Lately I’ve been wearing so much hot pink and bright yellow! I think they are super pretty togheter! They kind of remind me of summer! 🙂
Ultimamente sto indossando spessissimo il fucsia e il giallo! Adoro questi due colori insieme! Mi ricordano il caldo e l’estate! 🙂
Indosso / I’m wearing: – Zara dress – Louis Vuitton bag – Valentino rockstud heels and rockstud bracelet – As always, h bracelet and Michael Kors watch
What do you think about it? Do you like it? Don’t miss my next posts, follow me on Bloglovin’! If you want to see more pictures, look my previous outfits 🙂 xoxo
Che cosa ne pensate? Vi piace? Non perdere i miei prossimi post, seguimi su Bloglovin’! Per vedere altri spunti, guarda gli altri miei outfit 🙂 Un bacione
Vanessa
Youtuber e blogger per passione, shopping dipendente per professione. ✨ Instagram: @vanessaziletti
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Y November t-- ' . ' Tl-jgif K? ?3:'ug'yT - 7 . ’-•■■»■ - ■ ’ p h I 5 r «VK^- -rv ; ti j rur -’TIi2 i-- 16C ^4IW li j elusivt i A 5 w, W r 'ti: | iCfcanwi 4 , [/££*■' 'o/ f'H 2s? ,e nir; -^rt> gSEie^.... V» I l Udicial McwS. i iels*?"'-! of ! hlrie ■ a Jane MacQuitty’s top 20 wines ^ for under £3.50 / . • « c «^a hitman meets "ard Hodgkin IMP I5^yr Win a £5,000 trip to southern Africa, page 16 j An ay .V.nNeb's sequel to Srsvo 7 .vc Zero, page 15 The Times Museums and Galleries Guide ?j : ; JP fcr-v. Discounts and concessions a? more than 100 venuos. Detsifs and today’s taken. pace 15 i end ? cT^sT> ca^cderr.birra^S. V i 2l. 1 Muddles and^jN T> tfteiie ban « 5ion of monetar.- .J! &» !?.tS nce ’ sc C ■ Jit RiTu ; o I Vur l •■ * ■ j royal sea!.... r ] EEZZ^ui^ £1 j BERNARD LEVijij s .TO i ParHimen^wtre'-a^V ? j HOBE RT RHODES^ Sir i « i*n ! 5. r ^ JUllt" '"W . ‘ ‘: 'r "«'erc. wfo. ? ! “ ! PHILIP HOWARD L » ! . THE hr tt M TIMES No. 65,416 SATURDAY NOVEMBER 4 1995 Tory high-flyers to get dressed down on dressing up Eft Auer Thomson POLITICAL Kf-KUttl I.R In: the open-necked casual Major look JUST as Labour MIS haw all donned pin-srripe suits [m try in acquire jilt* Establishment look". as¬ piring Conservative candidates have bven iuld to start wearing jeans anti jumpers to turn the voters on. High-flying, right-wing, young Tie ries will spend this weekend heing lauchi hnu- m discard their blue blazers and gre> flannels. Instead they should ruffle their hair, buy a pair of loafers and try to imagine they are "happy, normal people". 'I"he weekend, organised by Lord [Parkin¬ son. is being held in a hotel near Heathrow and costs E60. The 33 male and seven female candidates are all either looking for seats or have just been selected. They will be drilletl in how to avuid making gaffes, what to s*ay on contentious issues sueh as drugs, prostitution and single moth¬ ers and how in deal with the pressures on family life, the risks of adultery and New Labour. "Ihe high-flyers" first hurdle will he to arrive in something they consider “casual but chic", which will be marked by Mary Spillane. founder of Colour Me Beautiful, which teaches people how to transform their ap¬ pearance. She will then give a four- hour lesson on "Get real — how to turn the voters on". Men will be taught hour !»• apply fotmdarion and powder to hide bags under their eyes when they are feeling jaded on the campaign trail and how to pluck therr eyebrows to look less daunting. They will be told to shave off moustaches and beards, although sidebums are allowed, and they will be given dietary advice on how it* keep their weight trim. Women will be urged to throw away velvet headbands and ruffles, buy properly fisted bras, and try casual trouser suits and satin shins. But they should not wear leather while they are canvassing. Ms Spillanv said yesterday: The Tories need to recapture the imagina¬ tion of the British public. At" the moment most people would be frightened of having a b.-er with them in the pub. There is no point in going to a rural constituency ir. a brand new Barbour and wellies. \ou need to get some mud on them first. "If you want to be MP for a trendy multiracial area like Sonins Hill Gate, you hav e to learn how to slouch a bit and wear funkier clothe*.- She has convinced the Tory hierarchy tha: iooks are vital, and politics and fashion can mix. “V oters only listen so 7 per cent of what politicians say. the rest is down to looks." Ms Spillar.e said. The weekend is the brainchild of the Conservative Way Forward Group, which warns to see as many of their true-blue Tnuicherite prote¬ ges as possible selected for winnable seats. A series of right-wing role- model MPs have been asked to mingle with the high-flyers. The guest speaker at the dinner will be Eric Forth, the Education Minister. One candidate said: “It is very difficult to get the balance right between looking like a stuffed shin and a train spotter or nichtclubber. Most aspiring politicians'know how¬ to talk about iheeconomy and educa¬ tion but have appalling dress sense. This advice will be invaluable." Out: [he collar and tie formalitv of Portillo WW f tesZ5 5h:?-r.a?ead aB j h j fe incus j be:ra ■. if V> . W!" pr- ^
- ,WA nvr ‘Rose knew nothing at all’ Voice of West v - " ; - • ' 1 : i : ct.v-.-: - .e:-'.iris:ate • -■ Pai fiy oamjARiEs confesses from £ i gy’". OBmJARiES -g Jg gtemsi beyond grave
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- imt'jA: 6V: .:.i P ■ FREDERICK WESTS voice echoed from beyond the grave around a hushed courtroom yesterday as,his taped confes¬ sions to murder were played in the defends of his widow. Rosemary. In a dispassionate voice, he admitted murdering and dis¬ membering his daughter Heather and other young women, most of whose names he could not remember. His claims, that he alone was responsible for the killings, were the first time the recorded confessions of a dead witness had been produced in a murder trial. West's taped interviews with detectives ran to more than 145 recordings totalling 110 hours; only four were played ro Winchester Crown Court, taking the entire day. Mrs West sobbed in the dock as her husband described in his Gloucester¬ shire accent with surgical detail Heather’s murder in 19S7: “She had a smile and a sort of smirk on her face ... 1 can just remember lunging for her throat and the next minute she had gone blue." He said he had then used a 12-inch knife with a serrated blade to dismember her. “I cut her legs off ... then 1 cut her head off. then I put her in the dustbin. Put the lid on and rolled it down the bottom of the garden behind the wendy house, covered it up and left it there.” Heather West’s body was later to be buried beneath the patio at 25 Cromwell Street and her remains were the first to be unearthed by police. West, who also described killing his first wife and her daughter, told police: “The thing I'd like to stress... Rose knew nothing at all.” He said that he had had affairs with his other victims and they had all been killed because they threatened to fell his wife. “Everyone of them did exactly the same thing — T love you. I'm pregnant. I’m going to tell Rose and I want yon to come and live with me’. That was the problem." Still in a detached, matter- of-fact tone. West was heard describing how he hatched a plot to prevent his first wife, Rena Costello, taking her sev¬ en-year-old daughter away from him. “1 took Rena m the pub and got her absolutely paraletic and then took her out to the country and I strangled her, cut her up and buried her." lie said. Charmaine. who had earlier been given a bottle of lager to drink, was asleep in the back of the car while her mother was murdered. “There was Charmaine in the back ... 1 thought what am! going to do now? So anyway I stranged her while she was sleeping because there’s no other way I could have touched her." Wests aid he then took the child's body back to his home at 25 Midland Road, Glouces¬ ter, and buried her beneath the basement But the court was told later that after two months of interviews with police during which he said he had acted alone. Mr West was to change his story. On April 29 last year he said: “I have not told the whole truth. The main reason for this has been from the first day of this inquiry to protect other person or persons. There's nothing else I wish to say at this time." Detective Constable Darren Law. one of the officers who interrogated him, said police were convinced that West — who hanged himself in Winson Green prison on New Year’s Day — had told “lie after lie” during his interrogation. The trial continues on Tuesday. Taped evidence, pages 6.7 iftWT*' '• l to >i V-- ■- Tl i Manchester wins Games Manchester will stage the Co mm on wealth Games in the Queen's golden jubilee year of 200Z It will be the first time the Gaines have been held in England since 1934- Page 48 Barclay twins buy The Scotsman By Gillian Bowditch, Scotland correspondent Model denial rose... Jackie St Clair, a former topless model, has written to 77ie Times to deny reports of a romance with the late Duke of Northumberland —Page 19 jt .. 3&EV:- Baying TTw Hares overseas Austria Sell 40: Belgium c&nada &3S; Caiurtei res M5. Cvprus CU .20: Denmark Dfcr l8.o« Finland Flm HUM: France. F 'i££S BreteeTw 45ft L 4.500: ft Z0.0ft Portugal con ^ 35ft Spain Pts 325: Sweden SXr 18.00: SndnerUnd S Fts 4.00: Tunisia Din 2JHw USA S3. SO. 9 n 770 140 u 046367 The Scotsman, one of Scot¬ land’s oldest and most presti¬ gious newspapers, has been sold to David and Frederick Barclay, the twins who own The European, the London Ritz and the Howard Hotel in London. TTie price is about £90 million. Speculation intensified last night that the brothers will transform the impressive multi-storey Scotsman build¬ ing on Edinburgh’s North Bridge into the “Edinburgh Ritz" and transfer the news- .paper to a purpose-built plant on the outskirts of the city. The Barclay brothers, who last month sold their stake in the casino group London Clubs Internationa/ for £68 million, are buying The Scots¬ man and its sisier publication Scotland on Sunday and the Edinburgh Evening News. The remaining Scottish titles formerly owned by Thomson Regional Newspa¬ pers — the Press & Journal and the Evening Express in Aberdeen — are to be sold to Northdiffe Newspapers, the regional arm of Associated Newspapers, publishers of the Daily Mail for £82 million. This deal is subject to a review by the Monopolies and Merg¬ ers Commission. Associated Newspapers is also believed to be in talks with Caledonian Publishing, owners of The Scotsman's main rival. The Herald. If this deal goes through the long- running war between the Ed¬ inburgh-based Scotsman and the Glasgow-based Herald is likely to intensify. For the intensely private Barclay brothers, The Scots¬ man adds another strong brand name to their portfolio of businesses, said to be worth £500 million. It also focuses unwelcome publicity on them. Magnus Linklaler, page 2 £*=> ‘L. - At- " WEATHER.. 24 LETTERS.21 CROSSWORD...24 OBITUARIES.23 COURT & SOCIAL.22 SIMON JENKINS.20 t—' 1 . BOSS SETFORD : "A ’• .Cl, "•?.;>i. —£. c \l- r.- . IS® m V •’■2? : ttiSK&FiZ \ A mmm jm?: ,.-r- " r - - ■ ».v ' THE Duke of Edinburgh stepped into the French nuclear tests row yesterday by backing a call for an investigation into the Mururoa atoll underground explosions, and saying the rest of the Royal Family agreed with him. Speaking as the World Wide Fund for Nature’s President — he was in Wellington to launch a campaign to protect a rare reptile, the tuatara [above] — he said of the Testing: “There is a suspicion that it's doing damage and if you’re concerned with the conservation of narure, you want to make sure whether it is or isn’t" His remarks may embarrass John Major, who has backed France’s right to test Apology to Maoris, page 14 Safety fear as sales of fireworks boom By Michael Horsnell Simon Jenkins on Shakespeare and the Prince Page 20 Anew lease ol Hfeforthe panda Page 13 PLUS Baubles, bangles and Brunei Page 8 The sermon of the year Page 10 DEMAND for fireworks was expected to rocket today after forecasters predicted a dear and dry bonfire night. But there was a warning from safety campaigners who yes¬ terday lobbied Downing Street for tougher controls. While emergency services were fearing an increase in the annual toll of injuries, shops reported buoyant sales helped by the prospect of a wind-free, but frosty, weekend. At Hamleys toy store in London, where some thought nothing of spending more than £2,000 on fireworks, the most popular buys included the Palm Tree Rocket at £27. the Triplex Bomber Rocket [£20] and the Silver Streak Ground Mine [£8], while at the “softer" end of the market the Flower Basket [£20] and Singing Birds [£10] sold well. The store also sold safety goggles, showed a safety video and handed out leaflet. After two decides of decline, a 15-year high in accidents was recorded last year when two people died and 1.500 were hurt. The fireworks industry had been deregulated in Nov¬ ember 1993 as parr of a European free trade initiative. It removed the requirement for import licences, which had previously enabled officials to monitor supplies, and has been blamed for the arrival of dangerous fireworks from China — some of them via Holland. The National Campaign for Fireworks Reform railed for new licensing regulations in a letter delivered to Downing Street yesterday. Noel Tobin, campaign director, said: "We are alarmed that after last year, where there was a 50 per cent increase in injuries over
- things could get still
worse." He launched a five*
point safety plan which in
Continued on page 3, ooi I
BUSINESS NEWS.25-28
WEEKEND MONEY..2M8
SPORT.41-48
GARDENING: WEEKENDS
BOOKS: WEEKEND ..14,15
TRAVEL: WEEKEND, lfr-21
Yeltsin gives up
some power to
Prime Minister
From Thomas de Waal in Moscow
PRES1 DENT Yeltsin’s grip on
power slipped further yester¬
day when he temporarily ced¬
ed responsibility for Russian
security and foreign policy to
Viktor Chernomyrdin, his
Prime Minister.
The two men met in the
Central Clinical Hospital for
the first time since Mr
Yeltsin’s heart attack last
week. In the first television
pictures Mr Yeltsin, wearing a
tracksuit, looked puffy under
the eyes and sounded slurred.
“1 feel all right" he said in a
low, tired voice. "Now my
recovery is going to plan and a
doctors’ conference considers
me twice a day. We have to
restore me to normal, but
there are no more dangers."
Afterwards Mr Cherno¬
myrdin, who is the constitu¬
tional heir to the president
said he had temporarily as¬
sumed responsibilty for the
Defence. Interior and Foreign
ministries, as well as the
Federal Security Service, the
successor to the KGB. Nor¬
mally these ministers report
directly to Mr Yeltsin.
The fYime Minister said Mr
Yeltsin was "on the mend."
but that h was important not
to "overload the president with
work". “He must be partially
relieved of these duties so that
he can recover." he added.
“But of course we seek the
president's advice on all key
questions."
The so-called nuclear “suit¬
case" with special codes for the
launch of nuclear weapons
appears to have stayed with
Mr Yeltsin. The handover of
powers further undermines
Mr Yeltsin’s hopes of being re¬
elected president next sum¬
mer. Correspondingly, it
enhances Mr Chernomyrdin's
case to be his official succes¬
sor. The news also fits with
unsubstantiated but persistent
rumours in Moscow that Mr
Yeltsin's heart attack last week
was much more serious than
the one he suffered in July.
Asked if Mr Yeltsin had
personally asked him to take
over control of the four “power
ministers" Mr Chernomyrdin
merely said cryptically: “I
could see it in his eyes that
Chernomyrdin should work
harder”
Double-edged sword, page 12
WAKEY
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THE TIMES
ON MONDAY
Angiy Tories demand £126,000 a year
By Arthur Leathley
and James Landale
TORY MPs called far a salary of
£126,000 yesterday as they voiced
anger at die pay of the ombudsman
appointed to police Commons ethics.
Patrick Nicholls. a former minister,
and Nicholas Winterton protested
that Sir Gordon Downey, the newly-
appointed Parliamentary Commis¬
sioner for Standards, is to be paid
£72,000 for a four-day week.
The Tory backbenchers have ta¬
bled amendments to next week's
debate on disclosure of MPs earn¬
ings. calling for Sir Gordon’s pay to
be reduced in line with Commons
salaries or for MPs to have a
corresponding pay rise. Claiming
that MPS work a seven-day week, the
Conservatives have called for MPs’
£33,189 salary to be almost quadru¬
pled, or for Sir Gordon’s to be
drastically reduced, either to the
same level as that of MPS or to
£18,964 to take into account his
shorter working week.
Sir Gordon, 67, will monitor the
Register of MPS’ Interests, offer
advice to MPs and provide induction
courses in “conduct, propriety and
ethics” to new members. He will also
be in charge of initial investigations
into complaints that MPs have
breached a code of conduct
Patrick Nicholls. MP for Teign-
bridge, said that the amendments
were tabled to draw attention to the
“ridiculous” pay being offered to Sir
Gordon rather than to demand a
massive salary increase for MPs.
Maijorie Mondam, Labours
Shadow Northern Ireland Secretary,
said last night “This is just another
example of Conservative msesnivfty
and arrogance. It is dearly indefensi¬
ble that an MP should be paid
£126,000. The salary we have at
present is quite reasonable for the
work we do. It will confirm die
public’s view of the seediness of
Conservative politicians."
Mr Nicholls is among the 125 Tory
MPs aleged by Labour to have
between them 270 posts as consul¬
tants and parliamentary advisers.
Earlier, senior Tories offered
backbench colleagues a compromise
over disclosure of outside earnings to
help avert an embarrassing Com¬
mons defeat. The MPs tabled an
amendment calling for Labour’s
proposal that all earnings should be
declared to be raised after the next
election rather than introduced by
March. Their move came as Tony
Newton, the leader of the Commons,
conceded that even if the Govern¬
ment wins next week’s vote, it would
be seen to have been helping MPs to
protect their own financial interests.
Mr Newton, who chaired die
Commons select committee that rec¬
ommended against public disclosure
of earnings related to Parliament,
was asked whether next week’s vote
represented a “no-win situation" for
the Tories. He replied; “You may be
right That's just die way of the
worid.” The Prime Minister's stance
against disclosure is threatened by a
revolt by at least ten Conservative
MPs, enough to overturn the Govern¬
ment's technical majority of eight if
there is a full turn-out of MFs.
Although officially MPs have been
oven a free vote, both leaderships
have been whipping heavily to en¬
sure victory.
Labour intensified its campaign
yesterday in the nuHip to Monday’s
vote, with local election candidates
and officials writing to their constitu¬
ency Tory MPs, urging than to vote
against the Government, and if not
challenging diem to explain why. The
party is targetting Tories in marginal
seats who feel most nervous about
allegations of sleaze. .
Barclay twins pledge to respect tradition
Proud Scots institution
again sold to outsiders
By Magnus Unklater
FOR only the second time this
century 77 je Scotsman has
changed hands. Once again a
rich and unknown proprietor
has stepped in to take over a
title that is regarded as a
Scottish institution rather
than just another newspaper.
Last time around, in 1953. it
was Roy Thomson, the Cana¬
dian millionaire, who saved
the paper from bankruptcy.
He picked it up fin- a bargain
£393.750. which he achieved
by selling off part of the block
that came with the building.
The intervention of this
brash foreigner was regarded
at the time with grave suspi¬
cion by the citizens of Edin¬
burgh, but he turned The
Scotsman into a profitable
paper, saw it climb to a
circulation of more than
80.000. and went on to launch
Scottish Television with enor¬
mous success. “There must be
something wrong in. this coun¬
try when a fellow like me can
make so much money." he
remarked candidly.
Things are rather different
now. The Barclay brothers are
buying a paper which finds
itself in the centre of a price-
cutting war. defending a circu¬
lation that has been hit by the
London broadsheet papers,
and fighting for advertising
revenue against a background
of soaring newsprint costs.
But it remains profitable.
Scotsman Publications,
which includes the Evening
News. Scotland on Sunday,
and some free-sheet papers,
all based in Edinburgh, made
£9 million on a £45 million
turnover in its last financial
year. It still has a circulation of
80.000 and, with a high pro¬
portion of ABC1 readers, has
an enviable advertising pro¬
file. That may explain the
price the Barclays had to pay.
believed to be at least £100 mil¬
lion. Even in real terms that is
more than Roy Thomson
could ever have contemplated.
The Barclay brothers have
promised to respect the tradi¬
tions of the paper. They will
have also to decide on die fu¬
ture of a building that is a
throwback to a long-vanished
newspaper era. Built around
the turn of the century, it is a
The headquarters of Scotsman Publications overlooking Waverley station
14-floor Victorian gothic struc¬
ture. its basement giving onto
the railway platform where
newspapers were once bun¬
dled onto a special train.
Inside, wood-panelled walls
bear the names of previous
editors embossed in gold,
while portraits and statues of
venerable proprietors long
gone adorn a rabbit warren of
offices and corridors. Above
the editors desk, in a room
Rot Thomson: paid
£400,000 in 1953
that looks out over Waverley
station to the Scott Monument
on Princes Street, one of the
finest city views in Scotland, is
a gold-engraved slogan: “The
Conductors pledge themselves
for impartiality, firmness and
independence ... their first
desire is to be honest, the
second to be useful ... the
great requisites for the task
are only good sense, courage
and industry."
The paper’s appeal for two
brothers whose purchases
have included The Ritz hotel
and The European news¬
paper, is probably more than
just its profit figures. The
Scotsman is one of that select
band of newspapers whose
name is recognised through¬
out the world. It punches
above its weight as a national
rather than a regional paper
and offers a similar diet of
United Kingdom and interna¬
tional news from a base that is
strongly Scottish.
Its masthead proclaims it¬
self as Scotland’s National
Newspaper — a description
hotly disputed by the The
Herald in Glasgow, which
has a considerably higher
circulation — and it has been
an outspoken voice for Scot¬
tish interests ever since it was
founded in 1817. proclaiming:
“We have not chosen the name
of Scotsman to preserve an
invidious distinction, but with
the view of rescuing it from the
odium of servility."
The Barclay Brothers are
buying the paper at a crucial
time in its development With
Labour's promise of a Scottish
Parliament a key issue in the
run-up to the next election.
The Scotsman is likely to play
an important part in the
national debate.
But it can no longer expect
to occupy its Scottish territory
unchallenged. It will need
greater investment than its
previous owners were pre¬
pared to give it. and a new
management which can inject
the kind of energy and innova¬
tion that will enable it to com¬
pete with rival newspapers
that have shown every sign of
giving it a run for its money.
Magnus Unklater was Editor
of Tbs Scotsman I9SS-94
Barclays buy papers, page I
Ancram holds out
over IRA arms
The Government rejected demands last sight from Sinn
Fein to call immediate all-party talks. Michael Ancram. the
Northern Ireland minister, told the party during talks at
Stormont that die IRA would have to begin to decommis¬
sion its arms before Sum Fern could join full talks.
Mr Ancram said afterwards that Sinn Fein’S proposals,
drawn up with the Social Democratic and Labour Party,
were unacceptable because they called for the Government
to fix a date, rather than a target date, for all-party talks.
They also wanted an international disarmament commis¬
sion to examine all weapons, including the Army’s- Martin
McGmnness, who led the Sinn Fein delegation, said the
Government was squandering the peace process.
Support for divorce law
The Lord Chancellor, Lord Mackay of Ctashfern. has won
support from Roman Catholic bishops for his Divorce Law
Reform BQL The Right Rev Peter Smith, chairman of Oie
Bishops’ Committee for Marriage and Family life, said the
bin. which has been attacked by Tory MPs and some
members of the Cabinet had many positive aspects.
Boxer loses legal fight
A move by Lennox Lewis to stop Frank Bruno defending
his World Boxing Council heavyweight crown against
Mike Tyson instead of him was halted by Mr Justice Kadte
at file High Court yesterday. He ruled dial the WBC rules
provided for the exclusive jurisdiction of disputes in
Dallas. Texas. The fight is scheduled for March 16.
Missing clerk ‘in France’
The police hunt for Gerry Taylor. 45. a town derk who
disappeared at the same time as £100.000 went missing
from Whitworth Town Council near Rochdale, Lancashire,
has switched to France. Mr Taylor, who daimed to have
been in naval intelligence and had recently split from his
wife; left dues suggesting he had gone to Moscow.
Labour identity mix-up
The Labour Party agrced*m die High Court to lift.the sus¬
pension from membership of Gias Choudhnry, apologise
and pay his costs. The party had suspended him after a tele¬
vision programme on the reselection of Gerald Kaufman
as candidate for Manchester Gorton. Yesterday. Labour
admitted confusing Mr Choudhnry with someone else.
Journalists sentenced
Two journalists who posed as television producers to dupe
dothes stores and computer manufacturers out of
thousands of pounds worth of goods were sentenced by
Southwark Crown Court London. Quilliam Potter, 29. and
Gillian Hunter. 30, both of Exeter, were put on 18 months*
probation with community service of 100 and 60 hours.
Mackay backs tribute
Courts across the country could fall silent next Saturday as
support grows for a two-minute silence 50 years on from the
end of the Second World War. The Lord Chancellor, Lord
Mackay of Clashfem. has said that he had no objections to
the Royal British Legion’s call for the silence to be observed
in courts, only a handful of which will be sitting.
-V:
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J je has grown up into a fine, cultured young Englishma n. We will go into exile together’
Boy saved by millionaire
fights deportation order
By Andrew Pierce
A FORMER Nepalese moun¬
ter bey, who is the heir to an
18th-century English castle
and a £15 million fortune, is
facing deportation from his
stately home. Jay Khadka, 19,
was rescued from a life of
poverty in Nepal by Richard
Morley, a millionaire busi¬
nessman, to honour an ex¬
traordinary pact with the
teenager's dying lather.
Mr Morley. 41. squire of
Clearweti Castle in the Forest
of Dean, has said he will leave
Britain if the Home Office
does not lift the deportation
order. Mr Morley. who has
brought up Jay as his son
since July 1990, said last night:
M He has grown into a fine,
cultured young Englishman.
We call each other father and
son. If he goes, I go, too."
Their meeting came about
after Mr Morley punctured a
lung in a climbing accident in
Nepal in 1984. Jay's father
Basu, a policeman, trekked for
three days through the moun¬
tains to find a telephone to
seek help for Mr Morley.
After making a hill recov¬
ery. Mr Morley traced the
father to his village. Kalopani.
“He did not want money. But
be feared for his son because
he had a heart condition. He
made me promise that if
anything happened to him I
would care for Jay. We shook
hands on it." Mr Morley. a
former naval officer who
made his fortune in comput¬
ers. was true to his word. In
1990 he returned to Nepal
after the death of Basu and
spent a month tracking down
Jay. He was living in a
mountain village and working
in a stone mine. He did not
speak a word of English.
Jay was brought to England
and lived first at Mr Motley's
seafront fiat in Margate. Kent
“He loved iL He had never
seen the sea before." Mr
Morley said.
Clearweli Castle was
bought by Mr Morley. a
widower, in 1994. He shares it
with his girlfriend. Jay and
five servants. The teenager
was educated at home and
had a daily diet of Dickens.
Orwell and Homer. He also
studied fine art and enjoys
Mozart. Beethoven and
Tchaikovsky.
Mr Morley. who has no
children, has made Jay heir to
his fortune, which includes a
E220.000 flat in Bloomsbury.
London, the Margate apart¬
ment. an art collection, and a
5.000-book library at the
castle.
Jay faces expulsion because
he entered Britain on a visi¬
tor's visa which was not
extended. Mr Morley said:
“When we found him Jay did
not know how old he was.
There was no birth certificate.
Immigration authorities sug¬
gested we put IS on his
passport, which was the mini¬
mum age required for him to
leave Nepal.
“It was obvious when we
arrived home that he was
much younger. The Home
Office said we could not adopt
him because we had to accept
he was 18. the age on his
passport. I have spent five
years battling to overcome this
bureaucracy."
Mr Morley was advised
that the only legal mechanism
by which Jay could stay was to
secure “indefinite leave to
remain". He said: "We lodged
an appeal on compassionate
grounds. We have got no¬
where. Jay could be deponed
any day.
“To throw him out of this
country, and into an alien
culture, is inhumane. He can¬
not read or write his own
language. Whatever happens
to him. will happen to us."
Jay, who speaks with a
refined English accent, said:"l
have grown up in this society.
I have a new father whom 1
love. If I had not come to
England 1 would probably
still be working down the
mines. I may not have sur¬
vived. I'm grateful for the
chance I have been given."
A deportation notice was
Richard Morley has bequeathed his fortune to the teenager whose father helped him after a mountaineering accident
issued in 1994. A Home Office
spokeswoman said: "There is
a procedure for when foreign
nationals come here which
has to be followed."
The stress of the deportation
banle lias led to the closure of
a hotel at the castle. Jay. who
had combined his studies with
a course in hotel management,
was the head chef. Mr Morley.
whose computer company em¬
ploys 20 people, said: “There is
no way I am going to put my
son on a plane and say
goodbye. We will go into
exile together. For good."
The castle that Jay stands to
inherit is built on the site of an
old Roman villa, which later
became a 16th-century manor
house where Sir Walter Ra¬
leigh reputedly courted Eliza¬
beth Throckmorton. After the
Civil War it was acquired by
the Wyndham family who
built the present neo-Gothic
property in 1726.
The castle, built of sand¬
stone. was bought in 1909 by
Colonel Charles Vereker. Roy¬
al Artillery, retired. It flour¬
ished despite a fire in 1929. But
when the colonel died in 1947
the castle was left to rot.
In the 1950s it was derelict.
The roof leaked: floors had
collapsed. The rot was only
stopped when Frank Yeates.
who was bom in a serf's
cottage on the estate in I9L\
bought it for E2.000 in 1953.
He was an unlikely lord of
the manor, living with his
wife, two children and mother
in a caravan in the overgrown
grounds. Within three months
the couple had taught them¬
selves plumbing, brick-laying,
carpentry and rewiring from
do-it-yourself manuals. They
then set about renovation us¬
ing sometimes odd methods.
Ceiling coves were restored
with gelatine. During the res¬
toration the cornices were held
up with Meccano and pyjama
cord.
In 1982 Mr Yeates*s widow.
Alice, part-exchanged the cas¬
tle for another imposing resi¬
dence. Widecorabe Manor. The
estate was then turned into a
hotel and conference centre.
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- . _ brochure phone now on problem of engine vibration. 0345186186 But you don’t need a degree in engineering to appreciate the new Rover 400, just a degree of imagination. Picture a road without bumps or ruts. And instead of the roar of tyres on tarmac there’s little more than a subdued hum to disturb your thoughts as you glide along. You’ve just been driving the new Rover 400. Relaxing wasn’t it? Now picture yourself driving one all the time. From just £139* a month, it shouldn’t be too diffi cult. But don’t think too long, this opportunity ends on December 10th. So now is the time to arrange your test drive. ABOVE ALL, IT’S A ROVER "ISriffcA Quality ^Foundation THE TIMES SATURDAY NOVEMBER 4 1995 HOME NEWS 5 pukes are perhaps an easy target for the jealous and a thick skin is the best key to survival’ Ancient title rests uneasily on Northumberland’s heir By Pen. Wilkivcox RALPH PERCY. I he new Duke of Northumberland, iiaid yesterday that he is dreading the responsibility thin his title brings. In his first public comments since be¬ coming the I2ih duke on the death of his brother Harry last Tuesday, he spoke of the sudden change in lifestyle he must now experience. “As a very private family man. public stature is quite a burden and it b with some trepidation thar I take it on." he said. *1 cannot say thai Harry’s death was totally unexpected, but it was still a great shock and because of his high media profile it has plunged me and my family jnto a world of publicity that is alien [o us. “1 face this task with a great asset, my wife Jane. Without her love, loyalty' and support it would be twice as hard. ! also have a large and united family to help and tell me when I am doing wrong." The duke. 3S. is already familiar with running the huge family' estates in North- The late 11th duke: a romantic, say workers umberland. having become chairman of its controlling company some time ago. His older brother had taken the more formal role of president as his debilitating M E-type ailment increasingly restrict¬ ed his activities. 'Ihe duke lives in a farm¬ house on the Northumber¬ land estate, 15 miles from the the family seat at Alnwick Castle. There have been sug¬ gestions [hat he is unwilling Deal agreed to end union sponsorship of Labour MPs By Jill Sherman, political correspondent LABOUR’S ruling National Executive Committee will lat¬ er this month approve a deal to end direct trade union sponsorship of MPs. Senior party sources last night said Tony Blair had made clear that Labour had to be seen as "squeaky dean" in the light of the proposals m ihe Nolan report on standards in public life. Any apparent fin¬ ancial [ink between the unions and MPs had to end as soon as possible. Unions sponsor 150 MPs at a cost of about £600 each a year. They also pay up to 75 per cent of the MP*s general election expenses. Although under the present “Hastings Agreement" the money is paid to the MPs constituency, rather than his pocket, some of the money is used to fund MPs research assistants or staff in their constituency office. Most unions also expect their spon¬ sored MP to represent their interests in Parliament Under the new compromise THE SUNDAY TIMES Top Gun down! 6 For five days all I had eaten was a few leaves. Then, as I lay curled up in the undergrowth, I saw an ant crawl by my head. I reached out, squished it and popped it whole into my mouth .. -9 Captain Scott O'Grady . above, the American fighter pilot shot down in Bosnia last summer, tells the incredible story of his survival and rescue. Only in The Sunday Times tomorrow deal, thrashed out by a work¬ ing party of trade unionists and MPs over several months, unions will still pay their money to constituencies of their own choice, but they will no longer be able to sponsor an individual MP. This would prevent MPs being able to use union funds for their Com¬ mons research teams, al¬ though constituency office staff might still be allowed. “We will have to comply with Nolan." said one party source. The Labour leadership had hoped that unions would agree to money being pooled so that it could be used to bolster the party in marginal constituencies in the run-up to the genera] election. However, many unions including the Transport and General Work¬ ers’ Union, which sponsors Tony Blair, had baulked at the idea of losing total control over how their money was spent. Party sources emphasised last night that unions would have the option of funding constituencies held by Tory MPs with a marginal major¬ ity, and it is likely that sponsored MPs wall encour¬ age their unions to do so where possible. However, it is expected that some unions will still insist their funds go to the constituencies they have sup¬ ported hitherto. A party source admitted that it would be entirely up to the unions. This week’s report from the Commons Select Committee on Standards in Public Life on the disclosure of consultancies suggests that had the present system of trade union sponsor¬ ship continued, MPs would have to declare any funds paid by unions. However, under the new system, the money paid to constituencies would not have to be registered. □ Labour is demanding talks with the heads of executive agencies, such as the Prison Service, about the implemen¬ tation of its policies, in ad¬ vance of the general election {Nigel Williamson writes]. John Major confirmed yester¬ day that he had agreed that the Opposition could, begin talks with senior .civil servants in January about its plans. Opposition parties are cus¬ tomarily allowed to meet the permanent secretaries of Whitehall departments to¬ wards the end of a Parliament or when a general election had been called. Mr Major has agreed to the talks starting far earlier than usual. But Down¬ ing Street said yesterday that it had not yet been derided whether heads of agencies would be included in the talks. to move there. In his state¬ ment the duke showed his distress at press speculation that the death nf his brother.
