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TOR MY PART, there will not be Social Democrat who replaced Mr General Antonio Bamalho Eases, is more than a figurehead post, and President has at his disposal the moves to difficulties criminal between the President Soares as Prime Minister four who had a neutral posture and who enjoys some real power, especially atomic bomb (the power to dissolve Hie of Republic and the Govern- months ago, argued during the cam- was engaged in constant sniping in crises, which have been frequent parliament} but no conventional ’ ment Mario Soares, during his paign that having Mr Soares as with successive governments. in Portugal. weapons. He sees the President as inside Presidentwould be a spanner in the being able to exert a great deal of probe into restore Mr Soares, who campaigned on This hybrid system was con- 7 will do everything to avoid Government's works and that what influence, however, if he has suffi- the need for stability in the ceived in the first instance less to arty conflicts with the Presin was needed was political “har- cient personal status. period of Portugal's membersl achieve a balance between two dent -of the Republic.” Prime mony” between the two institutions. the perjury the European Community, institutions of The 1982 constitutional reform confidence Minister Anibal Cameo Silva, after The electorate appears, however, directly-elected pres- pledged that the Government, so ident and parliamentar govern- had the overall effect of reinforcing Mr Soares' victory. to have rejected this argument and y long as it has the confidence of pari- ment than to accommodate the two the parliamentary nature of the fera^aimDai^coluiiHisadvanced FERMENTA, Swedish biotechnolo- to have stuck by the idea of the iaznent, can count his chief system, for instance by limiting the allegations itorth of IsraeTs self-pnxdaimed The Mg question in the wake of President upon co-oper- dements in Portugal's switch se- gy and chemicals gronp, said Befa- Mr as a moderator in the Da- period Soares’ eledion ation. In his victory speech, he re- to democracy after the 1974 revolu- during which a President curity zone in southern Lebanon in at El-Sayed, majority owner of the as President of Por- tum's political life, rather than as a By Rupert Cornwell In Bom peated that he considered tion which overthrew the can force general elections. But it a seareh-aiMktestrpy miatfon fhpt -company tugal is not so much the direction of partner forthe Government it a Tegit- previous who admitted lying to in- also strengthened some of the Pres- government ~ ixnate" Government and would re- right-wing dictatorship. The armed CHANCELLOR HELMUT KOHL is followed u gtsemlla attack on vestors about his wredftrpjp creden- policy which is un- The limited constitutional powers spect it ftyrreq oiftireii idents personal powers, extending feraett troops. likely to be greatly afiected- as the given to the Portuguese President movement and the p facing a criminal investigation into tials, bad resigned as di- the areas, such as defence, in rel tionshi parties had to be accorded a rote which accusations that he lied to a parlia- A military spokesman in Tel Aviv rector. The group also said 1985 a p between the Govern- provide less room for a serious In the normal run of things, pres- a presidential veto can only be over- ment an the President, than that, and a military council of the revolu- mentary committee over the receipt denied a report by Beirut Radio profits jumped to SKr 320m (M3m) d write.; e l fish does the situation is ident and prime Tnmisfor meet rou- Diana Smith tion, headed by the president, was of two sums totalling DM 55.0UO that three Israefis fead been killed. from SKr 82m and were esperted to and David White in now looming in France. But the cui^ tinely once a week, parliament Lisbon. in place until 1982. Continued on Page 20 (523,400) from the former Flick in- There were other reports .that two more than double ttifg year. rent system has so far been tried legislates and the president promul- Israelis had -been Mr Cav&co Siva, the centre-right with only one elected president. dustrial concern, nt the centre of taken captive by Page 2d gates. But the Portuguese President As Mr Soares likes to put it, the Background, Page 2 West Germany's most serious party- financing scandal. The ormonred coIumnE were said TOKYO; prices rose for the third - The proceedings are expected to to be searx±aiig“viBflges aboat 10 ocmsecotive session. The Nikita be opened formally later this week mites north of fee Lebanese banter. average gained’ 43A1 to 13,447.01. Marcos P*ge5. page 44 United Biscuits France steps up by the public prosecutor's office in the city of Koblenz. Assuming it does go ahead, the investigation Falklands stand ... plays down will be the first of its kind to involve ^PiwriTHr “firm -?n Hg! rfffngftl a Federal Chancellor in office, and Ist dasM the sovereignty ofthe tops Hanson’s aid to Chad could have serious implications - visit of tfoap frffiw Falklands, ite aa hyn jrrr> both for Mr Kohl and for his ruling tor minister to meet with a visiting Christian Democrat (CDU) party'. delegation of four Argentine pariin- Rumours that the Chancellor mentarians, the Foreign Office US envoy after Libya raid could be dragged back into the safaL PaceO increased bid Flick affair have been circulating By Chris ShenraH and Samnl for several days. But only yesterday DAVID MARSH IN PARIS Riots kHI three Sonoran in Manila and Reginald BY did Mr Heribert Braun, the chief Date In Washington prosecutor Koblenz, confirm that FRANCE braced itself yesterday outright engagement on the side of in At feast three pecpJe died as Srarih for an escalation of its mihtaiy con- Chadian forces in hostilities with his office wanted to press ahead African- police battled with rioters MR PHILIP HABIB, the US special for with a full enquiry. The public Imperial witting ** frontation with Libya by Libya. , in the black township of Alexandra envoy despatched to Manila after four fighter aircraft to NDjamena, The French Government, which prosecutor in Bonn is understood to on the ontskirts of Johannesburg's this month's disputed presidential \ ; ""it capital of war-torn Chad in central yesterday sent 200 air commandos be considering a similar move. affluent white suburbs. Threat by BY MARTIN DICKSON IN LONDON election, ran into some heavy Africa. to NDjamena defend the airport, They can begin 48 hours after mtners,Eace5. weather yesterday in his first talks to ;l notification to Philipp Jennitig- 'i'ri stepped up its military shown itself Mr K TAICHfyj MR bfittfe for Tmperi- fice of Fair Trading and avoid a with President Ferdinand Marcos France has much firmer in re- V:';r^•' LONDON: stocks firmed on bid er, the President of the Bundestag, »• presence in Chad after Libya sent a sponding to Libyan-backed incur- JV. al Group, the British-based tobacco, monopolies reference. The OFT, and the opposition challenger, Mrs Banks bombed hews then faded later. The FT OrdB* thaw tortial of which Mr Kohl is a member. By • lone bomber to attack NDjamena sions in its reaction to . !! jj. brewing and food company, took an which monitors UK trading prac- Goraz6n Aquino. ••• 1 ’ wMurf late afternoon, J'.cu shareindex L9 to a re- airport yesterday - in response the last threat yesterday no such feanjbs caused damag&butno casn- extraordinary turn yesterday as tices and advises the Government Statements from the two battling to major Libyan in 1,220.7 while the FT-SE 100 bombing application had been made, but Mr aftfesatsix branches of the-Sodefe Hmam Trust increased its bid to on proposed mergers, declined to Philippine leaders showed Mr Mar- Sunday’s French raid in Chad, in August 1983. share index sfipped 16 to 1,475-3- Friedhelm Ost, the Government Generate bank in Corsica. Bofioe £222bn - only to see this topped by comment cos downplaying Mr Habib's visit the north of the country. However, Paris now recognises Gilts made gains. Page 44 Paul Quiles, the that has consider spokesman, confirmed that the saidteaffetsof theCocsican Nation- rival £2Jibn (S3bbn) offer from Imperial would only say that it and Mrs Aquino insisting on a Mr French De- Libya ably -'h fence Minister, said the Libyan stepped up its presence in the north Chancellor had already instructed a al Liberation Front, an outlawed se- WALL SXKEKK Markets were Uhfted Biscuits. had noted the United offer, to which transfer of power. Their irreconcil- counteraction - in which of despite Tripoli's lawyer to represent him, "because it would give careful consideration, able positions emphasigad the di- three Chad agreement paratist grcrap^ wera found at the dosed for a public holiday. United accompanied its offer with ' high of press reports about the case.” and also the Hanson offer. Imperial lemma for the US, which is con- bombs were dropped from alti- to pullout troops as part of a peace • k*. explosion sites. ; i • a market raid, picking up 7.7 per The two accusations of perjury London, fall- is dearly much favourably cerned about its strategic military tude by a Soviet-buitt Tupolev Lib- agreement with France in Septem- a. DOLLAR was weak m cent of Imperial's shares by the more air force aircraft - 1984. against Mr Kohl stem from the two ing to DM 1330 (DM 2146), SFr disposed to the United bid. The two bases in the country. yan was "a ber Lost time the London Stock Exchange major explanations he has given of soldters sought L825 (SFr L944), FFr 7JB (FFr 7 are expected to meet today in an at- In Washington, three Democratic bluff." One bomb hit the NDjamena One of Mr Mitterrand's reasons dosed; It is believed to have lifted his role in accepting money from and Y180J5 (Y18L8). On Bank of tempt to flesh out the tpmm in a senators urged President Ranald airstrip. This was put temporarily for firmness this time is to counter its stake to nearly 10 per cent in Flick. to call Mr to step out of action for civilian aircraft bid suggestions of weakness in deal- to Cairo to examine -Egyp^31 docn- England figures the dollar's ex- afterhours dealings. manner which would allow the Im- Reagan on Marcos remained wgfihfe for military figh- ings with Col Muaimner Gadaffi, The first was in November 1984, meats in a bid to determine the fate change rate index fen to 11BJ from perial board to recommend them. down and hand over power to Mrs The intervention came just five ter-bombers and for the targe the Libyan leader. The President before the special committee set up of 17 soldiers listed as misying in 1204 Page 37 United is offering five of its Aquino, “the legitimate winner of days after toe British Government French Transall transporters ferry- was heavily criticised in France and by the Bundestag to investigate the action in pastwars between thetwo shares, .plus five new convertible the election." After a weekend visit referred to the Monopolies ami ing equipment from francs. appeared to lose personal prestige affair; the second, last July, to a - -' • 5T^BUNG traded qmefiy in Lon- shares, cash to the Philippmes they said that 3 codntrtes. .-.-.v.'' . pluniwd preferred phis 275p in Mergers Qyi^iiwann a The exchange of air fruitless mmilflr body of the parliament of cents agafosfthe- for every six Imperial shares. There Mr Reagan did not do so, the US raids be- after a peacekeeping steiger befoaeh- riUtH 18 iSnrope 2» |||| l T Portugal: Soares, long Editorial comment: Eurobonds.. 24 the Philip- ^,,».,. 21»22 Companies 1 Film llUtP'll 1 l.f.'ii'nMimmM 42 distance runner 2 pines; the Cityof'London . 18 •• « • •• 7 Wnmrirl Wntnr— 38 . America ftiH Industriekreditbank AG : Companies 21 , , 38 IntLGqdtalMuhBte 24 Chile: bid to boost export UK property: at last some * Z^ttara, ...... 19 potential 8 excitement 19 Deutsche Industriebank Lex 29 Lombard 3* B llt rich diet for Lombard: pragmatism — MlM fUllf 18 Technology: a on Britain • • • 11 13 Mufet Monitors 44 ‘ .... 28-30 Filipino prawns 14 exchange rate 19 Companies -> Man and Matters ...... 18 Agriculture *>•••••• 38 Money Markets 38 E Raw materials...., 38 Management: inner city job Lex: Fermenta; Imperial Aits - Review* 17 Steel; markets -Sennas .... 43,44 creation 16 Group; Committed to Enterprise - WorldGuide 17 -WaD Street. 43,44 BHP 20 -. IWIhmJmu ...... l« ftimwinifftl— 38 Siberia:, an end to the ITT: why plans changed for • Karl-Theodor-Sto 6 • D-4000 DOssekJoif West Germany - Id. 822I-2W *Tjl 8582617 Dussetdorf - 35-37 Berlin Frankfurt SSSKL...... • Crossword Hamburg Munich Stuttgart'- 1KB - 18 digital switch Luxembourg Branch 6, Avenue Marie-1 htinisc -Telephone 477641-1 tc Im 60263 'CbiIpbbbIw ™ Weather 20 cavalry charge 21 — . - - 2 Financial Times Tuesday February 18 1986 EUROPEAN NEWS Election of Soares reflects hopes for stability and progress Sweden’s Divorce BY DIANA SMITH AND DAVID WHITE IN LISBON trade shows bill likely "I AH not optimistic,** said Hr champion Carlos Lopes. "We Hr Soares studied low under ordered his voters out on the first round, he established has fallen apart. Hario Soares last November, are both long-distance runners,** Mr Alvaro Cunhal. who, as Sunday to back Hr Soares, Socialist supremacy on the left Mr Cavaco had met some surplus in to fail In when hit presidential Slopes ran one election poster. In a leader of the pro-Soviet Com- which he made dear was not and at the same time helped resistance in his party over his appeared to have been com- marathon in Japan last week. munists became his principal the same thing as supporting to put Portuguese politics on a backing of Hr Freitas, and may promised by tiie crushing defeat Mr Lopes had to give up an civilian rival after the 1974 trim, and sooner or later can more classical European«tyle now have a harder time prevent- January received by bis Socialist Party hour from the finish. revolution. Since the mid 1950s be expected to present bh footing, a move away from the ing cracks from reappearing in By Kevin Don*, Nordic " bill ” for the favour. By Hugh Carmgy to DnWti in general ejections. *T am Not so Hario Soares, the man he has distanced himself from apparent parallel with South the party. Both tt and the CoTTopBndcnt In Stockholm determined.'* who has now assumed the the Communists and after The dents in Ur Soares’s America. Socialist Party have congresses THE IRISH Labour Party will ACHIEVED a trade By pipping the conservative mantle of the new incarnation of being repeatedly detained and image come mainly from his coming up in the spring. SWEDEN Introduce a bill in Parliament His second round triumph is surplus oT SKr (£12Sm) farrovrite. Hr Diego Freitas do modem Portuguese democracy. deported to the tropical island record as Prime Minister in Ubn today to legalise divorce for also a setback for Mr Anibai For the Socialists, Hr Soares’s January, dear improve- Amaral, at the post on Sunday Mr Soares was brought up to of Sao Tome, he founded the 1976-78 and again in 1983-85, In a the first time in the Republic, Cavaco Silva, the Social Demo- victory means looking for ment on January, 1985, when the 61-year-old Hr Soares has relish political challenge. His Socialist Party in exile in 1973. when the Socialists had to pay tint the measure Is likely to be crat leader, who became Prime another Secretary General. Mr imports mere in readied the culmination of a schoolmaster father, an active Retunring in triumph from the political cost of their tough exports and voted down by Labour's Fine Minister in October after break- Vitor Constaucio, Governor of value of exports career in the forefront of republican during the pre-1910 Paris three days after the 1974 economic austerity measures. balance. The Gael coalition partners. ing his party’s alliance with the the Bank of Portugal, is being rose by per cent to Portugal’s politics since it monarchy, became a lifelong revolution, he became demo- He is also criticised for his 3 Dr Garret FitzGerald, the Socialists. Although the stand- strongly tipped for the post 20.0m, while that Ot ended its sombre half century conspirator constantly in jail, cratic Portugal's first Foreign visible fondness for creature SKr Prime Minister, is allowing a ing of Mr Cavaco’s minority For all its short and eventful per cent of dictatorship 12 years ago. exile or living clandestinely. At Minister—with the job of gam- comforts, his vanity, high- imports fell by 3 free vote by Fine Gael MPs but government, with its technocrat history in which it has moved image the age 70 himself ing acceptance for it in Europe. handedness and favouritism. - to SKr 19.31m. he has made it dear he wants As part of the new he of he found get-down-to-work approach, ap- from the far left of the social- promoted during the campaign. in the same jail as his son In the post-revolutionary in- Kit his victory has had a The central office of the bill defeated despite his pears to be good, Iris strategy of ist spectrum to the middle of Hr Soares recruited support then a student leader in the fighting, he also became public clear impact on Portuguese statistics credited the im- commitment to the lifting of having Hr Freitas as President the road — it has never had from showbiz figures and from underground Young Communist enemy number one of Mr Cun- politics. By outshining the two provement to faffing oil the constitutional ban on in a strong centre right front anybody but Hr Soares. Portugal’s Olympic marathon movement. hal's Communists. Mr Ctmhal other left-wing candidates in prices and the fact that Ice divorce. in the Baltic Sea has not This peculiar situation has proved such a problem for arisen became Dr FitzGerald is access to Swedish ports this affair threatens to tarnish the city's image reluctant to proceed with the Leslie Colitt in Berlin reports on an which winter. The cost of ofl required referendum on drop- imports In Jmmaxy was 13 ping the divorce ban until he is per cent lower than n year convinced it will be approved earlier despite imdiigcd by the electorate. Recent Latest West Berlin corruption scandal widens volumes. opinion polls have shown up to Swedish industrial pro- 77 per cent support for the duction rose by 16 pa cent idea of limited divorce is in danger of trad- orselessly has already toadied bers of his team were even touting construction costs - cm pa- WEST BERLIN and coming mayor. He acknowledged ed their last year to a record level, measures, but much less certain ing its reputation as the West's out- Mr Eberhard Diepgen, the city's Mr Diepgen, who is at the liberal receiving the money - which was per-in order to present astronomic according to preUmbaary support for altering the consti- post of freedom inside East Ger- Christian Democrat (CDU) govern- end of the CDU spectrum, as a natu- not illegal - which he passed on to bills to the city-owned Building figures from the statistics tution. many for that of the corruption cap- ing mayor. Until the scandal broke, ral successor to Mr Helmut Kohl, his party. Credit Society (WBK) which paid office. The rate of Increase Labour expects the opposition ital of Germany. Mr Diepgen had a reputation as one West Germany’s Chancellor, who them, the difference between the stowed from 1983 and UH Fianna Fail party to abstain and West German law is hazy on the Even some of the names in West of the city’s more successful recent they were openly ridiculing. low rent and their high costs. however, when industrial out- enough Fine Gaelere to vote subject of what constitutes bribery cent Berlin’s latest corruption scandal, leaders. Along with his predecessor, put jumped by 4JS per agtinst when the vote is taken The builders created tax depre- von Weizsacker who be- Now, however, it is Mr Kohl who of a public official. Direct benefits and 7.1 per cent respectively. on February 36 to defeat the billed as the biggest since 1945, Mr Richard sold is worried lest toe Berlin scandals must be pitmen the person offer- ciation companies which The main Impulses to further bill, sound like minor characters from came West Germany’s President in to despite support from the fftain his own leadership in the ing the bribe, tort the prosectors be- shares in the apartment houses to growth last year came from newly . formed Progressive Bertolt Brecht’s Threepenny Opera. 1984, Mr Diepgen promised to end build-up to year’s witinnal lieve they have ample evidence of well-to-do West Germans. They exports and stocfebuUding. Democrats; There is Mr Otto Scbwanz, flam- “FQzokratie,” the thick web of party la elections. this. were unconcerned about the high Since the upturn began Supporters of Labour's bill, boyant owner of several bordellos, favouritism under the Social Demo- building costs because their main Che final quarter of 1983; which would allow divorce only who is in detention charged with crats (SPD). Two previous SPD The builder is alleged to have industrial output his At the centre of the investiga- interest was to lose money in order rim by in csse6 of Irretrievable mar- bribing a framer Charlottenburg mayors were forced to resign be- saved hundreds of thousands of D- a total of 18 per eeot. riage breakdown, say the Prime tions by tiie Public Prosecutor's Of- to reduce their taxes. building councillor, also corruption. Marks district un- cause of municipal fice is a prominent local builder, re- by evading the building code The main Improvement last Minister is ducking the Issue for The only party to emerge un- der arrest There is also Mr Otto The 44-yearold mayor managed released from detention on with toe help of city officials. year came from the engineer- fear of provoking a contentious cently version of Putsch, arrested for allegedly seek- to restore the crucial confidence of scathed is West Berlin's ing Industry, which accounts national debate at a time of low DM lm ($427,350) bafl. He was su- The investigation has opened up Alternative influence the councillor. West Germany’s Government and the Green Party, the for 45 per cent of industrial government popularity. ing to officials, Pandora’s spected of bribing city in- a Box of apparent collu- output, Along with Malta, Ireland is They are, however, bit players in businessmen in toe city and to re- Lost but paper and hard cluding the CDU mayor of toe T5er- sion between officials and city and chemicals also showed an the roly European country an affair which is widening rem- verse its industrial decline. Mem- Meanwhile, Mr Diepgen is pre- garten district who was recently builders. Building companies were increase. which does not allow divorce. paring for a trip to Washington this suspended by Mr Diepgen. able to buy key property sites be- Pro-divorce groups’ estimate month. Concerned about toe impact The unemployment rate In Chancellor Helmut Kohl: fore the city declared them priority Sweden waa 19 per cent in some 70,000 people in the Two officials of the city's building of the scandal on West Berlin's rep- worried about scandals development areas. January. In addition to the Republic me trapped tat un- department arrested a utation in the US, the mayor’s ad- were and 128,860 people registered as wanted marriages. US DOLLAR fbninre Property speculators member of tire deportment The builder is further alleged to also found visers were relieved by the assess- unemployed, a farther 98,908, In all, 37 people are under investi- have donated hundreds of thou- West Berlin enticing because of the ment of US officials. They noted or 22 per cat of the work- THE WORLD VALUE gation for offering and receiving sands of D-Marks to the CDU, and enormous government subsidies for that it would raise barely a ripple in force, were employed on bribes, mriurffag a former SPD mu- previously to the SPD, including the construction of lower rent “so- America where urban corruption some sort of Mioar market Dutch move ob TO FT EVERY FRIDAY nicipal building councillor. DM 50,000 to Mr Diepgen before be- cial housing." Local builders bloat- was a time-honoured institution. support measures. M euthanasia A BILL to legalise active hopes for accords on euthanasia in tiie Netherlands, US tiie first kind in tiie world, of its threatens to divide tiie govern- the summer ing Christian Democrat-Liberal SDI by coalition in the run-up to the BY PETER MARSH general election on May 21, writes Laura Raw in Amster- THE UNITED STATES hopes genius. We are not here to to finalise by the summer steal ideas bat to back people," research agreements for the be said. During a parliamentary com- organisation dis- mittee debate yesterday the Strategic Defence . Initiative The SDI is (SDI) with West Germany, cussing about 10 contracts with right-of-centre Liberals sided Italy. Israel and Japan, accord- British groups worth a total of with the opposition Labour ing to Dr William ScfanehtBT, an roughly Elm. General Abraham- party in broadly supporting" the | - • Under-Secretary' -'fit toe’ US son will give details today "Of bfH pxoposed by the Democrats State Department He said in tiie classified aspects of -Star *66 party, Mr Rudd Lubbers, tiie INCREASE to a meeting in London Christian Democratic Prime A TENFOLD London that these agreements Wars would be broadly similar to that of about 100 UK companies. Minister, opposes it deeply and signed with Britain in Decem- Foreign research groups, he warns it postponed until the ber under which UK companies said, had much to offer the SDI next Government is formed. The and research groups can bid for project in technologies such as bill would permit mercy killing work on the $26bn programme. sensors to spot the positions of at the request of a terminally ill warheads in space, and com- person. INPRODUCTQUALITY The socaDed Star Wars pro- posite materials that could form ject is designed to produce by the basis of lightweight space the 1990s a strategy to protect FINANCIAL TIMES platforms to cary devices such the West from nuclear missiles, PnHwbed as mirrors which would direct by Th* fih&adal Timas for example by shooting them (Europe) lasers to their targets. Ltd. Frsmldurt Branch. down with lasers. . re imenled by E. Huso. Frankfurt/ Gen Abrahamson flies to p FIVE YEARS. Addressing a conference on Main, and, u members of the EVERY Israel tomorrow for discussions the SDI organised by the Con- Board of Directors, F. Barlow, with researchers there on work HJLF. McOean, G.T.S. servative Party's Bow Group,.Dr Darner, M.C. in another promising tech- Gorman, DJLP. Palmer, Schnleder said he hoped that London. nology—rail guns; space-baaed Printer FrankfurterSocie tits over next few weeks the the US devices which would destroy DruckererGmbH. Frankfurt/Main. would sign several Government missiles by shooting small, auto- Responsible editor CEP. Smith. research contracts on IS ITPOSSIBLE? specific matically guided pellets IVaakfuxt/Maln. GutoUettstrure Star foreign Wars with accelerated by electro-magnetic M, 6000 Frankfurt am Main 1. O Th* companies. forces. Financial Times Ltd, 1SB8. Lt-Gen James Abrahamson, FINANCIAL TIMES, _ Even thougi toe French USPS No. director general of the Government has turned down 100840, published daily except Sun- days and holidays. Pentagon's SDI organisation, the invitation to participate ILS. subscription rates annum- said that the agreements with formally 5385.00 per Second in Star Ware, Geo class Britain represented an effort to postage paid at New York, Abrahamson said that two N.Y. and at a "u||| “ nourish ** UK technology with- dditional n of- It certainty is. fact, we've it ongoing,worldwide goal French companies had fices. POSTMASTER: send address In made an company out requiring researchers to approached the Pentagon with changes to FINANCIAL TIMES. travel to the This resolution is just one part of a long-term, all inclusive program that US. their own plans for theoretical M Bast 00th Street, New York, N.Y. 10033. . “We are not here to pick the studies to defend Europe from . enables us to compete successfully with electronics vendors from every cherries from your technical nuclear weapons. part of the world. And the results have been heartening. One of the highest tributes a customer can pay a supplier is product "certification." 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Financial Times Tuesday February 18 1986 3 EUROPEAN NEWS Community W in ranks >)v French seek to set up a Commonwealth to revive BY DAVIS HOUSEGO IN PARIS as reform A LONG-STANDING French ties with dream of establishing a French FRANCE HAS been urged present have overwhelming m Commonwealth of nations was by the Organisation for influence to selecting man- set on foot yesterday with foe Economic Co-ogrcraUon and agers and deefetapmakers for Development Turkey first summit gathering in Paris to break down big state-run technology pro- of Francophone states. barriers in its science com- grammes; Some 40 French-speaking munity and put more “The present elite has con- Quentin centrated By p«d countries were represented at emphasis on companies in its own hands BY QUBfTM PS. IN LUXEMBOURG technological foe conference which was to maximise the major responsibilities in FOREIGN ministers benefits for the economy, the Important NINE of foe 12 EEC member did not want to isolate the EEC opened in foe splendid Salle des more public yesterday cleared the for writes David Harsh in Paris. and private Institutions, mates yesterday .solemnly pot -Danes. way Congres at Versailles by Presi- but a revival of their association In a review of Innovation St could now prove inode* their names to .a hard-fought In foe end, ft was probably dent Frandos Mitterrand. He agreement with Turkey hot Jallciet in France, the quote iven the challenges and package of Community reforms foe normally dissident British — told his audience of heads of g only after they have held an OECD said France seeded to tasks the country is going to — but flMHBit, Italy end who showed the most satfsfao state and prime ministers that i extended period of informal step up efforts to promote have to face.” the OECD says. Greece refused to come to the turn with the result. Mrs Lynda “the identity of the French- i negotiations. ’’ mobility of scientists and en- The Organisation also calls &&! party. Chalker, foe Minister of State speaking world is threatened gineers between education for maximum decentraiUsar- dgnlzig ceremony of standing in for Sr Geoffrey, They held out the prospect and that French-speaking The the establishment and industrial tion of innovation policies ?*n§ was positively enthusiastic of a ministerial-level meeting needed to take resolute Single European Act, resoazufc nations companies. aimed at supporting small M in foe autumn—foe first since the removal of ing with fine phrases under the It is a good agreement for action against France should try to make and medium-sized companies. glare of television lights, was foe Community, and it is a good June 1981, since when Euro- linguistic difference. pean unease over Turkey’s recruitment of engineers and More efforts need to be made remarkable mainly for those agreement for Britain,” she The »*"» of foe conference la scientists into foe “Grandes to channel capital to start-up - human rights record who stayed away. Tbe Nine put declared. “It is going to help to provide a French equivalent Eeoles," led tbe Ecole businesses effectively frozen closer con- by and to spread a brave face on it, appealing us with the vital task of remov- to foe British Commonwealth as tact. Polytechniqne and the Ecole technological benefits from to foe very spirit of Enrapeaa ing foe remaining stifling a lobby group in international National ^Administration, large state-decreed pro- within President Francois Mitterrand at the conference yesterday diversity to explainaway tbe barriers to trade the Informal talks will be con- affairs. But foe span of countries much less elites*. These two grammes to areas like trans- absentees. -Yet " even within Cozmxmnily. It will boost ducted. Nether- for surrounded by French-speaking leaders from around the ""J by both foe and foe range of topics up education establishments at port, nuclear energy. .. <*^ r.w„. their own ranks,- the substitutes research efforts, which are lands—the current EEC discussion during foe three-day world : 1- - ; r^.; * abounded..- essential to make ns competi- chairman—and the European meeting—from culture to Third tive with foe and Japan.* riwimiwiftff Hr. Jacques Delors, president US , in an effort to World debt and South Africa— fitvt f and data banks. France, the conference also Tbe French-speaking African Among European countries ropean Commission, Mr Hans van den Broek, the ommnn ground on the suggest it could become bogged of foe Eu At the same time, foe provides a political boost for states represented foe laregst present were Belgium, Luxem- was represented by Hr Frans Dutch Foreign Minister and most sensitive issues. down in the same differences of French feel that there is a the President as the goal of single contingent from any one bourg and Monaco. PfiSkt* his. Dutch vice- current dwt-mum of foe EEC and outlook as foe Andriessen, They include a commitment ideology large market to be tapped tor promoting tbe French-speaking continent at foe conference. The major absentees from president. Pierre Pflimlin, Council of Ministers, could not Commonwealth. Chad and Haiti Hr by tiie Community to allow French-based language indus- world is shared by all political North America was represented the conference which will go president of the. European wax quite so lyricaL were not on the formal agenda. ‘pCfT. Ii free entry of Turkish migrant tries exploiting areas such as parties. Mr Mitterrand’s own by Canada and by two of its on to Wednesday are, Algeria, Parliament, deliberately sent a He was satisfied that foe workers from the end of foe Bnt foe convening of foe the computerised editing of prestige amongst the African provinces. New Brunswick and Vietnam and Switzerland. replacement to'indicate bis own’ European Act would strengthen year, the blocking of EEC meeting also reflects a very texts in French and computer states attending the conference Quebec. It was a long unre- Algeria declined to be present foe' whole the dedsfon-makfog power of A ffift unhappiness with financial aid agreed in 1981, real fear that French could be recognition of Spoken words was enhanced by foe successful solved dispute over foe repre- at what it considered an event exercise. _ . foe Community by extending and a dispute over the level of pushed aside by the develop- in French. attack over the weekend against sentation of Quebec that that smacked of colonialism. the use voting. Sir Geoffrey Howe, the of majority It Taridsh textiles sales to foe ment of English as tbe inter- Coming just before tbe foe Libyan constructed airbase scotched earlier attempts to get Tbe French-speaking countries British Foreign Secretary, was would make a common market EEC. national language of computers March general elections in in northern Chad. the summit off foe ground. include some 300 people easier to achieve. It would give on Mb travels in Kathmandu, The delay fat convening more influence to the European a and Hr Jacques . Poos, his meeting of the Turkey-EEC « t*«. counterpart who Parliament. It would provide J Luxembourg association council, which 7 ‘‘3W tod 1- a legal framework for future . chaired the whole reform con- Britain, West Germany su ort for science and and ference last year, was recover* pp Editorial disputes put financial daily’s future in doubt technology. the Netherlands had wasted ing from an operation. M in foe coining months, was t3lK§ Despite its unavoidable Mr ftMfo Andreotti, the agreed in deference to Greek BY OUR PARIS CORRESPONDENT Minister,, shortcomings, the European Italian Foreign who objections, in return, it seems Act definitely represents pro- THE FUTURE of La Tribune by the English-language press. believed to want to leave of ownership or of editorial They also complained of the launched foe . whole exercise at likely that Greece will not Milan gress and a step in foe right de rEconomie, France’s recently But almost from tbe start it immediately in foe wake of the content. The journalists are cutback in pages, foe non- the EEC summit in lest finally seek to block the taikg. June, stayed in the -wings to direction,” he -declared. But he founded financial economic has been beset by quarrels recent resignation of Hr invoking the latter. replacement of staff, the Mrs Lynda charges they emphasise his country’s dis- was saddened that foe list of Chalker, the daily newspaper, was thrown between Mr Bruno Bertex, foe Philippe Labarde, the editor-in- Among foe reduction in editorial expenses V?F * rignafortag. Minister of State at foe into doubt yesterday group’s Labarde succeeded levelled at the management and foe refusal of the manage- — «:J»U satisfaction with foe modest was not complete. when head, and the editorial chief. Mr outcome. No amendment to foe Treaty of British Foreign Office, said about a quarter of foe editorial staff over the content and Tan- Hr JeanJCchel Quatrepoint, a yesterday was that of attempt- ment to divulge the editorial s* relations ing coverage i,,^ Borne, the constitution of foe with Turkey were staff sought to resign following ning of the newspaper. former industrial correspondent to influence the budget for this year. P- .;.? Hr Uffe BUemmaJensan of « a Denmark was .back. in Copen- Community, can be agreed now proceeding better “than a conflict with the management The crisis came to a head on Le Monde, who resigned last of companies quoted on the La Tribune is believed to s*mV- one might have thought six Stock Exchange. Journalists at have lost !-:y\. hagen, amqurignlng to Win without unanimity. La Tribune was founded just yesterday when foe 40 journa- year after a conflict with Hr FFr 10m (£970,000) months ago.” over a year ago by tiie Bertex lists foe newspaper said yesterday last year but this would have s upport for foe deal in foe Now everything is really up voted with one abstention Bertex. Journalists can leave Danish referendum,- next week, to Denmark and tbe February ' The Turkish hmwaw rights group, which owns I* Vie to strike today unless foe a newspaper with substantial that they had been asked to included special items such as Francaise, compensation under profes- refrain from mentioning some launch costs and and overcome fears that it all 27 referendum. If that approves record had improved, ami with the aim of management compensates those a foe switch challenging foe domination of wanting leave. " ” companies while treating from evening to morning pub- h goes much too far. Hr the package, then there is little Denmark had lifted Its reser- to sional freedom of conscience moyeu Theodora Fangalos of Greece doubt that Greece and eventu- vation over EEC financial international business coverage About 10 journalists are law if there has been a change others favourably. lication. said he would sign soon, bnt he ally Italy will fall into line. assistance, she said. inasia Tbe outstanding problems *• hi EEC-Turkish relations will te . c still prove very tricky to re- i: ?.*-..• V^j. Capital spending forecast solve, with West Germany ?:* adamant that free movement r : •*:.. of migrant workers cannot be 5' i>aa& to continue at high rate allowed so quickly, and EEC i L> Kfrs»- BRtlSSBS fears about textiles reinforced ,' BY FAUL CHEE5EMGHY IN /“.tl.’E 5?, by foe recent accession of ‘* ftMaBfc INDUSTRIALISTS r IN foe panies taking on more people. PortugaL European Community: will keep IN This may now spread because, HOWTO INVEST THE FUTURE up a high, rate' of capital . although the evidence is not investment this year.' but waH definitive, there Is an increas- not. quite match foe rafe of last ing tendency to invest in new Ozal begins year. cqpacto: rather than, in the Survey? . of rationalisation' of existing JoL^fT capacity.-' - - visit . : to peam : Cnpmnaaiipn; New investment is most yesterday, foow fosit tbc real buoyant in nwh»niw>i mih . year rate of increase this electrical engineering and per cent London should be 7 compared motor vehicle construction. with 10 pee'.oent last year when Here foe rise' in nominal teems the final outcome lied in pre- By Robert Mauthnar, this year should be 15 per cent, cisely with foe - intentions Diplomatic Correspondent the same level as in 1985. expressed 12 months earlier. In the metal industries, The latest asseamenix under- MR TURGOT OZAL. the following a particularly line the growing momentum of Sharp Turkish Prime Minister, who investment since 1984. Bat rise in investment last year, the arrival in Britain yesterday pace is slowing. cater- there was.a sharp decline from Sections for a four-day official visit, normal investment spending ing . directly to consumer is due to have talks tomorrow between 1961 and 1983.-. And demand are' expected to with Mrs Margaret Thatcher, this gives tire to a. wanting Increase spemBng this year by the Prime Minister, covering «*< r .. . from foe Commission. 6 per cent, against 11 per cent the whole range of bilateral !.••»> ’•’ : ‘Tt (investment)- needs to last year. But this could change relations, the EEC, Nato and ,-s.r : continue for several yeans to 'in foe face of foe emerging rise East-West problems. So consumer spending. grow as buoyantly, os in foe Yesterday he met Sir period -198465 if there is to be On a national basis, growth is James Qeinlawon, president any appreciable reduction act expected to be less spectacular of foe Confederation of this year unemployment," foe Commie- than last in tbe British Industry end later don said. Netherlands and Denmark- West was the dinner guest of Mr The numbers, of employed in Germany, Italy and Britain are Paul Chaanon, Secretary of expected Community htdosizy have been to have an overall State for Trade and Industry, falling for 10 years.. This pro- investment figure close to foe with whom he was expected cess has now been checked, but Community average. Tbe most to discuss Angfo-Tuikfah oitiy in Denmark, West Ger- marked increases are expected industrial cooperation, parti- many, Luxembourg and the in Belgium. Luxembourg, cularly nuclear and read Netherlands ore industrial com- Ireland and Greece; projects. Defence contracts, sndt as the sale of Tornado inflatory aircraft to Turkey, are also Czechoslovakia to step up high on Mr OzaTs agenda in pace of economic reform The Turkish. Premie*—the fin* to visit Britain for 89 BY PATRICK BLUM IN PRAGUE years—was expected to seek Thatcher'S support for a to Mr CZECHOSLOVAKIA IS and send its worked home on closer Turkish relationship intensify, economic.reforms to. full. pay; than bear foe oosts of 1 with the European Com- improve effiefetigr . and manager ineffective production. , munity, after yesterday's meat in movea foat cloeely Czechoslovakia announced decision by EEC foreign minor efforts by Mr • Mlkhafl economic reforms in the early - ministers to eaO a meeting Gorbachev, foe Soviet leader, to 1980s but changes have been Hita mrtgnm pf th* EEC- More than ever; deciding on a computer system is a our policy to combine a series of brilliant technical modernise foe Soviet economy. modest. The impetus provided Turkey Association Councfl. President; by the new Soviet leadership Gnsfcaisf Husak told The British government's balancing act innovations with the most popular industry standards nist, appears to have encouraged a Commu Party members view is that while it is desir- bolder approach, meeting In. Prague atfoe week- able for the association Naturally you want a system that incorporates the (such as Unix*). end that Czechoslovakia was Mr Jaroslav Kroh, chief agreement, blocked since paying special • attention to manager at foe state bank, said 1B81 to be reactivated, full latest technology And to back diem with comprehensive support Soviet- attempts to improve yesterday that the process of Turkish membership of tbe V-l. change will be intensified management. . and Community cannot be con- But often, it also has to be technology that will operate including field engineerin education, training and even that the bank would play an g “What, we are striving for ;is sidered a practical proposi- important rale in not mechanical copying but a promoting tion for at least 10 years. with existing equipment business forms. creative use of foe Soviet ex- greater productivity. periences," -be said.- Czechoslo- The bank wfll encourage out- It has to be technologywith a future - otherwise you’ll In. 1986, the policy continues. With an important new vak officiate have tended to view put and exports by adopting a tighter policy on credits and with suspicion foe reforming Oil fall find yourselfrepeating the exercise sooner than you think. workstation, a newTower super-micro, and a new business zeal of some- of their GOmeoon access to foreign currency. “We price want to use credit as a means partners. They rerist.usfog.foe And it has to he technology operating on a common mainframe computer all due for release. Along with other term, reform -when describing; to increase effectiveness and helps Austria describ- toe restructuring;” he said. their own endeavours, standard, otherwise you’re cut off from a vast selection computer-based products in an area NCR has made its res - Other measures will aim to ing them instead as. measu ; growth rate -improve efficiency.' . make prices more flexible by to software and peripherals. own: electronic cash dispensing: The pressure for reform is aligning foam more closely to of fall In world oil increasing; however. Another world market prices and to THE SHARP prices should boost Austria’s ability right that has All leading-edge products; all compatible speaker at foe meeting argued increase pay differentials and Iris the to get the balance made with what growth rate to some S per that it would be better in soma incentives in return far higher cent this year and boost its major die birth of the first fully has gone before, and is to come. cases .to .-dose down a factory productivity. NCR a computer From trade, the head of the coun- try's Economic Research transistorised computer (which NCR developed), iris been For full details simply contact us on 01-724 4050. Institute said yesterday, Reuter reports from Vienna. Mr Helmut Kramer grid that tiie benefit to the trade and current accounts should be at least Seh 19bn <£420m) WHISPER this year. N Lower oil prices should also - Utofonfa«|te|foioaBwripri I reduce the projected inflation . (xxivnsafio(S.Useitvnli) any pocket rerader or rate of 3 per cent by around -cobofouriiMareptiMitiworieia-Vi* ! spedAeoisaiuSonitoyourpenonil one percentage point Austria |g has one of foe lowest rates to Leading with technology, without leaving behind cmimurieatkwg gidseqiwtyneeds. Sectroole Financial Times Tuesday Februaiy IS 1986 £ MILLION PENCE 300*1 250 10H 200*4 1604 100 5H 1986 1981 1986 1986 198t 1982 1983 1984 1985 Forecast Forecast Forecast IMPERIAL GROUP IMPERIAL GROUP IMPERIAL GROUP ProfitBeforelhxatkm Earnings PerShare Dhridends Pfer Share INDEX INDEX INDEX *: (1981=100) (1981=100) (1981=100) 2Q0i 260- 260-1 100 1961 IMPERIAL BREWING & LEISURE IMPERIAL TOBACCO IMPERIAL FOODS OperatingProfits Operating Profits Operating Profits Imperial in 1986: we thought you should see thefigures# Imperial, commentators agree, is ablue chip markets, people, production, training, incentives, company But what does that mean? distribution, development This is what Webster’s says it means: Over the last three years, our capital invest- “A stock issue ofhigh investment quality that ment alone has amounted to £448m. usuallypertains toa substantial well-established Since 1981, our profits have grown at an company and enjoys public confidence in its average annual rate of 23%: precisely our fore- worth and stability” cast for the current year. “A consistently successful and profitable ven- For 1986 and beyond, we shall continue to ture or enterprise.” invest whatever it takes to make ourbusinesses *An outstandingly worthwhile or valuable more profitable and our companymorevaluable. vy - • -j property or asset” This is the Look at the tables above and you’ll see the blue chip way. profile of blue chip 4 a company. This is the Imperial invests: inbrands, newbrands, new Imperial way The sources for the information contained in this advertisement are set od or referred to in the letter from the Chairman, Imperial Group pic to shareholders dated 13th February, 1986. The directors of Imperial Group pic, (including those who have uaegarea aetaueq supervision ofthis advertisement) have taken all reasonable care to ensure that the facts stated and opinions expressed herein are fair and accurateThe directors accept responsibility accordingly i : Financial : . Times Tuesday February 18 1980 5 OVERSEAS NEWS Israel launches Kathy Evans in Kuwait reports on the implications for the Gulf of the flare-up with Iraq Canning bat risky Iranian offensive gains momentum IRAN'S eight-day-old offensive taking advantage of the weak- Tehran against the Gulf states, in the Gulf war has sent shod: est point in Iraqi defences, in particular Kuwait and Saudi Eight Iranian soldiers flown waves through the Gulf region favoured Iran’s human wave IRAN Arabia. to Vienna yesterday for mldi- and dented the image of in- tactics, for the soft, and muddy Kuwait and the' Gulf states eal treatement are suffering vincibility Iraqi defences had terrain is unsuitable for Iraqi have reacted to the growing security zone won along the length of the from severe respiratory pro- artillery reinforcements. closeness of the fighting by blems caused by poisonous front line. Iraq always tries to avoid launching a diplomatic offen- gas, according to an Austrian BY ANDREW WHITLEY fN TEL AW The attack, originally char- using infantry for fear of high sive. A debate was been doctor, Reuter reports from acterised by Tehran as “a casualties, which might prove scheduled for today in the TWO IsraelLazmoured columns It was not immediately dear Vienna. The soldiers are warning to Iraq " is now unacceptable to its smaller United Nations Security Coun- backed by heS^opter ganships whether the dash was related among 38 patients suffering assuming all the proportions of population and armed forces. cil—which as usualy. will be advanced north of Israel's self- to the Israeli operation. from fhw effects of a major offensive, far larger Moreover, the Fao route offered held in the absence of the proclaimed -security zone in - The raptured Israelis were used in the war between Iran than the annual operations tiie Iranians an easier path to Iranian delegate. South Lebanon yesterday in »'• reportedly military advisers which have become customary and Iraq being flown to Umm Qasr, the Iraqi naval base. search-and-destroy operation, hie SLA, attached to but were around religious and revo- various European cities for Syria, too, has been enlisted the M The Iranians are already following kidnap of at least in civilian clothes. lutionary occasions. medical treatment It is not to help persuade Iran to end two Israelis by Lebanese 1,000 Israeli uniformed claiming to have locked up the About Day by day it is gaining yet possible tg> .say which the conflict, but the prospect guerrillas. remnants of the Iraqi navy in troops and plain clothes security Tnnmpwfwwi mi li tarily ami chemicals were used but from of a major change of heart from | Umm Qasr and say they are Beirut radio reported that men remain In the eight-mile a clinical point of view and Damascus about its alliance with politically, as the fighting nears shelling Safwan, the Iraqi three Israelis had been killed is deep "security zone" in South my experience in the last town Iran, seems doubtful at present. Kuwait and reports come in bordering Kuwait. Safwan has the_ operation, but this was Lebanon following the official years ft is definitely poison The prospect dearly worries of a second major attack poised been frequently used as a con- denied by an Israeli military completion of Israel's with- gas,” Dr Gerhard Freflinger, Tehran, however, for the " to move through the Huwaizah duit for military spokesman in Ifel Atfv. from Lebanon equipment for Iranians drawal last June. marshes. head of the plastic surgery the Iraqnis. have despatched senior are officials The. Israeli columns are . The kidnapped Israelis department of the Vienna (o Libya and Algeria, bdwnd to be searching villages reported to have been captured After a year of little more Medical University, said. Rut the southern option was their other allies in ihe region. ftian gHuptilitbpa qq fh ff front, around Defr Antar and Sol- following an ambush laid, “They all have bad eye risky, for there was a danger At - times, Iranian and Arab Iran was forced taniyeh. about 10 miles north according to Beirut radio, by to launch a injuries and serious breathing of Iranian forces being hemmed Ministers have been arriving m ” major attack to restore credi- o£ die border, within the zone- “ National Resistance problems. They will need in. Iraq, with its superior air the same cities within hours of bility back diplomats controlled by the Irish peace- guerrillas. There were no home, blood transfustoos and we force and missiles says it has each other. further details of who was res- believe. Endless rhetoric about already surrounded the Iranian keeping forces. will be lucky if four of the Kuwait, in the meantime, is Israeli officials the war and the need for positions, and it is only But a UN .spokesman . last ponsible, but eight survive,” he said. a asked: “Why shouldn't Kuwait so, rumours continue about remarkably relaxed considering night denied reports from have recently been warning sacrifices from the people rang question of time before they be safe? are not allowing reported landings of Iranian the size of the armies locked in Lebanon that the Irish troops about renewed Palestinian hollow when fighting was kept are finally “annihilated.'' The We troops on Bubiyan Island which mortal combat yards away from guerrilla infiltration of the at such a low level. Iranians, however, appear to Iraq to use our land, our air- had fired on the advancing has vociferously denied. the shore. There are no signs There was. also increasing cent cut in exports, but Iraq’s have successfully maintained space or our waterways.” The Kuwait columns.- “There has been no region. of panic and no apparent flight criticism, from militants in the their supply same day it was disclosed that Iraq rfwinw to have sunk more confrcmtatfrm. :wxth the Untfll Meanwhile, militiamen from successful attacks on the oil routes, despite people ' regime about the Kuwait, together with Saudi of or money. forces," said Mr Timor GokseL the Druze Progressive Socialist new prag- pumping terminal at Ganaveh. heavy bombing b^ the Iraqis. than. 80 vessels in the Khor matic style in Iranian foreign Arabia, had decided to renew Abdullah waterway, of In a separate incident there Party (PSP) are reported to With oil accounting for 95 per The southern option through many The continuation of calm will polity which has recently been the oil agreement with Iraq them carrying troops. senior were exchanges of fire between hove expelled about 100 cent of its budget revenues, Fao using the Khor Abdullah A rely heavily however, on Iraq's whereby Iraq receives Income that Bedouin Arab and Palestinian so obvious towards the Gulf Iran's economy must now be Kuwaiti official indicated its ability to Irish troops serving with the waterway has put the Iranians from 300,000 barrels a day air force and refugee families squatting in states. Iran’s oil situation only faring its most severe crisis if any casualties occur close to winkle the Iranian troops out UN interim force in Lebanon „ within sight of Kuwaiti terri- (b/d) of oil produced in the the coastal village of Jiyeh, added fuel to their arguments. since the start of the Gulf war the island, be they Iranian Fao quickly. If the fighting (Uzdfil) and imits-of the South tory. Kuwait has responded by neutral zone between the two of between Beirut and Recently Iran announced that more than five years ago. troops or vessels, then Kuwait longer, or Lebanon Army (SLA), the halfway patting its army on high alert, countries. drags on much it was cutting oil production in will be willing to provide Israeli-backed Christian militia. Sidon, over the past week. The strategy Iran chose for but as its forces number only spreads from the peninsular “ order to tighten the oil market. the Dawn Eight " offensive 12,000, its defences are largely The Kuwaitis say that the refuge. westwards to the land border diplomats But believe it was was cunning but risky. The diplomatic and based on a posi- Iranians have assured them Despite the assurances given area of Kuwait and Iraq, then not market considerations southern option, to try to cat tion of neutrality. that they have no intentions by the Iranians, vitriolic attacks rnim could change to fear very which accounted for the 50 per S. African miners Basra off from the south, A senior Kuwaiti official towards Kuwaiti territory. Even continue in the official media in rapidly. issue strike threat BY JIM |ONB IN JOHANNESBURG SOUTH AFRICA’S National tion issue and is preparing for Union of Mineworkers (NUM) industrial action if further which ri»iniK ot represent talks with the chamber do not an InterCity train plans result in real progress towards On 250,000 black miners, strike action later this year if the' removal of racial job the various mining houses offer* barriers. during pay In the past. Mr Ramaphosa differing amounts , negotiations, Mr Cyril Rama- said, the right to strike had phosa the union’s secretary- been restricted by law and by general -told a press conference attacks on strikers by mine -- officials, police and soldiers. He yesterday^ . . He said *bia decision had called on employers not to use the taken annual strikes. executive the force end has been -at NUM to a busy congress last-weekend. He said that Gencor had been Mr Kamaphosa said the muon “targefcted as an enemy com- was determined- to negotiate a pany” as it had persistently single wage agreement with the dismissed large numbers erf Chamber of Mines, the workers as a means of breaking employers' co-ordinating body, strikes. covering all of the- ^country's In September last year the gold oi A separate agree", jjarievale gold mine, which is ment would cover the collieries. cbtfenffled by Gencor, sacked perfect environment to In jpgs strikes planned at 900 muse** involved in a legal several mines were called Off strike. That Jras- followed in at the eleventh hour when three January by the dismissal of ipining houses - broke ranks 23,000 men striking: at three with the chamber- and Improved mines belonging to Impala their wage offers. platinum, another Gencor group Mr Romaphosa was dismayed company. that theMfeuateref Mineral and Boycotts and industrial action Energy. Affairs had not yet will continue “ until Gencor honoured his commitment, to starts treating and dealing with create strategies, prepare introduce legislation abolishing men in a proper manner.” legal colour bars which prevent The union also elected Mr black workers from occupying .Nelson Mandela, leader of the ' -positions. African National Congress, its supervisory _ The Minister said last year honorary life president. that he -would introduce appro* - In continuing violence in the priate legislation In tbs 1986 country, battles raged in parliamentary session even if Alexandra township on the the chamber and the- white fringes of Johannesburg’s Tuning unable to white suburbs after a formulate affluent for unions were meetings, agnp.. on means-:of_ removing weekend * of black protest job reservation. • violence in which at least 14 presenting people died. The NUM Intends , President P. W;. Botha, urinr an Almost 700 people were nltlmatuin on thb job reserva- arrested around the country. Unita confirms Sudan signs debt deals,write letters, US aid pledge deal with Japan Dr Jonas Savfcbbt leader of JAPAN and Sudan have signed tor reschedule the Angolan .'Kf&ti ' group an agreement Unita, said he hoped to have Sudan's S90m debt doe in 1983, US antirtank and anti-aircraft the official Sudan news agency reports from Khar- lukpdlfff by April to meet on. said, AP expected offensive from the toum. said agreement was analyse . the cash-flows, in ' Luanda, AP Sana plan Government reports from Jamba,'. Angola, part of a plan for rescheduling the Paris Club, Dr Savlmbl . said he- had a drawn up by "firm commitment” for which agreed in 'principle last mattery aid from the Reagan May to reschedule an estimated $2bn of Sudan’s debt Administration, .. bat that he was not certain when the aid Ube agreement signed lor a would arrive and what form. It mmini- Sudanese finance minis- would take. He said no TfS try official and Japan’s amhmua- dor to "Khartosnn, stipulates re- reports... military advisee* Would come business payment at a semi-annual rate tO . Dr Savimhl rejected specu- of 20 instalments over a period lation that Untta was con- of 10 years, and an &3-per cent idering the release ef Cuban interest rate. A grace period of prisoners as part of a pos- six years will be allowed, Sana sible agreement to -free Hr said. Nelson leader of the An agreement for the repay- African National Congress; or ment of Sudan’s debt due to South African Captain japan in 1984 is expected to be Wynand dn THL ' soon. . . \ S. Korean police arrest 100 opposltidii members; (Y STEPHEN B. BUTLER M SEOUL UTH KOREAN police yestev of the president Is believed to *t least ' 100 be broadly favoured by the 7 arrested . -. venunent opponents in. * Korean electorate. ainst Mr Kim Toung^am, an itinued crackdown , .ag again position efforts, to launch a opposition leader, was under bouse arrest for nature campaign' to. revise placed 10 hours yesterday. The con- i constitution. . from Che credcdown marks a cd- finement prevented him attending a rally out- «e in dialogue between the morning venunent and the opposition, side. the headquarters o£ the Council the Promotion of I there i& Jittte Immediate for Democracy (CPD), organisa- pe for normfllttation. ..'The an tion that he. heads with Mr position - yesterday'vowed. continue witnthe - Kim DaeJimg, seT again TO . Korea's nature campaign despite the .--Mr. -Kim DaeJung, venunent’ause of overwhelm-.; best-known dissident, has re- ' prevent ’it .mained under house arrest [ police- force to the campaign to revise the since last Wednesday, yet to. be- About 200 people last week iStSnSa . . petitions calling for inched outside a small circle -signed oppocfthmleaders, although constitutional amendments. The cam- nationwide organisation has Government has said the paign is a disguised attempt to We’re getting there z; intercity together m - gradually pieced and has recent month?- undermine social order he uoastitutiooal amendment said. It would take legal action allow for a 'direct election against all involved. ' February 18 1986 Financial Times Tuesday r ** $ V , HlU \ i .... . w .£ -J 1 1 • i -C Kici s-m: ?&; .: ; l* atrue tsr. : on Wi first Wharf will We’xe the to admit that 1 TT-: Canary reverse , , j- thattrer we’re too dose to Canary \$ljarf, I jr ~ the new 10 million square foot The development wiH financial centre on die Me of directly create 49,000 new jobs Dogs, to be totally unbiased. in the area; 21,000 of those will But that can’t be said about the be for local residents. And there will be another 8000 jobs created elsewhere in people at The Henley Centre. 4,. Ki —2. •' total As an independent research "V'J I':/- the country. A grand of 57000. consultancy, their study of the social and These will all be new jobs. economic impact of Canary Wharf is Three words of warning to those And they should reduce the regis- completely objective. who are complacent about London’s tered unemployment in Tower Hamlets, Here are the highlights. 'unique’ position: frankfurt, Amsterdam, Southwark and Newham by 15,000. Baris. All three of these dries are estab- There will be 7000 construction, lished finantial centres. jobs directly created during the first 7 fatore" * London’s All three are centrally situated be- years. And 5000 after that as a world financial centre tween the New York and Tokyo markets. v. ? \ .f And all three are considerably cheaper ~Y" v ; r v .. ' * % ' * 4' < * i than the Gty. Y\ ‘‘J Thanhs to tradition, government tu , v ... . Office occupation costs in the Gty policy, language and its location between The now average £58.10 a square foot Exchequer would gain £341 York and Tokyo, London is ideally New milBphfoits annual flow of net income In Baris it’s only about half that, . placed to be the hub of the world's 24 £24.95. fio^ ificreased mcome tax and relational hour financial markets. Insurance revenue In frankfurt it’s £11.47 (£223m) and reduced Big will further enhance The Bang speijjdirig on benefits (£ll8m). In Amsterdam, a mere £772. . its position. h Canary Wharf will provide inter- the jobs that will result froriir H there were no limitations on the^otfjttuctipn activity will produce tiet; financial institutions . national with the , ^ office space Gty jobs would increase by Exchequer of large dealing rooms they now demand- -r.- .^p|e between £55 200,OCX) over the next ten years. at a competitive cost ai^|p9^miilion a year But that would have the Square Mile v.-. '-^Tlrose are the main finding of Thie bursting at its seams even if the City’s stringent planning restrictions were -doubt the more cynical among relaxed. youma£ feel we've left out some tacts Compared to its rival dries London’s As the Minister of Employment that didn’t suit our case. rental costs are already high. Offices are should well know, recent employment already overcrowded. losses have been far higher in the ; "fBut dont take our word, for it Canary Wharf will provide room Docklands than in London or in thei- "Heasfe write to us and well send, ybu a : : to grow. UJC as a whole. : .-f complete copy of tire Knal Report ' ' A - CANARY W H R fW.9S,-v THE CANARY WHARF DEVELOPMENT CO. LTD.,-9 BISHOPSGAITi.LbNE)dN. E'C2N®^^rr- V - . . , Financial l^nes^TaesdajrFebruary 18 1986 7 AMERICAN NEWS Reagan Initiative on exchange UK stands BLAME MAY FALL ON SPACE AGENCY DECISION MAKERS rates encourages Third World 11*11 on Nasa fights to salvage reputation BY NANCY DUNNE IN WASHINGTON BY STEWART RBWC M WAStWMTON Falklands OFFICIALS of the commission administrator of Nasa, dis- Increasingly, the commission the jousts between the seg- EVIDENCE tbat the US Is Intervention; and a mechanism recognise that this issue is an appointed by President Beagan missed Mr Philip Culbertson, has seemed to centre its investi- ments of the booster rockets. moving cautiously towards ext* "to trigger consultations . . important national domestic sovereignty . to investigate the space shuttle a much-respected veteran, from gation on the solid fuel booster The agency approved the during, initiatives designed to political issue . . . because we whenever the indicators avail- By Robert Mnilhuw, Challenger explosion will take Us job as general manager of rockets, the O-rings sealing the changes inspite of yearlong stabilise international exchange able suggest excessive short- have protectionist forces which Dfpfonwtk Correspondent their turn answering questions the agency, claiming “a too- Joints in the boosters and tbe concern that the O-rings were Tates is being well received bur term movements misalign- are going to return and which or BRITAIN'S refusal to discuss today as they describe the tired senior management struc- decision—which the commission not working as designed. developing countries who have ments of major currencies.” need to be assured that we sovereignty over the Falk- progress and form of their ture was proving too cumber- has already said “may have In fact. Morton Thiokol, the been pressing fin- monetary Hie <124 is expected to hold understand that this is a major fqfaynTiT remains as investigation before a Senate some and slow in the new been flawed" to go-ahead with company which makes the reform. farther talks oa these issues problem” and because of legis- firm as ever in spite of the sub-committee. environment" the flight in temperatures boosters, last year produced 43 “This is definitely a very early next month prior to the lation cm Capitol HiU calling for offer by Mr Tim Eggar, a hearing follows week Administration officials are 13 degrees below those of any design alternatives. But Nasa. welcome development; some- interim committee meeting of changes in US policies towards The a Junior Foreign Office previous launch. had not decided which way thing we have been saying quite the International Monetary the international monetary of revelations, which have led reportedly considering the to Minister, to meet a visiting observers that Documents released by Nasa proceed by January 28. forcefully,” said Dr Arjun K. Fund in April at which the issue system. to conclude appointment of Mr James delegation of fear Argentine for the 28 Fletcher, Nasa admini- have demonstrated longstand- Nasa engineers yesterday Sengupta, chairman of the of monetary reform is scheduled blame January a former The official stressed that the processing photographs working group the rou for debate. tragedy will ultimately fall as strator, as permanent Nasa ing concern by lower-echelon were of of g p of US had an open mind about said yesterday. 