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Published With The New York Times and The Washington Post 


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Republicans Counsel 
That Reagan Drop 
His Cemetery Visit 


Israelis 

Pull Out 
Of Bekaa 


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By David Hoffman 

Ifni Ain^r.m Post Seme* 

„ WASHINGTON — High Re- 
-« publican political strategists, in- 
1 eluding veterans of President Ron- 
ald Reagan’s campaigns, say that 
there is a consensus among them 
that Mr. Reagan should abandon 
plans to lay a wreath next month at 
a German military cemetery. 

Despite widespread agreement 
that the visit May S to Bitburg 


A poll shows Americans oppose 
President Reagan's visit to a 
German war cemetery. Page 3. 


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cemetery would be a “disaster.” as 
^ jfcveral of them put it. the strate- 
gists said Tuesday they have not 
thought of a way for Mr. Reagan to 
change his plan's. Several said they 
hoped to come up with an alterna- 


tive^ lan during the owning week. 


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ie strategists, who spoke on 
condition that they not be named, 
said Nancy Reagan, the president’s 
wife, has privately expressed con- 
cern about the cemetery visit and 
indicated that she would like to 
stem the controversy over iL Asked 
about the issue Tuesday, she de- 
clined comment. 

The concern among Reagan loy- 
alists came as a Washington Post- 
ABC News poll indicated that a 
slim majority of Americans disap- 
proved of Mr. Reagan’s scheduled 
'* visit to the German cemetery and 
wanted him to cancel it. 

The poll also indicates a drop in 


Mr. Reagan's “approval rating," 
the public’s overall t 


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evaluation of 
bow he is handling the president^, 
to 54 percent, his lowest rating 
since October 1983. 

The political strategists, most of 


whom worked on Mr. Reagan’s two 
successful presidential campaigns, 
said they have discussed the ceme- 
tery visit among themselves but 
have not yet voiced their concerns 
to the White House chief of staff, 
Donald T. Regan, or the president. 

Mr. Reagan’s plans to visit the 
cemetery have touched off protests 
from Jewish organizations and 
American veterans, but the presi- 
dent said last week that he would 
not change his plans because “all it 
would do is leave me looking as if I 
caved in in the face of some unfa- 
vorable attention." 

Larry Speakes, the White House 
spokesman, reiterated Tuesday 
that Mr. Reagan has no plans to 
change his itinerary. 

Chancellor Helmut Kohl of 
West Germany has described as 
“final” Mr. Reagan’s decision to 
visit Bitburg, where some Nazi SS 
troops are buried. Mr. Kohl earlier 
rebuffed a request from the White 
House that the cemetery be 
dropped from Mr. Reagan’s itiner- 
ary, according to US. officials. 

In the past some of the same 
individuals have been instrumental 
in persuading the White House that 
public opinion was shifting against 
Mr. Reagan or his policies. 

For example, when Mr. Reagan 
made a critical remark about Mar- 
tin Luther King Jr. in 1983, several 
of these strategists warned the 
White House about a damaging 
backlash among voters. Mr. Rea- 
gan apologized to King’s widow, 
Coreua Scou King, and later spon- 
sored a Rose Garden ceremony to 
sign a bill making King’s birthday 
as a federal holiday. 

Late in 1983 these strategists pri- 
the withdrawal of U.S. 
from Lebanon. 


Troops Now Are 
More Exposed 
To Guerrillas 


By Henry Kamm 


vately urged i 
Marines fron 


New York Times Service 

JERUSALEM — The Israeli 
Army pulled out Wednesday from 
the eastern and central sectors of 
Lebanon, completing the second of 
the three planned stages of the 
withdrawal of its occupying forces. 

The evacuation was viewed by 
military analysts as potentially the 
most dangerous in the difficult ma- 
neuver of disengagement of forces. 

The Israeli troops left the Bekaa 
Valley, where it had faced the ar- 
mor and artillery of the Syrian 
Army rather than the small guerril- 
la bands that have made the rest of 
occupied Lebanon unsafe for them. 

From the mountains around the 
valley. Israeli guns held the Syrian 
capita) of Damascus in their sights. 

The limited number of reporters 
allowed by the Israelis to cover 
some aspects of the withdrawal re- 
ported no incidents. 

Helicopter gunships flew cover 
as Israeli tanks, armored personnel 
carriers and other vehicles moved 
south toward the border strip that 
remains occupied, and to Israel be- 
yond. 

The withdrawal occurred on the 
day that Israel mourns the dead of 
its wars. Some officers and soldiers, 
talking to reporters attending me- 
morial ceremonies, expressed 
doubts whether the Lebanese cam- 
paign had been Worth the lives of 
about 650 Israeli soldiers. 

“In this war, the people stopped 



Congress Is Spli^on^id 
To Nicaraguan Rebels 


By Joanne Omang 
and Margarer Shapiro 

Washington Post Semce 

WASHINGTON — The Senate 
has approved a compromise ver- 
sion erf President Ronald Reagan's 
proposal for 514 million in aid to 
antt-governmem guerrillas in Nica- 
ragua, 53 to 46, but the same plan 
was rejected by the House of Rep- 
resentatives, 248 to 180. 

Action on the proposal, which 


As expected, the letter also 
promised that the $14 million 


Mr. Reagan had strongly urged 
Congress to approve, came hue 


Israeli tanks pulling out of die Bekaa Valley. 


fil te rs 


believing.” a colonel commanding 
a unit near Mount Barouk said. 

The government of Prime Minis- 
ter Shimon Peres decided Sunday 
to complete the evacuation of Leb- 
anese territory by the beginning of 
June. 

It claimed an option, however, to 
exercise control by means of local 
militias over a border “security 
zone.” Defense Minister Yitzhak 
Rabin also said that Israel would 
strike any point in Lebanon from 
which Israel was threatened. 

In addition to the Bekaa Valley, 
the Israeli Army lefL the Christian 
mountain town of Jezzine and 
Mount Barouk to the north. The 
peak, which stands only three miles 
(4.8 kilometers) south of the Beinit- 
Damascus Highway, was the site of 


a sophisticated electronic surveil- 
lance station, capable of monitor- 
ing communications in several 
countries. 

•' The withdrawal leaves a vacuum 
that the weak Lebanese Army is 
believed unlikely to be able to fill, 
and which Israel is warning Syria 
not to attempt to fill. 

- ’ Mr. Rabin said that Israel had 
not coordinated its pullout with the 
Beirut government. 

“I hope the Syrians understand 
that Israel cannot just stand by if 
they break certain restrictions," 
Mr. Rabin said. 

In its announcement, the Israeli 
military said that the withdrawal 
“creates a geographic buffer" be- 
tween Syria and IsraeL 


Tuesday. The House was to vote 
Wednesday on alternatives to the 
Reagan plan and, if one is passed. 
House and Senate conferees would 
try to agree on a compromise. 

The seven-vote margin of sup- 
port in the Senate for the president 
was the smallest that tire Republi- 
can-controlled upper bouse has 
given him on aid to the rebels, and 
the House margin of defeat was 
four votes larger than any previous 
House rejection of Mr. Reagan’s 3- 
y ear-old aid program for the rebels. 

The White House released a 
statement from the president prais- 
ing the Senate for casting “an his- 
toric vote" for “a consistent and 
effective policy that is true both to 
our principles and to our interests." 

But, before the Senate voted, Mr. 
Reagan had further modified his 
plan in an unexpectedly concilia- 
tory letter promising to renew di- 
rect U.S. negotiations with the left- 
ist Sandinist government in 
Nicaragua. The United States 
broke off the talks in January. 

Mr. Reagan’s letter, delivered to 
the Senate majority leader, Robert 
J. Dole, a Republican of Kansas, 
just 75 minutes before the final 
Senate vote, also pledged to “press 
for” a cease-fire between the rebels 
and the Sandinists. The original 


Reagan plan would not have put 
any pressure on the rebels to nego- 
tiate or readr a cease-fire, 
expe 
used 

would be spent “only for food, 
medicine, clothing and other assis- 
tance for their survival and well- 
being — and oot for arms, ammu- 
nition and weapons of war." 

In addition, according to a senior 
administration official, Mr. Rea- 
gan has decided to a dmini ster the 
S14 million aid package to the re- 
bels through an interagency com- 
mittee that he will head This 


'means that the aid would not be 


controlled by, but handled by the 
teflis 


Central Intelligence Agency, as the 
administration originally wanted. 

Mr. Reagan’s letter also prom- 
ised to “favorably consider” eco- 
nomic sanctions against Nicaragua 
and to open multilateral consulta- 
tions win other Central American 
nations on such sanctions. This 
course was favored by Senator 
Lloyd Bentsen of Texas, one of 10 
Democrats who voted for the wa- 
tered -down plan. 

“We will use our assistance to 
(Continued on Page 3, Col. 5) 


Past Fuels Present Debate 

Some Gte Vietnam, Others Cite Cuba 


By Don Oberdorfer 

Washington Post Service 

WASHINGTON — Congress’s 
divisive debate Tuesday on UJ>, 
support for Nicaraguan rebels took 
place in the shadow of two histori- 
cal precedents: the Vie tnam War, 
whose inglorious end 10 years ago 
is being commemorated this 
month, and Communist control of 


NEWS ANALYSIS 


Those two situations provided 
much of the oratorical fodder as 
members of the Senate and House 
of Representatives spent Tuesday 
discussing the U.S. role in Nicara- 
gua. 

Opponents, many of them Dem- 
ocrats, sought to describe U.S. sup- 


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A Pioneer in Israel — An Egyptian 


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Ambassador’s Daughter Preceded Sadat to Jerusalem 


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By Thomas L Friedman 

Mew York Times Semce 


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live history of the peace treaty be- 
tween Egypt and Israel is ever writ- 
ten, a young Egyptian woman will, 
perhaps, deserve at least a footnote. 

ft might read something like this: 
“Three years before Anwar Sadat 
came to Jerusalem, Sana Hassan 
flew to Israel on her own initiative 
to teO Israelis that Egyptians were 
ready for peace. 

“Miss Hassan, a graduate stu- 
dent at Harvard, was the daughter 
of a former Egyptian ambassador 
to Washington. Sadat revoked her 
passport 3t the time and said later 
that he ’could have killed her’ for 
breaking ranks. Miss Hassan spent 
several years living in Israel, study- 
ing Hebrew and working 
where from a kibbutz potato 


“I was tired of reading in the 
Israeli press about bow the Egyp- 
tians are nor interested in peace," 
she said, “how it was all just a 
gimmick we used to trick Israel into 
giving back the Sinai” 

“I know hundreds of 
who are eager to come to 

“D. 


gious bonds with its Arab neigh- 
bors. and it is therefore affected by 
whatever is happeoingtiMhem. The 
Israelis have a static view of the 
peace. They say, ‘We gave up Sinai 
so we should get this and that in 
EizYpuans return ’ P“i«L’ Peace is a process 
toisraeL" which you have to cultivate. In this 
^ case, it was nipped in the bud.” 

During and after the siping of 
the Camp David accords. Miss 
Hassan said, the Israeli govern- 
ment of Prime Minister Menachem 


she added. “People here don’t un- 
derstand. though, that Egyptians 
are disappointed too with what has 
happened to the peace process: It is 

not that they don’t want the ida- _ . ... . . . . 

tionship. But I sra el is have to un- ® c 8* n everytluiig it could to 
dersiand that Egypt is not living on antagonize %pis Anb of 
anSherolaneL^ bors. It annexed the Golan Heights 

outer pianc t _ „ . ^ while an Egyptian cultural delega- 

is part of the area, she said. , 

“It shares cer tain cul tural and reli- (Continued on Page 2, CoL 5) 



John Paul 11 Appoints 
28 to Become Cardinals 


The Associated Press 

VATICAN CITY — Pope John 
Paul II named 28 new cardinals 
Wednesday, including a pro-Soli- 


darity prelate from his native Po- 
land, the head of the 


T>» New YorV 

Sana Hassan, an Egyptian who went to five in Jerusalem. 


Rage V 

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FOR MO® _to the kitchen of the King David 

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S Dead U.S. Major Credited With Tank Photo Mission 

David J 



. £toiel. Three months before his as- 
sassination in 1981, Sadat ordered 
her passport returned." 

Today, Miss Hassan is bade in 
Israel, formally doing posi-doctor- 
al research from the Harvard Cen- 
ter for International Affairs. In her 
free time, she is brushing up on her 
Hebrew and trying, in her own 
way. to salvage the fraying Egyp- 
tian-Israeli peace. 

Miss Hassan recently completed 
boob about her experiences in 


Israel entitled “Enemy in the 
Promised Land: Recollections of 
the First Egyptian Visitor to Isra- 
el” which is to be published soon. 

She has arranged to have the 
.book serialized in Israel's largest 
^Hebrew newspaper, Yediot Ah- 
ronoL 

“I came back in anger," said 
Miss Hassan. 35, of her return in 
January to Jerusalem. 


