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... ft* Si . W* to*, m mt usa . ..r.us ... ‘^I5S paPa*. had '-Ban,. No. 30,117 D 8523 B £ thS ifioSSfe T5& Tuesday December 23 1986

- s Prfil! > s gasSfisj^ S P**n di*>n wSr-K^ Btttjcess summary Dv f, "'i a Se Chinese r.ov. f, k a^U hs Crude prices » Chirac faces new Libyan Boral bid leaders9 ®,«. _s offensive for Blue test over public buoyant after tolerance in Chad Circle Opec accord turns to halted transport strikes toughness subsidiary BY LUCY KELLAWAY H LONDON By Robert Thomson In Shanghai OIL prices rose yesterday to their Fight! a# in Chad continued for tbe BORAX, Australia's leading bond- BY PAUL BETTS IN PARIS highest levels for 10 months in re- PROTESTERS surrounded the fourth day in a row following an of* ing products group, has made an MR JACQUES CHIRAC the price inflation rate of 2 per cent forcing through Parliament at toe sponse to the agreement reached Shanghai city hall again yesterday fcnsivc by 2,000 Libyan troths to A$573m (USKtMm) takeover bid Cor French Prime Minister, sought yes- next year. last minute its new legislation on over the weekend by the Organisa- as militant posters appeared at the gain control of three small towns Blue Circle Southern Cement, Aus- terday to defuse the spreading The latest strikes have caused flexible working hours, opposed by tion of Petroleum Exporting Coun- city’s universities in defiance of a which hold the key to tbe Tibesti tralia's largest cmBPt mnqufwtaip. strike in French public transport considerable turmoil on the rail- President Francois Mitterrand. But tries to cut oil production and fix virtual ban by the Chinese Govern- 1 mountains. er 41 per cent owned by Blue Circle which risks turning into a major ways in the busy Christmas holi- even the right-wing press has ac- prices around a reference point of ment on the student demonstra- The offensive, backed by tanka, Industries of the UK. Page 12 new test for his Government days. and are now seen as a further knowledged that the Government S18abazreL tions. aircraft and heavy artillery, was wphflT h -Zander RUPERT MURDOCH, the media Rail traffic in France yesterday political challenge for Mr Chirac's foces an tnrk to re f ffteW' ff Official patience started to run halted by violent sandstorms as In London the price of Brent & magnate with interests in Austral- was virtually paralysed the conservative Government, still try- itself folly after the student pro- out yesterday as thousands of stu- much as by tbe resistance of troops by crude oil for delivery in February ia, tbe UK and the US, has made a strike, stranding of holi- recover from student protests tests. dents went into toe fourth day of loyal in Mr Goukouci OurddeL ing to jumped at one stage to S18. more general offer of HKS77 (US$8.8) a day travellers. The Paris Metro and earlier this month. The right-wing Le Figaro said in demonstrations in Shanghai. Tbe Colonel Muammar Gadaffi. the than double tbe price in July and share for the outstanding 482 per suburban rail network were also hit The Government's decision to a front page editorial yesterday Government warned that some pro- Libyan leader, accused France and about S3 higher than before the cent stake he does not already own by the strike as were terry services back down to the students, by with- that the Governments troubles testers have committed counter- the US of military interference in Geneva meeting a fortnight ago. bank in the South China Morning Post, to Corsica. drawing Its controversial university stemmed from the impupgston of revolutionary crimes. Chad and said his country would As the day progressed enthu- Hong Kong’s leading English lan- Ihe railway unions and the So- reform bill, is seen as one of the weakness it had given, first in the * Several thousand students also meet border threats •'with all its siasm waned slightly, leaving prices guage newspaper. Pugs 13 dete Nationale des Chemlns de Per mote prompts for the wave of trans- student affair and subsequently gathered in Peoples Square, in toe ^abyeashaote,^. might” Page 3 tor February at 517.45, about 51 MERRILL LYNCH, the US broker- (SNCF), the state railway company, port strikes. Railway workers are with the formers. city centre, and erected banners higher than Friday's dose. Traders appear hopeful that age and investment house, has can- were due to start negotiations to tw seeking to force the Government's Indeed, the transport unrest be- calling for “human rights and de- Hamburg bomb hunt In New York the movement was cheating by member countries, celled plans to sell outright its large to end the strike tost night Mr hand in the same way as the stu- gan tost week as a series of specific mocracy." They chanted slogans less pronounced, with West Texas which has continued in the past few Police were searching for Incend- residential Chirac called an emergency meet- dents. strikes in certain such as "down with the new bureau- teal estate business, sectors. Pilots of months with iary devices in Hamburg Intermediate trading about 80 cents Saudi Arabia, the UAE -.:- U shopping which was widely thought to be ing of ministers to review the situa- Moreover, the Government last the Air Inter domestic airline went cratism." ^JWbr?te?. higher at 517^29 by mid afternoon. and Kuwait all producing above centres after nine explosions in 24 worth at least 3506m. Page 13 tion and subsequently appealed to week sought to appease a growing on strike until the weekend, to pro- The switch of attitude by the Gov- r quota, could be restrained under :> hours caused millions of dollars public sector workers ana employ- protest movement among farmers test the company's efforts to intro- Analysts yesterday expressed ernment from tolerance to tough- r GENERAL ELECTRIC of the US is the sew agreement worth of damage. ees of nationalised groups to return by granting a FFr 2bn (5300m) aid duce airliners with two inufamri of hope that Opec would succeed in ness began overnight when the offi- providing a credit line of S500m to Mr Mehdi Varsi, oil analyst at to work. package to fanners to help compen- three cockpit crew. Uniting production to around the cial news agency, Xinhua, released its newly-acquired brokerage sub- Kleinwort Grieveson, said yester- Pakistan reshuffle In a communique after the spe- sate for toe decline in their incomes In the railways, protest started 153m barrels a day (b/d) collective a statement accusing toe protesters sidiary Kidder Peabody in an ag- day: The extraordinary common altegm cial lntermlnislerial meeting, the in the last few years and for the lat- with a strike in the SNCF ticket res- ceiling agreed by 12 of tne 13 mem- of injuring 31 police g President Zia ul-Hnq of Pakistan gressive move designed to thrust sense of purpose by the member Government said France was now est EEC agreement on milk produc- ervation department, with employ- ber states. that provocateurs were taking ad- swore in a slimmed-down cabinet of Kidder into the current boom bus! states was something just short of SliSss“•’ at a crucial stage in its economic re- tion cuts. The Government also ees seeking a special bonus after Production for toe first quarter Is vantage of the students* “patriotic C0 raie 16 to replace the 38 who resigned in ness on Wall Street Page 13 miraculous." He predicted that pro- -•E^’ covery programme. It also renewed faced a strike of more than a week tbe introduction of new electronic expected to be about 16fon b/d com- zeaL" T' S- the wake of Karachi Nhmp riots duction in the first few months of WALL STREET: The Dow Jones in- its call for moderation in price and at Agence France Presse, the booking systems. However, the parad with present production of Diplomats believe that toe spate which left 185 people dead. Page 3 next year would be dose to tite ceil- dustrial average closed down 2.57 at wage increases next year and said French news agency, which led to strike quickly snowballed as the about 17.3m b/d. This will include at of protests, which began in Shang- Page 28 ing. «E R'ial 14B8J8. that puhUc wage increases the resignation of its chief execu- unions and other rail employees en- least I An b/d from Iraq, which is hai on Friday after similar protests 9} The market was more doubtful should reflect, on average, the rise tive. tered the fray, calling, other not party to the agreement, but has at other major universities in the Uruguayan amnesty LONDON: Hopes that the Opecpol among yesterday about whether Opec previous two weeks, are likely to -• icy agreement would lead to a re- in the cost of living. The Govern- The Government sought last tilings, for pledges an salary in- a quota of 1.47m b/d writ- sftS&rfiGfe A controversial amnesty has been Continued intense political de- duction in tbe upward pressure on ment is aiming for a consumer week to reaffirm its authority by creases next year. ten into the groups totaL on Page 12 have prompted granted to Uruguayan military bate within the Chinese leadership interest rates boosted share prices. - £3 leaders »r£ accused of human rights vi- over the course of the country’s re- .-.. w"E::E dwt- The FT-SE 100 closed 20.0 higher at .r *mces olations after acrimonious debates form programme and over the ap- to toll 1.8522 and the IT Ordinary index ' i £ in parliament which led to scuffles “ r jr“ indiv.dual parent loss of Communist Party ; :;. cboc added 14X1 to 1.2MU. Page 28 Sterling initial • makes .: •-* and exchanges of hlows. Page 4 . . . Dsnking control read, OECD warns of danger TOKYO: selling - • Light dealt blow - or.e_ »iih in a There were fewer demonstrators • ^ to share prices after earlier "• "*'** N-plant rejected surges than previous ; la the laas yesterday on the ‘* r - to new peaks. The Nikkei market ir** mvestmeoti three days, and the police were t The West German state of Hesse, gains after oil pact •• •• average closed 1 at ?-• !«o eathdaie 04X13 lower more aggressive in trying to dis- ~ - ruled by a Socialist-Greens coali- in '••..*: - “”•? j 1BJ125.40. Page 28 budget deficit —Carip» bb l US perse those who had gathered in '• tion, has refected plans to build on -- -—--d retraining sa c BY JANET BUSH IN LONDON front of the government building on ' in at - r,: atomic power station. Page 2 DOLLAR dosed New York DM -.orseqaentljr surpinc Shanghai waterfront 1 .9770I SFr LB5025; FFr 8.4823; and BY GEORGE GRAHAM HI PARIS the Several rose sharply yesterday London consaltaner nfe STERLING On the Stock Exchange, yesterday about police of- Y1 62.65. It fell in London to DM times 200 in an initial reaction to the agree- equities responded strongly Captives go free THE Organisation for Economic There is no ultimate guarantee Fiscal correction may also he toe to the ficers pushed the students and •’ 1.9780 (DM &0060); FFr 6,4075 (FFr John ft Co-operation and Development that the required budget cuts will key to adjusting the US external ment at the weekend by the Organi- Opec agreement The FT-SE 100 in- workers back towards the Hnangpu Mozambican right-wing rebels 65725); SFr 1.S5S5 (SFr 1.6845). and sation ’OECD) has sounded a wanting of he carried out following the Su- imbalance, the OECD suggests. of Petroleum Exporting dex closed 20.0 points higher at public address freed their last remaining foreign to Y162.75 (Y163J5). On Bank of River, and a system longer ahead if the US does sot re- preme Court’s decision to discard organisation calculates that Countries (Opec), but buying tailed 16522 and toe FT ordinary index captives tbe bonder in dollai's index 15m warned those on the road that they on Malawi a England figures the off later as focus switched to today’s duce its federal budget deficit the automatic spending cut me- the US externaldeficit may stQl be rose liOto 1288J. were breaking the law. Christmas goodwill gesture.- The -fefl to K&fi fromdlAft- Page22 Cutting Ihe budget deficit is the chanism provided for in the recent In toe order of SlOObn, or per UK balance of payments figures. Sterling (dosed at 23525 com- eight released were a Bqtnn, a West 2% DM Behind yesterday's protests lay a STERLING dried in New York at S top priority bafo far toe sake of US balanced budget act But the OECD The pound Qnmm headway pared with the dose on Friday at German t»yt his wife W daughter variety of vague complaints as well L4425. It rose in London to SI .4420 economic growth and for the inter- says that it is very important that when tSe°fogged effocTof’the de- against the dollar, which was itself 23750, but was higher against and four Portuguese, foge 3 DM as anger over police notices forbid- (Sl.4330). It also rose to Y23L50 national economy, the Paris-based the reduction in the budget deficit cline of tim dollar to date have under pressure, bit lost ground the dollar at S1.442Q compared with ding street marches and warning of (Y233.75). but fell to DM 2A525 organisation says in its yearly as- In the US is actually implemented. worked through. Beyond that, toe against most European currencies, Friday's dosing SL4330. The Bank arrests. Students with whom I Mellila shops shut (DM23750), FFr 9.3700 (FFr 8.4200) sessment of the US economy. trade balance would be unlikely to foreign exchange dealers said that of England's trade weighted index _r. Over the medium term, tbe need spoke had complaints ranging from and SFr 23925 (SFr 2.4150). The Failure to achieve steady reduc- narrow much unless US competi- toe market was thin yesterday as finished at 683, lower than yester- reform moving too quickly to the Most Moslem shops in the Spanish for fiscal correction is reinforced by pound’s exchange rate index fell 0.1 tions in the US federal deficit could tiveness improved further. few traders were willing to take ag- day’s opening at 683 and Friday’s reform rog North African enclave of Melilla the growing interest rate burden on slowness of toe p ramme. to 88.5. Page 21 lead to a bond market fall and hin- “Although there is no generally gressive positions "head of Christ- dosing 683. were closed at the start of a two-day US Government debt This could One worker complained that his der progress towards lower interest agreed precise definition of what mas. all the benefits and he protest against restrictions cm full GOLD row 25 cents to S393.75 on limit fiscal flexibility in the future One reason for sterling’s failure bosses got rates, the OECD says. It could also constitutes an unsustainable cur- got nothing, while others voiced dis- citizenship for residents of Moroc- the London bullion market. It fell in and compound the deficit problem. Some foreign exchange dealers to attract follow-through buying hinder the needed correction of the rent account imbalance, the need can origin. Zurich to S39125 from 5395.00. In were surprised that sterling did not yesterday was that it had already approval of price rises, toe lade of huge US external deficit Steady reduction of the deficit for correction of the current ac- New York the Comex February set- bounce further in response to the risen same way last week on hopes press freedom, police brutality, Chi- The OECD report suggests some would reduce or eliminate whatever count deficit is dear,” the OECD na’s backwardness, toe stultify- Vanunu ‘abducted’ tlement was S3S6J3. Page 20 Opec agreement, which was greet- of an Opec agreement There was and scepticism over the prospects for "budget deficit premium" may still says. ed favourably by other markets. some concern about Iraq’s refusal ing bureaucracy. Mr Mordechai Vanunu, the former WEST GERMANY’S trade surplus achieving the budget deficit reduc- be contained in long term interest Overall, toe organisation projects to sign tbe deal but dealers still at- However, the students' drive for Israeli midear technician accused continued at high level in Novem- tions promised by the US Adminis- rates, enhancing the growth pros- GNP of per of the Prices on long-dated UK Govern- a growth 3 cent US tributed tbe relatively muted mar- democracy has shown that at least of selling his country's atonic sec- ber with the total for tbe first 11 tration, and says they are based an of the US economy through in 1987, with the unemployment ment bonds ended around one point rets, managed to convey a message ;4 months of 1986 topping DM lOObn, relatively optimistic assumptions. productive investment rate dedhring to 8.7 per cent higher. Continued on Plage 12 Continued on Page 12 to the press indicating that he was more than the 1985 record for the j*- in ./ abducted Rome. Page 3 whole year. Page 2 VOLKSWAGEN, tbe German Radioactive sales West motor group, is baying a further 24 Key EEC exports face higher Dealers, indoding agents from per cent in Seat, the losa-making Egypt and Central America, are ted- Spanish car company, to bring its ONE TRIP TO ding to buy 5,000 tonnes of radioac- total shareholding up to 75 per cent tariffs in grain row with by the end of this year. Page US tive powdered nzQk stored in box- O cars on a Bavarian railway skiing, a PARIBAS, the French hanking spokesman for the state environ- IN BRUSSELS SAVED BY QUENTIN PEEL PETERBOROUGH group, has published its half -yearly ment ministry in Munich said . results for the first time in prepara- Cows from which tbe original milk ceived Washington on the Eu- US sales of corn gluten feed, rice tion for its privatisation next EEC TRADE negotiators expect the from came had their feed contaminated US to announce tariff increases for ropean request for a postponement and wheat - and thereby hit the month. The group recorded net THIS TRAVELAGENT the Chernobyl disaster. hostilities, Reagan Ad- same form lobby putting toe pres- by profits of FFr 13bn (3273.8m) in the key European exports before the of but the be under sure on Washington. six months to June compared with end of the year because of failure to ministration is known to resolve their dispute over lost grain political pressure not to be seen to Iraqi air raid toll FFr 2.7hn in the whale of 1885. The Community has shifted from sales to Spain - but to set no imme- make any in the pres- OVER Page 12 its original stance of offering com- At least 100 civilians were killed diate date for their implementation. ent climate. and many more were wounded MALAYSIA^ largest newspaper pensation only in terms of industri- when Iraqi warplanes bombed the publishing group, New Straits The move would keep up the Trade negotiators in toe Euro- al sales to Spain, and is now pre- offer pared to accept non-Community £3 LAST Iranian city Times, has reported a S3 per cent pressure on the Community to pean Commission were neverthe- YEAR of Gfcarb, MILUON Islamabad* the Iranian national news agency drop in pretax profits to 24Jm ring- improved compensation, but allow less looking more hopeful yester- supplies of feedgram to Spain to- , In buaness as well as in travel said git (595m) for the year ended Au- more time for a settlement in the day of getting a Christmas and New talling lAm toungg- gust and cutting its dividend in hall new year. Year break from the settlement ef- Cook have always That is stm a long way short of Thomas been Page 13 fort and returning to the in Irish treasure The 12 permanent representa- toe US demand for compensation, going places. But never more so than mid-January PORSCHE, the West German luxu- tives of the EEC member states in which seeks guaranteed sales of An eighth century book shrine, con- since they moved their international ry sports car maker, has left itself Brussels met yesterday to confirm around 3m tonnes crat of a Spanish taining a copy of the gospels and US retaliation is expected to af- “uncomfortably exposed" to fluctua- their request for a month's delay import need estimated (by Wash- headquarters to Peterborough. with fect sensitive European exports like said to be a treasure ranking tions of the dollar against Ihe D- ington) at 4.4m tonnes. beyond the December 31 deadline cheese - all com- the Book of Kells, has been found at wine, brandy and With Peterborough^ overheads Mark because of its heavy depen- for resolving the conflict - poten- — regarded the bottom of an Irish lake. ing mainly from France If immediate retaliatory mea- dence on the US market, accordi ng tially the most serious dispute be- the as the strongest EEC opponent of sures are imposed by the US, the amongst lowest in the country, to a Phillips & Drew report Page 4 tween the two blocs in recent years. Fat One pays off generous compensation. Tariff Community will suspend action on Thomas Cook annually save millions JOY MANUFACTURING, toe Pitts- already been re- They offered dates in January for bindings have the temporary truce deal agreed El Gordo (the Fat One), Spain's burgh-based industrial equipment products in pre- compared with the cost of operating further negotiations on compensa- moved from those last July, under which it would im- SSSOm Christmas lottery, brought umitpr which recently rejected a paration for action. tion for the loss of up to S500m in such port 234,000 tonnes of feedgrain in London. 'Vet theyte still only 50 windfalls for an old people's home S31 a share tender offer from PuD- US sales of maize and sor^rum fol- The Community has already an- in Palenria, northern Spain , which man-Peabody, has agreed to be pur- minutes by high speed 125 train from lowing Spain's entry into the EEC won 53.7m, and for a Spanish immi- chased by an of New York nounced that it will stand by its de- Some 650,000 tonnes remain to be last January. iiuHw that the capital grant in Australia who holds two investment firm Adler & Shaykin termination to respond to any such bought arrangement be- to hit fore the winning tickets. in a leveraged buyout worth 3620m. No response has yet been re- measures irfth counter-action end of February. Presently, we have office space ready CONTENTS IT Ofcourse, like Thomas Cook you Europe . 2 CroMword Editorial comment; Opec; 21 West Germany: failure to live Companies ..13 Currencies might prefer something built to your FiB«nri.t comment 10 up to the luxury boom . . .2 Gorbachev 10 America ...... 4 Eurobonds 13 own design, in which case we can Companies .13 24 Gulf War: the sharks con- motor industry: new provide location. Overseas 3 [Future* 5 UK you with the ideal frJd 20 old ... 10 Companies ...... 13 Iwhwi fitpiiil Marinri* .....13 tinue to do well 3 plan, an problem Don’t youjust wishyou were here? World Trade ...... 4 Letters . Then cut out the coupon now. Britain 7 Management: mock vintage Canada: joining in the grain Management -* JYo'jotin BouldjnTKtietbMongk bcwJopncnt Tomhill CJcae. Ciiy RdjJ. 14,16 cSpwadon. 1 Companies Market Monitors vans get moving . 6 subsidy war 20 Peterborough PEI 1UJ. PLeaic send me yoor free complete guide to relocation. Men and Matter* « Poncoo. Money Markets 21 housing: the Raw Materials ...... •• 39 European aerospace: Short's UK prices and Stock markets - Bonnes . .. 25,28 looks at Canadian link ...7 labour market 11 -Wall Street . 25-28 Agriculture ,20 - London . 22-24,28 Appointments advertising . . . %3 Technology Technology: Olivetti and the Lex: Opec; Blue Circle; Arts - Reviews ...... 9 . J WorM Guide 9 Urtit Trusts 17-19 Weather 12 moderhday. Galileo 8 TSB; Hillsdown 12 Commodities ...... 20

wYQ - . J — '

Xiv WEEKEND FT

23 1986 Financial Times Tuesday December EUROPEAN NEWS reports unbridled spending, Andrew Fisher EEC agrees Soviet Glossy weeklies have promoted a picture of companies W. Germany fails to live up to luxury boom the usual DM DWOhn. More denly , are shipbuilding miss IF SOME of the West German pleasure. *nd . weeklies are to be believed, cars are being bought; with new gor the cent consumers in the Federal registrations up by 16 per P™*?*®**^ months, more middle range- targets Republic have gone for in the first 10 _n(l fastest of decadence way. Fur exotic holidays are being token Sales *£^.a hminded In a big ciothingclothing.havebouM™baveSr By Patrick Coddbom in Moscow coats, jewellery, more often and shops report gear and aid code cosmetics and 2 it jery rtrongrtrog business. “SquashSquafo fast can have been disappearing record SaTahead. * bodybuno- A tbikp of all Soviet enter- toe retail trade growth_ days, and so is from shops and showrooms as Yet these = BY WHJJAM DAWKINS IN MUSSELS prises failed to meet their massive else in Mr Alberts- « fast as they can be put on does not show a ing," notes contract commitments for the rather a steady im- philosophy of EEC industry ministers yester- Ministers were yesterday display and champagne, oysters spending, new delivery of goods or services pravement. Excluding cars and beautiful andana day agreed on a shipbuilding under more than usual pressure and caviar are being consumed provemeat. healthy, “J- in the first 11 months of the retail trade baahas shown well-dressed people aid code which will limit assist- to reach a compromise. The as never before. fuel the Always a year but industrial output 3.5 per cent to an Increasing ance for larger contracts to 28 Commission had threatened to Certainly there is enough an advance of 3.5 westWest Germans are was above target according to this year. clothes cop- per cent of cost over the next use the level wealth in to support estimated DM 414bu their pending on its right to decide the news agency Tasa. Germany sector four years. of aid permitted for each the luxury end of the retail or 2^ per cent in real terms, gjiierahiy. The clothing Industrial output grew by - Retail prices are expected to 1986 expand for The accord was made possible individual contract after the trade, but the industry is quick XrlJ ^Toutout to 4J9 per cent and labour pro- edge up by 1 pear cent in the many y«*r& by significant compromises from present system expired at the to quell any notion that the VLf ^ t^me in ductivity in industry by 16 *— " 16151 half 04 1987 a8**nst « Commexibank all sides with Italy and Britain end of this year — a prospect usually solid, cautious Germans RMnnnafHi—uJr according to per cent compared to the _ same period of 1986, the lowest were up scaling down their demands for which member states feared have gone overboard for luxury, «tndy Total sales same period last year. There increase tor at least 15 yeare._ the first more generous assistance than would lead to both harsher and at Christmas or any other time. ,,,,,,, J2S& 5oer cent in increase in * 1 1 less consistent controls than was a 4 per cent ; Retail trade growth in 1987 with exports the 26 per cent proposed by the With a rise in real incomes 70 1—a L L months, the fuel and energy sector is expected to be broadly . nMr 12 oer cent European Commission in its now exist that Is the highest for 12 years which asborbs much of Soviet similar to this year, possibly five-year shipbuilding plan. • Three were agreed —the Bundesbank said the fij™ more steps capital Investment. With inflation advance In the first half of 1986 luxury. A pretty redhead stares enjoyment” and "The German slightly lower. pm clothing and West Germany Denmark and by EEC industry ministers yester- of the economy The growth was 4.1 per cent—West Germans the cover of Der Spiegel buying wonder." down to niWowr fed prices ted for some Netherlands, meanwhile, day towards the creation of barrier- from . footwe^^:C!„ mu UMaVan hm)mr The measures, which indude a imports .V.—cheaper,M low oil prices wears a ftzr Stole. toe economy as exportsh weaken buying. market posed aid limits. country's foreign trade with SZSTtar further regulation that will oblige public au- have made a big dent in energy In large pink letters, the to the face of the D-mark'sD-mark’s Nor, apparently, are they compared with the West is still suffering — T " taaw, ,ka than, rlsa nf hisfia, The new system, which comes thorities to introduce more open and fuel costs and a tax cut at wordml “ Luxuryuvnm ” leaps from the sharperp rise, newsnmni of higher rushing madly into the arms of and from the drop in the price of “ *** Into effect on January I, sets competion for their purchases of the start of the year did not page. The full title of the spendingending is more thantitan welcome luxury. There is no luxury and oil and oil products which food a 20 per cent aid ceiling on supplies, bring to 47 the number of go amiss, article Is “The drug luxury. to West German policymakers, boom," says Mr Kurt Alberts, a on the provide most of Its export and 18 per cent on m smaller contracts with a value "” fatfcwi Thus West German consumer The Germans in a buying Real purchasing power has director of the Karstadt store j™ internal market deci sio earnings. of l ess th«n Ecu 6m (H3m) spending has been on the rise frenzy.” Other magazines have beenen boosted by an estimated group, thereby deflating the during Britain’s six-month presid- Soviet industry, the rise in wutharfng to reflect the greater competi- The oB and is likely to move further run pieces called “ The lust for DMK 60bn in 1986 compared with whimsical view of a people sod- ency of the EEC. m expected tobemore tiveness of that end of the mer- whose production had lagged ahead next year. Shops and * " — — . t m than this year at shipbuilding industry. They also complete the 13 propos- over the past three years, la stores generally report buoyant, moderate chant ^ 30bn, which leaves als outlined last month by Mrs Mar- now on target and there has though not sensational Christ- WEST GERMANY S trade ACAt DM 19.21m, the Novem- October around DM newcomers Spain and for more reiau EEC garet Thatcher, the UK Prime Min- been an 8 per cent increase m*a business the lack of surplus continued at a high bermet trade surplus was weD The surpluses have brought plenty of scope have been exempted and Portugal In the output of gas. infla tion kept buyers’ level in November, with the abovehove the DM 7bn reported repeated calls from other trade growth, with any Com- ister, in a letter to follow heads of has up retoonxor from complying constraints Imposed by Ger- total for the first U montos foror thetile same mouth of 1985.1985, countries, notably the US, for So there is no , The spirits. All to west limits for four Government, urging faster progress m to munity ship aid the rnntm are expected of 1986 topping Ml KHHm Buttut It was lower than**«« the action to stimulate toethe West Germany^ sbppke«Ma» on internal market decisions. lack of hard currency to spend years as long as they compete j 10.9h euphoric. Level-headea- have been underlined by the around DM 19bn ($9.5bn) on <*3Sta>, writes Andrew recordecord DMTOf l&Shnn to July »* domestic economy. But thefoe . become fairly against other EEC yards Ministers also agreed yesterday higher remains the order 01 tne j' official admission that the dis- their pre-Christmas purchases, Fisher. This was than thehe DM 19.71m to October. .Government and the Bundes- ness contracts. on tandards for the introduction of s, tnougn on individual s appearance of coffee from a rise of about 515 per cent on the 1985 record for the whole The[he November current bank hare said steady growth day among consumer Integrated Services Digital Net- I year, but 1987 is expected to accountMount surplus, includingIncluding and a rapid rise many can splash out “they Mr Giles Shaw, the UK Minis- most Moscow shops this 1985. a toIn bum;money band telecom- decline as traderade spend, spend. work, .the new broad | wmiiM- was because the On this basis the glossy show a marked to both goods and ser- supply make such moves as a want to. The ter of State for Industry, said only for municatkras system that is due to nt decided weeklies have sought to pre- exports weaken in the face of vices,Ices, was a record DM IJIm9JSbn cut Into the 15&5 per cent dis- spend mentality is still the agreement “now offers the | Governme had update and expand on the present against allocating scarce sent a picture of unubridled the sharply stronger D-mark. comparedompared with DM 8Jhn to' count rate unnecessary. the privileged few. European merchant shipbuild- network in the next decade. foreign exchange to meet industry best possible ing the higher coffee prices earlier chance for the future to com- A compromise by Denmark per- this year. pete against Far East ship- mitted another decision on new Despite the good economic Swedish trade noise limits for construction equip- builders, especially in the more performance this year, the Hesse rejects proposal to build N-pIant ment Copenhagen had until yester- specialised sectors. It gives structural reforms promised surplus falls day blocked agreement because it them both an opportunity and by Hr Gorbachev are only BY DAVID MARSH IN BONN wanted tougher standards than pro- SWEDEN’S foreign trade a real incentive to improve being implemented from the European Commis- in foe north of foe state. Christian Social tell to SKr their performance and operate posed by the Hart of 1987 or later next A WEST GERMAN state has Barken Union, approval Preussen Elektra bad wanted surplus in November sion. year. Improvement In of new plants in the next few to hand a plant to replace a with compeitively in the future." The for the first time turned down In view of foe strongly anti- L8bn (£182m) compared including energy and the removal of years Is foougit unlikely lignite-fired power station due pointed out that the new the 21 international plans to construct an atomic nuclear campaign by both the SKr 3.71m in the corresponding He bottlenecks in transport and to be decommissioned to 1993. comes out at 39 per market decisions made during die power station, giving the SPD and the Greens during the In turning down the Preussen wwift last year, according to aid celling construction materials is Mainly because of erroneous average price, as Netherlands presidency during the run-up to next month's national Elektra application. Ulrich cent of mainly attributed to im- clearest indication yet of the Mr planning assumptions in the foe central office of statistics; consti- states elections, foe Hesse decision was Steger, Hesse’s Economics Min- apposed to cost, which first half of the year, member , proved management rather considerable hurdles placed in 1970s about energy demand. writes Kevin Done in Stock- shipbuilders : not surprising. But it comes at ister, said a new plant would tuted — for British have sanctioned a total of 68 mea- than West Germany’s power station holm, con- ' reorganisation. the path of nuclear planners by it was the fourth "substantial" in- a time when the nuclear Indus- impede energy saving efforts at least — a sures to encourage free trade in the capacity is around 20 per cent • The Communist party the Chernobyl reactor accident try increasingly believes that, and create over-capacity. secutive month that the surplus crease. EEC during 1988. That is well be- more than needed to cope with | newspaper In Kazakhstan, in foe Soviet Union. whatever the outcome of foe was lower than a year earlier. Under the present system, hind 95 measures targeted for Although nuclear plans have peak demand. This Is a strong the scene of last week’s riots, elections, no new nuclear plant individual member states deter- The state of Hesse, ruled by a often been held up over foe past argument cited by anti-nuclear The value of exports fen in 1986 in a programme agreed by toe contain ns details of the orders are Ukely in West mine their own permitted aid party coalition of the Social Demo- decade by court decisions, foe campaigners. The Government November by fi per cent to SKr Netherlands, toe UK and Belgium meeting which Germany at least until the levels with the Commission, Hesse move represented the also admits that the electricity 2249m; the value of imports due to take over as EEC president removed Mr Dinmakhamed cratic Pary (SPD) and the anti- beginning of foe neat decade. while the new code applies Kunaev, pro- first time in West Germany that production costs of new nuclear rose by 4 per cent to SKr 211m. at the tarn of the year - but H is far Kazakh party leader nuclear Greens, rejected a equally throughout the Com- for more than 29 years and posal by foe Preussen Elehtra Even in states run by the pro- a planning application has been plants are now more or less Excluding off and ships exports better than many observers woe cent; munity. The present code only replaced him with Mr utility to build a 1,300 MW nuclear conservative parties, foe turned down outright by state equivalent to those of foe latest fen to 3 per while imports predicting as little as a month ago. yraHopw. covers direct aid. Gennady Koibin, a Russian. pressurised water reactor at Christian Democratic Union and authorities. antra cite-flred power rose by 14 per cent Business Opportunities Businesses for Sale • - . .- . ~ - HEADERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS V. v IA " Underground Pipe CONSOLIDATED COALFIELDS UMITED INVESTMENT OPPORTUNITIES Repair Company IN BANGLADESH FOR SALE Offere are invited for theassets ofAMJCPfpelachnofDgy International Investors’ Foram at Dhaka Assets include Lid. — in Receivefshb) — Northwich: from 19th to 22nd January 1987 • Developed unique system with patent protection which Undeveloped proven prospects An Investors’ Forum sponsored by the Government of has worldwide potential and has been inoperaBonfor Bangladesh to co-operation with will with planning approval UNIDO/UNDP be held nationwidewater authorities is Dhaka from 19th January to 22nd January 1987. The Forum tossed) plus will consist of a series of discussions between local sponsors • Reetof4 fully adapted vehicles {3 Cash in excess of £150,000 of industrial projects and potential foreign investors interested associated remote drilling andCCTV surveying equipment Tax losses . in those projects. Patents registered in Europe, USA and Austrafia ~*e*o«**+ • Project profiles for hundred and thirty me five projects have • Order book prospective orders been prepared under the auspices of UNIDO for consideration APPLY: Rff^Infonrra^frmnniQJointSeceNeis: in the Forum. Foreign participation is welcome in foe projects in the form of equity participation, supplier’s credit, tgrhnir-qi FWlhyiorFCA&CJChamberoFCA, 27 High Street, Dartford, Kent DAI IDT and marketing collaboration in that order of preference. The ArthurYoung, sectors represented to foe projects TIME LIMITED are (a) Agro-based SiidxxmeCouit.'rahabarn Street, Industries, (b) Chemical Pharmaceuticals and Allied Indus- L22LE. SPECIAL tries, (c) Engineering Industries, (d) Giaip>. Ceramics and Liverpool OFFER other noo-Metallic Mineral based Industries, (e) Leather and Tfefc 051-236 82M, Rubber based Industries, (f) Electric and Electronic Indus- TOex: 629179 AHJ 1 .’JdilUeJT; tries. A Heavy Fabrication Interested penotu/flrnm/ojganlsations willing to participate Arthur Ybung in foe Investors' Forum are requested to Engineers register themselves AR^SBB^OFARTTflJHWXJNGINTERNfiTlONAlt In foe prescribed form available at the following address by 5th January, 1987. iteboBDMwmanitgoodnlafcaBbBdied EXCEPTIONAL YEAR END VALUE UNIDA Industrial Investment Division Wii m ii' yL Vienna International Centre B/ Order oCTheUqiidQtocTJBopecE*q« of topptetan&^pptefcjy fi‘.j 1 rtyr i •mil •fiii-j u'ii.'.'.'jjsSis FEATURING P.O. Bos 300, A-1400, Vienna, Austria iJ' Telex 135612 WHOLESALE FROZEN UNBEATABLE LOW PRICE FOOD DISTRIBUTORS (We will not be undersold) London

Excellent customer Dst. Funyequipped MAINTENANCE EXCLUSIVE FRS Freehold properly. Sales approx. £2.3M ( » |600 Hrs or 24 months.) rant Thornton FcxfurttwdetafiscppJyl^MKHfltWP FLEXIBLE LOW INTEREST FINANCE Flow Eased feffTflivJ (lb corporate customers subjectto status) Cosh | ESS at Reasonable Rates SBffiZWMonnoMi, London SW1V1DH Office Equipment completedetails 01-8348454 IMm: 8954348 for Andaflnch » UwrpootABrtstoi V your company has sums of money ted ig> In goad fr, quaBtydebtoa you con turn them Mo frnmedtato cenh irina etfoer b*» «* exchange or on invoice EXECBTITC ITALUUI OFFICE FWimUIE cSnsourring focOty at rates d Interest that may be CdkctSea of Ngh qutOty sxscudv* and operational ranges finished Ism toon your bank b curenHy chaining you. In natural selected veneers: Rosewood, Walnut. Black Ash. Uaht Including AtaNondsn Dtoourtf pic. eitabfahed h 181ft ona of Oric, desks. Rerun*, bookcases, sideboards, conference the msmbea ttw tendon Dbcount Motet TWO LEAEHNG PtiBUSHMQ tables. Many eooftfli rations of systems furniture, (a bMaminax* finishes -and fight o«k veneer. . ©sechcraft Aaoctatton. haw for men/ yoora spectafeed In fexto — Substan tial discounts, A MEMBER OF THEBAMBERG GROUP immediate free defivenr and installation MfaMeBlwnlni tnJ i < Mnily .Rdf details Cali MU 500567 furihai far Mbmoflon writs or phonae * Tamcnwr approxiirmlf.ly £lJ9m Eagle Bceduxaft limited * AH revenue geoaated from adveriifling Coworth Park Alexanders Discountpic. JpL. Vfakfacc 30 salaried staff Business Services 65 ComML tendon BC3VVP Phonet (h-6265467 30 cmnmisskm based sales mnaeuttfiKS Ascot, Berks, SL5 7SF England. * S300aqftleasd>oldprenri8CiiaCeatiriI jfTiidoa Fbr iartllicr tolhrrnarinn contact JP RiriumiiatLNGAddiison Tds (6996) 27711 Telex: 849930 Eagle G. OflUhuekQK. LIMITED COMPANIES AUTHORISED i f v . . rr sales ‘Dbechcraft service OFFER EXPIRES 31 DECEMBER 1986 HOUSEWARE nv

Manufacturer of rionwath: house- werea whk tlie turnover end Bon . «RV|CH> OFFICES cfeaa ctiatom'ar Rat, curreoity btcur- TUNMH)Cf WELLS itag amaS lo eaes. ertataee to mriora a. a. STRHT poaalMJUtiea of mereer or mealse- nuHton witt BhDHar company to FAX UPDATE spread oversea da or would conaider Fax MecMeee en-Jepen outrfpta mate. now available far vow FAX reculrafneMS Write Bom HTSdS. FhmcM Timor to Comoo St. loadea eC4P4SY "Nnbridge FMOIE: (0BS3I SBOM2/830SM Wells 41133 i Credit Cards l 01-247 sms. 5

Financial Times Tuesday December 23 1989 . OVERSEAS NEWS

The conflict in the Gulf has bred a different kind of mercenary, Angela Dixon reports Libyan drive into War where only the sharks do well

THE GULF war has bred a sew in the week when they have mercenary—the oil Chad meets species of Iran announced yesterday that Its long-range western town of Islamabad-e-Gharb, early Iranian air cover. carries no shuttle captain. He artillery had begun shelling Iraqi targets In yesterday. Baghdad Radio denied the Iranian One and a half miles off the ship is a target " weapons, yet his retaliation for air attacks which Tehran Radio *i»iwi curing (hat its aircraft had attacked “ mother ship —the carrier increasingly fierce IfiSS VSZS: in this said had killed 80 civilians and injured many military camps and air bases. which stores the crude for off- conflict. more, Our Middle East Staff reports. The Tbe Iraqi raids are aimed at disrupting take by other tankers—tbe trip stiff resistance He may be British, Scandi- sonthem Iraqi town of Ban appeared to be Iranian preparations for a fresh offensive in is complete, and NIOC person- Mordechal Vanunu navian or Polish, he Is often the main Iranian target, tbe six-year Golf war. Apart from military nel complete the operation. ®5*i sgjssjfc, BY FRANCS CHILES IN PAWS tbe only European on board Iran claimed that most civilian casualties targets close to the war front. Iraq has also Captain and crew can collect 1 and his vessel may be less than occurred when Iraqi aircraft strode ax Qe been hitting industrial sites. their cash, and make their way seaworthy. But he can earn up to Kharg Island ssay. FIGHTING la Chad continued but in the current lighting all again. Yanunu more in a year than he could yesterday for the fourth day Chadian political groups appear Contracts usually run for 12 ^ to bring home in 10 years hope running following an offensive to be united for the first time others by the trip. The rate which nevertheless compares for shuttle ships, but also for months, and time off is not of normal seafaring. by 2.000 Libyan troops on in more than x decade. for a single trip can be 510.000 favourably with their normal tug-boats, crew supply boats and far Iranian autho- encouraged. One of the worst Friday to gain control of ‘seized As as tbe (£7,090) or thereabouts, and up earning capacity. general cargo boats. The US Government last week the aspects of the run, particularly a Bardai. Zoutr and Wour, three rities are concerned, oil to announced it would offer Mr three or even four trips a Charter companies are also If a boat is hit, or has engine .SUn. 5a Goukouni Oueddet. (At Wour by relaying to them details of Chadian president. pany (NIOC). to 3370 per month for the sow luts a Beet of 22 vessels. usually travel in convoy—about out of this war—literally and and Bardai the situation was bis abduction to Israel. < ; the Some are paid by the month. dangerous run. a small sum There is a demand not only four at a time on certain days figuratively." V*e more confused. The FAP are Col Muammer Gadaffl, He pressed his palm against being helped by tbe Forces Libyan head of cote, said yes- the window of the police van react -sysa.0 Armees National** Tobadleiraes terday that he would to display a five-line message Libya's Captives freed ^ (Fant) of the Chadian Presi- strongly to any attack on written his on hand, of which dent, Ur Hissene Habre. Until southern frontier. He added Junejo appoints slimmed-down Cabinet the first hue said: "Vanunu was ***te ffigi WW* this year, tbe supporters that the US wanted to transform in Mozambique earlier hijacked from Rome, Italy. Oueddei, who the into a nulitar basis and of Ur is “Chad 30/9/86. 21,00. I came to Rome PAKISTANI Prime Minister mad Afrab reports from talent to guide the nation's enable Mr Jnnejo to shed Mozambican right-wing rebels represented menace for the former Chadian head of state, a on BA504.” the rest waa unintel- Mohammed Khan Jnnejo Islamabad. economy. several ministers who have yesterday freed their last re- were supported by tbe Libyans. Arab world-** yesterday appointed a There were no new faces Moreover, there appears to maining foreign captives In a »=1 ligible. been publicly linked to shady tie ®*SlVk5> slimmed-down Cabinet of 12 In the Cabinet, which is likely be no political significance In Christmas goodwill gesture, a su be? Mr Vanunu was apparently business deals. Reports yester- =fi ^ full mini- Political said, Rentier trying to say that he had flown ministers and four to increase Opposition and the changes. ob- rebel spokesman S'-•H'Ji sources criticism the day suggested that Mr Junejo Lisbon. SS/SpfcflHSb on British Airways flight 504 to sters of state, but business that servers are suggesting that reports from SOL, has quietly ordered high-level Indonesia import monopoly Rome, from where he was abduc- dose to Mr JoneJo said the Government is not tackling the device or having the The Mozambican National Re- ass a } Cabinet would be expanded what it sees ineffectiveness. Cabinet resign en masse at Investigations Into these sistance (MNR) spokesman in vcm1U S»l2C^ ted on September 30. as sr’ ** to. IVT" Hi In two further stages, Moham- Inexperience and lack of the weekend was simply to deals. Lisbon said the group of eight 3* Oa leaving the court several ry. ?* neniSj V. was released to the Inter- hours later, Mr Vanunu tned to system under growing fire national Committee of tbe Red '^Kdf^C speak to reporters. In answer Cross early yesterday morning JAKARTA to one question about tbe loca- BY JOHN MUMAY MOWN M on the Malawi frontier. The tion of his abduction, he Pakistan bids for nuclear weapons graphite group included a Briton, a West MINISTERIAL SUPPORT is plastics and motor components managed to shout "Rome." be- Swedi German and his wife and shtr^ mounting in Indonesia for an unscathed. fore the police restrained him. BY SIMON HENDERSON i daughter and four Portuguese, end to import monopolies, Economists say the system is According to Israeli press PAKISTAN IS trying a different realised. firmed this order was rejected both in Europe and the US three of them Jesuit surplus y. widely held to be the main administratively grossly compli- reports yesterday, the country's route to develop nuclear Pakistan denies any plan to when it realised it would not One senior US official dates missionaries. cause for the country's high- cated, offers wide scope for security services are Investigat- ST'TDEVS weapons apart from the opera- build nuclear weapons; its receive an export licence. Pakistan's attempt to build an Zr cost economy. Mr Harrow, the abuse, aad provides the Govern- ing how Mr Vanunu managed to tion of an unsafeguarded embassy in London says it has Using the graphite, Pakistan unsafeguarded research reactor Industry Minister, over the ment with no revenue. Indo- write a message on his hand Syrians raid hideouts uranium enrichment plant no knowledge of attempts to could build a reactor, not capable of producing plutonium weekend Joined forces with Mr nesia currently faces its worst without the police noticing; why Syrian security forces raided SIS sraafe which has been the cause of purchase graphite. generating any power but pro- to 1984, when a Pakistan news Radius Prawiro. Finance recession in 10 years, following his suspected hideouts of Moslem -n ly^ri ^ 3.7bn in bands were not handcuffed; enough plutonium agency announced work on the^ criticising much international concern. Western diplomats say that ducing to ‘ Minister, in openly the fall in the price of oil, and how he was able to apeak Sunni fundamentalists in the ^cath last Over the past two years it Pakistan’s Kahuta enrichment make one nuclear bomb a year. purifying locally-mined graphite tbe system, which gives mono- historically its main foreign- to reporters oa his way out of north Lebanese port of Tripoli ,J* central has made several attempts to plant is now enriching uranium Such a reactor would not be for use in nudear reactors. /=_*? polists the tight to control exchange earner. the court. yesterday, security officials said. buy large quantities of graphite covered by international safe- Western offteals say that «»• supply and so set the price of from the natural level of 0.7 Renter reports from Beirut. :r'^ KerinX Tbe issue received a special Informed sources in Israel guards. that this was not suitable for use In nuclear per cent isotope uranium- Pakistan found ‘0C1, f industrial inputs. of the The Syrians were said to be . ft was key prominence recently, following say that the la dear details of Mr per ?er ifc reactors producing plutonium, 235. to the 90 per cent level Apart from doubling the pure enough; reactor-grade ^ Mr Prawiro said last week articles in the Aslan Wall Street Vanunu’s abduction do not con- searching for fundamentalists icr.e moatfa another potential nuclear needed to make an atomic bomb. number of nuclear bombs that graphite obtainable from Union ihat^^ ** Journal, alleging key they blamed for fighting which *** that it was only a matter of that tradict earlier reports that be explosive. Pakistan could produce, tbe Carbide is made artificially o ” r lowei thin But they doubt whether the killed an estimated 30 people '“-s apej" tune" before a change. He monopolies were controlled by was flown to Israel from Paris petroleum coke. : 44 The attempts to order the plant's output is enough to make advance would mean that more from ™- a The «lwot said he preferred import President Suharto’s family. oa October 2. in the city. ! ;iv nw,' high-quality graphite, a form more than 10 kg, or sufficient sophisticated designs can be Western experts decline to say tariffs in protecting domestic Similar allegations tbe It is still not dear he :.V;ftr sf^wsSi' in why of carbon which can be used for one nuclear bomb. developed, using combinations where they believe the reactor ‘ * ?•• •“-03. the value producers, as this would en- Sydney Morning Herald In suddenly travelled to Rome " Unrest in Goa » HrC in moderating ” or controlling Last year agents acting for of both nuclear explosives in a would be built—it would take rose fcv 4 nor r_.-_ courage the competitiveness of April set off diplomatic row without notifying his a contacts some types of reactors, have Pakistan attempted to boy more single device. about two years to construct. About 900 para-military police Indonesian-made goods." between at the Sunday Jakarta and Canberra Times. convinced the West that the than 100 tons of graphite Besides the attempted Swiss The 1984 news agency report reinforcements were deployed In October, the Government prompting Indonesia to refuse He has been charged with Government of President Zla-ul through the Swiss office of purchase. Western diplomats linked graphite purification with today In Goa as protests against scrapped 165 monopolies bat entry treason to all Australian and two counts of Haq has huger military nuclear Union Carbide, the US chemi- are aware of other bids by the Kahuta nuclear facility run a language policy spread, left the key sectors of steel. Journalists. aggravated espionage. ambitions than previously cal giant. The company con- Pakistan to buy the graphite. by Dr Abdul Qader Khan. Reuter writes from Bombay.

