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The Observer from London, Greater London, England • Page 21
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The Observer from London, Greater London, England • Page 21

The Observeri
London, Greater London, England
Issue Date:

sunday 20 Airll 1980 "ssgBssg WILLIAM KEEGAN'S VIEW fr fffKfaH Jl" -ST I MSWsffis Policies for JSj 'B-. iS latet'tihlmoififliif 1 mm leisures for us') wnere uym ein sianea in casinos witn ivcwbui iyj mm: -J JACK LUNDjH tells1 the toryibf u- casino and the role of Sir, Kenneth Cork, Britain's IqacljrjHqutcfater Annat intn ratmn and. hotels seu MThefeasronjto-SdaHie ifto rrpase ihefacreafie 'available rJpItis'also believed to "result iPoreign-'OfficeaiBdoustfocta "gesture which tgould be ji-sed by Britain in 'its negotiations TOth its EEC partners land -Genmany have criticised speed up North Sea developments in the interests of the-Com anunity. Itwould be possible altihough poJitKally delicate, to award some of the-blocks spedficaily to concerns Announcement a -new round of licences, comesafter months of and sometimes bitter- argument between the Energy Department, "the: Treasury and -the Foreien OflBce cover. -size and tasming of the i-The Chancellor, Sir Geoffrey" Howe, has been particularly strong m.urgmg a major round 1 which-. thet. would oe. auctioned highest bidderjvrattier-'Pian awarded ar lbeGovernmentrs discretion as at -Energy Department f.orfl-cials, 'however, persuaded their Secretary of t- Stattj David-Howell, -such-va radical-move could be disastrous:" Auctioning the -round, they arguedj would a sale ot reserves to toreiga companies. i-ne mam iicence rouno. is now likely to: be- a compromise- The 70 blocks wdl be allocated on a discretaonaey basis, but premiums would be charged particularly sought-after blocks. BNOC would not have the automatic right to share in all licences, or. to. sit. a.11 licensed consortia, but would have the right per cent of oil or. gas is found. r.The additional '20? bkscks would be treated differently. Although not necessarily the best blocks, they would be drawn acreage available. It wAuld sti be oossiblefor the Government to. auction them, despite the- resistance-jnne Eneray EfflCthe foreign Office, a majorporat would, be to Keep tnem -iiror iica JU! Adrian Hamicon in' oonitrol of Kursaal to the on a rocky spit ot lana at at Stem, trust in the first place known locally since MacAdie explains that Lad- EftM wke thought it could gWSSniT smce adopted ANYBODY who disagrees with the Prime Minister is known as a after Mrs Thatcher's favourite epi- thet for opponents. (Because of the state of the Oppo-. sition, it is Conservatives.whb usually come in for this, description.) The theory that the Prime Minister and her Chancellor like to aver is that there are no alternatives to present policies. It is a theory which does not stand up. The deftly-chaired Commons Treasury and Civil Service Committee is doing good work on.this front Sir Geoffrey Howe is seen wriggling uncomfortably under persistent questioning. The committee's subterfuge is to affect to pry for details of secret fore- casts it is by refusing to supply these details that members of the Government lay their defences For you can't produce evidence of the miracle on itihe horizon; and the more you -talk about it, tfoe more of amirage it appears. There is a danger that supporters of this committee, such as myself, may get oyer-excited. Would that we could. As one seasoned insider muttered last week, if they don't listen to their advisers, they are unlikely to listen to a dozen nevertheless look forward to the comtpittee's report read between the lines of its questions, it believes there are alternatives to policies-whicH raise the. Civil Service' pay bill by 25 per cent in one while back sharply on the capital expenditure of the public sector. Members from r-all'fparties' have discerned the chinks in he "argument that drastically cut; back 'public sector 'contracts ancial aid for the private sector are in fact a help to