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============= Transaction # 5 ==============================================
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============= Transaction # 10 ==============================================
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<DOC>
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<PROFILE>_AN-EBHC6AE5FT</PROFILE>
<DATE>940
208
</DATE>
<HEADLINE> FT  08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval </HEADLINE>
<BYLINE>    By DANIEL GREEN </BYLINE>
<TEXT>
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
 protection and the company is
relying on Serevent to underpin its position 
in the market.
The drug was approved in Europe in 1991 and should eventually
 reach sales of
Pounds 350m a year, according to James Capel, the broker. In
 the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the

ruling.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Glaxo Holdings.
</CO>
<XX>
Countr
ies:-
</XX>
<CN>USZ  United States of America.
</CN>
<XX>
Industries:-
</XX>

<IN>P2834 Pharmaceutical Preparations.
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<XX>
Types:-
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<TP>TECH  P
roducts & Product use.
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<PUB>The Financial Times </PUB>
<PAGE> London P
age 24 </PAGE>
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============= Transaction # 11 ==============================================
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208
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<HEADLINE> FT  08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval </HEADLINE>
<BYLINE>    By DANIEL GREEN </BYLINE>
<TEXT>
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
 protection and the company is
relying on Serevent to underpin its position 
in the market.
The drug was approved in Europe in 1991 and should eventually
 reach sales of
Pounds 350m a year, according to James Capel, the broker. In
 the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the

ruling.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Glaxo Holdings.
</CO>
<XX>
Countr
ies:-
</XX>
<CN>USZ  United States of America.
</CN>
<XX>
Industries:-
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<IN>P2834 Pharmaceutical Preparations.
</IN>
<XX>
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</XX>
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roducts & Product use.
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<PUB>The Financial Times </PUB>
<PAGE> London P
age 24 </PAGE>
</DOC>

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============= Transaction # 13 ==============================================
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============= Transaction # 14 ==============================================
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============= Transaction # 15 ==============================================
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============= Transaction # 16 ==============================================
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============= Transaction # 17 ==============================================
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============= Transaction # 18 ==============================================
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============= Transaction # 19 ==============================================
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<DOC>
<DOCNO>FT941-10709</DOCNO>
<PROFILE>_AN-EBHC6AE5FT</PROFILE>
<DATE>940
208
</DATE>
<HEADLINE> FT  08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval </HEADLINE>
<BYLINE>    By DANIEL GREEN </BYLINE>
<TEXT>
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
 protection and the company is
relying on Serevent to underpin its position 
in the market.
The drug was approved in Europe in 1991 and should eventually
 reach sales of
Pounds 350m a year, according to James Capel, the broker. In
 the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the

ruling.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Glaxo Holdings.
</CO>
<XX>
Countr
ies:-
</XX>
<CN>USZ  United States of America.
</CN>
<XX>
Industries:-
</XX>

<IN>P2834 Pharmaceutical Preparations.
</IN>
<XX>
Types:-
</XX>
<TP>TECH  P
roducts & Product use.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London P
age 24 </PAGE>
</DOC>

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============= Transaction # 24 ==============================================
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============= Transaction # 25 ==============================================
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<DOC>
<DOCNO>FT923-14358</DOCNO>
<PROFILE>_AN-CGHATADDFT</PROFILE>
<DATE>920
708
</DATE>
<HEADLINE> FT  08 JUL 92 / Commodities and Agriculture: El Nino 
drought 'appears to be over' </HEADLINE>
<BYLINE>    By REUTER </BYLINE>
<DA
TELINE>    SYDNEY </DATELINE>
<TEXT>
THE DROUGHT that has ravaged crops and 
cost hundreds of millions of dollars
in countries across Asia and the South 
Pacific appears to be over,
meteorologists say, reports Reuter from Sydney.

Its cause, the climatic phenomenon known as El Nino, is dissipating with
som
e areas returning to normal weather conditions more quickly than others,
the
y said.
Australia is among the first of the major agricultural producers to 
emerge
from drought in most areas, while in India a return to normal rainfal
l is
expected in the late monsoon.
China's northern provinces are still in t
he grip of drought, however, though
it is unlikely to have much impact on th
e country's international trading
position.
'We're now in the declining phas
e of El Nino, it's global and it has had an
effect since early last year all
 round the planet, particularly in the
tropical regions,' an official at Aus
tralia's National Climate Centre said.
Ocean waters in the central and easte
rn equatorial Pacific, which had warmed
under El Nino were continuing to coo
l quite rapidly, the climate centre
reported.
Australia, whose farm sector w
as ravaged by drought and economic recession,
has already felt the effect of
 the changing conditions. 'Australia tends to
climb out of it earlier than o
thers,' the official said.
Drought conditions still persist in some areas of
 New South Wales and
southern Queensland but local output of grain and sugar
 is forecast to
recover significantly after last year's drought across easte
rn Australia.
The total value of wheat, coarse grains and sugar is forecast 
to rise by
nearly 30 per cent to ADollars 3.14bn (Pounds 1.2bn) in the year 
to the end
of June, 1993, compared with the previous drought-hit year.
In In
dia however, the change is taking longer to come through. 'It is
expected to
 come back to average in the late monsoon season,' Australia's
climate centr
e official said. Erratic rains in India last year caused food
grain output t
o fall to about 171m tonnes in the year to June 30, 1992 from
the previous y
ear's record 176m tonnes.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> Lon
don Page 32 </PAGE>
</DOC>

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============= Transaction # 29 ==============================================
Transaction #:     29       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT932-14766</DOCNO>
<PROFILE>_AN-DDPB8AGDFT</PROFILE>
<DATE>930
416
</DATE>
<HEADLINE> FT  16 APR 93 / Commodities and Agriculture: Peru's f
ishmeal industry set for bumper profits - Production survived last year's El
 Nino visitation to reach a fresh record </HEADLINE>
<BYLINE>    By SALLY BO
WEN </BYLINE>
<TEXT>
THE PERUVIAN fishmeal industry is gearing up for a bona
nza predicted to last
for the next two to three years. By late 1992, the sar
dine and anchovy that
form the staple raw material for the industry were bac
k in abundance after
being temporarily affected by the appearance of the dre
aded warm current
known as 'El Nino', which last ravaged fishmeal output in 
1983.
Contrary to predictions, however, Peruvian production survived last ye
ar's
milder visitation and a late boost in fish stocks turned 1992 into yet

another record year. Peru topped the world exporters' league with 1.37m
tonn
es, narrowly outstripping Chile's 1.21m tonnes.
'Statistically, the years af
ter a Nino are excellent,' says Mr Espino of
Imarpe, Peru's maritime institu
te, which is charged with husbanding the
resource and recommending periodic 
fishing bans. Mr Espino estimates that
the Peruvian catch could be raised by
 a quarter or a third from the present
6m tonnes a year without detriment to
 the species.
'And if the fishmeal producers started going for jack mackerel
 - at present
only about 80,000 tonnes a year are landed, perhaps 5 per cent
 of total
stocks - then the sky's the limit,' he says.
The main limitation o
n such expansion is fleet capacity. Most Peruvian
fishing boats are small, w
ith no refrigeration and hug the coast. When El
Nino hits, the fish move int
o deeper waters farther out to sea where these
boats cannot follow.
Peruvian
 producers say they have invested more than Dollars 200m in the past
two yea
rs in fleet renovation and plant and equipment modernisation ashore.
The ind
ustry is moving towards production of higher-quality, low
temperature, steam
-dried meal with 'stickwater' plants to maximise protein
recovery. New boats
 with refrigerated holds are under construction in local
yards. But there's 
still plenty of room, and a warm welcome waiting, for new
investment from ab
road.
Representatives from Chile's huge Angelini group have been in Peru rec
ently
on 'feeling-out' visits. And Venezuelan capital has already entered in
 the
form of a new fishmeal joint venture under the name of Palangrera Perua
na.
But the big surprise of 1993 could be the arrival of the Chinese. Pesca

Peru, the state-owned fishmeal and fishoil giant that produces around 40 per

cent of all national output, is high on this year's privatisation list.
Coo
pers and Lybrand, with financing from the Canadian development agency and
th
e World Bank, is currently completing a valuation and will recommend on
sale
 procedures.
Essentially, the choice is between splitting the company into i
ts 20 plants
and four refineries to sell off individually; or selling the wh
ole company
as one unit.
The only likely buyers on the latter basis would be
 the Chinese - 'and it's
a possibility that has the private producers in a s
tate of panic', says Mr
Eric Topf, head of the Pesca Peru privatisation comm
ittee.
Unofficially, senior Pesca Peru officials say the company should fetc
h 'at
least Dollars 200m', a ball-park figure considered over-optimistic by

private producers.
The state-owned plants are, by and large, elderly and out
dated - though
several are excellently located on the now-desirable extreme 
southern coast
and have their own quays. Drastic personnel reductions during
 1992 put Pesca
Peru back into profit after years in the red, underlining ju
st how
profitable producing fishmeal can be, even from scrap-yard plants.
Ch
ina has established itself as far and away Peru's largest customer, buying
l
ast year almost 60 per cent of all output. Peruvian fishmeal goes to feed
th
e Pacific prawn, turbot and eel which China is successfully exporting in
qua
ntity to the US and Japan.
The Chinese are said to be producing at present s
ome 32m tonnes of animal
foodstuffs a year, in which they use 2 per cent fis
hmeal - a very low
percentage compared with most competitors. A high-level P
eruvian delegation
is now in China 'to try to convince them of the bounties 
of boosting that
fishmeal component,' says Mr Salomon Manzur, Peruvian presi
dent of the
Fishmeal Exporters' Association.
If the Chinese do increase the 
percentage of fishmeal in their current
animal feedstuff production, Peruvia
n producers will be assured of sales for
their expanded fishmeal output for 
several years to come.
 ----------------------------------------------------
-
FISHMEAL PRODUCTION ('000 TONNES)
 ---------------------------------------
--------------
                     1990    1991    1992
 ------------------
-----------------------------------
Peruvian
Pesca Peru            379     4
98     513
Private sector        755     782     853
Total               1,1
34   1,280   1,366
 -----------------------------------------------------
Ch
ilean                     1,550   1,210
 -----------------------------------
------------------
Source: Peruvian National Fishing Society (SNP).
 -------
----------------------------------------------
</TEXT>
<XX>
Countries:-
</XX
>
<CN>PEZ  Peru, South America.
</CN>
<XX>
Industries:-
</XX>
<IN>P0919 Misc
ellaneous Marine Products.
</IN>
<XX>
Types:-
</XX>
<TP>MKTS  Production.
</
TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 26 </PAGE>
</DOC>

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<DOC>
<DOCNO>FT922-643</DOCNO>
<PROFILE>_AN-CFZBBAD9FT</PROFILE>
<DATE>92062
6
</DATE>
<HEADLINE> FT  26 JUN 92 / Commodities and Agriculture: Flooded Bo
livian farmers on hunger strike </HEADLINE>
<BYLINE>    By FRANCIS FREISINGE
R </BYLINE>
<DATELINE>    SANTA CRUZ </DATELINE>
<TEXT>
THE BOLIVIAN Eastern
 Farmers Chamber (CAO) has declared an indefinite hunger
strike in protest a
t the lack of government aid in the wake of the
agricultural disaster that h
as struck the Santa Cruz department as a result
of months of flooding. Peasa
nt groups have announced other measures in
support of the CAO - including ro
ad blocks - and a regional general strike
may follow.
Santa Cruz in the east
 of the country, which produces 90 per cent of
Bolivia's agricultural export
s, principally soyabeans and sugar, has been
devastated since January by the
 worst floods in living memory. At least a
third and possibly as much as hal
f the crop has been lost already and the
sowing of the next crop has been se
riously disrupted, the losses will
continue for another harvest. At least Do
llars l00m has been lost to date, a
vast sum for Bolivia. As a result there 
will be a marked reduction in GNP
growth this year according to economists.

Nearly a hundred farmers from the CAO have joined the hunger strike,
includi
ng some of the wealthiest men in the country, and as many as 500 more
are po
ised to follow. In a remarkable development, the hardline right-wing
farmers
 have literally become bedfellows with their traditional enemy, the
Bolivian
 Workers' Central (COB), the national union confederation which
still adhere
s, at least in theory, to a revolutionary Marxist ideology. Some
of COB lead
ers have joined the hunger strike and are now sleeping in the
same room as t
he farmers.
The farmers are calling for much more direct government and inte
rnational
assistance as well as rescheduling of loans from both private bank
s and
multinational institutions, principally the Inter-American Development
 Bank.
They are demanding special help for the smaller farmers, worst hit
fi
nancially because of their lack of access to credit, as a result of which
th
ousands face bankruptcy. The CAO President, Mr Sergio Justiniano said: 'We
w
ill remain on hunger strike until a global solution is found'.
The flooding 
is partly the result of exceptionally heavy rains that have
accompanied the 
El Nino cyclical Pacific weather phenomenon, which has also
brought flooding
 this year to Peru and Ecuador. However, according to
ecologists, the effect
 has been exacerbated in Bolivia by the extensive
deforestation that has acc
ompanied the agricultural boom of the past few
years
Despite officially decl
aring the region a disaster zone, the government
claims that it is unable to
 help. Mr Hugo Lozino, minister of peasant
development said: 'We have done w
hat we can. Bolivia is a poor country and
can't afford to do more'.
It seems
 unlikely, however, that the government will be able to resist the
powerful 
alliance confronting it, especially as it faces unrest in other key
sectors,
 including mining.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Pag
e 30 </PAGE>
</DOC>

============= Transaction # 31 ==============================================
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<DOC>
<DOCNO>FT922-643</DOCNO>
<PROFILE>_AN-CFZBBAD9FT</PROFILE>
<DATE>92062
6
</DATE>
<HEADLINE> FT  26 JUN 92 / Commodities and Agriculture: Flooded Bo
livian farmers on hunger strike </HEADLINE>
<BYLINE>    By FRANCIS FREISINGE
R </BYLINE>
<DATELINE>    SANTA CRUZ </DATELINE>
<TEXT>
THE BOLIVIAN Eastern
 Farmers Chamber (CAO) has declared an indefinite hunger
strike in protest a
t the lack of government aid in the wake of the
agricultural disaster that h
as struck the Santa Cruz department as a result
of months of flooding. Peasa
nt groups have announced other measures in
support of the CAO - including ro
ad blocks - and a regional general strike
may follow.
Santa Cruz in the east
 of the country, which produces 90 per cent of
Bolivia's agricultural export
s, principally soyabeans and sugar, has been
devastated since January by the
 worst floods in living memory. At least a
third and possibly as much as hal
f the crop has been lost already and the
sowing of the next crop has been se
riously disrupted, the losses will
continue for another harvest. At least Do
llars l00m has been lost to date, a
vast sum for Bolivia. As a result there 
will be a marked reduction in GNP
growth this year according to economists.

Nearly a hundred farmers from the CAO have joined the hunger strike,
includi
ng some of the wealthiest men in the country, and as many as 500 more
are po
ised to follow. In a remarkable development, the hardline right-wing
farmers
 have literally become bedfellows with their traditional enemy, the
Bolivian
 Workers' Central (COB), the national union confederation which
still adhere
s, at least in theory, to a revolutionary Marxist ideology. Some
of COB lead
ers have joined the hunger strike and are now sleeping in the
same room as t
he farmers.
The farmers are calling for much more direct government and inte
rnational
assistance as well as rescheduling of loans from both private bank
s and
multinational institutions, principally the Inter-American Development
 Bank.
They are demanding special help for the smaller farmers, worst hit
fi
nancially because of their lack of access to credit, as a result of which
th
ousands face bankruptcy. The CAO President, Mr Sergio Justiniano said: 'We
w
ill remain on hunger strike until a global solution is found'.
The flooding 
is partly the result of exceptionally heavy rains that have
accompanied the 
El Nino cyclical Pacific weather phenomenon, which has also
brought flooding
 this year to Peru and Ecuador. However, according to
ecologists, the effect
 has been exacerbated in Bolivia by the extensive
deforestation that has acc
ompanied the agricultural boom of the past few
years
Despite officially decl
aring the region a disaster zone, the government
claims that it is unable to
 help. Mr Hugo Lozino, minister of peasant
development said: 'We have done w
hat we can. Bolivia is a poor country and
can't afford to do more'.
It seems
 unlikely, however, that the government will be able to resist the
powerful 
alliance confronting it, especially as it faces unrest in other key
sectors,
 including mining.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Pag
e 30 </PAGE>
</DOC>

============= Transaction # 32 ==============================================
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<DOC>
<DOCNO>FT922-643</DOCNO>
<PROFILE>_AN-CFZBBAD9FT</PROFILE>
<DATE>92062
6
</DATE>
<HEADLINE> FT  26 JUN 92 / Commodities and Agriculture: Flooded Bo
livian farmers on hunger strike </HEADLINE>
<BYLINE>    By FRANCIS FREISINGE
R </BYLINE>
<DATELINE>    SANTA CRUZ </DATELINE>
<TEXT>
THE BOLIVIAN Eastern
 Farmers Chamber (CAO) has declared an indefinite hunger
strike in protest a
t the lack of government aid in the wake of the
agricultural disaster that h
as struck the Santa Cruz department as a result
of months of flooding. Peasa
nt groups have announced other measures in
support of the CAO - including ro
ad blocks - and a regional general strike
may follow.
Santa Cruz in the east
 of the country, which produces 90 per cent of
Bolivia's agricultural export
s, principally soyabeans and sugar, has been
devastated since January by the
 worst floods in living memory. At least a
third and possibly as much as hal
f the crop has been lost already and the
sowing of the next crop has been se
riously disrupted, the losses will
continue for another harvest. At least Do
llars l00m has been lost to date, a
vast sum for Bolivia. As a result there 
will be a marked reduction in GNP
growth this year according to economists.

Nearly a hundred farmers from the CAO have joined the hunger strike,
includi
ng some of the wealthiest men in the country, and as many as 500 more
are po
ised to follow. In a remarkable development, the hardline right-wing
farmers
 have literally become bedfellows with their traditional enemy, the
Bolivian
 Workers' Central (COB), the national union confederation which
still adhere
s, at least in theory, to a revolutionary Marxist ideology. Some
of COB lead
ers have joined the hunger strike and are now sleeping in the
same room as t
he farmers.
The farmers are calling for much more direct government and inte
rnational
assistance as well as rescheduling of loans from both private bank
s and
multinational institutions, principally the Inter-American Development
 Bank.
They are demanding special help for the smaller farmers, worst hit
fi
nancially because of their lack of access to credit, as a result of which
th
ousands face bankruptcy. The CAO President, Mr Sergio Justiniano said: 'We
w
ill remain on hunger strike until a global solution is found'.
The flooding 
is partly the result of exceptionally heavy rains that have
accompanied the 
El Nino cyclical Pacific weather phenomenon, which has also
brought flooding
 this year to Peru and Ecuador. However, according to
ecologists, the effect
 has been exacerbated in Bolivia by the extensive
deforestation that has acc
ompanied the agricultural boom of the past few
years
Despite officially decl
aring the region a disaster zone, the government
claims that it is unable to
 help. Mr Hugo Lozino, minister of peasant
development said: 'We have done w
hat we can. Bolivia is a poor country and
can't afford to do more'.
It seems
 unlikely, however, that the government will be able to resist the
powerful 
alliance confronting it, especially as it faces unrest in other key
sectors,
 including mining.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Pag
e 30 </PAGE>
</DOC>

============= Transaction # 33 ==============================================
Transaction #:     33       Transaction Code:  38 (Record Deselected)      

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<DOC>
<DOCNO>FT923-14358</DOCNO>
<PROFILE>_AN-CGHATADDFT</PROFILE>
<DATE>920
708
</DATE>
<HEADLINE> FT  08 JUL 92 / Commodities and Agriculture: El Nino 
drought 'appears to be over' </HEADLINE>
<BYLINE>    By REUTER </BYLINE>
<DA
TELINE>    SYDNEY </DATELINE>
<TEXT>
THE DROUGHT that has ravaged crops and 
cost hundreds of millions of dollars
in countries across Asia and the South 
Pacific appears to be over,
meteorologists say, reports Reuter from Sydney.

Its cause, the climatic phenomenon known as El Nino, is dissipating with
som
e areas returning to normal weather conditions more quickly than others,
the
y said.
Australia is among the first of the major agricultural producers to 
emerge
from drought in most areas, while in India a return to normal rainfal
l is
expected in the late monsoon.
China's northern provinces are still in t
he grip of drought, however, though
it is unlikely to have much impact on th
e country's international trading
position.
'We're now in the declining phas
e of El Nino, it's global and it has had an
effect since early last year all
 round the planet, particularly in the
tropical regions,' an official at Aus
tralia's National Climate Centre said.
Ocean waters in the central and easte
rn equatorial Pacific, which had warmed
under El Nino were continuing to coo
l quite rapidly, the climate centre
reported.
Australia, whose farm sector w
as ravaged by drought and economic recession,
has already felt the effect of
 the changing conditions. 'Australia tends to
climb out of it earlier than o
thers,' the official said.
Drought conditions still persist in some areas of
 New South Wales and
southern Queensland but local output of grain and sugar
 is forecast to
recover significantly after last year's drought across easte
rn Australia.
The total value of wheat, coarse grains and sugar is forecast 
to rise by
nearly 30 per cent to ADollars 3.14bn (Pounds 1.2bn) in the year 
to the end
of June, 1993, compared with the previous drought-hit year.
In In
dia however, the change is taking longer to come through. 'It is
expected to
 come back to average in the late monsoon season,' Australia's
climate centr
e official said. Erratic rains in India last year caused food
grain output t
o fall to about 171m tonnes in the year to June 30, 1992 from
the previous y
ear's record 176m tonnes.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> Lon
don Page 32 </PAGE>
</DOC>

============= Transaction # 34 ==============================================
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<DOC>
<DOCNO>FT923-14358</DOCNO>
<PROFILE>_AN-CGHATADDFT</PROFILE>
<DATE>920
708
</DATE>
<HEADLINE> FT  08 JUL 92 / Commodities and Agriculture: El Nino 
drought 'appears to be over' </HEADLINE>
<BYLINE>    By REUTER </BYLINE>
<DA
TELINE>    SYDNEY </DATELINE>
<TEXT>
THE DROUGHT that has ravaged crops and 
cost hundreds of millions of dollars
in countries across Asia and the South 
Pacific appears to be over,
meteorologists say, reports Reuter from Sydney.

Its cause, the climatic phenomenon known as El Nino, is dissipating with
som
e areas returning to normal weather conditions more quickly than others,
the
y said.
Australia is among the first of the major agricultural producers to 
emerge
from drought in most areas, while in India a return to normal rainfal
l is
expected in the late monsoon.
China's northern provinces are still in t
he grip of drought, however, though
it is unlikely to have much impact on th
e country's international trading
position.
'We're now in the declining phas
e of El Nino, it's global and it has had an
effect since early last year all
 round the planet, particularly in the
tropical regions,' an official at Aus
tralia's National Climate Centre said.
Ocean waters in the central and easte
rn equatorial Pacific, which had warmed
under El Nino were continuing to coo
l quite rapidly, the climate centre
reported.
Australia, whose farm sector w
as ravaged by drought and economic recession,
has already felt the effect of
 the changing conditions. 'Australia tends to
climb out of it earlier than o
thers,' the official said.
Drought conditions still persist in some areas of
 New South Wales and
southern Queensland but local output of grain and sugar
 is forecast to
recover significantly after last year's drought across easte
rn Australia.
The total value of wheat, coarse grains and sugar is forecast 
to rise by
nearly 30 per cent to ADollars 3.14bn (Pounds 1.2bn) in the year 
to the end
of June, 1993, compared with the previous drought-hit year.
In In
dia however, the change is taking longer to come through. 'It is
expected to
 come back to average in the late monsoon season,' Australia's
climate centr
e official said. Erratic rains in India last year caused food
grain output t
o fall to about 171m tonnes in the year to June 30, 1992 from
the previous y
ear's record 176m tonnes.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> Lon
don Page 32 </PAGE>
</DOC>

============= Transaction # 35 ==============================================
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============= Transaction # 36 ==============================================
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============= Transaction # 37 ==============================================
Transaction #:     37       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT921-5191</DOCNO>
<PROFILE>_AN-CCEBQAC7FT</PROFILE>
<DATE>9203
05
</DATE>
<HEADLINE> FT  05 MAR 92 / Commodities and Agriculture: Ecuador s
hells out on shrimp farming - The consequences of declining fish stocks and 
over-investment </HEADLINE>
<BYLINE>    By SARITA KENDALL </BYLINE>
<TEXT>
E
cuador's shrimp farming business had another record year in 1991 as the gap

with other fishing exports widened.
Groups within the industry, unwilling to
 acknowledge over-fishing, accuse
each other of irrational practices or blam
e dwindling catches on climate and
ocean currents.
'We've seen this happen i
n other countries - with herring in the North Sea,
and anchovy in Peru,' sai
d Mr Ian Scott, the economist in charge of
Britain's technical assistance pr
ogramme for the fishing sector.
'There's been over-investment. If the Ecuado
rian fleet fishes for 150 days a
year at 50 per cent efficiency, it can catc
h 3m tonnes - but the sustainable
stock of pelagic fish is only 500,000 to 1
m tonnes.'
In the last few years fishermen supplying the fishmeal and cannin
g
industries have seen a drastic drop in the harvest of sardines, mackerel,

thread herring and anchovies: the catch fell from 1,970,000 tonnes in 1985
t
o 233,000 tonnes in 1990, leaving many processing plants working at less
tha
n 20 per cent of capacity.
Mr Scott said that although the warm southward-fl
owing El Nino current was
responsible for two bad years, the general decline
 was due to over-fishing
and licences and quota systems were needed to help 
stocks recover.
The tuna industry, centred in Manta, is also overblown, but 
the catch has
remained stable at 50,000 to 55,000 tonnes a year.
Both Ecuado
rian and foreign boats fish for tuna. Local fishermen criticise
the fact tha
t boats registered in the US, Japan and other countries are
contracted by Ma
nta processing companies. However, it is argued that only
some of the vessel
s in the national fleet can freeze tuna to -40C, the
temperature necessary f
or good quality exports.
The under-secretary for fishing, Mr Max Aguirre, is
 proud of Ecuador's
record on the dolphin-tuna issue. 'The Ecuadorian law is
 strict. Ecuadorian
and foreign boats have their licences taken away if they
 fish on dolphins. I
report with satisfaction that in 43 trips with observer
s on board there were
zero dolphin deaths.'
Mr Aguirre admits that research 
studies warned of sardine fishing problems,
and says regional controls, incl
uding Peru and Chile, should be enforced.
'Licences should regulate the catc
h with reference to the resource.'
However, the private sector has been too 
powerful and the government too
timid to allow any quota-based management of
 stocks.
The fish sector earned about USDollars 570m in 1991, with shrimps
c
ontributing more than 85 per cent. There are more than 125,000 hectares of
s
hrimp ponds along the tidal flats of the Ecuadorian coastline, mainly in
the
 southern provinces. Most shrimp farms are less than 50 hectares, though
the
 largest - up to as much as 2,000 hectares  - tend to be the most
sophistica
ted. Some use small aircraft to drop feed over the surface of the
ponds.
Shr
imp farms produce all year round so close to the equator and two to three
ha
rvests can be taken. With an ideal climate, plentiful larvae and
low-labour 
costs, Ecuador is the leading Latin American shrimp exporter.
'Our problem a
t the moment is the big jump in the cost of inputs. The dollar
price of shri
mps has dropped and so has profitability,' said Mr Renato del
Campo of the C
hamber of Shrimp Producers in Guayaquil. 'But there are
markets - the US is 
still attractive and we are diversifying into Europe,
especially Spain.'
Exp
orts have risen from 10,000 tonnes in 1980 to more than 78,000 tonnes in
199
1, and the need for more space and more larvae has led to conflict with
envi
ronmental groups, particularly over the clearing of mangroves.
Most shrimps 
are bred from wild larvae caught by thousands of seasonal
fishermen, but mor
e than 100 laboratories have been started up in recent
years, with some expo
rting larvae to Colombia.
Although the shrimp fishing industry is small, acc
ounting for less than 10
per cent of production, wild shrimp provide importa
nt breeding stocks for
the laboratories.
The sector expanded dangerously fas
t - from about 2,000 to 9,000 boats  - in
the 1980s and over-fishing is beco
ming a serious problem within a few miles
of the coast. Many of the boats ar
e dug-out canoes based in small
communities.
'We need to teach people to tak
e better care of the fish, then they'll also
improve their income. There sho
uld be ice available, and we need to
encourage marketing co-operatives,' sai
d Mr Aguirre.
The British aid project, which is now ending after 12 years, h
as helped the
National Fisheries Institute to build up data on biology, prod
uct
development, marketing and management.
Ecuador has a stronger basis for 
planning resource use than many other
countries. 'There isn't any room for g
rowth in the existing industry - it
needs reducing and consolidating,' said 
Mr. Scott.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 30 </P
AGE>
</DOC>

============= Transaction # 38 ==============================================
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============= Transaction # 39 ==============================================
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============= Transaction # 40 ==============================================
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<DOC>
<DOCNO>FT922-14235</DOCNO>
<PROFILE>_AN-CDHB2AAMFT</PROFILE>
<DATE>920
407
</DATE>
<HEADLINE> FT  07 APR 92 / Drought pulls the plug on much of Col
ombia </HEADLINE>
<BYLINE>    By SARITA KENDALL </BYLINE>
<DATELINE>    BOGO
TA </DATELINE>
<TEXT>
POWER cuts of at least eight hours a day have been imp
osed all over Colombia
in an effort to cope with a drought that has reduced 
the water for hydro
electric plants. There is little prospect of rain, and r
eservoirs are drying
into baked mud. If this continues the country could fac
e a complete
black-out by the end of April.
The winter rains are late and th
e El Nino current off the Pacific coast
appears to be upsetting normal weath
er patterns. But bad planning, heavy
debts, corruption, budget deficits, def
orestation and poor management are
behind the electricity problems.
Colombia
's generating capacity is 8,200MW, more than adequate for normal
demand leve
ls. Despite the country's ample coal and oil reserves, 78 per
cent of power 
comes from large, expensive hydro-electric schemes which have
pushed the sec
tor's foreign debt up to more than Dollars 5bn.
To try to save on costs, ele
ctricity companies have been running down the
reservoirs rather than use the
rmal plants at full capacity. Labour and
financial problems have also delaye
d the maintenance of thermal power
stations, while guerrilla attacks have pu
t distribution lines out of action.
The rationing aims to cut overall consum
ption by about a third. The
government has asked industry to shut down for 1
0 days over Easter and to
send workers on holiday.
</TEXT>
<PUB>The Financia
l Times </PUB>
<PAGE> International Page 6 </PAGE>
</DOC>

============= Transaction # 41 ==============================================
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============= Transaction # 42 ==============================================
Transaction #:     42       Transaction Code:   2 (New Disp. Format Selected)

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============= Transaction # 43 ==============================================
Transaction #:     43       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT922-12623</DOCNO>
<PROFILE>_AN-CDPBOADHFT</PROFILE>
<DATE>920
416
</DATE>
<HEADLINE> FT  16 APR 92 / Commodities and Agriculture: Supply f
ears buoy sugar prices </HEADLINE>
<BYLINE>    By DAVID BLACKWELL </BYLINE>

<TEXT>
FEARS OF a tighter sugar supply/demand balance in 1992-93 are support
ing the
world market, according to reports from two London trade houses.
Raw
 sugar prices have recently touched eight-month highs, nudging 10 cents a
lb
 in the New York market, on fears of tight nearby supplies following
damage 
to the South African crop because of drought.
The trade houses, ED & F. Man 
and Czarnikow, both point out in reports
published today that in the short t
erm the changing export potential in
several countries will keep the lid on 
prices. The increasing likelihood of
a 1m-tonne increase in Thailand's crop,
 compared with the previous season,
together with the availability of export
able surpluses from India and Cuba,
should 'keep significant advances at bay
', Man's latest sugar report says.
Man believes that reports of a catastroph
ic Cuban crop this season at 5m to
5.5m tonnes are unsupported by the eviden
ce and estimates that the crop will
come in at about 6.5m tonnes. It is fore
casting a crop of more than 5m
tonnes in Thailand and 12.6m tonnes in India.

The overall balance for the 1991-92 season remains marginally in surplus,
M
an says, but it suggests that the situation is likely to be even more
tightl
y balanced in 1992-93.
Czarnikow's sugar review points out that the extent o
f the South African
drought has raised questions about the timing and covera
ge of the El Nino
weather phenomenon.
'Already a major drought is developing
 in Thailand which, if relief does not
arrive this month, could have serious
 implications for the next crop,' the
Czarnikow review says. 'If this is par
t of a regional phenomenon there might
be problems later in the year with th
e monsoon in India and this will need
to be monitored carefully.'
</TEXT>
<P
UB>The Financial Times </PUB>
<PAGE> London Page 38 </PAGE>
</DOC>

============= Transaction # 44 ==============================================
Transaction #:     44       Transaction Code:  22 (Record(s) Saved)        

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<DOC>
<DOCNO>FT932-14766</DOCNO>
<PROFILE>_AN-DDPB8AGDFT</PROFILE>
<DATE>930
416
</DATE>
<HEADLINE> FT  16 APR 93 / Commodities and Agriculture: Peru's f
ishmeal industry set for bumper profits - Production survived last year's El
 Nino visitation to reach a fresh record </HEADLINE>
<BYLINE>    By SALLY BO
WEN </BYLINE>
<TEXT>
THE PERUVIAN fishmeal industry is gearing up for a bona
nza predicted to last
for the next two to three years. By late 1992, the sar
dine and anchovy that
form the staple raw material for the industry were bac
k in abundance after
being temporarily affected by the appearance of the dre
aded warm current
known as 'El Nino', which last ravaged fishmeal output in 
1983.
Contrary to predictions, however, Peruvian production survived last ye
ar's
milder visitation and a late boost in fish stocks turned 1992 into yet

another record year. Peru topped the world exporters' league with 1.37m
tonn
es, narrowly outstripping Chile's 1.21m tonnes.
'Statistically, the years af
ter a Nino are excellent,' says Mr Espino of
Imarpe, Peru's maritime institu
te, which is charged with husbanding the
resource and recommending periodic 
fishing bans. Mr Espino estimates that
the Peruvian catch could be raised by
 a quarter or a third from the present
6m tonnes a year without detriment to
 the species.
'And if the fishmeal producers started going for jack mackerel
 - at present
only about 80,000 tonnes a year are landed, perhaps 5 per cent
 of total
stocks - then the sky's the limit,' he says.
The main limitation o
n such expansion is fleet capacity. Most Peruvian
fishing boats are small, w
ith no refrigeration and hug the coast. When El
Nino hits, the fish move int
o deeper waters farther out to sea where these
boats cannot follow.
Peruvian
 producers say they have invested more than Dollars 200m in the past
two yea
rs in fleet renovation and plant and equipment modernisation ashore.
The ind
ustry is moving towards production of higher-quality, low
temperature, steam
-dried meal with 'stickwater' plants to maximise protein
recovery. New boats
 with refrigerated holds are under construction in local
yards. But there's 
still plenty of room, and a warm welcome waiting, for new
investment from ab
road.
Representatives from Chile's huge Angelini group have been in Peru rec
ently
on 'feeling-out' visits. And Venezuelan capital has already entered in
 the
form of a new fishmeal joint venture under the name of Palangrera Perua
na.
But the big surprise of 1993 could be the arrival of the Chinese. Pesca

Peru, the state-owned fishmeal and fishoil giant that produces around 40 per

cent of all national output, is high on this year's privatisation list.
Coo
pers and Lybrand, with financing from the Canadian development agency and
th
e World Bank, is currently completing a valuation and will recommend on
sale
 procedures.
Essentially, the choice is between splitting the company into i
ts 20 plants
and four refineries to sell off individually; or selling the wh
ole company
as one unit.
The only likely buyers on the latter basis would be
 the Chinese - 'and it's
a possibility that has the private producers in a s
tate of panic', says Mr
Eric Topf, head of the Pesca Peru privatisation comm
ittee.
Unofficially, senior Pesca Peru officials say the company should fetc
h 'at
least Dollars 200m', a ball-park figure considered over-optimistic by

private producers.
The state-owned plants are, by and large, elderly and out
dated - though
several are excellently located on the now-desirable extreme 
southern coast
and have their own quays. Drastic personnel reductions during
 1992 put Pesca
Peru back into profit after years in the red, underlining ju
st how
profitable producing fishmeal can be, even from scrap-yard plants.
Ch
ina has established itself as far and away Peru's largest customer, buying
l
ast year almost 60 per cent of all output. Peruvian fishmeal goes to feed
th
e Pacific prawn, turbot and eel which China is successfully exporting in
qua
ntity to the US and Japan.
The Chinese are said to be producing at present s
ome 32m tonnes of animal
foodstuffs a year, in which they use 2 per cent fis
hmeal - a very low
percentage compared with most competitors. A high-level P
eruvian delegation
is now in China 'to try to convince them of the bounties 
of boosting that
fishmeal component,' says Mr Salomon Manzur, Peruvian presi
dent of the
Fishmeal Exporters' Association.
If the Chinese do increase the 
percentage of fishmeal in their current
animal feedstuff production, Peruvia
n producers will be assured of sales for
their expanded fishmeal output for 
several years to come.
 ----------------------------------------------------
-
FISHMEAL PRODUCTION ('000 TONNES)
 ---------------------------------------
--------------
                     1990    1991    1992
 ------------------
-----------------------------------
Peruvian
Pesca Peru            379     4
98     513
Private sector        755     782     853
Total               1,1
34   1,280   1,366
 -----------------------------------------------------
Ch
ilean                     1,550   1,210
 -----------------------------------
------------------
Source: Peruvian National Fishing Society (SNP).
 -------
----------------------------------------------
</TEXT>
<XX>
Countries:-
</XX
>
<CN>PEZ  Peru, South America.
</CN>
<XX>
Industries:-
</XX>
<IN>P0919 Misc
ellaneous Marine Products.
</IN>
<XX>
Types:-
</XX>
<TP>MKTS  Production.
</
TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 26 </PAGE>
</DOC>

============= Transaction # 45 ==============================================
Transaction #:     45       Transaction Code:  22 (Record(s) Saved)        

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<DOC>
<DOCNO>FT922-643</DOCNO>
<PROFILE>_AN-CFZBBAD9FT</PROFILE>
<DATE>92062
6
</DATE>
<HEADLINE> FT  26 JUN 92 / Commodities and Agriculture: Flooded Bo
livian farmers on hunger strike </HEADLINE>
<BYLINE>    By FRANCIS FREISINGE
R </BYLINE>
<DATELINE>    SANTA CRUZ </DATELINE>
<TEXT>
THE BOLIVIAN Eastern
 Farmers Chamber (CAO) has declared an indefinite hunger
strike in protest a
t the lack of government aid in the wake of the
agricultural disaster that h
as struck the Santa Cruz department as a result
of months of flooding. Peasa
nt groups have announced other measures in
support of the CAO - including ro
ad blocks - and a regional general strike
may follow.
Santa Cruz in the east
 of the country, which produces 90 per cent of
Bolivia's agricultural export
s, principally soyabeans and sugar, has been
devastated since January by the
 worst floods in living memory. At least a
third and possibly as much as hal
f the crop has been lost already and the
sowing of the next crop has been se
riously disrupted, the losses will
continue for another harvest. At least Do
llars l00m has been lost to date, a
vast sum for Bolivia. As a result there 
will be a marked reduction in GNP
growth this year according to economists.