24 developing countries (G24). Dr Sengupta stressed that any much on decisionmakers at the chief. Mr James Reggs, the personnel about the strength of rocket wreckage taken by a what changes are needed. Ifs The parliamentarians are National Aeronautics and Space is to small submarine crew “It is necessary reform should be structured in current head, on leave the booster equipment. maimed to have » review got problems. We think the guests in lAwHnn of H>w of the current exchange a way which encourages growth Administration aa on failure of fight fraud charges not con- In 1983 Nasa ordered struc- on the floor of tbe Atlantic. rate problems need to be looked at South Atlantic Council, a system in order to get greater in developing countries. It was shuttle technology. nected with the space agency. tural changes in the shuttle to The debris is thought to be (including) the question of an group composed of MPs from of tbe right-hand rocket stability of rate move- important to developing coun- Over the week-end, the com- White House officials are allow lifting heavier payloads part ' international monetary confer- aH parties, academics and ments.” tries tbat a mechanism be estab- removal of speaking of the need to have at lower prices. The changes, booster and may contain a more ence." The. President's statement diplomats,' the aim of which mission ordered the what President Ronald Reagan said lished which triggers talks key Nasa shuttle managers from an experienced Nasa leader as thinner casings on the boosters definitive answer about did not say whether there is to improve relations aboard the last month in his State of the about monetary and fiscal poli- tiie investigation of the disaster. the demoralised agency strives and more powerful booster went wrong should be such a conference, between the two countries. Challenger. Union address that ‘ would cies. “Co-ordination is import- Mr William Graham, acting to salvage its reputation. engines, put greater stress on be where it should be, who should They are expected to have ask James Bakery Treasury ant. .to prevent (currency) Mr attend or what the agenda talks with Mr Eggar on Secretary, to examine the possi- fluctuations bat also to create should be or even when it Friday. bility of convening interna- conditions favourable to growth an should he, he said. Tomorrow they will meet tional monetary conference. In the world economy," be said. with unusual style Mr A lbffiwlr Cameron, the Mary Frings reports on a businessman an G24 report. While the US budget deficit “We will make no major move published a Fuse* Falkland Islands’ representa- Improvements needed to be reduced, if other or any sort of action that would turn and to the tive ' in London, Intemattional Monetary System, industrial economies did not undermine or short circuit the merit's decision to make con- last August This urged that expand then ‘^you would achieve process that is well set in place tact with the first called stability at the agreed all to be the next Argentine in Texas consideration ought to be given a so and by Churchfilian spirit spotted politicians to visit Britain to: the adoption of -target nones expense of growth in the world stage of the debate, the interim since the Falklands in for the exchange rates major economy.” committee meeting in April . . MRS NANCY REAGAN will Vietnam and chartered two package and the EDS system of 1982, the Foreign Office said senior Treasury official said That is a world forum, a folly lead the applause at a L500- Boeing 707s in an abortive seemed to be the tail wagging currencies; improved policy co- A that it was consistent with Reagan's instruction to representative world forum," he in Dallas tonight, attempt to send them medical the dog. Mr Perot says GM was ordination among the industrial that Mr Britain's policy of seeking to guest banquet was designed “to stressed. Charles presents supplies and Christmas dinners. to blame for not giving full countries;, exchange., .market Mr Baker improve bOatenl relations when Prince two of his employees explanations beforehand — but with Argentina. the Winston Churchill Award to When a small unassuming Texan with were held hostage in an the 800 or so employees who However, it did not indi- hair French- Iranian jail, he slipped Into Iran opted for early retirement prob- cate any fundamental change crewcut and a himself to assure them that a ably would not have fitted In -in the British Government’s sounding name, Caribbean seeks US aid boost private rescue mission was at EDS anyway. policy which was that the Mr H. Ross Perot is said to under way-—an adventure which have people of the Falklands be the richest man in Dallas- Although staff numbers BY CANUTE JAME2 M; KINGSTON thriller writer Ren Follett should be free to choose their Fort Worth. A former IBM grown from 15,000 to 40.000 turned into • 1983 best-seller. since merger, Perot iiri fat fiscal own government. founded the GM Mr LEADERS of eight Im and oil have been year. computer salesman, he On Wings of Eagles. is determined that creativity and affected by law production and The Caribbean leaders are London’s view is that an Electronic Data Systems (EDS), speaking Caribbean inlands who In Texas, successive state efficiency should not be com- weak markets, they say. slightly more optimistic about improvement in relations can with an idea his company would are ' meeting President Ronald planned governors chose him to spear- promised. “If an EDSer sees Thursday a request to the Presi- only take place through prac- not consider and $1,000 of his Reagan in Grenada on The Caribbean argument will head the war on drugs and the a snake he kills it. In your dent for an improvement to the tical measures which win lead own savings. -When General are to ask for increased aid and also be based on Washington's reform of the educational big corporation a report Reagan Administration's trade to the restoration of normal Motors acquired EDS as an typical an improvement to a US trade concern for political stability in system. scheme for the region. The trade, economic contacts and independent operating subsidi- goes to management and a con- programme for the region. a region which it considers im- sultative committee is called in. Caribbean Basin Initiative cornmun{rations between ary in October 1984, it paid A sign at the door of Mr offi- portant to its geopolitical in- years later someone decides Caribbean government (CBI). Britain and Argentina as well gL55bn and took Mr Perot onto Perot’s office reads: “Every good Two cials say privately, however,, terests. as the Falkland Inland* and and excellent thing stands snakes have rights too.” Hie CBI is a 12-year trade the board as a director. that they do not expect Mr “There is general agreement Argentina. moment by moment on a razor's Protocol does not exist at programme, which began in Hie main purpose of the Tfir Perot . .. Iranian mission Reagan to meet the request. among the. countries concerned edge of danger, and must be EDS. Mr Perot stands in line 1984 and allows countries desig- Winston Churchill Foundation Hie President is making a that an important point must fought for.” That is the philo- tor his lunch at the company nated by Washington to Ship a Haiti schools in the is to encourage fourhour visit to the 944 *q km be made- to the President,” said US leadership. sophy that in the systems cafeteria, and an employee range of goods duty free to the Anglo-American cooperation design island. In addition to meeting a St Lucian Government afficiaL The Foundation's third and management field has meeting him in the corridor is US. told to re-open sending outstanding re- the Caribbean leaden, with “It is that' US concern for by choice fell on tbe Texan during enabled EDS to go into competi- liable to say: “Look, Ross, this While welcoming the pro- HAITI'S schools were dne to searchers and scientific needs whom he will discuss regional Spcurity in this part of the the state's sesqukentenntal tion with a giant like XBH nod to be changed and 1 gramme. the Caribbean has reopen yesterday in a sign scholars to Churddll College, economic and security matters, world can be eased only if our year celebrations which Prime win. think . repeatedly expressed dis- of returning normality after Cambridge. Since 1959 it has he will unveQ a monument to economies are reasonably Charles has been invited to He says ideas often come from appointment that it omits what over 200 winners, Mr Perot speaks of his “young honour US soldiers killed in healthy" dictator leatGbnde “Baby selected attend. Mr Perot expressed “ people so young they have no are considered economically Doc” Duvalier fled the eight of whom went on to win EDSexs” with pride; critics say the invasion in IMS which coun- both surprise and pleasure to right to have ideas of that US Government sources agree important products from pref- try Nobed prizes. he wants to own them body and toppled a military Junta which IB days ago after a find himself in the company of quality "—but they have to Mr Reagan is unlikely to comply erential treatment. popular revolt soul, and much has been writ- after killing against him Occasionally it gives awards statesmen: Tm a kind of Cin- argue them out and “no one can had taken, power the request. point with They Caribbean trade officials say Reuter reports from Port-Au- to honour “ those who epito- derella. I didn't expect to be ten about the disciplined, per- send me a memo.” Mr.Maurice Bishop, the island's tii» Administra- fe the for they believe Mr Reagan may Prinoe. mise bold spirit of the invited to this party bat Fm formance-oriented corporate Mr Perot applies the same Socialist Prime Minister. . the ; tion to meet budget deficit try to answer the regkns'a The six-menAer ruling former British Prime Minister.” here and Pm going to enjoy it.” culture which many of the 7,000 principle to his political think- The officials say . the Carib- targets of the Gramm-Rndnian requests by relaxing mles on council led by Lt-Gen Henri Only two have been made Mr Perot is more than a GM data processors who were ing. “The nature of a free for aid wfll official aid of bean request more act, and say US government shipments of gar- Mamptay ordered an die before, to Mr AverQl Harriman, successful businessman: he has transferred to EDS found very society is turbulence, because to be supported by references about $Llbn (£785m) to ments which are assembled in eoesatrys schools to reopen. best known as administrator of - a pendant tor taking direct hard to take. everyone has his view and fee poor performance* of the Central America and the Carib- Caribbean countries from parts Mr Duvalier dosed the America’s -wartime Lend-lease action and getting pereonally Their dissatisfaction was expresses it Leaders have to be traditional props of the island's bean-In'IMS-win be reduced by shipped from the US' and then erbeois five weeks ago In. a programme, and to Mrs Mar- involved. He championed the understandable, since they were strong enough to develop a William the Conqueror when he compiled the famous ‘Domesday Bookf describing life in England 900 years ago.Tbday, an ambitious new record of British society, being prepared by the BBC in collaboration with the UK governmentand Philips, will comprise hundreds of thousands ofpages ofmaps, data and photos. All ofit stored bn onlytwo LaserVision discs, for interactive selec- tion and colour TV viewing. . Invented byPhilips, LaserVision’s incredible storage capacity is matched only by its virtually timeless memory. Picture and sound quality start perfect and stay perfect - keeping the past alive for the future. In addition to recording today's society, Philips technologyis alsobeingused to portraythe life and culture ofthe past ; At Egypt’s ancient Temples ofPhilae, the spectacu- lar ‘Son et Lumiere’ medium recreates the majesty and legend ofearlyEgypt before large audiences. Blending the technologies oflight and sound with the artistry of mod-: em theatre. ‘Son et Lumiere’ was developed by Philips, and adds its own extra dimension to cultural events the world over. Philips. The sure sign ofexpertise worldwide. Philips International. CPUS. KinJhmvn. tlx- Netherlands — - Financial Times Tuesday February 1? 1988 WORLD TRADE NEWS - Japanese ‘may lead Taiwan Mary Helen Spooner reports from Santiago on the growing Chilean trade surplus to make the world9 in Chile leaves its exporters to find own way VLSI salmon production vestors. According to Mr CHILE is attempting to over- of trade in the region, after boom in happened Lunecke, Chilean entropreneuz* its crippling Nicaragua. But part of the would probably have come $21bn foreign not to be export-minded. blame for Chile's trade deficit without Fundacion’s research, tend debt by promoting its exports. H are somewhat insular machine tool exports chips during this period must go to and financing, but at a later We It has stopped short, however, outlook, to pan due to of the authorities' insistence on a date. in our By Robert King In Taipei subsidising our country’s geography, " he BY RUPERT CORNWELL IN BONN export industries or fixed exchange rate until mid- “No doubt someone would H said. A Mediterranean TAIWAN Is due to start up enlarging Its government export 1982, which discouraged have spotted the potential, hut JAPAN may have become the the Japanese advance, fuelled country, ter example, may vir- late this year a plant to manu- agency, PRO Chile. exporters by keeping the peso he would have had trouble world's leading exporter of by its expertise In series pro- tually live on foreign trade." facture very large scale Inte- artificially high against the getting contacts and the nght machine tools last year, over- duction of standard tools, was Officials predict that grated (VLSI) circuits the dollar. technology," he said. Inian- A Chilean businessman put lx taking West Germany, accord- an “ alarming ” portent. which will enable Taiwanese country’s trade surplus,- which Mr Guillermo Lunecke, PRO other instance, Fundacion Chile somewhat differently: His ing to provisional estimates " very The most recent statistics chin ifpdim conroairiea to according to preliminary central Chile's director, said the became Involved In a asparagus- colleagues tend to be from the West German machine murimtipai the expecting from the German compete in taternational bank figures reached $739.9m Government's plans for stimu- growing project, with short-term indeed,. . tool federation. engineering federation result oporto Investments to . make a (VDMA) memory and logic circuit mar- last year, will rise to more than lating exports do not involve that Chile now their Definitive figures are not yet veget- years, suggest that up to 1984 West kets. any major push for diversifica- at least 1,000 tons of the large profit within a few available, but such a develop- $S59m this year and increase by German machine tool manufac- Dr Hu Dlng-hua of the In- tion at this point. able a year. when Chile's traditional export ment would merely be the cul- at least 8 per cent a year in a much, turers had kept an edge over dustrial Technology Research “First we have to establish One of the most promising Industries demand mination of a decade of steady but only coming years. Japan— just In that Institute, a quasi-govem- incentives for all exporters, export areas is Chile’s ti mber longer commitment. erosion of the German position year the German share of in- tMnfcAmh the industry mental , The country’s heavy depend- such as maintaining a realistic and wood products In an effort to encourage in an industry where they have dustrial countries* exports of 3305m (£14Gm) project should exchange rate, reasonably low which yielded $162m in export exports, ton Government last traditionally been pre-eminent. machine ence upon copper, which tools was 27.2 per begin idiot runs In the fourth taniffis and a clear policy revenues during the first half year reduced import duties to Mr Berthold LeihSuger, head cent compared with 23JJ. accounted for 80 per cent of with Trumpf quarter. regarding foreign trade in of last year (compared 10 per cent for exporters sell, of the machine tool But as recently as 1978 The plant will later be exports during the Socialist 1984). worth of general,” be said. “Chile has . $118m for the whole of than BSLSm group, recently told a seminar Germany’s share had t-EIB tog toss stood at capable of producing one- Government of Mr Salvador comparative advantages In Timber, cellulose and other goods abroad annually. It is at the university of Erlangen- 33 per cent, and that of Japan chips, 1981 *82 *83 *85 '86 megabit memory as Allende, has been reduced mining, fishing anil timber and wood products now rank behind unclear whether this measure, Nuremberg that West German at only 15 per cent. well as sophisticated logic during these areas have attracted the copper, as Chile’s principal along with official assurances machine tool output climbed to Gen Augusto Pinochet’s Nonetheless, Ur Leihinger chips. bulk of new investment.” exports, and Fundacion Chile that the exchange rate will be around DM 13bn (£S.9bn) last regime to roughly half the new industries in the country. predicted that turnover at the The new company, which At the same time, he noted forestry experts note that the kept at a “realistic" level.. is year, of which DM Sbn were export revenues. Nevertheless, Five years ago, Fundacion German industry this year has not yet been named, will that there has been a trend industry is due to undergo a having a significant impact on exported, from DM 9.4bu in would grow by cent, provide a inflp nfyt raw materials timber, fishmeal officials noted that Chile’s long 10 per de- — toward more finished goods or sharp growth spurt by the end export revenues,-- 1984, when DM 6bn worth was spite workforce minerals coastline, relatively unpolluted a which had service for design houses in and other than copper new products within these of this decade at trees planted sold abroad. been trimmed by per cent Taiwan and abroad. —continue to constitute the waters and status as a major A diplomat in Santiago, 9 traditional areas. in the mid-1970s reach maturity. Japanese output he reckoned, since 1976. Over the subse- government believes bulk of Chilean exports, leaving fishmeal producer, made the camming up the country's The While Chile’s laissez-faire Chile has already exported climbed in 1985 to the equiva- quent decade output per man in that a single large-scale manu- the country vulnerable to country an ideal location tor Zealand -payments problems, economic policy precludes any radiate pine to New balance of lent of DM 16bn from DM 12.7bn the West German machine tool facturing facility wll] prove fluctuations in world commodity salmon farming—but only two active government participation (a radiate pine producer) and described the government of which in 1984 only DM 5bn industry had risen from economical to operate and Its prices. small-scale entrepreneurs were woods in developing new exports, the a variety of hard and soft measures as " little things that was exported. But he warned, DM 75,000 to DM 140,000. relatively lower operating involved. Today 14 companies are said to grow tester in Chile Comparative figures released Fundacion Chile, a private should help. But at the end of cost will allow its products to are farming salmon and produc- than in other countries. by the UN Economic Commis- research and development insti- most compete on international mar- ing between 800 and 1,000 tons the day they will still be sion for Latin America (ECLA) tute sponsored by ITT, the US Despite these bright spots, kets. It win also provide an annually, much of it for export. facing the size of their foreign show that Chile had suffered multinational, has helped to the country's exports still face Incentive to the cstahlishnnmt debt and the low prices ter earlier in the 1980s the generate a number of new Mr Anthony Wyllie, the a number of obstacles, Service companies seek of local draft design houses, organisation's said the especially in attracting local in- their products.” which will in turn support sharpest deterioration in terms export products by stimulating director, the local electronics Industry. strategy for Gatt talks The government will pro- vide $76m of the 3145m equity BY CHRISTIAN TYLER, TRADE EDITOR Jordan buys in the project, and investors Chinese plan countertrade Manitoba signs up US from Taiwan’s private sector in the private negotiators would need the COMPANIES are being sought to pick up Spanish jet trading services help of the private sector to sector who are the remaining $75m- The hydro-electricity customers are trying to define the difficult subject finance for cement plant internationally company wfll then borrow trainer aircraft ground for inter- matter and to set bargaining BY BERNARD SIMON IN TORONTO map out the another $60bn from banks. BY DAVID DODWELL IN HONG KONG governmental negotiation to objectives, said Ms Margaret By David White THE! Canadian province of the province to go ahead with a dismantle trade barriers. Sims, executive director of the FIVES Cail Babcock of France Peking’s Construction and THE ROYAL Jordanian Air animal similar Z,400mw scheme down- A series of conferences to US body. has won a $31m (£2 1.9m) Building Materials Bureau Manitoba has negotiated Force la to buy Spanish trainer stream from Limestone. The identify the obstacles and sug- For example, the obiective of copiers for contract to provide equipment taking the remaining 40 per sales of 1 ,250mw of hydro- IBM aircraft in a deal which the Limestone dam* and power gest ways of tackling them is "national treatment,” to dis- for a 600,000-tonne s-a-ye ar cent. electric power to utilities to the Lloyds Bank group of the UK station is one of the largest planned over the coming year suade governments from dis- cement plant in the southern Basque Worms of France is US mid-west. Konishirokn is playing a leading role. construction projects under way while the official agenda for criminating against foreign pro- Chinese province of Guangdong arranging export credits for the One of the three provisional in North America. mUra in the General Agreement viders of services, meant By Yoke Shibata in Tokyo As part of the deal, signed foreign exchange cost of the The contract, worth about *h If youaie considering selling your business Expansion interests we have a considerable bank of retained clients who are actively seeking Management Buy-Outs acquisitions in a wide range of market sectors. 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Financial Timas Telephone: Ol-OOfi 0000 fltafc JPB) fO Cannon St. London EC4P 48Y iJsasnissaBBa, JJCjL The new Mercedes-Benz 200-300E series. Shrinks die miles. Stretches the imagination. The Mercedes-Benz 200-300E series Naturally, with this power and perform- total steering control during an emergency represents totally a new generation of medium- ance, handling and suspension have to be stop-because each wheel will give maximum sized cars exceptional braking power without skidding. : New from the ground up and from Not surprisingly the 200-300E series En^neered to be economical. ' numberplate to probably has the most highly-developed , numberplate.Yet the cars are steel Science and engineering have joined still classically Mercedes-Benz. suspension system on any saloon car in the world. This gives the driver the confidence forces to produce engines for the 200-300E In achieving this, have re-defined the we series that to take fast bends in a relaxed manner, without have greater performance than standards for cars of this size. Rewritten the ruffling his passengers before, with far greater economy. riderversus-handling equation. And when you need to cut the perform- Critically balanced crankshafts, reduced And revived the pleasure of motoring. ance and come to a standstill, the massive masses and lower friction losses combine to extract the maximum drop of Engineered to be effortless. 4-wheel dual circuit disc brakes will see to it power from the that you come speedily to a halt in a most minimum drop of fuel. In the new 200-300E series, the driver undramatic manner. Add to this the aerodynamically sculp- can feel instantly at ease with his machine. Engineered to be safe. tured bodies, using weight saving materials, The engines only whisper their presence, and you'll begin to see why the average* fuel theprogressive power-assisted steering trans- The 200-300E series is yet another consumption figures for the new 200-300E mite a precise feel of the road. The dynamic celebration of Mercedes-Benz' dedication series are at least 17% better than the figures handling characteristics inspire confidence to safety. for the comparable previous models . at all-times. The passenger compartment has been Thenew 200-300E series offers the driver made even more resistant to lateral impacts . . And with six engine options, you can , the perfect balance roll-over accidents. between everything he choose precisely the right power for your and seeks in a car. The driving experience is needs, from brisk to distinctly sporty. The front seat belts have unique electronic smooth and effortless, yet the dynamics of the 0-100 tensioners which work instantly in the event Model Engine Cyfrv Transmission Horsepower Top speed Kph Price new suspension and power units encourage . . . sizafcc) dors (standard) m (mph) (D- 62 mph) (£) of a severe head-on impact to give maximum BaW20& 1097 4 5-epeed manual 109 116 12.6 sees 12500 sporty driving. restraint •.". A 10.4 230E' . 2299 5-epeed manual 136 126 secs 13665 In true Mercedes-Benz style, the 200-300E =2ebe ' 2599 6 4-speed auto 166 133 95 secs 18170 In order to maintain the clearest possible is made to be enjoyed, and admired, for a 300E 2962 e 4-speedauto 138 139 82 secs 17840 view of the road ahead in heavy rain, : Diesel 250D .2497 5 / 5-speed manual 90 109 16l2 sbcs 13790 ' Mercedes-Benz have taken whole look ’ a new "3Q0D 2996 :6 5-speed manual 109 118 13.7 sacs 15600 at the windscreen wiper. Their new eccentric- delivers its power in a relaxed, . Each one sweep version cleans an unprecedented 86% leisurely mariner. For instance, at 70mph the of the screen. Mercedes-Benz 230E engine is turning over atunder 2500rpm Engineered like no other car in the world. And, with optional ABS anti-lock braking, Official F«l Consumption Rgures-mpg(litres/100lim). 200 5-speed manual. Urban 25 1 (11.21 56mph 46.1 (6JX 75mph 36.7 0.7) WOE 5speed martial Ud»i25 4 (111* There are useful reserves of power built in, no combination of road surface or weather 56mph45£(&2), 75 mph3&8 (7 7X2EU4*peed automatic Urban 233fl2.ll 56 mph 34 4{3gj.75mphTBSi(Q O| ; 300E45peeda*xreticUitan 228 02.41 56mph 340 (B31 75 mph2&2 000). 2500 tspeedmanuat Urban 316 56mph 52.1 (5.4), 75mph 403 170). 3000 5*p«d manual Urban 29.9 (95l 5fimph 525 (541 75 mph 406 i7m .too. The. 300E will comfortably reach 139mph, conditions will prevent you from retaining based on one tfwd eadt of 17*3^56/75 mph fuel consumption figures. t THE NEW FORD TRANSIT TAKES LOADSPACE INTO ANOTHER DIMENSION. financial limes -Tuesday February 18 1988 11 UK NEWS Slowdown in retail New models give British truck sales growth, but production a large boost shoppers spend more BY KENNETH GOODING, KIOTO MDUSTRY CORRESPONDENT into one of the most outstanding motoring success PRODUCTION of BL’s commercial - which help- me eowneuLvmclc on a Japanese design vehicles increased by nearly 25 per ed to boost its commercial vehicle stories erf BY GEORGE GRAHAM PRODUCTION the century. cent last year, boosted by a stringof output by Over 29 per cent. BRITAIN’S RETAILERS seeing Now; the are Retailers continued to stow the new models. IBM 1988 Ford did well to increase com- next chapter has begun. slower growth in their sales vol- rate atwhich they place orders with Strong performances by Ford, the AnthRowr 10,030 a&fiam mercial vehicle production at all ume, according to the latest joint their touting Mmmprwai bpMpU suppliers. The balance report- produc- Land Row 25,604 31,046 last year because it . slowed down The new Ford Transit not only gives you significantly -»-*-» w Confederation oi British Industry/ ing increased orders fell to 24 per er in the UK, and General Motars- t rot am nonr 16*43 18*79 the hnes at its Southampton factory FT survey of the distributive trades, cant, the lowest since June last Bedfbrd, also contributed to the im- Loytend Truck to replace the old Transit van, Brit- more loadspace; it also gives you far better load access. sod tin 12^32 181461 published today. Shoppers are still year. The slowdown in orders may provement is output from the de- ain’s best-selling commercial, with spending haw ****» store in the be related to increasing stocks, tire pressed 1964 level, when production Total BL 72£18 90,444 a new version. TAKING LOADSPACE INTO month a year ago, however. CBI says. The hnlnnw of retailers dropped to the lowest point Cor 35 Figures soon to be published in The survey follows the announce- Ford M£11 toiAor reporting excessive stocks . rose years. the Society of Motor Manufacturers ANOTHER DIMENSION. Gouoral Motor*- ment by the Department of Trade again in January to 23 per cent Among state-owned BL’s subsidi- sod Traders’ Monthly Statistical Bodfofd 47,007 80,783 and Industry yesterday retail Wholesalers* sales volumes aries, Austin Rover recovered last Review confirm that total UK com- . again features the classic ERF 1,576 1,950 The new Transit once cai^g in January fri|w> M by U slowed in January after a good De- year from the steep downturn in its Fodan 70S 472 mercial vehicle production last year Ford design concept per cent from the previous month. cember. The balance of the 232 light van production in 1984 when Hotair Punic 978 870 increased by 17 per cent from the Retailers were too optimistic at wholesalers m the survey reporting the Ital van was phased out Metro-Common- severely depressed levels of 1984. thp pnrf of December about Hi» out- higher thaw 494 435 loadspace are each located sales a year ago M Last year Austin Rover intro- Woymmn Smaller UK-based producers last The cab, engine and Truck bid look for in January, the sur- from 61 per cant in December to 52 duced the Maestro van and this lift- Ronott year mirfd fortunes. While the CDodoe) 4,770 5JH2 vey and they anaot a per cent in January. ed its sates by nearly 39 per cent Dunstable facilities of Renault, the in separate compartments* so that no one dement BoddanAMdnooe 1,845 1A57 further slowing of sales in mij over 1984. state-owned French group, pro- Builders’ whole- Others 417 233 interferes with the others. February. salers of “other goods” reported Land Rover (excluding Range duced more than 5 per cent more In the total distribution industry, ywpoy good fner*** 1?*^ in sates compared Rover vehicles which count as cars) Total Dodge and Renault commercial ve- result is cavernous interior. TTM»hirirng fuvrl with also recovered well last year and hicles than in 1984, and ERFs out- The end a vehicle with a a year ago, but sales of durable Souk*: SHUT Momftfy SaSsooH Anw motor traders, 61 per cent of the GOO household goo ; : -;v EASIER LOAD. ; TO Having created more loadspace, Ford set about the THROUGH TO PEOPLE task of improving access. The rear doors were extended by up to 9" and the rear loading width increased by up to 5V£." It’s given the Transit a wider opening at the back than any other van in its class, , Totally new to the Transit is the low-effort, sliding side-dooc It allows you to easily load a metre-wide pallet with room to spare. The side-door is standard on all L trim modds and optional on Popular and Standard models A built-in step has also been included in the new design, makingwalk-in loading possible KEEPING YOUR OPTIONS OPEN. Needless to say the new Transit is an extremely versatile vehicle |tS available in van, chassis cab, bus and crewbus models with 7 payload options and 3 whedbases. : All models have rear wheel drive and retain the same powertrain that has already proved itself such an outstanding success UNBEATABLE FORD BACK-UR dealers across the There are over a thousand Ford Air Call Bleepers keep you in touch, whereveryou is fordS computerised country and each one backed by are. Anyone can reach you, with only a phone call. They'reall partofa back-up network parts defivery service For pennies per day, you can ensure that the that is, quite simply second-to-none message will always get through, straight to your Transit you'll soon discover Test drive the new and pocket Air Call Bleepers give you genuine wide-area limits further. Ifc a that ife a vehicle that pushes all the coverage (many competitors don't) and 24-hour dimension. vehicle that takes loadspace into another operation. You get the pick of Air Caffs unique range Transit the next In the success story that's Ford of message-handing and PA services. begun. chapter has There's no quicker, simpler or more discreet way AIR CALL to keep yourself available. With an Air Call Bleeper, you cut the cost of lost time and missed messages. You win the rewards of extra productivity. THE NEWFORD TRANSIT. Find out all about Air Call Bleepers, by calling 01-200 0200, now. i o 18 1986 12 Financial Times Tuesday February UK NEWS Labour renews claim Marconi to Links bind BL’s stand against a split take part for legal safeguards Dupont, of stockbrokers BL’S REASONS tor opposing toe Mr Iteter Drew, said: “Land Itowr idea of splitting Land Rover from Phillips & Kenneth Gooding looks at the links between Land Rover and BL’s 1"*' through tour difficult statauwoed groups other vehi- has iTT on investor protection in SDI toe not unusual to - but that is cle operations and selfing It separ- years other operations - links which the company sees as an important manufacturing industry. I carft BY MCK BUNKER ately -an idea first mooted by Mrs UK the company coukl not be Nasdim, the stock exchange and Margaret Thatcher, toe Prime Min- see why LABOUR MPs are to renew their to split Rover from the group. it contract reason for opposing any move Land viable over the long haul, and attempts to win a measure of legal the Association of Futnres Brokers ister, in the late 1970s - have been should be capable of making cahn immunity for the self-regulatory Dealers (AFBD) each intend to emergin recently. or- and By Peter Mevafi g profit year at to E30m pre-tax a ganisations (SROs), which are to make dear to the Government their Rover is highly integrated Hr David Andrews, the BL ex- very important customer tor Austin petrol engine that powers the Rover Land a conduct routine investor protection view that they need legal immunity manufacturer, most of its MARCONI PROJECTS, put of tbe ecutive director responsible for the Rover (toe volume car subsidiary). SDI saloon car. producing when the Financial similar to that which the bill gives transmissions and said Land Rover was only |ust Services B01 be- GEC group, is to take part In the US f.imti Rover-Leyiand "It is not a matter of a simple That engine will not be used in own engines, He comes law. to the Securities and Investments panels tap the lucrative US mar- Strategic Defence Initiative (SDI) vehicle operations, told toe House movement of an apparently sepa- the new Rover 800. developed joint- axles, as well as bodies from about to There is concern among Oppo- Board (SIB) and its officers. Rover facto- ket with tbe Range Rover, and that under a sub-contracting arrange- of Gammons all-party trade and in- rate business out of BL. There ly by Austin Rover and Honda of pressed at the Freight sion MPs, SROs ywhifting near Solihull, left Sooth America to be the As the MU stands, toe SB win ment with Ford Aerospace end dustry select committee that Land would have to be a number of signi- Japan, and which will replace the ry at Common Lane, stm Stock Exchange and the National Midlands, there is room exploited. not be liahle to any claims for dam- Communications, a large US de- Rover TJK was strongly finked with ficant changes within BL before it SDI Rover. west where Association of Security Dealers and So there question to spare. also ages arising from actions taken in fencc contractor. The work could be other parts of BL. could be done,” he said. must be a Tbe potential deal with GM Investment Managers (Nasdfm), good faith while exercising its del- worth about $100,006 In the first Those remarks were made about about whether it would be worth- It transmissions from has its supporters, however. Mr He pointed out, for example, that buys a few that the SROs could be severely egated powersto regulate the finan- pocsibiy increasing later. six months ago. Since then BL has while to produce it m very and from an rgess of Birmingham stock- year, Rover, ZF to West Germany Paul Bu handicapped by lawsuits, such as Freight the Sherpa van busi- for cial ccmmnnily. Mr Vfc*— How* come very dose to completing a volumes Land Rover alone. fp Spain I jwH Rover Sill* brokers Albert E. Sharp, said: "The Under (he agreement Marconi ness which is part of the Land ) libel actions, brought by businesses ard, the Corporate and Consumer deal to sell Land Rover and Ley- Land Rover was also due to share — units are made logic of Land Rover going Projet&wffl toe computer tana the industrial they triad to discipline. work on Borer company, buys engines and the diesel version of ihkh Affairs Minister, is refusing to give land Trucks to General Motors toe Austin to a Land Borer design. to GM is impeccable - and it would and communication* aspects of a axles from Austin Rover. “0“ The issue has become more ur- of so it sure Rover series engine developed the this privilege to SROs largely on (GM) the US, seems question probably be very good news for defeat House defensive system to shield the West Some observers gent after the in the the constitutional grounds that stat- The vans, Land Rover and Range that BL has prepared te those in cooperation with Perkins, toe - West Motown* as long as there.are from a nuclear strike. whether Land Ravel's output of Commons last week during the utory immunity should be granted vehicles, sold toe "significant changes" Mr Horxocks US diesel engine make:. right guarantees about compo- Rover are through at toe peak in 1980 but toe bin’s muibiW** of Labour nearly 61 fiOO stage a only very rarely to private bodies. The company will be particularly same franchise in networks over- Another link with a sister BL sourcing." down to under 46,000 last year - nent amendment that would hare freed concerned with the problems faced very At first sight the finks are strang- company was severed recently The stock exchange, whose deri- seas. These are important could generate revenue ter the SROs from any fiabifity for Western Europe in spotting and er between Austin Borer and toe when Land Rover set up its own sions hare traditionally been sub- fay linkages," Mr Andrews said. the company be able to stand Lonrho, another suitor for Land damages their mem* spare - to fay destroying, perhaps with derices Land Rover company than between parts distribution operation help with distri- ject to judicial review, voiced tears He said there were also ex- alone in toe long term. They say the Rover, could offer here. such as laser guns, short-range mis- Land Rover and Leyland Trucks. business previously handled by Middle Last night that under the new sys- changes of technical know-how be- company would need a “big broth- bution in Africa and toe Mr Bryan Gould, Labour's trade siles fired from lairicw submarines. In fmp»,rifl„i_ fonfinng maz^ UniparL tem of investor projection litigation tween Land Rover and the car and er* to see it through when invest- East, these were areas where Land spokesman, said yesterday that he beta, Leyiand trucks Land There are about lm Land Rover might —Ming will join forces and peak. Rover was already strong. n ** mi_ increase, to the need Marconi Projects track businesses within BL about ment demands reach a would try to ffoy g the Rover four-wheel-drive vehicles axe and Range Rover vehicles working ter a measure of immunity. with Ford on two SDI Matrons, materials and same components. of GM, on the other band, could of- if necessary, Labour peers would add through the same distributors worldwide. Mr Tbny Gilroy, Land There is another school 1 by toe Air Force and distribution net- ta>KU» forth?* IHnefflfrw"* daring likely to some debate awarded US "Very greet care would have to be thought, however, which believes fer a worldwide a Thereto be and sometimes assembled in the Borer’s managing director, said toe taken to protect these linkages if work and tremendous potential in its passage through the Bouse of among SROs, however, about bow factory happens spare parts operations were taken that Land Rover, with an annual concern already same -as in one of Lordsi on ribfcS the US to Land Hover was sold.” turnover of than E400m, is North America, not only through far any immunity should extend toe most important export territo- in-honse to showJust how seriously more working. feet private buyers but also via US mili- Mr Ray Burrocks, the BL execu- ries, Nigeria. his company considered town. capable of standing on its own tary orders, Mr lan Sutherland, managing £ tive director responsible for the car However, the two operations In the IS months since the The l-anrf Rover directors, who "GM could bring in so many or- rector of Marconi Projects, said yes- operations, Time is an inter* share no components. On the other change, spare parts revenue in- once hoped lor a management buy- off Land out when it seemed that GM would ders that it would blow the doors not want their company, obviously the Safihafi factory,” Mr Ruigess come into that category. said. Dublin seeks halt to N-plant discharges BY HUGH CARNEGY IN DUBUN THE IRISH Government, increas- Pguirfnwnt nffininlw fa T^mdwi last ingly anxious about operations at Friday to express Dublin’s concern Sellafield nuclear waste disposal about Sellafield and meetings at a plant in Cambria, north-west Eng- more senior level are now likely. land, is to urge Britain to halt all Although there is no firm evi- dfschaigas from the plant »nd is dence available of harmful effects seeking action by the European in Ireland from Sellafield, the Gov- Community to ensure safety ernment is investigating levels erf standards. leukemia and other diseases. There There has long been strong con- have been allegations based on lo- cern in both tbe Republic and Nor- cal reports of abnormally high lev- thern Ireland about possible effects els of Downs Syndrome in some on the Irish nast coast of radioac- east coast areas. tive emissions into the atmosphere David {IsUock writes: Each and discharges into the Irish Sea month's delay in a decision, on the from Sellafield. Sizewell B nuclear inquiry is cost- Mr Dick Spring, Deputy Prime ing tiie dectrioty industry £3.4m, Minister and Energy Minister, is to the Government has said to answer lead a special Cabinet discossion of to questions raised in the House of tbe issue today to tbe fight of the Loras last month. most recent developments, includ- Lard Gray, Minister of State at ing tbe disclosure by. British Nu- toe Scottish Office, says this esti- clear Fuels at the weekend that ra- mate is made up of costs of ELflm'to dioactive leaks from the plant in the Central Electricity Generating 1954-55 were 40 times greater than Board (CEGB) and (he National Nu- had been admitted earlier. clear Corporation, and a further Mr Eddie Collins, junior minister in delay claims expected at the Department of Energy to Do- from the CEGB’s contractors. wn, said to a statement on Sunday The Sizewell B inquiry, which night that following the latest dis- lasted for 26 months, was into closures and three incidents at the CEGB plans to build Britain's first plant in tbe past month, be in- big pressurised water reactor at tended to press "for the total end to StoeweQ, Suffolk, an the east coast discharges from SeUafiekL" of England. When the inquiry ended He intended to meet Mr Stanley last March the CEGB expected the CUnton-Davis, European Commis- report to be ready by early autumn. sioner for the Environment and Nu- Mr Fet« Walker, Energy Secre- clear Safety, to rage the early esta- tary, who ordered toe inquiry, said hfishment of a European inspection last November that Sir Frank Lay- tone to oversee Sellafield and field, the inquiry inspector, would rimilaT plants. not be ready to repent before this Irish officials met British Itoezgy spring. BT cuts car telephone price by up to £500 BY JASON CRISP A PRICE WAR for mobile tele- that many of the telephones in our phones u*mg cellular radio has range are similar to theirs." forced British Telecom to cut its FTs Mobile Phone Division is the prices by up to £500. That brings largest retailer of cellular telephone the list price of its cheapest car tele- equipment with 12JH30 customers phone to £899 - the first time it has out of the 27,000 subscribers to Cell- fallen below £1,000 other than for net, the separate part of BT that special offers. provides the network services. The move is to response to even The latest cute mean that some Long, Long ago, in Norway, a most headquarters in the Thames Valley. of lower prices by some dealers, who BTs prices are significantly below peers .have audacious plan was hatched. However, few of our made have been selling mrihOe tele- Vodac, the subsidiary of RacaL o phones at prices to cost - which is the largest N rsk Data dose they retailer on. its H w themselves so truly at home. This low-tech land of fjords and try to make their money through Vodafone network, with about the launch of a Our painstaking restoration of longships would see the percentage they get of the cus- 11,000 customers. The rfmwpCTt car anii wwiwirtV)n telephone on Vodac computer company capable of Wrote A History Benham Valence is a symbol of ia £14 50. Both Vodac and BT Mobile Phone - arid, eventually, commitment that also happens to conquering Europe BT*s prices will still sot be tbe Division, however, are asking lowest but it find* the world. With A Difference provide a uniquely fertile working its dealers; who £2,495 for the Motorola hand por- include independent companies as table telephone, which is available The launch took place on 17June environment. well as its own local districts, can for about £2£50 from some of the 1967 - which, in this business, is One in which you will feel truly get a premium of just over 10 per smaller outlets. communications on a single the US Government and numerous the basis cent on of its name. BTs current range of wtnhito tele- indeed a long time ago. welcome. executive ^Kilo .workstation. international banks.) An in BTs M Phone Division However, the years pass quite quickly, And in which we can continue to yesterday: same models as sold by its 1983: ND-500,'CX Series; the world’s . Such growth demands heavy competi- "There Is now severe price competi- tors. This year it is Iwiiwh the at most powerful general purpose history. to jjx when you’re as busy as people make tion in T^irAm. investment; yet despite this - and some areas such as new models, which are mostly ex- supermini Scone dealers Norsk Data. » are asking silty clusive and are less vulnerable to fully despite the uniquely high proportion of M prices. But 1 985: Technovision; the world’s most W I we have to recognise price competition. - Nineteen Years Of Innovation . integrated 2D draughting, and 3D income re-invested in R&D Norsk SSiiiii i Wit* solid modelling, CAD/CAM system. the world’s » MW Afew key dates from the Norsk Data is one of most » wte# Data History: profitable computer companies. Nineteen Years Of Consistent Growth Norsk Data 1972: World’s first 32-bit supermini Proof, as if it were needed, that a 1967; Norway. 1986; Norway Sweden, 1974: World's first multi-mode, multi-user successful computer business is 50% EXTRA EFFORT: minicomputer operating system Denmark, West Germany, the good computers . . . and 50% good THAT'S THE DIFFERENCE. (SINTRAN). Netherlands, Austria, Switzerland, the business. 1975: World's first CODASYL standard Near East, the Middle East, Ear East, the Norsfe Data, Benham Valence, Newbury. Database Management System on a North America and, ofcourse, Britain. Nineteen Eighty Six, In Royal Berks. minicomputer. Berks RG16 8LU. Telex: 849819 (Today’s users include Lloyds, * We’ve been in Britain since 1980 - Telephone: 35544 1979: World's first djia processing, (0635) integrated text and IBM British Telecom, Saab, Swissair, and, like most ofour peers, we have Also at London, Manchester & Edinburgh. . . Financial limes Tuesday February 18 1986 13 .£%./ L T Vf Plit UK NEWS 47 Electrical and Electronic companies, unions 2 Freight Forwarding agencies, 6 Printers support In print dispute and Publishers, 3 Haulage companies, BY PHILIP BASSETT AND DAVID THOMAS 10 Computer companies, 22 Business and LEADERS .OF oversees printing newsprint destined for NI in members there has caused the com- unions travelled to London yester- Britain. pany to lore about* LSm copies a Secretarial services, 4 Packers, 2 Robotic day to offer support! to the. British Mr Feriemann said the dispute week of the News of the World. print muons in dispute with Mr Ru- ’ had elements which overseas print That hugest hole in its pert Murdoch's News International iminrw never encountered. present'cticolatian, and the «yyrip»»- Engineering companies, 25 Mechanical (NI) over its net? publishing plant There included the action by NI of ny wants’ to try -to close it on order at Wapping, In east London. budding a greenfield site apparent- to improve' ite supply of The switch papers. of NI -titles from cen- ly with the of undermin- Engineering works, 15 Precision Engineer- tral frqsh legal Is mr London to the' higb-technology ing tiie position of the print anions; Peak January plant at likely.unfif-a^er the National Gra- Wapping earlier this month the actions ofthe electricians union disiwiaroi phical ^Assoriatuto (NGA) craft led to the of about 6,000 of ' some whore members have been sales for ing groups...and a Who makes printed • man print unipn Aaip.cpmpleted its bal- print workers. performing work at Wapping tradi- lots for Jn^pstpaL action among The overseas delegation was led tionally done by print workers and members who Wide on The Times by Mr .Erwin Feriemann, president the partin the dispute of the labour retail trade literary raqd etmpatienal supple- circuit boards.* of the International Graphical Fed- law. u ' ' ments. . BRITAIN'S retailers had the high- eration, which has 43 print unions' - NIis considering farther legal ac- # # est January sales, on record last in 33 countries with 760,000 mem- tion against the print-unions to toy Mr Tony Dobbins, NGA general month, despite a sharperfoan-ex- bers in affiliation. Mr Fertenuum is to increase the print ran of its larg- secretary-, repeated his confidence peefced in sales -volume from also president of the West German est newspaper, which has been bad- both that theiaUots would produce drop majorities forindostrial pre-Christmas levels. printing union. ly hit by industrial action in Man- action, and tiim ti dicEp the action The Department of Trade and In- Mr Feriemaztn said tbut the In- chester. Officials of the company they would-be within: the law (gad. specific dustry (DTI) said yesterday that re- ternational Graphical Federation met its legal advisers yesterday to meet the raised by the tail sales in January fell for LI per had called on its affiKatea to sup- draw op plans for legal action points High Court last the : union cent from tire previous month, but port the British print fin»n- against print union, members in week when was fined riaHy and to refuse to hawrifa any £25,000 fog contempt. stood 25 per cent higher than in January 1985. The seasonally ad- work which"NI transferred abroad ' company’s four titles - The Leaders of the NGA and the "gen- ‘ The ' I. V . justed index of retail sales is provi- as a resulted the titepate. : Times, The Sunday Times, The Sun eral pribtttiBbh Sogat *82 last night , sionally estimated at 11611 forJanu- Mr Danny Sergeant president erf and News of the World - are being met at Union Congress ary, compared with 113.4 a year the {Hint union. Sogat T52, said printed at the Wapping jdant In ad- fTUC) headgnarters' in London to earlier. yesterday that unions in Sweden, dition, the News offoe World is nor- considerjoint strategy infoe face of ath! - Retail sales volume in the three Finland ^f|i> b”d hwBfwtPd mally printed in Manchester, but the mounting legal action arising months November to January was 1 a willingness in prinriplA to *»!»»* industrial action by print »ninn from the 'dilute. : per centhigher than In tire preced- ing three months, and &5 per cent higher -than in tbesame.period a Oil link-up NatWest restructures year .earlier. The. value 'of retail Jit sales m January is provisionally es- to timated to have been 7 per cent by Bechtel higher than in January 1985, the branch network DTI said. ges In tire Chy of London, brokers BY MICHAEL CASSELL said tire figures were not cause for and Laing concern about UK economic pros- NATIONAL Westminster Bank is veloped to cater specifically for per- pects, although they were much Dominic making sweeping changes to its sonal small business custom- By Lawson lower timn had been forecast branch network and customer ser- ers. The branches will be grouped The Government is counting on ^nwnring vices. The move, designed to coun- together, based around 450 loca- BECHTEL, tile : US w consumer spending as a mainstay T»ing ter rising competition in the bank- tions throughout the country, and Glenrothes has over thirty years experience of above are but a small proportion of those group, and Britain's John of economic growth this year. Mr ing sector, is aimed at raising the will he linked to a lead branch Construction have set up a joint UK Nigel Lawson, Chancellor of the Ex- establishing an infrastructure that makes sense enjoying all the benefits of a continual association company quality 9 UK suppliers ‘fail Far East challenge BY JOHN GRIFFITHS . THE CHAIRMAN of Panther Car, tunities affecting profitability in the Mr Donald IVBdgley, director of Champion Spade Mr Young C Kbit, said yesterday after-market were set out for Mr FINANCIAL -TIMES: sales at Pings, that most of his 167 UK suppliers John WormaM, principal of consul-' said tiie vehicle population in the CONFERENCE increase cent "would not last five minutes" in the tants Booz-AKen and Hamilton. US would by 20 per over next decade, reaching per F&r EasLBe.WHS speaking at an FT He identified three big forces tbe capita ownership levels where "we Conference in London on tire' out- bringing change to the industry: the and look for the vehicles' after-market technological progress, changing AUTOMOTIVE could evacuate USA no one would ride in foe back seat” Panther produces its chassis and expectations in the marketplace bodies in South Korea, uses Ford and changes in tire internal eco- AFTERMARKET But while US consumers would 18 1986 Financial Times Tuesday February TECHNOLOGY Lovell links /SUGGEST WE 6'rftAT WITH THE A faster BICENTENARY Data SQUID, /tUGAE, SEft WEED, Richer diet for CHOPPED EBGYdUC, Two centuries Fish oil and /auefel. cocktric focusing outstrip strong and the US Filipino prawns camera buldng _ BY STEPHANS YANCHtNSK] 1986 market THE FUTURE for. prawn pro* particular problem in the from Nikon _ 1786 JK DATA COMMUNICATIONS Philippines is newer, more intensive fish duction In the break » ' in the US is growing twice as farms. NIKON OF Japan aims to 1 looking much tastier, thanks to fast as the rest of the tele* communications market, a high tech chemistry from a The Philippine archipelago MS “ object, we image at tne according to Frost and Sulli- British company. consists of more than 7,000 soon of acamera featuring what hag rm\ • van, the US-based market islands, and one of the r — r- rr Frippak Feeds, an emerging research group. largest areas of brackish-water automatic tocusi^ySS^S P™J«ted biotechnology company, has suc- fishponds in the world, sur- tingle lens new study forecasts that Theselare^peaai£ed£ A tested a new feedstock passed only by Indonesia in reflexrenex (SLR) camera. camera bow. data communications cessfully convert light total Asia. These are 'ideal for rais- season which reach flAShn which will overcome many of The sew model, the F-501, into impulses, revenues win ing shellfish, yet the Philippines electronic than doable the problems of prawn fish will be the first SLR which can In 1988, more ranks 15th among world pro- jf the two halves of the image focus automatically on test- j- 1984*0 figure; fanning. ducers. match exactly, an elec* moving and stationary objects For some time the demand cric adjusts the lens to This kind of fish production is with equal ease. It will go on _ for datacom services has been Shrimp and prawn are impor- brln them into focus. It is growing rapidly as marine sale woridwide in early summer growing at 25 to 30 per cent tant to the Aslan diet The by an eight-bit micro- and will cost£370 in Britain, a year, and will only slow prawn stocks decline, and is a largest variety, the striped tiger processor jn the camera body, is including a 50mm lens. i of top priority for government sup- prawn is six inches long and is^werful as the “ brain " of ffUgb f y towards the end eaten like steak In the West. the decade. By 1988, datacom port Automatic focusing cameras a home for The Japanese, who import and lakes. During dry seasons of proteins, vitamins, fats and "play” with-the outride layer revenues will account first went ou sale less than two changes These small Crustacea are 5U2bn of shellfish a year, par- minerals in a membrane which in the camera 9.3 per cent of the total tele- artemia goes into a form of of the food drop in such a way years ago and are available from with the chips among the most important pro- ticularly value the taste of would' slowly release nutrients coms market, compared with suspended animation called a -that proteins on the surface several manufacturers, Includ- lens. ducts in world fish trade, with Filipino prawns, and Mr Hume yet not pollute the environ- F-501 uses two 6wl per cent now. cyst, which local farmers collect cross-link to form ah insoluble ing Nikon. But buyers have The Nikon an export value in 1981 of sees new markets opening np in ment. charge coupled devices, F and S Identifies several by the lakeside, and fiad to choose so far between sets of 82.5bn. Around 100,000 tonnes Europe too. can, sell to membrane. single array reasons. One Is the prolifera- models dedicated to still life and instead of the are produced by fish fanning fish farms. There, they are The Frippak process is based remote data terminals could only capture found in other cameras. It tion of each year, a fraction of the At the moment lack of prawn not on conventional flaking or The resulting particles do ones which computers, many hatched and fed to prawn larvae. pictures. decides which set to use depend- and desktop 1.5m tonnes landed each year. fry constrains prawn produc- extrusion or cooking, but on a -not dissolve in water, yet fast-moving wwitng to talk to central ing on the focal length of the tion. In the past, fish farmers The problem is that artemia gentle chemical treatment remain digestible the prawn The Nikon F-501 overcomes mainframes. As stand-alone Ian Hume, research and de- by lens fitted. hatches at unpredictable rates, called interfacial polymerisation larvae. pellets, +hia limitation by using more computing power increases director of Frippak, used to stock their ponds with The dried and Nikon. is to offer a full range velopment which involves no heat; and so sophisticated and powerful and prices drop, even more natural sources wild fry, but today 80 per cent and often carries disease. Its sterilised, can be stored on the of lenses with the F-501. Prices believes that as preserves much of the protein microelectronics to enable it to screens and keyboards will farming nutritional value varies widely shelf have still to be announced but reach their peak, fish are reared in hatcheries. value of the food. andrehydratedone hour respond rapidly to changing come Into nse. could fill the gap between and most be supplemented with use. are expected to be higher than before conditions. In particular, it has Towards 1990, the growing supply and demand, which However, according to Raoul manufactured food flakes or for standard Nifckor lenses. The prawn feedstuff is made special lenses equipped with a availability of Integrated ser* Concepcion, pellets with inert Frippak’s pilot plant is pro- These can also be used with amounts to 100,000 tonnes a year a leading Filipino combined an from a choice of exotic ingre- crnnii microprocessor a tonnes to fonrhit they have vice digital networks from and is growing. businessman investing in fish non-food binder which the fish dients, tTuMiiriing Oah rilt al g«g ducing tew a year the camera, although [ as well as the memory chip the world’s telephone cam* % do not digest, and which satisfy sales while a bigger fac- to be focused by: hand. .- farming, hatchery production squid and Tonsil s into an emul- found in other auto-focus equip- panies will allow yet more Frippak feeds overcome two pollutes the hatchery water. tory is designed and butiL This sion of minute particles - di gital communication. persistent problems in fish farm- could be increased 1,000 fold by ranging will eventually supply orders ment ELAINE WILLIAMS millionths Data Communications Ser- ing. It consists of minute par- using special feedstuff It took Frippak eight years, from five to 500 of a pouring in from countries which vices In the US, $1,700, Frost ticles enclosed in a seml-per- working with Dr D. Jones of metre. include Malaysia, ' Taiwan, deliver The most, used prawn food is niv rsi to aad Sullivan, New York (212 meable membrane which Bangor U e ty . Wales, Indonesia. Australia, the Frippak then mild, 233 1089) and London (81-935 highly nutritious food without a tiny crustacean called aztemia solve the problems of how to uses a Philippines, the US, Sri Lanka, 4433). polluting the environment; a which abounds in salt ponds encapsulate the right amounts naturally-occurring food add to and the UK. Of holograms, credit cards and the human memory WHEN PROFESSOR Dennis 64,267 Gabor first put forward the con- reasons cept of holography in the 1940s, purely as a mathematical for- mula, it is doubtful he imagined the importance of his discovery Bynv JOHNJUf1W tH,TTOCRCHITTOCK —even though it did win him a . ^ Nobel Prize. The spin-off from holography seems to be never- universe are being Challengedchallenged ending, from credit card through holography. It beganbegan, security to industrial testing; in pert,part, with a claim that thetlu brain may: record it* rxJEF i and now it is leading physicists human its into considering new ideas memory in the same way as a about the nature of the uni- hologram — namely, not alat toco\m\der verse. specific points or neuronsneurone Holography relies upon wave related' to particular bits ofoi interference—that is when two memory, but over the whole wavelengths of light meet, if area as a complex frequentsfrequent they are out of phase or of pattern. ' A SD3D hologram does differing frequencies they will' -not use Anyany lenses to. focus an each after; Image—image—every-point an thetiie hotoholo- “interfere” with, ; and create a pattern. gram recordsrecotds dUall of the image as seen811 fromfmm that particular A conventional SD hologram fU-jjf ' P®™**point. uses this phenomenon. . . Cohermit light (light in which In consequence, if a haloholo- gram is broken into fragments, hhmhmmi any one piece will still reamrecon- struct a whole image. Likewise, -v c - . -j • Une Soviet idea IS a neurosurgeon—neurosurgeon—Karl LoshleyLashlej —claimed that his experiments B Video (DSC Willi in removing more and more animate l: , , , . parts of the brain in animals MHOgrapUlC rattier failed to diminish their memoxy. than analogue or Thus emerged the suggestion wmm of a similarity between the digital information &£brain SSSSmSSAand holography, made In particular by Karl Pribram— neuroscientist at Stanford Uni- all frequencies are in phase versity. Pribram’s researches have as in a laser) is made to fall on encouraged even stranger a photographic plate. The ideas. same light source is also used Since a hologram does not to illuminate the subject The rely on lenses, Pribram has reflected light from the subject suggested that .the brain which falls on the photographic functioning tike a hologram plate will, have travelled dif- also does not need eyes. ferent distances depending on “Maybe reality isn’t what we the shape of the subject* it thus see with our eyes " which, he arrives with its phasing dis- says, perform a purely mathe- turbed in direct proportion to matical function in reproducing the shape of the subject image points instead of a whole These variations in phasing world “organised in the fre- meet the Incident (or “refer- quency domain.” TwklSAT - * — mm ence”) beam at the surface of Similar ideas have been put the plate, setting up complex forward by David Bohm, pro- interference patterns which are fessor of theoretical physics at dthfully recorded as densities Birkbech College, London, who in the emulsion. When a light argues strongly for an holistic mm beam is shone back through the view of thfe universe, processed emulsion, the Bohm believes the true nature of recorded densities act tike an tilings is not reducible to frag- interference filter and “ re- ments or particles construct " the original wave —that we should learn to. regard matter front which caused them. The and life as one whole and result is the apparent re- coherent domain. creation, in space, of the original subject. This is also the essence of Many uses of holography are holistic medicine, which says emerging. The first—now well- that you must treat the whole established—|s in non-destruc- tive testing: Any stress applied to an object in a holographic set-up will cause microscopic Some scientists distortions at its surface— which in turn will change the argue that, in phasing of the reflected light, revealed visually in the inter- effect, the universe ference pattern. It is »iwn possible to tafcw precise is just one measurements from a hologram —so. that bulky objects can be big hologram filed away for reference as 1984, Britain’s partners in the European difficult for the exporter to predictwhen or if photographic sheets; one hos- In pital in the UK is using thin patient (and his system for keeping records environment) suffered 64,267 bankruptcies, a problem will arise. of —not Just the symptom, n may Community dental moulds. seem Because a hologram a long .way from photo- is record- graphy and Dennis increase of since 1982. It does not, however, stop from pro- ing detail down to the waver Gabor, but an 36% him if such length of light apparently disparate itself, it is also things begin a dense information storage to connect, that is tecting himself against the serious financial itself holistic. This figure in itself is reason enough to system. One Soviet idea using is damage of not being paid. this is a video disc with holo- The subject is going to crop take out export insurance, particularly since graphic rather than analogue up much more in the future, or digital information. One and indeed has been covered Once you’ve considered facts, in at these countries represent the UK’s biggest the you great advantage could be in the least two television pro- replay system—it does not need grammes in Britain In the surely can’t help but consider ECGD’s export elaborate electronic or video few weeks—one an Interview export market. scanning, only a simple light with Fritjof Capra, physicist insurance schemes. beam; Ideal for a low-cost in-car and author of the best selling The world recession has affected even navigational system. book The Tao of Physics. For a new policy-holder with an annual export turnover of £3m. with most A hologram is effectively What they are refracting or bending all saying, buyers based in markets Hke North America and Western Europe,a typfcsd premium lor the light effectively, Is that the universe these ‘safe’ markets, drastically increasing an passing through it, behaving comprehensive short-term credit insurancecould be or less. is just one big hologram and £33,000 like a lens system with its own our brains function like a holo- filters all in exporter’s chances of running up against built-in — the thick- gram within the -hologram. In & photographic ness of emul- this domain (called by David sion. Applications using serious financial problems. this Bohm the implicate order) we facility range from supermarket have the real nature the check-out counters of (reading universe, and other perceptions optical bar codes) This volatile business diiriate makes it Export with confidence. to fighter air- —relying on lenses or human craft cockpits (In head-up dis- eyes—are only a fragmented plays). EXPORT OREOnS GUARSKTtE DEPARTMENT H8U>0FriC£ LONDON EC2 Ql-382 7777. impression of reality, But now our concepts like nmtiM.0rVDB:BaasreZ32Z317UBaaaNaMM(S1433177LflRSiai 0272 29997LCWnRDGE 0223 G8S01. CITY OF UKOON 01-776 4090. CROYDON 01-680 5030 GLASGOW Q41-332 8707. LEEDS 0532 43063 L MMQ4E5IER 061034 818L of the indeed a photograph. . Financial Times Tuesday February 18 1986 Business Opportunities Businesses For Sale READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS Rigfe-Tech Collaioratioa - Robots FIXED INTEREST MORTGAGE AT 11% Office FuniitBre Commeretol and htdustrlaJ propertios For investment end owner -occupation Supply Conpafly Castle Mines Up to 75 par cent of ' valuation I5-ye»r term For Sale No redemption pmahy FOR SALE Cefttact & A. Fames * business and assets of three Licenced Drift Goal Div»Co Hertfordshire The iKjTN f LST 1 , Mines with two potential mine developments for which ia?2 . Licences are held. 1 1 ! I 1 J 1 j Freehold Premises C&L Commercial production was commenced durir/ 1885 after substantial development expenditure. John Foord+Co * The operating mines are situated at: —- Leasehold site at Billinge, Nr. Wigan *1 Queens Gardens London W2 3AH — Leasehold site at Shares, Nr. Gunnock, Ayrshire Tel: 01-402 8366 — Freehold site at Saline, Nr. Dunfermline . with estimated reserves of between 15 and 20 wars each. * The mining operations are carried out a labour force ELECTRICAL ENGINSR1NG by of approximately 140 skilled personnel split equally Following successful turnaround a between the sties and have an annual forecasted INTERNATIONAL la INVESTMENT MANAGEMENT COMPANY Company tor saia production of between -20,000 and 25,000 tonnes per XS INTEBESTED TO ACQUIRE AN Turnover CWYlJOn Sobatantlal order book mine. Weil equipped offshore: Experienced staff. * Offers are Invited for the mines jointly or individually fund ahopflocr. Enormous potential and PREFERABLY FAMILY OF FUNDS Write Bax HOBBS. Financial Times further details can be obtained from the 10 Cannon St. London EG4F4BY Joint Receivers and Managers: Reply !