J , ' .» • . . ,
h-T,ok
tan ..; Seta Musa. .$2500 Panpl ...EaSB The shape of Brim.. Do.D BS) k* L IMS) SJW«..ttB.nj Brigwo ... B*r.i& Jri* VKO Serapna . SS ( 10 Cmta... CS1JSJ JoRtn ... RsifiO . pn 12S aircraft ... Cffl.70 ... RiSfflJ Crow bm ta3fl fl s*?::*?! E)P)S EfLBu }SL-ri . ST-'SS - • iM . IftlS . maa ^ «>, jn in H$0s, Page 10 Mta..MB£S MM|M..lta42 — ftMt .. fRiM ifa».. Ptt.300 ™ >\’ Gwwr. W220' ltans..a)SJ» Tna-bBiOO EUROPE’S BUSINESS NEWSPAPER Gan Dr BO Sstadwfc .02.75 .... LSI 05 5.31 Routing. HBIZ Hwraj ... Ms. ISO UAL ... Ma ..;. B«i. 15 PMfpnf. Pb. ttSA. .... Site % 2D No. 29,853 Wednesday February 12 1986 D 8523 B
World news Business summary Israel ecstatic as Shcharansky flies in from the cold
" eaks MR ANATOLY SHCHARANSKY, Shcharansky making a thanlr bridge since the swaps started in cent snow-covered park while lim- Rehlinger, State Secretary in tion. "We must not forget that our the Soviet-Jewish faMman rights ac- you” telephone can with Mr Petes 1982 under a cloak of secrecy. ousines vans pulled up at both Bonn's Ministry of Inner German struggle is for the hundreds of thou- is Affairs, for Mr Yitz- Walesa Amstrad tivist; raceived an ecstatic welcome to President Ronald Reagan. Smiling broadly and waving to re- ends of the bridge. Normally it who negotiated together sands who remain behind,” on hs arrival in Israel last nigh t af- In a ceremony which had been porters, Mr Shcharansky, aged 38, closed to all but vehicles from West- months, supervised the exdfaange of hak Shamir, the Foreign Minister, eight ter his release as part of an East- well publicised in advance fary Mos- set . off for Frankfurt and the reun- ern military missions in Potsdam the convicted and suspected declared. .v. West exchange of prisoners in Ber- cow, Mr Shcharansky was freed in ion with his wife. After their mar- and Soviet military traffic. agents. The prisoners were trans- In recent weeks Israel has soft- she allowed to emigrate TrK»tifTi c ferred into East German and US ened its stand on Soviet participa- ^ slander boosted lin, writes LesSe Cbiiit in Berlin. mid-morning, 25 minutes before the riage, was Acting on ty planned parked bridge. tion international con- Haying flown via Frankfurt, swap of eight convicted or suspect- to Israel and said the Soviet author- directions. Ambassador . Burt and vans on the in a possible where he was reunited with his ed Western and Communist agents. ities -bad promised her husband Mir Francis Joseph Meehan; the US Andrew Whitley writes from Jer- ference on the Palestinian question. the prior wife, Avitai, whom he had not seen The US had insisted on the dissi- would be allowed to follow in six ambassador to East Germany, were usalem: President Herzog, Instead of insisting on res- . K,- by word ' relations with since ;tfaeir marriage in 1974, Mr dent's prior release to mark its re- months. But he was arrested in driven from West Berlin to the praising Mr Shcharansky as “a toration of diplomatic !T»h> Shcharansky was greeted at Tel jection of Soviet allegations that Mir 1977 as one of the leaders of the un- white dividing line on the bridge. symbol of all freedom and human Israel by the Soviet Union, toe Aviv airport by Mr Shimon Feres, Shcharansky was an American official Soviet human rights move- Mr Meehan got out and walked rights fighters throughout the Peres Government is linking it r processor the Israeli Prime Minister. agent ment and sentenced in 1878 for 13 over to the eastern side where Mr wortd, said he wished to thank in agreement closer to a relaxation of - •• Jewish The dissideht., who bad been de- Mr Shcharansky was personally years as an alleged CIA agent He Shcharansky was turned over to particular US President Ronald Soviet restrictions on Polish next eight years in Soviet him George Schulz, emigration. court authorities dipped cri- AM5XRAO, British computers an. tained for nine years in Soviet pris- welcomed by Mr Richard Burt, the spent the Reagan and Mr US Tnrn al prisons. release of Mr Shcharansky, slander charges against So- consumer electronics group, report- ons and labour camps, had proved US Ambassador to West Germany, labour cantos and A Mercedes Benz with East Ber- Secretary of State, for their efforts The lidarity leader Lech Walesa at his "that yon can arrest a body bat not The exchange itself was wit- lin licence plates also drew on to in securing his release. after a long campaign led by his : ed: highCT-than-espected pre-tax who stood with other Western and v. "‘'^'^'.W trial yesterday, in baited nessed by dozens of repor toe bridge from the western side. It Leading Israeli politicians said wife, now an Israeli citizen, is a move he profits of £27Sm in -toe six months a spirit,” Mr Peres, said. Eastern officials at the middle of ters and ••: as a first step cameramen on the western carried toe important negotia- expect the release of towards compromise to December 31, about £7.5m more "One most praise those who re- Gliemcker Bridge which linksWest side of most they did not is Poland. Ttiirin behind continue the bridge and was televised live in tor in the prisoner exchange, the prominent Jewish dissident to Continued on Page 18 than it made in. toe whole of its last to fight Berlin with the East German city of the smiling Soviet policy Walesa said later: "Reason has financial year. Page 18 toe attitude of the KGB ... of toe Potsdam. It was toe most highly West Germany and toe US. West Mr Wolfgang Vogel, an East presage a change in Page 3 wan out This is the first step to- modern-day pharoahs," said Mr publicised prisoner exchange on the Berlin policemen patrolled the adja- Botin lawyer. He and Mr Ludwig towards large-scale Jewish emigra- Spy swap specialist. -r 'i. , , WSj|{ ^ wards compromise since December 1981 (when martial law was de- 800 ” clared in Poland} . : -,.S{ Walesa had -told the court he Aquino never intended to dander anyone Westland rescue may Leutwiler seeks by publishing independent results - ,D4 750 s .h7- ^fc of last autumn's parliamentary dee- *•«& spurns ,. turns. Page 3. •*'**£, ... :.v ‘ “ US ships off Libya further delay in ; ^Xtb-: depend on 20% held advisory US Sixth Fleet warshfos took up po- 700 tations north of Libya for four days *UA of manoeuvres, near toe disputed role fay Gulf , of Sirte, which is cfatimed SA repayments TJfiyrtn leader Muammer GadaffL 850" by 6 mystery buyers ByChrte Sftonvsfl and :';'?*** SamuM Smoran hi Manila and : 1965 1986 BY PETER MONTAGNON IN LONDON Apartheid move Reginald Data In Washington BARBER IN LONDON the propos- Booth African Government said it v BY MONEL DR FRIT2 LEUTWILER, toe Swiss Bankers stressed that ALUMINIUM prices on the London THE PHILIPPINES moved closer als have come from Dr Leutwiler as would end laws enforcing apartheid SIX. MYSTERY shareholders, three majority, feited/There followed a mediator between South Africa and Metal Exchange, were weak, partly to outright confrontation between an independent mediator and re- h restaurants, bars and liquor represented by Swiss banks, con- MAIN WESTLAND period of hectic buying, as both toe its creditor banks, has proposed a . reflecting sterling’s firmness. The • ’ government and opposition last further year's delay in repayment quire the endorsement of toe South * stares, though owners would. still trol 20 per emt of Westland, giving European consortium and Sikorsky cash quotation feu £16JI0 tb£770A0 HOLDINGS (Jan 31) well as the have the right to refuse service. attempted to gamer enough shares night as presidential contender Mrs of most of the SlObn in debt caught African authorities as tonne. Page 32 them a derisive influence on today’s a Ahn Bristow 1644% Carazon Aquino rejected an unex- standstill in banks. ' and votes to swing today’s meeting. up in the payments • • . u!;.‘'3 **, shareholders* meeting which trill >. - to be negotiated | SOI Invitation Hanson Trust 1449% of the buying was canted pected offer from President Ferdi- force since last August Among matters • WALL STBEET: at toe Dow vote on the aflrng British helicopter Much . payable Jones industrial United Technologies 948% Pitman, nand Marcos to become an adviser The recommendation is at the would be the interest rate Tie US has prqposeil that Sonet average was 158 maker’s future. out through Rowe & who M&G fond managementgroup 74% to his administration. core of proposals circulated yester- on the debt affected, although Dr scientists Trist American laborato- down at 1.822A2. Rage 40 The six shareholders emerged in are also Westland's brokers. But r ., . uip^ Lloyds Merchant Mr Marcos, confidently expecting Leutwiler, a former president of the preliminary inquiry the Bank and GEC two other brokers Scrimgeour, day to some 30 leading creditor ' riesto work on the SDI a by Lon- •» - TOKYO: Market was closed for a 5.05% to retain power following last Fri- banks ahead of nest round of Swiss National Bank who is now (Star Wars) project, arms nego- don Stock Exchange into share Vickers, and Hoare Govett, acting toe US national holiday. Tfon Kpng and i-hairman Boveri engi- g United Scientific Hattgi 44% consortium, were also in- day’s disputed presidential election, full-scale negotiations scheduled for of the Brown tiator Donald Lowitetold thedisar- dealing fe Westland last month. It for the ‘ Singapore also remained dosed for (UTC also has an option to made the offer after the Reagan Ad- neering concern, suggested adding -> buy volved, toe stock exchange inqui- February 20. - ^.Fc£i maxnent conference In Geneva. US means that, along with sharehol- : the Chinese new year celebrations. ministration signalled Monday wiavimum of per cent on 446% of shares after February ries revealed: On The proposals mark a consider- up to a 1 priority, Page 3; Reagan optimistic, poised ders pledged to back either toe Eu- Institutions to return to To- 19) that he should accommodate the reschedu- the margins in effect on August 28 • -was ropean consortium rescue plan or The *tock exchange team has able retreat from a tough Age7 hmPhgetf buyers; mrlnding- Philippines opposition through last year when the standstill was •' '•• Mystery 2043% contact ling plan submitted by South Africa > n Hr toe rival Sfiuxrsky/fiat offer, the fu- kept in regular with the is reforms. Three Swiss banks bolding Panel during its wide- late last year which cdDed for a imposed. Iran claim refected LONDON: Stocks ended lower, de- ture of the company rests in 12 Takeover a;Sl In response, for said they had started re- hands. shares on behalf of unnamed ranging investigation. One of its a spokesman freeze on repayments until 1990. Bankers ! ' pressed by the drop in North Sea oil Iran said its troops had seized toe beneficiaries, (me industrial Mrs Aquino said simply: "We don’t ceiving the proposals only yester- inquiry re- UK aims has been to establish whether They were roundly rejected by prices. Tub FT-SE 100 share index The stock exchange think Iraqi ofl terminal at Fao on the nor- holding company, two unnamed unidentified buyers was he’s our President any more. creditor banks. day and needed more time to study dropped 7.B to 1,4534 and the FT vealed that 60 per rant of West- any of the thern shores of 'toe. Gulf, just six companies Theopposition thinks Cory is Presi- Initial thi»tn- Some US institutions, which in . concert with other reaction from bankers yes- Ortonary share index lost 34 to land’s equity changed bands last acting the mites Kuwaiti dent-etecL” taken toe hardest line on from territory. .The Small toarefe!ierS'15£% main shareholders who Comprise terday was that Dr Leutwiler has have * U9LAPhge4ft - month in 5,000 separate transac- 1 still await- dahn was rejected by Iraq, which 1 In Washington, Senator Richard taken account of their continuing South African debt, were . Bristafw,Hazfe(mTiii5t the tions. A three-man committee, MrAlan > 7 said ithad recaptured the strategic IMHIAB was weak in London, fait afler industrial company or Lugar, head of toe official US elec- concern over apartheid reform. The ing delivery by courier of the pro- A ^: •/-•"'-nt's headed by Mr Peter Wills, a former signed last month a cabinet UK Shaft d Arab island of Uxnm al Ra- to for havejpot been tion observer team, charged that changes proposed by President P. posals sent out from the offices of • w->; ing DM 24745 (DM 24855), SFr deputy nhitiwwiin of the stock ex- row over Wesflairi, called for fo ad- Skarsky.So they sas. Jfoge4 -1418 (SFSr the early voting count was “ma- W. Botha In his speech- to -Parlia- Price Waterhouse in London. 2406), FTV- 74875 (FFr change, is to investigate whether journment of today’s sharehoklers' . able to prove fhe'ease either way. - ’ naged" and some results aborted by i itial reaction in Europe was : 741). end Y187.35 (Y188J5K On meeting. *T think this is quitemute:' - J(dm safddte had- asked Unit- ment on January 31 were insuffi- But n ' any of toe buying was carriedouEin Sr Trench differ -; government officials. But Mr Lu- rient re- that they appeared balanced and Bmk of England figures the doK concert -with orters of rival ceptahie that a significant part of ed Ttehhbfogiesi toeUSconglomer- to permit a permanent • supp the -rr.-. r: gar, who reported to President Ro- realistic. Though the downpayment France offered former Haitian lar’s index fell to £214 from 122.4. camps. toe defence industries tf tote coun- ate and parent of Sikorsky, on a scheduling of the country's S24hn nald Reagan at toe White House of per cent of the affected debt is page 33 . should be under the control of number of occasions whether it con- foreign debt, they said. 5 President JeanOatrie . Duva&r Sir John Cockney, Westland's try yesterday, was cautious in his over- Inrtead, Leutwiler has called only a token, the interest margins temporary asylum on Friday afler a, phtthman, said last night that he people who are not identified." trolled more titan 10 pa cent of Dr STERLING gained 35 points all assessment for fear of giving Mr review of proposed for the affected debt are late-night telephone request from did not know the identity of the Sr John said there was no ques- Westland.‘Theanswer was ‘no,” he for a comprehensive a nst I Hri toe dollar in fl on to 1 Marcos an opportunity to declare for such a short- • fflu South Africa’s economic and finan- more generous .v-n the US, Frenrii External Affaixs mystery buyers. *Tt is astonishing," tion of adjourning tiie meeting M of said. $1412 but fdl to DM 34525 (DM Ihe election invalid. term deal than those paid on re- • . mystery buyers cial situation in Fehruazy next year *.i Mmwter Brigand Dnmas said. he said. preventing toe 2.7875 (SR? toe European con- V- 348), SFr 2425), FFr Westland On Monday, Mr Lugar, after a 35-minute to see whether the country can schedulings by countries with . c ... , Mr David Horne, managing direc- from voting on toe 1049 (FFr 10495) and Y28L5 sortium which comprises British meeting with Mr Reagan, repeated- economic problems. Suspects seized tor of Lloyds Merchant Bank, advis- board's favoured rescue plans from return to normal borrowing or worse (Y285A). pound's rate Aerospace, GEC, Agusta. of Italy, The exchange ly emphasised to ftf. the counting whether further debt restructuring In his message to banks Dr Leu- Christian-nulitia mem- ing the European aerospace consor- Sikorsky, the US helicopter maker, Lebwpe« index rose 0.1 to 744. Page 33 Aerospatiale of France, and Mes- was still under way and Mr Marcos twiler South Africa had only tium, said: "Mrs Thatcher (the UK and Fiat of Italy. The rescue re- will be needed. said bers in. Beirut _seaz«l 64 people sersdmiittBaikow-Hohm, declared still bad the <*»T*ef* "to count fair very for manoeuvre Prime Minister) said that the future quires a simple majority. Meanwhile, all debt maturities Routed room whom they suspected of bombings offer of per share GOLD fell $440 on the London bul- thata tender 130p and square.” Mr Marcos certainly caught up in the freeze would be cm debt repayments. It was expect- Hied more than 30 people. of Westland was a matter for share- Most of Ihe mystery buyers are that lion market to S33&00 and was $440 to shareholders had failed. had the power to manage the ing a balance of payments surplus holders. But this is not the share- believed to have entered the market rolled forward until March 31 1087, lower in Zurich at S33545. Page 32 results, he said. on current account of SL5bn this Banker's ball block holders deciding, it is in the hands after last month's extraordinary although as a sweetener for the Continued on Page 18 said he was the repayment of people or shareholders He troubled by banks Dr Leutwiler has proposed year but faced S3.6bn Commission call of who refuse to say who general meeting of to West Griman «mr$ rescinded EUROPEAN is to slowness of the count "In syste- freeze. A what toeir are." Sikorsky/Fiat Hefieopter sights contract, a that up to 5 per cent of the total in debt not covered by the for toe launch of a privately-fi- motives vote on an earlier bafl for Count FtesSnaiul vdb Gates, Mirh»ftl thp farmer Page 18 matic sense, I believe the coanting debt affected be repaid in quarterly Buthdezi rejects reform plan. nanced investment company, to Mr HiCSOlfing, rescue. toe banker at .toe. centre ol toe trial Lex, Page 18 Continued on Page 18 instalments. Page 4 final research in high technology British Defence Secretary who re- The plan, requiring a 75 per cent over toe near-coflrqise of toe SMH within the EEC and dose the gap bflpfc, duly ininiittK jrftBr dripwniwrte and releasing him from prison had been with US Japanese rivals. ' Pickens bids * • signed. . IMF- has tete*" a toughjertoan-ex- Kodak plans to trii Spanish accord pected line with Pern, saying it $199m for US must pay S75m of arrears on its BLE An agjrecnent between^Madrid and loans bF Ajxil 15 or.be declared in- of fbe Moiiiffn) eommunities eligible to make fixrtber drawings. workforce by 10% gas company in two Spanish garnsou towns on Page 7 Dy WHam Hafl In Now York Moroccos Mediterranean coast has BY PAUL TAYLOR M NEW YORK defused tension, in -both enclaves. CBS, US broadcasting and enter- MR T. BOONE PICKENS, the US UE. Page 2 tainment group the share price of EASTMAN KODAK, the world’s At toe same time, Kodak, which corporate raider who has been which continues to.be buoyed by largest photographic products was forced to leave the instant pho- keeping a low profile for almost a rethink Gandhi . takeover speculation, reported a 32 group, said yesterday that it tography market last month, after year since he tost a takeover battle battle over West Coast oil com- Indian Prime YlCnistOT Rajiv per cent fell in 1985 income from planned to trim its 128450-stxung losing a batter court pat- for Unocal, the j arch-rival re-emerged on toe take- Gandhi has recohoderedhis role as continuing operations. Page 18 worldwide workforce by 10 per cent ents with Polaroid, pany, has fourth-quarter is akin a S199m mediator in Sri Lanka’s etfmwr iyrn- this year as part of a four-point pro- warned that . net over trail and m g ’ fHctandlhtoahasteqghatediteatr- A&P supermarket chain suspended ranune to reduce its costs. earnings would show a substantial bid for KN Energy, a small Kansas titnde to toe Ccdomfaa Govexnnisih sales of Ts^mri^after a New York The Rochester, New York-based decline. natural gas company. TERIE woman died of cyanide poisoning group, which once had a reputation Kodak's net earnings in toe first Bless limited Partners is offer- Plage 4 • v after taking toe Johnson & Johnson as a jobs-for-life employer, said that three quarters of 1985 fell by27 per ing $22 per share for KN. Energy reliever. Page steps announced yesterday r««wf reflecting “unfavourable cur- that combining KNs Bulgarians W back pam 7 toe l and says were necessary to contain rapidly rency exchange rates- which re- transmission distribution as- 1 Bulgaria’s warafvrord&witoTnr- DAUHLE&-BENZ, Leyland, iveco rising costs. strained prices and substantially sets with Mesa’s production assets a-tss^ allegattons .#>1 key over by Ankara that costs associated with — J.'ri' and Steyr-Daimler-Pach . have In addition to the job cots, Kodak higher com- is "highly attractive." « it is persecuting its ethnic Turkish dosed their heavy commercial vehi- will: petitive conditions and product de- This is fhe second time that Mr minority intensified with a sharp cle assembly plants in Nigeria and • Reduce budgets by 5 per cgn* velopment" Pickens has made a lad for KN En- attach by the Bulgarian news agen- a fifth is operating at 30 per cent ca- with immediate effect: Kodak, which reported 1984 ergy and there had been specula- cy. Page 2 pacity because of a shnrbip* of im- • Eliminate merit increases for 130 fourth-quarter net earnings of tion on Wall Street that be was ported kits. PageS top managers; $2Q4m on sales of S2.75bn, is due to planning agreed bid for the com- RK curt an Call for fares results next $ • Review employee wage divi- announce its 1985 pany whose shares have fallen The EECs -economic and social, PKMKX, Mexican state-ail concern, dends, which at present are based Tuesday. heavily since the onset of the slump the need to contain committee called for lower Euro- might recommend that, a cut in its on the cash dividend paid to share- Because of in the US energy industry. How- it planned "a re- pean air: fares through more compe- erode oil export prices be made be- holders. costs, Kodak said ever, Mesa said yesterday that it manner in which toe tition among airHnes. but warned fore the end of this offi- Kodak’s shares were down £2tt at view of the had tried on several occasions to against- toe land of deregulation cial said. in heavy trading after the wage drvidend for employees is cal- meet KN. Energy representatives seen in the US. RriTinnYlPl^yiOTl^ culated, with consideration being but had been unsuccessful given to ^wiring the wage dividend In Energy shares 1 AKZO, Dutch diemleals fibres Mr Colby Chandler, Kodak's New York, KN Israel attorney quite corporate earnin s." group, is seeking a new patent for chairman and chief executive, said a derivative of g jumped $2% to $22 in early trading said the across-the- yesterday. defeated Mr Israel's ittftriibjHseueral Yitzhak its high-strengto Aramid fibre in a that theadion was “unpleasant but The KN Energy job cuts would be aimed at el- its Zamir, is towrign- He said that af- move that could help get around a unavoidable in view of an intensive- board Pickenslast time by spuming oS mpeti tive and iminating “functions which have share- ter sevwHwafialf years m toe job ban tu exports of toe fibre to the ly co environment the petroleum operations to its * new minister. relentless pressure of risine costs." the lowest priority." holders. it was time for a US.
CONTENTS Swindon is on© of ihe fastest growing technology-based commercial areas* not only in the UK. but the whole of Europe. One of the strongest Europe—.--- ..--2,3 Currencies....,..., Netherlands: worries on Management: Brother In- ' Editorial comment.. 16 economies in the EEC, too. Companies . . ...i.. 19 ri n _ v tW imk lower gas revenue 2 dustries dilemma . ; ...... 11 ...... 7 For rekx:attorior expansion, there's no question; Swindon is Ihe. place. At America...... Enro-optiens Companies...... 19,20 . Financial Futures .. 33 of Editorial comment: French the centre of the Western Corridor; an hour from Heathrow by road and Gold.. 32 Southern Africa: cost Overseas ...... u ....4 barely 60 minutes from London by train. . Into Capital Markets 22 4 poll; merger policy ...... 21 sanctions UK ... 16 Companies-... Letters 17 productivity high, industrial relations .H i Overheads are low, are excellent World Trade....: ...... 6 Ia.u ; 18 Textiles? impact of Coats/ outstanding. Britain. ...12,15 11 World trade: East Europe's and the quality of life in Wiltshire MarketMonitors 49 Companies .... 24,26,28 dumping in 6 Vantona merger ...... 16 if you thought you had to watt - or pay through the nose - tor the Men and Matters .. 16 US Money Markets .... future, fhinkagain. lOlhl THF ...... Raw materials Antarctica: dispute over Japan: banks’.; unbroken Apksknn Getthe Fact File. Contact: Appointments ...... w Stock markets -Bourses ... 37,49 .37-49 seventh continent 6 growth overseas ...... 17 Arts - Reviews ...... s Wall Street Douglas Smith, industrial Adviser, Ml Bli lMT 34-37,48 - -JWorfAGnidfr-- 8 London. f Civic.Offices, Swindon. OnumensalLaw 29 Teeh»S'-'-:'«EV 19 aircraft of the Lex: Westland; Anistrad; 29-31 Technology: EjWW ... Commodities...... 28 Unit Trusts...... •Tei (0793) 26161 or telex 444449. Weather 18 CBS 18 Crossword:..... 29 1990s 10 ENTERPRISE
v» . r . . : 1
12 1999 Financial Times Wednesday February y EUROPEAN NEWS pi ,, i Dutch budget 1 Laura Raun reports on implications of energy price changes for the Madrid calms Moslem fears in i 9 Spain s North African enclaves Gas revenue fall worries Netherlands wfalch_ account • - dominate port contracts, id II a * — J *1 a aLm.IA the«bA mwprocessing,mImb. which BY TOM BURNS IN MADRID A SHARP fall in natural gas prices and thus should bear nearly half Of the Fl TtMffia - industry. for revenue expected this year has budget burden by losing its Dutch . :Av price* anual sales, and charge more withdrawal provoked investment or The outlook for gas AN AGREEMENT between the led to Spam's from a major debate in the subsidies on gas, market-*elatod price* tostoad «* Madrid Government and public finances maybe and leaders the Western Sahara and the Netherlands following the lall stocks. ones. The Dutch pre- o£ the communities in gas clearer when Mr H. Onno premium Moslem in annexation of the territory by , the oil price to which general Mr Lubbers faces a Finance viously foK the thebe rellabale the Spanish garrison towns of Morocco. is linked. his Ruding, the Dutch election on May 21. and delivery capacity Ceuta and Mellila on Morocco's Minister, presents a broad and flexible Spaxdsh Foreign Ministry offi- Gas fillls more than half of the statement may have been promote prices. sketch of the 1987 budget next permitted Mediterranean coast has served cials played down the implica- Netherlands' energy needs and designed to get an. idea of question to defuse growing month. The political campaign The medhtetorm is tension in tions of the Nador meeting provides more than one-tenth of public opinion on budget policy. Netherlands the ‘run-up to the May whether the will be both enclaves over the imple- yesterday, stressing that Mr all state income. Revenue even At least an extra Fl 5bn, or in also clarify the able to pay for it* public sector, mentation of a new aliens law. Bucetta was now in opposition before recent events in the oil 2.7 per cent of total state elections could parties present which accounts for twtbird* It has averted, for the time and that the chief interest of market bad been predicted to income, will be needed next picture as the the voters. of Gross Domestic Product with, being, fears of a confrontation both the Madrid and Rabat fall by 25 per cent to FI 17.9bn year to keep the budget deficit their platforms to question out constantly growing gas in- with the Rabat Government governments was to maintain <£4.7bn) this year due to the from widening and perhaps A more fundamental debate is whether come. A significant rise in gas The accord, which followed friendly relations. weaker dollar, lower exports twice that much to narrow it, in the gas preparations are being prices seems unlikely, before the talks here on Monday at the agreement with the and higher production costs. according to Mr Lubbers. -sufficient' He Mos- when the re 1890s, when Gasunie expects Interior Ministry, includes the lem community; The Netherlands produces 1,830 Without any offsetting made for the day leaders in- In about 25 the current European ghtirto creation of a joint committee cluded among other points an trillion (million million) metres measures, the deficit could source runs out J. Kramer*, « abate. . formed by Moslem representa- undertaking to speed up the of gas per day. jump from an expected 7 per years. Mr J. econometrist at Orfora* Mr Ruding was. among the tives and Madrid officials which acquisition of Spanish The collapse of oil prices now cent of net national income this Dutch M and others first to highlight the gas prob- win study solutions favouring demands for their incorporation nationality year to per cent next year. Nuffield College, for those residents means that only Fl I5bn will 9 part of Ids constant the full integration into Morocco. Although Madrid warn that public finances must lem as Into Spanish who meet the required condi- flow into the state’s coffers, Not surprisingly, the picture budget. officials say staunchly that the completely, overhauled be- scrutiny of the Always society of the Moslem residents tions and a promise to improve 8 per cent of total income. That for this election year is brighter be issue is entirely different of the gas revenue an opponent of deficit financing; in national territory." an the housing and services in the is likely to drop again to than previously forecast. The cause most one, Morocco's claims to Ceuta has been spent on consumption, he has warned that national Last month, strikes and enclaves. Fl 12.5bn nest year, the smallest 7 per cent budget shortfall is and Mehlla mirror Spain’s on not investment. debt wflt exceed Gross National clashes with riot police were Mr Aomar Dudu, leader of amount since 1979. even smaller than originally British-held Gibraltar. Since the huge Groningen gas Product by if Government reported in Ceuta and Melilla the Melilla Moslems and a pro- Mr Ruud Lubbers, the Dutch promised by the Christian fields' were discovered in 1959, borrowing continues apace. as Moslems protested against At the weekend. Mr Mohamed minent organiser of the protest Prime Minister, recently warned Democratic-Liberal coalition most of its earnings has been Mr Lubbers is gambling; that the legislation on the grounds Bucetta, leader of Morocco’s movement, said he was satisfied that fresh cots in Government when it entered office is used for welfare and social voters want Government wend- that it denied them Spanish opposition party, Istiqlal, and a with the talks that there spending — and possibly tax November 1982. benefits. ing brought under control so nationality and made them sub- former Foreign Minister, staged would be no fintber demonstra- Increases—would be needed Mr Lubbers’ figures for 1987 security Government’s policy of that heavy taxes and social secu- ject to expulsion from the a political rally in the town of tions. next year to fill the gaping were too hasty, according to . The conservation,.diversification and rity premiums eventually can enclaves. Nador, just beyond Mellila’s 5.6 The agreement could, how- hole left in the budget. employers* associations, who square mile miraldpality and limitations on exports, of the gas be reduced. The austerity. Poli- In MeUlla.only 7,000 Moslems ever, come under fire from The liberal Party, the junior argue that cheaper energy “ Lubbers . . . testing worked so well that re- cies of the past few years have among a community estimated promised to liberate Ceuta peninsular Spaniards partner in the governing prices could stimulate economic Mr Ruud has in the en- public opinion have been sacrifice for welfare reci- Melilla whatever cost” . serves estimates meant at 27,000 have Spanish nationa- and the claves who have opposed the centre-right coalition, and em- growth by a percentage point to raised and Gasunie the national pients. dvfl servants, and lity and enjoy full civic rights. Mr Bucetta compared Spain’s extension of Spanish nationality ployers* associations accused around 3i per cent, which in prices. Moreover, the 20 gas utility, has expressed con- Government Ministers but no The situation is similar in Ceuta treatment of Moslem residents to Moslems, as well as from Mr Lubbers of playing "panic turn would generate more tax largest companies get an energy cern over the country's shrink- severe hardship. which is situated across the in the enclaves with the lot of Rabat since the Moroccan football" and argued that a revenue. subsidy under a special regula- ing share of the European gas No embarraring soup kitchens Straits of Gibraltar. The two blacks in South Africa and of Government disputes Madrid’s closer look at public finances Dutch industry argues that it tion that expires next year. market. or shanty towns-have sprung up enclaves have been held by Palestinians in Israel. He said description of the towns as would show no need for higher will gain little from lower relatively cheap Competition from Norway, the and the high standard of living Spain since the 15th century. he did not discount a new "national territory ” and has taxes. energy costs because competi- Plentiful and ” of Soviet Union and Algeria to which the Dutch have become The unrest was closely moni- “ green march —a reference to no declared interest in the “ full The opposition Labour Party tors in neighbouring countries, gas has fuelled the growth prompted the Dutch to extend accustomed seems quite, likely to tored by the Moroccan media the huge mobilisation organised integration" of Moslem resi- contends .that industry will which import a lot of Dutch energy-intensive sectors such as refining food into the next centupry their ex- continue, with ot without gas. and reignited longstanding by King Hassan in 1975 which dents into Spanish society. profit most from lower energy gas, will also benefit from lower oil , chemicals and
-* -V BIS to act as clearing vtf house for Ecu business * .:7 BY METER MONTAGNON. EUROMARKETS CORRESPONDENT THE BASLE-BASED Ba”k for leading central banks, will oper- International Settlement yes- ate clearing account* initially terday agreed to act as a cenral for seven commercial banks in- clearing ouse for to proposed volved: In. Ecu settlements. system for settling commercial Later, foe number of clearer* banking- business denominated could be expanded to a- maxi- in Ecus, te currency spit of te mum of 30. EEC. Bankers believe that despite A spokesman said tat follow- he Ecn’sp opularity, business ing approval in principle by its growth has been hampered by board yesterday, te BIS would the lack of a centra] clearing sortly sign a formal a ree ent g m system which mean* that settle- commercial banks in- wit te ment of transactions has been volved, paving te way for te cumbersome. system to begin operating in te final quarter of tis year.' The seven commercial banka Te clearing *ystem is expec- involcived initially are: Banque ted to stimulate further growth BraxaUce Lambert; Generate of banking transactions In Ecus Bank, and Xredtefoauk of Brus- which have increased dramatic- sels; Lloyds Bank of London:
ally in popularity in recent Credit ' Lyonnais -of Baris; years. - • KreJktbuk Luxembourgcoise; • Under- the -system.- te -BBS, and - Inatituto. Baneario San Which, is owned .by the vroriff* Tanlo di Torino of Italy.
* :v Turkey seeks advice on
• SEOUL r- • TOKYO restructuring industries
'.V- • # #-'0SAKA / ^ v FUKUOKA BY DAVID RARCHARD Bi ANKARA SHANGHAI : TURKEY. IS commissioning mining agency Etibafik, and foe four new international consul- state electronics cor oration, a, HONGKONG p * *™pb tancy reports on restructuring Testas. Several of these are its pulp and paper, engineering. thought to be . earmarked for ; ' ' ntiniwg and electronics indus- eventual privatisation if they \ B^NG^OK ki'L tries, say officials at the state can overcome their internal - ** , MANILA planning organisation. They wiU problems which range from bad - follow others on the privatisa- management and inadequate tion of Turkish Airlines, and the accounting practices to outdated KUALA LUMPU?IPUKM K0^ KINABALU cement, textiles and fertiliser plant and equipment. industries. • The potential for their .• TJnlike those earlier reports, privatisation is being reviewed however, the new studies will in a masterplan drawn up by : '^3 V*r> look at the restructuring of an Morgan Guaranty of Nevr Vork entire sector and will cover pri- which recently submitted a JAKARlA- vate and public enterprises. preliminary report to the 9j)r foreign-consultancy firms Government
iriil bp iimted trf bfd’for eari* - A ; high-level co-ordination report abd wiB be - expected to councB wiU review progress work with a Turkish partner. towards privatisation- and "The intention is that they restructuring in each sector should help in the development .BRISBANE and Trill take the final dect of local skills in Turkey,” an official said. The Government’s original groups have already Advisory emphasis on privatisation PERTH •‘SYDNEY oe_*n govern- formed between seems to have deepened into a consider ment and industry to more complex effort to reorgan- MELBOURNE each sector's future. "It is ise each major . sector of clear that Turkish industry- has Turkish industry-in both foe to adjust. What we axe trying private and public sector; The to do now is to find the export work on the engineering indue- and long-term potential of each try, for example, will Include V said official. sector,” the .. Turkey's fledgling motor The sectors Involved, cover industry which consists of S3 several very large state-ownad small subsidiaries of inter- concerns such as the paper national corporations compet- 4. manufacturer, - Seka, the state ing la the tiny Turkish market Bulgaria reacts angrily to Ankara ‘hostile t^UU\” camJ &"v \p SY PATRICK .HUM MU VIENNA BULGARIA'S’ war of words may have been prompted by foo with Turkey over allegations decision at an Arab League that it is persecuting its ethnic meeting in Morocco last mouth Turkish minority intensified to set up a special committee to yesterday with a sharp attack examine foe allegations and alloverthe Far East. by BTA, foe Bulgarian Wfe report pick back findings can youup on Its news agency.' following heavy lobbying by In what is described as an Turkey. Bulgaria has dose ties authorised declaration, the with radical Arab states and agency rejected as " malicious Iron which could be damaged ** fabrications Turkish claims by Turkey's allegations. Cathay Pacific is Hoag Kong's airline. We cany the business traveller to and from more major Asian destinations, more about "coercion, casual!ties, dembolished mosques en- croachments on the Moslem “ often and in greater style than any other airline. religion, and accused the FINANCIAL TIMES Turkish Government of carry- ***j*«i The naapefe] ing out a hostile campaign to Tta*# (fcwtfri Ltd. Frankfort Branch. damage Bulgaria's prestige. by s. Hmo. mmtflat/ And while no business trip is meant to be a holiday, we make sure the time you spend with us is definitely a pleasure. Relations between the two Main, and, « ataban at A* countries have been poor follow- ®wd Dwraor* P. Bartnc, ing widespread pres* reports R-AF. Modem. G-TA fimr, MXl and accusations by Turkish Carman. MU*, p-flmir. Frlntar: diplomats that Bulgaria's . fyankfkBfau-Sodatlt#' esti- OnwlMraHSaba. mated 800.000 ethnic Turks FnaUurt/ttafak "opondbb editor CEP. Smith. For full details of our services to Hong Kong (daily via Bahrain, non-stop on Saturdays) and our comprehensive network; were subjected to a systematic campaign of repression OttoUMMOW to force k *>0Q Frankfort ant Mata L O them to change their names to The Financial Tbm Ltd. lMM. Bulgarian ones lad year. of Far Eastern flights, see your travel agent or call us on 01-930 7878 or Linkline 0345 58358L ™«CIAL times; uses No. Clashes- between the Bul- UXXMQt puWSfihed tMytdptto* garian security forces and .ethnic Turks are now ttsifie par aaaam. Smob* reported to «** have led to heavy loss of life P raid at -Now York. -Arrive in better shape- and at of- among . Bulgaria’s - - Moslem fires. Turkish minority. POSTMASTEHs aawl sAferras ftSSJ nWWOAL raflES. Y PACIFIC Western diplomat; in Sofia Ne« fori. NY. The Swire GroiqiHL suggest that the declaration
\ ' r . ' j;
5 * Financial. Tunes Wednesday Febraaiy 12 1986 3 EUROPEAN NEWS Walesa priority East Berlin spy-swap specialist US puts slander case prepares way for Shcharansky dropped on chemical BY LESUEE COUTT IN BERLIN By Christopher Bobhnkl - la DR WOLFGANG VOGEL, the : D-marks of goods badly settled Gdamk East Berlin lawyer who helped by East Germany. This gained THE POLISH authorities yester- the release negotiate yesterday him a frequently unfriendly day hacked away from a con- weapons ban of Ur Anatoly Shcharansky, the press in West Germany where frontation in court with Mr Soviet dissident, calls himself BY 'WHJJAM EMJLLPOftCE tN GBMEVA an. "honest broker” between he was accused of being in Lech Walesa, the Solidarity East and -West. But he is also “a trader in humans.” leader, over the validity of last ..THE. US is', giving greater key element in .the security of much more. While Dr Vogel autumn's parliamentary elec- priority.' prohibiting chemical does not to the West . Acting on behalf of the Soviet deny that hard currency was tions. .weapons, than . to' banning : More work was also needed and East German governments. a motive in some of his trans- After an all-day session in nuclear . lests^ : jinclear test on seismic verification and on- A Dr Vogel first came to public actions, he stresses that his toe Gdansk court, the prosecutor ban was an objective- to be site inspection, Mr Lowitz said, attention in 1962 when he government keenly interes- said he was withdrawing bis achieved! “in due coarse." Mr acknowledging a division of was . negotiated the exchange of ted in reaching humanitarian charge that Mr Walsea had Dbnalit Lowiiz,the US repre- opinion oyer toe means of Francis Gary Powers, the pilot solutions. slandered returning commissions sentative, told the . United -verifying compliance with a test of the U-2 surveillance air- in toe elections by giving his NatJopa Conference onJDlsarma- ban. US Tfie money — in the form of craft shot- down over the Soviet own turnout figures which were ment here yesterday. The shortest path to consumer goods and Industrial Union. Powers was swapped some 15 per cent lower than toe . ch*qni*»i wares — is seen by East Ger- .. . The most urgent issue for tfie conven tion banning, for Col Rudolf Abel, a Soviet official ones. Conference " at this. tjme^Vwas weaponc -also lay in a candid many as compensation for the spy jailed in New York. loss incurred in educating and Mr Walesa said later tbit 'recognition that verification ' 1 Since then, the soft spoken, ’ ^fishes needed tdr.be settled. training citizens who are “reason has triumphed and Hr elegantly-tailored lawyer has M Lowitz said.' The US wanted an allowed out. that the decision had been the discreetly travelled under first step to a compromise.” piling-, and .owe ,.of_ ofieraic&l agreement . giving signatories : several aliases whenever East Dr Wolfgang Vogel; “honest Be has no need of member- weapons, tbe-ambassador said, the right on challenge and at and West wished to swap spies. broker” ship. Eastern Europe’s most He had been brought to court ; Mr Lowitp was laying to. private slander put short notice inspect sites In the process, he gained prominent lawyer is a confi- originally on a Washington's ' position - after ifsuspects chemicals East charge the 10 where may several admirers among working out the deal in 1969 dant of the German by chairmen of .other delegations to the 40- -be manufactured military for officials including an in which Britain swapped three leader. Mr Erich Honecker. electoral commissions in six nation Western conference bad last week ends. American diplomat who arrested Soviet spies — Gordon and has received the country’s northern Polish cities. But in
stepped tip pri&stire on the US . fti Ms statement on January yesterday, speaking TSr Anatoly Shcharansky (left) walks to freedom across became the godfather of" his Lonsdale and Peter and Belen highest awards for his services. court to stop, testing nnclear weapons. .15 outlining a- 15-year three- subjects strongly and wearing his Berlin’s GUenecker Bridge with the US ambassador to Bonn, daughter. Kroger — for British Dr Vogel’s lifestyle—a new --'Their attitttdfe*,,WB3 summed stage programme for nuclear arrested in toe East Solidarity badge, Mr Walesa Mr Richard Burt. For more than two decades the bridge - Dr Vogel negotiated the Mercedes, his lakeside home up by Hr- Rlchafil Buffer, the disarmament - Mr - Mikhail stated that it had “not been has been the site of some of the most famous exchanges of ultimate release of Guenter But this is on})' one side to outside Berlin and his well- conference’s - AhstraliAa ~I>resL Gorbachev, the Soviet -leader, my intention to slender or spies and prisoners between East and West Guillaume, the East German his activities. appointed office in the Reiler- dent. when he sild.tiut after also indicated for the first time demean anyone” publishing During yesterday’s exchange. East Germany released Mr spy in former Chancellor Willy Since 1963 Dr Vogel has strasse in East Berlin—inevit- by the Soviet Union bad-agreed to Soviet -readiness tp accept on- his own Independent results. Dietrich Ntestroj and Mr Wolfgang Georg Frohn who were Brandt’s office, as well as the represented toe East German ably set him apart from all but inspection of its imclear inspection - - test site serving life sentences as Western spies. Czechoslovakia freed exchange of Heinz Felfe, a Government in the release to a handful of privileged East After a nearly four-hoar sites - the US had to “make up The US and toe Soviet Union Jaroslav Jaworsky, sentenced to intelli- - * Mr 13 years in jail In 1979 senior West German West Germany of thousands of Germans. Friends, however, delay, which could only mean its mind.” have started bilateral talks to ter helping people escape to the West. gence official who was an East political prisoners and captured claim he never became what that the authorities in Warsaw Mr Lowitz emphasised yester- implement toe commitment The United States released Mr Karl Koecher and his wife German agent, for several escapees as well as the uniting he is just for the money. They were trying to decide whether day that “at the present levels made by President Reagan and Hana, both serving prison terms for espionage. West West German spies imprisoned of East Germans with their note that he could have earned this was enough, the prosecutor nuclear deterrent which was a Gorbachev at their summit Hr Germany set free Mr Jevjcny Semyakov, a Soviet computer in the east relatives in the West. many times what he does now announced that Mr Walesa had still played a role for the in meeting in November to US specialist; air Jerzy Kaczmarek, a Pole, and Mr Detlef He made a series of under- West Germany paid for this as a corporate lawyer in the satisfied the officials and that ensuring the effectiveness of the accelerate efforts to reach a Scharfenorth, an Erat German. All were accused of spying. cover trips to London before hundreds of millions withdrawing his case. 1 with West. he was unclear dterrent, which, was a chemical weapons ban.
*wv lands amis talks lT*'
rr !ra the ‘ tafco ice for Nitze r wnaj ' By Bridg* fefcmri.- By Laura Ran in Amsterdam . nsecc^ - - Defence Correspom “ “ N2ZE, US Presi- £fJ F- MR MR PAUL the *r GEORGE‘-Y_ • - dent’s Arms control ..adviser/ nat.brrcv Britain’s, Defence Secretary, is : leaders today on to meet Dr- Manfred TVoerner, briefed Dntdt «g«U« Geneva disarmament talks his counterpart' in Bonn on the and the Soviet proposal for a Monday. It will be the British Wfsiist nuclear-free world. ' minister's ! first i encounter with - ? - The consultations were part . due .-of. his -European colleagues • • -< tz* of a European tour of four or- Since be took office following Mr >' ' a ns:--. capitals to confer with Michael Hese&ne’s resignation five " allies on the US-Soviet arms snsaj nearly .five- weeks- ago. - , f- f'SSSlKftfe talks.. -Mr Nitze, a former arms • His trip- to .West Germany, c negotiator in Geneva, is to v~;:-r during which fie wall .also visit -attend a meeting today in units of the Rhine' Arihy, is t ^nrrr rtsscti Brussels of Nato’s Special Con- , v being seen in London as ah im- - » : auhtative Group. portant stage- in' the- effort ’to 'ic» Uffibr*?. - mairfag reassure Nate allies that Britain . Washington is a two- ••', d Krr&cfcg continues to support -European pitoiged-dfart, with Mr Edward defence collaboration^-' Rowney, another disarmament i, i.tcr.Oiii :£ - ’ Mr ydunger will try to setat specialist, touring ..Asian ai r ?xn%. Ls'.*s -rest ffeaEsj-dn Jttte waJCfc .ofthe capitals. At least three main u;.i fe; -WOstland- raflSair,-;: fcbafrrtherjco- festiea are^on'the agenda.' One < '•: i T:-::UOC * operatiqtrpOticiesitwhkaicwere 43*:--than .is... Mr. . Mikhail such a feature, at :the. Heaeltine. Gorbachev’s^ proposal for a, era will how be less warmly phased elimination of all 1 espouse/!. ' nuclear weapons by the year , t. . . yy ,. 2d00.v an : ambitious plan that [i'vicea met andtoedr planned two-hour has drawn only' sparse reaction meeting js .bemg dpsrfbed as a from both.sides of the Atlantic. ' “ getting to knbw^wa”. sep&On. President' Ronald - Reagan dustries However, key projects involving Apparently plans to respond toe two countries wQl also.be soon, but first , wants more '-•* ’ discussed.. ‘ details on European' views. n - These .will include the Euro- Another is toe possibility of pean HgMe'r .Aircraft,, fEFAl, -eariy.. progress on an inter- in wmch Britain. West Ger- mediate-range forces accord, many, Italy mid Spain pro . co- which -was encouraged in toe operating' and. wfcerfe there are final communique . from . the -nascent AngH^^rfdan. difficul- Geneva sumqiit last November ties 'over the. afrffttftXweight between Mr Reagan and Mr and its iifterwiiL'eng&fe, a par- Gorbachev. Medium-range ; ticular.'. nuclear missiles hi both- Europe • - The gontru y e^}gd:^huwteer and Aria are involved. project, known as tbfe Spto, will A third issue is a followup also be dricnasvd m^h effort, to summit. -There axe some indica- avoid’ banceflatian^ r- tions that Moscow is- luvdQ second thoughts about the idee. - Mr "Nitze was also thought likely to have' discussed vwth
io latter’s Ie-' meeting .with Mr
ichev lor talks - on Euro- pean nuclear missiles in the Wake of the' Dutch decision last November to deploy US cruise missiles. She Hague; which has been consulting with Moscow about a date and.'engenda, is insisting that a meeting indude more than just missiles. With toe Netherlands currently presiding .over toe European Community’s Council of Ministers, the Dutch are believed.to want to discuss broader security issues, as well as trade topics.
