The Civil war among Conservatives over European monetary union broke out afresh yesterday as Tory MPs, including a member of the Government, openly defied party policy. "We will have to recruit for churches where there are not bellringers at the present moment. That gives us a target of about 10,000 new bellringers - and we will need the same number of trainers as well."Training would be carried out more quickly on an individual basis, he explained. "We need almost as many trainers as trainees."Counties such as Norfolk and Northamptonshire, Mr Anderson said, presented the greatest headache because they were dotted with small churches without bellringers. "The big cities and counties such as Surrey are well-served because they have regular church services," he said. The Singapore dollar has been likened to the Swiss franc.As markets like Singapore and Hong Kong mature and relocate their factories across borders to lower-cost neighbours, so new ones emerge.

He avoids high-growth, high-multiple stocks and those in cyclical industries. He is having little do with China directly, but prefers to invest there via well managed Hong Kong companies.Abtrust is also wary of China. Despite tremendous growth opportunities, Mr Hames says it is difficult to find companies of the right quality among the sprawling former state enterprises. However, China watchers point to an improving economic outlook as the austerity measures of July 1993 take effect. Inflation has more than halved to around 8 per cent and company valuations are looking reasonable again. Chinese blue chips listed in Hong Kong ("H" shares) are on multiples of 10.5 times earnings, Shanghai stocks are at 7.5 and the thinly traded Shenzhen stocks at 5.5.

With a relaxation of monetary policy expected later this year, corporate earnings should recover.Most China investors have been hard hit over the past two years and careful stock-picking is the key to future success rather than buying the "China story", says Stephanie Wu of Foreign & Colonial.Ms Gadow of Save & Prosper accepts that such a young market has its problems - too few accountants and insufficient enforcement of stock market regulations - but information flows are improving and time is on its side.Volatility - always a hazard in emerging markets - can be reduced through regular savings. Many unit and investment trusts accept contributions from as little as pounds 20 a month. Regular saving smooths the peaks and troughs of investing as more units or shares are bought when prices are low and fewer when prices are high.Currency is less of a hazard. Furthermore, he said, thousands of instructors would also be needed."The celebrations present us bellringers with a problem," Mr Anderson said.