* strictest confidence ter Box AOOfS Financial Times, 10 Coniton Strspt, London EC4P 4BY HOLOGRAPHIC . PROCBS/PRODUCT M. A- Jordan FCA and D. J. Watt CA Seed capital sought and possible SMALL PROFITAKJE Gully, Shelley equity participation available. British OLD ESTABLISHED HIRE Cork House Gully Nobis Waboas HoMiags, lac. company -presently co-operating, PURCHASE AND GARAGE Cork 3 Street; London ECZV 7DQ with English university In hlgbJy Your boa wquind commercial holographic application. GROUP FOR SALE Telephone: 01-006 7700 TURNOVER IN EXCESS OF &M Lattera in strictest confidence to: Telex: 884730 CORKGY G Hwk .4 Frank Dnqrago, Box F8304, Financial Timms Principals only, rtopfle* to outstanding he TO Cannon St. London EC4P 48Y Box HOB02. financial Timas TO Cannon Sr. London BC4P 4BY receivables Businas* Boyers International •cud »a financial adviser for Inc. purchased . . Wahoos Holding AdquUMoa financing Lincoln Street provided by Mo SfF Andesuoea to OIsgmb Motors iWKait Nt'mUMS from cMei As partofonedf y/ktor E. Haller Wtstcm, Inc’ me Ceramic Manufacturer the raids Area of soirost jietinmaaa weeM largest finance companies, we (BTiam) Limited writ* In and confidenee ue are able caofferaoorr^rehensive Boot FS173, Financial Times, Redruth, Cwnwall 10b Ceaaoa sc. Condon ECtMlV. and Is subskfiaries induefing range of financial slices. The buanessofScandicDea Wb spedallsfriin purchas- eon Gamer United, I B Leefce LHM manufacturer ofpotteiy&y domestic and eaportcoarketsisofifered ing outstanding receivables and for sale. Wa epedaliae far Invertgad buyouts andtSMRait-^CarLWted regularly buy a vride range, from exclusively representing buyers ic BRIDGING LOANS Principal formes are: SHORT TERM CAPITAL (IN RECEIVERSHIP) V;* a few hundred amounts tomany W« wOk ic Vay fast abort-tarm finance *S acre freehold site indutfing65,000 sq.ft, purpose hnilt factory thousands. We are interested in * Saareh * Appraise {3-9 months) tor property owners GaagepHnis8s,bctiifiBNitrid and 4easehold, Including , fi Structure 4 Negotiate - Domestic or bualnass appforimaiely mflKon acquisitions ,worth as litfie as Apnual tnmo»er f2 * Assist to • Gloss No Broker*' foe* £ 10.000 oras much as QOmfUiort financing CAS1EY FINANCE LTD Fottether infinmation please contact the Receiver: ATtiDwy Lana. London El 7LP plus. Wecanarrange tobuy all or 9 Wa Iww obtained financing for Tab OT-S77 B4M partoftbem -even tfsomeofthe SD% of oar ctisnts 1 .acquisitions Roger Harris Pear, Marwick, Mitchell & Cb. accounts are In areas. Wie will 9 Campus Drive, Parrippany PhoenixHouse also- handle aH the' actanta- Nj 07054, USA SIZE Nbtte Street, Fjymoath Isuation and be fully responsible SMALL TO MBMIM Tel: (MI) 2*5-1711 PS8BDCTI0R PROBLEMS? Devon PL12RT for any customers who default Talcs: J2S749 USA ENGDBERING COMPANY HI Manufacturer of building products Tekpbone: (0752)25381 1 sought For further details; please including Admixtures, Joint with growth potential Is Ssalanta. Mortals and Costings by a senior executive with thirty call Duvid Harvey at Aico Ttust with modern production facilities yaara* experience in manufacturing on Reading 0734 586t?3. - is seeking to maxlml** manu- and marksting throughout the UK GENEVA facturing capacity. Largs or small Price Vfhterhouse volume. and intamatianaBy. FULL SERVICE B Wrttm Ban FB310, Financial Timas Wrka Box FB30B, financial Timas OUR BUSINESS 10 Cannon Straat. London CC4P 4BY ID Cannon Street, London BC4P 40Y • Law and Taxation • . Mailbox, UteptaoHo and talejt services INDUSTRIAL CONVEYERS • Trarwtatlon and aacretarfal- PROTECTIVEWEAR SWBS HANDLING OP oarvtaee INDUSTRIALDISTRIBUTIONS GROUP OF COMPANIES leftist ton • 0 Formation, dom and INTERNATIONAL admin latreiion of Swiss and foreign- cojnpantea TRANSACTIONS , INRKETVERSHIP -• « r tiw key. cw*peey tee Bu3ding Group with , ,.. *.\e / t : I . 1 ’•!< .0 • MumSIm of Ihanwtiomt , COMPANY FOR IMMEDIATE SALE ' transaction* a socnasA approoatilng film The group specialises in the installation, opM«ioaa . tommr Sack to bwk . Bank 7 Run Muzy, 1207 Oanasa Land Ft npM . • Companies formation. aa maintenance and repair of industrial cotv domlcUiMton nd wMntatntim TdilMMO Prbtolpals.Only Oar^lient, wboisplanninghls retirement, seeks abuyerfora • getting up eountartrade/bertar* MAtHERCOURT SECURITIES veyeis,with five centres drrougiiotrttheUJC. • Marketing oouwtumded product* piofitable devetopmentgroup whichindudcscoptracriag and • Fiduciary and traatee aarrioa* LfMITB) Annual turnoverapproximardy£1^00^XXX pe vaua sa 01-«31 9001 related aipport facilities. The assets mdnde aland bank and The business assets are forsale. Interested 12 Chert* Hen investment pn^jerties. The group, located in tbe SWhas sound 12fM Owwv*. SwRzerlnd perries are to contact the receivers throughi Taj: 47 6*30 asset backing and an excellent reputation. Please reply to; YatacenawmcH John ^Xikrren, Ernst &. Whinneyi Lowry NJL Chaffis Business Services House, 17 Marble Street; Manchester Beat Marwick Acquisitions Okaoeddeakrm securities) M2 3AW.Td : 061-832 5784.Telex: 668202. TAX SHELTER 1 Puddle Dock, Blackfriars, London EC4V3PD Telephone: (01)2368000 Telex: 8811541 r < •< I’ri ;ju.-n\ Tr it ; >t; Lili Ernst &Whinney Ao»inBras,Adraera,CoosidcanB. CarTS W* are the Mrtaar you era PEAT £a» MARWICK OTYBOND STORAGE SERVICES PLC IWID SOMERSET We have the Cttyfe confidence 01-241 5050 Extensive and thriving Pmt/Compest Botinas ,.,.j,..4,rrin-tn lit.’.* cmr FINANCIAL For Sale. as a going concern sconces croup Large reserves and «xwisents available Turnover apprudmately £750X100 per aniram Opportunity acquire aH or » FOR SALE BY PRIVATE TREATY part of L5QJDQ0 equity stake SALES IMPACTNOW b> rapidly growing financial wrricn company currant pre-ox profits of &£25Q£00 ARE YOU TIRED OF COMMISSION Principals arty reply far AGENTS WHO DON'T PERFORM? strictest confidence m DO YOUR SALESMEN SPEND ALL Bag RS2SB. FinncM Timet DAYIN THEEXPENSIVECARS YOU n Cannon to, London «54P 4BY BOUGHT FOR THEM? AVAILABLE NOW AT APPROXIMATELY h THE MEW BUILD COST OENUINK B4QUUUCS ONLY COMPUTER Wa can provide s more efficient 8nd FOB FURTHER I&FORMATIOM: cost effective way to salt your Tel: Brixhsm (00045) 2845 products Ip any or aH of the fotewing: FOR SALE investors with antanaUa anpertewca In tfca manpower business seek AicWtects/Spedfiers EQUITY PARTICIPATION PROFITABLE DIVISION. /" to small go ahead computer agency ' Industrial Bid Users prominent North Eset of Scottornt bapd company wishes to ffispoto of hi tiro SE of England A FINANCIAL COUNSELLING : ps gtMratsd from its Crane Hire Dhrlsion. Profits to excess' of 050X00 ' Write So* «2*7. Financial Tbnec BuBdorafPlumbera Merchants cspOva and major custonrore producing a turnover of £750X00 ps. MODIXEAST tO Comtoa St, London EC4P4BY Corporate Advice BUSINESS nsgotisting tfas purchase of Ibis DMsios for a price - Can' yaurprodooc Sana tough GardaningfDIY Centres PartiM intsrasted In With nnitpie approach and over £60 million of client funds Company Chairman million contact: ampaSon to am MWdto Beat? Public to tbs region of £1-5 should invested seeks discussions with building societies or other British bwaiaasauwa with 20 year* experience la Xinealt win Impart ex Merchant Bank Director Chairman organisations wishing to enter this field. our register of John R- C. Wren, available) and market From over 50 goods (cash EQUITY CAPITAL available to provide corporate CRANF1BJD INDUSTRIES LMfTB) Write Box H0599, Financial Times Gull countries. Specially contracted salesmen you can have In By House. 37 Dover Street 10 Street, EC4P 4BY PERFUMES, COSMETICS A Available from Investment division yowown men basedanywhere In the and financial advice and other Cannon London of pubUo company for financing London W1X3R8 G|FT ARTICLES UK immedtately and for as" Dttfe as companies with growth prospects or financial services TeU 01-409 1343 ' £400 per month expenses Tti.- am B064B Anaaptawa M Bra todMdnala seeking man up eapRal Writs Bex F6303 Write to aanSdmnem to Financial Timet GENERAL ENGINEBUNG rear, ftnanofaf Ttoraa TECHNOLOGY Bot 10 Cannon St, London EC4P 4BY COMPANY FOR SALE COMPANY FOR SALE » Cornea St, Loodoit £C4P 4BT Highly Profitable Exhibition Conpaoy WEST MIDLANDS BASED Naw Technology of partleutar AND WELL ESTABLISHED totorest to MACHINE TOOL MANUFACTURE LIMITED COMPANIES jSA-rsr'jrsrnj; ffMDtiLaumsvss in Rgbt to nadlora/hesvy OR EQUIVALENT PRINCIPAL or bis major Interest ho is prepared to stay oo, U required, for o llmired engineering suletence. Pre-taic proflre period, however, capable, management is in Strong asset base Small Midlands Company with important apaclalln engkteared REQUIRED 'factory and substantial conrpaniee who are able to fund tbe coat of dila purebose. Modern freehold product aervmg Auto. Aerospace TO FINANCE SHALL UNIT offices, well equipped and aimliar industries wortdwida tbo atrictoK coaSdanco Leasing, £100,000+ par month All replies will bo treated to Excellent profits Current Order Book £200.000 Annual turnover potential unlimited Asking price is around go place . : ; Writs Box H0SB7. Financial Times Purchase Price: £50000 Sound reason for sain Write Boa FS302, mtaaecbf Ttawa T' 10 Cannon Street, London BC4P 4BY £800,000 London %S Financial HOBBt. financial JO CaWTdn St, K4P4BY FINANCE P Writ* Box H0S31. Timex Write Box Times 10 Cannon St. London £C4P 4SY Lines of credit up to £5m 10 Cannon St. London £C4P 4BY arranged by qualified Bankers CompanH* aMaio tort potantial . AVOID AUDIT FEES FOR SALE buyan. Y*y Wj* oaraloga -poaaibia for indfvMmfs/corporates with Dlraceon of Non-Tnding BUILDING SERVICES ENGINEERING COMPANY . . . vaibie proposals. SpecaH AH aanalbto propoeWbna aontiOM* Companies A wall known Industrial Holdings Group wishes todtoeat tbtir BuRdbig Sarvicaa Engineering Company as tbla no longer eta In with their tong PUAU JHMQl 0MB1 0BET . .. sura tine end money by using expertise In corporate, property planning. The company has sound management end e Strong -Companies Act exemption term strategic . and International transactions order book. Only principal* will to coeaidered. Tel: (B72 744SM or wrlia to: H LTD Pleats apply tor funher details to Box HOBBS HIST0L LEGAL SBIVtCES Write or telephone with details: H Tbs M«H, CflfUn Financial Times, 10 Cannon Straat, London EC4P 4SY 100% I BA Haw BSS4JO HOLGATE A ASSOCIATS ZONE CMF0II9 MTWnsS 4/0 Bury St, London SW1Y «AB Marsh tor H*V8& Comptota* Mtiy Telephone: 01-930 *472 iwarrrrrrirF Tax Uitftmt MO.DOO to CWMHG INVESTORS REQUIRED FOB SALE FOR SALE Raoul Guaniitaa twIUble Company or Suitable Enghwarlng Uiu Long enabdilied central hating Tah on-mas « w-aasiwi Investor to manufacture As going concern due to MrWUUamq installation and servicing RETAIL MULTIROLE VEHICLE ADDITIONAL FINANCE forthcoming of TV RENTAL AND WHOLESALE CASH A CARRY company tituated In retirement for large aaaa wad virgin markets WITHOUT SECURITY COMPANY FOR SALE AVAILABLE FOR SALE owners and staff and worldwide dm IB for Stock, Salto or Pur- North London Up 100% location Profitable, good eesat base. Free- to Good chase Ftaaftca enabling you hold proparty available. : BopHot to Bet FSSK Present turnover rfl.lm Including dean ECGD Policies Freehold- property Dealing n finance expansion pro grammu. ax- fancy goods, glass, houuhojd HnmuSti Tfanee - piolt marketing opportunities, over- Profitable Good asset base with own covering U.K. Exports and wens and tnaflee, toiletries, etc. fO Ctmvm St, London EG4P 4fff come cashflow praMama or difficult Interested parties should contact: Pieate contact: perioda. Details end Brochure from: freeholds • External Trade Southdown* mi lljiu J.MJ STOCK A DEBTORS FINANCE LTD Southdown* Associate* Ltd Aseoetota* Ltd BO PaH MaH. London SW1Y 6JH Write Boa HOBQQ, Financial Times Wrka Bos HOBBS. FmenoM Timet Dtoklneon Hw«*. Otekinaon St Dickinson Hem. EMcklitaoo Street Tab 01-030 0115 - Tslsx: SSS60Z4 10 Cannon Street, London EC4P 4BY 10 Cannon Street. London EC4P *Brf - Manchester HI 4LF Manchtoter in «F — — . Tuesday February 18 1986 16 Financial Times THE MANAGEMENT PAGE: Small Business EDITED BY CHRISTOPHER LORENZ creased advertising -for. March Hve in Brixton and a similar BRIAN HUTCHINSON, and April, but it looks as U manager of Brlxton Enterprise Job creation proportion are In business for In brief ... p«s companies are Advantages fmw | Centre in south London, takes the first time, says Hutchinson. y business compe- rtii ignorant of the need to a quiet pride in the fact that They indude an exotic array of THE SMAIX is here again last autumn's riots only left activities from shoe-making tition season of CNC the secoml oSJln ten of application* with the arrival for three of his office windows through tailoring to an Afro- by the regMiar — Caribbean MORE evidence of the speed year of the National Small received broken. watershed radio station. small subtly large companies reaches a flexibility with from BAT and which Business Efficiency Awards, That the failure rate is so That was despite the tempting businesses can make use of new Telecom. hay had to be returned be- much lower than the national funded by British Presence of a skipload of bricks technologies comes from the worth cause It is incurred; main- William Dawkins on the fortunes of the Brixton Enterprise Centre average of per cent within More than £70,000 of in the street outside—but it 30 latest study from the Technical tains Rabweck. Legal Pretec- three years a of prizes are on offer, with a was also a sad indication of the is partly mark Centre, privately offering a registration Change a first prize of £10.000. The Uon Is scale of the task faced by inner bilities either through direct Southampton is virtually free- little to attract them back. the protection afforded by the &eto companies, sponsored research group. competition. Jointly organised service to city initiatives action of this standing Liverpool is on “At first, we didn't under- business services contained in job creation such kind or through and The centre's Dr Mark of partnership* and sole traders stand retailing,” admits Hutch- the building. For as little as with the Association as this. BAT Industries and support for Britain's enterprise the way to breaking even, son has just published a stu to unravel the complexities of free British Chambers of Com- Lambeth Borough Council agencies. according to Tom Long, BATs inson, 44, a former business con- £190 per month, tenants get into the way 40 engineering Detail* ftom Bain- merce, is open to independent the Act. together spent almost on Now the three schemes, finance director and chairman sultant. Bevealingly, the 24 business advice as well as £3m BAT companies employing up to 200 companies with up to 25 em- cock on 01-661 1401. buying and converting the especially Brixton, are going of its small business operation. traders to have held tbeir facilities like central telephone people coped with the intro- ployees which have been former Bon Marche department through an important water- But Brixton, the most recently ground are relatively up-market answering, meeting rooms which • duction of computer numerical trading for at least two years. store into 65 managed work* shed in their developments. established project, is running fashion or service businesses, would not look out of place in a controlled (CNC) machine THERE are between 220- and Entry forms are available shops, up to 60 small retailing When BAT set up a small busi- well over budget, with a though the Bon Marche still City bank, njail collection and tools—end the results, he says, 240 franchisors toito* security from local chambers of com- fran- outlets and 8,000 square feet of ness division in 198L it planned £500,000 loss expected this year, boasts a tropical fish merchant. 24-hour guards. hold a few lessons for larger UK with some M90 “ merce or from British Tele- open plan office space before it initially to control its Job crea- and has been much more diffi- “We hadn’t appreciated that The centre win become more businesses. chised outlets ttprereating 1 district offices- Appli- opened at the end of 1984. tion projects from central bead- cult' than the others, he says. the general public still regard of a force in the small business Rather than provoking com combined sales of the c leted by this as the floor of a community with the arrival catiomt must be omp to the latest centre Is the most ambi- quarters in London's Victoria The open plan offices, for ground industrial strife that one might £L.7hn, according The June 16. tious but most problematic Street, gradually pushing them Instance, have remained almost department store. They don't expected shortly of South Lon- expect from any big changes in -guide to the subject — the BKobH —* of the tobacco giant’s philan- out to subsidiaries until eventu- empty since the day the build- expect to find things here that don Business Initiative, a new working practices, the partici- Meanwhile. UK Franchising a Finan- for Small Finns small ally they could learn to ing opened,, the sole tenant they could get from barrows on enterprise agency to be based pants in general Design Award cial Survey, published by Jor- thropic efforts to assist ran claimed a inno- the road," In the Is Offering £10,600 to an jfriyy, fin, formation businesses in areas where it has themselves. being a publisher of Zen the other side of Bon Marche. A joint ven- smooth transition to new tech- j company “ vative designer with up to long been an important This process began early last Buddhist literature. We tried says Hutchinson. The ground ture between Business in the nology. leading to greater work and data gronp, includes a fin- 60 employees and a maximum employer. BATs other job- year with the retirement of to research what the likely floor is to dose for a month in Community and London Enter- satisfaction among machine ancial analysis ef the 84 lead- annual turnover of £6m. The offering creating initiatives include the AUeyne Reynolds, full-time demand was—after all others the spring while BAT gives it prise Agency, it will act as a operators. ing organisations winner will also get marketing formation in 1981 of South- managing director of BAT are doing similar things in the a £50,000 facelift to give it a broker between the plethora of The sample spent on average franchises. It Includes opera- advice and advertising ex- ampton Enterprise Agency, Industries Small Business. area—but we overestimated.” more upmarket appearance. local authority-backed voluntary £250,000 each on CNC during tional details of the com- posure from MobiL as which has to date advised 500 Rather than replacing him, admits Long. The performance of the ven- groups south of the river and the four years to 1983, during panies Involved, such for the scheme. small start-up ventures, and the BAT fanned oat immediate When the centre first tures in tile non-retail work- those who might help them which time they experienced a Entries nnmber of franchises, the Jointly organised with the Investment, re- conversion of two transit sheds responsibility for the projects opened, the entire ground floor shops upstairs, which represent become more effective. 20 per cent reduction in their rough levels ef Design Council, must be sub- in Liverpool into 120 centrally to local executives already doing was occupied by a kind of about three-quarters of the As for the future, Brixton will combined workforce. However, quired and the royalties pay- mitted by May 30- Entry managed workshops during the full-time jobs at the helm of covered market; more than 60 buffdisg’s occupants, has been no doubt continue to test BAT’S they attributed only 2.3 per able. forms can he obtained from ‘ useful past three years. trading subsidiaries. Now the stalls selling everything from rattier brighter. Just over 60 of social intentions to the full. cent of the 899 jobs lost to the K makes a compara- Office. The De- fast food to goldfish. This the workshops are occupied, of “Oar bottomless,” The Awards tive guide for anybody con- These endeavours have made group, which firmly denies any purse is not introduction of CNC. Haymarket, turned out to be a flop. Within which only one ironically a says Long. of partici- sign Council. 28 sidering going Into ftwftUs BAT prominent among the suggestion that it Is losing — “But as long as Nearly half the London SW1Y 4SU. ing and able in afford the growing band of large com- interest in small businesses, is months, 36 traders had moved newspaper for jobless people — there is a dear indication that pants said that CNC allowed to with the out of business. £125 cover price. Available panies like British Petroleum, watching with interest to see oat, unable compete has gone a project like Brixton Is fulfil- them to remain competitive in • final Jordans, Jordan House. British Steel demon- how well thi« “ hands off” open street market Just over the Half of the tenants come from ling a clear social need, we will difficult markets and 13 said it A CONFERENCE is to be 1C1 and Brunswick Place, London NX strating their social responsi- approach is working. road — and last year’s riots did ethnic minorities, 70 per cent continue to back it” Improved production times, so held on March 11 for small job losses could wejl have been businesses which will never 6EE. Telephone 0L433 3030. higher without new manufac- —or do not want to — make turing technology. it to the stock market. THE ICC Group, a provider Acceptable In no case did shopfloor A picture of Entitled “Exit routes—you of company information, last workers formally oppose the don’t have to float yet.” the week unveiled a credit rating introduction of CNC. This, conference is claimed to he service tor small businesses. says the study, is partly because ambition Graffiti the first of its kind and will It ms intercompany com- staff felt it important to keep None of the ventures to have be held at the Partisan Inter- parisons and Industry aver- JOSEPH, 21, and pace with changing technology, Hotel in London’s taken root at the Bon Marche LYNETTE continental ages to produce a small busi- Morrison, started but also because CNC operators Speakers can be ag colourful as the Dawn 26. Portman Square. neas health check, featuring their printing business. retained their skilled status and outline the pros and cons nitty Talberg Illustration will a credit score of am to 100, G the high wages that go with It against Agency. Graffiti, last year in a base- of public flotations as With businesses scoring less ment in Cferkenwell, pro- “Being allowed to do highly share buy-backs, sales to other . as candi- Founded last August by 22- than 30 regarded vided by the training organi- skilled operations on CNC gives companies and partial reaUm- small year-old Gnitty Talberg. the dates for failure. ICC* sation Project Fullemploy. operators more positive atti- tions. cost agency acts for ten young company : autos report* tudes to their jobs and their Tickets cost £152.95 tor £15 or with written Illustrators and has already Small and cheap — “ you DUO employers.” says Dodgson. members of European Study commentary. Details frost placed their work with a num- there,” couldn’t swing a cat in Average sales of the busi- Conferences (ESC) or E178L2S Daddy, telephone 01- ber of Impressive clients like Roger recalls Morrison — it was an nesses sampled rose from £1.5m Details Out, Penguin Books and tor non-members. 251 40CL Time ideal starting point, but the to £2.6m during the period of among others. from ESC, Kirby House, 31 Cosmopolitan, pair had no room to expand. the survey, with productivity Uppingham, Talberg plans to stage an ex- High Street, So tt was that they moved in per head climbing by 35 per Leicestershire, LE1S SMALL Business, Manning hibition hi Paris and to open Rutland, October to a £220 per month cent in real terms to almost 9PY. Telephone 0572 82271L mid die Local Economy, Is the a representative office in New workshop in the Bon Marche £30,000 over the same time. title of a seminar to be held later this year. York building. Average profits, however, • at Leeds Polytechnic on the the busi- the mhod- Talberg founded “We have definitely declined steadily—but as Dodg- ONLY 10400 out of afternoon of February 38. be- ness with £1,000 saved from G nitty Talberg attracted more customers son points out; the fact that mum of 300.060 bnshaescvi It hr designed for those abortive career as a man- lieved holding computer an since moving here,” says Lymttc Joseph (left) and Dawn Morrison Glean Copus they made a surplus at all to be with an Interest in encourag- trainee with Hilton in regis- agement Morrison. That is partly be- during the last recession makes data the UK have ing the growth ef small bust- International and later the The agency is already profit- Graffiti has just begun to you don't worry. This way we tered under the require- cause there is less competition them stand out from an other- nesses ha the local economy Feel- able and polling in two to break even after a year's Holiday Inn, Heathrow. from other small primers in know how much we have got,” wise unhealthy crowd. ments of the Data Protection and will examine ways In that promotion prospects three Jobs per day, on which trading. In spite of their Pro- says Joseph. pbrntoj ing south London, but also be- Advanced Manufacturing Tech- Act which the process for women in hotels were Talberg takes a 30 per cent ject Fullemploy training, the Customers for the business final the r cause title services on offer at nology in the Small Firm, The run-up to May can aid entrep eneurs. The limited, Talberg started to commission. One attraction pair have a strong aversion to cards, office stationery and in- the centra — like message £10 from the Technical 11 registration deadline there- toe is £20 aad booking forms cultivate budding illustrators of being based at the centre, sing banks. They keep an vitations city mer- taking and secretaries — have include a Change Centre, 114 Cromwell fore looks as If it win be fran- are available from the Inten- through family connections she says, is that security staff account to pay tbeir rent, hot chant bank, several insurance made it easier to do business. Road. London SW7 4ES. ISBN tic, warns Brian Haincock, sive Courses Unit. Leeds (her grandfather was a well- are on duty at all hours, so prefer to pay all other bills companies and — not sm* chairman of Legal fntectiai Polytechnic, Lawns Lane, that 0 946892 23 7. known illustrator) and “illustrators can come Started with a £1,500 award in cash and prefer to get paid prisingly — fellow students Group. The data protection Pander.- Leeds. - Telephone friends. and go as they wish.” from the Princes Trust, in cash. “If you don't borrow, from Project Fullemploy. WD registrar has organised in- 0532 630505. £44* MILLION AVAILABLE Businesses For Sale Businesses Wanted • TO SPEND ON ACQUISITION Manufacture or trade with manufacture considered. UK baaed or UK subsidiary of foreign company PRIVATE COMPANY Reasonable asset base Distributing raw materIsis to wide Moderate earnings LLOYDS range of Industries has. anrpkn Interested partis* contact: funds to Invest in businesses of Southdown* AienrlsNt ATHELSTAN Vitreous Enamelling Plant MEMBERS AGENCY similar kind. Competent sale* and Ltd financial management skills also DtaMnsoo Howes. Dickinson Street avails bis. Menobee ier Ml «LF . The assets and trade ofthe business, which is situated at Brecon, South Write Bos M0SB9. Financial Times TMt 0H-SM 1083 LIMITED Wales, are offered for sate as a going concern. 10 Cannon St, London EC4P 4BY A members agency wishing to merge In (IN RECEIVERSHIP) order to strengthen its position in the market much ofthe plant could be suitable for applications ofan allied nature. FBJIBS AVAILABLE would be interested in discusrin possible GROWING PLC g SEEKS ACQUISITION AND High quality engineering company specialising He 40,000 ft factory premises on a two acre leasehold site NEW TO ACQUIRE TRADING sq opportunities. Will any members agency in a PRODUCT OPPORTUNITIES in handling, assembly, testing and packaging COMPANIES WITH NET * long-serving specialist workforce similar position that is interested in this IN MANUFACTURING machinery, particularly for food and pharmaceutical Ideally related to engineering or • ASSETS OF £lffi+ * ready access to and M50 (Ross Spur) suggestion please register tbeir interest with construction M4 markets Replfea In confidence applications. Located in Surbiton, Surrey, for sole Minimum turnover foim Robert Ashley-Jones of Ernst & Whinney, Bos MOSS*, Financial Times as going concern. $ excellent amenities Replies from Principal* only to Becket House, 1 Lambeth Palace Road, Bos HOBO, Financial Times 10 Cannon St. London EC4P 4BY *a 10 Cannon St, London EC4P 4BY 01-928 2000. Business include a 3,500 sq ft Leasehold property, (plant and equipment and for rent concessions on the prenuses London SEl 7EU« Telephone together with all plant and machinery and stock For further information please contact the joint liquidators: estimated turnover £600,000 p.a. MAJOR MAJOR FIRM Barry Mitchell or Peter L. Davies ENGINEERING COMPANY Ernst &Whinney Involved In Insurance broking, For details please apply: Peat,Marwk±,MitdieU&Ox Ufa assurance, unit trust advisory Accountants, Advisers, Consultants. Seek* to acquire Mechanical Mariborough House, Fitzalan Court services, pensions end benefit Electrical or Instrumentation Com- Hie Joint Receivers and Managers Fitzalan Road. Cardiff consultancy, eefce acqutattiona CF2 ITE pany based In the South of England. ComralasJon/fe* income between Jack ondon and Peter Simth Telephone: (0222) 462463 Tcteac 497987 Turnover between £1 JS-C3m. €260,000 end £Sm pi considered Write MORS, Financial Times WHIM Bos GttBBO. Financial Times Hare Co. A WELL ESTABUSHED 10 Cannon St. London EG4P 4BY Solomon & 10 Cannon Street, London EG4P 48Y EXPORT/IMPORT HOUSE Stuart House, 16 Union Street PEAT WISHES TO ACQUIRE Bristol BSl 2DQ MARWICK BULDMG SERVICES SMALL PROFESSIONAL Teles: FREIGHT FORWARDING COMPANY Succeaaful entrepreneur wiahea la PRKSSWORXING COMPANY Tel: (0272) 290790 449816 acquire an internet or control of email business in either main- SOUGHT tenance. refurbishment, specialist With facilities end experience in cleaning, slow scan CCTV. aecass manufacturing Kitchen Furniture its ENTERPRISING Ji control or locks, bora end grides. Cabinet Hinges end components FASTENER DISTRIBUTION partkripstian by cash injection, retaining existing staff and trading structure. Solomon Hare & Co. Strictest confidence assured. Fullest decaffs In confidence to COMPANY YOUNG ENGINEER Pleat* writs giving details of the proposition In strict confidence Chief Executive. Bos HOSBB Write Bos H0BQ4, Financial Times nitrile HOSBB Financial Timms Financial Times Group wMms to dlmese ef M Needed to buy flourishing Precision to Bos . Chartered Accountants •bora company wWdi la peripheral to 10 Street. London EC4P 4BY 10 Cannon Street, London EC4P4SY 10 Cannon St. London EC4P 4BY Me chan roe I Engineering business Cannon Ra main CBVrMaa. ExcalMnt omnia** la CambruseVilre. Tyoa * Wair and serving the communications industry raaaaow with ant clan computer from retiring owner. London area control. Sales last year £1 Jffl .and rlalnp- Would separata. Detail* from Minimum Investment £100.000 Cooper* & Lv&rjnd. R*f *07. U Cooper* & Lybraad. Ref. <07.43 Write Bos H05B8. Financial Times Tempi* Roar. Birmingham B2 SJT. Plastics Company M Cannon Sr. London EC4P 4BY International Company Notice. TELECOMMUHICATIOHS EQUIPMENT wishes to acquire SUBSTANTIAL DISTRIBUTOR Injection RECLAMATION PLANT OF HOUSEWARES PRODUCTS offered for sale as a going concern. BUSINESS FOR SJULE FOR SALE Moulded The company’s main business is the dismantling of telephones sa going concern. Located hi with annual turnover of EAST RAND cleaning Includinginauoing piastreplastic precious Offering Sun Blind end London with promisee, suff and reclamation ofor scrap material and and CLQ00.000 plus, preferably renovation service In South Eaat. stock of mainly branded products. the company has enjoyedd thet benefit of mettle. In particular Annual turnover £90.000 at grata 1 located in the South and within Turnover (n axoeas of I , million. PROPRIETARY yielding very considerable volumesvo of tele- out of 3JJOO aq MINES, a substantial contract profit Of 33% ft Principal! only epply to: reasonable distance of the business and assets of Sutton Durrani PlasticsPlastic Limited are with considerable scope for The Managing Director The expansion. Tax tosses available. HI, M4 and M25 motorways phones from one source. Bos H06Q1. financial Timas LIMITED Financial 10 Cannon Senear. London and with facilities to expand leasehold units toalllng some Writs Box H03SV. Tones EC4F 4BY (Incorporated hi the Republic of jb The company operates from 4 the in its Sooth JUrIce'l operation proximity Registration 40,000 sq ft at Cwmbran, Gwent. South Wales TO Cannon Street. London EC4P 4BY No. 01/00773/08 Replies hi die strictest confidence Easy access to M4 to Bos MOSS}, Financial Times Grants incentives may Cwmbran Is an intermediate area. and 10 Cannon St. London EC4P 4BY RESULTS OF RIGHTS be forthcoming to a prospective investor, PUBLISHING OFFER liquidators: for further Information please contact the Joint SPECIALIST PUBLISHING The directors of Eaat Rand Proprietary Mines. Limited announce that;— Barry G. Mfechefl or Peter L. Daria LEISURE COMPANY FOR SALE - 5.390.534 shares (97.2 per cent of the (a) 5JM4A00 shares offered) were subscribed for in terms PEAT MARWICK MITCHELL & CO, London Area of rights offer have been issued the and and allotted at a price of R8JQ per share to mem ben Marlborough House, COMPLEX Please reply tor or their rertouncees; Htafem Court. Rczafan Rood, Cardiff CF2 ITE Well known south coast location. P. Scott, Esq (b) the balance of the shares were subscribed for *be underwriters Vast potential. Over 13 acres. INVESTMENT COMPANY by in terms of the under- Telephone: (0222) 442443 Teton 4*7987 9/11 Kensington High Street writing agreement and have been issued and allotted at a price Fully equipped. Planning potential. London Wl 5NP wishes to acquire a of MLS0 per share. £2^mjm For Quick Sale FOR DETAILS SMALL BUSINESS PEAT 0302 291573 in total or In part situated in the Midlands from Monday, 10 February 1984. MARWICK Please sand full details In the Johannesburg Strictest conscience to: 18 February 1994 Bps HOBBS. Financial Thaos Office Equipment _ m Transfer 10 Cannon Sr. London 6COP 4BT Wre tnrtaj i CIVIL EMGMEERIJIG United ingdom strars. rrerp dan i K regi Peris co ow u 5*"d Registrars Uahed transfer arid paying agents; Credit Lyonnais SA. C©raer Northern Parkway sale CONTRACTORS FOR SALE Hill Samuel Registrars Limited 19 boulevard des Itailena M»d for FOR SALE LIQUIDATED Handel Road Turnover £!4m Assets £Sm STOCK 6 Gre en coa t Place Paris Orajonderawi Ttanatel Canmrlur. Tales. VDU, INSURANCE RAPIDLY EXPANDING Km London SWIP 1PL < p-0- Bo* Profitable Firm prospects board, sauarab* Printer CSSO 82549 OFFICE EQUIPMENT DEALER Canon NP 135 P hntntenlar. ntnti Southdale 2I3S) BROKERS mam. reduction. 13 copies a Biknote. Me rchant bankers to the bone: In East London Write Bos HOWS. Financial Time* neod mrkJna order dm BUSINESS WANTED Republic of South Africa company with K*W» 10 Computer. CPM based port- dlands based Long established highly reputable IQ Cannon Strut. London EC4P 4BY able 10 MB hard disc. Intaprated A UK Division of an International gross income of OOSKIO VDU and disk drive, detachable Key- group wishes to acquire companies company turning over board £5*5 engaged BARCLAYS NATIONAL Commercial. Pension and in the manufacturing and approx £>m per annum Ret CS marketing of advanced composite MERCHANT BANK Life Business materiel* Gross profit 35%-40% (0892 86) 2024 Tor specialist applications iwSaGaoraian hmm. Centra of East LIMITED flax H06QS - Write Prtneipmls only to Bos H06QB Malian eo**t*" pr me Write In confidence tor ^ Financial Times Financial Times Boa H06B4, Financial Times Incorporated In tire Republic of South Africa] SHARP PAX. > hardly e*ad facsimile Member EC4P 4Br 10 Cannon Sr. London ECU’ 4BY . Cannon Registered Bank) Reg. No. 47/00873/08 eef the iuukmi 5t. London machines. Excellent conditio*. Modal n St. London 6C4P 4flY ( HO: F02S30. £1,700 each. 01-581 Barlow Rend Qroup ' : . — Vandal Jimes Tuesday February 18 1986 17 THE ARTS British MiisemnAVUliain .Packer ECO & Barenboim/Festival Hall Dominic Gin Daniel Barenboini was on delivered by the strings in the The right lines and such commanding form for his Haffner's finale with string- concert with the English Cham- quartet unanimity. Barenboim ber Orchestra on Sunday after- took the symphony’s opening ss noon that one was all the sorrier movement at a cracking con a human touch he had cancelled his solo recital spirito (conductors who prefer t**is a week before. the ros- ' From a grander, more leisurely tempo "t f. The' British Museum lias There are three very fine trum he conducted Mozart's are forgetting Mozart’s own fitted the long show cabinets Restoration portrait drawings, Haffner symphony, and from injunction that it must be oi Its Prints _ and Drawings including one of a remarkably the keyboard Beethoven's first played “ with great fire ”). The GaUfflT MV 4 with the pretty g&i, by John GreenbOl, two piano concertos. A score andante, like the B flat concerto traits of its CQUectfng orer the who met -his untimely death of pianists these days regularly adagio, was unfolded slowly and last five ymv; Ar.. Antony falling over drunk in Long Acre direct their own con- broadly, but with great flexi- ThdmcxoftitOttd on this page in 1676; a Gainsborough roman* certos, but few do it convinc- bility and variety of tempo and yesterday, tatetnationai gc»d- tic landscape; one of Samuel ingly. Barenboim's keyboard emphasis. wffl has allowwL tbe ‘mtuettm Palmer's most potently direction, like Kitsuko Uchida’s His direction of the C major with the same orchestra, was a concerto with- to. Add a. number of ' works to visionary moonlit cornfields; (no. 1) was grand model of what it?' collection; W» can also see and a tpmiaiMng page, for being the role should out ponderousness, impulsive in be — far its detail how bur ptd^e'atBDSQP, has been lmi^u of a Mii sketch- more powerfully con- but In its broad lines nf^i Fo cise and expressive In what was Impressively restrained. The pent:''-. .. book (1777) of Thomas Jaaefc Of fiounfe, we'- may well take Baskin's misty Towers of communicated through the rhythmic Impulse of the first music, emptfatt t» some of the Fribourg; Millais' pre- and through the musical movement was explosive, but stance, choices,-** nw* perhaps to Raphaeute morality, Retri- titan visually by hands the pulse was never hurried the acqutoitian of a perfunctory bution; Charles Keene up a and arms daring the tuttis. a question of accent rather then The first movement of the speed (though I'm sorry he and : .. fogitEye .. sketchbook ladder in his studio with his remnant from the 15tii century patient below; a Sickert B flat concerto (no. 2) was big, didn’t attempt the octave giis- model sandos, aa to ah efftiaibKL. of to* latest monotype of a street at bold and eloquent refreshing but tried valiantly, and change from the commoner low- vainly, to throw them off as an : Erprenstotrism— German, . New Neuvllle, and a marvellously the priocttteo of adwdnntbip are quick and bold head of a Vene- key. small-scale readings, and octave scale—octave glissandos, nbt always mwcdfestly aefthe- tian model; Whistler etchings full of bright and subtle colour. it is true, are painful on a Barenboim brought a great modern Steinway tic. Bat we rfwujdbearln mind of Venice and Paris; and a grand). The that * MttWhpowry Judgment watercolour Nocturne at variety of tempos to the finale, slow movement was a real but each Largo, of is. never .finaL sud the feeling Amsterdam; David Jones; Wil- one was so naturally magical cogency and - 1 . _ uvt' introduced gravity. before this" mam' ‘of material liam Roberts; Miro; de Chirico; and worked through The finale. In which with such ease that the players the ECO's into their can tefly bff 4* gtetMw* tetoo- Matisse- The show doses with wind came could easily follow by ear own, was full playful lights itiriaaf that, afr^srarf* of. sqch a- memorable group of. expres- and of instinct quality c*0 hpve.opme our way sionist works: Munch; KLrch- rather than by eye. and surges. The spark does not in the normal watse; of five ner; Kokoshka; Beckmann, The ECO these days are play- always reliably light in Baren- ing at the peak of their form. boim: but when it does, this is ywwtf xm:' . -V including the original pencil It was splendid to hear every the kind la scope ij»; poRection on sketch for the great Crirntoql of vivid, intimate ****** semiquaver, crisp and bright. rapport at which excels. n§ display embracCp the art of composition now in the Tate; he Western ,Bbrgw - Since late Sind a most imposing portrait Gothic times and the invention drawing of. an old peasant of the print TSte mere chance woman by Paula Modersohn- Retribation,*' a pea and ink drawing of 1854 by Millais Rozfadestvensky/Barbican ~£aj ef aurriml over. aolong a. period Becker (1888). Last of all is a confere e certain -charm and large recent watercolour of **^sJ interest; and, although not eats of‘wheat by Anselm Kiefer ^deration - here, but are physically handicapped visitor primary Importance, though exhibition of sculpture or fine David Murray every drawing.** print is neces- (1981). strongly recommended. The but available to everyone. each is remarkable and beau- craft, or general collection, Gennadi Rozhdestvensky's fresh imagination on the music. «=* 1 tiful, is at risk. should to *5; sarily very good; -there, are some A tiny self-portrait by kind of'-concentration required Twenty works from a variety and none The have certain items third concert with the LSO, This was an all Russian pro- Richard " Paxhes Bonington, and cultivated the drawings of cultures, archaic, ancient, British Museum surely has touch and handle aa a matter wonderful tiring*-. by on Sunday evening, also gramme, properly introduced by A young mMenudein-red romantic, intense and touch- may readily be transferred to oriental and ethnographical. items enough to make some of course. Rimsky Korsakov's “ Russian TiwanHmg included his wife Viktoria *« «: away, -hr ingly informal, is, however, the these exquisite things, no mat- fairly email in scale »nH all available to us in this way all . in the do go along; <*7 chalk, half ..tunring Postnikova in Chaikovsky's Ester Festival " Overture in *+*! Pietro do Gorton* tc 1680) ode work to hang in my mind, ter that the objects of attention, of them carvings in stone or the time, without recourse to wipe your hands and run them which Piano Concerto no. 1, and for Rozhdestvensky was as its as it .bangs at the heart of the and the- apparent sensibility wood, have been set out that the special excuse of .an event gently over the jade and stands oat amoog seyeral of Prokofiev's Alexander Nevsky tender with the folk tunes and *' -Wf light and rapid exhibition, to represent the they reflect, should be so very they may be felt .as modi as for the handicapped. It is in gypsum, basalt and granite, the Mnd, and » Cantata a crowded stage, full chants as he was scrupulous - than r V-l fib, tor the Three whole. different seen. It is not a new Idea but fact more patronising to low relief of the Amyrian study by Kubota of LSO Chorus. It is always a with the orchestral colours (the f” ; ti than The three concurrent exhi- The Human Touch, in the it is a good one, for the the handicapped to offer them spirit's wings, the full, simple V «’t" Graces.;, more -sugges ve pleasure to have Miss Postal- LSO in glowing form). Similar 5471 bitions fri the Oriental Galleries at the physical experience of sculp- only such an occasional treat form of the Egyptian official Ets&i dewkSiitlee^ is ta: fresh and special exhibition gallery kov* back; and though Chai- attention to folk roots was an next Chinese Paintings front (until ture has always been as and to emphasise by Inference with his scroll on his lap, and immediate now as it -seer was: dpor— of the museum much kovsky's magniloquence might unusual virtue in the Chaiko- in of the 17th and 18th centuries; March • 16: sponsorship from tactile as visual, and yet the their abnormality by allowing the smooth, tiny marble bottom Aindn-fiflb Stated drawing not seem ideal stuff for her, she vsky, which sounded thoroughly road-Jhrough the Donnelly Bequest of BUme Marta Spencer), is a small privilege of touch is denied to the rest of ns to join in on of the Syrian figurine, with the grey Wash of a & rose to it with solid conviction. heartfelt. As for the Nevsky • de Chine; and recent raku show Of sculpture of the human an but the curator, the private sufferance. Reasonable care museum’s reference number trees, by Lodewijck de Vadder The first movement was majesti- Cantata, which is film music, ceramics by KeOoo- figure arranged in the special collector ami the artist himself. must be taken of all the work. inscribed so sensitively in the *«! fr at aboutabcul that time, Haaegawa— cally grand, with the advantage but sincere film music, the - interest of the blind or None of these works is of Of course, but really every small of her back. ?jbS.T(SK4. strfkfa&yr mftdem. must wait upon separate con- of such close rapport with her ringing unisons of the -LSO »•• iv k’.* -».? jr- S lia.j«l conductor that they could Chorus were crowned by ?.*•-« I inflect melodic lines with unani- Alfreds Hodgson's fine, poig- S ? * mous subtlety. Later Miss nant lament in “The field of fA-lSrj *j i Verdi’s Macbeth/Genoa Italy Saarbriicken Film Festival Arts news in Postnikova took the more the dead." No excitement artifi- **—*'* zr- intimate opportunities of the cially whipped up — but a su*:'. •• Andantino gratefully, lavishing magnificent effect. •. brief... ,V Vr V--.. WUHam Weaver Ronald Holloway 1 - <1Q mid-January M. Alpine Fire of - * aiftXQL; riinixit the the operas), the Verdian opora- hot conduct badly, but he had Each year in Borer's The board of directors -- s'«=ljr frtmtwTTtri Genoa, the goer cannot make an exclusive poor materials to work with. SaarbrQcken, a West German (Switzerland), deals with family the Edinburgh Festival Fringe Carlo sore, Verdi's We know from countless town the French and Luxem- incest high in the isolated Alps Society has appointed Mhairi (Simrrztnx .Tfeatro choice. To be on stun of -the noble, . New acaisa- second version of Macbeth Is a letters and documents how bourg border, becomes a mecca much as a Greek tragedy does; Mackenrie-Robinson as its new York Dance tzf. kmg‘ Felice stands in .mute 1 V.t fveA: tteo. inaugurated ip 1828 with subtler work, but the uropera much the staging iff Macbeth for “new name *, and “new gen- it was awarded the Grand Prix administrator. She has been an theatre has greater coherence and pages meant to Verdi. Needless to say, eration" fli™ directors. Now in in Locarno. The two films were associate administrator since »-w lisa* * work by BefliiiL the Frank Lipsius visual festival, matched *w lm had an iUurtriooslilstorx until of., ftisorghnento fire hard to all the composer's its seventh year, the like new generation/ December 1982. . The vintage talents demands went disregarded. The and Its highlight the Max new name winners. and didnot do justice to. i«fc r* * pizzazz of the Harlem night- The production After the TvaxujjAe Arfty la.fljfe find version wo lose, sculptor Pietro CaaeeDa created Ophfil Prize, attracts film- ultlmatelv r some cte- guests The Road Movie is popular Agatha Christie's grandson, clubs between the wans are defeats itself in a jumble of reboot its trastanm but: fehongott&r thing* the sinister some white tamp* makers and from East scenery (Cordelia von Australia, everywhere In Gcnnandanguage Mr Matthew Prichard, 42, is tirf-ttneorked- in Uptown . ; . it’s energy; all hearand fix -opera baa had-to-operatc in end moving aria "La Inca snenfe of- and West Germany, noTight cinema. Lute Konennann's •be the new chairman of the got at the Loot Foptanne in The KffSw accommodation in Jnngne" hut gahi the briOant den Steinen'e costumes were all German-Swltzeriand aqd Luxem- groups shriek at each other Block cmd Without Sugar (West Welsh Arts' Council, succeeding New York. Developed by across the stage. thn; Jean» -Maixherite. a "Trionfal,". and• Macbeth's on- right, but could have come from bourg as well as from dialect A good cast ; Germany) begins in Iceland and Maurice Hines the glitzy is stage death scene. We can only any warehouse). corners of Italy (Tyrol) and Sir Hywel Evans. Hr Prichard, in wasted especially the rotund former follows a street-theatre troupe atmosphere of an Atlantic City pperatte hope that theatres win continue The producer, Lorenzo France (Alsace-Lorraine). chairman of Booker McConnell’s but nimble Jeffrey V. Thompson charm and BTOfr . nightclub, the pieka f _ . _ . . . through Italy to Sidy. Peter authors division, is at present show up and a in -m stage ' the T885 revision but Maxtaff. bad a number at idea* chorus refreshingly But Saarbrfldtea is not just Kahane's where Sophisticated Ladies be«a will oocarinnaUy offer the im- mostly awAiL The worst was to Etc und AH (East vice chairman of the Welsh Arts diverse shapes and sizes. havp a film platform; it Is also a (which Hines stint - Germany), an entry at Sin Council. bad a in. Lee . « nut the passioned 18*7 original. employ mime artists, sheathed Theodore’s American largely -. uneventful : political stage. During this following *> Sebastian last summer, has two the footsteps of his Dancemachine Mualc/Monday. Opera and Beflet/Tuesday. Theatre/Wedrtes- Saleroom/Antony Thomcroft day. Exb&Riona/Thursdsy. A selective guide to an the Arts ap- Feb 14*20 Arts Guide pears each Friday. Afcereisno doubt Watch auction ticks ove] tanyxoindthat Going the salerooms is the banned for many years. It has duction realised by Michael Hampe. Renzetti vritii Juan Pans, Maria Chi- SPAIN to Opera and Ballet smart tiling to do in New York; been on show in the UCLA the DGAAs Opera Comique (42980611). ara. Carmen Gonzales. (548000). Rossini's Italian girt in Algiers in co- Trieste: Teatro Comunale Giuseppe Barcelona Opera season: Das Rftefo- hence the profusion of week- library in California and will OERMAffV TMP-Chitelet and gold wiba Best Norvp, HehmJwson end and evening auctions. On cross the US to be exhibited at ainuiiitaiieiifctothe WEST production by Verdi: The attractive production, of Ensemble Orchestral de Paris con- Rossinfs La Donna del Lago, given Demitz, Chrlster Blqdin and Horst Saturday Sotheby's held a sale the Pierpont Morgan Library. Berlin, Deutsoba-Oper. Oberon pro- ducted by Gabriele Ferro at the at the Rossini Festival in Pesaro Laubenthal, conducted by Btatthias pf important watches, clocks A letter patent from Queen eidiBi^isuin'hreiBed” duced has Kuntzsch. del by Herbert Wernicke Pe- TMF-Chtalet (42334444). last year, directed by Ugo Tessatare, Gran Teatro Liceu, and scientific instruments. The Elizabeth I granting estates to ter SetSert azuf Gndron Siebert as with scenery and costumes by Gae Sant Pau L (3189277). occasion was rather blighted by Sir Francis Drake as a reward says Johnny Lohragrin brings togeBier Pi- LONDON Auienti: Marriage of Figaro conduct- the failure of the most expen- for his circumnavigation of the lar Lorengar, James King and Ha- ed by Bruno Well and directed by Fi- VIENNA sive Item, a gold watch made world sold for $38,500 (£25.83S). raid Zar wnd WmTnpmMim National Opera, Coliseum: Morris Stamm- lippo around 1825 by the celebrated Documents relating to Drake The CriveHL Stoateoper (5334/2855): Manon Les- is a wen' done: repertoire perfor- ooathaa Miller's raodoction of French maker Brega et, to find are rare. ' eaut conducted by Staopoli with mance. (34381). Magic Flute, based on an extraordf- FVe- a high NETHERLANDS ni. Hintermeier, buyer: it was unsold at There is nothing Uke a Uf£ Hambmfc Staatsoper; Wonek is naiy “dream-in-the-Ixhrmy" conceit. WeikX Smetana’s Die Verkaufte $5 18 1986 Financial Times Tuesday February FINANCIALTIMK SOVIET INVESTMENT IN SIBERIA BRACKB4HOUSE. CANNON STREET, LONDON EC4P4BY feteerams:Finant|maL^rxionPS4.Te}ax:895487i ' telephone: 01-2486000 An end to the cavalry charge Tuesday February 18 1986 By Patrick Cockbum HEN Mr Mikhail Gor- bachev recently visited I v V the Soviet Union’s Wmain oil province US power and of west SIBERIA'S Siberia—in which he tfani to Spend R82bn (£75bn) in the NATURAL next five years—he said he was "astonished to see how much RESOURCES bad been done any old how, on Marcos the principle of ‘we’ll muddle Mr - through somehow*." as THE US is facing one of the it seemed that the Communists “But we’re not muddling most difficult questions in its might win a general election in through, comrades." Mr Gor- mid-1970s. diplomatic history. So, in a the bachev told the men who run Asian way, are Us European and The latest example of US in- the oilfields, and he warned friends and allies because they fluence without the use of force that the Soviet Union could not seeing have an interest in the is Haiti. Perhaps it should have afford to see big Investments answer right. Americans get the been done earlier, but there “become frozen into the soil The question is the future of can be little doubt that it was of Siberia." He made clear he Mr Marcos’s regime in the the statement by Mr George was not only criticising the Philippines. On all known evi- Shultz, US Secretary of state, oil industry: the Kremlin needs dence the elections earlier this two weeks ago that made it a better return on the money month were corrupt, yet Mr plain to Mr Duvalier that his swallowed by the development Marcos seems bent on staying time was np. He was flown out of Siberia as a whole. in power. Should the US seek of the country by the Ameri- The future of -thin vast prevent and, if so. ? to him how cans. That was an illustration region—Yakutsk is as far to Although the particular place of benign intervention; it is the east of Moscow as Jamaica is the Philippines, it could be possible that Haiti will become Is to the West—poses a ft- A-'- one of many and the question a more democratic place as a dilemma for Mr Gorbachev. He can be put in general terms: result. must decide how long the Mikhail Gorbachev*, money what mould democracies do Soviet Union will continue to spent in Siberia Is needed about allies that cease to be Military technology pour funds into developing east of the Urals democratic, whose leadership Siberia’s, raw materials, funds The Philippines may be dif- reneges on democratic values, badly needed east of the Ural ferent. It is much bigger than those which would not. The yet thinks that it will go on -re-equip than one has begun tiie construction M Haiti, powerful, Mountains to plant and more than half our gas: proportion of investment creasing oil output rather “ cavalry charge being protected or can stagger more more in so-called with high technology in the old -what would our lives be like if absorbed by energy but, in the trying to reduce consumption. of a single new mine the on for a few more years? There capable of economic take-off method of Soviet economic industrial areas. we had not performed this great free of the mounting problems Conservation and substitution basin in the past 25 years,” international rule and at least until recently management—hurling resources is no of law oil- gas for oil got under way according to the Communist retained the semblance of demo- Tbe question is all the more endeavour in Siberia?” asked Mr besetting west Siberian of at a problem until it cracks— to resort to. The US either has daily, Pravda. The news- pressing because of the fall in Boris Shcherbina, one of the fields, investment in oil rose 10 years later than in western Party as to accept the mess, and some cracy. Also, the US has some proved wholly inadequate world commodity prices over men behind the development, 31 per cent in this year's Europe. paper blames the ministry for of the responsibility for it, or of its most important Pacific costs spiralled in the swamps recently. budget. As exploration drilling is the coal industry of increasing military bases there. It is not the last year. Soviet foreign and mountains off the Siberian It can seek to engineer peace- in Siberia, pro- output mindlessly and neglect- simply a matter of President trade consists essentially in But the expense has been vast, Tbe problem is that the west stepped up west interior. ful change. duction can probably be ing development Reagan saying: ** Marcos must selling fuel and raw materials, Too often the engineers* dream Siberian fields were exploited The lack of central control The questions are exceedingly stabilised not far below tbe But the drive to develop go," and he goes on the next mostly from Siberia, and buy- of opening up Siberia turned too fast in the late 1970s and over costs was exacerbated hard to answer and the US’s accountant's nightmare, tormes of crude produced Siberia has always been more US flight to Talloixvs. Ing manufactured goods and out an early 1980s. Mr Brezhnev's 595m because Soviet ministries often friends should be sympathetic area diverts capital last year. Even if production than an attempt to wrest raw food. In 1984, 60 per emit of Worse, the energy policy was devised on behave like feudal baronies. as the US Administration Yet the question conies back: drops further, it will not pro- materials from a barren waste- the Soviet Union's $26bn funds which the Politburo wants the assumption that west Nezynngri in south. Yakutia, for ponders them. what does the US do about an spend on its four priority duce a crisis so long as gas- land. The population of 29m (£188bn) exports to the West to Siberian oil could supply more instance, is a generally well-run Not all US interventions ally that has ceased to be sectors——machine tools, machine fired power stations and is already 3m more than came from oil, but the fall in as the old European oilfields de- little town divided between overseas have been happy. The democratic? The US is in- building, computers and elec- nuclear power plants, which Canada’s mad a central aim of prices from oil and other raw clined. Five years ago there was areas built by their respective war in Vietnam led to trouble volved. Mr Richard Lugar, tronics in the part should produce per cent of current planning is' to settle materials could cut this by up — European even talk of raising west 20 ministries for -coalminers, trans- at home without victory or chairman of the Senate Foreign are areas previously inhabited only to 40 per cent unless oil sales of the country. Siberian production to 500m Soviet electricity by 1990, port and energy workers. Ih democracy in Indochina. Presi- Relations Committee, went by fur trappers, prisoners and are Increased. What Mr Gorbachev wants to tonnes by 1985. “A realistic out- brought on stream. turns dent Carter's subdued approach there as head of a team observ- summer, the road to mud do is only now becoming clear. look on the requirements of to- Investment in reducing the exiles. to the hostages in Iran, and ing the elections. has US He _ Big new projects, essential or morrow were eclipsed by the amount of fuel and raw Wages are high. In Yakutsk, the subsequent abortive rescue declared them to be corrupt „ this winter routoaroPolitburo wants new already under way, are to be dictates of today: pump, pump, materials used is twice or three where temperatures attempt, did him no good in Philip Habib, the below Spoiding became Mr old US ,.i completed but new schemes will pump," recalls one observer. In times as effective as investment often dropped to -50*C terms of domestic politics; nor troubleshooter the days of capital^ schemes from be cancelled or shelved. fact production peaked at 365m in increasing their output, or three times colder than the a costly game of did it do anything for US Dr Henry Kissinger, is in interior of an average domestic cancelled or shelved 8 Utter 90 tonnes. according to Mr Gorbachev influence abroad. Even Presi- Manila now on wbat may be jjjgg"™" freezer, pay is two and a half double or quits To achieve this, exploration ominous mathematics for many dent Reagan was obliged to more than a fact-finding - plan, times that in the rest of the A recently shelved by drilling was neglected despite high-spending schemes in withdraw from the Lebanon. mission. What happens in the ti16 PbUtburo, to divert water, Soviet Union. Wages off Today’s prospects contrast the warnings of west Siberian Siberia. He made it clear, never- between the different sectors Philippines has become part of from the rivers running north between 800 and 900 roubles sharply with expectations dur- officials. Social and engineering theless, that heavy Investment and is known to local drivers Benign intervention politics. Siberia southwards via a month are not uncommon, US ing the last 10 years of Presi- through infrastructure were neglected will continue in the cost- as “the iirterministerial no- parched plains and there aze well-stocked Tet there is another side to One way to proceed would be dent Leonid Brezhnev. Then a canal to the of and underfunded in the rush efficient exploitation of projects man’s land.” shops in which to spend the it The US maintained a dose to threaten to cut off aid: the successful exploitation of the ». »«»__ i to produce. Mr Gorbachev says already built But for all that, the develop- relationship so that the Siberian -wilderness • *?ni Slbx^plus plan- money. bilateral with 5200m or US pays appeared a j that the Kremlin and its But local officials along the ment of Siberia's wasteland in petrochemical plants put out to Other newly-developed areas Spain daring the Franco period for Its bases. Given the advance short-cut method of boosting ners were misled by their ex- railway an appalling climate over the international tender for con- BAM were gloomy last have less to recommend them and mast have had some of military technology the bases the economy as the annual perts: “ Tbe geologists were month about for past 15 years is an engineer- the prospects mid there is a rapid turnover influence on the way the are anyway probably dispens- saying that everything up to many of the territorial pro- ing achievement which matches plan, one on Lake Baikal has new of labour. A trade-union official country returned to democracy. able with time. Another would 1970s. The opportunities in the year 2000 was provided for, duction complexes industrial the construction of the Panama been cancelled and another — recently wrote that a couple he It kept a close watch on be to talk to all the parties con- mvuuiSiberia owwvwseemed endless: the1 Tf~J everything that was needed was towns centred on a local energy Canal in scale and difficulty. |iie knew were leaving toe BAM Portugal when the country was cerned: the business community > area east of the Urals to the 5r there." The problem is. that under Mr S!r*i,_the w™. *«.«* Tw—mra source—being built soon. There where -they had- lived since passing from an authoritarian and the armed forces as well as i Pacific Ocean contains at least Siberian raw JJJ* v But if the Politburo believed are too many calls on resources. 1976: “They have two small Brezhnev, regime through revolution to the politicians. Above all, it 10 per cent off the world's oH . oil, it Long-developed industries are materials, and the foreign trade ffici ^that_^ west Siberia had limitless children, «gU : -huddle vpwqme 9A nop rout nf inz mc o als they are .not and. the democracy that exists today means having a shot at perauad- they undtenpin . became a sub- .•was-because-, -jt -listened -only - tQ. and which has been reinforced log Mr Marco* to ' stand- dowhr wbat it wanted to hear. The' carnage. Wttrte*for^erotuiSiic refonfa in by the victory of Mr Mario That will not he easy, but all ^ 15 red mistake was Moscow's for instance, 1 are Siberia’s the Soviet Industrial heartland. to develop gas for ex- Mr Gorbachev conceded that Soares in the Portuguese tiie US’s friends, Asian and per CdXt OfS^mSSSSits11 umber* Tbe result was that Siberia's * TWWtP Financial . Times Tuesday February 18 1986 19 UK PROPERTY MARKET Lombard At last some excitement Pragmatism on By Michael Cassell, Property Correspondent exchange rates 'AFTER FXVE yeart asleep, the counterparts, are springing np his. to been seen as a welcome UK property investment mar- from Bristol in the west to indicator tort toe market is By Philip Stephens ket has taken «s many days to Cambridge in the east. Rent i P ' • wake up. . .. Though .there are now dear Index *TOe^xottest competition, how- Serious advocates of a return acknowledgement that toe scale Last week began with a well- indications that investment in ever. is going to centre on Source -5# to a system of managed ex- of currency misalignments had orchestrated leak suggesting shops, buoyed up by the con- opportunities for creating new change rates should view Wash- become excessive and damaging. that Trafalgar tinuing consumer boom, has be- projects. After dominating the House was can- MV ington's apparent enthusiasm Everyone was agreed in what acquisitive eye MEPC, came overheated, developers market tor major development ing an K for an International Monetary direction currencies ought to second largest investors are pouring opportunities, many of toe the country’s pro- and Conference with alarm. Instead move and to some extent which into new generation of funds, chastened by the weak perty company. After a pro- money a of advancing progress among should move faster than others edge-of-town out-of-town performance of their property longed withdrawal from the and governments towards a re- to establish a more durable shopping projects. portfolios, have been back-track- property market. Trafalgar is assertion of control over toe pattern of exchange rates. stepping its develop- Even in the industrial mar- ing. the property development again Mp multi-billion dollar foreign ex- Thus the dollar bad to fan programme and Is applr- ket, overshadowed by a moun- companies, supported by an ment change markets such a confer- and, if possible, it should drop tain of unwanted, often un- imaginative range of funding eatly considering spending the ence might well have toe per- faster against the yen than the usable, accommodation, the packages and usually managing best pan of film to back up verse effect of doing just toe Deutsche Mark. cur- national stockpile has fallen to to keep their own financial ex- Tbe US In ambitions. opposite. rency’s appreciation against 128 sq ft. the lowest level for posure to a minimum, have been By Thursday, it 'waatoe turn m Luridly Ihe US administra- sterling should be even slower. years. Demand for moving beck in. of Rodamco, the Netheriaads- nearly five tion is not yet committed. H Relatively names like What the ministers have not based property investment standard industrial sfaedsi” for new Treasury Secretary James standing empty as Stockley, London ft Edinburgh agreed on, even in their private trust, to launch a surprise so Jong a Baker has until toe end of toe the recession and Trust and Rosehangh have discussions, is where they want £240m hid for- Harienwrt; the monument to year to consult his opposite sector's malais is emerged in the vanguard of an to get to—In other words what 12th largest UK property com* the property e, numbers in Japan and 'Europe improving. expanding army of ** merchant would be the ideal pattern of any.' Mr Cornells van Rijn, steadily WBTNov 70 St and give his recommendations Korean Gndka. a property developers" which has been exchange rates. At the same Sodamco’a managing director, Hr to toe President time, analyst- with Scrfcngeour able to prosper, despite toe pro- because the aim of con- said that, after several years of should decade has answer certed VlckCrs, the stockbrokers, be- perty market's problems. He intervention has always stagnation, the UK property that it is too early to sentiment la turning*. They have assembled develop- now: been seen in pragmatic terms market was again on the move. liens landlords. Many of the pur* 1985 to Show a 4Ji per cent over- first time. think of flying riaid of property ment opportunities and shaken in terms to stifle a resurgence of protec- "The "feel' the chases performed exceptionally all gain and fafliwg 10 per cent “The reawakening seems to world's Only a few daysbefore, estate toe business in which target zones for the tionism in Washington—govern- market is more poottive than well nod, by the late 1970s, against the rest of the market, not up a way stem so much from any major currencies, but that if ments have not had to focus on agents had gatoerfid in Paris at at any time since the late overall returns would have impressed their from direct to its lowest level since 1977. expectation of abnormally high everyone keeps a low profile the theoretical framework. a champagne reception,’ invited 1970s. But while rental growth property investment entrepreneurial predecessors. surpassed Behind the poor performance growth rates but rather -toe could be there in two or there by a high-flying British has begun to exceed inflation, Unlike the original property we And here lies toe danger of gilts and equities. lies evidence of sluggish growth relatively bearish medium-term years time. France mean- development partner- tycoons, emerged from toe three an International Monetary Con- property values in the main are not yet By tbe start of the 1980b. in property values. The growth predictions for the equity and who while should avoid any strident ference. The same ministers to help celebrate the hand* . likelihood of estate agency business, of ship moving the property accounted for 25 per in net assets of property-owning gilt markets." many to tabbying for its proposals that farther ing over of a refurbished office another ropert boom is still cent or more of institu- toe newcomers were trained as who concur shifts p y many companies, one of the key indi- Avenge retains pro- phase in target zones and con- building to Its new owners, a rather remote.