Nearly a hundred farmers from the CAO have joined the hunger strike,
includi
ng some of the wealthiest men in the country, and as many as 500 more
are po
ised to follow. In a remarkable development, the hardline right-wing
farmers
 have literally become bedfellows with their traditional enemy, the
Bolivian
 Workers' Central (COB), the national union confederation which
still adhere
s, at least in theory, to a revolutionary Marxist ideology. Some
of COB lead
ers have joined the hunger strike and are now sleeping in the
same room as t
he farmers.
The farmers are calling for much more direct government and inte
rnational
assistance as well as rescheduling of loans from both private bank
s and
multinational institutions, principally the Inter-American Development
 Bank.
They are demanding special help for the smaller farmers, worst hit
fi
nancially because of their lack of access to credit, as a result of which
th
ousands face bankruptcy. The CAO President, Mr Sergio Justiniano said: 'We
w
ill remain on hunger strike until a global solution is found'.
The flooding 
is partly the result of exceptionally heavy rains that have
accompanied the 
El Nino cyclical Pacific weather phenomenon, which has also
brought flooding
 this year to Peru and Ecuador. However, according to
ecologists, the effect
 has been exacerbated in Bolivia by the extensive
deforestation that has acc
ompanied the agricultural boom of the past few
years
Despite officially decl
aring the region a disaster zone, the government
claims that it is unable to
 help. Mr Hugo Lozino, minister of peasant
development said: 'We have done w
hat we can. Bolivia is a poor country and
can't afford to do more'.
It seems
 unlikely, however, that the government will be able to resist the
powerful 
alliance confronting it, especially as it faces unrest in other key
sectors,
 including mining.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Pag
e 30 </PAGE>
</DOC>

============= Transaction # 46 ==============================================
Transaction #:     46       Transaction Code:  22 (Record(s) Saved)        

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<DOC>
<DOCNO>FT923-14358</DOCNO>
<PROFILE>_AN-CGHATADDFT</PROFILE>
<DATE>920
708
</DATE>
<HEADLINE> FT  08 JUL 92 / Commodities and Agriculture: El Nino 
drought 'appears to be over' </HEADLINE>
<BYLINE>    By REUTER </BYLINE>
<DA
TELINE>    SYDNEY </DATELINE>
<TEXT>
THE DROUGHT that has ravaged crops and 
cost hundreds of millions of dollars
in countries across Asia and the South 
Pacific appears to be over,
meteorologists say, reports Reuter from Sydney.

Its cause, the climatic phenomenon known as El Nino, is dissipating with
som
e areas returning to normal weather conditions more quickly than others,
the
y said.
Australia is among the first of the major agricultural producers to 
emerge
from drought in most areas, while in India a return to normal rainfal
l is
expected in the late monsoon.
China's northern provinces are still in t
he grip of drought, however, though
it is unlikely to have much impact on th
e country's international trading
position.
'We're now in the declining phas
e of El Nino, it's global and it has had an
effect since early last year all
 round the planet, particularly in the
tropical regions,' an official at Aus
tralia's National Climate Centre said.
Ocean waters in the central and easte
rn equatorial Pacific, which had warmed
under El Nino were continuing to coo
l quite rapidly, the climate centre
reported.
Australia, whose farm sector w
as ravaged by drought and economic recession,
has already felt the effect of
 the changing conditions. 'Australia tends to
climb out of it earlier than o
thers,' the official said.
Drought conditions still persist in some areas of
 New South Wales and
southern Queensland but local output of grain and sugar
 is forecast to
recover significantly after last year's drought across easte
rn Australia.
The total value of wheat, coarse grains and sugar is forecast 
to rise by
nearly 30 per cent to ADollars 3.14bn (Pounds 1.2bn) in the year 
to the end
of June, 1993, compared with the previous drought-hit year.
In In
dia however, the change is taking longer to come through. 'It is
expected to
 come back to average in the late monsoon season,' Australia's
climate centr
e official said. Erratic rains in India last year caused food
grain output t
o fall to about 171m tonnes in the year to June 30, 1992 from
the previous y
ear's record 176m tonnes.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> Lon
don Page 32 </PAGE>
</DOC>

============= Transaction # 47 ==============================================
Transaction #:     47       Transaction Code:  22 (Record(s) Saved)        

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<DOC>
<DOCNO>FT921-5191</DOCNO>
<PROFILE>_AN-CCEBQAC7FT</PROFILE>
<DATE>9203
05
</DATE>
<HEADLINE> FT  05 MAR 92 / Commodities and Agriculture: Ecuador s
hells out on shrimp farming - The consequences of declining fish stocks and 
over-investment </HEADLINE>
<BYLINE>    By SARITA KENDALL </BYLINE>
<TEXT>
E
cuador's shrimp farming business had another record year in 1991 as the gap

with other fishing exports widened.
Groups within the industry, unwilling to
 acknowledge over-fishing, accuse
each other of irrational practices or blam
e dwindling catches on climate and
ocean currents.
'We've seen this happen i
n other countries - with herring in the North Sea,
and anchovy in Peru,' sai
d Mr Ian Scott, the economist in charge of
Britain's technical assistance pr
ogramme for the fishing sector.
'There's been over-investment. If the Ecuado
rian fleet fishes for 150 days a
year at 50 per cent efficiency, it can catc
h 3m tonnes - but the sustainable
stock of pelagic fish is only 500,000 to 1
m tonnes.'
In the last few years fishermen supplying the fishmeal and cannin
g
industries have seen a drastic drop in the harvest of sardines, mackerel,

thread herring and anchovies: the catch fell from 1,970,000 tonnes in 1985
t
o 233,000 tonnes in 1990, leaving many processing plants working at less
tha
n 20 per cent of capacity.
Mr Scott said that although the warm southward-fl
owing El Nino current was
responsible for two bad years, the general decline
 was due to over-fishing
and licences and quota systems were needed to help 
stocks recover.
The tuna industry, centred in Manta, is also overblown, but 
the catch has
remained stable at 50,000 to 55,000 tonnes a year.
Both Ecuado
rian and foreign boats fish for tuna. Local fishermen criticise
the fact tha
t boats registered in the US, Japan and other countries are
contracted by Ma
nta processing companies. However, it is argued that only
some of the vessel
s in the national fleet can freeze tuna to -40C, the
temperature necessary f
or good quality exports.
The under-secretary for fishing, Mr Max Aguirre, is
 proud of Ecuador's
record on the dolphin-tuna issue. 'The Ecuadorian law is
 strict. Ecuadorian
and foreign boats have their licences taken away if they
 fish on dolphins. I
report with satisfaction that in 43 trips with observer
s on board there were
zero dolphin deaths.'
Mr Aguirre admits that research 
studies warned of sardine fishing problems,
and says regional controls, incl
uding Peru and Chile, should be enforced.
'Licences should regulate the catc
h with reference to the resource.'
However, the private sector has been too 
powerful and the government too
timid to allow any quota-based management of
 stocks.
The fish sector earned about USDollars 570m in 1991, with shrimps
c
ontributing more than 85 per cent. There are more than 125,000 hectares of
s
hrimp ponds along the tidal flats of the Ecuadorian coastline, mainly in
the
 southern provinces. Most shrimp farms are less than 50 hectares, though
the
 largest - up to as much as 2,000 hectares  - tend to be the most
sophistica
ted. Some use small aircraft to drop feed over the surface of the
ponds.
Shr
imp farms produce all year round so close to the equator and two to three
ha
rvests can be taken. With an ideal climate, plentiful larvae and
low-labour 
costs, Ecuador is the leading Latin American shrimp exporter.
'Our problem a
t the moment is the big jump in the cost of inputs. The dollar
price of shri
mps has dropped and so has profitability,' said Mr Renato del
Campo of the C
hamber of Shrimp Producers in Guayaquil. 'But there are
markets - the US is 
still attractive and we are diversifying into Europe,
especially Spain.'
Exp
orts have risen from 10,000 tonnes in 1980 to more than 78,000 tonnes in
199
1, and the need for more space and more larvae has led to conflict with
envi
ronmental groups, particularly over the clearing of mangroves.
Most shrimps 
are bred from wild larvae caught by thousands of seasonal
fishermen, but mor
e than 100 laboratories have been started up in recent
years, with some expo
rting larvae to Colombia.
Although the shrimp fishing industry is small, acc
ounting for less than 10
per cent of production, wild shrimp provide importa
nt breeding stocks for
the laboratories.
The sector expanded dangerously fas
t - from about 2,000 to 9,000 boats  - in
the 1980s and over-fishing is beco
ming a serious problem within a few miles
of the coast. Many of the boats ar
e dug-out canoes based in small
communities.
'We need to teach people to tak
e better care of the fish, then they'll also
improve their income. There sho
uld be ice available, and we need to
encourage marketing co-operatives,' sai
d Mr Aguirre.
The British aid project, which is now ending after 12 years, h
as helped the
National Fisheries Institute to build up data on biology, prod
uct
development, marketing and management.
Ecuador has a stronger basis for 
planning resource use than many other
countries. 'There isn't any room for g
rowth in the existing industry - it
needs reducing and consolidating,' said 
Mr. Scott.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 30 </P
AGE>
</DOC>

============= Transaction # 48 ==============================================
Transaction #:     48       Transaction Code:  22 (Record(s) Saved)        

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<DOC>
<DOCNO>FT922-14235</DOCNO>
<PROFILE>_AN-CDHB2AAMFT</PROFILE>
<DATE>920
407
</DATE>
<HEADLINE> FT  07 APR 92 / Drought pulls the plug on much of Col
ombia </HEADLINE>
<BYLINE>    By SARITA KENDALL </BYLINE>
<DATELINE>    BOGO
TA </DATELINE>
<TEXT>
POWER cuts of at least eight hours a day have been imp
osed all over Colombia
in an effort to cope with a drought that has reduced 
the water for hydro
electric plants. There is little prospect of rain, and r
eservoirs are drying
into baked mud. If this continues the country could fac
e a complete
black-out by the end of April.
The winter rains are late and th
e El Nino current off the Pacific coast
appears to be upsetting normal weath
er patterns. But bad planning, heavy
debts, corruption, budget deficits, def
orestation and poor management are
behind the electricity problems.
Colombia
's generating capacity is 8,200MW, more than adequate for normal
demand leve
ls. Despite the country's ample coal and oil reserves, 78 per
cent of power 
comes from large, expensive hydro-electric schemes which have
pushed the sec
tor's foreign debt up to more than Dollars 5bn.
To try to save on costs, ele
ctricity companies have been running down the
reservoirs rather than use the
rmal plants at full capacity. Labour and
financial problems have also delaye
d the maintenance of thermal power
stations, while guerrilla attacks have pu
t distribution lines out of action.
The rationing aims to cut overall consum
ption by about a third. The
government has asked industry to shut down for 1
0 days over Easter and to
send workers on holiday.
</TEXT>
<PUB>The Financia
l Times </PUB>
<PAGE> International Page 6 </PAGE>
</DOC>

============= Transaction # 49 ==============================================
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<DOC>
<DOCNO>FT922-12623</DOCNO>
<PROFILE>_AN-CDPBOADHFT</PROFILE>
<DATE>920
416
</DATE>
<HEADLINE> FT  16 APR 92 / Commodities and Agriculture: Supply f
ears buoy sugar prices </HEADLINE>
<BYLINE>    By DAVID BLACKWELL </BYLINE>

<TEXT>
FEARS OF a tighter sugar supply/demand balance in 1992-93 are support
ing the
world market, according to reports from two London trade houses.
Raw
 sugar prices have recently touched eight-month highs, nudging 10 cents a
lb
 in the New York market, on fears of tight nearby supplies following
damage 
to the South African crop because of drought.
The trade houses, ED & F. Man 
and Czarnikow, both point out in reports
published today that in the short t
erm the changing export potential in
several countries will keep the lid on 
prices. The increasing likelihood of
a 1m-tonne increase in Thailand's crop,
 compared with the previous season,
together with the availability of export
able surpluses from India and Cuba,
should 'keep significant advances at bay
', Man's latest sugar report says.
Man believes that reports of a catastroph
ic Cuban crop this season at 5m to
5.5m tonnes are unsupported by the eviden
ce and estimates that the crop will
come in at about 6.5m tonnes. It is fore
casting a crop of more than 5m
tonnes in Thailand and 12.6m tonnes in India.

The overall balance for the 1991-92 season remains marginally in surplus,
M
an says, but it suggests that the situation is likely to be even more
tightl
y balanced in 1992-93.
Czarnikow's sugar review points out that the extent o
f the South African
drought has raised questions about the timing and covera
ge of the El Nino
weather phenomenon.
'Already a major drought is developing
 in Thailand which, if relief does not
arrive this month, could have serious
 implications for the next crop,' the
Czarnikow review says. 'If this is par
t of a regional phenomenon there might
be problems later in the year with th
e monsoon in India and this will need
to be monitored carefully.'
</TEXT>
<P
UB>The Financial Times </PUB>
<PAGE> London Page 38 </PAGE>
</DOC>

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============= Transaction # 51 ==============================================
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============= Transaction # 52 ==============================================
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============= Transaction # 53 ==============================================
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============= Transaction # 55 ==============================================
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<DOC>
<DOCNO>FT921-10204</DOCNO>
<PROFILE>_AN-CBGA3ACSFT</PROFILE>
<DATE>920
207
</DATE>
<HEADLINE> FT  07 FEB 92 / Commodities and Agriculture: Keeping 
a weather-eye on a troublesome 'child' / A look at the crop problems posed b
y the unpredictable El Nino climate phenomenon </HEADLINE>
<BYLINE>    By BA
RBARA DURR </BYLINE>
<TEXT>
TO CALM anxious grain traders the Chicago Board 
of Trade will offer a
seminar later this month on El Nino, the weather pheno
menon that develops in
the equatorial Pacific every three to five years and 
can cause global
climate upsets. Grain traders are keen to know if they can 
expect this
year's El Nino to disturb the US weather pattern sufficiently to
 make a dent
in crop output.
Although signs of El Nino had been accumulating
 during 1991, only last month
did the the US National Weather Service finall
y conclude publicly that the
phenomenon was a fact.
The symptoms had been sh
owing themselves overseas since last spring - rising
surface temperatures in
 the eastern and central Pacific, drought in the
western Pacific rim from Au
stralia through Indonesia, a weaker Indian
monsoon, dryness in north-eastern
 Brazil, drought in South Africa and
wetness last summer in the Great Basin 
of the US, which runs from Arizona
north to Idaho.
While many of these condi
tions indicate that El Nino is occurring, they do
not reveal its severity. T
he phenomenon generally peaks in the northern
hemisphere's winter. This help
s explain why Peruvian fishermen dubbed the
phenomenon El Nino, which means 
Christ child in Spanish. It arrived about
Christmas time.
Mr Vernon Kousky, 
a research meteorologist with the US weather service, now
assesses the curre
nt El Nino as 'moderate to strong'. While individual
weather events cannot a
lways be directly attributed to El Nino, some signals
are indicative of its 
strength. Warm water in the Pacific is pushing
moisture into the south-weste
rn US, causing, for example, this winter's
floods in Texas, according to Mr 
Art Douglas, chairman of the Creighton
University's Atmospheric Sciences Dep
artment. Along the Gulf of Mexico, from
Texas to Florida, some areas have al
ready had 200 per cent to 1,000 per cent
of their normal rainfall. Temperatu
res in that region are also beginning to
dip below normal. At the same time 
the phenomenon is upsetting the Jet
Stream, keeping extremely cold air far t
o the north and moderating
temperatures in the Midwest.
The Midwest, America
's most important grain area, is seeing temperatures
four or five degrees Fa
hrenheit above normal, said Mr Jon Davis, the
in-house meteorologist for She
arson Lehman's commodities trading arm. The
weather service predicts that mo
re of the same will occur in those regions
until spring and that the usually
 wet north-west is likely to be dryer, as
is the Ohio valley.
But what conce
rns the grain trade more is what, if anything, will happen
during the critic
al planting and growing season for American crops from June
to August.
Unfor
tunately, weather forecasting is not a precise science. Mr Kousky says
that 
El Nino, usually a 12 to 18 month event, has another six to 12 months
to run
. But he points out that there is no consistent relationship between
El Nino
 and the weather pattern beyond the winter-to-spring months.
'Anything can h
appen,' he admits.
Crop Cast, a Maryland-based weather forecasting service t
hat is used by many
US commodity trading houses, says that while El Nino has
 already affected
South American soyabeans, South African maize and Australi
an wheat, it is
hoping to be able to predict potentially damaging crop effec
ts in the US by
looking at the coincidence of the El Nino with two other cli
matological
events, last year's eruption of Mount Pinatubo in the Phillippin
es and the
combination of lunar and solar cycles.
These additional factors a
long with El Nino probably mean that a more
extreme weather pattern bleeds o
ver into summer, according to Mr Kevin
Marcus, director of Crop Cast service
s. He says the likelihood of extreme,
hot and dry weather is 100 per cent, b
ut gives only a one in three chance
that this will have a significant impact
 on crops.
The hot, dry weather would have to occur in July or early August 
to reduce
the maize and soyabean crops significantly, that is by more than 1
0 per
cent. But Mr Marcus is uncertain about how the three phenomena will in
teract
since there no established pattern. He is still waiting for more data
 on the
severity of this year's El Nino.
The phenomenon has prompted commodi
ties markets to gyrate in the past. In
1972-73 the El Nino destroyed the Per
uvian fishmeal catch, which then
accounted for some 45 per cent of the world
 trade in protein feed. In
1982-83 it caused a drought in Africa, which help
ed to send cocoa prices up
by nearly 70 per cent over a period of about a ye
ar.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 22 </PAGE>
</
DOC>

============= Transaction # 56 ==============================================
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============= Transaction # 57 ==============================================
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<DOC>
<DOCNO>FT921-10204</DOCNO>
<PROFILE>_AN-CBGA3ACSFT</PROFILE>
<DATE>920
207
</DATE>
<HEADLINE> FT  07 FEB 92 / Commodities and Agriculture: Keeping 
a weather-eye on a troublesome 'child' / A look at the crop problems posed b
y the unpredictable El Nino climate phenomenon </HEADLINE>
<BYLINE>    By BA
RBARA DURR </BYLINE>
<TEXT>
TO CALM anxious grain traders the Chicago Board 
of Trade will offer a
seminar later this month on El Nino, the weather pheno
menon that develops in
the equatorial Pacific every three to five years and 
can cause global
climate upsets. Grain traders are keen to know if they can 
expect this
year's El Nino to disturb the US weather pattern sufficiently to
 make a dent
in crop output.
Although signs of El Nino had been accumulating
 during 1991, only last month
did the the US National Weather Service finall
y conclude publicly that the
phenomenon was a fact.
The symptoms had been sh
owing themselves overseas since last spring - rising
surface temperatures in
 the eastern and central Pacific, drought in the
western Pacific rim from Au
stralia through Indonesia, a weaker Indian
monsoon, dryness in north-eastern
 Brazil, drought in South Africa and
wetness last summer in the Great Basin 
of the US, which runs from Arizona
north to Idaho.
While many of these condi
tions indicate that El Nino is occurring, they do
not reveal its severity. T
he phenomenon generally peaks in the northern
hemisphere's winter. This help
s explain why Peruvian fishermen dubbed the
phenomenon El Nino, which means 
Christ child in Spanish. It arrived about
Christmas time.
Mr Vernon Kousky, 
a research meteorologist with the US weather service, now
assesses the curre
nt El Nino as 'moderate to strong'. While individual
weather events cannot a
lways be directly attributed to El Nino, some signals
are indicative of its 
strength. Warm water in the Pacific is pushing
moisture into the south-weste
rn US, causing, for example, this winter's
floods in Texas, according to Mr 
Art Douglas, chairman of the Creighton
University's Atmospheric Sciences Dep
artment. Along the Gulf of Mexico, from
Texas to Florida, some areas have al
ready had 200 per cent to 1,000 per cent
of their normal rainfall. Temperatu
res in that region are also beginning to
dip below normal. At the same time 
the phenomenon is upsetting the Jet
Stream, keeping extremely cold air far t
o the north and moderating
temperatures in the Midwest.
The Midwest, America
's most important grain area, is seeing temperatures
four or five degrees Fa
hrenheit above normal, said Mr Jon Davis, the
in-house meteorologist for She
arson Lehman's commodities trading arm. The
weather service predicts that mo
re of the same will occur in those regions
until spring and that the usually
 wet north-west is likely to be dryer, as
is the Ohio valley.
But what conce
rns the grain trade more is what, if anything, will happen
during the critic
al planting and growing season for American crops from June
to August.
Unfor
tunately, weather forecasting is not a precise science. Mr Kousky says
that 
El Nino, usually a 12 to 18 month event, has another six to 12 months
to run
. But he points out that there is no consistent relationship between
El Nino
 and the weather pattern beyond the winter-to-spring months.
'Anything can h
appen,' he admits.
Crop Cast, a Maryland-based weather forecasting service t
hat is used by many
US commodity trading houses, says that while El Nino has
 already affected
South American soyabeans, South African maize and Australi
an wheat, it is
hoping to be able to predict potentially damaging crop effec
ts in the US by
looking at the coincidence of the El Nino with two other cli
matological
events, last year's eruption of Mount Pinatubo in the Phillippin
es and the
combination of lunar and solar cycles.
These additional factors a
long with El Nino probably mean that a more
extreme weather pattern bleeds o
ver into summer, according to Mr Kevin
Marcus, director of Crop Cast service
s. He says the likelihood of extreme,
hot and dry weather is 100 per cent, b
ut gives only a one in three chance
that this will have a significant impact
 on crops.
The hot, dry weather would have to occur in July or early August 
to reduce
the maize and soyabean crops significantly, that is by more than 1
0 per
cent. But Mr Marcus is uncertain about how the three phenomena will in
teract
since there no established pattern. He is still waiting for more data
 on the
severity of this year's El Nino.
The phenomenon has prompted commodi
ties markets to gyrate in the past. In
1972-73 the El Nino destroyed the Per
uvian fishmeal catch, which then
accounted for some 45 per cent of the world
 trade in protein feed. In
1982-83 it caused a drought in Africa, which help
ed to send cocoa prices up
by nearly 70 per cent over a period of about a ye
ar.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 22 </PAGE>
</
DOC>

============= Transaction # 58 ==============================================
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============= Transaction # 59 ==============================================
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============= Transaction # 60 ==============================================
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<DOC>
<DOCNO>FT944-9398</DOCNO>
<PROFILE>_AN-EKPEKABFFT</PROFILE>
<DATE>9411
16
</DATE>
<HEADLINE> FT  16 NOV 94 / Law of the Sea promises many disputes 
</HEADLINE>
<BYLINE>    By BRUCE CLARK, Diplomatic Correspondent </BYLINE>
<
TEXT>
The United Nations Convention on the Law of the Sea, which enters full
 force
today, seems likely to be treated by coastal states as a rich source 
of
legal and rhetorical arguments to be used against rivals.
This is in spit
e of the fact that the last thing the law's drafters wanted
was to provide d
isputatious countries with extra torpedoes. One of the law's
ostensible purp
oses is to encourage compromises over the exploitation of
maritime resources
, even among countries with unresolved disputes.
Apart from a standoff in th
e Aegean - where Turkey has threatened war if
Greece extends its territorial
 waters to 12 miles - one of the most grave
maritime disputes involves China
 and Vietnam, locked in a war of words over
oil rights in the South China Se
a.
Both China and Vietnam claim to be acting in accordance with the Law of t
he
Sea but their interpretations of the document are miles apart.
Over the l
ast month, China has accused Vietnam of infringing its interests
in internat
ional waters by inviting US and European companies to explore for
oil in the
 Tonkin Gulf.
Vietnam has retorted that it is exercising its legitimate righ
ts in the
economic zone to which it is entitled by the UN convention. It sai
d that
under the terms of that treaty, there were no international waters in
 the
Gulf.
This dialogue of the deaf reflects confusion over the difference 
between
territorial waters - which may be extended, under the UN Law, up to 
12 miles
 -and the 'economic zone' which coastal states are entitled to clai
m,
amounting to either 200 miles or the full extent of their continental she
lf,
whichever is larger.
China and Vietnam are also arguing over resources a
round the Spratly
Islands, a group of reefs and atolls whose other would-be 
owners are Taiwan,
Brunei, Malaysia and the Philippines.
China has awarded a
n exploration contract to the US company Crestone for an
area south-west of 
the Spratlys, while Vietnam has awarded a consortium led
by Mobil a bloc sli
ghtly further to the west. Each state has denounced the
other's contract.
So
vereignty over the Spratlys - and hence control of the surrounding
economic 
zone - is crucial to each side's claim to energy rights, and the
salience of
 this issue is expected to grow as the UN convention enters
force.
However a
 study by a London-based law firm, maintains that the law favours
pragmatic 
joint exploitation accords, even among countries with unresolved
disputes.*

Laying out the common-sense arguments for such accords, it notes that oil
de
posits which straddle two states' economic zones cannot be exploited by
one 
without damaging the other's interests. When one state drills, oil from
the 
rival state's zone is liable to flow across the boundary line as a
result.
A
rticle 83 of the UN convention says that pending final agreement on zones,
c
ountries should 'make every effort to enter into provisional arrangements
of
 a practical nature'.
As an example of such a deal, the study cites the 1989
 accord between
Australia and Indonesia over waters south of Timor.
However,
 such accords are not a panacea. Portugal - still seen by the UN as
legal ad
ministrator of East Timor - has challenged Australia's right to
enter the ac
cord, before the International Court of Justice.
The entry into force of the
 UN Law comes a year after its ratification by
the minimum of 60 states. Ano
ther breakthrough came this summer when
provisions on deep-sea mining - outs
ide the zones of any country - were
amended so as to convince the US, the UK
 and Germany to sign.
*Paper by Charles Robson of Lovell White Durrant, 65 H
olborn Viaduct, London
EC1A 2DY
</TEXT>
<XX>
Countries:-
</XX>
<CN>CNZ  Chin
a, Asia.
    VNZ  Vietnam, Asia.
    XAZ  World.
</CN>
<XX>
Industries:-
</X
X>
<IN>P9721 International Affairs.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  Gener
al News.
</TP>
<PUB>The Financial Times
</PUB>
<PAGE>
London Page 6
</PAGE>

</DOC>

============= Transaction # 69 ==============================================
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<DOC>
<DOCNO>FT944-9398</DOCNO>
<PROFILE>_AN-EKPEKABFFT</PROFILE>
<DATE>9411
16
</DATE>
<HEADLINE> FT  16 NOV 94 / Law of the Sea promises many disputes 
</HEADLINE>
<BYLINE>    By BRUCE CLARK, Diplomatic Correspondent </BYLINE>
<
TEXT>
The United Nations Convention on the Law of the Sea, which enters full
 force
today, seems likely to be treated by coastal states as a rich source 
of
legal and rhetorical arguments to be used against rivals.
This is in spit
e of the fact that the last thing the law's drafters wanted
was to provide d
isputatious countries with extra torpedoes. One of the law's
ostensible purp
oses is to encourage compromises over the exploitation of
maritime resources
, even among countries with unresolved disputes.
Apart from a standoff in th
e Aegean - where Turkey has threatened war if
Greece extends its territorial
 waters to 12 miles - one of the most grave
maritime disputes involves China
 and Vietnam, locked in a war of words over
oil rights in the South China Se
a.
Both China and Vietnam claim to be acting in accordance with the Law of t
he
Sea but their interpretations of the document are miles apart.
Over the l
ast month, China has accused Vietnam of infringing its interests
in internat
ional waters by inviting US and European companies to explore for
oil in the
 Tonkin Gulf.
Vietnam has retorted that it is exercising its legitimate righ
ts in the
economic zone to which it is entitled by the UN convention. It sai
d that
under the terms of that treaty, there were no international waters in
 the
Gulf.
This dialogue of the deaf reflects confusion over the difference 
between
territorial waters - which may be extended, under the UN Law, up to 
12 miles
 -and the 'economic zone' which coastal states are entitled to clai
m,
amounting to either 200 miles or the full extent of their continental she
lf,
whichever is larger.
China and Vietnam are also arguing over resources a
round the Spratly
Islands, a group of reefs and atolls whose other would-be 
owners are Taiwan,
Brunei, Malaysia and the Philippines.
China has awarded a
n exploration contract to the US company Crestone for an
area south-west of 
the Spratlys, while Vietnam has awarded a consortium led
by Mobil a bloc sli
ghtly further to the west. Each state has denounced the
other's contract.
So
vereignty over the Spratlys - and hence control of the surrounding
economic 
zone - is crucial to each side's claim to energy rights, and the
salience of
 this issue is expected to grow as the UN convention enters
force.
However a
 study by a London-based law firm, maintains that the law favours
pragmatic 
joint exploitation accords, even among countries with unresolved
disputes.*

Laying out the common-sense arguments for such accords, it notes that oil
de
posits which straddle two states' economic zones cannot be exploited by
one 
without damaging the other's interests. When one state drills, oil from
the 
rival state's zone is liable to flow across the boundary line as a
result.
A
rticle 83 of the UN convention says that pending final agreement on zones,
c
ountries should 'make every effort to enter into provisional arrangements
of
 a practical nature'.
As an example of such a deal, the study cites the 1989
 accord between
Australia and Indonesia over waters south of Timor.
However,
 such accords are not a panacea. Portugal - still seen by the UN as
legal ad
ministrator of East Timor - has challenged Australia's right to
enter the ac
cord, before the International Court of Justice.
The entry into force of the
 UN Law comes a year after its ratification by
the minimum of 60 states. Ano
ther breakthrough came this summer when
provisions on deep-sea mining - outs
ide the zones of any country - were
amended so as to convince the US, the UK
 and Germany to sign.
*Paper by Charles Robson of Lovell White Durrant, 65 H
olborn Viaduct, London
EC1A 2DY
</TEXT>
<XX>
Countries:-
</XX>
<CN>CNZ  Chin
a, Asia.
    VNZ  Vietnam, Asia.
    XAZ  World.
</CN>
<XX>
Industries:-
</X
X>
<IN>P9721 International Affairs.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  Gener
al News.
</TP>
<PUB>The Financial Times
</PUB>
<PAGE>
London Page 6
</PAGE>

</DOC>

============= Transaction # 72 ==============================================
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<DOC>
<DOCNO>FT944-9398</DOCNO>
<PROFILE>_AN-EKPEKABFFT</PROFILE>
<DATE>9411
16
</DATE>
<HEADLINE> FT  16 NOV 94 / Law of the Sea promises many disputes 
</HEADLINE>
<BYLINE>    By BRUCE CLARK, Diplomatic Correspondent </BYLINE>
<
TEXT>
The United Nations Convention on the Law of the Sea, which enters full
 force
today, seems likely to be treated by coastal states as a rich source 
of
legal and rhetorical arguments to be used against rivals.
This is in spit
e of the fact that the last thing the law's drafters wanted
was to provide d
isputatious countries with extra torpedoes. One of the law's
ostensible purp
oses is to encourage compromises over the exploitation of
maritime resources
, even among countries with unresolved disputes.
Apart from a standoff in th
e Aegean - where Turkey has threatened war if
Greece extends its territorial
 waters to 12 miles - one of the most grave
maritime disputes involves China
 and Vietnam, locked in a war of words over
oil rights in the South China Se
a.
Both China and Vietnam claim to be acting in accordance with the Law of t
he
Sea but their interpretations of the document are miles apart.
Over the l
ast month, China has accused Vietnam of infringing its interests
in internat
ional waters by inviting US and European companies to explore for
oil in the
 Tonkin Gulf.
Vietnam has retorted that it is exercising its legitimate righ
ts in the
economic zone to which it is entitled by the UN convention. It sai
d that
under the terms of that treaty, there were no international waters in
 the
Gulf.
This dialogue of the deaf reflects confusion over the difference 
between
territorial waters - which may be extended, under the UN Law, up to 
12 miles
 -and the 'economic zone' which coastal states are entitled to clai
m,
amounting to either 200 miles or the full extent of their continental she
lf,
whichever is larger.
China and Vietnam are also arguing over resources a
round the Spratly
Islands, a group of reefs and atolls whose other would-be 
owners are Taiwan,
Brunei, Malaysia and the Philippines.
China has awarded a
n exploration contract to the US company Crestone for an
area south-west of 
the Spratlys, while Vietnam has awarded a consortium led
by Mobil a bloc sli
ghtly further to the west. Each state has denounced the
other's contract.
So
vereignty over the Spratlys - and hence control of the surrounding
economic 
zone - is crucial to each side's claim to energy rights, and the
salience of
 this issue is expected to grow as the UN convention enters
force.
However a
 study by a London-based law firm, maintains that the law favours
pragmatic 
joint exploitation accords, even among countries with unresolved
disputes.*

Laying out the common-sense arguments for such accords, it notes that oil
de
posits which straddle two states' economic zones cannot be exploited by
one 
without damaging the other's interests. When one state drills, oil from
the 
rival state's zone is liable to flow across the boundary line as a
result.
A
rticle 83 of the UN convention says that pending final agreement on zones,
c
ountries should 'make every effort to enter into provisional arrangements
of
 a practical nature'.
As an example of such a deal, the study cites the 1989
 accord between
Australia and Indonesia over waters south of Timor.
However,
 such accords are not a panacea. Portugal - still seen by the UN as
legal ad
ministrator of East Timor - has challenged Australia's right to
enter the ac
cord, before the International Court of Justice.
The entry into force of the
 UN Law comes a year after its ratification by
the minimum of 60 states. Ano
ther breakthrough came this summer when
provisions on deep-sea mining - outs
ide the zones of any country - were
amended so as to convince the US, the UK
 and Germany to sign.
*Paper by Charles Robson of Lovell White Durrant, 65 H
olborn Viaduct, London
EC1A 2DY
</TEXT>
<XX>
Countries:-
</XX>
<CN>CNZ  Chin
a, Asia.
    VNZ  Vietnam, Asia.
    XAZ  World.
</CN>
<XX>
Industries:-
</X
X>
<IN>P9721 International Affairs.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  Gener
al News.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 6 </PAGE>

