ^ to SFr 109m but a 3.1 per^HS Hopes of bringing the opera- US high-technology concern. months.ttoi ger car ceeded supply for ail its model 4 Compa' production scheduled to ^ in cash flow to SFr 630m. De- tions oear to the breakeven point MATRA, foe French state-con- I bir3 But the increases are mainly jump to more than 590,000 after ranges. At home new registrations g percent- Prea,tion at SFr 521m was SFr ?^rfSSldeclines 5!I? ^ i, will not be realised this year but trolled diversified defence and elec- Mr Werner Breitschwerdt, chief The are only partly due 44m lower because of the full consolidation 511.000 last year. of Daimler cars increased by 18 per to than in 1984 there is no intention of shutting tronics group, has reported higher executive, told a press conference C r rr tes from January of Daimler’s big- Daimler declined to make any cent to 268,000, boosting the compa- ? - Consolidated sales jumped bv down plants there. On the contrary, than expected consolidated net that, while Daimler was determined ^h!t^r S3 6 gest recent acquisition, the AEG profit forecast but noted that the ny's domestic market share from 8™ *!!"8 23.7 per cent to SFr UAbJb!!t mott Brown, Boveri feels that it is still group earnings of FFr 110m to avoid any over-hasty decision, it S, electricals dollar factor would obviously 9.8 per cent to 11.6 per cent. emm a ,er concern with annual . of the “crease cam'; from the too small in the US and needs to ($15.7m) last year compared with hoped to have its restructuring plan *j:s cumcuitSffiSdt year. Dr FntzFrtS®f-Leutwiler,2?» turnover of around DM llba. have an impact on group earn- Car exports were up by 11 per « invoicing of a DM 2.4bn (Si oflhnl add to capacity. earnings or FFr 68m the year be- ready around mid-year. Group motor vehicle turnover ings as well as sales revenue. cent to 278,000, not least to foe US “If we are talking of acquisitions, fore. A further slight increase is ex- no It is understood that top execu- where Daimler increased both sales pro&t plant in West Germany. Wtibout the US would be one place," Dr pected this year. 41181 toe tives have this week made a new and earnings. Mr Breitschwerdt re- that invoice sales groirth would Leutwiler said. The consolidated Group sales rose by 8 per cent to kunched 1351 bid to solve foe remaining prob- said Daimler could have sold still ^ave been only 4.9 per cent. balance sheet shows liquid assets of FFr 14.9bn last year while pre-tax rule out further acquisitions, al- The diversification and manage- "®“« h ve » negative lems, and that full accord could be more in the US but it was company ? The collapse in the parent compa- just over SFr 3bn, more than SFr profits before exceptional factors though it says it is bolding no nego- ment changes amount to a big up- reached the of the policy "to be drawn on the mar- a/s «« earnings faster was higher than at the of 1964 and charges increased substantially by time annual tiations at by • due 300m end present heaval for a company which has ^£222?^ . ket, not to try into mar- “**• principally to shareholders' meeting on July 2. to push the s “*? an increase of about and more than twice os large as to FFr 403m from FFr 57m. Tbe aim now, Daimler says, is to just completed what is arguably its ;:5 fss?? ket" Pushing, it is felt, would tend 13 per cent to SFr 77.8m in write- short and medium-term borrow- Tbe Matra parent company, The management revamp, find a management structure which most successful year ever. Group SStJjLfe *' one of to undermine Daimler's "quality* ho eve Dr Erwin downs of investments in ings. which group's together s mil- will ensure dose co-operation and f'. _ foreign Matra the biggest organisational chal- net profit soared by 52.4 per cent to deputy chief execu- subsidiaries, image. Sr“£’ -TW provisions and value The liquidity level was "reason- itary and space operations, report- lenges the century-old company has technological exchange throughout DM 1.68bn on sales revenue up by StarMd to d ustment5- The French able" flat without On foe far less buoyant commer- ? i opera- but Brown, Boveri would have ed virtually sales of FFr 5.97bn faced, follows a major diversifica- the group undercutting the 20.5 per cent to DM 52.4bn (a figure tions WA.VUUKUaccounted *uifor gi muay iuuhalf to turn to the to finance last identity of the different cial vehicles side, Daimler raised -T T> n almost thewc market any year compared with FFr 5.7 5bn tion programme carried out over companies including results for MTU and oven announced in writedowns, in involved. This is seen as problem production by 4.4 per cent to 220,000 .,3”^* . . while company purchases. 1984 as a r . the losses on the large Dr Leut- a result of lower orders in foe last 16 months. Daimler took Dornier, but not AEG, for part of Marahthat it would pass the share- group's wiler said. earlier 1983 1984. above all in tbe case of AEG, much units thanks to a marked boost at US operations last year to- He has suggested and However, there was full control of MTU (Engines) as the business year). holders’ dividend for ;,*ass the first time tailed some S5m. that the Swiss group could be on a recovery in new orders last year the biggest acquisition with a wide- the company's foreign plants which well as majority stakes in Dornier Daimler 114 com an In France the lookout for with the proposes to raise its divi- compensated for continuing stagna- S-l R^ P y Brown, Boveri plans to acquisitions in its at- company's order book to- (aerospace) and AEG (electricals) ly diversified product range. m net profit to dend from 21 per cent to 24 per cent tion at home. Daimler said earnings reduce the number of its employees tempt to reduce its dependence on talling FFr 15.9bn at the end of last for some DM 2.6bn (SlJ2bn) to form One possible course is that the and is also paying a per cent bo- SFr 7-5m {S4_2m) from SFr will to 5 improved in almost all commercial 28.4m in from 1,600 to 1.100, to close one its main power generating and dis- December. Net earnings were also i foe country's biggest industrial Daimler board be enlarged . nus to mark its jubilee, Mr Edzard ^ s the previous year after 1985 sales flat responsible for vehicle divisions, but gave no de- plant and to concentrate production tributing business and to generate at FFr 105m against FFr 104m group in sales terms. include members had fallen Reuter, the finance director, indi- 10 per cent to SFr 2.49bn. in one centre near Lyon. The plan new sources of profit foe previous year. new fields covered by several of the tails. cated that the dividend for 1986 The parent company's operating Daimler recognises that the pres- group's companies - such as Aero- More than 80 per cent of the contr would be, at any rate, no less. results declined sharply last year to ent nine-member board structured space and automation technology. pany’s truck production is now sold FFr 433m from FFr 732m, but this to deal with vehicle manufacture However, this raises delicate prob- Moreover, Daimler's published on West European markets, com- First-quarter was offset by foe recovery in the and with only one person formally lems about how jobs are allocated. net profit figure gives only a very pared wifo less than 50 per cent Hapag-Lloyd profit performance of many of Matra’s responsible for group industrial One widely touted proposal, that partial due to the company's full three years ago. The change re- thnnkc upturn for subsidiaries. holdings is no longer appropriate to Daimler be split into vehicle and earnings strength, to con- flects not least the fall in demand - * Matra has been concentrating in- a concern with products ranging non-vehicle divisions under a hold- servative accounting and the ability from the near and middle East, - - .i machines to satel- to channel cash How into reserves where Daimler Woolworth recovery continues creasingly on its core defence and from washing ing, is now understood to have fall- sees no prospect of electronics business and is current- lites, Moreover, Daimler does not en out of favour. of various kinds. Last year's acqui- improvement in foe near future. By Tany Dodawortfi ly seeking an industrial alliance be- in New York IN BONN BY PETER BRUCE tween its car components business F. W. WOOLWORTH, the VS stores and Fiat HAPAG-LLOYD, West Germany’s tion worth about DM 300m. The chain, registered a sharp increase biggest shipping group, has report- group lost DM 150m in 1983. of downturn in earnings al- warns in profits in the first quarter, Baxter ed a 25 per «»ot inpfpgse in net Earlier this year the two banks ‘ L 7 • ••. though the improvement was group profits for 1985 to DM 95m let it be known they were consider- achieved against a very low figure Lockheed in ($43m), a result that is bound to fuel ing selling their stake in the ship- i BY OUR FINANCIAL STAFF in 1985. ping group. This would consist- speculation about its ownership. be share in last year's second quarter The intravenous solution Net income amountedto S13m, or for BAXTER TRAVENOL. the US curred in its acquisition of Ameri- business Hapag Lloyd's two biggest share- ent with a general effort by the big search the only 20 cents a share, up from 56m, or 9 pharmaceutical and medical ser- can Hospital Supply. Baxter had and 85 cents for 1985. is one off track now," holders, the Deutsche and Dresdner banks in West Germany to get rid cents a share in the corresponding vices group, expects earning for S2.7bn in combined long and short- Baxter is encountering problems On the company’s debt payment hanks, want to sell off their 80 per of the industrial holdings they period a year earlier, while sales acquisitions foe second quarter and year to be term debt at the end of foe first with its intravenous solution busi- schedule, Mr Loucks said it should have built up. cent stake in the company. quarter. ness, due to stiff competition and possible to reach jumped to $L37bn from $L24bn. AH lower than the corresponding fig- be a debt to equi- Hie company said in Hamburg Little has been revealed since the By Our Financial Staff lower prices, but Mr Loucks said ratio of 25 to divisions' of the group contributed ures a year ago, Mr Vernon Loucks, Mr Loucks said Baxter was rea- ty, 30 per cent before yesterday that it was transferring first reports of an attempt to sell the company did not plan to relin- the of foe 1989-1990 repayment tiie increase in turnover, with president, said after foe company's sonably on-track to meeting ana- end to There were obvious buyers then LOCKHEED, foe US aerospace DM 35m of the profits to reserves no quish its leading position in foe sec- plan. the speciality stores sales op by 9.3 per group, expects to top last year’s net annual meeting. lysts’ expectations of earning 15 to At end of 1985, Baxter’s ra- nil it is possible that, would recommend to its share- but should Ha- tor. The rest of the company’s busi- tio of long cent, and general merchandise earnings of $401 m. or $6.10 a share, He said the company planned to 20 cents per share for the full year. debt to total capital was holders' meeting in July that its so- pag-Lloyd’s recovery continue, foe nesses were healthy, he added. 46fi per cent per cent in 1988. Meanwhile, it is maintain- accelerate payment of the debt in- The company earned 30 cents per sales ip by 10j sharphnldprs either consider trying called "small" , who ac- banks would ing its level of capital spending at Mr John Lynn,-ehairman, said count for about 10 per cent of foe to float foe company on foe stock 5450m and is actively on the search the group's management continued stock, be paid a 6 per cent dividend, markets or that the Bonn Govern- ’ for acquisitions in the defence elec- to be optimistktabaatrthe profit out- the sama as for 1984. ment could be persuaded to fa»k«» tronics industry, Mr Laurence Kit- look over the balance of the year, Hapag-Lloyd was saved from col- temporary custody of Hapag-Uoyd, chen, the chairman, told foe annual although he refused to make any lapse three years ago when its with a view to privatising it at a lat- meeting yesterday. forecasts. "Because thefirst quarter shareholders agreed to a cash injec- er date. are looking at typically produces weH under 10 per “We a return on in- vestments, companies that are in a cent of the year's profits, the per- growth market, have good manage- centage change in first quarter ment and lend support to our prod- Good results maintained profits has little value in predicting Avery to buy chemical ucts or add new products," he said. rates of change far the entire year." ^ Mr Kitchen declined to give a Pte-tax income tor the quarter I for the UCB Group in 1985 division from Uniroyal specific earnings forecast, but said amounted to S24m against Slim, that Lockheed saw revenues from of improvements in dividend increased by 8%. largely because its information systems group dou- and BY PAUL TAYLOR IN NEW YORK gross margins. Domestic sales for bling by 1990 compared with the iaa,B the first quarter rose by 5.3 per UNIROYAL, a leading US tyre assumed1 to fund foe leveraged buy- S193m in 1985. i Programme of investment and cent, while foreign sales, expressed manufacturer which was acquired out< The chairman said “there is no in dollars, rose by 17.9 per cent over in a S838m ™>nngemmit-lwi lever- The New York-based tyre group question" that Pentagon restric- research of almost said1 the deal is A the corre^oodmg yearearlier peri- aged buyout last year, said yeBter- subject to a number tions on defence contracting begun inriwimg od. day that it had agreed to sell its of< conditions, fog signing in recent years would have a nega- Woohvortb added that approxi- chemical business to Avery, a New of< a definitive agreement and fi- tive impact on the group's margins. BF3,OO0 million in 1986. mately half of the increase in for- Jersey-based coal mining company, nancing1 arrangements. The two Li J eign sales was attributable to the far about S760m in cash. companies' said Triangle Industries, > strengthening erf the D-Mark . Uniroyal, which a major shareholder in Avery, has also recently Turnround for Statement by the Chairman The Chemical Sector made a profit before Wb should emphasise that foe profits folded its tyre operations into a agreed1 to make "a significant equi- tax of BF618 million, of which BF337 of the three Sectors of UCB are after sup- In an economic environment more 50-50 joint venture with BJT. Good- 1 investment" in Avery million were ordinary profits, compared porting the cost of significant expendi- ty difficult than that of 1984, the total profits TiM with BF436 million in 1984. ture. already mentioned above, incurred rich, previously announced Tbe companies said they expect CISI after of the UCB Group, after tax, reached In the Film[Sector. the over-caoacity Androsch is plans to sell its chemicals business foe1 deal to be completed foe end BF i ,376 million in 1985, compared with by the manufacture of plastic films has Expenditure onR&Dhas risen from^F million year. m of plan of< June. BF 1 .360 the previous The as part a to pay back debt adversely affected prices, whilst the con- 1,063 million in 1964 to BF1.155 million restructuring ordinary profits before tax are. however, version activities have maintained their in 1985, and investments from BF 1.257 reappointed significantly lower, falling from BF1 .776 position despitethe stagnation in Euopean million to BF1 million. By Our Paris Staff million in 1984 to BF1.165 million in 1985. 357 consumption. Investment The Board of UM$ The exceptional profits rose from BF38 has been made Directors has decided ^ CISI, foe computing services com- to install high performance equipment for to continue in 1966 wifo its investment as bank chief million in 1984, to BF428 million in 1985. the manufacture of films which offer qual- and research policy. It has approved Gerber performance pany controlled by France's atomic coming mainly from insurance dams paid an ities more and more adapted to their end investment programme in 1986 of BF1 fill By Patrick Bhim In Vienna energy commission, CEA, returned following fires and from the fact that less use in specialised fields where require- million and research and development to the black last year after major provisions were required. CREDITANSTALT Bankverein, ments are stringent, such as, for example, budgets of BF1349 million, giving a total hit by bad publicity restructuring of operations. The activities of the Pharmaceutical reap- medical packaging, electronics and agri- of almost BF 3.000 mUlion.Thte is proof Austria’s largest bank has Sector have developed well tn the coun- of Net group earnings amounted to culture. In addition, significant investments its confidence in the future. Hannes Androsch as its STAFF tries of Southern Europe. On the contrary pointed Dr BY OUR NEW YORK FFr 18m ($2,57 m) last year after a are being made at Ghent and Wfigton for and chief execu- in West Germany, competition from gener- director general of FFr 190m foe year before. the purpose of reducing energy costs. PRODUCTS, foeTJS baby ending March 31 fell to 5VL25m or loss ics has affected the sales of Nootropil* tive. GERBER In 1985. foe profits before tax of the Film cited recent 60 cents a share compared to The result reflects exceptional and profits. New strategies have been bank's supervisory board de- foods group, yesterday Sector amounted to BF131 million; foe The a share in tbe gains of FFr 56m which compensat- developed to enable us to face this situa- reappoint DrAn- “unfounded adverse pubBrity" sur- S17.32m or 85 cents ordinary profits amounted to BF14S mil- cided yesterday to ed for French operating losses of tion. We are continuing to expend consid- string of unsubstantiat- year-ago period. Sales fall to lion and were below those of 1984, which A. Jaumotte for a second five-yeartenn. rounding a erable sums on investment and on re- drosch FFr 26m, foreign operating losses of reached BF417 million. Chairman of foe Board of Directors was mitiafiy ap- ed reports about glass fragments $242£8m from $247.88m. search and development, and we are Dr Androsch FFr 6m and taxes of FFr 6m. 1381, shortly after his re- found in some Gerber baby food extending the markets of the Sector's pointed in said yesterday it gypl«" per cent its earnings af- The company specialities towards those parts of the in brief as Finance Minister and jars to a sharp 29 Gerber said were The UCB Group suits signation aimed to balance its operating per- world which have a high potential. The after allegations decline in its fiscal fourth quarter fected not only by foe publicity sur- In BFmEfltoos 1983 1984 1985 VusTcihancellor - formance this year. In 1984 French launch of piracetam vn the United States and rows profits. rounding foe reports which has Group net sales 29265 30.899 about tax irregularities operating losses totalled FFr 62m remains one of our priority objectives. M 31.135M which - also neces- The Michigan-based group, now subsided but by a The requirements of the Food and Drug 1 +6%) with Dr Bruno and foreign operating losses FFr -\±m . -t±m The aUega- steadfastly challenged the reports sary increase in promotional ex- Administration are such that the date of Numbers employ* latSlstdecember 6,440 Socialist CbanceDor, 49m 6,488 6.437 wifo calls penses designed to restore tempor- the application for registration and of never been substantiat- when it was swamped Own funds 6.308 M 7.212M 8.1 35 M tions have Group turnover rose 14.3 per cent launching it on the market cannot yet be investigations are still and complaints earlier this year, ary toss of market position and cus- Cashflow 2,666 M 2.276 M 2.285M ed although to FFr I5bn last year. fixed. Cetirizine. a non-sedative, anti- said net eamings in foe quarter tomer confidence. Value added 9,594 10.443 continuing. allergic product has been the subject of M IflgIBM preliminary applications for registration in Capital axpenditui 1.201 M 1.257M 1.357M Europe and in the United States. Research expend! 902 M 1.063M 1.155M Large investment in buildings has also Finance and toam 169M 377 enabled the activities of the Sector at M 370 steps up dividend to 63 cents Braine-TAIteud to be re-sited in a rational Profit before tax: C 1.483M 1.776M 1.166M Kodak manner, so as to create, between nowand -152M 38 M 428 M the end of large pharmaceutical 1986,a total 1,331 M 1R14M 1.594M complex. The profit before tax of the Phar- STAFF taxation -454 BY OUR NEW YORK maceutical Sector amounted to BF696 -360 M -218 M »nd subordinated lacklustre earnings performance By the fourth quarter, it expected top-rated senior million, of which BF 557 million were ordi- Profit aftertax 971 M ijeoM 1376M the woriffs higher debt usage in 1985 sug- KODAK, its Creditwatch surveillance and nary profits, r of funds EASTMAN 'fct an earnings rate debt on compared with BF799 in Profit after tax as a pen own 15.4% 18.9% 16.9% prod- to be operating maker of photographic “wifo negative implications.’’ A gest a level of financing risk not ful- 1984. west which is indicative of our ability to list In BF per share raise its which would affect consistent wifo Kodak's tripIe-A The Chemical and Film Sectors had nci is to that return on. assets lewd." downgrading, jy of in front achieve to of winter ai Share UCB 63 emits a share of Kodak debt, could rating.” combat the rigours the be- dividend to Tim cost improvement pro- about $650m funds debt ginning of the year, in the second quarter, own 4233 4.916 in February mean higher borrowing costs for S & P noted that "Kodak A. •mmnanv’t gramme announced the fall in toe dollar led to a reduction in cashflow 2.114 1,518 photographic leverage, which remained generally that goaL The foe world's largest the cost of raw materials, with immediate would help to achieve profit after tax 840 979 rated per cent on a historical ba- decision toenaiv. has been estimated to products group. Kodak’s fop below 10 effect on the selling prices of those fin- at foe. programme /2.610 5.490/4.100 extra dividend commercial paper is not af- sis, rose to over 20 per cent in 1985 ished products, which were subject to rfpaying an reduce 1986 net eariungs by an esti- A-l plus agency's action. due to the issuance of S55Qm of Strong competition. AFV share enl^^-Forfastyearto 5140m or about 80 cents a fected by foe rating mated activities of the Chemical Sector cents ate it was “surprised" by long-term debt Returns on capital Ins Numberofshares in UCB SA special dividend was25 Kodak said share. . were particularly good in the Speciality at3lst December 1.419.490 1/419.490 stock spht ™ action. However, the employed averaged 22 per cent be- a three-far-two Standard & Poor's, the the S & P Chemicals Division. The success achieved foe Earlier, declined total payootjor Rochester, New York-based group, tween 1981 and 1984, but to brought the US. credit rating agency, said it is by resins curable by ultraviolet beam three of the quffl^ had triple A rat- per cent in 1985, partly because warto 52.43, with which has always a 11 (UV/EBC) have required sharp increases and one paying emphasised that being placed of a $495m charge for Kodak's in capacity- Significant investment has 7he Annual General Meeting will be held on cents KryiflK S pnzeg inpten »**, ing, from the instant been made to this at Drogenbos. lUesday, 10th June. 1 986, at 1 1 .30am at the part, foe on Oeditwatch does not necessarily forced withdrawal end debt rating. S & P eited, fa downgraded. business." together with a complete renovation of registered office. 326 Avenue Louise. 1050 Brussels. first qnarif Ko- mean iis debt win be photography “potentially sizeable" damages foe site. In the Minerals Division at Ghent, The Annual Report in French. Dutch or Assuming twofartber credit rating agency said it In addition, the credit rating was 55 cents. dak may have to pay rival Polaroid The the successful commissioning of foe unit English, will be sent free of charge, on that cents, total dividend placing Kodak on Creditwatch agency noted, operating margins in payments at 63 as a result of the recent patent in- was to manufacture butyrolaciones and its date to those sending a request for it to foe because of the potential impact of 1985 also dropped 4 per cent from derivatives opens up promising prospects. Public Relations Department far 1986 wiB be „ fringement suit ruling that forced quarter 1986 re- * photogra- the damages suit - Kodak recently 1984 levels. First Kodak also sou Kodak to quit the instant rate which appeal against tbe patent in- sults showed moderate deteriora- at an earnings • lost an ite 10 phy market achieve its goal .of a fringement verdict - and because tion compared to the prior year old help P said it is putting Kodak's assets- S& r emit return on ,. .'nines ITjursday Majr is /f 16 Financial s IJNTL. COMPANIES & FINANCE Texas Air clears way Weston may not Phibro-Salomon Inc for Eastern acquisition 15% has changed its name MONTREAL ROBERT GiBBENSIM V : BY TERRY DODSWORTH IN NEW YORK BY fee major Car 50 c^reflected got# .timsbaat TEXAS AIR, the US airline group, in the airline industry, and is still GEORGE WESTON, effective ian processing and dlstif opportunities -and-me strw£ft -. May 7, 1986 to, has cleared the way for completion, as^2>S* N.Y.S.E. Ticker svmbol: SB rrx^tteroffecofd only 9- All of fhese securities have been sold, Thiscnvxxincernentcppa^ asa .. £ £.9 April *986 < > Salomon Brothers Inc, Phibro Energy, Inc. and enjfafti'8 Philipp Brothers, Inc., our operating units, will “. continue to engage in the international trading of , NEW WORLD PICTURES securities, crude oil and oil products and other «!*oa:u»o commodities under their own time-honored names. 1,500,000 Shares if » Common Sfock t T i r i I I L F. ROTHSCHILD, UNTERBERG, TOWBIN, INC. ALLEN & COMPANY BEAR, STEARNS & CO: INC. . ALEX. BROWN & SONS IflUJiplAiBd - MoapaMd DILLON. READ & CO. INC. DONALDSON. LUFKIN &JENRET7E HAMBRECHT& QU1ST Weekly net asset value AIBD BOND INDICES Secueiee Capaakon bcapQRMd WEEKLY EUROBOND GUIDE MAY 9 1968 Radamobon Change 12 Months E E HUTTON & COMPANY INC. KIDDER, PEABODY & CO LAZARDFRERES&CO. MONTGOMERY SECURITIES Yield on Weak High tncapoKAxl Tokyo Pacific Holdings (Seaboard) N.V. *-. Dollar PRUDENT1AL-BACHE ROBERTSON, COLMAN & STEPHENS SHEARSON LB-nVlAN BROTHHJS INC. US 9.256 -0.216 11.530 Securities 1 i. ON 12th MAY, 1986 U.S. $142.22 Australian Dollar 11898 0530 14.630 Canadian Dollar 10.658 0.168 11490 SMITH BARNEY, HARRIS UPHAM &CO. DEAN WITTER REYNOLDS INC. ARNHOLD AND S, BLEJCHROTOR, INC. Euroguilder 6.046 -0.739 7.113 kicorpoKVed 1 Listed on the Amsterdam Stock Exchange Euro Currency Unit 8192 1.431 9.710 Ten 6.308 -0.708 7.280 1 Sterling 9.898 1.497 11.932 Inhumation: Pierson, i toWiing a Pierson N-V„ Herengracftt 214,1010 BS Amsterdam. Deutschemarlc 6.521 -0.015 7.380 Bank J. V on lobe I a Co Ltd. Zurich Telex: 81274* JVZ CH This announcement appears as a matter of record only. New Issue 14tb May f 1986 GENERALE BANK 1985 RESULTS U.S.$100,000,000 SHORTER NAME ADOPTED 3% per cent. Guaranteed Bonds 1991 Our name has been shortened to make our Most of our subsidiaries and foreign branches with Bank easier to identify. have changed their names to stress their links Since April 1985, the Bank's international with the parent company, which in Belgium is Warrants name hre been: GENERALE BANK. called: G6n6rale de Banque - Generate Bank. to subscribe for shares of common stock of Kobe Steel, Ltd. GENERALE BANK CONSISTS OF: The Bonds will be unconditionally and irrevocably guaranteed by The parent company with 12 regional offices Banque Europeenne pour I’Anterique Latine. and 1170 branches in Belgium, and: and around 60 banks and near-bank service • subsidiaries in London. Fferis and Hong Kong. companies in Belgium and abroad. • branches in Cologne, 1 Tokyo. Milan. representative offices in Mexico City. The Dai-Ichi Kangyo Bank, Limited Singapore. Madrid, New York and Lisbon. Tehran. Beirut. Beijing, Sao Paolo, Tokyo, a large stakes in Banque Generate du Melbourne. Moscow and to the EEC. Luxembourg, Belgo-Zairoise the Group and Issue Price 100 per cent. SHARP GROWTH IN ACTIVITY AND GROUP RESULTS 1985 1984 % % Yamaichi International (Europe) Limited BF USO BF USD in BF in USD rate: -rate: Citicorp Investment Bank Limited 50.3175 62.90 Nomura International Limited (billions) , Balance sheet total 2.061 40.960 1.940 30.843 + 6.3 + 32.8 jBanque Paribas Capital Customers' deposits 1,105 21.961 1.051 16.709 + 52 + 31.4 Markets Limited ANZ Merchant Due to banks 816 16.217 741 11.781 + 10.2 + 37.7 Bank Limited Bank loans 570 11.328 527 8.378 + 8.3 + 35.2 Banque Indosuez Baring FYivate sector loans 750 14.905 787 12.512 - 4.8 + 19.1 Brothers 8c Co,, Limited Public sector loans 611 12.143 ' 507 8.060 + 20.4 + 50.7 Chase In vestment Bank (millions) Credit Suisse First Boston Own funds 35,092 697.411 32.013 508.951 + 9.6 + 37.0 Limited Gross profit 21.588 429.036 17.378 276.280 + 24.2 + 55.3 Dai-Ichi Kangyo International Limited Provisions and Daiwa Europe Limited allocations for Dresdner Bank Aktiengesellschaft depreciation and Generate decreases in value 13.569 269.668 12,997 206.630 + 4.4 + 30.5 Bank IBJ International Limited Income tax 2,734 54.335 1.888 30.016 + 44.8 + 81.0 Klein Minority third-party wort, Benson Limited interests 363 7.214 387 6.153 - 6.2 + 17.2 Merrill Lynch Capital Markets Net profit 4.922 97.819 2,106 33.482 +133.7 + 192.2 Morgan Guaranty Ltd Morgan Stanley International The Nikko Securities Co., (Europe) Ltd. Orion Royal Bank Limited Sanwa International Limited Taiyo Kobe International Limited Banque Beige Limited 4 Bishopsgate Generale EC2N4AD Bank London © MontagneduFfcrc.3 B- 1000 Bruxelles - . . Financial Times Thursday May 15 1986 17 INTL. COMPANIES & FINANCE BHP queries Bell funds for bid Our new European 6r WCHLAN DRUMMOND IN SYDNEY 0f Broken Hill sources* ability to meet the average 14.5 per cent interest tal. The price was in line with ,aZ o “jsestlarEest° ?n Australia’s funding commitments. " We rale and dividends lower than the theoretical worth of Bell's company, yesterday have been quite out- the 40 cents a share annualised A$9 cx-dividend offer for half Office always Branch 10 casl dout>t on the rate it is of each holding, adjusted for spoken about our belief that we now paying. £*52,3**“ Re50u«** to meet the likely post-bid market dng CQrn could not see how he could Meanwhile, in the market raitments in its quotation. r«L/r^i « afford to pay AS7.70 each for BHP shares were keenly 6bn < uSS2.64bnj Bell resources shares, and partialmrt5a?w^?'bid 260m shares. The prospect of sought by the same four for control of BHP. rights to its capital raising, his being able to pay AS9.20 for brokers which have been shortens the distance r Dai d Adam, were keenly sought on expec- t BHP’s cor- 400m shares just seems that soaking up scrip in the past porate affairsl tations either of a buy-out or director also much incredible." week or more, at least two. wanwd tbat more success for the takeover. The BHP faced a major and possibly all. believed to bo contraction BHP produced figures show- shares put on 55 cents at the and a senior man- acting for corporate friends agement ing Bell running an A3319m close to AS4.55 with the rights walkout if Mr Robert of BHP. cash shortfall after meeting its up 43 cents to reach 83 cents between holmes a Court won control of the company. debt and dividend commit- The shares traded between on turnover of Im and 3m ments and allowing for a sharp ASS and ASS.32 in Sydney be- units respectively. There was Mr Adam said after -^£***\ f' a BHP reduction in its profits from fore closing at AS8.30. Some no sign of BHP or its protec- £* .. 