By James M. Markham 

New York Times Service 

BONN — The U.S. Army major 
who was shot and killed last month 
by a Soviet sentry in East Germany 
had carried out an earlier mission 
in which he sneaked into a Soviet 
task and photographed the interi- 
or, according to a Western intelli- 
gence source. 

The source, who has intimate 
knowledge erf the operations of the 
unit to which the major was at- 
tached, said that in what was de- 
scribed as “a specially planned op- 
eration" the American, Major 
Arthur D. Nicholson Jr„ took ad- 
vantage of the drunken revelry of 
Soviet troops on New Year’s Eve at 
an unidentified base in East Ger- 
many. 

The source stud that the U5. 
officer slipped into a tank shed and 


photographed “not their very latest 
one, but almost." 

Tbe Western source said he be- 
lieved that the Russians were not 
aware of the officer’s exploit He 
declined to say where the infiltra- 
tion took place or to name the kind 
of tank. 

Major Nicholson, a 37-year-old 
Russian-speaking officer, was at- 
tached to the 14-man U.S. military 
liaison mission based in Potsdam, 
near Berlin. Since 1947, the mission 
has been allowed to roam in the 
former Soviet occupied zone of 
Germany , conducting what 
amounts to legally sanctioned espi- 
onage. 

Under similar accords, British 
and French teams also tour the 


missions accredited to die Ameri- 
can, French and British sectors of 
what is now West Germany. 

Although both the Soviet and 
North Atlantic Treaty Organiza- 
tion commands declare areas off- 
limits for the liaison missions, the 
teams are renowned for stretching 
the rules and sneaking into restrict- 
ed areas. Soviet liaison troops have 


been caught climbing over the 
of NA ‘ 


fences of NATO bases, according 
to Weston diplomatic sources. 


According to the official Ameri- 
can version of the March 24 inci- 
dent, Major Nicholsoa was shot 
without warning by a Soviet sentry 
as he was taking photographs 
through the window of a Soviet 
tank shed near the town of Lud- 


zone, but in an area that until the 
month before had been itself a re- 
stricted zone. 

Moscow has maintained that 
Major Nicholson was in a restrict- 
ed area and, in the words of a 
statement issued by its embassy in 
Washington on Monday, was “an 
unknown intruder who was carry- 
ing out an intelligence mission and 
did not comply with the warnings 
of the sentiy who was acting in 
strict compliance with military 
manua ls." 

The embassy said that the Rus- 
sians reserved the right to use force 
against unknown intruders. The 
statement took issue with an ac- 


count issued by the State Depart- 
ment six days earlier that said the 


East German countryside on the mi, atwu uuu UK uiwu wi i-uu- « ■ * j • ' ■ j • 
lookout for Soviet and East Ger- wigslusL U.S. officials said the ma- ISnSS 

man maneuvers and missile sites, jofwas 300 to 500 yards (274 to 456 ^ P cnoimd w ^ d not 

The Soviet Union has three similar meters) away from a restricted (Continued on Page 2, CoL 5) 


embattled 
church in Nicaragua and the arch- 
bishops of New York and Boston. 

The new cardinals, who come 
from 1 9 countries, will be formally 
elevated at a consistory at the Vati- 
can on May 25. 

For the first time, the pope 
named cardinals from Ethiopia and 
Nicaragua and promoted the 
Rome-based leader of the Ukraini- 
an Catholic Church, Archbishop 
Myroslav Ivan Lubachivsky. who is , 
an American. 

A number of major archdioceses 
traditionally headed by cardinals 
have had no such ranking leader- 
ship because of deaths or retire- 
ments since the last consistory in 
1983. The promotions will bring 
the number of cardinals under the 
age of 80, and therefore eligible to 
vote for a new pope, to 120 — the 
limit under church rules. 

The new cardinals include Arch- 
bishops John J. O’Connor of New 
York and Bernard F. Law of Bos- 
ton. 

John Paul also chose the arch- 
bishop of Wroclaw, Poland, Hen- 
ryk Roman Gulbinowicz. who was 
a firm supporter of the Solidarity 
labor union and is known to take a 
hard line toward the Communist 
government. 

Also named as cardinal was 
Archbishop Miguel Obando y Bra- 
vo of Managua, who has pressed 
the pro-Marxist government to ne- 
gotiate with opposition forces. 

A second Polish cardinal named 
was Monsignor Andrzej Maria 
Deskur, a dose friend of the pope 


who recently retired as head of the 
Vatican’s Commission for Social 
Communications. 

Another East European promot- 
ed was Archbishop Jozef Tomko, a 
Czechoslovak whom the pope also 
appointed to head the Vatican’s 
missionary arm, the Congregation 
for the Evangelization of Peoples. 

From Latin America, the pope 
named as cardinals Archbishop 
Juan Francisco Fresno Larrain of 
Santiago, and a Venezuelan, Rosa- 
lie Jos6 Castillo Lara, who heads 
the Vatican’s canon law commis- 
sion. 

For the first time, the pope 
named a cardinal from Ethiopia, 
Archbishop Paulos Tzadua of Ad- 
dis Ababa. 

Two Canadians were promoted 
to the rank of cardinal They are 
the archbishop of Quebec, Louis- 
Albert Vacbon, and Archbishop 
Edouard Gagnon, who heads the 
Pontifical Commission for the 
Family. 

The coosisioiy will be the third 
held by John Paul n since his elec- 
tion as pope in 1978. 

John Paul also promoted a num- 
ber of Vatican-based prelates and 
chose an 82-year-old Italian priest 


who is a prominent sociologist. He 
will not oe eligible to vote in a 


conclave. 

In addition to voting in a papal 
conclave, cardinals also serve as 
advisers to the pope and serve on 
special Vatican commissions. 

The consistory is to behdd four 
days after the pope returns from a 
trip to the Netherlands, Belgium 
and Luxembourg. Among the 28 
new cardinals named was the arch- 
bishop of Utrecht, the Nether- 
lands, Adrian us J. Siimonis. 


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North, South Vietnam in Uneasy Union 

But After 10 Years, Long Road to Reunification Is Not a One-Way Street 


By William Branigin 

Washington Pair Service 

HO CHI MINH CITY — A young North 
Vietnamese government official making his first 
tiro to the South was asked what be thought of 
this diy. formerly named Saigon. His terse reply 
came without hesitation. “Not well organized," 
he said. 

Some days later the Northern cadre bad a 
more elaborate verdict: with their wanna* di- 
mate and rich agriculture. Southerners did not 
have to work as hard as people in the hardscrab- 
ble North who were forever struggling against 
the dements. 


visions, routed troops of the U-S.-backed South 
Vietnamese government and captured Saigon, 
the “ramification" of the country is still some- 
times an uneasy partnership. 

The marriage of North and South is often 
marked by mutual mistrust and, at least where 


Accardin^io diplomats in Hanoi, these infiu- 


VEETNAM 

10 Years Later 


Third of four articles 


the South is concerned, considerable misgivings. 
Yet after 10 years under the same roof and 


Ten years after reunification,. Ho Chi Minh City, formerly Saigon, ret 
enterprising tinge, as evidenced by vast arrays of consumer goods mi display i 


retains a free- 
in the streets. 


Iding and fixing up their houses, 
paid “much attention to food.” He stopped 
short of calling them lazy. 

A native Southerner, also a government em- 
ployee, talked more bluntly of Northerners: 

“They don’t like us, and we don't like them," 
she said. “They think they know everything, bnt 
they are ignorant." 

She expressed the familiar complaints here 
that Northerners were rigid, dogmatic, domi- 
neering. with a tendency to behave like conquer- 
ors. 

Ten years after Communist forces, mainly 
consisting of 15 North Vietnamese infantry di- 


rune yean of sharing the same name — the 
~»ubIicofvk 


Socialist Republic of Vietnam, proclaimed upon 
formal reunification in 1976 — the two partners 
seem to be getting used to each other. 

“In a sense, things have gotten worse," said a 
longtime government critic “It’s more restric- 
tive here. But then, we’re more used to it now. 


People adapt. 
The road to 


to reunification has not been strictly 
a one-way street. While imposing its vision of 
“socialist transformation" on the South, Hanoi 


increasingly has had to contend with a phenom- 
enon called “reverse assimilation," m which 
influences from the South have affected, and 
some would say infected, the North. 


ences include an awakening of enterprise spirit 
in the North, more openness to foreign culture 
and greater availability of Western goods, and a 
somewhat more sophisticated urban way of life. 
The influences can be seen in the spread of 
consumer goods and Western-style clothes in 
Hanoi and heard in the blare of cassette tapes by 
U.S- and European rock groups. 

The authorities in Hanoi “are very much 
afraid of this Southern influence, because the 
South is much more dynamic," said a European 
diplomat in the Vietnamese capital. “If they let 
dungs go freely, the South woold certainly swal- 
low the North, and this they cannot accept. But 
they have to accept a certain level of influence 
from the South into the North, otherwise assimi- 
lation won’t work." 

■ As a result, according to Vietnamese observ- 
ers, some of the differences between Northern- 
ers and Southerners are gradually fading. For 
example, although accents still differ, some- 
times to the point of mutual incomprehension, it 
now is much more difficult to tell the difference 
between Northerners and Southerners by their 
appearance, a former South Vietnamese senator 
said. 

Haw the next generation will behave when 
leadership falls to it remains a big question 
(Continued on Page 2, CoL 6) 


Cuba, still a thorny issue in the 
United States a quarter-century af- 
ter the revolution there. 


port of the rebels as a first step 
toward a new’ Vie tnam. 

“The real issue," said Senator 
Patrick J. Leahy, a Democrat of 
Vermont, during the Senate debate, 
“is whether Congress is going to 
sign a blank check for the president 
to lead this country to direct U.S. 
military intervention in a Central 
American war, a war the American 
people do not want." 

Others equated the pro-rebel res- 
olution with the Gulf of Tonkin 
resolution on Vietnam in 1964. 

Proponents, led by Republicans, 
spoke more often of Cuba and the 
consequences of U.S. inaction. 

The House minority leader, Rob- 
ert H. Michel a Republican of Illi- 
nois, declared at the outset of de- 
bate that to “abandon the 
democratic force," as he called the 
rebels, would result in “starting the 
clock ticking toward an inevitable 
armed dash in this hemisphere." If 
the leftist Sandinist government 
consolidates 


govemme 

power in Nicaragua, 
he said, “they will ultimately sell 
their nation to the Soviet Union the 
same way Castro sold Cuba." 

What started as the “secret war" 
in Nicaragua is anything but a new 
issue on Capitol HHL The Demo- 
craiic-led House, whose intelli- 
gence committee expressed reser- 
vations from the beginning, has 
voted three times in 21 months to 
cut off aid to the giiernilas- 

Tuesday night’s votes did little to 
change that pattern. Unless the 
Reagan administration can prevail 
on the House on Wednesday to 
back a semblance of President 
Ronald Reagan’s program, the 
chances for continuing the aid 
seem unlikely. 

One major difference this time is 
that the U5. program is more out 
in the open. The increasingly thin 
veil of deniability has been 
dropped. The administration reso- 
lution before Congress on Tuesday 
would have approved “the obliga- 
tion and expenditure of funds 
available for fiscal year 1985 for 


supporting, directly and indirectly, 
military or paramilitary operations 


in Nicaragua.” 

Another difference has been Mr. 
Reagan’s willingness to dilute his 
programs and agree to last-minute 
compromises. He promised, in a 
letter to the Senate shortly before 
the voting, that none of the money 
would be used for ammunition or 
weapons, even if Congress grants 
the S14 million he is seekii^ 

“The United States now stands 
at a moment of judgment," Mr. 
Reagan wrote. Even watered- 
down, humanitarian support for 
the guerrillas would, over time, 
“help the democratic center prevail 
over tyrants of the left or the right," 
he said. But abandoning the guer- 
rillas, he said, would “tolerate the 
consolidation of a surrogate state 
in Central America, responsive to 
Cuba and the Soviet Union.” 

For many lawmakers, politics 
vied with foreign policy arguments, 
although less was said in public 
about the politics. 


INSIDE 


■ The deployment of U.S. Per- 
shing missies in West Germany 
has been suspended. Page 1 


■ Sam J. Ervin Jr., the former 
U.S. senator known for presid- 
ing over the Watergate investi- 
gation, has died. Page 3. 


■ Britain’s royal family issues 
document to show that Prin- 
cess’s father was only a "nomi- 
nal” SS member. Page 4. 


SCIENCE 


■ Duplication of DNA from an 
ancient Egyptian mummy dra- 
matically illustrates molecular 
biology’s potential. Page 7. 


BUSINESS/FINANCE 
The dollar continued higher 


in Asian and European trading, 
extending a rally. Page 15. 


SPECIAL REPORT 
■ Bahrain gears its economy for 
growth as the new causeway 
linking Manama and Saudi 
Arabia hastens the need for de- 
fining the parameters of slate 
and private participation in the 
island’s development. Page 9. 