** from accounteote or *»»**»* and in exchange rates are essential tional investment portfolios. To cators used to judge their state Instead strengthen- perty investments, for years their centrate on to restore equilibrium to the British pension fund. The renewed, if carefuXy boost returns further, an of health, has been averaging no background has enabled co-operation held down by the Ugh prices ing toe present world economy find it For some aS them, the sense measured, optimism for pro- increasing number of funds more than 5-6 per cent a year, them to rewrite the traditional much which the institutions have between central banks. harder to agree in abstract of deja va must have seemed perty is shared by Mr David themselves., became property compared to increases in divi- rules of property finance. They tran- been farced to pay for them, In many respects the terms just what each of as overpowering as the cigar Malcolm, chief investment developers. dends in the overall equity may stffl use other people's their rather than by any realistic sition to managed exchange currencies worth. smoke. Small talk turned inevit- for Boyal Insurance: of over cent. money but, increasingly, they is manager But just as their commit- market 10 per prospects for strong rental rates has already begun. ably to the early 1970s when - Overall, we are expecting a Despite the poor track manage to retain a bigger share Countries like West Germany, ment to the sector readied growth, have started to rise.. After nearly a decode ot British developers invaded the performance from pro- record, toe investment market of toe profits. which jealously guard their better new heights, toe property Property generally has become benign, and often bemused, continent to try to repeat a year. The is has remained reasonably active, The new breed of developers independence of action in perty Ails tide market came off the boU and leu expensive than has been neglect, central banks of the A arrived time when the monetary policy, would also be formula which, overnight had definitely turning but we are tenant demand dropped away, with insurance companies in has at a leading industrialised for over a decade. world’s obliged publicly to renounce the made them immensely wealthy not expecting a torrent. There undermining all the assump- particular, together with toe first generation of post-war been active The differential between countries have primacy of domestic over inter- at home...... is still an oversupply in many tions about continuing growth pension funds, still pushing property is reaching the end exchange average yields on property and players in the foreign national obligations. events have reintro- markets and, even where de- large sums of cash into bricks of its useful life. Occupational Formalis- Recent in rents and capital values. As long gilt yields is now at its markets since tbe beginning of rare -heady atmos- is strong; supply is tend- and mortar. Between them, toe requirements, whether In the ing what governments are duced a and mand inflation feB, property was narrowest since 1972. with last year. The Plaza agreement property market to meet it" institutions, which last year are heart of the City of London or prepared to do on an cd hoc phere to a ing to grow pushed away on to the invest- rents now only having to grow to bring down the dollar Valley, basis would probably prove which has been short cm excite- revival is patchy and ment sidelines, where it has thought to have sold over £lba out along the Thames toe Group of Five Tbs by around 3b per emit a year announced by impossible. Progress made so ment for most c£ the. 1980s. largely to the southern remained. The old stamping worth of property in order to toe have undergone a revolution and last formalised the 1 to match return on gilts. September far could be lost in arguments To many.’ the Cinderella grand for entrepreneurs had get their portfolios into better the merchant developers have half at the country. While Institutional and corporate volte-face. over theory and sovereignty. change shape, now own UK pro ert been quick spot it sector looks ready for a Birpdngham appears to be first been institutionalised and p y property owners, now ex- to The lesson of that agreement worth an estimated £35bn. The best hope for a new 4 fjsr* of Clothes. emerging from years of rental then neutralised. periencing a genuine improve- Their activities have also was that in Informal gatherings the City stirred some of toe well- “Bretton Woods” rests on a Office space In of stagnation, talk of brighter Returns property, still Final figures for 1985 are not ment in tenant demand, see gover ments were prepared to * jW.a. from n continuation of toe pragmatic 1 * London is again being snapped Liverpool, Newcastle yet available but ft looks as in established companies like -jim times 4n consfdeved a longer-term invest- few problems for property commit themselves to policies co-operation between govern- up, with rents—already among can still evoke wry though new investment in achieving Stock Conversion end Land and CardtiT ment but nevertheless increas- such a performance, that they had rejected in a ments and central banks seen expensive . in the trotier Securities into weeding out the most . laughter among property ingly subjected to the type of property by the Institutions Parker, the estate more structured setting. ^Hmhfrig their large property portfolios over the last year. world— towards £40, people. There seems Bttle short-term performance readied around £1.7bn, up from agents, say that in toe she It is worth remembering that and. stepping projects. When exchange rates have sq A and dragglng4bose in the til# tbs upturn will measurement applied to its £L5bo In the previous year. up until last Novem- up new the central banks, of the US, reached levels that begin to West End behind them, to lead to tbe sort of calamity competitors, have been poor. At toe start of the 1980s, the ber, avenge rente were grow- The future lor those who do not Japan. West Germany. Britain reverse the current dis- their wake, a fresh sorgo of which overtook the industry For five tang years, returns figure was over £2bn. ing at just over 8 per cant respond to toe new ground and France agreed on massive equilibria and are perceived as development activity b taking mom than a decade ago, when from gilts and equities have Healey and Baker, tbe estate tbe highest rate since early rules loots distinctly shaky. intervention, only months after being sustainable there is a place, with major projects let too much fioorspoee and too left property behind. agents, report a fresh surge in 1981. If toe long-awaited revival endorsing a report which good chance that governments to occupiers before they leave tittle demand brought a debt- Such has been the disenchant- institutional spending. Accord- Mr Peter Sim, property In- has really arrived, property showed acute scepticism about the drawing 'bbardi financed development industry ment of food managers that ing to Mr Paul Orchard-lisle, vestment director of Legal & certainly looks capable of the value of such action. will realise there is a mutual interest in seeking to maintain Tenant demand -Is- returning to lls knees. portfolio weightings in property deputy senior partner: “ In General, believes the re- generating some of its old But there remains a number those levels. to cities which have for years In the years after the boom- assets have almost halved since recent weeks, there has been emergence of property excitement. Champagne days in of problems in translating the been blighted by continuing hurt of the early 1970s, the the start of tbe 1980s. increased interest in direct developers into the centre of Paris might remain tbe excep- co-operation seen so far into That will be the time for overauppties of office vice. At pension funds and tecunnce The market in property property investment. Many the marketplace is tbe best tion, but the prospect of more any system of exchange rate France to refine its proposals the same time, proposals to companies picked up property shares has, until now. been funds have allocated substan- indication yet that the outlook bread and butter work for zones. for target zones and to put generously landscaped business - assets at bargain basement equally circumspect, with the tial sums of money to the is improving: “ A may m***" everyone would be welcome The consensus in the Group them to an International paths, modern# pn: their US. prices and assumed the role of property sector struggling in property market, some for the more competition for us but it enough. of FIv§ rested on .a general Monetary Conference. toe siting of the towers. Public Cbmpetithn opposition has apparently already secured a move of the towers some way to the eastern policy j ! port of the development so that From Mr H. Startt ; they will not he on the main Letters to the Editor axis of the view of the Isle Sir,—Your Editorial pn mer- 1 of Dogs from Greenwich Park ger policy (Feb 12) . raises an over toe Boyal Naval College. important issue which requires I It te a sad reflection on the fuller .than yon i quality of modern high rise gave It, namely the impli- buildings in tWj country that cations of the argument that people cannot imagine : so many the internationalisation of mar- By for the most cost-effective ment 1 skyscrapers which actually kets justifies disregarding toe way to do this is by building on It would now appear that my enhance a view. The design of threat of excessive concen- the foundations laid in last worst fears are being realised. the three towers is as yet trations of marker share on a year’s Budget when tax reliefs Apparently to protect the unknown but it is quite likely purely national basis. were; granted partly through defaulting ITC, a scheme te higher thresholds and partly being arranged which win put a that they will improve distant is true that the Govern- If it squeeze on those views of the Isle of Dogs, ment has aacepted that such through cute in employee perfectly Insurance contribu- innocent traders who have been especially from the many view- concentrations may indeed be national for low paid workers. unable to dose their open posi- points where the Naval College desirable' "to enable toe UK: tions Continuing this policy would tion in tin because of toe is not in the foreground. There to compete in world :mari»te"; aUovr the ChanceUoMotmprove suspension of the market On is no parallel here with the we need to be told:-— (a) February 13 Xestenbaum is spoiling of views of St Paul's that toe take-home pay of all Mr whether tote, means Its saying by modern blocks because workers earning up to £140 per i quoted as that he belief- in Jn* competition is to there Is no existing feature in week toy an amount between expected an opening tin price be Bubortonated to n recog- three and ten times greater of £7.500, which te over £1.500 the Isle of Dogs to be affected. nition of the need lor. an than that which would be more than toe current trading This is not to say that the industrial policy presumably j -r price of toe unofficial market worries of local residents are achieved by a cut to the stan- i based on the “national chain- dard rata of income tax. This The reason for this he said was groundless. An answer to a plans” concept; 0» it so, what about the micro- ! tort there are traders short of question to sought eatoatetion holds true whatever guarantees are be | toe total stae of relief granted. tin who would have to buy toe climate around the base of toe from : companies who benefit I The new Social Security metal the moment the market towers was fudged at the from tote waiving of the anti- system will not be operational reopened driving up toe price. Greenwich Society meeting. monopoly rules tint to return I 1988 and its forthcoming The only reason that these However, it would be a grossly greater fiaan- until I they wiK use. the traders would have to buy tin missed opportunity to retard introduction most not bold up I dal strength deriving from the regeneration of the Isle of helpful tax changes into* mean- as soon as tbe market reopens Increased' market bare > their UK In any event, after 1988, is because tin trading has been Dogs. The knee-jerk reaction of | add to national exports, i to the case for higher thresholds suspended and that they have conservationists to almost any income and employment rather development is a con- will remain since ft is Setter not been granted the normal new to that of. other countries than, *«*«!— to pay leas tax and three months flexible trading sequence of wanton destruction .sub- for through, their _ Overseas and insensitive redevelopment receive leak benefit than vice time that they would have ' - Thfo; print : b sidiaries. . in many areas in the recent versa. expected when they opened so pertinent in view of usual, pendulum especially : their position. past. As the system catting i apparent Under the new the Government's and national insurance This strikes me as a grave swings too far. see foreign* the tax willingness to paid by lower miscarriage, of justice and I Michael Goldman. such contributions owned multinationals as households could cannot credit that toe LME will Z Lyndale Close, SE3. Ford and <2eneral - Motors become a largely self-financing agree to such a; derision being acquire control of the bulk of implemented. exercise since savings in social I Privatisation capacity in the UK’s automotive and security would finance losses in . sorely, toe only fair solution industry. revenue. A whole new virtuous when toe market reopens te to popularity the Govermneut tahu Unless circle opens up end Mr Brittan allow a period of grace for those its position and From the Chairmen steps to clarify should welcome it. traders who have opened tin A Tirade Indemnity Export Credit Insurance Policy reconcile these apparent in«m- Tim Yea. positions so that they can dose Associated British Ports FAST, WELL-INFORMED SERVICE sisteactes sto ws not entitled orderly i Holdings exporters manage (heir financial Bouse of Commons, SW1X them in on and reason- has always helped , despite all its Sir, Lombard (February to conclude that. able fashion. — 13) With the help of our computerised monitoring flree market pretensions, it te While everyone hopes for a asks tbe interesting question risk better. Now we can offer them even more. bowing to pressures to “ is privatisation so simply Fair dealing reasonable settlement to this Why system can provide a fast, reliable and well- competition policy in toe popular with the British we relax sad affair, surely, there is no MORE POLICIES - GREATER FLEXIBILITY Interests of accommodating a hi tin justification for punishing those people?", and has suggested informed service on credit limits thus enhancing speculative stock market boom several possible answers. From Mr Y. Harrison people who have traded in a while the real economy con- honest and above There te one point, however, TSfe now offer exporters cover against political your financial risk management I write -again with perfectly tinues to be dismembered! Sir,— to pro- which Mr Kaletsky did not to toe rescue plan board manner try to Harry ShutL reference who have bring out in his Interesting risks as well as our traditional commercial risks now being negotiated for toe tect those people been COMPETITIVE PRICES 60 HUMde. toe market in the past. article. It is that privatisation International Tin Council which rigging credit insurance. Cover can be arranged either on Hoftocm, Svsssx, Harrison. is highly popular within the W readers know, has got itself V. A. as Harrison ft Co. industries which have been difficulties on the Aabley for all or part client's Our wide range of highly flexible policies eli- into severe privatised. The release from a one-off basis or of a Metal Exchange when 94 High Street, Helpful tax rigid and legalistic controls has minates unwanted cover and therefore ensures have toe financial HenleyJn-Arden. international business. It can cover all losses or it did not brought a degree of freedom carry on trading: SoUhuO, W Midlands, changes backing to and scope for enterprise which not only the protection you need but good value December, sag* simply those regarded as catastrophe. All our Z wrote last was previously denied to man- FromifrT. Yfo that toe behind toe footing Wharf agement and employees of too individually tailored to your needs. for money too. Sir,-— Brittin'a attack negotiations were being Canary policies can be Samuel scenes , companies concerned. The new (February 10) ou too *ay wri* out to resens too Inter- carried development ami wide scope for imaginative for displaying -an allegedly Tin Council with com- national business development and characteristic failure to catch disregard for those traders From Mr M. Goldman plete diversification explains much of changes- in the real traded In a normal Sir,—It te not only the resi- up with -who have the enthusiasm of management aigning for an holiest on the Metal dents of. the Isle of Dogs who world by camp and way for privatisation. This has been threshrida is Exchange and who now bold are worried about the Canary Increase In .tuc matched by the growing com- tin. I development (February misplaced. . open short positions in Wharf mitment of employees at all overwhelming tost toe negotiations 13). At a presentation to toe Of tonne the prophesied through increased pur- on Greenwich Society in January levels priority is dowergrowth in unit would eventually be dragged 'J|S chases of shares in their newly- TradeIndemnity Govern- so that an traders toe developers had a rough labour, costs. But atoes inffletenfly privatised companies. rove work incen- ride and that was from an meat can imp 2 suspect that toe popularity should ^£rt ^tSuSr^toree months audience whose main concern tives by tax changes, it find of privatisation within the Conactyaurcredit insurance brokeror YVeoe Court foracomprehensive brochure. Ring her on Ql-739 4311 orwrite to An by. lightening, toe load. on trading period had aspired was the view of the towers go industries affected have Division, Great Eastern Street, London EC2A £140 would be at the mercy from south of the river. The does her at Export Hade Indemnity pic, Hade Indemnity House, 12-34 3AX. tbe lower paid such as the and they an impact on public opinion per week nurse mentioned by of toe USE when trading was meeting passed a resolution development in generally. the Chancellor in his speech to eventually resumed. I also sent approving the but expressing con- Keith Stuart. the Cousermtive Party confer- a copy of the loner to toe LME principle cern about both toe height and 150 Holborn, ECU ence last October. and received an acknowledge- ,1 1 . . AS EASYAS FINANCIALTIMES JCB SECURmES CO., LTD. Dtf-tchl Estop* Limited: Durrani House. 8-13 ChiswtHI Street. London, ECIY4TQ U.K. TW: {D1J 5B8-4872 "falmc S83336 ICHBLD Tuesday February 18 1986 construction equipment Facsmrfte: (01)588-2644 MANAGING DIRECTOR STEPS DOWN AT SWEDISH BIOTECHNOLOGY GROUP THE LEX COLUMN Fermenta moves to restore confidence Sir David and BY KEVIN DONE, NORDIC CORRESPONDENT, IN STOCKHOLM FERMENTA, the fast growing ment in principle” reached between year of operations it had sales of of investment banking at Svenska price fluctuated wildly, finally drop- Swedish biotechnology and chemi- the two companies. SKr 86m and profits after financial HandeLsbanken, which bandied the ping by SKr 41 to SKr 247 per Lord Goliath cals group, moved last night to halt Volvo, which has been left in an items of SKr 4m. He said last night SKr 210m Fermenta private share. Trading in Fermenta alone Much still hangs on tbe next de- the sodden crisis of confidence in exposed and delicate position by that he was giving up the post of placement accounted for around 40 per cent of Necessity may be the mother of termination of the Import, parity the company. the sudden crisis at Efermenta, chief executive “at his own He said tbe memorandum had Stockholm stock market turnover invention but Sir Hector Laing BftjfeenHffi price for the Bass strait crude on reacted more ambiguously last request” “the same weight, substance and re- On Friday anrl W11*** beginning would make a most acceptable god- Mr Refaat El-Sayed, majority 7 -Proprietary which the earnings of BHP, and dramat- night In a brief statement it said: He will become foil-time deputy quirements” of any prospectus. “It of the year has accounted for parent The idea that United Bis- owner of the company, who Bell, depend. If the Government he "Some of the essential precondi- rhHirjnan of the board dealing with was certainly bad and we are sorry around 15 per cent of total turnover. cuits should make an offer for Im- ically admitted last week that tries to preserve its tax revenue by tions for the agreement in principle long-term strategy. that a prospectus has been issued Mr El-Sayed denied last night perial Group would, in any but the had lied to investors about his acad- artificially maintaining the IPP at between Volvo, Fermenta and Refa- IBs position as chief executive with wrong information of this that be had been buying Fermenta present circumstances, seem plain- emic credentials, is to be replaced yywnrtiiwg near foe fictional Saudi El-Sayed, presented suddenly shares support the price. ly ridiculous. Imperial is very a n director, and the at which was has become untenable kind.” to try to a as TT) rflgi g Arabian marker price, that would on January 8 have changed." when he admitted that he had bed He made dear that Handelsbank- Trading in Fermenta shares was much larger company than UB and, board promised further appoint- pretty well: if current real- both parties pains to suit BHP strengthen top anage- Volvo said its interest in a new to investors about his academic en, as Fermenta’s investment bank- suspended yesterday at the compa- as were at ments to m ities are allowed to prevail, that stru cture for the Swedish biotech- qualifications in microbiology. He er, had insisted on management ny's request pending last night's point out late last year, the natural ment could tip things BelTs way. Should nology industry remained un- had claimed a doctorate from the changes to Ixy to restore statement but is expected to be re- flow of cash is from tobacco to bis- At the same time, the company Mr Holmes 8 Court be eased into changed, however, and it was will- US and a master’s, degree from confidence. sumed today. cuits. To turn tout arithmetic on its wtiiKMinrpH preliminary profits (af- the board room at BHP on a weak discussions - with result that Imperial ing to continue with Sweden, but both claims proved to "The trouble is that here Refaat In its preliminary 1B85 results, bead the ter financial items) for 1985 of SKr oil price, after all, ha might then Fermenta management "in a posi- be falsa is known as Swede of the year and Fermenta said that group turnover shareholders are paid a premium 320m ($43m), nearly four times the find himself in a bit of a jam; in- tive spirit.” He is to be replaced as group has a lot of symphathy, but abroad totalled SKr lfitm against SKr for selling out of a mature business 1984 figure of SKr 82m. It forecast a - creasing the dividend, to cower BelTs There is considerable prestige at chief executive by Mr Gve Sund- be is just an entrepreneur that has 449m in 1984. Much of the increase makes little sense except in a farther doubling of profits to SKr funding costs might seem In ques- stake for Volvo in the deal, which berg, already a member of file Fer- given false information in a pros- was accounted for by the takeover stock market which has come to ac- 700m in 1986 based on the. present tionable taste with earnings in was negotiated personally by Mr menta board and for 12 years chief pectus. Substantial changes were of Pierrel The Italian fine chemi- cept that sense can be measured in Imperial was yesterday reserving group including the recently HirwTiigBinnB. decline. Pehr Gyflenhammar, the Volvo executive of Kemanobel, the Swed- needed in the company if any mon- company. Underwriting options, although this seemed acquired SDS Biotech, the US ani- cals and pharmaceuticals its chairman. ish chemicals group taken over ey is ever to be raised in the inter- after Imperial shareholders were too of protocol than any- health and agrochemicals by On top of profits of SKr 390m more a matter mal Gosta Bystedt, the Fermenta counting their yes- Mr Bofors two years ago. national capital markets and Fer- financial items, the group had ex- busy blessings thing else. The Imperial board is no Fermenta company. rhairman managing dirpfftnr of and Mr Bystedt tried to play down the menta needs this access.” traordinary income of 248m terday to consider foe rival attrac- likely to recommend the Han- SKr more Refaat El- Electrolux, denied that any discus- ffaniipkhflntrpn Trust The decision fay Mr Doubts still remain over Fenneo- significance of the false informa- insisted on from tbe disposal of part of PierreL tions of the UB and Hanson son offer than buy bade Howard Volvo Sayed to step down from chief ex- ta’s ambitious pact with Volvo, sions had been held with tion in the Fermenta London infor- changes if it was to stand behind offers. Tim value of both bids is a Johnson. That said, in this market Turnover in 1986 - excluding any chair a industrial group, more far-reaching change function offerors’ price ecutive to merely deputy m n Sweden’s biggest about a mation fnemnrandnni issued last Fermenta in writing file interna- of tbe share anything is possible. account of the Sonessons and Phar- of Fermenta may have something according to which Volvo was to of ownership in Fermenta. After July, claiming that “it was not a tional prospectus needed for the bid - and, seeing foe opportunity to sell macia deals is forecast at around to with pressure from the heavy- support Fexmenta's SKr 3.23bn bid Die deal as presently envisaged, Mr public prospectus" and that tbe er- for Sonessons, which is quoted on out for a safe 320p per share, many do SKr 3bn with profits after financial attracted, to hk for Sonessons and was to sell Fer- El-Sayed would still own about 71 rors "cannot have material tbe London Stock Exchange. Imperial holders availed them- weights he has items of SKr 700m. Additional ex- BeU/BHP or perhaps, it is simply that ments a controlling stake in Phar- per cent of the votes in Fermenta importance." The Stockholm Stock Exchange selves of it UB, fay dose of play, board; traordinary income of SKr 400m is requires only a school macia, the country's second largest and 34 per cent of the equity. launch had accumulated a stake of nigh an It would be an exaggeration to the new post He was immediately contradicted said yesterday that it was to parts expected from the disposal of certificate rather than a fictional pharmaceuticals group. Fermenta Mr El-Sayed, the Egyptian-bom after the Fermenta press confer- an inquiry into the trading in Fer- 10 per cent in a company which, un- say that Bell Resources' offer docu- of the SDS Biotech group in the US. doctorate. It does not matter much. last night that the Heal would enterpreneur, took over Fermenta ence, however, by Mr Lars ftyberg, menta shares in the weeks leading til last week, had been planning to ment has done much to dear the air El-Sayed controls around be pursued “according to the agree- at the beginning of 1982. In the first executive vice president and head up to last Friday, when the share Markets, Page 44 do the same in reverse. around BHP; foe intentions of Mr Since Mr Investors in Imperial were admit- Holmes a Court remain as obscure 75 per cent of the equity of the com- tedly not encouraged to take the as ever, and so does foe value of a pany he has built up, foe difference long view by the multiplicity of of- post-bid shareholding in BHP. One in style may only he apparent on Canadian UK anger fers on the table. Hanson and UB basic uncertainty has, however, the corporate writing-paper. Saudi Arabia signs £5bn deal Since Bell has now Much more important will be foe provided between them six sepa- been removed. rate escape routes from Imperial. recast its offer into tbe officially effect of foe whole affair on Fet- jeweller over ms^ Small wonder that shareholders condoned proportional form, it is a menta’s share price, when it comes to buy UK military aircraft opted for a seventh and sold in the great deal more likely that tbe offer back from suspension today, and on market, not least to provide a cush- will be permitted to go ahead. That Volvo's attitude tofoe restructuring ion against the growing losses on concession to tbe legislators at least of foe Swedish trio-chemical indns- BY BRIDGET IN I sell in bid BLOOM, DEFENCE CORRESPONDENT, LONDON to their Hanson and UB investments. makes Bell's offer a better short- tiy. The rating of Fermenta paper is BRITAIN'S £5bn ($7.05bn) deal for that the contracts signed covered of the work on the airframe, engine, Sir Hector may have a job per- term prop for the BHP share price, crucial for further acquisitions, es- the sale of 132 military aircraft to 132 aircraft and basic support for and equipment suading his own shareholders of at a pointwhen work! ofi prices are pecially as growth will be harder to ««ig for Zale Saudi Arabia was signed in Riyadh them, said to be worth about £2J>bn. All three countries are delighted BL units the wisdom of this proposal, parti- doing nothing to help. by further down the pharma- • yesterday. Contracts covering the supply of at the Sdudi deal, won against culariy as Golden Wonder no longer Bythe same token, BelTs chances ceuticals chain from bulk antibiot- ra Riddell In London By Bernard Simon In Toronto The deal, the biggest military ex- weapons, a big training pro- strong French opposition. Tbe sale By Peter forms part of the package, but it is of success may be quite a lot less ics. Yesterday’s figures may have port order ever won by the UK, will gramme, construction and improve- of the Tornadoes will help to extend hard not to admire his bravado. UB than they would have been under done something to steady the mar- for 1985 PEOPLES Jewellers of Toronto, be paid fix' almost entirely in ail, ment of bases, replenishment of their production lines at least until THE BRITISH Government is has, at foe very least, complicated foe old partial style of first-come, kefs nerves: set income Canada's second largest retail je- under arrangements involving spares and future modifications to 1991, when the new European seeking to complete negotiations matters for Lord Hanson and en- first-served. By taking at most 50 multiplied four-fold to SKr 320m - wellery chain, has made an unsoli- Shell, BP and Aramco, foe Western the aircraft are expected to be Fighter Aircraft will go into “very soon” over foe future of foe sured - foe OFT permitting - that per cent of any particular share- while the forecast for 1986 exclu- - cited bid for Zale, the world’s big- off consortium. signed ova the next few months. production. commercial vehicles operations of foe mooted industrial logic of Impe- holding, Bell has accepted that it sive of the deal Involving Volvo is gest jewellery retailer, valuing the Officials maintain fiiat the deal Tbe deal covers 48 of the strike Dominic Lawson adds: British Pe- state-owned BL, Mr Paul Ghannan, rial Biscuits receives a fair hearing. cannot win BHP merely by scoop- fig a more modest doubling of ales Texas-based group at US$520m. ing loose offshore holdings -still and income. Fermenta’s equity, i should have little or no effect cm version of the multi-national Torna- troleum and Shell agreed, after Trade and Industry Secretary, said Yesterday evening the UB terms up Zale's chief executive, Mr Donald world ofl prices since the crude oil do fighter bomber and 24 of its air- some pressure from the UK Gov- yesterday. were well ahead of tbe Hanann of- some 15 pa cent of BHP tuber foe with foe share .acquisitions appar- Zale, whose family, with members for payment will be taken from defence variant Together, those ernment, to take, refine and sell the Mr Chknnon, unto strong criti- fer but there is no guarantee that recent sell-off. Driven back In this ently booked at market price stood of foe Lipshey family, controls 30 Saudi Arabia's normal production amount to more than £2bn. Also in- oil Britain wifi receive under the cism from Labour MPs and some they will retain the edge. Hanson's way upon foe Australian investors, at 44 per cent of gross assets. per cent of Zale's stock, immediate- quota and be absorbed into Shell volved are 30 Hawk advanced jet terms of the deal backbench members of his own cash alternative is fully underwrit- Bell may face a distinctly harder As for Volvo, its statement yester- ly rebuffed Peoples' offer, saying it and BPs networks. trainer aircraft (Q50-£2Q0m) and The two companies already lift Conservative f^rty, disclosed in foe ten and, as the much bigger bidder, task to reach its target 39 percent day was markedly less enthusiastic was unlikely to be supported by A memorandum covering the 30 Swiss-built Pilatus PCS basic 100,000 barrels a day each of "net- House of Commons that Aveling tbe paper component of its offer Looking at a prospect in which per- and it is not at all dear that the Fer- family shareholders, whole deal as well as two of 13 dis- trainers (£50m). back" crude from Saudi Arabia, and Barford, a former BL subsidiary should be more secure. Hanson will haps 7 per cent of their domestic menta stake in Pharmacia or the «iiari^)iiji|ig Zale, based in Dallas, has opera- tinct contract packages were signed British Aerospace is prime con- when the deal was first mooted, it that produces construction and oth- no doubt direct its attention to foe portfolio would be effectively locked Volvo in Fermenta tions in Canada, the UK, West Ger- by Prince Sultan bin Abdul Aziz, tractor for the whole deal The com- seemed that the contracts would be er heavy equipment, had expressed value of UBs equity and can be up under the control of Bell Re- will go through as easily as when many, France, Switzerland and Ja- foe Saudi defence minister, and Mr pany estimates that about 50 to 60 sufficient to raise tire amount of an interest in Land Rover and Ley- counted upon to cause some sources, Australian institutions Mr El-Sayed was strolling in the pan, operating in Europe mainly Colin Chandler, head of Britain’s per cent of foe value of the con- £5bn aver three years. land Bos. damage. may find AS7.70 resistible. Groves of Academe. under the Quirt and Keller names. Defence Export Services Organisa- tracts will go to its sub-contractors, But the recent precipitate fall in He also confirmed that Lonrho, Peoples, which already owns 15 tion. including Rolls-Royce, Ferranti, the price of crude oil means BP and the UK-based overseas trading per cent of Zale's 12Jm common A communique issued by the Sau- GEC Avionics, Doughty and Shell will need to augment their group, had been in contact with BL shares, has offered US335 in cash di Government referred for tbe first Plessey. combined lifting of netback crude to about Land Rover, white Volvo of for remaining share plus a time to the sale as worth £5bn. While the Hawk is an entirely about 275,000 b/d to meet foe terms Sweden had expressed an interest new senior preferred share with a When the agreement was initialled British aircraft, only some 5 to 10 of foe deal A netback price is calcu- in Leyland Bus, where a manage- face value of US$5. Holders of last September, it was said to be per emit of tbe value of the Pilatus lated on the realised price of crude ment buyout has also been pro- Zale’s 90,000 preferred shares will will accrue to Britain while foe after deducting trans- worth between £3bn and £4bn, with PC9 oil products posed. . ADVERTISEMENT receive US$28 a share in cash plus a oil described as an element of the German and Italian aerospace in- port and refining costs, which al- Those approaches are in addition USS4 preferred share. Zale common payment arrangements. dustries will also benefit from foe lows purchasers an agreed margin. to the tails, which tbe Government COMMUNICATIONS shares dosed at USS32& on foe Few details beyond the overall sale of the Tornado. Britain and Saudi officials say the oil will says are at “an advanced stage," NEWS New York Stock Exchange last price were issued by London or Ri- Germany are responsible for 43L5 come out of the kingdom's with General Motors over the pur- Friday. Peoples acquired its exist- yadh yesterday but it is understood per cent each and Italy 15 per cent Opec quota of 4&>m b/d. chase of Leyland Vehicles and Land Integrated teletex PC ing percent stake in Zale after a REVIEW 15 Rover and with Britain’s Laird four-month battle in 1980 that end- group over the future of Leyland Well-known in the market for wealth of MS-DOS based soft- ed in Zale's controlling families Political test Bus. BUSINESS telex and teletex switches, ware, enabling users to run agreeing to allow the Canadian Philippines visit Mr Channon said be was listing Ferranti Computer Systems, their existing software packages. company to hold a maximum of 21 only the companies that “are will- Data conversion Wythenshawe Division,, has Solicitors, . estate agents, per cent in Portugal ing to have their interests in foe introduced the Teletex PC, a Continued from Page 1 financial institutions- and Mr Irving Gerstein, Peoples’ pres- low-cost teletex-integrated businesses made public.” It was lat- technical translators US link np personal computer, to appeal all ident, said yesterday that the two International Monetary Fund and nearly an hour and, according to a Continued from Plage 1 er officially indicated that other require the upper and lower Ferranti to those vertical markets companies "share complementary to stabilise the external value of the statement from her office, “repeat- companies had been in contact with Electronics, Man- case full-character set which where teletex is becoming a strengths and have compatible peso, which on one day last week ed and stressed her position that ruled by a two-thirds parliamentary chester and Silicon Systems BL. popular telecommunications teletex incorporates. The objectives." Peoples slipped majority. of Tustin, California, have strategic has 3A5 per cent to 20 to the US the crisis will only be resolved by Throughout 25 minutes of ques- aid. Ferranti Teletex -PC is based entered into a long-term joint retained the New York securities dollar, its lowest official level ever. swift orderly transfer of power on a proven IBM-compatible and In practice, only a small part of tioning, Mr Channon repeatedly marketing, development and So far most teletex suppliers PC and married to foe type- firm Drexel Burnham Lambert to Mr Habib, appointed by Presi- to the Aquino presidency that the the President’s theoretical powers emphasised the need for urgency, manufacturing agreement have used dedicated word approved Ferranti Teletex help to finance its takeover bid dent Ronald Reagan last week, met Filipino people had chosen over- given tbe impact that continuing targeted at the processing has ever been put into use. If the data conver- or communications Adaptor. It includes MS-DOS, through privately placed debt and Mr Marcos for two hours in the whelmingly at the poDs." damaging uncertainty might have sion marketplace terminals, presidency has tended to take a an approach which BASIC and the Perfect JX equity. wake of his proclamation as Presi- It went on: "Mrs Aquino and Mr companies concerned. The key provisions the has kept foe teletex high profile, it is mainly because of on the He of entry-cost software suite including word than 1,500 retail dent by tbe National Salvador Laurel (her vice presi- agreement give Silicon relatively high. Zale, with more Assembly on the law prestige of a parliament, said it was in everybody’s interest The Teletex processing, a spreadsheet and over Saturday. Systems marketing and manu- PCs price of £4£95, which outlets and animal sales of just Mrs Aquino, who insists dential running mate) impressed on wracked by chronic instability. that "these negotiations should database facilities with an facturing rights for Ferranti includes a printer, is a break- US$1bn, is more than five times she won foe February 7 election, Mr Habib their determination to come to an end as soon as they con- easy-to-use integrated teletex like his presidential data conversion products in through in this market and bigger than Peoples. was fresh from a huge rally in Ma- apply increasing pressure until the Mr Soares, ceivably can” and he later said he package. A high-quality dot North America, and Include offers the full facilities of an Besides having a per cent share nila on Sunday. popular will expressed last Febru- rival, Mr Freitas, backs electoral re- matrix printer is aim 6 honed that would be “very soon." line expansion through IBM-compatible PC with, form with the aim of restoring this Smith, its supplied. of the highly fragmented US jewell- Mr Habib offered no formal com- ary 7 is vindicated and respected at Mr John labour's trade cooperative product definition ery market Zale's financial perfor- ments on his talks, but Mr Marcos the earliest possible time.” prestige by making members of and industry spokesman, who and development. 1 pHrViampnt directly answer- mance has lacked sparkle in recent said later that the US envoy was It was too early yesterday to as- more raised th** issue in an emergency The agreement amplifies the NAVIGATION years, with earnings dropping to “here merely to make observations, sess the impact of Mrs Aquino's call able to their constituents. question, claimed in response that a design, manufacturing and marketing capabilities of both USSSl.lm in the nine months to especially... on tbe matter of vio- on her supporters on Sunday to He is, he always says, a parlia- deal with General Motors was all companies. By joining forces, end-December from USS37.8m a lence and fraud” in the election. Mr boycott government banks, govern- mentarian at heart Gen itani^ op- but signed, sealed and delivered. He the partners will achieve Finding the target year earlier. Marcos said he had given Mr Habib ment newspapers and the products erated on the principle that, elected asked Mr Channon why, if several significant penetration of the The Peoples, which is controlled by "pictures and sworn statements.” of San Miguel Corporation, the food by a dear majority, he represented companies were interested in Navigation Systems data conversion market equivalent to 035% of foe members of the Gerstein family, Mr Marcos said that Mr Habib 'and beverage giant controlled by a majority in the country, often bet- acquiring parts of BL, it did not Department of Ferranti distance travelled. suffered a loss of CXLlm (USSL5m) had assured him that the US was Mr Eduardo Cojuangco, a dose ter than the Government. Mr make sense for BL to retain and de- Lost and found Defence Systems, Edinburgh, In addition to accurate to November not interested in “telling us how to Marcos associate who is also Mrs velop those assets in tbe British in- has introduced position in the three months Soares rejects this idea of a “presi- After sinking in the Gulf of a land naviga- co-ordinates, height run our affairs,” and that he was Aquino's cousin. terest tion information and 30, compared with a C$4.9m loss a dential majority" and promises to Mexico during Hurricane Juan system for self propelled steering in directions, FIN year earlier. The bulk of the losses not the Philippines to pass judg- San Miguel's shares fell from 14 be “foe President of all the Portu- As in the argument over the fu- in October last year, the guns, rocket launchers and 1150 can pro- vide elevation and target were due to Peoples' share of losses ment on the elections. pesos to 11.50 pesos in active trad- guese.” Half of Portugal waits to be ture of Austin Rover a fortnight supply vessel Miss Agnes has armoured fighting vehicles. bearing data for use Zale. Mrs Aquino met Mr Habib for ing yesterday convinced. ago, Mr Channon was again on the recently been located with Designated FIN in the suffered by 1150, the vehicle’s fire Side Scan Sonar equipment system is control system. defensive in face of criticism both based on a gyro- Inertia] supplied by scopic system data such as from Mr Smith and from his own Ferranti ORE, inertial sensor which present Falmoulfc, Massachusetts. in conjunction with position, velocity side. A number of Conservatives velocity (along and across Kohl faces criminal probe. The Miss Agnes was first information from a doppler track) -L representing England’s West Mid- steering and . located in approximately 150 sensor or the attitude (pitch, Weather f* vehicle's roll and lands, heartland of motor indus- azimuth) is available Continued from Page 1 feet of water nearly 2 miles odometer will provide con- try, Land prough the system output *0 urged him to separate WSW of her last reported tinuous navigation accuracy e -f •c *F •c «F "F interface in digital fOruL - — _ that he received only DM 155.000 ment majority insisting that the Rover mun the rest of the suggest- position on just the second u e u ss c 3 48 MW* Mb F 14 57 da/ at the Search. C 17 U R 3 37 ISfestejSS- S, 2 38 HgbJi C 3b 9b from Flick, and claimed that the funding from Flick was not a seri- ed deal and to consider a flotation 1 -- 0 32 F 14 S7 lUi s 32 90 Rm c 10 SO — I s money had been passed on at once ous threat to normal democratic like that of Jaguar. 17 63 C S 41 Httana R 23 73 F 1 34 Briefly... . *ten S to the CDU treasury. He denied tak- politics. But foe opposition Social Kenneth Gooding writes: BL con- 21 70 S -1 38 S H 76 taWal 1® 81 Unta I Ferranti Computer 32 99 _ — — MM c 24 re Surf C 4 39 ing the contested DM 55,000. Mr Democrats and Greens are likely to firmed last night that it had re- Systems, The feffa* S good 34 Sr 1 Saga^w Cheadle Heath Division, is c 1 mm 34 c 31 88 is to news Schfiy, however, argues that the deliver a- minority report, bitterly ceived a number of approaches F IS U UbbbhI C -S a F 19 supply replacement computer two payments were made to Mrs critical of tbe CDU and its coalition since the Government announced Ss 3 37 C 3 3/ Moot, s -a 18 EtMhm C s 32 facilities worth £1.5m for the 3 31 c 2b s 2/ 81 Juliana Weber, the Chancellor’s allies. on February that for the sate F 2 38 c U si*w 3 British Underwater Trials and S -5 23 s -4 25 Uab s a 84 8 18 84 long-serving private secretary. Throughout the affair, Mr KnM of Land Rover and Leyland Trucks Evaluation Centre. 13 55 R 18 St E 12 S4 — F The second accusation of perjury has argued that there was nothing to GM had reached an advanced A £30,000 twtn telex system, v JL A. S 28 82 F 1 34 tom s 25 Tt SE C 18 81 TfnpWi the July 1985 manufactured F IS B C 3 37 to. Mi s 20 88 C 18 84 relates to hearing in intrinsically wrong in political par- stage. by Ferranti e 8 48 Computer S I 3* 13 SS mYM 33 Uff s 8 Mainz at which Mr Schily accuses ties taking money from industry, David Thomas, Labour Staff Systems. Wyttaen- 32 F 13 w> in K 7 45 Traan c -3 27 ahawe Division, C 8 Mr Kohl of lying when be denied and that only tbe procedures in- writes: Mick Murphy, national is to be Selling 27 R 29 84 C 17 03 Imn s 23 73 Mr technology C B1 Mm installed at the Meteorological > 1 31 0pm C 13 hS - _ _ knowing that a charity foundation volved needed to be tidied up. S 21 78 C VWm automotive secretary in the Trans- Office in Stockport. C*tTM S 28 M F 24 re 11* c -a 21 Inca a Q 32 to which Flick money was directed Asked about the possibility of port and General Workers' Union, 79 S 27 81 hri* SB i 34 Vm s -4 a tea C 28 was, in fact, a front organisation sat charges against himself late last, yesterday a 12 64 Fete® 6a 0 32 taw St -5 23 challenged the Govern- SB 1 34 Sa -6 21 up to allow industrial donors such week on TV, he said the whole af- ment to refer GM*s proposed acqui- F 3 S 2 38 c 21 a EX* 37 Zm* c -I a as Flick to evade taxes on their fair was carefully-orchestrated sition of Leyland Vehicles and T-awH Si -8 21 F fMfapr tt oM itf matay? contributions. "mudslinging" ahead of the elec- Rover to the Monopolies and Merg- S 14 57 I 14 67 C-Oufr HMofci F-M IHM Fb-Fob B-ftaa The Bundestag committee has tions. He dismissed all talk of resig- ers Commission. - — — S-Sma-SiMt So-SoM its T-lhndv completed work, with its govern- nation as hypothetical I News analysis. Page 12 1 21 HOMEOFTHE NATIONAL: - GARDEN FESTIVAL 1986 SECTION U COMPANIES AND MARKETS StaMhiR IVECO FINANCIALTIMES International Truck lechnologf ambitions ace achieved! Tuesday February 18 1986 Italtel share issue hint Gloomy RETURN TO EUROPEAN ROOTS AS US PLUG IS PULLED ON SYSTEM 12 result for ITT is ringing the changes as earnings rise 60% Why People BY PAUL TAYLOR IN NEW YORK BY ALAN FRIEDMAN M UHLAN ITTS decision to abandon efforts to US and utilise them on our Euro- Most of System 12's research and older switching-equipment ITALTEL, Italy’s state-owned tele- to the stock market means that we a reduction of 10,000 workers since adapt its flagship telecommunica- pean contracts." development costs have been writ- Mr Araskog says contract deliver- mmrryii ni^oHAng Express equipment compa- and our shareholders have many 1980 and Mrs Bellisario said that tions product, the System 12 digital The decision for Mr Araskog and ten off along the way. The S105m ies generate bottom-line profits im- ny, lifted 1985 promts fay 60 per cent options which need to be takm into Italtel hoped to bring the workforce telephone exchange switch, to US ITT clearly difficult pre-tax reserve set to the mediately. for, By Wffitam Hall to New York was a one. The up cover So ITT says System to IAObn ($25m), accordingto its consideration in the current merger down to about 15,000 by 1990. standards, highlights the New ITT chairman is angered costs of the final decision to pull the 12 domestic deliveries are profi- ‘ by some managing- director, Maricw talks.” York-based Mrs Last year Italtel spent L134bn on PEOPLE EXPRESS, the rapidly conglomerate's re- mess suggestions that adapting plug on the project win amount to table in three European countries. BeDisario. Fiat said in Turin yesterday growing, cut-price newed dependence on Europe for it research and development, equal to US airline System 12 to the US market was his about $60m to S70m after-tax. "The investment will be justifi- The preliminary fl myy had its manufacturing profit g no comment on the possibility 11 per cent of group revenues. The which warned Wall Street last base. "pet project" Nevertheless, he ac- The reserve will cover, among ed,” says Mr Araskog. "We did not which represents only a modest re- of an Italtel share issue. Stet, mean- Eve-year plan for 1986-1990 rang month that its losses would be When Mr Rand V. Araskog, ITTs cepts tout the effort did have a other items, asset disposals, con- expect to get 12 million lines on or- covery following heavy while, chairman losses in has given no indication that for R&D spending of LIJMbn. in higher than expected, lost $3&2m and chief executive, an- "high priority.” tract losses and cancellations, and der and I think, before we are done, 1981 and 1982, was struck on consol- it is Kkely to decide on a share issue 1985 spending on equipment was In the final quarter of IMS. nounced the System 12 decision What happened to change this severance benefits for toe 1,600 we will get 20 million lines - that idated Italtel turnover for ItalteL late last - of LL230bn, 60bn. The five-year plan to 1990 will Tfae fourth-quarter lass led the week a move that ted to strategy? First, ITT, like other workers in four ITT plants across will fully justify the investment” virtually unchanged on 1984. It is believed, however, that men- total L350bn. group, which started scheduled establishing a preta# SI05m re- competitors, discovered that adapt- the US. About 100 of these employ- By concentrating telecommunica- Mrs BeDisario said yesterday tion of ItatteTs ability to raise cash flights from its Newark headqu- serve to cover toe costs of winding ing European switches to toe de- ees are likely to be transferred to tions equipment resources in Eu- The 1985 turnover of L1330bn in- that positive results in 1983, 1984 on the stock market may have been arters in April 1981, to report a down the US System 12 operations mands of the US marketplace was System 12 operations in Europe. Ac- rope TIT hopes it will be able to cluded L220bn in the field of tele- and 1985 meant conditions now ex- designed to put Fiat on notice that 1985 net loss of $27.5ni, or JTL60 a and plunged the group into a S15m more difficult than had been ex- cording to Mr Araskog about 30 per meet its delivery schedules on time. matics, a rise of 30 per cent on 1984. isted — the partial fourth-quarter under the rules.of the Con- or full merger of Italtel share, on revenues of 3977.9m. In loss - he repeatedly pected. Not only were hardware cent to 40 per cent of the US In the past, ITT has accepted it has Sales of the ITT line of telephone ex- R&D sob stock market authority - for a and Telettra would need significant 1984, the airtine reported a $L6m emphasised that ITT would now be and software changes required, but effort on System 12 has already fallen behind on some deliveries changes were quadrupled last year partial privatisation share issue lev financial compensation from Fiat’s profit, or $016 a share, after tak- free to concentrate its telecommu- the process also required re-writing been applied to European opera- schedules although the group has to LIBObn. Italtel on the Mi tori bourse. Telettra, which had a 1985 turnover ing a $K5m one-time gain on nications resources in Europe. huge volumes of documentation. tions. consistently and fiercely denied it Commenting on the technical co- Her statement however, came in of L475bn, less than half that of the sale of an aircraft ITT, like many other European Even more important, the now in- Mr Araskog also insists that the has lost arty orders as a result operation agreement the wake of ItaheL reached be- People Express revenues rose and Japanese rivals, had set its . recexdty-aunounced dependent Bell operating compa- move will have little long-term im- What is immediately clear is that tween four of Europe's largest tele- {dans under which LEU-Stei, the When asked which was ItaKefs by two thirds last year and, fol- sights on becoming the "third sup- nies moved more quickly than ITT pact on ITTs bottom-line results. the derision to abandon the US Sys- communications Italtel state parent company greater priority - a stock market companies 13 lowing hs acquisition of Frontier plier” of digital switching equip- , will expected in the wake of the Bell "We certainly do not regard this a tem 12 project will re-emphasise months ago (Qt-AIcatel of France set up a joint company with the Fiat debutor a joint venture with the R- , Airlines late last year, the group ment to the newly-divested inde- system break-up to buy new digital strategic failure at all,” he says. ITTs European mBBiitomng Siemens of West Germany, Ftessey group to study the feasibility of a at subsidiary - Mrs BelHsario said: now ranks among the top five US pendent Bell telephone operating network equipment "We thought "The US (telecoms market) has roots. Roughly half ITTs S20bn an- of the UK and Italtel), Mrs Bellisar- partial or total merger of Italtel and “Between one solution and the oth- airlines. Its rapid growth is the companies in the US. they would take as much advantage never contributed significant profit nual sales ami half its profits are io said: The first results have been Telettra, the Fiat tetecommimica- er the plan which raises more cash most visible example of the new The US market is dominated by as possible of their current base margins to ITT." As such, he insists generated by ITTs US service oper- positive and the accord is being ex- tions sob&ffiaiy. for Italtel should be the priority.” generation of airlines which have AT&T and Canada's Northern Tele- and build upon it gradually ” says that, while ITT would have liked a ations tended to include new products.” The joint company- which would Aside from discussion of ItalteJ’s been spawned by the deregula- com. But challengers reasoned that, Mr Araskog. Instead, he says, the share of the US ‘digital switch mar- But ITTs manufacturing opera- She also said the venture Italtel un- driim be 48 per cent owned by Fiat, 48 par ability to go to the bourse - which tion of the US industry. in the wake of toe Bell system local Bell telephone companies ket, it is not essential to the group's tions, particularly its industrial dertook in 1982 with GTE and cent by Stet and 4 per cent by Medi- in the context of Italian state indus- However, Wall Street has been break-up, they had an opportunity "moved out” rapidly with new overall strategy. technology group with annual sales Telettra to build a range of digital obanca, the merchant hank - has try is in part a political issue - Mrs concerned that the wompany to grab a slice of a fast-moving mar- equipment orders, particularly last While Wall Street bid ITTs share of S5bn, are already heavily depend- exchanges “has reached its objec- been tadd-to explore plans fora ra- Beffisario also released other preli- might have difficulty adapting to ketplace estimated to be worth year. price up ahead of the formal an- ent on Europe. tives.” tionalisation of the Italian telecom- minary results for last year. Italtel Its rapid growth, which has been about $&5bn a year or about a third Effectively, this created a key nouncement ending the US System "ITT started out almost as a Euro- Italtel's - munications industry through a group debt fell LBObn last year to While 1985 turnover was fuelled by recent acquisitions, of the global totaL "window of opportunity” for new 12 project reflecting toe view that pean company,” says Air Araskog. union between, state (Italtel) and. L510bn, exports represented 5 per static - which was attributed to a and its emergence as a major US Armed with its technologically equipment suppliers. For ITT, ITT should "cut its lenses” in the US The System 12 decision, coupled airline. private (Telettra) companies. cent to 6 per cent of group turnover static level of Italian state invest- People Express shares, advanced System 12 switch, devel- which had planned to deliver its market - one of toe major chal- with ITTs almost completed Sl.Tbn MiaBelMsarfosaidaFiat^Stetac- and Sip,, the Italian state telephone ments in telecommunications which are quoted on the Nasdaq oped in Europe at a cost of about digital switch in late 1987 or 1988, lenges Mr Araskog and ITT will asset disposal and restructuring cord, from an industrial i>oint of company,‘bought about 75 per cent equipment and a drop in the price over-the-counter market, fell by SI bn, ITT appeared to have a head the window was rapidly lamming face is to reasure European and programme, reinforce this Euro- view, would be.a Valid ontcome." of ItsrtteTs 1985 production. of electronics products - Mrs Belli- to 8M following the release of start an some of its rivals. To capi- shut other non-American System 12 cus- pean manufacturing bias. Bat, she added: “Our profitability, The Italtel workforce at the end sario said the Italtel workforce pro- the 1985 results. During the post talise on this base ITT spent about “Suddenly we had a very differ- tomers that ITT remains committed Ultimately, it is this transatlantic our successful technology and the of 1985 totalled 18340, a drop of duced L63m of turnover on a per ca- 12 nwiiflw the shares have $150m during two years attempting ent view as to what was going to be to developing the switch. strategy - which redresses the bal- fact thatwe are in apositioh to go 1,414 yearon-year. Hie 1985 level is pita baas, against L57.9m in 1984. traded between a high of $1554 to adapt the switch to US stan- available to us to get margin” says By re-emphasising the European, ance of ITTs businesses - upon time and a low id $7X. dards. But, for ITT at least, Mr Araskog. The market realities and European export markets for which Mr Araskog is likely to be Mr Donald Burr, founder and ran out began to dawn on ITT early last au- System 12, which Air Araskog still judged. For the moment toe ITT chief executive of People Ex- “When you are crossing a river tumn. To bade up its own observa- claims is a technologically superior chief is still winning high marks Bancaire plans l-for-8 rights press, said the fourth quarter you get to tire middle and decide tions ITT employed a team of man- product, ITT believes it can offset from Wall Street for "biting the bul- was usually the group’s weakest whether or not it’s going to be agement consultants to prepare a any negative implications from its let" while also coming to grips with period , and the latest figures I worth it, or whether to go back to report on US sales prospects. That US derision. some of the problems he inherited were depressed by the acquisi- where you came from, which in our report, prepared by Booz, Allen and Air Araskog also insists that tire from ITTs massive expansion dur- issue to raise FFr 782m tion costs of Frontierand shaipty case is Europe," says Mr Araskog. Hamilton, confirmed DTs view group does not need the US market ing the era of Mr Harold Geneen. higher interest expenses. "We dearly dedded that the US that, "being number three in the US to justify the heavy overall System Development of System 12 in Eu- Net interest costs for the year market, as it now looks to us, is not market in the time period we were 12 investment "We were never ex- rope was, as Mr Araskog notes, al- BY DAVID MAItttf Iff PAH® rose by $22m to $55m. This more worth the effort and that a renewed talking about simply was not worth pecting a large part of ITTs (Sys- ways a "more difficult, higher-risk” so built in than offset $13, rise emphasis BANCAIRE, the spe- February 24 and March 15, will up business savings Im in operat- on Europe and the world- it” tem 12) revenues to come from the approach than developing a less so- CQMPAGNIE 1 profits imnwiiato cialist French credit bank, yester- raise the bank’s nominal capital to instruments and insurance. ing in 1985 to $333m wide market is in order because we The financial cost to US," he says. phisticated "me-too” product But, day announced a 23 per centrise in EFr lJTbn foam FFr L04hn. Savings collected by its insurance Mr Buzr said he was “extreme- will be able to take human re- ITT of toe decision to abandon the Because ITT paid for European like the US "foray” Mr Araskog subsidiary, Cardif, amounted to ly pleased" with the group’s suc- sources from our activities in the effort will not particularly high net coosoBdatad'1985 profits to FFr, . At present bourse levels, Com- FFr be System 12 R&D out of profits from says he has no regrets. mtn 586m ($81m) and aone-foroigbt pagnie Bancaire - which was not 33bn last year. cess in integrating Frontier the People Express system and rights issue to rafaerEFrTSS®* . nationalised in 1983 because it did Overall, Compagme Bancaire - anticipated The bank, 45 per cent owned fay not have huge enough deposits profits, including interests held by he substantial prog- the nationaSaea Paribas financial has a capftafisatitm of more than affiliates, rose 20 per cert to FFr ress in 1986 hi reducing Fronti- . - - LOfibn. In addition to these current ers operating losses. group, is to sen the new shares at FFr.l0bn. : FFr 600 each, well below the or- Commenting on last year’s re- earnings, the bank made FFr 126m ient stock market value of more sults, the bank said total credit vol- profits from securities transactions, than FFt 1,000. ume rose 8 per cent to FFr IQlbn at of which FFr 109m was due to the These securities have been sold oulsuteihe United States ofAmerica and Japan. This announcement The rights issue represents the the end of the year. The bank ads holding company. appears as a matter record only. It funds from the capital Reynolds of first time Campagnie Bancaire has as a holding company for a range of said (he gone to the bourse for equity for 24 subsidiaries engaged in specialist increase wifi be put towards new years. Paribas will be taking up its arras such as lending to individuals expansion opportunities including gmj>n rights in full, reducing to FFr 430m and medium-shed com- extension of its credit business boosted 24th February, 1986 the residual amount to be raised. panies, as well as arranging proper- abroad, as well as development of The issue, to be wade between ty loans and leasing deals. It has al- insurance and savings instruments. by sales Deutsche unit 1“ | Liechtenstein bank sees R. J. REYNOLDS Industries, the likely to make big US tobacco and consumer rosy future after debut products group, yesterday an- nounced a 19 per cent increase in 1965 earnings from continuing big provisions BY JONATHAN CARR IN FRANKFURT operations to $lbn, on sates By Jonathan Carr to Frankfurt v K, BANK in Liechtenstein (Frankfurt) concentrates on portfolio manage-, which rose 28 per cent to SlSJibn. Reynold’s $49bn acquisition Postipankki EUROPEAN Asian Bank (Euras- had a profitable first year of opera- ment and investment advice for in-' of bank), which Is 80 per cent owned turn in 1985 and is doubting its capi- stitutional customers in Germany Nabisco Brands last summer had to a “positive impact," adding fay Deutsche Bazik, wifi need to set tal to DM 20m ($8 3m) prepare and abroad. The emphasis in its 4 akide substantial risk provision for another period of strong tarsi- first year has been given to building cents a share to the group’s earn- against possible business losses for ness growth. up economic and business research ings. However, the group warned Yen 20,000,000,000 the second consecutive year. With total assets at the end of last facilities, that the acquisition was expected Deutsche Bank declined to com- year of DM 121m, the bank pro- Much of the business boost in the to lead to some earnings dilntiim ment on reports of further djfficul- duoed a net profit of DM 579,000 of first year has come from customers in (he current year, “with the 6Vi per cent. Notes due 1991 most pronounced impact in ties at Eurasbank, which Is based in i which DM 500,000 is being put into in Britain and the US, keen for the Hamburg, saying the figures for open reserves. greater investment opportunities in first quarter." 