afera forex 2014 1040
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The Financial Aid Office is responsible for processing financial aid applications to assist students with the payment of their educational costs through grants, student loans, scholarships and work opportunities. Fall financial aid awards are scheduled to be credited to your student account a few days before the first week of classes. The first day of classes is Monday, August 23, Financial aid will first pay tuition fees and for students residing in University housing, those charges will also be paid.

Afera forex 2014 1040 the wall street journal guide to understanding money and investing third edition

Afera forex 2014 1040

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Bills drawn on ike Union Bank of London. Telegraphic transfers made to London and to varioua ptaom la the United States. Depostts reealved snbleet to check at sight, and tetaraat allowed on ba ances. Oovemment and other bonds and iavi seorltlea bought and sold on oominlsilon.

Western Railroad of Alabama st and Sds. Walbb Member N. For sale by J. Ronda, niss. A- Tenn, BR. Bonds, Carolina Central BR. Bonds, Ga. Bmmxw H. Wan U, Cor. Boimooo " of» Tort H. Now York. Otmwtu c». John H. BS OO. Maaleaalaa4 Biliwsr taaaktua MM at k««aafkat tauan vuhlac to aar armu an Mtovtta aa.

Bay aa4 SaU lathlmiat tmarltlaa. BOX M«. JVioUeffati Jab. Mock Bxi Maakar N. Braatfwmr W. Btvadi UBea. Grant, Ba. Bank of Montreal. Francs and Cable Transfers ; grant Commercial and Travelers Credits available n any part of the World ; ssue drafw on, and make Collections n, Chicago and throughout the minion of Canada. The Clydoadalo Bank Limited. Cable Transfers, issues credits available in all parte of the world; makes collections in Canada ana elsewoere and issues drafts payable at any of the offices of the bank n Canada.

Every description of foreign banking business undertaken. New Yorli Agency, No. JOHN B. Bny and sell Sterling Exchange and Gable Transfers. River Plate, Ac. Bills collected and other banking business trans- AKenis, D. WLKE, Cashier. Port Colborae. Promptest attention paid to collections payable tn any part of Canada. Bk, Antborized Capital, Uolleotlons and orders for Bonds.

De Twentsche Bankvereeniging, B. Capital fnllr paid np. Enscbede B. Solicit accounts and agencies of Banks, Railways Corporations, firms and ndividuals, upon favorable terms ; also orders for tbe purchase and sale of Bonds, Shares, Ac. Negotiate Railway, State and City loans. Solicit accounts and agencies of Banks, Railways Corporations, Firms and ndividuals upon favorable terms; also orders for the purchase and sale of Bonds, Shares, Ac.

Negotiate Hallway. State and City Loans. Capital Paid Dp, 7, SterUng. Bank of Australasia, ncorporated by Royal Charter, Bitl«negotiated or sent for collection. Telegraphic transfers made. Paid-up Capital 7. C, st January, Oonds of SuretysJhiip. The Guarantee Co. OAiiT, Hon. Managing Director : Edward Rawijnqb. Drexel, A. Sopklns, H. Victor Newcomo, John Paton. Daniel Torrance. Wtnsiow, Urastus Wiman, F.

Olcottand J. Dept, for the protection uf Policy-holders. Policies ssued against accidents causing death or totally disabling njuries. Full information as to details, rates, Ac, can be obtained at head ofllce, or of Companys Agents. John M. Williams, David ws, W. Low, J. Stranaban, A. Barnes, Charles Dennis, K. Uurlbut, Alex. MltcheU, J. L-Rlker, J. Termilve, 8. The nvestment Co. Acts as Financial Agent n the nsrotiatlng and marketing of Securities.

Deals in Bonds Corporation. Rjiilroad, State. Executes orders on commishion in Bonds. Collect s interest and dividends. Keceives money on deposit, allowing interest. As desirable nvestments offer, will issue its Debenture Bonds, secured by ts capital and assets. HOVT, J ii.. Gibson, T. Wlstar Brown. William Potter. George M. Troutman, Gu. Clothier, V illiam Pepper, M. Joseph E. John Wanamaker, Henry E. Smitli, Charles B. Wright, Henry Lewis.

Clayton French. SON, No. LoooWiCK J. Hli rimi limit OMhlar. Capital, , Sarplna, 0, Cavtfat V-iOO. German N. Jolm F. OLkxy, na«b. Joshua Wiumub. Chablss B. Jacksox, Wilxiam BoRor, Jb. Daalara n CoouaercUl Papar. SOBB M. Baaaelal atlantloa alraa to parakaaa and Mia of Tlr- nla Coa»ol«. Tan-fortlaa, Dawi iad aad all laaaaa tkaatata. Lamprecht Bros. HrndlarDeaerlrilTe L. Bfliri la Waatani BaearlUaa. Dateallad Bonda of MlMoaftiKaaaaa and lllnolii aaartalty. The dltldend on aharea raiclstentd n New Tork wu b«paid at the oflloe of the Comnanra Airanta.

A qnartarlj dividend of TWO « PER CENT on the oammon stock of thia eompanjr, for quartar ending June 30, baa been declared, parable on thalotb dst of Angnst, to stockholders of record at the closa of bosinasa on the 8at nstant. The transfer book! Br order of tba Board of OUactors. The ParobaalniC ComnUttaa has power to mpose penaltlee for fallnre to dapoatt aaownias br Ansnit 4 88«.

Uolllna A Co. U Wall Street, N. Naiaau Street, N. Naaaau Street, N. M Wall Street, N. Notice s harabr ran that an asreement anthorb sloii the ondaralcnad, aa a Commlttae, to take proeaadlncs to protaot tha ntarasta of the abote-mantlooad boadholdan has baan prepared and s now laadr for staaatarsa. Dated New Tork, Joir U, Secretarr, u Nasaaa Street. Bar and Bell on Commission for Cash, or on Marwin. The City of Providence Water Loan. AcausT 4th, Subscriptions will be payable 0 per cent when bonds are awardc:], and tho balance upon dehvery of the bonds, September st proximo, or as soon thereafter as received from the city.

These Bonds marure September, 6. Conpou Bond «couverlible iulo Rcsrlstered. Circulars containingt further particulars will be furnished on application. Henry S. Recefre deposits subject to check at sight and allow nterest on daily balances. QoTemment, State, County.

City and Railroad bonds constantly on hand for sale or exchange, and particular attention given to the subject of nvestments for institutions and trust ftmds. Temporary receipts for the bonds are now ready for delivery and will be exchangeable in a few weeks for permanent engraved certificates.

JOHN H. Southern Central sts. Representing all divisions and interests, with the single exception of the Consolidated Bonds of the Eastern Division, for which they have arranged to effect a cash settlement through a syndicate formed under the leadership of Messrs.

Upon a careful consider. The main objects sought to be attained are First A reduction of tho fixed mortgage nterest and charges to a limit of absolute safety. Second The reinstatement n the new company of all the present securities in equitable order and proportions. Third Provision for iratting the property n such condition as to enable it to be operated with efficiency and economy.

Circulars embodying the plan may be had uiion application to Mr. SAAC L. City Compthollers office. Paul, State of Mmnesota, until 4 oclock. Paul in the Cit. No bid will be entertained for less than par and the accrued interest as j rovldcd by law.

Paul reserve the right to reject any or all bids. KERR, Chairman of tho,,. Mark bids. Paul, minii. MEXlT Boxns. The population of Scranton is now 72, The population of Scranton n was Circulars containing additional information sad prices furnished on application.

The unilrrnigned nro prepared in purcbahc nil or any of the above liiindar, or Farmers Loan and Trust Companys terliflcatrs ssued in their stead, ut? Mexican National Kailway. Copies of this plan and agreement may be obtained from the Centra] Trust Company, or a the office of the Committee. Convenient for the tourist or business man. Near Union Depot. JOHN G. Sd St. Private Wire Connections.

Y, Albany, N. Providence, R,. She 0Phr0mclc. N«w York. M wmiadd eiim mall matter. The agxregato of ezcbangea for the week under reriew is leaa than for any timilar period tince September 34, , and in compariton with too eorreaponding week of that year the Kain reachea only ptr cent. This conaideiable decrease is in put the rf salt of a slackeniok in grneial trade, and also in no small degree arises from increated dulneas in spectilation.

Oalaide of New York, howctcr, the ezeeas orer a rear aco reaches 38 per cent, in which only two cities Portland and Loaisrille fall to participate. New Tstk. SprtncSald LanA Bm, PhllaSalpUa.. ClndnnaU Mllwaakaa CcTtlaod CuluBkas. NewSriSu UiulavlitL San Tot. Total all Se;,08JW4 4,Mi,«83, -tb V sa,»77,7vn SO. Mt lm. S47,47 8,««3. H, -s-i t ,«06,7»,«! Oar compilation oorering transactions on the yarious New York exohangea now embraces tbe first seven months of 88Sand Total Petrliii.