45 SJ*.’ -'- press conference that he had share trading. The BHP as- 3m shares changed hands, or tive friend, Elders IXL, as * serious doubts about Bell Re- sumptions, however, assume an less than 0.25 per cent of capi- buyers. Wall Street and you. Utah International plans S. African sales We are Swiss American Securities Inc., a member of the New York Stock BY GORDON CRAMB AND JIM JONES TJTAH Exchange with headquarters on Wall Street. INTERNATIONAL, the Up to two dozen separate in the Orange Free State. In the next few years the CAufornia-based mining subsi- areas are involved, of which California company could be For nearly half-a-centun; we hare served major European financial insti- ,a ”' Since BHP agreed the take- diary of" Broken Hill Pro- four or five are defined as called on to contribute to the prietary. Is seeking over of Utah from General tutions.. providing: to 'self "all ready for immediate develop- possible Rlbn « $468.3m) de- ats wholly-owned Electric of the US in January* exploration ment. They are grouped under velopment costs of the Free 2VLATOR prospects in South Africa and Southern Sphere Holdings, a 1983. the fall in the value of Stat» gold project where initial EXECUTION IN ALL STOCK, Namibia. African rand has Transvaal-based exploration the South drilling began last year, and it FIXED INCOME OPTION BY: potential AND SASf IS OWNED According to Utah executives unit which Utah is willing to severely eroded secs more reward from single parent in San Francisco, the company sell in its entirety or piecemeaL returns to the from larger operations. MARKETS has already entered talks aimed The Utah officials stressed, exploiting the Southern Sphere However, Utah has not com- at reducing its exposure in the however, dis- deposits. mitted new cjpirjJ to South SPECLAL ATTENTION TO that the planned _ BLOCK region. These have drawn in a posals did not amount to a Moreover, the harsher Africa for some years—a year TRADES number of possible buyers in- withdrawal from South Africa. political dimate prompted ago it sold an anthracite deposit in the KwaZulu “ homeland " to © cluding unnamed British and The move leaves unaffected its Utah to signal in Melbourne last Goncor. which subsequently QUALITY” SECURITIES CLEARANCE Canadian groups as well as two biggest involvements, both July that a review of its South CREDIT SUISSE brought it into production. domestic mining houses such as of which are in partnership African presence was likely. AND SETTLEMENT Anglo American. with Anglovaal. another large Utah insists none the less Anglo American is believed to Deposits include gold, chro- Johannesburg mining company, that economies of scale are the bo particularly keen to secure QUALITY CUSTODY SERVICES mite estimated at 35m tonnes, Utah will thus retain its 70 prime factor behind its decision. Southern Sphere's archean gold alluvial gem diamonds, and a per cent control of a sizeable Southern Sphere is described by deposit at Eersfeiing in (he Now, SASI proudly announce the amro bank Namibian tantalite reserve steam coal reserve at Delmas one senior manager as “a whole northern Transvaal. The South which is the subcontinent's only in the Transvaal, and a 30 per shopping bag of properties." the African group owns mineral opening of our new European Branch- known mineable source of the cent stake in a gold project individual potential of which is rights in most of the surround- Office on Cannon Street in London. black mineral. near Anglovaai's Loraine mine limited by their size. ing area. Generate The expert staff of this Office will pro- Bank II **&’ vide ciose-at-hand support to our clients. i profits slip ' rHl CNA 0 Nippon Shinpan BASF suffers 12% setback In addition, they will familiarize clients ir.- achieves record in continuing and prospects with the advantages and £ as dollar and oil prices fall U recession recent advancements of SASINTEL® our sophisticated two-way communi- pre-tax result BY DAYID IN LVDW1GSHAFEN BROWN By Jim Jones fn Johannesburg By Yoko Shibata in Tokyo cations system for cost-effective monitoring of securities transactions. BASF, the West German lower oil import costs.” PROLONGED recession and the NIPPON SHINPAN, Japan’s SASINTEL, leading consumer credit com- chemicals concern, has suffered Moreover, customers have weakness of the rand adversely With you can shorten the distance between 'Wall Street and pany. achieved record pre-tax a 12.4 per cent setback in pre- cut inventories and purchases affected the operations of CNA, you. To learn more, contact Kenneth R. Barbalato, Director of Marketing, profits of Y19.63bn <$120.6m) tax profits for the first quarter in hopes of further price de- South Africa's largest sta- in tbe year ended March, up this year as a result of the weak clines. tionery. books and periodicals at our new European Branch 01-283-2284. dollar Albers said there retailer. in the year to March. 18.7 per cent and the destabalislng However Mr that the price that the re- Net profits moved up a more effects of lower oil prices. are signs “both The directors say i-; dollar with modest 1.5 per cent to Y7-25bn, Earnings for the three of oil and the have tail division had to cope on turnover which at Y188.75bn months dropped in most busi- readied the line of resistence. higher costs of imported inven- ' ' ness areas a (total Customer replenishing could tory while the entertainment > i 1:7 3 was ahead by 15.9 per cent. from DM f* SWISS AMERICAN SECURITIES INC. perceptible boost in distributes re- Nippon Shinpan is a clear 742m, to DM 640m (US*291m). lead to a division, which Incorporated with limited liability in che United States ofAmerica beneficiary of the tower trend However, the group is volume.” cords and music tapes, was hurt — f. :cC £ ** ” in interest rates as its lending cautiously optimistic that it The current business slow- by higher music and video ad- European Branch Office: 80 Cannon Street London EC 4N 6HH, England business is in fixed-rate form will be able to recoup lost sales, down was evident late last year vances and royalties. 01-283-2284 and a large proportion of its own if not earnings, later this year. when the group managed to in- Despite these difficulties turn- borrowings are made at floating Hoechst and Bayer, the other crease pre tax profits by 20.6 over rose to K309-2m ($144.8ra) Headquarters: 100 mil Street New York, NY 10005 (212) 612-8700 two big West Germany chemi- per cent to DM 3.04bn on sales from R292.5m. Pre-tax profits rates. Cable: SWISSAMD Telex: 12-8237 (WU) 42-1065 (ITT) A 42.7 per cent gain was cals groups, have already re- of DM 47.69bn, up 10 per cent were Rl6.8m against R18.1ra_ consumer loans ported similar profit develop- BASF raised its dividend by Worries over the -likely shown in Member: New York Stock Exchange, Principal Regional Exchanges, and SIPC handled to reach Y450bn. ments. The industry as a whole DM I to DM 10 per share. effects of a boycott by foreign Nippon Shinpan—with more expects a stabilisation in 1986, During the 1986 first quarter recording artists has led to a c than iim cards issued, both in after three years of steady petrochemicals was hard hit more conservative accounting growth. and BASF was forced to take procedure for music and video — its -own. name and on behalf of a wide range- of retail outlets— BASF sales, slipped by 1 per further substantial writedowns advance. in the past year has launched cent to DM lLOlbu during the of DM 180m in the value of raw A loweT tax bill and minori- exedit cards for the postal sav- quarter. Adjusting for acqui- materials in stock. The group ties' share of profits resulted in ings system, and multi-function sitions, the decline would have plans cute in its Wintershall a slight increase in earnings to been a harper 11 per cent Tbe oil and gas division, and exten- 26.2 cents a share from 26.1 NOTICE TO THE BONDHOLDERS OF cards with : retailers and oil wholesalers. weakness of the dollar sive restructuring of refinery cents, a dividend of 12 cents .Consumer credit accounted accounted for half the decline, operations. has been declared against the Toppan Printing Company, Limited for 09.7 per cent of total trans- according to Mr Hans Albers It expects to make a profit previous year's 16 cents. CNA However, housing loans the chief executive. again in agro-chemicals, al- is controlled by Premier Group, actions. U.S. Dollar Denominated were sluggish, up only 22 per The dollar decline has pro- though it faces increasing coin- che diversified food group. cent to Y344.68bn amid intensi- duced what the BASF chief petition on the European 2% per cent Yen-Linked Convertible Bonds 1994 banks. termed “massive changes in the markets, not least from Norsk fied competition from tbe (the 'Bonds*) and adjustment of conversion price to For the current year the com- group's competitive position, Hydro which will now benefit Robor improves pany foresees windfall gains particularly in relation to from the recent 12 per cent be made as a result of the authorisation of free from the reduction in interest American chemicals groups. It devaluation of the Norwegian on lower share distribution rates. has crimped margins despite krona. interest costs Pursuant to the Terms and Conditions of above- By Our Johannesburg mentioned Bonds, we hereby notify as follows: Correspondent Republic of Portugal 1. The Board of Directors authorised on 24th April, Industrial Holdings, ROBOR 1986, to effect a free distribution of shares at the the 60 per cent-owned steel Annual Meeting rate of one (1) new share for each fen (10) shares trading arm of Barlow Rand, Placing on a yield basis of ’86 held at the time of the dose of business on 31 st of Stockholders relied almost entirely on a sig- BASF May. 1986 (the record date). nificantly lower interest bill to improved pre-tax generate £50,000,000 Loan Stock 2016 2. Accordingly, the Conversion Price ofthe above- profits in the six months to mentioned Bonds will be adjusted pursuant to March. Condition 6(A) of the Terms and Conditions of the Q. We announce herewith this year’s Annual Meeting of Sales to South Africa’s Bonds effective as from the 1st June, TS86 Tokyo depressed building and en- The Issue Yield (as defined in, and calculated in accor- time. Stockholders on Thursdays June 26, *1986, 10:00 a. m. at the gineering sectors were flat and dance with the terms of, the Placing Memorandum dated was unchanged at Conversion price before adjustment: Yen 768.00 turnover 13tb May, 1986) on tbe above Stock is 10.404 per cent. BASF Feierabendhaus, Leuschnerstrafie 47 rose R199.5m. Trading profit to Conversion price after adjustment: Yen 698.20 Ludwigshafen/Rhine, West Germany RIO.15m from R9.32m pre-tax The Stock will, from the date of issue, bear interest at profits tumped to R7.24m from the rate of 9.00 per cent, per annum, payable semi- Toppan Priming Company, R64I.OOO. annually. The issue price is 87.179 per cent. 5-1, Taito 1-chome Mr Derek Cooper, the chair- Agenda 15th May, 1986 Taito-ku, Tokyo man, is cautious on immediate 1. Presentation of the Financial 2. Declaration of dividend. prospects. S. G. Warburg Co. Ltd. earnings trebled to & of BASFAktien- 3. Ratification of the actions of Interim Statements 21.5 cents a share from 7.3 cents geseljschaft and BASF Aktien- the Supervisory Board and a dividend of 8 cents has 15th May, 1986 Last year an the actions been declared. gesellschaft consolidated with 4. Ratification of of interim dividend was not paid. its German Subsidiaries; pre- the Board of Executive Annual Re'ports Directors. Yokogawa Hokushin Genossenschaftliche Zentralbank iU*- sentation of the of BASF Aktiengesellschaft and 5. Appointment of auditors. boosts earnings Aktiengesellschaft By Our Tokyo Staff I. r Aktiengeseilschaft con- 6. Authorized capita! Vienna BASF YOKOGAWA HOKUSHIN, the solidated with its German Sub- 7. Authorized capital II. Japanese maker of industrial instruments which has joint US. $100,000,000 sidiaries; presentation of the 8. Bonds with warrants. ventures with Hewlett Packard Perpetual Floating Kale Subordinated Notes Supervisory Board Report. and General Electric of the US, boosted pre-tax profits 4.6 per Christiania Bank og Kreditkasse cent to Y12.5bn (576.8m) in the f/ncorpomud in the Kingdom ofKon.'try yrak Itrrdud liability) For the six months year to March . 14th May, 1986 to 14th November, 19S6 Sales moved ahead 15.4 per U-S.S1 00,000.000 the will carry interest rate yen’s Notes an of 7?'i6% Shareholders wishing to partici- Depository bank is in the U. K. cent to \'161.3ba. The Roofing Rale Subordinated Notes Due 1 995 ascent reduced its export earn- which per annum with a coupon amount of US $183.68 per Ltd. (of U.S.S66.000,000 has been issued as initial Tranches) pate in the Annual Meeting and S.G. Warburg & Co. ings, but the drop was more US $5,000 Note and US $1836.81 per US $50,000 than offset by strong sales of Notice is hereby given fhof fhe rate of interest been fixed 1016% to exercise their right to vote has at Note, payable on 14th November, 1986. measuring instruments, the and that the interest payable on the relevant Interest Payment Date The deposit is only effective if November 1 must have deposited their major profit-earners, 7, 1 986 againsf Coupon No. 3 in respect of U5S1 0,000 Bankers Trust Net profits fell 16.6 per cent nominal of the shares during normal office the shares are submitted by Notes will be U5S542.50 and in resped of US$250,000 fj. Company, London Agent Bank to Y7.41bn, but this was dis- nominal Notes will be USS1 3,562.50. hours and in the prescribed Wednesday, June 18, 1986. torted by the inclusion last year - ft May The of Y2bn from tbe sale of part 75, 7986, London form at a depository bank. of its Shimomaruko plant By; Gfibanfc, NA (CSSl Dept.), Agent Bank CITIBANK® shares should remain depo- Ludwigshafen/Rhine, sited until the conciusion of the May 15, 1986 To tbs Haiders at FORD MOTOR CREDIT COMPANY Board of Executive Annual Meeting. Shareholders The Floating Rate Notes doB November 1991 have the right to vote by proxy. Directors full Agreement Depository banks and the Pursuant to the Fiscal Agency U.S.S75,000,000 U.S.$125,000,000 Deled as it November 1964 Jtfie 'Agree- in the 1, THE MORTGAGE Agenda are published ment') between fort Motor Ciedn Company BANK AND Pearson pic FINANCIAL ADMINISTRATION AGENCY “Bundesanzeiger" ofthe and The Chase Manhattan Bank [National OF THE KINGDOM OF DENMARK Assocfeum). 3L Fiscal Agere, notice s 5%% Convertible Bonds Due 2001 Republic (Kongeriget Daamarks Hypotefc bank og German Federal hereby given that the Rate at Interest eppic- Finansforval In accordance with the conditions of the Bonds, notice is hereby given that tning) able tn the above Note? tor the interest Guaranteed Floating Rate Notes due Nr. 88 of May 15, 1986. the holder of any Bond has the right, subject to applicable fiscal or other 1999 Series 9$ Period May 15,1988. to hlovenber 17, 1986. as taws Or regulations and subject cr: — . , —— - —. . - N Thursday May 15 1986 Financial Times . 18 INTERNATIONAL COMPANIES and FINANCE Alexander Nicoll successful financial markets on one of the world’s most j Stockley Advances by dollar bonds Tokyo futures face test to issue IIS faltesrS the daily limit of a Yl price trimmed after IN A “basement two storeys be- puter exchange—therefore takes small they low the bustling main floor of place entirely away from its tTHOUSAHP movement is too STOQC EXCHMMEf complain. But there is evident BY CLARE PEARSON the Tokyo Stock Exchange Is floor. Brokers receiving orders, §£3 pride and frequent comparison the hub of one of the world's or wishing to trade their own Bank of Switzerland to the Government bond marked prices -of dol- for Australian dollar bonds re- . . Union more unusual, but most success- book, telephone the Saitori I Total contracts US DEALERS By Peter Montqgnon, Euromarkets ha* been for long-dated priced a-KUKhn equity warrants allotted to - traded futures market, which took far lar Eurobonds higher yesterday cently ful, futures markets. them to place their for. Societe. Generate de more time develop its cur- Correspondent morning instruments, . and Chrysler’s bond There are some of the order, and wait word of execu- to after a rally in the - - rent volumes by value of about Treasury bond ' has ' only a four-year Surveillance, -which was an- features you would expect to tion from the Saitori. Open interest the property US market on Tues- STOCKLEY, UK - . . .Monday., "The ISOO- three times Tokyo’s first day night The market then maturity. But, the coupon, was nounced on . find: flurries of shouting, arm- On a normal day. execution at end month concern, has appointed US quarter levels. faltered as the dollar slipped on set at 13} per cent, which coupon was set at 8 per cent, waving and hand-signalling, does not take long. The lack of Morgan Grenfell to act as Indeed generous compared with as against azi Indicated 31 per rapidly changing prices flashing a real central trading floor, Small wonder, then, that the dealer in a £100m commercial foreign exchanges and dis- couraging US economic figures other recent offerings and :the cent The price at which war- up on screens. But there is where everyone can see or guess exchange is in no hurry to paper programme. close of bond ended the day trading rants may be exercised into pit, crowd of jostling what everyone else is doing, has link up with other exchanges were announced. By no no After Hammerson, Stockley non-voting bearer shares- of 1400- wanting to get into trading, therefore, dollar Euro- outside the fees. "the traders, and no traders at all. not hampered the market’s yen bond is the second borrower from futures. bond prices had made only bonds, for company was set at SFrfi^fiO, Most of the people in the room growth. The London Inter- the property sector to emerge The other two gains of about point on the exactly the level of the closing are seated. After an upset in its early national Financial Futures i Dutch issuers Unilever and F. in this budding market which price of the stock; When the stock exchange months, volume in March Exchange (Liffe) and the was given the go-ahead by day. Van Lanschot Bankiers, will be Chicago Board of Trade Stock D-Mark launched a Japanese Govern- reached an impressive 26,725 chose Mr Nigel Lawson, Chancellor there still a listed on the Amsterdam The. sector saw more announce Dealers say is to even- , ment bond futures contract last contracts per day, with each their plans to of the Exchequer, late last large amount of unplaced paper Exchange, so should vigorous trading than of -late develop a contract jointly the placed. Unilever’s October, it had to fashion the contract worth a hefty YlOOm, month. In the dollar sector. .'Many re- tually be and prices moved up by up to a making a daily average value day before Tokyo's launch last three-year bond has a .point. Dealers said this market to flt in not only with Bankers say this lends force cent issues are hardly' trading. Ag50m was a. of Y2,672bn. has year. They are still working on of per cent, and .better a severe lack of space, but also This been to their belief that initial Yet new bonds continue to coupon 121 reaction to the tone in it. Bankers with the existing methods of achieved in just four hours of users of the market could tend appear with slim issue yields was lead-managed by US Treasuries, .creating the trading a day, from 9 am until Meanwhile, the Trust F. Van Lanshot Bankier’s opportunity to correct recent market. This meant > exchange is the Tokyo Fat, Mb | to be dominated by service over US Treasury bonds. Gold- II am and from 1 pm to 3 pm. considering bond has a five-year life and falls in prices, which many have that there must be a continuing 1086 § the possible deve- sector companies from fields man Sachs International yester- per cent. role for the Saitori, the brown- Market conditions, which lopment of a short-term con- such as property and insur- day launched' a $l00m 10-year pays interest at 121 thought excessive. jacket men, who are in evidence caused the initial hiccup, bave tract. The existing one is for ance. are not eligible of It was lead-managed by Bank of Special participants which were These bond for the' Republic The DM 500m 15-year issue of the exchange's other also aided the subsequent boom. YlOOm face value of notional to raise in the bankers’ of America International. on each admitted to the market but are funds Austria, with a coupon 7} for Daimler-Benz was bid at a the Shortly afVr the market was 6 per cent Japanese Govern- Is of 101 floors which accommodate the exchange acceptance market, which per cent and issue price la tlie sterling domestic discount of 21 per. cent to Its opened. Bank of Japan tightened not members of ment 10-year bonds. Deliverable market for the top 250 generally expected to remain This initial -market, Republic . of main account for towards 30 per cent per cent gives an . the issue price, an improvement on. monetary policy in the wake of bonds must in practice mature cheaper than stocks, the computer-assisted these are bank commercial yield of 22 basis points over US Portugal's £50m Bulldog bond, Tuesday’s leveL General Motors the September Group of Five Most of dealers at least seven years market in the remaining 1,200 after paper for the time being. government stocks. Dealers issued by a placing, was priced 200m 10-year bond, how- agreement to weaken the wbo are not allowed to act for delivery date. Five contract DM stocks, and the bond floor. customers. To tap the acceptance thought these terms tight by lead-manager SG Warburg ever, traded outside its 2} per dollar. Japanese securities months are in operation at any The Saitori match, buy and market borrowers need to yesterday afternoon. The semi- cent fees. houses which had bought After these came Japanese one time. With the dollar sector still in orders. They do not take demonstrate that they are annual coupon was set at 9 per sell heavily to celebrate the new corporate investors with about the doldrums, new issuers In Switzerland short-term' in- position themselves, and bave US Government bonds — a financing a genuine underly- cent and the price at 87.179 per market in ** congratulatory 6 per cent, with other categories turned attention to the Austra- terest rates moved slightly $3bn cash market already exists ing physical trade transaction, cent no specific responsibility for of players barely registering. dollar market yesterday, cent yielding 10.404 per firmer. This market continues trading " found themselves in Tokyo each day — would be effectively lian maintaining an orderly market Clearly, there is room for and that excludes This represented 140 basis nursing heavy losses as the a candidate further down the and three new deals were depressed. Dealers note that though they may chivvy further growth as Japanese and most service companies. points margin over the gilt- — market plunged the daily limit road. Stock index futures are launched. Poor economic figures there has been, an absence of brokers into narrowing a spread foreign investors become Stockley will use its com- edged stock 13} per cent several tunes. Since then, accus- being considered but would and the Australian Govern- straight fixed-rate issues for or taking similar action to tomed to using the market for mercial paper programme as 2004/08. however, rates have been require legislative changes. ment’s concern about the cur- high-quality borrowers over the stimulate dealings. both hedging and trading. an alternative source of fund- falling steadily and the futures In the nearer term, however, rent account deficit, however, Daiwa Europe launched a last few weeks, and investor in- Further, the underlying market ing to its existing £100m cash In the futures market, they market has been just another the test will be whether volume depressed the domestic market new bond in the yen sector for terest has been focussing on the in Japanese Government bonds advances loan facility, which perform the same role—though way to cash in. remains healthy in a period of yesterday. Australian dollar Banque Francaise du Com- Swiss equity, rather than hand, is huge and highly liquid ideal is backed by a £75m standby greater computerisation is due The Big Four securities — market downturn. Futures Eurobond prices lost -up to two merce Exterteur. The Y20bn "market. conditions for a successful credit. to be introduced over the next houses—Daiwa, Nikko, Nomura markets generally thrive on points. bond has a 10-year life and The European Investment years, is too futures market. It will not issue commercial few and nobody and Yamaichi—which dominate volatility, but the really liquid Dealers said this an un- coupon of 5} per cent It is Bank issued a LuxFr 300m five- paper till later in the year, was precise about their role after the Tokyo markets have played Japanese brokers, who spent ones do well when the market 1992 at 102 per year privately-placed bond. The after changes to the Com- favourable environment for callable from that. by far the most important role. years visiting the Chicago is going in both directions. at premiums coupon set at per emit, panies Act have been en- the new A$50m deal for triple cent and then was 64 The Tokyo futures market They account for over 60 per exchanges and clearly learned Tokyo, despite its astonishing 1 cent lowest level ever on a pri- acted, eliminating the need B-rated Chrysler launched. as declining by 4 per per the unlike any recognised futures cent of the market, and much their lessons well, fret at start, mut wait a while before came too late vately-placed Luxembourg franc for UK companies to issue Banque Paribas Capital Mar- annum. The issue exchange with the exception of of the business is thought to minor inconveniences. Margin its futures market can be prospectuses for commercial kets did. Most investor demand In the day to trade actively. bond. latex, the Bermuda-based com- be for their own account requirements are too high and termed mature. paper issues. Stockley has no 01 offsbore borrowing vehicle which would be needed before Revere Copper in buyout Copperweld reshape study these changes come into force. Clore may sell US drugs group stake BY OUR FINANCIAL STAFF • BY OUR FINANCIAL STAFF BY OUR FINANCIAL STAFF Better access A STAKE of around 10 per cent a Panamanian company be con- scription drug operations of REVERE COPPER & BRASS, As a result of the deal COPPERWELD. the Pittsburgh- metal fabricating business, in Rorer, the US drugs and sur- trols. The company. Nerval and Revlon, the US cosmetic com- the metal products group, US announced yesterday, share- based special steels maker, is where there are more oppor- sought to gical products group which has Manor, holds 9,8 per cent of pany. More recently, Rorer has has reached agreement with, the holders will be offered $23 a studying the possibility of re- tunities for growth than in the long been one of Wall Street's Rorer. been involved in a deal to sell investor group which offered to share in cash by the bidding steel bar sector. It also feels favourite stake a stock its surgical products subsidia- structuring by distributing brokers’ screens takeover candidates, The Nerval has pay $20 a share for the com- group co-ordinated by Smitb- that Copperweld Steel as an in- may be about to change hands. market value of around 385m. ries. shares in its steel bar business pany two months ago, under Vasiliou Management, a com- dependent unit would be THE Trading Practices Com- In a a filing with the Securi- Clore says that Prudential- The disposal of the surgical Mr , to its own shareholders. which Mr Hugh Williamson, pany controlled by Mr Randall stronger and more successful mittee of the Public Securi- ties and Exchange Commission, Bache Securities has been re- products side is being made to plan would create two the present chief executive, Smith, a Revere director. The “with the cooperation of the ties Association's US govern- Mr Alan Clore, the UK financier, tained to act as adviser. Coopervisicm, the US eye care separate companies Copper- will become a substantial share- The deal, which is subject — union and employees.” ment and federal agency says he may sell all or a por- At the end of last year Rorer group. It stands to bring 3350m Steel, which would make holder through a leveraged buy- to approval by shareholders weld The steel unit reported 1985 securities division has agreed tion of the Rorer shares held by agreed to pay 3090m for the pre- into the Rorer balance sheet. out transaction. and definitive financing agree- steel bars, and Copperweld sales of $138.8m, down from to begin considering methods Corp, consisting of the mechani- Revere, which emerged from ments, values Revere at about the $205.7m in the year earlier. to Improve accessibility to cal and structural steel tubing Chapter 11 bankruptcy law $172m. The company as a whole re- brokers’ screens in the light and bi-metallic product busi- protection last year, has been Revere made a profit of $9.6m ported sales of 5350.2m in 1985, of the globalisation of the US nesses. FT INTERNATIONAL BOND SERVICE the object of two bids, appar- last year on sales of 9499m compared with $438.5m in the government securities market, ently prompted by its return in spite of depressed prices for Copperweld said its long-term previous year, restated to re- AP-DJ reports from Washing- '& to financial health. many of Its metal products. strategy was to remain in the flect discontinued operations. ton. listed aretbe 260 lateotlnteraational bonds for which there »n adequate secondary market During a conference last dosing prices on May 14 month, committee members ns MUM acknowledged that the pre- sibmgus OTHER SUMMITS weak VMM sent system of specific open- Amoco Ce: 9% 16* 188% 9M Amen. Erc-thuCr. 