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W German US banks BAT to sell Room at builders report the top hit ‘cheap’ higher shareholders’ vote US retailers campaign labour earnings for $600m for Italian on rescue plan BY DAVID GOODHART IN LONDON women other cities r?P°rted h ber becauuse wfflfoDwtheoSmfc J ie BAT INDUSTRIES, foe tobacco, re- impact of price-cutting of By Alan Friedman In MQan of Frankfort in refusing tail financial services conglom- their market leadership. toaward ly BY and improved full-year net mcome af- LIONEL BARBER, BRIDGET BLOOM AND PETER RIDDELL IN LONDON rrahUejruutn. bnHrfWwuuninx cwnrwis i,Tto * _ it, — erate and one of the UK's largest Italian comna- Q , Bates, BATs wholly owned US MR BETT1NO CRAXL the Ioan"Ioss Provisions. Dies using “cheap labour-from THE BOARD of Westland, the UK rescue plan is likely to help its outcome of today's scheduled vote companies, is planning to sell just subsidiary, is also closing its retail Prime Minister, ra®eia joined forces East Germany or other East Euro- helicopter company, announced last cause. . uncertain. under half of its retailing business head office in New York as part of yesterday with Ms Marisa Belli- pean countries. *** ft wag pos»
an official order hairing her from the ; Jfr FRIEDMAN IN MILAN February . Come* MAN whereas in 1973 women made up the JbhannesfauzgareaL. Rage-4 was 34L40Jag«36 A VISITING groupgrocl* .oLS^^fevelitf4 of- wa Se&rifleTjSearch Institute; MONTEDISON, Italy’s leading per cent of the national work- j Gemma holding vehicle, was yes- 28 gestsndilitomjcnremitiyfieMedl^r and Takeshi Mukaibo, chemicals group, is workin LONDGN; Equities and Mr the g on terday appointed group vice-presi- force, foe figure to 1983 was 32 gffts tamed agreed Japaii Yesterday thatthe Japanese to improve , irraiw* MatenI chairnian of Atomic Epcrgy plans for a big capital increase of dent and a member of the executive per cent In industry, however, British strip boarded CormwiKimn are part pf an advfeio- around \mkrn (S206m) to be committee. women in 1973 accounted for21.7 unequivocal agreoue&t lygrai^ established la^Ottma to adaeved a rights issue of ordi' Uranian naval commandos boarded 14 08.8 and the H by Montedison also said its 1B85 con- per cent of jobs at all levels. The that Japan most reflate and take advise- Prime Minister nay shares and non-voting saving British cargo ship Barber Perseus toUJ Page EiSttwiSHSffi; Yasuhiro solidated group turnover rose by figure in 1883 was 23£ per cent L384JL. 44 1 was foe mam recammemtotion in ofoa measures to reduce its SStftm shares: off Oman and searched it for arms Nakasonehow foe steuctuie of the 14-7 per cent to Ll4200bn. The The Bellisario project will create a «nnnnmlqne rf the UKJapan current account surplus comes just Japanese The rights issue, which expect- bound for Iraq. US Concern, Page 5 WALL SWEET:STREET:!Tim Dow Jones in- Je economy can he is group is expeced to make a 1985 study at Itaitel to "correct the 2000 group that metmBritam over a week before the Group of Rvn tor 5 on the Milan bourse dustrial average closed up 7.00 at to meet expectations abroad sd to ed this Spring, consolidated net profit of more than constraints that hamper the pro- foe weekend. dustnal countries meet in London achieve a is believed to have been discussed Lagos transfer L52Q.53. Pave 44 greater balance in trade, UOObn and might pay its first divi- fessional upgrading ot low- The Japanese membership of this to discuss further co-ordination of The advisory group will report to yesterday at a board meeting which dend after a decade of losses. skilled women.” It will also iden- set foe prime their economic policies. * Nigerian military leader General TOKYO: Shares extended losses eroup, up by ffimis- the Japanese Prime Mto****^ in reviewed foe group’s 1985 results, Mr Mario Schimberni. Montedis- tify at BNL "the mechanism that fas of foe two countries in 1084 to Mr James Prior, the Member. Ibrahim Babangida said his govern- wifo the Nikkei average 2L19 Ioww of March, in time for this year’s eco- but no formal announcement was on chairman, last summer braved limits the professional develop- improve Pariirliament c ir ment would hand oyer power to at 12^77.02. Page 44 toqirove understanding and coop-co-op- ment and GEC chairmanha man who nomic summit, which lakes place in made. The funds would probably be serious criticism by Gemma, foe ment of young graduate women." eration, was notabty MtaentiaL It was foe British joint chairman, used to reduce Montedison's group civilians by October 1 1990. FRENCH Tokyo in May. Shell company that is conboltel by The Lombardy regional govern- INFLATION fen to 4.7 toduded'inducted the top executivesesecutnnes of the pointed,pointea. out tnatthat three Japanese At a press oconference yesterday, debt of more than fg-fibn Fiat, Pirelli and others and which ment section will "highlight the | per cent last year from 8.7 per cent Bank of Tokyo, Toyota Motor Cor- members'.# were m a particuiariy Meanwhile Mr Gianni Varasi, Grenada arrests Mr Kato said that (qjening the Japa- until November was Montedison's career difficulties of women.” in 1984. This was foe lowest annual poration, Nippon Electric and Sun- strong position- to influence Japa- whose minseweeper nese markets to imports would not I and paint man- key shareholder. Gemioa's anger Ms Bellisario yesterday hoped that rote since 1907, according to esti- tory, and goveramenl Police to Grenada, which US Presi* senior Japanese civil ser- new policy, by itself make mum difference to ufacturing company last November was incurred when Mr Schimberni the project would stimulate ac- mates fro tosee the dent Ronald Reagan is to visit to six m , government vants. It was, aocnidtag to Mr Ta- Mr Hiroshi Hosomi, foe head of became the largest single Montedis- took over the Bi-Invest industrial tion on the part of "foe big pri- .. 20 statistics •' Continued on Page weeks to confer about seranity with institute. dao KatotKato, foethe former Japanese am- Japan's aid programme:programme; Mr Isamu on shareholder by acquiring 10 per vate sector companies who are c Commonwealfo Caribbean leaders, ^assadmbassadorHummWw to foethe TJKUK and .thethe jmnt-joint- Miyazaki, the chairmanharniwn of foe Dai- Nakasooe in Canada, Page 5 cent of Montedison shares from foe Continued on Page 20 not represented here.” BRITAIN and FranceFranre appearatmw«r to aireried 13 men Jar conducting Hie- ' ~ : : have ruled out foe EuroBoute tun- * gad mffibuy training. Tbge5 . .. nel and bridge scheme but are stillstffl T TTfTWZ' . divided . on which ofat foe remainingrenaming I JKJ Vk rKHPTfP\hPT C lYl flF$ftW twoproiectetodioorefcarfoeacos^ UK^ expertsA/A1IV1 toW draw up plans Manila ‘commitment' EngUahgBKEJEjgi—Channel itok.FhgB21 ^ VT V. BROWN SHIPLEY CANADA: assffi c^^t^nrccontsjImports took a record 32 forI OF globalSlOOdJ trading ofoi mitment from top generals not to per cent at foethe countiy’scountry's car market shares last year. The • intervene if the result of next South Korean mano- . FUND ... GERMAN factarerfactorer ™ ALEXANDERALEXANDEfl SISNI Hyundai - NtCOLL LOJfBOli — month's dections to foe PhUiippIoes captured 22 per LONDON was not to their liktofr cent of this snare.share. nge*Phge«PhgaC A WORKING PARTY IncludingincludingtodudiM important Enkfink to foethe global chain.chain, ley, Mr Andrew Large ol Swiss sOTMtt^mwrtinqwrt^tmost important figures But continue YOU’VE HEARD ABOUT THE so™® to doing such business Bank Corporation, Mr John San- COLOMBIA has nationalised foethe ’ I«n^'sr nd®n s tatenationalnrtonational finandalfinancial inin LondLondon,on, they must assure France holds police coimtry’scounfay’s biggest commerdalcommercial bantbank, “ f foe ders of S G. Warburg, Mr H. Ton- markets is to consider how to estab- Securities thefoe famibMBaimtroubled Banco de CWomMa! and Investments Board, omura of Nomura International,- ECONOMIC MIRACLE. HERE’S YOUR Three Swiss police officers were Hsh a marisrtmarket min globally traded the key regulatory body, that they ^and threeforee financial companies; ^ body, and Mr Stanislas Yassukovich of held for investigation m Muthouse, stones thatfont w31will meet the newnewregurregu- are operating etearing with effidmitefficient bearing Merrill Lynch, CHANCE TO CASH IN ON IT. France, after three Yugosolav latoy-latozy requirements arising out of and settlement gyp- . systems as well as _ The strength injured eax SOVIETs»uvun: oUoil output fettfell startshort of its The *5®“*stock exchange’s team will of the German We’re bullish about the economy sies were shot and ina foe Qt/sCity’s “Kg Bang” restructuring properly displayedfisplayed miceprice inform*-infennarinfnrma- . 5 SoaJgoal in 1985 torfor methe fourth sucosucces-es? be leda by MrJ r Stephen Raven, of market is hardly a closelv- chase that criss-crossed the border this year.year, tion. The stockstoS exchangegiphangw has dear-clear- ~ ^ Ro- The German economy has long provided sveysive year^raandna is behmdbehind its taigetfortarget for ^ ^ l&HMglB guarded secret. sustained growth. Now wife the decline of teeriand . between France and Swi r, TteTimThelO-10-membw10-member^groupgroup is being set tog and priceprice dteremznationdissemination ^s-sys-
' Why then has no one i»®.1985. »gezPage 2 ‘ rom ^tup by uprmnp jmntiyjointiyjnfriti by the London Stock Ex- terns mto p&ceplaceace and is developing im-toh trade union powei; analysis are predicting hn and Pitman and jobbers Akroyd offered a German increases in corporate earnings over the next - changeehmige and the InternationalIntonational Secs-Seen- proved technology.^yyy ^SnKRPV ‘kill 235' PBCHINEF,PECHINEY, French state-ownedstate^iwned unit trust before? nCUWlSRebels Mil AM ’ ...... ’ and. Smithers, both of which are |VjUl|jyV twelve months of as ...... ritiesnttM RegulatoryRponhitnrv Organisaflnnmuartinn.tion, a TheTho. decisionilam
January 14 19S6 2 Financial Times Tuesday EUROPEAN NEWS to end «£& Bid Portugal’s presidential campaign shifts into top gear space president!! Prof Diogo Freitas do Amaral, Maria de Lurdes Pintasilgo, an desnoerucy. The Portu- have half-heartedly fielded a attract moderates is moot; she lion campaign has shifted into former leader of the Christian independent chemical engineer guese Communist Party, which candidate of their own basically has strongly activtafc views of top gear as the five candidates Democrat Party, is heavily and left-wing Soman Catholic considers him an enemy, would to nee free broadcasting lime to the presidency and claims she statical barnstorm the provinces, writes backed by most of the ruling intellectual; and Mr Francisco be unlikely to back him hi recommend a vote for Mr would dismiss any government Diana Smith in Lisbon. For the Social Democrats and will prob- Salgado Zenhs, a Socialist either the first or the second Salgado Zeoba. The latter’s which did not follow-her policy first time in 60 years there is ably win more easily the lawyer who is being groomed round, but many Social Demo- style Is somewhat abrasive so guidelines, deadlock no military canadldate. This is second round with about 40 per by the staff of the outgoing crat voters may help him to get be has not attracted massive By Peter Mar* interpreted • Parliament has approved a as a sign that Portu- cent of the vote on January 2ft. President Antonio Romalho through to the run-off by voting support from the kind of voters gal's 12-year-old democracy has supplementary 1885 budget pre- THE heads of the US and Euro- Less clear is the fate of the Eases, are all running dose in for Mm la the first round rather Gen Eanes and his party. Demo- matured since the last presi- sented by the Social Democrat pean space agencies are due to three contenders vying for left- the opinion polls with between than for the conservative cratic Renewal, hope to woo. dential election in 1980 when minority government only after in Washington today In an of-centre votes, which cover the 16 and 20 per cent of the votes. candidate; meet the two main contenders were Meanwhile, Ms Pintasilgo slashing nearly Es 80bn (£263m) effort to thrash out differences largest share of the Portuguese army generals. There are important differ- Mr Salgado Zenhg, once a treads a lonely road with no from it -The revised budget over the design of the $12bn electorate. No candidate is likely to win ences between them. Moderate dose ally of Mr Soares but party backing, but some sym- deficit for 1085 wQl now be international spice station an absolute majority in the first Ur Mario Soares, who has voters are more likely to opt for estranged store 1980 when he pathy from disaffected, low- about Es4D0bo. planned for the 1990s. round on January 20, a run off suspended his functions as sec- Mr Soares, fervent advocate of backed Gen Eanes against Mr income voters who feel the William Graham, acting Prof Freitas do Amaral Dr is scheduled for February 16. retary general of the Socialists the European Economic Com- Soares's wishes, is strongly established parties have sold administrator of toe US them short. Whether she can (right): strong backing The conservative candidate. to run as an independent; Ms munity and champion of parlia- backed by the Communists, who National Aeronautics and Spare Administration, and Professor Reimar Luest, director general of the European Space Agency, are to try to resolve a dispute Lisbon floods impoverished regions with EEC funds over the degree to which the proposed European part of the as the Community’s OLD MEN In black ride their of its status station should be integrated with member it will re- pitted Diana Smith assesses the potential impact of accession to the Community poorest new the US core. gaunt mules over dusty, balance-of-payments sup- country tracks. Chattering ceive The orbiting outpost is due to other important airport at Pont* Delgada, capital special agricultural women pound their washing on the Community bad six Es 81bn, while port and be built by a US-led consortium, basic sanitation and of the archipelago. The Azores funds, often in the the rocks by the river bank. A members, to help needier items are and fisheries involving Japan. Canada and absorbing about have been totally neglected by grants as well as loans, fanner bundles over his hand- regions modernise, introduce education, form of the 11 nations of the European «™»ii past regimes, with only a Commission or plough. After sunset, he and industry, tourism and Es Sfibn. from the EEC agency- moderate improvement in the European Investment Batik. his family will sit in a damp, businesses and improve infra- Projects approved for 1886 the The US insists that the flow of funds since Portugal assistance dark cottage with no sanitation, structure. Portugal as a whole cover major highway improve- In 1986 all this Columbus laboratory which became a democracy in 1974. should total Ecu ibn. Though no running water or electricity. is a needy region. The variety ments — a boon in a country Europe will build as its part The local government is Government of projects already approved in which unlike neighbouring the Portuguese of the venture should be a per- particularly keen on European funds for This Is picturesque to Brussels for 1986 illustrates how was sluggish about most also find manent component of the Spain accession and the opportunities the cost tourists, but for millions of much needs to be done, roads new development to share station. ESA officials want it investing in better — it bringing for development Portuguese -who live in the especially in infrastructure. is with the EEC, the Community free to drift into orbit road access to the Algarve these to be Impoverished hinterland, it is a of strikingly-beautiful will contribute 55 per cent costs autonomously during the life Once the Government resorts. volcanic islands. hard life, caused by a chronic for most Feder projects, com- orbiting base. This would introduces its new, simplified of the lack of funds and regional They also cover a new railway Projects this year also indude pared with 50 per cent for other having' its own incentive system, small and entail Columbus planning from which the bridge over the River Douro in irrigation systems in the east member countries, and up to propulsion system which would medium businesses will also be Ylero Portuguese state has suffered the north, port works in of mainland Portugal to 75 per cent of costs for many give Europe the experience to able to submit Feder projects. " for generations. in the north, to turn it Into a encourage new agriculture, agricultural projects. space station At the moment, only the develop a separate commerdaUy-viable port, and in hydroelectric plants and the At this rate, in a few years' wish to do so in the The era of regional depriva- central administration, local should it the remote islands of the third stage of the new coal-fired time farmers may be less poor future. tion is now ending, with the authorities or state-owned , Azores. power station in the south at and enjoy naming water issue were aired, accession to the European corporations are tapping Views on the PORTUGAL The regional government was Sines, water supply for three and electric light in their two-day gathering between Economic Community on regional funds channelled at a the only official Portuguese towns — Oporto,- Portugal’s modernised cottages. The Nasa and ESA in Washington January L Portugal can now through a new ministry, speci- body to ceremonially hoist the second city and hub of private women who now thrash their just before Christmas, without tap Into the Community's ally designed for European de Oliveira, an energetic So far Portugal has presented EEC flag and publicly celebrate industry; Penicbe. a fishing port threadbare sheets against the sign of a compromise. Regional Development Fund accession. any northerner, who for some years Feder projects calling for total day. north of Lisbon; Castro between (Feder) to the tune of about accession and rocks may find jobs in new Further meetings The Ministry of Planning and has been responsible for investment of Es 70bn (£307m). will Verde, in hinterland. agencies Ecu 300m (£180m) a year. The impoverished Azores the regional factories and be able officials from the two Territorial Co-ordination is regional planning in this Of these, energy supplies and also benefit this year from Feder funds are only part of to save up for a washing are likely over the next few The Fund was designed when headed by Prof Luis Valente rapidly-industrialising area. road or port works account for Feder through financing for the Portugal's entitlement. Because machine. weeks In an attempt to resolve tile Impasse by March In order to keep to Nas&’s timetable toe Soviet oil output again the station. Under Nasa's plans, toe US would contribute 681m of the cost, with the other foils short of targets countries putting up about $4bn. The station. would have BY OUR MOSCOW CORRESPONDENT accommodation for up to eight astronauts and laboratories for below SOVIET OIL output, 18 new oil deposits is being scientific experiments. planned level since 1981, missed delivered too slowly and that Nasa, meanwhile, is having targets fbr the fourth year roads to new wells will not be problems over the station on running in 1685 add is already ready in time to meet plan another front, which could lead lagging behind for 1986, accord- targets. to a postponement of the ing to Prevda. the Communist The newspaper Sovietskaya planned date for operating party newspaper. Rossiya said oil workers would orbiting base. Prevda focused its criticism compensate for the loss of the The White Bouse office ol on the region of new wells by increased produc- Tyumen management and budget is sug- western Siberia, which accounts tion from old deposits — a gesting that funds tor the pro- for about per esti- method 80 cent of it said only aggravated gramme should be cut as mated Soviet production of the overall toll in output in part of the effort to reduce the some 12m barrels a day. previous years. US budget deficit It noted bluntly that "last Pravda gave no figures for year's plan was not fulfilled" actual oil production last year, in the oil industry. Derisions officially targeted at at 630m SAS flights curbed to improve matters have been tons. Output .for . first, the nine The Norwegian Government has taken by the (Ml Ministry and months of 1985 declined by 3 refused to intevene In the “go related institutions, but it said per rent " to 445m tons compared slow ” among Scandinavian Air- that jan far, there is tittle with toe same period, in 1984. lines Systems maintainence return from them." Soviet oil output declined for technicians . here. writes As production has fallen, so the first time on year-to-year a Fleming IMri in Oslo. The air- have the heads of oil-related basis In 1984. tolling to 613m line has had to cancel several ministries. Last week-end the tons from 6168m tons in 1983. flights most of them domestic, authorities announced the re- The Soviet Union is one of the dispute tirement of the 78-year-old as a result of the world’s largest producers of oil Minister fbr Chemical and and natural gas and earns much Petroleum Machine Building. of the hard currency it needs ' Mr Konstantin Brezhov. who for grain and high technology FINANCIAL TIMES had been in the Job since 1965, imports from energy sales. PwlHiifawd by Th» Financia l Times was replaced by Mr Vladimir (Europe) Ltd. Branch, Natural gas output has con- Ftmkfurt Lukyanenko, a 48 -year -old represented by E» Hugo. Frankfurt/ tinued to grow strongly. It Ukranian engineer who has Main. and. as members at the increased to 587bn cubic metres spent most of his working life Board of Directors. F. Bartow. In 1984, the last year for in a nui-himAntWing lant which RAF. McCtean. GXS. Darner. M-C p figures are available, from Gorman. His age and background are 536bn D£P. Palmer, lantkm. cubic metres the previous Printer: Prankfurter-SodetSts- typical of the men who have year. DzockereHSmbH. Frankfurt/ Main. risen under O Several Communist party Mr Mikhail Gorba- Responsible editor; C.E.P. Smith, officials, are reported to chev, the Soviet parly leader. have Frankfurt/Main. GaloOettsfiruue been sacked for abuse of power Some of the sharpest 54. 8000 Frankfurt am Main L 6 in the Ukraine, crititcism of the oil industry one of the few Tbe Financial Times Ltd, USB. Soviet republics not to have has focused on equipment for financial TIMES, usps No. undergone sweeping drilling and processing. Last personnel 190640. published dolly except Son- changes, week three workers from Reuter reports. days and holidays. US. subscription Tyumen made this their main Prevda said a meeting was rates 5385.00 per annum. Second complaint in a long article in convened in Kharkov, the class pottage paid at New York. N Y. and at additional pisiWwg of- the government newspaper republic’s second largest city, fices. POSTMASTER: address IzvestLa. to discuss mistakes in the run- sand Changes to FINANCIAL TIMES, A Tyumen Communist party ning of the region's economy 14 Bast 80th Street. New York. N.Y. official was quoted as saying and "violations of party disci- 10022. that equipment pline." needed Hongto open Kong
r t sgYLockheed -*e- Giving shape to imagination. works. As/aLr traffic grows, so does the and die circditboard replaced while €1.1 billion . burden on the people and systems that the systeto cOntim^s to operate. This in direct it. unique ftuft-toteraut design hdps^ir overseas investment ; Continuous surveillance is essentia] ma crowded sky. To prevent separated withbuttbe distracting proves it. system shutdowns, Lockheed has burden ofcompensating J UK companies have invested substantially fa marni&cwmf w, devised an innovative combination of computer capaVifides,. £--*3 :* ’-is."*?:.* Hong Kong works D ' ; . Financial Times Tuesday January 14 1986 EUROPEAN NEWS BIGGEST GERMAN ‘DEBACLE’ Builders union calls German BANK SINCE HERSTATT COLLAPSE Norway’s bank Former for ban on ‘cheap’ trade executives of SMH chief attacks E European labour surplus on trial for ‘breach of trust’ vV-i • BYJONATHAN CARR M FRANKFURT >\ BY JOHN DAVIES W FRANKFURT record credit curbs iR .yopMra THE WEST GERMAN Buffing racks during Tu f p senior former senior employee at SMH, is more then a score of other German 1 the week, they have By Oiir Frankfurt r- n:;‘. Worker^ Union, of West German charged with aiding and abetting to dear put of IG- Ban, is hewing hardly any contact with other peo- a bank which came banks and a new head by hjeming dahl in oslo vV-i. viat other cities Correspondent/ dose a spectacular collapse in defraud. steam behind existing plans to will follow the ex- ple and they go to East Ger- to ri ' home : i ample of Frankfurt in refusing late.1983 have said they long feared tighten credit law. to many by bus at the weekend," he trade NORWAY’S new credit regula- had arranged loans at a total award WEST GERMANY'S risible the institute had been overlending In an hour-ton statement of the public building contracts to said. g tions will have only a marginal value of NKr 50bn (£L8bn) surplus soared last y**r to a re- that SMH bad long been seen as a companies using “cheap labour" and rased objections. charges, the prosecution said against the Government's tar- The East European authorities eordDM 72Jbn (S29.5bn) after particularly dynamic and presti- effect, according to the frpxn East Germany or other East the total cost of the damage caused country’s centra] bank governor. get of NKr 33bn. v:’;^ were helping to organise sack la- DM 58Jhn otiti buoyed by a But the three also told a court in gious private bank and its senior European countries.' through the SMH debacle could be Mr Hernod Skaanland. It is Mr Rolf Prestbus. the bour to obtain Western currency, fr«d partner. Count von Galen, was pres- surge in exports of 7.2 per cent in Frankfrnt yesterday that they "well over lbn." “ Finance Minister, said the . The union claims that about 2,000 put at DM regrettable,** be says, that the the union official sn«i real terms. ident of the Frankfurt Stock Ex- East been unaware of the fell extent of Government has been “forced growth in credit had to be Germans and possibly another until institute The number of workers coming the problems afflicting the bank, Initially, change his nearly Ij. foreign de- the prosecution said, the to retreat” from its efforts to checked In order to reduce in- # * u 2,000 men from Hungary, Romania This strength of from East Germany was tending to Schrbder, Miinchineyer, Hengst federal crashed. Count von Galen has been liberalise its credit policy. flationary pressures in the and Poland, are working at "cut mand was tin main reason that credit supervisory authori- - increase, although Ihe number from (SMH). under investigatory arrest in a economy. rates crew ties had been misled over the true In its attempt to slow bank on building projects in West other gross national product by a Frankfurt East European countries was extent of SMH*s credit exposure to jail for 13 months and ju- increased Mr Skaanland said yesterday Germany. Many work long hours dorlinmg real (inflation-adjusted) 2L5 per Mr Wjmc.Hei*m»Ttn Munchmeyer, lending through he said. IBH. dicial authorities have refused a interest rates, the Department be would rather have seen and are boused apart from 'West cent. Just below the 2.7 per cent aged 44, declared he had lost a East Germany was taking advan- sum of DM 16m for bail offered by of Finance last week increased lower public spending and a Germans, according to the union. achieved in 1984- "double digHT sum of ryiiUifm? of D- . •<£ *•>> tage of Bonn's insistence that East Although the then-existing his family and friends. the minimum reserve require- slower growth of wages this After a vocal campaign, IG Ban Marics through the affafr «««t Mr Germans have all the rights of West Tbe Federal Statistical Office credit law (which has since been ment from 15 per cent to 17 per year as an attempt to solve the has won a major victory in Frank- ^hip Wolfgang Stiyj, aged 48, said he • The trial of four West German commercial and country's economic problems. S German also announced yesterday Oat toughened) a bank could not lend cent for both 1 furt, where the dty authorities was now "without wealth and in- executives charged with illegal will put have last more than 75 per cent of its capital savings banks, which The East “politi- private consumption year The - e Germans were new regulations would " £' tightened the onditirra^ »rvw come.* arms exporting began in Dusseldorf pressure on orofits. . ? It to a single customer; with cap- rose by 1.7 percent, although, tor SMH which rk cally calculating", that yesterday and was promptly ad- dampen demand for loans tem- wo on public building pro- ital of DM 110m had put nearly A new supplementary reserve . in machinery ami up the problem would not be so diffi- vestment Both men are former partners of porarily. Mr Scaanland said, jects can be subcontracted. The ef- journed until tomorrow following requirement intro- equipment jumped by &8 per SMH lent close to DM lbn for the IBH group. was also but they would eventually lose cult for West Germany if it re- " , which had DM '"v'V'l fect is expected to be to block the ‘ technical objections by defence duced, which will effectively , cent lbn ($4O0m) to IBH, a tottering, impact because loans would be • ' garded East Germany as a totally ’ ;< use of East .European handing prosecution charged that lawyers. tax banks in direct relation to iTilfff -TTVM-hin ery The obtained from other sources separate nation and treated East h ng C0DC8TH which the workers on public projects, The outlook forflris ywr is for had misled other banks amount by which they later went bankrupt. was SMH Facing the court are four manag- than the banks. Germans as foreigners. real at least 3 .per SMH increase their lending each they have special skills not other- GNPgirowQtof through which it had helped refi- ' 1 saved from a crash by a joint rescue ers of the arms company Kheintne* wise available. IG Baa hopes that Frankfurfs cent with in increase in con- Quarter. High state spending and high ^ nance its involvement wife IBH. It supplying move will act as a “signal" to other mounted by other German banks tall who are accused of " demand for investment capital Mr WaiterWallmann. Frankfurfs sumer spfa idtng more than also said SMH had helped bring Lending by non-life and cities. The union claims and ultimately costin more than weaponry to foreign stales - includ- had led to the unprecedented mayor and a prominent ranm>w of to have pre- compensating ex- g finance companies will be regu- shares of an IBH subsidiary to the - growth in viously won an assurance that port demand. DM 800m. ing Argentina and South Africa lated and the primary reserve the volume of credit the Christian Democratic Union . bourse, despite knowing that the Hamburg, which is without the necessary authorisa- available, he added. He ex- (GDU), yielded to the governed by the requirement on finance com- onion’s de- Factors encouraging a rise in Along with two other partners, firm’s prospectus mnteineri false pected continued pressure on Social Democratic Party, will take tion. panies' factoring and leasing mand for action because of high un- Count Ferdinand von Galen and Mr information. the credit market this year, simitar action. consumer -demfanq include low. activities will rise from 11 per employment among local building Hans Lampert who will face the The Dusseldorf public prosecutor saving It lamentable . inflation (Ukdy ip be about 2 per cent to 14 per cent. was that .. "‘#1% • Trade union official^ mean- affair years ' workers. seven efforts ] The move was sot a “pro- cent at an annual .rate) and in- court on January 23 are charged The SMH is considered the began investigations The move followed a substan- to liberalise credit policy while, have voiced regret that were implemented tectionist? one, but was to remove & Mr come tax reforms this year which with fraud and breach of trust biggest Goman banking debacle ago and finally laid charges in 1983. tial rise in bank lending in during a "competitive distortion in the la- Walhnann was jostled «u~H*an* third man to appear in court since the collapse of R>iAinn|»to1l has denied any wrong- 1985. Figures at year end high-growth period of public by are putting more cash fat private Hie bour market," he said. unionists at a reception at the yesterday, Mr Balf-Rene Luchzs, a Herstatt in Cologne in 1974. It cost doing. showed that Norwegian banks spending: A union official said yesterday Frankfurt offices of the Trade '^b that East Europeans were working Union Federation (DGB) at the " '• weekend. " 2- * at "dungung prices" of DM 10 to DU ' - * i" r 15 ($4 to S6) an hour less than West The incident, widely publicised in German biniding.workers. West Germany, underlines the ris-'j T‘;>*s He said that the biggest concen- ing temperature of debate over the tration of such labour was in the Bonn Government’s plans to tight- «**! Rhine-Main area, where about 500 en the cuiannstances under which ; ** workers laid off as a result of ^ J- East Gomans were working on -• ” projects, including one ait Frankfurt strikes can. get unemployment . ! »; airport. “They live m sealed-off bar- benefits. ; Vy Yugoslavia resumes loan talks In computers • • n l w* BY ALEKSANDAR LEBL IN BELGRADE -• '* «-' A' SENIOR World Bank official, Mr access to foreign exchange being ••'• £ 3 Eugenio Lari, is today to resume dependent on their level of exports. V- the negotiations for a £250m struc- The Bank, feels , this could frustrate *•’• r Soj tural adjustment loan (SAL) that some cf its projects in Yugoslavia. •• >• -it take down late last year oyer dif- The Other Bunk riomurvi — that ferences between the Bank and Yu- Yugoslavia introduce positive bank vv: fe, goslavia on interest rates and im- interest rates above the level of in- l„i ,, to rules. flation - is subject • O'* ports already the of biggest thing about Yugoslavia has welcomed previ- dispute between the International ous SALs as enabling companies to Monetary Fund and Yugoslavia, has feta import vital equipment and com- which fee this month frozen-in- pjpdftfes needed fijrgHiQrt I terest rates below the 80 per cent • ••irr.w tjpn. But the T£orld {tank is., inflation rata Yugoslav and IMF aF- firials are due to meet later tHs •• to. .bam: deaerations.- about Yugo- * d .* slavia's^ new imports ’ regime ’ -this month — for—try .to reach" ft n»lLSP. jfefe; to particular aboutcompanies ffllY)|y i.iv ' - , r big names •-* . .. January 14, 1986 ”• NOTICE TO THE HOLDERS OF ,V TRANSCO INTERNATIONAL N.V. 8-3/4% CONVERTIBLE DEBENTURES DUE 1995 is usually the price, Notice is hereby given to the holders of Transco 1 International N.V. (UNVj 8-3/4% Convertible . \ .S Subordinated Debentures due 1995 that: o as part of its regular quarterly dividend policy, Transco Energy Company _ said debentures, (Transco |, guarantor of -will pay to its common stockholders, in is the exception. to its regular quarterly cash iimlon addition dividend, a portion of the depositary units representing limited partnership decide sinpfy oe perfomnace. Aid price. interests it owns in Transco Exploration T»doi sanest yoa Partners, Ltd. (TXP|. Transco common . stockholders of record February 3, 1986, will be entitled to receive, in addition to the current quarterly cash dividend of $.56 per share, one-twentieth (1/20) of a depositary unit of TXP per share. This dividend represents a distribution this quarter of approximately 1 .2 million of TXP units owned hy Transco. The payment date for this quarter's dividend is March 3, 1986. As a result of the dividend of TXP units, the conversion price for the ilNV 8-3/4% Convertible Subordinated Debentures, originally $68.00 at date of issue, will be adjusted downward from the current price of $58.07, which became effective 1985, pursuant to a formula November 4, TAMBBN XT. PU. THE TAIIOI AT. 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Fax: 0734/6654 JO -C U —— . . & -5 14 1986 Financial Times Tuesday January OVERSEAS NEWS 1 **’ a* . I If i \ 11 {iirS! ,,J Peking I‘ Peres and Mubarak may meet as Crocker meets Botha over Namibia . concerned AY ANTHONY ROBINSON IN JOHANNESBURG Taba arbitration agreement near THE tong-nnming created Government of TO diplo- African over course matic effort last June, met to achieve a nego- A Rand Supreme. Cent Judge forcibly evicted and briefly National Unity yesterday to BY TONY WALKER IN TEL AVIV tiated settlement to foe yesterday dtorn hoed wtth detained for defying the ban- for the first time constitution for Namibian independence ques- casts the appeal -bar lire The case mat week draw up a new ISRAELI OFFICIALS are pre- word from Israel yet," he said, of reforms began “ tion linked to a withdrawal of Winnie Mandela, wife of when Mr Sydney Kentridge, foe territory which has been paring for a summit meeting but we hope things will move South Africa By Robert Thomson fat Peking Cuban troops from Angola Jailed African National' a prominent civil rights ruled illegally by between Prime Minister Shimon in a positive direction. From multi-party lEIITEIIHEil moved a stage further yester- Congress lead* Nelson lawyer acting for Mrs since 1968. The Peres, and Egypt’s President what we heard from the news enjoys AN UNEXPECTED meeting day with top-level meetings Mandela, to have Invalidated Mandela, sought Injunc- government which Hosni Mubarak, pending Egyp- media, if this proves correct, an IEI of 8JM senior Communist between Mr Chester Crocker, foe banning order which earlier limited powers cd self-rule was tian acceptance of Israel’s then the next move would be tion to declare an Party, government and President P. W. Botha and prevents her living in order in 1988 Invalid formed oh June 17- last year In terms for settlement of a terri- the terms of arbitration." her banning nzUitBiy officials In recent other top officials. Soweto home. Mr Justice Govern- the face of widespread interna- torial dispute in foe Sinai. Extra conditions Insisted on U h grounds tint the days has highlighted the prob- Mr Crocker, foe US Assistant Grange did however grant failed furnish tional criticism. Israel’s Cabinet; in a mara- by Likud ministers included ment had to lems China’s Secretary of State for African Mrs Mandela leave of Similarly, thon session which began on agreement by the two sides "to appeal proper reasons. be Although foe Namibian economic reform programme, Affairs, delivered a- letter from before a full beach Sunday evening and continued prevent terrorist presence or of the argued Oat the current question and related Issues of and made dear that there Is President Ronald Reagan, the Supreme sat “-grossly for 12 hours, agreed unani- activity from each country Govt foe . revised order was southern African politics form concern within the leadership contents of which were not dis- grounds font “.the personal unreasonable” as it took mously in the end to a package against the other, and against foe principal reason for the about the course of change. closed. freedom of as individual la of measures to resolve the Taba Its citizens” and “ to prevent Immediate effect without latest visit by Mr Crocker, who Diplomats say the meeting Last week Mr Crocker held an important principle." Mrs allowing Mrs Mandela to Zaire and foe question which has blocked hostile propaganda against one I held talks in talks in Luanda with senior Mandela recently defied arrange- normalisation of relations with another.” was a “pep-talk ” for the foe make alternative Angolan capital Luanda before Angolan government nffietai*. order several times and was Egypt Other elements of the pack- officials, and iadsded a ment*. his tom in Cape Town, the " The presence of Hr Pile night's Cabinet meet- age deal agreement provide for lengthy defence of the evolution of foe South African a Sunday Botha, Foreign African and locally foe Minister . . recruited Washington shortly to lobby ing was an acrimonious affair, guaranteed access to Taba for reforms and the adoption of domestic political situation was and Gen Jennie Geldenhnys, Namibian troops against South for such assistance In the face according to reports in the the loser in any arbitration. It a tougher stance against the also on foe agenda. On Sunday, the recently appointed chief of West Africa Peoples Organisa- of another reported build-up of Hebrew press. There were bit- Is an area at land measuring widespread corruption that Mr Crocker toured black town- staff; at yesterday’s meetings tion (Swapo) guerrillas and foe Soviet-backed ter exchanges between Mr Ariel “tag a summit meeting is pos- about one square kilometre, on has tarnished the Image of Cuban and Ango- ships in foe East Rand, a visit implied that the military as status of the rebel' Unite move- lan Sharon, the hawkish Trade and »sible in the second half of which an Israeli company has those reforms. government forces against marred by foe murder of a February well as political aspects of the ment in Angola led by Dr Units forces southern Industry mnwister and Mr Ezer *' and may be held in buHt an hotel. The gathering has been in local black councillor Mr Ample "Alexandria. Namibian question were dis- Jonas SavlmbL Angola. Weizman, Minister Without Israel hung on to Taba when interpreted Jby a few Mayisa on Saturday night In " ” fbRS-?nedioppos-t>fft cussed. The US Government is under Meanwhile; in Windhoek, foe Portfolio and principal dove it handed back the rest of Sinai sign before, observers as a that -the The military aspects strong re to Leandra township a Late yesterday, Egypt had not include right-wing . pressu Namibian capital, foe in the Israeli Cabinet. to Egypt in 1981 under the economic pragmatists at the with foe yetye formally responded the question of cross-border step up support for Units and 18-man Namibian Constitutional planned meeting US The package provides for a to terms of the 1978 Gamp David helm of Chinese policy are I?Israel’s decision botpursuit operations by South for Savhnbi is expected to visit Council, set up as part of South diplomat. period of conciliation of about and it was un- Accords and the 1979 Peace beginning to buckle under d*dear what attitude six months and, if that fans, it would Treaty. pressure from conservative adoptad towards several arbitration. The Cabinet had additional The Israelis are also insist- elements who consider too the conditions Likud ministers been been deadlocked on m ing that as a condition of their much has happened too soon. bloc appendedaj to a substantive agree- agreement on arbi- Washington is Mahathir spells issue with the Likud signing an But diplomats disagree and New Zealand ‘starting to mment drawn up by Egyptian and Egypt should return its opposing arbitration, the course tration, say the pragmatists are sttQ Israeli negotiators. with- Insisted on by Egypt I® ambassador to Tel Aviv, firmly in control. ‘even-handed in out economic According to reports from Dr Osama al Baz head of drawn in 1982 In protest at five within its means’ Jerusalem. Mr Feres and Mr PrPresident Mubarak’s Political Israel’s Invasion of Lebanon, Certainly, senior leaders Philippine poll’ difficulties Mubarak talked on the phone OfOffice, gave a conditional and reactivate commercial and such as Hu Taobang, the BY DAI HAYWARD IN WHJJNGTON Samuel Seneren Manila yesterday. Officials dose to welcomewt to Israel's decision. cultural arrangements frozen Communist Party General *y hi By Wong Sshmg In Kush Lumpur Secretary, found It necessary ALTHOUGH New Zealand will farming sector, a slowdown in Israel’s Prime Minister are say- "We"V have not received formal for the past several yean. THE Reagan Administration Is ~ frank admission,’ to restate for the meeting undergo severe economic prob- foe construction industry, an IN A Dr keeping out of Philippine poli- Mahathir Mohamad, the which comes only a few tics, lems and a downturn of the increase in the consumer price supporting neither Presi- Malaysian Prime Minister, has months after a special party economy over the next six Index in foe March and June dent Marcos who Js standing for conceded foe Malaysian economy conference the principles of re-election, nor Mrs Corazon months, the country was sow quarters and a general decline live was facing very serious the current reform pro- Aquino, the presidential aspi- starting to within its means in business activity. j there difficulties He cited growing un- Christian rivals in Beirut battle ygipiMg rant, Mr Stephen Boaworth, the and would be no turning This was expected, necessary, -tv ?\: ! employment, falling commodity f- TO Manila, said back from the economic road and would be temporary said j>*** Hu called for a “correct ambassador to prices and foe erosion of the BY BOUSTANY IN BEIRUT yesterday. chosen by the Labour Govern- the Prime Minister. Looking NORA assessment” of the late country’s competitiveness as is ment raid Prime Minister beyond 1986 be predicted a fall Chairman Mao Tse-Tung, a “The US non-partisan and urgent prbolems that needed to ifek-- RIVAL Christian factions that that its units moved into have weakened Mr Hobeflu's will David Lange yesterday in a in Interest rates which would continuation of the open door remain non-partisan,” he be overcome. battled for control of the nor- the streets after fighters loyal political standing; However, told New Year state of the nation create a downward trend for policy, and the gradual reform correspondents in a news thern and eastern suburbs of to Hr Gemayel had set up road Mr Hobeika was one of three review. mortgages. investment He said over foe weekend of foe country’s economic conference at the Manila Over- Good Beirut yesterday as the Presi- blocks in the Metn district over- militia commanders who signed seas Press Club. Mr Lange admitted inflation opportunities would be easier that an estimated 100,000 structure. dent Amin Gemayel flew to looking East Beirut the SyriuMpoosored peace The US diplomat denied had not dropped as rapidly as to identify as the removal of > Malaysians had lost their jobs Damascus for talks on the Mr Elie Hobeika, commander agreement in Damascus on The reform programme has recent US press reports that top the government expected. This subsidies and special assistance over the past two years and future of a peace pact contested of the Forces, encountered that Lebanese accused December 28. It calls for mMemg officials of the Reagan Adminis- was partly because of high wage to various sectors made New the . problem was being by Christian traditionalists. Mr Gemayel of being behind the phased reforms curbing the have compromised the amid- ; tration were split on how to demands and partly foe Zealand more competitive, aggravated by the economic Unfits of tiie Lebanese Forces, dashes. “Responsibility for this powers of the Christian Maro- tious plus of tiie present deal with the two candidates. strength of foe New Zealand • The Government's com- downturn In Singapore, where the minna, situation leadership. main Christian is assumed by mercen- nite President and allowing Among those con- The reports had said that top dollar, but there were signs pulsory union membership law. as many as 60,000 Malaysian moved affiliated I at daybreak against posi- aries to the master of for wider Modem participation cerns are a higher than US defense officials lobbied for that the government economic under which all workers are workers have been sacked. tions manned by loyalists to the the (presidential) palace.” In dedalon-making. accord envisaged Inflation rate strategy The I unwavering support for Mr was starting to work. obliged to Join a trade union, There were about 12,000 re- President at Beirut Internal bickering in the officially pat i key inter- states that Lebanese Army at 9 per cent, Marcos because of his fierce He said the Government had suffered a severe setback when dundancies in electronic sections. leadership of the Lebanese soldiers bat wisely be confined to tbeir thought to he , Anti-Communist stand while the expected an economic downturn a special tribunal allowed a factories in Penang state alone Voice Forces, stemming from opposi- between The of Lebanon radio barracks for an unspecified I 28 and 28 pet cent State Department was inclined Over the next six to nine j cleaner to resign from his last year, and about 5,000 to station, which is controlled by tion by hardline Commander period for reorganisation ha larger cities poor manage- I on | to back up the moderate Mrs months, however. New Zealand union because it is affiliated to, 8,000 Jobs were lost through the Samir Geagea Lebanese Forces, reported to Syrian tute- noa-confesafonsl lines under sent, and widespread Aquino who is «*fktag to end could expect Arise in unemploy- and supports, the tin mine closures -arising from shooting in several areas. It lage over Lebanon, appeared said to Syrian supervision. I corruption. Mir Marcos’ 20-year rule. ment, a hard time for the Labour Party. the sharp fall in prices. ** Profitable outlook forecast for airlines legalSfli'ILfsystem1 BY CHRIS SHERWHJ. IN SINGAPORE By David Dodwell In Hong Kong In THE WORLD'S airlines .are Dr Cheeng Choeng . .Kong, Abdul.Axis, managing director London 'A COMPLETE review of fci.. ; becoming more international in IS managing director of Singapore of Malaysian Airline Hong Kong's legal system Is System, ... their routings and more IB International Airlines, appealed said the increase- the utmost in luxury to take place fti summer. In airlict ts*: - comtnercially-oriented In their ajE for- greater co-operation among capacity Sir Deny* Roberts, Bong - far the transpacific r» business, and can look forward governments and alrilnea to market could is waiting at Kong's Chief Justice, sold rush 20 per cent • Hyde Park Comer. . fep : to more growth in traffic and promote tourism In foe region a year over foe next year • yesterday at the official open- or La.-. ’ profitabi lity. Jointly and provide and this ing of the territory s legal AEROSPACE better intn* twot would exceed the b. ... This was foe optimistic year. regional services. market growth in demand. Profit ft**’- scenario painted yesterday by , . The review will be taking in\ Asia and the Like Mr Leslie, he welcomed margins could then deteriorate. Dr Julius MaUntis, airline - HOTEL place at a time of close public tiie move by United Airlines Dr Gunter Eser, director >T : industry analyst with Salomon .: interest in measures to be Brothers of foe US, at foe Pacific into Asia, saying this might general of the International taken to ensure foe preserva- Basin fourth Financial Times Con- spur other US carriers, which Air Transport Association, said tion of Hong Kong's legal INTER* CONTINENTAL ference on Aerospace in Asia had been slow to capitalise on a blend of competition and co- system when the territory “ " and the Pacific Basin. opportunities in foe region, to workable competition — is returned to Chinese The tvnutay conference develop an Interest served foe customer best sovereignty in 1997. At foe is According to Mr Colin Mar- LONDON held being In Singapore in con- Less optimistic than Speaking on aerospace very least, the terms of the shall,.t,.n chief executive of British Dr deve- Junction with the Asian Aero* ld tis earlier, Peter Butch, lopments in China, Sino-British agreement insist Airways,TJzjL, the burly burly of late Ma u Mr Mr Graham apace exhibition. Nine speakers managing director of Cathay Hawat, chief executive of Hong that the court of final appeal 20th ;century life would not s n i r ye rday- Pacific Airways of Hong Kong, Kong Aircraft Engineering [ be transferred from West- p *^ diminishdinTtoi" foe desire to travel much^ S Vinterest?J^f 5focusedl on foe Cl Company, said foe minster to Hong Kong. but; rather Increase it warned the conference that foe People’s Re- opening up of China and the - Aslan region’s economic growth public .was foe only country in Plans are being made for prospective entry of United “Short“She haul business travel rate was likely to falter In the. the world determined in enter the territory's body of taw Airlines of the US In foe 'Willwill tbecome more convenient jfoort and medium term, and civil aerospace manufacture and Co be translated into Chinese. 1 Pacific market following Its and mmore appropriate as a time- that this magh* affect foe operation across the whole spsc- “ takeover of Pan-American’s saving choice,"' he said. Ser- region’s airlines. trum, ftom microlights to vice axand convenience would also spacecraft from routes. While downturns had brought a virtual zero Dr MaUtatis, In a broad over- be the keys to success in the base to a goal of international Sit-in ends in out the best In these airlines in view of foe airline industry, travel and tourism business, and competitive competence," aU the past, be said, prospects were saw foe commercialisation of travellerstravel! wiH .want point-to- within a decade. worrying and this would not South Korea the airlines as perhaps the most point convenience even on the encourage the alxBnes or their dosing foe day’s session. Hr PROSECUTION authorities Interesting development of alL long stretches across the governments to adopt a more Urn Hock San, director general in Seoul yesterday began*, “ The days of government PacificPacific. liberal stance towards deregula- of civil aviation at foe Civil interrogation of 17 opposition ownership appear to be num- ForFnr Mr James Leslie, chair- tion of traffic rights Aviation Authority of Singa- assemblymen charged with bered as airlines slowly tiptoe and greater man ^of Qantw s of Australia, the access by European pore, discussed airport develop- violence and obstruction of Into the world of privatisation," and US “wont economic stamp in avia- carriers. ments in foe region. official duties in connection he said. The benefits would tionJJl history, is behind us." “ THE with a brawl that took place have a profonnd Impact on Competition would meanwhile The safest bet,” he said, was ADVANTAGE IS INTER-GCTJTINENTAC ThereSL was more optimism to In the National Assembly on world aviation. intensify, especially over price, use a strategic long-term «U52Lthanks to depressed fuel prices approach December 2, Steven B. Butler Airlines would also see less he said, mid the depressed in planning airport and cost-cutting by airlines. development; O. INTER-CONTINENTAL HOTELS reports from SeouL “cyclicality" in their traffic yields which result would be coupled with opportunity in Aus- buiR-ta short-term The opposition ended a growth and profitability because . The main worsened by foe arrival of new flexibility. Rea l i One Hamilton PI**, Hyde EWkConveu 44 (11 409-3131, Telex: 25853. three-day sit-in at foe of the ageing of foe travelling tralia, he said, lay with aircraft in regional carriera* sing too late that airport Amsterdam: (020) 26.20.21. Bm»eb: (02) 751-S7-2Z intro- fleets. capacity was * , , National Assembly building population. Those over 45 had tourism.tourira Although the Asian airlines would then inadequate would Frankfurt: (069) 27 100620. Milan: 8772.62, Pari*: 47-42-07-92 (02) (01) or oO year ntrat late Sunday and agreed ductionduotioz of large, long-range air- be forced to review extract a painful price Intci-Cbiittacnul sales office or your travel agent to the greatest propensity to their cost for a co-operate with the investiga- travel, he said, and were more craft ccould affect foe country's structures, and this might eMail country In terms of airport con- tion after reaching a political likely to travel for pleasure and neighbours,neighi* tourist traffic from mere mrtomatoin and a posh far gestion and delays, and would compromise with the ruling the AtAsian region itself could higher productivity. personal reasons rather than probably turn away potential party. for business. also be increased. Echoing Mir Butch, DaV air traffic. §§§§ COURAGE I&mous brands & Embassy Number1 s, HflPPYEfUERA FWBU/REsmuRflnrs This advertisement is published by Hambros Bank Ltd, on behalf of Imperial Group pic. The directors of The Imperial Group pic, (including those who have delegated detailed supervision of this advertisement) have taken an reasonable care 10to ensure stated and opinions expressed hereto are fair ami accurate. The directors accept responsibility accordingly. that the facts ''. ' V. Financial Times Tuesday January 14. 