! 4 ’ 

Ll 








Page 2 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 


U.S. Is Suspending 
Missile Deployment 


The Associated Press 

BONN — The deployment of 
U.S.-built Pershing-2 missiles in 
West Germany is being suspended 
white the weapons are modified. 
West German officials said 
Wednesday. A fire in a missile in 
January killed three American sol- 
diers. " 

Because a repeat of January’s ac- 
cident cannot be ruled out. the de- 
ployment has been suspended, De- 
fense Minister Manfred WOrner 
told the Bundestag's defense com- 
mittee. according to Alfred Biehle, 
the committee chairman 

Mr. Biehle spoke with reporters 
after the meeting. 

Government sources said earlier 
that American experts had traced 
the fire in the Pershing-2 missile to 
a freak electrical discharge, not hu- 
man error. 

The accident Jan. 11 also injured 
16 persons. The sources, who spoke 
on condition of anonymity, said 
Tuesday that experts had found 
that static electricity was dis- 
charged into the solid fuel propel- 
lam of the unarmed nuclear mis- 
sile's first stage. 

“Human error and systematic 
technical defects have been ruled 


out" as posable causes, one of the 
sources said. 

He said modifications were be- 
ing made to the missiles that would 
improve the grounding of the en- 
gines and reduce the risk of s imila r 
electrical discharges. 

A U.S. Army report outlining the 
findings was delivered Friday to 
the Defense Ministry in Bonn, ac- 
cording to the sources, who nor- 
mally are well-informed on defense 
issues. 

They said the investigating team 
reached its conclusions in a three- 
month. $6-miUion study of the ac- 
cident at a Pershing-2 training site 
near Heilbronn in southern West 
Germany. 

NATO is deploying 572 cruise 
and Pershing-2 nuclear missiles to 
counter Soviet SS-20s already in 
place. All 108 Pershing-2s have 
been assigned to West Germany. 

The report said experts would 
conduct further tests with modified 
Pershing-2s under cold weather 
conditions similar to those on the 
day of the accident, the sources 
said. 

Colonel Thomas H. Denney of 
the U.S. Army Safety Center at 
Fort Rucker. Alabama, led the in- 
vestigating team, the West German 
sources said. 


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Gorbachev Gives the Kremlin New Blood 



By Celestine Bohlen 

Washington Post Service 

MOSCOW — Three new men have taken 
their seats in the Soviet Politburo and, in 
doing so, have pushed the country’s ruling 
group across the generational divide. 

No longer can it be so easily said that the 
Soviet Union is run by a group of old men: as 
of Tuesday, a majority of the 13-member 
group is under the age of 65. Only four 
months ago, seven out of 12 Politburo mem- 
bers were over 70. 

The shift is not simply statistical. The new 
Soviet leader, Mikhail S. Gorbachev, still the 
youngest member at 54, has moved quickly to 
refashion the Soviet leadership in his own 
image, picking younger, better-educated 
men. each with a background of practical, 
managerial experience. 

While the Soviet Union in recent years has 
been governed by old men, most previous 
leaders acted similarly to Mr. Gorbachev in 
bringing in their own new men. and Leonid L 
Brezhnev also nam ed several Politburo mem- 
bers who were in their 50s. They remained, 
however, and are only now giving way to a 
younger generation. 

The key thread r unning through Mr. Gor- 
bachev’s choices, endorsed Tuesday by the 
Centra] Committee, however, is that they, 
like Mr. Gorbachev, are all Andropov men. 

Yuri V. Andropov, during his brief tenure 
as Soviet leader from November 1982 to his 
death in February 1984, laid the groundwork 
for Mr. Gorbachev’s first major personnel 
moves by guiding Yegor K. Ligachev, Nikolai 
1. Ryzhkov and Viktor M. Chebrikov to posi- 
tions dose to the center of Soviet power. 

It was under Andropov that Mr. Ligachev, 
64, made bis meteoric rise, from first secre- 
tary of the Tomsk party to a position on the 
Communist Party secretariat in charge erf 
personnel Jumped into the Politburo by Mr. 
Gorbachev without passing through the usual 
probation as a non voting, candidate member, 
Mr. Ligachev now is reported to hold the post 
of ideological secretary as well which would 
put him second behind Mr. Gorbachev in the 
party hierarchy. 

Mr. Chebrikov’s career progressed at a 
steadier rate. Starting in Dnepropetrovsk, a 
stronghold of support for Brezhnev, he came 



Yegor K. Ligachev 

to Moscow in 1967 as chief of personnel at 
the KGB secret police, where Andropov was 
then chief. In 1982, after Andropov became 
party head, Mr. Chebrikov, 61, was moved 
into the top KGB job and, again under An- 
dropov, became a candidate member or the 
Politburo in 1983. 

Mr. Ryzhkov, 54, an expen in heavy indus- 
try with a background at Gosplan, the Soviet 
State Planning Committee, was brought into 
the party secretariat by Andropov, where he 
was given responsibility in the economic 
field, heading a new unit charged with inte- 
grating various economic efforts. 

. Like Mr. Ligachev. Mr. Ryzhkov has been 
vaulted straight onto the Politburo without 
serving as candidate member. Such rapid 
promotions have been extremely rare: in re- 
cent times, only Foreign Minister Andrei A. 
Gromyko and the late defense minister, An- 


drei A. Grechko, were elevated directly to the 
Politburo. 

Even Viktor P. Nikonov. 56, named Tues- 
day to the party secretarial where he is ex- 
pected to take over the agricultural slot once 
occupied by Mr. Gorbachev, got his first big 
promotion under Andropov, becoming agri- 
cultural minister of the Russian Federation in 
January 1983. 

The only exception to the pattern in Tues- 
day’s promotions is Defense Minister Sergei 
L. Sokolov, name d one of six candidate mem- 
bers of the Politburo. His appointment is 
widely regarded as honorific. 

That Mr. Gorbachev could afford to break 
unwritten rules and reach down below the 
ranks of candidate members for Politbaro 
choices is seen here as a sign of political 
confidence and the momentum of his leader- 
ship. 

Like the men, the themes pushed by Mr. 
Gorbachev can be traced back to Andropov, 
whose tenure saw a push toward moderniza- 
tion and the first infusion of new blood into 
the leadership left behind by Brezhnev, who 
died in 1982. 

Mr. Ligachev, a well-dressed, well -spoken 
man, spent 18 years as local party chief in 
Tomsk, an important industrial center in the 
Urals. Before that he had worked in party 
and government posts in Novosibirsk, in Si- 
beria, and for four years in the eariy 1960s in 
Moscow in a bureau or the Central Commit- 
tee. 

Responsibility for party personnel has giv- 
en Mr. Ligachev a sensitive and influential 
post in the hierarchy since 1983. In 1983 and 
1984, he worked with Mr. Gorbachev in su- 
pervising selection of candidates. 

Mr. Chebrikov. as chid of the KGB, fol- 
lows Andropov, who headed it for 15 years, in 
holding a KGB seat on the Politburo. His 
KGB tenure has continued a crackdown on 
corruption and a tight rein on the dissent. 

Mr. Ryzhkov, after Mr. Gorbachev the 
Politburo’s youngest member, made his name 
in Sverdlovsk in the Urals where by 1971 he 
was general director of an important manu- 
facturer of ar maments and heavy machinery. 

In 1975, he came to Moscow as first deputy 
minister of heavy machine building and in 
1979 became first deputy chairman of Gos- 
plan. 


WORLD B 


Red Cross Considers Ways to Aid War Reporters 


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By Iain G ues t clearing house for information on past 20 years, and another 54 have 

ImernLtonal Herald Tribune jOUinalislS reported missing Or disappeared . 

VEVEY Switzerland — Offi- f °r Red Cross protests to • Sixty-three Iraqi journalists 

rials from the Geneva-based Inter- goveramts on behalf of journal- have been killed covering the Gulf 

ists and for further meetings to re- war between Iran and Iraq. Anoth- 
view progress. er 89 have been reported as cap- 

There has been growing concern tured or missing, 
at the risks faring journalists, par- • Five journalists working for 

ticularly those in war zones. provincial newspapers have been 
Acoording to the World Press 
Freedom Committee, based in 
Washington, 23 journalists were re- 


Iraq Reports Attack on Gulf Ship 

on Radio Baghdad that the attack look 
place™ IOA-mT local time and that all the planes had returned to base, 
ftere was no immediate conTinnadon from shipping sources m other 
Gulf countries of any vessel hit or in distress. 

The reported attack was the first in the Gulf since April 16 when the 
Cypriot tanker Kypros. on an Iranian oil shuttle, was hit southeaster ; 
Kharg Island apparently bv an Iraqi air-to-surface Exocet missile. That j 
attack ended a thret^wcek lull in such raids, which were initiated by Iraq _ 
more than a year ago in an aitempt to damage Iran s economy and ; 
thereby its war effort. 

U.S. Marshals Searching for Mengele 

NEW YORK (NYT) — U.S. marshals have begun searching for Josef 
Mengele, the Nazi war criminal. by conducting interviews in West 
Germany and possibly other countries, according to officials and special- 
ists famili ar with the investigation. 

Justice Department officials reiterated Tuesday that they were assum- 
ing the noionous death camp doctor was alive; he would have turned ,4 * 
Iasi week. But they acknowledged they had no proof or reliable informa- 
tion on his whereabouts. 

“We are working with a number of foreign governments that are 
assisting us," said Howard Safir, associate director for operations of the 
United States Marshal's Service, which usually works m domestic law 
enforcement. Mr. Safir said a special unit had been formed to hum for 
Dr. Mengele. but he declined to provide details. 

However, others involved in the investigation said marshals had been 
to West Germany to question several jailed drug smugglers reported to 
have been close to Dt. Mengele in Paraguay, his last confirmed residence. 

Argentine Junta Compared to Nazis 

BUENOS AIRES (UPI) — A former United Nations official involved 
in human rights has stirred a courtroom controversy by comparing 
Argentina’s former military government to Nazi Germany for killing 
thousands of leftist guerrilla suspects. 

Theo Van Boven, a prosecution witness at the trial of nine former 
military junta leaders who are charged with ordering the killings in the 
1970s, also testified Tuesday that the defendants covered up the disap- 
pearances of thousands of people who are now believed to have been 
tenured and killed. 

The testimony of the Dutch law professor, who directed the UN human 
rights office from 1977 to 1982, drew heated objections from defense 
attorneys. They objected to his status as a foreigner and accused him of 
violating court procedures by reading from notes. 

Explosion Sinks Freighter in Red Sea 

LONDON (Reuters) — A suspected mine sank a loaded Panamanian 
freighter in the Red Sea, Lloyds of London said Wednesday. 

The Mariner-2 went down Tuesday in deep water after an unknown 
object exploded as the vessel was at the northern end of the Red Sea, 3 
Lloyds said. The crew of the bulk carrier was picked up by the Belgian - 
container vessel Rhein Express. 

The sinking came seven months after a series of underwater explosions 
was reported in the area. 


national Committee of the Red 
Cross agreed Wednesday to consid- 
er establishing a 24-hour hotline to 
assist journalists wounded or in- 
jured in the course of their work 
Hie proposal was one of several 
made at a two-day s eminar on the 
safety of journalists on dangerous 
assignments. The seminar was or- 
ganized by the committee and at- 
tended by 16 organizations repre- 
senting journalists, publishers and 
broadcasters. 


updated in 1949 and a gain in 1977, 
governments at war are obliged to 
accept Red Cross services. There is 
no such obligation in the event of 

“^fttedd'Sies agreed, His m U.S. High Court Sets Church Wages 

inner trt nnnAr cf.vnM rhnt LJ _ 


killed in the Philippines in the last 
10 months. 

Participants at the seminar wd- 


ed were those for establishing a 


ported killed during 1984, 81 were corned the interest of the Red 
wounded, 205 were jailed and more Cross. Dana Bullen, executive di- 
than 50 expelled from the countries rector of the World Press Freedom 
in which they were working. Committee, said: “There is perhaps 
The following points also were no other organization in the world 
made at the seminar: which has such a reputation for journalists since a UNESCO meet- 

» A total of!56 journalists ha^j humanitarian purpose and even- mg in 1981_at which Soviet bloc 


trying to cover such stories that 
journalists encounter the most risk. 

Mr. Hockfc also stressed that the 
Red Cross operates on the basis of 
confidentiality and neutrality. 
This, he said, could make it hard 
for the agency to make public pro- 
tests on b ehalf erf jaded journalists. 

Another subject of considerable 
interest involved identification 
cards, a matter of concern to many 


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handed fairness.' 

Jean-Pi erre Hockfc, chief of field 
operations for the Red Cross, said 
the agency's existing facilities for 
cradag missing people coaid be 
used on behalf of journalists. 

But, he cautioned, further Red 
Cross action may be limited by the 
agency's mandate. 

Under the Geneva Conventions, 


and some Third World countries 
called for a system of international 
accreditation for journalists. 