the private sector. The truth is that there are several-alternative Eolicies I hesitate to say 'alternative strategies' ecause that is a description that the extreme Left has arrogated to The dangers of tariffs One is presented by the Cambridge Group led-by Wynne Godley, which seems to stir; up irrational opposition for telling us that you don't increase the demands for the products of British manufacturing: industry by reducing it. The doubts about the Godley apprpach relate, to his particular prescription.for stimulating' demand even the most sympathetic-students worry about the inflationary risks in policies of devaluation and generalised tariffs and a thoughtful article from some other Cambridge economists (Andrew Kilpatrick and' Tony Lawson, in. the Cambridge- of Economics) convincingly questions the belief that the British economy could become more efficient behind tariff walls. Cambridge does offer alternatives: 1 So does an intriguing new book out tomorrow, edited by David Blake, Economics Editor of The Times, and Paul Ormerod of the National Institute of Economic and Social Research ('The Economics of Grant Mclntyre). In the face of fashion the authors argue that those, sinful Keynesian practices of stimulating public expenditure to increase activity and-employment-m the-economy haver been abandoned at almost precisely the time when they were most needed. My own belief is: that there ts an alternative: to risking wholesale destruction, of -the in the belief that you, still win an election in 1984 by wasting Kbrth Sea tax. revenues on an import binge- If there is one overriding fact, staring this country ro the face it is that Nortih- Sea offers us a chance both to run the economy at- a higher-level of than would otherwise, be the case (thereby, among other reduoing the burden on the -taxpayer of 2 or 3 million and to invest in. energy conservation and alternative sources of energy -in a- big. way, an integral! of that activity. There is nothing devastafangly oi lgmal aboutrthis It has been apparent for years, and was well explained in my- colleague. Adrian Hamilton's: book North Sea: Impact (International Institute- for- of this government lies in ignoring such advice. In the words of a retired Permanent Secretary friend of mine: 'There is an; opposite for "wet55: it is deep frozen The prospects are The Dragpnara Palace WHILE Cyril Stein's Lad-broke casino empire, has hit stormy weather in. Britain, the sun continues to shine: on casino enterprise the-Drag-anara Palace in; Malta. Stein is presently seeking to "sell; off most of his 12 UK casiiibs after a Crown Court judge closed down tnree of the leading last December- for 'conduct he described as'' disgraceful "The Dra.gbnara Palace casinois' owned; by the Malta-registered Kursaal Company, one of whose director's -is Sir Kenneth Cork; Britain's lead-irig liquidator and and business associate of Stein's. Sir Kenneth, 66, was one of the first directors, with Stein, of the casino which was formed on the George Cross island ,18 years ago. Cork gave up ali bis director-shins, including that of the Ladbroke Group, when he be-cpme Lord Mayor of London for 1978-79. Kursaal is the only directorship he has taken up again since his at tte 'Mansion House: Although the, Ladbroke Group sold, its controlling ins terest in Kursaal-: six years agoy twortturds or tne capital ag0' STv mlt35Z JULl -that your company lias, sufficient "know-how to enable. the- gaming to be operated with-. out their asistance. In-lhe cir-: cumstances yout board- suc-. ceeded inv negotiating, with the Syndicated surrender of tJeir' rights in consideration for i Thehotel-opetied at a cost of some 109, million' A. 0-year management agreement t.was signed-: with, the -iSheraton Corporation" of America. 'More control' The enterppse, with Stem now in firm of the gannng -'tablesjv. prospered. Then, Jess th'an five years later, came -a change in the: hotel management. 