1986 5 AMERICAN NEWS Upward US assails Robert Gibbens reports on the emotions privatisation has stirred in a Canadian industry Court will turn for Iran over rule on Ottawa’s aerospace policy microchip boarding runs into trouble Japanese THE Canadian Federal Govern- The aerospace industry, com- Though Boeing would meet of ship ment has renewed its pledge to prising. about 100 companies industry part of the development costs sanctions sell and nearly ’all members of the By By Reginald Dale in WadringtoR fee state-oWned Canadair for the 50-seater stretched Louise Keftoe Air. Industries THE US Supreme Court agreed and Roger aerospace company as it. con- ' Association of DASH-8, and fee Federal >9 San Frmcisco Matthews m Riyadh Canada, yesterday deride whether the tinues to’ fend off attacks over makes a wide variety of Government will be relieved of to THE : sale components, for commercial and Reagan Administration most im- DEPRESSED CS semicon- . THE US .yesterday reiterated the of De Havillsmd of meeting DHAC losses averaging Canada military aircraft, . operates ductor industry is starting the its "serious concern'* over fee (DHAC) to Boeing for more than C$50m in 1985 and pose severe economic sanctions boarding several major engine year on an ~n a of an American mer- 890m (£44.6mi. : repair and in 1986, fee opposition parties against Japan for violations of on optsoistic r^ overhaul chant ship by the Iranian Navy plants, and special- have insisted feat fee deal is international whaling agreement figures released today By the DHAC, a short-takeoff and a in the Gulf on. Sunday, and said ises in advanced electronics ancf “giveaway” and say they will Reuter reports from Washb^ttM. Semiconductor Industry commuter aircraft bonder, - is Axso- that Iran “ ” avionics and flight simulators, call had no Just cause ? ministers, Boeing officials In response oatiod (SIA), a US trade one of the country’s two air- to an appeal by the group, for stopping fee vesseL besides assembling business jets and fee government’s invest- suggest that business frame builders, and the surge US Government, along with the conditions It. also became dear that and STOL and commuter air- ment advisers before fee par- a of nationalist 'opposition to fee Japanese whaling End ffahiwg in- nave token a »i mmm British warships in the Gulf craft De Havtlland of Canada’s DASB-8—its development costs liamentary committee. Federal Government’s choice of dustries, the Supreme Court will re- turn. may be instructed to escort The biggest single unit in fee were carried almost entirely by the Canadian Government Boeing rather than a domestic Canadair, with C*l-25bn view a case that raises important The industry “book-to-bfl! »- vessels flying the national flag industry is Pratt & Whitney . consortium is-reminiscent of fee Challenger development costs s through the Straits of Hormuz Canada (FWC) in Montreal, a environmental, diplomatic and w* measure of the value of heat generated by fee Avro 1986 as CAE Industries expands has disappointed fee industry transferred to a federal govern- new orders following another incident on subsidiary of United Technolo- trade issues. A ruling is expected by booked versos the Arrow debacle of fee late its simulator output, Bell Bell- by drawing back from direct ment agency, is now showing a vame Sunday, morning when a British gies. It is the world's largest July. of goods shipped, rose u» ’fifties. — copters Canada begins the participation in fee US Stra- profit. It reflects a greatly ship was stopped and searched producer of small turboprop The case reached the high court 058 in id - improved outlook December, the start-up of small-helicopter pro- tegic Defence . Initiative pro- for the gW* for Iraqi The them Diefenbaker Gov- and fanjet engines. level weapons supplies. duction, industry at large. Canadair after a US Coart of Appeal in Wash- readied hi 16 months. ernment decided Canada could industry and component and gram. • The will have sales ington last August This means that Sir Geoffrey Howe, fee satellite communications equip- The Air Industries Associa- booked 31 new- Challenger ordered Mr Mal- for eves; $98 not afford the - development i of about C$4bn this year, up orders in colm Baldrige, Commerce worth of new orders, British Foreign Secretary, said ment manufacturers gear up for tion's forecasts have consistently 1985, double the 1984 Secre- nunznfac*' costs of fee . Arrow twin-jet from C$L15hn In 1984 and S before leaving Oman yesterday, larger orders. been to rate, and holds several more tary, to certify to President Ronald ' towns fighter. optimistic in fee past, "1 shipped $100 Opponents accused it of . worth of that the boarding of the British C82iam in 1983. Volume is options. The 601 model with product. The scuttling tie aerospace project Canadian Marconi, the largest but fee industry now finxdy Reagan that Japan had violated an S1A data is based vessel, the Perseus; was expected to reach Cg4.4bn in more powerful General Barber * believes that total sales will Electric international ton against killing upon figures collected of the century and - forcing 1986. For fee past three years, avionics unit, will be fairly from US, : an obvious matter of concern. engines, is at last reach C$6bn in 1988. attracting three nearextinct species of - hundreds top. design stable, but Rolls-Royce (Canada! European and - of and just over 80 per cent of produc- Japanese imam- Mr Larry Speakes. fee White This contrasts sharply' with corporate Interest because of torturers productibn' people to 'fiee to' fee tion value has been exported, has gained some Important whales sellings semicoiiductor House -spokesman.' warned feat the secession years when the its performance. three big US airframe builders and this, proportion is likely to engine overhaul orders, and The August decision was expect- products in the US. Incidents of this type (involv- Government poured nearly Canadair also has a good to find jobs. Now the Hulroney be maintained for some time. Litton Systems Canada and ed to pot Japan’s $50m-a-year com- Average monthly bookings for ing fee US ship) can create C52bn into Canadair and base comprising the CL-125 Government^ -also -Progressive many other specialists com- DHAC M mercial whaling fee three volatile situations.” It 'was Employment,' which peaked to waterbomber ” designed to industry out of month period ending in Conservative, is accused of panies are expanding employ- save them from collapse.' December another example of fee press- at about 46,000 in 1980, was These funds in effect took the fight forest fires, military sur- business and could mean the loss (ff totalled $58L2m a 9 selling DHAC otit tor mess of ment "W ing need for early progress on a down to 41.100 in 1984 and veillance drones and its air- an estimated Slfibn in Japan’s fish mJ percent increase from the $S35m potage. development costs of the Chal- a peace settlement in the -five- climbed back to about 45,000 Research frame component posted and development lenger business jet and the business. catch off US coastal waters. in November. US market year-old Iran-Iraq war. The sale was the firsf step this year with fee addition of this year rose to C$390m from DHAC commuter aircraft, fee If lower international The Japanese fishing and whal- MHngSj-at $623flm were up 14 pH The State Department said towards privatising the' two xooTe manpower at DHAC in C$360m in 1984, and will rise DASH-7 and DASH-8 off their prices ing industries per cent from and a lower dollar bring said fee derision November. feat fee ship, the President* Canadian owned airframe com- Torronto, alPWC in Montreal to .about C$450xn in 1986. shoulders. an upswing Based in the general avia- threatened to disrupt USJapanese .. r^'h on preliminary esti- . Taylor, was intercepted In inter- panies, both of which, have and a satellite operation Stimulus will had In be coming from Boeing could apply DHAC tion market and defence relations. mates from November and national waters about 30 miles difficulties making ends meet Toronto, and at several other fee con- De- North Warning System accumulated tax losses to any spending continues to rise, The Justice Department argued cember, US market semiconduc- south of its destination, the despite fee industry's! recovery, Specialist plants across fee tracts and ' some important of its Canadian operations and. aerospace should again become • feat fee lower court ruling created tor sales totalled about $81hi dur- port of Fojalra in fee United from the deep . recession in country. defence systems work. How- critics have claimed this repre- one of Canada’s strongest a precedent allowing unwarranted ing 1385. Arab. Emirates. 1982-83. Further gains will come In ever, fee Federal Government sents a hidden subsidy. growth sectors. itriirial maitAling in fnmipi j ' "r V.." ^ » - Supreme Court Managua boosts Before Bedford Commercial Vehides called in Eastern favours banks powers to Electricity Board to-advise them, their heating costs for curing were in brokerage row redistribute land in the fast lane. . ; By William Haft In New Yorit - fly Tim Coone'fn Managua : The fuel-fired oven used in the sound-deadening treatment of THE US securities industry’s NICARAGUAN : President ' • provided -few j . . costs-so Mr Cerezo has .Defenc&J. ... — Grenada charges 13 with To: Electricity Pubfications, P0 Box 2, Feltharri, Middlesex 7W14Cfra fleasesendmemoreinfomiationonlSEServica Q Please arrange for an ISElo contact me. illegal military exercises Position BY CANUTE JAMES IN KINGSTON Company POLICE IN Grenada . have ers about regional security, and to unveil a monument honouring arrested 13 men and charged Address 19 American - them with conducting “rtiegal soldiers killed during the US invasion of the '* military training exercises” in island in October 1983. Postcode' Telephone mountains in the centre of the Some of the men arrested are island. said by the police to be fonner The arrests come six weeks members of the People's Revolu- before President Ronald Reagan tionary Army of the socialist visits the Island to confer with government which was over- ji!fii®i The energy-effkient switch- Caribbean lead- thrown fee invasion. Commonwealth by US Tfoe Ebonoty Gwnd. Eriahftd and Wiles January 14 1986 Financial Times Tuesday WORLD TRADE NEWS i p Japanese Imports take record 32% Tornado US Senator gives Japan with importers deal of Canadian car market Saudis on trade in oil tough warning BY BERNARD SIMON (N TORONTO BY JUREK MARTIN IN TOKYO IMPORTS took a record 32 per being discussed by Mr Yasuhiro than treble the previous year. soon of cent, of Canada’s car market in Nakasone, Japan’s Prime Mini- Under the general system, Matthew* In Riyadh less of specific measures to netback pact By Roger JAPAN should aim to double Its 1985, largely because of the ster, during a four-day visit to tariff preferences to developing eliminate trade barriers. car imports of manufactured goods TALKS opened yesterday on By Yoke Sbibata in Tokyo phenomenal success of tbe Canada which began last week- countries. South Korean THE FINANCIAL details of (£35bn) trade within the next three to five a request for increased flights “The $50bn South Korean manufacturer end. imports enter Canada duty £4bn sale of Tornado JAPAN’S Kyodo Oil and Britain’s Tears, according to Senator John to Japan by United Airlines, deficit (with the US) will only Hyundai. Japanese car makers have free, giving them a substantial and Hawk aircraft to Saudi bought to a tolerable level Mitsubishi Corporation have Danforth of Missouri, chairman which recently Fan be brought According to motor "industry pressed for the removal of in- cost advantage. Arabia are expected to be con- Airways’ sell the agreed with Saudi Arabia to of the US Senate’s sab-com- American World if Japan finds way to figures, sales of foreign cars formal quotas which place them shortly with the first basis Hyundai has announced cluded mtttee trade. routes and facilities In the production of other countries in buy crude oil on a netback at disadvantage to within on menmtiQnal jumped by 40 per cent last year a other plans to build an assembly deliveries to begin two Pacific, AP-DJ reports from market” —related to market restrictions - In a speech in Tokyo that was its own to 360,300 units, compared to foreign suppliers. as three months. for refined products minus the plant at Bremons, Quebec, to often savagely critical of Tokyo. Manufactured goods, he an IS per cent rise in the overall Canada’s Prime Minister Mr with Sir cost refining and freight well as a parts plant north of Officials travelling Japanese trading practices, the United has asked the argued, comprised only a of car market to 1.13m vehicles. Brian Mnlroney - repeated _ Toronto. Honda and Toyota are Geoffrey Howe, the Foreign that Ministry quarter of total Japanese Saudi Arabia began to sell ofl Hyundai, which started selling shortly before Mr Nakaaoue’s Senator warned there had Japanese Transport putting up assembly lines in Secretary, said yesterday that take over imports, against 61 per cent for the last its model in Canada arrival that abolition of the been what he called “a funda- for permission to under netback formula Pony only Ontario.. negotiations with Saudi Arabia mental shift in (American) Pan Am’s routes to Japan tbe US, 58 per cent for West October. Japan had, however, two years ago, made up 22 per curbs will depend- on increased cars rose were progressing smoothly. public opinion” and that “public and operate 56 flights a week Germany, and 68 per cent for been excluded from buying on cent of the foreign car market Japanese investment in local Sales of Japanese to They confirmed that there Jay»an and the US. basis. in 1985. production facilities. by 21 per cent last year support for free trade has between the UK this cash element in the which bought Pan Japan only took Imports exclude cars made Hyundai, whose sales are 2GL2QQ units, Honda led with would be a collapsed.” United, In 1983. Since Saadi Arabia refrained could not say Pacific routes for per cent of tbe manufactured in tbe US. The Canadian and not subject to quotas, over- 63,000 cars, followed by sale, but still He said of Japan that “no Am’s 8 from applying netback formula US what percentage would 9715m (£510m), already was exports of the developing coun- motor industries operates as one took all its Japanese competi- Toyota, Nissan and Mazda. exactly other nation, contributes so little to Japan, its sale to Japan in in oSL seven. Seatlfr-Port- cent for integrated unit. tors last year, with sales ot its Volkswagen of ’West Germany be paid for to the open trading system otf operating tries, against 58 per the Septeinber-Nr/ ember period land-Tokyo flights a week, ft and 27 per cent for Japanese car exports to Pony and Stellar models reach- posted a 54 per cent increase to The sale will be discussed the world, in proportion to what the US declined by about 7 per cent hoped to launch its new Canada are among the topics ing almost 79,100 units, more 48/500 cars In 1985. further today during talks that it gains." Europe. Oil buyers like Kyodo Oil routes to Japan on January all his reputation in Sir Geoffrey will hold with Ur Danforth, the author ot For (75,000 b/d). Mitsubishi Coj> far, Japan has not “hardliner” King Fahd and with Prince Saud several bills that would restrict 28. So Japan as a trade United's request on poration (80,000 b/d), Idemitsu the Saudi Foreign Japanese access to the US granted Senator Danforth insisted that al-Feisal, grounds Hint the number of “ ” (20.000 b/d), Fuji Ofl (12,000 market including the proposal he was not scary hot merely Minister. , weekly United flights would prevalent b/d), Cosmo (8,000 b/d) whose agreed to that led to the current volun- representative of plant move Saudi Arabia has contracts expired at the end Philips, Siemens chip exceed Pan Am’s S3. American attitudes. 48 strike versions of tbe tary curbs on car shipments, is of last year, have demanded net- buy practical points, he Tornado, 24 of tbe Air Defence beading the six-member Senate On back prices with the renewal of BY LAURA RAUN IN AMSTERDAM hi Japan. thought that Japan should Variant, and 30 Hawk jet delegation now talks on four their contracts. The team had a session over sector selective) continue to restrict car exports PHILIPS, the Dutch electronics and 400 workers. DM &2bn, is working on a 4 trainers and light combat air- product areas. These, he Under the new netback the weekend with Mr YasuJnro to the US; if it did not other deals group, will invest DM 500m Philips, and Siemens of West megabit dynamic ram. craft. charged, “ have be*x- ’vastly talk generation of Nakasone, the Prime Minister, ways would be found to impose to be signed this month, five or (£128m) to adapt its semi- Germany are co-operating in tbe The current The deal may eventually be and the results likewise have lastin nearly two hours, but Ur controls. six Japanese oil buyers, includ- conductor factory in Hamburg so-called Megaproject; which is computer chips can store only worth considerably more than g been mostly talk.” Danforth was less than sanguine He predicted that Congress ing Kyodo and Mitsubishi Cor. for Production of x one megabit aimed at developing and pro- 256,000 bits of data. Mbn to Britain, together with country that does not would pass substantive trade microchip as part of a FI 4bn ducing a generation of The West German Govern- about what had been accom- “A poration, together are expected new its West German and Italian to import products from legislation this year, even if it (£909m) joint effort with chips that can. store much more ment is providing about DM plished. want to purchase 200,000-250,000 partners. Saudi pilots and tech- ” “ will find faced presidential veto. In b/d information, current ones. in subsidies for the Mega- The Senator was dismissive abroad he said, a Siemens. than 320m already undergoing lit of Arabian Light at about $25 nicians are of Japanese import actum pro- countless ways to exclude pro- any case, the US should adopt The metal oxide semiconduc- The Megaproject is designed project, while the Dutch 1 training in Britain, where tbe con- ducts from abroad, regardless a “legalistic * approach to a barrel, $3 below the official tor (MOS) factory in Hamburg to help Philips and Siemens Government is providing about grammes and the recently Tornado is assembled by British 1 ... and regard- imports. price. compete with Japanese com- FI 160m. cluded Moss (market onented. of exchange rates will be adapted for production Aerospace. of the one megabit static Ran- panies who are several years In addition to tbe Hamburg Sir Geoffrey will also be dom Access Memory (RAM) ahead In technology. plant, Philips also is building assuring the Saudi leaders that dip, which Philips hopes to Philips, which is investing a completely new FI 500m fac- resignation of Michael begin producing for tests later around FI L5bn, is working on tory in Nijmegen that will be the Mr Heseltme as Secretary of NOTICE REDEMPTION this year. The factory will, it a one megabit RAM, while Sie- used for research, development OF Defence in no way affects is believed, employ between 350 mens, which is investing around and test-production. Britain’s defence or arms Bales the Holders of To policy. General Mills, Inc. falls Value of Taiwan trade 3% Boeing, MBB U.S, $100,000,000 12% Notes, Series A, due December 39, 1991 BY ROBERT KING IN TAIPEI in air venture NOTICE IS HEREBY GIVEN to tbeholders ofthe outstanding 12% Notes, Series A, due December 19, 3991 (the“Notes”) ofGeneral Mills, Inc. THE VALUE of Taiwan’s trade Export growth remained social and economic disasters ftbe “Company”) that, pursuant to the provisions of Section 7(a) of the Series A Fiscal and Paying Agency Agreement dated as ofDecember 19. fell nearly 3 per cent in 1985 relatively flat with Customs during the . year also played 1984J984betweenbetween tbethe Company and Morgan Guaranty Trust Company ofNew York f(thethe “Fiscal Agent”Agent”)) andParagraph 4f4(a)a) oftheTerms and Conditions with Indonesia meriting rite first time Its trade statistics showing goods worth havoc with public confidence of the Notes, the Company has elected to redeem on February 5, 1966 US. 915,700,000 principal amount ofthe Notes (tbe “Redemption Notes”) with the world has shown a $30.7bn (£22m) exported during which probably worsened an By Kicran Cooke In Jakarta at a redemption price equal to 101% of the principal amount thereof together with accrued interest to said dale, in tne: amount ofor U.S.US. 976.67$76.67 decline in 10 years. 1985 against $30.45bn the pre- already bleak outlook. for each US. 95,000 principal amount and U.5. 9153.33 fin each U.S. $10,000 principal amount as follows: vious year. Imports declined BOEING has joined Messer- Despite the decline the As a partial result of these country’s trade performance nearly 9 per cent though to schmitt-Boelkow-Blohm (MBB) OUTSTANDING NOTES OF 95,000 EACH BEARING THE FOLLOWING DISTINCTIVE NUMBERS: problems, the economy grew in was impressive enough to make just over $20bn creating a of West Germany and Nurtanlo, 2300 1657 2011 real terms by less than 5 per it the world's 15th largest record $llbn trade surplus. tbe Indonesian State Aerospace 1302 1671 2013 opti- 1303 1674 2016 trader and the tenth largest Planners attributed the decline cent compared with an company, in a programme to 1305 1675 2017 exporter, according to Taiwan's to stagnant demand in major mistic projection of 8.5 per cent develop a 85-90-seater passenger Council for Rgnmwnfr Planning markets especially the US. set by the Economic Planning aircraft, using revolutionary and Development. But a series of political. Council early in the year. prop-fan engines. Under terms of an agree- ment signed in Jakarta, the three companies will work on studies for the fuselage of the China seeks to speed Gatt move new aircraft which, it is hoped, will be in full production by the early 1990s, and form a key BY WHUAM DUUJORCE IN GEN^Uo^'^,-,.J. part of a new generation of ” fuel-efficient jet aircraft CHINA IS stepping np pres- market - economies7 one teade accept that China’s accession more * asked. :: would substantially strengthen sure on the US and the Euro- negotMtor- . Dr Yusuf Habib, Indonesia’s Chinese. acknowledge the the organisation at this crucial pean Community to agree to The Minister of Technology, and comphextitma, but they do not stage in its existence. China, head of the state aerospace in- its rejoining the General want to have to wait indefi- the world’s .most populous dustry, said woridwlde demand Agreement on Tariffs and nitely to return to Gatt and country, accounts for only 12 for the new plane bad been Trade (Gatt) without too much they are keen to take part in per cent of world trade but its estimated at 1,200. delay over the commercial round of international potential for swift growth is the new He added that the aircraft terms. Peking wants its appli- trade negotiations which trade recognised. would be 25 per cent more fuel- cation judged in the broader ministers are scheduled to generally agreed It is also effident than jets now in ser- context of foreign policy. launch in September. precedents exist for allow- that vice. By submitting-a formal appli- ing China to participate in tbe This is how several delega- McDonnell-Donglas bad been cation for membership, Peking new round of trade talks while tion to Gatt yesterday inter- competing with Boeing to take preted the report from the hopes to -remove the issue from negotiating renewed member- New part in the project China news agency that Zhao tiie Geneva cockpit and to com- ship. Ziyang, China’s Prime Minister, pel Washington and the Euro- That negotiation, however, had told Mr Arthur Dunkel, pean capitals to look seriously may take years to complete in McDonnell parts Gaft's director-general, that at the international political Geneva. Not only most China “ China plans to submit a formal advantages of having China conform to Gatfa most shipped to China application tor membership. within Ggtf favoured nation " principle, The Soviet Union has not which stipulates that the MCDONNELL Douglas, the Informal discussions in joined the organisation. Of the favourable treatment accorded US aerospace company, has ex- Geneva during the past few East European countries, to one country must be ported toe first aircraft com- months have made little pro- only Czechoslovakia, Hungary, extended to all others. It will ponents for assembly of the gress aver the adjustments Poland and . Bomania are also be asked ultimately to curb company’s MD-80 twin-jet air- Peking most make to its trade members. its export subsidies and to liner in CMna Lynton McLain policy to comply with Gatt Work on writes. roles. a memorandum out- comply with Gatf s anti-dump- lining present Chinese trade ing and other codes. Under a “ co-operation agree- The closer you look at the practices has started in Peking Liberalisation in ChinaC has so ment reached the General Chinese trading system, the with help from the Gatt Secre- far focused on allowing regions, Administration of Civil Avia- more complicated it becomes. tariat The memorandum will such as Canton, to make their tion of China and McDonnell How can the Chinese, whose their own trade deals. But Douglas, last April, 25 MD-82 whole thinking has been geared Is the vroridng-party Gatt mem- under the Gatt regime, the model twin-jet airliners are to to bilateral trading, convert to bers will, set up once Peking’s country as a whole would have be assembled by toe Shanghai an organisation set up by application has been received. to be opened to tile inter- Aviation Industrial Corpora- countries largely operating Most of Gaffs 90 members national trading system. tion. Pentagon takes Greek F-16s In Paris By Andrians tarodbeonou In Athens THE US Pentagon, which approved the sale of 40 F-16 fighter aircraft to Greece last Friday, is to send an official to Athens to try to persuade the HOTEL Greek side to make toe purchase on a government-to- government basis rather than INTER* CONTINENTAL through a direct commercial agreement with tbe General Dynamics manufacturers. PARIS The Greek Government is understood to favour the com- mercial Option, mainly for financial reasons. It is estimated that they could save about 3 per cent on the $1.2bn (£857m) price tag for tbe 40 aircraft. The Greeks also feel they can secure the best possible package of “offset agreements side- line agreements for co-operation in parts manufacture and other or by transfer to a dollar account main* industrial and economic fields iained by the payee with a bank in London. No payment on any Beam Note will be made at the Corporate That Office of the Fiscal including tourism, designed to any other Faying Agency maintained by the Company in the United States not, except as otherwise permitted by US. Treasury R offset the costs of tbe purchase without adverse ** consequences, will any payment be made by transfer to maintain*/! on account by tie payee in, or hv mail to an i — by dealing directly with * UlUM btuCSi General Dynamics. From and after February 5. 1986, the Redemption Notes will no longer be outstandingand interest thereon shall cease to accrue. US. 843,775,000 Pentagon is expected principal amount of Notes will remain outstanding after the redemption. The to suggested that advance the argument that by It is each holder consult his own tax advisor concerning his particular tax situation. Any payments mode making an FMS (foreign mili- Internal Revenue Service tary sales) purchase through toe US Air Force, toe Greeks provide a Paying Agent— • wi: r-p 'd «*>*u*«i juctuiui ui ljic oi uun-u,c. persons or an execurea ins form w-u in the case ot uj. persons, THE ADVANTAGE IS Financial Times Tuesday January 14 1986 7 UK NEWS Brake on output prices David Fishlock, Science Editor, on why scientists want more government funds Independent N lifts inflation hopes Science races with inflation status MORE THAN L505 scientists have government income will be cut subscribed for Patent BY GEORGE GRAHAM to an appeal to “save They have embarked on an exten- British science," urging the Govern- sive restructuring, including early INDUSTRY’S ment to spend more on academic OUTPUT prices are The drop in input prices over the retirement increasing more slowly than at research. Office any year was the sharpest since the ear- A year ago the advisory board time The appeal, launched in Tundnn since the 1900s, bolstering the ly Cash Tenr»y*t Secretary for WSOs, and contrasted with a rate told Sir Keith Joseph, By Waiter ESI* Governments hopes yesterday, is based in Oxford, of its of increase of 9.0 per cent a year Education and Science, that factors inflation forecasts. north-west of the capital, and led by ago. The fall reflects the rebound of such as restructuring costs and the THE PATENT Office, which grouts The rate of increase scientists upset by rats in their in manufac- sterling from its lows in January sophistication factor meant that the patents 00 inventions and trade turers' share of the national research bud- factory^gate prices contin- last year as well as weaker com- science budget was buying less and marks in Britain, is to be removed ued the get of £614m this year. downward trend apparent modity prices. City of London econ- less science, despite keeping from the aegis of the Department of since August, Contributors, who include 49 Fel- helped by raw materi- omists said it would be time abreast of inflation. If the pattern Trade and Industry and set up as lows (senior academics) of the 1,000 al and fuel prices that are now 6.1 before sterling's recent weakness continued, it estimated that over an independent public corporation. per Fellows of the Royal Society - the cent below their level last year. showed through in the producer the decade British science would A written reply in the House of elite of research scientists -paid for The Department of Trade and In- price indices. J have lost about 10 per cent of its Commons yesterday from Mr Leon dustry (DTI) a half-page advertisment in The Real Harms said its index for hn™? Analysts believe that the overall purchasing power. Brittan, the Trade and Industry Times newspaper yesterday. sales of manufactured , products implications of the DTI statistics The advisory board said that to Secretary, informed MPs that the "British science is in crisis; oppor- rose by (12 per cent in December, are favourable, inflation is still maintain the science budget con- office, with a staff of 1,270, is to be tunities are missed, scientists emi- 1 maintaining nine months of decel- price. ' contributed profit of £3&5m and maintain international Everyaddress Exactly a year ago Ladbroke won sales of £285m. competitiveness. Dunlop, in a European market suffering from overcapacity and pressure on margins, has won a three year contract for the steel wheels on the UK Sierra model. in the UK. has Ford’s lay volume car. Steel for about half the cost of a wheel and Dunlop stud it hoped to source supplies from the Bjjfrsh Stgpl Corporation although contracts were still to be placed.. Special Subscription BTR, which'.tnok .everJDunlop in 1984, said it would be making a fur- ther “significant Investment" in the Delivery Service ofthe Coventry factory. FinancialTimes PARLIAMENT will decide today m common whether car drivers and front seat in passengers must continue wearing seatbelts after a three-year trial pe- Barcelona riod expires -tins month. Q COMPUTER specialists working for tiie Government are of- Rt further infonnatkin contact being fered wage rises of up to £2,000 a International Press Service year to deter staff from moving Madrid to the private sector. Ty=Aladrki 733 95 45 MORE than half of the British Telex: +4724. businesses started with Govern- ' t 1 ment help three years ago are still * operating, says the Manpower Ser- > vices Commission, which adminis- trates the Governments employ- A-. ment and training programme. EEC nationals are being obstructs ed in exercising their rights und^r »>V. • ... jp| EEC law to seek work in' Britain, ac- cording to a report published with the co-operation of the mv. Government. k! 1 A study by the Law Department . |! J of Huddersfield Polytechnic, in the &Z north of Fjigtand milk for an end to - * immigration controls which conflict . with the Treaty of Rome. ORDERS for 78 vertical turning lathes worth about £10m have been won by the WC3 Machine Tool Group, which employs 300 people in Birmingham, in the Midlands. The work is part of an order won by WCTs US parent company from the aero engine group Pratt & Whitney. The company now hopes to employ 50 more staff over the next two tohelpyourbusiness years. Every home or business address has a postcode. And postcodes don’tjust accelerate sorting ofthe mail- they also Pkttice ofRedemption have important applications for companies like yours. To the Holders of They can define sales and servicing areas. Pre-sorting by postcode can qualify companies for extra discounts on postage. Montana Power International Finance N.V. Postcodes can target direct mail to specificaieas-in 1987 15%% Guaranteed Notes Due seme cases even down to one building NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture, dated as of They can ensure an identical reference base for separate December 15. 1981, from Montana Power International Finance MV. and the Montana Power all 550,000,000 in principal amount of the divisions within one organisation.They can prevent duplication Company, as Guarantor, to Citibank. NA., Trustee, Notes will be redeemed on Februwy 14. 1986, at the redemption price of 101% of aforesaid of customers’ addresses. All this and more . . thereon from December the principal amount thereof, Wflcrher with accrued interest 15, 1985, to amount of such redemption date, amounting to S25.20 for each 51.000 principal the Notes. "Kail find all the details in oui comprehensive Postcode redemption date and that Interest on the Notes shall cease to accrue on and after the on date and payable on each of the Notes; Portfolio. Please send the coupon today for your free copy the redemption price and accrued interest will become due of redemption the provided, however, that this notice is subject to the receipt monies by Trustee notice shall effect, the redemption price shall not be prior to Fehruarv 14, 1986. This he of no and stamp raruiied). Post parable and interest on the Notes shall continue to accrue, unless such monies shall have been To. Neville Holland, FREEPOST (no Office Headquarters. 33Gtosvcrra Place. LONDON SV.TX 1EE : PteasescndmeafieeccpyofThePdstccdePraifoljo ^Pavmentrt the Notes will be made upon presentation and surrender thereof, togetherwith all ”, : Please 3tr3nge for my Postal Sales Representative to contort me and discuss in detail the uses of the postcode in business Amsterdam, j 10043. or at the option of the holder, at the main offices of Citibank in Brussels, Frankturr/Main. London or Paris: at the office of Cuicotp Bank (Luxembouig) SA in Luxembouig; ' Swiss Bank Corporation in Basle - or at the main office of ., have matured prior to the redemption date should be detached and surrendered THE POSTCODE Coupons which manner. cotrow /or payment in the usual 207- of gross redemption proceeds of any payment made within the United Withholding of PORTFOLIO TYPEOF BUSINESS Interest and Dividend Tax Compliance Act of 1 983 unlessthe Paying States mav be required by the iaxQoycr identification number! social security or employer identification Agent has the correct Essential ADDRESS exemption certificate of the payee. to business efficiency number | or FINANCE N.V. Dat«l: Januorv M. 1986 MONTANA POWER INTERNATIONAL Royal Mail posrrcoDE Pass on your Postcode 8 Financial Tunes Tuesday January 14 1986 UK NEWS GAME OF CHANCE BE COMPUTERISED NATIONALLY Steel mill closure raises Channel TO power link wins bingo contract imports level, say unions ICL £6m ready BY RAYMOND SHODDY ICL national computer network BY MARK MEREDITH, SCOTTISH CORRESPONDENT ICL, dm largest British-owned Bingo players score points by Mecca, considered nine compu- One Per Desk machines. computer company, has won a individual cards based ter gnd telecommunications and the IMPORTS cold unions argue that it will hasten the BSCs plans, but the company had OF reduced strip for trials £6m contract for tedmoiogy to numbers called out at wwnpimiM for th# COBtlWt The national and regional win- steel have jumped dramatically eventual closure of the nearby Rav- placed a large contract with the Sid- in allow up to lm people to take “Britain leads the world ners will be notified through the since state-owned British Cor enscraig strip steel works, which mar steelworks in Belgium, accord- Steel By Maurice Samueison part in a ghmdtaneaas bingo ICL’s One Per Desk terminals bingo,” Mr Michael Stadias, computer network within mi- poration (BSC) announced that it supplies Gartcosh. More than 700 ing to the STUC. It said documents game for total prizes in excess of designed to introduce order into NBGA chairman, said yesterday. nutes of the game’s ending. would dose the men will lose their passed to the. STUC from within THE FIBST trial flows of electricity Gartcosh cold roll* jobs with the £100,000 tiie hard numbers the game goes national a njgfat of When Tate, general manager tag mill in Scotland, to Gartcosh. closure. BSC suggested that the order hook from France to England oyer the Mr Lee according It will are being used to in the summer, a ti ght security be die first time since distribute ran- of ICL International network ser- the Scottish Trades Union Congress for cold reduced strip products fell new cross Channel cables may take pre- The trade unions said that in the the late 1980s that national bingo dom numbers to more than 800 system will be created to between October place this week, electricity officials vices called the system “an excit- (STUC). and December of bingo halls months after the Gartcosh closure games have been allowed and it throughout the coun- vents its mouse. and of commu- last year to some 60 per cent of av- said last night in Paris and London. ing novel use our In a document took a favourable attitude by the ty* 1 ran- arguing against statement, imports of cold reduced nications network.” erage. They made their forecast es the The wfD pro- the closure of Gartcosh, the TUC ac- strip rose from 45,000 tonnes in Home Office and a bill in Parlia- National Xfiqgo Game As- dom number generator The campaign to save Gartcosh Central Electricity Generating Shefras hopes computers cused BSC of Tmclp-afling ministers September to 69,000 tonnes in ment to permit it. The ICL sys- sociation (NBGA), a commensal duce the filing numbers for the Mr argues that no other works within Board (GEGB) and Its French equiv- big prizes will halt the clo- and the Scottish people. It backed a October. tem win make possible the UK’s grouping of the m&n bingo pro- game. Those will be relayed to and BSC is capable of producing Gart- alent were working to overcome the to recommendation by the parlia- first electronic national bingo prietors such as Coral Leisure, incfividtial halls every night - ex- sure el bingo dubs and help “It is now common knowledge in cosh's high-quality steel- That is dis- delays in completing first part balance sheet. mentary select committee on Scot- the Rank, Ladbrokes, Granada and cept for Christmas Day - using improve the the industry that BSC will not be puted by BSC, which wants Ravens- of a 2,000 link which will give tish affairs calling on Government Mw asked to supply skin panels to any craig in future to supply crude steel to reappraise the closure plan. the UK access to some of France's of the UK Ford factories in 1986," it to the Shotton works in North growing surplus of cheap nuclear document from the STUC said. Business from Ford's Hale- Wales for finishing. The electricity. Chloride first phase of reshaping was timed to coincide with the ar- wood plant, 70 per cent of which The union document said that completes The £79hn link will transmit the rival of a group of marchers from came from Gartcosh, was worth closing Gartcosh would remove a vi- electrichy across the Channel Gartcosh who want to lobby Mrs £2.25m for BSC in 1905," it added- tal source at a time when Austin BY JOHN GRIFFITHS seabed. The under-sea links are the changes matte so far would be a Margaret Thatcher, Prime Minis- Austin Rover “bad its arm twist- Rover was relaunching the Rover in FIRST STAGE of a crash pro- Manchester in the north of En- improved and marketing policies longest continuous cables of their saving of some £7m a year. ter, to reconsider the closure. The ed" to say it was satisfied with the US market gramme to restructure the doubled gland, will be largely transferred to strengthened. cost kind in the world. Chloride batteries group worldwide the new operating companies. Chloride employs about 11,000 Sir Michael took over the chief French officials said the first trial has been completed. people worldwide, some 4,000 of executive's role temporarily in mid- power flows would be made "very Sir Michael Ednardes, Chloride's 1 *** 1 the departure of The most fundamental change in- chairman made clear yesterday them in-the UK- Sir M*^ said December after Mr Jobless urged to start businesses soon.” A CEGB official said this J volves the scrapping its three that while there might be some Ken Hodgson. At that time Chloride could mean before the end of the of that these were only the' first main geographiratUy-based overmanning in specific areas of its said that it had only broken even in BY ALAN PIKE, INDUSTRIAL CORRESPONDENT compa- changes in an overhaul expected to nnnnfartiirmg re- tiie first half of tire year and that nies, Chloride Europe, Chloride last eight to 10 months and which is T business, heavy THE MANPOWER Services Com- lowance,” the p-ampHign is designed allowances of £40 a week for up to a According to the French national Overseas and Chloride America, in aimed at putting the company on a dundancies or plant closures profits in the second half were un- mission. which administers the to promote the Enterprise Allow- year. supplier, Electricite de France, the likely previous favour of a new structure demarcat- new, competitive footing. He ac- seemed iinlikely. to improve on the Government's job programmes, ance Scheme (EAS). The Govern- Research indicates that 61 per first full-scale commercial ex- £8 ed along produet lines. knowledged that Chloride had "lost This first stage of the restructur- year's .8m. Before the company yesterday launched a £1.4m adver- ment has increased the scheme's cent of participants on the scheme changes of 500 Mw will begin in As part of the initial changes. its way" since the start of the 1980s. ing also provides for the merging of lost its way" it had been achieving tising campaign to persuade more budget this year from £109m to who used the full year's allowance March when the first of four under- Chloride is also to move from its ex- Managing directors are being ap- Chloride's Manchester-based indus- pre-tax profits of up to £28m a year. -unemployed people to consider ElWm, were still trading two years later. sea cables will be fully operational isting London headquarters into pointed to each of the new operat- trial operations in the UK, Chloride Sir Michael said yesterday that starting their own businesses. Under scheme, unemployed For every 100 new businesses start- second 500 Mw will be available the A smaller premises, making some ing companies, whose immediate Motive Power and Chloride Power he would remain as chief executive Built around the slogan "You've people who have at least £1,000 of ed, an equivalent number of full or in May, and the second 1,000 Mw half of its 80 headquarter staff re- task will be to identify all areas in storage. for as king as it took to see the res- got the enterprise, we've got the al- their own to invest receive taxable part-time jobs have been created next October. Michael dundant Its technical centre at which costs can be cut, productivity Sir said the effect of the tructuring completed Attempt to postpone Rumasa case fails H&«P* Um Va, * BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT jzzzzzBSz 5 xzzzz if £ziz :: ; AN ATTEMPT to postpone part of minal had been A . V the English litigation arising out of the expropriation by the Spanish That had not been sufficiently ~ * Government of the Rumasa group proved to justify postponing the ^ m ... «!#!,Cr~ has failed in the High Court ««» the trial of which was of the , Lawyers for Mr Jos6 Maria Ruiz utmost urgency, the judge said. Mateos, the founder of and Rumasa The case concerns ownership of * : zz£SStz=ssss satss =: r:* J a key figure in the litigation, had iSS&sEFsSzrrr: : ££ ?fW»g»2==SM» the English trade marks for Dry asked the court to postpone the Sack sherry. Williams and Hum- - February 1? - case due to start on bert, a Rumasa English subsidiary, until October. :3 s?*! complains that the trade marks They said that they were unable were improperly transferred from it instructions Ruiz to get from Mr to a Channel bland company con- Mateos, because they could not trolled by Mr Ruiz Mateos and his £=~ Madrid rags gain access to him in the family. .’•rrrrrfr! prison where he is awaiting trial on criminal charges connected with Later this week the High Court s5ri Rumasa. will be asked to order that Mr Ruiz Mateos's evidence be Yesterday, Sir Nicolas Browne- taken on com- Wilkinson, ihe Vice-Chancellor, mission in Spain. That will involve the trial judge, or a barrister said that the situation had changed ap- ’ Vii-v-iBSSMSSSSff' because a Spanish court had direct- pointed as commissioner, going to Spain with the 5*sr ed that Mr Ruiz Mateos should be &iglish lawyers from both sides to hedr Mr Ruiz released from prison and putunder . evidence. house arrest and he would, there- Mateos's rjt fore, be able to see his lawyers. The High Court will have to de- TSS&tSSSOSZZap&tt The judge said that Mr Ruiz cide whether that should be done Mateos’s lawyers claimed that be before, during or after the trial, and *£££** „i xA>te *uil v* still would not be able to give them whether the case should be post- proper instructions for the English poned to enable the evidence to be trial until the first stage of the cri- obtained. Honda goes up-market Shaw Carpets pic mill at Darton, near The cheapest sourre nf mtnfry with new Accord model Huddersfield produces 400,000 square metres of British coal costs less than other fuels. And the carpeting every week* This means large quantities NCB intends to make sure coal prices remain competitive* BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT HONDA yesterday of steam are necessary for the dyeing provided further model, rising to £10-490 for the Exi process and Wnr tt>rhhn1npy evidence of the way the Japanese automatic, against £8.490. manufacturers are swiftly moving for space heating. New three-door Accords are to be their cars up-market by announring British coal leads the world in combustion launched in the UK next month and that the new foundoor Accord will the indications are thattheir prices technology and methods of coal in the UK cost nearly 30 per cent Facing fuel costs ofover £1 million a year, the and ash handling. To trill he well up from those for the more than the model it replaces. models they replace. company commissioned a feasibility study that maintain coal supplies there is a nationwide network of The company also revealed that Honda has also raised the prices distributors its new Prelude 2JH-16 is to be its showed this figure could be substantially reduced who are strategically situated to give first model to cost more than of Its Civic models by between 15 £11,000. Including car tax and value per cent and 45 per cent, with the switching advice and provide an efficient service major by from fuel oil to coal to industry. added tax the price is £11,200. increases at the bottom end Honda (UK), a wholly-owned of the range. Real help with conversion costs sub- But one question remained to be answered: sidiary of tiie Japanese group, The company's cheapest model, pointed out that the new Accord is the Civic deluxe manual capital The government's confidence in the coal now costs the cost of the change-over. an entirely different car to the old £5,200, for example, up from £4,990. industry is demonstrated by the extension model, with a two litre instead of a At the top of the Civic range, the GT of the 1.8 litre engine, new body goes This problem was solved by installing boiler and sus- up from £6,595 to £6.605. Last pension, and a much coal firing grant scheme until at least June 1987. higher stan- year 18,984 Honda cars were reg- modules. These are a breakthrough in dard of other equipment istered in the UK up from 18516 in Prices for the new The current limit of£75 million on four-door Ac- 1984, but the group's market share coal-fired boiler packages, providing total cord, start at £8,290 for the Ex man- slipped slightly from 1.08 per cent ual compared with £8,300 for the old to L04 per cent flexibility as they can be installed with a pw variety of toiler types, ratings and come singly total grants has been lifted. or in multiples to This scheme, meet NOTICE OP REDEMPTION with the backing ofEuropean loans, creates a . individual requirements. Carolina Power Light really attractive financial package. & Finance N.V. are delivered LLS. *60.000.000 They on-site final 16*4% Guaranteed Notes A word from Malcolm Edwards, Due February in three sections, the toiler, the housing 15, 1989 Commercial Director ofNCB: ‘We intend to and the bunker. Construction and installation keep British coal competitive and by work is fast and easy and all the user has to reducing our costs retain attractive provide are the necessary service connections. differentials. This is good news for all our The supplier retains ownership of the j module, customers. Let us talk - we can do freeing the customer from heavy capital investment. ” 3) Banker* T^wt GmbH 2) ^^‘^ComjWVinPan; business together da BenehK 5A. in Water and steam are simply bought on a metered | fortiier CaralinaPewCT-ilJebtFiTimmreN.I basis. In the case of information please fill in the coupon and send Shaw Carpets, four Associated hto ihe Industrial Brandi. Bankers Treat Cwnpany j Marketing Department, , Y National Coal Board, Hobart House. an Thatfrr _ Grosuenor Place, London SWIX7AE. JU 7. 1986 Heat Services Energy Capsules, fitted with horizontal Jammy Name . — , | Shell toilers rated at 16,000 Ib/hour of steam, will use Company.. . about 14,000 tonnes ofwashed j| singles coal per year. Address. I Most vital of all was a significant cut in the company's annual fuel bill. Shaw Carpets have US DOLLAR joined that growing sector ofBritish Industry who THE WORLD VALUE have proved that converting to British Coal turns w THE FT EVERY FRIDAY fuel costs into profits. [better E c N T c ™ i^ 2. Jf!?I™£®L i5!L ®^J ,Vf^V£ Financial Times ' Tuesday January 14 1986 B Now the world has acclaimed the ITT Xtra XI? how will our rivals react? “The XP . . . deserves to succeed and certainly shows that PC soft- J ware can operate even better when given the right machine.” WHICH COMPOTES? UK Q “Its rapid 80286 processor and comprehensive features will teach the competition the meaning offear” OBEROSTEKREKHECaE i AUSTRIA HAnHKICH m, Now the ITT Xtra® XP has shown its colors, the critics are showing their enthusiasm. Not too surprising considering everythingthe XP offers a power user. The use of the powerful 80286 micro-processor. The enormous advantage of ITTs unique disk caching system, FXFf*with zero wait state memory. EXP dramatically reduces disk accessing time. Some- times by as much as a thousand to one. FXP also means that the computer can actually leam’ its user's work pattern. Use a specific application more and more, and the time it takes to do yourjob becomes less and less. “The XP operates 350 per cent fester than the IBM PC XT and per cent fester than the IBM PC AT” But then, it takes less time to perform most tasks with the 125 LOGK3EIS ET SERVICES, FRANCE ITT Xtra XP Zero wait state provides instant access to memory, as well as a faster processing time. So you’ll increase your system throughput no end There’s also no end to the XP’s genuine IBM compati- bility You’ll have the widest access to today's ever-expanding software. And if expansion is a priority, you’ll be making full use of the five XT compatible adaptor slots. There’s a card for accessing existing company data on mainframe. An extra 20mb disk Enhanced graphics, and a board that takes the XP’s 512kb to 1.64mb of zero wait state memory. If however, you'd rather not commit all that to your own memory, post the coupon and we’ll send you a brochure. Then you'll find out why the ITT Xtra XP has gained so much respect, whilst the reputations of others would appear to be flagging. Tb: ITT Xtra Department, ITT Europe, Avenue Louise 480, B-1050 Brussels; Belgium. Telephone: Brussels 649.96.20. Name_ ™.Title_ Cbmpany__ Address “I would rather have an ITT Xtra XP on my desk than an IBM PC AT" PCMASSZBiE.TSA Telephone:. ITT * J J / 1 — s Fitwnrial Times Tuesday Januaiy 14 1986 THE MANAGEMENT PAGE; Small Business EDITED BY CHRISTOPHER LORENZ ^ KIDDLE: David Thomas, It is wo^th bearing the fallowing managing director of Pictures TURNOVER points in mind when shopping Training ABF RENDERS In brief... [ UK, a small Cornish art trader, 4 ~ around. Ax with any other sex* believes that without it, he vice, it Is important to collect factoingaidlnw dbcounangcafftined THE Council tor fi*n*n could not afford to do business ^ competitive quotes. Some com- with his panies Industries In Rural Areas is largest customers. 1 will quote an apparently Fujiraaorngtn_i!_i_ra running a further series of Richard Davis, managing 3 — large service fee, but their weekend seminars far any- Fresh approach aims at director of a London property finance charge could be as little one rtrfwMwy of buying a. publisher. Invoice rfecouribng magazine Parkway 1 a two points over base, which Tillage shop. The course Publications, says it is the one compares very well with a leader will be Reg Fuller, thing that gives him enough — normal bank overdraft. .For 2 the former training director time to manage his company invoice discounting, there Is so rate of Spar (UK) who is one of boosting success properly. What is the magic service fee, but the finance ntw CoSIRA retail con- ingredient? charge can easily be higher. sultants. Subjects covered The answer, believe it or not, <| — Factoring companies will wQl include evaluation of the FAZEY it factoring maligned _ normally BY IAN HAMILTON — a much aft you to sign a con- business, obligations to little understood financing -fe tract that and commits you to use employees and the total snm hotel surroundings and being technique which is nevertheless 1 their services for anything from of money involved. The cost THE THATCHER' Government prise agencies have been acceptance three or taught consultants who are gaining increasing 0 — months to a year. This is of the seminars is £96. For is rethinking its policy on train- arranging short courses by often qma ii business people in among the small business com- 111978 1978 1980 1962 1984 because they need to recoup the further information contact ing for small business end la seminars—sometimes in con- flow. their own right munity as an aid to cash high initial costs of assessing David Lingham. CoSTRA. 141 expected to unveil a new junction with local colleges— The volume of sales serviced by and setting up the administra- Castle Street, Salisbury, Wilt- approach in the. next few on particular subjects as needs The enterprise agencies the eight members of the Asso- tion of your sales ledger. shire SP1 3TP. Telephone months.- The aim Is to pull arise In their areas. would be expected to take oyer ciation of British Factors (they If you do want to pull out of Salisbury (9722) 336255, together all the different -Trippier is now hoping to more responsibility for enter- account for about 00 per cent |m factoring, remember Business Opportunities READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS Expansion *> • ManagementBuy-Outs INVENTORS TO Startups COMPANY DIRECTORS INVESTORS CELLCOM CUTS CAR 4 reasons why you can benefit from a Kmr do you spot the next Heniy Foid before he launches his These are onjy part afthe wide range SelfAdministered Pension Scheme company? As business expan- ofmerchant banking services offeredby sion apodal ists our networi; of GreshamDust U 5 commercial and industrial BVUPTO60%. A«C accountant*, patent experts and ' marketing organisations advise CutyajCellnet monthly ffyou would Hkc to discuss Greshamk over GOO individuals every year sendees fintherpleare speak subscription charge by to: on how to commercialwe their ^ sometimes brilliant business more than half, from roncaptt. We maintain a register rointroducainvsntors and inves- £25 tojust £10- tor*. If you care to join the regls- BID Ireland, Gresham Trust) tor or receive case summaries wtth Economy Plan wMch Barrington Honse^Gresham! may enable you to catch a ffomCellcom London rising star whilst It is still below EC2V7HE most Investors' horizons. Telephone: 01-606 6474 For full details call 01-202 2322. Reply to Noel Hudson , HOOSON & ASSOCIATES GreshamTrust CHARNLEY DAMES GROUP THERFS NO SERVICE REMOTELY LIKE IT CefcxxTtiJmBMSutfiertand House. 70-78TheBroa*wijLonttonNW97BT f 1 PHONE 0753 31222 IN RVE MINUTES,YOim FIND BUYOUT FINANCE OUT IF YOU Looking for COULD RUN Afl MILLION BUSINESS. If you art considering a management buyout company acquisition are fajdng^afaout a buaness or of yotn ovwa And a success rate that ^ and wish to explore a method of retaining for yourself a greater .many times higher than most independent start-ups Have you got what it share of the equity contact: DAVID MASSE - DIRECTOR corporate If partners? OK? you are still readme the business NLF BUYOUT FINANCE wefre offering is running your own compary in one of *e festestaiowir^ 4 London Wall Buildings industries. Entte is the iaigert pubBdy owned franchisor of computer retail centres Among its many merchant banking services, Singer & Blemfleld Street Fnedlanderhas with over 300 open or under development worldwide. for —• many years operated a Register for companies who want to sell, LONDON EC2M5NT . rnmrortar owuiiaiva Sr- mi a . merge with suitable 01-500131 partners, or dispose of subsidiaries that do not fit (A division of International City Holdings pic) J 1 “ u « ‘cwara, can De. The Register is, of course, entirely confidential. Fees are payable our naving helped them to set up in busness we support only them more fully than any other on completion of a successful transaction. Use of the Register in Ifyou are determined to succeed phoneour Franchise Devefoo- no way obliges client v a to appoint the Bank as financial adviser, nor ment Manager oh 0753 31222 (during business hours). need any existing professional relationship Experience shows that, within five minutes, be affected. ^ can tell ifyoi/re likely to make a success ofmrrningan Entre The Singer & FriecHander Company Register, historically Computer Centre. How? a product Ybi/fl find out ifyou phone. Do it SiwThate of the Bank’s extensive OT533lSz contacts and network of provincial offices,r-^ is perfectly placed to help you make the best possible match. I^Tj To make an a^xx'ntment for us to visit you, complete YOU CAN OWN YOUR OWN - [Ml >Uri^l;ht: iti ] OIL AND GAS PRODUCING COMPANY w» »re TTie bestkuowiiname inmerger IwwMwg t profitable manufacturing Singer FOR AS UTTLE AS $500,000 trtth finance avsllabla and & Friedlander of C.616 minion engaged in Pl»StiC« and •faetronica, wwklng IL$. (A and gas Is the worfcfa finest met In the A member of the Britannia woridfe a " d div r Arrow Group. * * 1 ^- UP » safeat place. Yields of Higig mrnlHItan 20%to30%from producing oil fields m cath avallabla for xtmabla WE TURN PRODUCTS INTO POUNDS owned directly by your own 100* owned oil production acquisition. company. By-pass public oil company’s t Wnpany Let os increase the regular daily cash flow of your company through finances and IHT changing share nwnagodJ with a new profitable, extra outlet. Ifg you manufacture a produce (or prices. \bu win buy oil reserves for SB or » auccmful <,chI *u®d offer _a service) that can be sold directly to the publie by post we less per barret and seH at a profit so fluctuating oU prices ,n • bigh-tach WadBrn industrial witi. in strictest confidence, give you FREE guidance On how your make little difference. Major oH company quality manage- . activity. might wall b« . company can best benefit from this lucrative method of retailing, ment of your SS** company's oil fields. par*"BB ***** and your name will not appear.- S^ opportunlttas and We are an experienced mail order company specifically approved BtavhET? 1 CaUnmnow: raadlly by both press and TV to handle business on behalf of d tents, and SaSoL*” with a proven recqrd of successful A. Thomas Thorson, President Strata Oil Company, product promotion through mail »»Boroua and sales. 747 Third Avenue, 10th Root, York. ambltwmambitious order New N.Y. 10017. qrw|p Send details of your product or service In confidence to; Write Telephone; Hef. Box F6198. Financial Times, 10 Cannon Street, London EC4P4BY (212) 593-1166 Telex: 709372 (STRATA NYK) 10 Times Sera«t. London EC4f> 4BY i —' v c i J . Financial Times Tuesday January 14 1986 11 BOC SINGLE-HANDED ROUND THE WORLD RACE 19U Business Opportunities JceruM** mw 40-fgm lILOB OreliDS «4H hs arapsWe In tee u*A alter hi tee TwoHaaOed Tra instilHen Rare 1988. TMh tioMiiwiv rase Businesses Wanted vacm Is tn»• reseti ssMTStfon READERS oT Ms Mgttiy anocessiui Pun: so. oare wtsacr oft ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS and Esst-Wstt Trsnsatlsath: Mm record holder X.K”£. a.^SUSS'^ SSrSSS:""" <* KJM MAKINB LR ' - ' MARKETING WANTED The Vat, Mar pal RJwm , VrebMn . T*fc (88731 14X8711 CONTINUOUS STATIONERY For Successful OS. Corporation agents 1 ~ European investment sales (retail/wfiolesale), -*® private syndicators, joint venturers COMPUTER 5SS5SS3SSST finance spedaSsts, to OMAN PRODUCTS * J represent our multHnfifion dollar program and dose ““JW tor » U.K. indu.vi .1 Omani Company wishing ”1* mMor marketing iMifinlmiAii important .European clients. Italy exceptional opportunity Influential InvitM contact wftb com p« (ties to fSWsw^i SiirSl!!? with servtcu Medical, Security, Agricultural promote products Or info tea and An established company retailing and i i. w? sa -aa zsiAgissu& forprofit Educational sectors In Oman. Also of Interest any uni a as products or distributing ?sss sus Cafimenow: services tint can be established on joint venture or franchise basis. Meetings will be hold UJf. January. these products wishes to acquire similar businesses A,Thow»sThorecm, President Haply In cwilhfoece ror with sales between £400,000^1,000,000. C> m,rk-UBfl «?