This was rejected by Western 
countries, which argued that this 
would lead to licensing journalists, 
restricting their work and even in- 
creasing the risks, since journalists 
are often harassed precisely be- 
came they are journalists. 


WASHINGTON (NYT) — The U.S. Supreme Court has ruled unani- 
mously that religious organizations must pay the federal minimum wage 
to workers engaged in commercial activity, the court said the law applies 
even if the workers insist that their labor is part of a religious mission for 
which they want no pay. 

In an opinion by Justice Byron R. White, the court said Tuesday that 
the “test of employment” under the Fair Labor Standards Act. which 
governs minimum wages and hours, is “one of economic reality." If 
employees could decline the law's protections. Justice White said, “em- 
ployers might be able to use superior bargaining power to coerce 
employees to make such assertions," The court ruled in favor of the 
Department of Labor in a long-running enforcement jetion against the 
adafic 

lieu that runs several dozen commercial enterprises in four states. The 


s^poiuuuii, ui uiwi Ui a ivufi-iiummg tmuauuuii avuuu agaiu* i ^ 

Tony and Susan Alamo Foundation, an evangelical Christian organiza- # 
lion that runs several dozen commercial enterprises in four states. The ® 
businesses, staffed by 300 unpaid “associates" who often work 12or more 
hours a day, include hog farms, a roofing company, a motel and gasoline 
stations. 


Egyptian Pioneer in Israel 


(Continued from Page 1) 

Lion was visiting Israel, bombed an 
Iraqi nuclear reactor, stepped up 
settlement building on the West 
Bank and then invaded Lebanon 
some 40 days after Sinai was re- 
turned. 

“Those Israelis who first went to 
Egypt, who look advantage of the 
peace." she said, “tended to be 
among the nicest, most liberal faces 
of Israel. You have to understand 
that Egyptians had this kind of 
demonic stereotype of Israelis. 
Then these people came and the 


pened," she said, “and these Egyp- 
tians who had changed 180 degrees 
really felt a sense of betrayaL Peo- 
ple said. "How could such nice peo- 
ple stab us in the back? They 


For the Record 

A tremor and its aftershock injured nine persons, cracked buildings and 
set off a small landslide in the northern Philippine mountain town of 
Baguio on Wednesday, the official Philippine news agency said. (AFP) 
Singapore will not allow strategic technology to be sent to unauthorized 
users, said the nation’s finance, health and education minister, Tony Tan, 
on Tuesday. A news report in February said that Singapore was among 15 
countries suspected by the United States of being used as bases to pass on 
high-technology products to the Soviet bloc. (AP) 

Rye persons were trampled to death Wednesday in Belo Horizonte, 
Brazil, by a crowd fighting for a last glimpse of the body of President- 
elect Tancredo Neves, who died Sunday. (AP) 

The space shuttle Challenger, set for liftoff Monday, will land in the 
California desert because of the brake and tire bJowoui problems experi- 


us in the backT 
didn't understand that these nice 
people aid not represent govern- enced when the shuttle Discovery returned to Earth at Cape Canaveral, 
mem opinion." Florida, last week. 


North, South Vietnam: Uneasy Union 


(Continued from Page I) 

* ™ ^ T' mark. While the young are heavily 

stereotypes just changed 180, do- 

system in schools throughout the 


grees. I saw it in the reactions of my 
own family when they met Israeli 
friends of mine. But I remember 
thinking at the time: ‘Oh, oh. What 
happens when they encounter the 
other faces of Israel? 1 — which I 
knew were there, because I bad 
lived here." 

“Then the Lebanon war hap- 


Major Took 
Tank Photos 

(Continued from Page 1) 

use weapons or force against U.S. 
teams in East Germany. 

The Western intelligence source 
who disclosed Major Nicholson's 
Dec. 31 spying caper also gave 
fresh details about the circum- 
stances of his shooting. He said 
that the Soviet sentry was in a near- 
by woods, away from his post, and 
may have panicked when he saw 
the major near the shed. 

The first shots, he said, were di- 
rected toward the car in which the 
major's partner, Sergeant Jessie G. 
Scnatz, was sitting, in conformity 
with liaison procedures. Those 
shots missed. 

One member of a liaison team is 
always supposed to remain in his 
vehicle, which is typically crammed 
with sophisticated listening devices 
and photographic material. After 
the major was hit by a second vol- 
ley, Sergeant Schatz was detained 
by the sentry and other soldiers. 

US. ‘Disappointment* 

Secretary of State George P. 
Shultz has said that the Soviet Em- 
bassy statement was a surprise and 
a disappointment, Reuters report- 
ed from Washington. 

“The response that came to us 
yesterday seemed to equivocate .'* 
Mr, Shultz told business executives 
at a State Department briefing on 
Tuesdav. 


country, some diplomats detect 
'signs of disaffection among youth 
in the North as well as the South. 

“The youth in the North are 
more like their counterparts in the 
South now,” a diplomat said. 
“They want to listen to Western 
music and wear jeans. They don't 
have the war spirit and war motiva- 
tion of the older generation.'* 

A Western ambassador said: “I 
have a feeling the younger genera- 
tion is starting to have enough of all 
these sacrifices. The morale of the 
younger generation is much lower 
than before. There’s a diminishing 
enthusiasm among young people 
for the ideals of the party." 

In an effort to have assimilation 
its own way, however, the North 
appears to have pursued a policy of 
sending to the South those Viet- 
namese of Southern origin who 
were “regrouped to the North" 
around the time of the 1954 Gene- 
va agreement that divided Vietnam 
at the 17th Parallel. 

About one million Northerners 
went South at that time to escape 
Communist rule, and 70,000 to 
80,000 Southerners went North to 
join Ho Chi Minh's revolutionar- 
ies. The children of these Southern- 
ers were kept together and educat- 
ed in special schools in the North, 
apparently with the purpose of 
eventually returning to their native 
provinces, according to several of 
them interviewed in Southern cit- 
ies. 

Hanoi also has been sending 
peasants from overcrowded North- 
ern provinces to “new economic 
zones" in the South. How many 
have been sent is not known, but an 
official of a state farm near Ho Chi 
Minh City disclosed that, in one 
example, 16,000 people from the 
Hanoi area were now living in a 
new economic zone near Dalai, 

While continuing hostility and 
insidious influences from the South 
pose problems Tor Hanoi, the Com- 
muni.M government can count re-; 


unification as a great success in a 
fundamental aspect: it has encoun- 
tered no significant armed resis- 
tance. 

Although South Vietnam fielded 
well-equipped armed forces and lo- 
cal units by the end of the war 
totaling more than one million 
men, the Communist takeover was 
so complete that no counterrevolu- 
tionary threat arose. 

Some of the regime's detractors 
say the Communists run a fairly 
efficient police state. 

As many as one million former 
government officials, military men 
and others associated with the Sai- 
gon government were sent to “re- 
education" centers, according to 
Hanoi's justice minister, most tor a 
few days or weeks. 

“Not more than 10,000" inmates 
remain in the re-education camps, 
Justice Minister Phan Hlen said* in 
an interview in Hanoi. But he re- 
fused to say how many were “old 
residents since 1975" ’ — in other 
words, detainees associated with 
the former government — and how 
many were “newcomers not worth 
putting on trial.” 

Other estimates put the number 
of re-educati o n camp inmates ai 
about 40,000. 

Nearly one million Vietnamese 
have fled the country by various 
means since 1975, with almost half 
of them eventually resettling in the 
United States. The Vietnamese ac- 
count for the bulk of an Indochin- 
ese refugee exodus in the last 10 


who collaborated with U.S. imperi- 
alism." he said this month at a news 
conference. But Hanoi showed le- 
niency toward those “responsible 
for the suffering of our people, ior 
slaughter and for war crimes" by 
merely sending them to re-educa- 
tion camps, he said. 

“After the liberation we did nor 
attempt to take revenge," Mr. Tho 
said. "We did not establish mbu-. 
nals or secretiy execute them even . 
though some are war criminals and 4 
should have been punished like the „ 
Fascists in Europe" after World 
WarlL 

According to Mr. Tho, “Thirty 
thousand former officers have been, 
released from the camps, including . 
four generals," but he did not men- 
tion over what period. 

Hoang Tung, a spokesman- for 
the Communist Party secretariat, 
said in Hanoi recently that, as part 
erf a “U.S. postwar scheme against 
us in the South," smaD: tribal 
groups “supplied by China through 
Thailand" were “operating -hire 
and there" to cany out sabotage: .' ; 

“At night they will attack a'viT- 
lage to seize property or kill peo- 
ple," he said. “Sometimes they will 
ambush a car or a truck, but never a 
troop position." ... 

Another Western diplomat said- 1 
“I think the kind of resistance that 

worries the Vietnamese In the “ 
South" is not any kind of armed • 
resistance. „■ 

“It’s the passive resistance td.'sojy 
cialization and any thing conffisr 


cialization and anything 

people, induing Cambodians and 3^ 

Utotians who have fled the Cbm- 

certain amount ofdisgrundemex&i£. 

“I think the majority of peasantSJ- 
and handicraft workers are satb; 


munist takeovers and the contin- 
ued fighting in their homelands 
since 1975, according to the UJS. 

Q S i CW Tbo^^Se^ainnan of TmlWi^n? *^' *?*"!$* 
t^^le’^WutiSHTcS Tran Phuong. fi Of course. the-nunk-.-- 

Party official, blamed this “vejy 
unhappy, complicated situation” 
on American “economic, political 
and propaganda measures" direct- 
ed against Vietnam. 


S "Of course, the nun^r 
i who don't Ukt-.our 


“American propaganda made a 
great Tuss about a bloodbath aimed 
at getting revenge against ui! ihose 


ber erf # 

regime m the South is much bi_ 
than in the North. Biit aslong'fc 
they don’t take up arms,.we leave 
them alone, and the realities of Iff* 
will bring them doser' to ui.".; 

Tomorrow: Some changes may A* 
on ike hot, dictated not only by 
economic realities but by ihedymt 
m of today's aging leadership. - 






INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 


Page 3 


J'lo-surfw hit jJJta# 
aid* o.ii T* E*u>. 5*iW" 


U.S. Warned 
■■ v Of Surplus in 
Trillions for 
Trust Fund 


J * , 

a * n §fer]Mp n , 

. . 016 !$!*.' 



By Spencer Rich 

' WusfUnghtrt Post Service 

WASHINGTON — The Social 
Security trust fund, under current 
law, will build up a surplus of S7 
, trillion by the year 20 15, a figure so 
'* high as to tie “unrealistic” and 
threatening to the whole economy, 
the system's former chief actuary, 
Robert J. Myers, has warned the 
House Committee on Aging. 

Mr. Myers, singling out a prob- 
lem that is vexing Social Security 
supporters, focused Tuesday on the 
fact that the (983 Social Security 
financial rescue law appears to be 
doing its job so well that surpluses 
from about 2000 to 2030 will be- 
come huge before starting to de- 
cline. 

Therefore, he said, they will pre- 
sent an inviting reason 'for Con- 
gress to increase benefits or divert 


surpluses to other purposes. 


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Myers said that the currenr 
theory is to build a huge surplus, 
then draw down on it as the post- 
World War 11 generation starts re- 
tiring and much more money is 
needed for benefits. Eventually, the 
surplus would be depleted. 

The 57-trillion surplus, expected 
. Jo equal about 32 trillion in 1954 
dollars, will be five times the annu- 
al payouts in 2015, he said. In Mr. 
Myers's opinion, a much smaller 
reserve will be needed to assure 
benefit payments to retired and 
disabled people. 

The surpluses, which could dam- 
age the U.S. economy by draining 
off so much money, “should be 
prevented by an automatic adjust- 
ment procedure that would lower" 
tax rates “when the fund balance 
exceeds 50 to €0 percent of annual 
outgo,” Mr. Myers said. 



Tha AaoanM Plan, 


V on Billow, Jury Visit Mansion 

Claus vcm Bulaw wept Tuesday as he and the jurors who will 
decide whether he tried to kill his multimillionaire wife, Martha, 
visited the couple's mansion in Rhode Island. He was convicted 
three years ago erf trying to kill her with insulin injections, but the 
verdict was overturned on technical grounds. Both sides were to 
make opening statements Thursday in a retrial. On Tuesday, 
some of Mrs. von Billow’s jewdiy was sold at auction in New 
York for $15 million. Proceeds go to her children. 


First Ladies 
Of 18 Nations 


MeetinU.S. 


In Drug Fight 


Washington Post Service 

WASHINGTON — The 18 
women flew to Washington from 
countries as nearby as Canada and 
as far away as Malaysia. Back 
home, the drug problems range 
from glue sniffing to heroin addic- 
tion to cocaine production. But 
they have come to Washington 


hoping to do something about the 
problem by attending the First La- 


Reagan Cemetery Visit 
Is Opposed in U.S. Poll 


> .d K.-icrafrciaj,. 