'Ladbroke cuts -links. with, ran a back-page headline in-the Malta: News of 2 March- 1972,. Kursaal, which owns -the hotel in St Tuiians Bay, announced yes-. terday it has termma- ted -its: agreement with the American coriqorationj' ported the paper, adding "that "in" so Ladbroke estimated 'it would- save them between 60,000 and 70,000 a year iniirunmng costs. In his 1969 chairman's re-: ments" and dance-m an m-formal The playing of games is regarded and approached by those partaking in them as and -not as is--now a -second Kursaall hotel in -Malta, tbe Grand 'Hotel Vardala: -And in company acquired 50 per cent m'a hotel at 'Kursaal had: hoped to. par ticipate in a at Taornuna, and-. Bernard Walsh says MacAdie asked him to and look at the place' Says 'Living -in -Stmo. -I'm irather. well: Sicilians, -naturally. So I went and asked: Whatfs the And they said: No chance 1" I rather gathered if anvone. was going to; open a casino' in Sicily tihe Mafia Lad br oke's solicitor Anthony-Scott-Tucker of Stilgoes- said- Cyril -Steiri'-iand Eis children are Class benefiaaries of the Marks Stein Voluntary Settlement The only payments made to- have been- each to two sof the5 cmidren'-wflenvtney mar- (motto: 'God made these althouah this is not! stated that; 1,567,988 of tihe company's 2-4 rrruIiTnjon OindULarv shares are eldiiiion-jbeae-ficaaLlylby. itsonaorman, ii suskbw Enc-MacAdie, 71, is Tki i i fact ihese'lS million shesfvTat1 a Snt l.on.areheldjomtlybyMac. solicitor Leslie Leigh, on behalf of the Marks-Stem-Voluntary Settlement. Hhe trust, formed says MacAdie, he largest single shareholder in. the Ladbroke 2.97 nulhon ahareJholdiing.reprer sen-ts 5.2 per- cent of the group's capital! and these shares aJone are worth-more than' 4 million. 7m. portfolio Who controls the vast Stein settlement, which holds a total investment portfolio estimated at around 7 mil- lion And- who-are its -bene-. iloanes Says Sir Kenneth Cork I honestly don't know about the benefiaaries. I think Max mvonvea in it, out j- idea whether (he is or isnt. idea whether (he is or isn t. Ifs never been part or my job to find out ItV no interest, to me as a director of Kursaal whether Cynl Stein, has got interest -in it allwavs thouahtv he hadn'-b- bint someone. said -to i.4.t.MiUM.w 'Aii-tuMViaA Kn does one know At his home the Sussex villaEe -t of near Battle, c-V MbrAtfiV confirmed that CyriF Steiri ic beneficiarv of the trust- ni, ni i-oSnnraiiv tTf hai never at any time received anv benefit It wasn't a trust set upforJitftset uPJor all the descendants of Max feSaTnelcCr 40 potential beneficiaries 'There is a very tial amount of money, but the affair is private The trust is not for the benefit of Cyril Stem or Ladbroke, and depujy Of broke is nothing to do with 1- taster rate oiretunn on it invemint elsewhere. settlement trustee, MacAdie made an offer to Ladbroke for its Kursaal shares-of each- In 1974 their peak price was 138p Today they stand -at The Kursaal Company 'registered zn Malta-in 1962. Imnally, there; were two men behind the project Sir Kenneth's brother- Norman Barnngttn Cork who works as a liquidator with Sir Kenneth 'at the. accountancy firm W. H. Cork Gully bur never qualified as a chartered accountant; and-f ormer Tory -MP: deputy -chairman of Kursaal, is the.i new r-non-executrve' chairmani of millionaire rJDa vaoV- fiRow vy, the vacuum tnn on 'casino1 world through casino-manager'. ment, v-Normah Cork and Raikes i had joined up with two i.i German. Baron iKJausiUIiucft von dem ii ho had' casipir' Cfain'e fire ceftJUf fVmrirtl out of an oia palace, rae casino swuu -r nc hus-iiK noteis The casino was once the palace of the' -Marquis lunav Kursaal bought a 120-year lease on the site for 130,000 The Scicluna family's -motto blazoned over the palace's entrance, -Deus KobisHaec Otia Fecit ('God made- these leisures for ') might have, been made-to. order for the merrily-spinning roulette wheels of -the novice casino proprietor Cyril Stem, then 35. He had no idea of, the recalls Baron dem time he was-ayoung-man very-keen and -eager andTvery dynamic. And so he learned Sir Victor Raikes resigned from the company at an the Oriv