*•» fcr . company wMfe Strata Oil Company Sox F02T4. Financial Times. JO Cannon Straat. London EC4F 4BY Please write in strict &Ph^J3TUSSSSSL£ are confidence to: MO p«r ” now 400 par coin ahead with profits am staSS^"^ 747 Third Avenue, 10th Floor, New York. N.Y. 100t7 ! C*****~OUT to"mffo£ Sd «w2MrtSr W1,|B,W *PPrMCU (0 markotiRfl Telephone: (212) 593416© Telex: 709372 (STRATA NYK) Box HQ481, Financial Times INTERNATIONAL SALES AND SILICON 10 Cannon Street, London EC4P 4BY Why not contact uy at; MARKETING DIRECTOR VALLEY M P G ASSOCIATES LTD Computers pod Htsh Ttchnefogy Your office to tbs San Francfaco 11 Fawhy Row). rc-aatw retired st AS. « sWW# wj Bay area. British company will London NWS 1SJ kindred A WHJ. ESTABLISHED Ms to amlit one or tiro represent yog and also co-ordinate or foil Biro bests. OT totophono D1-4$1 1M9 ACCOUNTANTS com pomes oe Pert tuai, financial, relations REPUCA CAR COMPANY (raids svsDabU for seubv public and InrestnMoe otesr matters. partteipstimt in viable protects- Going solo needn’t raoulraa expansion funding to can intbmational sennets FHOK rsatelB IM HUB 0101-415-328-0022 and , ft alone extend tta range of products mean going TO. Cra«? r%pS2r«Cap 4 BY. afire 3pm UK time We are an active listed property company j develop export market. Business TWsMtcayMftstfoMwrCapMiif its Expansion Scheme/Loan Funding n BsmaL Madh london eaoovond Wan with substantial funds available - . J> Ural Instance to: to , hs jokttdBwflBG fanem Kbomaairil preferred. Write In buy * HADE scoo nbaxy precfLa. S. J. Taylor . V ID BRITAIN? WupMsg— u 100% IBAs residential or Erto^nmsndaretuoBaM'EminrMsJ TNtCXBROOM COVENTRY b CO CAUFQRNtA SERVICE commercial property NO? hMBnpant prase— fotofwarWe Chartered Accountants AVAILABLE FROM £13,000 ' '- ' ';?}' O' AV'OSvt? . ^- - ' / Businesses for Sale Toy Manufacturing Iron Foundry Business Nottinghamshire DIAMOND LIMITED - DELL & - OCUUoUU, aUGUaii3Ui£ II* *a***»M»ww» TbeJotntKecmws and Maragersofe for safe the ass«s science sets. Receiver and Manager A J. PateL FCA. Invites offers for: jigsaws, toys, adventure kits and and goodwill ot <£3ni per annum. Freehold premises comprising T\imover^){XOxiinately The receivers are offering for sale as a going Farther particulars telephone 031-557 2111 . Cash-and-carry Warehouse concern an iron foundry business producing Tectonic Limited JRef:L Anderson. Betoitte high quality grey castings for capital plant, offices and parking facilities machine tods, compressors and generators. of Wfokingham, situate at The foundry has a good forward order book !29AlHMWBnihy Plac»,BdhiburBhEH38UE. and an 83 Lomond Grove excellent list of customers. Business assets include plant and work in progress. Berkshire Camberwell, London SE5 A COMPANY CONTROLLING Thecompany has an annual turnover ofabout MANUFACTURING SHAREHOLDING For further information apply: A. J. Patei, FCA Manufacturers ofconventionalplated throt%h and £2.5 million and employs 95 people. It MINI EXCAVATORS FOR SALE multilayer printed Circuit boards, and sole mamifactnrers and operates from freehold factory premises in Has the majority shareholding for With Directorship with long estab- supplier of the “EPIC chip carrier Worksop, Nottinghamshire. disposal. The company's products lished company operating et Mid- j^AJPATELgCa fully developed, marketing com- lands airfield providing hangerage CancattunK}verintlKregfenofj3TnilUon. Sales packages are available on request from: menced. Requires association with and aircraft main re ns nee facliltfaa C CHAHTCRED ACCOUNTANTS individual or company with market- to CAA 81 standard. Full technical JR. C. TurionorR.J. HassaU, ing skids. stair. Would auit Individual, or. com- All enquiries to; P.G. Porter,Joint Receiver and Manager pany with solei ability. 350 Chfawk* High Road. Chiswick. LoodonWISTA Foil details from: Write Bos H0433. Financial Spicer and Pegler &Partners, Box H04S2. Financial Times Times Telephone: 01-9953453 10 Cannon St, London FG4P 4BY. Either at- Clumber Avenue, 10 Cannon St. London CC4P 48Y Tectook: limited, Grtec Works, Oxford Road, Wokingham, Nottingham NG5 1AH - Becks RG11 2YD. (Tel: (075^) 782540). Telephone: Nottingham (0602) 607131 PRECISION PROFITABLE MECHANICAL ENGINEERS or at the address beknv. CfeL-(0734) 596711). 49 BERWICK STREET LONDON RASED BUSINESS FOR SALE FOR SALE Walt London Spicer and Pegler established business hi Specialising In area good praot record — turnover Domestic and — Industrial double glazing. LONDON W1 £390.000. Sales to major electrica l currently •rouoe. Owner retinae — working employing 45 stair. Turnover & Partners asutx In far sde. xpgrox. £200 -000. excess of Cl .5 million and Met . Technical knowledge dmtrabta. Receiver and Manager A. J. Patel. FCA, invites offers for the Assets ore £0.5 million. WMte Sox H.04M. Financial Times. Venture House, 37/43 Blagrave Street, Reading RG1 1RY freehold interest in the above property, comprising; lO. Cannon SC London EC4F 4 BY. Write Box H0475. Financial Times 10 Cannon Street. London EC4P 4BY Ground Floor Retail Shop and Basement First Floor Offices CONTRACT TOOLMAKING Second Floor Flat COMPANY FOR SALE RETAIL MENSWEAR FOR SALE 70 employees COMPANY FOR SALE Third Floor Flat Quadrant Filling Stations West Midlands. 5 OUTLETS ON SOUTH COAST Principals only, otaesa write to: IN PRIME POSITIONS. Publishing Business Managing Director. Box H049B For further information apply: A. J. Patel, FCA Financial Times Current Turnover United TO Cannon Sr. London EC4P 4BY CIA million pjL Annual profits over Write Box HOSOO. Financial Timas sale the goodwill, The Joint Receivers offer for W Cannon Stteez. London EG4P 4ST ^AJPATEL^Cb. assets end' undertaking of the above company based £200,000 in Greater Manchester. The company operates 10 The butlniH. the icknowMoad leader In its own publishing CHAHTERED ACCOUNTANTS petrol filling stations located in Manchester, field, with a greatly respected name and reputation, has traded Lancashire and Yorkshire. The assets include 6 successfully and profitably for aver 40 years. 350 CHswicicFfigh Rood, ChtaMlck. London VV45TA Clubs Pro-tax profits over His past five years have averaged well above freehold, 1 leasehold and 3 tenancies. Turnover m well-astabHabed supply and Telephone: 01-9953453 customer base, £200.000 per annum- The net tangible assets exceed £700,000 die year ended July 1985 exceeded £6 million. distributing through- A substantial proportion of ths product is produced to order out the U.K. to first clast Store Groupa/Mail Order/Mu tripled/ for prestigious clients. Funtter retells from the Joint Receivers end Managers: outlets. five has The business is well pieced for further development. A unique Wholesale ootHvcd the others because of a opportunity le ottered to a publishing group wishing to expand Maurice C. WithaO. Grant Thornton. Fairfax House Write Box H05Q2. Financial Times 10 Cannon Street. London ECoP its product range and markets, or to an organisation Intending Fulwood Place. London WC1V BDW 4BY meMcfaae. eWmorosj hoctamiw. writing to diversify into publishing. •oorahowa. 189. Ream st oi-TM 0557. 8422 - 28984 GTLDN G; and The business Is available lot whole acquisition ot the proprietors Tel: 01-405 Telex: will coneider retaining an interest. Freehold Investment Property AHan Griffiths. Grant Thornton. Heron House Albert Square. Manchester M2 SHD Apply in the first Instance to; Company Notices Tmros, SAINER & WEBB Tel: 081-834 5414 - Telex: 487235 GTMAN G 2 Serjeants Inn, London EC4Y 1LT 33 BAGSHOT STREET (Reference C42) LONDON SE17 Grant Thornton ( II > AiVi »r\TANTS Receiver and Manager A. J. PateL FCA. invites offers for die MCTKhKI FOR SALE freehold interest in the above property, comprising*. FERROVIE DELLO STHTO Ground Floor Retail Shop Due to restructuring an international engineering First Floor Flat group is offering for sale its technical manpower US$250,000,000 division. Involved in: For further information apply: A. J. PateL FCA MAZDA DEALERSHIP • CONTRACT PERSONNEL Floating Rate Notes 1988 Convertible until • PERMANENT STAFF RECRUITMENT J^AJPATEL^Gx BRADFORD February 1986 • INTERNATIONAL RECRUITMENT into 9} per cent Bonds 1992 CHARTEREDACCOUNTANTS Offers ore invited for the sole of a profitable For the following industries: Mazda Dealership situated in Bradford, West York- 350 Chimfcfc Hiflh flood, Chiswick, London W4 5TA shire. Included in the sale is a second hand car NOTICE OF EARLY REDEMPTION • PETROCHEM Telephone: 01-995 3453 tales operation and a servicing and repair function. Operating from freehold premises on a busy main CONSTRUCTION On behalf of the Issues S.G. Warburg & Co. Ltd hereby gives • road, the business had a turnover in the years 1984 fi tnth»lKlktor«nf flux al u Min -«n«*mirwwH Nnlwo rtf *1u» • OFFSHORE and 1985 of approximately £1 million. pffoa ' Issuer* election in accordance with Condition 4(B) of the For lurthar details please contact: . • CONSULTANCY INDUSTRIES Notes thataHIfotes outstanding on 28& February 2996 will be Pater. Firebar. Grant Tbomtoo ANNUAL T/O wdeamedoa that date, at pax £5m Bdon Lodge, Bdon Ptaea, Bradford BD1 3AP GARDINER & PEARCE - Write in the first instance to: LIMITED Tab 0274 734341 Tatax; 51811 Interest wiH cease to accrue email outstanding Notes as. Box H0449, Financial Times 28th. February 1906 and unmahxzed coupons (whether or not TheJoint 10 Cannon Street, London EC4P 4BY Receivers and Managers offer for sale the attached to Notes) shall became void an such redemption and business and assets ofGardiner* Pearce Limited. Grant Thornton no payment shall bo made in xespect thereof. rilAlITEKKD.-V VI H NTANTS * Wholesale distributorofa wide range of S.G. Warburg & Co. Ltd. frozen foods. Pnnqpal Paying and Cozxveman Agent For Sale Annual turnoverc.£1 million. Book Packaging and Publishing * Located within leasehold premises inWtton, 14thJanuary; 1986 Birmingham. SHARKEY BROS. UMfTED UK based book packaging company specialising in the production of popular illustrated books Enquiries to: The Joint Receivers offerfor sate as a going concernthe NOTICE TO HOLDEAS OF J. A. Talbot or G. business and assets ofthe above civi! engineering EUROPEAN DEPOSITARY • Current annual sales around £4 million D. Cook, RECEIPTS (EDRs) IN company • • Arthur Andersen & Co, FUJITEC CO, LTD. Expons account for approximately 80% ofturnover <** 10 Newhafl Street, The company isbased in Leedsand specialises In saotomber 20. IMS. EUR bohlars ut Infonnad that • Established position in illustrated book market in North tunnelfing, sewer renovation and open cut pipeline work SSSSSnlSSrZ it America Birmingham B33NR J 5SXU Hss tocal authorities. Telephone: 021-233 2101. for y now Pttsem Coupon Na. to far paymaot to tm andcr- •Well regarded throughout Europe and the Commonwealth indude:- Sic»tipv£j io«ig? Assets available dividend wltb a 15% vHthoMnt tax la subject u recetnt hr the DjpcwJmnr or ttw Asant or a valid " • The business has a backlist of around 100 current titles * Reehold head office, work shop and plant depot aiUavtt of reaidwm m rouSJV which would suit mttmoldlno rate. another UK publisher or packagerseeking (approx 4 acres) In prime position adjacentto CountrtM OiftnUv htmt woi wvaitgemcma are ax follows: to expand an existing operation M62/M621. a.r. of taypt M. of Ctrnuny Malavala AsKrai [z Finland The Netherlands S5ST” Bgfgtufn France Naw Zealand. Principals only should write to * Comprehensive range of plantand equipmentfree Brmail Sweden the vendor at Box H0486. Norway Switzerland Rranaal Times, Bracken Canada E355S. Foinnd House, 10 Cannon Street. London from HP Crechoslovalcja Ireland RMM Klnodom EG4P4BY Denmark Rop. of Korea U-x-w America FOR SALE * Contracts in progress. Italy tnonnia Zambia Fwcmlpm of a valid Wg aMdartt Jaannaca wttfihoidlnB tax will be deducted PROPERTY All enquiries to; INVESTMENT GROUP 1 "®- Alan Katz orTony Briertey, Amounts payable In ranect of currant divliendar Formerly quoted in London Property Section which could Bank House, 9 Chartotte Street Arthlr Coupon No- 10 Dividend Parabfo be restored. Assets comprise retail (mainly EDK toMl5% JapaiMw FOR SALE unbroken Manchester Ml 4SU Tel; 061-228 2121. denomination parades) and office portfolio with £180,000 1.000 shares vrtthhowTnj tax annual gross Telex: rental plus portfolio of e**h 66889a C3«n r/o and profitable, with aubatanthra and blue chip cHenc baas. gilts and __ ClUbaok. NJV. QUcorp Bank 355 strand. London- ai&hmrtlSA Manufacturer and importer of Bergen printed, logo endorsed. promotional WC2R 1HB 1 6 Avanimin Marie Beplies January g, 1958 Thereto textiles and clothing. Saiga promotion and advgrtiaing support "below the from principals onl» to: Box H0465, Financial Times lino" through uaa of merchandise and gift items, for sals, giveaway and 10 Casmon Street, London EC4P 4BY "on oack" offer is our speciality. Principal lacks capital to further develop vary great potential m acknowledged growth leisure and salsa promotion markets. Investors wishing principal s ongoing participation will be coneidered. Write BOX MDS0I. Financial Tima* FOR SALE 10 Cannon Street, London EC4P 4BY This specialist operator has extensive experience in aerial BABYWEAR WHOLESALER filming and Rve TV work bs wefl as offehore support, executive chat ter eta long Thi» established business ha* an excellent reputation and sales The assets offered far ssleincltide: force and has a turnover of approximately £lm. SELLERS and BUYERS - Hangarwith fully equipped maintenance base at Southend, The business has the benefit of a good stock and order book and valuable lease DIVERCO Contact in confidence: will be sold on tho basis of asset value plus modest premium for goodwill, or - Bell Jet Ranger and other aircraft DIVERCO LTD. on the basis of a multiple of gross profits. - Sell Companies 4 Bank Street, Applications from principals only. Support spares and equipment - Nationwide Worcester WR1 2EW. Writs Bex HD03, Financial Times. 10 Cannon Street. London EC4F 4SY Marconi HeJe-tele system. Tel: 0905 22303 Further information nuy be obtained from the Joint Recener and Manager P R Cwpp ICA, FCCA (t«f CJI • Bafiser SMALL B.'i BATHROOM & KITCHEN DISTRIBUTOR PUBLISHING COMPANY SuH with a good track record In Steel SteddNUars FOR SALE specialist trad* publishing, would like to explore the oott.bi litres of art Gflwral ftlrleatiai Growing business specialising in factoring of major branded lowger/auociatren/acquisitiQn Stoy Hayward with wt&tB fwrtara revs or tad, product lines of sanitary ware, fitted kitchens and accessories a similar company (or individual) ElgiBBBTS muw seeks new owner. Excellent cutomer base of builders merchants having active young talent available ClsraeyJ Uinftsd help ensure RBNWTH, CORNWALL retail u and enhance Ha and outlets in Southern England. prosperity. Please writs in the first Turnover instance 0 drat Please write to: to: £150,000 R. E. Lute. Esq YORKE BUSINESS DEVELOPMENT CONSULTANTS M New freehold CA1SSE NATIONALE OES .CRANE 8 PARTNERS # TB^COMMUNICATIONS at Sliver Birches, Bashnrst BIB. ItcMngfield, 44 Mhom H31, BromJoy premises Heating Rate Notes Horsham, West Rent, BR2 SEQ Development area KIRK & KIRKLIMITED Issues of Sussex RH13 7NY • USD or phone Hebert Yorke on 4M03 790500 status mo facial Times Taesflay January 14 igsa nt FINANCIAL fai TIMES SURVEY Tuesday January 14 1986 Devon and Cornwall nie two comities are »m engaged In a mare concerted effort to attract investment from as far afield stheUS. Hie area needs to dirozsify its economic ®ase as traditional industries such as tourism, fishing and agriculture adapt to a toisher donate 1580 to In ssaass the east serious co-opera- Investment search 0 IJ,d constructthe ^eal world SS,ffto re, ocate y°ur business or d Ur ’ „^° anufactunn9 base... thiEt^ . , we WOU ^°°k very much anwr« n b'ke Devon combinaBon ** - alona with lowerffi and rat^5?i™fYou d want your employees to be r ^ toyalandhappy, productive too; and they are in DewruSdcSSlI On the pleasure side, you’d want your family and the employees to ’ eni°y a consi^ently high °f ' lfe; ^ey would in . SHfity Devon and Cornwall wtiere they d find unspoilt coastline, countryside and mooriand education, and cultural facilities. THf BEST OF BOTH WORIDS OfVEU1PMENT BUREAU Simpstjo - Executive Director England. Tel: 2HF~ Plymouth (0752) 26791 8 -Telex S^Si!St^^a!^p«iopn«45494 Devon and .Cornwall . ®** . JlJlS 01 fioth worlds LOOKATOUR ADVANTAGES- Ex rtt™din Sfinte by road, rail. 1 ^*,8B * .*^ as >be latest in worldwide telecommunications. GwcTOtertGrartsandAssI^^ O MfasfindmBesofunspottcoasffna, ^ rr rountryateteandmoortand. 3 rente and i«bs. 3 msBMe. A loyal, ron^^ftJrthw g. produefiveworkforce. education, Polyiechnicand C Endtessoutdoor aridities fi cultural tecities and evBto ^ miBeums. Hiraite-nhaah® 19' ^ - - ^ riWv.i"*™ t* +f4+,l‘h4» -a i- — Tuesday January 14 1986 14 Financial Times Devon and Cornwall 2 tv A'Z of ECC Battle to hold market share commission and are backed by national advertising and point U.K. PUBLIC LIMITED COMPANY - A Tourism of sale material. perhaps Devon and Ideally 4? Ball CLAYS FOR CERAMICS Cornwall hoteliers ought also to hit back against foreign com- MBS THATCHER, fh*' Prime petition by encouraging inward clays and calcined clays Minister, to China decided lest- year charter flight holidays via the transfer responsibility for the region’s own airports. But so far tourism industry from the Decorative concrete walling only one Dutch operator. Uni- Department of-. Trade and traveh has chosen to use Exeter Industry to Lord Young; the paint airport for a packaged holiday, Extender pigments for Secretary of State for Employ- ment the Torbay area. plastics Tourist Fillers for rubber and The move was in' o$e way, a The West Country because significant recognition of the Board reckons that of Garden paving importance which the Govern- the relatively high prices which ment now attaches to one of operators have to pay to buy Devon and Cornwall's most vital seats on the low volume air Housebuilding the scope for industries, and the contribution routes into Exeter, of tours it can make to new job creation, increasing the number International storage network and economic growth. n«iny local airports Is small. 1 Stepping up efforts to divert It also provided another more French and Spanish Important reminder to today’s Joinery manufacture tourists using Brittany Ferries kl West Country tourist industry services Into local resorts Is which at the latest count earns Kaolin extraction and processing seen as a more fruitful avenue Devon an estimated £500m and for growth. Cornwall £300m annually it — St Michael's Mount, a *— tourist attraction in Cornwall Leisure parks & boating holidays can no longer go on tawny its But in these circumstances traditional position as Britain’s Devon and Cornwall are not noted that the tourist industry of long holidays spent in Devon In short, there are amenities Mineral production worldwide most popular domestic holiday which g«n be provided to com- ideally placed to capture a - growth sectors of the 1880s are and Cornwall. Devon County destination for granted. major shoe of the increasing short breaks business and con- Council has laid the foundation pensate for the lack of foreign tourist market—some Lord Young's emphasis os ference tourism, overseas for a more business-like ap- guaranteed daily sunshine—as Natural resources tourism given fresh per cent more foreign tourists has impetus tourists, and hobby and activity proach to the industry’s needs promised, say, by Mediterranean 25 to the already unprecedented ^Hnnttonc usually are forecast to visit Britain holidays. by establishing within the past rt But they exploration & drilling muds effort under over the next four years. Oil way in every part It warned that the traditional year a Devon Tourism Forum. require substantial capital in- More attention is being paid of the UK, including the Indus, long holiday (defined as four The Forum promises to put vestment to encouraging the market for coating and filling trial areas, to mobilise local or more nights), accounting for fresh bite and professionalism Paper Country tourist in- short break holidays (of one to resources and develop tourist 80 per cent of the total holiday into the constant battle to main- The West attractions, as a contribution dustry has also had to learn to three nights) as tire more market is likely to show little tain the region’s share of the Quarry products is fruitful avenue for growth. It towards reducing the country's or so growth. tourism market But success fight back in other ways. It nifeiwplnympTit, only comparatively recently currently accounts for 17 per Devon and CornwalTs tourist M fay no means assured. Last In Britain's traditional resort cent of the total market and Road surfacing a special report soon after Industry has been built upon year's poor summer, for ex- that that their the West Country has the his appointment, entitled. the peninsula's hundreds of ample, and the recent intense areas have recognised V “ product" needs also to be largest share—15 per cent of Surface-treated minerals "Leisure, Pleasure and Jobs,” miles of sandy beaches and competition among foreign packaged as the UK total. . Lord Young calculated that the coves and their attraction to package tour operators could and marketed expansion of the tourism indus- attractively as the modem the family wanting a traditional wen encourage- more British Even so, there is no guarantee exceeding £7bm foreign holiday. Turnover try could create some 50,000 fortnight's bucket and spade holidaymakers to go abroad this that the 10 per cent growth jobs a year in the UK. This holiday; in short the kind of year. Now Exchange Travel, for forecast for this sector over the means, a pro-rata Ultrafine calcium carbonates on basis, the UK destination which has had On the other hand, English example, which owns Cornish period 1982-87, in terms of both creation of some 1,000 new jobs to fight hardest against the cut- China Clay's Haven Leisure Leisure World, a 77-acre holiday nights and expenditure w4U be in the Industry in Devon and Vast mineral reserves throat competition of the subsidiary, which claims to be complex at St Austell Bay to the benefit of Cornwall and Cornwall each year, providing foreign package tour operators. the largest operator of holiday attracting 750,000 holiday some parts of Devon. According the right investment and mar- Between 1978 and 1982, there parks in die West Country, makers a year. Is distributing a to recent research, people travel keting decisions Waste disposal are taken. was an alarming decline in rite recently reported a 20 per cent Devon and Cornwall holiday on. average only 129 miles to present nearly At 28,000 number of visitors. The number increase in advanced bookings. programme offering packages reach their short break desti- jobs in Devon and 13,500 in of tourist nights spent in A feature of Haven's parks are based on a wide range of accom- nation, a distance from the X-ray microscopy Cornwall are reckoned to be Devon, for example, fen by their all-weather facilities, such modation situated in 40 seaside main population centres which supported by tourism and nearly 16 per cent as indoor swimming pools, and resorts and seven countryside is likely to bring greater bene- leisure-related activities. Years of research & development Since then there has been an entertainment dubs and games locations. The packages are on fit to other parts of the West Lord Young's report also overall recovery in the number rooms. offer the travel trade at a set Country. Zeta potential measurement to i) Privatisation brings GROUP English China Clays P.L.C. efficiency John Kray House, St. Ausiefl, Cornwall, PL25 4DJ. drive &A Telephone: (0726) 74482. Tdoc 4SSZ6 ECCSAU. G/Fax: (0726) 623019. & § that they had decided to com- a year and, currently, some Devonport pete themselves for the 13,000 employees. franchise to manage the dock- It has the capacity in its wide ‘i? yard as a privatised concern. range of ship repair drydock, Dockyard . With- the help of Barclays and backup engineering Hpdgw Merchant Bank' and accountants and maintenance facilities to Peat, Marwick: and EARLY LAST month Plymouth refit anything from an admiral’s' they have already formed their and a significant area of -Devon dinghy to a nuclear submarine. . own company, Devonport Dock- and Cornwall woke up to find At present those who work yard Ltd, to bid for that a long-threatened change the contract there are- civil, servants with and begun soundings in the in the local economy, which civil service pay and conditions City about, .attracting many assumed would go away, further and ways of doing things which, . institutional investment suddenly seemed certain to be- and it is argued, impose bureau- private sector come reality privatisation of management cratic restraints and make — expertise. thet region’s largest single in- effective industrial management If - successful, dustrial employer, the Royal they also impossible. propose to invite Royal Naval vessels entering Devonport Naval Dockyard at Plymouth. employees Under the Government's Dockyard and their families to become The possibility of a radical plan toe contract is due to be shareholders in the shift in the dockyard's form of company awarded in November and the with a minimum stake perhaps management towards a more new (private sector) manage- tiie dockyard’s as low as £50. Their model existing MOD- 2.5 per cent over the same commercial approach has been is ment to assume formal control the management buyout of the allocated work. The remainder period. talked about on and off for of the business in April, next will National Freight Corporation have to be tendered fox, The almost a decade, but had never year. not only in most prominent result of of first competition with one the public enter- - this efficiency drive is come to anything. Formulating a politically Scotland’s Royal Naval dock- that some prises to be privatised. 2,000 of the 13,000 jobs in the The plan by Mr Michael feasible privatisation, scheme yard at Rosyth. but also the ' dockyard are set to disappear Heseltine, the former Defence reaction for the dockyard was not rest of the UK ship repair Secretary, to transfer manage- Mixed before privatisation, a job loss ‘ easy. The Government wanted industry. ment of the dockyard from the Political reaction to the which has understandably been to put the dealings between Of course, there is no guaran? Ministry of Defence to the management initiative has been causing anguish in many quar- pri- “ the dockyard, the Royal Navy tee that Devonport's existing vate sector was thought by mixed. But a hearts and minds ters and is fuelling demands for' ” and the rest .of the Ministry management will be awarded many to be similarly fated; campa ign to win local, and special assistance to deal with of Defence on a commercial the contract Indeed while stat- even though the emihiing legis- pfuticnlaily employee, backing the consequences. Not only can footing. .Equally, it recognised ing he had no objection to the lation started its passage for the bid has been launched the region ill afford to lose any had that the dockyard's assets bid. Mr Heseltine also empha-. and a commitment to buying job opportunities at present, through parliament and al- could hardly be sold to the sised that Mr Johnston's team goods and services locally and but there are fears that the cut- though there were already ex- highest bidder. would receive no preference or support of the local economy back in jobs could turn out pressions of interest from the The assets are a key military special consideration. in generally is already emerging practice to be far greater. private sector, notably from the resource in which the taxpayer managements two as a key aspect of the campaign. The Government may deride On the other hand, 2,000 re- of major in- has invested some £200m over dustrial groups, Interestingly, one trade that the business needs a com- dundancies will still leave the British Aero- the past 15 years. Furthermore, space and Trafalgar House unionist has already indicated pletely new broom in the shape number of dockyard employees they will require capital invest- of (which includes Cunard among that attitudes are shifting an BAe or Trafalgar House, or at the 1981 level (Devonport ment of a further £100m over an, as yet, its subsidiaries). the grounds that perhaps it is unnamed potential gained wort: and employment as a case “ tiie next decade. suitor. But by giving the a result of the closure Last month’s rude awakening of better the devil you Bence of Chat- know.” the enabling legis- Government the option of sanc- ham and cuts at Portsmouth) to reality was provided by an lation tioning now being enacted by a “management buyout” and most, if not all of will unexpected break in the ranks Besides its military import- them parliament provides for the of the business Mr Johnston he achieved by early retirement of the (until then) united local ance as Britain’s principal naval dockyard’s assets to be leased and his team are also providing and voluntary severance opposition to the Government’s refit and maintenance base the to the private sector on a seven the Government with a routefbr arrangements. privatisation proposals. historic Devonport dockyard years franchise basis. the introduction of privatisa- Is the long run, explain things to someone who is both deafand Mr David Johnston, 49, man- complex, should also be viewed Whoever wins the competi- tion which is less privatisation How do won liable to diffi- could arguably aging director of the dockyard, as as exceptionally large tion for the franchise is assured, cult and politically lead to Devon- blind? — hazardous port malting and nine of bis senior manage- business undertaking; with an initially at least of a “core busi- —hand-over a greater contribu- problems in what tion ment colleagues, announced annual turnover of some £300m ness” of 70 to 80 per cent of promises to be to the local economy, both life wiU be a constant straggle and most work will be quite the run-up by releasing period to a General Election. scarce skills and making its ossible. Do yon. think that you could cope? high tech skills imp In the meantime, and Mr John- expertise more accessible to The RNID*s residential services have been expanded to include ston and his colleagues have local industry. already begun the tank of pre- Mir Johnston stresses that provision for deaf/blind youngsters and for deaf people who have been search paring tiie dockyard Investment widens for operat- once under private manage- mentally SUL We also promote medical research and provide extensive ing in a commercial environ- ment, ment. Devonport will be free educational, welfare information services. ing need for scientific and in- relative isolation of Devon’s “The Devonport chal- to expand into scientific, technical, and CONTINUED FROM lenge” as new markets dustrial skills and research up north coast. the programme make PAGE ONE . . the most of its technical to graduate level are particu- launched last April is dubbed, design Will you help ns? services and sophisti- larly well-served Plymouth No less important for en- is designed to reduce unit by costs cated capabilities any other part of the UK, and couraging the legion’s economic by 15 per cent in electrical RNID. TheRoyal National Polytechnic which has just over tiie two and electronic & at they are doing so In growth has been a striking im- years; the targets engineering, in launched moves to become a are a 17 per such fields increasing numbers. provement in rail and air links. cent reduction as the design and Institute for the Deaf. university in its own right. in expenditure construction At tiie last count, whereas Thanks to British- Bail’s High on an output of offshore oil rig Devon and Cornwall’s per- reduction of only modules. J —1 1 — DMI" B*~~ Knancial Times Tuesday January 14 1986 15 Devon and Cornwall 3 f Diirtin^ton Coping with changes & Co i Limited J in assistance status Investment least and Banking remains on the assisted Services television plant through a joint jg” “»P. the only Industry Devon part of venture with the British com- to do so. pany.. in the SouthWfest It remains to be seen for the how far Bank subsequent pulled out SouthWfesL affect the level of and manufacturing Toshiba negotiated .and MANOTACTUmc investment. At pioneered a single accounts Present, there no for little more are still major strike labour than 20 per cent projects in agreement with of the pipeline, the the e employment in the local 051 lectricians onion, the Stunners Bridge, Totnes, economies S?, prominent scheme being EEPTU, Devon TQ9 6JE of Devon and Corn- Flessey’s which has become a wail £50m futuristsc-look- model plant Telephone Totnes > compared with nearly an mg tor bargaining else- (0803) 862271 microchip plant, now near- where *® a whol “8^completion in Britain. SSt c. on the outskirts The new oven Bush House, 72 Prince the manufacturing of Plymouth. plant is due to Street, Bristol BSX 4QD sector of the two counties produce 90,000 ovens in its first lacks Scheduled to begin Telephone Bristol w size it makes produc- year and, thereafter. 20,000 (0272) 213206 up for in ™ October, variety. J?°“ the plant will runts a month, -to met booming be the first in There is a Britain with the UK demand for fh?s product. tendency to be- capacity to lieve that produce a CMOS 8 Other Plymouth expansions the only manufactur- Inch ' ing silicon wafer. It Is include Bittal rey enterprises which can pros- expected mother per at a long to create BOO new jobs German company, which has The Wheal Jane mine distance from the These would main poulatlon be in Just built a new plant to pro- (above) was hoping for centres, are addition to the 260 a those producing high already duce metal frames and con- lease value, low employed at Plessey's new of life but the volume products. tainers promising 300 jobs. This plant at Plympton, a few future of Cornwall’s tin Devon and Cornwall miles was after the company had out- belie away from the facility. Industry, its this theory. new grown Its premises just 1,500 miners As well as having A no less *mws an expanding prestigious, though the border in- Cornwall. A high and associated employ- : range of high mr less expensive project has proportion of . ment technology companies producing been the output is hang in the balance British Aerospace’s scheduled tor export. sophisticated modern electronic decision as a result of the recent to invest £4m in boild- Becton Dickinson a products, the two counties ing a new US-owned collapse of the Inter- 30,000 sq ft research manufacturer of blood «mpi»w \\fe are have companies in high volume, and equally at development facility national Tin CoanciTs home at low value products. equipment; and me of a num- Plymouth, creating up to 220 ber buffer stock support of pharmaceutical . Such manufacturers find _ in new jobs. ih&lirol system. Prices practice that the significantly equipment companies need to in ttewgujn, is' Jim settle lower costs they enjoy far their spending not far below £7,000 In Devon, Preference on. further expansion. Cornwall factory accommodation and So too is per tonne when trading or lab- Hoechst, the our can easily offset the higher Interestingly, Plymouth was West German resnmes, if chemicals group, the industry is distribution costs and executive chosen in preference to the com- at Cox Pharma- to ce^xticals of Barnstaple, survive in its present travel expenses involved in pany’s original choice of Steven- a com- pany it acquired size and shape. what some may regard as out of age, near London, after British recently. Boston Massachusetts. In Cornwall, the the way locations. Aerospace found it attracted a scale of manufacturing »i^ That said, one of the indus- far better response rate to industry Another small its therefore company, PTC trial perks of locating in advertisements for engineers. the level of invest- (UK) of Penzance, Corn- ment. has devel- Prospects look wall at least used to More recently, tends to be smaller. oped in better than ever for Devon he the auto- Wandel and Some a few years into a lead- and matic regional development Goltermann, a wholly owned internationally-known ing world producer relatively of specialist Cornwall grants of up to 22 per cent on subsidiary of the West German- recent newcomers sensors and with the Development Bureau such as instrumentation for building plant and machinery. based electronic measuring J. L Case, the US heavy the glass earth moving melting industry. Now there is a lot of discontent equipment manufacturer, hoc equipment manu- Some 95 per cent opening offices in Plymouth facturer, and of production and across the among local industrialists over just announced a farther project Pall Corporation, 38 exported. to - producers of industrial the recent cutbacks. double its mamtifa rtwrtw filters, Sooth West Leisure Products, ocean in Boston. have grown idgnifirantly. Many insist that availability space to 84.000 sq ft. A 44.000 sq a Redruth swimwear company According to finHf of automatic grants often made ft extension was opened only Mr was launched as recently as last Griffin, Cornwall’s planning all the difference to the via- year. 1982. Having satisfied a number bility of a director, every overseas-owned of relocation or expan- The company, whose instru- leading retail outlets with its Coincidentally, Peat company in the county is either Marwick have offices in sion project. ments range from pocket-dad quality and delivery,, According expanding or thinking of ex- to Mrs Doris meters to automated surveil- the company which already both these places, panding because of the quality where we offer a broad Ansar! , chairman of Cornwall lance systems for whole net- enjoys annual sales iff £500,000, County of their loeal workforce and the Council’s planning com- works had trebled its turnover' has ambitions to be a £5m com- industrial relations generally. range of consultancy services to mittee, ministers are still fail- In five years to £6m and em- pany in five years’ tinm businesses. ing An optimistic picture is to appreciate the vital role ployment from 121 to 190. By Spectra Automotive and painted by a recent survey of which automatic regional grants the end of the new expansion Engineering Products the have companies occupying industrial played in bridging the gap phase it expects to increase largest manufac Its estates throughout Cornwall. In fact we take a between industrial development labour force in Newquay, la expanding special interest in the South substantially. This *h«f at the costs and returns for develop- Meanwhile, showed there has rate of Tfexas Instruments, been 25 per cent a year, as a net gain ' West. ers, despite some strong lobby- another well-known mm* of 2,000 new efforts to increase the enormous We have no less than five offices in in manufacturing jobs ing. the electronics in the potential market for field, also com- county specialist As i st over the past five years. s ance has not- dis- pleted a project recently which ear care products at both home Devon and Cornwall. We are there to help appeared Inevitably, more typical are altogether, but it is doubles the output capacity of and abroad begin to bear fruit generally the expansions being under- more selective and its Plymouth facility. Mr John Shaiple?,- the com- local businesses run most profitably. jobs dependent. Broadly taken by small concerns. pany's speak- Toshiba Consumer Products, new chief executive says ing, a belt of territory Quasar of Liskeard, for centred the Japanese electronics that Spectra is now the third around com- example, a recently established Truro has lost assisted pany has expanded largest UK manufacturer with status from tele- company Is investing significant altogether but the rest vision manufacture turnover up to £4.4m. Some 80 Your plans of into video venture capital funds to may not be as high flown as the Cornwall has nrtained recorder expand per cent of production is being Development manufacture and, and upgrade the design Area or Inter- more recently, and sold on the domestic UK market mediate into microwave manufacture of Pilgrim Fathers’, but our Area status. ovens. hew generation but he sees considerable scope accounting and The company' • first Wymouth has been down- Precision components tor the aw increasing exports, arrived hr Plymouth to try to -not least «raded ^mm. microwave tommuhiMtioris in- to Spain business advisory services will i DA tOiJA. hub at revive tbe-tortuneo via - the ferry from help you on of -Bank's dufitzy; „ .c Etymomh. ;.-j your way EEC legislation spreads gloom Peat Marwick are at: cheeses, pates Plymouth, Exeter, and preserves, or Community in Camborne, St Austell and Brussels over the But it requires in factories, does not matter. " dairy producers next tow months. to get Agriculture Every premium food product out of the habit iff boost- TQruro and Boston, The immediate crisis has ing milk Massachusetts, USA. from Devon is also a potential production by generous receded in tbs. dairy tmtiifty use of and Food advertisement to the tourist y concentrated feeding- Contact: and A total of 146 ourof 3,451 milk Roger Harris or John Stanlake an invitation to tuffs and to make better use visit," says Mr producers have accepted Andrew Smy, the pay- of their graatiand. county direc- ments under the “ outgoers ” 0752 225381. tor of Property prol and Leisure scheme and, tor a variety — DEVON PATE, oysters, smoked Services. of sBage feeding reasons the UK dairy industry techniques, such trout, sorbets, roast sirloin, as buffer grazing require Although is undershooting its quota and honey products, cheeses, real best known for its improved grassland manage- You have a partner dairying and therefore not attracting the at Peat Marwick. ale and wine were among an livestock— the ment skills, at a time when county boasts EEC superlevy penalty. astonishing array of food pro- its own breeds of farm incomes are tolling and both cattle B is a sign of toe times that ducts on display at Devon and sheep — the the Government is pushing agriculture of west country livestock producers Fare's stand at the Royal Show the county is ahead with the introduction of unusually have begun to Voice worries last year. varied. Just a few Purges tor its advisory that moves to tone east of It marked the unveiling of miles to the south of the bleak services. England cereals growers to take what is planned as a suM-ahiwi hill sheep country of Dartmoor, out of production to curb Despite the enormous strides campaign, promoted by Devon is tiie district of South Wa™« fend made EEC’s grain surpluses trill to the productivity of PEAT County Council, to make better which is a highly successful, lead tiie farmers -concerned to agriculture, there la still a wide use of the country’s continuous cereals growing wholesome switch to livestock production. gap in performance between the food image. area. In theory, Devon, and tor that top third of farinas and the “We have a fine range of The exact farm any new matter Cornwall, are well bottom third. lEl MARWICK foods which deserve to be pro- quotas take will be decided in placed from the print of view of The trouble with charging tor moted. Growth will create the inevitably marathon annual climate, to produce lower cost advisory services is that those new employment opportunities; EEC price negotiations between milk and milk products ftw . who need it most are least likely whether on farms making ministers of agriculture of the most other areas of the EEC. to ask tor it Your company could benefit from We've harnessed all that talent, and right up to multinational corporations. Plymouth Polytechnic's expert eye. our other resourcessuch as conference If you would like to facilities, the Joa n/use of find out more, Surprised? You shouldn't be. equipment m.£ and perhaps give us a closer look, and research laboratories, and made it If thought that the Polytechnic please you available to you. contact: was only concerned with educating Dr. Michael Robbins, Director, students, think again. At Plymouth, you will be dealing Plymouth Polytechnic, with some of the best brains Drake Circus, Our staff have a wealth of experience in the Plymouth PL4 8AA. country aiming to provide Telephone and expertise in most areas of practical Plymouth (0752) 264636. r$V:' solutions to engineering and computing, your company's problems. science, maritime studies, business We have already shown how J-** rNW and social sciences. The Polytechnic successful weean be: we have handled also enjoys an outstanding research projects for small companies and consultancy reputation. employing just a handful of people. & Plymouth Fblytechnic <*?*?: Drake Circus, Plymouth, Devon PL4 8AA ” . . 1 ~ • •-C January 14 1986 Financial Times Tuesday time you flew y Devon and Cornwall 4 BRYMON?Isn't- It s' Offer a full range £78m project will boost jobs of Investment Services DEALING • INSURANCE & Profile: Falmouth ADVISORY& TAX PLANNING Container Eaglendv ' DISCRETIONARY • PROBATE &; .. V . , PORTFOLIO VALUATION - Terminal MANAGEMENT • CORPORATE UNIT TRUSTS . FINANCE THE CORNISH port of Fal- DEVON mouth appears to be poised, on REGIONAL CO-ORDINATORS FORTHE the threshold of a significant .. y.~ j- _• HM GOVERNMENT ISSUES OF . recovery ja its economic If everything goes fortunes. . according to plan, construction work’wffl start this summer on Briton a long-heralded scheme to A TI AM TIC A create a large container trans- [CORNWALL shipment terminal at Falmouth PC£AN British . serving ports throughout Con- C-K tinental Europe. A and 'Wireless TELECOM This will allow tiie terminal & to accept its first container ship- ment either at the end of next For personal attention to your investment - year or early in 1988. requirements by a local Gnu, please contact The project, which, on the En.0f «. urh . -V- PWRHewsom latest estimate, will cost about £78m.' is being backed by a WESTLAKE &C° broadly-based private consor- STOCKBROKERS SINCE 1863 tium, Falmouth - Combiner Terminal- Consultant engineers is expected to be site ' Princess House, Eostlake Walk on by month . would break down into million passengers are Posford Pavry and Partners. opethird of a August at tbe latest trans-shipment consignments, Plymouth PL1 IHGTel (0752) 20971 The project has been mooted a year, The most expensive 'item in which will travel in three ways. Brittany 'Ferries’ services of the Stock Exchange for so many years thar there Members / D the project is reclamation of 80 Broadly speaking, it is reckoned and Brittany is understandable scepticism, between Plymouth acres (24 hectares) of the Fax that some 70 per cent of the and Spain •• have developed whether the terminal would j estuary to create the quays and throughput will be trans- rapidly in recent years. ' ABP • ever, in fact, see the tight of hard-standing area for con- - day. Statutory" permission for shipped by sea. believes -that- total traffic tainers. Reclaimed' Zand will further more i the development, in the shape A 25 per cent will be through the. port could savtaabaween Frequency. Prices from also be protected break- rail of Falmouth Container Ter- by a sent by to inland container than double as ' a result the of a 1 HeatorowandPiyiiKXJA 4 a day- £76 mum water along its south-east depots, leaving only 1 minal Act, first received the 5 per cent new berth. Heathrowand NewqiJV 4adjy* £85 return boundary. i Royal assent as long ago as of throughput to be distributed The potential' for increased i GttMtcfcand Plymouth* 2 J day £72 return Handling capacity of the pew 1971. by road to customers in Corn- trade with the Iberian peninsula Gatwtt and Birmingham*' 3 a day* £60 return i*rr terminal will be around? 250,000 wall and Devon and the south- is also behind,- a scheme for CatwIdcandBceurt 2 a day £72 return Nothing was done during the . ft equivalent return' 197Os and, in 1980, the Act bad TEUs (20 units) western fringes of Somerset and revitalising Dartmouth as a Plymouth and COrk Daily £90 a year. return to be renewed, extending statu- But more important Dorset. commercial port, which is being Plymouth and Channel blinds D«8V £69 terminal tory authority for the project the will be able to In terms of employment, the enthusiastically.- promoted by t^VvIn Cater Aircraft. "Reduced senior on Saturttoysand Sundays. 1 accept the largest The oceangoing development is expected to South Hams District Council. up to October, 1988. However, IMk tt» you- ttawtf AgntOr phonw Ot-M* 4S3S (London!. container ships any of feasibility. hot only is that deadline now at state create 400 construction jobs and A study of the Dart ozi-g3ayBfli|MiMiiiaiiawq>ororsaroiBg|Mtoii»amnmiiBMfca^Moadi|i approaching but the developers the tide, in what Is already one 250 direct permanent posts. But Port project,, commissioned by of the finest natural, self- are the local authority, suggests that have also completed . some at least a further 1,250 jobs I Nation's .. -*r\' £200,000 investigation. scouring deep-water harbours expected to be created in the construction of a’ three^berth worth of E>:- :• The enabling. Act lays- down in the world. Falmouth area indirectly. Re- quay on .the -site of what was rum,zx7i that the developers must satisfy The commercial logic behind cently privatised Falmouth ship once a shipyard eduld generate Favourite ( toe Transport Secretary that the .development .is that modern repairers, immediately next a. turnover of £1.75m within two the proposed container terminal CPUtainer vessels are becoming door to the terminal site.' should years,, and JE£5m within, five will not create a navigation ever .bigger juad more expensive also benefit from significantly years. The f6m project would - hazard.- In order to comply go -run. .These days, they hare increased business. provide ujp'to 500 jobs directly LVv- to. - their wish that requirement, the halve speedy steaming In : . Plymouth, meanwhile, and indirectly 'in loical economy. A developers have had to ' com- in. the English Channel, and Associated British Ports Is near- There is opposition to the mission detailed hydrographic slow down still, further, for. the ing completion of. a new £4m scheme at- county .level. Which -setsztttc- Fal long, piloted -approaches. to. feats it- A ahdf studies of the most berth. . at Mill bay. Docks. coukTspoil the environ- & • '-estuary and Sts -approaches. European container -ports, . Designed for ships. of .up to 18Q ment but Mr K G. Palmer, C- r That work is apparently Th? new Falmouth facility metres length and metres chief executive of 'South "- how in 8 Hams, f--3 almost complete and the requi- will allow the largest Europe- draught, and capable of hand- says that' hew job opportunities bound ocean-going - site report on the results wffl~- carriers to ling the largest roll-on . roll-off for young people, are. essential in be submitted to the Department offload their containers at the freight and passenger ferries a community winch has ah of Transport, probably ’in entrance to the English Channel operating on continental routes, increasing proportion of its Ifarch. • •_ for trans-shipment to other the -new investment also in- population in the over-60s. Assuming tbe department is" European container ports by cludes expanded handling facili- He is unimpressed by sugges- satisfied and approval is smaller feeder vessels—and vice ties for passengers, cars and tions that the site might be granted within a matter of versa. freight vehicles. better used for the development - • . weeks, the construction, contract The latest generation, of large . Plymouth handles around of a yachting marina. “We have . will go out to tender immedi- coutainerships carry- some 4,000 16,500 freight vehicles, 80,000 three marinas iir the Dart Valley Fal- - ately. . The chosen contractor containers each, which passenger vehicles, and over already,” he says.- • -c - A. /^testand Made in Plymouth by ; measurement IIP'..- i y. . The Wrigley Company Ltd. -•••? Exeter equipment . *.*v #.*: —* 3* ili. .... ’ ?** ** - ’ i y.r-r: t*- *. . ^fbrdata and ^ hi «*f JK w.' a in. ,V, ‘-j- telecoftununic^tfqns'' - . t- -i.V -rvi- -"iMar 1 . :i i . < fffimbri networks. Wl 1 Eurotecb House, -fVWh 3^. Bonington Way, 1 1 1 decision: in. favour of allowing - Plymouth, BlVJ CRS to go.- ahead, with a 90,000 m J Devon PL53LZ sq ft Homewpjrid. non-food fZI Retail Property Tel. 0752772773 Reflectingthe superstore, the outskirts of fUl success on TOlex 45155 the city. • • . • . . . . r . ».. oftheSoufhWest The Department of Environ- Wandel & Goftermann Ltd. fct • AFTER YEARS of fighting ment inspector: in the same against the development of out ' enquiry rejected * 52,000 sq ft &cs-:‘ of town superstores, the City of out of town - development pro- V- . . to stand estab- - Exeter Is about posed by Tesco -3utm the case lished policy on its head with of the Coop scheme be granted the of strengthening aim its consent on the grounds that it role as regional capital. •AC „ a was “a regional facility.” • The eity - has. long been happy Tbe decision.- drove -a~ coach (A SUBSIDIARY OF BRITISH SHIPBUILDERS) dfsi to develop as Devon’s adminis- s>t and. horses through Exeter’s trative and office centre, and it ^ ~r- ,long. established _B0licy . which —has-also- been very successful- at- in the past has seen off pro- Capable of the design . it. Although the population at and construction of vessels * : posed developments by Sains- - only 102,000' is less than half Si-: burys and Asda Tesco. that’ - Plymouth’s, Exeter is and up to lO.OOO toniies dwt in our Bnodem, fully- , of j-. : I «$ . the regional headquarters of As it happened.,the inspector’s - equipped, completely-covered building - most public utilities," and of decision also , coincided with dock, using k - bonks and insurance companies Conservative loss . of control of — the latest computer CAD/CAM Systems. serving the West Country. tbe dty . council' and the in- ih,... • stallation 'of a Labour, with Our output reflects the success of the region and In the case of London and Alliance support, . leadership as an independent television station. Manchester Assurance, the city . boasts dedicated to putting Exeter Television South West has shared in that success. the main, headquarters. APPLEDORE The company relocated to more prominently on the map After only years broadcasting ' 1 North 4 our locally produced Exeter in the late 1970s, and is by • boosting -Its economic Devon EX39 programmes have not only won national acclaim now the city’s largest private activity. . Telephone Bideford (02372) 73281 but also 27 international awards. sector employer with a staff of The' net- result is that the 900. But Exeter has been less city j Telex 46158 APSHEP TSW-TefcvWou SouthWfest Council has '-commissioned G than enthusiastic about modem consultants Hartnell Taylor i Telefax Bldeford (02372) 75938 retail trends, insisting that all Cook, Drivers Jonas and Ove V*v i- --.r. < | . i> developments should be con. Arup and -Partners, to study fined to the city centre area. the whole Shoppers in the traffic free lanes in the centre of Exeter question of Exeter i The issue has been brought as a regional shopping centre, I to a head by a planning appeal and to make recommendations. Which City { A recommendation against a j in is only policy change is regarded as ! Devon 1 two unlikely in the extreme. Indeed, it, is- being Quotas threaten canning plant suggested i hours from London? that Exeter mtist'move quickly A Comfort to know in the Westcountry Fed up with high rents, rates, the hassle of or it could lose out in shopping _Brend Hotob are a family of (mature sardines) have also The EEC entry transition eight ettabKshrrtents located throughout terms to Taunton, Newton Devon and Cornwall. Ranging flnwn commuting, the crowds, the noise, the dirt? been hit by the absence of local two star town centre hotels to luxurious arrangements provide for fish- feursear seafront •' Abbot or Plymouth. Some hateteyou are always assured Consider Exeter. Only two hours from Fishing trawler landings. ing boats from Spain and Portu- Ow highest oandmds of 600,000 people - lie within 40 Mr Cooke is very doubtful of gal to be excluded -from the Paddington BR. Motorway and airport right on minutes drive of the dty, but - - the value of the south west North Sea and the seas around dseovw a Brand the doorstep. Less than half the rent and rates of M they could given the right hotel that suits your buaness or fisheries mackerel ban. If any- Ireland until 1995. femlly flfllW’®1 developments be attracted needs. the London area. All the 'big' shopping names. FIVE ago Shippam, thing. the Scottish mackerel are In the short Facilities :* YEARS C. and medium elsewhere, Indudei Golfing holidays winter, the fish smaller than those First class schools. Sites, land and workers all products group, caught term this,could put even more spnnq and autumn breaks, conferences and Exeter has a number ^ acquired a two and a half acre locally. Yet recently 2;000 pressure on the fishing in south of senrdnais. and special rates for :* - ready and waiting. A glorious environment for jJ - '“V asw&Q site at fish- potential sites for major commercial guests. Long Rock, near Pen- tonnes in Ullapool went far western waters. No one yet ’&'?$£ .Jf you, your family and your employees. For more development .all zance, to build a new canning meal—because . of insufficient knows how entry will affect the associated with For free group brochure easy and toesjfic access to and from ' '• information about surprising Exeter write or ring: factory alongside its recently demand” .operation of national quotas. the M5 tariffe h Information please ../rt-'j v .