</DOC>

============= Transaction # 73 ==============================================
Transaction #:     73       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT944-11244</DOCNO>
<PROFILE>_AN-EKGC8AFDFT</PROFILE>
<DATE>941
107
</DATE>
<HEADLINE> FT  07 NOV 94 / Survey of China (4): Spratly Islands 
row heats up - Dispute over offshore oil and gas resources </HEADLINE>
<BYLI
NE>    By SIMON HOLBERTON </BYLINE>
<TEXT>
It is possible that a group a sub
merged reefs in the South China Sea could
be the site of the world's next bi
g conflict involving the ownership of oil
resources.
At issue is the ownersh
ip of the Spratly Islands and their surrounding seas
which are claimed, in w
hole or part, by China, Vietnam, the Philippines,
Malaysia, Brunei and Taiwa
n.
The main protagonists in the dispute are, however, China and Vietnam. The
y
have come to blows once - in 1988 when China sank two Vietnamese vessels
w
ith the loss of more than 70 lives - and continue to frustrate each other's

attempts to mine the oil and gas believed to be in liberal supply below the

sea.
The South China Sea is one of the world's most important shipping lanes
. The
possibility of a naval conflict over sovereignty would engage the vita
l
interests of Japan - 70 per cent of its oil imports pass through the sea -

and surrounding claimants. The US, which is not taking sides, would
inevita
bly become involved if hostilities broke out  - 'the Chinese
government's po
sition is clear,' says Chen Bingqin, vice-president, China
National Offshore
 Oil Corp. 'We want to put the dispute on the shelf and
explore (for oil and
 gas) jointly. It is the only way peacefully to explore
the area.'
On the qu
estion of sovereignty, a senior Chinese government official was
adamant: 'So
vereignty belongs to China and that's a matter that brooks no
discussion.'
C
hina claims that there was never any dispute about its sovereignty in the
So
uth China Sea until oil and gas were discovered in the 1970s. The Spratly
Is
lands are too far south to show on the above map of China. The size of
Beiji
ng's territorial claim - 80 per cent of the South China Sea - is
breathtakin
gly audacious, even by China's standards. The U-shaped claim runs
the length
 of Vietnam's coast and along the western coast of the Philippine
islands, m
eeting off the coast of Brunei and Malaysia to the south.
In 1990, Beijing o
ffered to put the issue of sovereignty to one side and
embark upon joint dev
elopment of the South China Sea. But in May 1992, China
awarded Crestone, a 
relatively small US oil explorer, the right to drill for
hydrocarbons in a b
loc situated at the extreme south-west of its claimed
territory.
In retaliat
ion, Vietnam awarded a consortium of oil companies, led by Mobil
of the US, 
a bloc adjacent to Crestone's and within China's territorial
claim. This gro
up began prospecting in June.
Both countries have offered naval support to t
heir respective prospectors.
In June the Vietnamese navy interfered with a C
hinese vessel conducting a
seismic survey of Crestone's bloc. The Vietnamese
 claim similar interference
by the Chinese navy. For China, which is likely 
to remain a net oil importer
for many years to come, the promise of abundant
 oil reserves in the South
China Sea would be a boon to its offshore oil ind
ustry.
Since 1982, offshore oil finds in the Yellow and East China seas have
 failed
to live up to early expectations. This year the China National Offsh
ore Oil
Corporation expects to produce 44m barrels of oil from 12 fields. It
 hopes
to double production by 1997 when other areas come on stream.
Vietnam
, by contrast, is extracting 33m barrels a year from one field in the
South 
China Sea, with production set to rise sharply with the addition of
two more
 oil fields in production by the end of this year.
</TEXT>
<XX>
Countries:-

</XX>
<CN>CNZ  China, Asia.
    VNZ  Vietnam, Asia.
</CN>
<XX>
Industries:-

</XX>
<IN>P9721 International Affairs.
    P13   Oil and Gas Extraction.
</I
N>
<XX>
Types:-
</XX>
<TP>RES  Natural resources.
    CMMT  Comment & Analys
is.
</TP>
<PUB>The Financial Times
</PUB>
<PAGE>
London Page II
</PAGE>
</DO
C>

============= Transaction # 74 ==============================================
Transaction #:     74       Transaction Code:  22 (Record(s) Saved)        

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<DOC>
<DOCNO>FT944-11244</DOCNO>
<PROFILE>_AN-EKGC8AFDFT</PROFILE>
<DATE>941
107
</DATE>
<HEADLINE> FT  07 NOV 94 / Survey of China (4): Spratly Islands 
row heats up - Dispute over offshore oil and gas resources </HEADLINE>
<BYLI
NE>    By SIMON HOLBERTON </BYLINE>
<TEXT>
It is possible that a group a sub
merged reefs in the South China Sea could
be the site of the world's next bi
g conflict involving the ownership of oil
resources.
At issue is the ownersh
ip of the Spratly Islands and their surrounding seas
which are claimed, in w
hole or part, by China, Vietnam, the Philippines,
Malaysia, Brunei and Taiwa
n.
The main protagonists in the dispute are, however, China and Vietnam. The
y
have come to blows once - in 1988 when China sank two Vietnamese vessels
w
ith the loss of more than 70 lives - and continue to frustrate each other's

attempts to mine the oil and gas believed to be in liberal supply below the

sea.
The South China Sea is one of the world's most important shipping lanes
. The
possibility of a naval conflict over sovereignty would engage the vita
l
interests of Japan - 70 per cent of its oil imports pass through the sea -

and surrounding claimants. The US, which is not taking sides, would
inevita
bly become involved if hostilities broke out  - 'the Chinese
government's po
sition is clear,' says Chen Bingqin, vice-president, China
National Offshore
 Oil Corp. 'We want to put the dispute on the shelf and
explore (for oil and
 gas) jointly. It is the only way peacefully to explore
the area.'
On the qu
estion of sovereignty, a senior Chinese government official was
adamant: 'So
vereignty belongs to China and that's a matter that brooks no
discussion.'
C
hina claims that there was never any dispute about its sovereignty in the
So
uth China Sea until oil and gas were discovered in the 1970s. The Spratly
Is
lands are too far south to show on the above map of China. The size of
Beiji
ng's territorial claim - 80 per cent of the South China Sea - is
breathtakin
gly audacious, even by China's standards. The U-shaped claim runs
the length
 of Vietnam's coast and along the western coast of the Philippine
islands, m
eeting off the coast of Brunei and Malaysia to the south.
In 1990, Beijing o
ffered to put the issue of sovereignty to one side and
embark upon joint dev
elopment of the South China Sea. But in May 1992, China
awarded Crestone, a 
relatively small US oil explorer, the right to drill for
hydrocarbons in a b
loc situated at the extreme south-west of its claimed
territory.
In retaliat
ion, Vietnam awarded a consortium of oil companies, led by Mobil
of the US, 
a bloc adjacent to Crestone's and within China's territorial
claim. This gro
up began prospecting in June.
Both countries have offered naval support to t
heir respective prospectors.
In June the Vietnamese navy interfered with a C
hinese vessel conducting a
seismic survey of Crestone's bloc. The Vietnamese
 claim similar interference
by the Chinese navy. For China, which is likely 
to remain a net oil importer
for many years to come, the promise of abundant
 oil reserves in the South
China Sea would be a boon to its offshore oil ind
ustry.
Since 1982, offshore oil finds in the Yellow and East China seas have
 failed
to live up to early expectations. This year the China National Offsh
ore Oil
Corporation expects to produce 44m barrels of oil from 12 fields. It
 hopes
to double production by 1997 when other areas come on stream.
Vietnam
, by contrast, is extracting 33m barrels a year from one field in the
South 
China Sea, with production set to rise sharply with the addition of
two more
 oil fields in production by the end of this year.
</TEXT>
<XX>
Countries:-

</XX>
<CN>CNZ  China, Asia.
    VNZ  Vietnam, Asia.
</CN>
<XX>
Industries:-

</XX>
<IN>P9721 International Affairs.
    P13   Oil and Gas Extraction.
</I
N>
<XX>
Types:-
</XX>
<TP>RES  Natural resources.
    CMMT  Comment & Analys
is.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page II </PAGE>
</DO
C>

============= Transaction # 75 ==============================================
Transaction #:     75       Transaction Code:   2 (New Disp. Format Selected)

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============= Transaction # 76 ==============================================
Transaction #:     76       Transaction Code:  19 (Record Selected)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
   Session ID:      1   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
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<DOC>
<DOCNO>FT923-10880</DOCNO>
<PROFILE>_AN-CG1AVADPFT</PROFILE>
<DATE>920
728
</DATE>
<HEADLINE> FT  28 JUL 92 / Spratly spat moves into murkier water
: China's tactics set Asean alarm bells ringing </HEADLINE>
<BYLINE>    By V
ICTOR MALLET </BYLINE>
<TEXT>
THE conflicting territorial claims to the Spra
tly islands have been vividly
illustrated in photographs and television pict
ures released by the various
claimants. The most recent, from Xinhua, the Ch
inese news agency, takes on
an almost comical air.
It shows three men on a t
iny rock in the middle of the South China Sea with
a Chinese flag, a concret
e territorial marker and a hut - twice as big as
the rock itself - standing 
on stilts in the shallows.
Nothing could illustrate more clearly the nature 
of argument over the 100 or
more atolls, reefs and islets that make up the S
pratly islands: few people
would want or be able to live there unsupported, 
but governments want to own
them to lay claim to the surrounding waters.
The
 islands - called the Nansha by China and the Kalayaan by the Philippines
 -
are scattered along the shipping route between the Indian Ocean and
north-ea
st Asia, and are believed to have oil and gas deposits under the
seabed.
The
 main protagonists in the dispute are China and Vietnam, but Taiwan,
Malaysi
a, the Philippines and Brunei also lay claim to all or some of the
Spratlys.
 With the exception of the small sultanate of Brunei, all have
troops statio
ned in the archipelago.
At a south-east Asian summit six months ago, nobody 
gave much thought to a
dispute which has simmered since the second world war
 and only occasionally
erupted into violence.
In February, however, China pa
ssed a law reaffirming its sovereignty over
almost the entire South China Se
a and reserving the right to use military
force to defend its claims. Vietna
m protested. So did Japan, because the
Chinese law also embraced a group of 
islands claimed by Tokyo in the East
China Sea.
In May, as if to underline t
he message that the South China Sea was not
called the South China Sea for n
othing, the Chinese authorities signed an
agreement with Crestone Energy Cor
p of Denver to explore for oil between
Vietnam and Malaysia.
The concession 
area is regarded by Vietnam as part of its continental shelf
and lies about 
1,000km south of the Chinese island of Hainan. Vietnam, which
says it lost 7
2 men and three vessels in a battle with China over the
Spratlys in 1988, pr
otested again.
Japan and the six members of the Association of South East As
ian Nations
(Asean) - Brunei, Indonesia, Malaysia, the Philippines, Singapor
e and
Thailand - have watched China's forays into the Spratlys with growing 
alarm.
At a meeting of foreign ministers in Manila last week, Malaysia said 
it was
watching events with 'grave concern'; the Philippines said a solution
 should
be urgently sought to avoid 'perilous developments'; and Indonesia s
poke of
the danger of 'mutually destructive confrontation'.
Although only th
e Filipinos were openly prepared to admit it, there was
considerable debate 
over the risk of Chinese expansionism and the
desirability of continued US a
nd Russian military deployment in the region
to provide a 'balance of forces
'.
Mr Qian Qichen, the Chinese foreign minister who was a guest at the meeti
ng,
denied that China was seeking regional hegemony. China, he said, wanted 
to
shelve disputes and proceed with 'joint development' of the Spratlys.
How
ever, Asean ministers were apparently unable to elicit an explanation as
to 
how China reconciled its 1991 rapprochement with Vietnam and its talk of
'jo
int development' with the planting of new territorial markers on the
atolls 
and the unilateral decision to award an exploration contract to
Crestone.
Th
e region's optimists say it was inevitable that irritating disputes like
the
 Spratlys would surface once the cold war ended. They believe that China,
pr
eoccupied with domestic politics and the strains of economic growth, is
test
ing the mettle of its neighbours with its recent activities in the South
Chi
na Sea.
Mr Douglas Hurd, the British foreign secretary, told the Asean meeti
ng how
much the region had progressed since he first came to Manila as a you
ng
diplomat in the 1950s.
The pessimists, despite claims by the US and Russi
a that each intends to
remain a Pacific power, view the end of the cold war 
and the closure of US
bases in the Philippines with foreboding. They see Chi
na as a potential
regional bully whose influence is already visible in Beiji
ng's support for
the Burmese junta and the Khmer Rouge guerrillas in Cambodi
a.
'The Chinese will have the option to use 'gunboat diplomacy' as a means t
o
achieving their political objectives,' wrote Tai Ming Cheung in a paper on

the growth of Chinese naval power for the Institute of South East Asian
Stu
dies. 'As the navy grows stronger, the chances of conflict over the
Spratlys
 becomes an increasingly real possibility, unless a satisfactory
diplomatic 
solution can be found in the next few years.' The paper was
published in 199
0.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 3 </PAGE>
</DO
C>

============= Transaction # 77 ==============================================
Transaction #:     77       Transaction Code:  19 (Record Selected)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
   Session ID:      1   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
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<DOC>
<DOCNO>FT923-5715</DOCNO>
<PROFILE>_AN-CIBBCAE2FT</PROFILE>
<DATE>9208
28
</DATE>
<HEADLINE> FT  28 AUG 92 / Survey of Malaysia (6): A post-Cold Wa
r dilemma / Discussing the country's 'abrasive' foreign policy </HEADLINE>
<
BYLINE>    By VICTOR MALLET </BYLINE>
<TEXT>
THERE IS no mistaking the anxie
ty aroused in south-east Asia by China's
recent and loud reiteration of its 
claim to the South China Sea, a claim
underlined by the granting of an oil e
xploration concession in May to a
little-known American company in a dispute
d area near the Spratly islands.
Notwithstanding China's statements to the c
ontrary, the governments of the
region believe that Beijing is taking advant
age of a post-Cold War power
vacuum - left by the collapse of the Soviet Uni
on and the withdrawal of US
forces from bases in the Philippines - to assert
 some authority over its
weaker neighbours.
The foreign ministers of Asean (
the Association of South East Asian Nations,
comprising Malaysia, Indonesia,
 Brunei, Singapore, the Philippines and
Thailand) confronted the Spratlys di
spute head-on at their annual meeting,
held in Manila in July. They put thei
r concerns directly to their Chinese
counterpart Mr Qian Qichen, and appeall
ed for a peaceful settlement of the
various disputes.
The claimants to the i
slets, reefs and atolls of the Spratlys include China,
Taiwan, Vietnam, the 
Philippines, Brunei and Malaysia - and all except
Brunei have troops in the 
archipelago. Scuba-diving expeditions for tourists
to one of the Malaysian-h
eld islands are regarded as another useful way of
asserting sovereignty.
Mr 
Abdullah Badawi, the Malaysian foreign minister, told the Asean meeting
that
 his government wanted to sustain Asean's record as the world's fastest
grow
ing economic region, and therefore viewed 'with grave concern' the
revival o
f the Spratlys issue.
'Any adverse development leading to heightened tension
 or conflict could
only result in dire consequences to the region's well-bei
ng,' he said,
'bringing in its wake the risk of extra-regional involvement a
nd putting
back years of painstaking efforts at nurturing relations based on
 mutual
trust and confidence.'
The end of the Cold War, in other words, has 
created something of a foreign
policy dilemma for Malaysia, whose government
 regards itself as a champion
of the developing world and the non-aligned mo
vement. The disintegration of
the Soviet Union threatens to give the United 
States an unacceptably
dominant role in world affairs, but too great a reduc
tion of the US presence
in Asia could leave the way clear for equally unacce
ptable moves by regional
powers such as China, India and Japan.
Malaysia's r
esponse has been to continue condemning the west in public,
while maintainin
g good relations with the western powers in practice and
strengthening and r
earming its own military forces. Western diplomats say
hopefully that they d
etect a lessening of Malaysian rhetorical support for
Zopfan - the south-eas
t Asian, anti-superpower concept which stands for Zone
of Peace, Freedom and
 Neutrality.
Aside from arms purchases, Malaysia's ties with the west includ
e the
five-power defence agreement (linking Malaysia, Singapore, Britain,
Au
stralia and New Zealand), a commercial deal to repair US Navy ships at
Lumut
 on the west coast of the peninsula, and a US-Malaysian joint venture
called
 Airod at Kuala Lumpur's Subang airport to maintain C-130 transport
aircraft
.
Malaysian officials and Kuala Lumpur-based diplomats agree that Malaysia's

abrasive foreign policy is very much the creation of Dr Mahathir Mohamad,
t
he prime minister.
They attribute his combative speeches - whether he is rej
ecting criticism of
Malaysia's logging industry or accusing the west of impe
rialism - partly to
personal conviction and partly to his ambitions as a lea
der of the third
world.
'He felt Malaysia would get more attention if it bec
ame more awkward,' said
one senior diplomat. 'His desire is partly to make s
ure that Malaysia is not
taken for granted, but also to put Malaysia on the 
map in a leadership role
for the third world.'
Dr Mahathir is said by his ad
visers to receive letters of support from other
third world leaders, who agr
ee with what he says but do not dare to say it
themselves, although his conf
rontational style is not always appreciated.
At home, some officials have so
ught to prevent him from antagonising the
country's allies, and at the Earth
 Summit in Brazil in June he received less
support than he would have liked 
for his adversarial approach to the
industrialised nations. He also angered 
some of his fellow Asean leaders by
announcing a proposal to set up an East 
Asian Economic Caucus - a
controversial trade group excluding the US - witho
ut sufficient prior
consultations.
An increasingly important influence on Ma
laysian foreign policy is the
country's domestic Islamic constituency, which
 has some sympathy for the
newly-devout President Saddam Hussein of Iraq, fo
r the Moslem inhabitants of
Bosnia and for all things Moslem.
Dr Mahathir of
ten accuses the west of double standards - he recently
commented that wester
n countries were willing to interfere in defence of
human rights in Malaysia
 but not in Israel or Bosnia - but his critics make
the same accusation in r
everse about Malaysia. It was noticeable that
Malaysia took little interest 
in the persecution of the predominantly
Buddhist Burmese people by the autho
rities in Rangoon until Burmese Moslems
started fleeing into Bangladesh.
'Ma
hathir runs foreign policy, and some of what he does is aimed at
protecting 
his Islamic flank,' says another diplomat.
Perhaps the most commonly heard c
riticism of Malaysian policy is that it is
old-fashioned, rooted in the 1960
s and based on the questionable assumption
that the world is divided into tw
o rival factions - the rich industrialised
north, and the poor exploited sou
th.
Such a world vision is difficult to reconcile with the reality of Asia:

while Dr Mahathir was forging a third world consensus on the environment at

a pre-Earth Summit meeting in Kuala Lumpur in April, companies and
governmen
ts from north and south were happily selling weapons to each other
at a defe
nce exhibition a couple of kilometres away across town; in the
South China S
ea, Beijing - a leader of the south - is flexing its muscles to
the detrimen
t of its fellow southerners; and Malaysia, a champion of the
south, is devel
oping so successfully along capitalist lines that it is well
on the way to b
ecoming a fully paid-up member of the north.
</TEXT>
<PUB>The Financial Time
s </PUB>
<PAGE> London Page IV </PAGE>
</DOC>

============= Transaction # 78 ==============================================
Transaction #:     78       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT944-8867</DOCNO>
<PROFILE>_AN-EKREFAHBFT</PROFILE>
<DATE>9411
17
</DATE>
<HEADLINE> FT  17 NOV 94 / US cruiser tracks Greek and Turkish co
ntingents: Marine rights row leads to fear of war between Nato neighbours </
HEADLINE>
<BYLINE>    By KERIN HOPE and JOHN BARHAM </BYLINE>
<DATELINE>    
ATHENS, ANKARA </DATELINE>
<TEXT>
A US Navy cruiser was yesterday monitoring
 Greek and Turkish naval
activities in the Aegean, where fears of war have b
een triggered by the
start of a new international law.
The United Nations Co
nvention on the Law of the Sea has been hailed in
Athens as a vindication of
 its long-standing argument that it has the right
to extend its territorial 
waters from 6 miles to 12.
Turkey has said that any such move by Athens woul
d turn the Aegean into a
'Greek lake' and would be resisted by force. Greece
 says it has no plans to
extend its territorial waters, but it will not reno
unce the right to do so.
An opinion poll published this week showed that 79 
per cent of Turks would
support war if Greece declared a 12-mile limit.
The 
quarrel dates from an offshore oil strike west of the Greek island of
Thasos
 more than 20 years ago. The Athens government rejects Turkish
proposals for
 joint oil exploration in the Aegean.
The Cape St George, a US cruiser equip
ped with the latest electronic
surveillance devices, was yesterday tracking 
Turkish warships and Greek
aircraft across the Aegean.
President Bill Clinto
n has written to the leaders of both countries urging
them to show restraint
 and avoid the risk of clashes.
Mr Mumtaz Soysal, the Turkish foreign minist
er, said Ankara has assured Mr
Clinton that it had taken all possible measur
es to avoid a clash. Mr Soysal
met Mr Karolos Papoulis, his Greek counterpar
t, in The Hague this week, but
there was little sign of a change in position
s.
Turkey wants across-the-board negotiations on all the issues which it say
s
are in dispute. Greece says the only issue that needs discussing is that o
f
seabed mineral rights, which it wants settled by international arbitration
.
Relations between Athens and Ankara have also been worsened by the war in

former Yugoslavia, where Turkey supports the Bosnian Moslems while Greece
ha
s traditional links with the Serbs.
Turkey was the only European member of N
ato to support the US withdrawal
from the arms embargo against Bosnia. Recen
tly, Turkey gave a new thrust to
the old antagonisms by accusing Greece of h
arbouring guerrillas from the
separatist Kurdistan Workers party (PKK) fight
ing in eastern Turkey.
The US Navy, in this year's annual intelligence repor
t, described the
Greek-Turkish standoff as one of the 'most worrisome situat
ions developing
in Europe and the most dangerous to Nato as an institution'.

The report says tension in the Aegean has also been stoked by supplies to
b
oth countries of new and secondhand ships from other Nato countries.
Diploma
ts said they were alarmed that a hot-line between the two countries,
set up 
after they came close to war in 1987, had ceased to function.
Turkey is cond
ucting its manoeuvres this week in international waters in the
northern Aege
an. About 100 miles to the south, the Greek navy is in charge
of a Nato exer
cise held every year involving ships and aircraft from the US,
France, Italy
, Spain and the UK.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GRZ  Greece, EC.
    
TRZ  Turkey, Middle East.
    USZ  United States of America.
</CN>
<XX>
Indu
stries:-
</XX>
<IN>P9721 International Affairs.
</IN>
<XX>
Types:-
</XX>
<TP
>NEWS  General News.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> Internatio
nal Page 22 </PAGE>
</DOC>

============= Transaction # 79 ==============================================
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============= Transaction # 80 ==============================================
Transaction #:     80       Transaction Code:  14 (Search Results Displayed)

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============= Transaction # 81 ==============================================
Transaction #:     81       Transaction Code:  19 (Record Selected)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
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<DOC>
<DOCNO>FT941-12959</DOCNO>
<PROFILE>_AN-EA0DIAGYFT</PROFILE>
<DATE>940
127
</DATE>
<HEADLINE> FT  27 JAN 94 / Commodities and Agriculture: Greece t
o offer onshore and offshore concessions </HEADLINE>
<BYLINE>    By KERIN HO
PE </BYLINE>
<DATELINE>
   ATHENS
</DATELINE>
<TEXT>
Greece's Public Petrole
um Corporation (DEP) plans to offer concessions for
onshore and offshore oil
 exploration in western Greece later this year.
Blocks in Epirus and the Ion
ian Sea would be made available to international
bidders after parliament pa
ssed a new law on oil exploration and
exploitation, 'probably in late spring
', according to Mrs Teresa
Fokianou-Malaveta, the corporation's chairman.
DE
P's research department said seismic studies in Epirus produced
encouraging 
results, while test drilling in the Ionian Sea had established
the existence
 of oil-bearing levels, she added.
Under production-sharing arrangements inc
luded in the new legislation DEP
would have the right to participate with a 
minority stake in consortia
exploiting oil deposits in Greece.
Meanwhile, a 
new test drilling is being made by North Aegean Petroleum
Corporation at the
 Prinos offshore field near Thassos island in the
north-eastern Aegean.
The 
drilling is the first by NAPC, a Canadian-led consortium, since Greece
and T
urkey came to the brink of war in 1987 over conflicting claims to
offshore o
il rights in the Aegean. The dispute has prevented NAPC from
exploring for o
il east of Thassos.
Production at the Prinos field, situated west of Thassos
 in Greek coastal
waters, has declined from 26,000 barrels a day in the earl
y 1980s to about
8,000 b/d last year.
However, the introduction of gas re-in
jection techniques, using natural gas
from the nearby South Kavalla offshore
 field, has lifted production to
around 12,000 b/d. If successful, the Dolla
rs 5.3m drilling project,
reaching 2,000 metres below sea level, could yield
 up to 6,000 b/d, Mrs
Fokianou-Malaveta said.
The Greek government last year
 signed a new six-year production agreement
with NAPC, giving the consortium
 a more favourable tax arrangement than
previously. The consortium had consi
dered shutting down its operations
because of the political obstacles to exp
loiting known oil and gas deposits
east of Thassos. It has invested Dollars 
700m in Greece since it won the
Prinos concession 20 years ago.
Denison Mine
s of Canada controls 58 per cent of the consortium. DEP holds 15
per cent, w
ith subsidiaries of three other international oil companies,
Wintershall Gre
ece, Hellenic Overseas Holdings and White Shields Greece,
holding smaller st
akes.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GRZ  Greece, EC.
</CN>
<XX>
Industr
ies:-
</XX>
<IN>P1311 Crude Petroleum and Natural Gas.
</IN>
<XX>
Types:-
</
XX>
<TP>TECH  Patents & Licences.
    RES  Natural resources.
</TP>
<PUB>The
 Financial Times
</PUB>
<PAGE>
London Page 36
</PAGE>
</DOC>

============= Transaction # 82 ==============================================
Transaction #:     82       Transaction Code:  19 (Record Selected)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
   Session ID:      1   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
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<DOC>
<DOCNO>FT944-11862</DOCNO>
<PROFILE>_AN-EKDDZAARFT</PROFILE>
<DATE>941
104
</DATE>
<HEADLINE> FT  04 NOV 94 / Cypriots join in the Aegean war of wo
rds </HEADLINE>
<BYLINE>    By BRUCE CLARK, Diplomatic Correspondent </BYLIN
E>
<TEXT>
The gap between Greek-Cypriot and Turkish-Cypriot positions over t
he
island's future is widening ominously, at a time when Athens and Ankara a
re
already squaring off over territorial rights in the Aegean.
Greek-Cypriot
 officials have in the last few days accused both the Turkish
Cypriots and A
nkara of renouncing the 1977 and 1979 agreements - calling for
the island to
 be reunited as a bi-zonal federation - which have served as
the basis for a
ll subsequent negotiations.
Leaders of the island's Greek Cypriot majority h
ave always argued for as
full-blooded a federation as possible, while the Tu
rkish Cypriots want
relatively loose ties between mainly Greek and mainly Tu
rkish zones.
Until recently, UN-sponsored negotiations have proceeded on the
 basis that a
federal Cyprus would be a sovereign state, albeit loosely stru
ctured.
But Mr Mumtaz Soysal, the new Turkish foreign minister who has calle
d for a
tougher stance on Turkish-Greek disputes, caused a sensation in Athe
ns this
week by saying that both parts of Cyprus were and would remain sover
eign
entities.
He said the Cyprus problem was 'half-solved already' and all 
that remained
was for the two sides to agree on co-operation in such areas a
s tourism and
the environment.
The Turkish minister's words were denounced b
y the Cyprus government,
although there was quiet satisfaction among hardlin
e Greek politicians, who
have all along doubted the value of reconciliation 
talks.
'We are at a worse impasse than before,' said Mr Alecos Michaelides, 
foreign
minister in the Greek Cypriot government. 'They (the Turkish Cypriot
s) are
now abandoning the idea of a federation . . . and this makes it diffi
cult
even to start discussions.'
The Greek Cypriots are now expected to inte
nsify pressure on the UN for a
statement that blames Turkish intransigence f
or the lack of progress. They
are also stepping up their campaign for access
ion to the European Union,
something the Turkish side opposes as long as the
re is no settlement.
In a separate Greek-Turkish dispute, Mr Soysal has agai
n warned Athens that
Turkey will go to war if Greece exercises the option of
 extending its
territorial waters from six miles to 12 after November 16, wh
en a new
international law on the sea enters force.
</TEXT>
<XX>
Countries:-

</XX>
<CN>CYZ  Cyprus, Middle East.
    GRZ  Greece, EC.
    TRZ  Turkey, M
iddle East.
</CN>
<XX>
Industries:-
</XX>
<IN>P9721 International Affairs.
<
/IN>
<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>
<PUB>The Financial Tim
es
</PUB>
<PAGE>
London Page 2
</PAGE>
</DOC>

============= Transaction # 83 ==============================================
Transaction #:     83       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT943-339</DOCNO>
<PROFILE>_AN-EI2D5AF3FT</PROFILE>
<DATE>94092
9
</DATE>
<HEADLINE> FT  29 SEP 94 / Commodities and Agriculture: Taiwanese 
cast their nets wider  -Pollution and overfishing has hit local catches </HE
ADLINE>
<BYLINE>    By LAURA TYSON </BYLINE>
<TEXT>
Fishmongers at Keelung p
ort's bustling fish market hawk scaly wares ranging
from imported Norwegian 
salmon to Pacific tuna and squid caught off the
Falkland Islands.
Pollution 
and overfishing of nearby waters has forced Taiwanese fishermen to
scour eve
r more distant shores. The catch of neighbouring China nearly
tripled from 1
981 to 1990 to become the world's biggest fisheries producer.
Taiwan will so
on sign an accord with the 15-nation South Pacific Forum
allowing its fisher
men uniform access to waters controlled by those
countries, according to the
 country's ministerial-level Council of
Agriculture. The South Pacific is an
 important fishing ground for Taiwan,
especially for tuna and skipjack.
Foru
m members are Australia, New Zealand, Papua New Guinea, Western Samoa,
Fiji,
 Vanuatu, Kiribati, the Marshall Islands, the Cook Islands, Tonga,
Tuvalu, N
auru, Niue Island, the Solomon Islands and the Federated States of
Micronesi
a.
Since the United Nations switched recognition from Taipei to Beijing in
1
971, Taiwan has encountered difficulties in securing fishing grounds,
especi
ally from countries with which it does not have diplomatic ties.
In 1989 the
 quasi-governmental Overseas Fisheries Development Council was
set up to neg
otiate fishing rights and help settle an escalating number of
fishing disput
es. The government has already secured fishing rights within
the 200-mile co
astal zones of South Africa, Tuvalu, Tonga, Solomon Islands
and Marshall Isl
ands, all countries with which Taiwan maintains diplomatic
relations.
Commer
cial fishing agreements have so far been reached with over 20
countries or t
erritories, of which those with Indonesia, India and the
Falkland Islands ar
e the most important. Talks are under way with several
other countries inclu
ding Vietnam and Burma.
Although Taiwan does not appear in statistics compil
ed by the United
Nations' Food and Agriculture Organisation, it ranked the 1
8th among fishing
nations in 1990, and falls within the top five in producti
on of both tuna
and squid. Government efforts to curb growth in the domestic
 fishing
industry cut the total catch to 1.317m tonnes in 1991 from a 1990 p
eak of
1.455m. But production has risen since.
Taiwan, a major fish exporter
, sold just over a quarter of its catch
overseas in 1993. Tuna dominated exp
orts and the biggest markets were Japan,
Thailand and the US.
Fish imports h
ave grown to meet increased domestic consumption resulting
from economic gro
wth. Official figures show that Taiwan's imports more than
doubled over the 
past decade. Unofficial imports from China are also on the
rise. Taiwanese f
ishermen either pick up their illicit cargo from Chinese
ports or buy the fi
sh from Chinese boats at sea and smuggle it into ports
such as Keelung.
With
 nearby waters depleted, nearly 60 per cent of the 1993 catch came from
dist
ant seas. Tuna caught in distant seas through long-lining jumped 80 per
cent
 in 1993 from 1992. Last year's catch of squid, caught by a type of
hook-and
-line method called zigging, climbed 22 per cent. The two species
combined c
omprised one-third of the total catch last year.
Despite Taiwan's pariah dip
lomatic status, which prevents it from joining
international organisations, 
the government generally complies with
international maritime and fishing co
nventions. For instance, it banned
whaling in 1983 and in 1993, it outlawed 
drift net fishing following a
United Nations resolution against the practice
.
As competition grows fiercer for fewer fish, Taiwanese fishing boats have

encountered numerous disputes over fishing grounds from the South China Sea

to the South Atlantic.
Recognising the problems of overfishing, the governme
nt in 1989 instituted a
policy of trying to contain growth of the fishing in
dustry. Through
restrictions on boat-building and a boat buyback programme T
aiwan's fleet
was cut to 28,880 vessels last year from peak of 32,340 in 199
0. But
remaining boats and those which are being built are more sophisticate
d and
thus have a higher catching capacity.
</TEXT>
<XX>
Countries:-
</XX>
<
CN>TWZ  Taiwan, Asia.
</CN>
<XX>
Industries:-
</XX>
<IN>P091  Commercial Fis
hing.
</IN>
<XX>
Types:-
</XX>
<TP>RES  Natural resources.
    CMMT  Comment
 & Analysis.
</TP>
<PUB>The Financial Times
</PUB>
<PAGE>
London Page 36
</P
AGE>
</DOC>

============= Transaction # 84 ==============================================
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============= Transaction # 85 ==============================================
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============= Transaction # 86 ==============================================
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============= Transaction # 87 ==============================================
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============= Transaction # 88 ==============================================
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============= Transaction # 89 ==============================================
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============= Transaction # 90 ==============================================
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============= Transaction # 95 ==============================================
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<DOC>
<DOCNO>FT932-5376</DOCNO>
<PROFILE>_AN-DFDB5AAZFT</PROFILE>
<DATE>9306
04
</DATE>
<HEADLINE> FT  04 JUN 93 / China to act on illegal emigrants </HE
ADLINE>
<BYLINE>    By AP </BYLINE>
<TEXT>
THE US Coast Guard intercepted tw
o boats trying to smuggle 270 Chinese into
California yesterday, coinciding 
with a Chinese government statement that it
had stepped up efforts to halt i
llegal emigration, AP reports.
'The public security departments have stepped
 up efforts to track down the
criminal groups organising human smuggling and
 patrols at sea,' a Chinese
Foreign Ministry spokesman said.
Since January a
uthorities on both sides of the Pacific have intercepted
boats carrying abou
t 2,500 Chinese, each of whom had paid or promised
smugglers Dollars 20,000-
Dollars 30,000 (Pounds 13,000-Pounds 19,500) to get
them into the US illegal
ly. Many others are entering overland from Mexico or
arriving at airports wi
th false documents.
</TEXT>
<XX>
Countries:-
</XX>
<CN>USZ  United States of
 America.
    CNZ  China, Asia.
</CN>
<XX>
Industries:-
</XX>
<IN>P9721 Inte
rnational Affairs.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>
<P
UB>The Financial Times </PUB>
<PAGE> London Page 4 </PAGE>
</DOC>

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============= Transaction # 97 ==============================================
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============= Transaction # 98 ==============================================
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============= Transaction # 99 ==============================================
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<DOC>
<DOCNO>FT943-3533</DOCNO>
<PROFILE>_AN-EINDHAAJFT</PROFILE>
<DATE>9409
14
</DATE>
<HEADLINE> FT  14 SEP 94 / 'Prostitute smugglers' arrested </HEAD
LINE>
<BYLINE>    By ROBERT GRAHAM </BYLINE>
<DATELINE>    ROME </DATELINE>

<TEXT>
Italian police yesterday said they had broken up a criminal organisat
ion
based in Bari capable of smuggling up to 5,000 illegal immigrants a mont
h
into the country via the coastline of the Puglia region, on the Adriatic
c
oast. This is the largest immigration ring uncovered and highlights the
invo
lvement of organised crime in this increasingly profitable business.
More th
an 20 people were arrested, including Italian nationals, Slavs and
North Afr
icans. In addition to being charged with bringing people illegally
into Ital
y, they were accused of organising prostitution and providing false
document
ation.
The Italian authorities are showing increasing concern over the impor
t of
prostitutes. Prostitution has been one of the main activities unaffecte
d by
the two-year-long recession. But with the economy beginning to recover,
 the
authorities are also anxious to cut-off a new flow of hopeful job seeke
rs.
The main problem is Albania. During the summer more than 200 Albanians a

week are believed to have entered the country illegally via the Puglian
coa
st.
</TEXT>
<XX>
Countries:-
</XX>
<CN>ITZ  Italy, EC.
</CN>
<XX>
Industries
:-
</XX>
<IN>P9221 Police Protection.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  Gen
eral News.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 2 </PAGE
>
</DOC>

============= Transaction # 100 ==============================================
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============= Transaction # 101 ==============================================
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============= Transaction # 102 ==============================================
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============= Transaction # 103 ==============================================
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============= Transaction # 104 ==============================================
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============= Transaction # 105 ==============================================
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============= Transaction # 106 ==============================================
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<DOC>
<DOCNO>FT932-5376</DOCNO>
<PROFILE>_AN-DFDB5AAZFT</PROFILE>
<DATE>9306
04
</DATE>
<HEADLINE> FT  04 JUN 93 / China to act on illegal emigrants </HE
ADLINE>
<BYLINE>    By AP </BYLINE>
<TEXT>
THE US Coast Guard intercepted tw
o boats trying to smuggle 270 Chinese into
California yesterday, coinciding 
with a Chinese government statement that it
had stepped up efforts to halt i
llegal emigration, AP reports.
'The public security departments have stepped
 up efforts to track down the
criminal groups organising human smuggling and
 patrols at sea,' a Chinese
Foreign Ministry spokesman said.
Since January a
uthorities on both sides of the Pacific have intercepted
boats carrying abou
t 2,500 Chinese, each of whom had paid or promised
smugglers Dollars 20,000-
Dollars 30,000 (Pounds 13,000-Pounds 19,500) to get
them into the US illegal
ly. Many others are entering overland from Mexico or
arriving at airports wi
th false documents.
</TEXT>
<XX>
Countries:-
</XX>
<CN>USZ  United States of
 America.
    CNZ  China, Asia.
</CN>
<XX>
Industries:-
</XX>
<IN>P9721 Inte
rnational Affairs.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>
<P
UB>The Financial Times </PUB>
<PAGE> London Page 4 </PAGE>
</DOC>