1985 were still undm scrutiny and The bank is a wholly-owned sub- West Germany, Mr J. Tylee Wilson, Reynolds’ would be made public in a few ridiary of Rwwlr in Liechtenstein Despite the current consolidation chief exeentive, said the record Issue Price: 101% per cent. | months. (Vaduz) which has been expanding of the German stock market, this results reflected good perfor- j However, it is understood that al- strongly abroad in toe last few demand is expected to be strong in 1 mance by all the corporation’s ready the need for renewed risk years, notably in Britain and the 1986, too, and the bank plans to set businesses. Higher sales and im- proved margins in its domestic provision is apparent, not least be- US. up a capital investment company in i cause of the bank’s involvement in The Frankfurt-based operation the course of this year tobacco business, international j economically depressed Singapore. tobacco volume increases, and For 1984, Eurasbank and its continued strong performance owners had to set aside a large sum from its Del Monte unit, were the main - believed to hav&been around DM Petrofina in Tokyo link factors pushing profits 400m (S171m) - to cover possible higher. losses, notably on business in Tai- BY PAUL CHEESERIGHT IN BRUSSELS The impact of the Nabisco op- Nomura International Limited Postipankki wan. erations is seen in the group’s PETROFINA, the international oil ing group, and Sumitomo, was on Apart from Deutsche Bank, Eu- fourth-quarter sales of $5J>3ozl Bank of Tokyo International limited Internationa Timkwi and chemicals group, yesterday be- the non-ferrous metals sector. LTCB I rasbank’s owners are Creditanstalt Tobacco's share in the total fell came the second Belgian company Petxofina's collaboration with Su- Bankverrinof Austria (22 per cent), from 593 per cent in the final Mitsubishi Trust & Ranking Corporation (Europe) S. A. Salomon Brothers International Limited hr three months to announce a co- mitomo will start with the exchange Soetete Gta&rale de Banque of Bel- quarter of 1984 to 4L6 per emit in operation agreement with Sumito- of ideas between respective group gium and Amsterdam-Rottasdam toe latest quarter. However, mo, the Japanese trading bouse. experts and seems likely to concen- Bank of the Netijerirods (each 9 while food and beverage sales Bank Brussel Lambert N.V. Bankers trate cm product processing and the Trust International Limited percent}. now accounted for (he major part Although no firm plans have yet development of new products. of Reynolds’ turnover, tobacco Banque Indosuez Baring Brothers Limited been laid, it is expected that the two On the Petrofina side, the move & Co., profits still accounted for more groups will seek collaboration and fits into the increasingly emphatic than half the group's earnings Investment expansion in petrochemi- Citicorp Bank Commerzbank Jyske Bank joint ventures in the petrochemi- trend of continuing operations. from Aktfeagttdhcfaaft cals sector. cals. Reynolds' earnings per share the group bought the County Bank Limited Daiwa Europe Limited The emphasis in the earlier Last week from continuing operations rose plans to raise agreement, involving Soctete Gen- 49£ per cent stake in an Antwerp 28Ji per cent to $160 a share in ' refinery jointly owned with Phillips Dresdner Bank Aktiengesellschaft Fuji International Finance Limited erate de Belgique, the country’s hu- 1985. The number of shares out- gest industrial and financial hold- Petroleum. DKrllOm standing in 1985 averaged Generate Bank Girozentrale und Bank der osterreichischen Sparkassen 2529m, compared with 2809m By Htimy Ban** to Copenhagen Alflfnqywlhdnift the previous year, and the group IBJ International Limited Kredietbank International Group mated its share repurchases JYSKE BANK. based in Jutland, Impala hit by strike esti plans a DKr 110m (512.7m) rights added 28 cents to full-year per- Kyowa Bank Nederland N.V. Mitsui Trust Bank (Europe) S.A. bane After Increasing pre-tax prof- share earnings. BY KENNETH MABSTON IN LONDON itsfrom Iflbn fa The group's tobacco sales rose j^rg^toDKr The Nikko Securities Co., (Europe) Ltd. Sbearson Lehman Brothers International SOUTH AFRICA'S Impala Plati- a year ago. the total for the year to fay 29 per coot in 1985 to S8-lbn last June was EJ.44.4xn. The wmt num Holdings says the disruption interim earrungs from continuing Sumitomo Trust International Limited Swiss Bank Corporation Internationa! Limited dividend Tfanatetf figatw indude an.un- to operations caused by the strike is unchanged at 35 cents. operations rose 13j6 per cent to realised gam in the securities port- $L48bn. The group said Hs do- which began on January I has re- Impala has proceeded with its ex- Swiss Volksbank Union Bank of Switzerland (Securities) Limited folio of DKr 2fo;.Operetmg profits mestic tobacco operations re- sulted in a tas o£B45m (S15.5m) in pansion programme in line with ris- increased by per cent to DKr ported an increase in its share of 12 attributable earnings. Results for ing demand for platinum group me- Yamairiii International (Europe) Limited Yasuda Trust Europe limited cigarette 415t& fattt the . hank allocated DKr the full the US market in 198S year to June are not expect- tals. During toe strike around SWmfor depredation, and bad lost based on consumer data. ed, to be significantly better than 23,000 employees either chose to re- proriskma. Food and beverage sales rose those of 1084-85. sign - some intimidation has been Mr Foul fafornprtdtief executive, 664 per cent to S&5bn in 1985 Meanwhile, results for the first alleged - or were dismissed. said the unusually bust provisions half of the current year show an and earnings from continuing hag reflected » D& 5bn increase in advance in net profits to R10IAn, Remanning now been suc- operations rose 964 per cent to loans and guarantees. cr 177 cents per share, from R50Jhn cessfully completed $763m. « . — February 18 1986 22 Financial Times Tuesday INTL. COMPANIES & FINANCE Bloedel to cut stake in Dutch paper mill BY LAURA RAUN IN AMSTERDAM 985 will made nounced it would trim Its f divi- MACMILLAN BLOEDEL, the Ca- The Dutch company said in a The equity offering be hanking syndicate lead- dend to FI 5 a share from FI 7 the nadian paper products company, is statement yesterday that MacMil- through a .4 previous year, in kne with expecta- almost halving its 48 per cent stake lan Bloedel was selling part of its managed by Pierson, Heldring tions. The Maastricht-based compa- in Royal Dutch Paper Mills to 25 shareholding to generate cash with Pierson and including Amsterdam- doubled its net profit • than per cent with the sole of 1.35m which to pay off debt The Canadian Rotterdam Bank and Algemene ny more FI 1173m «44Jm) last year from Landesbank shares through a European equity company has been a major share- Bank Nederland, to Schleswig-Holstein in IS offering. holder since 19Q1. Royal Dutch Paper Mills also an- FI 63.4m Girozentrale (Incorporated wider Public Law in the Federal Repubiic ofGermany) Schering plans to sell f NOTICE OF REDEMPTION AUSTRIA fine chemicals division REPUBLIC OF A$30,000,000 US$50,000,000 14%% Bonds duo 1992 BY LESLIE COUTT IN BERLIN Conation 3 (a> of »*» NOTICE IS HEREBY GIVEN that, pursuant to tition China Citibank. N.A. as SCHERING, the West German from for its amino Bonds. J******afnovntotjMSt April I. 1988 USS6.000.CC0 prtncfal 1414% Notes due 1991 pharmaceuticals and chemirals adds while Nepera suffered weak redemption on pnn«>alBma*^V bo redumption pneo at 1009b ot the prices and a fall in sales its im- Bondsat for group, wants to sell its loss-making for the fixed . thereat, together with accrued interest to portant vitamin B3. are as follows. fine chemicals division, created in redemption. Bonds selected by lot for redemption 1682. Schering said it preferred a “com- Bonds Denominaied US$5,000 Orion Rqyal Bank f.rnrrted The Berlin-based company said it plete divestiture" but was open- ending « any of the had completed a “strategic reas- minded on other alternatives such Outstanding Bonds bearing seoal numbers sessment" and had decided to con- as joint ventures, mergers or par- toBowmg two digits: Schleswig-Holstein Intematioaal Landesbank S.A. centrate corporate effort on its four tial divestitures. 01 03 04 08 09 10 19 20 traditional divisions. 92 The company wants to concen- 41 75 77 78 84 89 90 Schering had record tnmovor last Westpac Banking Corporation trate on research in its four main year of DM 5bn (S2.1bo) and im- serial nwnbers: divisions and is giving priority to also Bonds bearng me fofiawmg proved profits. It said Morgan Stan- expansion in the US which out- 223 1223 1923 2523 3423 4023 5323 Algemene Bank Nederland N.V. Bank Brussel LambertN.V. ley had been retained as its finan- ranks all other markets, including 623 1423 2023 2823 3523 4123 cial adviser an the divestment West Germany, in sales. 723 1523 2123 2923 3623 4223 The company's firm chemicals di- 4323 Banqnc Paribas Capital Markets Limited Bayerischc Landesbank International 823 1623 2223 3023 3723 SA. vision had a turnover last year of The fine chemicals division was 923 1723 2323 3123 3823 4423 5023 DM 304m, the smallest in the group. formed to concentrate Sobering's 1023 1823 2423 3223 3923 4523 5123 The division consists of Diamalt in biotechnology activities. The com- BHF-BANK International C3BClimited Bonds Denominated USS 1X300 Munich and its subsidiary, SFC, in pany said it had no intuition of re- the Paris, which had combined losses of ducing these and that microbiology Outstanding Bonds bearing serial numbers ending in any of £BC AmroBankLimited GirozentraleuiulBaakderosterreiciiisclien about DM 100m in the past five would be expanded at its West Ger- following two cbgrts: years. The division also indudes man plants in Bergkamen. Re- SparfaR«a« Ahietigeseiltftiaft 00 09 11 20 23 26 35 38 Nepera chemical company in Ham- search would be carried out in West 64 68 70 72 87 Hambros Banklimited Helaba International 54 57 59 SJL man, New York. Berlin at a newly created institute 88 91 95 99 Diamalt was badly hit by compe- for gene technology. also Bonds bearing the following serial numbers: 1 jniJaaKaiilt BhriwIami.Pfah imd Merrill Lynch Capital Markets 2730 3401 830! 9101 9630 International 101 1330 2001 S.A. 201 1401 2101 2801 3430 8401 9130 9701 230 1430 2130 290! 7601 850! 9201 9730 Nederlandse Credietbank N.V. WestLB International S.A. quarterly results 301 1501 2201 2930 7701 8530 9230 9801 US. 401 1601 2301 3001 7801 8601 9301 9830 430 >630 2330 3030 7830 8701 9330 9901 SOI 1701 2401 3101 7901 8801 9401 9930 530 1730 2501 3130 8001 8901 9430 i-y. Mm OBaadgM 1201 1801 2530 320! 8101 8930 9501 1230 1901 2601 3230 8130 9001 9530 Foarib quarter ISM 1084 1 301 1930 2701 3301 820! 9030 9601 9 S A FINANCIAL TIMES SURVEY RflWfUV isasm 1432m Payment will be made upon surrender of Bonds ' Hrtpiulttt B.1m &7S Sure SAM coupons maturing after the date fixed tor redemption, at the offices of Net par share 058 053 Op. nut profits.. 2JSn 1780,900 the Paying Agents as shown on the Bonds. Coupons maturing on April Year Op. oat pur share 0M 1030 1. 1986 should be detached and presented tor payment in the usual niiww — Steam stasm manner. On and after April 1. 1986 merest on the Bonds wiR cease to THE RANDFONTEIN ESTATES IBJin 205m EXHIBITIONS Nut profits KS3m HUM accrue and unmatured coupons win become void. AND Hut pur Ohara.. zoo 224 Op, nut profits T13m ISM following Bonds for redemption in 1985 have not yet been GOLD MINING COMPANY, Op. aet per share, 1021 1088 The drawn presented for payment- WITWATERSRAND, LIMITED flies* CONFERENCES Bonds Denominated US$5,000 (Incorporated m the Republic of South Africa) 21 74 819 858 953 Registration Na 01/00251/06 Monday, March 3, 1986 1089 1084 Bonds NASHUA Denominated US$1.000 Company Announcement 8 9 257 422 SBSAn 5365m Q»CA»qufrwiut In the report for the quarter ended 31 December, 1985, information please contact: Outstanding after Aprfl 1. USS38JOOO.OOO For further , Nut profits... 112m 1S5* 1986 shareholders were advised that sporadic outbreaks of labour Natl 132 453 unrest during December had adversely affected underground IMS 1084 February 1ft 1988 production. Recent labour unrest, most notably Ln the NINA JASINSKI S 8 By Citibank. NA fCSSl Dept.) emBANKO vicinity of Cooke 2 Shaft, has further adversely affected Zt2bn 2JHbn Rurenuu 168.1* 1485m London. Paying Agent aafln. Nut prefits SAm asm underground production. It is expected that the reduction Nat profits .... 415m on 01-248 8000 ext 46U Not par shore. 355 A13 Nut par shun 117 054 in underground tonnage will be largely off-set by the treat- ) ment of low grade material from surface sources. The recovered grade will as a result be significantly lower and is ' '' expected to average about 4.0 g/t for the quarter.. It is hoped, FINANCIAL TIMES . that underground production will have returned to normal by the end of the second quarter of this year. By order of the Board EUROPE’S BUSINESS NEWSPAPER Johannesburg 17th February, 1986 Can Europe New Zealand catch up? £200,000,000 A bound reprint of a series of articles “ Can Europe catch up? ** and “Towards a Free Trade ” Floating Kate Notes 1997 Community —previously published in the financial Times during 1985—Is now available inice £4.95 including postage and packing. In accordance noth the provisions of the Notes, notice is hereby given that, for the three months period. 14th February, 1986 to To place soar order please seed a cheque (payable to 14th May, 1986, the Notes will bear interest at the rate of 12% Financial Times Ltd.) Uk per cent, per annum. Coupon No. 3 will therefore be payable Nicola on 14lh May, 1986 at £1,569.69 per coupon from Notes of Banham £50,000 nominal and £156.97 per coupon from Notes of£5,000 Publicity Department nominal. BTadcn House, 10 Caiman Street London EC4P 4BY S.G. Warburg & Co. Ltd. Agent Bank DnC Den norske Creditbank Primary Capital Perpetual iOQ andNatural GasCommission Floating Rate Notes U.S. $150,000,000 In accordance with the provisions of the Notes, node Guaranteed Hooting Rato Notes due 1 997 Period from February hereby given that for the interest 18. Notice a hereby given that Aw Bede of Interest bar been feted at 8Vi% 1986 to May 19, 1986 the Notes wiB carry an Interest Rate and that the interest payable on the relevant Interest Payment Date August of 8346% per annum and the Coupon Amount per 18. 1986, against Coupon No. 3 in respect of US$10,000 noaened of the U.S.$10.pQ0 wffl be U.S.$207.81. Nates w9 be US$414.79. February I ft 198ft London ByjcSSnnk NA^lCSSi Dept). Apont Bank C/77BAAKO By: Citibank, NA {CSSI Dept). Agent Bank OTIBANKO MANUFACTURERS HANOVER YOKOHAMA ASIA UNITED (Incorporated In Hang Kong) OVERSEAS CAPITAL CORPORATION U.S.$ 1 00,000,000 GUARANTEED FLOATING RATE NOTES DUE 1997 OSS 150,000,000 Guaranteed Floating Rate Subordinated Notes due August 1996 UwcowdMunuUy end Irrevocably guaranteed by hereby given that the interest payable for & Notice is THE BANK OF YOKOHAMA. LTD. the interest period 30th August, 1985 to 28th (Incorporated inJapan) Notice fa hereby givenen that the Rare of Interest for the initial February, 1986, calculated up to and including the i nterest period has beebeen (faced at 8Y»% per annum and that the 18th February, 1986 will be $412.63 pear $10,000 coupon and $2,063.15 per $50,000 coupon. die notes wB be USS5.I95.3I. 18th FEBRUARY. 1986 February 18. 1986, London By. Cnfoank. NA (CSSI Dept), Agent Bank MANUFACTURERS HANOVER LIMITED CmBANCo AGENT BANK — Financial limes Tuesday February 18 1986 INTL. COMPANIES & FINANCE Bell gives revised BHP bid terms Receiver BY LACHLAN DRUMMOND IN MBJOURNE appointed BELL RESOURCES, Controlled Bell share plus A52S0 cash, is shares to be issued. But toe maining 50 per cent of their for Robert. Sigma by Mr Holmes ft Court, &0m shares. Statistical assumptions suggest shareholdings. He declined to yesterday revealed its detailed The result of these conditions these limits will not be pressed, detail any initial defensive terms bid for Broken Hill Pro- is a maximum acceptance of limits which in any case appear moves but said directors would International prietary (BHP), Australia’s 428m shares, representing as flexible as Bell's remaining have in their minds that the largest company, with the price almost 35 per cent of capital legal conditions on the bid bid was a “ completely in- By Wong Sulong in Kuala Lumpur unchanged bom the originally valued at A$3.3bn. which with would make them. adequate proposal” to transfer SIGMA INTERNATIONAL, a announced A$7;70 a share but existing share entitlement The document revealed that control to one Singapore listed company with the. offer seeking 50. per would give the wider Bell Standard Chartered Bank of the Mr Loton pointed to stock- controlled by Hr Tan Koora cent of each remaining share- grotip almost 53 per cent of UK has provided the initial broker research showing a Swan, the Malaysian business- holding.- or. -up to 500m shares. BHP. A$2bn credit line for toe offer, valuation of between ASllbn man and politician and Bell said — had it was to bid However, Bell’s statistician subject to Bell gaining accept- and A$13bn on BHP, which which Is also a major share- shares for 250m BHP in a so- has calculated that the likely ances for 250m shares, it retain- compares with the A39.5bn holder of the collapsed Pan- called pro rata offer but now is outcome is for 20 per cent to 25 ing at least a 35 per cent voting value at the A37.70 a share Electric Industries—has been seeking a fixed proportion of per cent of capital to accept toe share — of BHPs capital, that offered by Belt placed under receivership In line each holding— with pro- bid, taking the Bell group hold- Bell Resources pledged its BHP Bell has retained most of the with outstanding debts of posed new legislation—with a ing to between 39 per cent and holding to the bank and that originally announced conditions more tb»n 8318m (US$8.4m). acceptance minimum condition 44 per cent. Bell Group, its immediate on its .bid—including an absence Three creditor banks of 250m shares. toe formal In lodging takeover parent inject A$324m to Bell of material changes in the oil Development Bank of Singa- However, Bell has it a document, Mr Holmes ft Court made Resources to buy BHP shares. pricing formula in Australia pore, Citibank and Bank of condition of toe bid that its noted ' yesterday that complete Mr Brian Loton, BHP manag- and in changes to takeover legis- America!—have obtained a maximum cash outlay is A$2bn success for toe bid in terms of director, said the bid was lation—although Mr Holmes ft court order and Peat Marwick (US2.4bn) and that toe maxi- acceptance meant that it failed shareholders to as they Court said later these would be Mitchell, the accounting firm, amount of paper eeiiingn mum Issued, because of toe imposed had to consider what would progressively waived as the bid has been appointed reelver. under its alternate bid of one on cash and the number of happen to toe value of the re- progressed. Sigma, originally a «n»n but profltdde metal fabrica- ore, thejagged rock can cause a little rip which may tion company, bought per cent of Pan-Electric last year become a big tear They say you can’t prevent that. MIM Holdings for 8566.7m cash, with the But Goodyear sajd, "Think quick,” and created Sensor Special payout from Aberdare result that its Pan-Electrie plans strike . A$200m now fonns 99 per cent Guard,® an electronic system that shuts down the belt BY JTM JONES IN JOHANNESBURG of its assets. rights issue Sigma bought most of its ifit starts to rip. So minor problems can’t turn into ABERDARE CABLES, South from declaring dividends to (393.1m) from R13Gm and pre- Pan-Electric shares from By Kenneth Maraton, Africa’s leading electrical cable foreign shareholders from pro- tax profits rose to RlO-Sm from company called Wesco, which major disasters. ' Mining Editor maker, has boosted its total fits earned before 1984. R8.6m. is associated with Mr Thu. dividend tor last year 25 Sigma, in turn, is 43.7 per cent MTM HOLDINGS, the Aus- from It is widely believed that the • Northern Engineering Africa, owned the Malaysian-listed tralian base metal and coal cents a share to 82 cents, cut-off date this regulation the 62J> per cent-owned South by of Grand United Holdings producer, yesterday announced although net earnings per share will be advanced progressively. African subsidiary of Northern (GUH), Mr Tan’s master a rights issue -to raise some rose only from 49.1 cents to Aberdare’s directors have said Engineering Industries of toe 55J. cents. UK, Increased turnover by company. A$200m - (US$140.5m or that extraordinary dividends more than two-fifths in 1985 to Shares of Sigma *«*d the £98.7xxl Almost all the increase is the will be declared from time to R294m (S140.3m), but pre-tax GUH, together with those of Shareholders registered on payout comes, however, in what time. profits slipped to 31.1m from Mr Tan’s other companies. March 10' will be offered one toe company describes as an The board believes demand R R 32.2m. Supreme Corporation and new share at A$2 for every five extraordinary dividend for cables Co drop this year, al- of 55 The company, which makes Everpeace, have remained shares held. Following the news cents. It says this has been paid though a substantial increase, in heavy engineering equipment, suspended since last Novem- toe existing shares were AXL55 because its manufacturing sales of optical fibre cables is says that operating Income in ber, when the Pan-Electric in Australia, and 124p in fariiitto* expected. are modern and no several of toe group’s com- crisis came to a bead. London. capital expenditure Turnover increased by means major is panies with large long-term Mr Tan, president of toe Asarco of the US, which needed. of acquisitions in 1985, but contracts is not necessarily Malaydan Chinese AwthUro currently holds 44 per cent .of Aberdare suffered from signifi- Pfcfljpg, the Dutch electrical related to turnover because of (MCA), the largest Chiliad* mtm, ia to take up only 6.3m cantly narrower margins on group, and Altech, toe South toe conservative method of party in Malaysia, is facing 15 new shares out of its entitle- sales. Last March it acquired African electronics company, profit taking. charges of fraud and criminal ment thus reducing Its stake AaefeScottiah Cables, its princi- are Abenlare’s main share- Earnings per share rose to breach of trust in Singapore. in mtm to 37.7 per cent. The pal rival, thereby largely holders. Philips has been 367.9 cents from 312.7 cents and The trial is set for May. 37An shares remaining- out of aiiminatfnp local competition in affected by new regulations in- toe total dividend has been to another development, Mr Asarco’s entitlement are under- toe cables market troduced last year which pre- raised to 145 cents from 130 Tan has tendered his resigna- to placed stood have bem vent South African companies Turnover Increased to R195m cents. tion as iwwgiwg director of already with institutional Multi-Purpose Holdings, the investors, of which about 80 per big Investment aim of toe cent axe Australian. MCA. UPH ftSfhla Mid Wa The issue will raise the HIM board would meet soon to issued capital 603m to shares Pacific Dunlop boosts earnings 34% consider toe Issue. from the present 502Am. MJM Mr Tan, who was instru- says that toe funds to be raised BY OUR FINANCIAL STAFF mental in the rapid growth of They say you can still train pilots in a will be used for general work- MPH, has said publicly, ing capital. The company has PACIFIC DUNLOP, toe Aus- toe 1984 period. The write-offs total A$l-19bn turnover. Sales before his arrest by the Singa- flight trainer that teaches only instrument flying. But a heavy debt burden which was tralian of industrial and were on goodwill from a series in the 1984 first half .were pore authorities, that he con- increased last year by toe pay- A$84&15m. consumer goods known formerly of acquisitions which Sir Brian sidered his work at MPH Goodyear said, "Obsolete,” and helped create a new ment of A5140m to Robert ” Ur as Dunlop Olympic, boosted net Massy-Greene. toe chairman, Pacific Dunlop, which has no “completed when he handed Holmes ft Court tor his 13.3 remaining connection with the flight simulator that gives pilots the sights as well as profits 34 per cent to A$52m said yesterday had significantly over the chairmanship to per cent stake- in Asarco. strengthened toe group. British Dunlop, was helped in Datuk Lee San Choon, a (OS$36.5m) in its first half to! the feel and sound of flying. And with computerized After past losses, MIM December. Most recently, these included Australia by buoyancy particu- former MCA president. to profitability Tf3W returned In toe the £S4fim (348.9m) purchase larly in the construction indus- projectors that react to a pilot’s every move, the sky final months of the year to last However, the figure coi of battery businesses outside try. Sir Brian added. half June. Id toe first of toe before extraordinary the UK from Chloride. Sir . The interim dividend is being Sumitomo Bank is the limit. current year the company raised to 6 cents from cents. . A312.24m against A3262m, Brian said that international 55 earned A330.Bm compared with bringing a 9-7 per cent advance' sales of all Its products contri- Sales and earnings are expected agrees merger to continue at levels. »*«.. a loss of A|26^m in attributable earnings over buted some 20 per cent of the healthy •“ i T V"l* i. By Carta Rapoport in Tokyo SUMITOMO BANK, Jopon’s third largest ** city ” or com- profits Advance at mercial hacl4_ yesterday eon-r Pioneer back to Nippondenso firmed that it Intends to BY YOKO SHIBAYA IN TOKYO BY OUR TOKYO STAFF merge with Helwa Sage, a troubled savings and loan PIONEER ELECTRONIC, the previous year, on sales of NIPPONDENSO, toe manufac- A heavier depreciation bank. Japanese audio equipment Y94£6bn, up 11.9 per cent. turer of electronic car com- burden resulting from higher Sumitomo has agreed to maker, swung back into the Domestic sales advanced by ponents which forms part of capital investment for capacity Helwu’s request that aO jobs black in its consolidated net 20 per cent. However, overseas the Toyota group, tifted parent expansion and rationalisation, at the smaller bank will be result for the first quarter to turnover rose by only 6 per cent, pre-tax profits by 1L4 per cent and higher research and de- secure, salary levels main- December 1985, despite the affected by the negative impact to Y91bn (3500m) last year. velopment expenses were out- tained ot improved to nutdi " steep appreciation of the yen. of toe yen's appreciation which Net profits moved up 15 per weighed by the effects of those at Sumitomo, and Net profits were Y1.07hn cut turnover by an estimated cent to Y4L38bn, on turnover volume production and the Tokyo-based emleyees not be (S5.8Sm), a tuxureund from a Y«bn. of Y90&£2bn, up by toe same rationalisation moves. transferred out of the capi- Y2S4m deficit in the comparable Sales of visual products, proportion. The company of The company plans equip- ta] If they do not want to go. period.of the previous year. Net primarily laser discs, surged by late has expanded sales among ment investment of Y96bn for Despite Hetwa’s estimated earnings per share came out at 37A per cent, while audio equip- toe big three US car makers. the current year. This includes bad debts of around $lbn, Y7.76. against a loss of Y1.72. ment rose 18.4 per cent helped Its direct exports accounted Y52bn for capacity expansion, Sumitomo sees the merger as Pretax profits were Y4.9bn. by buoyant sales of compact for about 13 to 15 per cent of and Y19.5bn for enlarging- or a way to add needed branches total sales. retooling in Tokyo. about 3 j8 times as high as the disc players. existing plants. The Korea Development UNFIN CORPORATION Bank U.S4275,000,000 US $100,000,000 Floating Rate Notes Collateralized Floating Rate US.* 125,000,000 They say you have to change marketing 1995 THE MORTGAGE BANK AND due 2000 Notes due strategy at every foreign border. But Goodyear said, months FINANCIAL ADMINISTRATION AGENCY Forfho three THE KINGDOM OF DENMARK Notice is hereby given that the February 1986 to 14th May 1986 the OF 1«i (Koageriget Danmarfcs Hypotekbank og Rate of Interest relating to the "Now hear this?” And reorganized to market and Interest rate ol BVie% per annumwtth an issue has fixed notes w» carry mi Fmonof/M-vn lining above been at nominal. ) advertise on global basis c interest amount Of U.S.S1 .012.07 per U.S.S50.000 Guaranteed Floating Rate Notes due 1999 Series 96 84 per cent for the period 1 8th a and ommunicate in the win be February 1986 to 18th August The relevant interest payment date Redeemable at the Noteholders’ Option in 1996 universal language of quality and performance. 14th May 1986 uaeraidlHonaRy guaranteed by 1986. Exchange Total interest payable on 18th . Listed on the Luxembourg Stock THE KINGDOM OF DENMARK August 1986 per USS 10900 given that the Rate of Interest for the second Notice is hereby one- Note will be USS42736 and Bankers Trust month sob-period has been fixed at 8%*% pa. and that the interest per US$250,000 Note will be AgentBank payable for the second one-month sub-period in respect of Company UB91.000 US$10,684.03. of the Notes will be U-S.36&68. This amount will accrue towards the interest payment due April 15, 1986. Agent Bank: Morgan Guaranty Trust Company of New York NA.(CSSI Dept.), Bank ByTSribank, Agent CfTIBANKO London NOTICE OFPREPAYMENT £100,000,000 Guaranteed Floating Rote Notes duo 1991 THE DAIWA RANK, Citicorp Overseas Finance U.S. $400,000,000 Corporation N.V. BANQUE FRANQAISE LIMITED EXTER1EUR (Incorporated b> Japan) »iuJpo.w.rf ww,fahdfahaBr at ew> M.a rfwi rt omieij DU COMMERCE Uncondtfionoity guaranteed by Guaranteed Floating Rate US$20,000,000 cmcoRPo Notes Due 1997 Rate For the three months February 18, Callable Negotiable Floating Nofies is hereby given that toe Role of Interest has been fixed at the ~ 1986 to May 19, 1986 Notes 1 2'Vi6% and fin! the interest payable on the relevant Merest Payment Dollar Certificates of Deposit will bear interest at 8¥ie% per Dale, May 1 9, 1 986, against Coupon No. 9 in respect of £50,000 -No. 000301 to 000320 toned on 28m March, 1983 annum. US$20791 will be pay- Notes w3l be ,597.1 respect No. 000331 »000334Iiuiod an 30tb Match, 1983 nomind ofthe £1 7 and in of£5,000 nomind able on May 19, 1986 per $10,000 No. 30006S to 300070 hand on 3U* September 1983 of the Notes wiH be £1 5972. principal amount of Nates. No, 30007V to 3O0083V 1984 N£ 300085 to S0DG88 VfBood on 28th September February ? 8, 1 986, London ______~ NiIl 300090 J By: Gtbanfc, NA (CSSI Dept), Agent Bank CITIBANK*? Maturity D«te 31M Muck, 1937 Optional^ CMabte in Mini, 1985 Notice is herebygiven ihas in accordance with Clause 3 erf the Certificates ofDeposit (the ‘‘Certificates’*). The Daiwa Bank, , Sometimes, it just doesn't to listen r amtcd( tiieBank^)wiBprepayafloulstaDdSiigCgtificateson pay 27th March, 1986 (toe “Prepayment Date*), at toarprincipal to what1 "they” say. amount. payment of the principal amount, together with accrued IB Ireland Prepayment Date, wffl be made on the {merest to the . BANQUE 1NDOSUEZ £50,000,000 GOODpYEAR Prepayment Date presentation and surrender of toe Floating Rate Tnwrinr ffHtart' Haniin fc Ananwatea Aft at the London Branch of the Bank. US$200,000,000 Floating Rate Notes Due 1997 Notes 1993 Certificates Zurich, Switzerland. Tdepbtt*: 01 201 4090 la accordance with ibe provisions 1 will cease to accrue an toe Certificates on toe For the three months Interest of ibe Notes, notice b hereby given 18th February, 1986 to 19ih May, 1986 PrqpynuntDate. that the rale of interest for die three C1936The GmfrarlteftRx&a Gampsy the Notes will cany an interest rate mouths period 14ib February, 1986 IteDairoBank,tJinSted of 836%-per annum and coupon amount of to Nth May, 1966 has been fixed at LondaaBmdi US$209.38 per USS10.000 note, and 13ta per cent per annum. Cospoo ‘ US$5,234.38 per US$250,000 note No. 10 will therefore be payable ax -OMmneraalUnionBuadira. £79628 per coupon from 14th May, the Luxembourg Stock Exchange > StHdtej^lUnd^sbaft,LondonK3A8ir Listed on by 3986. Bankers Trust S.Gl Watoorg & C0b Ltd B Company Agent Bank ISA Bdxittxft 1986 \ AgeatBank . ‘i ^ 18 1^86 Financial Times Tuesday Febraaiy INTERNATIONAL COMPANIES and FINANCE William Hall on a World Bank investment concept USS uaa Stare prieesoe Hungary to renegotiate Looking for Third World winners concessons ” are bankers facility OVER THE nest few weeks a closed-end Investment trust, land and the Philippines. which $210m select group of professional The initial offering will be in If the fund goes well, addl- sometimes expected from in- investors around the world will the form of a private placement tiomal tranches will be issued vestors in return, THIRD BY PETER MONTAGNON, EUROMARKETS CORRESPONDENT he receiving a copy offer- about dozen Investors with and the hope is that the fnud mi- Gill, however, says that of an to a WORLD renegotiating tioa fee of 40 basis points state for Jpumctog ing circular for the Emerging the intention eventually of will grow to $500m or more and talks with Templeton never got HUNGARY is MUTUAL the terms of $210m bankers Hungary, with gross debts of Midi Markets Growth Fund (EMGF), taking the fund public with a its portfolio will expand to to the stage of breaking down, a lee » msu FUNDS acceptance facility arranged some $llbn, has seen its borrow- comautoaent « the first diversified Third World listing on the New York Stock cover some 20 to 25 countries, and adds that the IFC picked mutual fund. Exchange. However,. the concept has to be the best fund manager. The idea has been hatched The project Is an important proven before it can be sold to plays down the role of the IFC fund by the International Finance test of investors* willingness to the public. Some rival once the fund is up and run- IFC’s Corooration flFCl the nrivste risk their money in the Third managers question the ning. The board of directors, to ability success of its Mexico enterprise arm of the World World—an area where some to make a be elected by the initial inves- spectacular latest venture. told Bank. It hopes to capitalise on investors have made tors, will set the broad policy like the success of specialiaed funds, gains ^ but others, the Some are concerned about the and country exposure limits Britls Brazil, have been the like the Korea Fund which it h to potential bureaucratic con- based on recommendations helped launch 18 months ago badly burned. For the IFC, it is straints of the IFC which has of Capital Research's managers, to encourage equity investment also being seen as a potentially motives sometimes different It is not certain that the IFC usef level to P«suade Third those a commercial wiUbe represented on the in parts of the world normally ?l . from of World countries to open up considered off limite bv trad£ institution. The IFC has roughly 50 per cent below net ** markets outside C f manirere.nJ their capital to some trouble selecting Apart from investors’ poten- asset value. investors - manager its fund and one tial concerns about IFC’s com- °The ^cmt hhS^Eenerated for By contrast, investors in the bai -through the sale and placement, the ^vourites, the Templeton merdal approach to its latest Korea acceptance commission received *i«u< The IFC has already recruited of Fund have done very rear of Euronote*. . _ unS5al“^fm ^rnSg^Sd out the run- Naztonale mami^rR. o^enbSvin the the Los Angeles-based Capital group, dropped of hk • Italy’s Banco ning after it failed to agree on deH'AgrlcoTtura appointed US^S*? are attracted bv the Research mid Management byy has Company to how the fund should be run. and Merrill bw> ti£t manage the tod. Citicorp, QBC and hopes to raise around Templeton, which is one of the*' Hitachi/ oftomorrow " if J50m initially. “It is very much a the most successful inter- the fund is a success. pilotnu project,”piujct-L, says MrHU Gill.urn. nationalUduuuai fundtuuu managers,luouogcio, tuc iuao axiu icwoiuh 598.000. 495.000. Approximate420.000.Size of Transaction Cash Tender Offer $3,000,000,000395.000. Repurchase of 26% Interest (Pending) 000 Divestiture of Canadian Reserve Oil and Gas Ltd. 193.000.000 Purchase of Philadelphia Refinery and 000 Associated Service Station Operations in New York and Pennsylvania 193.000. 138.000. Pantry Pride, Inc. Purchase of Norcliff Thayer and Reheis 000 107.000. Chemical Dunlop Holdings pic Leveraged Buyout of Dunlop Tire Corporation, 000 a subsidiary of Dunlop Holdings pic, with 98.000. Management and First Boston as Investors Reckitt & Colman pic CXBA-GEIGY AG Divestiture of Airwick Group 77.000.000 Svenska Tobaks AB GraxidMet USA, Inc. Purchase of The Pinkerton Tobacco Company 000 44.000. Klockner-Humboldt-Deutz AG Allis-Chaimers Corporation Purchase of Agricultural Equipment Division and 000 43.000. Corporation AUis-Chalmers Credit 39.000. Nationale-Nederlanden N.V National Distillers & Chemical Divestiture of. Indiana Insurance Co. 105,000,00036.000. Corporation M.LM. Holdings Limited Weeks Petroleum Limited Purchase of 14.5% Interest in ASARCO 000 Incorporated 35.000. UnileverN.V. and Industrias Gessy- Anderson, Clayton & Co. Divestiture of Brazilian subsidiary, Anderson, 000 Clayton S.A. Industria e Comerico (Pending) LeverLimitada 26.000. CIBA-GEIGYAG Spectra-Physics, Inc. Purchase of 20% Interest 000 Essdte Business Systems Inc. Boorum & Pease Company Cash Tender Offer 000 Aachen and Munich Holding Company Academy Insurance Group, Inc. Sale of Newly Issued Convertible Debt (Pending) 000 Unilever N.V Anderson, Clayton & Co. Divestiture of Mexican subsidiaiy, Anderson, 000 b.y.wn-o- • •• v." - Clayton & Co., S;A. (Pending) Blagden Industries pic City Investing Company Divestiture of European Manufacturing Operations 35,000,00019.000. of City Investing International, Inc. 17.000. ,a ^ijj^izabal LatHreccion General Del Patrimonio Divestiture of Diez-Merito, S.A. and Bodegas 000 Del Estado Espanol and Romasa, S.A. Ihtemacionales, S.A. Allied Lyons pic (through its wholly La Direccion General Del Patrimonio Divestiture of Fernando A. De Terry, S.A. and 000 owned subsidiary Harveys of Bristol Del Estado Espanol and Rumasa, S.A. Palomino Y Vergara, S.A.. Limited) Agfa-Gevaert, Inc., a subsidiary of Matrix Corporation Purchase of 10% Interest 22,000,000 Bayer AG Ing. C. Olivetti & C., S.p.A. Docutel/Olivetti Corporation Merger for Cash 20,000,000 Bralome Resources Limited Mark Products, Inc. Merger for Cash 000 Co Op Aktiengesellschaft La Direccion General Del Patrimonio Divestiture of Garvey, S.A. 000 Del Estado Espanol and Rumasa, S.A. Barrick Resources Corporation Texaco Inc. Divestiture of Getty Gold Mine Company Undisclosed Caribbean Bottling Company Coca-Cola Bottling Co. Consolidated Divestiture of Caribbean Bottling Limited Undisclosed Wv •= (Bahamas) Limited Charterhouse Group International, Inc. Allied-Signal Inc. Divestiture of C & D Power Systems (Pending) Undisclosed Credit Suisse Max Gnmdig-Stiftnng Divestiture of Grandig Bank Undisclosed The Deceuninck Family City Inverting Company Divestiture of Deceuninck Group (Belgian and Undisclosed other foreign companies) >-r City Investing Company Divestiture of Photofinishing Holding Undisclosed Fnji Photo Film (Europe) GmbH and t VJ'm Borsnmij Investment B.Y International B.Y Hong Leong Corporation Ltd. City Investing Company Divestiture of Rheem (Far East) Pte. Ltd. Undisclosed i'sr . Hosokawa Micron Corporation Ashland Oil, Inc. Divestiture of U.S. Filter Systems, Inc. Undisclosed Ingenieria Empresarial C. por A. Coca-Cola Bottling Co. Consolidated Divestiture of Refrescos Nationals, C. por A. Undisclosed • A New Corporation Organized By Ministry of Transmit—Government Privatization of Northern Transportation Undisclosed Iniivialuit Development Corporation of Canada Company Limited I and Nunasi Corporation m&m- m General Electric Company Purchase of Thermal Systems Division Undisclosed Kawasidti Steel Corporation Insurance Ltd. Undisclosed ' Metropolitan Life Insurance Company American General Corporation Purchase of Albany Life Company, Negri River Corporation Limited and Amselco Exploration Incv, a subsidiary Divestiture of Colosseum Gold Project (Pending) Undisclosed Grant’s Patch Mining Limited of BP North America, Inc. Products Undisclosed Orsan S.A., an affiliate of Lafarge Celanese Corporation Divestiture of Ag Group Coppee S.A. few PrihaOy Texaco Inc. Divestiture of Chembond Corporation Undisclosed Rheem Empreendimentos Industrials E. City Investing Company Divestiture of Rheem Metalurgica S.A. Undisclosed Comerciais S. A. Undisclosed Suntory International Corp. Kentwood Spring Water, Inc. Merger for Cash Interest Undisclosed Time Incorporated Asiaweek, Ltd. Purchase of 80% . United Investors Limited Coca-Cola Bottling Co. Consolidated Divestiture of Wometco Newfoundland, Limited Undisclosed Undisclosed Utah International Inc. Texaco Inc. Divestiture of 50 % Interest in the Escondida copper deposit (Pending) Q0ntjnued on following page Note: FM BoakMfli ettsnfs ara bdkattMl by bold prfnL rSm i apJ 1 1 f# 1 s jagga.!. ; H | ZJm ||: 'i iBSIa IS J9S6 Financial Times Tuesday Februaiy . I DOMESTIC U.S. 5.000. 5.122.000. Acquired, Selling or Assignment or Form Approximate Size Target Company of Transaction of3.800.000.Transaction 3.560.000. Philip Morris Companies Inc. General Foods Corporation Cash Tender Offer $5,700,000,000 3.500.000. Hughes Aircraft Company Merger for Cash and General Motors Class Common Stock 000 Genera] Motors Corporation H 2.500.000. ADkd Corporation The Signal Companies, Inc. Cash Tender Offer/Common Stock Merger 000.000 Baxter Travenol Laboratories, Inc. American Hospital Supply Corporation Merger for Cash and Securities 000 United States Steel Corporation Texas Oil & Gas Corporation Merger for Common Stock (Pending) 1.700.000.000 Capital Odes Communications, Inc. American Broadcasting Companies, Inc. Merger for Cash and Warrants (Pending) 000 1.380.000.000 The Coastal Coiporation American Natural Resources Company Cash Tender Offer . 000 American Television and Communications, Westingbonse Electric Coiporation Divestiture of Group W Cable, Inc. (Pending) 2. 100.000 1.300.000. Inc., Tele-Communications, Inc., et aL 1.150.000.850.000. Kohlberg Kravis Roberts & Co. Aflied Corporation Divestiture of 50% Interest in Union Texas Petroleum Corporation 755.000.000 Investor Group 720.000. Mesa Partners Phillips Petroleum Company Takeover Defense (Tender Offer Unsuccessful) 690.000.000 (Mesa Petroleum/Wagner-Brown) Exchange Offer for Debt Securities 675.000. Cox Enterprises, Inc. Cox Communications, Inc. Cash Tender Offer 000 MidCon Corp. United Energy Resources, Inc. Merger for Cash and Common Stock 637.000.000 565.000. Buyers Sun Company, Inc. Divestiture of Certain Oil and Gas Properties (Pending) 000 Various 565.000. Taft Broadcasting Company Gulf Broadcast Company Purchase of Broadcast Properties 000 Home Group, Inc. City Investing Company Spin-Off to Shareholders of 100% Ownership in Home Group, Inc. 508.000.000 Rarer Group, Inc. Pantry Pride, Inc. Purchase of Revlon Pharmaceutical Business (Pending) 000 International Minerals & Chemical Avon Products, Inc. Purchase of Mallinckrodt Division (Pending) 493.000.000 Coiporation 480.000. 480.000. THL Holdings Inc. SCOA Industries Inc. Merger for Cash and Exchangeable Preferred Stock 000 476.000. Group Inc. Colonial Penn Group, Inc. Merger for Cash (Pending) 000 FPL 450.000. Kohlberg Kravis Roberts & Co. City Investing Company Divestiture of Motel 6, Inc. 000 Investor Group 440.000. 000 Citizens and Southern Georgia Coiporation Landmark Banking Corporation Merger for Common Stock 417.000. of Florida Ford Motor Company National Intergroup, Inc. Purchase of First Nationwide Financial Coiporation 000 Security Pacific Corporation Arizona Bancwest Corporation Merger for Cash (Pending) 402.000. 000 Time Incorporated Southern Progress Coiporation Merger for Cash and Equivalents 395.000. 000 SFN Holding Company SFN Companies, Inc. Merger for Cash and Exchangeable Preferred Stock 000 384.000. Ralston Purina Company Divestiture of Foodmaker Inc. 000 Gibbons, Green, van Amerongen 374.000. Investor Group 370.000. Business 000 Find Motor Company Sperry Corporation Purchase of New Holland Farm Equipment (Pending) 335.000. - Owens-Coming Fiberglas Corporation ArmcolnC. • Divestiture of HITCO, Ladish Co., and 315.000. 000 i Oregon Metallurgical Corporation 300.000. : “ .Suburban Merger for Common Stock(Pending) , 290.000.405,00fc000 SovrimFinancial Corporation., : _ Bancorp ... 000 i Berkshire Hathaway Inc. • The Scott & Fetzer Company Merger for Cash (Pending) 270.000. Citizens and Southern Georgia Corporation The Citizens and Southern Merger for Cash (Pending) 252.000.000 Corporation (S.C.) 246.000. G.D.Searfe&Co. Certain Searie Family Trusts Divestiture of 15% Interest 000 236.000. Emerson Electric Co. Automatic Switch Company Merger for Common Stock 000 230.000. The PHfebury Company Diversifoodslnc. Cash Tender Offer 000 United Bancorp of Arizona Merger for Cash (Pending) 000 Union Bancorp 225.000. Corporation Divestiture of Western Auto Supply Company 000 Wesray Capital Corporation Beneficial 225.000. Coca-Cola Bottling Co. Consolidated WEI Enterprises Coiporation Purchase of Wometco Coca-Cola Bottling Company 000 Merger for Common and Preferred Stock 000 Castle & Cooke, Inc. Flexi-Van Corporation 215.000. Lincoln National Corporation The Western Casualty and Surety Company Merger for Cash 206.000.000 Metropolitan Life Insurance Company Transworld Corporation Divestiture of Century 21 Real Estate Corporation 199.000.000 Scripps-Howaxd Broadcasting Company WXYZ-TV Detroit, Michigan and Purchase of Assets (Pending) 198.000.000 WFTS-TV, Tampa, Florida 194.000. Xidex Corporation Dysan Corporation Merger for Common Stock 190.000.000 First Boston, Inc. and Kelso & Company American Sterilizer Company ESOP Leveraged Buyout and Cash Tender Offer with 175.000.000 Investor Group Management, First Boston, and Kelso & Company as Investors 170.000. Allegheny Beverage Corporation City Investing Company Divestiture of Servomation Corporation 000 165.000. Corporation Reliance Group Holdings Inc. Purchase of Pazgas Inc. 000 National Dbtillexs & Chemical 150.000. Corporation Merger for Cash and Common Stock 220 000 000 Society Corporation Centran 146.000.. Madison Resources, Inc. Adobe Oil & Gas Corporation Merger for Common and Preferred Stock 142.000.000 Mfrflantic Banks, Inc. Heritage Bancorporation Merger for Cash and Common Stock 135.000.000 USLKCO Corporation International Bank Merger for Cash, Notes and Common Stock (Pending) 000 130.000. Colt Industries, Inc. Walbarlnc. Cash Tender Offer 000 Crane Co. UmDynamics Corporation Cash Tender Offer 130.000.000 Houston Industries Incorporated Fhmr Corporation Divestiture of Oil and Gas Operations 120.000.000 Eastman Kodak Company Verbatim Corporation Cash Tender Offer 000 Soo Line Corporation Chicago Milwaukee Coiporation Divestiture of Core Railroad Assets of the Chicago, 000 Milwaukee, St. Paul and Pacific Railroad Company 95.000. Gannett Co., Inc. Dm Moines Register and Tribune Company Divestiture of TheDes Moines Register 80.000.000 FMC Corporation GulfResources & Chemical Corporation Purchase of Lithium Corporation of America 000 78.000. LPL Investment Group Inc. Times Fiber Communications, Inc. Merger for Cash (Pending) 000 76.000. Advance Publications, Inc. The New Yorker Magazine, Inc. Merger for Cash 73.000.000 CMC Holding Company Colt Industries, Inc. Divestiture of Crucible Materials Corporation 67.000.000 and CrusteelLtd. Harcourt Brace Jovanovich, Inc. City Investing Company Divestiture ofFederal Home Life Insurance Company and 000 PHF Life Insurance Company Itel Corporation Great Lakes International Inc. Cash Tender Offer 000 Colgate-Palmolive Company Baxter Travenol Laboratories, Inc. Divestiture of American McGaw Division 000 Shell Oil Company Maratfaoa Oil Company, a subsidiary of Divestiture of Certain California Oil and Gas Property Interests 111,000,000 United States Steel Corporation AmSootfa Bancorporation FirstGutf Bancorp Inc. Merger for Cash and Common Stock 110,000,000 CBS Inc. Taft Broadcasting Company Divestiture of KTXQ-FM, KLTR-FM, WLTT-FM, WYNF-FM, 108,000,000 and WSUN-AM Radio Stations Power Test Corp. Texaco Inc. Divestiture of Northeast Marketing Activities of Getty Oil Company 000 Citizens Financial Group Inc. Capitol Bancorporation Merger for Cash (Pending) 000 Colson, Inc. Washington Bancorporation Purchase of 80% Interest (Pending) 78,000,000 Parker-Hamdfin Corporation Scovilllnc. Purchase of Schrader Bellows Division 000 Hibernia Corporation Fidelity National Financial Corporation Merger for Cash and Common Stock (Pending) 000 Baxter Travenol Laboratories, Inc. Compncaie,Ihc. Merger for Common Stock 000 Sovran Financial Corporation D C National Bancorp, Inc. Merger for Common Stock (Pending) 000 ftota: First Boston's dtenta m hnScated by bold print. Acquired, Selling or Assignment or Form Approximate Size 65.000. Acquiring Company Target Company of Transaction of Transaction 60.000. Seagull Energy Corporation ENSTAR Corporation Divestiture of Alaska Pipeline Co. and $ 65,000,000 . Assets of ENSTAR Natural Gas Co. 58.000. 56.000. Xidex Corporation Control Data Corporation Purchase of Business Products Group 000 55.000. first Boston, Inc. Investor Group Castle & Cooke, Inc. Leveraged Buyout of Bumble Bee Seafoods Division, with 000 55.000. Management and First Boston as Investors 55.000. American Continental Corporation Anderson, Clayton & Co. Divestiture of American Founders Life Insurance Company (Pending) 000 50.000. Register and Tribune Company Divestiture of Interest in Cowles Media Company 000 Gannett Co., Ibc. Des Monies 14% 43.000. Equimark Purchasing Partners Eqaimarfc Corporation Recapitalization 000 Xidex Corporation Xidex Magnetics Corporation Merger for Common Stock 42.000.000 Zeigler Coal Holding Company Houston Natural Gas Corporation Divestiture of Zeigler Coal Company 40.000.000 38.000. Holly Corporation Holly Corporation Recapitalization 000 38.000. Coastal Corporation Texaco Inc. Divestiture of Eagle Point Refinery Complex 000 The 34.000. (-{-inventories) 30.000. Piedmont Aviation, Inc. Empire Airlines, Inc. Merger for Cash (Pending) 000 30.000. 000 Gannett Co., Inc. Des Moines Register and Tribune Company Divestiture of The Jackson Sun 28.000. 000 m 3& Ash Grove Cement Company Alicia, Inc. Divestiture of Arkansas Cement Corporation 19.000. Chevy Chase Savings and Loan, Inc. B.E Saul Mortgage Company Merger for Preferred Stock 000 The Coastal Corporation Texaco Inc. Divestiture of Getty Minerals Company (Skyline Coal Mine) 16.000.000 Texas Oil & Gas Corp. Occidental Petroleum Corporation Divestiture of Lathrop Gas Field 000 United Banks of Colorado, Inc. IntraWest Financial Corporation Purchase of 2 IntraWest banks (Pending) 9.000.000 CP National Corporation Ocean Technology, Inc. Merger for Cash 000 PSFS First Federal Savings and Loan Merger for Cash 000 fcSSs! Association of Winter Haven 5.000. The ChaseManhattan Corporation Third Century Leasing Group Merger for Cash (Pending) 4.000.000 Criterion Mortgage Holding Corporation City Investing Company Divestiture of Criterion Financial Corporation 16,000,0003.000. Recognition Equipment Incorporated Datapoint Corporation Purchase of Certain Assets of Inforex, Inc. 12.000.000 Huckvale Acquisition Inc. City Investing Company Divestiture of Guerdon Industries Iiic. 11,000,000 Riverside Corporation Western States Life Insurance Company Divestiture of Alliance Life Insurance Company (Pending) 000 Lilly Industrial Coatings, Inc. Celanese Corporation Divestiture of Certain Assets and Liabilities of Almatex Ltd. 8 . 000 000 SecurityBenefit Life Insurance Company The First Pyramid Life Insurance Merger for Cash 6, 000,000 Company of America Cebnese Corporation Codenoli Technology Corporation Purchase of 10% Interest 000 W& D Securities Inc. Associated Madison Companies, Inc. Divestiture of AC Securities, Inc. 000 Inc. Purchase of 21.5% Interest 000 Ef Cefamese Corporation Interactive Radiation, Ackerley Communications Incorporated Des Moines Register and Tribune Company Divestiture of KSGO-AM and KGON-FM Radio Stations Undisclosed Air Products and Chemicals, Inc. Texaco Inc. Divestiture of Getty Synthetic Fuels, Inc. Undisclosed American Bakeries Company Cotton Brothers, Inc. Merger for Cash Undisclosed AMETEK,Inc. Ashland Oil, Inc. Divestiture of PanAlarm International, Inc. Undisclosed - Atlas Foundry & Machine Co. Ashland OH, Inc. Divestiture of Atlas Foundries Division Undisclosed The Bank of New York Company, Inc. Security Pacific Corporation Divestiture of RMJ Securities Corporation (Pending) Undisclosed BMTAcquisition Corporation Beverage Management Inc. Merger for Cash Undisclosed Burnham Broadcasting Company DesMoines Register and Tribune Company Divestiture of KHON-TV and KAH-TV Undisclosed Cefamese Corporation Endotronics, Inc. Purchase of 28% Interest Undisclosed Inc. Purchase of 25 % Interest Undisclosed . Cefamese Corporation Osmonics, Purchase of Undisclosed Centronics Data Computer Carp, Trilog, Inc. . Assets v-ffe*; C.I.T. Corporation American Hoist & Derrick Company Divestiture of Finance Receivables of Amhoist Credit Corporation Undisclosed Cities Service Company Texaco Inc. Divestiture of Coltexo Corporation Undisclosed Undisclosed The Coastal Corporation Texaco Inc. Divestiture of Northeast Pipe Lines and Terminals (Pending) Cyprus Minerals Company Texaco Inc. Divestiture of Plateau Mining Company, ColoradoYampaCoal Undisclosed .o.w u.r :«* Company, Twentymile CoalCompany and various other related companies with the Undisclosed ;;;FW Boston, Inc. toestor Group The Pillsbury Company Leveraged Buyout of The Chart House, First Boston Mezzanine Investment Partnership, Management and First Boston as Investors PMC Corporation Gulf Resources &Chemical Corporation Purchase of BS&B Engineering Company Undisclosed FOC Corporation The LTV Corporation Divestiture of Fibercast Company (Pending) Undisclosed Undetermined Freeport-McMoRan Inc. Master Freeport-McMoRan Inc. Formation of a Master Limited Partnership for purpose of holding selected Oil & Gas Properties (Pending) . • Lauited Partnership Unitholders. Undisclosed The Goodyear Tire & Rubber Company Texas Eastern Corporation Divestiture of Automotive Services Division (Pending) Caco-Pacific Divisions Undisclosed Harvard Industries, Inc. Amerace Corporation Divestiture of Esna and Undisclosed Hawkeye Acquisition Corporation Texaco Inc. Divestiture of Hawkeye Chemical Company in Corporation Undisclosed The Henley Group, Inc. AHied-Signal Inc. Spin-Off to Shareholders of 70% Ownership New formed to own 30 Allied-Signal Business Units (Pending) Undisclosed IngersoH-Rand Company Textron, Inc. Purchase of Fafnir Bearing Division of Undetermined International Paper Company International Paper Company Formation of a Master Limited Partnership for purpose Master Limited Partnership Unitholders holding approximately 7,000,000 acres of Timberland Unit (Pending) Undisclosed Kirtland Capital Corporation AlUed-Signal Inc. Divestiture of North American Refractories Baxter Travenol Laboratories, Inc. Divestiture of American Haemonetics Corporation Undisclosed &&!*?$ Latham Labs, Inc. Undisclosed °k0f%w3 Lockheed Corporation Avicom International, Inc. Merger for Cash jrfJSy-'f'ffjiLj Texaco Inc. Divestiture of 40% Interest in WycoPipe Line Company Undisclosed : Mobil Corporation The New York Times Company Des Moines Register and Tribune Company Divestiture of WQAD-TV Undisclosed Undisclosed askr?# O. H. Materials Corporation Environmental Testing & Certification Merger for Common Stock (Pending) Corporation Radio Stations Undisclosed Price Communications Corporation Des Moines Register and Tribune Company Divestiture of WIBA-AM and WIBA-FM Republic Supply Division Undisclosed Republic Supply Co. The LTV Corporation Divestiture of Certain Assets of Undisclosed RevcoDiL, Tnc. IC Industries, Inc. Purchase of Carls Drug Co., Inc. Divestiture Holdings, Inc. Undisclosed RSP&M, Inc. Ashland Oil, Inc. of Casbco The Rymer Company Murry’s Steaks Inc. Merger for Cash Undisclosed Arizona Coca-Cola Bottling, Inc. Undisclosed Swire Bottlers Inc. Investeo Partners (comprised of Divestiture of Northern Coca-Cola Bottling Co. Consolidated IP'i and FBCC Holdings, Inc^ a subsidiary of First Boston, Inc.) Universal Foods Corporation Sara Lee Corporation Divestiture of Idaho Frozen Foods Corp. Undisclosed Coal Project) Undisclosed Utility Fuels, Inc. Texaco Inc. Divestiture of Getty Coal Company (Malakoff-Cayuga of 1 Ownership in Bros. Homes, Inc. Undisclosed Wood Bros. Homes, Inc. City Investing Company Spin-Off to Shareholders 00% Wood Undisclosed Xidex Corporation Charlton Associates Merger for Common Stock and Warrants (Pending) Note: Rist Boston's cttents an Indicated by bokf prlnL '\ .• 7. . 7 > .%*.**• • '* * In 1985» a period o€increasing global M&A activity. First Bo^on/CreditSufeBe^^ Boston more than 19§ mergers, acquisitions, dive^tftoresaiai lever^sd aX" •?**. % financial advisor *• acted on 4 • r . X buyouts, and ranked Number 1 in Corporate Financing Week's tally of; 198$ merger ami acquisition transactions. First Boston/Credit Suisse .First Boston advised on 7 ofthe 10 $160 million. These included the year’s largest non-oil international merger and tbfe two largest corporate divestitures. At the same time, more than Suisse First Boston’s transactions were under $50 million. "*!* '**./!. :*/ 1 . z« Tuesday Februaiy 18 1986 28 Financial Times UK COMPANY NEWS Martin Dickson assesses the two-way fight for Imperial Group Geest set RHP buys fire detection Hanson loses initiative to United for place £30m deal RARELY CAN a rival have in the companies in seized the initiative in such dramatic fashion from BY CHARLES BATCHELOR Trust, a past master of takeover B ordinary share- near ol tactics. market RHP Group, the ball bearing will be offered to share. *J ^pI^ mSor^ At 9.30 yesterday morning manufacturer and electrical holders at 1S5P per Sorw of MA Hasson duly unveiled its long- By Andrew Gower* engineer, yesterday announced The two companies make have expected higher offer for its most ambitious acquisition equipment to detect andsuppress involved in work special recrauy been Imperial Group, the tobacco, Geest Holdings, Britain's with the purchase of Graviner fires and explosions to ^ leopard H brewing and leisure business and Deugra, two fire detection risk enmronments such as mlU- Gulfstroam IV aircraft largest fruit and vegetable of engines, which last week saw its rival equipment subsidiaries tary and civil aircraft asraAM missile. The importer and one of the coun- Allegheny International, for and missiles, plans for a merger with United guided weapons placed a £2m order on try’s biggest private com- £30m. armoured vehicles and ships. Biscuits, by way of an Imperial February panies. is considering a stock Graviner, which is based offer for United, disappear into RHP believes these products h^«t acquired a string Of near Slough, and Deugra, which jmp the limbo of a Monopolies Com- market flotation as part of its are compatible with its existing «wtrical engineering companies mission reference. plans for growth over the next is just outside Duesseldorf, manufacturing expertise in con- Germany, made combined over ^ past jq years in an At precisely: the same time, five years, the company con- a troi products, sensors, alarms tho bare of operating profit of about £45m attempt to broaden however. United was unveiling firmed yesterday. and photo-electric devices. This culminated in. in the 13 months ended Decem- lts activities. plans for a new link-up with Mr David Ewart, BHP chair- nasm takeover bid for Vain, now Mr Leonard van Geest, ber 19S5. Net assets at December „ Imperial. United was mak- man, said this deal, which has lost April. Muirhead, which chairman, said In statement 29 were about £llm. head ing the bid and at a price a been agreed In principle, would makes facsimile transmission significantly above Hanson's that flotation was -one of a RHP will acquire the Graviner issue bring in companies making a 20 equipment and electrical com- latest number of options” being and Deugra equity by the nf new worth pel cent net margin on sales, pouents, at first rejected but This bold move by United, explored the company with 18.49m shares by to with no debt following the then agreed to the RHP bid. which, it argues, will enable it £24J25m and the repayment its merchant bank. Hambros, agreed repayment and producing i December RHP disclosed it £950m. less than Wilkinson Finance, an Allegheny n tion of about and other advisers. strong cashflow. The price earn- had acquired a 12.6 per cent half that of Imperial, demon- THE MAIN PLAYERS: From left to right. Lord Hanson, chairman of Hanson Trust, Mr subsidiary, of £5.75m of intra- ings multiple paid of just over stake la SPP. a manufacturer of strates how keen the biscuit Geoffrey Kent, chairman and chief executive of Imperial Group and Sir Hector Laing, chair- However, if the company group debt due from the two 11 compared with 14 to 15 for industrial fire fighting equip- company is to cement an alliance man and chief executive of United Biscuits did elect to seek a share list- companies. Ail of the shares a comparable public company. ment, which came to the stock which 4t argues, will enable it ing. this could not take .place new RHP In the market both com- just opened a market a month earlier. to compete much more effec- produces crisps, nuts and snacks, UK before the Autumn and might have been conditionally placed Graviner has profits doubtless be doing all it can to panies have restaurant chains for vendors, £5m 82,500 sq ft factory RHP’s shares were unchanged tively on the world stage. and which made pre-tax be later, he added. the but about new the aggressive approach of £8.1m on turnover of £ll7Jhn talk down the price. (Harvester Steak houses and 53 per cent or 9.79m 25p shares and office premises at Coinbrook at 148p yesterday. And which year of Sir Hector Laing, United's in the year to October 1984. The United offer is made up Happy Eater outlets for Geest, this cele- chairman, should help allay the There should be no shortage of 60 per cent of ordinary Imperial, Pizzaland and Wimpy brates its 50th anniversary, suspicion that the collapse of did of takers tor the business, which shares, 25 per cent of convert- for United) and frozen food has had rapidly-growing turn- original deal with Imperial left could realise £70m-£S0m. United ible preferred shares and 15 per interests (Ross and Youngs tor over In the past few years, his company without any clear to have had at least eight cent cash. It lacks the full under- Imperial. MeVities for United). reaching £37(hn last year com- way forward and open to a pos- inquiries already. written cash alternative which There will be, he argues, sub- pared with £338m in 1984, Hanson Is offering, with Its Goodhead Print ahead Maxwell sible predator. But would this eliminate the stantial benefits in areas such as and £250m in 1980. Net profit shares plus cash or loan notes/ over. danger of a reference? distribution and food research. In 1984 was £3.5m, though the But the battle Is far from convertible stock offer. United has taken soundings at savings in the figure for last year, Hanson, no less than United, has The increase in income offered He also sees to be cots stake considerable credibility riding the Office of Fair Trading and by putting together the two announced shortly, is to Imperial shareholders is US expected 30% at sox months seems confident. The OFT re- on victory in this contest. much Che same under the two companies’ sauce and spice to be considerably better. Its reputation as a takeover fused to confirm or deny that interests. offers. Hanson could always in- Best known for its handling Goodhead Print Group, the £309,000. The interim dividend in BPCC tactician, which at one point last any discussions had taken place, crease Its bid terms again, but Lastly, he argues that the bananas USM quoted printer and free costs £92,000. year seemed to he waning, has while the Hanson camp last of from the Wind- By David Goodbart it has a reputation for not pay- much greater size will give newspaper publisher, raised pre~ . been vigorously revived by its night was busy trying to sow ward Islands, a connection ing over the odds for companies. United the muscle it needs to tax profits by 30 per cent from • Comment hard-won acquisition in the US doubts that any nods and winks that goes back to the 1950's, MR ROBERT MAXWELL, the As a diversified industrial hold- meet American competition in £402,000 to £524^)00 for the half The market had expected solid of SClf, the chemicals and type- to United meant much. the company’s core business is publisher of Mirror Group News- company, with interests in- the growing food markets of the year to November 30 1985. Turn- growth from Goodhead Print so writer group. But some analysts A much greater threat to Sir ing importing am! distributing papers, yesterday revealed that cluding brides and batteries, its Third World. over was up 17.5 per cent at the shares, having risen steadily would nevertheless argue that it Hector’s plans could prove to be fresh fruit and vegetables. his privately-owned Pergamon lacks the obvious synergies £12.34m, against £10.5m. last week, lost 3p yesterday to wants a takeover on the Imperial movements in relative share bid But whatever the logic, it still Press has reduced its stake In Imperial potentially But it also has a growing Earnings per 20p share In- close at llSp. When it came to scale to keep up its beady prices in the coming weds. that make has to be sold to shareholders in the British Printing and Com- creased from 3£p to A3p and the market last summer Good- growth. The United bid at present more valuable to United- United. The terms are much food-processing business and munications Corporation. believes there are there is a maiden interim divi- head had resigned itself to look* stands higher than that from Sir Hector more favourable to Imperial a large division selling house Pergamon's stake has been cut United says it began making areas produce a dend of lp net—the company jng tor growth outside Its con- Hanson but is vulnerable to three which shareholders than the original plants and other garden pro- by 6J5 per emit from 61.5 per contingency plans for a bid for the strong industrial logic for a deal. joined the USM last July. tract printing base. But thanks downward movement in plan, which gave United share- ducts. It has cultivated close cent to 54fi per cent. It is under- Imperial as soon as Hanson Mr Colin Rosser, the chairman, to Mr Eddie Shah’s efforts to tom holders some 41 per cent of the links with retail multiples stood that the disposal of the unveiled its offer in early Decem- says the company is continuing national newspapers from a sun- combined group. The new one such as J. Sainsbury and 8.4m shares was made last week ber. United was stirred Into to experience a healthy demand t0 a sunrise industry, the TERMS could give them Just under 30 Marks and Spencer, through ^ when the BPCC price was 223p. action by the Government's THE for its products and services and company now anticipates rapid per cent on a fully diluted basis. which it sells to That values the stake at over up 300 i derision on Wednesday of last • UNITED BISCUITS: Five new ordinary shares plus five new anticipates a satisfactory out- growth even in traditional areas, refer its merger United's answer is that the old different fresh fruit and come for thefull year. £l9m. There was some specula- week to to the convertible preferred shares plus 275p in cash for every six . it Is already talking to Mr deal is dead and buried, killed vegetable tion yesterday that the money Monopolies Commission. The Imperial ordinary shares. Imperial shareholders would also be products, and it Is He says 1986 is proving to be Andreas Whittam-Smlth about off by Hanson, and is therefore a of exciting change espeo- from the sale of the stake may decision was taken on competi- entitled retain company’s recommended final dividend of investing substantial amounts yam printing for the In- to the not an option. It adds that the ^ have been used to acquire part tion grounds, apparently because share. convertibles will hold fixed cum of money—all internally- dependent and to various other 6L6p a The new a new deal Involves no earnings to? of the 13.5 per cent stake in the combined group would dividend of net and will be convertible the generated--—on its nationwide would-be national newspaper preference 7p on dilation for its shareholders, on a ExteX. which Mr Maxwell account for about 40 per cent distribution network. proprietors. But contract print- basis of 100 ordinary for every 245 preference shares. fully diluted basis there could be opportunities as tmveiled last week. of the UK snack foods market, intensely There are the following alternatives: (a) cadi instead of all In 1984, It signalled Its competitive and even though this area would a 2 per cent gain in 1986; and Extel, the information group, or any of the new convertibles on the bads of a fixed price intention make up only about 4 per cent UB that a takeover will allow United of concentrating WhSS^web offset contract WPS is currently fighting a £173m of total turnover. of lOOp per new convertible, (b) additional new UB ordinaries to grow much more rapidly than more on Its core businesses newspaper and magazine print- takeover bid from the newly- instead of all or at the cash element of the offer on the basis addition of Good- Corporation. United consulted Imperial on any it could otherwise. In by elosing down a light tog remains at theSore created Demerger of a fixed price of 242p for each new UB ordinary. with engineering company It had head's business, producing in- Mr Maxwell’s stake bought from Friday of last week and the two A takeover of Imperial, to *2^1*“8n J2W?"stapleLiS? • HANSON: Either one ordinary phis 153p in cash, or one built np. Last December, It creased profits, the performance P““ “j£ Dr Ashraf Marwan is. widely sides agreed to drop the Sir Hector becoming The acquisition ordinary pins 153p nominal of 10 per cent new convertible also sold of its other interests showed regarded aa the platform tor a original merger. The Govern- chairman and chief executive, a small computer of a distribution company has stock, or one ordinary pins 153p nominal of 12 per cent loan — significant advances on the pre- full bid. ment, with nnniniai speed, laid rather than heir apparent software subsidiary. just been completed and Good- notes for each Imperial share. Imperial shareholders would United be nufte vious period. Mr MaxwOlI himself was not. aside the reference, clearing the could allow to Hr van Geest, 35 and son head is scouting about tor a also receive the proposed final dividend of cutting The installation of the press available tor comment vesterdav. legal way for a new United bid. company’s &6p. aggressive in its cost design consultancy. Adding to Its of one of the company’s two at Bristol Is proceeding as plan- BPCCSs share price fell lp to To get round the Monopolies There in a full cash alternative of 293p per share. measures than under the old founders, was not available ned and a Heidelberg Speed- cache of free newspaper pub- 220p_ problem. United says that if vic- The 10 per cent convertible unsecured loan stock 2007-2012 merger plan. Benefits might . for farther comment yester- master is to be installed at the lishers and buying a stake In a torious it will sell Imperial's will carry the right of conversion into Hanson ordinary shares therefore flow through more sales agency day. But it does not appear end of March for Goodhead’s promotion are also Golden Wonder business, which at 172p a share 1990-2007. quickly. that the company has fully fine art printer. Henry Stone & options. Goodhead still has just under £lm left from its flotation. Morgan gets control made Its mind up on the Son. -• profits although much of this- will be. First-half operating • merits ef a public flotation. of First Castle climbed from £653.000 to ploughed into renovating its ] Morgan CmdWe yesterday Speaking earlier this month £726,000, before net Interest and existing printing plant; and that its at the company’s head- rirniinr 'charges of £202,000' most of 'the acquisitions wfllbh announced- £48m agreed bid tor First Castle Electronics announcement appears as a matter ofrecord only. quarters In Spalding, Lincoln- (£251,000). Tax charge was by paper. The'Gty expects profits Hiis - shire, be said the company £131,000 (£93,00) giving a net of £Llm for the toll financial Tiad-'been accepted by the holders Castle was in a good cash position balance of £393,000, against year and a prospective p/e of 13. of 18.6m First tor furtter investments shares, representing 71 per cent January 1986 of its issued capital. following its recent moves At the same time, Bell Group away from diversification. International, the UK arm of However, he added that a Mr Robert Holmes h Court’s public flotation might be Martin £3m deal Australian industrial, resources better if the company was to Ronald and investment group, continued consider malting any major Ronald Martin, the Manchester- similar goods, in a deal worth up to build up its stake in Morgan “ acquisitions. It really based office equipment and to £3.25m. Crucible. The company bought depends what at the time stationery supplier, is to acquire The new group will have a a further 200,000 shares, taking you’re trying to achieve,” he Frank Groome, a Nottingham- combined turnover of more Its total stake to 10.3 per cent said. based retail distributor of than £15x21, employing 300 people and servicing around 18,000 cor- THE BURTON GROUP PLC porate clients. CLARKE, NICKOLLS ft Coombs: Martin, which came to the Caneopen, an English company Hunter’s Scottish buy USM last November, is to pay an ultimately controlled by a group initial £L5xn for Groome, half in of overseas Investors, has Hunter, furniture manufac- the year ended March 1985 show cash and half in a vendor acquired as a long term invest- turer and importer, has agreed a pretax loss of £272,000 on turn- placing of 595^38 ordinary ment L48m ordinary shares (29.x to buy Christie and Vesey, the over of £&3m. For the nine shares at 126p. Three further per cent) at 1.75 each from Lon- £125,000,000 Scottish-based specialist wood months to last December, C A V payments of up to £L75xn will don and Overseas Land. importer and distributor, for had £200,000 pre-tax losses of be made, depending on Groome's £L6m cash. £200,000 on turnover of £4.7m. pre-tax profits up to December Hunter, a recovery stock, is In the six months to last June, 1988. 