For tbe Ave days endinsf with Friday eveniosr, the returns of xchankes, as reoelved by telegraph, make a more favorable exhibit ttian of late. Contrasted with the corresponding period of there is a gain in the total of per ct. Naw Orlaaoa The tendency of money continues upward. The range for bankers balances at the Stock Exchange this week has been from to per cent, averaging about 2f; renewals have been made at an average of 3 per cent, and the banks have loaned very little at this rate, obtaining 4 per cent with comparatively little difficulty.

The commercial paper market is fully supplied, with the demand diminishing, and although rates are unchanged there is disposition among buyers to take nothing less than per cent, while at least one bank, having the largest amount of cash of any in the city, will not loan upon paper at less than 6 per cent. Time money on stock collateral is quoted at per cent for four, five and six months, the rate depending upon the character of the security.

As bearing upon the future of money, the concentration of the bulk of the loanable funds in the hands of a few leading banks should not be lost sight of. But last Saturdays statement showed a still further concentration, for six banks had over 2 of the less than thirteen millions surplus reported on that day, while one bank had nearly one-half the whole amount, and two carried twothirds of it.

Reports from Boston show that the banks at that centre have all their funds actively employed at good figures, and the same may be said of Chicago, St. Louis and other Western centres. The movement of winter wheat at the grain-distributing points is falling off, but it is impossible to foreshadow the extent of the demand from those points in the immediate future, and therefore Western banks must be prepared for emergencies.

At the moment the rates of exchange at interior Western centres favor withdrawals from New York, though the gures do not indicate any great urgen cy in the demand. A demand upon the trust companies for any portion of these deposits means a call upon the banks holding the same, who must thus always be ready to respond to such a call. All thmgs considering, the outlook would appear to be good for remunerative rates for the use of money, especially if the speculation for higher prices on our Stock Exchange should continue.

A special cable dispatch to us from London tells us that the loss in bullion by the Bank of England for the week, which is reported at 37,, is the result of the movement of gold to the interior of Great Britain. The Bank received , from abroad, in good part from South America, while the interior took 30, out of the Bank, leaving the net loss as stated. Money in the open market at London is higher at f per cent.

Still, there is no indication of any special activity in business. This weeks allotment of ndia council bills was at a decline of one-half pence an unprecedented fall. Our foreign exchange market has been weak and unsettled all the week, and rates for sterling were twice marked down one-half cent, the last time yesterday.

Not only, however, has the market been weak for sterling bills, but for Continental as well. The purchases of our securities for European account have continued, while at the same time bills were offered against shipments of breadstufes and tobacco to the Continent.

There have also been some cotton futures on thd market. The demand for exchange being light, all these influences have combined to demoralize rates, and it would be a very easy matter to unsettle the market still further. Bar silver sustained a further fall in price, immediately after our last, and has since been irregular at 42d. Where the decline is going to stop, it is impossible to say. He would be a bold man who should attempt to set a limit to it.

One of the effects of the continued fall is seen in the announcement from Butte City that some of the mines in Montana, and especially those in which silver is a by-product to copper and lead, have shut down, owing to the wiping out of profits by the depreciation of the white metal. As the price of silver declines, we may expect this process to go on, but we opine it will be a long time yet before the bulk of production is affected thereby.

Of course the mines that have yielded only a small profit can not continue ; also, there will be no inducement to open new mines, so at least there is little prospect of a further increase in the annual production and a possibility of a decrease. But the relief afforded in that way can at best be only temporary, for the greatest difficulty that silver has to contend against, as we have so often pointed out, lies in the vast stock of the metal discredited as money the world over.

The white metal has lost caste. Nation after nation has discarded it. The cutting off of a small portion of the supply therefore can affect the position of silver in no appreciable degree. What is required is a restoration and rehabilitation of the same to its old use as money, and to that end an international agreement is necessary. The end could be in no way so quickly or effectively attained as by the stoppage of our silver dollar coinage, the effect of which would be to throw the whole trouble back on Europe where it originated.

Only day before yesterday we had the report from London that " the prospect of the appointment of a commission of " inquiry into the fall of silver did not affect the market for silver, the belief being that relief from the adoption of " free coinage in the United States would come sooner than "from tardy action by a commission. But the hope on which our European friends rest is for the present at least in vain. Congress has adjourned, the surplus resolution has failed of becoming law, and finally the position of the Treasury is unusually strong, and the Secretary of the Treasury and the Administration may be depended on, in the future as in the past, to do all in their power to avert the catastrophe which the governments of the old world look forward to with so much hope as their own salvation.

The two Houses of Congress through a conference com. One way in which this position cf strength was brought about, is indicated in our cutomary table showing the amount and proportion of each class of money in the customs receipts each month, which we now bring down to the st of Angust oirrai.

June Jnir Awnut. Deeamber JaanarT Febnurr lunb ApiU Mw. AmnunW P. C ,, , 3,30, 3, 2,, 3,, 3, Still, the question suggested to every intelll while of silver certificates the proportion was only a trifle gent mind was, what reason is there for putting over per cent. As Mr. Fairchild suted before the Senate Com- the silver certificates had been as much as 40 per cent of the whole. They flowed back discretion of the SecreUry, he being consuntly on the into the Treasury almost as fast as put out, while gold watch and in a podtion daily to get information to guide and legal tenders returned only very tardily and in diminishing proportions.

Had not this tendency been checked, him in the exercise of this discretion. Under the resolution, however, his judgment was to be ignored, and he a crisis would have been difficult to avoid. Now that the was to become a mere puppet, to be worked rigidly by an position of the Treasury has been so greatly improved, it act. And all for what? Some increase of activity among jobbers would have been, had the President given it bis sanction, in the dry goods trade is reported, and certain branches it is impoaible to indicate.

No one the whole business operations partake of the quietness cubtomary in mid-summer. As regards the crops, there have can know until it is tried, and at least there is considerable uncertainty about the matter. Through the excellent management of the Department, certainly, gold and been copious rains in many of the drouth-stricken districts, and the position in that respect, therefore, is better legal tenders are flowing into the Treasury faster than thrnn it was.

We have an excellent illustration of this in the monthly Treasury sutemenu future must be left to develop. Spring wheat in some which can not be repaired, though just how much the ianed this week. MontK Ancnai ReporU are nearly all of one. All sections of the country and all classes of roads seem to share in the improvement. Louis, the St. And the returns of gross earnings for July, as they come in, are of the same character, the gains in some cases being the largest yet made in the present upward movement.

OperaK expenses 2,,82,, The Northern Pacific therefore is the only one of the three having smaller net than a year ago, and its decrease is without special significance as we show on another page. Olcott and Fleming have had the first place enough funds must be pro vided to put the property in good and effi cient condition, and in the second place the obligatory charges of the new company must be put on a basis low enough to ensure absolute stability of payment.

But most Union Pacific. Northern Pacific. Our stock market continues to show marked strength and even buoyancy. The speculative feeling seems to be strongly in favor of higher prices, the volume of transactions keeps enlarging, and the operations include a wide range of properties.

There are some few specialties which may be singled out for particular mention as having absorbed more attention than others, but in reality the speculation has not at all been confined to these, but has extended over the whole list. Southern and Southwestern properties have been particular favorites.

Among the grangers the Omaha considerable experience" in reorganizing embarrassed railroads, and their experience has been of service to them in stocks have been most prominent. Union, Northern, and Central Pacific arrangement so successfully carried through in the case of and Pacific Mail, have also been conspicuous for their the East Tennessee; and as far as can be judged the proposition offered is fair and equitable to all interests.

There be in especial demand. The unusually good traffic returns advance. As a rule, low-priced stocks and bonds seem to were two main points to be kept in view in any scheme of on all the roads reporting as set out above, have been an reorganization, aside from the equitable treatment of the important stimulus to the upward movement; the renewal different interests, and both these objects it is believed of purchases on European account has also materially will.

The following sutement, made up from returns collected by us, shows the weeks receipts and shipments of gold and currency by the New York banks. This repreaents, as said above, ,- reeeived from abroad and sent to the franca gold and an increase of,00, francs silver, and the Bank of Germany sinoe the last report lost 3,, marks. The following indicates the amount of bullion in the principal European banks this week and at the corresponding dat«last year.