0 91 AS 1 -0% 12JB flremm Lndshk. 10 91 AS 99 -1 1006 These Securities have been sold outside the United States of America and Japan. ing and closing times of the Alter. KtefcfleM 10% 00 XBH i AostraSa 1185 ns* in -0, 1246 brokers’ screens for the New Com. uw» This announcement appears as a matter of record only. ArBtrrtaCom.ll%00-_ too xwz m no -«% 3200 York. Tokyo and London BP Capital Wt 94 UB* Ml mb -0% ns markets was a cumbersome BP Capital 1M.92 ase% ms 909 CamdbwPac.X0%9OC$ . IS +«% *23 Clnjaler na.109J.CS 0 2857 to conduct Cn«he9 Saw M% 95 ._ IMt, 138% ta and Inefficient way Cmata99b. MW* MM, Gemtar Fin. 11% 95 CS — 75 -1% ns business in a global market- Canada 11% 90 — nan 70S GMAC9%92 CS 75 0 *02 place. Cental Pac. 10% 99. nm Rayal Tivtco 10% 90 CS 75 SauAcnia%92CS 75 that over- CEPMElfltflU: It is estimated Citicorp 1008 ua Coca-Cola F. Cd 17 90 NS- 79 Danmark seas trading in US govern- Ckfcarpl0%95 . 17%89 NS 50 ment securities already Credit Lmnbffl UnSever Cap 17% 89 US - and itettoeall1 9% 93 Cup aidwnu i Cay 995 Ecu ranges between 990bu Denmark Kodm. lit, 89 _ 7M EIB8%93~ $100bn a month. DrsnewkKgdm.ll%'M_ ux «WtDhM3>B%94Ec8_ S3 DatmatkjWlVlte-. Honda Mtr. WW » 90 R 3M EDCBM Honda Motor XW 3% 90 FI 3N EDF1D95. A3 Thyoen 7% 90 R 50 Household Finance Corporation EEC PaH. MB WereMbave 7% 90 FI 75 s New Marine EEC 9 * "JO . WCssanen b% 90 R 59 EIBUH, 94 . Tsttae. Forte B% 91 FFr 400 El B 1295. 1 11 93 £ Midland unit EauArUHcse. 7.94 Australia Com. 11 92 £ « Em*. Ltd. My. UP* 97 ass GMAC UKFMlU% 90£ -. K ¥18,000,000,000 MARINE Midland Bank has Export Dev. Cpn. 1090 70) Imp. Cbem. lads. U%95£ 3N Fad. Dtp. SH 101*95 __ liWL Cham. link. 10% 92 £ 75 established Marine Midland Fort Molar CM. 10% 91 _ kwx. in Imfe. mu. 10 93 £ 69 Capital Markets (HMCML), a Port Motor Cri 11* 90 _ Leeds Bid Soc- 10% 91 £ SB London investment banking Gen. Elec. Cmd. 10% 00 _ 959 McOonaktalO%90£ _ 40 6% Notes Due 1996 GMAC 10% 89 —— M£PC10%20&£ subsidiary which will be GMAC 10% 92 — _ Nationwide BS 30% 93 C aligned with the bank’s IA0B 9% 95 NSWTrean^to% 92 £ _ formed Investment IADB1D%98. U4 recently KefegpCo.10%90 d!£in£ii^lS%ra£ZZ id banking subsidiary, Reuter KaOogs Co. 11%92 TBtae. Forte 11% 90S — 50 reports from New York. fHcpMOred.Bk.m95_ 122% H3% World Sank 11% 95 £ IN PBUhanr C«b UR, 95 ___ WS 106% WT% CaE8E%95LFr which will be MMCML, PnctA Gams. W 9%9B- 150 2*4% US Mat. La. Alum. 20% 92 LFr MB initially capitalised at £6 Jim Pm Realty Sam. 12% 95_ 546 XU% 1X7% Qinfaa Air*®* 10% ICO FLOATING RATE Mitsubishi Finance International Limited will focus its efforts 95— UZW XWk QoecMtaod Govl. 101, 95_ ISO m% loan sales and m on global Rafeten Purina lit, 95__ 159 1322% 332% AnMM BM0. Soc. 5 90 £ 9*97 9*92 M7 3844 9ii Bandars Bank Perp. swaps and the syndication of SaM Scania 91 US J9S% 284 L — %» U031 39041 2ft B% Saskatchewan 10% 92 lM 113% 112% Bandars BatdrPerp. 2 Morgan Stanley International Goldman Sachs International Corp. loans for US customers. It «%f 10832 I un b% Scaadkorti Air. 104 95_ SO IBM, 209% Betgrtn, Kingdom of 91 0 108J* will also participate in the State Bk.S. And 9S»93_ SO U9% 205% BNP 5% 95 DBS 20231 wn W 805 Eurocommercial paper and Start 1 10 90 178 306% 107 Britannia 5 95 £ 8% 9US S. Wales Trw. 90 CCF5%97 Kleinwort, Benson Limited Euronote markets on behalf 11% MS SOT Swad. Exp. died 10 92 __ CMcerp 5 2005 am m of US customers. Sweden 81, 9b „ CredK Limns 2000. anr bn Marine Midland is 51 per Sweden 10% 92 EEC 3 92 DM Sweden Kodm. 18% 90 EEC 5 90 , cent owned by Hongkong and 94 VI BN Bank of Tokyo International Limited Banque Bruxelles Lambert S.A. Sweden Kgdm. 11% EEC 5% 93 Ecu. .nso 9*39 30* *tt Shanghai Banking Corpora- Temwco Cpa- 10\ 95 _ Ireland 5% 97. Utd Tech. Fki. 10tk 95 Liard, Bank top.. tion . “ a Victorian Rep. UT MWfcnxJ BanfcParp.5 ql Banque Nadonale de Paris Citicorp Investment Bank Limited World Bank 9% 2016 32* World Bank 101(95 «7 in HMWestPerp.|I_- 8%* New Zealand S97 m * London branch tore pta £_^__ aw 9*«7 9*77 MS 12% Cosmo Securities (Europe) Limited Credit Lyonnais Daiwa Europe Limited Near Zealand 5 2001 0 «* Of Prudential Corpa. 4 95 £ «i H 1X05 for Sasi feral Bk. Scotland 5 Pars. 8% Man Dev. Bw* 094 Securities 777 8N SWISS American Austrian Elec. Go. 6% 95 159 asasavSr1 5% 97 _ 9 9*38 Deutsche Bank Capital Markets Limited Fuji International Finance Limited WBotofch 5 95 9*H 287 L» (Sasi). a unit of Credit Suisse Capertnaen 7% 95 SB £ 39B 3340 Dow Chemical 6% 95 380 based in New York, will open EIB6*95 M«V+*Umi a London branch to meet the EJB 7% 94 Girozentrale und Bank der osterreichischen Sparkassen Kyowa Bank Nederland N- V. needs of a growing European Emhart Corpn- 6% 95 US Akticngescllsehaft Ea--lm. Bk. KOrea T% 90 _ 109 clientele, AP-DJ reports from FMnad Repertc 7 92 Zurich. Gotrid lid Fin. 7% 91 Lloyds Merchant Bank Limited Merrill Lynch Capital Markets HoBth ltd. Fbk 7 95 IBJ 5% % N. Inland B% 92 £«&--‘3%aooQ_ AMERICAN ITS Elam 6% 93 w ,*5 » - Trust Banking Corporation (Europe) S.A. Mitsui Trust Bank (Europe) S.A. Japan Fki. Conn. 7% 91 190 ESWE== s isM * Mitsubishi & QUARTERLIES MJmMM H. 3% B9 WW 190 MttaaMM M. 3% 09 XW IN fc*becHjdro7%95 100 CENTEX mSbSI^S01 — S « S% m% Rente 73, 95 0*6 HL9 318 Samuel Montagu & Co. Limited New Japan Securities (Europe) Limited Properly, construction BreoJiSli » % Soc-CenL Nndor7%95_ 23* Nippon 5oc-GaX.Naclear891__ IN HL-z*. mi— 2? SS JS* iS* 1985-86 1984-86 African Tran. 7% 98 Fourth quarter 3. OtawnwnSirsP&S* =_S 'S Dec. IHU.J9ind^gg gSSE World Bank 795 Raven ue 357.2m 305.6m Sflftwa Bank Nikko Securities Co., (Europe) Ltd. Nippon Kangyo Kakumaru (Europe) Limited ( The No, profits 10.8m 9.5m Net per share 0.61 0.51 Year MBS HUM Revenue 1.43hn 1.22bn snuusmrs — International Limited Orion Royal Bank Limited Carpn.5% 94 SO Nomura Not prolitE 47.5m 39.3m A»on Cap. — 75 Net per thero 2.62 2.01 BrnXaadC«re-6*a99 — ITEL Saitama Bank (Europe) S.A. Samva International Limited SSSSoTi!!!^: Sr- 19B6 1BB5 ESZEXxsm First quarter S 2 ^3%9o™tzz:1S Gan.0iddRdde4fe94 — N ^ ^ Ravanua 22. Bm 3SAm Shared SAL 5% 95 SO Harris Upham Co. Societe Generate Sumitomo Finance International Net proRu tB-Orn t3.0m Smith Barney, & t Loss tad.F.FMaedS%94___ Incorporated Zealand tedIS. 96 79 1 New I GENSTAR »*£?£^SSaJiSJgjSffL ? »Wd t» refereutm of at KftrA.S’i'n 200 Building, moioriola Oharai. —— OttwtilM.5)a49 W Sumitomo Trust International Limited Taiyo Kobe International Limited 1986 19BS &TSr£®S55S=HSSS! First quarter CS CS dollars mless ofliar Net profits , tll.lm 5.3m b 1* ****** Nat par share tO.90 to.oo «»»«e«e32 SSu1 E***""- "2*5? tft .-^' ^"Maf9in .abpae aU-momfa offered Tokai International Limited Union Bank of Switzerland (Securities) Limited t Loss Tokyo Bat. Pwr-5%93 229 reeHnonth ^£^ *WBn ratei US dafert. Oepn- LACLEDE CAS CnanrartBde — Utility rZr^, .° ,wrtaW9ti h tWtan onhas Mhef 1 g date S. G. Warburg & Co. Ltd. Yasuda Trust Europe Limited, London 19B5-S6 19B4-86 cawersimt Into daw-Flnt *6ara 1*- l*tea"=Nflialwal nt hand Secaqd quarter S S J- amonnt flare ftM Revenue 249.7m 290.8m nasiMMin KM ONer do bme. at comerdon rata 97% 18% 48% -X U9 Net profile 17.Bm IB.Om Amw.E»p.0£Cr.5%91_. » “ar*s ««i the lap, -*«% -0% 5.99 =*«»»** bond oner the m«t recent price ol May 15, 1986 Not sham 2,35 2.17 Dearer* 6% ?6 -y—-~ *• HW% per 97% -C% -1% 645 Six Dow Chemical 6H 01 S 97% months 25 107% 207% I -I Revenue 404.5m 4490m 086% 96 — — U Hj0rar • / Financial 15 1986 Times Thursday May I - - ij» s .wa<, ; L : " ft i * .. • ^**y ,V' " * 7'- i Av.f.‘ . :. •' V,, .' !_' ' ^ b .'.AA)U *** ^^,l^ ’ v • .j?.";?. .r>», < * A Land Securities ceed ts-'-A £25 billion £1 ,629m - City, West End & Victoria ** ) £ 794m - Provincial Shops & Offices £ 48m - Industrial Acquisitions and developments of P jp stake out-of-town retail warehousing and food superstores tern 1.8m sq. ft. in 33 key locations. li’fiKvSI Ravenside Investments Ltd., a wholly owned subsidiary, has over the last two years acquired or developed, or has in course of acquisition and/or development a portfolio of 59 stores. Major tenants include Asda/ MFI trading as MFI and Allied Carpets, Argyll Stores trading as Presto, , ,i, :-:.-c .'s.' B & Q, Comet, Rne Fare, Halfords, Harris Queensway, J. Sainsbury and Sainsbury Homebase, .* - W; H. Smith Do It All, Vallances, and Homecharm trading as Texas Homecare and Bulk DIY. Abridged Summaryof Results for the Year ended 31st March, 1386 Bii ' H6MEBASEsmnniiniii 31.3.86 31.3.85 Increase rm £'m % Total income 171.5 148.4 15.6 made up of Rental income 152.6 132.7 15.5 Service charges and other recoveries 13.6 12.2 11.5 Birmingham Kingston upon Hull Interest receivable 5.3 4.1 29.3 Net rents and interest receivable 134.0 714.9 16.6 Income on ordinary activities before taxation 112.9 95.6 18.1 6.6 1 33.4 3 (8.7) ' Taxation r.'C. Income available for distribution 79.5 59.0 34.7 ^ r,s? Dividends per share paid <2.9p) and *.-??* ^ proposed (6.9p); 1985: 8.1 5p 49.3 41.0 20.2 - i; £ ** Earnings per share 15.79p 11.72p 34.7 : S’ Dividend cover- times 1.61 1.44 Andover V Bt Peterborough K .r *? 5 : *• £$• The Knight Frank & RutJey valuation of the portfolio as at 31st March, 1986, totalled ** *3 , £2,5433m, an increase of £207 .6m over that at the previous year end. Taking into account '- ** »> "* V • expenditure on properties £1 60.9m and the book value of properties sold, £34.4m, during the li *: * period, the surplus on revaluation was £81.1 m, an increase of 3.3% (1985: 4.6%). -: Incorporating the valuation in the Accounts at 31st March, 1986, and without adjusting for Jr > *' 1*: »j; taxation payable in the event of properties being sold the consolidated net assets of the Group at that date amounted to £2,1 12.4m, on which basis, the net asset value per share is 420p, an increase of 4.7% over that at 31st March, 1985. “ * i All buildings in the recent 1 m sq. ft. office programme have been let except for two (40,900 "•? sq.ft.) which are not yet completed; one of which (32,500 sq.ft) it has been agreed to let since the year end. Three large City office buildings and a block of shops in Oxford Street have been acquired as for development Plans for new developments in ,Fareham Stockton-on-Tees investments or include several buildings the ' 5>ii- City and West End, the £25m Olympia Centre, East Kilbride and an extension to the shopping * > f * j centre at Irvine New Town. A first-class portfolio of out-of-town retail warehouses and food superstores has been built up ..v * * v r- carefully selected strategic locations. * <-.?* s;- in Having concluded three borrowings each of £100m nominal, two since 31st March, 1986, the » “ -* -*' >=“ * Company has secured long term finance to replace bank facilities, to meet the capital '• j* * + „ of £1 at date to b commitments 08.7m that and contribute towards further schemes *- ^ ^ j •* the costs of which will be referred to in the Report of the Directors. »* j: * , . nVf , f |/-Tjl 'nniv-pi tc* . j j V: T j* * - .* . '- S-. -4 ^ • • > The full Report of the Directors and theAccounts containing an unqualified Report by the .; .r? k 4 portfolio illustrations ':• Auditors, a detailed review, andphotographs with additional •>. t «*» *; including a list -, information ofmajorproperties, are due to be distributed on 2ndJune, 1986. . 5* :> *' >• * Non-shareholders who would tike a copy are requested to write to Secretary. ! A' The -* T „-\ - * C- '.. • > * ‘ Bristol \ B t Speke -Liverpool Land Securities PLC Devonshire House, Piccadilly, London W1X6BT ^.--v Ravenseft Properties Limited, The City of London Real Property Company Limited, Ravenside Investments Limited, Ravenseft Industrial Estates Limited. , . „ & r V- — — . ' limes Thursday May Iff 1986 20 Financial UK COMPANY NEWS / U 1 * rights issue l Steinberg David Lascelles analyses Britain’s largest ever :*V Succession at BTR ‘wii - plexus 'll" NatWest hits the solar |H from MIG go into The brokerage business be orderly’ AFTER WATCHING the stock restrictive' banking —Sir far as the Owen as marker reel at the news of laws there aUaw-r4he goahead CAPITAL RAISING BY BY MARTIN DICKSON placing NatWest's £714m rights issue. from the Federal Reserve Mr Charles Green, the general NATWEST Board Is expected soon—and SIR OWEN GREEN, chairman evolutionary manner." share purely for dominance has By Barry Riley manager In charge of financial establish a dealership' in the of BTR, the acquisitive indus- BTR, he said, had a strong not been a principal aim. control and the mastermind July 1984 £236m rights feme Jl.OOObn Treasury bond market trial conglomerate, yesterday complement future “We will continue to seek Mr Saul Steinberg has raised of people for behind the deal, admitted yes- Although some foreign banks hinted that he was likely to management requirements, and growth at a rate measurably the stake of his Reliance April 198S $400m floating rate terday morning: “The Stock considered baying their stand down as chief executive above that of the going rate of Group in Mercury Inter- capital nates have this was particularly true at the Exchange took it in the solar consistent, nationa Group way into this market by acquir- during the coming year, though summit inflation and in a to 9 9 per cent, plexus." May 1985 5100m primary as therefore predictable manner.’’ partly as a ing an established -dealer, Nat- he would remain chairman, Speaking afterwards, he result of a placing, In size terms, capital floating maybe. The 'West is believed to be prepar- for some years to come. would not spell out just when He said acquisitions could be announced yesterday, of the rate notes* Issue sets a new record for the ing to develop its own business. the change would take place, justified on “community'' as bulk of Charter Consoli- Sir Owen, speaking at the British market, far surpassing July 1985 Swiss Franc 300m this will require well as commercial grounds, dated's investment In BUG Even so, company's annual general meet- though he acknowledged the £624m raised by BP in capital bond issue where a company was judged for £43.3m. powerful capital backing. ing, also disclosed that BTR reporters might draw the infer- 1981. It also caps a tumultuous to be achieving a performance Nov. 1985 SSOOm primary However, Mr Green was not was to obtain listings for its ence that he would not be chief Aggressive purchases of time on the exchange when cash less than adequate in relation capital floating ruling out .foreign- acquisitions shares on the Zurich, Geneva executive in a year's time. His Mercury shares by the calls on the equity market have to its assets. rate notes* yesterday, though he declined and Basle stock exchanges by successor would come from American financier last been coming thick and fast, Front runners for the post of 'to be specific. “Our strategy , is the end of this month, with within the company. November caused tension, but analysts were already Feb. 1986 A575m subordi- chief executive are expected to and some to widen the range of our ser- Frankfurt to follow. eventually there was an wondering whether could nated capital notes BTR has a policy that direc- be Mr Bugh Laughland. and Mr it vices, particularly in the capital agreement that It was also planning a quote tors give up executive positions Lionel Stammers, joint chief be would not take any more. May 1986 £714m rights issue markets," he said. in Tokyo later this year. at the age of 60 and board executives of BTR’s European raise his stake to more than But it was always on the In the same period, NatWest repaid As part of this overseas drive, As chief executive since 1967, membership at 65. Sir Owen regional management, and Mr 10 per cent. Mercuiy has cards that NatWest would touch two floating rate capital notes NatWest will also be seeking to and chairman since was 61 yesterday and his con- been kept fully informed of its shareholders for more money 1984, Sir John Cahill, chairman of its totalling $250m. get its stock listed on the Tokyo chief execu- the latest purchase, which has before long. Britain's largest Owen has over seen the remark- tinuation in the North American operations. and New York stock exchanges tive's role for the time being Involved some 600,000 Mer- bank has ambitious growth Mr Philip- Wilkinson, NatWest able growth of BTR from Sir Owen told the meeting Perpetual capital. as several other foreign banks fuelled speculation that BTR cury shares. I per cent of the plans, particularly in financial relatively humble beginnings that the opening months of 1986 chief executive have' done, in order to tap a planning another equity, worth £-].6m. markets overseas, and it has and the question of his succes- might be had gone well and he had good wider share ownership. major acquisition. Charter Consolidated already used up the proceeds of sor has long been a subject of hopes for the period ahead. Although from a supervisory acquired its investment in its last £236m rights issue Crocker National Bank. NatWest will be pitting itself Citv speculation. He would not be drawn on Orders and sales were gen- standpoint the Bank of England Mercury indirectly, following nearly two years ago, as well against the very largest and He told the AGM that “the the subject, beyond telling the erally ahead of last year, Although the Stock Exchange has not laid down firm capital bigness stronger in the East, the UK its purchase, more than two as the $1.5bn in perpetual capi- quickly jumped to the conclu- most aggressive banks in the succession programme, includ- AGM that “bigness for requirements- for- UK banks, it vears tal it has raised since then. ing that to the role of chief sake has never featured in and Europe than in the US, and ago of a 29.9 per cent sion that NatWest is pl anning world. pressing has been . them for manufacturing Interest in stockbrokers NatWest's capital ratios—the NatWest has already set up executive, was proceeding to BTR's strategic thinking, in more in the a counter-bid to Lloyds’ £lJ3bn some time now to bolster their Pitman. key measures of bank strength NatWest Investment Bank plan in an orderly, secure and much the same way that market sectors than distribution. Rowe & A complex takeover of Standard Chartered, particularly slip resources, If they four-way merger of Mercury, —had also begun to be- the is more (NWTB) as its vehicle to do rights issue aimed want to venture into these new, & P. stockjobbers Akroyd hind those of its peers, which this. Capitalised at JESOOm, it R at securing the bank's place in riskier markets. & Smithers and another means the Bank of England a fast-changing global market- includes County Bank, the still must have been encouraging Although these new activities Coloroll for Allied broking firm, Mullens, was place, of which the City’s Big group’s merchant banking sub- Setback NatWest's executives in their will be contained in separate completed last month. Alter is only part entails sidiary, and a stockbroking and Bang a This subsidiaries which NatWest teen on subscribing for additional Lothbury headquarters just developing a complex and enor- a jobbing firm, making it one across street an- could, theoretically, allow to go shares Charter owned the to make mously costly worldwide in- of the largest banking/securi- over its Berisfords bust if they got into trouble ordinary shares awn conver- other sally into the markets. In vestment banking business able ties groups, to have been created Staffs bid needs rather than damage the bank BY LIONEL BARBER tible preference shares which fact, UK banks' capital to tap all the big pools of capi- by the Big Bang. Despite the lapsing of are now so enormous that even itself. In practice NatWest could Textile Companies turer, based in Cheshire, now could have given it an tal, and deal in securities as Last month, NWIB became Coloroll's £l4m bid for Stafford- Allied after the rights issue, NatWest's never permit a group carrying holds 14.6 per cent. ultimate 8.8 per eent stake well as make loans. through a part-owned subsidiary shire Potteries last Monday the yesterday suffered a big setback ratios will still be among the its name to faiL So the £714m Allied, advised by S. G. in MIG. one of the select few foreign company announced yesterday in its £7m contested bid for lowest of the clearing banks. Only a fortnight ago, Mr — will provide a vital under- Warburg, said it intended to Charter has now sold 2.97m banks who have obtained a that it had increased its stake Berisfords, the ribbon manu- According to Mr Green, the Philip Wilkinson, the group pinning for the group as it pursue its cash and sbare bid. ordinary shares 19.9m licence to deal in securities in from 14 per cent to 24 per cent. facturer. and bank's gearing (the size of its chief executive, predicted that faces up to the challenge of the Yesterday, it raised its cash and “A" convertible preference Tokyo, the world's second Coloroll received acceptances capital compared to its liabili- there will be only 10 big global securities markets. only Berisfords and its advisers. loan note element to 127p. But shares, retaining invest- largest market after New York. from holders of 19.3 per an ties) will rise from 6.05 per players on the London capital As one merchant banker ordinary shares Hill Samuel, successfully found it left the share offer in the That will almost certainly be a cent of the when ment preference which cent based on 1985 year-end markets fay 1990. He said Nat- commented yesterday, NatWest ordinary share offer closed buyers for a 26 per cent stake untouched and declared both will give it precursor the a 0-5 per cent figures to 7.14 per cent. But he West was determined not only to NatWest becoming will be raising at a stroke more together with the in the company held by Rex- offers final. on Monday — ultimate equity stake after estimates that Barclays will he to be one of them, but also to a member of the Tokyo Stock than the total capital possessed 14 per cent owned by itself or more. a merchandiser of Allied is offering one new Exchange. bank is also an conversion. at 7.9 per cent, Lloyds 7.74 per be a “significant force” in the The by most banks—an Indication of its merchant bank S. G. Warburg furnishing fabrics, at 125p per share for every two in officially recognised dealer in The company says it has cent and Midland 7.4 per cent, leading capital markets in the the immense resources needed that took its total to 33 per cent, share. Berisfords. On the basis of last received a good cash return including the forthcoming pro- US. Europe and the Far East. Japanese government bonds. to qualify as wbat is known in far short of control. Rexmore had previously night's closing price, the offer on its investment in R & P, global player." The increase in the Coloroll ceeds from its sale of the That effectively means that In the US there are plans to the trade as a recommended the Allied Textile values Berisfords, unchanged at achieving a surplus of £15.1m stake — acquired through S. G. offer to its own shareholders. 125p. at 127 ip. Allie ddosed which, less tax, will be Warburg — emphasises its deter- But Berisfords, exercising first down 5p, at 255p. accounted for as an excep- mination not to walk away from refusal rights on the shares, Allied said that it had tional Item. Net cash pro- the bid. founr four instiutional buyers received acceptances for its ceeds of £26. Sm, after allow- Land Securities’ profit PCT recovers £0.45m in The company also owns about one private buyer, William offer amounting to 1.3 per cent the subscrip- 65 per cent of the Staffordshire and ing for £17.7m Kenyon, of Berisfords. It now speaks Potteries preference shares and Kenyon and Sons. a tion paid last month, will be ropes and webbing manufac- for 1.76 per cent. used for development and advances 18% to £113m claims from Coubro buy has extended the separate pre- ference offer new investment. until tomorrow. Land ...Securities yesterday BY LIONEL BARBER Charter believes that MIG announced taxable profits of is strongly placed for the £11 2.9m for the year to March PCT Group, the Glasgow £200,000 gained through the dis- long-term development of the Land provision Kleinwort plans purchase 31. 1986—slightly higher than based power tools and welding posal of a 50 per cent stake in KCA London financial markets, bat the City bad expected and 18 Securities equipment business, has Felco Moore maintenance KCA PRIMING Group, a Ross- Kleinwort UK's nary shares, arranged by Klein- the commitment had become Benson, the per cent up on last year’s recovered some £4501880 in engineers, would reduce short- hold subsidiary, increased pre- banking wort Benson through a private “ over large” as a portfolio - largest merchant £95 .6m. claims arising fro mthe acquisi- term borrowings. r tax profits from £2.9m to share placing. investment. 14.43m group, is entering the UK life tion of Conbro & Serntton, the PCT said that there may be in 1985 on turnover ahead same time the prefer- The company, which is the M Asset IMm at assurance market by taking At the hydraulic lifting company, last further claims for breach of £38.79m (£32 .45m). -con- UK’s largest property developer (jMKapvrtmU However, control of an existing life com- ence shares would be year. warranty. Meantime, the group it has an extraordinary verted equity resulting in with a market value of around made pany, Transinteniationai Life, into Trading losses at Coubro is expected Receiver for E. Field £1.6bn, has also had its port- to announce con- provision of £26.51m (nil) in At the moment it is owned more than 50 per cent of the reduced the net asset value of solidated results Edwin Field Sc Sons, the folio revalued, giving a value of for 1985 respect of its drillship 100 per cent by the US Trans- sbares being in UK hands. the business by half, an Inde- Huddersfield-based rug and £2.54btx, £207.6 m up. After (including Coubro’s) at the end operations. Total extraordinary amerlca Corporation. Last Sept- The exact shareholding com- pendent firm of accountants. batiunat maker, established in taking into account expenditure of June. debits are £28,25m (£922,000). ember Kleinwort Benson position is not known but it is Coopers Lybrand has concluded. 