Belgian coalition likely to anp*®! powers BY PAUL-CHB3BUGHT IN BRUSSB5. 4 1 BELGIUM'S NEW centre-right It win only he then that the cao ^ * coalition' Government- has fufl parliamentary procedures When Surrey Police were his name four times but he jumped the -first, crucial parlia- wQl have been completed to fora computer his mentary hurdle in its -attempt give tiie Government special they won't change face, or the powers. Once -the legislation N*j Buthelezi rejects reform proposal Egyptian Iran claims seizure Gandhi vr JIM JONES IN JOHANNESBURG economic reconsiders chief Gatsha Butfieled, the cipation in the National statu- his January 29 speech at the he has not told South Africa of Iraq oil port six Zulu leader, baa distanced him* tory council, proposed two opening of parliament. He had -where he is leading the country crisis grows role over self from proposed talks with weeks ago by President Botha, been counting on Chief Buth- because, if be did. it would be President P, W. Botha's govern- extremely difficult for black elezi to be an influential partici- totally unacceptable to blades," ment on South Africa's future. Lanka leaders. pant in die council. Chief Buthelezi said. more acute miles from Kuwait Sri “At this stage, Last Friday President Botha in the wake Chief Buthelezi initially re- He added that an unequivo- By Mervyn de Sfhfit hi Colombo publicly repudiated of file state president's outburst sponded positively to President cal statement from President By Tony Walker In Cairo’ BY EVANS IN KUWAIT gwrasingl? a statement KADUEN Is taking an on Friday, Z would not even INDIA by Mr Pik Botha, the Foreign Botha's parliamentary opening Botha that the Population Sri Lanka s attempt THE ARREST or more than troops tough stance over Minister, that it to seek a mandate from speech, calling its reform pro- Registration Act and the Group IRAN SAID its had rat Iranian offensive. The would be pos- crisis, with Indian Prune black South Africans to partici- Areas Act were 100 workers is a NUe Delta seized tee old Iraqi oil terminal Government, together ethnic sible for South Africa to have posals "a courageous break to be aboUsbed Kuwait Gandhi recon- town at the weekend after the. Minister Rajiv a black state president pate in the National Statutory with tiie past" However, Chief was now expected by black at Fao on northern shores with the country’s parliament, jn This re- hi$ rt>le as mediator Council.” more than . two days of sidering pudiation, Chief Bnthelezi Buthelezi says he now wonders South Africans. These two acts, of the Gulf yesterday, just six expressed alarm over the latest said, agitation for pay increases, the conflict. had left President Botha proposed whether there has been a break. which define South Africans’ miles away from Kuwaiti offensive by Iran and said that black South Africans told a news con- the formation of a national “The state president's out- racial groupings and which pre- was an ominous sign for the territory. possibility Mr Gandhi aghast It would Increase toe in Male, statutory scribe Egyptian Government con- Iraq ference on Monday council to resolve burst against Mr Pik Botha where they can live, are has rejected ted claim, to superpower intervention in Islands, Me added that it made parti- fronted by an economic crisis capital of the Maidive black and white differences In gives us reason to believe that fundamental to apartheid. saying that' Its counteroffensive the region. Govern- which Is dally becoming more bad left thousands to enemy that “the Sri Lankan Western diplomats discounted us know acute. corpses floating in the Shaft al ment should let the possibility, however, to intercsteu Stephanie Gray The slide in oil prices- Is .Arab waterway. Baghdad whether it was really reports on efforts to reduce reliance on Pretoria Kuwait asking the US to inter- initiative India has disastrous for Egypt at a time officials said that its forces in the had vene should the Iranian troops when aU its other sources of .. recaptured the island- to Umnt taken." . ' get nearer. in t"? hard currency are tinder al Rasas, which the Iranians He was -speaking Mini- severe pressure. Egypt has claimed they had taken two Kuwait is linked in a loose presence to bis Foreign slashed prAdlon security agreement with its Gulf Bbandan, tee Southern Africa wins donor backing oU by days ago. ster, Mr Enmesh neighbours and is Sn more than 200,000 barrels a The Iraqi oR port to Fao It a member key negotiator between day, of of the Gulf Rapid Deployment expatriate Tami* when Ministers from ntne Progress on economic dis- or about 20 per cent faces the Khar Abdallah water- r^mira and of Force. recently southern African countries met engagement has also been ham- output, from a figure way which separates Iraqi separatists and who barrels day. notice a in Harare recently to review pered by the SADCC’s decen- around 870,000 a territory from the Kuwaiti Bubiyan Island has long been cancelled at short their economic performance tralised system, under which Oil income readied fZbn island of Bublyan. The a foreign policy problem for three-day trip to Colombo. (£L4bn) in fiscal 1984-85. historically was visiting over the last five years, the energy, transport, communica- Iranian claim was made during Kuwait. Iraq has While Mr Gandhi Production cuts phis the laid island arcni- reports before them expressed tions, agriculture and man- a mass rally in Tehran by claim to toe Island and the Maldives, the Sn some grounds for optimism. power management is devolved effects of the price slump may Iranian President Ali made frequent requests to pelago republic south of to member states. Decisions veil halve oil revenues at a Khamenei who warned Kuwait to allow military facili- T-nwim Mr Junius Jayewardene. The nine are all members are made by consensus. The time when Egypt Is encounter- ties to he based there. President, and of the Southern African Kuwait not to allow Iraqi the Sri Lankan process is slow and donor ing critical balance of pay- AlhulathmudaU. ms Development Co-ordination troops to use Babiyan Island. Baghdad has argued that Mr Lalith countries have made plain their moats and debt service prob- Minister Conference (SADCC) which He said that Iran had they need the island to protect National Security irritation at the snail’s pace at lems.' receiving unusua.i.. was set- up in 1980 with the despatched an envoy to discuss their naval base at Unun Q&sr. were both which their funds have been General Ahmed RoshtU/the through norma* aim of reducing the matter with Kuwait. Yesterday, President blunt messages their almost used. Interior Minister, said on These total economic dependence on “X have sent an envoy to Khamenei claimed that Iranian diplomatic channels. Modest progress was reported Monday that the 111 workers result of a South Africa. Kuwait " President Khamenei troops were overlooking the oil were obviously the arrested at a textile factory ** India. to the conference in the areas said. He will tell them if you loading- jetties at Unun Qasr. major policy review in The good news included the at Mehaila north Cairo, of agriculture, small energy of cannot resist the Iraqis and stop The capture of Fao would The Sri Lankan Government end of the drought in the area, elements of growing projects and telecommunica- were "known their aggression in Bubiyan, we represent the biggest Iranian has been told of the and the support from Britain, tions, but it was overshadowed extremist bodies.” added: first He cannot tolerate the enemy be- victory since the beginning of Indian conviction that its the US and the World Bank continuing unrest within “Egypt not allow these “ by wm hind us, and we will have to the war. Foreign military preference is a quick military for the group’s projects, if not South Africa's borders and ever dements to obstruct work, s defend ourselves with strength.” attaches in Tehran said that Fao victory." at least in Sri Lanka sits political ambitions. More more strident calls for sanc- lower production and destroy in the A military spokesman 1after contained a disused air base in Eastern Province if not than Slbu has been raised tions against the apartheid our economy ... It is a crime invited told IRNA, the Iranian official addition to -bombed-out oil Tamil north. India has toward the cost of almost 400 regime. unacceptable under the pre- with its ” news agency, that " the Islamic faculties. Sri Lanka to go ahead schemes. For the first time, Eastern sent circumstances. Republic has intention of Observers beUeve that the military plans if it thought that Europeans, always more ready His warning mirrors these no Of the Slbn secured 1 the so far - In intervening in the affairs to Its attack ajr Fao - might be an its «in>s were attainable. (a further with military assistance than toned on several occasions SL5bn is under nego- neighbours,” in an apparent attempt by toe Iranians to draw meantime. India would not tiation) hard cash, were present as were recently by President Hosnei as some $730m is going to- reference to Kuwait. Iraqi troops sooth of Iraqu’s initiate anything in its role wards transport and communica- representatives of the African Mubarak who made It dear that- Kuwait city, jiut 50 miles second city of Basra and en- mediator. . . .. tions, mainly the Dar es Salaam, National Congress, the South- Us adtaintotTSdon'k itself from the fighting, Is quiet, hut large the front as a preliminary India has also argued Maputo and Beira rail corridors West Africa People's Organisa- patience was wearing thin. demand Those that are operational expelled in return few South alert to the dangers to the cur- to a much larger operation. out of the Sri Lankan and ports. A sum of $108m is tion (Swapo) and the Pan The send official press has Madras- Africa’s pledge to halt support for a crackdown on the slated far agriculture, 541m for are in such bad repair that their African Congress. this week been preparing the guerrilla for the MNR. based separatist energy and 8220m for industry. use is limited. Such overt pbUticisatiou was ground for unpalatable Jayewardene Apart from South Africa's groups. President The total cost of all the pro- dearly due to the unrest in measures in the face of the SADCC’s secretariat in has repeatedly reminded Mr military interventions in five South Africa the improved economic crisis. jects is put at about $5bu, of and looming The Extremists kill moderate appeals to Gaborone estimates that South SADCC states last year, the Gandhi to his own which $4bn is to come from prospects of meaningful editor of the mass circulation out- African or South African-backed foreign governments on Sikh side the group. countries’ economies were hard Western sanctions being al Akhbar newspaper, in a aggression past five extremists. Sri Lankan has over the hit by the progressive decline imposed against the republic. front page editorial, said that Sikh as attacks increase The overwhelming reality, ** re- years cost the countries $10bn. during 1984 and the sudden col- terrorism,” Delhi has now however, is that the SADCC Such action would seriously Egyptians would have to con- Of that stun, 53bo has bad to lapse last September the plied, is the direct consequence states — Angola, Botswana, of damage the economies of the sider sacrifices to cope with BY JOHN ELLIOTT IN NEW DELIA go on extra defence spending. South African currency. of the grievances and frustra- Lesotho, Malawi. Mozambique, front-line states, especially if womentag economic dream- Zimbabwe’s army, for instance, The precipitous fall the EXTREMISTS IN the northern are now taking plafe almost tion of the entire Tamil com- Swaziland. Tanzania, Zambia in South Africa retaliated. Swazi- stances. plays a big role in guarding rand cheapened the prices of Indian state to Punjab have daily. The avenge- is running munity, which enjoys great and Zimbabwe have been run- land, Malawi and the newly Egypt's trade deficit, accord- — Mozambique’s rail routes and South African goods, which increased the number to at about five tailings a w$ek sympathy and support in “an ning fast to stay in the same installed Lesotho Government, ing to a preliminary estimate, ” power supply against attacks compete with both domestic assassinations in recent weeks which compares with the death important state of India place. by either publicly or implicitly reached a staggering $7.7bn the rebel Mozambique National production and intra-SADCC and the total number to people ton two years ago when the (Tamilnadu). The Indian Six of the none countries are oppose sanctions. in 1984-85. Its foreign debt is Resistance exports. The same is true in killed in Individual attacks has Punjab was approaching its Government could not afford to landlocked and rely heavily (MNR). said by the IMF to have on respect of services. The majority of SADCC risen to nearly 100 since state worst crises. alienate the state. South African rail routes for Mozambique readied $32J3nt or about 85 and Angola have At the same time, those states, however, argue that the' elections last September. The situation is causing grow- Pressed /by' Sri Lanka to re- their trade. Alternative routes, suffered the most war per cent of current account damage SADCC states which export to cost of sanctions is less than Yesterday, Mr Dalip Singh, a ing concern for the central affirm India’s commitment to particularly through Mozam- and the highest military costs, receipts. South Africa faced loss of mar- that of the destabilisation. If 60-year-old leader to the Sikhs' Government of Mr Rajiv Gandhi, Sri Lanka’s unity and territorial bique, for wbieh Western despite Foreign bankers -are now Maputo's peace agree- kets and lower returns on re- sanctions were to bring forward moderate Akali Dal Party which Prime Minister. It means that Integrity, India did so. but with donors have pledged milHou ment wiflh Pretoria under which saying there appears little al- maining sales while the value a political solution, the longer-, won tiie elections; was shot hopes have not been realised a JJ0tt amdifytag phase. India of dollars in aid, are subject to ternative to a comprehensive members of the banned African of remittances from migrant term benefits would outweigh, dead. of the Kkhs- Akali DaTGbverh- would - defend^*, the island's constant sabotage. rodwddlBX programme for National Congress were to be labour forces fell sharply. the short-term costs. Such assassinations, usually ment na^wping control hii-THe ihfiegrity btif “ hot at the risk of Egypt whieh fc in arrears . to attributed to Sikh extremists. slate India'sown unity and integrity-" many of its eredftors. .. > Added, to Egypt’s economic difficulties, are apparent poli- tical differences within the administration over, economic Notice of Redemption policy. Dr All Lntfi, the new Prime Minister, is understood ’ to be having a hard time per- TO HOLDERS OF : suading cabinet colleagues, with vivid memories of 1977 food price riots, of the need for potentially unpopular Burroughs International Finance N-V. economic measures. 15%% Guaranteed Notes Due .1 £88; Pursuant to the provisions of the Indenture dated as of March i 5, 1982 (as UK confirms supplemented), among Burroughs.lnternational Finance N.V. (ifee “Company”), Burroughs Corporation (the “Guarantor") and Chemical Bahfefthe “Trustee") Nigeria post 1 (the “Indenture '), the Company hereby calls for redemption on Klarch 1 5, 1 986 BRITAIN will send a new High Commissioner, Mr (the “Redemption Date”) ad of its.outstandrng 1 5.%.% Guaranteed Notes' due Ewans, Martin to Nigeria at 1 988 (the “Notes"), at the price of 101% of the principal amount thereof (the the end of this month, the Foreign Office confirmed, “Redemption Price"). The a^meptjpped^ep^ioo optional redemption yesterday,. writes' If any Note surrendered or deposited for redemption shall not be accompanied Hawke orders by ail appurtenant coupons maturing after the Redemption Date, such Note may be paid after deducting from the Redemption Price an amount equal to fuel price study the face amount of all such missing coupons. If a deduction shall have been Australian Prime Minister made from the Redemption Price in the case of such missing poupon and Bob Hawke has appointed a five-member cabinet commit- thereafter the Holder of such Note shall surrender to the Trustee such missing tee study to demands, parti- coupon, such Holder shall entitled to receive the cularly by farmers, for lower be amount so deducted. fuel prices, government officials said, Reuter reports. Burroughs International Finance N.V. They said the Government By: Chemical Bank, Trustee would lose Slbn a year if the Date: February 12, 1986 committee recommends that consumers receive the- full benefit of the recent fall in oil prices. Lower prices Holders of the Notes presenting Notes for redemption to the NewYork paying would also pose serious agentwill be required to comply with the Interest and Dividend Tax Compliance is the budgetary difficulties -and may What curtail oil exploration and Act of 1983 on or before the date of'such presentation. development in Australia! European Economic Community doing at the PHLX? they said. Buying options on the European Currency Unit ThePHLX already is the leader in trading six As a matter of fact, the whole world is talcing other foreign currency options and now offers you advantage of th is exciting new concept in options the choice of a seventh. trading available at the FHLX. The ECU cation offers Innovative products, imaginative thinking and People who know those with an opinion cm the direction ofthe dollar service that’s efficient and accurate are why investors against European currencies a new means of action. and hedgers from all over the world are coming to It also serves those who have no opinion but need to the PHLX. Shouldn't you be there too? Cal] for our hedge against currency fluctuations. ECU brochure. CUE Philadelphia Stock Exchange Philadelphia Within US.,TbH free: 1-800-251-1677 Philadelphia; (215)496-5404 London: 01-606-2348 1300 MafkrtSb^.PhiTadeiphia. PA 19103, European Office Basildon Housg, 7-11 SeeTblerate page 257. NORTHWEST ORIENT Soe yourtravel a$ent& confari 49 Affieroaria Streat/tondon 5f£ (Of) 629 5353 WtX Manchester (061) 499 2471 M Y 4‘T, X -- :*:;v4c vS^> with 3 million die best staff That’s you should look into Health First . . , Today, even unemployed, why sdE expectmore their employers than a salary and sick pay. Health First is part ofan international ^gp organisation which Today’s employers are expected to provide private medical cover provides private medical cover for more people than any other com- along with company cars and subsidised lunches. Ifs as though the pany in the world. concept ofthe taring society is moving more and more towards the Board Health First doesn’tnqjkce the NHS, it works alongside it taking Rdom. And that’s probably not a bad thing. away all the waiting and worrying. It makes sure that your people get the But ft's one thing to decide upon medical cover for your staff and bestpossible treatment atthe earliest opportunity- so that they get better another to know where to look for it quickly and in comfort ff you sign on die dotted Kne for die first company you think ofj Butthe bigphis is thatwithHealthFirstyou won’t overspend: there you may be getting poor value for money and, thus, be selling your are so many different kinds erf cover that you can tailor exactly what you employees short And it won’ttake long for them to compare notes with want to spend to your company's needs. their friends m other companies and draw their own conclusions. Ear further information, ring 0202 292454. itjonalLtd.- TO SHOW YOU CARE 6060701 1 v 1 ' » ' 1 8 1 T4 1 1 » 4 . 1 ; * 12 1286 Financial Times Wednesday February WORLD TRADE NEWS Nancy Donne reports on ways of detecting dumping from non-market economies I Lufthansa seeks early Polish practices perplex US investigators decision THE US Government has for Undersecretary of Commerce, port. years struggled to write a fair HHT 130 WE ALWAYS GET THE SOLFCARTS, LKfKT BULBS acknowledged that the current Four steel companies anti-dumping “ court inter- on A-340 definition of unfair trade” /VVO NAILS -Tfc /NVES775ATST ISTHTOMp law is enor- appealed to the of 'ONPRft^Wl contending that from the non-market economies /H'DUMPeB' IflDEO RECORDERS, mously burdensome and exces- national trade By Nkhad Dome, (NMEs) of the world. Polish POWERBOATS oR. sively complicated." The results, the Commerce ruling sought to Aerospace ? IS i&rfai m 'sA *i ^ 'J wSw/Sm 5TiT5 1: jmmm ^ lrTEUSa ~ -fj ,x>-. -f'* J Om . - : 1 : : J lit , i ’t. 1 1 1 1 t 1 J' *1 A r » y ini ii rri n hiF I'' -I'.iil Jm ,, 1 ; ( v -v : ' « 1 1 i; 1 i ' oi 1 Vi 1 ’ : ’.-l i ', r, *j radical Ti T 1 t r"' t 1 ' ^ J--. t | ^ p T on the . . (tfthe most . done powerful J ' 4 1 -it 1. ijjijt i:j . 1 r-i! 1 Ji!i-;i.t I i.i 1 1 1 1 1 1 7 f’l l^J 1 till (tK* 1 tI t tMKti iLfifi l'ii> iT thotighuhat fl»apiaei^iiMll)esb^ everyone : yt 1 1 I'i p 3 . : Hfeflilodi Plus’s 800K ' r ; • r < rV. vh=: ^ i t » lUii nT»’ i’Ki'-'wfij Jfii fiTnirr n*f: 1 1 ^ 1 t -v 1 '1 > |’>.I t » t S~i 'J I 1 T? * 1 & . •’ ''' .^'i ' , l .- i i i »TT¥i iTT|TC- ’l l- k ”-S 1 i it: 1 1 1 y-.i 1 u 1 -.ill l-’-'J nil I iTZl Tty; iTtiji I (I IVi'iV/'F-i ." tfdODg r.u yi~i #> n 1 1 C‘s.< 1 n >3 fi p r» a'l r ^ 1 1 ?y , a w krinuauHUWMWMnMJn • -- ii, I -*> v' vi 1 Vi 1 1 » i t pTi.iTi^fi >/_ 11 11SI ,-^iUill' r^rTwTTTTu-. jiifln i -r Hni •J ) r 1 j . 1 1 ’• n'.y.' r 1 • f, 1 : - 1 ; 1 i ! > i v ’’} 1 ; 1 > 1 » ii f 4 c avrzi ^ : • r«^ 1 T i f f 4 v-i l d x 1 ? 1 y1 __Wu, 't .| "iTl hJ V' t_i * ~~ llln'Ki’ i: r»' usew 5 [vJFi* ’ ' <*"’*** i»-MS *&*&!*: 1 smssmteeam iWriVnu ’ *y-* * -« ; ; — . Financial Times Wednesday. February 12 1986 AMERICAN NEWS EVfFtakes ••• - Robert Graham reports on a dispute over the fiiture of the seventh continent i i m u; tough line of missile deal withPeru Antarctic states eye Greenpeace campaign UNUSUALLY BAD weather- in lack of interest by either of the to keep the matter out of the the short Antarctic summer has. two superpowers in the mili- UN where there is a growing TTiii ra i prevented the environmental tary uses of the continent whfch campaign, led by Malaysia, to orgamsation, Greenpeace, from accounts for one-seventh of the put Antarctic development in fly Stewart Remmg Iri Wuhington ISC< carrying out its most ambttibus world’s land mass—the summer the hands of this body. pm) International project - and publicity venture. after all, lasts just months. Greenpeace, founded la THE Monetary two baa' taken This co-operation continues, but now based In the R TN WAP Fond a tougher 1 Greenpeace had hoped to set Canada than .expected -line with Peru, up a permanently manned base and slowly (the consultative par- UK. fears any agreement on ties are grappling minerals exploitation' 'will go telftng the .South American in the -Antarctic, the first by a with the most aMsnbryifhat it most pay some private ..organisation, on this sensitive issue of all. the draw- against the spirit and letter of $75m (£45m) of arrears on inhospitable continent. But ing up of a treaty to govern the the Treaty which guarantees to its Kians by'April 15 or it will principles on which minerals protect the continent's flora and impenetrable pack: ice . pre- “ ” . be declared. Ineligible to vented 'the dumping of equip- exploitation is to be permitted. fauna. The organisation believes xnaXerftxrther drawings. ment for a return expedition Negotiations began in earnest once the rules are bene in 1982, and according to those to overlook the unintentional The decision, nude at a next year, and the organisation's 11 ivolved it will take another two killing of * a few penguins It beard meeting . on Monday, converted tug, Greenpeace, has wiU herd draw line. was unexpected because IMF been obliged to head back to years to complete. be to the basic difficulty with such staff fipd‘ recommended talcing New Zealand. The organisation The Those drawing up the regime r is the a more cautions approach, re- has had to content Itself with principles question of argue that it must be practical flecting the fact that the Latin declaring the Antarctic a land and offshore ownership. and take account of the possi- American .country which' “World Baric,” and opening The shoreline; three times the bility of genuine pressure In the stopped 'making- debt repay- symbolic -embassies for length of the US, is claimed by future for resource exploitation. with ments- to the IMF last Sep- Antarctica in the capitals of the seven states another large A side effect of Britain’s new tember, had recently begun to main states operating on the area unclaimed. The claimants all-weather airport in the Falk- make; Some token payments. continent. —Argentina. Australia, Chile, Jands is that the UK now has ^ VS France, New Zealand. Norway the capacity to resupply the The IMF is understood to Greenpeace’s efforts have **«* \ and the rely on a mixture Antarctic directly, without its have decided that Fern must beeff watched closely and dis- UK— continuity, colonial links and previous relience bring its debts up to date approvingly by the member of oo Chile. This historic discovery. could lead to construction of a partly because it has ample states of the Antarctic Treaty, , also are conflicting better airstrip for a larger air- reserves- with which it could which- regulates activity in the There r ’ All but small portion craft for British operations in meet tfie$e 'liabilities. The region.' claims. a area claimed by Britain the Antarctic, so . allowing a IMF has already signalled its of the : doubt Green- There, . no quicker concern about - the growing » is being claimed by either turnround of scientists. /. peace’s failure has saved the Chile. WmKHSM volume of arrears its books, Antarttc Convrgene* is tho boundary bwwtin xhs colder wstars ot iha Argentina or The There are those who believe, on latter a. of embarrass- and rS*tf 'previously declared measure Anurtkc and dm warmar waters of rarroondino oceans. latte rs* claims also overlap. that making an issue of Antarc- ment. Although Greenpeace . nor both" Sudan and Liberia in- , Meanwhile, neither the US tica is a romantic bluff. maintains its aims- are both the Soviet Union has formally elUuIdotDdseUs-lacUities. in the Pacific, and the Welling- The Treaty was signed in Countries are merely there scientific and environmental, the recognised any claim at all. The derision to proceed ton Government’s ongoing row 1961 by Argentina. Australia, for reasons of national pride, r, orgamsation had hoped to use The claims against Britain with whatamormts to a public with France over the sabotage Belgium, Chile, France, Japan, historical inertia or global pre- !rr^fh 1 the babe as a means of drawing complicated the Falk- censure of'Peru will also' be last year of a Greenpeace pro- New Zealand. Norway, South are by sence—the commercial pros- attention to the possible damage dispute. seem as an'effort to discourage test vessel lands As for Argentina pects of exploitation of any- to the virgin Antarctic eco- Africa, the Soviet Union, the other coHUtries- from follow- UK and the US, who became and Chile the settlement of the thing other than tourism being system by future resource While this is all grist to Channel last ing Peru’s' example. known as the "consultative Beagle dispute remote. However, the US, exploitation. Greenpeace in presenting itself help resolve their parties.” Since then four other year should through the National Science as a David fighting Goliath, differences and to greater However, team members were countries have acquired such lead Foundation, will this year spend denied member states of the Treaty see demilitarisation of their pre- j [ i iT-Ti access to US satellite SU5m on its Antarctic pre- W-i ; I r 1 » Hd status by demonstrating an m matters differently. sence in the region. weather information, and when interest in Antarctica and con- sence; the Russians will spend their Progress over the minerals helicopter landed near a "Greenpeace forgets,” says ducting substantial scientific much the same. Overall annual TT7T] regime would have been New Zealand base to use tele- one Western official, "that the research there. much expenditure . by all parties is m phone facilities: they were re- Antarctic is run by states, not slower but for two factors. believed to be around KOOm fused on the grounds that the private organisations, and we Despite the heterogenous • Advances in technology have with Britain’s Antarctic Survey normal 24-hour warning had not are dealing with highly complex nature of the consultative par- hastened the day when com- costing £12.9m plus a further been given. issues which are distorted when ties, the Treaty has proven one panies and governments could share of £5m for the naval ves- This is all the more ironic simplified.” Host of the of the more remarkable in- be interested In testing the sel. Endurance, patrolling given New Zealand’s support officials dealing with the stances of international co- feasibility of hydrocarbons British Antarctic territory. for Greenpeace in tts battle Antarctic are themselves operation. Cynically this can development. For scientific research these s ^ * rU’/i \ rrrprnl against French nuclear testing fervent conservationists. be attributed to the apparent • The consultative parties want are not negligible sums. i J Rnil I Accidents at oil and gas installations fuel Mexico economic woes BYT)AVID GARDNER IN MEXICO CITY A CHAIN- of unexpected fires confirmed local reports, four workers union and President sent shock waves through the (as well as new explorations) at- Mmbmb oil and- gas installa- Pemex employees were arrested Miguel de la Madrid. bureaucracy. is seen by many oil analysts tions, is adding to - the .critical on suspicion of attempting to At the traditional ritual of The union has been campaign- as more likely a cause than situation caused by the collapse blow np part of a refinery. new year greetings, offered to ing against Pemex management sabotage of the recent spate accuses in international crude p£L prices. Officially, all the incidents the President by all branches which it of hiring too of accidents. Mexico -depends on oil for which have been acknowledged of the state bureaucracy many technocrats Pemex, one of the most her- Rifla around three, quarters- of its including the pro-Govemment by -the authorities are being The unions most cogent argu- metic institutions in Mexican foreign exchange and -half its treated as accidents. But this trade unions, Mr Jose Sosa, the ment, is that maintenance Is public life, provides little detail tax-revenue..... has not prevented widespread titular head of the oil workers, being neglected as Pemex is of its finance but in 1983-84 told Mr de la Madrid: Iff the'past month there have speculation that sabotage could “B being milked by the Treasury current spending was cut 10 per Pemex sinks yon sink too; we T beeta- four known" accidents at be responsible particularly fol- for taxes and repayments on cent in real terms (by $lbn in : all sink and the country sinks." Golf coast plants operated by lowing a unique confrontation, the country’s $97bn foreign 1983 alone) while $3bn was paid Pemex the state oQ monopoly. early in the New Year, between This bread! of protocol in debt off on the company’s $20bn List week' according_to still- on- the bead: of the powerful oU dealing with the President. Lackof funds for maintenance foreign debt. ; A bank^withtwenty dealing rooms around the world is, to say the least. > unusual. -,, ' . r i ' '••• • . AbankwMch fully harnesses this ' ' ' : • *- resource to the benefit ofits custom- - \y. -• ers is exceptionaL • , 1 -"' _ -v*. Tv -SINGAPORE .Til NEW YORK LONDON JOHANNESBURGmm 1 1 1 1 1 m 1 1 % - • Standard Chartered has not just u<— : >>; the dealing rooms, but also the com- munications systems, to deal on your mimm a;- '""’IL ---Jlg-fo OuiNETWORKOF —• behalf twenty four hours a day. Our "~~yg ... 20 DEALING ROOMS Globewatch service will execute your stop loss or target orders in London, WILLACTFORYOU Hong Kong, New York and, if neces- sary, a furtherseventeen m^jorfinan- AROUNDTHEOOCIL cial centres. TRfe can also arrange for you to deal directly with a Standard Chartered dealing room outside your local time NIGHTFOLLOWSDAY zone. And because of the depth of our involvementin so many ofthe world’s key economies, no other bank can trade continuously, on both a spot and forward basis, in a larger number bTcurrencies. Rneign exchange dealing is one of the many ways that Standard Chart- ered coordinates the strengths of a network of 2000 branches in over 60 countries - to give you a more flex- ible, imaginative and commercially valuable service. To find out more, contact your nearest branch. Standard ^Chartered ^AJOARO CHARTED BAW HEAD OlfiCb 38 BQHOFSMt LONDON EQN4E. '- ,vr -v — — '—- ' February 12 1986 8 Financial Times Wednesday THE ARTS Northern Sinfonia/Barbican Centre David Murray missed «n*e of On Monday Stephen Bishop- entirely swiftness and Kovacevich not only played impetuous Beethoven’s B-flat Piano Con- dancer.) Mozart** Symphony no. certo with the Northern Stn- 40 was sympathetic conven- un- fonia but conducted them, not very wfl - balanced not tional, fortunately. it was not bed, instrumental!?—* conductorless incompetent; nothing actually wading might have com nut was a pity for fell apart. That — much the same. given the bizarre vogue for pianist-conductors, there is The ” Masonic Funeral every chance that he. will now Music.1* Mozart’s K- 477, both is often piece: crop up more and more and Is not a conductor’s leading sound but indifferent because « overt, con- while is not, orchestral performances, ductor's hand Intrudes upon Its squeezing solo recitals into his sonorous gravity—Is. because on.tried- schedule by relying the dark wind-sound needs the and-tnie party pieces and fluent leading- The Northern prac- odd snatched half-hour for Sinfonia produced the right hop-Kovacevich tice. Unless Bis weight of sound, bat the music digital Is faced with creeping proceeded in too deliberate should not want arthritis, he Sts and starts. in the that; the precedents are glar- concerto everybody unnecessary Beethoven ing enough (it is sounded friendly, at sensible to mention names), and tempi: there were no sparks heartily discouraging. dialogue between after all one of the in the He is solo piano, doubt- most nervily musical pianists orchestra and both voices spoke around. Bishop-Kovacevich less because No Beethoven s performance lacks sudden with one mind. concert!, like later Romantic for insights, whether in his intro- A century ago Walter Pater politics in China, the Search ones, are .confrontations, ana “ spective manner or in his rare declared that All art con- Television/Christopher Dunkley Wealth. loses points. In bursts of manic intensity (I simple amity stantly aspires towards the con- case, orchestral detail No doubt Postman's response recall some extraordinary late any dition of music” Today we are evening sug- would be that his attack is on Brahms not long ago. Quite throughout the told that all television con- inten- American television. But I possessed). Nothing remotely gested not-quite-realised stantly descends towards the the orchestra is spent a week in New York last like that got into his Northern tions, I think condition of vaudeville. At to be year monitoring television and Smfcmia readings. Webern’s an instrument that has least, that is the argument of versus box like other; triumph book any The learned 1 know that you can fill yonr op. 5 string pieces sounded patiently advanced by many acamedics wilh are no time there watching Congres- like cautious run-throughs, years of working it who look at today s electronic nihnini*. fn*> rtf wnddoff “ sional Committees in action, fhnuithtn,! Tuiliil an/7 rather mtM mass medium, throw up their night 1 settled down with a tele- by Las Vegas stage-show tiie teaching colleges might have been unthinkable. Quite ” analytical news programmes, hands in horror at discovering vision and two video recorders packaging ? Maybe. If so I am contain a grain of truth. so. But 18th century cartoons current affairs discussions that its methods ere not th.-v (to cover those annoying all for it &55 BBC2: Thinking Aloud. by Cruikshank, Giftray, and (some, at breakfast time, of a of the print medium, and cry moments when programmes 7.00 Channel 4: Man and Music: Peak viewing time and one be- Rowlandson were much ruder standard you would never find woe from the rooftops. Of overlap) and made the follow- Haydn. The idea that the print haviourist, one ethologist and about the royals. Of coarse at that hour on British tele- course, the rooftops are a last ing notes. culture could ever have one feminist biologist spend 40 they were limited to paper and vision). programmes about the SO/Festival Hall resort: whenever possible they Living Isles: matched the achievements of minutes discussing the nature/ ink and the torturously slow Swedish Radio 5.40 BBC1: The economy, about fitness and use television to convey their This series teeters on the brink this programme is laughable. nurture argument about human distribution methods of print see medicine. excellent drama, views. I wonder why. “ fancy that “ chasm. Not only do we the music development under the superb 16.15 BBCL- The Hammer and of the Just much of it imported from Dominic room in Esterhazy Castle where chairmanship of philosopher/ the Cross. A series about the Though this column was "Swift dragonflies hunt for in- Britain, and so on. Haydn’s music was first heard, politician Bryan Magee (who global confrontation between devoted to the subject three sects on the wing" marvels I had only previously heard arrived there; tot the effect of we see film of the surrounding never forgets the needs of the and Christianity. If Postman's riposte is the weeks ago I make no apology Julian Pettifer as though im- communism the young Finnish conductor that climax .is really coo- countryside and pictures of the viewer). Perhaps Postman This opening episode introduces hoary old claim that, even if and for returning to ft. As tele- plying that their slowcoach Esa-Pekka Salonen directing textual and cumulative, composer’s patron. We also hear would like to name just one Las the ideas of “ liberation this is possible, the majority of vision continues to expand on brothers are lumbering about the Philharmonia, which by any little before it had struck deep, his music performed on 18th Vegas stage on which similar theology” in central and south viewers still watch the rubbish, all in politics, social on foot However, the sequences must be counted The . traditional national fronts — estimation j century instruments. Try get- discussions are held. America, and looks briefly at then his argument simply folds g sciences, news, education, showing Hobby falcons ex- among the finest and most gesture of the Swedish orches- in mid-air. a ting that out of a pamphlet 9-35 BBC2: Architecture at (he conditions in Russia. Excellent up. Of course most people religion—it is an argument changing food sophisticated orchestral Instru- tin’s touring programme was 8.06 Channel 4: My Britain. Rich Crossroads. Paradoxically the books have been published on choose undemanding entertain- which becomes more important, bright pink crab spider seizing meats in the world. The Greetings from bn Old World Anglo-American record pro- ultra-visual subject of architec- this subject it is true, but have ment in preference to improv- not less, and last week it was a bee. and a peregrine falcon Swedish Radio Symphony by Ingvar Lidbolm (b.X921) ducer Miles Copeland wonders ture has always proved terribly they been read ? ing material—they always have. kept on the boil by Neil Post- plucking a pigeon and feeding Orchestra is an estimable, but 15 minutes of melodramatic even the why people as inventive and difficult for television. Yet this The same applies to print (mil- man. an American university its young, are— to HUS BBC2: Honest Decent and lesser instrument; and its per- felangfarbenmuitir. evocative as he says—greedy as the thorough and engrossing series, lions read the Sun, only hun- teacher whose book “Amusing blase natural history viewer of True. A 200-minute TV-movie formances under Salonen os like all trusty B-fiJm music of British reject the full logic of not as infatuated with post- dreds read Political Quarterly), Ourselves to Death." mourning 1986—quite astonishing. Could devised by Les Blair and a Monday night—the penultimate two subjects, awesome (but even capitalism. Here is a pro- modernism as I originally sus- to pictures (millions buy mass the advance of television on the print culture convey troupe of actors, looking like a leg of a 10-concert British tour pensive) tragedy and violent approximately similar ex- gramme about ideas which does, pected, is proving unusually reproductions of tearful street the print culture, was published an discursive pilot show for the —were not only less finely storms. This etfampte. In defer- at first seem somewhat con- effective. It is in 10 parts: we urchins from Boots, few buy in Britain on Monday. perience? No. world's first hi-tech post- coloured, less responsive, but cnee to certain other post-war trived in its determination to have so far visited Britain, the opera. At its original paintings) to music 6.30 BBC2 The Money Pro- modernist soap also less original, less strongly musical developments, was also On BBC2's Saturday Review, flnunmr. Undeniably entertain- find pictorial means of expres- Gulf, and Berlin. The pro- centre is a hilarious attack upon (millions choose Madonna, marked by any particular m- spiced with a - scattering of Postman declared that television sion. Vet it comes vividly to grammes use colour, music and thousands choose Mahler). ing. Poor Valerie Singleton sets the value and values of advertis- terpretative stamp. attacks the literate tradition Ligeti-like mieropolyptionies. and out to find the subjects of the life when Copeland tours Liver- moving pictures. The sugges- ing. A regular topic on Las Is it not a shame that so many It was a decent concert but Uke the Mahler, the even- that it is hostile to language and “Venture Capital Report” and pool with a coachload of teen- tion that this reduces them to Vegas stages, presumably. millions choose entertaining , to lengthy exposition and dis- musicians asks vaudeville Is an unremarkable one. Mahleris hut’s Concerto, Beethoven’s C is viciously attacked by ram- age rock and an insult. Despite the video recorders I rubbish in preference to serious first which minor piano concerto with cource, explaining: “The danger storm. gale and hailstone. In- about their attitude towards 10.00 ITV: Spitting Image. This had to miss a lot of enticing and improving material? Yes. of symphony, ended the evening, had an enthusiastic, Mitsnko Uchldft as soloist, was arises when serious public usi- terest in the dry subject of money, public housing and so really is a little bit like vaude- material: Melvyn Bragg's South course. Would that we were all ness politics, religion, coarse-grained reading. In spite never quite convincing. Uchida —whether capitalisation is sustained by on. What he bears is a terrify- ville but, thank goodness, con- Bank Show offering an hour on perfect. But to blame television of touches, especially ns many beautiful things.* education, public information or our meeting chaps who have de- ing form of ill-digested neo- siderably more angry and painter Patrick Heron: Channel because we are not is as silly many nice in the march movement, notably in the. slow movement commerce—is packaged as a Las signed a new rock crusher, a Marxism regurgitated as jeal- barbed. Herbert Kretzmer in 4*s 90-minute rejig of its series as blaming television for the funeral and in Tbe sparkling flngerwork Vegas stage show." revolutionary illuminated sign, ousy. It makes you think that the Daily Mail maintains that about the welfare state From internecine violence which has and a number of individual performing felicities (including ot-the finale. ..But. she and the But is that really wbat tele- and a 30knot hydrofoil sailing perhaps those Tory scare a few years ago anti-royalist the Cradle to the Grave; and characterised mankind since the a splendid solo clarinet), the orchestra seemed set on . dif- vision does? On the following machine. Is this wbat is meant stories about Trots taking over material of this son would ITVs programme about the new dawn of history. symphony as a whole had an air ferent courses—hers, large- of well-meaning imprecision, boned, large-scale, argumenta- Too many elements, and most of tive, forceful in its propositions; the major ones, fell just short Salonen’s respectful; genial, Garden of their mark. By sheer low-key. Between the two. Salome/Covent An Independent Woman/Watermans Arts, Brentford energetic insistence the last much of the mysteiy and the climax of the finale nearly drama of the music was lost. Max Loppert Michael Coveney The Royal Opera Salome, comedy. Incisively acted and precision and purpose and. revived on Monday evening, no sung (if not staged or beneath the large-gestured Winter Hall A belated bouquet, this, 1984 Oval Music/Wigmore longer conveys much shock sounded), it is capable of pro- parading, a sense of inner decay but Dusty Hughes’s ander the scalpel, struck me as impact The 1970 production viding other kinds of theatrical clears the performance of all what a delightful amenity is House production, restaged at intolerably twee, and the off- Brentford by Anna Furse, has seemed on this occasion to have involvement than merely its taint of caricature (I long to see the Watermans Arts Centre, stage groans of incontinent Andrew Clements a dream-like quality as the cast gone quite flat (to anyone who usual measure of queasy and hear her Clytemnestra !). now in its second year of opera- patients did nothing except recalls its former vividness, Tear’s Herod no of four manipulate four The Arts for the Earth Is a rewarding was Nicholson’s Col frisson. Robert Is tion on Brentford High Street awaken the Goonish cry of glittering with huge spider-web In this performance there was bellowing bull of a Helden- mannequin doppelg&ngers cultural scion of Friends of the loque Sentimental, a not between Kew Bridge and Syon “ Quick, nurse, the screens; setting exoticism and teeming with particular pleasure to be taken tenor, hut a fond, fey aesthete along upstage corridors, in and Earth, founded last year, to I’ve done it again . . . oooh, no of Verlaine but of MallarjnFs scurrying slaves, the current in the knots of onlookers who in Park. The joint was jumping out of their wheelchairs, in quote its publicity, “to who makes his points more curried eggs for me.” But “Apparition" for soprano and dismal state of lighting, sets and spy, openly and without exaggeratedly nuanced phrases on Monday night: Boorman’s front of a TV hospital soap strengthen ties between the I admired the snbtle shifting harp, to which the pro- crowd co-ordination will have embarrassment, on the main rolled off the music with The Emerald Forest in the during which the dummies environment movement and harpist the loss of the relationship between Miss proved a dreadful shock). The characters in all their contor- virtuoso deftness. cinema, the fascinating Julian bemoan Empire those involved in the arts.” vides a spoken counterpoint of and doctor takes a shower. In Morgan and the mother victim conducting by Andrew Davis tions—the quintet of squabbling The central couple—if one Trevelyan retrospective on the Monday night's benefit concert fragments of Heine’s “Der senile dementia, we may occupy figure of Jenny Carey (who is was capable, and considerate Jews (Egerton, Crook, Dobson, may call them that are slight- walls. in the Wigmore Hall brought Doppelganger” only to find her — just such a no-man’s land, a also the very imaginative of voices, but for the most part Begley, Best), each part tren- van role undermined In turn . the ly less well matched. Jo$£ designer), as well as some together the soprano Jane Gins- by tame and ordinary; the orches- chantly delivered; the two Life sobered up and slowed place of truce and no posses- soprano's playing of a cither. Dam is a bet canto prophet who astringent dialogue, notably borg. the Orpheus Ensemble tra exposed under his baton sententious Nazarenes (Gwynne tone down in the theatre, though, sions, of lost status and identity The whole confection works far I draws beautifully focused between two women on a golf (conductor. Paul Webster) and its again outstanding where An Independent Woman crisis. notable thin patches in Howell once across the hnes with a master ” trio flute, viola and harp more effectively in performance, by Natasha Morgan and her course where what to do about a of Straussian virtuosity (an as the first); and, nearer the steadiness; ’’ than it suggests on paper. cellist’s breadth and Miss Morgan elides these mother becomes an intro- with the appropriately Debus- absence of moonstruck brilli- centre. Robin Leggate’s That's Not It company picked but he lacks passion. In the general thoughts particu- spective syan name of Jeux. Debussy’S its mournful, imagtstic way with scream of anxiety Anthony Powers sets, his ance in the strings, some rather elegantly sung, weakly title role Gwyneth Jones is all lar details of family history, about house, husband, lungs, Sonata for those instruments sights higher in The Winter dire oboe interventions, way- romantic (in a good way) passion, wildness, animal through a hospital ward for the the opening fragments of breasts, bowels and mind. proved to be the most familiar Festivals, which was receiving ward brass in the finale). Narraboth and Gillian Knight’s frenzy, deadly childlike urg- terminally senile. That's Not It distinctive memories of a journey by van item on the programme; the its first London performance. It dear, touching pageboy. ency; but the words are fuzzy, is a company It is good to see a non- in a desert finally explained in rest, most refreshingly for a is an extended cycle of settings And the Judaean court is the vocal arcs are often because, without wishing to naturalistie approach But it is very strongly cast wide the context of a Jewish family’s to a fund-raising event, was made up of poems by Nigel Wells which at every ruled by a splendid pair of smudged and sullied, the tone sound sexist; it subjects social issue of importance. almost point on the displacement. She is the volun- The of pieces by younger British mingle Christian and pagan depraved royals. Helga Der- bumps and judders (and occa- feminine areas of sensitivity to lighting and sound (ghastly opera’s hierarchical ladder teer visitor who comes to stay. composers. ritual in a fresh and striking nesch, returning to the house sionally hits heroically true). a performance art methodology. “ ” SingaiongaMax Bygraves” and that, at least, takes the What are you here for?” asks for Three of the works It does not always avoid an off- M were way. Powers sometimes matches performance part of the way in for the first time since her The part—including the dance the doctor. I’m here for the twilight inmates. Penguin putting whimsical archness, but short and more or less inconse- the originality of the texts in the right direction. With taste- adoption of mezzo-soprano —Is assaulted and conquered by good” is the chilling reply. Cafd Orchestra elsewhere) by interesting quential. David Nicholl’s Siva his Use of vocal effects (includ-' less, unlikeable brilliance status, gives a magnificently main force. But at least it there is here an Rick Fisher are exemplary, Dances added percussion to the ing a telling hybrid between alarming account of Herodias: reasonates with conviction; and. attempt to embroider personal Not all of it works. The Anita Harmon and Thomas Strauss combined in Salome Jeux complement for a sequence song and Sprechgesang), but overheated psychological drama the voice gleams darkly, the in this performance, that counts grief and obsession with objec- operation on an unzipped body Wheatley stalwart as caring of self-consciously exquisite when he falls back upon overblown domestic words are uttered with lustful for much. tive visual statement bag. little balloons flying oat profession that stays clean. and miniatures; George Nicholson's straightforward lyricism the Winter Music proved to be a writing becomes less individual, terse, five-movement suite for though never less than smoothly clarinet, harp and percussion crafted and precisely idiomatic. that 1 eked out its material Miss Ginsborg*s singing was Ifcarfc/Monday. Opera and Baflet/TUesday. Theatre/ resourcefully but could not notable for her adroit handling Wednesday. Eridbttiona/Tburaday. A sstoctfw guide to Feb 7-13 disguise the basic intractability of the vocal tints and strik- afl the Arts appears each Friday. Arts Guide of the instrumentation. More ingly pure intonation. I encsome Tonight? movie magic, gyritmg An Too (Phoe- as first half Guys and Doth (Prince of'Wales): The ness of the cast and Mark McCann's Harvey Fierstein's adaptation of the Theatre nix): Mora rmaiHil hagiography and a dwindling reliance an 1982 National Theatre production Lennon look-and^oand-ahke. French fit™ m»nng»« barely, to cap- with Alan Bleasdale's Elvis rushing 1 Presley around. Dis- has arrived in the West find, if any- (7344287). ture the foel of the sweet and hilar- Saleroom/Antony Thomcroft * LONDON show using flashback neyland, Star Wars and excellent and Csts are all thing improved by the new casting Les MbfoaUes (Palace): Notably well ious original between high-kicking live recreations of the rack and roQ influences. Pastiche score nods to- of Lila as Miss Adelaide sung and spectacularly and gaudy chorus numbers. h» Scarlet Pimpenwl (Her Ma- and the produced hits to explain how Martin Shaw’s wards rock, country and hot gospel notablywell black rock opera from the (7572628). jesty’s): Donald Sinden in resplen- sung Sky Master- Nkkleby ami magnificently wrecked end flabby No child is known to have asked for dent plummy-voiced form as Baron- son of Clarke Peters. Richard Eyre’s Cots team of Trevor Nurm, designer Fm Not Rappoport (Booth): In moving Americans put on weights Ring in crushed velvet jumpsuit has his money back. (834 8164). production ess Orczy’s one-man resistance and John Gunter’s affec- John Napier and lighting Dav- to Broadway, Herb Gardner's toddl- reached this pretty past Explrtte- 42nd Street (Drury Lane): No British tionately lavish designs id movement to the French Revolu- complement Hersey, Calm Wilkinson superb ing, fanny «) invigorating play The paperweight market has tive, but not strictly for tourists. equivalent has been found for New this joyful tion. Opera director Nicholas Hyt- most and literate of as Jean Vatican. A melodramatic about two oldsters retains its stars, marked time in recent years, (8382294). York’s Jerry Orbach, but David Mer- musicals, fitting tribute disbTlatioo ner's efficient and sparkish produc- a to the re- of Hugo, and none the Judd Hirsch and Cfeavon Little, who mainly because few really again Noises Off (Savoy): The funniest play rick’S tap-danring extravaganza has it is one of only two tion has smoke, tumbrils, rat stew cently deceased co-librettist Abe worse for that The French score is almost conquer the world when they good examples have come for years in London, now with an been rapturously received. up known, the other making and rolling heads. (0304025). Burrows (9308881). rousingly melodic, with serviceable think they are just hii-fc«w with for yesterday improved third act. Mirhapl Blake- (8388108). sale. But Chris- £1,800 at Christie's in 1971. Torch Song Trilogy (Albery): new lyrics from Herbert Kretzmer. each other. (2396200). Bamma (Victoria Palace): Michael Girl Antony tie's offered the best one more's brilliant direction of back- Me and My (Adeiphi}: Sleek, effi- (4376834) There was heavy American Crawford returns to London with Sber plays Harvey Flerstein’s four- Kg River (O’Neill): Roger Miller’s mu- owner collection to go under stage shenanigans on tour with a cient and enjoyable revival of Brit- buying. The Bcrgstrom-Mahler hour triptyeh of the life and loves of se rescues this sedentary version his breathtaking performance as third-rate farce is a key factor. ain’s biggest wartime nuirimi of the hammer for over a decade. Glass hit a drag queen fighting NEW YORK Museum of Wisconsin! the arcus impresario, adding ore or for emotional Huck Finn’s adventures down the It made a reassuring £276,686 (8388883). with Robert Lindsay in the Lupino and which shows only paperweights* tricks in domestic stability. Truthful Chte Mississippi, which walked off with for lots, two new a likeable me- Starlight Express (Apoflo Victoria): Lane role emerging as the best new (Winter Garden): Still a sellout, the 86 with only 4 per paid £7,560 for Louis playing has the effort of cruelly ex- many 1988 Tony awards almost a St ringue of a musical. (8341317, credit Andrew lioyd Webber’s roQerskai- musical star since Michael Craw- Trevor Noon's production of T. S. by cent unsold. posing Fforsteia’s tackxly uneven mUlcfuorl pedestal weight of > cards 8384735). ing foljy has 10 minutes cf Spielberg ford. (8367811). EUofs children's poetry set to tren- default. (2480220). writing. (8383878). The top price was £23,760, 1848, and £8,100 for a Baccarat music is visually startling and dy comfortably above forecast, ruby flash overlay upright (2gl (Lyric): Unconvincing stage reviv- cboreographically Mine, but classic WASHINGTON paid by the London dealer weight The New 3e*lef al of Lerner and Loewe’s film fol- only in the sense of a rather staid York low-up In Regard of Flight (Kreeger): DeUunosne for a very rare St Leo Kaplan carried over a to My Fair Lady, Beryl Reid and overblown idea of theatricality. BOl Ir- oft LESSER BRAIN-TEASER No 4 rising win’s theatrical spoof off the Louis faceted pink ground third of the lots inimitably above the materi- (2396282). shows on offer. al, Jean-Pierre awrf Rian mime’s talent in confronting a mao- lily-of-the-vallcy weight. Only Dan Amuout A Chorus Line (Shubert): The longest- Mclqemny, a Dublin Phillips eating stage curtain and a disap- one other is known (sold in property JUESTION lending more conventional running musical ever in America developer, sold his Q, Answer 1980 for £12,800) suppret John Dexter directs, Joce- pearing shoe on the quest of a new and this lacks collection of on To decide promotion, a company's Lesser's Executive Instacom has not only supported Joseph Irish pictures range lyn Herbert designs. theatrical genre. Ends Jan 12. Arena the pink ground which gives (4373886). Papp's Public Theater fix- eight Monday night through Christie’s senior personnel were asked to come -toe bestway for any company to Stage (4883300). this weight its Appeal. Interpreters (Queen's): Love among years but also updated the musical ’When and Edmiston and established up with ideas for expansion, if they all expand Rs premises in the most it last appeared on the market, the diplomats, according ta BgnalH genre with its backstage story in Restoration (Arena): Edward Bond’s an auction record for a paint* came up with toe same suggestion, prestigious way. So if you'd like to hear at Sotheby's in 1970 it sold Harwood has a superb role for the which the songs are used as audi- combination of contemporary pah- for by Jack- Butler Yeats, the which executive was chosen as toe more of our unique answers to £8-500. which suggests matchless Maggie Smith renewing a tions rather than emotions. tics and 18th-century high jinx with that younger brother of the port test? accommodation problems, just cross-cultural Bicat is paperweights have been attach affair with Edward (239 6200). music by Nick directed by a W* The Pyra Gallery Lon* solid rather than of this ad to your business card and send it Fox in the shadow of a waaratt be- Bnghiun Beach Memoirs (46th Stk Sharon Ott of thr Berkeley Rep. good invest- don paid ment. 11137,346 for "The to Lesser. tween The Soviet Union and Brit- first instalment of Neil Simon's (4883300). The Circus Proprietor/’ an oil of the ain. Fluent direction by The output of all Premises not Promises Peter Yates mix of memories and jokes focuses the French early 1820a. of the West End's best new play of on a Depression-era Jewish house- NETHERLANDS factories which produced col- The same dealer bought "ChU- tire year. (734 1168). hold where young Eugene falls awk- lectible paperweights in the dren So- in Church" by Waiter Lennon (Astoria): A not too critfegl wardly in love with hto Rotterdam, NetherJands-Eogtand mid 19th century was WSW» in f a - ciety. Sara Richardson with her demand. r almost BULONG SYSTEMS celebration of the life and music of (2211211). A Baccarat weight, ? Charlotte Bronte rccord. while "Danelug' at the John Lennon that is enjoyable espe- La Cage eux Folks (Palace): With one-woman show. with a butterfly hovering over Lesser Building Systems Ltd., Verwood, Dorset, BH21 6LB. Tel; 0202 824141 Crossroads” by Charles Viaeent cially for the musical resourceful- some tuneful Jerry Herman (Thur). a clematis flower, made £13.120, Lamb realised ttlti.672. - - I just think what you've done to deserve it. Perhaps you've charted a balance. The unique combination of refinement from a race-bred 3.4 or 4.2 ' • / successful course on to the USM? - - litre engine, and the restful ambience of a cabin finished in figured walnuL ; Championed a maligned research project chat finally bore fruit? Or For 1986 we’ve even managed some improvements, “ scored 49-notout in the Father’s Day Match? A more relaxing interior, utilizing wool blend herringbone tweed Additional just Whatever your achievement, a new Jaguar XJ6 is your reward . . wood veneer on doorcappings and console. A yet more acute stereo system. •• — iCf^ motoring. finished seat adjusters. make no apologies. a ; represents more than classic sporting To . (We Jaguar v— Because a 1986 XJ6 Chrome • ^ .it represents outstandirfg value for money. driver, the quality of the seat adjusters is ofimportance.) Ten other detailed ^ L These days, believe it or not, many mass-produced executive saloons points make this the finest Jaguar XJ6 weve ever built. ’ . *- • * : actually cost none of them is aJaguar. Now, just picture yourself behind the wheel of your new 3.4. . more. Yet t r XJ6 None has die distinctive blend of unruffled power, and outstanding At £.15,595 its not much to ask BELTS, TAX \ JAGUAR XJ6 3.4 £15,595.JAGUAR XJ6 42 £16,995. PRICES RASEDUPON MANUFACTURERS RRP AND CORRECT AT TIME OF GOING TO PRESS, INCLUDE SEAT CAR TAX .AND VAT. (DELIVERY. ROAD AND NUMBER PLATES EXTRA) .' 