Bwk or nghwa The Assay Office Attf. O03 4e,MS. The Juno exhibit of net earnings it appears was not quite as favorable as the preliminary report of the gross had led one to expect. SU nurlor S. OOO below those of a year ago. Tnere is, however, no particular significance attaching to this increase of expenses. Besides, freasory. Adding that item to the above, we have the expenses in the previous months had increased only following, which should indicate the total lots to the New slightly, and this too on materially enlarged gross earnings, which therefore is another reason for not investing York Clearing-House banks-of gold and carrency for the week covered by the bank statement to be issued to-day.

Friday of this week. L rrolckt M0 SO. M7 lucal Ttar. To answer that inquiry, we have prepared the following statement, giving in detail the charges against earnings for rentals, interest, sinking funds, taxes, and for branch roads, in the first and second half of the last two years, and for the twelve months complete in both years.

The figures are made up, as already stated, from the monthly summaries prepared for the board of directors, and should therefore, we think, be exact for all items except the miscellaneous income, the amount of which latter we cannot know till the annual report is issued, but which we have arbitrarily estimated as below. FuU Twelve Months.

S7 4,a0«,43 6,, 6,,7. The general second Nat asrnlnm- 2, Paclflc 23, 20, 2, , treasury. The total of the firsts out, regardless of the Bt. A Man.. Remainder lv. There are three main reasons for this increase in the charges. Paul and Minneapolis.

A word now as to the income from investments. This income is in very large part composed of dividends leceived on the St. This we have done on the supposition that the amount increased in the late year as it had in the previous year. As regards the debt, too, there has been no particular change. Allowing for the redemption operations and the practically of no account.

Daring the year the company, according to current report, has sold a plot of land in St. Paul to the St. Amount Outstanding. Dividend certificates Total Gen. During the last two years it will be seen the amount of the stock has been reduced nearly two million dollars, and it now stands at only about 38 million dollars, against millions originally. At two dollars an acre, the two million land sale would further reduce the amount to 34 million dollars.

As to the future, deficient crops in Minnesota and Dakota may reduce traffic some, but on the other hand there should be a gain from the growth of new industries all along the line of the road, which at present are only in their infancy. The charges will probably further increase, but presumably only slightly, the maximum on most items not being much above the amount of the payments in the late year. CnaaaicLZ of last week, and to follow that ap hy the pemaal of the edltoilal n the Umdoa BeooomUt of thla week, one would oppom Moe BUner Smith woam aheitlr wiita letters to the brova-eoaled aea of FeansrlTanla aeenahig then of robung the widow and the oiyhaa, the koapital and the eottage of their hard earned BTtafli Xtj detag that rmy thing which the ndian OoTerament s doing at the same time, aamelr, p«rtbg their debts n that eonency n which ther had aetoallr ea«lraoted to pay than.

Tboe does not, so far as know, exist aotwhete an natnuuaol of any kind, oalesa t may b«oaed by adterttaemaat baaken. This, esd not tell yoa,woambeesatraattaiefthabmma eirealatloa. Oar beu-wathara aatai nady tor say folly, bowerer great" Mr.

Orenfell will eonfer s faror by giving us a little mora light on the mattera oorered by the above. The last paper he could have reoeired at that date was tbe one of July 24th, in which we speak of the surplus resolution as it paased the House of RepreaenUtiTW. We see nothing in that article about " robbing the widow and " the orphan," or about paying the United Sutes OoTem- OMnt debt in silver, so perhaps he has mistaken somebody be for us. Second For the information of the eurious will Mr.

Orenfell please tell us whether we ara to understand by his letter that he thinks it would be the proper and the honor. Passing the question whether the Tnited Sutes is legally bound to pay in gold, no one denies that it has always been understood by the takers and the holders of these scorities and by the public in general that they would be rsdssmed in gold coin or its equivalent Tbe current prices both here and in London are a sufficient indication that such has been the prevailing understanding.

Now are we to accept Mr. Grenfells letter, who is suted to be "one of the directors of the Bank of England," as indicative of his standard of commercial morality and his inurpretation of tbe force and the nature of contracts. Third As to tbe legal question respecting the obligation to pay in gold, we have not room to discuss it here, but were we to do so we should reach just the opposite conclusion from that given in the above letter. Perhaps value " in it may be worth while to add that the " unit of Um United States is the gold dollar.

Manning brought out this idea very clearly in his last report to Congress. Still we never thought it of much moment whether or not the letter of the law compelled gold pay. We knew and Mr. Orenfell knows what the understanding was, and that to us and to the " banking authorities of New York" is the standard of interpretation which our moral ssnss requi res us to accept. Fourth Mr. Orenfell talks very glibly about every, thing American as if he were very familiar with its ways and customs, but we must ask him to explain one other assumption his letter contains.

He says that holders of " American securities " " cry out as if they were in some "way deprived of that which is their own by the mere "suggestion of the American Treasury paying some credif "ore in silver. Orenfell will permit us to state that there is not a day that passes on which the Oovemment of the United States does not pay " soifte " of its creditors in silver.

Every man who wants silver to-day can get silver and ever man who wants gold can get gold. The crop reports were, upon the whole, very fair; winter wheat was secured in good condition and in large supply; spring wheat and com were injured in some sections by drought, while cotton had fine prospects west of the Mississippi River, though injured somewhat by excessive rains in some of the Oulf and Atlantic States.

The money market was easy, but there was a very moderate surplus of the banks compared with the heavy figures of July, 8S3. The demand for investment bonds was remarkably good, and prices advanced materially. Nearly the whole list of bonds moved upward, and especially some of those which belonged to defaulting railroads or companies lately in proesss of reorganization, and it was difficult to find any fiist-elass per cent bond near par.

Railroad stocks improved quite steadily throughout the month, with few reactions. There was no great advance in prices nor great activity, but the undertone of feeling was strong and an increasing confidence in railroad stocks was apparent. The high prices of real estate and the difficulty of obtaining any investments to yield per cent interest also stimulated the demand for stocks. An important feature in July was the buying of stocks for London account, and the amount thus taken out of the market for shipment was reported to be large.

Foreign exchange was weak, in consequence of the shipment of stocks as above mentioned, and also by reason of a moderate demand for bills. The following summary shows the condition of the New York City Clearing-House banks, rates of foreign exchange and prices of leading securities and articles of merchandise, about the st of August, , and VtMed Stalet Jiotutt 38, registered, oiition U.

Erie N. Chicago Milw. Paul, com. Wool, American XX lb. Bteel rails at mills Wheat. Pork, mess» bbl. Closing Kailkoads. May 2rf. Cedar R. Central owa 74 Central of N. East Xenn. E vansville ifc T. Sigh- Closing est. Prices asked, Ex-Uvidend. Hay 2 est. June 3C. Ontario AW Paul Minn. American Diat. Mexican lei. New Central Coal Oregn Ry ife Nav. Prices asked. TT Ex rights. The following statement for July, from the oiece of the Treasurer, has been issued.

Total aom.. Cttteatw on hand. UiMUr T4. Mat cold io timiiiij. LTB touan. Aaaat ptbuo oun jkxu st. SrSak aotaa la pn. MtOrmt aooaat TMtft saku». OartMoataa of deposit Gold aaituioatas BUrer eenuoatos rtaetlonal eurranor ToUl debt. NaTjr Feiulun fund. PacUa KB. Laas eash tams arallable for reductlun ot the debt, The following is the text of tho Burplas resolution, as flnallj passed by the two Houses, and submitted to the President, who failed to give it his approval. That wlipnctcr the surplus or balanre n tbe TreasiUTf iinimnt held or mlpnihilon or Unltiil States notes, sball Roni of, , U shall bn and la hereby mnde ttas Saeratarr of tbe Treasury to applr such excem.

Tho sarplusor balance brrrln referred to suiul be tbe aviitlsblv surplus, oaccnatoed aooordlofc to tbe form of siatenient of the United States TifkBiiii, of the asaeta and llablutlas of tbe Trrasurr of tbe United Htalaa employed on Jane M t M22 July Rh-rt. Petanbg s23lis July 2 3moa. Oki ntal AUayald. Bombay D«ind la. July 2 la. July 23 3 mof. July 23 " U.

Ciladstones administration, and it is to be hoped it will be sufliciently strong to insure confidence in its maintenance and give substantial grounds for the expectation that the burning question now before the country will be taken up and dealt with in such a manner as shall allay discontent and at the same time scrupulously guard and protect the interests of all concerned.

Neither commercially nor flnanpially can we anticipate any distinct move for the better until thia end be attained. Whilst the existing uncertainty prevails, we must always be prepared for unpleasant surprises, which can have but one effect that of compelling trade to continue to run in its present narrow channelb.