( Advertisement) Business Far Sale Legal Notice OAl-rCHI KANGYO BAP4K Economic Outlook for FY1986-1987 •• (Year-to-year % change) FY1985 No. OOBttS of 1966 FY1986 FY19B7 :D COAL FIELDS LUfflED (Actual) BUSINESS FOR SALE IN THE HIGH COURT W JUSTICE DKB ECONOMIC REPORT GNP (nominal) +5.9 +4.2 +3.7 CHANCERY DIVISION 12 GNP (real) +4.2 +2.2 +2.6 December 1986: VoL 1 S No* THOMSONS OF CULTS LIMITED- MR REGISTRAR BRAOBURN Private domestic demand +4.7 +3.2 +3.7 SALE IN RECEIVERSHIP IN THE MATTER OF (+3.7)(+3.7! (+2.5) (+2.9) HAT GROUP PLC Private final consumption +2.6 +3.0 + 3.3 established dealer garage businessin Aberdeen. Japanese economy will see moderate Old motor and AND IN THE MATTER OF Private housing Investment +3.7 +8.4 +4.0 • Turnover In last year fd ,000 ,000. THE COMPANIES ACT IMS Private capital Investment ++12.612.6 +4.0 +4.1 • Only Audi/Volkswagcn distrfinitar m Aberdeen and growth fiscal year 1987 Public demand —1.4 +9.8 + 1.0 prospects of 2.6% in red proven uniwindingarea. (-0.2) ( + 1.6) (+0.2) NOTICE IS HEREBY GIVEN that by an Net exports +19.0 —47.3 —23.3 - f-2 approval • Fug range ofgarage buajneg including petrol rales, MOT Order darad die 12ih day ol Decem- The Japanese economy has sector, consumption, first of been insufficient, with the net ber IBM In ttaa (+0.7(+0.7) (—2.0) (-0J) work etc. made above metiers experienced a strong defla- all, is showing sound, reliable effect decreasing as goods ihe Court hae directed a Meeting £150,000 to tionary effect due to the ap- g-owth. Stabilized consumer approach the final stages of ExpartsA others +2.1 —4.8 —0.9 of • enterfammciit business also available for sale. be convened of tha holders of the In car —1.8 2.2 4.066,046 Ordinary Shares of 10p each preciated value of tbe yen. so prices have acted to offset the production and enter tbe Imports & others +7.3 + • both road. Freehold premises on sides ofbusy mam of th* abova-nemad HAT Group PLC that even stronger adjustment continuing pattern of relatively market. However, con- Wholesales prices —2.9 —10.8 —Z6 ’) as a • Planningpeimtssmn forbousing passed for one side ofroad (hereinafter called rtAT la issue Consumer prices +1.9 +0.3 1.2 at the 22nd December 1D66 (being is being called for in general low growth in household in- sequence, it is expected that + and in application stage for other side. the date at tha Schama of Arrangement However, the appreciated come. further reductions in com- Notes: i. Japan's fiscal year b i in April and ends In March. hereinafter mentioned) and not bane- Interested parties should contact Wilson or K HOI yen has positive effects on tbe Housing investment is modity prices wifi continue. RW R ficJaily owned by SET Public Limited 2. Parenthesized figures indicate contribution of Dartford.KaitD.llI (" economy as well as negative showing high growth. Although On tbe potential for negative treet. Company die Scheme Shares ") eadi component to GNP growth. for die purpose ol considering end H effects. In addition, low crude similarly restricted by low- side effects, fears that the thought fh approving (with or without on prices are further strength- growth consumer income, the appreciated value of .tbe yen ^ToucheRoss modilrcattan) a Scnoma of Arrangamanc ening recent effects of win adversely employ- 39 Sl Vincent flaw, Glasgow G12QQ. Telephone: 041-2042800. proposed to bo made between HAT Japan’s economic posi- reduced in- affect gS&ratejsssvsry translation of the appreciated and tha holder* of the said Scheme Tdcx: 778662TRGLAS G. Telecopier. Maim Fa* 041-221 1864. tion. These factors are not only terest rates and the easing of ment are in general unfounded, Now looking at corporate yen and low crude oil prices Shams and that such Meeting will be held at tha Cevendlafa Hotel. Jermyn seen as providing infrastruc- financing requirements fay tbe since employment in the non- sector profits, future accelera- into reduced consumer prices Street. London. SVY1 on Friday the tural support to the overall Housing Loan Carp., have con- manufacturing sector is tion in the widespread penetra- will continue. Fabrication 9th day of January 1967 at 11.30 »avy am business environment, but also tributed to the overall growth, steadily expanding. There is, tion of reduced import prices is High growth in housing in- at wmch place and time all auoh International Business For Sale Scheme Shareholders am requested to determine specific conditions in addition to the positive ef- however, cause far concern in expected to improve corporate vestments is also expected to Engineers attend. which have various impacts on fects of the appreciated yen the anticipation of a wide-rang- profits by helping to boost continue. In addition to further KarttamptarjUrt Any person entitled to attend the (Efferent sectors. and low crude oil prices winch ing employment adjustment domestic demand, while reductions in the prices of sold Meeting can obtain ooplea ol First, the treads of reduced have resulted, for example, in which can take place mainly in concern far deterioration in building materials, reduced :v/w_ tha said Schama ol Arrangement, tonne t try's® HOTEL IN WEST INDIES of Proxy and copy of the Statement export volume and increased reduced prices of building ma- the manufacturing sector. profits exists mainly for export- interest rates and stimulative 1 ... -r- = -e — rrj:— required to bo furnished pursuant to import volume have been terials. Let us. then, examine the related industries. In addition, governmental housing policy JOINT VENTURE Section of the montlonod =£OP* FOR SALE OR 426 above observed since tbe spring of Even though the appreciated implications of the above to the with inventory adjustments will continuously support ----- *“ Act at die registered oMc# ol HAT "fe -safJfc^'L Established operating luxury resort on Uncle Sam's situate at Barley Wood. Wring ion. 1986 due to tbe yen’s apprecia- value of tbe yen coupled with economy of Japan. completed by the end of the housing investment, even favoured Island—Grenada. Avon. BS18 7SA. and at the office tion. low erode oil prices have had Further decrease in expert second half of fiscal 1986, in- though the low growth rate oE of die undermentioned Solicitors et 18 beautiful acres of gently sloping hillside with prime Reflecting these trends, the tbe mixture of positive and volume is expected to cortinue ventory investments are ex- employee income will tend to - *"••’ the addreee mentioned below during ^ «-ar ftjss**^ beach, frontage. usual business hours on any day (other corporate sector in general negative influences observed up to the first half of 1987, but pected to gradually recover limit this expansion. than comprising 49 beautifully furnished rooms. a Saturday or Sunday or Bank seems lo be sluggish, although above, the current situation in the rate of decrease will from the beginning of fiscal The supplementary budget 21 suites Holiday) prior to the day appointed Large freshwater pool, bar and cocktail area. for dio said Meeting. there is a dramatic difference the Japanese economy as a become less and less. Business 3987. which includes the issuance of in the effects upon the manu- whole is most strongly affected expansion in Asian KICs and Furthermore, supported by construction bonds as a coun- 35-seat restaurant with large well-equipped modern The said Bahama Shareholders may kitchen. vote In parson at the said Meeting facturing and non-manufac- by the negative factors of the EC nations will offset to some the accelerating trend of indus- termeasure to offset the defla- or they appoint another sufficient for much mey person, turing sectors. The reasons for yen’s appreciation. extent tbe stationary busi- trial structure renovation, tionary effects of the yen’s Offices, storage and service areas whether a Member at HAT or not. this can be described as ness climate in the plant and equipment invest- appreciation will bring larger operation. ae their proxy to attend and vote in U.S., about their stand. follows. The majority of manu- Outlook for FY1986-87 which is expected to have ment is also expected to an increase approximately All government approvals, tax and duty-free concessions a of industries have been negative impact recover mainly in newly for 120 suite addition with all recreational and service It la raqueetod that forma appoint- facturing Assuming that the yen rate on Japanese ¥1 trillion in public invest- faculties. ing proxies be lodged with Rsvens- directly suffering the negative and crude oil prices will show exports through tbe first half of launched projects and research ment during the same fiscal boumo Registration Service* Limited, feasibility import/export effects of the relatively moderate fluctua- 1987. In addition, due to tbe sta- and development, although the year. As a result, a significant Topes, surveys, architectural layouts and Bourn* House, 34 Beckenham Road. bilization studies currently in process. Beckenham, Kent 8R3 46R, not lees appreciated yen. Most non- tions during this period, one of of the yen exchange present phase of adjustment in growth in public investment then 48 hours batere die appointed Equips Fixed Assets US$4 million approximately. time manufacturing industries, on the major elements in forecast- rate, increase in export prices investment for building up will be achieved in fiscal 1986. fiee for the paid Meeting, but If forma are the other hand, have not been ing the business climate will be will not further accelerate. capacity wilt continue. A high level of demand is Gray. H1H, Box 292, not so lodged they may ba handed Inquiries to: Richard Cinnamon to til# Chairmen at tha said Meeting. directly suffering from the to determine the influence that Furthermore, from the latter The deteriorating profit- expected to continue in tbis a. Indies. St George's, Grenad West In the case of Joint holders die vole negative effects or indirectly the appreciated yen and low oil half of 1987. exports are ex- ability of exports is experted to sector in fiscal 1987. stimulated Telex: 3425 of the an lor who tenders a vote Telephone: 4305 (395) pected to increase stimulate the renovation of the whether In parson or by proxy will enjoying cost reduction prices will have both in direc- at a mainly by local financing, be ecoepted to the axduafon of the resulting from the yen’s posi- tion and degree. In assessing moderate pace due to the fact industrial structure from the investment and loans that are votes Of the other Joint holders, and tion and low crude oil prices, the potential for strengthening that the U.S. business climate current dependency on over- aimed at boosting domestic tar this purpose seniority will be is forecast to enter seas markets to that on domes- Businesses Wanted determined by the order In which Furthermore, the non-manufac- the economic situation, the a phase of demand. This growth, however, tha names stand in the Register of turing sector including the con- degree to which the appre- moderate recovery and that the tic markets, although so-called is expected to be moderate at Members of HAT in ol raapaci tha low overall effects “bipolarism" joint holding, struction industry has been ciated value of the yen and of the appre- between manu- best *1 a* 1 ? enjoying the benefit of in- crude oil prices have actually ciated yen will have come full facturing and non-manufac- In conclusion, although Ja- By the said Order tha Court SflS^ public resulted wholesale circle. turing industries is expected to has aopokitad WtHlam Boulton or fell- creased investment in reduced pan's economy will continue to NEW YEAR’S RESOLUTION? ing him Brian Keith Thompson to am In respect to tbe household and consumer prices has so far On tbe other hand, imparts continue unchanged. grow at a slow rate in fiscal 1986 A as Chairman of the said Masting snd are expected to show steady In the household sector, 1987 with economic has directed the Chairman and a gross our recant acquisitions w* are now to report Following th* iucwm of die result thereof to tbo Court. growth as a result of the fur- sound, reliable growth in growth rate of 2.2 per cent and opportunities in the areas of electrical, Outlook for Balance of Payments actively stoking further Tha said Schema of Arrangement ther penetration of reduced personal consumption is ex- 2.6 per cent, respectively, the engineering. will be subject to the electronic and mechanical subsequent (InS billion) import pected to continue in spite of approver of the Court. prices- a overall business situation will aeqatring profitable companies with earnings We are Interested !» Dated die 22nd day of December FY1985 Tbe current account surplus low growth rate in employees’ be bottomed out in the second range of £0S million to £! million and possessing growth 1986. in the (Actual) FY1986 FY1987 will reach almost 590 billion in nominal income. This is sup- half of fiscal 1988, followed fay a predun/componant base. A* with our recent potential and a sound BERWJN LEIGHTON Current account balance .... 89.5 88.5 fiscal 1966 due to tbe influ- ported by forecasts that the moderate recovery. are also keen for existing management to participate acquisitions we Adelaide House Trade balance 96-0 94.0 ence of the inverted J-curve in such successes. London Brdige Exports 180.7 212.5 210.0 effect and low crude oil prices. strict confidence CD: If Interested, please write In London EC4K BHA Imports 116.5 116.0 Although the level will be Johnson, Secretary (Ref: IL) ft, S. Invisible trade balance. ... -4.5 —3.5 moving downward in fiscal Talk it over with DKB. B. ELLIOTT PLC Solicitor* for the Company Transfer payments —1.8 —2.0 —2.0 1987, it will remain 588.5 billion. 147 imperial Drive. Harrow iBwrriu Middlesex HA2 7JP The international bank HOME IMPROVEMENT London Branch: 4th & 5th froore, B«Jg, LeaaenfiaJi Street London EC3V 4ta, England 01-283-0929 Subsfcfisry In London: DKB International Limited. Garden House. 18 Finsbury Circus, MAJOR REPl/TOMENT WINDOW TeL that listens. London EC2M 7BP. England TeL 01-920-0181 Associated Companies in London: Associated Japanese COMPANY IN « ENGLAND ENGINEERING BUSINESS Bank (International) Ltd, European Brazilian Bank Ud. International Mexican Bank Ltd. MAJOR FIRM with Itrge aatabUahsd Pension end Bcnoftr, Wa arista to acquiro rnsnufaclurtno sa lea force wishes to Swices. nnainearinq Heed Office: 1-5, Ucnis&Mattu 1-ctiome. CMyode-fcu. IcKy0 100. Japan Tel (031 596-1111 Branch— end Ageecy kcNewYWk. Assurance. Unit Trust Advisoiy licIlniM which have an Lese-maWnn snd tuntround CO-OPERATE/MERGE/ACQUIRE Lob Angeles. CnicapOL Panarra, Dus—KWt Tap*, SacuL Singapore. Hong Kong. Cayman n*pr—att— OfSew In: Housm have your interests Involved in insurance firokmg. bus. B W» at heart wilt ba considered. We A COMPANY MANUFACTURING/ toromc. Paulo. Buenos Pam, Mwra, Life CsncuiURCy iwaifons Sn FfHicaco, Awraa. Sfo m*ko Qy. Carwas, fins, ftwmn, SWWOiro. Him. Banian also provide finance (or man- Si QAMCHI KANGYO BANK can MARKETING CONSERVATORIES Jakana, Kuna Lumpur, Bangkok Bftqing. 9a gftu, Cuangdxu, Daon. Syeney MeiDOume SubaMtari— tru New Ya< ba AnflNra Mi*.Jap— HlfJ ACQUISITIONS Bremen: buyouts in the rang* W , SEEKS A HOMS EXTENSIONS Toronto. AnctPtam. Zurich, Iwwntxwg. Hong Kong. Srtgapcre. Sydney An o ctatad Compaui— In: Sic Panic, Sangtak income betwawi £100.000 upwards, ComnUsaion/fM Write Box H1B3B. Flnx tlil Tfmee Jakarta, tan oa considered ftcese ftpiy la.nrlet confidence tor Srgapoe, Kua& Lumpur, Brunei ; «.»£#* £250,000 and Tone* TO Cannon Sr, London WtK* Box GT0280. fmmnuofTmM Box HH37- founds* £C4P 4SY Cannon Sr. London EC4P dSY The next monthly report will appear Jan. 23, 1987. 10 Cannon St. London fC#’ W TO DKB

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.XIV WEEKEND FT

23 1988 Financial Times AMERICAN NEWS OECD FORECAST Quebec rule Uproar over Uruguay amnesty Argentina on French set to end Recovery of US BY TM COONE IN BUENOS AIRES war’ t public signs A CONTROVERSIAL amnesty amnesty bill since last August, Street demonstrations were of thousands of detainees and ‘dirty* has been granted to Uruguay’s when an earlier bill was re- organised through the country otherner humannuman ngnesrights vmuronns.violations .m _, r opposition Blanco against amnesty hill. In military leaders accused of jected by the fja According to an aide of Pres!- vwAgpnitlOlP economy ‘likely and Frente Amplio parties. one incident a legislative deputy Julio Sanguinetti. in the overturned human rights violations during dentat Fears of a constitutional crisis suffered a heart attack after original agreement worked out the military dictatorship of 1983 By Robert Gfljbens in Montreal over the issue were confirmed being attacked and insulted out- in 1984 with the armed forces By Oar Bueno* Aire* to 1985. by Mr Enrique Tarlgo, vice- side Congress. A recent opinion to create the present transi- Coiiaipoudant THE QUEBEC Court of law approving announcsed last poll showed 70 per cent the ' The the president. who of ttoualtional government' towanutowards _ __ further to be extended’ Appeal yesterday upheld the amnesty was passed in the early Friday that the military had in- population to he against the democratic rule, only the top A BILL to put notice i— ^iai« «r militaryf* right to display publicly signs hours of Monday fallowing formed him they would refuse amnesty. military leaders ’responsible for trials of military w human BY GEORGE GRAHAM IN PARIS in English and other themselves charged wjh acrimonious debates in both the to present before According to a parliamentary the repression tathe 1970s officers AigenuntjTawas languages besides French. Senate and the lower house the civilian courts that were to report last year 164 people dis- would be put on trial. rights abuses in It declared unconstitutional Chamber of Deputies, which at begin the first hearings this appeared during the military that military expected to WEAKNESSES are starting to flationary impact of lower pub- The aide said the yestertwy- show in die a clause in the Quebec French one point led to scuffles and ex- week on the human rights cases. dictatorship, following arrest or intelligence services bad sub* country's Senate up US economy, lic spending, because they ^ ^ restricting debating kidnapping police, military hut the main forces acting on Should relieve pressure on language charter changes of blows in the The majority of the Blanco by seqnently uncovered cases of The ore- or paramilitary final, is bei®« it are likely to extend its interest rates. if the cuts the language of public signs chamber. Party voted in favour of the forces. fraud at high levels of Govern- the Panto But *»** ruling -Radical recovery, the Organlshation for thfa to French which b spoken by Under pressure from the amnesty in parliament amidst Sixty-one military officials are meet and were using this semen— by the are not achieved could insistence of Economic Co-operation and confidence a majority of the inhabitants armed forces, the ruling accusations of cowardice from accused of direct responsibility information to pressure the Party under the harm bond market Alfonsin, who Development argues in its and remove the room for mon- of the Canadian province. The Colorado Party has been representatives of the left-wing for the disappearances as well ruling Colorado Party for a president Raul raoid reconei j- latest report on the US. etary policy manoeuvre. court also said the clause con- attempting to posh through the allian ce, the Frente Amplio. as of Involvement in the torture total amnesty. wishes to see a aimed forces with The decline of the dollar, the The lower dollar should feed travened Quebec's own athm of the virtual halving of the oil price, Charter of Rights. the Government and avihans- through to higher US export which the Federal Reserve Board’s awaited Critics of the bill, volumes and the substitution Judgment had been through accommodating monetary stance fuel will still have to pass of domestic goods for imports, for months. It will a David Owen looks at the impoverished district of Cabrini Green Chamber of and the boom in the stock and but the experience so far has debate on the language Issue the lower house bond markets should more than Quebec. The language Deputies, allege that President raised doubts about the In bade on outweigh the negative effects of accuracy of projections on how charter was sponsored by a has gone restrictive 1983 to more government far and fast this should happen. separatist Parti quebeeois election pledges in respon- policies, the OECD concludes. The projections, prepared Government under Hr Rene bring to justice all those The factors which have Developers eye Chicago slum rights viola- under the OECD's usual Levesque. He was turned out sible tor human strengthened the economy over dicta- assumption of unchanged ex- of office a year ago by the tions during the military thepast three years are weaken- change rates, are also vulner- Quebec Liberals led by Mr THE CLOSEST most "respect- creasingly an Isolated pocket of an enterprising developer. those living in the designated torship of 1976 to 1983. lug, however, and there are a ” dozen top military able to the risk of a further Robert Bounssa. able Chicagoans get to poverty and dereliction in a The financially-strapped CHA, "evacuation'’ areas. So tor a number of risks which could and police officials have brouhaha in the foreign ex- After its electoral defeat Cabrini Green is when they band of affluence. squeezed like other housing The forthcoming April leaders threaten the short-term outlook, long prison change markets. last December the Parti glance out of the window of According to the 1980 census, authorities the mayoral election is further been sentenced to it says. around country govern- Sectoral weaknesses, especia- quebecois remained relatively the number 151 Lasalle Street 77 per cent of Cabrini Green’s by steady cuts in federal Raid- dampening speculation of an terms the civilian Domestic debt Is reaching responsibility in ally oil and agriculture, are quiet for a long time hot bus while commuting into the residents live below the official ing, must find such an offer Imminent sale. With the race ment. tor their record levels, raising doubts “ war acting a drag on growth. recently it has seized on the Loop, the city’s thriving busi- line. sue to be tight and his support the conduct of the dirty about the ability of the con- as US poverty They scrape by on sorely tempting. But the poli- a means to ness and financial centre. tour years ago near total in In the 1870s which claimed the sumer sector to maintain its The OECD warns that the posi- language issue as a median family income of tical and social consequences lives of at least 9.000 people spending. Household saving tion is still critical for farmers, attack the Bounssa Govern- From this distance (about 34^63 per annum (3192 less of a sale would be daunting. certain CHA projects, incum- who "disappeared** after being fell to 44) per cent of personal although the sharp reduction in ment. three blocks), Cabrini is Just than the equivalent 1970 census The stiffest resistance bent mayor Mr Harold Wash- would by paramilitary incomes in the second half of domestic price support incor- Last week the Justice another nondescript collection figure), shared between an come from the rahrfnt Green ington is unlikely to risk kidnapped 1985 and the trend continued porated in the recent Farm Act Department charged 27 Mon- of squat red brick residential average 3.7 member household. residents themselves, despite upsetting Cabrini Green resi- rights organisations in 1986, die OECD says. and the depreciation of the dol- treal businesses with display- high rises. To the 12,000 or so A glance out of the window the squalor and violence in dents before the election. Human insisted that the trials Household finanriai wealth lar go some way towards im- ing English-only or bilingual people who live there, it is on the other side of the Lasalle which of them live. Certainly, the sitting mayor have many chain has also risen sharply, but proving export competitiveness. signs saying they must obey arguably the worst example of Street bus reveals a neighbour- “ There's a psychology in would have to play an integral continue down the saving is likely to revert at The OECD forecasts that the BUI 101 strictly until the a public housing project gone hood known as the Gold Coast, Cabrini Green that the whites part in any decision to sell of command Vnmnnrt circulat- some stage to a higher level, decline so far in the value of appeal court decision was wrong in a formidable Chicago where median 1980 family are coming back to take over CHA property. have been weakening consumption growth. the dollar should lead to a known. catalogue of errors. Income was 356,097, shared the city," says Ur Richard But, as land values in the ing that top military leaders en Corporate debt is also still cumulative increase in manufac- In an average summer, between an average L8 member Powell. CHA Comptroller. surrounding area *nw*fom«» to have threatened to resign high, although worries about tured export volumes of according to Hr Steve Boglra household. (About 86 per cent of CHA rest- rise and the condition of the masse if the Punto Final bill companies' balance sheets have between $25bn and $30bn Latin American of the Chicago Reader, about dents are black.) ** There CHA*S completed fjnanaen is not approved- subsided. The OECD forecasts (£17.4bn to £20Jbn), or 0.6 one person is shot and injured would be hysteria," Mr Powell Opposition political leaders M are based on a drop in after-tax per cent of gross national pro- foreign debt every other day in Cabrisi's adds. They would look at It from Paraquay told the Finan- first ‘In an average as an emotional, cial that Paraguayan mili- profits and relatively sluggish duct by the half of 1988. Green's 7] gang-infested acres. not a logical, ‘According to die Times capital spending next year, but With the expected impact of This year, the homicide rate is summer about one decision.’’ tary leaden had been involved rises to $382bn running at 12 with fat a proposed coup there is the possibility that in- devaluation on import volume , compared In addition, rents for CHA 1980 census, 77 per supporting vestment will be even weaker growth, this should mean that 11 In 1985 and 10 in 1984. person is shot and properties are pegged to 30 by dissident Argentinian mili- By Mary Helen Spooner in than projected. the contribution of net exports The project's most trouble- per cent of household income cent erf Cabrini tary officers against President Santiago injured every day in Aiffo until year Federal budget deficit reduc- to economic growth will amount free period in recent memory —an average of 382 per month, Green residents five ya'n July this tions are expected to be benefi- to 0.3 per cent of GNP through LATIN AMERICAN econo- lasted for nine months in 1981, the 71 gang-infested in 1980 end several times below when It became apparent that cial for growth in the long- 1987, compared with —0.9 per mies grew by an average of when only one homicide was the market rate for accommoda- below the official the radical party was to insist term, despite the short-term de- cent this year. the recorded. Zt followed former acres tion elsewhere. With federally 9 on an end to the trials. 3.4 per cent in 1986 and line region's foreign debt grew by mayor Miss Jane Byrne's three- subsidised housing becoming poverty President Alfonsin has not cent 3382ba week tenancy of a fourth-storey ever scarcer under the present satisfied critics who claim he is US ECONOMY 2 per to (£287bn), according to the apartment there. In the first As the surrounding area is administration, the alternative acting under military pressure, United. aNtions Ecomle Com- three months of the year, how- gentrified and the boutiques and for many would probably be a deteriorates further, the word fay attempting to rush the bill Percentage changes except where otherwise Indicated mission for Latin America. ever, there had been 11 killings health food restaurants shelter tor the homeless or a is spreading that Cabrini ftrwipi 1985 1984 1987 1988 HI Preliminary animal figures in a murderous escalation of encroach, Cabrini Green looks park bench. Green's days could bt num- Private consumption 3S X8 34) 24 showed that Latin America’s inter-gang hostilities. more and more conspicuously Even assuming that new. bered in spite of the inertia Government spending AS 22 141 lommafist beaten IS terms of trade have fallen by Yet Cabrini Green, situated out of place. And its value as homes were found for Cabrini which has kept it in its present Gross fixed investment 7J OS 20 43 per cent over the past slap bang in the middle of prime real estate Is soaring. Green residents (the recent bid sorry state for so long. Alfredo Tam Mural, a journal- Total domestic demand 3A 33 24 27 8.7 year, with a 20 per cent Chicago's yuppie-fuelled pro- was reportedly sweetened with Hr Powell draws an analogy ist, who is one of the fiercest GNP 2.7 27 34) 20 According to local press deterioration over the past perty boom north of the Loop, the offer replacement hous- with a private company simul- critics at the Venezuelan Gov- Consumer price deflator 3JS 22 21 24 reports, the Chicago Housing of taneously bit by tolling incomes ernment. . claimed yesterday 7J 7j0 4J7 AS five years. is increasingly the apple of Authority, created in 1937 to ing for those displaced) and “ and spiralling costa. that beat him Current balance (Sim) -117,7 —1384) “1325 —643 The purchasing power of local developers' eyes. Less remove slums and provide Chat their staunch resistance to When that , two men who up says, last at Latin American exports than two miles from the Sears decent, safe and sanitary hous- any move were overcome, the happens, he sooner or . Friday were guards Source: OECD decreased by 9.7 per emit in Tower and the rest of the down- ing for the poor,** was recently project's reputation is hardly later you have to ronstder. *aH- 1 Venezuela’s presidential office 1986, town skyscrapers, it is in- offered 3150m for tim site by calculated to endear itself to ing assets. complex hi Caracas. WORLD TRADE NEWS

Turkey Peugeot Citroen tops Egypt asks to protest US tool curbs /* cuts duty EEC for N-plant STEWART FLEMING, US EDITOR, IN WASHINGTON league as world’s on some BY THE EEC is planning a to increase their market share. It taking made at the Ponte del $890m during AM period bids to be protest against the Reagan had earfier Imposed curbs on Este meeting - which approved a In a step winch underscores largest diesel imports ministration's dechrion not week imu-him* tools from Japan and new Gatt trade round - net to im- the growing tendency for even maker to try and impose curbs on ma- Taiwan. pose new trade restrictions and the bee market-oriented Reagan extended By David Bardnrd in Ankara chine tool imports and to threat- Bat yesterday the EEC, to un- will tend to inhibit exporters Administration to adopt inter- BY MCK GARNETT W LONDON By Tony Walker fri Cairo en retaliatory action against the derline that Hub (rede matter from selling in the US market ventionist measures in the face (Peugeot Citroen) output ranking of the THE TURKISH government haf THE PSA , leading US. and not, as the UShas been sug- even without the formal imple- id the American trade crisis, it EGYPT HAS again asked reduced customs duty on 163 im- group in France took over from seven producers of petrol The US imposed resiiaiiiia on gesting, a national security issue, mentation of quota arrange- was announced that the Defence tenderers tor a nuclear power ports but imposed special sur- Flat last year as the world's engines, according tothe study, was preparing to tell the US that ments. Department would spend as station, valued at more than charges on 108 new items. largest producer of diesel but Volkswagen entered the top and ordered other Ha actions were an infringement Imposing the five-year curb on much as $15m during the next 31bn, to extend the validity of The lower duty will be engines by volume. 15 for the first time, coming machine tod exporting nations, of Gatt (the General Agreement their bids. beer, machine tod imports, Washing- three years to support the ma- Its output of 500,000 engines applied to textiles, chemi- and in at eleventh in the table. lndoding the UK, Spain Ita- on Tariffs and Trade). ton said that it would give do- chine tool ludusn/k National Its nuclear power plants cals, petrochemicals, foodstuffs, in 1985 lifted it from its third Total output of diesel, petrol ly, not to take advantage of im- The EEC also maintains that machine makers authority has asked Kraftwerk pharmaceuticals, and computer mestic tool a Centra fox Manufacturing place slot in 1984 polling it and Brazilian-made engines port curbs from other countries the OS move breaches an under- dunwi additional facility. above which, Union of West Germany and equipment. However, the prac- to earn an Sciences research Fiat despite operating on alcohol rose just increasing volume, Westinghonse of the for tical effect for Turkish con- its tell to over 4 per cent last year from US a third place, according to the six months extension beyond sumers may be slight because 8L3m in 1984 to 84.7m. all imports Latest world engine study by the end of this year. these are subject to Total world production of surcharges for the Hass Housing Planning Research and Systems KWU had emerged the Concern over Porsche’s reliance on diesels in all horsepower hands as Ozal, US Fund set up by Mr Tugiit (PRS), the London based engine was 11.4m, a rise of amort 7 winner in a protracted bidding the Prime Minister, in 1983, and consultants. BY JOHN GRIFFITHS per cent over 1984. Tins figure phase against Westinghouse and other extra-budgetary funds. Volkswagen which moved Framatome of France at the PORSCHE, the West German tions whether Porsche even Phillips the represents a slowing of the The reduction in customs & Drew, the company US, its share of sales is from fourth to second in the head of an Italo-French con- luxury sports car maker, has wants to take this route. would continue to Increase per while growth of world diesel engine duties appears to be an attempt under 1 cent even in world league table showed the sortium. A letter of intent left itself “uncomfortaly ex- M output which grew by more had to answer criticisms that Turkey Porsche is dominated by the earnings, despite the decline Europe, including West largest rise in output Its 1985 than per cent in 1984. been expected to be issn«f» to posed” to fluctuations of the desire of the controlling fami- of the dollar, through higher Germany its share is still only 13 is not honouring its commit- production of 557,000 engtoea the Wert German company dollar against the D-Hark be- lies, In particular the founding sales, price increases (they around 3.75 per cent rose from the The largest growth in output ments under the Treaty of 406,000 previous before the end of the year, cause of Its heavy dependence member Dr Porsche, to preserve have already gone up by 20 The report acknowledges of diesels was in Western Ankara to reduce its tariff year. This partly reflects a opening the way tor on the US market, according the exclusive image of the per cent since October 1985 investor Europe, in particular West detailed barriers for EEC imports. some uncertainty about distortion in the figures for 1984 negotiations. to an analysis by stockbrokers marque. This takes precedence to an average of 343,000), and BMW's competitive position and because of the Wert Garment Germany and France, reflecting This reduction is unlikely to Egypt's serious financial diffi- -% Phillips and Drew. over growth or earnings in- a “richer” model mix through the weaker dollar. But it fore- metalworkers strike but the strength of their diesel- satisfy the European Commis- VW is culties have almost certainly The report on West Ger- crease considerations.” much increased production of casts a “substantial increase” in selling powered passenger car sector. sion as there is still no indica- also engines to Volvo. caused latest many's luxury car manufac- However, the mid-range 200-300 series, France the delay. Zt seems tion goods being given Daimler-Benz, “one earnings from 1988, when both The position of these, com- is the world’s fastest of EEC unlikely that it win be able in turers points out that 54 per of the strongest automotive and a smaller increase in the the new 7-Series cars launched panies reflects the continuing growing market for this appli- preferential treatment — and embark on such an ambitious fi»nt of Porsche's sales were in groups in the world,” had largest S-class cars. in October and the new 5-Series growth in damanii in for cation. because the Community does Project for the foreseeable the US. As a result, the sharp recognised the acquisition of This would be facilitated by destined for launch late next passenger cars. Output In not .share the Turkish Govern- North America future. decline of the dollar will leave high-technology companies to the addition of Its planned year reach full capacity. ment’s view that the surcharge Outside the sphere of pas- remained static. Production of the company’s earnings, to be keep abreast of them. third car plant A spokesman for KWU said on imports does not count as a from 1990. When coupled with the 8 per senger car engines, the diesels in Japan, the world's declared in February, “below foe company would But its bold diversification which would increase nominal cent capacity increase, to highest ranked company in largest producer accountin fin- study customs duty- The Community g Egypt’s latest market expectations.” strategy bad not lost sight of capacity by 11 per cent to well 490,000 units, provided by the terms of volume last year was 24 per cent of world output request and a is believed to have been quietly decision would be Porsche's ability to boost the fact that its core business over 700.000 units a year. new Regensburg plant, “ the Perkins, the engine-making sob- grew by less than per taken in pressing Turkey on this point 4 cent. consultation earnings substantially will also remained its production of 'There should be no problem production gains will occur siduary with, the Bonn ex- of the Verity Corpor- . number tor many months. A of main markets by which Turkey’s widening trade come up soon against produc- its highly-profitable Mercedes finding a market for this addi- clusively in the higher margin ation (Massey-Ferguson). application showed: signs of has offered tion constraints, the report luxury cars. tional production, given that models, and the net benefit 2bn (£7l4m) Hermes- deficit, 32E72bn (£2bn) in the will There was no change in the some recovery through 1985. tackedI warns. However, it also ques- As a consequence, forecasts even in its best export market. be aubstantiaL” credit in support of the first nine months of the year or DHL 33 per cent up on the same The period of 1985, leaves Mr Ozal Egyptian Government Is ENGINE PRODUCTION 8Y MAJOR proposing to build little option but to apply the its first nuclear ! brakes, according to Turkish MANUFACTURERS (N 1985 reactor at El Dabaa on X ! Tokyo stops Insurance Israel agrees to buy the Mediterranean officials. coast, 160 km west The new items to be sur- of Alexandria. charged include some, such as iron and steel products, on for exports to Cuba crude oil from Egypt which customs duties have been FINANCIAL TlMWq thk ISTRY of International change shortages and economic dif- lowered. The surcharge on im- MIN BY JUDrm MALTZ 01 JERUSALEM BABUwd by Tbe ntuadal Trade and Industry (MIti) in Japan ficulties surrounding falling prices Than ported meat has been raised jtanna) tat. RrulAnt Branch. from 3250 to 9400 per ton and has discontinued the practice of for sugar and other major export ISRAEL wiD purchase 2m tonnes of tonnes, or 30 per cent, of Israel's I (U NA SWm» no«o

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Financial Times Tuesday December 23 1988 Last year our apples tempted Americans to part with 58 million dollars.

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23 1£>s6 Tuesday December a Financial Times ORE1 MANAGEMENT: Small Business EDITED BY CHRISTOPHER <- ^.

to is designed ^.^3 rttu: Fleur de Lys Automobiles In brief... companies to t® assist companies AN EXPANDED training in locate to in programme farms the basis wyrtwr companies for the London Enterprise Agency’s (LEnlA) ambitions objective of tripling the turned attendin How a baker number of people g £5- its training courses next year 0031. price to 3,000. Potential entrepreneurs and owner managers are the to vintage deliveries target for the series which, says Peter . Ttaekway, LEntA's training manager, Christopher Lorenz reports on a novel engineering venture eater for a perceived demand.

_ Among the series are: The When Hong Kong celebrates force of 60, production is now tion was to convert his offer for Business Programme, which the Chinese New Tear in a running at about seven vehicles a van into a bid for the whole is an advanced course to month’s time, its residents will a month, with a three-month company. When he found the develop a burthen plan ahd h.. » Twg be able to enjoy an tmusnal order book. asking price too high be did the practical business skills over ? new attraction: riding aboard If the business continues to next best thing and decided to a series of four weekend two red 1920s-style luxury thrive — and the nostalgia set up in competition—and lure wotksfr pi; .the Private motor-coaches. advertising market shows every away the company’s all-import- Enterprise Prognmmie, ..a The 10-seater "courtesy sign of growing around the ant designer, Len Terry, who practical ahd flexible training coaches," which leave South- world — the company's main had a 20-year track record as to supplement owner- ampton docks today, are the the designer of a long line of Business problem wil be containing its managers’ dfib; tunriUe Rood, London Nl latest export from a small successful Formula 1 and 2 Awareness Workshops, one expansion within manageable price £3.95. British family company with the limits racing cars, including Lotos, day courses for entre- , ^ exotic name of Fleur de Lys BRM and BMW. preneurs starting on the Fleur de Lys took its name, reminder to Automobile Manufacturing. On the basis of Terry’s exper- Enterprise Allowance A SALUTARY its international character, and the businessman of Uw in car tise, the family decided to take Roger Ta/for Scheme; Introducing One Based a former show- its strong financial backing, due «**««*- , need to give room in the centre of Newark, a more ambitious approach to Kyri Kyriacou: vertical integration backed by the empire's financial resources Day Training Courses, which from the company which gave My “ to health and safety Nottinghamshir the next the business than those com- arte the question Is self- tfah e — fai the it birth, Fleur de Lys Patis- invested in the business so far, France and Germany already Levins family style* Kyriacou Issues is contained market town north from Mrs panies already in it. Instead of employment right for yen?* West- series. Founded in North with no real return expected showing signs of catching onto refuses even consider Enterprise latest issue of National Thatcher’s birthplace, Grantham buying ready-made modern vans to ahd Design Pro- Business London by a Greek Cypriot, until 1988-89 (its financial year the attractions of promotion making a five-year pJan for the gramme, a 14-week course minster Bank’s Small — Fleur de Lys has been trad- (either Ford Transits or Ley- out that Andreas Liveras, the patisseries runs to February), and the only through nostalgia (plus a tinge business. The bank; of course, for design graduates offering Digest. It points ing for little over two years. land Sherpas) and putting new may manufacturing business moved form of outside financing is a of English snob appeal), he is demands a three-year budget, a grounding in business while larger companies Yet its annual turnover has glass fibre shells on them, they after- 130 miles north to Newark a £500,000 bank overdraft facility; emphatic that his optimism is but anything mere would management, together with be able to ride out the already topped £L25m, more went for fully-integrated manu- or an decade ago in order to find the Kyriacou stresses that this has justified. clearly not be worth ifce paper package of grants math of an accident than 40 per cent for export, and facture. aecess to a among space to expand. It then started not been fully used. Though only 25 vans are tt was written on. Plough the and loans. occupational Alness it is on course for well over Engines, transmissions, sus- a to grow with a vengeance. soft-spoken but fast- company lias a thoroughly SSworMoroes the write £2.5m in two years' time, when pensions, electrics and so forth The operating abroad so far, Kyria- Further information from talking tycoon also already starting professional computerised 01-23S business of one serious exports could be taking as are all bought from Ford—the young cou is to be Geraldine Davies eh bhB underlines the family’s long- the classic accounting system, and keeps acrideot can be very damag- much as per cent. van carries a Ford warranty faced with small 3000. 70 to the person Automated and is serviced by Ford dealers term ambitions for the company. company dilemma of whether very tight control of its pur- ing net tody The prime business of Fleur the business’s worldwide—but the chassis is When his father-in-law first to continue relying on agents chasing and workflow, it gives affected bat to de Lys is the manufacture of From an annual turnover of USEFUL BOOKLET, made by Fleur de Lys, the decided to turn his patisseries or to invest In the overheads of the impression of very much A dumbo of survival. what Len Terry, one of its some £200,000 at the time, it its fourth edition, just for a smaD wheels are specially suppfied, business into a mass manufac- going direct In Germany, thinking and acting on its h ham “The tody way directors, calls "mobile adver- has expanded 40-fold to the I . firrtPi ensure that acd- and all assembly work is done turer, producing ahead of where six vans have been sold, collective feet. H buflnes* to tising hoardings": £16,000 repro- current year’s £$m by specialis- Binder Hsaaljh;. which ,et$&- health are In Newark. demand, he faced similar Kyriacou’s agent will join bis Thus, although Kyriacou 01 duction vintage delivery vans, ing in own-label frozen fresh Uses. 290 assistance and in- Identify the Another departure was the criticism from cautious small staff as a full-time employee stresses the obvious production avoidM la to emblazoned with their owners* cream gateaux (Black Forest centive dfMmd-for- and the pra- decision to use heavy sheet steel competitors. But, with the help early in the New Year. Apart cost advantages of rtickmg with NMtam feflwrds it fo«s livery and signwritmg for all et al) for Salnsbury and mast Brttish business fhe dral with bodywork fibre: of his Son (who now runs from Greece, aU other overseas Vf UK cautfonfl needed to the world (especially potential of Britain's other leading instead of glass one basic product—plus a small Patisseries) and Kyriacou, both sales are currently being made Government atari the X&fe* these, and then to make sure customers) supermarkets and food retail, Kyri Kyriacou, who was made range of variants—he seems to see. The Hong peon . sjtx , followed managing director at the tedder of whom learned their manage- through agents, though a third to special CuananHy tt h tike precautions are coaches, ers. In the process the com- prepared accept Song bound for the months tdnee the third book- . Advice on how age of 25, justifies this on ment skills entirely on the job. exception could soon be made custom-made jobs ft the con- Wtcmatteany Macau Tourist Board, are simple pany has built up its labour let was and several grounds. Including Livens went for the big time. in the most attractive market tracts are large enough. ptAUAed and fa fait fa comply with health conversions of the company's force to over 400, and liveras time, solidity ease repair. of all, the United States. save Binder HambriL safety law and regulations Is a millionaire. and of “We’re used to manufactur- More dramatically, is con- standard product, a 15 cwt van has become he nine schemes have been with- available from local Health The company’s bottom-up ing on a large scale, and sidering making major called the “Newark." He has also moved into the a new drawn and a further St and Safety Executive area design of its own van has also financing it," says Kyriacou. He departure into a Ingfa-volmne, Since it first went on sale fully automated manufacture Debugged schemes have been added or offices, which are listed in eased it through the compli- also points out that staff motiva- modern specialist vehicle which in September 1984 the of frozen puff pastry and, at substantially amended. telephone books. cated and expensive process of tion and teamwork benefits Apart from eight vans sold would transform Fleur de Lys “Newark” has been bought, the age of just 51, out of getting government type from “having a factory fall of direct from Newark, Kyriacou into a medium-sized company Among the additions or • singly or in pain, by a long list Britain into semi-retirement in consciously approval for sale of the van guys working, rather than being has held back from almost overnight, taking it into amendments of particular THE LONDON Enterprise of High Street names in Britain, Greece, where he now runs a throughout the European Com- forced to react to peaks and the US market until he could competition with, much larger relevance to the smaller Agency has Introduced a ranging from Safeway and Asda lucrative yacht chartering busi- cost all business munity, an exercise which troughs." demonstrate beyond doubt motor manufacturers. If the is “Business series of seminars aimed at supermarkets to Bass beer and ness in Piraeus. not far short of £100,000 and His ambitions for the business that the product is totally still-secret project gets the technical advisory service: offering established and bud- Wall's ice cream, as well as a to It was less than four years occupied the first 15 months of are grand indeed. Against sales debugged and thoroughly stage of full production, it will support for marketing.” This ding entrepreneurs practical host of specialist wine mer- ago that Liveras and his prime Fleur de Lys* existence, between of about 75 vans in the current proven. He is currently negoti- require outside finance. prorides financial assistance and flarihfa training in * chants, florists and chocolate lieutenants, son Dino and son- June 1983 and September 3984. year, he is going least ating with an agent in Palm ior utuepenran tunas witn up disciplines. These for at Even in the absence of this ' ‘ variety of makers — and even a City of Kyriacou, The even costly American Beach, Florida, of he has in-law Kyri first con- more 100 in 1937-88- "If we succeed whom big but risky leap forward, to 500 include selling, sales promo- London auditor. fall ceived the idea of branching approval procedures—on a van in the US, it’ll be double that,” high hopes. If the talks cost of employing a marketing, Kyriacou is dear that he win , bookkeeping; Outside the UK, “Newarks" out into the apparently unlikely which uses many Ford of through, he will probably go marketing cansultantml fa rta he predicts — though this soon need to enlarge Ms six- h i accounting and ways in have already been sold in 11 have choosing direction of specially motor America components — would nearly triple the com- direct, to focus on person management team in fa devd *i3. _Jb to find new products. countries, in addition to Hong manufacturer. They ap- taken much of the past year, California instead of Florida. strategies overall had pany’s turnover in barely 12 order to ease the heavy burden and ana . The semiaara begin on Kong. As well as the more small of and are now virtually complete. proached a maker months. He is well aware of the costs which currently rests on Ms marketing plan. Jatnauy 7 and continue to obvious European markets the imitation vintage vans In To the obvious criticism that Even with 100 vans on of running his own US show- shoulders. But he is unlikely Among British Coal special March tl. venue is the (France, West Germany, Italy), south of England to buy a pro- this high degree of vertical Britain's roads, roughly as many room and sales staff. "But if to change his long working di _ funds is “British Coal Enter- Boyal Celfeg*. of Art, patis- they can now be found on the motional vehicle for the integration is risky for such a as its two main coachbuilder- there's a market, you’ve got to which starts at (L30, just as it prise Ltd: loan finance." This Krawtegton Gore, London, roads of Portugal, Greece, series business, only to discover young and small company, competitors, Kyriacou considers tap it," he declares. “If you did when he was down on the provides funding towards SWT. Further details from Canada and the US. In all, 125 there was a waiting list of over Kyriacou points to the strength that "we really haven’t tapped don't, you're likely to lose it bakery floor, or out on the creating new or alternative the London Enterprise vans have been sold in the UK two years. of the family empire's financial the UK marked yet." And with altogether to someone else,” road “ learning to be a manager Job opportunities in tzadt- Agency, 4 Snow BOIL London and abroad, and, with a labour Liveras” characteristic reac- resources. Nearly Hm has been European countries such as In what one suspects is true as I went along.** tiona! coal mtirfwg areas end BOA ZDL.

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ENTE NAZIONALE IDROCARBURI NOTICE TO HOLDERS E.N.L KUWAIT ASIA BANK E.C. (National Hydrocarbons Authority) USWUMMMMO & FLOATING RATE CERTIFICATES OF DEPOSIT 1987/39 7% Bonds 1988, due January 15, 1988 NotiC* hi given pursuant to condition 4 of the certificates of dapoeft (tbs NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Sinking Fund for the 'Certificetm") that any holder of the Certificates eheH have the option to CORPORATION ‘ — “ CHASE nan hie Cartlfica at par on * mencement pursuant u presentation of the Certificate LIMITED (s) shall, bo foth January. 1967. Outstanding Bonds ofUS, 31,000 Each ofPrefix “H" Bearing Serial Numb Headers wishing to exercise their option to redeem their Certificate* under condition 4 should deposit them with one of the banks paying agents Ending in die Following Digit*: TVo either Kuwait International Investment Co. 8.A.K. at Ha principal office 5th Floor. Block 00 02040808 10 18 82324346.81 74 83 to 1. ai Salfale Commercial Complex. Sam. Kuwait; or 01 03 OS 07 09 12 21 26 40 44 SO 63 82 93 Morgan Guaranty Trust Company of New York, Avenue dee Arts 35, 1040 Brussels or Chemical Bank, 160 Strand, London WC2R 1EX. USD 20,000,000 Bonds Each of Prefix Abo of US. 31^00 W CHEMICAL BANK INTERNATIONAL LTD Bearing the Following Serial Numbers: on behalf of 1416 4616 7316 10316 110J6 12816 15116 17916 19216 21816 23416 24016 25S16 87416 30716 31716 Kuwait Asia Bank E.C. Credit 2916 6516 8816 10916 11416 14416 16616 18016 20516 22918 23616 24716 27016 30016 31316 Medium Term

at the corporateirporate trust omce or uoigan bnanoty irust company ox new row. Ml WestHnMutway; Classified Advertisement Rates New York,k, NXNY. 10015, or (b) subject to any lavra and regulations applicable thereto with respect fron January 1987 to the payment,lyxnent, currency of payment or otherwise In the country of any of the following offices, 1st Funds provided by al principa]rincipal office of the Banca. Nazionale del Lavoro In Rome or the principal office of Banca JPer Line Per Single

Commercial e I laliana in Milan or the main offices of . Trust Company of New York (mm. Column in London, Brussels, Paris or Frankfort or the main Ice of Kiedietbank SA. Luxembourgeoise 3 ttnesj Centimetre Australian European Finance Dresdner in Luxembourg-Ville. (minSciiu} GorpomPon Nv (South East Asia) Limited Bonds surrendered all 1 £ for redemption should have attached unmatured coupons appurtenant „ . * thereto. Coupons due January lb, 1987 should be detached and collected in the usual manner: Appointments 12fi0 43.00 of Zealand Dresdner From and after January 15, 1987 interest shall cease to accrue on the Bonds herein designated Commercial A Industrial Bank Now Bank AG for redemption. Property 124)0 41.00 Singapore branch London branch Residential Property aso 32.00 ENTE NAZIONALE IDROCARBURI Business Opportunities 13.00 41.00 Investment Opportunities 13.00 44.00 By: MORGAN GUARANTY TRUST COMPANY Businesses for Sale/Wanted 13,00 4LQ0 OF NEW YORK. FocalAgent Personal 0-50 32.00 December 16, 1986 Motor Cara, Travel 9.50 32.00 Contracts and Tenders 12,00 4t0O AUSTRALIAN EUROPEAN Under the Interest and Dividend Tax Compliance Act of 1983, we may be required to with-: Books Page — 22.00 hold 20% of any gross payments made within the United States to certain holders who £dl to Panel — 30.00 FINANCE CORPORATION NV provide us with, and certify under penalties of perjury, a correct taxpayer identifying number Premium positions available r— December 1386 (employer identification number or social security number; as appropriate) or an exemption £9 par single column an extra (min. SO eras) certificate on or before the date the securities are presented for payment. Those holders who For further details write: eiaasUfod are required to provide their correct taxpayer Identification number on Internal Revenue Service Advertisement Manager Financial Times, Bracken Hons® Form w-9 and who foil to do so may also be subject to a penalty of 850. Please therefore provide 10 Camion Street, London EC4P 4HY the appropriate certification when presenting your securities for payment.