1 -(' »r. — » 1986 Wednesday February *2 10 Financial Times AMOVING TECHNOLOGY htternatiimal Handling and Why the lumpy mint sauce Exhibition NATIONAL _= EXHIBITION the CENTRE flowed evenly on to plate BIRMINGHAM UNDERSTANDING the flow ©S3 MARCH 1S8G BOHLIN RHEOfflETER properties of liquids is a H PRINCIPLE HOW IT WORKS: BofaUn’s problem faced by industries H machine is based on two cob- with products as diverse as oil, centric cylinders. The outer paint, plastics and chocolate. one, the cup, holds the Bohlin Reologi, a small liquid; the Inner one Swedish company, specialises which can be of various An aid in shapes, is connected a In computer-based machinery to for measuring, such properties. torque shaft When the *r the cancer Although founded only two cup Is rotated, the Inner years ago, its customers already cylinder experiences a drag or include companies such as torque against the spinning battle Findus, the frozen food manu- liquid. This resistance twists facturer, ICI, the UK chemical tiie shaft—the amount of TWO el the latest liquid sdn- group, and S. C. Johnson & movement Is transformed Into tilation counters sold by Son, US maker of Johnson Wax. an electrical signal by the transducer at the top Beckman of High Wycombe, The need for such equipment Buckinghamshire, are in oper- of the shut. This is a mea- is hi hlighted by Lindsey g sure of tiie liquid’s ation at the Paterson labora- Viner, head of Bohlin in the viscosity. Wftb slight variations to the tories of the Christie Hospital A lavatory cleaner that UK technique, other properties and Holt Radium Institute in ran down the howl In dribbles can be measured. Manchester. instead of a continuous sheet Aerospatiale of France FLIGHT INTO FUTURE: An impression of a second-generation Concorde from : With the instruments, re- and mint sauce that stuck THE ^ searchers can obtain informa- together in large lumps are tion about small concentra- two of the problems she has West Germany. Contravis of tions of materials useful in been asked to solve. the evaluation of new anti- Switzerland and the UK com- cancer drags. In heavier industries the panies, Sangamo Transducers, More on 0494 41181. study of flow is equally Impor- Viscometrics and Broomfields the unknown flow into tant Understanding Taking-off is in versatility and price. characteristics determines pipe- Its instruments cost from line design in the oil industry, 1990s and beyond £3,000 for a handheld visco- Michael Donne considers the possibilities for air travel in the for example. Locking up meter to £30,000 for a top-of- Measuring flow (rheological) the-range model. Work is in pro- properties helps not only the gress publicity, gramme in' 1971, the committee meats—it could, for example, on an advanced machine ONE unexpected by-product of The idea is arousing Interest been done, with little thieves acceptability of final products there concluded that a “comarufitfve tell the research that the which, at around £80,000, will the US space shuttle disaster on this side of tiie Atlantic, by Boeing. It believes in pinpointing the for advancement" existed but also polymer particles need to be undercut the price of equiva- may be to stimulate a further too. The British Government will be a market for such air- base NEW type of magnetic lock most efficient production seat-mile and be pursued. A lighter. There axe so many lent equipment- _ from comped- revival of interest in a second recently agreed to spend up to craft, provided the Clarke Instruments of methods. . envisaged a from quMnaH that Colin Mume- tors by shout £40,000. generation supersonic trans- over the next two years cost for airlines is no higher The committee should c qm £3m Salisbury, Wiltshire, *ke pTC~ "* than subsonic jet airliners supersonic vehicle, perhaps Young at ICFs Mond division in Without marketing its pro- port to succeed Concorde in on “proof of concept studies for help to deter thieves by the based chocolate maker, employs production costs are kept capable of Mach-3 (about 2,000 Runcorn, Cheshire, describes ducts, and relying solely on the late 1990s. for a UK eartbto-orbit vehicle. and incorporation of a set of Bohlin equipment to measure enough allow them to be mph), shaped like an elongated paint development as "easy to word of mouth, Bohlin has This Is despite the recent This is the Horizontal Take-Off low to strong metal fingers which so commer- carrying 200 to the flow characteristics of write down what you want but far sold over 40 instruments, emphasis, particularly in the and Landing (Hotel), devised financed entirely from Concorde and grip the device’s solenoid. chocolate. sources. passengers. It would be suit* difficult to achieve in practice.” about half of which went for ex- US. on the goal of leapfrogging by British Aerospace and Rolls- cial 250 The fingers resist attempts But Boeing has also warned able for both military and com- ICI has four Bohlin instru- How a liquid behaves can be port well beyond Concorde by deve- Royce and Intended for the to prise open the lode. that until more is known about mercial use, particularly on ments which help researchers judged by measuring its loping much more advanced late 1990s and beyond. More on 9722 23451. Leif Bohlin, the company's these issues, the economic trans-PacIfic routes linking tire develop paints and plastics. In viscosity, elasticity and plasti- Aerospace Planes or Trans- However, both the UK and founder, began his venture part- viability of an advanced SST US with Japan and south-east recent years, for example, paint city. atmospheric Vehicles able to us studies are very preliminary. time from home, while also will remain controversiaL technology hao become sophi- cruise at long distances in low Neither government wants to Asia. Centrifugal force The basic principles used by lecturing at Lund University. An important catalyst in the The aerospace industry wflj sticated with the development orbit over the earth. commit itself to supporting full- He has now been appointed pro- debate was a report last year almost certainly want -to. ALFA-L&TAL Engineering, President Reagan under- scale development - of such example, one of its techniques fessor of experimental rheology by the US Government's Aero- several more years studying tha based in Brentford, west ally a suspension of partiriew lined the potential for such vehicles until' the proposals to pfcce llij.fluid at Lund, the first such appoint- Committee, sueh a venture, a liquid such as a SSSner * Ira a rat* his State of the subjected to space Policy Review economics of London, has produced a S? ment in Sweden. vehicles in have been -manufacturers in white spirit ves a i sert a 104 which has never had any doubts and none of the centrifugal separator tailored ?*L 2? 5 , Union speech last week. Con- thorough scientific analysis. from which the drag is con- The company, which employs that a second-generation SST is likely to be In a position to fermentation processes. It firming that US research would The concepts must still over- TCrted electrical signals to 16 at the science park in Lund, was the most sensible stepping much before tiie end of the de- can handle SO coble metres ^ continue, be said they might other hurdles, too. notably give a measurement of tiie come stone to eventual military and cade to consider ..joint design had a turnover last year of eventually make it possible to an hour of feed material and the particles. So all depends on among the world's commercial proposals. /- ii4qui,r8 flow properties, SKr 8m (£762,000). It is look- commercial orbital flight and development can be fitted to automatic the dispersion of the tiny solid ^ ^ fly from Washington to Tokyo airlines, which still view them ing to increase this more than The committee, which con- Production- would probably production lines, says the pieces within the paint How Where Bohlin scores over in less than two hours, travell- with polite disdain. Their tenfold over the next five years. tains many of the leading not begin before the early to- 01-560 behave deter- competitors such as Rheo- ing at up to 25 times the speed tiie tragic company. Details oa paint will can be — uninterest, and autborities in US aerospace, mid-1990s, with tiie aircraft mined rheological measure* metrics of the US, Haafce of MAINE WILLIAMS of sound. reminder of the hazards of SUL by recommended three goals for entering - service later in- the space flight provided by the the long-term development of decade. temper shuttle disaster, may yet the country’s aeronautics. Such a market suits Con- recent enthusiasm for Trims- These were: first, to develop corde, which will have been In Vehicles. atmospheric subsonic aircraft technology, service 20 years by then. On the other hand, there including tiie new prop-ten Several minion air travellers have been signs for some time engines, to meet growing com- will have sampled the benefits that the climate for a second petition from abroad; second, to of supersonic flight and a mar* generation SST may be improv- develop the technologies for ket will have been created ing. Aerospatiale, the original ’‘efficient longdistance super- which win not want to revert French partner in Concorde, sonic cruise; and third, the to subsonic flight. said recently that it could fore- development of Trans- The prize could be substan- see the day of a successor to atmospherie Vehicles. tial. As . Boeing puts it: Concorde and had kept a design Though the key technologies “Ultimately, tiie industry which team working on such a needed for supersonic cruise offers world airlines an econom- venture. capability had not been aggres- ically viable supersonic trans- Most of the research into sively developed since the de- port will enjoy enormous second-generation SSTs has mise of the earlier US SST pro- murlr^Hng success.” The challenges yet to be met THANKS to the US space • Engine design: Conven- SunLife shuttle programme and recent Peter Marsh the tional Jet engines, of the kind developments in military on that propel Concorde, de not aircraft, a second generation need for advances in work at speeds above Hach-3. supersonic airliner could The blades of tiie compressor, benefit from much more aero engine which push air into the igni- advanced technology than was tion chamber, interfere with available when Concorde was technology the movement of the in- designed more than 20 years rushing air. Researchers are ago. working on types of engine However, even more the leading edges of its vinp such as supersonic combus- ambitious plans to build a can withstand temperatures tion ramjets (scram-Jete) our Transatmosphertc airliner, of np to deg C, while which would dispense with L200 able to soar as high as 160 silicate tiles on its lower compressors. miles tibove the earth at surfaces protect it against One design approach to a speeds of up to 14,000 mph, temperatures of ahead 709 deg supersonic aircraft would be would require BtiQ further C en reentry. to use jet propulsion for breakthroughs, particularly in Parts of the wings of take-off, switching to seram- engine technology. These axe Concorde, most of which is Jets at speeds of more than the main achievements so far made from aluminium, have Mach-3 and then to rockets —and the challenges yet to to withstand 120 deg C fuelled by liquid oxygen to be met. as the vehicle cuts through take it beyond BEacb-8 about decade • Materials: Big weight the air at its top speed of 12 miles earth. above the savings are available from Mach-2. An increase of speed US space researchers are new materials. These to Mach-3 would have pushed working on rackets which Include plastics composites this temperature to 250 would use hydrocarbon, a strengthened with polymer, deg C, which would have denser fuel wirich needs teas carbon and ceranric threads, required use of mere expen- storage space. and metal-matrix compounds sive, heat-resistant, materials • Avionics: Advanced sys- —metals reinforced with such as titanium tems developed for the space ceramic, boron or carbon steeL Shuttle enable astronauts to riirparin. Novel alloys and ceramic give instructions nutprfah to a chain af The weight of the shuttle's are increasingly computers which centre! payload doors was cut by 23 used to make engine pumps, rocket thrusters and muring per cent by making them turbine blades and combus- atorame puts such as steer- from carbon fibre instead of tion chambers which heat ing rudders. aluminium. Aimnq a. third to as much as 1,400 deg C. • Landing Systems: The of the latest versions the of The shuttle’s thrust Shuttle has an automatic Harrier Jump-jet airframe is is made of a new alley com- lusting system which uses made of carbon fibre. bining copper, silver, zir- computerised sax® Carbon-carbon (pyrolised wraHMag conium and nickeL equipment to control 44 small graphite strengthened with But many new materials rocket foresters. These help carbon fibres) used in the still cost too much to be guide the emui* ss it lands shuttle’s nose cone and on widely used commercially: at 209 mph. last ten years has been the most The Sun Life: our record ten years successful in ourhistory. Dividendsup over pa. compound Kobe, With growth both rapid and conssterr 20% Groupjwdsupjh3m£595rmllmito (Consider for instance, that dividends £3267million have gtxjwn by over 20% pLa. compound.) Premium incomeupjhm £86million to And that in an industry thads as tough naSion and competitive as any in Britain. £415 ' i f. . r inpensions, unit-linked, unittrustand Today we're one ofthe leading Expansion "!S investmentmarurgementserokes companies in the fast-growing financial No. 1 inthe7tianagcmentToday\City Growth services sector The Fellowship 1985* of Engineering WeVe adear business strategy based League acting on behalf of the (Based on latest audited results) on innovation and service thatwill guide MacRobert Trusts, makes an our success through the eighties and annual award •August, 1985. of nineties. A GOLD MEDALAND And better products, organisation and For more infbrrrcaion on one ofBritmn's A PRIZE OF £9* Ann most successful Hie and pensions offices, contact: marketingskills than everbefore. Sun Life AssuranceSociety pic, neenng or Our future looks bright We’d like you anFacdine,01-6Q6 7788 or write to the other physical nologies tobepartoflt 107, Cheapside, London EC2V6DU. which enhances the of ihc NILFISK^ SU the aoaLirs uafittrjuNuncima* ®WI$S!ONS FOR THE DCDU5niAL SUCTION CLEANBti *986 Bun S> Bkadh hS* mi AWARD ARE A major force in MM m Bra t)— •fc-a!Sigw«r»usr “’sa3Sg., »« & 11 THE MANAGEMENT PAGE EDITED BY CHRISTOPHER LORENZ STUDENTS of huge Japanese widening its UK component pro- J*a4- 1# fw two duction. and these have beeen cusps. The first believes that “favourable," it says. Japanese Vignettes of companies simply do Still, at no time in its his- things -, better titan ‘Western tory has its technical know-how companies. The second group been more crucial to its future believes that Japanese com- success. Yoslxibiro Yasui, one of panies cheat. three senior managing directors Proponents of the second of R and D excellence - and in charge camp won a victory' but sum* says: "In the past, it took five xaer when. .the. European Com* rears to develop a product and mission stiff thesis decided' to Impose it could enjoy five years of Christopher Lorenz on a management import -dotiea on -Japanese' (flee, sales. Now. ft takes five years to tronic typewriters. The results develop a product and it has A BURLY figure dressed in and degrees of maturity — from were 1 swift .and dramatic. about two years of sales. So. in sweatshirt and jeans climbs out his own small translation com- Exports pf Japanese electronic order to keep pace with the of a Mercedes and makes a bee pany via Sinclair Research and typewriters to Eurdpe, miming changes, we just have to be line for a pot of paint. Sir Habitat-Mothercare to the giant at abotn 80,000 to 40,000 touts quicker." Terence Conran, chairman of ICI—he succeeds in the unusual - ‘ nearly a month; dropped ' to Masami Hanazono. one of two the thrusting Habitat-M other- task of illustrating many of the aero. Distributor? were told to ^waging directors, puts it an- care retail empire, has come to different forms of entrepre- live: eff-'-stodhr -addle murafaxs other way. In 1980. he says. 7m help his staff put the finishing neurship and management (and torero/. such, as Canon, Sbsrp units of mechanical (electric touches to a new complex of the hybrids between them) that and Brother, rushed t0 increase and manual) typewriters were stores in London’s Tottenham are needed at different stages their - Europian-based pro- bought worldwide. In 1883, the Court Road. of corporate development, and ... duetioCL . • market had discovered elec- At ICI. Conran’s equally in different external environ- XtE& the sfiory of Brother. tronic typewriters. By 1985. colourful counterpart. Sir John ments. It also contains a set of S2-year-ohI sew- revealing interviews indOshrfes,' ?he Brother sees a dilemma 9m typewriter were sold, only Harvey-Jones, frequently in- highly in^riiaddno' eonqiany whJdi Why with managers in several of the 50 per cent of these were dulges in what he calls "a sort of became tiie" wonderkind the mechanical, mostly portable, the of public striptease.” When he companies. typewriter business when ~it rest were electronic. By 1990, sits in on the chemical giant’s A long section on how ICI is its --.featherweight is pioneered- according to Hanzono, the management courses he speaks changing under Harvey-Jones - only electronic portable in I960. market will absorb 12m units, bluntly. “I go out of my way to especially interesting, not ory -is unlikely to chair- Brother's st in expanding overseas but only 20 to 30 per cent of heighten our awareness of the for its description of the make any converts among those man’s own role {“ enabling,” these will be electronic and way we make mistakes . . . of two' mentioned heavy- in either tbe only 15 per cent or so mechani- After all. the company isn’t run rather than making above. However, it does go a Carla Rapoport on the Japanese company’s fear of losing its suppliers’ technology handed authoritative decisions), cal. The new product does not by a bunch of supermen. We Jon way towards illuminating limitations as but also for the feeling of g really have a name, but it will have the same the reasons for the successes of liberation that clearly felt be a typewriter-word processor anyone else.” is many export-oriented - Japanese measure ‘ • company's be workable to me. ways, the right down the organisation of the The US currently under way, for train each other. They are aimed at the home or office In their different companies ftverthe past decade. steady of its way is trying to get all serve similar beneath him. success that one the example, will only cut down treated like one of us while typist who does not need or two men’s actions 4^.% character- worn a iuii wuiu vut purposes. Conran’s very a rare glimpse- of some- in fanereal tones, a per cent quarters " [without concern for with his 15 sales of Brother’s business Why do they return to the simply a typewriter with good istic “mucking-in” Jargon free special, very serious. Japanese drop In pre-tax profits as the the host country}. For us, we among other ! machines division by 4 per cent staff in 1984 was. -* small shop? "Most of thosfe editing and memory capacity. 1?. management problems—the sort worst m the group’s history. most think of a different way. As a result, no job cuts things, calculated to reinforce I ;'.’ 55!V-A' are engineers select the small com- In three years Hanzono In spite of a few quirky s very few. if iff,' Western com- X don't know what. But the his company’s energetic, entre- Based In Nagoya, Tokyo’s forecast among the 2,000 pany for the freedom they can expects the new home- Word phrases and concepts, the book panies would have cause to third metropolis. US has. Its own problems with employees in business preneurial culture at a time largest machines. have to express themselves processor to take over in the is refreshingly free of the encounter. these multinationals. They may when the organisation’s rapid Brother is now coping- with the However, a similar number of fully. Often, the rigid struc- typewriter market “ The key complexities and jargon which -Brother was founded In 1934 years of be good for the individuals people are growth in size could have easily responsibilities of its employed by ture of the big company pre- is cracking the $300 per unit bedevil most of the (mainly by two - bMbers' (hence the success' Considering [working for them] but not for Brother's swamped it with remoteness overseas. subcontractors and vents that freedom,” says Wata- level. Right now we have a American) work which is -zSSpt name), ’Masayoshi and Jitsolchi the country. The fact that com- and bureaucracy. Japan's huge trade surplus with already, some of those jobs have nabe. word processor for $500 to $600. already available on the subject. m Yasul who decided t6 produce the West, many say that large panies can survive doesn’t been lost Several stages further along ; A“ maximum it will take us But Lessem foils adequately ‘ >!s But perhaps that kind of The a domestic version of the Singer exporters like Brother should mean that countries can," be u the chain of organisational ^ cafi? Yes, I -feel responsible for relationship could is three years,” he says. to illuminate his central argu- ' symbiotic be sewing machine.- During -the Invest in production facilities says. evolution, Harvey-Jones was — those jobs. In a sense we are developed in overseas plants At the same time. Brother ment: that large companies 1950s, the company expanded and still is trying to liberate 1 — near their major markets. This Kawashima’s comments re- interdependent on each other. effects must now move beyond tbe a somewhat with overseas suppliers? will be coping with the sub-cultures into typewriters, would, both help reduce the flect the strong streak of the many divisional If we stop buying from company Brother says it has been of a strengthened yen. A stage of mere “managing” into remarkable move considering trade surplus em- within ICI from the heavy chain and boost patriotism or nationalism which B, what if we need company B stronger yen. according to a new and much more diverse that of the founders or pleasantly surprised by the high of hierarchy and centralisation -a.* 'neither ployment in the overseas runs through corporate Japan. in 1 a year's time? Or if we de- quality of managerial and pro- Brother officials, means even years, and flexible style of operation, top executives- spoke or wrote market So far. Brother has executives which bound them for 30 Top are openly crease our orders by 30 per duction talent it has found at more production efficiency and which he (rather confusingly) English: Nonetheless, fee atten- maSutidned a firm grip on its until he took over in 1981 in 1 proud pf Japan's low unemploy- cent their calls “the developing corpora- fe. costs will go up and its UK plant Already, the finding one new electronic com- company’s tion to production effidencyand production, with most of -it- still the midst of the ment rate, its safe, peaceable of course, so do ours,” says per for example, which can tion.” confroft learned- in - mak- Wales facility is up to 50 ponent worst-ever financial crisis. bast in Japan.- Only in the. light of society and the pan their com- Tomoakl Watanabe, Like a growing number of - general it two components fag-cr 1 machines ----"was cent local content and expects be used where vignettes, sewidg the. ‘ punishing, - anti- These revealing EEC pihj.es, play In it. They are not manager of Business Machines, year. Brother were used previously. American writers and fwa^^dpphir-Gb ^typewritexh; dumping typewriters, to break even this and a host of others like them, " duties oh' so proud or confident of their division 1. academics in recent years, he lpng. Brother had estab- wants to increase the local Exports, of course, will have are contained in “The Roots of Before it is now cranking up a rela- abilities to certainly establishes the need export their manage- Watanabe reckons content proportion, but it is to drop back somewhat But lished itself as a leader world- tively young Welsh" plant to that Excellence,” by Ronnie Lessem. ment know-how to foreign soil. Brother has already finding the right a co-ordinated effort to move for this new type of organisa- wide in' the low-price portable cut down having trouble a business consultant and meet its European needs. Even At the sam£ time, they are fear- tion. But, though he claims to market, tin further diversifying on 20 to 30 per cent of its parts motor and the right electronic production abroad will be some academic, which forms part of so, it remains loathe to build ful of causing job losses at go further in his analysis and ;'••••!< "electronic printers and supplies in business machines. components. years ahead, if ever. Yasuo a new series on "The Successful V fapt' into more plfcnfs and become a true home." prescription than such best- •; - due to the switch Isono, Brother’s corporate plan- « ««i & other office machines, exports multinational In short order, to European "In Japan, part suppliers are Manager." 1,,! sellers as "In Search of Excel- :’ =*«*&• gronjr £rtm27 Ironically, the job losses production. With a pained look obedient to assemblers ning office manager, sums it The series is being compiled fbr fte surg'd! even though such a move rather lence" (much of whose termino- • " »A 1i» 61 Brother is worrying about are on his face, Watanabe explains manufacturers,” says Kawa- up: It is not easy for Japanese under the aegis of Britain's Sc per cent refurbish- • The Chinese was ‘ '• t'.'.I’m ing a furniture factory- Importing a • '•V j.r large amount offoreign equipment to be paid for in hard currency. But the factory only produced for the domestic market. Problem. He had no exports with which to recoup the outgoing currency. He came to Generale Bank in Beijing. They contacted the Foreign Trade Promotion Depart- ment of their Head Office in Brussels, and asked about possible customers. Belgium occupies a prominent position in the furniture market. Not surprisingly the answer came back the same week. Enter the Scot. Her company badly needed a new supplier. It was the perfect match. Generale Bank made the introduction, then structured and financed the deal. The Scot got her supplies and the refurbishment went ahead immediately. We did it for them and we can do it for you. Generate ^^Bank Montagne duftre 3, B 1000, Brussels, Belgium. ' -A * . ~;\v«« 12 1986 Financial Times Wednesday February UK NEWS Union accepts Defence Tory MPs spring to Final offer Ministry on Nimrod Ajournal ((’exception, ruling Thatcher’s defence TUC on reviews BY IVOR OWEN made service d’exception. MINISTERS joined with Conserva- tive backbenchers in the House of , priorities Commons yesterday in rallying to by GEC Murdoch plant the support of Mrs Margaret - By Kevin Brawn Thatcher, the Prime Minister, as By Bridget Bloom Labour MPs sought to exploit her Ifflelectronicxgroap, his BY PH1LUP BASSETT AND HELEN HAGUE THE MINISTRY of Defence is GEC, the recent difficulties by suggesting tbe Min- carrying out a review of long- submitted its final offer to print union that she would be their biggest as- MoD) for complet- THE TRADES Union Congress members; not to nego- term commitments which will istry of Defence ( set at the next general election. toe con- (TUC) crisis with the EETPU elec- tiate separately with NI, and to try entail "difficult decisions,” Mr ing development wwk on Parce qu’ils ont besoin du Financial Times Launching a sustained barrage of tricians* union over News Interna- to establish joint negotiations with George Younger, the Defence traversal Nimrod early-warning mockery and ridicule. Labour bade* aircraft is pour pouvoir commencer leur joumee de tional’s (NI) new printing plant at the company; not to reach any Secretary, told the House of aircraft. Tbe future of toe benchers “hailed the Prime Minis- Wapping in east London was effec- agreements with NI; and not to Commons yesterday. to be discussed It *be Cabinet later travail, celui-ci est depose chaque jour chez ter’s entry into toe chamber by tively ended yesterday. reach any single- union agreements Mr Younger insisted, however, this week. waving their parliamentary order ^jaSafectricians* decision.' to ac* ^except as provided far by. the offer, submitted life on ses abonnes, quelques heures apres TUC. . that there was no need for any, The GEC sag,, papers in the air - a ritual normally The EFIT'0’5 acceptance of the tnnriaTTwn^i change in defence Monday, is described by the compa- impression, par un service special et excldsfcJ ^ ; associated with & parliamentary Wappin^^ost cortainiy ensures TUCs conditions does bind the ' commitments or the roles ny as involving important changes triumph. ...<• that the ferndn will Hot be sus- onion’s activities over Wapping al- proposals put to tire MoD de livraison par porteur dans les localitSsH: r undertaken fay the armed forces. in the ' Mrs Thatcher responded in kind pended from, &e TUC though the .union does not have to said the review was part id before Christmas. He ex- suivantes : Paris, Hauts-de-Seine, - by according her tormentors an Lyon, Nice, ^ ranrik^leadeti'qf the general instruct its members not to cross the norinaCanmial process of de- Ministry officials made clear yes- aggerated bow as she stood to Younger, the Cannes, Monaco, Sophia Aotipolis, Toulouse, "print Sogat -82* met, for the picket lines at the plant. termining riorities in order to Mrs Thatehen ‘Seen off two terday that Mr George p answer questions. first tirrj^-the seqQdstrators ap^- . Refusal “Qualifier “To me, quality means attention to even the smallest detail. So it is with SAS. Whyjust look at the champagne they serve. . V CLAUDE D. DEVOS EXPORT DIRECTOR POMMERY. REIMS, FRANCE. 200 FLIGHT HOURS A YEAR. m Tbe Basaaessmans Airtme SAS EuroClass and First Business Class. More legroom. Wider, more comfortable chairs. Fewer seats abreast, more elbowroom. Separate cabin. First Class meals. Free drinks, wine andchampagne. Access to Scanorama Business lotmges at 18 airports around tbe world. All for the normal economy fare. Ffy SAS next " time and let us invite you to a glass of Pommery! v - :T '• : • ve.^-ce . :T ? j. ^ . In the complex world ofinternational capital movement, the ability to act with strength and speed at key points is crucial Nomura has that ability globally— in Europe, America, and in Japan. Sapid innovations in capital-raising instruments and the emergence ofnew markets present a great challenge to financial institutions throughout the world. Nomura is meeting these challenges, and our clients are reaping the benefits. In 1985, Nomura was privileged to lead-manage the Asian tranche ofthe public offering of British Telecom shares; and through its arrangement of swap agreements (the leading edge of underwriting competition) Nomura has also won recent acclaim as the house that produced the ‘swap ofthe year\ As another facet oftheir strategic corporate planning leading companies are looking to establish a presence in Japan’s capital markets. Here, too Nomura plays an integral role in bringing international markets closer together. Ofthe ten foreign companies listed on the Tokyo Stock Exchange during the last year, Nomura sponsored five. The shape ofinternational finance today remains fluid; this leaves the way open to new possibilities, new challenges, which Nomura is ready and able to accept ^NOMURA THE NOMURA. SECURITIES CO., LTD. Tokyo Head Office Tel; (03) 811-1811, 811-8811 NOvU^NTRNAnONALUM^ Tel (oi) 283-8811 NOMURAEUROPE N.V. (AMSTERDAM) Tel- (080) 444860 NOMURA EUROPE GmbH (FRANKFURT) Tel (069) 770681 NOMURA (SWITZERLAND) LTD. Zurich Head Office Tel (01) 81 99 111/ Geneva Office Tel (082) 33 46 46/ Lugano Office Tel (091) 80 88 28 NOMURA FRANCE (PARIS) Tel 0145681170 THE NOMURA SECURITIES CO, LTD, BRUSSELS REPRESENTATIVE OFFICE Tel 230-7167 5 1 7 S1 T » 1 4 S' , ??** IZ 198S Financial Times Wednesday Fehnxaiy NOTICE OF REDEMPTION To the Holders of Bank of Ibkyo (Curasao) Holding N.V. U.S. $100,000,000 12%% Guaranteed Bonds Due 1992 NOTICE IS HEREBY GIVEN to the holders of the 12%% Guaranteed Bonds Due 1992 (the Bonds in the aggregate principal amount of U.S. $9,000,000 and bearing the following serial “Bonds”) of Bank of Tokyo (Curasao) Holding N.V., a Netherlands Antilles corporation numbers at the redemption price of 101% of the principal amount thereof together with accrued established in Curasao (the “Company”), that pursuant to Condition 5(b) of the Terms and interest to such date of redemption which will amount to $15.43 for each Bond. Conditions of the Bonds, the Company has elected to redeem, on March 14, 1986, a part of the SERIAL NUMBERS OF BONDS TO BE REDEEMED 7 2038 4156 6367 8397 10637 126*2 14827 16902 18900 20682 22800 33719 35829 37908 49983 51061 5*090 559*2 5783* 59821 62056 639*5 65892 97920 7BET 78155 18 2DOT 4159 6387 8*21 10660 12644 14633 16910 10992 20878 22802 3372S 35044 37921 *998? 51082 5*1K7 559*3 97866 59825 02059 63947 6991? 879*8 7K38 78T8Z 28 2071 4174 6401 642* 10653 126*7 14049 169S6 18997 20897 22809 33750 35852 37929 soon 51083 5*11* 559** 57867 59826 62072 63973 659M 87953 76MB 78*64 35 2085 4175 6424 8433 10656 12690 14066 10941 19001 20905 22021 23752 3508* 37933 50015 51099 5*129 5595* 57878 59831 62080 63976 6S915 67956 78344 78187. 38 2096 417B 6438 8*48 10665 12722 1*069 168*7 19003 20906 22835 33755 35925 379*7 50022 51916 5*133 55957 57878 62081 63995 6S93I 67971 78352 78’B9 59 2099 4203 6457 8*58 10666 12734 14670 16950 19005 20907 22841 33756 359*3 379*9 500** 51921 5*13* SSS63 57882 S9B88 62089 9*007 wsttm 67S7S 38356 38211 62 2109 4206 6458 8*61 10686 12750 14891 16960 19011 20914 22842 33773 35859 37958 50047 51923 5*135 55974 57888 598B1 62102 6*035 6595* 67990 78262 78230 70 2123 4213 6462 8*66 10712 12769 14902 10963 19014 20919 228*4 3377S 35872 37991 £00*9 SI 961 5*142 55993 57906 62106 6*0*1 85963 58016 7827$ 78224 71 2147 <240 6481 8499 107*5 12771 14909 17002 19017 20320 22851 33786 35875 37993 50062 51962 5*162 56003 57912 59900 62115 040*9 05971 88056 78203 76225 72 2150 4285 8496 £60* 10752 12770 149Z3 17006 19031 20933 22859 33809 35979 37999 £0079 S19S? 541S5 56005 57923 599)6 82138 6*05? 65977 88056 75327 78230 75 2157 *267 6509 8509 10780 12777 14940 17009 15033 20944 22867 '33640 36009 38005 vn» 52000 5*186 56010 5782* 59820 02141 6*081 6599$ 68071 78330 78255 78 2169 4274 6554 8512 1077$ 12783 14942 17016 19036 209*5 22869 33870 3S0CS 50098 52001 54194 56029 57932 59967 621*2 64073 66000 68072 78338 78238 107 2194 4278 8584 65*0 1077B 12791 149*6 17038 190*4 20947 22885 33871 36027 38035 50104 52015 54199 46005 579*2 59961 62149 9*033 66032 88073 78347 78343 111 22S 4287 G575 8577 10607 12792 14971 170*6 19057 209*8 22900 33886 360*9 3804* S0n« 52029 54201 56037 579*6 59970 62180 64129 66039 65077 78334 78245 131 22*4 4292 6578 8578 10616 12794 14972 170*8 19063 20954 22917 33889 3605* 30083 50118 5203* 54207 560*7 S7950 59961 6218* 9413* 660*9 6803* 78360 T8253 ise 22S6 4283 $583 8S82 10837 12807 14974 17059 19063 20965 22931 33891 36056 38077 501*3 52039 5*208 56056 57951 60000 62200 9*143 68134 78367 78355 201 99WO 4296 658! 8583 108*9 12811 14983 17061 19064 20969 2299* 33913 36063 38093 5016* 520*4 5*210 56060 57965 WW4 62205 9*147 68063 681*9 76374 78288 ?16 2296 4316 6587 8S84 108S3 12823 1498* 17062 19055 20990 23000 33915 36067 39)17 50210 52068 5*2 M 56069 57973 GfNTW 622X3 64151 £5067 68152 78380 78JTO 235 2303 4326 6602 8506 106BO 12631 1*906 17102 19075 20991 23007 raw 3607* 38120 50712 52070 5*227 56096 57968 60048 62216 6*166 66072 09156 78387 18388 2*6 2311 4338 GBB 8589 10891 12832 1*891 17106 19070 21029 23010 33923 36082 36129 5022* 5207* 54230 56107 57989 60049 62220 64172 56077 66165 76388 78318 80217 8232$ 8*220 270 2335 4330 6619 8590 10897 12843 15004 77111 19064 21059 23013 33959 36090 38132 50229 52065 54261 56115 57998 08237 9*175 66090 99190 78391 70323 80226 82331 84315 282 23*1 4338 $64* 8013 10917 128*7 15008 17117 1909B 71063 23029 33960 36091 38136 SQ230 52133 5*262 56137 50015 60062 62268 $4158 65105 68211 76382 78330 80229 02339 8*347 234 2372 4352 6646 8631 10936 12656 15015 17124 19105 21006 230*3 33969 36i(Bi 361*3 50233 S2153 5*267 561*8 62269 64212 66m 6023$ 7640* 80230 823*8 84367 208 2380 4356 6B48 8655 10939 12863 15017 17153 19109 21078 23QS2 33972 36109 38182 50255 52178 5*269 56150 58034 60072 62275 64217 66119 682*6 76*05 78S1 80250 82377 8*395 292 2381 4359 6686 8656 10957 12676 15039 17157 19117 21085 23125 33984 361 ID 36188 50260 52>S8 54286 56153 560*4 00074 62296 8*219 86150 68261 76438 78383 80238 82382 •4418 301 238* 4376 6632 866* 10998 12696 150*0 171«a 19128 21066 29126 33990 36127 36196 SC?72 52213 5*290 56202 50043 60077 6231* 64258 66)6$ 8926? 76*28 78387- 80282 87388 8*4 309 2412 4394 6699 8679 11001 12913 15041 17163 19141 21100 23127 3*003 36132 38201 50276 52221 54323 56205 seas* 60102 62315 6*256 06176 66279 78431 78372 80377 82*04 8*00 335 2413 4402 670* 8710 11002 12915 150SS 17165 19149 21101 23139 34019 361*4 38209 50281 52322 5*326 56217 784*1 78378 80X1 82*10 84*31 3*7 24*8 4411 6712 8728 11000 12918 15079 17174 19166 21103 23153 3*0*1 36151 38215 60283 5235* 5*327 56321 76*46 78370 80293 82*1? 6*433 350 2458 4416 6719 8736 11013 129*1 15093 17103 19174 21124 23160 340*9 36153 38232 50289 52255 5*3*3 56232 76*6* 76<25 80297 82430 8*497 361 2*67 4421 6722 8772 11029 12953 15105 17100 19176 21125 23182 3*050 36166 •wem 52266 5*356 562*8 58091 78*88 78*27 80907- 82*01- 84519 363 2480 4432 6735 8776 110*2 12962 15120 17198 19185 21146 23106 3056 MMD 36237 52386 5*391 56358 58096 78*68 78*46 00330 62467 84522 387 2500 4434 6747 8782 11056 12979 1S121 17199 19190 21153 23190 3*096 3620* 382*3 52300 5*392 56261 58108 78471 7600 80337 82*88 84538 3B 25 T5 4453 6783 8823 11003 12900 15160 17200 1919* 21158 99999 3*110 362'4 382*9 52301 5*399 56389 56119 78500 78483 903*1 AK73 04540 406 2520 4467 6775 8827 11072 12992 15171 17206 19203 21180 23257 3*123 3621$ 38303 52303 54*08 56303 30131 78505 78*8* 803*3 82475 8*581 410 25*1 4474 6790 80*2 11069 13003 15173 17209 19323 21166 23261 34138 36217 52309 54*13 56307 S613S 78519 78*88 903*7 82*98 04962. 427 2S55 4482 6795 8864 11105 13016 15213 17212 19226 21189 23271 3*131 36232 36326 52319 S**2* 56327 58175 60189 63*74 78525 78502 80351 82*99 8*56*. <28 2564 4488 68*4 8868 11123 13019 15228 17216 19231 21192 irmi 3*137 36235 38336 52339 5*427 56335 58176 60193 63*75 785*1 78503 80373 82508 MS78 432 2588 4495 G856 8877 mas 13029 15234 17219 192*3 21197 23311 3*1*4 362*1 363*9 52333 5**3l 563*0 S8179 60217 62480 78545 78509 80378 625)1 •4878 438 2595 4498 607! 8878 11133 13035 15250 172*2 193*4 21200 23329 34147 362*3 36350 52360 5*«4* 563*2 58193 60319 63491 785*8 70519 80410 82913 8*890 467 2599 4561 8879 11034 11173 130*9 1S260 172*6 192*9 21205 23347 3*168 36244 38360 60220 62*94 78597 78531 80*31 0253? 8*902 470 2019 4577 6883 89*5 11175 13056 15279 17250 19259 21206 23363 341G9 36253 38300 60235 62*99 788 10 795*2 80*53 82548 8*805 475 gp? 4587 8898 89*9 11181 13077 15319 17268 19270 21216 23382 34172 36263 38395 60237 62501 76620 78558 80*02 B2S5S. 84817 478 2S25 4606 8914 11204 13079 15349 17276 19295 71224 23388 3*210 3826* 38*13 603*5 62512 76036 76572 80477 8X89 848*2 479 2633 4637 8918 8982 11230 13063 153S0 1720* 16300 212*1 23397 3*227 36266 38*17 60350 82MB 78673 78505- 80*83 82589 5*8*0 503 2842 4641 6930 8992 11239 13087 13369 17300 19305 212*9 23*08 34253 36294 38423 60259 62535 7687* 79593 80497 82579 8*880 504 MM 4654 6933 8005 112*9 13093 15391 17324 1931B 21253 23409 3*295 36297 38*33 60272 62538 7668* 78595 80499 .82397. 04704 510 2859 4609 6336 9009 11252 13099 15392 17328 19322 21255 23*11 3*320 36305 330* 5?*3I 5*565 56*33 6030* 62536 70689 T8SS6 90512 02014 84730 514 2866 4700 6856 9012 11256 13110 15*06 17332 1932* 21282 23422 3*336 36319 384*6 52*37 5*578 56*37 60306 62558 76691 7880* 80527 axis 6*7*2 532 2978 4712 6962 9019 11360 13113 15419 17334 18328 21283 23455 3*351 36320 38*57 52*43 5*582 56*6 6D320 62567 78894 78626 B053> 82530 80*3 533 2682 4713 8975 90*8 11303 131*3 15*32 17338 19367 2128* 23*67 34356 3632S 38*62 52*60 5*59* 56* 7 60337 6357a 78099 78629 80536 8X23 8*739 5*8 2688 4751 6994 9055 11313 13145 15455 17342 19378 21297 23469 34387 36328 38*75 52*71 5*602 56*88 60338 62586 XM2 70833 80558 •283* 8*163 986 2705 4772 7007 9056 11320 13146 15459 17357 16384 21318 2349* 3*389 36357 38477 S347S 5*60* 56*91 603*5 62588 7873? 7854? 80817 836)1 047717 600 2721 4781 7008 9092 11334 13157 15475 17366 19400 213*0 23512 3*402 3637$ 38*80 52*95 S*6Q5 56*93 603*6 63598 7*733 786*3 8006? 82633 8*775 60* 2724 4792 7010 8099 11335 13171 15480 17367 19*03 21345 235*0 34442 36379 38*90 52500 54616 56503 60361 62597 78/36 78880 80084 83864 •1708 608 2744 4799 7013 9102 11346 13178 15487 17369 19414 21347 23555 34454 36427 38*99 52528 5*6*1 56506 60371 62598 787*1 78687 80578 82682 84X0 810 2745 4816 701$ 9117 11353 13180 15*85 17377 19424 21356 23574 34473 38438 38S0S 53531 5*651 56S>2 6039* 62604 78749 78882 80577 83685 JMX? 615 2756 4818 7026 9133 11378 13215 15504 17391 19*48 21369 23809 34486 36**2 38518 £3533 5*668 5651S 60399 62608 78787 7888* 808M 62660 9*813 617 Z759 4819 7029 9139 11385 1322S 15512 17*1* 19451 21384 23611 34506 36*0 38528 535*5 5*671 56518 60*03 62613 78771 78672 m« 8271* 8*830 6Z7 2784 4841 7031 91*0 11415 13228 15514 17425 19*56 21*16 23615 3*512 36*59 385*5 52561 5*673 565*3 60*07 62626 78775 78682 80831 82719 8*837 635 2788 4873 7034 9144 11*19 13231 15552 17427 19*65 21419 23818 34519 36*71 38551 53565 5*674 36574 60436 62827 76779 75*33 80649 02730- 8*800 6*1 2799 4875 7061 9153 1M2S 13235 15666 17438 19503 21455 23631 3*521 36406 36567 52570 5*675 56592 60*51 626*0 76786 78687 80602 02745 8*883 to 2800 4884 7074 9157 11435 13245 1SS70 17441 1950* 21*81 236*5 34S31 36*86 38576 5257* 5*678 56601 6046* 636*1 7B792 78X0 00853 82751 8*870 662 Mm 4899 7082 9159 11448 13255 15573 17445 19512 21504 23651 34532 36504 38597 52587 5*663 56603 60*73 63651 78807 78708 HNK 82773 8*874 663 £630 4006 7091 9162 11408 T32EZ 15575 17*54 19513 21522 23854 345*t 365*3 38599 53569 5*686 56613 80483 63555 788« 7871* 00887 8278* •4873 682 2831 4814 7108 9187 11464 13267 15676 17468 19514 21536 23655 3*5*6 36617 38618 52561 5*714 56634 60435 62663 78830 78723 80871 82791 8*861 684 2833 4925 7116 9196 11490 13272 15677 17471 19519 21539 236*3 3*5*8 36519 53593 5*715 566*4 60505 63664 7*041 78734 80881 828 IS 8*891 734 2838 49*6 7121 93m 11499 13283 1559* 17475 19523 215*7 23007 3*550 36522 38656 53605 54717 56649 60519 63689 78848 78744 80689- 62609- -8*888- 7*8 28*7 4947 7135 9203 11507 13299 15598 17483 19565 21569 23689 34571 36541 38600 52620 5*738 56695 80533 62697 70856 78748 00700 82888 B4899 770 Z857 4952 7136 9214 11520 13317 13648 17491 19570 21574 23705 3*596 386*2 38664 53634 5*730 56704 8055* 62707 78859 78754 80711 82880 84901 773 2868 4954 7164 9215 11525 13321 15652 17537 19575 21582 23732 3*622 365C1 30668 526** 5*731 56705 60589 62716 7689* 78761 80721 82883 8*90* 780 2879 5024 7169 9232 11545 13323 1565* 17555 19576 21593 23736 34623 36563 3867* 53657 5*745 S6750 60593 62719 78891 78769 80733 84913 782 2883 5033 7182 9236 1155* T3337 15661 17585 19595 21595 23739 3*625 36S57 38675 53677 5*764 5675* 6060S 82727 78995 78770 80758 8*825 787 2984 5044 7188 9240 11563 13339 15672 17575 19009 21604 23743 3*628 36582 30090 52683 5*771 S67B9 80617 63767 78807 78773 80787 8290* 8*947 7BB 2954 5048 7190 9248 11565 13340 15600 17565 19611 21610 23748 3*630 36615 38706 52691 5*780 56772 606*9 62791 7B902 78774 80770 82906 84963 800 2956 5053 7191 9255 11580 133*1 15692 17592 19615 21820 23761 34632 36634 38767 52710 5*797 56787 60650 62BQS 76923 78790 8077S 82921 95000 817 2961 5058 7206 9263 11591 13369 15701 17605 19616 21625 23762 34635 36636 38783 52713 5*801 56791 60653 62807 76954 7B796 80778 8X00. BS00B 832 2965 5061 7215 9275 11583 13384 1570S 17607 19635 21627 23788 34638 36644 38792 5371* 54607 56807 60656 62813 78969 78797 80807 82932 85018 8*4 2994 5101 7232 9285 11596 13391 15712 17612 16656 21639 23802 34661 366*8 38806 52730 5*810 58816 60689 62817 70918 73318 78988 78800 80822 8233) 85029 849 2985 5123 7233 9320 11601 13400 15724 17616 19682 21641 23809 3*672 36861 38838 53727 5*831 S6832 68673 62827 70952 73330 76970 7680* 80628 82937 85031 864 286 5128 7242 9322 1160* 13*12 15726 17619 19898 21667 23833 3*695 YTY/1 388*2 53778 5*837 S6841 60678 62835 70084 73331 76875 78806 80632 87958 85047 8G6 2964 5135 7258 area 11607 13423 15750 176*7 19687 21667 238*8 3*696 36669 36859 52790 5*881 568*5 60687 62871 71005 73364 70992 78831 80859 62963 878 3010 5136 7262 9332 11B14 13*36 15753 17661 19702 21671 238S0 3*716 36870 38879 52799 5*862 56853 60803 82888 71015 73*00 75905 78836 80871 82978 85067 891 3016 5136 7297 9046 11620 13*53 15756 17670 19707 21696 23652 3*727 36710 38696 52819 54883 56860 80899 62895 710*1 73*08 77004 78838 80878 82981 85068 908 3045 5142 7320 9082 11637 13456 15769 17090 19710 21701 23881 3*732 36718 38901 5306* 5*888 56870 60723 62908 71059 73412 77016 78841 80881 82991 85077 810 30*7 5151 7324 9392 H6«1 13*79 15776 177*0 1971* 21712 23665 3*736 36719 38903 52878 54881 56892 60728 82910 71083 73428 77028 78842 80903 82998 85078 815 3049 5196 7338 9406 116*5 13490 15787 177*2 10733 21720 23907 3*737 36723 38900 529*2 5*890 56803 60731 62911 7W71 73*38 77038 78850 80913 83007 05iQ2 928 3053 5206 7386 9426 116*7 13*88 15791 177*9 19734 2172* 23026 3*750 36724 38911 5295* 5*860 56902 00733 62913 71100 73442 77087 78853 80919 83010 85118 937 3054 5212 7387 6430 11655 13502 15794 17761 197*0 21726 23938 3*752 36738 30955 53966 5*898 S09O3 80753 83915 71106 73**3 77075 78855 80929 83080 85134 950 3059 5214 7399 8436 11665 13509 15809 17781 19768 21730 239*5 3*760 36740 38978 52962 5*902 S60O9 60755 62917 71130 73452 77082 78858 80931 83077 85138 959 3062 5215 7410 6441 11687 13529 15642 17806 19776 21754 23951 3*788 307*7 38982 52989 5*905 56912 60785 62921 71149 73489 77105 78871 80948 83081 85MO 983 3085 5221 7419 6445 11683 13558 15846 1791* 19797 21780 23666 3*792 36752 39992 53000 5*909 58933 60772 62995 71154 73*72 77148 78989 80964 83084 65148 988 3097 5244 7440 9460 11698 13568 15678 17885 19798 -21789 2*002 53003 5*828 5683* 80780 1131 3212 5406 7576 9572 1180* 13678 15868 17998 19921 21885 2*166 287*4 HWWT 32810 34899 36897 39238 *1029 <2917 *5032 *695* 49037 510*9 53108 55030 57061 588*9 71311 . . 73572 1158 3221 54*5 7579 9590 11831 13707 16009 18011 19932 21870 • 2*182 28748 30823 32625 3*901 30*66 392*5 <10*3 '42919 *5036 46S6S <9050 51085 53111 550*2 57086 58973 >1351 73629 1162 5463 7580 9592 11839 13738 16015 18037 199*2 21677 . 3*190 28757 30626 32826 1-yVi 36676 39298 *105* 42920 *5038 *6098 40070 51067 53120 550*7 57078 58975 7135* 736*4 1163 3231 5493 7581 9606 11861 13756 16021 18060 199*5 21887 2*196 28760 30837 32829 34036 36891 39270 <1057 42938 460*6" 48998 49077 51099 53127 55085 5709* 58977 71356 736*8 1175 3234 5486 7599 9514 11867 13762 16023 18070 19976 21893 24211 2B762 30641 33851 3*037 36896 39272 *1072 429*1 45053 47026 <9078 5T102 53188 55090 57113 58978 71385 736*7 1187 3253 5502 7606 9626 11674 13774 16024 18072 19977 21913 24252 28768 306*2 3X73 34944 36907 39293 *1082 42947 *5058 47032 *9082 51115 53181 5510* 571 14 38900 71*64 73881 119* 3261 5505 7619 9631 11878 13776 160*4 10075 19978 21934 2*276 2878? 30658 32913 34962 38909 38327 *1083 42S61 45071 47037 49089 51133 53196 55105 S7127 56986 71502 73714 1187 3263 5516 7630 96*3 11892 13779 16045 18078 20004 21937 2*278 28786 30668 32918 35014 38912 39331 41108 42953 45079 47044 49104 51138 53203 55107 57135 58887 71653 73734 1203 3276 5531 7638 8646 11893 13780 16053 16063 20026 21944 2*298 28789 30682 32926 35022 36930 39333 <1131 42955 45115 47039 49110 51149 53233 55113 57 138 59014 71560 73728 1208 3286 5536 76*5 9G89 11931 13789 10063 18086 200*5 21952 200* 28796 32934 -MM* 389)5 39337 41132 42971 45119 47D6S <9127 51152 53252 55117 57150 59032 71564 73749 1251 3288 5548 7688 8683 11933 13795 16068 18091 20070 21960 24323 20811 30913 329*2 35047 369*3 38351 <1143 *2965 451*0 *7102 49i30 51172 53267 55186 S715S SS038 71587 73778 1253 3289 5564 7670 8667 11934 13607 16110 16093 20008 2196* 3*342 2BB19 30919 32960 35050 36982 39359 41 157 43000 45150 47104 49151 51180 53X7 56208 57165 59058 71589 73783 1255 3291 5563 7671 9720 11947 13B13 161*7 18066 20096 21990 3*351 288*2 309*5 32965 35054 38966 38365 <1159 *300* 45161 47108 40153 51187 53312 55229 57189 5808* 71802 73795 1258 3309 5591 7675 9721 11951 138*7 16153 1810B 20104 22006 2*367 28880 30947 33007 35082 38972 39369 41151 43005 45165 47138 49166 51191 53315 553*6 57174 59009 71616 73807 126* 3313 5602 7688 8762 11967 13667 16164 18111 20115 32016 24373 28897 30956 33015 35108 37011 39370 41163 43007 45184 47161 49164 51209 53324 5S263 5718* 59070 71817 73808 1279 3325 5608 7706 9791 11963 13870 16167 18115 20117 22020 24386 28903 30956 33017 35H8 37023 39371 <1172 43024 45190 47186 49196 51210 53337 5527* 57202 59073 71630 73812 1282 3329 5818 7715 8732 11987 13671 1019* 18126 20126 22027 3*309 26917 30970 33019 36129 37053 39390 41179 43066 *5196 471 75 49208 512*0 533*5 SS275 57213 59090 71824 73818 1289 3335 5630 7721 9796 11968 13699 16209 18162 20157 220*3 24406 28804 30992 330*6 35140 37059 39*00 41182 43089 45198 47182 <9?12 St2*l 53380 55252 S7218 59121 716*4 738*5 1291 3347 5638 7786 9605 11991 13927 16212 19173 20175 22063 24416 28938 30905 33069 35144 3707Q 39*22 41192 43072 45201 47198 49222 51251 53388 55288 57226 59136 718*8 73848 1301 3350 5670 7761 9608 12011 13935 16215 18237 20169 220GB 24426 289*4 3100* 33078 35147 37077 39*36 41193 43085 4521* 472*1 49223 5«77 53399 55301 57228 50163 71647 73847 1302 3362 5674 7791 9623 12021 13957 16219 18247 20191 22075 24*31 28953 31020 33081 35151 37060 39436 41222 430B7 *5216 47242 49235 51X7 53*01 55307 572*2 99164 71675 73850 1311 3447 5677 779* 9643 120*4 13980 16220 16250 20202 22078 2*450 MBS 31035 33090 36155 37199 39446 41223 43093 46224 47246 49239 5131 53*58 55317 S72*4 59180 71880 73881 1342 3459 5681 7804 9050 12057 13986 16233 162SB 20204 anw 24*62 28975 31041 33082 35183 37163 3B449 4184T 43098 45226 47289 492*9 51329 S3440 55336 57772 59190 7HJ8B 73896 1351 3*00 £685 7807 8061 12065 13868 18237 18279 20211 22088 3*463 31088 33101 3517* 37166 39*51 412*5 43104 *5233 47271 49267 51332 53*45 55342 57273 59191 71722 73902 1354 3470 5680 7837 9677 12087 13998 163*4 16266 20256 22107 2*466 26988 31062 33103 35180 37177 39*59 41251 4312D *5253 47272 48289 51334 93481 553*7 57303 59203 661*7 87304 30*37 71733 73907 1355 3472 5685 7843 986* 12097 14035 16256 1B340 20289 22113 24SO* 31068 33120 3S185 37160 39*60 41252 *3137 45271 47273 49278 51337 63*04 55366 57305 59204 85169 67*06 9*44 71734 73935 1366 3476 5698 7854 8907 12105 14043 16260 18317 20270 22122 24515 28994 31070 33134 35189 37213 39455 41271 43181 4526? 47298 49280 513*8 53*69 55377 57306 53205 65172 67434 30489 71780 73947 1372 3464 5709 7873 «W1 12109 1*0*6 16272 18321 2027* 22125 2*53* 43165 45288 S13S9 53490 56400 57320 59218 65173 67*3? 9500 71779 73956 1378 3465 5714 7908 9938 12114 14053 16294 18326 20306 22134 2*571 43175 45289 51370 53488 65403 57330 58229 69195 97*45 99521 717BO 73965 1386 3492 5724 7915 9944 12115 14062 16299 18331. 20307 22138 34582 43181 45294 51372 53608 G5406 57338 59232 65202 67460 9535 71782 73990 1428 3505 5741 7916 9953 12131 1*066 16313 10334 gpxyi 221*0 24616 43184 45302 51396 53514 55*11 S73S6 582*0 8B286 67401 66*8 71780 73978 1439 3607 5748 7923 8956 12138 14082 16915 18343 20331 22144 2*817 43188 45304 51388 S3517 56*3* S7357 533*2 *5288 67*71 i 9355 71800 1441 3513 5750 7829 9968 12147 14085 16320 16346 20343 22156 24629 43194 45350 51390 53519 57362 SS2S1 65321 $7*08 BS&6 71857 73980 1444 12165 51*03 58281 3532 5788 7338 9973 14006 16351 1635* 20050 2219* 24638 43714 45355 53525 57366 65322 67489 i 9567 71879 73993 1479 3645 5804 7943 9980 12173 14120 16369 18357 20353 22190 2(639 41332 <3240 45386 47341 <9395 SM0B 63536 57374 59270 65338 67301 9500 71901 73998 1401 3578 5808 79<8 9983 12188 141SS 16381 18370 20375 22243 24667 41341 4325B <5378 47360 49418 51419 53539 57377 SB278 65355 675C3 B0OO 71904 74004 1482 3581 56*S 7983 9986 12196 14200 16382 1B37B 20361 222*7 24685 413*5 43X1 45395 47371 49430 51*24 53551 57396 S9287 65357 67315 9603 71910 1*06 3582 56*6 798* 10004 12211 14233 16397 18379 20382 22256 34606 413*8 4329* 45397 <7392 49*40 51427 S3S7B 57397 SB299 65367 87516 0823 71038 74018 1490 3602 5053 7992 10029 12215 14244 16399 18*19 20393 22287 24714 *1351 <3328 *5*17 47405 49448 81*44 59681 57*11 89313 65379 67518 9630 71048 74020 1503 3609 5879 8005 10062 12233 14245 16*04 18431 20399 22332 24741 *1358 *3348 45*19 47409 49451 614*5 53582 S7412 58346 $6419 67530 i 9030 71081 74024 ISIS 3620 5680 8019 10077 12250 14279 16406 16443 20*09 22335 2*722 *1350 <3358 •6*22 47414 <9*54 51*48 53597 57*22 59362 65*25 87535 i ©642 71890 74029 1540 3623 faun 8030 10064 12258 14284 16*28 16*99 20418 22338 247S8 41379 <3386 45425 47425 40*63 51*55 53590 57428 59388 65*3* 67538 >3944 71995 74032 1569 3639 5897 8026 10116 12274 14285 16*37 18400 20434 22358 34766 41392 43371 *54*6 47428 <9*91 51*50 53621 57436 59392 65*40 675*0 ' 9648 71888 74050 15GS 3683 yy* 8058 10132 12290 14305 16439 16*82 20435 22360 3*779 41397 43380 45453 47431 <8503 51485 53842 57442 59409 65*48 673*7 9870 72005 74057 1572 3687 5965 8060 10136 12294 14306 16442 18511 20*44 22379 2*785 1589 3704 5993 8080 101 SB 123*7 1*374 16*75 185** 20*77 22412 2*795 41421 43442 <5*85 47493 49534 SM79 53700 57*72 59*40 65609 67564 l 9715 72036 74095 1623 3708 SBB4 8092 10174 12349 14416 16477 18546 20506 23*27 24812 41434 <3443 <5480 47514 0538 5*401 53702 57*75 59448 65516 67568 1 973* 72026 74096 1626 3720 6007 8093 10175 12350 14419 16401 18552 20607 22430 3*023 41*29 *3*54 45*9545*96 47531 40540 51484 53703 57485 59*87 65XO 87577 | 0741 72028 gJW 05777 16*7 3739 6045 8110 10195 12388 1442* 16*85 18657 20526 22457 24832 41440 43473 45497 47561 49558 51467 53719 S7489 59*89 65581 67506 1 0745 72039 7411S 8W» 05780 16*8 3746 6050 8120 10206 12396 14426 1648* 1B561 20563 22462 3*838 41460 43496 45521 47567 *8563 61533 5373* 5749* 5950Q 65580 67821 i 9731 72045 03814 0&7BO 1660 3757 6064 8129 10209 12398 1*445 16601 18579 20S67 22*65 24963 *5522 *?S72 4959* 51580 S372S 57499 59514 6558* 67023 < 9752 72066 74131 83624 SnK 1688 3790 6071 8139 10224 12*00 14447 16520 18580 20572 22470 34867 <5538 *7580 *9603 51568 537Z7 57521 59530 65587 676*3 l 9768 72107 74135 1681 3830 6073 8144 10250 13*12 14456 18530 18563 20605 23*85 2*873 *5652 *7808 49KB 51570 53728 67528 59532 £766* i 9771 72118 74137 1738 3639 6076 8155 10262 1S*15 14476 16550 18002 20609 23*90 2*876 46668 <7626 496*8 51588 53770 57585 596*5 95641 87872 9778 72117 74139 52? 88821 1749 3840 6087 B163 10266 12416 14478 1G653 18607. 20614 22492 24602 4»88 47653 49680 51599 53793 57588 S9558 72M3 74142 &K92 05824 1750 3886 5097 8194 10304 12*21 14479 16050 18610 20827 22513 30912 *5603 4755* 49687 51601 S3797 57577 89581 72157 74158 1753 3661 6106 6199 HB08 12449 14486 16587 18647 20630 22527 24913 *5610 478S9 49697 51609 53803 S7S8* 59587 72198 74170 £W£ 88««9 1 175* 3001 6120 8200 10313 12409 14511 1G&B9 18060 20874 225*3 34916 *56*7 47562 49717 51615 53808 57587 S8582 72201 74172 637 ) 04M7 1768 3899 6156 8201 10320 12489 14538 16627 20679 22544 2*925 *5657 *7663 49719 51820 53812 57591 59689 72206 74178 S£S 88808 1767 392$ 6156 8211 10323 12483 14539 16635 18705 20662 22500 24927 45660 47664 48729 51648 S3814 57SS3 59605 72214 74193 1774 3838 fin 821* 70364 72*86 M55Z 10040 18711 20694 22578 2*337 45858 47668 *8730 51560 5383* 57594 59608 72223 74188 S35 K£ 177S 3839 6181 6239 10367 12514 14559 16672 18752 20703 22585 349*9 45679 47871 49736 51689 53883 57612 59620 72238 74189 83815 88808 1805 3960 8211 8244 10374 12518 14566 16699 18757 20704 22598 24952 45682 *7686 49742 51670 53871 57619 598*7 72288 74204 1837 3962 8225 8252 1041* 12522 14577 16709 18788 20729 22614 2*956 47702 48743 51672 53875 57826 59655 72271 74208 1852 3980 6229 0267 10425 12525 14564 16717 1879b 20730 22631 2*967 47710 49803 8W81 S387S 576*3 59667 72284 74210 2SS 1888 3965 8242 8285 10*3* 12551 1*600 16718 10830 29751 22677 2*673 47723 4981349613 51691 53879 576*4 5S670 1895 3994 6246 8290 10445 12599 14601 16732 18835 20760 22686 2*982 47733 48B3046830 51716 53885 57674 59622 83874 HflUn 1922 4007 625$ 6295 10450 12560 14610 16765 18642 20763 22682 24999 4773* 49833 51717 53898 57683 59082 13*4 4030 6259 6296 10*61 12581 14629 16763 18953 20767 22699 2500* 47738 49056*9866 51722 S390* 57708 59899 18(6 4037 6271 8298 10472 12575 1467$ 16790 18880 80770 22750 25006 47739 4985849658 51750 53930 1958 4050 6277 8306 10488 12577 14749 10822 20784 22754 25036 47743 49866 $1755 53939 1982 4056 6281 8330 10*94 12586 14761 16851 18900 20805 22756 35038 <7749 49895 S176C 539*8 88012 1993 4060 6283 8331 10545 12590 14762 18855 18020 2081 22758 25053 47755 49907 51778 53868 03829 88031 1994 406$ 6300 8334 10550 1259* 14770 16869 18339 20825 22760 25056 <7759 4881148911 51779 53978 838*1 1998 4068 6332 83*2 10572 12596 14774 16673 18945 20828 22762 25000 ' 7 ’ 7 . financial Times Wednesday February 12 1986 15 UK page.) NEWS fCWuriHrfjf/Ymi the ptvccdtug 56095 67808 89689 91365 93012 9*800 98600 98Z61 9 80104 87809 89G64 91386 93816 9*610 96504 88267 Appeal talks strained 86106 9*676 96511 *275 Ford to 87810 ‘may 89677 91397 980W have Free shares offer 66163 stoti 89683 *U30 930*0 -9*625 85551 86164 87833 69G6B 91433 93056 94627 98657 86210 87835 8971* 0M37 03056 . 9*637 96566 opens over 86715 87836 91*45 93076 9*6*0 06674 buy-out B9TO* Austin Rover link with Honda workers in 86254 87838 697*3 91463 93101 94644 96582 98375 86261 87849 83749 91494 93107 9*664 96599 98381 BY JOHN GRIFFITHS BY ANDREW FISHER 86272 87853 9777. 9151S 931 12 9*676 9S592 88387 88781 87858 88788 01530 03131 9*885 96602 ownership HONDA “is going to be very scepti- weeks. Prof Jones, senior research "has boxed itself in to a situation EMPLOYEES of the Vickers and Vickers, a his . . 86303 87884 89782 91536 93160 94897 6660* Cammell 86323 67868 89807 915*3 04727 96620 cal* about Ss future links srith Aus- follow at the University of Sussex’s where it cannot sell Austin Rover." Laird warship yards have will build nuclear submarines for 86332 87871 89871 91556 93182 94735 9662* 88410 tin Rover after disclosure of the science policy research unit, said it been made an offer of £150 of free the ClObn Trident project. But the or 86335 . 87896 96630 Even without a takeover more 89827 91593 93189 94736 of TSB now-aborted talks with Ford, Pro- was “visy unlikely” that Honda shares for every £500 or more they signing of the first order has been 86338 87*7 99859 9159* 90101 94740 9663* Austin Rover government finance, buy t lves, 86342 87934 »T6'7 86641 fessor Den Jones, a motor industry would have been informed about hem se if the joint man- delayed for its demand for firm as- 89864 SJ19* 947*8 ought “muddle through" into the 86348 87954 89874 91632 93109 9*771 96697 98457 FkwacWTbnss Reporter analyst, wanted yesterday. the talks with Ford. agement and employee buy-out surances of compensation if Trident 66398 9*792 96725 98J 75 next decade, and possibly make a 87993 89678 9>638 03210 Current negotiations between succeeds. is cancelled. 86«B 88001 89882 91652 33220 94797 96755 AN APPEAL by the Treasury and The best method of securing a fu- profit, said Prof Jones. Honda and Austin Rover on a fur- The joint Vickers and Cammell r 66434 88010 8989* 91654 93225 9*806 96766 The free shares will come from H\ the Trustee Savings Bank (TSB) ture for Austin Rover would be for •up 86*43 8801 89907 91662 932*1 9*808 96778 *5510 ther collaboration project, a joint If Honda could be persuaded to the holdings of Lloyds Merchant Laird sale will be the largest under 86444 B804S 89909 91691 03250 94838 96784 98516 against a Scottish judge’s derision the UK Government to guarantee ..:*** replacement for the Maestro and take over Austin Rover, that could the warship yard privatisation or- - Bank and other institutions back- 86454 88059 TflWfll 01696- -93254 948*2 25785 BB5J* last November that the bank's more lending while the company 86*55 88084 80972 01897 8326* 9*8*8 96789 Rover 200 series, have become be the best solution in the absence ing the buy-out dered by the Government. Swan assets in Scotland belong to the de- seeks to “a the If all 14,000 employ- 86*78 88089 89916 01700 9*85* 9680* of become BMW of 9J277. . “Very heated” since disclosure of more government money, said ees of the two yards in north-west Hunter on Tyneside. Vosper Tbor- 86*90 88099 89808 01706 93281 9*873 96816 98540 positors began in the Court of 1990s”, said Prof Jones. the talks with Ford, said Prof Jones. Prof Jones. But Honda had persis- England buy nycroft in Southampton, and the BWS6 - 88108 90025 91719 B3083 9*877 86821 98S4S Session in Edinburgh yesterday. £500 worth of £1 86500 881M 90Q30 91721 94886 96838 An agreement committing Honda But with farther public funding tently refused to take a stake and shares, free over small Brooke Marine yard in Suf- «K The case bas delayed the planned shares worth £2m 86501 68135 WlfW? ' 9172? 