- ar Syon House, the fam¬ ily’s west London home, may haw been dnig-relaled. He said: “In these dreadful Iasi days, the press hits in general been honest and kind about Harry and I. but the unscru¬ pulous will always lie if it suits their purpose and ii is upsetting to read articles based on ties. Dukes are perhaps an easy target for the jealous and a thick skin is the best key to survival." He said that his brother had also found the responsi¬ bilities of nobility uncomfort¬ able at limes. "Harry did not find ir easy to bear the rifle and the demands that were expected of him and he found escape and excitement in the film world. “Despite a debilitating ill¬ ness. Harry retained a great wir and intellect and relent¬ lessly pursued his passion for films and the film world. He was enormously proud of his film Lou in Africa." He described his brother's life as falling into two halves. SfttAN MOODY ^ li. The new duke with his son George. “1 would like to pass this estate to our heirs as good or better than it is now" with the early, vital days overtaken by illness. “He excelled ar school, as a dili¬ gent pupil and an accom¬ plished sportsman. He was a great all-rounder and was extremely popular. Following Harry through school was hard because of his success, and although I was in his shadow wr were great friends and remained so throughout his life.” Speaking of his future, the duke said: “I see mv role as curator of an ancient seat and chairman of a large business. 1 am respon¬ sible for a substantial area of land over w hich many people work and rake their leisure. I am also directly or indirectly responsible for the employ¬ ment of several hundred people. “If Jane and l can achieve one tiling in our lives, we would like to pass this estate and heritage to our heirs in as good or better condition than it is now. In doing so we will continue to expand our chari¬ ty work and help the local community as much as we can." Workers on the Northum¬ berland estate said in their own tribute ihat “Duke Har¬ ry". as he was known with affection, had left his mark on a distinguished dukedom. “Determined not to take on ihe traditional guise of a nobleman, he set his sights on being a modem man . The key ro his quest was that he was a romantic, the measure of his success was that he was so engagingly and so endear¬ ingly romantic." Family and close friends will today attend a private funeral at St Michael’s Church. Alnwick. A public service will be held later. Letters, page 21 Self Assessment Isn’t it time you got up to Is it ages and ages since you dealt with your tax? Then you must bring your affairs up to date before the new tax system called Self Assessment takes effect It will apply to everyone who receives a tax return including the self- employed, people running a business from home, hitter rate tax payers, company directors and some pensioners. The first Self Assessment tax return will be sent out in April 1997 for the tax year 1996/97. That’s not a long way off, especially if you’re already behind with your tax. If you stiff have any tax returns for 1994/95 [or earlier years] to complete, get them back to us quickly along with any outstanding accounts. If you have appealed, or are about to appeal, against an estimated tax assessment, send us the information so we can agree the right figures. And if you have any unpaid tax bills, please settle them as soon as possible. If you can’t pay all that you owe, contact your tax office, it may be possible for you to pay by instalments. People get behind for all sorts of reasons. Fear needn’t be one of them. If your affairs are in a muddler get in touch with your tax office [or accountant if you have one] now. Providing you don’t delay, there’s time for you to start the new tax system with a dean sheet. Under Self Assessment you’ll have a clear timetable of what to do by when. But failing to comply with the new rules could cost you interest and penalties. Vfith any change - even for the better - we understand you may have questions or concerns. To help you understand how Self Assessment will affect you, we’ve prepared a helpful booklet. To receive your copy just fill in the coupon or telephone our special number, anytime. [All calls are charged at the local rate.] 0345 16 15 14 24hr-...-24hr...... 24hr...... 24hr inland Revenue Self Assessment- a clearer tax system Please send me more information about Self Assessment. Please tick a box if you are:- Self employed 0 Employed Cl A Pensioner 0 Seeking work 0 Same [Xr/Xrs/Bm/Ms] Address Postcode SA/fHS/S/B/t PLE&SE RETMH CBUPOH TO. SEIF ASSESSHEIIT t S BOA 555 BRISTOL BS99 5UJ 3 [ Sc O Be Ju Pi A too ha be wa ov> wc pn na an dk cw J an of rat 10 la¬ in sqi «r pn dii Yv Jm Lo
- pa Ro So Co iuc am ten \ wtl Lft the lh£ Ba wrjl sbv aiii be« Co At Be 1 Jui Pi pu Th eni del on an act thi [ Six sec as tba ext 1 res S the Sir Bei alb eis 6 WEST TRIAL THE TIMES SATURDAY NOVEMBER 41995 THE first taped interview with Frederick West heard by the court was conducted on Febru¬ ary 25, 1994. the day he was arrested on suspicion of mur¬ dering Heather, his 16-year- old daughter. The tape began with a police officer cautioning West that he did not have to say anything but that any¬ thing he did say could be used in evidence against him. “You have been arrested early this morning by my colleague on suspicion of mur¬ dering your daughter Heather West,” the detective said. “Can you tell me, in your own words, exactly what you know about this?” In a Thick West Country accent, speaking quickly. West told the detective: “What hap¬ pened was Heather was going to leave home the day before and we stopped her." He had asked her to stay the night to “talk it over". "Heather cried all night because she wanted to leave home. Rose said. ‘Let her go. I will go out and draw money oul £600. and give her. and let her go.' I said, ‘All right, then.' Rosemary went to get the money... f said. ‘Dont hurry back and give me a chance to talk to Heather.’ ” West told the interviewing officers. Detective Constables Hazel Savage and Darren Law. that the following morn¬ ing he and Heather argued while Mrs West was shop¬ ping, “She’s standing there with her hands on her hips... you know, the big lady busi¬ ness. She said. ’If you don't let me go, PI! give all the kids acid and they'll jump off the church roof and be dead on the floor.' lid already known that she had given it to Barry lone of the Wests’ younger children] because Barry had already jumped off the church roof. “So she stood there and she had a sort of smile and a smirk on her face, i lunged at her... and grabbed her around the throat... she didn’t bring her arms up to stop me and I held her for a minute. “l ean just remember lung¬ ing for her throat and the next minute she's gone blue. I looked at her and 1 was heather WEST shaking from head to foot. 1 mean, what the heck had gone wrong? "I put her on the floor, blowed air into her mouth, pumped on her chest and she just kept going bluer ... I didn't know what to do. I didn’t know when Rose was due to walk in. “I never intended to hurt her. I mean. I just went to grab her. to shake her, to say. Take that stupid smirk off your face.’ I was going to smack her across the face but some years before me and Rose had a word or two, I smacked her Heather West: remains found beneath patio across the face and dislocated her jaw'. “Heather was just flat out and [ thought I’ve got to do something ... I was going to put her in the Wendy house. 1 tried to get her in the dustbin. I couldn’t get her in. At that time we used to have one of those big ice saws for cutring big blows of ice. so I cut her legs off with that, and I’m telling you l have lived that a million times since. “Then I cut her head off, then l put her m the bin and put the lid on, rolled it down to the bottom of the garden behind the Wendy house, covered it up and left it there. Then Rose must have come back ... and she said, ’Did you persuade Heather to stay? 1 1 said she had decided to go and that was it. I sent Rose out... with the current bloke to stay with him for the night Then 1 went down and I dug this hole and buried fHeather[ down behind the fence." Later West laid a patio over the grave, he told detectives. During the interviews he gave a precise location for his daughter's body, knowing that excavations were about to begin at 25 Cromwell Street. Gloucester. Asked by Ms Sav¬ age what sort of grave the police should be looking for, he said: “Just a hole in the ground." Ms Savage: “And what's going to be in this hole in the ground?" West “Heath¬ er.” Ms Savage: “In how many pieces?" West: “Two legs and a head and a body." He is asked about the weap¬ on he used to dismember his daughter's body. “It would be probably just over a foot in length and it's got big teeth blades on the one side. It's reasonably rigid, it has got to cm ice." West was asked if his cloth¬ ing had become bloodstained. “No, not to my knowledge ... she was quite cold, really cold, before I decided what to do with her. “I took her in the downstairs bathroom and put cold water flannels on her face. That is something I’ve had to live with for eight years. It’s not easy, because I loved Heather and that's why I was trying ro persuade her not to go.” Ms Savage said: “And what have you told Rose about Heather’s whereabouts ever since?” West: ‘That she’d left home... gone down to Brigh¬ ton or Bournemouth. The thing Hd like to stress... Rose knew nothing at alL Rose used to say, ‘Christ 1 wish we’d try and get in contact and find out where Heather is.' Although they didn’t get on. she still loved her." Rosemary West, 41. has denied murdering nine girls and a young woman, includ¬ ing Heather. The trial contin¬ ues on Monday. 25 CROMWELL STREET, GLOUCESTER GRAftflC.jOHN LAWSON Jury listens to tape of Frederick West describing how he dismem bered and buried his daughter ‘I never intended to hurt her, I just went to shake her’ Lovers were killed when they threatened to tell Rosemary WEST identified sites in the basement of Cromwell Street where he said the remains of young women could be found. The only identities be could remember were those of Lucy Partington and Lyn¬ da Gough. “There’s so many ...all these girls I’ve had affairs with and that’s why they ended up this way because they threatened to tell Rose. “Cos what happened — all these girls did exactly the same thing. I was made quite dear that 1 was married to Rose and I don't want noth¬ ing to do with them, nothing serious — it was just ‘thank you mam. finished'. “And every one of them did exactly the same thing ... 1 love you. I'm pregnant I'm going to tell Rose, 1 want you to come and live with me and that was a problem." Asked how many of the girls were pregnant he said he did not know. West agreed it would not be difficult for police to reach the remains of Lynda Gough, who. he said, was buried in what had been ^CROMWELL STREET a car-repair pit beneath a garage now converted into a bathroom. Her body was “quite deep", be said. No other bodies were in the pit he said. There were also no other bodies beneath the ground floor of the house, he said. “The reason ... was because they would have been too close to Rose.” he told police. Other bodies were under the cellar, he said, explaining how he had altered the access to the cellar over the years. The first spot beneath the cellar, where he indicated that a body would be found had been used for“a girl from Newent |a small town near Gloucester!", he said After bring told that the girls* bodies were being num¬ bered. be said "Body One is right in the fireplace of the basement As you go down the stairs there’s a fireplace straight in front of you." He said of the victim: “She and 1 had an affair. I think she was Dutch or something, i had an affair with her. She was having a holiday over here, and then she threatened to tell Rose." He could not remember the girls' names. West told the officers. “I have no idea what their names are. I knew the names at the time, but I have no idea now ... they are ail around the 17 to 20 mark.” West was also asked: “Is there anything you want to say about what we have talked about so far. with regard to other offences?" West replied: “Na there is no other offences." The of¬ ficer asked him about other bodies. West replied: “Na there ain't any." West was then quizzed about a young girl in Newent whom he was said to have raped twice. .Again he angrily denied the allegation. He claimed that they had gone together for two years. The interviewing officer suggested that he found it difficult to cope with allega¬ tions of rape. West replied: T never raped anybody.” The officer pointed out that he killed people* West told the interviewer “You even get killing wrong, you are trying to make out I went out blatantly killing people." The officer suggested that some of the victims had gone through fteiL West replied: “Not all went through hell... enjoyment turned to disaster, or most of it anyway." And he admitted: Tf is your job to investigate this thing and not to believe what I say altogether" As the fourth tape continued. West indicat¬ ed his concern at the number of statements the police were collecting about him. A detec¬ tive said that many were needed to establish facts, such as who was living at 25 Cromwell Street during the time of the deaths. When West again referred •to the large number of state¬ ments he was aware of, Detective Constable Hazel Savage told him: “You ain't seen nothing yet" < Murders started with Rena and child of seven WEST told police that his killings had begun with the murders of his first wife Rena Costello and his stepdaughter Charmaine. West was with Howard Ogden, his solicitor; Scott Caravan, the solicitor's clerk; and an “appropriate, adult". Janet Leach, when he was interviewed again by Detective Constables Darren Law and Hazel Savage- Constable Savage asked: “What was the very first body?” West, replied quietly: "That was Rena." It happened, he said, after Rena came to collect Chanmaine- “That is exactly true. My main prob¬ lem was Rose in finding out what was going on." Rena had threatened Rose¬ mary, and Rena had gone round to 25 Midland Road to collect Charmaine, West said.- He had taken them to a pub and ensured that his wife became “absolutely paralytic". Charmaine, aged seven at the . time, had been given a bottle of lager to drink so she would fall asleep. Having made Rena Costello drunk. West then drove to an isolated field. “1 took her out to Dymock In the country and I strangled her and buried her. “Charmaine ... was sound asleep and I’d forgotten all about her. 1 strangled Rena, dug the hole, cut her up and buried her and then I went back to the van and [here was Charmaine in the back. “So anyway, I strangled her while she was sleeping ‘cos there’s no way I could have touched her any other way. I wrapped her up in the back and drove back to 25 Midland Road. There was a garage up the side ... and you could go out of the back into another little workshop and under¬ neath the house into the base¬ ment. And 1 put her in there. Then 1 buried her there." West was reminded that he had seemed to suggest that Charmaine was the only vic¬ tim who was not mutilated. He said: “She was young, she was seven, she was pure." : mmma 1 ■ ■:■■■. ••• r . i ? w
- -"54 BJRO . %TUHNB.y For some prisoners of conscience, death is the only release Use this card to give them an alternative There are hundreds of people in prison throughout the world whose only ‘crime’ is to hold different beliefs to their government. They have little hope of ever being freed - unless sufficient pressure is put on their captors. Il is no easy task. The fight against oppression is long, hard and expensive. There is. however, an easy way for you to help - at no cost to you. The Amnesty International Visa Card If you open an Amnesty International Visa Card account. The Co-operative Bank gives Amnesty £5. And for every £100 you spend on the card, the Bank gives a further 29p. These donations quickly build to a worthwhile tnuS. List year aiunc. Amnesty International raised £30.000 through the card. You could help them raise even more. The Amnesty card offers you significant benefits ioo.tr is guaranteed to be free of annual charges for life*. And you can transfer the balance from any existing credit card you hold and pay it off at just 1% per month, 12.6% APR variable. To find out mow, return the coupon or CALL FREE; 0800 129 000 »bcn rfic c^wruitr .[. pUsbc Liil UlT I .Kn. Mini, j. A*ror luf I'niKf VRH. 1121 10 HOME NEWS THE TIMES SATURDAY NOVEMBER 41995 3 c Sf Ci Be Ju [ft A ho ha be W5 on wc pn na an dk cot i an of rat to ter in en p rt db Yv Jut Lo
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Preacher of the Year: sermon that won the title with an exposition of Gospel beatitude
It’s purity of heart
Barry Overend
Y ou won’t know Mrs Went¬
worth. Or at least not the
Mrs Wentworth I’m talking
about But her name cropped up
in conversation as I was prepar¬
ing for this sermon. You see, I
didn't just want to look up what St
Augustine, John Wesley and Sir
Cliff Richard have had to say
about my text — “How blest are
those whose hearts are pure; they
shall see God.” I wanted to know
what your average Tom, Dick and
Mary make of it So 1 asked them
— just one deceptively simple
question. “What does purity of
heart mean to your
Their answers were mostly pre¬
dictable. “It means unselfishness."
“It means not being hypocritical."
“It means always thinking good
things.’ But one response was
unexpected. “What does purity of
heart mean to you?" f asked this
particular chap. And quick as a
flash he replied: “Mrs Went¬
worth!" Now. knowing Mrs Went¬
worth as I do — an elderly woman
of transparent goodness — I knew
at once what that man meant And
all of a sudden a somewhat hazy
rext shifted, at least a little bit into
focus. And purity of heart had a
familiar face.
I caU it a hazy text because, in
the dim and distant past the
original Hebrew concept of purity
was inextricably Jinked with the
meticulous observance of religion.
But it isn't for us.
Hence the need for what 1 call a
“Mr Spocfc approach'' to this
beatitude. Mr Spock, you might
remember, was that amiable half-
human, half-alien on Captain
Kirk's Starship Enterprise. Re¬
calling one of his catch phrases, I
can imagine him pondering this
text and concluding: “it’s purity
Jim. but not as we know itf inso¬
far as we do know rt, purity of
heart does include all those things
that people trotted out in response
to my question — being unselfish,
not being hypocritical, thinking
good thoughts and that almost in¬
definable something extra the Mrs
Wentworths of this world possess.
Many of us will be familiar with
John Keble’s sung version of this
beatitude “Blest are the pure in
heart, for they shall see our God.
The secret of the Lord is theirs...”
The Mrs Wentworths do seem to
have been let into a sort of secret
It's the secret of bow to wear your
successes without arrogance and
to bear your failures without
resentment: the secret of how to
admire without envy, reproach
without malice, care without con¬
descending and love without
lusting. And, most remarkable of
ait it is a secret that enables at
least some of the pure in heart to
pray without pretence, what The
Book of Common Prayer des¬
cribes as neither “dissembling nor
cloaking our manifold sins and
wickedness".
I have a feeling that the secret of
the pure in hean is precisely their
refusal — almost their inability —
to dissemble and doak, both their
strengths and their weaknesses, so
they can accept deserved praise
and take justified criticism with
equal grace. And when they say
“I’m sorry" be it to God or their
neighbour, they mean just that
and only that. Not. “I'm sorry, but
I've been under a lot of pressure at
work, and we’re having trouble at
borne with our 14-year-old. and to
cap it all the dog had to be ptzt
down last week, and you know
bow it is when it all gets on top of
you. you just blow your top." Na
none of that dissembling and
cloaking, just “I’m sorry".
I have deliberately highlighted
that example because it is impor¬
tant to realise [hat even the pure in
heart have reason to say “sorry”.
Mrs Wentworth isn't perfect
Transparently good she may be.
but you can see her faults as well.
And her purity of heart isn’t
obvious to her. For purity of heart
is like humility — thinking that
you've got it is a sure sign that you
haven’t Not even the saints, those
Gary Linekers of die Faith whom
we particularly recall today,
would have claimed purity of
heart, though doubtless other
people saw it in them.
B ut what shall the pure in
heart themselves see? The
beatitude is alarmingly
dear on that. They shall see God. L
say “alarmingly dear" because,
certainly in Old Testament times,
seeing God was, at best, a mixed
blessing. On the one hand the
writer of Psalm 42 longed for such
a vision: “When shall I come
before the presence of Godr But
on the other hand, when a
heavenly being appeared to
Minoah and his wife prior to the
birth of their son Samson.
Jim, but not as we know it
Minoah — like Private Frazer in
Dad’s Army — exclaimed: “We’re
all doomed to die because we've
seen Godr Fortunately, Mrs
Minoah — characteristically less
prone to panic — replied: “Don't
be daft. If God had us down for
the chop, be wouldn’t have accept¬
ed our burnt offering, would he?”
You can just imagine the ensuing
snippet of domestic conversation.
“Hey. thafs right 1 never thought
of that” “Na well that's your
trouble dear, isn’t it? You don't
think.'’
Inasmuch as Minoah did think,
he accepted the popular belief that
to see God spell trouble, where
“bong still in the presence of the
Lord” as we sing in Psalm 42, was
die rigid calm of the petrified. For,
like Mr Spock’s interpretation of
purity, “seeing God" was a seeing
— but not as we know it It was a
vision of such overwhelming holi¬
ness that it all but obliterated the
viewer. So what die Psalmist
desired, most people in those days
dreaded. But. even nowadays, we
can imbue the word “see” with a
sense of dread. There is a world of
difference in feeling between lov¬
ers standing on the platform,
sighing a fond “111 see you next
week”, and die head teacher
leaving the unruly pupil to stew
outside the door with a stern. “Hi
see you in a minute”. A blessing,
albeit put off for a week, is
preferable to a threat about to be
carried out.
And there is surely something of
a blessing deferred in this particu¬
lar beatitude. For people of vary¬
ing religious traditions, seeing
God has always been regarded as
the end of our searching. The
ultimate reward. It is the spiritual
equivalent of winning the jackpot.
The Rev Barry Overend with the sculpture that he
received as a prize, as well as a cheque for £1.000
though this time that finger point¬
ing down through the doud that
we've all seen on the lottery
adverts is more of a hand, beckon¬
ing. And the caption suggesting
“It could be you" has become the
proclamation "It shall be you”.
“What me? Shall I see God? I.
the unkind, the ungrateful.” as
George Herbert put it in seeming
disbelief in a famous poem. But
that poem is called Love bade me
welcome. And our good fortune in
receiving such a welcome is
symbolised not by the crossed
fingers of the lottery ioga but by
the crossed arms of the Calvary-
tree. For it is primarily, though not
solely, in the living, dying and.
Christians would claim, rising of
Christ that the pure in heart catch
a glimpse of that God whom they
are promised full sight of later.
It is a promise to all those whose
hearts, like that of George Her¬
bert. are at least pure enough to
perceive their own unkindness
and ingratitude. For purity of
heart can spring as much from a
sense of sin as from sanctity. That,
thank God. is what puts it in reach
of us alL St Peter was never more
pure in heart than in that moment
when he knew himself to be
defiled by a sin that hithertobe
could never have imagined him¬
self committing. And when that
cock crowed for a second time,
and the Lord turned and looked at
Peter, there was no cloaking and
dissembling in his heart The
weeping was indeed bitter. But
the remorse was pure.
We all have it in us to be pure in
heart if only in our remorse at our
impurity. Such was tire purity of
heart of that tax collector, praying
at the back of the temple, who
frankly acknowledged his sins
before God — a confession that
Jesus contrasted so favourably
with the front-pew Pharisee’s real
but all too self, righteousness.
We are told that the [ax collector
would not even lift up his eyes to
Heaven. That is because he was
peering into the darkness of iris
own interior, whereas the Phari¬
see basked only in the brightness
of bis external self. But seeing
ourselves in a shining light ob¬
scures, not flJuminates. the vision
of God. The pure in heart don't
shine. They only reflect They
reflect the glory of that God whom
one day they shall see.
But you would have a hard job
trying to convince Mrs Went¬
worth of that For she doesn't
believe in God. 1 once asked ben
“Why notT Her reply was ample:
“Because IVe never seen him.” I
wasn't going to, but just in case I
was, she added quickly: “And
don’t say. ‘One day you wilL'"
“Na” I said, "but if you da I’D
know why."
□ The Rev Barry Overend is
vicar of St Chad's, Headingley.
Leeds ; and is winner of The
Times! College of Preachers
Preacher of the Year Award 1995
We’ll keep it
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long as you have
a pulse rate
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*w*rf*aiuu c J}‘ he I! ? tads of Sywy acknou..:jwt i Jesus corrraiieti k JWb[hefroni-pe* A W e are told ihai th^l nes would not w,n Heaven. Thai is ' 1 ?.™'* PWtn? mto the uartpr' hev * interior. wK-re -' -l 5 of W b^k«J onh ;r. X*. i* of his exiemai .-i/ • •“fc'W in a , h :.; n ;;“t « of God. The : ’. ,f ' ifniw. They oni, nefiect the GJ*irv oi'that rv j ■' one day :h c > >'hal> ‘ J But you would h- ,- h nyinp to coming \ r worth of that « lir u believe sn c.nd. I ti- C e-aS 1 >0017-Her Jpi kedlk -Because \ ' fib Ja*
>esii I've neier'.«; u mpfe •wnl soina : u . s„i" r „ h ™- ms. the added uun-y“* “' -One iy, fvey 1 y .i:c. -bui i'; ‘ know why ~ wilL '■'U dr, I '«■' I fit' A’r. Ui/r r? ra r >•: i-wi hwjSJL! f4f>esft tiia .'■. ,. : . w s.i Times. 0./.e;> ; - fnfacAe .f I'm >;. es sell Mr L'\ < iscKi •M-tM Ki -.-•■ = WVls*' n* L£Cvfr cfc- C.-i- iSstepr. r Es^ituari wiifwsj h JWB- the times Saturday November 4 1995 HOME NEWS 11 Festive displays bring renewed hope of lucrative season to shopkeepers battered by recession Glitter adds early sparkle to bright lights of Christmas Seven weeks before Christmas, the lights shine out the end of the recession is in By Emma Wilkins CHRISTMAS has come early this year, with the first festive lights already twinkling in London and more displays due 10 brighten town centres next week. Record sums are being spent on the country’s main Christmas lights in Blackpool and in Oxford Street and Regent Street. London. Even small towns and villages are celebrating in style: Cocker- mouth in the Lake District, which received its market town charter in 1241. is Jes- tooning its High Street with thousands of reindeer lights and 40ft Christmas trees. The Oxford Street Associ¬ ation, which represents stores from comer shops to Sel¬ fridges. is spending £ 100.000 on lights as retailers report a brisk upturn in trading this year. The association said that it could afford to spend more on illuminations because membership had swollen from 76 last year to 00. “It could be that the beginning of sight" a spokeswoman said. The clothes chainslore Next has renewed its membership of the association after laps¬ ing several years ago. "Our trading figures are looking particularly good." Richard West the manager, said. "Back in the late Eighties and early Nineties we weren't doing as well. Now we feci our membership of ihe associ¬ ation is justified. Shoppers in Oxford Street are out in furce. They are spending more money." Tlie Oxford Street display will be illuminated on 'lhurs- day by members of Ihe Coro¬ na lion Street east. In Regent Street, the retailers' associ¬ ation is investing £250.000 over three years on a display of lights. The theme is crowns and ihere are 8.300 bulbs. "We are spending a lot as an investment so that it's not such a horrendous cost year on year," a Regent Street spokeswoman said. The tights will be turned on by Britt Ekland. Lionel Blair and oth¬ er celebrities on November 14. Garv Glitter switched on the £18.000 lights in St Chris¬ topher's Place off Oxford Street last Thursday. 53 days before December 25. In Belfast doubt remains over whether President Clin¬ ton will turn on the lights on November 30. the day he is due to visit the city. The city and the chamber of trade have an economical view of decorations: the lights are recy cled from last year. In Blackpool, ihe Christ¬ mas illuminations will burst into life on November 30. A concession to traditionalists is a display of the Three Wise Men in an uiherwise commer¬ cial show. Ihe lights are costing £60.000 — £5.000 more than Iasi year—and will Gary' Glitter switches tin the Christmas lights at St Christopher's Place in the W est Ertd of London be turned on by Gary W'ilmol. the comedy actor’ who i> starring in the musical Aft? and My Girl in Blackpool. The lights in Scarborough will be turned on by the mayor on November 17. The display is entirely commercial with no religious imagery, in Cheltenham. Father Christ¬ mas turns on the lights, which are threaded through the trees, in mid-November. In Edinburgh, the Lord Provost and a disabled child lum on the lights on Novem¬ ber 30. Each >ear Ihe city welcomes guests from Ber¬ gen, Norway, which donates the tree. In Bristol. David Cassidy, the American singer and actor who is starring in Blood Brothers at the Hippodrome, will svviich on a traditional display oflighrson November - The council shares the £ 100.000 cost with retailers. Carlisle is marking the 250th anniversary of the Jacobite Rebellion. The lights will be turned on by a "Bonnie Prince Charlie" accompanied b> 100 pipers on November 17. The prince stayed in Carlisle on his wav south in 1745. Tribunal awards childminder £450 redundancy By Gillian Bowdttch. Scotland correspondent A MOTHER was ordered ro compensate her former part- time childminder after decid¬ ing she no longer required the woman's services! An indus¬ trial tribunal in Glasgow ruled that the childminder was an employee and entitled to redundancy after four years’ service. The childminder. Wilma Haston, 43. had answered an advertisement placed by Flora Keogh, a teacher from Falkirk, to look after her child in the child’s own home. Mrs Has¬ ton had formerly been a self- employed screenprinter but the tribunal was told the business was “far from successful". Mrs Hasten, from HaUglen, had also looked after Mrs Keogh's second child and was paid £64 a week. During school holidays, or when Mrs Keogh was on maternity leave. Mrs Hasten was paid a retainer of half her salary. In March. Mrs Keogh told Mrs Haston she would shortly be going on maternity leave again for nine months but would be unable to pay Mrs Haston her retainer. She sug¬ gested that Mrs Haston find another job and said teat she would take her back if possible e when she returned to work. Mrs Haston was offered her salary until the end of that monte and an ex-gratia pay¬ ment of £50. Mrs Keogh told the tribunal that she believed childminders were a self-employed group. Mrs Haston claimed that she had four years' continuous service and that during any periods when she was laid off she received half her normal wage. In its findings, the tribunal said it was satisfied Mrs Keogh had entered into a contract of employment with Mrs Haston for her to act as a part-time childminder. It was a totally different form of service from that provided by a registered childminder, who took in children from various parents into her own premises, which were licensed for that purpose. Mrs Hasten was obliged to work the hours Mrs Keogh wanted and was subject to tee control of Mrs Keogh. The tribunal decided teat Mrs Haston was an employee and had been made redun¬ dant. It ruled she should receive a redundancy payment and pay in lieu of notice totalling £448 less tee ex- gratia payment of £50. 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the TIMES SATl irhav NOVEMBER 4 1995
Argentina to send
ex-Nazi for war
OVERSEAS NEWS 13
Species fighting back in survival struggle
crime trial in Italy
rill A mine Supreme
,T4 ied yesterday that
Ench Pnebke. 82. a former
Gestapo captain, be extradited
to Italy where he will be tried
on charges of overseeing the
massacre of 335 civilians out¬
side Rome in tutk of Scoiknd. Mortgage Direct. PO Bm 13304. tduibuTih EH12 9DX.Thr Ewk rwiiuiia security o>fr iltr . ,, ., coAtauiief credit qi*cd««n "f ^ fooUNC hulWtng msurana far reHautemm value* To rnph Tor j kvn or mortgage ran mitsi be gr that yesterday's apology
purchase fund. history in the room." , , noI * personal one by the Queen.
A government spokesman sad The 400-woni apology aL ™, Hare Puke, fee chairman of the
that the first instalment of “several edges that the Crown's reP r ^- n J“' Tainui Trust Board, said the tribes
million dollars" would be paid short- lives acted unjustly in ordering an expect one. “We believe that
ly. Much of the land being returned invasion of the Waikato in he a onirious lady and she is
to the Maori tribes was used for in labelling the Maoris as rebels_ following fee process of the monar--
defence installations, power stations Crown expresses its profound regret grateful at this time
and mines. and apologies unreservedly- for the cny.
Jim Bolger, the Prime Minister, loss oflives and fee confiscation of. fe he w iJ>iew Zealand radio,
described the ceremony as a great property. Tainui claim is just one of
Buckingham Palace and govern¬
ment spokesmen have emphasised;
however, that yesterday's apology
was not a personal one by the Queen.
Hare Puke, the chairman of the
Tainui Trust Board, said the tribes
did not expea one. “We believe feat
she is a gracious lady and sbe is
following the process of the monar-
property. frT . . .
About one million acres of Tatrrui
land were seized to punish Maoris
and secure a fanning hinterland for
Auckland after the 1863-64 Waikato
War during which thousands of
Imperial troops and local militia
fought to impose British sovereignty.
hundreds feat have been lodgedv/ith
fee WeUinton Government by Maori
tribes seeking redress for land and
other grievances.
Leading artide, page 21
Stars are hatched from three interstellar gas pockets at the end of vast tubes called -elephant trunks"
Tamil Tigers flee Jaffna as
dream of homeland fades
From Christopher Thomas in Colombo
Charity buys slaves’
freedom in Sudan
By Oliver August
THE Tamil Tigers, besieged
by the Sri Lankan Army,
announced last night that they
were quitting Jaffna. Soon it
will be a ghost town.
Its people are moving away
from the advancing troops
towards a rural no man’s land
io the east where there is
nowhere to sleep except on the
ground. The population, until
recently 200.000. is down to a
quarter of that.
The old and sick are staying
on. So. probably, is a nucleus
of Tigers to ensure that the
armed forces pay heavily for
their victory. The rebels said
they would move east to
another area on the Jaffna
peninsula, abandoning the
shattered town that has been
the centre of their operations
for five years.
With their unofficial inde-
Colombo: Tamil Tiger
guerrillas hacked to death
five Sinhalese children in
southeast Sri Lanka yes¬
terday. The children were
killed after the guerrillas
attacked a hamlet before
dawn. All schools across
the country have been
dosed indefinitely. [AFP]
pendent state of Eelam in
ruins, fee rebels will revert to
doing what made them fam¬
ous: hit-and-run guerrilla
warfare. They are pressing
people into uniform because of
dwindling recruitment, a sign
of demoralisation and a grow¬
ing conviction among ordi¬
nary Tamils in Jaffna that
hopes of establishing a sus¬
tainable homeland are dead.
Many Tamils are being
rounded up for questioning in
Colombo and elsewhere in the
search for Tigers who might
be on bombing missions to
avenge the loss of their de
facto homeland- However, old
patterns of torture, beatings
and extTa-judicial killings are
not being repeated. Police and
troops have been warned not
to sully military victories with
human rights abuses.
The Government says
people should return home
once troops have secured the
area. While Colombo draws
unaccustomed international
approval for its military con¬
duct the Tigers have lost
much of their international
goodwill Canada, one of their
most important fund-raising
centres, long ago declared
them a terrorist organisation.