We cannot get on without confidence, and confidence can only be secured by the permanent settlement of political disputes. But we. Whilst the home political prospect has been brightening, a certain amount of uneasiness has been caused by the receipt of. At first there was the Batoum incident, succeeded in a few days by differences between the English and Russian Delimitation Commissioners on the Afghan frontier, and now we hear of activity on the part of the Russian fleet on the Corean coast, which may culminate in trouble with China.

The importance of the last two items of news has yet to be determined, but the steady propagation of an aggressive policy on the part of Russia and the resolution of that empire not to be bound by treaties, must be received with uneasiness by those wishful for the permanent establishment of peace and steady expansion of trade.

Eliminating politics altogether, and it may be admitted that the factors influencing business during the week have been of a favorable character. Fine weather for the crops has been experienced, and there has been an abundance of cheap money offering. American advices also contain convincing evidence that the improvement in trade in the United States is no myth, but is a real and substantial fact.

The progress made has so far been very slow; but it will probably be expedited when au fears of fresh political complications are removed. The money market has exhibited fresh signs of ease. The demand has further fallen off. Neither in the inquiry for loans nor discounts has there been the least semblance of activity. Rates remain very low. The discount quotations for three months bills is weak at -6 per cent.

The reserve has fallen off about 3,- -6 The following return shows the position of the Bank of Etngland, the Bank rate of discount, the price of consols, the price of middling upland cotton and wheat, and the Bankers Clearing House return, compared with the three previous years: Olroulstion. M 0,7,,43,87 3,02, p. SW- 3. Braasela Madrid Vienna St. Copenhagen July Bank Rate. Bank Bats an 2H Messrs. The Banlj has receirod. Silver, with small supplies to hand, has been maintained at 43l3 «d.

The onlv arrivals of mportance have been 27, from River Plate and 2, from New York; total, 32, The P. Mexican dollars fell immediately after the departure of the China steamer to 44d. The quotations for bullion are reported as follows: GOLD. London Standard. July London Standard, July 22 Juty S.

Bar gold, fine. Cake silver oi M 3. Hezloan dolfl A capital of 8,, was to be raised, and the price of the shares, issued at par, was to be , but as a reduction of about , in the aggregate 0. The entire expense in connection with the construction deposits held has simultaneously occurred, the proportion of of the undertaking was estimated at 8,,36, and as the reserve to liabilities has risen from 36 to per cent. Bank of England have been mostly balanced by the return of Estimates discussed by the Select Committees of the House of coin from general circulation.

The Continental exchanges Commons figured a return of about 8 per cent to the shareholders, but the directors were of opinion that a heavier return are weak, but there is not much likelihood of any large amounts of gold being taken from us, as in all the leading would be made.

But for the moment at least the scheme has financial centres on the Continent the same difficulty about been shelved, Messrs. The rates for money have been as follows : ceed to allotment, and subscriptions being therefore returned. Trade Bille. Noml- H - maturing. The Crown agents for the colonies have just placed a small loan of 20,, bearing 4 per cent interest, for the British Guiana Government, at an average of 8 3s, 8d.

Subscriptions are invited for ,80 six per cent bonds of the Entre Rios Central Railway, the mi7iitnum price being 4. The grain trade has not developed any fresh feature. Business has become very quiet, and will doubtless continue so until after the harvest. Whilst, however, very little has been passing in wheat, the market has been steady, and an advance of 6d. The fresh supplies offering have not been large. The aggregate imports for the week indeed exhibit a distinct falling off, being only 7, cwts.

Home deliveries also have fallen off. The markets consequently have been less freely supplied, and although the demand has been merely of a hand-to-mouth character, it has been sufficiently extensive to impart steadiness. The future of the market is considered to be more promising than has been the case for some little time past. Rm avenge for the season now closing is certainly not a Mtisfketoty ooe 80a. As a gradual improvement, however, is now calculated upon, it is to be hoped that anticipations will be ultimately realized..

The following return shows the extent of the imports of cereal produce into the United Kingdom during the first forty-«ix weeka of the season. UM-S Vhsat. The daily cloaing qnotatkmia for seoontiea, ftc, at London are reported by cable as fouowa for the week aoding Aug.

We gave the statement for July la CmoincLB of Jaly 8, page, and by referring to that tha ohangea made during the mootb can be seen. Bomdt Bald MuguH, Through the courtesy of the Seoratary of the TD-aaury, we are enabled to place before our laadera t»day tha dotella of Oovemment receipts for the mouth of July for 8SS and OOOi OmitUi. Lrnt«rl tmnt. The Comptroller of the Currency has furmshed us the following, showing the amounts of national bank notes July, together with the amounts outstanding August, and the increase or decrease during the month; also the changes in legal tenders held for the redemption of bank notes up to August.

Vational Bank Holet Amount outstanding July, According to the above, the amount of legal tenders on deposit Aug. Hsfiasxics Three douars Qnartaraaales Total gold Btaodard dollars. HalfdoUan Soarter dollars.. Total mtbor Total coinage President; Cbarles L. Kngars, Cashier. Capital, a. President ; U. Capital 8,20, Grimes, Prest. Btlmwn, CiuiUler. The imports of last week, compared with those of the preceding week, show a decrease in both dry goods and general merchandise.

The exports for the week ended Arg. The following are the imports at New York for the week ending for dry goods July 3, and for the week ending for general merchandise July 30; siso totals since the beginning of the fliat week in Janttary: voaataa impobts at saw tobk.

Dry Ooods Qenlmerdlse.. DryOoods deal merdlse , 8O,47,07 ,0. U ,0,32 ,76, 83,3, Total 30 WRAks. Since Jan.. Since Ja». U otheroountrlea.. A West ndies i,40, 2, Ail other ooontries.. Total Total 88 Total Of the exports during the same time 3,6 were American gold coin. United States Sub-Treasury.

The following table shows the receipts and payments at the Sub-Treasary in this city, as well as the balances in the same, for each day of the past week : Date. July 3 Aug. Ooin Oerts. The latest reported earnings for May are herewith given:. S, Hatch, the senior member of the firm of A. Mr, Hatch, having male a careful study of the conditions affecting these securities, should be able to give the most complete information concerning them.

Attention isj called to the 4 per cent bonds of the city of Scranton. This choice loan of a flourishing city in Pennsylvania enables Me. The well-known house of Messrs. Existing economic consultations among industrial countries, the G7 group, should be supplemented by a ppropri- ate consulta tions with develop- ing countries.

Prime, return. In the original British draft, only China was men- tioned in this context The leaders acknowledged toe concerns of the people of Hong Kong and agreed "that those in a position to do so" would assist in any way possi- ble in promoting toe prosperity of the territory. There was no mention of the suggestion made last week by Mr Lee Kuan Yew, the. Minister of Singapore, for Cam- mon w eattfa co untries to rmi-dHgr offering passports to the top , fernffles of Hong Kong , as a means of exerting infinmee on Peking.

With Britain preparing to announce its response soon to toe swelling tinmh m of Viet- namese reaching Hong Kong; the Commonwealth said that as a of prio rity there should be a progra mm e fig the return of those who were not S nuine refugees.

It also condemned the unilat- eral declaration of indepen- dence by the northern Tnrk- ish-Cypriot leadership in In this context it called on all states not to recognise the self-styled north- ern Tarirish-Cypriot repuHic. Apart from calling for the withdrawal of all foreign troops, a reference mainly to Turkish troops stationed in the north, "the oomnuotorf was also implicitly critical of Mr Rauf Denktasb, the Taridsh- Cypriot leader, for suggesting that Turkish refugees from Bulgaria might be invited to settiein northern Cyprus.

The page communique said closer East-West ties had improved the world political dimate and reduced regional conflicts. The communique said Viet- nam's troop withdrawal from. Cambodia" had not been veri- fied by the United Nations and asked for more chalogue among the warring groups.

It welcomed -the. Jaws must be enacted to confiscate assets at convicted drug traffickers and to curb moneyjanndflring by drug barons. The protest, alt hou gh not entirety '-spontaneous, mwjftrifrw fi formidable dan- gers feting the deputies when they return to Lebanon. There are ominous reports that Mr- All AkbarMoh- tashemi, the hardline former Iranian Interior Minister, is curre n tly in the country.

More than 70 students demonstrated outside the court The students, who will appeal, claim police evidence was untrue. The deaths of the police in a fire at Donguei University in May created a political furore, provoking calls for a crack- down against student demon- strations. The fire broke out after police stormed the libr ary where students were holding several policemen hostage. The court derided yesterday that none of the students should be convicted of murder, because they did not kill the policemen deliberately.

Murder convictions carry the death ByUoaei Barber in Washington sentence. One student received a life sentence, two received 15 years, and one 13 years. A total of 71 were sentenced, 85 to suspended prison terms. Families of the students and the dead riot police demon- strated outside the court. The students are alleged to have beaten tbe youth because they thought he was a police spy.