‘r •*' completed freezing plant and Cornwall’s small fishermen Before entry, motorway which sweeps round contact our Central Chris York, Exeter City Council, Civic Centre, Spanish boats got . -cold store. are not any happier. Mrs round the regulation for a time the eastern side of the dty. Brand Exeter, EX1 Tel: JJN. (0392) 219840 Daphne Lawry, secretary of the by becoming registered. CSS's new Homeworid store Today, not only is the 'site UK Cornish Fish Producers Organ- This lies on the Sowton Barnstaple. Pewon. stm unoccupied, but according practice was banned. But trading 5H3 isation and Cornwall . Inshore now such action estate and there, is to Mr Denis Cooke, tbe com- might fall foul roam for Fishermen’s Federation says of the Treaty of Rome's free further development there, pany’s local manager, there is but that the seas of the region con- it is felt that any a serious risk of Shippam being movement provisions; large out of tain an exceptional wide variety town development for forced to close down its existing Mr Christopher Beazley. Exeter of species of tremendous should Include business. Cornwall’s EuroMP, acknow- a park and ride EXETER quality. transport facility, linirmp ledges .that the. situation is wor- jj {q THESUjRFRlSING The immediate problem is the CITY But- as x result o£ the -Govern- rying. but argues that without Exeter city. centre.. Traffic con- English Estates extension of an EEC month ban gestion lack develop ment's approach to. the EEC the CFP, there would be & fish- and -of convenient and on mackerel fishing all in- the Fisheries Policy which parking is a problem in- Exeter. - Common ing free for all. The quotas “anage industrial seas around England's South . now largely -dictates the - for- arrangements protected the But this solution' 'would allow and West peninsula. This is neces- .' tunes' of the -region’s .fishing in- smaller fishermen in particular. the dty centre to -fulfil its commercial properties sary, say marine scientists, to potential, in Kn lart^ BASK-IK- SECLUDED • dustry, almdsf all the commer- He stresses that the European as a,' fashion and g WRY. protect the breeding grounds Specialist shopping cial species in the south west, Commission would, be making area. Foryour and allow a recovery in stocks. business premises at-omof- mmirs-fimr-Homs which traditionally account for funds available to encourage a One 'seriota- contender for a But it has meant that Ship- one quarter of the UK total size of major out of town in the sharp reduction in the- development South-West, telephone: pam has had to undertake the landings, are either under tiie Spanish fleet. is the Digby Hospital site, Hf*Mhtakb£VkMn-La»&Giidm‘C3u>nBnch-FnA' distinctly unprofitable activity quota or scarce. Although the number of located on the old -Exeter by- Truro Lootbocal foe*food, CombrnbJeConrfbrobJe fleamItom ftrim*ft**. (0872) mJ WMw*h of trucking 4fl tonnes of Hake is the latest, -and the waters pass which has excellent 40505 Bxhnaam. Colour TV* pba* CnMfmnfrt*- boats entering EEC road Her, mackerel a day from Scotland last freely available species to would be limited by licence. and rail access. -Another site M Our MOOOR CENTRE Wtf Uirfnfcrf Exeter (0392) «- —to where the local mackerel be put under quota, a reflection Spain, and Portugal’s entry rep- being moated js. Exeter airport, 211563 Sta te- twrtdt wnd Mthyfar VIDEO Brbwdwi at shoals migrate-in refrigerated of its popularity In Spain cross XT. PrHHU, — and resented an increase in the total tbe removal of a. runway • Paiurrian Hotel. Ntdfcn, S. CoravnlL containers in order to satisfy its Portugal and fears that' the EEC fishing fleet of some 60 (unnecessary for modem air- ENGLISH POim/AA! processing needs. Supplies of entry of these two countries per cent and Increased craft) will free-s ‘large acreage the company's ' other canning Into the EEC will- lead to an resources needed to be devoted of land for potential develop- „ ESTATES Cornish pilchards hake mainstay, exhaustion of stocks. towards fisheries protection. ment. yougrowtog. — financial Times Tuesday January 14 1088 17 THE ARTS London Galleries/William Packer Alan Bush/Elizabeth Hall Andrew Clements Alan Bush celebrated his is a most powerful, sustained Figures fantasy 85th of birthday 22. on December statement, as sure of Its aim as It is easy, too easy perhaps, to ever. Ken Kiff pigeonhole him as the for- Similarly the cantata for is an artist whose of the colour, rich and sweet tradition, that ancient fund of reputation has prospered gonen Grand Old Man of tenor and piano. Voices of the in yet piquant in its conjunctions, myth and fairy-tale on which recent years British music, the one com- Prophets (1953). ia equally not only by the add green against the human virtue the psyche has always poser senior to Tippett in the direct and effective; it was or the quality of his pink and orange, the blue fed. Primitive art. folk art, pantheon, and to regard bis written almost “an artist’s work but also by "the happy against the as saturated lemon Arthur Boyd. Cecil Collins, Marc neglect as chance that it has fallen here a phenomenon reply to unjust criticism." as at yellow. By it we are drawn in Chagall last into — Ken K3ff is in good whose causes are as political as an attempt to confound those the swing of the time. to the surface of the canvas company. they are musical. On Friday, who criticised Bush for em- This Is not to suggest that he with Sts thick; often rather * however, temporary amends bracing Marxist ideology. It has been inconsistent in what stiff and dry paint worked with were made; a birthday concert, he does; be is as Christopher Couch, whose sets texts by Milton, Blake, ' complete and a contrived ; careful '. devised by John Ami* . v C and put t\ recognisable in his pictorial chnnsittess; large paintings of tim figure fill BUckmore and from the Book a kind of quirky, on under the auspices of the Idiosyncrasies today as he was disingenuous deliberation. the Marlborough Gallery (until of Isaiah and is as pungently London Slnfonletta. presented radiral as setting 20 years ago. It is rather a February 7), is at 40 hardly a any of a The work indeed is instinct several of his most highly matter of the times catching young artist, but be was x late more explicitly socialist text with charm, and that charm is regarded works, a* well as two up with him and the Arts starter and slow, largely self- coaid have been. The style emphatically a function, not of written within the past couple m Council's review of his taught developer. Jenny Stein here turns foil circle: parts of paint- the rag subject-matter with all Its of years, for despite his neglect since 1005, which fills the anecdotal showed a group of his works st the cantata recall Tippett’s can- fund and oddity, but Bush is still active, Serpentine Gallery (until Gallery still tata Boyhood’s End of a decade of the manner of its practical her nradmlssed House composing. February 23), is thus oppor- handling, six years ago, and he has shown earlier, and hearing Bush’s that knowing, awk- Here was genuine proof that tune. In the last two John Moores music reveals how the two com- ward innocence in the way it Bush is a strongly individual His paintings Exhibitions Liverpool, posers, friends for half a cen- demonstrate is done. Riff after all h a in but voice, and has that been for more tury. have influenced each • the much-vaunted this is his first major public : .-'k. new clever, sophisticated, and care- than 50 years. The concert expressionist figuration is ful declaration. other more than perhaps has painter, whose work is not began with his Dialectic lor neither new nor any the Here again is a palpable if ever been realised. V better quite as crude and simple as string quartet, admirably for being writ, as it so often it might sometimes seem. more reticent idiosyncratic But why the disparity In - 1-. played by the Medici Quartet. is, so big. Riff’s is self- the whose work Is not quite what their reputations, especially no But imagery is not to he It Is stiU hard to believe that conscious smallness, though he discounted altogether as It might seem. The differences when the tradition to which mere it was written in 1929, pre- can work very small indeed and bait on the pictorial hook. are manifest, of course, for Bush is so clearly now an heir, If dating all of Tippett’s published he Is a natural illustrator. But KUE the painter Couch works directly from the has such vocal champions nowa- declares him- quartets, which surely contain his proper working scale seems self in the figure, which he disposes within days? However much one 'lahafc spread of the paint its echoes. Bush at that point to be modestly human, faying a conventional pictorial space, would hope it were otherwise, across the canvas, it is the sym- was undoubtedly a musical within an easy arms’ span at bolist visionary dramatically H* from a con- the answer must lie in his poli- and romantic radical, taking the English an arm’s length at which dis- we discover in the strange cata- sistent source -and described tics, While wc now have what tradition (his teacher was John tance each, quirk and «n»«ir logue of beasts and monsters with formal thoroughness and we fondly regard as a more Ireland) as a starting point, of the surface may be picked which invest his haunted imagi- persistence. The work contains enlightened musical culture. but moving in a direction that up and the rich nation a metaphysical intensity, an' Bush's misfortune was to come * colour is at and dream world. They suggests **»- . Schoenbergian its most intense. axe lugubrious, grotesque and almost feverish realisation of a metho- to maturity at a time when the dology without ever either ape- He is a figure painter not poignant by turns, the creatures physical presence heightened by establishment was fir less ing the Viennese School in the sense of direct of a desperate, black and pathe- the simple and unaffected or tolerant. Tippett’S personal objective “Summer Afternoon” (1983), oH on canvas by Christopher going as far as abandoning study and response, with the tic humour, touching and often nature of the statement. The Condi brand of socialism could be tonality altogether. It is hard reality of an actual presence funny. The earlier and middle intention dearly is to confront allowed tn pass; Bash’s dog- to think of another British to consider, in work is the more lyrical and the physical reality and achieve matic communism was ana- but the sense string quartet. its ' faiflgA jmii Jmifiinathre Including those thema. In the years after '* that the images he creates benign, the later both larger 1945 -.' ‘ to i’ 9 admirable and moving for for here is no sexual innuendo fident statement The large com. of Britten and Tippett, which inhabit his imaginary world — and more gruesome in its equivalent as directly and truly he began to get performances ; having been so hard come by or ambivalence, only a direct seems so assured of its Idiom, his grotesquerie of beasts and emphasis upon violent distor- as possible, which perverse im- positions are more questionable, in the eastern bloc—Wat Tyler and open interest In the human and which is possibility gives all realism in and woiked with such determi- not for plotted with such received its first production hobgoblins, threatening . tion and dismemberment. any technical inadequacy In and nation. condition. It Is a most ambitious unerring consistency painting its creative tension directness. Leipzig. That alone most have benign — may be read as signs But again it Is his undertaking honourably en- but perhaps for the over- and excitement That radicalism could not he put him beyond the pale as far and indications of his mean- We must note, for although the His women lie asleep on bed gaged. indulgent mannerism of much ing. emphasis may shift strain is **»"<*« of Handling maintained however. Bosh as the cloistered world of That his meaning may be the With Condi, however, it or or he fcfmulf * the and characteri- ambiguous or obscure is not was established long ago. A fish rather the struggle than the facing us out of the canvas with sation of the figures and a some- joined the Communist Party in British music was concerned, the point, and for an the Illus- visits the man lying alone achievement which gives his a dour, straight gaze. The New work by Kevin Sinnott, times overcrowded organisation. 1938. and after 1945 began mov- and by the time things changed, trative nature of his work Kiff beside the pool; the patient- work its peculiar force; for here smaller studies, moving in close another figure painter, fills the The more straightforward, in ing in the direction of what he a new generation was pressing is much more than an illustra- victim consults his fearsome there i* no knowing or contrived on bead and shoulders, are tiny Bernard Jacobson Gallery short the better; and the paint- caffs a “ national style,” picking for acceptance. Certainly the best of his tor. "With hlmt whatever the psychiatrist; a disembodied head awkwardness, but a natural especially strong. The mood is in Cork Street (until February ing of a women standing at the np where Vaughan Williams work incident or Character he hovers in the void; dogs bark; wonMneu that is forever throw- dark- and heavy, and we get 5). Here are all the facility and foot of a flight of steps, in flow- left off. The watershed In his deserves regular performances: depicts, always we begin and a volcano erupts; heads, bodies, ing the structure of the painting from all the work a surrealist opulence of execution we would ing robes and with a child in development was his first opera not everything is on the level end with the work itself, to be legs float free together. It might out of Miter, and the drawing frisson as potent in Its way as wish for. most especially in the her arms, with its peculiar Wat Tyler (completed in 1950); of the Prophets cantata and considered and experienced seem the arbitrary and eccentric xwiy. ’ Here is no easy and that given off by the ambiguous small studies and modelli which flavour of Victorian classical subsequent works arc avowedly Dialectic—a rhythmic square- for its own sake. invention of a temporary mood, natural felicity of touch or line, figure compositions of Balthus; make up most of the show with fantasy, is tiie best tiling in this tonal (though as often modal ness makes some of his writing and con- lively collection. ’ • • instead a felicity tint is hut that is tiie only similarity. their rich, fat paint as diatonic), clearer, more con- bland in, for Instance, the !lr l The immediate sensation Is but really it stands rooted in but sciously melodic. Despite that cantata The Winter Journey sea-change, though, the person- (1946) with which the birthday ality remained strongly focused: concert ended, but the best is -•. the composer of the Plano very fine. The composer him- ^ . - w: Quintet (1984, receiving its first self took part in the celebra- Amoroso/Purcell Room London performance here) is tion, playing both an early David Murray recognisably that of Dialectic, piano piece and a recent set of David Murray though the contours are now miniatures. His performances, In fact the Songmakers* though their Initial sperialness highlighted' one often wishes with devotion. In Friday’s more rounded, the form more like those of all the others in classical. The second movement the concert, were eloquent and Amoroso Is an ensemble, preening soloists, but much less iiiMnf will have completed — the group-recital format that Mr X or Miss Y. who is menu (which made room for of the Quintet. “Meditation,” most worthy of tire occasion. mostly of London Philharmonic than preening soloists imagine). ten yean together (more or geared to Themes, and with plainly on best form this even- duets and quartets) we had an lines less) only in August next. They ing, could keep on singing in- evcryone-forhimself Mendels- principals. At the core' are the Weber’s Piano Quartet—new linking narration (slightly assembled, with prompting by arch) — has been prudently stead of stepping forward- inter- sofan group succeeded by con- three instruments required fox to me, I admit—is an early Gerald Moore; for the 1978 tamed. There Is generally less mittently. There Is no natural sistently tender Schumann, and Mozart's Trio 498. the work, but it proved to have not K South Bank Summer Music; chat these days, but In mmrigai democracy in andtenconppeal some resuscitated Brahms for “ ” only a characteristically cheer- <« 3tt?’ Kegelstatt (piano, clarinet their recitals soon outgrew the and dramatic terms their pro- (time off tiie " original” four ensemble; the Brahms Liebet- Beethoven series/Elizabeth Hall ful, athletic- Finale but .an *---V and viola), joined by colleagues Purcell Room, and moved to the grammes are more subtly con- singers' are now- internationally UedenvaJxer followed naturally Adagio of -QpvidqrabieJfeKnadth, known, and it is frustrati lo -rJ*U . as Wlgmore; the zest Is local structed than ever, and ng after the interval (enthusiastic , needled for their adven- dignity. violjn Max Loppart ‘ and Here the '» * history. .What marked. Friday's Johnson's gift for discovering hear.. them rationed out in bits waltzing by Geoffrey Parsons as . turous repertoire. On Sunday 'were Jacqueline and cello on Almanac evening). On the .-= -3- i 4 concert was not factual date, forgotten but good, or at least «u secondo pianist, bright new Peter Frankl (piano), spontaneously right The rondo S. the central trio played not only Hartley and Mark Jackson. but the participation of an the apposite, songs Is a public bene- other hand, Johnson’s pro- ideas from Johnson as primo; Gyttrgy Pank (violin), and finale nan be sprung upon its the “KegeHstatt,” hut a new Buetting with GQnea in .Hie original quartet of singers fit His ear for deserving new grammes are always focused generally cut-glass effect at Ralph IQrshbaum (cello) listeners as a smiling sunburst trio written three Martina Madrigals. Miss for them by Aubrey with of course their accom- singers is less important; upon something literary-histori- odds with personal Hartley was clean and confi- no an my" con- readied on Sunday the fourth of Beethovian good humour; Meyer (who also has LPO cal— school, or .a < psnist Graham a poet who viction dent The pieces are well worth Johnson: he Almanac engagement must be that everybody involved episode of their current six- here, it merely proceeded on connections), Weber’s Piano devises the Almanac format, a feather any (often posthumously), was often in any hearing the Bach influence is in young per- LiebesUedenoalzer concert Beethoven series. The its mild, median way. In the !*' Quartet and Bohuslav Marttnu's — ir V'*’ and remaina the constant factor formers cap. We count upon set to music, or the biography of should be blissfully drunk), eyrie has been planned to C minor sonata, later on in the Madrigals for violin viola. frank and healthy, spiced by j and In the ensemble. In Its current the Almanac for taste, resource- a single composer; and so the JoHy party-pieces completed allow an exploration of all the concert, both players proved Like the Martinu's taste for quirky four- | Nash Ensemble, the London season only two of fulness. committed voices and songs succeed one another as the programm e. If I were the main Beethoven works—piano rather more communicative of has taken stock part harmony. There is per- Amoroso of the fltoee ringer-founders appear in entertainment specimen* in a display, some- Songmakers* Almanac I should trios and duet-sonats — that the contained turbulence of excellent music haps evidence too that Martinu composed for other Almanac recitals. The times to. the detriment of ex- commit collective hara-kiri at three such players can under- spirit that is the work's most non-standard had met BartOk*s violin duos, combinations, Almanac, is no longer a group The format is none the less am- pressive Affekt, once, reforming only for take. As Beethoven provided remarkable feature. Even here, but tiie Madrigals should not bivalent which gets heard only when but.an. idea, sustained with con- On the one hand, the When the format works, as charity occasions—-why not rest more violin sonatas than other however, one longed for a bit be pressed into such a competi- “ groups like them make room formula is supposed to be the nearly always it does,- it is as with almost-a-decadeVworth of “release" in the finale. tion: their high flavour Is tinual variations by Mr things, these have tended to more fOr it . song, not the singer”—but the much because of Johnson’s own laurels? sophisticated, not root-and- Johnson. But- the Johnson idea, dominate the schedule; on No doubt the player of a performance of a song is after steadily, maturing powers as whatever Though Rusen GOnes’s viola branch original like Bandit's. its personnel, remains Sunday we heard two—the E modern concert grand piano On Friday the Wlgmore was all a performance, and when accompanist as because wears a serial authority In of Us a pretty conceit and stimulant: flat. Op 12 No. 3, and the C regards caution as a technical The new Aubrey Meyer Trio full, with an excess queue of three or four singers are taking Amoroso, Hill’s chosen singers. Even with whoever does the singing; it is minor, necessity, yet I wish Mr Frankl Robert forth- less: Op SO No. 2. offered an easy Bngliih hopefuls. The Almanac recitals turns in a programme Indi- facetious as fill-up. right clarinet and Amanda - commentary going to offer a lot of sung had been just a little readier to first movement that might have have been a reliable pleasure. These three are chamber vidual successes . are inevitably the Burton’s faithful piano songs are palpably explored rewards. suggest headlong pianistic neatly been written" any time this cen- musicians who guarantee so cer- made their own marks in the bravura. tury, a “Sambino" (ie a little : tain a degree of expertise that Mozart trio. It was an attrac- Mr Klnhbaum’s cello sonata. samba) • that occasionally -their many good qualities are tively honest performance, Op 5 no 1 In E—which Misha recalled the “Blues" of Ravel's i British Council’s 1986 now is unfair danger of being without pretentions to extrava- backing for the arts Donat’s distinguished pro- Violin Sonata without any of its taken for granted, while one gant gramme note rightly singled out refinement—plain but point, and a. cautiously In 1906 the British Council The London Festival Ballet British waits the excitements that -jazzy festival there. Other Germany, Austria and Switzer- upon as a “vehicle for pianistic expert, friendly, appreciative. finale will be involved hi more than (with South African I is receiving Council help In a concerts include Tippet's Triple land In October. Jazx tours of they can inspire as well. On The Minuet took very well to 300 British dance, drama and display "—Is also a much more folkeries) that sounded—and tour of the Soviet Union In May, Latin America by the Elton this- occasion, excitement was in being treated as a real dance music tours in 70 countries. Concerto- and the Lloyd Webber dramatic work than it was here probably is — ineffectively The Dean Jazz Quintet somewhat short supply. In the instead objet dTart and the Sadler’s Wells Royal Requiem. Opera North’s pro- and First aHowed to be. luckily, the of an The opaque. It is only fair to say National Theatre is among the earlier violin sonata, Mr Fauk’s Amoroso Ballet makes its American debut duction of The Midsummer House will also receive support. single piano trio of the concert, people are profes- that this was the one perform- touring companies receiving normally pure, silvery tone was in Boston at the end of January Marriage will be 'performed at' In January the Council is the “Kakadu" Variations, Op sional non-solalsts, business-like ance that sounded under-pre- Council help: it will take the often uimai before touring the US and the Wiesbaden Festival in May. marred more than 121a, produced a rather more musicians without airs: like a pared and provisional; but double bill of The Critic and organising a British Film Week by Mexico, Venezuela and Brazil. by scrapes and misfires; but vivid and various response from lot of. other chamber music, chamber-music standards, The Read Inspector Bound to The. council will also -be sup- in Czechoslovakia. Further film that mattered less than the all though the “Kegelstatt” Trio sounds Paris in February, and the new Giuseppe Sinopli will conduct porting the Academy of -fit weeks will follow in Egypt; the players: even Meyer's compositional technique sense of routine—of middle-of- solidly satisfying such prag- Shaffer play, Yonadab, and the Philharmonia Orchestra Martins-in-the-Flelds tour of Colombia, the Philippines, Italy, the changes from portentous in is surely raw, with joints rudely at the-road competence untouched matic treatment, (There is exposed. I expect his successful Animal Farm to Vienna in the Vienna Xonzerthaiu in an Poland In Kay and the Royal Austria. Singapore, Peru. Hun- minor to Impudent major by a breath of fresh air—that could sharply chamber music designed for ballet scores pass for slicker. April. Elgar programme as part of the Philharmonic's performances in gary, Poland and Nigeria, have been more the reading gave off registered, there were many There was nothing one could delicious moments of ensemble point to as “wrong" (other interplay- But a Beethoven than the violin imper- cycle that does not feel like Muticftkinday. Opm and Bafttf/Tuesday. Thaatmf fections already noted) t—but, a special celebration is always Wednesday. EalifeWone/Thurwfcy. A selective guide to equally, nothing one. was able something of a special dis- Arts Guide B the Arts appears each Friday. to seise on as wonderfully. appointment your Get News Opera and Ballet Jan 10-16 e*rty Saleroom/Antony Thomcroft NEW YORK 4ra de Paris) presents, as its name Stuttgart, wartfambergisebes Staato- inKoJn suggests, contemporary tendencies theater: the new Fideho production New Yotfc Gkr Ballet (NT State Thea- expressed tn tiie abstract choreogra- by the Russian Jurij Xjiibnnow fa- phy of Varret, dudes Jeannina Altmeycr, BaQi VH- ter): The repertory of mfwi pro- Gamier and Pare at Bread and butter jaksjpen buys grammes mriudea tins week- Doni- the Opto&Camique (42980811). and Tony KrBmer. Also taibuhkw zetti Variations, Hallo della Regina Don Giovanni On February 3 a different Is a Patrick Hughes coloured and The Cage. Lincoln Black and Blue. A swinging blade re- (20321). Center type of auction will take place lithograph, estimated at (8705570). vue brings back tire mood of the at Sotheby’s. At the odd time between £S00-£300, while lot 1820s with mriwSes by Louis Arm* Baperische fifaiatawnMM - Metropolitan Open (Opera House): of &30. In Its Conduit Street 376 is a George XV rosewood strong; Duke Ellington, Fats Waller This week’s hi hlight is Tosca with Romeo et Juliette Joans the reperto- g saleroom, round the coiner at the TMFChatefet (42330000). Natalia Troitsksya and Giacomo Ar- combined writing and work ry with Catherine Malfiteno and from the grand Bond Street agall alternating with Jose Carre- table of around 1830, which Neil Shicoff in tiie title rales, con- premises, it will be offering should make Ballet Shult zs fallowed by the Night* ras. Arabella brings together Maija- around £1,000. ducted by Syhmin CambneUng. The goods to furnish a. room. ingale danced by the Compagriie na Lipovsek, Lada JPopp and Wolf- There are no masterpieces week aim features Lohengrin con- offer Chopinot at tiie Thfentre des gang BrendeL Hindemith's rarely on but many intriguing ducted by James Levine with Eva Xt is taking consumers some if Sic crholtcn die Champs-Elytocs (47234777). played CardDlac is a Jean-Pterre items, like a pair of EUdngton Marten, along with foe last seasonal time to realise that they can Ptmneile production. It is conducted bronze busts of Queen Victoria Financial performance of Jenufa buy in the saleroom antique Times im conducted by by Wolfgang SawaUnch. Madame and Prince Albert by William Vaclav Neumann with Roberta furniture, silver and ceramics Abonncmcnt Butterfly has Teresa ZyUs-Gara ex- Theed the Younger (£500-£700); durch Alexander, Mlgnnti Dana andTimo- at prices lower than the celling in the title role. (2 IB51). “ ” a pair of Spanish Botcn zugcstcllt thy Jenkins, and Litafisna in AJgarf WEST GERMANY modem antiques being gilt and poly- chrime bed frames early conducted by James Levine with offered in stylish stores Lie of the 4 " Frankfort; Opera: Louie Qnflico re- NETHERLANDS 19th century (£l,200-£l,800). Marilyn Home. Lincoln Center Heal’s and Harrods. To make Nahcrcs erfubren S3c von and (3828000). peats his much-praised perfor- things easier for such home an electroplate novelty mance the title FatatafL cocktail Financial Times. in rote in furnishers Sotheby's is present- shaker from Asprey, of Netherlands Opera production of La BohAzne has guest ringers Alicia ing room settings featuring around 1930, for about £250. Turandot with Cristina Deutokom Europe tld. WASHMOTQN Ferrarini and Alberto Cupido. Hoff- furniture, silver, These sales are obviously in the ceramics, rugs manns Erafihhmgcn is a Herbert tide role. Directed by Dieter aimed GuioffctLstraBc 54 and works of ait, valued indi- at the young and affluent fsshbtftaa Opera (Terrace): Daugh- Wernicke production. Bulter-MarelL with the Netherlands Also offered, vidually at between £100 and who probably live in A period 6(K)0F»nkfurt/Main ter of the Regiment conducted by Eugen Onegin and Die veekaufte Philharmonic and choirs conducted 1 £3,000, and then disposing of house and want furnishings of Joseph Bescigno with Eric Mills, Braut by Christian Baden, and dancers (25821). the constituent the appropriate period. Telefon 069/7598-0 from the National Ballet (Wed). parts at auction. Francois Loup and Joyce Castle The salerooms are appreciating plays in repertory with Christopher Hamburg; Stutnpen Carmen has (242311). The sales will take place on Telex 4 to 193 that tiie really costly lots, the Columbus, conducted by Randolph Alicia Nafe fa the title role. D Baib- the first Monday of every Schesenfogen, Circus Theatre. The £8m Mantegna pictures and the Mauldin with David Osier, Flainy tere (h SraigUa, sung tn Italian, fea- month and for four days before Nedtriands Theatre with the prem- £950,000 Portland gold fonts, BQpygi and Karpn Hnwt, tn Bnman tures Rachel Joseuon, (Rive Fre- the disposal potential buyers iere of Sinapbai by Nacho Duain to are rare, and wiQ probably Terieckyfs new production. Both dricks and Richard Curtin. Lohen- will be encouraged to music by Xenakis and Vangelia, and visit become rarer. They need the are snag in English. Ends Feb 1 grin brings together Eva Randova, Sotheby’s see Hans van Manea's Ballet scenes and the items in run-of-the-mill sales with Kennedy Center (4228100). Rene Kobo and Sort MoiL (351151V and JIri Kyiian's Ueder ernes £ab- typical room settings. To make hundreds of cheap lots, not only Crfogne Opera: Elektra features Belga zenden GeseUen (Mahler). (ThurL things easier the goods for sale to boost turnover but because, Dorneseh. Gwyneth Jones, and He- (558800). will be checked to ensure that if they are efficiently handled, rald F4w Maskenball has they are immediately usable. they can be profitable. These Spectacle Group (Groups de Re- Giacomo Aragall, Livia Baddi and m, Schouwbuig. National Bal- The first auction includes days the bread and butter j Is as cherche Choraoeranhioue de FOp- StefkA Evstatuna. (30781). Senegal (Tub). (221100). almost 400 lots. Lot number one vital as tiie jam. - •- '.g *'*-**••• , •—»:?j-—j-t f ; . 1 f - , % — I 18 Financial Times Tuesday January 14 1886 FINANC1ALTIMES THE FAMILY BANK CRISIS BRACKS^ HOUSE. CANNON STRffiT, LONDON EC4P4BY Telegrams: Rnantimo, London PSATetex: 8954871 Telephone: 01-2438000 jolt for Tuesday January Kong 14 1986 A Hong By David Dodwell in Hong Kong ri toe Christmas holidays of, the problems of "Wing Os proved to be an un- and Ka Wah have yet to be 1 fully explained. At Wing On, Key task at 2settling period in Hong Mr Philip Kwok openly- admits Kong last month. -The festivi- that management was not as ties began with the rescue of pra' ^onal as it ought - to be. the family-controlled Wing On During last summer, bad loans Bank by the much larger were discovered which forced locally-based Hang Seng Bank. World Bank provisions, strained Wing Go’s And no sooner were the festivi- liquidity, and prompted dis- ties over than the terrltoiy’s inquiries about a suitable WHEN THEY meet this week' he is widely seen as an ideal authorities and a large body of creet end in London to review the Big Brother. candidate — but also because local bankers were battling to outlook, world economic finance some of the names being keep alive the Low family's Only at this stage did the- ministers of the five leading in' bandied around are arousing i Kaw-a Wah Bank. The nnworfiii auditors reveal that contingent dustrial countries will ftars that Washington's political if (G5) peKngSised Chimi torter- liabilities effectively cancelled have little to spoils 1 cheer about system will play too big national Trust and Investment all assets. Suddenly, talk was regarding the initiative, a role in the ultimate choice. jrasr’ Ur Corporation eventually came to 'v&pr&ZfrZ not of a sale, but of a rescue James Baker, US Treasury Moreover the job the new its aid. in which Hang Seng has Secretary, launched in Korea World Bank president will be acquired 51 per cent In ex- Such battles were fought too ' last October at the annual ‘ asked to do is sot merely tech- frequently in 1085—and there ' change for a branch network meetings of the World Bank x-r'& nical. Personal relationships is no certainty that there will and other tank assets on the and the International Monetary with top officials of the govern- not be more of them this year. cheap. Bang Seng has assumed Fund. ments of the industrial coun- Some would say they are "" responsibility for problems that ... The Baker initiative called tries and major debtors such part of an inevitable historical 4 - can stffi only be guessed. as Mexico and Argentina, on commercial banks and the with process, as small family banks Citic tan be to no doubt that multilateral development senior commercial bankers, fail to cope with fierce competi- ,5. v-i it is buying a number of and of course with the head of •' banks* particularly the World tion from the international problems. Ka waft’s depem the World Bank’s sister institu- - Bank, to co-operate in halting giants. In part they are right, - deuce ' on interbank funding tion the IMF, be the decline of bank lending to will crucial in but the picture is more com- alarmed Hong Kong's Banking determining how effective the Third World borrowers ana to | plex. The upheavals may also :.C^X several Commission months with bank will be in its expanded designing, the countries be a response to the long- ago. Regulators had been rtte. themselves, policies aimed at overdue introduction of stricter concerned about what appeared improving the structure and banking supervision. To command such access he to' be uncontrolled lending to will performance of their econo* almost certainly need to • No domestic bank in Hong 1 Malaysia even before the rales. have had political -experience at Kong would claim 1985 was . a collapse • 6f Pan-Electric to lack of leadership The that cabinet level 1 good but it was simply or its equivalent year— Singapore. At least some of the has characterised the US-Seoul Ideally be would have a terrible for the territory’s Three players In the BangrKeng drama: (left to right) Robert Fell. Commissioner; David Nemttck, Secretary for Bfone- loans now appear to be linked efforts to move the Baker thorough knowledge of inter- dwindling group of family-con- tary Affairs; and Sir John. Breuxridge, Financial Secretary with the troubled Malaysian initiative forward is due in no national finance, and trolled banking institutions. an under- financier Tan Koon Swan. small part to the fact that no standing of the diversity of the As four of them tumbled, in June of the Overseas. Trust number of small banks was borne Ka Wah, which tion in a market that' is Provisions which have to be successor has yet been named problems facing developing Hong Kong’s reputation as a A by Bank. OTB, controlled until its «m»» had considerable difficulty generally regarded as “over* made .against doubtful Malays to take control of the World countries. volatile, no-questions-asked under pressure imme- collapse the banked.’* which leave the bank with .by Malaysia-based renewing interbank credit lines, and . in loan sian loans Bank, which Mr Baker called market was no doubt reinforced dltelv after the OTB collarae. Since nobody is very sore cban£ m&bTimTSESTG The extent of its reliance on demand remains sluggish. a net worth of zero.' upon to move to centre stage in many people’s minds. .While vul ab re how best to restructureIWMWI.VUAC theuib , theU1C JUVUg AiOlK UUVt^BUClH v P.y WVdlUC MoreittUiC thanUldU 140A1U 1VUUlocal foreignlUUBKU A[ IMSL TWO alongside the IMF in handling I .C wv. Hong Kong Government f? ^5 w.Sw!^ IDtHTUailKinterbank OVQUcredit became 4UUand At -.least two otherOJJWT IdlllllYfamily economies, of a diverse group I amdd . the new phase of the debt ftjJ^?SSdbleSnac?o! aUesati°“s of criminal apparent when the Hongkong banks compete for the business banks are searching for Big x^eoffun*. Govern- the ,.f ChMa of only 6m people, yd it h« Broth problem. | international^ operation^ _for IK s jgg need to beT pragmatist wtth*a meat atso naa to Indeed is a 1 ment ^ had oau -our its Jni joined hands. to provide “sub- become apparent that some Bank controlled by the Chiu there now real ^ Hoim .as tanks tint use Kbng able loan business, and where 1 good nose for sensing indeli- gubsidiary, ' tfie . Hongkong In- stanttal *.: but trdquantified small banks do not have the family haw. danger that when Mr Tom clients in been in discussion cate negotiations what is and is (hey sometimes had Clausen, retiring president, re- standby support hut July. “critical mass” to compete with several parties in. recent not achievable. common. A coincidence of cor- ' He will -be effectively with - the banking ports on the progress of the *?***£** * OTB’s collapse was the cats- months. taking control of an institution S^l^Sared Se npSS JJ* % porate scandals and economic Baker initiative at the spring ** ©“M* • - The openings for a digni- would threaten its position as /*? recession'' Malaysia has put lyst but it was ' certainly not in which morale b low; he will HK*3bn (£2635»5. in meetings of the interim and fied.exit • have dwindled' and - David Nendick, awvmauj ” . T ,' — , Asia’s largest international a • Iiuuiucr lC0IUUf( MU91UCDO theMIV \FMAAJonly AV4WWMreason for*v* vulner-w w—» Mr recently 6 H < Aa -number ofUL leading business — 7 — mi ~Zm * Aitegaaons> ctmlahty development comxnitteesof the banting centre. of financial difficulty, ability. The territory’s banks seconded from the Bank of mattmare-aot helped^? the £2? I £mres into M^iTSSSS! collapse bank and the fund, his report "In present environ- “*??» high- England to become Kong’s overhang -created . by ..the a vision of where the path the the zr?* . The Union Bank, with large have remained weak since the Hong will be disturbingly short That meat, it seems Increasingly ligated- the toa^qua^ of -ferast. 1982 collapse of local Secretary forMonetary Affairs, Governments keenness to rid World Bank takes is leading loans extended to Indonesia. the would provide the World Bank’s ' bank.- regulation • ^the have- itself at the earliest poss&lble That will become difficult for a small bank with- -gf yar East Bank, whit* also property and stock markets, noted: “We been living in critics in Washington with particularly practice among certain- wealthy of the out a Big Brother connection to has links with South East Asia, This weakness has been a world where demand for bank moment the tanks.it has' important if and when the overseas evidence they are waiting for see where it is going," said Mr families of doing busi- competi- finance tas been low; comped- been forced to acquire. World Bank has to seek new were unsettled. But the brunt aggravated by fierce 0 to back up their arguments that ness “on a handshake” with- tion for first-class service tad Of solace to the Government capital from its . is owners, notably the institution part of the " ^ ~ out formal documentation and and is the conviction - that, at the the US Congress. nate of the Hongkong and been extremely high, where problem, and can never be part a habit of blurring the line BANKS WITH A BIG BROTHER. the at end of this painful shaking-out Shanghai Banking Corporation. . __ „ margins which a good of the solution. With so important a job to family and public borrower can get funds can't be process, Hong Kong will be a It has become clear that the Family Total assets be done, and with Mr Baker's foods, J giving a very significant return stronger and more mature bank- disappearance of smaller banks “Big Brother- control) Branches (HKSbn)* Stature own prestige tied up with the This was vividly iUustiated (% to the banks." in centre. is part of a wider and perhaps . g World Bank appointment, it is ™ ** of OTB, ^hleh tas Commeras] Bank Bangkok Bank 11 xn Two issues relating to nomi- inevitable trend as Bong Kong's The economic upheavals in surprising that the decision on ®een troubled since the death of Hong Kong Tokai Bank inf ~ ’ ^c^horaWouvritoapditorS; nating“OWU* »a OUtAGOaiMsuccessor toLU MU _ . _ T m I financialHIMHVKU markets mature-wauuy. While - _ • Mr ^ mm- (both 10%) Malaysia and Singapore, where dansen are now causing ie fOT they remained small and of «f its founder^ Mr Chang Mim such *MS2 S T Bank Hong Leong Kwok .22 139 many of the wealthy in Hong who retires in June, is still in Thien, to 1982. It was"found Heng wpaSSi mnSSF concern within the bank international consequence - that 2 Sino Master Chul (TO)' M tM Kong have dose family lings, abeyance. ******** some members the board, It suggests either SSSatSS after his death, that many loans of rhin h,0 ^^SSfto^STa Irttemationa] lStthni with. «_(£>££, mm* divisions within the Reagan MinH bad Jbeen^ made to„ lifelong JJST which is made up of repre- eye to less than ^ , (25%) her of bad and doubtful debts. sentatives of the countries Administration about who scrupulous financial practices. friends and busings colleagues^ capital adequacy requirements Ka'WSh Bankf Proposal for . taw (40% 27 55 These swelled alarmingly in the should be proposed for the job often without formal documeii- will give regulators the set which own the institution, are But with the emergence - .of Crtk to buy until rescue) wake of the Pan-Electric col- — or that the appointment tation: Bkadt details had'been of tripwires they need to take considering jointly approaching is not the territory as a major bank- majority stake lapse in Singapore in December. being given the known only to Chang Ming early pre-emptive . action Mr Baker. high priority it ing centre, the pressure to fall Kwpng On Bank Fun Bank Long} .25. 4J6 Tbien himself. The awuuwiiimminent iuuuuhuuwh.introduction wof . jnany .wilL deserves. Efforts by his '(55%y i «;a ii . ..j Many .WUL say thesexne&e oughtongnr tou> *™Gne is simply the time is into line with, internationally' - , It (»%>_ ncwbanking lrar. intended ay taking for the US, which by acceptable practices has become ’be^to recover- loans- became jLtu-cfiongHii«- Mitsubishi ... - liu,(tf):.. <..-27 AJS have been to place several years % imptorvff mghtmarishly complex. :.;.-r - : hmpeVvislon '.bvejT the agu^and; virtue-^. tradition nominates the World ( inrestistible BanSuBnifc: 05%) -litnwn with .toe • •' Bank president, accident that along- In a manner typical of Wt«g Hah* Bank Trait — ... M tamtor^s financial institutions; hindsight- they are right. But to take that should make it clear It is no • ~ - to the US isla anotheraimthaa significantr on Ri»nt factor.#anfn- /- i' u u... Chinese family-run banks, the - ’ - Government officials Insist that step. The other is the fear that the issue must be dealt side a tightening of rules gov- V. - <»%> Chang's Children packed the bung Bankf Standard Wu(3Sf) '22 At First drafts of the new law the worst is now past Out of that the individual who is with urgently. They should erning bank regulation, Hong Mr Wing board, and top positions Chartered were going into print just as locally-incorporated ultimately nominated will lack also point out to the US how Kong’s stock market is also held to the IB or so a number of the bank’s inter- 03%) OTB collapsed, which prompted family banks operating in Hong the stature to lead the World damaging it would be to the under close scrutiny, with new national offices. were Wing On Bankf Reconstruction Kwok (4B4-) 24 25 offi cials in the Banking Com- Kong, only six exist with- Bank in the difficult role Mr tank and to the Baker Initiative rules now being drafted that Some now competent, but some were not agreed, giving mission to pore more closely QUt tbe ghetto of a Big Brother. Baker set for it. The latter if the nominee President will force fuller disclosure of Patrick Chang, 51% control to than ever over the books of any Of four not shelter, concern has arisen partly Reagan proposes does not beneficial ownership of shares- Mr one of the seeking Hang Seng tank that appeared frail. By because of disappointment at command widespread Robert Fell, Hang Kong’s Chang's sons and a director of the Bank of East Asia is large, support then, the Government was the the decision of Mr Paul Volcker, in the board Banking Commissioner, argues OTB, was arrested at Hong professionally managed, and of the World Bank AND THE SIX STILL WITHOUT embarrassed' owner of three federal Reserve Board chaii> which must utimately that the upsets of the past seven Kong’s Kaitak airport the day highly liquid. The others approve [ tanks, and the order went out manman, toIn Vatmturn downdHum the job4.1. ,knthe appointment- I monthsmnntlia areflta “in a perversennrvprcp way”wan” OTB'CTTB collapsedCOllaDSOd carryingCaiTvinv aS suit-Sllit- 41’ Hong Min, Tai Sang, and Tai — Bank of Ent A*fat — U (50+) . 1X48 a direct consequence of the case stuffed .with diamonds, that no effort should be spared Yan—are either too small or Dah Stntf Bank — Wong(SS) n 1J» tightening process already cash arid securities worth US to prevent it acquiring any too liquid to be a material up — Lec| 4 . Mf Hong Nn Bonk • ILfim. more. No-one can be happy worry. underway. More meticulous Tai Sang Bank — M.(»+) 4 0J0 - Chinese-owned tanks that two more banks have 'While is certain tank examinations have helped Many Tai You Bank — Kn (35) 1. 0J4 it almost grew as adjuncts to family since coUapsed, but there will that some will change Objectives for identify problems that in the up Union Bankf — Ocn(M) - 3jM businesses. In some cases it he grim relief that it is not the bands -in the months- ahead, past might have gone unnoticed ^ * Hgurer fbr tatett financial year available, FiAGdy- fisted, t ft* f ...... is bailing for some time longer. has not- been easy to draw a . Government- which officials' seem confident that circumstances mpoiBMe to assess. - - - ara fa wmw . them ant • The catalyst for the Christ- dean professional line between Sourem Camptaf mccaunu mni paMc neenjr risks of a further jolt to confi- f Lloyd’s inquiry mas upheavals was the collapse family ' an TODAY brings parliament’s But as the market’s commer- adviser to the late Tony Cros- first opportunity to debate the cial performance became Financial Services Westland puts land at the Department, of Bill. MPs restored, and as Mr Peter Environment BASE LENDING RATES will not miss the irony that Miller, the chairman, grew in Foster joined Cooper and the second reading of this bill experience Italy in a whirl and Matters and Men Guinness Mahon ...... confidence, so ABN Bank 12*% 12}% follows Lybrand’s management con- — closely on last Friday's the question of Mr Davison’s announcement Britain is not the only country sultancy arm in 1978 and since Allied Dunbar & Co. 121% Haxnbros Bank 121% that the Govern- precise role developed Into a which has been divided by the ment is launching 1984 has been head of business a special senous issue culminating Allied Irish Bank ...... 121% Heritable & Gem. Trust 121% inquiry — in Westland affair. Neither the development public sector into the operation of his resignation, last year. Italian Government nor its practice leader, and economic American Express Bk. 121% Kill Samuel 5121% the most recent significant legis- The result is an argument press speak with one voice on he backed the European con- which took place before Cramer adviser to the firm, where he lation in the area of financial ...... C. about the terms of reference the issue. Amro Bank 121% Hoax* & Co...... 121% market regulation, the Lloyd's and sortium. He was supported by was bom—the young chief has built up. one of the biggest powers of Davison's Act of 1982. Mr This is hardly surprising Clelio Daxida, Minister for executive admitted that, yes, he teams of economists to the Henry Ansbacher ...... 12J% Hongkong & Shanghai 12}% successor, with Mr Miller Pressure has been growing being given that there are two rival State sector industry. bad lied to the past about his private sector. forced to modify an Associates Cap. Corp-— 12 % Johnson Matthey Bkra. 12}% for Lloyd's to be brought earlier Italian companies bidding to But Renato Altissimo. the age. Two years ago, he had The BT appointment he said more extreme position, within the scope of the Finan- but still rescue Westland—Fiat and Liberal Minister of Industry been Introduced to Mitchell as yesterday, would provide him. Banco de Bilbao 121% Knowsley & Co. Ltd.... IS % being determined to fulfil the cial Services Bill. The setting a Agusta. But while the Turin- (responsible for the private a man who knew about with “a concentrated but chal- Hapoalim Lloyds dominant role as Bank 121% Bank ...... 12}% up of an inquiry will plainly chairman. based vehicle and engineering sector) indicated a preference Yorkshire property scene. “I lenging portfolio.” He is no This was area Leumi (UK) ... Edward be seen as a way of deflecting an not satisfac- group is in the private sector, for Fiat and questioned the have to admit I did tell him I stranger to BT*s affairs, having Bank 121% Masson & Co. 13}% torily dealt with in the 1982 Act, 32 not 22," Cramer re- such arguments during the pas- Agusta belongs 97 per cent to wisdom of the Government was carried out several studies for .... Meghraj Sons which simply BCd 121% & Ltd-.. 12} sage of the legislation. There said that the the state, through the holding taking sides at this late stage. adied, Coopers on Its,privatisation. chairman of iBank of Ireland 121% Midland Bank are i nfact strong (but not the Lloyd's «ywii»dl company Efim. So one might A little later, Franco Nico- '.Cramer, Bradford-born, began 12}% should be elected from working insuperable) technical argu- have expected at to receive lana, minister of public works his 'career selling chiwa to Leeds Bank of Cyprus ...... 121% Morgan Grenfell members. The 12}% ments why Lloyd’s should be Bank of England's wholehearted Government sup- and head of the small Social market, bought his first pro- Long distance statutory Bank of India 121% Mount Credit Corp. Ltd. left out of this bill, in that role is limited to the port. Democrat parly, came out in Brad- 12}% perty—an old mill near The flamboyant reputation of names at Lloyd’s are not in- right to approve three nomin- favour of Fiat despite the fact of Scotland National Bk. Yet for several weeks. — ford—at tbe age of . 17, and Bank 121% of Kuwait 32}% vestors in a ated outside members the phatewum Mahmud Sipra, the former ship- straightforward of Government ministers were that the . of moved On to .deiris in Spain and council. owner who left Britain last year Banque Beige Ltd. 121% National Girobank ... sense. And on a purely practi- It is improbable that reluctant to pronounce on the Agustah parbnt, is a Social tlUKUS..- 12}% cal pa lia nt after his £70m debts contributed basis, it would be dangerous r me would have agreed matter at alL Despite en- Democrat- nominee. His- earnest defence yesterday Barclays Bank 121% National Westminster to the collapse of Johnson 12}% to complicate still further this to such a formula if it had been Italian- coftimeatators attri- couragement from Michael of the board’s mixture of age - Matthey Bankers, can only be Beneficial Trust Ltd— 121% Northern Bank Ltd. ... financial services legislation, aware of facts that subsequently Heseltine, Agusta tad some bute some of these divergences and youth did provoke a gentle 12}% which is already in came to light. enhanced by this press release Brit. danger of difficulty obtaining to internal political factors, not put-dpwn from of the Bank of Mid. East 121% Norwich Gem. Trust ... official one issued 32}% running seriously behind least recent coolness be- yesterday by his UK Italian support for its partici- the elders. ‘Tor goodness sake, stop Brown Shipley jPeople's schedule; Emphasis agents; 121% Trust ...... 181% pation to the European con- tween Craxi and Gianni Agnelli, apologising for your youth, There are several reasons, “Mahmud Sipra,- known CL Bank Nederland ... 121% PK Etoans. In contrast the pattern of sortium, since it has financial chairman of Fiat. commanded the 67-year-old IntL (UK) iff % good and bad. why the political the stogie -largest debtor in the regulation proposed under the problems of its own. In 1984, But the Italian press, which soldier. Canada Permanent Provincial spotlight has fallen again upon Johnson Matthey Bask collapse, 121% Trust Ltd,,,. 13}% Financial Services Bill is that its debts exceeded its sales by usually favours anything that Lloyd’s, producing calls for the ex-shipping magnate, Cayzer Ltd. ... R. Raphael the would strengthen European entre- 121% & Sons ... 12}% legislators activities of institutions 25 per cent to take another look Last unity, is not giving much sup- preneur, film-maker, and now at the such as the Stock Exchange wfll week, however, Betttno Foster’s call Cedar Holdings ...... 12 Roxburghe Guarantee 13' troubled insurance author, is unable to return to % % be closely controlled by a super- Craxi, the Socialist Prime port to tbe European con- market The bad reasons mostly this country to promote I Charterhouse Japhet.. 121% Royal Bank of visory body, provisionally called Minister, let it be.k&own that sortium. Most commentators Few outsiders know their way his Scotland 32}% centre on the continuing wave to have come out to favour around Whitehall and West- book 'Pawn King Three Citibank NA ...... of sandals and damagi the Securities and Investments of 121% Royal Trust Co.Canada 12}% ng dis- Sikoraky and Fiat, tartly minster as well as Prof published next week. closures, Board. This in turn will be re- Citibank but newsworthy “Heralded Savings ...... fi22% Standard directly responsible minding the Prime Minister Christopher Foster, the as ’the new Chartered ... 12}% though the affairs of such to the Trade that Fiat is, after aQ, a Euro- economist, who is to be British Jeffrey Archer,’ Mr Sipra will City Merchant Bask... people as Mr Peter Cameron- and Industry Secretary. 121% TCB — 12}% Webb and It would be a dear anomaly pean company, Telecom's new commercial instead be giving telephone and Mr Peter Dixon may Clydesdale Bank 125% Trustee Savings if the Council policy adviser. It could prove studio interviews from New Bank 12}% be, such problems largely pre- of Lloyd’s con-, a\ useful asset as he gets York, and our representative is C E. Coates Sl Co. Ltd. 13 United date the passage of the 1982 tinned to be almost entirely % Bask et Kuwait 32}% ifiyolved •" to snch- sensitive with him to co-ordinate all Act. Since then There has been free from outside interference Of age Comm. Bk, N. East'... 121% ' United issues as BT*s tariffs and regu- arrangements.” Mizrahi Bank.'.. 12}% a great improvement In the con- —except on an extra-statutory A balance of youth and experi- lation. Consolidated Credits... . 121% Westpac. duct of the market and the level basis, such as with the Davison Banking Corp. 12}% ence is sought on the boards of Fester, now aged joined of disclosure to its appointment—whereas other 55, Continental Trust Ltd. underwrit- . ... 121% Wbiteaway Laidlaw most public companies but few the ' iH-Iated Department A chip off 13 ing members. bodies were . of % The situation subject to dear! Cooperative line* achieve it to quite the style of Economic Affairs, created by Bank ...... *121% Yorkshire may not yet be ideal, but it is of external authority. Flessey’s defence Bank. 32|% the reconstructed James Fer- the Labour Government to scarcely had enough to justify So if the new inquiry is not GECs proposed takeover was The Cyprus Popular Bk. 121% a to look guson Holdings. 1964, for a short spell before special probe so soon. too much like a dtver- published yesterday strongly Duncan Chief executive - is Gary moving to the Ministry lAwrie ...... 121% Member* The valid reason for further swnaty move by the Govern- of Trans- emphasising its capability to of th* Accepting HautM considering ment Cramer who, at 24, must surely port where he was director E. T. Trust Commit***. the position of it is important that the of high technology. Alongside the ...... 13 % laoyd is, be the youngest holder of such economics and piflmdwg s however, that there full term* of reference should from text were a number of colour * a post in the country. Sitting Exeter Trust Ltd...... 13 ^epOB,“ 'MW. 1-month nave developed serious doubts make tt dear that the 1966-69. -and policy adviser to pictures of printed circuit % emphasis 8 .00%. Top about its beside him at yesterday's press Barbara Castle. Financial & Gen. Tier—£2500+ n 3 governan e. Three Aould not be on whether the boards. Unfortunately fbr Sec. 121% month* years ago conference was Cramer’s busi- After a year at notice 1248%. At call the Council of Lloyd’s 1982 Act Jus proved satisfactory Massachusetts Hessey quite a few of the micro- First Nat, Fin. Corp.... Wfion £10,000 was sufficiently ness partner and the new chair- Institute " 121% + remains deposited. Inhibited by to practice but rather on the of Technology, he ps were, clearly marked tbe market’s man, David Mitchell, aged First problems to accept need to 60, returned to an academic career better, Nat See. Ltd. ... devise a manner is DL, known as Marconi 121% * CM deposits £1,000 | and next to end over 2* England’s whidi Lloyd's him was Major- at the London School imposi- can be brought; "Speaking of Electronic Devices, the GEC I Robert Fleming 9% gnu*. tion of Mr Ian as a member of the General Stanley Eskell, aged 67. Economics -where & Co. 121% Hay Davison, a within a comparable regulatory I Metal he is now a semiconductor subsidiary. complete Exchange, a European After a long discourse from Robert Fraser * Mortgage outsider, as chief regime to that being visiting professor. But he had & Ptrs. 13}% bass rata. executive more helicopter made entirely of Mitchell on his early and deputy chairman. generally imposed career in second spell to Whitehall Grtodlays tin would get my vote” Bank J12i% Demand Rhodesia and Algeria—all of from 1974-77 as part-time Observer S dsp. a*%. Mortgage 13%. 0 V BSP- . , , , Financial Times Tuesday January 14 1988 AS PARLIAMENT begins work businesses where the manager on the Financial Services BUT. Regulating the City of London controls the clients’ foods; the City of London is appar- these are examples where regu- ently under cloud. a Mr Bryan lation Is needed. Gould, Opposition Spokesman A practitioner-based scheme tor Trade, claims there Letters to the Editor is wide- may have Its weaknesses; but it spread scandal. Many of us who will have fewer drawbacks and work in the City wish that poli- can be put in place quicker n* ticians would Mami the facts and made to work more effec- rather cinn>i than generate T of tively than a replica of the US smoke and then assume that Securities and Exchange Com- this is caused by widespread mission. and What is the correct level for sterling? serious fire. No doubt the system will be The smoke has been easy to fallible. Every system ft bound From Jacobs generate because of the be. MrJi. rateine rates to only 1 cent tage. point com- to The early years give per changes in interest protect the pound, this time at bination of “ ** correct level,“ level toey were when at least three extra cause for concern. Some .^wMhe rates, can influence the level of a level rather higher than it genuinely for sterling? sterling traded at 91.05. worrying events: the participants wiU not be particu- Further* sterling when It : appears that was a year ago. What ah extra- This question scandals at Lloyd's; the John- larly capitalised. baa raised iter8' more» V'ben the pound stood far well There ft J* by the most sweeping pres- ordinary form of protectionism son r Matthey affair; and the tin a shortage of experience of ® y head mice again after the. near parity • to the dollar; it was sores fat different times) are Itit is that selects the pound.nound. How recent rise in interest rates. widely crisis at the London Metal managing risk in the way that . believed that ft was either the price of oil or else the realistic is an exchange rate At the beginning Exchange. Each of these is toe sew market structure of 1685, the' undervalued against the dollar strength (or weakness) of the based on Interest rates so much Government raised interest -and overvalued quite separate, and on its own requires. The competition tor against the dollar. higher than those in the rest rates to defend plummeting Deutschmark. would be unlikely to affect how qualified staff has pushed over- a Since Chen, it Usingusing - small base rate of the world? UK per cent sterling, then hovering around 12} toe entire CUy is viewed from heads In some firms to higher has moved la a favourable direc- changes to defend the level of France 9 per cent US 8 per 51-20 to the Westminster. Taken together, levels than ft healthy; and In pound. When tion against both currencies. sterling battered by a falling cent Japan 7 per cent Germany sterling fell however, and coupled also with toft situation it would be sur- . farther to the And yet the Government is oil price is like using a bow and 5 per cent — bow- marvellous generous alarming level of near parity Intervening »galn publicity about high prising if a minority were not arrow to 'fight heavy artillery. it -would btt tor UK manirfat-- to .the dollar, it raised base salaries in the securities bust- tempted to try to cut corners. How- does the Government Simon Jacobs. turns to have the same bor- rates again to 14 per cent choose the "correct” {ness, it ft easy to understate Many will advocate turning rate for 47, Warrington Crescent W9. rowing costs as our competi- Since then, sterling has 1 why the House of Commons and breaches of basic rules of fair appre- sterling? tors; then we couldn't complain ciated fey about indeed the country at large ft dealing Into crimes. However, 45 per cent! Why does this rate appear to that the exchange rata was against worried.. This ft underlined experience often shows that the dollar. Its recent* change so radically every few From the Managing Director, artificial. by __ but very *ome opportunistic takeover A this Is not toe best way of modest, fall to around months? Timers. ML O. Scutt m _» M has preventing the 51.42, prompted the How can the Government Sir.