93305 flTlffifi 96849 and Austin Rover to the project is ruled out, and after the collapse of there were no other apparent suit- could be issued. folk have also been sold to manage- 865C2 88141 90076 B1744 03317 9*501 96870 X$7Z dbn flotation of the TSB, which Him for signing in the neat few talks with Ford, the Government ors. ment teams. 86641 88152 90083 91 746 93319 9*902 96873 98585 had been scheduled for this month. Mr Richard Fortin, head of the 86595 88753 aoosa 01755 83333 949SU 06070 • The Government is expected to The Treasury had considered that Lloyds team handling the 86603 88155 90105 91756 933*1 94926 86890 buy-out, tdl the state-owned National Bus 86606 8816* 90128 91770 33356 3*958 96896 the assets belonged to the h»»fr it- said the share offer had mot previ- 86607 Company (NBC). Britain’s Jaraest 88166 90147 91774 93360 94972 96899 self, but Lord Davidson held that ously been made in a UK buy-out 86823 88282 90153 91780 50370 3*976 96307 Robot installation rate slackens bus operator, to split three of its TSB Scotland was an unincorporat- 'The Trafalgar House group has also 86C9 88222 90154 91790 93372 9*976 96922 subsidiaries ahead of privatisation. 86634. 88238 90155 91793 03373 9*981 9632* ed association and that the assets BY GEOFFREY CHARLfSH expressed interest in toying the asses 882*2 H71S J 9181? 933r9 The decision, which NBC now ap- 9*933 96327 were the property of its depositors. yards. snjjT] 00174 91823 93*06 36010 96820 FIGURES released yesterday by place in the UK totalled 3,208, but their robot populations, while num- pears to have accepted reluctantly, 90191 9633* Opening the appeal for the Trea- 91830 93*10 95073 the British Robot Association show the increase over 1984 was only 22 bers in the hove nearly trebled. "The institutional backers will ac- follows the view of Mr Nicholas 88253' 98705 US . 90105 91867 93444 35017 969*2 sury, Mr Alan Johnston, QC, said '*' tually giving away a proportion l - that the rate at which the UK is in- per cent, whereas the figures for significant factor in the be Ridley, Transport Secretary, that ff 88272 9344 T A UK 90197. 91S70 95019 96956 M7?J the issue in the case was the extent, ' 88281 90203 9W7B 93452 91036 86965 68730 stalling robots has slowed in the West Germany and the US were slowdown was the smaller number of the shares they will bare the subsidiaries - Ribble Motor in 86713 8*285 90209 01885 93*61 96977 98741 if any, to whidi. depositors had a 35050 last year for the first time, while 8,800 (33 percent) and 20,000 (5i per of robots installed by the road vehi- bought," Mr Fortin said. Vickers northwest England, CTOsviUe Mo- 06729 812S6 90718 91921 93*71 95053 96990 96766 proprietary interest in any surplus the last •’•, ** 86730 growth in West Germany end the cent), respectively. cle industry. Most UK plants suited and Cammell Laird are of tor in North Wales, and London 8832S 90235 91922 93*91 95063 9699* S677S of lie bank on closure. 86743 „ 88332 9Q241 91926 9350* 95113 97009 96794 US has accelerated. Since W83, both the UK and West to robotic spot welding of bodies the warship yards owned by British Country Bus - would dominate The context in which the matter 86763 88354 90345 91950 93524 951*6 87010 sera? thpm Shipbuilders to put for sale. their Ef.:’ & By 1985, the number of units in Germany have roughly doubled have instyMp** be up areas and inhibit competition. 4 86781 . 86*05. 002*9 91034 01530 05150 S701S 96798 arose was the TSB Act 1985. p. k* which 86798 88418 . 90757 S15TS7 93536 95159 97018 98801 t--. sought to effect the Dotation of the l ?. 86304 88432 00273 91939 83637 95161 97028 86813 88439 90287 91942 93564 85177 97035 bank to the public by the issue of 86819 68442 90318 91947 93555 95180 97061 98818 £llm worth of shares. ?.5 £ 88801 88*49 90330 919*8 93557 95192 87062 Under the new legislation, the as- £ 66833 88*60 903*7 91950 83572 95193 97076 86847 88468 903SB 91953 93509 0521* 07092 9887*4 sets would be transferred to a new ** K 86880 88*72 80372 91956 93582 96216 97098 98679 company, effectively achieving 86870 88473 91961 07101 9(EB6 93585 96227 closures Mr Johnston raid, p! 86877 884to 90398 91962 onar> BSZ33 97308 88917 88477 90*04 91974 93624 95253 97124 The depositor who brought the NEW 86921 88*79 90411 01BB9 93672 95260 07139 case, Mr James Ross, a retired Scot- 86832 88488 90*27 92001 93682 95399 87144 is tish civil servant, contended that a 5 86996 88504 60444 . 82015 93703 9530* 97150 '.u ^ 86843 88525 90(85 B2023 ft3.'l9 BS319 07164 transfer to a public company r; - » .: «. 88529 90467 92023 93743 97207 96974* 86948 , 95322 amounted to an appropriation of his 86951' 885K . SOWS: 82031 93756 95332 87209 99975 •' property as a depositor if there w : was * B6B68 88556 90481-. 92052 93768 95339 97210 V. v. 86070.' -.-88502 -v BOfflS' 8204ft 93796 .95351 9721* asurpm&.- TRIDENT GOLD is? - — 87004 ''886GB 90*98.: 92081 93797 95370 97218 Mr Jehdston said. the essential 87002 88618 mr 92068 33803 <86374 37230 ;*' «\ of the 88638*1 90499 82074 93817 95411 97240 contention Treasury and the 87006 ' 87015' .88643 90506 92076 93821 95*29 072*2 bank was that the bankwas a legal «s 89665 87022 90510 92089 93834 95*37 97258 99032 personality separate from the depo- 870*7 ' 88676. 90S 18 82001 B382S 9646* 97250 99038 * sitors, who were not members of • " W1 87050 88890 90520 92122 83831 95467 07273 99039 '•' 1? 87053. 80883 00522 92132 03837 95475 97287 93041 the bank. '•"• 87054 887D8 90929 836*8 95467 97313 99043 BRITANNIA KUO FROM ^ ' The rights of depositors were reg- • *' 870GB 88710 : 90539 92148 93852 95492 01314 990B9 lc limited wnri 87077. j 88714' 90542 92152 93859 9549* 97318 99098 ulated and jjy contract 87078 88733- 90547 92161 80890 96610 07360 99103 the terms of that contract were to 870U 88734'- 00579 92193 93010 -95643 07389 98115 ' legislation r.-.t be. found in the relevant 87082. ^ 88742 90620 92201 05648 07399 99116 ' q •*' v. 87103 88756 r 90634 92220 93037 96564 07411 891 IB and the rides Of the hank *i'i ii 87100' 88778 90642 92229 93938 95569 97*16 89123 essential' contention of the j-‘ ' The «. ; 87128 : 88788 0064ft 92231 93950 95672 97*26 99126 •*. Treasury, he said, was that the cor- is 87128 8B8T1 90672 92244 83958 B5579 974*3 89147 ~ c 87148 88020 - 00604 92265 33958 own 974*5 991S3 rect approach was to look at noth- ••••* " -* ;i« 87172 888*9 90GB5 92303 93065 05580 97455 88168 ing further than the 1981 TSB Act 87174 '.88850 90704 92327 03074 95620 97459 991 SC *.T‘. »’ That act was a Consolidation of pre- '- 87178 88854 sores 92339 93380 95622 97*65 98181 UNBEATABLE -1 87208 8BB7G- 60738 92355 03995 9S648 97465 99192 vious legislation »nH the detenuine • « 92356 94004 97490 99210 87221 88882 . 9073ft 692* tree factor. i- -97518 \*l- V 87231 88884 90740- 92378 9*021 96682 99213 9752* 99219 The other approach, which found U 87241 88887 90743- 92414 9*025 . 95683 *-' 87243 • 88917 90748 82*41 94037 95689 97528 favour with Lorn Davidson, was to 5. '•88903' 90775 92456 84044 05601 97550 • * U 872S5 look at the whole history of the 87258 ' 68948 90779 92470 94059 95700 07558 H bank aud io construe Ihe effect of 87261 88868'. 90762 32470 94062 05701 07966 EVERY LEVEL 87291.. 88880 80788. 32488 94065 95710 07586. the most recentlegisbpBL ' ' ‘ 92*09' 99276* 87304 88991 90803 . 940GB 05715 87382 « IT If one was to -embark on this his- • *• « 87306 88998'- sokao 92500 84000 98737 97603 torical - survey,; foe Treasury • 8732V 1 89001- 90631 . 92521 94088 9S74S 07604 M * 92526 (8 057*0 07813 the . . *• F ersatz 9080.- Ml claimed, readt would -he the T7UDJEN1 GOLD - And, with Indent Gold, Simple Flexible. No notice 89014-' -.Sj K 8734Z 90974 92535. 94124 S57S3 ~978Z3 sane. Btrt Mr. Johnston's primary * 87353 .88017 • 90880 - B2MS 94126 9S7B6 07628 • you choose the interest rate. No nonsense 94157 <12807 97648 99318 submission was that-it was not nec- :.v 87363 . 89023-' 90860-- 92566 -> • r I- 87366 mow 90803 82558 9(166 .05813, 97856 99351 essary to look at the history of the " 13-21 There are three, depending think you’ll find it • V 87372 8804« 90914- 32573 94179 07560 99370 bank. on We ..'Li 1 "94185 GROSSEQUIVALENT 87308 86053 90964 . 92579 958*9 97902 V. argued that the 1981 Act re- :v 8727® 80064- 80966 92583 94188 . 95660 07710 He the size ofyour initial investment. difficult to get a better all-round • Mmunum inkul investment £50 - £ 87388 89053 90862 82806 9*193 95866 97716 garded the bapk as a society and r.v. i: 07735 MaraHy income ojttiofi net CA.R.) 87381 8B07B. 90904 32609 94201 95867 that the depositors were customers £250 or more, for example, deal from any other national S 87405 .'89082' 90985 91622 9*223 8SB74 07747 • K 87*08 89007 9088ft 92634 9*231 97792 99431 and not part of ihe bank. Legisla- 87*19 B9108 90090 92639 -9*258 95003 97796 tion made dear distinctions be- earns a full 9.25% net; £5,000 or building society. • t. TRIDENT PLUS A 87430 89U4 00094 82636 9(289 94000 07789 GOLD •» tween hank, the depositors. . - the and 87442. 89128- 90988 BflGBD 34278 95024 07601 more earns 9.55% net; whilst Ifyou’re going for Gold, K its 07488 - 89139'.' 91009 92684 94268 95829 07805 99541 The bank and- property were ••5- II % 87517' 89148 01017 92664 9*295 06953 07807 99573 wholly separate from the rights of Britannia. iW f 94302 93955 97950 £10,000 or more qualifies you for come to ’ 87520 89212 91023 92883 13-64 ;-?? 91.029 B288B 943(9 85867 97900 -.." .*: 87527 GROSS EQUIVALENT 81044. bearing continues today. no less than 9.80% net-all three Tick bonus as appropriate ' f 87528 B82TD M 87549 Minimum maul inurnment £5.003 A r- Please lend mr full deoils of your range of iumoocmpLmj. .89319 9K190" 88071 87910 SMBS Moodily income .•- C 87S5T option JtRW% (955°o CAR.) paid annually: I/VK; enclose cheque no. 87560 89039 91064 96094 97911 99674 ' value of. loopoii:- (•’ . 88330 91074 B2713 96134 97922- 99G7B — — .»-j 8756B 99709 (We also offermonthlyinterest •* 8757Q » 89357 - 9KW 94348 96161 .97932 Data service Indent Gold Account (nun. invesoncm £250) 94375 96168 07337 99712 87576 9W68 TRIDENT SUPER GOLD Tridcm Gold Plus Account (min! invesrmem ESJXX3) 87577 92760 94383 96130 97939 89722 on all investments over 04*07 98216 97953 99727 Trident Super Gold Account (min. invesunent £10,000) . r- 87507. 91 m 92738 launched i* 01143 02814. •**00 96231 •7955 9973B Maximum investment per account. 1 87502 884*8 £1,000. See table £251X000 »"* . r 67580. 80*47 » 9f«5 02816 94419 96260 97059 99734 I would like my interest paid:- ' - 4 . J" 87001 - 89*83 - B1M0 08820 B4*» -96205 0796* 06740 M-Off - fotdetails) Annually Monthly (minimum investment £1,000) 87618 ’ 89*6* 0115* 08831' 04*30 06284 •7967 99752 by FT group GROSS EQUIVALENT * ' • f Interest to bet- , 87647 0*486 81170. 32637 04*47 38296 97993 99770 Minnnant inhui imtiami CKUXX3 .. „ r-i B7W9 80478- 01 165 9ZS39 94450 96283 96010 99780 By Raymond Snoddy DAdded » die account Paid into myAxirBrinnnia Monthly income option ax 9.39% •. CA.R.) ,> 875681. a-wua- 828*1. 04451 06311 - .98017. 99788 , Bvgm, ' account number ...... “86315 -90029 90798 87Q57.. BT§rn 9za$* 9*453 THERE IS ah urgent need.for the - r- If you require payment by cheque (annual interest Wednesday^ Fetenaiy 16 Financial: Times FINANCIALTIMES TEXTILES IN EUROPE AND THE US BRACKEN HOUSE,. CANNON STREET, LONDON EC4P4BY Telegrams: Flnantimo, London PS4. Telex: 8954571 ' Telephone: 01-2488000 Wednesday February 12 1986 erger policy under test IN THE NEST few days, the cess overseas; there might be UK Government has to make more to be gained if Bell's some awkward decisions about under -Guinness and Distillers whether to intervene in a under Argyll competed number of large takeover bids vigorously against each other by referring them to the GhMUMB LmZr Then the question is whether Monopolies Commission. More i • '.he Government should also or less whatever course of action ..'ithdraw its earlier clearance svrS&n'L fought :T*he it decides to take, some of HE speed and stealth with ~ spinning .>f the Argyll bid. in order to be sixth - largest - the interested parties will cry' -.ven-handed. By agreeing to tbe which Vantona Viyella’s company. M. Loweaalem (sales. “ In its present bruised foul." •id from Guinness, Distillers TMr David Alliance was " $a4Qm>, Stevens bought a sheet state, the Government may be Burlington, and .w put up an unmistakable For seduce Coats Patous division from . to take what able to alliances tempted might and new >its ile sign, and Argyll would be betrothal fellow New - Fieldcrest Mills doubled to look like the soft option and from a . Cannon . over :ry likely to succeed if th^. Dawson Inter- size by . taking refer the whole lot to the Com- Scottish group turnover. '.•al offer was delayed. national, announced only a fort- Mills (combined . mission. But provided it holds give it half 7et both Distillers and Guin- typical of tbe way Sl.lbn) which will fast to the view that competi- night ago, Is -ss must have been aware of the towel market. what he has in the last few years put „ tion issues are should - inking .behind- - the «l3 risk when they agreed on a together one of the biggest and ~ The th primarily determine a Mom}-, attack ffrit acquisi- lines 'spate. mergers ^al. be one explana- of Of. which may most important textile groups ' polies reference, it should not • - • f • tions lis 'tear the producers ju for the improbable under- in the world. go far wrong. ling whereby the company ' should. close* to retailers In the case of the rival bids Ten years ago Mr Alliance, - Hecht cing bid for agreed to' pay the - _1 such as Sears, Phoneys, for Distillers by Argyll and an Iranian and a Moreton -peases of the bidder. In the bom now By Anthony . ... ,1tod MalimarL . Guinness, the Government has naturalised Brush subject, was j-cumstance$t the Government . The; new strategy, coupled already given unconditional running a small corset concern the. fact that President you Id not tie itself into knots wttb , Clearance to the Argyll offer, Spirella. This he merged react, to 7 trying to be fair to every- called Reagan is expected to which was made well before the medium-sized producers. have grown up in the last 25 line managers who run with Vantona, a All these sectors are - now cap- strong fcressareirom Congress -ne. The bid which Takes ques- in the Far East, especi- turns small enough to. know rival bidder came on the scene textile company, then in 1983 through Igniting companies like years a tougher line when .«ons about competition should able of being expanded in- ^ ally those in Hong Kong, exactly what is happening SjJf . and does not raise any ques- with Carringtxm-Viyella. Mon- Coats's overseas connections. In. Benetton of Italy are no more Multi-Fibre -e referred. The one which does Macau, Taiwan and South tions about competition or the day's deal with Coats Patens, addition, it has gained Coats’s than medium-sized by British -.ot, should not. Korea, and Increasingly in public Interest The same can- famous for sewing threads and high-class Jaeger retailing standards. They have prospered in the next few weeks, makes Indonesia, the Philippines and wprctn1 not be said of the Guinness bid. Jaeger and Country Casuals fim iti and Jean Muir name by finding a niche in the market. ‘the outlook lor the. US.industry Acquisitions Singapore. Many of the com- By putting Distillers alongside clothes, will create the biggest into which it would be possible There are plenty of such niches relations • . As. a public ; ' panies have been set up with its recently acquired Bell's sub- Similar considerations apply company of its sort in Europe. to put some of its Van Heusen in the fashion world. the aid of offshore Japanese, else, the! US sidiary, Guinness would end up in the three-way struggle in- Capitalised at £l-2bn. Coats and Viyella clothes. The Japanese, with their Wmt. finance. already lhtthched" a with well over a third of the volving the agreed merger be- Viyella. it is to .be called, other' European country vastly different organisational as No i trade* - It lake the Europeans; Ameri- with Pride campaign— . important UK. scotch whisky tween Imperial and United Bis- comparison such anything.- tike the strength structure, have followed a will stand with has vetled jttllgy — 974 .to allow ' can companies are how starting Bfcy~Ameriesh market and an even bigger cuits, and Hanson Trust’s hostile giant American concerns as of Courtaulds or Coats Patons different path. While the big to pursue a strategy of moving to stem the surge of imports,., industries, time to re* share of the top selling brands. bid for ImperiaL There does Burlington Industries, J. P. in either their degree of verti- textile producers, such as incor- which had risen per-cent.by to .compete, with the nearer to -the customer, 23 . With its portfolio of other seem to be an overlap between Stevens and Levi Strauss. cal integration or the way in Teijin, have remained faithful porating higher fashion volume in 1983, and. a- -further . . w of cheap goddstunh the important products, Guinness Imperial and U"ited in snack Outside tins select band only which they have established to fibre production, some of ? content, and reacting more 32__ ,per cent In 1984. Last year’s, Third World..- The MPA comes would develop increased market foods, a market dominated by a Qaoriaulds in the UK and the operating profit centres and their big trading houses such rise was probably jaboot JO- per . up for renewal, this Jqlj and in the drinks handful of domestic manufac- links of command- through to quickly to changes in fashion. power UK busi- leading Japenese trading houses as Itoh and Marubeni have * . success In this part of the market, .cent 'PresTdeaf,’, has Id his ness. turers. When the Commission such as Itoh and Marubeni, the retailer—the key to bought into producers and there's greater added value The shift: in- corporate, stra- negotiators s tq tough The arguments are not clear approved the acquisition of which have a radically different as both Next and Laura Ashley retailers in order to influence proved. and a better prospect of beat- tegies also reflected the Indus- stance on imports, cut In the domestic market Huntley and Palmer by Nabisco form of organisation, are in have both production and marketing. . the try’s loss- of confidence ' Ironically^ wiaMng c ing back surge of cheap m any the president has the enlarged group would still in 1982, it warned that "any league. France had the of But it is in the US that some the same imports. political solution to their, jpreb-:' taken Sajis. Une-afx. time, when have to cope with the formid- contemplated acquisitions by an international group in most interesting develop- The question now Mr Alli- of the American managers had lems. Last year both houses „oF Costs viyella and .'Courtaulds, able buying power of the the major suppliers which would Boussac until its. collapse In the are taking place, ance has joined the big league, ments now looked at their massive clothes Congress, passed a bill to cut as well other European con- increase r . multiple retailers and the further tbe degree of Jate 1970s. . Large, textile com- stimulated to a considerable is how his company will fare at market, worth $100bn (over back imports from 12 dominant cern&'havfe' sfabwA: that given brewers’ tied estates. These concentration would merit care- panies, such as Prouvost and a time when low price competi- extent by the sharp rise in £70bn) at retail level and dis- Far Eastern and Latin Amoxi-'^ Correct " cost structures and are not the kind of customers ful scrutiny.” Again, the two DoQfuss. Mies exist but they imports the Far tion from the Far East Is still cheap from covered they were losing a can suppliers, including Japan,' marketing Unite '-European in- that can readily be. exploited companies build their case on have not gone far .enough down Latin America since ' farcing radical changes on tex- East and quarter of it through mark- but this ‘fell foul of President dustty can live With Cheap, com- —which is. incidentally, also an the need to develop Inter- the road into clothing to be 1 1’“ - — tile companies in Europe and the middle of 1983, when the downs at sale time and through Reagan’s veto. argument for not referring the national brand strength—and seen as international groups. North America. dollar was very strong. shortages of stock in successful Quick response is rival bids for Coats Pa tons to again, there is probably enough Many of France’s, textile pro- Although there are big differ- The American industry has lines. ale behind a number . the Commission. Internationally, doubt to justify a reference. ducers have always seemed 1 ences between these leading always been insular and, with They also discovered that if deals. Last November; West'" in the TJK . as the . landed price scotch has a relatively small Should Hanson also be more interested in diversifying r r companies, all have bad to find the exception of jeans com- they could halve the average Point-PepperelL the third of'imports, -With a domestic share of the overall market for referred ? There are no outside the Industry than with- ways of defending their domes- panies such as Levi Strauss, 60 days it took from a re- largest fibre producer outside tiamdacturer’h shorter supply whisky (or whiskey). Guinness reasons on competition grounds in it tic markets. A key element in or Farah. few are known by tailer's selling a shirt or pair the chemical giants such as Du- he tan get clothes from believes that the industry needs to da so, and the only broader their strategies Is to secure Neither Germany nor Italy name in Europe. It consists of of trousers to its replacement Pant, bought 9950m'’ (£875m) ‘Itis'fhctbrirtO^hatj' shrtvps in to consolidate on a strong home public interest argument would attempted closer links with retailers, enab- has even to. go along companies churning out long reaching the shelf, they could clothing company called'Ouett rather than the months it base in order to tackle growing have to be based on a vague ling l**om to respond more the path. The big fibre produ- runs of standard, non-fashion- not only sell more but sell Peabody, the fifth largest in the takes from Sooth Korea—the feeling of unease about ' competition from powerful com- the ~ ‘ T to changes in fashion, cers—Hoechst Enka. .. Bayer able, .reasonably cheap clothes. more American-made goods. US- ’ . level conglomerate- ‘ „ ^parties . in- Jaoan and North of — mergerBA^rhfe jafek response" approach' “Snfafibre" MahtefiBre ' arid Arilc These are the lines most at This they have done fay Earlier, Springs, number recedes, a government which 1 America. The Government made But is underpinned by investment Fibre—have remained big fibre risk from the industries which delegating responsibility to tour in the pecking onto allowed, rightly, the it dear last year that it would BTR- in new machinery capable of marriage analyst’ DaVidT ' Buck * of de be less likely to worry about TiUing to go ahead more flexible production pat- pushed Zoete and Bevvo, believe concentration in the home mar- would be hard to block terns. - who TEXTILES THE BIG SEVEN the MFA axgumgnt even ket if a strong domestic base a merger between Hanson and The immediate strategy § la Imperial. should left something of an irrelevance. He was necessary to enable the UK This be behind the Alliance move was - Company Year end Turnover (1) Textile business argUes‘tiiatttom6st important to compete in world markets. to the market to decide—and it to give his group an Inter- But although the decision will is worth noting that the market national reach. The Americans C. Itoh March 31 1985 Yl,797bn (£5.821X1) (2) apparel fabric, natural and synthetic fibres component exchange rate, its 1985 YL210bn staple fibres, yarns, fabrics, ..Which, in at least*- has be finely balanced, there is prob- seems to have doubts about would like to pursue a similar Marubeni March 31 (£3JK2bn) (2) iwhutrial materials . Britain ably enough uncertainty to Hanson's ravenous hunger for Courtaulds March 31 1985 £2J2bu (6) apparel fabric, contract and branded clothing, .fibres, furnishing Tecpitjjr t>eehjn: favour of the course. With operations in 30 ’ justify a reference. A consoli- takeovers. If this continues, it countries, most of them comple- fabrics ’textile' and. flothipsr ‘producers, effective fajh largest diversified But dven with the right dation at home is not neces- will put a more disci- mentary to Vantona Viyella, Burlington , Sept 28 1985 S2J»bn (£L99bn) and most textile manufacturer in US . . ) ex- sarily the right recipe for suc- pline on management Coats was the perfect partner. Goats Viyella See Note (3) £1.69bn (4) fashtan^wear, home and industrial sewing product^ yarnjK and Vantona is already the UK to inyestim th* market leader- in household Levi Strauss Sept 1 1985 $L9bn (£L38bn) (5) world’s largest manufacturer of Jeans. ^latest’ ’ ^technology, get their apparel fabrics, natural ? fasStoir and ‘styl right textiles (Dorma sheets), shirts J. P. Stevens Nov. 2 1985 $L7bn (flU8jm) and manmade fibres and yarns ~ and (Peter England, Rocola, establish ’ndas continuing France picks np (1) Currency Translations ralata to your and date. Viyella), uniforms and knit- (2) Textile division Turnover only. retail trade, Vantona Viyella year and> Nov. wear. It shares with Courtaulds (3) Coats Pawns year end -Dec: : Brands art 'the pame of the |4) Projected joint turnover. the role of main supplier to game. l higher added (5) Turnover for nine months to September 1 1985- Maries and Spencer and is Includes nan-textlle activities. ^quality earo- (6) . a windfall strong In carpets and hosiery. THE OUTCOME of next been working almost as effect- month's French parliamentary ively as the dollar and the oil election which, only a few price to help the Socialists will talk with relative freedom weeks ago was considered to be recover lost ground. Faced Mystery of the about classified aspects to. tbe '• . , a foregone conclusion, has sud- with the prospect of a constitu- programme. . denly become much less of a tional crisis in the event of missing millions Men and Matters This has created Its own pro- ABN iBank certainty. The neo-Gaullist and policy disagreements between a blems. Those likely to want to Allied: The US Federal Reserve has a Dunbar. & -CQ.12* MHambroa- Batflc I2J%' centrist opposition parties are Socialist President and a attend the session include problem. Like all central Allied Irish' Bank still expected to win an overall National Assembly controlled good individuals from the defence likes majority the National by the present opposition, banks, it to keep tabs on industry (who can be retied on in Assem- two American Express Bk. M HR1 . Samuel all it I2i% -*12J% bly, but the latest public of the main opposition leaders who Is holding the money not to pass on the juicier titbits priuts. So it is more than a little Amro Bank C,'Hoare opinion polls indicate that their have said they would be pre- of Star Wars to Russian spies — 12}% & Co...... 12J%. pared to “ cohabit surprised to find that it cannot and inquisitive journalists), also Henry victory will not be quite as " with Presi- money. Ansbacher - Hongkong Shanghai track down SlSfibn, or some 88 134% A, 12}%. much of a landslide as has been dent Mitterrand. Though Ihe Fed economists representatives from the civilian per cent of the cash in circula- Associates Cap. Carp.;.. ' ^ohimon generally assumed. If present Both Mr Chirac, the leader made no estimate of how many sector who may be less schooled 22J% Mitth^ Bkrs. l2J% tion. trends are confirmed, the Socia- of the neo-Gaullist party, and "greenbacks” have gone over- in keeping (bear mouths shut Banco de BObno... 12$%-' Kaowsley & Co. lid-., is lists, while losing their former President Giscard The Fed recently conducted seas, earlier studies have sug- about sensitive subjects. abso- Bank Hapoallm XJoyda Bank; 72f% ; lute majority, could remain the d’Estaing, the leader of the a study on tbe use of cash by gested that between a third The result is that the ministry ; 12 two-thirds of all US cur- Bank .Leuml biggest party in parliament, main Centrist party, are appa- American families and found and officials are frantically contort- (UK) 12)% \ ,'S$vaixi Maihsoa &. Co, 13i% rently willing average rency is held outside the US., thus giving President Francois to serve as Prime that the cash holding ing securtiy checks on all those bcci Meghrej'tsani Mitterrand much mare room far Minister under Mr Mitterrand, per individual amounted to who want to attend. 12$%: 8100. After allowing Bank iff Ireland---*^.*** r manoeuvre -in forming a govern- on condition that they can about for %: Midlaui'Baak : 12|%! “ prisoners ment than once seemed determine and conduct " the children, and other ^....-.’:,-. Bank of Cyprus 12$% .Morgan 'Grenfell' 12}%- possible. Government’s policies. How- individuals who are not sup* Take note Lost cause Bankof India .... Among the three main factors ever, Mr Barre, a former Prime posed to have such money, the Mount! Credit CSpri)Xi& 12}% times just which have modified the elec- Minister, has stated categoric- Fed calculates that Americans There are when you There has been a lot of Bank of Scotland ...... 12}% . National carrying about have to sympathise with the argument lately about tbe right Bki W Kuwait 12}% toral picture—the tumround in ally that the President should are S18bn at * time. PR men—when, lor instance, .lawyers - challenge Benque Beige LtlJ... ' the economic situation, the divi- resign if the opposition parties any one This is only a of to 42}% National Girobank "... 13|% are trying to interest you sions of the opposition and win the election. fraction of the S1539bn cash they unsympatoetio-looJtinK jurors— Barclays Bank : Matrix, a “ national network -U... 131% Nationai^ Westaxliister 124 • President Mitterrand's personal "With the opposition divided, which is circulating in tbe in usually, I gather, those who % of- shared automated teller Beneficial Trust Lfi... 12 intervention in the election the economic indicators in his economy. happen to be wearing a salt }% Northern Bank Ltd. 12}^- favour and the country em- machines set up by Electronic and tie. Brit Bank 1} campaign—the state of the eco- “Z wish we knew where the Transfer of Mid. East 12}% h Gen. Tnftt .• . Ltd to meet broiled in the kind of constitu- Funds Bat the exercise of this right A2}% nomy is the most striking and rest of it was,” says Paul Spindt, : r the special needs of building does not always work to the iBrown Shipley...... — »^pie% unexpected. tional argument in which Mr one of the authors of the study »}% :; '*f?urf societies.” benefit of the defence, as Lord Mitterrand, ones a law student which is reported in the Feb- CL Bank Nederland... 12} PK Fitj^as. My invitation to a press Elwyn-Jones, former Labour % ihtL (PK> 13j% - Trade surplus revels and excels, the President ruary issue of tbe Federal conference on the subject came Lord Chancellor, has been Canada Permanent...... 12 \ Provincial The Socialists dug themselves has been having a heyday in Reserve bulletin. “This survey- } % Trurt LbL... 14j% yesterday, set to music “It’s explaining thai to fin- telling his peers. into an economic hole after restoring the fortunes of his our -appetite for more Cayzer Ltd. RJ whets J. S. Bach’s “Sanctify Us By Raphael * Sms ... ance tax cuts, Tutenkhamon As counsel for the defence « ' “ their election in 1981 with their party at public meetings. information. It sEows, in some Cedar Holdings Thy Goodness” would have to sell off the in a murder trial at Carmar- 13- % Rotoprsbo 'Guarantee expansionary policies while In doing so, he has somewhat sense, little we know.” ; _ 13 % how then Assizes ago. their main trading partners imprudently entered a ring into Red Sea” some years I Charterhouse Japhet..' 12|% The Fed believes that part of Elwyn-Jones Challenged, and of Scotland 121% were deflating. They have which Fifth Republic Presi- ; missing cash is held by busi- Citibank NA L... 12}% * spent tbe years since 1983 dents. when not themselves the secured the removal of a juror RoyrtTtmCo,C2aj»rtbi 12}% nesses and some more is held by ' to dig them- Wapping wounded who, he thought, seemed un- Citibank Savings ..^..112 Standard. laboriously trying running in an election, have }% r- Chartered' *.12}% austerity persons under the age of 18. -her of Parliament, the other likely to have any sympathy selves out again. The •traditionally hesitated to step. X hear of another casualty of City Merchants pahk But unless US pocket money for his client. - 12$% TCB^ adopted by the Ever since General de Gaulle, regular representative of the 12}%- programme completely Tbe Hmes move to Wapping has got out of hand, Left In The Times feature The Juror turned oaf to be Oydaalale Bank : Government at that time has French Presidents have been in Iiondbn's dockland. W% : Trades Swing* 12i% it is unlikely that children hold pages, has also suspended his the next door neighbour of W slowly begun to bear fruit but careful not to undermine their Peter Kellner, political G E. Coates & Co. XxL IS; o more money than their parents. contribution. Elwyn-Jones 's sister in Llanelli. % United sank of Kuwait 12}%.- it needed a windfall tike the considerable authority by dip- editor of the New Statesman, And .-the Fed says there are The being Apart from the fact that it took Comm. Ht. N. Bast ..-lh}» sharp fall in the dollar and in ping their toes too deeply into question now . strong economic and safety rea- and a long-standing contributor quite a. long 'time to restore transform France's election cam- asked in political circles is: Consolidated Credllx... oil prices to parliamentary to Hie Times feature page has 12}% . Wertpsc sons 'why the cash holdings of will the Alliance already neighbourly relations, says Banking Com. 121% economic prospects. paigns resigned from the revamped — businesses are kept to a mini- contributing many feature Elwyn-Jones, tbe challenge did Continental Trust Ltd. 12 ^FMteway Still heavily dependent on Mr Mitterrand nevertheless Thunderer. }% Laitim „ mum. articles—seek fin the gap? him no good at &1L His client & % imported oil for its energy decided to take the risk of to Cooperative Bank Kellner, an unabashed sup- was convicted and duly hanged. rYdikshfre Banfc . in spite of its ambitious identifying himself closely with One explanation is that the needs, porter of the Labour party, The Cyprus - Popular Bk. 12}% 4k nuclear energy programme. the Socialist Party in the cam- US “underground” economy, chose an analysis of Rupert Duncan Lawrie of France is expected to see its oil paign because that was the only peopled by drug dealers and Murdoch's International news- ...... 12} ma Accepting Houaas Star ratings Dirty tricks % ComnU others Intent on evading taxes, - bill reduced by one-third this way of reversing the tide paper empire for his latest K T. Trust 13 - «^ is much bigger than first If you want to discover your % year and to register a substan- Nothing in the constitution article. It was not uncritical of * dtoMJw thought. Since this security rating might try From a Berkshire parish maga- Exeter Trust Ltd. Haomk tial trade surplus after a series obliges Mr Mitterrand to resign much of the strategy for subduing the you 13 % however, ministry for zine; “The social at the new 500 of regular annual deficits. In- before the end of his term in money, flows bade into unions—although print workers asking the defence Finaadai & Gep- numthr - Sct J2j%. “legitimate” side ticket for likely to hall was a great success. A wiL^SoS. flation, already on the way 1988. Tbe President has the the of the -US also came in for a share of the- a what is be large number, of people of all First Nat Firt J^^^WWf-ciwnaini economy, this cannot account sell-out Tuesday— . Coro. . 13}%' daputtso.^ down, is forecast to ftll to 3 power to nominate whoever he blame. a event next missing fortune. ages attended this first func- .less by the end of wants as Prime Minister and. if for the. . . The word yesterday from, a briefing on how British com- Fllst Nat. Sec. Ltd. oer cent or . , 'l3j% tion. and those who ' did hot is is not officials panies can participate in the 19S6. while economic growth the electoral arithmetic Fed believe that a inside the barbed wire stockade - *1 : J wash to dance were encouraged Rohm Flemlnt-.&. Financial .Times Wednesday February 12 1986 17 BBCENT dadttnat 'ditt reserves in the form of un- Japanese bank* have overtaken JAPANESE BANKS realised profits on their invest- UK pre-emptive rights the Americans to become the ' ment portfolios. world’s largest bolder* of foreign honking assets dramatic* Even so, they are less profit- -shy underlines the remorseless Bank? UK Performmce WH able than other banks. - This growth .of Japanese financial is seen as evidence that they system that is institutions. A undercut markets. According to . Bnt the news can hardly have IBCA, the London-based come' as a surprise to into- banking analysis firm, Japanese national bankers vrhq ..have banks made a net return on <*se*vetf that growth their equity of only per worth fighting for for some 3.4 years .with a reefing already cent In 1984, despite being able deeply ; familiar to Western -to gear it up more highly than By Jim Findlay b manufacturers of motor cars banks in other countries. This and electronic consumer goods. compared to 6B per cent at UK THE stock market has been des- issue, so reducing the cost tal markets is not disadvantaged And . it Is certain banks and 12.8 per 1 to strengthen cent at US cribed apdy as a marriage of Second, a placing is said to by unduly restrictive measures calls from the banks. international convenience between those who involve a more flexible time- designed to protect shareholders hankin community, level g for “a The Japanese banking threat iriah to raise money and those table. in UK-based companies. How- Playing held " their- market. la poses something of a dilemma who vrtsfc to Invest money, in- ever, greater protection for Both arguments are open to Only a .few. weeks ago. for evitably relationship be- shareholders in vis-a- „ Hr Western banking authorities, the question. The narrower placing London Peter Leslie, the chief executive lDKi9e4| particularly those in London tween these groups is prone to vis other financial centres might discount does not benefit all of Britain's largest bank, Bar- and York. They they notably be expected to result in higher New feel occasional tension, the proprietors of the company clays. made what was. for cannot bar foreign banks from when a quoted company comes market ratings for London quo- a since it transfers value from banker, akl uncharacterirtioiHf such big international financial to the market for fresh capital. tations. This might Increase out-spoken some old shareholders to new . comment about centres so long as they behave in the number of companies seek- That tension is very much ones. The true C06t of the Japanese banks: prudently, and are adequately ing London listings. in effect he 0 Urn 100 300 400 500 600 TOO evidence in the run-up to the capital raising exercise must accused them of building supervised by their own authori- up Big Rang on the Stock Ex- take account of this transfer. In the US quarterly financial excessive market share in the ties—which the Japanese are change, as some leading cor- reporting facilitates the speedy As for timing, it UK HwinMgh wwfajy by the eagl^eyed, aQ-poweiful porate financiers argue for a is not dear arrangement of “shelf issues” that ngbts issues are “London has bad a long MoF. change in the rules to permit unduly but would similarly facilitate inflexible » those made to tradition' of wdcotnlng foreign And though the new financial American-olyle capital raising rights issues. Large multi- finance acquisitions are not sub- banks, and the Japanese batiks The rise and rise of legislation being prepared in the operations. The debate turns functional securities companies ject to delays arising from the are playing a Valuable role in to deal with the deregula- on the rights of existing share- tender for new issues of shares UK capital issues queue. the growth of London as a tion of the City contains holders in the company that Wherever in what is known aa the “bought the issue of new shares financial centre.” be said. “But reciprocity clauses, they cannot series to issue new paper. for cash deal” and shareholders seek requires subsequent shareholder some, at any rate, oftoe rapidly be applied to Japanese banks If a quoted company issues compensation for any obvious approval in general meeting, increased market share of the now the Tokyo authorities have new shares at a discount to the the abuse of pre-emptive rights the cut-price timetable is not dissimilar to through the legal procees. Not- foreign banks lenders risk compared with eased up on foreign entry market price, there is a the UK banks is certainly due regulations as part of the that existing shareholders will that required by a rights issue. withstanding these techniques, Introduction of transferable issue expenses Is the US are to the lack of -consistency in By David LasceUes in Tokyo sweeping deregulation of their lose out to new shareholders regulation and controL" own markets. who buy into the company on allotment letters into a capital still higher than in London. raising timetable should not Some companies argue that The Japanese banks* new Japanese the cheap. Hence the impor- But the authorities present insurmountable placing* in international mar- supremacy was set out in the are responding to Western pres- tance attached in British com- ' difficulties. kets serve to widen share- *. • i-f rr--r a We all know that SirBernhard Binder was too penetrate to toe London clay £"•' • ' t??“-0 and so provide curtain walls substantial a figure to climbinto the bottle. It must • • . i * K-j _ which keep out the groundwater “I don’t much care howyou have been made around him. . •: S-’-iTi Editor the : Letters to the in London ballast. The industry blocks are usually built on piled This, as he no doubt explained to RAsbton :• . foundations. bean, . in there. Binder old a and - got from Mr -JL.EonseU The solution is quite is ofourattitude is:-:c simple ” Hamlyn, deeply symbolic to Mr B. Kettburger and costs little. Don’t dig so but do wonder why. deep. The loss of a couple of I accountancy: Sir*—At the cone of one side floors for of the arguments In the recent the greedy motor car You best get inside your client’s business by UK manu- could be compensated by mak- correspondence , on gamate, it -is very likely that ing multi-storey offices m little early staying put. facturing industry, stands the tivity growth. . . arriving and confusing such a proposition would be higher — giving the same common fallacy of Our longterm future rests in in our founder’s footsteps, identities with' behavioural securing a more competitive referred to the Monopolies and amount of floor space. The Following our East Commission to deter- bottom-most floor, supported 1 that behind there Is a right Mergers on 7. relationships.: He Industry. But Anglian partners have spent some years in plastic whether it would operate columns within toe cofferdam, .. them. . That the balance of pay- way and a wrong way of attain- mine ; could ments must balance is a matter ing this objective. against the public interest. be constructed over the should tiie other hand, the archeological remains, which ' of accounting. What we On •. The wrong way relies on real , would then We’ve helped the manufacturers growfrom be concerned "with are \ the creation of a private monopoly be available far all 20 • ri- wage reductions to render a ; providing what is, un- to see and visit different levebL:«ad rates .of sta&iant manufacturing sector for employees to 120; from one factoryto two; and add output, domestic doubtedly,. the most important As the Roman forum is growth of both - competitive.". This is a futile • * i\ •%* of commodity for sustainin life known to lie under t^iHpnhaii and foreign, and the level solution with no hope of long- g a building-products subsidiary. rate associated with it being given, Market visitors would be aide the exchange success .in. She face of together v ’ ' term to stroll once again on its very During this time, we’ve done their . power to tax with ihar balance.-’ . -competition from the Third effectively, toe can proceed, apparently, un- stones (under the new concrete The severe fall in manufac- World. . No country has im- ’ • 1 auditing and accounting, naturally, and all hindered! buildings) and goods sold from output which took place poverii&ed itself to prosperity. _ tured “genuine” Roman boutiques. in 1980 and’ x981, tm a’ scale' The right way is to secure Roland Stench. the other things that major Chartered Similarly, there was no need to suffered a rate of. productivity 8, MinshuU Place, excess, . that high £ RATP far hi of destroy a Roman road at Dover other country, was not growth the modernisation of Park Road Accountants do. by any by — it could have been bridged “ due ptir our manufacturing industry. Beckenham, 'Kent. inevitable." .It Was over — ditto Thomas & Beckefg But we get a lot more personal than monetary and That modernisation can proceed marUy to the garden at Canterbury. Do we policies pursued by tiie only via a high rate of invest-, that. Because in our Private Company taxation Money and have to go so deep and destroy Government The high levels of meat. The polities of this every time for no real commer- Services, corporate and personal matters the interest rate and the ex- government have resulted in months cial purpose? rate the inflation negative net investment in change and From Mr C. Hicltep The trouble is that construc- are inevitably intertwined. by the increase in manufacturing in 1981, 1982 stimulated Sirr—We are now told that tion companies are terrified of conspired to undermine and and a rate of manu- particular attention to VAT, 1963, the Government (taxpayer) hav- archaeologists and the delays We pay British manufacturing industry. facturing investment which is ing already contributed some they could cause, while archaeo- share the retention dramatic fall in today still 18 per cent lower ownership and of There was a to . find another logists generally - £2bn. needs are ignorant productivity: hi than in 1$T9. manufacturing £L5bn in order to ensure toe that their valuable remains family controL We transfer capital subsequent This is why our manufactur- 1980 and 1981. The continued viability of BL. I could be so easily bridged over. productivity growth to which ing deficit matters. It is a deficit situation does John Dayton. into funds for children. We hdp our zander . if the: has been of degeneracy and decay. Not Prof Maynard -refers' not offer an opportunity to the c/o Institute of Archaeology, ^ S v + degenerate growth, associated a deficit which is a consequence v-\ clients write their wills. All sorts of a pandits of nil persuasions to Gordon Square, WC1. loss of capacity, not with of exploiting the opportunities with actually do something. things. offered by oti revenues to expansion and modernisation. Might not Mr Heath, for Organisation for Economic launch a constructive moderni- Voluntary had been so The instance, who has both city and export One MD busily Co-operation and -Development sation strategy for British in-- persuaded to political ' links, be . building bis business that .!•-» * * ..il estimates that productivity dustry. restraints whenwe now eet together with trades union in Britain is the slowest John Estwell. From Mr D. Greenaway growth leaders (so that labour and found him at forty, with a wife and Europe. ’ Even our 'inflation Henry Neuburger Sir, Mr Calvert's in capital can be seen to form a — comments is poor by international (Economic advisers to (February 5) bn the effects of kids, neither record creditable consortium) for tiie two he had pension tills was Nefl the voluntary standards. None of Kumock, HP). purpose of ratting suffi- export restraint express on Korean nor life assurance. inevitable. . _ House of Commons, SW1. “restore faith footwear reveal a provided cient money to misunderstanding North Sea oil industry." Might not regarding his swiftly fixed a .golden’ ..oppor- in British own figures. We him up with Britain with solution offer everyone The hasic issue out of the Monopolies such a is one tunity to break and ' of whether or not toe truly democratic choice both, ofcourse. It’s surprising what which the balance a VER affected import prices. stranglehold “ opportunity to all ” and We payments has placed on the water equal are content to conclude R-MHToNHmyN funds you cangenerate byreducing of “freedom of action,” but from expansion of the economy since R. and our analysis that prices of foot- From Mr Bench put tbeir money taxable profits and • this time to replanning the - ’ wear were raised by the VERs. war. . the . : . Sir,—Readers will have noted where their mouth is. If the oil revenues bad been Mr Calvert seems to be suggest- ownership that the .Thames Water D. Hickey. ofcompany property. invested in the modernisation ; c. ing that other factors related Authority is very keen to be. Form. British manufacturing, in- Jarretts to changes in product quality, Pechaps we can arrange some of ’first in the queue for privatisa- the reconstruction Balcombe, Sussex. stocks and so on were respon- dustry and its tion of . services. profitable decrepit infrastructure, sible for changes in the unit surprises for you. The of our Equally, I flunk they should - ' only would Britain Archaeological values of footwear . - U then not imported reveals alL 1-" coupon i' '+*> be made .amply aware that in no have avoided the worst ravages from toe Far East. If he is way does such enthusiasm remains correct of tiie world recession, bat in his presumption that have (solely that of the board) From Mr J, Dayton the VERs were not restrictive also the country would * s strengthened carry with it the imprimatur of Sir,—As an archaeologist and then be would presumably Ta Stewart Uny,BinderHamlyn, 8StBride Sera!; with . emerged its six consumer consultative (Chiswick Fly- manufacturing industry which civil engineer support their removal. London, EC4A4DA Teteptame 01-353 3020, committees; all have- expressed always amazed | gap in the balance over, et al) I am David Greenaway. could fill the I fed you're bottling np a lot more l ': reservations to varying degrees. the public and the. archaeo- University information. I ^' of payments .as' oil. revenues that of Buckingham, That is not at . all- surprising logists Accept that remains. Please scad it ux I decline In the next decade. : Buckingham. and lost The higher rate of growth since no convincing detailed should be destroyed -V' evidence has yet been produced when some new office , . y strategy forever this modernisation ; ; to show, dearly, that the public is pot up in the City of w--*-’ requires would, in circum- block Space battles would properly protected 'and for that matter in stances of world recession, hove be London, private monopoly of an country generally. widespread precipitated a. share deteriora- under a the indispensable ser- blocks these days are From Mr P. Savage Address tion to the materials balance essential and Office vice that consumers would constructed over deep botes in Sir,—I was interested to read and In the balance on manu- and than ground to which are located (February 5) toe headline “ • factured tradva deterioration be better off financteUy the US under present arrange- heating systems and car parks. plans computer network to financed by the surplus on. oCL the the case -excavation of the deep simulate space battles." account. The balance of pay- Tnents. In other words, It is the Do for: privatisation is “ not basements of these buildings they not know that these are ments would—In its inevitable proven." - that destroys the archaeological readily available in toe amuse- BinderHamlun way, have balanced—but at a S j peculiar paradox evidence, Which- is carted away ment arcades throughout the CHARTERED A C C 0 U N T A * T high rate of growth, at a higher There is a ** Government’s dumped on toe Kent or western world? of employment and, given arising from the and | level com- marshes. These- holes Paul Savage, a policy of stimulating invest- proposals- If two targe Essex- non-essen- are constructed in sheet steel Hilton, Sharp & Clarke. London/Ayr/gacop/Bath/Selfasc/BhTnm^tarn/Bury St Eifamnds/Ckoydoa/Dublm/EomskiOen/GIasgqw/Leeds/Mazichester/Newcastle/Newmuktt/ in manufacturing, high panies retailing, say, ment which ' Rochdale/Saltcoats/aitffield/StnmragT/TrifordAVoiveriainptonAnienauionaBy chandise, wish to amal- cofferdams and concrete JO New Rood, Brighton. Nottig^uun/ BinderPjjkcr Qfte (ft Qp, rates of non-degenerate produc- tial mer '. - Tfre^yqjds til , I FINANCIALTIMES fe^rfrrxydlStnDUu^ m ofeartiirncwng eq^pin^tf BL/OWOQD Wednesday February 12 1986 Relocation details I on 0633 56906 .Mr! SWEDISH GROUP GIVEN SECOND CHANCE TO TENDER UK farm THE LEX COLUMN minister * Anger over UK defence contract Twelve good men i moots curb BY BRIDGET BLOOM, DEFENCE CORRESPONDENT, IN LONDON BRITAIN’S Ministry of Defence sets or barter arrangements, it rec- has re-opened bidding on an army Westland yesterday announced that it had won a Bfixn (£28m) order for ognised that these could be useful on cereals and true contract for helicopter missile Eve Lynx helicopters bom the West German navy, which already op- in some circumstances. sights in an attempt to win an order erates 14 of the Anglo-French aircraft The announcement came las For Westland, whose main prob- whether Amstrad. which has man- from Sweden for Westland helicop- than 24 hoars before a Westland special shareholders' meeting in Lon- lem has been shortage of work, any Westland has sensibly concluded output Amstrad aged the sort of production shut ters. don today where the directors will seek approval of the Sikorsky/ deal with Sweden would be highly that the Albert HaH is too capadous may have from audio-visual to computing that It believes Sweden might be pre- Fiai rescue plan. significant, although the critical a venue for today's extraordinary The Gfy of London in London eluded entire consumer electronics By Andrew Gowers that some difficulty understanding any- pared to buy the helicopters if the gap in its order book is over the meeting but it now appears capitalise on the with electronics, but -industries, can missile sight contract were to be opened to allow Saab Instruments, British Member of Parliament and next three years, too soon to be MR MICHAEL JOPLING. the UK even the more modest Connaught thing to do compact disc. More important xs the mmf>n Minister, yesterday touch on the large rarely has it misjudged a company awarded to a group of companies together with the UK company PD- chairman of the of Co s filled by any Swedish order. Agriculture Rooms may be a rejdacing products as as Amstrad yester- possibility of ' fresh pro- the results of so resoundingly led by Saab, one of Sweden's lead- kington and Exnmerson of the US, select committee on trade and in- The 30 helicopters would be presented farmers with a side. To judge from machines in stockbroking fra- they mature with new ing contractors. completely at least E90m. curb the cereals surplus by the Stock Exchange inquiry every day. While tire defence to bid with a new sys- dustry, specifically made such a worth posal to networking market about which could ternity was losing its collective the The derision to re-open, the £70m tem which would mean stripping link in the parliamentary debate on British Aerospace (BAe) is partic- encouraging marginal grain produc- shareholder on the register This matters forecasts of a 50 Amstrad knows little. (SSBm) contract, taken late last oat Tow. Westland three weeks ago. ularly angered by the re-opening of ers to take land out of production. find a seat in a single W-30 helicop- sleep on audacious j with the word-processor only Farm- per cent increase in pre-tax perfor- little year, has angered British Aero- The decision to re-open the con- In addition, the Swedish Govern- the contract since Saab did not ten- In a speech to the National ter. let alone mance, Amstrad quietly announced beginning its life-cycle, space, which has been in competi- tract is understood to have been ment last week sent a letter to the der in two competitions held in 1984 ers’ Union, he acknowledged that The revelation that a dozen stock-market trebling of interim against tire current unlikely agree on control all but about just short of a tive negotiations to supply the mis- taken reluctantly by the ministry's Ministry of Defence at the request and in 1985. the EEC was to shareholders next year's earn- profits — from c9-5m to $27.5x0. The rating of. this and sile sights over the past two years procurement executive, the body re- of Saab, outlining its policy on bar- It is understood that Saab first of- price cuts of a sufficient order to re- 15 per cent of Westland's equity ings. Estimates for this year, for the embarrassing to resulting scamper to capitalise and had been told in September sponsible for buying more than ter and offsets In its defence trade. ficially indicated its interest last duce grain output and described must be especially suggest £50m these earnings caused the Amstrad what they are worth, that its bid had been accepted. £8bn worth of military equipment a According to officials, the Swedish November and has since been al- European Commission’s proposal Lloyds Merchant Bank which, it to ad- pre-tax and a price-earnings ratio at angered the British ar- year for Britain's- forces. Po- last week for a tax on cereals pro- now transpires, was seeking more share price to rise 50p 342p, It has also armed Government made dear that, while lowed to bid against a specification discount to the to Mr Alan Su- a 16 per cent my, which now fears it may have to litical pressure stemming from the the Royal Swedish Air Board has a redrawn by the Defence Ministry to ducers as “largely if not entirely ir- shares than could realistically be ding a mere £27m gar's paper fortune. market buy equipment that it does not crisis over Westland is said to be requirement for 20 to 30 transport take account of its new - and the relevant to the underlying problem tendered. mar- '\?3n want, at a date much later than primarily responsible. helicopters of the Westland 30 type British army maintains relatively of achieving a more sensible It also puts Westland's chairman. It may be that tire market is less planned. Suggestions that there is a link and some rescue helicopters such unknown and high-risk - Helitow ket balance." Sir John Cockney, in tire most un- able *i*ww public to distinguish CBS The original contract was to up- between the re-opening of the con- as the Westland Sea King, no for- system. “It may be," he added, “that be- enviable position. Under the rules between the home computers that So far. at any rate, shareholders date the roof-mounted sights of the tract and an offer by the Swedish mal specifications had yet been The Saab bid is fore Jong we may be forced to con- of were selling due to be submit- governing Class 4 transactions, the likes of Dooms need have no regrets that radical package in CBS Tow anti-tank missile system to Government to buy between 20 and drawn up. ted to the ministry today. Depend- sider a much more which this is one, no shareholder over Christmas and the Amstrad the company was able to defend it- give the army’s Lynx helicopters 30 British-made helicopters are de- The Swedish Defence Material ing on the outcome, BAe and of measures.” owning 10 per cent or more of tire versions. Or perhaps it was reluc- self against last year's junk-bond night, as well as day, vision capabil- nied both by the Swedish Govern- Administration is understood to Hughes may be to enter The EECs grain surplus has been holding if that could have asked a company may vote that tant to trust a share to the irrita- over buccaneering. Thanks ity. ment and Saab. have said in its letter that, while it competition for the contract for a growing rapidly the last few he or she (we may never know been bought for under £2 in Janu- tions of Mr Ted Turner, their com- The contract process has been re- However, Mr Kenneth Warren, a was not generally in favour of ofi- third tim& years; reflecting increasing produc- which) has an interest in the out- ary— or at least until an Edinburgh pany bought back a fifth of its equi- tivity and stagnant domestic and - come. Determining precisely who stockbroker stumbled on the tre- has merely ty in August and not export demand. It is an important