After the beating he died of shock. Brussels is to open an office in Seoul later this year follow- ing a rise in trade and foreign investment The political tarns win take place in Paris and concentrate on co-operation, especially in relation to the unified market in The two sides will also dis- cuss the moves towards Pacific economic cooperation spear- headed by Australia. South Korea already has strong bilateral relations with most European countries.

The Israeli move, following sustained by. US State Department, amounts to an incremental shift in posi- tion which could help to break the stalemate In the MIddte East, peace talks. For the past few weeks, Israel has rebuffed efforts by the US and Egypt to arrange talks with Palestinians on the Israeli Government's plan for elections in the occupied terri- tories.

Mr Baker's five-points include an assurance that Israel would be. Among tote sticking pointsis whether Israel should. He is realistic. Mr Callan had publicly expressed concern' over hw»in actions in Beit Sahour which has been virtually sealed off for several weeks and where goods have been confiscated in a hid to break a tax boycott by Palestinian residents.

He was among a group of diplomats prevented from entering the town by the IsraeM army on October 6, but return e d on his own several days later. Top Soviet official plans visit to Tokyo Japan dreams of an end to nightmare land prices Ian Rodger reports on efforts to control speculation and introduce tax reforms to property sector By fan Rodger in Tokyo MR Alexander Yakovlev, said to be the second most powerful figure in the Kremlin, will lead a delegation of Soviet parlia- mentarians to Japan early next month.

His visit is taken as a sign of intensifying contacts between the two countries. Japan and the Soviet Union have still not signed a Second World War peace treaty because they have been unable to settle a dispute over four Islands in toe southern Kurile chain claimed by Japan but occupied by the Soviet Union in the last days of the war. Efforts to resolve the dispute have intensified since Mr Mik- hail Gorbachev began imple- menting his perestroika policy.

The Soviet ride is eager to gain access to Japanese technology to help its reform efforts and Japanese businessmen worry that they are being beaten to business opportunities in the Soviet Union by European and US companies. It had been widely thought that Mr Kaifu was p lanning a general election in January or early February. An election must be held before next July, and many leaders of the r uling Liberal Democratic Party LDP would fake ft to happen as early as December in the hope that it will purity their scandal dam- aged images.

The new focus on high land prices, which first became a big political issue nearly three years ago, has been caused partly by toe sudden rise of consumerism as a force in Japanese politics and a growing awareness of what the Prime Minister.

Japan's high land prices have also become an international issue, with the US and other foreign g ov er nments complaining that they constitute a significant structural barrier to con- sumption and to the progress of for- eign businesses in the country. Tokyo land prices led the surge two years ago, ana this year prices in other cities have been catching up.

In Osaka, residential land prices have risen 27 per cent in the past year to an average Y per square metre. Since than. Even if the home had been classified as an ordinary residence, the owner would have paid only YL65m in property taxes, which is equivalent to per. Thus, there is no pressure mi low- income landowners to sell land which they could not afford if taxes were at realistic rates.

On the contrary, there is every fricative to hold onto toe.. That mentality has fed on itself to- an extraordinary degree in the past - four years, since the country begah- generating huge amounts of surplus funds, institutional investors. The value of all banks' outstanding real estate loans rosfr 14 pm- cent to Y Also, toe Bank of Japan's main concern about this. This week's demand by Mr Smnita was stronger and suggested a wider, concern. However, even if the hmifca were to stop lending for proper ty deals alto- gether, no one behoves this would do modi to faring prices down.

Decentral- i sation of government and business activity from Tokyo would Mp. Some large new airline orders have been announced this month. Without the defence compo- nent, overall orders would have falle n 3J9 per cent. With- out the transport sector, orders would have risen 1. Transport order trends have also been heavily influenced by developments In the car market, where orders appear to have stabilised after heavy falls earlier in the year, required to reduce excessive inventories.

Orders for primary metals, which are heavily influenced by the motor industry, rose by 1. This market may now have stabilised, after large invento- ries accumulated daring a period of tight supply earlier in the year have been reduced to normal. Order books, which fell mar- ginally in August for the first timw since , rose by 0. Excluding aircraft, orders books have been edging down since the beginning of the year.

The detailed figures also show a sharp recovery in orders for electrical machin- ery, up 6. This recession produced a sharp fall in IBM earnings ear- lier in the month, and cm Mon- day Prime Computer, which Is heavily dependent on official buying, announced a restruct- uring which will reduce employment in the company by 20 per cent. Federal Reserve resists demands to let the sunshine in Peter Riddell reports on congressional calls for more open decision-making at the US central bank M R ALAN Greenspan, c h air- man of the Federal Reserve, will later today have to deal with two contrasting congressional demands - one to limit the Fed's autonomy by making zt more open and accountable, and another to strengthen its hand by requiring the elimination of inflation within five years.

Neither proposal is likely to make much headway, but the debate they have provoked has highlighted the curious position of the Fed within the US constitution. In a society which prides itself on Its openness and dem- ocratic approach, the Fed is an anom- aly. The phajrman, who has a four-year renew- able term. Is required to report to Congress twice a year but Is not bound by what either the executive or the legislature says. The decisi o ns of its policymaking open market com- mittee FOMC are published only after six weeks, though some discus- sions between meetings emerge quicker.

The Fed has only existed for just over 75 years and In its present form since the mids, in the aftermath of the depression. There have been two main strands of criticism. This sees the Fed as an ally of Wall Street and international finance and an enemy of Main Street and. Signifi- cantly, Congressmen Lee Hamilton and Byron Dorgan, the Democratic sponsors of the legislation limiting the independence of the Fed, come from Indiana and North Dakota respectively.

More recently, there have been the conservative supply-aiders who see the Fed as the enemy of their drive for a revival of enterprise through sustained economic growth. Within the administration, this view is cham- pioned by Mir Jack Ketnp. Both groups, which ov erlap , are suspicions of the Fed for putting too great a priority on fighting i nfl ati on thr ough hi gh interest rates, benefiting bankers and damaging the Interests of productive business.

However, this has been opposed by not only the Fed and the Treasury despite Mr Kemp's enthusi- asm , bat also leaders of the Senate Tanking Committee, whose support la vital to the success of any legislatio n. But they would not have a vote. The purpose would be to improve communications and co-ordination, though in practice- Mr Greenspan meets frequently with administration offi cials.

The bill would also permit fuller and more public a udits, and allow closer congressional overright of its budget. For fee Fed this would provide a wet come reinforcement of its existing a lm a, without affecting its day-today policies. Mr Neal's proposal ismerejy an aspiration with no penalties for non-, fulfilment. Indeed, after discussions with the Fed, Mr Neal wa ter ed down an earlier version requiring the reduc- tion of inflation by 1 percentage point a year gntn it reached zero.

But otherwise there is little apparent weight behind the calls for radical reform. Treasury explores reduction of bias against corporate equity By Peter Riddell, US Editor in Washington The US Treasury Is examining ways of reducing the existing tax bias against corporate equity, as part of the integra- tion of corporate and individ- ual tax systems. Mr John Wilkins, senior adviser in the Treasury's Office of Tax Policy, told a Congres- sional committee yesterday that his department believed the best approach to leveraged buyouts and related transac- tions was to focus on the over- taxation of corporate equity.

He was testifying on a bill which would attempt to pre- vent hostile takeovers and leveraged buyouts of airlines 1 by denying interest deductions on high-yield debt incurred in such transactions. The Treasury opposes spe- cial Incom e tax tides for air- lines or for any other specific industry. The revised rules limit the kind of crimps which can be used as a basis for a racketeer- ing indictment and the amount - Of money that, the go v e rnment can seize before a trial Rico, passed in , was originally designed to combat organised crime and was used successfully against the Mafia.

However, largely as part of a campaig n in New York against insider, trading led by Mr Rudolph Giuliani, former US attorney for the Southern Dis- tzict of Manhattan anditow the Republican candidate for mayor, Rico became a major weapon against white-collar crime -. Under the law, it is not only an Individual defendant who can be found guilty of racke- teering if he is proved to have -engaged in a pattern of crfaai- ' hal activity but also the com- pany to which' he belongs — which Is flien regarded as a corrupt organisation.

It has been widespread prao-. Left-winger gains in Brazilian opinion poll By two Dawnay In Bio do Janeiro A SHARP improvement in the fortunes of the most left-wing in Brazil's forthcom- ing presidential electio ns sen t a shiver through the c ountr y's business community yesterday. WackjM- lar took, off for parallel - increasing! Lula; as he is tmfvefcsaHy known, has become the' prime target of both left- and right-wing rivals. Last week,. The PT.