The

Royal Air Force Benevolent Fund We are pleased to armoimce that repays the debt we owe Christopher Kemball ST ALBANS LTD Your has joined ourfirm as The Royal Air Farce readied a. peak strength of older and increasingly vulnerable to Official Porsche Centre JjjOOJHWin 1944 and mere thaaffimilSonmcn and economic hardship. To cany on its foe: wiw Executive Managing Director women served during the war years. Air Force Benevolent Final raise over for ^,000,000 annually. Thousands did not come back. Many lie in the forgot- need your help. Every donation we receive means Hertfordshire ten comers of earth and sea. Many thousands more We and Bedfordshire we have more to girt. Please remember the Fund in were left disabled — mentally and physically. your Will; advice on legacies, bequests and covenants is now open. Each year demands on foe Fund are managing as foe a gladly given. If yon know of anyone who might survivon of World War II and their dependants grow from foe Fond please let ns know. CHARIOTS (ST ALBANS) LTD., Dillon, Read Limited Royal Air Force Benevolent Fund Hatfield Road, St Albans, Herts AL4 0LN, 67 Portland Place, London WIN 4ARTel: 01-580 8343 Telephone: (0727) 55266. r- Segtased under the War Charities Act 1940 ami the Charities Act 1960 negistxatkmNo. 207327 ,1 - ; 1 : ±

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7 Financial Times Tuesday December 23 1986 UK NEWS Havilland Leading LHW Futures rejected Michael Donne reports on Belfast’s link with de Liberal Shorts looks to Canada for airliner by regulatory bodyUVU Y SHORT BROTHERS, the Beffast- MP killed «/ based aerospace manufacturer, is Havilland anglesinark«s. now discussing with de world BY HAIG SfMONIAN its position in ** Aircraft of Canada the possibility erf aSStelatoonshTjwth * LHW Futures, the cont ve sial fu- jointly developing a new light com- in crash ro r tion a prerequisite Cor selling in- firm says it stopped telephone “cold tures broker which employs high- vestments to the British public. calling” at least two years ago, it muteHype transport aircraft for pressure selling techniques to sell service ta the early 1990s. - makes considerable use of ccmmer- . By Tom Lynch — Monwpf.Moreover, membershipmemhershin of the — _ , , _ . to futures contracts to private mves- dally available mailing lists trf pot- ThisfouowB m agreement col- MR DAVID FENHALIGON, the AFBD will also then be essential for tors, has been turned down as a ential clients. advertises liberate that the two com anies companie*^ LHW to continue to trade on British It also ex- p ^QiSeotiytoe two Libmel MP for Truro in Cornwall, at last member of the Association of Fu- tensively. signed September's Fambo- the mat** south-west England was killed futures exchanges. In *February, studying , in a hires Brokers and Dealers the V',™'? rough air show. The move is re- LHW lost081 ltaits appeal to join the Lon- However, toe firm makes road accident in bis constituency ¥*** y&V i newlv created self-reeulatorv bodv l «rtted as ah indication of Shorts' dear the volatile nature of futures r~Tn " 7^ by each company Mr Penhaligon had been on his tares Exchan^- being conducted The decision, which is being ap- but will eventually way to St Austell for te&gLxlentiy an early mom- pealed by LHW, could Mr Alistair Annand, the AFBD’s ufactnring business in whidi it has anatysis against &ec- managing riirp«» to an visit to Post Office workers reason for to r teSou^Sgetber tiveiy putitoutof business unless it chief executive, gave no been considerably successful with be fo; ofwfaatthe likely market wq when his car was m collision with a the decision to bar LHW, which was LHW, which is privately owned its existing Skyvan »nd Types 330 can persuade the Securities and In- of amxaft m van cm black toe. A doctor certified reached the member and employs about ISO people, has »nrf vestments Board to give it direct by AFBD's 360 twin-engined airliners. him dead at the scene of the acd-acci- ship and endorsed by its been extremely successful since be- lBSQs. ship committee 1 Tim company lost £35m in the authorisation. also study advanced dent of ing set up five They will denf which to have the council. Futures exchanges some years ago. The year to March 31, w»m»rf company what is nheiy^toDe Royce confident that there will be prof- . his constituency and his party. V%/kCiCiinla will teve rtneigeq, He gines), and missile development its again In toe current financial is seeking a greater grouping of IMPS praised gives notice of possibleIfXC that txfflethflt dcosuras his personal warmth, his GEC and manufacture.anufacture. year. oampft- djs only at m Sooth American aerospace ku a , . II, l U_ uifl ha takn Ml •whether or not TO communications skills, his dedica- w o Shorts has just been awarded a r SlbTta-.a.ataltarorMlt strategic of . tion to the party his role in its nms. in tte iwmw rrr. r~7. .rS. 'SrzrTr ~ zZ on whnt type of au and QllPlPC £225m contract from the Ministry m .hud md revival. 1 750 Nimrod redundanciestalllvlviJ of Defence for development and po^ flat the Gmemmert te- Mr Penhaligon won Truro at the 9 production of its new Starstreak su- ftfc thus too wriy to «y pM second attempt in October 1974. BY DAVID BUCHAN personic air-defence missile for taking It out of Conservative hands troops on the battlefield, the biggest from the joint de Havilland and its current “four-cornered” business That wis the reason Shorts nnt sh> Phiha re- GEC has served legal notice to the The engineering unions have bit- AEW radar to put to its C-130 Her- single contract ever won by the Shorts studies. But Sir Philip re- civfl aircraft, signed toe agreement wito de Ha- Government and to its trade unions terly criticised the government de- coles aircraft The company had company. stroctare-fixedrwtog oonfidemt that smpflthing military aircraft, missiles and aer- vflland. The Canadian compan has rela- that it may have to make as many rision last week to teiy the US Boe- hoped to install the GEC radar in xb help it through its fiuyncfai y wS* -ai result from the [ as employees redundant its tog Awacs ostructl,r1*’ 1,750 in AEW system to prefer- the Hercules and to market the problems, the pauy was recent- SStowithdeHavinand. avionics and computers divisions ence to the British-made GEC Nim- combined system worldwide, but Philip ]y granted a new funding The companyrompaay stresses its deter- ^ Looking totharabeaii. Sir following the cancellation of its rod radar, mainly on employment only if the UK Government showed limit of E38m by the Government urination to stay in the civil aircraft which m«by hundreds have been Nimrod airborne early warning grounds. enough confidence to the GEC rad- for 1986-87, compared with an EFL business but adds that, because of ha« fanen the sole sold, and toe morerecent DaA 50 (AEW) project But the Government has argued ar to buy it of £16mE16m for 1965-86.1985-88. the virtually prohibitive costs of do- SZHSJKLSL SLfiZ But the company said yesterday that offset arrangements which re- Lockhaed-Georgia is believed to The difficulties an the aircraft ingsoalcaie,itwaionlydosoantheing so alone, it will only do so on the T , T v currtos for tune to come. He it would its best to place quire Boeing l do work- to place more than have spent some S6m since 1982 on side to 1M5-86 arose because of wwwbaas inof imniptemqiiqiiunuMHp^y collaboration.v^Hhiumuimu* • t markets. ers, particularly skilled technician^ £lbn worth of contracts with Brtt- technical feasibility studies and t gii iT vmrW mj i the Erai to the small, light commuted may sun be on the Government's ish elsewhere in the group. GEC said it companies over the next right market identification for toe Her- kat dace which forced Shorts to transport aircraft market, in which like Shorts, however, de Hav3- lnn^temi programme, the company -t A mil TIL -J ft. n -v - . hoped the final Nimrod redundancy years create cules may as many, or more. AEW. It said yesterday it was trim its prices at a Wmo when pro- Shuts has spedafised, the devriop- land has been fimfing toe going win have to build op a trade-record tote! would considerably jobs than will be be fewer now renewing alternative AEW duction and materials costs went up ment of a new type could cost well tough to the world market place of profitabiftiy before it can go to which than 1,750. sey, expects to be a major radars available in the US. But the sharply, over £160m.£180m. and eariter this year vra$ itself ttemarkrt for a flotation. The GEC Avionics factories af- beneficiary from Awacs offset main maker of such radars, West- footed are at Boreham Wood, Rad- work, has already launched a rec- inghouse, is already committed to tott and Heme! Hempstead, all in ruitment drive among the GEC Boeing for the Awacs Systran which T southern England, while the two workforce. Britain is buying to Grumman for LucasIjl announces £4m expansion Prices of GEC Computers factories affected Meanwhile, Lockheed-Georgia the Hawkeye and possible to Lock- are at Boreham Wood and at Dun- said yesterday it was going “back to heed-CaUfomia for an AEW variant a stable, also in the south. square one" in its search for an of Its P-3 Orion aircraft. tof'h make silicon chips in Ulster houses David Penhaligon: BY OUR BELFAST CORRESPONDENT direct and nitty ‘frozen’ Aapf iy tiLHmifnHmlwg will High tech LUCAS INDUSTRIES yesterday mainly by the tefeconu jo nf tCCD* for the first time nearly Sachs to years. Goldman 25 announced a £4m pypan^on of ite and avionics industries, His majority then was only 484, but mamifagtunng actjvite to to- Small-scale production is current- his dogged defence of constituency them Ireland which wffl gwe the r^^^rinwteRriteinluivefro- fore in ly undertaken within rthe eufoma- interests helped to push that up to move to Fleet Street ite ^eomm^atowato LucasLores to Binning- five division of BiSg- over 10,000 at toe last general elec- p^ stocon chipfgnretiOT plant dup niamifectnnnfr Mr JtdmNEBAi- cording to a survsy from the estate ham.bam.hum This willtiriU be movedrntwed tota Antrim °^^^^***«* tion. Lucas Stability Elestronics, a lMt>taton BY PAUL CHEESERIGHT, PROPERTY CORRESPONDENT and built 19up overaver five years. Almost He had been parliamentary spo- I Scotland Wholly. OWMd Subsidiary of the said Locals choice of Northern ofSSSSS'-filStfCharte^ Suryeyors. h*1fhalf ofnf fZthe projectednmterted 200280 labourtehnnr kesmanaesman forror hisms party on most ofox thetoe groan, will create 200 jobs land was very encouraging GOLDMAN SACHS, the US invest- with dealing floors of up to 30,000 imp rt electronics new at tnrr* to Opt Netrfr 60 per cent of toe 190 THE o ance of the VIA —:l— ± lXKWf nwjor domestic potoy areas smee its factory at Antrim, 20 miles dais who had wurioadhazti oner tite bank, has ended its search for square feet and possibly a total of industry to the Scottish economy from *«stfstoEqg£tnd and Wales potted 1S77 and was latterly rte spokesman Belfast, where it already employs past year to boost toe foxtoaes of a permanent London home and is 300,000 square feet of space. But de- was emphasised yesterday by the ttelrstyea? i?the survey reported that house on economic affairs. He was presi- 400. this sector. to buy the Daily Telegraph ate and tailed plans have not been drawn release of figures showing that data prices had not risen at all to the j dent of the party last year. The expansion will enable Stahili- Mr Andrew little, director and Mr Peter Figgers, Industr Mia- November, and 36 adjacentproperties on Fleet Street up. processing equipment and office y quarter ending to Mr Penhaligon was a strong sup- handles fy to introduce a new range of com- general manager of Stability, said .ister atthe Northern Ireland Office Mr Brian Maier, who the Sachs to machinery was Scotland's leading , cexd trf agmits reported rises of porter of the alliance with the From 1989, Goldman So- Saehs property interests. ponents, known as surge suppress- financial assistance from the Nor- said the investment was the result per cent. Goldman tend*; to make the new building the category of exports to 1985. It out- 2 cial Democratic Parly to its early sors, whidi are used protect Industrial Devetop- of a ftmdamttital wrtuation by^to- said ypterday iat r*ce re’ to seur them Ireland headquarters of its international performed the food, drink and to- 1 a days and pressed for closer links ^ I .? „ ^ sitive electronic systems from ha- Board (IDB) towards research mained wmfidpntial. But the seller, bacco category, dominated by whis- ment between toe parties with operations, bringing together per- the even- Developments, has plan- zards such as lightning, nuclear ra- and dwdopmait and marketfog was phased that Northern Ireland Rothesay sonnel from three different build- ky, for the second year running, House prices have risen by a na- tual aim of merger. ^ ( ntog permission for a tower build- diation and static electrieity. costs had been a strong factor to "came out tops." togsj™™ ^to thej^e western part of the City James Burton writes. tionwide average of 13.6 per cent The loss of such a vigorous and ] ing on the site whidi would have Lucas said it was seeking 10 per persuading Lucas to relocate, fnad- He said that a recent increase In ^London, The survey, earned out by the . V*]*rt during toe year to toe end of No- effective campaigner will be felt the force at Antrim ~ cent of annual £40m world mar- dition, the labour been— — worth about ElOOm. Mr• Maier - _! t_ 1 . J. Scottish Conned Development andMUU ^ SLand^iptoaSpercentto keenly by the Liberal Party as it Previous] « bad maite u®suc- ket for surge suppressors, used had always down a readiness to ster would continue pito 1887. said Goldman Sadis would not be Industry, shows that Scotland ex- - Greater LandeaT prepares for the next general elec- cesrfulcessful bidsbid; for the site cd the City spending that amount 7 p^tedported a,42€^m£1,426.9m worth of data pro^pro- - Bat toe RIGS points out tion, and Mr Penhaligon's death of London School, by toe raver that the RothesayRotoesay Developments is a pri- (^5^cessing equipment and office ma- will be a particularly severe btow slowdown in price rises has not to vate company controlled by Mr Gre- Thames, and for the old Royal Mint j^ingry in 1985 against a figure of been coupled with MrSteeL site, of TIpW any slowdown in ville MitchelL It had leased to the near Tower London. El ,297.5m in £1 1984. Food, drink and JUV'TY*1 - • After supporting Mr John Pardoe WelshH WU agencyM21VUVT backs new VAIcar sales and suggests that it is only a Daily Telegraph 77,000 square feet The disclosure of Goldman Sadi's tobacco amounted to £1^275m£3 2275m 0 ** to the 1976 leadership election, Mr seasonal hill which will be followed of space. The Telegraph is moving plana follows quickly on the heels agaipst £1,1 13.8m in 1984. Accord- BY KEWiETH Penhaligon became one of the se- GOODING hyfmtoer rises in the spring. to London's Dock lands next year- that News International, controlled nior figures strongly supporting Mr A REPLICA o£ the Mini-Moke, toe velopmeirtAgenry ^ODOaheadlor bedevilled toe olddid Moke,e, toe ScootScout "Activity has net lessened since Conclusion of toe deal with by Mr Rupert Murdoch, had won UUU, Wlliuy expuiis were worm Mok Steel behind the scenes. Mr Steel open-nnon-hwirwltopped, four-seatfnnumrt car,Mv ,E +n on au>h nf Min OA m-I. Imwl r- l»IU nlW, the festtest report for Rothesay will pennit Goldman planning permission rede- is to go each of the 24 people emptayei Isis bu2tbidlt from a new zfochased adfoy,aljOy, the quarter end- paid for the £lbq in 1985. tribute yesterday to toe value into production with Welsh Devel- Tbe agency cOsq providing toe Zinctec. provided by Brifito Steel ing in October, and many estate Sachs, subject to a new planning velopmentoftoeNawsidtheVorid Mechanical engineering exports ty he placed on his colleague's "tren- opment Agency backing at a factory feetory rent and rate' free agate say that their offices have permission, to build for its own oc- printing works into a building for for tiro and camecarries a ax-year eotroaiop chant” advice, years, when toe annual rent will guarantee, been running at a higher tempo copatum a medium-sized building the financial services geefor. bytlM e,?f eleCtl 1 Mrs Margaret Thatcher, the *.^j£^- ^ - tBte.Merthy^^SautowSeT then be square .' and electronic engmeenng prod-^ £1 per foot- ^ ^ovem^er sflys Minister, Mr Davie, smd lhat megt of flte 1 Prime was reported to be ^ liT The new car, which incorporates deeply shocked at the news and Scoid vehides would be exported - called the Scout, will start early a roB-owr protection eage and af- also points the engineering exports were £473An already has orders from q out that skm- was writing a letter of sympathy to iKxt year at the rate of 30 a month, ferp rather soft or hardtpp cover. AEM Gam- Safeway Foodstores and electrical and electronic engi- down in price rises repeats a pat- Mr Penhaligon's wife and two child: Ma, Cyprus and Crete The T& - Mr Kent EhDavies,Slrtfvie*' “a diarfered ac- will use An$tin. Rovers 998cc en- neering exports were £409.7m. ! *^5^ K israrod test wmtra^ ren. Mr Neil Kinnock, the labour ; “f “i price . I be about £3^90, c £2,266 C0countantt ,twho*0 is chairman ft ^p » chaiqnm cfof AutpAutp- gfoe and toe Mini transmission, ' TheKrafoe of Scotland’s man- ^ l fwakit vbox prices stopped rising at tte leader, paid tribute to "a really de- ' . «| llan x» motive Engineeriqg and Mapqfao-3 been tp qsn several n«ul — n_J ll « profits rise gag designed ' «4 al fee year and then continued by 40% ufactured exports in 1985 was . . i. cent, sweet man with a wonderful tunagturing (AEM), the companycompany^Tset up Japanese engines and trans- The major shareholders £5,728 5m, a rise jn real terms of 4i! to AEM to rise 8gi>;u at a rate well above in- sense of humour and of indepen- BY CHRISTOPHER PARKES, CONSUMER INDUSTRIES EDITOR fer the venture, said ryesterday toe missions should these ultimately he are Mr Davies aqd Mr E» Eisftop, dence.” SsSSJS£T\S! SSSS: required. weO Imown in the UK crane b&i- "Now Dr David Owen, feagoodtiinetobuy.be- the SDP leader, PRE-TAX profits at Safeway Food- earlier this month, and the next is ao,oooofc ia ve- Tb overcome rust problems which ness, who each have 30 per cent asLEissSJartaa:sponses to a survey on,600 Scottish ^^ s^ fore toe firing boom," described Mr Penhaligon as “co- stores, the UK arm of toe private scheduled for February 1987. exporters. lourful, charismatic end coura- US supermarket group, rose more Announcing the results, Mr Terry in ISLE OF is to prepare geous” and said his death would than 40 per cent last year to Spratt, Chairman and manag g di- MAN TB 4. 9< 1, leave “a terrible, terrible gap in our £43.7Bm from £31 2m. rector, said he had deliberately not legisiation which will have the ef- BurtonsKII | llllIK “high-fashionII political life.” Sales ware up 232 per cent at just dwelt on toe possible efforts of the feet of making insider dealing in TURKISH PETROLEUM island Mr Penhaligon was one of Mr over Slbn for the 53 weeks ending parent company’s recent manage- the a criminal offence. This . -m Steel's firmest supporters among in October. ment buy-out - which led to the an- is a response, according to a state- 1*PTirkl*l corporation ment from the island’s Fmancial reportvA mr Rjr JL toe party’s senior figures. In argu- The company, which is expected nouncement that it was "willing to breaks mould CCPAO) ing his economic portfolio, he was to be sold shortly to help relieve its consider" the sale of its UK inter- Supervision Committee, to reports m the press and the broadcast me- seen as a solid force for common parent's debt problems, said its 42 FEONA Mc^WAN BWITATION TO TENDER sense behind the scenes, but in pub- per cent net margin on sales for the The UK business had not been af- dia alleging that Manx companies are being used by insider traders in FOR THREE often uncomfortable it started MAGAZINE enters dculth SEISMIC lie he seemed year was the best since fected. “The figures„ are all the more _ ___ ... A NEW true that a report has about... t?Q... sea CREWS _ _ with the intricacies and detail of the years ago. remarkable unwar-uowar- the UK and elsewhere. tion today, with glossy cover, high;higte ip of trading in Britain 24 in view of the ends whichVfhjch to arrest a reqder’ireqdfer’i The Government Turkish Republic wiH extend the BRITAIN^ independent televi- features, i,«; economic debate. The sales increases were nelped ranted press speculation and inae- G fashion innovative typo- ggttentum,teriim, then^pn Etorfon i§ unlikelyimiflrgiy tyto explexanen activities for hydrocarbon in Turkey. was sought after by by the opening of 12 new stores dur- also s'an companies are headi n for re- graphy and up-to-the-minute art di- fail. He much curate reporting which could g Whatever ebe, ft is user friend- impfoBteptsltep and- augerviraea of these activities coni revenues this year. Total 1TV are the broadcasters for the direct and wit- ing the year, which brought the have undermined the great support rection. Oqly thfe publication is not ty. responsibility of TPAO, the company. national ty style which made him such a suc- company's total to 131 and helped of oar suppliers and the confidenoconfidence revenue, net rf advertising agentty for sale. It is the Burton Group's _ Thereere_ a time nhep City of cessful speaker, but the Cornish keep it on target to have 150 super- of customers,"customers,” Spratt added,added. commission, is expected to hit nual report ^was Qty _— Mr _ 1 ** London^ analysts sa^adoas were *** ** banter so loved by his audiences markets operating in 1988. Companies believed to be inter- £l-185bn for the calender year. The si, ttt'wSrs® Fltok through a copy of Burton aroused by ^ossy documents. sometimes dulled the •nwpwrt of his store of the current in “crease « likely to be just over 20 The The seism ic service under The first new ested buying Safeway indude this project comprises the per last year. and you eould be turning the pages glossier they were, went the argxt acquisition serious arguments. financial year was opened in Kent the Argyll group. cent compared with of high quality seismic data in of Vogue or perhaps Harpers Thrace & ment the company was I sedimeatiwy sm ISAAC WOLFSON, the man the worse basin. Zoaguldak. Smep end West TaSS Queen. Annual repeals may not yet faring. This view, however, is be? 8*- rth pa X>ses thr responsible for making Great Uni* ^° ^?. ^ ’ “ •tande crews with aS be compulsive reading for any bat lieved to be dying as the act St versal Stores (GUS) one of Britain's Sty P the most mathematically literate, cepts a company's right to commu> biggest companies, is stepping but there has recently been a dis- nicate £3 ftwftb&k down as co-chairman of the compas J--.- tinct attempt in many quarters to . . _ _. ny. Sir Isaac, will become honor? 89, is .obviously a risk, saw Sir May I987. This makemass memthem muremare mpwie.readable. programme can be extended to cover ary life president of GUS, and Lord Itelph Hatyecn, eh«lream* rf the Wolfeon, Sir Isaac's son, will be- The traditional set piece of a dry Burton ChqSty,“but we wanted to be SSfSSiSSF* come theice newnew cnchairman.ainpan. chairman's statement, artless pho- more adventurous, to make it more CONTRACTS for the new Etihn tographs of factories or offices fol- reliable for everyone." train ferry berth to be built for the lowed by the all-telling figures, is * A strong-^oni? heUeverbeUevra foin wkterwider share be accepted frtra geophysical Fort of Doror have bren awarded to being eroded, as imaginatjve design companies with at leSS Sltylpb »» the re- three shore field parties currently Qeveland BndgeBridge and Engineering, features make them more access!- operating 1 “WUmraUto enmnraging areas outside North America and valued at £4.6m,CA Rm and WAW A DawsonIWcnn hibiea toin moremnra people.nannla P9F ¥ thift As "an Important company ve- The dragline for receiving offers for civil engineering, at £2Jtm. wiH be li * it as reaching not on- bid3 Michael Peters, the design group hicle” be sees ^ ** opened thesame d OCCIDENTAL PETROLEUM shareholders, but also potential ^y an- responsible for Burton’s report ly nounced that reserves from its shareholders awd employees^ Ady bkte received after fto among others, introduced the pop- deadline statMi Claymore will be considered null and e and Piper fields in the up report vo^RrS:ureto!St^te!f Herman Miller, the US "With 35,090 it is tmHkety I North Sea were nearly 80m barrels staff modern furniture specialist has more than earlier estimates. can address them ell in perswC te taken to reporting on posters. Now, GOVERNMENT introduced mea- says. from Burton, comes the coffee table sures that will allow personal Sandeman Founders Reserve Port equi- annual report Altogether, 70,000 copies qf the plans to be sold via the mrtia as Attl! Vnfi TeL: ty , report have been printed, at a-cost ESOL, J4J) 18 IS 34 No Longer Reserved To The English. part of Its policy of encouraging It is gimmicky and original, but is cent less last year’s re- 20 par than . “ wider share ownership. a S^icirTrt.- <4iT&afwnZ* it successful communicationI If it is port

i I w. I [A 1

* 1 L — —

8 Financial Times TECHNOLOGY

Olivetti taps knowledge British industry forbuBdingprotiu^. spoclBl-purposevajv®®* of modern-day Galileo begins to picture tssESSS-*- I OH pic. TN research. A cramped laboratory above Peter Marsh discusses Three of these are in T an. electricity showroom in the Italy, in Ivrea, Pisa and Turin, training benefits centre of Cambridge, UK, a the continued role of and the company is setting up doyen of computing is passing two more in toe US, in toe whu.tc television MghMght an incorrect on some of his knowledge to a Maurice Wilkes within Boston area and in California. British haps to team of researchers around the The main job of these centres, viewers are currently spell- answer or show something by the user. world, most of whom were not according to Hauser, is to work bound or shocked by toe BBC’s specifically sought d born when he recorded his the computer industry projects such as advanced A print-out of tile user’s path on drama series, The Staging ^n Sh!S finest scientific achievements. computer processing, voice and responses through toe pro- maps ogste" he helped found. Detective which parodies & Prof Maurice Wilkes, leader recognition and software techni- — gramme may also be provided- the motorist can Philip of the team which completed in ques. Marlow in toe. explo- The applications of this tech- 1949 what is regarded as the Wilkes, who has a reputation ration of a writer’s childhood nology are becoming increas- first fully operational electronic Wilkes, a genial man who for being extremely energetic problems — accountants Price ingly imaginative. Obvious ones computer, called EDSAC, is now hn big and and for being exhausting Waterhouse have been screen- fqrmnd beyond training into looks much younger t n via videotex employed by Olivetti, the fast- to talk to, worked on similar areas such as point-of-sale caned up 73 years, is suitably modest an fllastrions career ing their own spoof about toe also emegfoS growing Italian electronics com- “ projects In his previous job with Maurice Wilkes: On the third stage of example, a alesman The mititaryls about his achievements. In American crime novelist where, for s customer for jn pany, to work on long-term DEG, which he started in 1980, equipment to show as a major the course of a long life," he being in charge of can use the systems. In the research in areas such as soft- “ immediately after leaving his make the machines work more combines customers whole range at active video says, a lot of things have Cambridge laboratory The Price Waterhouse effort, a gunnery system- ware engineering and micro- academic role at Cambridge quickly, (see below) Olivetti’s products. In the US, Florshelm L000 tank happened.” however, is an interactive video use. chip Bell, who is now assistant with lecturing in computing at employing IV are to design. University. (IV) programme — a training shoe shops and opticians (for be*“ Dr Hermann Eraser, director of computing at the the university. Indeed, the 5LOOO systems have ^‘ The professor, who has been Be admits to a continuing package teach spectacle frames) operate such 1 os Olivetti's vice president in laboratory in Cam- designed to toe working for Olivetti National Science Foundation in Olivetti user-operated stalled for recruiting V***°^[ since the charge of fascination with computers. “To interpretation of accounts. services, while research, who at the Washington, hints that toe US bridge, which will specialise in supplies have and another pmfoethai summer, has thus embarked on age of Wilkes’s begin with no one had heard Guided by PhHip Mactow (sic) systems for DIY the third 37 ia boss, says computer company may have network technologies and new maps of the entire wrldM leg of a long and about computers and everyone seeking does, the veiwer can of toe that having the professor cm his been disappointed to see Wilkes kinds of microchips, is almost discs as part illustrious career in computing: u thought we were mad. Gradu- control tiie programme — re- video staff is like employing his and work adjunct of toe university programme- The first phase was a 34-year ally, the field became respect- pack bogs tor an tracing bis or her steps or jump- defence Galileo to work on problems in Olivetti. computing department, with ail are sojourn as head of Cambridge able. I still find it a very excit- ing ahead to examine specific Training and education physics.” was a case of “reverse staff having worked there FILM AND University’s computing labora- ing area to be in.” It its pieces of evidence — aH in toe emerging as the leatfng tory Hauser, the founder technology flow,” according to previously and with many of —which Is where he built and ex- Dir Gordon Bell, who as a quest to read between toe lines VIDEO customers for IV. par**? ££* EDSAC, short for electronic chairman of Acorn, the Bell, who says that as toe toe projects shared with toe demonstinWe former vice president of en- “ jf a company’s accounts and cause of the delay storage Cambridge computer company Italian company is techno- university. technologs automatic gineering at DEC recruited discover whet is really going Iff John CHHock efficiency of the in which Olivetti logically inferior” to DEC, it an effervescent calculator, and developed many took a Wilkes to the US company, says It was Hopper, on. reducing training time, deliver- software majority stake last year, had a lot to learn from DEC’S who files his own techniques in common says the professor had been “influen- 38-year-old ing instruction with absolute use today. that Wilkes “provides a good approach to areas such as pro- a former The Price Waterhouse pro- indi- In between this and tial in getting us (DEC) to look aeroplane and was consistency, and allowing his joining Olivetti source of vision and guidance.” cessing architectures. "A lot Wilkes's in the 1970s, gramme is just one of over 40 he had a at areas such as high execution student of been installed in hardware viduals to be trained, imsuper- five-and-a-half-year things he [Wilkes] is work- contacted the professor een recently In Brighton at a spell work- Wilkes’s ideas are intended to speed computers and new types of who shops. Mothercare, Litttewoods vised, as and when convenient. ing at the Massachusetts ing on now, be captured in a a year ago to ask him if conference and exhibition feed not only to the 12 or so of architecture.” One of about and Co-op shops, in the UK, are still research environment,” says BelL There interactive video sud- With UK industry laboratories of Digital researchers employed at Cam- Wilkes’s main areas of interest DEC he would tike a job with Olivetti. among those with such point-of- Equipment denly has emerged as a viable from a lack of skilled Corporation, the bridge, but also to the scien- Working closely with Wilkes Hopper says Wilkes “fits in very is In techniques to re-arrange 7 sale systems. is moving world's biggest ’ md potentially major industry. people, training third computer tists employed at Olivetti's the layout (architecture) pro- at Olivetti is Dr Andy Hopper, well to toe “youthful style” company. of The event attracted over 50 Newer ideas, however, extend higher up the country’s agenda. other laboratories for long-term cessing chips in computers to another ex-Acorn director who of toe Cambridge laboratory. exhibitors. Major industrial IV technology to often extra- One speaker at Brighton -uers such as British Gas, ordinary limits. One example rfaiwwt that British companies Jaguar Cars. tbm. Shell seen at Brighton is an American spend only 005 per cent of MAESTRO BEHIND CREATION OF £100BN-A-YEAR MARKET British Telecom are all Instat- training programme for welders turnover on training compared ing interactive video networks, which turns the video disc IV the three of four per cent Professor Maurice Wilkes was worked cm vending machines to working out payroll figures to lems. Out of this work came the world — including those many of them claiming drama- system into a simulator. of some other nations. among the gifted scientists, tracking guided wriyHfn, by Olivetti and DEC — for hot sausages. tic two major advances: ran benefits. The welding pupil sits in front fflnw network, with most of them from the US or Some ®f Wilkes’s basic ideas Into new architectures for According to mikes, the an IV • Microprogramming, lids a of the television screen with a easily cost Britain, who in the 1940s and in programming, which he computers. Amimg the Ideas early computer engineers One driving force in tod programmes, may technique, aimed at nuking enthusiasm for IV is training. light pen, which when touching ft™ instai, it is easy to see 1950s built the first electronic worked out 30 years ago, “ are for new circuit layouts, in- “always had the vision” of to computers more flexible, of Jaguar Cars, for example, various ports of the screen will Oils industry is get- computers. In the process, still as relevant today as they tended to make programming the growing into a has why hew arranging the processing it inteodnee activate the system appro- its prospects. they laid the foundations tor were then,” says Brian simpler and to speed up pro- big business. But due to the used to mechanics ting excited about circuits of a computer such and dealers to technical priately. But tills is no ordinary Trade and a world industry with «wm«i Bandall, professor of comput- cessing, are so-called BBC unexpected advent in the the de- The Department of that they can easily be repro- light pen. It is a mock-op of en- sales of about ClOObn. ing at Newcastle University techniques, short for Reduced 1970s of integrated circuits— tails of toe company’s new Industry is vigorously grammed. In essence, the range of cars Instruc- a welding torch. The TV screen IV in RrOaln Instruction Set Computers. which in a few years changed — with couraging companies to use Wilkes' role in the 1988s in approach saves the computer displays a joint to be welded According to CampbeH- computers from being tion covering everything from —even funding some projects; helping Olivetti to devise mew According to Dr Martin engineer from having to gearboxes to air conditioning and tiie “torch” has to be held only Campbe Kelly, Wilkes should be able enormous, power hungry and Britain is challenged types of electronic machines E-Kelly, a computer redesign the drenits each systems. The Jaguar network of at exactly the coxrct distance expertise to nuke a major contribution maehiwew made from valves by the US in IV and is broadly equivalent to historian at Warwick Univer- time he wants to attack a 113 dealers been and angle to produce a satisfac- to these activities. “He has to mail boxes packed with baa equipped exploitation of the medium. having Orville Wright trans- sity, one of tile key points more difficult problem. tory weld. tremendous Insight and silicon chips that could sit on with IV systems and the com- ported by a Ha* about Wilkes's work on the got For the manufacturers of the machine to • Subroutines. WUkeg is desks the industry grew pany claims that four-day tiie torto held too dose, EDSAC, his pioneering com- can come up with deceptively — H is hardware, and in particular work on jumbo jets. credited with advances in much more quickly than lie courses have been, in conse- to puter of the simple solutions. K shall be the video disc jumps ahead Philips of toe Netherlands 1940s, was that ways ©£ “stitching together” anticipated. quence, reduced to only two “He (Wilkes) is a remark- “ interested to see what could have reveal the weld overheating: established a lead In Wilkes kept his sights big and complex programs day courses, with less which has able man, with an extraordi- by emerges” (teem his work at The event which brought demand Too far away and the weld goes market rather low. He was not using trainers. IV systems, it is a new nary ability to keep np with a library of muH com- Olivetti). home to Wilkes how modi on bine. If the angle of the “torch” particularly Interested in the had ready to take over as consumer y what is going on,” according ponents of software, each of Looking back, Wilkes notes computers altered Is Incorrect, a mercury switch technology, he Just wanted Interactive video Units the video begins to level out. Like which has been fully of the skills needed occurred at a party to mark inside it activates another to Bernard Cohen, professor the machine to work.” that same moving (and still) pictures of a part all new growth Industries, how- developed and tested. This is build computers have Us retirement from Cam- of toe programme to yield in the history of science at to video dire (or even videotape) toe ever, it may face one danger This approach led WUkes similar to an architect design- bridge University in 1989. appropriate visual Harvard University. changed somewhat. One of to a micro computer—enabling result an influx of opportunists who and the other members of bis ing a house using a series of the Cambridge University “ Clive Sinclair along programmes to be explored in One of the award-winners in know little about this complex Prof Wilkes is famous team at Cambridge University standard drawings that lmirfiinim which followed and gave me one of his com- a non-tinear fashion under toe the Philips-sponsored competi- technology and the creative mainly for his work in tech- to explore new ways of writ- describe kitchens, bathrooms was constructed with puted I realised that we had EDSAC direct control of toe viewer. tion for programmes at Brighton demands of Its programming; niques related to software, ing software for the machine and so on. help of an engineer reached the stage where the The computer monitors the key- demonstrates an IV application and with reckless price-cutting the instructions that make the (and later versions which Elements of this work seconded from J. Lyons, the people gave away computers in board responses of the user, that will interest UK motorists. leading to more failures than electronic circuits Inside com- they produced In the 1950s) software are highly relevant catering company which was in the same way as they jumping to other parts of the This is Shell’s “Traveller's successes, they could drive puters tackle specific so that the computers could to the studies taking place in an early computer pioneer. hand over a bunch of programme which are appro- Check"—an information kiosk away some first-time customers problems, anything from tackle more complex prob- computer laboratories around The engineer had previously flowers.” priate to toe response — per- which has been jn forever. s£i Company Notices THE SECOND THE nRTIDnHL s TbbadiCTtlarmeiit it»MOedip aaii|ifanre roditbercquiieaifnct driheCOBncaofTbeStoAEacbaBga.ltdorenot mmiirmgan imimliai tn th jaHIr tn nWr3^ rejmrtiM.mnj - niii-. -r L. ml * [ xx CDmmERORL BffflK rMn OcagMiabingkntfa* of Wo Kingdom of Saudi AntOa) GENERAL MOTORS M US$200,000,000 Floating Rate Notes Due 1994 CORPORATION Holders of Floating Rate Notes of the above issue are hereby notified that DEFENCE for toe Interest Period from Further to the DIVIDEND DECLARATION of 20th November, 1986 International City Holdings PLC 23 December, 1986 to 23 June, 1987 toe following NOTICE is now given that the following distribution will become CONFERENCE (BtgtsUmi in England No. J6li information is relevant payable on and after 15th December, 1986. against presentation to the Depositary (as below) of Claim listing Bearer Depositary 1. 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/ .. l < *

Financial Times Tuesday December 23 1888 9 THE ARTS

The Country Wife/Manchester Castel Sant’Angelo, Rome/William Packer La Boheme/Grand, Leeds Martin Hoyle Andrew Clements Time h«v tojre n# W* repmsed energy end pent-up log Macchester’a Royal ffisss?Intensity. ' *?* on wrZxuFSrlWe sued him to a ^s&r. 2^***. n Exchange Theatre Company,Company. ircfl^n •: crimsoqcrimson dreuiia*owod;wina*owa with a JL JL ff EfcO'W TreasureVUOU in an awesome setting focal After Marlowe’sMarlowe** EdwardEdwerd fl train p4th ^Atog%5 a that TunndMTorandot might K ( ' “5 ,PrS teLvfc «4and *# new work, both fawmr- envy He throws it off for tore-bare- ablyly aowdnoted by eoll4 A»b>ndid In rod Off ourzde. P*WH doft. Jt thing in the world, and the irreverent reworkings of staple cal framework. The commentary n ^AUttoa-s * *&*** *3?- ™** vS 1 appearances are all. the ant* t* inescapable in us uoagi- relaxed sway of her figure operas is in for a surprise with is delivered by Schaunard 20 *5=ap'rt «*aSSs divu. black and white drioo- out- KS *‘ ««« force and physical beneath her dress recalls noth- his staging of La Bphtme for years after the events and now S^dS iaris and wiauinabristling dw would of coune be as Sfh tarkm dishevelled, unshaven and P«»oce. It may be stretching Ing so much as Herrick and the Opera North, which opened in grown into a successful acade- tramp-like the point too far to take the sweet Sow of his Julia's silks, the Grand Theatre, Leeds last mician. idark Thompson's designs set ax lain McDiarmld's i-:r iv owle aa part of this prrawttf* But more beautiful still is the Thursday. For Freeman’s con- Only in evoking the Gate thT tow of chic. PiwbwJfe (that length 0/ bare hi bition, it exhibit late 18th century Madonna en- ception sticks closely to the Momus does Freeman falter: bars, like out- *hin between tweedy knee- but is an in * Tubular parallel feeling and spirit : breezes lace-up rtaclf. an awesome work of throned with the Holy Child of the original: his handling of the crowds of fy—, site uastSndGB glide inon rail and boots says 3 wit*-; •«>- This virtuoso comic per- architecture that becomes, in to lying ou her lap, in painted by no means exactly that of Christmas revellers Is routine SSlu to doduS m Suture. wood, Puccini’s opera, foraance pnuwes. coos anarix, a sur^ and and attributed to Silvestro but consistently and unimaginative. From his I &S£*, ^SinpromSSeU iSSmS r de L’Aquiia (L’Aqutia). observing the detail of Murger’s corps of principals, however, be **»P* atthc audience and leaves The with Penpcx rtiowoww contain- * SSSt palpable oovel from which libretto was obtains characteristically close- «8 uncomfortably aware that supplies1— the exeuae tommSsmOPter tto lightness of the iiw amongl other things, female material, fashioned, knit finely-detailed perform- Margery is lumbered with a P^ee and;takes the opporttmhy compared to stone, orc-.nry tSf5w de. Freeman’s concentration to a S informs such carvings with a I upon ances which manage focus S building off to fine bully as well as a buffoon. There w show tha . lumanised htmanliy. now natural historical and literary accuracy particular slant on the opera, comfort in this play. advantage, and immediate livell- : --' -ndjjtrv <- actpitfe. As la an * - "r sc ^ merely objecu to ness that can touch the heart, emerges in the note he pro- again perhaps closer to Merger Jeanlngs In support are actors of the We are first led down to the 1 xhe excellent Alex HZeratically foursquare and *^*5 for programme book: than to Puccini Here there ere booms and preens at Sparkisb calibre of Duncan Beil (Orlando lowest vestibule, first buh as the " Episodic and spontaneous, the a Marcello (William Shimell) 2 notably sculptural she may be. but so -6 (a role that period wigs and in xbe Exchange’s sue- mausoleum of the Emperor thing as r Britain 1- lightly does Mary turn her head one Bohtme cannot and Musette (Anna Steiger) e is iw. topple into ceartul As You Like It} and Hadrian. Thera, single object, pe US ruffles could s aside past her praying hands survive is pomposity. It is a forceful and at least as attrac- in iv¥£ Sheila Rallantma, whose Lady magnificent riborfcn* tuibery) camp is bypassed. a baroque ts nm»» view of Paris, of a particular tive as the central pair of ’ssploitation points the down on her eh»d of arch flouncing avoided, and all Fidget the wit with by Cosimo Faszago (from the ... threatened social group living lovers; Shimell makes an im- r bitterness of experience. Much or Into unnerving I sharp Naples Museum), In the form of paintings, they organised £rs*.?. u.f? fflanofet^ falls y *-IT.J on the fringe of posing severely handsome of of the dialogue emerges as muude some very great works “oad to•o focus. This ruthless pursuit « miniature basilica same six society, seen through the per- painter, and Steiger is strong- - ps with the hard, cold fresh and funny. Only a second- feet high and inlaid with semi- maeea. among thein a fine :i^. M the *£, style spective of six characters, willed, entirely serious. Their brilliance of diamonds is of night flatness, when some of the precious stones and metal, Martyrdom of Saint Catherine Miml’s death is a pity, not a full-blooded singing is also con- • 1 - to back, M systems. course punk. company seemed hold both announces die exhibition di Cnterin* D*Alessandria of Alexandria, by Guido Real tragedy.” trasted with the lighter tones ; ftbT? DecolUzioae S. ; (he performance. Once (Albenga), a magnificent Saint .v “,•’• • 'V 0 Aptly, ghren bis (Untie reeres- marred and turns us on our ascent to That defines the tone for the of Eirian Davies's Mlml and h i ^* «*« Old- they get stuck In the effect will levels, James the Great by Titian Martin’s Rodolfo. be8®s tlon of Sid Vicious, Gary the upper evening—precise, light-fingered Adrian r“-::* :!r« htaJc of memorable. (Venice), and best of all “?to • saw man is an intenseinterne HomerHorner be and gentlytly witty, given pace by HgarElgar HowarfhHowarth conducts a y.v’.i -> BW4 Onon and upun wowa goco through thetha purists would complain at the the richness, variety and »“ ‘ 1 — 1 finish tiie exhibitionC n —- Tha V* ‘andand Anthony s brisk account the score, futifull sr. n may — gloom, first by the wide old distraction. Godtaows quite quality of holds in this Amanda Anthony HoldenHolden’s of f: what it SSSLVirion 5%ifiOf Virginv!S2^ and»«TrIS3Child nl The deft and un-selfconscious of crisp woodwind detail and - -v* - —ttle about Pickwick/Northcott.Pickwick/Northcott, Exeter »rSa ie SaimJa STS ; dn.- :c,;np.- *••* * gbS&Vgcastle and then, at right angles. Si --^olcgy BpAESSI and «|&»aB £resh WfleTs attuned what promises to 3 J: » a by the gently stepped cmSor Seethe dedicated culture t£i« P.inSS *» “* artfully in David Roger’s dusty to flares of its A.A- Young wings on high. But it la and downbeat sets. The inter- be a durable, intelligent produo- • ^ B.B» which «?Pope SESSJST^SAlexander VI tourist. Beideckered to hia v.a reckless r-3 pte- M “• various adventures.adventures, (14^1503)^(isw-iow) cuiaxraignirtrri^ttiiroughuirougn Knees at timtiie Sriend of a long, hotnot ? lo more The NbrthcottNnrriwn+f prognro™meramme follow their a U fcSn 352^that so of5 Is so good well-knitSSSfiS SSHSHUMdramatic bones lit fit' A much ASMSwhat derived from Murger at the of the heart ancient tomb, J.. t-ii« including Pickwick's accidental of the day, might be forgiven for i°tura, jewellery, ^uraces,uT casxeiswlV .-• they ^ rhuswereachasmaU cour^ard. 8bou!d be by obscure artists, start of each act is the most opera without retaining too swsysarafBHhe aS2^!ckwSJ S^SreofMraBarfriL we go supposing that the delights of W s&A5aaais sarsar&Tara gaMrasK steasass the ramparts, to enter the exhi- «uld safely be forgone! "The aa«SBftSfi 5s ^ only (he hS5rip?^to“ ^^^^SrS^thTSriy“ vmmrm v—/ 22.Xl^POlO, AS f nUlRC ti£TriP WS^ bition proper and a sequence of evidence here la that he would Tiepolo, as though to make the people Sill i£tT f*rt>ZZr ratbar undramatically, mrticvrt to theth^u^ru» UterI., ism18th18th cen-een-ce.- rooms,worn*, quite plain atfirst, that be mistaken, and wKhfliit-b.it ®*feval ^iprim,m. theth. AmraMraAmunci»i.n to familiari^. These are theU_S£ben townS2S to hi.M^w^ctSSrSSiwrisq then, after _ The Nutcracker/Covent Garden a teasing taste of the treats interval, .trlve at 1 " owofthe jeaenStS mu«lial. the we scholar- , W that might_ be had we can only In terms of general painted around 1700, holds its D rt — A.“ffit*2«*Seemergee a'a beghT’to” guess at what else ship there is no consistent place on Us merits. It may have SfjSffjU®* S' 5 • Clementwiemmu Crisolo inventions. Sometimes has • w s' Ess».ss: ™Hi^rSt«he little above the ramparts with there might be uncollected, on- argument or exegesis, no coo-con- nothing of Tiepolo’STiepolo's astoulsh-astonish- put too much frith in fte ^„uTiiTrdeiSeteam voice m 11 1 rtuea mes {he whole of Rome at our feet, catalogued, unremembered and elusion to draw, but only the ing ease and mastery, yet for There can be so greater com- pretty Mirihons numbers, and xor w®™*. - - - - ... - • *— ---* written word.worn, Theroe cue «« . p«»entationpresentation each that it iste as«* firm and tritium* th^ case of But these, real as they are, out of sight scholarly of «eh all piimepliment than to say that the there was not much sparkle for particular object for what it is. vigorous In its handling and «« but incidental pleasures to The Pontifical Commission Royai Ballet’s Nutcracker BmSu vs Kdcwick. with Its -bout them on Saturday ' But Sacred Works of Art has chosen Here the visitor on his own, dynamic to to composition as at Se lawTSw^Toi? our aerloui purpose, though U honours Chaikovsky’s music. ^LSlp^ded^tmd^e ^SSSnStaK ^ work, to represent test his experience In one could wish. hardened of a mere to own SS^wthS’irfSMricolm only the most M Where the scorfls at its SLST 5ffB5 of - WSajMS- - - — — greatest—the whole of the first would actually help Christopher TurnIwU’a ta' Sytoejr. and * puts the gilt back on the • • 1 * - loses, wr- ... . . — *ct seei“* 5° me a* unagina- Pickwick . we —— — — — seasonal gingerbread, and the Northey in his already good , . !eidin£S FLC Fleet.Jj®*There, tively vivid as anything the rounding-off presentation of it. selves hack in the of the narrative composer wrote for the Leslie Bricusse's lyrics are Pickwick. r«cued by theatre leaves a sense of dramatic satis- members of the Pickwick Oab. — there the staging responds faction rare In stagings this mostly autobiographical — “I / A of everyone debts, tor with have or ” I do” pieces, often PS3» off » OCnilllllv.C//\iIXlClCl

1988, the time of the energy, and i open to reveal the actors inside, Barnette, who cannot hide her th© xany, eclectic world of the _ By at sense is rather of Ja,ia Trevelyan Oman as fine assurance. In the evening. takes us to the Christmas Eve baric motherliness under her symphony. Its home is the more first sketches for the symphony its invention, —the recognition desi8ner and of Peter Wright as Cynthia Harvey gave a dazzling. Pickwick Chib, avarice. The versatile scenery conventional serial arena of the no. l, the manner had become References abound, The enthusiastic and :’^- J meeting of the .:V‘‘r;*£aaae.0«2 complete with Wardie and his Is the design of Sean Cavanagh. 1950s and early 1980a, and its distinctly more extrovert, and Improvisation ladies Snodgrass, Tupman. and Liz Ascroft did the cos- final movement in particular, the working more adventurous piano solo, p >T : “ Schnittke s Ball, seems ti ; z.i.~ Jingle, and we tumes. subtitled Cadenza,” harks and original. One of i . ... f:oa; Winkle and at the mechanical excitements manner as in dancing, and I

< that a theatre can give us and, hare to report that a young ’ - 1 LL::rs ? ‘- k-1 pace the recent Beauty and the spark from the Royal Ballet's Beast, give us with theatrical Junior School, Christopher A . • Mueie/Monday.Muaie/Monday. Opera and BBatot/Tuesdiy. Theatm/Wednea- J purpose in Nutcracker. Wheeldon, is a Fritz wonder- r day. exfc&Mofia/Ttaradhy. A MhctWe guide to al the Art* npremher lO i/cvciuuci The second act divertisse- fully convincing in his acting appears each Friday. Arts Guide sjsrsssr** a bore, except for the and a neat, THE FIILST ment5 are buoyant dancer- Saleroom/Antony tm Ttt, with Kid T. Kum. ht- Thomcroft and Ballet . . - NAPOLEON Opera tisna Troyanos aofi Otto Schenk In Ot» Scheni^prodaction. Lincoln rx rt . ,t . « . MALT LONDON What the experts thinkt R«wd Opera Kean, Covent Garden: 0ncc a ata Phillipg, Koval Ballet in The Nutcracker. . * the Lon- bronzes, photographs, and com- Begral fUnl Hall: London Festival ii~vJt, don auction house, has come memorative medals. WHISKY. The Nutcracker. Center Ballet la The Nutcracker. U tts t‘P« Lor antique Perhaps (87055701 P w there are few strr- The Clenlivet dynasty Sadbrt WaBa, Rosebery Avenue: Sad- Next Wove Festival (Brooklyn Acade- electors on the best buys for prises among the tips, but the lex's Wells Royal Ballet open* a se* my of Music): Philip Glass and Rob- 1987. It asks 140 of its specialists very unanimity among experts eon with The Snow Quesn on to the Items can he traced back to the Tues- ert Wilson's collaboration, the Chril name in their fields is impressive. Digging deeper day. warg. Is presented to the festival which have been in greatest de- into what is reckoned to be the in the past year eighteenth century when with ffie American premiere of Act mand — and under-priced may be more use- Survey V. Rone Section). End* Dee 30 also those which they consider ful to readers. In furniture (UM3B4100).(UM364100). to be under-priced. It also en- middle of the road continental ions At Bonaparte's rule began. flteatsepsff, (514M/3S55): A Stmnwnr courages them to make sugges- and cane furniture are sup- Night's Dream conducted by Rtch- ,ions outside their particular ported. In paintings the 15th Today Scotland’s ten La Boheme eenducted by Mak- WAMNQfTONwimnwHu first vwrnngN area, and 16th centuries, and English kerras with fteni. Wise. Drorsky, Washington There tends to be little sur- portraits, are liked, and. in the malt whisky is also first Horaik, Hahn; Die nedermaus eon- OpusOpera fPerraee):(Terrace!: The sec- a ^ and part *“ the choices — It is modern period post-war and dneted by Neohidd whh Ghazarlan, oftiieciwinaiiys seasonal P"**. .. mvanably furniture and pie- the English Deroescb, Lind. the Terrace Thetozefeatoies Don surrealists are choice in Paris. *ures wrestling for pole position, thought to VoUnoper (31 441/2855): Madame Pom- Pasqala to a new pttviBAtiAq by be just about ready 71,15 year It for padour conducted by B&fc Dor Op- Douglas Wager conducted by Cal was furniture — the big time. **ne English century ScotlsuxJs first malt wluslcj: ernball conducted by Bcncompagni,- StevrattKeBogKwitii Francois Low 18th fumi- Early and Renaissance met al- Die Hedenneus conducted by BlbL to the title role, Pamela Sooth as tore chased up by Edwardian wares, Georgian / Victorian Norina and Gran Wilson as Ernesto, furniture, which came out top. cream jugs and mustard pots. The IMS English-language produc- Then came the pictures— 1950's gold jewellery. Royal *k» of The Abduction from the Ser- English watercolours and Worcester figures, ivory carv- jfho returns conducted by Arnold modem British pictures, especi- logs. Douiton animals, all seem Ofiedwck Gala and «ifrnw with Or- Oitaian with Joyce Guyer as Con- ally those of the Newlyn cheap to fdwstra National conducted by school, at least some of tojag. Kuebler as Belmonte a coterie that Phillips Phillips' experts. Georges Prttra and Pari* Opera Puff has done 0»ir and “ » Osmin Ehn- very well within the past year And if your budget .cannot Ballet htan UQpffl until nady Center Complimentary copies *"*• Open (Wad) (254 9095). but which it still considers full stretch above £500, look for “K, of financial steam. Then there pedestal desks and foreign topo- (woo 50 22), 1"* available Ti' of the Financial Times are now CMCAQOngriru) is a tot—ceramics, In particular graphical prints; coral items F,naii lesser English 18th century and and Japanese ivories; istb cen- to clients of Helv-Air Monaco. MW YORK Chinese blue and white; jewel- tuiy English drinking glasses emA Kiri Te Kanawa, this week la Die Fledecmane at the Metropolitan lyric Omk lofti MnnsourTs 1981 production ler (Faberg£. Edwardian and and carriage clocks. to ^ Opera Hoorn, Lincoln of The Merry Widow 7 Up risBO" Center, New York. Metrspoffiao Opm (Opera Boom): malt** to Jttdfcfay reappearance deco); art glass and pottery; £3,000, the best buys can be FINANCIALTIMES The week futures Rigoletto con- conducted by Boldo Podic with Mb- textiles—and a mass of collec- found among the Dutch 17th SfifcSS tibles, with ip ,* EUROPE'S BUSINESS NEWSPAPER IDOnCICO ducted by Thomas Fulton to John hfcne conducted by Julius Radel to ducted by Klaus Tennstedt to Otto ria Ewing to the title role, Alan Ti- golf memorabilia, century portraits, the 17th cen- Dexter's production with Meriella Franco Zeffirellfs production’ with Schenk’s production with Hildegani tos as Prince Dwilo and Jerry Had- toy soldiers and Dinky toys well tury Japanese porcelain, chess Devie, Sherrill tfltoes, toy as GarniHe to the fore. There also sets musical boxes, • Deno Raf- Leona MltoheH Barbara PantaH Behrens and Robert Scbunk: and de RoaQlony were and and late 1Vfc* fanti and Dimitri Kavnkos; La Bo> and Brian Schomaytier; ndello con* Die HedBRnaus conducted by Jrf- (33222*4). backers for 19th century oriental Victorian diamond brooches.