A BRITISH charin’ working
in Sudan is buying back
Christian slaves kidnapped by
Arab militias and forced to
become Muslims.
A team from Christian Soli¬
darity International [CSD
went to Sudan and spent
£10.000 to free 22 children and
young women. The charity
agreed with local leaders in
Nyamlell southern Sudan, to
buy five cows for every* slave
and use these as payment.
Baroness Caroline Cox. a
member of the CSI team, said:
“1 just couldn’t leave these
people behind knowing we
could have helped them."
Tens of thousands of black
Christian Sudanese in the
south of the country have been
abducted by gangs of soldiers,
who sell mem as slaves to
Muslims in the north. Accord¬
ing to Baroness Cox. the
enslaved children and young
women are forced to do house
and agricultural work as well
as provide sexual services.
They are generally given Mus¬
lim names and forced to
observe Islamic rituals.
The boys are said to be
forced to attend Koran lessons
and militia camps where they
are trained to wage war on
their own people.
Since 1989. the Christians
have been fighting President
al-Bashir. who has been ac¬
cused of involvement in an
assassination attempt against
President Mubarak of Egypt
in Khartoum this year. Dr
George Carey, the Archbishop
of Canterbury, visited south¬
ern Sudan last year to lend
support to the embattled
Christian community.
Chernobyl
closure
faces delay
Kiev: Ukraine could postpone
a promised closure of the
Chernobyl nuclear power sta¬
tion by fee end of the century
unless the West provides more
money more qiuddy. the coun¬
try's top negotiator co fee
issue said.
“We have proposed to our
partners to leave unfixed the
date of Chernobyl’s closure,"
Yuri Kostenko, the Environ¬
ment Minister, said after two
days of talks with Western
experts. “Existing financial
resources in the form of
grants are. dearly insufficient
to start work on dosing down
Chernobyl." [Reuter]
Petition rejected
Oar es Salaam: Tanzania’s
High Court has rejected an
Opposition petition to bar the
publication of results from
parliamentary and presiden¬
tial polls, which the Opposi¬
tion says were rigged. [Reuter]
Korean threat
Seoul: North Korea has
threatened to halt efforts to
find the remains of American
soldiers missing from fee Ko¬
rean War unless it is paid £22
million in expenses incurred
in past repatriations. [AP]
Cash offer
Tokyo: The US military has
asked defence lawyers for
three servicemen, who go mi
trial on Tuesday accused of
raping a 12-year-old girl on
Okinawa, to consider offering
compensation. [AP]
ANC leads
Johannesburg; The African
National Congress so far has
won 67 per cent of the vote in
local elections. The National
Party was its strongest opposi¬
tion with 23.2 per cent, state
radio said. [Reuter]
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IjjijHE S SATUR D AY NOVEMBER 4 1995 _ OVERSEAS NEW S 15
200,000 Filipinos seek to flee fury of deadly Angela in country’s worst battering
Super-typhoon kills
66 in howling trail
of mass destruction
From Alistair McIntosh
IN MANILA
THE most powerful typhoon
to hit the Philippines for years
howled across the country
yesterday, killing 66 people
sending more than 200.000
fleeing from their homes and
leaving millions without
power.
“This is the worst beating
we have ever had." said
Severo Alcantara, the Gover¬
nor of Catanduanes. before all
communications with the is¬
land province, bar ham-radio
links, were cut Catanduanes.
220 miles east of Manila, the
capital, was the first area to
feel the fury of Angela, des¬
cribed by weathermen as a
“super-typhoon" because of its
size and power.
Up to 500 miles in diameter
and with winds initially gust-
ing up to 155mph. Angela then
scythed across the southern
UN rights
pledge on
Hong Kong
reports
From Peter Capella
IN GENEVA
THE United Nations Human
Rights Committee is to contin¬
ue to report on rights in Hong
Kong after the colony reverts
to Chinese rule, brushing
aside Peking’s objections that
it is not bound by a key
international convention.
The committee, which has
just concluded its fourth regu¬
lar review of human rights in
Hong Kong, said in its final
report yesterday that the Joint
Declaration on the colony’s
future obliged the Chinese to
carry on accounting to the UN
body for the respect of civil
liberties there after 1997.
China has not signed the
International Convention on
Civil and Political Rights.
Talks between Britain and
Peking on Thursday remained
deadlocked.
Francisco Jose Aguilar
Urbina, the chairman, called
on Britain to report to the UN
next year. He said he hoped to
gain a better idea then on the '
steps ro be taken to guarantee
civil liberties. He also wel¬
comed the prospect of Chinese
participation.
Hong Kong's legal frame-
work was also criticised
because two-thirds of the Leg¬
islative Council’s members are
not democratically elected.
w a n
sounr-
CHINA 1
SULU -Jo JN •
SEA
SABAH [ 'y u 100mto
pan of Luzon, the most pros¬
perous and heavily populated
island in the nation of 65
million people. Its outer
fringes began to hit Catan¬
duanes on Thursday night
and its eye passed south of
Manila by If.30am yesterday,
although its huge size meant
that its force was felt for
severai hours.
At least ten people died
when volcanic debris loosened
by rain thundered down the
Suspected
car bomb
accomplice
arrested
From Christopher Walker
IN JERUSALEM
PALESTINIAN police in the
Gaza Strip announced yester¬
day that they had arrested a
man suspected of buying the
two cars used in Thursday's
twin suicide bomb attacks in
which the two bombers died
and 1! Israelis were hurt
The bombings were ordered
in revenge for the assassina¬
tion in Malta of the Islamic
Jihad founder. Fathi Shqaqi.
by Israeli Mossad agents.
The speed of the arrest,
made according to Major-
General Abdel-Razeq Majai-
da. the police commander, late
on Thursday night, came as
the Israeli Government was
putting heavy pressure on
Yassir Arafat, the Palestinian
Authority leader, to take
tougher action against Islamic
terrorists in Gaza.
Israeli leaders have given
warning that the programme
to pull bade troops from the
West Bank’s main Arab towns
will be halted unless there is a
harsher crackdown on Islam¬
ic hardliners determined to
wreck the peace process.
Yitzhak Rabin, the Israeli
Prime Minister, said he ex¬
pected “more efficient activity"
to prevent attacks from being
launched from areas under
Palestinian police control.
flanks of Mount Mayon near
Legazpi. the main city of the
worst-hit Bicol region. Thou¬
sands of traditional Filipino
wood and palm-thatch homes
were destroyed. Initial esti¬
mates put damage to property
and crops, such as rice and
coconuts, at more than 1.2
billion pesos [E30 million].
“We have no food. We may
die of starvation here," Raul
Lee, the Governor of Sorsogon
province in the Bicol region,
told a Manila radio station.
“All of our crops have been
destroyed. We are asking the
Government in Manila to
please send us 200 sacks of
rice. We have never seen a
typhoon like this."
President Ramos, taking
personal charge of relief
efforts in Manila, said: “Sav¬
ing lives and reducing dam¬
age is the main event at this
time." More than 200.000
people, including20.000in the
mri.
ggasgg-jgg!
i If 1 , j jpi Ijliwp y
Philippine fishermen watch helplessly from a sea wall yesterday as their boat is sunk by Typhoon Angela
capital, fled for their lives and
crowded into evacuation cen¬
tres in schools, churches and.
in at least one case, a shopping
mall. The normally congested
city turned into a ghost town
as its 8.5 million people cow¬
ered indoors. In the deserted
business district of Makati,
the wind set up an eerie
shrieking noise as it pounded
high-rise buildings.
Angela is the worst cyclone
to strike the Philippines, bat¬
tered by an average 20 storms
a year, since Typhoon Nina
killed 1,000 people in 1987. It
struck less than a week after
Typhoon Zack killed more
than 160 people in the central
Philippines. Manila airport
was dosed for most of yester¬
day. Weather forecasters said
that, by the time Angela had
left the Philippines, heading
towards Vietnam, ir had
reached a top wind speed of
106mph. [Reuier]
Missing
‘boy’ clue
to chaos
By Nigel Hawkes
SCIENCE EDITOR
THE devastation caused by
Typhoon .Angela could be
linked to the disappearance of
the El Nino southern oscilla¬
tion. a cydical shift in the
temperatures of the central
Pacific Ocean.
This year, sea surface tem¬
peratures have . cooled to¬
wards normal, ending an El
Nino event that has lasted for
several years. But records
show that hurricanes and
typhoons are more common
in years when the El Nino —
“the Boy Child" so named by
Peruvian fishermen who ben¬
efit with booming catches —
cannot be detected.
Given a long run of ty¬
phoons. some are bound to be
more powerful than others —
just as waves falling on a sea
shore vary in intensity.While
Angela reached wind speeds
high enough to do enormous
damage, it was by no means a
record. That is held by Joan,
which struck in October 1970.
and killed 2.361 people in the
Philippines.
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16 EUROPEAN NEWS THE TIMES SATURDAY NOVEMBER 41995 French President’s 30-year-old Cabinet protege is tipped for top post in exp ected reshuffle
pre-concart concert frra by cone Ucfcet, £» tunresoved] Fri The London PhSEiaimonic Rasktani at Ota rfh VN o* Classics tor PtosauraBartef-MBafnerttcond] 730 A Quaftalac [prao] Maodrinotn Piano Concerto No4 Martbr The Four OamentatBoothovareSyraphofiyNoiS £G Qu«etvElaaocthHallRfK2 T-IQITIOOO^OB I0a^i-9sm Sun London Shfonietta SBCassodate orchestra 6Ntw ThaMoMar Aldwnriat M 3t«nz iconsS J Wafiaca [tnjrnj 745 MThotnpson haralUmdonOaContatta Chorus Wortca by Saxton, Webern, Balnfarttlga. no. £6 “all the panache of a blockbuster movie.. TIME our j y a A SPECIAL PRE-CHRIST11AS OPERA GALA FEAITJHBIG FOUR DISTINGUISHED SOLOISTS IN A PROGRAM ME OF POPULAR EXCPTS, MARY WITH A SEASONAL T2D3IE, FROM THE GREAT OPERAS, DVO Cannen, FearifiilKrc, La Irariria, II Trovatorc, Rigoktto, Aida, Barber of Seville, U BoUmc, Ma d am Butterfly Trmmdet A Die rWsnsMS toith Speeded Sarprutem AMAJID* THAHE. OAIBE POWELL, BONAVE1WHXA » , y Lil liiiiaViimiV Rill • hs Ari'3i5 • A'js VIENNA BOYS CHOIR I* Deutsche KanrinvorphaiarmonieWfaid 7 Nov Emembia ScaamolQflrnuny^ieedneaiBrtMr 746 Orchestra.IMema»tanriChenAerMt»1cBeeatai.Worla6y Be etfioravMentWsactatrartroirivMomt £T6-£fl Wed LondonUghtbouse Concert HDVtanonfcomD i 8 Nov Rtfton Keynea City Orchestra CHyofUmdonCtMir 746 IBoathCscplJOvendsnltanlAUansifantorBlMtortaby MwtBBer, Heyta. A Worto n-t a wm d. £S-£7 Thu Academy of St Martin In the Fields BNov K SHHto Wrl P Romero Ifltrt Mozart: Symphony Na33c 746 M PudWt: A VVkiQed Creature [pnNnliftDdrfsrcConclBrao deAraiiuegllilendOtaachrcS^niphonyNoAOtatanl £J5-£8 ftf London Shtfonletta seCassoaatB orchestra WNov NonoS Fe fc fc narc Endgamae M Stent [contflSBaOHSJta? 746 C van tonpen [cefio] I Deardeo [sound eng]
London 8t nf on tat i a Wricae £XL£B ROmL FESTIVAL HAIL. RFH 1 TUES 14 NOV at 7.30pm International Piano Series MAURIZIO POLLINI SCHUMANN Allegro 6- Fantasie in C CHOPIN Nocturnes 6 Sonata in B flat minor Op.35 CO skiing after the redtal E28.E22.EI7.EJ3.EI0. E6 BoxOffcqCC 0171 9604242 Harrbon/Parrott Ltd in assodatran with SBC C/5 QJ r u 'sJ 'N. | | rv j rSi CO Thursday 9 November Royal Festival Hall 7.30pm Richard Hickox conductor Britten A Time There Was Michael Nyman Trombone Concerto BBC commission [world premiere] Elgar Spirit of England Christian Lindberg trombone Judith Howarth soprano Wednesday 15 November Royal Festival Hall 7.30pm Manfred Honeck conductor Webern Im Sommerwind Mahler Songs from Des Knaben Wunderhom Tchaikovsky Symphony No. 5 Barbara Bonney soprano spon»»d by Matthias Gome baritone RgWgNP supportexTby pnuents ®JtC 29ail|| l&U&afh SAT. 25th NOVEMBER at 8.00pm I Ab evauM of «Mra with LESLEY GARREn WdweJ Prestoa-Hoberts tew David Barofl bottom BBC Concert Orchestra Peter Rofainsflii conductor The slar of BBC 2's "Viwi La Wvn" sings N^rfi^tts from her chart topping albums in a awert of favourite dtms oral papula songs Tkls:£2530 £22.50 £111.50 £7430 £9.50 Barbican Hall 0171 638 8891 [9am - 8pm dally] AO seats £10 and unreserved. Children, students, unemployed and over 60 s £S Phone 0171 960 4242 to book your tickets. ART GALLERIES BRITTER • CEREMONY OF CAROLS -THE GOLDEN VANITY ’I”- 1 '•W.r.S C>‘ rSL-'C. ScIvss.T. Hc-.S! Ajc-n.fr Ftikssnjjs ire JOHANN STRAUSS WALTZES ROYAL FESTIVAL HALL RFH0 XSSST"E25 £20 £1750 £15 £12 JO £10 £7.50 £5 Bra Office 61719614242 And jt ST. ALBANS CATHEDRAL KING'S COLLEGE CAMBRIDGE EXETER CATHEDRAL PLYMOUTH PAVILIONS TLj 2 S'cv T.oDc.t. 0172? 3507013 rri 2 NcvEpn 31233 357051 T-je 7 Hov 7 35c- 01302 211020 7Tj S fl;v 7.;ipm 01753 229922 ST GEC’RGFS HALL ERADrORD F;i 17 Nov 7.30'm D1274 7 52QCD ROYAL CONCERT HALL GLASGOW Wed 22 •lov 7.2L 0141 2^7 SMI DURHAM CATHEDRAL T-.u23 fjDV 7.33p,r. C1M 354 7W? S.ll perte 1 I/.' Uanl>L-JiLris c;:'. £'• \:rr ROYAL ALBERT HALL SDimAT 12 NOV «t7J0 hr ahl of NA OS [Na tio nal Anodat Ion of BertoinjTt*nt s*rok*a] REMEMBRANCE SUNDAY CONCERT -50 YEARS ON- London Festival Orchestra/Ross Pop]e GoWemJth* Chora! Unioa London Conceit Choir Deborah York Soprano Nicholas Gedge Bats Faure Requiem Copland Fanfare for Die Conamoa Hu SiBwradu& Barber Adagfio for Striiain Borocnn PoknUiu Ducm Elgar Tftnrod' £ram Variations & Pomp & cSrammtUMe March. No i Bor Omcc 0171 589 8212 CCHotuhe0171 312 1995 COIN AUCTION 111 TUESDAY 21 NOVEMBER 1995 Ryder Street Rooms, 5-15 Ryder Street. London SWl Public View: 17 & 20 November Catalogue available, £10 24-hour credit card catalogue order line 0171-3892820 THE JAMES PERLEY STTORER COLLECTION of English coins mrfmlmg
The ‘Rawlins Crown’ of Charles I minted in Oxford in 1644, estimate £25,000-£35,000
The ‘Petition Crown" by Thomas Simon, 1663, estimate £30,000-£35,000 • * A Henry VII sovereign, estimate £8,000-£10.000 SPINK SPINK A SONUD. 5.64 T Kirc 5TREFT. ST JAMES'S. LONDON SWJVH05. TEi- 6ITW30 tm. FAX’ »n-S39 -6J5J. TELEX' «W7ll RICHMOND THEATRE Trid.LV T]obor - Sr.Uii'J.v, 27 J.’im.ir'. LIONEL BLAIR LESLIE ASH HR ICE ROBERTS ADELPH “ANDREW LLOYD WEB8ER*S MASTERPIECE” Wai Sr Jc^ira- SUNSET BOULEVARD Wtanw of 7 Tony Awards hdixfing BEST MUSICAL Starmg SJUNE PAIGE 34HR OBEDtT CA3D BOOKKGS CALL 01713U OS [Wtgteel GRP 800NNG 473 332 [lAa tel No booking fee to Adepts Ecx Office Cates ReconJeU ritomaScri 0i7l 379 BSW MavSar 7.45 >43ffiTHur&Sal LOO ALBERYBO0171 369 1730 ce 017i 344 &UA [no bkg tee] Grp 01714133311 "FIVE STAR SHOW ~JRREStSTTBL£" D.Exp FIVE GUYS NAMED MOE StXm STOIBWG YEAR Mon-Thu 8pm Fn & Sar 6 5 B 45 FnSSaI6p7ioerftop4pncesZfoH ALDWYCHcc 01714166303 01714200000 [no lee] Evga 72C, MalB Wed 8 Sai 3 0 MAW CUSACK MARGARETTYZACK PAUL BHATTACHARJEE INDIAN INK “TDM STOPPARD TRRJW’H - A BEAUTIFUL AND FUNNY
. FIREBALL OF A PLAY TO IWIMWATE THE WEST END” Today try PETER WOOO AMASSADDRS017IB366I11/ 4200100 [no hkg tee] YIEW PLAY OF THE YEAR* DIM BURNING BLUE MorvSa17JOMais Wed & Sal 100 APOLLO YEAR D0NT DRESS FOR DINNER DUKE OF YORK'S 0171836 5122/0837 CC 420 0000/344 4444 fflhra.no feel ROYAL COURT CLASSICS ‘An event before ft area bagtaa' Mon Sin ffcr V4ufclv«K e skies [Shephard]: 630 E. waJirusley In D minor. Where shaft wisdom be found [Boyce]. SALISBURY CATHEDRAL 8 HC 10 Euch. Mass of si Thomas [Thome]. Tantum ergo S id. V Rev H Dickinson; It JO fit, ises [Smith], Short Service [Gibbons], e rromkins]. Awake us Lord and hasten machl. Rev A Phltp: 3 E. Responses [Smith]. Stanford In G. Half gladdening tight [Wood]. SHEFFIELD CATHEDRAL 8 HC: 9 MP: 930 C: 11 Euch. Canon J Sinclair. 630 E & sermon, the Ven 5 Lowe. SOUTHWARK CATHEDRAL 11 Choral Euch. Missa cum Jubllo [plainsone]. Mlssa Brevis/The Dnl Is my Shepherd [Bericeteyl. La all mortal flesh [galrstow]. Rev canon D Atkinson; 3 Choral E. Coll R«w [HowelW. The Spirit of the Lord [Elgar], Rev Canon R white. TRURO CATHEDRAL 8 HC; 9 M. the Bishop; 10 S Euch. God so loved the world [Stainer]. Comonation Mass [Mozart], the Bishop: 1130 Royal Brutish Legion Remembrance; 6 E, Responses [Rose], Brewer in B flat There is an old belief [parry], the Librarian. WELLS CATHEDRALS HC 9.45 S Euch. MtSSa Brevis [Palestrina]. Ven R Acwortlu lUOM. Short Service iGIbbons]. O most merciful
11 odd; 3 £. CoU Magdalenae Oxonlense titon]. Blessed be me God and Father - Rev Preb N Kent WESTMINSTER ABBEY: 8 HC 10 M, Stanford in B flat. Justorum anlmae [Stanford], Canon D Gray: 11.15 Each, Missa Oquam cforiosum [Victoria]. Gauden in coetls [Derin®. O quam ctoriosum fvtcroria]. Canon C sempen 3 E. Darke In F. Mlelulal heard a voice [WeelReS], v Rev Prof R Barbour 6J0 ES- Canon D hujl WESTMINSTER CATHEDRAL 7,8.9.12.53& 7 M; 1030 SM. Asperges Me [Plalnsong]. Setting [lye]. Euge bone. Ave vergo sanctlsslma [Gaerrero]: 330 VftB, Maglficat octavt [Morales]. Tantum ergo [Reger]. WINCHESTER CATHEDRAL 1030. M. Responses [Ayteward]. Benedlctus [Fauxbourdons]. Jesu Joy of man's desiring. Rev c Stewart it30 Euch, Coronation Mass/Ave verum corpus/ Adagio A Allegro In F minor Major [Mozam 33UE, Servla ln 5 parts [WeeDcesL I beheld and lo a great multitude. Rev D scon. YORK MINSTER: 8.8-45 HC; 10 S Euch. Thee we adore [PlalnsongJ. Mlssa brevis In F Rev Canon R Metcalfe; 1130 M. 1 E. wood In : Fumett. 8 Revs HC; U O taste & see [Mozart>, Rev Canon R Metcalfe; Stanford In A. Responses [Moorac 4
- Greater Love [Ireland]. V Rev R F
ST ASAPH CATHEDRAL Chvyd:
Choral Euch. Stanford hi B flat. O
[Vaughan Williams]; 330 Choral E. Watson In
E, Responses [Statham]. Give os the wings of
falvh [Bullock]
ST DAVIDS CATHEDRAL Qyfed: 8 HC; 930
Euch. the succentor. ri. IS Choral M. Stanford
In B ttau Pray that Jerusalem [Stanford], The
Canon: 6 Choral E. Before the ending of the
day [Piainsone]. wood In E flat. Justorum
animae [Stanford]. The Dean.
ST GEORGE'S CATHEDRAL
South wart 8. 10.6 LM; 1130 SM. Borate Coeti
[Haydn]. Ave verum [John Gyeanty]. Rev
Canon J PannefL
ST GILES' CATHEDRAL Edta&KTgb: 8.10 MS
ft HC. Mass In C minor [Vaughan williams].
Rev c Kenny; 1130 MS. Mass in D [Dvorak]: 8
ES. Rev s MitchelL
ST PAUL’S CATHEDRAL London: S HC: 8.45
M;11S Euch, The Leroy Kyrie [Tavemer].
Mlssa Euge bone am O salutaris hostia
rraJUs]. Rev c Hill: 3.15 E, The Gtaucesier
Service [Howcusl Responses [LHgbtonj. How
lovely Is thy dwelling plane [Brahms], v Rev M
Sadgrove.
ALL SAINTS. Margaret Street. Wt: 8. 5.15 LM;
1030 MP. II hSi, Mass in c [Schubert].
Justorum anlmae [Byrd]. Rt Rev S Phipps: 6
EftB, Stanford In a. Rev Canon F Hawldns.
AU. SOULS, LartghamPlace.wi;9C; 11
wooteer. 630. Rev Preb R Bewes.
THE ASSUMPTION. Warwick street Wi: 11.
Mlssa o quam gloriosum [Vtaoria]. Do mine
fac mecum [Morieyl. O quam gloriosum
iMarenztt].
CHRISTIAN SCIENCE CHURCH. Cutzon St,
Wi: 11 Sunday sendee; 11 Sunday SchfloL
CROWN COURT CHURCH Of _
SCOTLAND. CQWOf Garden. WC2:11.15,630. RevS HooOi 1230 HC FARM STREET. WI:730.830.10.12.15.4.15, 6.15 LM; 11 HM- THE ORATORY, Brampton Road, SW7: 7.8.9. 10.11 Mass. Mlssa PapaeMarcetll [Palestrina]. O sacrum convivium [Vtaoria]. 1230,4.30.7; 330 V a B. O sacrum cbnvfvidm [Salazafl. ARMENIAN APOSTOLIC CHURCH: Iwaua Cdns. ws: 11 MP. Archbishop Y ClzJrlan- WESLEYfl CHAPEL Cliy Road. EC2: 9.45 HC; 11 MS. Rev P Hu! me. WESTMINSTER CENTRAL HAU. [Methodist]. SWI: 11.630. ST ANNE AND ST AGNES [Lutheran], Gresham SL EC2:11 Choral HC 2 SwahUl HC. Br J Anthony: 7 Chora] M. Requiem Mass [Rutter]. Rev P schmlege- ST BARTHOLOMEW THE GREAT, Smithfleld. ECl: 9 HC It, Choral Euch. Mlssa pro deftmetis [Anerio]. O Jesu Christe [van Beirfiem], The Recton 630 Choral E, Waimlsley In D minor. O Lord the maker of all thing [Mundyv the Rector. STBJUDE~S, Fleet Street EC4: II Chora] Euch ft Baptism, Jubilate [Waltan]. Ireland In C, Ave ST CLEMENT DANES: 11 Chon] Euch. Communion Service In C [Ireland], rustroum anlmae {ByrtQ, Rev p Bishop. ST ETHELDREDA'S, Ely Place: 11 SM. Mass [PtalnsongL ST GEORGE'S. Hanover Square. W]; 830 HC; 11 S Euch. Mozart In C. May the soul of the righteous [Mumil]. Rev C Watidns. ST JAMES'S, GartJektayfbe. EC4:10305 Euch. John Paul. Rector. ST JAMES'S. Sussex Gardens. W2. iojo 5 Euch. Mtssa Aetema ChrisU Munera [FaiesirinaJ. Andlvi vocem ITaltts]: 6 E. Fauxbourdons [Byrd]. Let us know land [Mundy]. ST JOHN'S. Stratford El5: It Family C. Trumpet Minuet [Hollis]. Rev M Holmderu 630 EP. Rev J Richardson. ST LUKE’S. Chelsea. SW3: 8. 12.15 HC 1030 5 Euch. Mlssa Simile est regnum [Victoria], ital carttas [Durufie]. Rev D watwru 630 E, Responses [Mortey]. Q Lord In thy wrath [Gibbons], RevG Beauchamp. ST MARIOS. Regents Park Rd. NWl: a HC: 9 45 ^ ri s i glorious is the kingdom [Ireland], Rev J Yates. ST MARGARETS. Westminster. SWI: 11 S Euch. Mlssa brevis in c [Mozart], The Lord Is My shepherd [Schubert]. Rev R Holloway. ST MARTDMN-THE-nELDS. WC2: 8. 1230 HC. Rev w RatchfonL 9.45 S Euch. St Martin's ..tiyfWesteSk
,. . Responses [Smith]. CoU reg [Howeiis]. Adam lay yhounden [Orti]. the Wear 2.45 Chinese. Rev P Leung: 5 Choral E. Responses [Aytewanl]. Short Service [Bynfl. Lord let me know mine end [Greene]; 630 ES. Fr Jcrzo of Medjugoije, Bosnia. ST MARY ABBOTS CHURCH. Renstnsum WB-. 930 EuCh. the Vicar. 11.15 ChoraiM. The wear: 630 £. Rev F Geu L ST MARTS. Bourne Street SWI; 9.10,7 LM; II HM. Mlssa Iste confessor [Palestrina]. Fr B SCOtL 6 EftB. ST MARY-THE-VIRGIN, Primrose Hill: 8 HC 1030 Euch, Missa nunc ecce benedldre [Lassus]. God so loved die world [Stainer]. Rev Dr p Baker 6 Choral E, Dyson In D. Evening Humn [BalfourGardlnei]. ST MAKYIEBONE, Maiylebone.Road, WI: g HC 11 Choral Euch. Missa solemn IS K337 [Moran], i will fill this house with RloiytSusI Laurel; 630 Mhilsny or Healing. Rev c Owen. ST PAUL'S, Wilton Place. SWI; 8. 9 HC II S Euch, Missa Brevis [Palestrina], Jehova [Purcell}, if ye love roe {Tallis]. Rcv N Dawson. ST STEPHEN'S. Gloucester Road. SW7: 8. 9 LM; 11 5M. Mlssa Brevis [Ancrlo]. justorum anlmae [Byrd], exultatejusti [Viadana], Canon CCoIven. CHAPEL ROYAL OF ST PETER AD VINCULA. HM Tower of London: 9.15 HC. Canon J G M w Murpuy, u M ft Sermon. Responses [Mortey], Short Service [Gibbons], O God thou are my God [Purcell], Rev g Elmore. CHAPEL ROYAL SL James's Palace: 830 HC 11.155 EuctuMass In Five Pans [Byrd], Canon D H Wheaton. CHAPEL ROYAL tUmptan Court PBMcg-SJO HC 11 Choral Era. Mlssa mskdb Chrteti Munera nwestrinaL Lei all mortal flesh keep sflenoe [Balrstaw]; 3 30 E, O Lord the Maker [MundvL Responses [Tunnaid], Brewer In D. O Where shall wisdom be found [Boyce]. GR09VEN0R CHAPEL South AOtfify’ SlRSL WI: II S Euch, Mlssa O quam gloriosum SrteuSum ° t?uam E lortosum IVhMna]. Rev a OUEENE CHAPEL OF THE SAVOY. WC2-' 11 S Euch, CoU Reg [Darke In EU The Chaplain. THE TEMPLE CHURCH. Fleet Street 830 HC 11.15 MP. Responses [Radcltfle]. Mathias in C. jubilate Deo [WilUam walion]. The Master. GUARDS CHAPEL VtaUtneton Barracks. SWI: 11 Choral hc O Jesu blessed lord [RelnJglus]. Messe Soionelle [Gounod]. Jegu_ the very thought Is sweet [CantionesV. ROYAL NAVAL COLLEGE . Rev 1 Cook. Family c Euch, Schubert In G. How KJYAL NAVAL COLLEGE CHAPEL Greenwich. SE10: r l s Euch [BCF]. Ireland in C Nat unto us o Ibid [Waimlsley]. Rev c French. BMD’S: 0171 782 7272 PRIVATE: 0171 481 4000 PERSONAL COLUMN TRADE: 0171 481 1982 FAX: 0171 481 9313 Jesus said: ‘Truly I teu you. unless you turn round and become Uk* children you win never enter Die kingdom of heaven.” Matthew IB : 3 [RES] BIRTHS BEST - See Willett. BROCKET - On 27th October - in Leuven. Btfcdum. to
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0181-993 9973 ORIENT-EXPRESS FROM £69 Orient-Express driven by steam engine on 9 or 20 Nov. • champagne breakfast • visit Beaulieu • coach return to Victoria £69 or £129 with Orient-Express both ways to the New Forest • champagne breakfast and luncheon Orient-Express both ways driven by steam locomotive on Saiurday, 11 Nov. • champagne luncheon and dinner • tour New Forest £149 or £99 with coach from Victoria to Beaulieu • Orient-Express champagne dinner TO BOOK PLEASE PHONE: 01485578600 Changes to chart above from noon: High N and high P will combine and drift towards The Netherlands The pressixe will increase sllghity and define. Low F will move east and Dll QE2 AND ORIENT- EXPRESS Concorde supersonic to Tenerife on 16 Nov. • four night cruise around the Canary Islands on QE2 to Southampton via Lanzarote • Orient-Express to Victoria £1,499 Orient-Express to Southampton on 11 Dec • one night QE2 cruise • Paris tour • Concorde to Heathrow £699 Concorde to Paris on 12 Dec. • three night QE2 cruise to Ams terdam • Orient-Express tram So uthampton £1,099 Orient-Express to Southampton on 11 Dec • four night QE2 shopping cruise to Le Havre [far Paris] & Amsterdam cha mpagne canal cruise • Ori ent-Express to Victoria £699 For our full colour brochure, please telephone: 9 0181-992 6991 or write to f M SUPERLATIVE TRAVEL ftS VMM 43. Woodhurst Road, London, W3 6SS Hi 1 : - fi. r ■ I t r IJtuPfi iasrAi • 1 ! 14 %t‘ ‘- """ '• ! . ses ?.A ; fex&i% vT«r- » ffi. . jH ! ;awc/r>^r s - K 7 - i aKSst- &--V Mr’ 1 ' fr* } K-v : -?9jfcr.io ! h '' e EKENb ; l«npfcv -. - . U I - -•': -•“. " "'k-.