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U.S. Union Chief 


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Sew YnrL Tutus Service 

CHICAGO — Jackie Presser, 
the president of the International 
Brotherhood of Teamsters, repeat- 
edly has refused to answer a federal 
commission's questions about la- 
bor racketeering 
Mr. Presser, appearing Tuesday 
on the second day of the three-day 
hearings by the President's Com- 
mission on Organized Crime, in- 
voked the Fifth Amendment to the 
Constitution, which states (bat a 
person cannot be compelled to be a 
witness against 


The testimony of several previ- 
> ous witnesses had indicated that, in 


x October 1983. Mr. Presser gave tac- 
it approval to an attack on dissi- 


By Barry Sussman 

Washington Post Service 

WASHINGTON — By a slim 
majority, Americans disapprove of 
President Ronald Reagan's sched- 
uled visit to a German military 
cemetery and want him to cancel it, 
according to a nationwide Wash- 
ington Post-ABC News public 
opinion poll 

The poll also shows a drop in the 
public's overall evaluation of Mr. 
Reagan's handling of the presiden- 
cy — his “approval rating." In the 
poll, 54 percent said they approved 
of Mr. Reagan’s performance as 
chief executive, his lowest rating 
since October 1983. 

His approval rating was at 68 
percent in a poll in January, 62 
percent in February and 60 percent 
in late March. 

The survey, conducted Monday 
night, is the fiat public poll to 
measure response to the clamor 
over Mr. Reagan's trip to West 
Germany next week. It finds that 
Americans are sharply divided over 
the visit to the cemetery and over 
the way Mr. Reagan and his advis- 
ers have dealt with the matter. 

Fifty-one percent of the people 


butg cemetery, where a number of 
Nazi SS troops are buried along 
with other German soldiers. Thir- 
ty-nine percent said they approved 
of the visit, and the remainder of- 
fered no opinion. 

Republicans and Democrats dif- 
fered sharply on the issue, with 57 
percent of the Republicans approv- 
ing of the visit and 63 percent of the 
Democrats saying they disap- 
proved. Among independents, 51 
percent said they disapproved. 

American Jewish leaders and 
others, including 53 senators, have 


urged the president not to go to 
Bitburg. Many critics say dial a 


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dent Teamsters meeting in a De- 
troit suburb. The witnesses also 
said that, at least once, Mr. Presser 
had accepted a payment from Eu- 
gene Bona, an organized crime fig- 
ure convicted of labor racketeering 
b 1981. 

As soon as James D. Harmon Jr., 
the chief counsel to the 18-member 
commission, asked Mr. Presser 
when he had assumed leadership of 
the International Brotherhood of 
Teamsters. Mr. Presser read from a 
brief statement explaining that he 
would ‘■reluctantly" decline to tes- 
tify to avoid self-incriminaiion. 

Accompanied by his attorney, 
John R. Climaco, Mr. Presser said 
be had been advised not to answer 
’•.my questions because, for the last 
i our years, he had been the “princi- 
pal largel” of a federal investiga- 
tion into the Cleveland union local 
that he once headed. 


interviewed said they disapproved 
ting to the 1 


of the president going 


Bit- 


visit to a cemetery where SS mem- 
bers are buried would dishonor the 
memory of the victims of the Holo- 
caust. 

Mr. Reagan, who is to lay a 
wreath at the cemetery, has said he 
is not dishonoring Holocaust vic- 
tims but ratheT is acting in the 
name of reconciliation 40 years af- 
ter World War II. 

The public tended to accept Mr. 
Reagan’s position 1 . 51 percent said 
he would not be dishonoring Holo- 
caust victims, compared with 33 
percent who said he would be and 
16 percent who said they were not 
sure. 


Peruvian Election Chief Shot 


The Associated Press 

LIMA — The president of Peru’s 
National Section Board, Guil- 
lermo Garda Rada, was shot 
Wednesday morning by gunmen 
who ambushed his car as he rode to 
his office in Lima, the police re- 
ported. 

The official was rushed to a local 
hospital the police said. There was 
no indication of who had attacked 
Mr. Garda Rada. 

Fernando Bdaunde Terry, the 
outgoing Peruvian president, went 
to the hospital as soon as be was 
informed of the attack against Mr. 
Garda Rada. The attack came as 
the board that Mr. Garda Rada 
heads was suB tallying the results 


of the April 14 presidential elec- 
tion. 

Final results are expected to be 
announced by the board by the end 
of this month, but unoffirial totals 
■indicate that Alan Garda Perez, 35, 
the candidate of the social-demo- 
cratic Aprista party, has won a 
large plurality. 

Mr. Garda, however, was un- 
likely to win a majority of the vote 
and a runoff election is expected 
next month. He has announced 
that his office is preparing for the 
second round, which would pit Mr. 
Garda against the Marxist mayor 
of Lima, Alfonso Barrantes tin- 
pan, 58. Mr. Iingan placed second 
in the April 14 vote. 


.dies Conference on Drug Abuse, 
arranged by Nancy Reagan, the 
American first lady. 

Wednesday’s first session in- 
cludes presentations on U.S. edu- 
cation and prevention programs, a 
talk by a former drug addict on 
“Why I Used Drugs — Why I 
Stopped" and a discussion among 
the first ladies. 

On Thursday, the group Hies to 
Atlanta for a' daylong program 
sponsored by the National Parents’ 
Resource Institute for Drug Educa- 
tion. 

“Mrs. Reagan will be flying 
down to Atlanta with half of them, 
and back with the other half, in 
alphabetical order,” said her press 
secretary. Jennefer Hirshbcrg. “I 
would imagine the talking to each 
other and getting id know each 
other and the conviviality will oc- 
cur then." 

The State Department Office of 
Protocol is paying for the visits of 
the first ladies ana two staff mem- 
bers each. A protocol spokeswom- 
an said the cost of the conference 
and the conviviality could not be 
calculated until it is over. 

The conference is the crowning 
event in Mrs. Reagan's anti-drug 
campaign. And, while Ms. Hirsh- 
berg stressed the conference is 
geared to mothers rather than gov- 
ernment officials or professional 
experts, she said Mrs. Reagan 
would be filling a role very much 
like that of a saleswoman. 

Siting in the Red Room, just 
down toe hall from where final 
touches were being put on the East 
Room for Wednesday’s confer- 
ence, Mrs. Reagan said the confer- 
ence was the result of conversations 
she had had with wives of foreign 
leaders on state visits here. 

She said the conference was “not 
on a governmental level — it’s a 
mother-to-mother level" — and 
though she believed there had lobe 
“some government involvement" 
in stemming the drug tide, “it is a 
family, a personal problem, and I 
don’t know of any government that 
can provide love or attention or 
affection. 

“This was all new to them, so it 
just seemed a logical next step to ' 
make it an mtemational effort." 
said Mrs. Reagan. 

Among those attending are: Siti 
Hasmah, the wife of the Malaysian 
prime minister: Joan FitzGerald, 
the wife of Ireland’s prime minis- 
ter; Mila Molroney, the first lady 
of Canada; Anne-Marie Willoch, 
the wife of the Norwegian prime 
minister; Tsutako Nakasone, wife 
of Japan’s prime minister; Begum 
Shafiq Zia ul-Haq, wife of the pres- 
ident of Pakistan. 

Also: Anna Craxi, wife of Italy’s 
prime minister; Maria Mannela 
Eanes of Portugal; Eugenia Cordo- 
vez Ponton ae Fcbres-Cordero. 
wife of Ecuador’s president; Rosa 
Elena Alvarez de Betancur, the first 
lady of Colombia; Sarcgini Jug- 
nautfa of Mauritius. 

Also: Marianne von Weizsfcker 
of West Germany; Palotna Cor- 
dero de la Madrid of Mexico; 
Mitsy Seaga of Jamaica; Maria 
Loreoza Barreneche de Alfonsin of 
Argentina and Maria Consuelo Ri- 
vera de Ardito Barieua of Panama. 


Frenchmen’s Mission: Save Liberty in U.S. 


By William Geisr 

Ne* York Times Service 

NEW YORK — The 10 Frenchmen jour- 
neyed to America despite warning; from their 
mothers that they would be mugged within 
five minutes of their arrival in New York and 
mowed down by gangsters in Chicago. 

“For better, and sometimes for worse, 
none of the warnings about America have 
come true,” said a disappointed Jacky Du- 
pont, who was warned by his mother to watch 
out for crowds of American women waiting 
at the airport to get their hand* on a French- 
man. 

“This is a mission," said Jean Wiart, “and 
nothing our mothers said could stop us." 

Mr. Dupont and Mr. Wian are among the 
team of 10 that has been “dropped on anoth- 
er planet," as one of them phrased it in 
broken English: suddenly living in Brooklyn 


“They had two beautiful daughters," Jean- 

Michel Gres said. 


When they Showed up for work, members 
of Iron Workers Local 45S greeted them with 


a protest over the hiring of foreigners to work 
on the Statue of Liberty. 

The French workers were repeating what 
their forefathers had done in ibe-1870s, ham- 
mering copper and making the parts — the 
spikes, the torch and the fiame — for the 
Statue of Liberty, a gift from France to the 
United States. The workers, from Les Mfetal- 
liers Champencis. a restoration firm in 
Rams, were said to have been picked because 
they are the best in the world at fine metal- 
work. 

They arrived with two tons of hand tools, 
including more than 100 different hammers 


town house, which they hurriedly furnished 
in a decor Mr. Wiart refers to as L'Armee du 
Solus, or Salvation Army, where they bought 
mismatched couches, chipped formica tables 
and odd chairs. 

They did their owq cooking for a while, but 
ii became just too much work. 

A woman was hired to cook dinner five 
days a week. They ask her for French rabbit 
with prunes and she gives them American 
fried chicken with mashed potatoes. 

Three of the men are married, but only Mr. 
Wiart has his family with him: his wife, 
Monique, and two young daughters. 

It is difficult for them to meet people 


because they speak little English. They did 
ivho had lived 


of their own making. What surprised the 
Americans was that these were not old men 


and commuting by boat to their job — their 
'mission" — in Upper New York Bay. They 


are fine metalworkers from Reims, brought 
to America to help restore the Statue of 
Liberty. They are expected to be in the Unit- 
ed Slates until the end of the year. 

Things are gong more smoothly now. 


practicing the art, but men in their 20s, most 
of them, the youngest 18 years old and the 
oldest 37. One of them said that they still 


practiced the art in Europe “because it is an 
old continent with everything falling apart all 


Shortly after they arrived in November, they 
i befriend noghbors one night by 


attempted to 1 
knocking on the windows with a bottle of 
wine. They were nearly arrested by the au- 
thorities. 

“We want to get to know the American 
people," Mr. Dupont said. 


the time." 

After work recently, they trudged up State 
Street in Brookly n from the subway, slumped 
in living-room chairs drinking a favorite 
French liqueur and told of their almost mo- 
nastic existence: rising at dawn and returning 
home from Liberty Island at dusk six days a 
week. 

They live dormitory-style in a three-story 


meet a woman across the street who had lived 
in France. She saw Mr. Gres drying salad 
greens by whipping them against the front 
railing in a beach towel and asked if per- 
chance they were from out of town. 

They often watch television and sometimes 
understand it. 

“We watch the baseball," Mr. Gres said, 
“and they are with the dubs and the running. 
And there is the American football and they 
jump on top of each other and then get off, 
time after time." 

“And on the news programs there is no 
analysis,” Mr. Feirs said, “just the murder, 
the fire, Lhe accident; the murder, the fire, the 
accident. " 

They ail agreed they would not forget their 
American colleagues working on Lhe statue. 


U.S. Congress Split on Plan 
To Aid Nicaraguan Rebels 


(Continued from Page 1) 
help ensure against wrongful acts 
by those who seek our help,” the 


letter added, apparently respond- 
ions of rebel at 


ing to allegations of rebel atrocities. 

“This letter concedes most of 
what we were trying to get from the 
president in the form of legisla- 
tion,'' the minority leader. Robert 
C. Byrd, a Democnu of West Vir- 
ginia. said. “This is no way to legis- 
late.” 

The conflicting House and Sen- 
ate verdicts set the stage for deci- 
sive House votes Wednesday on 
two alternatives, one from Repub- 
licans that closely followed the 
Senate-approved measure and one 
from Democrats that provides gen- 
eral humanitarian aid to the region 
but not the rebels. 

Either would be far less than Lhe 
wholehearted endorsement for the 
rebel cause that Mr. Reagan has 
demanded in several weeks of emo- 
tional speeches but more than 
Democrats hod been willing to pro- 
vide the guerrillas. Democratic 
leaders said they expected a much 
narrower vote Wednesday. 

House Speaker Thomas P. 
O'Neill Jr., a Democrat of Massa- 
chusetts. said that Tuesday night’s 
House vote was a clear signal of 
concern, about potential U.S. in- 
volvement in Nicaragua. “They 
don’t want our boys down there." 
he said. “Thai’s what it’s all 
about." 