============= Transaction # 107 ==============================================
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============= Transaction # 108 ==============================================
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============= Transaction # 109 ==============================================
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============= Transaction # 111 ==============================================
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<DOC>
<DOCNO>FT932-4966</DOCNO>
<PROFILE>_AN-DFGB7AA3FT</PROFILE>
<DATE>9306
07
</DATE>
<HEADLINE> FT  07 JUN 93 / Eight die as freighter runs aground </
HEADLINE>
<BYLINE>    By NIKKI TAIT </BYLINE>
<DATELINE>    NEW YORK </DATEL
INE>
<TEXT>
AT LEAST eight people died early yesterday morning after a freig
hter,
believed to be carrying hundreds of illegal Chinese immigrants, ran ag
round
close to Rockaway beaches in the Queens borough of New York City.
The 
grounding of the freighter, the Golden Venture, happened shortly after
2am y
esterday. More than 100 Chinese passengers plunged into the chilly
waters, a
nd swam about half a mile to the shore.
According to emergency rescue worker
s, who reached the scene shortly
afterwards, four passengers were known to h
ave died on the beach, and
another two in hospital later. Two bodies were al
so washed ashore.
By late afternoon officials said that they had accounted f
or about 300
people. Many of those who swam ashore were said to be suffering
 from
exposure or hypothermia, and about 20 had been taken to hospital. Ther
e were
also growing fears that tuberculosis may have been prevalent on the v
essel.
Initial pictures released by the US Coast Guard of the freighter's in
terior
suggested that conditions had been extremely cramped and squalid. How
ever,
officials still lacked a firm indication of the number of people who h
ad
been aboard the ship.
Interpreters who were called to the scene said that
 some passengers claimed
to have been aboard the freighter for more than 100
 days. They also reported
that it made a number of stops in China before cro
ssing the ocean. This
fuelled rumours that the ship was operated by an Asian
 'human smuggling'
ring, which had charged passengers Dollars 20,000-Dollars
 30,000 for the
journey.
Mr William Slattery, New York district director for
 immigration and
naturalisation, said the immigrants were mostly Chinese fro
m Fukien
province.
The 11 crew members were still being questioned by the US
 authorities last
night, while their passengers were placed in the custody o
f the US
Immigration and Naturalisation Service. All are understood to have 
asked for
political asylum.
The vessel itself remained stranded on a sand-ba
nk. However, the local Coast
Guard reported that it was up against a 'rock j
etty', and expressed concern
that an oil spill might develop. The ship was c
arrying about five tons of
diesel fuel.
Illegal Chinese immigration has been
 on the rise in New York City, but this
is believed to be the first time a v
essel carrying such a large number of
passengers has disgorged its load on t
he city's shoreline.
</TEXT>
<XX>
Countries:-
</XX>
<CN>USZ  United States o
f America.
</CN>
<XX>
Industries:-
</XX>
<IN>P99   Nonclassifiable Establish
ments.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>
<PUB>The Finan
cial Times </PUB>
<PAGE> London Page 5 </PAGE>
</DOC>

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============= Transaction # 121 ==============================================
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<DOC>
<DOCNO>FT942-8510</DOCNO>
<PROFILE>_AN-EETCSABYFT</PROFILE>
<DATE>9405
20
</DATE>
<HEADLINE> FT  20 MAY 94 / Go-ahead for Chunnel freight terminal 
</HEADLINE>
<BYLINE>    By PAUL CHEESERIGHT </BYLINE>
<TEXT>
The Department 
of the Environment has given planning permission for the
development of a Ch
annel tunnel freight terminal, manufacturing and
distribution park at Hams H
all, east of Birmingham, in the green belt of
north Warwickshire, Paul Chees
eright writes.
The site is near Junction 9 of the M6 and the proposed juncti
on of the
planned toll motorway around north Birmingham with the M6. The gov
ernment
delayed approval until it was satisfied about the traffic impact on 
local
roads.
Trafalgar House, the shipping, property and construction group,
 is a partner
in the development of both the freight terminal and the new mo
torway.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Trafalgar House.
</CO>
<XX>
Count
ries:-
</XX>
<CN>GBZ  United Kingdom, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>
P1629 Heavy Construction, NEC.
    P1611 Highway and Street Construction.
</
IN>
<XX>
Types:-
</XX>
<TP>RES  Facilities.
</TP>
<PUB>The Financial Times <
/PUB>
<PAGE> London Page 8 </PAGE>
</DOC>

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<DOC>
<DOCNO>FT934-11803</DOCNO>
<PROFILE>_AN-DJ2DCADUFT</PROFILE>
<DATE>931
029
</DATE>
<HEADLINE> FT  29 OCT 93 / Leading Article: Chunnel link </HEADL
INE>
<TEXT>
THE PLANNED high-speed rail link between London and the Channel 
tunnel could
be a showpiece for the UK government's initiative of attracting
 private
capital to public infrastructure projects. It provides an opportuni
ty both
to harness the private sector's skills in project management and to 
remove
at least part of a Pounds 2.6bn-Pounds 3bn project from the public se
ctor's
balance sheet.
But to achieve these benefits, the Treasury will need 
to abandon its purist
line that all the risk of such projects should be born
e by private
investors. Sticking to this line could delay or even kill off t
he project,
as Union Railways, the British Rail subsidiary set up to develop
 the link,
will tell ministers later today.
The essential point is that the 
private sector is not well suited to bear
the political and regulatory risks
 associated with the early stages of large
infrastructure projects. Before c
onstruction on the Chunnel link can
proceed, planning consents must be won, 
public inquiries conducted,
legislation passed and safety standards determin
ed. At each stage, there is
a danger that the project will be delayed and ex
tra costs imposed.
This particular project does not start with a happy histo
ry as far as
private companies are concerned. Several construction groups ha
ve already
spent money making proposals, only to have them rejected largely 
for
political reasons. There is also the overhang from the main Channel tunn
el
project, whose financial attraction has been reduced by a tightening of
s
afety regulations and the delay in building road and rail links.
It is doubt
ful whether private funds could be attracted at this stage and,
even if they
 could, a high risk premium would be required. Far better,
therefore, for th
e public sector to put up the Pounds 200m needed for the
project's next phas
e, tiding it over until political and regulatory
uncertainty is largely out 
of the way. After that, it should be easier to
find a further Pounds 2.5bn-p
lus from private investors. The remaining risks
 -concerning construction co
sts, operating expenses and customer demand -
are the type the private secto
r is best at managing.
Given the current budgetary pressures, it is reasonab
le to ask why the
Chunnel link should have priority over other worthwhile pr
ojects that are
now stalled. Part of the answer is that the link is already 
badly delayed.
Constructing it is important not only to maximise the economi
c benefits of
the Channel tunnel but also to ease congestion for commuter tr
affic in the
south-east.
But the most compelling reason for priming the pump
 is that a success with
Union Railways would give a boost to the government'
s private funding
initiative. It could open the door for private capital to 
flow into roads,
railways and prisons. That, more than almost anything else,
 would ease the
pressure on government finances.
</TEXT>
<XX>
Countries:-
</
XX>
<CN>GBZ  United Kingdom, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P1629 Hea
vy Construction, NEC.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.

</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 17 </PAGE>
</DOC>

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============= Transaction # 126 ==============================================
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<DOC>
<DOCNO>FT932-5866</DOCNO>
<PROFILE>_AN-DFBBWAARFT</PROFILE>
<DATE>9306
02
</DATE>
<HEADLINE> FT  02 JUN 93 / Chunnel contracts go-ahead near </HEAD
LINE>
<BYLINE>    By ANDREW HILL </BYLINE>
<DATELINE>    BRUSSELS </DATELINE
>
<TEXT>
THE European Commission looks likely to approve the basic contracts
 to
provide freight, passenger and sleeper rail services through the Channel

tunnel before the August holidays, following a long competition inquiry.
Bu
t Mr Karel Van Miert, EC competition commissioner, wants to establish the
pr
inciple that private operators can compete with state railway companies,
eve
n if there is little pressure at the moment from potential rival
services.
I
f the Commission decides to outlaw or substantially amend the contracts,
tha
t could further delay the opening of the tunnel, due in early 1994. Even
so,
 Mr Van Miert, who used to oversee EC transport policy until he took over
th
e competition portfolio in January, is said to be keen to encourage the
cros
s-Channel link.
His spokesman said yesterday that an announcement was expect
ed 'pretty
soon'.
Eurotunnel, which will operate the tunnel, and British and
 continental
European railways have sought clearance under EC competition ru
les for a
series of contracts.
Most important is the deal between Eurotunnel
, British Rail and SNCF, the
French state railways, which gives the railways
 the right to take up 50 per
cent of the tunnel's capacity for passenger thr
ough-trains during
Eurotunnel's 55-year operating concession.
The other 50 p
er cent will be used by Eurotunnel itself for shuttle services
between the t
wo ends of the tunnel.
The Commission was originally examining the possibili
ty of reducing the
length of the contract, perhaps to as little as 30 years,
 to let private
operators compete with BR and SNCF. The Brussels authorities
 are now
considering how to leave the contract open to competition without
j
eopardising the financing of the link.
The Commission is also completing its
 consultations on the exclusive
contracts for freight and sleeper services.

Yesterday, it published the official notice inviting comments on European
Ni
ght Services (ENS), the sleeper joint venture majority-owned by BR in
partne
rship with French, Dutch, German and Belgian railways. Parties have
been giv
en 30 days to submit views on the agreement, which the Commission
believes c
ould infringe competition rules.
In practice, however, there are few potenti
al competitors who could meet the
high cost of entering the sleeper market. 
ENS has already placed an order,
said to be worth Pounds 100m, for 139 sleep
ers to be built by Metro-Cammell,
a subsidiary of GEC Alsthom. The deadline 
for comments on freight services
through the tunnel passed at the end of Mar
ch.
</TEXT>
<XX>
Companies:-
</XX>
<CO>British Rail.
    Societe Nationale d
es Chemins de Fer Francais.
    European Night Services.
</CO>
<XX>
Countrie
s:-
</XX>
<CN>QRZ  European Economic Community (EC).
</CN>
<XX>
Industries:-

</XX>
<IN>P4011 Railroads, Line-Haul Operating.
    P4785 Inspection and Fi
xed Facilities.
</IN>
<XX>
Types:-
</XX>
<TP>MKTS  Contracts.
</TP>
<PUB>The
 Financial Times </PUB>
<PAGE> London Page 2 </PAGE>
</DOC>

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============= Transaction # 128 ==============================================
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============= Transaction # 129 ==============================================
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<DOC>
<DOCNO>FT942-11118</DOCNO>
<PROFILE>_AN-EEFEDAHHFT</PROFILE>
<DATE>940
506
</DATE>
<HEADLINE> FT  06 MAY 94 / Survey of The Channel Tunnel (12): On
 guard against accidents and terror - Security </HEADLINE>
<BYLINE>    By JI
MMY BURNS </BYLINE>
<TEXT>
The financial pressures on the tunnel to open on 
schedule have taken second
place to the key commercial imperative of ensurin
g - to the maximum extent
possible - that it cannot permanently be crippled 
by an accident or
terrorist attack.
Among the numerous security staff, intel
ligence officers, police, fire
brigade, ambulance, and army personnel on bot
h sides of the Channel engaged
in the project is Tony Blyth, a former Britis
h Rail operations manager who
is the tunnel's safety director. 'If we have a
 major accident, we are dead
as a company,' he says.
Two other key people ar
e Detective Superintendent Cliff Grieve, the UK head
of ports and tunnel pol
icing, and Commissaire Principal Marc Haem of
France's Police de l'Air et de
s Frontieres. They share responsibility for
security of the tunnel itself an
d of the shuttle terminals at Folkestone and
Coquelles.
Together they claim 
to have developed a culture of transnational police
cooperation to try and e
nsure, says Grieve, 'that people on a daily basis do
not escape justice thro
ugh the Chunnel'.
In aiming for maximum efficiency, Blyth, Grieve, and Haem 
have had to
grapple with a complex mixture of private and government personn
el,
binational agreements and internal committees developed in the run-up to
 the
opening of the tunnel.
The structure includes an Anglo-French Safety Au
thority set up for the
tunnel project and the existing official safety watch
dogs in both countries,
the UK's Health and Safety Commission, and France's 
Inspecteur du Travail.
The operation of safety and security comes under the 
political umbrella of a
lengthy protocol agreement. This was initialled at S
angatte by the UK and
French governments in November 1991 and technically ca
me into force in
August last year.
The Sangatte Protocol takes its cue from 
the Schengen trans-European
policing agreement, of which France but not the 
UK is a signatory. It thus
represents a totally new experience for the Briti
sh police who have tended
to resist encroachment on to their territory by an
y of their European
counterparts.
The Protocol gives extraterritorial powers
 to British and French police
officers in specially designated control zones
 at the international
terminals in London and Paris, and in the shuttle term
inals at Cheriton and
Coquelles. The through trains are also control zones w
here both police
forces will have powers of arrest.
Article 10 of the Protoc
ol states: 'The officers of the adjoining State
shall, in exercise of their 
national powers, be permitted in the control
zone situated in the host State
 to detain or arrest persons in accordance
with the laws and regulations rel
ating to frontier controls of the adjoining
state or persons sought by the a
uthorities of the adjoining state.'
In spirit the Protocol, as defined in Ar
ticle 5, aims to simplify and speed
up the formalities which normal law abid
ing passengers either travelling by
train or the Shuttle will have comply wi
th when using the tunnel.
At the same time, it aims to harmonise security an
d safety arrangements so
as to ensure that any emergency or threat is reacte
d to speedily and
effectively without getting bogged down in disputes over s
overeignty.
In the run-up to the opening of the tunnel, the application of t
he Protocol
has been put through a trial run in joint exercises and intermin
able
meetings.
The exercises have shown up failures in a number of areas inc
luding
fire-fighting equipment and communications. The meetings have produce
d some
stormy sessions in which British and French officials have argued ove
r
issues ranging from whether some dangerous goods vehicles should be allowe
d
through the tunnel to the use by French police of small arms in and around

Waterloo station.
Eurotunnel says the set-backs form part of the inevitable
 teething problems
of any engineering project of such a size and complexity.

'We want to get it right before letting the general public in,' insists Ton
y
Blyth.
On the policing side, Kent officers and their counterparts in and a
round
Coquelles say they have developed a good working relationship over a n
umber
of years.
But they are only cogs in the large security and judicial ma
chinery which
will be truly tested only when the tunnel is fully operational
.
A recent risk assessment commissioned by the London based Research Institu
te
for the Study of Conflict and Terrorism concluded that the Channel Tunnel

was probably the least vulnerable to major damage of any under-sea tunnel i
n
the world.
However, several experts believe that the biggest threat to the
 tunnel stems
from its being a prestige target for terrorists.
Much of the b
urden of responsibility will lie with Eurotunnel, however, in
ensuring that 
the commercial pressures do not lead to greater laxity over
security and saf
ety checks.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    
FRZ  France, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P4785 Inspection and Fixe
d Facilities.
    P7381 Detective and Armored Car Services.
    P7382 Securi
ty Systems Services.
    P9711 National Security.
</IN>
<XX>
Types:-
</XX>
<
TP>TECH  Services & Services use.
    CMMT  Comment & Analysis.
</TP>
<PUB>T
he Financial Times
</PUB>
<PAGE>
London Page V
</PAGE>
</DOC>

============= Transaction # 130 ==============================================
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============= Transaction # 131 ==============================================
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<DOC>
<DOCNO>FT942-8510</DOCNO>
<PROFILE>_AN-EETCSABYFT</PROFILE>
<DATE>9405
20
</DATE>
<HEADLINE> FT  20 MAY 94 / Go-ahead for Chunnel freight terminal 
</HEADLINE>
<BYLINE>    By PAUL CHEESERIGHT </BYLINE>
<TEXT>
The Department 
of the Environment has given planning permission for the
development of a Ch
annel tunnel freight terminal, manufacturing and
distribution park at Hams H
all, east of Birmingham, in the green belt of
north Warwickshire, Paul Chees
eright writes.
The site is near Junction 9 of the M6 and the proposed juncti
on of the
planned toll motorway around north Birmingham with the M6. The gov
ernment
delayed approval until it was satisfied about the traffic impact on 
local
roads.
Trafalgar House, the shipping, property and construction group,
 is a partner
in the development of both the freight terminal and the new mo
torway.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Trafalgar House.
</CO>
<XX>
Count
ries:-
</XX>
<CN>GBZ  United Kingdom, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>
P1629 Heavy Construction, NEC.
    P1611 Highway and Street Construction.
</
IN>
<XX>
Types:-
</XX>
<TP>RES  Facilities.
</TP>
<PUB>The Financial Times <
/PUB>
<PAGE> London Page 8 </PAGE>
</DOC>

============= Transaction # 132 ==============================================
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<DOC>
<DOCNO>FT934-11803</DOCNO>
<PROFILE>_AN-DJ2DCADUFT</PROFILE>
<DATE>931
029
</DATE>
<HEADLINE> FT  29 OCT 93 / Leading Article: Chunnel link </HEADL
INE>
<TEXT>
THE PLANNED high-speed rail link between London and the Channel 
tunnel could
be a showpiece for the UK government's initiative of attracting
 private
capital to public infrastructure projects. It provides an opportuni
ty both
to harness the private sector's skills in project management and to 
remove
at least part of a Pounds 2.6bn-Pounds 3bn project from the public se
ctor's
balance sheet.
But to achieve these benefits, the Treasury will need 
to abandon its purist
line that all the risk of such projects should be born
e by private
investors. Sticking to this line could delay or even kill off t
he project,
as Union Railways, the British Rail subsidiary set up to develop
 the link,
will tell ministers later today.
The essential point is that the 
private sector is not well suited to bear
the political and regulatory risks
 associated with the early stages of large
infrastructure projects. Before c
onstruction on the Chunnel link can
proceed, planning consents must be won, 
public inquiries conducted,
legislation passed and safety standards determin
ed. At each stage, there is
a danger that the project will be delayed and ex
tra costs imposed.
This particular project does not start with a happy histo
ry as far as
private companies are concerned. Several construction groups ha
ve already
spent money making proposals, only to have them rejected largely 
for
political reasons. There is also the overhang from the main Channel tunn
el
project, whose financial attraction has been reduced by a tightening of
s
afety regulations and the delay in building road and rail links.
It is doubt
ful whether private funds could be attracted at this stage and,
even if they
 could, a high risk premium would be required. Far better,
therefore, for th
e public sector to put up the Pounds 200m needed for the
project's next phas
e, tiding it over until political and regulatory
uncertainty is largely out 
of the way. After that, it should be easier to
find a further Pounds 2.5bn-p
lus from private investors. The remaining risks
 -concerning construction co
sts, operating expenses and customer demand -
are the type the private secto
r is best at managing.
Given the current budgetary pressures, it is reasonab
le to ask why the
Chunnel link should have priority over other worthwhile pr
ojects that are
now stalled. Part of the answer is that the link is already 
badly delayed.
Constructing it is important not only to maximise the economi
c benefits of
the Channel tunnel but also to ease congestion for commuter tr
affic in the
south-east.
But the most compelling reason for priming the pump
 is that a success with
Union Railways would give a boost to the government'
s private funding
initiative. It could open the door for private capital to 
flow into roads,
railways and prisons. That, more than almost anything else,
 would ease the
pressure on government finances.
</TEXT>
<XX>
Countries:-
</
XX>
<CN>GBZ  United Kingdom, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P1629 Hea
vy Construction, NEC.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.

</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 17 </PAGE>
</DOC>

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<DOC>
<DOCNO>FT932-5866</DOCNO>
<PROFILE>_AN-DFBBWAARFT</PROFILE>
<DATE>9306
02
</DATE>
<HEADLINE> FT  02 JUN 93 / Chunnel contracts go-ahead near </HEAD
LINE>
<BYLINE>    By ANDREW HILL </BYLINE>
<DATELINE>    BRUSSELS </DATELINE
>
<TEXT>
THE European Commission looks likely to approve the basic contracts
 to
provide freight, passenger and sleeper rail services through the Channel

tunnel before the August holidays, following a long competition inquiry.
Bu
t Mr Karel Van Miert, EC competition commissioner, wants to establish the
pr
inciple that private operators can compete with state railway companies,
eve
n if there is little pressure at the moment from potential rival
services.
I
f the Commission decides to outlaw or substantially amend the contracts,
tha
t could further delay the opening of the tunnel, due in early 1994. Even
so,
 Mr Van Miert, who used to oversee EC transport policy until he took over
th
e competition portfolio in January, is said to be keen to encourage the
cros
s-Channel link.
His spokesman said yesterday that an announcement was expect
ed 'pretty
soon'.
Eurotunnel, which will operate the tunnel, and British and
 continental
European railways have sought clearance under EC competition ru
les for a
series of contracts.
Most important is the deal between Eurotunnel
, British Rail and SNCF, the
French state railways, which gives the railways
 the right to take up 50 per
cent of the tunnel's capacity for passenger thr
ough-trains during
Eurotunnel's 55-year operating concession.
The other 50 p
er cent will be used by Eurotunnel itself for shuttle services
between the t
wo ends of the tunnel.
The Commission was originally examining the possibili
ty of reducing the
length of the contract, perhaps to as little as 30 years,
 to let private
operators compete with BR and SNCF. The Brussels authorities
 are now
considering how to leave the contract open to competition without
j
eopardising the financing of the link.
The Commission is also completing its
 consultations on the exclusive
contracts for freight and sleeper services.

Yesterday, it published the official notice inviting comments on European
Ni
ght Services (ENS), the sleeper joint venture majority-owned by BR in
partne
rship with French, Dutch, German and Belgian railways. Parties have
been giv
en 30 days to submit views on the agreement, which the Commission
believes c
ould infringe competition rules.
In practice, however, there are few potenti
al competitors who could meet the
high cost of entering the sleeper market. 
ENS has already placed an order,
said to be worth Pounds 100m, for 139 sleep
ers to be built by Metro-Cammell,
a subsidiary of GEC Alsthom. The deadline 
for comments on freight services
through the tunnel passed at the end of Mar
ch.
</TEXT>
<XX>
Companies:-
</XX>
<CO>British Rail.
    Societe Nationale d
es Chemins de Fer Francais.
    European Night Services.
</CO>
<XX>
Countrie
s:-
</XX>
<CN>QRZ  European Economic Community (EC).
</CN>
<XX>
Industries:-

</XX>
<IN>P4011 Railroads, Line-Haul Operating.
    P4785 Inspection and Fi
xed Facilities.
</IN>
<XX>
Types:-
</XX>
<TP>MKTS  Contracts.
</TP>
<PUB>The
 Financial Times </PUB>
<PAGE> London Page 2 </PAGE>
</DOC>

============= Transaction # 134 ==============================================
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<DOC>
<DOCNO>FT942-11118</DOCNO>
<PROFILE>_AN-EEFEDAHHFT</PROFILE>
<DATE>940
506
</DATE>
<HEADLINE> FT  06 MAY 94 / Survey of The Channel Tunnel (12): On
 guard against accidents and terror - Security </HEADLINE>
<BYLINE>    By JI
MMY BURNS </BYLINE>
<TEXT>
The financial pressures on the tunnel to open on 
schedule have taken second
place to the key commercial imperative of ensurin
g - to the maximum extent
possible - that it cannot permanently be crippled 
by an accident or
terrorist attack.
Among the numerous security staff, intel
ligence officers, police, fire
brigade, ambulance, and army personnel on bot
h sides of the Channel engaged
in the project is Tony Blyth, a former Britis
h Rail operations manager who
is the tunnel's safety director. 'If we have a
 major accident, we are dead
as a company,' he says.
Two other key people ar
e Detective Superintendent Cliff Grieve, the UK head
of ports and tunnel pol
icing, and Commissaire Principal Marc Haem of
France's Police de l'Air et de
s Frontieres. They share responsibility for
security of the tunnel itself an
d of the shuttle terminals at Folkestone and
Coquelles.
Together they claim 
to have developed a culture of transnational police
cooperation to try and e
nsure, says Grieve, 'that people on a daily basis do
not escape justice thro
ugh the Chunnel'.
In aiming for maximum efficiency, Blyth, Grieve, and Haem 
have had to
grapple with a complex mixture of private and government personn
el,
binational agreements and internal committees developed in the run-up to
 the
opening of the tunnel.
The structure includes an Anglo-French Safety Au
thority set up for the
tunnel project and the existing official safety watch
dogs in both countries,
the UK's Health and Safety Commission, and France's 
Inspecteur du Travail.
The operation of safety and security comes under the 
political umbrella of a
lengthy protocol agreement. This was initialled at S
angatte by the UK and
French governments in November 1991 and technically ca
me into force in
August last year.
The Sangatte Protocol takes its cue from 
the Schengen trans-European
policing agreement, of which France but not the 
UK is a signatory. It thus
represents a totally new experience for the Briti
sh police who have tended
to resist encroachment on to their territory by an
y of their European
counterparts.
The Protocol gives extraterritorial powers
 to British and French police
officers in specially designated control zones
 at the international
terminals in London and Paris, and in the shuttle term
inals at Cheriton and
Coquelles. The through trains are also control zones w
here both police
forces will have powers of arrest.
Article 10 of the Protoc
ol states: 'The officers of the adjoining State
shall, in exercise of their 
national powers, be permitted in the control
zone situated in the host State
 to detain or arrest persons in accordance
with the laws and regulations rel
ating to frontier controls of the adjoining
state or persons sought by the a
uthorities of the adjoining state.'
In spirit the Protocol, as defined in Ar
ticle 5, aims to simplify and speed
up the formalities which normal law abid
ing passengers either travelling by
train or the Shuttle will have comply wi
th when using the tunnel.
At the same time, it aims to harmonise security an
d safety arrangements so
as to ensure that any emergency or threat is reacte
d to speedily and
effectively without getting bogged down in disputes over s
overeignty.
In the run-up to the opening of the tunnel, the application of t
he Protocol
has been put through a trial run in joint exercises and intermin
able
meetings.
The exercises have shown up failures in a number of areas inc
luding
fire-fighting equipment and communications. The meetings have produce
d some
stormy sessions in which British and French officials have argued ove
r
issues ranging from whether some dangerous goods vehicles should be allowe
d
through the tunnel to the use by French police of small arms in and around

Waterloo station.
Eurotunnel says the set-backs form part of the inevitable
 teething problems
of any engineering project of such a size and complexity.

'We want to get it right before letting the general public in,' insists Ton
y
Blyth.
On the policing side, Kent officers and their counterparts in and a
round
Coquelles say they have developed a good working relationship over a n
umber
of years.
But they are only cogs in the large security and judicial ma
chinery which
will be truly tested only when the tunnel is fully operational
.
A recent risk assessment commissioned by the London based Research Institu
te
for the Study of Conflict and Terrorism concluded that the Channel Tunnel

was probably the least vulnerable to major damage of any under-sea tunnel i
n
the world.
However, several experts believe that the biggest threat to the
 tunnel stems
from its being a prestige target for terrorists.
Much of the b
urden of responsibility will lie with Eurotunnel, however, in
ensuring that 
the commercial pressures do not lead to greater laxity over
security and saf
ety checks.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    
FRZ  France, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P4785 Inspection and Fixe
d Facilities.
    P7381 Detective and Armored Car Services.
    P7382 Securi
ty Systems Services.
    P9711 National Security.
</IN>
<XX>
Types:-
</XX>
<
TP>TECH  Services & Services use.
    CMMT  Comment & Analysis.
</TP>
<PUB>T
he Financial Times </PUB>
<PAGE> London Page V </PAGE>
</DOC>

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============= Transaction # 138 ==============================================
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<DOC>
<DOCNO>FT942-11118</DOCNO>
<PROFILE>_AN-EEFEDAHHFT</PROFILE>
<DATE>940
506
</DATE>
<HEADLINE> FT  06 MAY 94 / Survey of The Channel Tunnel (12): On
 guard against accidents and terror - Security </HEADLINE>
<BYLINE>    By JI
MMY BURNS </BYLINE>
<TEXT>
The financial pressures on the tunnel to open on 
schedule have taken second
place to the key commercial imperative of ensurin
g - to the maximum extent
possible - that it cannot permanently be crippled 
by an accident or
terrorist attack.
Among the numerous security staff, intel
ligence officers, police, fire
brigade, ambulance, and army personnel on bot
h sides of the Channel engaged
in the project is Tony Blyth, a former Britis
h Rail operations manager who
is the tunnel's safety director. 'If we have a
 major accident, we are dead
as a company,' he says.
Two other key people ar
e Detective Superintendent Cliff Grieve, the UK head
of ports and tunnel pol
icing, and Commissaire Principal Marc Haem of
France's Police de l'Air et de
s Frontieres. They share responsibility for
security of the tunnel itself an
d of the shuttle terminals at Folkestone and
Coquelles.
Together they claim 
to have developed a culture of transnational police
cooperation to try and e
nsure, says Grieve, 'that people on a daily basis do
not escape justice thro
ugh the Chunnel'.
In aiming for maximum efficiency, Blyth, Grieve, and Haem 
have had to
grapple with a complex mixture of private and government personn
el,
binational agreements and internal committees developed in the run-up to
 the
opening of the tunnel.
The structure includes an Anglo-French Safety Au
thority set up for the
tunnel project and the existing official safety watch
dogs in both countries,
the UK's Health and Safety Commission, and France's 
Inspecteur du Travail.
The operation of safety and security comes under the 
political umbrella of a
lengthy protocol agreement. This was initialled at S
angatte by the UK and
French governments in November 1991 and technically ca
me into force in
August last year.
The Sangatte Protocol takes its cue from 
the Schengen trans-European
policing agreement, of which France but not the 
UK is a signatory. It thus
represents a totally new experience for the Briti
sh police who have tended
to resist encroachment on to their territory by an
y of their European
counterparts.
The Protocol gives extraterritorial powers
 to British and French police
officers in specially designated control zones
 at the international
terminals in London and Paris, and in the shuttle term
inals at Cheriton and
Coquelles. The through trains are also control zones w
here both police
forces will have powers of arrest.
Article 10 of the Protoc
ol states: 'The officers of the adjoining State
shall, in exercise of their 
national powers, be permitted in the control
zone situated in the host State
 to detain or arrest persons in accordance
with the laws and regulations rel
ating to frontier controls of the adjoining
state or persons sought by the a
uthorities of the adjoining state.'
In spirit the Protocol, as defined in Ar
ticle 5, aims to simplify and speed
up the formalities which normal law abid
ing passengers either travelling by
train or the Shuttle will have comply wi
th when using the tunnel.
At the same time, it aims to harmonise security an
d safety arrangements so
as to ensure that any emergency or threat is reacte
d to speedily and
effectively without getting bogged down in disputes over s
overeignty.
In the run-up to the opening of the tunnel, the application of t
he Protocol
has been put through a trial run in joint exercises and intermin
able
meetings.
The exercises have shown up failures in a number of areas inc
luding
fire-fighting equipment and communications. The meetings have produce
d some
stormy sessions in which British and French officials have argued ove
r
issues ranging from whether some dangerous goods vehicles should be allowe
d
through the tunnel to the use by French police of small arms in and around

Waterloo station.
Eurotunnel says the set-backs form part of the inevitable
 teething problems
of any engineering project of such a size and complexity.

'We want to get it right before letting the general public in,' insists Ton
y
Blyth.
On the policing side, Kent officers and their counterparts in and a
round
Coquelles say they have developed a good working relationship over a n
umber
of years.
But they are only cogs in the large security and judicial ma
chinery which
will be truly tested only when the tunnel is fully operational
.
A recent risk assessment commissioned by the London based Research Institu
te
for the Study of Conflict and Terrorism concluded that the Channel Tunnel

was probably the least vulnerable to major damage of any under-sea tunnel i
n
the world.
However, several experts believe that the biggest threat to the
 tunnel stems
from its being a prestige target for terrorists.
Much of the b
urden of responsibility will lie with Eurotunnel, however, in
ensuring that 
the commercial pressures do not lead to greater laxity over
security and saf
ety checks.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    
FRZ  France, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P4785 Inspection and Fixe
d Facilities.
    P7381 Detective and Armored Car Services.
    P7382 Securi
ty Systems Services.
    P9711 National Security.
</IN>
<XX>
Types:-
</XX>
<
TP>TECH  Services & Services use.
    CMMT  Comment & Analysis.
</TP>
<PUB>T
he Financial Times </PUB>
<PAGE> London Page V </PAGE>
</DOC>

============= Transaction # 139 ==============================================
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<DOC>
<DOCNO>FT934-11803</DOCNO>
<PROFILE>_AN-DJ2DCADUFT</PROFILE>
<DATE>931
029
</DATE>
<HEADLINE> FT  29 OCT 93 / Leading Article: Chunnel link </HEADL
INE>
<TEXT>
THE PLANNED high-speed rail link between London and the Channel 
tunnel could
be a showpiece for the UK government's initiative of attracting
 private
capital to public infrastructure projects. It provides an opportuni
ty both
to harness the private sector's skills in project management and to 
remove
at least part of a Pounds 2.6bn-Pounds 3bn project from the public se
ctor's
balance sheet.
But to achieve these benefits, the Treasury will need 
to abandon its purist
line that all the risk of such projects should be born
e by private
investors. Sticking to this line could delay or even kill off t
he project,
as Union Railways, the British Rail subsidiary set up to develop
 the link,
will tell ministers later today.
The essential point is that the 
private sector is not well suited to bear
the political and regulatory risks
 associated with the early stages of large
infrastructure projects. Before c
onstruction on the Chunnel link can
proceed, planning consents must be won, 
public inquiries conducted,
legislation passed and safety standards determin
ed. At each stage, there is
a danger that the project will be delayed and ex
tra costs imposed.
This particular project does not start with a happy histo
ry as far as
private companies are concerned. Several construction groups ha
ve already
spent money making proposals, only to have them rejected largely 
for
political reasons. There is also the overhang from the main Channel tunn
el
project, whose financial attraction has been reduced by a tightening of
s
afety regulations and the delay in building road and rail links.
It is doubt
ful whether private funds could be attracted at this stage and,
even if they
 could, a high risk premium would be required. Far better,
therefore, for th
e public sector to put up the Pounds 200m needed for the
project's next phas
e, tiding it over until political and regulatory
uncertainty is largely out 
of the way. After that, it should be easier to
find a further Pounds 2.5bn-p
lus from private investors. The remaining risks
 -concerning construction co
sts, operating expenses and customer demand -
are the type the private secto
r is best at managing.
Given the current budgetary pressures, it is reasonab
le to ask why the
Chunnel link should have priority over other worthwhile pr
ojects that are
now stalled. Part of the answer is that the link is already 
badly delayed.
Constructing it is important not only to maximise the economi
c benefits of
the Channel tunnel but also to ease congestion for commuter tr
affic in the
south-east.
But the most compelling reason for priming the pump
 is that a success with
Union Railways would give a boost to the government'
s private funding
initiative. It could open the door for private capital to 
flow into roads,
railways and prisons. That, more than almost anything else,
 would ease the
pressure on government finances.
</TEXT>
<XX>
Countries:-
</
XX>
<CN>GBZ  United Kingdom, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P1629 Hea
vy Construction, NEC.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.

</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 17 </PAGE>
</DOC>

============= Transaction # 140 ==============================================
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<DOC>
<DOCNO>FT932-5866</DOCNO>
<PROFILE>_AN-DFBBWAARFT</PROFILE>
<DATE>9306
02
</DATE>
<HEADLINE> FT  02 JUN 93 / Chunnel contracts go-ahead near </HEAD
LINE>
<BYLINE>    By ANDREW HILL </BYLINE>
<DATELINE>    BRUSSELS </DATELINE
>
<TEXT>
THE European Commission looks likely to approve the basic contracts
 to
provide freight, passenger and sleeper rail services through the Channel

tunnel before the August holidays, following a long competition inquiry.
Bu
t Mr Karel Van Miert, EC competition commissioner, wants to establish the
pr
inciple that private operators can compete with state railway companies,
eve
n if there is little pressure at the moment from potential rival
services.
I
f the Commission decides to outlaw or substantially amend the contracts,
tha
t could further delay the opening of the tunnel, due in early 1994. Even
so,
 Mr Van Miert, who used to oversee EC transport policy until he took over
th
e competition portfolio in January, is said to be keen to encourage the
cros
s-Channel link.
His spokesman said yesterday that an announcement was expect
ed 'pretty
soon'.
Eurotunnel, which will operate the tunnel, and British and
 continental
European railways have sought clearance under EC competition ru
les for a
series of contracts.
Most important is the deal between Eurotunnel
, British Rail and SNCF, the
French state railways, which gives the railways
 the right to take up 50 per
cent of the tunnel's capacity for passenger thr
ough-trains during
Eurotunnel's 55-year operating concession.
The other 50 p
er cent will be used by Eurotunnel itself for shuttle services
between the t
wo ends of the tunnel.
The Commission was originally examining the possibili
ty of reducing the
length of the contract, perhaps to as little as 30 years,
 to let private
operators compete with BR and SNCF. The Brussels authorities
 are now
considering how to leave the contract open to competition without
j
eopardising the financing of the link.
The Commission is also completing its
 consultations on the exclusive
contracts for freight and sleeper services.