Mr -Brizola, Lula's only serious rival on the left, is palling only 2 per cent in Sao Paulo state, which accounts for nearly 20 per emit of the total flam electors. Only the two frontrunners in voting on November 15 will go through to the decisive second round on December Why is it so many business travellers are choosing to fly Diamond Service from Liverpool?

Is it because Liverpool airport with its brand new terminal, easy access and parking is so convenient? Is it because we operate ten DC9 jet flights every weekday, to fit in with your busy schedule? Is it our rapid check-in? Our exclusive departure lounge? You might be expecting to pay more for all this. So, the next time you travel to London don 3 t waste time, fly Diamond Service to Heathrow. This position will include ongoing contacts with alt HQ Departments as well as Area Management ana business partners throughout the Region.

In addition to an MBA, ideal candidates should have relevant profes- sional experience. Outstanding communication skills, initiative, flexibi- lity and drive are a must. S' Devonshire Square; London. Phone Leadership Skills Training. Middle and Far Easternjanguaaes add English oonrtes. Mssniflcm vtaw over Iba MDa. Pries Sir. CrefcttM Bonkma-Rwu Moor, 3 owmr sines am. It is subsequently adopted, almost universally, by other manufacturers. The principle is now accepted as the great est advance in braking since the invention of disc brakes.

An important advance in these pre-seat belt days. Mercedes-Benz develop the Hfeg duction in the models. The now standard practice of placing passengers in. Seatbelts are made standard fitting on all four seats in advance of U.

In one year 80 cars are destroyed on serious impact, to cushion the driver's head and chest. Mercedes-Benz develop - brake and clutch so. C Mercedes-Benz introduce the first production cars to be equipped with padded interior surfaces and flexible components for additional safety: large, padded steering wheel boss; a padded, yielding dashboard;. It yields progressively on impact to reduce the possibility of driver. The main advantages are: a large padded steering wheel boss, impact absorber, collapsible telescopic steering column and a steering box sited well behind the front suspension.

Under conditions where traction varies between the right and left driven wheels, causing one to spin uselessly, the ASD system automatically transfers power to the wheel with better traction. The device is designed to operate at speeds up to approximately I9mph, to aid initial acceleration and manoeuvrability in difficult conditions. However, the ASD warning light alerts the driver to poor traction conditions regardless of vehicle speed. ASR acceleration skid control electronically monitors wheel speed and automatically applies the brake and adjusts the throttle opening so the driving wheels cannot lose their grip under hard acceleration.

Today the Japanese com- pany is scheduled to hold gFOundbreakmg ceremonies at the Richardson, Texas site of its new North Americal Tele- communications Centre, which will house its first telecommu- nications research facility out- side Japan.

Fujitsu also alms to establish a operation in Europe, said Mr Jinjiro Dodo, president of Fujitsu America's telecom- munications group. The deal includes 15 firm orders and 10 options for the seat Saab B airliner and 10 firm orders for the new Saab seat turbo prop airliner. Express Airlines, a regional carrier in the south-east US which already operates 18 Saab As in its fleet, becomes the first US customer for the Saab , which has now received firm orders and options since the project was announced in May.

The orders could also repre- sent the break even point, which analysts estimate at , for the Saab project. So far, have been sold. Deliveries of the Saab B to Express Airlines will take place between and and deliveries of the Saab between and Saab said Salenia placed two firm orders far the Saab B aircraft and three for the Saab , a stretched seat ver- sion of tiie Saab launched in December A contract can now finally be expected for the project tor ' the end of the year, according to Ankara diplomatic sources.

President Mikhail Gorbachev is due in Helsinki today for a thr ee -day visit when he will sign, among other accords, a new five-year Finn- ish-Soviet trade pact From , new Finnish leg- islation will forbid heavy fuel oil HFO with over 1 per cent sulphur to be used In four Finnish provinces. The sul- phur onfart of crude refined into HFO by Neste is around 2. Soviet crude imported to Finland has roughly l per cent sulphur Mr Jaakko lhamuotila, Neste's chief executive, has given his views on which course Finnish-Soviet.

Mr Jermu Laine, Customs Board diree- targeneral, says the next five- year trade pact should be tiie last. OT tried unsuccessfully to. Neste believes it will reach an agreement with flw Soviet oil company Soyuznef- texport on securing part of its futur e Soviet oil imports In low-sulphur crude by Mr Hamada cited the decline in population and the growing interest of Japanese people, hitherto considered workahol- ics, in taking t i m e off.

The supply of labour is already very tight in Japan. The unemployment rate is 2A per cent and there are more job vacancies than people to fin fiipim, a t wm W ng tn gove rnm ent statistics. That is why we are pursuing the pol- - icy of producing the right prod- uct in the most suitable place.

Despite the problems as US- made, and so should be subject to anti-dumping duties imposed previously on its Japan-made copiers. The EC introduced a regula- tion tost July to give force to its view, but meanwhile, Ricoh has raised the local content ratio at its California plant, and so prosecution seems unlikely. M the past year, the com- pany has been at the centre of a row with the European Com- mission over copiers it exports from the fiaTrfiiryria plant to EC countries. According to the EC, the copiers did not have pnmtg h us content to qualify Mr Hamada was highly critb cal of the whole process, and looked forward to the estab- lishment of international roles on country of origin for goods in the Uruguay Round of mul- tilateral negotiations under the General Agreement cm Tariffa and Trade Gatt.

He said Ricoh had not been trying to cir cu m vent local con- tent requirements or minimise the amount of local content in its overseas factories. It would be much better to produce the duce This is the process ;we always through. I whole tiling in Japan. But in order to promote focal produc- tion, you have to go through a cer ta i n number of steps.

Then we displayed them In the lobby of the plant so that focal m anufacturers and suppliers ftf 1 could look at thenyth enjsro Japanese corporate m a n ag er s, be was more concerned with profits tiwm sales. The Administration has to report to Cargress on pr ogre s s m the talks by next spring, she added. The taikn, fa the framework of the OECD Consensus on export credits, are expected to concentrate on eliminating interest subsidies on export 4?

Ms Rodrigues madw clear in an interview that the mixed credits issue was the one to which the US attached the greater priority. The Exttnbank was still fin- alising its negotiating policy for the talks which open in. Paris on November 13, but Ms Rodriguez said there were two possible ways of dealing with tiie problem.

There was not much developmental value to iiffaring a mixed credit to a middfoto p o me country so it could purchase teleerimwinnl. The pre Although it has a massive 44 Megabyte memory, SyQuest is no larger than a compact disc case, so data can easily be removed and locked away at any time. SyQuest also provides you with an inexhaustible databank. Conventional PCs with built- With SyQuest, you can also move data from one machine to another without an expensive network.

Simply pull it out and slot it in wherever you need it. When a SyQuest disk is full, however, you just replace it with a new one. Win at ail costs. But not at any price. Railway Terrace. Slough, Berkshire, 5L2 5BZ. Tel: Will ".. The move win make Perranti IL' Creditphone the second of the rt" tour telepoint. By Christinas, the.

The four telepoint licensees are aiming at toe mobile com- munications 'market with a cheaper, but : more limited sys-' tern than present car and por- table tele p hones- Soviets,. However, the Soviet Union did not appear as anxious as the US -to develop stealth air- craft, such as the US B-2 bomber which is designed to evade enemy radar. But he. Among projects under study arethe S fight passen- ger transporter, the S four- seat piston-engined light air- craft and the S -supersonic business Jet.

Although the September fig- are was in line with the con- sensus of forecasts and the August deficit was revised upwards by only film. The Treasury drew comfort from toe trend of exports. In the third quarter, export vol- umes, excludin g oil and erratic items, comprising ships. This, Treasury officials said, was a sign that Britain was benefiting from improvements in the supply side of the econ- omy and that the current account deficit did not reflect a competitiveness problem.

Treasury officials said the import trends pointed to con- tinued excess of demand In the InvMbfcn Balance imrutbka tor Jofy to Soptootow m praloatona Ffgaroa may not add up duo to rounding economy during September.

But they noted that base rates and, more important, mortgage rates have risen since the lat- est trade data was collected. But visible imports in the third quarter were still 14 per cent hi gher in value than a year earlier. For toe current account to narrow, export values will have to grow at an appreciably foster rate than imports. An important pointer will be trade in cars. By vol- ume, UK car exports fell by 12 per cent between the two quar- ters compared with a 23 per cent growth in imports.