The Senate vote was rather a 
grudging one, awarded by conser- 
vative Democrats who complained 
that White House rejection of their 


weekend compromise offer forced 
them to take the lesser of two evils: 


supporting the president rather 
than abandoning the rebels alto- 
gether. 

The Democrats’ proposal, 
worked out Sunday by eight sena- 
tors who seldom agree ordinarily, 
would have provided the rebels S14 
million in humanitarian aid 
through a government agency other 
than the CIA and would have of- 
fered more funds to implement any 
later peace agreement. 

Critics of the plan said that, had 
the CLA Tunneled the aid, the rebels 
could have used it to purchase mili- 
tary equip men l Mr. Dole told the 
Senate that he expects Mr. Reagan 


to name the National Security 
Council as the controlling body, a 
reference to (he interagency com- 
mittee that the White House now 
plans to use to administer the aid. 

In the Democratic-con trolled 
House, the debate followed tradi- 
tional ideological lines, with liber- 
als and moderates opposing further 
aid to the rebels, whom they termed 
uncontrolled “thugs," and more 
conservative lawmakers supporting 
the aid and calling the rebels “free- 
dom fighters." 

The chairman of House intelli- 
gence panel Lee H. Hamilton, a 
Democrat of Indiana, called the 
$14 million “a down payment on 
greater military involvement" and 
“the next step on the slippery slope 
to further major U.S. military in- 
volvement in Nicaragua.” 

■ Nicaragua Praises Vote 

Nicaragua said that the House 

defeat of Mr. Reagan’s request Tor 
$14 million in aid to anti-Siandinist 
rebels was u a vote that should con- 
tribute to peace,” The Associated 
Pros reported from Managua on 
Wednesday. 

The government reiterated its 
willingness to resume a dialogue in 
Mexico with the United Slates, as 
well as its refusal to negotiate with 
the rebels. 

On Tuesday, the government ra- 
dio station La Voz de Nicaragua 
called the House vote a “cata- 
strophic defeat for Reagan." 

■ Ortega to Visit Moscow 

The Tass press agency said 

Wednesday that President Daniel 
Ortega Saavedra of Nicaragua will 
visit the Soviet Union this month, 
Reuters reported from Moscow. 

Mr. Ortega and other officials 
make regular visits to Moscow for 
talks with Soviet leaders, who bade 
his government with supplies and 
advisers. 


11 Miners Killed in Japan 

The Associated Press 

TOKYO — Hewn raineis were 
killed and five others injured 
Wednesday by fire and smoke in a 
coal mine' on the small island of 
Takashima in western Japan, po- 
lice said. The cause of the fire in the 
1 1 0-year mine was not immediately 
known. 



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On February 8th, 200 miffion people 
across the Arab world were Joined together 
by words and pictures. 

Thanks to a brand new artificial moon, 
that’s the Arabic idiom for satellite. 

Its caBed Arabsat 
ft was conceived by Aerospatiale for 
22 member countries of the Arabsat 
organization, founded in 1976. 

Arabsat can simultaneously handle 
8,000 telephone conversations. Plus 
7 television channels. 

A special channel allows even the remotest 
villages to receive TV broadcasts. Price of 
admission: a simple, inexpensive antenna. 

Arabsat means telecommunications 
equal to the demands of the Arab world’s 
rapidly expanding economies. 

It means transmission of knowledge to 
people in remote areas. 

It also means providing the all important 
link between the Arab peoples today, and 
the 21st century. 

Arabsat and Aerospatiale. Partners in 
progress. 




aerospcrfiale 


DIVISION SYSTBMES BAUSTTOl/ES ET SPATIAUX 

B.P. 96 - 78133 Les Mureaux Cede* - France 


that’s special.! hat s aerospatiale. 







Page 4 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 


EC Budget Ministers 
Agree on Funding 


Diplomats said this meant that 
the EC would not finalize its annu- 
al budget until June, the latest in its 
history. 

In December, the parliament 
turned down a proposed cash 
scheme for 1985 that the EC ac- 
knowledged would not cover a full 
year's spending. Since January, it 
has resorted to monthly funding 
that prevents the launching of new 
policies. 

But an agreement last month by 
the 10 EC foreign minister to 
bridge a gap between 1985 income 
and expenditure with additional 
cash grants from national treasur- 
ies paved the way for a fresh at- 
tempt to settle the budget question. 
The ministers agreed Wednesday 
rr C «« Cn^/vi that this year's income shortfall to 
wr Wit Oft be funded out of national coffers 

totaled 2 billion European Curren- 


Reuiers 

LUXEMBOURG — European 
Community budget ministers 
agreed on a draft budget Wednes- 
day, a first step to free the group 
from month-by-monlb emergency 
funding, Italy’s deputy budget min- 
ister, Carlo Fracanzani, said. 

Mr. Fracanzani, who was chair- 
man of the meeting, said the plans 
would now be sent to the European 
Parliament for possible amend- 
ment. 


European Nations 
Drafting Accord 


Reuters 

PARIS — Officials of the 1 1-na- 
tion European Space Agency began 
two days of private talks here 
Wednesday on European partici- 
pation in the proposed U.S. orbit- 
ing space station. 

The agency's administrative 
council was to decide by Wednes- 
day or Thursday how to put deci- 
sions made at the council’s minis- 
terial-level meeting in Rome in 
January into effect 

Officials said the main aim 
would be to draw up a draft agree- 
ment on participation in the SIQ- 
billion space station, which is 
scheduled to be operational by 
1994. 

The ministerial meeting gave the 
go-ahead for agency participation. 
It is now up to the administrators 
to work out the details. 

The key issue will be to ensure 
that Europe secures a major role in 
the project and not, as some offi- 
cials fear, a form of political “win- 
dow-dressing." 

The council is to draw up an 
agreement committing the Europe- 
an agency to the two-year design 
phase of the station. 


cy Units (SI 5 billion), the diplo- 
mats said. 

The minis ters also made 5400 
million worth of extra savings on 
food aid to Third World countries 
and on other expenditure, setting 
planned spending at 521.3 billion 
m 1985, they said. 

But the EC’s budget commis- 
sioner, He nning Christophers en. 
said that part erf the new savings 
would be neutralized when the par- 
liament discussed the draft in May. 

Diplomats said work was com- 
plicated by the deadlock in negoti- 
ations on new prices for communi- 
ty farm produce this year. 

Mr. Chris tophersen said that the 
European Commission could in- 
crease its budget proposals if the 10 
farm mini sters settled their dispute 
by raising some agricultural prices, 
increasing farm spending beyond 
earlier targets. 

The farm price talks ended with 
no progress in Brussels on Tuesday, 
making it virtually impossible to 
assess Trow much cash is needed to 
keep the ECs agricultural policy 
afloat Farm spending accounts for 
more than 70 percent of the 
planned budget. 





Tie Acocmted Prat 


Break Time on the Great Wail 


Terry Daigan, 13, fascinated at least one Chinese 
photographer as he showed off a dance he called “poppiri " 
during a visit Tuesday to the Great Wall. The youth is a 
member of a touring boys chorus from Newark, New Jersey. 


Third World Gathers Again at Bandung 


J 


Suharto Issues Warning to West at 30 th 

ty of reaching unanimity among so 
many nations, diplomats said. 


Compiled by Our Staff From Dispatches 

BANDUNG, Indonesia — Pres- 
ident Suharto, opening a meeting 
of 80 Asian ana African nations, 
warned the West on Wednesday 
that prolonged backwardness in 
the Third World would lead to di- 
saster for industrialized nations. 

He said at the meeting marking 
the 30th anniversary of the Ban- 
dung Asia- Africa conference that 
the only way to dose the gap be- 
tween advanced countries and the 
developing world was to establish a 
new international economic order. 

“Solidarity is a real need so that 
Afro- Asian nations can fight shonl- 
der-to-shoulder to end the back- 
wardness and poverty that stiD 
chain most of us," he said in a 
speech opening a meeting to cele- 
brate (he first Bandung conference, 
held by Third World countries in 
1955. 

Poverty spawned political unrest 
and in stability, he said, which were 
often exploited by external forces. 

“The prolonged backwardness 
■of the developing countries, which 
represent the majority of the hu- 
man race, sooner or later will un- 
doubtedly become the beginning of 
disaster for the advanced coun- 
tries," he said. 

While political independence 



Among other things, the original 
declaration called for recognition 


Suharto 


had 


been largely achieved through- 
out Asia and Africa since 1 955. this 
did not mean much without eco- 
nomic development be said. 

The Bandung conference 30 
years ago issued the 10-point decla- 
ration, which provided building 
blocks for the Nonaligned Move- 
ment started six years later in Bel- 
grade. 


U.K, Warns Embassies on Traffic Fines 


Agence Franee-Prexse 
LONDON — Britain has 
warned the 132 foreign embassies 
here that it may ask for the with- 
drawal of diplomats who systemat- 
ically refuse to pay traffic fines. 

Starting next month, the police 
will keep a file on traffic offenses 
committed by private or official 
vehicles bearing diplomatic plates. 


The government also is p lanning 
to limit certain privileges enjoyed 
by diplomats. A bill put before Par- 
liament on Tuesday provides for 
withdrawal of diplomatic status 
from foreign-run tourist bureaus 
and the X-raying, in certain cases, 
of diplomatic bags. 


of the equality of all races and of ail 
nations large and small noninter- 
vention in the internal affairs ot 
other countries and avoidance or 
allianc es with big powers. 

For the commemoration, a reso- 
lution has been drafted that For- 
eign Minister Mochtar Kusumaat- 
madja of Indonesia said was based 
on the Bandung spirit. 

Sources dose to the organizing 
committee said that the draft reso- 
lution called on the international 
community to' help eradicate the 
radal segregation policies of South 
Africa, and also supported the 
struggle of the people of South- 
West Africa, or Namibia, for inde- 
pendent state under the leadership 
of the South-West Africa People's 
Organization, one of five national 
liberation fronts invited to the an- 
niversary. 

The draft reaffirms concern 
about the many conflicts in the 
world, in particular the situation in 
Southeast Asia and South-W est Af- 
rica. It does not specifically men- 
tion Cambodia. 

Other committee sources said 
there was a possible problem be- 
cause of Algeria's request that the 
Western Sahara be mentioned in 
the resolution. 

The sources said any attempt to 
mention Western Sahara by name 
would cause a strong protest from 
Morocco, which claims the area as 
part of its territory. The Algerian- 
backed Polisario Front has pro- 
claimed the establishment erf an in- 
dependent Saharan Arab 
Democratic Republic there. 

The draft declaration was being 
watered down behind the scenes on 


President Suharto, in his speech, 
said that Asia and Africa should 
urae the United States and the So- 
viet Union to stop testing and pro- 
ducing nuclear weapons and to 
hold immediate negotiations to re- 
duce the number of warheads. 

{Reuters, AP) 

■ Rornido Is HI 

Carlos P. Romulo. a former Phil- 
ippine foreign minister and a 
founding father of the United Na- 
tions, fell ill and was forced to leave 
the opening session of the Bandung 
conference, the Philippine Foreign 
Ministry said. United Press Inter- 
national reported from Manila. 

Reports from Bandung quoted X* 
bv the state-run Philippine News 
Agency said Mr. Romulo, 86, “col- 
lapsed” at the session ball and was 
rushed to a hospital, where he was 
declared in “good condition this 
afternoon after undergoing dialysis 
treatment." 


Panama Gains Control 
Of Canal’s Air Traffic 

United Press International 

PANAMA CITY —The United 
States handed over control of ai|P 
traffic in the Panama Canal Zone 
to the Panamanian government on 
Tuesday. 

The transfer of the air traffic 
control tower^an island radar sta- 
tion and administration buildings 
from U.S. control to Panamanian 
control was done under (he Pana- 
ma Canal Treaties, signed in 1978. 


9cralO££$ribunr 


ReachingMoreThan aThind of a Million Readers 
in!64 Counties Around theWbrkL 


The police, bound by interim- D __ 7 

tional conventions, may not tow XICIYCU JOwTuMrY 
away diplomatic vehides or put J J 

wheel clamps on them. Last year 

109,000 traffic fines were quashed JSSUBS 1 uHCT 
because the offenders d aimed dip- ■* 

lo mati c immuni ty. 


At the end of 1984. a few days 
after the 50th anniversary of his 
appointment asa director, Mr Harry 
Oppenheimer retired asChairman of 
De Beers; he had held that office for 
27 years. His father, Sir Ernest, whom 
he succeeded, had been a director for 
31 years, ail but three as Chairman. 
That constitutes a remarkable record 
of service from father and son to any 
company. 

The years of Harry Oppenheimers 
chairmanship saw a prodigious growth 
in the activities of the Company, 
particularly in the size and diversity of 
the non-diamond assets which have 
played such an important part in 
enabling De Beers to provide the 
finance tor bringing the industry 
through what Mr Oppenheimer has 
described as its worst depression in 
50 years. 