Yesterday, it published the official notice inviting comments on European
Ni
ght Services (ENS), the sleeper joint venture majority-owned by BR in
partne
rship with French, Dutch, German and Belgian railways. Parties have
been giv
en 30 days to submit views on the agreement, which the Commission
believes c
ould infringe competition rules.
In practice, however, there are few potenti
al competitors who could meet the
high cost of entering the sleeper market. 
ENS has already placed an order,
said to be worth Pounds 100m, for 139 sleep
ers to be built by Metro-Cammell,
a subsidiary of GEC Alsthom. The deadline 
for comments on freight services
through the tunnel passed at the end of Mar
ch.
</TEXT>
<XX>
Companies:-
</XX>
<CO>British Rail.
    Societe Nationale d
es Chemins de Fer Francais.
    European Night Services.
</CO>
<XX>
Countrie
s:-
</XX>
<CN>QRZ  European Economic Community (EC).
</CN>
<XX>
Industries:-

</XX>
<IN>P4011 Railroads, Line-Haul Operating.
    P4785 Inspection and Fi
xed Facilities.
</IN>
<XX>
Types:-
</XX>
<TP>MKTS  Contracts.
</TP>
<PUB>The
 Financial Times </PUB>
<PAGE> London Page 2 </PAGE>
</DOC>

============= Transaction # 141 ==============================================
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<DOC>
<DOCNO>FT942-11119</DOCNO>
<PROFILE>_AN-EEFEDAHGFT</PROFILE>
<DATE>940
506
</DATE>
<HEADLINE> FT  06 MAY 94 / Survey of The Channel Tunnel (11): Eu
rope wheels out its best - Andrew Baxter studies the special rolling stock a
nd who has built it </HEADLINE>
<BYLINE>    By ANDREW BAXTER </BYLINE>
<TEXT
>
The supply of trains for the Channel Tunnel - locomotives, rolling stock,

wagons for cars, coaches and freight - has been a remarkable pan-European
ef
fort, even if there have been plenty of delays and arguments along the
track
.
Technical challenges and the sheer scale of the project - and hence the si
ze
of the contracts - are partly to blame for timetables slipping.
On top of
 that, however, the contracts were awarded, and are on their way to
completi
on, during a period of intense upheaval in the railway equipment
industry, w
hose overcapacity problems are forcing it to consolidate across
Europe.
In s
ummary, the main contracts are as follows:
Eurostar trains. Transmanche Supe
r Train Group, led by GEC Alsthom, is
building the 31 Eurostar trains for th
e inter-capitals day service - London
to Brussels and Paris - at approximate
ly Pounds 24m apiece.
Eurostar trains beyond London. The same consortium is 
building seven
slightly shorter Eurostar trains for the daytime services fro
m Scotland and
from Manchester to Paris and Brussels.
European night service
s. Metro-Cammell in Birmingham, which is part of GEC
Alsthom, is building th
e 139 units of rolling stock for these services,
which will go from Glasgow,
 Plymouth and Swansea to Paris or Brussels, and
from London to Amsterdam, Do
rtmund or Frankfurt.
Nine of the 46 Class 92 locomotives being built by Brus
h Traction, part of
BTR, for British Rail and SNCF, the French railways, wil
l be used to haul
these services, at least as far as Calais.
Freight service
s. The remaining 37 Class 92s will be used by BR's Rail
Freight Distribution
, and SNCF's freight service, to carry freight through
the tunnel and beyond
. Arbel Fauvet Rail, based at Douai in northern France,
is building low-plat
form intermodal wagons - which can carry freight in
containers and 'swapbodi
es' - and fully-enclosed wagons for shipping new
cars.
Le Shuttle. Thirty-ei
ght locomotives for the cross-Channel car, coach and
truck service are being
 built by Brush Traction in Loughborough and Asea
Brown Boveri, the Swiss-Sw
edish engineering group.
ESC Wagons, a consortium created by Bombardier of C
anada and its subsidiary
Bombardier Eurorail, is responsible for building 25
4 double- and single-deck
wagons for Le Shuttle. The single-deck vehicle car
riers were assembled at BN
in Bruges and the double-deckers at ANF-Industrie
 at Valenciennes, France.
The manufacture of 19 single-deck loaders, include
d in the total of 254
wagons, was subcontracted to Fiat Ferroviaria in Turin
.
The Italian company, in consortium with Breda Construzioni Ferroviare, als
o
won the contract for the design and construction of 270 wagons to carry
he
avy goods vehicles and their crews.
The delays and controversy have centred 
on Le Shuttle railcars and Eurostar
trains. In December, Bombardier said it 
expected to make a loss on its
CDollars 820m contract to supply railcars, si
gned in 1989, and said a
CDollars 450m cost overrun was almost entirely due 
to design changes imposed
by French and British government safety inspectors
.
ESC is to receive FFr700m in phased payments while Bombardier will receive

up to 25m Eurotunnel shares in settlement of its claim against Transmanche

Link, the main contractor for the tunnel, for costs arising from changes in

the rolling stock design. So far, at least 202 wagons have been delivered
an
d the order is expected to be completed this year.
The Bombardier order had 
been awarded in July 1989 by TML after an
international call for tenders, bu
t the genesis of the Eurostar trains was
rather different.
Because of the te
chnical challenges - the need for the train to run on all
three networks and
 cope with different power and signalling systems  - and
the many special sa
fety features, 'we did not want everything new - we were
looking for proven 
high-speed train technology,' says Mr Malcolm Southgate,
deputy managing dir
ector of European Passenger Services.
In the mid to late 1980s, the only Eur
opean contender was therefore Alsthom
 -later to become GEC Alsthom - which 
has built the French TGV trains. The
German ICE trains had yet to start oper
ating, and as the UK, French and
Belgian governments all wanted some manufac
turing in their countries, the
Japanese Shinkansen trains did not appear to 
get a look in.
The original date for delivery of at least the first Eurostar
 trains was May
1993, in line with the tunnel's scheduled opening.
Safety re
quirements, in particular the need for fire protection including a
30-minute
 inbuilt resistance to fire to protect passengers - generated a lot
of detai
led design work, but did not hold work up, says Mr Southgate.
Instead, he li
sts a number of reasons why the initial Eurostar 'Discovery
Programme' servi
ce is due to start only in July, building up to hourly
services in the autum
n. The first was the choice of power drives. The French
TGV trains had used 
so-called synchronous power drives, but GEC had
developed asynchronous drive
s which were seen as a better bet for the
Eurostar trains because they are l
ighter.
The maximum load on each axle allowed by SNCF is 17.5 tonnes, and th
e
Eurostar trains have to carry power equipment for three networks too. But

developing the asynchronous power drives for the trains took longer than was

originally foreseen, says Mr Southgate.
There were also arguments for two y
ears on what sort of signalling system to
use. A cab-based, rather than line
-side signalling was necessary for safety
reasons - drivers would not have e
nough time to react to lineside signals.
Eventually a French system was chos
en from a number available on the
continent, and adapted to deal with the va
riety of trains using the tunnel.
A more sensitive reason for the delays rev
olves around the method of
manufacture. Mr Southgate says the decision to bu
ild different parts of the
trains at plants in the UK, France and Belgium ca
used big logistical
problems, which took some time to be recognised.
It may 
also be relevant that the early stages of the contract came very soon
after 
the creation of GEC Alsthom from the merger of GEC and Alsthom's power
engin
eering and transportation equipment interests. The difficulties in
merging a
 UK and a French company loomed large in the early days of GEC
Alsthom.
In t
he past few months, what is hoped will be the final problem has emerged.
A c
omplex monitoring unit designed to prevent the electrical currents
generated
 by the train itself from interfering with the signalling was
activated by t
he frequent gaps in the third, conducting rail on the UK leg
of the Eurostar
 train's journey. The solution, replacing about 3,000 track
circuits between
 London and the Channel Tunnel, is now underway.
The good news, however, is 
that deliveries of trains have kept pace with the
revised deadlines, and del
ivery of the final capital cities trains is now
scheduled for early 1995. Mr
 Southgate believes the capital cities service
will be up to full steam, at 
least for a winter service, by January or
February next year.
</TEXT>
<XX>
C
ountries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    FRZ  France, EC.
</CN>
<XX
>
Industries:-
</XX>
<IN>P3743 Railroad Equipment.
</IN>
<XX>
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</XX>

<TP>CMMT  Comment & Analysis.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> L
ondon Page V </PAGE>
</DOC>

============= Transaction # 142 ==============================================
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<DOC>
<DOCNO>FT942-2873</DOCNO>
<PROFILE>_AN-EFQDGAC1FT</PROFILE>
<DATE>9406
17
</DATE>
<HEADLINE> FT  17 JUN 94 / Eurotunnel takes slow train to derail 
terrorists: The operator's security efforts </HEADLINE>
<BYLINE>    By JIMMY
 BURNS </BYLINE>
<TEXT>
A terrorist bomb attack on the Channel tunnel has so
 far occurred only in
fiction - in a Graham Greene essay five years ago. But
 the threat is taken
very seriously by Eurotunnel, the operator.
The company
 faces financial and competitive pressures to run a full service
as speedily
 as possible - but it is a commercial imperative to be seen to
have insured 
against accident or terrorist attack.
Mr Richard Morris, safety director, sa
id: 'Safety is uppermost in our minds.
If we have a major accident we are de
ad as a company.'
At the weekend, hundreds of volunteer passengers took part
 in a successful
evacuation rehearsal, only to be delayed below ground by a 
power failure
affecting the test of a Eurostar train.
The sensitivity surrou
nding the Channel tunnel's record was brought into
focus by the two recent t
emporary suspensions of Eurotunnel's freight
service, when drivers halted tr
ains after warning lights signalled
non-existent faults.
Eurotunnel argues t
hat overzealous, as opposed to lax, safety requirements
were to blame, but t
he incident worried some potential customers.
Had Eurotunnel been running a 
full freight and passenger service, and
hundreds of civilians been trapped, 
there could have been panic, said Mr
Sydney Balgarnie of the Road Haulage As
sociation. At best, some would have
decided to switch back to the ferries.
O
ver the past year, Eurotunnel has set a strict regime of tests for
equipment
 and operations, which have to be approved by a Franco-British
safety commis
sion before the company can run a full service.
Mr John Henes, Department of
 Transport official on the commission, insists
that there is no question of 
safety certificates being steamrollered to save
Eurotunnel in the short term
. 'It doesn't matter to us how soon the tunnel
opens. Our obligation is to e
nsure that it is safe,' he said.
Tests are continuing on signalling equipmen
t and fire alarms. The commission
is also supervising a series of mock evacu
ations of tourist passengers.
Security officials have concentrated on ensuri
ng that adequate equipment,
staff and operational back-up is in place to cou
nter the threat of
explosives being smuggled into the tunnel.
Detective Supe
rintendent Cliff Grieve, UK head of ports and tunnelling
policy, said: 'We a
re clearly aware that the tunnel could be an IRA target
and we are using the
 latest technology and the best advice to reduce that
threat. But there is n
o 100 per cent secure transport system.'
Security is having teething problem
s, in spite of countless meetings
involving police and intelligence official
s on both sides of the Channel.
Senior officials from the Home Office and th
e French ministry of the
interior have failed to agree on powers of armed Fr
ench police stationed at
Cherrington, where the tunnel emerges in Britain. T
he issue may delay the
start of a full passenger service. One senior French 
police officer said
this week: 'The gun is part of our uniform. It is a symb
ol of the authority
of the state.'
The ministry of agriculture has invoked r
abies to resolve another issue of
sovereignty - French customs officials hav
e agreed not to bring sniffer dogs
on trains bound for London.
British Custo
ms officials responsible for building up intelligence on
potential smugglers
 have privately complained that they have yet to get as
much information abo
ut passengers from Eurotunnel as they are offered by
ferry companies. Noneth
eless, the overall sense from security chiefs on both
sides of the Channel i
s of considerable co-ordination, cultural differences
notwithstanding.
No on
e is underestimating the challenges that lie ahead. As one senior
security a
dviser put it: 'British Airways lost Pounds 10m because of some
IRA mortars 
that caused no physical damage.' If a similar incident
threatened the tunnel
, the dislocation to operations could be massive.
In an FT survey on the Cha
nnel tunnel published on May 6, the name of
Eurotunnel's safety director was
 incorrectly given.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Eurotunnel.
</CO>
<XX
>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    FRZ  France, EC.
</CN>

<XX>
Industries:-
</XX>
<IN>P4785 Inspection and Fixed Facilities.
</IN>
<XX
>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.
    TECH  Safety & Standards.

    PEOP  People.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 1
0 </PAGE>
</DOC>

============= Transaction # 143 ==============================================
Transaction #:    143       Transaction Code:  22 (Record(s) Saved)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
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<DOC>
<DOCNO>FT942-11141</DOCNO>
<PROFILE>_AN-EEFEDAGUFT</PROFILE>
<DATE>940
506
</DATE>
<HEADLINE> FT  06 MAY 94 / Survey of The Channel Tunnel (1): Ste
p that meets the spirit of the age - The opening of the Channel Tunnel stren
gthens the argument that the destiny of Great Britain lies in and with Europ
e </HEADLINE>
<BYLINE>    By DAVID MARSH </BYLINE>
<TEXT>
One more barrier i
n Europe has fallen, of supreme importance, though neither
the largest nor t
he last.
In 1987, when Britain and France ratified the Channel Tunnel accord
, few
would have predicted that it would come to fruition seven years later 
with
east and west Europe reunited by the end of the cold war.
The tunnel to
 be opened today by Queen Elizabeth II and President Francois
Mitterrand for
ges a further link in the chain of contact and cooperation
across a continen
t that again is whole and free.
'It was the best of times, it was the worst 
of times.' After months in which
elation over the tunnel's prospective openi
ng has been tempered by
frustration at delays and financial overruns, Charle
s Dickens' classic line
aptly describes the mood at Eurotunnel, the operator
 of the 32 mile (50km)
link.
Dickens' introduction to A Tale of Two Cities -
 now separated by a mere
three hours' rail journey between London's Waterloo
 and the Gare du Nord in
Paris - also sums up the state of Europe. The walls
 and the watchtowers of
east-west division have disappeared. Yet the contine
nt is beset by strains
engendered by recession, deep-seated changes in econo
mic structure, the
break-up of the Soviet empire and German reunification.
T
he continent must now manage an arduous transition. The momentous task of
tu
nnelling beneath the Straits of Dover symbolises the challenges Europe
faces
 and the trials it has yet to overcome.
The stretch of water between Britain
 and France has a central place in the
history and folklore of the two natio
ns, both in peace and at war. During
the past 200 years, the idea of joining
 Britain and France has sporadically
occupied the minds of engineers and adm
irals, financiers and functionaries,
schoolboys, prime ministers and madmen.

The problems of constructing the world's longest undersea tunnel cannot be

gainsaid. Accomplishing this ambitious infrastructure project without
recour
se to government funds has been more exacting than the optimists
forecast.
T
he tunnel's overall cost has grown to Pounds 10bn. This is more than double

Eurotunnel's estimate when construction started six years ago, a time when
b
uoyant economic conditions spurred wishful thinking.
As a result of tortuous
 teething troubles, a full freight and passenger
service will not start unti
l October, causing a large financial loss in the
first year of operation and
 exacerbating pressure on banks and shareholders.
Yet when the overall asses
sment of the enterprise is drawn up, these burdens
should not be allowed to 
weigh too heavily in the balance. If the skill,
ingenuity and perserverance 
deployed in building the tunnel can be turned
towards fashioning the new Eur
ope, then the continent's salvation is
assured.
The historic rapprochement b
etween the UK and the rest of Europe advances
one more pace. Britain remains
 tied by formidable bonds of blood, heritage
and shared experience to Americ
a and the Commonwealth. Yet the tunnel makes
more evident and more acceptabl
e the reality that Britain's destiny lies
with and in Europe.
The French Pre
sident and the British Queen will today turn a new page in
relations between
 two countries joined and separated by a rich vein of
turbulent history. In 
20 years, the chroniclers of the century's final
decade may speak of a new h
eading. In 50 years, with luck, they may be able
to point to a new chapter.

In psychological and geographical terms, today's event is unquestionably of

greater magnitude for the UK than for the French. Britain's land connection

to the rest of the European Union has hitherto been limited to the troubled

border between the Irish Republic and Northern Ireland.
France is already jo
ined physically to Spain, Belgium, Germany,
Switzerland,Luxembourg and Italy
. From now on, all these countries will
appear, to British hearts, a small b
ut perceptible degree closer than
before.
Construction has marked an effort 
of colossal technical, financial and
political complexity. Environmentalists
' objections have had to be acted
upon, politicians' egos massaged, bankers'
 nerves calmed, terrorists'
ambitions (with luck) thwarted.
The tunnel sets 
a milestone for many reasons. Achieving such a project
without public sector
 funding has necessitated imaginative and controversial
financing techniques
.
The venture has literally unearthed new ground in construction and civil
e
ngineering technology. It has spurred salutary competition on a
much-travell
ed route on which sea operators up to now have enjoyed natural
dominance, an
d has opened new perspectives for rail transport and freight
haulage across 
Europe.
The tunnel has intensified Anglo-French cooperation in areas ranging
 from
handling equity flotations and harmonising railway signal equipment to

commissioning boring machines and providing fences against rabies-carrying

foxes.
More than anything, it is a project both in line with and in advance 
of the
spirit of the times. The two governments were able to reach agreement
 on a
project embodying many of the concepts of economic policy that have co
me to
dominate the agenda of the 1990s: competition, the primacy of private 
sector
finance, the drive to complete the barrier-free single market.
For al
l the commonly-held belief in the constancy of national
characteristics, the
 tunnel illustrates what has changed in Europe. The
British were once renown
ed as a race of railway-builders, the French - at
least in the popular imagi
nation of the English - as a people incorrigibly
wedded to time-honoured pre
servation of their forefathers' paysage.
In the latter part of the 20th cent
ury, these roles seem to have been
reversed. Ludicrously yet endearingly, Br
itain has failed to construct a
high-speed train link to join the tunnel to 
London. By contrast, the French
engineers of the Polytechnique and the Ecole
 des Mines have unswervingly
pressed new lines into service to ensure Eurost
ar trains race across the
Nord-Pas-de-Calais plain before ambling through th
e hop groves of Kent.
The tunnel, by itself, will make neither France less F
rench, nor Britain
less British. It represents a step towards European conve
rgence, but also
illustrates the continent's abiding diversity.
 -----------
------------------------------------------------------------
TUNNEL'S TIMETA
BLE
 -----------------------------------------------------------------------

Sept 11 1981:    UK, France announce studies of a fixed link across
       
          Channel.
Jan 20 1986:     Twin-bore rail tunnels chosen.
July 29 1
987:    The fixed link treaty ratified.
Nov 4 1987:      Pounds 5bn credit a
greement signed.
Dec 1 1987:      Excavating starts.
July 26 1989:    Shuttl
e rolling stock ordered.
April 21 1990:   Half combined length excavated.
Oc
t 25 1990:     Eurotunnel gains additional Pounds 1.8bn credit.
Oct 30 1990:
     UK-French contact in service tunnel.
Dec 1 1990:      First people cros
s to England by foot.
June 28 1991:    Main tunneling completed.
Jan 29 1993
:     New UK envoy to France crosses through tunnel.
Oct 11 1993:     Eurotu
nnel says Pounds 1bn more needed.
Dec 10, 1993:    Contractors hand over tun
nel.
April 21, 1994:  Delay in first rail services announced.
May 6 1994:   
   The official opening ceremony.
 -----------------------------------------
------------------------------
</TEXT>
<XX>
Countries:-
</XX>
<CN>GBZ  Unite
d Kingdom, EC.
    FRZ  France, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P1622 
Bridge, Tunnel and Elevated Highway.
    P4785 Inspection and Fixed Faciliti
es.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.
    STATS  Statis
tics.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page I </PAGE>
</D
OC>

============= Transaction # 144 ==============================================
Transaction #:    144       Transaction Code:  22 (Record(s) Saved)        

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<DOC>
<DOCNO>FT923-4956</DOCNO>
<PROFILE>_AN-CIEAPAEZFT</PROFILE>
<DATE>9209
03
</DATE>
<HEADLINE> FT  03 SEP 92 / Survey of Distribution Services (2): O
n track to speed up network - Action to save EC's combined transport plans f
rom stagnating </HEADLINE>
<BYLINE>    By MICHAEL TERRY </BYLINE>
<TEXT>
EUR
OPEAN transport ministers will next month be urged to agree urgent
financial
 backing for a proposed new Ecu2bn (Dollars 2.7bn) strategy to save
the Comm
unity's combined transport plans from stagnating.
The proposals will for the
 first time also seek to include intra-Community
maritime container movement
s for special treatment under combined transport
regulations.
The 10-year su
pport plan for dedicated track, terminals, rolling stock and
unit load devic
es is being put forward at a time when combined transport
activity is slowin
g down and road congestion escalating.
But in spite of the urgency of the si
tuation, some countries, notably the
UK, are doing little to encourage the d
evelopment of combined transport
systems.
Combined transport traffic growth 
in Europe in 1991 has slipped from 20 per
cent annually to 5 per cent. A T K
earney, the management consultants whose
report for the European Commission 
in 1987 predicted combined transport
traffic would triple by 2005, has now e
xtended the time scale by five years.
Rudy Colle, director-general of the In
ternational Union of Combined
Road-Rail Transport Companies (UIRR), explaine
d that the decline in 1991
volumes resulted from a drop in national traffic 
caused by increased
competition from road hauliers.
The UIRR's 12 member com
panies were set up by the railways with hauliers as
shareholders so as to di
spel hauliers' fears over the railways' conflicts of
interest.
But many othe
r hauliers and distribution contractors are not committing
themselves fully 
to the system. They fear the railway companies cannot
provide a reliable ser
vice.
Transport Commissioner Karel van Miert will tell the Transport Council

ministers that the economic and social gains of the Commission's plan far
o
utweigh the costs.
Commission officials calculate that a Community-wide comb
ined transport rail
network will cost Ecu1.4bn over 10 years. Terminals and 
equipment will cost
Ecu600m.
It is hoped that up to two-thirds of the cost w
ill be funded by the
operators and the remainder by national governments and
 the Commission.
Ministers will be told combined transport operators cannot 
themselves
finance the investment required for the rail and terminal network
. The
margins that they are forced to operate on to remain competitive with

hauliers are too slender to afford the heavy investment.
This is due to deep
 price-cutting in the liberalised road transport market
and the difference i
n hidden costs between road and rail, where road
hauliers get their infrastr
ucture free and escape the costs of the
environmental damage they cause.
Mr 
Van Miert will argue that for combined transport to be effective, it is
esse
ntial to develop a community-wide network and not rely, as at present,
on is
olated lines.
The plan will concentrate on the most productive lines first. 
These are in
Germany, Italy and France.
Eventually the network will stretch 
from Scotland and Ireland, to the
Iberian Peninsula and across to Greece and
 the borders of eastern Europe.
To encourage new private operators, the mini
sters will be asked to agree to
pilot projects aimed at establishing ground 
rules on how small road hauliers
get access to terminals and the conditions 
for market entry. The projects
will involve inland waterway and short-sea co
ntainer operations.
The Competition Directorate, DG IV, will also be involve
d because of a
possible need to draft a derogation from competition rules. T
he special
nature of combined transport entails operators of different modes
 to enter
agreements with each other that could be interpreted as being agai
nst the
Treaty of Rome's competition rules.
But there is still widespread sc
epticism over the railway's commercial role
in combined transport.
A new int
ermodal company, Allied-Continental Intermodal (ACI) is being
launched in th
e UK today by Intercontainer, the European Railways'
intermodal company, SNC
F and Railfreight Distribution (RfD) to compete
directly with the newly-form
ed UIRR associate, Combined Transport Ltd (CTL).
This is causing concern in 
the UK industry.
ACI is owned by the railways whereas CTL is 36 per cent own
ed by private
hauliers and forwarders. But a spokesman at RfD insisted that 
CTL has
nothing to fear and will receive service quality equal to that given
 to the
new company.
To encourage combined transport the Commission has agre
ed derogations which
allow governments to give discounts on vehicle excise d
uties and permit
gross lorry weights of 44 tonnes for vehicles in combined t
ransport.
The Belgian, German, French and Italian governments allow one or b
oth of the
derogations. The UK government allows neither, preferring to stic
k with its
38-tonne gross lorry weight limit until 1999. The 32.52 tonnes re
striction
on drawbar sets will be raised to 35 tonnes next year.
Because thi
s makes British operations less competitive than those on the
European mainl
and, UK firms are reluctant to invest in combined transport
equipment. The U
K has fewer than 2,000 swap bodies, the most popular
intermodal system, comp
ared to more than 100,000 on the mainland.
The Rail Users Group, the Freight
 Transport Association and the Road Haulage
Association continue to urge the
 government to adopt a more helpful
attitude.
UK-based Grand Transport Syste
ms, a leading European supplier of intermodal
equipment for combined transpo
rt, makes little effort to market its products
in the UK because of delays a
nd uncertainty over the provision of combined
transport infrastructures on t
he British side of the Tunnel.
RfD managing director Ian Brown says he now h
as government approval to spend
Pounds 50m to increase the clearance height 
to European loading gauge
standards of tunnels and bridges on the Channel Tu
nnel routes. It will allow
his new fleet of medium deck height wagons to car
ry 9ft high containers.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> Londo
n Page II </PAGE>
</DOC>

============= Transaction # 145 ==============================================
Transaction #:    145       Transaction Code:  22 (Record(s) Saved)        

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<DOC>
<DOCNO>FT932-16862</DOCNO>
<PROFILE>_AN-DDDAIABTFT</PROFILE>
<DATE>930
403
</DATE>
<HEADLINE> FT  03 APR 93 / Tunnelling into history: Finance migh
t still be in question, but under the ground and above it the Channel tunnel
 project is nearly ready </HEADLINE>
<BYLINE>    By ANDREW TAYLOR, Construct
ion Correspondent </BYLINE>
<TEXT>
THE TRACK is laid, the platforms are in p
lace, overhead power lines have
been erected and the first trains have been 
run between Britain and France.
The Channel tunnel has arrived.
Most of the 
construction and electrical installation has been completed
apart from the o
dd bit of concreting, painting, landscaping and, most
important, the fitting
-out of the control towers. Commercial services are
due to start next year.

The terminals - at Coquelles in northern France and Folkestone in Kent  -
lo
ok much as they will when public services are running, down to the
foundatio
ns and overhead gantries for the toll booths.
The main structures, including
 control towers and amenity and rest areas,
have been completed. Facilities 
for customs and immigration have been
provided, even though it is not clear 
what border controls will be required
following the removal of trade barrier
s between European Community
countries.
The electricity sub-station at the F
olkestone terminal which will provide
power - using French electricity - is 
partially operating.
Hiring and training of train crews and traffic controll
ers started last
year. They will be expected to speak fluent English and Fre
nch. Even
toll-booth operators will attend a two-week language course.
Eurot
unnel, the Channel tunnel operator, has hired 1,100 of the 2,650
full-time s
taff it will need. There will be about the same numbers of
British and Frenc
h workers, with 5 per cent drawn from other nationalities.
Some big problems
 remain. The system has to be tested thoroughly before
Eurotunnel can receiv
e an operating licence from a specially established
Franco-British inter-gov
ernmental commission.
Full-scale fire and evacuation tests will have to be c
onducted underground.
Managers will have to be satisfied that control and si
gnalling systems will
work properly when connected up and that procedures fo
r loading and
unloading vehicles on shuttle waggons will not delay services.

Passenger shuttles, each carrying up to 120 cars and 800 passengers, are
ex
pected to run every 15 minutes at peak times. The 50km journey will take
abo
ut 35 minutes, at a maximum speed of 130kph.
There will also be mainline pas
senger and freight trains run by BR and SNCF,
the British and French rail ne
tworks, which could mean trains entering and
leaving the tunnels every three
 minutes.
Delivery of locomotives and wagons has already been delayed. A dis
pute over
costs between Eurotunnel and Transmanche Link, the consortium of f
ive
British and five French construction companies building the Pounds 8bn-p
lus
project, could delay further commissioning and testing.
The opening date
, originally planned for May, has been put back to December
and Eurotunnel s
ays it could open either side of Christmas. Some
construction companies say 
it may not open until March or even later next
year.
No matter who wins in t
he row over costs, the system is built. Even in the
unlikely event that Euro
tunnel failed, somebody would take over the project.
All that is needed is t
he passengers and the cars and history will have been
made.
</TEXT>
<XX>
Cou
ntries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    FRZ  France, EC.
</CN>
<XX>

Industries:-
</XX>
<IN>P4011 Railroads, Line-Haul Operating.
</IN>
<XX>
Type
s:-
</XX>
<TP>NEWS  General News.
</TP>
<PUB>The Financial Times </PUB>
<PAG
E> London Page 8 </PAGE>
</DOC>

============= Transaction # 146 ==============================================
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<DOC>
<DOCNO>FT942-7975</DOCNO>
<PROFILE>_AN-EEWDFADKFT</PROFILE>
<DATE>9405
23
</DATE>
<HEADLINE> FT  23 MAY 94 / Every which way but the right way: The
 UK government has yet to deliver a coherent transport policy </HEADLINE>
<B
YLINE>    By CHARLES BATCHELOR </BYLINE>
<TEXT>
An ambitious Pounds 2bn prop
osal to build the first east-west rail link
across London comes to grief in 
a parliamentary committee of just four MPs.
Despite the backing of not merel
y the government, but also the opposition
Labour party and the capital's bus
iness interests, CrossRail is rejected
because traffic projections have chan
ged since it was planned in the late
1980s.
CrossRail has, regardless of its
 merits, come to reflect a wider malaise in
Britain's transport policy. Many
 experts, planners and transport operators,
as well as the travelling public
, agree that transport planning in the UK is
failing to deliver the goods. C
riticism has come from organisations as
diverse as the Confederation of Brit
ish Industry, the Royal Institution of
Chartered Surveyors and the Council f
or the Preservation of Rural England.
Many of the objections centre on the p
erception that the government favours
the private car over public transport.

High-profile public protests against a number of road schemes have spilled

over into violence in some instances. More attention-grabbing demonstrations

are expected against a bypass to the east of the picturesque Georgian city

of Bath and against a motorway extension through an area of great natural
be
auty south of Blackburn.
Meanwhile, congestion is stifling towns and cities 
while delaying commuters
on their journey to work; cross-country motorways a
re clogged by traffic
jams with increasing frequency, while rail services ar
e in the throes of
privatisation with a still uncertain outcome; London Unde
rground suffers
frequent breakdowns because of ageing equipment; the governm
ent has cut back
on its Pounds 23bn 10-year roads programme and set more rea
listic
priorities; and delays on a high-speed rail link between London and t
he
Channel tunnel mean it will not be completed until at least eight years
a
fter the tunnel itself has opened for business.
Yet across the Channel, Fren
ch passengers enjoy inter-city trains travelling
at speeds of nearly 190mph;
 German commuters travel on spanking new
underground systems; and the Dutch 
get to work on a road network which
provides extensively for the cyclist.
Mo
unting public dissatisfaction over transport provision in the UK has
pushed 
the issue to the top of the political agenda. Tory backbenchers have
joined 
a revolt against a programme for building trunk roads and motorways.
The mai
n criticisms of the government's present transport policy are that:
There is
 no long-term approach to planning transport infrastructure
projects. As it 
takes several years to plan, prepare and construct a large
transport link, a
 short-term outlook can make a nonsense of such a project.
The reason is tha
t traffic or passenger flows are subject to change during
the planning and c
onstruction period. CrossRail provides a striking example
of this. If traffi
c demand increases during the economic recovery there may
once again be a ne
ed for a cross-London link and the whole planning process
will have to start
 again.
'The British government machine, with its . . . year-by-year battles
, is
fundamentally ill-suited to dealing with the timescales intrinsic to
tr
ansport decisions,' concluded the authors of Transport Policy-Making in
Brit
ain, a recent study by the London School of Economics.
Parliament votes fund
s for one year; government departments are encouraged
to think three years a
head; while the election timetable imposes a four- or
five-year time frame o
n thinking.
Contrast this with the long-term strategic planning, often backe
d by a
guarantee of government funds, in many other European countries. Swit
zerland
has embarked on a 12-year programme, Bahn 2000, to upgrade its rail 
network,
while the Netherlands has a 15- to 20-year perspective for its Rail
 21
project.
There is little co-ordination of road building with public sect
or spending
on rail or urban light railway systems in the UK.
Transport proj
ects are judged individually, largely by their contribution to
reducing cong
estion in a specific area, says Steer Davies Gleave, transport
consultants.

Moreover, says Steer Davies Gleave, the way in which the UK assesses the
mer
its of different forms of transport tends to favour the private car. The
gov
ernment offsets against the cost of a road construction project the money
va
lue of the time saved by users. But, in the case of public transport
project
s, it does not. German and French assessments do not reflect this
bias.
Tigh
t control by the Treasury adds to the tendency to adopt short-term
financial
 goals on transport projects. Each rail project requires separate
Treasury a
pproval, while schemes in the 10-year roads programme do not.
The injection 
of more private sector finance was seen as a way round tough
controls on pub
lic spending. But this, too, has run into the buffers of
Treasury control. P
rivate sector bids to modernise London Underground's
Northern Line are due s
hortly, but problems have arisen over the degree of
risk to be carried by th
e private sector.
'Government is discovering, says the LSE study, that 'you 
can either have
control or majority private finance, but you cannot have bot
h.'
The government does not spend enough on the transport infrastructure. La
st
November of all transport expenditures the roads budget was most severely

cut. Over the long term, however, it is public transport which has suffered

most, critics say.
John MacGregor, the transport secretary, points out that
 40 per cent of his
department's budget is spent on public transport althoug
h nearly 90 per cent
of journeys are made by motor car. But overall spending
 on schemes involving
all forms of transport is set to fall 13 per cent over
 the next three years
to Pounds 5.4bn, according to transport department for
ecasts.
The UK spends less on rail infrastructure than any other European co
untry
except Finland. Germany's superior commitment to rail, by contrast, is

evidence in its plans to invest more in its rail network than in roads in
t
he period up to 2010.
What does the government say to such criticisms? It be
lieves attempts to
establish an integrated plan for transport would not succ
eed, 'We don't
believe in a centralised system which tells people how to tra
vel,' Mr
MacGregor said recently. The government is, however, trying to crea
te an
overall framework which meets the needs of the economy.
While it does 
so, it can draw to its critics' attention a shift in its own
approach. This 
change is driven, in part, by a growing realisation of the
environmental imp
act of an unrestrained increase in road traffic. Yet any
shift is constraine
d by its calculation that even a 50 per cent increase in
rail traffic would 
reduce the number of road journeys by only 5 per cent.
The government is inc
reasing fuel duties by at least 5 per cent a year to
meet the Rio targets fo
r CO emissions, implicated in global warming. There
have also been potential
ly far-reaching changes in government planning
guidelines, among them one in
 March calling on local authorities to limit
the scale of out-of-town commer
cial developments and reduce reliance on the
private car.
Even more far-reac
hing are plans to introduce tolls on Britain's motorways.
Indications are th
at, in the early stages, these will be set low, but they
may still prompt a 
shift towards public transport.
Government rhetoric on public transport is a
lso changing. As yet, however,
there is no commitment to extra funding. With
out such a commitment, the
travelling public and much of industry are unlike
ly to be satisfied. They
await hard evidence of government determination to 
solve chronic transport
problems and give coherence to planning, whose dislo
cation was so evident in
the CrossRail debacle.
</TEXT>
<XX>
Countries:-
</X
X>
<CN>GBZ  United Kingdom, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P9621 Regu
lation, Administration of Transportation.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT 
 Comment & Analysis.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Pag
e 19 </PAGE>
</DOC>

============= Transaction # 147 ==============================================
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<DOC>
<DOCNO>FT924-9717</DOCNO>
<PROFILE>_AN-CKEBPACWFT</PROFILE>
<DATE>9211
04
</DATE>
<HEADLINE> FT  04 NOV 92 / Private way for public roads: Budget c
onstraints are forcing the UK government to seek new ways of financing trans
port </HEADLINE>
<BYLINE>    By RICHARD TOMKINS </BYLINE>
<TEXT>
Britain bad
ly needs more roads and railways. People are tired of traffic
jams and slow,
 overcrowded trains; recession has left the construction
industry desperate 
for work; and after a sudden policy turnabout at the end
of last month, the 
government has become a convert to the need for big
capital projects to stim
ulate economic growth.
But who is going to pick up the bill? At a time when 
ministers are agonising
over ways of meeting next year's Pounds 244.5bn plan
ning total, there is
little enough money in the public purse to maintain exi
sting spending
programmes, still less increase them.
The government, however
, believes it has a solution. Mr Norman Lamont, the
chancellor, has promised
 that next week's Autumn Statement will come up with
ways of involving the p
rivate sector in the funding of capital projects.
The idea is not a new one.
 In 1981, during Britain's last deep recession,
there were similar pressures
 for capital investment to get the economy
moving, and similar calls for pri
vate sector involvement to help it along.
The Treasury responded by drawing 
up the so-called Ryrie rules to define the
conditions in which private secto
r funding could be allowed.
As befitted a government for which the control o
f public spending had become
an icon, the rules were a model of fiscal recti
tude. One rule, known as the
non-additionality principle, decreed that priva
te money invested in public
sector projects could only be used in place of p
ublic spending, not in
addition to it. Another, known as the value-for-money
 principle, decreed
that private funding would only be allowed if it deliver
ed a project more
cheaply than public sector funding - a most unlikely event
uality since the
government can borrow from the financial markets at much lo
wer rates of
interest than the private sector.
Not surprisingly, the effect 
of the rules was to stifle private sector
participation rather than to encou
rage it. But in a sense, it did not matter
much. By that time, the governmen
t's privatisation programme had started to
solve the problem in a different 
way - by transferring state-owned utilities
and their accompanying capital r
equirements to the private sector.
Transport was a prime target for privatis
ation. The national airline,
airports, ferries, ports, road freight, buses a
nd coaches were all sold. But
roads and railways remained stubbornly in the 
public sector, and by the late
1980s were coming under unprecedented strains
 as a result of strong economic
growth.
The result was a renewal of calls fo
r private sector involvement in funding
transport infrastructure. In May 198
9 Mr John Major, then chief secretary to
the Treasury, announced that the Ry
rie rules would be scrapped. Days later,
the Department of Transport publish
ed a document called New Roads By New
Means, heralding the dawn of an era in
 which the private sector would be
allowed to build toll roads.
Three years 
on, these moves have almost wholly failed to achieve their
objectives. True,
 the privately-funded Dartford Crossing now carries
London's M25 orbital mot
orway across the Thames, but that was an exceptional
project approved before
 the abolition of the Ryrie rules. Since 1989, the
construction of the priva
tely-funded Second Severn Crossing has begun, but
the only road or motorway 
project to have been given the go-ahead is the
Birmingham Northern Relief Ro
ad - and that is not expected to open until the
end of the decade.
One reaso
n why the private sector has proved so reluctant to finance as well
as build
 the nation's transport infrastructure is that the abolition of the
Ryrie ru
les was largely a sham; the Treasury simply re-created the rules in
its so-c
alled Green Book in April 1991. Its only significant concession was
a soften
ing of the non-additionality principle, allowing for consideration
to be giv
en to the use of private funding to supplement public spending.
In reality, 
however, there is a much more obvious explanation for the
private sector's l
ack of interest in road and railway investment than
Treasury rules. It is th
e fact that companies cannot see an opportunity for
making money out of it.