among the disclosed holders - has mendous volume growth in the pe- ' with a. fashionably rise 1 .emerged more factor in the recent breakneck such an interest was only the first lted: Wfaatnd Scot manSgWtOTtfC farm budget leveraged balance sheet, hut with in the Community’s of the company's difficulties. The dirf; was that the doubling of sales to ally - Loews - which seems Italian semiconductor group ' an His remarks set the seal on a problem now is to figure out who volume »miH the fiercest price dis- AMSTRAD ready to buy a few -more sham significant shift of emphasis at the stands behind the six undisclosed inflation could be achieved on a 50 SHARE whenever the price drape towards Ministry of Agriculture over file holdings which together add up to per cent improvement in operating PRICE reflecting gloom at $110. develop and sell AT&T circuits last few months, 20.33 percent margin the abortive attempts last year to CBS may, {^confident foot Its It may be that those holders, half have squared push through large price cuts for Amstrad appears to bat Swiss nominee erne markets ate improving, as BY ALAN FRIEDMAN IN MILAN of whom are using the circfe: it can sell highly profit- cereals. yet there is no sign that its earnings accounts, are not acting in concert able products that work, when jxfee AMERICAN Telephone & Tele- The plan is for AT&T to produce deal should provide a boost to Previously, Air Jopling had have started to do likewise. Operat- with anyone else, do notown shares and specification are travelling in graph, the big US telecommunica- toe CBICs at its wafer fabrication SOS’s annual turnover, at present stressed price restraint as the ing surpluses will have to move up wmws in any other name and have no opposite directions. Of course, the tions group, yesterday announced a plant in Reading, Pennsylvania. just above S300m. principal of achieving pro- quite fast to offtet the increased in- commercial interest in tire outcome. refusal to manufacture removes five-year international agreement Packaging (assembly and testing) duction cutbacks. But recently he terest burden, while the cost base AT&T says that, while the deal is There again, it may not Those in- need for margin to be retained with SGS tinder which Italy's lead- will be dime at Reading and in has been underlining the need for a any increase definition, have still looks overweight An worldwide, it expects to develop “a — vestors must by for capital requirement; and, any- ing state-owned semiconductor Bangkok and Singapore. All pro- package of measures including of 2 per cent in broadcast operating strong position in the European - paid over the odds for their equity way, Amstrad has managed to plug company will Mp to develop and ducts will be (hstributed worldwide price ctisripline to tackle the revenues fn the fourth quarter is ac- 1984 1985 TO market" and precedent suggests that share- into a less price-sensitive stage of market AT&T bipolar integrated by SGS, under toe SGS trademark. surplus. companied an unpromisiiig 12 holders who are happy for their Itehomecomputingcyrielactoitixt- fay circuits and high-voltage arcuits. Some other EEC farm ministers income. The agreement does not exclude The US group is expected to an- identify to be known do not shelter per cent drop in net in particular Mr Ignaz Eechle of ental Europe. Yet this would be use- Mr Matthew Sagal, AT&T's New nounce soon plans to open its first similar deals between AT&T and behind Swiss nominee accounts. - isweD out of its in- York-based director of international West Germany - have made it less without a few new tricks' Am- No doubt CBS other companies. The target is the co-ordinated Europe-wide sales and Amstrad that they would prepared To postpone the meeting whOe strad has brought to the business^ volvements in toys. movtes and soft- strategy, said yesterday that he marketing centre, based in Munich, known be global bipolar amnt market which seasonal these en- hoped toe agreement would yield to consider restrictions on cereals this is sorted out would serve no whether by balancing de- ware; paying to entfrom - where AT&T already has a design j is valued at about S4bn a year or - all-year word-proces- tertainmeptahas abig chunk Annual sales of aboot SlOOm “in the output, possibly in the form of quo- useful purpose but, failing proper mand say of taken centre. | 1 roughly 18 per cent of toe $25bn glo- sgwjngt Christmas af sharehokfers funds in the boosted fetter part of the five-year period." tas as applied to milk production disclosure, the aggregate 20.33 per sors confuting out bal integrated circuit market The - perfectlypos- The products would employ comple- Mr Sagal stressed that the appli- two years ago. This, however, is still cent should be discouraged from toys or by committing a foreign pastfew months. It is main competitors already selling bi- that shmmipg- mentary bipolar integrated circuits, cations of the new.prodocts would being vehemently resisted by Mr voting. If disclosure Is forthcoming, distributer such as Searsin the US sible tire combined polar arcuits include Texas Instru- GBICs, technob go beyond the telecommunications Jopling. all will be welL to picking up the residual invento- down and gearing-up process® will by word or a “unique AT&T Semiconductor, ments, National hag produce racier results before ogy" which had, for the past 20 sector and were also aimed at in- Officials said yesterday that his Mrs Thatcher insisted ry. Disappointed shoppers are infi- some Philips and makers. Japanese " recent years, only been applied internally dustrial manufacturing, including suggestion of a voluntary scheme to throughout that Westland's fixture nitely prrferable to the sort of stock long, according to Wall marginal should be decided by its sharehol- crisis that hit Sinclair and Acorn in Street doctrine; if not, shareholders processor in toe manufacture of AT&Tpro- Although SOS's fundamental re- toe automotive and consumer elec- encourage farmers on sponsibility will marketing, the tronics fields. fend to quit cereals production was ders and so it shalL By all 12 of 1984. can presumably expect less gentle- ! ducts. be simply erne option, and few details them. The question now is not so much raanly action from Loews. By Jason Crisp in London had been worked out It would prob- AMSTRAD, the British computers ably resemble the European Com- and consumer electronics group, Court challenge CBS profits slide but mission's proposals for an EEC- 1 yesterday reported pre-tax profits wide “outgoers scheme” for milk, of £27Jim ($38.8m) in the six by Minebea’s Loews raises stake under which dairy farmers would months ending December 31, some be paid to give up milk production. £7.5m more than in the whole of its Mr Jopling is expected to propose last financial year. foreign suitors BY WHJJAM HALL IN NEW YORK the idea to EEC farm ministers The figures were considerably CBS, the US broadcasting and en- per cent buying 96,000 shares at when they bold their first discus- By Ctarios Batohefor fn London by higher than expected - almost three tertainment group whose share $110 on January 23. Loews Corpora- sion on this year's farm prices later times last year's £9.5m - and the TRAFALGAR HOLDINGS, toe US price continues to be buoyed by tion, which helped CBS fight off an this month. He may see it as a way shares rose 50p to 342p. Mr Alan group, and Glen International of takeover speculation, yesterday re- unwelcome takeover bid from Mr of heading off the mounting pres- Sugar, chairman, managing direc- the UK have applied to a Japanese ported a 32 per cent drop in 1985 in- Ted Turner, the Atlanta-based me- sure - both within the EEC and in Whereweryoiire tor and founder, saw his 50.4 per court in support of their takeover come from continuing operations to dia entrepreneur, last year, had ear- Britain - for compulsory restric- going, cent stake jump in value by some bid for Murebea, toe Japanese ball $202J>m or $7.27 a share. lier agreed with CBS that it might tions on caeals production. bearing manufacturer. its stake in company to 25 £27.5m to £188m yesterday. The group’s fourth-quarter earn- raise toe The minister also made dear that t- Trafalgar-Glen. the goingis easi6a?witli Amstrad'sAmstrad’s success was due to1 be the joint-venture percent tire issue of alleged “discrimination” ings from continuing operations fell ter-than-expected safes of company representing toe two Mr Thomas Wyman, CBS chief i against Britain could become a big home by 50 per cent to $55-5m, or $233 a computers in overseas markets and predators, filed a suit in toe Nagano executive, said that “1965 was a sticking point in this year's farm share. At toe net level, toe group’s Ttika.i ~Ra.nk. very demand for its low-cost district court on Monday in an at- year of dramatic change for the me- negotiations. strong fiullryear earnings fell 87 per cent to mice The European word processor launched last Sep- tempt to block the proposed merger dia industry - highlighted by in- Commission's price proposals aim SZ7.4m, or 81 cents, cm revenues j tember. Sales in the first half al- of Minebea with Kanemori Compa- tense activity in the merger/take- the impact which rose 2 per cent to $4.70bn. to soften of some mea- most doubled from £69m in the last ny and to nullify toe bulk of Mine- over area and difficult business con- sures on particularly small farmers, Entering a new market? Trying to get the most out ol ari old company says that toe de- financial year to £128m, and mar- bea’s private placement of Yl6bn The ditions. We are pleased to preserve of which there are very few in cline in net income was primarily gins also improved from 14 per cent (S85m) of convertible bonds. CBS's independence by successfully Britain. one? Tokai can help. With 40 international offices decision discontinue its and more than to 21 per cent Trafalgar-Glen also intends to file due to its to defending against a hostile take- theatrical, film and home com- Overseas sales now account for today with toe Japanese authorities toy, over attempt and to provide sub- puter software operations, in the 1.100 correspondent banks, we give you fast access to a world of 58 per cent of turnover, which is ex- a notice of its intention to acquire stantial benefits to our sharehold- quarter. pected to rise to 65 per cent for the more than 10 pm* cent of Minebea’s third ers through the recapitalisation Aquino spurns full year, with France, West Ger- capital stock. This would be the Although toe figures were disap- programme." information and analysis. Our advice is tempered by over 100 many and Spain as the most impor- first time a foreign group, not al- pointing, CBS shares rose S4K to Mr Wyman said that, having advisory role tant markets. ready associated with a Japanese SI18% in early New York trading streamlined the company's busi- years of experience. And we have the financial resources to put Most of its overseas sales are company, had made suck a filing yesterday. This followed the an- ness and focused on three core op- under Japan's Corpora- under Marcos computers, but the company is now foreign exchange nouncement that Loews erations, CBS was in an excellent your ideas into action. and trade control laws, Glen increased! its stake in toe competitive pngrtinn to "capitalise planning to sell audio equipment in said. tion had Continued from Page 1 * ing countries where it is wefl-known. Glen and Trafalgar, both invest- company from LL9 per cent to 123 on 311 ccoDomy- Tokcti can also guide you through, fhe intricate Its subsidiaries or agents in coun- ment groups, launched their bid - situation was controlled by tire elec- Japanese tries such as France and Spain as the first contested offer for a Japa- tion officials,” he said. He did not well as Scandinavia are setting up nese company - in October cm toe charge Mr Marcos directfy with market And because we maintain strong connections with the manipulating tire count, separate division to sell audio basis of a sizable stake held in the Westland rescue vote although form of Minebea equity, convertible he pointed out that be must bear re- equipment entire* spectrum of business and governmental interests, we can bands and warrants. The bid values sponsibility bs he was in charge of Audio and video products now on- Continued from Page 1 Minebea at about SL4bn. the Government ly account for 16 per cent of turn- oiler almost unlimited access. Trafalgar-Glen alleges in its law- The tender attracted only 4^6 per Mr Bristow claims he was offered Earlier tire White House's appar- over compared with 96 per emit less suit, which is against Minebea and cent, well below the necessary 20.2 a seat on the Westland board if he ent “tilt" towards Mr Marcos drew a than two years ago. Mr Sugar said So lor Tfpjftisha nrwwpu n — which is con- percent needed to trigger the offer. agreed to sell his shares before last thinly-veiled warning from. Mrs everything from local bond issues to globed. he expected a “tremendous growth" y trolled Mr Takami Takahasi, Mr Horae, who intended to use the month's shareholders meeting. Tim Aquino. “Do not make the mistake, in audio products in 1986 as a result by president of Minebea - that the con- tauter tactic to help block the Si- meeting was attended by Sir Gor- rn the wame of shoxt-sigfated self-in- computerized banking, talk to Tokai, of the move overseas and the And see how we can make vertible bond issue was intended to korsky/Fiat plan, said: "No wonder don, Sir John, and Mr Hubert terest of coming to the support of a launch of two low-cost contact disc dilute the Trafalgar-Glen holding in the tender failed with 84 per cent of Fame, the senior executive vice failing dictator," she declared. systems which become available the going easier for you Minebea and did not serve the nor- toe Tympany held in 12 hands.” president of United Technologies, Denouncing Friday’s “shameful next month. mal fiwnwnftng needs of the compa- In a separate development, Mr Sikorsky's parent Both Sir Gordon electoral fraud," Mrs Aquino said Background, Page 24 ny- Alan Bristow, file former helicopter and Sir John deny this. that, in this time of need, “we will sassLsiaEK ®nm opi i operator and staunch supporter of team who our real friends are. Un- Last night, Mr Faure issued a HMliiMiOav HtMnrMW the European rescue, disclosed that derstand that we have won and statement saying that no offer was we he was considering legal action will take power.” made to Mr Bristow before, daring, against Sr Gordon White, chair- As she around left- arid Weather or after the shareholders’ mpotfag. spoke, 3,060 man of Hmspri Industries, toe US wing protesters bearing red flags arm of Hanson Trust, over remarks *T have consistently refused to* demonstrated m the centre of Mani- m C f •C “F concerning a meeting at Qaridges make any rnnwittmant to Mr Bris- la against what Grey called “dector- C 10 SO F IS SO month. tow," he said. fraud s -Z 28 5 a in feat al and terrorism.” 32 C 15 53 c a Their Leaders said planned a ' .• they . 'I* ' . . :j F 5 41 MritataM C so -s a series of protests to culminate in a itata^TTViimfl-rr C -5 23 tamo* t »C 18 81 Aj-' national strike on the day- Mr Mar- Batf* s S 18 U 6 I 34 Shcharansky flies to Israel Suntan F f -8 21 c a as cos is proclaimed President. Bmu F Hsnml Si S -8 21 o is a Mrs Aquino a signifi- C 8 32 s -a a Continued from Page 1 Bftrtt s C B 32 Hrid) Si C 21 70 cant appeal to the military and the Bril S C -4 2fi Mob S C 18 84 nevertheless seen in Jerusalem as year-old activist who has been in police to uphold tire interest of the Burnt 5 S 18 84 lari c an important gesture of goodwill by jail since 1962. republic and its ritiaens. “The na- 5 S -S IB Sum 5 Me African President P. W. Brins S S 2 38 wNU C Moscow. South tion and I are convinced that you | Borah F 12 64 ItawTri C C 3 37 Botha, in a surprise statement a know tire real score," she declared. 41 C -8 71 Brim Si C 5 • In Johannesburg, the South forthnighl ago, said that Mr Mande- Meanwhile, one of Mrs Aquino’s a fas s B a 84 C 7 45 African Government said that Air might be released on humanitar- Om S £ 0 32 F 12 54 la key political backers. Svelte Javier, Mandela, Option S F 25 71 S 5 41 Nelson the imprisoned ian grounds if the Soviet Union re* was shot dead by masked men in Si -7 Cum C 3 a 82 19 Made nationalist leader, would not leased Mr Shcharansky and Mr An- the central province ofAntique. The fnyrrr - f 14 87 F -3 27 be freed as part of the spyex- Sakharov, nuclear physi- Chop C C 1 34 3- 0 32 drei toe murder follows tire killing of a bkgm S ririfrin C 17 83 baa* a change. The -Justice Ministry said cist, and if Angola freed South Afri- young Aquino worker in Manila on Ce/obga 5 ItaHtoV-S -3 71 release of Mr Shcharansky AnrfqpjfiaiMQ'pBtanfafr the did can Capt Wynand du Toit, teld Monday. Some 107 people have now Corfu C Mriri S 5 <1 not meet South Africa’s conditions unsuccessful raid on oil died in incidents Oris F Item S B 48 C-Oufc IHMsta F4ri H-ttal fj4oj ft-fata since an election-related Brin C Irian F IE 81 S-SosS-Om Sr-Sm* Hknftr for freeing Mr Mandela, the 68- instalfetions last year. tnnrp the campaign "began . . - , Property Matters to SECTION II - COMPANIES AND MARKETS FULLER REISER Chartered Surveyors London; City & Ytcsi End Sheffield Edinburgh. , , FINANCIALTIMES Associated offices ffimughoat USA and Canada TeL 01-3536851 Telex 25916 Wednesday February 12 1986 Scherlng sales rise 7% Gander crash airline files for Chapter 11 Justus* «ien BY OUR FINANCIAL STAFF Dornier ARROW AIR, the Miami-based car- committee was "determined to pre- of the carrier’s aircraft, saying that its 500 employees are due be laid to than rier, filed yesterday for reorganisa- judge" the outcome of a Canadian unapproved spore parts bad been off. 5bn the more Since DM tion under Chapter 11 of the US investigation into the disaster, used. Gander crash. Arrow plans bankruptcy code in the wake of the which happened soon after take-off The Chapter 11 filing will not af- has faced a barrage of criticism, ad- BY LESUE COUTT IN BERLIN crash of its DC-8 airliner in New- from Gander airport. fect insurance coverage or potential mitting soon afterwards that the foundland last December. The airline also cited what it payments related to the Gander aircraft concerned had been in- expansion SCHERLNG, .the West German frtim tiw [qtrpdrwli^n of XtS sector, rose 4 per cent to l-4bn DM Arrow Air's filing was accompa- called an "unwarranted announce- crash, bat wiR give the airline pro- volved in two mechanical emergen- pharmaceuticals and chemicals birth control pills in the US under a while industrial chemicals were nied by bitter complaints about a ment? by the Federal Aviation Ad- tection against business creditors. cies at take-off in the preceding six By John Wlcka In Zurich group, Kfted sales by per cent last nwriwifag with Ameri- down per cent to 891m. . 7 agreement 1 DM The US congressional committee inves- ministration that Arrow had used Arrow will continue operating months year to just over DM 5bn (S2.lbnj.lt can Producta. company said thfa division was af- Borne tigating the crash, in which 248 US unapproved spare parts in main- cargo and charter flights but all The airline said adverse media MR JUSTUS DORNIER. the Swiss- said profits, although undisclosed, fected mainly the slowdown in M Sobering's foreign sales rose 7 by soldiers and eight crew died. taining its DC-8&. At the weekend scheduled passenger services have coverage seriously affected advance based industrialist and former were improved over 1984, when US industrial activity. per cent to DM 42bn while domes- Arrow said yesterday that (be the FAA temporarily grounded 10 been halted immediately and 400 of bookings shareholder of the German Dornier group earnings rose to DM 138m group, is setting up a Zurich compa- tic turnover was up 5 per cent to Turnover in speciality chemicals and an increased dividend of 24 per ny to control and Avpniwi his inter- DM 883m. rose 6 per cent to DM 302m while cent was paid. national interests. sales increased the electro-plating division re- >,r The "West Berlin-based company Pharmaceutical Justus Dornier Holding will take corded a IS per cent increase to DM UTA lifts by year to reach even 11 per cent last DM to break said a fall in its hopes growth rate in fixe Amax over his controlling shareholdings 331m. This was achieved despite a course of last year resulted 2.11m, with oral contraceptives, 1 * • - mainly in the light-aircraft company Gyro- contributing strongly to the growth. worsening- situation in the electron- from the drop in the valne of the flug, of Baden-Baden, and in the industry. ! Birth control pills made up a quar- ics earnings - dollar and other currencies in rela- after record loss in 1984 Swiss company Sitesa, of Biases, .V^S? ter pharmaceutics! turnover and tion to the D-Mark. Sobering cur- of Sobering's investments rose 30 which makes equipment for the Scherlng has plans to introduce an rently does 19 per cent of its world- per cent last year to DM 364m. In- semi-conductor industry. improved “pflT in the US within a BY KENNETH MARSTON, MINING EDITOR, M LONDON wide turnover in the US compared vestments abroad were up 38 per forecast Mr Dornier, who has minority with 17 per cent in West Germany. few years. It is the third largest pro- stokes cent to DM 165m and in West Ger- the diversified natural higher income from gold at the new and contains coal reserves in excess in other German and Swiss contraceptives In AMAX, US An undisclosed loss was made by ducer of oral By Adrian Dicks London operations, many rose 24 per cent to DM 199m. resources company, aims to break Sleeper mine in Nevada, which of 100m tons, with scheduled annu- plans to add further the company’s operations. This worldwide. US The main foreign investments were UNION de Transports Amiens, even this year after losing a record should qpen in May, and two small- al production of 1.5m tons. companies to his portfolio. The was described as the result of the Sales of pesticides and herbi- at the FBC subsidiary in the UK the French long-haul airline 80 8821m, or S9J5 a share, following er gold mines operated by the 45 Amax says the acquisition will in- most important would be an inter- -weakening dollar **nd increased cides, second largest and at Shares est in the Canadian aircraft concern the group’s Chemical in the US. per eeot owned by Chaigenrs, the write-offs of S350m in 1984. per cent-owned Australian Consoli- volve no significant initial cash in- transportation and industrial Mr Allen Born, the president and dated Minerals. vestment The assets will be Conodair, now the subject of nego- in group, has revised upwards Hs chidoperating officer, who has suc- Amax is also anxious to take ad- acquired primarily through long- tiations with the Government Ottawa. net earnings forecast for 1988 to ceeded Mr Pierre Gousseland. said vantage of its large accumulated US term lease arrangements. Mr Dornier says is "hopeful" SE Banken profits static as FFr 750m '($102m) - 25 per cent in London yesterday he did not an- tax losses, which can be applied on- At the end of 1985 Amax’s total he above the FFr 600m forecast by ticipate further write-downs this ly to domestic income. Partly for debt stood at Sl.fibn, Mr Born hopes about the outcome of the Canadian UTA two months ago. year. that reason, the company has to reduce it to about SlJZbn by the talks, which might be completed by Mr Rene Lapantre, chairman, He based his hopes of break-even agreed to acquire from American end of this year. The net asset value the end of next month. He also borrowing increase Electric Power Price un- is or made a bid for the Canadian De Ha- costs said in London that about FFr in 1S88 on a drive for greater effi- the River of the company around 5700m. , villand concern, but that was subse- . -"-Wn 340m would be accounted for by ciency and cost-cutting. He does not derground coal mine near Helper, 510 to Sll a share, but no early re- ' '*•• • . •"Ai.jgs quently acquired by Boeing,- BY DAVID BROWN IN STOCKHOLM a previously known insurance expect significant improvement in Utah. sumption of dividend payments is Head of the new company will be payment from an aircraft lost in base metal prices, but is looking' for It is to be reopened after a year being considered. SKANDINAV1SKA ’fatHMn Bank- rowing costs last year rose by SKr • GCtabanken, the fourth-largest but that the rest would re- Mr Dieter Stenner. a former execu- •• 1984, •- •iUi.t asjp. en, Sweden's leading commercial 500m (386.6m). Swedish commercial bank, reports tive of Dornier Reparaturwerft, of sult from operating profits re- . a sharp SKr 199m rise in operating Munich, who has had links bank, repeats stagnant operating The bank's Swedish subsidiaries fleeting predicted 8£ per eent dose " : • lii- C "i* profits for but plans to in- per profits to SKr 572m, which H attri- with Canodair. 1985, increased their earnings by 26 increase in sales. IBM launches six computer models - J crease ttsefividend. cent while the foreign subsidiaries butes to higher domestic and inter- V5CS; During 1986, UTA intends to i *»»« . national. The group- suffered- becaose of more doubled their profits for commission income a improve its fleet to three Boeing BY PAUL TAYLOR IN ffiW YORK the Swedish central bank’s tough the significant drop in credit loss provi- year. 747-309 aircraft, winch combine Nokia profits soar monetary policy, which pushed in- A 7 per cent decline in net inter- sions. 260 passengers with 45 tonnes of IBM, the world's largest computer its new 3090 series, with doable the frame price cuts on the fiercely terest rates to record levels last est TTHYime was more than compen- The group proposes to increase freight capacity; one aD-passen- group has announced six new com- storage of its two existing 3090 mod- competitive US mainframe market v • ' to May in an effort to contain a crisis sated for per cent jump in the dividend on ordinary shares by puter models including two addi- els, and introduced four high- remains uncertain. IBM's competi- 59% FM 542m " ; by a 10 ger 747-300; and one aD -freight “ aj. SKr of confidence in the. krona.. commission and other receipts. 1,75 to SKr 8 and to rewi ntoi n 747. Lapantre restated his in- tions to its mainframe series. It also performance replacement proces- tors say the company had already -•" "'*• Mr By OM Virtanan In Hstsinid • dividend announced sharp reductions in the sors for its 4381 line. price of Despite a subsequent earing in Overall, costs rose well in excess of an unchanged on terest in tire Airbus Industrie been discounting the posted Vi, preferred shares. listed purchase prices of its sorting, 3090 orders. NOKIA, the Finnish diversified in- rates, SE Banken said overall bar- income. proposals lor A-338 and A-340 - -IBM said it was reducing the models to win How- mainframe computer range. ever, price the dustries group, saw its profits climb long-haul aircraft, although be price of its 3090 series models by the reductions on " "• •‘-wipct*- company the moves lift 59 per cent last year to FM 542m said new aircraft would have to The said about 20 per cent to S4Jm from $5m older 308X line might help to ' * (S10L5m). Group turnover of Fin- L:rt*3: demonstrate dear advantages would provide cheaper alternatives for the model 3090-200 and from sales of these machines, which in- • -• il!r:?r4J2 for new customers and for those up- dustry executives say have been land's largest privately' owned in- Texas Oil Computervision loses over the present Boeing 747 and 59.3m to SSJim for its most powerful grading dustrial company rose by per McDonnell Douglas DC-16. from current systems. IBM, mainframe, the 3090-400. harmed by the rapid roll-out of the 18 which dominates the market for series cent to FM llbn. .7r.ri-.c UTA is confident of being able US 3090 and by plunging market Hie price of its 308X mainframe merger plan large mainframe computers with an prices for used equipment Nokia’s biggest industrial divi- to pay for its new aircraft out of $21.8m in quarter series, the 3090’s predecessor, is cut estimated intro- sion, electronics, also produced the eash Dow in addition to achiev- 79 per cent share, The introduction of the two entry- ' by up to 21 per cent r rr. duced two “entry single- models fastest growth. Its turnover rose 41 wins backing BY OUR FINANCIAL STAFF ing a farther strengthening of level" level 3090 further broadens mainframe per cent to FM 2.502m. the balance sheet in 1388 drat processor machines to The real impact of IBM's main- IBM's mainframe product range. COMPUTERVISION, the US pio- Much of the fourth-quarter loss is should see the debt-equity ratio. »h*V TEXAS OIL and Gas shareholders ’ijt'f* ; computer-aided derign- and to- an unusual 8141m charge have approved -a proposed merger neer of due improve to better than UL •.7. manufacturing (CAD/GAM) sys- covering reserves for adjustments with US Steel by more than two to Onggenre last yeargedneed fa . ' losses in in asset-carrying values and for dis- ohe, Bader rcportsIrainDallas. tems,has reported further stake in UTA to f® per centfrom the .fourth quarter. The deficit of po sal of excess facilities. 90 per cent to hdp to finance its - Tim merger,' width bas m&t with S2L8m, or 78 cents a share, com- However, the company is experi- interest in the planned fifth disapproval on Wall Street, was pares with net income of S14Jhn, or encing an upturn in orders and re- French tdevistoa channel in co- Oil share- worm 5346bn to Texas ported its second consecutive quar- 52 cents, a year earlier. operation with Mr S3vk> Bertas- This announcement appears as a mailer ofrecord only. holders when it whs announced on' ter of positive cash flow. conL Mr Lapantre said three October 30. US Steel riock has since Star the year, net losses totalled Mr Robert Gable, president and were no plans for Qraigenre to dropped morethan 17 per cent, low- against 880.7m, or S2R2 a share, net chief executive, said that as a result reduce its stake in the airline ering the total value of the deal to income of 847.7m, or $186, in 1984. of the company’s reorganisation further. New Issue $2J5bn. Revenues fell from £556-3m to and restructuring, operating ex- U.S. $125,000,000 Texas (Ml last year suffered its 84411m for the year, and from penses in the last half of 1985 were years. $163Jha 81172m for the quarter. down 19 per cent from the first halt first earnings drop for 27 US lift-truck maker reports JOINT COMPANY ANNOUNCEMENT further losses FREE STATE GEDULD HUB LIMITED (FS6) By Our Financial Staff Province of Manitoba Registration No. 05/26324/06 CLARK Equipment, the US con- (CANADA) PRESIDENT BRAND GOLD MINING COMPANY LIMITED (BRAND) struction equipment and vehicle parts group, has reported its sec- Registration No. 05/32680/06 3 ond quarterly loss in succession. 8 /4% Debentures due February 11, 1991 Series AV with. It also announced plans to pro- (STEYN) . Price PRESIDENT STEYR GOLD MIRING COMPANY LIMITED duce morfhinHIBd interna l Issue 100% Registration No. 05/28210/06 combustion lift tracks outside the US. WESTERN HOLDINGS UNITED (WEST HOLD) Ihe company, based in Sooth Wood Gundy Inc. Registration No, 05/09266/06 Bend, Indiana, posted a $15.7 m loss in the fourth quarter after a Union Bank of Switzerland (Securities) Limited Banque Nationale de Paris MINING COMPANY LIMITEN (WELK0M) pre-tax provision of $23m for WELK0M GOLD restructuring costs and asset Registration No. 05/24464/06 writedowns. Cl&C Limited Credit Suisse First Boston Limited • This compares with a 1984 (All of which are incorporated in the Republic of South Africa) “ Companies ") fourth-quarter net profit of International Limited Kredietbank International (the first four companies being referred to as the Scheme IBf Group SSJhn, or 25 cents a share, after a SL8m tax credit- Sales for the SCHEMES OF ARRANGEMENT AMU RELATED MATTERS Merrill Lynch Capita) Markets:ets The Securities Co., (Europe) Ltd. fourth quarter of 1985 were Nikko and The Stock Exchange in London Members of the companies were informed in $255£m compared with $226&n dated January 29 1986 will cease; a Joint announcement the year before. Orion Royal Bank Limited Richardson Greenshields of Canada (UK) Limited that the shareholders of Brand, Steyn and (ii) the registers of the Scheme Com- For 1985, Clark reported a net West Hold had approved the Schemes of panies will cloie to determine to Arrangement and related matters proposed at whom Freegold and Ofsil shares loss of $8&5m, or $5.16 a share, Salomon Brothers Internationalonal Limited Swiss Bank Corporation International Limited the respective Scheme and general meetings and/or Weikom shares will be after a S96.1m charge compared held on January 28 1986. allotted who will be entitled to with a net profit of $24Jhn, or of these- companies and Westdeutsche Landesbank Girozentrale The Weikom shareholders- approved the cash payments arising on the sale of $L59, in 1984, on sates of $96Um proposals submitted to a general meeting of fractional entitlements; held on the same day' while the Weikom (iil) the register of Steyn will close in The company cited competitive Scheme meeting of F5G was adjourned to Algemene Bank Nederland N.V. Banca del Gottardo BankAmerica Capital Markets Group Bankhaus Hermann Lampe order to determine the persons in pressures on Hit-truck pricing, kumnuiMliiBF5ell«(lMlt II 1986 to be followed by a general February whose names the Freegold shares will iv>fhi Incurred in impl—minting meeting Of'FSG. Bank Leu International Ltd. Bank Mees & Hope NV Bank of Montreal The Bank of Nova Scotia be issued in substitution for their the overseas sourcing pro- adjourned Scheme meeting of FSG, Steyn shares; At the gramme, and rationalisation of of Bruxelles Lambert Banque iterate du Luxembourg S.A. Banque de Neuflize, Schlumberger. Mallet shareholders approved the FSG Scheme of business February Banque SA will be the dose on its automotive components busi- Arrangement in terms whereof it b proposed 21 1986. ness as reasons for the loss. that-. Bayerische Hypolheken- und Wechsel-Bank Bayerischa Landesbank Girozentrale Berliner.BankBank AWlicnjar^rllaJuh Abimfgnrllulult.UliMifgndlKlull (b) THE OPERATIVE DATE in respect oF Some of the loss for file year is (I) FSG . will become wholly-owned, each Scheme, i.e. the date on which: due to a S12m writedown in the Frankfurter International " directly and indirect^ Free Sate Berliner Handels- und Bank Chemical Bank Group Citicorp Investment Bank by Limned Consolidated Gold Mines Limited (i) the Schemes will become operative; thini quarter on VMS, Clark’s will joint venture frith Volvo of Sued- Credit Lyonnais Credit (Freegold). which' in turn (ii) the listings On The Johannesburg Commerzbank Credit Commercial de Franca du Nord Dai-Ichi Kangvo International AktitapneUKlitfll l.nmird ' become held as to more than SO Stock Exchange and The Stock per cent by Orange Free Sate Exchange in London for the Freegold Deutsche Bank Capital Markets Deutsche Girozentrale Dominion Securities Pitficld First Chicago -[Jeuiwlw- Kim iron BjIhMil.- Limited Limned Investments limited (OfsQ); and Ofsil shares allotted to give LimilMf BA® will become share- effect to the Schemes are expected Fuji International Finance Generate Bank Girozentrale und Bank der Osterreicbischen Sparkasscn (iij FSG shareholder! Limited Al1irtiurvllji-h.il holders in Freegold and Ofsil and to commence; Golds merger where so elected m Weikom. (iil) the change of name of Steyn to Goldman Sachs International Cdrp. Great Pacific Capitol S.A. Harabros Bank Limited Hessische Landesbank Freegold will become effective; -LilAMPDIUlP- At the general meeting of FSG, held following backed will be February 24 1986. Hill Samuel ft Co. Levesque. Beaubien Inc McLeod Young Weir International Manufacturers Hanover the conclusion of the FSG Scheme meeting, Umnrd limited Limited Johanno shareholders approved the special ..and .Shareholders of the Scheme Companies will By Jim Jones m abuiH Merck, Finck ft Co; Mitsubishi Finance International Samuel Montagu ft Co. Morgan Guaranty Lid resolutions proposed at that meeting be. informed of any change in - •: ordinary aay of the •. . SHAREHOLDERS of Free State Limited Limited - and .Which related to the Implementation of above dates. Geduld yesterday followed the Nederlandse Cred ietbank NV - Norddeutsche Landesbank Sal. Oppenheim jr. & Cie OsterreichischeLanderbank ' FSG Scheme. the . •Freegold, Ofsil and/or Weikom share iizrtjlf st . (u jte Akumorvl 1 earlier example of holders of hill certificates, where the Scheme Companies' application will be matte to - Accordingly., the . President Brand, President PK Christiania Bank (UK) Lid. N.M. Rothschild & Sons Sanwa International Schoeller & Co. share certificates or other documents of title Limited Supreme Court of South Africa (Whwaters* Holdings and Limited Bdnk*klii-n£*vJlu:Mtbdnkiklii-nj'rwJlirhdt sire surrendered before the operative date* Steyn and Western rend Local Division) (the Court) on February Co. Schweizerischer Hvpotheken- und Handelsbank Smith together with cheques in respect of fractional voted to favour of the merger of J. Henry Schroder Wagg & Bamev. Hams Upham & Co. 18 - 1986 to sanction the Brand, FSG. Sceyn LtmiiHd Inunpordlrd entitlements relating thereto, will be posted the four Orange Free State goU and West Hold Schemes of Arrangement (the on March 7 1986 or within 7 days of receipt mliiw managed by Anglo Ameri- Society Cte iterate Standard Chartered Merchant Bank Toronto Dominion International Sdiemes). If the Court sanctions the Schemes Liitiilrd thereof in respect of surrenders after the then the salient daces will be as follows: can Corporation. operative date except that no documents Vereins- S.C. Warburg ft Cb. Ltd. Westfalenbank Yasuda or T!w merger will lead to Ihe for- Vereins-undund Westbank Trust Europe posted AkliimnvIlMAkliunpocIlM kwhb*h Akl*m*«*ll«rhidi Limited respect cheques shall be before March 7 1986. (a) .THE RECORD DATE in. of each mation of the world’s largest gold Copies Bf this announcement are being posted Februuiy Scheme, i.e. the date on which: . , 1886 " mining mmpany . In the financial to members. " 1 the listings F V Nr N ( i) dealings in and of the year to September 38 the four shares of F5G, Brand and West Hold Johannesburg I Q I Q mines milled a combined 2ft5m on Johannesburg Stock'- Exchange February 12 1986, UUULJL^ The tons of ore and produced 1135 tons of gold. , m C - - sa*** 5i Wednesday February 12 1966 20 Financial Times AND FINANCE M n *£Banc/lvor.arnatatan B8K COMPANIES 7t»a&Bnsiam!ilumct»i m4hweieaiKnKf*sattivO(MKi(JThoSl!KkE*&9tig*it ). Ob February" 198SUm Board of Direc- Trade Finance . Nelprota"!*! tors at Jbe Company l esutred to make a free First Pacific -Trade Services Limited (FPTS), a London fesed confirming; house specialising in US $100,000,000 dmribMim of dure, of ib Caramoo Stock lo Nstpsr stars.. shareholders otiecord at ofFebruary 2K.lttSni international trade finance and related sendees, commenced business in May 1985C For die eight months Japan, at the rue of I new shore for codl 10 ended 31 December 1985 FPTS reported a small loss but is expected to contribute to profits in 1986. durrs h»*± Revolving/l%nh Credit Facility NotproSts 2- Accordingly, the moveroue prior at Nstpsr stars, which the obevr-mtomooed Bonds may br con- ] turns verted into shore* or Common Such of the Compmy will be adjusted rSrctireasaf March L By Order of the Board 19K6. Japan Timr The rocrersion unrein effect Manuel V. PingjlinanPangjUnan Lead Managed and Arranged by . HARRIOTT before Eucb ad^mmrnt n Yen MM 60 per share of _ Common Suck, and the adjusted conversion Mrtthf food MndoM Managing Director pnre will per shin Common Orion Royal Bank limited be Yen 735.10 of 5 February, 1986 iRumuDoceuira Br The Bonk of Tokyo Provided by TVitoi Company FIRST Natprotts ssDumk Ns! per stars.. Banque Nationale de Paris, Chicago Branch Dated February 12. 1986 PACIFIC. Deutsche Bank AG, New York Branch Nat prods, ttatptrata Dresdner Bank AG, Chicago Branch. The Industrial Bank ofJapan Trust Company National Westminster Bank Group This adoartuoMtut is itsutd m compliance mtk thm reqiuromanta ofthe Council aJTha Stock Exchange, St dooa mot MHBfftMB offer of, or invitation to thepublic to subscribeforor to purchase, wayeecmritiMS. I BoitotlUMWter 1888 IBM « The Royal Bank of Canada Group 9 9 Rrarn — — 13d7m iS2ta Swiss Bank Corporation Vtat praftta 23m 12X8ra Natparabma (LOB 1005 oatoi HYDRO-QUEBEC Agent Not prams. 13Jm 4.1m Nstparsta OlV 0.13 I (4n agent ofthe Groton m right afProvmcmds Quebec) ORION ROYAL BANK L!MITH> tics* A member alTTie Royal Barfed Canada Group ¥10,000,000,000 More N. American results on Page 37 61 per cent. Debentures, Series GE, Due 28th February, 1994 Unconditionally guorauteed as topayment ofprhicipaland MtsTsst by Province de Quebec All these Bonds have been sold. This announcement appears as a matter of record only. - Issue Price Miper cent. Thefollowing have agreed to subscribe orprocure subscribersfor tka JDobanturasr 6/oSTKw Yamaichi International (Europe) Limited Morgan Guaranty Ltd Bank of Tokyo International Limited Credit Suisse First Boston Limited Algemene Nederland N.V. Bank Banque Bruxelles Lambert SJi. Banque Paribas Capital Markets Limited CISC Limited Citicorp Investment limited Bank County Bank Limited Credit Lyonnais EUROPEAN INVESTMENT BANK Fuji International Finance Limited IBJInternational Limited LTCB Luxembourg Francs 1,000,000,000 International Limited Merrill Lynch International & Co. MUs,Mitsubishi Trust S%% Bonds 1986-1993 &Banking Corporation (Europe) S^t. Jlfctaui Trust Bank (Europe) SJ1. The Nikho Securities Co., (Europe) Ltd. Nippon Credit International (HongKong) Limited***** Saitama Bank (Europe) S.A. Swiss Bank Corporation International limitedd Takugin InternationalBank (Europe) S^t. Union Bank ofSwitzerland (Securities) Limited** Kredietbank S.A. Luxembourgeoise S.G. Warburg & Co. Ltd. Woodwooa Gundyuunaytnc.Inc. Tasudd Banque Generate du Luxembourg Banque Internationale k Luxembourg Trust Europe Unuted Society Anonyme : Socictc Anonyme °°° conaituziKS^ above taue to be Catsse d^pargne de l’Etat atoinedwiJie ^ ' * • Luxemboui)» will be payable annually in amors on 28th February in eachyear. Thefirst inurest^Xnt /S?** Banque Paribas (Luxembourg) S.A. Credit Industrie! d’Alsace et de Lorraine Particulars of the Debentures and the Issuer are available in the statistical services ofExiel .W^; c Luxembourg lining relating to the Debentures may beobtained in the particulars farm ofan Extd Cardduring usual businax Credit Lyonnais Soci&e Gen^rale Alsarienne de Banque Luxembourg Luxembourg and including 26th February, Banque Indosuez Banque Nationale de Paris (Luxembourg) S.A. 1986: Luxembourg Pitman, Bankers Trust Rowe & Company, Plump* &Dreto, Banque UCL Credit Europeen S.A. Sodete Europ^enne de Banque S.A. 2 Finsbury Avenue, Daskmood House, HMMoargatm, Soriete Anonyme, Luxembourg Luxembourg Luxembourg London EC2M2PA 69 OldBroad Street, London London EC2P2EE EC2M 6XP 22th February, 1986 January 30, 1986 I L . Financial Times Wednesday February 12 1986 21 INTL. COMPANIES & FINANCE International Securities Clearing Corporation R250ra rights A Subsidiary of National Securities Clearing Corporation BY JtM \Otm W JOHANNESBURG been raising IJBKKTY LIFE, Sooth Africa's .American Corporation in its interests in lishes a new life assurance In conjunction with the establishment of onr take third largest life assurance acquiring a controlling interest Son Ufe and in Capital and company, to be called Charter company, we company. Is to raise about is Premier Group, the diverse Counties, the property group. Life Insurance, which will be great pleasure in announcing the following elections: R250m ($114.6m) by means of fled food group, from Associated based the of Liberty is keen to increase on life interests a rights issue of preferred British Foods (ABF), its erst- Guardian National, the South Transatlantic's interest in Sun shares. while controlling Shareholder. African offshoot of Guardian Life above the present level Holders of Liberty's ordinary Last year Liberty joined Grid of Board of Directors some 26 per cent, but has been Royal Exchange of the UK. and redeemable preference Fields of South Africa in under- At the end of Liberty reluctant to do so without the 1983 shares win be offered 15 new writing a R177n> rights issue by had total assets R6.6bn, fuD agreement of Son Life’s of David M. Kelly preferred ordinary shares for Standard Bank Investment Cor- double the level of February Joseph Anastasio C Robert P. Meyjes board. - every. MO .shares they hold. The poration (Stable), which left 1984. when new capital was Vice President President and Senior Vice President ' directors issue price will be decided on Liberty with an effective 24 per The say that these last raised. The group's 19S5 Salomon Brothers lac ChiefExecutive Officer Citibank, .A. M'arr^h cent interest in South Africa’s acquisitions were financed in results are due to be published National Securities Daring the -past three years second largest banking group. part by the issue of short-term in mid-March. During the first Clearing Corporation _ Nicola L Caporale Michael T. Reddy Liberty has been particularly In addition liberty has been redeemable preference shares, half of last year, premium in- busy acquiring what it describes •fltwwring the expansion of which axe now to be converted come increased by 36 per cent General Partner Senior Vice President into John h. Kinnaman Merrill as strategic investments.. . In Transatlantic Insurance Hold- permanent capital. In to R338m and the interim profit Goldman, Sadu & Co. Lynch, Pierce, 1983 it participated with various ings, its 75 per cent-owned addition, Liberty faces a financ- from life assurance operations President and Fenner & Smith Inc. companies controlled by Anglo British subsidiary, which has ing commitment when it estab- rose 24 per cent to R26.4m. Joseph L. Gitterman, III Chief Operating Officer International Securities Fenton R. Talbott Managing Partner Clearing Corporation LaBtanche & Co. Managing Director The First Boston Corporation pre-tax Gerard P. Lynch Stanbic increases profit by 18.8% C. Richard Justice Managing Director Stephen L. Williams BY OUR JOHANNESBURG CORRESPONDENT Executive Vice President Morgan Stanley & Co. Rational Association •Senior Vice President of Incorporated STANDARD BANK Investment RL55bn. Trading profits in- Dr Conrad Strauss. Stanbic’s likely economic trends in South Securities Dealers, Inc. American Stock Exchange, Inc. Corporation (Stable), Sooth creased to R472m from R322.6m chairman, said he remained Africa and that this was one of Africa's second largest banking and Hie provision against these cautious on immediate prospects the reasons for the bank’s Bernard L. Madoff spite Christopher Keith group, increased pre-tax profits for had and doubtful debt de South Africa's apparent cautious approach to bad debt Proprietor by charges was raised to B222m emergence from its worst provision. Senior Vice President 183 per cent in 1985, even reces- Last year the cos! Bernard L. Madoff though management aB but from R112.2m. As a result; pre- sion since the Second World of bad debts was equivalent to New York Slock Exchange, Inc. tax profits rose from Negative doubled the bad debts provision to War. real interest 1.37 per cent of Stanbic’s direct Ralph M. Mastrangelo charge against profits. BZlOAm. rates were unhealthy and could lending, the highest the propor- Total liabilities allowed Operating profits increased to were not be to persist for tion has been since 1977. Senior Vice President RJ&filbn at the year-end long without damaging savings, Earnings per share increased Morgan Guaranty Trust R2J25bn . ($L03bn) from against R14.79bn at the end of be added. to 233 cents from 220 cents and Company of New York RL76fan, before rise in in- a 1984, while total advances were Dr Strauss said it was ex- the ordinary dividend has been terest payments to R2bn from R18B2bn against RlS-lSbn. tremely difficult to predict raised to 71 cents from 62 cents. Officers Gerard P. lynch John L. Kinnaman Richard W. Myers Chang Malaysian KFC takeover Chairman the Board President and Senior Vice Piesident Fletcher All of these securities having been sold, this announcement appears as a matter ofrecord only. Challenge to We ate pleased to announce the following appointments: lift payout By Gordon Cramb Managing Director FLETCHER CHALLENGE, the 3,000,000 Shares forestry and farming group W. BOLSTERU MORION E. WISE HANS which in sales terms is New Geneva London Zealand's biggest company, ex- pects to increase its dividend for the year to June by an Principal effective 25J2 per cenL * ” : r Thd‘ e d m any yesterday : ALANV JANOMEfil p 1 announced a maintained interim - •• ' , I , . - - *:',. j.: ,.Lugono . NewVbrk -jr payout of 10.5 cents a share on capital boosted by a one-for- CEtUS WERNERKAESER three scrip issue made last year. KURT L BGCHEL In addition, it plans a further \fciduz Zurich one-for-five bonus issue at the end of this month, which will Common Stock DOUGLAS D.COY MARKE.SOHN quality for the final dividend. distribution, due in London This London November, is expected also to be held at 12.5 cents a share, EDGAR J.SWAAB thus increasing by just over a London quarter the payment to Fletcher shareholders of more than a year's standing. Senior Vice President Sir Ronald Trotter, the chair- man, said the dividend Shearson Lehman Brothers Inc. announcement was intended aa P. JACKSON LYNN VAN HAREN -SEAN DURBAN “ dear and unequivocal ” sig- New\brk a L. F. Rothschild, Unterberg, Towhin, Inc. . . London nal of the board's confident out- look. But be declined to make MAURICE MULLER GRAHAM L WALKER any specific profit forecast ahead Merrill Lynch Capital Markets London of the release of the interim Geneva results, due in mid-March. Since last November when — Kidder, Peabody & Co. The First Boston Corporation Bear, Stearns 8b Inc. PHIUPPE GIVEL- Sir Ronald warned that Fletcher lncotponted Co. Geneva would have difficulty in match- ing the 1984-85 net profits of Alex. Brown & Sons Billon, Read 8b Co. Inc. Goldman, Sachs 8b Incorporated Co. NZ$180.9m (US$98m) —the group has been acting to ration- Vice Piesident Hambrecht 8s Quist B. R Hutton 8s Company Inc. Lazard Freres 8s Co. alise its businesses. It bas sold Incorporated RENAUD DE FOESTRAETS RUTHGUUN two financial services units and, on Monday, announced Montgomery Securities Morgan Stanley 8b Co. Robertson, Colman 8b Stephens New 'fork London a NZ$26.5m deal under which British Petroleum and NZ Salomon Brothers Inc Smith Baroey^Harns MICHAEL D. MURPHY Industrial Gases are to take Upham 8b Co. Wertheim 8b Co., Inc. London over its liquid petroleum gas interests. Dean Witter Reynolds Inc. Cowen & Co. Sutro 8b Co. On the Wellington Stock Incorporated Exchange. Fletcher shares jumped 18 cents yesterday to ABD Securities Corporation Amhold and S. Bleichroeder, Inc. NZ$3.70, for a two-day rise of SO cents. Fletcher in recent Cazenove Inc. Eberstadt Fleming Inc. BuroPartners Securities Corporation L F ROTHSCHILD. UNTERBERG, TOWBIN, INC. months has, however, been MEMBERS ALL LEADING EXCHANGES eclipsed by Brier!ey Invest- ments as market leader in capi- Hoare Govett Limited Kleinwort, Benson Swiss Bank Corporation International New York, Boston, Chicago, San Francisco talisation — suggested by ana- Incorporated Securibea Inc. London, Geneva, Lugano, Vaduz, Zurich lysts as one factor behind the January, 1986 more vigorous approach detec- ted in the group. JBp°B D-MARK-BAER* JULIUS BAER D-MARK BOND FUND LTD. DOLLAR-BAER •J U LI US BAER U5.DOLLAR BOND FUND LTD. GRAND CAYMAN GRAND CAYMAN Bankers Trust DIVIDEND ANNOUNCEMENT International Capital N.V. DIVIDEND ANNOUNCEMENT (Incorporated In the Netherlands Antilles) On 5th February, 1986 die Directors declared a dividend of On 5th February, 1986 the Directors declared a dividend of U.S4200,000,000 D-Mark 20.00 per share payable on 14th March, 1986 on US-Dollars 30.00 per share payable on 14th March, 1986 issue. Guaranteed Flowing Rato SubonfinafadNotenDu* 1996 all Participating Shares then in on all Participating Shares then in issue. Holders of bearer shares should present coupon No. 1 on bearer shares - Forth® threemorths Holders of should present coupon No. 1 on ' - at the office of the Administrator . 43th February, 1986 to 13th May.'l 988 or after14th March, 1986 or after 14th March, 1986 at the office of the Administrator the Notes wBIcsrty an Interest rateof par cent ' 8946 Julius Baer Bank and Trust Company Limited, Butterfield Julius Baer Bank and Trust Company Limited, Butterfield per annum and Interest payable on the relevant or at the main office of the Interest payment date 13th May, 1988 will be House, Grand Cayman, House, Grand Cayman, B.W.I, or at the main office of the US$202.41 per US$1 0,000 note. Ltd, Bahnhofstrasse 8001 Agent; Bank Julius Baer & Co. 36, AgenL Bank Julius Baer & Co. Ltd, Bahnhofstrasse 36, 8001 jntCTPlfcnW WaMwfcmar Bank PIC Zurich, Switzerland. Zurich, Switzerland London -Agent Bat* By order the Board of By order oftheBoard D-Mark-Baer, Julius Baer Dollap-Baer, Julius Baer Februay 6, 1986 D-Mark Bond Fund Ltd February 6, 1986 US, Dollar Bond Fund Ltd — • . 12 1S8& 22 Financial Times Wednesday February INTERNATIONAL COMPANIES and FINANCE SEK low-cost bond stuns market Takeovers boost Br MAGGIE URRY SWEDISH Export Credit ket, which SEK says is a new slightly higher and prices were for Amex Credit Corporation. profits to acquisition programme (SEK) stunned the Eurodollar technique in the markets adding up by as much as i point as Hie idea was used two weeks ago for bond market yesterday with a as extra dimension to swaps. traders saw the dollar fall Austria. The 10-year BY ALEXANDER NICOU. fixed-rate deal which it claimed The deal was developed jointly through the SFr2 to the dollar bonds pay a coupon of 8 per at Aga shares so that it will not to give a cost of funds of more by SEK and Bankers Trust. rate: cent which compares with levels HAWLEY GROUP, the service attempted to clean up its image, ence By Kevin Done. Nordic Editor, in the balance than 200 basis points below Otherwise the market was Generate Ocddentale's new of around 6} per cent on stan- industry concern with interests selling off non-core interests show up as debt In Stockholm also therefore the tbe level which could be quiet again yesterday though SFr 125m 10-year issue ended dard Euroyen deals at present. in the UK and US, yesterday buying out quoted minorities sheet, and is in a string "Euro- achieved through a standard prices rose following the its first day's trading at 984 Tbe issue price is 101. AGA, the Swedish industrial announced a 580m issue on the (and issuing equity only to do latest ” But it has many swap transaction. Other bor- strength of the New York bond compared to Its 99} issue price. Redemption will be at par if gas and refrigeration group. Euromarkets ‘ of preference that), and calling a temporary equity issues. rowers will undoubtedly want market. Secondary market exchange the fihanwaerisws » con- Tbe coupon is 5} per cent. the rate at maturity increased its profits last year shares convertible Into common halt to its run of US and UK of to follow SEK’s example to prices gained up to i point, Nlsshln Steel is raising is Y171.30. If the yen rises by 45 per cent to SKr 910m shares of the company, which is acquisitions. vertible Eurobond. nsuch cheap while issues lagged the rise further Suisse First obtal funds. new SFr 150m with a seven-year than that, the redemp- (S121m) from SKr 628m. in domiciled in Bermuda. Hr David Hammond, finance Led by Credit as syndicate managers sold floating-rate note, the first in tion amount will be less and if of prefer- The bond issue is if anything 1984, helped by the take-overs The issue, which received a director, said yesterday: “ Ifs a Boston. It la I5*ev the inves- paper to investors. this since last summer. the yen does not rise that far or mar- shares with an expected generous in yield to market of Uddeholm and Tresor. favourable response in the fair assumption Out we’re not ence Deutsche Bank had a success Citicorp (Switzerland) led falls, the redemption value will per cent, tors. The terms on the $200m Bank Tbe group now plans to raise ket, follows hard on the heels raising money to finance exist- dividend of 84 to 9 D-Mark market with the issue which a coupon be greater. An exchange rate SlOOm facility premium of 20 five-year Issue were set at a in the a pays its dividend from SKr 3.67 to of a bank credit ing operations.” Hie company convertible at a cent coupon and bond-and-equity-warran ts pack- of only basis points above at maturity of Y152 to the dol- above, the market 83 per 100} five SKr 4 a share for the year. It syndicated In the Euromarkets would be looking for buying to 24 per cent issue price by Bankers Trust age. The package was priced six-month Libor for Swiss lar would give a yield to the terms are was exempt from the govern- last year. opportunities in both the UK price on the day International. With fees of It at 120 and traded around 130. francs. This is the lowest margin maturity of 6} per cent, the freeze. was interpreted in the City ment's 1984 dividend It and the US, he said, but had no fixed. per cent the yield was 39 basis The DM 710m issue comprises yet seen in this market, though same as a normal Euroyen Uddeholm, steel signalling that Hawley will the the tooling as specific targets is view. Its Investor? may redeem points above US Treasury 10-year bonds paying a 6} per the return to investors is still issue. Some investors prefer power company, Tresor soon resume its acquisition pro- and and central businesses are cleaning, bonds la -IMS at a premium bonds, a wider spread than SEK cent coupon. Each DM5,000 generous compared with the to take a higher running yield accounted for SKr 150m of the gramme. yield security services, home im- which will give them a usually offers, and the issue bond carries two warrants to Eurodollar sector, thanks to and are prepared to take the ex- increase. Hawley, headed by Mr one provements and travel. to redemption -at about was trading inside the fees. buy a total of seven Deutsche fees to co-managers of 1} per change risk. The take-over of Uddeholm Michael Ashcroft, has grown Hawley opted to tap the Euro- percentage point above the The spread over Treasuries Bank shares at a price of cent. In the Luxembourg franc pri- has helped to strengthen the rapidly over the past few years may markets. he said, because it dividend yield. Hawley would normally give a swap of DM 793, slightly below the Banque Paribas (Suisse) set vate placement market two Aga group’s finances and the but has worried the City If tbe wanted to attract the widest require conversion about 20 or 30 basis points DM 799 closing price yesterday. tbe terms for Societe Cofi route’s deals are being arranged. Union company is significantly increas- because it has financed its per possible range of investors. It market price exceeds 130 below Libor. The shares are close to their SFr 225m 10-year issue at a 58 Bank of Norway is raising ing the tempo of its capital acquisitions with frequent share already been attempting to cent of the conversion price. Other syndicate managers year’s low of DM777. They per cent coupon and par issue LuxFr 300m through a six-year investments. issues. There were also concerns preference shares peri- increase tbe US-owned propor- If all the gaped in disbelief at the news have been as high as DM 920 price, a higher price than the issue with a 9 per cent coupon Investments in fixed assets about many apparently the resulting of its equity, which has were exercised, of the swap and were eager already this year. indicated 994-Soditic announced and par issue price, led by exceeded SKr lbn in 1985, com- pheral interests, the fact thnt tion to - shares would account sub- now reached about 15 per emit. common find out how it had been Deutsche Bank is the sole an increase from SFr 100m to Banque Paribas (Luxembourg). pared with SKr 711m in 1984, it had several quoted of exist- Yesterday’s issue, which for about 20 per cent worked. Bankers Trust was lead manager of the deal which SFr 140m for Inco's 10-year E lira tom. the European com- and Mr Marcos Storch, chief sidiaries, and about its account- of ex- requires the approval of exist- ing and 17 per cent keeping the details secret, no pays fees of 2i per cent. issue which was priced at a 5} munity atomic energy authority, executive, said that capital ex- ing methods. has ing shareholders, is of prefer- panded equity. doubt wanting to repeat the The West German market was per cent coupon and 100} issue is also raising LuxFr 300m with penditure could reach around More recently, Hawley performance for other bor- quiet otherwise with the price. a bond maturing in 1992 but SKr 1.5bn in 1986. rowers, though there appears to carnival celebrations contin- Nomura International re- with a 5.3-year average life. The The company has decided to atmospheric gas be no risk to it or SEK. The uing. Prices were little changed peated its structure of a Euro- coupon is 82 per cent and the build five $47hn raised swap seems to involve a com- in low turnover. yen issue with redemption in issue price will be set today. plants in Sweden. West Ger- OECD reports decline in many. France. Brazil and Colom- plex series of transactions In the Swiss franc foreign yen but fixed to the yen/dollar Lead manager is Societe Gene- Drexel using the “forward" swap mar- bond market volume was exchange rate, for a Y20bn deal rale ALsadenne de Banque. bia. The group is still aiming by to add some 15 per cent a year international borrowing in the volume of its liquid gas in 1985 capacity, which indicates a BY PETER MONTAGNON, EUROMARKETS CORRESPONDENT doubting of capacity every five By Our EwonwriMCt the internat- December and S4bu down cm years. BORROWING IN Correspondent in January 1985, while note issu- Growing US interest in Australasian issues Aga group turnover totalled ional capital markets slipped Sl.Tbn Lambert, January to $18.4bn from ance facilities slipped to DREXEL BURNHAM SKr 9.75bn in 1985 compared with J8.4hn in growing US investment BY PAUL TAYLOR IN YORK 325.2bn in December and compared the fast NEW with SKr 5.6bn a year earlier, specialises $21Bbn In January last year, ac- December. _ banking house which before the takeover of Tresor Tbe OECD reports that sooalled junk bond financing, THE Antipodes appear to have interest in the US in nondollar of their high yields,” says Mr cost. Hie combination of and Uddeholm. cording to figures released yes- in terday by tbe Organisation for dollar - denominated issues has announced that it raked become particularly fascinating investment vehicles. Mr Nicho- Sargen. Australian dollar borrowings In the new Aga group, the Economic Co-operation and totalled $8.5bn in January, more than $47bn in the US to the US credit markets las Sargen, writing in Salomon The attractions for tbe US and currency swaps has pro- gas operations accounted for Development. accounting for 62 per cent of capital markets last year. in recent weeks. Since late Brothers’ Comments on Credit, issuers are somewhat more com- duced attractive cost of fund sales of SKr 4.68bn, the Frigos- surge in activity in inter- overall volume in external bond January eight Australian dollar notes, “Since the beginning of plex. On the face of it, borrow- equations for the US borrowers. candia refrigeration operations A The company said it led 223 national bond markets was not markets. denominated US' . issues . have this the issuance of non- ing at below money market For example a typical Austra- financings la 1985 for year for SKr I.6bn, Uddeholm tool- the notes corporate been launched totalling domestic rates looks tike a big bonus enought to offset a smaller In its report OECD bn, A$975m dollar bonds in the lian dollar floating-rate note steel and steel trading for a total of $20 .6 indiufing ing volume in syndicated Euro- that the pace of early repay- (US$691m) together with the US market has rivalled that of but 90-day money in Australia swapped into US dollars pro- power generation S13.3bn in the public market SKr 2.4bn and credits note issuance facili- ments of bonds has accelerated New Zealand dollar de- doHardenominated Yankee these days costs about 18.65 per duces funds at rates 50 to 70 and and $7J0m in private place- for SKr Llbn. activity rose over the past year as market nominated “Kiwi” bond. bonds and is at an unprece- cent, or almost 11 points above basis ties. Bond market , points below the London Sales of the traditional gas conditions have improved, ments. commercial paper rates. So some $2bn over the December Security Pacific, the dented level.” US interbank Eurodollar offered refrigeration operations said also financed Los and total to $13J8bn due mostly to allowing borrowers to refinance Drexel It why would US issuers choose Sallie issue t 'Angeles-based banking group, In late 1984 some traditional rate. Tbe Mai rose by 12 per cent, while their debt at lower cost approximately S24bn Os mana- to borrow at these rate levels? a higher volume of fixed rate led the assault with an A$175m issuers as European reportedly saved the agency profits after financial items soared to ger or co-manager in municipal such the A currency play might seem issues as interest rates fell. Early repayments issue of five-year floating-rate Community (EEC) about 25 basis points against a rose by 21 per cent. bond underwritings, an increase Economic the obvious answer. The Floating rate note issues also $18.7bn in 1985 from $32bn in notes yielding 1 percentage to offer nondollar similar US dollar offering. Aga's income per share- than 300 per cent over began Australian dollar has fallen rose to $3.8bn in January from 1984, while the flow of of more point less than the 90-day Aus- Yankee bonds full tax—-is estimated at volume which put it in denominated from around 82 cents to the Short of another precipitous after $3.2bn in December scheduled repayments has re- 1984 tralian bank bill rate sold into which were initially denomi- 13 against SKr 11 in 1984 between 10th place In tbe league table of dollar a year ago to a low of 66 slide in the Australian dollar— SKr But only $2.9bn In syndicated mained constant at a receptive US market last nated in European Currency on a comparable basis. past lead managers- of municipal cents just a few months ago which could force US investors loans were signed during Jan- S16bn and $17bn over the month. Units (Ecu's) and the Japanese but has firmed to around 71 to unload their recent purchases uary. around $2bn less than three years. bonds. yen and were purchased In the wake of Sec Pac's by US cents recently—bolstered by the — the only other major pro- Investors eager to diversify net move, five other major US the tlght-money policies of the blem appears to be what to call Erbamont currency composition of their banks, the Commonwealth Bank Australian central bank. But these new financing instruments. portfolios but who preferred FT INTERNATIONAL BOND SERVICE of Australia and the US the US banks and other Austra- The issues pose a classification up by 70% domestic bonds those issued Student Loan Marketing Asso- to lan dollar borrowers are not problem because, since foreign By Alan Friedman in Milan ciation (Sallie Mae) have fol- in the Euro or foreign bond speculating on borrowers not a favourable do issue them, Listed are international there is adequate market. lowed suit with more offerings markets. the 200 latest bonds for which an secondary currency swing. they are not strictly Yankee ERBAMONT. THE pharmaceu- Closing day. prices on February 11 expected any “In contrast the focus in Instead they have engaged in bonds. Among the suggestions ticals subsidiary of Italy^s US DOLLAR Chang* on Change on investor perspective Australian- a series far From an 1986 has shifted to of currency swaps so is Salomon Brothers' Montedison group which is STRAIGHTS Iiwwf Bid Offer day mA Yield OTHER STRAK3HTS Issued Bid Offer day week YkM their success represents fur- denominated issues which in- which lode in both the exchange SWOAA bonds — standing for listed on Wall Street, yesterday Barclays Au. 12V 90 AS 60 toV NV-oV-OVMXI . Amav 10V 92 100 W3V 104V +OV —0V 9.51 ther of vestors Creditanstalt 12V 90 AS 90 87V 98V -OV —OV 13X1 evidence the growing find attractive because rate and a lower borrowing “Still Working on an Acronym.” i revealed a 70 per cent rise in Amo* C radii 10V 90 100 106V 106», +0V -OV 9.10 PepsiCo .C. fl, W 90 AS 60 StV TOOV 12X7 Allan. Richfield 10V 00 260 +OV -OV 10.11 +»V +OV its 1985 operating profit, to 100V W1V Swed. Ex. cr.