Although retail sales of diamond 
jewellery set a new record in 1984. 
difficulties in the market for rough 
diamonds persisted. Measured in US 
Dollars, the currency in which rough 
diamonds are priced , sales by the CSC 
were only one per cent higher than in 
1983. at US $1,613 million. 

Rough diamond sales 

The year started encouragingly, 
with sales in the first half seven per 
cent up. Sales in the second half fell 
back sharply, however, as trading 
conditions in the cutting centres 
became more difficult. For this there 
were three main reasons. First, the 
continued and substantial appreciat- 
ion of the US Dollar against other 
currencies effectively increased 
diamond prices in the rest of the world. 
Secondly, in the light of the losses 
sustained in financing the diamond 
trade, the banks continued to 
rationalise their lending activities, thus 
accentuating the financial pressure on 
some manufacturers and dealers. 
Thirdly, at a critical juncture imports 
of polished diamonds into Antwerp 
temporarily increased, which because 
of the timing and price levels involved 
had disruptive effects in all the cutting 
centres. 

CSO continued stabilisation 

Accordingly the CSO continued 
its stabilisation policy by withholding 
from the market die larger sizes and 
better qualities of diamonds. 
Nevertheless, there was only a 
relatively small real increase of R191 
million in Group stocks over the year. 

In all the circumstances, I believe 
that De Beers’ results last year were as 
satisfactory as could be expected. 

Net attributable profits, excluding 
our share of retained profits and 
extraordinary profits of associated 
companies, rose by eight percent to 
R3 32. 5 million, or 92.4 cents a share. 
Including our share of retained profits 
of associated companies, earnings 
increased by 28 per cent to R677-7 
million or 188.4centsa share. Our share 
of associated companies' extraordinary 
profits was R56.2 million, compared 
wifoR5.7 million in 19S3.The 
dividend was maintained at 40 cents a 
share, absorbing R 143.9 million. 

Net current assets improved by 
R 1S5 million to R282 million and the 
increase in long- and medium-term 
liabilities was R465 million, leaving a 


De Beers 

Extracts from 
Julian OgUvie Thompson’s 
Statement for 1984 

Ac the end of 1984 Mr. H. E Oppenheimer retired 
after 27 yeans as Chairman or De Beers, bur will 
stay on die Board, and was succeeded by 
Julian Ogilvie Thompson. Nicholas Oppenheimer 
was appointed Deputy Chairman. 



net apparent increase in funding of 
R280 million. However, this figure was 
less than the increase of R349 million 
which would have resulted from the 
application of the change in the Rand/ 


The large rise in our stocks in 
recent years, from US $936 million in 
I980to US$1,950 million in 1984isof 
course the obverse of the reduction in 
the pipeline stock thatour policies 


Demand for rough diamonds is 
broadening- retail diamond 
jewellery sales set a new record 


Dollar exchange rate to such liabilities 
and assets brought forward from the 
previous year. Borrowings remain well 
within the total facilities available to 
our Group. 


have brought about. We estimate 
that during those five years stocks 
in the cutting centres nave fallen by 
nearly US $5 billion i.e. by five times as 
much as the rise in our own stocks. 

The low level of cutting centre 
stocks now prevailing is evidenced 
by the much more reasonable 
Is of bank finance 
outstanding. Stocks in the 
hands of jewellery 
manufacturers and retailers 
have likewise fallen 
significantly. 

Hence if the world 
economy continues to 
iw the stage is well set 
r sales of rough 
diamonds to resume 
their rising trend. 



Investments outside 
the diamond industry f 
appreciated by R409 million 
to R3.687 million 1 1 ,024 cents'" 
per share) over the year, and 
yielded income of R 183. million, 
compared with R 162 million the 
previous year. 

Retail sales of diamond jewellery 
in the United States increased in value 
by no less than 19 per cent in 1984. 
Outside the United States there was 
on average a small increase in retail 
sales in local currencies. Overall more 
consumers acquired diamond jewellery 
than ever before and the increase in 
retail sales world-wide came to 
approximately six per cent in Dollars. 
It follows that sales of diamonds in 
jewellery once again substantially 
exceeded the corresponding value of 
rough diamonds sold to the cutting 
centres — as a consequence of the 
CSO’s policy of withholding qualities 
notin demand — and brought about a 
further significant decline in the 
quantity of diamonds in the pipeline 
Between the CSO and the ultii 


inmate 


consumer. 


m 
W 

A fine quality 
oval cut diamond 

At the first three sights in 1985, 
during which the CSO maintained its 
policy of selective allocation, there was 
a welcome indication of interest in a 
wider range of diamonds, and sales of 
the larger sizes increased . Iota I sales 
were affected by the derision of the 
Indian trade not to import rough 
diamonds over a period that included 
foe February sight, as a result of certain 
fiscal problems between foe trade and 
foe authorities in Bombay. It remains to 
be seen whether foe sales lost by the CSO 
as a result of this action will be recouped 
during foe remainder of foe year. 

The industrial side of our business 
had another good year. There was a 
pleasing improvement in sales of 
natural grit, but sales of drilling stones 
continued to be affected by foe 
depression in minerals exploration. 
Sales of synthetic grit and poly- 
crystalline diamond products, which 


had passed foe US $100 million mark 
foe previous year, rose by as much as 
15 percent, and there was further 
growth in foe profitability of foe 
Group s force diamond synthesis 
factories facilitated by new techniques 
developed at foe Diamond Research 
Laboratory. Wfe estimate that foe 
market for synthetic and natural grit 
and drilling stones in foe non- 
Communist world now absorbs about 
150 m$jon carats a year. The 
improvement in demand for industrial 
diamonds is particularly encouraging 
in view' of the fact that tne Argyle mine 
in Australia, which will be a big 
producer of industrial and drilling 
qualities, is due to come into full 
production at foe end of this year. 

Pla ns tor the marketing of foe Argyle 
production are being developed and 
we have intensified our research into 
new uses of natural diamond grit. 

Unified wage structure 

It is now nearly six years since foe 
Group achieved a unified wage struc- 
ture on its mines m South Africa and 
SWA/Namibia, and our extensive 
training and development programmes 
for employees at all levels has enabled us 
to make further progress in implemen- 
ting our policy ot merit-based manning. 
We welcome foe recruitment of 
employees inourNamaqualand division 
by foe National Union of Mineworkers 
whose negotiations with mine manage- 
ment for a recognition agreement are 
well advanced. This will broaden 
employee participation in foe negotiation 
of wages and conditions of service, 
which is in line with our policy of 
favouring responsible union represent- 
ation on our mines. 

The Urban Foundation 

We have maintained our contri- 
butions ro foe Chairmans Fund, 
which devotes a large pan of its 
activities to improving foe quality and 
extenrof technical education; and to 
foe Urban Foundation, which has 
facilitated a number of notable 
achievements in foe socio-economic 
development of South Africa dut 
the past year. We believe that forouj 
these institutions, and others, foe 
Group continues to play its part in foe 
creation of a fairer and more just 
sociery in South Africa. 

At foe last annual general meeting 
Mr Oppenheimer referred with deep 
regret to foe death of Dr Louis Murray, 
in a flying accident, a director since 
197 5. For nearly 20 years he had been 
responsible for our world-wide 
exploration activities, and under his 
leadership the major discoveries in 
Botswana were made. In November, 
Mr Alex Barbour, a director of foe 
Diamond Trading Company, was 
appointed toourboard. 


The fall Chairman s Statement is contained 
in the Annual Repcrrr of the Cbmrany for the year 
ended 31si December 1984 which was posted ro 
registered Shareholder on 24th April 1985. 

De Beers Consolidated Mines Limited 

i lnciwjvr.'rt'J ui d* RcpWitf "f Alrtfal 

H eadOftia: 

36 Stockdale Street. Kimberley. South Africa. 
London Oflioe 

40HolbomVradua,londonECIP 1AJ 


De Beers 


The name that standsfordiarnonds 


On SS link 


United Press International 

LONDON — Britain's royal 
family has issued German court 
documents that officials said 
should clear the father, erf Princess 
Michael of Kent of an alleged Nazi 
German past. 

The Daily Mirror last week 
printed what it said was evidence 
that Princess Michael's late father, 
Baron Gunther von Reftraitz, was a 
member of Adolf Hitler's elite SS 
formation. 

Princess Michael, who was born 
in Czechoslovakia as Hitler’s em- 
pire collapsed, said she was 
shocked at the repons as she al- 
ways believed her father was on 
anti-Nazi hero. 

Officials at Kensington Palace, 
the Kents’ official residence, pro- 
duced copies Tuesday of a decision 
of the Upper Bavaria Appeal Tri- 
bunal of May 14, 1948. that ap- 
peared to support the princess’s 
verson. 

The tribunal decided Baron von 
Rdbnitz was only a “nominal’' 
member of the Nazi Party he joined 
in 1931 and was never involved 
with any organization regarded as 
“crinrinal” far the Nurcmbuig War 
Crimes Tribunal. 

Baron .von Rabnitz had ap- 
pealed a decision by the Court of 



Princess Michael of Kent 


Nurenabmg Labor and Detention 
camps that classed him in the “less 
mcnmicatmg” category. 

The appeal decision showed that 
Baron von Rdbnitz became in- 
volved with the SS in 1934. 

An Oxford University history 
professor, Norman Stone, com- 
menting on the document, said this 
was only because the SS took over 
all equestrian associations in Ger- 
many and made their members 
“honoraiy" members of the “Cav- 
alry SS" as well Baron von Reib- 
nitz was a keen horse-breeder and 
hunter. 


China Disavows 
Communist Party 
Of Indonesia 

The Associated Press 9" 

JAKARTA — In a bid to nor- 
malize relations with Indonesia. 
Foreign Minister Wu Xueqian of 
China has declared that China halt- 
ed support for the Indon esian 
Communist Party 18 years ago, a 
report said Wednesday. 

In an interview with the English- 
language Jakarta Post, Mr. Wu said 
that since the 1965 coup attempt in 
Indonesia, in which the Commu- 
nists were strongly implicated, 
most of the forma party leaders in 
China “have gone to Europe of 
their own free will." 

After the coup, Indonesia 
banned the Communist Party and 
in 1967 suspended relations with 
China. In 1975, in a pledge , broad- > 
cast by Beijing radio, the Central 'y 
Committee of the Chinese Commu- 
nist Party reiterated support for 
attempts by the outlawed Indone- 
sian party to overthrow the Jakarta 
government. 

Since 1967, Indonesia has main- 
tained that it can have normal rela- 
tions with China only if Beijing 
drops its support of Communist 
guerrillas in southeast Asia. 

Mr. Wu is in Jakarta for the 30th 
anniversary of the nonaligned con- 
ference at Bandung. He is to meet 
Mochtar Kusnmaatmadja, Indone- 
sia’s foreign minister, but their 
schedule has not beat announced. 


Sam Ervin of Watergate Panel Dies 


By Marjorie Hunter 

New n*ft Times Service 

WASHINGTON — Sam J. Er- 
vin Jr, 88, the forma Democratic 
senator from North Carolina who 
gained national attention while 
presiding over the Senate Water- 
gate investigation in 1973, died 
Tuesday in Winston-Salem. North 
Carolina. 

According to hospital officials, 
Mr. Ervin died of respiratory fail- 
ure brought on by a three-week 
bout with emphysema, gall bladder 
surgery and kidney failure. 

Mr. Ervin described himself os 
“just an oT country lawyer." But to 
millions of Americans he was the 
hero of the unfolding drama of the 
Watergate affair that led to the 
resignation of President Richard 
M. Nixon in 1974. 

He was the man with constantly 
bobbing eyebrows and a vast reper- 
tory of homespun tales, whose ev- 
ery move was recorded by the tele- 
vision cameras as he presided ova 
the Senate Select Committee on 
Presidential Campaign Activities, 
popularly known as the Watergate 
hearings, in 1973. 

Years lata, after retiring to his 
hometown of Morgamon in the 
foothills of the Blue Ridge Moun- 
tains. Mr. Ervin wrote his own ac- 
count of the Watergate days. “The 
Whole Truth." 

In typical fashion, he concluded 
by quoting Shakespeare. “Water- 
gate/’ he wrote, “has taught us the 
truth embodied in these words of 
Shakespeare; 

Sweet are the uses of adversity. 

Which, like the toad, ugly 'and 
venomous. 

Wears yet a precious jewel in its 
head . " 



Sam J. Ervin Jr. 


Long before the Watergate hear- 
ings, the man known to friends and 
colleagues as “Mr. Sam" and “the 
Judge" had been regaling col- 
leagues in the Senate with bits of 
poetry, Bible verses and the wis- 
dom of Unde Ephraim SwinV 
ribed a 


as an arthritic 


whom he descri 
mountaineer. 

In 1954. his First year in the Sen- 
ate, he served on a special commii- 


A conservative Democrat, he op& 
posed most civil rights legislation 
in the 1950s and 19605. He opposed 
giving 18-year-olds the right to 
vote. He supported an expansion of 
wiretapping by state courts. He 
generally voted to support business 
ova labor and endorsed U.S. in- 
volvement in Vietnam. 