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It is understood that the identities of the fraudsters, who use spy camcorders to Dim unsus¬ pecting customers using the cash machines, are known to the police. One long-lens camera, usually placed in a building opposite the cash machine, films the front of the card while the other zooms in on rhe Pin identification number being tapped in. When blown up on a large-screen TV the details are easy to distinguish and these are then transferred to the magnetic strip of a bogus card, which is used to plunder the account. In the present case the gang has not yet been apprehended although arrests are believed to be imminent. Earlier this year police arrested and charged more than half a dozen people from two gangs for a similar scam on Abbey National and Royal Bank of Scotland, among others. A trial is expected to start"early next year. It is believed that those involved in the present fraud have connections with those already arrested. Scotland Yard declined to comment. As a result of the latest outbreak of cash machine fraud. Abbey National, which has to date lost ill million, has bought forward the replacement programme for its 800.000 Abbey- link cardholders as “a matter of urgency". Chris Wermann. of the Abbey, said that all victims had been compensated for the illegal with¬ drawals. He added that the new-style cards had additional security devices incorporated into the magnetic strip that would make it much harder for this particular scam to be successful. Wynne Evans of the Association for Payments Clearing Service, which represents 22 banks and building societies, said that as the fight against the fraudulent use of plastic cards in retail outlets became more successful so criminals were turning to other ways of stealing money, such as defrauding cash machines. This type of fraud last year accounted for a growing figure within the overall £97 million lost in plastic card fraud- Mr Evans added: “Fraudsters also capture personal card details and Pin numbers by using devices attached to the machines. Another method is ringing up people who have had their cards stolen and pretending to be a police station or even the'bank or building society branch. They then ask people to give their Pin number as a means of identifying themselves, which in a genuine case need never be divulged.” WEEKEND MONEY W 31 Cordiant to charge £55m of issue cash ROBIN MAYES . ■‘. yr mmm By Christine Buckley A LARGE chunk of the cash that Cordiant the former Saatchi & Saatchi. hopes to raise in its rights issue will be absorbed in disposal charges and severance pay. Such exceptional items will strip out £55 million, while Bob Seelert, the chief executive who was recruited in July and who has organised the I-for-3 rights issue at 60p a share, is in line for a bonus of £100.000 for the completion of the issue by die end of the year. Cordiant also gave warning that some further "re-engi¬ neering" of its operations may lead to further exceptional charges. The widely expected rights issue, priced at a discount of 36 per cent to yesterday’s opening share price, will raise £126.6 million after underwrit¬ ing expenses of £6.4 million. The issue has been fully underwritten by SBC War¬ burg and LIBS. The cheapness of the issue price puzzled many analysts, although a number welcomed the offer as a move to propel the cash-strapped company into a stronger position. One said: “I just can't imag¬ ine why it has been priced at this level. There had been some feeling that Cordiant could possibly have made the offer at a premium. But if it FT-SE100- 3500.4 [-22.6] Yteld , 4JH% FT-SEA All share 1721.88 [-9.01] Nikkei Closed Naw York: Dow Jones_ 4810A0 [+1.B1I* S&P Composite 689.42 [-0.30] Federal Raids™- S"«* [5"i Long Band_ 108*4* [1 Off Yield' R28% [&2S 3-mtfi IrpHtenk. LffletonggSt: 6*4% [8*-%] was going to discount it needn’t have been to this leveL” Shares in the company, which has seen the departure of high-profile advertising ac¬ counts such as Mars and British Airways after the exit of the Saatchi b roth e rs, added 8p to dose at 92p. The shares haw slumped from I55p since the departure of Maurice Saatchi. the co-founder, last ; December. Cordiant has rearranged its ; banking arrangements on the bade of the issue, which will attack the £305 million gross debt pile — a sum that towers over the £1S62 million market capitalisation. Cordianfs cur¬ rent facilities, which were due to expire in January 1997, had provided funds at rates equal¬ ling 3 per cent above the , London inter-bank offered rate. A new revolving credit arrangement of £163 million, which matures in 1999, will mean that rates fall within the range of 15 per cent above Libor. Mr Seelert said: “The group can now concentrate on reve¬ nue growth, its margin im¬ provement plan and develop¬ ing its leading position in the global advertising and mar¬ keting services industry." He said that Cordiant had compensated for the loss of big-name accounts. Mars, British Airways and Dixons had generated £40 million revenue last year. New clients include Spiilers Petfood, Peugeot. Bell Atlantic and America West Airlines. Doubt remains over wheth¬ er the Conservative Party will continue its account after being unable to pay its bib in fulL If the Tories do quit, they j will be forced to pay their fees in full and would not have any instalment facility. As Cordiant — which is projected to make an operat¬ ing profit of about £39 million for this year — strives to reverse its debt-laden position, Charles Scott, chairman, emphasised that the Saatchi name would not be up for sale. "That wfll never be on the agenda. Shareholders would have me executed if they thought that was in my mind.” mm ,'V ■.. ••v. -V ’4 \ v Bob Seelert chief executive, stands to gain a £100,000 bonus for the early completion of the issue Plea for help as number of firms going bust rises By Janet Bush, economics correspondent THE British Chambers of Commerce [BCQ yesterday charged the Inland Revenue and Customs and Excise with forcing companies into liqui¬ dation and urged them to take a more helpful view. The comments came after figures showing that company insolvencies have risen again in the third quarter, confirm¬ ing the slowdown in economic growth. There were 3.919 com¬ pany insolvencies in England and Wales, a 12.6 per cent increase on the second quarter but still nearly 10 per cent lower than the third quarter last year, according to season¬ ally adjusted figures from the Department of Trade and Industry’s Insolvency Service. Raw. unadjusted figures tell the same story, with a large rise in insolvencies between the second and third quarters. This reverses the pattern of last year, when the number of insolvencies fell between the two periods. The BCC also noted that a 30 per cent rise in compulsory liquidations was a serious concern. Richard Brown, dep¬ uty director-general of the BCC, said: “Typically, it will be the Inland Revenue and Customs and Excise forcing companies into liquidation. We would urge them to take a broader view to assist with company survival.” He said that a rise in the number of companies going bust had a serious knock-on effect on the rest of the econo¬ my, with late and bad debts and increasing uncertainty under¬ mining business confidence. However, individual insol¬ vencies fell 3 per cent com¬ pared with the second quarter. and 14 J per cent on the third quarter in 1994. □ Consumers are "improving not moving”, spending more in the high street but not buying large items such as houses and cars, according to a survey from the Finance & Leasing Association. Store credit and personal loans were up by 31 per ant in the year to September compared with last year, but demand for car finance was up only 3 per cent Secured lending — mainly second mortgages — fell to £23 million, a decline of IS per cent on August's figure. Neil Grant FLA director, said that people were digging in for a cosy winter, improving their homes, keeping a tight grip on their budgets through canny use of credit bargains, but not moving house or buying new cars. 1 New Yortc London:. S- E DM- FFr- SFr-- Yen- g £ Index- $$¥ VTLTI.T1 B London: DM™-.. FFr-- SFr-
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Asprey payoff for Attallah
By Sarah Bagnall
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denotes midday tr&ding pries PRINCE JEFRL brother to the Sultan of Brunei, the world's richest man, plans to invest heavily in Asprey, the financially troubled luxury goods group he is offering to buy for £243^ million. Prince Jefri has offered shareholders in the Queen’s jeweller 250p a share. John Asprey, the retailer's chair¬ man, and his family, who, together, own 52 per cent of the group, have accepted the offer. However, he has agreed to - retain a 10 per cent holding in Amedeo UK. the company set up to acquire Asprey- The 250p offer is a significant premium to Thursday's dos¬ ing share price of 127p, but far short of the 425p that the shares commanded in 1989. The shares rose I19p, to 246p, on the news. Asprey said Naim Attallah had retired as chief executive after 21 years with the group and would receive compensa¬ tion for loss of office to reflect his one-year contract Mr At¬ tallah. who was due to retire later this year, earned £309,000 in the year to March 31. Ian DahL Mr Attallah’s re¬ placement, who joined on September 1. and Mr Asprey will be chief executive and chairman, respectively, of Amedeo UK. Prince Jefri will nominate two other directors. Mr Dahl said that Prince Jefri had approached Mr Asprey with a view to taking a minority interest in Asprey in the summer, but discussions had developed into takeover talks in the past few weeks. Mr Dahl who is completing a five-year strategic plan for Asprey, said that the takeover would give it the funding it needed to grow. He said: “Prince Jefri is committed to the business. He intends to make a substantial in¬ vestment in tiie group, which will be significant relative to turnover." Asprey had sales of £177.8 million last year. Asprey yesterday an¬ nounced a drop in pretax profits from £3 million to £12 million in the six months to September 30 on sales of £93.8 million, up from £82 million last time. The company still has high levels of unsold stock, which was valued at £125.4 million at the halfway stage, against £129.6 million six months previously. Marshall to step down as BA chief executive By Marianne Curphey AFTER almost 13 years on the board of British Airways. Sir Colin Marshall is to step down next month as the airline's chief executive. He will be re¬ placed on January I by Robert Ayling. who has been BA's managing director since 1993. Sir Colin, who will be 62 in a few day’s time, remains as chairman in a non-executive capacity. His new role, which will involve advising the board on developing alliances with other airlines and raising the airline's profile in govern¬ ment and European circles, is expected to occupy two or three days a week. The announcement sur¬ prised the City, and shares in BA rose lOp to 475p yesterday. Sir Colin joined BA as chief executive in 19S3 and was sub¬ sequently appointed deputy chairman, taking over as chairman in February 1993 when Lord King stepped down. Mr Ayling. 49. was refut¬ ed to the airline as its ifu.il director and was later ap¬ pointed to a number of posts before joining the board in - Sir Colin currently receives a total salary package of £765.000 including basic pay of £487,000 plus performance- related pay and bonuses. Mr Ayling is currently paid more than £500,000 with a basic salary of £300.000. j ir ^ v l Anne Ashworth j/i on a new move in the ObB pensions scandal ‘ -i™ i-.:'• : 29 Predictions for ; your home, tax bill and savings b 30 What’s in a guarantee? Small print explained 32 r The postman -/ knocks. Savings . ■: by the mail Ek . ctfr 36 A shift of allegiance. The benefits of switching accounts ,, -Jvl , . ONE SERVICE DOES \A;, J'; UK’S MOST POWERFUL CREDIT MANAGEMENT SERVICE ’• , ■ • ■_ , •• .> J. TT:-E wMM v.: s r Imagine Hie power of a service fhaf strengthens tfie ioles effort, reduces your exposure* to risk, improves cash flov/ and eliminates unnecessary cost. That's' Thinking Business'’ 1 . !t is already working for thousands of growing businesses and industry leaders. Imagine it working for you. ONE CALL TELLS YOU HOW 0500 301583 Call for your free information pack 26 BUSINESS NEWS THE TIMES SATURDAY NOVEMBER 4 1995 s< Q Be Ju Hi A ho ha be ws cm wc pn na an die CCH I an of rai to ler in sqi en. pn dis Yv Jm La
- pa Ro So Co juc COI ter \ wh La ibt 1 the Be, wh shi ani ba Ce At Be: JU! Pa [Ju Th eni del ore an act thi I Su sec as tha exe 1 res api Hi. the Sir Bei alii ris Why buy Asprey’s baubles when you can buy the shop? E nter Prince Jefri of Brunei, exit Naim Attallah, the chief executive of Asprey, who, for many years, is reputed to have wielded a Svengali-like influence over John Asprey, chairman of the Bond Street- based jewellers. Much is known about Mr Attallah; less about Prince Jefri. This state of affairs is unlikely to change markedly for two rea¬ sons. The first is that Mr Attallah, the Palestinian socialite who owns Quartet Books and has an interest in the Literary Review, is not averse to a little publicity; as might be expected of someone who wears two watches and sports [on purpose] dif¬ ferently coloured socks. The second reason is that the Sultan of Brunei, Sir Muda Hass anal Bolkiah Muizzaddin Wadaulah, is averse to publicity; as might be expected of the world's richest man with an estimated fortune of more than £20 billion. The Sultan, it may be recalled, did not enjoy the pub¬ licity that surrounded the alleged use of his funds in Mohamea A1 Fayed’s controversial £615 mil¬ lion takeover of House of Fraser in the mid-Eighties. Quite what role, if any. the Sultan has played in the £240 million Asprey deal is not readily apparent, but it can safely be assumed that the Sul¬ tan's dislike of inordinate pub¬ licity will not have been lost on his younger brother. His Royal Highness Prince Jefri Bolkiah. Although, as The Times pre- Asprey,_ purveying jade, rubies, bejew¬ elled daggers and the like, all wrappeoup in Asprey’s splendif¬ erous purple paper, is unlikely to fall into the “hands on” category. There was no sign of the prince, understood to be in Brunei, when Asprey unveiled the latest turn of events in its colourful history. The message from John Asprey, whose family trusts con¬ trol 51.7 per cent of Asprey’s equity, was: “My family and l have known Prince Jefri and his family for many years. His ownership of Asprey will en¬ hance the style and status of the S p and the Asprey family is hied to continue to play an important role in its future. ” He added: “Prince Jefri shares our commitment to the standards and service of the flagship busi¬ ness. His financial support will enable the development of all our businesses and brands to be accelerated, particularly in inter¬ national markets.” Mr Asprey, presumably tak¬ ing a led out of Prince Jefri’s book, was not readily visible at the press tited-tgtes that took place over a cup of tea yesterday at die St James's Park offices of Hambro Magan, the merchant banking boutique that advises Asprey. Ir fell, Instead, on lan Dahl, successor to Mr Attallah. to chat about jewellery in general and princes in particular with the likes of myself. Mr Dahl, the former head of Sportsgirl. an Australian fashion retailer, was MELVYN MARCKUS appointed heir-apparent to Mr Attallah last August although no handover period was specified. Mr Dahl let it be known that he was “absolutely delighted” with the latest turn of events which, he emphasised, was “good news” for everybody. Mr Dahl did not elaborate on pre¬ cisely who everybody was, but it would seem safe to assume that shareholders and the Asprey family are perceived as major beneficiaries. Also good news, presumably, for Prince Jefri and, of course, Mr Dahl. Mr Dahl also stressed that he was "totally unaware” of such developments when he joined Asprey which, he insisted, was still “totally viable” as a pic. It emerges that talks between Mr Asprey and the Sultan’s family started some two months ago and subsequently moved on to a higher plane when Prince Jefri’s initial interest in taking a minor¬ ity stake gave way to discussions regarding a full-sale takeover. The City has been highly critical of the policy of acquisitive expansion embarked on by Mr Attallah in recent years. The acquisition of Garrard and Mappin & Webb for £75 million from Sears in 1990 was followed by the £23 million purchase of Watches of Switzerland from Ratners two years later. Les Ambassadeurs, the watch and jewellery chain, was acquired for £10.8 million in 1993 when Asprey also bought Ronald A. Lee, the antiques specialist. Other ventures taken under Asprey’s wing include Rene Boivin, the Paris jeweller and Tomasz Starwedd, the design house. . Might Mr Dahl be inclined to focus on Asprey. Garrard and Mappin & Webb and “dump the rest” I asked, exuding my own inimitable charm. “Absolutely not”, said Mr Dahl, who pro¬ ceeded to educate me about the charms of Watches of Switzer¬ land which, in his words, repre¬ sented a “fantastic business”. Although Mr Dahl categori¬ cally denied any suggestion that Prince Jefri’s intervention smacked of a "rescue" in the wake of Asprey’s £9.8 million loss for 1994-95. he admitted that a cash injection, at this point in time, held “certain attractions". At this point in time, midyear profits for 1995-96 are down from £3 million to £1.2 million.Mr Dahl and his advisers refused to comment as to how much Prince Jefri envisaged injecting into Asprey over the next few years — a silence that leaves one to guess at a further £20 million to £30 million commitment Sultans and their families do not of course, tend to become involved in anything as vulgar as a takeover battle. Amadeo UK, the offshoot of Jersey-based Amadeo. has received “irrevo¬ cable” undertakings from the Asprey family in respect of their 51.7 per cent interest — 10 per cent of which will be swapped for equity in Amadeo UK. John Asprey anti Mr Dahl will emerge as chairman and chief executive respectively of the UK vehicle. The prince’s representatives have yet to be appomted. The offer of 250p cash is well below Asprey’s all-time high of more than 400p but in view of the 54p low seen earlier this year, not a few shareholders will be distinctly relieved at Prince Jefri’s appearance. After all, why buy the baubles when you can afford to buy the shop? Sumitomo to take over Daiwa Bank operations in U S AMERICA’S Federal Reserve yesterday gave its blessing to plans by Daiwa Bank, Japan's tenth largest bank, to allow its US operations to be absorbed by its rival Sumitomo. The move follows an order by American banking authori¬ ties for Daiwa to shut down its operations in the US in the wake of an apparent $1.1 billion scheme to cover up huge bond losses in New York and a 24-point indictment alleging conspiracy to defraud the Federal Reserve. It was revealed yesterday that Daiwa first asked Sumitomo to support its US operations on October 9 after the Japanese bank began to fear the possibility of swinge¬ ing penalties being imposed by American authorities over the bond losses. It was also revealed that the Bank of England had found no irregularities in an inquiry jointly conducted with the By George Sivell Securities and Futures Au¬ thority into the London branch of Daiwa Bank. The Bank of England said yester¬ day: “We have'conducted an investigation into Daiwa Bank London under Section 39 of the Banking Act There was no evidence of irregularities of the kind that affected Daiwa Bank in the US or anything that would constitute a threat to depositors in the UK.” The action against Daiwa was the first against an over¬ seas bank by the US authori¬ ties since the Bank of Credit and Commerce International was shut down in July 1990. Yesterday, the Federal Re¬ serve said that Sumitomo could absorb Daiwa’s US operations before expiry of the 90-day deadline to shut down. In the meantime, Daiwa said it is to fight die criminal charges. If found guilty, the bank faces penalties of up to $13 billion. The Daiwa affair raises questions of bank regulation around the world and strains relations between Japan and the US. when US liquidity may be needed to ease any farther strains that emerge in Japan’s troubled banking system. Last night, a senior Ameri¬ can banking monitor said that he thought Daiwa represented the problem of an individual institution and was not a symptom of a wider problem. Jim Leach, chairman of foe House Banking Subcommit¬ tee, said: “While this may symbolise certain problems in transparency in foe Japanese banking system, this is a movement against an individ¬ ual bank in very much the same terms as an American bank would have been moved against" He believes the Bank of Japan and foe Japanese financial system have suffi¬ cient resources to deflea any systemic risk. Howard Sims takes over as chief executive of the new Cavaghan & Gray Group Life Assurance could be the most important thing you ever buy for your family Call free on 0800 3 6 3 42 2 Providing for your family if anything happened to you is too important to leave to just anyone. But why choose Britain’s best4oved high street name? Because u Marks & Spencer we have developed straightforward financial plans that meet our customers’ needs. So. you decide how much cover you want and how much you would like to pay. There's no pressure and you won't be paving a salesman's commission. YOUR MONEY REFUNDED IN FULL And. as you might expect, we have a special money-back guarantee If during the first three months you decide our cover is not right Tor you. we will return all the money you have paid, without any deductions. Now you [fan biiy itfrorn Marks & Spencer. HOW TO FIND OUT MORE Along with a life assurance plan to safeguard your family, we also have a plan to provide you ■with cash il senous illness strikes. To find out exactly what they could do for you. call for our free information pack on 0800 363 422. Our staff are available from 8am to 8pm weekdays, and from 8am to 5pm on Saturdays. Sam to 8pm weekdays. 8am to 5pm Saturdays. Pbn £7 pt, rnomft. Scnotn UTimi n mmw WwflOptr ■MMfc- Wild If any ow DATA PROTECTION Wr imW four « 3 mo uu ngU, t* nattk tft ftarta A Spencer ffXMv to> rartas* puipoco. Im wn nup imd you rfnafe Anui odw, Hub B Sparc pwdi M lerwtet Plene iNcpftonout if fOadonot wBh toncefce iN mi i imm VVr ini’ iffepKone |Bi To confirm mm of your I Marks & spencer LIFE ASSURANCE LTD Mm md Sparxcr Lite Aamnrn UiMtd. fcewxd Hdad Homo. tarrSuna. Lam* WIA ION hsmaml m Enpbrd No. iBM» ■UfBMod bf 6m Pwwul Innn fwtramj. Kiffa mt Spnur Ur Aauntnet h pjrr at tht M^j * Spmcm FutocMf Scrwo Wouy firm am Ar h aii w u war M*rta J> Spcnffy Ffcuivttl Wuca Struggling Dalepak and Cavaghan merge By Robert Boyd DALEPAK. foe troubled York¬ shire frozen food manufactur¬ er which supplies the likes of Tesco and Asda. is to merge with Cavaghan & Gray, the private chilled food company. The move values Cavaghan & Gray at approximately £43.4 million, compared with Dalepak’s market value of £12.3 million. The new en¬ larged group will be called Cavaghan & Gray Group. Howard Sims, Cavaghan & Gray's chief executive, will become chief executive of the enlarged group. Dalepak, currently showing a loss, proposes to raise £13 million by way of an issue of up to 143 million new Dalepak shares at 105p each. The offer is 31 new Dalepak shares for every 25 existing shares. Mr Sims said: “There is a large demand for capital in the food industry and we have to keep investing. In the past we have had to borrow, so this merger is ultimately the way forward." Tempos, page 28 Trial breaks early for ‘tired’ Kevin Maxwell THE Maxwell trial adjourned early yesterday after Kevin Maxwell declared himself “knackered” from three weeks in foe witness box. Nearly half-an-hour before the court's normal rising time. Alan Suckling, QC. prosecut¬ ing, told Mr Justice Phillips: “It has been drawn to my attention that Mr Maxwell has been in the box all the week — I don’t know if he is tired.” Kevin said “I am knackered", to which the judge said they could have a slightly earlier weekend. During the day, Kevin said a lie he had admitted telling to the Bank of Nova Scotia about the status of shares being used as security for a foreign ex¬ change deal had become “a huge millstone around my neck". Kevin, 36. denies conspir¬ ing with his father to defraud the pension funds by misusing E100 million-worth of Sritex shares. He. his brother Ian.
- and Larry Trachtenberg,
- deny a similar charge
concerning £22 million-worth
of shares m Teva, another
Israeli company. The trial
was adjourned until Monday.
Ttsurasr
mms
Auarates —
Austria Sch ...
Belgium ft —
CanadaS —
Cypne CypE .
Denmark Kf ...
Finland MU -
Fiance Fr ——
Germany Dm .
Greece Dr .
HongKongS
Ireland PI —
Israel SNc —
Italy Lira
Japan Yen —
Mafia
NetharfdsGld
New Zealand S
Norway Kr
Portugal Esc
S Aksa Rd
Spain Pta —
Sweden Kr —
SMEartand Fr
Turkey Lira ....
USAS
Bank
Buys
2.19
1682
4&21
Z23\
0755
932
733
8.16
2.40
386.00
12*5
1.03
5.1700
p e o e nn
17B.00
0.597
2.671
2A5
1050
24730
ref.
200.50
11.12
1.94
refer
1.670
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2.03
1552
44.91
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2.19
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11.65
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247000
162.00
0.542
2.441
233
9.70
22900
5.43
18700
1042
1.70
77636.0
1548
Rates for small denomination bank notes
only as supplied by Barclays Bank pic.
Dtflaienl rates apply to trawflera'
cheques. Rates as at cfcrae of trading
yesterday.
THE SUNDAY TIMES
Britain’s
overpaid
executives
Who is Britain's
most “overpaid” chief
executive? Find out
tomorrow in our
exclusive survey, which
pinpoints the leaders
whose pay outstrips their
company's performance.
Plus: the other side of
the coin—Britain's
most underpaid bosses
Business — Tfte Sunday
Times tomorrow
Costs of equality
action‘can be high’
EQUAL opportunity policies for business are compatible
with economic efficiency, leading equality' campaigners
said yesterday. However, although the Government’s
Equal Opportunities Commission emphasised the busi¬
ness case for equal treatment, it acknowledged in a new
research study on the economics of equal opportunities
that foe cost of implementing such policies could be high.
Kamlesh Bahl. foe commission’s chairwoman, said that
although foe ethical case for equal opportunities still
formed the core of the argument in favour, it was now
“legitimate” to consider the economics of the issue, with a
“groundswell” among employers for examining it that
way. Commission leaders will put the case for' equal
opportunities directly to employers at a conference to be
held next month, wltich will be addressed by Padraig
Flynn, the European Commission’s Social Affairs
Commissioner.
Rover recruitment drive
ROVER, the car manufacturer acquired by BMW in 1994. is
to recruit 300 specialist engineers by next spring, it was
announced yesterday. It brings the total number of new jobs
announced this year to 4.000. By foe end of next year. Rover
will hare increased its workforce worldwide to more than
40,000 — the highest level for more than five years. John
Towers, chief executive, said volume sales were still up 4 per
cent worldwide in the first nine months of this year.
Ciro extends offer
CIRO Holdings has received acceptances in respect of 34 per
cent of Country Casuals, the fashion retailer, for its £27
million hostile bid. Ciro, headed by John Shannon, former
chief executive of Country Casuals, has extended the !40p-a-
share offer until November 16. Acceptances include Mr
Shannon’s 19 per cent stake and Philips & Drew Ftmd
Management’s 13 per cent interest, committed at foe
beginning of rhe bid. The shares were unchanged at 140p.
Alliance Resources slips
SHARES in Alliance Resources fell yesterday from the Sep¬
tember suspension price of 4p to 1.5p when trading resumed
after the oil and gas exploration company disclosed an $18.2
million loss in 1995. including $16.7 million from the revalua¬
tion of oil interests at the Valentine field m Louisiana. The
company said it was “vigorously” pursuing legal action
against John O’Brien, the former chief executive. Mr O’Brien
is defending the action.
UK Safety stumbles
SHARES in UK Safety fell lip to I9p after the company,
which manufactures industrial and military footwear,
warned investors that weak demand had caused a shortfall in
sales in the nine months to September 30. with a significant
impact on profitability and cashflow. The interim dividend of
0.8p a share, already declared, will be paid on December 15,
but foe payment of a final dividend will be reviewed in the
light of final results for 1995.
Wwhy OW EAKFHW
■ nn IIA/AMT Tn nitmi mu 1
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RMSOH WOOD PARK, I SOUTHWELL ROAD WEST. M lofriph WWSFIEID. IHSZ1OHJ. THE TIMES SATURDAY NOVEMBER 41995 srr.V-C-: L7.\: . n sije* c* ad Ti {. v iELiiSsssswv.- 2*vc5i«c ir:. r ■i §5? /s*?aVs uaiscr '>s?ro 5i T it: ■ ^arelfc: •,. •A*/* Jtrc V 'fttrf-v..- Sr to own| £ .3* .-.•#■•- #+ r l ^ . ti C3:« ' pffc** I 1 .•» -,-i V i& • r ? r ^ -■a Vf-iP' 2? 1 ” tTP .V"-A WORKING WEEK FOR: JO CUTMORE Top headhunter displays her Prowess Vi ctoria McKee meets a company chief who altered her working life to suit DBS JENSON the needs of her family, staff and clients PjjLOnday 3 ESjuesday 1 Wednesday ] Thursday 3 plriday a JO CUTMORE leads die sort of “portfolio" fife that she recom- tnends to those who seek her services as a headhunter. “If I’d been an inflexible, fiat- cat recruiter. I'd be dead now," she says , frankly. "I had to di¬ versify m order to survive." The 42-year- old former head of search and selection at what was Arthur Young, now Ernst & Young, who set up her own company. Jamieson Scott, in 1986. has branched out over the past three years into providing interim managers and non-executive directors for a wide range of public and private sector organisations, as well as into framing and advice for both com¬ panies and individuals. That comes under the auspices of Prowess, formed three years ago to challenge ProNed. Just as the profile of the nonexecutive directors Prowtess provides is las conven¬ tional than that of ProNed’s — “not all fifty something white males." says Cutmore — so her own working life has become less conventional. "We have to accept that people's lives are no longer rigidly structured for fife between nine and five, and offer greater flexibility to our clients as well as to our employees," Cutmore says — practising what she preaches with admi¬ rable aplomb. A mother of four children aged from two to 11, she hasn't skipped a business beat because of any of them. Her tall, rangy physique helped her to disguise her pregnancies in eff¬ icient-looking business clothes until the last few weeks, and she was breastfeeding Betha¬ ny, her youngest, when the baby was five days old, on her way to a meeting with the Equal Opportunities Commission in Manchester [whose chief executive she had been asked to find]. "It seemed appropriate, somehow, at an EOC meet¬ ing, to arrive with nanny and baby in tow" she chuckles. At other times, when itls not appropriate for her hand to be seen rocking the cradle, she claims to be in a meeting. "You can do that when you work for yourself,” she points out. “which is one of the reasons I started ray own business when Sam, ray first child, was a year old. If I really need to do something with the children, like going to a school sports day. or taking Sam to look around Eton —as I did recently — I know I can do it by writing my reports at night" says Cutmore, who offers the same flexibility to her largely female research staff, many of whom "down tools” at school leaving time and resume work in the everting. "Combining home and business fife is something I’ve become quite adept at. meeting candidates at all times of the day and night—at home, in hotels, in airport lounges, railway stations, anything to accommodate. That is the service which in the search industry is vital." She equates her company with “Russell Reynolds, Egon Zender. Spencer Stuart— the big international search firms”, but claims that Jamieson Scott can be more competitive with fees because of its comparatively low overheads, with a modest headquarters at a Belgravia address, and staff who work in clusters in Essex and Chiswick and also, like Cutmore. from their homes. “We cut down on overhead frills, and spend the majority of our fees on research. We don’t rely [Mi databases—most is fresh research for each assignment, with a database only used for sourcing." she explains. She won’t talk fees, though, except to individual diems, because they — like almost everything else in her business — are a mailer of individual negotiation. Cutmore's husband, Mark Scott, be¬ came one of her nine partners five years ago. smoothly enlarging his portfolio after a career in computer software. They enjoy working together as they met while both were tutors at the Finandal Training College in London. Married for 13 years, they know each other so well that they can substitute for each other at meetings in an emergency. He was put on standby to do her big speech on non-executive directors for the Institute of Directors this year what she was ill, but in the event she was able to deliver it herself. “The children find die concept of a holiday with their parents an amusing idea because, invariably, one or the other
of us will have to inter¬rupt a period at our house in France to return for a client interview." Cutmore says. “When you work for yourself there is more of a sense of 24-hour commitment, and we have faxes, modems. PCs and sev¬ eral telephone lines in
France, where we go inthe school vacations, and at our weekend cottage in Norfolk. It's only three-and-a-half hours door to door from FTance to our headquarters in Eaton Square, and we often do it if the job demands it" But having one secretary whose voice sounds almost exactly like hers gives Cutmore a little extra freedom if she needs it, and the ability to appear to be in two places at once. A typical week, she explains, going through her [on-screen] diary, might be: Monday, 9am: meeting [with Prowess hat on] with a public sector body’s human resources director “keen to release some of his executive directors as non-executive directors in the private sector". Ham: back to the office, as Jamieson Scott, for a meeting with “a very senior military person coming for personal advice on career redevelopment, having left the Army two months ago". No time for lunch: straight into three interviews with job candidates. lasting until the end of the day. Tuesday. 9am: meeting with “a man from a major airline, just retired, who, in contrast with the military man on Monday, is embracing his new portfolio career". A late-morning meeting was followed by lunch with a human re¬ sources director thinking of joining Cutmore’s company. 2pm: off to the Institute of Management for their Project Chedc-a-Board — again The children find the concept of a holiday with their parents amusing Jo Cutmore practises what she preaches with admirable aplomb and manages to balance a hectic work schedule with a as Prowess. “It's a project to look at the skills and competencies needed by indi¬ vidual directors on a board." It took the rest of the afternoon. Wednesday. 9am: meeting with a big pharmaceutical group to take the brief to help them to find a managing director. “We were hugely relieved to find that the group finance director we put in a year ago has turned out to be a huge success, and that the group chief exec“is thrilled with his performance. The reality is that you can do a wonderful search exercise but it’s not until a year later, when something like this happens, that you know how successful you’ve been." Lunchtime meeting, as Prowess, to discuss a large piece of work for a former public utility board now in the private sector “which has commissioned us to take a tier of its senior management into portfolio careers". Most of Wednesday afternoon is spent planning course out¬ lines and vetting lists of speakers. Thursday: "My 9am interview didn’t turn up so 1 could make 3.000 extra phone calls — bliss." Ham: meeting with the chief executive of a small listed pic who had heard about Prowess and wanted to recruit a non¬ executive director through it “It emerged that he also wanted to become one himself with a blue-chip organisation such as Marks & Spencer. Kingfisher. BA. Cable & Wireless or one of the others with whom we work.” Noon: interview with a corporate finance person for a client looking to recruit one for its Midland office: 2pm: interview with individual keen to set up a branch of Jamieson Scott for us in Bristol — “a distinct meeting of the minds that looks as if it will go ahead". Late aftemon: “Picked up the boys at school to go to look at Eton. Had no idea we were in Prince William’s house until we were asked if all the publicity would bother us. Should have known it was special from the won¬ derful upholstery that looked like the Ritz rather than a boys’ school like the other houses. 1 wish Betha¬ ny hadn’t chosen to fill her nappy in the Mas¬ ter’s study. To make up for that trip. I worked late into the night" Friday. 8am: “Got Sam off for a school trip to the Peak District. 9am: began interviews for the Commis¬ sioner for Public Appointments.