-13 68 AS 40 87V 13X3 Australis Com. 11 95... 200 100V 109V -IV 9.49 88V —OV -OV L241.6bn (SZ49.3m). At the +0V Amo* 10V 80 CS. -2V.10A® Australia Cora. 1TV 00 TOO 110V +OV “OV Ml, M MOV «1V -IV m Caned. Pec. 10% 90 CS 75 .100V net profit level, the increase BP Capital 9Z ISO WSV “OV -OV 9 j81 101V +OV -0VT6-08 11V 100V - CIBC 90 CS 75 . ftOVIOOV cent Campbell Soup 95 100 son, W7V +0V —OV 9.29 10V +0V +0V 10.71 Theannouncement appears a matterofrecord only. year-ozbyear was 41 per to 10V Genster Fin. ItV 95 CS TS WBV1B4- as Canada 90 500 MOV W9V + OV -OV 8.78 ,+OV -OV 11X8 L97.1bn (SBOm). 11V Montreal 98 CS. 75- 1B2 Canadian Poe. 10V 93 TOO KMV KMV +0V -OV 9X2 11V TO2VH-0V -0V11XB Ryf. Trustco 10V 90 CS TS 87V 87V The improved performance Canadian Pac. 1ZV 99 35 iiov nov +ov -ov iox7 -OV -OV 11X6 Sears Acc. 10V 92 CS... 78 was due to increased prices, CEPME 10V 91 WO W3V 100V +0V -OV 9.18 mv wov -ov o iox7 Coca-Cola F. 17 90 NS 7S +1 16X1 Chevron USA 12V 89... 600 104V 106V O -0VW.4S tKttVKMV +0V reductions in operating ex- Krodibk. Lux 17 88 70 Citicorp 10 88 200 W2 KttV +0V -OV 8X2 NS tto WO -OV 0 17.10 favourable foreign Nordic I. Bk. 18 88 NS BO penses and a Citicorp 10V 95 200 102V 102V +0V -OV 10.19 ttoV 88V-0V -OV 18X6 Moet- between Cola 9.92 Copnttgn. C. 9 95 Ecu 40 tOBV 19V —OV —IV 8.18 Hennessy exchange rate US Coca 91 100 -OV -OV 11V W7V W7V Eutolsat 83 Ecu BO Danmark Kgdm. 11V 99 WO 105V W0V +0V -OV 9.05 9 198V WOV -OV +0V 8X8 dollars and Italian lire during Wah Disney 94 Ecu 83 Danmark Kgdm. 11V 90 100 107V 107V +0V -OV 9X7 8V 199V 88V -OV +0V 8X4 part of last year. Erbamont is Honda 90 FI-. TOO Danmark Kgdm. 11V 92 100 108V WBV +0V -OV 8X1 WW 3V KttV 105V 0 +0V 2X8 a world leader in anti-tumour EOF 10 95 225 102V 103 HrOV-OV 9.53 Honda XW 3V 80 FI WO 81 MV 0 0 6X8 Thysaon 90 60 drugs in chemotherapy. EEC 9V 90 350 101V 102V +OV -OV 0X9 7V FI...... 102V KttV 0 -OV 8.48 used WsraidhavB FI... 75 E1B 10V 96 200 104V 104V +OV -OV 9.40 7V 90 K» ««V-0V+0V 6.62 The company’s 1985 consoli- Wasoanei) F». 50 EIB12 9S 290 TI3V 114V +0V —OV 9X0 BV 90 — MOV 101V 0 0 8X1 rose 11 Homy 90 FFr 260 dated revenues by per Eli Lilly 10V 92. 1 B0 105V 106V +0V -OV 8.98 Mm, 10V MOV W1V +PV +0V 10X0 11 93 C 60 cent to Ll,286bn. while Erba- Equir. trd. Rtty. 10V 97 100 102V W2V +OV +0V 10.12 Amov 8SV MV *0V + IV 11.77 Australia Com. 11 92 C 40 ”> «ev +, montis principal subsidiary in Expan Day. Cpn. 10 90 wo 103V 10«V +0V -OV 8X4 +«V V ECU EIB 11V 93 £. 50 WOV 0 11.10 50,000,000 Fed. Dap. Sum. 95 100 104 0 9X8 — 99V +1 V 10V 103V +0V 75 per cent owned F. *» Italy—the Ford Motor Crd. 10V 91 160 103 VMM +0V-0V 9X1 GMAC UK 10V 90 £ 97 97V — OV +0V 11.31 Farmitalia Carlo Erba—regis- Ford Motor Crd. 11V 90 WO 106V W8 +0V-0V 9.88 Imp. Ch. Ind. 11V 25 C 75 97V 98V +0V +1 11.90 Imp. Ch. Ind- 10V 92 £ 75 9 Per Cent. Notes Due 1991 tered a 1985 turnover of more Ford Motor Crd. 12 95 100 109V 109V +OV 0 10JS 95V 96V +OV +1 11 82 El. McDonalds 10V 90 £... 40 98V 99V 11.21 tban Ll.OOObn. up by 8 per cent Gen. Crad. 10V 00 200 103V 103V +0V -OV 9.76 +0V +1V GMAC 10V 89 200 103V 104V +0V -OV 0X2 Mtsbshi. F. HK 11 90 £ BO 99V »9V +0V +1 11X7 Erbamont earnings per share GMAC 10V 92 250 103V 103V +0V -OV 9X9 NSW Trassy. 10V 92 £ 60 96V 96V riWV +1 11.68 last year stood at L2.194, up IADB9V95.: 200 WZ W2V +OV -OV 9X1 Rank Xerox 11 92 C 40 99V 97V +OV +OV1 1.72 Royal Ind. 10V 92 £. 80 from L1.555 per share in 1984. IAOB 10V 95 Ito 105V W8V +0V -OV 9.49 94V 95V +0V +OV11XS Kellogg Co. 10V 90 IP* 104V 108V +0V -OV 9X9 J. Salisbury 10V 93 £... 80 95V 96V +0V +1 11.73 Kellogg Co. 11V 92 100 106V 107V +0V -OV 9X2 Trlcwitrol XW 11 92 £... 36 96V 97V -OV — 3V 1428 LTCB 12V 91 100 114V 115V +«V -OV 9X9 Toth so. Forts TTV 90 £ BO 97V 97V 0 +OV11X8 DOMESTIC BOND Nippon Cr. Bk. 10V 95 150 WSVKJ6V +0V -OV 9.93 World Bank 11V 96 £... WO 100 MOV +0V +1V 11.18 7 Pillsbury Co. 1£P« 83 — WO wav WZ , +0V -ov 9.73 COE 8V 95 LFr BOO 198V 99 -OV -OV 8.06 MARKETS Proct. & G *A’ 9V 92 ISO 101V W2V +0V -OV 9.42 ft. Lux. AL 10V 92 LFr 600 tKBV KM -OV -OV 9.68 Pru Realty S. 12V 9* 646 111V 111V +0V -OV 10.08 Qanias Airways 10V 95 140 W6V ,105V +QV “OV 9.45 FLOATING RATE Chase Investment Bank Quebec Hydro 11V 82.- 100 WBV W8V +0V -ov 9.72 NOTES Spread Rid OH*w C.dta C.cpn Qusensld. Gw. 10V 95 WO 103V KMV +0V —OV 9.68 o> 8*21 99.31 W1 MV Foreign buyers Ralston Purine 11V 96 160 W9V 110V +OV +0V 10X3 OV 39.62 99.70 14/4 n«» Saskatchewan 10V 92... WO WBV WBV +0V -OV 9X9 ov* 100.13 100X3 11/3 8X1 Saskatchewan 11V 89... WO 108V wav +0V -ov 8X8 ov 100.06 W0.15 13/3 BV lift Frankfurt Scandinavia Alt 10V 96 160 1Q2VW2V “OV -OV 9-71 0.06 101X3 101X3 10/1 8.69 Statoil 10 170 -OV 8X8 ov 100.10 100X0 22/3 av PRICES OF public authority 90 103V W3V +0V S. Wales Trey. 11V 90 150 10BV 103V +0V -OV 8.19 ov 99.80 98X8 9/4 11V Banque Bruxelles Lambert SA Banque Indosuez bonds ended a moderately active Swsd. Exp. Cred. TO 92 WO W3V 104V +0V +0V 9.W 0 93.33 99.43 5/4 8.06 Frankfurt bourse session as Sw. Ex. Cr. 12V 89 XW WO WBV WBV +OV — OV 9X7 OVi 99.42 99.52 25/2 8X9 0X25 98.77 much as 30 pfennigs higher as Sweden 10V 92 250 KMV 106V +0V +0V 9X3 98X7 27/1 8.23 Sweden Kgdm. 10V 90 200 108V 108V +0V -OV 9X7 OV 100.56 TO0.86 11/4 8V foreigners flooded back on to 7 Sweden Kgdm. 11V 89 200 TO7 , KttV +0V -OV 8X9 uv* TO0.11 100.21 10/1 7.94 Credit Lyonnais the market although domestic Sweden Kgdm. 11V 94 WO 110V 110V +OV -OV 9X8 ov* 99.72 93-82 on 808 investors remained sidelined Tenneco Cpn. 10V 96... 190 104VW6 +0V -OV 9X4 ov 99.33 100.03 1/3 BV Utd. Tech. Fin. 95 WO KMV KMV -OV 9X6 ov* 99.91 100.01 9.44 due to the carnival celebrations. 10V +0V 28/2 Victorian Rep. 11V 92 150 KttV +0V -OV 9.54 ov 100.13 WOX3 B/8 av The higher close of US credit World Bank 10V 95 300 KMV KMV +0V -OV 9X8 ov 100.1 e iooxa 19/6 av markets on Monday sparked off World Bank 12V 94 200 118V H9V +0Y-0V 9X2 wv W0.1B W0X5 9/7 8.31 buying activity with the long tni'rane price changes... On day +0V on week —OV §ov 100.11 WOXI 10/2 av 0.1 99X1 end benefiting most strongly 99X1 5/3 11.78 Algernons Bank Nederland N.V. Banque Internationale Luxembourg DEUTSCHE Chongs an ov 99.99 100.09 11/8 8.44 & SA also gain- MARK and short maturities STRAIGHTS Issued Bid Offer day wreak YMd 99.11 99.21 4/2 11V around five pfennigs. 100.06 W0.16 18/3 BV ing Aslan Dev. Bank 8 94 200 -KMV WBV -OV -OV £X8 0 . 99.9G 100.05 7/7 ana Copenhagen 95 . 160 "102V —OV 6.90 7V W3V +0V ov 99X2 99.60 19/2 11X8 Banque Nationale de Paris Banque Paribas Capital Markets Limited Credit National 8V 94... 200 *W7V WBV +0V +0V 8.79 Zurich quiet Dow Chemical 6V 95... 300 1TO2V KttV +0V +1 8XB EIB 6V 95 — 300 T1102V 102V 0 O 6X2 CONVERTIBLE Cm. C«V. Chg. EI8 7V 94. 300 103V W4V +0V 0 0.83 but higher Emtasrt Con. 6V 95 ... T7S KJZV 0 0 6X9 SB a? « sari* Crecfit Suisse First Boston Limited Deutsche Bank Capital Markets Limited E5C0M 8 92. 150 *95V 95V +0V -OV 8.98 Ex. Im. Bk. Korea 7\ 90 WO 100V 101 -OV 7.40 ZURICH, Swiss franc bonds +0V IN Ferrovie Delta St. 8 91 160— 1WJla 0 „ B7S U HV X £5 ^ 3 2000 8/85 07H 91 37 +S£ dosed slightly higher on rather Finland Republic 7 92... 200 102V 103 —OV —OV 6.42 Fujitsuc iL V 3 89 ...... S/M 138Q 107V 108V +OV W.W Gould lot. Fin. 7V 81... WO 104V WSV +OV +OV 6.49 Gu"' 1 low turnover. Traders had ex- 3V 2000 3/85 600 fOB WO +1 8.91 Dillon, Limited Ireland 8V 92. ISO 105V 108 0 0 6X6 M-raalfi-W30,8® 7/84 Read Generate Bank pected more buying as domestic ^ list 179V 181 —01 1 126 1S8V 97V 0 O 7X8 1* +0V 1/5 Eisam 6V 93 01 Camera 2V 94 2/88 1106 "TWV 99V ® 18X1 market conditions Improved. Japan Fin. Cun TV 91 100 104V KMV +0V O 6.69 MitsubishiK! ? Bank ZV 00 8/88 1788 KttV W6V +o>, - 2J* Thefirm Swiss franc, compared Mrabahi. U. 3V 89 VVW TZO1ZO HW 107 +DV +0V 1X8 Mitsubishi Elec. 2% QOWK 422 Mtsbshi. 89 XW WOTOO -92V 93 +0V +1 5.29 Murete Wftmm-lS with the dollar and the pound, M. 3V 3V 2000 7/84 2398 1^! +DL Win Kredietbank Quebac-Hydro 7V 95 ... 200 104V 104V +0V +OV 8X6 Nippon Elec. International Group Lazard Fr£resetCie ZV 2000... 1/85 1295 129V d-OV 17.41 a low inflation rate and un- Rente 7V 96 100-tKMVWS +0V 0 7.03 Nippon Oil 130V 102 +OV Co. 3 2000 B/B5 623 iSS Xvjl n 2 certainty in the stock market Soc. C. Nuclear 7V 96 ISO 102V +OV 6X1 OKI Elec. Ind. 3V89...W/M 806 iw| C. Nuclear 8 91... WO KMV 105V +0V -OV 8X2 TO +£ -SH should help bonds prices to rise, Soc. nk 2V DO ...10/86 1488 112V 113% Africa Tran. TV 92... WO -SB 92V +OV 0 9X0 Saklsui *fHouse 0 -1.K said. S. 3 99 „ 8/M 612 WBV O.K they Wartd Bank 7 95 600 -102V KBV -OV -OV 6X4 Sumitomo Bk. 189V +9V Merrill Lynch Capital Markets Morgan Grenfell & Co. Limited 2V 2000 8/88 2142 to? MV +OV IX- Avarage price changes... On day +0V on week +OV Sum homo Cpn. 2V 99 5/84 SOS 160 151% +o% 0X3 W V 3999-** aw*® 1®7B tH8 T2l’ -2.11 SWISS FRANC Change on 3SSTakeda- SS" 11* +1 __ Rkn. 3V 2000... W AM 7B83B flOB "107 Amsterdam STRAIGHTS Issued Bid Offer dey weak Yield 8 —OV 4X8 W8V108V +DV TO.7I Morgan Stanly International Nomura International Limited Avon Cep. Cpn.. BV 94 130 1101V 101V +OV+0V 5.14 TMhTbaTosniba SmeiCrmca, ^3 2000 4/88 1734 KMV im +ov —3X< Nippon Oil 2V Br. Lend Comp. 8V 99 76 *tK*V 106V 0 +0V 5.91 92 SFr... 3/84 1052 till 112* +8 w,® little changed +OV 0 6 Niooon Shn. 2 82 SFr... Council Ot Europe fl 92 120 1W3 KBV A3 3/M SOI 13 5 Aslct TU8V138V -OV X 9» 100 tK1 WV 0 0 5X4 5 92 DM ,,.,12/83 620 MTl, PRICES OF only a few Dutch Creditanstalt 5V MM -fl? *8X1 ... 100 tKttV KMV +1V 0 4.73 Renown 3V 90 DM government Deutsche Bk. 5V 95 3/86 675 *W9V 110V “OV -0.W bonds were EIB 6V 94 120 1W3 W3V 0 0 EMI " changed in slow trade. There Gen. Occidentals 4V 94 80 t10BV.108V -OV -OV 3X9 ^ •uailabta-.prewtaue day's Dries 95 100 «9 99V 0 O 5.62 was a, marked absence of Glendale F. SSL 5V >44 yield Ind. F. Finland BV 94 .. 40 Mlffi 102V 0 +0V 6 it the yield to redemption tH December, 1985 foreign investors and Dutch in- 94 120 *1103 KttV -IV -IV 6.68 ' Int. Am. Dv. Bk. SV ta- ' currency ‘Tiure HK5 w stitutions, although flush with ». Zealand Steel 5V 98 70 tTOOV TOM, -OV -ov 5.67 cash, have funnelled those Oberos. Kftwk. 5V 95... 100 f103V WJV +1V +1 4X0 funds Olivetti Ind. 5V 95 - 100 t10*V102V +0V+0V 6.1? into the local money Oppaieo SV 95 130 fl03 103V -ov +0V 4X2 as they await a new state issue. Ralston Purina SV 94... 125 tW3V W3V +W.+0V 4X9 *gjay.astavas3rtai: The government is not ex- Santos Finance 8 94 ... 130 tlWV Wv 0 +QV 5.79 ‘-Margin -IV 6.08 a^ Tokyo Elec. Pr. 5V 93... 120 fllfiV 10ZV “OV 8 ,bWI Investment pected to come to the market Ktt -OV 0 4.98 iwT re»J ta? Tokyo Metropolis 5V 94 80 "ITOIV Convortibl* uS^SSsTC.cpn»Tha current coupon, with a new borrowing at least ... flCZV -IV “14 5X3 World Bank 5V 94 180 KCV wise Indie ,B Other. until price changes... On day — h «aak —OV Bank the middle of next week. Average OV First date Cnv. dam- ^ C"“- The recent 6} per cent Issue Change on Nominal ammier^TbShd currency ” lhl™ o«wa«sed hi dated 1986-96 was up 5 cents at straights Issued Bid OBer day week Yield of sham yen r0,° t* «- From— Percent ana* t * M rald-aftemoon to yield about m current ottectlve Allied- Signal 6V S3 ... 2fl 88V 98V 0 -OV 8X0 price cf DcquirPnn - Srare» V,a '“’w 6.79 per cent on its eight-year Cslsse Nat. Tel. 6V-92 26 98V 96V -OV 0 8X8 recant »« B9hS?oi t&Vb 8^. average life. Other state issues Ford Motor Crd. 8V 91 20 MV 99V+0V+OV 8X1 were ml Bk. Denmark 7 92 10 - 101V 101V +0V +0V 6.67 1 mostly unchanged. TranssrMr. Rrt SV 91 -TO V 98V to “OV -OV 7X0 1 Agencies Average price changes... On day 0 on week 0 l . ’ Financial Times Wednesday February 12 1986 Is* Company Notices Motor Cars NOTICE TD HOLDERS OF EUROPEAN DEPOSITARY RECEIPTS fEURa) 1* 1 MmCEOFFBEFWMBfl , MMEBEA CO, LTD EDR holder* are Informed that Minebea has paid a dhridand to holder* of record September 3a 1305. Tbe cash dividend payable <• Yea 11.5 per MOET-HENNESSY Common Stock of Yen 50.00 per ahare, Pursuant to the Terms and Condi- tions the Depositary hse converted the net amount, attar deduction of Japanese withholding taxes, into United States dollars. EDR holders may PCI Sod4t6 French law, now present Coupon tbe undermentioned agents. GRUP# Aao^yme formed under No. 5 for payment to Payment of the dividend with a 15% withholding tax is subject to receipt registered with the Registre du Commerce et des by the Depositary or the Agent of a valid affidavit at raaidanee m a eoantra < > having a tax Beaty or agreement with Japan giving tin benefit of the 6 reduced withholding currently having such arrangements are Soci6t6s in Paris (Paris B 775 670 417). Registered rata. Countriea as follows: GET DP TO 30% DISCOUNT THEBANKOFYOKOHAMALIMITED office: 30 avenue Hocbe, 75008 PARIS. Share capital: A.R. of Egypt F.R. of Germany Malaysia Singapore Australia Finland Tbs Netherlands Spain (incorporated In Japanw^l^oitsdLiabe^) 297,727,400 French francs. Belgium Franca New Zealand Sweden ON NEW CARS Brazil Hungary Norway Switzerland Canada Indonesia Poland United Kiaodom Just look at dies# on the road swqte • U&$10,000,W. Czechoslovakia Ireland Rep. of Korea U,B. ot America : £B 7% Convertible Bonds due 1099 Denmark Italy Romania Zambia BMW 3181 2 door NMma £7,500 Renault 25 GT Floating Rate Certfficaite of Deposit Failing receipt ofi a valid affidavit Japanese wrthhoMTngtax will be deducted Opd Kadett GTE £6320 Renault 25 GTS — O Notice to Bondholders et the rate of 20% on tbs gross dividend payable. The full rate of Opel Hitch £6,150 Mazda 626 GLX Hitch — « will also be applied to any dividend a unclaimed after April Mena GTE . 3a Mercedes £9 No. FREER 010001 —010020 issued on 31st March Amounn payable In respect Of current dividend i. Benz 190 E ~£t0.550 BMW 3201 2 door Coupon No. Dividend i payable Notice Is fiereby given that, pursuant to a resolution adopted 5 payable D vidend Opes 7 cays a weak Monday to Friday 9450-4 JO Saturday TO 450-4 JO 1982 Maturity31st March 1987CaUable in EDR Gross teas 15% Japanese las* 20% Japanese by the shareholders at a meeting held on 18 June 1985, the denomination Dividend withholding tax withheld tag tax PADRON A CO INTERNATIONAL (UK) LTD March 1986 1.000 shares $5089 $50.91 $47jn Board of Directors of Moet-Hennessy approved a transfer Notice Is herefygiven m accordance with Clause 3 ofthe Depositary: of FF49,823^200 new shares. Citibank. NA. Citicorp Investment Bank Certiflcatesof Dapos&(the*'CBrtificgte ") that 8 pursuant to 338 Strand. London WC2R 1HB f Luxembourg) S.A. Gauge 3 of the CertigcatesTTM Bank of tokohama Limited (lfte These shares will be distributed on the basis of 3 new share 16 Avenue Mane Theresa February 12. 1988 "BanKTwSI prepay aB the outstanding Certtfcales on 27th for every 5 shares outstanding on SI December 1985. March 1986 (the 'Prepayment Date") attheir principal amour*. SSSSSl Accordingly, the conversion rate of the Convertible Bond Paymerrtcrfttm principal anrounttogetberwithaccrued interest 7% tothePrepaymentDataw9bsmadeonthePrepayment Date doe 1999 has been adjusted as provided by the terms and Holidays Travel against presentation and surrender of the Certificates atthe conditions of the prospectus. and tondmeranchoftf»SankofVbteJhama,99ashopsgata, LondonECSM3XD. The new conversion rate for each 7% Convertible Bond is BOOSL BS (B) C lassie White with Gray NIds 5.000m 5.82 shares, effective 50CSL 83 (Y) Champagne with Brazil Cloth 9,000m MerestwB ceasetoaccrue onthe Certificates onthe on 1 January 1986. Z6DE 85 (B) Midnight Blue with Cream Tex. 11.500m Prepayment dele. 280SL 64 (A) Lapis Blue with Bine Cloth 17.000m By: Swiss Bank Corporation International Ltd. non. 71 (J) Fiord Blue with Black Tax. 29.500m Ager« Bank&YbtohantaAsia Urraied Z30TF S3 fY) Lapis Blue with Blue Tm. 45.000 k0pNl3b^fc,p«-^W 1ME 85 (B) Nautfe Blue with Gray Cioth 8.000m Cloth NOTICE TO HOLDStS OF EUROPEAN DEPOSITARY RECEIPTS (BJfie) IN 190E 84 (A) Midnight Bias with Blue 18.600m SHARP CORPORATION NOTICE TO HOLDERS OF EUROPEAN DEPOSITARY WBCBTO (BNU) IN Further to our notice of September 19, 1965. EDR hoMera are informed tbit NIPPON SHINPAN CO„ LTD Sharp 1>aa paid a dividend to boidera oi record September 30, 19S5. The Farther to our notice of Sepumtwf 20. 1905. EDA holders in informed caah dividend payable is Yen 5.5 per Common Stock of Yen 50.00 par Bradshaw &V\febb that Mppoo Shinpm has paid a dividend to holders of record September hare. Pursuant to the Term* and Condition* die Depositary ha* converted 30. 1385. The cub dividend payable Is Yen 4.2S per Common Stock of Yen tbe net amount, after deduction of Japanese withholding taxes, into United 60.00 per abate- Pursuant to the Tame and Conditions the Depositary has State* DoHara. EDR holders may now present Coupon No. 9 lor payment to converted the net amount, after deduction of Japanese withholding taxes, the undermentioned agents. Payment ol the dividend with a 15% with- into United States Dollars. EDS holders may now present Coupon No. 17 holding tax United Kingdom A MORE INDIVIDUAL CAR FOR THE MORE DISCERNING Hungary Norway Switzerland Czechoslovakia Ireland Rep- of Korea U.S. of America Brazil Individual Lease ... HP . - . Contract Hire ... or even cash Indonesia Poland United Kingdom - Denmark Italy Romania Zambia Canada SAAB 9000 AVAILABLE Czechoslovakia Ireland Rap. of Korea U.S. of America receipt valid affidavit Japanese withholding tax will be deducted NEW NOW Falling of a Comprehensive Service A Pane FaMMIu Denmark Italy Romania Zambia at the rate of 20% on the gross dividend payable. Tbe full rata of 20% FailingFalling receipt of a valid affidavit Japanese withholding tax will bebs deducted will also be applied to any drvMaed* unclaimed after April 30. 1966. BALLARD5 OF FINCHLEY FOR SAAB IN NORTH LONDON payrble. at the ram of 20%»% on the gross dividend payable. TheThe foil rate of 20% Amounts payable in respect of current dividend*. RING CHIUS PERRETT 01-946 6696 wlU aiao be applied to any dividends unclaimed after April 3% 1B8f Coupon No. 9 Dividend payable Dhridand payable Amounts payable in respect of currant dividends. EDR Grose leas 15% Japanese lacs 20% Japan ice Coupon No.Ho. 17 Dividend payable Dividend payable denomination Dividend withholding tax withholding tax Japanese EDR Gross lessI 15% fees 20% Japanese 1.000 shares $28.64 $24.34 $22.91 denomination' Dividend with holdingig tax withholding tax Depositary: Agent: UMSHIUMO Gamine to CM ECW. FARES 7DO shares 52.21 *1.88I 51.77 DISCOUNTED Citibank. N.A. Citicorp Investment Bask muwtbewmui mow* ;« shares $22.13 31ELB1I $17JO se ou 1.000 (Luxembourg) S.A. -RUSWEESUN ONEWAY RETURN Depositary: 335 Strand. London WC2R 1HB kflwr 8»nnu Hone Irons £2*0.00 £490 DO 15 Avenue Mane Theresa nusuffi 00 Citibank. NA. Citicorp Investment Bank W 205 Sra BanSkOJc £195 00 £330 5iimapure £230.00 £425.00 338 Strand. Loudon 1HB (Luxembourg) SA February 12. 7986 Jbag 71* B» «0 WC2R ' 515 Nairobi — £355.00 ' Theresa i 15 Avenue Mane "* 5465.00 ..'a*a *T ' •s*m“w ‘Me ’air: swl * U» A.R. of Egypt F.R. of Germany Malaysia • Singapore «ra. m.y. IT. !• Rentals & I- *- •. rii- - • •- . M . Residential Property- Ascot in m JOHX D WOOD PROPERTIES V . CUMBBUAND THtRACE . E9OOJ00 GROSVENOR SQUARE Overtook In g Regents Path a superb Nash house having recently under- works ready tecorative lefurtHsbmani. Charming period reildence. enta gone major structural and now for URGENTLY . mom mews with garaging. Master from Hyde Pare. beeutWullv turntohad Tbe house also features adjacent house Drawing mom, bedroom subs with dresaing room and bnthroom. 4 further bedroom*. 4 wWt penorne untieue*. required good quality properties fof dtnlmi room. 4(5 beds. 3 ham Oe.ti. bathrooms, magnificent 1st floor reception, dining room, study, kitchen/ 2 MB. IBS paved Bdn. AvaH 3 mtti-f- beds, bath, reesppon. kitchen. breakfast room. Staff accommodation: 2 £450.00 p.w. Meara house: 4 bedrooms. 2 bathrooms, reception, kitchsn/bnaklast tamtlfcs bffiing transferred to London room, 2 car gangs. Crown Estate Lease 58 year*. 01-484 5741 YORK TERRACE WEST - £775400 LONG LEttlNG5 — Gd©& CORPORATETENANTS Direct views of the Park from this exclusive Nash Terrace, an outstand- ing ground and lot floor apartment of exceptional quality and with a magnificent 40ft reception room giving direct access on to lovely gdns. Ringfand HENRY & JAMES 2/3 bedrooms. 3 bathrooms, dressing rooms, 40ft reception, dining Anscombe & room, cloakroom, superb kitchen/breakfast room, utility, Ind CH sod air *HSC'Ent:a_ l£TT:nGS CONTACT US NOW ON " *• conditioning. 24 hr porterage, garage *nd further perking. 81 year*. Li .7 jCS- ; V.i* 01-235 8061 .*7 :t Join D. wood A Co. 103 Parkway. London NW1 - 01*257 3267 0 1 722 7 : r.7 Cl ? 7727 Far tha boat selection of Funtiahad vr *. .>r ffo^'r.i! f-rwr-rt j.: ‘..r.w-g*. j-ksw.jA? l rcmk.."a,>- Bale nod Houses to Root In Knfgtabrfdget Bcfgravfa GEORGE KNIGHT ml Chelsea & PARTNERS CRAVEN HILL GDNS* W2 LettingAgents The Newly dace rated. I HUM and bright Z eadrm. Flat in tala hwiUt oritn separate spsclalist letting agant cardan So. Rece*. As London's dtoinp ares, modern style himlsb- we offer a protssalonal and efficient nvs. bate, wfth^shwr. phn see. shower rm. Lens Company let only. service to both I end lord and tenant. £300 par week If you have a property to let or Hyde Park Ottcai U 1-252 5040 ere looking for a home to tent please contact ua for further adtfrea. Chestertons » HEATH STREET. NWS TELEPHONE: 01-794 112S 155-157 KNIGHTSBRIDGE. SW1 TELEPHONE: 01-589 2133 LETTING SPECIALISTS THE LARGEST CHOICE OF APARTMENTS IN CENTRAL LONDON Long/Short Term Lata. Budget or Bpsssgi Luxury Flats. Ideal for company executives and overseas visitors Central London Luxury Flats Ltd T8.! 01-935 2412 TEUBb 89S0498 HFSIND G MAJENDOE A CO LTD We have a large selection of HOUSES AND FLATS From Cl 00 to £2.500 per week We apeclallae In Company Late and our experienced team provides a profenienal service 182 Diarcot Ava, London. SWJ MO. Tel: 01-225 0433 (fa« 81-225 1843) Bath Tel: 0225-339033 Manchester Tel: 061-834 3386 - 12 1985 24 Financial Times Wednesday' February UK COMPANY NEWS Jason Crisp on why Amstrad’s fortunes are running high by « v -rn — m [ Our Price held back building Sugar-sweet smell of success costs cent supplier opening MR ALAN SUGAR, 39, chairman tionally low prices. The best of sales in the full year. interest and and managing director of example Is the word processor (Most of the home computers Amstrad, the consumer elec- launched last September which are sold just before Christmas.) HIGHER INTEREST charges and expenditure will mean greater • continent computer group, Rumours abound that Amstrad is for £15m the future. Be tronics and still to account for the costs of opening new shops profitability in managed Given Its rating M the top of needed a calculator to work out about to launch more business held back pre-tax profit growth was confident of a most satis- 21. per cent of Amstrad’s sales By Martin Dickson the fashionable stores sector, worth yesterday. type computers like the word at Our Price, the recorded music factory improvement in the what he was dozing the six-month period. Ferguson Industrial Holdings, but the very bear will surprising the City with processor. Including an IBM the the current year. nothing After Tbe word processor costs just the printing, packaging and chain, in first half of Our Price. These much higher interim results than compatible Personal Computer. 1985-86 year. do from under £460 and includes the com- builders' merchants group, is Tbe interim dividend fa raised results, showing an underlying had been expected he saw the Amstrad does hint that it puter, software, disc drive, screen selling off its building suspiies The result for tbe six months by 0.5p to 2p. with earnings per per cent advance to pre tax value of his 50.4 per cent hold- indeed may be working on an 35 and dot matrix printer. Amstrad division to Bowater for £15.40, to November 27 came to £891,000 share up from 4fip to 5fip. The profits, were initially Judged not ing in tbe company he founded IBM compatible PC but it wilt was the first company to provide in order to concentrate o n the against £592,000 after interest total last time came to 5p on anlte to scratch .although the jump by £27-5m to £L88m. not be launched In the current up a low cost word processing development of its printing and nearly £100.000 ahead at £131.000. pre-tax profits of £L81m. statement was confident enough typically financial year, ending June 30. He remained san- system as a complete unit, saving packaging side. Tbe first half is traditionally tbe investors that their However, it is to launch one Turnover increased from to reassure guine about tbe stir caused by the customer from having to buy Thedivision has 22 outlets in group's slowest trading period. rosy view of the company is still pre-tax more computer product, prob- £14.97m to £20.B5m. During the a profit of £27.5m for different pieces of equipment the North of England and appropriate- The Christmas ending ably a more powerful version of The cost of owning new trading period, the group opened six months December 31 and connecting them together. As Northern Ireland. Ferguson said season was very good with sales 2985 when a number of analysts the word processor. premises came to £116,000, and 18 shops and closed one, making Mr Sugar puts It: “It comes in that a restructuring of the of compact discs particularly The company is also making If written back along with a total of 115 <90). This has had been talking about £l5w. one box with one power cord. industry in recent years meant strong. Expansion is coutinuln- a new push with its consumer interest would have produced a resulted in an increase in sales Expectations for the full year You plug it in and it works.” that larger organisations had anace. with a total of 40 shops products. It is about to start taxable figure of £938,000, a area of 25,000 sq ft. making a have beat hastily revised and It is also much cheaper than emerged which were more com- opened this year, and 30 making two new compact disc 36 per cent increase over tbe total of 136,000 at the period end. being £48m to £50m now looks the anything else on the market. A petitive than their smaller planned for next. This should systems, costing £299 and £349, comparable figure. Since then, a farther 11 shops likely target which compares senior executive at Dixons counterparts. It was felt the Price chain further which would become available at have opened and two dosed, take the Our with last year’s £20-2m. recently said: "We’ve never Ferguson division would be chairman, roots in tbe South East, the end of March, and which Mr Garry Nesbitt, bringing the total to 124 with from its Even Mr Sugar acknowledged known a product like thin before. better placed when combined said that Christinas it to go on adding include a conventional record trading over sales area of 148,000 aq ft. enabling in his statement that demand The customers come in and are with a similar organisation- in all shops, those share. The inevitable deck, toner, twin cassettes, including market for Amstrad’s computer products actually aggressive about buying Bowater has a large builders' up company is to continue of such rapid expan- Mr Alan Sugar, chairman of graphic equaliser and speakers. opened in December, came to The side-effects was greater than budgeted, par- it-” merchants side, trading under expectations. strong its expansion in the Midlands, are higher borrowings Amstrad After withdrawing from the There were sion ticularly France, Spain Amstrad 's low costs are the Crossley name in England and these following an encouraging per- could be 70 per cent in and TV and video market — “we sales in compact discs, (gearing the UK. The company has done achieved in a number of ways: claims to be able to get very and Johnstons & Paton in Scot- continue to “ very healthy formance there. Turnover per end) and heavy open- never stay in a business where show a by year particularly well overseas, which By selling a complete system good deals; land. growth pattern more people square foot compares favourably Even so, profits of • the margins are not good as ing costs. now accounts for some 58 per a number of components can be • Unlike such companies as Ferguson said its division had add compact disc players to their with the outlets in tbe South. P?Rm are likely for the full enough," says Alan Sugar—the cent of turnover and Is expected eliminated. For Instance, tbe Sinclair Research and Acorn, been hit by the miners* strike, hi-fi systems." assuming a 44 per cent company has recently started After a 44 per cent tax charge year, and to rise to 65 per emit for the word processor only has one whihe gat into serious difficulty severe winter weather in 1984 the p/e ratio is 25. which selling VCRs again. It will The accelerated shop opening of £304,000 (£260.000) and divi- rate full year, power supply and comes In one last year, Amstrad is much more and early 19S5 and a reduction rule out for the time being shortly launch a new Jauao- programme will mean higher dends of £159,000 (£126400), must Amstrad has the happy knack box. Also the printer does not cautious about stories, which it in Jocal authority spending. The startling advance from yes- made VCR with remote control costs in the full year, but tbe retained profits came to £228,000 any of succeeding in markets where have to be able to work with a normally keeps low; trading terday’s price of 550p. at £299. division produced profits chairman expects that this (£206.000). no small British company should wide range of computers and is # The company has low over- £li>m in the year to The company is also planning of venture. Just two years ago therefore simpler; heads. The management team is February 1985, against £2.3m the to sell consumer products over- 96 per cent of group turnover • The technical extras which ver ysmaU and most of the previous year. In the six months companies seas, taking advantage of the *** {or was in audio, televisions and many use to make decisions appear to be made by to last August the profit was Abaco their products name it has established in com- McKechnie reveals bid for I video recorders, where it appear different Mr Sugar himself. Although this £0.Sm. against £0.9m. are included puters. Costs of setting up new managed to undercut its not by Amstrad. Mr can be a strength, It is also seen Ferguson said the sale would Sugar argues that these facilities marketing arrangements will be significant Japanese and other Far Eastern as weakness by some analysts, free resources for its printing are high. There is also a question rivals. only used by a very few particularly now the company -is side, sales waiting ends ' and packaging where Newman as customers; getting bigger; about how weU Amstrad’s very Then 18 months ago Amstrad much had risen from £15m to £41m in acquisition busi- It sub-contracts as much Production the word pro- basic audio equipment will sell entered the home computer • as of the last five years, with trading BY DAVID GOODHART started it can most notably in produc- cessor is currently running at in overseas markets. Abaco investments, the rapidly ness just as the market — profits up from £1.4m to £5-5m. year tion. The computers are made 50,000 units a month. Mr Sugar With confidence and fortunes McKechnie Brothers, in performance. growing financial services com- going wrong, and late last Ferguson said it wanted to the meat in However it said that resist- running so high, Amstrad can firmly announced yesterday that it launched a personal computer Korea. does the yesterday he was develop plastic packaging pro- plastic and non-ferrous metals The offer has been pany, for word processing when that final assembly of its audio equip- ing pressure from colleagues. probably afford to take that risk. group, yesterday underlined that rejected by Mr Michael White, negotiations are at an advar/od with net liquid funds of ducts for the expanding food, “ business was Causing problems ment; including a new compact **I am very cautious and don*t And it was not prepared to wait for the Newman chairman, who said stage for a significant acquisi- 31 the com- beverages and pharmaceuticals to much larger companies. disc system, in the UK; want to ovBr-react to Its early £23m at December an agreed deal with fellow Mid- it would continue to be opposed tion.” The name of the target markets, which it believed could Amstrad’s success stems has considerable success.” pany is unlikely to be asking his board unless substantially which is also involved from • Amstrad ex- provide high returns. lands manufacturer ’Newman by company, the way in which it j»ackages perience in purchasing com- Even so, the word processor shareholders for more money in Tonfcs and admitted that increased. He said; “It is true In financial services, will bo is expected to account for 35 per the near future. logic in - alongside products and in its excep- ponents in the Far East and Williams Holdings 6 per cent there is some Industrial announced . today, Meldmm up 25% stake in McKechnie had this but the current price is Abaco’ s preliminary results for “sharpened it up.” quite inadequate.** tbe year to December. Meldram Investment Trust, a Dr Jim Butler, chief executive Following the release of the British and Commonwealth Improved margins behind threefold rise 75-per-cent-owned subsidiary of of McKechnie, said that the in- offer document a decision by Shipping and Gartmoro Informa- British and Commonwealth Ship- dustrial logic of a deal had led Williams Holdings on its next tion & Financial Trust, a related the ping, lifted net earnings 25 per him to first express interest in step is expected soon. Tbe last- company, last November bought Amstrad Consumer Elec- 0.324p 0.486p per Australia, Scandinavia and the computer products into from to cent from £993,000 to £ 1 24m for Newman Tonks 10 years ago growing industrial conglomerate stake in Abaco, and “ firmly US and Canada, and will be a 16 per cent tronics’ results for tbe first share, with earnings ahead at US. Amstrad is now 1985. “ but are longer prepared headed Nigel Rudd and director responsible for all aspects of we no by Mr John Gunn the executive half of tbe 198388 showed 17.95p (6£2p). The dividend established as an international final dividend of 35p has to talk for ever, that’s the dif- Mr Brian McGowan has made it director of marketing, distribution and A of B & C and former pre-tax profits up from £9.53m total last year came to 6-942p company with markets been proposed, making 5.5p for ference that 6 per cent can clear that it is considering a the board. financing of the products, Exco joined to £27-54m — a near three- on profits of £20J.6m. throughout the world and is the year, up from 4.5p in 1984. make.” number of options from making announcement was said Mr Sugar. Yesterday's fold rise on turnover Announcing the figures, Mr not wholly reliant on any one Net asset value per share is Dr Butler was introducing Me- a bid to selling on its stake to by sharp rise in the — The tax charge rose sub- prompted a £59L22m ahead at 212821m. Alan Sugar, Chairman, said market,” be added. up from 195.Sp to 234.6p and Recbnie’s offer document spell- one of a number of inquirers. share price which closed at 32ip. stantially both in the UK and This represents an Improve- that the increased demand This spread of business will earnings per share are 6.15p ing out details of Its two-for- Dr Butler says that the logic op 3}p. overseas, to £5.95xn (£lA6m) against L93p. three all-share offer which of Newman’s recent acquisition ment fat from arose principally through the expand further as a result of The company, which used to be and £2,02m (£565.000) respec- Gross revenue was £2.04m, values Newman at about £58m. of Cartwright Is almost per cent to 21.4 per cent subsidiary companies In an agreement with a substan- identical called Greeneoat Properties, tively, leaving net profits at against £l.66m and tax was The document says that the to McKechnie ’s argument now; The dividend for the period France and Bong Kong selling tial American company which changed its name In 1983 when £19-57m (£7J2m). £569,000 (£467,000). offer provides a 33 per cent that while Newman’s marketing ended December 31 Is lifted to agents in Germany, Spain, will act as the importer of Brown Goldie, a finance com- capital uplift for Newman share- strength lies in tbe builders’ pany run by two former execu- holders well as hardware field as an enhanced McKechnie has tives of Guineas Mahon, was profit potential. developed greater marketing The McKechnie Injected into it Since then it board is also forecasting a strength in the retail trade. Lee Cooper spends £5m 12} has acquired C. P. Choulartou, a Globe is Britain’s per cent dividend increase for McKechnie’s share mice rose licensed deposit taker, and Char- its own shareholders this year to close at 199 while on 2p p, New- col, mortgage brokers. expanding jeans interests the back of a further improve- man’s rose Sp to close at 138p. Goinness/DistiUeis Lee Cooper, the jeans manu- Lee is also taking a 70 per facturer. is spending at least £5zn cent bolding in Reno, a private Manganese down midway I THE Office of Fair Trading said to buy a private UK jeans com- West German company which last night it was still considering knows for its Jean distributes Macdonald denims, the proposed Guinness merger Investment Thist pany, best SHORT-TIME WORKING at its model axe - encouraging, and '•bain and is acquiring, with Distillers. That means a Jeanie of shops, and two for £300,000, London taxi division Jed to a much of the lost ground should German jeans businesses. for £1.7zn, the Otto Albert Group, decision from the Department of West sharp drop in ' profits at be made .up in the second half. which manufacturers distri- Trade and Industry an whether It is paying an initial £3m to and Manganese Bronze Holdings for The weak result was no reason acquire Lunabond, a company butes a complementary range to refer the merger to the Mono- the six months to January 31 for long • term powiTntan, Philip Green. under the brand name Marshall . polies and Mergers Commission controlled by Mr 1986. although the vehicle division was is Lee’s first presence in is not now expected until next It operates through three sub- This likely to provide a “ roller Germany, the largest Euro- At the pre-tax level they week, after the Guinness offer sidiaries. West coaster ride in comparison with market. It said that the amounted to £310,000, compared document has been published. you knew why? Grant Seward, trades as Jean pean the engineering divisions which Lunabond would with £987,000. Argyll has meanwhile Jeanie, with 65 retail outlets, 12 acquisition of had performed welL The com- further is allow it to increase sales with increased its holding In Distillers of them concessions, now Earnings per share fell from pany is developing a sew London after email additional overhead costs. to per cent trading close to break even 4.92n to 0.83p after tax of taxi, the CR6, to be launched in 427 Guinness’s share Snce 198 Globes shareholders funds hare more than price recovered another 1, making a substantial loss in the £137,000 (£200,000). 1987. 7p year to August 1985: FU's yesterday closing at 292p. doubled to over £650m. Toda^ we’re easily tbe UK’s Mr Dennis Poore, the chair- The results show turnover Wholesale and Bonanza Jeans, ENGLISH AND New York Trust biggest unestmeot trust man and chief executive, cays falling from £28Jm to both began trading after mld- Improved net asset value per £2226m. year, the drop in profit was wholly Trading profit is almost halved But it’s, much more than |ust tbe reassurance ofsize that 1985 and are trading profitably share to 138.7p in tbe 1985 DELTA GROUP has agreed to attributable to the taxi division, from £L37m to £725,000 after at present against a comparable figure of purchase the switchgear business has amacted attestors to Globe. For example: mostly because of short-term charges for depreciation of Three further sums may be 115.4p. Net earnings were of XBQ Santos from DU for (£2.19m), working during the phasing out £405.000 (£370,000) and leasing fine record payable, relating to Lunabond's slightly down at £2.03m. about £lm payable in cash. The X A ofincome and capital growth. Dividends, the FX4R taxi and the introduc- of £183.000 (£171,000). profits in the three years to 1988. and the dividend for the year news business will be called for instance, have increased every tion of the FX4S. . L year for the past Mr Green will continue to is held at 2.5p with an unchanged Net interest payable amounted MEM Santon Switchgear based L 20, bearing the Ketafl Price Indexby 5056. operate the businesses. finaL He says orders for the new to £415,000 (£380,000). at Newport. Gwent. ^ 2[Investment opportunities in blue ctipUK and rational companies andexciting growth areas management buyouts and unquoted companies. NOTICE OF EARLY REDEMPTION Continued good performance. In the 9 months COMPAGNIE FINANCIERE DE CREDIT A|uto 31 Dec *85, and compared with tbe same period last jeax; WELLS FARGO INDUSTRIEL ET COMMERCIAL earnings per share rose INTERNATIONAL FINANCING 10.09%, and act asset value per share rose 1234% compared CORPORATION N.V. wMwm a ris*" the FT-Actuaries Ail- Share Index of 10.83 per cent. US$75,000,000 Jebntanj 1986 Hnd out more about Globe. 15% GUARANTEED NOTES GLOBE • GROUP • SERVICES DUE 1987 GLOBE INVESTMENT TRUST P.L.C. NOTICE IS HEREBY GIVEN that pur- BRITAINS LARGEST LISTED INVESTMENT TRUST suant to 9(a) (i) of the Terms and Conditions the Notes, the Company have elected to OFFER T* The Secretaries, Globe Investment Thist ELC, Freepost, Bectra House; Tcnmle Place, of FOR SALE BY TENDEROF London WC2R3J9&. telephone 01-836 7766 redeem all the Notes at their principal . 2700000 fieax send nx {tick boxas | amount on 18th March 1986, (the “Redemp- information cm yoiir nine mondMresohsD A copy ofyour latest Anmal Report f~l I interest on the Notes will tion Date”), when CERllFTCAISDTNVESriSSEMENr PRTsflL^GlES (OP) Details ofyour Sfaagehoidejes’SavUn and Share Purchase Scheme i~I n I cease to accrue. Minimum Repayment of principal together with TenderPriceFFJ85peraP accrued interest will bemade ontheRedemp- tion Date, against presentation and surrender 1st Quotation on the Paris Stock Exchangeon of the Notes at the offices ofany ofthe Paying 31stJanuary 1986 Agents mentioned thereon. PF 228perOP This advertisement complies with the requirements ofthe CouncilofTheStock Exchangeanddoes anyseamda. nozconsdOdeanofferof orinvitation to subscribefororpurchase, Bankers Trust Company, London Fiscal Agent CRtDTT INDUSTRIEL ET COMMERCIAL WE PARIS SHS! etvar/n MECCA LEISURE GROUP pic (Incorporatedin Englandunderthe CompaniesActs1948to 1981 with Registered No. 1916907) Issue off £20 nuilliaii 1L5 per cent Debenture Stock 2011 at £98.977 per cent In accordance with the requirements pf the Council ofThe StockExchange £2.0 million nominal of the stock is available in the market until 13th February, 1986. INSURANCES OF CREDIT listing particulars are available in the Extol Statistical Services and copies are available THE U K BRANCH OF LES ASSURANCES DU CREDIT SA. CREDITSUISSE FIRST BOSTON LIMITED until 28th February. 1986 from; ramuf DA1BA EUROPE LIMITED Samuel Montagu & Co. limited, W. GreenweU &Co., 114 Old Broad Street, Bow Bells House, KREDfEIBANK INTERNATIONAL GROUP London EC2P2HY Bread Street, Home & Export MERRILL lYNCHCAPTlAL MARKETS London EC4M9EL and at the registered office of Mecca Leisure Group pleat 76 Southwark Street, London SE1.0PP. Copies are also available from tbe Company Announcements Office, Tbe Cover . . . ^Stock Exchange r London EC2 until 14th February, 1986. nc 01.680 1565 Tetex 25284 12th February, 1986 PARK HOUSE. 22 PARK STREET, CROYDON CR0 0YH i i # : Financial Times Wednesday February 12 1986 25 ..... -a •'iv i ‘‘‘frjSjj* IN THE •.*.. , -Bin, •_& INTERNATIONALDRINKS v. •- *‘- ; \ 4 ; ' ' >:*;«*? '•* V 1... r MARKET, - > jA ••••;?. . Si •< • . -• • • «.. ••!<: h. «v TWO CAN DO BETTER • - , . »«l». • • :•. . r>S- . ... •. '--a?.- .*;>$ THAN ONE. -^baco sett s, 8nifican ai 'quisitio, y^rnlcti, *-f e ft , - '-, s i i ;^<4c w Tl1 •/’' .. i* r—. • ijj^ • : • -' .'ujtZ' ’ : ' . :s'*o '-.I lr «<*, ; ; v. The drinks world is currently ruled by .-v ~ international giants. !' rx*;' It’s a sobering thought that two thirds of *= * l the whisky sold around die worid is not Scotch whisky. ('KsuaraDf It is Canadian whisky. American whiskey. • • - . -r r.- whisky. i-s, Even Japanese ' T” future, ' “ So if Britain is to compete in die : • ' :.rv * . strong measures are called for now. •• « flw.' -•• -;f. , At Guinness, we believe the merger with ? . r i.r* Distillers will give Britain the strength it needs in the international arena. I.1.T\ :.5s'l7 *» • Our new group will manage an arsenal of • I- "' • 4* • • - . : worid famous brands. And our combined strength will put us into the big league with the likes of Seagram and Suntory. But this merger is not just about muscle. It has a great deal to do with the special skills required to persuade new whisky drinkers in America, Japan and Europe to switch to Scotch whisky. At Guinness, we have proven flair for advertising and brand development. We will commit this talent to increasing sales worldwide. ,-=n And increased sales mean new jobs. Significandy, an increase in Distillers’ sales ofScotch whisky ofjust 2% could get a distillery in Scotland working again. Together, Distillers and Guinness will be good for exports. Good for jobs. And good for Britain. We urge you to support our bid. GUINNESS PLC Guinness and Distillers. A stroke ofgenius. I*-' behalfof Guinness PLC.The Directors of Guinness PLC are the pawns responsible for the information contained in this advertisement To the best of their knowledge and This axfveitisement is published by Morgan Grenfell & Co Limited and The British Linen Bank on case) the in this advertisement is in accordance with the facts. The Directors of Guinness PLC accept responsibility accordingly SOURCE: International Wine and Spirit Record. belief (having taken all reasonable care to ensure such is the information contained — . February 12 1986 26 Financial Times Wednesday Thisadvertisementcomplies with therequirementsofdie CouncilofTheStock Exchange- UK COMPANY NEWS U does not constitute an offer of, or invitation to the public tosubscribefor orpurchase, any securities. Spice sets U.S. $85,000,000 Stonehill half-way profits new date hit by trading difficulties for USM POOR TRADING and tbe costs The board said trading condi- ing so as to reduce its breakeven of absorbing a new subsidiary tions were still difficult, but It point, the benefits of this have flotation have almost wiped out interim expected a recovery in 18SG-87 yet to come through. In the uncovered the profits at furniture maker and a resumption of the com- circumstances an SPICK, which claims to be Stonehill Holdings. pany expansion programme in maintained dividend at the half- 'whole- Kemira Holdings, Inc. UK’s largest indc^ndent way mark 1b better than no loal ™ of auto- The company reported pre-tax saler distributor Tbe payout level was, however, second (Incorporated with iimited liability in Delaware, United States ofAmerica) profits of £28,000 for tbe 32 weeks It said tbe company’s estab- motive parti. Is taking a less onerous because the Stein- to November 10 1985, compared lished Stateroom ranges had crock at USM flotation. berg family, who own and run .with £504,000 in 1984. Tbe been improved by adding a company originally modem system of modular furni- the company, waived their TO* 9!4% Guaranteed Notes Due 1991 interim dividend is held at 3p. intended to go BjMg* {« ture. This had been exhibited entitlement Outside shareholders The directum said trading had keep for income September. But j£* at Earls Court in November and who the stock discovery,JJJJJJJJP Unconditionally irrevocably guaranteed ben difficult and turnover had was scuppered by the and by was well received by customers. should be more than content with fallen below budget Also, the a yield of 11 per cent — three weeks J>*forp ,**|*j523£jr StonehUl's subsidiary financial controller, cost of developing and market- property although the sharp fall in the that Spice’s continuing to by bad been ing uow Unifies ranges, and of was develop share price due to selling ahead Mr David Roberts, portfolio free- renovating Uniflex factories had expanding its of of these figures helped yank this convicted of fraud. Kemira Oy considerable hold properties and been high. Stonehill acquired up by a full point or more. The flotation was put devoted to The (Incorporated with Smiled liability in Finland) Unifier in October 1984. effort had been best that can be hoped for this Roberts charged With developing export business. How- and Mr Turnover for the period was year is that Stonehill will be misappropriation of funds. ever, these would not sbow a down from £lQ.68xa to £10.07m, able to cover its dividends return for some time, the board The flotation is now and tbe trading profit down from (assuming the waivers February 20 in « W»W following procure Deprecia- said. Suggests tor The have agreedto subscribe or subscribersfor die Notes: £661,000 to £223,000. volunteer again), which through stockbrokers. Capel-Curo against £157,000 £350,000. The tion was £194,000 pre-tax profits of Myers. Spice will release and tax amounted to £12,000 • comment shares at TSp are on a 1985-86 2,868,750. or 37 per CMlt. Ot to (£227,000). Holdings sitting low and some optimists will no S0p. Credit Suisse First Boston Limited Kansallis-Osake-Pankki Stonehill is not shares at a placing price Of pretty in the face of cheaper doubt be talking of a recovery After allowing for ordinary capitalise the com- imports which situation. But with only one This will and preferential dividend pay- east European the financial good year last five, Stone- pany at £&2m. In Postipankki the loss per share is 0.45p. are making it hard to maintain in the Union Bank of Finland Ltd ments to September 31 Spice sales in a volume business. And hill needs todo more on costs year compared with earnings in 1964 mustered turnover of £18Bm and of 4J!p. although the company is invest- to convince. pre-tax profit of £648,000. produc- Algemene Bank Nederland N.V. Bank of Tokyo International Limited ing a p/e afteT tax of 8-4. ’»• Security The directors expect to pay a profits DJ dividend of 0-2«23p a share for Banque Nationals de Paris Banque Paribas Capital Markets Limited Lower Zimbabwe the six months to March 31 and. ffMfliitig that profits reach a advances fl S similar level to those of tbe last Copenhagen Handelsbank A/S Dresdner Bank Aktiengegellschaft hit United Packaging financial year, the final dividend a share. LOWER PRE-TAX profits from expect the second half to show to £210,000 will be JLSp have resulted continued growth. began trading 20 yean Enskilda Securities IBJ International Limited its Zimbabwe side A substantial increase in pre- Spice into sterling, in the aegis of Its present Suadfauvfeka EnUWa United when converted Although the Zimbabwe profits profits is reported by ago under United tax Gordon Spice, who. a reduced £468242 at fell by £96,809 to £187,260, in DJ Security Alarms for the year chairman. Mr Packaging for the six months as a racing car driver, won the LTCB International Limited Mitsubishi Trust Banking Corporation (Europe) S. A. local currency terms they were to October 31 1985. Figures & 1985, against a British saloon car championship to end-October virtually unchanged. Application show profits up from £99.118 to £497,463. seven yean running. previous has been made in Zimbabwe for £209.630 on turnover higher at West York- Nomura International limited FK Christiania Bank (UK) Limited Turnover for this purchase of Government 4 per £I.17m compared with £778,410. The company has since estab- group, which is shire-based cent deferred bonds which will The results include the con- lished four cash and carry ware- involved in tbe manufactory and lead to the resumption of re- of a new houses in the south of England packaging goods solidation of figures Sumitomo Finance International Union Bank of Switzerland (Securities) Limited distribution of mittances from Zimbabwe to the subsidiary DJ Security Alarms which collectively command just Zimbabwe and Bots- — 2 in the UK, UK. (Wales)-—which is 75 per cent under 2 per cent of the £ bn wana, improved from £4J)7m to according to charge of owned. The result also include auto parts sector, £4£6m, with the rising to After a lower tax research S. G. Warburg & Co. Ltd. Westdeutsche Landesbank Girozentrale UK tax charge of £80.423 compared Uintel. the market £3^9m (£3-15m) and Zimbabwe £214.000 (£240,000) net profits a ' from with a credit of £14,000 last time. company. to £lJ27m (£L23m). emerged slightly down £254,242. Minorities The final dividend is raised Should tbe flotation prove 1 The directors are lifting the £257,463 to Yamakhi International (Europe) Limited from OJJp net to 0B5p for an successful. Spice will raise £2j3m interim dividend from an took a reduced £21,432 (£30,390). leaving attributable profits ahead increased total of L5p against which will be channelled into r»- adjusted L2p - following the one at £232310 against £227,073. l^p, and stated earnings per expansion, by opening new units has been to the Council of The Stock for three scrip issue in October, The issue price of the Notes is 100M per cent of their principal amount. Application nude 20p share improved from 2.83p in the north of England and to 1.4p. In 1984-85 an adjusted Stated earnings per lOp share Exchange for die Notes to be admitted to die Official Last/ to 3 fully diluted. possibly in Wales, and into 2.7p total was paid out on pre- for this USM-quoted company J9p The company has recently re- diversification, by developing Interest wilf be payable annually in arrear on 5th March of each year, commencing on 5th Marph, 1987. tax profits of £129m. are up from 5.36p to 5.40p based ceived from OfteL interim related areas such as the pro- For this half UK profits con- on attributable profits and up listing Particulars relating to the Notes, the issuer and the Guarantor are available in Ihe statistical service of Extel Statistical approval to maintain certain vision of leisure goods tor sale tinued to rise, showing a 15 per from 3.2p to 3.96p based on Services Limited and copies may be obtained during usual business hours up to and including 14th February, 1986 from the Company types of telecommuni- in High Street auto parts shops cent improvement to £280,982 profits available for distribution specified Announcements Office of The Stock Exchange ana up to and including 26th February, 1986 from: cations equipment. and garage forecourts. (£243.394), and the directors in the UK. Credit Suisse First Boston Limited, Cazenove & Co., The Chase Manhattan Bank, N.A., 22 Bisbopseate, 12 Tolceohonse Yard, Wooigate Honse, Nevi Baltic London EC2N4BQ London EC2R7AN Coleman Street, NOTICE OF REDEMPTION London EC2P 2HO pre-tax profits To the Holden of 32th February, 1986 rise by 21% FINANCE FOR ENDUSTRY LIMITED Nevi Baltic, the financial ser- vices group formed by the (now Investors in Industry Group pic) merger of Baltic by the Nor- 10% Sterling/U.S. dollar payable Bonds 1989 wegian Nevj group, reported a 21 per cent increase in pre-tax NOTICE IS HEREBY GIVEN that; the Annual Redemption dee Much IS, 1986 hi ha profits on turnover up by 22 per carried out by a election, by-lot of £356,000 nominal Bonds ea. February 5, 1986 for redemption, in tbe six months to the at par u follows: Thik anntrnnfwnMtf appear* as a matter nf rernrtl only. cent end of January 1986. OUTSTANDINGBONDS OFSlfiOO EACH BEARING SERIAL NUMBERS - From earnings per Sp share ENDING IN THE FOLLOWING TWO DIGITS: of sip (12-5p), 7.7p (nil) fully 37 37 4* 12 dilated, the Interim payment has been raised from lp to l-5p net. ALSO - BONDS OF fiUDOO EACH BEARING THE FOLLOWING SERIAL NUMBERS* Turnover for the period was 215 11X5 1615 211S 2313 3415 4615 5315 8615 7315 68X5 11515 713 1215 1915 3815 3815 4915 6315 6315 8315 WH5 £8-B8m (£7.1m), giving taxable 23W profits of £23m (£L82m). The Said Bonds may be presented for payment to Morgan Guaranty Trust Company of Now results are presented an a _ York, 30 What Broadway, New York, New York 30015 or to the other Faying Agenlis named merger accounting basis and on the Bands, include results for Baltic Group Bonds suiieudewd lor redemption should have attached all amnotuxed coupons appurtenant from August 1 1885 and Baltic thereto. Coupons doe March IS, 1966 should be detached and collected in the usual manner. Nevi from its Incorporation is PAYMENT WILL BE MADE ON MARCH 15, 1986 AGAINST SURRENDER OF November last year. BONDS IN STERLING OR, AT THE OPTION OF THE BEARER. IN US. DOLLARS CAL- The tax charge was £461,000 CULATED AS SET FORTH IN CONDITION 6 OF THE BONDS. SUCH OPTION TO CHRYSLER there an IS (£381,000) and was RECEIVE DOLLARS IRREVOCABLE AND MAY BE MADE ONLY BY THE PRESEN- FINANCIAL CORPORATION extraordinary debit of £141,000 TATION AND SURRENDER OF SUCH BONDS, TOGETHER WITH A COMPLETED relating to costs incurred. NOTICE OF EXERCISE OF DOLLAR OPTION, AT THE PRINCIPAL OFFICE OF ANY say that in addi- OF THE PAYING AGENTS NOT LATER THAN MARCH 6. 