The risks and costs, for example, can be immense. Lead times for transport
i
nfrastructure projects typically span a decade or more because of the
interm
inable, and usually controversial, planning processes. Companies are
relucta
nt to risk millions of pounds working up projects only to see them
collapse 
or rendered unviable during the planning phase. And when projects
do go ahea
d, companies may face colossal bills for land acquisition and
environmental 
protection.
The risks would matter less if companies could be sure of earnin
g
appropriate returns. But in Britain, where existing roads and motorways ar
e
free at the point of use, it is difficult for companies to charge tolls hi
gh
enough to cover their costs without losing their customers to free
altern
ative routes.
Put simply, toll roads only work where users have no cheap or 
easy option.
In other countries which operate them, such as France, they ten
d to work
either because alternative routes are also tolled, or because free

alternatives are unsuitable for drivers travelling long distances.
In Brita
in, it has so far only been possible to introduce tolls on river
crossings, 
where the alternative is another tolled crossing or a long
detour. If the Bi
rmingham Northern Relief Road works, it will only be
because the motorway ro
ute for which it provides an alternative is full.
It follows that another at
tempt to encourage the private sector to build
toll roads through a softenin
g of Treasury rules will be futile unless it is
accompanied by measures to m
ake such projects viable.
The single most obvious solution would be to sweep
 away road tax and fuel
excise duties and replace them with a system of elec
tronic road pricing - in
other words, charging people for use of public road
s on a pay-as-you-go
basis. This would not only put private roads on a more 
competitive footing
with public ones, but would have the beneficial side eff
ect of increasing
the viability of rail.
Transport and environment ministers
 are increasingly suggesting that road
pricing is inevitable, if only as a m
eans of tackling traffic congestion and
pollution. Even so, they have made i
t clear that they are not quite ready
for it yet.
In the interim, therefore,
 the next best solution might be to introduce
charges only for those public 
roads or motorways competing directly with
privately-operated routes. One wa
y of doing this would be to award
concessions for route 'corridors' rather t
han specific roads, and allow
companies to toll existing roads lying in the 
corridor to help pay for new
ones.
For example, if the government wanted the
 private sector to build new
motorway capacity between Birmingham and Manche
ster, it could grant a
company the Birmingham-Manchester concession and allo
w it to impose tolls on
the existing M6 motorway to help meet its costs duri
ng the planning and
construction of a new road. Similarly, a company could b
e granted a
concession for the heavily-congested M25 London orbital motorway
, imposing
tolls on the existing road to pay for a widening programme.
Prece
dents for this kind of arrangement already exist. The consortium that
built 
the Dartford Crossing, led by Trafalgar House, the construction group,
was g
iven a concession to take over the existing Dartford Tunnel. Income
from the
 tunnel and bridge tolls is being used to service the loans, and
once these 
are paid off, the tunnel and bridge will revert to the
government. In this c
ase, the consortium's profit comes not from the toll
revenue, but from the c
onstruction contract and the fees for arranging the
loans.
A similar agreeme
nt has been drawn up for the Second Severn Crossing, so it
is clearly deemed
 as workable. But it has its drawbacks. One is that it
confers undesirable m
onopoly powers on the concessionaire, implying a need
for close government c
ontrol over charges. Worse, where roads are involved,
it means the impositio
n of tolls where none previously existed, so risking a
public outcry and the
 possible diversion of traffic onto unsuitable
secondary roads.
In the face 
of these obstacles, perhaps the most attractive proposal comes
from Sir Davi
d Hancock, a former Treasury official who is now a director of
Hambros Bank.
 He suggests that, if a toll road proposal arouses no private
sector interes
t because companies believe it would fail to deliver an
adequate return, the
 government should make it more attractive by offering a
grant towards the p
roject's costs. Companies would then bid to see which
required the smallest 
subsidy to proceed.
One attraction of the idea is that the Treasury has alre
ady accepted the
principle in other areas of transport. In some ways it rese
mbles the scheme
under which the government is prepared to consider grants t
owards the
construction of jointly-funded light rail systems, such as the Ma
nchester
Metro, to reflect the benefits they can bring to local communities.
 A still
closer parallel lies in the government's plans for railway privatis
ation,
where the operation of loss-making passenger services will be franchi
sed out
to the private sector on the basis of which company requires the sma
llest
subsidy to run them.
The implications of adopting such a scheme for ca
pital works could spread
beyond roads. For example, the government continues
 to insist that it wants
the private sector to provide the planned Channel T
unnel Rail Link between
London and the Channel tunnel. In reality, there is 
no possibility that the
link will deliver a return big enough to persuade th
e private sector to fund
it on its own. But an auction to determine which co
mpany or consortium
required the smallest government grant to undertake the 
project could get
the line built at least cost to the exchequer.
The idea is
 not a panacea. The Treasury, always highly suspicious of schemes
which mix 
public and private sector finance, will see it as a way of using
taxpayers' 
money to subsidise private profit. Mr John Fletcher, a director
of Trafalgar
 House, says no scheme is likely to take off unless the
government draws up 
a programme of works large enough for the private sector
to consider it wort
hwhile getting involved. And even if the government does
succeed in getting 
private funding off the ground, years will pass before
any projects reach th
e construction stage - by which time, Britain can only
hope, the country wil
l long since have emerged from recession.
</TEXT>
<PUB>The Financial Times <
/PUB>
<PAGE> London Page 22 </PAGE>
</DOC>

============= Transaction # 148 ==============================================
Transaction #:    148       Transaction Code:  22 (Record(s) Saved)        

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<DOC>
<DOCNO>FT944-11236</DOCNO>
<PROFILE>_AN-EKGC8AFLFT</PROFILE>
<DATE>941
107
</DATE>
<HEADLINE> FT  07 NOV 94 / Survey of Birmingham and the West Mid
lands (7): Unease at the nation's crossroads - The extensive transport syste
m is still inadequate, say businesssmen </HEADLINE>
<BYLINE>    By TOM LYNCH
 </BYLINE>
<TEXT>
The West Midlands region has an extensive road system, the
 UK's main
north-south rail link, and an international airport within easy r
each of
Birmingham city centre.
However, businessmen argue that the principa
l roads are congested, and they
point to the increasing need for supplier co
mpanies to meet the faster and
more accurate delivery times required by big 
manufacturers. They complain
about a lack of investment in the main west coa
st railway line, just as it
is becoming a vital access route to the Channel 
tunnel.
The airport is gearing up for expansion and is hoping to attract tra
vellers
who currently prefer to use Heathrow or Manchester.
Mr Tony Bradley,
 home policy manager of Birmingham chamber of commerce,
argues that transpor
t is the key to everyone else's industry. The transport
network that grew up
 to serve West Midlands manufacturing became one of its
strengths as its dep
endency on exports increased.
Birmingham found itself at a transport crossro
ads, and pressure on links
intensified as more motorists used roads built to
 serve industry, and as
those roads became through-routes on the south-east 
to north-west axis
linking the country's three main conurbations.
The stretc
h of the M6 across the north-west of Birmingham is a prime
example. Built to
 a capacity of 80,000-90,000 vehicles a day, it is now
carrying 115,000. A s
econd public inquiry is under way into a proposed new
motorway - the Birming
ham northern relief road - to take through-traffic
away from the conurbation
.
After the first public inquiry the road was approved, but then the
governm
ent decided it wanted it to be the UK's first private-sector tolled
motorway
. This time there are more objectors, as some believe a toll
motorway would 
put the area at a disadvantage.
Further north, there are plans to widen the 
M6 between Stafford and
Manchester.
Much local lobbying has tried to persuad
e the government to allow the
upgrading of the 500-mile west coast main line
, the railway linking London,
the Midlands, north-west England and west-cent
ral Scotland. Inter City, the
train operator, is doing its best, running a s
ervice on 30-year-old
equipment. Railtrack and WCML Development, a private s
ector consortium, are
carrying out a feasibility study for the upgrading.
Pl
anning permission has been given for two regional freight terminals - at
Dav
entry and Hams Hall - to serve Channel tunnel services.
The West Midlands is
 one of the few conurbations of any size without an
underground or light rai
l rapid transit system. This is a deficiency the
region is anxious to put ri
ght. It regards the plan for a three-stage
development, starting with a line
 from Birmingham to Wolverhampton, as a
main contender for government help.

There are also hopes that this metro would have a link with the airport,
who
se finance director, Mr Stephen Greenwood, argues that expansion could be
an
 important jobs generator. The airport will handle about 5m passengers
this 
year - a further 1m, he said, could add 1,000 jobs to the local
economy.
Bir
mingham airport's expansion plans are based on getting a bigger share of
the
 market in its own back yard. The airport meets about half the region's
leis
ure demand (compared with Manchester's 95 per cent) and 41 per cent of
sched
uled demand (65 per cent). Thirty-eight per cent of West Midlands
passengers
 for Paris use Heathrow in spite of Birmingham's offering nine
flights a day
.
To rectify the situation, the airport this month opens a marketing campaig
n
based on the slogan: 'The world on your doorstep.' It will emphasise the
s
ervices, as well as the airport's relatively easy access and parking and
its
 claimed advantage over Heathrow in speed of baggage and passenger
handling.

The airport's expansion plans involve more than doubling the main terminal

area, and expanding the Eurohub terminal used by British Airways to create
c
apacity to handle at least 11m passengers a year by 2005. Planning
permissio
n will be applied for early next year.
In the longer term, the airport wants
 to extend its runway from the present
2,600 metres to 3,100m, to enable it 
to serve the most distant long-haul
destinations. Mr Greenwood emphasises th
at the airport can expand regardless
of that extra capability. It is current
ly in public consultation, especially
with affected communities, and will no
t seek planning permission for two to
three years.
Crucial to any large expa
nsion is the airport's plan to end its
public-sector status, so that it can 
fund its Pounds 150m-Pounds 200m
development without an impact on the public
 sector borrowing requirement. It
is owned by seven local authorities - Birm
ingham, with 38 per cent, and
Solihull, Coventry, Dudley, Walsall, Sandwell 
and Wolverhampton in 8-12 per
cent parcels.
The councils have agreed to beco
me a minority shareholder, and control
collectively no more than 49 per cent
. The rest will be disposed of by
attracting strategic partners to invest in
 the airport, placing shares with
institutions or a combination of the two. 
The government has approved the
move in principle, and the airport is aiming
 for partial privatisation by
next spring.
</TEXT>
<XX>
Countries:-
</XX>
<C
N>GBZ  United Kingdom, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P9621 Regulatio
n, Administration of Transportation.
    P4011 Railroads, Line-Haul Operatin
g.
    P4111 Local and Suburban Transit.
    P4581 Airports, Flying Fields, 
and Services.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.
</TP>
<
PUB>The Financial Times </PUB>
<PAGE> London Page IV </PAGE>
</DOC>

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<DOC>
<DOCNO>FT942-12765</DOCNO>
<PROFILE>_AN-ED1EOAB9FT</PROFILE>
<DATE>940
428
</DATE>
<HEADLINE> FT  28 APR 94 / Guns dispute may delay tunnel further
 </HEADLINE>
<BYLINE>    By JIMMY BURNS and DAVID BUCHAN </BYLINE>
<DATELINE
>    PARIS </DATELINE>
<TEXT>
Full passenger services on the Channel tunnel 
could face further delays
because of a continuing dispute between Britain an
d France over armed
police.
Home Office and French Ministry of the Interior 
officials have failed to
reach agreement over whether French police will be 
allowed to carry their
guns without restrictions throughout the tunnel link.

The cross-border powers of British and French police are part of a long
pro
tocol agreement initialled by the governments at Sangatte in November
1991. 
Technically, it became legal last year.
The protocol gives extra-territorial
 powers of investigation, search and
arrest to police officers of both sides
 in 'control' zones at the
international terminals in London and Paris and i
n the shuttle terminals at
Cheriton and Coquelles.
The British agreed that F
rench police may carry weapons when stationed at
the fixed control zones at 
Cheriton. But they are resisting demands that
these powers be extended to of
ficers moving between tourist and freight
terminals at Cheriton, as well as 
on the passenger through-trains arriving
and departing at Waterloo.
Under a 
draft operational plan drawn up by Home Office officials, French
police offi
cers would deposit their guns in containers and travel unarmed
with their UK
 counterparts.
British officials fear the unrestricted movement of armed Fre
nch police
could lead to situations in which weapons are used, with potentia
l for
complex legal wrangles.
British police sources say there is also conce
rn that to give way would fuel
demands by some members of the British police
 that they too be permanently
armed.
The French argue that because of tradit
ion and training their police should
be allowed to be armed. The British pla
n is seen as against the spirit of
the protocol.
An aide to Mr Charles Pasqu
a, the French interior minister, yesterday played
down British reservations 
about accepting armed French police controlling
trains on UK soil as 'essent
ially a cultural problem', David Buchan in Paris
writes.
But he was sure the
 police forces of both countries would find 'a practical
solution'. He noted
 that Mr Michael Howard, home secretary, had not raised
the issue when he me
t Mr Pasqua in Paris last month.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GBZ  Uni
ted Kingdom, EC.
    FRZ  France, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P971
1 National Security.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>

<PUB>The Financial Times </PUB>
<PAGE> London Page 13 </PAGE>
</DOC>

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Subject: s6-all

-----<SEARCH RESULTS>-----

1.

DOCUMENT NO.: FT941-1070
9.
HEADLINE:      FT  08 FEB 94 / UK Company News: Glaxo asthma drug wins US
 approval .
BYLINE:           By DANIEL GREEN .
PUBLICATION:  The Financial 
Times .
PAGE:          London Page 24 .
TEXT:         
Glaxo has belatedly w
on US approval for one of its most important products
of the 1990s, the inha
led asthma treatment Serevent.
The US Food and Drug Administration had been 
expected to approve the drug in
December and Glaxo shares fell when this did
 not happen.
After Serevent's approval yesterday, the shares rose 15p to end
 the day with
a net fall of 2p at 664p.
The drug is important to Glaxo becau
se it is a successor to Ventolin, the
long standing big seller in asthma tre
atment. Such respiratory treatments
are second in importance only to ulcer d
rugs in Glaxo's therapeutic
portfolio, accounting for almost one quarter of 
total sales.
The older drug has now lost much of its patent protection and t
he company is
relying on Serevent to underpin its position in the market.
Th
e drug was approved in Europe in 1991 and should eventually reach sales of
P
ounds 350m a year, according to James Capel, the broker. In the last full
ye
ar, Serevent sold Pounds 73m while Ventolin sales were worth Pounds 484m.
Th
e drug had a setback last month, however, when Italian government
healthcare
 reforms favoured Ventolin by excluding Serevent from a list of
drugs the go
vernment would pay for. Glaxo lodged an appeal against the
ruling.
.

2.

D
OCUMENT NO.: FT932-14766.
HEADLINE:      FT  16 APR 93 / Commodities and Agr
iculture: Peru's fishmeal industry set for bumper profits - Production survi
ved last year's El Nino visitation to reach a fresh record .
BYLINE:        
   By SALLY BOWEN .
PUBLICATION:  The Financial Times .
PAGE:          Londo
n Page 26 .
TEXT:         
THE PERUVIAN fishmeal industry is gearing up for 
a bonanza predicted to last
for the next two to three years. By late 1992, t
he sardine and anchovy that
form the staple raw material for the industry we
re back in abundance after
being temporarily affected by the appearance of t
he dreaded warm current
known as 'El Nino', which last ravaged fishmeal outp
ut in 1983.
Contrary to predictions, however, Peruvian production survived l
ast year's
milder visitation and a late boost in fish stocks turned 1992 int
o yet
another record year. Peru topped the world exporters' league with 1.37
m
tonnes, narrowly outstripping Chile's 1.21m tonnes.
'Statistically, the ye
ars after a Nino are excellent,' says Mr Espino of
Imarpe, Peru's maritime i
nstitute, which is charged with husbanding the
resource and recommending per
iodic fishing bans. Mr Espino estimates that
the Peruvian catch could be rai
sed by a quarter or a third from the present
6m tonnes a year without detrim
ent to the species.
'And if the fishmeal producers started going for jack ma
ckerel - at present
only about 80,000 tonnes a year are landed, perhaps 5 pe
r cent of total
stocks - then the sky's the limit,' he says.
The main limita
tion on such expansion is fleet capacity. Most Peruvian
fishing boats are sm
all, with no refrigeration and hug the coast. When El
Nino hits, the fish mo
ve into deeper waters farther out to sea where these
boats cannot follow.
Pe
ruvian producers say they have invested more than Dollars 200m in the past
t
wo years in fleet renovation and plant and equipment modernisation ashore.
T
he industry is moving towards production of higher-quality, low
temperature,
 steam-dried meal with 'stickwater' plants to maximise protein
recovery. New
 boats with refrigerated holds are under construction in local
yards. But th
ere's still plenty of room, and a warm welcome waiting, for new
investment f
rom abroad.
Representatives from Chile's huge Angelini group have been in Pe
ru recently
on 'feeling-out' visits. And Venezuelan capital has already ente
red in the
form of a new fishmeal joint venture under the name of Palangrera
 Peruana.
But the big surprise of 1993 could be the arrival of the Chinese. 
Pesca
Peru, the state-owned fishmeal and fishoil giant that produces around 
40 per
cent of all national output, is high on this year's privatisation lis
t.
Coopers and Lybrand, with financing from the Canadian development agency 
and
the World Bank, is currently completing a valuation and will recommend o
n
sale procedures.
Essentially, the choice is between splitting the company 
into its 20 plants
and four refineries to sell off individually; or selling 
the whole company
as one unit.
The only likely buyers on the latter basis wo
uld be the Chinese - 'and it's
a possibility that has the private producers 
in a state of panic', says Mr
Eric Topf, head of the Pesca Peru privatisatio
n committee.
Unofficially, senior Pesca Peru officials say the company shoul
d fetch 'at
least Dollars 200m', a ball-park figure considered over-optimist
ic by
private producers.
The state-owned plants are, by and large, elderly a
nd outdated - though
several are excellently located on the now-desirable ex
treme southern coast
and have their own quays. Drastic personnel reductions 
during 1992 put Pesca
Peru back into profit after years in the red, underlin
ing just how
profitable producing fishmeal can be, even from scrap-yard plan
ts.
China has established itself as far and away Peru's largest customer, bu
ying
last year almost 60 per cent of all output. Peruvian fishmeal goes to f
eed
the Pacific prawn, turbot and eel which China is successfully exporting 
in
quantity to the US and Japan.
The Chinese are said to be producing at pre
sent some 32m tonnes of animal
foodstuffs a year, in which they use 2 per ce
nt fishmeal - a very low
percentage compared with most competitors. A high-l
evel Peruvian delegation
is now in China 'to try to convince them of the bou
nties of boosting that
fishmeal component,' says Mr Salomon Manzur, Peruvian
 president of the
Fishmeal Exporters' Association.
If the Chinese do increas
e the percentage of fishmeal in their current
animal feedstuff production, P
eruvian producers will be assured of sales for
their expanded fishmeal outpu
t for several years to come.
 ----------------------------------------------
-------
FISHMEAL PRODUCTION ('000 TONNES)
 ---------------------------------
--------------------
                     1990    1991    1992
 ------------
-----------------------------------------
Peruvian
Pesca Peru            379
     498     513
Private sector        755     782     853
Total            
   1,134   1,280   1,366
 --------------------------------------------------
---
Chilean                     1,550   1,210
 -----------------------------
------------------------
Source: Peruvian National Fishing Society (SNP).
 -
----------------------------------------------------
.

3.

DOCUMENT NO.: F
T922-643.
HEADLINE:      FT  26 JUN 92 / Commodities and Agriculture: Floode
d Bolivian farmers on hunger strike .
BYLINE:           By FRANCIS FREISINGE
R .
DATELINE:         SANTA CRUZ .
PUBLICATION:  The Financial Times .
PAGE:
          London Page 30 .
TEXT:         
THE BOLIVIAN Eastern Farmers Chamb
er (CAO) has declared an indefinite hunger
strike in protest at the lack of 
government aid in the wake of the
agricultural disaster that has struck the 
Santa Cruz department as a result
of months of flooding. Peasant groups have
 announced other measures in
support of the CAO - including road blocks - an
d a regional general strike
may follow.
Santa Cruz in the east of the countr
y, which produces 90 per cent of
Bolivia's agricultural exports, principally
 soyabeans and sugar, has been
devastated since January by the worst floods 
in living memory. At least a
third and possibly as much as half the crop has
 been lost already and the
sowing of the next crop has been seriously disrup
ted, the losses will
continue for another harvest. At least Dollars l00m has
 been lost to date, a
vast sum for Bolivia. As a result there will be a mark
ed reduction in GNP
growth this year according to economists.
Nearly a hundr
ed farmers from the CAO have joined the hunger strike,
including some of the
 wealthiest men in the country, and as many as 500 more
are poised to follow
. In a remarkable development, the hardline right-wing
farmers have literall
y become bedfellows with their traditional enemy, the
Bolivian Workers' Cent
ral (COB), the national union confederation which
still adheres, at least in
 theory, to a revolutionary Marxist ideology. Some
of COB leaders have joine
d the hunger strike and are now sleeping in the
same room as the farmers.
Th
e farmers are calling for much more direct government and international
assi
stance as well as rescheduling of loans from both private banks and
multinat
ional institutions, principally the Inter-American Development Bank.
They ar
e demanding special help for the smaller farmers, worst hit
financially beca
use of their lack of access to credit, as a result of which
thousands face b
ankruptcy. The CAO President, Mr Sergio Justiniano said: 'We
will remain on 
hunger strike until a global solution is found'.
The flooding is partly the 
result of exceptionally heavy rains that have
accompanied the El Nino cyclic
al Pacific weather phenomenon, which has also
brought flooding this year to 
Peru and Ecuador. However, according to
ecologists, the effect has been exac
erbated in Bolivia by the extensive
deforestation that has accompanied the a
gricultural boom of the past few
years
Despite officially declaring the regi
on a disaster zone, the government
claims that it is unable to help. Mr Hugo
 Lozino, minister of peasant
development said: 'We have done what we can. Bo
livia is a poor country and
can't afford to do more'.
It seems unlikely, how
ever, that the government will be able to resist the
powerful alliance confr
onting it, especially as it faces unrest in other key
sectors, including min
ing.
.

4.

DOCUMENT NO.: FT923-14358.
HEADLINE:      FT  08 JUL 92 / Commo
dities and Agriculture: El Nino drought 'appears to be over' .
BYLINE:      
     By REUTER .
DATELINE:         SYDNEY .
PUBLICATION:  The Financial Time
s .
PAGE:          London Page 32 .
TEXT:         
THE DROUGHT that has rava
ged crops and cost hundreds of millions of dollars
in countries across Asia 
and the South Pacific appears to be over,
meteorologists say, reports Reuter
 from Sydney.
Its cause, the climatic phenomenon known as El Nino, is dissip
ating with
some areas returning to normal weather conditions more quickly th
an others,
they said.
Australia is among the first of the major agricultural
 producers to emerge
from drought in most areas, while in India a return to 
normal rainfall is
expected in the late monsoon.
China's northern provinces 
are still in the grip of drought, however, though
it is unlikely to have muc
h impact on the country's international trading
position.
'We're now in the 
declining phase of El Nino, it's global and it has had an
effect since early
 last year all round the planet, particularly in the
tropical regions,' an o
fficial at Australia's National Climate Centre said.
Ocean waters in the cen
tral and eastern equatorial Pacific, which had warmed
under El Nino were con
tinuing to cool quite rapidly, the climate centre
reported.
Australia, whose
 farm sector was ravaged by drought and economic recession,
has already felt
 the effect of the changing conditions. 'Australia tends to
climb out of it 
earlier than others,' the official said.
Drought conditions still persist in
 some areas of New South Wales and
southern Queensland but local output of g
rain and sugar is forecast to
recover significantly after last year's drough
t across eastern Australia.
The total value of wheat, coarse grains and suga
r is forecast to rise by
nearly 30 per cent to ADollars 3.14bn (Pounds 1.2bn
) in the year to the end
of June, 1993, compared with the previous drought-h
it year.
In India however, the change is taking longer to come through. 'It 
is
expected to come back to average in the late monsoon season,' Australia's

climate centre official said. Erratic rains in India last year caused food

grain output to fall to about 171m tonnes in the year to June 30, 1992 from

the previous year's record 176m tonnes.
.

5.

DOCUMENT NO.: FT921-5191.
HE
ADLINE:      FT  05 MAR 92 / Commodities and Agriculture: Ecuador shells out
 on shrimp farming - The consequences of declining fish stocks and over-inve
stment .
BYLINE:           By SARITA KENDALL .
PUBLICATION:  The Financial T
imes .
PAGE:          London Page 30 .
TEXT:         
Ecuador's shrimp farmi
ng business had another record year in 1991 as the gap
with other fishing ex
ports widened.
Groups within the industry, unwilling to acknowledge over-fis
hing, accuse
each other of irrational practices or blame dwindling catches o
n climate and
ocean currents.
'We've seen this happen in other countries - w
ith herring in the North Sea,
and anchovy in Peru,' said Mr Ian Scott, the e
conomist in charge of
Britain's technical assistance programme for the fishi
ng sector.
'There's been over-investment. If the Ecuadorian fleet fishes for
 150 days a
year at 50 per cent efficiency, it can catch 3m tonnes - but the
 sustainable
stock of pelagic fish is only 500,000 to 1m tonnes.'
In the las
t few years fishermen supplying the fishmeal and canning
industries have see
n a drastic drop in the harvest of sardines, mackerel,
thread herring and an
chovies: the catch fell from 1,970,000 tonnes in 1985
to 233,000 tonnes in 1
990, leaving many processing plants working at less
than 20 per cent of capa
city.
Mr Scott said that although the warm southward-flowing El Nino current
 was
responsible for two bad years, the general decline was due to over-fish
ing
and licences and quota systems were needed to help stocks recover.
The t
una industry, centred in Manta, is also overblown, but the catch has
remaine
d stable at 50,000 to 55,000 tonnes a year.
Both Ecuadorian and foreign boat
s fish for tuna. Local fishermen criticise
the fact that boats registered in
 the US, Japan and other countries are
contracted by Manta processing compan
ies. However, it is argued that only
some of the vessels in the national fle
et can freeze tuna to -40C, the
temperature necessary for good quality expor
ts.
The under-secretary for fishing, Mr Max Aguirre, is proud of Ecuador's
r
ecord on the dolphin-tuna issue. 'The Ecuadorian law is strict. Ecuadorian
a
nd foreign boats have their licences taken away if they fish on dolphins. I

report with satisfaction that in 43 trips with observers on board there were

zero dolphin deaths.'
Mr Aguirre admits that research studies warned of sar
dine fishing problems,
and says regional controls, including Peru and Chile,
 should be enforced.
'Licences should regulate the catch with reference to t
he resource.'
However, the private sector has been too powerful and the gove
rnment too
timid to allow any quota-based management of stocks.
The fish sec
tor earned about USDollars 570m in 1991, with shrimps
contributing more than
 85 per cent. There are more than 125,000 hectares of
shrimp ponds along the
 tidal flats of the Ecuadorian coastline, mainly in
the southern provinces. 
Most shrimp farms are less than 50 hectares, though
the largest - up to as m
uch as 2,000 hectares  - tend to be the most
sophisticated. Some use small a
ircraft to drop feed over the surface of the
ponds.
Shrimp farms produce all
 year round so close to the equator and two to three
harvests can be taken. 
With an ideal climate, plentiful larvae and
low-labour costs, Ecuador is the
 leading Latin American shrimp exporter.
'Our problem at the moment is the b
ig jump in the cost of inputs. The dollar
price of shrimps has dropped and s
o has profitability,' said Mr Renato del
Campo of the Chamber of Shrimp Prod
ucers in Guayaquil. 'But there are
markets - the US is still attractive and 
we are diversifying into Europe,
especially Spain.'
Exports have risen from 
10,000 tonnes in 1980 to more than 78,000 tonnes in
1991, and the need for m
ore space and more larvae has led to conflict with
environmental groups, par
ticularly over the clearing of mangroves.
Most shrimps are bred from wild la
rvae caught by thousands of seasonal
fishermen, but more than 100 laboratori
es have been started up in recent
years, with some exporting larvae to Colom
bia.
Although the shrimp fishing industry is small, accounting for less than
 10
per cent of production, wild shrimp provide important breeding stocks fo
r
the laboratories.
The sector expanded dangerously fast - from about 2,000 
to 9,000 boats  - in
the 1980s and over-fishing is becoming a serious proble
m within a few miles
of the coast. Many of the boats are dug-out canoes base
d in small
communities.
'We need to teach people to take better care of the 
fish, then they'll also
improve their income. There should be ice available,
 and we need to
encourage marketing co-operatives,' said Mr Aguirre.
The Bri
tish aid project, which is now ending after 12 years, has helped the
Nationa
l Fisheries Institute to build up data on biology, product
development, mark
eting and management.
Ecuador has a stronger basis for planning resource use
 than many other
countries. 'There isn't any room for growth in the existing
 industry - it
needs reducing and consolidating,' said Mr. Scott.
.

6.

DO
CUMENT NO.: FT922-14235.
HEADLINE:      FT  07 APR 92 / Drought pulls the pl
ug on much of Colombia .
BYLINE:           By SARITA KENDALL .
DATELINE:    
     BOGOTA .
PUBLICATION:  The Financial Times .
PAGE:          Internation
al Page 6 .
TEXT:         
POWER cuts of at least eight hours a day have bee
n imposed all over Colombia
in an effort to cope with a drought that has red
uced the water for hydro
electric plants. There is little prospect of rain, 
and reservoirs are drying
into baked mud. If this continues the country coul
d face a complete
black-out by the end of April.
The winter rains are late a
nd the El Nino current off the Pacific coast
appears to be upsetting normal 
weather patterns. But bad planning, heavy
debts, corruption, budget deficits
, deforestation and poor management are
behind the electricity problems.
Col
ombia's generating capacity is 8,200MW, more than adequate for normal
demand
 levels. Despite the country's ample coal and oil reserves, 78 per
cent of p
ower comes from large, expensive hydro-electric schemes which have
pushed th
e sector's foreign debt up to more than Dollars 5bn.
To try to save on costs
, electricity companies have been running down the
reservoirs rather than us
e thermal plants at full capacity. Labour and
financial problems have also d
elayed the maintenance of thermal power
stations, while guerrilla attacks ha
ve put distribution lines out of action.
The rationing aims to cut overall c
onsumption by about a third. The
government has asked industry to shut down 
for 10 days over Easter and to
send workers on holiday.
.

7.

DOCUMENT NO.
: FT922-12623.
HEADLINE:      FT  16 APR 92 / Commodities and Agriculture: S
upply fears buoy sugar prices .
BYLINE:           By DAVID BLACKWELL .
PUBLI
CATION:  The Financial Times .
PAGE:          London Page 38 .
TEXT:        
 
FEARS OF a tighter sugar supply/demand balance in 1992-93 are supporting t
he
world market, according to reports from two London trade houses.
Raw suga
r prices have recently touched eight-month highs, nudging 10 cents a
lb in t
he New York market, on fears of tight nearby supplies following
damage to th
e South African crop because of drought.
The trade houses, ED & F. Man and C
zarnikow, both point out in reports
published today that in the short term t
he changing export potential in
several countries will keep the lid on price
s. The increasing likelihood of
a 1m-tonne increase in Thailand's crop, comp
ared with the previous season,
together with the availability of exportable 
surpluses from India and Cuba,
should 'keep significant advances at bay', Ma
n's latest sugar report says.
Man believes that reports of a catastrophic Cu
ban crop this season at 5m to
5.5m tonnes are unsupported by the evidence an
d estimates that the crop will
come in at about 6.5m tonnes. It is forecasti
ng a crop of more than 5m
tonnes in Thailand and 12.6m tonnes in India.
The 
overall balance for the 1991-92 season remains marginally in surplus,
Man sa
ys, but it suggests that the situation is likely to be even more
tightly bal
anced in 1992-93.
Czarnikow's sugar review points out that the extent of the
 South African
drought has raised questions about the timing and coverage of
 the El Nino
weather phenomenon.
'Already a major drought is developing in T
hailand which, if relief does not
arrive this month, could have serious impl
ications for the next crop,' the
Czarnikow review says. 'If this is part of 
a regional phenomenon there might
be problems later in the year with the mon
soon in India and this will need
to be monitored carefully.'
.

8.

DOCUMEN
T NO.: FT921-10204.
HEADLINE:      FT  07 FEB 92 / Commodities and Agricultu
re: Keeping a weather-eye on a troublesome 'child' / A look at the crop prob
lems posed by the unpredictable El Nino climate phenomenon .
BYLINE:        
   By BARBARA DURR .
PUBLICATION:  The Financial Times .
PAGE:          Lond
on Page 22 .
TEXT:         
TO CALM anxious grain traders the Chicago Board 
of Trade will offer a
seminar later this month on El Nino, the weather pheno
menon that develops in
the equatorial Pacific every three to five years and 
can cause global
climate upsets. Grain traders are keen to know if they can 
expect this
year's El Nino to disturb the US weather pattern sufficiently to
 make a dent
in crop output.
Although signs of El Nino had been accumulating
 during 1991, only last month
did the the US National Weather Service finall
y conclude publicly that the
phenomenon was a fact.
The symptoms had been sh
owing themselves overseas since last spring - rising
surface temperatures in
 the eastern and central Pacific, drought in the
western Pacific rim from Au
stralia through Indonesia, a weaker Indian
monsoon, dryness in north-eastern
 Brazil, drought in South Africa and
wetness last summer in the Great Basin 
of the US, which runs from Arizona
north to Idaho.
While many of these condi
tions indicate that El Nino is occurring, they do
not reveal its severity. T
he phenomenon generally peaks in the northern
hemisphere's winter. This help
s explain why Peruvian fishermen dubbed the
phenomenon El Nino, which means 
Christ child in Spanish. It arrived about
Christmas time.
Mr Vernon Kousky, 
a research meteorologist with the US weather service, now
assesses the curre
nt El Nino as 'moderate to strong'. While individual
weather events cannot a
lways be directly attributed to El Nino, some signals
are indicative of its 
strength. Warm water in the Pacific is pushing
moisture into the south-weste
rn US, causing, for example, this winter's
floods in Texas, according to Mr 
Art Douglas, chairman of the Creighton
University's Atmospheric Sciences Dep
artment. Along the Gulf of Mexico, from
Texas to Florida, some areas have al
ready had 200 per cent to 1,000 per cent
of their normal rainfall. Temperatu
res in that region are also beginning to
dip below normal. At the same time 
the phenomenon is upsetting the Jet
Stream, keeping extremely cold air far t
o the north and moderating
temperatures in the Midwest.
The Midwest, America
's most important grain area, is seeing temperatures
four or five degrees Fa
hrenheit above normal, said Mr Jon Davis, the
in-house meteorologist for She
arson Lehman's commodities trading arm. The
weather service predicts that mo
re of the same will occur in those regions
until spring and that the usually
 wet north-west is likely to be dryer, as
is the Ohio valley.
But what conce
rns the grain trade more is what, if anything, will happen
during the critic
al planting and growing season for American crops from June
to August.
Unfor
tunately, weather forecasting is not a precise science. Mr Kousky says
that 
El Nino, usually a 12 to 18 month event, has another six to 12 months
to run
. But he points out that there is no consistent relationship between
El Nino
 and the weather pattern beyond the winter-to-spring months.
'Anything can h
appen,' he admits.
Crop Cast, a Maryland-based weather forecasting service t
hat is used by many
US commodity trading houses, says that while El Nino has
 already affected
South American soyabeans, South African maize and Australi
an wheat, it is
hoping to be able to predict potentially damaging crop effec
ts in the US by
looking at the coincidence of the El Nino with two other cli
matological
events, last year's eruption of Mount Pinatubo in the Phillippin
es and the
combination of lunar and solar cycles.
These additional factors a
long with El Nino probably mean that a more
extreme weather pattern bleeds o
ver into summer, according to Mr Kevin
Marcus, director of Crop Cast service
s. He says the likelihood of extreme,
hot and dry weather is 100 per cent, b
ut gives only a one in three chance
that this will have a significant impact
 on crops.
The hot, dry weather would have to occur in July or early August 
to reduce
the maize and soyabean crops significantly, that is by more than 1
0 per
cent. But Mr Marcus is uncertain about how the three phenomena will in
teract
since there no established pattern. He is still waiting for more data
 on the
severity of this year's El Nino.
The phenomenon has prompted commodi
ties markets to gyrate in the past. In
1972-73 the El Nino destroyed the Per
uvian fishmeal catch, which then
accounted for some 45 per cent of the world
 trade in protein feed. In
1982-83 it caused a drought in Africa, which help
ed to send cocoa prices up
by nearly 70 per cent over a period of about a ye
ar.
.