AarpottHotel '-it tihe'three neV KursaaL rs appointed atthat' tu London, firm, solicitors, Stilgoes. Stilgoes' are -Ladv broke's solicitors, and Thorn now vice-chairman of-Kur- NowRaiks recalls feat Tia ibodvauard--1 "Bodyguards not unknown at the Kursaal wfiere lone customer known as JaAuJe, tent bv midable minder who went py Scording Rikel frlJier 5I i Joe butirouble leftjqff after a talk between the tVbody- guards because on the, whole it looked as thoushf Freddie the Killer was Rougher than the old man's bddygiiard' Stean's 1S basically-" hJldX SSS I don't ttaik Cynl Stem mist ot wmcn bvear-om irj port at Kursaal CyrSteinTied.Mr,Stein has no rights AVtcfneiiin nrtin famta nn- wrote; Jthe provide addedtilfits 8D-year hieA runs out amenlues for thf averagef.Mrtein retired uVdroctor piay- xor sman: -siaxes iuvwuu partake of- hght refresh- Anewtinittrust inyetig in the dynamic economies of the Pacific Basin terests andiWhenMax Stem- arrived in First offe of units at 50p Ad'snewuflit trust, theFarEastemFond, Tlieaimof theQJradaBFarEasteniFuiidis vestsinmeofthcfastestgrowmgeronomieS'capitalgro grossyieldisZ7.IfyouTertohave 3CZICZI CZ3 CN LI AustrahaaMouiercountnesortheracilic Basin. reinvested you can do so by ticking theboxin thesccountriesprivate enterprise, national the coupon, character andeoodEOvernmenthave produced You shouldimem WtidKdH Syndicate's control of the ever more lucrative gaming In a sencs oi cconoimc nuracies in wuilii rdies ui rvril Stpin i a beneficiarv Kursaal is the only Maltese company Lon-. don- Stock Exchange. --Last-year it achieved a record turnover of EM2.45 million (3.24 takings breakingthe M1 for. the first time Until May 1974, 52 59 per, cent of the companys'sbaires were by: At; taat: tune. -it soio- its-interest to lie trustees' entire of the Spuria Marks Stem Volunjtary Settlement named after its founder, Cynl Stem5s late Unde Maxtor 1.01., mil-, hon. irojectinmlnd. leAtcostbrochura. growth luvebeen stained which would be it i run the trust yTjoatv3i members of Kur-on my own.with myfellow Kenneth Cork (' Why Ladftroke, at a Xhe easmo opened on 1 tune. when pass ijuly) 1964, and in the first sionatelv 'devoted diVer- lO'p months made profits of hard to parallel in tne west. llleproporonsmvestGdmtlwindivIdual Hovreveritislikdy bestrooglyiresented. Therighttime TyudaUbekevethat nowisapa You should iegard your investment as long term. Low charges -ThemjnmminvestoentisflSOOandA initial chargeis 3 (reduced to 2 on the invesung in. the Far East The nutalofferof imitsat 50p closeson 2no -r May apphcationbdow with yourcheque. Important detaOs. vntwithindVllavR. UlUClUl. UlUaCUl UlS.La:IVUUlUUlX'l.'U hnfen1" nenlipwi of Great War flying ace the SedBaronjT who operated casihosfiw Greece 7 rr-xS i aS the German Syndicate, and garnet un- I March 1984 eal with Mata goyernment in ex- f0 a Tcasmo Conces- SMll f1mm2tted the company li7jtr In ralse Mces took ih proposition to -Tahmke one' of the libra? Grade: i Travel plans way- between Associated Com-- munications formerly ATV and, Jetsaveji about AGC' taking a majority, stake, the airline-company. Sir Freddie Laker's operation apart, Jetsarej-'run- -by Reg the largest- privately airline. ACC, headed by Lord in the travel-business Pycroft feels that if ACC' takes its 'majority stake, there will no fundamental changes Jetsave, and he would A privately company, Jetsave vv turned morertihan 30 million :1979: with; -pro fits, likely to have topped 500,000 1 HOTLINE Heading 23K THE GOVERNMENTS secret inflation rate this; is believed to be' 22 to 23 per cent Eist, Thepoundhasnseii steeplyjn relation to Fax Eastcurtenraes amljjaniciiiariy tneyen. ppepeL TJiismraiis-thatsharesofcompiajnesmto 1979and June 'TAIKS under June 'TAIKS are-' under is: nlioi Justsend ideas aboiit building fbrthe Ateostbrochura It'sfiill of good cost-effective factories warehouse workshopsofficeblocte and showr can now. Wbought moie aavantausiyMan vatptoaua a tenSm daily in ft forniany-yearSi r-- JapanhasleamttteiessnnofWSandhas ffaSrSS become far leSS-VUmerable