74.1 per cent owned by Hillsdown Hunter more than doubled pre- THE Martin shares closed at 150p, CRAYFORD ARGO Uncommitted Revolving Short-term Acceptances Holdings, the food distributor, tax profits from £202,000 to up 16p on the day. Last Novem- which has agreed to vote to £497,000. Turnover grew only ALL-TERRAIN ber, Martin forecast pre-tax VEHICLE and Advances Facility favour of the deal at the forth- marginally from £13 to Am profits of £875,000 tor the year coming EGM tor shareholders. £13.5m. The group was form- ended December 1985. For the The aim of the deal is to erly known as Uniflex Holdings. six months to last June, it made expand Hunter's traditional ply- Hooter said yesterday that its £400,000 on turnover of fiLSlxn. wood distribution activities. expanding plywood and DIY- Groome made pretax profits of C and V has not been profitable, distributor subsidiary, Hunter- £351,000 on £&5m turnover for but Hunter said yesterday that Plywood, had been seeking a Arranged by the year ended September 1985. cost-cutting would enable C and V suitable Scottish base. C A V Automtfc tnrarwnm and 6 atari drive dva to contribute to its profitability. is based at Grangemouth, Kwi ground erasure id com with lend ant C & Vs latest accounts for Central Scotland. waw conditions amityand eftefeady. Used County Bank limited tor mil rtHry.iSiHdMS. Construction, forfjtfv art *ooting. hieOTSQ pin VAT n work*. Anglo-Indonesiaa croon enquire! mvtnd. ^ CRAYFORD SPECIAL WaJM Aagle-Indonesian Corporation, EQUIPMENT CO. LTD, GRE offshoot in merger which plans to merge with Plan- tation and Td: ID3S9) 62470 TMm Guardian Royal Exchange tions in the Canadian life, anulty General Investments -55)70 Wpro. Tender Panel Members Assurance, a leading UK com- and health insurance markets. to form Hie Chillington Corpora- posite insurance group, Is merg- The *rnait US life business tion, estimates it has made £L9m pre-tax tog the Canadian life insurance transacted by Montreal Life is profits before a provi- BankNederland N.V. ANZMerchantBank Limited operations of its subsidiary Mon- not included in the transaction. sion of £0.5m for the year ended LADBROKE INDEX Algemene treat Life Insurance Company last December. with the life operations of the JOS HOLDINGS, investment P and G estimates that it made L229-L224 (+6) Banco di Roma Bankers TrustCompany Toronto-based Canadian insur- trust, had a net asset value of around £1.7m over the same Based on FT Index ance group E-L Financial Corp- 160. per share at period and has declared a second lp ewMaouary Tel: 01-427 BanqueBelge Limited Banque Nationale de Paris pic. oration. 1988 against 138L2p a year interim dividend of 3p net per 44X1 135-lp at end -July share, making a total of 5.2p net BarclaysBank A new holding company, with ordinary Banque Paribas PLC than 1985- ^et revraue for the six per share. assets of more cS750m n Brothers Co., limited CountyBank Limited (£378m), is being formed which g° «g £?L“ Baring & will be owned aproxixnately 80 “Jgggf SS?2 na, rent Im rj, Financial and (1.4/p) per snare. The Credjtanstalfr-Bankverdn CreditLyonnais, LondonBranch interim dividend ia lifted Ofip 20^ cent by ”**-, * b r ej e t 10 Granville & Co. In 1984, the total life premiums 2? Limited Credit Suisse at teurt maint$ain the^,finalTat^ flast of E-LFinandal wereC?87m, Member of The National Association of Security London: yezrs 2-55p- Dealers wMle Montreal Life bad a pre- end Investment Menagera Limited The Hongkong and ShanghaiBanking The Fuji Bank, approaching EWART NORTHERN, 8 Lovat lane London EC3R 8BP Telephone Corporation CSl45m. NEW com- 01-621 1212 _ merdal property developer, re Mitmihialii ~Rnn'lc Both Montreal Life and parted unchanged pre-tax profits Over-the-Counter The Industrial Bank ofJapan, Limited The J Limited Market Empire Life, the main life com- of £39,000 tor the half year to Monta pany within E-L Financial, will October 31 1985. on turnover P/E Sflmuei gu & Co. limited Morgan Grenfell & Co. limited Grass continue to operate under their of £179,000 (£165,000). After High Low Yield Fully - Price Change Actual taxed limited The SanwaBank, limited existing names. It is expected tax of £8,000 (£7,000) earnings 1«l 118 Aee. Brit. Ind. Ord 128 NationalAustralia Bank 1S1 121 73 6.B 7.7 75 that the consolidation of the two per 25p share came to 1.01p (lp) Aes. Brit. Imf. CULS 131 10.0 76 43 Airap rung Group 7JS operations will result in signl- and the Interim dividend is main- ...... TO — SA 0.1 158 Sod£t£ G£n£rale, London Branch Standard Chartered Bank 46 33 Amiltaga end Rhodes 34 1T7 ficant operating tatoed at 0.5p net last year’s 4.3 12.0 48 5.0 improved — 170 10B Banian Hill TTO _ efficiencies final after 64 42 4JO 2.4 218 22A Sumitomo Bank,Limited SwissBank Corporation and provide a was lp adjusting tor Technologies ... 67 — The 201 138 an SJB 7JJ 88 stronger base to expand opera- a share subdivision. CCU Ordinary 138 _ 12.0 192 97 CCL llpc Conv. 6.7 3.4 35 Bank, Limited S.G. Warburg Co. Ltd. Pf. ... gg 16.7 16.9 TheTokai & 135 SO Carborundum Ord 138 94 83 Carborundum 4.9 3.6 an 108 DIVIDENDS ANNOUNCED 7,5pc Pf. 91 _ 10.7 11. 66 48 Deborah Service* G6xd -2 7.0 12n 58 7.7 Date Carre- Total Total 32 20 Frederick Parker Group 21 S3 GO Current of spending for last George Blair 33 z 68 20 Ind- Precision _ 38 68 payment payment div. year year Castings es 3.0 4.0 14.3 218 163 Imia Group 172 5.6* 1B3 _ 16.0 18.7 Dalgety int 5.5t July 1 — 12.5* 122 TO1 Jackson Grout) 9.2 12.S Tender Panel Agent ...... 119 „ 5.6 4.6 8-0 8.0 Deborah Services ...tot L21 Mar. 18 1-21 — 4.88 320 228 Jamas Burro ugh 320 ai SB 86 16.0 4.7 W.V 10.1 Goodhead Print* ..Jot 1 Apr. 8 — — nil BpcPf. 92kd _ 12^ 14a 96 64 John Howard and Co. Mann & Co tot 1.6 Apr. 1 — — — 93B S70 64 — 60 7.8 £l 88 County Bank Limited Fratimetert: tot 0.5 Mar. 19 nil — — 82 32 6.S 0.7 40.8 38.8 Scottish Eastern 1.5 May 5 l-OS* 2 3-88 34 28 Scruttona "A- — — 9.1 20.0 30 — 7.7 Temple Bar Inv. 3J3 Mar. 27 3 5.3 4.65 87 66 Torbay and Carilala 88 370 320 Trawurn 5.0 7.2 38 6.3 Dividends shown to pence per share except where otherwise stated. Holdings 325 4.3 44 26 Uni lock U 188 188 Holding. 1 . * Equivalent after allowing for scrip issue, t On capital ... 44 2.1 46 120 11.7 133 83 Welter Alennrtar ..!“ 133 increased rights acquisition issues. USM Stock. _ B.6 fiJS 78 9.1 by and/or $ 228 196 W. S. Yeatea 200 9 Unquoted stock. 17-4 8.7 5.7 98 A - — 8 % . % Financial Times Tuesday February 18 1986 29 UK COMPANY NEWS BASE LENDING RATES ABN Bank 12)% 3 Hambros Bank 12)% Allied Dunbar it Co. 12J% Heritable & Gem Trust 12)% Allied Irish Bank 12)% a Hill Samuel 512)% American Express Bk. 12)% C. Hoare A Co. 12)% Far East Amro Bank 124 % Hongkong & Shanghai 12)% Currency swings restrict Expansion-minded Henry Ansbacher 32)% Johnson Matthey Bkrs. 12] % Associates Cap. Oorp... 12$% Knowsley & Co. Ltd.... 13 % switch lifts Banco de Bilbao 12}% Lloyds Bank 12)% Bank Hapoalim ...... 121% Edward Manson & Co. 13}% Mann hits target Bank Leumi (UK) ... 12*% Meghraj & Sons Ltd.... 12)% Dalgety growth to 6.6% Scottish BCCI 124- Midland Bank 22)% Bank of Ireland ...... 121% Morgan Grenfell 12*% Mann & Co, title Surrey-based totalled 6,100 (5,600) with a Bank of Cyprus 124% Mount Credit Corp. Ltd. estate agent which moved into value of over £290m (£230m). 12) Dalgety group Bank of India 12)% National Bk. of Kuwait 12)% of international On a comparable basis, the secured, Eastern a new area of operation last The group’s insurance services merchants Bank of Scotland 12}% National Girobank ... 12)% raised pre-tax profits Australian- figures improved, GDI and Duffns accounted for month via the acquisition of division arranged mortgages Basque by 6.8 per NET ASSET value per 25p share Beige Ltd 12)% National Westminster 124% cent from £33.2m to although this half's actual figures £73m of this year's pre-tax profit, Abbotts (East Anglia), raised its amounting to over (£45m). £35.4m, of the Scottish Eastern Invest- £70m Barclays Bank 121% Northern Bank Ltd. ... 12)% in the half-year ended are much lower because of reduc- while Dalgety Farmers contri- first half profits to f2.28m pre- ment Trust rose by lfi.Sp to The half year results were in Beneficial Trust Ltd ... 13) Norwich Gen. Trust ... 12)% December 31 1985. This was at ing the stake in Dalgety Farmers buted £7.1m of the 1964 trading tax, an improvement of 22 per the 125.4p to the year ending Janu- Uue with the directors' forecast Brit Bask of Mid. East 12)% People's Trust 134% bottom end- of City estimates to 49 per cent Turnover was profit before interest cent over lastt time’s £L.8Gm. and ary 1988. Earnings improved made at the time of the acquisi- I Brown Shipley 12) % PK Finans. Inti. (UK) 13)% the shares slipped 2p to £31m \£129m) and profit £2.1m After UK tax £73m (£5.3m) Turnover rose from £5.63m to 238p. from L9p to L99p. tion of Abbotts. CL Bank Nederland... 12)% Provincial Trust Ltd... 13) (fiUUm). and overseas £5.2m (£7m), and £6.34m and the directors are con- % The dividend for the 12 Canada Permanent ... 12 R. Raphael Mr David Donne, the ghaimrm^, Mr Donne tells members that minorities £300,000 (£L2m), the )% & Sons ... 12)% months is lifted from an adjusted fident of farther growth during • comment Cayzer Ltd. Roxburghe says the results include a first- the performance in the US was attributable profit comes to 121% Guarantee 13 % I376p to 2p net, the final being the second six months. The market barely gave Mann's Cedar Holdings 13 Royal Bank of Scotland time contribution from Gill and very creditable, being better than £22.7m (£19.7m). There are also % 12J% 115p. point out, however, that interim figures a second glance. I Charterhouse Japhct.. Royal Trust Duffus and reflect an underlying the sterling translation Indicates. extraordinary charges of £400,000 They 12)% Co. Canada 12)% Gross revenue poshed ahead Profits of £2 been Citibank NA 12 Standard trend of improvement. However, These show turnover of £722m (£5Jm). a strict comparison with the 2m had $% Chartered ... 12 )% from 00.82m to £11.43m. Tax corresponding period of the predicted with the Abbotts Citibank Savings 7121 TCB currency movements took their (Mila) and profit £&9m % 12)% of £2.07m (£2.1m) left net previous year Is not appropriate acquisition four weeks ago and City Merchants Bank... Trustee Savings toll—bad they remained stable, (£8.2X0). • comment 121% Bank 12) % revenue at £4L28m, compared the announce- Clydesdale Bank United of the profit would have been £4L7m The purchase of Gill and Duffus as present market conditions there was little in 12)% Bank Kuwait 12)% Looking at prospects, the with £4.11m. Total resources ex- change forecasts of C. E. Coates A Co. Ltd. United Mizrahi greater. last year has proved a double indicate that there will be a ment to 13 % Bank... 12)% chairman expresses his confi- panded from £273.7m to £320.6m. Comm. Bk. N. ... Westpac burden for Dalgety. The City, more even balance of results around £42m for the year includ- East 12)% Banking Corp- 12)% Another factor in the compari- dence of another good year, trust 1985-86 The entered the between the two halvas of the ing a maiden £200,000 from four Consolidated Credits... 12 ) Whiteaway Lalffiaw ... 13 son with last year is the decon- “ which was confused about the % while the longer term is very year with 45 per cent of its current year. months of Abbotts. What the Continental Trust Ltd. 12) Yorkshire Bank 12 solidation of Dalgety Farmers in encouraging.** Excluding any deal and its dilutive effect in the )% investments in the UK, 28 per Mann came to market in March market is obsessed with Is Cooperative Bank *121% Australia, which Is now a related first place, is now deeply suspi- Members of the adjustment for Gill and Duffus, cent in North America and a of predator. The Cyprus Popular Bk. 121 Accepting Homes company. cious of anyone with even the 1885 and is paying maiden thonghts a Estate % Committee. the group recorded a pre-tax 21 per cent in the Far East Last Duncan Lawrle smallest exposure to tin. These interim dividend of l.Bp net per agency appears to be on the 12)% Earnings per share dipped profit of £67 for the 198465 spring some: 10 per cent of the EL T. Trust • 7-doy do postal figures should go some way to 20p share. First half earnings average financial conglomerate's 13 % 8.70%. 1-month from 12.6p to ll£p, the inevit- year.. trust's assets were switched from Exeter 930%. Top Tier—C2. at rehabilitating Dalgety-. not only rose by 03p to &9p. shopping list as the next area for Trust Ltd. IS % 500+ 3 able consequence, says tiie Far East into continental Financial Gen. months notice 1ZSB%. At cell Mr Considerable benefits are ex- figures as good as could expansion. The £77m recently A Sec. 12)% Donne, of currency movements, are Gill's European markets, especially During the opening six months when £10.000+ remains deposited. pected from the integration and dull cocoa paid by Hambros for Bairetow First Nat. Fin. Carp ... 131% be expected in a (to November 30 1985) the direc- and to a lesser extent the antici- rationalisation of the processing West Germany, with favourable Eves could be described as a First Nat. Sec. Ltd. ... 13)% t Celt deposits £1,000 and over market, bat improved producti- tors continued the expansion of results. 1 gross. pated short-term effect of pur- and trading activities of GDI and fairly full one and if anything Robert Fleming & Co. 121% 9% vity In the UK cereals business ‘ chasing Gill and Duffus. existing busi- Currently, net currency expo- the group by the acquisition of Robert Fraser Ptrs. 134% Duffus with the (and some judicious price rises) Mann’s reputation in the market & 1 Mortgage bass rats. However, the interim dividend sure is Si per cent sterling, further branches, Increasing Its Grlndlays Bank nesses. weather the of a is higher than that of Bairetow. ..412).% helped storm 131 (116). It is hoped is again 5.5p net, on capital in- 11 per cent US dollar, 22 per outlets to I The cost reduction programme poor wheat harvest The reduced A successful bid would probably Guinness Mahon 12)% § Demand dep. M.V.. Mortgage 13%. creased acquisition cent yen and 14 per cent Euro- that growth will continue In the by the and Hatnp implemented in all f-hq contribution from Martin Brower have to put at least another five adjustment for a 100 per cat pean—principally the Deutsche second half. core businesses will have a signi- was Inevitable given the need to points on the current p/e of 22 scrip. The cost of such payment mark. ficant impact on future perform- gear up the McDonald's distribu- The purchase of Southend-on- and perhaps more before the is np to £10.9m (£&Sm). ance. . tion network for a particularly Sea based Abbotts increased the controlling directors relinquished Summarising the half-year's An analysis of turnover and elaborate new hamburger. The number of residential brandies their independence. Yet with- working, Mr Donne says the UK trading profit, before interest, by real problem is the Canadian Cranbrook to 163. Abbotts operates mainly out a bid the shares at 270p are performance Showed further pro- agricultural ser- lumber business, where prices in Essex. Suffolk and Norfolk. obviously trading on a demand- activity shows: Despite the downturn in its gress and ' was reflected in a despite for the half year ing multiple even if lot more vice and supply 1373m (£483) remain depressed an industry, Cranbrook Electronic Group tax a higher profit,- before Interest, of (£L4£m); food pro- Improvement In housing starts: accounted for £902.000 (£840.000) can be squeezed out of Abbotts' and £73m Holdings has met Its profit fore- FULCRUM £27Jim (£24.5m) from turnover good the return on net profits at £L37m, margins once Mann's experience cessing and distribution £959m however cast with £502,000 pre-tax for and left of (£896m). and good year, one with £L02m. with financial services Is £821m GW (£L07bn) and £15Bm (£16.9m); capital in a the year ended September 30 compared Duffus performed well despite if Dalgety afford of sold into the agency. INVESTMENT TRUST P.L.C. cereal processing and compound- wonders can 1985. The number houses injuncted difficult trading conditions, and ing £209m (£217m) and £lL6m each a variable business. produced a profit of £15.6m on Gin and Duffus £732m Recovery here and at Martin The forecast of £500,000 was Results for the year ended 31st October, 1985 (£9m); contained June’s turnover of £7S2sl and £15.6m; other £182m (£270m) Brower — provided McDonald’s in last pros- with another pectus for quotation on the BOARD MEETINGS In Canada, turnover fell to and £&9m (£7.1m). does not come up 1985 1984 Is the key to im- USM; in the previous year the £149m f£19Lm) and profit to Related companies contributed blockbuster— Net Revenue before tax £198,036 £188.090 next year. For this company made £355,000. The companies have notified FUTURE DATES £2.5m (£3.7m). This stemmed £3 3m (£2.2m) but interest provement The following Dividends per Income of and dividend Is 03p net. done ot board mootings to the Stock share 5.60p 5.25p prices charges soared from £16. 6m to year, a result pretax £75m Interims: from poor lumber and a Exchange. Such meetings are usually Net asset value per: the a share price at 262p down 2p Cranbrook distributes AAH .... Feb 27 severe depression in the pulp £21.fin. At December 81 high held for the purpoao of considering a price/eamings ratio of Mitchell Cotta Mar 6 Income Share 41.31p 41.08p market for wood ddps. Measured group’s net borrowings bad In- implies technology active electronic com- dividends. Official Indications sre not Automation Feb 24 Capital Share Canadian -the profit creased from £207.1m to £38&3m, under 10 and a yield of 73 per ponents and sub-systems to available ns ta whether the dividends Quest — 7.49p 5.74p in dollars Finals^ was down by 10 per cent of which £74.7m (£38£m> were cent customers in defence, elecom- era interims or finals and the sub- divisions shewn below era based BICC Mar 2B munications and business com- At the A.C.M. held on 17th February, the Chairman slated mainly on last year's timetable. Bedford (Wlllism) Feb 2 puters. Its most important (hat The unaudited net asset value per Capital Share Crest Nicholson ...... Feb 19 supplier Is Western Digital TODAY Interim:—DPCE, Peachey Property. Moline Mar 27 at 31st January was 8.26p" Corporation. Ricardo Consulting Engineers, Sigmex Ratdlffs (Gnat Bridge) Feb 27 Glasgow group sells international, Throgmorton Securod South African Turnover did not quite match Maunby Investment Management Ltd. Growth Trust, Uniud Real River and Mareantlla Trust ... Feb 20 the last year's level Property at £6.18m Truat- Scottish Eastern Invest. Tat. Fab 27 Stockholders (£6.29m). gaming* per share maunry Tin Fmmli:—Alaxandars Holdings. Bera- Transport Development ...... Mar 10 19% stake In Geevor rose from 2.41p to 33p. din. Butlers, Kwshu, Psdsng Ssnang. Turner end Newsll Feb 20 revenue up SOUTH AFRICA'S Gencor prices. While lay-offs have been Twining finance group has sold its avoided, the company issued The dividend at Glaagew entire holding of 565,000 shares, protective 90 -day redundancy Stockholders Trust is. being lifted or 183 per cent,. In the Cornish notices to most of its 375 from 235p to 2JSp net in respect tin-producing Geevor Tin Mines. employees in December. MAN’S LANDMARKS of tiie year IMS. The final is They have been bought by a Last week, Mr Keith Wallis, L45p. ... UrAH. Cutijan, and although the chairman, said that Geevor’s the price paid has not been dis- would depend With the help of the £4m continued survival closed It Is thought to have been for the long-term debenture raised at end 1984, on finance, in tin region of 5Qp per share. projects designed gross revenue increased from development Ip -London yesterday, the permanent reduction £L89m to But exchange to make a shares closed at 62p, down 2p; production costs. He added and interest rates, the cast of in they have fallen from 167p in that application would servicing the new debenture and a formal October when the International “ generous switching into lower yielding -be made for the Tin Agreement crisis erupted government assist- American shares have all had a degree” of and doniing* in tin were halted bearing, and the pre-tax revenue ance required. on the London Metal Exchange is virtually unchanged at £L25xn. The other major shareholder at £8440 per tonne. come to 235p (2L32p) Geevor is the Rio Ttoto-Zlnc Earnings LME dealings remain sus- of share. ' with a stake of 1937 per per ,. tentative price group p&tiSed-buf ‘a also fully owns the ‘ cent RTZ to about £5,500 At -the year end tin net asset equivalent Wheal Jane, South Crafty and in limited trading la value had rises by s per cent, emerged Wheal Pandaryes tin mines in Lumpur last iyeek. There to I403p per share* Inrthe UK, Kuala Cornwall. the 'managers felttbe bull was also- talk' yesterday of metal market was mature and built up changing hands at over £7,000 in The tin concentrate output is processed at the group’s Capper liquidity in anticipation of lower Europe. These prices are still the level of some £8,600 Fas refinery on Humberside. prices later - in the year. By below October it was evident that buy- which Geevor needs to break ing objectives were not being even. Cornish mine has sur- GOOD RELATIONS GROUP has reached so liquidity . was re- The invested, but It bad an adverse vived so far with .the aid of acquired Ryan Consulting Group, effect on the overall portfolio severe cost-cutting and forward a New York-based corporate and performance. .... sales contracts at pre- crisis financial relations consultancy. TURKEY MONITOR A monthly bulletin of business, financial and political developments in Thrkey Write to: PO Box 514, London N15 3IW, Great Britain IMPALA PLATINUM HOLDINGS LIMITED f(ncofporated In the Republic of Sooth Africa) Reg. No. 57/01979/06 INTERIM PROFIT STATEMENT AND DECLARATION OF INTERIM DIVIDEND The Meriion The unaudited consolidated results of this company's operations during the six months ended 31 December-! 985. are u follow*: A months 6 months Year to to to 31.12A5 31.I2B4 % 30.6.85 R000 R000 change RD00 Consolidated profit for the period 145,938 91.186 + 82 234217 Less: Taxation- and lease consideration *4,112 40,996 + 56 B9BOO Profit for the ;pcriod after taxation 101,826 50.190 + 103 144.417 and lease consideration —— SINGAPOR B^cas Earnings per share (cents) 177 87 +103 251 Dividends per: share (cents) 35 35 — 135 Customer demand for impala's principal products maintained a rising trend during the half-year bringing and the company proceeded with its programme of Increasing production capabiliw by ft* facilities -Into better, balance. Revenue benefited not only from increased volume but also from higher metal prices. However, a substantial part of the company's output is sold under long term contract where revenue is protected by cost escalations and is not subject to exchange rate fluctuations. - When you travel abroad for business or Visa Travellers Cheques are welcomed The 103% increase (n attributable profit over the comparable period last year reflects both the absence forward metal purchase and foreign exchange losses which higher revenue and the of pleasure, the Visa Card and Travellers just like cash around the world. If your affected the previous period. Cheques are all you need. cheques are lost or stolen they can be Your Visa Card means you can use the replaced at over 60,000 locations world- e disappointing . . . _ doubly so that organised and often brutal intimidation created a situation in which it proved impossible to resolve the problem using routine procedures. As a result some 23300 employees most widely accepted name in the world wide, usually within 24 hours. either chose to resign or were with reluctance dismissed. Aemanning has now been successfully completed and It has proved possible to reengage a sub- for travel, shopping entertaining - at Travel stantial proportion of chose former employees who were coerced Into striking against their will. and around the world confidently Inevitably, however, there are some initial weaknesses in skills and experience so that production be fully back to normal until mid-March at the earliest. Although there has is not expected to over 4 million locations. Travel with Visa. been a serious loss of production, satisfactory arrangements have been made, through the medium of our trading subsidiary Ayrton Metals, to maintain supplies to customers. The financial impact of the disruption is difficult to quantify with accuracy at this stage but the this it is best estimate is a loss of attributable earnings totalling R45 million, and in the light of for the unlikely that tile results for the full year to 30 June 1986 will be significantly better than previous financial year. With the immediate priority being the return to full production, capital expenditure for the year as a whole is likely to be rather less than originally forecast. declare unchanged interim dividend In ail the artiunttances the directors have decided to an of 35 rents per share which will absorb R20, 177,000. (1984: R20, 177,000). Capital expenditure during the period under review amounted to R55488300 ( 1984: R30 ,65 1.000). Interim Dividend declared on. 17 February 1986—Payable on 10 April 1986. Amount per share 35 cents—Currency conversion I April 1986. Copies of the full Interim Report moy be obtained from the office of All you need, the London Secretaries. 30 Elf Place, London £C!N bUA . February 18 1988 30 Financial Times Tuesday UK COMPANY NEWS Newnames for Swedish bidder to Haslemere CONTRACTS John Govett criticised Danes buy British make £4.2m cash by Dutch InvestmentThists diving systems The four investment trust companies in theJohn Govett & Co. Limited mimn! ewct*. management group have changed their names as follows: offer for Campari By Michael CaxMlW gSEjggm. ,Ts*S Property Correspondent sss. flarsb ^ ss site of the The Border & Southern LakeView lands, has won an export con- the tjssns BY CHARLES BATCHELOR Rodamco, the Netherlands- £10mtor based property fund, last tract worth more than -toSisug with Stockholders Trust pic. Investment Trust diving systems. The pic night criticised the recent per- two deep-sea offactog brick- was placed by the Danish torture puwls «g A SWEDISH businessman, Mr share. formance of Haslemere order work anfia* « gJSi Nordin, is to made pre-tax loss shipyard Danneborg Vaertt AS. GOVETT GOVETT Aoke make a &L2m Campari a Estates, the UK property partdng wifi cadi for Campari Inter- of £U.9m in the six months Tire dlvingaystems wtUbe instill- bid group tor which It has nude a ended 1985 compared with STRATEGIC ORIENTAL national, the sports equipment May £24 Financial- Thnes Tuesday February 18 1986 31 FINANCIAL TIMES SURVEY Tuesday February 18 1986 S' ,-v ^ rJ? l->! • a- «Wa j. I" ’ 'r 7 r • . t • :-w • JW the press: AttfeiHtriwm pnpletsr Rupert • Mr Eddy Shah has sod shade-waves Sirvosh the UK • Electronic publishing systems for larger companies • The reprographies revolution: this new laser printer Mnrfock «#lLM^eg of Us 'iemppm at the bltft newspaper industry with plans to huzneh a low-cost, now represent a fast-growing market, Seen hare is Kodak’s from Bank Xerox reproduces text, data and graphics at * • -?f " t*du»kjy jnrtet works in Wippbix, “ can bo shared by four computers* • - ’l,, Ent London. high technology paper with foil colour on March 4. new Ektapriat system, Keeps.” 10 pages a minute iHI UECTROMCS London after sacking more institutions, for use by industry. than 5.000 of his print workers New paperless publishing, and is now producing his four such as on-line databases, have titles The Times, The Sun, the great advantages over conven- Sunday Times and the News tional books where rapidly of the World on an Alex elec- changing information is tronic publishing system involved. printed, it is also influenc- of the newspaper page includ- IBM and Digital Equipment publishing Industry analyst, in behind barbed wire. but Mr “This looks like being the their content such areas all the text of stories. In Peter Curwen. And, while the problems .of ing in ing Company. one area where books as we as full-col our pictures, other areas such as printing, private distribution by van news As well as the major corpora- Mr Curwen, an economics know them might well become transmitted distant parts change may be more evolu- have yet to be completely from tions looking at the growth, and lecturer at Sheffield City Poly- redundant,” Mr Curwen argues. of the world four tionary than revolutionary, but solved, it is dear that Fleet within rapid changes in many areas of technic, has just published a minutes on such systems as the even here electronics are lead- Street will never be the same printing, a significant number of comprehensive study of the »«** portable change. Key questions again. “Satlight” equipment ing to entrepreneurial new companies world book industry.* He from Sdtex Europe. systems - Yet; Fleet Street for all Its are being started to tackle niche believes that two quite different But will electronic The rapid changes in the the need for visibility is only a part—and Examples markets. types of publishing operation eventually remove . of printing industry worldwide will emerge. There will be a printing in the conventional * tajf.1 the most untypical port — It has become very difficult are evident at such major Electronics are controlling large number of amin, sense altogether? the printing industry. to keep up with all the ' 1 exhibitions as IPEX in the UK t Far away from the headlines such areas as colour density, financially efficient and highly When he comes in each morn- While newspapers in • and DRUPA, staged in 16 huge advances. q *L By RAYMOND SNODDY a much quieter revolution has the depth and amount of ink specialised imprints and a con- ing Ur Alan ffigson, Rank ‘ Ger- “In the old bot-metal com- Britain make their own . k> halls in Dusseldorf, West been gradually gathering pace applied to pages and the speed trasting sector of large multi- Xerox systems business market- pro- many, venue for the world’s position days, there were rela- headlines over the latest arely can the of of machines. Even in the bind- national with checks his elec- — the modernisation an tively few suppliers of printing companies ing manager of print have been premier show 'for the industry. ing and finishing sections com- upheavals in Fleet Street, file faMituttry that employs about equipment — there are so subsidiaries worldwide. tronic mail box to see if there (DRUPA 96 will take place puters assist in operations now electronics Rso hi h in Britain. 500,000 people. will over- are any messages. But his desk the impact of g many newcomers, all leapfrog- Hardback books be — from May 2 to 15). such as guillotining- VDUs 1 Fleet Street, traditionally “Ifs a-vecy exciting time ging each taken by quality paperback is still piled high with reports is being felt in all other The printing industry breaks check cutting sequences, con- other,” Dr Arnold but - for some it’s also a and documents. rather secretive about its down into four broad process points out. editions and increasingly busi- other areas of printing; and threatening time.- It's a con- trol tiie speed of folding Xerox estimates that inner workings, is The BPIA is about to publish ness, reference and educational Rank publishing ® own stant battle to keep up with miH-hiwi and oversee safety from 1984 to 1990 the annual r, a new guide: “Buying Compos- publishing will come in the changing suddenly in a advances la technology,” com- • Typesetting. features on equipment UK shipments of personal com- This survey looks at: Colour reproduction. ing Equipment—The Questions form of new technology. - • blaze of publicity. mented Dr Mm Arnold, head The convergence of comput- puters (excluding word proces- The growth of corporate • Printing. to Ask.” The Longman group, part of Themere threat of Hr Eddy of technical services at the ing, copying and printing tech- " sors) will have risen from electronic publishing 2 Winding and finishing. There are so many sup- Pearson, which now controls touMXKt high tech- British Printing Industries’ • has attracted a large a year to 250,000 a year. Shah’s new nologies pliers, that unless you narrow it Britain’s largest publishing 106.000 The reprographics revolu- Today, Association. It Is in the first axea — the increase. nology newspaper. number of companies to the down to three or four companies operation, in recent years Despite such an Mr tion 2 Is front end the most has “ which is launched -,on March 4 Yet; what for Fleet Street — where printing area for the first time. Higson is convinced the dramatic changes are tinder and spend half a day with each chosen to exploit the power of Pressure on print was .enough to weaken the still new technology is only document in paper form is go- falling cost of Some are majors with a back- you mil never really know computer lexicography in-house, 2 defences which had held tech- new compared with the hot way. The com- ing to be around for some time shops that puter power, and the growing ground in the reproduction and which one really suits your so that after ten years of deve- nological change at -luy. The metal Linotype machines to come.” How it's produced Changes in business docu- software, has copying sectors such as Rank particular requirements,” Dr lopment Its lexicographical formal demolition of -tradi- the computer-based systems are sophistication of and how many people will be mentation 3 w Xerox and Kodak. International Arnold argues. computer database is the most • ; c finally replacing. Such tech- enabled not just copy to be tional manning levels and " , involved is of course another Typesetting systems... 3 in the generated but text and graphics Business Machines (IBM) has In the international book advanced that a UK publisher practices was begun by Mr nology has been in use matter. industry years and the to be integrated and complete already entered the corporate publishing market “the key to possesses. New print Robert Maxwell . at Mirror US for many electronic publishing market the future lies in automation Longman CartermiH, wShcfa * * * 3 - V. 4* prov cial press in the UK pages to be made up on-screen. exhibitions Group . Newspapers who in • Systems with a couple of printing pro- with the widespread introduc- is majority-owned by Longman, The World Booh Industry, by :: '.1 achieved a total of" 2JLOO Job began using phototypesetting in Companies such as Labour relations 4 Integrators California are ducts. Many in the industry tion of mfiotaompotexs and !s a prominent example of an Peter Curwen, 264 pages; pub- cats through negotiations with the mid-1960s. of Multi-media develop- already offering onscreen page believe that a larger and more microprocessors in order to on-line database of scientific lished by Euromonitor, 87-88 his TTntnin* Technology is not only ments 4 the way that makeup where you can actually direct entry can be expected raise productivity and improve and technological expertise and TurnmiU St, London EClAf Rupert Murdoch made a revolutionising graphics ... 4 Mr are see an accurate representation by the computer giants such as consistency,” according to the facilities in British research 5pU. Text and Warning, in .East newspapers and magarincs dash for " 1 • ~ >«'" -*t* “-.t J. l . :'* •••I'Vi -» j • >’ it Vv a s.:-l , AAUilIais: • -i- j.jiui'.L ’ ’ ' - i'l'V 'i ’ !•' . 5Si : "in Vital! Z- .'r RANKXEROX ’• . Rank Xerox are world leaders in laser printing high quality printed material- completely in-house And when you’ve created your documents on hundred pages a week, to those requiring thousands and the leading devetopersofsoftware for document and in a fraction of the time and cost ofconventional the screen only Xerox offers you the fkility to each day. creation systems. .methods. transmit that information via a local area network or So when you begin to open your eyes to the . V: Just a£yre led the field in other important areas Our document creation systems can combine Ethernet to wherever it’s needed. Then it can be potential of electronics in publishing, make sure you of reprographics, so.too have we taken the lead in text and graphics to bring new speed and conveni- printed ready for use- again using Xerox equipment contact us first laser printing and document creation. ence to the production of technical and engineering Our range oflaser and electronic printers caters Only we can show We nerw have an unrivalled range of sophisti- documentation, sales tenders, company reports- for every possible workload. you the complete iTeamKircgc cated equipment to enable companies to produce indeed virtually all printed information. From the company that needs just a few picture. 1 6 0101 v-i ; >'£S -v*: mmM . . — " — IS 198& Financial Times Tuesday February Electronics in Printing 2 ft, A major growth area Remorseless impact of duction. a high resolution scanning sonal computer and a laser Hr Bob Boehner, general device capable of turning paper- writer, will sell for about digital technology manager for electronic publish- based images into digital form £11,000. The use of an offset Corporate would ing at Xerox Corporation and transferring them to the printer take the cost to buildings of large organisations. claims: "Corporate electronic Keeps workstation where they between £15,000^30,000. single electronic THE MOST significant By converting them to laser publishing is one of the most can be sized and edited. Professional office equipment looking docu- trend within Reprographics printers- attached to a com- important growth markets in Hr George Briggs, Kodak ments can be produced by rela- during the latter half of the puter network, dw . humble publishing tiie world today. The corporate manager for electronic printing — century been the re- tively Inexperienced staff “If 20th has KEVIN TOWNSEND photocopier becomes the elec- market meets the is movement from SNOOOY publishing and publishing says: "This you have got someone who is morseless trade postman of the future*— RAYMOND classic definition of a growth logical already analogue digital technology. a step for us. We a competent typist, you are to distributing documents, gra- market: a market which offers understand totally the life This now applies as much to home and dry,” says Ur Howard. sufficiently high resolution, to phics and photos to wherever Increasing value to customers cycle of an office-based docu- reprographics as it does to the There does not, however, provide a realistic alternative to there is a Jaser/oopJcr. CORPORATE electronic pub- at a declining total coat.*’ ment” telephone or the computer. seem to be a single solution xerography and photography. The facsimile industry, one of lishing (CEPS), tiie in-house Hr Briggs emphasises that Consider the quintessential Personal or mini-computers to every company’s documenta- Recent developments iu the fastest growing industries production, of everything from Keeps was Kodak's first product reprographic tools—the copier working together with software tion needs. Copying, instead “ pawning " for Input, and high of the decade, wtil be leap- internal policy documents to offering in the area but that and the camera. Both effectively which enables text and graphics of printing; is still adequate for quality computer " printing frogged and left behind. In- manuals a*1*) the group intends to extend its rely on the analogue waveforms to be Integrated electronically many short-run purposes and. tor output are beginning to deed. Rank Xerox gong far formal proposals, is showing presence to both the lower and of light to transfer an image » and printed by laser are proving according to a new study, small make this possible. Once again, to that reprographics signs of dramatic growth. reaches the market. Gestetner’s managing direc- from the source to a recording as suggest to be a powerful combination. upper of offset printers can also compete technology has been avail- Mr Keith Howard, marketing tor, Mr Roger Annett: his medium; and both have been, the as we know it today will even- As many as 16,000 companies very favourably with the latest able for some years—but before disappear altogether. Some estimates of the cor- manager of Gestetner, which has company has launched a in one form or another, the tually in the UK: are estimated to have publishing laser printing technology. now the equipment has been so porate electronic Just launched a new desk-top Gestetner desk-top publishing backbone of the reprographics And why? Because digital some form of in-house printing years- But large and so costly that only the market in the US put it as high electronic publishing system, The study by the Printing system, which uses the industry for many reprographics is ultimately no capacity. For example, Boots, as the Industries Research Association Apple Macintosh computer. suffer from one par- largest corporation, government 89bn by the end of concedes that the market is a they each more than the logical output of the pharmacy and retail group decade. shows that drawback: the repro- or military establishments could new one but he believes It will (PIRA) the ticular digital computing. This means claim to have the largest ln- In Britain the sector may be economics of short-run print £300,000 for systems run by duced graphical image cannot afford them. Now the micro- house printing facility in prove to be dynamic. has that any computer printer about to take off as a whole production are complex. mainframe computers. be edited. computer revolution printing capable of reproducing a suffi- Europe—a plant which The European . market for are to the desk-top—** collection of new electronic pub- Advantages “Different production meth- The only alterations .that brought them resolution employs 485 people and which mainframe electronic publish- implications are ciently high quality- , that obey and toe lishing products come to the ods can easily vary by factors possible are those can be used as a reprographics provides a high proportion of In-house publishing gives ing systems alone is - expected market. of five, and sometimes 10, in the physical laws of light waves. enormous. the company's print needs. companies greater control and to grow to 8100m a 'yew by Is engine. Kodak has Just launched ks the cost/copy for a given Images may be enlarged or The key to reprographics is rapidly flexibility with printing We have already reached toe But what changing work 1891, Rank Xerox believes. reduced by the use of mirrors still the bumble photocopier. first product in the area. Keeps, product. In one case a laser beginning this era. Versatec is the ease and relatively low being carried out in the Rank Xerox is about to launch is not the of the Kodak Ektaprint Electronic printer is shown to be the most and lexises, and whole areas Now. however, it cost at which companies can sequence that best suits the a personal publishing system that Electronics, a member of the Publishing System, which will economic printing method up to can be delegated by masking. simple analogue lightwave instal their own integrated company's needs, he points out. costing about £17,000 and three “ ” Xerox Group, has recently go on sale in the UK in April. around 700 copies; in another But the only editing that is Is used, but the precise mani- electronic publishing systems There Is also increasing new Integrated publishing announced a. full-colour electro- case, perhaps only 100 copies,” possible with traditional film pulation of computer methods and so avoiding the need to The system, based on a DEC emphasis within organisations systems based on DEC VAX via static printer/plotter capable of the study argues. and photocopied images is under human control. The 1 automatically 32-bit mini-computer, costs PERA in producing “almost * camera- send out work to that even documents Intended computers ranging price the use of scissors and glue image is no longer transferred printers. about £30,000 and Is aimed at But whatever the cost of dif- will ready output commercial only for internal use should from 850,000 to 8260,000 that is, collage. by lightwaves from an original falling the middle of the ferent methods of printing short Although laser printer quality The cost of computing market Keeps look good and be easy to be introduced to the UK Collage techniques have now source to a photosensitive drum Integrates word processing, runs, the range of possible is suitable most office pub- power and the speed of tech- per- assimilate. Gestetner already market over the next two years. reached an advanced stage. (photocopier), bnt is written by for nological change has sonal and printing solutions for corporate elec- situations, it is cur- blurred computing sells a wide range of repro- Hr Alan Higson, Rank Xerox The Roneo Alcatel 215 copy- laser directly from a computer lishing the tronic publishing are expanding in monochrome But boundaries between copying and Kodak hopes it will be used graphic processes. offset systems business marketing editing system will allow the memory (laser printer). rently only. all the time. and printing. And indeed many for everything from the produc- printers and copiers and the manager, believes that staff operator to rise an electronic this will change— and more of the leaden in the emerging tion of newsletters to legal, new system is intended to Rank Xerox are bidding for learn better wben documents pencil “to box, delete or Capability quickly than many users realise. trim, ** market of corporate electronic financial and insurance docu- enhance and complete the leadership with a range of are printed to a high quality. centre an image.” The contemporary “ baby If full colour screens can be * publishing, such as Rank Xerox ments and scientific and range. systems running from personal PIRA multi-client study on But now consider the basis laser Is capable of printing at produced by mixing the three and Kodak, are noted for their government reports. The desk-top system, which publishing systems right up to short-run publications is avail- of digital technology. A picture a resolution of 90,000 dots per primary colours, then there Is expertise in copying and repro- Launched with the system Is uses an Apple Mackintosh per- systems costing as much as able to members of PIRA only. can be stored in the digital square inch, and can print nothing to prevent full colour memory of a computer as a between eight and 12 pages per printing by a similar method. long series of instructions that minute. The system can coat Basically, all that is necessary define the precise position of less than £3,000. is three separate drums over- thousands of dots. When placed There are, however, many laying different coloured “dots” The pace of change quickens “framework.” these dots will differences between toe laser on to the same sheet of paper. together within a defined printer and the traditional com- We are at the beginning of puter printer. The laser system Che integration of office and an early form of publishing. on) should not be viewed as major computer manufacturers setting system with an Inter- form a coherent image (remem- produce textual-quality reprographics technologies. This The move from cave waUs to conceptually different to book now see as an important market media disk conversion system. ber the effects produced by can superior to the daisywheel and will bring large computer-manu- Pressures on papyrus, to printed paper and ^publishing. Indeed, office pub- The large manufacturers (IBM. The result is that it can receive the pointillist painters). at much faster speeds—but it facturers into the reprographics to digital archiving should not lishing is as large and as im- Rank Xerox, and so on) will disks from any of hundreds of Furthermore, if the image as repro- market, and it will threaten print shops be seen as a series of revolu- portant a publishing market as Inevitably seek the large cor- different microcomputers, and can be stored in a computer can also be used a graphics machine capable of many of the smaller repro- tions In publishing, but as a the more traditional book and porate users—but since this convert the contents to the memory, then computer tech- KEVIN TOWNSEND very high quality. It solves the graphics companies. We are single continuous line of evolu- maprinp publishing market— market makes little use of format required tor its Linotype niques can be used to edit that of digital output leav- likely to see a placer movement; tion. and. If anything, growing at a High Street printing. It is un- widilnwi. image. problem — the problem of digital with computer giants such as The only things that change faster rate. likely to affect this sector of the Parchment (Oxford) is a “Once you have electronic ing only moving towards repro- through new technology, says printing industry. similar organisation. Recognis- data, there is the opportunity input. IBM NO INDUSTRY has ever The demand for office pub- systems Alan Higson of Rank Xerox, ing the importance of the bur- to process, store, archive and The more advanced graphics from office computing; achieved such sustained and lishing has produced one of Many of the more forward are able to store an image to and companies like Rank Xerox " are the vehicles that are used thinking geoning microcomputer market, transmit the data by telephone, continuous growth as the pub- publishing's most recent pheno- print shops are already resolution as the laser moving office comput- to achieve the end-result known the company long ago wrote its digital network, and even satel- the same towards lishing industry. H one defines mena: the High Street print adapting to the new demands. printers can output them—and ing from reprographics. “ as publishing.” It is humanity's companies unable have own program to convert stan- lite,” says Patrick Mitchell of publishing as the recording of shop* Such companies long can record many different At first, these giants will con- insatiable appetite for more arid dard ASCII text files held on PA Technology- This Is the data on a medium and in a form to afford their own printing relied on computer typesetting of between blade centrate more published information locally manufactured RML great advantage of digital tech- shades grey on corporate accounts that can be used to disseminate facilities can take an original (Compugraphic, Linotype and a nology, and why it will replace and white. Once in toe com- and large systems; end there that has driven the industry to to local print shop so on). they are beginning S80Z microcomputer to provide that information," then one sees document a Now analogue technology. puter, the image can be edited will be room tor. nitty smaller im devise better, faster and more tor computer typesetting and to interface standard desk-top input to its Compugraphic type- that publishing existed g The ability to store and edit by a wide range of graphics companies and smaller systems efficient means of publishing. high printing, microcomputers provide the setting machines. before Caxton developed the quality off-set to digital avail- programs, or simply sent to the such as the desk-top publish- Since then it has added a a image has been — press. This definition of publishing within short time-scales and at input. For example, FD for reproduction. ing system available from Xitan db* conversion system to able tor many years. The real printer Publishing has been around implies that in-company or in- low cost Graphics, a small design and consider toe implications Apple. But If the traditional enable copying from virtually problem, however, is In getting Now as long as civilisation—indeed, house office publishing (docu- But it is tills very area of printing company in Fleet, has as regards the vast number of reprographics companies do not any disk format The result is the Image into the computer cave paintings can be seen as ments, reports, tenders, and so office publishing that many front-ended its linotype type- and medium-abed photo- adapt they wiff not survive. that users can key their own memory fast enough, and in re- small copiers scattered around the Gestetner is one company typesetting, and save on both. producing the edited image In a Hunt . has swaitbs trend and Bmp ' and costs while simul- adapted, as indicated elsewhere taneously increasing on accu- in this survey. -Long known., as racy. ANOTHER PUBLISHING RECORD a leading reprographics . com- - ' Similar organisations are pub- . or en includes' • The number of books BPCC F am pany,! Gestetner has adopted the Future. Market appearing throughout lished in the UK has again hit MacDonald and Apple's Macintosh-based Desk- country. In Basingstoke, the a record level. In share: 8%. 1985, “The Top Publishing system and inte- local Wordplex bureau has Bookseller ” recorded an issued “ Oxford University Press. grated it into its own repro- interfaced Wordplex equipment total of 53,994 titles (against Market share: 8%. graphics products. to a local printing company, 51,555 in 1984). The largest Octopns/Hrincmain indudes first “ Ultimately, the winners in name and now provides Instant, total was made up of 41£54 new Brimax and Seeker & Warburg. The sector ” this will be those manu- accurate typesetting for titles—2J> per cent increase on Market share: 6%. facturers who have a stake in Wordplex users. the previous year. Associated Beak Publishers both computing and copying Such adaptation to new deve- • Britain's leading publishers includes Methuen, Magnet, Rout- and most of those are Japanese. lopments is essential If the High include: ledge Kegan Paul, Eyre * Already, the copying "engine'’ Street printer is to compete in Pearson Longman includes Spottiewoode, Sweet A Maxwell. at the heart of most Western publishing the changing office publishing Penguin. Viking, Michael in desktop Market share: 6%. desk-tap laser printers use market Joseph. Hamish Hamilton, Macmillan. Market share: Japanese -products: Hewlett- But what exactly is the Sphere Longman, and Pitman. Packard and Apple have threat? One of the best Market share: 16%. ^eed includes Hamlyn, Butter- selected toe Canon printer, . examples comes from the Post- Collins includes Fontana and worth. Market share: 5%. while DigitalDi Equipment Cor- script system developed by Grafton (formerly Granada). Souroa: Th* Baokaallsr: Publish***' poration has chosen -a Ricoh Adobe Systems in the US. This Market share: 9%. Association. printer. Apple < % is the system adopted by the Macintosh-based Desk- Gestetner, world leader in reprographics introduces for a , Too Publishing System. the DeskTop Publishing System.At last, create professional It is actually a device-inde- documents in-house without highly skilled staff. pendent language tor describing the page to be printed. It Text can be combined with illustrations, graphs and means, in theory, that Postscript can be incorporated into any diagrams. Complete pages are assembled on the screen laser printer; and that it can be just as they will appear In print. used by any microcomputer that runs any software package or outputs, to professional type styles, output gives that “drives," Using Laser Postscript standards. superb copies which also serve as originals for Gestetner*s If we examine the Apple system, we find that it com- full range of reprographic processes. prises the Macintosh computer a software package Ideal for wide range of work, the Gestetner DeskTop running a called Page Maker and attached Publishing System saves money on materials and outside to a LaserWriter printer. Inside services whilst providing the security and convenience of the LaserWriter is a second powerful microcomputer in-house control. devoted to running Postscript The result Is that pages can And, at less than £11 ,000, the System is a breakthrough be designed on the Macintosh Maker before in performance and versatility. screen by Page being assembled and typeset by Postscript and printed by the LaserWriter (for a total cost in Contact Gestetner today on 01-387 7021 , for full details. the region of £8,000). This concept is now setting pub- tiie standards for desk-top lishing. It bas been adopted by Apple, but is not ^exclusive to Apple. Dataproducts; One of the world's major computer printer manufacturers, bas de- veloped its own User printer with Postscript TWs, too. can be driven by Page Maker—but be this time Page Maker can !*<«** situated on either an IBM PC or a Mac! At the moment, the only Dataproducts printer available is an expensive 20+ pages per so* minute system; but a cheaper desk-top system will become available in the summer. Then, any user of an IBM PC will be “ ** his word able to ungrade _ processor to a publishing system by the addition of naae make-up software (say, £500) c«*-r and a Postscript laser printer (say. £5,000-£0,000) When that happens, the High vss» DESKTOP Street printer will need to com- pete far harder to survive For all but the most prestigious typesetting demands, laser type- PUBUSHING setting will be sufficient. It would seem that a Judi- cious adaptation to the chang- Gestetner House, 210 EUston Road, London NW1 2 DA. 01-387 7021 ing market by careful adoption of new technology will con- tinue to provide a thriving market for the High Street printer—but only if be adopts the same technology that cur- rently appears to be a threat. mm 1 h — ,;, , J , Financial Times Tuesday February 18 1986 Electronics in Printing 3 Ten good reasons New print exhibitions planned 1. EPS LaserJet-around £2,664 tt*? woetcra- > ONE MEASURE of the favourite desk-top laser printer. It quietly prints 8 pages. growing, importance ef ' cor- '• • * - - f ' porate electronic publishing per minute, with EPS enhanced paper handling optims. systems is the number of 2. Plus-around £3,500 Ma^ exhibitions covering the EPS LaserJet subject. • mum laser printing ftexibiBty-enhancecl graphics, down .. u** <>. Last November, Online In- loadable fonts etc. Prints 8 pages per minute. ternational staged an exhibi- tion and conference called 3. EPS lOOO-around £4,995 Heavy-duty printer 4$- 1 7- :• .“Electronic Publishing ” at for text forms and graphics. Rapid and reliable high-volume .the Wembley. Conference printing per minute. * adopted by Apple for its Centre In London, and plans at 10 pages . LaserWriter, and the Xerox for the 1986 event (Septem- Contrasts in book 4. and .Business command language. All of these • production: the famous two-volume “Dr ber 230) are now well under EPS 1200 2400 languages Johnson Dictionary,” published by ' - are vying far the Longman' in 1755. which 'way. ' - .>r M -around £14,995 and£25,000 Quality high- . : v took Jphnson and his six assistants ' ’ I documentation market. more than eight years to According to Judith Traf- * ’!{. . . . prepare, -seen here volume printing, at either 12 or 24 pages per minute. Smith’s customers Include behind Longman’s major new dictionary ford, promotions manager for of the En l i sh language. .40116 SEDACCA. Schroeder Life in Portsmouth g The 1,8 7 5-page volume was prepared Online, this year’s " hot Unequated price/performance. Many features Include with tar greater speed and accuracy which is producing all its poli- with the use of advanced topics ” will be pre-press, A4/A3 flexibility • - .lexicographical computer processing. cies and insurance documen- . desktop and corporate pub- • •. tation at the same time as it lishing. 5. HP2689 -around £79,000 An exceptional .. ! ELECTRONIC PRE-PRESS, the produces the text - or the data; in 'Yugoslavia for a $2. 14m He Js convinced that offset Pre-Ceps 86, the Pre-Press 45 pages per minute. This superior high-vdlurne continuous, application of computer techno- and Philips Tele- AT&T and system for use in technical Utho and Corporate Electronic • equipment has a major" printer is for use with IBM 43XX logy to text, image and graphics communication are stationery designed and who using it publications’ design and produc-. part to 'play in in-plant depart- Publishing Show, will' be - origins turn, la . spreading be- computers. throughout Europe for the Won. held i at the BarMcan: Centre 30XX yond the traditional boundaries foreseeable future. production of manuals for their - Intergraph is involved In in London from .November of the commercial printing and large companies still 6. A wider range than anyone else no other uk telephone exchanges. 26 to 28 this vazear,. . The typesetting - markets towards Needless to say, all the major tion s Interpress page descnp- .organisers. Industrial and supplier can match our range. ..or so precisely meet corporate electronic publishing solution .for convenience, this repro manufacturers have taken Trade Fairs, are arranging a heeds. systems, (CEPS). S^em is limited -and expensive your a stake in the market for cor- electronic printing standard for conference to run concur- At the simplest level, soft- ^ cost terms alone, whereas a porate electronic publishing X * rox 111 iaC rently with the exhibition. 7. More computer interfaces suitable for an ware is available which allows well-equipped in-plant system, _ systems. Gestetner v Key Industry figures from - Desk Top Intergraph leaefing minis, micros or mainframes, including Vifang, IBM, - standard personal computers to. miag o£Eset lith0f ^ . Publishing is a complete system, for all of Europe and the US are being CAD/CAM systems the print bill by. than 25 he used as typesetting key- more I CL, Honeywell, Prime and DEC. including an Apple Macintosh its engineering design and invited to give papers on a boards, allowing the .user to per cent claims Ur Sears, whose computer with high-definition manufacturing work. range of topics, examples of input data in a number of company has recently intro- 8. More Choice Of fonts Over 20CX) standard type . screen, a laser printer and a Last April, Apollo Computer which will Include linking modes and output documents In duced a new range of small- creation carefully integrated set of soft- announced ah OEM agreement electronic pre-press and styes, plus individual logo and symbol from the EPS varying forms, from- laser- off^t presses. Two MultUJth ware that the company claims Massachusetts-based corporate publishing to out- FbntCentre. 