9.

DOCUMENT NO.: FT944-9398.
HEADLINE:      FT  16 NOV 94 / Law of 
the Sea promises many disputes .
BYLINE:           By BRUCE CLARK, Diplomati
c Correspondent .
PUBLICATION:  The Financial Times .
PAGE:          London 
Page 6 .
TEXT:         
The United Nations Convention on the Law of the Sea,
 which enters full force
today, seems likely to be treated by coastal states
 as a rich source of
legal and rhetorical arguments to be used against rival
s.
This is in spite of the fact that the last thing the law's drafters wante
d
was to provide disputatious countries with extra torpedoes. One of the law
's
ostensible purposes is to encourage compromises over the exploitation of

maritime resources, even among countries with unresolved disputes.
Apart fro
m a standoff in the Aegean - where Turkey has threatened war if
Greece exten
ds its territorial waters to 12 miles - one of the most grave
maritime dispu
tes involves China and Vietnam, locked in a war of words over
oil rights in 
the South China Sea.
Both China and Vietnam claim to be acting in accordance
 with the Law of the
Sea but their interpretations of the document are miles
 apart.
Over the last month, China has accused Vietnam of infringing its int
erests
in international waters by inviting US and European companies to expl
ore for
oil in the Tonkin Gulf.
Vietnam has retorted that it is exercising i
ts legitimate rights in the
economic zone to which it is entitled by the UN 
convention. It said that
under the terms of that treaty, there were no inter
national waters in the
Gulf.
This dialogue of the deaf reflects confusion ov
er the difference between
territorial waters - which may be extended, under 
the UN Law, up to 12 miles
 -and the 'economic zone' which coastal states ar
e entitled to claim,
amounting to either 200 miles or the full extent of the
ir continental shelf,
whichever is larger.
China and Vietnam are also arguin
g over resources around the Spratly
Islands, a group of reefs and atolls who
se other would-be owners are Taiwan,
Brunei, Malaysia and the Philippines.
C
hina has awarded an exploration contract to the US company Crestone for an
a
rea south-west of the Spratlys, while Vietnam has awarded a consortium led
b
y Mobil a bloc slightly further to the west. Each state has denounced the
ot
her's contract.
Sovereignty over the Spratlys - and hence control of the sur
rounding
economic zone - is crucial to each side's claim to energy rights, a
nd the
salience of this issue is expected to grow as the UN convention enter
s
force.
However a study by a London-based law firm, maintains that the law 
favours
pragmatic joint exploitation accords, even among countries with unre
solved
disputes.*
Laying out the common-sense arguments for such accords, it
 notes that oil
deposits which straddle two states' economic zones cannot be
 exploited by
one without damaging the other's interests. When one state dri
lls, oil from
the rival state's zone is liable to flow across the boundary l
ine as a
result.
Article 83 of the UN convention says that pending final agr
eement on zones,
countries should 'make every effort to enter into provision
al arrangements
of a practical nature'.
As an example of such a deal, the st
udy cites the 1989 accord between
Australia and Indonesia over waters south 
of Timor.
However, such accords are not a panacea. Portugal - still seen by 
the UN as
legal administrator of East Timor - has challenged Australia's rig
ht to
enter the accord, before the International Court of Justice.
The entry
 into force of the UN Law comes a year after its ratification by
the minimum
 of 60 states. Another breakthrough came this summer when
provisions on deep
-sea mining - outside the zones of any country - were
amended so as to convi
nce the US, the UK and Germany to sign.
*Paper by Charles Robson of Lovell W
hite Durrant, 65 Holborn Viaduct, London
EC1A 2DY
.

10.

DOCUMENT NO.: FT9
44-11244.
HEADLINE:      FT  07 NOV 94 / Survey of China (4): Spratly Island
s row heats up - Dispute over offshore oil and gas resources .
BYLINE:      
     By SIMON HOLBERTON .
PUBLICATION:  The Financial Times .
PAGE:         
 London Page II .
TEXT:         
It is possible that a group a submerged ree
fs in the South China Sea could
be the site of the world's next big conflict
 involving the ownership of oil
resources.
At issue is the ownership of the 
Spratly Islands and their surrounding seas
which are claimed, in whole or pa
rt, by China, Vietnam, the Philippines,
Malaysia, Brunei and Taiwan.
The mai
n protagonists in the dispute are, however, China and Vietnam. They
have com
e to blows once - in 1988 when China sank two Vietnamese vessels
with the lo
ss of more than 70 lives - and continue to frustrate each other's
attempts t
o mine the oil and gas believed to be in liberal supply below the
sea.
The S
outh China Sea is one of the world's most important shipping lanes. The
poss
ibility of a naval conflict over sovereignty would engage the vital
interest
s of Japan - 70 per cent of its oil imports pass through the sea -
and surro
unding claimants. The US, which is not taking sides, would
inevitably become
 involved if hostilities broke out  - 'the Chinese
government's position is 
clear,' says Chen Bingqin, vice-president, China
National Offshore Oil Corp.
 'We want to put the dispute on the shelf and
explore (for oil and gas) join
tly. It is the only way peacefully to explore
the area.'
On the question of 
sovereignty, a senior Chinese government official was
adamant: 'Sovereignty 
belongs to China and that's a matter that brooks no
discussion.'
China claim
s that there was never any dispute about its sovereignty in the
South China 
Sea until oil and gas were discovered in the 1970s. The Spratly
Islands are 
too far south to show on the above map of China. The size of
Beijing's terri
torial claim - 80 per cent of the South China Sea - is
breathtakingly audaci
ous, even by China's standards. The U-shaped claim runs
the length of Vietna
m's coast and along the western coast of the Philippine
islands, meeting off
 the coast of Brunei and Malaysia to the south.
In 1990, Beijing offered to 
put the issue of sovereignty to one side and
embark upon joint development o
f the South China Sea. But in May 1992, China
awarded Crestone, a relatively
 small US oil explorer, the right to drill for
hydrocarbons in a bloc situat
ed at the extreme south-west of its claimed
territory.
In retaliation, Vietn
am awarded a consortium of oil companies, led by Mobil
of the US, a bloc adj
acent to Crestone's and within China's territorial
claim. This group began p
rospecting in June.
Both countries have offered naval support to their respe
ctive prospectors.
In June the Vietnamese navy interfered with a Chinese ves
sel conducting a
seismic survey of Crestone's bloc. The Vietnamese claim sim
ilar interference
by the Chinese navy. For China, which is likely to remain 
a net oil importer
for many years to come, the promise of abundant oil reser
ves in the South
China Sea would be a boon to its offshore oil industry.
Sin
ce 1982, offshore oil finds in the Yellow and East China seas have failed
to
 live up to early expectations. This year the China National Offshore Oil
Co
rporation expects to produce 44m barrels of oil from 12 fields. It hopes
to 
double production by 1997 when other areas come on stream.
Vietnam, by contr
ast, is extracting 33m barrels a year from one field in the
South China Sea,
 with production set to rise sharply with the addition of
two more oil field
s in production by the end of this year.
.

11.

DOCUMENT NO.: FT942-8510.

HEADLINE:      FT  20 MAY 94 / Go-ahead for Chunnel freight terminal .
BYLIN
E:           By PAUL CHEESERIGHT .
PUBLICATION:  The Financial Times .
PAGE:
          London Page 8 .
TEXT:         
The Department of the Environment h
as given planning permission for the
development of a Channel tunnel freight
 terminal, manufacturing and
distribution park at Hams Hall, east of Birming
ham, in the green belt of
north Warwickshire, Paul Cheeseright writes.
The s
ite is near Junction 9 of the M6 and the proposed junction of the
planned to
ll motorway around north Birmingham with the M6. The government
delayed appr
oval until it was satisfied about the traffic impact on local
roads.
Trafalg
ar House, the shipping, property and construction group, is a partner
in the
 development of both the freight terminal and the new motorway.
.

12.

DOC
UMENT NO.: FT934-11803.
HEADLINE:      FT  29 OCT 93 / Leading Article: Chun
nel link .
PUBLICATION:  The Financial Times .
PAGE:          London Page 17
 .
TEXT:         
THE PLANNED high-speed rail link between London and the Ch
annel tunnel could
be a showpiece for the UK government's initiative of attr
acting private
capital to public infrastructure projects. It provides an opp
ortunity both
to harness the private sector's skills in project management a
nd to remove
at least part of a Pounds 2.6bn-Pounds 3bn project from the pub
lic sector's
balance sheet.
But to achieve these benefits, the Treasury will
 need to abandon its purist
line that all the risk of such projects should b
e borne by private
investors. Sticking to this line could delay or even kill
 off the project,
as Union Railways, the British Rail subsidiary set up to d
evelop the link,
will tell ministers later today.
The essential point is tha
t the private sector is not well suited to bear
the political and regulatory
 risks associated with the early stages of large
infrastructure projects. Be
fore construction on the Chunnel link can
proceed, planning consents must be
 won, public inquiries conducted,
legislation passed and safety standards de
termined. At each stage, there is
a danger that the project will be delayed 
and extra costs imposed.
This particular project does not start with a happy
 history as far as
private companies are concerned. Several construction gro
ups have already
spent money making proposals, only to have them rejected la
rgely for
political reasons. There is also the overhang from the main Channe
l tunnel
project, whose financial attraction has been reduced by a tightenin
g of
safety regulations and the delay in building road and rail links.
It is
 doubtful whether private funds could be attracted at this stage and,
even i
f they could, a high risk premium would be required. Far better,
therefore, 
for the public sector to put up the Pounds 200m needed for the
project's nex
t phase, tiding it over until political and regulatory
uncertainty is largel
y out of the way. After that, it should be easier to
find a further Pounds 2
.5bn-plus from private investors. The remaining risks
 -concerning construct
ion costs, operating expenses and customer demand -
are the type the private
 sector is best at managing.
Given the current budgetary pressures, it is re
asonable to ask why the
Chunnel link should have priority over other worthwh
ile projects that are
now stalled. Part of the answer is that the link is al
ready badly delayed.
Constructing it is important not only to maximise the e
conomic benefits of
the Channel tunnel but also to ease congestion for commu
ter traffic in the
south-east.
But the most compelling reason for priming th
e pump is that a success with
Union Railways would give a boost to the gover
nment's private funding
initiative. It could open the door for private capit
al to flow into roads,
railways and prisons. That, more than almost anything
 else, would ease the
pressure on government finances.
.

13.

DOCUMENT NO.
: FT932-5866.
HEADLINE:      FT  02 JUN 93 / Chunnel contracts go-ahead near
 .
BYLINE:           By ANDREW HILL .
DATELINE:         BRUSSELS .
PUBLICATI
ON:  The Financial Times .
PAGE:          London Page 2 .
TEXT:         
THE
 European Commission looks likely to approve the basic contracts to
provide 
freight, passenger and sleeper rail services through the Channel
tunnel befo
re the August holidays, following a long competition inquiry.
But Mr Karel V
an Miert, EC competition commissioner, wants to establish the
principle that
 private operators can compete with state railway companies,
even if there i
s little pressure at the moment from potential rival
services.
If the Commis
sion decides to outlaw or substantially amend the contracts,
that could furt
her delay the opening of the tunnel, due in early 1994. Even
so, Mr Van Mier
t, who used to oversee EC transport policy until he took over
the competitio
n portfolio in January, is said to be keen to encourage the
cross-Channel li
nk.
His spokesman said yesterday that an announcement was expected 'pretty
s
oon'.
Eurotunnel, which will operate the tunnel, and British and continental

European railways have sought clearance under EC competition rules for a
se
ries of contracts.
Most important is the deal between Eurotunnel, British Ra
il and SNCF, the
French state railways, which gives the railways the right t
o take up 50 per
cent of the tunnel's capacity for passenger through-trains 
during
Eurotunnel's 55-year operating concession.
The other 50 per cent will
 be used by Eurotunnel itself for shuttle services
between the two ends of t
he tunnel.
The Commission was originally examining the possibility of reduci
ng the
length of the contract, perhaps to as little as 30 years, to let priv
ate
operators compete with BR and SNCF. The Brussels authorities are now
con
sidering how to leave the contract open to competition without
jeopardising 
the financing of the link.
The Commission is also completing its consultatio
ns on the exclusive
contracts for freight and sleeper services.
Yesterday, i
t published the official notice inviting comments on European
Night Services
 (ENS), the sleeper joint venture majority-owned by BR in
partnership with F
rench, Dutch, German and Belgian railways. Parties have
been given 30 days t
o submit views on the agreement, which the Commission
believes could infring
e competition rules.
In practice, however, there are few potential competito
rs who could meet the
high cost of entering the sleeper market. ENS has alre
ady placed an order,
said to be worth Pounds 100m, for 139 sleepers to be bu
ilt by Metro-Cammell,
a subsidiary of GEC Alsthom. The deadline for comments
 on freight services
through the tunnel passed at the end of March.
.

14.

DOCUMENT NO.: FT942-11118.
HEADLINE:      FT  06 MAY 94 / Survey of The Cha
nnel Tunnel (12): On guard against accidents and terror - Security .
BYLINE:
           By JIMMY BURNS .
PUBLICATION:  The Financial Times .
PAGE:       
   London Page V .
TEXT:         
The financial pressures on the tunnel to o
pen on schedule have taken second
place to the key commercial imperative of 
ensuring - to the maximum extent
possible - that it cannot permanently be cr
ippled by an accident or
terrorist attack.
Among the numerous security staff
, intelligence officers, police, fire
brigade, ambulance, and army personnel
 on both sides of the Channel engaged
in the project is Tony Blyth, a former
 British Rail operations manager who
is the tunnel's safety director. 'If we
 have a major accident, we are dead
as a company,' he says.
Two other key pe
ople are Detective Superintendent Cliff Grieve, the UK head
of ports and tun
nel policing, and Commissaire Principal Marc Haem of
France's Police de l'Ai
r et des Frontieres. They share responsibility for
security of the tunnel it
self and of the shuttle terminals at Folkestone and
Coquelles.
Together they
 claim to have developed a culture of transnational police
cooperation to tr
y and ensure, says Grieve, 'that people on a daily basis do
not escape justi
ce through the Chunnel'.
In aiming for maximum efficiency, Blyth, Grieve, an
d Haem have had to
grapple with a complex mixture of private and government 
personnel,
binational agreements and internal committees developed in the ru
n-up to the
opening of the tunnel.
The structure includes an Anglo-French Sa
fety Authority set up for the
tunnel project and the existing official safet
y watchdogs in both countries,
the UK's Health and Safety Commission, and Fr
ance's Inspecteur du Travail.
The operation of safety and security comes und
er the political umbrella of a
lengthy protocol agreement. This was initiall
ed at Sangatte by the UK and
French governments in November 1991 and technic
ally came into force in
August last year.
The Sangatte Protocol takes its cu
e from the Schengen trans-European
policing agreement, of which France but n
ot the UK is a signatory. It thus
represents a totally new experience for th
e British police who have tended
to resist encroachment on to their territor
y by any of their European
counterparts.
The Protocol gives extraterritorial
 powers to British and French police
officers in specially designated contro
l zones at the international
terminals in London and Paris, and in the shutt
le terminals at Cheriton and
Coquelles. The through trains are also control 
zones where both police
forces will have powers of arrest.
Article 10 of the
 Protocol states: 'The officers of the adjoining State
shall, in exercise of
 their national powers, be permitted in the control
zone situated in the hos
t State to detain or arrest persons in accordance
with the laws and regulati
ons relating to frontier controls of the adjoining
state or persons sought b
y the authorities of the adjoining state.'
In spirit the Protocol, as define
d in Article 5, aims to simplify and speed
up the formalities which normal l
aw abiding passengers either travelling by
train or the Shuttle will have co
mply with when using the tunnel.
At the same time, it aims to harmonise secu
rity and safety arrangements so
as to ensure that any emergency or threat is
 reacted to speedily and
effectively without getting bogged down in disputes
 over sovereignty.
In the run-up to the opening of the tunnel, the applicati
on of the Protocol
has been put through a trial run in joint exercises and i
nterminable
meetings.
The exercises have shown up failures in a number of ar
eas including
fire-fighting equipment and communications. The meetings have 
produced some
stormy sessions in which British and French officials have arg
ued over
issues ranging from whether some dangerous goods vehicles should be
 allowed
through the tunnel to the use by French police of small arms in and
 around
Waterloo station.
Eurotunnel says the set-backs form part of the ine
vitable teething problems
of any engineering project of such a size and comp
lexity.
'We want to get it right before letting the general public in,' insi
sts Tony
Blyth.
On the policing side, Kent officers and their counterparts i
n and around
Coquelles say they have developed a good working relationship o
ver a number
of years.
But they are only cogs in the large security and judi
cial machinery which
will be truly tested only when the tunnel is fully oper
ational.
A recent risk assessment commissioned by the London based Research 
Institute
for the Study of Conflict and Terrorism concluded that the Channel
 Tunnel
was probably the least vulnerable to major damage of any under-sea t
unnel in
the world.
However, several experts believe that the biggest threat
 to the tunnel stems
from its being a prestige target for terrorists.
Much o
f the burden of responsibility will lie with Eurotunnel, however, in
ensurin
g that the commercial pressures do not lead to greater laxity over
security 
and safety checks.
.

15.

DOCUMENT NO.: FT942-11118.
HEADLINE:      FT  06
 MAY 94 / Survey of The Channel Tunnel (12): On guard against accidents and 
terror - Security .
BYLINE:           By JIMMY BURNS .
PUBLICATION:  The Fin
ancial Times .
PAGE:          London Page V .
TEXT:         
The financial p
ressures on the tunnel to open on schedule have taken second
place to the ke
y commercial imperative of ensuring - to the maximum extent
possible - that 
it cannot permanently be crippled by an accident or
terrorist attack.
Among 
the numerous security staff, intelligence officers, police, fire
brigade, am
bulance, and army personnel on both sides of the Channel engaged
in the proj
ect is Tony Blyth, a former British Rail operations manager who
is the tunne
l's safety director. 'If we have a major accident, we are dead
as a company,
' he says.
Two other key people are Detective Superintendent Cliff Grieve, t
he UK head
of ports and tunnel policing, and Commissaire Principal Marc Haem
 of
France's Police de l'Air et des Frontieres. They share responsibility fo
r
security of the tunnel itself and of the shuttle terminals at Folkestone a
nd
Coquelles.
Together they claim to have developed a culture of transnation
al police
cooperation to try and ensure, says Grieve, 'that people on a dail
y basis do
not escape justice through the Chunnel'.
In aiming for maximum ef
ficiency, Blyth, Grieve, and Haem have had to
grapple with a complex mixture
 of private and government personnel,
binational agreements and internal com
mittees developed in the run-up to the
opening of the tunnel.
The structure 
includes an Anglo-French Safety Authority set up for the
tunnel project and 
the existing official safety watchdogs in both countries,
the UK's Health an
d Safety Commission, and France's Inspecteur du Travail.
The operation of sa
fety and security comes under the political umbrella of a
lengthy protocol a
greement. This was initialled at Sangatte by the UK and
French governments i
n November 1991 and technically came into force in
August last year.
The San
gatte Protocol takes its cue from the Schengen trans-European
policing agree
ment, of which France but not the UK is a signatory. It thus
represents a to
tally new experience for the British police who have tended
to resist encroa
chment on to their territory by any of their European
counterparts.
The Prot
ocol gives extraterritorial powers to British and French police
officers in 
specially designated control zones at the international
terminals in London 
and Paris, and in the shuttle terminals at Cheriton and
Coquelles. The throu
gh trains are also control zones where both police
forces will have powers o
f arrest.
Article 10 of the Protocol states: 'The officers of the adjoining 
State
shall, in exercise of their national powers, be permitted in the contr
ol
zone situated in the host State to detain or arrest persons in accordance

with the laws and regulations relating to frontier controls of the adjoinin
g
state or persons sought by the authorities of the adjoining state.'
In spi
rit the Protocol, as defined in Article 5, aims to simplify and speed
up the
 formalities which normal law abiding passengers either travelling by
train 
or the Shuttle will have comply with when using the tunnel.
At the same time
, it aims to harmonise security and safety arrangements so
as to ensure that
 any emergency or threat is reacted to speedily and
effectively without gett
ing bogged down in disputes over sovereignty.
In the run-up to the opening o
f the tunnel, the application of the Protocol
has been put through a trial r
un in joint exercises and interminable
meetings.
The exercises have shown up
 failures in a number of areas including
fire-fighting equipment and communi
cations. The meetings have produced some
stormy sessions in which British an
d French officials have argued over
issues ranging from whether some dangero
us goods vehicles should be allowed
through the tunnel to the use by French 
police of small arms in and around
Waterloo station.
Eurotunnel says the set
-backs form part of the inevitable teething problems
of any engineering proj
ect of such a size and complexity.
'We want to get it right before letting t
he general public in,' insists Tony
Blyth.
On the policing side, Kent office
rs and their counterparts in and around
Coquelles say they have developed a 
good working relationship over a number
of years.
But they are only cogs in 
the large security and judicial machinery which
will be truly tested only wh
en the tunnel is fully operational.
A recent risk assessment commissioned by
 the London based Research Institute
for the Study of Conflict and Terrorism
 concluded that the Channel Tunnel
was probably the least vulnerable to majo
r damage of any under-sea tunnel in
the world.
However, several experts beli
eve that the biggest threat to the tunnel stems
from its being a prestige ta
rget for terrorists.
Much of the burden of responsibility will lie with Euro
tunnel, however, in
ensuring that the commercial pressures do not lead to gr
eater laxity over
security and safety checks.
.

16.

DOCUMENT NO.: FT934-1
1803.
HEADLINE:      FT  29 OCT 93 / Leading Article: Chunnel link .
PUBLICA
TION:  The Financial Times .
PAGE:          London Page 17 .
TEXT:         

THE PLANNED high-speed rail link between London and the Channel tunnel could

be a showpiece for the UK government's initiative of attracting private
cap
ital to public infrastructure projects. It provides an opportunity both
to h
arness the private sector's skills in project management and to remove
at le
ast part of a Pounds 2.6bn-Pounds 3bn project from the public sector's
balan
ce sheet.
But to achieve these benefits, the Treasury will need to abandon i
ts purist
line that all the risk of such projects should be borne by private

investors. Sticking to this line could delay or even kill off the project,

as Union Railways, the British Rail subsidiary set up to develop the link,
w
ill tell ministers later today.
The essential point is that the private sect
or is not well suited to bear
the political and regulatory risks associated 
with the early stages of large
infrastructure projects. Before construction 
on the Chunnel link can
proceed, planning consents must be won, public inqui
ries conducted,
legislation passed and safety standards determined. At each 
stage, there is
a danger that the project will be delayed and extra costs im
posed.
This particular project does not start with a happy history as far as

private companies are concerned. Several construction groups have already
s
pent money making proposals, only to have them rejected largely for
politica
l reasons. There is also the overhang from the main Channel tunnel
project, 
whose financial attraction has been reduced by a tightening of
safety regula
tions and the delay in building road and rail links.
It is doubtful whether 
private funds could be attracted at this stage and,
even if they could, a hi
gh risk premium would be required. Far better,
therefore, for the public sec
tor to put up the Pounds 200m needed for the
project's next phase, tiding it
 over until political and regulatory
uncertainty is largely out of the way. 
After that, it should be easier to
find a further Pounds 2.5bn-plus from pri
vate investors. The remaining risks
 -concerning construction costs, operati
ng expenses and customer demand -
are the type the private sector is best at
 managing.
Given the current budgetary pressures, it is reasonable to ask wh
y the
Chunnel link should have priority over other worthwhile projects that 
are
now stalled. Part of the answer is that the link is already badly delaye
d.
Constructing it is important not only to maximise the economic benefits o
f
the Channel tunnel but also to ease congestion for commuter traffic in the

south-east.
But the most compelling reason for priming the pump is that a s
uccess with
Union Railways would give a boost to the government's private fu
nding
initiative. It could open the door for private capital to flow into ro
ads,
railways and prisons. That, more than almost anything else, would ease 
the
pressure on government finances.
.

17.

DOCUMENT NO.: FT932-5866.
HEAD
LINE:      FT  02 JUN 93 / Chunnel contracts go-ahead near .
BYLINE:        
   By ANDREW HILL .
DATELINE:         BRUSSELS .
PUBLICATION:  The Financial
 Times .
PAGE:          London Page 2 .
TEXT:         
THE European Commissi
on looks likely to approve the basic contracts to
provide freight, passenger
 and sleeper rail services through the Channel
tunnel before the August holi
days, following a long competition inquiry.
But Mr Karel Van Miert, EC compe
tition commissioner, wants to establish the
principle that private operators
 can compete with state railway companies,
even if there is little pressure 
at the moment from potential rival
services.
If the Commission decides to ou
tlaw or substantially amend the contracts,
that could further delay the open
ing of the tunnel, due in early 1994. Even
so, Mr Van Miert, who used to ove
rsee EC transport policy until he took over
the competition portfolio in Jan
uary, is said to be keen to encourage the
cross-Channel link.
His spokesman 
said yesterday that an announcement was expected 'pretty
soon'.
Eurotunnel, 
which will operate the tunnel, and British and continental
European railways
 have sought clearance under EC competition rules for a
series of contracts.

Most important is the deal between Eurotunnel, British Rail and SNCF, the
F
rench state railways, which gives the railways the right to take up 50 per
c
ent of the tunnel's capacity for passenger through-trains during
Eurotunnel'
s 55-year operating concession.
The other 50 per cent will be used by Eurotu
nnel itself for shuttle services
between the two ends of the tunnel.
The Com
mission was originally examining the possibility of reducing the
length of t
he contract, perhaps to as little as 30 years, to let private
operators comp
ete with BR and SNCF. The Brussels authorities are now
considering how to le
ave the contract open to competition without
jeopardising the financing of t
he link.
The Commission is also completing its consultations on the exclusiv
e
contracts for freight and sleeper services.
Yesterday, it published the of
ficial notice inviting comments on European
Night Services (ENS), the sleepe
r joint venture majority-owned by BR in
partnership with French, Dutch, Germ
an and Belgian railways. Parties have
been given 30 days to submit views on 
the agreement, which the Commission
believes could infringe competition rule
s.
In practice, however, there are few potential competitors who could meet 
the
high cost of entering the sleeper market. ENS has already placed an orde
r,
said to be worth Pounds 100m, for 139 sleepers to be built by Metro-Camme
ll,
a subsidiary of GEC Alsthom. The deadline for comments on freight servic
es
through the tunnel passed at the end of March.
.

18.

DOCUMENT NO.: FT9
42-11119.
HEADLINE:      FT  06 MAY 94 / Survey of The Channel Tunnel (11): 
Europe wheels out its best - Andrew Baxter studies the special rolling stock
 and who has built it .
BYLINE:           By ANDREW BAXTER .
PUBLICATION:  T
he Financial Times .
PAGE:          London Page V .
TEXT:         
The suppl
y of trains for the Channel Tunnel - locomotives, rolling stock,
wagons for 
cars, coaches and freight - has been a remarkable pan-European
effort, even 
if there have been plenty of delays and arguments along the
track.
Technical
 challenges and the sheer scale of the project - and hence the size
of the c
ontracts - are partly to blame for timetables slipping.
On top of that, howe
ver, the contracts were awarded, and are on their way to
completion, during 
a period of intense upheaval in the railway equipment
industry, whose overca
pacity problems are forcing it to consolidate across
Europe.
In summary, the
 main contracts are as follows:
Eurostar trains. Transmanche Super Train Gro
up, led by GEC Alsthom, is
building the 31 Eurostar trains for the inter-cap
itals day service - London
to Brussels and Paris - at approximately Pounds 2
4m apiece.
Eurostar trains beyond London. The same consortium is building se
ven
slightly shorter Eurostar trains for the daytime services from Scotland 
and
from Manchester to Paris and Brussels.
European night services. Metro-Ca
mmell in Birmingham, which is part of GEC
Alsthom, is building the 139 units
 of rolling stock for these services,
which will go from Glasgow, Plymouth a
nd Swansea to Paris or Brussels, and
from London to Amsterdam, Dortmund or F
rankfurt.
Nine of the 46 Class 92 locomotives being built by Brush Traction,
 part of
BTR, for British Rail and SNCF, the French railways, will be used t
o haul
these services, at least as far as Calais.
Freight services. The rema
ining 37 Class 92s will be used by BR's Rail
Freight Distribution, and SNCF'
s freight service, to carry freight through
the tunnel and beyond. Arbel Fau
vet Rail, based at Douai in northern France,
is building low-platform interm
odal wagons - which can carry freight in
containers and 'swapbodies' - and f
ully-enclosed wagons for shipping new
cars.
Le Shuttle. Thirty-eight locomot
ives for the cross-Channel car, coach and
truck service are being built by B
rush Traction in Loughborough and Asea
Brown Boveri, the Swiss-Swedish engin
eering group.
ESC Wagons, a consortium created by Bombardier of Canada and i
ts subsidiary
Bombardier Eurorail, is responsible for building 254 double- a
nd single-deck
wagons for Le Shuttle. The single-deck vehicle carriers were 
assembled at BN
in Bruges and the double-deckers at ANF-Industrie at Valenci
ennes, France.
The manufacture of 19 single-deck loaders, included in the to
tal of 254
wagons, was subcontracted to Fiat Ferroviaria in Turin.
The Itali
an company, in consortium with Breda Construzioni Ferroviare, also
won the c
ontract for the design and construction of 270 wagons to carry
heavy goods v
ehicles and their crews.
The delays and controversy have centred on Le Shutt
le railcars and Eurostar
trains. In December, Bombardier said it expected to
 make a loss on its
CDollars 820m contract to supply railcars, signed in 198
9, and said a
CDollars 450m cost overrun was almost entirely due to design c
hanges imposed
by French and British government safety inspectors.
ESC is to
 receive FFr700m in phased payments while Bombardier will receive
up to 25m 
Eurotunnel shares in settlement of its claim against Transmanche
Link, the m
ain contractor for the tunnel, for costs arising from changes in
the rolling
 stock design. So far, at least 202 wagons have been delivered
and the order
 is expected to be completed this year.
The Bombardier order had been awarde
d in July 1989 by TML after an
international call for tenders, but the genes
is of the Eurostar trains was
rather different.
Because of the technical cha
llenges - the need for the train to run on all
three networks and cope with 
different power and signalling systems  - and
the many special safety featur
es, 'we did not want everything new - we were
looking for proven high-speed 
train technology,' says Mr Malcolm Southgate,
deputy managing director of Eu
ropean Passenger Services.
In the mid to late 1980s, the only European conte
nder was therefore Alsthom
 -later to become GEC Alsthom - which has built t
he French TGV trains. The
German ICE trains had yet to start operating, and 
as the UK, French and
Belgian governments all wanted some manufacturing in t
heir countries, the
Japanese Shinkansen trains did not appear to get a look 
in.
The original date for delivery of at least the first Eurostar trains was
 May
1993, in line with the tunnel's scheduled opening.
Safety requirements,
 in particular the need for fire protection including a
30-minute inbuilt re
sistance to fire to protect passengers - generated a lot
of detailed design 
work, but did not hold work up, says Mr Southgate.
Instead, he lists a numbe
r of reasons why the initial Eurostar 'Discovery
Programme' service is due t
o start only in July, building up to hourly
services in the autumn. The firs
t was the choice of power drives. The French
TGV trains had used so-called s
ynchronous power drives, but GEC had
developed asynchronous drives which wer
e seen as a better bet for the
Eurostar trains because they are lighter.
The
 maximum load on each axle allowed by SNCF is 17.5 tonnes, and the
Eurostar 
trains have to carry power equipment for three networks too. But
developing 
the asynchronous power drives for the trains took longer than was
originally
 foreseen, says Mr Southgate.
There were also arguments for two years on wha
t sort of signalling system to
use. A cab-based, rather than line-side signa
lling was necessary for safety
reasons - drivers would not have enough time 
to react to lineside signals.
Eventually a French system was chosen from a n
umber available on the
continent, and adapted to deal with the variety of tr
ains using the tunnel.
A more sensitive reason for the delays revolves aroun
d the method of
manufacture. Mr Southgate says the decision to build differe
nt parts of the
trains at plants in the UK, France and Belgium caused big lo
gistical
problems, which took some time to be recognised.
It may also be rel
evant that the early stages of the contract came very soon
after the creatio
n of GEC Alsthom from the merger of GEC and Alsthom's power
engineering and 
transportation equipment interests. The difficulties in
merging a UK and a F
rench company loomed large in the early days of GEC
Alsthom.
In the past few
 months, what is hoped will be the final problem has emerged.
A complex moni
toring unit designed to prevent the electrical currents
generated by the tra
in itself from interfering with the signalling was
activated by the frequent
 gaps in the third, conducting rail on the UK leg
of the Eurostar train's jo
urney. The solution, replacing about 3,000 track
circuits between London and
 the Channel Tunnel, is now underway.
The good news, however, is that delive
ries of trains have kept pace with the
revised deadlines, and delivery of th
e final capital cities trains is now
scheduled for early 1995. Mr Southgate 
believes the capital cities service
will be up to full steam, at least for a
 winter service, by January or
February next year.
.

19.

DOCUMENT NO.: FT
942-2873.
HEADLINE:      FT  17 JUN 94 / Eurotunnel takes slow train to dera
il terrorists: The operator's security efforts .
BYLINE:           By JIMMY 
BURNS .
PUBLICATION:  The Financial Times .
PAGE:          London Page 10 .

TEXT:         
A terrorist bomb attack on the Channel tunnel has so far occu
rred only in
fiction - in a Graham Greene essay five years ago. But the thre
at is taken
very seriously by Eurotunnel, the operator.
The company faces fi
nancial and competitive pressures to run a full service
as speedily as possi
ble - but it is a commercial imperative to be seen to
have insured against a
ccident or terrorist attack.
Mr Richard Morris, safety director, said: 'Safe
ty is uppermost in our minds.
If we have a major accident we are dead as a c
ompany.'
At the weekend, hundreds of volunteer passengers took part in a suc
cessful
evacuation rehearsal, only to be delayed below ground by a power fai
lure
affecting the test of a Eurostar train.
The sensitivity surrounding the
 Channel tunnel's record was brought into
focus by the two recent temporary 
suspensions of Eurotunnel's freight
service, when drivers halted trains afte
r warning lights signalled
non-existent faults.
Eurotunnel argues that overz
ealous, as opposed to lax, safety requirements
were to blame, but the incide
nt worried some potential customers.
Had Eurotunnel been running a full frei
ght and passenger service, and
hundreds of civilians been trapped, there cou
ld have been panic, said Mr
Sydney Balgarnie of the Road Haulage Association
. At best, some would have
decided to switch back to the ferries.
Over the p
ast year, Eurotunnel has set a strict regime of tests for
equipment and oper
ations, which have to be approved by a Franco-British
safety commission befo
re the company can run a full service.
Mr John Henes, Department of Transpor
t official on the commission, insists
that there is no question of safety ce
rtificates being steamrollered to save
Eurotunnel in the short term. 'It doe
sn't matter to us how soon the tunnel
opens. Our obligation is to ensure tha
t it is safe,' he said.
Tests are continuing on signalling equipment and fir
e alarms. The commission
is also supervising a series of mock evacuations of
 tourist passengers.
Security officials have concentrated on ensuring that a
dequate equipment,
staff and operational back-up is in place to counter the 
threat of
explosives being smuggled into the tunnel.
Detective Superintenden
t Cliff Grieve, UK head of ports and tunnelling
policy, said: 'We are clearl
y aware that the tunnel could be an IRA target
and we are using the latest t
echnology and the best advice to reduce that
threat. But there is no 100 per
 cent secure transport system.'
Security is having teething problems, in spi
te of countless meetings
involving police and intelligence officials on both
 sides of the Channel.
Senior officials from the Home Office and the French 
ministry of the
interior have failed to agree on powers of armed French poli
ce stationed at
Cherrington, where the tunnel emerges in Britain. The issue 
may delay the
start of a full passenger service. One senior French police of
ficer said
this week: 'The gun is part of our uniform. It is a symbol of the
 authority
of the state.'
The ministry of agriculture has invoked rabies to 
resolve another issue of
sovereignty - French customs officials have agreed 
not to bring sniffer dogs
on trains bound for London.
British Customs offici
als responsible for building up intelligence on
potential smugglers have pri
vately complained that they have yet to get as
much information about passen
gers from Eurotunnel as they are offered by
ferry companies. Nonetheless, th
e overall sense from security chiefs on both
sides of the Channel is of cons
iderable co-ordination, cultural differences
notwithstanding.
No one is unde
restimating the challenges that lie ahead. As one senior
security adviser pu
t it: 'British Airways lost Pounds 10m because of some
IRA mortars that caus
ed no physical damage.' If a similar incident
threatened the tunnel, the dis
location to operations could be massive.
In an FT survey on the Channel tunn
el published on May 6, the name of
Eurotunnel's safety director was incorrec
tly given.
.