1862, has gone into receiver- on properties and a £34.4m PCT said that the results Earnings per lp share rose to Development Capital, with its expected that Kleinwort Benson Coopera assessed the value at ship. The company employs 69 surplus on properties sold, the would reflect the cost of absorb" 3.2p ( 1.8p) but there is no clients, made a investment will have a substantial holding. £649,120 compared £2m people, but the receiver from surplus on revaluation was to the ing Conbro but, after cutting final dividend (1.5p). making a in convertible preference life warranted value of £lJ25m. The company's name is Price Waterhouse said pos- £81.1m. Net asset value per overheads, the acquisition was l.5p total. The group sbares. In about year the PCT (2p) a being changed to Regency Life sible purchasers had more share came to 420p, up from said yesterday that the trading profitably in the current intends to sell the King- intention follow Assurance £450,880 KCA is to this with for which Kleinwort approaches. He was hopeful a 401p. on consolidated assets of record, along with year. drillship. ordi- I fisher an £8m-£10m investment in Benson will be fund managers. buyer could be found. £2.1 lbn. The dividend for the year is raised from S.15p to 9.8p with a final of 6.9p (5.55p). Earn- ings per share rose 4.07p to 83 84 85 66 IT’S NOT ONLY 15.79p. MONT Total income went up from £14S.4m to £171.5ra, with rental tile retail warehousing sector. BIANC OUR FINANCIAL income Although some analysts ahead over £20m to ques- £152.6m. Interest added £5-3m tion the wisdom of investing in (£4.1m). with service charges ready-built, rather than start-up PERFORMANCE and developments like THAT other recoveries at £13.6ra “acting an (£i22im). institutional investor, not a de- veloper" as one it, The lower tax charge of put few PAYS DIVIDENDS would quibble £33.4m (£36.6m) left £79.5m with the speed with which the (£59ra) for distribution, of company has Investing in advanced technology and completed which the dividend will take £73m of its proposed £l 00m investment programme. product developments keeps Dunlop £49.3m (£41 m). sports The current financial year equipment well ahead of the held. • comment should see a return to the tried and trusted policy of city. West “ A constant pursuit of excellence moti- Once dubbed the leviathan of End and some provincial invest- the property sector " Land ment, producing profits of vates all BTR companies and the rewards of Securities rarely surprises the around £ 125m. If its approach to City and this set of results p/e of 21. If its approach to this effort are our consistently good results. with respectable profits and property development is as con- more modest We're ready for the next challenge at asset growth—was servative as ever, with the re- no exception. The shares rose cent rush of debentures and any time. After all, we thrive on competition. by just 2p to 31 2p yesterday. debentures in bearer form, Land its Securities began last land Securities is at least show- * fiffr ..." financial year by announcing its ing signs of a more innovative belated appearance in the fer- approach to finance. fj, 7y/ : Vt-r\ BTR PLC. SILYERTOtVN HOUSE. MNCENT SQUARE. Hawley has 28% of Pritchard SVYlP LONDON JPL. 01-S34 iS48. Hawley Group, which has had held 1 per cvnt The company MONTBLANC-THE ART its £145m bid for Pritchard said that these purchases are OF WRITING Services Group rejected as a clear indication that the ^mbsterstOck- nf_*^ e ** Ow MONTBLANC 7 Coiecton - is prabottv (he most inadequate, yesterday confirmed market views I the terms of the Amo us wnOng instrument o! our times, nept memtno the tea hi thart it bought on Tuesday offer to be fair. ^ oaron-flamg system «« “aw about 27 per cent of Pritchard's to the 14 cant gold W mb and Ota BOW-tfBtnl Wwtos. ordinary shares. . _ MO WT BLANC UBSTERSIUCK - a dasttc (X the The 31.16m shares were LADBROKE INDEX hiture bought for 118p each—the value 1,320-1,326 1-20) of the Hawley cash alternative. Baaed on FT Index Hawley's total stake is now Tel: 01-427 4411 about 28 per cent. It previously /' ¥ ***" v. Ti. Public Works Loan Board rates \. \\\ Granville & Go. Effective Hay 14 Limited Quota town rapeM Non-quota loans A* repaid at at \X\ Momber ol Ilia National Association byEIPt At maturityfi byEIPf At maturity! of Security UMiersDealers «"d Inwastmont Managers W % % % % % % 8 Lovat Une London EC3R 8BP 91 10i TelephoneToIsk.. 01-621nr a 1212 m Over 1 up to 2 91 91 9 194 18| 94 V\ sj Over 2 np to 3 91 9i 9 194 94 P/E nr/ jt r- m „ 19 10 9| High Low Grose Yield Fully Over 3 op to 4 9 9 81 Company Price Change 146 118 Aaa. Bnt. Ind. 4»*.{pJ % Actual taxed Over 4 5 9 9 Sf 10 10 91 Ord. ... up to 151 73 5.8 94 94 121 As*. Bnt. ind. CULS... 136 80 7.6 \\\ Over 5 up to 6 9 81 81 9i 80 43 Airaprung — 10.0 7.4 — Cioup ...... 81 94 94 91 + 4 B.Q Over 6 up to 7 8{ 8f «3 23 Arm Huge and Rhodes..', ? 13 3 17A 9 94 91 9 177 S 1 4.3 14.8 Over 7 up to 8 61 81 108 Harden Hilt 172 -1 3.6 4.3 65 £2 «0 2.3 21.8 Over 8 up 10 9 81 8 i 9* 94 94 9 Bray Technologies 22 -S 6Sxd — «.3 //// 94 94 94 9 201 100 CCL Ordinary - 6.6 7.7 7.0 Over 9 up to 10 8} 81 WO 10 12.0 12.0 94 91 9 152 93 CCL 11 PC Conv Pi. S3 2.4 2.3 Over 10 up lo 15 — 9 9* 94 ISO 80 Carborundum Qrij — 1S7 16.9 — — 94 9 142„CJ — Over 15 up CO 25 ... 9* 9* 9* 9J 34 83 Carborundum 9.1 B ' 4 8.8 7.0 f/JZ 7 5pe Pt 92 — . 9 65 46 10 7 ||,5 _ Over 25 91 94 >1 94 94 Deborah Services 55 32 — 70 12.7 5.7 20 Frederick Parker Group 21 7.5 •Non-quota loans B are 1 per cent higher in eaci case than _ 112 so George Binir HO _ A. Equal instalments of principal, i Repayment 6S 20 Ind Precision 4.5 8.1 non-quota loans t Castings 58 _ by half-yearly annuity (fixed equal half-yearly payments to inclnde 218 150 tan Group 156 15.3 12.0 122 101 — Interest). With half-yearly payments of interest only. Jack son Group 119 12.0 17.9 principal and § 345 228 — *// domes Burrouofi 322 +2 8.0 B.Q 99 85 James Burro ugh Spcff. 58 _ 10.2 10.2 95 58 John Howard Group X If/ ,. 1385 570 Mtnihouso Holding NV 1110x0 — 315 2GQ Record Ridgway Ord. 36.7 43.5 t . 315 +3 // 100 100 Record Hidqwoy 10% p; 5.6 9.7 ~ * Executive Redundancies? 82 32 Robert Jenkins 9 0 19.7 //iff ' phone: 34 28 Scrvttons ”A“ For the GoodNews B7 ee Torday and Carlisle — 7.7 330 Trevian 3 6 B.4 - 370 Holdings ...... Coutts 57 25 Umlock Moldings B.7 8 8 CQWSULTflNTS LTD -01839 2271 15.2 14.9 CAREER WO Ww *BhJ_1 175 93 Waltar Alexander ...... 228 192 W. S. Yoaies 9.6 11.7 5 5 9.4 1 •» AO Financial Tunes Thursday May 15 1986 21 UK COMPANY NEWS ISSUE NEWS Us Downturn in demand Tin: cuhemsenum is issued m compliance •silk the nqidrmmls of the Council of The Stock Exchange Mrs Fields set to become leaves TDS in loss Estates &General seeks US INVESTMENTS PLC. A SHARP downturn in demand, at £229.000, compared with i Incorporated under the Cmpanei Arts 1862 to 189S) brought about by a reduction in profits of £1.64m. or losses of USM’s biggest company finance orders for electronic com- 3-27p (earnings 23.9p) per 5p vc^ij 11*25 cent. ponents in thc UK and most share. Placing of £5,500,000, per &T RICHARD TOMKINS developed countries, left the The group obtained a quote First Mortgage Debenture Stock 2018 and quote TDS Circuits group £421.000 in Mrs Fields, the for its shares on the USM in at £109-890 per cent., payable as to £40 VS-basvd been accompanied by an equally Sachs International of the US. loss at tliv pre-tax level for eookie store By AIke Raws them June 1984. operator bvirtR rapid rise in borrowings, and The brokers are Cazenove. cent, acceptance and as to the floated °n rhe Croup 1985-86. per on unlisted svcantn.s interest charges soaked up over Tin- WaurfnrJ Gljys comment ^?**S£*£ market, today For thc current year Mrs quota- Thc loss compares with • balance by 29th August, 1986 publishes the 54m of profits last year. plan.: to add a »w York prospectus Fields is forecasting a near profits of £2. 66m. up from *oS >5^ for an offer for sale tion to it-- hating - on tin- London Last year represented the nadir a , three-fold increase in pre-tax .- ^ which is set Mrs Fields sa>^ the income £1.7 ini. in 1984-85. The final of latest cyclical downturn vi -3j^ to make it bv and Dublin block markets by the Application has been made to the Council of The Stock Exchange r'..-X far profits to from flotation will enable $18.5m. This is a * is b,e8eSt compan:* the issuing $4flm of American dividend being omitted (2.9p) in the printed circuit board for the whole of the above Stock to be admitted to the Official ’ ,> on thc -ifi'2>* pro-forma figure as if \ !?SM it to repay a substantial propor- prepared Depository Shari-N on NASDAQ, leaving shareholders with 2p, industry so there were few List. ’aiUL:. J^NtC At the offer tion of its debts and accelerate the proceeds from the flotation over-the-counter 4.9p. raised eyebrows over price of 140p a tin* N»-w York down from TDS's In accordance with ihe requirements of ihe Council of Thc Stock , ,arket its expansion -the US and had been available fur the whole inarki-i figures yesterday. the "•fft- iii." capitalisation m In their report the directors With Exchange. £550.000 of the Stock is available in the market on the will be overseas. of 1986. rford Glass will enlarge shares up at 159p. investors £210m. The next biggest \V;m say thc position for the past 4p dale of the publication of this advonuejneor. companies on the Some 39.7m shares are being On this basis the prospective iis capital by 9.9 per cent by have already forgiven the past L*SM are year ito February 28 1986) was Listing particulars of ihe Stock arc available in tbe Extel Asprey, valued at £1 offered, representing 20 per cent pricc/earnings multiple is 18.7, the b-ue or 21.4m new ordinary and are looking to a rosier . v.^'S 08.6m. and made worse by a general reduc- Statistical Service. Copies of such particulars may be obtained Blue Arrow at share*:. issue- will be spon- future. They may, however, £85.fim. of Mrs Fields' share capital. a figure struck after a lax The tion in stock levels and shorter during normal business hours on any weekday (excluding Founded in 1977 Of these. new .shares charge of per cent. The tax sored by Goldman Sachs and have to be patient awhile yet: by Mrs 12m are 6 times. Sanirdoys i up to and including 19th May. 1986 for collection onh' ' lead Thc resulting drop i : ' Debra Fields, now because will be fully underwritten. the peb industry is indeed on "V the 29-year- being sold by The company to rate is unusually low in activity, they odd. affected from The Company Announcements Office, The Stock old president and cent of Given ih.u ihe company has an upswing, as was clear from :' n chief execu- ruse £ 15.6m net, and the rest the remaining SO per all sections of the group's busi- Exchange. Throgmorton Street. London EC2. and up to and . -?i£& tive. its turn- recent statements Prest- r the company has shown will come from Mrs Debra the company is held by MK earned mure than halt from including 30th May. 1986 from the registered office of the r ness—especially the telecom- - rapid growth. over fr»»in ihe US «ince ‘he wick and Circaprint. but the fire at SI, Green Street, Mayfair, London W1Y 3RH. or ':r/ .-V;^'tE Pro:ox profits Fields and her 38-year-old bus- Holdings, which in turn is SO munications and military areas. Company nsen from WS1.000 band. Randall, who is chairman per cent owned by a company IH50?.. ii in keen to capitalise at TDS's factory cut production from: 5S? in Turnover for the first six J9SI to $6.Sm (£-J.4mj and director. called RiVL-rview with a sub- on :iM-.jrm<-:.s of it - acivitios in capacity to a third and wjU pre- in the finance months had been broadly in year to last December stantial tax shelter artMng from the US hut. hecausr.- of tnurist vent the company from return- on turn- Sponsors to the issue are J. previous year’s line with the ing to profit in the first half. Ii over up from S4.3m to S72.6ai. iLs other business activities. investor? through the flotation. Lazard Brothers & Co., limited Panmure Gordon & Co. Limited Henry Schroder Vagg. the UK it fell sharply in tbe second * We now *ell around 35 per but the damage is repaired by the -\~.Yr-..?'*1£ However, the expansion has merchant bank, and See Lex 21 MoorfieJds, 9 MooffiekL High walk, Goldman half reflecting both lower sell- autumn, should reap suffi- cent «>f our gl-i>s and china in TDS London EC2P2HT London EC2Y9DS ing prices and a decline in * the US hut. beeaunsc of tuorist cient benefits from the upswing :::. r; v r*5 k for year a v purchase-, between TO and SO volume—sales the as to show a modest profit for the whole Ml from £lt.9Sm to Chas per cent of nur output eventu- full year, but anything more '•^vT-r'if^^ Barker £9. 26m. ISlM May, 1986 Molynx raising £300,000 ally ends up in American will have to await 1987. With loss was struck after hands" ‘••‘•id Mr Faddy Hayes, The market forces favourable and offer gives taking account of interest and Waterford's chairman. TDS then well placed to take " charges which amounted by at discount Without :i quotation we similar deep 35p US advantage of the recovery, £30m valuation misled Hie opportunity lo bene- to £34 1.000, against a previous •. ’.' ;-...-*s THREE MONTHS' c REVIEW COMBINED LEASE FINANCE PLC u ASSURANCE £45,000,000 Acceptance Credit and Advance Facility Strong profit by _ . Managed improvement NM Rothschild & Sons Limited 'A' Improvement of £30m in unaudited A' United Kingdom continues to make good operating profit before tax. progress despite severe winter weather. At Shareholders’ funds increase substantially At Substantial rate increases and our previous following strong investment actions in the United States start to benefit Providedby performance. results. Growth of life business. First Interstate Bank of California NM Rothschild & Sons Limited MAIN FEATURES OF RESULTS 3 months 3 months Year 1986 19S5 1985 Manufacturers Hanover Trust Company Yorkshire Bank PLC Unaudited Unaudited Actual £m £m £m Westpac Banking Corporation A P Bank limited Total premium income 714.1 694.7 2,306.0 Operating profit/ before taxation 12.4 Co. Limited (loss) (17-5) .2 Allied Irish Investment Bank pic Henry Ansbacher& Taxation and minorities (7.5) (4.2) (31.6) (London) Australia and New Zealand Banking Group limited Banque P&ribas Realised investment gains 15.6 .6 59.9 Profit/(loss) attributable to shareholders 20.5 (21.1) Credit Agricole, (30.5) The British Linen BankLimited London Branch Earnings per share 4.97p (5.11)p (7.40)p Singer Friedlander Limited Credit Commercial de Ranee, & Shareholders’ funds £ 1,336m £l,005m £ 1,161m London Branch Operating profit/(loss) before taxation £ra £m United Kingdom 11.5 3.0 United States (7.1) (31.7) Netherlands 9.6 8.7 Canada 2.0 1.0 Rest of the World (3.6) 1.5 12.4 (17.5) Agent: N M Rothschild & Sons limited Commercial Union Assurance Company pic Men- 1986 assurance j — — May 15 1986 Financial Times Thursday UK COMPANY NEWS '.£h preffllil General Accident motor Ultramar s premiums to rise by 9% Genera] Accident, the UK's a fall in overall underwriting commercial business in -the US leading motor insurer, is to in- josses of £77.7m (£69.5in). helped cut the underwriting crease its motor premiums again The result was at the top loss from £32Jm to £26m where TERRY POYEY ext month by between 8 and end of analysts’ expectations premiums rose to £l87.2m) BY 9 per cent. The ann ouncement but in a falling market the (£165.7m) and in other terri- Ultramar, the independent was with of shares were down lip to dose tories the improved result in made the release oilil production and exploration its figures for the first quarter at 841p. Canada, losses down to £4.8m company which has' developed' tfitramar of 1986 showing that under- Mr Buchan Marshall, chief (£7.2m), contributed to a fall and retail- significant . refining T:? writing losses on the UK motor general manager, says there of £4J2m to losses of £l0.5m. ing capacity in Canada and the included account increased from £7.7m were good improvements in The Canadian figure a US and liquid natural gas -pro-' to £8.7m. overall performance in the US loss of £800,000 for pilot insur- duction in Indonesia, yesterday The move follows increases and Canada and in most of the ance of Canada, acquired In announced net profits of £17-8m territories trends this year. of between 5 and 7 per cent major the January fbr' the first quarter of 1986. were in the right direction. £46.4m in February and of up to 8.2 Directors say the increase in This is less than half the m per cent in October last year. Seasonal weather daixns income reflected' an last time in what is tradition- investment " The action was considered totalling about £18m in the UK underlying growth rate of 9.4 ally its best quarter. . no improvement on the company Pre-tax profit necessary by the continuing showed per cent. In March, . the high claims frequency. previous year, particularly in announced it Was -cutting capital from long-term life Profits - mm the Homeowners' account where | expenditure from a planned The motor account and the (£2 £2 | the deficit increased by a third rose to Pm Pm). Net £85m. With spot increased worse-than-expected losses on £L65m . to by 123% : annual premiums . in the . UK the UK weather account were from £10_3m to £13.7m despite prices for oil still depressed. j were almost unchanged at the only problem areas in a an increase in premiums. | North Sea Brent blend was yes- £5.8m. Single premium busi- i period when th composite in- However, overall, the UK terday quoted at about $13.60 a ness was £5.1m against £31m last Dividends surance company reported pre- underwriting deficit was down barrel. Mr Lloyd Bensen.chair- up 107% time, which had been boosted tax profits of £5.1m, against from £30.9m to £27m on pre- man, said the group’s 1986 ob- by the launch of the group’s “ losses last time of flS.lra. The miums up at £169.5m jective was to maximise our. unit-linked operation during comparable figures have been (£ 133.3m). Losses on the com- Immediate cash flow.” restated at rates of exchange on mercial property account were the period. In the first quarter, cash December 31 1985. almost halved at £5.3m against The pre-tax figure was flow from operations totalled struck after interest charges of and Premium income rose from £10.4m. benefiting from higher £45 .0 m, against £62. 9m tax £185 .4m for last year as a Year 31st January 1986 £471.1 m to £539m and there ratej and reduction in large £400,000 (£500.000). The ended 1985 Elton, group was also a rise in investment industrial fire claims. charge was £4Pm (£9.3m) whole. Mr David capital expenditure (including £000*8 £000)3 market- Gulf income to £66. Im (£57.|m) with A marked Improvement in See Lex executive director and the £90m paid for Canada’s that fur- Turnover 62*648 65,545 ing coordinator, said assets) and tbelevel of the divi- ther small reductions in the dend payout. It -is ‘hird to see capital expenditure programme how the sum. of these can be Profit before tax 5,447 2,447 CU back to profit with £12m might be made if cash flow fell kept under £230m if the divi- below expectations. . dend total is to. be maintained cash Ordinary Dividends P P ALMOST QUADRUPLED profits Total premium income rose Continued improvement in "The objective is for at 10.5p. Last year 4h« grpnp the result was reflected flow, dividends,. to cover per share: 2.7S 1.33 in the UK and a huge reduction from £695m to £714m an under- UK after generated some £185m in cash in the Joss from the US has lying growth rate of 11 per cent across most classes of business, capital expenditure : and sched- and analysts .are .'foretasting enabled Commercial Union after adjusting for exchange with commercial lines showing uled loan repayments,” the around £150m for 1988, which' the greatest increase. Operating Assurance to turn round its rates. Distribution of this in chairman said. suggests that the notional 1986 ratio was reduced to 109 (113.9) pre-tax result by £30m in tbe the quarter (in percentages) The capital expenditure now target is beyond read). The' con- per cent and the underwriting first quarter of 1986. was UK 32, US 28. Netherlands scheduled for 1986 is aimed at tribution from the Gulf Canada 24, Canada 6, and Rest of the loss fell to £16m (£21 .2m). 1 drilling and developing re- "Swish” curtain systems and building products: Profit for the period has come assets Is helping: to ameliorate World 10. Investment income showed serves that can be brought into in easb “Vi-Spring” beds; computer services; ferrous castings, to £12.401. compared with a loss the drop flow- from oil Non-life premium income rose underlying growth of 19 per production in the short or forgings and plastic products. of £17.5m last time. The UK and gas but the new business £522. and the under- cent and life profits were 6 per term,” according to Mr to medium ' account for £11.5m (£3m). the £2.8m 9m is seasonal, and one of its two reduced from cent up at £6-8m. Bensen. Netherlands £9.6m (£8.7m) and writing loss was goad quarters is already behind £99.9m to £63.6m. Life premium In the US the underwriting Canada £2 (£lra). while the US In the first quarter. Ultramar it The best hope for bridging income was up to £191 -2m loss was reduced to £34.8m loss was reduced to £7.1m had sales of £628.7m (£820.4m). the £80m cash gap. Date . Corre- Total Total Sir James Ball, chairman of Current of sponding for last Legal and General, told the payment- payment div. year year AGM that the company’s UK int 2.5 Aug 12 2.25 — 6.88 general insurance underwriting Bremmer mmmm nil — 0.5 0.5 1 had improved in the first quar- External Trust 8.5 July 14 6.5 14.5 12 Land 6.9 — 5.55 9.8 ter of 1986. Securities ‘ 8.15 There had been substantial inf. 1.6 July 10 1.35 . 3.6 * bad weather claims in the early 0-45 July 4 0:45 0.7 Q.7 TDS Circuits nil — . 2:9 2 4.9 ADAPTI OIL PRICES part of the year, but the cost — TO .int 1 nil NG two- — nil LOWER only of these claims was thirds of 1985 figure and pre- Asda Property 3 July 1 — 3 — Cashflow holds up well at £45.6 million First Quarter First Quarter Year mium rate increases had fur- Gleves 2.3 July 1 2 3.3 S SUMMAHYOF 1986 1985 1985 ther improved the position. Henderson GP tlli 43 July 14 3.75 7 6 FINANCIAL RESULTS £ million £ million £million The underwriting loss from KCA Drilling .. nil — 13 13 2 UK general insurance opera- int nU — nU — 0.3 Eastern Canadian marketing performs well tions for the first quarter of Dividends shown in pence per sham except where otherwise Turnover (Sales Revenue) 2,357.8 1986 was estimated at £6.5m stated. * Equivalent after allowing for scrip issue, t On capital following acquisition ofGulfassets Operating Profit before Taxation 265.7 compared with £13.5 m in same increased by rights and/or acquisition issues. tUSM stock. period in 1985. 8 Unquoted stock. Operating Profit after Taxation 96.0 uit Quebec refinery operates athigh capacity Net Profit attributable to the Group 71.6 level Cash Flow from Operations 185.4 Indonesian LNG prices maintained in first quarter but since substantially reduced First Quarter First Quarter OPERATING RESULTS 1986 1985 Rom Sales ofOil (barrels per day) 304^00 308,400 248,900 Cost reduction measures taking effect Oil Refined (barrels per day) 97,200 75,600 85,100 03 Produced (barrels per day) 31,000 31,400 31,000 Capital expenditure programme cutby40% Gas Produced (thousands ofcubic feet per day) 434,600 432,200 413,400 Second quarter likely to be weak but balance Gross Wells drilled 93 86 339 ofyear looks more promising Oil and Gas Wells completed 61 59 397 to coal shovels One things certain. ParifiCorp isn’t your typical American elec- tric utility. True, our Pacific Power & Light Company is the largest .electric power company in the Northwestern United States. But our diversified companies are also engaged in busi- i nesses from telecommunications to mining and financial services. Our 87 percent interest in Pacific Telecom rmE s makes us a major player in U.S. telecommunications ranging from f / "Nl| local and. long distance service to non-regulated activities. Our Q percent of v 90 NERCO puts us among the top ten U.S. coal Ullr H companies, supported by a biffion tons of reserves. And also ranks us as one of the largest U.S. producers of gold and silver. * And now we’re moving strongly into financial services with our ParifiCorp Credit and ParifiCorp Fi- nance units, which provide leasing and lending services to other businesses- Today- 3,111051 M of our nearly $2 billion am...! SaieS C me from our W ? diversified activities. ParifiCorp. Our growth is powered by diversification. in electricity. In mining. In tdeconmmnicatkm- In asset-based leasing and finance. For further information, Steve Rafoth, vice please write president, ParifiCorp, 851 S.W. Sixth Avenue. Portland, Oregon 97204. U.S.A. [S5E25HHI Gasoline delivery to one the recentlyacquired Gulfservice stations in Eastern Canada. of # PACIFICQRP Ultramar “Oi-cfly MiftPfl. letaconnwriicaiana. Morgan House. 1 Angel Court Ass« uwtdng London EC2R 7AU the First Fora copy oftheReportfor Quarter1986please write to the CompanySecretary at the aboveaddress orto Ms. R. Brenner, American UltramarLimited, 120 WhitePlainsRoad, Tarrytown, New York 10591. ' 1q 23 financial Times Thursday May 15 1986 UK ECONOMIC INDICATORS UK COMPANY NEWS ECONOMIC ACTIVITY—Indices of Industrial production, mono- facturing output (ISS0=100); engineering orders (1330== 100); retail sales volume (1980=100); retail sales value (19S0-=100/; S registered unemployment (excluding school leavers) and unfilled vacancies (000s). All seasonally adjusted. IndL Mfg. Eng. Retail Retail Unem- Tate asked helps Vacs. Garage Rationalisation prod. output order voL value* ployed door competition 1985 153.6 1st qtr. 106.4 103.0 104 113.4 133.9 3,138 to explain 161.7 2nd qtr. 108.4 103£ 107 115.0 141.4 3,171 79 164.4 NSS to £4m midway 3rd qtr. 108.4 10X7 101 1163 145.2 XI 16X2 hits 4th qtr. 108.6 10X8 98 11X6 177.7 3,174 Berisford 162.9 Henderson profits CONSIDERABLE benefits full conversion of the loan August 108.1 104.1 102 117.5 145.4 3.183 102 115.6 143.7 3,179 167.3 generated from the rationalisa- stock. September 109.4 10X8 UNEXPECTEDLY 91 115.0 149.8 XI 73 172.6 harsh iruSm at 6.9 (10) and as a percentage £1,000 (debit £149.000) being For the previous year ended October 108.3 103.1 bid leak tion and groundwork under- 164.8 3,167 170.0 of average shareholders’ funds net gains arising on the abor- September 29 1985 the group November 109.9 1OL0 100 117.4 taken last year and the early December 107.6 104.4 103 117.3 210.4 3.184 16X1 at 29.8 (37.9). tive offer tu acquire R. Cart- By Lionel Barber and made a profit of £4.52m Easter are reflected in the first 1986 Profits, before group central wright (Holdings) a year ago. Andrew Gowers (£5. 81m) after exceptional gaffes half results of the NSS News- 1st qtr. 11X0 145.4 3JHH 164.6 costs and net interest paid, charges of £1.36m. The final agents group. January 108.3 102.6 98 117.0 145.6 3.205 159.7 were £0.78m (£7.79m), with The Takeover Pami has dividend was 245p. • comment February 110.1 103.3 117.2 140.9 3.210 165.0 contribut- asked Talc and Lyle, tbe UK For the period ended March gjrtpaa the garage door side 3,198 169.0 • comment March 219.8 148.6 Profit from ing £2 .44m (£2.G7m). The market got wind of Ilnder- sugar refiner, tu explain how 30. 1986. turnover rose nearly to The effect of six extra days of £3.o2m ]n »», e son’s dismal full year figures a details of its conditional £10m to £99.07m and produced 1vmp The industrial door division goods, investment goons, ended March l heavy Easter egg consumption OUTPUT—By market sector; consumer 1986. couple of weeks ago so ihe share £478m offer for S. and W. a pre-tax profit up from £3.32m output, The year built on past success and made in the first half of this year intermediate goods (materials and fuels); engineering has seen significant price had already slipped Berisford, the commodity to £4.02m. But this increase is volume a record £2.39 in (£L93m), but compered to last makes these metal manufacture, textiles, leather and clothing (19S0=10O); growth and away before yesterday morn- trading group, leaked to news- more pronounced when allowing mSiSent the performance in Normand interim figures diffi- housing starts (000s. monthly average). resulting in a for the exceptional debit of from NSS 22 per cent lift was particularly disappointing, ing's announcement. Analysts papers. Consumer InvsL Intmd. Eng. Metal Textile Housg. eS cult to interpret. However, it £8°- 53m There who had been forecasting £7m £460.000 that was charged last mnfg- etc. starts” neen has says the chairman, and profits The Panel Is also believed seems likely that at least part goods goods goods output Sef h^heav> investment pre-tax a month ago were well year. in fell to £85.000 (£819.000). This to he concerned about the of the unexpectedly strong in- 1985 gSS^jr.PWJW although was partly Internal prepared for £5.0m. Neverthe- reports The group operates over 550 1st qtr. 103.1 1024 109.7 103.7 1104 994 1X8 due to stream of newspaper crease in profits was achieved 1X6 ^ has affectud the less yesterday's l6p rise to 2l8p. retail outlets dealing in con- 2nd qtr. 1934 104.4 1118 104.7 1154 100,3 profit™ operating difficulties, now signalling Tate's intention to by more lasting means. The largely on the back of an optimistic fectionery. tobacco, audio and 104.8 102.0 113.2 1034 114.7 10X3 17.1 Meanwhile, overcome. mount a bid for Berisford, management consultant's recom- 154 the group is statement, dismiss a visual products. 