1986. INTEREST ON THE The directors ' tion to consolidating existing BONDS IS PAYABLE ONLY IN US. DOLLARS. activities the group is expanding Payments w3I be nude (i) in die case of any payment to ha made in check drowni NOTICE OF OPTIONALR] •tion That ws ax a matter ofrecord only Tkts advertisement a issued at nbtiancs tath the requirements of the Council of The Stock Exchant It does not constitute an invitation to any person to subscribe / or purchase any securities of NEVI V WalterLawrencePX.C. T Granville & Co. Limited (Incorporated in the Kingdom ofNorway with limited liability) Mam bar of Tho National Association of Security Daalani Walter Lawrence P.L.C. eldest fonder de fierce and InvctatanaM Managers (Rt&staed ot ExgbmdNo. 153182) The Norwegian financial services group B Lovat Lane London EC3R BBP Telephone 01 1 " ' •*'; ! -*• •• .- "..• ** - .* va*» -.. < • .-•• .. •• •'? -. . -? • J ./ . _ •. *..*• t . f :. • • • »••• - •• .• ^ •'W.vr. : - • -r- ./* -.v- .::*?:• .*»; <' iV*j- - ,••.•••. ’ \s- . * • ' • *' :••>•• •• > w • •.'..*.••”/••»•.•« ••..• ,'• ' ' |I‘ • . *. . A.' .. . f . * •*.£•* ' ’!•$# v^ ‘. » /;’• 1 * •'* •* ’ •’•''• ’• "‘s .’ ';*”*• #l •"* ’' ••• •••.» • •• •• • . ' * -I* "n*. .. - \. . *• * . .• .•*« • • :• • •„ „/! •/..•• . •. ., . • ....O- T • *• . \ '-.v . . I . / ‘ '• >' ‘ ' • > V- - *. ' '•?••• • '••>; : ^ . • •• ' • •. .# . » y> . ’ • • •# . , . , V v ?**! - ; • j-v - .*V.v *• v \ ; V; vV’ .Y<-’\ i ; "" ' , if * 1 .. • • • . #^ ; 1 1 . ^ _ i ; ' / ’ »" •» * : . ”* * "1 1." »• ' • " . . . . . _ . |^A» . , . / 1. ^ t f-i _ 7 t , _ ' - ' ' • *' ‘ '<' • • yi'. ' ,’- • /.• * i < l. 'I ; • . 0 ; * ’ ’ • • * >> ;.'i ‘\y • - .. \ / \ guinness V' DRAUGHt bottled and cA/wed guinness.qk ivwacr share of beer and lager sales vooime SOURCEraElfS PRESS REl£ASE 3!stJUIY1S85. . Unbelievable but true. keting &*; ers helpt , r — v ,JV^ 5 Argyll We can revive Distillers spirits. 1 12 1986 Financial Times Wednesday February UK COMPANY NEWS Loss of Imps gets , Britvic and Canada breather £0.24m Dry Rawlings unveil in bid by CPS battle agreed merger plan Computer By Martin Dickson . BY USA WOOD THE REGIONAL MUNICIPALITY OF OTTAWA-CARLETON warned last Imperial Group, which is fight- BRITVIC, the mixed drink and merger have not been disclosed AS THE company fell ing a £L8hn takeover bid from fruit 'juice subsidiary of Allied and subject to Office of Fair month CPS Computer Croup To the Holders of Debentures U.S. $25,000,000 Hanson Trust, been half of has released Lyons-, confirmed yesterday that Trading clearance it will take into loss in the second by the Takeover Panel from the it is to merge 9Vi% Debentures due March 1 5, 1990 with Cinuula Dry place from March S. The new 1984-85, wiping out the interim normal timetable governing bid Rawlings, die soft drinks maker company will have just under profits of £602.000. Authorized by. By-Law Number 35 of 1975 battles. owned, by Bass and Whitbread. 10 per cent by volume of the The ruling has been made Bass, with 65' per cent of UK soft drinks business. Although directors were the because the Government is tak- Canada Dry Rawlings, will Britvic, ranking fifth in the improvement at Principal Amount Redeemable March 15, 1986 U.S. $1,976,000 expecting an ing an unuanally long Hmt In manage the new soft drinks UK soft drinks Industry, has halfway stage the USM-guoted a Less: Credit of Principal Amount of Debentures deciding whether or not to refer business and will have 50 per been seeking for some time a computer distributor reported to Monopolies Commission either cent of the shares with Allied suitable partner develop its end of Purchased and Cancelled U.S.$ 537,000 to loss for the year to the the Hanson bid for Imperial or Lyons and Whitbread each own- business. September 1985 of £243.000. m Imperial’s rival plan for ing 25 per cent Canada Dry Rawlings, number forecast Balance of Principal Amount to by Redeemed U.S. $1,439,000 a line with last month’s merger with United Biscuits. An Mr Ken Richards, a director three in the industry after £200,000 and £250,000. announcement of between is now likely of Bass, will remain chairman of Cadbury Schweepes and In the previous year the group later this week. the business which will retain Beecham, made a pre-interest profits of £2ff7m. NOTICE IS HEREBY GIVEN that The Regional Municipality of Ottawa-Carleton will redeem on March 1 5, 1986 Yesterday -was the 39th day existing trading Barnes. .The profit of £L3m on sales of £73m result was achieved on Debentures bearing the numbers listed below at 100% of the principal amount of each Debenture plus accrued interest of the Hanson holding company of the business in the year to September 30 The bid, which is from £37 56ti to to the redemption date. normally the last on which a is Britannia Soft Drinks whose -1984. Britvic hi the year to turnover up defending company can publish trading name is Canada Dry Biarch 3 1964 made £3.4m on £4L7m> Rawlings. significant information, including sales of 47m. From continuing activities a U.S. $1,000 COUPON BEARING DEBENTURES The move is part of a general J. Lyons, the Lyons Maid ice- profits forecasts. With the agree- • loss of £70,000 was incurred shake-up in the £2bq-o-year cream maker and food division ment of Hanson, the panel is UK against a profit last time of allowing soft drinks industry ' which is of ABled Lyons, is to purchase Imperial to make day £2. 55m and discontinued activi- 39 the one fighting against overcapacity and Flying Goose, the Wiltshire- after the announce- ties suffered losses of £173,000 of a decline in prices in real terms. based speciality sea food busi- ment a referral decision. against losses of £279,000. The financial terms- of the ness, for an undisclosed sum. Two other important dates will of be extended by the same amount There was a tax cerdit and an of time day 46, the last on £708,000 (debit £276,000) — £59,000 which a revised offer can be extraordinary credit of per 20p made, and day 60, the final day Burmatex second half lift (nil) leaving earnings at the battle. But the ruling share of lffp (lffp). The direc- does not affect the next dosing FOR THE tenth year in succes- from £7D7m to £8.19m. tors are proposing an unchanged sion West York- making a dates of the two offers. JBunnatex, the . From earnings per lOp share final payment of 0.7p, shire-based carpet maker of and of 13.5p (12.22p) the directors same-again total of lp. record carpet tiles, has reported are recommending an increased promts and sales. The result'was The extraordinary credit repre- final payment of 3.75p (3p), H. Young achieved with a 41' per cent In- sents the surplus on the previous malting a total for the year crease in pre-tax profits in the pensions scheme of Olympia H. Young Holdings has entered of 5.75p compared with last second half which allowed the (Redacre) less the loss on the into a conditional agreement to year’s 5p. to recover from the ending of data entry and soft- acquire EEC for a consideration company midway profit fall. Mr J. B. Burrows, chairman, ware services activities. The of £1.6m, to be satisfied by the the 22 months to the end of says the year was one of two discontinued activities refer to issue of 1.11m Young ordinary. In November 1985 taxable profits differing halves with some of the results of Lamex Commercial Arrangements have been made improved by 182- per cent to the problems of the previous Computing and Lamex Comput- to place the new shares at 135&p £l.B5m, against .£L45m, .on turn- year continuing into the year ing Services which were sold over which rose by 16 per cent under review. In December last year. Board changes give , Tranwood £1.5m Injection BY LIONEL BARBBt A GROUP of new investors is tof*-four rights issue win be under- assume control of Tranwood, the written by Scottish General BAGGERIDGE hosiery group’s board announced Holdings (SGH), a company yesterday. controlled by. Mr Oppenheim. BRICK The group is headed by Mr The new investors are Institu- Nicholas Oppenheim, 38, a finan-. tional and private clients of der who is to become chairman Phillips and Drew, stockbrokers, The Forty-Second Annual of Tranwood. Four new direc- SGH and some of its clients, and General Meeting of tors are to be appointed. four new directors; Roy Oliver. Baggeridge Bride Public Limited Company was holdon Felix Callonder, Alexander February 11, at the Midland Hotel, Birmingham. The The management changes 1966, Cassels and Gilbert Chalk. following an extract from the statement the follow a deal announced yester- b by Chairman, day whereby Mr Oppenheim and A major shareholder, Beniox The Hon. P. A. Wad, circulated with the Report endAccounts. an industrial bolding company, some new Institutional and win sell 4m shares to some Record private investors are to subscribe of profits and increased eftridend the new investors at 12p per for new shares at 12p in Tran- 1 pleased to report record profits for the third share. Benlox has been am wod and for Tranwood to make an in- vestor In Tranwood for four consecutive year: The profit on ordinary activities before a one for four rights at 11 per share. years. taxation for the year ended 30th September 1986 was Under the rights issue, 797m £1,750,799 compared with £1,595,759 In 1984, The arrangements will result new shares will be offered at in a capital injection of £lfim further contrftxition lip per share. Those investors A to the profit was made by the sale in Tranwood, which has recently who have purchased the 4m of part of ourworked out clay pitat Himley, whichresufted in returned, to.- profitability. ~ . shares from Benlox .win up the profit aftertax being £1,349,050. Lastyearthe profit after In the year id. January 1985, the attached rights, as win Ben- Tranwood tax was £1,097,196. made £119.000 pretax ip*. oh'lts rc^najiilbij, 3pp 'shares.: profit*' on turnover 'of £5m. The After, the subscription and the The Directors recommend that a fira] dividend be peud of group is forecasting a profit for rights issue, the’new' investors 1816% which, with:the Interim dividend of 9%, will total the current financial year of not win hold the equivalent of 26.07 '2716% for toe year compared with 25% last yean less than £170,000. per cent of Tranwood; Benlox Under the deal, the one-for- win hold 8.69 per cent. The yearns achievements All three works improved theirperformance over last year Westminster Property wound np with Kingsbury, in particular, starting to make a consider- The able contribution to profits following the successful Westminster Property The Official Receiver was Group, formerly owned introduction of its new brickmaking plant during the by appointed provisional liquidator controversial financier Mr Jim summer of 1985. Natural gas has now been installed at all Raper, in October last year after the received a winding-up our works, the last, at Hartlebury’ having been connected in order on Monday from company’s share capital was Mr July. The impact of this on the profitability of the Hartlebury Justice Scott In the High Court shown to have passed from works will take effect in the next The petition of the Secretary of Milbuiy pic to Saint Piran and financial year. State for Trade and Industry was then to Crinkleleaf NV, a uncontested and supported by a company registered In the Dutch TTie future creditor. Antilles. We have entered the current year with confidence. The new factory under construction at Hartlebury Is scheduled DIVIDENDS ANNOUNCED for completion in the summer of 198a This works will be equipped with the latest automated machinery and tunnel Date Corre- Total Total The above Debentures will be paid upon surrender of the Debentures, accompanied by all interest coupons a kiln Current of spondlng for last and will increase substantially our facing brick thereto maturing after March 15, 1 986, at The Bank of Nova Scotia Trust Company of New York, 67 Wall Street, New payment payment div. year' year production for the housing market York, N.Y. 10005, U.S.A., or at the option of the holder, at the offices of the following paying agents specified on the Amstrad _..inL 4.96 April li 0-32 — 0ff4 Burmatex The improvements to production facilities already Debentures and also the Bank of Bermuda. 3.75 — 3 5.75 5 0.7 — 0.7 1 1 reported, together with planned additions to our product D. J. Security Alarms... 0-85 May 14 Off -iff Iff range of pavers and bricks, will The Bank of Nova Scotia The Bank of Nova Scotia : special shaped ensure that English A NY Trust ... Iff April 18 Iff • 2ff 2ff 33 Finsbury Square 66 Boulevard de LTmperatrice, we are well placed for the future. These changes should all General Funds - 1.45 April 10 lff5 2 iff — start to make a positive contribution in the current year and London, EC2A IBB B 1000, Brussels. 3ff April 10 3ff 5.5 4ff Nert Baltic int.... Iff1 ff May 10 1 — — help to defray the anticipated higher interest charges The Bank of Nova Scotia The Bank of Nova Scotia Our Prieet int 2 April 10 Iffiff — i"5 Incurred by our increased borrowing and commissioning Westblaak, StouehUl Holdings 4 Friedensstrasse, 30/32 ...int 3.0 April 9 3.0 — 6ff6.0 costs of the new Hartlebury factory which will constitute a • - Utd Packaging^ int 1.4 April 2 — • 2.7* D - 6000 Frankfurt Am Main. 3002 Rotterdam. Iff* major development for the Company: S«x. Iff March 12 1.05 Iff 1.4 Dividends shown in pence per share except where otherwise stated. The report and Accounts Kredietbank S.A. Luxembourgeoise, Bank of Bermuda, were adopted. j •Equivalent after allowing for scrip issue. tOn capital increased Front Street, 43 Boulevard Royal, P.O. Box 1108 by rights and/or acquisition issues. tUSM stock. S Unquoted stock. Luxembourg. Hamilton, 5 — 31, Bermuda. BOARD MEETINGS The interest coupons maturing on March 15, 1986 should be detached from the Debentures and cashed before presentation. If such Debentures are presented for payment without all interest coupons appertaining thereto which The following companies have notified mature after March 1 5, 1986, the amount of the missing unmatured coupons will be deducted from the principal amount date* of board meetings to the Stock due for payment. All interest on the Debentures so redeemed shall cease to accrue from and after March 15, 1986. ExChan00 . Such meeting* ora usually hald for tho purooso of considering kmel mtsnons umiied dividends. Official Indications are not M available as to whether the dividends (Incorporated in the Republic of South Africa) The following Debentures previously redeemed on the dates indicated have not been presented for payment. • re Interims or finals and the aub- ( Registration No. 05/32379/06) dtvfsoins shown below ire based Gmco?2o5| mainly on last year's timetablt. TODAY INTERIM RESULTS Interim: TR City of London Trent. FOR THE SIX MONTHS ENDED 31 DECEMBER 1995 March 15, 1985 00106 00129 00134 00211 00507 00541 00S45 00547 00550 00552 Finals: Copenhagen Handelsbank, OOS56 00561 00563 00569 00573 00S74 00578 00583 00651 00655 General Consolidated Investment Trust Reuters, Scottish American Investment, Twelve 00656 00657 00668 00673 00677 00682 00684 00688 00689 00690 Securicor. Security Services. Sfar months to Six months to months to FUTURE DATES 31/12/1985 00695 01234 01305 01515 01684 01740 04578 01745 31/12/1984 30/6/ I 995 00693 04648 Interims Income before taxation—Am 69.1 04649 04692 04693 04694 04699 04703 04785 04792 04819 04825 Elders IXL .. Feb 19 Taxation— Rm Off) 04879 04881 04886 05028 05528 05645 05766 05777 05781 Mountlelgh Feb 21 Preference Dividend—Rm 06039 Murrey Income Trust ...... Feb (0.7) 24 Surplus on 06756 06761 06910 07684 07696 07697 07702 07706 07717 07735 Rama Industries Feb 19 realisation of investments after tax— Throgmorton Secured Growth Rm — 1.7 07739 07756 07761 07763 07768 08872 08879 08888 08901 08905 Trust Written off Investments Feb 18 —Rm .. (7-i) 0892 L 08938 08943 08949 08955 08956 08960 08967 08973 08976 Bails - Channel Income after taxation Ibn 08982 08988 08989 08993 12007 12009 19542 19558 19559 24498 lalands and Intnl. 592 Invsatment Trust Feb 27 Ordinary shares in issue (000’S) 32ff36 24499 24503 24514 24525 24532 24541 24558 24565 24569 24576 Earnings per share—cents: excluding 24582 24602 24613 24624 24626 24629 24646 24647 24690 24708 investment transactions ... including investment transactions 24719 24723 24729 24734 24740 24745 24751 24752 24756 24767 , BANCO 01 NAPOLI Dividends per share— 24774 24932 24933 24937 24954 24959 24960 cents INTERNATIONAL SA March 15, 1984 00551 00694 04698 04708 04820 05776 I 31/12/1915 31/12/1984 Uff.$150ff00ffM Investments at market value/directors* Floating Rate Subordinated valuation—Rm Notes Net asset vaiue (cents per share) Dated this I2th day of February, 1986. Due 1997 For die six mamhs lOtfa February J.C. LeBelle, Treasurer 1986 to 11th August 1986 the NOTES Notes will carry au interest tanof _ r ordinary shares were issued as part consideration 8to% per annum with a Coupon acquisdion J T for the of 5.1/8.494 shares m Tram-Natal Coal Corporation Limited. Amount ofUS$410.76 per The new shaJSsnares issued rank for the interim dividend now declared. US$10,000 Note, payable an 11th August 1986 ad J”n,entt , (or writing down investments have been made in !i«w K e f 985 the BmkersTnraCoinpaHy,London ** provision required is calculated at the financial J company'sp r Agent Bank year end and Is related to market prices ruling at that date. INTERIM DIVIDEND No. 46 declared on 11 February 1986 — Payable on 3 April 1986 Amount LADBROKE INDEX per share 75 cents—Currency conversion 24 March 1986 1496-1*194 (-2) Copies of the full interim report may be obtained from Based oa FT Index the office of the London Secretaries, 30 Efy Place. London EC1N Tel: 0L427 4411 6UA . . . . . —J m £— ]5 n *V “ r ‘*!*V Financial Times Wednesday February 12 1986 29 flSSdj FT COMMERCIAL LAW REPORTS FT UNIT TRUST INFORMATION SERVICE I (g) Lafri a ftom RMt Tit, ItaenJ LM 9L17f‘cnjaanOlhLH ran 0-431212 saaita'fiBtBNMmfl 0277 BJU« S3.Fm _ AUTHORISED _ EavEh ic* 2J* Lloyd’s syndicate wins interest *93 am — CIV *•» '** b ZJU tetr*»Ti -E DU UKflKaM SIM zzd 2-W BNnftTn U=M ZJ1 firyn* Ml um > UNIT TRUSTS CMttMtm- £ 39.J3*i -- 2JI MC-W*— 1*2 -« in ti 4nu Hfl Mtoy Utft T*t Mon. lUtUHl— % $ {) 3 mi on m m—j , SO MKMmtnt B«neoMtfi Im . *OJl «9* Unkiana Hw JntesTnjl u ms DM IMHW >OA .Bn , W reinsurance on Bll m uua twi damages « I on !**»- 10 -i J1 thWfa... BJB Tbt tur in pursuance of a Judgment in fore be statutory. The only re- treated as if it were for interest Brrcsart Unit Md IMWWCW &HSRSET Hanctn Ho, renmn £3 Ss the proceedings) the defendant levant provision was section 36A only. uu ta MUn EDMUNDS v ADAS . shaft be liable to pay the plain- o£ the Supreme Court Act 1881. But it was not a judgment for Court of Appeal (Sir Jobs. ntftm 6e Ltd jW ft) tiff simple interest . Interest only. It was a judgment Thf Stock EKtaOt, Ltarit R. (Ml T*. tonn. IM (ti ' Mr Boeder, for Adas, sub- _ S Donaldson, Master of the u am Wwwrt Pat Carto hx WW w Ham that for damages and interest. That I IM MM*. -67W W 1 U mitted on the true construc- vS v is WQ3WS941 Pll Bolls. Lord Justice Stephen * * WMlMra j JOD33 tion of was as it should have been since i tei Brown and Lord Justice that section, where the 331_ WsmlmlUSK— UV SIR JOHN DONALDSON MR whole of the sinus claimed by Ados had no defence to the VM IMMhlll U Bx. Tnaz Ziia.7 Parker) ; February 10 1989 - saM that the syndicate reinsured way of damages had been paid daim for the sums due under IWHlf *U certain risks with Adas but Adis the reinsurance contracts. 1.77 SnoBWSr MW Jbnet thmoMwnt prior to the hearing, the court MM M*| iwinat lh failed to pay what was due, had no power to award interest, Subsection 3 of section 35A 12 Si tan Unkfl SW1 :••<: daln for damages and. amounting to £10,048 and that appealed to have been necessary MMI'IIFWT .aahJi t: Sv ON A and were it otherwise sub- WOV6W ujaun H ,S7. nw7 MMJ F«6_HUS . 546,752. in recognition of the different ... interest the court has power section (3) would be quite un- 53t Sfiasf?*-.—jijj to give Judgment on Dabflffy On October 14 1982 Mr necessary. effect of payment on a daim in mSXMil hT BSSSsh and to award interest though Edmunds issued a writ claiming debt and on one in damages. CWt Trast* MX ()() r " V: Nk'. That submission was not those sums with interest. Payment in foil of a debt an amount equal to the prin- accepted. After the action On March 25 1985 the Adas bad extinguished the cause of action Omtt (MM) (M Most LM cipal sum was paid by the begun sums were tendered in HMcMr Hmor, 77 UM4B, Ml. EU sohritars sent Mr Edmonds's and left the court with so basis ' defendant accepted by fttil settlement w-»— O US OBu and of the claims for ns 5®=* , solicitor two bankers’ drafts for for giving any judgment, save as E the plaintiff before trial of damages and interest. __.feS the sums claimed- “in settlement Mr provided by subsection (3). Pay- si the action' if 'acceptance was Edmunds retained those sums *S« S3 Cn— F«l Huai IM b) of your clients’ claims in the ment in full of tiie amount of GMwvtoa I jjat 7Xu it 1 onnNc wv,«Mkr. havonv BMUvnMl JffU UUI - not in foil settlement of the but made dear they would — , ... above action.” Mr Edmonds's the damages stiH left the coart ’.1 2*17 find liniHaMt ^3*74 INS VQ Si? LW#fe Utf 0*a T«L Nkp* LM claim to include interest. only be accepted in settlement n»r»kiic hii *a» ».1 SUHjnAir.ECMBV OLB003U sotidtor replied that the drafts with power to give judgment on .i *T3 on CosVUK5w*0««-J:.'3 of the claim for damages. ff& -ij|? ^ JJO tarnitu* lift? W«1 »OJt — ...J 1 m The Court of Appeal so held were accepted “to settlement of tiobikty and to assess the dam- LB EmtiwFikt U - " 3n« (miviitt c j f J“?2 the principal amounts claimed in In other words, there was an ages and interest, taking (Join) Holt .. ' *2 -J4I1 'IM when dismissing .an appeal by m LM .t ..I 3 IB bxlnr-ittr Tc’.F 9U.U - offer of scEdHiaa oj^aocr- reinsurer, Adzutaistravkm of relation t» the above action” settlement on one basis account of the fact that there aMi .. J LM IVIIIM4U M] 3 lira _ n*i"cp.a -- Jn.> -''fe State Insurance (Adas), from and asked what proposals Adas and a counter-offer on another. had been a payment and accept- pi -Sj( m Li Cion lit .-35 VO I II* t: Neither offer .r... .'-.v.. Mr Justice Leggatfs decision had to make m respect of was accepted and ance on account of an amount U _ _ 1\) j Sk3 I PWN Ft* I FOB costs. The Adas if sued Mr Edmunds would have equal to the of the flat Mr Herbert David Edmunds, interest and fuH amount 1 been obliged CMkar DM (MR W LscM ABtkctttlM IMnal totA T»t* replied . to repay the damages. -'va Uoyd’S underwriter suing, on solicitors that they hod money - a 3J7 I Ow Wfbani SL tOOtlAfl 0-4049X4 - - -— »- 77la*tonWM.tC.WID0 SI-MFUa • Instructions. he bad received. The appeal should be dis- 7.77 : -» his own behalf and on. behalf no CwMntMTt l9»i associated . amplifier. This TION has appointed Mr John 78 weeks...... well Leafield (A&D). and Con- OHn., - .... Knars LM ncmama . radar Conian James Naylor as It 2-9“..BnMtaaiJ,Cl«Hwrtia9i CMWMJnsr. amplifier accepts: real-time trol Systems Scottish factories. and Mr --H 422' H.6U37Lft :. .\a .: -.irfttld*) UKBMKCFdTnM 3 and graphics Intonnatitra under director and joint group managing directors. -1 ttttiSbso McNeil, • m Mr George URIMnc(47>niMc-|W8 -vertical iso- (cm Tim , . .. . •7.0 s •• the control ' toe display local contract for HkV Lord Delfont becomes executive BKErtnsTnnMs. i." y>.i of A general manager, systems group, «J4 LM equip- UKHWHcTmIk processor. Plessey Displays .is lation-oil circuit breaker director, chairman. 3151 St Getne'i Wftr. ftnfoote 0430356101 becomes managing 255 the main. -display -contractor in ment worth £3-25m has been Systems. U SUFKIOL—. fHM Honeywell Information * SM Comae TraRM*. M4IMJ W5 this aU-British .programme, with awarded to SOUTH WALES This post includes responsibili- UXU& M SS3S8 tfvflrnpnts & Racal-Decca in dose collabora- SWITCHGEAR a Hawker ties for marketing, sales and YULE CATTO & CO has NMB«iwt - IMconi prime con- Slddeley company, by Kuwait's N42S2 MKOK Rfl, Tbt Eanfa* Tract Grasp PL6 . . _ tion. Ferranti, the services in the UK and Ireland, appointed Hr Alex Walker as Manila and IMomMMffe*.. JB2 4 Fore Street, London, EC2 01-9209120 J" •- tractor, supplies the Argus Ministry of Electricity the systems division in Hemel group chief executive from Do.6M.Mg. a r •; nT.fcesr “ computer and has the Water. The switchgear will be Ob. Ml H 3S H700 Hempstead and the information August L Hr A. Keown will Do-CioM L?:«SS=d& dSJ S • , -. ;!>•!*« electrical . overall AlO (Action Information used in the country’s division OEoiMl . -KP4 systems manufacturing then become non-executive vice- 14-18 finwmSLI system as part of a Do. Em Baa.“ ...- a-'! Organisation) system design distribution Newfaonse, Scotland. chairman. HwcFosJ— ; r,:r. in Mr OxE«m 0X4291212 responsibility. continual expansion programme. Do. Gam 'rs’ii: Forrester and Mr McNeil will be .* .. ,* : m * Do. Ha appointed to the board of 0*300 VI cr’S- Honeywell Ltd.^ Seymour Fortescue, 06132365605 ***** Ustt Tract Msiwa w LM Mancm Halt Trmt Moon LM (sXcXl) Mr a IKfcwaN»,25aita«fcnlW, “iajj 3ea«rt9((»5«aK.LmdeaK»6EH . 014936421 E7 01-53*9*4 general . manager of Barclays 1 « Bank, has also been appointed a S2 S3 .d £25 No. 5,946 RUSH & TOMPKINS GROUP m ' F.T. CROSSWORD PUZZLE non-executive director of MER- ffWHsui LM has appointed Mr Nigel D. Human Pan Tract i , EC4RSAS ufe Dtmnett to the board as finance CANTILE CREDIT COMPANY. JO FiarM. IHan—.Porta 0734593511 previously Z IW JO director. He was * ho- I6U £2 :::i finance director of Howard Hr Edward Cumming-Brnre Machinery. Mr M. P. Snasdell in nkn LM and Mr Martin Hornby have 3JB7 20 WeRnn R*. ItonM RM1 JLB 0708.45322 •...i, :fi.» has. been appointed company 552 joined the partnership of 532 - 85° secretary. - Both appointments TO r ... .^‘vn^fias^ LAURENCE, FRUST A CO, 3 ® are from March 3. - stockbrokers. « Snsel UnB Ttt. mn.r b) .|i !jT>^“ H , Mr J. A. Tbeophflus has been DJ7 NLA Tmor MAcante RomI, CnoKn U£ 01406 <355 appointed finance director of * WBftuaTnn M»5 4995 *13) 1 -C 333 QtfCMHITM . Bl 996K 44S 091 LONDON & METROPOLITAN Mr Paul Lever has been loMMftrTn i[755 18651 *151 516 MranTMy 5DU ZdlJM 092 ESTATES. He was previously appointed managing director of group finance director of Rush CROWN PAINTS from March L & Tompkins Group. He is chairman and managing fbL.- * director of Darius Industrial assstf. Investments. g Mr Anthony Hepper has been BUtaad Bank Brsap HT Ham. LM * “1 Cowmort htor, SUw, ». KcK, 51 3*0 appointed chairman of LAMONT •4*1 557J5» 7»t 070 7WI2 AND PARTNERS. His existing Peter huj 177 c«no . Mr Goodwin is to be _-J 036 Uttaaunl~ directorships include Foreign St services manager (Coventry) In Colonial Pacific Investment Trust addition to being a deputy staff LM h) and Cape Industries. manager of EQUITY & LAW. Mr * John Smith becomes deputy ser- a SB" vices manager (Coventry1 ^ a u ; Mr LM 5 just been sa J23 & Mr Derek Lloyd has David Brown assistant under- 0732361144 appointed managing director and manager; *]L^ aw Key Fan* uduKu SE2£m writing and Mr Clifton 35fOB*ttiS«.IMPOM«r»l22AF Mr Malcolm Cogan director with Melvin an assistant actuary. special responsibility for London operations for the newly-formed * company, STANNAH LIFTS The following appointments SERVICE. been made have by MARDON Unit PACKAGING INTERNA- »fWMi**iatU«MEC3 0000 * ..a 9 m HIM IMt Tft Men LM TIONAL. At Smith Brothers m u* - R. saesese^ u DmMM From April L Mr M. (Whitehaven), In preparation for K8F0111, U4=*KM ctor . Everett, managing dire of his retirement at the end of HFanUiMi . . 269 THORN EMT LIGHTING, 7-Z1 1986, Mr G. Crichton becomes 01-U85858 zn becomes vice Chairman and Mr deputy chairman; Mr J. F. Brock tin IK mm f cm ACROSS : Symbol of authority (7) R. D. H. Bryce is appointed becomes managing director, and Til Itomwii- ET* a Bl (LS son-arm hope father director. Everett oSeSE^ ** 1 Pass In see around circuit? 6 Abandoning of managing Mr Mr N. Campbell becomes sales — 1 ra|2.RB»oTim 161 6 . wanting to go oat (10) joined tiie lighting company's director. Mr J. A. Cook is 161 \ttS ( ) sassir* a feature- board in 1969. Mr Bryce trans- the 4 Calumniates foreign leader 7 Country demanding appointed to board of 014285181 p fers from Thorn EMI Datalech Illingworth as produc- Sw .S?Tm in arts fracas (8) article (5) Mardon “5 JS532JS where he is managi ng director. director, open top divi- figure outwardly S Firm's uniform . (6) tion can 10 Bankrupt LAS Back in a short sion. Mr F. B. M. Page, previ- (Ml Tract IM overbearing (9) 9 time (6) * 305 OJCooigrSt, laMinpi EH23JL ously operations director of the ' 8hmKrlfMr,AittoSl,LC4R98M 11 Fashion sound steps (5) 14 Still looking for sound Following the buy-out of the xw uSjwEnmra. 01401050 writing materials division, becomes director, open 12 Soldier in control (4) (10) J. Lloyd Instrument companies s - SSs5Tji=dSL5 S3 ^1 SS J. top can division, retaining over- 51* LACUKEMW ^^ s 13 Opposed to musici ans having 17 Incomplete monument to LLOYD INTERNATIONAL has g all responsibility for the can HP Mbmt -Mwtaaa UT Moot (a) (10)'- .' politician authorised by law m prohibited goods made the following board business. Mr N. S. Smith has 163 Hoar SlrocLCmgaaG22UH 041-2211252 15 Did business and paid tor ( 9 ) appointments. Mr Michael J. Oofflr." .- J*>J oc. Gmn Fd uu “ L A C IMt Trait been appointed managing direc- MB* nm. IN. Film. Prto, R6 11QUJ. (MumUMil BSliB Hmtrari LM 18 Turned about and went back Love, managing director and WHO* H0M,C0BBraiM9. Erin 70t 01-500 drinks (7) tor of Mardon Composites in suc- J^MwMirl bH Ul 01 2800 sreu * chief executive, Mr Robert ft. d==M ^ IM a 16 Turn gown round under t8 > cession 10 Mr G. MdLeUand who Brttult BKt Tract L4C mil, sales direc- ^ H d SS Hgfc- constraint (fi) 20 Plan to take number of marketing and has left the Group to pursue 74-78 production U1-WB2777 211 IcwnnWa Datt Tct conditions (6) soldiers. (7) tor, Mr Tony Roberts, other business interests. Ur 19 Sets forth Bafecrt nicer Tract Mft LM 0*83 3036*9 SSJEHSUXa: director, and Mr Ernie Woellaid, • - - - — 21 to upset bird (6) retains his existing M iii Ei i ra 12. 21 Hotel getting out speedboat Fbb Smith 81-4953211 6MTM UJA 704 I 035 m l technical director. Two non- as operations direc- 90*1 J (7) 22 Oriental lawyer having to appointment executive directors have been general line metals entertainment . succeed in getting girl (6) tor of the 23 Disturb girl's Julian R. 43 Orawic So (Mu* I appointed, Hr Lloyd business unit of Mardon llllng- 7^^5055 MwicjaGna duMo m Mutant Unit Haaam IM 10 24 Clears away fififai on board -Gri 2.94 ( ) and Mr Simon S. Greenly. worth. Mr D. Yum has joined u 35Famm&e,WjicM*wM22AF Obl-2363483 for an animal (4) ship (5) 44 MnEnm 1S35 575*1 25 Footwear Mardon Son & Hall as sales and -Oil jS diamonds found in 26 -Blemish on cliff-face (4) 27 Certain director. was pre- MBSoPmnShLBf u NaSeol Prrakttat has been marketing He ^•S3 iSg W«0ftrWIK irih! Im Man LM . Mr Michael Bradley giCiircchi«e* !i4 the country (5). viously marketing and sales “ HWVMMMt inS* ^ . EqP3HH (0423*200 Solution to Pmrie No 54145 appointed a director of HM UKOOtTB. li7*J MFjl 28 Club angry at. Teutonic HARLOW of Field Packaging, a (STERLING). director m-4(H*5cn LnM Bratton h to IM decoration (4, 5) - •• UEDA SAVAGE company of Reed Inter- member l UrarBttt. LanGoo EC2P2HT certain tests mcjuaaEHEUCiUEius 29 Carrying out . * national. Hr N. Robertson will ' fi Q Ej K\ ui • 2 E Cartons as sales speaking (8) . . Cundell when . Mr Bryan BL Johnson has been join SLi^lS STA journalist after nsrasG RnERraanncs and marketing director. He was SOS 39 Worn by.- appointed managing director of a ltt Bemrose Cartons. (K772Z7300 5Sj5 3£S? brawl formerly with Hnrthffiti (6) rmEt-nasB £SEEEL'r* PLATED STRIP (INTERNA- vrtM +U1I *r> uxF*titcu_ IMt Tract Msngm LM (eK|) Severnside Waste Paper has SlradooWtoBfcteEttllSvtl^ 5- TIONAL) and also a director of UKBtaM. iEm£02 a e b into carton X-Factor Enterprises. Both com- been transferred the EC2H 4VJ . DOWN r3F33!U!3 ES30SEEI3EE SSKfisSzdas MKl print division and, as a re- OeoHm 014269431 d 3S n ra -n a b n panies are subsidiaries of Banro and . . __ to sult, fi Muir becomes 1 Assembling . gear? Time Hr D. Industries. to : n sr ~ j ro Box 4, MoftAti WU leave the country (8) chairman in place of Mr J, H. B. -rod tj» ran. 3NG ^ Mm 622200 a a § m ffi 2.4 * Allan. Hywel B. Hbughton- +oS 6*>-8«ra get net tangled Mr 144 01 15 L 2 Sailors can GrasoriNH hseqejan - 3 *LN to aa has joined the group as +i3 15 FcrCnw a • jooes refraining from • E Mr Paul Mfnter has been though B a H E 0 B B LO OetaotM IMt Tract ' appointed sales director of group purchasing executive for m Hm LM •rfi drink ^]61E3EGQER OBDRE u MFcadnc6SLLM6BcEC3W4BV (9) Europe. with 15 01-266 0371 Ei 0.0 B E TRION, U£ subEidluy of Trion UK and He was tradHTiar- Iru Sclitary fish (4) - B O.E 9 07 bS !Z7 mo 3 . ’’jMrdtL'Tjfiiwrapiaii.aciM Inc. US.. Express Dairies, U 5 Went round gallery without _ CONTINUED OVERLEAF iiiiiiiiiii ii I imniiiinit » 41 iniiiiil nminjnnil miiinniiii ttrif nmnnmmmwMM Shim S i inmiS h iniil i ij'fi i n1 i iS iiiiiim mm iimimmnf 2 hi m iti inr 1 11 1 1) 1 1 iiii ui niS i imi him initi tiiininitiMiijiinn.fi > S J Wednesday February 12 1985 32 Financial Times COMMODITIES AND AGRICULTURE MARKETS ssms^ LONDON INDICES US silver recovered Men* GOLD AND Msy »» MM H.00 88.78 MARKETS early weokaew «** «M> 08-20 KUO US faces sugar imports dilemma FINANCIAL TIMES from 4w* ZINC PRICES on the London renewed US-Libyan tenmn- Seat 08.70 OMO NJQ 5MB FeSTU fi&TGM'th OffOlYa*r*go 80.60 58-96 »JS Metal Exchange continued to Dollar weakness «ad nw«W» ST _ BY NANCY DUNNE IN WASHINGTON 5 Jen 91.10 *076 10.1)0 f14>Q w — — 1 * I • i 899.68 Mexico slide yesterday as producers later dented, that m-to OZJO •240 82.15 govern- the 68 African, Caribbean and Maroh THE US Government was yes- said Ms Carolyn Blaydes. an price at no cost to the announced a new round of (9am: Jdy 1 1552*100) would declare a moratorum Mw 52.40 M -56 Pacific (ACP) states linked to — 81 AO terday considering an erabarass- aide to Congressman Thomas ment, the cut should be double cuts in their European sell- on its debt, reports Hetoold ing that said. the community by the Lome REUTERS how- dilemma over a cut in the Downey, a New York Democrat amount, Mr Barakat ing prices. Most producers Commodities. Copper, 04. calling FeETlOj FobT7 [Mth agoYW SflO msTMOlf 50 re 0to4*~ country's sugar import quota who last year sought to lower Meanwhile, maize sweeteners trade and aid pact were reduced their prices by $30 ever, remained on the defen- as „ 1*2* called for in the recently-passed domestic sugar support prices. sugar the sup- the extraordinary meeting tonne, in with 1B41.J,! le&ad 1805.1 2080.0 liquidation. -Mfcff cheaper than at to $670 a line sive on dealer (tab 3880 -T — their latest move In a long- to •— 380 Farm Act. The administration, urged on ported price, have been captur- market expectations, but ‘{BaaoTsiptomber" ritltawwoT Sugar traded slightly lower March 350-5 ~ 357.6 : 361.7 State Department, has running and bitter feud between dealing* wwi April 8*2.0 HU The issue wtts doe to be re- by the ing an increasing share of the market leaders MetaUgeseU- foatnreteB 3*1-0 the two blocs over sugar. - JSw 3SU *6* KU ferred to President Ronald already attempted to ease the US market. And the USDA — schaft and Billiton both went DOW JONES little effect from reports Out 3*4.0 Under a special deal, the 13 oa MM »W m.1 pain of American sugar quotas down $50 to $650 a tonne. policy options were 370-5 3MLO 371.7 Reagan after the failure of which also supported honey Dow Fan. Fab. Month i Year US sugar Jan 371 j; ACP sugar producers may | | - resolve on the Caribbean countries, who prices and has on hand stocks On the LME the cash quota- JOftW 10 T ! MQ uo to bo discussed yesterday. April 374.7 — STM lower-level officials to it. export 1.3m tonnes of cane eiarm of the tion added £6J5G to Monday’s lest early strength However, it could provoke a that the profits of hooey as well as sugar — Spot 187.63 18X30 - >181.38 Cocoa 5X00 boy 03* ^tia/boy ax Initiative sugar annually to the Com- £11.50 decline price fixing on suvot serious row with Caribbean Caribbean Basin has announced a new promotion fall, taking the Fut. Ii aa.86 ragxg - nae.48 associated with munity at a guaranteed price Ivory clem wob Ww leaders, whom Mr Reagan is (CBI) have been wiped out by campaign to urge Americans to in the past week to £28. The (Btie December 31 1S31-W0) the prospect of more dv similar to that given to domes- * pessimists to in towards losses from sugar exports. With eat more honey. renewed weakness of the Not nvallebto duo to suspension Coast soles and 5*5 5*oj* men 5*2.5 meet Grenada the tic producers. Of mm* market is generally attri- do LME cocoa part. 6*0.1 end of this month. a surplus of sugar In the US about a new The Administration is also But a 1.15 per cent price rise *060 1549 1.1 market, the Department of Agri- buted to signs that last Coffee advanced the dally U*it The trouble stems from a struggling with the provision 812.1 SOM proposed by Community Farm year's production cutbacks delivery mouths j3y decision by Congress to main- culture (USDA) was forced to in the Farm Act that mandates limit in same sm S3M ei-0 IU3 614.7 Ministers last year was dis- have not bitten as deeply as consideration of BrariFs B2M tf»x tain sugar juice supports at IS cut the 1988 quota but the re- expenditure of $2bn over three MAIN PRICE CHANGES on S? SSX.7 SSU missed by the ACP states as *37J) — — duction to short tons expected and that output will In ton itu tmlou otherwise anted. drought at the International Smn cents a pound. As a result, the — L85m years on the so-called export inadequate. They want a IB per *40-0 6374 SttJI needed remain substantially above Coffee Association annual March HU Farm Act signed by the Presi- — was less than really enhancement programme. their raw sugar, May 664JI — — Maintain cent rise for sagging demand. LME alu- convention. dent in December calls either to prices. Officials said yesterday that with awarded to Month ” in line that minium was also weak, partly Feb. 11+ or SUQAft WORLD -11 for a reduction in US sugar Now, the word around the they were drafting legislation 1008 — . MO domestic sugar beet producers. nzMO lb. wab/b. reflecting sterling’s firmness, METALS — import quotas or for other steps commodity trading pits is that to make that provision discre- Another complaint is that NEW YORK mob Low for once but also on speculative sell- Ctoae to reduce sugar loan forfeitures the Administration will tionary rather than mandatory. prices paid for their produce in Aluminium. lb. cents/to 5*1 5 5.7* 591 ing sparked off by the break- ALUMINIUM «LODQ M to the Government. again seek to cushion the blow • Third World sugar producers Ftm Market ... ~ HTRrlfloj ismOfCM xo* XT» X06 LW sterling fluctuate with the down of bullish dart CIom Htflh tow by drop- are pat- Copper. — CM X36 e_zs 1X8 However, the Caribbean to the CBI countries demanding a meeting with strength of the British currency. Cash Grade.... flfi £imu Feb earn — — 4.46 terns. The cash quotation!, h {£880 5100_ *.43 X45 X4S countries which supply much ping the quota by just 300,000 EEC Ministers to press for Diplomatic sources said the S mtta M ICW3SJB 1—6.0 2IBSSL36 March SUE S2.7S XS5 4.B4 0JOO 6.84 which gained £1X50 last *336 IU4X25 April 82-90 — — of America's cane sugar imports short tonnes, according to Mr higher juices in the face of ACP was not satisfied with a Goto Tray or-.--- X*7 X*7 ACT •at week, lost £18-50 aft £770.50 a Lead Cash |C868.75 — £868 toy S3.20 BUS 62-40 59.15 1 , 7.10 7.11 7-08 7.18 are sure to protest if the US Norman Barakat an analyst resolute opposition from EEC British proposal for a compen- mth«_ 17.76 63.10 BUS tonne, taking the fall so far 3 July SUM 5MQ 7J5 rcren 7JO sugar quota is once again with Smith. Barney, Harris, member states, reports Renter even out Nickel Sept 64.40 — — May satory mechanism to this week to £34. A £16 fall reduced. Upham and Co. from Brussels. of the Freo Mkt ln/TwM UUMOc Deo EUO — — fluctuations in the value which took cash higher grade Palladium ox—. beexaM+0.16 * 102.00 — 68.15 “ 66.00 — They’re in a real dilemma,” To maintain the domestic They said the growers among pound. copper down to £980 tonne Platinum oz — MO—4,.76 *36X75 68.16 — — •4.70 CHICAGO a OutcksJhrart 4Z2UM0 50.70 — — 57JS CATTLE «UM0 fo. eonts/to was influenced by a larger- Silver troy ox— [*l0°9Op] 6.7Sl41B.OOp LIVE tfaan-expected overnight faff 3 month* ,60pJ—6.40-UULSOp don High tow COCOA - 10 tenMf. S/monas in New York, which triggered Tin cuh — n 3 months—... 1 Ctoae High Low Free UlM CMC *1.1* Wolff may stop-loss selling In London. Apr! 8X15 TUnotion — sKSsea *86.M Mart* 2IM* 2062 2045 2071 JlBM 0X22 *1 J» 0X22 41.72 Gatt forecasts dearer prices supplied by Wolfram 22XtoJ 166(63 •63101 May 2124 2111 21X4 5X72 meat URE am a.fis 6X50 Aagmtt BMC split Zina .....—... £482.6 -0.6 0*44.6 July 2tSl 210* 8150 21 E* be up Amalgamated Metal Trading. 3 months- £430.6 £408.76 Oot s/as 8X60 030 8X27 Sup* 2X90 2UW 21*0 2fM Dae 58.10 «&« 9X10 «.« BY WILLIAM DUUFORCE IN GENEVA producer* „ Hsomra Sna/rao mo 2205 2205 for sale ALUMINIUM March 2227 2236 2232 2227 UVE HOOS 3X000 lb. neatfa/fa MEAT PRICES should pick up Output of pork; poultry and adopted, the report notes, some OILS mmm May 233 Close High Low free after . in 1986 being depressed sheepmeat, it is predicted, will 500.000 more cows, the equiva- I Unofficial or + fPtt 1*337.8 1 1*306 Wagstyl Coconut in . 44X7 Xtt By Stefan cJowrp-ni.i — High/law 37,900 lb. cento/fo FOb i COFFEE -c- for several years, according to continue to expand though more lent of 120,000 tonnes of beef, Palm Malayan l*31Qy 3X37 - 3MM J0JK7 £ par tonne - NORANDA, the hard-pressed the annual report* on inter- slowly. Consumption of pork will be slaughtered and some | Ctoae High Low Prev Jhm 43.87 4X25 43-37 4X30 JEO 233A3 46.60 national 770-1 — 1BJS >776 Men* 23X71 237 July 4X45 4XM 4X10 -- Canadian mining group, is con- meat markets pub- and poultry will increase 250.000 dairy cows will be Cash 23X00 M 798-. i |6 May 24X00 24X00 234J0 August 4X32 43-50 43.00 4un 3 month* I 5 -xa.6 17(706 lished today fay the General further but not a sharply as breeding Phil 3286 , |624 scale . . on a national would pose over. the which has so far PlgmaBt bo Ion: 12 Into of GO X5S. Sales: 93 lots of 100 tenues. — Th* London market world’s largest producer, have for moisture content, are cost (3) • per tonne great political and practical diffi- beat met CiiCaitt. 3 W kq. LOMXSH SWAINS Wheat: US Dpi* 252221 stnucMd been modest because the robust exercised at tiie collection point by the CCCA. oartksfit -t. IS Beef aoles: 50 (5B)tata of 20 aides. . Spring No* par cent culties, observers Bay, Wtot. reports Ivorian product did not suit in the bush, during transport However the British experts MEAT COMMISSION — Avenge fat- Feb/March/Apr/Juno 12X26 anriar. Lewis fend Hat. Clofeing argue prices stock prices *t representative markets. .tranasblpmerit East. Coast: -US No. 2 8p« «.0(to (Mdtolr the mild and milky flavour down to the ports of Abidjan Despite pressure from -organi- that the higher, Mir» , t CS CaWa 96-OZp Iw (+082). Soft Red Winter, Marah 122.50 aariera. «L00p (ium); April p favoured by British chocolate and San Pedro and before ship- sations such as the World Bank, obtained from exporting better — pfr kg . GS—Sheep 179.86P per kg set dew EC French. Fr* 13X50 aaltar. English SJSSi.^2?* kw«P»r lob quality tav» l s, ', consumers. ment. the Government has so far given cocoa would pay for the (+1 JS). GB—Pigs 7X76p par kg tor food fob. Apr/June 12X25 paid. Feb lte »< 9to»re cww) per M. erhomo. seller. No l was nngm. tof The director general of the This season the British cocoa no hint of a change of policy. (+X27). 118, March 11X50 Apr 12X00 — and SMil 20 - (ISSV J - !:: -• -. — — —--_ 1 i ^ B ' _ V M. financial Hines Wednesday February 12 1986 CIRCULAR OF THE CENTRAL BANK OF CURRENCIES, MONEY and CAPITAL MARKETS NIGERIA DATED 18TH APRIL 1984 ' - a! ^-•‘- -r to- APPLICABLE FOREIGN EXCHANGE RATES FOR ANTICIPATED NOTE ISSUE <: - FEBRUARY I US TREASURY ON OR ABOUT 20TH 1988 LONDON at 100% Ssgf FOREIGN EXCHANGES FINANCIAL 8% smOOO 32R4S N.B. THIS ANNOUNCEMENT ONLY RELATES TO CONFIRMA- 5 - High 20-YtAR 12% NOTIONAL GUT Close te* Jw TIONS OF ELIGIBLE DEBT RESULTING FROM NOTIFICATIONS s? Sj 8505 550* »-W 04« g 5 FUTURES £60300 32nds of 100% March ISSUED ON BEHALF OF THE CENTRAL BANK OF NIGERIA ON Jmm *M* 0500 W7 8306 THE CONFIRM- Ctooo High Law frw 5,7* 29TH NOVEMBER 1985 AND CERTAIN OTHER '? Esthnamri wawne (2^1 ATIONS CREDITORS. w*« Ihnfa 11906 11009 10928 11009 Previous day's opsn tat 4326 (W"l AS PREVIOUSLY NOTIFIED TO Dollar continues to retreat no-28 — — m-01 ^ t iO June The Manhattan bonds Sopt 711-18 — — Til-79 CHICAGO spot rates of exchange quoted by The Chose figures noon. The pound rose 35 points US Eotjanatod volume 6375 (MSS) Bank, NA for the purchase ot U.S. Dollars with each of the fol- The dollar fell below SFr £00 On Bank of England SL4115-L4125, bat Piovlo uo O/i open ML 8.279 (7.788) lowing currencies Exchange Market at or "»1 against the Swiss franc in Euro- the dollar’s index fcQ to 12UJ to fell to US TREASURY BONDS (CRT) in the London Foreign v? s!! Baste quote (chum cash price of 13% the weakest level for DM 32585 . from DU 328; 8% SmOQO »nda of 100% about 11.00 a.m. {London time) on February 10, 1986 and which pean foreign exchange trading from 122.4, Traastny 2004-08 lau oquivatem price '"«’ 1029 from FFr 102950; will be applied in calculating the U.S. Dollar equivalent of yesterday, lor the- first time in die OS currency since May 1983. FFr of near futures contrect) —11 to — Latest High tew *s »s 2.7975 from SFr and IMf confirmed claims owing in other foreign currencies for the pur- three years. This fi^ntinmJ the .snamwc — Trading range SFr 22250; firm (32wte) March 85-00 R« t In 1985-86 is Y2M50 from Y285. June B4-ST 86« poses of any Notes to be issued on or about 20th February 1986 «. trend seen in New York over- phu the dollar 10% MOTIONAL SHORT GILT *04 Sept 8402 6W6 are • $1| aver- ’ as follows: 1.085 ioiLS525. January denominated, interest emooo iwote of ioo% *«3;Z». night, when the dollar closed at D-MARK — Trading .range . Dollar Dec 83-01 83-10 htUklkdanga rate index firmer on 82-17 SFr 24ttG5. - The -dollar also age ?pi"«> the dollar In 198558 Is rate contracts, were Close High Low Prev March SZ-17 m ------Austrian 81 8VW 81-W Schillings 164025 Japanese Yen 185.6500 '- weakened to another seven-year £4510 to 22745.. Jannaxy average the' London International Finan- March 35-33 9500 9500 9500 June -M 96-OZ Belgian Franc 494300 No! her land Guilds r 2.7005 2.4392. rate index «-is«i Future** Exchange yesterdav. June 9503 — — ' Exduuie lew in terms ' of the Japanese vohime Dee* SO-a? WWO »-1» Canadian Dollar 1.4057 Norwegian Kroner 7.4160 jN NEW YORK 12X4 agdiwt 125A six months Falling oil prices gave US Eathnetetl 265 (2291 5? yen, and a three-year low against f Prevloua day's open Int. 1 .113 ft .200 March 80-05 BM* 80U1 Deutsche Mark 2-3910 pound Sterling 0-7133 5: $ ' oost. ) (Latest)- .'- bond fixtures a b — *. p< the D-mark. ago- Treasury THREE-MONTH STERLING Juw — — Danish Kroner 8.7890 Singapore Dollar 2.1250 T v- continuing a process begun over- -t V ; s, *. The yen remained in the Tan traded quietly, points Fronch Franc 7.3255 Spanish Peseta 150.5000 s The D-mark £500.000 of 100% *':» •*} . Chicago. Britain^ Indian *n of currencies rising against the night in film points of Rupee — 124400 Swedish Kronor 7.5155 with hwM' in Frankfurt closing Closa High Lore Prev :*. C:;, hi ^ refusal to cut back North Sea Italian Lira 14274000 Swiss Franc 2.0190 dollar, hot the Swiss franc was the hiii May Carnival holiday 87J7 87.40 87 JO S7J39 Latest fc ti:J «jC 6 Spot l.ffiRC' for in line with tte also in demand. This appeared OiUpffl soon after the noon currency oil production, 87.68 87.89 87JS 87M March 93.07 1 month 12. per cant reduction called for 88.43 •8.46 83.09 to be something of a -catching up S months -lJBSpm fixing- The Bundesbank did not 88^*7 UtM 30-5.1" Organisation of Petroleum 88.76 88.72 88.72 88.76 Sspt 92-38 The date anticipated for issue of Notes is subject to alteration. process, after the -franc has H months intervene when the dollar was by the Exporting Countries, contributed tun 8848 Use 82-77 tended to lag behind the yen discounts apply at DU 22789. compared 32.57 Forward premiums and fixed renewed downward pressure June 8863 — — 8*9198-91 March This announcement is subject to the terms and conditions of and D-mark recently.. tba U.S. dollar. 22891 on Monday. The to stim e volume 2^t9 (2^2S> to with DU Sea crude prices on E at d the circular. -There were no new factors, dollar touched a peak of on North Previous day's open int T1 JE72 (11.174) Sopt SUO 92-20 — the European market yesterday. Pee 82-01 92.01 — and . trading -was quiet, with DM £3850,- bnt met resistance FT-SE 100 INDEX compared wiflt 1 prices may fail By: The Chase Manhattan Bank, NA «*. ‘(I - rose 0.1 to 742, Suggestions that banks in Frankfurt dosing and fell back to a pre-fixing low E2S per full Index point CQIT. DB>OSiT (IMM) V, 80.7 six months ago. barrel were regarded _____ 100% as Reconciliation Bank 5* ^ around noon for Carnival cele- -£3755. There were no to S10 a lew Pw Sim points of of DU encouraging for inflation doss Wph for In the Har East, Sterling improved against the factors, and most of the as very March 14646 146.65 146.70 146.80 Latest Hteh Low" ts 5 brations. Hong pew The Central Bank of Nigeria W * dollar, and recovered ex- prospects in the US. 147.80 — 14840 Match S2-22 9L29 — *~ifflfiF 1 Kong and Singapore remained depressed interest on the foreign June — ^ i * J; l t fari SUD 92-28 on holiday for the Chinese New from the morning’s lows agains changes centred on the yen and March delivery Treeshry bonds Eattmated volume 463 (47B) June ‘5 ' pren^ua day's open mc. Au9t (2.074) Sept — — — 8 . bat S,® Year, and Tokyo was closed for other - major currencies* Swiss franc. touched a high of S6-04. and 1ft lower on the day in 85-25, compared with TWO-MONTH EURODOLLAR ^ a public holiday. finished ' Swiss franc dosed at 5 D-mark, Swiss Demand for the Sim points of 100% ‘ terms of the 84-28 Monday. Eurodollars The dollar fell to YXB7J35 from pushed -the dollar below on film paints of 100% FINANCIALTIMESKEY ISSUE BRIEFS C yen.- A sharp fall In delivery rose to 91.98 «iCAG0 Y188J5, the lowest level since franc and and led to an appre- for March low with April delivery SFr 2.00, touching a peak, 91.92 Latest H MONEY MARKETS London quiet and another balances, above target. by 00m. . London money In.' . the afternoon. base Trading on the' * UK clearing banks ftMm bills were purchased out- in Fnmlcfiir^ caH money eased market was very quiet yeste^y, f lending rate 12} pec cent tr !»* bank- bills - little right through £20Sm' to' at 11 e.m. eech . : five reference tank* all worlds major oil centres, futures prices and energy news, together Tinnte t>f- England initially news from the ^The ratee ere the .arithmetic working day. Tha taanlw £• short- NEW YORK RATES The fitting of Tokyo. forecast a money market imun*/^rtHmd*d to the neareat one- Wnatminsiar Bank, Bank with graphics. Basque Mationato da linked together by the latest communications y £550nu but this was Axtsenth. of d» bid and offarad retsa Deutsche Bank. age of (LtUKhtime) Morgan Guaranty Treat £6S0m at noon, ferSTOm quoted by the tnorfeat to Parte, end details of the Reuter Pipeline, Singed to Primo rate --— technology Only Reuters can provide you Ask for new help on the day ^ y although total Broksr loan rats > — — urns only fsoam - • fted fund* — - — picture ofwhat is happening the daily market price service, the Reuter ' . — 7J with a complete authoritlM Fad funds St Intenrenttea _ TV LONDON MONEY RATES , lunch the ^l‘ji .r Before bills outrlgt by in markets. Monitor Oil Service and the Reuter Monitor id-.'.j U* bought 024m Sbt the energy Treasury. SMs Jt Bonds Over 7 dove _ Throo 55y%f 0m Treasiny hi^ • Months Months — 740 night notice Month is Graphics Service. Contact the Market < $ On* . month —— team part of an . Reuters energy SnK-1 at 121 7.19 1MH6 . manth 13 lase-iBN [184-18* band 1 at 12} per IntertranX .^^.— bills in Throo month j J 184-184* reporting resource, Manager, Reuters Limited, 85 Fleet Street bills band 2 at Z~ - Storllng-GDf^ I- stfst asa unmatched international - ^ £3nrTreasury Six nanlli 18 l|Sc - - l|iv y.-t btUs in ““'“'i'S7.B Locra lAutharttyOepos 18te-12>« ia-1 12V per cent: fSSm faank On* yasr Load Author1 y Bond* journalists London EC4P ‘4AJ, ' 846 1 with the backing of more than 700 band 2 at 12** n«r *ent? p4m -TWO yasr —— Dtaoount Mkt Pepoe. lB-TB6* L8U-121* 18»B If * Thre# ysai ;. ~~ “*" 3- 121 per — -v*— Company.Oepos-.»- 120^181. 18% • ||ja bank bills In band at \l throughoutthev\orid. Nootherorgan isatiOT can 01-324 7469 or 01-3247528. £6m bank WBs in band FlnancerHrobjHWS- cent; and - Treasury -Bill# W*Vl— 12V per cent: and £35m Smn yaw Bllih(Buy) ' " 4 at 1 Bank 846 In band 4 at 12V per lO.ysar — — — Roe Trade umatBuy) E E $.06-0.10 bank' billA |7.B5-7.9 30 yur — — 8.18 Dollar OD«^;———4. __ 7.85 7.3 IOM69 #69 - 8-Sk cent SDR Unked Depoe.- _ _ vi* 8ia .fiV-firg r^i * TVs'. ECU Depose r --— _ — par eanc airao-momks "*}• - MONEY RATES. Tmokofy BiHi {sslt)i two-month 12«. * t . Bank Bill# (aall): ons-month 12V pw. wnt: d.ooount jw cont.J?tcG0ECGO nwd i . • Six Bithr. Awsgs randsr rata at S . One . Thrss Treasury- f. InVntm at FstiruBiy 4 (inciosnre). 13077 I Months Months Bchomo- IV relsfonra daU Jwiwry 8 . OVr-rrifiTt Month Finsnbo ; j Mtne. othore «van par *««. roeW sUttiorRar and fin*n» Houmi asiran days 1 Fabrwny WM^Bsnk 434.4'14.85-4-MA 4.404.554.40 4.60|- 5J5 Sys'-fixad. Hnanci Houua B#M'flow ISrpar cent from Frankfurt- liZHi - ‘ -noitea-6** n ^ i’BT* 9 i Oapwir-'lteta* tor auras aovw day* p Part*— n *I ?? V.unoor .one wuraa TakO^MWkr iTSstisa 6).-DbpobIu£1(XMXX> and-ovnr bald zurtc n..;~T-— tthpart•«! ate- par cent months Amstqrdaqbr—*~ ' ••• -iJJm -6WB1»'--V- — 12*.Mpar Mirt. Ondfif riWjMO 111. psr I months 12Vpar cac nlna.12 monih* Tokyo..—“-— “ — nina Dtposiis 1580-16 tils 5sne» 6 W* P*r CBTC- Milan. 161* — earn Imm^JsBuaiy- 14. Depa hold undsf I fite-e** l S8* 10 1 ...I 7.16. | dream farcasb 7** per cent. Bmssete .. — with PuOUn- — ."V I q February 12 1986 Financial Times Wednesday LONDON STOCK EXCHANGE MARKET REPORT RECENT ISSUES Account Dealing Dates Arrow returned to prominence Option 1 with a gain of 4 to 139p follow- ing a “buy” recommendation •First Dec Lara- Last Account imparts restraint from broken de Zoete and Bevan Dealings (Jobs Dealings Day Oil price concern vague suggestions of a bid Jan 27 Feb 6 Feb 7 FeblT and from Royal Insurance. . Feb 10 Feb 20 Feb 21 Mar 3 Feb 24 Mar 6 Mar 7 Mar 17 The rally by leading oDs over • " Naw-thna " doallnge may the previous two trading sessions T3M 3 pirn from MO in two business days and equity leaders ease back was brought to a halt by the Mil tar. downturn in North Sea ail Sharply lower North prices. Selling pressure was by Sea oil formed in a similar fashion with limited to a few pence, but prices imparted no means heavy but persistent restraint to Lon- Barclays closing unaltered at Metal Box. a particularly good markets market offerings unsettled sentiment in don yesterday and foiled after 453p, and Lloyds 3 FINANCIAL TIMES STOCK INDICES of late, encountered 458p, the sector and BP dropped 13 to an attempt by the FT Ordinary 458p. after 450p. Nat- profit-taking and gave up to 10 -cheaper at 550p. after 548p. while Shell share index to breach 1200. cqpple of to 665p, while Reckltt and West hardened a 15 Britoil lost Leading stocks initially : Feb. Feb. Feb. Feb. . Feb Feb. year closed off at 663p. improved pence to 680p. Among merchant Column, also a rising market 11 10 . 7 6 5 4 ago 8 to 185p. LASMO gave up 7 to on the bach of Wall Street, Rothschild hardened a recently, shed IS to 690p. banks, a year’s low of 163p and Ultra- which established another record couple of pence to Ulp and the Pllklngton, reflecting a fllurry of level on Monday, bat the oil Government Saoa 88.15 88.84 speculative activity, resisted the mar fell 6 to 210p. warrants added 3 at 40 Jp. . price developments soon brought trend and put on 10 to 373p. IC Gas moved against the Speculative activity among Fixed Internet. — 87.40 87.41 a change of tack. Brent crude Elsewhere, BestobeU continued general trend and put on 8 to Composites waned considerably Ordinary • 11B1A 1195JS : dropped over SI per barrel in to reflect bid hopes and 3Q8p amid continued talk of an in the absence of any bid deve- Gold Mines-.———, 526.7. 330.5. the wake of weaker US oil advanced 15 more to 260p, after imminent takeover bid. Else- FIXED INTEREST STOCKS lopments. Commercial ' Union, Ort. 4.3 s' 4A4i futures; the latter were pur- mv. Yield ; 265 p. while Staffordshire Pot- where. Piet Petroleum ran back particularly favoured of late portedly affected by the UK Earning* YkL »ru Ilf 10.60 20.6B’ teries, still on talk of a large 5 to 98p and New London Oil amid rumours that US arbitra- Energy Secretary's reiteration of PiE Ratio (net) 11.7* ULTT stake changing bands, improved Slipped 3 to a 1885/6 low of 35p. geur Ivan Boesky bad accumu- . Government policy not to inter- (Eat. 27,998< 87,337 1 5 further to 99p for a two-day lated a per cent stake, softened Total bargains 'it!-* fere with North Sea production 3 gain of 25. UKO International a couple of pence to 268p. after Equity turnover inu — 6BS.68 Quiet mines levels. edged up 6 more to I35p, but • Accident lost Equity bargains - I 30,687. i 265p. General 7 profit-taking from Mining markets put on a 84M 201* Light profit-taking replaced the clipped 15 at 758p and Sun Alliance relin- traded (m3— — ! 896.4) decidedly Sham Parkfieid Group at 2S0p and left lack-lustre showing Ln. *a»B2 good investment demand of the quished 5 at 605p. Do. 10% Gnv. Urn- Pent!and 10 off at 365p after and did little more than mark previous two sessions, but the 1196.;. 11 1193.1. Noon 1188.5. 1188.1. 2 pm 1187.8. Allled-Lyons rose 5 to 285p V 10 am sm 1 pm 360p. Stonehill Holdings fell 4 time in extremely subdued sales were generally aimed at 1188.8. pm 1188.7. Day's High 1197.7. Day's Low 1187.7. Beais following confirmation of the 3 pm 4 lower interim trading. South African Golds speculative high-fliers and situa- 100 Government Securities 15/10/28. Fixed intern at 1928. Ordinary 1/7/35. to 7Sp on sharply merger between its Britvic soft opened on a -slightly easier note, tion issues. Few jobbers were Gold Mines 12/9/56. 