tO OllpriCenseS. I JUS receipt of your renouncedccrtincale. DisUibulionsnct ortaxatlhc isonereasonwhyTy theyennasbeenoveraoneanatnereispotenuai for rrthtimyavpnTKp.xmaiMwii iiSaiwMlatiii; VAT) calculated on Iheaverage-valae portfolio jortheFunitTheK liXpenence UK Limited Tevolatuttyofthesemarketswthtneirhigh tables were numbered. -Their demise was recorded 'laconically by Steirt: (by then chairman of Kursaal). in -the-19 66 annual report Both- youri-'board and the US go-ahead GRAND Metropo litan.yester--,day lau nch its million-; bid fof Liggett Group the firm which' it -already has a 9.5 per cent stake. The bid, -Grand Met5s first major attempt to move: vintothe; comes after some hefty last-minute defence, tactics from Liggett, last -week resorted to the courts of North and South Carolina-to -delay: the. take-over But these' as the courts-'-- ruled)' 'ihat Federal law takes -precedence over State i law According to Grand Met had five -working, days to get- ll Ul LCI llUVUUUllfi its intentjo.n,s last week Liggett and its' advisers araniow.sscoumgi-.ttoe,.:tJSi;tO: hnd buyers tor part or tne S0JL0 frustrate Metj. At'ore Met on-, to' get? a imajop entry into the US wine and spirits market -it -is the. manufacturer of Whisky; lihe US's Targest-selhsg brand BELGIUM CAN AAA GERMANY G6 fraaei. SC2.623S. 9.SBI' trance: -i marK. HOLLAND- fl.M' sulldeil. ITALY-: 1,9331 lira 553- ysn. SPAIN 158.55 pMBlai. SWITZERLAND bfranei. -UNITED STATES S2.2200. Trada-wighted indax ol tha pound roeo- from. 72.6 to 73 on the onknowledeeof-thearea. far the rise iin betvv'een June -1979and 1980, to be. announced dur- ing July. It could Hardly come at a -worse time, and is -bound to sour the atmosphere for the union-conference season. Although there should be a fall in the rate of inflation in the July figure (which, will be compared with a July 1979 base which already contained the effect of the VAT increase) the sheer nf trice rises in tliei.TnSeline: is expected to keep, -the inflation, rate much ligher than government. forecasts had r.iV-: As. a result, the official forecast of a ito rper, cent by the end of the year, and 14 per cent by second quarter 1981: is considered much too optutestic. aynoau aireaay nave agreacoeaoi successnu lhaveabuildmg Pleasesendmet Name. Company-Address Telephone. Proposed initial portfolio: Fujitsu HongKoogLand: APPUCATIONFOR UMTS ApplioationssEouldbescotto: Tyndall Managers Limited, 18 Cariytige Road, BrLstolBS99 7UA. StfifitretlOffictasalore tbsalrraf.7n50.Btsknii leadeseln I rorinvestmcntindistnbution I. l.nFTTnJ.llW.irrf Fundatthexedpnceof50p.Mininiuminvestmntis15IX). sbmildbemEdepayabltto Tyndall Manageis Limited. ispaidio quailed inlcrm edi lines; rates are vavsilatdeonrequest 15 mam. Cheques Remunerabon fik niHft Banking-v-' --HutehisonWhant JardineMatheson SvriieFaofic MalajsaSmsspore 15 HawParflrothen International bchcaperBabad SmwDaibyHoIdtngs y-United Overseas Banking Overseas Land OnentalFetroleum -PhilippinesLoDgristance Telephone Stanford Mterostena -StertegCasli 2J Hilacni Kashyama KvotaCeramic rJKtatsusMtaBectns Mitsubishi Heasy Iiidustnes vMochidaPhannatenlical Nippon Seio OlympusOpttcal FtonewHectronic Sankyo Sony T.D.1C Electronics YaiCssh IS kliitclartthatlamoier I Signature- THIS WEEK rnmds will be concentrated ion the publication-of provisional unemployment figures for April, on Tuesday. March cyclical1. indicators for; the IIKfj economy are but tomorrow; the-British Rail annual and -figures for March's newjftvehicle registrations on" Yearly company results include Pearson Longman S. Pearson and Son, and Rediffusion (Tuesday); Blue Circle Industries BSG Metalv Queens-, way, Laing Properties, Laporte Industries and Office and Electronic Machines (Wednesday) Amalgamated Power Engineering, Dunlop Holdings, Tootal, and Vickers (Thursday); and Hammerson Property and Hestair (Friday), Send to: 22, Old Bond Street, London W1X3DA. 01 -493 0802; OB5 Alyndall GroupUnit'Bist OB20recyFE Member of the UmtTnistAssoaati on-

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