4lh qtr. 104.6 103.4 1134 1034 111.0 10X9 well Major investments have been does not currently contesting a £486m mendations of last year are ™ay t0 overcoming rather September 10S4 102.1 1144 1044 1144 1034 17.4 . rhe made in poor case of foot-shoot- all-share Hillsdown D. C. Thomson, the Dundee- principal adverse the European security offer from being put to good effect: a new October 1034 1024 1134 103.0 11 LO 103.0 194 factors which division, ing. The demolilion or Nor- based printing and publishing wt but the American Holdings, the UK food and look has been introduced to the 105.1 115.7 10X0 11X0 106.0 16.5 operations last year, and is mand's profits cannot really be group, which owned nearly 10 November 1024 confident side's profit fell because of the furniture manufacturer. stores, and a better range of December 1054 1044 1104 105.0 109.0 103.0 104 of an Improving trend written off against adverse per cent of the company’s over the weak dollar. The whole section goods is being sold. Meanwhile, 1986 current year. market conditions. Henderson Tate has launched a power- capital announced yesterday it made £1.4m (£].78m). Wynd Up records, which has 1st qtr. 14” ®?al is 4 -5p for a net mismanaged the business and ful campaign in recent weeks had recently purchased a fur- total , All overseas subsidiaries per- been a drag on the group in Januarv 1024 1014 1144 1024 1094 102.0 14.1 of «p, against Gp, landed itself a strike. Else- to publicise why it should he ther shares to bring its formed strongly except South with 14m the past, is now generating February 104.1 100.7 117.4 1024 1124 304.0 1X7 Visual allowed to acquire British aggregate holding 5m. or **/*<” chairman, Africa, but this is back in where Contact in the up to good returns. On profits of March 154 sajs that the first Sugar. Berlsford's wholly- re nr. half was fait profit. security division was put off 15.57 per £6.6m this year the shares are ny intense owned subsidiary. The Panel Indicaiions for the competition in the On the current year, Mr balance by a physical move and second now on a p/e of 15.5, about the r.Ai KKiMa i. —indices 01 export ana uupurc vuuuuc garage door business. top. apparently is concerned that encouraging, the direc- oil balance Trading Gaynor say's the group has main- again some weakness at the half are same as far more fashionable (1980=100); viable balance; current balance (£m): margins are nowhack this may led to an un- tors report. a satis- reserves. to reason- tained its market share in For one reason or another this have They expect stocks in the sector. The clue to (£m); terms of trade (1980=100); excluding able levels, but a Current Oil Terms Resv. benefits did not garage doors and margins have was the year that Henderson ruly market In Berisford factory result for the year as the 40 per cent price rise this Export Import Visible accrue until shares, particularly balance balance trade US$bn* the final quarter, improved. In security, the pro- indulged itself with outside (he morn- whole and are lifting the year to 174p yesterday is the volume volume balance which typically 1985 is a poor period duct range is comprehensive consul lants, new systems and ing details of its offer interim dividend from 1.35p to heavy buying from DC Thomp- for sales and 1st qtr. 11X6 12X6 -1466 -374 +1,958 9X1 13.53 was aggravated by and technically excellent Sub- the less avoidable shunts of appeared in the Press. 1.6p net per share. son. While that company is not the severe 2nd qtr. 120.5 1244 -124 + 1.333 +2.411 974 1442 late winter. stantia] investment in product £300,000 of currency losses. In There is fl.55m tax this famed for its aggression, its ’ All parties involved in the 3rd 1164 124.1 -453 + 1,072 +1.900 100.2 14.18 , ycar s total sales, improvement and productive all the “ exceptional " knocked time, against £1.3m. leaving buying of NSS into a rising qtr. *„?L_? ^..«. Berisford bid battle are wait- 4th qtr. 11X9 127.4 -225 +921 + 1493 101.6 1X54 f41.93m (£34m) were achieved efficiency has been made. up to £lra off profits and so earnings of 7.4p (4.6p) basic market needs ing for Mr Paul Channon. further explana- September 1X&7 123.6 - 87 + 421 +662 100.6 14.18 in the second half. Operating The 2985-80 net interest Henderson should bounce back and 6.Sp (4.3p) after notional tion. Trade Secretary, to decide October UX8 12X0 + 7 +334 + 754 101.0 16211 profit came out to £5.T8m to £7m pre-tax this year with- charge rose from £519,000 to whether to recommend that November 11X5 129.6 -214 + 112 +649 102.1 15.98 f£6.76m) with the latter six £736.000. After tax £2.1m out too much trouble. But mean- the Tate offer and the IXills- December 119.4 1274 - 18 +475 +491 10L7 15.54 months producing £2. 92m (£2.59m) minorities £20.000 time this is a quality operation and down bid should he referred Bremner £0.4m in loss 1986 (£3.85m). came out that could attract a bidder who but (£4,000), earnings to to the Monopolies Commis- 1st qtr. 1174 125.4 -1,337 + 863 +2,079 101.0 15.88 The year’s pre-tax profit as 15.4p (18.1p) per share. There is willing to look beyond imme- January 11X1 1194 +140 +1,140 +997 10L7 15.60 a percentage sion. oE sales is shown is an extraordinary cradit of diate payback sums. set for a return to profit February 120.7 125.5 -338 +262 +685 1004 15.80 March 113.1 130.9 -1,138 -538 +397 100.6 1625 BY JOHN MURRELL April 18.99 Cadbury sale Bremner, the Glasgow Abbeycrest store During the latter part of the FINANCIAL Money supply M0, Ml and sterling M3, bank for Gieves operator which has experienced past — Static profits Cadbury' Schweppes, the year Bremner also bid for advances In sterling to the private sector (three months’ growth a decline in profits from confectionery and soft drinks George Dew, a civil engineer. at annual rate); building societies’ net inflow; HPt, new credit; all £562,000 in 1980 advances INCREASED development (7.4p) per 20p share. group, has reached a pre- to a near However, the £9m offer was seasonally adjusted. Clearing Bank base rate (end period). break-even £5.000 expenditure at its International From turnover 22 per cent liminary agreement to sell Its in 1985. ran rejected by Dew's directors and Bank BS HP Base up a loss of £42 1.000 in 1985-86 following to licensing and exporting subsidi- ahead at £34-34m (£28.09m) 75 per cent stake in its a lack of acceptance M0 Ml M3 advances Inflow lendingf rate £629,000 and is passing its final dividend. the bid lapsed. ary’ has left Gieves Group with operating profits came out at Swedish subsidiary, Cadbtuy % % % %« £m £m % With turnover rising from slightly lower pre-tax profits of £1.31m (£146m). This profit Slotts. to Marabou AB, Last October the group The cost of the aborted bid 1985 1,511 3409 13.50 £3.99m to £5.5m in the half £lni for the year to end-January was split between the group’s Sweden, in a deal worth acquired control of Phillips was taken below the line in 1st qtr. 24 0.7 9.1 154 Patents 5.1 32.4 20.4 194 1,523 3,082 1240 year ended February 28 1986, 1986. against £1.01m previously. four activities as follows: between £4m and £44m. (Holdings), a footwear Bremner's results and 2nd qtr. “ 3rd 5.5 1X4 11.6 17.5 1,771 3474 1L50 Abbeycrest has lifted its pre- At the interim stage profits tailors and outfitters £602,000 and rubber components com- accounted for a considerable qtr. Marabou bolds the out- pany, re 4th qtr. L4 2X1 17.8 17.7 2499 3,431 1140 tax profits from £472,000 to were £8.000 better at £378,000. (£754.000), book and magazine and B inner’s results for amount" of a £448,000 extra- standing 25 per cent. The September LI 5.2 12.3 14.1 597 1,132 1140 £629,000. manufacturers £570,000 thep ast year (to January 31 ordinary provision. The results as a whole were deal Is expected to be com- 1986) included a profits contri- October 1.5 24.9 19.8 1X7 796 1444 1140 The company, which designs (£332,000), publishers and Bremner directors say the rather better than expected, the pleted on July 1. bution from Phillips amounting November 3.0 2L5 20.4 17.6 638 L095 1140 and distributes gold and silver library suppliers £332,000 two-day board meeting was directors state, due to an to £132.593. December 2.7 29.1 144 17.0 865 1,192 1140 jewellery, achieved further (£308,000), and motor and called for the purpose of dis- 1986 especially good performance by Janies Rowland- penetration of its principal petrol retailers £111,000 Mr Jones, the cussing “the actions and con- 9.0 10.7 Burns, its book and 1st qtr. 64 124 2420 7467 1140 markets, as a result of the suc- Redwood former chief of Phillips Patents duct of the chairman, Mr M. magazine manufacturer, and the (£92,000). No probes January 94 1X6 11.1 11.4 770 2.739 1240 cess of the updated ranges in- and now chairman of Bremner Black, and the non-executive February 4.6 5.3 64 9.1 793 2418 1240 reduction in interest charges The net development expendi- Secretary of State for troduced last year. Reaction The following the resignation last director, Mr L. Casper, and March 5.1 8.2 144 16.4 637 2410 1140 Inter- to the 1986 range has been from £162.000 to £68,000. They ture at Gieves & Hawkes Trade and Industry has month, after a two-day board following a review of their April 1040 to fe. “equally positive.” expect profits for the current national rose from £89,000 decided not to refer to Ihe meeting, of Mr Michael Black, activities it was resolved that year to be similar to the pre- £236,000. and is shown as an Monopolies the said The company, which Is quoted Commission yesterday that Bremner both be requested to resign.” INFLATION—Indices of earnings (Jan 1980=100); basic sent result. exceptional item proposed acquisition by will be back in profit in products on the USM, is paying the pro- the Following discussions, both materials and fuels, wholesale prices of manufactured or current year, food prices (1974=100); mised lp net interim dividend, An increased final dividend After tax of £205,000 Wardle Storeys RFD hopefully by the directors submitted their writ- (1980=100); retail prices and FT and acquisition by interim stage. commodity index (July 1952=100); trade weighted value of on which directors’ waivers of of 2.3p (2p) is proposed, which (£373,000) and minorities of Group the ten resignatio will bring the total for the year £15,000 (£10.000), attributable Merenry International Group He was also hopeful that the Mr David Beresford Porter sterling (1975=100). £30,319 have been received. The Earn- Basic Whsale. FT* against to be paid profits increased from £648,000 of a 50 per cent stake in total dividend will be restored was appointed a non-executive half year earnings are 5.7p to 3.3p 3p. mails.* comdty. Strlg. Potter Partners. to its Ings* mnfg.* RPI* Foods* : earnings of to £816.000. former lp level director.. (4.4p). . from stated 84p 1985 2nd qtr. 1704 1384 139.4 37X3 339.4 27X13 784 3rd qtr. 174.4 133 J. 1404 3764 3354 25L12 824 APPOINTMENTS 4th qtr. 17X9 332.6 141 j4 37X1 337.4 n/a 794 40U*C£D September 17X1 132.7 1404 37X5 33X8 251.12 8L.4 October 173.9 134.7 1414 377JL 33X5 24X46 80.4 November 1764 132JL 14L5 37X4 337.4 »/a 80.0 December me 134.7 3414 3784 339.4 n/a 794 Chief executive for 1986 1st qtr. 1334 143.4 3804 3434 n/a 75.1 January 17X9 13X2 142.7 379.7 34L1 n/a 76.6 February 1774 1334 1434 38L1 343.6 n/a 744 Montagu March 1294 1444 38L6 3454 n/a 744 Investment April 128 J. 145.4 764 * Not seasonally adjusted. Mr Peter Axten will be joining ning manager at Cadbury includes amounts outstanding on credit cards. the investment banking sector of Typhoo. has been appointed com- t From Jan. 1986 the MIDLAND BANK GROUP as pany their freshness secretary. Mr Bralsford is lose chief executive of its newly- one of the management buyout created investment management team which bought the company company, Montagu Investment last month. and as a managing director of * This Advertisement is issued in compliance with the Samuel Montagu & Co. He will requirements of the Council of The Stock Exchange. Mr Llaun Strong, be responsible for the various currently sales investment management activi- marketing and director of RECK3TT pharma- ties previously handled by & COLMAN'S The Cambridge Water search for Samuel Montagu & Co, Midland ceutical business Internationally, inthe moves to Bank investment department. North America in ' £ Midland Bank unit trust mana- September as president of the Company gers. Midland Bank equity group group's Canadian business. (Incorporated In England) and Greenweli Montagu private Following Mr Strong's departure. Philip clients department, and for the Mr Cross, currently inter- Placing of OJOOOJOOO development of investment national marketing manager for pharmaceuticals, 10 per cent. Redeemable Debenture Stock, 1996*98 management business on a world- becomes mar at £100 per cent (£10 per cant paid) wide basis. Mr Axten will join keting director. prescription capital? products, and Mr Steve Riley venture Samuel Montagu in June from Application has been made to the Council of The Stock Hill Samuel Investment Manage- moves across from household and Exchange for Ihe above Stock to be admitted to the Official List. ment. where he is deputy chief toiletries division’s inter- The Stock will rank for interest pad passu with the existing executive. national department to become * marketing director, OTO Debenture Stocks of the Company. Mr Dick Andrews has become medicines Particulars of the Stock have been circulated in the Ex tel group personnel director and a * Statistical Services Ltd., and copies will be available, (or director of DIXONS GROUP GREYCOAT GROUP bas ap- collection only, during usual business hours until 16th May, 1986 MANAGEMENT. He was pre- pointed Mr Peter Thornton as from the Company Announcements Office of The Stock viously personnel director of joint managing director with Exchange, London ECZ Copies may also be obtained during Dixons. Mr Gerald M. N. Corbett, Mr Ronald Spinney, who is also normal business hours up to and including previously' group financial con- appointed deputy chairman. 30th May, 1986, from has become director of * troller. Seymour, Pierce & Co, 5 corporate finance and a director FRIENDS’ PROVIDENT has of Dixons Group Management. appointed to the board Mr 10 OM Jewry Mr BUI Lazarus joins the group John A. de Havllland and Mr London, EC2R SEA on June 2 as group financial con- Richard M. O. Stanley, both of troller from Softsel Computer whom are on the board of United or from the Company’s principal office, Products where he was finance Kingdom Temperance and 41 Rustat Road, director. General Provident Institution. Cambridge, CB1 3QS. * ie 15th May, 1986 Mr Geoffrey Walters has been Mr M. C. Bowen, Mr J. N. elected an executive director o! PRIEST MARIANS HOLDINGS. Brew, Mr P. H. Clarke, Mr C. R. T. Edwards. Mr P. J. Ellis, He was financial controller. k * * Mr J. I. M. Hamilton. Mr C. J. Hue Williams, Hr W. Mellen, els Professor Dean Berry bas Mr D. J. Millard. Mr C. H. W. joined the board of BP VEN- D. Rutherford, Robson. Mr A.R. Th/s Advertisement Is Issued In compliance with the TURES. He is a visiting pro- Mr J. F. Salmon and Mr J. G. R. requirements ol the Council of The Stock Exchange. fessor at Insead and the London Williams have been appointed to Business School, and a director the board of KLEINWORX of the Management Analysis BENSON. Mid Southern Water Centre, an international consult- w ing firm. BP Ventures’ main Mr Arthur J. Murray, until role is to develop new businesses Company recently managing director of based on BP’s technologies and Carousel Colohire and a director (Incorporated in England) skills. of Currys, has been appointed a for at the other end ofthis coupon . Send it now * Placing of £9,000/X)0 ^^ff^^Gomplications of the search Or director and non-executive chair- •j'he THE 600 GROUP has appointed 10 per cent Redeemable Debenture Stock, 1995198 of details. man of MERROW SOUND AND knock the freshness out wen for more Mr Raymond S. Stanton as venture capital can easily VISION, Woking. at £100 per cent (£10 per cent paid) You’ll find that when it comes to sou nces ofcapi- managing director of the jointly- business plan. * Application has been made to the Council of The most interesting owned 600 Group / Fanuc, Stock the acquisitions, Exchange for the tal, Cardiff’s now the capital ofsources. Colchester - based 600 Fanuc Following recent above Stock to be admitted to the Off Icial Ust fresh new idea ofour own. Hence, a Robotics. He remains a director EMAP has appointed Mr Kevin The Stock will rank for interest pan passu with the existing Consortium. A unique new oigani- Send toNonnanMyerscoughi The CardiffConsortium, of The Colchester Lathe Co and Hand as managing director of its Debenture Stocks of the Company. The Cardiff | Cardiff CF1 general manager of its CNC new circulation and distribution In accordance with the iwparemEMfsof theCauncfl of TheStock capital ftmi. I pearl House, Greyfriars Road, 3XX. major British venture division. company- Mr Tom Moloney has 0-on, ofseven M * been appointed managing direc- (kite ot Pubficstlon of this Advertisement to offer you a srn^e point ot together, Name^ London publishing Particulars of the Stock have been circulated Working J Mr Stephen C. Shears has been tor of a new in the Extel appointed executive division, responsible for the Statistical Services Ltd, and copies will be available, for but collective decision-making. Address an associate contact, director of SHORT LOAN AND development of teenage sector collection only, during usual business hours until 16th May, 1986 possMi- I can esplore the | Mr Bob Feethan has from the Company Announcements that a single enquiry MORTGAGE CO. magazines. Office of The Stock So Mr Peter Strong as the Exchange, London EC2. Copies may be obtained - of indicates wb.ch 4r replaced also during individually or director of EMAP of each fond FT/15. New local director of the managing normal business hours up to and including tte I Business lei No — Publications, and has Southampton office of INVES- National 30th May, 1986, from succeeded at Pursuit Pub- C°mbm THE TORS IN INDUSTRY is Mr been Seymour, Pierce Co, fester, clearer decisions. Mr Barry Dennis. & turn, mean, % Stephen Den ford, who transfers lishing by WMch, in 10 Old Jewry legal.and other advsoty from the group's Reading office cost^flectlve TV Rental has London, EC2R8EA /And also, highly CARDIFF where he was manager. Granada pro- anywhere in the Mr Rob Baker to market- or from the Company’s principal office, any project, * moted services.) For director. He succeeds Mr Frimley Green, capital not ///>/' PREMIER BRANDS has ap- ing force in venture Parish, who left Granada You’ll find.this new pointed Mr Martin Bradford, David Cambertey, 1 CONSORTIUM previously director last year to join Mitsubishi of treasury at Cardiff. Surrey, GU106HZ butout in • Cadbury Schweppes, finance Electric (UK) as managing London,[on, d development Cwtvl croup • English trust comiaxv as in . crncoRP-VENTURE CAPrnu. fun 15th May, director. Mr Phil Sheward, director. Mr Baker was market- 1986 JCIBIHOUSJAMET WELSH DEVELOPMENTAGENCY WELSH VENTURE CAPITAL FUND * V * • CHAP formerly information and plan- ing manager. <•! «. f • f r ' ' 1986 . . Financial Times. Thursday May;l5 Images get fast food treatment THE image-making processes of colour enlargements on paper instant photography by Pola- shake-up of photography, film and television in much the same way as the raid's lawsuit — has a straight for long had have an odd 24*hour D 4 P service. There business investment in Mr affinity with the fast food bust- 1$ no fundamental break- O'Neill’s UK City Photo chain ness. Both serve not only a E through in photographic tech- and is also supplying mini-lab forever huge consumer market nology comparable to the equipment along with hungry for something new, but instant colour prints from a materials. P U P ar °jd era; Although Kodak the nev°er^actooS« W H °l is not refinementT of ‘ W?U only photographic materials JSSL linS ^wfcfis tois life \ , stab shed processes in order manufacturer supplying mini- RfJSe“ weiS no ™timee f V , t0 automate and speed up the labs. the business represents for t0 an 3Iia S e ° ' eycJe- the part of a wider ™J , .. company There is now a sttongly-identi- _ The colour enlargements strategy 10 gear up traditional trend camera dia fiable m me which can emerge from a mini- photography to compete with SUCC SS o£ e u 5 lab 24 minutes after the the new media. Thus Kodak's S by f^t exposed roll of film entered the recent return to the marketing instant results.iS^?tK AtAf allaH mg sj,op 0j a quality that even of 35mm still cameras—but this costs, it seems the customer professionals find acceptable: time very different from its must not be kept waiting. The classic Retina, which was a and prints up 14 jn x jn success of the Polaroid camera u are available for under £5 This thinking man’s camera; the new —which traded quality and eco- jj a pens through the ’auto- Kodak range really fulfils nomy for instant pictures—has p o£ a cqnjp^x laboratory G«orge Eastman’s 19th century process slogan “you press the button, ^laroW's falhlre t^ do the ™ a s™11 p raWh its Polavisoa* mo vi e ^ nTw^nd to simplicity film ia system that was dropped “X.S being achieved and speed « ^ beBto to siriM uo S as quickly as it came in the without a ttade-off In quality “* rth^UK aS 5 j 1m- 1970s) was due as much as loss Chase for greater efficiency e?en tucked °nce unavoidable in the anything to the arrival of video- ™ T^rner of deoartdepart Photographic process. Along iTX corner tape recording, with the mini-labs and the com- __ _ with conventional ^menc nans. Compared pact 3533ram camera,camera. Kodak has wwl|£A|l SI ’ If silver image processes, how- introduced a new range of when" MV11 UHnavies step off the gas ever. instant photography and colour film emulsions — named video have always suffered from FILM AND Gold—which provide greater EVER SINCE the mid 1960s The air emerging from the one substantial disadvantage. Ian Rodger on a room for exposure error with- 1 when world's compressor is then cooler than They cannot offer the sharp- VIDEO out loss of colour fidelity. became enthusiastic about put- the the exhaust gas and so the enlargement, and solution to uneven ness, image Kodak’s challenge to the new ting jet engines in their large compressed air and the exhaust duplicating quality of an fay John Chittock media is thus spreading across warships, they have been trying fuel consumption of can be passed through a second original still or movie negative. ... all fronts — first it was quality, to find ways of operating these heat exchanger- The reheated advantage of In addition the The early success of mini- then price and convenience, engines economically at both warshipWJtTSuJp jet englUCSengines compressed air then improves the new media—speed of j a b j simplicity low and high speeds. the thermal efficiency of the s s attracting the high and now speed and _ ____ engineering jjf seeds, because results— is now being eroded by combustion stage, further and Warwick,; street entrepreneurs in much without sacrifice. The company The problem is that a simple | Durham 1 sorti urn consisting of Allison it is seeds “One ofthe greatest challenges for the Sul Brokerage up 15 per cent £78 million Group during the next few years will be to Profit before taxation up 29 percent £30 million secure adequate and financially sound market Profit after taxation up 34 per cent £16 million capacity to meet our worldwide clients* needs Earnings per share up 37 per cent 21p ... I am confident thatthe Group is well Dividends per share up2S percent Sp positioned to cope with these problems. COME TO SHERATON The Minet Group reports a record breaking I am delighted to announce a major for - performance in 1985 against a background sponsorship the Group the presentation c«3sen«^thcrfcrtKipatevournttiriR TZ"; ofdramatic changes in the key insurance ofMinet Awards for Olympic Excellence to markets ofthe world in terms ofpremium British sportsmen and women preparing SSSSSSSSS&^tt levels for the Olympic Games.” RWPettitt ever and market capacity. AUSTRIA. SA12BURG SrtRAJON HOia YWhe® you nsedltin ihe worfd. Chairman BEUSIUM, BRUSSELS 9«M0N HOIR&TOWBS D6T-MAKK. SHERAION COPENHAS6N HOS. flAiy SHBtAFON ROMA HOTEL b3MX>N, BELGRAVIA SHERATON SHffiAIUN HEATHROW HOTR SHERAION f*RK TOWER HOB. ShSWONSKYLNEHOtR LUXEMBOURG. AEROGOU SHERAION HCHEL One ofthe world’s major ttZCVJW SHaWJON HCBR OSLO Sheraton FJORD ft T0WB5 The hospitality people of PORTUGAL US6CA SHERATON HOTEL insurance brokinggroups SCOIIAND. EDINBURGH SHERATON SWEDEN. SHERATON STOCKHOLM HOTH.&TCWBS ITT SWITZEflATC ATLANTIS SHERAION HOTH.0MCH) CAU. TOLL-fl® NU€UK. TUJKEV ISTANBUL SHKAlON HOTH.& TOWHS WEST GEFWIANY ESSEN SHERAIONHOTB. 0800 353535 FRANKHJRT SHERAION HOTEL Or coil vox TioveJ Agent. MUNCHEN SHERAION HOTB. & TCWERS ^ • ect your naant -^-etaKjnHjte). C 19B6 TTwStwraionCawanan i^e«vaitereOcfl» , . ! i — 1 —. I, 12 9« —— 0 — -—- 1 Ia —7 £ — Financial Times Thursday May 15 1986 S AW AND SOCIETY FT UNIT TRUST INFORMATION SERVICE sm* . FoaS l (c) Unri Bratkcn ICiLU Nanrtdi UaHa Insmoc* Enwsi ft) gartarVu Mf 1 Cb U |i| (cl hrtwt »ai|w M (B) BSP UocrHrth. POBaa*. MonndiMfQ JM6 TktwntBMT.immECSPZJT»tnMBr.Ls»sM£C3PZiT 01588166801-isaa 2 St U«y AM. LBMM EC3A D4QU12 a L*ad8aeC2P2HT , STMrttt, WfaaM WtujTB.fi*! JUftM -tiJj IWM PUS SJOl j 117 o*M AUTHORISED fr PS UB*sS *CJt in Lord «coatmalli»8 JSifl I Sirl -it HWO*tM «i( 0J( 0® C«M ~bB7A CoifMdr* embraces J«i II! . -i3 ojs i.nuitaa em* Hailsham U»M J Ml lenuiliH J IJJV U LU UpinlJIB I< -Jim l^uaj *!.<{l.«j Ml -ai) za Aon* llfj 1' Octanan Unit Trad Hen 01-2651071 LM Do iOoli 513} -S3 £«a DaBWibMo IlCHO 1 8*F«owra«Si,UwaniEC3Ma8» . UNIT TRUSTS ] (taMUMUl ** U lW.y .- IWL8* CsnonSvt SU 5f» -a« ua «« md ----J mb UKPaMlv In 71 < MwCatltoil-—JUi7 IlilJ) . Ub CmmwTmi 445 5*JJ -oa an ...I 125 .. . WarldGrarik M.l 365* -OJ h«iinr*I—Taai ^2*3 — I us LAG Inc. Fund .... — {434.7 44361 Eril Eatnpl M* 19 BS4.9 STB UB )7i0 T6.9J 4ft5l 961 =H« SSurStotF.I Uaua. HesnaM u arid adrr Ca*t comi ...I Nonk AirincaalU - OH 35.4 +02 OJD Nina Jasinski LUIaUftGcaFdFd__B4U 2*6*1 . Apra Uina M*r 14-^06 309 — IM9ME*«* 23L3 InumFari l»J <77« -OJ 482 ^ SHpte| ft Co LM (aX«) . tali -S05 J tt ^ E ^ 6 ft A. Trait (a) [gl n fi D Mm SEMBEshw 14-0145 1202 L68 Earopcani!) 383 4U -02 082 9-17 Pri ryna Bd, Hiywan& Htfi 0444 <50144 IM aogsaaEng m 5fertm*ta4 8nrap 9 111 1 1 mi 1 1i 1 1 H f.u.M i « tm r . fii I Ii ! 1 nil mu gt Hi 1 1 1 1 1 1 n m i 1 « — . v g — - — . 8 B . M B H — 1 WA 3 1 f 1 4 . 1 J «j 1 g is tfi \y> I Searrtmavian Bt Fd Mgrs Ltd inwHtiMBt MBu^Mieiit 2m*j Lid Etc*. U*. W«H 1 05J*.MOi ao Box I 964. Gi-ua CAWten an I BM 99-18244 39 *1 B>wd Si Si Hum. Jnwr. C am IILMhihia HwCaalRiiliil LVB3 y 77 107 ‘Esz**»»n 11 Jt l"l' l«w,Fd — Sill I V« | *»«( T%«w*4a.7 L30K mx -iil iHVr iiwir a s: :c 171 a* : Un. VVnHn) . U! « hv M .07. -is tr^j wi INSURANCE, OVERSEAS & MONEY M--. Uj, I til IB tieO FUNDS -0 fe i» *5397 5V w« Schroder Mngt Srmt« (Jtnw) Ltd [mqt ini NA* War ll , | si «*f: -o* - Vn [mHMIUT 32371 37 »• ' *» SSSiSfiM.fAAcaL !•*!>. Si M-i.-r i. Jfi 27561 * ss -ai - PO Bo. — 05 Tffil *#» Nmni F* Win IU • -— SIMM Mow* Fan Ltd •L.’B'JO J*9r iwi«rrfi Will : 5“ i b«mm . < . ioji route Gr« 5J-.I64 CIOHSl I 3P7 sa totef Fond Muagm (Gttmn) Ltd Eero Hit A uu of) HfUengi Scandmanau Food Ltd HIM Ucnry) Limited P*.4«. Fmw W41 7 iToif 7B27 J-* tia - US 3 I 512581.’ I r 0.14 ^ai — m* DO Bo* 71. &l Pnra Port, bmvy (MS) 26501 5- It HMAO SI. LuAiMa Wlh T9H TmuifHtwx Donor, ' Bra*" Pension — N ' f —T q COMMODITIES AND AGRICULTURE Wages under siege as US metal industry seeks cost reductions BY DAVID OWEN IN CHICAGO THE AILING US metals indus- idle. In both cases, the US has course these levels are un- for immediate supply. If. as anticipated, traders have try is approaching the summer effectively become the world's acceptable," he adds. No open- with considerable trepidation, “ swing " producer. mg gambit has yet been offered covered themselves against a possible strike by buying call as key labour contracts in the Financial returns have fallen by troubled Asarro. copper and aluminium sectors sharply. Combined 19S5 losses The aluminium companies options at fixed prices for June delivery, a scramble could be come up for renewal. at the three big US aluminium have been keeping more tight- triggered should the option This week, three US copper producers total almost $500m. lipped in advance of negotia- need secure cover, producers resumed labour including after tax charges in tions. However, a statement by granters to “There is evidence that some talks in Arizona and the two excess of $570m for various Mr C. Fred Fetterolf. Alcoa's the recent price spurts nave largest aluminium arkers were asset write-downs. The US president and chief operating of been caused by those who nave embarking on meetings with copper industry lost almost officer, indicates that it too will 1985. written rail °Pt,on union leaders in Atlanta. $3bn between 1982 and be seeking concessions. “There -| covering in. The negotiations seem cer- The shaky state of both are domestic and foreign 3 vs one W1U1 urexe industries appears to have - tain to be difficult, with the aluminium producers that enjoy f_ . companies pressing for swinge- convinced the unions to lend a a substantial employment cost ing cuts in wages and benefits more sympathetic ear to advantage over us," said Mr a conciliatory, in FiTfthe steel sector, in order to combat their con- company demands. In March Fetterolf. "These negotiations wa e an ° benefit cuts of 6 per tinuing financial troubles. It is startling report, conceived by are critical to Alcoa's future in S a large the United Steel Workers of en r ant* per cent respect- not inconceivable that the aluminium business. We 9 . ' 1 w-e re recently agreed ax cross-section of the workforce America (USW) — heavily gjg entering them with deep 6 l?National Steel and LTV. the in both industries might be on involved in steel, aluminium coocern at this companVs biggest steel com- strike by the beginning of and copper negotiations alike ability in competitive." second Us tD rema *" v- workers at market, for. spoke of— the need to keep- pan* h The aluminium — — *. juij.July. Theme handsnanus ofVI. thellk: companies L, -- . . . Montreal-based Alcan, s only UStic one. is already showing signs — involved in current talks have. rin ai aluminium smelter of concern about tight supplies. a been forced by m PRODUCERS* NET INCOMES to degree, £ J T Aluminium sector contracts (LOSSES) concessions already secured by Kentucky has still to accept company- demands for a 1- per with Alcoa. Reynolds and Ormet (millions of dollars) key competitors. .reduction they continue are the first to expire, on May 1985 1984 1983 Kaiser the third largest US cent agreements working on a day-to-day basis. 