-—So once again, interest MorsUm Hoad, offence occur- 5 ring; and protecting investors Government to intervene again,, believe that one or tiro percen- rates have been increased to Wolverhampton. ssfiar Beware of the should be more about preven- The financial Services BUI is tion than punishment. Sikorsky and Westland directed towards the protee- * Insider trading provides an THREG QfftttT wSNORKELS 7b LETTHE obvious example. That it can From Molise Graham this country instead of at BXHfw&r puiaES cur {sewn-eME?* never be stamped out entirely Sir,—The estimated decline Yeovil? £PtCH VWfff HUGE SKSKB5' smokescreen Is obvious. Even the full in United Technologies earn- The Westland advertisements A ft closer; and it ft a particular panoply of toe SEC cannot do ings since 1981 and the qu J3- reveal facts . which the media +/M3 PONG BALL To problem for the City because _ _ , . _ this as experience In the US tions it raises as to how well have concealed from the public. ^roPTHE/WRTER although the frauds were By Martin Jacomb consistently shows. Here it can fund and 'support Why? The answer is surely that blatant and enormous, the City insider trading became a crime Sikorsky's future development once again the EEC lobby ft at as a whole did not ay out saf- in 1980. In the five years before together earnings work promoting the interests of fidentiy in public outrage. The valid case for letting the present sure way to avoid that happen- then the Stock Exchange con- outlook for UTX, the Sikorsky other EEC countries at our ex- City has thus become associated regime have a chance to work, toglag ft for London to remain ducted 177 investigations. At division and Westland are pense. In the minds of non-City people The independent inquiry economicalecou and efficient as well least eight cases led to firm essential Information for any Westland’s position has been with passive acceptance of soda recently announced by the as hhonest. results with wrongdoers being with informed shareholder decision, largely built up the help behaviour. Government will — although ThatT1 is the essence of the publicly exposed, having to pay long period, The future value of Westland of Sikorsky over a The absence of prosecutions politicaly inspired—confirmfirm this case for practitioner-based the illicit profits to charity- and shares win largely reflect these That has not prevented it from exacerbates this impression, or otherwise. regnregulation. It secures the com- in some cases being dismissed factors. collaborating with. Continental although toethe main»*« reason for The chairman of Lloyd’sLloyd's bsshas mitmentwHtn of practitioners to see from their jobs. In at least as producers. latter Additional influences are the The hoped this is a Parliamentary, not a argued this case cogently. How- that the system of regulation many other cases, where sus- that Westland would go the possible need to reconstruct the to City, failure. For it lies in the ever, a senes of apparently is tough enough to ensure that picions could not be developed if Sikorsky fails board and management wall and we Inadmissibility of evidence hesistant responses to recent investors get a fair deal, and Into proof, the malefactor was any cost arising therefrom and can be certain that they will obtained from abroad in erim- criticism has left the impression yet flexible and free enough dealt with privately but prob- the fact that use their shareholding to the Should the Problems of tunnel ventilation Inal proceedings, an obviousribvious of concessions made under from bureaucracy so thatthi bust- ably no less effectively. Since detriment of the British com- capitalised value of the esti- lacona which Parliament should P*pressure. Perhaps (if the legis- ness can stay iuLondon. the offence became a crime five mated future earnings of West- P*uxy. From Jennifer Balt lams .which could be lethal in have dosed yean ago ass com-«u»- lationlal allowed this which it does The Stock years or so ago. the Stock land The consortium offer would exceed the reconstructed Sir,—Your leader of January the event of ary hold-up of mercial crime became Inter- a completely independent prime example of this form of Exchange has referred 100 liabilities the question of put an end to' helicopter pro- M**«nni chairman could more easily 8 assumes that “technical prob- traffic. My exit from the car regulation. The Council has a serious cases to the Department receivership duction at Yeovil sooner or need not arise. lam of wmn*i ventilation are park was barred for some ten The average outside under- demonstrate that under the new reputation for strict adherence of Trade; bnt there have only omission later. Why to that case not buy The of these con- surmountable." Using a Geneva minutes. The poisonous aecumu- writing “name" at Lloyd's regulatory system at Lloyd’s, to high standards. It would be been four or five prosecutions our helicopters from the US on ^derations from the offering car park last summer convinced latioa of fumes was frightening, regards his membership as an thetire members Whowho work there hard, if not impossible, to find of which only two have been document may be matter to economic as- well as defence will interests of a me that an Expressway under indeed terrifying. investment affair, a means of have to put the anyone dealing in normal successful. The message is enhancing a return on hft outside “names” above their course who has lost money blindingly dear. wish to may turn hft attention ****** exhaust-fume prob- 50 Fortune Green Rood, NWS. capital. And the illicitly diverted own. through toe failure of a Stock Why not an SEC? We need US, hi part berate it dftcrimii lest a breach of fiduciary duty funds would have been part of In choosing the form of regu- Exchange firm since the corn- to retain flexibility and avoid arise .... ates against_ US agricultural_ that return. Thus Lloyd's might lation which is needed to pro- a fund took its present bureaucracy. The SEC itself ft products and in other Adds. r trv-v,,—,nL seem to be a proper subject for tect the interests of investors in 1973. moving strongly towards self- Where are the Americans going At best an each way bet? »w investment protection. Never- * > whole, there is a great deal dear that the over- regulation. In secondary trading to compete if they are not Lewes. Sussex. From Mr P. Kntuthar. as United Biscuits indeed did toeless, toe call tor its inclusion *t stake. The securities bnsi- whelming majority of Invest- the SEC has delegated its allowed to do so in the areas i Str.-^ollowing the interest- when buying Terry. I in methe system of investorInvestor pro- msness in tnethe utyCity employs a large ment dealings which take place control almost where they have a comparative entirely to Christopher if a company indeed I lection proposed in the Bin ft number of people nad earns an every day in the (Sty, including self-regulatory organisations advantage? mutt or ^tons (January 6) may I put wfthra to diversify far from its the wrong reaction. enormous amount of foreign 97bn daily on the Eurocurrency although its background powers From Mr S. Stewart ItItftoulteis quite clear tostthat Mr v. evidence» for affiliation purposes we correctly duaL toft statement. I the European Parliament. lj \ an Antipodean company, suggest that the British public would It j£fig2*Ajl we deduct our Irish membership. If (ml? Philip Bassett had find difficult to believe I checked out the facts, he would “ more about that cutbacks to- agriculture, which has its affinity with toe . _ /jflSHiHRb absorbed useless overseas tax dama e to jhe environment would he losses Irish Congress of Trade Unions also have discovered that for E . beneficial to the maustry, and to which organisation we many years the TSSA has «W roads, bad environment of that county jllSgljSyyX and created reliefs elsewhere. The also pay affiliation fees. maintained a centralised mem- planning, aircraft noise, etc, especially to the areas of more and would be sorry to marginally I It ft disappointing wi se that bership list on our own com- see any economic agriculture A7 savings ran into millions. puter. reduction in .farming and such as the | vyour writer should not have I could also have told moorlands. - . . .. • . m mm .«. -a « .a. a BagriculturalsFTl ITU'Tat I landIfllkfl leftiPfT tofit waste.nrOctP Thu fa umtw*# «cis 111 only *v.awr.?«rr*ass" Inventorssj&jff?of TV." rartsrsfiai'ar!™5 * John Chittock principles «“ early and to certainly toe first person to Schenectady, Hay 1928. Baird • EMI to the 1930s, The US certainly deserves Post Code his 1982 Rutherford memorial attempt to televise a living per- and Genaaay. were running eredlt for his pioneering of the lecture, drew attention to the son — though again there is parallel to toe -UK ' to TV video due and far hft early work of Ayrton and Perry who clear avideoce that to hft early developments throughout 1925* work on. colour, but it ft not only proposed a mechanical work hft two spinning discs for 1985. It was toe 'report of toe extremely doubtful that the BinderHamlyni system of TV but succeeded in transmission and reception were Selsdon committee to 1935 that term "inventor of TV“ should wnunicntuCHARTERED f|rs, ACCOUNTANTSACCOUNTANTS^ demonstrating it crudely at toe mounted on the same rotor gave toe UK its temporary lead be applied to any stogie ^ j Royal Society of Arts in London shaft eliminating toe need for in practical TV broadcasting by individual, j synchronisation, recommending London/Ayr/BtaqVBadi/BdftsiyBinnfai^Mni/Buiy St EdmimdayCboydon/I>ubIiii/EnnrsldUeD/GlMgow/I^ditAf»nrhi- 20 BELL'S t TROLLOPE & COLLS FINANCIALTIMES SCOTCH WHISKY Construction Refurbish ing Management Tuesday January 14 1986 01-3772500 BELL'S MANAGEMENT SET FOR £82.5M BUYOUT OF GROUP’S UK FOODS AND DRINKS DIVISION Pechiney THE LEX COLUMN Cadburys loses taste for cocoa links with Clearance sale BY USA WOOD IN LONDON Kawasaki CADBURY SCHWEPPES, tbe Brit- management in December. In file The food and beverages division been under severe pressure an both, ish drinks and confectionery group, same .month. Cadbury Schweppes was created in 1969 with the merger margins *nd market share from is at an “advanced stage" with nego- in magnet announced that it was to form a Of Cadbury and Schweppes. Cadbu- Brooke Bond, the market leader, from BAT tiations for an £82J5m (SI 19m) man- joint company with Coca-Cola, the ry contributed products such as and own-label products. agement buy-out of its UK bever- world's biggest drinks company, to Smash instant potatoes and Mar While the group as a whole in America have resulted largely from ages and foods division. The divi- produce and distribute the two vel, the powdered milk substitute, venture If BAT Industries does indeed 1984 made a return of around 1B.5 its dependence on food brokers in sion’s bestknown products include groups' soft drinks brands in the and Schweppes brought a variety of wish to be rated as an international per cent on operating assets, the re- the confectionery market, a prob- cocoa, on which the Cadbury busi- UK. acquired in the By Paul Batts in Tokyo conglomerate emancipated from to- beverages, many two much larger turn for the food and beverages di- bacco, to that it lem which its ness was founded. Mr Dominic Cadbury, chief ex- early 1960s, such as Typhoo Tea it has show can pro- vision was substantially below tha PfeCHIXgy, the nationalised competitors have avoided by work- Announcing the proposed deal ecutive of Cadbury Schweppes, and Chivers Hartley jams. duce better from its large US retail- French aluminium and .metals ing through their own distribution yesterday, the group also disclosed said: "We feel that as far as the UK The announcement by Cadbury ing operation than the 50 per cent The division, which trades in the group, is faflining up with Kawasa- channels. If the US message is that that its troubled North American, is concerned, we should concentrate drop in dollar profits at the interim Ireland and France, underwent of the 1985 loss in North America ki Steel a S150m industrial joint success, Cadbuiy has at UK, m stage. At the very least, the CSty of size equals operation would report a loss for exclusively on crar confectionery took the City of London by surprise, reorganisation in the late 1970s but venture to manufacture magnets least responded by concentrating 1985 compared with a contribution and soft drinks business.” London has been expecting that the trading profits slipped to in although the business fell Into defi- the factory automa- in bas- £9.3m for old-fashioned middle-market de- more of its Easter eggs one of £37m to total group profits of The link with Coca-Cola, the di- cit in the first half of 1985. At the 1984 compared with a record tion and motor industries in Japan, ket The disposal of the food and El24m in 1984. vestment of the foods and hygiene partment stores in unfashionable 1980. It is forecast that time, however, the City forecast world's biggest market for together £10.9m in the follow way of Inter- beverage operation, taken The proposed sale of the food and divisions and the restructuring last that the business could contribute areas would the trading profits in 1985 will be below magnets. with the sale of the health and hy- beverages division, which is expect- year of activities in North America national in the UK into the retail 1984 level. more than £10m in the full year as The venture between Pfechi- the joint dustbin. giene business, will release around ed to report a fall in trading profits would place the group in a much restructuring of activities took ney’s Ugimag magnets subsidiary underperforming as- As it is, is ClOOm from in 1985, comes on the heels of last stronger position to achieve its Typhoo Tea is the leading brand, effect BAT now seeking buy- and the Japanese steel company sets which can then be ploughed in- month’s £18m sale of the group’s long-term aims of building strong contributing an estimated half of ers for a full 40 per cent of its US re- will be the third industrial venture to the core confectionery and health and hygiene division to its international brands. the division's profits, but it has See Lex; News analysis. Page 28 tail assets and -turnover. The mar- in Japan the French group, the this looks intel- by ket was quite happy to push BATs drinks divisions. All 's fourth-largest aluminium little belated. But share price up 13p to 627p. And this ligent, if a re- producer. Pechiney already manu- building a battered reputation in was as much a response to the vi- the European consortium so in fa- factures carbon blocks for the alu- the confectionery business will take Commodity gour of the exercise as to the dispo- vour of an adjournment are now Agencies of spending minium and steel industries at a Cadbury’s warned time is not on sal of a set of unprofitable crying fouL None the less, the out- and wholly owned plant in Japan and, in properties. look remains bleak for a 75 per cent side. a joint venture with Komatsu, After two years of overstocking approval the board's recapitalisa- exchange makes turbine components. of and less than buoyant ex- cuts amid US deficit fears retail tion proposals, even if yesterday’s Mr Bernard Paoie, Fechiney’s penditure in .the US, the divested transaction in Westland's eq- chairman, also indicated yesterday major GEC/PIessey businesses probably added next to -the sale of per cent from Ro- BY STEWART FLEMING IN WASHINGTON that the French company intended uity 9 considers nothing to the $150m or so of BAT- Whether GEC succeeds in win- pyienri bert Fleming - is said to have ended to its industrial involvement control of Plessey will roost THE WHITE HOUSE has told gov- be significantly higher than the gap between the S144bn Gramm- USs retail profit in the year Just up in bandy out unsympathetic to ning in Japan. Hie group is especially in- down to a question ernment agencies to prepare for $177bn target for 1986, which the Rudxnan deficit target for ended; and if BAT can raise S600m the board, or Sikorsky/FiaL In the probably come terested in developing its zirconium and increase in the overhaul across-the-board cuts of 4.3 per cent legislation established. year 1987 and the actual deficit now or so for the 5800m in book assets, moantimw, the institutions most be of price, an semi-fabricated products for the rm- in domestic spending programmes Tomorrow the Congressional probable is same £20bn larger than the benefit will be felt at the pre-tax that there are yet more par- price that GEC is prepared to offer. clear industry in Japan and supply- hoping By Andrew Gowers in London and cuts of 4j per cent in defence Budget office and the Office of many budget experts were level in the current year. However, But just in case anyone has been ing ntwl eventually TnamifafftaTrmg ties with pronounced views on de- spending this year amid fears that Management and Budget will joint- expecting. even in the good years atthe turn of thinking that a sweetening of the THE LONDON Commodity Ex- cans and aluminium packaging fence procurement desperate to pay likely to extract a recom- the US budget deficit in 1988 win ly announce their budget deficit the 1980s, the return on the invest- far Westland paper. -terms was change, which operates futures The increase is being attributed products for the Japanese market 125p soar to S220bn The deficit in 1985 projections for fiscal year 1988 and ment at Gimbels was scarcely strik- mendation from Sir John Clark, the markets in sugar, cocoa, coffee and in part to slower economic growth Pechiney has also recently linked was a record S212bn. how the cuts of SlL7bn should be ing; and these stores continue to be withering, sometimes provocative', oil products, is considering propos- than had been expected and the up with Japanese companies in a The cuts, which are to be imple- spread among government agen- squeezed between discount opera- tone of Plessey’s defence document als for a radical reorganisation highertfaan-expected cost of. the number of joint ventures based in Cadbuiy Schweppes mented from. March 1, are the first cies. For this year alone, the bQl tions on the one side and the quali- seems designed to prove the con- aimed at recapturing lost trading new farm bin. It means, however, France, including one with Toray to automatic reductions in govern- gives the White House discretion in ty stores such as Saks on the other Throughout 1985 Cadbuiy trary. ff Plessey is trying to needle volume and market share. that the task of. achieving the 1987 manufacture carbon fibres and one ment spending required by the so- apportioning cuts in defence which itself could only manage a Schweppes did its utmost to present GECs management beyond willing- The proposals, which involve the budget target is afi the greater. with. Mitsui Mining and Smelting to called Gremm-Rudman budget pro- spending. fiat performance last year but en- the picture of a sensible company ness to negotiate, caricature may be most sweeping overhaul in the ex- produce copper products for the cess reform bill, -which became law As the first impact of the con- Mr Reagan is taking a tough po- joys a national potential of consid- with a dear strategic purpose, only its most formidable weapon. In this change’s recent history, have been electronics industry. just before Christmas. troversial Gramm-Rudman reform litical line in his approach to meet- erable value to BAT. The market is to have its efforts undennined by document, Plessey is represented put to leading traders over the last The French group, which has The law calls for stepped, auto- bill is about to be felt, the over- ing that target. Leaks of the details primed for a poor set of full-year evidence of mismanagement in the as a cornucopia of technological few days by Mr Saxon Tate, the been developing its activities in matic reductions in the federal bud- whelming impression being created of his budget plan suggest that he figures in March - bat by then, who US. Yesterday it worked both those promise, GEC as a maladroit and LCETs recently appointed full-time newmetals and materials for indus- get deficit over the next five years if is one of confusion, not only about wfll propose an increase in defence knows, the proceeds may already features of the business into a tight-fisted exploiter of other peo- chairman. They suggest the crea- tries with high growth potential, Congress and the White House can- the TfflTnpriinte wmrpHcations of the spending, another round of draconi- have been committed to US finan- single announcement Cadbury is ple's patents. tion ofa centralised company to run sees its venture with Kawasaki not agree on how to meet the tar- bill for spending govern- selling the bulk of its food and exchange’s new by an cuts in domestic spending pro- cial services. This is stretching things a hit far, as the markets and devel- Steel as a chance to increase its gets for eliminating the deficit in ment departments but also about grammes (cuts which were not en- beverage operations to sensible GEC is bound to say; and it falls op new business, in place of the sep- penetration of the Y95bn (S471m-a- 199L In the current fiscal year, the political impact of the new law. acted last year) and a big pro- people at a sensible price; unfortu- some way short of demolishing the arate tornfnul market q«!«vgntfon$ year magnet market which has Westland however, it limits to SlL7bn any au- The 1987 budget deficit projec- gramme of sales of federal assets - nately for Cadbury, the market was scale arguments which GEC adv- which currentlyoversee the individ- been growing at an annual rate tomatic spending reductions even tions, which will announced of rather less interested this item of futures be to- being presented as "privatisations" The prospect of enthusiastic m anced in favour of a merger. More- ual markets. about 10 per cent though the deficit is clearly going to morrow, themselves that the of tire public sector. small Westland shareholders fight- news than in the accompanying over, some of the stock-market Mr Tate was brought in last Octo- Mr Yasuhiro Yagi, president of . ing for entry into the Connaught statement that the US would not af- pleading is a bit suspect given that ber to try to arrest the precipitous Kawasaki Steel, said yesterdaythat Rooms is not an edifying one even ter all make a profit in 1985. The both share prices peaked around decline in soft commodity trading the joint venture with Pechiney was without the fact foe meeting would share price accordingly dropped 8p three years ago and have since fall- in London. In the first eight months part at his group's strategy of ex* invalid if the to I44p. present ffoiflnri»i Westland rescue plan vote be some were left in en by about a third, to 174p in each of the year trad- delays padding into ijew businesses^ street At the very feast Sir John With- the threat of takeovemever case, there is not much point in ex- ing activity on the LCE was nearly Continued Kawasaki, the world's eighth- from Page 1 Cuckney will have in tire. Albert far from the managements tolling Plessey’s superior perfor- 21 per cent down on 1984. In New largest steel says block at a share. had Heseltine’s resignation, with less company, that Hall the thoughts, the market’s abiding in- York trading in the same commodi- 140p 1 to consortium was against the nation- best backdrop London can mance since 1980. Information * whSe it intends to stick to the steel think about that offer careful- quarter blaming the former al interest that it should with- offer for vote that terest in the US must be galling in ties was per cent tq> while in Paris very a and a has taken on about its trading position, which 6 business, it believes that with other ly," said, referring Defence Secretary himself. draw. the absurdity of die extreme. But the market can total volume in white sugar, cocoa he to the £2m drama and grand would cut more ice, is being held operations in engineering services, profit he could have taken on his Nearly three quarters of the sam- Mr Brittan had denied applying opera. - hardly be blamed. A year ago even and coffee rose by nearly 17 per mainly in reserve; but fuil-year chemicals, semiconductors and ad- the pessimists were expecting Cad- cent share purchases, "but 1 repeated ple thought that Mrs Thatcher's such pressure, although he had Of coarse, the three days grace profits seem likely to be ahead of vanced materials, magnets will he- that I was a long-term investor." style of government would hinder raised the issue of whether certain will allow the board a bit more time bury to produce pre-tax profits of 1985, after a poor first half, and the According to the business plan, roine core her chances at the next election. comments the European a business far the group. for institutional £140m in 1985; a figure of £90m now the ICE should be reconstituted as The British Conservative Govern- made by wooing and further cash has started to flow back into Senior ministers last night Although Kawasaki and Pechi- blandishments looks nearer die mark, with the limited ment, already shaken ac- consortium could fuel protectionist in the direction of US Plessey’s balance sheet Unless a a company directly owned by the resig- ney so far knowledged that the Government sentiment in have not chosen a defi- accounting for almost all the short- trading and run nation over the issue of Michael the US and damage Mr Alan Bristow and his hostile 12 falling market makes the GEC by members by a Mr nite site in Japan far the magnet Heseltme, the was still on the defensive over the the commercial interests of BAe. es- per cent; and it is only ironical on fall. cash-component more attractive, board accountable to shareholders. Defence Secretary, plant, the joint venture affair from which no one hqd pecially the possible sales of the Eu- is due to the surface that those backers of Cadbury’s difficulties in North At present, the terminal market as- who favours the European plan, , time is on Plessey’s side. start production in autumn 1987. emerged with particular credit The ropean Airbus, which is partly sociations have most was further embarrassed . of the power yester- The investments will hope in Whitehall is that total about the while day. Leon Britten, Mrs funded by the UK Government in LCE the exchange’s Mr the Trade YlObn over the next four years and Thatcher can regain the initiative Brittan having re- is relatively and Industry Secretary, Mr denied board weak. made a the two companies anticipate annu- when she replies to Mr Neil Kin- ceived any letter from BAe and said Tate is also proposing that the statement that had to be substan- Mr al revenues of YlObn by the fifth nock, the Labour Party leader, in later he was not aware of tetter should services its tially corrected later. any ICE improve to only hours year of operation. the during Sir to members, should take urgent steps Commons tomorrow a from Raymond anyone -else in The result was to opposi- The joint venture will called prompt full-scale debate Westland in the Government either: be to contain its costs and mould ag- on tion charges that Mr Brittan had in Nihon Ugimag and win have a capi- - which Mr Heseltme will also speak. R later became known, however, gressively seek new business both effect misled tal the House of Com- It was an apparently innocuous Sir of Y4Jbn. Pechiney and Kawa- by attracting additional members that Austin Pearce, the chair- mons, thus leaving him in an in- saki will own per emit sharehold- question from Mr Hesetiine himself mas of BAe, had had a letter to the 50 and by developing new trading ve- “Excellent creasingly exposed political posi- that prompted yesterday’s further Prime Minister band-delivered ings in the company. hicles, such as options contracts. to tion while raising further questions embarrassment for the Govern- Downing Street Pechiney, which is seeking to ex- argues that the changes are at noon yesterday, He about whether the Cabinet's neutral tend its market ment After a noncommittal state- that is hours penetration essential to ensure that member 3JS before the state- line had been breached by him in ment from throughout the Far East region, is companies* assets do not continue in ^ Commons Mr ment talks last Wednesday with British Brittan, Heseltme asked also continuing negotiations far an overall Mr It later to waste, and to maximise returns became known from De- Aerospace. aluminium smelter project whether the Government had re- partment of Industry of- at Nan- on the exchange's considerable re- Trade and These developments came as the ning in China, Ffeduney officials investments - ceived any letter from British Aero- ficials that Mr Brittan had been in- cent notably its new confirmed the continuing first opinion poll appeared showing space (BAe) giving its view of a formed of the existence Sir discus- purpose-built headquarters under tf Aus- the sums for a project that is expected damage caused to the Tories meeting held last Wednesday in Mr tin's letter minutes before leaving construction in the City of London performance’’ and to Mrs Margaret Thatcher, the Brittan' s department with Sr Ray- to run to several billion dollars. The at an estimated cost of C5m. for the Commons yesterday after- Prime Minister, by Mr Hesettine's gin officials warned that the negotia- mond Lygo, the mana g director noon. But he did not know its con- Other markets, such as the Inter- resignation last tions, which started Thursday. of the company. tents and did not know whether Sir in 1978, were national Petroleum Exchange, the A Harris Research poll carried expected to be long. This was a reference to Mr Hesd- Austin was willing to allow the exis- This was a recent description of ICE'S energy offshoot which trades out last Saturday showed that over tine's allegation that Mr Brittan tence of the letter (marked "private Pechiney seeks grants, Page 21 gasoil futures and a contract based half the electorate believed that had warned Sir Raymond that and confidential") to be made Oppenheimers investment achievements over on a crude oil index, are being invit- Mrs Thatcher was to blame for Mr BAe's involvement in the European public. ed to share the new building. 1985, a year when our European Growth Trust The plan estimates that fi- to Montedison to out-performed all nance the procurement of extra other authorised unit trusts business the LCE may need to in- Japanese business call in the UK.* crease its operating revenues by for reflation raise L500bn about E3.4m over the next three Continued from Page 1 The results for all of our unit trusts are years. It suggests that an 8 per cent Japan’s trade surplus. “We are mand and to reduce Japan’s rel- fully with Japan and reduce unem- in rights issue return on members' equity may be shown below: aware that there is something iance on exports for its economic ployment achievable by the financial year Value of £1000 MRS - Rank out all wrong with our economic structure, growth. • They must locus on the technolo- Continued from Page 1 of 716 1988-89. OWK.NH RIMER TRUST 1-1.86 offer to bid* amhorint-d unit * and a basic process of reappraisal is The Japanese delegation’s criti- gy of products as much as upon that and financial group against the 1 iZ* However, it also raises the pos- going on in Japan,” he said. cism of Britain's industrial perfor- of production processes, because wishes of Mr Gianni Agnelli, flat European Growth sibility that, if business does not 1730 1st There was a need for a "third mance Was Tnutod Mlttinitig'h it products must be desirable as well rViairmnn. Gemma sphswjtfntjy rise substantially from last year's l : Growth stage in the opening up" of Japan urged British industry to malnp as efficiently produced. sold its controlling stake in Monte- K 1414 25th levels, the exchange may have to because the country still had a hab- greater efforts to sell in Japan and • They must learn from the Japa- dison to Mr Varasi and to other in- Pacific Growth borrow money. 1297 38th it of self-sufficiency, in baying man- in particular to pay continued atten- nese in exploiting and adapting the vestors induriing clients of Rowak, Mr Tate has asked for a response International (growth 1282 ufactured goods and components tion to the quality and competitive- skills of their workforces. the international securities arm of 45th from member companies by the end that would not die quickly. In the ness of British goods. • They must have foreign language S.G. Warburg, the London mer- Special Situations I2U0 of January, with a view to putting 98th meantime the country must spend In the course of the conference it policies to compete in Japan and in chant bank. the new structure in place with the Income & Grow ( li 1 1 57 more on its social Infrastructure - emerged that British companies other foreign markets. Yesterday Montedison gave an 170th start of the next financial year housing American Growth J 1445 and sewerage, for instance must make efforts on four fronts if • They must be more wREng to unoonsolidated breakdown of its' di- I8Blh News analysis, Page 38 - in order to visions. The fastest growth in turn- boost domestic de- they are to compete more success- plan far ahead. High Income Trued.' 1130 over terms was in the special chem- 207th Practical Investment Fund icals and high-performance materi- 1048 430th als sector, which grew by 2L7 par Japan Growth 101 519th World Weather Global share trading plan cent to L54fL7bn in 1985. Energy was the largest division, recording a 7 out of 10 funds were in the top r 200 of all "C "F *c "F ‘C F 17 par cent rise to L3,857bn. other lina S 13 & htaaft . Continued from Page . Up S 15 59 Stahn Si 34 1 716 authorised unit trusts.* 17 - figures for 1985 are This Anna C U fn S ii 59 lUn m Snri turnover excellent F is 99 taw s G 43 u . Mr Steers indicated that 1SRO tempt to beep a place for itself in L2,944bn for petrochemicals and 11 46 overall performance jUnaatai 8 FaaMat D 7 45 Han $ 22 72 was achieved Swttab c 1 would be prepared to consider any the global equity market, has been plastics (up 13.7 per cent); by active Mm* II 52 Fractal C ia Si Mm F 3 37 mechanism dis»niBfiim\fl BOna S 19 W» Gtnm B 3 37 trading and duri ng holding qq Imtot with L2^89Rbn for META (up 8.1 per management of a range U«M SB -14 7 sSn that concentrates s 3B BE EMa S IB 81 DM s 2 38 available on the market, and not US exchanges and wfth a US clear- cent) the subsidiary which includes on W* w c . Brafam F 12 54 Granutr c ID 50 Mb F 27 61 In s simply the systems being readied plans year and which general trusts. -Source Planned Savinas 8 17 62 He&Mi -4 ing system. It this to be- the Stands retail chain inconwm-h.^.^ Bma So 25 BMs S 12 54 Trion 1 1 41 Hkrag 2D tty the stock exchange. It was Im- gin a swap arrangement with the tookover Bi-Invest; Ll,365bu for 5 68 taW & 20 58 Til Am Mb B J 37 taoM to 6 32 NwYU F 11 52 Iwnlt s 06 portant, he said, that adequate sys- National Association of Securities health care (up 15.1 per cent); Sana C 12 54 tam H 9 48 Kcr S 12 54 triq* tems were in place not only to meet Dealers, which runs the Nasdeg au- Ll.046.2bn for fertilisers and pesti- 01-236 BMwri £ 3 <6 KOflM f 4 8036 39 tan S It 52 c 12 54 IB SIB strictures but also because tomated quoatation system for cides (up per cent); U,Q2i2bn Brtn Jmey c 50 Oita s •1 38 9.3 Ink C 9 48 •fatal F 26 82 equity per cent); »*we*«>u**rwTwf FW £ >0 60 vw 8 cross-border trading posed over-the-counter equities. for fibres (up 189 w . . 5 2 38 ImtaR S 2D 88 fap* s 1 34 Mb Fp greater credit and clearing risks. that plan, consumer products JML Mercantile 29 84 - — — Under prices of several Ll,015.5bn for House Gmub XAns tea c 4 39 Van On IS 6* lata b 43 The working party will face se- hundred US stocks will appear on .up 12 per cent); L652bn for func- C 33 91 Maw C 2 36 S 23 73 lam 3 37 S 12 54 Zdkt Si 34 vere time pressure, since the SIB the exchange's Topic screen in Lon- tional chemicals (up 22 per cent); 8 27 79 1 Cww tea* c II 52 wishes (uo S 59 has marie clear that it there don, while dealers in the US .will and L217Abu for other activities > CaaMm IS (m Marin £ 31 SB OuAqpMaitoqrfcam, s 4 38 Imtaca a 6 43 to be no delay in establishing new see on their screens prices of lead- 13.7 per cent). Turnover from the a* s 14 57 MaM s 6 43 group in- W* Ffl-ftB B-Bata s-s« market structures. ing 1UK stocks and of other interna- Bi-Invest has not been B ID 50 MJ* bfata *¥«* s 14 57 SF-Sfce Sn-Snar T-7hmftr * The stock exchange, in an at- tional shares traded in London. cluded for 1985. . , . ' ! ' .1, wnwin nuMiiHMRMr »iih— nwmma SECTION n - COMPANIES AND MARKETS King&Cod^ ftatoWMT* (WMqaoi I Chartered Surveyors Property Consultants TRACTOR—TRAaiB FINANCIALTIMES SYSTEMS RO-flO 01-4934933 FLATS - C0WTA1WBW Tuesday January 14 1986 *««k Leading US banks report sharp UK, France FRENCH GR0UP plans future after march poll !at reject Suez prepares for sell-off rise in year-end earnings EuroRoute BY DAVID MARSH M PARS BY WILLIAM HALL IN NEW YORK • COMPAGNIE flnandrieflnanctere de Suez, tion under study. They pointed out Banque Indosuez, with its inter- the French state-owned holding that Suez needs approval from the national operations and relatively J. P. MORGAN and Chase Manhat- earnings CPlIPIlIP by 255 per cent to S151m from 240 per cent to 3J.1 percent. unchanged at 3865bn. The compa- comoanv.company, is nreoarincpreparing a financialfinanpial Treasury to goeo ahead. A Suez board highhich profitability,nrofitahilitv. has already at- tan Bank, two of America’s leading and J-P. Morgan increased its However, one of the main factors ny says its performance reflected' operation which could pave the way meeting on January 20 is expected tracted at least six propositions mooey-centre banks, yesterday re- fourth-quarter net income for the superior By Andrew Hator, Transport by 34 performance in higher net interest earnings and j for the entry of private capital into to take a final decision on the affair. from would-be private invertors, ported higher fourth-quarter earn- per centto $187.5m. 1985 was a jump in foreign ex- "substantial increases" in virtually ConospwKfont, in London part of the group after general Banque Indosuez is considering from France and abroad, interested ings and sharply , 1 higher full-year Morgan add the increase in its change trading profits from all tee- elections in March. converting its titney 3295m based income categories pins BRITAIN and France appear to pajricipatifs in taking a stake. net income after substantially earnings "reflected increased to 31724m. net the benefit of a full year's earnings have ruled out the £5hn EuroRoute The Paris stock market has bees fTPs) into issues closer in character Banque Indosuez made its FFr 'boosting their loan-loss provisions. interest earnings and non-interest Morgan’s nek loan charge-offs from recent acquisitions. tunnel expecting a capital-raising exercise, to shares. Well-placed banking lbn (Si35.lm) issue of TPs in Febru- P. and bridge scheme as a con- J: Morgan, regarded as one of operating income." These gains possibly the sources Chase increased its provision for tender 'in the cross-Channel fixed- in form of a conversion said last night, that the op- ary 1084. The bank's management the most conservative banks.m the were, in part, offset by increases in fromSMJm . loan losses of outstanding equity-type eration was intended since from 3355m to S435m in link contest But they are still di- debtinto to provide a has conceded that certificaa US, increased its 1985 net income other - non-interest operating ex- nan-accrual Joans fell from an end- 1985. Net loan charge-offs rose from vided over which of the two remain- instruments, since trading of non- possible route to denationalisation. d ‘investissment non voting pref- by 315 per cent to $705.4m and its penses, provisian 1 tor possible credit Septembex figure of slightly more 3215m in 1984 to S320m in 1985. ing projects to choose. voting loan stock ftitres particip- The imminence of the March gen- erence shares winch are closer to earnings per share rose 28.7 per losses and income taxes. than Slbn to 3764m at the end of other atifs) issued the bank- eral elections, - Among US banks to report Yesterday’s meeting in London by group’s widely expected to equity would have been a more at- cent to S7.B1. During the 12-month group, wm‘«t * Hie operating December 1985. yesterday Irving Bank, parent of ing arm. Banque Indosuez, was bring in a government fo favour of tractive way of stocking up its period between Mr Nicholas Ridley, UK its return on average com- subsidiary of. which is Morgan Meanwhile, the group’s primary New York-based Irving Trust, suspended last Thursday. denationalisation, im« in- Transport Secretary, and Mr Jean already led capital resources. mon stockholders’ equity was boost- Guaranty Trust, other more than doubled capital ratio ires raised from 752 creased its 1985 net income by 185 Auroux, the French Transport Min- Officials at both the biding com- state-owned companies and The Suez holding group made an ed from 1558 per cent to 18J2 per its provision for loan-loss cent banks to reserves per to 746 per cent during the per cent to 3116m, or S6J4 a share. ister, pany and at Banque Indosuez yes- make discreet prepara- issue of about FFr 600m of CIs last -j will be followed by at least cent to 3335m in 1985 and in. th** fourth 12 j '’fCTi, wfll have a specific project to an-, Government to finance growth nmiTMS*. i The running now is between Colombia nationalises largest bank Pharma! PAUL BETTS IN TOKYO Tunnel Group, the Anglo- BY French consortium offering a twin- THE COLOMBIAN Government to the private sector are is - once they and nearly Government's main concern to PECHINEY, file . nationalised of FFr 35bn, cannot rely on cash titres participatifs to EdF. , bore ran tunnel, and Quhwm»i Ex- has nationalised the Banco de Col- bade on a firm footing. two thirds of the losses accumulat- protect savers while ensuring that French afomfoiuni »»»* metals flow alone to finunwi a continuing pressway, the rail and road t^nmd Pechiney's earnings for 1985 are ombia, the country’s biggest com- The Banco de Colombia and the ed by flie financial system. shareholders .and farmer adminis- grotto, is seeking FFr 200m (3255m) heavy investment programme. Mr group headed by the Sea Contain- expected to be significantly higher* mercial bank and three finance three, finance companies formed trators responsible far the wiyi do in capital grants this year from the Pftche said investments last year to- The head of the Grupo Gran Col- ers Group. than the profit of FFr 550m of 19M, companies “to preserve confidence part of the Grupo Gran Colomhiar flwl not benefit French Government, its sole share- talled about FFr 55bn and that did rwnhiann fWnmhia jri fhg and Mr Pftche said. Eamfag* fo the first in the financial France favours CTG. while Mr system*, write* Sar- no, an pire that began.to disinte- The institutions will i holder, to help finance em of and imBt then four receive the compa- not indude an additional FFr lbn 1983/ the Govern- Ridley is keen that f3mwn«»i half of last year totalled FFr 451m. ita Kendall in Bogota. grate more than two years ago as a mare than USSISOnx for immediate Ex- ny’s investment programme and to for a new long-term electricity con- ment has worked with the Banco de Although the weaker dollar pressway should not be ruled out, began The action follows fears over the result of what the Government al- fcaqitiifi«iion. part of which wifi be i reinforce its capital base. tract with Etectrfcite Colombia to tiy&ndfmd ways of re? de France affecting as it provides the road tick the US revenues in the second future at the Banco de Colombia af- leges to be bad raanaggniMit and . usefltojjay off central bank obliga- UK Mr Bernard Fache, Ftefafoey’s (EdP), the state electric utility. habilitating the bank without half of last year, re- Government wants to have in- Pechiney expects ter a big rundown of its capital and illegal practices. tion^ ifnecessary, there will be far- chairman, disclosed that the al- Mr Fache said investments 8ii« sorting to nationalisation. cluded in project the effects of the softer dollar to be reserves. Between them the four institu- ther support from the new central any to ensure a uminum group was considering year were expected to total slightly felt essentially competitive balance of travel on this year's However, the bank and the fi- tions represent about IS per cent of According to the Finance Minis- bank created specifically to meth- raising additional funds this year more than FFr 41m. In 1984, invest- figures. ods in a fixed link. nance companies will be sold bade aB the savings deposits managed by ter, Mr Hugo Palacios Mejia, file iioip tottering financial fartitutiooa through a new issue of certificate ments owMMitifad to FFY 5bn includ- But both the Government To help finance the FFr 4fan or French d'uwestusement This is (unvot- ing FFr 2ba for the first bug-term more fo new Investments this and rival consortia havequestioned ing equity which nationalised electricity supply contract with mar, costa of Ftehmey announced last month the the £255bn Channel Ex- groups fo France can issue to raise EdF. a pressway scheme, saying those FFY 500m Eurofranc bead issue. NCR lifts takes heavy Fauroux fresh money. Pechiney raised FFr To cover last year’s investments Chubb The company first have been seriously was also the underestimat- 800m in this way last year. of about FFr 55hn, Pechiney relied ed. French group to issue last month . Although Pechiney received sub- largely on cash flow for about FFr FFY 300m in so-called Neither Mr Ridley nor Mr Au- stantial financial aid from the 25bn. About FFr lbn came from Billets de earnings quits Tresorie, which are the equivalent charge in quarter roux would give any details of yes- French Government in 1982 after dMavestmente and opera- terday’s of certificates of deposit discussions. nattenaBsaflan, the company tions, another FFr 800m was raised t^iifal EuroRoute, already regarded as no grants from its share- through the non-voting equity issue But F&chiney feels it needs the 1 BY TERRY DOOSWORTHM NEW YORK St Gobain bv7%by 7% trailing the other two groups, has holder lastyear.TbisrefiectsPechi- and there was some renewed financial support of its CHUBB, the US property and casu- losses in this sector, apparently been ruled out of the ney's return to profitability and also indebtedness. state shareholder to help finance ih- Our Paris Staff By Our New Yoik Staff fairing said By retniTiig fa pfTt tep»ny of its ally insurance group, is a . Chubb font its new. policy , E5bn the -French Governments general The FFr lbn electriciiy contract vestments in what it regards as NCR, the computer group, yes- charge of SI735in. in the Jbhrfh .wffl makfenvaflable 3285m in excess MS ROGER FAUROUX, chairman Cost, although that would all be pri- budgetary restraint was covered a Pechiney issue -of strategic sectors for French indus- US j by terday reported a substantial in- quarter is ptirt of a plan? aimed at of its 1985 yefrend reserves $orits of Saint Gobam, the French state-! vately financed. Bat P&Shmdy, with »nTm»i wte non-voting loan stock - so-called try. /nodical- malpractice- class of busi- •ownedjriges, glass and engineering crease fo computer orders- during neutralising . fixture cbmns in its ^ the fourth quarter of last yeas, sug- medical ma»pr«riii* division. - : > ness. Cureeat-reserves amount to conglomerate, is steppnigpvfiSiSP^ gesting that the industry » recov- jCbedhasgpaEBOimtetotfaeooMeF artrmifi ffOSm ww>» tha rrfmpMny ftyv become bead of the Erote!Natfonafe ering strongly from the eerfier a hew reinsurance agreement tea- pects that- file total amount will ffAdministration, (ENA), the Gov- eh out with Sun Affiance and Lon- bring its ownlabilitiesfor claims to ernment's dvfl-ftervice school Net profits for the foILyearfefl to dnn Inwrance oftfaeUK Thi* wom, an cod within about three years, The move, expected to be fonnai- 3315.2m or S3J5 a share from! says Chubb, should gBmfaate the The effect (rffiie move on Chubb’s ly decided by the Ftench Cabinet on 33424m or 3350 a share, although need for any further strengthening earrings will be severe in the enr- January 22, marks the end of a 25- on an underlying basis the results of its medtoal malpractice reserves, rent year, with the charge reducing. year career at Saint Gobain for Mr would have shows an increase after The insurance company’s move il- fourth-quarter after-tax operating Fauroux. He is the only head of a taking into account a 3305m non- histories the problems censed in focofoe by 3257 per share. This is nationalised industrial group who recurring tax credit from 1984. the US industry recently by file ris- sfigbfiy more than fiie 3238 per was in place before the Socialist In the fourth quarter earnings ing cost osites- as a result of , lowed to choose his own successor. RHONE POULENC, the Preach na- carbon comp Capital, reserves and subordinated loans 205 405 0.7 nans Fininvest tionalised chemicals group, .is join* work on enpnes fbr France’s nn- ! Officials dose to Mr Fanroux^59, ing forces with Sod£te Europeenne deartipped baffistic ndssfies. said bis decision to leave had not (in millions) BFr BFr USS(*) By Alan Friedman in Milan state-con- stemmed from any overriding wish de Propulsion (SEP), the These materials are being used in rocket company, in & to depart from Saint Gobain, which MR ALDO ZANA, a senior aide to trolled engine other areas such as brakes for civfl he fai* chaired «an«y 1980. Operating profit 5,908.7 10,026.7 1835 Mr Silvio Berlusconi, the Italian project to produce high-perfor- and military aeroplanes. television magnate, has resigned af- mance composite materials for in- Mir Fauroux was due to leave to Depredation, provisions and taxes 4,703.- . 7,6995 140.7 The ceramic, materials, although ter what appears to .have been a dustrial applications. take the opportunity of filling the Netprofit 1,111.6 2,1652 39.6 ’ tonne way from the industrial pro- serious disagreement over the . The link-up, in art investment top job at ENA, which will fall va- duction stagey hare already found strategy and structure of Mr Ber- programme likely to.cost about-FFr cant when its present incumbent, f*)lUSS = BFr 54.705 lists in amtiepace fa areas like pri>: lusconi's Twretei* Fininvest hoMfag 1 100m ($135m) over several years, is Mr Susan Nora, readies retirement tection of engines and spacecraft. group. part of a bid by both companies to age of 65 next month. Officials said -vp.-ss 1 - Fininvest controls Mr Beriusco- secure a firm foothold in the ad- SEP and Rhdne Poulenc which Mr Fauroux!s decision to resign Activities and Results continued to expand nfs three successful television sta- vanced composite material sector in has recently set up a ceramics de- was not connected with general tions in Italy, his share in a new 1 tfae face of competition, particularly partment to. pool, expertise: incite 1 elections inMarch,which are cast- '* during the 1984-3985 Financial Year French commercial station and from Japan. speciality chemicals activities'- are ing shadows over the ut ; f ures of property,insurance,electronics and The project will be centred on hoping that ceramic straefares can some of the natforofisedrcempany | other subsidiaries. ceramic materials oh which SEP' be developed far more routine ajh ph&fmry»n . ' Internationa] Operations BBL is already present in the UJC. through resignation Tana has carried out research for several plications fo, fields like diesel en- The of Mr , who It is dear that Mr Fhnroux is hap- has already developed gines and turbines. our policy of in Asian- its London Branch. erf , years. SEP With expansion the was appointed' director-general py that his departure is not bring est c»wwmnii«itinmt and ex- I 1 Fininv linked to political motives. He wffl Pacific region/ we have spread our banking than three Eurobonds temal relations less ; be the Hirst important business fig- operations into Australia by establishing a months ago, follows talk is Milan i BBL is ranked ninth in the world amongst ure to take over the helm of ENA. merchant bank: BBC. Australia Ltd., with that the management structure at Isola to open £10m banks which have managed or co-managed the rapidly growing Fininvest re- officesin Melbourne and Sydney. Amongst tV--*.:!? Euro-issues and is worldleader for Euro- quires attention. the new bank's principal activities are Zana. like Mr Berlusconi, issues in ECU. Mr who, factory in Scotland cor^oYateBziance'and capital markets. has close ties to the Socialist Party Takeover of of Prime Minister Bettino Craxi, BY MARK MEREDITH M EDtNBURQH In addition,representatrve,offices were Shareholders' Equity and Dividend . worked previously far IBM and was Edet group ^opened in Hong Kong and Djakarta, As at 30th September 198i, the issued poached by Rninvest from his posi- ISOLA, part of the Wert -German Scotland (US), the organisation cwnplementing rive existing Singapore capital stood at BFr 6,600 million, and tion as group public affairs director Rutgers group, announced yaster^ which, combines .the industrial branch and Tokyo representation. by 30th September 1985 hadreached at Italtd, the state telpcotnmmrica- day that ir would set up a plant promotional aetbity of the Scottish completed . tions group. worth £10m (314.4m) in Scotland to and file grant hi the United Kingdom, BBLacquired a29.9% BFr 31,425 million. By Our NoftBe Correspondent produce speclalfoRd components for giving capacity of the Scottish participation in WiBiams de Broe Hill During the same period, consolidated the electronics industry. Office. SVENSKA Celhilosa (SCA) a lead- . Chaplin Co. Ltd., stockbrokers, in shareholders' equity and subordinated loans The factory, located at Comber* & Dr Tdlessen forecast strong cac- ing Swedish forest products group appoints nanld new town hortibeast of Glas- anticipation of file forthcoming deregulation increased from BFr 20.5 billion to Ericsson port devrippment to US and Com- has completed its takeover of Edet, gow, is to produce printed circuit ofthe London financial markets . This BFr 405 billion. monweahh mariiets from the Scot- a rival Swedish producer of fiiww rm board laminates. R plans to create | US chief tish plant w^dj- is due to come on and hygiene products in a deal holding wifl be increased to a majority stake For the 1984/85 financial year, die global 200 jobs owe. the next fire yiare. * sframn fee secesd quarter of worth SSr 185m (S245m), . >y j dividend the Swedish telecom- Most of the inward investment as soon as permitted under Stock Exchange was BFr 1,262.1 million, compared ERICSSON, 1087. The Cumbernauld factory wfll and electronics group, which has helped build up the elec- Edetis to he merged with fi» in- Tules. - to BFr 4753 million for 1980/81. munications develop epoxy or pdymnde glass- Peter Thomas tronics industry' in Scotland has dustrial products division of, has appointed Mr based laminates and sppciafeyfl in of the group's trou- come from and Japanese com- Miftniycke, fie SCA snbridiaiy chief executive US multi-layerdiieidt bbanls^ acquired in bled US operations, writes Kevin panies seeking a European base to M?5 1« . part Jc, , i V _iZ A, J - ' Financial Times Tuesday January 14 1986 INTL. COMPANIES ' i^5«u_e^vx«J* arid Marine These securities fun* been sold outside the United States ofAmerica andJapan. This announcement The Yhsada Fite appear* as a matter of record ordy. Volvo to close US (U.KJ, Limited Insurance Company are pleased to announce the renaming 1986, to of the Company, as of the 1st January, 20th bus assembly plant December, 1985 The Yksuda Fire and Marine Insurance Company of Europe Limited, BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT, with their increased IN LOTOON in keeping commitment to European and VOLVO of Sweden is to close per- ry had been Josing heavily but de- world insurance and reinsurance markets. manently its bus assembly plant at clined to give the exact sum. The Chesapeake, Virginia, later this factory has already delivered 120 Commensurate with this expanding role, year. It vrill stop selling buses in the city buses and has 144 stall to be de- has been Increased US after current orders are livered to New Jersey and Ottawa ftiid-up Capital j final fmm £57million to jOQ million and completed. by the quartered tins year, i The plant employ's 280 people and Volvo said city bus-demand in the Authorised Share Capital from of was set up in the autumn 1983. US had halved smca'1980, leading - jQO million to £15 million. Finnish Export Credit Ltd Volvo said yesterday it had begun to a 25 per cent M in prices. Cots negotiations with local unions in subsidies to public-transport au- Accordingly, existing non-marine about the closure. thorities by the Adminis- (Incorporated with limited EabXtyin Finland) agency agreements in the UK. hove for the Chesapeake facto- tration had made things worse. “We been terminated. ry have been supplied from Volvo can no longer compete on price factory at Boraas, without lowering quality - limited Bus’s near Goth- our and HwXwmU Fli* and Ntariiw Insnancc Company of Europe company pointed out that is not part of the Volvo poKcy," enburg. The cju nr- id oi.«!«4jn n-J«. Mttnww c r« that, since early 1984, about 26S a spokesman explained. - ' chassis had been exported to the The Swedish group continues to Japanese Yen 20,000,000,000 US plant, representing an annual retain a significant position in toe average of 90 or only about 5 per US truck industry through its sub- cent of Boreas’s totaLoutpuL . sidiary, Volvo. White, -with, four 834 per cent* Dual Currency Bonds 15195 Volvo said the Chesapeake facto- tmrlf-fl a fully integrated banking service Valmet set to take 75% Issue Price 101Vi per cent. stake in KMW division DAIWA BANK I BY OLU VIRTANEN IN HELSUKL . Head Office: Osaka, Japan - London Branch: Tel: (01) 623-0200 VALMET, the Finnish metal and KMW is part-ofthe Nordstjaraan Frankfurt Branch: Tel: 55 02 31 engineering g roup, plans to acquire Group which“sOught ways to reor- : (069) a majority in the paper machine di- ganxse the idling metal engineering Paris Representative Office: Td: (01) 4296 15 73 vision of the Swedish engineering «aih This announcement appears as a matter ofrecord only These securities have been sold outside the United States ofAmerica andJapan. This announcement appears as a mater ofrecord only. 20th December, 1985 African Development Bank Osterreichische Industrieverwaltungs- U.S $350,000,000 Aktiengesellschaft . —Subordinated Euronote Japanese Yen 22,000,000,000 Revolving Underwriting Facility with SVa per cent. Dual Currency Guaranteed Bonds due 1995 Continuous Tender Panel Irrevocably guaranteed by The Republic ofAustria Arrangers Dean Witter Capital Markets - international S.G.Warburg & Co. Ltd. Issue Price 10114 per cent. Managing Underwriters Amsterdam-Rotterdam Bank N.V- Sumitomo Trust International Ltd. Banco dLNapoli Banque Europeenne de Tokyo S.A. Credit Lyonnais Kamallis-Osake-Pankki Nomura International Limited Dai-Ichi Kangyo International limited Mitsubishi Trust & Banking - Mitsui Finance International Limited Koknsai Europe Limited Morgan Guaranty Ltd Corporation (Europe) S.A. The Nippon Credit Bank, Ltd. Sumitomo Finance International Algemene Bank Nederland N.V. Barclays Merchant Bank Limited Taiyo Kobe Finance Hongkong Limited Chno Trust Ada Limited Credit Commercial de France Banque Indosuez Creditanstait-Bankverein Daiwa Bank (Capital Management) Limited Banque Paribas Dacwa Bergen Bank Istituto Bancario San Europe Limited Dresdner Bank Aktiengeseflschaft Paolo di Torino Mitsui Trust Bank (Europe) JS*A. Saitama GenossenschaftlicheZentralbank . AG-Vlenna GirozentrafemriBai& to : Bank (Europe) S.A. Goldman Sachs International Corp. Merrm Lynch Capital Markets The Nikko Securities CTP Manager Co., (Europe) Ltd. Nippon Credit International (HK) Limited Orion Royal Dean Witter Capital Markets - International Bank Limited Osterretehische Lfinderbank -. and Salomon Brothers International Limited . - Sodete Gtntede . . S. G. Warburg 0c Co. Ltd. Sumitomo Trust International limited Swiss Bank Corporation International Limited Union Bank of Switzerland (Securities) limited Westdeutscbe Landesbank Girozentrale Yasuda Trust Europe limifpfl December 1985 D rV^’i'X-^g - . . tyr^yi financial Times -Tuesday January 14 1986 ThsOTnvMmmqppuBttajnwarfaeQ^afy Hsnuam-ms TimmnQunomnamaiypm*Mm*mt*/Bmiioitfi . Mown**- IMS mvtyni R.J. Reynolds Industries, Inc. The Hertz Corporation and US $400,000,00^'" Borrower's Option for Notes * * Hertz International, Ltd. and Underwritten Standby (BONUS) " Arrangedby: * - - ' ' - • US$150,000,000 BankAmerica Capital Markets Group Standby Facility and Placement Program Managed fay: Banca Nazionale del Lavoro f(tVi vj Group FMU«Mna »/f;w . » 'vi e^ Arrangedby: Barclays Bank PLC Credit Lyonnais First Interstate Capital Markets Limited The First National Bank of Chicago r .