1 “ with a presses (models 1330 and I860) printed pages : through .. to * compares in power to systems company, Interleaf, to integrate' will replace the long-standing side users and database. camera-ready “ repro work. oyer many times tha price. Apollo’s Domain workstations Another new exhibition 9. More experience than anyone else In the TJS alone; Industry Multilist 1250 range, a' machine Media Print, a successful with Interleaf's Workstation has providing evidence of the 2000 highly successful installations in the UK alone. sources estimate that .the mar- that often been referred to group of instant print centres Publishing Software. convergence of the printing ket for. electronic publishing 33 “the workhorse of the is central London, is also using Mr David Howes, managing and information technology 10, A better service than anyone else will exceed ?10bn by 1989. industry.” it to prepare originals for repro- director of Apollo Computers While ease at use is a key Industries has been announ- • Compiling technical manuals Thats what it all to-a better service for than any of duction in a . variety of docu- (UK) suggests that “technical factor for electronic equipment' ced by the organisers of the adds up you •./.;*» and product catalogues has annual ; ments' to customer order, publishing, is one of the fastest- in in-plant departments, the Info show, BED initial 1 ' always been a lengthy process; our competitors can hope to provide. Not just when making your I - mainly in the area growing markets for technical Exhibitions, organisers of and once a manual has been of sophisti- ultimate measure of any system cated documentation rather professionals. Analysts esti- such as typesetters is the Repro Workshop (the London choice, but alsowhen it comes to technical advice, installation, customer • • r>. published it is often too con- than the saturated market for mate it will grow over 500 per quality of output. Vari- Printing Show) at Olympia, suming and costly to update AM support and follow-up service. compliment slips and the cent this year alone.” typer's Comp/Edit digital photo- October 7-10 1986. individual sections regularly. wed- ding invitations. In the there are perhaps typesetter systems, for example. The new event, Electronic Hectronic Printing Systems Limited became Britain's leading With electronic publishing UK The Kodak Ektaprint Elec- 500,000 companies which have now include a previewer option, Pre-Press 86, will focus atten- supplier of laser printers thanks a standard of service. that's,, , systems, technical information to such And . tronic Publishing System a printing requirement, but as so that users can see on screen tion on the expanding market for a company’s product manual first (Keeps), the first yet only 12.000 of these com- exactly what they are setting for in-house electronic print- the reason why you should contact us • - move by - . . T . . . including line , drawings and Kodak into office ponies are served by their own in the. same size, position and ing and publishing and will specifications can be produced the electronic Just complete and post this coupon, oi; even better phone usrtodayt publishing market offers the in-plant print department,, type-style. Bold type, italics run concurrenlly with Info 86 easily sec?. and updated, either acmnfiTic tn Up David Saar and pvpnt raiHInp crtIm aro at .tVin coma vanne Hltmuifu general manager of AH Multi- accurately displayed on the —from March 24 to 27 1986. Sporific TartT <5 r it * S ZEF&g* graphics of Hemei Hempstead. CRT screen. Visitors to EBP 86 will see ELECTRONIC PRIMING SYSTEMS LIMITED can even be. tailored to differ- '® JJSFLJ*J 1®8- n and chart25 how the latest electronic page Newgate Laae, Fareta»,-HMipshire P0I4 IBP. Tel: Fareham (0329) 22112L Tetex; 86707 TOVALfi ent marketing regions wor dealer P* ta» StaPh groanT ^ formats (see opposite page). make-up, text-handling and A retrofit kit has also been STOCKBROKERS SET THE PACE digital imaging technology .- ; offers in ; . : ; developed big saving time and 7 Break through . I . : A. enabling existing Ektaprlnt- HIGH SPEED automation is Simon and Coates’ printing cost, compared to conven- Please send me more information on your laser printers. am particularly Perhaps the most significant users to have their units modi- now a feature of stockbroker volume has increased to around tional methods of production. interested in •• ‘ -*•- -,- breakthrough,- apart from the fled to produce Accent Colour, print rooms in the City of Lon- 200.000 shots a month of which Other new events this year constant Improvement in Once colour don. Simon and Coates, for 175.000 are collated, folded and include Primis an exhibi- -r-.TA the cartridge 86, Name Company—— ' example, has made a name stitched the Ordibel equip- "Vf"- quahty of high resolution has been fitted, the' user tv on tion and conference of .UtfVBMCflMtaSTSroiS , graphics images., being created operates the copier In exactly itself as being one of the first —to ment computer-based management decoupling of the as produce “budget specials” information systems for the Telephone. .. • on screens,'!* the same way he would when Grievson Grant are also : ] Q printing making black these reports are distributed printing 12- the . photocopter’s and white .copies, among city stockbrokers who industry (March " Fr/r8.2 overnight to 1.600 institutional Current computing equipment — —_— _ j'g mechanism from . optically- Intergraph, a leading sup- have installed advanced type- 13), organised at London’s generated Imagings ptier computer aided design and private client* setting Hotel Russell by the British Please ask a representative to can as soon as possible > in equipment. They use ' Se«j ia Dept FH, ELECTRON 1C PRINTING SYSTEMS UMrTED.B^EEPOSl Newgate Lane. htorp^lfePQlAIBP . . " Images may be generated by and manufacturing (GAD/ Such a project demands close an eight-terminal front-end sys- Printing Industries’ Federa- . J digitally-controlled, low-energy CAMV equipment recognised links with the in-house printing tem from Interset Computing tion. • • - 1 1 l 1 1 I t J 1 J .. 1 t i J-—-1 E53 Ilj l_J L J L—i lasers instead- One problem, the importance of technical department, which receives Systems, of Frome, Somerset. . BORIS SEDACCA 1 0— —J L—J UJ LJ — L— — — C3 — E3 — — C3IO @9 HD Hi HI-BBSS according to Paul Smithy man- documentation publishing some material from the firm’s econo- * . Reliability is a Key factor and aging dteottof^oJ 'EtecttttW-' **»•«» thru* years -ago.- mists shortly after midnight, 1 . In the. year since installation of ; , i J 1 • • Printing Sjatemx.jta JWt,- if htfunrah : has .-uMdM ' catch the last post' the system it has proved - 'timorde&h “more e^ifi ista '' ,pftatCTTOyTO own dedicated -fedimcal -pnhifeMhg yh from N Mount Pleasant .sorting,, than a match-far. thelntense 930 tajMbbt ffi 'J'tiffifrVflffr tip? I•> Syttcinssystems MTggdF'TtompatHfe commandCQtumind t as office,- they Have only three am to 730 pfn typical day and indastry ; xtanaawL titan it -Texas --Instruments.- Rockwell • hours to produce 2,000 copies of for all-night sessions wh.es fi.% outer •• means that everyooa’s software International. Hughes Aircraft, tiie complete report of up to ancial reports must be on the i* going .to be different Ford Aerospace and Illinois eight typeset, A4 pages, printed desks of between 400 and 2,000 “ Belt The manufacturers want to on Rotaprint offset litho presses. institutional investors the fol- tie users to titair own products.” The company has received The firm also relies heavily lowing morning." the firm, " on says he suggests, Examples include two substantial European an Ordibel 20-station collator which is how buying a further IBM’s language, Hewlett Pack- orders, one from Technal in with an on-line folder, sticher £80.000 worth of additional com- ard’s France, PCL, Post-Script written a . manufacturer of alu- and fore-edge trimmer which puting capacity. ftnd complledby Adobl In ihe minium frame windows and one can handle up to 2,500 booklets US, a language which has been from Hie 3rd of May Shipyard an hour. MIKE WILTSHIRE More micro systems launched they persuaded 'Linotype, a sub- of reasons, but often the invest- and converting the text to an- sidiary of the Ufi Allied Corpor- ment is made to give better italic format, but at a higher Typesetting and ation. to market it under the control, or sometimes time sav- level it can result in the. most name of the AFL. ings, rather than on grounds of complicated typographic struc- Vord processing This is now probably the most cost tures “1 - While maDy large in-plant To help this along, word pro-' COUM COHEM widely ^used' typesetting ter- minal, and it was the use of typesetting departments utilise ce&sor operators can insert sim- mass-produced circuit boards perfectly standard typesetting plified typesetting codes as they “ and firmware from Apple which front end " systems that would type such as [m] for a first made it infinitely cheaper to look equally at home in a large level heading, or [bi] for bold THE PRINTING tadustiT is all- -produce than specially-built magazine bouse, this is often italic. This coding, which the pervasive. Every towh will have keyboards. because the volume of work Printing Industries' its quota, printers ragging, British .of Since then, there have takes their requirements well ;m some instances, from the been Federation promote as ASPIC a host 7 of other micro-based outside the scope of even power- industrial.:, giants who iprint (Authors' Symbolic Prepress typesetting input terminals, ful micros. Inter-facing Codes), was ipa&Klnes," down - to the Aigh largely designed to run on IBM For a good many users there developed by a small trade type- .! treet instant printer. Yet, P&compatibles and, tot many is simply no perceived need to called the Electronic Vil- < espite /being so widely distri- setter uses, they have largely replaced invest in a typesetting system of 1 uted. the industry Is rarely in lage. It is probably the most typesetter kind. are the ' the manufacturers’ any They com- of many such proprie- 1 a®' news unless there is a popular own terminals. panies which . already have a and the advan- i ispute in Fleet Street Thus, tary codes has word processing system of their flew jwopte, brought up. a Initially, such systems. as the tage that the word processor, m: own and have steered a path 4tat of 'Fleet Street disputes, APL, the Typecraft and Type- operator does not need to know through the maze of communi- would guess just how different count (now sold by Howsons details such as type size or line cations to get their word- the attitude-. has been in the VHA, a subsidiary of Vickers) length, but only whether a sec- processed data typeset with no. majority of the JqdusteY when wetb no' more -than a cheaper tion is to be set larger or or only minimal, re-keying by faced with, new- technologies, way of doing exactly the same smaller than the section or-word the typesetter. compared to Fleet Street. work as the conventional that precedes it. - Given that both typesetting • The; most obvious difference boards, -and operators .still had and word processing keyboards is that Flebt Street's hot- metal to enter -all the complicated Complex tirpesettixig-^noiayi ;5melly end typesetting codes on the screen. use an essentially similar tech- not too complicated is the Slow— as been reduced to However, as all these systems nology, it would seem Much more itfusbum -status in- the world of were based on micros .more difficult to. transfer electronic; so-caJJod C e ncode (Generic Cod- another. Printing general, printing,.- Wbfie it is. and more use was made, of .the data from; one to The. ing) for -which the In- true that a degree of union basic processing, power- avail- fact that this ia now done on a dustries* Research Association Almost every office desk is now equipped with its HEAD OFFICE resistance to new technology able, so that corrections and regular basis and in large (Pira) has been co-ordinating word processor terminal, but the floppy InterMedia Graphic Systems Limited has meant that much more type- other editing task* could be volumes should not disguise the the printing industries reaction own micro or essential difficulty of such an Cencode produce are not compatible with Suite Lewes Business Centre, Lewes, East Sussex carried out as easily on a in preparation for be- disks they . & setting is now done, by special* as ; ised bouses, this would almost, word processor. operation when tit Is done for coming an international stan- typesetters, laser printers, or eren other computer England BN7 2PE. lei: D273 478725 the first time. dard. certainly have Happened any- systems. So this stfll meanshours of rekeying, Telex: 946240 (CWEASY G). Quoting 190H47D These difficulties are to do character recognition > way as the introduction of Software Optical proofreading and correcting. electronics typesetting to the with disk formats, the different has always been thought of as LOCAL OFFICES: to you invest in an InterMedia Multi With the . advent of micros But when 'seventies. -made it;' possible to ways used by word processors a rather poor relation in terms Ijopdon North AnKzicmidCiiiidi such as Apple’s Lisa, followed Converter, you will be saving both time and start up small, tewovertwad, and typesetters to structure of copy input, with the excep- Media lntenncdia Graphic Systems lid US. lynx - by their. Macintosh, several their data electronically and the 99 Sopthwark Street 853 Broadway operations. . tion of the US-built Kursweil money. vendors have produced easy-to- London, England, SO 0JF New Ms* 10003 Long before microcomputers considerably larger number of which combines sophisticated Copy supplied on disk, or even magnetic tape, - use software which allows the TfefcQM6WW2 US.A. - a typesetter became' a common sight on codes needed by optics with a degree of artificial converted to the correct format for any user to see the page made up can be Tel: 232 673 32B) office desks, typesetters were to produce the typically com- intelligence. in columns on the screen in the typesetter a laser printer or other computer system in Europe andScandinavia using spectidly-boilt keyboards plicated layouts In a variety of correct typeface, before output- Interest in this area has been a fraction of the time it takes to rekey. The InterMedia Delta Systems BV IsvsGroEscheMaschJnenAG to paper- tape with the different type styles and sizes. poach regenerated by the launch of Epenwj; 728064 Hf Fritz-Arodd-Strasse 16 extended char- ing fay a special link to a desk- For every size of disk there MMC 3000's can read over 500 formats on 8”, 5 V*'!, codes for . the laser printer or even to a two small systems from the US. Ptaabus "H7 8084 ZJ, THarde Holland 7750 Konstanz^ W. Germany acter sets needed. is an almost limitless number of 3« i" or 3" soft and hard sectored disks and most of quality photo-typesetter. One marketed by Quest Automa- *±3152553388 Tel: 49 7531 54099 Correcting or merging this a formats, so a breed of machines the popular dedicated word processors. Quarterly tion can be used as a PC add-on, ExalogSari Sbigmi Giafid information was difficult with It is the advent of the "intel- designed to convert disks from that the while another is designed to in- software updates ensure InterMedia keeps computers, and ligent" micro-based system that one format to another, called 64 Rue Dm Binelles ViaMafucdU the early . mini crease the power of the Alter- -abreast ofthe constant developments in the micro 923U Sevres, Fiance 20^8 Milan. Hahr although large typesetting sys- has made possible taking the MultiDisk Readers (MDRs), has text MDR. Most recently, a smell market. TfeL 33 1 6268787 •at 3923780857 tems ere still largely based on typesetting operation in-house sprung up. London software bouse showed ! internationally minis from American .com- for large users of type, as their Three of these MDRs—the InterMedia is recognised as the FotronSA ..frontal Systems AB a development machine which 1 panies such as Digital Equip- operators now only need a British IntwMedia. and the leader in media conversion and is sold throughout the 35 Tsikalof Street . ArstaSkolgrand4 looks like having enormous ' ' ment and .Data General,, tiie limited training and, In the case American Ajtertert and Shaff- BK73 Athena, Grace Bck-43027 its range and, like •• potential in ! stall syrrtemfr—have special soft- wo^ fel: 3ffl 363 1562 . 300 72 Stockhdin, Sweden software is often largely British,' of the latest WYSIWYG (What the other two systems men- 1»: 468344 2690 as ara -tho majority of systems You See Is What You Get) ware vbkh, as -well as reading j 1 • tloned, has the ability to cope based qa micros. • screens, mistakes made by the a customer’s- disk in one format ftrEaat and Australasia to match with graphics and not just text InterMedia Intmytfjonal M.T..Sj«gqw Such micro-based systems operator were spotted sooner, and writing a.new one j -will also pre- * * * 35XmnetyRnad 3a Whtting'ScAret when a and tiny coding errors could be the typesetter; j first became practical (Graphic Systems * Colin Cohen has edited “ The i Of-M Tanneiy Blcck Artomon small Brighton company called corrected before they were com- serve or.convert to a new struc- that Inter-face Directory a guide to Ruby Industrial Complex Sydney Ocean Electronics realised the mitted to expensive photo- ture any 'commands an j Singapore 1334 NAW. 2064 Australia Apple micro. typesetting film or paper. operator has out into the text. inter-jacing typesetting and non- potential -of the Ta:7«i4t06 TH: 612431364 At its this involves typesetting equipment, to be After making a number of in. Corporate decisions on the simplest, j a underscore symbol published shortly by Pira. stallations m their own right subject are taken for number finding an j I .:' ' IS 1086 Financial Times Tuesday February * £4 t Electronics in Printing 4 Technology brings Tough target for researchers Atex also but one example, and. the Print- THE INTEGRATION of text Companies such as now being manufacture versions of their Master package and graphics has become a marketed by Langton Electronic for both systems manu- Integrating; text systems for corporate use. but target Publishing Systems) will be facturers and users within the prices for systems that are union upheavals most corporate . able to cope with printing industry and has, over and graphics based on the larger Digital installations where text and the last decade, consumed Equipment minicomputers an* printing the first industry to established, composition COUN COHEN graphics are integrated. Mean- was enormous resources. There is of a quite different order, being make such a move, but a key still entirely manual: by 1914 while, the mainstream printing every' logic behind tbe wish for similar to their rivals such as Labour relations element in tile scheme was to it was to a great extent mecha- industry will provide the it to happen, but the problems the British Miles 33 or US Fenta include in-career re-training. nised, especially newspaper to do it in colour more or less market place for companies COUN COHEN in have proved very difficult to Corporation. As indicated elsewhere in this offices. This ‘industrial revo- quadruples the amount of in- such as De La Rue’s Crosflckf solve, firstly in technical terms In a production environment survey, new technology abounds lution was extremely rapid, formation and the problems in- Electronics (now on their and secondly on a realistic cost they typically have to allow for in the world of general print- taking place mainly in the years volved in handling it' on a seventh Queen’s Award), the DISCUSSION of labour basis. all current information being ANT ing. While this has sometimes after 1890. It presented by far computer. German Hell, or Israeli Scitex relations in the printing indus- system until The Financial Readers who are used to stored in duplicate to protect been implemented behind the most serious problem which At tbe lower end' of the scale —with the Japanese, for once, in is Times started up In Frankfurt using micros with graphics from system failure and try Britain Inevitably national officers’ tile been set by users a this electronics union backs, the TA has ever had to face.” in January 1979. capabilities and then printing standard has being last in dominated by considerations of running a to cope with storing photos at a and manning may still be a In many ways It mirrors the desk- top Apple's Macintosh, market place in the form of Fleet Street, where they vary Then, last year, dele- the results out on a resolution which is high enough little less flexible than on the change from hat a Sogat £500 program from the US Dainippon Screen. breathless laser printer may wonder what be enlarged from bad to very bad. While European Continent, wages in computer typesetting gation went to the US—and Aldus Corporation, called Pages to allow them to metal to all the fuss is about, so it is it is equally inevitable that, at were appalled by the sight of and still be output at a graphic Finally, there is an interme- general print are still low since the mid-seventies in the pointing out why the Maker. On a small scale it in- present. Fleet Street should so much new technology. The worth arts quality. diary system, which will not enough for the BPIF to have rest of the industry. integration of text and graphics corporates all the features of again dominate the news, it report they published was cost the £500.000 epical of a been able to tell the unions in Opinion was divided in the proved so difficult Almost the larger graphic arts systems would not be reasonable to bleak, and seemed ill-prepared. has system small Crosfield design and pro- the first round of the annual Executive Council as to the laser printers now have a such as Atex that have started Atex ignore a much wider industry However, it contained a very all duction system, versions of wages bout this month that policy to be adopted towards resolution of 300 lines per inch, to go into Fleet Street (and background it is which employs some 500.000 long report from The Washing- Against this which are now used to design their proposals, which would, composing machines, "whether which means that when any text Wapping), which is hardly sur- perhaps not surprising that people in Britain, the majority introduction; or, ton Post of its own dispute in and produce both Time and raise the national minimum to to oppose their or graphics is printed out it has prising as it is now staffed by Kodak (who now own Atex) did of whom are members of one question 1975. The union had struck, Newsweek magazines. It has £100. could not be met. taking no heed of the first to be built up into a -page many ex-Atex people. not use any Atex components of the two main printing but the newspaper made alter- been pioneered with great While it may now be hard to as one of machinery, solely to "map” dot-by-dot -micro-' As tbe Macintosh supports a when they launched their own unions. NGA 82 and Sogat 82. native' printing arrangements A success for TV news pro- find printers earning less than insist upon their being worked system can cope wifelhe; relatively standard page map- Keeps (Kodak Ektaprint Elec- so named from the year in and eventually came back with based worldwide, another £100. there are certainly those by journeymen or apprentices." 90,000 ping language called PostScript, grammes hy problem as only hits':_ . of'_ tronic Publishing System) which the unions were both new technology and no union. m British company called QuanteL outside London who do not It was eventually decided to square the pages can be sent to a hieh- earlier the month. Instead, restructured, following com- In publishing the article for its data are needed per Inch in input earn a great deal more, and adopt the latter course: the resolution typesetter, but with- This allows designers to paper. they- have used software from 14 plex mergers. " members. Sogat’s leaders of pint " electroni- many who would be happy to Council, whilst unopposed out the ability to manipulate the US Interleaf Corporation graphics and seemed to be saying “do not In the printing industry, the their work, The best figures available take home In a week what some (sic) to the introduction of high-resolution graphics. Output who has made a formidable cally and animate take on a company if we cant British-designed and built for disputes within the printing Fleet Street workers seem to composing machines,” protested Apple's 4-sized before outputting the result as beat them.” Every Sogat mem- Monotype Lasercomp has be- usually goes to A reputation for system integra- industry also include those for take in a night So why is strongly “ against any but version of a have a 35mm transparency. copy. come a world-standard output Laser Writer (a tion in this area and paper-malting Sogat area) Street so different, and journeymen or legal appren- ber was sent a “ (a Fleet device when it comes to com- Japanese Canon laser printer), added a Kodak-user inter- While the system was pri- shambles operating or distri- Bound by the new industrial and publishing (a mix of print- how has the whole tices upon bining single-colour text and but more recently it has been face," marily designed for TV use or long? buting for them.** relations law in tbeir dispute ing and nonprinting unions, lasted so graphics at a resolution or shown driving a 26-copies per The system runs on a 32-bit for business graphics, recent in areas), This was momentous with Mr Rupert Murdoch's News but non-union many Perhaps the first taste that a 1,000 lines per inch — or minute A3 printer from the US super-micro using a well-bidden enhancement have made it pos- decision, says Musson. The International Group, both the so ironically it has not been printers ever had of a "Mur- TA 1,000,000 bits per square inch. Dataproducts and printing on Unix operating system. For the sible to use these 35mm trans- possible to isolate Fleet Street far back General Secretary. Bichard NGA and Sogat held Fleet Street doch style” came as But. even at this resolution, both sides of the dheet. time being it looks as if sys- parencies for an entire A4 from the rest of printing. Times became Hackett. declared is 1900 that ballots, and were left with no of com- as 1814 when The many people consider that it is Such a program can be ran on tems such as the Mac+ Page printed page. Many the the association's success in room for negotiation. Some the first paper to be printed by possible to produce in- a Mac as long as it has a second Maker (of which Gestetner are panies operating in this com- dealing with the introduction observers believe that when only the first ever steam press. The different newspaper - quality drive, and is Ideal for producing going to be selling an enhanced' plex sector will be exhibiting at Disputes of composing machines was Brenda Dean said that it would then-owner, John Walter H set photos, and that for decent very business-like publications version) will make the running the first Electronic Pre-Press “ the result of the determination be " the most damaging dispute What the figures show is that up an alternative press room quality magazine work some- which most people will think in the smaller installations, exhibition to be held at come to in the earliest stages that the UK has seen for a last year an average of one and, on completion of the print- thing like 2.500 dots per inch came from a professional type- while the new breed of 32-bit London’s Olympia from March hour and minutes per man ... to secure an effective control long time, including the is 24-27. three ing. is reputed to have walked (flJ5ra dots/sq in) are needed; setting system. machines (of which Xyviskm over working miners,” meant damaging to per year was lost through into The Times and announced the of these she machines.” blindly a union disputes, compared to an to his workers: "Gentlemen. instead of opposing them. proprietors average for all industries of The Times is printed." (Try it The Neither union is likely to of two hours and 22 minutes. with a Murdoch accent) the Bradford Times refused, recover in full its position in however, to abide the While these figures may be The NGA—and its prede- by Fleet Street. (Even if Mr Sbah influenced by including non- cessor, the Typographical Asso- apprentice rule, a strike goes to the wall, the " Shah resulted!, the in and office horizons publishing unionised publishing, the fact has had to cope with was effect” is now unstoppable). New ciation— " closed.” that only 13,400 workers were the introduction of "new tech- Meanwhile, the NGA is left involved in these statistics show nology ” before — even the paying £35 per week benefit for just how little inclination there maligned Fleet Street Linotype Resistance six months to its ex-newspaper is today for disputes outside its cen- members, on top of its already The largest customer is Shear- this kind, the problem is one puter-based version of will be celebrating Quite apart from chronic its best Fleet Street. year. They often crippling unemployment costs. son Lehman/American Express of getting experts to speak the selling World Airways Guide. tenary this over-manning, the Fleet Street with employers Both unions will also have with 540 workstations, a project same language using flowcharts This is delivered to the At the risk of painting too had to negotiate unions have long blocked tech- Multi-media sub- found un- massive legal bills to meet. was completed towards which are mounted and then rosy a picture of the labour whose style they nological change. Just two which scriber by Prestel, or by tbe rarely bad to developments the end of last year. cut up into little bits for all private Travicom computer net- scene, one may simply add that attractive, and examples: it was in 1934 that Some observers may feel that of confront as many technical that the individuals concerned. What work. in . 1983, after the demise The Scotsman introduced the ultimate irony must be BORIS SEDACCA Control Data has been mar- combined we are working on is virtually majority of travel the industry's Training Board, Changes as today, remote control of typesetters to while the unions were watching keting the system internation- The agents rising unemployment, but an electronic sketchpad." already use > one or other of the British Printing Industries with the UK, yet last year it was still out for Fleet Street's highway- ally over last 12 months, Associa- Datasolve, a Thorn EMI Federation (BPIF), whose writ it would seem that the possible to see an operation men in the form of employers, according lo Chris Manderson, these networks to access airiiae open in CONVERGING technologies are Information Technology com- does not ran in Fleet Street, tion's attitude was more which three operators were they were in collision with opening up new horizons for international director for Con- and tour operator information. past than is ** pany, currently markets two product allows set up a joint training structure to change in the it required to set the same copy friends " in the EETPU. the publishing world that go far trol Data’s financial information The ABC them major online information pro- look «lr schedules with the NGA to replace the today. In London and Manchester, Readers with longer memories bevond the printed page. Com- services division. to up and ducts: and craft fixed-time, apprenticeship recall that a quarter cen- World Reporter fares on the same terminal. In The Typographical Asso- rather than just one. may munications networks, local are now over 100 "There World Exporter. A year ago, the company in- structure. ciation, Origins and History -up In another case facsimile tury ago it was these same elec- area networks, videotex, cable world- Micrognosis installations Originally developed in a stalled a large IBM 3083 main- Last year the agreement was to 1949 (Oxford University page transmission was deve- tricians who were forever stop- and satellite technologies are some here in wide, including joint venture with Datasolve frame computer to support fhis extended to Sogat—whose mem- Press. 1954) its author. A. E. loped in England by Muirhead ping production by refusing to all interlinking—but no sooner Germany, London, and in and the BBC, World Reporter is development The software for bers were, in general, not Musson, wrote: “ In 1849, when Data Communications for The switch on power, while the print does a standard emerge for one and Tokyo. We Switzerland the UK’s largest full-text inter- this system was developed covered by apprenticeship the PTA (Provincial Typo- Guardian in 1953, but no British unions would not have dreamed information medium than a new announce shortly also plan to national news and current specifically for ABC by another arrangements. Not only was graphical Association) was national newspaper used such a of doing it for them. medium supersedes it. in Daly. additional Installations affairs service, offering a 250m Reed company. International flie and rn City of London, for Australia. Hong Kong word database of authoritative Computerprint Corporation example, i- • everybody is trying to Singapore,^he aays., sources, such os the Financial (ICC) of Fort Washington in win a piece of the action 7 in the The Union Bank ot Switzer- Times, .. The Guardian, The the US.: ICC has wide ex- new deregulated environment r land & installing the system at Washington Post, Asahi News perience in 'romniTter based of the “ City. Revolution,” in' Service, . . nine ..'locations _ --throughout The;. Economists The ‘oUshing and'"has recently' V/::-;- preparation for " Big the Bang?* Switzerland and in W&w York, Associated Press,' the BBC Sum- been awarded a contract to Wall Street has seen it all including separate sites for mary of World Broadcasts and computerize the Oxford English lyefore and is "v some years ahead UBS Securities In New York the BBC External Services Dictionary. of London. and here in London. Other News. In the past, financial informa- large customers include Com- World Exporter is a business intelligence service tion serviefeproviders. such as merzbank in Frankfurt, Dussel- to help GBT’s Mentor provides Reuters for example, only dorf and Hamburg. organisations trading overseas FT SURVEY identify supplied their information in new opportunities and assess associated risk and finan- video form. Customers had to Database Electronic huy the "blade box” which cial implications. As well as check. separation the struc- business interactive spelling decoded the information coming The of media sources, it in- ture of information from its cludes databases Mi in over the wires. from The Financial Mentor, the News- am, how the printed page dact, so the system can be content Is one preoccupation of British Overseas Trade Board, Dealing desks are becoming paper typesetting will tooklndtiding boose-styles quickly and easily adapted to Abbey Information Systems. Plans and Projects Monitor, Increasingly cluttered with and point sizes. This way they specific customer req alrc- John Maslin, a consultant for Euromoney and Sales Leads Services system from GBT multiple terminal screens and sec k right before anyone else ments. Including keyboard AIS, describes the use of such International. fully keyboards to computers. and in- THE SPREAD of financial provides a sees it wrong. layouts. Permanently dupli- services at Uniparts for parts . Datasolve has helped a wide formation so information via {he desk-top interactive spelling cated Qte storage provides services, now list accessed from a large range (if organisations develop customers are demanding that computer terminal continues Vertical security against data loss. database. and maintain online informa- check and hyphena- to increase as new services Access to the system is protec- the information be supplied in "You can go -In by car, tion services,' including both tion feature informa- and data bases come on from a Justification ted by a special password fea- digital form, making model, supplier of part, type of private services to meet in- stream. word dic- ture. with Mentor all Che tion from various sources part major part of this work house needs as well 50,000 Mentor's vertical counting So, A as public accessible from a single ter- been services A growth rate of around tionary. Hopefully fbdlltics strcamfinc advertising right people get all the right is typeset but we have for publishers expand- 30 per cent a year departments and allow jour- information. minaL involved in a recent project ing into online markets. Clients seems no-one will ever com- .likely using interactive videodisc, ex- include to continue , en- nalists to write stories to n pre- w.ttV;-.- US-based Micrognosis spotted Longmans, Websters, ment on spelling selected word coat, line coant 0-200 plaining for example, what to British Petroleum. British couraged by technological an early opportunity in this or number of eohna cen- do to prepare a car for winter, Steel, the Consumer’s Associa- advances and by the spread errors again. market. The first Micrognosis timetres. Yet further justifica- Terminals combined with a database of tion, Mrntel, WS Atidns, Graa- of teletext and videotex. tion lor Mentor. Trade system was installed in Mentor is an extremel the relevant -part 'numbers. A fleld Institute of On Tuesday; March 4, a Soft Preview y 1979 at Citibank Moneymarket Technology powerful system, based around local videodisc with small data- and Whitehall Press. Financial Times survey on The offers a in New York with .40 work- system unique a network of advanced micro- base of part numbers is con- ABC Travel Guides, a lead- Electronic Financial Ser- preview' British stations. Control Data bought a low cost 'soft feature, computers which can be expan- stantly updated .op IBM com- ing publisher of travel related vices will highlight the which, added to autohyphena- 40 per cent stake In Micrognosis ded quickly and easily to tail patible personal computer,” he information, is part of Reed main growth .areas in tion and spelling check, enables Software in late 1984. which had about yonr requirements. Whatever says. Telepublishing, formed in Janu- Europe, the US and Japan. journal advertising person- 40 insfaJJa lions throughout US tas, Mcalor’s applications son- your expansion rate, Mentor AIS is also involved' in the ary, 1984, to spearhead Reed Writers win also examine nel and compositors to sec, on ware totally British pro- by then. is a can take the pace. creation of genetic .tools to International^ move Into elec- the areas of credit-checking The first digital Micrognosis prototype interactive pro- tronic publishing. The company on corporate and personal system was installed in Novem- grams, including moving pic- is. a major publisher- of printed levels, full text on-Hue ser- HWMLUM! eWhWWBBWBMWBBWBWIW TmwmmWBBBWBBHWWBBWWW ber 1983, at the first National tures, stills, - sottnds, commen- material, from British Rail vices, as well as advances In Bank of Chicago with 150 work- taries and computer-generated guides to airline timetables. technology and the pros- stations. but there are now over data. In 1984, ABC launched its pects for such services as 170. This required a complete John Maslin explains that Electronic range of products for teletext and Prestel. rebuild of the dealing floor. "with complex combinations of the travel trade with a com- CROSFIELD COLOURS THE NEWS The titles shown below arejust a small selection of publications that use Crosfield high technology products to improve the immediacy of their news coverage. Magnascan colour scanners. Studio page composition systems and Datrax facsimile pfate makers are instaffed in Newspapers and Magazines throughout the final * world to ensure that copy goes into print by the fastest most . convenient means. Data compression and subsequent transmission of A pictures and text by land line or satellite further enhance the facilities available from Crosfield. reducing lead times and increasing the V;j0P,i quality of Mewsmedia worldwide. CROSFIELD PRE-PRESS TECHNOLOGY- WiP COMMUNICATING COLOUR TODAY. \J» Crosfield Electronics Crosfield Electronic; Limited Three Cherry Tree; cant, Hemcl Hempstead. Herts HP2 7RH Terephane04 No GBT... no conemmt VE * £1k iNVlu jjork £ i m GB TECHNIQUES LIMITED .. .: ...» 4 . r y ; . ) . M 'l Financial Times Tuesday Febrnazy 18 1986 35 N FT COMMERCIAL LAW REPORTS FT UNIT TRUST INFORMATION SERVICE Co Ltd Bnuu 9*day * (dXi) LcffW a tam (IMt Tit, Itafnu) Ud Norwegian request for evidence too wide AUTHORISED " — - UK to the Convention on the have so jurisdiction to entertain Accordingly fee appeal was 1 ' UNIT TRUSTS •i ... \ IN RE STATE OF NORWAY'S Taking of Evidence Abroad in an action ... fdr the ... en- allowed on issue E. appt iriTinw 1 • Civil or Commercial Matters. forcement directly or indirectly Issue F concerned confidenti- Jtttev tMTtt.Hi Ai'mUVilUN lfanph SDHrtfafanfAL Jg X970. . . . of a . . revenue or other ality, It was submitted that in Court of Appeal (Lord Justice . The evidence sought in the public law of a foreign state.” the cimanirtances the witnesses Kerr. Lord Justice GlideweU letter of. request included infor- That was e principle of general should not be ordered to break and Lord- Justice Ralph mation about the trust, CTCs international acceptation. titeir duty of confidentiality by Gibson): February 12 1986: operations, trust funds, and rela- It was open to doubt whether answering the questions raised tions between Lazards, CTC. the a request for evidential, assist- in the letters of request trust and Mr Jabre. A request ance relating to tax liability was is for documents was no longer describable actios British THE ENGLISH court will property as an In Steel v Granada not pursued. for the enforcement, directly or [1981] AC 1096, 1168 Lord Wil- comply with letters^ rogatory Laz&rds and the witnesses took indirectly, of a revenue law. But berforce said that the courts issued by a foreign bad coart re- strong objection to the request the admissibility of such a re- an inherent wish to respect con- questing examination Hu of on a variety of grounds, includ- quest would certainly not com- fidence between banker and bank employees as wtfnesses' ing breach of a bank's duty of mand “general acceptation” and customer. But, he said “the in tax proceedings, if the re- confidentiality. would probably be rejected out court may have to decide in par- quest Is in the nature - of a of -hand by the courts of many ticular circumstances that the roving. inquiry and would an- Mr Justice McNeill said it was countries. interest in preserving this con- justifiably cause the bank to dear that in many respects the If the request in the present fidence is outweighed by other break its duty of confiden- request was seeking disclosure case bad been made in opposi- Interests to which the law tiality. to customers. of documents under the guise tion the estate, no doubt it attaches importance.” The Court of Appeal so held of - oral testimony, which was should have been refused. Bat The court must carry out a by majority when allowing an lmPeri:°^ible- the estate supported the request balancing exercise. In the scales appeal by Lord Kindereley, a He did not strike down the and had initiated it That feature on one side must be placed the director of Lazard Bros and Co letters rogatory but made removed all objections. desirable policy of assisting a directions bring Accordingly, on the special foreign court, supported in the Ltd, and Mg: A. J. P»wiwi»w a- to them within former administration manager what was permissible, including facts of the case, the appeal on present case by both parties to of the bank, from Mr' Justice a direction that no question issue B should also be dismissed. the litigation before it. McNeill's order teat they should be asked of Lord Kin- On issue C a submission by the On the other side there was submit opposing to a request made nn behalf of dersley save as to matters witnesses that compliance with the principle that the court should weight the. state of Norway and the within his direct knowledge of the request would Infringe the give great to the desirability of upholding estate of Mr Anders Jabre, to give the trust: and no question jurisdiction of the UK or be pre- the duty of confidence in rela- oral evidence in proceedings in should be asked of Mr UaHman judicial to its sovereignty was tionships which were clearly the SandeQord City Court in save as to matters within his almost unarguable. The appeal knowledge failed. entitled, to recognition and Norway. , as officer of CTC. on that Issue respect The Evidence (Proceedings in The witnesses appealed On issue D is was submitted against his decision and asked that compliance with the letter The balance was against com- Other Jurisdictions) . Act 1975 pelling. the witnesses to violate provides: “ 1- "Where an appli- that the order for oral piaminii- Of request should be refused eion set State evidence their duty of confidence. cation is made to the High Court be aside. The because the would be The factors leading to that ... for an. order for evidence to and estate cross-appealed for made available to NTC as well removal of the directions. as to the Sandeflord Court That conclusion were: (i) the subject be obtained in . the. . United International comity required rejected. The primary pur- matter of the request appeared Kingdom . . . and the court Is was unprecedented internationally satisfied — (a) that the appli- that the court should strive to pose was to assist determination action the and was probably contrary to cation is made in pursuance of a give effect to the request of a of the before Sande- the spirit of intended request issued by or on behalf of foreign court, unless it could not fjord Court. That complied with what was so. section 1(a) of the Act to be a “civil or commercial a court or tribunal . . . outside do matter.” It lay in the field of tax the United Kingdom; and . ,*& r . aging director for the engineer lag services group of SIMON *j . ,-*Wl *’ ' ENGINEERING. He succeeds * r-“ Mr Lionel Bugler who will be : ir-' t retiring this year as chairman _,*•> , . and chief executive of Drake and Scull Holdings, acquired by Simon Engineering in 1983. • Derek Davies, group -a ", Davies has been Mr Since 1980 Mr director, engineer- • 1 ; managing • director and general manager of ,*,V ing sendees, Simon Engin- it- airport, general industries r the eering - ", si and building engineering services technology divisions of GEC --.•v Electrical Projects. He is also Mr Stephen R. Jaffe, formerly rtmiimiin of the UK Airports property manager of Canada Life >*fr Group. Assurance Company, has been ^ appointed joint managing direc- COMPSOFT, the micromputer tor of MOUNT PROVINCIAL software company, has appointed DEVELOPMENTS (part of Mr Peter MeGhte as its UK man- Abaco Investments), from Febru- aging director. Mr McGhie joins ary 25 1988. the company from Computer Marketing Associates and West Mr David F. Whigham has Surrey Computers where be was been appointed executive direc- director. HENDRY ACROSS : 4 Mariners* right to want managing tor of STIRLING Understands collects: (7) celebrity on committee (9) FINANCIAL SERVICES. 1 Dennis WUby has been * Vegetables worker gives 5 Take OS unwanted parts of Mr ; 5 the main board of has fruit (5) appointed to RUSH AND TOMPKINS countryman (7) . . BRENT CHEMICALS INTERNA- -appointed Hr Peter Coleman Sailor remain* jut put of 6 Decide how barbiturates 9 TIONAL. Mr WUby will con- managing director of its south “miss the bus ”7 (9) countenance (5). tinue as chairman of the Ardrox west construction operations. He tear 7 Panic created by lethal 10 Foreshadow a sBent . Division. was formerly overseas construc- ’ - • armaments (5) Ltd perhaps <®> . Y tion manager for the John 11 Rides madly over island 8 Support Chinese dynasty in THE POST OFFICE announced Howard Group. HMwltaw«.Afttara.ECmWli SL4Z3U50 fruitful looking sexy?. (9) : being (7) tha t from April Mr Bill Coek- * icrffi ^158 12 polittmattr involved, in - tie- M Garland certainly made bnn, currently board member Following the completion of Marq JBfcnrtnne UT I _ break at -certain limes (5) without haste (9) for Royal Mall Operations will the acquisition of the Publicity US Hoe Sacct Ubm. 622UM Puppet-king taken In by 16 Traveller aspiring to reform become managing director of the Plus Companies, Mr Paul G. ^ — — 13 lr rT business: the managing appointed a Bl jester <6) . poor player (9). . Letters Thomas has been Plerqf Hose, CopthMIJbe, EC2B 7BE 0^5SB2BOO be put into director Parcels will be Mr Tony director of SHANDWICK. Mr . IS CUvlpg -evcry-indlcatioii of IT Tool that may E&EirazzffiS id S3 Garrett, currently board mem- Thomas, who founded Publicity -.going on -stage- (&) action (9). very ber for Royal Kail Marketing; Pius, will continue as managing Cl-S8fi 2777 talk* 01-08 M7MH79 jtna IMt Tit Mapwat Lit coloured backing with Iff. Show appreciation of. a WHIM Iff. Gala and the present managing direc- director of the Publicity Plus l—pWUfrHM.LjntaiB — 1 1- — .. - — 1I —— < l February 18 1986 Financial Times Tuesday 38 COMMODITIES AND AGRICULTURE Rise in LONDON INDICES Mozambique finds Brazil’s new MARKETS FI NANCIAL TIMES Indian tea ALUMINIUM was the FeeTl7;Feb.l4]irtli •goiYearaga weakest market on the +^~| —» j not best London Metal Exchange yes- biggest is production terday with the cash quota- WALDWEIR coffee chief tk> nestling at £777.50 a REUTERS BY PATTI ___ _ tonne. £10 down Friday ls,iriir~aQP r ago Government from Fib. Myrt; Yea ago -the giant Last year the BY RICHARD FOSTER IN BRASILIA evening. News of a foil In TWO YEARS liberalisation one- step forecast 1842.4,' 1036,41 1888.4 • 2023.2 Limpopo agro-industrial com- took L3IE warehouse stocks last further. Prices of a wide range UR PAUto GRACIANO, an Mr Graciano 's predecessor, plex (CaH). Which sprawled By K. K. Stnrma In New Delhi week rallied prices early On Bmk September 18 1831 - WO) agricultural products were executive with an instant coffee Mr Barbosa, who was Brazilian across more than 30,000 of By Canote James In Kingston bat the move was not trolled and other pricer manufacturer, assumes the Ambassador to Colombia before Commerce Ministry hectares of the best irrigated de-cou INDIA'S followed through and profit DOW JONES substantially increased, CARIBBEAN BANANA ex- presidency of the Brazilian he took the job, was closely forecast the country's farmland in Mozambique, were yesterday taking sent the market lower. 'Feb. iMonthi Year erf vegetables Dow i Feb unleashing a flood porters, who have traditionally Coffee Institute today, replacing identified with the Foreign in 1986 at C70m ranked among Africa's worst tea production In the afternoon a slight rise Jones 14 IS laeo I age markets, virtually Bar- stories. onto Maputo's supplied most of Britain's needs Mr Carlos Alberto Lette Ministry’s adherence to interna- kilos compared with the bS5m sterling against dollar farm disaster in the Spot 126.69 126.80 — 1121.17 *30Qm barren for many king months of just over 300,000 tonnes per bosa. Mr Barbosa, a career tional coffee agreements. It is produced last year. Despite a staggering provided further downward Put. 137.00 — 1126.16 The Government has year, are seeing some positive diplomat who took the job not yet known what changes If Commerce Minister. Mr J136.94 spent on providing the farm before The pressure. One was also (Bam: December 31 1931—1001 actively seeking early last year former any bring best in Bulgarian also begun results to their efforts to when Mr Graciano will to P. Shiv Shankar, has asked weaker with a £S fall In the • Not available due to suspension with the Karlos expertise (most of the private foreign participation in improve the quality and quan- Volvo executive Mr coffee export policy. But his officials to ensure that tea casta position almost wiping of tin LME technical in the form of large-scale commercial farming tity of their fruits, and to reach Rischbieter resigned over a choice is likely to please coffee exports are raised from the out Friday’s modest rally. money came soft loans) and ventures throughout . the the levels of the late 1970s. policy dispute, stepped down growers as well as processors level of 229m kilos achieved May delivery coffee regained Eastern bloc last week as part of a February and traders. From 1972 through were the latest In combine har- country. Lonrbo the . British The results, however, have in 1985. These exports £69-50 of Friday’s £120 foil 14 cabinet reshuffle ordered by 1975 he was a of the vesters, productivity was embar- multinational, was understood not been uniform. While pro- member worth Rupees 7.45bn (about at £2,387 a tonne. Despite MAIN PRICE CHANGES President Jose Sarney. board of directors of Cacique rassingly low. financial losses recently to be dose to agree- ducers in the Windward Islands 3620m) the Ministry announced. its continuing volatility takes over high, and Call was heavily ment with government on a Mr Graciano the Soluvel, the country’s largest This exceeds the record dealers described the market otherwise stated. were have been managing a steady government In tonnea unless number of ventures involving IBC post as the exporter of instant coffee. He export figure of 215m kilos as “quiet and featureless." in debt . .. , increase in exports, Jamaica’s According to agricultural production of cotton, tobacco, coffee body has been accused also served as president of the achieved in 1984 and it con- They attributed the rise to output continues to lag. The Feb. 17+ or Month in Maputo, Cail s vegetables and other products. oE Irregularities in November Brazilian Association of coffee sidered creditable in view of nervousness ahead of Wed- experts Jamaican industry says it has 1988 — aso failings were Ghokwe. under which Call and December of last year exporters. In the 1960s he world tea prices. nesday’s suspension Inter- METALS spectacular been warned by the British sharp falls 1° of forcing a was probably alleged to have resulted in a trained as an economist, served marketing strategy national Coffee Agreement instrumental in management the that it could lose India’s tea Aluminium—.— Government loss of $300m in export as an aide the then Finance radical rethink of got '’Ttimetrt least efficient of alt the state to Is to sell around 220m kilos export quotas. Prices were Free Market*,.- S HBS/21B' + 5 SllKtfOS its UK market. revenues. Mr Graciano said he agricultural policy at the ruling farms, provides an illustration Minister Mr Delfim Neto. Be- abroad and this is almost also underpinned by confirma- Copper- ex- after Cash h HJB86.5 }£1 007.0 party's fourth congress of how the Government's new TUhe Windward Islands will look into the charges fore taking the current Job Mr of the higher-value tion that the new president of Grade— Frelimo entirely 3 mth*_ £1014.75 + 0.6 p 1043.75 policies porters — St Lucia, St Vincent, taking office. in 1983. The vast state farms have worked . in Graciano was an executive with varieties. The remainder is the Brazilian Coffee Institute Gold Tray ML..., $333.26 + 1.76I83S1.B2& Dominica and Grenada — on Press reports neither con- coffee Lend Cash £267.5 •252mm favoured in the early days of practice. Cocam Case Soluvel, an instant retained for domestic consump- is a manufacturers and preliminary estimates last year firmed nor denied by the S mttii- £267.25 +0JKC262.7B Mozambican independence The area has significant tion so that internal prices do by unconfirmed market talk Nkikal over 150,00 tonnes of Government say the IBC sold coffee factory, part of the colonial rule ended natural and man-made advan- shipped not rise. that its new export director Free Mkt_ UV/IBfle) 180/3000 (Portugal’s troubled Matanuzo industrial 8101.00 • 103. 75 tages, Portuguese settler bananas to Britain. This con- 3m bags of coffee at prices well part of the will be a coffee broker, Paiiodium tn — ] in 1975) lost their pre-eminence. The second 1+islSl •367.5 tinues the growth over the past below world levels. group. LME prices supplied Platinum oz ...... •374.76} | Since then, the emphasis has farmers left 25.000 - irigated strategy is to increase exports by Quicksilver t SZKU2JM |'®5SM40l exports of 186,678 iB7.10p placed squarely on the hectares when they abandoned two years — of packaged and bagged tea. In Amalgamated Metal Trading. Silver troy oz — 412.95d +4.1,W421 been cent S month*. 425.1 +6 .1 ! the land in 197S. and the new tonnes In 1984 were 16 per 1985 exports of these categories Op 5j4^.30p activities of the peasant farmer Tin cash 1 commercial Mozambican Government added up on 1983. a level of 33m kilos 3 months and the small-scale rose to a further 5,000 ha. in 1978 about Rupees L34bn ALUMINIUM Tungsten •60(68 G5?71 sector (although the state still A series of hurricanes worth 1 853(81 Food from Britain facing Wolfram 22.11b.. 856/63 mnintahifi influential hand). Cail failed to exploit these banana farms on the compared with 19m kilos, worth Q§43B an destroyed Zinc [£427,5 +6 advantages, as its sheer size I Unofficial successor, the Ghokwe islands and led to a fall In Rupees 730m. in 1984. + or 3 months [£437.8 +3.7,7W£4Hfnujra Call’s I oiosa-p.m .1 — High/low producers -Sbhww 1*680/ HM agricultural project in the rich seemed only to multiply shipments. Despite haying re- • Prices were little changed at £ per tonne j River Valley of inefficiencies. Since 1983, taow- established their position as mounting financial crisis Condon's weekly tea auction OILS Limpopo l . Cash 777-8 l i - ever, the efficient use of land single largest source of yesterday. Low medium grade i _io southern Mozambique, illus- the 3 months 804- JS —10 1814(804 ; I Cooanift (Ptim /8340X j— [M&S has been Chokwe's guiding bananas imported by Britain, BY ANDREW GOWERS averaged lp dearer at IlOp a 8.6 trates the considerable suc- Palm Malayan iMIPx .16330 principle, according to the pro- the Windwards have seen their but quality and medium Official closing FOOD FROM Britain, the pro- match Government contributions tdlo (am): Cash 780-1 ject’s youthful* director, Mr earnings affected by the fall grades were unchanged at 192p (783.5-4.5). throe months 800-7 motional and marketing body over the next few years, despite (811-.S). letrlemant Joao Mosca. in the value of sterling against and 145p a kilo. There were 781 (784.5). BOB 5“ isustu The US markets were closed set up by The Government in Final kerb close: 806-806.5. i— reports major produc- to the local a decision in principle by the 388. By h—0.9 i|226 He the dollar, which 37,248 packages on offer, includ- Turnover: 12. tonnes. yesterday for George Wash- Carib- 1983, is facing a mounting finan- National Farmers* union last ISO tivity gains for each of the currency, the Eastern ing 5.800 in the offshore section. ington’s birthday. cial crisis which could force it year to back GRAINS methods of -production repre- bean Dollar, is tied. a revamped Food produced 2.66m tonnes to curtail activities at INDIA COPPER since the key the from Britain. in Barley Fut. May. |£1 le.BOl + OJBlfil 18.16 sented at Chakwe 1983 fall in sterling’s value of sugar up to January 15 "The end of April if more funds are The Council agreed last week Maize t£14U0yt— 1 £141.00 re-organisation. meant a severe loss of in- the 1985-86 year (ending Wheat Fut. May £1 lSUt6| + 0.50 Cl 17.35 has not forthcoming to support it that its optimal budget for + r cesses of the new policy. But for the director the the September) against 2_25m in Highergrade No. 8Hard Wlrtt. for Windward Islands ^ | Hlgluiow come from the fanning and food in- next financial year, beginning in Chakwe «»n boast dramatic dramatic improvement in state farmers," said an official of the the same 1984-85 period, the dustries. • Increases in both productivity May, would be £6.3m, but that Cosh 986-7 ; - 908/970 OTHBtS farm production appears to be Islands Banana Indian Sugar Mills Association Windward 8 months ! 10106 1-06 1018/10146 "a credible organisation” could 1 and profits — end a rice crop the most exciting aspect of the (Winban). Reviewing the organisation’s said, reports Reuter. Growers Association OoeoaFt. May till 645.6 +T£"3cTfiB3 twice last year’s total operating be maintained with a budget of Official which is Chokwe revival. He argues that have, however, managed plan and budget for Total offtake to January 15 closing (am); Cash 385-6 Coffee Ft. May 883B7 + 6LKX8468.B “We (985.5-6). three m and expected to grow by a state sector is currently the damage the next financial year late last £4.8m. However, this would only was 2.45m tonnes, including months 1.015-6 Cotton A Index 55.16c Ta2.60g| the to deflect the economic (1.014- .5). settlement 988 (980). Gas Oil Apr. •160.76 -63 |si?am its council said be possible if it were clearly further 60 per cent next year. most productive of *11. contri- the increase in produc- week, governing imports of 902,000 tonnes, foe Final kerb Rubberikilo) BJ.SOp 1-0.9 W.2Bp through dace: 1.014.5-1,(715. was a single 18,000 23,000 .of area's it was " encouraged, by the level understood to be a "bridge” domestic use and 2,000 tonnes Sugar (raw) S14S.W -3.8 1117.6 What buting the tion and shipments.” Cathodes of support in principle that had towards budgets for subsequent with T i Wooltops 84s 42Sp kll. Me Ido hectare state-owned farm has 30,000 tonnes marketed rice for export, compared Cash • 870-1 |-8 — The Association has been re- been divided into 10 more man- last year. been ” years of at least £6.3m. 3 > t Unquoted. Par 75- lb flask, c Cents crop foorthcoming from the im- 1005-7 i — 252m tonnes, including months —0.5 r 1 the effect on its British _ units, while fully a viewing industry. The Ministry of Agriculture internal per pound, y March, w Fab-March, ageable Project officials admit how- ports of 253,000. for Official closing (am): Cash 975-7 marices: of increasing shipments z March -April, x April. third of the original farm has ever. that is in many has assured FFB of funds total- consumption and nothing for (976-8). three months 1,007-9 (1006-8). Chokwe Central and South American However, it agreed that de- to peasant of ling £3m for the financial year settlement 977 (978). been re-distributed respects a special case.. The Europe. The official tailed financial discussions export bananas to and the Food and Drink Feder- Turnover; 20.950 tonnes. US Producer formers and to those in small- project inherited from Cail situation was being needed to be concluded by the prices 66/71 cents per lb. said the ation, representing food manu- scale commercial production. enormous amounts of equip- "carefully,” but that end of April with most sectors watched facturers, has chipped in with MEAT By the time of the fourth ment which make a level of Windwards were not de- if Food from Britain was to the an additional £500,000. However, LEAD Beef rallied to does at contract congress it had become production possible in Chokwe they woe holding "maintain its credibility with BfCTAL EXCHANGE speculative pressed as the Meat and Livestock Commis- LONDON highs despite trade and abundantly dear that the which is simply out of the qses- the compe- customers at home and over- selling at the higher levels, reports their own against WAREHOUSE STOCKS Unofficial + or gigantic state farms set up after tion in much of Mozambique. ' sion, representing meat pro- Eastern CapJtsl-CCST. tition. seas, and carry out its remit,” close/ p.m.) — Hlgtulow ducers, has not come emfing last independence were a major Countrywide, agriculture con- increased exports the according to a statement up with (Changes during week £ per tonne Having PIGMEAT - (BEEF - funds for the next year, and fridxf) constraint on production. tinues to face tremendous battle is Y*day i + or Y’day + or second front of the "Failure to reach the neces- Cash 267-1 1 future support from cereal (tanna) Month dose — a loan None of the state farms was obstacles. Chief among them against poor quality fruit. 3 m nthe 267- 289(288 | sary financial agreements by the rrrf profitable: capital costs for - con- producers depends on a poll of per kilo (deadweight) are the severe shortage of Dollar area bananas have tra- end of April would inevitably Aluminium —9,575 to 200,525 P- producers. 1.901 — sophisticated imported equip- sumer good in the rural areas edge In —3,600 174425 Official closing (am): Cash 258-9 Mar.——. 102.601 — ditionally had the necessitate the termination of Copper to 0.801 1884)0 Mr Michael Joplin the Agri- (257.5-8). three months 288-.5 257.5-8), AprIL.— 102.53 — ment were escalating while pro- (which acts as a strong disin- quality on Caribbean fruit The g, Lead -1.050 to 64450 101.60 -06(3 187.60 +r.oo the activities of F-nd from settlement 259 (258). May*---. ductivity languished; and centive production) and the been culture Minister, has been -1-222 June.—.. 101.4C —06fl 188.00 -0.30 to Caribbean has always Britain's Marketing Division," it Nickel to 6424 Final kerb dose: 2665-267. angered by the lack of financial July. 102. OC —O.ioj 187.00 + 140 failure to carry out even the ravages of anti~Goverrunent wary of a negative reaction added. Tin +695 to 66495 Turnover: 7,100 tonnes. US Spot: +0.401163.00 1.60 100.SC i + most basic maintenance led. to rebels who make frequent from British consumers. Support for the body, and has Zinc +1425 to 41,600 17.75/20 cents per lb. The problem appears to stem written to the various frequent equipment break- brutal attacks on peasants work- Winban has managed to food (ounces). , from the industry's slowness in commodity organisations urging NICKEL PfOmeet sales;- 12 (53) lota at 50 downs. ing bo or travelling to their improve fruit quality through carcases, 9,250 kg. responding to a call for funds to with Between 1981 and 1983 agri- fields a^well as on goods being extension of “sealed pack- them to come up cash. Silver -14004)0 to 434564X» Beal salsa: 23 (32) lots of 20 aides. an unofficial +or cultural production is estimated transported to market in which the fruit is pre- j(otoawp.m.) — MEAT COMMISSION—Average fat- ing” High/ km fallen field, 8 per stock prices at representative markets. to have by some 50 per (Drought too -continues to be a for shipment in the J month pared OB—Cattle, 97.1 Op par kg Iw + 1.01). of handling. ( cent not only because of a problem in parts of the southern reducing the level 2776-00 -2.6 2700/2700 GB—Sheep, per kg eat dew Cash [ 188.49P severe drought (believed to provinces of Gaza and inham- The industry, however, still 3 months '2860-1 -7.8 28 86/2846 (+6-88), 08—Figs, 74.96p per kg Iw have killed about 100,000 bane although rains in the rest needs money to improve quality (+ 1 .02). Facts the people) and armed insurgency of the country appear to have face 2.780-2 must Official closing Cash is need, NFU (am): and quantity. There (2,778-82). three months 2.847-50 countryside, but also due been adequate). the Association says, for im- COCOA in the THE NEW team chosen last (2.849-SO), settlement 2.782 (2,782). to gross miamanageent of the For the Frelimo Government, proved roads to farms. Final kerb close: 2.850-2^60. Futures traded in a narrow range week to lead the National Far- soma farms lack of incen- getting agriculture is The greatest threat is from Turnover: 1.322 tonnes. throughout a doll day and dosed state and right mers’ Union breaks with the £10 above Friday's doss. Little Interest range of diseases including tives to- fanners. This has likely to prove a major political a tradition that at least one was sesn for physicals with both pro- and black sigatoka. Plans FARMER’S ZINC withdrawn, helped to make Mozambique one Imperative : discontent over moko member should be a grass roots ducers and consumers made for a regional reports GUI and Ouffus. of the poorest countries in late and inadequate provision of are being "dirty The or boots” fanner. : Unofficial aerial spraying facility, and M1_„ + or ! Black Africa, its economy j n inputs, and the shortage of only candidate to fit this VIEWPOINT |dosdp.m.) - jHlghflow [Yesterday'* are afoot to deal with gSde tatters after five years of attacks everything from salt to radios efforts description, Mr Sidney Fawcett £ per month dose + or Buelnaee seriously affected farms in By John Cherringtan t COCOA — Done by South African-hacked guer- which could be bought with the a northern hill farmer and last Cosh 487-B 488*87 per tonnd Grenada. I +6 rillas of the Mozambique proceeds of the crop make the year’s vice-president failed to S months / 437-8 ( +B.7fl|443/434 The Jamaican Industry claims March.—. 1638-1640 +8.0 1 846-1 BW National Resistance (MNR) and rural areas a fertile breeding win enough votes from the 1646-1646 +18.0 1648-1842 It has the quality problem Official closing (am): Cash 4Z7-8 May— the ravages of the worst ground for anti-Goveumment union’s council to bold his place July— m— 1676-1677 +11.0 1860-1074 licked. “ We have satisfac- their fixed costs of rent, labour, for discriminating against the (420-1). trree months 437-8 (431.9-2), drought this century. sentiment in the first three. Sept. 1707-1708 + 1U 1771-1716 torily met the quality standards machinery purchases and so on. British. settlement 428 (421). Dec. 1740-1741 + 13.6 1740-1756 Instead have three Final kerb close: 437-438. 