ftonday Z hfeuesday iffednesda] Lq jphursday priday 3 “Jamieson Scott was selected by the Cabinet Office to handle the search to fill this post, recommended by the Nolan committee, that reports directly to Parliament.” 1030am: appointment as Prowess with the Department for Education “to discuss how we can assist them to identify quality non-executive directors for their non- departmenral public bodies” Lunch is spent with the civil servant wife of a prominent Labour politician. Afternoon: “Continued calling candi¬ dates for the chairman of a buyout bid for a bit of British Rail. Collected kids to drive to Norfolk, where 1 wrote up the report on the pharmaceutical company and the BR buyout and prepared for a meeting at one of the financial regulators scheduled for Tuesday — Jamieson Sam is assisting them in finding a finance person. “I also settled in a new housekeeper, arranged for the nanny to go back to France to get married and for my parents to come back from Norfolk to London to step into the breach." Weekends can be as hectic. “At Sunday lunchtime we were having a small family gathering of 15 or so and I discovered someone had stolen the barbecue. Tried the oven, and it blew. So ended up feeding 15 people with one ancient fondue seL" Cutmore remembers the 1980s as "a period of great satisfaction” in the headhunting profession. “The last five years have been more challenging, but. as a business without major infrastructural costs, it’s been very easy to react to market conditions, and the result has been a significant gain," she says. There has also been a signi Scant gain on the family front, with two of her four children born during this period of intensive profession¬ al development and diversification. “1 have endless admiration for people who can manage that in a big corporate structure." says Cutmore. “I’m sure I couldn’t have." Leisure facilities help Shell to keep staff in the swim I n a higb-stress, higb- actfon business like off production, finding time to keep healthy can be diffi¬ cult for senior management Bin making sure employees are kept in trim has always been a priority at SbelL Tucked away in the base¬ ment of the company’s head¬ quarters at the Shell Centre on the South Bank in London is a swimming pool and gym complex to help to ensure that employees are always fit for action. The complex was induded in the original {dans for the Shell Centre when it was constructed in the early 1960s. At ffie time, i t was unique, providing the largest on-site corporate recreation area in Europe: consisting of the 'pool, a gym, squash courts, snooker tables, a sports haff and a 338-seat Alasdair Murray on the philosophy behind a corporate recreation complex theatre. Comprehensive as die sporting facilities am they are dwarfed by ft> e sheer vastness of the Shell Centre itself. The building was de¬ signed by Howard Robert¬ son. foe Scottish architect credited with initiating the much-derided tower ami po¬ dium style of the 1960$. The Shell Centre was built by Robert McAlpine be¬ tween 1957 and 1962, al¬ though it was 196S before it was officially opened, upon die completion of the formi¬ dable t»sk of fitting out die offices. It is a labyrinthine bmklmg of 1*8 million square feet of office space on a site of seven-aod-a-haif acres with a mind-boggling 7.000 windows. 88 lifts and 12 escalators for die 2300 em¬ ployees who woric there. Critics have described the buffeting, with fts white, im¬ posing, faceless towers, as “hideous and inhuman". Its admirers, on the other hand, have stressed bow it reflects die power and continuity of Shell although they may be influenced by its proximity to die more maligned South Bank Arts Centre next door. Whether it is refief from their jobs or the architecture, the pool attracts 2.000 visi¬ tors each month. It is open to any Shell employee who is a member of the Lensbury Social Club and about 200 Tbe pool at the Shell Centre plays ariimportant part in the community relations campaign people each month make the short trip across from Shell's other London building, in the Strand. The pool also plays an important part in Shell's community relations cam- • paign. Each weekday morn¬ ing, three local primary schools make use of the facilities, and on Saturdays the pool is regularly em¬ ployed for gala events by local cadets and Scouts. Sponsored swims and charities are also frequently organised by Shell employ¬ ees, and the Otter Swim¬ ming Club, one of the oldest in the world, is a regular user. The pool and gym com¬ plex is a monument to less cost-conscious corporate thinkin g in the 1960s and 1970s. While other com¬ panies have spent the last ten years selling off their sport¬ ing facilities. Shell still pos¬ sesses an impressive array of facilities, including an out¬ door centre at Tedffington in southwest London. Fears are growing that the end of [he coiporate- sponsored swim is ap¬ proaching, as Shell follows its cost-cutting peers and launches a big restructuring programme that indudes a 30 per cent cut in head office jobs. However, Peter Turvey. manager of the Health and Fitness Unit feels that the pool has a vital future in the company’s life. He said: “It is a central part of the compa¬ ny's health promotion cam¬ paign, helping with fitness and stress retiet” 7- 5°/c Tax Free Income* The new M&G Corporate Bond PEP invests in units of The M&G Sterling High Interest Fund, one of the largest corporate bond funds on the market. • No initial charge • No withdrawal fee after 5 years • No UK tax The new M&G Corporate Bond PEP gives you a sensible way of achieving a high level of income exempt from all UK personal taxes. The capital value of, and income from, units are not guaranteed. For details return the coupon or telephone [01245] 390 000 [24 hour literature service]. For your security all telephone calls to M&Cs Customer Services are recorded. The Est ima ted gross redemption yield on The M&G Starfeig High Interest Fund within The M&G PEP as at 27th October 1995 was 7.5%- The estimated gross tfisbibutton yield was 7.7% as at 2701 October 1995. “The inclusion of bonds inPEPswili provide the missing link between deposits | and equity unit trusts Many savers need high income now, and for them bond PEPs will be ideal.” Source: PhipWariand. Dnctor General at TbeAssocsatan at t-Mf Trusts end Investment Funds. The M&G Group, Bristol BS38 7ET. Please send me details of the nev^ I M&G Corporate Bond PEP. NO SALESMAN WILL CALL You should contact your independent financial adviser [if you have one] before investing. The price of units and the income from them can go down as well as up. The value to you of the tax benefits will depend on your own circumstances. The tax regime of PEPs could change in the future. I I I I I I I M&G does not offer investment advice or offs- any recommendations regarding investments. 1 We only market the packaged products and services of the M&G marketing group, ■ Mr/MtsS Miss INITIALS SURNAME ADDRESS POSTCODE NFACRT kbapd by M&G Hnancte] Services Limned. ifkg^atetj tiv The Person# Investment Authority.] MSG UnH Trusts am managed by MSG Secunifes Limited. [Regutsed by JMflO and Tha Parser a> bivesunem Authority.] Me never make yor name and aotocs awtabfe to inxmecHl ugansam. We w ooasenaty te# vwi atxut other trains cr sences Bfierad t* wuhes m Bssodaed USO CorfBMs TXfrgieUtt | ] 1 hm woUB ureter net to reeowe the lAnnsxiL Managing your money for the longer term The new M&G Corporate Bond PEP 28 MARKETS / ANALYSIS THE SATURDAY NOVEMBER 41995 New York [midday}: Dw Jones_ S&P Composite_ 589.42 HJJOl Tokyo: • Nikkei Average_;dosed London loses steam after Wall Street sets record Hong Kong: Hang Seng- Amsterdam: EOE index Sydney: ao_ Frankfurt DAX_ Singapore Scabs THE London stock market failed to maintain the early blistering pace that greeted news of another record-break¬ ing run overnight on Wall Street Profit-taking and heavy sell¬ ing of the financial fixture meant that the early gains were wiped out. leaving inves¬ tors nursing sizeable losses, on paper at least by the close. The FT-SE 100 index touched 3.539 in early busi¬ ness. before briefly dipping below the 3300 level just before the dose. It ended 22.6 down at 32500.4. a rise on the week of 225 points. Turnover reached 7183 million shares, with heavy turnover recorded among several leading com¬ panies. Glaxo Wellcome dropped 20p to S51p as a total of 32.6 million shares changed hands. Brokers are becoming increasingly worried that the group will be hit for six by the taxman after its acquisition earlier this year of Wellcome. BT was another busily trad¬ ed stock, dipping 8p to 370p as 22 million shares were recorded. British Steel also featured strongly, with the price drop¬ ping 7p to I53p. Kleinwort Benson, the broker, was reck¬ oned to have struggled to find a home for 6.4 million shares ar 154p. Its job was made that much harder by publication of a sell note by rival SBC Warburg. British Airways climbed 9p to 474p ahead of interim figures on Monday, which brokers say should make good reading. Pre-tax profits are expected to climb from £263 million to £290 million. The demand for the shares was underpinned by news that passenger traffic had climbed almost 10 per cent during October, while Robert Ayling has been appointed chief executive. BSkyB fell 7p to 366p as the Church of England re¬ inforced its ethical stance by- selling more shares in the company. Several large lines of stock were reported, includ¬ ing two totalling 7.6 million at 369p. The Church of England made its derision after the satellite broadcaster began transmitting the Playboy Channel. Shares of Asprey. the Queen's jeweller, surged H9p to 246p after confirming the report in The Times yesterday that it had received a bid approach from a company I if BumsHAflPffigs i BA was up 9p ahead of interim results on Monday controlled by Prince Jefri of Brunei. The terms of the agreed bid are 250p a share, valuing the entire company at £243 miltion- The offer has already re¬ ceived acceptances totalling 51.7 per cent, bur the Asprey family will continue to retain an interest in the company. Asprey reported a first-half drop in pre-tax profits from £3 million to £13 million. interest charges has also been reduced. The food retailers have been under a cloud for much of the week. Yesterday, the focus of attention switched to the food manufacturers as Dalgety fell 20p to 401p alter a profits downgrading by BZW. It has cut its forecast for the year to June by £7 million to £140 million and for the current year by £16 million to £150 Serna Group rose 8p to 508p in thin trading. Talk in the Square Mile suggests a big stake is about to change hands which could result in someone acquiring more than 20 per cent of the com¬ pany. Brokers were claiming that a parcel of 25 milli on shares is up for grabs. At these levels Sema is capitalised at £471 million. Cordiant. the old Saatchi & Saatchi company, rose 8p to 92p after revealing details of its rights issue to raise £127 million.The terms are one-far- one at 6Qp. Proceeds will go towards reducing debts, which at the last count stood at more than £200 million compared with the group's stock marker value of E203 million. The group has also arranged a new revolving credit facility and the level of million. The gloom also ex¬ tended to the likes of Associat¬ ed British Foods, down 20p at 688p. Booker. 14p to 360p. Northern Foods, JOp to I69p. Unigate. lOp to 4G5p. United Biscuits. 7p to 261p and Tate & Lyie. 5p to 447p. Among the food retailers Sainsboiy shed a further 7p to 384p and Tcsco 3p to 283p. Cautious comments from Kleinwort Benson, the broker, left Allied Domecq I2p lower Ifci. 1 y? f. Asprey ..248p J Sainsbury. ,384c J Sainsbury..384p Tetepec...£10.40 Ufe Sciences InL.90p LeCreusa.I8ip Evans Hatehaw....304p UK Safety.19p CluH Resources..82p Nomveb.£1151 j Brunei prince bids 250p a stare ..Loang ground in food price war .Institutional buying ...Profits warning ..—.Plans to go private again .-..Profits warning .-..Profits warning .-. Bid approach ...North West Water bid go-ahead LONDON COMMODITY EXCHANGE COCOA Dec--- 91741b Mar — 1040-1037 Mar--MSW May-10U0-1Q56 May-Jul-tint] Jul- 987486 Sep Sep- 1004-I0Q2 Dec .....— IC2M0I8 volume 7667 ROBUSTA COFFEE 0] Nov- 2450-2440 Jul — .. 2130-2125 Jan-2311-2310 Sep-20SX3960 Mar-2247-2246 NOT_ 2050-3033 May-2172-2170 Volume: Z\ 19 1C1S-LOR [London fcOOpm] CRUDE OILS {tlharrd FOB] Brent Physical- [6-85 +ojjs Brent 15 flay IDeq .. 1640 n/c Brent 15 day pan]- 16.40 n/c W Texas Intermediate [Ded 17.90 n/c W Texas Intermediate pan! 17*5 n/c GNI LONDON GRAIN FUTURES WHEAT [dose Vt] BARLEY Ktotet/n New--- 123.15 Nw-114 SO Jan-125 JO Jan_117.50 Mar- 125.70 Mar — -119.50 May-129.40 May -121 50 WHITE SUGAR [FOB] Barters Aim-J21.0-3U Spot 389.5 CW-291.940.5 Dec -3660423 Dec-288J-85.S Mar- 337 0-36J Mar_ 286J-83J May -J285-27J Volume: 2567 MEATS LIVESTOCK COMMISSION Average fautock prices at representative markers on November 2 [p/kglw] Pi? Sheep Carrie CB- -.-— 10083 107.47 127.98 I/H-- 3.94 *29| . 153.51W3.75 Dec— I55J5-5550 Mar. 15225-5250 Jan — 154 JO-54.75 Vol: 21905 BRENT [6.00pm] Dec- 16.60-16.61 Mar-. I6J4-I6.C8 Jan - 16J8-I6J9 Apr_15-97 SLR Feb- UL2I-16-Z2 Vd: 16345 Jul-131X0 Sep_109.50 POTATO [t/0 Open Close Nov_imq 1750Apr —- 2880 2840 May-unq 3300 Volume 125 RUBBER [No I RSS CH pJh] Dec_101.75-10125 B1FFEX [GNI Lid Sld/M High UJW nctse Novas 1645 1630 1636 Dec 05 1670 IMS 1655 Jan 06 1672 1640 1659 Apr 96 I66C 1630 1631 Vol-410 lots Open Interest 3662 index 1542*4 [OflieiaA [Vohnne prev day] LONDON METAL EXCHANGE Rudolf WoUf Copper Gde A Q/ionnet- Carfc 291SO-293JO 3mlfc 2792 j> 27950 Vol: 2792400 Lead [I/tonrun- 689X[KAIoa 68ft-VF«89nO 202525 Zinc Spec HI GdCB/tonnel... 10480-10483 10680-10683 746625 Tlntsnnnnet- 636 so6jtoo 638006mo 32405 Aluminium HI Gde Rrtonne] 16700-16710 17050-1706.0 1801075 Nlctel fj/fonnel- 8770087800 8885X38887.0 106530 {.uteoimbNs
Series Jan Apr Jri Jaa Apr Jo/ AlldDom. 460 J9% 46 48’. 7'.- Iff. 18 cvmo mo Argyll.— 280 rz»l 300 ASDA_90 na ioo Boots_mo I-S35M 550 Br Alrvovt 4o0 P474I SM BP-460 1‘466'd 500 Br Steel .. 140 HEftl 160 C*W-433 1*423 460 13': 23'i & 23'. 31 M. 11 20 23'i »: || |4 4'r b% o 41J 52-: 5ff: 13'.- 23": Jff. 26 38 45 Ki 19 25’. 18', 28', 3?, 4 Iff. 16 14’, 184 21 3% 8 IP Iff: 34 4ff, 5 1 , 17 23. 25'.- 29 Jff. S’; 9 14': 14'. 18 24 2': J', 5 7 a>, 9, 6 O’: 15 27 31’: 3ff« i2 id a> 34', 38 4 y. It 17% 215 38': 42 45 2 Ti tfi II*, 13 l&i IS 1 ! 2T: 28', 42 1 . 47 SI’, _ Series Jan BAA 460 41',1*4961 500 IP, Thames W 500 31 1*5241 550 Id TaB* Apr Jtd Jaa , S3 59 4 28 34', 18'. 44 SI'. 11 21'. 27 41’,
Series Nor Feb May Nov ftbMav BAT Ind - 5[0 28 45 1 , 51% | Alton Props 9 Cbartweu inti 50 Cons Coal [90] 68 Creos International KM Fleming JpnC 101 German SlrWrts 17 Guinness Flight 95 Guinness Flight U [95 Guinness Flight w i2 Hay & Robertson 77 Indpt Radio U4 mil Greetings ' 523 MultlMedia 145] 60 Murray va icg Northern Venture 101 XPerpUKSml 000] 102 Preston Nth [400] 400 RIGHTS ISSUES First Choice n/p [60] 45 - i Quality SPn/pf535] 129 SrordaiaSoLsn/p[] 2 ] o + 5 Wellington U n/p [100] 2 MAJOR CHANGES RISES: Asprey . 246p[11Sp] Sage Group. 262p[*-18p] PczaExpress .206p[+13pj Ranger. 385p[4-20p] Azian . 505p [+25p| Gibbon . 22tpf+T0p] L Joseph. 443p|+20p] MAID. 296p [4-13p] Chiroscience. 294p [+12p] FALLS: UK Safety. 19p[-TIp] Stanley Les&ire. 329p [-26p] Northern Foods.109p [-10p] Hillsdown.154p[-8p] ABFood . 688p[-20p] Unigate. 405p [-lOp] Glaxo Wellcome. B5tp[-20p] [Cl . 769p[-18p] Montedison. 425p [-9p] Carlton Comm .949p[-i9pj Fins Art Dev. 402p [-8p] Closing Prices Page 39 iCCNE^jH-HNANC^ Period Opes High Low Sett Vol FT-SE 100 Dec 95 . 35590 3564.0 35020 35100 11217 Previous open Interest 69677 Mar 96 .. 3S55.5 3SSS5 3537 0 35310 760 FT-SE 250 Dec 95 . 3900X1 0 Previous open interest 3537 Mar 96... 0 Three Month Staling Dec 95 - 93.40 93.40 9135 93J6 10262 Previous open Interest: 341572 Mar 96... 9353 9354 93.49 93.51 15722 Jun fe> - 93JI 93.52 9J48 9X49 8749 Three Mth Eurodollar Dec 95 - 94J6 0 Previous open liueresc 110 Mar‘ft- 9450 0 Three Mth Euro DM Dec 95 - 95.97 95 98 95.95 95.95 13061 Previous open Interest: 813701 Mar 96. 96J0 96 JP 96.12 96.13 25911 Long Gilt Dec 95 -. WM1 ICJ-24 106-29 107411 66174 Previous open Interest: rtMSOj Mar 96- 107-04 107-04 106-13 106-14 2785 Japanese Govmi Bond Dec 95 - 121-66 12150 121.62 121.75 5U Mar 96 - I53J1 12041 12029 iaa.4i 105 German Gov Bd Bund Dec 95 9704 974]9 96.55 9659 I33S38 Previous open Interest-. jMASa Mar«ft 96*3 96.4? 9608 95.99 bit Three month ECU Dec 95 . 94.43 94.44 94J6 °4J9 773 Previous open 1 merest: 19901 Mar 96.. 9456 9458 94.53 94.53 663 Euro Swiss Franc Dec 95 . 97.92 97.97 97.88 97.9J 5302 Previous open Interest: 51081 Mar “ft... 98415 98.11 98 XC 984]8 3162 Italian Govml Bond Dec 95 103 JO 103-39 10253 10260 32625 Previous open I merest: 46663 Mar 96102.90 102.90 IQ2JO 102.19 282 Base Rues Cteartng Banks 6*. nttince Use 7 Dimmie Market Loans: O/night high: ff. Low ff. Week fixed: ff. Treasury Bills [Di
Buy: 2 mth 6%.: 3 mth 6' B . Sell: 2 mth 65:3 mth: ff‘« .
Storting Money Ratos Interbank; Imdi 2 mth i mill 6 rath 12 mth tfrtPi. 6V6» bF^-b 1 : 6*,r*', 6*'»-6*. 6 u 6“u 6"--6*. fr’tr&'u fr n «! , *U b'Wv [ft n[t - tft tft V'v&u Wu&. tr'o4b*D 6'r6,. 6 5.71 n/a 5.79 Stel 5.61 6"nr6*l 6"«-6% 6"mt6S 6"-. Load AuUxuily Dcps 6S n[a ff. ff, ff, Scerliaf* CDs ff'irO*•„ Vu^c. ff* n-6*o 6'r-fi*,. 6Vff» DaSar CDs 5.71 ma 5.79 S4tl 5.61 BnOding Society CDs ffW. ffwff. TREASURY BILLS: Applets: thj>33m altoned: tiJXIm. Bids t9BJ7S5t rwetved- 95%: Last week: VK.m> received: 58%: Avge rair. 165105% last wk L6J346V not week: LUOObl CuiuKy 7ifey 1 mlh 3 anfa 6 nah Can DsUan 5“i.-5*- S’V.'ft, 5V5H 5*% Ph4'. PlIgftflCMlrt H'u-S* 4 i m-3 , i. 4%-3'r French Franc b'r&, 7'rS. Swiss Franc 2 l i-I n i. 2W :w 2S-I'» ¥ext %-%
-
'w*m
V*.
n/a
Risk-free banking
. 985580 {106.44]
-455.65 {*183]
20918 [*32-61_2161.721-A29 _aK7J8friia
7804.43 .[*17.92] 1832.10 [*3J6] _69880 [*1.90] London: FT 30_2S64.9M1B] FT 100 3500.4 [S2£f FT-SE Mid 250 - 3573.7 [-13.1] FT-SE-A 350 1742.7 [-10.1] FT-SE Eoratradt 100_141.V681*177] ft a All-Share - 1721.98 [-Mi] FT Non Financials_1819-81 [-12J5] FT Fixed Interest_IIZ56 [*0,14] FT Govt Secs-93-S4HL20] Bargains_26887 SEAQ Volume- 7535m U5M [Datastnn] 184.44 [*OL01I US-13800 [HX0009] German Mats-22365 HX00731 exchange index-84.3 [-02] Bank of England offldal dose [4pm] 1UECU-1.1945 £SDR-10611 RP1 -1506 Sep [3.9%] Jan 1SB7=100 RPLX_1492 Sep [3.1%] Jan 1987^100 BACK in the good old days of stockbrokmg, when fixed commissions were the norm ano insider dealin g was tolerated, a meraiaiit banker and a broker knew how to price a rights issue. The diem asked his merchant bank for £127 million. After furrowing[his brow and shaking his head, the merchant banker agreed reluctantly that it might just oe possible. He then sounded out the brokers, who sounded out the institutional sharenoia- ers. After a little argy-bargy over favours granted and owed, the institutions agreed to guarantee to buy the shares [they would have bought them anyway] for a commission of per cent The bank took h per cent for a 12- hour overnight risk and the broker took per cent for notifying his mates. Due to some deeply unfortunate attention from the Bank of England, die Office of Fair Trading derided to look into these arrange¬ ments and this year pronounced that fixed underwriting commission was too expensive and the process created conflicts of interest How silly of the DirectorGeneral of Fair Trading to try’ to meddle in traditions thai have served the City well for so long. Yesterday’s rights issue from Cordiant dem¬ onstrates that even the arrangements described as expensive were cheap compared with the new regime. SBC Warburg and UBS, having split the deal between them, are charging a handsome l 3 / per cent for the onerous task of underwriting the Cordiant rights issue for less than a day. In this new world of free commissions, the banks do better than h per cent, but, after yesterday's price rise, it is dear that the rights issue need not have been underwritten at all CRH CRH is more than just the largest Irish cement manu¬ facturer, but in the current market that position alone should be enough to make British building materials groups envious- With about 80 per cent of the market in the Republic and 60 per cent over the whole of Ireland. CRH is not immune from competition — anyone is free to set up shop, the company insists — but few would be so foolish as to challenge CRH on its home turf. Last year, over a third of tiie group’s trading profits came from die Republic, generated from only 18 per cent of sales. The proportion of Irish profits is down — CRH is expanding rapidly worldwide — but the mar¬ gins it earns from cement, bricks, blocks and asphalt are consistently high: over 15 per cent operating returns compared with half that rate for die group as a whole. CRH is supplying the ma¬ terials to build a East-grow¬ ing economy: Che Rejmblic's GDP grew 6 per cent in 1994 and is expected to increase by 5 per cent next year after growth of 5-5 per cent this year. Add to that subsidies from Brussels, a thriving housebuilding industry and you end up with a lot of bricks and cement. Little of this has affected investor perception of CRH. which r emains lumbered with a similar rating to its British peers which operate in a distinctly dull market A lot of value seems to be going cheap at CRH. MADE IN IRELAND CRH share price jiMMir |*R||r -■ ' 1 share index h ■ j Nov Doc Jan Feb Mar Apr May Jun Jui Aug Sep Oct Northwest Water JOHN BRIDGEMAN, snubbed by the President of the Board of Trade just a month after starting as Di¬ rector-General of Fair Trad¬ ing. is not the only one peeved that North West Wa¬ ter's bid for Norweb was allowed through. Many City- shareholders need a deal of persuading. They have seen North West shares sag since August and will not hare been best pleased by yester¬ day’s 23p fall to 574p. That is partly the usual supply fears ahead of the bid's likely success on Mon¬ day. But there is also a credi- bihry gap. This has not been helped by Thames Water's frank admission that it could not devise a bid for the higher rated London Electricity that it could justify financially. North West insists the bid will help earnings per share straight away because it will be able to set off advance corporation tax on its divi¬ dends against Norweb's mainstream tax. The longer term plan to save up to £100 million a year costs wifi need to be demonstrated before it is fully believed. It rests on combining the billing and computerised control func¬ tions in a new facilities management company that can then spread its wings. The real long-term gain may be the intangible oppor¬ tunities that open up for a regional utility of genuine size. Dalepak THE prospect of salmon en crotite specialist Cavaghan & Gray, reversing its opera¬ tions into the grillsteak kitch¬ ens of Dalepak might cause some investors to forgo their supper, but the deal makes strategic sense for Cavaghan. Dalepak has a had a rough ride in the supermarket price wars. Barriers to entry in fro¬ zen meat and vegetable prod¬ ucts are not huge and the superstores have shown them¬ selves to be ruthless in de¬ manding more for less from suppliers. Cavaghan’s profit performance by comparison suggests that Marks & Spen¬ cer employs a buyer with a more gentle touch than the battle-scarred food retailers. Cavaghan's profit mar¬ gins. although considerably more healthy than Dalepak’s, suffered slight erosion last year as raw ma¬ terial costs increased. Whatever the extent of M&S paternalism towards its suppliers. Cavaghan must be concerned about the limits of its growth as an M&S sup¬ plier. Sooner or later, the price premium attached to M&S food products will come under attack and the brunt of the damage will be borne by suppliers. Dalepak offers Cavaghan diversifica¬ tion, but with the new shares issued at a prospective multi- j pie of 12 times, investors may question whether the issue price fully reflects the war be¬ tween the stores. Edited by Carl Mortished DOLLAR RATES Australia Austria- Belgium [Com]- Canada DenmaiY.- Francs_ Germany- Hong Kong- Ireland- Italy_ Japan- Malaysia_ Netherlands- Norway- PomigaJ_ Singapore- Spain _ Sweden Switzerland - -1.3197-1 J206 - 9.97-9.98
- 29.13-29.17 -J 2430-1^440 .. 5 4910-5.4940 -Lg95£M^990 -1.4180-1.4190
- 7.7325-7.7335
- 1.6130-1.6150 — 159525-159625
- 103.70-10320
- 25455-25465
- I.5878-1.5M8 -6249062540 — . 148 76-148.86
- 1.4135-1.4145 -12219-12224
- 6 65406.6640
- 1.1405-1.1415 Nov 3 Nov 2 mkUay dote Nov 3 Nov 2 midday dose Nov 3 Nov 2 midday da* OTHER STERLING Argentina peso* Australia dollar_ Ban rain dinar_ Brazil real*- China yuan_ Cyprus pound- Finland maridca- Greece drachma- Hong Kong dollar_ India rupee- Indonesia rupiah — Kuwaii dinar KD_ Malaysia ringgit.. New Zealand dollar — Pakistan rupee.. Saudi Arabia rival Singapore dollar_ S Alrtca rand icomi.... ti a E dirham —.. Barclays Bank GTS -
- 1.5769-15795
- 20826-20853
- 058900.6010
- 1.5172-1.5215 . 1200 Buy
- 0.70600 7160
- 6 702568185
- 36650-373.50 .122019-122112 .. 54.16-55.12 ...- 3570X0-3638.60
- 0.46950.4795
- 4.0176-442204
- 24129-24163 54.00 Buy
- 5.6875-5.8115 .- 22303-22332
- 5.7090-55HO
—... 5.7375-5.8615
■ Lloyds Bunk
FT-^EVOLUMES
31 313
asda Gp taonj
Abbey NU 2500
Allied Dom 4500
Argyll Gp 6X00
Arjowggns lioo
AB Foods 516
BAA 967
BAT Inds 2100
Baffioa: Opes 138270-38290 Chsc 138240-38290 Hiph: $38250-383.00
LOW. S38250-38250 AM: 538280 PM: $38255
Kragtmsd: 838350-385.50 £24225-24425]
PtttiBua: 408.25 £258.80] SBw. $S-3J £23755 Palladium: 8134.75 £85.40]
STERLING SPOT AND FORWARD RATES
Mb Ram for nov 3
Amsterdam.—.—
Brussels_
Copenhagen-
Dublin.
Frankfurt_—
Lisbon_
Madrid_
Milan_
Montreal__
New Yoris_
Oslo_
Paris_
Stockholm
Tokyo -
Vienna_
Zurich —---
Soaret: Extei
Range
25017-25185
45.91-4626
863908.7120
0.9761-0.9802
22342-22481
234.16-235.99
19246-193.67
2513.9-2521.1
21202-21333
1-5770-1.5300
984609^910
7.7]80-7.7580
10.427-10.557
163 53-16422
I5.72S-I5.82I
1.7975-1.8097
Cl«e
25017-2503]
45.91-463]1
8.639O-84610
Q.97754J.9800
22342-22373
234.16-234.79
3month
!W:pr
3l-26pr
Zk-lipr
27-22pr
t'rl'.pr
116 -161 ds
BOC 3JQ0
BP 4.900
BSkyB UdOO
HTR 7.400
BT 22000
Bk Of SCO! 1,300
Barclays lOflOO
Bass 731
Blue circle 4,500
Boots 1200
BAe lAno
BA 5J00
Brit Gas 7.100
Brit Steel 20£00
Burmah Csil 4JOO
Cable Wire 3ri00
cadbuiy 3.600
cartten Cms 3^00
cm Union 2330
cookson 977
counaoJds 1,100
DeLaltue 525
Enterpr 011 1 joo
Forte 6600
GKN 347
CUE WMO
GtiS 3,100
Geo ACC 929
Gen Elec 1200
Glaxo Well 33400
Legal & Gn 774
UaydS Bk 7.900
London Elea 65 2
Maria Spr sjjo
M id Elec 37
NafWSi Bk 7 JOO
Nai power 1.100
NW Water 1.700
PSO 3 JOO
Pearson 0 J 8
POwrCen 3.400
Prudential 3.900
REXAM 587
RMC 6JOO
KTZ 379
Rank Org 2800
Redder Col ijoo
R ed land 1.700
Reed int] MOO
KenroUl 811
Rearers 4.800
Rolls Royce 2100
Royal ins 1 joo
R ylBkScoi 1,800
Sainsbury 4JOO
Schraders 8
Scots New l.OOP
Scat Power 4X0]
Scats l.ioo
Svm Trent 265
Shell Trans 4 JOO
Siebe 240
smKJ gelt 43xn
Smith Nph t,5Qo
5 [hem Elec 326
std cna/id 3.400
Sun Ailncc 3 Jpo
TI Gp 610
TSB 2jnn
AMP me 39'. 39,
am carp W-. ro
AT a T 63'j 63'. AO bon ute 39 , Advanced Micro zr. 23'. AeCni Ufe 7T. 77 Ahmaiuon [HP] 26*> 3 b*< ait Prod a men 55'. M'. Alrroudi Comm VT. S*. AUxtovCuIm B Jr. 31*. AJberoom 33 32*. Alcan Alumnin 37- 37. Alco sondare go>. w, Allied Slgru] 43'. 43*. Alum CO of Am 51*. Si*.
mai Gotfl me y. ?■ Ametada Hess 47 46.AmeT Brands 4ls 41'. AIDCf □ Power ». 38 ■> Amer Eapress «i*. 41'. Amer Genl Corp sr. 37. Amer Home Pr 87-. SB'. Amer tml 8t>'. W. Amer Stores 5V. gt, Amerfledi 53'. S4‘. Amoco W. M', An bcurer-Busch 63', 6ft Apple Computer ». 36 1 . Archer Oanlets ley, iff. Anoco 3'. 6 Armitmg Vrrld vr, 59: Asarco 37. 3ft AshUnd Oil ter, 3r. All uomdd ICff. |06'. Auto pm Pro 7i'. 71
vnv Dennison 45. 45'. Avon products 7is ?t. Bater Huglau iff, IQ-. BaJUm CM « El 27 jy. Bam Our 3 ff. 3S', BankAmerio sff. 5ff. Bant or MY u , 44 Banters It VY &ss up, Barren Bants W. 5ff, Bauscn a tomb js\ 35 . Outer 1ml Jr, 37 ". Bean matron w. OS'. BeB Attandc tH M‘> Ben Indus:rtes rr, |-, Ben South 77 78 Blast & Decker M*. J. Block [HfiRI 44', 43>. Boeing off, Off. Boise Cascade 37 Bristol Myn Sq J7-. 7ft Brown]nu Fcrrts iff, ft*. Btunnwick xt. 20 >, Burllnsion Nihn 83', S3 CBS SI B] CNa Financial 120 ixf, CPC inti iff. 66’. CSX 86 US’. Eanm Corp J|% SJ‘, Emerson Oec 74*. 74*, Engeflianl corp 25'. 25 Enron Corp 3S 1 , 35 EnifeW IP, 28'. EtHji Corp II', li-. Eaxon 7ft 7ft FMC Corp 7ft 73 - Group A2J.
Federal Express 84*. 86
Fad Nat Ml*e lOff. I0ff»
First Chfcagn Off. ffP.
Flrsi lnteraaie 127*. Uff.
Firs* Union Rliy t. t,
Fleet Flnl Grp 3ft 38'.
Floor Corp 5S>. 551 .
FOrd Mmor 28^ 28*.
GTE Corp 41 i 41%
Ganneo 55'. Sft
Gap Inc DeJ 41 % 42 %
Gen Dynamics 54. 5ft
Gen Elecoic 63 63%
Gen Mills 56‘. 56%
Gen Minors 44'. 44%
Gen Reinsurance IS2'. 151%
Gen Signal j|% 3 |-,
Genuine Pans jff. Jff,
G«i*ia PBC S3 83'.
Gillette 4ft 48',
GlUO Welle ADR 26'. 27%
Goodrich |BF] ufl'i 68'.
Goodyear Tire 38*. W.
Grace [MR] S6*. ift
Gn au Me Tea a y, »,
Great won Fin w. 24 %
HaliiPunon 41 % 41 %
Harwun General 3ff, Jff,
Hein* [HJi 47% 4ft
Hercules 54% 34 %
Kenney Foods 5ft 59*.
Hewlen ftetara 03 % jff,
CKM 11 Cork 34% 34.
Dana Corp 27 a*
Dayton Hudson 7 ?. 73 %
D*we oz% 01 %
Deha Air Uoes 68% w,
Deluxe com 27 27%
DCUHl Etuwn 34-. 34V
K Equip W. w,
Depi Si 28% 28%
Wmry iWaW ». 57 .,
Dominion te w. >,
DWWley IBJU 37 37%
Dover Corp js% Jvs
w CbemloJ W, off.
Don Hmes iff. jy.
Dresser 21% 21 %
Dirt* Power IS'. 45%
Dun a Brdstrea bl% 61
Du Punt L2>, ai-.
Eastman Kodak w . 63%
May Dept st «%
Maros corp [ft iff.
fteDonaJds 41 % 41 ',
McDonnell D 83% 82%
McGrnV HID B3% 82*.
Mead corp 58% MS
Meammlr 55 -.
Mellwt Bk 5|i, 51%
MehrtUr Gup 32 -. 37 ,
Men* Inc 56% 56 %
Merrtn lynch se 58%
juowoh w, 100
Minnesota Mine 57 %
Mobil corp 103 lor,
Mqrwmn ies>,
Morgan OF] 77 % 7
Mocorwa Inc 67. 67%
Nail Serai 24 % 24 %
Natl Service IrW 2 ft iff,
Navisar [nr jry, ,,
NBD Bancorp 38% 38%
N7 Time* A 29% 20%
Newmont Mrw yj, tv.
NlgMob S. S%
Zv*, 8 5ft 59*.
M- Industries 13 13
Noram EIM® t, 7 %
Nordstrom »,
NorfcljL sum 76 77
Ntbn stale rw> 47 , ,j-,
Voraren Corp j|., x>.