5E Activity 1974. Latest index 01-246 8026. ”NiI-ll.3Z. profits, while United Packaging, drinks subsidiary and Canada reflecting the poor performance .afforded any real opportunities also on the half-year figures, Dry Rawlings, jointly controlled eased 5 to 120p. Speculative by the bullion price in the US to replenish short book positions HIGHS AND LOWS S£. ACTIVITIES overnight which carried over by Bass and Whitbread. Else- activity revived in English China with stock of top-quality indus- into initial trading in London. where in Breweries, attention Feb Feb. Clays which moved up 11 to 29Sp, trials. Banking shares succumbed , Thereafter, turnover was reduced centered on Guinness which ro.y; 1985/88 SI nco Com pilar n but Prestwick turned reactionary as concern over Central and to a trickle and prices slipped 7 for a two-day advance of 14 and fell 10 to 128p along with Latin American debt problems High Low High Low line to 292p. Distillers were un- | further in with gold before resurfaced, but the main casual- Turner and NewaU, 9 cheaper at changed at 6I2p, after 605p, but steadying at the lower levels. ties were the oil majors. British 64.87 78.08 127.4 49.18 12°* Z37p. Demand persisted for Asso- Argyll dipped 5 to 337p. Govt. Seas. The gold price was finally Petroleum fell 13 to 550p, while PH/10/B5) (2B/1;B6) «»n ciated British Ports, up 8 further mm J 1B8JS | 1B7^ quoted at 3336 an ounce, a net Buildings continued to attract 82.17 160.4 60.53 ax 420p, and gains of a similar Shell gave np 15 at 663p. Fixed >nt— 90.98 } Value ~'1,S8B.9- 1662.9 fall of 34 and only marginally if (82/tfl/M) .(2BM/H5) lS8ni/47) (B/W75J 5 ByAverage; ! amount were recorded in By mid-session, however, the selective buying interest. Blue above the day's low of around prfoaljf Gilt Edged High ( Law market bad mostly absorbed the Circle rose 10 to 5S6p, while Ordinary- 1196.3 i 011.0 1106 3 40 4 ( | Williams Holdings, 477p, and Bargains. 1 134.2 135.0 $335 J5. [WlilWt (2B/B/40) _ — j price uncer- and Tarmac both gained 8, (IB/2/B6) mnm Avon Rubber, 285p. effects of the oil RMC The Gold Mines index gave F.P. Sis respectively. Gold 536.9 I 817.6 tainty and the tone began to to 502p and 388p Mines! MEPC remained firmly in the up 1.6 to 326.7. Price changes in 10O FJP. 7/3 the £1.5bn London ](Ifi/4/B6) mmiO) ; 81/3 pick up. Sporadic American News of limelight in Properties, rising a the heavyweight Golds were 750 I Nil in selected blue chips Docklands joint venture gave an Nil — interest further 10 to 322p on continuing generally restricted to i or } in the boost to the participants, NH 1313 was another help, although early speculation about a possible bid either direction but Vaal Reefs Nil — pound's continued progress but best levels were not always from Trafalgar House, 3 cheaper proved a vulnerable market and Nil against the dollar inhibited busi- held. Costain moved up to 494p Barton eased a few pence to meat, while Sound Diffusion pat at 329p. Other leading issues to £55. Free State FJ*. IM gave up J 13 ness in international stocks. before drifting back to close 2fl4p, Wootworih F.P. 7 as did at 487p. on 3 more at 49p. By way of also gained ground, but settled a Gcdnld, on the other hand, F.P. TfS 100 share index at 488p, while Taytoff . The FT-SE unchanged Underwoods, neglected of late, contrast. United Scientific lost shade below the best in places. edged up f to £16} following FJ. 87(3 hrSpi«. . recovered throughout the late Woodrow, after touching 528p, rallied 13 to 194p in front of a 10 at 173p on lack of support. Land Securities finished a couple shareholders’ approval at the F.P. 17It 79 85/8 trade to close 7.6 down at 1453.9, slipped back to close 6 cheaper presentation to brokers, while Among the leaders. Thorn EMI of pence dearer at 301p, after meeting in Johannesburg for the F.P. 30 I NH 10/3 after 1449.3. The FT 30-share, on balance at 516p. John Mow- fresh Interest was noted for reflected the possible early sale 303p, while Stock Conversion proposed merger with the other 140 I Nil after rising to 1197.7, settled 3.9 lent, however, retained a gain of Laura Ashley, 6 up at 191p, and of its heating division to Mysou settled 5 higher at 530p. after Orange Free State gold mines off on the day at 1191.4. Most 14 at 354p, while Newarthlll rose Bremner, 7 higher at 58p, after and rose 5 afresh at 422p. but 535p. Samuel Properties revived in the Anglo American group. traders welcomed the respite in 10 to 8S5p and John Laing 62p. "Call” option business Plessey came on Renunciation dan uaoalty last day for daaJlng fraa of stamp duty. b figure* and GEC both strongly and gained 5 to 167p, South African Financials were j and yWd, FForacaat the market's forward momentum, firmed 3 'to 326p. Elsewhere, helped Martin Ford to put on offer and lost 4 at 188p and while Great Portland Estates bamd on prospectus hDinos. p Aasuinod dividend barely changed as were UK- dividend covor on Saratoga updated by latest Interim sMwmsni. HjtHuldoftrt considering the movement press comment, lifted McCarthy 3 more to 63p; the shares have I78p respectively. Baeal softened finned to 6 to 170p and Slough registered issues, but Platinums and YMd (MMd on prospaewa of othar official mttenatfta for 1886, e Indicated healthy in view of the sustained and Stone 15 to 260p, while risen from 52p since the an- a couple of pence to and Bid 172p Estates moved up 5 to 154p. made early progress before tfSvMands: cover relates » previous dhrldandi P/a ratio band on latest annual run aver the past fortnight; dur- fresh demand left Bfoywood nouncement of disappointing BICC gave np few pence at indicated. tandar. Ousted hold are a speculation continued to sur- turning easier. Rustenburg earnings. a Forecast otherwise 4 Issued by I ing the previous trading Account, Williams 7 higher at 175p. full-year figures last Thursday. 285p. round estate agents and Mann of ordinary shares mi" rights.** ** Issued by way of capitalisation. S Placing Platinum ended the session 9 or the Index rose 61.5 points. Against the trend, Wiggins en- Our Price eased 5 to 550p after Demand revived for Vickers and Co were again prominent price. §S Rain trod need. VI Isauod in conn action vritb reargan Matron, integer and up on balance, at 661p while takaovar. Allotment prica. Unliand jaeuntlas markat. tJ Dealt in under Gilt-edged business contracted countered scrappy selling the interim results, while which put on 10 to a new peak with a fresh rise of 14 to 274p. 1 f Impala hardened a few pence to Ruta 535 <3>. V Dealt in undar Role 635 (41 (a). It Unite conipnsrog two noticeably ahead of today’s sub- shed 5 to 41 p, while Acess Satel- acquisition news failed to support for the year of but other 348p, Connells gained 8 more to 210p 6G5p. ordinary, one profaience and ona warrant. scription for the new tap stodc. lite fell 18 to 117p following Lee Cooper which fell 15 to leading Engineers were inclined and Hanover Investments firmed retreat fay the gold price Applications for the £lbn issue comment on the interim results. The 210p. easier. Elsewhere Laird Group, 4 to 152p. Elsewhere, Clarke and a disappointing trend in of Treasury 10 per cent 1993 in belated response to recent Nickolls spurted 27 to 165p be submitted by 10.00 am Amstrad's interim figures far overnight markets “down-under” must GUS good again press mention, advanced 9 to on the announcement that prompted a weak opening by this morning in £20-paid form at exceeded brokers' optimistic 247p. Speculative demand Caneopen. a company controlled Australian Sterling’s I CI a few pence higher forecasts—pre-tax profits at the issues. a minimum tender price of £94. opened revived for Woodhouse overseas interests, bad Wall fihraal inflnannE hut hilfjaan otaoa nasrlv IrahW Tn and by continuing improvement against S forthcomings cheaper on balance at 828p. they have now Jumped 150 since -scription should be 3 proved 7 to I32p. Newman- revealed that it was at an poten- Elsewhere fell further to close at the day’s Suck .38 4 45 Conventional Gilts eased a frac- Among other Chemicals, tbe end of January. Tonks follow- hardened 3 to 136p advanced stage of negotiations lows. Golds were particularly un- Amstrod ... 41C 301 502 tion yesterday, but index-linked tial “shell** situation British among secondary Electricals, ing the formal offer document for a significant acquisition. settled and Gold Mines of Kal- BP k limited progress on Benzol attracted fresh demand Oxford Instruments rose 15 to stocks made from BKcKechnle, a couple of Five Oaks gained 4} to 57jp on Britoil Nope: .. W 74 3M and touched 70p prior to closing 410p on talk of a broker’s visit geotile dropped 25 more to 410p IB SX light demand. pence firmer at 199p, after 203p. speculative buying, -while USM- Distillers DOa » better at 89p. Janies Halstead to company and Cambridge while Central Norseman fell ID Eng China Clays etontattone 6 6 7 2} the Manganese Bronze, in contrast, quoted Sheraton Securities 21 to revived gained in reply to to 313p and Whim Creek 6 to GKN Mine* 17 70 W rally gained 129p on 18 to 278p a fell to before closing 5 off — Midland dip and 52p added 2 more to 27Jp. 112 p. Australian Consolidated Imps rial Group ...... 375 Others §4 64 98 takeover hopes. broker's circular. Bowthorpe balance on at 54p on the sharply Textiles, particularly buoyant Minerals showed a 6 fall to 75p Lm Cooper ...... 210 —15 . initially vulnerable to further Great Universal Stores A con- firmed 10 to 430p following lower interim profits. recently amid persistent specu- and Sons of Gratia retreated 5 McKeciuue Broi ..... 199 + 2 Totala ..... "W* ’set profit-taking in the wake of the tinued to find favour and revived demand in a thin mar- Sure 123 4-4 Leading Foods opened higher, lative demand, reacted to to 170p. Tbe leading diversified — sharp rise which greeted Friday's advanced 15 for a two-day gain ket and MK appreciated 13 at SImH Transport 863 -IS but subsequently eased back on occasional profit-taking. Coats issues showed .Western Ml"i"g news of the sale of Crocker of 63 to 815p, although dealers 325p on revived speculative Tlrora EMI 422 + S i . NEW; HIGHS AND profittaking- to close .virtually Patons, 243p, and Yantona -. - 5 off at 164p, - National to Wells Fargo, Midland expressed scepticism over- talk support. Acorn Computer rallied^ unchanged. Elsewhere, recent Ylyella, 434p, gave up 4 apiece LOWS FOR 3,985/6 rallied smartly from a dull level of a merger with Sears, finally 4 4 at 80p and HB Electric were takeover favourite Bassett came in the wake of the merger pro- MONDAY’S MW HUMS ti*n - 488p* 6 lower ' to the good at 223p. Other popular after-hours and finished Traded options of to dose"only bade 8 to 170p in tbe absence posal, while Dawson Inter- tanm+UMin'ro. amiiucaw gu on balance at 480p 'as buyers leading * Retailers—paused for 7 to the good at 45p. NEI ACTIVE STOCKS Ami (7\ ouhjbmgs m. chcmucau of any developments. HQlsdewn, national. original suitors for Lonrho returned to the fore «5). 3TOMJ («. ei^CTIUCAU _ reappeared. Other clearers per- breath, after recent strength. hardened 2 to 90p on press com- bargaina iwunciiiino mi. room Figures Vi patentings show stocks per wettas : -— . 5 r 15 . 3 S ~1 — .. . — %1 . I 1 1 1 1 1 « — financial Times Wednesday February 12 1986 37 WORLD STOCK MARKETS AUSTRALIA (continued) JAPAN (continued) -Price ,-+-or .. . - - - _ Pzlca- +or Feb. 10 ' i — .Aust4 — Yen CANADA Cen. Prop. Trust MHl 359 -3 Mitsui 980 1 Hurdle .James i .. Bank. +8 Mitsui 1dm Ckaa Kqh Lew Qm> Ckag Sack Mgb Lser tku* Ckeg Hartopen Energy. 410 . +3 Bb Mdi to Heraw W'yTimes Mitsui Estate .. 1,010 4 10 ClAust MOaul Toauu- ..: 214 —1 - 5223 22 -% 25845 340 335 335 Jimberr&na Mttsukoshl. 620 Goa Bam A , % LL La: 36% 38% 11390 Sceptre P.PM 324 * +’, SCO La Paper 22*4 22*4 22*4 % KU Ora Gold NGK Insulators., 935 +9 Cons G*s 2 ana 10% 10% a» Seal * 3290 Latdlaw I !9'i + Ktdcon Gold NfkkdSec. — 1 685 +6 Con Glass S29*. 2C, +3, A 14% 14% 300 Scobs 529% % .' 35510 67f| S9 «*, -% LokHw B I : 44224 Seagram U»'i 68% Lend Lease...... Nippon Dense— 1.340 —10 CTL Bank % M% 14% 5 P, T% 39200 Letgn Irtu 450 Con 517 12 + *4 MIM Nippon Elect — 1,280 1 —10 Conw« B * % 450 r««c Seers % % 20830 Msyne NlcklaM- Nippon Express- 595 +10 Corby 518 '; 18% -% Lotyavr Co 23', 23% 2300 Selkirk A 1 522% 22% 22 % Nippon GakkJ Falcon 517 IK, -% 8179 Ltimaun 15 15% 4108 seen Can 32 i% 21% 31 % -*l Myer Emporium. 1.450 ; -30 C C Nat. Aust Bank- Nippon Kog&ku... 1,100 +10 COMfcB R 175 175 -5 13415 WCG 440 440 1800 Sherrill 37*? 7*4 7*, -*, 10 - 5000 MSR Ei 290 Iie-a New, 1 Nippon Kokan... 189 —1 Cauufi Ltd 810 % % 290 3330 Soutm M-'a «, - moo 1 1 *>. 24 Nicholas Kiwi Nippon Oil. 887 +21 Crown* 525% 25% ', Wn H X b »% inxn Spar Aero s» 2 % “*l 7 34' 34=7 - Nippon Seiko 4B4 +3 Crown* A 1 S?4% 24% 3HS Macrarian 26 26 6750 Stofco A *74 % No r andaP'c' P -pd % - Nippon Shimpan B 13 —12 Cstr Res t6* iffi -6 139» Magna A I 20*3 20*j 31300 SulpYro WO 95 96 1 J North Bkrt HIILn.' Nippon Steel 159 -7 Su5S Maritime f 14 14 18 «! + Oakbrldge. Daw Dev 470 470 5500 iva Ea 319 % % 346 —3 SHE, -10U - 79D Mark Epnc 14*. 141. 14160 lock B 1 319*, 18 n% Pacific Dtintop _ Nippon Suisan.... Oenteon A o % % Nippon Yuaen ... 294 Damson 8 • S 1CT, 10*, 6740 Mass Fer 283 M3 50 Te*e Mel 332 32 32% Pancontinental . — % % _ *1 - - uerlaM Pioneer Cone Nissan Motor 667 —5 Curve Icon 395 35 IE 76u3 E 275 275 5250 Ion a Mn 275 275 275 — li — I 'j - 3600 Mini Bus 11600 Poseidon Ntsahbi Flour 520 + 7 DtUnsn A I S7> 250 250 Tcueo Can 525% 25 % 25% Mi Lot -', ', Nomura 1,110 . +10 Doran ST!. -% 22463 Cqip 6 F, 11700 Tnoe* N A Eli*( 28 *% Queensland Coal Q », “ Olympus .. . 1,020 —10 Dtfasec 536 32940 M oison a f . 2 21 911 131 Bk STJ% 23 n'l ReC klti l % !% % W Dm % *Co man ,1 1? Repco Onoda Cement .. 317 . —5 Dome Crsa S£’. 6 - ! 633 UoiMXI B 21*, 2U, ran Tcv Sun 526 25% 26 *% Fmanoe .. 997 —1 14 6 MCny 18*3 19 27 Santos Orient . Dome Mi no 3 U% -% M Bk 1640 Totttar B t 337 38% % Orient Leasing ... 2.980 * 60 -9 I 33G7 Moo'o 29 5100 local 521 203 21 *% Smith i Howard)- > Dome Pete 250 2*a 29% Pm '; , % Thos. Hatvvide Pioneer 1.950 —10 Tamm 6151, IK* 530 Murphy 18 18 170 Traders A 1 *»% 30 30% -u % - . -40 Bk Tooth Ricoh 1.010 Domtar 536% 26 2925 NW Can 23% 23% U299 TrCon H A 175 170 170 5 ' lO ~ Sankyo 1.170 — +% 2503 Ml vg Trco 7930 Tins Ml 511 11 11 's vamsoa . Donohue SZT, 22% H % % % Sanwa Bank 1,300 -10 Nil 7%* — Western Mining Oyuni A 116% 2830 CapA I V 477*3 TmAXj UA SZG), 76 '; .’Pi Sanyo Elect 389 + 23 *- Westpac Bank.... Echo Bay 52G% 2S5 Nfld IP A 16*. i£. 54495 TrCon PL 518% 18% 18 Sapporo . 664 - Woods! — 2j v *3 *7294 Norantia 15% 15% (0081 IrilDn A *.->•% 24 % 2*% -% de Petrol Sekisul Prefab - 928 -4 Emco 523 1 12714 Norcen 14% 14% 1280 T run nc ze 295 2V5 •5 Woolworths Seven Eleven 9,490 — 10 Equity Svr SS ? Wormaid Inti FCA Mil S?6 5*-:% CS25 Norcn ord t ! 12% 127, BOO T unity Re* 165 165 1 U • % Sharp ... . 919 -1 98660 Nor Tci 38 14400 IflTUC A 1 *, 29 Shimizu Conatn 364 + 2 FicntMdg 622 "* 37% 329 n NomgM 435 425 ZOO Tri;oc B 529 29 29 Shlonogl - 790 —1 Fed lnC A SV4 5P ax 63738* Nva AHA f e% e% 776T Ulsur P 148 146 148 -2 HONG KONG Shlsclde 1 5B0 -10 Fed Pion 527 . *. ', 14316 *; Fimwig B 1 SIS’, 3630 Nowsco W 13 13 U Entente S 12 <; 12% 12 5howaDenko ... 223 +3 28717 Nu We» 37 37 110 U Canso 5b 55 55 Price or 3.650 -80 FCiiy Fm 5 T 1 + Sony , 14am Numac 11 11 674 voasll A « 420 410 410 - 10 HJC.5 Ford Cnda 5188 — ; S' tomo Bank 1.590 — — - Oakwood >| 7074 Versti 420 ’* 5» 6 6 B 420 or i GandaS 59% 9 % S' tomd Chom - 240 : .. - Gar tl(F. «£, -*. 53*7 Oakwd A I : 430 5 1600 Vravpan 3«] 340 30 5 Bank East Asia—. 85.0 i —1 MCU S'tomo Corp... 740 | -5 Cheung 20.4 Ceae Conp 55 -% jaoo octmt s 440 440 14000 Vulcan Ind 335 315 330 Kong—..' . S'tomo Elect -... 865 l —14 % r. Genoa S3 2256 Omega Hyd 51, &7, JX» Weku A Sit. 1 - 16 1 * 1 ; China Light 16 S'tomo Metal— .. 140 A ** % , — 2100 Oanawa a l 33 X <8397 WaHnv R 328 20 26 -% Evergo - 0.66 TaiseCorp. 350 +6 I Gensur l 539 % % 12^7 PacW Airl 13 13 1700 lYstOumc 17 'j Iri; Hang Seng Bank 46.75 Talsho Marine.... 514 — &britar 55% si--* ; 63330 Pguon A I 13*, 13% 5079 XVCDODl T 315 147 l« -% Henderson Lard 1.91 Taiyo Kobe Bank 670 —7 Goidcorp t 51% , * 2300 Pamoui 9% 9% 73200 Mmumn 33 l)*. s% '» HK China Gas-.. 13.7 Takeda — 997 -7 Oration A I SI 3 « +% % 631S PanCan P 26% 26% 500 Weston 3110 no no 1 Nk Electric 6.8 TDK- ... 4.120 -50 GL Forest 520% 29 -% 1 Pegaeas .**' UK Kowloon Wh. 7.1 Teijin - ' 468 -2 Gi Pauftc 537 3025 9% 9% 4800 Woodwd A IT*? 7% ’ 4300 Pcnbma HP, IB* l F -no voting nows or reeuKted wOng HK Land. 6.5 TcsuNenrvo r 1220 ' <20 Groyimd S24 s KK BK. 7.95 « IV, K00 PJCurf A I 12% 121. nfjnta Shanghai Tokal Bank — t 965 I GuorPA 512 -% Pina 16 16 HK Telephone— ll Tokio Marine - 852 ' -8 Gull Can 515% «% 223S Pong 3325 Placer 24 24% Hutchison Wpa_ 26.5 Tokyo Elect Pwr.2,980 KawVer 522% 2?*, -% 0 ' Intnl. City- 0.97 Tokyo Gas. 1 296 ' —4 Hayes D sin, 12S, 15703 Pan Pet 7% 71, Jardlne Math— . 183 TokyuCorp 603 * 2 Hees Mil S27 X'. **. 17530 Powr Cor I 2 «% * 4% New 6.3 450 450 MONTREAL Banco Comte 23,000 —SO World Dav- roppan Print— 1.030 —40 Her dag A f S'S% «% 5000 Preeamb .. 18', Closing prices February Ifl Bastog'r-IRBS 920 —13 Orient O'aeaa- 1.99 H BayMn 3 7i.i 3725 Ptovrgo 16% Toray — . 485 —7 S 4.310 SHK Props 11.8 1933 Oue Shag <20 420 Centrale —— —SO SWITZERLAM> Toshiba Elect—. 3B6 +1 H Bay Co 325% S; Shell Elect ...... 0.95 Tor 417, 37699 Bank Mom '; 29>» -% JR. 7,900 -60 • Husky 8 -% 2*33 Ouo 4V, 530 29% OJ ' Toyo Seikan 1,700 -20 Ort $3% % BombrdiA 153 —35 l Swire Pac A 32 . 5 3630 DaebeCOf 13*4 13*4 3185 316 16 ttallano- 3.645 or • ', , Credlto Price + Toyota Motor— .. 1,260 +10 hnasco 526 " % TV— 6.1 23700 BembidrB 1 16'; era. — B • 16 7.024 +25 , 131*63 Range* 410 420 S G% Flat 1 USE Inds——— SIX —4 imp dl A 542% St + World lot. Hldgs. 2.6 17*0 CB Pb* 324*4 24 2«% Generali Aasleur. 84,300 800 , Victor 3.4 10 +50 Inn 529*, KC Rayrca I 7% 7% 52,500 —4001 - 4373 —85 903 Red pain 24631 Caacedc* 314 14*, 14 r'i Italcementl — Adla IntL Yamaha 676 +13 thcal SCC% 17% TT% , % 997 —3 756 +18 S 12718 ConBetfi 22 22*, — La RInascante— . Alumina Yamaichi See—• : + 1300 Rwm R 340 340 322 'a -t % [ JAPAN 690 +9 Inland Gas SHTj 10*, », 8,980 I 4,475 1 72 DomlilA 15 15!, + Montedison . — +51 Sank Leu Y'manouchiPhm.3,160 +40 Innopac 517 *»>* 1300 flmiman A f 28*. 28*4 M Sib-'a % % 10,680 + 81 1,780 +10 Rio 15270 Gar Metro 310 10 10 -% Olivatil | Brown Boverl „ Yamazakt. 922 +7 bttar Dry SIS'. 12912 Algoiti 23*4 23*4 % % % ‘ PireUl 6,785 + 3,950 —85 MnlTrsJ 15'; 1 + Co — +55 ClbaGefgy Yasuda Fire : 500 - S Ina 58 400 Rogers A 13 13 2100 315% S% % ‘ Thom % —10 »r * Pirelli Spa 43104,310—76-76 do. (Part Certs) . 8,976 17351 Rogers 9131 B NMBt Cda 323 23 23 -45—45 —15 tntpr Pv» 538 ', 38*, B i 16% 16% % Safpem . 43354«®33 credit Suisse .. 3,825 . Roman 14649 Power Corp 324*. 24 24'; *; — Ajinomoto - 1,190 I SINGAPORE ipsco 51 ? 12 -% 63500 11 11% 6.055 +Mii Eiektrowstt : 3.400 _!-10 _ i^ • SniaBPD Allfl.'ffggH?-;.:— . 521 5 Rommao 33 33*: 11638 Prowgo 3 tG% lb% -Price **ora, , Nippon, Air—r— 820 taco A t % 2*% % + TorOASWC ... 29,800 -850 Fischer -Geo.l ...' 55 ... 5 ®? IIS Royal Dank *. '; “ U t! n? l2 r£! ' , Price or 521 21 113454 Roval Bnk 28 29% 23696 * 29% 79 29 % - Al . Fra. Electric ..... 1,9501 | + taco B *% I - f 500 -1500 B* % % Hof -Noetic PtCtS 12X -1400 'SS2 j 4 Rylrco 3629 RoyTrwto 24 75 r% Asa hi Chem_ 760 JannocA 523*: 23*, +% C793 A 24% » 325 % 125 *- 1*281 1428 StOHibigA 338 '; 38 JB'; - 1S7S 1.592 35-23 Kerr Add 517*: 17 Oc-rOK 962 263 % % Emprunt *i% T ££££ 4re ------JSSioKTi:.::- HI NETHERLANDSmetheriandswiHClttANl® Jac^i Suchart 7 , H'd{ ».. 1 • Boustaad : . 00 I 2239 SC. GftnA f 23 2K, fotM Sam 3, 802.802 shares runt 7 1973 .7,457 -83 698 Laban 33 33 +% % EmB % Bank Tokyo S % m | • Cold Storage > 2.45 . —OJU 321 . 1.51 ' • • Bridgestone 634 ; Acoor + J „ , B eSj ; * Landis* Gyr — -.3 Feb. 11 Pilea. or Brother 583 DBS 4.90 r 0.03 Air liquid* ——i 630 +3 + Inds. i 0 Genting 4.16 : —o.o; BKX- < 517 +9 Canon^-.—Canon 1,0801 . 0 | i :« S2^..hrta-r:‘l^isl ^; Haw Par. Bros— 1 86 -0. 0 ! Bong rain : 1,570 +80 Cagio Comp- 1,720 295 -4 ”8 *960 Hong Leong Fin.! 2 26 i + 0.11 Bouyguct— 1,046 : +5 ACTHoktlng PireJH-.— Chugal PtiwiWPharm-..' 950 — iimS Inehcape 1.50 ...... 107.3 0.9 Sandoz flBfU 11,800 — Bhd.—! | BSN Gervals 8 .B 10 + 3638 AEGON Dalei 871 , 0.86 —0.01 — . —20 Shipyard] Alcatel 1,459 +1919 Ahold 78.3 1.7 Sandoz IPtCta)-! 1,760 Da).| ni Kan. Ok. l.ASO Keppel err + c 1 1 163.7 - 1.1 Schindler (PtCts. 870 -20 Malay Banking... 4.26 I + 0.K Carrafour 3,345 US?+ 14 MOO Nipp^"^- 'sfS . 574.5 — 1.600 Malay Utd. Ind... 1.17 - 0.01 ABN ilka — n_i Mlnoon 340 - ; Club Medtter*a~.. 456 , +5+ 5 pto 1 Indices : . — (He Bancaire £.015 + 30 AMEV — 82.6 — 1.4 Surveillance A__. 6,475 .—SO Datwa House ._ 870 Multi Purpose.-^ 0.44 0.01 — ' I AMRO 108lOB.QL6 — 2-2ZJZ Swissair 1.980I.BB0 -15—15 OCBG 7.05 | +O.OS ZD i i —1_1 Da| sec 810 Coflmeg — 359 ShlSWa SccD~. Z 1 — Bredero CertCert-— 205 —6 Swiss Bank 553 +1+ i OUB 2.36 | 0.03 | — Eisal.—Eisal...... — -'i 390mp — i • Damart— - 1,815 —36 Bos Kalis Westm.' 19.9 + 0.6 Swiss RelnSCa— 14,800 —500 Fanuc —. 6,870 Public Bank 1.02 NEW YORK now jok5 ‘ Feb. Feb. Feb. Feb. 1 BB9 -M Darty- 1 2.570 +92 Sime Darby.—..: 142 — 0 . 0 Buehrmann -Tet. 137.7 —OJ Swiss Volksbk.. 2.485.-6 1,540 'FuilBank* raydinon 11 10 I 6 High Low Dumez S.A. — ... 1,125 +67 87.7 +0+ 0.5 Union Bank 4.980 -40 Slngapops Air....; 5.70 ! —0.0! 1 Calland Hlgs ; ' Feb FM Feb !C4 Gen) 1 . 0+3 +31 • Fuji HimFilm 1,940 : U Eaux « , M * Dordtsche Pet'm,Perm, 158 —4-4J Winterthur ... 55.100100 —25 Singapore Preaa., 6.05 —O.DS AUSTRALIA -Eir-AQuitane 214 t 1 - PuhniwaFujisawa -956956 II 10 7 8 S +i Elsevier -MOU—'-MOU 177.5 +0+ 0.5 Zurich Ins. 6.825s' 25 -—2525 — ; Straits Trdg 2.09 1064 . 5 1DM.B . : 0 8.4 WG 6.B 1075.6 « 7 I 5.S >7 1.851 Essllor —5 __ FUlltauFujitsu 1.070 0.02 All Onf.'MBOr . S 2 Mi 2,080 _ ^ — T .t Lee Bk 2.06 ! + > “ 82.5 0.7 MiIUb. ilrl.Mi 514.6 520.0 624.0 620 .* 5 * 4 . 0.20 5 . SS2A.M.B5 FokkerFofcker +0+ F'lnikewa Elect.' 336 < tnddttWs l.B21.2r I.B28J8 Metals A KISlS AKDRL Gen.Occidental* 760 F'Jrukawa JOfc.—— 8 . 3* + 0.M ' Gist Brocades 278 —2 (metal J 84 +.f 2.1a 1 — Green Cross 2,140 ’ - V£S7ERBir He!nsken — 225.6225.5 ~U1 , Heiwa Real Est-i 798 AUSTRIA 1 AFRICA »• ; SOUTH . 126 ; I Lafarge Coppe*. 882 AUSTRALIA 1 / ?. 118.31 117.96 HB.I 7 117 J2 . 62-15 I U> 58 ^ I i!4 86.8®6.8 —-0o.B. Credit Aitken ( 8 8 1 Hoogovens Hitachi 773 1 — • TndtpoR I 7BM8* L'Oraal— 3.000 + 72 72.9 Price + or Hunter Doug N'V. + 0J. Hitachi Credit.... 1,410 Price or ] — ..... ' + Feb. 11 Legrand 2,860 2 | Rand — j tnt Mueller 72.7 —-1 1,160 +f F6b- AurtV TIT Honda BELGIUM 181 1 U - Maisons Phenix 62.6 +1 ' KLM. indL Japan— 1,040 7. 18: 1 . 55 ' - i +L, Bk. j * Brussel, SE (lil.BD) HU. 5S U4S .54 3UXISA 2970JH 30483+ U. 24 S 2090. 1.620 Aberoom „ .— i 2.45 + 0JIS MatraSJL | — IBS*, 136.5' 5 +1 17860 u - - KNP —- 1 tshlkawajlmaHr.Wjikawajirn 161 c i i AdelaidaAdelaide SteenStearns[ 12.10IO 00.10. B : Jtt ; MicheimaZZ^sasMiohelln B 1.985 +84+ : 56 *n*t If. AEdtCI 10 + 0 Naarden ^?rso —aZ6.S a ba7 r.MHn Ibuzu Motors—, 340 > l — • f* ' , 4.7 —oIh uui h'.im a D . 57 ‘ ci (Cle> 4.9am +1053 78.6 Allied Tech-— M - MWJ — + Nat Ned Cart 6 + 05lf. 1 *^ J EShS&ZD:. 5 22 tU Tgg ItohIC) ... 418 1 .SS) *U* 227.12 227.81 ( f 5 , Pelt - . I*2J53 +0 02 ; Copenhagen SE 3 M06t-Hennasw_ 2J50 +155 -1 *™g’ si — Anglo Am. Coal- 43 ! —2 + NedNad Mid Bank—Bank jf225 u- ^ ’ JtckYokadoto. a 3 090 J — 1 YoLd TmCaged j n — ' 1.32 + 0 — • i J Corp 0.5 Moulinex — 70 95 + 1 J5 • Anglo Am. 40.5 . NcdltoydNedlkwd 193.5193.6 -2—2 . . H i ^ JAI,77 11.950 FRANCE , 3J5 + 0.06 — Anglo Am. Gold . 214 + 1.5 1 433 -1 Ooe Grlntan .' —ft® ‘*35 ' O.DS Jhiseo-..—Juseo 1.100 CAC General <3 1 -ui 295.8 281.1 284.9 Pemc!d»^Td“' ««*! Au^ CMimntc^. 2.682.58 ++o!b5 — Barclays Bank—' 19.5 + 0.5 SSTmarenWanT 5 “o 4 . Jsn3l J«p 24 Jb 17 tbar flgn iAyprori Kaiima 476 1 Tendance r.SI- 12 ; 05i 118.9 100.7 107.9 3 . IB + 0.06 Barlow Rand— 14.66 —0.15 Ind 3 *5 no4 Kao Soap 1,060 , 74.5 —0.5 PetrolesFra—..., 325 +1 Buffets , MOnTmHK 4J1 «.« A15 4.72 KawasakJStSteel—. 137 1 pt^np. 8eH Group 6.9b-» -OB—O n JCawaMkl Gallo .... 2.45 0.06 “S S , CNA - GERMANY • +54 86.7 —0.2 Kinn—Kirm 842 I - Peugeot 8.A.— 830 Robeoo Boll S.ivc- ...... — ' - Re»— s.lxc — 0.06 > 31-12 . ! 670.77 7 15 . * Currie Finance— 6.15 + SIMONB AND POORS FAZAkban SRi 669.75 668.75 871.29 16. 76 1 86 Prlntemwi (Att->_ 448 9 + 15.1 Rodamco 134^7 + 0.2 Hldgs: - j Bond Corp 2.4 +aM : 3.1 ; ‘Sir 21127.5 1.1 2024.5 2 16l. 15 ll fl» 11 ll.B| 85 De Beers 17.3 —0.2 Commerzbank I nil. . >CI Ml 8, 8 Radiotech.. — r 485 +10 74.6 — | Rollnoo— Boral 3.46 —0.02 Driefontein. 53.5 * + 0JS ' Redouts^Redoute^ 2,0002.000 .• +30 RonntOb — : 47.5 Bougainville ' 2.188 ' ' ' Konlihirokn FSGedUld 69 +025 HONG KONG ftoussel-Uelaf—SBinuMJcW 1.445 -—5 Bnnl Dutch 166.2 —aft BSJSblMlrtds-n—— 1 — 4a a -OJUn m ’ ; l J : 7 64 , , > 17 .04 NtW HIGHS' Seflmeg— —.-a81|+2 £^^2 JS5 Gold Fields SJl 40 +1 Hang Sang Bank (31 c 10 W 1719.67 18MJ4 ifl l-K 1220 . 7*2 TBS* High veld Steel—; - 5.0 •' Skis Roeslgnol— . 1,180 +20 ; ESWS=:V*j8, =gg ! 7.9 i — 1.1 Nedbank „• * LOWS FORI Telemeo Elect—2.866 ! +25 - ITALY Bazaars—...' 14.25 —O.tS - OK * > OM.H 502.40 488.76 495.28 503 1 :tt) 220 2 T: I 985 I “ Banca ItaL 1972 . 60 2 ( 05 ThomsonIIVIIIBim 3SF).-I +50 I - IS T* 4 ! Comm \ K SSLss,-::::: « £ : m.i j T , iff*"*'-—;Ba , -«J! ^ '-— Protea Hldgs 3.15 Valeo...... 495485..; jJ;>+-+ 15 West Utr Bank 52.61 -0.7 = [.'.+• i : — • e J SK ' ; |;| ! Rembrandt— 46 3ir~:- Hi7 rSit ‘IS i JAPAN"" rik.’i t-.- " ' ‘ daremont Pct-JPet.. J 1.00l|00 -OtOb Meija Seika 549 : Rust Plat—...—: 87,7 _o.3 « 1 13118.8 .S,S-f •- . . ct- Nikkei I l«S 2l >C> »». I 13212. 13 13238. lr 102 H 1 1345 8S» ' — — ' ' ' ICJ-I- 4.52 . -0.01 MEI_ 1,350 Satren 14-28 .• •• CdeslCJ.)Coles ; 14 , 1 . 1052 I I i i+ v Tokyo SE New 68) I'CI 1056.94 HJ5&.54 . 151057^5 | 10 7 | 9 6J3 r* I5 .' - 0.25 this Comalcoco “A" — 1.92 + O.B M'baahl Bank— 1.460 Sage Hldgs 10.5 . -i i.-. t NOTES Prices on pegs,tga . am as quoted on the — . . ; • ! Consolidated pm: 0.244 M' blah I Chem—, 525 SA Brews 9 - - Individual exchanges and am batlast traded prices.prices, *t DealbwaDealings g- 2 ) NETHERLANDS ! •‘-’i* Costain Ault— 8.2 M'blshlCorp 597 . Smith iCG) 24.5 - — ANPJ3BS General I 1 B70) 254.4 258i 265.1 255.8 287J llil.-Ms IBS.B «3 I 05 .. fin'll' suspended. sd Ex dividend, xce Ex scrip issue, xr Ex rights. . : - 7.9 —0.1 EldersEiders IXIIX I— — 3.44 , 0 .0* M'bishl Elect 344 , Ton gnat HulettS 246.4 246 * „ ANP.CBS Indust 1 1970 ; 246.9 248.9 J 25bjrl 7 /lrttt, 1 7 J il l 85 ; ...'' ex Ex alL • Price In 5ch»nngs. Energ Res—Res . 1.8 - 0.12 M'bishl Estate— 1,100 Unisec 4 6.60. 395,85 H2.ll S7B.86 372.26 4 13LM 112 11 * 288.18 iZT.S5 i ' - > Straita Time* 150 : 15 66 -e* *ct 611.33 814.20 962.85 7 . 8 588. 41 . 25 -] 96 . OVER-THE-COUNTER Nasdaq national market, 2.30pm prices ) SOUTH AFRICA - - . - 1217.4 . -83 JSE Gold 29 : 9.781 1215.6 1206.8 1307 , 9 27 1 86 . 829.3 lb ' Stock Sabt laa dog* Suck SNct . Ugh , - Ian Indust ( 26 . 78) 1017.6 I 108 111 Srim Mgh Ian laa GMg tad Ckeg K«h UB. 0-! JSE 9 066J !^ SL8 9 , J-M) 787.1 (J Si Siam (Hah) (8»b) ' 7 nudNB .78 '10410* SB29 28 29 + ’ 3158 SPAIN 158 12 1 T | 12 - % 2 % % Vtorp .12a 17% 161, «%- % from Page 39 % Madrid SE <30 12.85) 111.25 110.39 110.06 110.04 IIS.lli20'lS8} I09.D30.12 85r 47 17 18% 1®4 - % Thome 210710 7% 71 % 7% + % VJedeFr 32b 228 77, 7% 7% - % 55 1«« 19^13% 1 »a- fe ThooTr 139 55, 8% 6% Viking 38 19*. 18% 18% - SWEDEN 508SOB 18 IB W%+ 32 3* + *, Tiprary 2 7-16 5-16 7 16 + % Vkatok 157 27% 287, % % M 76 33% % 4 ’4 NTSE-ConsofidBtBd 1500 Actives ill.lS.bSi 1814.25 1 BET 181249 +1 Jocobaon A P . 90 1840.80 1907 . 23,8 IK. 1185.82 i 9 7 | 215 10% 9% 10%+ % 78 s% 5% TotlSya 18 33 33 33 Vodavi 515 10% 10 W,+ . 10 TrakAu 96 137 13 13 + 15 V*10% 10% % 22 6>, 6*4 a%- % , % %%+ % VoUnf 130 20 191. Sack* 5 StMbs xaopjB. SWITZERLAND IS18 I, TrtadSy 172 11 11 11 0% -BUBU B%- 84 8 8% «*•- % % Trtdad * TiaM Ma . % % B 1 t2 i5B) 581.8 584.1 594.1 584.0 ( 1/861 1 .48 57 28 ar «2r Swi*a Ba n kCbm 25.5 (8 388.7 iS 1 8S 273 15% 15IS 15 29 5% 3%- % TrvsJo 27 26% % JbnJbm 3J41.7B9 50 -ne Eailtam- 1473.500 77V? + *4 2BJ 3 2<% 2«% - 9*4 - w w © *% % 4061 9 9 % u u *n 2.4 IB ZOO 21W - Vb MtsaPn 1438400 2** + 1V, WORLD 48 12 12 WD40 1.04 85 22% 221. 28% — % — % % 19 2 v* 2 +F-U 27 l E (4 USUCs SO 216 27 27 - 1485.888 Vi BSSMri 224b Vi M.S. Capital IntL (l/l; 70 »6.5 ! 201,7 282.8 2 6 .S ilO 2 BE- 184.8 1 §5 % % % % WNbCs .32 51 19*2 18*. 19%+ % Tex DBG uv. + 142X200 + 272 5% ff; 448 3 2% UTL 170 177 17 17% - % MM - 23 37 36 3 , % WlkrTel 660 9 8% 9 + rate pn 1428480 m - Vi 1471.400 157 % % % 30 59 2»»+ % Uttroy Ma 3004 11 10 11 + % 713 29 J%+ % % % WshE 1.76 138 25% 25 ITT Cap 14K480 40VJ + V, Mafal 1.18X200 27V* - Vi 30 % 31 B fl UrgtTui 1102 14 13 137 + £>+ % - % , % WFSLs .72b 45 653 W% 10 .06 1862 8 32% 32% 33%+ % % 8% % Unffi 1223 20% 197, 20%+ % 11 WMSB .100 332 20% 20 20%+ % 35 27%- 27 27 .08 6289 1Z% % UnPWr 85 32*4 31% 31% - % - Waved. 27 9% 9 + 1708 - B%- 7 220 23 22 % % .06 168 . 261 25 25 - M UACms . % % % Webb .40 2S 121, 1?, 2> > 3248 10 10 I 77 23 22 w%- % % % UBAta* .IV 16 91. 9% 9*. WoBtFn 356 29 26 a%+ Saturday February 8; Japan Nrkker 7 3% 9t UBCd 1.08 479 31 30 30 (c): TSE (Cl. % % WstFSL 166 161, 157, 157,- value .16 154 20 19 19% + 87 % Base of all mdrees n 100. esccpi: Brusbolo SE—1 . 000 JSE Gold—255 7: '"-St % % UFnGm 58 , 6% 8% WMicTc 794 10 91. ; 347 35 ~ W + % JSE Induatnal 264 3 : Australia All Ordinary 2m 35% , JO 588 38 35% % % UFslftf J» M9 7 ti 21 and Metals—500 . NYSE Compoa.ta % WfTlAs 111 187, 18% 1 «%+ zr 23% 23% LS4 438 44% 44% 44% 1.841 13 10 % SO. SuntUrd and Poors— IO. and Toronto Composite and MetM3— 1. 000 Torgnfo a UGrdn 10% 10 % + % WmorC .40 13 1 18% ib . 18% - Indices - - 966 361, SS»4 38 - % .16 280 Z7% 251+ 27 + 1 UPresd 228 13S, 13*. 13 % based 1975 and Mor.iresl Portfolio 4 1 83 . 1 Excluding band*. 1400 % %+ % WstwCfe 214 141, 147 1 14% ,+ , lndusnels plus 40 UMrlies. 40 Financials and a 9% 9 8%+ % US Ant 39 33. 3 39-18 20 Transports. c Dosed, % Wenra .98 568 35% 38 38* 4 + u Unavailable. 34 9 B% .16 W9 2B% ZJ§ 2T,+ % US Bcp 1 737 32 32 327 % «:? % % , Wicat 377 a, a 5% 2278 T7 17 513 14% 14 .14 - % 56 4 4 + 1-N % U$ Cap . 4% % % Wldcom 568 4 3% 2706 28% 28% 305 3 3% *0 + % USOsgn 95 3 3 3*. i % % % Wllhnt 1.65 52 571, 57 lf%-% 2» 1 T% + 234 14 14 14% + HttC .052521 15 18 - % % % % % US 18% % % % WIRAL 1118 20*. 43 1 «% M 485 19 18 19* + 19% ^ % % 4 % USSheU .12 118 4% 4% 4%+ % 3 19% 105 11 11 40 27 * WmaSn tg% NORTH 22 AMERICAN QUARTERLY % % V % % US Sur Mb 144 HP, 20% 20%:- % RESULTS 31 WUsnF 93 67, 6% F| 153 31% 31 - % 302 5% 5 5% US Tre 1.32 21 401 48*. *Sl«“ . % Wktdnv 215 5?, 5% 27 «% 18% W%- % M 875 21% 20% USiem -34 169 25% 25 25 - % WherO 57 11 SO 123 15 14% 1584 8 . a 11 11 UnTaiev 711 27 27% 27% % WOodhd .80 20 13*4 121. 13*4 + Atrio 102 8 9 232 17 17 1 497 % parts, eleotrenloe, I Energy, MflRzar % % % +% UVflBs 154 180 50% , 50%+ % Worrftgs .44 531 1581 «0 30 .00 25% 2S*. % I--5 06 9% 9% g UnvFrn 4 26 2S% 25% - % 8i. WrUer .15a S3 1 58 12% 12 342 2% 2 ?% + o , % % UnvHB 1712 14 13 14% + Wyman .80 376 24 82 *>» 1.84 118 58% 56 % % % 24% 24 %+ % UFSSk . 15+ 373 15% 15 15 386 58 68% 300 35 35 % % - Uses) 78 81 S%5% 5 S%+s% + % 80 11% 11% * 28 10% 10 10 ..x. Y Z 1-Mbn STX5o> Revenue ..... Itoi Net proto... ’ . 6 22% ZPs 22% 131 18% 18% 308m Net proto 72m 34JSa> Mat proto ... V V Xebec <92 2 113-16 1 15-W+V16 S8J7ln Net per dm 341 34 . 23 35 . %+ % . 68s 195 34% 34 063 Nat per then 1^1 QJ95 Nat per share 14 vu 387 5 5%- Xlcor <84 8% 8% 8% - 1J9 Year 94 11% 11% «%- % -60b 26 14% % 2* % % % VLSI 489 15 16 - XJdex 3017 14% 14% 14 138 10% 10 . to - % 205 4% 4% % % % % VMX 28 YIowF* .54 712 34 33 33 + 25 14% 14% 14%+ % .52 2B4 10% 18% 19%- % S" £ % % % VSE . 17a 3 ZenUs ttk 2587 20*. 20 20 - % 1735 . 22% 20% M 329 ?T% 21 405 7 71 - Ziegler - 48a 5 16% 18 16 - 419 6% 5 .10 842 9 8 *B%+ VeKdLo % 7% , % % % % % % % 1 51 - 880 27 28 L2S 1131 34 34 VatFSL I 7*0 267, 28% 28% + % ZksiUl 38 9 % 50% 50% \ % % % % % 41 137 VaMH 132 156 41 41 41 Zltel 6 , 4% 4I.+ < 828 14 13% B 634 24% 24 a:* % %+ % -1 48 - 40 20 20 ValLn AO 28 2B 28 Ziyad 6 5% 5% % R % % 18 15 R .07 Vanzefi 13 4 4 4%+ Zondvn 240 15% % - % 1334 8% 8% % % % -' 277 . 7% 0% 7 515 47 4 784 25-18 P, 2 - 5 228 18i 15 iei v«im , % 4% — % Zymoa Chewing 70 19 20 + 3 4 % 4 + % gun % % % T” 87 11 11 iii 288 14 U% Id1** % 4 + % % % 80 8 8 B%+ 540 8 8 30 % % % % &+ % 1-03 1323 34 33 34 28 8 7% 7 % % %+ % S S S S % 280 16 16 Net proto —. 8.I601 fISSJm Revenue 808 5% 4% % % % 3MAm 468.7m Heroaue M9m 1384 120 58 26 20% 1? Netperabere. 032 T&61 m 230 35% 347, % Chief price changes Nat profit* IBJBn 17Mm Net proto.... .64 108 45 44 «*+ x rxxTrvrwT 7JBm 6.7m 1 + ’• % £ Hat 1.10 739 «% «% indicated) per abut* 1J02 Net per abate. 1.14 048 5» OSa 414 6 5% I A ffNIltf F\ (in pence unless otherwise 1.51 bn L9bo 432 18 2 li V 47 47 Hz mot he Year 2 25 25 16 , 4% ,+ % Mhn 121 arm _ Revenue •ton 8072m ...... T23 75 15% 75 Revenue 83030* 980418 « 12% 12 % % , 029 fW.19 Net proto .72 15 22 22% 22% — RISES Underwoods 194 + 13 2BJm 28Jm Net proto «X8bi 3&7m -33 32% 32% 32% - U % % Net per 88 10% 10 + stun* 121 1JF7 Netperabere. 8.18 MO 1885 13% 13 «%+ % 3 4 Abacolnv 32% +3% Vickers - 348 +10 21 21 P* 572 7 8% 386 % % 2 .78 24 49 48 48 - Amstrad 342 +50 Rix 73+6 1 % — Woodbouse & 14% 14% 280 2 2B» - 18 9 6 S% 2B% 4 % Bestobell 260 +15 % % 228 414 214 211 213 + 3 03 9% 0% % 192 04 96 94 96 + 1 Blue Circle 556 +10 FALLS S2S3 18 % % % % «% % 289313-16 3 3 11-16 - 79 17% 11 %: V Brenmer ______58+7 Access Sat 117 -18 % .10 324 9 3 TTB4 82%. 32 % % % .a> 434 Cambridge Elec - 278 +16 BP 550 —13 342 S7 58 57 + A, VS % % % 11 11 11 257 21% 21% 2^- % 75 % %+ % Clarke, Nick 165 +27 Britoil 185-8 40 9% 9 229 7 6% English China 296 +11 Bunnalex 126-8 72 A 3 business travellers I 1 . . 14 25 . 24% » + % % Some T „ , „ . 20 18 16 16 — 107 10% 10% GUSA 815 +15 Illingworth Mor 109-5 , % % % % 5513 7 6 . % $Vi will changechajige neither hotel nor newspaper. 675 39% 38% +3* % Guinness 210 -15 Oft 302 87 8% 87,+ 282 +7 Lee Cooper SttdltlOll tO mll , . MxS 20 12% 12% % ^ 84 4% 4% Halstead (James) 129 +11 LASMO 163-7 particularly happy to find S3 9?J 9% That’s why,they are -20 61 12 -W% 86 28% 28 20 % A--' Laird Group .247 Metal Box 665 -10 that makes a great hotel chain, like providing 79 9% 9 914 + % +9 — 118 9%- 87S 8% complimentary copies of the Financial Times - 268 8% 8% 8%+ % MEPC : 322 +10 Parkfidd Group - 280 -15 13 2 «r , the Financial Times to business clients. v 90 15%' «% 15 + % 570 11 10% ir Mann & Co 274 +14 Prestwicb 128 -10 the hotels in Nice: Westminster .08 6 23 23 23%+ at following 294 27% 26% 27%+ % % % % -16 Complimentary copies ofthe Financial Times T T Mowlem (J) 354 +14 Reddtt&Col — 690 Concorde, Meridien, Beach Regency, available S S TBC 125 11% 11% 1 «S- % are to guests staying at the Hotel de 10 10 W%+ TEA Cb .16 381 26 26 »%+ 193 % % % % % Frantel, Sofitel Splendid, Holiday Inn, and Paris, the Hotel Mirabeau and the <325 17 W W%+ % TacVha « 3% 3% 3% Hotel Her- ' . - 34 - C Tandsm 5185 24 44 34% 24 25% % Antipolis” mitage in 382 Vn ®% 9%- % Tandoo 1480 4% 4% the Novotel “Sophia Monte-Carlo. - 175 19s W* W4 -. % ToCom G 15% 15% 15% % * - 774 2S% 2i% 25% Toko 947 11 10% 10 4 % INTERNATIONAL 001 56 6*% 54%- TtanA 4«7 38% 37% 38'. + 1% FINANCIALTIMES - - * • - 772 13% » 13 4 + V TeKMus m S% 9 9% % TIMES EUROPE'S BUSINESS NEWSPAPER - FINANCIAL 4SS 201* 19% 20%+ % Teteerd JG 257 29% 29 29 % PROPERTY REVIEW 212 92 91% 52 +%. Tefpcb 2072 23 22% 23 213 B 5% &“ % ToHkJ 342 3% - -3% ** EUROPE’S BUSINESS NEWSPAPER . EVERY FRIDAY 12 8% 6%, ®* “ % Tebfts 357 10% W% 10%+ % THE FT ® '+ Tebons .01 878 24 23% 24 + % 118 9 «% . % 2 29 29 .29 + V TftsrPr 120 4% 4% «% 343 23% 23% 23%+ % Tbenod 225 W% 15% ie%+ % n 11 8 1 1» 1 %1 1 1 1% ' -' 12 tm 38 Financial Times Wednesday February Prices at 3pm, February 11 NEW YORK STOCK EXCHANGE COMPOSITE PRICES • ' o# age O'qe Ck'fl* Pf Sta OMtAK 12 Marti Pf S5* use Pro* 12 Mart fl Sk On Pm. 12 Ussrt P/ Si Cbn Pm. 121 Pl Sts Qua fm. 12 *•* P/ 9. ttaPU s** 0* w t 1 _Sfadc 'lBBsTfigii law tflw 'sack Dw 100s Hfgh low CaottOasi High low Stock On . 100s High law ft** One High low Sfld Dr*. YU. E lOOtHigli Uw OwwOhi i«* WBh Lm [for, TU. E lO&ffigfa Low fanObe fl** -low Suck ft «'f OnOrn Mg* m. E YU. E m zb/ w » 51? "? - 17 Msraft76 18% lOSg AAR 21 12 Bemso 2839 19% HV, 13 -J 20% 13 CnP prK£43 1£ 23 1ft 1ft 10, 8 3% Fl*G«i 485 ft ft ft +% inldSrt 3G% "*2 i T? 73 1ft 18 18 % *i 26 19% .381 262 SB 2ft 36 Md/uSll» 17 I? W Si BettiSipf 5 11. 112 48 453, 46 + % 3ft CnrtCg £60 52 43 2381 uS0>? 48% 50% 23% Flower .48 113 22% ?*% = "% *% ift 34% 2«b 13*4 AGS 18 104 23% 23% 23% -’i 49% 30* 5ft 1ft £2 19 48% 42% JnldSt pfA7S m 11 4ft 47%. 4ft Cordlli X.. Financial Times Wednesday February 12 1986 39 NYSE COMPOSITE PRICES AMEX COMPOSITE PRICES Prices at 3pm, February it • - Cfc'g# w a r/ P/ Eft* - . ft* a a TI SH 12M«att' Tnre 9/ . £fa» hr* n» E IKk ttgfe Low ftogi Swfc Dw .E JQfis tHgh Urn H* TOO* lowCbooGU* W Stt .Dow « IM * tZMsdb rt Si DohAmc. On . Em iMOnOnn Smk Dw E H* Wgh Low EWk (SkYNLC 100* Wgk low QmCta* High Im Sw* Dm. W. E ItJfettgfc «« OwaBow ft* Ln* Sad Dk fld. E IDtts High taw Dura Don AcmePr ’ 4 uU uU » 3% 37, 37# hMSy 94 - 1 I + Conlinued from u CnotO 754 % 3-18 »*+H 8 1% 1% 1% 1, Raart A 336 SJ% 49% 30 n Page 38 tSSJS Sfitf'S Acton 1 1 £. £ S." S 591} 3ft UAL 1, l.r„ 5755 5ft 57% G 2% 2 # 2 * •reCtyg 69 21 n% ti% S.m m. s*58% +H Cutx 39 10 40 21 2^2 20% - % 11% + % RatAaB >4 90 ff, ®% AdRusI .16 20 83 u31 mm* 30% 30% - % Curtice 11 ZT, 271, - .12b 4 15% 15% 15% 11 ff* - 4 .SC 4 _37% % RstAiA 68 6% ft % 1 4 * Aeranc tt V. » “ * « ** ?« 4% % MB** 63 ft ft ft Rckwys .38 37 SB 30 1®* 19% - 5*43 $33‘ £*?V*Pecrie 11 2? I2 £ £ S KLH 8 73 SffS”* & +,IS 2 H2P .. AIM % 454 355 PM .44 24 24 l« 28 is 50% 491, 50% +% lf>0 “% §“9f* *£• I£» J 25% 20 UGI 2.0» 81 14 151 24% + 3^4 381. 36% + IreoBrd 35 128 37 - 8 f 7 J® + 25 U £% 1# % b d 36% 36% % Rogers .12 85 » 22% 22 22% - % MS 2ft Petfja 3,S1e 15. 38 ZB, 2P, » 4*, * 2/ 2£* 4 K 221, UO pf 275 11. *820 SB 2S* -1, AifCal 11 61 8% O'} fj ^ |JJ*®- 1? S '«I SI 6% DWG -OS.OS 44 ft 1% ft RBW 8 55 8% 8% ft - % 4,, ArCelptLSO 156 11% 11 11 - »» * ? % % % OtmteoC«m*W 168 2% 2 2 - % J K Rykofl .60 16 381 25 =<3, 35 + % s l^ a> a a* -a s. a » ti » a i2?K£oX § s s M JO 4 URS .40 43 14 3* 12% 11% -M* Alpbaln 715 W 9-'# 10 Jacobs 15 - ? » 1ft DataPd .16 428 14% 14% 14% 5 7% ft ft-ft % 37*8 pnzar + ». (0tt»iJ 8 Amdahl 252502 w4 lh Sl5 SssSj 5ft ift I® I£? £0 15% 15 iH#+ % 108 IV Jabtm .71| 15 SO 9 81, 8e 2, I# Alsraef Oeimed 16 »» % -M 27U ift PMpD 42 1127 25% 25% + % 2*3 £* * M ** ?* ** 4 1* 8% B*4 B>*+ JonnPd 15 - S 5 2ft ??» % DevCp 148820 W, 147, 1ft + % j% 2% 2%2%- % 6ft 4ft Ph*Jp pr 5 86 ' 323 53% 57% +% % MZ g«La n * i AMzeA .S3 70 35 14% 14% 14% Jomniff 4 74 11% 111# 11%11 - SJWa 1.57 IT 3 W, 3ft 3ft 5ft J J. Digicon 3 1 1 1 - % % % SO S*V PWbtfi At 1.1 29 3741 d50% 5*"°° 3 AMhB 52 68 7 14% '* Sage 2 ff - 4ft «% “b % 2k . £L -i. €s Mtrte 18 184 39 38% + KayCp 20 13 Wu» 2Ps 22%22% - % 5 ft ft % lft lft Ptu»S2_20 4430 19% 19% *£• S««mi.ao 1«W *»' W. AMBM 75 6% 30% % Seism 5% S% S% no 1ft S* 23 26 4% ft 4%+ % XeyPn X 1863 ift IT 12*, - % w w 27 PME pan 12. *ioo 3H, bt% W* Wi Seegu! W Jft APMf 14 40 40 15 1 31 31 31 - 3ft 3ft +% « 40 f % 16 1 11-18 1%-V1 Kmart 8 3% ft 3% - Scnuo £8 % 38 Ml* oW*0 It- «% Hb SeaAtf .** 11 « 41 OTj 2889 1 ti % PME *4S0 3ft 38 3ft W AmRoyt£30e 458 101* 0 SO. tt% - % Krrby IB1 ft ft 2% - % Seecap .» 6 160 ff, ft »i 3Jla pt 23% SMft» 1 47 10 W 2ft 27 2ft eft 8 PtufE 7 12. *50 60 60 60 -ft 3ft A5UE 38 20 H% 6% OJj - % E E KogerC232 95 60 77 26% 2ft - % Snaron 38 AH % %-1-H SSI ® ^ 3ft315* 1.7* 4311 7401 4l«t . 12 1B88 40 Financial Times Wednesday February FINANCIAL TIMES WORLD STOCK MARKETS WALL STREET Both oE and bank stocks held steady easier as some profits were taken. EUROPE LI ,025 to L174.000. Toro continued tower ing industrials during, the current year. 1 despite the implications of falling oil Northwest Air at $48% shed $%. with a further L250 setback to L29,800. Peugeot was one of the front runners, prices. Exxon, encouraged by comment of the Agnel- session's sharp . . The NYSE actives were headed by IFI, the holding company building on the previous which at- in the investment press, drew Johnson & Johnson, which plunged li family, picked up 1460 to L18.100 gains. The motor grounds share price*, II Entbusias tention to the company’s record of riding sharply after Great Atlantic & Pacific, Carnival, while CIR, the De Benedetti holding which surged FFr54 to FFr 880, has ria- 550%. Tech- • out hard times, gained $% to the major supermarket chain, removed group, held steady at L7.600 despite en almost 14 per. centin twodays. nology stocks played a more subdued Johnson's Tylenol product from sale fol- sharply higher 1985 results. The construction sector was active role than in recent sessions. IBM, down begins to lowing an unexplained cyanide poison- snowballs The Banca Commerciale index added but mixed.' again. 5% at 156%, was heavily traded and tried ing death. 2.4 to a record 504.80. Restricted trading In Rrankfnrt due to to move forward at midsession. Digital Other features included a strong In the bond market, secondary bond the pre-Lent Carnival festivities, inhibi- Equipment gave up S% of recent gains to surge in CBS, up 53% at 5118% following and peaks prices were little changed in stagnant ted any exuberant market display and cool down stand at 5158%, while Burroughs, down the profits statement Mesa Petroleum trading. most issues traded in a narrow range. 5% at 569% and Honeywell, unchanged added to 82% in heavy turnover and fin- 5% after DIVERGENT PATHS were taken in Paris gathered momentum The Commerzbank index reflected the THE IMPLICATIONS of falling oil at 578%, saw little trade. bidding for KN Energy, a natural gas ished at its third consecutive peak with 2,027.5. Europe yesterday as some centres snow- hesitant tone with its 3.6 slip to . prices on Latin American economics and pipeline company. Texas Oil & Gas Eastman Kodak fell 52% to 548% on balled their way to new peaks while oth- Commerzbank, under a cloud since its cooled some of Wall Street’s enthusiasm added 5% to 514% as the merger with US heavy selling after reducing its profits ers, sated with Carnival excess, slid into two-for-15 rights issues, recovered DM 6 yesterday, writes Terry Hyland in New Steel was consummated. forecast a subdued backwater. to DM 306 while Deutsche^Bank. one of York. Press that sales Semiconductor issues continued to reports at major re- Milan gained further strength on the the few to display any spirit on Monday, An attempt by stocks to renew their tailers had slowed brought falls of S% to hold firm, with Motorola gaining $% to back of professional speculation with a lost DM 2L50 to DM 797. advance was checked after Mexico'sFor- in Sears, Roebuck, of to 538% in $45 as the market again responded to re- 540% S% particular penchant for blue-chip indus- Hoechst was buoyed by recent succes- eign Minister said some South Ameri- K mart and of S% to 566% in Federated ports of a recovery in semiconductor trial, insurance and banking issues. sive falls in crude oil prices and thus can countries would meet this month to Department Stores. sales. The prospect of short-term political feedstock costs. It surged 80 ptg to DM discuss the “commodity crisis.” The latest dip in the US dollar contin- The money centre banks were mostly uncertainty, against a background of the 287 while Scherlng postedaDM 8 rise to Credit markets opened firmly as the ued to help pharmaceutical issues, al- record 1985 firm despite delays in Mexico’s efforts to media extravaganza in the Palermo DM 578 in response to Fed Open Market Committee (FOMC) though gains were modest Merck edged obtain new loans from the IMF as the Mafia trials, was largely ignored by in- profits. met to discuss policy, but gains in bonds up 5% to $143% and Pfizer $% to 550%. foreign interest in the bond fall in oil prices threatens debt interest vestors and many of the leading stocks A flood of were trimmed. Market analysts expect rise of $1 to $78% in McDonnell * payments. A that have been in the vanguard of the market boosted prices by up to % basis the FOMC to leave credit policies un- Douglas featured a strong defence/aero- evi- Chase Manhattan gained $% to 573% current rally were given an extra boost. points. Little domestic activity was changed and to allow falling oil prices to' space sector. Morton Thiokol eased S% and Citicorp 51 to 550%. Wells Fargo Fiat, certainly now one of the ever- dent The' Bundesbank sold a forge DM keep rates low in the short term. to $33% as the enquiry into the shuttle . with gained a further 51% to 575% as Wall green blue-chips among international 1393m worth of paper compared At 3pm, the Dow Jones industrial av- disaster continued. of 9.5m. Street continued to take a favourable buyers, crossed the L7.000 threshold for Monday's purchases DM . erage was 3.56 down at 1,622.82. In the credit markets, the Fed acted to view of the purchase of Crocker, the the first time with a L25 gain to L7.024.' Carnival took its tofi In Amsterdam There was heavy turnover in the big drain reserves by means of overnight troubled Californian offshoot of Midland Snia. meanwhile, took this as a cue and a 5.5 rise in the CAC General index at with Royal Dutch unsettling the other- three motors stocks as Wall Street con- matched sales - its first overt action in Bank of the UK. dashed over the L6.000 boundary with, 293.6. tinued to forecast a recovery in sales the market for several days. However, its LL111 rise to L6.055. Long considered the Cinderella of the lost Fl l^O^to FI 16620 and divereified over the next six months as lower oil Airlines showed a more mixed re- the regarded as technically- move was Montedison added to the previous ses- European bourses, recent heavy buying chemicals to fibres group Akaso reversed prices and interest rates boosted cus- sponse to the renewed weakness in fuel motivated and not as a sign of any sion's modest advance with a L51 gain to by foreigners seems certain to trans- early gains to finish fl 1.10 off at FI tomer demand. prices. United jumped 51% to 558% as of policy at meeting. change the FOMC 12,920. form the short-term attractions of the 163.70. General Motors, at $78%, gained a fur- the purchase of Pan Am’s Pacific routes Short-term rates eased again behind a The banking sector, although mixed French equity market Yesterday's per- Brussels slipped back from its peak, ther $1%, with more than lm shares became effective. At $9%, Pan Am stock federal funds rate at per cent In 7% by the close and more so in after-bourse formance was as much attributable to Zurich lost more ground with setbacks traded at midsession. Equally active remained unchanged, just below the 52- the bond market, prices rose sharply at trading, saw Mediobanca sparkle with a Monday's record-breaking run in the for banks and insurers while Stockholm Ford, at $68% and Chrysler, week high. were $2% up first when petroleum futures gave - Wall results. - dramatic 14,000 jump to a record world's three largest exchanges was buoyed by Ericsson The $1% up at S53. The other domestic airlines turned ground but slipped off their best levels L154.000. Street, Tokyo and London - as to the telecommunications company finned remained thin. when retail interest Insurers staged a repeat performance French industrial figures which focused SKr 5 to SKr 266. Pedestrian trading of the previous session with Generali domestic and overseas interest on the again featured in & slightly higher Ma- KEY MARKET MONITORS LONDON gaining L800 to L84^00 and Ras rising likely profit performance of some lead- TOKYO WOQr2 So Gripped by FT- Actuaries Institutions poised to make comeback All-Share index oil price 800 INSTITUTIONAL INVESTORS, who and call money rates to the 7 to 8 per domestic demand through another cut in were forced out of action until recently cent range. the official discount rate. His company concerns by the yen’s sharp rise against the US Many institutions are now returning started buying large-capital shares such dollar and an anticipated worsening of to the stock market Mr Hajime Hirashi- as Nippon Steel and blue chips such as eool- corporate profits, are now poised to re- ma, senior managing director of Nippon Hitachi early in February. yester- RESTRAINT GRIPPED London turn to the Tokyo stock market, unites Life Insurance, which has net assets of Mr YuktoNakatsulu^ managing direct day as North Sea oil prices moved Shigeo Nishiwaki of Jiji Press. more than Y12,000bn, was direct about tor of Daiwa Securities, who has doafr sharply lower and stocks, which had ini- "Die market regained strength early in his company's eagerness to invest in the contact with Institutional Investors, de- fell back throughout the 400h tially improved, February on aggressive buying by indi- market The group wants to earn about scribed the ralty in earty February as a session. vidual Japanese investors and securities sign that investors’ concern over the Brent crude dropped more than 51 per -.tta the house dealers, with the Nikkei average The Tokyo stock market was dosed yes- likely Impact on /economy of . barrel in the wake of weaker US oil reaching peaks on five consecutive ses- terday because of a local holiday. yen’s advance andloner crude oil prices futures. .. i sions from February 4 to February 10. had eased. Ha also believes that tostito* Speculative high-fliers and situation L!T=r 1982 1983 1984 Institutions, such as life and non-life Y150bn from equities to cover dividend tionat investors' attention will gradually light profit-taking stocks fell to and insurance companies and trust banks, payments to policyholders and mnir» return to the stock market. succumbed to concern banking issues dominated the bull market of last year good a value loss on dollardenaminated But many institutions remain can* 11 Central |. NEW YORK Feb Previous Year ago (IS DOLLAR SVEHLMO over and Latin American debt with their net purchases of Yl.llObn. In- bonds worth YOOOba, he said. tious. Mr Yabuta agrees, with the gen- 1 DJ industrials 132122* 1,626.38 127636 (London) Fab 11 Previous Feb 11 PrevlouB problems. dividuals and foreigners were sellers, Institutional investors will have to di- eral market mew that the Nikkei aver- ' ‘ DJ Transport 764.48* 76732 62124 •«, - casualties oil * — 1412 14085 But the main were the with their sales outpacing purchases by vert their funds to the stock market, as- age will not find it difficult to break DJ Utilities 17830* 17829 14931 British Petroleum fell DM .23745 23865 33525 336 majors; 13p to YI,440bn and Y1,050 respectively. serted Mr Yasuhara Yabuta, general through the LB0D fevpl But the index SAP Composite 21535* 21624 18021 18735 188.15 2642 265.0 while Shell gave to 663p. Yen 550p up 15p In the first four weeks of January, manager. Investment Advisory Divirion should peak in June and.thenfall sharp- 72875 731 1029 10295 FT-SE 100 share index recovered LONDON m The however, institution^ net purchases of Mitsubishi Trust and Banking Cor- ly toward the end of the year, he said. SFr 1381 2306 2.7975 2.825 in late trade to dose 7.6 down at 1.453.9 FT Old 1,191.4 1,196.3 970.1 were a meagre Y58fibn and this account- poration, which manages funds of The fact that foreign buying has failed 2.686 2.698 3.7925 33 FT-SE 100 1,4533 1,4613 12973 and the FT Ordinary share index settled ed for the shrink in trading volume and Y2,800bn including Y2,OOQbn to swell despite the yen's sharp appre- Lira 12163 1.6220 2281-75 22845 f from FT-A AU-share 707.48 70937 61336 33 off at 1,19L4 after rising to 1,197.7 at market performance early this pensions. ciation since late last year may indicate BPr 4835 482 68.55 68.75 the poor FT-A500 77633 77829 66935 one stage. year. that the stock market has entered a CS 13955 139875 137 1.9691 Mr Yabuta cites three reasons for this Gold mines 489.7 Business in gilts contracted ahead of FT 3267 3283 The absence from the market of many belief; the halt in the yen’s rise: the ad- stage of maturing, said Mr Tadashi Ku- FT-A Long gitt 1053 1053 1024 today's subscription for the new tap' sume, vice-president cl Interna- ii i i fund managers stemmed from fears of vantage of sharply falling oil prices for Nomura stock. Conventional gilts eased a frac- TOKYO intensifying trade friction with the US developed countries; as Wall Street tional Capital Management, which has offered rate) tion but index-linked stocks made lim- Nikkei dosed 13226.07 12,009.00 1 (3-month ' and a decline in corporate earnings be- surges through the 1,600 barrier, inves- Yl,100bn under management. '* 12**,. -12*%. ited progress on light demand. Tokyo SE closed 135630 924.45 cause of a stronger yen. tors regard Tokyo shares as relatively At any rate, the fortunes of the Tokyo 4 4Y» Chief price changes, Page 37; De- Instead, they shifted funds to higher- low-priced. stock market this year are bound to de- 4% • 4% AUSTRALIA tails, Page Share ser- 36; information yielding, short-term financial instru- pend much on institutional investors, 15% . 15% He added that ahead of the Tokyo . M Ord. 1.064.5 13663 7653 34-35 FT London Marten vice, Pages of Japan’s to whose Metals A Mins. 514.6 5203 4313 ments as the Bank attempt summit there is the possibility of Japan combined share of market turn- (offered rata) drive up interest rates sent bill discount reconfirming its oomnritinent to boost over is in excess of 50 per cent AUSTRIA 3-month US$ BY* 8% AUSTRALIA 6-month USS 8% 8% Credit Aktien 11B21 11736 6236 US Fad I 7*%a THE LIFELESS mood persisted in Syd- BELGIUM usa-oM 7-65* 7.7 ney yesterday and stocks ended easier US3-month T~ 7.095* 7.17 .- Belgian SE 3.03935 334824 2,155.7 after light selling pressure. Thuadi&Ute/Tt^cornpliesmththempibeniaits oflheCouncilofTkeSUick FKknBgc . It does not constitute an inrnintioti to nJncribefororpurchai* any stxaiidts. CANADA US BONDS The All Ordinaries share index faded 4.4 to 1,064.6 while the gold index gave Toronto Treasury Metals & Mims 2,189.4* 22152 2.1843 up a substantial 16.2 to 922JL Declines f*> vr . Pm flTR Composite 2.7732* 2,7923 2202.7 mji Price YMd Price YHd Montreal Both Hong Kong and Singapore re- 8% 1988 100%* 8JH7 100%* &07 Portfolio 13523* 136.85 13028 mained dosed for the Chinese new year 8% 1993 99*%* 83797 9B"h* 6877 holiday. DENMARK 8% 1996 99'%* 8.942 98*%* 9.039 SE n/a 227.12 17426 9% 2016 10CF%* 9.173 99*%* 9269 outpaced advances 254 to 195 and turn- Aeegunttimcrgaamiwnda-lheiaaatfdKStaMtiflkUaearaVSAm was light FRANCK over at 47.7m shares. Treasury Index Industrials, which showed CAC Gen 2933 288.1 1992 some pro- mise on Monday, Ind. Tendance 1103 108.7 702 succumbed to profit- A$75,000,000 Maturity Return Day* YWO Omf* taking. As investors await (years) Index Chang. change news from 1 WEST GERMANY Bell Resources on its partial bid for FAZ-Akben 669.75 1-30 139.63 +021 825 -0.04 669.75 3992 BHP, the latter dropped 4 cents to 1-10 13620 +0.18 8.40 -0.04 Pepsicolnc. Commerzbank 2,0275 2.031.1 1,161.4 after 1- 3 13Q37 +0.11 835 -034 AS714 700,000 shares changed hands. Bell Resources eased HONG KONG 3- 5 138.16 +020 830 -024 20 cents to Notes February Hang Seng closed 1,734.04 125734 15-30 15238 +032 933 -032 AS5.00. 14Vs% due 24, 1989 GMK was the heaviest loser among ITALY Source: Mena Lynch gold issues, ending 30 cents off at The/oBotringhaveagreedlo subscribe orprocure subscribe™for Banca Comm. 50420 502.40 27339 theNotes: Corporate ft* 11* Ftbv AS8A0. Kidston lost 12 cents to AS5.74, NETHERLANDS ATS T Price YMd Price Yield Renison ID cents to A5520, while Posei- ANP-CB5 Gen 254.4 2562 2004 10% June 1980 100% 10.15 100%' 10.15 don and Sons of Gwalia both, shed 5 Morgan Guaranty Ltd ANP-CSS Ind 246.4 246.9 1583 3% July 1990 86% 756 . 86% 725 cents to A52.05 and A53JiO respectively. 8%. May 2000 91% 928 91% BanqueBruxellesLambert S.A. Credit Suisse First 930 News Corporation picked up all of its Boston Limited , NORWAY Xerox previous session's losses to close up 30 Dresdker Bank Aktiencesellschaft Oslo SE 38525 382.11 345.43 10% Mar 1993 104 Orion Royal Bank Looted 920 104 920 cents at AS12.50. SINGAPORE Diamond Shamrock Aucemene Bank Nederland N.V. Bank ofAmerica InternationalLduited Straits Times dosed 61133 80634 10% May 1993 101 '10.40 101 1040 SOUTH AFRICA Federated Dept Stores Banque Internationale A Luxembourg S.A. Banque SOUTH AFRICA Nahqnale.de Paris 10% May 2013 102% 1035 102% 1035 GOLDS and other mining issues were 1217.4 848.4 Bayerische Landesbank Girozentrale . JSE Golds easier in Johannesburg, depressed by Bayerische Verexns&ank A.G. Industrials — 13B75 8613 Abbot Lab JSE Cmconp InvestmentBank Limited 1130 Feb 2013 110% 1025 110% 1065 the weaker bullion price and the firmer CooperatteveCentraleRaffe^e^|Boerenleenbank B.A* SPAM rand. warn Alcoa County Bank Limited Madrid SE 11125 11039 8336 Southvaal gave up R1.50 to R112 and Credit Lyonnais 12% DSC 2012 108229 1120 106% 1127 Free State Geduld shed 25 cents to Daiwa Europe Limited ^®,°®®®®GHAFrimHEZErnRAIJBANK SWEDEN Soutca: Salomon Bmtms AKnENOE^UUSCHAPI. H68.50, Shareholders of FS Geduld have JAP 128425 1261.9 148638 Goldman Sachs InternationalCorp. Hambros FINANCIAL FUTURES agreed to the merger of its Orange Free BankLimited SWITZERLAND Lloyds Merchant Bank Limited State gold mines. Morgan Grenfell&Co. Limited Swiss Bank Ind 5812 584.1 4172 CHICAGO Meat H0t Low Prow Elsewhere in the mining sector, Anglo Nomura International Limited (IS Homy Bonds (GST] Saiomon Brothers Internation WORLD Febia Prev Yarigo American slid 30 cents to R40.50 but alfoma) 8% 32nds of 100% J- Henry Schroder Wagc& o. Limited Capital Inti 2663 263.7 197.1 Gencor was steady at R35.25. Swiss Bank Corporation MS 86-00- International Limited . Mar . . 8644. 85-22. 85-14 US Treasury BMs (MM) - CANADA Westpac Banking Corporation |WiM=wwrat $1m points of 100% (London) Feb 11 Piw Mar 9304 93.08 9330 9239 Application has been made to the Council of The Stock Exchange for the Notes to be issued at 100% WEAKNESS IN resource issues ham- m denominations of A* 1 nno m ha (spot ftxfng) 41530p 422.65p CertHeatM of Deposit (MM) admitted to the Official List. Interest will be payable annually in arreare on 2Aib February, in Silver pered any upward movement in Toronto each year from and mrinrtinometuamg^t, t^uary. Copper (cash) £980.00 £996.00 $lm points of 100% 1986. The first interest payment wiD be made on 24th February. 1987. and most sectors were lower at midses- Coffee (Mar) £2223-00 £220720 Mar 9229 9230 9229 9225 sion Ofl (spot Arabian Light) n/a n/a LONDON Listing particulars relating to the Notes and PepsiCo Inc. are available in foe Extel Statistical Service and copies | | Golds were hit by the lower bullion may be obtained dunae Tim es inundi BraodoBor business hours up to and including 13th February, 19S6 from the Company Announcements Office of GOLD (per ounce) price. Lac Minerals, which ended Mon- The Stock | | $1m points Of 100% day's session CS1 firmer, traded Feb 1i Pm Mar 9138 9200 9135 91.92 C$% London $336.00 5340AO lower at C$38%. 20-yeer Motional Offt Morgan Guaranty Lid Ch«»e Cazenovc&Ca. . Manhattan Zurich $335-35 $34055 Canadian Bank KA. £50300 32nds of 100% Pacific, which reported low- 30Throgmorton Street $338.62 $341.19 12Tokeabou&e Yard LondonBranch Paris (fixing) Mar 110-06 110-09 109-28 110-09 er fourth-quarter and fuli-year profits, London EC2N2NT Luxembourg •$337.75 $33850 London EC2R7AN VoofoieHMat: led the actives; It gave up C$% to CS16%. Colemm New York (April) $34150 534080 Loss sttttabb Bgurss Street : Industrials, utilities and banks edged 12lh February; 1986 London EC2P2HD lower in Montreal. *00 CU, Slate Blue. ««« Belgium • Franco New Zealand Sweden BSlM kLY'UQ 9001, Rose 09 Parker blue book. Available In Algarve. COLOUR UHIBITIOIL UBU21 VJtt Brazil Hungary Norway Switzerland Thai, until 630. Macbclla. South el France. USA and Moru-FrL 9JD-SJO. jmTLAMMm'fMi rtSStor lartter databa. Amaph-n. after hour*. Canada Indonesia . Poland .United Kingdom west indies. Most all Czechoslovakia Ireland Rep. of Koran U.S. of America me am*, have EMBROIDERED SILK private pools and none are cheap. ALANS HAND Denmark Italy Romania Zambia PICTURES mahe the mqg dtokrintul. BracmeK (049 481) 5413. different and inURininv girt*. wi» >» Failing receipt of a valid affidavit Japanese withholdbigtax will be deducted little a* p m unlranM. tour PERSONAL IMPORTS 20% on the gross dividend payebls. The full rata of 20% floor. AltoM Famous Gilt Saoo. 06-58. at the rate of LooOon Cara wfff also be applied to any dividends tracteimod after April 30, 1988. Duke Street Groawnor Souarr. Save £££*, Most makes—All 6HS. 9-G Mon.-FrL, 9-1 Set. VOLVO dividends. SWIM Amounts peyabis in respect < r currant —R-HJ3.. factory built, U.K. Coupon Ho.S-'j- •- Dividend payable-'- • Dhridendmeyabfe r ORDER YOUR NEW EDR • 'Gross/ losefries 15% Japans*Japanese lose 20% Japanese Clubs Space. We insist on fully de- .Dividend . withholding tax with holding tax VOLVO . donomlnetioe y NPW w e w tailed written- quotas or free .-IjOOO shares :z 'A42jOO- *36.70- “i S33«S0 Contact: Frl. to am-S pm- Sat*. ID *m-4 pm. ? JAgHik —I - or Lee^Fraegard brochure. EVE has outlived the otters beams* ef a Jerry Hutton r_P 8Bft C. •. ,!• -Citicorp.irp.lmrestmentJmiertment Hattie 6, AtoemarteSt. Wl jjpWR Icy and mlue-tar .money.. MARLBOROUGH. -..XELlBUBBBISH - • 01-248 202S axamboura) SA not cuur play Please call ' Supper Rem 10-3JO am. Ottca and tee Lax Brooklande Tbeieea (Open 7 days) $36 Strand, ton i WC2R1HB '''•frfSSfiStfimas Mane February 32, T988 kssss. «srssJtena. ssst 0857.