7768- BO laid down by the British Govern- we While the NFU leadership will More serious for the British, March— 1766-1778 +14.0 17 Turnover: 11,950 tonnea. US Prime May 1780-1798 +34» — Pottinger. sophisticated, articulate men have little scope for resisting however, is the threat inherent — ment," said Mr Bobby Western: 30.6/35.75 cants per lb. 1294, Aug 1330-1340. Oct 1366-1375. practical farmers, we are told, this development it will, at Sales: 1,312 (3.682) lots erf tonnes. chairman of the All-Island in the concept of a CAP which W GRAINS Dec 1400-1410. March 1460-147B. May such as much ICCO Imttoatsr prices (US rants par Growers’ Association. but as would be least, be able to adopt a populist tries to enforce common prices wheat studied on 1515-1535. Bar.ana GOLD pound). Daily price (or February 14: Old crop firmer bananas are now at home in any business forum. line in attacking the European and other measures in the In- country markets with emphasis on "Jamaican Gold rose In quiot 99.08 (99.32): five-day average for At the helm is Mr Simon latest proposals, $1fc to 3333-33A July short-covering. Old crop barley in demand. Our quality and Commission's finitely variable climatic, eco- market February 17: 99.71 (99.99). trading on the London bullion traded only on March/May switching. POTATOES Gourlay, a 51-year-old Wyke- which favour the smaller scale social presentation on the British nomic and environment yesterday, with US marietta closed With commission house and shipper hamist, who takes on the presi- farmers at the (or Washin gton' s birthday. The motel market are equal to any Continental of the 12 member states. COFFEE support holding values firm, reports dency after serving terms of expense of the larger scale opened at S333H-334. end touched s [Yaaterday*ai Previous IBusInaas part of the This has been much in my T. G. Roddick. I bananas from any high of 5334-3344. it wee fixed at After continuous selling In Now York Month otoee r otose done: in two years each as vice presi- British. since I travelled in world. At our last meeting mind the S333 in the morning end afternoon, end on Thursday and Friday, which London WHEAT BARLEY dent and deputy president. He j £ London in July, we were con- US many years ago. There fell to a low point of S332V333. reluctantly followed, considerable per tonne the Welsh borders, losses with York Yostord’ys + onYeotsrtiya + or farms on and fanning started (fine were recouped Now gratulated by the UK Ministry settlement GOLD BULLION ounce) Feb. 17 Mirth dose — close — Apr - 90.30 90.30 SlAfrSUI growing cereals and milking a on holiday, reports Drexal Burnham | of Agriculture for having ful- on the eastern seaboard and Lambert. May — 97.40 974)0 SB AO-87.49 large dairy herd. His manner •333-3331* (£9341*839 76.60 filled our undertaking to supply then moved to the alluvial soils Close NOV— 76.60 7M9 con- opening -.3333 la -334 (£23614 83554) Mar- 116.00 +O.8o| 113.40 1-0.16 Feb 84.00 is rather emollient but it of the middle west and the irri- Yeste ray's + or Business 84.60 B4JU top quality bananas." M'ni'g fix. 8333.00 (£234.081] COFFEE May- 119.26 t-lUO 116-86 +ojn Apr 96.80 96.60 ceals an abrasive and assertive 1 Otoee — Dona Kr Pottinger reported that gated deserts of California and Aft n a prob- j| Of course this is not trast Month - state- in surviving in Deo. 1 — ( Close Done Closed the the European 900/060 050.800 j — and ( industry alone. It affects things will look for British COTTON of lem for Britain jungle of embattled BTI 800.6 ! — 806.6 owned Banana Company farmers. vested ' ail Community farming and will LiVERPOOL—Spot and shipment S U.S. Interests—not just to provide Spartan no [per tonne Jamaica. of gules for the week commencing Turnover: 117 (701. j only be cured by some form 1 168.26 '-4.70 It has handed the industry Farmers should also be made excuses for not getting im- February 10 totalled 1.206 tonnea 170.76 87.W positive restriction on produc- .1 IB 0.70 i-fi.60 166.BBri0.76 the who have to realise that the advantages mediate or even long-term ageinet 620 tonnea in the previous Mar—! IW-2-16L01 140JM40.6 1S1.D-1U.0 over to growers this takes the with ,M 146.25 -US 149,00 *8-60 the tion. Whether of scale whteh they enjoy are results. And wreak. Fair operations continued SOYABEAN M 144,29 established a new agency, on the positive MEAL ISLimi! iS7.! . .-6.80 147M44JS quotas, set-asides, price In rarest in leraell, Brazilian, Rueaian. S2fd form of of little value when set against side it must try Oct IB7.8-iS7.BI 1B6.0-I7O.B- 146.00 —1.73 146.09 Company. to | Banana Export ili induce the West African. Peruvian. Syrian end restraint or corresponsib ty Yesterday +or Business 144.60 -0JW ; HUI-MJf acres under the political power of the Government to defend UK form- American varieties. Jamaica has 5,500 147.60 1 depend dose Done i —IJh 60.0047» levies its success will smaller scale and more numer- ing interests at _±__ _i bananas which is inadequate to cuts on output least as dili- quota, said on inflicting ous Continental farmers. British gently as other govern- £ meet the island's very nasty EEC RUBBER per tonne which will have virtue of its farf’jF'jsL? Turnover: 2.433 100 Pottineer. While it was farming may, by ments defend theirs. 1SBJ-18G.4 +O.T6 156 granulated basis sugar (3.103) . iota of Mr effects on all in the industry. PHYSICALS—The London market Apr-.— J mi C2Q4 fid tonnea. involved in the industry the scale, be more efficient than This will be a mammoth task June—— UL2-1S2J> + QJ50 IMLB (£207.00) s tonne far export. farmers Farmers will have to get their that in the rest of Europe but, and I, together with other August—— 140.0-1503 +0.101 Into motional Sugar Agreement— CRUDE OIL FUTURES B rent Blend Government assisted October— IM.6-1UJ + 0.16 151,0-150.7 V cent* tndes. by the (US per pound fob and stowed S o barrel. < Close, change. inputs. Farmers unit costs down, not while accepting this. Mr Frans British farms, can only wish 1 with ail their Dec. 40.0 155.0 Caribbean porta). Prices for buainaaa done): Index 16.80: +0.08: increasing pro- April 02.7bp (B2-2Sp). The Kuala 1B2JL1O.0 February adjusted to finding usual method of Andriessen, the EEC Agricul- Mr Gourlay and his men the Fob.—— -OJB 14: 'Dally price 5.41 March 16 50. -1720; April 15.56 have not Lumpur lob price (Maleysia/Singepere (SJS8); 15-day' but, if they wish to ture Comission er, seems in- best of luck. average 6.41 (5.40). "16.00: Mjy 15.00, —15.70: June these for themselves, and many duction They will certainly cents) per kg: RS9 No 1 was 186 cutting to it as 20 15 W. -16.00: July 16 00. -1600.. have left the industry. stay in business, by clined use an excuse need it. (194) end for 9MR 20 199.5 (196.9). Seles: Z77 (909) lots Ol n»nes. PARIS—(FFr par tonne): May 1393- Turnover. 0 (3) icia ol 1,000 barrel*. A M . — - | 1 a ——«-—.. — — ———. ) — . —- . B 1 financial Timesr Tuesday Febrnaiy IS 1986 39 CURRENCIES, MONEY and CAPITAL MARKETS Art Galleries Now ttjfnifig ACNEW GALLERY. *3. DM Bond St., W1, 01-620 6176. llStti ANNUAL WATER- COLOUR EXHIBITION. UntU 2^ Fob. CBOT XzZt- aix LONDON THRE&MOmH smtLING PICTURES raok« a%3 moot aenontal FOREIGN EXCHANGES FINANCIAL £500000 pototo of 100% 20-YEAR 12% NOTIONAL GILT BOND Itimk £60300 32nde of 100% Ctoae Lew FUTURES Uortb 87-46 S5MS *7-34 8734 SWIM 6HS. M Mon.-Xr1. B-l SlL Ctase High CRANE KALMAN GALLERY, 178. BNXnp- FUTURES Law Prev 88.06 87.92 Juna WJS 87^9 tpn Road. London. SW3. 01-5M 7SGB. Htasclt 111-28 111-30 111-08 1UM9 ’ Dollar Sapt W4B 88.53 8956 88-48 Colour, COtour, colour, an antiolOBV of & 2E3 hovers above June 112-16 112-14 112-07 111.18 onmtliias" until 13B6. moo.- Y180 Dm 89-00 B8L9S 8832 ?8.77 is March Fri. ilf am-6 pm. sots. 10 anv-t Sept 113-04 — _ 112-06 IBriv-iI, 88-12 89JK mm 8899 pm. dollar again tested the French franc dollar CaUmaWi! voluma 6325 (6316) June 89.17 me 039 FUTURES _ the fell to in spite of the' strong perform- Prevtoua day's open M 8.173 (8380) EsUmatsd voiuma 1JB19 (1J«2) Y180 !wd in Tokyo, but traded FFt TAE from FFr 7.20. On Bank ance of the 175 bond market on Baals Clubs quota (dean cash price of 13% Previous day's open bit 11243 quietly in Europe between Y1SO England yield (11,632) OPTIONS of figures the US Friday, which took the on treasury 2004-08 lose oquivolant price INDEX full *«1 Y18l before of near futures contract) -18 —8 FT-8E 100 £25 par bidax EVE outlived ttw othan Also Futures and r closing Blightly cinrency Ml to the lowest since the long bond below 9 per cent to Mo bocoufa of a (Undo), point policy of loir ploy and Mlaa for money. Futures Options on weaker on the day, at another March 1988 at 119.9, against Any horn the Bundesbank might Supper from 10-330 am. Dtato and tap Close High Low Prev mu Melons, haiunn. seven-year low. The foreign 12Q.4 op Friday. cot its discount or Lombard rates gimaw oKlrinp COMEX-GOLb & SILVER U% NOTIONAL SHORT GILT March 148-20 148.00 14980 147 180 Roacnt St-. W1. D1-TT4 exchangee this week were when the 8100,000 09 were generally quiet; STERLING — Trading range dashed Prices were higher on the Mtba of 100% Juna 149.60 148-80 148.70 >49-S5 1MM-CURRENCIES with dealers, content to take central bank offered funds to the London International Financial Eat volume 314 (US) •Jtebx profits money market at an unchanged High Prev Prevtoua day's opan bit *170 (2.180) and cover short pos- Futures Exchange yesterday, LOW Company Notices it ROUND TURN mn* asm sc-oi itrons, for fear that the point £ IN NEW YORK rate of 4JO per cent. At the reflecting continued opti-uism 95^8 8S44 TWEE-MONTH EURO Sim paints of IMF AND Jtow 86-31 86-13 96-13 9600 OVERNIGHT may be approaching Frankfort fixing the Bundesbank about the future direction of US 100% *15 when cen- (tatait) Estimated voluma 213 (378) tral banks win intervene to stem did not intervene when the interest rates. London was left Previous day's ops nint Ctoae Htoh Low Prev 1.188 (1313) 'Applies iuiIy m irtuks the dollar’s decline. There was dollar feR to DM 23456 from to make up its own mind about Search 92.12 92.15 92.12 S2X6 ALCAN AUSTRALIA UNITED Otoe* Fob. IV Prow, olooo Juna 82.16 92.17 92.16 92.10 sign DU 23590. This was the lowest appropriate level for dollar US TREASURY calendar mmiW. First no of support for the dollar' an BONDS 8% 8100300 Sapt 92-03 92.03 92-02 91^5 US$100,000,000 fixing for the dollar since rate con- Stela of 100% evninten nmutl trim. by the Bank of Japan, and the £ Spot M/A lL4aiB-i^aa denominated interest Doc 81.83 91-84 8161 91 JS i month HUS&Q.BOpm January 13, 1983. The dollar tracts. Chicago markets March 91.61 81.60 91 .57 CaH pnifrv.tocute German . Bundesbank also re- with MJ53 Floating Rate Notes Due 1994 me of nur B months 1.60- 1.07pm closed at Dm 2.3395 in Frank- Oote High Low Prav 91 .39 91.34 9134 mained^ ‘ closed for Washington's birth- .. L Jim 91 J1 out of tho market; but it months g.gfl-g.agpm Man* 88-18 8B-K Notice is hereby given that the 212-221-7138 furt compared with DU &M67S day, and took March US 8668 87-17 Sept *1.19 81.12 81.12 *1.11 the market was very thin with Jwa 87-18 87-15 87-67 86-19 rote of interest tor the period 18th Tctex: 277065 ror d pcHdara and dlmuiiia apply on Friday. Doc 9036 ML90 90J0 9146 February. New. York closed for wr Treasury bonds to a contract te voiiBW 1J21 (9.334) 1966 to 18th August. 1988 Washing- to Um U3. dote EM voluma 1319 (5.406) baa bean fixed per JAPANESE YEN — Trading high. Minutes of the December Prevtoua day's apan tot at BH cent per ton’s birthday.. 4,143 (3384) Prevtoua day's open bit 19,737 (19.9S8) annum. On August, range against the dollar Is 1988- Federal Open Market Committee the IBth iaas BEPUBUC CLEARING A fall in. US interest rates the interest of US$42138 per against the dollar in 1985-86 is 86 is 268.15 to 180.15. January meeting, indicated a slight easing US$10,000 nominal amount C0BP0BAT10N on Friday, with the yield on UFFE—EUflODOLLAft OPTIONS of dm 199I95. Exchange rate consid- Notes will be due against [tits UtRtbtewHl NT BUS L4885 ta 1.0525. January average average of monetary policy, and Sim paints of 100% rest long bonds falling below 9 per Coupon No. 6. AnAUusoT Exchange rate index index 1939 against 15&9 six eration of a cut in the US dis- cent; to ftfr-year low, L4M. Strike CoHe-Last Pute—Last a added to months age. count rate: This, coupled with SWISS BANK CORPORATION RqnlBcUmlMdlHM closed unchanged at 73J, com- Price March June Sapt VoJ March June Vo) the bearish sentiment surround- The yen continued to rise oil nafaon pared with 82.2 six months age. other factors, such as falling 2-12 2.16 — 0-00 0.00 INTERNATIONAL LIMITED a ur.T canaowM tore ing the dollar. Dealers await against the dollar in Tokyo yes- slug- saso 1.62 1.66 Sterling attracted little atten- prices and low inflation but 1.S7 0.00 0411 0.04 40 Reference Agent the teetinwny before Congress terday. The dollar fell to a gish.. economic growth, con- 1.18 1.1* — 0.00 0.0* 04» tion, rising i cent to $1.4200- 31 SO 0.62 0.72 amm of Ur Paul Volcker. «***roiaTi seven-year low of Y179.70 during tributed to hopes of lower 0.72 0-60 0.06 0.19 1.4210, but failing to DM 3^225 92.00 0-20 0.30 0A1 5 0-06 020 DJB 76 of the Federal .Reserve Board, Tokyo trading, but recovered a rates. Further guidance from DM 3.3250; FFr 1020 from interest, 92-60 0.02 0.12 0.19 — 0-40 046 0.08 on Wednesday, for official little on profit taking, and reluct ^oiirthe- economy will be provided 934)0 0.00 04» 0417 0491 ^ FFr 1021; SFr 2.7350 from SFr 0 87 14)4 guidance on interest rates. The ance of dealers to take out': by Thureday's revision of fourth wtoua day's opan int CaB* 3,786 Puts 3^40 2.7575; and Y2&6 from Y258. t ynawp economic h»{jb further short positions until" gross national LIFFE statistic . quarter- growth in E/S due Trading OPTIONS week is revised fourth quarter D-MARK — range trading resumed in New York, product There was a note of £25.000 (cants per CT) against the dollar in 1985-86 Is after yesterday's holiday In the gross national product growth caution however, with same Strifes CaBo—Lsst S.4510 to 23898. January aver- dollar -— Puts—Lost Chemical New York Corp. Thursday. US. in active trading the dealers fearing that the fall in price RffiKCn April May June Soot Manah AprB May Juna on age 24392. — Sant Exchange rate Index finished at Y1 80.75, compared the value of the dollar will pre- 1-20 22. H 22-10 040 — — 0.09 9300JMNMMO Floating Rate The dollar fen to Y180.15 from 132.7 against 127.0 six months with Y182R0 on Friday. Lower 1 -2fi 17.10 17.10 17.10 17.10 04)0 032 — 033 1.17 vent an early cut in US rates, Subordftuted Capital Y18L90, the lowest level since ago. US interest rates, and the fall 1.30 12.10 12.10 12.10 12.M 12.10 042 0.17 037 036 231 while it was also noted that fall- 1.35 7.10 7.10 7.10 7-23 0-23 October SI, 1978, and also fell The D-mark improved against of the long bond yield to a 61- 7kl 0.77 133 233 438 Notes due 1997 ing yields could lead to a flight 1.40 2-91 3-43 3-82 4J5 5.13 148 2-38 334 4-36 633 to three-ywar -lows of DU 2.3590 the dollar in quiet Frankfurt year low in New York on Friday, of foreign money from US paper. 1-46 0.80 147 1-81 2.37 325 447 532 633 737 9.65 from 2.3460. 1.9250 contributed to the dollar's con- in accordance with the provisions of the Nous, notice is hereby DM and SFr trading. The domestic bond Mr Paul Volcker, chairman of 130 0.13 (M2 0.73 1.16 146 040 937 WJS 11.16 1336 from SFT LfiMQu Against the only gains tinuing weakness. given that for the interest period from February IBth marker scored modest the Federal Reserve Board, is 1986 to May Prevtoua day's open totemmt. CaHe 9306 Puts 7316 likely to indicate the central 19th I9B6 the Notes carry an in tee rrt rate of 8{% per annum. LONDON SE C/% OPTIONS CURRENCY MOVEMENTS banks attitude to interest rates POUND SPOT—FtmWARD AGAINST POUND £12,500 (cents par £1) The interest payable on the relevant interest payment date. May and the dollar, when he speaks Strike 19th 1986 the Notes carry an interest race of per annum. Day's Congress 8}% % Thw Bank of Morgan to tomorrow. Price , March April May Jm 8a pt April Juna Fab 17 CfoSS On* month P-*- Guaranty bonds May Sapt Agent Bank England March US Treasury 130 2130 —- — 2130 — 0.10 — Index bhangs % — 030 — Chemical Bank I/S 1.41 58-1.4216 1420D-14ZW OJB-O.SOC pm 4J5 1SMJB pm opened at 8S-10. and after touch- 135 1630 — — 1630 1630 0.1S — — 035 130 Canada T-9767-l.aBfiS IJMZS-tJKGS 0-OSc pm-AMcBt -0.03 0JS-0.19 pm ing a low of 884)6, closed at the 130 11.90 — — 1130 1130 030 — — 130 230 NatMnd. «*-*** 73.6 3-74V1-7W, 3.74V4.7GV ZV-1w>pm' 6JB i» 11B.B day’s high of 88-16, compared 135 635 730 735 730 830 030 036 1.6S 230 4.00 Belgium 679448. to 67.96-68.06 16-Bcpm 2.12 3042 pm 130 235 3.40 430 430 530 130 2-60 330 430 63Q r Canadian dollar 79.3 with 87-17 \n Friday. June was Danmark 1ZS-12JH. 1LM-US M'aMm 4JK l4WI2 . pm 1.45 0.80 130 130 230 3.15 430 5-65 6.70 730 9.40 2JB Austrian achllUng J 1833 most active month in Euro- inland tOMr-iiOS 1/WHJW7 {JMVbim 1.91 QJO-O-36 pm Belgian franc —I 93.5 the 130 030 036 0.90 1.16 130 B.1D 930 10.60 1135 1330 7.44 ®VS*apsra 739 — Previous W. Gar. 3*9*4-33 Danish Kroner — B43 dollar futures, but trading was day's opan inL Calla 6324 Puts 6.145 Portugal 216U-217*, ZTO-ffiDadto —2232 600-1530da - 1931 2TSMIA Deutsche mack. 232.7 in a very narrow range of 82.16 PHILADELPHIA SE £/$ OPTIONS Spain 30B.1O-am.4a 209-20-209-401 36c pm-G efia —0J» 25-136 die -133 Swissfranc—. 166.4 to 92.17, closing at 92.16, against £12300 (cants par £1) Italy 22ESV22S5^i 22BOV22011 S-IOHrt dW -4.78 3044 dl* • -63a Guilder — 1823 Nanny KkMV-WJWt 1*36403* Vhoredto -OH lVZdto -030 French franc 703 92.10 at the previous settlement Strike Pniis -last franca 10.16VHL2W» ta«VWJO», \c pmJ, die —a 44 4V0dle -*.08 Ure 463 Gilt futures benefited from Price Fab Mar April June Sapt Fab Mar April Juna CLASSIFIED ADVERTISEMENT RATES Swedan 10.60Vt0.5Zi, tasov-TOAM, VVnapm 097 3VZ*pai 131 Yen —— 1033 the strength of US bonds and 1>20 n.a. n4i. u. ns. n-e. njk njB. Japan 1JM-141ypm 536 4.17-432 pm 639 145 n.a. IU. nx n.a. n.«. n.a. nj. n.a. iue. n.a. 266-256* X&r&Vt the steady performance by From Jamiary 1, 1986 Austria aJMUS 23.32-2336 TIV10*gro P* 6.71 35V40V pm 634 Morgan Guaranty ehangar, average 140 n.a. ns. iu. ns. n.a. ns. n-a. nj. IM. sterling on the foreign 146 n.a. iu. Swdtt. X72t.-2.79. 233-2.7* 2-IVe pm 830 pm 836 1980-1982 “TOO. Bank cl England index n.a. n.a. n.a. ns. IU. n.a. n.a. n.>. franca. FlnanStSt franc 893638-96. exchanges. March delivery long 1.40 n.a. na n.a. n.a. rua. lua. Single Belgian rata -la (or convardbia . (bees ovorogo WI>U0). n.a. IU. Sbc-awnth forward dollar 3.10-3.G6C pm. 12-month 636-546C pm. - term gilts opened at 111-10, near n-a. n.a. rua. n-a. no. n.a. n.a. n-a. n.a. IU, Per line ooZsurr cm 140 oj. ns. nj. n.a. no. - t Correction (Fab 14): Spain «toaa was. 208V208V- the day’s low of 1114)9. The clos- IU. IU. tua. IU. zuo. Tntin. 3 linesJfmtn. 3 ems) revtoua day's open hit, Celts n/a Puts CURRENCY RATES ing level of 111-28 was only just n/a rirmte (mid-dayj. CaOa n fa Puts n/a DOLUHR SPOT—FORWARD AGAINST DOLLAR below the day’s peak of 111-50, £ £ 39.00 compared with 11029 on Friday. Commercial ft Industrial Property 11.50 Day-e. % Three % Residential Property 9.00 30.00 p* motdhe pa. Fab 17 Appointments 12.00 41.00 UKt 13166-13216 033330c pm 436 1.82-138 pm 431 0.050674 CURRENCY FUTURES Business, Investment Opportunities 11.50 3a00 13996-1 036/33SOPM 838 236-1.90 pm B30 traiendt 0.088530 POUND—5 (FOREIGN EXCHANGE) Business for Sale/Wanted 11.50 39.00 Canada 13990-1. 0>8-032c (fia -434 138.13Sdla -438 138683 FINANCIAL T) BOOKLETS Personal 9.00 30.00 Nothin d, 2.C3M-2. 0360.43c pm 139 146-130 pa 2.13 15.1908 Spot 3-mtiu ftHirth. lZ-mth. Belgium 47364636 7-TIcdi* 443678 1.4206 1-4164 1-4045 1J389B 13666 foDoving booUeti are Motor Cars 9.00 30.00 —039 die -0.14 7.06801 H» anMb Dram the Danmark &.B0V8-MV Vn pm-S <8a V pm-* IMM—STBtLING Ss per £ Wnanriil lliara Holidays ft Travel 9.00 30.00 - 337 8.16288 W. Got. 238SB-234W 034-n.69pf pm 3.16 230-131 pm Contracts ft Tenders 1L50 39.00 -2736 MO12S0ds -24,18 844386 Ctoae Hlgb Low Prev Portugal iB2**-l£ft« 16as-1B3 2S6450C die Book Publishers net22.00 Soma 147.13-147.74 14730-14730 304So«fle -339 196-228 die -S3B 6.83706 March 1-41® 1.4185 1-4065 1-414© Csjrital Gains. The key figures to catenlxfliig -10.10 1471.35 Juna 1-4015 1-4060 1J645 13990 Italy - 1536-1509 1501-1682 TVhrlRhe die -934 4041 die your tax SA50 7JBV7.321, 7J8V7JSV, ZV4W* da -4.92 CDs -638 Van 166303 Sept 14880 13890 1JBOO 13850 Norway MV 6.74916 Bow to compete on eqval tains £3.75 Premium positions available £8JM per single column cm extra Franca 7.17V7.2BW 7.17V7.W, 2-2^cdia -S.7S T1-12 (Be -638 Norway Kr_ Dee 14766 1377D 18740 13740 -331 Span'll Pta- 136.090 Jobs, pay, tnrions ft ownership capital £L50 Sweden 739V74S 7J9V-7.40U die -334 OMPidle FEE—STERLING £26.000 S par £ AH prices exclude VAT 1.76 138 SwadlahK-.. 634138 U Japan 17930-18130 180.16-18040 04B-048y pm 037333 pm lt^S. To order your copy, please write lam Fr— .. 1.78617 •wyn to: Auatrfa 1632VM30 1*44-1034 ZVftgra pm 13* 63** pm 1-15 Ooea Low Prav Oracle Drab 138.403 Search 1.4153 1-4125 1.4120 Switt. 13820-1 132064:' 330 136-131 pm 339 0.714430 1MTO Ms Nicola Banham. Publicity Department Irlali Punt— Juna 1-4000 — 1S965 For details write to: t UK and Ireland era quoted In US currency. Forward premium and Financial Times Limited further Sapt 1^860 1J82S discounts apply to the US dollar and not to the Individual currency. Bracken House, 10 Street, •CS/sofl ret* for Fobruaiy 14: 137264. voluma IB Cannon London EC4P 4BY Gasified Advertisement Manager Belgian rate la for convertible franca. Financial franc 46.45-48455. Eat (19) Prevtoua day' apan art 2J320 (ft816) enclosing a cheque for tile oolite of your order Financial Times, 10 Cannon Street, London EC4P 4BY EXCHANGE. CROSS: RATES OTHER CURRENCIES LUTE—DEUTSCHE MARKS DM 125JSG3 S per DM - Ctoae High low Prev Fab 17 • * ;• <«mV TEN. 8 fir. Hfk Ura o» BFr." Fob, 17i JO..- fl-4287 0-4286 0.4270 0.4271 iMr fiba.o lOJO 8.736 3.763 8861. X904 68.00 Juna 0.4324 0.4324 0-4324 0-4308 ah 8348 1698. 1-897 4736 volume OJ7& t. 8339 1B0.8 7JB0 1386 Z.1579I0.B0O0-0301O Eat 37 (24) 1.1356- Prevtoua day's open lot 180 (178) 680.4 i 80j47 AtM-a3aJ8.0aB6-8.0818' 1.429B-1.4S10 DU 0301 Q.42B . i. 77.06 5.070 0JB8S 1.189 a697 39JM 10.68 14.66 8831. 7.780 866.6 18,467-10,573 15,010-13,075 YEN 3306 6.649 _>*.9B 1000. (74460-7.4600 53650-83670 STERLING INDEX 1801.96-80636 14B.&4-14S.08 FFt. 0360, L383 BJ»7 861.0 10. 8,601 3.679 881 B. 1.946 66.67 0-786 84.86 uuna.11 .1180 73075-73086 Feb 17 Previous SFr. 0.566 0,619 1316 83.60 3.789 1. 1378 8863 82.18* 16.50* 830 am ...... 73^ 73.7 iM.-WW o.sssnuj.B63m THE POUND 18.18 OF 608.6 0.689 VALUE 8.716 0.7891 1. WORLD It FL 0366 0379 OMt 6038 9.00 am 73J 73.6 0,828 113.8 1310 1.660 1000. 0.678 3038 90-66.05 47.8047.90 ura 0.448 X.47D 4u618 803.6020 8.4680-2.4640 moo am 73S 73.7 £ 1. 34 87 WZMand 7S-2.e47dll3605-l.8eB6 11.00 am 73-6 ns Cl 0.504 0.716 1.676 189.0 B.141 1379 W»1 1X39. 10-6,1870^3.6608-3.6512 8.089 4^66 376JJ 16.0Q 4,0881 5J518 3386. 8j918 100. Noon 73S 73.9 BFr. U471 Sin1 pore 13.0340-5344012.1 5902. 1416 1.00 pm 73.6 73.9 Yon pm- l300& Frenoh fir p*r 10c Lba par 130* Batg Fr par 100. sjvr. 8.9406-2.9500 2.0746-8.0610 (539304.1066 2.8170-2.8885 2.00 pm 73-5 73.7 below gives the latest available rate of exchange for the Abbrwlatieim (A) approximate rate, no direct quotation UJLE (83130-03188 3.6725-3.6735 3.00 pm 73J 73^ The table raRable; EURO-CURRENCY INTEREST RATES pound against various currencies on February 17, 198ft In seme cases (F) free rate; (P) bawd on US dollar parities and going sterflng-doUar • Sailing raw. 4.00 pm 'ns 73.6 rate is nominal. Market rates ere the average of baying and selling rates rates; (T) tourist rate; (Bat) basic rate; Gibraltar £ 1.0 . Guarani par cent. Local authority and Finance Houses aavan days’ notica, others seven Paraguay — (339-86(10) Zambia — Kwacha 9j47 44-4.5 4.44.5 4 40 . 5.8 1 Greece 204.16 .. 4.88 4384864.36) Boae 12 per cent Irem February 1 1386. Bank — Drachma 1918.80(7) Zimbabwe-— Zimbabwe f 8JW85 Frankfurt——— 81* day*’ fixed. Finance Mouses Rata ] . 6*9* Pari* ——— Deposit Retea for auma at aevon days' "ol-Ce 6-6\ par cent. Cerefieoias of 3»»-57b - Zurich JS. Tax Deposits (Series 0). Deposits C100.000 and over held under one cu-siti t Bom Is the transfer marker (controlled). 11 Now one official rets, (l)Esaeatisl (2) Prefarantial rate (or crlerity Imparts such «• foodstuffs. - — - 51? 5Tfl 8*35t Aimtardem.., ; per cent one-three months 12’* par cent; three -six months 12’< per cone Six- (4) Preferential rate lor public sector dsbt end essential imparts. Preferential rate. Free luxury imports, remittance of money abroad 8.78185' 8.90888, — SSflSa-t?* 12 (5) (8) rate far and'foreTa'n Tokyo...... nine mentfaa 12^ par cent: nme-12 months 12’* per rent Under £100.000 11% per ravel. (7) Parallel rets. (9) Banknote rates. (10) Rata for exports. (14) Nserly ell business transactions. ViBtnam:—1 new dang equals : — (15) 10 old doncn Mllaft. 16160# cent from January 14. Deposits herd undor Sonoc 6 114 per cent. Deposits (16) Peru;—1 inti equals 1,000 ados. (17) Israel:—1 new shekel equals 1.000 old shekels. (18) Aruba florin:—now currency inuoduud January 1, rioC MB*Ja . — 94 Blg-BS# 1886. . 9.40 10 * UUfMlS — withdrawn (or cash 7h per e««t- Guinea Republic:—franc, new exchange raw announced. ' Dublin j j I |jJto 1«M »gb Lmu 2US 190 6 SA 623 446 73 44 66 401 £40 £76 34) 223 -*0i 300 » 256 880 370 £11* 663 170 114 170 85 367 218 20 U £772 £5% 315 262 2.4 2-9 168 75 12 EL*? 62 I6J. — 47 36 64 L5 28 34* £50 OB 32S 255 L6 3.7 241 118 6 US ZlO « U * 100 89 SO 188 16 L7re02 191 112 175 10* 53 — 51 36 325 218 2J (Z1C 60 « *5*3 3 620 2B0 168 US 6 6 063 £122 166 U4 325 290 210 42 340 as 300 156 231 1% 107 37 118 94 n so 112 40 145 U7 6 61 US 101 Jt 21 200 5b 250 157 !Y* 127 103 128 122 505 224 44S 280 146 35 4b 77 18 13 85 73 •SO IB 25 » 74 14 51 a 271 125 280 231 145 70 *440 262 *160 87 71 31 32 7 02*3 570 366 295 132 107 60S 473 330 217 15 65 202 176 243 178 IS 98 U>] 41 HSj 37 10 7 15 3 •445 72 318 SO 7Th 20 IB4V £73 42 67 695 185 200 100 175 70 *70 132 91 65 293 Z10 5b 22 185 143 112 66 va S3Z £31 £2“ 92 78 13 35 23 126 45 31 63 26 148 19 165 153 3*i £362 It* 50 057 1M COMtt 9 5 ai4>a no 22 cun. 2t>0 122 48 55 133 74 3S 175 37 ]8 164 144 70 27 17 U 108 19 570 412 OO* £98 80 54 74 17 2S5 115 300 80 £260 035 207 131 44 58 110 X 41 30 174 32 240 186 18 9 500 170 255 35 52 33 120 65 60S <80 103 38 137 66 120 73 740 525 75 32 510 <10 345 200 140 110 •m » 122 8b 290 SO £44 £34 93 32 164 135 £25 794 325 98 - SIK l«b US £47 £83 54 SO 361 273 365 224 IfMi 026 000*3 m 67 195 70 057) 438 238 94 650 530 95 50 63 52 lU, •MO 12 4 155 15 42 19 24 l‘ 19 It, 16 7 080 £250 •40 25 *378 MS 45 36 520 270 201 125 120 110 471 304 72 50 136 103 162 85 no 74 9 3V MO 08 93 S 430 240 32 10*2 5*2 2 zs 10 330 147 185 130 9 3*3 Z33 165 61 17 45 32 210 220 135 30 40 11.7 35 19 40 «> 01 50 ~ 13 406 60 42 3.4 56 U 05 810 153 11B 26 86 4.9 100 37 206 M2 10 3.7 10* 4 32 9 140 60 74 29 - •194 13 016 500 20 60 8.4 80 50 445 185 ZJ 63 6.9 76 12 130 50 20 86 58 S 4 130 20 64 29 170 60 B » » 675 160 SO 70 L9 12J . „ 283 142 76 209 no U U » 1104ffi 332 107 53 43 a I 182 £21 ' £10 43 _ I 47 | 15 290 40 * 160* 80 *9 26 507 209 520 274 £50* £41 180 85 39* 220 112 70 125 32 102 B4 428 157 152 107 195 620 28 70 5J 8b 60 67 58 . 1X3 - 172 112 IS 133 10 4.7 8.9 133 250 57 20 7.4 43 30 73*; S 207 65 — 2.9 230 122 37 M C97*j 20 8 1U 215 100 228 152 33 19 75*2 34 £74 £54 305 lib £32 £16*1 146 66 260 120 87 60 035*] £44 84 <05 100 105 39 IB 51 250 190 •68 131 113 72 12 114 284 2H •87 <8 160 85 462 415 75 46 64 48 165 100 lOHj 63 74 46 41 25 48 20 95 34 86 65 156 82 4b 68 6*j 3 £99*| £50 S' 475 323 155 IS 455 293 127 88 32*3 » •40 2*9 147 Dates attend* tadtaard, wto Md art dDddentt me In pence and 47 26 t 78 42 deacndnat l nnt me 2So Cirtiamw* ar ceftwremgi redos —I nanus me toed 174 130 57 44 on beta aamal reports art accrnm and, bAereposdbfr, me nooted on btir- 8b 35 240 127 fem ly Atoms. P»& are cel l on ttl" toMMteb, enbgi per 45 41 » 240 124 dm brtpg nuiQiaii.il oa Broth after maun and w Beard ACT atcit 160 108 288 135 wnboMe; bracketed Aprts nUatr 10 per cent or anr Ototiw 8 5» 31 027 £80 tabulated pa ‘TsfdHtnbBPtw.CtttrurelBiamre-mamaiar'dmrtfaBmHi; 14 •368 183 tins corepaes grass rtrrteal anb to proto after iradoq, ndadag 138 85 <0 ncwmol imMloan but l ialaiing ecUmded nm o* uKa iliTile ACT. 77 585 <65 YMb me tastd on rnUBe mice, me gme* abaaed to ACT el 30 per cm 16 94 26 aad aibM ha ata rt declared dUrlMUan and ngto. 68 50 91 60 * "Tip Stock". 143 64 Kld» red Lomasmtediim hare need attested to ado* tor ritomlmnes 123*5 56 for cast B7 S t taleimtlatacnartaicMwL 191 137 t iatertm tow redbett* passed or deterred, 250 132 t? Tm*w » naa lesidents m mbdirn. 6 Rgam or report asratted. 9 ma tBkUHt UK toted; OeaHav pirartted ander Rule 53M rm February 18 1986 Financial Times Tuesday 42 roivnoN stock exchange hardened a Account Dealing Dates 300p and MAI, 335p. EQUITIES while Smith Option few pence apiece, Bros, stockjobber, put on 4 •First Declare- Last Account the Dealings Day Imperial bid situation dominates more to 173p. USM-quoted Dealings dons Plan Invest responsed to fresh 87 6 Feb 7 Feb 17 Jan Feb speculative demand and im- 10 20 Feb 21 Star 3 Feb Feb proved 16 to 98p; the preliminary Feb 24 Mar 6 Mar 7 Mar 17 demflnge may taka results are expected next month. •"NnMtim" of RX.5; 4^ BJLn.8 place from am taro business days Kwahu rose 3 to 28p In front 950 SlOO FJ»J m.r ; M.v i 2JI ffj •artier. Gilts continue strongly today’s annual figures, but profit- 687 laooi The multi-million pound take- taking left J. Ferguson 4 cheaper 160 FJ»J over bids which bave charac- at 22p. F-P. oM~7' ! ijO; BkV'lLb 52p, after 52|p. Among other from TUbuxy Group; the latter Ta FJ>. *2.0 fcfl. sustained upsurge in 1.1/B5 terised the Hire Purchases, London Scottish hardened 4 to 155p. Interest 106 F.P. RJL78 4.6, 8.0 K.1 equities over the past few 1187 F.P. UK Finance added 3 at S2p in revived in Blue Arrow, 22 higher neatly line rut Grp. &pt36S !• shade 4*530 F.P. months were put in the speculative buying. FINANCIAL TIMES STOCK INDICES at 260p, while the proposed Oils easier Storehouse XOp. for response to 9 9 F.P. yesterday by two mega-bids however, acquisition of Frank Groome for FJ»J [TBifoe Warrants—". The major clearers, The leading oils opened on a TT Throgmorton USM- Imperial group. Hanson Trust American a consideration of £L5m left 100 [F.P. were dull as Latin ' firm note but quickly retreated Wellcome announced increased terms which Fab. Fab. Fab Fab. Fab. Fab. year Ronald Martin 16 to the good at 120 VJP. in the - Westland Warrants. debt worries resurfaced 17 14 IS 13 11 10 ago on persistent small selling. BP _ IF.P. vn)iT« & it hoped would win the battle for 150p. Dalgety closed a few pence '*Wlckm40ph. wake of Mexico's further cut in were quoted at 556p at the out- 140 control of the drinks to tobacco easier at 238p after the Interim its oil price. Barclays fell 10 to set but gradually ran back to concern, but United Biscuits Government See* .... 83.00- 02.BS 83.07 82JO B2.15 88.24 79.62 figures, but Burndene, still 463p. Midland relinquished 5 at 543p before rallying to 548p and replied Immediately with an even Fixed I ntoreat— ...... 88.08 87.75 87.68, 87.55 87.40 87.41 8551 reflecting recent Press comment, 463p, as did NalWest at 673p. settling a net 5 down ot 543p; better conditional counter-offer; 1220.7 1818.8 1208.5 1191.4 1195.3 970.6 were briskly traded and closed 6 Lloyds, at 476p, gave back S of Ordinary »_ 1212.8i 1985 results are expected on STOCKS the proposed merger of Imperial higher at 37p. Bridpoit Gundry, the FIXED INTEREST last Friday's gain of 13 which Gold Mines. 320.4 517.1 3305- 530.6 326.7 828.3 fillA Thursday. LASBfO, unsettled by and United Biscuits was aban- also on newspaper mention, followed news of the sale of its Ord. Dtv. Yield - 4.28 4.28 4.27. 4.29 4.3fi' 4.34 4.44 Press suggestions of a possible doned last week following the advanced 8 to 172p. Speculative Lloyds Bank California sub- Earning*. YM. »fuUT 10.32 10.34 lb.Srf 10.4B; 10.60 10.68 11.11 cut in the 1986 dividend, fell 7 official decision to refer it to the activity left BLudprint 7 dearer Issue |g- |xi«| 19®18/8 sidiary for £187m cash, to Sanwa ro year's of 14Sp. IC Gas Stock S 'for Monopolies aTif* Mergers Commis- P/E Ratio (not) i&oa ia.07 ia.00, 11.92 21.74 iz .77 10.81 higher at a low price of Japan. at 32p and Granada 8 !5|*l Bank Total bargains 30,744' 86,419, 28,480 27,998 24,798 attracted profit-taking in the ll If sion. (Eat.: 54,520 27,837 2S6p, bnt Extel drifted off to 1 J HH>r Low Commercial Union dropped 7 develop- [ £ of takeover j A big turnover built up m Cm: 682.74 685.68 331.93 close 7 lower at 39Qp awaiting absence any — to 258p following adverse Press Equity turnover — 849.62. 721.76 820.12 315p. Imperial shares which raced up developments In the bid ments and lost 8 at comment while other Composite Equity bargains — ,38,105 30,720 29,419 28,603 30,687 84,616 a i.lMXl«tMort.DebJWS| B4 only slightly ; Secondary oils remained 97.903 4/4 IB**! SOUiAlHed L8n.PimSf.1W-—-—- — •i to 323p and closed situation. 35 --- Insurances also went lower due Shares traded (mQ_j — 886.4 , 336.0 319.1 286.5 • 298.4 168.5 and Great 104 Anglo- Nondla 11>«% Cm. j ; market depressed I FJ». 106 off the highest at 320p. for a net I Uni, Ub 91 to lack of GBE gave up The Leisure sector displayed as I 93 01 Do- KSCnv. , slipped support Western drnpned 5 to 50p, S I FJ>. rise of 29. Hanson a ~1 BSSe 26>s CentrovinQlal 8 at 7800. as did Sun Alliance at V 10 am 1226.6. IT am 1221.lT Noun 1219.6. pm 1216.T 2 pm 1215T. two bright features. Campari did Industrial Scottish Energy 198,287^ £25 i bnt United 231* 'First Boot. Am. lltoj OMt. 2016^.".! _ . mere 3 to 14Sp 3 1216.9. 4 1219.4. Day’s High 1227.0. Day’s Low 1215.1. Basis fol- )99.74&i£2B .11/4 27N m 595p. General Accident and pm pm gained 7 to 52p, after 54p, and Petrogen 20p. 3pm!LOILSIwjpfVOP.9LtOft^i»^^'®9f04 70p, II 8om Biscuits came back 10 to 323p. 100 Government Securities 15/10/26. intarsst 1928. Ordinary 1/7/35. Nil j27/3 ! f Rued lowing Mr A. Nordin's acquisi- Leisure HiekDeo. noil--— .. w*i — Boyals lost 7 aniece to 750p and 98.977 F.P. 99 >s 99 ’Meooa Business in other blue chips Gold Mines 12/9/55. 8E Activity 1974. Latest index 01-248 8026. ‘Nil -11.64. Rett Prat. |9teLj tog Revived, speculation of a con- ! Sussex Wto.Bl*X 8l 8p respectively. tion of a 43 per cent stake at 100 :£ 10 30/6 10 >i 20 jteld was affected and many leading bid. heightened by X Friday's highly successful 49p per share and subsequent sortium — I F.P. the session fB9.511.C40 '26/2 stocks, after starling HIGHS AND LOWS &£. ACTIVITIES outstanding shares weekend Press comment, ! 2SS market newcomer Wellcome offer for tbe 127(3 " firmly in reflection of the Wall Miss World together with yet another lively tT FJ>. +i< attracted fresh support and rose at that price. 1 Friday, began to (99.7».708/E40 [88/2 S**PtJ^J>»djrfj99-S- Street trend on Feb ] Feb, traded lifted 6 to 166p compared with the attracted persistent small baying option business 100LOO FJ>. — 9B iThrogmortonUBM I I Disappointing retail 1986/86 Since CcmpUafn INDICES 14 13 _ |l7ppm! ibppm 1 WMUand 7iig Crw. Cum. Prf. — teppm— look jaded. j Elsewhere Id Nil offer-for-sale price of 120 in a restricted market and Lonrho 11 to 249p. II . the figure was p. A sales for January— Turnover among leading Build- High Low High Low Dally advanced 55 to 220p. Overseas Traders. Thomas | per cent lower compared with | 1 receipt of 1.1 ings was light hut most quota- BL rose 9 more to 5Sp await- Borthwlck, also in per cent rise Bargain, .-.j 186A] 123.0 a forecasts of a 1 84.67 I 78.02 127.4 49.18 regard- favourable mention, added tions managed to improve. Blue Govt. Sacs. Ecu! ties ing further developments triggered profit-taking among (B/t/tS) (3/1/73) 41p. Tozez Circle were a firm market on Bargains— ing the future of Its Leyland couple of pence to RIGHTS OFFERS Stores shares, which sustained gags ea.17 160.4 60.53 Value ;i,717.7jl,4G8J> Land Rover opera- Kemsley and Milbourn touched rumours of a cement price Fixed tnt— j Trucks and double-figure losses before rally- (2S/tQ/88)k2SfUM) (28/11/47) (S/1/75) 5 dayAverage before closing 2 to the good increase in the pipeline and tions. Jaguar, on the other hand, 94p Gilt Edged I ing smartly. ... iaao.7 911.0 1880.7 49.4 “ at following news that closed 13 higher at 573p. Costain Ordinary 1 Bargains—: fell 15 to 453p following take- 93p Latest 19S8;6 " nominee holders, via Coats Remind- stock The lack of a guide from Wall attracted revived support and Eaulties profits advice. Among Distri- Issue i 11 217.6 784.7 43.5 Development, price 11 53631 1 Bargain*....! 203.7] 193.8 advanced 12 to Investment and Street, closed yesterday for rose 6 to 484p, but AMEC Goto Minsk butors, Hartwells . norm a where, British Aerospace 10 to 105p, while buyers showed shade easier in line with the Diffusion, Cowan de Greet, >o. Ltlsuwe cs— FT-ACTUARIES SHARE INDICES responded to news of the sign- fresh interest for Don Bros, trend in Sydney and Melbourne Rainers (Jewellers), United ing of the Saudi aircraft con- which rose 4 more to 144p in markets overnight Biscuits Warrants, Harris nlMRS (2 These Indices are the Joint coaptation of the Financial Tones, tract With a rise of 38 at 488p. front of the interim results Qneensway, Ldsnretime Interna- NEW LOWS (15) Elsewhere, comment Bowater, reflecting Hanson Trust expected tills Friday. In contrast, on Ur tional, British Car Anction, the Institute of Actuaries and the Faculty of Actuaries A. H. Cutuj Ian’s recent acquisi- bid hopes, advanced 15 to tfOBp, profit-taking left Textured Thomas French, Inn Letairo, tion of Gen cot’s while week-end Press mention Jersey 5 off at 135p, while Deboa 18.8 per cent Cariess Capel and Combined MCWSPAPCRS OJ.IetL Xtemson. TRUSTS C2) New D»tHhi6u Tnm, North See stimulated further demand for dipped 3 to 49p awaiting the fall- holding In Geevor Tin saw the Technologies. put was done OILS CulfrtTMun RM.. EQUITY GROUPS than Wed Year A Amh. m M Coloroll which year results. latter Initially doubles Hm Feb 17 1986 Ft* Ftt F«t gained 9 farther improve to 66p in Riley Leisure, but no to 180p. Wests Group rose SUB-SECTIONS 14 B 12 teSri 8 Finandals generally displayed before closing a net 2 off at 62p. were reported. & more to 118p on the agreed bid a firmer bias. Mercantile House, 8L Est Figms bi parentheses she Renter of Ml HE stocks per section SS hdB Wax tads fates LONDON TRADED OPTIONS OtnJ (ACT* act) Ha. Me. Mo. Me. ACTIVE STOCKS FRIDAY’S PUTS 30%) YESTERDAY PUTS CALLS 1 CAPITAL WOOS (213), 637.67 +44 093 333 097 63482 63230 62743 53834 ACTIVE STOCKS Option July Oct. Apr. July Oct. Option Feb. 14ey AU9- [ke: May | j ) 1 2 Sending Materials (24). 67636 +03 074 1246 034 67136 67030 67651 485.95 Above evniege activity wee noted In Baaed on bargains recorded In Stock :i^l l 480 48 SB 68 10 3 Contractin Construction 127) |99XM| +03 018 027 the following stock* yesterday. Exchange Official List. B.P. 500 55 63 18 P.ttO. i g, 140 ran 98837 98455 71258 | 460 B 88 37 aa Closing Day’s No. of Fri. Day’s rfi48) 650 81 37 43 I 30 40 47 rwii \a 4 Electricab 03) 1735.96 -04 437 1545 094 274233 1746H 176252 153332 { Stock 88 87 600 18 SO 1 « price change Stock changes dose ebsnget 600 | 7 26 88 I 80 n 5 Electronics (381 1595J2 +14 1028 545 158601 155638 152239 1657 J« Aldcom Inti. 65 4-11 Wellcome 31 160 86 68 i 6 Mechanical Engineering Cone. Gold! 480 I 34 54 64 I 95 34 40 140 60 6 (64) 349.971 +14 021 1213 027 346.45 34443 34239 28836 Brit. Aerospace 488 Distillers +10 +36 27 620 (•454) I 500 13 30 37 52 67 87 160 30 38 44 a .6 8 Metiis and Metal Forming (7)_ 282J2 +0j6 741 547 1543 28039 28339 27551 BP 545 Jaguar 21 -13 | t 17637 — 6 I 560 I 6 11 - | 94 95 180 10 19 SB a 14 Motors 9 08) 254J8 -15 941 342 12.92 034 256JJ7 25635 253.92 155L91 Burton .... 242 — 8 Beecham 19 371 +11 800 1 9 . 16 14 84 Trust Courteukla 180 I 48 54 1 a 10 Otter Industrial Materials (22}~ -83 Henson 148 — 3 Glaxo ...... 19 + 10 | 60 a IU4L27 642 334 1841 020 114907 115558 115957 88759 77 87 ito 7 18 Hartwells „ 91 +12 Grand Met ...... 17 -12 C224) | 800 I 30 36 43 4 7 21 consuaiEa bboopom) . 81334 343 1531 136 81348 808.71 886.98 62330 I 40 60 8 86 36 Imperial Group ...... 320 +29 Argyll Group ... IS + 13 280 I 17 88 34 10 16 22 I Bmren and DtsUllen (23) J 81&46 930 340 1314 110 82539 818.95 w 560.90 -11 17 84 87 EM 67 468 -15 Guinness ...... IS 2S7 Coro. Union 800 u 62 H 23 Food Manufacturing (22). 59132 -05 1018 OZ7 12.71 148 59438 585.97 58638 58754 Maxi 857 70 1 6 9 print 32 +7 rci .— : IS + 5 (•257) 280 6 2b FoodRetaUtag04). -03 48 4 104 4 13)* 1773.97 076 241 BUI 548 1778.93 175157 173658 144456’ Miss World .... 220 +55 Rowntree Mack 15 460 +26 840 84 33 7 18 10 80 104 • 90 14 27 Health and Household Protects (10).. 1136936 +03 536 235 2149 002 136554 1346J6 133553 108339 Rowntree Mack 450 —10 W Brom Spring 16 60 + 8 280 13 88 80 25 26 m Shall Transport 675 — Costa Patons... 14 250 +10 29 Leisure (29 182536 +08 744 019 1442 099 81950 81359 ai7 n 68658 280 8 18 30 83 36 94 s* - 32 Publishing A, Printing 03) [204836 045 1529 205740 96 2** & 236 284361 204434 168858 Gable AWlre 550 80 .100 125 3 7 IS "W 98 o* 84 33 Packaging and Paper (19. 41347 +05 344 1444 009 41141 412.74 40959 38752 C510) 600 36is 68~ 90 18 23 86 m 34 Stores (43) 76431 -13 742 244 1947 77257 77250 77134 080 16 83 55 00 55 Tr. 11KU81 ZOO oa« 53354 EUROPEAN OPTIONS EXCHANGE (•filM) 108 35 Textiles (16). 1447.91 -03 1096 349 1035 040 449-68 4033 44739 32334 Distil (era 133 136 _ s Feb. May Aug. 600 1 2 104 E a If 36 (3). 123333 +24 1238 942 leouM 180937 1302 14 (•620) 660 83 86 90 Ikl 3 4 94952 Series VoL I Last VoL Lt Vd. Last Stock | | Tr. 1112 88/07 104 63* 41 OTHER CROUPS (85). 73935 -04 Ml 3.94 1419 085 74230 74133 74257 66953 600 41 47 46 6 12 16 04 Oil 690 18 17 20 38 86 40 (£110) 106 6 23 SJ 42 Chemfcats (19) 25.90 -02 1230 449 1092 232 82738 sa% 82438 82259 81058 GOLD C *340! 81 1.30 88 1850 106 4M Oft ?s Office Equipment Ml. 2S5A1 +06 023 3.94 1914 012 25409 25459 255.76 173.98 GOLD C 1560 — 83 6 30 13,50 A G.EXL 140 80 _ _ Ilf 110 3/M 06a 2iV GOLD 38d — — 30 3 10 8 ri94> 160 40 46 66 118 ai* Stripping and Transport (12). -04 749 1748 080 1459.94 MS51 1188.95 C S 2 4 6 % li% ava a% GOLD C WWI050/1 — a K 180 28 38 40 6 9 11 Telephone Networks (2) 87236 -07 944 3L76 1432 1 093 87837 87532 88151 07.94 GOLD P •300 — 20 2.30 11 5.50 B 800 9 16 aa 14 20 22 PIHV ul Miscellaneous (46). 91133 -02 748 334 1634 91303 91352 91054 78857 GOLD P •3SO S3 0.30 47 6 B 80 7.80 Option Mar. June June Sept. | ca INDUSTRIAL 6B0UP(48Z)- 61918 GOLD P •340 33 7 — — — Grand Met. 330 60 78 8 360 SB — — 1 88 (386) in GOLD P » j 80 360 40 68 66 10 18 Beechem 100 i 9 E3KElgl3gjE3E||S3g||iggEE3 390 18 38 47 80 33 (*368) 80 90 8 6 a June Sept. 480 H 5W SHAKE !NQEX(580), 8 18 30 40 cd 46 68 66 4 13 38 46 18 financialaaoarfiM). 542.751 -07 024 54647 SILVER C 13 30 18590 LC.L 26 87 am. 2.20 — — FI47B.I2 700 3 6 B c FL38q 6 Banks (7) 53635 -12 Z720 544 821 790 Boots 880 80 38 39 io Id OOO 54247 537.98 £/FL P FI.365 60 8 C884) 7 10 15 (Life) 800 15 (830) 840 9 IB 81 17 88 £6 Insurance (9) 809.74 -07 040 81513 £ifl P FT-580} 16 10 . 19 38 880 36 42 55 860 3 9 14 36- 37 40 Insurance (Composite) XT) 1 43117| -12 434 43065 UFL O FU860. 4 6.60 - FI4S4.M 040 1 44210 ii1 (Brokers) (S> 1277.94 -11 2018 095 131130 eipu c n.aee) SO 3^0 Land tec. 880 40 47 64 4 7 BTR B7 *7 8 4 8 S/FL O FI4701 190 1.70 a 4 (•316) 300 83 58 40 1 8 IB (**21) 68 70 • Merchant Banks (11). 1316471 +03 •330 043 31546 |31341| 6 16 80 SiFL C FL87B' 100 0.80 160 8 4.70 330 8 13 80 I 19 28 85 48 60 14 86 87 Property (51). 717.72 +OI 533 344 2421 042 72641 71080 S/FL C Ft.880 — — 8 1.70 in Otter Financial (26). 307231 7.95 1513 S/FL FI 2-80. Marks Bp. 140 43 Base 600 85 110 a 10 80 +02 431 098 C .395] A (*688) 680 S/FL P 20 1-80 A 81 650 (•180) 160 83 38 36 6 8 SB 76 16 88 46 Investment Trusts (103) 67079 319 093 67838 67444 66913 700 SO 40 BO 66 60 S/FL P 290 3.70 817 8 180 11 17 23 14 16 11 Mining Finance (3). 26022 5.97 945 26040 26511 200 3 9 30 De Beers 140 160 4' S/FL 3 16 11.40 10 is . Orencos Traders (14) P 7 3 14,30 65075 +14 1315 643 944 641.72 hell (**6.08) 99 116 10 IS S/FL P 11 11 30 14.70 8 Trans I 650 • 40 ,62 60 20 27 36 - 99 ALL-SHARE1NDEX(739). 717.97 -Ol 413 TT71 r mvm S/FL P 80 1650 30 65 68 63 SO 40 80 E7TT1 67 A i ' Financial Times Tuesday February 18 1986 WORLD STOCK MARKETS Fd U U M U 17 14 13 12 II Low AUSTRALIA AU Ort. (1/1/88) mu 1048.7 7BJ ff/IHB) > BOO. 1 ini»> IHMpMII IP Metals ft Minis. (1/T/W) ] BM.7 hu nwBijwi/ffi) AUSTRIA . Credit Attfcen (B/l/K) 7TZ31 7B8. WJB immwm77731 QBI Ian 34 I Year A40 (Appnx) 4.16 Sacs Compfiaikn High Low | imrnrnm 24221 t2B (Ham m ZTIM 21SJI 215JB 21424 215.78 163£8 211.76 MS IM/2/BB (4/1/S} 114/2/89 [1/802} Feb Jn Jan Yeer A(p(flfpm) NETHERLANDS 5 29 AMP.OBS General QWB) ANP.OBS Indus* (1879) MftvfiaHIb 148 144 M. P/E Ratio 14J9 Mil NORWAY langGoaBoadYald us US alo SE (4/1/80) SINGAPORE N.T8.E. COMBO* (B8/12/66) 617.84 AU Straits Timas | SOUTH AFRICA ] (gb Feb Fife JSE GoM (2*19/75) - IHTJM7M1M) eu (Ml 767.1 (7/1) 14 I 13 12 JSE Induct 08/8/78) 1 I1I2A9/VH) 2.038 2431 UM5 125.41 I24J7 1.158 I 954 485 HU* 1 liue 11MHani/«8«WU{M/1M5) 423 Jacobson ft P (!T/t2/S6) WM.16jl967.MWl>M)Jl2*.ZI (1/71 NEW YORK ACTIVE STOCKS (S/1/K)! 285.7I (B/l/K) Chans* BankCpn(31/12AB) fu) 5eaj 6S7J 67U 62U62SJ>> (6/1ftB CtiBRfla Swiss | | | Friday Stocks Closing on Stocks Closing on traded price day traded prtca day (14/2/96) Jhnsn & Jhnsn 9433.400 47% -4 BankAmer 1.6SB^00 13% + % Ul Eastman Kodak 2.582.000 52% + % Tandy - — 1.UMOO 39% + % ATT — 2.354.5CO 21% - % Am. Exprss* _ 1.478.800 62% +2% Texaco ... 1389.500 28% + % Schlumbar 1370.600 30 - % IBM — 1,738.800 156% + % Fannie Mae _ 1A1H 30% - % •• Saturday Februaty 15: Japan Nikkei 13.404A TSE 107043. Bass value of all indlcM is 100. axcapt: Brussels 1.000: JSE 255.7; l Mats SB— Gold— Net* Australis Ordinary and Mats cusps* JSE Industrial 264J; All la—500: NYSE CompostUK- 50c Standard sad Poors -10: and Toronto Compoalta and Mstale—1.000. Toronto Indtaus baaed 1975 and Montreal Portfolio 4/1/83. t Exdudlnp bonds. 9 400 i mjunnm ttmEEJEsoaiiM dim, Industrials plus 40 Utilrtias. 40 Financials and 20 Transports. c Closed, u Unavsliabla. Chief price changes Kidder, Peabody Securities T y\\mn\T Limited I A J l \ I JI J (in pence unJess otherwise indicated) RISES Lonrho— 249 +11 Ex 10%% Cnv 89 — £97* + %* Martin (Ronald) _ 150 +16 Tr 13% 2000 £116+ 1 Miss World 220 +55 Tr2fc%IL13 £83% + % Moorg Merc Market Makers in Euro-Securities Adwest 194+9 PlnriTnwd 52+2% Aidcom irrt 55+11 Quick (H&J) 98 +16 Amber Day 26% + 4% SCUSA 71 +13 BL 58+9 Wellcome 129+7 Blue Arrow 280 +12 Wests Grp Int 166+6 BlueGrcle 573 +13 Wbrdpler-. 118+8 Bowaterlnd 308 +15 91+16 An affiliate of BAe 488 +36 Burudene Inv__ 37+6 Pampari Int 52+7 FALLS Kidder,Peabody<^Co. CpInmlT . -15 180+9 Jaguar — ...... 453 Crowther (J) 108+6 United Bisc ' 232-10 Incorporated Hartwells 91 +12 Brom Spg W. Founded 1865 * * 36.-14 • ’ Imperial Group _ 320 +29 • . m t NewYork * London • Paris • Geneva • Zurich • Hong Kong • Tokyo MOTM Muaa wi 6d( paoa ns a* shm on ft* individual wwhansas and an laat traded price*. SDsaAnsa wpsndsd. xdBt dhridaod. no Be walp lisa*. »Ex right*, ex Ex sB» •Pftoa to BaMBtag*. • HOW TO GET Wu 4Vi! ^4Vi % America. More than two hundred years old and still waiting for many people to claim their share of it. For themselves and for the future of YOU’RE GETTIN£ their families. Imagine one of the most beautiful landscapes in the world and what it could mean to have part of it for your own. hat more perfect way to stake your valley that make up our Sangre de Cristo claim than by purchasing five glori- Ranches. TKviTT^ Wous acres in the Colorado Rockies The land lies about 200 miles southwest ' yourself love. % . for and those you At Sangre of Denver, just east of Route 160 . . . l *r * * US the . v. de Cristo Ranches you can still own a siz- Navajo Trail. Its town is historic Fort Gar- '- ’ ' *-- 1 able piece of America at a very modest cost last M'lk - - V- land, the command of Kit Carson. and on easy credit terms. This is scenic land For as little as $4,500 total cash price you in one of the fastest-growing states in the can purchase your own 5-acre Sangre de USA, a piece of the unspoiled, romantic old Cristo Ranch, with payments as low as $45 Southwest. monthly. Sangre de Cristo Ranches is a subsidiary Important money-back and exchange of Forbes Inc., publishers of the highly re- privileges backed by Forbes Magazine's dis- spected American business and financial tinguished reputation have contributed publication, Forbes Magazine. The land be- much to the great success of this unusual ing offered for sale to you is a part of the land offering. huge 258,000-acre Forbes Trinchera Ranch, For complete de- Five or more one of the oldest of the remaining big tails on this won- acres of this land ranches in America. A sportsmen’s paradise derful opportunity, can be yours. in all seasons for hunting, fishing, riding, without obligation, With fine skiing less than Easy credit hiking and boating. please fill in and terms available. 50 miles away, the ranch ranks among the mail coupon today. world's best-known preserves for deer, elk, game birds and other wildlife. You can own majestic mountain views of EUROPE SANGRE DE CRISTO RANCHES INC. Trinchera Peak and Mount Blanca (higher P.O. BOX 86 than Pikes Peak) which stand as silent sen- LONDON 5W11 3UT H^andmo^^^docwerins tfW vrarks even whm ENGLAND s^ tinels protecting the rolling foothills and how useful ttcanbeto be in y^yw re out ttttVfedafone c switched off. j **“ j buy (and proportion- , (AndwrtjiMwh^th^re ifta^iTL) . Yetitcosts^to i than *— - I RacalAbdac offer one of the most atefy less to lease) from RacalAbdac . telephones on the market: many other cdiular telephones on offer. *»- ; y powerful cellular Address. dial ask Forfurtherinfemetion 100 and ** Obtain Property Report required by Federal law and / , the mobte\bdafbne. the \fcdafbne, or simply fin in and ** read 4 before signing anything No Federal agency has vre» as bdi« powerful it offers you for Freefone As judged the ments or value, d any. of this property. hands-free operation and an automatic return the freepost coupon below I — — 1 Equal Credit ana Housing Opportunity Telephone^ 86B2 RAoi-moAC gmneo wwreg I g Tuesday February 18 108® 44 Financial Times FINANCIAL TIMES WORLD STOCK MARKETS temporarily suspended its early >>" EUROPE because added to support Petrofina revealed LONDON AUSTRALIA HONG KONG rise had exceeded 20 per cent that it was a net buyer of crude oil and In Banks featured again, with Medioban- was thus well positioned to benefit from A CONSOLIDATION phase set in yes- GAINS RECORDED earty Hong ca gaining momentum with its L5.000 any oil price falls. terday following sharp losses in Sydney Kong were slightly eroded by small in- Another surge to L164575, although Banca Com- Among other holding companies with Imperial last week. vestors taking their profits.-- merciale held steady at L22.400. Contin- large energy interests Electrobel added Although industrials showed gains, The Hang Seng index added 5,94 to ued support for leading insurance issues BFr 175 to BFr 12,800 and Tractionel these were offset by the easier move 1,783.08 after rising mote than ID paints produced more record-breaking perfor- sprinted BFr 190 to BFr 5,440. among mining issues. earlier in the day. brace of steals are expected mances with Generali, which represents ACEC, the electrical engineer, firmed bid Volume was also depressed by ner- Properties, which to profits when they report some 10 per cent of the entire bourse's BFr 10 to BFr 870 as it revealed a heal- vousness over tiie change by Mr Robert show strong .C eun - capitalisation, hitting a L86.990 thy year-end order book while travel Holmes a Court in his partial takeover next month, firmed. h g Kong with a rise of L2,090. cents to HK521.00, Hutchison a records Toro put on an and tourism stock Wagons-Lits recov- the show bid for BHP. The market awaits BHP*s . added 30 and Hang- liV even more impressive display with its ered from some of last week’s late profit- response. similar amount to HKS2MX). in ANOTHER BRACE of records was 12,100 rise to L34.600. taking and put on BFr 50 to BFr 5,000 on TWO big bids for the Imperial Group Australia’s largest company lost 4 Lung Developments and New World De- yesterday the multi-mil- cents notched up on European Saipem was again the odd one out more sparkling profit forecasts for 1985. London yesterday put other cents to A57.02 ex-scrip while Mr velopments each gained 5 to bourses as Italian and Belgian investors with its L85 fall to L4.695. lion-pound takeover offers, which have and HKS12.50 respectively. - Banque Bruxelles Lambert was buoy- Holmes a Court’s takeover vehicle, Bell HKS6.40 built on the heady rises of last week. The Banca Commensale index gained characterised the sustained upsurge in Resources, gained 5 cents and ed BFr 40 to BFr 2,530 ahead of tomor- to AS2.37 Milan gained further mileage from about 2.5 per cent with a 13.10 rise to a UK equities, in toe shade. his other company, Bell Group, added 10 row’s pricing of the lm shares, or 9.5 per SOUTH AFRICA strong institiitional and foreign demand record 528.53. Trust increased cents to AS6.60. cent of its expanded share capital, that it Hanson announced THE STRONGER rand and weaker which touched first on flat and then The high in Brussels was partly bat- In golds, Kidston 20 cents is issuing internationally. terms, which it hoped would win the mixed shed price for bullion; combined to push gold moved over to other leading blue chips, ascribed to a shortage of paper and a tle for control of the drinks-to-tobacco to AS5.20. and Poseidon dropped 15 in Johannesburg yester- holding Stockholm was transfixed by the Fer- prices easier especially among insurers and group, but United Biscuits replied imme- cents to AS2J20 while GMK and Renison menta saga, but some gains were ma- day. companies. diately with an even better conditional both gained 10 cents to AS8.00 and Wall Street stock markets were closed naged. Ericsson was most active and Randfontein shed RS'to R257.50, Lo- flat stormed to a new high on resur- ASS .20 respectively. yesterday for counter-offer. raine fell 50 cents to R13.50 and Sallies still flatly denied, sugges- a holiday. added SKr 4 to SKr 244 while Electrolux rected, but then Elsewhere, oil and gas issue Santos enjoyed the attention of hefty overseas Imperial shares raced to 323p, 20 cents to R5.6Q while Buffels ended tions that a 13.5 per cent stake held in lost 1 cent to AS4.54. buying. The electrical appliance maker closed slightly off toe highest at 320p, up with a 50-cent gain to R75. the transport group by a Libyan bank thinning out of activity since yesterday * 7 to 248. 29p. Hanson slipped 3p to 148p while In platinums Rustenburg was 40 cents had nhanged hands. was the final session of the current 15- picked up SKr SKr United rose lOp to 323p. SINGAPORE lower at R26.60, and elsewhere. De Fiat finished the session with a huge' day forward market Pharmacia, subject to a Fermenta selling prices low- affected and, af- PERSISTENT pushed Beers was unchanged at R17.50, High- L539 to peak L7.979 and confi- Other blue chips were jump a The Belgian Stock Exchange index re- takeover, was actively bought SKr 3 up . er in Singapore after last week’s steady ter a firmed start, turned earner. Disap- veld Steel lest 10 cents to R5.90 and Alli- dently strode across the L8.000 barrier sponded with a 32.66 gain to 3,096.46. to SKr 177. Volvo, another leading play- pointing retail sales figures for January climb. ed Technology gained R3 to R60. in after-bourse trading with quotes of Sentiment remains fundamentally er in the biotechnology link-up, adv- International has prompted profit-taking among toe stores News that Sigma L8.060. firm against a background of the recent anced SKr 2 to SKr 314. Trading in Fer- been placed in receivership came too barrier- sector. But around mid-afternoon, buy- CANADA Olivetti also engaged in some government decisions to stimulate menta was suspended, and confirmation trading. Sigma, the listed interest revived and shares closed late to affect with its L275 jump to L11.200, a ing hopping bourse activity and fresh reports that that its chief executive had resigned ar- company controlled by Tan Koon Swan TRADING in Toronto Was thin, affected Montedison re- off their lows for toe day. 12-month high, and withholding tax on dividends, currently rived after the close of session. which was suspended from trading in by the holiday on Wall Street. Weakness turned across the L3.000 threshold with The FT-SE 100 recovered from being a cloud over 25 per cent, may be cut Frankfort took a tumble with a sharp November, last year bought 22.3 per cent in toe oil sector, cast most a L23 rise to a high for the year of 10.8 down at 2pm to dose 2.6 off at Petrofina was in the thick of it Bel- 45.6 retreat by the Commerzbank index of toe now-collapsed Fan Electric. other issues which moved lower. L3.005; it touched L3.020 in active after- 1,475.3. Supported by the strength of Im- cents lower gium’s leading industrial grouping put to 1,909.8, thus surrendering all of the Singapore Airlines, toe market leader, Dome Petroleum edged 12 bourse trading. perial, toe FT Ordinary share index on BFr 60 to BFr 6,610 on the strength of gains of the past two months. The weak- surged 20 cents to a new high of SS625, to CS2.11, and Nova Alberta Class A lost Iniziativa Me Ta, the services unit of gained 1.9 to a record 1,220.7. its chemical co-operation pact with Su- er dollar was identified as the culprit al- and trade in the issue accounted for CS% to C$6 ft. Montedison SpA, finished at L62.000, an Banks, which were hit by rise in in- mitomo of Japan while its laying of the though yesterday's closure of Wall Gilts followed the trend of other inter- nearly 19 per cent of toe day’s turnover. a advance of L3.410, after its listing was cheap oil price spectre last week also Street should have directed some inter- national bond markets. Medium and Genting, one of the last bastions in terest rates last week, turned firmer, with Toronto Dominion national investment funds towards West longer-life maturities made further quality Malaysian stocks, gave up a siz- up C$K rose with all sectors except Germany. gains of a point as both domestic and able 14cents to SS4.Q2, taking it to a new Montreal overseas investors committed funds. oils fractionally higher. Daimler was caught in a wave of sell- low. Propert- Canadian stock listings wen* not ing by overseas investors and duly gave Chief price changes. Page 41, Details, Ranks were mixed to easier. also plantation available due ta the closure of the US up DM 38 to DM 1.250. Page 40, Share information service. ies were mixed while Pages 38-39 and tin issues fell sharply. market far a holiday. . . WestLB, in its latest analysis of the bourse, suggests that profit-taking has taken its course and prices are set for a Standard & Poors 500 revival The flattening out of export per- Composite formance brought on by the weaker dol- lar should be compensated by stronger private consumption and increased in- vestment by industry, it says. It believes that consumer oriented and How to pick the winning engineering stocks still look attractive to foreign investors due to the strength of the D-Mark. Lower oil prices will benefit rfwnifcal issues in time, it suggests. spot in the Arabian Gulf Amsterdam, Paris and Zurich were featureless and closed slightly lower. (without closing your eyes). TOKYO NEWYORK Fot»T7 Pradous Yaw ago US DOLLAR STERUNQ Run to peaks The Middle East is far too important a market to miss The foundations of a. modem developedUtate are now (London) Fab 17 Previous 17 Previews DJ Industrials dosed 1,644.45 1,28242 Fab out on. And in today's competitive condidons.you have to set secure. Roads and other sendees are all ready for business. Transport closed 72241 62921 - - 1.418 DJ s 1.4205 up an office there. Fine in theory. But you then have to pick Dubai itself has always been an important marketing 180.70 - DJ Utllttes dosed 15045 DM 2539 2346 35225 9925 •’• r ' J the spot. centre and the volume of its' re-export trade is legendary. SAP Composite dosed 219.76 18140 Yon 180.15 181.9 256.0 256.0 fuelled by You can spend a lot of time agonising between Bahrain Now it’s becoming a manufacturing centre too, with many FFr 7.18 72. 103 1031 and Kuwait, Riyadh, Nicosia and Doha. And become more factories springing up financed by the private sector. LONDON aPr 1525 1544 2735 2.7575 FTOrd 1220.7 1.218.B 9704 and more downcast by the drawbacks. Ouftdw 2542 155 3.7525 3.7575 COMMUNICATIONS FT-SE 100 1,4754 1,477.9 12815 place could be bit more sympathetic Lira 15915 15075 2380.75 OORfigR yen rate For instance, one a . settled a conducive FT-A Aft-share 71757 Having on spot that actually means 719.01 61220 BFr 4755 4835 683 68.15 to Western business methods. Another is cut off and weak FT-A 500 78659 78959 66950 business, how wellconnected is it with the rest of the cs 159505 15965 1584 1.98035 INVESTORS stepped up buying in To- on distribution. FT Gold mines 320.4 317.1 511.4 world? yesterday, pushing the Nikkei stock FT-A Long Qit 1050 10.43 1071 kyo Dubai International Airport handles 46 airlines and 4 average up to a record high for the third Feb 17 Prev I GROSS DOMESTIC PROOUCT million passengers a year. And it's planning to double in size, TOKYO consecutive session, writes Shigeo (3-month offered rate) with a new terminal scheduled to opeogin mid- 1986. Inter- Nikkei 13.44721 1354278 12.1485 C 12**e 12>*« Nishiwoki of Jiji Press. Gulf connections are excellent. Tokyo SE 157550 1563.78 94026 News that toe yen had broken toe 3* 3 Surfaced roads to Oman, Saudi Arabia and Qatar con- 4*e 4«e Y180 barrier early in the morning on the AUSTRALIA nect Dubai with toe whole middle East and Europe. 14* 14% Tokyo foreign exchange market prompt- AflOrd. 15485 1,046.7 7863 Port Rashid has one of the most efficient container op- Mutate & Mina. 500.1 503.7 4545 ed investors to buy shares that would (offered rate) erations in the worid. Jebel Ali Port is the largest and most 3-month USS 8 8%a benefit from toe yen's appreciation AUSTRIA ,ordan modem deepwater port in the Middle East. 6-month USS 6 8Vi« against the US dollar. But speculative eoyptK Credit Aktien 116.41 117.50 6430 XnpDUR Telex and telephone systems are extremely efficient, as US Fed Fonda closed 7% buying interest centred on issues related USS-euaUiCDe closed 7.70 are intercontinental communications, where the direct BELQHIM to public works and consumption. Blue SAUDI ARABIA dial- US3-month T-falBs closed 659 ling services are constantly being expanded. Belgian SE 3396.48 3563.82 2159.42 chips were out of favour. And in Dubai we don’t have power cuts. The Nikkei stock average gained 43.61 CANADA points to 13,447.91 with volume continu- The sue of the countries WHEREABOUTS IN DUBAI? Toronto Treasury in this mop is according to s, ing at a heavy 561m shares after Fri- Once you’ve chosen Dubai, the right building is much’ Metals & Minis 2.117.00’ 2,12235 215450 ihctr Gross DMimiic Product Feb 14 Prev V* easier. Composite 2,752.9* day’s 687m. Gainers outnumbered losers rather than their geographical arcaX 27B13 26144 Price Yield Price Yield Montreal by 469 to 361, with 124 issues unchanged. This makes the UAE the third There’s only one world class contender. That's the 8% 1988 100%* 8534 lOOfti 8552 largest country in the Gulf area. Portfolio 133.70’ 13452 131.44 Gas and electric power stocks that Dubai International Trade Centre. Where Philips, IBM, 8% 1993 lOOSn 871 9Pftt 8.778 would benefit from the yen’s rise, lower Lloyds Bank and some hundred other companies are 8ft 1996 IQOfti 8.83 99**» 8213 A fresh look ai the Middle East DENMARK crude oil prices and lower interest rates based. SE n/a 229.79 175.18 9% 2016 101*** 9579 101%i 9.134 were spotlighted. Tokyo Gas, in particu- 39 floors of superbly equipped offices and conference lar, was prominent on the shopping list, Here, there’s not much money and a stagnant economy. PRANCE Tressury bKlsx facilities maintained to an unusually high standard. jumping Y24 to Y327 on by far the larg- Or not enough people. Over there, too costly and too much CAC Gen 2973 2995 2003 Febu With three Exhibition Halls providing over 150,000 est volume of 44 Wm shares. red tape. And so on, and on. Ind. Tendance 111.5 1127 703 Maturity Return Day's YMd Day’s square feet, it’s pan of a complex that includes 500 - TTiis is we’d like to give a brilliant idea: (yeere) index change change Tokyo Electric Power, another leading where you apartments and the Hilton WEST QERMAtnr International Dubai. 1-30 14026 4-0.66 8.49 -0.12 issue that would draw strength from the Dubai. In the United Arab Emirates. There FAZ-Aktten 63152 647.56 401.68 are even personal serviced offices available by the 1-10 136.73 +0.48 827 -0.11 yen's appreciation, opened firm but week, Commerzbank 15095 1355.4 1,1705 WHY DUBAI? day, month or year. In fact it displays the same qual- 1- 3 13050 +0.18 728 -058 closed only Y20 up at Y2,890. ities as the Emirate for which There are three key factors that influence your choice it is a symbol: fine facilities at HOMO KONCI 3- 5 13820 +052 855 -0.12 Buying interest still centred on vola- of location. Let’s call them environment, growth and com- advantageous terms. Hang Sena 1.783.08 1,77754 1,405.93 15-50 156.17 +224 928 —0.16 tile, low and medium-priced shares munications. As you'll see. only Dubai scores highly in each If you'd like to find out more about Dubai and Source: Aterra Lynch traded at around Y500. Iseki soared Y67 its Trade ITALY one. So it outpoints every other place in the Middle Centre, contact the Management Company the hydro- East. at one of the Banca Comm. 52853 515.43 28358 to Y445 on speculation, that addresses below. te 14* i Corpora Feb Prev ponic technology the company is re- ENVIRONMENT AT&T Price Yield Price NETHERLANDS Yield searching will lead eventually to factory You need a place that understands modem business. ANP-CBS Gen 252.6 2527 201.4 10* June 1990 100* 10.15 1QO* 10.15 farm goods production. The stock Dubai never became rich on oil. It has been the leading port ANP-CBS Ind 2435 2443 1393 3ft July 1990 86.718 750 86* 756 ranked second on the list of 10 most ac- in the Gulf centre for trade for centuries. So in 6* May 2000 91* 955 91* 958 anda Dubai traded. NORWAY Xerox tive stocks with 17.45m shares they know red tape strangles enterprise. Rumours of cornering by speculators al- OstoSE 373.40 37555 32732 10* Mar 1993 104* 9.75 104 9.82 The infrastructure and work force are here already, so stirred buying interest along with ports and free-trade zones. And a government rg SINGAPORE Diamond-Shamrock w— Ebara gained Y14 to Y550 on prospects that's committed to business prosperity. Strata Times 61754 62292 80414 10* May 1993 101* 1057 101 1CL42 that its desulphurisation and denitration Hopefully there will be times when your staff won't be Federated Dept Stores will eliminate acid rain equipment help working. So you need an environment that's nice to live in ' SOUTH AFRICA 10* May 2013 102218 1050102.454 1055 yilgalluijLullyuajSjo r-m*(MH* JSE Golds - 1,1927 695.0 pollution. The stock was third on the ac- too. Abbot Lab JSE Industrials 1.1093 868.7 tive list with 1253m shares traded. Now it’s common knowledge that Dubai is the most dubai international trade 1150 Feb 2013 110506 1050 110* 1055 Sankyu fluctuated widely between centre SPAIN comfortable and hospitable place in the Gulf. With excellent . Alcoa Y278 and Y300 after it was decided to de- Madrid SE 110.62 111.89 85.68 hotels, sports and social life. The address 12* Dec 2012 109285 11.15 108529 1120 clare its subsidiary, Nakamura Steam: It has schools and shops to suit every nationality, and that SCume; Solomon Brothers bankrupt with debts of than makes die difference ship, more the local services like electricity, water and refuse disposal 1,836.48 132453 1.448.12 Y180bn. But the market's view that the are a model of efficiency. FINANCIAL FUTURES company will be bailed out sent the SWITZERLAND And amazing as it may seem, the cost of this good and close at Y300, Swiss Bank Ind Closed 589.3 415.7 CHICAGO Latest High Lon Pm stock higher to up Y46 ever-improving way of life is lower than in most of toe other US TYeeamy Bonds (C8T) from toe previous dose. places we’ve mentioned. WORLD Feb 14 Prev Yearago 8%32ndsof 100% Toyo lire and Rubber gained Y48 to MS Capital Inti 2713 2893 196.6 Mar 88-07 88-10 87-09 B8-26 Y433 on rumours that toe company had GROWTH US Tkvesory Bils (MM) increased its holdings of Toyota Motor It's one thing to have a nice environment. But is it going rf-fsS Sim points of 100% shares. Dai Nippon Toryo also rose Y29 somewhere? Dubai is far from being stagnant. (London} Fab 17 Prev Mar 93.16 93.16 9359 9356 to Y326. Since toe great boom of the ’70s the UAE has settled S4ver (spot fixing) 41295p 408 -05p CertMcsftea ot Popoeit (IWq Elsewhere, construction issues firmed down to a surer growth, with healthy diversification com- Coppv (cash) £986.50 £96850 Sim paints of 100% on growing expectations that the Gov- plementing the oil and gas sector. Mar -j . Coflee (Mar) £233250 £238000 92.44 8245 9257 9227 ernment will strengthen measures to ex- 'rsaeti. Oft (spot Arabian light) n/a n/a pand domestic demand. Kajima climbed Y13 to Y524 and Mitsui Construction Y15 GOLD (per ounce) $1m points of 100% Trade Centre Management Company: London: Seymour House. 17 Waterloo Place, London SW1Y4AR. to Y378. TelenhoncH 01 uto^ *'mb*esi MW 9212 9216 9212 9206 Telex 688 193 GENNAV G. Fax U1-639 174(1 - S3333S $33150 Janome Sewing Machine, which had Dubai London 30 yeerHoMonettat Dabafc PO Box 9292, Dubai , UAE. Telephone 472200. Telex 47474 led the medium-priced shares since late DITC EM, Fax 373493 ZQrleh $33335 $33050 £50.000 32bds ot 100% in January, moved up the muyimum Parte tfWng) S33456 $33153 MW 111-28 111-30 111-09 110-S9 Luxembourg $333.75 $33135 Y100 to Y1.210, almost tripling toe price New York (Aprt) $33630* $335.30 * iBfast ovaHoUo tgures of Y447 traded on January 22. But specu- lators remained bullish.