20.

DOCUMENT NO.: FT942-11141.
HEADLINE:      FT  06 MAY 94 
/ Survey of The Channel Tunnel (1): Step that meets the spirit of the age - 
The opening of the Channel Tunnel strengthens the argument that the destiny 
of Great Britain lies in and with Europe .
BYLINE:           By DAVID MARSH 
.
PUBLICATION:  The Financial Times .
PAGE:          London Page I .
TEXT:  
       
One more barrier in Europe has fallen, of supreme importance, though
 neither
the largest nor the last.
In 1987, when Britain and France ratified
 the Channel Tunnel accord, few
would have predicted that it would come to f
ruition seven years later with
east and west Europe reunited by the end of t
he cold war.
The tunnel to be opened today by Queen Elizabeth II and Preside
nt Francois
Mitterrand forges a further link in the chain of contact and coo
peration
across a continent that again is whole and free.
'It was the best o
f times, it was the worst of times.' After months in which
elation over the 
tunnel's prospective opening has been tempered by
frustration at delays and 
financial overruns, Charles Dickens' classic line
aptly describes the mood a
t Eurotunnel, the operator of the 32 mile (50km)
link.
Dickens' introduction
 to A Tale of Two Cities - now separated by a mere
three hours' rail journey
 between London's Waterloo and the Gare du Nord in
Paris - also sums up the 
state of Europe. The walls and the watchtowers of
east-west division have di
sappeared. Yet the continent is beset by strains
engendered by recession, de
ep-seated changes in economic structure, the
break-up of the Soviet empire a
nd German reunification.
The continent must now manage an arduous transition
. The momentous task of
tunnelling beneath the Straits of Dover symbolises t
he challenges Europe
faces and the trials it has yet to overcome.
The stretc
h of water between Britain and France has a central place in the
history and
 folklore of the two nations, both in peace and at war. During
the past 200 
years, the idea of joining Britain and France has sporadically
occupied the 
minds of engineers and admirals, financiers and functionaries,
schoolboys, p
rime ministers and madmen.
The problems of constructing the world's longest 
undersea tunnel cannot be
gainsaid. Accomplishing this ambitious infrastruct
ure project without
recourse to government funds has been more exacting than
 the optimists
forecast.
The tunnel's overall cost has grown to Pounds 10bn.
 This is more than double
Eurotunnel's estimate when construction started si
x years ago, a time when
buoyant economic conditions spurred wishful thinkin
g.
As a result of tortuous teething troubles, a full freight and passenger
s
ervice will not start until October, causing a large financial loss in the
f
irst year of operation and exacerbating pressure on banks and shareholders.

Yet when the overall assessment of the enterprise is drawn up, these burdens

should not be allowed to weigh too heavily in the balance. If the skill,
in
genuity and perserverance deployed in building the tunnel can be turned
towa
rds fashioning the new Europe, then the continent's salvation is
assured.
Th
e historic rapprochement between the UK and the rest of Europe advances
one 
more pace. Britain remains tied by formidable bonds of blood, heritage
and s
hared experience to America and the Commonwealth. Yet the tunnel makes
more 
evident and more acceptable the reality that Britain's destiny lies
with and
 in Europe.
The French President and the British Queen will today turn a new
 page in
relations between two countries joined and separated by a rich vein
 of
turbulent history. In 20 years, the chroniclers of the century's final
d
ecade may speak of a new heading. In 50 years, with luck, they may be able
t
o point to a new chapter.
In psychological and geographical terms, today's e
vent is unquestionably of
greater magnitude for the UK than for the French. 
Britain's land connection
to the rest of the European Union has hitherto bee
n limited to the troubled
border between the Irish Republic and Northern Ire
land.
France is already joined physically to Spain, Belgium, Germany,
Switze
rland,Luxembourg and Italy. From now on, all these countries will
appear, to
 British hearts, a small but perceptible degree closer than
before.
Construc
tion has marked an effort of colossal technical, financial and
political com
plexity. Environmentalists' objections have had to be acted
upon, politician
s' egos massaged, bankers' nerves calmed, terrorists'
ambitions (with luck) 
thwarted.
The tunnel sets a milestone for many reasons. Achieving such a pro
ject
without public sector funding has necessitated imaginative and controve
rsial
financing techniques.
The venture has literally unearthed new ground i
n construction and civil
engineering technology. It has spurred salutary com
petition on a
much-travelled route on which sea operators up to now have enj
oyed natural
dominance, and has opened new perspectives for rail transport a
nd freight
haulage across Europe.
The tunnel has intensified Anglo-French co
operation in areas ranging from
handling equity flotations and harmonising r
ailway signal equipment to
commissioning boring machines and providing fence
s against rabies-carrying
foxes.
More than anything, it is a project both in
 line with and in advance of the
spirit of the times. The two governments we
re able to reach agreement on a
project embodying many of the concepts of ec
onomic policy that have come to
dominate the agenda of the 1990s: competitio
n, the primacy of private sector
finance, the drive to complete the barrier-
free single market.
For all the commonly-held belief in the constancy of nat
ional
characteristics, the tunnel illustrates what has changed in Europe. Th
e
British were once renowned as a race of railway-builders, the French - at

least in the popular imagination of the English - as a people incorrigibly
w
edded to time-honoured preservation of their forefathers' paysage.
In the la
tter part of the 20th century, these roles seem to have been
reversed. Ludic
rously yet endearingly, Britain has failed to construct a
high-speed train l
ink to join the tunnel to London. By contrast, the French
engineers of the P
olytechnique and the Ecole des Mines have unswervingly
pressed new lines int
o service to ensure Eurostar trains race across the
Nord-Pas-de-Calais plain
 before ambling through the hop groves of Kent.
The tunnel, by itself, will 
make neither France less French, nor Britain
less British. It represents a s
tep towards European convergence, but also
illustrates the continent's abidi
ng diversity.
 -------------------------------------------------------------
----------
TUNNEL'S TIMETABLE
 ---------------------------------------------
--------------------------
Sept 11 1981:    UK, France announce studies of a
 fixed link across
                 Channel.
Jan 20 1986:     Twin-bore rail
 tunnels chosen.
July 29 1987:    The fixed link treaty ratified.
Nov 4 1987
:      Pounds 5bn credit agreement signed.
Dec 1 1987:      Excavating start
s.
July 26 1989:    Shuttle rolling stock ordered.
April 21 1990:   Half com
bined length excavated.
Oct 25 1990:     Eurotunnel gains additional Pounds 
1.8bn credit.
Oct 30 1990:     UK-French contact in service tunnel.
Dec 1 19
90:      First people cross to England by foot.
June 28 1991:    Main tunnel
ing completed.
Jan 29 1993:     New UK envoy to France crosses through tunne
l.
Oct 11 1993:     Eurotunnel says Pounds 1bn more needed.
Dec 10, 1993:   
 Contractors hand over tunnel.
April 21, 1994:  Delay in first rail services
 announced.
May 6 1994:      The official opening ceremony.
 ---------------
--------------------------------------------------------
.

21.

DOCUMENT N
O.: FT923-4956.
HEADLINE:      FT  03 SEP 92 / Survey of Distribution Servic
es (2): On track to speed up network - Action to save EC's combined transpor
t plans from stagnating .
BYLINE:           By MICHAEL TERRY .
PUBLICATION: 
 The Financial Times .
PAGE:          London Page II .
TEXT:         
EUROPE
AN transport ministers will next month be urged to agree urgent
financial ba
cking for a proposed new Ecu2bn (Dollars 2.7bn) strategy to save
the Communi
ty's combined transport plans from stagnating.
The proposals will for the fi
rst time also seek to include intra-Community
maritime container movements f
or special treatment under combined transport
regulations.
The 10-year suppo
rt plan for dedicated track, terminals, rolling stock and
unit load devices 
is being put forward at a time when combined transport
activity is slowing d
own and road congestion escalating.
But in spite of the urgency of the situa
tion, some countries, notably the
UK, are doing little to encourage the deve
lopment of combined transport
systems.
Combined transport traffic growth in 
Europe in 1991 has slipped from 20 per
cent annually to 5 per cent. A T Kear
ney, the management consultants whose
report for the European Commission in 
1987 predicted combined transport
traffic would triple by 2005, has now exte
nded the time scale by five years.
Rudy Colle, director-general of the Inter
national Union of Combined
Road-Rail Transport Companies (UIRR), explained t
hat the decline in 1991
volumes resulted from a drop in national traffic cau
sed by increased
competition from road hauliers.
The UIRR's 12 member compan
ies were set up by the railways with hauliers as
shareholders so as to dispe
l hauliers' fears over the railways' conflicts of
interest.
But many other h
auliers and distribution contractors are not committing
themselves fully to 
the system. They fear the railway companies cannot
provide a reliable servic
e.
Transport Commissioner Karel van Miert will tell the Transport Council
mi
nisters that the economic and social gains of the Commission's plan far
outw
eigh the costs.
Commission officials calculate that a Community-wide combine
d transport rail
network will cost Ecu1.4bn over 10 years. Terminals and equ
ipment will cost
Ecu600m.
It is hoped that up to two-thirds of the cost will
 be funded by the
operators and the remainder by national governments and th
e Commission.
Ministers will be told combined transport operators cannot the
mselves
finance the investment required for the rail and terminal network. T
he
margins that they are forced to operate on to remain competitive with
hau
liers are too slender to afford the heavy investment.
This is due to deep pr
ice-cutting in the liberalised road transport market
and the difference in h
idden costs between road and rail, where road
hauliers get their infrastruct
ure free and escape the costs of the
environmental damage they cause.
Mr Van
 Miert will argue that for combined transport to be effective, it is
essenti
al to develop a community-wide network and not rely, as at present,
on isola
ted lines.
The plan will concentrate on the most productive lines first. The
se are in
Germany, Italy and France.
Eventually the network will stretch fro
m Scotland and Ireland, to the
Iberian Peninsula and across to Greece and th
e borders of eastern Europe.
To encourage new private operators, the ministe
rs will be asked to agree to
pilot projects aimed at establishing ground rul
es on how small road hauliers
get access to terminals and the conditions for
 market entry. The projects
will involve inland waterway and short-sea conta
iner operations.
The Competition Directorate, DG IV, will also be involved b
ecause of a
possible need to draft a derogation from competition rules. The 
special
nature of combined transport entails operators of different modes to
 enter
agreements with each other that could be interpreted as being against
 the
Treaty of Rome's competition rules.
But there is still widespread scept
icism over the railway's commercial role
in combined transport.
A new interm
odal company, Allied-Continental Intermodal (ACI) is being
launched in the U
K today by Intercontainer, the European Railways'
intermodal company, SNCF a
nd Railfreight Distribution (RfD) to compete
directly with the newly-formed 
UIRR associate, Combined Transport Ltd (CTL).
This is causing concern in the
 UK industry.
ACI is owned by the railways whereas CTL is 36 per cent owned 
by private
hauliers and forwarders. But a spokesman at RfD insisted that CTL
 has
nothing to fear and will receive service quality equal to that given to
 the
new company.
To encourage combined transport the Commission has agreed 
derogations which
allow governments to give discounts on vehicle excise duti
es and permit
gross lorry weights of 44 tonnes for vehicles in combined tran
sport.
The Belgian, German, French and Italian governments allow one or both
 of the
derogations. The UK government allows neither, preferring to stick w
ith its
38-tonne gross lorry weight limit until 1999. The 32.52 tonnes restr
iction
on drawbar sets will be raised to 35 tonnes next year.
Because this m
akes British operations less competitive than those on the
European mainland
, UK firms are reluctant to invest in combined transport
equipment. The UK h
as fewer than 2,000 swap bodies, the most popular
intermodal system, compare
d to more than 100,000 on the mainland.
The Rail Users Group, the Freight Tr
ansport Association and the Road Haulage
Association continue to urge the go
vernment to adopt a more helpful
attitude.
UK-based Grand Transport Systems,
 a leading European supplier of intermodal
equipment for combined transport,
 makes little effort to market its products
in the UK because of delays and 
uncertainty over the provision of combined
transport infrastructures on the 
British side of the Tunnel.
RfD managing director Ian Brown says he now has 
government approval to spend
Pounds 50m to increase the clearance height to 
European loading gauge
standards of tunnels and bridges on the Channel Tunne
l routes. It will allow
his new fleet of medium deck height wagons to carry 
9ft high containers.
.

22.

DOCUMENT NO.: FT932-16862.
HEADLINE:      FT  
03 APR 93 / Tunnelling into history: Finance might still be in question, but
 under the ground and above it the Channel tunnel project is nearly ready .

BYLINE:           By ANDREW TAYLOR, Construction Correspondent .
PUBLICATION
:  The Financial Times .
PAGE:          London Page 8 .
TEXT:         
THE T
RACK is laid, the platforms are in place, overhead power lines have
been ere
cted and the first trains have been run between Britain and France.
The Chan
nel tunnel has arrived.
Most of the construction and electrical installation
 has been completed
apart from the odd bit of concreting, painting, landscap
ing and, most
important, the fitting-out of the control towers. Commercial s
ervices are
due to start next year.
The terminals - at Coquelles in northern
 France and Folkestone in Kent  -
look much as they will when public service
s are running, down to the
foundations and overhead gantries for the toll bo
oths.
The main structures, including control towers and amenity and rest are
as,
have been completed. Facilities for customs and immigration have been
pr
ovided, even though it is not clear what border controls will be required
fo
llowing the removal of trade barriers between European Community
countries.

The electricity sub-station at the Folkestone terminal which will provide
po
wer - using French electricity - is partially operating.
Hiring and training
 of train crews and traffic controllers started last
year. They will be expe
cted to speak fluent English and French. Even
toll-booth operators will atte
nd a two-week language course.
Eurotunnel, the Channel tunnel operator, has 
hired 1,100 of the 2,650
full-time staff it will need. There will be about t
he same numbers of
British and French workers, with 5 per cent drawn from ot
her nationalities.
Some big problems remain. The system has to be tested tho
roughly before
Eurotunnel can receive an operating licence from a specially 
established
Franco-British inter-governmental commission.
Full-scale fire an
d evacuation tests will have to be conducted underground.
Managers will have
 to be satisfied that control and signalling systems will
work properly when
 connected up and that procedures for loading and
unloading vehicles on shut
tle waggons will not delay services.
Passenger shuttles, each carrying up to
 120 cars and 800 passengers, are
expected to run every 15 minutes at peak t
imes. The 50km journey will take
about 35 minutes, at a maximum speed of 130
kph.
There will also be mainline passenger and freight trains run by BR and 
SNCF,
the British and French rail networks, which could mean trains entering
 and
leaving the tunnels every three minutes.
Delivery of locomotives and wa
gons has already been delayed. A dispute over
costs between Eurotunnel and T
ransmanche Link, the consortium of five
British and five French construction
 companies building the Pounds 8bn-plus
project, could delay further commiss
ioning and testing.
The opening date, originally planned for May, has been p
ut back to December
and Eurotunnel says it could open either side of Christm
as. Some
construction companies say it may not open until March or even late
r next
year.
No matter who wins in the row over costs, the system is built. 
Even in the
unlikely event that Eurotunnel failed, somebody would take over 
the project.
All that is needed is the passengers and the cars and history w
ill have been
made.
.

23.

DOCUMENT NO.: FT942-7975.
HEADLINE:      FT  23
 MAY 94 / Every which way but the right way: The UK government has yet to de
liver a coherent transport policy .
BYLINE:           By CHARLES BATCHELOR .

PUBLICATION:  The Financial Times .
PAGE:          London Page 19 .
TEXT:  
       
An ambitious Pounds 2bn proposal to build the first east-west rail l
ink
across London comes to grief in a parliamentary committee of just four M
Ps.
Despite the backing of not merely the government, but also the oppositio
n
Labour party and the capital's business interests, CrossRail is rejected
b
ecause traffic projections have changed since it was planned in the late
198
0s.
CrossRail has, regardless of its merits, come to reflect a wider malaise
 in
Britain's transport policy. Many experts, planners and transport operato
rs,
as well as the travelling public, agree that transport planning in the U
K is
failing to deliver the goods. Criticism has come from organisations as

diverse as the Confederation of British Industry, the Royal Institution of
C
hartered Surveyors and the Council for the Preservation of Rural England.
Ma
ny of the objections centre on the perception that the government favours
th
e private car over public transport.
High-profile public protests against a 
number of road schemes have spilled
over into violence in some instances. Mo
re attention-grabbing demonstrations
are expected against a bypass to the ea
st of the picturesque Georgian city
of Bath and against a motorway extension
 through an area of great natural
beauty south of Blackburn.
Meanwhile, cong
estion is stifling towns and cities while delaying commuters
on their journe
y to work; cross-country motorways are clogged by traffic
jams with increasi
ng frequency, while rail services are in the throes of
privatisation with a 
still uncertain outcome; London Underground suffers
frequent breakdowns beca
use of ageing equipment; the government has cut back
on its Pounds 23bn 10-y
ear roads programme and set more realistic
priorities; and delays on a high-
speed rail link between London and the
Channel tunnel mean it will not be co
mpleted until at least eight years
after the tunnel itself has opened for bu
siness.
Yet across the Channel, French passengers enjoy inter-city trains tr
avelling
at speeds of nearly 190mph; German commuters travel on spanking new

underground systems; and the Dutch get to work on a road network which
prov
ides extensively for the cyclist.
Mounting public dissatisfaction over trans
port provision in the UK has
pushed the issue to the top of the political ag
enda. Tory backbenchers have
joined a revolt against a programme for buildin
g trunk roads and motorways.
The main criticisms of the government's present
 transport policy are that:
There is no long-term approach to planning trans
port infrastructure
projects. As it takes several years to plan, prepare and
 construct a large
transport link, a short-term outlook can make a nonsense 
of such a project.
The reason is that traffic or passenger flows are subject
 to change during
the planning and construction period. CrossRail provides a
 striking example
of this. If traffic demand increases during the economic r
ecovery there may
once again be a need for a cross-London link and the whole
 planning process
will have to start again.
'The British government machine,
 with its . . . year-by-year battles, is
fundamentally ill-suited to dealing
 with the timescales intrinsic to
transport decisions,' concluded the author
s of Transport Policy-Making in
Britain, a recent study by the London School
 of Economics.
Parliament votes funds for one year; government departments a
re encouraged
to think three years ahead; while the election timetable impos
es a four- or
five-year time frame on thinking.
Contrast this with the long-
term strategic planning, often backed by a
guarantee of government funds, in
 many other European countries. Switzerland
has embarked on a 12-year progra
mme, Bahn 2000, to upgrade its rail network,
while the Netherlands has a 15-
 to 20-year perspective for its Rail 21
project.
There is little co-ordinati
on of road building with public sector spending
on rail or urban light railw
ay systems in the UK.
Transport projects are judged individually, largely by
 their contribution to
reducing congestion in a specific area, says Steer Da
vies Gleave, transport
consultants.
Moreover, says Steer Davies Gleave, the 
way in which the UK assesses the
merits of different forms of transport tend
s to favour the private car. The
government offsets against the cost of a ro
ad construction project the money
value of the time saved by users. But, in 
the case of public transport
projects, it does not. German and French assess
ments do not reflect this
bias.
Tight control by the Treasury adds to the te
ndency to adopt short-term
financial goals on transport projects. Each rail 
project requires separate
Treasury approval, while schemes in the 10-year ro
ads programme do not.
The injection of more private sector finance was seen 
as a way round tough
controls on public spending. But this, too, has run int
o the buffers of
Treasury control. Private sector bids to modernise London U
nderground's
Northern Line are due shortly, but problems have arisen over th
e degree of
risk to be carried by the private sector.
'Government is discove
ring, says the LSE study, that 'you can either have
control or majority priv
ate finance, but you cannot have both.'
The government does not spend enough
 on the transport infrastructure. Last
November of all transport expenditure
s the roads budget was most severely
cut. Over the long term, however, it is
 public transport which has suffered
most, critics say.
John MacGregor, the 
transport secretary, points out that 40 per cent of his
department's budget 
is spent on public transport although nearly 90 per cent
of journeys are mad
e by motor car. But overall spending on schemes involving
all forms of trans
port is set to fall 13 per cent over the next three years
to Pounds 5.4bn, a
ccording to transport department forecasts.
The UK spends less on rail infra
structure than any other European country
except Finland. Germany's superior
 commitment to rail, by contrast, is
evidence in its plans to invest more in
 its rail network than in roads in
the period up to 2010.
What does the gove
rnment say to such criticisms? It believes attempts to
establish an integrat
ed plan for transport would not succeed, 'We don't
believe in a centralised 
system which tells people how to travel,' Mr
MacGregor said recently. The go
vernment is, however, trying to create an
overall framework which meets the 
needs of the economy.
While it does so, it can draw to its critics' attentio
n a shift in its own
approach. This change is driven, in part, by a growing 
realisation of the
environmental impact of an unrestrained increase in road 
traffic. Yet any
shift is constrained by its calculation that even a 50 per 
cent increase in
rail traffic would reduce the number of road journeys by on
ly 5 per cent.
The government is increasing fuel duties by at least 5 per ce
nt a year to
meet the Rio targets for CO emissions, implicated in global war
ming. There
have also been potentially far-reaching changes in government pl
anning
guidelines, among them one in March calling on local authorities to l
imit
the scale of out-of-town commercial developments and reduce reliance on
 the
private car.
Even more far-reaching are plans to introduce tolls on Bri
tain's motorways.
Indications are that, in the early stages, these will be s
et low, but they
may still prompt a shift towards public transport.
Governme
nt rhetoric on public transport is also changing. As yet, however,
there is 
no commitment to extra funding. Without such a commitment, the
travelling pu
blic and much of industry are unlikely to be satisfied. They
await hard evid
ence of government determination to solve chronic transport
problems and giv
e coherence to planning, whose dislocation was so evident in
the CrossRail d
ebacle.
.

24.

DOCUMENT NO.: FT924-9717.
HEADLINE:      FT  04 NOV 92 / Pr
ivate way for public roads: Budget constraints are forcing the UK government
 to seek new ways of financing transport .
BYLINE:           By RICHARD TOMK
INS .
PUBLICATION:  The Financial Times .
PAGE:          London Page 22 .
TE
XT:         
Britain badly needs more roads and railways. People are tired o
f traffic
jams and slow, overcrowded trains; recession has left the construc
tion
industry desperate for work; and after a sudden policy turnabout at the
 end
of last month, the government has become a convert to the need for big

capital projects to stimulate economic growth.
But who is going to pick up t
he bill? At a time when ministers are agonising
over ways of meeting next ye
ar's Pounds 244.5bn planning total, there is
little enough money in the publ
ic purse to maintain existing spending
programmes, still less increase them.

The government, however, believes it has a solution. Mr Norman Lamont, the

chancellor, has promised that next week's Autumn Statement will come up with

ways of involving the private sector in the funding of capital projects.
Th
e idea is not a new one. In 1981, during Britain's last deep recession,
ther
e were similar pressures for capital investment to get the economy
moving, a
nd similar calls for private sector involvement to help it along.
The Treasu
ry responded by drawing up the so-called Ryrie rules to define the
condition
s in which private sector funding could be allowed.
As befitted a government
 for which the control of public spending had become
an icon, the rules were
 a model of fiscal rectitude. One rule, known as the
non-additionality princ
iple, decreed that private money invested in public
sector projects could on
ly be used in place of public spending, not in
addition to it. Another, know
n as the value-for-money principle, decreed
that private funding would only 
be allowed if it delivered a project more
cheaply than public sector funding
 - a most unlikely eventuality since the
government can borrow from the fina
ncial markets at much lower rates of
interest than the private sector.
Not s
urprisingly, the effect of the rules was to stifle private sector
participat
ion rather than to encourage it. But in a sense, it did not matter
much. By 
that time, the government's privatisation programme had started to
solve the
 problem in a different way - by transferring state-owned utilities
and thei
r accompanying capital requirements to the private sector.
Transport was a p
rime target for privatisation. The national airline,
airports, ferries, port
s, road freight, buses and coaches were all sold. But
roads and railways rem
ained stubbornly in the public sector, and by the late
1980s were coming und
er unprecedented strains as a result of strong economic
growth.
The result w
as a renewal of calls for private sector involvement in funding
transport in
frastructure. In May 1989 Mr John Major, then chief secretary to
the Treasur
y, announced that the Ryrie rules would be scrapped. Days later,
the Departm
ent of Transport published a document called New Roads By New
Means, heraldi
ng the dawn of an era in which the private sector would be
allowed to build 
toll roads.
Three years on, these moves have almost wholly failed to achieve
 their
objectives. True, the privately-funded Dartford Crossing now carries

London's M25 orbital motorway across the Thames, but that was an exceptional

project approved before the abolition of the Ryrie rules. Since 1989, the
c
onstruction of the privately-funded Second Severn Crossing has begun, but
th
e only road or motorway project to have been given the go-ahead is the
Birmi
ngham Northern Relief Road - and that is not expected to open until the
end 
of the decade.
One reason why the private sector has proved so reluctant to 
finance as well
as build the nation's transport infrastructure is that the a
bolition of the
Ryrie rules was largely a sham; the Treasury simply re-creat
ed the rules in
its so-called Green Book in April 1991. Its only significant
 concession was
a softening of the non-additionality principle, allowing for
 consideration
to be given to the use of private funding to supplement publi
c spending.
In reality, however, there is a much more obvious explanation fo
r the
private sector's lack of interest in road and railway investment than

Treasury rules. It is the fact that companies cannot see an opportunity for

making money out of it.
The risks and costs, for example, can be immense. Le
ad times for transport
infrastructure projects typically span a decade or mo
re because of the
interminable, and usually controversial, planning processe
s. Companies are
reluctant to risk millions of pounds working up projects on
ly to see them
collapse or rendered unviable during the planning phase. And 
when projects
do go ahead, companies may face colossal bills for land acquis
ition and
environmental protection.
The risks would matter less if companies
 could be sure of earning
appropriate returns. But in Britain, where existin
g roads and motorways are
free at the point of use, it is difficult for comp
anies to charge tolls high
enough to cover their costs without losing their 
customers to free
alternative routes.
Put simply, toll roads only work where
 users have no cheap or easy option.
In other countries which operate them, 
such as France, they tend to work
either because alternative routes are also
 tolled, or because free
alternatives are unsuitable for drivers travelling 
long distances.
In Britain, it has so far only been possible to introduce to
lls on river
crossings, where the alternative is another tolled crossing or 
a long
detour. If the Birmingham Northern Relief Road works, it will only be

because the motorway route for which it provides an alternative is full.
It
 follows that another attempt to encourage the private sector to build
toll 
roads through a softening of Treasury rules will be futile unless it is
acco
mpanied by measures to make such projects viable.
The single most obvious so
lution would be to sweep away road tax and fuel
excise duties and replace th
em with a system of electronic road pricing - in
other words, charging peopl
e for use of public roads on a pay-as-you-go
basis. This would not only put 
private roads on a more competitive footing
with public ones, but would have
 the beneficial side effect of increasing
the viability of rail.
Transport a
nd environment ministers are increasingly suggesting that road
pricing is in
evitable, if only as a means of tackling traffic congestion and
pollution. E
ven so, they have made it clear that they are not quite ready
for it yet.
In
 the interim, therefore, the next best solution might be to introduce
charge
s only for those public roads or motorways competing directly with
privately
-operated routes. One way of doing this would be to award
concessions for ro
ute 'corridors' rather than specific roads, and allow
companies to toll exis
ting roads lying in the corridor to help pay for new
ones.
For example, if t
he government wanted the private sector to build new
motorway capacity betwe
en Birmingham and Manchester, it could grant a
company the Birmingham-Manche
ster concession and allow it to impose tolls on
the existing M6 motorway to 
help meet its costs during the planning and
construction of a new road. Simi
larly, a company could be granted a
concession for the heavily-congested M25
 London orbital motorway, imposing
tolls on the existing road to pay for a w
idening programme.
Precedents for this kind of arrangement already exist. Th
e consortium that
built the Dartford Crossing, led by Trafalgar House, the c
onstruction group,
was given a concession to take over the existing Dartford
 Tunnel. Income
from the tunnel and bridge tolls is being used to service th
e loans, and
once these are paid off, the tunnel and bridge will revert to t
he
government. In this case, the consortium's profit comes not from the toll

revenue, but from the construction contract and the fees for arranging the

loans.
A similar agreement has been drawn up for the Second Severn Crossing,
 so it
is clearly deemed as workable. But it has its drawbacks. One is that 
it
confers undesirable monopoly powers on the concessionaire, implying a nee
d
for close government control over charges. Worse, where roads are involved
,
it means the imposition of tolls where none previously existed, so risking
 a
public outcry and the possible diversion of traffic onto unsuitable
secon
dary roads.
In the face of these obstacles, perhaps the most attractive prop
osal comes
from Sir David Hancock, a former Treasury official who is now a d
irector of
Hambros Bank. He suggests that, if a toll road proposal arouses n
o private
sector interest because companies believe it would fail to deliver
 an
adequate return, the government should make it more attractive by offeri
ng a
grant towards the project's costs. Companies would then bid to see whic
h
required the smallest subsidy to proceed.
One attraction of the idea is th
at the Treasury has already accepted the
principle in other areas of transpo
rt. In some ways it resembles the scheme
under which the government is prepa
red to consider grants towards the
construction of jointly-funded light rail
 systems, such as the Manchester
Metro, to reflect the benefits they can bri
ng to local communities. A still
closer parallel lies in the government's pl
ans for railway privatisation,
where the operation of loss-making passenger 
services will be franchised out
to the private sector on the basis of which 
company requires the smallest
subsidy to run them.
The implications of adopt
ing such a scheme for capital works could spread
beyond roads. For example, 
the government continues to insist that it wants
the private sector to provi
de the planned Channel Tunnel Rail Link between
London and the Channel tunne
l. In reality, there is no possibility that the
link will deliver a return b
ig enough to persuade the private sector to fund
it on its own. But an aucti
on to determine which company or consortium
required the smallest government
 grant to undertake the project could get
the line built at least cost to th
e exchequer.
The idea is not a panacea. The Treasury, always highly suspicio
us of schemes
which mix public and private sector finance, will see it as a 
way of using
taxpayers' money to subsidise private profit. Mr John Fletcher,
 a director
of Trafalgar House, says no scheme is likely to take off unless 
the
government draws up a programme of works large enough for the private se
ctor
to consider it worthwhile getting involved. And even if the government 
does
succeed in getting private funding off the ground, years will pass befo
re
any projects reach the construction stage - by which time, Britain can on
ly
hope, the country will long since have emerged from recession.
.

25.

D
OCUMENT NO.: FT944-11236.
HEADLINE:      FT  07 NOV 94 / Survey of Birmingha
m and the West Midlands (7): Unease at the nation's crossroads - The extensi
ve transport system is still inadequate, say businesssmen .
BYLINE:         
  By TOM LYNCH .
PUBLICATION:  The Financial Times .
PAGE:          London P
age IV .
TEXT:         
The West Midlands region has an extensive road syste
m, the UK's main
north-south rail link, and an international airport within 
easy reach of
Birmingham city centre.
However, businessmen argue that the pr
incipal roads are congested, and they
point to the increasing need for suppl
ier companies to meet the faster and
more accurate delivery times required b
y big manufacturers. They complain
about a lack of investment in the main we
st coast railway line, just as it
is becoming a vital access route to the Ch
annel tunnel.
The airport is gearing up for expansion and is hoping to attra
ct travellers
who currently prefer to use Heathrow or Manchester.
Mr Tony Br
adley, home policy manager of Birmingham chamber of commerce,
argues that tr
ansport is the key to everyone else's industry. The transport
network that g
rew up to serve West Midlands manufacturing became one of its
strengths as i
ts dependency on exports increased.
Birmingham found itself at a transport c
rossroads, and pressure on links
intensified as more motorists used roads bu
ilt to serve industry, and as
those roads became through-routes on the south
-east to north-west axis
linking the country's three main conurbations.
The 
stretch of the M6 across the north-west of Birmingham is a prime
example. Bu
ilt to a capacity of 80,000-90,000 vehicles a day, it is now
carrying 115,00
0. A second public inquiry is under way into a proposed new
motorway - the B
irmingham northern relief road - to take through-traffic
away from the conur
bation.
After the first public inquiry the road was approved, but then the
g
overnment decided it wanted it to be the UK's first private-sector tolled
mo
torway. This time there are more objectors, as some believe a toll
motorway 
would put the area at a disadvantage.
Further north, there are plans to wide
n the M6 between Stafford and
Manchester.
Much local lobbying has tried to p
ersuade the government to allow the
upgrading of the 500-mile west coast mai
n line, the railway linking London,
the Midlands, north-west England and wes
t-central Scotland. Inter City, the
train operator, is doing its best, runni
ng a service on 30-year-old
equipment. Railtrack and WCML Development, a pri
vate sector consortium, are
carrying out a feasibility study for the upgradi
ng.
Planning permission has been given for two regional freight terminals - 
at
Daventry and Hams Hall - to serve Channel tunnel services.
The West Midla
nds is one of the few conurbations of any size without an
underground or lig
ht rail rapid transit system. This is a deficiency the
region is anxious to 
put right. It regards the plan for a three-stage
development, starting with 
a line from Birmingham to Wolverhampton, as a
main contender for government 
help.
There are also hopes that this metro would have a link with the airpor
t,
whose finance director, Mr Stephen Greenwood, argues that expansion could
 be
an important jobs generator. The airport will handle about 5m passengers

this year - a further 1m, he said, could add 1,000 jobs to the local
econom
y.
Birmingham airport's expansion plans are based on getting a bigger share 
of
the market in its own back yard. The airport meets about half the region'
s
leisure demand (compared with Manchester's 95 per cent) and 41 per cent of

scheduled demand (65 per cent). Thirty-eight per cent of West Midlands
pass
engers for Paris use Heathrow in spite of Birmingham's offering nine
flights
 a day.
To rectify the situation, the airport this month opens a marketing c
ampaign
based on the slogan: 'The world on your doorstep.' It will emphasise
 the
services, as well as the airport's relatively easy access and parking a
nd
its claimed advantage over Heathrow in speed of baggage and passenger
han
dling.
The airport's expansion plans involve more than doubling the main ter
minal
area, and expanding the Eurohub terminal used by British Airways to cr
eate
capacity to handle at least 11m passengers a year by 2005. Planning
per
mission will be applied for early next year.
In the longer term, the airport
 wants to extend its runway from the present
2,600 metres to 3,100m, to enab
le it to serve the most distant long-haul
destinations. Mr Greenwood emphasi
ses that the airport can expand regardless
of that extra capability. It is c
urrently in public consultation, especially
with affected communities, and w
ill not seek planning permission for two to
three years.
Crucial to any larg
e expansion is the airport's plan to end its
public-sector status, so that i
t can fund its Pounds 150m-Pounds 200m
development without an impact on the 
public sector borrowing requirement. It
is owned by seven local authorities 
- Birmingham, with 38 per cent, and
Solihull, Coventry, Dudley, Walsall, San
dwell and Wolverhampton in 8-12 per
cent parcels.
The councils have agreed t
o become a minority shareholder, and control
collectively no more than 49 pe
r cent. The rest will be disposed of by
attracting strategic partners to inv
est in the airport, placing shares with
institutions or a combination of the
 two. The government has approved the
move in principle, and the airport is 
aiming for partial privatisation by
next spring.
.

26.

DOCUMENT NO.: FT94
2-12765.
HEADLINE:      FT  28 APR 94 / Guns dispute may delay tunnel furthe
r .
BYLINE:           By JIMMY BURNS and DAVID BUCHAN .
DATELINE:         PA
RIS .
PUBLICATION:  The Financial Times .
PAGE:          London Page 13 .
TE
XT:         
Full passenger services on the Channel tunnel could face furthe
r delays
because of a continuing dispute between Britain and France over arm
ed
police.
Home Office and French Ministry of the Interior officials have fa
iled to
reach agreement over whether French police will be allowed to carry 
their
guns without restrictions throughout the tunnel link.
The cross-border
 powers of British and French police are part of a long
protocol agreement i
nitialled by the governments at Sangatte in November
1991. Technically, it b
ecame legal last year.
The protocol gives extra-territorial powers of invest
igation, search and
arrest to police officers of both sides in 'control' zon
es at the
international terminals in London and Paris and in the shuttle ter
minals at
Cheriton and Coquelles.
The British agreed that French police may 
carry weapons when stationed at
the fixed control zones at Cheriton. But the
y are resisting demands that
these powers be extended to officers moving bet
ween tourist and freight
terminals at Cheriton, as well as on the passenger 
through-trains arriving
and departing at Waterloo.
Under a draft operational
 plan drawn up by Home Office officials, French
police officers would deposi
t their guns in containers and travel unarmed
with their UK counterparts.
Br
itish officials fear the unrestricted movement of armed French police
could 
lead to situations in which weapons are used, with potential for
complex leg
al wrangles.
British police sources say there is also concern that to give w
ay would fuel
demands by some members of the British police that they too be
 permanently
armed.
The French argue that because of tradition and training 
their police should
be allowed to be armed. The British plan is seen as agai
nst the spirit of
the protocol.
An aide to Mr Charles Pasqua, the French int
erior minister, yesterday played
down British reservations about accepting a
rmed French police controlling
trains on UK soil as 'essentially a cultural 
problem', David Buchan in Paris
writes.
But he was sure the police forces of
 both countries would find 'a practical
solution'. He noted that Mr Michael 
Howard, home secretary, had not raised
the issue when he met Mr Pasqua in Pa
ris last month.
.

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