However, the export trend is unclear. British car exports in the latest three months were 25 per cent higher in value and up 20 per cent in volume com- pared witjh the same period. On a year-on-year basis, volume imports were up 18 per cent and 21 per cent in turn. Future trends will depend largely on whether British domestic demand responds to the additional credit squeeze imposed, this month. If demand does slow at home, they argue that manu- facturers should be in a rela- tively good position to switch output to satisfying strongly growing markets elsewhere In Europe because of the recent decline in the value of sterling against the Deutsche Mark and other continental currencies.

Domestic demand for UK goods has slackened con- siderably, it says. The CBI provides, however, only small comfort on the trade Side. Mannfartnr gra are pessimistic about the prospects for exports in the coming year, although over toe coming months they expect same pick up in orders. British ind ustry has taken a turn for the worse over toe past three months and toe pos- sibility of a recession can not now be ruled out.

The CBI said respondents were markedly less optimistic now than they were three months ago. The reduced confidence seen over the past 12 months con- trasts with a period of contin- ued rises in optimism seen in and The areas in industry where confidence is thought to be weakest are: small firms with under employees, tha ma«»»wr goods industries, while there has been a sharp foil in business optimism in the capital goods industries.

The result- ing negative balance of 28 per cent compares with a negative bala nce o f 19 per cent in the. July, su rvey. The outlook was similarly bleak for orders and o utput. In October manufacturers reported a foil in total new orders, or demand, for toe first time since July and despite an expected pick-up three months ago. The CBI said total order books have weakened markedly since July.

Growth in output appeared to cease over the past three ' months- A CBI balance of -1 per cent - the first negative result since October - in- dicates a decrease in output over the past four months. The CBI said it reflected a lack of export orders over the past four months. The deterioration in confidence is particularly marked among the largest Companies. A balance of -3 per cent indicated they expect to authorise less capital expendi- ture over the next 12 months thaw in the past 12 months.

Companies expect to run-down their stocks of - finished goods, with larger companies expect- ing the most significant des- tocking in the coming months. A shortage of orders, mean- while, Is the most frequently cited constraint on output over the next four months. Plant capacity comes next but is much less so than a year ago. Shortage of skilled labour as a constraint on output Is seen declining significantly over the next four months.

Manufacturing employment foil mare sharply over the past four months than was expected in July. A balance of per cent reported lower employ- ment over the past four months. The London staff had imposed the restrictions, on the use of radios in certain sit- uations, on switching crews between stations and on ferry- ing non-urgent patients to and from hospital, on Monday as part of a national campaign of A police van, action against a rejected 6.

Mr Poole t That national camjwign is were preparec still continuing its overtime all night in ban. They were still seeking an improved pay offer. Mr Nichol again ruled out putting the issue to arbitra- tion, which the unions have been calling for since the dis- pute began but the Department of Health has consistently rejected. The agreement nmn after staff agreed to lift the restrictions that the London Ambulance Service had regarded as the most damaging of a 14 point work-to-rule plan.

Mr Neil Km n ock, leader of the opposition Labour party, called on the Government to allow the dispute to go to bhrib ing arbitration. Minister, is facing strong, pressure from back- bench Conservative MPs to forbid Sir Alan Waiters, her senior economic adviser, from making further public statements of his views on gover nm ent policy.

Lloyds to syndicate By Patrick Cocfcbum LLOYD'S of London, the private insurance market, is to introduce stringent new mea- sures m»«ng it more difficult for insurance syndicates to keep their accounts open beyond. There are c urrentl y some open years involving 68 syndi- cates. The regulations announced yesterday aim to make it much more difficult tear managing agent s to keep accounts open, by prescribing a series of steps they must take. Scope lor expansion.

Excellent professional infrastructure High educational standards Quality of Life 80, more reasons for relocating to S. WaIes Here it is. The attraction of South East Wales in graphic detail. According to recent research there could well be an extra 80, reasons for relocating to South East Wales. That's approximately how many people are likely to be added to the already large, available range of staff in the area by the late 7 's. It is an important factor in influencing the decision of companies to relocate.

But there are many more, Just take a look at the list of companies who already have , and discover why they chose to make the move. Alt in all, there is a powerful argument for South East Wales. And not just because of the people here. Tt f Currently, the a year are normally reinsured internally by a syndicate under the same management with the following year's account, known as Reinsurance To Close RTTC. I Until the ye ar is dosed, the rates wfll in future limit the i abQSty of a managing agent to.

The measures, which were first proposed in. Around 23 per cent of the. LET bns network hasalready been tendered in a programme which, began after the bus industry in the rest of the' UK was deregulated in Most of die tendered services are run by private sector oper- ators, although London Buses, the LRT subsidiary which operates the' rest of the net- work, has wearsome routes. The successful tender- ers will need around buses to operate the routes.

LRT is in tiie process of split- ting up London Buses into 13 unite to prepare for the exten- sion of bus deregulation to London, probably in The Transport and General Workers' Union warned yester- day that deregulation and pri- vatisation may be leading to the end of 50 years of relative industrial peace on the buses. Engineers talks.

The unions and the. Manx hunt ban The Isle of Man parliament voted to ban fox-hunting and hare-coursing bn the island. Car strike threat Vanxhalf, the GM-subsIdlary car maker; faces a series of ' strikes by its 9,' manual workers after union leaders rejected the company's revised pay and conditions offer.

Ill ww. N'-vr-wa- -i. If it were not, vre should have people standing in the comer ofourrooms. In schools, this is what they do. But how many children find listening to teachers standing in front of our classrooms more gripping than sitting in front of the box? Not many hands go up. So why not put the two together and use TV to help teach? Yorkshire Television were pioneers in producing school programmes.

Today, it's still the most popular schools programme on the circuit. This award winning production last year it won a Royal Television Society Award is now a fully dramatised series of twenty programmes. No blackboard was ever this real. Who teaches the teachers? For several years now, Yorkshire Television have been awarded the commission to produce programmes that Incorporate and reflect these changes. And any number of Local Educational Authorities.

All the time beating off competition from other equally ambitious TV companies. And the BBC Under the microscope. It encourages children to use their head. Not just fill it with mindless facts. These programmes are used all over the world. Now we've applied the same formula to!

Wipe away all the worthiness for a moment. We are a commercial TV company after all. As such, our first duty is to entertain. A far cry from educating children, you might think. Not so. We built our reputation combining the two. Watch this box. And on this page, this is where you'll find the answer to that question.

Making your bed at the legend in Hong Kong. An extravagance, perhaps. Such attention to detail has made us one of the finest hotels in the world. To run a profitable business, we need competent partners. One of them is our Sanyo per- sonal computer. The Sanyo system stands up to the pressures of a dyna- mic office like ours. Or yours. Powerful enough even for professional applications. Sanyo personal computers combine power and versatility to give you excellent value for your investment See how a good idea can generate big profits.

Carrier agreed to allocate, to C2E and Flamma respectively five per cent of to. CIS was In a position to specify and recommend the use of particular equipment for each project, subject to approval of the employer, which in both cases was the Saudi Arabian Ministry of Defence and Aviation. He decided to distin- guish between its. Neverthe- less, save fin: four small pay- ments in and , Carrier paid no commission.

When pressed for payment, their representatives prevari- cated. Their reluctance to pay was co n trasted with the enthu- siasm with which they must have entered into the- agree- ments in t h «? But undo: no sensible interpret a tion of the phrase could CIE be regarded as an individual who served in an nfflrial pwB w mwrt capacity. On the evidence there was no breach of either contract off the terms prohibiting tr ansfer of funds to anyone serving in an official government capac- ity.

Government, arid. Intent to wrongfully influence the recipient. Both agreements contained an express prorisfon that. From the feet that no such allegation was the court inferred that the payments were not contrary to Saudi Arabian law.

If they were not, it was hard to contemplate that they were contrary to its public policy. Sanyo House - Otters pooJ Way. Plus theipcoift end fobs accounts for an. Au essential " publication for everyone considering the prospects for the water industry. Unlike the old cellular system, which is based on analogue signals, Zonephone is based on digital signals. But as well as dramatically improving sound quality, Zonephone also eliminates the breaking-up and fading-in- and-out that has always bedevilled the cellular system.

To use it, you just need to be within a Zonephone call zone. The surprising thing is, Zonephone costs remarkably little, both to buy and to use. For more information, either clip the coupon or telephone Box 3 Manchester M 10 OP2. However, he also has to con- tend with unique management pro blems. He has no discretion over how sizeable amounts of his cash may be spent and his assets, many of which are extremely valuable, are worth- less as collateral - he cannot sell them.

Bollom has just completed his first year with the National Trust, an organisation estab- lished in to preserve his- toric homes and beauty spots in En gland and Wales and keep them open for the nation. It is topsy-turvy. However, tins would be a purely academic exercise. Strategic planning in a com- mercial company would be reckoned in years but the trust has to plan up to a century ahead.