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“ ;w "••• - ;■ jvV^ w •■ta ^ =#■•-• ; "“■ the times Saturday November 4 10 95 OUT OF AFRIC A 33 Robert Miller on the art 3 of investing WEEKEND MONEY PREMIUM BONDS 35 Taking your chance with Ernie Clarke urged to kick-start house sales Sara McConnell gives the Chancellor a housing shopping list for Budget action K enneth Clarke, the Chancellor of the Ex¬ chequer, is coming under heav>- pressure to abolish stamp duty on house purchases in the Budget. Stamp duty raises between £600 million and £700 million for the Treasury every year but leading lenders say this is the best and quickest way of send¬ ing a strong mess¬ age to prospective and existing homeowners that they have not been abandoned by a Conservative Gov¬ ernment Lenders give warning that without interven¬ tion from the Gov¬ ernment. the housing market will sink further into decline. The Halifax and the Nation¬ wide, the two largest building societies, this week reported further falls in house prices over the last month. On wp of this, the Council of Mortgage Lend¬ ers iCML] published a survey which showed a clear majority not at ail likely to buy in the next two years. Fear of debt in an uncertain job market and the high cost of buying are putting first-time buyers off. so trapping existing buyers. The CM! and leading lenders including the Halifax, the Na¬ tionwide and the Bristol & West, support the abolition of the I per cent tax on the purchase of properties costing more than £60.000 as a first move towards unjamming the market. Stamp duty immediately adds more titan £600 to buyers’ bills, just when the borrower is under the greatest financial pressure. Borrowers questioned by the -COST^FMIRAS Last year — 20% [or ail borrowers a first Oa.OOQ tasbnpjj Current — 15% tar all bommeis on first £30.000 CaSbnp.a If raised la 2S% on first £50.000 for first time buyers extra £390ra" Cost af lump gum home trover's grant m place of Miras C 35 hn p.a“» •assumes 560,000 first time buyers: in drat mortgage rate of 8%. up to fl.2bn in third year assumes lump sum of £3,000 lor 1m moves a year. Senses Council ot Mcrt-jage L&ixrs pro CML also overwhelmingly fa¬ voured abolishing stamp duty. Of 2,000 borrowers asked. 71 per cent wanted stamp duty abolished, with 60 per cent wanting an increase in Miras for all borrowers. The Abbey National, how¬ ever. claims abolishing stamp duty would make no difference. Instead, it called on the Chancel¬ lor to increase tax relief on mortgage interest for first-time buyers as a first priority. Most lenders share the Abbey’s belief that first-time buyers are the key to the revival of the housing market and need special encour¬ agement but acknowledge that he would face considerable poli¬ tical difficulty raising Miras. Because of this, many put help for first-rime buyers through the tax system as second priority after abolishing stamp duty. Miras has been cut in successive Budgets from a maximum of 40 per cent [for higher-rate tax¬ payers] to 15 per cent. It is worth E350 a year to a borrower with a £30,000 mortgage at currenr interest rates. The CML suggests increas¬ ing the relief to 25 per cent on loans of up to £50.000 for five years for first-time buyers. Defining a first-rime buyer is. however, a problem. Similar problems would arise with introducing tax breaks for the estimated one million borrowers in negative equity, suggested earlier this year. According to the CML. Reve¬ nue officials would have to distinguish between the "feck¬ less and the unfortunate" and there would be potential for fraud. Lenders unanimously rejea the concept of a negative-equity tax break saying the key to Savings safer for elderly A! s the Chancellor prepares his Budget, he is under pressure -to reward savers and private investors — those who John Major was thinking of when he suggested that the public ought to be given incentives to save for old age [Marianne Curphey writes]. With just three weeks to go before the Budget. Kenneth Clarke is considering allowing elderly people to keep more of their life savings when they go into long-term nursing care. He could double the £8.000 ceiling on assets that old people can retain if they need state support for long-term medical care. This mea¬ sure would have the support of Age Concern, the charity that is cam¬ paigning for a better deal for pensioners in residential care. Fear of offending the retired could hold Mr Clarke back from another amendment to savings rules. Though it has been widefy rumour¬ ed in the last few weeks that Mr Clarke would move to abolish the 5 per cent tax-free withdrawal facility on single-premium bonds. Elspeth May. tax partner at KPMG. the accountant, doubts whether he would be so savage. She said: The Chancellor has to faster the ’feel¬ good' factor, giving us money to spend.” Maurice Parry-Wingfield. tax part¬ ner at Touche Ross, the accountant, believes this Budget provides an ideal opportunity for Mr Clarke to boost and simplify personal savings and investments by integrating personal pensions. Peps. Tessas, and medical insurance for the over-60s into new- style personal investment plans. Weekend Money is edited by Anne Ashworth unlocking the negative equity trap is to get the housing market going again with other mea¬ sures. But borrowers are keen, with 60 per cent of those ques¬ tioned by CML supporting a neaaiiveequity tax break. Self-assessed tax means keep it simple S implicity must be the Chancellors Budget by¬ word. Whatever his tax¬ cutring ambitions, they will be tempered by the need not to add complication to the fiscal system, before the self-assess¬ ment reforms due to be imple¬ mented in 1907. Simplicity is essential to self-assessment, as taxpayers will be required to work out their own tax bills. Yet, despite his wish to ensure smooth introduction of the new rules, accountants think the Chancellor will be tempted to lake lp off the 25 per cent basic rate of tax. at a £1.6 billion cost to the Trea¬ sury’. Glenn jLeitch. personal tax partner at Touche Ross, the accountant, says this would put an extra £150 a year into the pocket of those on £20.000 a year. Changes to the 20 per cent tax band that now applies to the first £3.200 worth of tax¬ able income are also likely. Mr Leitch said: “He could widen the band considerably and so be able to rename it the basic- rate of tax." Maurice Parry- Wingfield, tax partner at Touche Ross, believes a phased cut. over three years, in the basic rate to 20 per cent would be sensible. The Chancellor has been encouraged to raise the value of the married couple’s allow¬ ance of £1.720 and to restore it to the 25 per cent rate of tax. But the Inland Revenue is known to dislike it This means the Chancellor may choose only to freeze the allowance at its current lerveL Families where one parent or both has executive share options, however, seem likely to benefit from a change Df heart on the taxation of these perks. Under pressure from big employers, such as Asda, the Chancellor is now expected to modify the recent rules, making option gains subject to income tax. It is predicted that Kenneth Clarke will allow share-options gains up to the value of £40,000 io be covered by the more favourable capiial gains tax regime. This would exempt thousands of middle- ranking employees from taxa¬ tion. as their gains would be less than their £6.000 capital gains tax allowance. I t is rumoured, however, that other workplace perks, such as season-tick¬ et loans and mortgages, will be brought within the Nat¬ ional Insurance net Profit- related pay schemes may also be under threat, as thqr are increasingly seen as a payroll cost-cutting measure for busi¬ ness, rather than a way to involve employees in the prof¬ itability of their companies. In some cases, the profit-related portion of salary is said to vary little, which was not intended. In the light of the Govern¬ ment's pledge to “reduce and eventually abolish" capital gains tax and inheritance tax. some changes to both are likely. Mr Leitch also emphas¬ ises capital-gains calculations must be made more straight¬ forward to allow individuals to do the sums themselves, without undue suffering, when self-assessment arrives. Mr Parry-Wingfield said dispensing with both is to encourage tax avoidance: "They are a long stop to prevent people from convert¬ ing taxable income into tax- free capital." He proposes that Mr Clarke should instead rebase the base date for gains from March
- to a more recent date, and do away with indexation of gains and various other reliefs. The rale of the tax should be reduced from 40 per cent to 20 per cent ANNE ASHWORTH What would have turned £ 6,000 into Looking for bolt-holes T here has been a sullen hush in the London market this week, de¬ pressed by disappointing retail news and a forbidding forecast from Shell. The European slowdown is beginning to bite. Tins is nothing like the start of a crash — New York and even Tokyo still look buoyant and there have been rallies even in the London drift — but could our bull market end not with a bang, but a whimper? Few commentators think so yet [and I remain uneasily with the majority]. However, one bird of ill omen has now appeared, and it is time for the prudent to look at the downside. The bird is an impressive fowl: GT Trust a widely respected fund manag¬ er. In its latest report on policy, GT announces that after a survey of all world markets, it can find only one [to which we wiU return] that does not begin to look overvalued. It has therefore switched to caution: it is building cash balances, and hedging its existing portfolios in the futures market The small investor cannot hedge economically, and so the question is not one of whether you should follow GTs example, but a starker one. Is it time to sell equities, or bonds, or both? The GT case is. in general, depress¬ ing! persuasive. The basic message is that after a bull year in a flatfish world economy, enough is enough. Unlike most analysts. GT believes that the current Maastricht-induced slowdown in Europe wffl be quite obstinate; given glum psychology in most EU countries. lit ANTHONY HARRIS it is hard to see why not GT sees no early recovery in Japan [where GT is unusually well informed]. Wall Street is seen as still in the grip of technology mania, with tin: emerging markets still shrinking back into their holes. As for the wafl-of-money argument often stat¬ ed in this column, GT points out that scheduled privatisations in Europe and new issues in the US wfll mop up some $50 billion of that money in the coming year. Help! Now that you are frightened, where to turn? It is here that GT looks a little less convincing. A slowing economy and a steeply positive yield curve conventionally argues for a switch into bonds. GT believes that if and when Japan recovers, all world bond yields win rise [and prices fall]. It presents some statistical correlations to support this thesis, but cannot suggest why it should be so. h for one, am not persuaded, and offer the more conven¬ tional analysis: bonds, the poor rela¬ tions in a bull market, are now offering high real yields, few higher than gilts. An excellent hedge against recession, then for anyone unworried about infla¬ tion, with the hope of a good tax-free capita] profit. Two cautions: the run¬ ning return is not so attractive to a high rate taxpayer [especially if you allow for a high high rate under Labour] and a bond portfolio needs alert manage¬ ment The rallies are slow, and look- reliable: however, as we learnt last year, the correction, when it comes, can be virious- For those who want to reduce tax bills and nervous strain, indexed gilts are the ideal bolt-hole low yield, no inflation risk, and, at die moment, historically undervalued against the equity market Again, though, there is a health warning: because yields are low, and because this is a relatively illiquid market prices are more volatile than in conventional gilts. I f you do not follow this market closely, you may find it expensive to get out when you wish. And that is the attraction of GTs implied sugges¬ tion, a building society deposit But can you, a red-blooded equity man. face the prospect of sweating over a bond portfolio, or sleeping on a mattress of cash? If not consider GTs one bright spot South Africa. Politics are proving less frightening than billed, inflation is falling fast tourism is booming and manufacturing recover¬ ing, and market multiples are quite undemanding by worid standards. Time to brush up your Afrikaans. £ 20,000 in just seven years? The Schroder UK Enterprise PEP". If you've e.oi a nest egg tucked away for your future, it's probably in the building society. At least you know it's safe there and you can get hold of it at short notice if you need to. But how much have your savings earned in interest over the last seven years? Certainly not enough to triple or even double your money. However, if you had been able to invest £6.000 in the Schroder UK Enterprise Fund through the Schroder PEP seven years ago. by now. you would have a total of more than£20.000 to spend
- over three limes your original investment. What’s more: • AH your profits would have been tax free. • You could have withdrawn your money at any time, without paying any penalties. • You would have had the comfort of knowing that, since its launch, the Schroder IJK Enterprise Fund has produced more money for its investors than any other UK equity' invested unit trust*''. And the catch? Like ail equity investments, the Schroder UK Enierprise'PEP involves an element of risk. There's no guaranteed rate of return and there may even be rimes when your investment will lose money. If you're not in a position to take this risk to get higher returns, you should leave your money in the building society. Schroders Schroder Investment Management It's easy to invest - just leave ail the administration to us. Well keep you regularly informed and you can call us for an up to ihe minute report. The minimum investment is £3.000 plus a 3% opening charge. To request further information, simply call the number below, return the coupon or contact your usual financial adviser. Ifyou want to gel the most out of your savings, the Schroder PEP is the one investment opportunity you can't afford to ignore. r m Call 0800 002 000 TO: SCHRODERS. CUSTOMER SERVICES DEPT_ 0» W I FREEPOST. LON 7IW. LONDON EC4B4PD j Ptaire soul me tm mfe-nnanon on Ci* Sotrodm PEP. I Note. Add rest,. . Poslmde. Tel, No.. I Sourra of figures; Micropat io JO. IMS. ’ Gnus inronic | reinvested on Schroder I K Enterprise Fund since 1 0I.0S.M. {6.0W became £21.455. ■ Gross income | reinvested since dl.08.68.. tiiVJ. j Pact performance jj nor necessarily j guide to future . performance. The value of investments and the income from I them may fall as welt as rise and uitvsut* may ikm ger hack j the amount originnlly wrested. The levels and bases af. and . reliefs, from taxation may change. Tax reliefs referred to I arc those current/] ovailaNe and thtnr value may depend on | the dreumstaneex of the individual investor. Issued by Schroder In vest mem Management Limited. ' regulated bv IMRO. ^Registered Office: 33 Gutter Lane. London EC2V SAS. J 3 C St a Be Ju. Pi A ho ha be ws wt pn na an die cm ! an Of rai to ler in sqi en; p n dis Yv Jut Lo
- pa Rn So Co juc cot ten wfi Lo Lh« the Be wii shi mi bet Co Ai Be Ju: Pa: \3u Th eni del ore an act thj [ Su sec as iha ocf 1 res ap| Hi the Sir Be all. ris [ 30_WEEKEND MONEY THE TIMES SATURDAY NOVEMBER 41995 Helen Pridham offers a guide to guaranteed investments Your money back with interest — if you are careful CLIFFORD HARP«H N o one likes losing money. Seeing the stock market slide and your investments with it can unsettle even the boldest inves¬ tor. For some people a loss of capital can be devastating. To avoid this danger, secur¬ ity-minded investors are at¬ tracted by “guaranteed" in¬ vestments which protect ag¬ ainst loss. But they must look carefully at what is guaran¬ teed and how it is provided. Guaranteed products have been particularly popular this year according to Charles Lev- ett-Scrivener. associate direc¬ tor of Towry Law. the financial adviser. “There are two main reasons. A lot of people got their fingers burnt last year when the market felt. “Although the market has risen again in recent months, it takes longer for people's attitudes to change. The other factor is that most of the money available for invest¬ ment is coming From retired people who feel they haw earned all they are going to earn and are inclined towards investments which do not put their capital at risk." The appeal of guaranteed re¬ turns was illus¬ trated earlier this year when Legal & General's guaranteed corpo¬ rate-bond Pep attracted £130 million, while other com¬ panies not offering guarantees were barely able to attract this amount between them. Some guaranteed products have been around for years. Gilts and National Savings products come with a govern¬ ment guarantee. Guaranteed income and growth which are issued by insurance compan¬ ies have also been popular. But more recently there has been a rapid growth in guar- anteed-equity investments us¬ ing financial derivatives to provide fixed returns linked to the rise in the market, or your money back if it falls. There are now a number of varia¬ tions on this theme. Mr Levett-Scrivener says these guar anteed-equity prod¬ ucts need very careful scruti¬ ny. He says: “People must be sure they understand what they are buying and how it affects their tax position." One point investors should bear in mind is that guaran¬ tees are often linked to a specific period or anniversary. If you need to cash in early you may get back less than your original investment So be sure you can lock away your cash for the whole period. Here are some of the main guaranteed products: ■ Gilts: Issued and guaran¬ teed by Government, no other investment is as secure. Yet they are often overlooked by private investors. They pay a fixed rate of interest for a fixed term which can range from under 5 years to more than 20. Longer-term gilts are current¬ ly yielding 8 per oent or more gross. At the end of the term the stock is repaid in full. In the meantime, toe price will fluctuate. So if they are sold early or purchased when prices are high you may get C Investors must be sure that they understand what they are buying and its effect on their tax position ? back less than you invested. Details on how to purchase them through toe National Savings Stock Register can be obtained from post offices. ■ National Savings: Also backed by Government, Nat¬ ional Savings offers a range of products with a guaranteed rate of return and your money back. These include toe Pen¬ sioners Guaranteed Income Bond which pays a monthly income equivalent to 73 per cent p.a. gross, fixed for five years. The minimum invest¬ ment in the bond is £500. the maximum £20.000- National Savings also offers one of the few products that guarantees that toe value of your invest¬ ment will keep pace with inflation — Index Linked Nat¬ ional Savings Certificates. ■ Guaranteed Income & Growth Bonds: These are sold by insurance companies usu¬ ally for terms of between one and five years. They pay a fixed rate of income or growth and your capital back at the end of toe term. Income is normally on a monthly or annual basis. The typical minimum investment re¬ quired is about £3,000. Rates of up to 7 per cent net of basic rate tax are currently being offered on five-year bonds. To be able to offer these rates, insurance companies have to be in a favourable tax position which means they tend to be small or in a rapidly expand¬ ing phase. Among the more recognisable companies cur¬ rently offering bonds are Ab¬ bey Life, Britannia Life and NatWest Life. Investors should bear in mind that the guarantees on these bonds are only as good as the companies themselves, though toe Policy- holders Protection Act would ensure that investors got back 90 per cent of their money if a company collapsed. _ ■ Guaranteed Equity Bonds: Normally issued for a five-year term, investors get a percentage of the growth in the FT-SE 100 in¬ dex [which measures share- price movements of toe UlCs top 100 companies] or their money back if the index falls. Many bonds guarantee a min¬ imum of 25 per cent over toe term even if toe index falls. Mr Levett-Scrivener says the concept is not as simple as it appears. He says: “Fre¬ quently it is not 100 per cent, but only 96 per cent of an in¬ vestment that will be raised in line with the index. No divi¬ dend income is added — the FT-SE 100 index is a capital in¬ dex only. The index level at toe term's end is also frequently averaged over the last six or 12 months. This protects against sudden falls, but you won’t benefit from sudden rises." Most are issued by insur¬ ance companies that quote returns net of basic rate tax. But they are also sold by building societies and banks, such as Barclays, currently offering a Guaranteed Equity Savings Bond. They can quote returns before tax. Returns from these products cannot therefore be directly compared and for higher-rate taxpayers the tax treatment is different Higher-rate taxpayers will normally be better off with insurance-based bonds. ■ Guaranteed Equity In¬ come Bonds: Some guaran- teed-equity bonds provide an income as well as a capital return based on market indiries. Mr Levett-Scrivener says these need even closer scrutiny. He cites toe Finan¬ cial Assurance Higher Income Bond which is offering an 11 per cent income, "Investors only get their money back if both toe FT-SE 100 index and toe S&P 500 Index grow by 9.25 per cent over five years. Lf either does not achieve toe required growth, the capital return will be less than toe original investment At worst it will be less than 50 per cent ■ Bank & budding society products: Banks and building societies have always guaran¬ teed your capital back but more are now offering fixed- rate term accounts, such as the Halifax's Guaranteed Reserve Account Recently toe trend has been to offer stepped-rate bonds that guarantee rates will rise over a term of three to five years. Investors should not be too impressed by toe high rates at the end of the term. Average toe rates over toe period to get a better figure to compare with flat guaran¬ teed rates. Some Tessas have also been offered with guaran- —:r~——«
- » «»»' • teed rates and there will be more in toe coming months. ■ Peps: Most Peps are not guaranteed. The only guaran- reed-equity Pep on the market is Legal & General Guaran¬ teed Stockmarket Investment Plan. Investors pay a one-off insurance premium of 4 per oent to cover the capital guar¬ antee and a 2 per cent annual management charge. It invests in a unit trust which aims to track toe FT-SE 100 index with a no-loss guarantee at the fifth anniversay. Unlike guaran- teed-equity bonds, this Pep also enables investors to enjoy toe added benefit of the divi¬ dend income from the under¬ lying shares. Also still available is Johnson Fry’s Guaranteed Corporate Bond Pep. paying 7 per cent net over 5 years and your capital back at the end of toe term. A QUESTION OF MONEY How safe are bank and How safe is my money in banks and buSding societies? What compensa¬ tion can I hope for if things go wrong? First, a few words of reassurance; The UK'S banks and general life assur¬ ance companies have a bet¬ ter track record than similar organisations in the United States, according lo Paul Greenwood, of actuaries V/m Mercer. “Our life assurance regulations have been taken as a model by many other countries: our banks have had fewer cot- lapses than the US." Investors are protected by toe panoply of regulation established by the Financial Services AcL However, toe system is not without flaw, as a number of scandals have revealed. Mr Green¬ wood dtes toe issue of custo¬ dy: who holds toe assets of a unit trust group and are they being invested elsewhere? I have £15.000 with a society. How safe is it if tire society collapses? Under the Building So¬ cieties Act 1986. 90 per cent of savings up to £20,000 per person [ie E18.000] is covered in toe event of toe society folding. This is toe maximum statutory payout and a husband and wife with a joint account would each be covered for this amount However, the Building So¬ cieties Association says there has never been a payout because societies are so care¬ fully regulated. If a society seemed to be in trouble a merger with another society might well be arranged. What about the £15.000 1 have in my bank? Is that covered too? Under the Deposit Pro¬ tection Scheme, cus¬ tomers can get back 90 per cent of their money up to a maximum of £13.000 per person. Interest earned on your account at toe time when toe deposit becomes due and payable will be protected, subject to toe lim¬ its of the scheme. In a liquidation, deposits cease to attract interest immediately, whereas in other cases de¬ posits will normally contin¬ ue to accrue interest until maturity. Hie payout is the maximum temporary pay¬ out pending the restructur¬ ing of the bank. It may not be the final payout In general, all loans, overdrafts and other amounts owing to the bank will be deducted when calculating the amount of the deposit on which com¬ pensation will be paid. And my policy with an insurance company? Individuals who have _ an insurance policy with a UK authorised insur¬ ance company are protected by toe Policyholders Protec¬ tion Act of 1975. You should ask your insurance company whether it is authorised be¬ fore you pay. The protection scheme guarantees up to 90 per cent of the insurance company’s commitment to the policyholder at toe time when the company goes into liquidation if toe company cannot pay out. You will get 90 per cent of the money you have in your fund at the. time. The scheme also covers general insurance for homes, and vehicles. How secure is my per¬ sonal equity plan? With unit trust Peps, the collapse of a unit trust management company is covered by toe Investors Compensation Scheme [ICS]. You get back up to £48.000 if the management company fails, if the manag¬ er stole your money or committed a act of fraud. If you are a husband and wife you each get bade £48.000. If you bought your unit trust Pep through an independent financial adviser or tied agent and he put your money in a high-risk fund when you asked for some- tiling rale, you may have a claim against the adviser, or against toe ICS if the firm rejects toe complaint. Marianne Curphey Pelham Crescent, South Kensington, where flat-owners are seeking freeholds Charity faces court fight over Sara McConnell on a campaign by flat-owners who feel they are being deprived of new rights O ne of the leaseholders fighting to buy the freehold of blocks of flats on the South Kensington estate of Henry Smith's Charity is taking the charity to court claiming that it has failed to follow procedures laid down in toe Landlord and Tenant Act 1987. These are intended to give tenants toe right of first refusal of the freehold if the existing landlord wants to sell to a third party. The imminent court battle is the latest twist in toe campaign being waged by residents of the South Kensington estate, which takes in such exclusive streets as Pelham Crescent Onslow Gardens and Lennox Gardens. At issue is the control of the freeholds of their properties. Other flat-owners are fighting similar battles. Investigations by The Times have found that many landlords are flouting the law and threatening huge legal costs if tenants attempt court action. The Labour Party this week pledged to tighten leasehold enfranchisement laws and enforce sanctions on freeholders. Zippo rah Main waring, a resident on Smith’s Charity’s South Kensington es¬ tate. will ask the West London County Court this month to order the charity to issue her a section 5 notice under toe 1987 Act. immediately giving her fust refusal to buy the freehold. Smith’s Charity says it will not issue section 5 notices to residents to offer toe sale of toe freehold until a system of estate management has been agreed between residents and Cluttons, the charity's agents, approved by a Leasehold Valuation Tribunal and an appeal heard. Cluttons says a scheme is necessary to preserve the integrity of the estate. The tribunal hearing to approve a scheme has been postponed until the new year after initial proposals met with a storm of protest from some residents, who said they would not have control over maintenance costs. Ms Main waring says an estate management scheme was not part of Smith Charity's original sale conditions. She wants to buy toe freehold “unencumbered" by an estate management scheme. Cluttons. freehold agents for Smith’s Charity, would say only: “The dispute is over a technical point Ms Main waring has one interpre¬ tation lof toe Actj which is not shared by Smith's Charity". In July. Smith’s Charity angered tenants when it announced that it had sold the freehold of the E283 million estate to another charity, the Well come Trust, without having served notices on tenants under section 5. This would have given tenants two months to respond. Instead. Wellcome served notices under section 18. Under this section, half the tenants must declare their interest in being offered toe freehold within one month of receiving the notice. Chiltons, also acting as agent for Wellcome, says that Section 18 notices create more certainty and mean a quicker sale if tenants are not interested in toe freehold. WIN A MILLION every month ^ .... ; V ’■;Oryour money back ® £1 Million monthly jackpot Premium Bands. Any person aged '©or over can buy Premium Bonds for Themselves Bonds can be bought tiw children under 16 by their parents, igreat] grandparents or guardians. If you buy by post v*e will send you a copy of the prospectus containing the lull leims. ro which this advertisement is a simplified guide The purchase date will be the date we receive your application If you [hen wish to cancel your purchase, tell us in writing wntwi 28 davs and we will refund your money. But please note rtut vtw are not entitled ro any prizes drawn on the cancelled purchase Bonds go into the prize draw one full calendar month after the month of purchase. Three months nonce of any changes torhc pnze structure or merest rate that makes up the prize fund wfll be gven The Director of Savings reserves the right to seek evidence of identity for a free copy of the Ui temts and condition-, of Today's offer, or far a free copy of our Virtual Shop Guide covering all National Savings' unique investment opportunities you can caH us free anytime on QSOO 500 OOO Over 350,000 other prizes of £50 or more every month worth over £22 Million AH prizes tax-free You can invest £100 to £20 r 000 Money back at any time E62TM5 Please send this form to: National Savings, premium bonds. Freepost Bi 2092 , Blackpool, FY3 sxr. If you prefer, use a first class Stamp for rapid delivery. 1 Do you already hold Premium Bonds? Yes | | No [ | If Yes. please enter your ■-.-.-,-.-, Holder's Number I I I I I I I I I 2 Amount in words_pounds CIO u 3 M_ All forenames Surname. Mnenuni 1100 UiRo Jmourti mvM be M muhpte oltu Address in full .Postcode. Dale of Birth DAY MONTH YEAS 4 I accept the purchase will be subject to the terms of the current Prospectus. Signature Date 5 If buying for a child under 16, gtve name of parent/guardian- M__ IM, M n U» Mi] All forenames . Surname. 6 If buying for a [great] grandchild, give name of the parent/guardian above and your own name and address below. iMfUr.NVnUu All forenames Surname 19 Tfeadicqur ihoM bronwd AC Pzyrc'«]iuk-ui*iD notwi vm*s inuwM uoirwf CwntlMinViilHpinrfh chrque HriKainpviinicm atnmihihdVMiairfr 's HiKtin jmmciramir Address .Postcode. This form cannot be used to purchase Premium Bonds at a post office. NATIONAL SAVINGS a i AV V]Vu ' 1-safe ar , mk and ty savi n , ife-Ts O, i = ;v s.iSTia: Ct-.. ’• V .,J- cj> |M firsts; :•> -:? p-'-r f y|4fcrw\«-'. 1 fr .- ? MCt*»V 7" • 4 . Jjg -Jotaai-% ntsb: iwv ;v,.“- thj jk w ; f.i • IpSaJi'S jj£fcr»ar«-r : itMBG. %hSfh £ .saie #» k[ Iffijsk .; *• ■v /■ • r,«- ■■■»• tj c-V '• ■ &. -r i'-i ' :■■•" 9S& :’•-••'• sfc^'-r
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ite Bond FREE il&LV
fcf ■■ ?. v. ’ • SjjLJiMES Sati iPn ^Y NOVEMBER 41995 The art of investing in an emerging market AX a WEEKEND MONEY 33 A Erica was Term Incog¬ nita to most Europeans before the great expedi¬ tions of the lS70s, such as that of Dr Livingstone. This week, however, it is very much in the news, but for ail the wrong investment reasons. The feet that the South African Stock Exchange, a cornerstone of liquidity in the continent's money markets, is undergoing its own “Big Bang” or deregulation, has been overshadowed by other events. In a Durian court this week. General Magnus Ma- lan. the former South African Defence Minister and ten other security chiefs from the apartheid era. were bailed after being charged with mur¬ der in relation to the massacre in 1987of 13 people. In Nigeria. Ken Saro-Wiwa. the play¬ wright was sentenced to death, provoking worldwide condemnation, including a strongly worded statement from the Foreign Office. It is into this apparently unsettled investment environ¬ ment that GT proposes to launch an Africa fund this An Ashanti 18th century terracotta head, at the Royal Academy of Arts Africa: The Art of A Continent exhibition month. That there is growth potential in certain African markets is beyond dispute. Indeed, the African story could well be tiie emerging market story of the next few years. Others in this category.’nota¬ bly the now more mature Far East Tiger economies, such as Thailand and Malaysia, are taking a breather. John Legal. GTs director of emerging market investments, points out that in 1965 nominal per capita income in Ghana was US$260. almost twice that of Thailand. Some 30 years on. the positions are reversed, with Ghana advancing to $430 per head and Thailand streaking away to $ 2,100 per person. In Mr Legat’s view. African stock markets and economies in general have been held back in the same way that many Latin American countries were in the 1970s and 80s. These factors indude excessive control of national economies, centralised planning, import substitution, tariffs, price and wage controls and restrictions on foreign exchange. In cer¬ tain countries, corruption should be added to the list Tribal and ethnic conflicts have also played their part These include the war of Katanganese succession in what is now Zaire in die early 1960s. the Nigerian war of the early 1970s and the complete breakdown of law and order in Somalia in the early 1990s. Turning to individual coun¬ tries. Mr Legal says that in Uganda, once hailed as the Pearl of Africa, investment is only now beginning to pick up after the imposition of a strict economic regime, backed by the International Monetary Fund, in I9S8. Cotton produc¬ tion has doubled to 70,000 bales since. The continent is still rich in minerals, and tourism is de¬ veloping rapidly. There are now 14 bourses, or slock exchanges. Besides South Africa, other nations with bourses include Eygpt, Mauritius and Namibia. Mr ^gat says that favoured countries for his portfolio are likely to include South Africa. Egypt. Morocco. Ghana. Bo¬ tswana. Kenya and Mauritius. He adds that portfolio weightings should reflect the fact that the Africa story is only part of the emerging markets theme, but is certain¬ ly worth an initial or even increased exposure. It is one for locking away on a long¬ term view. T he price war in the personal savings market intensified this week when two leading unit trust managers scrapped initial charges on their funds. The moves, by Legal & General and HSBC Asset Manage¬ ment. were prompted in part by the current mood of apathy and suspicion among private investors, which has seen unit trust sales fell by 20 per cent in recent months. In addition, managers have watched Richard Branson attract £100 million of new savings to his low- cost Virgin personal equity plan [Pep] since its launch in March. They are also looking forward to getting their hands on some of the £15 bQlion of funds that are held in tax exempt special savings accounts [Tessas] and axe due to mature next year. As a result, HSBC whose UK Pepping up interest by abolishing sign-up fees Index Fund is worth £162 mfllion. announced that it was abolishing initial charges on seven on its funds. From January 1, there will no longer be a 525 per cent charge on its index tracking funds. Legal & General which said that it aimed to increase its share of the Pep market from 1 to 10 per cent in the next three years, has scrapped initial charges and withdrawal fees on its five existing Peps. The company has also launched a low-cost index-traddng Pep that claims to be the cheapest on the market, investing in L&G’s UK Index Trust, holder of nearly 72 per cent of shares in the FT-SE 100 index Index-tracking funds aim to match die growth of an index — a measure of movement in value by a certain number of shares. There are 39 authorised such funds, with £2J trillion under manage¬ ment and investors need to choose one until a good record, not just opt for one with low charges. Among the cheapest Peps is Virgin’s, with an annual management charge of I per cent and no initial charge. Gartinore’s UK Index Fund Pep has no initial charge and an annual 1 per cent charge. Marianne Curphey the left hand column. Investment of £1,000 in December 1945 Foreign & Colonial Investment Trust PEC + Higher Rate Building Society Account 1945 £1,000 £1,000 1970 £30,269 £2.554 1985 £191,470 £8.489 1995 £922.610 £17,363 If you are looking to accumulate a sizeable sum, there’s a decision to be made. Here are a few helpful pointers. - The Foreign & Colonial
Private Investor Plan is one of
the lowest charging available.
It is also flexible - it allows you
to invest monthly or by lump
sum into our range of
investment trusts and you can
alter the amount and the
frequency of your savings without penalty.
Don’t leave it to fate. Find out more and enjoy the
benefits of Foreign & Colonial.
Foreign Colonial
Name;.. ..
INVESTMENT MANAGEMENT
Address,.;... . ..—--
.. Phone 01734 828 802 Fax 01734 344 622
... . ” any time, quoting the coupon code.
Postcode ; ..CODE:P411?5r.
Re turn this coupon to: Foreign & Colonial Management Ltd. PO Box 2, Twyford, Berkshire RG10 9NW
. j., ~yiimvw *pm them can faH as well « fi you may not get tack the full amount Invested. Paa performance a no
waIu !5 f ttemmS [1SS5 figure to 29«©5]. 'Bask net me to 1952-sowceBZW. Thereafter highest net rate wafebte
total return, net interne reinvested. tSource Foreign & Colonial Management Ltd using
fr “ n ind historical 15* notional expenses. Plan charges 02% commadon rad 05% Govt stamp duty Foreign &
S^ialMwws^™ L ®B ,J,B t rt ,, ^^t he P e,s ,nv-rr w?.* ;i-u rv.'trruwr, um»i iicmON MW WWW 1W5 ’"AUKt TO N], WWH NET KOMI NEJNttsrro lo:WX!OW>.r«S
TMf MS w;cu*HOM!»*Myc, .;aDCWK«IMU 4SuPS,:HjM0["ajr:wA, G*u5| T> v*U/t C* UN&t»r\NS OVERSEAS IWLftMENT, 10 GO DOWN 0 l nauK WIT f^uET MANAijcns UMi7t£> « MMIER Of TVit SCOTTISH nu>DINI uroup iS MOUATOD «,
MORE than one in five critical-illness
insurance claims are rejected. The most
important single reason for not paying out on
claims is non-disclosure.