w * "*7 “fa' —i ' , 1 ;! — ,

December 23 Financial Times Tuesday 10 GROUP FINANCIALTIMES THE ROVER BRACKEN HOUSE, CANNON STREET. LONDON EC4P 48Y Telegrams: Ftnantimo, London PS4.Telex: 8954871 Telephone: 01-2488000 A new an Tuesday December 23 1986 Industry Correspondent Kenneth Gooding, Motor will By the Japanese company care through its own UK OMEONE wished Graham This structure suits his hands- wlouowedjach . the production dealer network. Day, the Rover Group on management style. He is route,Whe would stop chair- six run down out- The UK contest S man, “ good luck.” Mr Day chairman of four of the of the •fcfini and enough for them companies into which Rover Metro and Montego. will he high oil price smiled ruefully. put of the and they The “I need more effort be “British” has been split: Austin Rover, concentrate to than that Give Four That would counted as me Trucks, Freight Rover Rover 800 senes, not be prayers.” Leyland on the new Honda's quota iunder and Land Rover, assisted by a give Austin Rover an agreement to the unofficial Mr Day has been putting the managing director in each case. executive-prestige image on urn of finishing touches to the Rover six senior the US- which limits f? Some argue that the continent as well as m the UK to n (formerly BL) corporate plan being Japanese cars to roller-coaster executives who have left Rover The AR8, the model market. — it was delivered to the Gov- per cent of the and Austin Rover will be sorely developed jointly withHonda ernment yesterday — and he is widely rumoured ttwt missed. replace the Maestro and It Is adventurous not been characterised, as many dearly aware of the many com- M to Government would hke this A YEAR ago, Every time managerial 200 series late in 1?39. the outstanding growth. mercial political Rover which analysts were predicting that hoped, by and pitfalls changes take place in the sporty, high- production deal— ahead. would be a Rover procuring the oil price, then close to $30 In the industrialised world, real He moved to the group company good people are given says or with Austin performance car, year—to be a barrel, might fall as low as GNP has risen only by about only eight months ago with no more and more to do. The about 4,000 cars a Dabysing. fin the the per cent compared with 3 motor Industry experience but a , ^ enlarged to b*\P $20 in 1986. In the event, 2i management talent is now points out. greatly precipitously, per cent in 1985 and 4.7 per reputation for handling politi- However, as he company's capacity, now price plunged spread thinner than ever,” says would inevitably UK the first cent in 1984. Contrary to ex- cians—an attribute which should this policy dipping below $10 for of Motor about 750.000. . Garyl Rhys. Professor closure of a car time, appropriately enough, on pectations, lower oil prices have not be. undervalued; ultimately the result in the Government Industry Economics at South Works, April Fool’s Day, before stabil- been associated with a loss of Rover’s direction will be de- plant, possibly suggest Mr Day would like to University of Cardiff. pose a threat ismg at around $15 in the economic momentum. cided not by its management Cowley, and could the relationship between With a handful of ex-British dealers cement autumn. Ironically enough, as There are many reasons for but by the Government But tD Austin Rover’s L40Q the companies by Honda acquir- Shipbuilders executives, some industry because December draws to a dose, the this- stresses that for tile moment the question is and the supply to 20 per cent of Austin The OECD promotions from within Rover pro- ing up price forecasts of late 1985 starkly this: can Mr Day start the company's annual car the UK wrapaay s oil the lack of growth is partly and a finance director head- Rover, after beginning to look realistic to reverse Rover’s seemingly duction—465,000 last yeax— sheet was auiaWy are a timing problem: in many hunted from Chloride, Mr Day balance the reassertion of disci- endless decline? In November, fall to between 215,000 again: countries, such as Japan, the has moved with a small team would cleaned up. a $20 company recorded its lowest- pressure comes pline within Opec makes benefits of lower energy prices the from the group’s headquarters and 300.000. However, this possibility in ever share of the UK car mar- with an eye time for price a distinct have been passed through only in Uxbridge to offices near Vic- The Government, at an embarrassing futures price for ket just 12.76 per cent. Conservative seats year win 1987; the in part to the final consumer. — toria in central London. The on marginal Honda, which this have in February is already close to $18, More fundamentally, a change So far, Mr Day has kept his two key Austin Rover appoint- in the Midlands, seems to suffer a substantial decline target in the cartel's immediate in the price of any commodity strategic cards dose to his ments—Mr Les Wharton as ruled out this option. earnings because of the rae is bound to create both winners chest, but since arriving as managing director and Mr Mr Paul Channtra, the Pain threshold and losers; the purchasing Chris Woodwark as commercial Industry Secretary, told the Most observers agree that power gains of rich indus- director—were both made from Commons recently: “In respect countries Opec is now showing a remark- trialised have been Leyland Trucks and are of Austin Rover, I should like The only assumptioa able degree of unity. Saudi offset by the income losses of Mr Day is aware o£ designed, in Mr Day's words, to to take this opportunity to Arabia and Iran, for once, are oil producers who have cot back bring “ more commercial emphasise that I expect Mr ” -which can be made pulling together and there savagely on imports. This the commercial punch to Austin Rover. Day’s .(corporate) plan to set seems reason to suppose that should not seem surprising: it Mr Day insists that Rover’s out a positive course for the members will not cheat on the would be odd indeed if the problems are no longer indus- continuation of the company as with any confidence pitfalls ahead demanding new production growth rate of the world trial relations, productivity, in- a major producer and leading quotas, at least in the initial economy could be substantially vestment, design or manufac- exporter of cars made in stages of the agreement changed merely by a change in turing technology, or even new Britain.” against the Whether this demonstration of the relative price of a single models—bnt profitability and Professor Rhys believes Mr the value of the yen Chairman and chief executive in cars in the collective purpose will prove commodity. customer satisfaction. Day will want to implement the dollar—it sells more lived up to his - May he has than in Japan. sufficient to stabilise the oil The main lesson from this “My task is to introduce the policy previously outlined for US reputation as a manager who management is price at a significantly higher year's extraordinary events in business and profit dimention Austin Rover by Sir Michael Honda’s top thinks hard then acts quickly. about as level depends on many factors, the oil market is surely that on top of the advances which Edwardes (chairman from 1974 thought to be divided The underlying objective re- Rover: those not least the reactions of non- excessive volatility in the price have already been made in to 1977) but so far never put equity link with mains the one stated in the argue that Honda Opec producers and the speed of a key commodity is in the M other areas,” he says. If there into proper effect: to put extra opposed April annual report: The be getting aH with which the large overhang Interests of neither producer is a model it is, pernaps, Marks value into every car built to already seems to return of all the constituent Austin Rover of oil stocks can be absorbed. nor consumer. A roller-coaster and Spencer, whose skilfully make it different enough to fit its wants from the businesses, either together or share- Rises seem likely if only which carries oil prices from a managed links with customers a niche in the market and so association without any separately, to the private sector because a stable price of around high of $30 down below $10 and suppliers lb Day much attract a premium price. holding. as soon as practicable.” $28 would gratify so many and then up towards $20 all admires. In the past Sir Michael’s con- In the short parliamentary Thatcher felt that the begin- interests outside the Gulf. A in the space of 12 months is Mrs But these changes have been cept was overshadowed by more debate on Rover at the the oil price previous Rover management 20 per cent rise in an economic menace. occurring against a deteriorat- immediate needs as Austin ning of this month, however. Mr from prevailing rates would team was dragging its heels on ing financial and commercial Rover concentrated on renewing C fa annon carefully avoided say- bring sizeable relief to the strategy this score. Not so Mr Day. He might be Saudi background. For the six months its entire model range, from the ing anything which energy sectors in the US and has confirmed the former later as a denial Such oscillations are not a to June this year. Rover’s turn- smalles to the largest, in only construed UK and to oil-exporting develop- management’s decision to sell the possi- reflection of genuine fluctua- over fell marginally to £Llbn six years. At the same time the when asked about ing countries such as Mexico. a majority shareholding in the over tions in demand and supply or but the pre-tax loss jumped management team was having bility of Honda taking The big oil companies have long Unipart spare parts business to long-run expectations: they from £42.6m to £118£xn. to rationalise production facili- Austin Rover. regarded 515 as uncomfortably in a group of financial institutions, ” reflect power-play within According to an analysis by ties, improve the UK dealer net- Mr Channon went out of his close to the “ pain threshold mainly and that Leyland Bos will be the Saudi strategy, the DRX forecasting group in work and prepare the way for way to stress, however: "The of $10 and their strategists Opec — the subject of a management- initiated Sheikh Yamani, the conjunction with the Motor a hoped-for sales revival in Government's aim is to secure argue that such a price is too by led buy-out. Industry Research Unit at the Sourer. On kaonMdonti AiamoOwSanriaw BRMMRMXMC the best possible future for low to ensure an optimal long- former oil minister, of flooding continental markets. He has given the go-ahead for University of East Anglia, Austin Rover, its suppliers and run commitment to exploration the oil market In order to bring It is open to some doubt the disposal of Istel, Rover’s Rover will need £250m during The new Rover 800, developed lived up to expectations. The the motor industry generally tn and conservation. Such argu- recalcitrant members of the whether Mr Day has the time or computer services company; 1987 to add to the £2bn of state jointly with Honda, tus mxu biggest disappointment has this country." ments cannot easily be dis- cartel to heeL the products to put the JRA, its Australian subsidiary; aid received since 1975. The given an enthusiastic reception been the Montego which was Edwardes concept into effect These words of comfort were missed even if they do contain The fact that, after a harrow- j and Llanelli Radiator, a com- Government has hinted that it by the 150 dealers who will sell to have spearheaded the a far cry from the disparaging liberal self-interest ing 12 months, the Saudi Apart from the hatchback a dose of j ponents producer which does will provide some cash, probably it in the US next year. The US company's efforts in the vital Thatcher macroeconomic conse- strategy is showing signs of version of the new Rover—to remarks made by Mis The not rely solely on Austin Rover another import company, 49 per cent company fleet sector, which 1 in the form of equity and members of her quences of a $3 or so rise in bearing fruit is very much a be called the Rover 600—due some lor its business. injection. owned by Rover, reckons it will accounts for more than 40 per next year, Austin Rover has Cabinet during the acrimonious oil prices do not look too alarm- mixed blessing for Western oil Earlier this month Mr Day sell 27,500 of the high-value cent of new car sales in the UK. nothing in the of debate about the future of ing. This is partly because the consumers. A united Opec The cause of the finan- way new also announced that he had Rover Sterling models in 1987 The Montego, seen as a rival models Rover benefits of a sudden fall in oil dominated by moderates may he cial problems has been Rover's until the end of the at the beginning of this two potential partners then 50,000 the following year. to the Ford Sierra and the prices were somewhat over- preferable to duos but it -will: found weakening hold on the UK car decade. year, when the Government for Leyland Trucks. Land Not only wfll this give Austin VanxhaH Cavalier: ' suffered played. The OECD, among not guarantee either a stable market. Although the Novem- Altering the specifications of was forced to back away from Rover, the centre of a political Rover badly needed extra early quality problems which other forecasters, admits that or an efficient price for oil in ber market share—aggravated current models to make them talks whicb might have resulted row which stymied an earlier volume, it should be highly frightened off the fleets and the more distinctive and changing it was too optimistic: 1986 has the longer-term. by the uncertainties caused by In Austin Rover being bought merger plan between Leyland Mr Day’s management changes profitable extra volume. model has yet to recover from the way they are advertised by Ford. Trucks General Motors of and —was untypically poor. The 10 Austin Rover will also that. and promoted may not take There seems little prospect the US, will be retained for per cent year-end tally com- benefit from the weakness of So where does Mr Day go long, but would that truly be of those talks being renewed. another two or three years, pares with 18 per cent in 1985. the pound. This both creates from here? He has caused con- sufficient to reestablish Austin As Prof Kiish Bhaskar, who when it might then be in good UK unit sales this year will be more room for Rover to cern among his dealers and Rover’s image? heads the Motor Industry enough shape to be floated on down from 324,000 in 1985 to manoeuvre in export markets suppliers by revealing that he The second plank in Sir Research Gorbachev and Exchange. M Unit at the University the Stock and puts pressure on its com- from about 296,000. is rebuilding the ground Michael’s policy was for Austin of East Anglia, suggests: “It is petitors in the market — product development Since Rover is destined to be Against this. Mr Day does UK up” the Rover to share costs by co- more likely that Mr Day will Ford and General Motors- a much smaller group Mr Day have some positive Actors to programme for Austin Rover. operative ventures, most want to be able to demonstrate VauxhaU still bring in many has felt able to dismantle the report The company has had DRTs automotive services importantly in association with his ability and flair by turning management cars from their continental manager. Sanjay Dabysing. old structure that its best year since 1979 in con- Dr Honda. Mr Day can cantinue to Austin Rover round." That is human rights factories. split it into two divisions—cans tinental markets, thanks to the suggests that Mr Day’s pre- build on that. probably the only assumption and commercial vehicles effort made to strengthen the But not one of Austin Rover’s ferred option for Austin Rover Recently Austin Rover about Mr Day’s new plan which IS bringing control back current involves scaling TEE return from exile of the country, and the immediate to the dealer network there and the models, not even the down output started_ assembling Honda can be made with any confi- Dr Andrei Sakharov to Moscow announcement of riots in Kaza- centre. availability of new models. best-selling little Metro, has while moving the car model Ballades an a sub-contract basis; dence. today a tactical manoeuvre to khstan by students apparently defuse the Soviet human rights opposing the appointment of a issue in the eyes of the world new Communist leader for the or a sign that Mr Mikhail Gorba- republic is impressive. Hot since lotus Which, It cl rmy chev is taking practical steps to the 1920s has Moscow openly Science in g limit the arbitrary use of Soviet admitted violent political dissi- “strengthens the memory and comforts the head and state power against the indivi- dence on home soil. the dock brain." dual? The announcement of the Richard Owen, managing part- Men and Matters The real motives of the release of Dr Sakaharov also ner of Touche Ross Management coincides Kremlin are a mixture of the with an attack in the Consultants, is taking on two TV game Communist two. Soviet self interest and Party daily Pravda new, and wildly different, jobs. Patrick Whitten, managing the more Liberal atmosphere criticising Mr Leonid Brezhnev, He is the new chairman of the director of CRT Research, has under ruler of the Soviet Mr Gorbachev both Union from Management Consultancies a bit of a reputation as a against Sakharov’s 1964 to 1982. It is pect he has the blessing of both Depositary Receipts. In a Tare argued Dr noticeable Association, representing the Jeremiah in the new media of that the thrust of the Government and the Asso- example of ministerial rethink- continued detention. His seven the criticism 30 leading consultancies prac- cable and satellite television. is not ciation of Chief Police Officers. ing, the levy was finally set at years in exile in the city of the failure to modernise tising in Britain. Whitten charges the optimists the Soviet economy His review team will be ecu- only L5 per cent Gorki had failed in its original over the And as “something com- of the new industry quite intention of silencing his voice past 15 years but the lack menical in its make-up, con- of pletely different” he -is heading sizable amounts of money for democracy sisting of three senior police- and had, if anything, exalted his and absence of a Home Office-backed review of erudite studies which tend criticism. men and three leading forensic to status as a martyr. scientific support for the British prove that it will take much scientists, together with two Fairy potions Dr Sakharov’s detention also police forces (outside the longer than they think to break Touche Ross consultants. Scientists seriously undermined Mr Gor- Wider margin London Metropolitan police) who have been enter- even. The police are laying more ing into the spirit of the season bachev's efforts to improve the It was the ideological and which must report by early next This month, for instance, he weight than ever before on the by reading fairy tales have dis- Soviet image in the world. The mental vacuum which summer. warned the winners of Britain's existed usefulness of forensic methods. covered enough exotic Kremlin now gives a high in the Soviet Union in the The British forensic service, DBS (direct broadcasting by 1960s Owen explains it thus: “Police chemicals to start a branch of priority to removing itself from and 1970s which gave which used to be acknowledged satellite) franchise that the small chiefs say they would rather Boots. if the centre of US demonology as band of active dissidents such the best in the world, has been ” things go just a little awry, the have one more forensic scientist A “ Ferie Pharmacopoeia " the evil empire.” Soviet real potency. The running into difficulties. St em- deficit could easily failure of Mr than two more policemen.” published by The Pharma- mount to foreign policy makers cite with Brezhnev and the ploys some 500 people on the £lbn. It is a forecast that men around ceutical Journal, and the work must satisfaction US and West Euro- him to produce any scientific side, and as many give BSB (British Satellite ideas about of doctors Peter and John pean opinion polls showing a how the Soviet Union again on the fingerpriting Broadcasting), in which should run Gwilt catalogues 24 substances reduction in distrust of Soviet deal with its problems service. The Home Office, and Home Pearson, publisher of the made with uses ranging from love FT intentions. them exceptionally the 43 client police forces have The appointement of Christo- has a stake, pause far thought. vulnerable potionsto fairy repellents. In these circumstances Mr to any challenge from within. started asking whether they are pher Kemball as joint managing But Whitten has a sense of Fairies, it appears, work their Leonid Brezhnev’s policy of re- The new leadership getting proper value for money director of Dillon Read Ltd, humour. And to give all in Mos- spells mainly through food and the pressing internal dissent in the cow is much more confident from tiie seven provincial UK affiliate of the US invest- satellite entrepreneurs some- drink. Accepting their hospi- Soviet Union by imprisoning or that it can cape with a higher forensic laboratories in the ment bank, brings back to thing to stop them biting their tality is usually disastrous for exiling its leaders bad become degree of internal dissent than service. London another British high- nails over Christinas, he has mortals. Rip van Winkle, plied a political liability- The price its predecessors. This Owen says his job is to con- flier on the New York financial devised the Great Satellite does not i with liquor in the Catskills, paid in discrediting the Soviet mean that the Soviet Com- duct nothing short of a “funda- scene. Game which he has sent to just slept for 20 years, & warning Union abroad was completely munist Party has any plans to mental review." In that pros- Kemball, also named a man- about everybody In the the threat aging director of the parent of the dangers of accepting too industry. out of proportion to dilute its authority but it does company, will run Dillon Read much hospitality. The hazards posed to the regime by a few mean the margin of what is of establishing with Even meeting fairies is said satellite television are hundred dissidents at home. allowed has widened signifi- Ltd in tandem Lorenzo well rep- its incumbent Ameri- to be risky. It can precipitate resented. If you cantly over tile last year. There Weisman, throw a six director. such troubles as elf-lock—when you land on: “ Deft manoeuvre is always the threat of a back- can managing The UK EEC sets ur company, owned jointly with one’s hair mats into a tangle. satellite task force— This sensitivity to adverse lash, bnt for the moment it is abandon Societe Generale de Belgique, Our scientists report that this game.” publicity in the West benefits increasingly difficult to see how has a strong place in European distressing condition can be Or you can run Into “Cablr prominent individuals whose the Kremlin could return to the corporate finance, concentrating cured by Carduos Benedictus— Authority approves your cases have become well known orthodoxy of Mr Brezhnev's plan: on transatlantic deals. better known as thistle seeds. —go back 10 spaces.” Or later abroad such as Dr Sakharov or years even if it wanted to. “ The aim is to build up Its There are other antidotes for The BBC joins DBS venture The final Irina Ratushinskaya, the poet reason for taking miss five currently modest role in the fairy pharmacological tricks terns and pay 3100 f- who arrived in Britain last week the release of Dr Sakharov very UK. The expertise of the US causing itches, stitches, and in legal fees or go to jafl." after her sudden release from seriously as a genuine change parent in leveraged buyout cramps. St John's wort is re- Whitten’s game ends on a jail. But the most important of policy is that neither Mr funding, through its Saratoga commended. But verbena and square proclaiming: “CTT question is to what degree these Gorbachev nor his senior Fund, is already bearing fruit ground ivy are said to be optimistic oa DBS — End Game symbolic releases indicate an advisers are stupid men. They It’s in Britain where Dillon is join- efficacious too. been going on too long." iiT—lr-r/pmpnt in the civil rights can see that the good publicity For BSB, ing with Charterhouse Group The arch tellers of fairy tales, the end game is of 280m ordinary citizens of the stemming from the release of to raise £l00m for leveraged the Brothers Grimm, preferred still four years and £500m Soviet Union. notable dissidents soon will buyout ventures. violence to the subtlety of away. Here the signs are optimistic dissipate, and other cases will Kemball’s return may cause chemistry, however. Our re- —less because of the release of become equally well publicised some officials at the Treasury searchers found that poisoning Dr Sakharov, which could be unless the Kremlin is to be to rub their shins ruefully. For, occurs in only two of their Advice note explained as a deft manoeuvre more tolerant of dissident views. in his previous job in New York tales — although in one case the Stockbroker to doctor: in super power public relations, This should not prove too diffi- “Doc as vice-chairman of Kleinwort poison did get into a stew and tor. I’ve got a than because of the other mea- cult since much of what people temperature o’ Benson's US operations, he slaughtered 14. 102. What should I (to?” sures taken by the Soviet Gov- were imprisoned for in the kicked angrily against the chan- A firm that thinks fairy tales Doctor. "I don’t thin* ernment last week. Since Mr 1970s is now the party line, cellor of the Exchequer’s its might help sell its herbal teas serious. But if it goes Gorbachev came to power there enunciated in the columns of Budget up to proposal to introduce a sent me tea bags for Christmas. 105, selL" has been greater openness over Pravda and Mr Gorbachev’s 5 per cent levy on UK shares If all else fails you might try a economic and social failings of own speeches. registered as American special tea containing honey .Observer . m

XI UK HOUSE PRICES Letters to the Editor Sending the wrong signals a Jan The THE CRITICS of my article on It is possible that eves such antes now prevailing also tend reduced in compensation. 3011 Sown" house prices and wage inflation a mild reform would be suf- to make the plough-back option One important objection to Politicians, employment, nerve and bold initiatives have foamed mainly on the ficient to burst tbe house price less favourable. the crating local authority policy implications. premise bubble in south rates One London and tbe That Is why serious attention arises because of the dif- la my argument was that wages east and allow at toast a small ferent rate per pound charged S3? From Ur S. Hammond* situation for It would merely when control* were Introduced many people and unemployment should be focused on the first allocative deflation sensible while it happens. would perform their to a more proposals; to by different authorities. This, it Chambers he treating the symptoms, not in Britain by Harold Wilson’s results of my reform function efficiently and structure is is widely believed, has a quite exten- , more of prices. He perverse Sir,—Michael Prowie made a the eauses of the problem. Just Government, unemployment In time, sadly introduce a tax on the imputed ?\°» period time because of with leu inflation if lower rela- surely also right to argue that maintain- consequences for economic loca- & good point (December 13) 11 democracy is the least bad ded of rent on houses while grew from approximately tive house prices and higher recent first time buyers would tion decisions and contributes y--5.VS. 5.X' of all politics] systems, so the tiwif controls were in force, ing some system of mortgage about politician* loaing their average to >00,000 to ! vacancy rates for retted this the cumulative private markets are the least approximately 1.2m the unemploylng of uneconomi- do better under proposal interest tax relief. It is quite decline of Eos;" nerve, finding f&sauelm unable and owneiHKcupied accommoda- regions and localities. that (a four fold increase) when cal jobs will fall below the than under a blanket phasing in its effect on Another S£^ r propose *m! carry through imperfect of all. system* unambiguous ° to tion could b« induced in areas of out, even if done gradually, objection to rates and to old 25d allocate resource*- they were finally removed by number of new productive jobs very regional house price differen- the 1 tort of bold initiative* economic “ * ‘ & the Mrs high labour demand. Tbe other of all mortgage interest tax Schedule A " is that rateable :9. Just a* there are serious coos* Thatcher's Government being created and unemploy- tials. It would provide a per* v necesury to reduce the teem* premise was lower average values involve too Urge quences of forsaking democ- during its first year of office. ment will begin to fait Again that relief. manent corrective against tbe an arbi- inaly intractable aad appalbug house prices would, slow wage trary element, in part, racy, so there are also serious There is no question of doubt sadly, itae cure is painful bui it However, in the longer term, tendency of house prices to because dole queues in Europe; but inflation turi curb the consumer properties are valued. results of gotommeot Inter- but that increasing competition, is the sound approach to pro- I do sot think the Keating destoxy the incentive to relo- surely he is wrong to infer that boom. To get away from these •iet* c-~ about jtv ference in the economy; most has brought about a much ducing high levels of long torn reform goes far enough. In cate that wage changes can Mrs Thatcher's Government has I am surprised that not one Affects, it would be better v importantly we are suffering the needed increase in the work employment. It took great to lacked the courage to act on correspondent mentioned base house valuations his- « wont of them at present — the ethic and efficiency of the courage of Mrs T*s Government has on r| new ideas. the first of my two alternative torical purchase prices, repriced long dole queues. British productive economy and to mm down this road and at suggestion^ for the tax reform using the Department erf the ; *«S Z must take issue with his the consequence has been the the time waa considered, at the v* tzresr of owner occupation: tbe Intro- John Muellbauer’s article “How Environment's mix-adjusted suggestion that some rehash of Our current unemployment; losa of hundreds of thousands very least, a bold course of 2fB*nES - duction of a tax on imputed regional house price indices, yesteryears bold failures, both in Britain and in Europe, of politically induced but un- action because of the inter j -L-ca«j5 rent. More that later. My available back to 1968. For A namely Government** controls stems from a number of events economical jobs. The process mediate consequences. on house prices fuel wage rises,” which the c- r critics concentrate their concern now small proportion of proper- . 7-rd on wages (and then inevitably, from the past the moat signi- of producing an economic turn- JBl Hammozto-Chjunbers. * on the second reform possibility, ties that could not be valued though not mentioned, prices, ficant of which has been price round for Britain necessarily 1 CorUnte Square, r* 215.0.- the phasing out of mortgage appeared on October has in this way and to advise on rents, etc) would- rectify the and wage caatrala. From 2966, involves a change of Job for Edinburgh. 23, interest tax relief. Their moat valuation appeals, the Inland important criticism is that ibis provoked heavy correspondence. Revenue would consult HB!S OPEN AU. HOUKSQPFBRS me? flEFKS3»*wr| could have the opposite of the district valuers. Agricultural [ r£ ls reform in the EEC Intended effect on regional There are other policies that ' -w ^Scire ho, 1- 7; , as well as to the old Schedule houses and regions. further, it is very hard to per- - '•• e legislation. ao-j c*»v.., ppx Market for opposed takeovers I only* Sunday* Saturday "'casual " Z waa told A" tax on imputed rent 1 * on (bad^oough) There are policies which focus suade staff to relocate In this •, A'-'-n S;" « Bow*? distorting effect other 1982. it but during the week. Late shop- that his experienced staff do more shaiply on regional The on abolished in Indeed, direction. From Mr ML Toyfor surely ping until 7 or S is almost as not work at weekends, because average vacancy rates for rented economic decisions is would offer the opportunity to The expectation of some nar- Sir,—Mr Edgar Palamoua- Hanson Trust itself has made too. margin, same the gruesome as the Christmas rush, so many come to look rather differentials. Giles Keating is important At tbe retorm at the time rowing of regional house price tain’s diatribe (December 16) more than a few successful entrepreneur deciding of local author- Why do the stores not open at, than to buy. The thought that surely correct to observe that a present system differentials should have a against all contested takeovers opposed takeovers both here back that im- say, 10 and go on to 9, with the this might be an opportunity the elimination of mortgage whether to plough £100.000 ity finance. I propose strongly beneficial effect on "-:,'-1 *> krt makes for rather odd seadfag. end in the United Stales, has al- the business to move puted rent be proportional to : H ahjfc staff working in two shifts? to sell things had evidently not interest tax relief for higher into or regional location. A less dis- He seems anxious to preven t ways encouraged the small In- expensive current value of the The second is refreshments, occurred to him. rate taxpayers with a compen- upmarket to a more the market torted tax system would allow the small Investors, whom be vestor and has from its very Apart from stores' own fadU- cannot understand why sating reduction in higher tax house compares the prospective house (or houses) owned. Im- both housing and labour mar- claims to represent, from get- beginning sought to ensure that to gains or tax his rent would simply be tie* (usually mobbed) and pubs Britain is said have an rates would be wholly un- capital profit on puted kets to fulfil their allocative ting the best price for their managers (who are left alone g»ine of as part (generally dreary and limited efficient retail sector, ambiguous in narrowing business with the lack added to earned Income functions more efficiently. := shares. Haring persuaded them to ran their companies) be- &veaai3rjj5 even when open), there is a (Dr) R. X Brown, regional house price differen- such tax on housing. Tbe less of total taxable income. Overall Tfw author it « fallow ol HMHtU of the advantages of Investing wherever possible, share- come, paucity of places to have a light its Ashley Gardena, SWX. generous depreciation allow. tax rates would, of course, be CollaQa. Oxford. r., « r ..v. In the equity market he sow holders so that they might make • »b Rover, ;.Z— ft ag «tyy***» they should be locked their business decisions with into those companies whose tbe shareholder very in Nuclear power simulators .._ .:.d eotasoy- much managements fall to perform. From the Public Relation* for our new AGR station now 1 *5* vorfc ; p oftjfc Such Investors would be upable. A shareholder who invested Officer, being completed 11 Tarsus to ': *- •, et&onfcfe If they wished, to seH to an- £100 hi Scotland Electricity East Lothian. •' , Hanson Trust in 1986, South of : -:*T-3 -^rkJasadehyfcf other company that believed It took up rights over A minimum of fOUT thww | ^n* 22 yean Board i-- uittibac could do better with the busi- costing £8.800. today has an Sir.—Mr G A H Watts year the AGR staff at Hunters- ”• wrins ;b ness fn question if that bnsi- investment worth £70,009. (December is quite correct ton do full simulator training cy at some 18) . about < _ the t bcssTd management would not We now have 165,000 abare- to his suggestion that the and testing to which then - ’'. ?.;•'?« 2 : ihe bsgiaf|t agree. holders, more than 10 times the "watch-keepers” on nuclear ability to cope with a wide :'--. when tie fe. The market fin* opposed take- number in 1978, since when power stations should undergo range of conditions fed into the - r • ^ .'muJ .. 1 overs is modi about vAJdi man- Mtmtnp'H pgr dure have in- testing and training on atom- simulator Is assessed. On aver* Lockwhoflies agement team should manage creased more than eight times. lators to the same way as pilots age, the control room "desk- a company's resources. Why Hanson Trust, for one, does not of Boeing 747 and other air- drivers” spend about 80 hours should competition in tills field, beUeve that either its small or craft. He says that it is only a year on the simulator— r ;: t.•.}•_• test- probably a lot longer than the jhsj* cuss Iftsbr of all fields, be restricted. Such large Investors have been Iqr repeated training and

," - :•:' station Boeing pilots to whom Mr r - give the opportunity for ignored. of nuclear open- :r.»e lalk= beinf %;- offers tog confidence. .1 As ?ro: Er.ih corporate assets to move more Martin G. Taylor, lives that he can ensure that Watts has such quickly to their most valued Hanson Trust. no emergency can occur which During that time the operators the Motor fc | ':• Brampton are not only refreshing their >.r ??!r»rca Lonaithfe use; surely a worthwhile 290, Bond, SW3. cannot immediately be coped with. knowledge on how to deal with almost cities : to 200 :: I-=! A:ite.g®n It is for that reason that the emergencies but also learning • -.• :> =- :ce.<.? ..?ey::i--e!y ibaiJtifujjijus; Electricity how to improve reactor per- - • • South of Scotland Ain:,. ir- :j se-.jaWataes*-ablotossr Keep Private Eye going Board has for some years now formance. ’.— * •;. it.I.rj sad an Is: From the Chairman, without fire, quite apart from been operating a highly sophls- Those who will be to Charge :: A_s:a Rover ramL' i Prmating Holdings; the fact that some of the items ticated £4m computer-con- of the Tomess control room ;.cbst!y a* ostie: Sir,—John Lloyd’s excellent do no harm to anyone and are trolled simulator for our when the station begins to r .b:u- II: Day's K*|fci article (December IS) makes quite amusing. Advanced Gas-cooled Reactor operate are sizalarly receiving Hitt*: K:-:. ,ar. bs side one wonder if the outcome of Mr Lloyd makes a very good power station at Hunterston in intensive simulator training. the Maxwell case against Private point In his final paragraph and Ayrshire and it is for that James McGuire, from coast to coast Eye is a lesson from heaven for this reason alone 1 hope the reason that we have built an Cathcart House, or a bell from hell. I have Eye will be able to regain some equally sophisticated simulator Spoon Street, Glasgow. a great deal at sympathy for of its former rigour which cer- those from all walks of life tainly would not be the case whose names appear in the Eye, U tbe news and gossip is toned No need to leave the country often, I think, without justifica- down as be suggests. Subject ever, it quite possible to pass tion. Z have no idea into what to outlets remaining unblocked From Ur P. BUerton is customs classification the readership of future circulation will no doubt Sir,—Ur J. Paton (December through the inboard and use 240,000 breaks down but from give many readers tbe answer 18) is only half right It is true and passport control across America. those in industry that Z have they may seek. that to enter the departure one’s ticket on another occasion. talked to in the past most of P. B. Prowting- lounge and use the duty-free P. M- K. EUerton. them seem to like to read the Burp Street. shop one has to have an airline Old Vicarage, Eye because there is no smoke Ruislip, Middlesex. ticket Having done so, how- Lewknor, Oxfordshire. Mercantilism, aid and mixed credits

From the Director, wrong industries were export- This la not onJj mean but short- from the general to the particu- Export Group for the ing the wrong products to the sighted. lar. None of these figures have but the argu- Constructional industries wrong markets" than a professor Developing countries need to been challenged, economics, unleu It were a ment Is diverted on to supposed Sir,—There are a remarkable of have things done In their coun- politician. interactions In the economy civil servant or a tries. the whole they need number of errors in Christian On Kuiul nnAn it,. Mina Irind ref muiC cvvuvMuv autuciB ****** » NQKWNtS\ dignified ® rectly, the Japanese are signifi- assumptions (but and mixed credits, starting with the hole in the head, and what they contributors to the Trade mystified by being incorporated •'Mercantilism, costs cant need are engineers and mana- *i-***tt*ttt.**? headline Research Centre which into the inner obscurities of %)\ a state- Policy gers. Britain (and other de- money* (December 15), equations In the Treasury has published the professor's veloped countries) has such ment about which I am sure Model) underlay Ian Ryan's mer- pamphlet. people, and since we cannot as the world's most successful committee's paper. Then after cantilists, the Japanese, would As for the discussion at the even work out the economic a decent lapse of time someone Mite- glad to learn more as they Organisation for Economic Co- value of Infrastructural works be Is found to start up the whole to receive the remains In our own countries, largely prepare operation and Development, it argument again as If nothing British motor-car indus- due to the activities of another of the is the Japanese who are refuting had happened. generous and bunch of economists, they are try from a to change tbe rules, and why The Government must be - e rcantilist not over-employed. It would be avowedly non m should they, since the rules given credit for having dealt which If sensible to put demand and British. Government, might have been written speci- with some aspects of the anti- go potential supply together. past form is anything to by ally for them? It is Britain competitive environment facing to take will probaWy pay them with its very lovr aid budgets Developing countries are not British contractors, notably in it coupled with high interest rates only denied what they need, but Introducing a soft loan facility The reason that the Govern- which finds the concessionality their own relatively scarce and having permitted a useful ment (fortunately for ns all) has rules working against its inter- economists and technologists degree of flexibility in the contractors. makes bx dealing with not adopted policies based upon national This are tied up end- nnnnyiwMif of the aid and the contacts from the now almost forgotten report it very difficult to challenge less inquiries and trade (ATP) budget this year. - by the group of civil service Japanese in contracts for large some donors. At the end of the The signing of a co-financing Now, Northwest can fly you from London Gatwick or From Glasgow Prestwick, our 747s fly the only of the economists under the chairman- projects in third countries, since day many if not most framework agreement with the Glasgow Prestwick to almost 200 cities from coast to coast scheduled services direct tan Scotland to the United of Ian Byatt of the they have endless amounts of eernomic assessments made by World may also be very ship Bank across America. States, with flights to Boston or New York. Treasury is that far from the money to spend in aid, loans the people who call themselves helpful in concentrating British report being a “demolition w

— '>*v-- -• »i “V^r-5»» 1 ;

XJV WEEKEND FT JS*S ‘ Fmaiitial Tiines“Satimtay:

12 XMAS GREETINGS /American N HAPPY NEW YEAR FINANCIALTIMES Appraisal / (UK) UHTIBJ ilph micrn \ Ti-.I.'.OSOO '2134= Tuesday December 23 1986

PROSPECT OF HIGH YIELDS SPARKS GROWING TASTE FOR REAL ESTATE Cigarette THE LEX COLUMN Japanese yen for US property prices cut Seeing is BY IAN RODGER IN TOKYO in UK PERHAPS tiie Japanese have mis' tanities for investment in Japan. proach —buying existing buildings— understood the incessant demands US real estate, meanwhile, has two is the preferred route for most Jap- ' from US trade officials in recent irresistable attractions. anese investors. They would rather as cheap believing moirfhw that, ww’re their immedi- they ase their im- ft is cheap. Prices have been de- start wrofaE yields ports. These days it seems that in- pressed, especially in the office sec- ately than risk an adverse move- rates could 1 stead of buying American, the Japa- tor, because overbuilding. The ment in exchange which imports rise lately- of dull UK performance nese are buying America. reduce the hoped-for return on a to- Markets are not known for loy- Ahrmp of the dollar against the yen Oil Index improve as the new rational- alty. So it is almost touching the In the past two weeks alone, Jap- has effectively tally new development By Christopher Partes In London in the last 15 months sation programme starts w™*' anese property companies have However, Mitsubishi Estate had way in which they continue to be- i ine cut the price of all US goods by farther investment m thgrwsplwB tn Tnm-P than TWO Britain’s biggest cigarette lieve in tbe oil pricing power of ShMPnca Either commuted more than a third for the Japanese, no such inhibitions when it OF might fnmjumii>t or some diversification $2bn worth of purchases in the US, lminrftpti an SL2bn hous- have cot the prices of Opec, despite all the evidence of the MMB US US real estate almost invariably FT-AcfoarfcM moving again- Even teft and near their leading brands by up to 5p a past few years. Opec has declared get profits including a SL2bn housing and re- Japa- ing resort development would cut promises a higher yield to the par-ir hi bank, the cash i the creational development in Califor- Palm Springs, California, last week. in an attempt to push up vd- that S18 shall be the new price, and nese investor than he could obtain lOOfL *****vs** from around 40 to 30 per nia planned by Mitsubishi Estate, The company said it preferred to in- nine sales and limit losses of mar- within hours, Brent actually on comparable quality investments - Japan’s largest property company. ** vest in balanced developments rath- ket share to cheap imports and! reaches 518 a barrel a 23 per omit in Japan. jnst make Bloe if* /i than w brands. Bat all that might include the er in eaj»rti buildings. Simi- own-label rise on the price at the beginning of Other recent deals E to a pot* Mr fflioi iihi president of Ka- s»rfforfog yet more attractive purchase Komnten, larly, Mitsui Real Estate, which two The tobacco industry is the meeting. Grde by Hawegawa a j Adelaide ta Kagaku, a Nagoya glucose mak- ential bidder, if that is condominium builder in Japan, of a weeks ago bought the Exxon build- an unprecedented squeeze, trapped The complex system of differen- er, says that the yield on a budding Steamship’s plan. ! 2 for also between the UK Chancellor's de- tial pricing announced on Saturday , 12-storey office budding adjacent to ing in New York $6 10m, de- in Tokyo’s glamorous Ginza district Meanwhile the deal seems to Los Angeles Airport for 530m, and bought a 1.4m sq m site in San Die- mands for tax revenue, the forceful was rushed through in one sitting new would be between 2 and per cent monstrate tiie influence the the acquisition by Orient Finance, a 3 go County fo September to develop anti-smoking lobby, and imports of I and agreed to keep the Saudis - and today. By contrast, he expects to ob- directors, especially Mr Ro- consumer credit company, of a 22- into an industrial estate. cheap brands and own-label ciga- in particular Eng Fahd - quiet The BHP tain between 5 and per cent on the Holmes a Court, are already ; bert storey office building in the Crocker 8 Mitsubishi Estate and others rettes mainly from West Germany. differentials between crude Manhattan building has just having. Getting out of peripheral Center for tion of price rabbit hutch in would rather do balanced property According to the industzy-funded streams are always changing, and in San BYandsco, S75.3m. the of a v - *— — — fhp WWn bought for $310m. gfa-mw According developments in Japan, where de- Tobacco Advisory Council, the flood tire fipt to cast them in to the US Department Tokyo. aggres- that sign (jf and knOWS, is just one part of a more of Commerce, the Japanese hHve al- The Kato purchase shows One of the most aggressive prop- mand and prices are surging. Sever- of cheap cigarettes from West Ger- merely.ensures that, when they are who collap- sive BHP. ready surpassed the British as the this has became a sport that all can erty investors in the US is Shuwa al huge development projects in the many and elsewhere in Europe has out of line with the pattern of de- without a miners strike or a wi»i" largest foreign investors in US real play. Rato's business is mak- Investment, a family-owned compa- Tokyo area are awaiting local and raised imports’ share of the UK mand, the whole structure will dis- sing ofl price, and with some more soft drinks, to invest, estate. Their total purchases this ing glucose for beer and ny that has made two spectacular national Government approval But market from OJTper cent in 1083 to solve. cedi Anglo might turn ont - year may reach SSbn, more than but the famiiyowned company has purchases this year, of the Arco the authorities are cautious be- 10 per cent this year about 3 per The real point is whether Opec a good purchase. Indeed, Hillsdown TSB fa” mi ht treble last year’s SUHm. Moreover, invested its profits in hotels, a bowl- Plaza in Los Angeles, for S620m, cause transport services and other centage punts higher than in 1985. cuts back its output tiie shareholders g even have them- For tiie wave of small sharehol- if present ptcehange and interest ing alley and now a US office budd- and the American Broadcasting infrastructures are already over- Some 50 new foreign brands have promised. The new official ceding is wanted tn buy energy shares that ders created tiie Government's rate trends ing. Companys’ headquarters in New crowded. been launched in the last three called 15.8 million barrels a day, al- selves. Does justify Hillsdown by continue, the volume of perhaps the years. doing it for than? latest offers for sale, Japanese buying is likely to go on Individuals, too, are getting into York, for 11742m. There will be a development though for the first time the neutral most compelling stock market sta- rising. the act Newspaper and magazine Shuwa’s president, Mr Shigeru boom in Japan sooner or later. Until This has led to a 16 per cent re- zone between Saudi Arahia and Ku- tistic is the differential between the Japanese institutional investors advertisements tantalise people Kobayashi, said in October that the then, it is difficult to see what will daction in tiie number of cigarettes wait is excluded. This is the equiva- British Gas and TSB 50p partly and property companies are flush daily with the prospect of spacious company hoped to invest about stop the flow of funds into US prop- made in Britain, the loss of six fac- lent of a company fawn* director Blue Circle paid shares: TSB was supposed to with cash, buthave few good oppor- condominiums in Hawaii for a free- SIbn yearly in the US. Sbuwa's ap- erty. tories and 8,000 jobs, the council putting a trading loss befow the line wu>rta»t equivalent of told the Chancellor in a mKnriwawi in ardor to get a better stock mar- rrmy rvtib«»Icmdly diVancouver, Canada, helping assure that revenues from Tifc, ami also ago. It has also sought EEC hard,” said Mr George Maricm, Phi- Christmas. Bat tiie purchase of a year. It is bas, the group holding company, re- holders. 10 days copiable records and tapes accrue the fit- lip Morris sales director. “We are 29.9 per cent stake in Anglo United fo cash terms ft is even better be- realistic. At the czzrrent price TSB corded net profits of FFr lJlbn The idea is one of several being and US legislation to enforce to the holders of the musical copy- having to reduce our margins and if is out ctf the ordinary even for Mr cause the dividend received from is on s multiple of almost 9 times ($273Jm) in the six to June studied by the in the ting of spoilers. rights. necessary find savings our Harry Soknson, -who .has bought Australia was only around £3m. My rHl,» tha UK with FFr2.7bn in the wake of the breakdown 10 days ago DAT machines are expected to be l 7T" 30, compared However, it is not dear whether in Japan in few months own organisation.” same odd businesses In his time. And as the fall in the Australian deerers, with more exciting returns whole of 1905. Excluding minorities, of talks between Japan and its launched a the proposal would face insuperable chance of some dollar positive on equit ar multiples of western trading partners about a and may be on rale elsewhere by Imperial Tobacco, part of Hanson Apart from the has reversed BCSCs y, e cm net earnings were FFr 929m, com- cial commer or technical problems, cheap coal to cut its £30m energy rate of profit growth to make a de* around 5. TSB was seen as an asset pared with in the whole new audio system, digital audio April Itaist, has followed quickly withtbe FFr L3bn ft may also conflict with existing will subjectof bin, Hillsdown appears purely to be dmfog contribution to Bine Grde give-away, but at 73Kp the discount of last year. tape (DAT), which the music indus- The issue be the an “relaunch” yesterday of its John laws on home taping In some EEC ^nalthw In sterling price would net assets is only per cent And try in the US and EEC believes EEC green paper early in the New Flayer Special brand in a glossier an investment a wholly in , even this to 7 The figures are contained in a countries. with bar shareholdings of over threatens its survival Year which will cover other copy- pack at £L45p - cheaper than be- unrelated business. not be a bad one. a on document due to be published by 5p industry ft has enough admirers in tiie Blue Grde has plenty of scope per cent, assets are hardly a solid Digital audio tape will allow al- right issues, including the broad The music in both the fore. It is also marketing a new ex- 5 the Reach Stock Exchange com- given 1 most perfect music reproduction, question of home taping. US and the EEC says it is too soon tra-long JFS cigarette at EL47p. CRy for this not to be taken as a far spending tiie money its floor for the price. mission this week in connection using cassettes smaller than com- The proposal for selling records to judge what attitude it would take with the flotation of Paribas, due to The company said yesterday that pact discs. The Japanese have al- and pre-recorded cassettes in two to the idea. take place in January. it expected more price competition next year. Operating profits within the group total amounted to FFr Llbn It had relaunched JPS, fifth big- m the first half of 1988, or FFr 48fim Leaders gest selling brand in the UK, “to ap- excluding minorities, compared Boral bids for Blue peal to the cost-consciousness" of with FFr 22bn in the whole of 1985. tiie British smoker. It already hes a Portfolio profits and capital gains presence at the tower end of tiie lose their market with the Lambert & Boiler 'This amcuncemsnt appears s& a matter of record only. totalled FFr 749m, or FFr 443m ex- Circle subsidiary cluding minorities. brand, which has a recommended Paribas is the second company to retail price of £L32p. BY JOAN GRAY IN LONDON be floated in the French Govern- patience Since trade margins wQl he main- ment’s privatisation programme BORAL, Australia’s leading build- their stake in Blue Circle Southern tained, retailers, already well-en- and the first in a series of banks to ing products group, has made an because they no longer considered Continued from Page 1 trenched in a {sice war of their 1987. It be sold off over the spring rf AS573m (1383m) takeover bid for it a longterm strategic and own, are expected to reduce selling educated Chinese have become will be followed in the second quar- Blue Circle Southern Cement, Aus- no longer regarded Australia as a prices further. Premium branded aware that their level of human ter by Credit Commercial de France tralia's largest cement manufactur- growth market for cement cigarettes now selling at about n rights is far below that of many oth- A d by the much smaller Basque er. BHP wants to concentrate on its £L47p a pack may come down to er countries, and that their press is du Bailment et des Travaux Pub- Blue Circle Southern is owned 41 other interests. Blue Circle - which around £L40p. far from free. lics, Banque Indnstriele et Mobil- per cent by Blue Circle Industries, has just announced plans to cut Rothman's executives were meet- “Let me give you an example," an iere Privfe. and Sodett Generate the UK's top cement maker, and 41 2,000 jobs and reduce production ca- ing yesterday to discos pricing tac- engineering student said. “We Alsadenne de Banque. per cent by Broken Hifl Proprietary pacity in the UK - wants to invest tics for their range, which includes News Securities B.V. heard about other protests in Chi- company, the Australian conglom- in high growth areas for cement Rothman's King Size, currently • Bouygues, France’s largest con- nese rides from the Voice of Ameri- struction group, yesterday Mocked erate. manufacture, particularly in the £L50p a pack, and Dunhfl! and Pe- ca. Is it right that Chinese should The Boral offer is worth A$235m US. ter Stuyvesani, both priced at a proposal by Spfe-Batignolles, a ri- hear about a Chinese event from an Blue Circle Southern accounted reduction val civil engineering and construc- each to Blue Circle and BHP. £1.48p. Similar are likely. US$100,000,000 Blue American broadcast?" controlled the It consists of AS5 for each ordi- for £12m of Circle Industries’ GaDaher, manufacturer of Beat- tion concern by demonstrations were report- pre-tax profits last year, and The Syndicated Revolving Loan Facility Schneider group, to in- nary share, six ordinary 50 cent dl7m son & Hedges and Silk Cut, is also French ed in the local press for the first Sir John is not expecting demand crease its capital, Paul Betts in Boral shares for every five 50 cent expected to follow suit, afthmigh the Australia. time yesterday in reports extremely Blue Circle Southern shares, or a for cement to grow in company refused to comment yes- Paris writes. critical of the protesters. Articles al- Guaranteed by combination of cash and shares. “We could get as much in interest terday. Bouygues recently acquired a leged that a few activists with “ulte- BoraTs minimum acceptance con- on the cash as profits from Blue 33.9 per cent stake in Spie-Batig- rior motives” have taken advantage Unfavourable mmhnngn rates The News Corporation Limited dition is that it acquire not less than Circle Southern,'’ be said. nolles, giving it minority blocking of the disruption to "put up posters have forced same importers to in- 90 per cent of Blue Grde South- Blue Circle already owns US ce- aid rts major sifoskfiary companies votes in its rival supporting counter revolutionary crease prices. Red Band, a popiular ern's ordinary shares. ment plants in the north eastern activities.” West German impart distributed by The leading French construction Bath Blue Circle and BHP have states, on the southern coast, and in “Some students don't really un- Nurdin & Peacock, went up 2p a Lead Managed by group disclosed last September it said they are prepared to sell their the sunbelt They earned 20.8 per derstand reform in our country. pack last week to £1.23p. had acquired a 10 per cent stake in holdings, jointly or separately, but cent of the group's 1985 pre-tax Westpac Banking Corporatian Their understanding of their demo- At present, duty and value-added Spie, which it subsequently in- have not yet agreed to the Boral of- profit per cent, paying cratic rights is unclear,” the local te»«i«imitfarH.12 nfflippri^ of creased to 33J9 fer. Future purchases would concen- p Managed by press said. There was no coverage a cigarettes about FFr 830m for the blocking Sir John Mine, Blue CSrde In- trate on filling geographical gaps, pack of UK-made sell- the students’ four - The Bank of Nova Scotia Group CJBC dustries chairman, would not com- with plants in the mid-west north- of demands ing at £1.50 and £L92p an compar- Austria Lrrtted more democracy, press freedom, le- able Saitama Australia Finance Limited Sodete Generate Schneider, which owns about 60 ment “on whether we have accepted west and northern states. imports. Australia United gal recognition of the protest, and Tokai Austrafa finance Corporation Limited WestdeutschB per cent of Spie, has so far sought the Boral offer or whether it is a Blue Grde Southern has an out- Although the "nmiiw of smokers Landesbank Grozentrafe 1 guarantees of no reprisals - which to fend off Bouygues efforts to good price. But we are interested in put of between 2^ to 3m tomes of in the UK is more or less steady at they had requested be published. Co-managed by bring tifc&G twO CQDSbDCtiOQ gTOGKpS receiving higher offers.” cement a year. around 18m, people are smoking Instead, they were accused of Both companies decided to sell See Lex BJ Asia Limited NEtsubisti Trust Austrafa threatening the country's stability limited The Royal Bank of Scotland pte KansaSs Banking Group and of not "treasuring” their pres- ent rights. Ftaddedby Prices rise on Posters appeared at the Shanghai Sterling gains Westpac Finance Communications University, which Asia Limited The Bank of Nova Scotia Asia LirA Canadian imperial Bank of CcmmercH [Asia] United Saitama Opec accord has been at the forefront of the pro- after oil pact Austrafe Rnmelkr&Bd •C °F °C *F *C *F •c F Sodete Generate AustrsBa United Tokai Australia Finance test, urging students to "struggle to oorporanofCoronratt™ «da S IB 50 mornk C 3 37 IMtt F 14 57 tata F 18 61 Westdeutscha Landesbank GSrozantrate H Continued from 1 Continued from Page .1 IB U E**b* F 3 3/ IvMr S 3 37 KcfaJl 8 34 S3 Page victory” and encouraging those re- Austria Bank Limited - rile F 17 Hate C 28 Bhc f a 48 BJ Mftsub&fTrust Austria * all Sn 7 38 fin 83 W would be able to establish its basket luctant to participate to "arise”, as ket response to pre-Christmas le- Uriited SSsfesrs F 17 3 Si -l 3U The Royal Bank of Scotland pfc; Hung Koog Brandi . - KansaSs 1 13 S tact 8 9 41 S Stan International Bar* fAbr-Pom Me of fixed prices, due to take effect at well as denying the Government thargy. BM c IB M fnaldict S -1 38 ikteBr 8 27 72 tainted 5 13 fa BagM s a m Foetal C IB M Hh G 23 73 tad s G 32 the beginning of February. allegation that police had been in- There was also caxxtion about s 11 52 6MM S 0 32 Km S 8 46 S"WM c 38 89 Industry experts said that in ty- jured. pushing sterling too high ahead of BUM B 13 SB State R IB B1 Haute S -8 21 tatted Si -5 23 -1 ing to set both price and output, Meanwhile, Government notices today’s balance of payments fig- He s 3 37 S 2 38 Kmssw c -1 3U tadMB 1 30 IMtosfcpac Banking Corporation Unfa s D 32 EMMMf F 5 41 Sum Si -1 30 Stew c 26 79 Opec was trying to do too much. appeared atthat and other universi- ures. They are expected to show a ssr Sn -3 27 Beta* S -7 IB State F 25 77 ta t 21 70 in ties warning students - If the market price January, against pro- deficit of between £8Mm and £lbn F 7 45 B-ta S 18 M tata F 19 SB lM«a — — 18 before the new fixed prices are in- testing. and similar notices were on trade compared with £835m in BaMay s 31 a tetack Si -3 27 feta# 3 2B n Id ter s 94 December, 1 986 F 6 43 c 2 38 la Mi S 29 98 TamSM c 28 98 troduced. is well below $18 a barrel erected in Peoples Square. October. Buoyant invisible earnings 'fat S 41 s 9 Bntah S 1 34 1 mill s 17 62 tar 5 We a Opec is expected to climb down Students were unsure of how should leave the current account in Baftpfl F 2 38 hate B 5 41 16m s 11 M Toni s 1 34 from its price target A second test- many days the protest would last, balance, even with a small sur- BMk s as SB 1 37 90 HcnH s IB 81 Tate G IB 59 or Oea S ER c B 43 Open 8 17 52 tata s 12 M ing time is expected in the spring but diplomats suggested the lawk of plus. Nevertheless, the market re- -7 8 7 45 s n 72 mq s 28 B2 0* 8 19 tefca off demand will have fallen a dear agenda will cause -3 when them to mains highly sensitive to these E 25 77 s 28 78 Pn C 3 37 tate F 27 from the winter peak, putting Opec dissipate in the next day or so. They monthly awH/iiimwiMUitg. f IS BT Uteea F 13 SB «feg 8 7 31 Water C 25 -5 -3 wtwmdnn Mag* C a 4* C 3 Si F 23 Nutagn s 2/ under pressure to its presume that demonstrations win Another dampener on enthu- 74 B 3 31 fad Si • 32 Uojn SB -2 2fl Ltafccdn s 23 agreement become more frequent in Shanghai siasm was sterling's failure to -3 27 linahteJ 8 -2 29 c Bm>MmiMwrtmlir As part of the planned return to and perhaps other cities, now that break above a key chart point at 12 54 SET- S 7 45 Ifajam F 10 50 waon* mwi F-Fm Fd-Fob MW Mate fixed prices, Opec intends to aban- tiie students have successfully SL4450, despite the weakness of the 17 S3 S-faifl S-Stef Hunter Mfia s 3 37 (tea* e SMte don netback pricing. their marching muscles. dollar yesterday. . . . . »———.» -

SECTION n - COMPANIES AND MARKETS Wallis REFURBISHMENT M.JUtR.*d"* ' * "*C FINANCIALTIMES Tuesday December 23 1986

GE to provide $500m credit line NST payout Murdoch bids for rest of San Miguel for broker Kidder Peabody halved as to attempt BY ANATOLE KALETSKY IN NEW YORK profits S. China Morning Post $85m GENERAL ELECTRIC is providing chant banking or leveraged take* Its recent offer of a SSOOm bridging BY DAVID DOOWELL IN HONG KONG a credit line at SSOOm ds ngyf - to y wers and buyouts. facility in connection with the buy- slide 55% MR RUPERT MURDOCK, the price. Hongkong buyback acquired brokerage subsidiary, Kid- out of and Shanghai Dow Jones for the South China The latter business has been Tenneco's insurance units. interests Wong Sulortg In media magnate with Bank, whieh until entering an Morning Post’s key stakes in der Peabody, in what is wen oa dominated by DreneJ Burnham Kidder on Friday announced fly By Richard Gout-fay in Manila a reor- Kuala Lumpur Spread from his native Aus- initial agreement with Mr two other publications—the Far Wall Street as as aggressive move Lambert which enjoyed unparal- ganisation of its corporate structure tralia to *he US and the UK, Murdoch a month ago, held a Eastern Economic Review, and SAN MIGUEL, the Philippines designed to thrust Kidder into the tetttd mastery over the market in designed to strengthen TIMES, the merger NEW STRAITS has made a general offer of 48.S per cent stake in the South the Asian Wall Street JournaL beer and consumer goods giant, current boom business on Wall high-yielding and newspaper "junk" bonds which acquisition and junk bond trad- MalayriA’s largest HK377 a share for the outstand- China Morning Post, exits from if the offers are accepted, the has asked its bankers to help Street - organising and financing publishing has have been the key to many mergers ing departments. GE*s SSOOm credit grasp, ing 46.2 per cent stake be does the deal with a cash windfall Post's coffers will be boosted buy back SS5m worth of its takeovers drop corporate sod leveraged and buyouts. In recent months, line, which is likely to be leveraged reported a 55 per cent not already own in tbe South of HKSl.iSbn (US$147.6m), to the tune of HK$212m. own shares, which were in pre-tax profit to 2

- p-* -+**>* 4, — —rap i J • - »•»-*:* *-'?ft-** v .trVfflw a -’S' ‘i r 1 « I f ; ! ; m _ 1