Before a building is taken over a study is made cf the requirements over the next 50 years. This includes the size of the endowments needed to pro- vide an adequate income to run it, a structural survey and pgHmatea of repairs and main- tenance, staff numbers and catering facilities. At Stourheacl, in Wiltshire, the garden plan looks years ahead because that is the cycle the gardeners have to work to. This growth means more wear and tear on properties at a time when the cost of repairs and mainfpnanpp is rising fas- ter than the rate of inflation.

Yet Bollom does not contend wholly with an unconventional world. The shops selling a range of National Trust goods are becoming an Increasingly sophisticated operation. Bollom, who is 39, has always been interested in the work of the National Trust; his wife enrolled hhn as a member in He now muses that she might regret having done this.

This is now useful as the trust is tak- ing an increasing interest in this area. With the explosion of inter- est in the environment the prqhHr expects a high standard of conservation. This can prove expensive and great care is taken to calculate what costs are involved. When a new property, is acquired experts are called in to examine the local flora and fauna to assess the conservation requirements. The trust is now looking at the p ossibi lity of putting this information, on an integrated computer system so that it can have a complete overview of its environmental commitments.

He is the trust's only qualified dry cleaning opera- tive. On leaving university he became an articled clerk with Price Waterhouse and was there for 12 years. During that time he was seconded for one year to Westinghouse Corpora- tion in Hungerford where he was chief accountant for operations Involving three fac- tories. He then returned to work on insolvency for Price Water- house and gained a knowledge of the construction industry when be had to deal with the insolvency of Ernest Ireland, the construction company which was eventually sold to Mowlem.

This also proved useful experience for his present' job. He had responsibility for a project under the business expansion scheme ' which involved the iefiirbishment of. BoQom says of the. That is to preserve places of historic interest and national beauty for the benefit of the nation.

Men- tion his name to officials at some of Europe's business schools and their reaction is one of fury. The focus of their anger is a study Cox published last month called Die Top-Ten Insead was in seventh place. London was tenth. The most controversial nawip on the list was the Graduate School of Business Administra- tion in Zurich, which Cox put in third place. Cox confirms he did once do work for GSBA. Until early , he says, he was the gen- eral manager of the Zurich office of Hill and Knowlton, which did public relations work for GSBA.

He insists, however, that he has done no work for the school since then and that his ranking has been an indepen- dent effort Albert Stahli, the dean of GSBA, confirms that Cox has not worked for the school since the first part of Since then the school has handled its own public rela- tions, Stfihli says, although it does sometimes use a Zurich- based consultant. Business courses Corporate job creation, London. November Details from Conference Administra- tor.

Tel 01 Fax Selling customer support, Lon- don. December Teh Fax: Design study tour of Japan, Dec M'ltl mating and managing data processing personnel, Lond on. Their have also been busy talking about joint ven- tures with British companies in the Midlands - discussions which are proceeding well In at least two cases. Indeed, the notion of sending Soviet managers - as opposed to academics - for education in Britain is relatively.

The London. Business School was one of the. Hlbbert was contacted by the authorities. The polytechnic negotiated a price for the coarse through a centre for Soviet cooperatives in kawiWMrtan, which then marketed it within the country' and selected participants. Course members in Coventry are mainly from KazaTriiat an, but with a sprinkling from Leningrad and Moscow. T he y are also visiting , a num- ber of establishments in the UK, owned by companies such as Courtaolds. Rome course members have also opened business discus- sions with local companies.

Officials flew over from the SOviet Union. Bmhank International, a small Solihull-based company, which specialises in exporting the semen and embryos of pedigree cattle; these talks began only three weeks ago with members of the Coventry course. Simi- larly, ATP, a Staffordshire company, has been talking to course members about selling automatic transmissions to Soviet vehicle manufacturers.

Indeed, some Soviet manag- ers in Coventry see exposure to. Many more-soviet managers look set to have the Chance of sampling UK business tech- niques. Noel Hfobert says Coventry wfQ certainly put on another one-month course and may arrange longer. More Soviet, managers will be visiting the London Busi- ness School next month for a course paid for by Rank Xerox and.

The work wffl involve. As a member of our successfii consultfrig Team, you wfl dso be taught strategic risk analysis. You benefit wDl be a combination of a good bade salary and a rewardkig commission system. When you are esfabfished within the company you w l have the opportunity to become a partner.

We are therefore expecting a sound education in business economics. Delphi Economics Is an international growth company. The first company was established In In Sweden. Sncethen Delphi Economics have expanded to Norway. France, the United States and Spain. The Delphi Group has a dear objective: to be recognised as a leading company in producing financial Information. Belgium and Luxembourg and are seeking high caflbre people to manage the development ot each company. For further Information cafl Jorgen ChfctakeL tel x The Ideal ccndkiate far to senior portion has 8 to 10 yeaxs experience lr» buskins development and kxn structuring to q vwido rcnae of both UJC end International middte motet oorrpan ka.

A highly competitive com p e n sation and benefits package h offered. Excellent remuneration packages arailatrie to ambitious ksfiricJaate. The Company ts Security Group, a division of folly listed pic continues rapid expansion into various areas of the security hardware marlrnt Currently consists of four c ompan ies.

Ideal ly aged 4CWQ, highly urinated aod with sound investment eqwience, your sector responsteitities w 8 l include Insurance companies, unquoted andven- ture capital areas. JHVL The successful candidate will be responsible for the management of a unique and very successful Capital Markets Training Programme which involves foe use of sophisticated presentations to extend and develop client relationships and support in-house training programmes.

The job will be based in London, although extensive travel throughout the world is involved. Ihe Products Patented security doors and screens to protect void properties, key cabinets and safes, high specification door hardware and security containers. Brief Division sow requires MD to manage the cohesion, fixture development profitability, re p ort i ng directly to the Main Board. Salay pkghifjiljrneg. Age guide Suitable candidates will be generalists probably with experience in the financial services sector ata senior level.

They will need to be able to demonstrate ability in market- ing, the management of change and managing the introduction of new systems ana technology. They are introduction of new systems ana technolog likely to be between 35 and 45 years o! They are and hold career prospects which. In the. WezeqataelodMdinlear teams wifii a proven track record and an active diant baas.

W« offer a ox and excellent and management I for profit share. Hw Package Good baric salary to be enhanced after initial period by profit share, quality car, telephone, excellent non-contributory pension scheme «md health care. Please reply with C. Turnbull Scott Holdings p! The principal responsibility of this post will be to oversee client development throughout Europe with special emphasis on Spain and Portugal. Fluency written and spoken in at least four European languages including English, Spanish and German is required.

For a full job. Applicants must be graduates in Economics with a knowledge of econometrics. For fee position of industry ts required. The day after that column appeared,. BBC2 began a new series of Alexei Saute's Stiff, a programme which has more funny and original ideas, per minute than plenty of the old comedy programmes used, to have in a season.

After throwing away the line "Every year this French village is given, a Christmas. West End play OH n ponmg ni g ht. Kitchen; inspired by. Once a disastrously pushy male presenter had disap- peared and we were left with the redoubtahle Ruth Mott, for- mer cook to the gentry, it became , dear that rids series was going to have all the ata- vistic attractions of Upstairs Downstairs combined, with the «nmp hi Victorian technology as the gardening series. Obviously the work in kitchens of this sort 'was appallingly tough and labour- intensive Mrs Mott and her young helper "tammying" soup through linen sheeting proved ft ,but presumably pride br per- sonal expertise and achieve- ment was greater than most people ever experience today..

The best gag of the evening came when Dawson and his guest, both in. Thursday was not that usnsuaL Earlier in the week we had had a spate of new secies of an s orts. There are rifaHnnt hririra of potential here, and we must pray that the writers Marks and Gran can stick to a trowel rath ar than a raadymiv fort y fo apply the comic mortar.

Odd, then, that Clary was so intent upon ridiculing their clothes, hairstyles and general appearance. Despite that, the show was - just - outrageous enough to be fanny once. But can it be funny again? Friday night brought the first in the new social affairs series.

The series certainly represents expansion, though whether it provides anything we have not had previo u sly, is yet to be proved. Yet more hew comedy turned up on Saturday with The Nutt Bouse, an American series created by Mel Brooks and Alan g pgnner and showing some, though not enough, of the Brooks hallmarks.

Several of the characters - notably hotel mawag ar Reginald J. Less than two weeks ago, he tackled the Ninth S ymphony of Mahler ; on Saturday Mae- stoso, Zagrosek gave immedi- ate notice that this was not to be an old-style, plush-and-raa- hogany performance.

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