31. Copper industry ALUM]N1UM aluminium producer, a con- ihe «'*« out 3 toe Km and i the Newmont subsidi- there is recognition of VaUey. 137 of an aggressive takeover from Jhink a later. ggBgg * —*- ^-_ . aries. run out a month ^r Peter Merpe COPPER Se FVates investment group. In addition negotiations still a . 0 h Newmont (34*8) 41.03 last year negotiated a S4.50 an ? ! unresolved at four of the big six best£ lri PJ inir theh hnur unD» nnH benefitshunpfits cut. the paid Sworkers (306.1) hour wage and steel makers ahead of a Axarco (*2-2) U5 This reduced its labour July 31 contract expiry date. has t, ° n (291A)(29l») (lDU)1 D1 J) costs The US copper and aluminium ( W ) Phpjjjf"pn * ,p* the SoiSc SgSSSZ sectors (like steel) have had *£* BSJ? beifl demanded and the fact PoaDodge wsZ9.5 (MM)(Z674t) (43 5) il™?Ige cooperpe nroducer' g theirTheir backshacks to the wall in recent g - iKiif 2 2? that not all companies involved are not available for Kenne- Phelps Dod„e.^ meanwhile vears. Intensifying low cost Figures struegline Alcoa for ex- competition from abroad has «tt which « a subsidiary of the crossed its own Rubicon by JSoi mde M5«m 5ohio oil company. breaking a bitter strike in 1983. depressed prices and exposed , 1Q whii« iwc siRRm P non-union work- ^ US operations as among the It hired a new force, swingeing job cuts JJ* most expensive in the world— the list of made KS wage issues low on charge- hardlv the “dire and has so far held average ™ particularly before the surge of priorities and concentrate .. wb i C h dollar reversed during wages well below its major the was instead on the preservation of George F Becker the USW second quarter of 1985. This competitors. It also returned to the industry and jobs. While the K-fahiminium negotiator; has prompted both temporary ,n 1985 after three years has report was aimed primarily at PJ°(K would be necessary for a”d Pemanent work ° f 0S “ to be'7oS4£ Si™closures. TO r' “"“P liIn 10,6he even,event ofot a striKe,strike holds equally true for the Roman chief negotiator The labour intensive produc- aluminium and copper sectors. Prospects would suddenly o*“f thetBe I un Brig aand bright for . ?“ tion units m the long-established ii beg11! to look very ^i„ what lf are trying to do Glass TInternaUonal, V Urnon the US aluminium industry have reasLrtle VsJoSwe!" these wo companies (and °tn®f major body represented labour costs ranging from 15 to cavs Mr Edgar L Ball the ma3°r non-US producers). Not at ie rrent taUc is blunter per cent total production onl would they win custom f- 20 of international secretary USW F ..P 11 of still. ™ with is from strike-bound competitors, We are going in costs. The ratio only about and its copper negotiator "We per in Canada's hut they almost certainly th? ®° concessions, 10 cent consider ea^ch company would . is *** t0 ush U ,on penod • said- generally newer plants and operation ab,e P P S- . . and each to trv^nd Sp n V n W,r in ,he Australian fashion something wiu depressed prices. ? I J?. thlT union's stomachi S?for a? long industry. teepkeep each one running. Although the copper price since in a stTUgg ,e and companies Cloaa Wph Low Prev Ctoao While the US remains com- But whether or not they will has laboured 1983 Cash clow, (p.m.i Hlghilow 60-70 pound range, some willingness to be flexible, 3 month* £ per toons 67.27 67.50 67JO 47 JO May 5400 fortably the largest western __ „ cents a !- a prip . Th macninidp of thp COCOA 3689 37JO 3680 37-23 July 533.2 world aluminium producer, its analysts are now tipping it as Although Kennecott s S13.i 6 an t£ per tonne- cnncpLions bein^Mk^d* for + B.0 846/E4E 3C.9S 37J6 34JO 37JO August 53BJ watch. Custom hour average manual wage is S7g 533J) primary smelters were operating ^5° a «etal to 3737 38J5 37.45 38.40 . Sapt 531.0 4 and hinted at is quite another 9* nniv enma Tn nor pan, of enMi» are haiiiv nood hioh«r well above the 812.50S12.50 paid at ” 38.70 . 622.0' 532-2 at only some 70 per cent of smelters badly need higher JulyZ'S^Z'. 1870-127* -«S 288 M-V 39AS Nov 6304) 1® 1* Jim 539.4 capacity in the depths of the prices to compensate for more Phelps Dodge, the cut required Official closing (am): Cash 245.5-6 Sept.— 1222-1293 f—21.0[ ins Jyhr 39.40 3995 39.50 40.10 ““J 4030 40.76 40.40 40.60 MarchMatch 548.4 G61.4 S474) Among the copper companies, for parity Is less than per (|«-2.|). tn™ months 2«.5-'w5 o«c-.- price slump in mid-1985. Since expensive raw materials as a far 30 — 556.0 651.4 —' o‘ i'ste I 65Z.8 (248.5-9.5). laniement 24® (242j). M»rei» I-”-®, i'bb May ^uwevunKennecott •«>and Newmont haveu*v« cent. 1 — i JsH ISS I cm then Reynolds hasnas closed inreethree result of current wormworld scarcity July '556.0 886-0 06.0 I 1 Frnii”Ki*' cioia-'iws-a b 'mST.:.”--! isTV-iaeb malmv led LJS B lk>?*- */*»"** plants permanently in Arkansas tab unprecedented demands, 0f concentrates. US strike With no shortage of aggres- ia»s-i«o 412.B] xm-im . .. ? A 1 SMionn.s uss»i: J.oo^mno SOYABEAN MEAL 100 tons. S/ton seeking wage and benefit cuts sive competition waiting in the and Alabama. might just provide the required cenu a pound. Salas: 2.689 (3.535) lots Of 10 .High. Low High Ptev In copper, Chile overtook the of around 30 per cent from impetus. Meanwhile. cash wings, a strike would appear in tonnes. 16.00 .15.45 Close Low' 12.1- levels. Hiuivw. 'ujo May 152^:^151.6 152.6 US as the world’s biggest pro- current Inspiration's aluminium began trading at a neither side's best interest But 1CCO indicator prices (US cents per I y, 14J» 14JS Jldy 1S4.6 156-2 1G3J8 154.5 ducer in 1982. In all, around demand for total cuts of around premium to metal for future in view of the scale of cuts August 1543 1B6J5 1S4.2 I 14.40«:S 14.80S3! MAO 34.7044,70 Aug ; Unofficial -for <88.02); five-day average for May 14: I per cent of copper mine $4.45 per hour is described by dellevery on the London Metal being sought by employers, no- 14-30 14.70 14.30 SeptSapt 154.7 1GEL6 1542 50 US ictejrtp.no - iHigtUtow 88.31 (86.13). 2?-|9 14551A55 “ •"*» Oct 154.7 156.0 154.0 capacity and seven out of 13 Mr Ball as worse than Kenne- Exchange in late April, in- one is yet discounting the £ per tonne I MJS 14.40 1420 14.47 ; '' .- . 1672 ' M20 14.60" . 1420 1414.4040 Dma 1562 156.6 western state smelters are now cott and Newmont" “ Of dicating a shortage of material possibility. r~r brii Cash 12646.60: -8.6 12655(2655 14.06 1425 . 14.06 14.30 JM 157.0 1BB.0 157.0 a months (2710-16= -X.S iB720H7t»5 Feb Mao1«J» 14251428 14:00 '14201420 MsnMarch 158.0 158.0 1682 .' ' -May .. 162.7.: —;. -- COFFEE GOIP IOO troy oa, S/troy 01 Official closing (am): Cash 2.646-55 SOYABEAN OIL 60,0001b. canta/tb (2.635-40). thrse months 2.713-S (2.680- CIomClttM High Low h S smelters optimistic 5). sattiamant 2.055 (2.640). F.nal 342.1 Close High Low Prev1 aluminium r UK more £, ^JS?L^?S?,i NnwTnrt May 17.78 17J6 17.65 17.83 K b d0“ : TUn,0V8r: 960 day cn X ^ious July 18.04 18.1 S 1720 18.11 ,onnes,onn ea - export BY ANDREW GOWERS firmation from tha IBC that its Aug 18.19 18,25 remain unchanged. policies would Sept 16-22 18 JO Alter opening £50 higher prices ®” BRITAIN'S in- second quarter of this year Yet the seems largely “Supply is running below TIN| IN about }“ 5 Oct 18-27 18.30 ALUMINIUM by LME rallied on short-covering from cornmli- 352.7 363.8 362.6 364.7 is stocks are coming 368.4368 * Dec 18.25 18.55 dustry making a determined more than 10 per cent, or about unmoved—much 10 the chagrin demand, KUALAkuai LUMPUR TIN MARKET—Close: 5 i on houses and trade buying. By 3672 3S72 368.4 Jan 18.42 18.68 looks set fair M.IO (14.05) nnggit par kg. Up 0.05 aariy Bftamoon reports of cold weather *j»H 381.7 effort to pull itself out of the £100 a tonne. of the producers. Prices have down and demand 10.02 in buying In Mew York | Auguet 3672 March 1BJ5 1&J5 .1820 keep growing. Yet the nn®9>‘ per k9 - pprompted™ heavy doldrums, despite the stagna- The immediate explanation risen substantially from last to LME and London followed, report* Draxei Oct 371.0 3720 372.0 373.0 May 14.15 19 JO 18.06 19.32 tion of prices the appears be the fear of strike year's levels in dollar terms, is stilt contemplating its navel Gee 375.0 aluminium on to 7|Ki£* BurnhamBum! Lambert. — — 377.0 WHEWHEAT 5 000 bu min. London Metal Exchange in action in the US this summer, but they seem stubbornly low in the wake of the tin crisis." 3792 — — 3812 mnhcants/6/ lb-bushel Yesterday- + or I Business recent weeks. which has fuelled precau- in sterling. and COFFEE HEATING OIL The truth is that traders unofficial + or dose — Dane Low Prev lower tionary buying of metal and have long resented H| 42.000 US gellonai. eefits/US geOoos With world stocks at Smelters analysts are still preoccupied icioae h ' 2160-8170-*- 152,51 2170(070 Sept 43.05 44.10 43 Why '.5 as 43.1B 283.0 2872 past few months to push spot aluminium over forward fuelled by the decline in trading smelting capacity has already iff*. * Upy, S 2 180-220BI4 148. v 2200-2880 Oct 43.70 44.70 43.70 43.60 through their first significant supplies on the London Metal activity following the shock to opened this year in Canada, and : May! 12190-2248.4 152.5: 2 150-81 Nov 44.8! 44.96 i B ttiiment 455 ( 466 ). Final Kerbcio*o 85 _ 4420 44.15 SPOTSF PRICES—Chicago loose lard price increase some products more is due to come on stream - Dec 4420 44.40 for Exchange. the system administered by the 455 6 . Turnover: 5.350 tonnes, us 4526 44.6544.55 11.0011.01 (same) cents per pound. Handy - s«uSales: 7.189 (11.152) Iota of 6 Jan 4420 45.10 in two years. Producers admit that demand tin crisis. Prices on the LME, in coming months in Brazil. Prime Western:western: 3333.50-35.75. 50 35.75 cents perp«r 45.10 4420 44.75 andend Harman sliver bullion 510.0 (50S.5) p° und — — 4425 cents per troy ounce. British Alcan, the UK's seems to have been artificially complain the producers, have In addition, sav the sceptics, - _ ICO indicator prices (US cents per 1 largest aluminium company inflated of late by the strike been getting increasingly out the producers are over-playing daily ;rtl n pound)pounB for Mey 13: Comp, 1979 with smelters in north east fears. But they say that is only of line with those on the the chances of a substantial WLU 175.46175.43 (176.83): 15-day average 18827 19o190 -®e9)- iHlgh/Low England and Scotland, says That part of the story. physical market. revival in demand. And the Gold taillell 3S.$»• to S34ZS-343 in quiet (t No. 6 [Yesterdayl Previous Business Close trading tin* Con- , dose • ' prices of semi-fabneatedsemi-fabricated pro- •••* The fundamentals have The premium for European decline in stocks is not as mean- anaend featureless on the London close done tract i Tankers ducts (semis) are set to recover duty-paid deliveries of primary ingful as it might once have ; been getting for | better May : 050(960 940 900(950 over the next two or three ingot over LME prices, for seemed since fabricators have June ! ’ < aluminium ingot for some Ijf^Eming and S342.4?,n SOYABEAN MEAL 8 per tonne F.OB. 020(900 959— 900(920 July r 940(970 • 915(950 months. Many UK manufac- time, and over the past two or example, is currently at least learned to live on much lower noon, it touched a high of $3424,-3434. , ____ 17B.0-T7B.8; a of $342-342*,. Aug'. 188.4-185.81 TB6.4“l75.8 Sep 1030(1040, 1030 1000(1000 extrusions recently inventory levels. and icw ; i+oriBuaior1 BuairwM f hirers of aluminium three months, thev've improved £100 a tonne, and went umt + < I80.0-100.3j Oot 1902-190.4) 1*9.4 )7&S Dec ! 1020, 1068 1040 (lOOO/JOSO clo — ' °° announced its “ — . Done are reported to have significantly," said the manager 35 high as £150, highest level "Aluminium inventories hare cold bullion rn ne ounce) May 14 Deo 162.4-108.01193.0- H3.6 1B1.O-IBB.0 Mar 11025(1080: — 1020(1070 M«r-,.j 188.0-188.2 1B7.0-107.4i ST! - price increases of between 6 and of one British smelter yester- ever recorded. declined since the start of 187.0-107.0 967.5 , ; 933.5 May. 198.4-182.0 200.B-201JK i 108.4-100.0 weeks. simply 1985." *3421,543*3421, 545 (£825-2231,1 oaroer tonne 1 1 Turnover: (92). 10 per cent in recent day. "Supply has been less "The LME has got concedes Mr Angus Mac- ou»aClose i£825-2S3>(i | 52 Aug i 194.0-198.ff 808.0-804.17 31 Jun*June....—... 118.1-1*6.8 1+0.75 — 2052 , l£322*« 223 U! 1 And quarterly contract prices free-world Itself out of touch with tha Millan, an anlyst with Shearson *’ Oct ! 187.4-801.0; 2M.Q-209.0 — than demand and mt?"q ?Sx tlSf 75” ttiaigTOit£82Z.07Oi teguMTIAuguAugust SSj-ina188.1-125.8 f+SSinja1+0.55:125.0 for aluminium ingot quoted by physical market,” said one Lehman Bros. " But not nearly OctoberOctober^.,cto1 ih.sim.s134.6- 1!4.8 :+j+o.78,ia4.60.70,1 24.5 -124.0 stocks have been coming Afrn'nnxia42!4S i£Baa!o94)(£223.094] £* Sales: 5297 (4,384) lots ol 50 Doc. 180.8-127.0 ! *0.88.186.01860 both British Alcan and its rival down." smeltertiter manager. by as much as they needed to —, tonnes. — !2Mr!2« > T2-H' RUBBER Fob. 123. B- 150.0 +0.80 smelter the island of Basically, the doesn't to get prices really moving. In GOLD AND PLATINUM COINS LONDON DAILY Pfl ICE—flaw sugar on “The Increase in demand LME Apr.. 128.8- 151.0 .+0.85150.0 PHYSICALS ~:rrl 0 (E12700(Cl 27.00),?‘ downd own »•»59.50 («“>»'(down — The London 'market’market Anglesey, run by Rio Tinto- happening be/ore people seem to appreciate the reality, the long term, the aluminium I 3431 Juneine 180.8-1 BO'tiSoO140.0 :+Q'5lSoO;+ B.M 130.0 . was Kr-gvnd . *343 , i£a23 BB 3 *,i _ C5.0Q)VOSE5.00) a totinelorton na fo r Juna-JulyJune-July delivery.delivery ®D«nedopened about unchanged, found very llKrua. lTfllf 'v Kaiser Aluminium, started talking wbich is that metal is in very market is still in fundamental II7B (£1 16 >, 116*») l « vuga* little internal Zinc and about the Sales; 54 (462) lots Of 20 tonnes. w |* 5206.50, down S3. 50. throughout the day and U Krug. 592-93 (£59*4 60121 Rumours that tha closed said another, over-supply.'* Philippines might quiet and slightly easier," reports rose between the first and strike," said another. short supply," 3 s0soon°? sell 200-030200.030 ronnnTtonnes of wortdworld Lewis "andand PsaV’'Paat. " Closing 'pneespnees MnDiai«ra 3S3 i » 554 market raws caused further ,olosses,””- (buyers): Spot “»’»56.00p (seme); Junej “"- ssstisi rB . llue fix-'i.ss' (“A 1 GRAINS siTKas as tiny.?:- "!SSi£Jsrn^.sSr.5"£St A.~~n_,u,a,~~" .us te;}:as;: N* Zealand V c farmers i sas;..sis«o ssis-i.'ix. avTi’jffis,’?.'.?. plans anger Danish B O7 Tax r long 0^=® (8-35); 15-dsy avarago Hquidabon absorbing NoblePtet 142713-43814 (£27914 86214 ) “J'PP® (162.5). ahori-ieimshoFi-term 8 — —tmmtm . I. profit-taking, while May ”'vf'¥?„ ' «”l; i„. e-MLUn . FUTURES—w UBB Inriev w JunBa 536-540. hn.iau No 65 Clfcil contract—conirsn Ann 183.0.147 n-0- . V i nB barley eased on merchant selling pres-V —Aug 183.0-193 i... 25 _ BY HILARY BARNES IN COPENHAGEN ! wool ,~2 n *« ,y'®op, 0ct ‘ Dfl< Oct 188.0-198.0. Salas: 19 Iota "! ! 537-539, aura. New crops traded nervously of 50 1. on Jan-Mareh 548^60. April-June 561-565, •rfyrl speculative,lB,| PLANS Danish pig pro- tabled by alliance of price deal, wbich for Danish • v *w«* ve eemsailingng before rallying Jufy-Sept 563-567. BY an centre (nil SILVER pabi's (FFr per ^ Sales: 32. ,uppou PP or*.' "reportsr" porei T."*T* G- ducers to increase production left parties and do not have farmers will mean an effective «83- 1 8 CAliliflo £<111 ...SilverS iiw> r »»wee fixedfined aosp3.05p an ounce Sdjar"Roddick.d OILm™ ? WSH per cent, n/15TO ’ M‘y 1595/1 81 °- A“s from 15m to 18m pigs a year the support of the minority price fall of about 10 lower for spot delivery in thathe London i660/i67a1660/1 07a° OIL over the next few years are non-socialist Government. is also raising problems for the bullion market yesterday atit 330.6&P.330.66p. wheatWHEAT barley J Uia-May Ekofisk sold above S14.SO price of pig 9 being undermined by lack of The first measure is a pig farmers, as the NEW ZEALAND wool exports ^'YeMordqy ;+ or,Yesterday) or and Fiona ar $13.10 while Forties was JJ? SL? 7fc- + POTATOES1 with Mnth «=»«« — — v ” asked at S14.20. political support for farming, DKr0.40 i3ip) per kilo tax on meat will fall in line the tonnes, clean month si7e. I p --—— — aioady. Tanker futures rose as several mainly to oversupplv in world ments and therefore discourag- "There is also a belief that to Japan to 18,311 tonnes be unchanged. 1** _ _ fixtures for large and medium-sued markets,m O rl- nt<* kinf guerrillamimwillfi activityanfiirtfw « ... LheavilyAs.rilir over- M OOA I 7 GAS Oil (TI 1Y*I not ing buyers. some buyers are against 28,336. JuneJune.".!'.!! i02.40'+o.so102.40'+ 0.50 194.00.+E.OO104.00. +8.00 BusinewBusiness done—done—wwauWheal: May 117 30- vasaNsvaaaNi were ranonad,raoonad. reports Cisrk&anClarkson r WI UnLO in Sri Lanka, according to Mr He said this was an irritant stocked having made early pur- u,y" 7.00.M. JulyJUIV ii8.0Q-7.20.118.00-7.20. S#fltSent 99. ^ 15 n Financial Times Thursday May 15 1986 CURRENCIES. MONEY and CAPITAL MARKETS DOCDATA N.V. aj ^ AGENDA of the Genera] Meeting of Shareholders of DOCdata foreign * N.V. 1986, commencing at 2.00 pjm, in EXCHANGES — before finishing at 98-12 still on 30 May FINANCIAL FUTURES well up from Tuesday's dose of the Novotel, Nijmeegseweg, Venlo 98-28. (exit E3 Venlo-Noord). Long gilts for June delivery 1. Opening. 123.05 Late fall by opened at 126-00 up from Minutes of the general meeting of shareholders of dollar Firmer trend and fell to a low of 125-16 before DOCdata dated 30 May 1985. 0 recovering to 1284B and dosing 2. Explanation by the Board of Management of the 1985 y ' The D-mark lost ground to the Values were gramme were beginning to wear at 125-23. yeS^ ^ Sae ... marked up in the report and the status of the Company, and discussion of VSS^ dollar in >e £ IN NEW YORK dull Frankfurt trading- London International Financial oft and this helped prices Three-month sterling con- kopUcatioos of the report rtrimin t° t ; . The US currency was fixed at Futures Exchange improve as the day wore on. fined to a fairly narrow range from yesterday, 3. Announcements by the Chairman of the Supervisory inffWfflS-—Washington officiate May 14 Latest prav. clou DU 2.1933, compared with helped mostly by a more Prices fell from opening levels but finished slightly firmer over- and Tokyo | Board. a ! all, late fail fa, DM 2.1740, without Intervention optimistic tone In Chicago. How- in London and prompted an early reflecting a small reduction the Us currency e snet 4. Preliminary report of the Supervisory Board. d j>t JM0T4S77 siJHMO-Moo fay the Bundesbank. The dollar’s ever. there was very little incen- sell off before meeting strong In cash rates amid hopes of an &tlm0By £ 5. Approval of the 1985 annual accounts including discharge £aateMnate haJSl ^rSl rise achieved on the back Uve in the absence of any clear resistance at 9S-01 in the case early reduction in UK clearing banking committee, by aStraSE for the control of operations by the Board of Management m montna is.60-3.'soo!n j! Tuesday's comments by Mr trend following recent comments of the US Treasury bond for bank base rates. Mr Malcolm 3 . 05 4Spm and Board. Baidrlee t?S ~ Baker and Volcker, delivery, having The June price 90.15 the supervision held by the Supervisory FmW*»i nrwni.MT 'TfiS^iata Mr leaving by US and Japanese officials June opened at opened at Pierce Secretary™ which 6. Proposal to alter the articles of association. The alteration m la^jTdeitaf dealers cautious aboutthe future about the performance of Uie 98.08. Good support at the day's up from 90.12 and remained con- ^he dollar's fall had oSTS regards preference shares. text of the not — ‘ direction of the US currency, but dollar. However, the effects of low prompted Chicago to take fined to a six point range before the creation of The XcesBt roinforced £^«fc J*' still expecting a further fall, the latest US refunding pro- the price up to a high of 98-25 dosing at 90.17. proposed alteration can be obtained free of charge from sentiment surrounding warning from Mr Paul Keating, Sentiment towards the dollar the Company and the bank of Pierson, Heldrlng & Pierson US currency after was convic- options UFFE US TREASURY BONO FUTURES OPTIONS (Amsterdam/London). ?! Mr Federal Treasurer, that unless undermined by Uie j uffe long life gilt futures G manufacturing tlon in the market that the 7. Proposal to authorize the Board of Management to issue rwnic ss&srris restructured aftfSftoi japan, remarked~> Reagan to preference shares. oUhmok thatf and publicnubile spendingkmimHm mtcut, faiunafalling Administration wishes 8L Proposal to authorize the Board of Management to enter 5™ 5«* too last it Should threatening to turn Australia The dollar closed in Frankfurt into a private convertible subordinate loan, involving a not do . serious at 2 . damage to the into a third rate economy. In DM 1930 . against DM 2 1745. maximum of 15,000 shares. Japanese 9. Naming of economy. These London the Australian dollar JAPANESE YEN — Trading the auditors. 8e«ne<1 at variance closed against the US unit at mage against the dollar in 1986 10, Any other business. 2”“* t™ sentiments L4055. compared with The annual account will be filed for office by expressed Af is 202.70 to 161.05. April average inspection at the of Mr James Baker. US AST.3843 on Tuesday. 175.05. Exchange rate Index the Company and at Pierson, Heldring & Pierson N.V., Amster- Treasury Secretary, and Mr Paul STERLING — Trading range 298.3 against 179-1 six months dam and London (1. Crown Court, Cheapside. London volcker EC2V chairman of the Federal against the dollar in 1986 Is go- 6JP), where they can be obtained free of charge. Holders of Reserve Board, on Tuesday, L5S55 to L3770. April average options LONDON SE C/S OPTIONS bearer shares who wish to attend the meeting should deposit Trading was hectic In Tokyo, I suggesting the US E2S.D00 (corns per El) 112.500 (cents per El) their shares or a declaration authorities are wfians supported b? the of deposit issued by a banking uneasy about the f Strike Cells—Lest institution at one of the dollar's Bank of Japan, but retreating in Strike Calls—Last above-mentioned bank branches by weakness. !i with 79A six price May June July Sept May June July Sept price May Juna July Sapt May June July Sepi 24 May 19S6 at the latest. The i ate trade, as a result of selling proof of deposit which will then The dollar fell 1.30 23.55 23.55 — 23.55 0.00 0.00 — 020 1.30 B— 2a. BO __ 24.80 - 0.15 — 0.2S to DM2.18S0 months ago. by Japanese exporters. It was be issued will permit entry to the meeting. from DM2.1960; 1.3S 18-56 18.55 18 55 18.55 0.00 0.01 0.09 0.54 135 19.80 19.80 — 19 JO 0.05 0.20 — OJO to FFr6.9W5 Sterling traded quietly, remain- estimated in the market that the 15th May, 1986 The Board of Management from FFr7.00; ireo 13.55 13.55 13.56 13.56 0.00 on 0.38 1.2S 1.40 14.10 14.10 14-10 14.10 0.05 0.20 0.40 1-20 vW; and to SFr 1.8175 tag on the sidelines. The pound Bank of Japan bought about i.«5i.os 8.55 8 56 8.80 943 0.00 039 1.09 2.50 1.45 9.10 9.10 9 JO 10.00 0.10 040 1.10 2.40 op 1-S255. 1.49 2.81 4.43 1.50 4.10 5.00 6.60 6.70 0-2D 135 ZJO 4J0 225 On the other gained i cent to Sl.53MM.MOOL SlOOm throughout the day. The 7.50r so 3.E8 4.56 5.32 8.36 0.06 1.94 2.84 3.88 5.13 7.10 9.23 1.55 040 2.10 3.00 4 10 2.00 3.90 5.00 8.80 roved to Yl63.35 to close at the level of 1 . 5s 0.37 4.03 5f““ JJ°R _ highest US currency touched a peak of J-J® 1!2 15? JfS 5«» - w , 1.32 2.40 7.56 8.81'** 10.471 1234 1.50 0.10 060 1.45 2.40 6 50 7.50 8.50 10.10 16 8®' Baa* o£ tt|e It 1.60 000 062 ** IHTERFIRST TEXAS FINAMCE NV Y day. also unproved to Y165.S0, on covering of short 2d2L^^. 2^. £!£ Celts 3.856 * Estimated volumel total.ai,“ca?toSt9Calls 319. Pure 133 Previous day's open frit. 6,133. Pure EmStod figures the dollar's Y251.50 from Y249.75. but fell position, following Baker's SI .000 Mr 5.952 00 , 000 Guaranteed Rooting Nate Notes duo 1969 index rose to 113.7 from 1 12A to DM 3-3850 from DM 3.37: to testimony before the US Con- In accordance with the provisions of the notes, notice is hereby . „ . — PHILADELPHIA SE C/S OPTIONS LIFFE—EURODOLLAR OPTIONS given that for the three months period May 13th 1966 to August deficit of A$1.48hn in April and to Its earlier of SFr 2.7975 from SFr 280. had more than offset £12.500 (cams par £i) 51m points 100% !3th 1986 the Notes will carry rate of interest of per annum pushed the Australian 7% dollar D-MARK — Trading range depreciation against Uie yen. Mr Strikes^ko Celia—cSS^ISttail Strike Call*— or with a coupon amount of $178.89. down sharply in Sydney and against Uie dollar in 1986 Is Volcker’s comments about the p^caprico May Juno July s„SeptP t May JuneJuna JuJuly Sapt pnee Jim Sept Qoc Mar Juna Sapt Dec later —m MR 0.00 Agent Bonk in London. The central 2.4710 2.1646. average fall dollar also encouraged 1301 ZJZS-60. 60 23.00 — zs.m23.80 — — 0.20 90.00 3.17 to April of the JO Chemical Bonk bank was believed to have inter- 22723.2.2723. Exchange rate index buying of the US currency, which 1.3S1.35 18.80ib.bo 18.60ib. 60 i8.ro18.60 18.10ib.io — O.OS 0.060. 045 90 JO 2-67 2.72 — — 0.00 0.00 — 0.10 0. 1.10 91.00 2.17 — 0.00 0.00 — vened, compared with '«140 3.60 113.80 13.60 13.GO1 , — 075 2J2 as confidence was hit by 135.4 against 1278127.6 six months closed at Y164, 2‘2 ’J'S 2 S£ 1.67 — 0.00 0.01 0.05 1.45 BJO 8.80 ®8.60« 9.70 — OJS0.25 0.0.90 2.15 91.50 1.67 1.73 FIVE ARROWS hl news of the deficit, and by a ago. Y16086 on Tuesday. * U HEP 1.60J 3.55 f4. GO£ 5.10 6.45 0.05 1.3S1.35 2J02. 3.80 92.00 1.17 1JS 1.23 — 000 0.03 0.11 CAISSE NATIONALS DES IBS 0.35 2.05 2.60 3.95 1451.45 3.30 4.404, 6 JO 92.50 0.68 0J2 0.83 — 0.01 aio 0J1 A DIVIDEND has been Declared of 25P Per Share parable the holders of 0.80 1.15 4846 30 7.607.50 48.0048. 93.00 025 0.45 0.50 — 0.08 0.23 0J8 TELECOMMUNICATIONS to POUND SPOT—FORWARD AGAINST POUND CURRENCYMOVEMENTS . 1.60 — — ora '"ary Shares registered on 12th Mar Previous day's hit. Calls 60.736, Pula 43.823 Prevjoira day's open int. CaUa 3.904, Puts 2,887 19B6 «nd to ol | open Floating holders Coupon No. 116 Rate Notes Issue of attached Three Previous day's volume. Coils 1,703, Puts 1,382 Volume. 0 Jo Ordinary Share Mtereete to % % USSSOO^OOJWO 1995-2000 Bearer The dividend will be MM on Morgan 15th p.i. month* pre. Bank of I Mar 1086. Coupons must bo lodaad With Securities Department. HOI Samuel England : Guaranty THREE-MONTH STERLING For the period of one month, US 1.5320-1.5400 1.5390-i.SMO O.W3.41C pin 3J1 1.24-1.19 pm 3.15 CHICAGO LONDON * CO- Limited. 45 beech Street. Index phnnge!L €500.000 points of 1007. from 14 May to '86 London 2.1099-2-1208 2.1154-2.1208 1.52 0.83-0.fl7pm 1.42 16 June iC2P_2LX. where listing forma con bo Canada 0J&-0.24C pm ootMimso. Nethlnd. 3.78V3JKft 2J7 402 Close High tow Prev (33 days), the notes will bear 3.78V3.7M 1~Vc pm pm Starling...... US TREASURY BONOS (CBT) 20-YEAR 12% NOTIONAL GILT By Order ef the Board of Directors Belgium 08.52-59.01 68.70-88.80 tS-tfie 2.18 41-33 pm 2.15 June 90.17 BO. 19 90.13 90.12 interest rate pm UX dollar — 8% SI 00.000 32nda of 1007. CSO.OOO 32wda of 100% of 7fc per cent B. D. MITCHELL. Danmark 12.4SV12A44 3V2ote 2-65 pm 2.83 Sept 90.S4 90.98 90.91 90-90 Secretary. 12.42V-12.«7>* pm 8V7\ “5 Canadian dollar.... per annum. The payable St 1.1027-1.1101 -0.54 0.2O-par pm 0-36 prev Close High Low Prev Dec 91 J3 91.27 91 32 91 J1 Martins Hone. Ireland 1.1050-1.1050 par-0. 10p dip Austrian oontlllng. interest due on 16 June for each 18 St. Martin's-ie-Grand. W. Gar. 3.3B-3-371. 3.38-3-37 pm 5.79 4V4ft pm 530 Beiglan franc June 38-20 98-28 96- 92-29 June 125-23 12808 125-18 125-OS Match 9127 91.25 91 JS 9124 London ecia 4ep - f-50 125-28 125-11 125-24 125-08 91.15 91.14 91.09 nominal note of US$10,000 will Portugal 221V225V 223V226fc 90.325c dim -MJ1-11J1 280-905da280-9054* -10.580.58 Danish KronaKrone — Sept 87-29 98-05 97- 974)6 Sept June B1.14 - 86-: — — 1294)7 Estimated volume 3,195 (3,200) be US$65.31. Spain 213V2141, 214414k 25-6Ec dte -2.52—2.82 85-18065-180 dm -225 Deutsche mark..... Dec 97-03 97-08 98-12 Dec 12S-27 QUEMC —148 86-1 95-19 — — 126-03 Previous day's open int. 10338 a, Holy 2301V23174. 230S-23Q6 l-4tire dip -1-1-30JO 8-116-11 diedfat Swiss franc— March 88-07 96-15 March 12S-23 (19,079} S^raBS? Norway T1.47V11.521 11-51-11.52 2V-3V>ra dim -XU-3.19 84.-101,84.