XJV WEEKEND FT

December 23 1986 Financial Times Tuesday UK COMPANY NEWS NOTICE Of PREPAYMENT Australian £55m bid for Carlton US Hillsdown buys int THE KYOWA BANK* LIMITED purchase of (Incorporated with limited Ilability In JapanJ newn iwi nan coal mining with Reitlni Rate Certffl cates of Deposit ‘Investing in Success’ No. 000001-000020 Issued on 31st January 1983 Gordon Ent. Maturity 29th January >988. Callable in January 1987 ditions BY TERRY POVEY deal Notice is hereby given in accordance with the con Anglo United of the above Certificates of Deposit (the “Certificates ) Panfida has become the latest widely, in 154 different stocks a better rate of capital growth few £14.7m as primed on the reverse of the Certificates that The n._L. I f.L. H Q 1, n\ .nnv all til* Australian company to move with about one third in the UK, could be achieved. BY NDCKI TA1T Kyowa Bank. Limited (the " Bank "> will prepay all the By Oar Harris ayi^r. Into feet- Yesterday another third in Japan, 15 per tonnesof coal outstanding Certificates on 30th January 1987 (the Pre- the UK mar Panfida Is run by Mr Saxna Hfilsdown Holdings, the around 3m the Sydney-based company made cent in the US and the rest in this should payment Date "). ae their principal amount Gazal, also chairman of a small Clnm Ml imfi-s furniture thong** { Carltim Hmn is acquisitive foods and pW amount, together with accrued an offer for “ Investing in Europe. Payment of the principal New South Wales television York group, is adding coal mining to made on the Success” Equities, valuing the entering the key New stream. i*re Interest to the Prepayment Date, will be The cadi offer by Panfida is company and Mr Peter Wenzel, of interests via the rites come on surrender of trust market tot radio and tele- its range have been Prepayment Date against presentation and at £55m. per cent of formerly a director of McIntosh cent profits, however, Kyowa NlooIL for the higher of 94 vision commercials production acquisition of a 29.9 per the Certificates at the London Branch of The Hr Ken executive ul Samson Hoare Govett, one of cruet. US’s net asset value calc ated with the pcqidMtiim of stoke in open-cast group, Anglo Bank, limited. Princes House. 93-95 Gresham 5 director of Panfida based in the l parting on a formula basis or 850p. A Australia’s stock- Gordon Enterprises for op to United. London EC2V 7NA. UK, said that the group and brokers. g^^ertoTpast four Certificates on Che 7 per cent loan note alternative 931m (£14.7m). Interest will cease to accrue on the institutions acting in etacert Anglo is issuing 34-9m new months to end-AprU on the same terms is also being Gordon provides voice-over g the six Prepayment Date. with it held 28.7 per cent of Mr McoD, who until May was shares to HUlsdown. Hillsdown figure fell from offered. The offer values US’s andJUMnbdug fncHttles to ttanretex US’s shares. He regretted that a director of merchant hankers and wall subscribe at 25p each—com- but the ouP shares at 900p each on the basis wide range of clients, S^fto^a.000 talks had not led to an agreed said that Pan- a pared with yesterday's dosing aboutf the of the December 4 asset value. Baring Brothers, inriniiing auijor advertising says it is confident takeover. price of 30p, up 3p on the news Its year-end Agent Bank fida saw Itself as an entre- ngendeB and MTV, the pop fuS-time result OS has called upon share- Hr NIcoH said that Panfida, for a total cost of £8J7m. to end-Marcn. preneurial company. No flurry mnslc video chaimrt. Radio — is being shifted holders to ignore the offer. The wtadch was listed in Sydney in Anglo directors who currently cover a 17-month planned if advertising ace®nuts for dbont Sid this wSU trust is a capital fund managed May and has a market of fund raising was control 49.7 per cent of Anglo capitalisation of around A$60m, he Baid. but half of Gordon's business. Pfi by its directors and as of the offer succeeds, United via two Netherlands rSf* money raised fro™ th.® had net assets “ not intent on just buying Carlton, Europe** largest January 31 It of woe moves could be made to lighten , Antfifies companies are hacking purchase television production facflitlpg Hillsdown share £43m. On December 4 the net ns and selling on its invest- dilute their 1 ® 3 the shares through scrip and/or ! the issue, which w31 go towards expanding A®® asset value per share was 857.4p. ments, we really want to man* company, plans to invest cent, National^ issues. listing stake to around 36 per into the coal distribu- fewer stocks, warrants A for about 910m to complete interests The investment portfolio, seen IIS's holdings in yesterday The company “ mainly ZIS in Australia would also be Gordon's new com uter Hillsdown stressed tion business. by Panfida as passively In special situations and , p join Provincial graphics studies in that it sees the bolding as an said yesterday that it will managed,” is spread fairly in the UK and US, he believedbelli a priority. video .the Building Society Investment and has no plans to the bidding for 3XP Fuels, make a bid for Che mi ning Midlands-based fuel distribu- Carlton’S Complete Font Is White BET in already n leading post- group. tion business which Ward Yule Catto urges Barrow preductian player in the Anglo currently produces is likely to sell £200,000,000 Floating Rate Notes 1996 £llm Holywimd-lHued programmes US market. Notice is hsehy given that the Rate of Interest has been holders to accept offer Is fore- fixed at 31%% p-&. and that the interest payable on the For 1986, Gordon BY CLAY HARRIS acquisition casting pre-tax profits of pays relevant Interest Payment Date 23rd March, 1987 against Holmes & Marchant 92Jm (8W%@00) on turnover coupon No. 4 in respect of £5000 nominal of the Notes will Tula Catto yesterday be able compete Harris urged to more By Oaf of 89Jm. Its senior manage- be £143.36 and in respect of £100,000 nominal of the Notes Barrow Hepburn shareholders effectively. There was also ment will continue en five- Comms diversified services £6m for Biggs WiS be £2,867.12. to accept £17.3m takeover scope for co-ordination BET, the a in year service contracts. offer said bring rubber plastics. group, is to pay 916m (£LL2m) CLAY HARMS which it would and Carlton will pay an initial BY commercial and financial The financial strength of for Weiner Enterprise*, a US | $&2m In cash. Up to 914L8m Marchant; sales terday. He will Join the board benefits to the chemicals and Yule Catto would help to re- scaffolding and site access com- ft in additional payments, linked promotion consultant and of Biggs, and the agency s engineering company. lease Barrow's potential, which pany. will Lloyds to profits In the five yearn to graphic designer, is to move founder, Mr Frank Biggs, Agent Bank: The chemicals and plantation was restricted by its small size Goldman the US in- Merchant September 1991, will be paid into advertising and public re- become a director of Holmes. group said that Barrow's shares and diversity. vestment bank, yesterday In shares and/or cash. Carlton lations with an agreed takeover The takeover is to be financed Bank had performed poorly because Barrow has rejected the bid placed 2,644,740 new BET stones were unchanged at Of thff Bi S riwtiiiMinipqtlflnii through toe issue of new shares ' gg of an “unexciting record” of totally unacceptable.” at 432p to finance the shares 1020p. Group for up to £6m. to the vendors at the prevailing earnings and dividends. Diversi- Yule Catto's offer iff 108p Fees for the acquisition. market price. The initial £1.75m fication away from its original cash and one £1 convertible The acquisition will also give "bought deal” amounted to payment would Involve the issue leather business had failed to preference share for every four share, or about Holmes its first access to in- just over 5p a of about 565,000 shares at yes- pay off. Bartow shares, values the tar- Minet paying house typesetting, photographic £185,000. BET shares added lp price of 310p. Subse- Yule Catto said that the get at 52p against 57p yester- and fflm and video production terday's NMB yesterday to 437p. payments are linked to speciality chemical operations day, up 2p. Yule Catto was un- facilities. quent Werner, which trades as £3m for US profits in the three years to CO., LTD. of the combined group would changed at 241p. Biggs specialises in work for MINEBEA Saf-T-Green, sells and hires pharmaceutical companies, September SO 1989. fMheteo KabusHU KafcteJ and frame scaffolding; hoists marine broker while Holmes is most active in Biggs reported profit before U^$ 100.000,000 aerial work platforms. The product development and design tax and exceptional Items of company reported Bowes Holdings, a US sub- turnover of £6.8m Guaranteed Hosting Rate Notes 1989 English China attacks family-owned work in the grocery sector. . £400,000 on pre-tax profit of $2m on turn- sidiary of Minet, the London- “It's a great fit in every in the year to March 31. At that uncomfitionaRy and irrevocably guaranteed by The Notes w81 be over of 923.7m In 1985. turned insurance broUnr respect.” Mr John Holmes, date it had net tangible assets The Sumitomo Trust and Banking Bryant’s profit forecast Senior management will group. Is paying 94.6m (£3m) group chief executive, said yes- of £800,000. remain with the Atlanta-based to buy 90 per cent of Conti- English China Clays nental Underwriters, a New limited yesterday ECC also attacked Bryant’s company which also . has Company, surplus llm* launched the second stage of failure to give a divisional depots in Florida, Alabama and Orleans marine been fixed Notice is hereby given that die Rate of Interest has its £137m bid for Bryant Hold- breakdown of its activities and Texas. insurance broker. Sutcliffe Speakman ahead at &k% pa. and tint the interest payable on the Interest ings with an attack on the Mid- to put a value on its landbank. The move Is part of a US The Werner acquisition is Payment Date. June 23, 1987, against Coupon No. 6 in respect lands-based housebuilder's strategy of acquiring small SutdUffe Speakman improved second halt The Cornish group defended BET'S first major move into US of 100.000 nominal of die Notes will be U.SJ3.286-IL recent profit forecast and a specialised brokers, Minet its turnover from £7.94m to Engineering companies in- U-S-S its treatment of reorganisation services since its take- defence of its own diversifica- building said yesterday. Bowes Hold- £8£8m and pretax profit from curred overall losses of December 23, 1986, London costs as extra ordinary items over of HAT Group in Septem- tion record. j ings’ operates as an extern £270,000 to £802^00 in the six £283,000 and arrangements fly. Citibank. NA. (CSS! Dept). Agent Bank CfTIBANO and its valuation of land her brought it market leader- The days, quarrying and con- and surplus tines broker^ months aided September 30 were made for them to be sold. owned by Bradleys, taken over in contract Tainting. struction group did not how- ship arranging for the placement 1986l Earnings were SLfip (2-2p) The directors were optimistic In 1984, as in accordance with only North ever, raise its offer as Biy&nfa Previously, BETs in the international market of per share. about the medium and long accounting standards. American venture in the sector advisers had antldpated in a insurance bnsinew generated Trading profit for the period term future, but felt those com- Toronto-based Swing Stage statement prematurely released ECC shares added lp to 312p, was by US retail brokers. was held at £506,000. Bat panies would be better situated rents access 'equip- last week. valuing its three-for-seven offer Clima, which About 15 per emit of Conti- Interest charges were £204,000 in an engineering group. Details ECC criticised Bryant's pre- at 133.7p, against Bryant’s ment. nental’s business originates (£168,000) and list time there of the sale will be published diction of a 55 per cent advance unchanged 154p. The deadline from oil indnstzy clients. But was an exceptional debit of in due course. . in the present year, against 41 for acceptances has been the bulk of ft comes from £67,000. In July, the company raised per cent in the previous five extended until January 27. W. Alexander broking marine insurance for Carbons performed weB, the £L6m by an Issue of ordinary Scandinavian Finance B.V. years. It questioned whether river traffic on the Mississippi, directors said* Benefits of and preference shares and sales jeopardising (Incorporated in the Netherlands with limited Eab&ty) land were Mine? said. reorganisation were beginning warrants. First dividend on the long-term prospects and asked Hlg and Smith (steel stock- purchase * ' MT Brian.’ Hayes, chairman, to come through and 'should be preference will be paid fabricated products at the why Bryant failed to- fore- holders, of I. TC Minet, thef XloydV more fully reflected' In the end of the month. U.S.$70,000,000 Walter Alexander is ' acquir- shadow die improvement when and drop forgings) has pur- broking snhsidiary, said: **In ing the outstanding 62 per cent Floating Rate Serial Notes it launched a rights Issue in the chased Armco Construction thet US there are many sur- in its associate FtasjGqrap, fOr. autumn. Products for £2JKjm cash. plus lines brokers for sale, due December 1993 an initial £5.1m. The payment but most are in the tradi- ATC forecasts Burns-Anderson is being satisfied by the issue of Guaranteed on a subordinated basis by tional property and casually DIVIDENDS ANNOUNCED 275,000 shares, £S.7ip in loan field. We are trying to buy £7.5m profit resists notes and £l-2m cash. .There- bid Bank Limited Date Corres- Total Total ‘ smaller operations with Scandinavian ALLIED TEXTILE . COM- will be farther performance-re- By Richard Tarnttss in England with Embed liability) Current of spending tor last special expertise.” PANIES, which (Incorporated lated payments estimated to be has made an payment payment div year year Continental, which Is agreed bid tor Bulmer ft Lamb, Forthe six months about £2m. Burns-Anderean, the financial Batieys ..int 0.5 Feb 26 0^ — 22. privately owned, made pre- the Bradford-based textiles services and motor distribution 23rd December, 1988 to 23rd June, 1987 ..int 2A Feb 16 2.5 — 5^ Flos, which makes bedroom tax profits of 9L7m (£L2m) group, yesterday posted its group, yesterday sent ,.int 10 10 — 27 products under the Shunber- in the year ended September out its In accordance with the provisions of the Notes, notice is formal offer document to formal defence document G. M. Firth .int 0^ Apr? 0.45 — 1 down brand in the UK and Com- 30. Bowes bas paid 94-3m of Bulmer shareholders and fore- In hereby given that the rate of interest has been fixed at response to the £21 Moss tl a— 2 fort Pilloy In the US, made a the consideration In casta, .3m bid from Advt — — cast that Allied’s pretax profits atodiey, cent airt that the interest payable on the a private - 6Vfc per Nash Inds .. 1 Feb 28 0.5 L5 0.5 profit £l-34m on sales of with toe remainder snhlect company ; tor the year to September 80 owned by two West relevant interest payment date, 23rd June, 1987 ..int 1 Apr 7 0.7 — 2 £30J2m in the' year to en3- to a 9225JXW upward or 1986 would reach £75m. Midland’s property developers. against Coupon No. 7 will be US$328-61 per Note. ..int 1 Feb 6 1 — 2J5 January 1986. downward adjustment depend- In the year to September SO Int 1 Jan 16 1 — 2Ja ing on Continental's 1987 1985 the company made pretax The Bom*Anderson board Agent Bank: rays in Dividends shown pence per share net except where otherwise profits. profits of £6-4m. its letter to shareholders OSCA, public relations and that Dudley’s stated. * Equivalent after allowing for scrip issue, t On capital Allied said the 17.2 per cent Httip-a-share alter Trust of New Yoik marketing company, has bought Morgan Guaranty Company Increased by rights and/or acquisition issues. tUSM stock, increase resulted from an u not only inadequate and mis- a 28 per cent stake in Cromer conceived, but London t Unquoted stock. T Shares marketed July 1985. No dividend More Goldsmiths’ improved performance from its also hastily Titterton Mills Cowdrey, adver- constructed. paid for Initial period. existing textile operations and tising agency, for £400,000. shares for Oriflame “ a larger contribution from Duffley clearly mounted its Oriflame, the London-listed financial activities. opportunistic attack ” to but Scandinavian-based direct Holders of Buhner's 3.5 peri accumulate as many shares as selling cosmetics company cent preference shares are bring possible before Burns reported which last week launched a offered 60p a share, or 60p in its figures for the year to

£40m hostile Md tor Grid- nominal value of unsecured i September, showing an 88 per smiths Group, yesterday loan notes. cent increase In pre-tax profits. SPONSORED SECURITIES ~ announced .that It has. The price. Allied said yester- “The strength of our share increased its stake in its day, represented a premium of Pf«». which stands well above target from 2&2 ta lSo. or Yield 2&8 per 4X9 per cent, over the the offer price, indicates that cent. middle market quote tor the market also HlgbLow Company Pries Change \ % P/E regards the (for tta ported April, 1988 The additional 86.078 Buhner's preference shares at offer as commercially Statement of 148 118 Asm. Brit. Ind. Ordinary ..... I32xd — 6.8 8.1 unjusti- to September 30, 1996) shares were bongtet at the close of business on Decem- fied 161 121 Ass. Brit. Ind. CULS ...... 145xd — 6.9 — 2mw and totally inadequate,” it fai Ufflkxis o( Yen Income 48 29 Armkaga and Rhodes ...... 34 — 124 44 —toe lend of Orlflame’s cash ber 17 and an exit yield of says. Burns’ ' shares closed 3Id 71 84 BBB Design Group (USM) _ 67 — 2.1 16-0 alternative. 82 per cent up at 112p. Net sales 1560670 213 108 Bard on Kill Group 213xd — 2-2 2U 95 42 Bray Tochnotoglea 86 — 4JR 11J 1,139,842 Coals ol sales 201 76 CCL Group Ordinary 133 — 23. 94 Income before taxes mid minority 162 88 CCL Group llpc Corn. If. ™ 15.9 — 285 BO Carborundum Ordinary 34 128 COMPANY NEWS IN BRIEF interests 25236 94 83 Carborundum 7_5pc Pf „„ SOxd — 118 — Income taxes. 13983 32 20 Roderick Parker Group 22 — 128 60 George Blair ... 01 — 12/314 48 28 COUBTAULDS* £2&2m offer for ordinary were &06p (2.06p) Net income 95 20 Ind. Precision Catlings 86 — 7.1 88 Fothergill Harvey, the advanced and net asset value was 95Ap interest Net income per share 427 (In Yen) 218 148 late Group ~ ... 148 — 124 88 receivable was £20.000 Sept Dk 128 101 Jackson Group 12Wd -1 4.8 84 materials and insulation (89.7p). (MJOOOMnd tbe loss peJIdSS 377 228 Jamas Borrougb 387xd +T 48 108 materials manufacturer, oz this uSM company wa& l Odn 100 86 James Burrough Spe Pf. 91 +1 M2 — G1LTBAP (DSt) £10m offer (September 30, less) In UMIona at 'fen 342 Multi NV (AmatSE) attracted acceptances in respect <0*4P>. At SeptomberSO, Balance Sheet 1035 housa 740 +35 — 388 tor Frank G. Gates, Ford main cash 380 260 Record Rldgway Ordinary 353 -2 — 88 of just 0.5 per cent by the first balances stood at £3344)00. ' car dealer, UabHios and Shareholders' Equity 100 82 Record Rldgway lOpC Pf. .. 14,1 17.2 closing date. The offer has been was posted to share- Robert Jenkins -88- SO 32 — ...... — 34 extended until January -30. holders yesterday. GOtrap, 40 28 Scnrttona "A” 40xd — — * ^CRANE said Cash and time deposits 281,563 Bank loans and current portion of owned fay New Zealand busi- 138 68 Torday and Carlisle 138 +1 8.7 4.1 84 Fothergill riiares rose Up to contracts have been exchanged Notes and accounts receivable, long-term debt .715090 370 820 Trevtan Holdings ...... -2 nessman Mr Colin Giltrap, is 328 7.9 24 84 247p yesterday on hopes of a tor the purchase of Sarients 73 26 Undock Holdings (SE) „ 78 -1 144 offering 120p cash tor trade *. .649,0TB Notes and accounts payable, trade .585,105 ZB an forecast tor each Tool Stores. Sarjeuts 107 47 Walter Alexander 107 +2 E.O 44 102 strong profits its is a liabilities. share with a loan note alterna- Inventories .526,008 Other current .536,156 228 190 W. 8. Yeates IM — 174 an 194 fall year, which is likely to be distributor of engineers' tools, SB 67 West Yoriu. tive. Other cunerd assets -428,707 Longterm liabilities .634.881 Ind. Hasp. (USM) 97 — M 64 134 published next week. That hanff tools, power tools and Property, plant and equipment —...... —.747,049 Minority interest 121,91 compares with Courtaulds* cash- STATELET INDUSTRIES said offer 225p. Other .539,358 Shareholders' equity 579,420 only of Courtaulds' that contracts had been shares rose 2p to 814p. exchanged tor the sale of UUj Swindon and QxfottL Granville & Co. Limited Granville Davies Coteman Limited tbe cht a&' ..3,172,563 total RabffiHes and business of Lapointe J 8 Lovar Lane, London EC3R BBP 27 Lovat Lane, London EC3R SDT broach e 30 division of Staveley MM*were £L8m,guff"?and V“ aharaholdarrf equty. .3,172^63 Telephone 01-6Z1 1212 Telephone 01-621 1212 SCOTTISH ft- MERCANTILE Machine a lose nr Tools, aWHW wJTiSortgl. Member of FIMBRA Member of the Stock Exchange Investment Trust: Interim divi- a wholly owned sub- Th! consideration will be dend L4p (same) for six months sidiary of Staveley; to Marbalx £92,000 in (Holdings). realisation cash -on February 2 ended September 30. 1988. Total 1987. and from the £2004100 in loan TOSHIBA Revenue before tax was £820,000 sale- by Staveley wQl notes’ Kd about £6m. (£859,000); tax charged £270,000 be 111 (£304,000) and minorities SELECTV (subscription, tele- £49,000 (£524)00) leaving vision operator) — Pre-tax loss 1 attributable profits of £5014)00 CREDIT NATIONAL increased from £116,000 to nSSatiOTis^Slc* (£503,000). Earrings per 5p £1434)00 in half-year to Sep- ^^ i2dh! and “A” non-voting a^acquMtion^iM ftfiQJMXLMO Guaranteed ~ ordinary tember 30 1986 on turnover fWteg Rate Notes 1995 Citicorp Banking Corporation I WimlllinmJhi U.S.$250,000,000 SHARE STAKES pniHiil « to paymn dar^Biaik^^uSS^tead The PrincessAlice R«e Subordinated Capital Notes Dm Job M. 1997 OCOirii - "”"” U tkaiBv GiafaMgorf m ggh fry interest by . sasass , Hospice*• IN company share 18 end now bolds 234,478 7. J. — F — — - CmCGRP© CHANGES C. UQey w, . REPUBLIC OF FRANCE Wto ertl ba ptaeeed to M you hoar . ... ordinary and 13,965 - you can help us to care fay cadi states announced during the convertible dmae «kh Ae terms oad BoaddcM of past week included: preference shares. b, nodes is dercbj gives that to die jonuory iz, ire/ to February 12, 1987. A further notice will be published Acqmsetdmn.—Mr - G. M. aonifa iaw. r r.it period lima 18* advising Rale of Interest and Coupon amount pgyoble. Granada Group.—Director Mr er MBS, dm Notes wffl cony a rare of Abrahams. chairman. sold **£££. {SK ThsPAwesa ABM Hospice December 23, 1986. London Bernstein sold 25,000 Ordinary at UV~% per gum . The alms 200,000 “B" shares at 64p on . By; Citibank. NA. (C5SI Dept.). t_395, on Si share psjnM dole wBbeliMh Math 1987. TeEftawESoreaBII Agent Bank CfTlBAbKt* shares at 286p per on December 8. |4K A Spencer, ^ pa auasud per £5000 ri be £141-78 December 12. Laura Ashley.—On December' directed ** agakM (encoder of ooopao No; 13. Associated British Engineer- 15, Mr J. Wirier, director, dis- ing.—Mr H. J. Barry, a posed of 25,000 shares at 180p

I director, disposed of 200,000 share and now holds 86,703 maa per BiSh ordinary at 5.75p on December shares. *>.000 I Mock a 1

*. t

f Financial times Tuesday December 23 1986

REPLACING YOUR WINDSCREEN NEEDN’T BE A COSTLY OPERATION.

When your face hits the windscreen you’ll

be glad that the windscreen gives way to it.

But even with a laminated windscreen you

could still cut your face to ribbons.

That’s why Pilkington has developed an anti-

laceiarive windscreen that will give way but not

splinter; making it even safer.

A thin plastic coating bonded to the glass

holds it together (what’s more it won’t craze; ifthe

windscreen is struck by a stone it merely chips or

cracks leaving a dear view ofthe road).

Ofcourse, ifeveryone were to wear their seat

belts then this sort of accident need rarely if

ever, occur.

Unfortunately these accidents happen every

day. That’s why we have to continue to make the

glass safer. A carwindowso tough that stolen car stereos

In the USA where they have the most strin- may soon become as outdated a phenomenon as

gent safety regulations ofany country Pilkington The Bay City Rollers.

is by far the major supplier ofautomotive glass. No other glass manufacturer produces as

Pilkington is responsible forabout 17% ofthe large a range ofproducts, from flat glass to glass

world’s output, lastyearglazing over 7million cars. fibre, from ophthalmic lenses to the optics for

Just one of the achievements of a company missile guidance systems.

that has successfully built itselfup to become the These are the innovations that give Pilkington

world’s leading glass company, with a worldwide the edge over the competition.

turnover ofaround £2,000,000,000. Although, in this case thankfully, not the

Pilkington is currently developing an invisible cutting edge.

windscreen heating element which can defrost

itselfin under two minutes. o A windscreen containing an almost invisible Pilkington

caraeriaL The world’s leading glass company. .

!l WEEKEND FT

JLJXU.

23 1986 Financial Times Tuesday December UK COMPANY NEWS ThtsB securities hove been sold outside the United States ofAmerica andJapan. This announcement appears as a matter ofrecord only. G. M. Firth FEW ISSUE December 1986 hit Dominion JhtL by advances natural resources decline 34% in A DOWNTURN in the contri- of Transnational, a specialist and it was likely that a sub- first half bntion from the natural re- computer leasing operation stantial provision against the of sources side pulled back based in the US for between £0J0m book cost would prove Dominion International Group $12m and 927&l necessary. in the six months ended Sep- Disposal of development pro- • comment tember SO 1086, with its pre-tax perties was progressing, with awws&js^sSrod THE CHIBA BANK, LTD. faping £5m to contracts exchanged or com- Dominion tot—roatto t cer- 19 per cent profit from w in ShflKuyeartiie halt yew pleted on a good proportion of tainly knows how to soothe the by 34 per cent (Kabushifd Kaisha Chiba Ginko) £A65m. September 30 1W"- earnings, however, were tiie commercialertial portfolio. And frayed nerves of a market wor- coded Basic Ehtrmxzgs per share rose only marginally reduced to last week the company an- ried about its exposure to fan* dividendJ®. cent f»M the interim 7.49p (7Jjp) after lower mino- nounced it was withdrawing on prices, Cornish tin mines net, from Is stepped up to 04p rities. and the interim dividend from the UK housing market. and the vicissitudes of the off- -it enters is held at 24p net. Over two years, the dhposals shore financial world— cteir* U.S. $100,000,000 t. H. Wasserman. The division contri- should release more than £25m computer' leasing! Stripped of *H?’ jmvrtse said It would he £2.9m (£L3flm). property for other purposes. The its house building side the pro- th« buted too optimistic wWie 3 £l-63m £L37m), development of Dominion perty development division is to be un- 2 A per cent. Convertible Bonds due 2002 development ( i&dastrial climate remained resources £775,000 Beach, in Spain, was un- being wound down—probably and natural certain, but he remained con- Central overheads affected by those proposals, to Just over flm pre-tax in the con- (£lB5m). fident that growth would (£528,000). and sales were running ahead second half. Natural resources came to £640.000 tome in the secondbau The directors explained that of expectations. still has to bear the brunt of steristoe*- share of Wil- into is engaged m the relative decline of property At Southwest Resources, the South Western’s machinery dean®®. per cent-owned USM-quoted liam Hunt's costly failures in hokBng and and resources, coupled with the 59 farnWrings, floorings and fit- of new financial company, turnover feu to Thailand. But not all is bad emergence tings, transport and has a near Issue Price 100 per cent. activities, evidence of the £3L87m (£&26m) and profit to news here—the accountants was 65 per cent controlling interest change in emphasis and direc- £775,000 (£U85m) as the decline might find that SWs accumula- «P*otea well in Porter Cbadbum toe tion that the group was being in oil and gas prices took effect ted tax losses ait rather drink THf»*mta« 'i iinec of food and Included in the profit was the with Transnational’s profit’s put through. and general wngftwwrinf equip- was much fto ni instalment on the disposal stream. The cash to come from The plan for a ment. its North Sea interests the property disposals should sharper focus on financial ser- of year group safes accounting for £675,000 after help keep gearing down to 50 In tote half vices. with low yielding assets £2746m (JMJSm) and Nomura International Limited and capital intensive operations costs and expenses. per cent but the real question me profit £L45m (£148m). subject making way for core businesses In the US, the States Petro- is what cash flow source Dom- to tax £412,000 (£416.000) and earn- group subsidiary con- inion will tap to fund an expan- TbeNIkko Securities Co., (Europe) Ltd. with strong cash flow and leum £143,000 (£30,000). tinued operate profitably, sion of its lending activities minorities ings growth. to Mr Wasserman said margins Morgan Guaranty Ltd expected to although at a much reduced now that the rental and house Changes were were under pressure in steel an adverse effect cm short- level. New exploration was sub- completion streams are coming have stockholding and resulted in a Swiss Bank Corporation International limited term performance, but a favour- stantially cut to reduce costs, to an end. Forecasts of not 10 per cent redaction In profit, on long-term but the group was well placed much more than last year's able Impact and 14 k seemed inevitable " that growth and prospects. to acquire producing properties. film for 1988-87 are unlikely for the fuH year would Core businesses would be Southwest’s investment in to help the shares rise much International . somewhat lower. AlgemeneBank Nederland N.V. Bank of Tokyo Limited supplemented by the acquisition Win Hunt performed poorly above a depressed lOQp. On the furniture side, trad- Bankers Trust International limited Banque Bruxelles Lambert S.A. ing profits rose 30 per cent a the chairman remained Basque Paribas Capital Markets limited Barclays de ZoeCe Wedd limited confident that last year’s Profits down Berger pays £9.2m for record would be at least Chase Investment Bank Chemical Bank International limited matched. The Leeds depot was at Moss dosed. Citicorp Investment Bank limited County NatWest Capital Markets limited Ault & Wiborg paints Transport benefited from cer- Advertising tain contrmctural settlements Daiwa Europe Limited Ault & Wiborg, the chemicals of £9.8m. Net assets as at comfortably Credit Suisse First Boston Limited Moss Advertising Group fared and profit was and resins manufacturer 834 December 81 1985 showed a result for better in the second half of ahead, a good Capital Markets Limited Goldman Sachs International Corp. per cent-owned by Son book value of £9.7m, anticipated. Deutsche Bank 1985-86 following the sharp Bet- the year was Chemical of the US, Is selling Ault be Wiborg said yesterday •R«»gatiding back from £281,000 to £7,000 at porter Chadburn, International limited its paints businesses to Berger that 220 jobs would be lost as a Hffl Samuel & Co. limited IBJ due to the loss of a Mr Wasserman said the prob- half time Jenson and Nicholson for £9.2m result of the sale of the paints major Client and one or two lems of the oil industry did Lloyds Merchant Bank Limited cash. Berger is a subsidiary of business. Ault will incur redun- Klemwort Benson Limited For the year to not help recovery and growth other factors. Hoechst (UK). dancy costs of g-Sm, which will August 31 1086 pre-tax profits which remained slow but MerriH Lynch Capital Markets Around £2J9m of (he purchase be paid fro xnthe proceeds. Manufacturers Hanover limited were down from £422,000 to steady. Sales rose to £1048m price will be paid over a five- At an extraordinary general (£84m) and profits to £347,000 Finance International Limited Samuel Montagu & Co. United £170,000. year period depending on the meeting held yesterday Ault Mitsubishi The directors stated that the (£85400); earnings came to Increase in the norchaser's shareholders approved toe sale foundations were now being laid 54p (143p) and the interim Morgan Stanley International New Japan Securities Europe limited turnover during that period. of Ault rinting faky division to for the future by investment in p tiMdend is raised to lp (0.7py The deal Is conditional on the Japan's Daimppon Ink and additional personnel, particu- net Nippon Kangyo Kaknmara (Europe) limited Salomon Brothers International limited turn-referral of Berger's acquisi- Chemicals for £Z6^8m. egm * larly in the creative sector. This An In general engineering, tion to the Monopolies shareholders* investment would hold back to gain approval Simla manufacture, and dis- Sanwa International Limited Sanyo International Limited Commission. for the mints division sale win profits In the short term but tribution, the sales volumes and In the six months to June >0 held towards benefits were expected to be the end of neat trading profits were largely in Shearson Lehman Brother International Union Bank of Switzerland (Securities) Ignited Ault’s paints division made F. Strang, accrue before the end of the a month, Mr C. chair- line with budget But the food trading loss of £24,000 on sales current year. man of Ault said yesterday. and drink equipment division S.G. Warburg Securities Westdentsdie Landesbank Girozenfnde In addition, the group had experienced considerable pres- active in identifying ami Yamaichi International (Europe) Limited been very sure on margins, toe oil potential acquisitions and the Improvement at Nash service sector companies felt directors were in discussions the impact of the low oil price with a number of parties. AS anticipated, an improvement £17.4Sm. There was an operat- —one traded at a small profit 0"*i dividend la Ip The in pretax profits has been ing profit of £767,000 (£430400). and the other at a loss. Securities Europe Limited Dai-tchi Europe limited KOKUSAI Europe tAnttej Matma Europe T .hnlfofl a share from earn- Cosmo making 2p achieved at Nadi Industries, The pre-tax figure was after ings of 448p (7-S0p)« ackaging, engineering and interest charges • comment Okasau International (Europe) TimWod Talhefyo Europe Limited Tokyo Securities Co. (Europe) Ltd* p down from construction group, for the year £551,000 to £401400. Tax took G. m. Firth has been twice in Toyo Securities Europe Ltd Wako Interoational (Europe) Limited Yamotme Securities (Eunpe) Limited Batleys improves to September 30 1986. After in- £89^00 (£24.000 credit). There Messed the last half-year by ms extraordinary credit the acquisition of its majority Hatleys, the Huddersfield- curring losses of £121,900 to toe w an year, group tills time of £88400 against a sttke in Farter Chadburn. First, based cash and cany whole- previous the yes- terday reported swing back loss of £796400. After dividends the continued recovery of the saler, recorded a £145,000 a with of of £64,000 (£21400), £180,000 engineering group—from profits advance to £652,000 In pretax into the black profits £306,000. That was after was transferred to reserves of around £85400 this time last profits for the 27 weeks to year to charging a loss on discontinued (£914400 transferred from £347400 now—has given November 1 1986. Operating Firth’s figure activities of £>7400. reserves). pretax a margins were also better at 0.62 considerable shot in the arm. per cent compared with 0B1 Ur John F. Nash, toe chair- Second, Porter's historic tax per cent for the corresponding man, said engineering had Pronteprint falls losses have acted as an 26 weeks of the previous year. continued to perform mast accelerator Firth’s Prostaprinit, the USHqooted at bottom Turnover was £Ll&23m satisfactorily, and packaging line, turning the per cent franchiser of highspeed print 34 (£95.27m) and operating profits had maintained the improve- pretax growth and copy shops, reports a sharp into a 40 per were £682,000 (£485,000); net ment seen last year. Although cent advance in earnings. This fall in profits for the first 28 “Name one interest payable was £40,000 toe construction losses had doing well is company just as well, since weeks of 1086-87 despite only a Firth’s (£22,000 credit). Tax charged been significantly reduced, toe marginal decline in turnover. performance would not have was £236,000 (£151,000) and results remained disappoint- looked Pretax profits tumbled £276400 too bright otherwise: earnings per share emerged at ing; competition was fierce and indeed, only to £80400 against a foil of tost the £130400 profit 2.72p (2JS0p). The interim margins were tight in oil, steel £3400 to £14lm in turnover. on the disposal of toe Hove and Is an unchanged OJp. minerals dividend today portfolio Nevertheless, he said, future Earnings per share emerge at properly averted the contracts were at a record level. OSlp (*2ip> after a £43400 possibility of an overall down- FASHION AND General Invest- The final dividend is doubled (£186,000) tax charge. Second turn. The steel stockholding division seems On December 19, BHP announced its good overall profits and the Board to say ment: Net asset value per 5p to Zp for an increased total half is traditionally more profit- unlikely to share at end of September 1986 of 14p net (Q4p). Stated earn- able, stated the- directors* and stage a revival overnight, so results for the halfyear ended November 3(1 confidently that BHP businesses are well 507.7p, against 483.4p a year ings per 25p share were 54p they forecast more encouraging shareholders’ best hopes of earlier. Dividend for six months compared with losses of 24p. prospects for the next rapid protax advances seem to 1986. On sales ofA$4.4 billion, BHP placed to take advantage of improved market to September 30 unchanged at Grotq) turnover for the year year. The interim dividend is rest more on the group’s policy was lower at against of expansion through acquisi- reported a profit of million, lOp. £15£5m maintained at lp. A$409 the opportunities worldwide when they arise, tion than the potential for second highest Moreover; the strong organic growth. The yy» _ » m COMPANY NEWS IN BRIEF share price, down 2p at 70p November half in the outlook for the yesterday, could mark time till MJB ||WM|I|aV| the solidity of profits growth ARMSTRONG Industries D. Company's history. UIIHmWgm remainder of the 1986-7 CAMPBELL & to L Nathan which might or might not lead becomes more dearly §§£% ^ (store design and shopflttmg): which owns the balance of the to an offer being made for the established. result; The * year is for improved Interim dividend 14017p net shares. The total consideration whole of the equity capital of Turnover for the 26 weeks to NZg28m a surplus - was (£947), the t i excellent in itself is all profits and a strong full-year September 28 1986 was £4JL5m of NZ$i6.4m (£5JUm) Hazlewood Foods over the 1 and pre-tax profits Haxtewood Foods has acquired the more remarkable in the face (£2.83m) book value. STANDARD Wmmmmr result Indeed, in difficult times £650400 (£278400); net SECURITIES said Mahany Holdings for an tow«| interest charges were £20,000 RADIANT METAL Finishing discussions were in progress consideration of I£3.79m ofdepressed world oil prices, II our shareholders have already which may Or (£61,000), tax took £236,000 (Electroplating and metal may not lead to (£3J58m). Based in the Irish a significant expansion stagnant steel and (£89,000) leaving attributable finishing, property development of toe Republic, Mahany has four demand banked the proof ofBHFs long term capital resources of the com- profits of £414400 (£184400) and retail of home furnishings): trading subsidiaries m in intensely competitive minerals markets. business strategies - a recent and earnings per share of 64p Interim dividend lp for half- pany, as well as a general offer Dublin. dividend for its share capital. (3Ap). year to August 31 1986 (same). Pretax profits of Mhharxy ’ But those are just the sort of distribution 22% above the November Turnover £733400 (£463437); and its subsidiaries for the year BOWATER INDUSTRIES has operating profit ^ IINLAN GROUP'S hoard 86,393 has to March 31 1986 were £919400 eventualities that BHPs long term business bought Staybrtte Windows, a 1985 level (£44409), investment income confirmed that negotiations are and net assets were £24m. Midlands replacement window £3,742 (£130481) and profit at an advanced stage for strategies are designed to the Consideration wQl be satisfied surmount company, for an initial instal- before tax £90425 (£174,490). acqtdaitfam of a private com- November HatfYear Results in Brief tfune-November 198® by £960,000 cash and the allot- ment of £3m with a further * Tax charged was £31409 and further details win ment of 1,787,652 i In the economic downturn of of £S.5m contingent to the vendors maximum (£57,630) leaving earnings pa- ar soon as possible. who will retain Capital and the results over the next 1491,768 shares 1982-3 steel was facing losses and Earnings Dividend on lais share of 4A8p (849b). Sales Net Profit Jrrvestmeot two years. Consideration will perShare perShare ‘ A$m ASm issue of t i ron ll t t our oil and minerals operations Ag be satisfied by the UNTIED GUARANTEE (Hold- ASm H shares. ings): Listing restored, after carried the task of maintaining issue of circular letter BHP Group 4407 409 1184 3XJ2 17.5 kingsrange products approved by shareholders. distributor of shareholder dividends. ( maker and petroleum 622 86 toiletries) —For half year ended LAURENCE GOULD said an Notes: OnNowmber 30, 1986. A*1 - US05 cods. sales were Since then large scale reinvest* Safes names and net profits do October 31 1986, approach had been received nHUerafa 1539 159 not add to tfae BHP Group figmes due to nttra-Gttifli £7.42m (£647m) and profit meat, effective management and (£806400). Interim steel 1968 321 £954400 dividends initiated with 5p net improved productivity have seen a payment Branded products performed strongly in toe UK big turn-round in our steel business. For a copy of the full half year Den report and North America. Group DanskeBank' ; should achieve profit objectives afl871Ak*fcseUkab Today it is returning the profits which please write to International Investor , / for year. are compensating shareholders for Relations U-S. Dept., BH3? 140 William Street; CADBURY SCHWEPPES’ Aust- $30,000,000 currently low oil prices. Melbourne, Australia, 3000. Facsimile ralian subsidiary, Cadbury Hoating Rate NotesDue 3989 Schweppes Australia, is to sell With continued reinvestment and (03)6093015. its 40 per cent holding in Oasis modernisation of the steel industry, improving dl prices and cost-efficient BOARD MEETINGS

minerals operations, BHP continues to be Tha following com pan tea have notified datsa erf board maatlnganaatlnga to tba Stock one ofthe world's most successful and Exchange. Such oiantinga are uauaHy hold tor tha purpoan of conaldnrlng profitable resource companies. dividends. Olfldal Indications era not available as to whether tha dividends 4k ara interims or finals and tha sub- f\ This has enabled BHP to maintain divisions shown below are baaed mainly on last year's timetable. Sandi TODAY International Bank MeCWKHHEUJMNT interims: Anchor international am^nkalsaukaimia^ Fund, Bermuda International Bond Fund. Berialorda, Fermlnstar, A. Monk. Pronto print. Starling Indus tries. T i Hnahu—none announced.