According to a survey from Employers
Reassurance International, which reinsures
most of the leading insurers, 75 per cent of
claims made for permament and total
disability are turned down. Nearly half of
those claiming for renal failure are turned
down and a quarter of those who claim for
heart attacks, strokes or multiple sclerosis
are denied their daim. However, only 13 per
cent of cancer claims are denied. These
claims account for more than 50 per cent of
the total. Phfl Geverley, underwriting
manager with Employers Re, said: “Our
research shows that one third of claims are
made within a year of taking out a critical¬
illness policy. Some people take the attitude
that they should just try their luck."
One of the most contentious areas is
permanent disability. While most claimants
feel if they can no longer do their job they
should be able to daim, many policies state if
they can do any job, they are disqualified.
Hugh Thompson
UllMJ ANO TNf WVESTVSWI MiTHCtOT,' VC IS HIM UMEIOI M/T*
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Purchasing a PEP from one of the above companies makes sound financial sense. However, invest in any of them via Chelsea Financial and you are really on to a good thing. That's because we give a discount of up to 5%. Which is not available if you go direct! It gets better. We will also advise on the current best buys, depending on whether you need income or growth. Or a combination of the two. For instance, on a Corporate Bond PEP we can give you up to 9% income. Chelsea Financial is the UK's leading independent PEP discount company. So whilst there is a wide choice of PEPs, there is only one adviser. Chelsea Financial. So don't invest direct. Get a better deal by calling us on 0171 351 6022. Or return the coupon. Together we will make quite a splash. Chelsea Financial Services f [jr \ J the BEST ADVICE. THE BEST DISCOUNTS. \?|5r\ Chelsea Financial Services Ltd, FREEPOST, 2/1 Harbour Yard,
Chelsea Harbour, London SW10 QYZ Tel: 0171 351 6022 RKVlATEP 97 TV*. KMONAL BNEPMENT AUTnfiWT t Ttfi V&lUl OF INTOlMttiTS AND THE INCOME FROM THEM CAN FAIL A j WELL A5 RTSF Chelsea Financial Services Ltd. FREEPOST, 2/1 Harbour Yard. Chelsea Harbour, London SWiO 0YZ. J I would like to know more about the leading discounted PEPS. ! Address TRANSFER TO THE NEW FIXED RATE TESSA Hie Chancellor confirmed in his last Budget that when your current TESSA matures, you may re-in vest the capital in a new TESSA. Tire new Robert Fleming TESSA offers an interest rate of 7.50% p.3. fixed for five yeans. So whatever happens to interest rates over that time you know you will get a guaranteed maturity amount of up to £12,920 at the end of five years, assuming you invest the maximum £9,000 capital. You can transfer any amount of capital between S3,000-£9.000 and, what’s more, if you transfer now, we will pay 7.50% p.a. on your existing TESSA until the maturity date and automatically open a new TESSA for you. So if your current TESSA matures between 1st January and 31st May 1996 call for an application form today. '50 - Postcode. TAX-FREE FCH^yBSb/ 0800 829 024 24 HOURS A DAY 7 DAYS A WEEK Flemings SAW & PROSPER MTFasr u*n a&sa 10 ccwtvuld of n«K »p «m k whoww i n c*a «t MWt ACaHQ TQUEAlfUOnC'N MO*. T>« MsmSFPIFtf APIUSKAMwWn ihhof ICW C COUNT UHW“ CUBTOT USA NT SVEMJf WWABOMS iHrfCESI aCZJVEO “0* IB* B NO! 9.CXC1 WTw. HO ««!t*-Mi it UMTOl *Jt WCWD IMTH. wn «..» Tp» w it* nuoum ecw«T Hum*:. co umhk «&6rjj j c*wi » conwu mix iOwiv»i k» CtPOiTS S WIMCW1 VJF L now /UvtKttK, M tOCfUMMft f THf tiss ij aoHD c* iwi'/mo kk*i iis m yum. thi@ m* be » ch*ki wuo ny NCUMD Jf 1 li UWCL ! jffCffID !■» IHJ oCCouM RJU! SAVING AND INVESTING FROM AS LITTLE AS £25 PER MONTH NO ENTRY COSTS, NO ANNUAL FEES AND NO MINIMUM INVESTMENT TERM With Scottish Investment Trust’s STOCKLPLAN scheme, it’s a reality. The only charge made on your investment is the statutory Stamp Duty. Everything else is invested and works for you. Invested in one of the world’s largest trusts. One which has been looking after stockholders’ funds since 1887, and has proudly maintained its independence. And you can invest by way of regular savings or lump sums or a combination of both in a diversified portfolio which includes some of the world’s most successful companies. gKjjj Scottish investment Trust 6 Atoyn Place, Edinburgh EH2 4NL Please send me the SIT ST0CKPLAN brochure and application form. Send tbs coupon to Alan Jeffrey, SIT Savings Ltd, FREEPOST EH 882,6 AJbyn Place. EtSnbwgh EH2 odh W e also offer a tow cost Personal EcmIy Plan. Please lick tots box for rie.tsnk. I l Name 1*8_ [BumcMmumusa flOMfltsammt °v SIT Savings Lid. a notvowned sutuMlary ~ £ times Saturday November 4 1995 WEEKEND MONEY 35 l fwaptc i hb* ;'v«5Ckiiwawsy 3tr» « «*' I 1 "', M IM. lu Q The Equitable Life You profit from our principles Hili" 1 ’ 1 '- ,121] o THE TIMES SATT ipn a v NOVEMBER 4 1995 WEEKEND MONEY 37 THE Mitsubishi first to go online TIMES MONEY INFORMATION SERVICE Mitsubishi has launched the world's first online personal • finance network service, infotrade Portfolio provides an information and full share dealing service to the private investor from their home PC. Other facilities include FT-SE indices, current UK share prices and three-year histori¬ cal company results. The cost of the service is £10 per month, plus a £25 connection fee. The software product itself, provid¬ ed on CD-Rom. is priced at £69.99 and can be bought directly through BT Telesales on 0800 226600. For further information, contact Infotrade on 0121 717 3768. ■ Allen bridge, analyst of Peps, is providing a free evaluator to help investors with risk assessment when choosing a Corporate Bond Pfep. The risks assessed for each fund are: level of liquid¬ ity; the spread of investments; credit risk; and sensitivity to interest rate movements. Call freephone 0500 551000. ■ Help the Aged has pub¬ lished a free booklet giving advice to senior citizens on money management. Think¬ ing About Money aims to help older people to "balance their household budgets and offers ANNUAL INCOME Rales as at November 2 ,1995 Investment [E] Company i Standard Rate [%] 5,000 AIG Life 5.10 10,000 A1G Life 5.15 20,000 AIG Life 5.20 50,000 AfG Life 5.25 1,000 Premium life 5.50 10,000 AJG Life 5.63 20,000 AIG Life • 5.73 50,000 AIG Life 5.78 1,000 Premium Life 5.60 20,000 AIGUfe 5.67 50,000 AIG Life 5.72 100,000 AIG Life 5.82 1,000 Premium Life 5.90 20,000 AIG Life 5.82 50,000 AJG Life 5.87 3,000 Abbey Life 6.85 15,000 Abbey Life 7.05 50.000 Abbey Life 725 2 Years 3 Years 4 Years 5 Years Source: Chamberlain da Brofl 0171-434 4222. Net ot 2S% tax [which cannot be redavned]. Income and capital guaranteed Early surrender. Terms vary. Monthly income may be available. SAVERS'BEST BUYS BASE RATES V MORTGAGES practical tips on maximising income and claiming welfare benefit. Available by sending a SAE to Information Depart¬ ment [Money], Help the Aged. Sr James's Walk, ClerkenweU Green. London. EC1R 0BE. or from all Help the Aged shops. ■ CafCash. a trading subsid¬ iary of the Charities Aid Foundation, has launched a High Interest Cheque Account designed for the banking needs of charities. Special cheque books will enable char¬ itable account-holders to make payments directly to third parties and administration costs will be kept to a mini¬ mum. Contact Sue Pavey at CAF on 01732 770114. M Pensions for Women is a four-page guide published by NatWest Bank providing in¬ formation on why women need to consider planning for their retirement. Available free on 0800 255 200. ■ The Share Centre is offer¬ ing a free Christmas album CD to individual investors who pay £37.50 or more in dealing commission between now and December 22. Call 0800 800008 for details. Lizanne Rose INSTANT ACCESS ACCOUNTS Scottish Widows Bank 0345 829829 Co-operative Bank 0345 252000 Leeds & Holbeck BS 0113 2438292 Brmnghm Midshires BS 0645 720721 FIXED RATES Nrwch & Ptrbrgh BS 01733 391497 Leeds & Holbeck BS 0113 244 0357 Woolwich BS 0800 400900 Brmnghm Midshires BS 0645 720721 Account Instant Acc Pathfinder Albion First Class Account Notice of term Postal Instant Postal Postal Notice of term Fxd Intrst Bond lyr bond Investment Bond 2 yr bond Fixed Rate Bond 3yr bond Millenium Band 4yr bond NOTICE ACCOUNTS AND BONDS Account Nottingham BS 0115 948 1444 Postmark Scarborough BS 0800 590578 Scarboro National Counties BS 01372 742211 90 Day Greenwich BS 0181 858 8212 Flagship Notice Account of term Postmark 7 day p Scarborough 50 50 day 90 Day 90 day Flagship Term 1 yr bnd Deposit £250 £5,000 £ 10,000 £25,000 Deposit £5,000 £5,000 £500 £5,000 Deposit £2,500 £ 1,000 £ 20,000 £5,000 Interest paid Interest Rate paid Tis F/OM 7.05 F/Yly 7.25 F/Yly 7.75 F/Yly Interest Rats paid j Mattox I mongaga1 CREDIT CARDS BEST BUYS CREDIT CARDS Robert Fleming/S&P 0800 829024 Royal Bank of Scotland 0800 161616 Frizzell Bank 0800 373191 Card type Interest per month APR% Fee per annum MasterCard/Visa 0.98%G 12.40% Nil C MasterCard 1.14% 14^0% Nil C MasterCard/Visa 1.17% 16.10% £11 Clearing banks base rates 81 1 92 1 S3 ‘ 94 ‘ 95 FT-SE 100 PRICE INDEX PERSONAL LOANS BEST BUYS PERSONAL LOANS Clydesdale Bank 0800 240024 Midland 0800 180160 N&P BS 0800 808080 Monthly payment on £3,000 for 3yrs with insurance no insurance 16.20% 15.40% 15.50% £113.94 £116.54 JEM 18-22 £103.33 £103.14 £103.29 Nb. A - Feeder account required. In the interest paid columns. C = no interest free period D = annual fee rebated £1.5K+ charged par annum E = Annual fee waived tor 1st year lor new accounts F - fixed rale IbB other rates are variable!- OM denotes interest paid on maturity
- RATES SHOWN ARE GROSS AND SUBJECT TO CHANGE WfTHOUT NOTICE
PLEASE CHECK RATES BEFORE INVESTING
Source: Mcneyfacts. the Mentht t Guide to tmastment & Mortgage Rates [01682 500 677]
i',r. 34 50
1 Nov
FIXED RATE
Birmingham Midshires
Bradford & Bingley
Bradford & Bingley
Bristol & West
Britannia
Coventry
First National
Halifax
Halifax
Halifax
Leeds & Holbeck
Newcastle
Newcastle
Northern Rock
Skipton
FLOATING RATE Cross coupon 9.375% 11.625% 13.000% 13.375% 13.000% 12.125% 11.750% 8.750% 12 . 000 % 13.625% 13.375% 10.750% 12.625% 12.625% 12.875% Gross coupon First National 9.30000% 10C Cheshire [28/03-28/09]9.24766% 105 PfBS = Permanent Interest-bearing shares Source. ABN AMRO Hoars Gouett — 0171 601 0101 J SHARE IN FOCUS: .-Cl JSA1NSBURY % Minimum Gross issue purchase yield price amount 9.777 100.17 1.000 9.851 100.13 10,000 9.864 100.20 10,000 9.959 100.34 1,000 9.991 100.42 1,000 9.973 100.75 1.000 10.553 100.25 10,000 9.687 100.62 50,000 9.591 100.28 50,000 9.703 100.00 50,000 9.981 100.23 1,000 9.772 100.32 1,000 9.773 100.45 1,000 9.620 100.14 1,000 9.912 100.48 1,000 I Issue Mnimum ? price purchase i 100.00 1,000 100.00 1,000 Building Societies Yorkshire 0800 378836 Bristol & West 0800 100117 Northern Rock 0800 591 500 Banks National Westminst 0121 234 2000 Midland 0800 494 999 Interest rale % Loan size Max % Notes 1.99 neg 95 6% [fisc 1 year, 2% [fisc 18 mths 0.95 E15k+ 90 Fxd to 30.11.96 1.99 to£l00k 90 6% discount to 1.2.97 2.79 £l5k+ 75 520% discount tor 12 months 2.79 Et00k+ 80 4.86% discount fori year Interest rate % Loan Max size % Building Societies Scarborough 0800 590547 Hinckley & Rugby 0800 774499 Bristol & West 0.75 15,001 to £100k 0.75 to £150k f— • 480 | fee 4 "
420 0800 100117 Banks Bank of Ireland 01734 510100 0.99 £20-145k 95 Bank of Sctland 1.50 to £200k 95 400 j 0131 243 5735 7.24% - 6 mths, 2% 6mth.0.5% ty Fixed to 1.9.96 Fxd to 30.11.96 7.5l%dsc-6 mns 3% dsc-6 mns 6.49% discount for B months NATIONAL SA\fl|i|GS > ’ Gross At tax rales Mm/madmum rale 25% 40% kwsstmntC Notice Contact Ordinary A/c 2.00 Investment A/c*« 5.25 Income Bond* ■ 6.50 First Opt Bond. 6.40 42nd Issue Canto 5.85 Children's Bondt 7.85 Gan Ba Rate 3.51 Capital Bombs 7.75 8th Index Unkedfr 3.00 Pensms Bond S2 e 7.50 1.50 1.20 10-10,000 01416494555 3JM 3.15 20499 Imth 01418494555 4.88 3.90 2,000-24.999 3fllth 01253766151 4.80 3.84 1,000*250.000 01416362558 100-10.000 8day 01913864900 25-1,000 Imth 01416362635 5.81 4.65 100-250.000 Belay 01416362603 100-10,000 8day 01913864900 5.83 4.50 500-20.000* 60day 01253786151 ' tost Cfl] tTWOjfl ohrtta* bee. nst aces tor up to £100 'Atidtnona! htdgs ip to £ 20 . tW tor reimeaed proceeds tTsx tree ‘Ratos gross and i£vt? rSuarameed when nekt tor 5 veers V 3% net tortus tor £20.000* VW.OCOjiinaatomtoSl hottngs'TaxebtebulciedhMl ffj SION AN All figures are the gross annual annuity [£100,OCX] purchase], guaranteed 5 years, paid monthly in advance SINGLE LIFE [level arm] Male: Age 60 Age 65 Age 70 Prudential.Level Sun Life Canada..Level Royal Life.Level Canada Life.Level Standard lie ..Level SINGLE UFE Generali.Level Royal Life.Level Sun Life Canada..Level Stalwart.Level Prudential.Level £10.377 £11,391 £12,758 £10,255 £11,297 £12,667 £10,230 £11,361 £12,894 £10,058 £11,227 £12,810 £10,136 £11504 £12,584 Female: Age SO Age 65 Age 70 £9,246 £10,091 £11,263 £9,500 £10,330 £11,555 £9,364 £10,143 £11,241 £9,477 £10,114 £10,992 £9.625 £10.355 £11,428 JOINT UFE, 2/3 WIDOWS Male: Age 60 Age 65 Age 70 [level annuity] Female: Age 55 Age 60 Age 65 Prudential.Level £9,237 £9,B03 £10,599 Royal Life.Level £9,046 £9,682 £10,593 Equitable Life.Level £9,046 £9,563 £10,276 Sun Life Canada ..Level £8,993 £9,588 £10,418 Generali .-..Lave] £8.929 £9,547 £10,401 Source: Amjuy Direct torn SPA Compiled by: Uzanne Rose :J3V Interest Loan Max Lender rate % size % Notes Building Societies Bristol & West 3.00 £15k+ 95 4.74% discount 0600 100117 for 1 year Brad & Bingley 1.89 none 95 Fixed to 1.10.96 0800 252 993 Skipton 1.84 £25-150k 95 6% disc 5 ninths 0800 446776 1.75% disc 1 year Banks Midland Bank 3.29 £30k+ 95 4.36% discount 0800 494999 fori year Royal Bank Scot 4.74 £15-£150k 95 3-25% discount 0131 523 4442 to 1.10.96 lenders, lager loans and first-time ' Intarmadon: Kay's Guides. 01753 GUARANTEED 10% P.A. GROSS, FIXED FOR ONE YEAR AND STOCK MARKET GROWTH tables suppled by Bley's Guides Ltd. For details of this bond, from a top ten building society, which gives you the best of both worlds: w asm wf rspulin Malang ISD mntwm CHASE DEVERE -ixvESTVEjm nr—- AEGON UFE ASSURANCE Action House. Lanvfc Square. Umtim EHWS 01715388800 Balanced MOJO S31 3JQ .. UK Equip 637.40 67AM *5X0 ... Property 50600 537® 060 ... mao interest m JO 36i.ro mo ... Money SB JO 274.40 • 030 ... I men ml! oral 425.70 450JD 20 ... ABBEY UFE , _ HaMcahwm RuaA B o um enadi BHB1AL 01202292373 Property Fd Inc 24650 ■bo-bet tfUD Equity Fd Inc 18640 -do- acc 255.70 SetealwFd 51110 MOJWyFd 3K.4D FropFd5er4 77t:«o Equity Ser 4 »» Man Sum 701.40 CWwSeM 33990 Money Ser4 33M0 Flaed im ser 4 364® American Ser 4 HtghincSer4 74SXD Index® lnvSW4 221 20 Japan5er4 3M.TO 261.60 ... 0 515.10 . 196® IJD ... 20920 I JO 540JQ 200 ... 413.10 CL» ... »420 . ZfflJO » 1.10 ... 738.40 » 040 ... 357JO - 0.10 ... 357JO ♦ OJO ... 384.H] 350 .. »UD 1X30 ... 7MJ0 « 340 ... 23X50 ♦ I TO ... 550® • X30 ... ALBANY UFE 3 Dit to tend FotKra Bar ENAIAJ OHQ74Z3U EduhrRlAcr IdTBJX 176420 *m90 ... Eurasian Fd acc KMC 419® *4.40... Su £57.50 565.70 CMMoney ACC M5JO 36X7D .040 ... MManwedAff 633[0 6662D 600 ... Ira Fxd Im Acc 340JD 367JO - Did ... StMPnDd 244-20 25700 2J» ... KASrtcwACC 361® 3SWO 14 ■ run Fd ACC 45X50 477JO O.SO ... MnSipiemvAec iooxsd iisixo *7.70 ... ALLIED DUNBAR ASSURANCE SwbDdM SN1IEL 01793 5J4SK „„ FBI Ini Dtp Acc 38660 «7.M 030 ... Equity ACC 152040 IMXX5] MO . . p£p2ty*c Far East ACC JOS 80 325.10 - I® ... Ma na ged capital 56M0 wxso 3J0 .. ACE 1170.40 123200 740 ... OierxeUACc I030JD K*4® 720 ... Oil] Edged ACC 516® 544X0 7.10 ... XSj&SftyAre 9IZ4] MS] *21^0 ... AIRS'Man ACC 38X50 40X70 810 . ■ JESSSaCC I18J0 I2S.W -030 ... Dinittnnloa Bonds 24JO » OJO ... AXA EQUITY LAW LIFE Kitfi Wycorote Bocfel 167.40 176J0 • 12B ••• uSSso 6 101.80 Itn-JO *tt«6.OT UKEoatliesSerfi 1075-40 1131.W JJ0 HteberlncSef6 1I38.W " Ssrss 2S£g iwS saer* KE S S ;g::: deed Pq>5S 6 30820 33440 TO Kent Mfi4 4IF tl 2J6 ... B - 043 ... N ... B - !■» — J - L00 14 - 1.14 ... 0 - I.T8 .• 2 - 687 2 - 200 ... g -070 ... 5-0® ... 7*1 — 1 -073 — 6 4.12 3 024 ... | T iM ... R - 3 46 ... WUj YM Ud oner #- % 300.10 211.70 23850 757 VI 18X10 19550 194.40 205.70 13000 136.90 177.70 168JJ3 206.40 718.40 I6U0 17110 205 JO 217.70 36X1D 38X30 62730 660.40 26X50 25060 27*40 308-50 32480 34X30 THUD 17X70 1B1.B0 - HJ 344A0
31040 32730
I3XJ0 14X60
mjf YM
BU Otta- -i- v
way no
»/- «
uk Oppomrour
EuroopponmilQ
Norm AmsOpp
Far East Onp
Cwth prop Ser 1
CIS FlopSs2
Fixed Im
dsh
overseas
Formerly LAS
ManapdFmtd
UK Equity
Property
Money Market
Fixed Interest
lapan
Nonn America
International
European
nr East
CANADA LIFE
36 FOsfa Street PWen Bar, Herts EN65BA
0T787 H122
EquOT GrORtD < 27750 .
Managed 35220 >7080 080...
Property 24000 252.70 ♦ OXJ ...
GUtannim asxto as7^i - 120 ...
Equity 401J0 42270 - LSD ...
r»ch 223 00 Z34.80 020 ...
OifeEratlMgO 40X40 429.90 2-50 ...
cure InOFd 37020 380.70 450 ...
mnapwt Itand 76520
0520 [LSI ...
mpenjFund 3518° saojo om ... EqnOynmd 1001.10 105X80 920 ... GUI Edged Fd 64720 £6130 4.40... DenaUFund 34180 35950 *05] ... liirrameiU Fd 43POD 4SI-50 3JO ... lnlOJiaik'nsl 574.40 WWO 7.70 ... CITY OF WESTMINSTER ASSURANCE Sentry Home 500 A wintry BML ■ MAm Keynes MK9ZNU. 0WW4O6KU Property Fund '£10 IW7D .... MBnaged Fund 67150 70750 50 ... Equity Fund 392.90 riiifl -0.90 ... CLERICAL MEDICAL/ FIDEUTV BS20IH. Din9290566 Axiurantz Funds Sapp Hire Mbdd 30580 Kroy 183.10 Emerald JSLOO EquttV 35120 Pronwrv 231.70 life OnTn acc 83 LOO 874 70 LHelnU ACC 51470 54180 Opportunity 27.47 2X44 -016 Deposit 2470 2680 [303 680 ... Life Property Are S44.TO 257® - 4® ... HAMBRO assured Crown 8rtr UWA 141660 Hutflar HMc Pommy. PhStoa Lanes ft® ... Brcwln Equity 775.40 81620
- 3J0 ... PS2 2PR. BT772MBOOO 1® ... Managed 179.10 188® • a® . 0® 674 222.40 7® ... EAGLE STAR LITE ASSURANCE UK Equity 186® 196® • o® . Bmfa Road. 217® 4® ... GLS7LO. PI3022EH1 imemaflonil IM®
- K] -0® . J® ... Srture Fiinil 182X0 191®
- 0® ... ■sIeh Pms IA8JO 177.10
- 060
170 ... Managrt Fund 2SM0 268.®
1® .Deposu 10.90 151®
0.10 to-Series 2 169.10 178® - UO ...
to- pens 172® 181® • a® . 2.00 ... ACvcntumas FO 210.70 221® • 2® ... 4® ... to- Series l 163® 171 60
1® ... HENDERSON ADMINISTRATION 680 ... Equity MnEd Fd 2S3JO 267.10 - 3® ... 3 finsbnry Ares
- Lbb*m EC2M 2PA
640 ...
aId-S eries 2
lb.®
ITS®
2® ...01716385757 S® ... UKPlHFtfdlni 151® 159® ♦ 2® ... UK Equhy Fd 381® 406®
a* .0.10 ... UK Equity Fund 179® IBS® • a® ... Nonh America 401® 427®
10® . 121® 128.10 • OJO ... Far East Fund 580 TO 617® - 0®
17640 18870 -1.10 .. Global Managed 49240 523.®
3®EN65HA Euro FOrrf ®I.I0 211.70
4.10 ... Deposit Rjod 236W 249.® ♦ 0® North Airier Fd 219® 231.10 - 7.10 .. Prime Residential 13® 146®
- OJO .
Bunr Yld
Bid Offer X
2JSJO 251.10 - OJO ...
SOUP 52800 OJO ...
124® I.MJ0
28 Si Andrew
0UIS69WI
cash
rndea-Urited
Fixed interest
Mixed
UX Equity
Inremadonal
American
Japan
Entupean
Padltc
TedinotoKy
Frgn BdiCrrcy
Edinburgh EH2IYF
108X59 197.956 • ai7 ..
17060 179.70 • 080
186® I96J0 4®
27X® 2*000 - I® .
26I.TO 277.70 . QJO ...
271® 2SWO - 5.70 ...
296® 31260 - 5JQ ...
=1® 233.50 - IJO
283.® 290.® X® ...
J®.» J60.1O -4.70 ...
457X0 441JO li» ..
24X70 25X00 - 0.10
SCOTTISH UFE INVESTMENTS
19 Si Andrews Square. Edinburgh EH2 HE
om 22$ 2211
Property 224.10 Eton - ot» ...
UKEqufe 307JO 407® 030 ...
American 2X1® 29X« • 6® ...
Pacific 34J.® 361® >2® ...
European 508® 534® - 2® ...
lnlmuUdna] J27JC' 344® *4X0
Fired Imprest 249® 2b2J0 350 ..
index linked 277.® 21X40 ♦ I® ...
Deposit 2X2.00 111® - OJO
Managed 306® 32280 1.40 ...
wUrKfwue 12X50 IBJO 050 ...
Pen Worldwide 134X0 I4MP ft . .
SCOTTISH MUTUAL ASSURANCE
10* Sr Vtocrai Street Glnpow G25HN
OMIMOhSl
Flex FUnd U51 1017.70 1873.® .
Safety Fund 250® 26380 • 2J0 ...
Growth Fund 249 JO X2JS0 - 63
Opportunity Fd 249.70 262.® • 1® ...
Cash Fund iscwo 10 .® 010 .
European Fund 3*400 388® • 750 ...
GOuaFulllll 21200 224.10 4.10 ...
indra-linKrtFd 1 ® 20080 • 2 J 0 ...
International Fd 2*9® 314® • SJO ...
North American 26750 201 ® -4®...
Property Fund 129.10 13580 .
SCOmSH PROVIDENT
6 SI Andrew Sqore. Er&dmrgh EHZZTA
OOIS*Otffl
MDrt 280® 303® I® ...
Equity 30920 324® *0® ...
International znjo 292J0 • 3® .
Properiy 233,63 24550 - OoO ...
nxedlmaM 226.40 341® 020 ...
index linked mw i* 1.10 ...
cam 1 2 .® 203.10 -aio ..
Formerty ProflOc
Ml Garth MDGd 06020 415JO S.40 ..
Cam Fund 35080 36970 OJO ..
Property Fund 2®20 31SJ0 -ft® ..
Equity Fund 5450 103X80 -10. TO ..
FU intaesi Fund 486JD 512.70 *3® .
Interna tkmal 390JO 42380 X« ..
HIGH Income 77880 828® 2®
Far FflU 567.10 603JO -2.® ..
North American 625® 665® - 1 ® ..
SpecialSUS 70630 751.40 -XIO ..
Technology 920® 979.40 42® ..
Ban income Fd 424® *5160 i® ..
AdrenlUTOUS Mg 241® X* 10
Secure Mgd
Equity Inc Din
Menaced Din
156® 165.10 080 ...
124 70 111® 0® 4.45
114X0 12020 • 050 5X1
SCOTTISH WIDOWS
PO Boot 902. Ed k d iniij l i
DO! 65$ 6000
I nr Poll 104320
In* Pel 2 945®
In* M3 09670
ln» Cash 32680
wired Fund 49ft®
Equity nmd 587®
Property Fund 24X10
buHitarional ni 53« oo
Flirt imensi Fd 599®
indexed stock fu aosjo
cash Fund 23X40
104320 2®
995.70 . Uo
9*7.10 - 1®
744.10 am
51690 4®
618® 1X0
258.10 - 1.70
S62J0 11100
4TOJ0 • 4®
219J0 LTD
249X0 OJO
SKANDIA UFE
Shaodte Htaae. Portland Terrace.
SMdhanqrtnu S097BX
OfTIB 734411
Managed Ace 409J0 Uftro *aiO . .
Equity ACC 496*0 52X10 *050 ...
IfumnitonaJAct 349® 368X0 - I® ...
Property 231® 243.70 -OJO ...
STANDARD UFE ASSURANCE CO
JG^yind. Ed tehur^ i EKZ2KZ
Cub 277.90 392® • 020 ...
Equity II09JD 1167.90 *420 ...
Earopam ibsxo i9t» *3jo ...
FOrEaa 172.40 IfilJO • OJO ...
Fired Interes 42X20 447® - X7D . .
indexUnted ci.w 233® -zso ...
Interna for® 65380 688JD 7 . 10 ...
Managrd 764® 004® -490 ...
Quh
Equity
Earopoui
nr Eh
Fixed buerea
index Unted
InteffunkuiAJ
Managrd
Nib American
Property
Pensions
Cash
Equity
European
Far Earl
Fixed lnuresi
Iona linked
imematlonii
Managed
Nth American
Properiy
37040 389.90 - 0.70 .
437.90 461.00 0® ...
1654® I74I.X] -0®...
224® 736.30 4.93 ...
IJ7® 144® 050 ..
59670 628J0 - g® ...
31030 336.70 ♦ 190
433® 902.70 -1510 ...
1]03® 1161® ♦ 9X0 ...
213® 224® 650 , .
614® 641.70 1® ...
Wifi- Yld
Bid oner •>- 6
SUN ALLIANCE
Si Mart's Court. Hoidram. Sussex
01403232323
Managed Fund 724JD 7tajo 650...
Equuy Fond 61.40 1012X0 5.00 ..
Fixed 1 merest M «5® 457.90 - sxo ...
index-lintrt FO 335 80 3S3® • 240 . .
Property Fund 531® 559® 050
ImenudoiulFd 698® 735® *12® ...
NAmericanra 294.40 309.90 -1140 ...
Far East Fund 23140 241® • I® ...
DepesHFUnd 30® 33620 - 040
International Bd < MM2I ... -213
Worldwide Bond IM® 177.90 040 .
European 179® IB® ♦ 3.70 ...
Rtmntx Assurance
Wealth Assured 721® 75110 - 570
Ebor Phoenix Eq ship ssojo
P roperty Growth
Property Fundi 61610 . . aro . .
to Acc I 572*0 . . - 0®
Agricultural Fd l a»3® ... *0.70...
to ACC 81840 ... - 0® ..
AJjbey Nat Fm i58.ro 040...
Abbes' Nat Acc I 483® ... - 080 . .
inrestmesu Fd ■ 38660 ... uo . .
Inresiraeni tAl I jro® ... 3.10
Equity’ 1405® ... • 7® ...
Equity ACC I 1312® .. 680 ...
Money pond i WU0 ... -0® ...
to Acc: 473® ... 040 ..
Actuarial Fill 637 W ... . jjq ... Gib-Edged Fd t 408® ... *4®... to-Actl 406® • 1 ® ... Retire Annuity j 1367® ... » JLTO ... lnunrtAnnuity> 307® ... -1350 ... BMpSOC Litet 235J0 ... • 020 ... SUN UFE OF Barimiew. Bat DcaUap 01256 S Growth acc i Managed acc t Equttv Account: Mngd Fund Aa Equity Fund acc P rop Fund Acc Fired Ira Fd Acc Money Fund Aa Indi-ini; &cs Ac Pox Pens Acn Peru Mngd Acct pens Guarantee Peru Equity Pens Property Pens FbedUU Pens Inti Pens Money mu indx-Liuri CANADA irnstoim Hama 04M 1565 ® 0*670 1301.10 . . 408.00 129.40 S65® 595® 2M® 278® 32270 J39.7U 229® 241® 213® 221.70 202670 948® 995® 271® 28580 3o8.ro 387® 310® 32640 304® 320® 256 70 270® 218® 261® 205® 216®
040 ... -I® ... - 0® ... 4.10 ...
- am ...
0 10 ..
• 2 ® ..
SUN LIFT UNIT
Si Inn Barton. Bristol BS997SL
0U7 94269U
Managed ACC 450® 1000.® • 5® ...
Property acc 306*0 325® 6® ...
Equity ACC 1580.40 1663® *6® ...
Fixed Inf Acc 427.10 444® *6®...
Cash Are 321® 338® • 0® ...
ArtierEquIiyAtt 434® 457® • 9® ...
Japan Act 2S4® 299® -100 ...
Pacific ACC 369® 388.TO - 140 ...
Far Easorn ACC 829.90 873® - 5.40 ..
miematonal Arc 620X0 [£2.70 - IJD ...
Distribution Fund 287® 30C® • I 70 5.95
European 202J0 213® 3.BO ...
DcflW Dllt 179® 189® > 090 ..
TSB UFE LTD
Onritoa Flan: Andover. Ham. SPW1RE
01264 345678
Managed Fund 303.® 319® • I® ..