‘ The Fuji Bank, Limited ' iVi-T. : t.J?'^*SS&irityPa«^ficljmited . BankAmerica Capital Markets Group Swiss Bank Corporation AJgemene Bank Nederland N.V. Banca Commerciale itafiana Managed fcy: Bank of Montreal The Bank of Nova ScotiaGroup Banque Nationaie de Parts Banque Paribas Commerzbank AktiengeseUschaft • Deutsche BankAktiengeseUschaft Allied Irish Banks, p.I.c. Amstefdam-Rotterdam Bank N.V. • Ne*VbHt»»nen Banco di Roma Generale Bank The Long-Term Crecfit Bank of Japan, Limited BankAmerica Capital Markets Group MsurYMBimri Banque Nationaie de Paris Berliner Handels- und Frankfurter Mitsubishi Bank, Bank ! The Limited National Westminster Bank Group Canadian Imperial Bank Group Credit Suisse 1 MawHo* Brandi The Sumitomo Bank, Limited Westdeutsche Landesbank Girozentrate The Dai-fchi KsBigyo Bank, Limited DresdnerBankAG NfwforKBuncft Mow ttVGM CayranBrwctai The Fuji Bank, Limited Istituto Bancario San Paolo di Torino Tender Panel Members: Midland Bank pic NM-RttUstMadfrancO Swiss Bank Corporation Union Bank of Switzerland Algemene Bank Nederland N.V. Banca Commerciale Italiana UmdonBqnen Bank of America International Limited Bank of Montreal Tender PanelMembers: The Bank of Nova Scotia Banque Nationaie de Paris pLc. * Banque Paribas Capital Markets ...... CommerzbankAkbengeseUschaft udurify Bank limited Affied Irish Banks, pJ.c. Bank ofAmerica International Limited Deutsche Bank AktiengeseUschaft ***** ****** London Brancn Banque Nationaie de Paris p.I.c. CiBC Limited Dillon, Read Limited First Chicago Limited Credit Suisse Rrst Boston Limited Dai-Ichi Kangyo International Limited Fust Interstate-Capital Markets'ttmrted - EBC Amro Bank Limited Fuji international Rnance Limited Generate Bank SA/N.V LTC8 International Limited Merrill Lynch Merrill Lynch Capital Markets Midland Bank pic Capital Markets , „ Mitsubishi Rnance International Limited *+’. Morgan StanleyTmeffteiidriaP .1 . Salomon Brothers International limited Salomon Brothers International Limited Shearson Lehman Brothers International Security Pacific Limited Shearson Lehman Brothers International Swiss Bank Corporation International Limited Union Bank of Switzerland (Securities) Limited Su^fawoSwrad trfterriaBohzfi ** ?i*:- 0 Swiss BarUr Corporation International LkNted S.G. Warburg Co. Ltd. & " f Agent F^fyan&'Plac&ment.Agent ^ Issuing and PayingAgent ,• . 'i* International limited First Chicago Clearing Centre TtownunoamantappamsmMmaOifetTecordanty. Dumimms ^^Lockheed ^^CHRYSLER Lockheed Corporation YJK FINANCIAL CORPORATION , US$1,000,000,000 Bon-ovve^Option foFlSI&teE!^\ - and Underwritten Standby (BONUS)" Note Placement and Standby Facility. Arrangedby:. • Lead Managedby: BankAmerica Capital Markets Group : i " Managed by: {.»•*'*•* **“ BankAmerica Capital Markets Group Bank of America Capital Markets JheBank of Tokyo, Ltd. ' h- 1 ’ tisAngcttaAflMQr Link Manufacturers Hanover Limited Banque Indosuez Banque Nationaie de Paris Canadian Imperial Bank Group Lyonnais Orion Royal Bank Limited , Credit CmdftSUteB^-jrraffti ^ : \ Swiss Bank Corporation ^ Istituto Bancario di * San Paolo Torino .. * . The^LpnqjTpro Credit Bank of Japan, International Limited ^ limited ' " The Mitsubishi Bank, Limited Managedby: Australia and New Zealand Banking Group Limited BALL GROUP Banca Nazionale del Lavoro .. . . A Bank of Montreal Canadian Imperial Bank Group- Lot AnpMcsBnnd) . i:.% . t'-rS* ’ * ' ; , ' ' Continentai Illinois Capital Markets Group Barclays Bank PLC BertiherHirndeb^ und Frankfurter Bank Deutsche Bank AktiengeseHsdwf|i J - • * Banque Nationaie de Ffcris Banque Paribas Vi ?5 i*.: ‘;.v. Placement Group Members: BBL Bank Brussels Lambert Berliner Handels- und Frankfurter Bank New YOtfc Branch Australia and New Zealand BSnWng'P|felg$ryj 'V; C* ‘ ‘ " Jl " " ? T Chemical Bank International Group ; Credit Lyonnais Banca Nazionale del Lavoro Bankof Amenca International InWitaW limited Bank Limited First Interstate Capital Markets Limited EBC Amro . Bank of Montreal Bank ofTokyo International Limited Gulf K.S.C. • Istituto Bancario San Paolo di Torino - The Bank Banque Indosuez Banque Nationaie de Paris p.I.c. New -ftaHUmtad Branch Barclays Bank PLC > ; CtBCUmited'.-. • Morgan Guaranty Trust Company of New York National Westminster Bank Group Citicorp Investment Bank Limited County Bank Limited Credit Lyonnais Credit Suisse First Boston N M Rothschild & Sons Limited Toronto Dominion International Limited Limited Deutsche Bank AktiengeseUschaft Rrst Chicago Limited London Stanch »« First Interstate Capital Markets Limited Gofdrran Sachs International Corp. Swing LineAgent: Tender PanelAgent: Issuing andPayingAgent: IBJ International Limited Istituto Bancario San Paolo di Torino KredletoankN.V. v .j.- LTC8 International Umited^- : -.*= -r- , ^v-,2J" Manufacturers Hanover Trust Company Orion Royal Bank Limited Swiss Bank Corporation Mitsubishi Finance IritemafidnS Ljmfed Salomon Brothers Intematiwiiff Limited’ Swiss Bank Oorporatiq^lntematipnsd Limitedd S.G. Warburg & Co. Ud. v Westpac Banking Corporation • . ;». ~i‘ r** . FaefityAgent ^ Facility and PlacementAgent Issuing and P&yingAgent ?> f BankofAmerica l Limited internationa Rrst Chicago Clearing Centre '*. .".“s FsV i‘. •*: 1’ ri.-'.- 'r?: Ts VJ v t :• '• 4 r ••• j-- : 5 ) . \ ;.,l — - — Tuesday January 14 1986 24 Financial Times re. COMPANIES & finance New baa Thb announcement sppeanw a matter of record only. December 17,1985 More defaults threaten Singapore BY CHIUS SHBtWEU IN SINGAPORE be When the company was put into IS deepening worth of share purchase broking firm could soon CONCERN SB140m receivership at tee end of forced to turn to the “ lifeboat further in Singapore's financial commitments which he took the Singapore and last monte to November, community over the future of over from Pan-Electric at the fund arranged stock exchanges Copenhagen Handelsbank A/S firms Kuala Lumpur several local broking firms as a end of December. allow financially-troubled days So were closed for three result of prospective defaults on • A massive SglOOm of share to meet their obligations. (Aktieselskabet Kjobenhavns Handelsbank) Asian because of fears that this would SSeOOm (CSS28Sm) worth of purchase obligations which has fay only . -Associated trigger a chain of broker Copenhagen, Denmark forward share purchase commit- been discovered within Growth Securities, which has links with defaults. Pan-Electric, has . . ... ments. Industrial Holdings (GIH), the bote GIH and that, of It now transpires the Three developments in investment company which ceased trading. S$60m in outstanding forward particular are causing the hold a 3L6 per cent stake in The action taken by Ian contracts then admittedi to-be worries: Pan-Electric GIH is believed to Securities is presumed to be an DM 100,000,000 in existence, at least SEiOo Today's deadline for Mr Tan be in no position to honour attempt to draw attention to tee D worth lie with Pan-Electric and 3 Koon Swan, the Malaysian these commitments. seriousness of the problems still while some of the others 5 /»% Bearer Bonds of 1985/1992 entrepreneur and politician, The refusal of one Singapore facing local brokers and, for GIH to • potential—as in the produce an S$Sm cash Injection broking firm, Un Securities, to that matter, the banks which have the Securities case—to provote for Pan-Electric Industries, the take delivery Of StSJm of have financed their troublesome Lin attached subscribe for shares of and so beg ques- with Warrants to ailing International, forward share transactions. non-payment marine salvage, property shares in Sigma whole system. through which Some broken fed Lin’s move is tions about the and hotel concern now in the company Mr Singapore authorities receivership. Tan bolds a 22.6 per cent stake ill-conceived. The Copenhagen Handelsbank A/S forbidden forward trading Any Inability will Pan-Electric. contract, - existence of Pan- have to pay not in This The exchange reopened, involves neither Pan-Electric Electric’s forward deals came to since the only determine whether the allowed tee li ght tried and only last week - • company is put into liquidation nor GIH. Payment was due to when tee company Issue Price; 105 Court freezes ThB amwtjncefner* act Pakistan may float airline in US 4 asa water o* record erty Norte Broken BY MOHAMMED AFTA0 IN ISLAMABAD Hill holding PAKISTAN is considering a A flotation In the US has company to gain a Wall Street By Michael Thompson-Nod In US flotation for Pakistan Inter- been recommended by tee In- listing. But critics say that Sydney national Airlines (P1A), tee ternational Finance Corpora- there are hardly any other A PARCEL of shares worth national flag carrier. tion (IFC). the World Bank Pakistani companies large or A$65m (US$45m) in Australia’s A decision by the Govern- affiliate. well-enough known to Investors CPC International Inc. Norte Broken HQI Holdings ment, which holds 51 per cent The IFC and a number of abroad in order to secure a (NBH) has been temporarily of the airline’s equity, is ex- international banks would ex- quotation, and that the chances Englewood Cliffs, New Jersey, USA frozen by the Victoria Supreme pected within tee. next few tend- institutional support for for attracting, foreign capital Court pending further court weeks. Hie bulk of the remain- the flotation. The IFC believes beyond PIA are thus der is held by nationalised International action due on Thursday. that selling PIA shares would There are two denominations banks and financial The move follows attempts— institutions. bring the airline some useful of PIA equity. The Karachi unsuccessful to Government divest DM 200,000,000 6%% Bearer Bonds of 1986/2001 so far —by NBH The may foreign exchange, and addition- Stock .-Exchange is quoting tbe the shares, trace the owner of 8 to 9 per cent from its own ally would provide an indica- PRs 10 shares at PRs 13 and represent about 6J> per holding float these shares tion to foreign private Issue Price: 100% which and investors the PRs 5 shares at PRs 7. capital. . It is of Street. discussing that are - cent NBITs on Writ they welcome in Paki- Issued - - capital is some Ownership of the shares is proposal! with' stan. tee . Merrill PRs l^Sbn (11033m), valuing camouflaged behind a web of Lynch, the New York stock- If the proposal goes through a flotation in tee 8 to 9 per companies stretching nominee broker. PIA will be the first Pakistan cent range at about PRs 142m. from Sydney to Zurich, London, the Channel Islands, and the Cook Islands in the South DG BANK Dillon, Read Limited Pacific. PIA braced for harsher climate Deutsche Genossenschaftsbank The shares were purchased last week, prompting renewed PAKISTAN International Air- aircraft and crews, and to cut An excessive big speculation that NBH was about workforce lines is currently engaged in down inventories. continues to cause to become the subject of a concern. a four-pronged fight, and is try- The airline flies to 38 Inter- There are still 466 Citibank Genos8enschafUiche Kredletbank International Group takeover offer. employees to ing to come out of It with as national each The A$65m packet of NBH destinations, including aircraft—including the Aktiengesellschaft Zentralbank AG Vienna few bruises as possible. 11 in South Asia and nine small shares has been vested with tee the Far Fokker-F-27s,— It has to make major improve- East; 14 in the despite National Companies and Gulf and Middle pruning of the work- ments in all spheres of its four an force London & Continental Bankers Salomon Brofhers International Securities Commission in an East Africa, eight in from a peak of 23,550 in activity: raise operational Europe, and one in the US. It 1981 to 19,105 in Limited Limited attempt to flush out the mystery 1985. standards, cut excess staff, serves 29 Pakistani cities and owner. -The competition has also In- survive increasing international flew 3.75m passengers in 1984- said yesterday teat tee creased over the years with NBH competition, and counter the 1985. or nearly a quarter of a Swiss Volksbank Union Bank of Switzerland (Securities) baffled by the Gulf and Saudi Arabian air- company was slump in its Middle East traffic, million more than 1983-84. lines now taking their full Limited secrecy surrounding the new one of its most important areas share The passenger load factor im- of the Pakistan-Middle owner’s identity. of activity 4p the past East proved to 65.7 per cent from niaricet The capacity There was speculation last The process of shoring up of those week that tee buyer was 64.6 per cent in tee previous airlines has at the same AndeLsbanken Danebank Banca Commercials Itafiana Banca Manusardi & C. Banca Nazionale deTAgricoltura SpA PIA started in August 1981 time Equity, year. Hie revenue •tonne-kiio- mounted significantly. Industrial Mr Ron with the drastic martial law Brier-ley's aggressive Sydney- The Pakistan BankAmerica Capital Markets fur Gemeinwirtschalt order banning all trade unions, Government; Group Bank Bank Gutzwfller, Kurz, Bungener (Overseas) based investment group, but last year, AkMngomBschalt LttlWM which, along with poor manage- Mohammed Aftab in permitted its secrecy excessive is not ment; were held responsible for nationals for the first time in usually part of that company’s Islamabad examines more than two Bank Leu International- of tbe airline's problems. The decades to travel Bank Tokyo (Deutschland) Banque Bruxelles Lambert SA Banque Nationals de Paris REG. Bank tradecraft. Lumied AJowngraedschaH year 1984-85 has shown better attempts to improve by foreign airlines: The num- Under the court order, Bank ber of results, although some of the efficiency at the foreign airlines operat- of NSW nominees cannot sell ing to and from . financial gains will have to be Pakistan has Job. Berenberg. GossVcr & Co. Berliner Handels- und Frankfurter Bank Cazenove & Co. Commerzbank Credit du Nord national flag or transfer tee shares, receive interpreted with caution, given carrier increased from 22 in 1975 to dividends, or exercise voting the extremely poor performance 30 in 1985. rights. This is the first time DG BANK International DSL Bank First Chicago Grind lay Brandts Hessische of the previous years. metres (RTKs) flown rose to PIA sees "challenging times Landesbank that shares in any company SocuteAnonyme Douiacrie Stealings- und Landevenienbank Umtted - The airline has also begun 903.6m, up from 876.8 RTK in ahead.” it will be unrealistic — Girozentrale have been vested in the NCSC. to re-equip. Five Boeing 737-300 198384. Overall revenue load to expect its profitability to factor rose continue Industnebank von Japan (Deutschland) Bankhaus Hermann Lamps Landesbank Rheinland-Pfalz Merck. Flnck & Co. aircraft were acquired last year to 58.4 per cent to grow," says its AKhmoeacibctuKi Kommanoageseuacnaft - Girozentrale to fly on domestic and regional from 56.7 per cent in the pre- management The year 1984-85 Sumitomo to set v routes, and the airline now has vious year. time of “peak profit- Air Marshall Wadar ability5^?.. 0 Metzter seel Sohn & Co. Morgan Stanley International The Nikko Securities Co, (Deutschland) GmbH overseas fleet totalling 45 aircraft of Azkn, and with the recent up various types. PIA’s managing director, claims introduction of new aircraft seat utilisation of 66J5 per capacity, Orion Royal Bank Rabobank Nederland Trinkaus The aircraft in commercial cent the company’s fixed & Burkhardt KGaA Vereins- und Westbank in Lrnted AMJenotsetectwA financial units service (that Is, excluding train- comparison with less than 60 cost will rise appreciably, which per cent in tbe 1960s. could generate a - By Yoke ShJbata in Tokyo ing aircraft) include four new set of PIA saw its operating revenue problems. M. M. Warburg-Bnnckmann, Wirtz & Co. Yamaichi International (Deutschland) GmbH Boring 747 Jumbo jets, four It will, therefore, SUMITOMO CORPORATION is McDonnell Douglas DC-lO-SOs, rise to PRs 10.19bn ($637.6m) In have to show more imagination to set up financial services sub- 198485, from seven Airbus A-30O-B4s, five PRs 9.29bn in and be competitive. sidiaries in London, Panama 1983-84. Boeing 707s for passengers and its operating expenses Air Marshal Azim is enthu- and the Cayman Islands, the rose to PRs 9.32bn from as i< owever two for cargo, three PRs ' about tee new operations to be more ? J 7.A first such 8.58bn. . The operating deal Boeing 720Bs, five Boeing 737- surplus PIA has completed with launched by a Japanese trading rose to PRs Basing; 300s, nine Fokker F-27s and 868m from PRs which supplied five house. 711m and net wprth Increased B-737 two Twin Otters. 300 aircraft to Pakistan The three wholly-owned sub- to PRs 4.61bn from PRs 3.791m. last year. PIA has decided to swap Its A special arrangement sidiaries will have a combined The higher profit has with four DC-lO-SOs for three Boeing been Boeing provides that Paki- paid-up capital of more than achieved in spite of declining stan will Pacific Air- offset 20 per cent of 3180m, and are scheduled to 747s from Canadiin traffic on various international “e of purchase of the air- start in ApriL lines, and also to acquire an routes, especially Saudi Arabia craft by fabricating certain The Cayman subsidiary plans Airbus A-SOQ. The .swap, white and the Gulf, where air* some 2.5m craft parts under licence. to raise capital through started in December, will be Pakistani workers were em- The airline has improved and privately and publicly offered completed by October. ployed following the oil boom. expanded its bonds, proceeds from white will The company decided it PIA faced a engineering continuing department, and is ultimately be invested in the needed to reduce from three decline growth now able to In in the Gulf cany out a complete public and corporate bond to two tee number of types of market for the overhaul third year, and of Boeing 747s—Check “D” markets in Europe. widebodied aircraft in service, there was a reduced growth for “H*uig it self-sufficient in en- Assets are expected to reate in order to Improve efficiency, the second consecutive year in Riseering services and mainte- £200m in the first year. to achieve better utilisation of the Saudi Arabia market nance. THEMORTGAGEBANK ANDFINANCIAL ADMINISTRATION AGENCY OF THE THE BESTWAYTO RUN A KINGDOMOFDENMARK COMPANY FLEET £50,600,000 Guaranteed Floating IN TODAY’S FINANOALTIIVIES. Rate Notes Doe 1994 Series 91 4 IlnruMiflrtmMly and consumingaB your time. Thesimpte answer is to use Reet Management 1HE KINGDOM OFDENMARK designed system to handte anythingfrom leasing and contract hire to a complete. — management service, youH be counting toe b mshAocc mk tbe tens rod csoAub. flf Ibc Ncrtet, mice fa hereby pa that br- ibe three flrtaAi b»cjwj period tarn Mi — ~ or “iPhone Mr Ford 7»w1 1MS tbe Nates «H any* ran of on (0743) 24112L HWiBt ot DM6 per anoeOL Tbe irina fattens Prfiacm Dan «S be Mi Apr* Services 2966. Ibc Coepoa Amom per 0.000 «a Ud be £161-82 payable againa Surrender ct CnpxNa;9 Hamfaros BateUnited Agent Bank 1 , Vf^ 1£ : .- - a^J-.' >•- i» . > . i-fc ^ g wr s Financial Times Tuesday January 14 1986 25 This announcement appears as s marter of record-only, .’ . This announcement appears as a matter of record only. NEW ISSUE July 1985 NF-W ISSUE September 19, 1985 $100,000,000 The Sumitomo Bank, Ltd. $ 100 , 000,000 Chicago Branch Student Loan Marketing Baltimore Gas and Electric $50,000,000 Association Company Collared Floating Rats Certificates of Deposit Floating Rate Notes' Due 1995 Due August 15, 1990 Floating Rate Notes, Series E T-Bill Indexed Due September 12, 1995 We served as financial advisor and sole underwriter The undersigned acred as sole underwriter of this issue of The undersigned acted as sole underwriter of rhis issue of in connection with- this issue. Treasury Bill Indexed Collared Floating Rare Notes. Treasury Bill Indexed Collared Floating Race Notes. PaineWebber PaineWebber PaineWebber Incorporated Incorporated Incorporated August, 1985 This Announcement appears as a matter of record only; NEW ISSUE September 26, 4985 $100,000,000 Student Loan Marketing Association about putting a"COLLAR” : • ' - ; ' - - - . t Floating Rate Notes, Series F Due October 3, 1989 around your interest rate risk? The undersigned acted as sole underwriter of rhis issue of Treasury Bill Indexed Collared Floating Rate Notes. These issuers have. PaineWebber Incorporated ' r 1 Y: ~ 'ThiJ anooii^wht^appoire a? a matter of recordor3y, nT . ‘'“This arihduhi^imeTit Appears ai a matter of record only. , - • > vi j, . --T-'-r' . - ... - . C- — jiiS '.iiC. i : " : '' :t.:- * • < _ :NEW ISSUE .:•* k November 8 1985 ISSUE : . , , NEW VS&Z f ... j'.-: '.tv i r -.v; ±1 atwY w si*| j !?a? The Mitsubishi Bank, Ltd. $100,000,000 $100,001,000 New York Branch Baltimore Gas and Electric CITICORPO $25,000,000 Company Collared Floating Rate Certificates of Deposit *\ Floating Rate Subordinated Notes Floating Rate Notes Due 1995 " j; pue November 15, 1992 Due November 20, 1990 Series II Libor Indexed *,*?• “ ’ this issue We served as financial advisor and sole underwriter " , : Theundersigned acted as sole manager of of • The undersigned acted as sole underwriter of this issue of. . s '.’Treasury Bill Indexed Collared Floating Rate Notes. in connection with this issue. Treasury Bill Indexed Collared Floating Rate Notes. r PaineWebber PaineWebber PaineWebber Incorporated Incorporated Incorporated November, 1985 This announcement appears as a matter of record only. NEW ISSUE December 12, SOCIETE GENERALE 1985 Banca Nazionale de Lavoro New York Branch $50,000,000 New York Branch . $50,000,000 CALIFORNIA FEDERAL SAVINGS AND LOAN ASSOCIATION $25,000,000 Collared Floating Rate Certificates Collared Floating Rate Certificates of Deposit Collared Floating Rate ' ' " •* Mortgage-Backed Notes, Series of Deposit ^ Due November 20, 1990 A Due December 15, 1988 Due November 20, 199Q . \ . Libor Indexed * Libor Indexed . JZ. We served as financial advisor and sole underwriter financial advisor and sole underwriter We served as iin connection with rhis" issue. The undersigned acted as sole manager of this issue. in connection with this issue. ir PaineWebber PaineWebber •* : 4 r Incorporated -fir Incorporated Incorporated November,; 1985 November, 1985 ? • _ Contact . Ludovico del Ralzo, Managing Director ^ 1 Finsbury Avenue, London EC2M 2PA Telephone: 377-0055 T!" ''TNew York • Athens • Geneva • Hong Kong • Paris • Tokyo • Zurich w J- W 1 S “ «« 26 Financial Times Tuesday January 14 1986 INTERNATIONAL COMPANIES and FINANCE Bond warrant deal for Nordic Ecu 350m Peter Montagnon on a discounting game for experts BY MAGGIE URRY bank the floater fiUBuwioReubodollar bond employ the “money back" warrants, a Y20bn deal from quiet trading. Floaters are still Repackaging country debt tfie mvestore at alSSaSS under a cloud. market. Following levels rising from machjnery company, No new issues by EEC Friday’s fall 820 in the first led by were seen year to $51 at and some bankers NEVER SLOW to miss out on or to adjust the relative weight body expects will be respected. tne market opened a point or J^maichi International maturity. ' that borrowers an opportunity - so lower in Europe (Europe). The five-year u?™ are of making in their portfolios of private No one can today predict when and fared bonds waiting for swaps for money, no better when Some traders regarded the have an indicated to be Greece US investment banks and public sector credits. Latin American loans will be re- the New York 8 per cent arranged. have begun market deal as too complex, coupon to eye the discounts The result is often a deal paid and thus a repackaged opened in the after- though and par Issue price. By. Paul Cheeseright in BtwMls demand The Swiss franc foreign available in fte noon.. appeared for the war- Fees totalled per bond secondary involving as many as six or security would inevitably take 2* cent. The market remains *. rants which were trading issue ~a haven**“'*•• of THE market for rescheduled develop- eight different flavour Twt. . , above was Quoted above pax. w EUROPEAN Community slices of debt. on some of the of a per- outimism urfii,—j p ,*(! *“ Thebrad is to issue ing country debt. hS&%S££ 2™? ^ ^ Ecu 850m of floating- Though shearson Lehman petual obligation, rate bonds in the first stage of While the more exotic loans Brothers indicates some prices, Mr Jay Newman of Shearson BI an operation to provide from countries as the table shows, the range is Lehman says that a for SSSaSLt^JS *£***+ - ?xpected o£ ^A Ste®3"L2number Greece such as Nicar- yield high SJttStt* the attractive ^ of new 5» with Ecu l.75bn over the next agua are trading very broad. No one has yet got enough to take this into — account with bond warrants. swap opportuni- down to as The host appeared. Aslan year for bonds have a A second ties they offer. However, many Development the financing of its low as 10 per cent of their face round to posting viable prices would imply a discount far 10-year life and $300m floater was Bank launched a 30-year deteriorating a taimched non-Japanese houses have zero- balance of pay- value, even those of the better on a Reuters screen. greater than banks can afford. W H Wr «®t coupon with for Woodside Finan- taken coupon issue, led ments. little interest by SBC, with rated countries are still That is in any case something “Most banks don't have enough a 100* issue price. This bond cial Services, which will go in these bonds, saying yield of 5* per Negotiations to raise offer at a that most major lending banks can be called from towards financing the that they have no f" a discount of~ 20 per reserves to sell outright for cash the sixth com- J^Pected further Ecu taking cent year at rising pany’s demand for them and proceeds 525m are , or more from par. and therefore take a loss.** prices, starting at . North West Shelf expecting ara SFr them 100m with an jspY CredttlSoSiiS balance of payments cial justification. On the other bond issue yet made a yield overall increase in the purposes american Finance Corporation, proved such deals of; 10.35 per cent andttie Cause des entailed no hand there is no getting away in France. offering has allowed Depots et —in 1983, when the funds were which deals in the loss of The second tranche, the assets in value. from the fact that The Treasury has been with a Treasury to bring raised in five distinct opera- [’partnership Its existence able in another with Singer and On the other hand also to profit tions. many exposes the size of the dis- from Friedlander of London. European, Middle Eastern and The difference between the Deals counts to the public gaze. are arranged on an ad Latin American banks do not With French and Greek cases, how- hoc basis. even the best rated Sometimes multina- mind swapping debt The pro- debts ever, arises from the fact that tional corporations changing hands at only with invest- cess can allow the true level just over 8PiS Greece is being subjected to ments to SO per cent of their make in wmm Latin America of the discounts to be obscured. much more stringent conditions are involved face value, there seems little as . buyers.»--- Occa- Moreover, . . — — the difference ni HK Land cancels as a price for the financing. immuumeautieediate prospect of banks facility EEC Finance Ministers last ** Lisbon i BY refi « 1 1 rw DAVID DODWELL IN HONG KONG 68 November agreed that' the BY___PETER $40©m MONTAGNON, EUROMARKETS CORRESPONDENT Community would • raise - *5?fiFS apsMe 100 “nte “ Ecu L75bn to help Greece, The £S rJT-JX MSS EGr ggSkiZyg SMCSMBM ^ « - funds, they decided, would be provided in swjsuwa ^ssast two equal ' instal- ments, the second following ssasRSfl PT.JSS - is within agent on the^ — one year of the first dollar iicoiSa-T a— exercise to reduce the portion of interest repayments amounting cost of tiie loan while though not before January 1 fuJwe borrowing requirements its foreign borrowin Lloyds Merchant FT INTERNATIONAL BOND to more than HKSlbn. g Bank is 1987. SERVICE The cancellation New margins agent far the of the Yesterday, Mr David of * per cent tranche. The second Instalment will eight-year facility, Davies. for one year rising US DOLLAR which was Hongkong Land’s managing to } per Last November be made available to Greece Change on arranged early in th neXt fiVe Portugal suc- STRAIGHTS Issued Bid Offer day week Yield 1983. comes director, yeara ara only after the OTHER STRAIGHTS Issued Bid Offer said debts are |^ x. cessfully launched European Com- Anew 10* 92 daesnefc vhu just a month after the how proposed far the its first ...... 100 unvioa -iv “OV io.oo Banrtay. Au. 12V 90 AS cancel- not expected credit in mission and the EEC Monetaiy Anwx Credit SO 90V «V SlV^OV lation to rise beyond when 10V SO ... 100 103V 103V -IV -IV 9-81 Creditanstalt 90 £» of a HK$2Jibn starchy question which is divided itrene- Allan. 12V AS ®v *®V 0 -04 HK*m,VTTn XJVl1984 into gooated the Committee have examined the Richfield 10V OO 250 98V 98V -IV -2V 1044 PepsiCo C. R. 13 90 14.17 lorn, and ' 9* group tiro terms of AS SC UTSS.a measure pfrfflSthe , tranches of 307 two Australia Com. 11 95. „ 200 106V 108V -IV —3V 9 89 Swed. -3412*9 , had returned to $ m and credits progress of the economic Ex. Cr. 13 88 AS 4C groups steady profit, record- Ecu totalling 10.16 recovery from ing 120m respectively. $650m recovery 107V 108V -IV -2V Amax 104 90 CS 60 a net surplus of HK$354m. ranged at the height programme now taking -OV -1 9.75 the collapse in 1982 of the _The terms incorporate of its gtaftsi":* 105V 108V Can ad. Pac. 10V 90 CS 75 local As a result of a sub- financial shape in Athens. s 104V 104V -IV -IV 9-75 MOV -OV —1 10J8 property the cancel- crisis in 1983. The CIBC 10V 90 CS !Z 76 +01 market, which took lation In the cost of the This is aimed SHSr“„tn& 107V -OV -IV 9.22 W » “’V to.ro of margin at cutting 107V Oeastar fin. the two stand-by dealJWS..®?* over US prime rate in- a: 11V 96 CS 75 HongKong Land to the which originally carried on flation, Canadian Pac. TOV «5? 104V 105V “OV -1 9.73 Montreal edge of loans, properties a these deals reducing the public M 11V 95 CS ... 78 bankruptcy. valued at margin was dropped and Canadian Pac. 109V 110V -1 11.04 Seam more of } per cent for the a sector borrowing 1ZV »9 -OV Aec. 10V 92 CS 75 than HK$l2bn have requirement Caw 91 102 -IV 9.59 SSJSf-JSrSSI! At their nadir in been first three ” * ** 10V rj’ 102V “IV Winnipag C. TOV 90 CS 60 1983, H°°g- fa* uSo?”*!? and curtailing domestic credit u ^ -OV -OV 10.05 SZSTtgS mortgage. cent for the « « s 104V 104V Chrysler P. F. 17 90 NS 85 nextfour, but S£e expansion. r.- - • §ffi?,o S 101V 101V +OV -IV 9-34 KOP 18V 91 NS a’Sr^lJSi^s fed ^"SoduSP”* C«coi»'iov 95""'"— fio The raising of through 25 ; '100V 100V -IV -IV 1CL51 Kredtbki Lux. 17 8» NS -TO c*«» coia in 10.02 tiie si W7 107V -OV -IV Beyer Vrea. 8V 88 Ecu 80 Community is vital far the, Cwinwr* Kadra. 104 1044 9.65 •WOVTOTV -OV —04 7*5 1TV JW 25 ' -IV -2V Chrysler F. C. 9 92 Ecu 75 Greek Government as a - w«anf 9-88 ^ s.« dSUS ^m- lSS -SS 105V 10SV -IV -2V Xerox. .Can. SV 90 Ecu, 40- 22 sS+R-r of raising; ' -1 -2 9-94 Honda its wilting aedttl 8 1fl* 92 300 106V 107V WW *V 80 if.? TOO 1 bSfioV — 100 1004 -IV —2V 934 Honda 125 -2* -OV 2,47 standing in 'the face of plansans to I eec 225 XW 34 90 R ^ MO 2& sv 9 Rnandal Times Tuesday January 14 1986 “try . 199.?, 168,000 $32,625,000 1985 test) 1985 (FF26UXXW00) Circulation Advertising up by 14,500 up by 45% in two years. if i two years. ? k .. “•> J 4 C 1984 * ' . S 24353,000 •• : » (FFaftQOftOOQ) J> - .. .w— t. • w— . Si. •' k . l.-*l . "'-r ?» . 1985 155371 . “ 1 ' ». . .I 1 7 Vtfi • .v. ny * k:..#.-’ * ». V * » V. * “ • * ' •i *:• u • fo the face of increased competition from This comes at a time when advertising both new and established publications, the investment in international media has shown only International Herald Maine canreport all-time modest growth Rome Report figures forthe firstnine highs in key indicators of a newspaper’s health: record months 1984/85 show an overall increase of 8% : circulation advertising. A and in the Atlantic area and 11% in the Pacific. Thus, Circulation continued to grow at an relative to competing publications, the HTTs 1985 unprecedented rale, and, for the foil year 1985, performance is particularly satisfying. reached 168,000. Ibis represents an increase of29% New Research In 1985. Research Services during the five-year period 1981-85. Limited, London, undertook a major study of the Circulation gains have been both steady and business responsilnlitiesy lifestyle and reading evenly distributed between our European and Asian habits of frequent international business travelers, editions. In Europe, recent growth has been a group that is of prime importance, not only to particularly significant: since eariy 1983, when the marketers of travel-related products and services, W&H Street Journal Europe entered the market, the but also to any company interested in reaching the IHT has added 15300 copes, to reach a European truly international senior business executive. The circulation of 128300. full report of this survey is available from any IHT Advertising Revenue grew to 32,625,000 in IHT office. $ 1985 - a 34% increase over 1984. Tbtal advertising Automotive + 98 columns Miami vrirttine. by satellite from Paris will start space was up 1121 cofomns or 14%, with growth Consumer products + 152 columns February 24, to permit distribution of the being shown in all major classifications, especially Tfcavd + 233 columns International HerakiTHbune in Latin America and highly visible 4-color, the Caribbean. in theTHTs which was up _Rnanrial 4- 114 columns ItWill also mean improved availability by 68%. Crapcrate/Industiial + 270 columns in major marketing and financial centers in the Results for the IHT Pacific edition (advertising Tbbacco/Beverages + 149 columns United States. This will be the eighth IHT facsimile appearing in the Kong and Singapore press printing ate. 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The global newspaper Bringing fee woritTs most important news to the worid’s most important audience. 4 i- . , January 14 1986 ffm&ncial Times Tuesday UK COMPANY NEWS disposals No sense lisa Wood on Cadbury Schweppes proposed £82.5m MAI in £36m agreed in GEC tonic bid says Time for a slim-line bid for Wagon Finance w*sk-?*X* S* TBS SUGGESTION that r Cadbury Schweppes has beep rXL*- .*.-\ i-v-i BY DAVID LASCEUJFS, BANKING CORRESPONDENT Plessey slaw to grasp the corporate nettle and dispose earlier of MAI, the broking and media increase in money costs, its proportion of which came from By Charles hkhdor businesses such as its food group, formerly known as results after interest and tax the US, where MAI is a broker and beverages division angers Mr 9c Allen International, la making are expected to show little in the bond money markets. Plessey yesterday unveiled the Dominic Cadbury, the group’s an agreed £35.5m bid for Wagon change from die previous year, Chopping, execu- details Mr Joseph of its defence against the chief Finance Corporation, it earned pre-tax. executive. the when £3.4m tive {fruHrman of Wagon, said £L2bn hostile takeover bid from Sheffield-based instalment credit The group has also written a the merger would strengthen General Electric; arguing that a The division is expected to be finance company. record level of new business, the company's sources of fund- company committed, like sold shortly in an £82J5m The acquisition reflects MATs which is incurring finance costs, ing and capital and “open up Plessey. to high technology management buyout. its desire to strengthen position but should benefit the . group in a neater pattern of growth.” would be destroyed If it were *We are net stodgy. We are in the personal financial services future yearn. absorbed by “a finance-driven Mr Clive Hollidc, managin professional and thorough,” said market MAI said it was confident that g conglomerate ” such as GEC. director of MAX, aahl there was Mr Cadbury who took on the job The terms are five ordinary title dilution of its earnings per “ to In a 80-page document sent to of chief executive in 1984 after PW shares for every 12 a tremendous opportunity of MAI share would be insignificant; shareholders Plessey said that on being managing director of the Wagon shares, equivalent to sell credit products to our 150p and that the benefits of the the grounds of financial perform- group’s UK confectionery * per share. Full acceptance will important. customer base" in the Insurance merger would be ance. industrial logic and business. involve die issue of 8.9m new business. MAI would be invest- .MAX' said it had identified management style the GEC bid 1 MAI shares. shares closed ing new capital in Wagon, but “We made It dear a year ago, MAI instalment credit as " a key area did not make sense. last night at 345p, down 15p, the business would be developed in our annual report, what our in the development of the per- while Wagon Closed at ISSp, at a sensible pace. Wagon will In contrast to tire restrained objectives were—to concentrate financial iffSr > -w sonal services market,” retain tts trading name and tone of the GEC offer document on our mainstream businesses— f ?*%• after hitting 143p earlier in the •- *- which it wants to develop. s&J , : m day. separate identity. Plessey took a forceful line, dis- and we have acted promptly to The MAI group already owns MAI is a major player in the Ur Chopping will Joint MATs missing the bid as derisory and affect that strategy.” GEC's claims as (insupportable. 9.7 per cent of Wagon Finance, international money and securi- board until Ms retirement at the There were some In the City j*-* and Hambros, its merchant ties broking market It also has end of this year when be will be The assertion that a GEC take- yesterday who would dispute the bankers, another 3-9 per cent an extensive UK insurance brok- succeeded by Mr Joseph Skelton. over of Plessey would enhance speed of action at Cadbury, Cadbttry,. chief Sdiweppea. and scone of the group* products Wagon Finance will be making ing network through which it is Mr HoUick, Mr Nlcfaofaw Cosh, Britain's prospects In telecom- Britain's biggest confectionery executive of Cadbury earmarked disposal a preliminary announcement on getting into personal financial a director of MAI and Mr John munications and electronics was manufacturer and second largest for its 1985 results with the formal services. Bowiner, chief executive of ill-founded and based - on logic flaxy drinks producer. offer document These will show In the year to June 30 1985, MATs personal financial services that was misinformed, Plessey offering food brokers Of even greater concern were grocery and foods business and 50 per cent of the group’s pre- Schweppes profits -the trading earned £37.4m pre-tax, an division, will Join Wagon’s added. incentives to stock record at MAI problems in North America Jeyes have been the cause of a tax profits came, from the considerable level, but owing to the sharp increase of 3ft per cent, a large board. products. Sir John dark, Plessey chair- where the group revealed yester- great deal of management Typhoo tea brand which, its confectionery “ result was a serious over- man, said: If you want to see day that it will make a loss In attention and we have had to according to City analysts, has The of products in a market this as a passionate plea lor . our 1985 compared with a contribu- put a lot of time and effort found it difficult to make a stocking increased consumer independence, it os.” tion of £37m to total group pre- into them.” successful transition from the with little Weinstoek, • Lord GEC manag- tax profits of fUta In 1884. Coupled with this was the loose packet market to the demand. . , “ sales Burnett rescue agreed jngng director commented: 1 group’s strategy to concentrate growing rtea-bag market despite Production was cut. Anger as “The group appears to have announced have seen the document and 1 taken a long time to get to grips on brands with international a succession of marketing dropped and Cadbury don't recognise in it the Plessey for the first half BY MARTIN DICKSON with problems in the US but they potential such as its Wispa bars enderours. a loss of £L8m loved for 30 I have known and were not ones that could be and its Schweppes soft drinks. Mr David -Lang, of stock- of 1985. Sheffield questioning Mr Tom borrowings, of which were years.” SHAREHOLDERS . yesterday £83m solved overnight,” said Mr “We could not see the inter- brokers Henderson Crostfewaite, Mr Cadbury said that in 1985 approved Carlile, who recently replaced off balance sheet, though Plessey attacked GEC’s fin- a financial rescue Julian Lakln, of stockbrokers national opportunity for our said: “Typhoo is the number a major restructuring of the US Eric Grayson as chairman as disclosed as contingent liabili- ancial package for Burnett & Hallam- Mr performance, comparing Scrimgeor, Kemp-Gee. food and beverages brands three or four brand in the business was carried out and it shire, the coal and property part of the rescue package. ties. I an Increase of 116 per cent in its “The City’s view also is that which are mainly domestic grocery : market, which is was “ very expensive.” We have group, but not before bitterly The meeting strongly sup- One shareholder demanded to own operating profit since 1879- Cadbury Schweppes in the UK brands.” said Mr Cadbury. polarising around own label and turned that business r/bund attacking its past management ported Mr Carlile, but Share- know whether the firm would 1980 with a 53 per cent rise at should have done something Be pointed out that the dis- the major brand leaders such as now and 1986 will bring the and questioning the repotting of holders roundly condemned now like to have second GEC. Plessey*s pretax profits about the health and hygiene posal of the bevy of brand Brooke Bond, now owned by results. Grant Thornton, its outgoing what one described as the “in- thoughts about the figures for rose at compound annual rate •* a division in particular some time names in the food and drinks Unilever."TT»n_i«» auditors. compeymce " of previous boards creditors given in the balance of 22 per cent against Plessey*8 “Fart of this reorganisation ago. Perhaps the problems of the division—in a market- where Jams, he said, had fared The rescue package, which which had led the company to sheet, and would wish to qualify 12 cent; it said. includes going direct to the per beverage and food division were strong brands have been strong similarly—Cadbury owning the took nine months to negotiate “this absolute shambles.” the accounts. Plessey reviewed GECs recent consumer, rather than through month Burnett disclosed not so pressing.” takeover targets—was hot an Olivers Hartley brand—with a with a group of 15 creditor Last A representative of Grant acquisitions including Avexya. dampening food brokers, and streamlining The proposed management admission of- defeat . have fierce price war banks, involves the coaversion rationalisation and write-off Thornton said there bad the weighing machine group, “Ton several divisions into two.” buy-out of the food and to set priorities and stick to profit margins. of £8Sm of debt to equity and costs In the year to March 1985 obviously been “ significant bought in 1978, and Picker Cor- beverages division, with such them” he said. - “ The strength of Cadbury There are still those who are could reduce existing share- of £110m. eliminating share- circumstances " during 1985, poration, the US tdRh technology well-known brand names as Certainly tire division has Schweppes,” sceptical such optimism, holders* equity interests to holders* funds and producing a which had been fully disclosed group acquired in 1981, and con- arid Mr Lang, "is of Typhoo tea and Kenco coffee, underperformed compared with their confectionery soft pointing out that Cadbury has between IS and 24 per cent of SAJtm deficit of net assets. in a note to the accounts, and cluded GEC had failed to achieve and coupled with last month’s dis- the rest of the group with drinks businesses and low yield- more deep-seated problems i-* the totaL However, the board Shareholders Questioned the the comparative figures for most of its objectives. posal of the loss-making health operating profits falling from a ing divisions such as food and the where companies sura had made it clear that the only role of Grant Thornton (for- 1984 had not been altered. Plessey said it bad sufficient US and hygiene business, with its record flOJhn in 1989 alternative was receivership. merly Thornton Baker! in pro- sates, volume and funds t: to S9JSm beverages were dissipating their as Hershey Foods Corporation Grant Thornton yesterday Jeyea brands, will, according to In 1984. Some 200 shareholders spent ducing unqualified accounts for develop the technologies needed For 1988 they are strength. This was a problem and Mars take a giant slice of stepped down as auditors, to be Mr Cadbury, give management expected more than an hour at an extra- 1B84. At the balance sheet date for the future. Including spend- to have been even given What is happening in the the confectionery market and replaced by Price Waterhouse, that singleness of purpose ordinary general meeting in then, the company had £154m of ing on System- the puVic lower. “The business requires US.” outgun Cadbury's US distri- which has carried out a review X needed for the group’s confec- single-minded concentration,’’ inrpor- company, switching system it manufac- The problems in die bution production of the company's operations tioner and soft drinks actfvtles. said tures Jointly with GEC, without Mr Cadbury. tautmt North American market Peter Paul Cadbury, in market- for the creditor banks. “In the UK," GECs help. he said, "the It is understood that some erupted in 3984 with Cadbury ing spend. Asked whether the banks GECs shareholders yesterday DIVIDENDS ANNOUNCED might consider legal action overwhelmingly approved their Dale against Grant Thornton, Corre- Total Total Mr company’s bid plans at an extra- Current ct spending for last Carlile said that 12 they elected ordinary meeting. However. Mr to payment payment div. year year do sot that would be their James Prior, chairman, wax . Lift Jan 20 Nil nh decision. questioned on the likelihood of Scott’s Bicrndene Invest . 1.4| _ 0.35 1.4 025 Restaurant buys Connaught Rooms Mr Nigel Swfffen. chairman a takeover leading to Job losses . 12 27 Feb _ _ of Burnett from 1978 to 1980 and the need for a share Issue . 2.1 March 13 2 BY MICHAEL CA55ELI, PROPERTY CORRESPONDENT 19 23 and still a shareholder, said It to fund the deal when GEC tad . 0.75 March 7 0,67 25t looked as if the company had recently been buying in its own OWNERSHIP of the Connaught Connaught operates . three hosted some of London’s largest fession, and Drones, the fashion- : 3 Jan 30 3. — 9 been badly managed for the past shares. Beams, one of London’s biggest London restaurants, as well as banqueting occasions and the able eating house in Pont Street Dividends shown in pence per share except where otherwise stated. five years and he urged the Plessey’s shares rose 2d yester- * Equivalent and best-known conference and the beaquetog complex In new owners aay It will continue The new acquisition involves after allowing for scrip issue, t On capital increased hoard to scrutinise all pact day to 174p while GEC was banqueting centres, is changing Great Queen Street, on the edge to do so. a cash payment of £L67m and by rights and/or acquisition issues. tUSH stock. 8 Unquoted stock, deals and pursue litigation unchanged at 174p. bands in a im deal announced oC-CovenC-qarden, Pre-tax profits Scott’s - own*. -flagship. ia-Jn the balance will 'be met in f For 1ft months. “ wherever necessary,” ~ See Lex yesterday. is tfi6 '-'financial year* ceding Mount Street; Mayfair, a- short shares,' payable to Mr Jariuoo. Connaught Restaurants, . a December 1984 reached .Just distance front the luxury' Con- Shares in Scott's, which will also private business owned over' E17£WXL Hotel, grimp also be by Mr : naught -and the repaying £2Jtm in loans to Leopold Muller and Mr Leslie The Connaught ..Rboma com- operates^ several other, central Connaught - Restaurants,- have Jackson, is being bought by plex—often confused with the London restaurants -aBd.- licensed beta - .temporarily suspended Scott's Restaurant of Mayfair, much more exclusive 'and expen- premises, including Skeekeys, pending publication of a circu- die pnbhdy quoted- restaurant sive Connaught Hotel in Carlos the famous West End restaurant lar containing details of the operator. Place— for many years try theatrical pro- Have you been looking has frequented the purchase. WfcU Streetis wide opento llforward to 1986. J Now Our 1986 Outlook provides our assessment ofthe international investors. state ofthe US equity and bondmaikets, and a detailed evaluation ofwhat we expect in the coming yean Backed by rigorous research and compiled by our markets open at anytime during the day twenty- four hour trading means you trade with a high New York analysts, the report contains a wealth of degree of liquidity and price performance. And at information which could prove invaluable to investors. all times, through the best communications in the The present pattern ofunrelenting commitment business, Merrill Lynch is geared to distribute and by investors is a dear indicator that, ofall the investment trade securities more effectively than ary other institution in the world. alternatives currently available, equities- arc die best • Ultimately, timefy advice is the greatest asset Mfe think that even greater opportunities for profit exist airy investor can have. 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TeL 1361 4422. covers 45 offices in 29 countries, we are uniquely Merrill Lynch placed to satisfy global investor demand. Our network functions as one tightly-knit unit providing the customerwith virtually instant Return this coupon to access to a bank of valuable information. Within seconds, you can obtain up-to-the-minute quotes London EC2A IAQ, on stocks and bonds.With one or more foreign United Kingdom Home Tel Nc WkkTeLN TfeL(Home), International offices- Amsterdam Athena ' Bmssds Buenos Aires Okko i DusfeJdorf Hamburg Hcmg Kang London Lugano Lraenbourg J Monte Carlo AFT Montevideo Munich Newark Paris Rotterdam 141 SrCwKStThotoSM^an „ . ... Zurich and Two offices mail major Canadian catea. Affifcaes m Meibom* and . . BRISTOL Guinness Peat sells most Wyndham bids £1.7m of its property division for Williams Notice of Annual General Meeting BY MICHAEL CASSELL. PROKRTr CORRESPONDENT The Shareholders of RarstarpAB are hereby invited to an Annual General Mooting to be held on Guinness Pea* has agreed to Guinness Peat Properties, he where it has invested more than of Cardiff Satuday, i st February: 1966 atio ajn. at Ftersgtaen. Pfcrstorp ABfc employee centre in Ferstorp, sell, for £L8m, most of its UK added bad reached a stage in its S20m in' Connecticut, Washing- Sweden. -property development interests development where it accounted ton, Florida. Atlanta and Cali- By Richard Tomkins to v new company set up by the for an increasingly large propor- fornia. It intends to add to the Cardiff Agenda managing director of its property tion of the group balance sheet. its North American portfolio. Wyndham. engineering, property and finan- business, A decision had to be taken on 1. Election ofa Chairman to preside at the meeting. The joint company -established cial services group, yesterday Za a deal which amounts to a whether the group remained 2. Preparation and approval ofa voting bsL in the US with Travelexv Insur- launched a takeover bid mangeznent buyout) dnamdal committed to an expanding pro- £L7m the ance Corporation will continue, for John Williams of Cardiff, the 3. Election of two people to approve As minutes. services group is to sell most of perty development and invest- in association with Mr Landau's stel stockholder, processor, gal- 4. Examination of whether meeting .its. existing property business to ment business or whether it con- the has been property convened. new company. vaniser and foundry operator. Ctty Merchant Developers, pro- fined its continuing - property 5. Presentation of ihe Annual Report, the Auditors' Report the Consofidatad Accounts and the moted and controlled by Mr activities within its principal It is intended that the Williams* shares closed 7p up AudforaT Report on ihe Group. Martin Landau, until the role as. an investment banking major part of City Merchant at 27p after the announcement, now 6. Reeoiufionein respectofthefollowing watbe proposed: managing director of Guinness business. Developers' share capital of Mr David Williams, the com- Peat Properties. He emphasised-' “We are not -film will be subscribed by pany^ chairman, said he was (a) the adoption ofthe Profit and Loss Stagnant, the Balance Sheet, the Consoticbted Profltand The Guinness Pest pro'serV getting out of property and we substantial investors and institu- waiting to see details of the bid Loss Statement and the CoreoSdated Balance Sheet am was set up in 1980 under have the opportunity to invest tions, leaving the management and advised shareholders to in (b) the appropriation of die Company’s profit acconfing to the adopted Balance Sheet; and Mr Landau, a former director or in the new company. We are with a minority stake the take no action until they had j company. Guinness Peat will (c) ttie Directors’ and the Mmging Director’s cSscharge from Habiity. Guinness Mahon. . the group’s stepping back' as property deve- heard from the Williams* board. be merchant banking business: It lopers n»»iTitam I £10. In order to ttfre part in the Annual General Meeting, Shweholders must be registered in the Share- I Wyndham says It holds 1.16m holders' Register maintained by the Swedfeh Securities RegisterCentre (Vardepapperscentralen illiams »n that COMPANY NEWS IN BRIEF W 4 VPC AB) not later than Wednesday, 22nd January, 1986. Shareholders who have placed their Hillsdown offer ! irrevocable undertakings to | in temporarily re-register accept the ordinary offer shares trust must the shares in Iheir own names to aflow them to particip&ie , have RADIUS, USM-quoted computer near Exeter, Devon. These will goes unconditional bees given in respect of a in fee meeting. Such re-registration must be made not later than Wednesday, 22nd January, 1 986. further 210,000, together repre- systems and msanteaance group add a further 475 homes to the HUsdown Holdings - has A Shareholder may attend and vote al the meeting in person or by proxy bulln accordance with Geest Ser- group bringing the total to 3,300. senting 19.7 per cent of Williams’ has bought Computer declared unconditional its £17m Swetfeh practice the Company does not send fonns of proxy to Its StaretaMers. Shareholders vices’ distributive systems divi- for Pyke Holdings, tiie issued ordinary share capitaL - Offer wishing to vote by proxy should submit their own forms of proxy to the Company. sion for a net asset value ELECO HOLDINGS has sold its catering butcher, having gained In addition Gellaw Properties, estimated at £38,000. The divi- Composite Structures subsidiary control of just over 50 per cent a company controlled by two of Notification of participation in the Annual General Meeting must be given V> Perstorp AB no fetor sion specialsee in systems for to St* management- Manufactur- of the company. Wyndham’* directors, anil two than Wednesday, 29th January, 1986 at 3 p.m.: the motor trade and will form a ing links with Eleco’s factories other Williams shareholders Acceptances have been by telephone, by calfing (010) 46 435-38286 (direct tine* or * seventh Radius - office in Peter- will be maintained. have indicated that r* received from holders of 4484 they intend borough. to accept 'the ordinary offer in by m£d, addressed to Perstorp AB.S-284 80 Perstorp, Sweden. INVEST- per cent of the shares, which INTERNATIONAL respect of 1.02m shares, repre- Trust of Jersey’s together with the shares already The Company confirm receipt of notice of partkapatiot) sending MILLSANX TRUSTS offer for MENT Company senting a further 14.6 per cent. wR by an admission card io be owned by Hillsdown take its Towngnde Securities was rights issue was taken up in shown atthe meeting. This continuation wH also include a detaied description of the most suiiabte respect of 124,093 uadis stake to 50.11 per cent A week Williams incurred losses from accepted by holders of L03m (85.6 per- route to Peragfeden. -•rSS: cent). The balance has been ago the company was poised to 1961 to 1984 but turned in a • shares (185 per cent). Before -% r*»>^ sold in the market. gain control having received pre-tax profit of £25fiO0 for the The Board of Directors has decided to propose that the Record Date tor dividend be Wednesday, which is dosed, the offer, now 44.18 per cent acceptances. year to September 1985. MiUbanX owned 3.75m Town- 5th February, 198& Should this be approved, it is anticipated thatthe dvidendwi be dtetributed by XDN1CX-1H8D8E Group has Glen International, the finan- •/'" **,;•. cent) Wyndham also incurred losses the Swedteh Securities Register Centre on Wednesday, 12th February, 1986. . grade shares (70.7 per acquired 50 per cent of. the cial services company which i in 1982 and 1983 but made pre- giving, it a present holding of Music Hire Group, an operator owns 29 per cent of Fyke, con- tax profits of HOODOO in the year 90-2 per cent. of about 5,000 amusement firmed yesterday that it had no to March 1985, against £47,000 Perstorp, January 1986 ' machines In the UK. The con- 1 -« .'^ What’s the big intention of selling its stake. the preceding year. The group The BoardofPerstorp AB. f LONDON SHOP Property Trust sideration is £700,000 which is Pyke shares dosed at 410p, said yesterday that the close has bought four properties for equivalent to attributable net down 8p, compared to an commercial fit with William’s attraction? £4.42»n a shopping precinct in '.' — asset value. In the year ended . f* equivalent value of the bid of foundry operations would . pro- "."