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December 23 1380 Financial Times Tuesday COMMODITIES AND AGRICULTURE US MARKETS rmtafiJlS **» LONDON indices CRUDE OIL futures opened Malaysia «* “ MARKETS REUTERS steady but jS S:S 2:2 SS expected to expected, reports Dwfltti fg Non-members Cgc^SHtO aao-raarapo vo 2m *« *2 main BacTtO 2 COPPER provided the Ktrm>t»Tn Lambert. The big HT asjp «J» «* defers generally quirt 4U8 interest on a 16*7J 1643-7 I6Q811 :1TWJ_ question new 2‘2n 4ME 4580 London Metal Exchange yes- (few: 5sptant»« W 1831 -*1M) STthe wwWgiw terday. Freer availability of yesterdays IV** 30b trading of $1S a barrel, and OftANOC JWCE nearby supplies and stronger JONES that tone*** 1 back Opec output cuts DOW action reflected iSeb Law Z* sterling the dollar ssto* uoro «s« 1 Good trade and coml m2 pushed prices lever, in spite Dow" Die-TOM. «nJ» vim . mio AS 18 ; «ao KEUAWAY jonee » *so ! house lmyiag saw BY LUCY tin or a substantial cut in USE mu «*C0 m foreign a**®*1® ****2 Sf* n* 113.84 11SJS6 JM.12 early in the TtJj mu UMO UM* * oil broker yesterday. warehouse stocks last week. Seat - NON-OPEC members yesterday to about 14m, is expected to busy 115.51- — ^50.48 selling «»» Sulong in - Fat 2I4A8 commission bme *; appeared likely to add their hold present levels steady, The mood was echoed on the By Wong The cash price dosed £12 56 if — December 3l"l931-100) profit-taking, jm la* a will also continue products markets where Kuala Lumpur down at E92&5Q a tonne, the ~(Bmi~ owe production cuts to those while the US the fear that the bvW W PLATINUM to »vr «• volumes were heavy and price lowest dosing level for nearly agreed over the weekend by the to lend support to Opec coo,rfc* INDONESIAN AND Thai tin In be overbought* 355 producers’ cartel. indirectly through the involun- movements large. On London's three weeks. contrast tight gap op th* **3 Petroleum Ex- miners will be allowed to sell nearby supplies steadied the rise underlying Diedm uu43U Both Norway and Malaysia tary decline in its production International Lumpur MAIN PRICE CHANGES S16J9 jn «77.8477.8 awUU *****<78-0 the price of gas oil their tin on the Kuala the cash SLts between 4S7.S ato-6 «N expected to re- during the last year. The change lead market and Ha wi are announce market from January 5 next oth«wi*» *™®d. boris Mart*, d8pr«w» chances of the latest Opec ended $4 higher at $142£0 a tin quotation dosed at £361-50 a In tonees antes* $17.24, strictions to their oil output to a KLTM On the metal*..gold, Si s°* sb firm tonne, after touching $148.50. year, according tonne, regaining £&$> oi Fri- values. Sj early in the New Year, white agreement holding were ofMomtl silver aB ioUevcd much of the trading announcement at the weekend. day's decline. Dee. 38 + copper and SILVER SATO «. While ( £13 The countries such as Mexico and yesterday being assessed 1088 — ago emee «n*de* W was speculative, with so called and shortage of nearby supplies crude oil, but the likely continue differently in London and New Trading in Indonesian METALS tended US are to to . faltered, they 53*7 seta traders “Wall Street Refiners” parti- 1 tin was originally was reflected in a widening advance produce below peak levels. York, with London Thai lower on BMP 54X0 generally the more optimistic cularly active, two major oil scheduled to begin last week, of the cadi premium over fKiSS^TJsimtW-18 atswa to drift - ; Ml Malaysia is likely to shave Gold failed to make two. companies were seen buying Keng Yaik. the three months lead frees £27.50 : taking. BH.O KM of the after Datuk Lim :-i«gn towards the signifi- some 35,000 barrels a day from morfag Brent cargos of Brent for delivery in Industries, to £3L25 a tonne. The soft Sm55aZ®. headway 148.5 5MB In the early Minister of Primary 3 mttML. £943.5 resistance current output of about 450,000 $1.50 while February at prices of around the commodity markets were also 02 $395.78 03$ 6381.75 cant prices leapt by in had given his approval, but GoldTro* £33a.7S basis SS0.7 - barrels, while Norway is ex- $17.50 a barrel. generally quiet, the most Lead Cash £3*1.9 +2.5 commencing at $W4, New York price rises were KLTM decided to defer it in — me* 575-5 pected to announce in January “They seem to believe that notable movement being JmflB ajMS February, but held above the limited to $1, so for much of : articioated low STZ4 - view of the r a cut of about 80,000 to ZOO,000 price of Brent, the Opec fixed price will stick; March coffee's £1450 fan to ic*-uoe • no* Wc support *t stss mao the day the activity around Christmas and 0.5 *318-20 mixed ” barrels its current and compared to paying over £1.767.50 which pmaOium 02-— 1118.60 — opened steady 5 a day from generally about TO cents lower a tonne, 4- SjM W SUSAN koNlo "TX' the New Year. Platinum ox — *483.25J -L2*X47 stops to Opec crude in February, 1 touched off production of about Xm b/d. than the price of West Texas $18 for halted a modest rally aver autcksUvarr SZSOilR .- SUNHIIS selling 11X808 today’s prices look cheep,” a Zaharl Nordin, the — +QJ9-571jjOp tower than Until sow Norway has curtailed Intermediate, traded at a pre- Mr Amin the last few days. Dealers &Dv*rtroyOZ—-379.15? posh prices Ctoee rriflri Lmm ”~Ptw in- 384b85p +0.B38U5p Platinum exports by increasing Govern- mium to WTI of about 20 broker said. KLTM secretary, said the attributed the renewed down- 3nrtS_~— Friday's doee. 63$ 53« 536 633 the New York Mercantile tin from M*Tavs**V sold off as speculative XII •12 4.02 e m ment stock levels, under a tem- cents. On clusion of trend to sterling's strength futures •3D 32 volumes were less broaden the erfihig. signifi- 6-29 MB porary arrangement that ex- In London, the Brent market Exchange neighbours would and speculative But Sssa^yaar selling emerged, but l.« 645 in in expected. the support was pires at the end of the month. had one of its busiest days heavy than By market and help confirm the they said conditions remained SIS? cant scale-down tsa «4» 6.4$ <41 about Z !— S3 df .. However a cut in Norwegian since the last Opec agreement middle of the afternoon KLTM as the main market in very quiet with the approach £538.5 >OL»XSSM. noted, which held the decline. 6JS 6.71 6« 3n5S^ •-7B tew •ter 4.71 production is unlikely to do in September which triggered 30,000 lots had been traded, Asia, and the price reference of the Christmas break. nrotfacafa— **13 — *880. more than stem what would the price recovery from below less than half record levels. In- point for the metaL USE prices supplied by Beutel, from otherwise have been sharply $10 to $15. Indeed the level deed, Mr Peter trading last Amalgamated Trading. NEW YORK Since it resumed *830“ escalating production, brought of activity and the volatility in Elders Futures had time to be*"" fpaw *40Q* .10 CHICAGO February, the KLTM baa Cooomu ALUMrfBUM 40.000 B>. c*r»ftb as new fields come on spoiled festive compose the following lines: Palm Iteisysn .|305u *315 ! about the price the trading in Malaysian smelt*** ALUMINIUM UVE CATTLE 40,808 cams/5> “King Faixd's 18 dollars is $s«r 1 doaa Hie* Kr" W stream. By sratrast, in the UK arrangements which are gener- to over 15,000 Copr*:Phifi **M tin. amounting '.unofficial 4- or Soyaboan tUjj *148 5154 Dm 60-06 50.70 — &oS> SS E5S S»? the Governni'nt is not expected ally the market’s main pre- within Opec’s reach. Hfflh-Low 86-fS 5550 *4 22 tonnes. i i jm eons — -r Fab 55.6? output, this of year. If he would abide by what fipartonew GRAINS Fab 50.46 — — TO 55 SO 0617 to propose any cut in occupation at time I Aprtf 55.00 W [ Malaysian miners Hath 50-® 50-70 Rti 64.95 56-60 W30 S6-52 which will remain at the present “The chap I had lunch with free markets teach. Meanwhile, Bartay Fct. hUr.fllJW Jm Can ,7B3-4 £14iD0 May 58.70 S0.7S KL70 Aug MAO 54» 54 -» M* level of 2.9m barrels a day, today couldn’t stop looking at Just lower production, then have expressed regret over 3 month* 790-9L5 L-fi U»>2s ~0.»<1XX60 \ Joty SOM — — woo aa.70 »» the price will be right. olan to increase its Wheat FBt. Mar.XlXX.65 Oct o.» Indonesia’s • Mexico, which earlier this his watch. After half an hour Mfl.aH»raVfiBt :Z t_ ; BI.16 — — go- a HaTtiWint, i SMt the meeting for Christ- tin production next year to Official closing (m): Cash 71X5-3 uve hogs aojaw am. tmnW» really should End ! dm 81.35 — — year cut back its oil output by we agreed we get 080-90) thraa months 79085 (803-4): OTHgIS ~ Lew ftw all, good night!” and S1.PBQ JM wiss — — Odm h5jA to 29.000 | nearly 250,000 barrels a day bade to the office,” said one mas. and a between stRletnant 783 (790). Fins! Kerb Ctoss: — A-l-rwi.j «-75 Ft.Ftm Mar.- I 4*60 IMS Indonesia 799-Si. Tunuwtc 1JBG0 toonss. Cocoa MMdt 61.70 — — Fab UR tonnes. They said CoffSa Ft Mar. <170X6 AprB 43 93 44 8S 43 T7 *» should try and maintain its Cotton A /ndL* 61.00c •*•0.5 5X30c COCOA lotonrm. S/tatBw June 40.15 40.» 48® *142X5*142^514.*:< 'I12B.7Bil»,75 production at the 1980's esti COPPER Gas 0:1T FabTFab. Low Aug 43 X2 4400 Jtdy Official closing Sept 179-0 1792 177 4 177 2 to per cent equity stake The project was discussed the seven ATPC members months (8S2.5- 20 25 Mr Parasiuk said the pro- (933-3.5); thna 9t»*£ CUM ’JM Low March 191A WO WXS Wl a visit to Delhi last agreed to reduce production. 3): wMthmmr 82X5 (2333). Fkmi Karb 138.40 in a S400m (£2S0m) potash during vince had sufficient reserves to 13*73 139.80139.50 May 19*0 1X4 0 «X2 — Parasiuk, Class: 943-3.5- 140AD 13X35 mine planned in Manitoba, week by Mr Wilson provide tonnes WHO cants 2m of muriate COFFEE 14085 HUB 140-60 PORK B8AIES 30.000 Ok /fe Canada, jointly by Canamax Manitoba’s Minister of Energy of potash annually for Standard " more t Paralatsnt awngriaaioa boma sailing • WJ* 74X80 141AO Clean E5te« Lava Prw Resources and the Provincial and Mines. But no decision Gash _ than 30 years. However Mani» LONDON METAL EXCHANGE 3 months kept levels daprasaad in dns traiSflg Fab M.77 ID 75 M.7? 08,77 Government, which has also will be taken until a technical Diana) afaam — toba does not have the financial WAREHOUSE STOCKS ccadiaorM. npom Bw 14X00 March 05.90 5756 DS-» 97 90 feasibility study Laobarr. Aftar a premising apaniflg. ! W3-25 5X30 55J2 been looking for finance in and economic resources to go ahead with the May M-32 M22 (Ounces during weak antfing Cash 900-1 raFartrg a randy Nam York rtoap on 45 9XE7 China. Brazil and South Korea. is completed next June, after Official closing (am): BAOO**. offl Mf 04.57 M MOT project until it find foreign in- (903-4);903-4); tfaraa momharaomfas S25-6.5325-6.5 (92»1):(329-31): Friday, th* London martcat coold not i August 63-40 fiXg 54 This would be India’s first which the plans would have to last Friday) 5X25 vestors. 904 (9M). US Producsr tesiotain varaaa sa fagot eomai l aolna Cloas High MttiamMt ; Indian 40-20 SOYABEAte 6.000 tm milt. such foreign investment on a be vetted by various (tonnes) par Total fexm s*Hing movdy aredad any gates. 1 5000 orlcas 638Q cants pound. twm/IDb Duahsl large scale. It is Government departments. The project would be run by tamovar 2BL275 toaaaa. being backed " government-owned India imports about L5m the Manitoba Pnttuft Corpora- garo — ~Cioaa Tfigfa tuw Pnia by India's JUarnfatam +275 to 10725 goas gxfls tion, 51 per cent owned by Jan 480,2 4802 48* 4 45* 6 Minerals and Metals Trading tonnes of potash a year and LEAD 61J5 41AS March 48X2 4KL4 IBM 4884 private 179,106 Corporation (MMTC) in order this is likely to rise to over Canamax resources, a Copper -AS25 to 81 .g* 41.90 May 405.0 496.0 4910 4*1* the early 1990s. sector company, and 49 per cent SUM 41.75 July aof 7 482.0 483.0 to help secure supplies in the 2m tonnes by Lead -1,425 to 31,475 Unofficial 4- or (—•A (UWAV55 6X35 5X30 49S.B S9&B 4820 2990s when the current world It would probably take 500.000 by the Provincial Government okm IpjbJ HgMoo Aufluet 400. — 150MVe7 Sept 467.8 4*60 48*0 466.0 tonnes a from Manitoba. whose share would be partially NkM +36 to 7^54 S par tamo —xo ;xei5-xveo surplus of potash may be year 8X« — - Nov 497.6 4894 496 JC 465 0 1350-1876 reversed. At present the world’s total distributed among customers -415 +164 Jan 495.4 — — 482.4 Tin to 393U +iaS ueuno I 60,008 fa, tHtt/h But the MMTC is insisting annual potash production is who became investors. India +aaS 1566-3560 Ctoaa High Low 80YAKAM MEAL 106 tote, that India’s share of the S250m 28m tonnes, 4m more than total would probably be the largest Zinc +1^00 to 19. WO Official dosing /am): Caa* 355-7 89.40 8842 SOJS Cbw Mali tea her equity in consumption. But world of these investors if ft went 8840 should be provided with (ounces) (366.55) tfamo moaxfaa 330-5-1 (332- BUS 88.86 Jan UU 143.0 141.8 14X2 ; Sates: 2:1 S3 lots of t sa. 5858 the form of Indian-made equip- consumption rising at 800,000 ahead. China, Brad! South X5); sattiamaot 357 (366). Hate karb «X0) 5 em SUB BMB March 14X0 14X4 141-6 MID ICO tedicalor grin* (US cants par 6 66 56-85 tonnes year, the Korea have been expressing an CIMKClose* 32X5-30. TaptawnTaptopar <860<360 6X83 X May MX* VU 1423 MXS ment for the project such as a Manitoba 19: dte(y tonnes* US Spec 244B MOW gar pound) ter Oaoambsr Camp CX36 60.SO 6645 July 143.0 143L3 14X7 M2 * dump trucks, excavators and Government believes the pro- interest in possibly smaller STrer -120JDW to 23WBM 1573 12720 avarag* 5085 pound. 02SJBJi «4sy 6X36 6X86 August VU 1*33 143 J) 142 6 mechanical shovels and not in ject is viable now a counter- stakes. 132.35 (13X30). 5740 — — Sapc 14X7 «.» MAY KU NICKEL Oct 1433 ML* VU 1433 4X0CDUS gategaWona. S/bamla tctei 4-or COCOA latest ibuai — Cfoaa High WMi Mar katf te D loaf re lama FaX 17M UJO 17.18 Jm 18.31 1937 being affiMfdaA (ha com warn ga*K Merck 1735 1734 1736 March 1536 16.72 sadute lotozmcturea aadadmeted a drabdrel day vhtaalty April 17-38 7730 1732 May 1632 1MB Cash MM —»L5 wofasHoad to tbt pr 77.30 months IJU5 1-18 May T7-47 17.20 July te-10 m17 ; 5 Canada joins in the grain subsidy war report* GW and Brio. Jung 77.21 1730 17.15 Anoint 18.10 16.70 July 17.12 17.05 Official closing (ua): Cash 2M0-& 1738 Sapt M3S 1633 August SIMON, RECENTLY IN WINNIPEG (2486-80): tfcren montfa. 2SZO-1 (2640- 77JO 1730 1730 Oct 15.90 1530 BY BERNARD Sept 17-27 5); nolMHl 2486 (24S0). FM Ka* Jan 16.96 1630 ~ a 2310-15. uroorer. 682 . A RECORD harvest and the ments were not justified by in- will reach 27m-29m tonnes. programme to sales to Chin . doss: T wmm ootP loo trey WHEAT 53E0 bu min, realities of prairie politics are ternational prices. The deficit Achieving that level will Mr Jarvis says that one way of Close High oanta/BO-to buafrri 1400-14031 - Low is the ZINC Dm 393.1 most turning Canada from an inno- is expected to run into several require a combination of aggres- fighting bad: to remind 1486-1436 ~ 1446-1434 MB Close tfigfe Jan 384.7 396.0 396.0 cent victim into a full-blooded hundred million dollars. sive marketing, a smooth Chinese that “we have been a 1457-1458 }—SJ> MM-MM March Z773 277.* rtneM +o Fab 398 4003 394.6 participant in the ferocious in addition, the Western transport system and, as usual, very steady supplier.” A speech — 1481-1485 1-4.0 Wtt-1480 May 2643 2*44 lauun.) «•»«- 1608-1505 L-AO 1508-1602 April 398-8 404*6 338*1 July being Jarvis delivered at £ par tonn* w>EEj 2*6.6 2*7.0 subsidy war waged in the Grain Stabilisation fund, a type some luck. which Mr 1581-1538 l—3J) 1555-1558 June 40U 408.0 40X0 Sapt 2483 2*83 international grain trade. of insurance last month's international grain ““rcft 1658-1658 [-4.0 15*5-1500 August 406.6 406.0 4063 scheme funded by There is widespread confid- £80-1 t 582533-581^581 ~I March 2773 Z773 Cash - J Oct 409.9 contributions from producers congress in Jakarta dwelt 3 month* 1656-7 !+ 0.751558/552 While insisting that they can- ence that foreign customers SHmk 1*14 (1,009) tot* of 10 Dm 413.5 41X0 4133 almost entirely on the con- WWCCT" CMctfP toesa M end Government, is about will Canadian grain toons*. Fab 417.1 4193 416.4 not match the largesse of the buy more Official closing (sm): Cssb 5B1-2 14.00 (Mina) cams par pound. Handy sistency, high quality wide June 424.9 and Governments, the C$200m in the red. The Govern- than last year. According to Mr and (581-2): three months 567-8 (557-8): (CCO Indicator prteaa. Daily prica and Hannan silver buffioa 536.6 (5*t0> US EEC Oct 409.9 Canadians have found the ment will have to make up the Jarvis, “We're not complaining variety of Canadian grains. Mitemsn 582 (682). Finsl Kerb Ctoss: for Oacambar 22: 89.76 (88.33): fivs- cents per troy ounce. shortfalL about share of market We’re One trader ascribes a recent 552-3. Tomovon 9.050 tornias. US day avarege for Oacambar 23; 89.38 wherewithal for a determined Prim* Worrarn: 44-44.75 caats par (33.23) par Michael surge in Canadian wheat sales US cants pound. Daily fight to protect existing markets Mr Wilson, the bolding our share." Thanks pound. prica 1638.40 (I638.«h today avaraga Finance Minister, has yet to higher barley ship- to the Soviet Union to a “solid 1637,57 (1636-78) SDns per tonns. ,0 6** 00 70 tbe (T78p): medium 150 and find new ones. “We are mainly to . d a kg (150p): low Opac accord- Petroleum T*Argus, London, in this business for the long disclose where he will find the ments to Saudi Arabia, Japan, customer relationship," with medium Hip a kg (Ulp). money for these support pro- Union, Italy and fewer political considerations haul,'' Mr Esmond Jarvis, the the Soviet Kuala banpor Tta Maifcah Ctoaa than the Soviets* ties with POTATOES __ I _U*e*_y- or — Commissioner of the Canadian grammes at a time when US 16.63 (16.04) ringgit par kg- Oown 031 SUGAR Wheat Board assured a group Ottawa is trying to hold down exporters. Canada has also ringgit par kg. The market opened unchanged but ORUDE Oitr-FOBtf per DarreQ—Jan. drifted lower in thin volume little the budget deficit. But the lifted wheat sales recently to with Arab Light — Au 1215/1325. farmers last month, — | 12* B of Manitoba WHEAT Interest or direction, CANADIAN reports Colay and Arab Heavy. I 71258, Government is under Govern- Indonesia, Malaysia and the — — — 1ZW/,28B» “» r “and we are not going to be GOLD Harper. — Dubai . 18.SD-16.Ooj +0.70 Sa/iaS ment is under intense political tonnes) Philippines. muscled out by others whose (million Gold rasa A to S393>r39* on the Brent Mend ...- 17.00-17.io4o.BO only solution to problems is to pressure to help prairie Transport facilities axe run- London bullion market yesterday. It jYasteraay'at Previous Baslnem W.TJ. llpm e*t).__ 17.16-1736 iuu Output Exports Month i farmers. opened at $383V394*u and was flared ! close ctaas t done Forcados (Nigeria) — — Ho. 6 carry as Yesfrdy i ning at full tilt to much ! Drevtoos throw money at them." 1984/87* 30J> 19-0 ] Bue/neae at In Urate (oil NWE) , — | The Western Canadian $395.36 the morning and $394.15 £ par tonne — — Oon- dose otoao done While Canadian farmers pro- of the crop as the board can j 1985/86 207 170. in tfaa afternoon. The matai touched a 10730 1108.50 traot duce only about per cent of economy is already reeling from sell. Shipments from West low of $3924-393 and a high of $387- Apr-.— 15230 PRODUCTS— 4 163.70 1 15X00-16138 North West Europe the blow low oil 18.1 17.1 397*3 on spacuJativB buying sa a result | the world's wheat and 6 per of and gas 1984/85 Coast ports reached a November 170*30 {171.50 17130-17X59 Prompt delivery oif (| par tOnne) $ treri tfaa of Opac production agreement. 8630 \ 86.BO 9738 cent of its barley, they are prices and Westerners deeply 1983/64 23J0 21.3 record, and loadings at the Prmmium pasolana-t 183-156 +8,6 6630 110030 — Gas 0(1 1 SB-137 +5.5 reseat the attention which 148 -*;. 1*13 1«.9 the leading exporters of Great Lakes port of Thunder GOLD BULUON (fine euoca) Pec. 82 : JM-*- among 1982/83 232. 2141 Heavy fueloil -J 90-83 +B.B Aug M5.8-t4S.B-un‘«Tt»'S Ottawa has recently appeared Sates: 385 (714) lots of 40 tonne*. U4.Z144J 1463-M4 6 both products, accounting for Bay have also been at all-time *593 Naphtha— 140-148 +» MB3-74** to lavish the politically 1981/82 20J9 18-0 CIOM ia-394 (£273-8731* Dao2S* MJ.MI3 17 per cent of wheat shipments on more highs. In an unusual step, the Opening- *393S, 5»*U* (£273^ 978^ • 15X9-1 M3 ISS.B-TMi ug powerful Fabrumrr Pmtrolmum Argue astlmatoa last year- provinces of Ontario 1980/81 144 154 Board plans to rail grain to faflVg ffic- *39638 (£874368) K" i&S-M JkSSSi - Alfn’it fix *384.1 (£873.194) GRAINS Ney—— )683-77TJj 1B53170JI — Ottawa has recently joined and Quebec. The C$1bn aid elevators on the lower St 6 GAS OIL package was first mooted during * FUTURES Highsr the big league of subsidisers. Estimated. Lawrence river after ice closes GOLD AND PLATIHUB4 COINS WHEAT BARLEY pit prices prompted by a provincial election PP*6 * Bfirwnwnt iifalitd Federal an- campaign Source: Canadian Wbaat Board Great Lakes to barge traffic 1 YeyMy’ari- or Imais The Government the Yeteartter’* or YaaTrdy-s+ or } Buslneai mWally but in Am Eagle.. 6406-411 {S281V28S) M j+ Month ctoaa tow fiytuC^d Saskatchewan last autumn. tenth 1 dose — — Dong January. dose ( nounced earlier this month that in early Maple leaf (£27914-862) — | j Mok-squanng chacbed 94021S-4063* tfaa nT.lv.Y* it will pay grain farmers an Canada's determination to Even if these efforts are suc- Kfg’r'ng- 6396-397 (£274976147 | US J B1 p r,rit!W » Wo.ff. 110.45 i—031 t LONDON. S2L£ DAILY average of C$5,000 (£2,560) remain competitive in world China, total grain exports so cessful, the Canadian Govern- It Krug— 6200-201 (£1383.-13914) Mar- 118.65 —oie) 11330 ‘—0.55 per tonne PBICS—Paw euoar 0 ^^89^0), down each to compensate them for grain markets is given special far this season are about ment can expect pressure to U Krug^* 1102-103 (£703.-71 1.) MKf.. 115.10 -OJ« 114.BB 1—0-2° ralei? 23-50 (dews Angel 8402406 (£27B3«-2803») Jufy— 117.35 -Ol« — FI- * tonne tor Janeary-PMruaiy international prices. The urgency record 600,000 tonnes ahead of 1985. give even generous delnrery. low by a 52m tonne more 100 Angel S40i*-46lsS4Qis-46l| (cas-siij) Bep.-Ben.- 101.15 +0.«+Q.«I 1003Q10030 •——o,taO.tH White sugar S17ll6ado^ total programme is worth crop (of which 30m tonnes is Allowing for the premium assistance to farmers in 1987. New 8ov_ 893-96 <£84iy-653<) Noe... 203.10 +0JK 103.00 l—DJX Jan 23B36 +4.15 14B3847.7B 8931*-9S 106.10 Fab 148^0 +4,00 149.M-4I.75 1,16 CSXbn. wheat and tonnes barley), normally paid lor hard, high- This season will almost cer- OKI SW.... (£64^-683.) Jan,- +Q3t| 10630 I—QJ6 R*,> *«*«'*> 18m 80 Eagle 430460 f£298U-332SO + 14936-45JO vSgr will almost protein prairie wheat, the 8 5’2? The Government 12 per cent above the previous tainly end with a huge carry- Noble Plat 8496304 (£343i4-349i(S Bosrness done—Wheat; Jen 110.00* 14035 +3.25 14X00+035 ^May 139.00 certainly have to dig into its biggest, which was reaped in Board has apparently matched over of 20m tonnes or more. 8.80. Mer 11X85-235, May 11530-5.10, +3.09 146J6-88J8 »‘ Joiy, Sept, Nov June. 139.76 +236 4s pockets again at the end of this 1982. prices offered by the US and Barring a disastrous crop some- and Jen untied erf. =rH' Cormack, Seles: 1,187 lota of 100 tonnes. Barley: season to cover an expected Only about 15m tonnes is EEC. Mr Murray where else in the world, a SILVER 110.66-1045, Jan Mar 11335-3.20, May Tureovs* fi.434 (JJB8) lots deficit in the wheat and barley consumed locally, leaving 37m chief executive of Manitoba normal crop the prairies 1M35. Sept untraded, Nov of 100 b on Silver was fixed 03p an ounce 103.00, Jan refiDM, pools, the accounts used to tonnes for export The most Fool Elevators, a leading next season will tax farm stor- untreded. Sales: 414 lots of 100 tonnes. %r sw -a* higher for spot delivery In the London average SDO l ***•& match revenues with payments that Canada has ever shipped farmers* co-operative, says that age facilities, transport links bullion marts! yesterday at 375.15p. LONDON GRAINS—Wheat US dark HEAVY FUEL OIL (5.84). to farmers. overseas in one season in the the Board “has done a good job and the Board's marketing US cent equivalents of the fixing levels northern spring no 1 IS per cent Jen were: spot 540.75c. up 335c; etx- month 106.75, Fab 10630, Mar 106.78. US shortfall, the first In is of being aggressive in the , freight The past 31m tonnes. skills to the limit. 549.1c, up six-month ns 2 soft red winter Ynrnly i or Bvelneae FUTURES 33c; 56635c, up Dec 107.75 dose + almost two decades, follows The Wheat Board, farmers marketplace." On top of all that 335c; and 12-month 573A6e, up teller*. French VI Done will the 4.70c. 11 par cam Dec * be 2 - Cktt* IHIgh/Low; metal at 140.50. English feed fob Prey. Me Ottawa’s decision earlier this and traders are confident that Canada has also played tricky political decision of what The opened 372V-374>ap (S37- Jsn 114.75 USB 539c) and dosed at buyen J»*»/Mer 115.75, year to guarantee an initial pay- exports in the season ending heavily on its reputation for price 372V374p (637- April/June per tonne Pry Sergo to pay the farmers for 639c). 118-25 sailers. Maize: US no 3 yellow/ ment of CS130 per tonne for next July 31 wiH comfortably strict quality control and their crop. Restoring sanity French transhipment to east coast Dee 88.00 +BJ00 98.00-87.60 wheat and C$80 per tonne for exceed the 24m tonnes shipped dependability. Referring to the international grain market 142JXL fteriayr English feed lob Jaa 87.00 J*"-, 6B6WSS7 I SPOfiBS HtfiW SILVER Bullion H-orf UH.E. \+o 115.00/115-50 buyar/BSIlera. Feb 115.00 tf-S «^87J» 718,719 I 7|gmg barley, in tire face of Wheat last year. The best at rumours that the plans to 68.00 • 716<780 guess US is unlikely to be among Ottawa’s +4J* 88.00 Jiriy 614(686 • per Fixing I — p.m. I — Jee/Mar 116DO caller advice pay- that | Scottish, Oct. 780(735 621*620 Board that such present is foreign sales extend its export enhancement highest priorities. troy ox Price I UMCftot 117.00 English. 7861793.1 •ton. 719/726 cv#T: 20 7201788 ! L_“" HQCA Locational tobfiim spot tote of 100 Apr. 750(786 T15.T25 Spot S7636p +43*572.50 tQ2££ ; __ J’WiW Eastern Juhf 750/770 3 months J584.B5p +X55»8X6p 110.00, 600/680 I _ E Mels 111.00, Scotimnd Oct. 460600 6 months . S95.00p -*Dt4 — 10730. The nortao ^ ; 746786 month*T4i6.70p +«ja| — JS w MEAT _55* 694 I _ 496 Ofl HGCA calculations using meat commission Turnover: Disease and LME—Turnovar. 0 (5) lots four days' — ve race fat> 07 (38), weather sap maple syrup supplies 10.000 u. exchange rates) is expected to be un- Three months flnsl kerb 381 changed. BY OAYIO OWEN IN CHICAGO -3p. SOYABEAN MEAL RUBBER J=fl& s.w“p.r„<"s Japanese gold NORTH AMERICAN maple observed in Vermont; the tutionalisation of the high In 1985. Similarly, jasF In New PHYSICALS syrup consumers, already lay- largest maple syrup pro- prices they - The marittt opened US have been faced York, second 'surd’y* +wji quretly 96.00. Sales; «, imports siidc the largest US suedy, attracted (jttte interest bade ing through the nose for their ducing state. “I could show with throughout the cIcm — year. ftmughour «>• day end doted very favourite breakfast producer, output dropped to JAPANESE time you sections of bush around gutec report, lew,, end ftoet Closing tea GOLD Imports, ex- delicacy, due to Retail prices are said to 262,000 gallons from 315,000 a (buyere): Spot cluding coins, the poor 1986 here that look very sick," per tonne M,7g (OB-OOd): feu steeply have risen to $30 to $39 a G?-7 (S3.OOP): Feb l ana boUMnd hundred tonnes harvest, must be worried by says Hr Mel Tyree, a member a year ago. In fact, experts Feb-.. 1S3-1M.S -aw — !? 83L00P gf^ ^L J end fa gallon, (6335p). Tire (Citato Lumper tab fhy.twp packages ware on zepc-i* up from $22 to $26 a April, 12B3-1SU —03# — prices oflarM ft. tonnes fa emanating from New of the University of Vermont state that unseasonably warm (Matoyeun cants a kilo): tondon tee auction. Including October and year ago. In addition a June 1S23-UU -025 — RSS No i 1.600 2221 England, and parts of Canada botany department which is 220 (25X5) sod SFM 20 ISM 200 the offetrerTteteiS? higher weather conditions fa the August..— ItOjUKJ -OK - ( ). indicating that a large than usual proportion -0.48 Ministry num- investigating the problem. north east during October I213-12M — FUTURES—tadne 66S. Jan 665-675. CTstomwWed of the syrup produced has the key -0.75 — ttJSe ber of sugar maple trees are Dec. - 12U-BW Jsn-March 670-680, ApriLJune 000-690. KKr-i'sS statistics “ 0 ahowT^^ We suspect atmospheric been March harvest period i sickening. of the dark, so-called were JrirSaet 686-301. Sales: NIL r^ pollution,” he adds, “ but the Grade variety, "c5S4“S5?.K ““ tbe tetiioc In Quebec for example, C rather than far more to blame than sick Sales: 0 (146) tote of 20 tonnes. '^J« joiy Is still out: are don't the premium lighter *s where 90 per cent of the grades trees for the decimated crop. J have enough facts to be which customers traditionally Canadian crop is produced Ideal syruping weather, sure." prefer. they COTTON aerial surveys conducted by add, would be a sequence of UVHWOOlf—Spot end shipment February Brent opened $130 up on VsW%sl5*S ^memorate the «hh scientists are reported to The reason for price 3 Whatever the cause of the the for the week commencing rfouatoe s Clou ve£ of frosty nights an dcooi sonny galas to trade at $18 early Emperor Hirhhito’s show that up to 82 per cent decline, the maple syrup eat- hike Is not hard to pin down. December 15 Miavaud to 871 toanes in (fas (naming but edOn Softened to days with the temperature tonnes In bed* around of the trees are In decline. ing public will be hoping that Vermont maple syrup output against 1331 the previous 517,40 lor most of the day. Cumutotivn week- Fair operations brought busi- February WTI opened 91c Up J«inwy.Novem. A similar, though leas enough (zees will survive or plummeted this year to just above freezing; which or, ber ness in Peruvian. Chinese, Turkish Nymex snd traded 86c up at 130 imports were pm a roSrd 5fi9-$ widespread, picture has been recover to prevent the insti- 338,000 gallons from 525,000 would Induce the sap to run. and Norib and West African growths. ESI. la fts pnrstoum products market agsjas* W1J . 3e* ' ;:. — —- i — a- — 9 — — - —_ —d ..._ . . —. • _

Financial Times Tuesday ETS December 23 1988 21 CURRENCIES,MONEY& CAPITAL MARKETS FOREIGN EXCHANGES 3?S ||| FINANCIAL FUTURES EUROPEAN OPTIONS EXCHANGE & $ ; ; *~**1J_ 2 £* I Wi /U^lAi^ J Dollar weak in quiet trading Gilt prices firmer

rme m»iAaeooqnQ«d r The W«t hupwred in the u» hfstom. fflerttof MtkM to W&> (toman trade figures ODUT FUTURESJ The MarehtoofgUtopened etlJMi tonrhed a low of flbOfi berora eotne aa^s wd trend begun In U»c US oa boreiiae of the woalmtoi ofthe ckfr tended to depress too dollar, tor fe«r Umdoe Utfamatiocai Financial up from 110-03 on Frtdap and flnishimt at as-iT cot-oc frtd»y. S«Ub« of ywtentey the US nart-ocy lor. while toe maaleet wm abe n«v JfflirtherdlMppoioUng USngures. mom Exchange an touched a high tf Klt>tt hetora Three-momh sterling deposits Sl5£ *« jpvioeri by fonwd tindwiff on vowf ahead of todays UK trade fl- for November, on December newaofanagreomertinOpectocut flnirhing atiiMj were 3L ~ a mete~firmer,^helped fr, the ate? iGfaraitioaal Mon«*ry Values were 9 I y«*5X Ok Utfket cures for November. Wert Germany's current account on Piwtetton. marked Trading volume hi US Treasury Opec neias The latter also helped 6019 ) a in Chdjfl befc>n surplus at start and managed to Mar. 87 Jut 87 to* nwkeod it The pound gained 80 points to widened to DM EUtot in up the finish bond futures was very light and to offset some of the concern fcU 100, towards the day** Wgb Mil below DM and there tret fL.44lM.4423, hut Ml to DM £8938 November from DU &3bn In Qcto> despite only a araali improvement was about ( 2S { M 5*c sterling's traditional 65?$fe- Uuaftkirot ber. well 2 I 1130 comnwrul dnnnnd in from Mi 3L878ft: to FFr 937 from The trade surplus reservations about how the new achieved from dosing - Mi to DM Friday's performance in January. In recent Feb. Sutopa yawrtJj to nvecse the FFr from SFr l&3xi set of output quotes would be 87 a-O; and to SFr Z3SQ& from DM ia7hn. level*. There were fears that yean the pound has come under . aHs % $} 1 Ir* sphered * 20 MtuaUofl. There were no sew be- £«"II 22 11 J* 000 OM 15i» o»0 35 2 IS « oit ?£ lotioo 4*5 im ooo 0 3 5F; production in at te* agree 0W cm m u euemst to support- OH 2-9990. lima Ml trvepl, but this was not a strong u%IM, im538 bH 00.1*ia ow059 4b ut oji ia 1*250 US SW OOO 07 UN C 5.40 32 20J0 4 " rn5 boost prtcea, having only a limited quickly to nroqtitf DM L98SA (n very enough factor to push too currencies 1H 3b0 401 OJB XJ1 14500 000 S71 035 14. MM P 1230 641 1430 1* ISO JJ4 JO» 115 21b 44 -ww ^ktiauia jmpicL quiet trading. Dealers paid the dol- sharply higher. Reaction in to i*7u coo in 2ns 2*1 ACCOM C 1 370 ^§|& Tokyo -*J 1U 3 j.4* 311 314 17900 000 130 535 40 AEGON P 850 45 900 s The dollar Tetl to DU LS980 ftnm lar* wa k era could have been toe Opec accord seamed to U ***e i** n be on a 114 OM 1M> 3-n 4C& 17250 300 0*7 705 5 tS AHOLD C 300 85 830 — r5! J5« DM ZOGQOi to FFr MS73 troa prompted by the liquidation of long watt and see basis. Japan is vety : *37 ran 117 45 1 tu wJonw tout AHOLD 111 r *isnls- 3 m a bUrauNr mmu nus, cm EstlOUMS MW WU. C4M PM nue Cam *, Fvn 17 p 2 &Stay s.ll; i. Cafts Pan BJAJ 368 530 2* P?on >4 ft3725; to SFr 16305 from SFri««: positions against the Swiss franc- At large oil importer, but toe refusal of hMW ORB M. UAta> IWm my* BOM IM. Uh 82* PMf 447 Piman myt Opm mt. CM) Wfr, PVU 391 AK20C 1J0 was •f July *$ >t AKZO P 200 238 b b Fraftkfrut1 | Swi« franc tq end to Y 15175 from YJW15. the ftxlagtbl the Iraq join agretmem, led *** S-. to* to AMEV C 570 — — Mediae. c, 6q JJs * On Bank of England Qgurn toe also Improvedd againstnst the D-Mark, hopes that the Opoc goal of IB AMEV P 22 370 X ?=t <* * f a um u oFTiaas tawafl M « M BPTWtS 100 doltoria index fell to 100.9 from 1209. ftdnttoDM LteSs&wl awn dm 1,1807. barrel would bo hard to achieve. tasuiwsnrm IHUt (mate par Cl Aiim c 120 72 4 -ww AMRO P 124 430 10 CTEXLLNC—Tndint " 100 nan ItfiM'' CM*—um S«nU CaHs--LM -LM 1730 — [; ta>--UM P«F- ELSEVIER c BA S agatmt th*> d»Uar i» HMW Js IM im EMS EUROPEAN ClfffRENCY UNfT RATES rera JM Fak. Mar. Jaw Jan. Feb. Her Fist* to. Fefc. taws# Jaw to FW. Merch Jtenw ELSEVIER P 030 2 2 * L370O Nai Mwbtr wove LttW. Ex- 130 1420 14J0 I4M 1X20 ODD ooa OM 067 135 9*0 9*0 9*0 9*0 079 025 0 45 1.45 GlST-BROC. C 130 82 4JO 5 C 420 430 920 001 4*0 470 GIST-8R0C. 42 4 WOT HlC ^ dnafti rate index fra 01 to 80S, Currency % Change US VX 00* 032 1.72 140 4*0 5.15 075 0*5 135 3.10 P 2 HU AGo 1.40 4.20 4JSa 4J8S 4.75 Orfl 0*9 138 3*0 £45 040 170 175 2.55 1.75 2*5 3*0 5.40 HEIHtXEN C 1 24 570 22 75.7 Ecu pmauMS from % chengc cfltapurod with six amtho at*. IS LIU Ui U) 25* 217 2*6 903 150 -to 0(6 170 730 4*0 HE I NEICEN p 230 8 *30 — (tod agamti Ecu central adjusted tar Dhttrgeace *43 toiled to 150 fl* era- tow ra- era __ raw HOOGOVENSC 47 38 26 SutUoc mo any wrong raws DkiMst 22 rau lunh OM UK u> *W 7*6 1010 IM 000 % — — 03] — -OT — to. — to- HOOGOVENS P 470 1ST 850 25 - sg11 advantage from the Dpt* oil produc- 1H OM X2J9 14 40 160 — — — =f v. FehFtt, ^srs§?^ST'-sS'*. 431139 432889 +0 40 +10* X 133*8 im — om — — — 1772 — 165 — — — — — — — — RLM C 130 M 3.70 15 tion HgrentnenL Thq pound im- 7*1701 7 87442 ran +139 X 1*403 ClUMbrf »BUl 0 KLM p 400 423 530 72 55 * sa *»i 55 WMV MHO M Pitwwj , my* ch* Mu cub esq Pus jo (mwIMWt, 2-11083 2.08027 NAT. NED 080 48 370 10 51 proved igarimt the dollar, but hut -1.49 —088 ruw fromaw afi asm Cto Am Tai VMaaw: 10 C * * |2 SSC to UW NAT. _ ii ground to the D-Mark and other rnvcaNMC M *8751* *82404 -OM +002 t U6S9 NED. P 0*0 12 200 ' ' Ml - eg (MMfr ~ 137133 7-35174 -1.17 -04* f 1.9099 PHILIPS C o 389 UOA 4* S members of the European Uooototy we emeus' Si irnaptM 0.7*497* 0.7*4780 -001 +0.M t 1*689 mumw vi PHILIPS P 070 14 100 *4 (Hats Hr C31 palats at 470 1476.95 1449 03 -730 -1.99 X 40734 0X500 Sl» DU ROYAL DUTCH C 300 222 51 ROYAL 2.4a 45 870 3* = 33 Strike CeUs—Ufa Life DUTCH P Psto-Lei* lent* Cade— Puts— art tor Ecu, mshm cAantf ES- R06EC0 P P Ovntn matte* « *ta* cwrancy. Fna Jo*. Ft& Mar. June to. FetL Pitt* Mar. June Dec. Mer. Dec. ^sr-ss- £ NEW YORK He Jaee Sto Sep* p«b ^ M Mt gSMtori FtoffUirt Timn. UNILEVER C 2030 114 2730 17 L- a mmP to 130 390 3.40 3.90 140 — 9900 101 — *wi am am 040 0.45 001 an UNILEVER P * 45 1A0O 28 25 fii US 890 840 840 840 — am 025 170 4325 0*4 000 an erw 002 0J2 071 _ 22 Latah tasw * JH5 Dec 1.40 4 JO 400 420 460 0.10 0.47 0*4 rera s«- Cfafe POUND SPOT—--FORWARD AGAINST THE 050 110 205 4330 0*1 COS 038 024 ^ ^ s« POUND 145 060 135 130 210 170 230 3*0 540 43 75 028 04S 0 49 rera 012 077 009 _ J TG4E Claes — 1-43101 4320 130 an 0.10 830 080 J90 *40 7 SO 4400 015 031 036 «_ 073 038 051 _ 1 month __ 056*53 P— 0480.47 to Tlra raw * 7301 dan % 135 010 D» 170 330 4475 80b 079 075 oja 032 0*5 — s 3 esemfis — 1.74-174 pw 1*5- 1*7 m Qntnwett — * i P*. imuv 1*0 — 005 U05 7*0 810 4430 002 012 - - 0*0 0*4 1SC2 g^; — — Uimeths *35*75 era LENDING RATES ;.g i2=S^^ _ m 6.4*35 Veto* day's open tat Cads 45,290 Prat 25022 Pntous Otari bpw to- GeBs 1.0*5 Pets 715 BASE 2 US 14370.14430 L44 15-1.4425 036-0. 32c tm 1-33.1 235 48c m E*VM*M tom, CUH 20 Puts 0 Forward pnNMwH MMt *W9Hm wpr to IM Cmm* .— L8»LW 1-90*0-1 W70 032«4Um Ml 04-1^9 to % % vs. mtor. NttoHtom JH-WW. 52232} 1%-1%C PR 4*5 4%-fcpm ^-2 ABM BIN n CttKfcM U • Margin Gr«W 11 sn>. yupmoo 54JO-J4 AO 20-1*1 144 51-Oto LONDON J-rJ Sj: Mnw^ to CHICAGO AdwACanaMji-— U (tabu* Sartre «124S UntCrtp-Lld_ U s* lP-7Vrl080% lVltrt dm 1.4* 4%-5%an 28-YEAR 12% MTtmiAl %ILT MMAiteBkLM CteUmwtitak_ u HoBk-dKinal 11 STERUNG INDEX ILS. TRCASWV MM 08 (CRT] 8% JAPANESE YU (1*0*1 U *** • qe*M gN» at mis. MMDitor&Qt 11 OfandafaB** u Nutanl GeUunlc n i $s 8 ravtto uwviau,2J84V8«k 1VU| M to 5*2 SlQaJMO 9888* « im YlUas S pm Y180 213374151* 21405-214951405-214.95 91-124 c A) -*0t 22*-5S| Mi Qm HN* Lto Prtr. AA«JlnaBto~-_ V Con%BL8Ete u kttWctnumtf— u I Dae. tt 4Vt»fa»a Libra Ktak Um Pra*. Httfl Law Prcr. II§ is 2 styis;fejlSi! 19535-19472 19915-199509935-19950 93 -140 Ok. 111-0* - - 104-31 UM AmrnuaEm.Bh 11 CtM«MMCnd___ m ID c Ml 2CL7*0| 94-19 99-20 94-24 Mar. 0*109 u NantanBuDUd u 4M6 0*187 0*178 0*1** •«» sgMjjs 830 am 685 ' 111-12 : i«S *00 tufe 1979.2001 UttVlWWi PNr-J 8rf A) —0.91 t to4 dti Umt* Ul-U 1100* 11DOS 48. 48-19 Aanflaak. 11 CfrcgerauitBok •u hmwidl Gm Trail c1,3 Ml IB 480b 4873 tor 0*210 0*215 0*205 0*141 u ^ c£r"£< 400 *84 683 Nana* Ula*10m MB5-10J6 art tot IlirWV jmw m-15 — — uwn , fa 5>^ -*U «f 47-17 47-17 47-07 47-22 Safa. - — 0*128 KawryAastacter U dpmjf’oprttf Bk___ PKFkam.M(inO__ 1)»2 — *« 10.00 an, 406 ee* EafatiM mteaa 9,14* (9.203) u » r* k.ti a fnmat 935k-4.4* ! 93*h-937h 1V1W c to 200 svzvto _ _ 4*22 1100 *8* P apm DEUTSCHE (IMM) A«Z Baahni (reap U Dnacre Uwrie 11 Pronscal TruB LM 12 am 683 SwatoR 9.9SW-99** 9.92-991 2>j-li|0riM 13* itoous myi im- 194*4 0427*3 95-17 45-17 4507 45-22 HARK ; 3V3 to Sods 1 Kean *83 68* PMCBjBOO I tar DM Assam Cap Op U ET.TftB 12 8 Baphxl & 11 ^jTE ME JMM 2J*-2JWi I 234-235 IVU r to *.71 44k to 94-19 44-19 44-10 4474 g pm ... . 68* gj 100 685 ' BaanOrBoup Egutor'l TstCppic 11 Rpibdrgbe G'raatre Amina 2O0MOJ9 200940.12 to to 9-15 28>rMli Laun HMR) Law Prn U 11*2 2 00 to «3 U* 9V-7k i ^ as g* swwrfartM inw«, 238V23T* Ik-tq c to 596 4-Jk to 96-27 9*27 9607 4542 Mm* 030*8 03070 050U 0302* SMitapnlia U EzetzrTrasLM. nh byalSkofSoattnd u 3 1353 300 to *85 *0* 18% RATIONAL SHORT 8N.T » £1 2a l — — — 47-10 ? SCYftBpSrr~5i_ 400 gn> *83 *8* 048*08 Atom at 100% J» 03080 0308* 03074 03042 BtoLcnailUfl 11 Fawcol4Gen.5ec__ u RoyHTnatBart 11 8ai M CtotrtRig tod. Sam- - - - 0309* - wnra/M^ghe 0 m N v PtoKto DM 59.954005. BtoCnteiCom.. 11 Fust Nil Fla. Carp U>7 Standard Ctavrtd 11 S-2g-g KwiM* far—id 123-3JO C m. 17—ato c on Clam MM Im 95-a 43-23 45-5 9328 Mr *2D*Q5 mwniBirrw etMOOoujui BmfcalCypw 11 Fust Nm. Sec. Ud Ticfiee Snfags EWt & fe 35 (otoCMa hr OK- US data L4J2S-MJ35- Dac tut _ nw] u% __ u te Jan* char o|v43*V glm paM> •* 188% a *c.» «u Mato 4*42 90-92 96-9 SMktrimiiM 11 • IUKf|Rciafa|ACD— U DDT Uortro Erl — |1225 ’ «* £U ffi; CURRENCY RATO EMlmawd Votow 1 OB) Atoal Lto.. 11 ROHM Fraser & e 6 as slaTHir 75 S®* «j Letrac him lto . Pw_ 12 UMdBkolKMU 11 S J Pmvten ttft pH fat. 03 QU1 UJL TREASURY BJU4 [WM] 4391 4142 4309 a 6V?i cia DOUAR SPOT-FORWARD AGAINST im DOLLAR BtodScMM U Eri«fa«B»> .. tU IMMUiatelBto-. 11 ^ ^ glm tafafa at M0% 4344 4144 4304 e «2.a UES ; y «6i SI btocUgeLMt U 8 Gomcss. IWoo—__ U Wraps BUsq Cap 11 Umm Hto Law'* 4305 4305 4302 nia few «c Slj 43*5 43*1 BndqtBa* 11 HFCTrastASmiag*—. U VhtmvLiUtn— 11% TMXEE-MONTU Mato 94.72 94.72 94*8 <3*5 ea Si STERUMO 433* 430* 4302 BwfamritTnLM 11 qHanDioBaBfc 11 YnUnBant - 11 a? S5 SttrBof — 0JSS0S34 £300400 toto at 180% June 94 7* 94.7* 94.73 M37D1A430 L44154jML441VLA423 203243 L5VL4813S-L48 pm *17*2T - 4X01 4501 42.4* BcMfltfTnttLNL-. 12 HenaM'&fiM.Tn.— 11 if gai U 5 DoO* 55 170777 25 0JWL32C to to r ' 9472 94.72 94.70 • M rafters of ftr Accnafag : Sto. If CjhoAmS 147 13*05-1 3745 1J735-U74513795-13745 O-TOOMt to 5.73 2.454302.45-2JQ pmprn *.90*.9g tint Hto " Lorn Dac 4433 — 4452 4266 42*6 42*0 UliiMrBMliAfi U D HrttSMari fU Homes Committee. ’7-dry Hard* 8640 88,43 86*7 4201 4201 4205 AmWanSc*. _ 4 1*09X1 13755-13788 13770.1378013770-13780 OOfc-OOfc 0* -0*9-0*5 8*00*5 0a0* 181 BHLBk.0IM.EM-_ 11 C. Koto A Co 11 deposiu 0*9%. 1-fflMh 709%. BMgimFnac- 0 490950 23950-13590 22370-22380 03542c 1*0 035025 pm -053 Jn 842* 8927 0924 2237OU300 p« STANDARD A POORS SM INDEX 8 Brawn Shglcy 11 HoatkMgg Tap Tier—£2300+ at 3 oaths' 'Scm. 8434 8437 Sturt* U DuHhKram ™ 7 907941 41.UMLS9 41104120 1-3C01 -038 11-15U-15 0*0» -12* 89J9 SWISS FRANC (IMM) gOOUmmfatoi notice 10X0%. At caU whw * £* £8 Dte. 8928 8927 *»2 CLBaakNc0ftvd_ 11 Kasaaiep A CaIM U% DtmdwiMi. 3>t Un» 7Uk-736>2 74BV7.49U L pm^oft tfh — 4(,-4\41,-4% dh0i -239 SPrUSUMO s par SPr £10,000+ icmalM deposited. v w.o ; Match — Hfah La> Pm. ^ if SI- 3 U HamOwHar^. A»j 231144 137*04.9905 L9775.L978SL9775.L978S 037032* pm 238208 0.740.71 pm 24*M* 89JO* — Uw OadiPtreaMM U UoyfcBwk 11 “»» Mato 249.45 348.95 24D.75 SCaM dejnths 0,000 aft mer £ 5:3 S?£ HU S; FramflFraae,-. 9*2 WA EofawoO Vaiumt 2L05* (7J7) CqocrUd 11 MamWKipacUB. 11 148V14SU 14BV148>i19BV148>< 95-WOu to* -8*8 32Q-38O0152Q-380 01 -9*2-942 6%% gras. Mortgase base rate. luttmLtra — 12 IDA htoom ow* open fat 14251 1141*3) 0*062 0*09* 0*033 03984 tor 230*5 23095 389*0 34925 9 l» fc-tffi — 133.70-134.90 19385-133.9513385-133.95 9503c tot -33* 175-2O50S175-205 0* -5** Cadirltafcfa*. 12 McsMN&frKLM-. 11 Demand ~ i Avsut 102 JaamfKVW. 30 197548 03079 0*08* 0*8*7 0*020 i deposit 6*9%. u* 137ZV437k1372V137V S4Hn«t -X48-548 144*01144* ON -4J5-435 OartnhontBa*...— yiai 11 Mortgage w» Nonw Kraw » • 910055 1371>t4387 0*098 0*098 — 8*049 11 to"”* 12%%- — 5^ B; 732-7351* -9.08 17.40480001 -930 732U-7J3 SJOOOOmtot Oft 104 > SpatomPmau. — 1*2139 732b-733 ltd O*OO.9Oc0i -130 4.75,530 0* -313 SwadhhKmia. 7*1 832374 A.48V435 k4tor*30(stox-*30 PT-4R IM INDEX scyABSwicaisn sataFonc. — 4 zaaasi Aa»r*.tBI, *30*38%*88*08% 0.7JO.9J m A -IM 5^0-5.7001 -532 £23 par Ml Mm ptot rtPP -.,an- JMUEM-U3J50.w^ApA.aj 1*270-1*2001*270-1*2^9 D3M34p r"pm ••a*417 1000.90 8^pm 235 m_. cilTi CwwaOnc*-w S*i 1*9-939 Uuft I IrtoiPval Aawto U954907 15.95-13.95% 5.904.70toX902.7Oo«toto 2X3245 525300525300pmpm 1J8UO i ;;n *m isji si] -| WA SX SJc u£m uub StomHto l*57tH*800 1*340-1*6001*59040*00 0440J9C044039c am0d( 2.992.94 1 (LflOLMito091-0X6 to | 2J3213 .-^7 w«h 1U5 55 1, J 3£^ JJtSS gJS JgJg {fflS rc»5PR tor (tot 3 •*»» rm W UdW« ; ’59 u! A\ t WtandlmfaadmaeMBledfaUScaHaacy.PWwaHl pra itoguaed ifaiiwia* wrtfWftr USdtftm-aadto K'y 1 -j p«wm^orfdaysauafaLknedays opan w. unwi0.707) ;;. ’tio't- # M3 *5 '?.*-s-8 ^n : m Wife MM4M ffPtoV-Ml1* mtc b for coaatrOMa Mac* Ftoacfat (nmc «13541*5- k ^r’w -sa «•»"" i '4S iilT* MS5win ins CURRENCY MOVEMENTS C« 15Jfl M'j EURO-CURRENCY MTEREST RATES te Morgan 1WKI4P8N7M EVR80RLLAR • *- 1555 M y , 7U 81m o°*ni» nt 100% ’ ; = AV.iATS.Kfl Sj « &SX Three Sfa Close Hire Low Plte. soa-g-tt baM S* «.cr*kCra *rTt SarDag. Mantas llfaatlis 43.92 49.42 4X40 43.94 ——— i :• a:Si- ? : - 5 .• 93.93 9X44 4X41 93.47 • S CUm ft* U4.Dothr . £world VALUE OF THE POUND L c &jJ -2 2 uarst S72 Bit r CaoaOaa Oattar Smrifa* 10-10% Ui-llA U zn; aMt OcosdM Mark +20J Ser.Sw. Franc —— %% 5V-*4 5i-5i 5" 5% Hutat w egeegt where they are shown to be otherwise. In some cases market rates have been calculated GnWMr 1314 +154 Praeloos day* open faL 21405 121343} i-H r i-: sot Fiuca-tfcs' fTfmC-.Fr. Franc 7%-7\ 94», Mil M>i Iran those gf foreign emrerreira to which they ire tied. FrrtoPimx 711 -12.4 C-. 4 i':2 MX >B«) a»?g R,li««Uw_ItatofUrr — 9%-ll% 10-11 10%-11% 1D%U% Lira - ri 48,4 —15.* .Hswafl e«! hfc= W H. Fr. ipfaj.(FfaJ -r- 7-7% 74-74 74-76 7%*7k ABtetWaflara; (A) apwateale rafr, — terf fa faWm i MaBal)M;ffJfrf rate ffjDiMlto OJi MbrmiUu nod going sterifag Mbraguj COUurirt Ota ftojhasfcnfg; Yea JT.\ 2044 +514 _ 40?: r j tK.KJMPr.lCanJ— M*-7V Ub M% B0% (**) Seyktg rate; (Bk) biaktrs’ nUs; (sm) crnmnUn*; (ch) atmrtfbk nf; ffn) nmieUmtu (exC) etchv*gt (frtfffCJitr rate; (»c) not pommefci^ nts; (rwn) nomhol; 44-4% 44-4*1 UJL TREASURY MMDS 8% Morgan Guaraaiy cMnanr arena« I960- YuVtw — —— 4&-4A 4V4U M »0fcW rate; fig) aeWRf rate; (c) canterthd rate. 10-20% SU4808 38nds at 100% 1 ‘Hu— 100. Bank of E40M4 >to» iBmr awngt “ 1010% 20%-U 1873- IQOJ. Aslan StSto 3%-4 3V3% 31I raiaf’S'^' 44-00 99-13 Ill; 1 pit Unt4nml!v>«*BHaru Tot Yatn6A-*U par mm; thm pears 7*a-7%p*rctm; low yean 7%- — — 901* i;’.-. 1] ji« 4020 VALUE OF VALUE OF VALUE OF for DoOan COUNTRY 7% per ct«j th* ym 7%-7% per ccpt apmhmL Start-urn raws an OB US And RafaiaKd Vofaaw 1.U2 (9681 £ STERLING E STERLING £ STERUNG OTHER CURRENCIES Japaorie Ywv omen, two days' notica. Pito«Pitoto day's opea faL 33213.221 «2S« Cadi 2)8.90*0 Panama Balbao l EXCHANGE CROSS RATES Gibraltar » *-i*!t4! CURRENCYmioanurv FUTUREScimm Gtaraitar — £ 10 Papua New GMaca __ Khia Dinar 667 Greece ____ —_ Drachma 204.16 IF;. HF1. Ura Cl B Fr. f French Franc %37 Greenland __ Oartsh Krone 103000 Dee. 22 C f DM YEN FFr. PRIMP—S (FWIEICH EXCTANCE) ; :x \Snam*b Peseta 143325 Granada ___ 6- Caribbean S 339 /rxcf v Pera Inti d>19.9S Local . £ 1 2.442 2053 2540 9370 2393 3225 im 1.487 W05 Spot Ml }M>l 6-toL U-mh. Angola _ Kwanza 43J* Giadafanpe _ Franc 93700 128.49 * 0*93 1 1.978 1*20 *498 1*60 2238 1373. 1078 4145 1.4420 L438* 1.4270 1.4103 13805 Antigua — E. CartMnanS 344 Guam U3. S L4420 PMIfapfan PMnppine Peso

i . s r«drnl» 1 Argentina. Austral 17*27 f 1.4020 it Sterling *" IMM—SmUND Sa parg . OlfatzM 1 — .'-. CICU DM 0051 000* 1 8201 3383 0039 8131 6940 0*9* 2001 Aruba __ Florin 25956 10% M% M% 80% 820 MaMwe Minas Ruftyra 46830 tetKlnion pSto bySaeomw^ hie bank bUlg Tonga Palanga ' 1428 Mauds the forecast n" 5% -5% CEtamrtmnHa {to C.FX Franc 2.13 rive Three-morah Interbank In the afternoon III 13.91 TrfaMM Tabago __ Trinidad Party. *%•*% i*%•*% as Im Maluse £ 8 A Tub. g 5.1412 revised to a shortage of Tunisia Tunisian • was quoted atllA-Viii per was rmryo 415494 jsm& 4400625 404375 MarijniaM. Loral Franc — Omar 13324 (sg) v? S * money A — 1 Danmatfi Danish Kroner 10 8000 ff* • -3>S around £200m, before ukmg[Into Mteg- Uri-lVi 11%- 12% U%-12 1 Mauriupta. Ouguiya Turkey Turkish Ura 107801 * cent compared with 11 i -lift per — UWMa OfftotalftapadBcgf Djibouti Franc 25000 TiC 4.10 \ _ MaurilioS Mauritian Rupee Turks A CaJeos (stands U3. g 1.4420 , jS T&-7& 74-7A ! _ r * traded ^ 1 DomtoilCn E. CariUtaan 9 339 - Overnight money A= : «JflS cenL 0«nmM WW nM -73=— 13-13% 13%-13% JSV14 136-14 13%43>r /IFI 1295365 Tuvalu Australian S 213 5^ :| asjj OamltBCM Rnpodlfa _ Dominican Pesu 43*52 m Menken Peso i-7 :> 1(c) 128232 Uganda ______Uganda ShUOng 2000.0 Locql Fraop 937 LONDON MONEY RATES /Id) 211. 325 United States ...... U.S. 5 1.4420 UFJ 204,16 French Franc 937 Uruguay Uruguay Peso 258.835 1 1 Tugrik 43379 clearing bank butbase at per cent . f 10096 United Arab Emirates. U-A.E. Olrfaam UK bills In baud 2 10U _ Egyptian £ 53983 mc.« “* Egm .... E. Caribbean 339 lending rate U per cent Late help came to £S0u% making a 11.9550 Menuenat $ USSR ______— Rouble 0.4771 ElSabador Cofan 5.407* Morocco Dirham 1230 (sg> since October 15 total of £2IBm. . - ______Vanuatu Vaus 165*0 ,.-»•* ifi Ceoanotal Gutaen C.FJL Franc 4*8.50 StazMiftique _ Metical IA) 37*8 — Fnnfcfttrf call money Wk-5 »V10h U u%-ui u%,u& Vatican ______Italian Lira 1980.0 ia «h Etblapia - Ettmplan Birr 2 9750 Mamftta — S.A. Rand 5307P 3pa^ii r u (4) 6.20 J 1**. arOU d Haora (stands Australian S 243 ^ - i52 J?S fc25!t LoeWAMMYLocal AnfttritpOi*aslM_Dawlw J loviwsX0V1B% Wtt40%Mtt-10% UVU U% “tff*U% seU% Faaoand ruamri Fafatand Isles £ 1-0 (51 10015 ffi ! ,1. m rtolne Nepal Nepalese Rupee 3032 LxalAuttdfUyiato w lid - fianlsli Kroner 100000 ._ — w 21m Pane Iftods {(hi 29.45 Dbaaan Martlet Dmiits_ Iter? 1*570 Nettwriands _____ 6s>i|der 33250 ISmSSi'SSKSiSSH iSflM&s: Ssmu S6v£ FIB I stands Ftp S Vietnam lo) 11520 ^ 702*0 Nethcrtand Antilles AntHBan GuOder 2-595* Virgin Finland Markka Islands U3L 1.44 20 : ui SS New Zealand N2.S 2.7270 agJBSar "feif Si Franca ______Franc 937 i B 4*830 / 1349.16 Western Samoa — Tata (A) 3JO .-iistei iifV French Cty In Africa _ C-F-A. Franc Cordoba S?S£lS !S'ta“e Bank Btlh (Bay) = :— SB10U SHIDil 10% —= Local Frame 9.37 1(F) 3173305 Yemen (North) __ Ryal (A) 1400 (sg: f~x«-Si2 S"»KSl! S3EBSK~ m1 French Gafana Fine TraM Bits (Buy) - - Ul 11U 11,V Niger Republic C.FJL Franc 46830 , „ Fraadi Pacific Islands CJ’.P. Franc 1*500 Yemen (South) ™ S. Yemen Dtaar 0.4939 DoRaiCOi =- -— BA0-IL30 6.706*5 645-U.40 6J5*J0 Nigeria Naira 407 ... ;ir-e£ wage pa^nenis Mucjgjyjaa?,ancaa Oi jsl’cS^!^ ™ YBBoa“rt*~ Mew Y. Dinar *5604 together draining w Lfeftad ^ *%*% Gasan ILF 4. Franc 4*830 Soft Dseaila ^7*s-T% Treasury Mils SQftLHlM]MDnia - — *H-*&*H-*a *V*% *%*Js Norwegian Krone loffijo » : *;- •-* 7V7V . - r«riS ? ECU Lfafced Dspuslts ~ 8%ej 8-7V’- B%-8A 7117»7V Carabfa Dalasi 110 Zaire : ..re partly otftato _ ) _ | M ,w " Oman Sultanate of. Mat Omani 055bT ’’ S?7m. L&j*J Germany Oumarit 23525 SZZ Kwacha IsflFrf “mSJSTww SI (Em) — £S Bills (sell); Pakistan Rupee Traasuiy Bids tsaU); omMnontn 1011 par Cm*, ttremmornhs per cam; Bank . DeutKlie Mark £0525 Pakotan 24*5 Zimbabwe Zimbabwe S 10% fiarmaw (Wesu | -r: — ;; one- momh 10% per tfrtj three monUri lflU pm cent Treasury Bills: Artraat wndtr r»e V - : returning to earlier le i ui* (ifl^usiwi. v it i circulation of £34frm and the banks’ ^oum io.b**6 p^. emd Fiwd Finance Sdww iv reference to* Novemter i » a 1 thal the Bun- 1 r't VdSf. ijF rafletted feeling 1 U48 par cent, LaulAnUNrUy and FmanurHauteascumt ten notice, oUiert seven djyrfueg- kl)„_ hmutthlnrougtu forwardlonrara £10mluto transfer market (controlled). Essential ooattt, (2) for balances at ±8at* h the teNaw eot dHictal (Me. (1) Prafaramtalnu tor priority Imports Sachas foodstuffs. 14) Preferential rate Public mB» be trying to imple* Finance Houses Base Rasa 11% per um (ram December 1, I486: Bank Deposit Rnun lar www Sector and Essemtal Imports. (5) Preferential lor luxury remmance* of money abroad (10) Rale target. noyc94 cent Ceruiluies *): DepoMi EIOO.OM Debt rate- IM Free raw hmrtL ana forafae travcL (7) Parallel rau. (9) Banknale rate. above t e]i£hn« higher Interest **«" mrf JMJ75 pw « Tta Deposit ts*w b«ib tar espora. (14) Nearly Ml butineis faMtutipM. US) Nlgma, Decmnber UB Auction rtM lor mu 331*6 cnuvta equals 1,000 cruzetros. Thz* farwnitf «•« wvlMd to r^mhat *n ov*r’ mid QstrMRiMterataiiWBth 10% per B8M; dBHIwra mwiw Upgcem; tewto;."9 1»i The forecast was revraea to a rate gtni^are to comoai &a over 100 000 10* pat m ^ „«*) 11% ptr cenv mim-12 mwate 11 % pw cam,- un«rt , shortage Ofaround tlOOm and the run in West German money cMirMDttfuntari&,0ip«itthei0ii8tofaf)«ss:)Q%0ircdflL04pMiu«kitoiOTiwu*5% Bank gave assistance in the mor> supply. iw «*• rJ ‘ .'3 ... -•* Seivf> [ ‘' /rii