Property Fund 111® 243® ft® ...
Fried Interest Fd 23640 246® *2.10 ...
Money Fund 2CT® 21800 *0®...
Equity Fund 3M.10 41690 1.90...
WINDSOR UFE
Wind sor Ho me. Tdfiaid.
RKZ2QR
Manaped Booa 744®
Money Fund 329®
Equity Fund 678®
Fried 1 meres 29610
Property Rmd 332.90
Gresham FtaniUngnm
American&Gnri 652®
lntsrne 792.70
inwrnatotal cth 6n*io
Caphal Fund wloq
B ecoretyFund 649®
iapan a General 262.ro
FonneriyAEma
Life Funds
794® 1080-
346.® • ft®
716® 1®
309® i®
3S0.40 -27®
M7® *21X0
835® . I®
505.10 *10®
71020 . LTD
684 M 7®
276.® 1.70
Stock EKhancr 248.70 26.® *2X3 GUt Edged 19® DepoEh 1633 Pensions Kpilrrri 2S.77 Bear 29J4 0«1 31.44 Bull 2X21 Sag 25® Gilt Edged ZSM Depwll 2138 Prt i wa series JWayFtmtl 628.72 1982 Sols UK Equity 37659 N Amar Equity 320X7 Far East Equity 365® Fried 310.96 cash Depojti 212® Propeny m® Special Opp 37635 Managed 33l.ro inner-tinted Fd 1*8.72 1673 19.72 • 002 21X3 22.14 t 0X8 2177 23.97 *0® 19® 3ELU
a®31X1 21X6
aio19X6 XU9
0X91633 17.19
0X12S.77 77.13 • aai 29J4 31X9
an3144 33X9
ft422524 2657
0262538 2693
0.13ZSX4 26® • aiz 21X8 2230
0X3628.72
617 306.41 592 33692 5® 385.16 - 079 327J3 I 56 22X68 • ft |9 I49XJ - L48 »8lb • i.M 3«J5 341 J39.J8 CnO 38 WEEKEND MONEY THr T M1? •■•Vim ofut fijliili tjCGuI. •l-»,-'-Kv . •. , •• », t i; »»i : i‘ ; 'ti. fc; ifjpj==. Scfi frpe, jVafS. iejf '.jt\ SpV kyjoj ir&ty FJi Itt «r. &fg{j5 2 gf --pin v ’11 u y i- -j. i zjC 'TT ’iT• »c- -ts -?’ £fftp§£t ^r~vW»V: 'Nfc* SjS. :p.!eitfsyff?. •- -•"••' From Miss Cfore Riley Sir. I wish to draw your readers' attention to an injus¬ tice concerning the transfer of N&p to Abbey National — viz that the shares issue is to be paid out only to investors who are over 18 years of age. This is a dear case of ageism. In an era where young people are being encouraged to save, once again the “fat car philosophy prevails — those who have gain and those without a voice lose. As a prospective undergrad¬ uate. perhaps this is just another ploy to encourage student debt. Yours sincerely. CLARE RILEY [aged IT]. 20 Wyvem Road. Sutton Coldfield. W Midlands. V^tgWMONEyijEirgBS The role of the Rent Officer -—--- r \fr p Pniwlswsll ing ACT 1988] for determination A » L 'S ”*»•&»tmwu 7 "pLJT ^de by are longer .arm, «d« /a*,, 1 4k m -m -M From Mr F. Popplewell Sir. 1 read with interest in last Saturday's Tinier Weekend Money Page, the article Dy Karen Zagor on “Rent or Buy". I would like to correct one misconception regarding the role of the Rent Officer and The Rent Act 1977. The rented properties to which she re¬ ferred were subject to market rents. Tenancies for these types of properties are subject to The Housing Act 198S. They fall into two categories: O Assured Shorthold Tenan¬ cies. which have a minimum contractual period of six months. Tenants who are not happy with the level of their rent may apply to the Rent Assessment Comminee [Section 23 Hous- subject to Section 14 Housing Act 1988 where the new con¬ tractual rent cannot be agreed between parties. Rem Officers can only be¬ come involved in Regulated Protected Tenancies under Rent Act 1977, ie. Tenancies created before January 15. - Tenancies after that date are outside their jurisdiction. Yours faithfully, p POPPLE WELL. Chief Rem Officer. „ Enfield Rent Registration Area, Nicholas House. River Front Enfield. Middlesex. When the only option is to rent a home Proving identity at bank or society need not be a shot in the dark To Advertise is Weekend Money Please Telephone 0171 782 7115/7523. From MrA.J. Roberts Sir. Your article on whether to rent or buy refers all too briefly to job insecurity: this is surely a crucial factor in all aspects of the housing market. Not only do those in perma¬ nent work face the prospect of redundancy but the whole nature of employment is chan¬ ging. I only need quote Gra¬ ham Seatjeant’s article of October 23. in which he cites die trend of the 150 top comp¬ anies in the UK to rely on temporary staff for a U but the key posts. This invariably involves a short-term contract and may be in a wide range of locations. Feu,’ in this situation can contemplate buying, while those who bought in happier times, often face the social, family and economJc prob¬ lems of working away from home, property prices are unlikely to rise while this job insecurity remains. Yours faithfully. .ANTHONY J. ROBERTS.
- Oxen Avenue.
Shoreham-by-Sea. VV Sussex. From Mr I. Pratt Sir. Your interesting article [Can you prove your ID? October 14] highlights some¬ thing that has been a source of extreme annoyance to me for some time. It is particularly annoying that banks and building soci¬ eties make differing require¬ ments and often fail to give any notice of what these may be. f have made a point of opening a number of accounts mid have tried a host of documents to prove my identi- m .5iteW IdU 791',- IS', 146 tang tom to 24'iica-cB 5[U Cm 25b 100 Srtrad Uft ta HE KWrSemB Uto 2m. 127\ ♦ ’, 08 Sara a G«« 117 - l 200 Seal 744 ID 2.6 £1 33 10 116 106 *0 147b So 2i6 Scd i ton 556 to; «t 74’. to Exwn 206 to to 243 78’.. San fa Is 9e\ in to vu ik 1481 Seanv Anita [745 re 5 99 23
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?67b 155 Fta«m
606 523 rcriatc. Safe
210 ftteW
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STS 255 21* 342 366 134
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. z i ?— i! ■ 'Im THE TIMES SATURDAY NOVEMBER 4 1995 SPORT 41 Crawley in fine shape to press for Test place • From Michael Henderson in east London Crawley, on his way to 87 not out against Border, is out to impress again today Hussain plays vital innings Sign right here O. J. and have a nice day SIMON BARNES On Saturday OUTWARDLY. John Crawley has changed so much that, with his cropped hair, he could pass for a warder in Jaiihouse Rock. Inwardly he has changed, too. The young man who set out on a Test career. 16 months ago has taken longer to adjust man he, or others, imagined. Now that he is showing signs of doing so. will there be a Test place for him? Crawley is “the man in possession*', having finished the summer batting at No 3 against West Indies. However. Raymond Illingworth has sig¬ nalled a dear wish for Mark Ramprakash to bat there this winter, against South Africa. Should Ramprakash be seleci- The West Indies board is threatening to punish sev¬ eral Test players after the reports by the captain, man¬ ager and coach accused them of causing disruption during the tour of England this year. The players, who have not been named, have been ordered to answer the charges hy November 15 or face punishment ed, the best Crawley can hope for is a place at No 6. ahead of Robin Smith. Yesterday, as overnight rain washed out the second day of England’s four-day match against Border. Crawley had good reason to curse. He is 87 not out and wants to turn it into something big, to remind Illingworth which players are in the best form. With 85 against an Invita¬ tion XI behind him. and runs here. Crawley is well ahead of is every likelihood that Smith will get another chance to play himself into form against a .South African A side at Kim¬ berley next week. Since he returned from Aus¬ tralia earlier this year, having achieved only a partial success there last winter. Crawley has attempted to play straighter. He is also toning down some¬ thing of his natural expansive¬ ness. ‘to the point where it seems he is giving an imper¬ sonation of somebody “barring responsibly*'. He makes no bones about this adjustment of style. “1 don’t want to get out. 1 am trying to accumulate runs without making mistakes and in four-day cricket, particular¬ ly when you open or bar first wicket down, you can bat for a longer period of time. You can get a good bail early on. but if you get in. then being out for 60 or 70 is not good enough." John Edrich. the England batting coach, has assisted him. “My technique is similar to last season but I have worked with Edrich on a few things, notably playing with softer hands m defence and playing straighter through mid-on. He tells every bodvto set their sights on a hundred, not to get out for 40s." Keen as he is to make amends for his Test failures, Crawley is not expecting any favours from Atherton, the man he followed to Man¬ chester Grammar School, Cambridge and Lancashire. “There are players here with much better Test records than I," he said. "I did not play especially well during the summer but 1 learnt a lot and 1 hope I am a better player for it Robin is a fine player at Test level and is going through a bad run. as anybody can- He is probably the best player of fast bowling in the team so I would not have thought that was an helped his running between the wickets and in the field. Now he is down to a shade over 13 stone, in trim, and looking forward to reshaping his international career. NASSER HUSSAIN, the cap¬ tain. played a delightful in¬ nings of 64 as the England A side gained their 'second successive victory yesterday, beating a Pakistan Cricket Board XI by seven runs at Thatta in a match reduced w 45 overs a side. After England A had been put in. Jason Pooley was out in the fourth over but the York¬ shire opener. Andrew McGrath, helped Hussain re¬ pair the damage with a sec¬ ond-wicket stand of 71. Hussain’s innings was streets ahead of any other in terms of class, although Jason Gailian scored 28 rapid runs to boost the total. The Board XI passed 100 with only three wickets down and. with 13 runs required off the last two overs, were still in with a chance until Kabir Khan lost patience and swung vainly at Ed Giddins. ENGLAND AX1 A f.fcGiflTh c Kabir b Anwar . . 34 J c Footey c Rarrcfln t Airier . 1 •M Hussain c Ipz b Zalai . . 6a 0 P Oater mn out .10 fl C Irani b Airier ..0 J = fl Gailian c l|az E> Zafai ... 28 fK J FHp« c Oadir b Kao . . II D V* Headtev ri Ka&r . & R D Slsunp b Katin . . . 0 A M Smiir. fUoui . . . .„ „ 1 £ S H iiajins a Kafir . . 0 =.oras fla 4. & 4 rb 2 1 . .. . iQ Tola! overs]--168 FALL •:•= WICKETS.1-5.2-rr. 3-101 4-103. 5-H-5.6-J48. 7-163. c-163 9-1oa BCT.VlWG Kafc'f 73-5-20-4 Aha 9-2-22- 2 Zafer 94MG-& Anna/ 9-0-3-M tUmzai 4-0-160 Ijaz &0-300 PAKISTAN CRICKET BOARD XI Mohammad Ramzan run out_ . .34 Ghutom Ati c Mc&am o South_ 12 Ijaz Ahmed Jr c McGrath b Giddns. 26 Mahmood Haoua c Ostler o HeaSey.... 30 Saad Wasrn tr* b Iram.. _3 Zalar Iqbal run out. „ ..15 Sat'd Asghar c Fper b Siemc.4 Alter Laeecj c Piper b Siemp.. . 4 Javed Qaooer iun oul . .. 7 Katvr Khan c Irani b Gaifce . ... 14 Anwar Alina oul.6 Exiras Of 3. v* 8. r* 71 .. ...16 Tool [43.4 ou«rs] --161 FALL OF WICKETS 1-SC. 2-58 3-95.4-101. 5-153. 6-123. 7-132.3-132. 9-152 BOWLING. Gridins 8-1-20-2. Headley 3-2- 23-1 Gailian 4-0-25C: SfrHtti 64-0-30-1. Irani 7-1-21-1. Siemp 9-2-35-2 □ Salim Malik, the former Pakistan captain, was dis¬ missed for seven against South Australia in his first innings since his eight-month exile from the game following bribery accusations. The price of O-J. Simpson memorabilia continues to go through the roof and beyond, mast particularly if the trade involves items that the great man has actually* signed himself. It seems that the great star of American foot¬ ball is more famous than ever before. How can this be? Well, football fans have long memories, and there is no doubt in my mind that these born-again O. J. fans simply wish to celebrate a great career. Surely the high prices cannot possibly have any connection with any unfortu¬ nate events that may have transpired over the past 15 months. Besides, would any one in the United States truly wish to cash in on a such a distasteful thing as a murder trial? - J. is planning a massive signing session at Atlantic City, the American epicentre of restraint good taste and wholesomeness. “! want to keep this a sports show, not a ‘Hey, I’m out of jail show’,” said Mike Cilben. O.J.’s agent and guardian of the higher morality. He said that Simpson’s contract for the show allows him not to sign anything he does not like — and so he won’t be signing pictures of the famous slow- morion car-chase along the Los Angeles freeway system, the chase that paralysed America and filled every television channel for hours. However, the promoter of the signing session. Mike Benolini. has said that O. J. will sign photographs of both courtroom scenes and the chase — and that they will be available by mail order. “That absolutely wall not happen,” Gilbert said. “O. J. will not sign it.” Admittedly,
- J. has already signed one or two photos from the court¬ room. Well, about 1,000 of them, actually. But he now regrets it. Well, we all do things we regret from time to time, don’t we. O J? “There’s no going back.” Gilbert wise¬ ly says. “But we’re not going to do any more of those.” In line with the good taste ambience of the entire busi¬ ness. Al “A. C." Cowlings will not. after all. appear at the signing session. It was Al that drove the Bronco during the infamous chase. Background info on Bertolini: pleaded guilty to conspiracy ro commit tax fraud after baseball memora¬ bilia event in 19S9. Also pleaded guilty to assaulting one of his partners in that yemure fours year on. The weapon, appropriately enough, was a baseball bat.’ Grande Illusion Just because all these conti¬ nentals keep beating British football teams, it doesn't mean they are better. Of course not They just look better. Opinions of some jingoistic English footballer? Pas du tout . Opinions of Guy Roux, for 30 years manager of Auxerre. a footballing god in France 3 : SAlP L&f'jZ 'tfzy'To LOO< LIKE and one time mentor of Eric Cantona to boot. “French players aren't better than English players — they give the iDusion of being better." he said, adding: “English players show admirable dis¬ cipline. Frankly. 1 am jeal¬ ous of that They are disciplined at every level They are Anglo-Saxon. We are not yet at the level of the English championship.” Hazardous Can you copyright a hole? That is the vexed legal ques¬ tion in the United States. In Houston, Texas, someone has come up with the inge¬ nious idea of making a eolf course that comprises noth¬ ing but replicas of famous holes from other courses. For just 50 bucks, you play 18 charismatic, puzzling and otherwise notorious holes from the entire puzzling and footling world of golf. You can. for example, play the three holes of the renowned Amen Corner from Augusta. But the proprietors of the Tour IS golf course must now- face trial for violation of copyright Their defence is that golf design cannot be protected by law. A hole in the ground is hole in the ground. Old American joke: what is black and brown and looks good on a lawyer? A doberman. Soccer school They still love Bruce in Zimbabwe. Bruce Grob- belaar. who appears in court next month on charges of fixing football matches, has plans to open a football academy lor young players in Zimbabwe, where his career began. He is still the Zimba¬ bwe goalie, not to mention living national Treasure. Buttoned up Now that rugby union has ditched all that amateur non¬ sense. the gimlet-eyed mar¬ keting people are really on the ball. No opportunity for making a quick quid escapes their attention. An advertise¬ ment in a recent Wasps programme offers The Rob Andrew Shim “The black Wasps rugby jersey specially commissioned with the number 10 on the back and Rob’s signature embossed in gold on the sleeve.” It comes in a special pre¬ sentation box. in a limited [well, fairly limited] edition of just, 300. Adult sizes £59.95: children's sizes a give-away at £39.95. Small" problem: Andrew has. of course, been kicked oul for poaching his ream-mates on behalf of his new club. Newcastle. Moral: some people are better at seizing commercial opportu¬ nities than others. Smith if form counts for anything, but Mi chad Ather¬ ton admires Smith’s big- match temperament and there issue. “ Crawley’s well-documented efforts to reshape his body in the past six months have
- THE SUNDAY TIMES F-16 DOWN! My story, by Captain Scott O’Grady Five months ago the world waited to know the fate of the American fighter pilot shot down over Bosnia. For five days, nothing was heard. Then, miraculously, a rescue mission went in to puli him out. In The Sunday Times tomorrow he tells his amazing story of survival PLAY OUR £75,000 SCRABBLE GAME There’s still big cash prizes to be won in Week 2 of our Scr ®^ le scratchcard game. Revea! the right letters tomorrow and you could vwn one of seven prizes up to £2,200 or the weekly £5,000 jackpot. See the Style section the SUNDAY TIM ES IS THE SUNDAY PAPERS For tun written details of our services write to Rrst Direct. Freepoel HK16. Leeds. LS9B 2RS. First Direct is a division of Midland Bank pic. Fret Direct reserves trie right to decline to open an account for you Applicants must be 18 or over. First Direct credit facilities are subject to status. Member HSBC Crvup dependable: at your beck and call 24 hours a day. always by your side At First Direct - the UK’s premier telephone bank - we believe in making banking easy for you. That’s why we’re always available to deal with your banking needs - we never close. So you decide when and where to bank - so long as there’s a phone
- and you never have to queue. well trained and friendly Each time one of our half a million customers calls they are greeted by a Banking Representative. Friendly and approachable. They have the information at their fingertips to deal professionally and promptly with each customer's banking requirements. Ours is a personal service in every sense. a new breed of cheque account Everyone who opens a Cheque Account qualifies for a fee free £250 overdraft. The First Direct Card guarantees cheques up to £100 and enables cash withdrawals up to £500. And there are no transaction charges - whether in credit or debit We also provide an automated bill payment service. In fact we offer the complete banking service - knocking spots off the competition. Transferring your account couldn’t be easier. Pick K 4 > the dog and bone and find out for yourself. ® 0800 24 24 24 -. VV/Mra/Mbs /Ms or Tate Sinara_ F c ran amefe} Address_ Postcode Telepho ne [inc- st d] . ' BC 434 please complete nd post tttis coupon to t First Direct, Freepost HK 16, Leeds, LSS8 2RS. 42 SPORT Leaders of pack fear the threat to their status By David Hands, rugby correspondent RUGBY union is now reach¬ ing a stage of paranoia in the vacuum that has existed since the adoption of an open game. Leading dubs look over their shoulders, fearful of where the next threat to their supremacy may come, distrustful of the motives of their governing body, only gradually perceiv¬ ing the possibilities of a profes¬ sional future. Wealthy Newcastle are not the only ogre; Cardiff are seen as the main manipulators in Wales, while there is aggres¬ sive talk from Harlequins and their ability to enter the trans¬ fer market — as witness the attempted seduction of Martin Bayfield from Northampton this week. Exasperated Bath know that, without entering some kind of contractual ar¬ rangement. the talent that exists in their second team will not remain if clubs with financial muscle come calling. Players may believe this situation to be advantageous, but the wiser heads among them will reserve their options until they can identify clearly the long-term future rather than short-term profit. That they have formed their own professional organisation, the Rugby Union Mayers' Associ¬ ation. will be good for them and for their employers — the clubs. Indeed England First Cc Division Clubs Ltd will an- Ai nounce on Monday their pro- Be' posals for the future well- Jut being of the game — wo days Px in advance of ihe Rugby Uv Football Union. Th The international authori- ent ties have stressed, of course. del that the requirements of nat- ore tonal bodies take pride of place and the exercise of that power by Ireland ihis weekend has < Su irritated English dubs with Irishmen on their books. Not sec that this particular club-ver- as sus-countiy argument is a tha product of the new era — ext indeed it is almost as old as 1 squad weekends. res Be thai as ii may. the ap] Courage Clubs Championship goes ahead this weekend with- Sir out those players required for Bet Irish training, with one excep- alii tion. Niall Malone, of ds Leicester, has successfully — ■' pleaded his case for release FOOTBALL Kick-off J 0 untess staled Pools cuupon numbers m brae kets FA Caning Premiership [Ij Arsenal v Mancheaier Utd ... [2] Chelsea v Sheffield Wednesday .. [3] Coventry v Tottenham [4i Manchester Crtv v Bolton [5] Mfodtesbrougfi v Leeds [6] Newcastle v Liverpool . [71 Nottingham Forest v Wimbledon P [8] Southampton v OPR .
- Wwl Ham v Aston Villa.
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Blackburn
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West Ham
11
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Coventry . . 11
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Endsletgti Insurance League
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[—1 Birmingham v MHtoall. . .
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[I2t Hirfdersliekl v Norwich . ...
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[14] Sheffield Utd v Portsmouth ..
[15] Slot v Luion.
[16] Tranmere v Derby.
[17] Watford v Southend . .. .
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BEAZER HOMES LEAGUE; Promise di¬
vision: Burton v Dorchesar. Chetmslord v
Gnosley Cheltenham v Cambridge Crly,
Hkaswn v Gkwcesier Menhyr v VS Rugby;
RusMten and Diamonds v StaHonJ South,
am dnrtstan; Aahlord Weston-auper-
Mara. Gncterfortt v PrxiQ Ftsrtw 93 w
Morale, Newport toW v Forest Green.
Waterfoovifle v Witney. Midland division;
Kings Lynn v BucHngham Town. Moor
Own v Paget R: Rwtftch v Ftotowefi:
Sutton OottStieto v Bnagrwrm.
ICiS LEAGUE: Premier dMstare Enhetd v
Bromley: Grays v St Albans. Hltchto v
Boreham Wood. Sutton Urwed v Dulwich.
Yeadng v Motesey. Yaovi v Watting. Firat
dhriafort: Bartang v Marlow: Wokingham v
Berttiamsted Second dhrision: Bedford
Town v Hamotcn. BrftCfcnefl v 3attfon
Walden. Cheshunl v Coffer Rev5gate [2.15] ,
Rosslvn Park v Nuneaton i
WiffenhaB v Stoke iZ.30] .
York v Wharfedate [2 30] .
HOCKEY
MBITS NATIONAL LEAGUE First *
vteton: GutMtoid v Southaate [Klnge. Manor
School 12.30].
NACTRO A2ZURRO LEAGUE Premier
League: Ashford v Newbuy, Beckenham v
Gore Court: Boumamouti v Spencer;
;/Btee3 v H^h Wycorrtbe: Lions v Wokng
Maidenhead v OW Kingsfonians. On
Wateouifians vWokrtgham; Oxford Hawks
v Fareham: Wimbledon v CMnster
Wnchesier v Anchonans Hemp-
Bhke/Sutrey: Barnes v Purfey: Cambartey v
Walton aid Weybridge. Cheam v Andow
EWhvich v Southampton.London Unworaty
v Basfooaoke: OW Crantelghans v
BSerstteld. Old EcMnaKkans v Orahc#, OW
Whrtgrtlim v OW MW Whrfranfan&, OttBd v
Btandtord; Solent HC v Epsom
Kent/Susser Befvadera v Horsham:
Badteyheath v Tifce hffll; Bexley tmneta v
MW Sussex. Btackhealh v Savenoaf^r
Bognor i Marten Russets. BrigMon v C«d
Beccehanfiars: Crawtey v Cad WSTem-
carfcns: Heme Bay v Old Holcomb9ans.
MWdteton v Old Bordantans. Wbrtfung v
Tunbridge WeBs MWdxIBarta/Bucka and
Oxon: Amersham v Hayes: Bracknefl v
Hendon. City Ot Oxford v Harrow: Eastebte
v Martow. ETESSA v kUton KBpra.
Headinglon v HCC: Ramgarhia v OMT.
Ffichmgs Park v PHC CWswck: Sranas v
Mid HrtJ. SunOury v NPL
DTZ DEBLNHAM THORPE LEAGUE
Premier dhrtefon: Belper v Bndgnonti:
BtowMch v Khalaa. John PIeryft
Har&oume. North Notts v Hamp»n-ln-
Arden. Nottingham v Loughborough Su¬
danis
SUN LIFE WEST LEAGUE: First [Svteforv
BahSuccsvEwlerUnivarsilviCheflenham
v Plymouth. Swansea v Taunton Vate.
Vlteston-aupar-More v Robnaons.
NORTH LEAGUE: First dMsion: Fonribr v
Timperieyr, HaMax v Sheflieid Barikars.
Harogate v Ben RhytWfoa Soulhport v
Neaton. Warrington v Norton. Second
Division Blackburn v Doncaster.
BrooWarvds v Tynemouth' Dtsley v Durham
University. Huff v Swatweff. Knutsford v
Ramgartna: Northern v SprtngfiekJa. Ownn
v AWertey Edge: Stockton v York; WakefiNd
v Bowdon: w^an v Chester.
ADNA MS EAST LEAGUE: Prentier Ac
Bedford Twn v Cambridge City. ESshop'a
Slontord v Bury St Edmunds. Cheffnetoro v
Peiertxtrough Town, Cokaajster v Cam
r -
“■“J" iHwmai » neuunogf
Wort Premier B: Ctectwi v Brerhvoort:
Dereham v Ipswich and East Suffcfc
Norwcn Cffy v Wesftiff. Od SoutraKkan v
Stevenage: Romford v Sudbury
WOMEN’S NATIONAL LEAGUE: Premier
dwtetarc i-8ghiown v Bracknell [120]
Oi^rBfart [3 30]. Ettuaharts y Trojans [2-0;
[ftrision: Loughboro S v Shrirwixxl [2501.
Offon v EatTig [2.0|: Reading v St AWans
[2.0], Woking v AJdiidge [1230.
W&SH LEAGUE; Cotvryn Bay v Lbrfar.
J*e«pat v CarrStf Alh.- Newlawrt v
rtavertofdvwM. Penarth v PontypncW.
Swansea v Newport..
REGIONAL LEAGUES: East CamtK C v
J^toslon. Ipswich H v Saracens.
v Berieyheath VJGC v
Loughfomann MJdlmds. Lacester II
Hampion. Kettemg v Pfckwfck. Pneril v
Werti, Tamworth v Bedford Noftft v York, Carlisle v Sheffield. Don vatey v NewasCc. Liverpool v Poyfltoft South: L-imborkiy v Dukwch. Crfy ot TOiwiih y Souttrompton: Hamp9Wad * [■ndon. WinchiBter v WWchmara Hi:Worthing v W Witney. West Bournemouth v Rettand Colwgn V i nnwwur SI ArclCff v Wimbame, Yale v Cheflatham. RUGBY LEAGUE NATIONAL CONFERENCE LEAGUE; Pre¬ mier dMctorv Egremonr v Paddteworth lr 301. Maylnid v Lot*. L^w f2,30l OTHER SPORT BASKETBALL: Budm&ter Leotw.
»sta’ v London 1730 ] TUP Ttopny:•tehTr v Leicester IB 0] NETBALL: International: England v C o& fatehds [WfomWey. 1301 TOWWG: Fultera F«« Heed ol the River fMontako io Putiisy, 1.1S] TENNIS: Guarion Direct natcnal
arnp[an?htps [TeffottJ] I i L.. |v . W :U • THE TIMES SATtJRnAy MO VFMfiFI? 4 1995 FIRST in the WATER ■vss- AE-O*.. r-.£ - - v .*?“" ‘i‘ : r V.-^drL
-
Sanpellegrino was the official supplier of mineral water at Cowes Week and to Italy's winning Admiral's Cup team. In line with its long-standing involvement in sailing, back in 1982 Sanpellegrino established the Veteran Boat Rally with the Costa Smeralda Yacht Club. In 1983 in the USA and 4 years later in Australia it sponsored the yacht Azzurra at the America's Cup. Sanpellegrino has also been present at the Whitbread Round the World Race. Sanpellegrino: first in the wafer. Sparkling Natural Mineral Water. Since 1899. . 44 RACING Nemuro offers top value in Chepstow showpiece By Richard Evans, racing correspondent ONE of the dictionary defini¬ tions of value is fair return and Nemuro can offer more ihan that in the Tote Silver Trophy at Chepstow this afternoon. Win or lose — and David Elsworth’s improving hurdler has a genuine chance of landing this £20.000-added prize — the seven-year-old should not be as big a'price as 14-1. being offered by Ladbrokes. So he must rate as today’s value bet. A winner of six races on the Flat in the French provinces, he then went to Ireland where he won over hurdles at Ros¬ common. before joining Elsworth midway through last season. Not for the first time. Desert Orchid's handler conjured immediate improve¬ ment out of his new recruit and. after just being pipped off bottom weight in a valuable Ainrree race Nemuro went on to win the Welsh Champion Hurdle over today's course. On his seasonal reappear¬ ance at Kempton three weeks ago. he did particularly well under top weight to finish within eight lengths of the winner; Jakarta. as his saddle slipped at a crucial stage of the race. That run should have put him spot on and the booking of Tony Procter, a RICHARD EVANS Nap: NEMURO [1.30 Chepstow] Next best Leap For Joy [2.50 Doncaster] useful conditional jockey, is a bonus. "We are optimistic. He ran a good race at Kempton and although 1 don't think the saddle slipping made any difference to the result, I believe he will improve a pound or two for that run." Elsworth said. “I think he has Cherrynut can collect again CHEPSTOW BBCI 1.00: There should be plenty of pace, which may deny Kilbreet and Jtimes the First the opportunity to dominate. Run Up The Flag. Old Bridge and Sailor Jim are belter over fun her. Regal Romper's jumping has been sketchy, so it is wonh risking Ponlynyswen on his season¬ al reappearance. Dai Bur- chell's runner progressed steadily last term and goes well here. 1.30: see above. 2.00: Probably the best nov¬ ice chase so far this season sees the Sun Alliance Hurdle runner-up. Berudc Not To. and useful Irish import. Hill OfTullow. make their chas¬ ing debuts. Both are sure to win races but experience could count here and Cherrynut. winner of six out of seven point-to-points last season, won a chase in taking style at Worcester a fortnight‘ago and can follow¬ up. WINCANTON CHANNEL4 2.30: David Elsworth should saddle the first two home in this badly supported race. The question is in which order. Last season. Absa¬ lom’s Lady beat her stable- mate. Atours. twice and lost once. However, the weights today favour Atours. who also has the benefit of having already won this season. Clifton Beat has plenty to do. 3.00: Bas De Laine made an encouraging comback be¬ hind General Rusty after a season off and should progress but Wise Ap¬ proach can get back on the winning trail. Winner of his last four completed starts, he paid for a rare error at Cheltenham last time but should be better suited by this right-handed track and longer trip. Brackenfield is an interesting debutant for Paul Nicholls. TODAY’S RACES ON TELEVISION DONCASTER CHANNEL4 2.20: This represents a drop in class for Capias after two creditable efforts in group company since winning at Leicester. John Gosden's runner should be there¬ abouts but the long, gallop¬ ing straight here should prove ideal for Naked Wet- come. who came from last to first to beat Seckar Vale at Newmarket Henry Cecil’s .A] Widyan is still improving. 150: Mis tie Cat arguably has the best form but is far from certain to be so effective on his first attempt at this trip. Montendre is one of the most consistent horses in training and goes particular- ls well here, while Royale Figurine has done her con¬ nections proud this term. Bur Leap For Joy is the choice. She has shown progressive form in her last two starts, particularly when winning a group three race in Italy. 3.25: see above. 4.00: Paul Cole is wasting no time with Merit, a comfort¬ able winner at Edinburgh on Thursday and on the ail- weather at Lingfield 12 days ago. The Rainbow Quest colt picks up a 31b penalty for his latest success but actually runs off a lower handicap mark than at Edinburgh. He can stretch classier oppo¬ nents weighted up to the hilt. Of the rest. Sugar Mill looks the biggest threat Richard Evans GOT A CARD? GET A FREE £10 BET. FOR FIRST TIME TELEPHONE CALLERS slaking £25 or more on today's racing using Switch or Delta bank or building society debit cards. -■ RING TODAY’BET TODAY < 0800444040
Mimminn lolal torestinm! pet call &IQ. Ora W» aiily^^S'% k.i i. h tin e^iirfki W 'Free bet is a £10 Straight Forecast on the Tote JtoemberlTcap today, [fleas place your HJJSffl bet and make your free forecast manwaj selection within tbe same calL] IV* mile*, Doncaster 3.25 pm. Live on CH4 TV. 4/1 Snow Princess 13/2 Reimei 7/1 DatoStar 7/1 Whitechapel 9/1 Beauchamp Jade 10/1 Foundry Lane 10/1 Indigo Time 10/1 Royal Scimitar 12/1 Proton 16/1 Korambi 25/1 Time For Action 33/1 Artie Courier 33/1 Askem 33/1 Johns Act 33/1 LordHastie 33/1 Mentalasanythin 33/1 Secret Service 40/1 Bayrak 50/1 Wentbridge Lad Each way Ore Quarter tire erth » plate 1,13. a Price wbjsnioflurtuariwk. Available up to 3.10pm. TafleruOi Rule 4{c] may apply. Non iuw - no bH. LATEST ODDS ON IMUiam Hill TV TEXT • Teletext on CH4 P601/602/603 IC craj A CH£f*ir ACCOUNT FUEEPHOHE [MO 99 S9Z WILLIAM HIIL RULE* Wl < FWCE5 SUBJECT TO FLUCTUATION a good sporting chance, along with two or three others." Squire Silk is at the top of Elsworth’s list of dangers after Andy Tumell’s best hurdler quickened in eye-catching style to win on his seasonal reappearance at Newbury a fortnight ago. He has sound claims, although that victory came in a slowly run race against only four opponents. With Hebridean heading the weights, his David Nichol¬ son-trained siablemate. Anzum, will attract support, especially with Adrian Ma¬ guire electing to ride. The step up in trip is likely to suit the Ardross gelding but all his best form last year was on genuinely soft ground and this Ts not a race which favours four-year-olds. Six of the past eight runnings of this race have gone to a horse making a seasonal debut. The well-re¬ garded Conquering Leader, winner of three of her four DONCASTER THUNDERER 12.50 Shaamit 2.20 CAPIAS [nap] 1 on