-104, dhtdie •-339 Guilder... June 95-17 85-20 95- 94-28 Estimated volume 10.884 (13,572) > 80.3 — 13.3 THREE-MONTH EURODOLLAR NOTICE Or PINAL REDEMPTION Franca 10.70-1 19.72V10.73*a fco ZM 8V7t. pm ZJB* French franc Sept 94-29 96-04 84-; 34-07 Previous day's open int 12.750 (13.516) 0.75>r 2V2 pm 46.3 —17.7 Sire points of 1007. EUROPEAN OOAL AND STEEL a..55Bj7?ija -1-72 7 die -_1J2 Lire- Dec 94-10 94-15 94- 93-20 Basle quote (dean cash price ef 13% COMMUNITY (E.CO.C.) Sweden 10.KV1O.91 10.88>«-10.89*4 1V2om die 2V3 . + 65.6 on, tne above Stock, the TnMar Bootx 5,43 Yen- - 806.3 Maicti 9335 9440 93-; SOJQ Treasury 2004-08 lees equivalent price Close High Low Prev UJJ1 3,000 ,000 6li% 1966-1986 Japan 250V2S2 251-252 IVIHy pm 6UH 3V3V pm *SS '5“£_£*? JD b-ib. on June 13, 1 5.01 93-10 83-10 93- 92-20 of near futures contract) —4 to 4 June 93.17 33.20 93.17 93.08 and willI be re-opened an juna Austria 23318-23.71 27.84-23.68 11 V9Vgro pm 5J3 31V28 . pm June The Commission of the European 16, 1986. 5 Morgan Guaranty changes: average Sept S3J2 93.26 93.21 S3.11 D. R. Iceast, Switz. ZJi-2JSO\ 2.79V2.0H, TVIVc pm SM 4V3 * pm 5JO Sept — — — (32nds) Community Informs the holders of the „ England Index — Dec 93.12 93.15 93.12 93.00 •Core mentioned that *-«-« Bslgion raco is for convartibls francs. Rnancial franc B0.2O-CO-3O. 1880-1982" UOl Bank of Dec — JUf® 10% NOTIONAL GILT Bonds the SOFIntourv Square. SHORT March 92.91 92.93 92.91 ramalnlno outstanding amount of 1 dollar 2.19-2.1 4c pm. 12-month 3.60-3.50C pm a 1375—100). 92.60 ,do - Six-month forward (base avarena TREASURY BILLS (IMU) El 00.000 64tha ef 100% U.s.51 .ooo.oco is redeemable at Mr US June 92.65 92.69 92.BS 82.54 sank, #6. tlm poima ef 100% on or attar June 15. 1986. — - Ctosia High Low Prev Sent 92 A3 92-32 Bones Mould be presented for per- AGAINST DOLLAR * Latest High ~La Prev JuneJuna 103-05 103-20 103-00 102-50 Dec 92.20 — — 92.09 ment at the Others of tile Paring DOLLAR SPOT—FORWARD Agents sat forth In the prospectus CURRENCY RATES 103-20 103-08 Estimated volume 4.176 (10,244) June 94.02 94.03 93J 93.97 Sept — — and the conditions of Gte Bonds. Three . Previous % % Sept 9435 94.26 84J Estimated volume 229 (2E1) day's open int 21,020 (21jnS) May 15. 19B6. Legal Notice - month P-a. mowthe P-a. 94.' - 1,,B1 55’ 14 spread ciosa One I inl |1 ~ May BankBwnlT I Special European 94.19 94.19 1 Dec NOTICE TO HOLDERS OF 14 rate Drawing 1 Currency UK? 1.5320-1.8400 1.53KM.5400 044-0410 pm X31 744-1.1* pm 3.16 May March — CURRENCY FUTURES PASCO CORPORATION 13836-1 3928 1.3016-1.3825 0484JJ9C pm 3.06 143-138 pm 3.33 % £25 per full Index point U5ua.oao.ooo IN THE MATTER OF I island t -134 POUND—S (FOREIGN EXCHANGE) 3 three-month per cent. bates Treasury Blit {sell): ona-mgnih lOSi per Mnt; ©“i* money conn rtireemontli cant. Lombara Bank Bill! (Mil): ona-monih 104-104 tier per eeni. ECGD Fixed IrfvTln Treasury Bills: AvBWfle tender rate et discount B.9779 per cent. Fipanca Scheme IV reference date April 2 to May 6 (inclusive} 10.527 Mayi* days' tfo. pi authority end Finance Mbubdb eeven days’ notice, others seven 1906. Hired. Finance Heutee Base Rata 114 per cent rom May 1 Bank Frankfurt — Deposit Rata for sum* et seven days' notice 54-6 per cent. CarbficBiee ol Deposit 00,000 and over hold under one month Paris Ta» Deposits (Series 5): P nor cent: nw-threa month 104 par cent: three-si* monlh 10 per cant; n*- Zurich- 104 Ba«ladieH)tHBhatan-ixidWectatoOsrtt nlne months per cent; nina-12 months 9* pot cent. Under £100,000 9Vi par Anaterdarn e = % hWnnacni8B.fi .Tokyo — & cent tram May H. Depoaiu held under Series 5 9V per cent. Deposits with- — drawn tor ceab 6 per cant. BntaaeM. DabUn. ————— , t: . " — IJ » 3 D ———.... K . J 1 J 1 8 — . j — 0 1 ~1 3. Financial Tinies Tliur5day May-_;15 l986 - INDUSTRIALS—Continued BRITISH FUNDS AMERICANS—Cent. Ota '»S6*‘ *!' - « TV Price Dnt •..! Mm it orl VkM 1986 I I* or| rM riMr iritofr '-jiHck Price 'CV Gr%'PE [ I 1 ! I Ra, Iflgk Low I Stock £ I - I ICVlCr\ l-» Stock I £ - Ini. Cnu «90 •JVI I7T.1A , LONDON SHARE 7 I «. 38JJ SERVICE 31SlC«vMSai>p30c_| SL32)- 26 "Shorts” (Lives up to Five Yean) 360 TrijtaerollUr Tr*aw1l ....I 33V-0 503— 1.0 J ‘ 34 -._ii . • «» I 0F1bZ)^| C — j — j 990)Tiw ! 1000*1) H»,l| 12*1*6 610D I30tx> jOnerav Coro 23c — 4Z40 1-4 4d - 06 i 10.48 15 (Bronx Wfflw? . awl, 10-^ 54t92'4i Will • 321.’' 24iJCfi« MThtn UZJBl BUILDING, TIMBER, J $123 — Z*4 - 5J ROADS-Cont DRAPERY & STORES—Cunt Brook* Tool 5p- [ SS 3a ZT[2?{»42 I U.Ti13.7* 9.«v.46 102& 100'*!E«*. 14* WW>- J 101$+101JJI*,'t 370 29VCVni3lNniYsrk.- 1986 + *H A:* ikVrSi fl ztJ j " 1 | On ind MBS Inri taftortiJUw) W :} 1 I ~ | l+ad Hi 19 i Z-53259 6 464* 1 OB lapp 38 isllsUr 94^LwA.2i *11» _l 4*4+:. | j .32: ? I « 1 3?V »%ICJv«lwutoi-PoBd't$l.., a Hi9k I - S 32 +0 Law I • 3 Slock Pncc C’vr'Cr’t - I I , . Net PIE I t W|t Lw Slack Price I - Hat IPmlCvr'ErtlRTErtlPP 195 {s^iwvhZOp luv M ) AT7AMD- 10Z,;I...... II 129?12.95 444.45a M«t itTn«*10g-^J 29 IfM&Errii L3(»pe 1987 I 102,; - 1 . 32 23 31 W r^CtarrirH* __ 24 U% 666 .m 1.9 564 468 tewianCnw- ... I 5l6«»|u 17 0o2.7 4 9 4 | 6 525 412 jitperdmqScocnlmsSui IDp.lQp _ I 1.4 I 4 Eng. ; [10awj4M55(1020W*4M55 j Sw 5W * -. 62*1 - 1463 1000)+, | •83 . -- J U0*J+A 1 5L - J 07,?Uw1D‘4BcCii-B7 % 42'J 330£illeofpW ' ' 17\d S2KJ 41 23 296 KomitirnaeKantno^e Prow I.-2 ! 420 5 74(5! 1.9 lOi 198 1 150 FT 6 5 Slons i I SWrs 9601+0 2S& 6825B2 - m6 5 5* 195 h. h:i&:13 • 2* « 92|;EkJ>10«19B7 96V+0 | i774fi ICityfed Fin. IO0I+0 1 ' 11 Carp 156 Il2«124 fcnajtniD'ZOp...Cmufi 1 D 20p : iI 134 -i 5.93 23 39 1 - • I 62 98 7B Tent Croup -1 I (+,*,+,'« 10.d10 - <0 426 B2.0I 02 43 260lDt8pcCuraCaRiSP1 JJ7D T+5 .ffV — 34. - VyiJEicb. 10'^clW?- J 101 X—- 5i£ J90- ] 21*1 ZlljCotiUC-P 1L 24U+0 38 104 B484 be»ife*»w>i25pDe»(i^a^ci25p .- II 94 I HB 100g “ : 6012 9.0 13J 7b 57 Thw Prn& lOp .... »lj|27lM:15J ' I 6kli B23 UsjKewfFDHi-+lSM- fto. Wifi 35sslifiiso25 154 toJVFutopgbijac'BS-B?#— 98^+0 | 373 98^+0 | H? 4Zi^Caninds.ll . . 95 75 DougleiRoOLgleiRobi Hi. 85 ! US - LmSlL 510) J i+2 I ll.75l2b 77 2.9bSU Too UHue Into 10p_ Guo* • - 1000*3*/, K41WI17"l» 436 .i» . +1 %tfTre». 10*1987 U»W*A N SlJOl Z_b 23 36 18 &ax.Ei*B975iu4 -I- ?ZV s p»Fm0nnSO625. 19 ffiDunronGra*p5p...[wWBGra«i5p...[ 20120(j! T0J4H3 7 llj.7 194 176 D»C4*.~MJPf -J 1« Tin lUndenmtolOp .^J 176 RL6^ 3.0 L3 JsS-S - *1 TlL0(2J 9512ft. -5 j 333 JAascHe8SaM»l.«0 321195 90Wr«s3*ci987 ™4 8l4p l«42p umiillnoriCaroSl- 5Bpl-4 - ZW 155 «BC50p5C5fc - 500 S'sfr* LfJS u« J 175 | 7 IS 25 I %8 [97 40 31 'Upton (El ’A‘ j Hm*'. , J i84184 H+lfljf ts I ii3«11341 b*»844 | J 36 232 148 fare StMTOrtTpro^ ..... 8W34 52 94 mH>M*.i*ti w7 J 40ijplCani idwnHldeSl j jEnth I I 690a . 9b 63 * 93 . 33 jgn 50* I 6 50 * <** Vnrrfla wre 1 iwe IRfitt, 08M6B —* 480+09801+0 7857.85 833 200 143 Uairyklt3Ptinr2& . ~. ."bJi to',to J«9i«9| to« Wj:!t'«'.7W- 64p 39s tVCaprorDauScaa.. isp. - IS* 1* FanbnarlOp 154 +4 R4.(^ 2.7 37D 510 JJi r, _.| 37 14.2 | 173 548 7.4d 33 4 380 IWMU120P [ - ltoJ+SMB'jlts I 10J71DJ7idj 7 668ata 6 ~ .lK»] VtijLicMOijpc.'BB - 103^+0 | £55«£«ySr»A8SkS-Ii2-OVi > I I I • 2000 L59pdla S4ij|+1 I 893 a91 163 1 Pa 10pcUt.5di.91-5 . MB 106 BB Ishanw 6 Fttlwr .... J 106 233> 28 i 3 ! 190 138 key Dine. *570 50"lCm50 km 9pt9fc 2000 'A iC50t»n»1 —I_l 540+1 B93 135 1 16b 2 34.195 I 130-01+1 9 913 220 lSlJlniio 16 25 23 15 ftorturid Bnd 20 I - — i — — 137 B5 eCanmmS) 1331J 111 .tlTrcjs. L)pc 2000 ! 47| | 1 L3 265 42,;tT,MS 10 2001 1 l 4231 8.96 52 I 41 VTtae Inc. SI 575 l4fft h.raLMMWml l 570e), T2.Q • UjO3j ' *6 51- 27 Capmstaparo ImH—Into J 47 L_ 1U0 k 108V+1 0 [ .4: 19 1L6 ' isiJ i 70 . Tj>Tj, Oo.80pcCdiP|£1j ^ usrr^M 3 ^, 1301+0 83 &iun.J.JDp 81 o4 H 1315 (14.8'K.B - - 135 92 Oo.BWiWUHtfcCWHUj 129.(uZt. i 9b — Over Fifteen Years ( 301 27 VT'maw iu U 21U-0 514 l J44 TTwrwtVo 1 462tt-2 V9 4,a24'.o2 4,2.V4, 2.V 163165 134 92 Do.apcCiPIO.DD. 8pcCiPia._ 132 - t* 21 [ 4 14 It 9 2\- ' ; -984)1 J U4ijri+0 I 1041/ 430 32 25¥TiansnHdCon)SS ... 28W+% 84 52 K-TirHomnFt-Tar Homes J 83 - wiStinz$ i 76 jl2.B126 B6 56 I I I _ _ 10BV+! 92ll 8.97 12%VltS SuH SI 412 j7ra*,t& Anv4d . 400 .9 UIU 92,JConwnKm 10* 2002 326 65? 30 ! .8 50 Dnn.'ShHn*d.'5e.HL'Shefiwri.'5*— ' .60 -M, * « ' 1J 'LL9 8.47 ITiwnt ; . 1090 9C:2|Trcas 9 0*2002 1060+7, 9j4^ 58%U3 WestU ^3+pJ 102 72 tioHmvs l<)p B1 <-l +1 05 60‘ 18 9.7 6 45 B7 2Z 13 -Irromraynomnyindlid lOpTjlOp 19 .. • 136, 130* 200003 13601+1 ! 10 9.15 40)«*VWoal>arUiS3i.-.-..-. 52>3+10i 175 136 iTurT.II Ccrp 144 7.0, — 8b 65 Itatolnkuril'ln Ph. lOp 85- . .18 6.4 123 134 1 'IW — j — 68 J 34 >112 1120 VJWTtms 10k 2003 ... 1090+1 91^ 8.92 41 2b rTmwn (tonir I lCp . 32 '. j j 16-04 261 280' 190- Chartertarter Coaj%Coos ah>~ 248' a9 65 W3) 102i|rTrcav. 20014)4 I 120 93d 4(C402 b5 42 |*mdCr.(n;Die3)p.. • . 5* 1 -1 123M ll>. | 1D30 920 Mei I6I3* 2008 1O1M+10 l6J6j 1561 £269 £2l7 i 93>, 82V Do. 60« '88-90 92*3 733 904 i jGR (Hktatl .. 2M ——I 308d 7.013.9 33 161 SOW. - 300 24V Do. 3x‘ 20 Ah. 90U t KE. teefletner 141 -2 L5) 72 15 9b U0pc2OO7...J 116*3+1 vail 458 I (Ginn UBU VBVHACbew 110 Grp. 20o 1 143 [+6 3JI * 3J • 10 756 tlouSOp 980 +15 ttilHOl 31 L4 25.9 Eron*H*iHd«s COMMONWEALTH & AFRICAN LOANS i57 lb3ic-3 MU 2h 33 12.7 Kb (GTOMda 262 -6 67J 18 38 367 79 70*1988-92 920) . .. 7411 8 93 WZ I 590iKraaftc Surface j j Up 80. . 621 2b 3.7 1*5 VTV Do. 7)rpc 'B3-B6 J 730 11 990 99V L 8 JGtohMI Gp. 5* — 8 ! tD5> 3.4 9.7 4.1 201 192 [S Rkod Z0pc N«+ Asud _ J 196]. I ' J 255 1+2 I 79 72 do. 4000 87-9; Aawl _J 78 l - 54 1J 9 !?£ riiL42t 55 08132.7 I 1 1*1141 WaroonTroaWaroon Troa ...I.1 1 1 174 l-Z1-2 I 249 1 205 (Zimbabwe AauMLlOOpa J 212 I —I 12 M4(F2bH4 ff 26 32 Ilb2 U« Do Sj*C,.lii WH J 077 7 l*3 — j+3 | Gff0|18 D,,n*e, wpi“l 107 1 575 - * 7-6 L ^S r N - . 133 ! I hfaroreaicv 2Qp lbl L H92bi3.4‘I38 ' {in (HxiritP!).) I 20p 218 i 17.751 1 5.0 -'192 ! 15 1 I IriarumSp 36 I 47rtl+2 I 1271 to 1381 * For Harvey & T we Fnaoce Lam) 25 mIH i BB 1 1^1 IjSpfel B| Uj 3 4-H4JI3A m nsU ! ejl Hi || M1 30 JJJ ill b 10 * SJ K27.73 L2417 to ‘iii ! — ————4f]1 ‘ ! : ———.——. , ,I J\ B ——.1(I. J, « 5J aF —. —.. .ji , 5 1 1 .IJ* — ; ;1 . J1 . —.. *|JJ' I . c,1( J 9 Financial Times Thursday May 15 1986 31 INDUSTRlALS—Continued LEI$UR£-~Cantiniied 1986 PROPERTY—Continued INVESTMENT TRUSTS—ConL FINANCE. LAND—Cent. M I NES—Continued or Dm I !+•»] «* |r«i | no’ 2986 1 On rod D» rip W*.u> Stack »86 I 'ttrltal I ! I I I Bcnfl lOp-l I 410 Keyitpr* Im 5ft 10lO * I I 1.J 0 7 3.9 lb5B 21 15 ratndur Ocean Res J 17 -1 122 102 Grtntan Ue L30 4 33 1 6 40 k^wdOTCrB-lOp-? 52 475 MtaWofdlm.2ft.J 540 500 10 28 58 30 IGOTPeiSp 36 ' I < I i 61 Klr»«rt Charter . 10 I 35 I 40 iGRtt Western Rea .J 40 . 54 37 16 WlraraioeGtaNL _J 190 122 Scot Htntatat TtL . J 3.0* L-oe 102 2J? 120 X6 U 182 38 23 1158 26B LecSemce — . 378 325 (Wain CMy d 143 1+3 20| 70 II 148 143 lanes A London Im . 7.13* 12/ 70 50 I 27 (FCktareamResii i 20 I l j 30 * lbVflfiCa HnnqSAOZG-J 30 — 165 146 BecarKortfMp 148 ... 0.971 46 1 0.9 1333 90 Mtatn I 127 £41>Jwere«kawDFL20 . (46 j I 23? 188 (Lot Oitarrriire 1 I 63 13 : 3.9 (xantanOrtCera. *31 *+JJl 02ft _ H.7l - *7 1 32 /fJnrgelhcHitli J Jl>7 — 155 138 Oa’A'dt-V. 139 h-I 047? 4-6 * 12 *318 242 *U7 iPfrrjrGroop * Ml 135 WurkCoMery 170 £iiyb9? i. * * I lftJuba * — 37 31 (Left In* me 6*5! 10 26.0 (UHOTtadPanow 95 . - I - - - 24 11 Maes NL 16 -i M3 70 MSROTBirirtGrBSa 45 lor.. 2ft 1 2» 70 45 74 50 bockUl.&JJ lft J 69 *FWegMe Prep . USd . Btcartty 199 161 Oo Cap 5p J [ 152 i 100 Wrt-gPeunl 1+4 ' 85* XI I 7.9 ! 69 4V| 5 tottnMIaZOc 1 5 -l _ 162 109 Smto i» M 80 I 75 (Western Motor > 78 37 k-Verk Maun 54 US a i lam ! ' * I * - 198 on « <61ll0'44 £101 CBS ft *97. . QJOSj 9.9 HlOJi MWKtaOnGoMNJ.— 6ki 0025c 10 76 40 Starts Ware 2ft UVCNIA. iail | 10y SHIPPING 302 am. i Can 50p - -4 ! si 75*15* OB 53 I 15 HNOCOlOc 60 l 28 WKitthreer NL 25c I 28 -2 OTM 76 70 {KbtUga Jones- NEWSPAPERS, PUBLISHERS —* “ J • r -2 _ ! IrMetkatliana 25r 180 m A StradiclyOr T2*5| 10 21 430 1273 ilrap. Cora. Gas £1.. 375 | | 31 2D Z2 ktatab I 136 72 iSmi+3 1 303 |Bnt 8 Comm, lft — 316 *~t — lAa.takP.2ft ' 2U 1195 71 mOTalnm I UX5i 00 - £1*6 [mi ft IpcCw Ui 95-200 J £125 23 I 14 toMeiMsEiSOc J 16 . 150 105 63 iFnherU) ... I | ( '320 »L 6U 41 Warrants I kind Energy 149 100 WMfUMMnetaltN L_j -7 703 Do 115 43 $m U 65 1 UB 9Q5t 905 S Larsen S3 ... . Q7W 240 'UOlKPPkdMlft 138 |U«i«m im. <2B l"l i fd 127 I 60 fcwEaergiUSSMO- 88 72 * 50 IVMeirmrMnisZOcJ 56 .. 53 32 ki I 495 CrttgSbpCl 520 315 U. AC.) 378 |4t AtC OoaJ Inc. lOp .1 2S.75* 1 10 B 55 : 25 W). Atlantis Res J 25 153 *100 raMIM Hldgs5ft < 100 -1 503 220 135 53 uauta t J. IJ 20p _ 0 ) 630 E«r Pm . —J 575 * ' 49( 830 Do Cap lft 37 * 6 'Jackson Upbgi 8 2iy)4Hnebe 88 Investment Trusts 1 Teas 953 I * i lwb(CXJ2ft. 75 68 pUUed London lft.-.- 73 1 338 2.71162 345 206 (Yeoman lm 345 9 J 10 3.9 future (rite. No PfE radio usually orawded. 6D 143 1 • ' [ i 1 Assam Dooa (1 1 703 PtaOi. lft 35^165) 95 taiH,* * 116 I. l22i 1 810 775 is BIO I . . 90j F 10 No par eakc. 11*3 80 70 tape*. B 346 l+l 751 1 0 (LAxrae Gra.Ei . £19 ' 3518 43 lAtta Property 2ft 131 [663 Trail — 733 20 £19 1 £15 - j 20 B.Fr Bcftan Fraao. f, French Francs, based BP 330 ZX6 M«* Finance, Land, etc , tt Yie« OTOTpllM 325 \StSBSfe , Ik 1+1 861 367 1 287 332 1-3 7 5*7 7 10 10 Wtanurkla SB Mind 59 L0 3? Trer+ry BUI Hair nays oschangeg rrant raatimty of raech. AAr—i Hieg < i+ or. Ohr I .1 1-3 83? 6« MilA.Sj^Srl lOTBtrtaK 503 1 Do. Capital 639 ; 0.43110 1986 i I nd) 252 1192 ftB4BcCm.PI. . 227 0.4%!l93 52 For Bwztr KetagrSP [Aiftnic Asveti jikontylm.20p.-J I 447 362 119 104 122 1 £681.1 £46VRa«Hara’n EsL R2 . .J , Gifford Jap* ...| eneln AFeiJl^i 4- I 399 275 taiillie 13' 'a 01140110*330 182 95 [5nane r & Jack RQ02 oari F 5 9 deferred. C Canadian. E Mimiawn leader price. F DnOrml and yield baud on 955 SlS5JjBSS5B!fc , 49 taairiie GiHud 5*> N* Tectaotoqy. 62*2 188 h-2 0671 6 <32 6 2b5 1 150 WeuRaulRl OUDd 2.1 *225 praspeous or dtaer oifKtta estnaatB lor 1984 85. E Assumed dtrideod art 412 250 | sSrS^uop-J •* 78 69 ftmlae GHlord Tech J rar.3c-l QlOci - * 05 * - 273 23 w&ssx- £LU«i yield alter pertlng ton andfv nghB nue. H Dratdena and yteW based ox Wr. 2ft. to Bnnt 424 *47 Stewart 120 98 Men- Ims. Cl 173 Eastern Rand prospectus or other offloaf ettimuet for 1986. K Flgnrxs bated on prospcctm Tree 4211.91 405 iterg*Htfe»2ft'- 241 159 (Berry .ntanmaArra- ...... 124 |+i' 4.9; 13J13: or oKtcul estimates for 19B4. L Esumstrd arroabsrfl nmdead, carer and pfe 445 US fesSleSaes^— Bracken 9Ci._ J 134 1 - 160 I 35 U SwAIV- 62>j S3 todbAuen-. ft 9pcCv95-2000 ,029 1+4 - In.ij based on latrst amai ronungs M DtvMenl art ywtd based on pratpectai or 520 760 CaUwp— j 09%| 763 ‘ * 213 |FCoosMod’le«5c 007 £10} Do 6p(CeULS 1995 3Sb — M 927 133 tbrtetaCtofe -— eVm.Cp.5s. 16 Otter eHkal edinuies lor ]4B54b. N Dtxfdert art pefd based on pmpcctai lOp. 255 Uhl EauDagpRl 31 |B«. Edp. See. ff Im ...... a? 4D*16!?J ;384 or other official lor 1985 on or other — I Ulkl 744 l£^aemTrm.Cp 50c esumars P Figom bated pncorctai . Inn drriray Trail B-J - - — IQp. 82 L-l - . ortiaai etttnwn for 1983. 0 Gross. B Fortran ramuained tatdend, cater SfSefe 9,75! 390 2*6 (ERGO ROJO 80 tanner In Close * 42 1245 | m Bras. 2&0 r_..i <73B| i tm p’e bated tm nmoectut or other arifuN estimates. T Figures eratei 570 375 210 fcrtw«w25c , 290 Cakdoma hiri 5p i 124 6 30 WjmTern lm»20p-' PdiStOT^'J 140 RZB2S ?0 Z Dmdend total to date. IxiwwiM 1 106 CMbriaiandGni. - / 15(745 08 £72*0)2 14 Control Sett lft-— 'W.IAGU £16 1 1 J ' AbtrntMlons. Mra dhrldmd. seno Wnr, rei rtgta; ST* 160 ' 90 HesbrbSc (n gnlA*n 180 [ftCft7'7P..- yFdMwSp.J m 1-5 60i 20 30 '166 capital dtarttaoign. 474 123 * 72i^MjneuleR025 -5 QTOrt 11 128.4 £20 tweduUOT-lOp— 'EjOTir ul lft. -.. 4131/ 8.7 [59.7 j , W j+1 06 | 'CocwrPrtPt'BTft. | • 116 60 « IFModderBGaMHMgi. J - 125.7 49 (Civ'll*. IK.Q — ! |150 'ruaapn.ni +>auuu‘ tar : < W%|*8;(90i -j 175 60 I 39 jFRaadErt&EkdSfcj 692 * Oil Cap -. * LEISURE Do. Cap tatolnLlOp J, 227 !-? 42 53.0126*145 Ml KeoplHIftF) 105 5. African Ld 35c .—-J Q47iJ 40 130 Far Charter Traa * [Ei 165 1 LI 22 EsUttfSp — Lands lft . .. 83 i-l 06* - I 20 | REGIONAL & IRISH STOCKS .* „4MGroapl0P 170 103 300 ICMM Health £1 2*i — 105 * b? yiaHomr«i2fk. ]Q*w 0.9 365 t c Era To lft ! 05* 4 j) IOJH.9 The foiloaring is Mctk-ai ol Regional and Irish stock*, |t>e latter being MH s 48 EMuAEaitlmSOJO. £J7'a*937 jW^*fiha*Rl J J-» t 1 —— —. — 1 A3 niwawrial Times Ttiorsflay Mi^ -X5-I98fr 32 LONDON STOCK EXCHANGE MARKET REPORT RECENT ISSUES Account Dealing Dates 143?, having equalled the 1986 EOUITIES sustained by Option high of 143p, still hopes of a better offer from Jtoat Ob* Stock •First Declare- Last Account NatWest £714m rights issue triggers Metals Exploration or a counter- wf Aka Date a Dealings tlons Dealings Day bid. Consolidated Gold hardened E3i 32 ..v* 28 8 9 May 19 while Rio TTnto- "S Apr May Hay a shade to 477p, 130 FJ*. 33ft 133 JSS 24 tu May 12 May 29 May 30 June 9 Zinc were little changed on FP. 6ft 137 130 137 EL* 14 18J XB 230 •*» June 2 JuneJ2 Jane 13 Jane 23 balance at 658p. the latter fol- £95 FJ>. 6ft Z» 172. 22 u 2M 4ft 131 BMfarKt: -tnn 27 3.9 13.7 * " ** dealings taka the dividend declaration AM F.P. New-timr may lowing GemvaSaa.WBtaoCi . widespread retreat by equities 39 27 -M. 3; _ , place tram 9.30 two business days African * copper am from South FP. 18ft 128 121 *GreM Pentland inds. . .. 735 16 190 + 750 2 23 40 BS ioa lOG 21 CONSUMER GROUP (183) 89233 -LB 7.79 337 1631 838 to*; *-1 WSL 9 i*266i 960 SO 34 46 14 20 as - BOO 1 12 146 . 150 m . 765 3 British Telecom 15 240 + 10 280 14 96 31 33 33 37 as 153 22 92805 -0-9 938 338 13.41 720 to*-.^/j 91830 92330 Sound Diffusion ...... 39 + 3 Royal Insnco.. 15 948 + 18 300 6 14 47 47 657.00 -13 922 3.91 1438 937 rrfT.1 65437 65665 51227 Vaal Reefs 60 7 isle 16 U, 5 eia Standard Chartered ... 815 + 8 Lonrho 15 261 + 11 70 51, io 7 13i ZL9B 187469 160067 Com. Union 300 41 61 61 C 11 13 t*E64i 1»S 10 s 26 1858.98 —B3 621 231 723 U5461 U5330 00 1 au Vs 16 ISii 3U> 632 149627 107026 1461A3 104835 (*199) 330 19 33 43 IS 18 21 ZT Health and Household Products U0)_ 530 224 ZUM 360' 9 IB 97 32 36 4a 90 Oil 2 4 86 B7ts 89 29 85739 -13 821 430 15.90 1401 868.78 86463 85627 69728 TRIlftfll 108 31, 4Je 45« ScH on lh ri-i-.-L.- -13 736 434 2822 2V,49U MM_1T MMH 17S131 Cable &wire GOO 60 83 15 39 (£111) 110 1W 2i, 1*635) 650 37 60 80 43 60 70 5* u 2U —05 3u45 465.90 46931 119 o.; ins. 9,7 i.il 33 46332 734 429 46523 rm 700 16 36 G? BB 95 105 a* -13 636 2.73 527 86041 86239 86046 64095 TRIISTU'07 120 31 EUROPEAN OPTIONS EXCHANGE 750 6 17 37 136 135 145 2 5x« 71a Ori,! i ft 3>« 51430 —06 928 331 1260 432 516.93 51469 519.92 32131 f£124) iza Otfc 4-% Gig 4 Distillers 650 155 170 3 124 Olfl 31, 47b l*s 184739 —L7 1332 465 823 2060 1065.97 107042 107076 B4L99 Nov. [ Uy) av» 1 1 (*675i 600 105 120 a* 10 126 26fl! 4j* 67 -23 3.77 1561 638 ^ ^ 8 41 BTHPR GROUPS (8ft) . 78338 831 80338 78722 78539 72257 Serta Vol. LM Vol. LM Vol. Lm Stock 650 60 90 8 32 188 0*Jr 8M! 3$ 4ial 67B 7i 875.78 -13 464 16.72 83231 88431 88737 75922 B 42 Chemicals (19). . — 1047 1138 700 36 50 35 60 GOLD C $320 23 63 34 9 42 $34250 -14 3.78 1664 an .m U 26834 727 433 27820 27836 13728 UXO C $340 224 5 39 188 G.E.C. 160 38 46 9 3 Option Juno Sapfc. Doc. June Sept. 45 15CL52 —07 831 3.94 1430 Z167 155490 153532 154926 115764 COLD C $350 52 0.30 57 12 2 1850 M Deo. #* t*lB8) 1BO SO 30 38 5 a 10 47 -43 929 365 14.76 093 GOLD C $369 5 010 62 10 220 198 *e 11 GOLD C $380 7 010 20 4 200 18 26 15 18 20 Baecham BSO 60 SB 68 7 19 16 48 Miscellaneous (49) 101934 -07 628 326 1937 6.73 1012,01 1007.74 93221 920 4 10 GOLD P S290 — — 15 0.70 _ m 16 32 34 56 t*368i 360 33 45 55 30 30 39 4f 390 17 49 I'^'l EEU CUD 831.41 EED £5968 GOLD P $300 48 010 16 2 67 80 — — 33 43 38 46 59 E9EH #* Grand Mat. 3G5 5 IB m GOLD P $320 20 010 , 490 9 23 33 63 67 70 113 350 2 550 * — MM Oil (17) ...... - ...... U7913 » ifT7^tTT>Tn 120LV6 «• 1*403) 360 96 — j 90 51 to Gas EH GOLD P $340 356 2B 3 850 40 U50 Boots I 1 240 34 30 «F 9 38B 46 60 10 SB | 12 I 15 161* g'.'Tirn ! 13.77 1029 87367 86459 862.08 GOLD P $350 30 B 305 134 S? Ml 'MVMPMMI 'ESI 70530 — — 1*950) 260 1 21 Of 390 72 36 ( 13 21 I 87 99 GOLD P $360 15 17.50 12 17 — — r m J -23 611.14 47324 420 2B 30 60 33 38 45 280 6 I 16 37 1 38 42 1 - -7 62 -53 1031 521 738 1403 rrH 67634 68124 47042 te. Sent BTA 60 75 I.C.I. BSD 92 117 _ 19 39 [ 1 432 1727 81521 1 (*471) 460 55 40 63 14 80830 -03 81038 73065 (*917) 900 67 74 t 65 SILV P $600 33 95 __ _ $511 100 S3 33 42 -13 _ 439 _ 820 513.93 50824 511.90 363.75 950 33 60 75 50 57 62 500 10 30 42 37 lit! 66 50631 VFL C FI 245 268 550 50 930 M_ $24725 | m 1000 16 88 119833 -HL4 074 3.96 1425 2039 119226 118220 1205-09 113427 VFl C FI 250 265 340 1 720 67 I 90 Baas 750 43 75 100 IB 40 1 60 tf 1 til i |l Of i*7G5» Bn 1 1'^ m'l linilMRiMMMMfl 260 352.78 TTlIil SRC FI260 43 1 4 BOO 23 47 68 50 80 68 355.93 +03 335 35534 Of Land Soc. 2BO 34 04 PT S/FL C FI 265 100 OfcO Z s 850 6 23 50 90 110 ».* ,1 413 1*319) 300 IB 30 12 19 1125 64239 S/FL C H275 UP 38 8 20 130 20 240 330 7 13 600 SB IZB 3 -03 722 425 227 34026 35019 28635 5/FL C F1285 w SO 20 30 31 1 135 9 70 Other Financial 124) 34730 ESf 2B 015 >.*881) 650 42 75 or 9B 15 83 1 VFL P FI 240 29 250 45 6 35 75020 _ 2.92 B®±7j 74960 74537 74431 60056 Marks to Bp. 1BO 26 33 — 700 13 45 71 - I 2 6 1 66 40 1 47 VFL P FI 245 229 3.70 3 10.90 w 67 10 B i* I99j 300 15 1229 5.48 049 631 29127 28623 28930 29328 or 84 30 I 10 16 17 81 VFL P FI 250 515 620 20 10JB0 De Beers 700 75 105 190 27 47 60 so 220 Gig 14 20 I 26 29 31 69830 -02 11-94 5.92 1132 I'» i 46762 VFL P F12S5 17 1050 1350 t*S7,35i 750 43 68 91 Ej m 98 SO 70 78 yi VFL P n2T0 112 2350 1 2450 BOO 30 45 1 • — — Shell Trans. I 700 BS 1 96 108 a 17 27 66 86 96 105 r t- i -13 B/vArl to | 99 87 P- J n TTTT »f mLj '.AM VFL P FL290 BB 4250 KJ 1 I k‘763i 750 47 88 G8 I 23 33 40 GKN 300 33 42 Day's I BOO 90 I 32 1 43 1 45 52 65 C325> 330 13 24 34 17 21 E3 Low ’S "if 360 5 14 23 37 30 48 E3 22 I 33 Ii3 0 TraFgar Hso 300 as as 390 lij 5 13 66 68 1592.7 16233 16016 16026 m13424 71 fT-SE 100 SHARE INDEX 4 15943 -29L0 1606.9 ^ (-304) 330 8 I IS 38 42 ABH C FL560 217 16B 44 26 FL547 360 3 I G 58 Glaxo 850 160 IBS IB ABN P FL540 190 820 l»l 9 1550 32 a ***** 120 145 ns 80 35 50 Weds Tees Yes AEGN C FI+10 330 230 119 140 AVERAGE GROSS 9 1 36 SS flEBEWTiaN YIELDS_ ago AEGN P FU10 170 ^ 2 145 GO BS 119 60 as 90 FIXED INTEREST 5? AH C FUO Option May Aug. Nov. May Aug. NOV. •s UpenaJ 95 3 15 480 10 6506 n.TS.70 | Hanson 150 FL75 104 ZJBO 18 420 6 6 37 34 t*174i 160 — 27 34 AKZOC FU70 2382 3.90 246 7M 50 950 FU5750 460 90 105 US i s 12 Brttbfc SavcrnoKst 165 17 AKZO P FU50 630 2 2(7 180 73 520 l*540i 500 49 76 Hb 1 10 20 S Weds Oar's Turn Mag. Mag. 180 7 PUCE 'Low 5 years 7M 7a AMEV C FT.90 IS 0.70 99 250 7 340 a 7650 BOO 15 47 58 15 37 43 17 99 13 is INDICES ttqr change Mar ttdar 1966 Coupon 15 years. Bj» 8-75 US AMEV P FUO 38 6 20 740 | 600 9 90 55 55 63 66 3 8 14 87 29 30 14 % 13 to due 25 year*. US an UL38 AMRO C FUlfi 528 170 3 38 4 450 FL96J0 Jaguar 390 95 105 R Ft JIB 94 UK 17 10B0 2 1350 42 Medium 5 years as a99 1LM BAT inds 360 ia 57 4 13 20 480 65 85 103 3 19 (MBA Gemma! GIST C fuoc ia 2.90 FI238 1*8731 390 6 86 48 28 58 42 48 68 years. to t 80 17 25 (Coupons 15 M 9M ULU GIST P FL260 37 9 5 1350* 160 1350 490 2 15 27 50 SB 65 IB 45 12449 +032 123.70 458 HEIN 69 36 47 58 a years.. MB 9J09 1M2 C FU7D 16 2506 36 350 10 WOO FU53 460 1 6 15 90 90 97 — HEIN P FLUO 10 8 40 M Thorn EMI 420 67 75 92 2 5*15 years 14668 +0.79 14553 458 5 years.'...... 8.% Wl U72 * 1*457/ .\ HEOC FI 165 24 3 4 6 — MM _ 460 37 45 69 20 27 years. 9JO 480 100 117 1 4 — Gear 15 years 15464 +057 152.70 — 567 15 WB 1127 HEO P FUt5 63 12 13 — _ m 19 27 40 3 9A9 12 imo 60 60 87 2 8 12 47 59 ''-V 25 yean MO U» HOOG C FLIOO 693 740 140 lOSOfc 8 1250 FU0450 BOO 98 48 67 6 24 30 10 as 99 97 97 4 Irredeemables. 17255 +034 17156 — 647 to Irrcdwmatles 944 aw ULU ««0G P nioo 330 450 36 6 7 850 550 3 85 37 40 00 58 Teeco 300 70 — KLM C rjo 554 140 27 320 165 430 FI.45.40 5 All stocks 14L51 +064 14060 451 * t*365» 330 43 55 65 Mez-LinM KLM P FUO 394 550 138 650 16 750 4 IS BrtTaleoom 220 18 25 34 2lj 11 16 360 eo 29 46 IB 20 Mex-Unkcd Inflafn rate 5% 5yts... 137 136 NEDL C FUSS 110 2 — — FU6550 30 " 1*898) 940 2 14 26 14 as 32 6 17 25 3-26 NEDLP FLUO 72 10.70 9b 1350 • 40 1550 33 37 46 -054 11316 081 Infbfa rate 5% 0i»5yT5... 126 U 260 Ha 8 16 34 36 40 H3X0 NATH FUS 72 140 12 490 FL7930 5yrs...| 238 2 C 330 M 0i 10% as | 280 8 4 11 54 66 SB IriftaYii rate S NATN P FUO 135 3J0 12 750 7 Over 5 years 11958 -067 11966 — ua Option May J'ne July .AUgifttay Inflat'n rate 10% Oror5yn.J Ml 111 OB 146 3.90 Jun, July Aug. PHIL C FUO 1152 130 756 250 F15420 300 36 67 69 i an E -068 11849 — PHIL P 937 550 fclfl 54 fcBOB j B All stocks 11859 U4 FUO 158 1*55 ll 330 26 46 57 8 8 13 FTSE 5 years.. UU2 UU8 ULU 1 | 1630 53 68 Mato ROC FI200 nin 190 156 430 m 750 FI19L20 360 33 10 26 9 32 1082 10-09 I 6 95 30 Index 1575 40 65 ~9 — 15 years.., 1LI9 RO P fuao 1998 5 76 8JflB 88 9508 J 1*1694] 16 42 12254 +046 12L99 4.76 MM 1600 3S 40 60 30 MerineitLoas-. SS yeBK- MS ULOO 11JB KOBE C n.3o 15 Z F159.90 100 25 36 43 9 4 8 59 60 95 99 1625 12 30 50 ROBE P R.93 ill 510 — MM MM MM 45 65 78) 90 1BJ2 13.72 1*123) 110 17 SO 36 9 a 14 1650 B ID Preference-.. 8950 +052 8956 — 2.97 IB 1243 UNIL H.4*0 405 650 1650 80 22 FL42650 20 40 68 85 95*108 C 123 130 10 22 30 6 14 20 1675 5 VNIL P FL400 153 5.90A 5 9.90 6 M50 15 27 88 97 113 122 1700 Hi 10 17 |1 122 - 3J0 pm 1593.9; 918 42 54 61 1 4 9 to 130 ll tun 1604J; Hood 1 1 P" 1597.% 2 pm 1597.7; 3 pm 1598b; 4 pm 1592.9 «0|Mitog tade* 16052; 10 am 1604-7; WAs 1 tuta; volume in cawntACTS: suzi 1*850) 236 24 39 47 Us 10 16 A 1 25S 1 10 99 37 B 90 94 A-Ask B-BM c-M P-P« »».*a9 Calls 11.7/ 373 1 3 17 28 18 31 35 PulaP..N 7 45a 7.4es Underlying security price. 4 . 1 . . . 2 1 . . !. 3 . ..-- . • 5 . —„ ! 1 . . . . H 0 . . o 11 1 3V i» ‘ 15 Financial Times Thursday May 15 1986 33 WORLD STOCK MARKETS AUSTRIA GERMANY NORWAY AUSTRALIA {continued) JAPAN (conUntied} Mar 14 1 * price or Price Prica + or May + . Price + or + or Ofay 14 .Kroner — May 14 ' Sth. Mea + «>r May 14 .AU»L* Yen CrMIt'statt Dm. no - ISO CANADA Bergen* Bank. Gen. Prep. Trust S.7B : mhi 375 -l COOSMf .... 524 - 16 sSso riio 3» -5.2 florreeaard Harare uame*< 3.40 b Mitsui Bank . 1.020 Interunfall . ' 156 r$ui -40° Vats + 60 Christiana 8k.. ; Mi Co. 44 - 14,7GO 3.53S Hartogen Energy 1.95 y 3 Ctag i V, Jungbunzlauer 150 + 0,5 5*s Stack High Ion 0m» Ong Ub to* Higk tOW On Deg Sack Mgk In* Qua Cleg S*s Stock Hsgti In* Bon Credit Mitaul . 2o.iqo -coo 205 + 5.1 Den Norsk HeraidW'y Times t».7 Estate 1.570 - 20 UtcndcrbanK. -1 ' . 114 2,400 . 2*3.3 + 7.3 Eikem . — ICI 253 1 + - Aust . 2.65 -J 1S3 Compel log 102050 Iwgft Inst *5% 5% 5% - % 20 SeUum a r S3S% »% Portmooser... 7J0 Bayern Hypo S73 .8 Kosow* 140 -3 9B9 -6 S7 , « _*o JimborlanaF.P-. 0 20 . -5 1*730 Loatew Shell 82**2 73*, Staver-Dalmlar Bay«r-V©re.n 124.5 — 27,5 3900 Compel m 375 370 STB Co *1*6 13% 13% % 713 Can 302 —« 5t>9 .4 Kvaerner Kia Ora Gold. 0.14 .. NGK InrvUMn 2 ,0*0 — 20 90 - TORONTO 35300 Can Bam A $25% 20* 25% ,4425 lumomcs 5*5 M?$ *-8 -% 1730 Sum nit S0-B 6% Noreem- 2 Nikko Sec . -20 *h Kiditon Gold 6.6 V70 + *4 SIS —2 ££200 cas® : 80*4 -*» 53163 MICC 86% 6 30362 Southte !» 26% X Norsk Data 3»-*xc Nippon . Price: at 2.30pm. b e 0 6% Lena Lease .. 9.3 Denso. 1,420 BMW 673 + 6 140 3750 Cons Gas S2t-% 26% -% 1000 MSP & 255 2S6 ass 5605 Saar Aero 7 SJff* 30% »*8 -% Norsk Hydro . M|M.. 2 15 i Nippon Elect 1.490 >40 May N SH Brown Coven.. an Stombg 1 45'* 523 + 3 - 2X0.5 T00700 Con Glass *34*. 241? 2", i* 900 Me! H X $19% 19 w*$ -% $10 A $45*: 45% -% BELG(UM/LUX£ilBOURG Storebrand .. + 0.5 Moyne Nickless.. 3.45 5 Nippon Cxpreis 7BQ -12 Commerzbank . 327.5 + 11 4300 CTL Bank 8000 Mete HT f 8101 10<« ia«» -% 9*52 Stelco A 52ff? iff. 26% Nat. 6.14 4 Nippon Gakki.. 1,490 >30 ST-j 3% Vi ; Cont Cumml - Aust.Bonk.. 6717Q 1 22 •toy . 227,8 0.8 2033 CoRkni 64050 Meemilan $3ff* 3S, Teck B $22*, 22 14 prlca Nippon Kogaku.,1.110 *10 704 AiJCA Ini S* ff. . *ff* ’V, a n* 7% «B »'a +% + or News 32.5 , -5 Fra. Nippon Kokan. <029 Corby 523 21«> 58205 Magna A 1 831 30. 31 +% 24361 Terra Mn 205 233 2W — Myutu SPAIN Nicholas Kiwi.. 3.76 [> 136 + 1 2000 Abt+tenJ 55% 5% S% 4C5 + 1.6 1929 Manama I 61568 Texaco Can 23% + 1* Norands P.i Nippon OH . 1,170 -50 27740 Atxbtx Pr 525% 25 *356 C Falcon C SIS': io'.- Iff, 815% 15% 15% +% S» »! B.B.L P For an increaang number of decision-makers world- For morning delivery of the FT wide, the best possible start Co the business day is as the Financial Times. centers coast-to-coast, pe.ter M. » •»- in major business SSSSSSwSSl tk. The earlier it is in your hands, the greater value it is to you as a working document. a Financial Times has a hand delivery call 212-752-4500. Now the Now the service in service in Hand ddivery to home or office is available in Atlanta, Boston, Chkaga Dallas, BRUSSELS Detroit Miami, Minneapolis, Houston, Los Angeles, New Tfoik, Philadelphia, Dnc Francisco> 'SS^jss-sjssett**™* 5 you can start your business Pittsburgh, Seattle, San Washington, Montreal, Ottawa, Toronto, the finest international So day with the finest international Vancouver Please call for details between 9am—6pm New \brk Time. . iftthe world. tbr father news briefing in the world. bdornutioa For farther information please contact contact Philippe de Norman FINANCIALTIMES d*AiHfenbove, Tel: 62/513.28.16- Because we live in financial times deNonaaa C?FTPiifeab«iA5nclS® fABdenfem >4 . * ;. k * t ' Algae,—- - f.’ « ‘ %1 ' 1 - 1 3 ' D 2 ! , « ' 1 1 Financial Tixnfes Thursday May 15 1986 34 Prices at 3pm, M 14 ay NEW YORK STOCK EXCHANGE COMPOSITE PRICES Oh'g# B'p Dig* Gfa’oe 0«'Pm. ttU* . . f». 12 Marti . . P/ S» tavh2lhrib;.W p/ 5 12 Month if Sb py on Pm. ; Qm 12 Marti ?/ Sli One Pm. Qor Pm. If Munfa P/ Sb Qua Pm. 12 Mom* OmOo* H|Si law Sack IHr. YU E law Ckaa fee'} Iflgb ^ Low .'find. ’Or-lii E lOBstSak Law iffls Quote High Low Stock Dn. YU. I lOOsMgb Low Stock fiv. YU. E lOOtHtgh Hqti Law Stock ffi* Yld E High low Do* QnoaCkne High Lrw Suck Dhr. YU. E 10(U Nigh Low Hum Pace High Low '431, O*,' *% + Effl, 89 6.9*1 54£ -44J, . : '-12' 76' 1% 40% 31% Beverly 32 9 17 485 37?, 84ij 37% - 1' GSICO 1.08 12 9 43 991, 47% 33% hrafco £0* pfe 40% MonCwlOfl'". 75% » 75% 34 UV AAR a ,44 to 21 34 22% 22% 22% 37% 37% +% CrayRa 33 963 63% 6t% 81% : 94?, 6b'* 21 iPCDCp J8 61 + . .81 183, BeviP n 4gi; 15 2?j 2?, , 14% 10V . .*». ' 61 81 +'t ADT 92 104 23% 28% WV 24% 38 237, 33% Z37* - 53% Crt.N pi 5a 9.5 5 52% 52% 4), V', GEO 2° 12* -.St- M«iCbp(“ .$ 30 2U, 3D % 52% Irvenk 2.00 -S 5H, Vut a! S6 ID; 26% 22 BigTnr 88 3.7 51 ST 233, 23% - 30*4 19% CwipKIW GF Cp 37 4% 4% 4% 507, 37*2 aa? 5fi -6^; vb,. Iftmith .00.' .. 4.S ' if.. '17%. 17% 2fJI» III; AFC 8 IT 133 28% 25% 25V -V 23% % 4.1 13 174 u31% 30% 31 +% 7% 3V ^ Italy n 1* -14%. ' 24% 10% Biocn 33 328 187, is 993, 557, CrwnCk GTE 3.18 63 3677 50?# 2S, 50% T7?a l£ W% .. W% ..-4D% M0<»fi.60 4.1 6376 63% 61% 63*, +tt 12V ACS 15 88 21% 21 21 18% +% 14 36 95% 95 95% t% 543, 30% - ^ .64 1 2S>; 23); 3*7 BIXkD 2 9 19 pi 66 29% - 28 as . 34 f 10 25% 17% 2113 22% 22% 22% -% 507, JS% CrwZel 1 2.0 -% 31 GTE 2 37% MdnPwaa»*v;fl.tf«.' 2oa % B IS 9 g A MCA 13% 13V 13% -V 93 49% 49% «% H j j j % BlkHC si 14 pf £4 2£% 2ffi +t" 4131 55V -% 29 IFg 5 0 13 48 23% 22'g 23 24% ir4 CrysB n 2’>8 28-', 221* GTE £48 £6 28V 3.12 IT 35% «Tj. 35% ?*h-. 60% }F: AMR 11 . » 228 21% 21% -h 41% 27% JWT 23 «B i«i, BfairJn r as 31- 2 21 4 277, 1484 251, 25% 257, +% 521; 273, CuiBro .80 1.5 17 7 5 .'2 2D; ANA pi.? 87 111 26 26 26 % 25 20*5 151; 14% 15 % - 26% 17*. Janowyta .5 22%. -?S 23V - - 4 50 £19 SOI, 80% - ?J.JS" S? I? 53% 41% Boeing 1.20 22 14 3244 58% 55% 553, -% 783, 581, CumEn220 3.1 7CD, -% l?, Gap S .38 80% 723 « • ANR 6 23% 23% 23% +% 28 572 71% 71% 83 18% 10% JopnF 1 7£o 10. . «%. -«W 23% 19 pit ID 90 3‘, ? S,' S’* ff* i 1 4 17 312 547, 551. -i 13 10 i Geartil 673 3?, 3 - MofM jjJ3.5( 7 6 11 11% 11% 597, 39% BolseC 90 3 55% Curlnc iQa 89 10 12% 12% 12% -% 11 % *} 2CJ 12% 7% APL % lfit| - , — 32i, 1 3.1 13 100 18% 17*4 {. - -% BaiiBer 10 2 36 61 427, 55% CurtW 1 - to'4 .Gelno .56 44 ‘VnrguS/lk Zflib- 1«Sl . .711 4 9 13 81 14% 14% 43% «% 42% 42% % 20 24 5 OT, SOI; 50 -% 221 40 JnC 4 10. zaa ao sa . . 6*% 83% 83% 161i 11 ARX ; 121 a I* 35 60i, 673, 13* Genii 31 * 12 12 + ' 64% Boideni SB 20 16 830 58% SB's 43% Cyclop*. 10 169 u66 68 r-% 9% C % 80 80 81%. W-‘ *fcfgnpl£98e «.6 .. ^76 90% 90% 90% +% 53% 32V ASA 2a 54 160 37% 36% 36% 9 67% 81 5B% JvG p ftl2 9.0 z8Q » W 31% IW4 BorgWjflOt) 36 13 4421 267, 26% 26% + 11 Gemii iH3e at 106 13-'b 13% t3?. 88' 18 28l 14 .113?, M is% io«: 23 65 14% 14 14 % - Wi SS JarC pf 7.88 93 zl00» 86 +V D D D 5tb 16 738 6ffg 66 66% 12J8 2834 4% ID, 6% BormnsOSe 3 6 39 16% 157, I8*i 83 43:, GnCorfl 23 pf 11 + -67V MaiflSft - 23* -76% 75?, 76 -% 32 22% AZP 272 9 8 7 »# 28% 25 16% DPI. 2 18 20 295 223. * 7-% 24% 16% JerC llfl 32 29% £3% 23% % 36 SosEd 344 88 10 192 50% + 23% 23% % 16'.. _GAInv 1 54e. 78 75 IS), *9% 193* -39% MorKod.48 24' 1.9 21 763 Wj 65% 86% +t 53% 50% 50% 1, tS'; Dallas 20% 23% B% Jewlcr 17 SI' 22%. 221, 22% +U £0ir- 4»h 481; 49% 91?# 52 AWUbl u 19% .06 4.1 39 18% 15% 16% -% 139 4S% 49% 43% + + 99% 77 Beet pi? 88 9 T Z150 97% B7% 97% 52% 293; GCinm 50 10 20 1626 £8 21-10 28% 26% 86% 44% 43 AM Lb wi 52 43% 43% 43% % 23% 9% DamoiiQQ 1.1 34 177, in ,r% ~ 69% «% JotuUnL40 £1 £9 05% 64% 06% +% 10 BosE prl 17 9.8 59 12 in, 12 , IP, GnDala 38 584 13% 13 13 J£2S®'S. 77 ' 29 29 - 12% -% 40 00% . - _ . 89 W 20%.. 30 20% -% 31’g 19% AccoWdSO I 7 21 216 29 % 34?, 221, DanaCp 28 4 1 11 333 307, 3gi, 30% +% + 62% JohaCn 2 £3 13 110 60% 60% %. T ^ **&V\&* 151, 12 prl 46 157, 15% 151, 9?, GnDovn 7 781 22% 22% 22% ' ? «•- - -» 4l> 31 57 131, 127, 13 -% BOSE 9 3 26 0i, Danahr -I «>. 69% JmC pf *.25 £4 7 67 66^ 661; -U *0% '30*r JdortOb'TO t9 16*4 37 35% 36 2fi, 10 AcmeC >3% 9 3SO 12% 11% 113. 272 8?, B% 50% 33% 21 Bowair 72 2 6 IS 161 28 Z71, 28 11% r 4 GnDe- wi 8 98 29% MatortoS* 1.4 73 2945 46% 46 461, DO 18% AdaE» 1 90e 96 38 u20% 19% 19% 11% Pa Daniel .18b 2 4 44 52 7'- D- - - 27% 22% Jargon 1 4 0 20 37 25%. 35 25% 7% % 1 5S2 re?, ' ‘ '22% 39% 25% BrigSl 180 4 1 15 406 39 36% 38% - 89>< 62 GnDyit 139 60% ra »• MlflUffl'34 2J 16 64 '23% '23 •+% 29 15 AdmMI 40 16 12 9 255, 25% 15% % 58% 33 DartKr 1.72 10 IB 50*6 50 58% 57 - 1? 31% 22% Jostans.68 £817 83 31% 307, 31 .-% »% 53% BriSIM 220 29 19 2372 77 76% 763, +% ( 82'- 56', Gen0 2 32 10 15 5670 76% 75% 76% 22% 10% Munn's 23 '175.201; 2D +', AdvSysfl3l 4B 16 97 17% . '7% -% 81'a 50 31 OeiaGn 354 39i; 27?, 21% JoyU*g1 40 5.6 29 279 25% S 2S%. + % 20% 20% 10% 403, 39% -% 13 ' T6% BtitPI 7 187 3S% 347, 347, -% GnHme 101 14% 14% - 3634 27 -% 26 2360 68 7 i4?; ** 33>4 -20%. MaigO 1 -4J C 1722 23% .22% -23% -% 32% 32% AMD 25% 26% 4 Dalai n 2903b 7% 63, 7% - - % 1 0 20 3229 1)22 21 21% • ;o 91, - 44 343, BflTF 371 381; 35% 35% 1% 10 DtaDsg 21% 8% GHmi s 22 K K K 2B%- 17. UurryOflO ‘ £416 31 24% 34% MV +% 9% 1 12% 81, Adobe n 9% % 6% 24 3120 20 D, D, 7% - % + .34-19 12 41 12% *?*»• |7i, + 9- 16 Brock 514 15-16)1 — V 18 13% B?» Gl-HOUSM 21 37 11% 11% 11% 13% 7% KDI 16%. IS?, 'Mutual 44 9.1 ‘ 36' 1S*5 18% 1S%' +»« 14% Adob pt 1 II. 20 17% 17% '# 3*f % % 221, 16', Dayca 24 1 2 10 83 20 19?, - " 10% 19% % - . • 39*, Gnirtfl 1 2 21% Zf* nunKLM 51e 10iw 693 18%id* 18%•«* 18% n. -tc ' • + , 41% 31'-i Bickwyl 32 3 4 15 24 39'; 39% ID, SB 21?a 21% n« are £6so vw I Hi. US MyertsMuert-i „"*9a «6 .SS.-/6s. r Adofc fH 2.40 12 9 20 19% 20 8 36', DeyiHd .84 1.5 Xh . 20' j 15'< W. 19 *1970543, 54 54% +% 40?, +?a T 25" 18% BkyUGsl 62 8 3 11 75 25% 25% 29, - Wi * GnMillS 32 31 60S 75?, 75?, 75% + 4^, 30% Kmart 1.48 £0 29 13407MO*, 50% lT2T%. Myian ft. 10 .* 20 386 23 22% 19% B% Adv«J 124 .6 IS 769 u!9% iev 19% 1 , 87 59% DPL pl 7 70 9 0 z2W> 85% 85% 85'- - 1% e - ” . 2^ - 641, GM01 Sr 6 6552 77% 75% 76 23?, 13% KatorAUSj. 593 20% 1B% 20 - - . • 66 . . 371, 27'. BkUG 95 14 81 28>> 28% 28% 80% % , 3319 59=4 + ', P<3 501; | ;; . 6fri 42', AetnU DW 4 4 11 60 59% 33 DeenFd 56 I 2 20 151 45?, 45% 45% - 83i; N jyj 40 1 4 13 36 3J4 29% % Gk'.o; pl 5 72 2 83% 18% 13*i KaiaCe £0.. 1.59 55 13% 13% 13% +% 202 53% + '# TOU IV, BumSh 29% Deere - M «>'' 9 3 53% 53% 35% 24% 1 3 0 92 1504 34% 33% 33% 1% 15*;' »««» <^23 43 25 34% M*, -% - J99 <3% 26 BrwnGp 44 36 15 120 41 40 40% -7, 49 32% GM E 40 8 1288 u4S% 48% 4g% + . 18% 14% KMC pf 1.37 &8 3 15*2 15% -»i4 HI* IS* 10H. >2.6 3I1 99*; 99 31% 22% DelmP 202 68 11 245 29?, ST- 29% -% 10V »% 29% NBD. 1.60 A3 6 166 49% 47% 4B +? +3, 13 . 5m! io% 4C6, 21% BrwflF S 64 1.8 20 845 36 35 35% -% 50 321, GMHn.30e 7 79 44% 43% 44% 9% KanbEn2-40 23 30 101, 10% IV44 • ‘ • Annins 1 38 £4 7 1601 59% 57% 58% 'UK 5D, 36% DellaAr 1 23 16 1502 45 4J?, 44% -3, _ 20?« KP, NBi . 13S3T6 12% t£ J2% 69% 29 - v, i” +1 +% 4', Si, 3a 17 Brnsw 9 56 1 7 14 1224 341, 33% 337, 41, GNC -IB £9 170 5% S% s% 10% S'; Kaaeb .08 U U 3846 «% 4 Atleen » W 4; + % ttr, 5 Deltona 42 8 D, D, + 33% '.liC TCa-... .73 £3 *8- 299 .31 30% 30% -% *V 2% - : 12 9 1382 1ER, 18% 18% 291; 10 KCtyPL 2 .£0 6 201 26% 25 25V +V v 29', 1 157 32', 1, GPU 1048 ?53j 75 F| BrsnWI 52 8 40 33% 32% 34 D1«Cn 1 04 20 , % 63% 50% AirPrd 1 <8 20 15 66% 1 8 25 430 643, 041, 6-0, - % L52 ..19 U. 671 «?4 51% 51% +'« 23 T5S, Bundy 80 3 6 4S 13 22 211. 22 -1, 129% 5% Ger-Ra 176 1.5 34 am UV-t 115 116 ’ Lj'pjWtp I financial Times Thursday May 15 1986 | NYSE COMPOSITE PRICES AMEX COMPOSITE PRICES Prices at 3pm, May M P/ Sk rt si W SU P/ SU Qi'b* OCjf E I0Q* High taw Omg* l«u ffiaf low C&sa Omge IKh rt* l8w Cfe* 0*q* Stock On E ICO* Hitfh tow Oon l S«k Bh Cta SU Ok E 12 stock Dm E '" 17 Mesa fl St Oau hv» Mamh H SU Dau Pm ** D” i E *'* »°3,H*r M%» Crt'-Jl 1 T-S - I PapeEv 39 3% 3% Urn fcfc N0i tow Suck lh.M t 100s Mgb Low Quota Oau Law Stack Dm. YU. E 100b High Law Q*h* On* AcmePi « 6 S, V> - % » M£ I >.sr3 2547 &-16 -V. 5- IT 3 i'i* - i, 155 - 5 K rss 12 ie ft* ?* + 3* 3% % 12- 18 63* Z**, 21% 13% b UninnC 331 1?% H„ . Ar ion 2% .v: . ; 9% % M Continued from Page 22% , Sns.100 72 3 7 23% - 34 1 Cur.c 39 9 46 SC'* 23% 453 45 37 Pj.% UnCluC 1 84 7 5 0 400 JJ.% ,Ji_. ACflu-K 16 W; iffipQjlfll.60 31% 31% 31% + R R •JH, Wj Sna«ln II M * 27\ n\ - % 16> % M 4 Cumce 98 13 2 27% 2", 27% 79 4*’ gov 3ft PhiWr A*-nn« 42 Inlftii 4% 4% - I Ragan ,12.12 12 2Q 20 . 30 & auw «. j>.. £# «% J4», S««7’04a 89 8 59 47** 46% 415% - % Unfl plA 40 68 .-VI 7T’’ r.’>- .V; % M *' " 46*. 10 114 + *. IS* PtutpM 00 4 31 SUFU3 44 42 InoSy 2 1% 2 Ran**Hannas .72 96 J6 ift, 19% lft* - a 1.7 16 55 Smtiik, 90 19 12 4M 46% 46% 46% , % 34t, SJ UnEl r*r.i 4 70 91% 31 D D % iZ. 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SirtGaaraSn-lGaa 28 can iao ia% ip* ir, UnlTol 1» 71 Wit 2k% -% Cai«iD 154 15-H* 1>16 T3-:6 15% 15% 15% 29% 7?% lib MOBiW 5a 22 *4 1,% IV, Uitmie 20 107 30% 30% 30% + % as Protaf 1.40 4 95%95'j 75", SwOeBS«Oe» 6 43 9*5* Boer* 44 17 24% j?4. ir, ii% 11% - 11% 431? 400 148 3S, J5 _ ! 75% 88 10 135B 95 W% 3fr% 25 Um7 2pll M 4 5 I 33% 3.1% ar, Ci'VJO 25e i2 VFooaa ide 1 31 ft, 2 ftp *" 17% MlCWE 24 11 70 1 ftj 10% 10% V* PtuRCo ' S: 16%’S'* S«EmS-En, 43 19 8' -urns 90 05 - 1 + a 49 1% 1% u,tL »BS WS? 28 8 18*818% IP* -% 27U 17% UWR 1 32 h 1 20 SCI 26 257, 3S% -% Giatiit 15 24 :r» 22% 22 UF00OB 20b 2 18 ft, 9*4 ft« % Ma-.tvL 5 ft* ft, r%+ I «., Prufll *>20" S333 115 7T* 7- laf3»1>* 22 S-1PCS-1PS £022.07 6 T 12 30 29*, % a ^ 77*TS* TVa » % ® 218 79", 30 20% 17), llmtide 20 9 34 247 31 23% .V, -% c C-imr la 28 5 W-% 25% 23% Univfl* 13 40 6% 5% 57*- % •*r ir»j Spartcwi sou PswCd 2 11. 9945 nr* 12% 52 3W31 20 it*, ,7% -% »7 I >71’ n 1JB* IP,18** ,&%US, -S’# 12> M 17% IS'., 0% Uniiar 20 ,5 i.v, 13 CC-I 15 33 Ji?', CiSFU 76 2 > *; Un yPai 45 173, 17% + % 18 PSCtt ,• 15>*1S% Specif* 28 P12.10 8939 14 zr? W^ 91 39 20, 2C% 7G% -% , 34 ?*:, Lini«Pd 1 I? 4 1/ 102 Vi-nflAu 40 }4 zi so Z3V23% 2?23%j 3 33* 32V CM I Cp 48 13 6 , i4 3 m NfPemt .10 264 19% 19% 19% 12*8 PSlnd 74 45% Sperry 1 9397 26 771, 73-j - V W ®i 6 340 10% iSl10% 1G%lp% B9 34S4T74 +3* 31 19'., UnLuol 1 0U Ui 10 1» 27:>» 2n«, C-11K.! 9 40 GilL«C 52 25 US 42 4:% 42 , M la^j NMiAr 38 19 rr, 22-1, 47 Spring^..52 - 27% VlAmC .40 33 15 20 IS* 19% - % 10*7 0% PSln DIB 26802B80 9 Q _1, 31% SewntfJ S2 3 5 36 67 4} 42% 43 ,% 161, 13% LIMun n 4 41 IS*’ 1> ’ 18', 12 Kb 15V C!8% 16% 9 9 ' C.Mu-rc 29 7r> I'wn UFtCG 1.25a 14 64 28% re 28%-% Vnmit 6*1 67, - 50 4 - 1&I, 17 - 29 10 30 «* % 80 64 PSln WE 35% SquoiDi.WSooa,Di.84 2 is 350 44** 1 Unocal I Wt» 12 23-y 2J G'O.ner 18 23 T.'-j T' *125067% 87 07 -*, ^ 43% 43% 47% 5 2 2D6B Cn.-tipH 510 3'; OTTrines GO 22 662 iB5 64% 64% + % 4'}- “ - Venpio 3 3 4 i J '. : . ; ' i' Firiandal T^iries Thursday May 15 18&6 /' FINANCIAL TIMES WORLD STOCK MARKETS Chrysler dipped $'/i to $36% and Ameri- EUROPE . l*MVL^I|inJAUU^ ^ UR WALL STREET 7 J LONDON SINGAPORE can Motors Sft to $3 /b. GM fell $ /t to 339. on Tuesday. Brown Boveri gam&r ' $76ft. HESITANT BUYING by domestic- insti- DM JfoDM3^.; V* allowed Baxter Travenol, the pharmaceutical tutions and foreign investors . Major comical grbop .BASF sAk with a 1-21 rise ancedDM^^ Half-hearted and medical services group, firmed $V» to Stunning Singapore to inch ahead Return of that to industrial index * * • profits, $2(H4 after its earnings forecast and debt in the Straits Times %. * quarter? gad Bayer JB&.C move. 598.89. ' ished DM 7^0 at DM 29830 and ft/ ' Gerber, the baby foods group, de- Blue chips were sought, although echst DSf-3J>0 afDMf 283,50. -% attempt * 7 NatWest enthusiasm - EsCadaT -£he~ Munich-based clined S /i to $49% on a sharp drop in some second-line stocks found sporadic wmnojft, fourth-quarter profits which the compa- support Total volume amounted to day and - ny attributed to adverse publicity from 12.7m shares. tomorrow preference diares fa? ~ to rally public'subscription at DM 560 each, unsubstantiated reports on glass frag- cash call Haw Par was actively traded with and vigour first listing is set for May 23.' ;/ 7; ments being found in Gerber products. 638,000 shares changing hands, finish- A BRAVE attempt at a rally was staged RECENT FEARS of a large cash call Among weaker aerospace issues. while Develop- ENTHUSIASM and vigour returned to v Bonds recovered after recent slump* on Wail Street yesterday as investors proved well founded in London yester- ing 4 cents up at SS2.06. Lockheed, which expects to exceed last with 607,000 European bourses yesterday as the dot-' to end as zhudras ISO baas points high, tried to concentrate on a scattering of day as NatWest announced at the start ment Bank of Singapore, year's net earnings of S6.10 a share, fell traded, ended 20 cents up at laris decline was stemmed: Healthy cor- er. The Bundesbankxeversedits market;-, corporate developments while in the of trading a record-breaking £714m shares Sft to S54ft, Boeing dipped porate reports also boosted investor op- intervention gelling a . hefty, and $% to rights issue. SS5.30. UOB, also active, firmed 6 cents by t drifted lower after The equity market was T-' bond market prices a . - in markets. 147.5m .afier purcJmsmg - $55V«. McDonnell Douglas slipped $V* to stunned. to SS3.32. Sime Darby encountered timism some DM 28Jm ftjv firmer start ,: : $78%. In Paris investors bought ahead of to- ti^prervioiissessiori. - .-V Banks as a steady buying to close 5 cents higher at ; By 3pm the Dow Jones industrial av- whole took a battering, ’ Uniroyal, revealed plans day’s expected moves by the Govern- . The. higher, tone in Frankfurt prompt which to dis- with NatWest down at Bar- SSI 94. erage was up 5.46 at 1,790.80. 85p 770p. -' pose of its chemical operations for ment to cut the state-regulated yields on-, ed enthufflasm in Amsterdam, where The corporate menu featured Wool- clays 35p cheaper at 512p and Lloyds 36p SIA fell foul of profit-takers and lost $'/« passbook savings accounts to intri* prices, turned, higher' after weaker S760m. added to $23%. Firestone held off at 592p. Midland while Fraser & and a worth, trading $3 higher at S83 on the fared better with a 10 cents to SS6.15, • 1 unchanged at duce a series of exchange-control relaxa- start:; $23%. and Goodyear shed comparatively small decline to 555p. Tuesday, shed 5 cents to strength of a sharp rise in first-quarter 7 18p Neave, firm on SVi to S30 /*. tion measures. earnings. Eastman Kodak rose $lfc to Blue-chip industrials suffered a simi- SS5.85. Royal Dutch, which has persistently new round of base-rate cuts from : Union carbide was also unchanged at A moved against the trend in S57 /i on its higher second-quarter divi- lar, if less drastic, fate. the pastfev# French banks late influence ' $23% as the implications of the Bhopal The FT Ordinary index chronicled the came too to session's, did'it again yesterday, ending dend find confirmation that it would cut AUSTRALIA ‘ hearing conditions were weighed investors on the day, but sentiment was 40 cents lower -at FI "191.20 its workforce by 10 per cent beginning in retreat, which totalled 21.2 points to : on expects-' THE FOUR-DAY fall was halted in Syd- boosted by reports that new car demand May. The early bond market rally was un- 1,320.0 Index constituent NatWest alone tionsdf asharp fall in profits due today; - ‘ ney yesterday as the revised takeover had risen steeply in April - Eastern was most active among the dermined by persistent rumours of sell- accounted for 4.9 points of the decline. Akzo gained FI 4.10 to FI 157.50 anod offer for BHP caused renewed buying Gains were recorded across the board. ~ •' national carriers with its SK rise to S9H ing by Japanese investors of the long The more broadly based FT-SE 100 lost the breakdown of talks with Du Fdpt interest. The All Ordinaries index Schneider, which on Monday recorded “ last points to 1.594.3. - oyer a fibre patent while Pan Am fell S'A to $6 ft after plans bond, bought heavily at week’s Trea- 29 new Banking issue jumped 20.6 to 1,222.4. higher first-quarter earnings, further ex- - sury auctions. The benchmark 7ft per Moving against the trend were Stan- Amro put on FI 2 to FI .96.50 after an^V to buy Texas Air’s eastern routes. ' tended its rise to hit a high fori the year., - McDonald's, the leading hamburger cent Treasury bond due in 2016 suffered dard Chartered. 8p higher at 815p, Sun- Trading in BHP dominated the ses- notmcingbn Tuesdaythaf it badlakana 2I of FFr 730, up FFr 48 a gain qf 7 per < chain, was actively bought rising $2¥i to most, and prices fell & to 97ft*, pushing beam Wolsey, 16p up at 106p, and Centu- sion as the industrial group surged 78 small stake in the West German retail: Oils, at cents to AS8.30. cent. S103¥i on rumours of a stock split their yields up to 7.45 per cent from 7.40 ry 9p ahead 102p. .. group. Co-op.. Screg advanced 5.8 per cent to FFr l per cent A firmer overnight performance in the ' Sperry Corporation. SVi higher at S73 /i Bell Resources, the bid vehicle, ad- Insurers, industrials and . financdals v to 87.30 while Cie Bancaire recorded a 3.8 A lower federal funds rate limited US bond market gave fresh impetus ‘ in heavy volume, responded to the hos- vanced 55 cents to AS4.55, while Elders again fuelled activity in Milan as Couk . losses in gilts. Sporadic buying added a full point per cent rise to FFr 1,365. Matra rose 3.4 tile Burroughs bid of S70 a share. The the long end of the market, IXL. which controls almost 20 per cent sob announced the debut next week of to select issues although longs finished per cent to FFr 2,585, and Thomson-CSF latter took the rebuff in its stride and however, as they traded at 6ft per cent, of BHP, picked up 15 cents to A54.55. six equity issues on: the exchange. added 3:1 per cent to FFr 1,415. : slightly off with gains of Vi. Shorts settled ft* higher ,’ firmed Sft to S59 /«. their opening 6'fts per cent. Adelaide Steamship, The new listings include Banca Tosca- which must buy G6n£rale de Fonderie jumped L6 per v Treasury-bills were off by between on the day, and index-linked issues drift- With US car sales up 12.3 per cent in one BHP shares to cover an option agree- na, Credito Cominerdale, Montefibre {a cent to finish at FFr 56.90 after a tem- •' early Ford and three basis points. ed lower. subsidiary), -- May, gained SI to $79, but ment it has with Bell Resources, retreat- Montedison fibre electrical price changes. Details, porary suspension caused by an order Chief Page 33; utility Sondel, textiles group Sodet ed 20 cents to AS13.60. . a A Page 32: Share information service. imbalance. » Italians Manufatfl. and Aeritalia,; the ? Elsewhere, News Corp recovered 50 Frankfurt ended its run of lower ses- Pages 30-31 aerospace unit of IKL cents to AS22.50 and IEL jumped 24 sions yesterday as foreigners re-entered Flat, which is concerned that the cents to A56.24. the market to pick up cheaper blue . ." TOKYO chips. The Commerzbank index rose stake held by the Libyans may jeopkr- dise its chances to obtain SDI contracts HONG KONG 37.5 to 2.019.1. The hardest-hit issues during the re- from the US, rose L450 to U.4,750 on , A TECHNICAL rebound in Hong Kong * Further cent trough were those that benefited speculation that the Agnelli family may Tokyo added 16.95 points to the Hang Seng in- ~- most from yesterday’s buying spree. In pay as much as LI8.000 for the 15 per wStocfcExchan dex at 1,820.68 amid speculation of an- cent Libyan holding. 4,1968-100 banks Deutsche, the country’s largest Jan other cut in interest rates. - concern commercial bank, added DM 14.50 to Strike action a general stoppage Is Property issues were among the first DM 812.50 while Commerzbank gained expected tomorrow in Brussels damp- to recover with Cheung Kong 20 cents DM 11 to DM 327.50. ened trade, and prices ended mixed. Pet- up at HKS21 as Hang Lung Develop- Daimler bounced back with a gain of rofina, the market bellwether, rose BEY over yen ments firmed 10 cents to HKS6.55. DM 45.50 to DM 1,345.50 while VW took 40toBEr 7.950. Banks also encountered steady buy- on DM 8.50 to DM 570. BMW, which has Zurich ended steady, despite a spate ? FURTHER CONCERN over the yen its falling market oni ing with Bank of East Asia 20 cents up blamed share of favourable company reports. Baer j:'-' forced share prices down in Tokyo yes- promotional consequently . Holdings gained to HKS19.70, while Hang Seng Bank problems and SFr 100 to SFr 18,400 terday, although blue-chips found occa- closed 25 cents ahead at HKS38. changed its advertising agency, was up / after higher annual results. However, sional support, writes Shigeo Nishiwa- DM 6 at DM 573. Brown Boveri surrendered SPY 40 to' Among other leading blue chips, ki of Jiji Press. Porsche, however, continued to suffer SFr 2,600 ahead of hews that its ord& -• Hutchison jumped 65 cents to HKS30.25, Blue-chips such as Hitachi and JVC at the hands of the fluctuating US cur- intake fw the first quarter had falten. Jardine Matheson rose 20 cents to 1982 1983 W84 1985 1986 gained ground, but trading in specula- rency and lost DM 25 to DM 1,035. Both Stockholm and Madrid flnishari f tive issues to secure short-term profits HKS13 and Swire Pacific finished 60 Siemens shone in electricals, posting on a higher note while Oslo continued dominated market. cents stronger at HKS1390. CURRENCIES the a DM 12 advance to 627. Varta re- i lower. STOCK MARKET INDICES DM . US DOLLAR STERUNQ The Nikkei stock average lost 38.51 to NEW YORK May 14 Prmtou& Ymt ago - I 15,943.75 its third successive fall - on DJ Industrials 1,790.80* 1,785.34 1.273.70 (London) May 14 Previous May u Previous 1 volume of 497m shares, compared with DJ Transport 782.14* 782.88 609.72 S - - 1.5395 13345 Tuesday's 475m. Declines outpaced ad- OJ Utilities 181.98* 181.46 158.65 DM 2.185 2.196 3J65 3.37 465 with S&R Composite 236JOJO* 236.41 183.87 Yen 163.35 162.8 251.5 24975 vances to 377, 140 issues un- FFr 6.9675 7.0 10.7275 10.7425 changed. LONDON FINANCIAL TIMES CONFERENCES SFr 1.8175 1.8255 2.7975 2.8 The yen tumbled against the dollar in FT Ord 1.3200 1,3412 1.022.3 3.7975 York and FT GuQder 2.45 2.475 3.7875 New Tokyo in response to US FT-SE 100 1.594 3 1,623.3 1.326.5 Lira 1,497.5 1.S06J 2.305.5 2.312.0 Treasury Secretary James Baker's con- FT-A All-share 786.41 797.09 642.93 BFr 44.75 44.85 68.75 68.85 gressional testimony. Investors were FT-A 500 862.33 87367 705.10 CS 1.3775 13785 2.1181 2.1195 cautious pending a clear view of the FT Gold mines 251.0 253.6 496.9 range in which the US Government was FT-A Long gill 903 910 10.75 INTEREST RATES hoping to stabiise the doilar-yen Euro-currencies May 14 rate. I TOKYO (3-month offered rate) Buying interest in blue-chips that was NHtkei 15943.75 15,982.30 1230420 £ lOYn stirred by the yen's plunge in the morn- Tokyo SE 1957.80 1961.03 978.63 SFr 4¥.b ing faded after a rush of buy orders. Hi- DM 4* tachi, gained an early Y30 but fell back AUSTRALIA FFr 7ft on a bout of profit-taking to close up All Ord. 1922.4 1901.8 898.4 FT London Interbank fixing on- ITT rr Metals & Mins. 491.7 485.1 578.8 (offered rate) ly Y8 at Y886. JVC also climbed Y1I0 at Smooth US$ 6’*. one stage but finished Y70 up at Y3.130. AUSTRIA 6-month USS 6’ft* Bridgestone Tire continued to attract — Strategies for Tomorrow’s Markets Credit Aktien 124.40 127.16 94.39 US Fed Funds 6ft* US 3-month CDs 6.55* buyers as a leading domestic blue-chip. BELGIUM US3-moatfi T-MMs 6.07* Topping the active list with 20.13m Belgian 5E 3,642.03 3.671.99 292897 US BONDS shares, the stock climbed Y26 to Y718. London, 9 & 10 June 1986 CANADA Some other blue-chips performed rela- Treasury tively well, with NEC adding Y40 to Y1.490 and Sony Y40 to Y3.520. This year’s major forum on World Electronics will be the ninth to be arranged 2.053.3* Price YteW Price Yield Metals & Minis 2.049.0 2,017 Buyers then shifted to speculative is- Financial Composite 3,070.7* 3.072.0 2.660.9 by the Times. Speakers and topics to be covered include: 6ft 1988 99'ft* 7.12 99’ft* 6.96 sues with trading confined to earning Montreal 7ft 1993 99'ftz 7.48 98»ft* 7.57 short-term profits. Nichiro Gyogyo was SURVIVAL ON THE WORLD MARKET STRATEGIC POSITIONING FOR Portfolio 1,558.56* 150369 130.06 7ft 1996 98ft? 7£S 98ft* 7.62 FOR second most active with 1899m shares Mr Jean-Claude Peterschmitt WORLD MARKETS DENMARK 7% 2016 97*ft* 7.43 97*fta 7.42 traded, gaining Y20 to Y540. Kawasaki Vice President and Chairman Dr SE 229.57 185.75 I Source; Harris Trust Savings Bank Kisen came third on the active list with Hans Gissel Digital Equipment Corporation 15.73m shares traded, climbing Y5 to Member of the Board of Management FRANCE Treasury Index AEG Aktiengesellschaft CAC Gen 407.1 220.7 May 14* Y175m. Kyokuyo also advanced Y26 to Y404, Ind. Tendance 151.9 78.9 Mahrty Ratum Day’s Yield SEMI-CONDUCTORS — KEY (years! irxJex change and Tobishima Corp soared an early Y35 FACTORS WEST GERMANY CREATING THE CONDITIONS FOR 1-30 150.01 + 007 739 but finished Y12 down at Y753. IN THE BATTLE FOR TOMORROW’S FAZ-Aktien 664 95 65491 43237 GROWTH IN 1—IQ 142.83 +0.07 7.41 Mitsubishi Estate slipped Y60 to WORLD MARKETS EUROPE’S HIGH-TECH Commerzbank 2.019.1 1,981.6 1963.6 1- 3 134.77 +0.07 709 Y1.780 and Nippon Express lost Y12 to Mr Jim Hubbard INDUSTRIES- WHAT NEEDS TO BE DONE’ 3- Y780. Electric power and gas stocks HONG KONG 5 144.60 +0.01 7.61 Senior Vice President Mr Alain Boublil Hang 1,803.73 1 £15.00 15-30 175.79 +0.05 8.19 were out of favour, with Tokyo Electric Seng Texas Instruments Europe Adviser to the President of France Source: Merrff Lynch Power shedding Y50 to Y3.790, Trading on the bond market was con- Banca Comm. 841.92 82606 305J7 Corporate May 14* Prev fined to arbitrage transactions by banks HOW REAL ARE EUROPES THE SEMI-CONDUCTOR INDUSTRY IN NETHERLANDS AT & T and securities houses, in the absence of INTERNAL BARRIERS?* ANP-CSS Gen 2S7.9 2S8J 207.9 institutional investors, Cash bond THE 1980’s — A EUROPEAN 3ft July 1990 89ft 6.88 89ft VIEW Mr Franco Mariotti ANP-CBS Ind 246.5 246.0 171.9 prices, which dipped early in the morn- SCBT South Central Mr Douglas Dunn Chairman ing, rebounded as bond futures NORWAY 10ft Jan 1993 106% 7.81 106% prices Managing Director stopped falling. Hewlett-Packard SA Oslo SE 340.97 342.02 33237 Phibro-SaJ Plessey Semiconductors Ltd The yield on the bellwether 6.1 per SINGAPORE TRW cent government bond due in July 1995 DATA VOICE CONVERGENCE? Straits Times 598.98 597.68 80434 slipped to 4.775 per cent from Tuesday's 8ft March 1996 102 8.35 102 WHY MEGAPROJECT? Dr Robb Wiimot SOUTH AFRICA Areo 4.820 per cent. The yield on the 5.1 per Chairman cent government bond Mr Gerrit Jeelof, CBE JSE Golds - 1.173.9 1,109.4 9ft March 2016 106ft 92 106ft due in March 1996 Executive Vice President European Silicon Structures Limited JSE Industrials 1.160.0 934.7 General Motors rose to 5.070 per cent at one stage (ES2) from Tuesday’s 4.895 per cent, but fell NV Philips’ Gloeilampenfabrieken SPAIN 8ft April 2016 93ft 8.72 93ft back to around 4.850 per cent. INTEGRATED 192.75 Citicorp GLOBAL INFORMATION MadndSE 191.29 82.40 NETWORKS — A DREAM ON SWEDEN SOUTH BUSINESS STRATEGIES THE VERGE Source: Salomon Bromers AFRICA FOR OF BECOMING REALITY J&P 2.313.69 239205 1.408.94 FINANCIAL FUTURES GOLDS staged a modest rally in Johan- THE US MARKET Mr A G W Biddle SWITZERLAND nesburg, and industrials continued firm- Mr Alain Gomez President Swiss Bank ind 576.5 576.4 431.4 CHICAGO Latest H*gn Low Prev er on lower interest rates and expected Chairman Chief Executive Officer US Treasury Bonds fCSI] & Computer & Communications industry May 13 cuts in inflation. WORLD Prev Year ago 32nds of 100% Thomson SA Association. I ISA Buffels added to R71.25, and Drie- MS Capital Inti 319.9 321.9 207.7 June 97-16 98-28 97-12 97-29 R1 fontein finned 50 cents to R52. US Tnesswy Bills {IMM) VMM \ CON Elsewhere, cents to Sim points of 100% Gencor added 25 To. Financial Times Conference Organisation R44, and Impala 75 MbistefHouse, Arthur Street, (London) May 14 Prev June 9356 94.03 93.94 93.97 Platinum jumped London EC4R SAX. 330.65p cents to R3195. Tel: 01-621 1355. Tlx: 27347 FTCONF Silver (Spot fixing) 333.70p Certificate* of Deposit (IMM] WORLD G. Copper (cash) £93325 £92300 51m points of 100% Coffee (May) £1.977.50 £1.856.00 June 93.45 93-49 93.45 93.44 CANADA Name Oil (Brent blend) S14.10 S13.60 ELECTRONICS LONDON Position _ INDUSTRIALS Throe-month Eurodollar AND OILS showed Please send me further details of the (per ounce) Company GOLD Jim points of 100% some strength in a mixed Toronto. •WORLD ELECTRONICS’ conference May M Address _ Prev June 53.17 9390 93.17 93.08 Massey-Ferguson added 10 cents to S342.75 5343.00 London 20-year Notional Gilt CS3.80 after Tuesday's 20 cent rise on re- Zurich S34230 $344.00 Financial Times £50.000 32nds of IQCflb sults. Imperial Oil was CSV* up to C$43ft, A Parts (fixing) S34332 $345.04 June 125-23 126-08 125-16 125-05 Asmera picked up CSft to CS9ft Iniernational Luxembourg S343.10 $34335 Tel: Oil and gas issues supported a weaker Conference New York (June) 6343.10 5345.10 ‘Lamraefe&tofewBS Type of Busir Montreal although industrials and FT mines were mixed.