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LI 35 2 65 82 32 40 But locluaag enbntad mm af eflkcoiHe ACT. 157 96 •MmoaCraopSp. «2J 523 29 104 , X 64 Ltate tit 1L4 10 90 in 100 SteMtitbwiwsop- 18* +3 — 02 65 02 32 40 Ylettmltaedwitaeclriaicn.air»ttn.aa>aM»ACTB(»acr eM INSURANCES 151 93 tart ff Terr. lOp— 330 25 — MX 43 122 -1 *m tefiM *» «aiae 01 dedarrt 39 LtaelRDbtrttU. m — 16.4 »*V +1 12 XT 675 ft 55 ft dtarttaaian art rtaxt. 4.7 - 113115 62 fw 4tao (tan A - 91 L243 ft 30 ft • 575 L4 6.7 U3 Stacstar.50p lit 13 1100 h 09% — 000 — “Tap Smaf. - -,* 8. — 155135 US118 NWtorOlaMKfr lit .... 27 40 10.9 r * »ri 371 — •4J 8 145 15 4J 135 014 CUB S.iI*ci £344, Scad Pi**r EM — WLU - - M Deta rtder Rtae L7 w _ M Uz 133 Smite — 519 27 SJ 9L9 210 1U TX PteMic BaiiR— 289 O0iu|a7 « S350J. 353 170 UMMCk2a , 331 -2 42k 40 10 195 Pwer Brae tl r — X SmtehtwarlR.llOp 275 40 52 63 72 46*, Tr Pratt tor. Ts. |6L3S LI I 2ft Palm Oil(Kl t « suweSoa - i as -{ c?i' a« 140 Etatt>fl»3XJ2Cft, M4 — *2 29 24 19.9 II Swddwd'4'lflp— 121 X iXTaMwiogy LKL2I2I - *3'..- £5 120 SteurmorfNJ— 315 .... B02K 0 I . ijt 30 15 30* 125 DsLQacOwiPrf- 188 139 ntTraOMCme F40JL1 3ft prerim dMKM ar (orrcta. ’ 72 ).x| Z4 1 i5 ' 3 'j-' US B5 tSpacrPlMtaiSana ..... L— - -. 'S Ofi ;19J M3 UX 29 25 195 93 Tcn'rtJrrj lOp— *60} 24 62 169 135 IrttarBar 93l LX [45 H*»Vt M or raorganttairt ta pnwets. =* ' 95 7777-1r-i Q12ciL4 40 - ' 39 , - 100 70 t*THM*A6IX St. 87 -3 20 22 32 19.4 Nor 35 . 74 Inc. ft compwMt. . CJU; 85 IwXeawn . , 31 Itaagm Dual Ts F90( ft 95 ArbcftiUM - 44 ft. 2b ft 78 .. - 20251 - 05 -- 134 Ul tTMD . 118a +2 at 2.4 • Xwr mm ik reduced flirt anfer tedaced mirM^r '..‘.M-.i- 7b laeM 20 55 107 310 IX OtCaalp Mb t2 4.9 4 mM .2 5 2X liberate C«»e 5g . 215 *) MA 020CJL6 Fteecwtifrrtdert; •• 80 74 60 23 25 15 316 317 239 TtaomwtrtTiuB fi rarer on e*rtilrtirtd*trt#,ljn«i«r*«mjateM»n(. .. I- .. 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MYWe bated on amnMfc* *214 — cwjal £19 40.0 26 30 i >103 101 1*92 21 1133) ^LnsuimJ EU0>*i>] aiiw205^u5 Treraray BrO nays 48 35 141 Ul [litartirtta 161 ...- 12.751 1 2ft Rue onctanged orefl rmurlqr of tack, a 15 XSU+3 41 1 3J MIM BWimMil2>tf--J 174J*2f] I 16.7157150 42 aft t30 133 M3 230 165 22 30 172 95 78*2 Inpfrtta fnc. 50p tlLO? 10 llSJ Otaidrrt. VFwn taud cn pmpecaa or MPra eNer eatauie. c Crete. — X — S 2X 225 .... 84%Jll2l 5J 45 10.9 179 163 R4X 30 33 13.9 02 773 OteCasona d DMdert race paid v pqotar m pan of capttal carer harad an dMdert bo T::>S ar — 950 725 20a 40 20 40 - 150 127 rtaw lfl IStatn, <15143 Lb 1200 TRUSTS, FINANCE, LAND 330 Core .tJ-!- Mi capital. Redeimwn Held, e Flat retd, Atuaed art 217 US ft*. ) 2001 140 g dMdert yML *5^ *S25 us Ixx a- — sx , LS 51 X IMrtft Irene TrtlOp- 1 F125)O0 O bAwmdrtcC»MPI M.%1 — 90 kfenya. m larerm l»««r than prewten total, a Ugw tart peadng. JTLI — I «, a MINES ‘jl M yS I** Eanaogj bared mi teelmnte) Itfares. % yield a necfal •88 19 InwSt——J 6ay*h| m p“ 61 33 Tikmj Rnewcrt 2010 1 teb 9 BMdart art eacbot -;*.V -' -.71 *. jj'i: ,yM Central Rand paymenL t IndrotH Ortdest T 04 X (dUtaeelOf- 79 -,.. LITS 30 3i (14.7 luvtttiuwl Trusts 6» « Mewyolrt-a *9 1601 ft 3ft carer rctattt to prtiloas dMdeod, P/E tale ] .. • tePrmlQp— ..._. < Ub aBZ,£mb. +1*2 llfflU *6 *f t*i.* to 70 79 O.340 13 160 Uiatnr.——J 127 — 21 U 2U 155 gwiScclOa— 188+2 UU.3 45)15 250 ***** Treat 168 *5 120.7: 57 22 DteWlnactl t Pie ert rarer taeraeK ^ 3bS 216 iPne*rrr2fe- JO — 343 25 jUj420 feBkMtmnraTnai. £24 131 X ntatmtarfwl2>aaJ ZZ K3>ft7> 10(48 — (32 M of 101 aaiesyPnrtert ana ylria bated on wemr - -';P. *4i in — ienm.1 DMdert 10 9 lb •obrart Im. bs.— 67 117! 20 85 rad (Mlnctode a taKrtgayweK toer dm not apply ta metal Her 1 A 207 186 lx -... R4flftr JJ 30 170 DteCaa 430 tl — 10 75 wrwt Aridert art yhM. B Preference flMdroe paort ur 1*4 1 deferred CCharttaa ZMhimei teoderprlra. F \ 85 U2 .... 43* 10 321127 —V—T— 198+1 SJ ft 9ft DMdertart yreMbaert on 171* 0 t*, — 270 pmpecruieradterefrrtalntMrtH for 1986417. C Aioaped (Sridert art 16b —J — ftatncrtTn.'B'—_ m ..._. - Finance, Land, etc Rand yield after pending wip aoa or ngoti me. H OMdert yield baud on 1 302 218 282 1U.'U.9ft 15 145 m ‘ 60 4flgU An. 165 . - . r.'; Sea 400 +2 U* m* n4 piwpectei or otter lor ..'•• 1 1)'. 49b 3661; 485 *15 MM0| 29 2ft 180 *5 10.1 [*«j ] 270 79 216 [*2 OlOOt 4 Z60 often ertmn 1X6 KUtUertM yield baud on • . 70* , ; [ •rteiwdBtac.—. 135= . Prior - Nat IC«r»%ipyC prawcus or Krtr offtert 1987-86 175 110 141 fifM.*•25) 25142 120 So-Cap-Mp— - SM 385 173 2X3 b2 10533 ft 74 taWutes tar L tr—1 —uafiied - . IX *3 - ~ - rarer pie 560 *a 197*] 171* 1311 1 LC-Hohsmte go 302 161 — — — (taMert M based on turn aBwrtenrnmgs M OMoena and yteJil 2 £ ; IX — ft 32 25 14 WrgetarUSU IX (02%u%lil s5 2? 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A _4 137 *2 7Of 14 U mu 109 ®6) ftCftwoielOp —hi a103 t 825 2.7 3.4 150 Q07 DttfiacCaUUX995. 005 (*% 50 J2 rraHaja & stocks ... -J- BtatabrtwlMJc- ISO DOd - 05 - 762 Q4%cj 11L6 22S 127 |8«snSHta*« i »B — I— 175 125 CgySHrEwuf . 163 OX ft 00 7*, XUb *V I ft Tbr lottewtna 6 a (election o( Regiond art Iriihmdcs, Utt laser being : — m — 4 53 Bttt.EMPLSaci.llla— 38 05 - ^f^ais Bnrainri Z61 —] -210 591 20 1 — 1 — I f ISrmWnBrrlSte— 26 lft5 171 CtartNtekeifi— 63 Lfl H — Ousted in Iroh currency. 27ft 98 J 2U 4tf27 133 IS >9 ZU 478 BrtUnrttt — 478 +2 nu1152 12 45 SJ Propl m NrttatatWrT—J 144 ..... 142 19 4J 150 122 S3 tCanvan1rte20t — • 1U *3 iS- 12 1- 287 217 CUyfarn 5p.- 239 TL7J L9 45 194 Brataer lav— CZJ US 105 lU LO 3d is Att-nr.lwTlfc, 1 — 0o.9pcC.95-2d»j£M* .... 39% - «Z - For West Rntdsad 60.60 — Fta.13%9702Fir. 13% 97^)2 £X%I._...£X% — fctewXTlr 370 ... 123)20)40123)20 40(146 41 Trt.rtamra, 62 ^ { 4161^212 to CatataaalMt . (SO 11 2ft — 5a— 268 m — ia Cra«ABmrD — £Mb044, ..... 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December 23 UK Financial Times Tuesday 24 LONDON STOCK EXCHANGE in tuni prompted a firm dumingbr international bullion P£ce* Tn» Aewflat Dealing Date* boosted Australian gold »»rinf Option while shares, bat the sieroglh of sterling First Declare Last Account rise in equity market against the dollar had a restraining lead sharp Golds- Dealings lions Dealings Day Oil stocks South African affect on <« _.~it .i rata Bpnn 4.d whilewhil BJerpffae ^ well at HOP- TTw mining marker s best 5 added Vi more JWfc Dec 8 Dee 18 Dec 19 Jan Despite later softening in sterling, u JKHfT poformance came from ^ higher ri ISSpaWllASfO* Dec 22 Jan 8 Jan 9 Jan K gilt-edged closed at the day’s best were 4 dan-registered Kto Feb 2 fall point SSo.TS«r flTBP- <*B * Jan 12 Jan 22 Jan 23 levels, with net gains of a point gain one ««*\J*£*and ujw which jumped 28 to pt»e* bonds bMi jumped to 75: “Hew time tftafing* may take The FT Government Securities Government shares. foUowusg turnover of 15m gained 5 to Sftp. Else- from 9JXJ am two busmen days earlier. index 057 to 8289. way- Petn&ftn in institurioeal added of 2130ft shares either a merited Increase The UK securities markets sizes where. IC Ga* encountered pent* Grenfell has registered as that buying orders. CmnNiM responded vigorously to the Opec INDICES Morgan tent buying interest on hopes Morsan Grenfell ratty FINANCIAL TIMES STOCK and wiil he dealing Rrids were also a firm market m output and pricing agreement, & J a marketxaker another bidder may emerge and ... , . , „ business. Press com- i Since Compfctm At the dose of the wake of weekend which, is expected to beoeCt sterling Morgan Grenfell, which earlier 196b toe nrice advanced strongly to Dec. Dec. D«L Dec Dec nervously sold L and thus reduce upward pressure this month were tow CiOsc 26 htgtier « 22 19 18 17 16 ago Kfgb tow Hi* 42Sp. Elsewhere. .. _ exereisefey Mr T. Boob* Picket*. ou British interest rates. down to 337p in the wake of Mr JSSEof jftmoGoldl®Sf support andi South raider. Gold Collier's sudden depar- BPCCwivr foundAum! renewed the US corporate Geoffrey : Government bonds gained about 8039 127.4 i 4938 Government Sea . B2jm 8232 S2J9 ion 8230 82.94 9451 into 10 to 2550p. Mess Advertising- and the DTI investigation 1 (9035) ! OEU75) rose ooe point and a strong advance in ture Off4) can) annual the affairs of Guinness, but have 5353 stsyec ax 89? despite lower the stock market was led tv oil 105.4 i $383.73 aa 89.67 8921 89a7 8935 8925 8696 9748 8655 Barker im- tied a net SQ55 higher at just recently regained some comp- (23/1) C2STL'<7> (30.75) profits but Charles OptiotG shares. Turnover was moderate in am , gold shares fa soggestoos that oaore However, traosacied in both sectors. However, City osure following the £48m cash 1.425-9 49.4 proved 2 to 96? on IwTeoBtKcn as the 12763 12794 13135 3,425.9 14943 ! were generally a 12861 12722 L2706 j sterling terms J. £3/4/06) <2bV43l Saaichi 5 better at amounted to itself acquisition of Cyrus Lawrence, a CM) HAD 1 ! Saatchi Traded Options braced for the extended trad- ! easier and the Gold Mines interested in the shade calls rallied yester- • could be 30,158. comprising 18320 ing account which spans the Christ- US broker, afresh 3113 315.9 3164 2444 3575 185.7 ! 73A7 435 733p. 3893. GoW Mines 309.2 311.4 | showed a 22 decline at 1 index (152’83) £2610 Abbott Mead Victas, latest The shares responded to (2219) 1 (IB/7) TO company- 11338 puis. The markets mas break. day. A handful of the leading producers advance weekend press comment and 208p. and Trade Promotion. 188p. addition British Gas accounted for The is equities was Ord. Dir. Yield 4.45 4.49 4.49 4.47 4.47 4.46 rrade progress m response to helped by Latest Gallup poll, closed 12 better on balance at 383p. rose 5 and 7 respectively. well over a third of the business, the Earnings YhL%(fuH) 1657 1063 1043 1040 1663 113)9 Indices Dec 19 Dec IB buyuig interest from the Continent Elsewhere, investors continued to in Properties focused and 1M5 put*. showing the Government in a con- Attention in. £83^t, recording M57 calls PIE Ratio (net) (*) n fci 1164 1134 1157 1158 1133 Bargains 112.9 1108 Standard These included Randfont* vincing lead, and by a report Cram switch out of Lloyds and into Barc- GPt Edged — on secondary issues. while an evenly-matched trade io — 3525 389.9 instancing and Wrnkelh**. £13^ ScmthmL the Confederation of the British lays which left the former SEAQ Bargains (5pm) 30,012 31646 30.087 34,415 38336 9U>f,l 25185 Securities were c £11~6 the FT-SE index »w L0» calls following £29&s. and Lftwnca. Industries (CBD that the rate of unaltered at «7p. after 435p. and Equfty Turnover (£m) — 129924 1245.99 127047 136001 49420 finally 27 higher at 300p and L1S8 alone. iHJay Average eom- Interest faded in Platinums and P« increase in manufacturing wage the fatter 4 dearer at 5G3p. MkOand Gift Edged SwRahis — Z17J 1203 the annntxeerr.enr that the Eqatty Bargains — 54228 60,168 62517 61557 12494 Impsfa cheapened 14 to 7SDp and settlements fallen to a ten-year ended 5 better at 577p as did Nat- 3667 3573 panv is in bid talks. Hampton Trust Options has — 5122 586.9 703.9 236.4 25035 15 to TIOp. Traditional west, at 527p. Shares Traded (ml) 571.9 EpbJw Vaioe S573 oc news that Old- Rosenberg low. gained 5 to 59p Among miscellaneous mines, Stocks opened sharply higher and Consumer products company brook Securities, a company con- * First deaUpga ' prior to PJTI. 4 P-TU dire- Anglo United touched 3lp advanced throughout the session to Mayborn staged a successful debut Opening 10 a.m. 11 ajn. Noon 1 P-m. 2 p-m. 3 j trolled by two Hampton Trust Jan 5 Jan 1ft higher at follow- Dec 15 in the Unlisted Securities Market, 1277.1 1279.4 1281.D 1281.7 12823 12823j 1282.71 acquired a further dosing a net 3 30p extend gains in late dealings. The — ctors. had Holdings * Last deaflfacv ing news that HiUsdown , • FT-SE 100 index gained 20.0 16522, the shares touching Xllp at one 100.000 shares in Hampton at 53p J*b t Jan tt Jan SO Day's High 1286.1. Day's Low 1272.0 Property the UK food manufacturer, bad and the FT Ordinary index 14.0 to stage prior to closing at 108p com- per share. Bradford • Last declaration Basis 100 Go*. Secs 15/10/26, Fixed Irt. 1928. Oitfnary 1/7/35, Gold Mines 189/55, SE fleirty 1970 ’MA ^13-19. taken a near-30 per cent stake in 1286.L pared with the placing price of atirarted farther demand and rose 2 Apr ZS the coxnpacv- Mar 1ft Apr A temporary problem with the 102p. AND LATEST SHARE INDEX: TEL. 01-246 8026 15 to 4SSp. LONDON REPORT Manv Australian gold issues • For Settlement Topic data base led to a 15 minute Benson SBG. formerly Sheffield Hopes of property developments Har 38 Apr 13 May 5 following moved’ to their best levels of the period when SEAQ prices were Brick, were reintroduced in wake in the near future drew fresh property group to develop a num- make progress the of the looked of late, improved to 223p. year. Whim Creek added 12at250p, For rote indication* Me end q “ indictive only. ” There was also a the acquisition of Benson Heating Earlys uf Witney which ber of Woolworth’s high street recent preliminary figures and Weekend Press mention prompted buyers to ResiSM jumped 13 to 45Bp. Sea «f Unit Trust Service bitch with same Mercury phone Limited and settled at 25p follow- advanced 5 mare to a 1986 peak of stores, closed 20 higher at 685p. acquisition news and put on 5 a gain of 10 to 105p in Bsrndene. Gwalia rose 5 to 3S3p and G*W Stocks favoured for (Be oil lines on the Exchange's internal ing an opening price of 24p. TI were also Beales were another to Storehouse jumped 15 at 276paJ farther to 340p. Others to respond to newspaper 133p. J. Xtses Bf Kalgairile put on 10 to included Mcreuy Securities. STX system. The prospect of record Christ- recent flmness and closed and Burton advanced 14 at 270psL wanted at 482p. up 7. while a mention included Dsfgety.8 higher extend Southern Resources closed 4 Amend, flfarftft Cnpttel. pfertk The lead for the equity market mas spending encouraged occasio- Mack- 758 p. and weekend Press mention prompted at 274p. Pearson. 8 dearer at 575p. 6 higher at I97p. which Hugh nal for the Brewery lead- Marks Spencer—nearly 6m to the good ax 72p reflecting news SalgariL Godfrey Davis. Whim came from ecegy-reiated issues, demand a gain or to 119p in Weir Group. put on 2 at 103p. Press mentton shares changed hands—ended 5 to 3 and Smiths Industries,8 to the good ay that in order to finance expansion Creek. TV Services, Ceefl Gee, with oil stocks attracting some good ers. Despite the current uncertain- toat a suhfidi- the good at 176p and Dixons put on G. M. Firth eased a couple of at 276p. Sibe rallied 9 to 745p on coupled wjtis ne»‘s Western SlutMl Tint, TSA 186 investment demand from domestic ties. Guinness continued last Fri- contract from of its gold interests in Kedo 5 at 3l0p. Elsewhere. Body Shop pence to 70p farther consideration or last Fri- arv had won a £L5m Motor. file Art and international institutions. day's recovery movement and put Australia the company has granted rcstn, Food Retailers made headway day’s announcement ofthe acquisi- British Petroleum too S. Jerome ap gained 27 at 7fi2p following public- Develo men ts, Fr J. LtBef, Or. turnover of 5.5m shares, BP on 7 more to 284p xd: 3.7m shares settled a options to the Eiders group ofcom- p C ity given to a broker's review. on seasonal consumer spending tion ofa majority stake in Banco of to I19p before the shares moved ahead, but Shell, although were traded. Revived speculative pwfil panies to acquire op to 53 per cent Birtnid Qulcot, PenUO. SCL Plessey, a beneficiary of hopes. A5DA-MFJ firmed 4 to the US Kelsey Industries gained ID net 3 dearer at tlCp The demand left Vaux higher at 482p. major of Southern Resources equity over FetnHwL Sfadds. VtaaSaad. sharply higher attracted turnover of 18 ir. the formal the Government's controversial 151p, as did J. Sarasbtny. at 415p, to 310p in response to the in- forecast, contained Smith and Whfrwcrth only 725:000 shares. With Brent oil Business among leading Bud- and a five-year period. ParkfMd, decision to Amer- Tesco improved 5 at 385p. Argyll creased annual dividend and pro- offer dottittzen; for Bulcter dings was in low key. but the major- purchase the Strong gains in oil prices follow- and Kenned^ Brookes. Tin Pols prices touching $18 at midday. North l.:i-nb helped Albed Textile im- ican Boeing AWAC system, displayed a similar rise at 312p, fits, while Sash Industries, also double options Sea oil stocks were in demand Bri- ity managed modest gains. Blue ing ness Out Opec had agreed to were recorded hut attracted a sizeable demand— 11m while Kwik Save added 3 to 24Sp. helped by trading news, rose 6 to prove 3 to 3C3p- toil moved up. on turnover of 12m Circle, however, were not inspired liratt production triggered a were taken out fa North Upufi shares changed hands—and the Elsewhere. Unigaie were in 141p. Dominion latenatftoaaL in Far Eastcrc-orrestated China shares, and RTZ. with substantial by reports that Australian building marked decline in the dollar and and Amstnd. close was 9 higher at 183‘^p. demand and rose 6 to 315p. while contrast eased a few pence to lOOp and Eastern Investment u ere warn- North interests, sharply products group Boral intends to Sea rose Hazlewood Foods ftrmed 2 to statement. Extol !v supported and rose S to I20p. associate RacaL meanwhile, which will also lS2p after the interim with On shares traded make an oETer for its Blue the Warrants benefit from the AWAC order, following acquisition news. Press came to life following a speculative after ' I22p. while STOCKS British Gas, now an energy stock Circle Southern Cement and the TRADING VOLUME IN MAJOR closed 4 Li better at 178lop. GEC, comment boosted Park Foods, 5 flurry and closed 25 to the good at touched ?3p prtor :o closing 9 high- from the point of view of market price shaded to G53p. BPB Indus- higher at lGftp. on balance at TCp. “ Investing in whose Nimrod system lost out to while increased 428p. er frw Is OR UaOjJW TOtame (w Alplu searidn 6rsR CfarefaT tbe SEAQ -Tilcw ratings, added 1*’< to 63v«p. with tries edged up 2 to 523p. BMC rose 7 fafawbiR fased the Americans, moved ahead half-year profits prompted a rise Associated Newspapers shot high- Success" Equities responded to jvsterfay until 6 pm. turnover of 93m continuing to dwarf to 671 p. Elsewhere, John Flnlas, strongly following favourable of 7 to 80p in Baileys. Chambers er as marks(makers were caught SS5p up 25. os the offer from 5yd- Vo'ume Days the res: of the market. which recently announced a £5.2m Vokawe CkKifa Day's Press comment and a “buy" and Fargns were a penny dearer at out following the stock's change of nev-bzsed Pantida. Fir.anciai Suet 000’s price chan*e Stock O0& s prx* (Name Elsewhere, there were few fea- property disposal, gained 6 to 85p Le Port Noir T. Parrish 12 better at recommendation from broker's 51p: SA has trading status yesterday. AN Triirj had J. ASDAJVF) +4 Land Securities . 337 333 1 tures. Unlever advancing sharply as the company confirmed that it is ZBG0 151 increased its holding to and United Trust and Credit 8 9)9 248 *3 stage negotiation Credit Suisse Buckmaster Moore 12.719 per moved up from Gamma to a Beta 327? 4JC0 313 +5 Legal A Gen- on Lhin turnover >*386.000 shares) and at an advanced or 248 4J7 to close 7 higher on balance at cent. rating, in which all quotes includ- dearer a: 430p BAT .... ~ L300 470 7 Glaro remaining little changed and to acquire a private concern: 238 362 +1 LonrtfC--.., 1.NO 235 *1 177p. Nearly 10m British Telecom Among Hotels, buyers returned ing size are firm. Further aggres- The c:l performed strong- B0C subdued after last week's excite- further details are expected Brit . L900 272 +7 MartsASpncr. 6,300 Pft +5 shares were traded as news of the for Trusthonse Forte, finally 3 bet- sive demand ahead ofnext month's ly fol.'onir^e a surge ;n crude prices ment shortly. Barnett and Haltinghire 57* 507 +8 Mnf/fflKt Same — 239 577 +5 ter at 169p. Kennedy in ! increased lead taken by the Con- Brookes preliminary statements exerted aroand midday which turn re- Bass 352 72341 +10\ NatWenB«nk..„ 726 5^7 *5 Government bonds opened shar- firmed 2 *s to 13p largely reflecting servatives in an opinion poll firmed 5 to 258p. considerable pressure on traders* flected Qpec's agreement tale on 996 438 #5 Peanon „ ZS» fS ply higher, and saw some retail toe efforts of a single buyer, while -3 19* *3 encouraged buyers and the close short positions and at the same Friday zq cut oil output to IS&n 193 653 PAO demand from overseas Near dated Countryside rose 6 to 465p in a 3.100 227 +3 Pitktngton Brot- 2700 630a was B up at 21 lp. STC were also Pilkmgton improve time aroused speculation over* barrels per day for the first half of issues moved up as the danger of a market short of stock: the results 769 493 3 P lessor — 11.000 183*i fairly active and 3 dearer at 173p. PiHdngton. up at 650pc£ AN’S net asset value. Dealers hur- 29S7. Although a shade below lire 804 rise in UK rates faded further away, due soon. Renewed demand lifted 5 BriLCo turn 63\ +fa Prudent U/ 450 *2 Thorn EMI gained at 467p. riedly reduced the amounts of best a: the close gains ofaround 10 17000 170 +4 Rauti ^... 3.SK VVl while gains in longer dales reflected Ward HoWIngs 10 to 29Bp. 6 attracted a fair amount of interest — Electricals stock they were prepared to deal to British Frinksn, BP 5,600 714 +12 Rank CFr<< fa xs similar for the longer Secondary provided as buyers continued to look for an fa were common optimism BTO-Tatocom 9.900 Zlltf +8lj Reckirt d. CuJ 85 B47 +5 some good features usually in increased offer from BTR- Other and finally all sue showed screen 714? and Srefl- 982p Britofi did term. The yield on 2007 maturities Stores buoyant 3600 Ztthti +14 Rnun. _ 292 56* -1 response to Press comment Multi- dipped to the 105 per cent range. leading miscellaneus industrials CNKe&Wfre — 2^00 331 +9 RTZ UOO 679 *27 tent jumped 31 to53pand Norhain KowniiYf Index-linked issues, however, were Leading retailers rerived strongly passed a relatively quiet session, NEW MGHS AND LOWS FOR 198S Gasbarr ScftfaK 749 183 +1 tfjc « 442 W *3 rose 10 to for this reason as CretsVfyefto 720 467 -1 Royal iBurm. 71B 852 *15 mixed after Friday's news of a new as Press reports that stores are 58p particularly the pharmaceutical did Ixntec. at 5. KS LtoUIS ^LMiomwie &wm-i Utrion 341 264 +2 STC .. 48® 173 *1 issue. currently experiencing record 21p. up Comment issues after last week’s good *11S r.% aj. 3Vc 2L Uk — MEKIC4KS (2X BANKS lnii. arf! Cans. Goto 906 672 +4 5a«

tCf . FT-ACTUARIES INDICES LONDON TRADED OPTIONS t 702 £101, — Wetowie^.-^-. uoa 223 +r Jagoar Z92 516 — Wo6iwarthw«,».< L200 635 *20 Ladbroke 268 374 +2 Indices the joint compilation of the Financial These are Times, CALLS PUTS CALLS PUTS i ( RISES AND FALLS YESTERDAY ftboa frt • H»|. the Institute of Actuaries and the Faculty of Actuaries Oodov Jm. Aer. Apr. “»•**"* ftt 1 J lOaa. | Ml fa . i Ladbrafec 300 80 _ i - ! _ fttse* FaMs Scice ABM Lyon 280 35 43 50 1 5 10 » British Funds (-374) 330 52 60 73 i s s - .. 86 17 9 C3I2) 300 17 30 38 4 12 17 ! i 27 47 i Coroorations, Dominion and Foreign Bonds 360 37 ; 7 15 i 16 330 lh 14 Z3 Z3 27 35 13 a 59 3n 23 33 • Imhistriafs | U- 30 ; 601 302 GROUPS fri Ttar Weds Year 360 Oil 8 52 55 3 635 EQUITY Financial and Properties - 215 105 26* Monday December 22 Dec Dec Dec age USM0 123 43 45 1 — 1996 B.P. 550 168 177 1 3 Oils 19 tepoJ (•160) 130 34 37 - 4 JZ 53 13 49 18 17 (“711) 600 Z18 127 I 6 } 3 j Plantations SUB-SECTIONS 143 31 • 36 ; 2 1 & 3 6 t a 11 650 68 85 100 lh 17 23 160 Mines _Z2 2E 13 ! 12 ! 16 59 3Z 74 EsL Gras Eo. 700 23 42 60 ID 35 43 ; Others 60 68 80 show ramber of ON. UkSaati Si 505 97 .1=7 3 8 13 Figaro in parentiwses brrfa P/E British Gas SO 14 J 16 18 »* (H. 1 (-575) 550 £ 57 67 10 17 25 stocks per section Index Y*M% Y*kl% Ratio \n+t Index index Index { | Totals .... (*64l 60 SU 8»i 11 1*2 2% 4 ‘ X09Z 558 1,176 IMiXj (ACT 600 15 S 17 15 i (c 47 at (Net) lodate No. No. No. No. 70 M. 3V Sh 7 »I 9>j P. AOL «60 47 • % 29*) 53 73 « ; 1= 15 Cons. Gold 550 130 152 (’490 2 6 530 16 i 32 L 47 17 * 30 52 (*673) 600 82 122 127 2 13 18 550 5 17 ! 25 1 CAPITAL GOODS (210) . 682.78 +L3 905 352 1353 1759 67351 673.90 67425 56667 60 1 63 65 650 391* 82 92 15 ZS 37 849.95 Racal 140 41 LONDON RECENT +03 692 352 2L45 700 ITh 50 68 42 57 67 1 ISSUES C176) 160 22 » 40 3 Contracting, Construction (29) 117L76 +0.9 606 197 17.05 3258 116135 1165.74 116260 91450 30 4 l CourtawJds 260 180 56 64 1 He i« i a u 4 Electricals (12) — ... 1734.06 +2.1 669 456 14.77 5652 171557 172659 1723.94 1511.72 (*323) 280 36 45 ~5 200 EQUITIES 53 3 * 1 26 |fi Electronics (38) 149683 +23 953 225 13.77 5 — 30.79 145750 144758 143425 240554 300 18 28 39 S'* 7 11 223 n Z 46 6 Mechanical Engineering (61) 384.47 +68 1028 431 1237 11.47 38155 38159 330 3 13 22 19 22 25 HB6 38262 321.97 FtTA 500 195 J 2 - Paid Suck OM*>5 w NiL (tan pi 8 Metals and Metal Forming (7) 34958 +12 1023 425 1222 1032 34558 344.79 34729 23957 Cool Unfon 240 28 36 (*679) 550 145 Pw* 2 4 8 3 w PUS* Oh. 600 ! Bar low 9 Motors (15) 26325 +66 1050 3.99 1698 698 263-79 26137 26257 20650 (*263) 260 12 19 s 6 12 16 { U5 - 6 15 650 57S 75 - 10 1172-70 +15 757 459 1557 3150 1154.90 1157.14 280 3 11 21 20 22 26 | 97 22 35 45 11712S 1003.91 TOO 30 47 HZ? F.P. 27 153 135 300 1 6 13 40 41 43 I 60 45 65 74 MtMeWGnwpKb 148 -2 RJO J5 MJ 21 CONSUMER GROUP (186). .. 937.18 +0.9 618 3.41 15.42 2259 92692 93137 93557 757.70 F.P. Vaal Reels 45 27 Aosuabaiiw. Wins 45 Distillers CaUe A Wire 280 52 62 50 1 22 Brewers and (22) — 92L65 +0A 922 3.76 1351 25.07 91629 91941 934.76 77035 1 2 (•580 H FJ>. 67 65 #Amco(Pe9)lp - 66ij (*328) 300 32 48 60 29 ! Z I 2 Ufa A6 17J 25 Food Manufacturing (24) — 732.79 +68 926 355 1425 19.96 72721 728.46 60 1 7 U ’ FJ», 2801 441, 39 73028 56552 70 B.CAHbfcsSc- 44% . r-». Odix 325 U 27 7 15 a 2Ira 2U 1 m 30 Ul ! 99 FJ*. 27 24 Benson (SGBI 26 Food Retailing (16) ..._ . 181020 — 730 2.96 19.08 3551 1810-50 181269 182051 173130 SO f iw. 25 .U.M 330 ! 6 MU 3 2 156 33 a US 50 20/2 68 Health Household Products (10).. 1626.49 90 **» e 61 BHthhGas + 1 2.1 27 and +64 554 233 1955 2629 161953 161920 159851 121420 350 2 14 5 33 — u n 13 S’ Oh w6J, M.7 $65 F.P. 73 63 Kap&Rcr PrsplOp — M — 29 Leisure (29) 96353 +a7 750 421 16.76 2759 95720 95854 96334 74655 FeS. v a^s. Frt. Wav. 342 G.E.C. 160 17 24 28 (M* 4 «y 175 F.P. 198 175 Fletdier IG09 10p 2742-07 +15 721 8 178 M5 25 156 32 426 1824 7751 (•176) iec 13 IB 10 15 17 Tr. U6»* 1991 ISO FF. 110 108 fCwwrSfoBplOp | 3i 2i* 0ft m — 108 -1 L2J.7 24 Packaging and Paper (14) 48429 +05 756 3.45 11.91 200 1*002) 1=2 F.P 145 33 1834 48158 I $16 48421 48256 32638 f 5 10 27 30 32 ciz 55 33 WfaNwelQp 51 TO 62 L7 220 46 104 I 1 F.P. U3 34 Stores (38) 81723 +2JL 7.78 330 1755 1858 80057 806.05 81466 7S360 0'i ( “ # * 208 2(0 Gordm RwieO Sp 106 b ¥ T 207 R5J 2-6 ISO ft i Cil-- $95 FP. 108 105 35 Textiles (17)- - 54646 +02 9.72 673 1154 14.49 547.92 54527 54321 38L71 Grand Met. 390 68 73 k «i +H^HowesLG*a5p 104 R2.77 2.7 1 1 2 ica hz\ - U5 C454> 420 42 -A . $23 F.P, 28 24 H*..~+i/leawe5p_ 36 Tobacxcs(2} —.. ~ 332356 +2.4 2250 6M 672 385Z 129526 130638 131695 88037 50 67 3 9 27 KLL IZ.4 ZL7 >. 460 Tr.ll 03.07 IK • 5£ flOQ F.P. 121 101 -4 41 OTHER GROUPS (86) 80696 +69 693 421 1437 23.03 80154 799.41 79953 13 32 48 19 30 it jil 7i 101 9X395 28 U5 69958 (*£109) 1 4 i F.P. 500 1=6 ' #128 150 147 852 436 5 17 27 48 36 60 5J» 5U 147 -3 uLb 66 264 108 2;-i #150 F.P. 2in 17C 158 I.C.I. 1000 is 158 —2 0172 44 Office Equipment (4) — — 259.90 +3JL 735 459 16.91 755 256.99 25751 25837 20662 87 10S 134 2 15 20 11= lh k $1G5 F.P. 137 123 U 1J* C1076) inv) 42 72 104 ! 131 *128 13 45 Shipping and Transport (12) - 1506.45 +02 7.95 453 1653 4637 150321 150326 152340 1313J6 6 28 37 112 1 1£ ll $65 FJ*. 67 65 uoo 15 <3 75 114 67 tU 38 33 55 60 J Cii #1« F.P. 149 1441, jSS 4/ Telephone Networks (2) .... 83927 +25 1125 459 1223 2720 81677 80627 80355 86959 1150 l i;l J«4fe 5 29 50 77 116 i -h KJX X* 140 85 90 O? p. #102 F.P. 111 106 48 Miscellaneous (48) 1097.02 — 756 327 1756 25.09 109654 109679 110264 86556, us \ 108 -on- 30 Land SecsriUes 300 35 45 49 cl oal - 9u 9ft $105 F.P. 1902 105 95 KW 112 3 6 95 *3.91 2.4 49 INDUSTRIAL CR0UP(482) B46J0: +LO MluETl 70041. C333) 330 10 28 34 4* $152 FJ». 230 158 152 NutoGrooo 1160 9 15 10b 153 -2 r4.75 28 360 Oetiw , Mar . FJ». U6 51 I Oil & Gas 118). 249L3Sr +1A 1L42 608 63*1 1470.91 146672 2 12 17 30 30 33 | Jsr» S»c Vir June Sep $6C &0 96 80 246939 1119.95, Wj rL7 25 191 Marts GSpcn. 160 B«ctem 3oC 95 #90 F.P. 2902 111 98 1 19 26 i 223 59 500 SHARE I NDEXIS00) 901.441 +U1 931 433 1436 24.98 89L9S 891.97 893.99 73680, 31 1 3 4 2 MAC 23 (-173) 180 (*437) 390 62 ~7 #115 F.P. 1202 ua 126 U5 4 J4 19 j , 73 80 5 126 7 10 14 ] II A3J95 28 M2 FINANCIAL GROUP (US). 607.82 +0.7 4.70 1916 60332 : 170 F.P. n/12 235 60235 60620 51339 200 1 I 425 33 (SC (60 193 6 9 Z7 2B 29 12 19 Z3 235 +2 43J3 2.7 1295 Banks (81. 4+3 i 13 ' #135 FP. 90 143 138 67431 +03 18.71 SA5 733 24.78 669.01 66739 668.73 52737 1 27 ; 38 30 38 43 ShHI Trans. BOO 193 203 138 B3A 13 Insurance (Life) (9) 1 2 70 F.P. 90 U1 90 85933 +03 433 2719 85338 85233 85696 780.14 (*982) 850 143 Boots 2X 34 40 - 2 4 110 -i R3.92 155 170 1 7 1« J j j #112 F.P, 53 76 Insurance (Composite) (*227) 220 80 120 119 (77 .. 45435 +L0 438 1537 44932 44530 45231 40037 900 93 22 Zb . 32 7 12 120 rg36e 105 120 2 14 22 17 FJ». 52 52 28 176 Insurance (Brokers) (9) 950 44 240 8 16 22 20 2b 52 I14U9 +03 820 434 1539 3630 1157.92 2142.45 115932 116131 62 B2 6 27 37 j 29 two F.P. 7/1 142 15c — ! 26C 2 1281, 1000 14 ; 38 133* Merchant Bante (13) 34422 +0.9 42? 731 34131 34139 34L76 28060 35 52 28 50 58 #97 FA ia 105 ...n L22 23 12512 BTR m m 101 -1 Property Trafalgar House | 260 24 33 10 F.P. KL1 25 168 (49). 79832 +0j4 603 334 2137 19.90 79534 79433 79838 66332 240 22 30 2 4 CZ72 J j 13 #135 2X1 148 138 1*259) 282 14 2& 2? 38 20 24 143 ..M. 1025 Other Financial (25) 36011i _ 9.90 434 1231 1035 36005 260 6 18 26 104 F.P. 502 90 78 23 189 360.73 363.15 294.93 7 13 16 300 61 78 ...... 280 2 16 | * a 33 37 FA 96 «L7 LS 142 Investment Trusts (97). U 24 27 31 333 3 - S7 867.69 +03 235 1687 86434 86810 86937 642.93 300 - ‘ 63 87 -1 — — Oh 5 9 *3 43 45 T i Mining Finance (2). 335.40 1130 Bfa Circle +2.7 933 4J8 1230 32643 325.77 327.76 24532 500 ; 167 ITS 2 4 TSB 70 5 j Overseas Traders (13) 75735 +03 1649 5.91 2937 75337 9 12 ZL 4 f (-655) 550 1123 133 3 6 FIXED INTEREST 113? 74736 75035 58931 (•74) 80 Z 6 & STOCKS 600 78 {95 110 6 15 20 .99 ALL-SHARE INDEX (730) 82338! 2311 81518 90 0I2 +L0 410 81534 81734 67230 3 S' 650 45 60 75 IS 30 35 Isr Atian 100 Oij 1 IM 1966 27 27 730 | 17 i 23 43 50 57 Index Day's Day's Day's Dec Dec Dec Dec Dec Year 60 Price Paid Reacoc D* Beera 650 150 Stoek No. Change High Low 19 18 17 16 15 *go_ 10 £ t*» Data HW> % (*57.58) 700 110 130 Low £ 23 , 5 FT-SE 1G0 SHARE INDEX A ... 16522 +20.0 116523 16460 16323 16303 16363 1637.9 1637.0 13883 Option Mar Junt Oa Mar 750 73 ISC 123 Jane F OB 45 55 65 $100 F.P. 2*1 101 97* Eae* 80S 40 75 95 75 Water Ut» Htd. Ml 2DOZ4 Baa 90 , j 85 95 7101.41 FJ*. * 99 650 1(15 262 1Q1\ 98 V9R*d.Pri9»«. Moe Fri Yew (•72V 700 50 70 90 Dixons 300 26 40 46 *100 F.P. u 99^ 12 ! 9 14 102>ap lOlp ; H AVERAGE GROSS 20 wwer DrpttM,%PB, 750 27 45 1*311) 330 13 1 2* 28 11 Nil 312 ^ &UHQ. UOp Dec Dec ago 65 45 55 ! 26 30 36 team 3*!Wn FIXED INTEREST REDEMPTION YIELDS 60 ^enarficTs.7XCaei. Ca.I^l. PH.fl 360 4 : 13 SG 54 F.P. line 9lM» 22 19 (approx! GKN 240 35 40 48 ; 9«p ^.4EdfeTtf.6%C,.Ca 390 2 i ! Jld.pfn C263) 7 80 82 10L61 £10 1*3 ill llij 9fa 260 20 27 35 If) 15 Gian 900 175 2X3 #100 £50 15/5 «9Ij Mb British Government 280 9 18 26 j 7 10 41b ****** Fri 21 26 29 F.P. **tfU%Mvnaait.x PRICE Mon Oafs sf adj. id adj. CICK7) 950 130 160 i 195 — 100 4»* ...... 300 4 38 13 20 27 100 Ntoorwrie 11 ,»,•», Low 5 years 937 9.90 1617 Bei. Z102^7 . — 1000 I 95 710187 £10 INDICES Dec change Dec today 1986 330 2 — — 125 1165 Z7 37 45 221 in 9 we Cqwxxb 15 years 1038 10.41 1631 68 — 1050 1 60 Wir. W,% Rrt Pf 199b 95 #100 F.P. , 22 19 !13S *7 58 &D m 10fa lQPa w*g » % to date Jaguar vyate. i2i Rrt. 460 77 7 ;% oct nnn, , 25 years 1038 1031 1632 Hanson 160 29 UU>( (*518) 500 40 57 75 17 22 27 ; British MetHum 5 years 1 1131 1L15 1130 (-18« 180 1* 5'* Gonrament i 550 13 30 48 40 1 m 2bh 8 “RIGHTS” OFFERS Coupons 15 years 1031 10.75 1035 47 52 200 5 1 5 years. 11930 +024 119,07 006 1131 600 6 — — 85 16 J’ 20 25 years 1032 1644 1626 220 37 37 Arawi Last 2 5-15 years 13029 +0.79 — Option IW I486 12927 1369 High years...... 1137 n.»l Fth May Aug Ftb May Aug Loorbo 200 41 45 paid Return Ctoftni 5 1128 2 5 Price Sox* + " (’2361 220 24 30 Price w 3 Over 15 years..— 13625 +L07 134.99 028 1350 Coupons 15 years.— 1039 10.92 1680 Brit Aero 420 83 90 _ 3 5 _ 35 5 12 14 to Date High Um 240 10 17 20 25 years. 1036 (S94) 460 47 73 6 13 17 ZC 26 4 Irredeemables +158 147.97 — 1357 — UM9 1043 » . 20 260 4 MM6 500 18 30 8 34 38 60 Nn 6>«m Oljpcn Irredeemables. 1038 1619 9.77 43 27 30 38 i Twee 335 NU All stocks . .. 22357 550 7 13 — 60 65 369 40 3fipm 22nm 5 +056 22757 0,05 2359 t3 7 11 15 4h» itatter a ._ Index-United (*384) 390 20 '43 143 Nil 16m 16pm 28pm -2 Index-Linked BAT Intis 360 120 __ 1 18 27 30 Inflafn 5yrs «20 9 65 Nil Up* rate 5% 60 (*471) 390 90 li 27 43 47 so Upo lOpra •faflnjlndiop 97 2 3 14 NU «- 13pm years. Inflat'n rate 5% OwtSjts... 420 7pm bom +1 . 6 5 03 420 62 70 83 3 6 12 Runlwi BratlOo (*467) 6 1‘J Nil lfam ijpm 6m -1 Inflat'n rate 10% 5 yes— 03 460 32 43 58 15 22 46C S 62 **«wrtyTnHtlOs. Owr 5 years 27 il [ 20 27 10 Nil 7 — 500 j ! l®jpm hfn Inflate rate 10% Over 5yrS. 03 500 10 25 38 35 *3 48 1 3S 43 10i,oai D«WCoarWn_ 550 52 210 Mi 612 25pm KFtfra All stocks 1 1 - i 22pm 8 Barclays 1 Wnmoft 460 i 55 Debs* 5 years.. 1134 1178 1172 62 73 A 15 20 Z3pn ("SOI 500 20 35 47 17 Loans yews.. 30 40 Option Dec. Jaa. U-46 1136 2147 I 1 FeL 1 Mar. 11160 15 | ! | oec. 9:De&ertum6L*aM- +123 11664 609 1161 550 5 — Un- | F«tn 11 55 62 | u*. 25 years.. 1146 1156 1147 FT-SE 1550 Ac 111 Brit- Taleann 180 32 42 78.78 +026 7855 620 656 38 1 Index 1575 73 < 90 _ lOrPreftrenee 18 Preference. 1137 1185 1230 ' f — : (•209) 200 14 21 26 C1648) 3 u 1603 4fl 70 85 93 220 4 10 14 14 1625 19 22 25 57 68 1 70 1650 7 34 50 ^Opening index 16403; 10 am 16423; 11 am 1643.6; Noon 16468; 1 pm 1647.7; 2 pm 16483; 3 pm 1648.4; 130 pm 1MSD; 4 pro IMaa Ca&ucy Scftmppts 160 29 33 40 OJj 55 1*183) 1675 ? 22 35 180 11 18 25 °™eild 5 B wretaii. ' «“* record, base 1700 0*2 y fwtaa. or estinretf n*o6a«d or tefat Kmi yield. Highs and lows dates, wluesand constituent changes are puWbhed in Saturday issues. A new list of consthuents 200 41a 9 IS 18 — 60 ""^alrrtrfafrtrJ tifar!” +1 Flat 20 22 the Publishers, the Financial Times, Bracken House, Cannon Street, London EC4P 48 price t* post 28p. Dewrtw 22. h available from Y, 15p, Gatnaes toftwa 30463, Ulb ing 280 20 35 12 1^33 Plac price. ^ " I waiywap (*285) 300 U 21 40 Mnw. 77 37 35 FT-SE Into, Oft 1#J9 ispa 330 3 11 18 52 S3 55 "•nano UotSerijns sconq pnet. ' —J'' .. 8 3 ——-' J - , _ —1 ' 4 —— i 1 6 1 ;;