**" Is it Bratoft rapidly expanding Uttoxeter (£L18m), a retail ware- September 1965 Music Hire '-if 411p. Hillsdown ’a shares dosed duce significant benefits for the high technology base? Or our house in Salisbury (£L24m). a achieved profits after tax of unchanged at 187p. enlarged group. . highly skilled workforce? Or the 125-year lease on nine tfaops in £150,000. Subject to the achieve-, pulling power of a major financial Newport (£L63m) and six shops meat by Music Hire of average centre with excellent mad, rail and in Hartlepool (£375.000). profits before tax for the years air links? Or the aUum ofour ended September 1986 and 1887 is £400.000, beautiful environment?Ofcouree. KEYWEST INVESTMENTS of a minimum of over Brint Australia, a Kunlck will acquire the balance it's a combination of factors. Hour to take subsidiary of Brint Investments, of tiie shares, dsc could Bristol attract all these A$2Jfcn cash. Brint top companies? for just under has made a A$3m investment in MARSHALL’S UNIVERSAL, For further forceful arguments, KeyweSt as a result of a place- motor vehicles and paper dis- :ht contact Mike Rest. Bristol's poll on Row ment. The acquisition will stributor. Is to hold a Directorof acquire Skelxnersdale Economic Development increase Keywesfs investment in plans to Packaging. The move was agreed Hindi Securities from 1X8 per on a sbow of hands at an EGM, ‘ " 2456 per cent ' cent to < 1^1* L**- EElStOQ, but British Syphon Industries, which owns 25.6 per cent of The attraction is AURORA has sold its subsidiary •" • magnetic • .*: ;* Marshall, demanded the polL j • : Alien Mining Products to Bristol Economic ncvdupmoit Office, Edgar Barker (Holdings). Brunei House, st. GcorRc's KmO. Dengei and J. 3. LLOYD managers have Bristol BSI51A- • I--.- £290,000 was paid -TO Aurora on formed Lloyd Intenmtional-and, TO 10272) 291620 TOat-*t97l4BJUEDOG account for the shares and. the supported by leading UK institu- payment of Jntergruup indebted- investors, have acquired tional . is payable ness- The balance J. J. Lloyd Instruments and on completion of the subsidiary^ Educational Measurements from 1985 accounts. • .... LADBROKE INDEX private vendors. Holdings not to 1,103-1.107 (-13) GODFREY DAVIES BET has undertaken Based on FT Index has acquired two more residen- increase its holdings or interest cost of just shares to Tel: 01-427 4411 tial parks for a total in any class of SGB over £2m. It has purchased the more than 15 per cent during the Hoo Marina Park, near Rochester, period of the Monopolies Com- Kent, and the Newport Park, isrion investigation. BOARD MEETINGS Th» following componta havo norinod daws of board rnaadna* w «*«• SvtcK Exchange. Such meetings era usually held for the purpose of considering dividends. Official indications are not available as to whother the dividends are interims or finals and the sub- divisions shown below am based mainly on last year's timetable. Interims: — Applied Holographies, . Kingdom ofBelgiiim The Gnome Photographic Viaducts. MS International. Park Food. Stead and Simpson. Westpool InvMUMtK Trust. £100,000,000 Finals; — Countryside Properties. Investment Banking Guinness. Howard Group, Uncroft 101- gour, London and Clydesdale. Sturge, Floating Rate Notes due 1994 Whitworth's Food. FUTURE DATES lb acamdance withthepctwisioDSof thcNoti^, Interims* Cantors ...... Jan 22 FOR THE NEW FINANCIAL AGE notice Is hereby given that far the Interest Mod Celtic Haven —...... Jan 17 from 10th January, 1986 to 10th April, 1986 the Notes Gold fields of South Africa Feb 4 Gold Fields Property — Jan IS will bear a Rate of Interest of 13% per annum. Kawill Systems Jan 29 Mid Vtfynd international Inv. Tst. Feb 13 The Interest Amount payahle on 10th April, 1986 New Wits —_— Jan 15 When ANZ Group decided to with those of Capel-Cure Myers, a wffl be £3,205.48 per £l(Xy)OONo05. Notbeln Electronic* _..... Jan 17 Smith (David S.) Jan 20 develop internationally it recognised leading Textured Jefeey — - Fab 3 London stockbroker to fonn CountyBank limited the its Beales (John) need to complement global ANZ Merchant Bank Lid. Agent Bank Heavitasa Brewery commercial banking network with a Hunterprlnt ..i—._ Jan 15 TSL Thermal Syndicate Jan 17 worldwide investment bank based out Contact Chief Executive David Union Carbide — .... Jan 22 Vogalstruiabult Metal Jan 15 of London. Poole for a brochure to find out more about our global reach and the extent NOTICE OF REDEMPTION Seizing the opportunity provided of the services offered to companies, DuPont Canada Inc. by deregulation^ it has combined the financial institutions and private skills of a traditional merchant bank individuals. U.S. $65,000,000 13%% Debentures due 1991 NOTICE IS HEREBY GIVEN that DuPontCanada Inc. Intends to redeem alt of its outstaixSng13tt% ANZC*nni.\ua3S 1981 (the "Debentures") on Febmaiy IS, 1966 (tfie "Redemption Date”) ai the redemption Debentures due ANZ Rtfs PucocktAmiSwwcaws: principal amount (me -Redemption Price"). On February 15. 1986 the Redemption Price price oM 02% erf their ANZ SKtuuwBiSNEuSancss wiH become due and payable upon aM Debentures. On and after the Redemption Date mtsiesl on the ANZ CubpmaieFimno: Debentures will cease to accrue. Coupons due February 15, 1986or prior thereto should bedetached and CCM Iwimuttwt Egrrms presented (or payment in the usual manner. CCM GwrecE Rsmcce The Redemption Price on the Debentures shall be payable uponpresentation and surrender thereof with all CCMPMtmuoaiASMDKsr unmatured coupons at any one of the following agencies: - - THE ROYAL BANK AND TRUST COMPANY .. 68 WiWam Street ' . New.VMk. NY 10005 ORION ROYAL BANK . BANQUE GENFHf.LE DU BANQUE NATtONALEDE LIMITED LUXEMBOURG SLA. PARIS anz Merchant Bank Limited 1 London Wall i4RueAkJnngen 1 6 Boutovaiti das HaBens London EC2Y5JX Luxembourg 75450 Paris: France 65 Holbom Viaduct, London, EC1A 2EU Tel 01-489 0021 DEUTSCHE BANK SOCIETE GENERALE DE UNION BANKOF AKTIENGESELLSCHAFT BANQUE SA SWITZERLAND Grosee Ganusetrasse 10-14 aMcxitagneduPafe Bahnhotetrasse 45 TOKYO • HONG KONG - NEW Y0EK 6000 Frankfurt- 1000 Brussels 8021 Zurich West Germany Belgium Switzerland Debentures should besurrendered with aM coupons appertaining thereto maturing after the Redemption Date, failing which the face value of any missing unnurtured coupon will be deducted from the sum due for payment. Any amountso deducted win be paid agaJnsi surrenderorthe missing coupon within a period ol Member of the AMR Group 1 0 years from Febmaiy 15, 1986. For DuPont Canada Inc. By: The Royal Trust Company January 14,1986 as Trustee X! * 1 I ; w 30 January 14 1986 Financial Times Tuesday UK COMPANY NEWS Loans growth lifts London Scottish Trading in Macro 4 SE flotation six THE SECOND months for the very encouraging. The Christmas Robinson Way and Company, the high cost of putting suchsm Ferguson London Scottish Finance Cor- peak period saw a record loan the specialist debt recovery sub- business on the books, organisiiorganising poration saw a significant growth demand. sidiary, 1ms continued to expand payment collection mid funding in loan demand, improving Turnover ” " expected for the past year (to with a huge increase in retail arrears. The pre-finance costs gives value £22.6m income and a slowing-down in October 29 1985) edged ahead credit The group's reinsurance profit margin rose sharply, by arrears. from £13An to £l339m. Figures subsidiary In Bermuda over two full points to 23 per also THE first computer company to frame computers, and cover the • comment In all, the Manchester-based for the second half were only traded well and there have been cent of turnover. Part of this to resume range. be floated on the stock market full IBM is some time since the City slightly up on last year’s and several rise is due to the post miners’ It financier which suffered diffi- took interesting developments By David Goodtnrt In Most of its products cample- strike recovery 1988 Is Macro 4, a developer has been asked to subscribe for culties during the opening half no account of an extra week's with the group's venture capital (total arrears compete with of systems software . ment -rather -than were the first for IBM computer shares on a price raised Its profits full income in the last 27-week fund. down for time TODAY'S of Its for the 1834- EGM James mainframe computers, which is packages marketed by IBM. multiple as high trading period, equivalent since 1979) and part of the £2m earnings as 16. 1985 year from £JL69m to a record to Pre-tax Ferguson Holdings is software Js designed to involve profits for the opening or so Increase in fixed term coming to the market with a However. If investors can be per- pre-tax. gnus income of about £250,000. im” marketing and £L8lm six months to April 30 last were expected to bad; overwhelm- value of £22.6m. a TnVn m of suaded not to lump all such Pre-tax profits were struck advances. Robinson Way, the little ingly recommence support, and is rented -to custo- A final dividend of 2.1p (L9p) changed at £845,000 debt collection subsidiary, has plans to The details of an offer for sale stocks together into one vast after deducting finance costs of share trading in mers on annual, renewable lifts the totil from 24Sp to 3p net (£842,000). The figures reflected grown quickly to become the UK the company by J. Henry Schroder accident-prone category, this one £lJ28m against a previous £L06m. Wagg of contracts,' with rents payable per lop share. A one-for-four reduced income but a substantial consumer credit field leader and next Monday. This follows a 5.4m shares at I05p are pub- should get away nicely. Macro every month in advance. scrip issue ts also Tax accounted for £483,450 recovery in bad debt as miners Is gaining from the boom in in- reverse takeover by Property 4 operates In what appears to be proposed. lished today. Of the shares being company has seven major Mr Jack Livingstone, (£457,540) to leave undiluted resumed payments. house credit cards The sheltered market, with custo- chairman, issued by Pension, the pro ert com- offered, 2.4m are sold - a p y bring to products -each of which are sold says earnings at 7p (6.7p) per share— retailers. Analysts are look! a pany ran mers more interested in quality that loan balances, which by Ferguson’s new finance a 54.6m acquisition of range of industries, to a wide For as long as it had stagnated with the onset of comparative figures covered a • for £2J25m pretax for 198581. 'ebafraun, Mr David Mitchell, Macro 4 Inc, the company's US customer, than price: comment which with the largest the miners’ strike, have moved 53-week period. has the shares at 78p on a and the chief executive, Mr licensee, while the remaining 3m can go on developing new pro- Lending to the British Telecom, accounting for up sharply profitability in unbanked prospective p/e of 8.7 given a 25 shares are being sold existing ducts that will make IBM com- and The group has opened new Gary Cramer. by less than 2 per cent of turnover. weekly paid is London Scottish per cent tax charge. However, shareholders. puters work better, there seems the second six months unproved branches in Dundee and New- More than half of the group’s Finance's speciality and If APRs most of the sector's 1985 Mr Cramer said yesterday little reason to fear that Big by 13 per cent after higher castle-under-Lyme and acquired Macro 4 started to comes from the US, of SO to 85 per cent seem recovery has to be in the share they would pot nearly £2m develop its revenue Blue will suddenly decide to Interest gains. £L2m of debt during the year own systems software products a further quarter from the usurious by comparison with the price already and the scope for Into the company In the wlh sweep ie out of the market Some Figures for the first few weeks which helped to increase its 10 years ago. Since then it has The balance Is made up terms offered by high street upward movement therefore coining months and planned UK. further degree of security is of the current year have been customer base by expanded its product range and royalties from licensing some 8 per cent banks, the justification given is appears limited. by afforded by the steadiness.®? its to start making acquisitions, appointed licensees abroad. In America, arrangements revenues—rents roll In monthly especially in the textile and. Europe and In the Far East. The During the last years, on contracts which automatically financial services diversions. most important of these was turnover has risen steadily from get renewed from one year to There were immediate plans Macro 4 Inc, which, following £U2rq 1981 to £5-2m in the ConsGoId in the next. The company should be to open three new money the offer for sale, will become year to June. After making Garment profits able to grow both by Introducing boost shops In the north England an Integrated part of the group. small losses in 1981 and 1982. Burndene of new products, and by increasing offshoot sold and to expand the textile In 1983 the company was profits before tax reached £lBm erisnne A TENFOLD rise the penetration of its In profits at 1 direc- l-4p» cent higher in the first quarter business in Ayrshire. bought out by Its management last year. This year the used on garment manufacturing of ones: its products are now for the previousjrevion 12-month of the current year compared from the founder, Mr W. S. Mac- tors are forecasting profits per cent of the to management n helped Borodene Invest- period. Earnings per Mr Mitchell said the exist- price-earnings by under 10 M share with 12 months ago, and it has millan. who retains a 32 per cent £2.3m, implying a mainframes in place 50,000 IBM ments produce substantially amounted to 737p, against 3.67p. increased Its ing management would stay, on a 39 per share of the market stake. ratio of 16. based Cummer JS a risk, Consolidated Gold Fields has better results for the 16 months The financial worldwide. company reports turnover for static holiday caravans. but control would Systems software forms a link cent tax rate. The forecast yield will completed the sale of KDG to September 28 1965. however some of the gloss of £16B7m, up from £11.41m in In the 16 months to Septem- now be centralised. He between computer hardware and is 136 per cent growth Pre-tax profits were £756,000 be taken off earnings, Instruments, the instrumentation the previous period, and fore- ber 28 1965 profit in the caravan warned not to expect instant specific user programmes. Macro The application list opens on alter Interest should the dollar’s fall continue— division of its Bath Portland net of £364,000 casts further Improvements In division rose substantially “ — 'dealings are & to recovery. This company was 4's products are all packaged January 17, and fall Is estimated and depreciation of £228,000. its position in the 24. every 10 cent Group subsidiary, in an film current year £687,000 (£458,000) on turnover bleeding to death. is ie they are never tailor-made expected to start on January with There a slice £100,000 off pre-tax compared £391,000 for the provided that Increased first- of £lL88m (£7,75m). for the user and are sold world- Brokers to the Issue axe Simon * to management buy-out year June 2 lot or work still to do,” he to 1984, when net quarter sales are maintained. The nylon garment mannfac- wide. Ail are for use with main- Coates. profits. Interest was £231,000 and depre- said. Mr Mitchell holds about The has It says sales in its- caravan- taring division staged buyout been organised , - — a recovery, cent dation £175,000. manufacturing t- 36 per of the new com- by Citicorp Venture Capital, the and park opera with profits up more than ten- The first and final dividend division are bined company and Mr venture capital Citicorp mg about 20 per fold from £27,000 to £288,000. arm of Cramer about 12 per cent. COMPANY NEWS IN BRIEF Investment Bank, and is one of Scott See Men and Matters. Turnbull the first to use a flOOm buy-out fund launched by the bank last EXPASSET INTERNATIONAL has bought the assets and order outcome relies October. Kier agrees to has contracted to purchase book of Ayzee Glass (Midlands) George Blair doubles interim profits Mayor Turnstiles, a leading UK from the receiver of the Aygee KDG, based in Crawley, supplier of electro-mechanical Group for about £139.000. AVEea on shipping specialises flow, pressure in Beazer offer turnstiles, from Almex Systems, Glass, which will trade as Ther- and level measurement PRE-TAX profits at George on the market made by Gran- DESPITE a fall in pre-tax and had first dividend since February for £600,000 In cash. Completion movitrine (Midlands), had pre- pre-tax profits of £lm on turn- Blair, engineer and steel vili Se Co rose from THE BOARD of construction profits from £132,000 to £27.000 — £735m to 1980 when an interim of 24p Is scheduled for January 14. tax profits of £51,000 in the first over of £12m In the year to June. founder, than £8.89m, an increase of at the halfway stage. Turnbull more doubled 21 per was paid. The Interim this time group French Kier yesterday Unaudited management accounts ten months of 1985 on turnover cent. Exports accounted lor only Scott Holdings is cautiously from £111400 to £252,000 in the is Ll5p, and the board antici- unanimously recommended tor Mayor for 1985 show turn- of £L7ul There are three Institutional 25 per cent of 'mistzc that the full results six turnover com- pates that the results for the acceptance of last week’s, over £i.2m, with pre-tax equity Investors apart from months to September 28 pared with at higher than last year’s 1285. 36 per cent in the second half will be able to sup- X be Citicorp: Industrial Invest- Interest charges, however, much Improved offer from profits of £110,000. KAKUZL the Kenyan tea and CIN first half of the previous year. port a final £135,000. Directors of this remained high, increasing from dividend without C. H_ Beazer, the house- coffee grower and cattle ments, Preventure and FAC Trading profits in the Hampshire-based shipowner, £122,000 to £178400. opening encroaching on the progress BLUE ARROW has agreed to Enterprise Trust. The Bank of half advanced from building group. rancher, made pre-tax profits engineering security and pro- £233,000 to made over the last three years. acquire Trevor Boss Associates J Scotland is providing debt Turnover of this Although the of Kenya £1.62m (£1.30m) on out- unquoted £430,000. The interim dividend absorbs price of the for a total of £60,000 to be satis- perty group say that the finance. company—Its shares are traded The company is its new offer—valuing Kier at turnover of K£A22m in the depends on shipping paying £21,000 . fied by the Issue of 32JI00 new come nine months to November 30, over £14ftm—has never been shares in blue arrow. Trevor freight markets not deteriorat- 1985. amounted to last a serious point of contention, Bass -Associates, a financial Tax K£673.187 ing substantially in the and minorities were SCE83.888, the new joint management-, public relations consultancy has quarter of tbe year. attributable profits of structure has been. been particularly active In the leaving In the six months to the end It now appears that a growing USM. Mr Tony Berry, K£364,199. of September 1985, turnover compromise chairman of Blue Arrow, says rose from £7. 19m to £7. 59m, has been worked AUTOMOTIVE PRODUCTS has out The Beazer board, tills acquisition represents, the From earnings per £1 share, which of J. B. Rand first stage of the Company’s acquired the assets items of 4p Mines pre-extraordinary Group has five executive directors Martin (Redruth), Cornwall’s planned expansion into the (12p) the interim payment is and two non-executive direc- largest parts distributor, through All Onarn-ial services field. unchanged at 3p. companies are Members of the Barlow Rand Group tors, will be joined by four its Autela division. The shipping division made executive directors from PARK PLACE Investments has a trading loss, bat following tbe French Kier. reached conditional agreement VTCTAUUC COMPANY has sale of a ship this became a Gold Mining Company Mr John Mott, the French to buy Edwards Wytche Pub- acquired the TI Accles and Reports A profit for the period. Kier satisfied Pollock Stainless Fittings divi- chairman, will not join lications for £150,000, The engineering division Park Place sion from the TI Group. the joint board. He had been by issue of 70,755 made a profit as did security. for the Quarter ended 31st offered the position shares. Edwards, distributor of December, 1985 of non- MOUNTLEIGH GROUP'S rights However, the fishing division executive professional and technical books director which he nearly shares has been was again in loss although less (AB made pretax profits of £14.000 of 2£2m Companies incorporated in the Republic of South Africa) said he could not accept. respect of 94.6? per than tbe previous year and In the year to the end of June taken up in Following Bearer's refusal to balance has been sold efforts are continuing to reduce 1985. on turnover of £452,000. cent. The improve • shareholders uneconomic activities. the • offer, Mr Mott • *'.*•- • .. benefit of Office of . for Ihe the Secretaries . of the undermentioned companies inthe United Kingdom, 40 ; _ HoSkxnVIaduct London EC1P1AJ will resign at file end of the TRIPLEX, foundry; engineering but no payment will be made for The pxbfieHy development Is month. building component group less than £2. achieving anticipated results. j and ' ' '• v HARMONY GOLD MINING BLYVOORUITZICHT GOLD MINING --L COMPANY, LIMITED COMPANY, LIMITED APPOINTMENTS OWatotratton No. 03/38232/06} OtoohCreUon No. 05/09743/0W isos WtMnijS RESULTS OMDRATUM RESULTS —ALL products Ooartar S months Quarter 6 months Dee Corporation ended ended Reorganisation at 30.9.1985 31.12.1985 31.12.1985 _ „ Or* milled tt): Ore^ milted Oh 30.9.1989 31.12.1985 now produced u. /• % - - 1 — "J ‘yi Financial Times Tuesday January 14. 1986 31 UK COMPANY NEWS Midway profit return for Ratners Armour NEW LIFE BUSINESS Ratners (Jewellers), with said that after five months' was an extraordinary profit for after about seven aims for in the years of stag- UK and the trading the company was ahead, the period of (nil) nation. running Commercial £83.000 on its own physical Union new life Netherlands, achieved a turn-' and that the branch opening the ‘sale of property, maHnp an expansion in double harness *560,000 losses to programme £155,000 was proceeding ‘on attributable balance of £173.000 with that of Terry's,- which has dividend »• ^ pre-tax profits for the target with six 20 Terry’s brandies (£560.000 loss). been multiplying busily ever months ended October 6 1985. opening before Christmas. They since Ratners acquired it in added that and pension Mr Gerald Ratner, managing the company was 1984. This was the first testing increase business buoyant 1 continuing • comment directo* and chief executive, to improve the Christmas season for Ratners’ .. V says that with efficiency of witHqg businesses It is quite an achievement new formula, WITH first-hall profits up by the substantial for and it was a A GOOD year for new life and increases in pension and other Pension business was bouyant t*1 and that they were seeking a jewellery gratifying sales 73 per cent and an encourag- ® group's trading company to make a one with up by pension business is reported by life business, with new annual last year with annual pre- taldng °Lplace opportunities for the group's Profit during ing outlook for the second six new during the Chris? the slack first half, 40 per cent, well over the com- Commerda! Union Assurance premiums up 4 per cent from miums on self-employed pen- mas period, expansion and development- but Ratners fortable months, the directors of when, as expected, has managed it 25 per cent advance Company in its figures for 1965. £26.3m to £27.4m and single sions almost * . doubling room . , lb- sales were buoyant, Ratner tells shareholders thanks to an inspired made during the first Armour Trust say the directors move half. they New annual premiums -worldwide premiums more than doubling 12.3m to £4.3ra. while annual % that plans , . I**." are confident to open 20 Terry’s down of a satisfactory market from diamond Profits of £4_2m this year seem Intend to recommend a sub- fell in sterling terms from £65.8m from £22.8m to £52-5ra. premiums on executive pensions outcome branches have largely been solitaire within reach, for the full year. rings to huge fashion- which after a stantial increase In the to £64_3m. but in local currency CU’s mortgage related busi- rose by a quarter from £l.5m to implemented on schedule. Prior able earrings .-After tax of and plastic 39 per cent tax charge implies a «imn»i dividend. terms were virtually unchanged ness hit a sticky patch last year, £1.9m. Other pension business £65.000 NOTICE OF PREPAYMENT immmk The Sumitomo Bank, Limited (Incorporated with Limited Liability in Japan) -V US $5,000,000 Callable Negotiable Floating Rate Dollar Certificates of Deposit No. SB 41 0001 - 410005 Issued on 15th February. 1984. Maturity 19th February. 1987. Callable In February. 1986. Notice is hereby given that in accordance with Clause 3 of the Certificates of Deposit (the "Certificates"), The .i Sumitomo Bank, Limited (“the Bank*} will prepay all - outstanding Certificates on 18th February, 1966 (the "Prepayment Date"), at their principal amount .••fl Payment of the principal amount together with accrued interest to the Prepayment Date, will be made on the la Prepayment Date against presentation and surrenderof the Certificates at the London Branch of the Bank. Interest mil cease to accrue on the Certificates on the Prepayment Date. .** \_- 14th January. 1986 Temple Court, 11 Queen Victoria Street, London EC4N 4TA. tion Granville & Co. Limited Member of TJia National Association of Security Da*Ian and Investment Manager* Lovat Lane London EC3R 8BP Telephone 01-521 1212 Over-the-Counter Market P/E Gran Yiatd Fully High Low . Company Price Change div.(p) % Actual land 146 116 As*. Beit. Ind. Ord. ... 116 — 13 6.2 13 *.7 1S1 121 Am. Brit. Ind. OILS... 121 — iao 63 75 43 Airsprung Group ...... 70xd — 8.4 9.1 11.7 1S.2 46 33 Armitaga and Rliod«a._. 38 — *3 1U -4.7 S.7 IBB 108 Bardon Hill 163 +1 4.0 IS 20A 21A 64 42 Bray Technologies 66 — 3.9 7.1 8.7 7.7 201 12* CCL Ordinary 736 — IZO 8.8 23 33 152 9/ CCL llpc Conv. Pf. ... 97 16.7 18.2 130 60 Carborundum Ord. 116 — as 4J 8.7. 9.0 94 83 Carborundum 73pe Pf. 91 — 10.7 11.8 — — 6b 48 Deborah Services 96 +1 7.0 12.5 5.8 7.7 32 20 Frederick Parker Group 20 — — — — n_ 63 50 George Blair 8£>xd +2 — 3.3 63 62 20 Ind. Precision Casting* 58 . 3.0 6J 15.3 17.6 218 172 Isis Group 174*d — 15.0 6.6 13.4 200 118 101 Jackson Group 118 — 5.5 4.7 13 13 297 - 226 James Burrough 297 +3 16.0 S.1 9.4 9.4 9b 6b James Burrough Bpc Pf. B5 — 12.9 YSA — 95 73 73 — 5.0 63 6.7 9.0 225 141 Unguaphona Ord 180a — — 6.8 63 98 90 Lingua phone lO.Spc Pf. 90s — 15.0 16.7 — — 710 570 Mlnihouse Holding NV 680 6.9 in 29.7 283 02 32 Hobart Jenkins ...... 71 — — 93 20-3 — 7.7 34 28 Scrunon* , ’’A” 30 — — 97 67 Tbrday and Carlisle ... 87 — 6.0 IS 3A 8.1 370 320 Trevian Holdings 326 — 4^ 1831 •18.2 1 42, M Umlock Holdings 40 — 2.1 6^ 10.9 ion 133 93 132 — 9.6 6.5 7.5 9.1 . 22B 195 W. S. Yeats* 200 — 17A 8.7 5.7 6A .anwflliMI j.: _•> •- $Vv: Ipfc. 1 European V* . stock markets tl V? set to reach Gould Industrial Automation Systems have helped to is in newheights , Gould also predominant four other rapidly turn existing labour-intensive manufacturing opera- expanding markets. Information Systems, Instrument GOVETT EUROPEAN GROWTH FUND tions into efficient, integrated production systems, Systems, Defence Systems and Electronic Com- . offers that are flexible enough to adapt to shifting product ponents, including semi-conductors. - Active management in European stocks cycles and smaller production runs. and currencies To find out more about Gould’s capabilities, write to; sft Diversified portfolio with emphasis on As well as being increasingly used in the automobile Germany and Switzerland industry, these Gould Industrial Automation Systems Gould Electronics Ltd., Gould House, Viables * Exposure to the strengths ofContinental are used in electronics, food * processing utility, Industrial Estate, currencies Basingstoke, Hampshire RG22 4LT, - chemicals, and aerospace. v - -{-Source; Planned Savings lo 1stJimmy I486 (oSr to oflef oefudiug England. re-invested Income) pTbiJohn Govett Unit ManagementlimitedWinchester Housefl , i 77 London WMt London EC2N1DH.- I i Pfaise teBme inore about GtnMEuropean GroxthRmd, j Name- MM*- I My Ham! imefflKnt adviser ie_ u — January 14 1986 32 Financial Times Tuesday TheGlCuse TECHNOLOGY 350 Husky Peter Marsh examines the implications of developments in embryology Researchers reach fertile ground maaaiFIK DEVELOPMENTS IN the mone treatments with which research aspects of embryology SCIENTISTS working on tilisation in Britain is In Leading centres in Britain they can multiply the number are likely to have a big impact human fertility problems are some doubt, ft is available practising in vitro feititts*- of eggs that a female animal in two superficially unrelated excited by the potential of only on a limited aeale tion Includes private hos- produces from its ovaries. areas, treatment of infertile la vitro techniques improve National Health pitals to through the such as Bourn Hall With current hormone Emergency couples and the genetic the of infertile couples. Service. Although Govern- Clinic lot a near Canbridge and methods (routinely admini- enhancement of cattle through ment-appointed committee the Wellington Cromwell In Britain some quarter of and stered both to cattle involved in novel breeding techniques. chaired Mary a million women could be by Dame hospitals (both in Leaden), embryo transfers and to women chute Warnock concluded 18 In vitro fertilisation of human helped by such methods, with Hammersmith Hospital, as part of in vitro treatment) months ago that the lech- also eggs has in recent years become according to estimates. In London. the ovaries are artificially r«'i a nJque was an acceptable way | growth area. Since 1978 some In In vitro techniques, eggs stimulated to produce perhaps launc] Dr Steve HUUer, a senior to treat infertility, the 2,500 babies around the world collected from a woman are eight ripened eggs at a time lecturer at Edinburgh Univer- Department of Health and A NEW emergency chute for have been bora by such tech- fertilised in dishes In a instead of the normal one or sity's Department of Obstet- Security yet to offices, workshops and niques, with the private health- Social has laboratory. The embryos are two. rics and Gynaecology, says announce plans to introduce hospitals could help people care industry keen to spot open- Unconstrained by the ethical that rather than look to pew implanted in the womb, norm- bomb scares. ings in starting up in vitro legislation on the subject flee fires and technological teeatoliifotsgfes, ally when about two days old. problems about treating fertilisation clinics. Meanwhile, a private mem- The chute, built from hospitals practising in vitro humans, animal researchers are ber’s bill to protect the rights Even if a doctor can re- glass-reinforced plastic, is In Britain, most of the 800 or methods should improve man- testing drugs which can cause of embryos, from Mr Kenneth move eggs satisfactorily, the supported on a steel frame. so babies bora by this route techniques. In this the ovaries of cattle to release agement Hargreaves, the Conservative woman has on average only for have evolved as a result of as many as 1,000 eggs, all of It is tailor-made specific way, they should be able to MP for Hyndborn. could if about a I in 10 chance of pro- private medical treatment. them ripe and ready for buildings. reduce costs and increase tbs enacted curtail work hi hi ducing a healthy baby Couples are charged fertilisation. devices are arid anywhere numbers who could benefit vitro fertilisation. The hlD is although this ratio can The by from about £1,000 upwards de- International Embryos of Engineering of from treatment. due to have a second reading improve to 1 in 4 In the moot Davenport pending on the difficulty of the Banbury, near Oxford, is one of Bradford, West Yorkshire, The future for in vitro fer- in parliament next week. experienced centres. small sequence of operations in which a number of companies which has several years* ripe eggs are removed from the experimenting with biological experience in making similar methods to optimise *wtmai One of the 2,500 test-tube babies born since 1978 woman and fertilised, followed year, an estimated is transfer into In this way, an animal with chutes for water slides and nations. Last The goal to breeding. by transplant of the resulting 100,000 anima ls, virtually, all one animal an embryo that will the genetic qualities of a Euro- swimming pools. Mr Mike Leybora, the com- different surrogate animals. cow, the cost of producing on: embryo into the womb. them in the into creature with pean strain of cattle can be The top of the device is cattle and half of grow a pany's Chairman, predicts that In this way, according to Mr young by embryo trans- In the US, where US, received embryo transplants superior genetic characteristics. produced with an inbuilt resist- normally protected by doom a few within three years scientists will Leyburn, a cow’s productive out- fer could be reduced to about hundred babies have at an average cost of about ance to the conditions of, 6ay, on an upper storey. The resulted For instance, by this tech- routinely stimulate the ovaries put (in terms of offspring) £50 a transplant. from vitro fertilisation, clinics £300 a treatment normally a country in the Third World. bottom is contained In a nique low-value cattle of animals to produce massive could "be increased enormously. International Embryos has financed building the fitted by venture-capital In almost all these cases, the bred for their meat can, Animal researchers may 900a numbers of eggs. Whereas the one million or so worked with animal scientists on ground companies are of surrogate, with standard fire- exit doors opening up in eggs are fertilised by artificial through the role a borrow methods from physicians They will collect the eggs eggs in a cow's ovaries normally in several developing countries cities such that as New York, insemination while they are give birth to cow of the milk- working on human patients. through surgical methods lead to no more than a few such as the Philippines, Egypt open In an emergency. Boston, Reno and Honolulu producing quality of a prize first sign of trouble, still in the womb and not by They are likely to turn to in similar to those performed on calves daring the mother’s life- and China. It is also discuss- At the expressly to treat couples Frlesan. using in vitro methods. Devonshire vitro techniques to increase women undergoing treatment time, this could he increased ing with India’s National Dairy the building’s occupants hurl the technique. themselves out of the upper The resulting embryos are Crucially, the calves have greatly the rate at which they for in vitro fertilisation (see to several thousand through in Development Board embryo- In animal breeding, the finan- removed from the womb when the resistance to disease not can propagate selected genetic panel), before fertilising the vitro methods. transfer techniques to improve storey and slide down the chute. cial pay-off of work in a week old and transplanted of their real mothers but of traits in animals. eggs in a laboratory and trans- At the same time, by optimis- the genetic characteristics of embryology could be extremely into surrogate mothers, which the ones in whom wombs they The researchers are working planting the resulting embryos ing the number of eggs "har- the country’s 185m cattle and high, particularly in developing then have a normal pregnancy. have been residing. on new forms of drug and hor- into perhaps several hundred vested” from an individual 68m buffalo. New device to THERE ARE those who hold Does Sony need to offer a that IBM both liberated and personal computer? Only in smothered the nascent computer monitor airflow Innovation is the casualty as history repeats itself the sense that it aims to be a industry with the launch, about major office automation com- KONTRON ELECTRONICS, 20 years ago, of its System/360 based Ins Trinitron colour monitor. has already sold them, to other port and an IBM-compatible pany and the cornerstone of la St Albans, Hert- mainframe family. personal fordshire, has announced Professional Bat the innovation, it has to computer manufac- expansion bus. the electronic office is the a came Personal turers, family of sensors Lffieration from the be said, amounts to little more Hewlett Packard in There is also an on-board executive workstation — for to monitor establishment of particular, air flow in industrial a hardware than fine tuning: Sony argues and they are no 300-baud modem and outlet for which read personal computer. equip- standard on which other manu- Computing longer novelties. ment such as air conditioning, that It began to work on its a direct telephone connection. Sony is. however, taking a facturers of both hardware and ventilation and 7 personal computer two years The large liquid crystal In the UK. this is still awaiting realistic view of its chances in exhaust software could build, knowing systems. ago at a time when It was display screen is essential for British Telecom approval personal computers. It aims in there would be a sure market BY ALAN CANE becoming dear that IBM had true IBM compatibility (the But then even the humble its first year to take about 1 In the devices, air enter- for their products. established the standard IBM pc monitor offers BBC Micro has almost as many per cent of the market ing an inlet cools an The price paid, however, was 80 UK elec- Now it looks as if history quarter of the desk space of for professional personal colianns by 25 lines) but ports and expansion facilities. compared with about 40 per trically-heated element in technological Innovation. other Once is repeating itself, this time in an IBM PC into which Sony computers. Its design work has manufacturers already cent at present for IBM and the air flow stops, System/360 was limited in many offer Sony makes much of the the tem- microcomputers. The best evi- has condensed more functional therefore, had to be carried out fhi«_ 17 per cent for Apricot perature of the element ways; it was a child of the tech- small size and weight of the dence of this was the launch, design, usable features and within the straitjacket of IBM quickly nology of the day- Nevertheless, Gitd of the US offers both machine coupled with the fact But just as the establishment increases, triggering in the US last month and in the innovative technology than compatibility. all IBM computers and IBM a flat liquid crystal screen and that it is mains, rather than of System/360 opened the an electrical signal which UK last week, of the first most manufacturers are able to computers since It is interesting to see what a high quality battery, powered. doors to a flood of innovatory can. for instance, trigger an compatible put Into twice the space.” electrolumines- business personal computer this has meant for a company cent software, so the establishment alarm. have had to run on System/SWs display for its machines. It is therefore not a true from Sony, the Japanese To be fair, the Sony machine like Sony with technological of the IBM as the rails. At £2,295. with colour monitor. portable although it can easily PC standard The sensors can be incor- electronics group. is nicely designed, a small and and marketing achievements has There has been significant It costs more than the £2,195 be slipped Into a desk drawer. made possible the develop- porated in a variety of neat machine with a desk top like the Trinitron colour innovation in mainframe design Sony claims it is "a major tele- Sony is asking for the liquid ment of a mass of software systems in which undetected “footprint” a little over 1 ft vision and Hie conclusion is that Sony since System/360—Burroughs’ evolutionary development In the Walkman crystal display version of its guaranteed a ready market breaks in air flow, perhaps square, weighing 13 lb and personal stereo system is trying to break into a diffi- multiprocessor architecture and the personal computer market” to its machine. Marketing, rather than in- due to mechanical faults, offering 640.000 bytes iff fast credit cult, highly competitive, mar- ICL's 2900 series are good At the Loudon launch, Mr Alan The Sony is novatory design, will deter- could lead to mishaps memory. a connectable ketplace with a machine which or even examples. But IBM’s marketing West Sony manager for The new machine offers twin machin there mine the success of the Sony disasters. For e— are standard is innovatory only in the instance, the muscle has relegated them to business computers, said: “We It can be supplied either with 3*5 ins flexible disk drives. Sony fine PC. Software, rather than hard- BS232 serial and Centronics detail and that device could feature in have produced a personal a 25-line 80-column liquid developed this size the constraints ware, will the sidelines of commercial by of drive and parallel ports, a disk drive determine the level environmental control systems or of IBM compatibility have of innovation computing. computer that takes up a crystal display screen a 10 perfected the mechanism but it interface, a Microsoft in the profes- for computer equipment mouse made this inevitable. sional or PC business. in hospitals. Panasonic ambomthey needprotection. IS CLOSED Throughpatents, trade marks,.registered designs and copyright The Patent Office promotes innovation: • Protecting the bramchild of the individual — well, almost • Helping small companies, seeking to develop new products and processes, to stand on their own feet The response to this prestigious golf championship at Sunning- • . Assisting large companies determined that their marketing dale from September 11-14, 1986 (Pro-Am September 10) has initiatives should reach sales maturity. been such that the only hospitality facilities remaining are: Creative innovation has always been the business of. 4 Four-day Pavilions at £4,950 + VAT The Patent Office. And innovation is more relevant to promoting tiie national interest today than ever before. 6 One- and two-day Pavilions from £1,950 + VAT Services which The Patent Office provides in- clude a full range of free literature, an explanatory In addition bookings are now being accepted for tables in the video, and seminar and lecture presentations. Executive Club Pavilion at £55 + VAT per person all inclusive. Tb learn howyou or your «Jirg>any might For further details and booking forms please complete the harness new ideas to better industrial and coupon below NOW—or risk disappointment commercial purpose, write to: #jjr __ Head ofPublicity, The Patent Office, InP Boom 1034A, State House, 66-71 To: BIRCHGREY LIMITED, Broadway House, The Broadway, JBgf London WGQB4TP. Wimbledon, London SW19 1RL. Tel: 01-542 9048 HIghHolbom, JBBr X CljUCIlL Please send details on: 1986 Panasonic European Open Golf Championship Office Other hospitality packages and sponsorship (tick as appropriate) From Position Company ms Address TeL Ref: ET/2 i . ti , L . . « Financial Times Tuesday January 14 1086 33 FT COMMERCIAL LAW REPORTS FT UNIT TRUST INFORMATION SERVICE Uni twin Aim w, iNn) IM Court K772MAM sets aside writ served on 150 Swedish camera manufacturer breaches, it wa* complained, the establish by its evidence a good concerned with the exercise, of retailer CAMERA CARE LTD v was unable to find a arguable case that there was **« the discretion under order 2 rule regular source of supply of Z to validate the purported and AKTIEBOLAG AND Hasselblad tort committed within the cameras and pro- irregular service of process out ducts. jurisdiction." ANOTHER of the jurisdiction. It was there- Its evidence did not do that. In fore directly relevant. Court of Appeal (Lord December 1981 the Com- It did not indicate what act or Justice mission decided that the manu- acts within the jurisdiction were The authorities, taken as a Fox and Sir Roger Ormrod): facturer and distributor had in- relied on to establish The alleged whole, showed that order 2 rule fringed article 1 should be December 19 1985 T--85. They— were tort- Its affidavit stated that the applied MberaMy in # r ‘hstnbujWr appealed claim was ‘principally for the order, so far as was reasonable and the European Court held it tort of infringing articles 85 and and proper, to prevent injustice being concerted 86 . . also for conspiracy to caused to one party by practice, . A EUROPEAN court decision the aim of winch was injure, interfering with the mindless adherence to tecfani- that goods manufactured ire i I>orts tot0 the DK phdutfir*. business; and breach of calities in the rules of procedure. in S? 5£1 ? . of Hasselblad cameras intended an EEC country were deliber- the statutory duty under the Re- Leal was an iRustratton of for the retailer. sale-' Price* Act 3976 and ately withheld from a par- situation in which the court Restrictive Trade Practices ticular UK mailer contrary On February 13 Act would adopt a less liberal atti- 1984 the re- 1970 ..." to EEC law is not In itself tailer applied to Master Hodgson tude, namely, where service 'out evidence that any tort was for leave to serve a writ on the That did not specify any act of tiie jurisdiction had been manufacturer witMn the jurisdiction which effected Irregularly. committed in the UK so as to out of the jurisdic- tion. would constitute justify service of a writ a tort It did not on identify any act within the the manufacturer out of the jurisdiction at alL - jurisdiction. Also, Irregu- . At page 885 Lord Justice Blade The fact that in the European larities- in the service of The Master granted leave to said: “Only in the exceptional proceedings there was found to Proceedings out of the serve a concurrent writ At the case should the court . . . vali- juris- be a concerted' practice between diction will he cured time of Ms order there was no date after the event the pur- Vh. - by the the manufacturer and distribu- court only original writ in existence. ported service in a foreign in exceptional A tor did not of itself indicate a statement in the retailer’s country without leave . tort in the affidavit that a writ bad already UK. All the relevant acts could have been done in That statement was accepted. The Court been issued against the distri- of Appeal so held Sweden. Nor -was there evidence In Leal no attempt was made to when allowing an butor was wrong. appeal by the of act- -.which, obtain leave to serve out defendant, an might con- Victor Hasselblad After stitute a breach of the Restric- whereas in the present case leave Aktiebolag, Swedish the Master’s order, the manufac- retailer issued tive Trade Practices Act or the was obtained, bm in an irregular turer of Hasselblad an original writ cameras, endorsed “issued pursuant Resale Prices Act. manner. However, service of from Sir Neil Lawson's to decision the order of Master Hodgson process out of tbe jurisdiction to permit the plaintiff, The result was that the re- Camera dated February 13.” It was not was an unusual, assertion of an Care Ltd, retailer of tailer had not demonstrated that cameras in authorised to issue an original extra-territorial jurisdiction the UK to serve proceedings it was a proper case for service out writ, but a concurrent writ of jurisdiction. which could have international of the jurisdiction. out the The appeal succeeded on that ground repercussions and so was care- On July 27 the writ was served Order 2 rule alone. fully controlled by the Roles of I of the Rules of on the distributor, and the Supreme on July Court. Court IRSC) pro- 30 a photocopy was served Even if it were established to vides: “ on (1) Where in beginning the manufacturer in Sweden. be a proper case for service out It was consequently very - . . any. proceedings V .. . . there of the jurisdiction; the judge was Important to ensure compliance » to; has • . . been a failure to com- There were, therefore, several not justified In his conclusion with the rules. Irregularities ply with the requirements of irregularities in the retailer's that the defects in the process should be cured only m excep- these rules ... the failure shall process. were curable under order 2 tional cases. v be treated * -7 . *; as an irregularity and rule L On a summons by the manu- It would not be a proper exer- shall not nullify the proceedings «...V ^ facturer on March 7 1985 Maxtor Those previsions were a neces- cise of tbe discretion to pat right ... (2) .. . the court . . . * 1 : may Grant set aside the writ sary r ‘V ?. and part of the machinery of egregious mistakes so as to ' ' '* set aside either wholly or in part .. service and Master Hodgson’s litigation . Ss became errors were bring a foreign parly before tbe the proceedings in which- the . tffc-.' order. easily made and should not fh court and, incidentally bat not ’* failure occurred ... or exercise - ’ ^1*' general be allowed to affect the insignificantly, its powers On June 13 Sir Neil Lawson to deprive him of ... to allow . . . substance of the dispute. amendments." allowed the retailer's appeal a limitation defence. from that decision. He held that The present matter, however, all the irregularities could be was not an ordinary case, For the manufacturers: Christopher cured under RSC Order 2 Rule L because it was concerned Bellamy f Ajhicrxt • t.- with •' LORD JUSTICE FOX said that The manufacturers appealed^ service out of the jurisdiction Morris Crisp and Co.) between 1975 and 1978 the and because of the nature and .’* For th£ retailer retailer was supplied with The first question was whether extent of the errors made and : S. J. Bunxtan - QC and Richard Rehar (Pollard 8 -• »; Hasselblad cameras by the it was a proper case for service the impact of the limitation ... out of the jurisdiction at Scott Winter). Swedish . ? -~ r j.' manufacturer’s sole UK Act all. The retailer relied * ‘ distributor, under a' dealership on ’•>. The appeal should be allowed. \ •! RSC Order 11 rule l(l)(b), '"« agreement By Rachel Davies ;. «* namely, that the action was Barrister r-.^i In 1978 die distributor termi- founded on a tort “committed nated the agreement The within the jurisdiction.” SIR ROGER ORMROD, freeing, retailer complained to the said that the judge misdirected V '*'3: Under order European Commission that the U role 4 (2) the himself on an important point ^ 1 ' '% , manufacturer court was precluded from grant- - •' and distributor He was referred to Leal [1984] ing leave to serve a writ out of THESE REPORTS will be pub- were in breach of articles 85 and 1 WLR 874 but distinguished it »•• -5 86 the jurisdiction “unless it is lished in of the Treaty of the European FOCUS ON SOUTH AFRICA CONTRACTS SERIES A special advertising series featuring companies involved in South African commerce and industry appeared in the Financial Times Babcock conveyors between October 9 and October 23, 1985. Brochures containing . this series are now available at a cost of £3 per copy For further details please contact: HUGH SUTTON for Ford US plant financial Times Bracken House, 10 Cannon Street, London EC4P4BY A 89m (£6An) contract has sub-station, provision of car been awarded by Ford Motor parking and landscaping. Company UR. to AGCO BAB- Weaver win adopt “fast. track" COCK INC, North American working to complete the job in subsidiary of Babcock Inter- 32 weeks. national, for 28 automatic guided However, this still compares F/T. CROSSWORD PUZZLE No. 5,921 vehicles (AGVs) and a power favourably with the five year and free conveyor system. The plan target of 360m for 1985. equipment will be used to re- .Rapid growth, particularly in ceive, . assemble and distribute Bttbi tiSUS industry,, revealed undoing SB. Plant, which bouses, ye r Ford’s sole North American ? P*®0, heavy-duty truck operation. The in 1986 but so far unpublished, contract covers three installa- is expected to tackle. tions: an AGTV system receives Energy and transport short- inpnmtng . engines, and delivers ages caused severe bottlenecks, them, on a just-in-time basis to and preliminary proposals ' for a power and free conveyor sys- the next plan include these as tem, on which tbe engines are priorities- assembled. A second AGV sys- Inflation and over-speedy con- tem receives the engines from struction. caused last year by the power and free conveyor, freeing prices and allowing fac- and distributes them to tbe final tory managers to make deci- assembly lines. The AGVs, sions, are to be controlled by which can carry a 6,800 lb load, temporarily ending price have been designed by Babcock changes and attaching tighter Fata, subsidiary. ' First a UK. conditions to bank borrowing. phase Is scheduled for startup in May, with total system com- Chinese bank officials claimed pletion in July. in December that the ontrush of foreign exchange had been TEMPERATURE, a member of stemmed, and that reserves, the Norcros Group, has three standing at S10-8bn (£7.7bn) at contracts, together worth fSm. the end of June, had risen to Largest is to supply GKN 312.6bn by end-September. Defence Operations with ait fil- * tration units for ,MCv80 ./ armoured personnel carriers to William Low, Dundee-based be used by the British Army. supermarket multiple, has placed Another order is for roof an order worth almost flfim mounted air conditioning nulls with ICL, to develop information to -be installed in railway systems alongside its store carriages built by Metro- expansion programme. The new Cammen for. Hong Kong's Kow- hardware, .which will replace Notes possibly Roman ACROSS 6 — loon-Canton Railway. The third existing ICL equipment: com- 1 Tea with fine china is made (9) order is for refurbishment of prises three Series 39, Level 30 delightful (8) 7 The new man or woman (5) Woolworth House, London, with computers, 50 DBS (Distributed 5 Corrects a conclusion in 8 Gives some support for regu- Versatemp air 'conditioning Resource System) microcom- writing (6) lar girlfriends (8) units. puter terminals and two DRS 9 Order alteration in grey 11 Rings about turning up for * 8801 word processing, systems. eoat (8) work (4) SOFTWARE SCIENCES, a The first of the three computers Oriental (6) 18 Adds to the rash of escapes? Thorn EMZ, Information Tech- will be . installed in March for 10 Issue blend ^ 12 Instruments of love in high (6,8) nology company, has received development work. The second and third, for database applica- orders (5) 17 Idolater I replace as. leader orders worth .over £X.5m from tions, are due for ahpmemt to 13 Short and in character (9) <«> five City merchant banks for Low's later in the year. 14 Stand in for the rehearsal or 18 Their acts .are well known the COLT (Con tin uoos On-Line (8) Trading) - computer system..’ It run (6) . It's to raise has been developed to support 16 It’s true I win appear in the 26 wrong the pace Hydraulic fire pump systems are market-making activities under screen version (7) (4) to be supplied by WEIR PUMPS the new-style Stock Market com- form of recom- 21 He makes payment for of. Glasgow to. 19 An empty “ ** the North Sea various letters (7) ing With the deregulation of. Tern platform oto Shell Esso. pense (7) . . the. UK securities market. Initial Radio reception problem 22 Ray's footwear? (6) Three units. Incorporating centri- 21 installations are for Barclays do never goes away (8) 24 Magazine or mxwnai holder. fugal fire pumps, screw; pumps which Zoete Wedd, die County Securi- Advice to a vintner near and motors, diesel engines and 23 ties (NatWest), Cazenove Co., 25 microscopic or giant & auxiliaries, have been ordered Manchester? (9) EL James Capd- and Kleinwort 25 Turn a lock for conceal- breed of dog (5) by Shell Expro under a contract Grievawm. ' COLT will provide valued at over Elm. Although ment (5) . , np-to-tbe-mfaitte information on the technology of screw pumps 26 Naked convict in the pool Solution to Puzzle securities No. &920 all mid related instru- and motors is weU-ertablished, (6 ) ments in which- a trader makes particularly in cargo oil taskers, have a startling market, including 27 He can positions, Weir believes its system, public opinion (8) first effect on profit/loss, on-hand orders, etc. installed in 1984 on the MOre- arrangement that 28 It's any It also provides links Co cambe Bay platform of British sense (B) makes good Stock Exchange and other in- Gas, Is the only one at present to the claret is 29 Objects when formation services. use them in. an offshore fire- shaken up (8) * fighting role. Tbe basis of the WILLIAM WEAVER, Broms- system . is a 'submersible fire DOWN grove, has been awarded a pump .'driven by - a hydraulic Grubby residence (6) and build contract .. (U 1 design worth •crew motor which is supplied' tol«^NanriANU3l« DUB( literary gathering 2 A choice just over film for a computer with hydraulic power by a diesel- centre alongside essfezd !bp vi (9) .. . the Severn- engine-driven_ screw ,pump on the disposi- 3 Wise man of a smug Trent Water Authority’s Derwent platform. The submersible pump OctntM Uaft Trust Mp» UJ divisional headquarters at raises water from the sea HFtadarebSLLoMM-ommECMM«v tion (5> . . . _ . . to a __ amarine. -ms ..i 4 Tell of Scottish isle rising Raynesway, near Derby. The booster pump which is also «Wl -. £» against the heartless (7) contract includes an electrical driven by the diesel engine. CONTHIOED tVEBLCSF tfi n -M. § — a - 1 '' —— 1 > il Tuesday January 14 1986 36 Financial Times COMMODITIES AND AGRICULTURE MAIN PRICE CHANGES MARKETS ffwi5*us gsjlgnfc cantt/US pa Bans LONDON US Clean Wflh Lew Pri* Muddling In tonne* unless otherwise stated. METALS pot in a PRECIOUS Fob 69-55 71.25 68.65 72m watchdog plans tough MARKETS mixed performance reflecting March 67.65 68 50 67.65 US 69.74 THE RECENT wild gyrations Jan. 15 + or Month scattered proflt-Uking and the AprH 63.74 64.00 66.74 loss — ago developments May 60.97 62.10 60.97 62.97 In the coffee market showed lack or fresh 60.80 59.80 61.22 on with METALS reports June 69.75 no sign of slowing down over the weekend, July 69.65 60.70 59.65 61.40 Aluminium— Copper 60.60 61 yesterday. The March posi- —I Hdnold Commodities. Aufl 60.00 6000 01 Free MICE. sraror+BO 11(71/90 contract timing aluminium moved sharply Sept 61,50 — 61.64 rules on tion, which had fallen £151.50 and Copper. Oct 81.75 — 01.64 Catii ft Grade (£9880 ‘+14J1 £985.90 higher stock drawdowns grain last Thursday and regained — on Nov 61 JtS — 61.64 3 fifths —lei01«.7»j + 1*4|£ 1008.0 and expectations that US BY NANCY DUNNE IN WASHINGTON £1X2 on Friday, fell away Goto Troy or— S941.O0>0JB;18318.0 QRANOE JUICE 15,000 fts, CWfte/lb economic activity will begin again to dose £266-56 down LudOash £867.0 !—O. High low AFTER TEW years of dissen- cipants “continue to harbour comply with the standard as strongly in Close Prev yesterday at £2,617JO a tonne- picking up 101.00 99.95 100.00 can- Jan 95.90 surpluses sion and delay, the US Com- suspicions as to the fairness of best they first quarter of 1986. Sugar 108.70 97.30 An early fall, . following FToa Mkt .187/217® March 97.40 TOL3D Trading the commodities markets.'' An The exchanges may use either selling modity Futures Com- through on New York’s Palladium oi 1 OS.OOf— 163.00 came under heavy May 99.05 104.90 99 70 103.70 manual record keeping, a tech* Platinum S3B8.00-6SS330.BB based TOOK) 105.50 mission (CFTC) is expected indirect benefit of the improved decline after oz pressure on technical July WI.10 m» the London Ouicksilvert S£20i2«h ....8M&/27S 102.10 107.25 102,00 106.69 DURING 1970 I visited the today to approve controversial timing system may be better oology assisted system, exchange selling. Expectations of s«pt market had dosed on Friday, SRvar troy at ....1482.66 p] LTMQOJOp NOV 102 60 106.00 104.60 107.00 prairie provinces of tighten public perception of the fairness recorded time keeping or a com- results Canada and new rules which would gathered pace as stop-loss 3 months 43fl.50pj +aj»(417JM)p disappointing grind Jan ica.Go 105.1X1 1MOO 108.00 saw enormous heaps of the record-keeping of trading of the markets, “thereby in- bination of these or other Tin cash. led to pressure on cocoa Match 104.60 — 106.15 wheat orders wen triggered. But 9 months X the floors of US futures creasing public confidence and approaches as long as the one The large discounts May 104.70 109.00 109.00 1 08.23 stored uncovered on farms—the on traders continued to see the Tungsten 666.92 swifn values. exchanges. participation in the markets.’' minute rule is in force. Wolfram ZLOlb,,. 