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Financial Times Tuesday December 23 1938 00 rar IS] 25 FT*** WORLD STOCK MARKETS SSSR 52$pS^S& AUSTRIA GERMANY NORWAY AUSTRALIA. (eomfmt«0 JAPAN (oeottaHtl) **- rat* > Pflo* + or Pries + «• o«cn -Brio* + er Dm. so Prtae + *r taa, 88 Kronor — Deo. 10 040.0* Van «ch. Ora. sflevtr CANADA JPes ?£$$$ Swik.-i 1M : e? onwna Oen. Prop. Truxt 0.93 +0^ MHI .1 0M ilo CndifMl'It ftp 1,1*0 4-20 ASO- .. 850.0. -Lt ' Mj» • au m 9QfH|f Map . 1 1,139 .. — IMP 877 > Decembers -V —It Nan* Dktk-— Kidttan Dmiw.-'1.TB0 -10 S15V 151* 29568 Rover 355 340 350 oaM.. . J MBPOR 1W» CwrfdA 187 Km Add Ift :S . MV Irs+n Bo+cn.,. m tank Hydro s n* - ..'AlOO ft ft - u Elect -iO *26’, 6870 16% Land Loam - ..... Nippon vat 290 Kba OM 28 28<} sre. 5fU 316% 16% it. li, + 0,1 etorisf cxtetai 8 H Com «n tank .. 50Q.B —1 Oikt»-8on*8aad -« WE REGRET that Toronto » -V KLCIUH/UJX8MSOUR9 MIM. I aa*. T.870 +40 l Conri 9.45 + 0,M Nippon Ix» r MOO CULMS* lift 31030 Laban *29', 23V 23V :S 2850 S3. CamA EM% 21% -% Ourami- .. 54I.D —0.8 fura&rand ss 1,870 -30 ft -v -5 + 9P Majim NtehioasJ 5.63 •0.82 Nippon OOkhL price* wax not *vnUabk tor (Ms 6U75 Cannes S13 31334 LL Lac 37V Iri* 16528 Sceptre 275 s 285 QUBltt Ba.-u—, S JMar -BA Nippon KogsmUj 983 -17 34 OK. W fn. - Daguna 47U.8 Nat. Auk, BonKwi 6.0 er pnUam. 3600 Conxudog JSk 506 Lacan* ft ft 17*5 Scot Paper Sift 1ft ’ft -% +5,ft |mwo - gdtolon due to canpat §? w Nippon Kokon, 835 + 15 1*900 Sena 1 811% 11% 11% D-lCfi* Babcock. 007 +7 19.0 Loii 500 Coratu la 255 2U 27733 Laid** A saov WV 2ft 2 • --11,610 a *a.i_ a.ogo + 10 SPAM Nionoiiuikiwin-"! 5.80 Nippon OH— +80 f is is 0«n. tu*~ 15.600 + 100 PtuneiK mm. Bi8.fr ~*a Noronda iPjPipd> 1J99 +aos Nippon 8*HUw<..i an amca m Sft ft ft P’4 10030 Seagram SSri* 06% Price, +er 100 9*00 Con ten A tU 2ft 30 V 8T05 Lmgh vm S5V ft 5V »t Bans. Im. ilLui*4 1S.DU or4M»ar Bank ... *oa.a -a Nippon Uumpaflii, +20 rau Atatad *25 306 423 +20 1207 PM- 82 North Broken HHIj -0J» 7190 COcriD I 4075 LebbwCo in* Sean Can Sift WV io-V Paid MuanUi *00 -1 M3 Steal 183 B 1ft -v mv 1 Deiiaart.. 10,900 + 100 NH Nippon 4 2 1100 Abhfi, Pr 3ft 3ft Sr esi Can 826% 261* 26% Hankei 466.0 -BJ5 001 ~OJH 1701 Cam Gm » 5 £ 3250 Laonnea SB’j ft ft V -V C.nwil CMp~~ 4.0KI — 800 Bilbao. -1,897 1 Pacific Dunlop— « Nippon JulMifa-i 49P -7 50 Ackiond* 1ft Ift sm, si, 5375 Siwrr.a Sft 5V ft hoc tniaf 040 +80 «o,u 489 400 Co* CMS* *22 :t »rao mcc V -v COelienU.. 1S7 - it. I -l R>346 Asruco E 21215 8 Oamral— 870 . tancontinonndwl 8.65 —0.01 Nippon Vimn— 26V 3ft 8000 *17 60395 Mdan H X Soumm 820% 20V 20', -V . m CTL Sift Ift. a, Hoaclut 988 J6, -0.1 - .’ l Bom DoWia.i*. — 57* Nissan Motor—- 67* + 2. 3326*0 Anuta En m 9 3S f -J* BcoCMtorior —1 Ptonssr a , 3019 Spar Aero 822 2T% .' 11* OdMm U1 -4W* Si 1131 Como B SWV w* im* UXM Udn HY f S173, iri, 17V -'i 21% EBC3 . 4.000 HMKh wtrK*— — 401 Piaoar Ninhin Stour -750 —IO 12VI Albrta N 4 * Boo Mfspone,-— PmlfM Mn 9Ji mft 1ft 1ft 2200 1 Macmnoo S4ri* 42 300 Steumg A 1 837 37 37 % Heir man n . - ; Corny Sift I* 52560 42V -v E!nctrot>*i 14,906 ;Pf— 310 A PppuMr. 1,4081 POMJCkMIw Noraurp..—-3,080 + 80 56614 Alcan saa ift * DM m.-.. 8JB8 rM 3ft 3ft 2M0 C Pstopn C BUI Magna A 1 Z3V 29V -V 27815 StoJca A W% 1ft -% SESFjiSSif-' f tot .qua Not >-. 1,W0 + 66 Marian 159 +8° Atone* SUV 12ft Boo Santnndsr-. 0*0 \ +10 QiMaiwtwia Coat 1.89 Olympus *M5° 300/ Sr sii WH, SIS'* ”3# 50300 Sulptro 00 58 EC + 2 B14 1 135190 Cauta ft 62 60S’* 62S'* 1549 Manama I 15V 15V GB triivo BfcU. B.5W0 + 90 Muual — +3 Onoda 988 —7 INTO ii Boo vixopya— 1.680; +63 RookittACotmani 6 . 8 S CemeAi~ Aumwa in io'! 7481 Tech B 1 829% 23% B/n*. 3.550 KorsUcrt-. 476 -8 1.8B0 3800 CosSfan LVd Sift fin, wn, 348 Me Myra S37V 371, Sri, 2ft COL Santos -....j 4.11 Ofiant Plnonoo.^ 2100 AKO I f Tala 7$v + 0.U sft -V 40n S2ZV 31062 MM Corp OV ft 500 Mat 830% 30% 30% “L'^ General* . 6,309 lib Xkufnor—..— 9X0.6 +4.0 5.980 Cram av Ift -v — ^ j-g 0408 — 480 -88 8mHh Howard^..; 0.8 Wteflt LBB9M0- 30 366 ar-o it Sri* 2ft V • Orooado*— «, ft -V WSB38 CmwRx A I m, m. 3050 Modal Sl&i* MV 15V V 23378 Terra Un 715 205 205 + 2 G«i«lart— - *.800 IOCS KHD .. 174.6 ^ 1.* Hidroia— 106.8 —8.8 Thoa. Naxwuf+MMj 5.88 Pionw r_.a,650 -70 I2U BC Sugar in t* »v -m— +£n A w Czar Rea «003 WUMO I 00050 Teuco Can 833 321, S', + % Hoboken ..— . ~, 7,600 + 50 ... 1.010 -50 MO UO A S3=V 2ft 8ft mo+cxnar — bojb +0.3 fUarauaroM , 137 Ricoh — w Thom W KRI IP,— V 3M50 Oriaaon A pS7 200 liaison 8 S23V 2ft 2ft B700 N A 831'* 30V 30% "% Intercom——. 2,013 -10 Lira* 7*0 I . 0 Bonkyo .1,660 -20 ft *v -V 1 — . i 534 J -7 Tooth — m-I 6.1 3630 BP Canada *S7 S, 33i, 80738 Tar Dm 8k 8231, 23% 23% -% *.»lO +0A .. .. % 5200 Deoaon B I 6 + 500 MCtty Bk S33V Kr.a.elbank.,... LurtKanu ... +4.3 Sanwa —...,1,490 Sft V 33V .,— J7IA TalafoaiOB.— -.1 !M 1 +0.8 ycunga* Bank 3200 Barartsr ft —f 3.1 + OJK C Ift ft ft -i 400 Dsvftooa 290 50 Tru«o SI2 72 1540 Tor Sun 830'* 30 30 "% PsnHMg*. "10.950 MAN - 169 —8 Sanyo doct — ws -17 200 290 -w M a . , 221368 Wastom Mlnhmi 5.38 Bk BC* 71 V 80 -a Moore 5100 Tomxr S 1 S2£.% 38% -% Patrottrui — • S.650 + 100 otsnnetmann m 17* —1 SapDOro 1,850 —80 3000 Dmuan A f Sift w 10 + V 33356 CV, 2ft •S^r's — Waatpao Bank.T? 8,14 -b!w 18481 Bk Monti S3ft S3', 331* -v 2800 Total Pat 3% TV ftoyole 8«J«« 28,43* -8 Mraadw MM... 11.039 -13 SWXDEN •okttul Housa^.. 1,700 + 30 insw 50 Deans* B SWV WH, MV 62340 Not 8k CM S2BV a 32ft »% 1 WoodiMaPatroL 1.58 + 0.81 Bk NScol *171, »ri* Trader* f tee 0#n- Beige. 3,450 + 19 M«taliB«a*ll m Ml —9.8 8+vsn Blwmn- 8,800 *ioo 17V 40*50 Ootosco 0H, 13230 HI Vg Tree 1243, 24<* MV 7*0 A 851 51 51 * ... 1028+9 S3ft 71V : Pries 4- Woo I worth* . SM, +o.e» awt Can *37 V TrCan R A 78 77 77 KrLi mm *1 *aVA > , or ..-1,160 CepA 1 moo — Muanen Ruadc . 9,805 + 08 Sharp — -50 08243 Dame Mine SUN, wv iov 3000 Nfl 310 »V 97, -V Hrajlft UCronor. — WormoM inti . ...I 4.1 38889 Bonanza R 220 8& *2 Ml SONni - -~. .. 0,640 Ninaorf ^ 749 + 8.1 Mtimizu Consbk.1 755 +9 2*5080 Dome P*M tt 06 87 el 6 TSO NRd LP A 1101, 18V 18V + V 00a Tm Sift 'ft -V — m)_m 116358 Vriy *14'* 11,690 Bow 90685 TmAKS UA Eft Stasrwtek inti—. 1M PnrociM mm— 1,038 -88 Shioraogl.... h.-. ~ + 80 ran O Tax be Sift 1ft 21481 Horanoa Sift 10V 1ft -V 2ft 177 -8 20609 BVxkifna 100 Sr ft 47130 TrCan PL 816% + Tractionai 6,579 + 170 PnuuH-- — 101 + 7 HONG KONG SMuldo 8,070 +40 9 3*226 Oomtsr S3ft 35 35V :i 33850 Noreao SIS', W, 1ft *v 1ft 1ft % Alfs-taval * 878 +5 163M Bramaiaa C3 22V 33 2875 Tnlon A S2ft 28% 29% -% OCX.-- — 0,400 -ISO RuamwaMEMBt *30A«».o + > - 361 -16 MOO Doom S28V 29 111005 Notch ord I Sift ISV 15V V f I .u.M.j 540 Shows Danko- m. MCA Pros) I —A 33866 Brascaa A K2ft Tnmas 285 27b 280 - C c WocOhl lib 6,400 —80 MoMirtnn — 3«o 25V 3ft 21058 Dysex A IS no nc om sim, 1ft 1ft -V 8300 Aotr ...... 1 Sony IX.880 -so Sift (Proa) 318 . +8 D+o.80 Price or 38728 BrVwafsr SB V, Trinity 46 49 +4 9char,na 4B8 + ft 27531 Ectie Bey 18130 Nor Tat SUi, UV Mi* 4200 Raa 50 I 164 I s'tomo Bank ..._-f,4XD. +50 S3n, 31V 31V ;&SB. Atlas OOPOO mm— —6 , K.H.4 5*0 Brand* M U'< », 1 STS', SiMItaftau. 784 XV 38*, 500 Trlrec A 26 26 -V rtoma .1 .408 -12 MOO Emoo IW, M»* M»e 3900 Neraosi 8 ft DENMARK Ttijnwn IBS -8.8 MJ4TA.B. 170 CMKw 34759 BC FwP SMI, MV Ml, -u V *510 Trtree B 829% 29% M% -% ^on'/cf Q'tomo Ckirp .... 1-010 w 10 TWO Emury Sot 16', 6V 288*88 Nea AIM 1 38 ft. ft asrde iPraai—.... 180 Bank Eob Asia 88 ! —0.8 36756 BC RM 03 B3 -1 •V + “ ' - Uarta —! 401 —16 S'tomo Clect 1,790 +10 b 56800 KA am 200 Home W S10V 10V 1ft 35025 LUusr P 170 160 160 3 . *H>id Dec. n t Pr|s* OT csfluMaa a«o cunay Pacuns -, 0.0 tOJH 52*1 PXooa 271, 9»V WV -v + .. ’ 988.6 + 1 ; BC SZ7H VtM liaetrouixB 57.88 + S'tomo Metal.... 140 -2 2ft 54678 Flenbrdg Sift Ift 64657 Mu Won 49 43 48 -2 •Knr* 1 ! 813 Choung Kong- J 0,0 400 Bruna+fc 12 13 - wv f-No voting ngnt* or restricted vonog V.IC.W. 138.8. t&S S13 V trfouanB. Ught...... Talasi Corp BIZ +8 09362 Fad ta A Sift Ift 15', 63500 Numac Ift 9V . V«row W*M 470 813 China 8C^J ! +0A 1+320 CM 310', wh* -V ngnt* 1 nv .vV .—i o.a Talelro Marina. ... 956 —93 500 PM Pen S38 2000 Oakwood 181 161 ft + 11 Baltic* lund... 780 » 6 Its 143 +4 Cvsrgo | Vetkiwagan -7> 450.0 —0,5 1 4&00 etx B t Sift 14', !«, isg® 967 oen Oemsjo.. 90 Sang Bonk, 41 Taiya Kcbo tank 753 +3 5100 Key Fm Sift 3ft 8BS4 Oehwd A I 00 90 90 + 5 CopHanaaU'ntU —1 Me 0 Hang +'i 1130 CU. -V —' Takoda 9,330 -30 52ft 2ft 2ft +i 4708 GondeK 18129 OesM B t <20 300 4SD + 40 D. Sukkerfoti- 340 + 2 Piutrmsflis 80S Maroon Land. 4.3 +0.U MW Cad Fry Sft 3ft Sift wv wv -V Bomb.—- 310 rnnBH| Saab Scania Pros' 790 10 HKUMSOu.. 90J + 0.3 TDK ..,.*,050 . —30 30V 2100 Case Coop IM Mb ISO 3000 Omsea Hyd 490 480 4S0 *20 DaniXe , 3 TOCO Camtxidg *23'* 73 ZT* MONTREAL ‘ Teijin ...... 738 —10 *u STM Osltsw* A I Sift Coat A* lathi .... 174 Zs~ wmm MUKtirtk.,... m.; 147 HK ctsotrie 11J8 +0.4 — 3300 CeAM A SIX', wv wv +v Ift 1ft ram Casio RLk S26 27V 2ft *u December 22 090 Bksndla.. ) 154 HK Kowloon Wh. +O.M Toa Raiwyo- 1,740 -10 300 Gam ft M 18 13268 PwCW AM 31ft 19V WV Closing prices Fonnide Bnrfifi. +n AMI 731 Camp Pee ra 136 136 - SM *v .... Dun EnaUtda^J 181 1 TokaiBank.« 7,170 +80 600 Cbriur 0100 Pyutin A I Sift Ift MV GMTHfcl. SOB + NK Land : +0.1 — S8V <4 — IS9 1H Tokte ...;i,86o 276 Camp Soon Sift MV 1ft V Marino.. 4005 Gotocorp 1 STt, 1300 Psmour S12% 12% 12 LS.S.B 710 a"" WP | 840 HK inanghal Bid •41 +0^ TV -V % % 10Z78 Bank 33% 33% -% Banco Com‘lo~. 33.300 +400 7600 Campoao I 3271, 2? Mam 833% 475 KoraKoonartiro.- 380 +4 Tokyo Elea 1 pwr^a.000 —60 22V V S7t» Grohoa A t <51* 17201 PsnCan P 877% 77 77 + Jyeko Bank— tastogl-UCBS TOO, HK T*tephono..M 28 40.1 2339 CCrxn ex Sift Sift 15V % 7U5 Bom&rdrA 815% 15% 1ft +0 1 Tokyo —11.180 +80 p u Nona I 3U Ivan. HondKUbx 490 —5 44.88 +o.n Cos.— Jft 83730 OL For aal SIT* 311* 2100 Pagan* SM% M% 14% mu* — Csntrale 8,370 Hutahlnaon Woa. 883*0 CSC 1 331V 83952 BombroB S15% 15 15 -% Print earthen— 240 — 8wadi»ll MstotL- 450 +4 induaLEotilt^M BB.4 -o.« Tokyu Corp..— ,'2,880 +30 (ft 8 ft V 400 Omvtmd S34 24 300 Pembina 814% 14V MV + O.f.fL— 1 +80 3700 *2i‘, 23V V 5700 C8 POk su 18% 13 *% 7,390 1 Can Urif «*, 31V Soonu* Be rend.. 7X5 + 10 Volvo 8 (Pros)—- 4X7 •laid in* Mairu. .. >9.1 +oji Toopan Print. ...>1,760 —SO MOO OuwPA I M 14 2200 Pins Poeu 87 -% CfOdOO RaHanOL 8.800 +1DS 3**80 C Her West Sift «'* ift Sift 50295 Cascaae* 812% 11% 117, "% lup«rfai 150 6 Now World D«h.i 9.58 +0.» Toray ...... —.-I 361 +2 *h 200 M GuH Con Sift 1SV 1ft +4 58425 Placer 530% 5? & +v ConBatn plat . 34.030 -600 T0«10 C Poekf* SM'* tfi* mi* V 509S 830 29% »v + % 8HK Prop*. 18.4 . + 0.8 Toshiba Bloat.... I 663 -IB 375 Hawker S20i, 26V 240S0 Poes Pat 8121* iiv +% + •-•••.is:- kenntd Oonofml Aoateur. 2BB.6W +9.806 1034 CS Psu t 330 330 330 26V V 3117 OomTxiA 818% 18% 18% % -V- y EniS^ SWITZERLAND Shall Boot mi 0.78 +0.01 Toyo 8*1 kan 8,830 I -80 0« Hays* O Sift 60105 Fowr Cor I Sift FINLAND Natewnontl. 75,fl0ff+ L7» MI Con Trust SSI 51 51 UV 11V V 7187 MniTrs; 813% 12*1 1ft + % 8wm pm A— 18.6 + 0.4 Toyota Motor.. . 8.880 -80 7085 Haas tea 37ft 381* 26'* 33012 Prscawb 230 225 730 La RmiwcintoR. 69S-+7 Prtal « 1001 Can GE JU6 MO M* + 10 €1277 KaiBk Cda 829% 78% 28% -V TV-B 10.4 -0.1 UBE lad* 838 -8 1 Prow - + j 539 H BsyMn s SB * 5 TOO pa 8177, 171* 17% V Norerco - dm.h Price « Mofttoduioo 9.970 + 00 Dm. 83 Pro, 380 CG Mvom (Si i, 533, ift ft 6V -v 8110 813% 13% 13% +% « + winsor inds 9.48. -0.0# Vtetor.. Iw.... mi9,a30 -40 -V 46*81 3221, 231, 3m, 2300 Qua Sturg 4T0 470 470 OKwetti 36.680' +600 H Bey Co 57*06 Power Carp 815% «-V£sr»S5 MU ...i 103230 a Bk Cam S2ft am, aov 15% 15% i Work! Int. HWisJ 8.7 ; Yamaha 600 +v 542836 11 000 CBM Tel 814% Adis inti Husky DO SUV 11 5 MV M% 6591 Provtgo Sift in* 17V AB7BI ... Yamaiohi See— .' 1,510 -60 7B00 C Marcanr SIS’* UP* w, 1 -V Pmain 4.990 -r 100 3780* tanmeo S3ZV 00750 Ranger Ift 8% «% + V Amor.--, IBS +8 Spa——.* AlUBuiiao 4fiO „ Y'maneuohiPiuna.O&O —60 SBOa C Ocdsatol S2V, 3ft 33-*, 33V 3ft 1430 RqUSDOA Sift 17% <7% + % +v mm Imp CM A S31 sm* SI 2540 Riyieot 1 80% S', 8% volume tN NOP .. 44.19 -O./S tank LS a. 4,000 +183 184655 CP »lri, +iv 44563 Royal Bank 832% 32% 32V ' — Yamazaw 1,650 ; +80 LSI 17V 17V major 4,«iKI. JAPAN . +v 13360 Inoo 16'} • 15650 Redpaih S24i, 24 Kan« 188.9 i -5.3 8ma 9P0 +910 1,BS9 SWV 15* -v 23V 35440 RdjTruso 830% 30 30% Brown Bovsrt-J, 4 SO Plro i . -89 36586 Ctus I SIS', 13', 13', sToujij Yoauda 039 A -V • 173 170 T70 TO ... 07 » Toro Awe...... 33,010 +126 7300 Mri Sift 13 el, 6000 R+Short R P. 3.13 -020 All OKI UBJt —0.3 Oal-tehf Kan. Bk.jl.77o AUSTRALIA IV CiT 8.086 > —69 81 ka. 1,670 +20 Malay Uid. Ind-.j 1.20 a 161.1 +1J1 NcaM.- 22 19 18 17 18 19 Hgfc ta Mgb ta Ord. <111,001 14003 wo 8,eoa Dal Nippon ink-.-i 848 -9 Multi Pu rpose.. 0.91 ^oii All 14S8.B 14533 1*56.6 'un.l 1 22 illl 10103 Bill Carr ft lour . • 8,673 —3 turvauiancs A.-.I +30 ABN DMA +1.8 0*1 Nippon Ptfl.Jl,960 -80 - Metal, A Mnl*. (1/M61 716.6 717.8 711.0 703 713.9 (21) IOj 401.1 - 1 Swissair -80 oesa 0.0 0.9 , BO; 1) .. uS ^ ChsManurn... 78a + 3 1,855, bdonrta AMCV J 74.9 +0,4 Oalwa Houosl.— |1.6SO CUB. 3.98 —0.0# 1J281S 182185 IJ1UI I1UL2I 1.RM.M 1JZU1 10B5ST IS8X29 IK6.S7 4121 ve 6' Om Bancalra 1,160 + 13 Swiss Bank OcS +3 "•iu AMRO — 003 -OJ» — Swiss Raliwo* >Euo| 4100 OalWB Sm — ...1,810 +40 Public Bank.-.— Z.18 -084 IMM* 2mm, SrtMS 12/7/33 AUSTRIA :» Cart-...- 84 CoflmsB — -.1 415 + 0 UjS4 21048 26040' P, Braaara +9 Swiss Volksbk . m-m.I8.8SS -80 Mm* Darby..— LOB +OJBS Cr«d Itbk Aktl ii«Wi 23636 329.6 380.04 (25/4) 22038 (Si 6) ;; 6' , Bm Kalla w«tm 6.0 Oamart ,..2,800 Panuo. 6,560 -10 *3651 18 68.74 SSSJO 2--1 "* f-v listen Bsnk..^j Slow' +00 — Singapore Air. 9.4 TMNpSt an 8XLB8 09 aui HE 8M74 12J2 „ ® Buehrttiann Tat. .88 0 tarty ... 470 -3 Fuji Bank*,., ll,800 -10 r :. S' Wknartliur inn.. 7,440 +40 Stogapar* Prom. 7.05 +ojn mn pnm ivuta ru\m BELGIUM i 1 Cailand KeMtnya 10.6 . Dunwz fl.A. _ .1,080. -30 1/1/04) 4056.68 4884 404634, Zurlalt Ins-.,—-.| 8,800 +80 Fuji Film '8,880 70 Btralu Trading. 5.78 -aa* Brauels SE 1 38j 4803*413130 (9/12) ^76831/16/1) DordtMlta Psfm 108,6 +0.1 faux lOltflMl -18 ' s MM—MM 1,640 -IO Tat Loo Bank.... 9.90 'OJM ttdriH 21182 21106 2TZO0 21187 21288 20MB 218.19 1*1.47 ;:«—(+ i.*k” ^ eiMwiaf+ONI-.-. 884.3 -0.8 cif AauttahM,..- bit +a TU 4 UU LUO -40 uob . 4.44 lais Donmuc '’i 3 Caallar 8,720 +86 rmm it/wa -'..rilM PeKur— >— m. 80.1 -0.4 AUSTRALIA P’jrukowa Hoot 831 -4 OoptnhAQfln BflittU) (U) 192e» nu 192.M 250.70 (1l/« 10838 (11/11) na M , E. OMt Brccadao—. 1 40.* +0.8 Ow Onoidantai* 1.100 + 18 Croon Cross 8,490 -40 tiffi ' — C . Ttataowi HI 84a 11822a - W* MamaXOfl 108 hnatsl 875 +93 Pries + or Holwa (teal EsC. 1,070 +40 SOUTH AFRICA Mlb 1S&49W 157Jla FINLAND & c. — 46.4. +0.8 1,500 tap. 88 AuoLW - Unite* 4303 Heec«v«m— Ltfant Capps*. -IS Hitaohl — . ... 1,180 Price +or Oani. (WTO «u 4523, 4623 4623 (11/12) 2383 cart) 2B Hurrtr 64.5 01 s f Doug WN-i +0.7 u'o«5j..TrLnr 4 . + 112 Hltaohi Credit... 1,670 +70 Doe. 88 Rand i __ ?T| Ok 12 Dec 5 Mar 28 TatrAgsItata S' Int. • 5.570 SOI IBM... 4.07 + 0.02 MuaHor—— 70 +4J Lsprond , Hends...... MH.. 1,440 -ID FRANCE ;V "•rr . . 40 1 Adaiaklo Stsams) 14 Jl -0.01 1 ‘ KLM J Jt — Matsons Ptwantx 310,1 '3Cf Indt. Bk. Apsn... 400 + 10 Absroont 3jt I CAC General 01/1231) 410.6 4UL0O| 4003 4103 41 43 m/m 2073 <2,1) Amcor. 8.BS A WfibWMXta Xil 3LSB LSI 4.12 ICMP— 166 +1 Matrs SJ» *,476 Hr. tnd 'lendancaii 1/1242) 166.1 IB6JO1 1823 182.4 (16/11) 101.1 , 1 SE —J kawaJlma 483 —IB AE #k Cl —I 14JW 1063 (2 ) Group-— 3.86 1 J3 r Nurd an...... J 80 Mxaftalin 9. 8,900 -20 ANZ isuzu Motor. 389 -10 Allied Took 90 BH.9 1.675 —80 Ampol PK-m->.-,.| 8.7 \ —1 ' 3,1® NAt Nod Cart— 4 Midi idai ItOh (O-.. — l 766 -18 Anglo Am. 54 STMOMBMOnnS GERMANY « Anadno 3.48 OoaL i- _i IV* . Nad Mid Bank—l 105.5 +1.8 MoacHannssoyM 3,61 Ito .4,1404,140 I ITS 600.00 _ YokadB— +IO Anglo Am. Corp.. 65.6 +0J6 FAZAktien {ST/UW6J 07236 38 072J7 ' 75631 (17/4) 606.92 «i e. Ashton 9.38 — - 1- — (22/7) Nodllwd J 176.6 +2.6 MouHnox .m— .... 81.0 +4> .— -O.M JaL._. lb, 601 : 1808 |ltsc*tawtak (Kii/55) :: n. + 100 Anglo Am. aohA. 388 +8 Commerzbank 36653 2030 J 20S0.1 2057.1 .32703 (17/4) 1782.4 (22/7) Orlntsn 477 . +1 IBB -08 Aust. OuaiantosJ 3* - 3 Oca Nora Est— Juaeo — 1,590 +40 Sarolays Bank...! i9.nl Dk Dk Ok Dk Dk Dk 5 Omnwan (VanlJ 58.7. +0.1 Paraod WeonJ— 1,070 -a* Aust. Nat. iods-< a jni ^o!at Kajima— 21430 + 70 Barlow Rand 1 16.9 Li;i' HONG KONG - 22 19 18 17 18 IS Ogh Vi fc +0.4 ..... TOO Bail Group B.ea —0J)2 ta ta ta PoKItood 60.0 p*rr*«r — +3 Kao Oonx— 1,780 -80 Buffeel ...! 74.7Bi —OJB Hong SangBanMll/T/B*) 3606.77 34883) 242232 241130 2505J7 122/12) |l55034 (10/6) VlTi' “SJ« tjK PniUpa •-* 44 +0.3 Pst rots* Pirn,— 418.6 - 1.8 Boll Rea 4^6 -6.es Kowasald £ — J Btoat,' IBS +3 CNA Qallo. .! 8.79; Manta. 2743] 27431 *:r; .. Bond Ooro Kldssi 9.43 +OBS 27U4 27ia mss 2XM 28231 22489 2S2J1 3J2 1,® d Roftceo +0.4 pstnoet AA. [1*61 Kirin.- 1,630 -80 Currto Piaanao.+i 4.75! +au ITALY ’ — Bora! 4.8 +OJB C2/U amm iutm s-v • 879 am - 3 £;• Rodamoo— l«a.6< PnmsraiPnmompa lAu^J Kobe stool. -5 j US ta taora .] 54 -an Bonce Coram. !t*L(1B72; 71539 70237 08738 67730 90030(20/6) 4SI.67 (24/1) • — Bau ainvUla...... XI - Roiraco 1 84.6 +OUI Radio tsah-V-_T!l,009 +48 Q 4.3 3 s. Komatsu — . 60S -a DroHbnteln 70 48.1 Brambtes 2*1.71 Ror+nto Rsdotaa 18,000. +9 mux.. 75a 40 MX HIM mss 2021 288 29MB 2S3J 440 1 *• 1 4»> KenlMilrottu—.., 671 -12 P. 8EJJ mm UB c Bridge Oil. _ 0.R8 +OJM 8. Cana..— JAPAN** Royal Dutch— +0.8 TComsol-Octat—.'1,661 +86 — Kubota.— 373 (Tatds 8. cam mm cam a/tm ftt/5/40) + — -B Gold 60.76 •'an Nikkei 186194 1ISM3 16736.7 108603 100603 (300) a J Prop.... 120013 (21/1) UmUrvar 685,6 +8.6 aflmoa i.t 403 —3 AH. m._, 1 Kumagal — l^BO + 100 Klghvalp Stool BJHJ Tokyo 8E Now 14/1)00] 1688.09 160037 155237 156031.150638 (20/0) 102635 Burns Phfib— BLB9 (21/1) VMP stork-—.— 88,0 +1 Skis MOstanol.-jl.MO -I* Kyooar* 4J40 “ 17 VNU .. .——..l 898 +1.3 Toiamaa fiact—BL*40 —90 DM Ok rm«stttano) 7JM +051 MarubonlMw— - 490 +4 Nadbank— .. B.3 NETHERLANDS Wewaitafl +0.6 TMHnaon pl.010 +6 10 3 28 63 . n»p) C9R.... n ... S A«0 FALLS YESTERDAY + , J 3.89 -0.M Marul 0,880 OK Bazaars—. 19.00, ANP.CPS General tTOta *80.6 300.00 I — 376.1 380.1 6013 ».» 2404 (3/B) wait Utr Bank — 90 VaMO- 1 688 -10 8.7 Chau cent.—, +0.8 Madxa Mr* or*.— 376 Rembrandt 80 | -1 ANP.CBS tnduat (197D) i 2784 276.40 174.6 | MtaiWth. 2J4 2.18 2JI 340 2844 6063 (18/0) 2643 (5/6) taromont Pot.-i 0.70 +OJI Moil* Balks..—.888 -3 Rust Plat 46 + 0.1 ML P/I Rub— 1789 ColssMyar ^ *» MU itsiifinmmiwsMi 8,800 -30 Barren 16.75 +o.n 1X43 17M MJ8 1 — NORWAY Comal00 ’A 1 8.3 Cojo M'biahl Bank.--. 1,790 Holding*....] 1 Usg Gar Bead 742 this +40 Saga 9.6 VW 744 IM «.« Oalo 8E (4rT/08) 66636 66630 NOTES — Pricoa on poo* » ** qsotwJ on tba ladMifan> > BUS 661.11; 40231 (10)1) 66131 (43) Consofidatod Pad 0.86 -OBI M'Mshl Cham 796 + B 8A Brows J 19.6 | axchangn and an tat nvdad pitas, DsoUngs snspsadad. f Sustain Aust,—’ ZJO + 0.1 WWahl Oorp 991 +61 Smith (OGL... 89.75 xa — ‘ SINGAPORE 1 ad Ex dividand. m Ex ocitp taut. » Ex rtgtua. Ex aft. Pries Eld Or* lkLw.nM.al 4.38 —0.11 M'W*M EIooX-.m 446 -14 Tons nut Hi 7.75 -OM UJ£ WL COSMO* SESMDfMiS Strait* Times [80/12/66) 006.68 801.64 89037 80036; 040.84(5/11) 566.64/30/4) IQ Kranw. Energy ft os. I 1.73 +0J5 M'WSW EstofaAM. 8,000 + 190 , 1881 Dk Dk Dk SOUTH AFRICA Ok Dk Ok Ok It 19 17 JSE Gold (2018178) 11613 10083 18103 Wl.O (103) 1104.1 (21/4) 22 19 IS 17 taM J 8E indust CM/I/78) 18003 160X3 1608,0 114183(13/11) 10103 (214) koanM 2J92 2MS 2JB43 Mur U2J6 MLU MLH MS.7S 117.71 Ann 1.199 922 473 SPAIN market, closing prices «nj r— i OVER-THE-COUNTER Nasdaq national m HSs 418 I3S 1.141 Madrid SE (10/1336) 30730 2BUS 200 jo 204.10, 20836(19/13) 100.15 (1/1) tekasgte - 499 422 SWEDEN ! 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News. 423 +25 Burton 270 +14 Morgan Grenfell w 393 +12 Tomkins (FH.) 120 & Multitone Elect 188+7 Batteys 80 + 7 China & Eastern * + «. 51 +11 Trade Prom™— +25 490xd + 8 Bexless(J-) + 6 pvt»l — 428 Norbxin Elec. *— 58 +10 UtdTrust&Credit. J97 Parrish (JJ.) 337 685 +20 Brad Prop - 485 +15 Finlan (J.) 85+0 +12 Woohvorth „—

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351*8 0 Sinaa^TtoesTuesd^Deeeaber 26 NEW YORK STOCK EXCHANGE mMPOSITE CLOSING PRICES

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S® 2J* S 5 %^ LmuiUMobll 6S7 M% IV, 13% % 32% 31% a* »* » Intnrn 21 70 li% 15 NWPS 740 10 125 3S% 35 35% % IS 5, 15 % 1 » IntrwK 37j 28 39 15% 14% 14% NovaPn 831 9% SS 9% S .£ SI 2l 1 % * * * InvsrSL 18 5 280 IV, HP, HU, NvPwi3flNvPwtaa 89 12%12N 11%113, 12% - % S * , £ ir' S ™ 4 i- — M *5 13 * tomeflS 914 NvPwlMNvPwt89 286 *% ft 1% •- i ‘ If, J2* 8 8% 5% 6% M ft5% ft > .. T -T* touaSosl tt 185 Novell 29 353 20%20'; 26 *%26% := ...IS? 22* J£?" 92 33% 32% 33% »'• -'*> 18 1421 1?% 1J?% + 1 1?% 1 W1 G 1267 13% 13% 13% Nd»«ttNo»«tt 64 S323 829 40'; 39% *0%40% % . u':’" •• • Nuime 20% 20% - l! X 12 IM 21% % , ' J J NuMed 34 143 '! * ft 6% 0% 6% : , m x, JacBsna 50 10 75 40% 38% 38% + % Jacoi 50i 6% 6% 8% - % o o Jaguar 16s <6164 713-32 7% 7% +1-3 ? . + • * . . r-" -i JWiGp 7 30 10% 10% 10% ' JetSmisJta 2fi 35 3fi 343, 35 -1 78 w *». “ l-eovp 11 TUHi 1 7 7 “ r " l »5 % % JnriCOS - -i vr*. ™»d art «*» on wrfMdand or (x^ttottuDon dare, u- 1 1 « 187 tti, I F48er 140 in ill IU 3 40>;u*-i'( AwPtf 20 38 600 5% 5 V, * 28% 18% SpeCtP 108 iK9 18% -u cmcPw 17 150 8t 9% 0%+ % 7 7« 35% 35% 35% + % 3? 117. lit 113.- 1. mtJHBP % J . ~- .. I nearti Mnh H IradklWi hafaM .J I. kamSeiintni Aw eiairt ear I w. 27 - 111? - OkSlnsl 50 9 67 271; ’ 27% % A a M US Ik £ 3r 447 0% a » 4 !» - ^ W tt M 29 » a ’* JuttO .40 10 111 13% 13% 13%+ S 2""*™-“ a , ff? M 13% % TV55£ 52 ^l?5 17% v •; •- SS'" K-. ti' a,-. K K 1 OpecC 30 M 15% 15% 15% KLA 25 378 133; 3, ’’! >;«i; 14% 13% j J' Kalian i! 12 Bi a 22% 22% - % i rVmtinttfcd Oil xmgePflfe *a25 Karo 23 310 t7% 17% - LOnunuea on 35 32 Portl («AS2 17% % - .

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December 23 198® 28 ^ financial Times Tuesday FINANCIAL TIMES WORLD STOCK MARKETS

WALL STREET sues leading rising by a margin of al- Navistar, the former International EUROPE 4430, Unilever FI 2.50 to FI 52330 and HONGKONG most two-to-one on volume of 157.6m Harvester, was the most active issue on Royal Dutch 60 cents to FI 46.40. Akzo the NYSE with 5m shares traded on an added 20 cents to FI 16U.0 on the news CORPORATE “g. the shares. Hong ivona Among blue chips, American Express unchanged price of $4%. It offered that it had acquired certain medical un- xncozrs spurred Hong Anheiuer Busch lost 128.3m shares yesterday at £4%. its of Cooper Technicon of the US. 2,500 tevel to at Downturn as slipped S% to £59%, Plenty of . gained 39-90 $% to S2BV4, Citicorp gave up $% to $53%, On the takeover front, Joy Manufac- Brasses searched in vain for fresh Seng mdex ^as high of A» , *w Coca-Cola gained S% to 539%, GTE edged turing jumped £2% to $34% after an- factors and prices closed generally 2303.77. Its previous up £% to £59%, McDonald’s lost SI to £64 nouncing plans for a management buy- missed to firmer. readied cm December 11- Friday’s boosted by the spell »nH Gamble rose $% to share. Earlier yesterday reasons Bellwether Petrofina was one of the Sentiment was Proctor and out at £35 a per cent £80%. Pullman Peabody, unchanged at $7%, few actively sought stocks. It gained a announcement of a 30.7 Australian bn nes®n Oil companies were generally strong- had offered to raise its takeover bid to healthy BFr 190 to BFr 9,930 amid fur- tion by ^ tS^nded and Wyllie in Wafa Kwong. er after Opec's weekend agreement to £34 a share if a friendly deal could be caution ther speculation of a share split in Ham ^ wears off for 1 atSSl- zt dated cut oil production. In New York the spot concluded. reaction to the Opec agreement. since Thursday when sp«*ifetion WITH THE effects of last Friday's triple price of West Texas intermediate crude Telerate gained £2 to £28%. It said it A MIXTURE of corporate news, domes- Elsewhere chc*Tr» f>w1g and utilities There was also might float Hongkong witching hour wearing off rapidly. Wall ended the day up 82 cents at 517.22. But was buying out tie 49.6 per cent minori- tic factors ami the Opec agreement on closed generally down including UCB Swire group Pacific dosed 40 center* Street stock prices feU moderately yes- Opec’s ability to maintain market disci- ty stake in AP-Dow Jones-Telerate from an oil policy combined to leave Euro- which lost BFr 160 to BFr 9,400. craftTSwire Hongkong Aircraft was terday, writes Roderick Oram in New pline and hence prices may be short Dow Jones. The company provides Tel- pean bourses mixed yesterday. Paris edged lower on profit-taking as HKS10J5O and higher at HKS50. York. lived as it has been in the past erate’s on-line financial information out- Frankfurt suffered from weak de- market participants consolidated their cents of bourse Credit markets showed resilience in Among oil companies. Chevron gained side North America. mand as brokers held back from positions on the last day the £% to Texaco put on $% to £36, trading in the credit markets new positions of month. the face of oil price rises prompted by £46%, Quiet opening ahead the end AUSTRALIA Standard Oil was up £% to £50%, Atlantic was influenced mostly by the Opec pro- of the year. 'Hie sharp fall in the dollar Food stocks feU sharply mdoding Gen- dominate Opec’s production cutting agreements, MEDIA stocks continued to Richfield rose £1% to £61% and Exxon duction cutting agreement and the re- also took its toll on prices although the erate Biscuit which lost FR- 300 to FFr at a re- with bond prices rising on the day. trading in Sydney which closed added $% to $72%. Amoco dropped £1% to sulting higher oil prices. A weaker dollar market closed off its day’s lows. 2,700. Among motor stocks tyre-maker adding cordwith the all ordinaries index As in past “momings-after” the ex- 68%. also contributed to the initial fall of The Commerzbank index lost 2J3 to Michelin was FFr 20 down at FFr 2390 33 to 1,460.6. cesses surrounding the quarterly simul- Airlines, whose profitability is closely around % of a point in bond prices. close at 2,035.9 in exceptionally quiet but Peugeot added FFr 10 to FFr 1,251- ^ takeover^ taneous expiry of three types of futures Zurich Media group News Corps linked to oil prices, were generally lower The downturn was short-lived, how- trading. dosed generally firmer, helped Times scored and options contracts, rriraHrmg target Herald and Weekly the stock market despite heavy holiday traffic. United ever, and prices bounced back in the af- Some corporate develo ments pro- by the news that specula- p 80 cent gain to AS13.00 amid experienced an opposite if not quite Airlines fell $% to $57%, American Air- cent vided focus of attention. Among the groups Hasler and Autophon were plan- a ternoon. The benchmark 7.50 per a from Mr Robert equal reaction. lines lost to £55%, Delta gave up $% to ning a merger. Hasler registered shares tion of a rival bid £% Treasury long bond finished up %2 of a banks Commerzbank lost DM 1 to DM closed iu of the point Holmes A Court News Carp Much 17 rise in the Dow 548% and Texas Air, the largest US car- point at 101% yielding 7.35 per cent 305.50 on the news that it had obtained a added SFr 675 to SFr 7,400 and Auto- half cents lower at AS4JWL Jones industrial average in the last rier, was down S% to $35%. Treasury bills gained licence to cany out investment banking phon bearer shares rose SFr 100 to SFr Three-month riprisinn return to Bated hour of trading on Friday was given up three giants of industry Opec's to Two of the US two basis points to 5.52 per cent, six- in Japan. Elsewhere in the sector Dresd- 8300. in* prices for oil boosted energy stocks in yesterday morning’s trading as the which announced last week heavy ner was down 406.50 and Milan, despite easing bade from early month bills rose three basis points to DM 2 to DM 12 cents to market digested the unprecedented charges restructuring or layoffs higher chiding which added from 5Ji9 per cent and year bills edged up one Deutsche DM 5.50 to DM 818fi0. gains, dosed in all major sectors. rose of shares traded AS4JZ Its takeover target Vamgas volume at Friday’s continued to fall. IBM was down £2 to basis point to 5J>8 per cent. Car-makers were among the sectors Flat rose L600 to L14,030. Olivetti L500 dose. 5123% and General Motors slipped £% to to L13.05O, Pirelli L180 to and 5 cents to AS3J.0. The only economic figures due out that suffered most from the general 14990 A bout of buying late in the session £66%. AT&T, however, recovered $% to sluggishness. Montedison L50 to L2370. this week are November’s durable goods VW, which has increased trimmed losses, however, leaving the in- £25%. its stake in lost SINGAPORE orders released today. 1.5 Spam's Seat group , DM Oslo benefited from the Opec agree- at A rise of about dustrial average down only 2L39 points Chrysler dropped $% to £39%. It an- 5.50 to DM 430.50, BMW fell DM 8 to DM per cent is expected ahhrmgh this strong ment with gains seen among mis. Norsk of fresh factors discour- the dose at 1,926.46. The New York nounced $2.9bn of capital spending for AN ABSENCE growth should be seen in the context of 577 and Daimler was DM 5JK) down to Hydro added NKr 3.50 to NKr 145.50 and Stock Exchange composite index was off the mmiwg year, down from £3.1 bn this 1,234J)0. a 5 per cent fall the previous month. DM Saga Petroleum was 50 ere up at NKr The Straits Times in- 142.02 with dedining is- over a broad front 0.63 points at year. Ford Motor was off $% to £57%. Electricals were also lower including 54. The Federal Reserve added liquidity dustrial index closed 532 lower at 89639 Siemens, down 9 at 73100. to the market with seven-day system DM DM Stockholm dosed lower under the with turnover down to 113m compared rate AEG, which has signed a deal with Hita- repurchases when the Fed funds continuing influence of Fermenta's sus- with 13.7m on Friday. The rate ended the chi, lost DM 5.20 to DM 330.50. Among seen KEY MARKET MONITORS stood at 6%b per cent pension allegations of fagirter taxi- Some of the biggest losses wore day at 6% per cent chemicals BASF fell 50 pfg to DM 273.80 ing. Madrid fell amid active profit-tak- among blue chips with banks registering but Bayer managed pfe falls- OCBC .End—Mihgw to edge up 10 to ing although some gains were seen in a number of double-figure DM 318.30. Malayan TOKYO the communications sector and among was 20 cents down to SS930, Retailers closed mhmd despite fore- banks.. Banking 10 cents lower at SS5.15, and Standard & Poors 500 casts that Christinas sales year OUB 8 cents off at SS336. Composite would rise 3.5 per cent LONDON Elsewhere SIA dipped 10 cents to In the bond market long maturities SS930, Haw Par Brothers 8 cents to Prices slip THE OPEC output and pricing agree- fell up to 20 basis points in directionless SS232, Keppel Shipyard 4 cents to ment boosted share prices in London as trading. The price SS233 and Genting 10 cento to SS6.40. of the recent 6% per the market hoped benefits to sterling cent after climb 1998 loan stock fell 20 basis points. would lead to a reduction in the upward The Bundesbank bought DM 16.7m pressure on interest rates. CANADA worth of paper after selling DM 9.5m on The FT-SE 100 index dosed 20JQ0 OILS traded Mghw against the lower to record Friday. higher at 1,652L2 and the FT Ordinary in- trend in most other sectors in Toronto. Amsterdam eased back from the day’s dex rose 14.0 to U8&L Among firmer energy shares Alberta highs although prices were generally Government bonds opened sharply Petro- LIGHT selling dealt a blow to share traded CS% higher at C$14, Dome firmer on balance despite worries over higher. Near-dated and tongeedated is- Imperial prices in Tokyo after early record-break- leum added 4 cents to C$88, domestic interest rates. Sentiment was sues moved up amid optimism that in- ing surges, writes Shigeo Nishiwoki of Cass A was C$% higher at C$50% and also dampened Wall Streets lower terest rates would remain steady. Jiji Press. by Texaco Canada finned CS% to C$33. opening. price changes, Page De- Some major contractors and proper- Chief 25; Industrials traded mostly weaker Internationals some gains includ- tails, Page 24; Share information ser- ties were an exception. saw Most sectors in Montreal traded mar- 22-23. STOCK MARKETBBHCSS CURRENCIES The Nikkei market average closed ing Philips which added 30 cents to FI vice, Pages ginally lower. 104.63 down from last Friday at NEW YORK Decs Previous Y«r«go IIS DOLLAR sn 18,825.40, having gained 5233 points DJ Industrials 1526.18 1528.85 15435 (London) Doc 22 Previous DSC 22 shortly after the opening to eclipse the DJ Transport 83051 83558 71155 S - — 1.4415 peak scaled on August 20. Volume DJ Utilities 21153 21256 17458 DM 1-9780 22060 28525 18,936 S&P Composite 24875 248.44 21054 expanded from 688.78m to 856.74m “~" Yen 162.75 163.15 234.50 " shares. Declines outnumbered advances LONDON FFr 64975 63725 93700 SFr 1,6595 1.6845 23825 by 562 to 284, with 148 issues unchanged. FTOrd 1786.1 1272.1 OuBdar 22375 22665 32750 Early gains were sparked by large buy FT-SE 100 1.6522 1,6322 Lira 1.373 13913 1380 orders from corporations which have FT-A All-share 823.18 815.18 OFr 41.15 41.75 59.35 dose relations with Nikko Securities. FT-A 500 901.44 89135 FINANCIAL TIMES CONFERENCES cs 1.3775 13795 13865 brokerage’s president re- FT Gold mines 3092 311.4 The major was FT-A Long gat 1036 10.48 placed last Friday. Onters focused on blue chips, including Nippon Oil, Mat- TOKYO (3-month ottered rate) sushita Electric Industrial, Hitachi and NJdcei 18526.40185305 13511.1 C 11%. 11% Fujitsu. Tokyo SE 156656 15695 1,03854 SAr 4% 4%. Many investors expect further rises in DM 57.. 5ft. AUSTRALIA the coming weeks among a broad range FFr 9% 9ft CableTelevision AROrd. 1,4605 1.4565 9865 of issues. However, they consider the re- & ITT London Interbank fixing Metals & Mins. 718.0 7175 4765 (ottered rate) cent rises to records as boding ill for the 3-month USS 6% 6fta market AUSTRIA 6-month USS 6ft. 6% Despite the absence of fresh incen- Credit Aktien 23056 22959 237.77 HIS Fed Rada 6ft. 5% tives, big contractors were favoured. Ka- Satellite Hiss-month CD* 6.50 655 Broadcasting rose Y70 to Yl,450, exceeding the IUS3-month T-bflte 553 555 jima Belgian SE 455356 453458 2595.77 previous high of Y1.400 reached on De- cember 12. Kumagai Gumi strengthened CANADA US BONDS This 1987 conference, the fifth in a series arranged in assodation’wrth Y100toY1^90. Toronto Tmumy Among property stocks, Mitsubishi New Media Markets, wfli bring together a dstingui^^ panel of Metals a Minis 15695 15757 2,069 DocambarZ2* Prev speakers Estate added Y150 to Y2^i80 and Mitsui Composite 35445 35475 25765 Prtm YWd Prfca YtaW to review the future of the new media at a critical turning point in Real Estate Y40 to Y1.980. Blanh ni 6% 1988 99*%i 6584 99*%. 650 PortfoSo 1537.44* 153856 14156 their development. 7ft 1993 100*%* 6552 KXP%* 656 One dealer said the gains by contrac- 7% 1996 101%. 7587 101%. 759 tors and properties were due to selective 7ft 2016 101*%. 7553 101 •%» 7585 buying of these issues because blue Questions to be discussed n/B 192.15 23258 include: Source: Harris Trust Savings Bank chips were no longer in demand. kind of Among utilities Tokyo Gas added Y20 • What future for public service broadcasting in an age of satellites? CAC Gan 41050 41050 2524 Treasury Index to Y1.180 on the third busiest volume of j Could cable Ind. Tendance 163.10 16350 955 Dae 22 • be about to take off at last? 1 34.44m shares traded, while Tokyo Elec- Usturfty RatumReturn Day's YWd Day* | trie Power weakened Y50 to Y8,090 on (years) Mm donga chango • DBS -the sateflite may fly but is it a business? soiling. small-lot Other utility stocks ! FAZ-AkUen 67253 67553 62621 1-30 160.79 +059 652 +051 Commerzbank 1571-1 dosed mixed in lethargic trading. will the international 253550 2538.7 1-10 152.75 +057 653 +051 • How battle for the .European audience turn out? 1- 3 14253 +054 654 +052 Blue chips ended lower almost across 3- the board on profit-taking, in contrast to Hang Seng 2503.77 246351 1,720.18 5 15557 +058 671 +051 15-30 18953 +0.15 755 +050 popularity last week. Hitachi finished Speakers include: ITALY Source: Merritt Lynch unchanged at Y1.180, but Matsushita BancaComm. 71550 70257 449.84 Electric Industrial eased Y20 to Y2.200, Mr David Mellor, mp Mr JonDavsy Mr Rolf Ambn Corporate December 22* Prev Y2,100 and — NEC Y30 to Fujitsu Y40 to Minister of State at the Home Office Cable Authority EurosateffiteGmbH NETHERLANDS Price Yield Price Yield Y1.110. ANP-C8S Gen 283.40 28080 250.8 AT&T Bonds weakened in listless trading, Mr Michael Cheddand ANP-C8S Ind 279.40 27640 2355 3ft July 1990 92529 6-35 9225 6571 Mr Ian Ellison, cbe Mr Richard reflecting anxiety over the proposed rise BBC Hooper SCST South Central Robert Fleming & Co Limited Super NORWAY in the securities transaction tax on con- Channel 10ft Jan 1993 10625 950 106575 9495 Oslo SE 35658 356.60 38750 vertible bonds. Mr David Shaw Phtoro-Sal MrAndrewArid Quinn The yield on the 5.1 per cent govern- Independent Television Companies Mr Patrick Cox 8 April 1996 9950 8575 9950 8.075 Granada Group ment bond due in June 1996 went up Association Limited PLC SkyCharmet Straits Times 89659 90154 60029 TRW from 5,260 last Friday to 5.320 per cent 8% March 1998 10375 8.158 10375 8.159 Mr Ian Clark MrChaMr Charles SOUTH AFRICA Dec 28 Pm* YrerAgo Dealers generally remained unde- Wigoder MrGumarRughefaner Areo Clyde Cabievision Lanttod CarltonCariton JSE Golds — 15035 1.1515 cided ahead of the possibility that the CommunicationsC Pic HomeVideo Channel United 9ft March 2016 1115 8518 11075 8540 JSE industrials — 15905 15425 Government and the ruling Liberal- General Motors SPAIN Democratic Party might increase the tax 8ft April 2016 93 879 Date and Venue: 20750 20853 9923 on convertible bonds by a factor of six Madrid SE Ctticofp and also introduce a tax on government 9ft March 2016 100.75 9296 10075 9298 18 19 February, bond futures contracts. These measures & 1987 2453.64 246221 1,716.85 Source: Salomon Brothers could trigger a flight of funds to other fi- Hotel Intercontinental, London FINANCIAL FUTURES nancial instruments, traders said. Swiss Bank ted 58850 5872 5814 Dealers were also waiting to see how CHICAGO Latad Htflh Law Prev US and European financial markets FORLD Doc is Previous Yarago IIS Treasury Bonds (C8T) To: HnwcM Timm Conferees Orm>nr««tfrm would react to Opec's agreement to raise MS Capital Inti 3565 353.1 2522 8% 32nds of 100% Cable Television Ifinstw House, Arthur Street, London EC4R SAX Match 99-20 99-26 99-06 99-24 its oil reference price to a fixed official TW: 01-621 1355 The 27347 FTCONF G Fax: 01-623 COMMODITIES US Treasury BM* (HUf) level of £18 a barrel. & Satellite 8814 Sim points of 100% (London) Dec 22 Prev March 94.73 94.77 94.68 94.73 Sffvar (spot fixing) 375. 15p 37455p SOUTH AFRICA CattMcatos of Deposit (MM) Broadcasting Copper (cash) £92350 £93325 $1m points of 100% THE FIRMER bullion price failed to Coffee (Jonuwy) £1,79250 £1,90150 Dec 9452 n/a n/a 94.02 boost golds in Johannesburg and the D Please send me fuflwr delate of fta Company- OH (Brent Mend) S1755 S162S CABLE TELEV!S*Cm & SATELLITE LONDON sector closed little changed from Friday. BROADCASTING CONFERENCE* QOLO (per ounce) Three mouth Eurodollar Among golds Buffels lost 25 cents at Sim points of 100% R74.75 and Freegold lost Dk 22 Prew 75 cents to R51. London $393.75 $393.50 March 9352 9352 9350 9354 Other minings included diamond A FINANCIALTIMES Motional CONFERENCE ZGridi $39425 $39550 30-year OBI group De Beers which lost 50 cents to £50500 32rids of 100% Paris (fixing} $39456 S39256 R33.75. However, Impair Platinum NEWMEDIA MARKETS Luxembourg 5394.50 Dec 111-06 n/a n/a 109-31 839450 added 50 cents to R50.50. Mining finan- Typeof New York (Feb) $3965 $39550 cial Anglo American added 25 cents to R65.50.

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