09/61 ,356/04 being offered by Brazil on SILVER , accumulation of several harvest decline as a technical correc- ax The proposed rules would The rales are also Although most of the ex- 23 no S8? +9.6 trees export sales led to sharp 5.000 troy 02. ccma/troy new tion and many still 6 month* „ £466.6 +10 £506 new surpluses. The US, a richer were Hiah low Prev force floor brokers or exchange designed to deter trading changes must be dragged to the Producer! ;«8Mj7B) •680/870 deftim* In coffee. Cotton Dnt looking for further substantial — 600Jt 506.6 602.0 198.2 country, was storing much at employees to record the actual frauds and make trade recon- new standards kicking and firmed on light cash offers gains as the market cornea to Fab 603.1 BOBO •090 611.1 Government expense execution time of each futures sanctions less expensive, screaming, the New York Mer- OILS and good movement of cotton 816.0 and in terms with the heavy damage 607.0 606.0 8150 trade within one '|S40Sv loan. Heating oil 61S.1 823.0 614.0 623.1 and options According to the CFTC staff, cantile Exchange has bad a one Coconut (ptiio i isaSET into addition paying farmers to set the done to the coming Brasilian minute. Currently, trades are New York cotton exchange minute time keeping system in Palm Malayan >S370z 1+20 >8400 declined the daily 2c limit in 623.5 828.5 623.5 631.4 land aside In Australia at the crop by last year’s protracted 632,4 637.5 694.8 only recorded within 30 minute recently spent 450 employee place for years. Under the nearby trading months in re- Sept 540.1 same time wheat growing was drought Meanwhile sugar SEEDS 645.6 863 J) 846.0 663.1 time periods, making It diffi- hours to reconstruct the trading fill out action to wanner weather In 860.3 866.0 886.0 667.7 system floor brokers futures were depressed In line subject to quota. for investigators to trading con- a card Copra Phil tssxv the consuming areas and March 669.3 864.0 658.0 666.6 cult CFTC of one broker one trading information on in ** ** with the tone New York Soyabean (UA) 169250 —306<6220.5 growing stocks following Btoy 686.7 — — 07SJ A year or so later Soviet establish audit trails in tract on one day. Because of the and throw it into fhe centre of on and London's position ended heavy output. WORLD *• 11 ~ buyers raided the American sniffing out trade abuse. imprecision of the data, the the pit where it is stamped with months of SUGAR the day 87.10 down at 8147.70 GRAINS rains in Brazil sent 112.000 lbs. cams/lb stores and set off a worldwide exchanSe was unable to recoin the time by a Nymex employee, Weekend Most of the futures exchanges a tonne. Cocoa values sharply Close High struct se Mar. . UG.nx +aj0vni3Jfl Soyabean prices Low Prow production boom with the result have long opposed one znioiztc the quence of about The cards are collected, Barley Put. last £ 148.00- + OOL£142-5t 634 6.63 532 one-fifth the recovered some of week’s lower. Maize and wheat lost 5.B that today the world's grain stamping requirements, of trade. checked and entered into a corn- £1 18.60. +0.«£1 18.50 6.57 6.83 5.55 5.96 time sharp fan tn spite of news wheat Put. Mar. ground on expectations of May I I 6.03 , 8 Wfnt.1 X B.77 5.78 *06 production, excluding rice, of claiming they would slow up While eager to impress Con- pater centre by other Nymex grindings NO.! Hard i a- that US bean in the lower new crop loan Tates Sapt 5.62 6.18 6.11 t.22 1.346bn tonnes is a third higher trading and damage market gress this year, the CFTC is clerks. Later, when the inform final quarter of 1985 were that were to be announced Oct 8.09 8.32 6.06 633 than In 1972-74. liquidity. However, the CFTC expected to ease the transition tion comes up on TV screens OTHERS — — down 6.7 per cent on tire - yesterday afternoon. Jan 8.53 6.66 the exchange, 8.70 8^1 6.70 is up for Congressional re* to tighter controls by giving ex- located throughout corresponding 1984 period. Ooooa PE May TOW “~+ RTTSIfSTo Match 6J7 This is undeniably a consider- Coffee Ft Mar. !£26T~17.S I-IS8JSXZ324 May 8.B6 — — 7.13 authorisation this year, and a changes until October 1, 1986. to the floor broker or his clerks are J40.4OC able achievement, but unfortu- Sterling's weakness agahrst Cotton A IndexOCX 51,23c i Congressional^ mandated study plan for required to check it accurately, nately the total annual world implement a one the dollar lifted copper, tine Gee Oil Mar. [•204.75 1—4. •238.5 NEW YORK ou insider trading recoin- timing until Mrs Rosemary MacFadden. Rubber ddlo)>) U37.So 1+0.6 57.00 grain trade, excluding rice, has minute trade and and aluminium prices on the CHICAGO Sugar (raw)I [3187.5v +0.0 •144 mended that the exchanges im- January 1, 1987. to prove that the Nymex President, said the *- not expanded to match it. London Metal Exchange. Woottop»64a teOOp toVo! +3 Low Praw UV£ CATTLE 40,000 toft, centa/tb prove their ability to recon- their new schemes are working system bas not damaged trade Ctoae High Between 1968-71 and 1984-85 LME prices sujiilied by Unquoted, t Per 75-lb flask, c Cent* Jan 55.40 53.35 ClOM Hi oh LOW Prev struct the sequence of trading, well. The proposed regulations liquidity volume has been t 54.10 world trade only doubled from — Amalgamated Metal Trading. per pound, v Jan-feb. t Feb. Pab 55.70 Feb 68.46 69.95 6905 6907 In a report released yester- do not specify the method for breaking records for years—and Mart* 66.06 56.05 54.50 54.05 April 60.12 61,55 90.00 61.10 54.65 day, the CFTC staff noted that meeting the time standard bat the process ultimately assists is May 66.85 68.80 SBJO Juno 59.75 61.15 98.60 60.05 67-28 6506 5505 some commodities market parti- instead permit each exchange to matching trading. 56.45 Aug 59.55 59.70 5800 SS.65 ALUMINIUM £& 57.86 55.85 Oct 57.40 59.70 57.40 5807 58.75 56.75 COCOA Dec Dac 59.60 - 60.00 59.40 59.90 Jan 57.0$ Unofficial FARMER’S +or I Trade was tight and future* stayed Match S9.85 57.85 LIVE HOGS 30,000 Ibft, cents/lb olosetpuTj.) — Hlgft/row narrow Prices firmer in a range throughout a dull May 80-28 _ 5805 Clou Mgh Law Prav £ per tonne I day. Physical business was restricted Fab 44.46 4600 44.40 4500 VIEWPOINT Bonn criticises tin second-hand market where i COCOA 10 temnos. Wtonmes to die some Caah 806-6 + 83 (801,801 40.50 41.05 limited interest seen, pro- at London 5 months 838.5-3+25 .836/816 was but Latest High Low Prev June 43.97 44.67 43.80 44.10 thf Mi Chenfagtoa sidelinsd. ducers and consumers wars March 2160 2174 2169 2188 July 44.42 44.97 44.40 44.70 reports Gill and Duttua. May 2207 2222 2206 2238 Official closing (am): Aofl 43.15 44.00 43.15 43.47 tea auction Cash 9005-1 July 2246 2280 2246 2270 market rescue (778.5-9.5); throe months 826.5-7 {806- Oct 40.60 40.06 40.60 -4005 plan Sept 2285 2270 2265 2293 6): settlement 80t (779.5). Fttwl Kerb Dao 41.20 42.15 4100 42-05 2278 2278 2275 2300 By Our Commodities Staff Close: 834-35. Turnover: 20.000 tonnes. Dm Fab 4205 42.75 42.30 42.70 BY JOHN DAVIES IN BONN AND STEFAN WAGSTYL IN LONDON Match 2295 2290 2290 2315 May 2340 2325 MAIZE 5,000 bu min, cante/56ftebuatwl WEST GERMANY last night The latest rescue plan, put TEA PRICES at London's COPPER *' ” 37.500 tbO^ - Close High Low Prav March 1714-1715 +.106| 1722- 17 1 | COFFEE C ewts/lb criticised the latest rescue plan forward by Peter Graham, weekly auction yesterday 2490 Mr were COPPER HIGHER GRADE May. 1781 1723 '+10.0, 1758-1717 Close High Lew Prow «... 1748 1743 8.0 174« 178* •toy 2300 252.4 250.2 252.4 for solving the three-month-old senior deputy chairman of generally firmer with quality Official closing (urn): Caah 980-.S July U March 2240.21 258.00 243.50 26708 Sept. 1768 1765 i+ 6.5! !76*-178B July 251.4 2530 51.4 282.6 tin crisis. Standard Chartered Bank and grade averaging 180p a kilo, up (979-.5); thro* months 1016.6-7 (1003.5- 1 Mey 28532 26532 285.92 271.92 Dec. 1 1772-1776 1+ 6.0 1766-1773 Sapt 233.0 2380 2330 234.4 Speaking in advance of to- Mr Ralph Kestenbaum, from 4); settlement 990.5 (979.5). Final Kerb July 271.00 271.00 27100 277.00 joint 5p last week, medium March 1 1788 1706 1+ tSk I798-17M Dae Z23.Q 225.0 223.0 2244 Close: 1012-13. Sept 275.79 275.79 275.79 251.78 day's emergency meeting of the managing director of Gerald grade 140p. up 5p, and low May 1803.18161+ 8.6] March 2310 232.4 2310 232.4 Dec 280.00 290.00 280.00 286.00 May 235.0 International Tin Council, Dr Metals, involve the creation of medium 103p. up 7p. 2390 236.0 236.4 HtghorartKiej Match 283.49 269.49 99m tonnes to 209m tonnes and close Higft/low Salas: 1.487 (2.764) lots Of 10 tonnes. PORK BELLIES 39.000 lbs. cents/tb Guenter Behrendt, leader of a new company, Newco, to take — ; May 225-83 26533 285.93 291.93 There was no obvious ; prices par will probably be below 200m reason ICCO indicator (US cents the West German delegation, over the council's tin stockpile COPPER 25.000 lbs. cante/lb Ctoae High Low Prav for the rise, which continued a cash ,•988-8 +14 1980.3/990 pound). Daily pries for January 13: | tonnes for 1985-86. Prices are # said the proposals for sharing and its liabilities—funded 3 months >10143-6 1+14*1019/1009 106m (105 SO): iivs-day average lor Prev .... a trend that started towards CIOM Mgh LOW March 81.80 64.00 6100 63.60 at levels ruling 10 years ago and the financial with January 14: 106.06 (10642). burden between £2O0m from ITC members, the end of last month. Jen 86 30 6505 May 82-97 84.80 0206 6406 One Feb 68.58 although they do not appear to the council's 22 member govern- £50m from brokers and £2Qm cathodes 86.00 July 8206 84.95 62.BS €405 dealer suggested it might 873-6 + 10.0 — March 88.95 87.10 66.45 6SOS Cash ; have fallen materially in dollar meats and its creditors was not from banks, | Aug 80.77 62.50 80-76 62.42 simply be a reaction against 3 months 1003 6;+ 13 : 1004/ 1004 May 68.80 68.96 6505 86.96 terms, the fact that the US fair. Behrendt COFFEE Dr criticised the the fall, July 68.90 87.00 6S.7S 86.05 SOYABEANS 5000 bu min, canta/GOIb- preceding encouraged, Official closing (am): Cash 974-5 dollar, in which grain is traded His comments were made relative sizes of the government Following the announcement from Sept 67,00 86.55 6505 86.15 bwtbel perhaps, by the low level of (684-5): three months 1004-5 (994-5); Aincsn notions that they would world wide, has fallen by nearly shortly after London and the bank contributions the Dec 87.15 o/.Jh €5.90 66.35 CIOM High Low Prav the Metal stocks held astHemeirt 975 (966). Turnover: 33.175 seek Immediate suspension of ICO by most UK blen- Jan 87 JO 66.46 Jan S2B.4 6300 520.4 634.0 Exchange deferred until next but had no major objection to tonnes. US Producer prices 68.5-73.06 quotas, the market cams under heavy 5? I ders. He did not think the Sri Match 6730 86.46 68.45 88-65 March 6300 539.0 530.0 544.4 the European currency unit, the brokers' input. cents per pound. speculative and trade liquidation.' Stop- 67.45 Monday a decision on the future Lankan poison scare had influ- May 66.60 66.66 66.70 May 542-2 561.0 542.0 556.4 over the past year means that loss selling throughout the morning of the tin market, which has It is understood in Bonn that 50,000 cenw/lb July E6L4 557.4 552.4 566.2 enced the market as the small produced losses of up to E313. A weak f COTTON tbs. tareal terms the slump is really LEAD August 560.0 563.4 been siwpended^since October these views are broadly shared amount of Sri New York market kept London under Chrae High Prav | Lankan tea Low Sept 531.0 638.4 531.0 5450 24, when the ITC ran out of by Holland pressure throughout the afternoon. March 82.15 83jOS 82.10 <2.83 and France, The included in the offering would Nov 5270 536-ft 52M M1.0 ! Unofficial or j 82.17 62-80 82.10 62.63 is being blamed money with debts of hundreds three countries + May Jen 537.4 544.0 537.0 The EEC for have so far have been shipped before an ;doHHp.m.i — . Hl9h/tow 652.0 July 60-28 80.90 6005 6002 ~ ' • of millions of pounds to banks tonne I Match 6480 G54A 548.4 6620 •s much of the trouble. Ten years been leading opponents of Indian newspaper reported, £ per COFFEE Done ago total grain imports into the and LME brokers. attempts to start 48.72 SOYABEAN MEAL torn. 5/ton negotiations about ten days ago, that Tamil Dee 4830 48.50 49.68 *» IN Cash 257-8 I —0.76 1237/237 . The UK Government has con- | March 49.53 49.41 1 Community of 10 were 22m between the ITC and its separatists had put arsenic in 3 months jS67.2S-.5i -0.88 [*67,267 Jan 150.1 161.5 150.1 ISO May «« 49.72 tonnes. By 1984 they had fallen sistentiy pressed for a settle- creditors, an export shipment Jan ..(*660-600 i—ZS7.6) 2780 560 March 152-7 IDO 152.1 1BE.4 ment rulminatiwg Official closing (am): Cash 87*35 March [8616 80 I—288.3. MTS-870 CRUDE OIL (I'GHn May 154.9 158.0 154.5 157.4 in a campaign [ to 7.5m tonnes and over the Tin trading has been suspen- The London Tea Brokers’ 18680-86 2855-650 (250.75-60.25} three months 287-5 May. I —271.0! 42.000 US galkra. s/barreia July 157.1 156.0 156.0 158.4 exports in. letters from Mrs Margaret ded since October 24. ; ..12770-76 | same decade of Association described demand (269.5-70): settlement 257.25 (260.25). July. l—212.6 8080 730 August 157.1 1590 157.0 169.4 Thatcher to fellow heads of Sept: -18841-60 1 '***'' 5TDO-820 Latest low Prav Community grain had more at yesterday's sale “strong Final Kerb Close: 267-66. Turnover: Sept 153.0 1630 152.1 154.5 * » as «• . Nov„ 88 00-15 —2420 3155-000 Feb 25.18 ££ 26.06 25.79 Ml ^ a- % government 6350 totmena. US Spot: 18.5-20 cents ; oct 1470 148.0 147.0 149.5 than doubled from 9.7m to 2im and more consistent" There 12*45-90 5116-960 Match 23.7B 24J0 23.68 2404 Jan !—21733 Doc 149-5 1500 1490 151-5 tonnes. Xn effect the EEC has It is clear from Dr Behrendt's were ptr pound. Apr3 23.00 23.S2 2200 2305 31,793 packages on offer, * - Jan 149.3 160.0 149.0 151.0 London metal exchange May 22.65 23.03 02.00"“ 23.31 reduced the world grain market views that any deal might still including Salsa: 13.664 (11.026) kns oi 5 March 1530- WAREHOUSE STOCKS 1,800 in the offshore 22.48 2272 2200 -22.94 153.5 for vendors by take time to negotiate though tonnes. traditional some — (Changes during week ending last section. NICKEL July 22.25 22.45 22.17 22.66 SOYABEAN OIL 60.000 lb. cents/lb the fact that he criticised ICO indicator prices (US cents per 25m tonnes. Assam teas were generally Aug . 22.10 22.00 22.41 Iriday) 1 for January 10: 5p [Unofficial < pound) Comp, doily CIOM Hluh Low Prav +or Sapt 21.95 21.96 22.17 (tonnes) to lOp a kilo dearer — 1979 227.05 (220.44); 15-day average 22J» Jan with best do*e(p-rn.) High/low 2130 19.78 20.05 19.75 20-26 principles TtohSicI the* latest tonne 210.34 (267.14). Oct 21 JO 2100 21.05 March Aluminium -425 quality types showing advances £ per 20.08 20 JO 2005 20-56 diSoad^^bS^thelnSv to 221,925 GOLD 100 troy oz, 3/troy oz ««»y 20.48 20.10 20.44 2005 indicate that West — from last week of up to 20p. Copper 4>50 to 1*1075 Cash 2840-80 j —io 2860/S688 July 20.73 21.00 20.72 CUUJU DC less tougn in Ctoae Mgh Low Prav 1 2915-20 , 2980/048 9 Cf -i Financial Times Tuesday January 14 1986 CURRENCIES, MONEY and CAPITAL MARKETS MONEY MARKETS — 1 | [ ' —.——, —J. j—J11J—JI.JJ4J ) . —_——_jJi|jJ1.|JJ,( —- J. —4i[I—J—IJ(|j J1 —. —JJ. ]]) ]4)(\J|) I J21 —, ————_,—_—J-.—-|J]1,I January 14 1886 38 Financial Times Tuesday BRITISH FUNDS AMERICANS—Cunt. BiewEE«Tfr-c«*» 1 --"-MStT 1 kJ r1 1 ^ 1MM6 ! I ¥* ™»* Hg6 Law Stack M «r. T Mi “ £nLjsuJ BatekawmlOp— .t. r, 7 Allred PbatSp LONDON 5 M 89.V03 I51. SHARE SERVICE BraWarefteO “Shorts" (Lives op to Five Years) 72d_ 75 44 10.4 [115 Aaort •tacft.Utac‘86- tr.Ufc— 85 Airier ted. 10P dure Oread H420— j” 1966 IlCWBj-H BUILDING, TIMBER, ROADS—Coat DRAPERY « STORES—Coat. 1623 30 716 AnaAJncaiFiaTIjp. 44 |*2 I -1- 92V Trass 3peJ CPCtat«L25e wmm 111 3J yt Mr AngtaHordk.n. 2S%4 ... 14)32, 7D 97% Ere6.10%i _ ..CtopUiSLOO Stick Mca - Hat (Li 3 99% rmiftKU. CVrlStf* I — I SSore»*W® - *57)23! 25 111 jtfBjfncSLOO tare«4HMta_J2M 08 UQ 3J8 86 «pr aj 8.75) VrAdV. HJA50dJ 284 24 terowilOp 38 L... Wi r«s»jpciw^t 25 Campbell So* 30e ptHaeafl R*. AU3p_] 42 ScdobLUSp— arena (Jobe). 1 1 ioov EtttLi4aeiWfc— a UJ^Armew Tivallte- . .- Hi . ! _T^ mCatenfflarTragaO ,teL^38 172 25 » ,w{u «J Bn, Extt.Z%pel986 , 72% Staad-ASw'* 335 MoaM20P 14 - - - 42* 527p Cener9rfi»p.2fc— S fCbraaWsar firp. J 21 4.4 Euh. 58 StdobargHp tew.8r.615.lP-.- UVHi 15Vbc 1987 Oust man 40 ! LOS 42 3 34% K25— OrterOm- 65 St«B48re»20p- ... 96% Tnsilftp«£»» inded HteTOriTJ — Iff) Da BpeCwnftWW 234 m 25 ^bsw(FJ5pl 14% StarepJrflQa »3~% V&5 ICmreliw «S% tiAZfecHB 180 taa Brt Pans 22 mi sT 394 caabib««. Snwtt20p tl2J 26 28 36 IlH jctoEng. 18 FAnpt-EnttwSp...- 1J)U 24%OrrterS6V 182 ManjsM Preps *65 2 —j 375 Smankag Sere, lap J 425 (106 tirtwrlGte H Ilk j Asset Hr* Scwcw 7U.0I2J 27V Cfttc»sJ4_ 84 3ok*(DJ20l__: — ti2J 26 303 -| 119 »T«SS*ira5g 38% tisctogilflp 9S% «3pr 1«*87- U£» DwfedFJaCwp-* 62 tMwlSnaprtZSB—j 35 35 US HkssBcS««) Drill 2 rdcMoaSp 46 JmetafTfla AH*—-| ftO,TiNi3pclW7_ , teffpAIMUp JSSR I M*te-P.ST M9 , . 18% 47 OMffuflton. M)— 40 tireerepp_^ 135 11 r*as. 13*1987. (465 3ienHnp5p AjtreA9S*25—J £46 hi 99% 41 Mlifa.ll. Prod*. £31% , 27% Hare Up ItePt I W, Irew7V!*l<«5*8tt 31 IHte 1219 (am* fetbBet a "SV JPB 46 Tcp Vito* btt lOpJ 61 y^UnSriSIk M)2 9» WiaOJrfc-88 57 Enff . 10J 3.7 51 B8A Creep— -- passes 182 Uiatu poods ldp 138115 [380 teU>(A120p 93*, Tre^VpeCrW— Con inns Mds SI 100 FakMrJOp BETDeti 4QP W Uptraiaw to Saanrefciop 3.7 2D 1278 BO rreajporiaCTMB. 40 TCwMttOcaSeonJ 65 Fa.laO.lflp 12.7* 68 6ETEC b 434 U4 Lori (Via) C9l)20p^) 2D 91% rreav9hpeTO Cfow.ZeH.55 Slifl- 36 Da. ‘A tfl 1 0.9 BOCGiff* 25V Cooper (FrtlOp 1248 J 97*3 rreasU%pci989— ns Ubri Star SOI— 41 0^24 telTb r5a9pcCilJ®Ql-06.] 90V rrere9%peCna‘8?_ 11 Coopff inflL lOp — [235(1 DanWaOUlOc 62 295 *111 79 Cradte" . rieas3pcim 154 On Carp. SI. JL29- 117 Fieadi 10* t » 830 Crown Kook MRU 1 327 bbd(Wm)U.—] rrcinW>»C]989— 1 120% 94 22% Ota 64 CaUftnt5p. Q3VH 5tj BantavUk—. _ , 277% HbotaflrtkHM^SOo J 4M 048% reretere 78(94 92 ExO40pcl989 , ins fOmoKAAIUM 22 eibbsOMdtAlOp-) Da. more... . 054 iOflbl Do.8%ptL*200D_)d5 Wl>4 48 JfjAMiL.'JrtflP— la 02 6 95 Wllj>cl989 )n&BmtrtctSLJ 204 Wees* IMJJ 10p_J 22 BwrewKrebanv-.-J IZJ 14 Infer* Of LcaMrUbJ 42 1 38 82 teqrCotp. 361 38 tea n Treas Sat 198689 Conn. SOt , USS1 36% Em 89 HAT Grew ll£_^ 14547 1 Baxter Trar. -] XBH 1 106 MaGreaa. 881 99 95 MU0*rftC**89— PEsanp 24 U 34 HebolBar 106 {OuBcatSOp 163)25 24 BapastOiitetiUkl lQ3*i rnaUpcWQ#— 12V FPLOnnSOm 212 MdenoflGra*.; ELECTRICALS 16.46 3J 137 IBessaaCIM...^ i lias 1 •U 96UE*tcMlpe 19908— I374p FbLCffpn.Man.50E 33 (mdwSiiatlOi. tewntabranlOp 105 L9 2B3 BevdaBL..... LU 17 i«d Dak, , a MOV UHPC 2990— 14% Tra»lc>90SS [ni? up iQpdjtl&OB Beta* Crt. Up , hf%C. Sec Ekes 3pJ .._ 16J 28 03% lrere.3pcX99Q ^ „ r 109 Erire(Hfap3 75V _ - 1970a FbarCan.62*2C-— 112 feywooa wiuare__) 95 |ueM5p _} 98 1+1 51 EMetilBJ — 2D| Sente lOp Tress BVpc 1987-«8_J 87V i 280 12% FortHocorC- HIppsA KM JJ '40 EkreerlS.(M3 ts.1 Btrnfods 911 rrwB. lOpcC* 1990 20 0ATX62*jc 31% laMrtSMlOp—J r IS M«r 57 k3i 24 BcsoaklOp 47VnBUL1Vte 1991 % K5 39%G».B*aav. 128V Bisack Jatiseo. 97 WUptoerta5p 27 FM(C.M.) tat 29 Besraoett Frve to Fifteen Years 41V GOMtoSl 75 PtaHAacnCpo M FtarEftaiteteSpJ a VyfconfrSp 4L2 21 inwoBdUp— u. lOVbtorMSwBksJ 260 aasUJ 64 K^wd5p 84 KIMaiaOp, >1 5DS L3 MktiU.7S0p , 07% 80 FprirgS*5Vpe '87-91$$— 16V QLWtdtRRn-Sl n ueataat— 141 »ABfdffWti»5eJ 3D , 56 tir»Eat.l8p 29 HddkWdps. 105V 99 Each U«C 1991 Untwine 5050. 19V — isd — 82 WotosJALM— 112 Mawvrarti 16* ilymred teL 1923 L9 ptBamUJlOp— 113*1 101V lira 22V(K 1992$$ i. 12V HoiwFWtfffjaOl~ J 70 t JyKutt u PB.lfpJ 48 Anricot Caere lOp— 31 treaidirek hril Up J TZJ L6 Stack Amw 50b - , — Tito 1992.-.- .. 100 88V 10k WJ V 41% V g^^gr? es5E ^_^ £jS g.g^H^g £ gg^ 5 sy^^ 8BgK55g#88BM3B*S»gsfla#S8igBBiBe5»»(65B8Ss»sB88Bs:-s8-K8eBBS gvl Bsa 5gSS8SBSpSxBEaSg8siPs5BsaS8a.SSigSSSass.B M ssss»8S3SS aS§sigg§aSt8ga^88»ggaS§SS£SgS8SggS5ggSSggggS « - j a - . '. January 14 1986 40 Financial Times Tuesday LONDON STOCK EXCHANGE ‘ - • - . ISSUES ; . MARKET REPORT . . . -RECENT Account Dealing Dates to 19Sp. Hannah faiifaiiy im- EQUITIES . ‘ Option j.- ^ , proved to 303p following. Press •First Sedan- Last Account comment but slipped back to Sealings ttyns Dealings Day Rising interest rates send equities elose only 3 up on balance at : stack Dec 23 Jan'. 9 Jan 10 Jan 20 SOOp. Goal Petrolemu highlighted IlfiWa Jan 13 Jan73 Jan 24 Feb 3 5 second-liners and advanced 6 to Low Jan 27- Feb .' 6 Feb- 7 Feb 17 5Sp on rumour* ef a bid from - Navr-tinM 1" dealing* may taka Ultramar; Goal ‘new” improved ?!«• from asp ant tan. buttaata Pays retreat < and bonds into 4 sector,": to 23p premium. Elsewhere Australia’s Mention Oil added 3 Bising interest rates soon offerings and dipped 8 to 305p; recent bid approach, firmed 8 to at 23p following US buying. annual doused an early attempt to today's results, are 250p. Smaller priced issues to extend Friday’s technical re- Golds expected to reveal pre-tax profits FINANCIAL TIMES STOCK INDICES respond to trading statements firmer covery in shares London and and of around £85m. Other leading included Armour Trust 2^ up at The recent upsurge in South bends. -ended the session weakly. Breweries drifted lower for want after and African sectors of mining l&R- Jan. Jan. Jan. Jan. year 26p, 30p, Bmndene The final tone waff in sharp con- Bass , markets of attention. eased 3 to - e e Investments, better was looking fragile dur- 13 10 7 so 4* at 28}p. . - - trast ITnauipwv" to lh$ early ' mood, for 640p, after 638p. while Whitbread Press ing early trading when the bul- Weekend meotimi stimu- 1 4"4 - initial.^ indications ilirtL Bo*, comm* i ” ) were that A lost 4 to 238p. RegiQuals, in Uoo price dipped back below j 1 lated buying interest Gov*mmeat Sac* — BOJJ8 81.43. 81.19; 81^50 01.79 82.13. 7931 in LDH leading shares would- begin the contrast, continued to edge 5340 an ounce, reflecting the ’*j puthotoeyiop- un, b.7. i.tbni ' which improved 4 to 30p and s - new trading: Account* firmly. takeover Fixed Interest. 87.4k 67.67, 07.66. 67.08; 88.16: 08^1- 84.18 vert lOpJ higher amid persistent Elbief, 2i higher at 32p. PentUnd strength of the dollar against Jacques share index Davenports, still regarded Ordinary • 1100.8 1119.81 1106.1 IIBSA 11S6.3 114X.fl' 942.3 12® Lexicon Ine. 60.01.../ SaiaaK "The FT Ordinary gossip. staged a useful revival sterling: Hoover, attempted F.PJ 7/2 ’ and dosed rival* Moore Bp.... improved marginally, reflecting for Vaux, ,* FJ»J51/1 as a likely target Gold Mines. 8008’ »8A 880k 888.6' 877 207*. 466.8 profit-taking - J127- - 25 to the good at 320p, but British from Johannesburg F.P^20/12fl70 jtMIHward Brown..--.- • selective lOp* demand from smaller hardened 7 more to 325p, after ORt.DtV.YIMd 4.461 4.43j 4.4T 4.41, 4.37. 4.3*! 4vB0 —prompted by the latest «Monk* Sr Crane .82 — bfesu- 4,9113 , Aerospace met selling at 448p, appre- i 88. investors, bat the tone began to 328p. Hopes of an {.Norank syjtom* 5pj 93 a new high of 10.851 io.bo 1150 ciation in - FJ>J82«1 104 Eamlim, Yld.*fun> 1034 11.18 lOXff 10,B6j 13. of the Rand-^fuicJdy 1 :::::: down News die offer from - SACintnLlOO 118 ease in the absence of institu- increased offer from Argyll petered out and tbe emergence F.P. 9lX (lie |iu» xaa P)E Ratio (net) f)— 1XS5. 11.44, UJT 1X28 ILK- 11M 10.43 Wyndham Group left Jehu rlBB BFP lOp — tional interest .Fund- managers Interest In Dis- 1 ' 03 prompted fresh 7 of renewed and. persistent busting [107 - SB ifiSigmex Inti irfrafiasSB (Eat. : 26,42s 23,880 Williams Cardiff higher at 27p. F.pHi«v2 still' Total bargains 24,6731 *4,1861 26,139 86,362 32,778 97 !boS.7S] Shi 4HJ11.B were prepared to adopt a tillers which touched 538p before of Golds from F.P. 10/1 106 97 |*Snow 0 . \ — A — , —n1 —1—. . 1——~ . *1 —— %e%— ^ J 2 %1 O % W W*V,Y» l-^£ r Financial limes Tuesday January 14 19B6 41 WORLD STOCK MARKETS AUSTRIA GERMANY NORWAY AUSTRALIA (corthmet!) JAPAN (continued) Jan. 53 Prica -L or Price + or Price , + or Jan IB Prica Jan. Price + or Sch* — + Or . 15 Kroner — Jan. 13 Ten — Dm, — Jan. 13 .AubLA — CANADA Credlt‘nat*lt pp • MSa" "Tt4B Bcrgena fhuik-M 1678 —2 MHI 398 -6 AEQ Ml Gan. Prop. Trust 285 +O.M Goassar 3.S50 + lao — Boirogeard—— 487.5 +9 Mitsui Bank—... 1010 +41 into run fail Wltorn Vm—. „ *547 +87 HardleUamesi—. 586 +0.07 I4,aoo Christiania Bank 172 +2 Mitsui - —4 Mph las One Cteg +50 BASF *79,1 Hartocen Energy 2.06 • -0.BS 416 low Don Day High Ma Sack tear Oat Cteg Jungbunzieuer*. 43,40a 400 -0,4 DenNorske Crad 179 . — Bayer-. 280 -3 Herald Wyrlmes 98 +0JM Mitsui Estate 1,020 LundertwnK 2,275 +25 kaai 1048 >18 Mitsui Toatsu— 914 +1 Bay «r. Hypo-— 615 ICI Aust .. - 2.35 +0J5 Perlmooser 730 —10 —3.5 Kosmos 179 +1 Mltsukofhl 818 +3 3530 Cenfl Tr 914 1< » 0600 innopac *19% >S% 13% -% Qua Bayar-Voreln — 0.oz TORONTO 2300 Stem 40S 409 . 409 +5 Steyr Daimler .... 156 546 . —14 Kvaerpcr— _ 187 +18 Jlmbariaita F8- 082 . 7 — NOK Insulators _ B9D —5 1300 CMritan 517% 12% 12 - 1 , 22320 biter Dty SW% IB 16% +% WOO Qua TM 942 41% -% *. Norsk Data. 432 IQS Ora CoM~— 080 % «% Vaittchcr Mag 10,000 - 60 BHF-Bank +16 — NlkkoSec 685 -5 Prices at ZJDpm 300 CHUM B I S43 +3 43 -V SOBOO tod Thom 58% Ranger 545 —10 Gold 8.8 +as 35800 Norsk Hydro 150.5 +Z.S KMMon 1 BMW 635 Nippon Denso— 1870 January 23« Comtaco $12% 1 , I2<4 1933 wipr Pipe W\5*2% ... 3350 Rayroefc f Brown _i Storebrand 272 Land Lease—— 68 — 13 Bovwl 279 - 11 HIM.- 2.93 +0.U Nippon Elsct — 1840 -20 Computtog SH 11 il 300 <13% 13% 13% 4000 Ra0ps8i BELGIUM/LUXEMBOURG Commerzbank- 348 +2 Mayne N)ekless_ 3.35 Nippon Express- 697 + 12200 AMGA fM Sttb Wj Kb •6118 Comput In 294 28S 287 -8 8301 Inca A I 919% 18 IB -% MOO RapmtR . Bhh Conri.GommL— IBS Nippon 1,500 —40 6700 Atwrind T 7 2900 CurrAwm 209 brace 518 18 18 — +i Mycr emporium. 3.S GakXL— S7 -V 205 £U 100 B WOO Reresen A I 828% 2S% 29% Pj*co .“ Nippon 900 —20 1000 + or Daimler.Benz 1,865 +40 Nat. Aust. Bank. 4.75 Kogaku.. AMUbi Pr IIS 16 IB +% 9936 Con Bam A 918% 18% 18% +h 7773 jarnoa $20 19% 19% +% neao nioAlgom 923% 2F, 23% +% Jan . 15 SPAIN Fre. — Dsgusea 464 Ji Nippon Kckan— 130 —1 MO AcUsndS S19W 6750 CDItib B I SS% S% 57, 7157 Karr Add 518% M% 18% 2< 12 +4 Newr - 9.44 -082 Wa *• RogarsA *12 W Nippon OH 80S —12 2S300 Agnico E S23 22g 23 + 1j 6342 Cons Gas 525% 25% 25% -% 000 Kwna 524% 24 . Price +or Niehalas KIWI— > 2.85 -0.05 Od +s 37100 Rogers B ( 919% «%»,-% 2,320 +10 Nippon Seiko..— 480 +1 hDO Eh SI7 163t 1748 P’aebe Babcock. 221 Jjui. 13 Pta* - 0.65 AIMS 15W Con Gten 910% T8% 19% flMO Laban 529% 29 29 -% 700 Ramaa 114% M 14% +% Banq. Oan. Lux— 9.600 _ + NorandaP'oP.'pd Nippon SMmpan 760 —3 6300 Deutsche Bank.. 874.9 AMsH EtS#a W* 1®1 3950 CTL Bank SUP, 10*, Iff, 3671* a Lac 37% 37% -1* 111838 Rwat Bnk 832 31% 317, -% Banq.lnLA.LuX- 9.830 -8.5 North Bkn Hill— 2.46 Nippon 155 182851 * Steel — +1 Alcan 5421s Mti +11 1510 Comet B 571, 7% 7% -% 5700 510% UP, 10% 20939 Rjftreo 14 Boa Bilbao. 465 + 15 sic bridge. A 922>, 2M. 22 +% BaRacrt— 8.550 -70 5 . 186 Boo Cerrtr*L_ 370 + 9 Nippon Sulsan.... 340 ST7 Mggms St SO 18*8 ly, +1g 2730 Corby 917 K% 17 +% 20000 Laidtew A 515% 14% 14% 2291X3 Royas 230 230 230 -3 ClmantCSR 2,700 —16 ghh^!^ :: SS- Pan continental . 1.76 Henkel Boo Exterior 217 Nippon Yusen — 309 —1 •WO Assmers 51Z>« 121s 1214 + C 1200 C Falcon C Sifi% 1G% «% 111910 Laenw B I 915% 14% 14% -% 2000 SO. CamA f 925% 2S% *% -% Cocke rill 4...'. 180 403 — Pioneer Cone— Z.7 -l Nissan 580 92846 Ata» I ( 10)4 +l| Coseka Ltoflh DelhtUx*. Hochtief- 770 Boo Hispano 174 Poseidon sjo Motor..— . +8 SWj 10’s 6800 R £40 240 240 6100 tost 385 380 380 129080 Soaptra 436 4B 435 8,600 —50 — —is — Ntsshin Fk»ur 490 1441 BC SUOSr A O* » 24 * -% Hoechet. 290 Bco Popular.—.. 505 + 20 Queensland Coal 1.6 —9 300 Crwia 923% 23 23% 1, 9025 LObtew CO 922% 22% 221, 973 Seat Paper 921 »l 21 EBES 5^80 —40 +0.5 |7lj +% *39 Nomura 1,040 BOO BOR A 73. 73* 3890 Crewnx A I 922% 22 22% + 28600 Utowracs 517% 19% 17% Qcntrobel 10.476 Hoesob Werke ... 197 + 0.S Boo Santander- +7 Rackitt&Ootman 3.75 % +% WOO Sri** 1 928% 2S% M% -SS Bco Viznsya. Olympus - - 1,000 +7 MOO BP Canada taff* 9&t ->* 1SM00 Czar Rea +4 400 490 Fabriqua Kolxmarn (P)— . 559 +4 660 +14 Repco 1.6 719 213 715 in MICC 40 4» gooteC E0% 31% 28% Mat. »— 2.045 + 25 Onoda 319 200 BaiWsr Inna Hoi tan— 223 —1 Oragados— lbl — Santos 3.42 —082 Cement... +2 C M, Vi K 1079 Daon Der 480 483 485 -5 31112 Mctan H X SW% M% 14% -% 27800 Seagram 8B3% 93% n -h OB BIL, 4,925 —870 Orient Finance— S5t* 51? - (Brum Mussel- 452 Hid role 65.7 + 3 Smith (Howards. 4.7 411 -8 34209 Bk BCd 58» 2006 Denison A p 9141; 14% 14% 3, MOO lldn KY I 513% 13% 13% ssaT Sears Cart S11% n% 11% -% GBL 3.500 -45 — - Orient -i» Karstedt Ibarduero— IDS +5 Thcs. —0.01 Leasing + 2850 —90 29026 Bk Monti srf* 32>* St*? 23183 Denson I 13>, 13% 5736 Macmlten 523% 23% 23% General* Bank-.. 4,700 355 -3 — Natwide —. 2.63 B 913% -% TOO SeSdrk A I 525% 25% 23% —95 Kaufhot.— Petraieos— 182.7 +6.7 Pioneer 1,650 —30 43939 Bk NScot StP* t»* 13% +i* 700 Davelocm 0 Oawort— +5 Tooth 68 +0.1 53% 5 3 ~% 28405 Magna A I » % W, 20 +% MB40 Stern Can SRV, 85 +% 4.900 +80 — Ricoh — 974 -26 200 Baton 322« 181* 181, , 9050 Svr 47908 Bk Can 523% 23 23 — Cellulose — 180 —Z Cip.... Equity ^ NM 2245 Tor 8km S3S% 2S 25 Scfie ring B46 Cheung Kong— 21.3 —08 STnmo t 763 +3 MOO CiL 5308, 30 30>, — —4 Electrolux B> 216 -3 ~H 109050 Ficnbrdfl ISi 20% 20% 11000 Nr Vp Troo 920 19% 19% -% 17200 Toratar 8 f 934 34 34 DENMARK Siemens 750 —4.5 — China. Light 168 —O.v S' Vomo Elect — 863 —4 4810 Csd Frv 1153, 151, IS, % Ericsson 242 +2 7300 Fed ind A 517, 13% ia% *-% WOO NflCaaAt 57% 7 7%-% 4820 Total Pw 534 34 34 Evergo— —— 0.67 S+omo Motai 140 Csoibrtdo 5203, 20V. 203, % % +% Thyssen— . 190 2000 500 1500 17 -% — +u EsMtta 499 +15 HangSengBank 4886 +GL25 Telse Fed Pton 927 27 27 +% NOd LP A *17% % 17% 1180 Tradare A « *2S% Corp. 319 MM? Varta - 529 —6 +7 15370 Camp RLk 537V 3Tb 31% 4 Jan. 13 Frte* +or — Mo ech Domajo. *©» +3 Henderson 2.12 Talsho +% 300 Finning A SIS , 15% 15% 17220 Noranda 516 15% 15% -% 324 TiCaa R A 225 275 225 -5 Land —OM Marina—. 911 —7 Vaba £96.5 + 1986 financial Times Tuesday January 14 Prices at 3pm. January 13 NEW YORK STOCK EXCHANGE COMPOSITE PRICES izwnt ft One mv. 12 Moan ft On, few. IS l» H%h law » ¥ M ffir. YM. E WL V 190, MbS law OnOw M 27% IS .AAR .56 £2 16 28 +% 32 22<« 12% 3% AGS W% 72% 10% 18 01 -% 3- 1% 1 » « S W% -% 16% 9*, - " 15% 0% AMCA 153 267, 26% »% +% ”» SOU 33% AMR 7 m -ft £8 13 248827% 27 27% +% 27% 17% % X “ 24% 18% AMR DC2.18 S3 23% 25*4 .tfii, £413 439 * 1% 1% 25% 23% AMR plisr IV. 24 + 5% 1% 40t 9t, Vt % »4 12% £0 9% -% ,1 lift APL 5 10 +% 62 48% 1812 116 38%S, 36%am, S,3d, -% IS* 7% % . 21% -% 64% 41% ^a £6 x4£ 15% 16% 10% ARX 14 14% 277, 16% 15% 13% »% 56% 33% ASA 2* S3 377, -% 547, 47% 53% 41% £3 43 22% 21% 22% +% j® 13% - % 54% 497, W, Zt «% AVX 2-5 06% .-48% £0 16 1187 20%28% 27% 27% +% g” 28% 20% AZP £72 Kt 8 28% + % 101% 82% 18% 11% 1526.8969 /.«%«%‘ - IT 19% -%- % 67 35% ' 72 41% AWUbt4Q 31 18 +% 54% 20 20 2$ 29 20',201, 197, 20 +%4-% g.fi 27 AccoWdW 1.8 20 28% -1, & 1517 99 an, ® 19% ^5», 281, 86% 68% -% 2<% 10 AcrwC -40 £8 20 14% +% a 18% 14 1£20 97 34% 34% 34% ^ W% 7 Acm£S2b £812 47 36% 17 613 12% 12% 12% -% g 19% Ad*Ex LMb 1 ^ +% 18% 14% 25 27 27% ® 15% m U 27% -% * 22% 14 AdmM .40 19 9 ziu +% 321, 24 £7 13 32 31% 30, * 18% b% AtfvSysi.aa un 17% +% 78 SB £0 « 19 20% 20% 20%an. +% S 38% 22% AMD 39 28% -% 39 28 £4 IS 251 26% 25%25*, 25% -% »12 27 " ® 12% 10% Adobe 22% 9 W 15% 14% 10t14% ‘ g* 18% 14% Adotl pf 1-84 TO. TXl 18% 10% 42 11 157 39% 33 33 " 44% 22% 40 39% —-% » 18% I5*« Adob pf£40 13. £212 KM9 36% % ^ 14% 0% Advert .12* a « S3 277, 16% 10 12 x7 17% 17% 17% +% J®* 43 30 l 17 S3 +% £9 11 354 *4), 24% 2«, gT« »% 37 AMRUZfl* 5 0 +% 3«» 57% 52% Art. pttl 9a 97 50% 2®, 187, £9 9 112ITS 10%10V, IIP,IDl, 10%ICQ, -- 54 27 Aftmnt MO £4 sot, +11 1815 39 "25% 25 28% 3% 2*? AJtaan 4 +l4 ? & 23 20 24 "14% 14% 14% +.% 6B% 44% AhPnl V48 £3 14 20 400 11% 11 11 -% S'*« 24% 171, AlrtoFn .60 £2 11 3 s £8 76 21 20% 28% -% * 28% 25 AMP (42638 £7 2% -ft 58% 50% ' 185 » 6% 9% H A1*P plA3.Be Z8% +% 19 397 15 in*.l4i-% 33% 27 K » -» 8% 7 AtoP dpUR TO. 8%. + * 37% 77H M £89 15% W, 14), 4 ^ 08% 68 AlaP pf 9 10. 88% +11 24% .191, £3 13 228 21% 301, 20% +4 »i 92% 72% AUP pi 244 ia 90 -% 38% 31% 12 17 67 33% 33 33% +% 77 63% AiaP prsaa n. 76 +% 47% 28 £0 15 1471 SI 30% 30% “% ?• B8% 30% T4ft AlshAlr .18 10 0 15% +T% 52% . 20 280 23% 20% -21% -1% 33 12% Altwto a .36 1J 22 «% 12% 19 27 2« 20 19% 19% —% BB 40, 42-14 650 33% 28% AOxaoa .78 24 13 11 -% 38% 38% 36% “% 31% 22% Alcan .80 27 57 7% % 39 139 20% Mr 18% -% 3 11 17% +% 38 30% AfcoSMUM £4 16 17, 40% -% 43 7 34% 34% -% I*“% 34 24% AisxAtx 1 £1 20% 12*2 -> 16 17 24% 24% 24% 43 21% AJertr 40 37% 25 27,s — £1 14 57 49 48% 48% +% “U % - 5%- »* B9<2 72% AttgGp 1.541 1.8 22 37 24% 38% -% 5£ 5% 5% .1- 19 2613 36% to, 38% -f^% ^*4 28% 17 Atgtnt t4Q 7J5 107% .773* 0><2 20% 15% Atpln pB.19 H 33 28 2.016 36 29% 28% 29% +?+% » 88 78 AJgl pIC11-25 11 28% 19% ttii £38 18 22 2l%21%2l% 21% +% g? 14% 2B% AUgP*r£70 82 10 48% 3Z% till 48 •12%12% 12%13% 19,12% 26% 17% AJJenG .70 2714 57 44 is>i £0 14 30 27 26% 26% * 50% W% AlkBM 10 457, art, £8U W 63%6J% 63 63%63), +%4-% 48% 42 AUSgml.80 40 9 10 S210I3S%".35%3S), .3S% 35% -% S 74 as 1.7 AMS pICS it 2 1319 192 9998 -% If 63% 96% $ S* 45% .+.% 50%80%59% 99% -% ”~ Ill 103% AMS pfD 12 It •9 -45 MQ 112% 106 «0%+2i 177, -% 71% 50% ABdStr 220 £3 9 2W% iSj «% +% 3% AUtaCn 24 19% -fsa as-i Sa 28 AJhsC p 21 16), | 72 ’55), 30% 247, AU.Tt1.S6 88 8 6% 3% i’-w &a aa- s 29" 40% 26% Alcoa M0 £0 37 9 4), 20% £16 6 19% n% 19% s 22> IS KTj Amax 15% 11% IT 9% £.9. 523 56% 88% 38% -% S* 36 27% Amax pi 3 9.1 £618 125173% - Wj T2% +% ^ 34 24 AmHntlO 40 23 15 21* £4 12 28 48% 38% 37% 37% £7% 4% S18 W0% 103% AHm pH 50 £0 24% «% S-Ss 40. 8% -8" £" AmAgr IP, 2% 1% *2? M 10 1758 36% 56% 36% +% 27% W, ABakr 9 27 17% £9 17 - 2ff% 20% 20% -.% 23% 70 S3% ABtaixJtBO 6.1 28% 20% 17% 13% £3 15 125 45% 44% 45 —% SO, 31 25% ABM p(£75 8LO sou. -23 £4 13 27 MI, 14% Tip, +% 24% ABrd pf267 41 4.0 "2496 Ifi, 70% 847, 16 . .6% 1% 18% 11 u<5% 43% 44% +n 30% 22% ABkM .86 £7 17 28% 17), 7.1 2 87% .67 87% +% 39% 35% 20% ABusPr.64 21 18 «% 26% £5 9 3239 29% 27% 27% -% 42% 66% 48% AmCaiC.90 48 13 21. 34 8^ 77, 8 «% 118 108% ACan pi 1175 12 ffl%S& 22»,3 £4 12 24 2n, 24), ^P, +% 27 22% W ACapB220 10. 53% 36% £6 39 224 .11% 10% 11 +% lt% 307, 25% ACapC£51* £4 51 37i, £7 381 13% 12% 12% -t, 96% 11 4% ACentC 01 S2% 14 12 23 23% .'23%' 23% 96% 58% 48 ACyan t90 £5 16 14 1299 31 55% 37% 21% i £5 ; 30% 30% -% 28% 217, ADT JU2£823 53% 31% | 20 49- 29% 23 23 -% 17 24>, 197, AElPw 226 £8 9 SS 19% % £4 12 998 36% 35% 36 +% 217, 55 37% AmExpl-38 27 18 12% 5% 2«i £2 It 20 32% 32% 32% -»* 197, 31% 18% AFtmls.46 1J 19 48*, 1 33% ^ % 1 1 387, 25% AtiiCp 1 27 10 s 3T 15IS 784 38 36), -<7, £) 16% 8% AGM wt V,30, 37% SI 1<3. in. itt. — 1 . « 563 plAS-WaTO. 30 15% 15% 15% -% 3 4 S3 AGfll 3? 85 177 127, 12% M% -% S« 73% AGO £6 51% PD264 28 20), £9 4 *» 2S> AHartt 120 30% 30% 30% . 44% t 2812 31% 25% ** 13% 6% AHotrt «t 29 18% «% 18% +% 68% 50% 82 201 23 21% 20% AHoWpf 22% 22% +% LS « 92 7 54 16% 16% 18% 887, 51% AHom«280 4713 I?22- Stl W>a £6 12 1584 36 37% 37), +% IDS*, 74% AmneM.80 £7 9 9-16. 4 57 2 70 7D 70 • ' IS 111% 65% MnGrp M .4 23 29% 17% + 28% 18 AMI .72 £5 12 44% 35*. -20 £S !» ® 7.1 70% S70% 70% -% 4% 2% AmMot 28% 22 14 1 51 Si. 5T S? 29 137, APr«KiL50 28 7 ' 37% 30% 1 74 =2 137, 5 ASLRa 51 74 74 26% 17 12 376 18% 12% AStFl.pO.19 11 14% 14% 14% -% 36% 25 U 10 145 23% 23% 23% \ 15% 11% ASNp .60 7419 33% -19% 40% '26% AmSM 1.80 41 13 49 31, 68% 43% AmStor M t3 12 117 323624% 23% 23% “% 40% 28), It 2400 . 19% 78 55*« AStr plA43B £0 21% 18% 18% 18% +% It z50 2D 20 20 25% 17, ATST tao £0 17 20% 17 43 34% AT&T pH64 £8 ft 2137019% 19), 19), +% iff 21% 14% It - 2500 -1 44% 35 AT4T p(3.74 £9 21% 30% 20% JS* r.72 14 z2fX "55' !?• 33 18% AWair at 12 £810 It *40037 37 37 — % 4 • '-7B 14 *84 55% It . *137084), 33% 34% +\ ® 26% 9% AmHotR20 20. 5 ; s s 140 15. 54 », 287, STB 33), 33 74 64% ATr pr £64 £1 S U1* 33% -% 2? 18*4 8% £60 15 -20 25 24% 23% 8 ATr R US 1283 431, 43% 42% -% 88 52 I 1.78 IS" -T7 26), 25), 98 73% ATr in £64 £2 20% IT I .68 1* tao 55 53% 29 Amaral.60 £5 8 55 4 l£ «7 s-a aa^i 26% 13% AimMk.10 A 22 w It *100 79 79 79 -2* S.? L98 15 4 29% 167, Amotofc 1 £7 17 28% 185 1&- ;W 28), 11% 9% AmaoSO.08 1£ ;f? spap^ tso 14; -KJ f 26% 2D% Air lac «% .«* 16 13-16 vJAmbe M3 Kr 28% 143 17), 70*4 .511, Amoco1300 £3 8 « 3563 5% 5% +% . U. &U9 538 «%•+? a- £71, 27% AMP . .72 2129 *w..gc 2* £' • * .'‘ ' 18 11% Ampoo .30 22 16 3 1 -36%36% 38>, 38», S'I? 9*, 25 10% Amrepa 12 AX»*r »18 150 nto » +% 22Ll " “ 41 ^23% -23*23 40 24% AntSOi 1.S8 £910 JF « ^3*4 S323 -% 23 97, CNAI 0. 35 27% 16% Anrthwt ; 48% 48% 46% -% ^ CNW il 46% 3«% Amfto*. BO £6 16 W4 12 453 20% 19% 19% -% "J 4% 1% Anacmp 3% 3% 38% CPC • 256 » S 5 -% f£? 27% 18 Aniog 28 24% 24% wt, cp 15 ^ Z/5, 28% 27 +% !9% a 42 30 29), 27% 20% AMImtAa £9 8 29% Sf 57*4 34% AnClayl.32 23 40 Shi 1 16 36 37% 37% -1, 18% "10% AnchOr .24 1.8 18 15% 15 II- 3033 ul3 12 12% +3, 2£ Anprtte * 10% -% 28% 17% .60 . 23 14 261, 25% » 15* «> 24 47 11% 11% 11% 45% AnMuRBO 20 15 40% 40% . +% “ 88% 52% AnMupQ.80 44 81% 81 £ • 98 20% 20% ««* +% » 20%20>4 13% AMxtr 48.28 1.4 19 19% 19% A 11 n 89% 80% 69% -% 17% 10%TO% An Promtfiom. 04 J 27 15 M% .8 11 264310% 10% HP, • If 73%- 11 Antfwry.44bAnlfWTy.44t> £1 «% 14% SB 25 49% 48% 48% 13% 8% ApactM 48-28 25 11 ....Ml ft f% 9% -% L.. 2 1532 ApchPwtApcDPwi 5 11 16 23% 20% 2*, 19% 15% ApcM>un210 12 0 « 6800 149% 147), 148% ,7 79% 63 ApPw pi8. 12 1 |_ If 27 2ft 28), 2S 34% 30% ApPvr p|4.18 1£ 3 1 20 743 37%377, 36%38% 373* +% 32 28% ApPar pflOO 11 7 12 1099191, 8% 9% +% 17% 10% AppiMg 34 1074 5), S%5% 9% +% 27% 19% ArrtDnMb A IS 1W319543 2% 3 +% 31% 27 AMP pi 158 12 65 57% 96% 67% +1 30% 19 AfkBat .60 toil 6 33 93 33 + It- 20. 16% Arfcia 1.06 58 21 485 28% 26), 26% +«C 1516 MB AilnCp 5 10 BB 34% 33% 34% +% YT* 84 84% - 19, 11% Armada 13 12% 12% 12% % tL 3a 37*4sn. 371. an. 1. “N 0 .3% 11% 6% Armca 838 % -Hi 8 12 92 37%8 IS a £ 22>j 15% Armc pl£10 It 10 in a a 9 4J4 49% 21% 13% AiraRbtB £0 10 U4 13% 15% 49 8% 45% 90% AnnWUI.30 £2 10 180 5.5 10 284 a45% s a a 18% 11% ArowE JO 1.4 366 S5 SIS 7 Z10 83.83 • 83 83 +f 7'3 - 001, 17% Am 22 10 38 23 *10rtO 82 82 82 : 22% 14% Anrifl a .64 £2 9 107 a 31 101%101*; 101% 101% 27% 15% Aaaico 1150 W 13 43% 42»* 42t* -% 40 25 Art 1041.60 41 W 135 a aa 12 48 34% 24% 24% +% 46% 38% ArtiO pO.50 £9 3 910 92 21% 21% 21% -% fS? fSI* 441, 36% AMO pH 96 9 1 j S L *500 22% 22% 22% +% 40% 28% AadOGal.40 £912 1080 S S' S « 128" 41% 11 11 -% 3®ni 36^4 36^ 128% 86>, AadO pU75 41 78 nasi lie 11B Ml 80 20% 20 20 231, 16% AM0M.6O 93 57 22 9 8 83 351, 34% 35% +% 29% 25% AtCjrEIZSB £0 10 141 29%S* 28%22? SI*28% 111 49 35 34% 35 w-i6T, 42% ahAtIRKtimen «a 65aa no3193 ®, flt% 61% MO 298 37% STcSn, -% 182 102% AORc POM 1.9 1 M8 148 148 )9 133 12% 117, ID, -% 15% W, AnaaCp 35 13 129, TZ% >6 52 44% 43% 44 +% 29% 20% Augat .40 1.6 28 59 25% 25 25 60 35% AutoOt .66 1£ 22 785 57 56 56% v 5>, 3% Avrtmn.OSd 12 66 *h 4% 4% S 38% 19), AVEMC60 1.6 B 18 a 2 37% 37% 37% £0), 19% 2p% -% 39% 30 Avary 89 1.9 15 81 38% 36 38% 13% .13% .13% -% 36% 27 Avert 1 34* 30 5 32 170 341, 34 rt% 48% 48 +% 29 177, Avon 2 7.4 13 1W 83% -2% 26% 18% Aydal IB *• 83% 83% 69 Sts- 73% 75% »3% +1% B B B 71% 71% 7T% +1, Mi, 4% bug 47 8 20», .20 20% +% 35% 31% BMmcoaO £1 12 423 In. 3 £ 2- 17% 17% 17% -% W, 14% Bkrtntt 82 5.4 M 372 17% 17% 17% 5 51% 50% 51% +% 24% 19% Balder .40 £0 14 135 20% 18®, 19% "«% 40% 49% +% , 3415 3), 27, 3), "98% 59% 5B% -% 22 9% 9 9h 34% 24% 24% -% 1 27 29<4 26% - ft. 227, 22ft 22% 11 10% 107, 20 18% 19ft -ft 734ft 34% 34% -% 117% 17% 17% «% W% -% v% «-«%«% 23 22% 22), +% 20ft 20% 20% +% 48 47ft 48 -% » 12% t2 12 > 15% "14% 15% +% 401, 387, 39% -% 2<% 24 24% +% 15% 15% 15% 43% .43%- 43% +% 17% 16% 16% -% 17% »7 17% +% 84% 84 .. 84% -1% 66 66% 65), "% 33% 33% 33% - % 23% 23% 23% 21% 21 21 -% 2* -u 30% 30 SO1, “% 11% 11% 11% 2D), 30), 20% -s 'S*587, a^s36 36% -ft 15 M% 14% -% 34% 34% 34% 01% 01% 81% +3S- 79% 79ft 7S% +13, 04 63ft 637, +% 33% 38% 39 +% 20% 19% 20), +i 28ft 26% 26ft +% «% 13% a% +% 9*% 35 23% +%_ too, RUftwift+n. 17% 17 17%. +% ffli fft -> 33% 3Z% 32ft - % 18ft IB 18% +£ 449, 39% 40 - 11. 21% 21% 21% -% 26), 27 -% ag* .+ <* 31% 31% 52% 52% raft io), 89% 89% +% % 14-1* r% £6% 7 +% 10 10 13% 13% +% 371, 37), -1 TO*, «V +% 12% «% +% %%% 5 % * I % Financial Times Tuesday January 14 1986 NYSE COMPOSITE PRICES AMEX COMPOSITE PRICES Prices at 3pm. January 13 W fc r/ 9e E 180a H* (mi Or C UfiatS* (Mi n* Hi* ,'lSte MM E IBOaWflk law Dkb On* ft rd% k®» 2% 3000 JJ, 11 0 0 2a4 1ft 5| 5% 71 4 3+*2+ U W| MRoa .15 "if me josI M 2 1% ft 15 15% W 29% 27% 77%23%-- % S-. .34 *«« onm 129 * 37, KtyCp JO 12 45 18% 18% 50% 29% 29% « 4% y, 4% 8 6 MffU .50 23 10 54% *4% DUsPO .16 50 15% S X4T«I 27 347 11 10% % % 20% $4% + % ®l AlrM 50 twmad 437 If-W % Kioark 7 3% 3% ft 4% + 0 7% 7% 7% r» % Aj^WTJD 41 10% 10% X% DrrtCp 1400 3 14 14 14 KM* 114 2% 2% & 0ft 40 +i, 1 nocao 10 . 1 K08«C132 94 34 20*1 AW»h 230 11% M 1ft + % % % 1%+ % 26% 2Vt + % »« 5ft +', % QiHfdm 20 we 41% 41 • AanM .» 21 -417 i<%. 14 - *5.+ 10 -w % Otodw 19"4 3% % Atenwl • 4. 40 0% .7% «% + 3% L L ss, 2ft 22 VS% 15782916 AM**A J2 57 44 14% DmuP 2 VW 2T-W-V1 U8mg W 1% 1%- »! « as 36% ~% 13% 14%+ % 1% % 5ft Cbcotn JOI 81 w* ft 14 AMBW 135i sft ’aft ft + % 38 30% 30 30 - % Umt M 23 10% SPi itt -:% W% 20 +% * 2ft 1ft APne -24b 19 7 13% 13% t3%++ -% E E l«WT 7 4 *4 6 8 4 + % u AmfioyttPS* 177 14% £• 13% Lenar 18 47 4S% 45% ISIS 132 TO%3S! 23%J£ -I* U* 13% J? CAC JO 35 25 8% 8% «BE 23 338 "6% 47. 5%St*+ B*C 21 SO Una .08 32 «ff 18% 16% u w 13 13 + % fa %t 9% 0% . 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IS* I Mad* 118 17 18 70% % 23% 34304 V16 49-18 46.+ + 99% 20% % 2 4% 4% MebGn 7 1152 35, T«#Tp 12 42 <*, 4% 47* % 18 1 a W, 18 34 34 . 1% IMtoi JO 12 4 9% 81* 8% item r531 gW » i, 228 17 16*4 is* ? 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MS 22% 2ft % -TO I51S 0% ..17% 17%-%. - 340 1ft 1ft tft % • 17 • J6 7% 7>, - J- 7 . , Tuesday January 14 1986 44 Financial Times FINANCIAL TIMES WORLD STOCK MARKETS stable earnings for 1985 at IBM but will su estions arw **** fi- WALL STREET gg that fo move into EUROPE rent period of consolidation is nearing •LONDON nancial ppriding- look carefully at the final quarter for services was its end. signs of benefit. from the fall in foe Other motor stocks firmed, despite The Swiss Bank industrial index dollar. bearish reviews in foe investment press. dropped to 5883, down 6.4 from Friday’s Short-lived Brave start Among other technology and compu- General Motors added $% to $70% and Lull sets in ring;. ter stocks with results due, Honeywell Ford $% to $56%. Ranke suffered, with UBS hearer jumped $1% to $73, but Burroughs eased Allied-Signal eased $% to $45% in ac- down SFr 60 at SFr 5,200, Credit Suisse at SI to $61%. Digital Equipment, second to tive trading on suggestions that it might after record off SFr 20 at SFr 3,730 and Swiss Volks- attempt made to a IBM, gained $1 to $134%. take a hand in the tussle for Westland, bank SFr 20 lower at SFr 2310. There was brisk trading in GTE Cor- foe UK helicopter manufacturer. Puis- ended sharply lower on profit- poration, up $% at $47%, on reports that As foe dust settled following foe latest taking, and Brussels suffered as inves- recovery off run to peaks week it is considering spinning its loss- legal ruling on the instant camera pa- tors exhibited caution over the immedi- difficult rates soon doused making Sprint longdistance telephone tent dispute, Eastman Kodak edged up ate outlook for the Belgian economy. ASCENDING interest Street operations. But AT&T firmed $Vi to £24, to $47 while dipped THE STEAM ran- out of last week’s rec- early attempt in London to extend A BRAVE start was made on Wall $% Polaroid $1 to Demand revived in a bullish Milan, foe ord run to peaks, and investors in Eu- recovery, and the yesterday to wfaat promises to be a diffi- undisturbed by the possibility that $47%. and several m^jor. stocks closed at re- Friday's technical rope were content to wait for air ‘ lower. cult week for both the stock and fixed- Sprint might be merged with a subsid- As Wan Street braced itself for news foe to cord highs. session ended sharply before nmriTnittmg themselves. investors interest markets, writes Terry Byland in iary of United Telecommunications to on the Christmas selling season, retail dear The lack of institutional to . Montedison, which is planning a York. form a new contender for US long- stocks edged lower. Industries of Sentiment was obviously affected by mmmit funds by mid-session was foe r New BAT L5Q0bn rights issue Gfbpth ordinary and distance last week’s sharp drop on Wall Street, a large-scale retreat that Good results from NCR helped indus- telephone markets. foe UK responded favourably to foe de- non-voting shares, at high of signal for but confidence remains, some ended a Ordinary index at trial stocks to edge forward after a dull A single deal in US Steel took the cision to restructure its US retail opera- L2389, cUpped 11.0 off the FT bourses are expected up Horn L2.795. start Bond prices eased ahead of today’s stock high up foe list of NYSE active is- tions and sell Gimbels, the retail «^h»TTF to resume their 1,1083 while foe broader based FT-SE bullish path later this Other closing records included Olivet- disclosure- of US retail sales statistics for sues, leaving the price $% off at $25%. At $4%, BAT, traded as American Depos- week. 100 index shed 93 to 1,384.6. After extending its for last ti, up L320 at 13,350, Generali, December, which will provide a signifi- The flow of banking results continued, itary Receipts, added $%«. hours the L1.310 Operators were preoccupied with four sessions, Frankfurt returned to its higher at L80.500, Snia, financial cant guide to the pace of the economy, finding a cautiously favourable response A high federal funds rate kept credit and ahead 136 events in other London mar- normal trading period a£.L5,683. and of interest rate prospects. from foe stock market Irving Trust markets subdued. Funds rate remained as turnover kets. A fresh rise in money-market rates activity Profit-taking At the close the Dow Jones industrial gained $1% to $44% in minimal turnover, at 8%« per cent, despite overnight sys- declined. contin- A rise in domestic interest rates was which lifted three-month interbank average was up 7.00 at 1,520.53. and others responding to results state- tem repurchases by the FFederal Reserve . tied, and prices ended mixed with a firm- discounted in Stockholm where institu- funds to 13 per cent and a half percen- er bias. Turnover in the stock market was ments were Chase Manhattan, up $% to when the rate touched 8% per cent tions actively bought, pushing prices tage point above the prevailing level of The moderate and speculative situations $73%, and JJP. Morgan, up $% at $83%. Ahead of the weekly biQ auction, Commen&ank index, recorded at higher. Madrid, was also firm. •hp nV base rates triggered more selling. mid-session, faded 164 to 24634. Last played a less dominant role. In addition Texaco responded warily after a feder- swollen to $144bn. Treasury-bill rates The rise in interest rates and a lower Wednesday’s peak was set at 2,0984. - to federal statistics on retail sales, con- al judge strengthened its hand in foe le- eased a shade. In the bond market 1100 exchange rate dulled gilts. Persistent Banks, cars, sumer debt, industrial production, and gal battle with Pennzoil over foe $11Jbn prices were down by % point chemicals and steel is- Austria filing found potential, buyers back- sues were generally firmer. ' business inventories, this week brings payment imposed on Texaco by a Texas M Janiwoo-soo tracking, and falls of a full point were re- VW added DM 8 to DM 545.50, and IBM’s profits statement, a major test of court At $31%, Texaco eased $% m sub- corded among longs. Shorts lost up to TOKYO Daimler made up for same losses l*gt 7 investment confidence. dued trading while Pennzoil fell $2% to % week to dose up 40 at lj365. But Technology stocks moved cautiously $68%. DM DM Chief price changes. Page 41; Details, BMW shed DM 1 to DM 635 and Pbrsche into the corporate reporting season as Trading in Merrill Lynch, last week's (Mtuuu Page 40; Share information service, , 5 to ] disclosed good results, highlighted favourite of the takeover speculators, DM DM L346. r 38-39 NCR Rising 1 Pages rates Insurer Allianz gained a hefty 87 by evidence that business expanded died away, leaving the stock $% off at DM t to DM 2,547. smartly in the final quarter of 1985. At $36%. Aetna Life, which refused com- < SINGAPORE In banks, Deutsche continued to shed $39 NCR stock added $*4 on the results. ment on rumours that it is interested in 500 deal blow to some of its recent spectacular gains to MetaNAMhealB DIRECTIONLESS trading left Singa- IBM edged forward %Vt to $149 in mod- Merrill, gained $% to $53%, while Chry- * end down DM 6.50 at 87150. Dresd- pore slightly weaker, with the Straits est turnover. Wall Street hopes to see sler, down $% to $43%, finally quashed DM /_ ner added DM 1430 to DM 45630, and Times industrial index down 1.74 at ' confidence Commerzbank edged up DM 2 to DM 450 1 — > — i— L 83632. 346. Price changes were modest although a RISING US interest rates discouraged Bonds drifted lower on the back of last number of issues suffered some brisk Tokyo investors yesterday and hit share week’s decline credit markets mark-downs. OCBC finished 15 cents off , on US and prices for foe third consecutive day, yesterday's stronger dollar. Longer- at SS735, and Genting settled 12 cents writes Shigeo Nishivxki of Jiji Press. dated issues shed about 50 basis points, AUSTRALIA easier at SS434. The Nikkei average fen 21.19 from last and shorts were about 45 basis points BUBBLING overseas interest rekindled Losses of 1 cent apiece were recorded week's dose to 12,977.02. Declines out- off. Sydney yesterday and took foe All Ordi- by OUB at SS2.56, Sime Darby at SS130 numbered advances by 350 to 440, with The Bundesbank purchased DM naries index back near record levels and Straits Trading at SS233. 148 issues unchanged. Volume de- 153m worth of domestic paper after sell- with a 63 point gain to 1,05L1 compared Managing to hold steady were UOB at creased from Friday's 307.67m shares to ing DM 43.1m worth on Friday. with its peak of 1,052. S$332, Hong Leong Finance at SS2j40 'j 199.38m. Nervousness kept Amsterdam lower, Resotirce and gold issues were at the and Multi Purpose at 56 cents. The rise in US interest rates in foe and by the end of the session all issues heart of the rally, with market leader middle of last week depressed the en- .showed substantial net losses. BHP rising 6 cents to A$836 in moder- thusiasm of investors who had thought HONGKONG Among mr^HirniHnnalg HoOgOVens ate trading. CSR dipped 3 cents to joint efforts by Japan and the US to low- prices dropped FI 230 to FI 63, Unilever FI 8 to AS3.70. Bell Resources picked up 6 cents SUSTAINED profit-taking eroded er interest rates would help to push up FI 390 and Akzo FI 3.10 to FI 15330. to AS536, and North Broken Hfll firmed in Hong Kong, and the Hang Seng index share prices. with Weaker banks included NMB, down 1 cent to A$2.48 amid bid speculation. dipped below the 1300 level a 833 Securities houses’ dealer sections and remained FI 9.50 at FI 237, and ABN, off H 7.50 at Oil »nd gas issues ended mixwf with fall to 1,799.61. Trading slug- some speculators, who had led market , FI 584. Santos 2 cents cheaper at AS5.42 and gish activity since foe beginning of this year, Bonds were lower where changed Ampol Exploration down 3 cents at Utilities bore the brunt of the selling. shied away because of uncertainty over ahead of an expected new state issue on AS2.62. China light was 10 cents cheaper at US interest-rate trends. Wednesday. Among industrials ircL advanced 8 HKS1630, but Hongkong Electric held Many investors were awaiting foe an- Volume in Zorich was down on the fu- cents to A$6.98 while related company. steady at HKS8.70. * STOCK MARKET INDICES nouncement of preliminary figures for Pacific fell cents to HKS3130 rious turnover of last week, but was Brieriey Investments gained 14 cents to .. Swire 50 fourth-quarter gross national J*n 13 Previous Year ago US prod- and Hutchison Whampoa 30 cents to MCW YORK US DOLLAR STERLING nevertheless heavy. Profit-taking left is- AS5-44. . uct scheduled for January 22. DJ Industrials 131101* 131333 131839 (London) Jan 13 Previous Jan 13 Previous sues weaker, and some stop-loss orders Westpac firmed 6 cents to AS438 in HKS2830. . Therefore, only incentive-backed is- DJ Transport 689.58* 66637 57232 S •- " - 1A43 .14545 were triggered as prices moved lower. heavy turnover of 1.7m shares, a large £. itenfcs. BKWftd again?* the trend, with DJUtiSttes 17132* 172.75 sues were selected' individually in yes- 14736 DM 2.4635 2.4555 33725 33725 Some dealers expect renewed buying block of which changed hands in an in- Hang Seng leading the way with , a 25- terday's trading. ^ S&P Composite 205.59* 20536 16731 Vn 20275 202.1 295.0 2943 this week as they believe that the cur- stitutional deal. emit rise to HKS4835. Sumitomo Metal Mining topped the LONDON FFr 735 7315 1036 10.93 SFY 2.094 2.0795 active list but its trading volume was rel- From 1.1083 1.1193 9493 3.04 3325 dufldar 2.795 278 4.065 4.015 atively low at 8.81m shares, followed by FT-SE 100 1384.6 13943 1348.6 13803 2443.75 2,429.75 C. Itoh, with 4J21m shares traded. FT-AAD-store 672.02 67437 590.17 Da 13703 BFr • recent rise prices FT-A500 73633 73933 64630 50.45 4935 73.35 7265 The in gold sent foe T.40175 higher FT Gold mines 3002 298.4 4653 cs 13925 23197 23313 Sumitomo share because its Hishikari gold FT-ALonggflt 1039 .1039 1052 mine in Kagoshima Pre- INIMESI RATES fecture, southern Japan, proved to have . . -. TOKYO a gold content of 126 grammes a ton, Bum omranciee Jan 13 • Prev Nikkei 12377.02 1239831 1131234 (3-month offered rate) rather than the 80 grammes anticipated IPC, consultants and contractors to the Tokyo SE 1.02920 1,02930 93139 C 13V* 12% by the company. The issue gained Y30 to AFT financial community completes AUSTRALIA 4%« 4Vi* Y2.000. the DM 4«%, 4% C. Itoh, which has closer trade AflOrd. 1351.1 13443 7303 rrr 11*%« 12% rela- first major commercial installation ofthe 8. Mins. 532.9 tions with the Soviet Union than Metals 5263 4093 FT LoAdoa taterbuk fixing other Series I Electronic (offered rate) trading houses, came in to foe spotlight ’fiuretlhidingSystem. AUSTRIA 3-month USS 8%. 8-A before the visit to Japan of Soviet For- Credit Aktien 12530 124.95 58.66 6-month USS 8% 81b eign Minister Eduard Shevardnadze, US Fed Funds 8%»* 7 *%« sKumni which begins tomorrow. It gained USSmooth CDs 735* 7.92 Y6 to Belgian SE 2,77234 2.78033 2.163.60 US Smooth T-bOs 732* 740 Y441. CANADA Toyobo, the third most active stock with 4.03m shares traded, rose Y4 to Toronto US BONDS Y3Q2, supported by reports that the com- Motels * MMs 2.191.1* 2458.5 1 .9*9-9 JanlS* Prow 1980 Tronory Composite 2418-8* 2417.6 2475.7 pany, together with foe Agriculture, For- Fries VWd Price YMd estry and Fisheries Ministry, plans to 1PC becomes the dominant supplier of 7% 1987 99%, 8329 99’%* 8258 Portfolio 13748* 13744 11840 develop technology to mass-produce re- trading 8% 1993 97%* 9239 98%, 9.112 communications systems to the verse transcriptase, a special enzyme 9% 1895 100%* 9.452 101'%* 9285 DENMARK used widely in biotechnology. The issue New Yorik financial community 9% 2015 102*%* 939 104 9468 SE 21635 22531 16031 jumped Y13 at one stage. FRANCS Toyota Motor attracted strong buying CAC Gen 273.6 2753 1903 Troomiylndox interest, adding Y30 to Y1.280. Shikrold Jan 13* Jnd. Tendance 103.4 105.4 1043 leaped Y22 to Y515. Maturity Return Oajra YMd Da,-. Blue chips weakened on small-lot sell- WBSY GERMANY (years) Max change change ing, with Sony losing Y100 to Y3,900, and FAZ-Aktten 688J59 689.76 392.27 1-30 13623 -028 9.07 +036 TDK down Y140 to Y4,050. Commerzbank 2,0633 2.0605 1.142.7 1-10 1332S -Q20 833 +036 Toward foe close, however, some 1- 3 128.73 +0.02 842 +0.03 CPC grows as HOMO KONQ banks were bought. Industrial Bank of the leading supplier 3- 5 13435 -022 9.03 +0.08 Hang Seng 1,79931 1.807.94 135239 Japan gained 15-30 146.80 -054 931 +9(5 Y30 to Y1,11G. Dai-ichi to major banks, brokerage firms and Kangyo and Mitsubishi Bank added Y50 ITALY Source: Morris Lynch securities and commodities exchanges Banc* Comm. 465.41 459.42 24531 each to Yl.590 and Y1.500, respectively. Trading slow Corporate Jan 13* Prw was in bonds, with in- across the TLS. METKKRLAMDS vestors, depressed continued fall in AT Price YMd Price Yield by a AMP-CSS Gen 2583 261.4 186.8 AT 10% June 1990 101% 930 101% US bond prices, retreating to the ANP-CBSind 2463 249.1 151.7 930 3% July 1990 8S221 735 86% 745 ridelines. NORWAY 8% May 2000 88% 1025 91% 975 The yield on the 6.2 per cent govern- OetoSE 40032 397.15 311.72 Xarax ment bond, maturing in July 1995, de- per 4 SmOAPORS 10% Mar 1993 102% 9.75 104% 935 clined to 5455 cent from Friday’s 5.870 per cent But the yield on the 8.8 Straits Times 63632 638.06 776.4 Diamond Shamrock : bond, the issue 1985 10% May 1993 101 1030 102 1020 per cent benchmark un- year and falling SOUTH AFRICA Federated Dept Stores til late last due in De- IPC systems handle more than Golds - JSE 1335.7 1.000.7 10% May 2013 96% 1075 102 1040 cember 1994, edged up to 6.000 per cent JSE Industrials 1.1123 9072 75% ofthe trading in main U.S. trading Abbot Lab SPAIN 1130 Feb 2013 106% 113011130 1085 SOUTH AFRICA centers and IPC begins international Madrid SE 10638 10437 107.00 Alcoa operations THE FIRMER bullion price failed to in London. 1214 Dee 2012 108% 1125 108% mn» 1125 overcome steady profit-taking among JAP 138037 1,861.68 1.441/46 Johannesburg gold shares. FINANCIAL Switzerland FUTURES Southvaal lost R5 to Rill, Welkom 50 Swiss Bank Ind 568.5 5943 402.0 CHICAGO Latest Nigh Lew Prow cento to B29, Buffels R2 to R83 and Free US Tre**ury Bonds (CUT) State Geduld R2.5Q to R68. WORLD Jan 10 Prw Yaarago 8% 32nds of 100% Mining finanniaig and most other min- Capital Inti 253.3 2533 1883 Mar 82.14 82.18 82.03 83.04 ing issues mirrored golds. Industrial US lYaasay Bills (NHff) COMMODITIES leader Barlow Rand shed 35 cents to . Sim points of 100% R1450. IPC becomes a part ofGONTEL, (London) An 13 Ptm Mar 9249 9246 8284 9242 providing increased communications Sflvar (spot fixing) 42235p 420S5p CoitMceftaa of Deposit m—) CANADA Copper (cash) £98830 £97430 Sim points of 100% resources for the financial cumimmUy , A STRONG attempt to shrug off last Coffee (Jan) £2,58030 |£2310.00 Mar 92.11 92.13 9207 9217 Off (spot Arabian Light) 52725 52735 LONDON week's three-session decline was made Three-month EuradoBor in Toronto. COLD (per ounce) Sim points of 100% Metal and mineral issues displayed Erom telephony to satellites. An 13 Piw Mar 9140 91.81 9175 9144 early strength, with Placer C$% up at Architects oftelecommunication: London 5341.00 $340.75 SO year NeBonai cat C$24% and Inco C$% ahead at C$18%. 5339.60 S3402S ZOrich £50,000 32nds of 100% Banks traded weaker on interest-rate 534133 $339.40 pans (fixing) Mar 107-22 108-25 107-22 109-09 fears, with Bank of Montreal losing C$% Luxembourg 534035 S33930 to C$32% and Canadian Imperial Bank New York (Feb) 534130 534330 of Commerce easing C$% to C$40%, ' 0 Montreal turned lower. v