He also led the Senate fight 
against the Equal Rights Amend- 
ment for women, arguing that he 
was “trying to protect women from 
their fool friends and themselves." 

Mr. Ervin was respected as the 
the Senate's leading expert on the 
constitution, and nis advice was 
widely sought on constitutional is- 
sues. • 

Born Sept. 27, 1896. Mr. Ervin# 
attended the University of North 
Carolina, then served 18 months in 
France in World War I, where he 
uras wounded twice and twice was 
died for gallantry. He went to Har- 
vard Law School, then returned 
home to marry his childhood 
sweetheart, Margaret Bruce Bell 
and practice law. 

In 1925, he saved in the North 
Carolina General Assembly, where 
he helped defeat a bill that would 
have banned the teaching of the 
theory of evolution in public 
schools. 

He said: “Only one good thing 


Due to technical problems 
this Thursday 

INTERNATIONAL POSITIONS 

will appear on 

FRIDAY, APRIL 26. 


a spec 

im that recommended the censure can come of this” The monkeys in 
of Joseph R. McCarthy, the Re- foe jungle will be pleased to know 
publican senator from Wisconsin, foat the North Carolina legislature 
While Mr. Ervin’s roles in cen- has absolved them from any re- 
suxuig Mr. McCarthy and in the spousibility for humanity in gener- 
resignauon of Mr. Nixon were pi and for the North Carolina legis- 
lature in particular." 

MOther deaths: 

. Vltzhak Kalian, 72, forma chief 
justice of Israel’s Supreme Court 
and chairman of the Kahan Com- 
tttfsion on the 1982 massacre in 
“Wut of Palestinian refugees, the 
Justice Ministry annnnnppd in Tel 
Aviv. 

Qara Lane, 85, the “merchant of 
loneliness" whose newspaper ad- 


widely applauded, his stands on a 
number of other issues in his 20 
years in the Senate were at odds 
with those of many party col- 
leagues. 


she claimed, more than 25.000 ap- 
ples over a half-ceutuiy of maicb- 
in Glendale, Calif ornia, 'll 
Warren I, Susman, 58, a Rutgersy 
university professor known as 3 
bold and creative chronicler of U-S- 
pop culture. Saturday of a heart 
attack while speaking at the nation* 
r ^° nve otion of the Organization 
„ Afaencan Historians, in Mione* 
apolis. 





ian <W, 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 


Page 5 


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Pan Am.The Experience 
Keeps On Growing. 


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New nonstop 747 service 




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New daily service via London 



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r ;■ New daily 747 nonstop to Los Angeles and on to San Francisco 


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That means more nonstop flights from dties we 
already serve, plus new flights to even more cities 
throughout Europe. 

So whether you're flying within Europe or to 
America, Pan Am is now an even better choice. 

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In Europe we'll be using our new Airbuses, so 
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If you're flying to New York you'll find Pan Am 
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40U.S. cities. 

Pan Am is a whole lot bigger in 1985, which 
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Call your Travel Agent or Pan Am for details. 



Pan Am Abu Can't Beat The Experience: 








INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25. 1985 



Phoio: Florca— Life 


Phoenix rising 


Phnln: Bildarchi v Huher 


TIME Magazine commemorates VE Day by reflecting on forty 
years of peace, prosperity and problems. 


VE Day marked not only the end of one of 
history’s greatest catastrophes, but the 
beginning of one of its greatest miracles. In 
its cover story this week, TIME Magazine 
surveys both the astounding successes and 
the sometime failures of postwar Europe. 

TIME observes that the profoundest 
change resulting from the war is in the way 
Europeans see themselves. The power 
they wielded for centuries passed, on 
May 8, 1945, to the Soviet Union and the 
United States. The end of the war initiated 
forty years of material gain. But, for 
many, a mere consumer society is an inad- 
equate substitute for the old sense of 
national identity. 

But TIME goes on to say that by buying 


each other’s products, reading each other’s 
books, even Glaring each other’s disappoint- 
ments in the present, the nations of Europe 
are discovering common cause. They are 
building economic, cultural and social ties 
that may one day lead to political union. 

TIME also appraises the two great 
European anomalies: Germany divided 
and hoping for reunification without being 
sure that it is possible or even desirable; 
and the East Bloc, caught between Western 
influence and Soviet domination. 

History for one generation, memories 
for another, TIME’S very comprehensive 
overview celebrates the 40th anniversary 
of VE Day by celebrating human endeav- 
or, achievement and courage. 



■ l‘Htf Time Inc. 


More goes into it 


i 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 


Page 7 


SCIENCE 


DNA Duplication Links Ancient and Modem Life 


Updating Evolution with DNA 


By Harold M. Schmeck Jr. 

A'w York Tunes Strricr 

H UMAN genetic material. 

largely undamaged after 
2,400 years, has been extracted 
from an Egyptian mummy and 
grown in the laboratory. The 
achievement is the most dramatic 
of a senes of recent accomplish- 
ments using molecular biology to 
study links between modem and 
ancient life. 

Details of the recovery of DNA 
from the mummy were published in 
the journal Nature. Thd achieve- 
ment, by Dr. Svame Paabo of (he 
University of Uppsala, Sweden, is 
believed (o be the first in which 
DNA, the genetic material in all 
forms of life, has been duplicated 
from an ancient human or any oth- 
er specimen of such antiquity. 

In a telephone interview. Dr. 
Paabo said he now hoped to find 
genetic material from viruses in 


of blood substances from humans 
usd chimpanzees indicates the di- 
vergence was much more recent, 
perhaps no more than five million 
to seven million years ago. 

In the early 1970s, many paleon- 
tologists considered the suggestion 
of this more recent date to be rank 
heresy. But much more evidence 
has been found, including persua- 
sive data from analyses erf DNA. 

Dr. Allan M. Wilson, leader of 
the Berkeley group, said changes in 
a mammalian species’ DNA that 
occur over time could be used as an 


evolutionary dock- The DNA from 
cell nuclei changes at the rate of 
about 0.4 percent each million 
years. The DNA from important 
intracellular structures called mito- 
chondria evolves at a rate ap- 
proaching 2 percent every million 
years. Mitochondrial DNA is much 
studied, partly because of its more 
rapid evolution. 

Detection of DNA in a specimen 
of muscle from the m&inmaih was 
achieved by Dr. Russell Higuchi, 
chief molecular biologist of the 
Berkeley laboratory. The mom- 


IN BRIEF 


tnoth calf is believed to be the best- 
preserved example of its species 
ever found. 

Dr. Higuchi is trying to grow 
pieces of the 40,000-year-old DNA 
in bacteria, a process called gene 
cloning or molecular cloning. It 
could produce enough of the scarce 
DNA for extensive studies. In a 
limited senseit would also be a feat 
dose to bringing the genetic mate- 
rial back to life, since it would be 
reproducing in the bacterial cells as 
they grew and multiplied. 

The fact that DNA in delectable 
amounts has survived for 40,000 
years has given the scientists hope 
that genetic material of other long- 
vanished species may be found and 
studied in the Iuboratoiy. Further 
support for that hope has come 
from the achievement by Dr. Paabo 
and his colleagues. 

The scientists at Berkeley have 
been pursuing ancient traces of life 


great 

lion of viruses over thousands of 
years in the human population. 

Scientists of the University of 
California at Berkeley recently de- 
tected DNA in a sample of muscle 
from a mammoth that died 40,000 
years ago. Last year the same group 
extracted and reproduced DNA 
. from an African mammal called a 
iquagga Lbai became extinct a cen- 
‘ tuiy ago, a relative of the zebra and 
the horse. This was the first lime 
such a biochemical resurrection 
had ever been achieved with the 
DNA of an extinct animal. 

Study or evolution is moving in- 
creasingly into the realm of molec- 
ular biology and chemical analyses 
done in the laboratory. 

Fossil evidence, collected care- 
fully over many years, had led sci- 
entists to believe the evolutionary 
line that led to humans diverged 
from that of the apes more than 25 
million years ago. But comparison 


, U.S. Doctors 
Saving Faces 
In 3d World 

By Lynn Simross 

l/a Angela Tima Sen-tee 

P ) ALO ALTO, California — Ce- 
sar Cano was 1 1 when the team 
of American surgeons first saw 
him. For almost a year, he had bees 
in a hospital in Meddlin, Colom- 
bia. about 200 miles (325 kilome- 
ters) northwest of Bogota, where 
doctors could do little for him. 

The boy bad been horribly 
burned by a gasoline explosion. His 


the bison, called the steppe bison, 
that was frozen in the last ice age 
and uncovered several years ago m 
Alaska. No DNA has been detect- 
ed in this sample nor in tissue from 
a recently discovered, unusually 
well-preserved specimen of the 
rnoa, an extinct flightless bird from 
New Zealand. 

The research team In California 
detected DNA from an insect pre- 
served for 40 million years in am- 
ber, but the traces were too sparse 
for analysis by current methods. 

Dr. Higuchi said his efforts to 
clone DNA from the mammoth 
calf were being frustrated by some 
unknown chemical from (he mam- 
moth. h has halted the action of 
enzymes that must function to 
splice the ancient DNA to a corner 
molecule that will enable it to enter 
and be activated by the bacteria. 

Success in the effort to done 
DNA from the mammoth would 
make possible a close calculation of 
the evolutionary distance between 
these animals, which became ex- 
tinct about 10,000 years ago. and 
the two living species of dephants. 
Earlier studies, in which the blood 
protein albumin from the mam- 
moth tissue was compared with the 


Robot Helps Remove Brain Tumor 

LONG BEACH, California, April 18 (UPI) — A robot arm the size of 

mummy 'tissueT Tfewould^e t Wtehen mixer .described as safer and more accurate than a surgeon’s in the Torra of DNA in several spe- 

aeSdd S^kiud!?o7?£ £ 2nd ’ doclors remove a tumor w what is believed to be the cies, including an extinct relative of 

great am to me study or me evolu- firM applied of ro bodes in human brain surgery. - u - t: ,, J — 

The three-hour operation was performed on a 52-year-old roa n at 
Memorial Medical Center of Long Bach. Dr. Yik San Kwoh, who 
developed the computer program that makes the arm work, said the 
machine would never replace a surgeon but was a major improvement in 
the way brain tumors are located and removed. 

The arm holds a probe that guides the surgeon through a bole drilled in 
the patient’s skull and down a narrow tube to the tumor. The patient’s 
head is held in place by a frame that contains the coordinates of the 
tumor. The robot is accurate to within 1/2,000 of an inch. 

New Treatment for Lead Poisoning 

NEW YORK. (NYT) — Pharmacologists at Columbia University’s 
College of Physicians and Surgeons report that a simple, effective method 
for treating lead poisoning promises to save millions of dollars a year in 
hospital costs. 

In the current issue of Clinical Pharmacology and Therapeutics, the 
group, headed by Dr. Joseph Grariano, said a two-year study showed that 
a chemical called 13-Dimercaptosucdnic arid, or DMSA, “dramatical- 
ly” reduces lead levels in the blood. 

Existing lead-poisoning therapy requires hospitalization and a series of 
injections with potentially serious side effects. DMSA treatment is easy 
and comparatively safe, the researchers said. The drug, which is adminis- 
tered as a pill, does not appear to remove such essential metals as iron, 
zinc or copper. 

Plant Species 'Hitchhike’ on Cars 

DETROIT (AP) — Automobiles not only help people spread across 
the land, they also are responsible for large migrations of plant species, 
according to professors reporting at a workshop on biogeography at the 
81st annual meeting of the Association of American Geographers. 

“Hitchhiking” of seeds on cars has made roadsides a crazy quilt of 
alien and. in some cases, highway hybrids have been formed. Professors 
Robert Frenkel of Oregon State University, Nigel Ware of Australian 
National University and Richard Stalterof St. John's University in New 
York reported. 

Professor Ware, examining the sludge accumulated at a car wash in 
Canberra, found 258 plant species, many of them transported hundreds 
of miles. The sprouting of seeds from ornamental plants imported to 
Australia is “becoming a problem in pastures,” be said. 

Halley Sighting Recorded in 164 B. C 

LONDON (UPI) — The earliest known recorded sighting of Halley’s 
comet is on a Babylonian day tablet dated 164 B. G. a British researcher 
has reported in the journal Nature. 

fare, neck and upper" body were . . Professor F. R. Stephenson of the University of Durham said another 

„• severely damaged, h® hands tablet **■“ * ' *‘ J ~ * T 

formed. 

Sue Price, a Peace Carps worker 
who knew his family, contacted In- 
terplast Inc., a group of volunteer 
doctors based in the San Francisco 
suburb of Palo Alto, and asked for 
help for Cano, Surgeons from In- 
terplast examined him and decided 
his injuries were so grave that he 
would have to be brought to the 
United Slates for extensive opera- 
tions. 

Interplast is a nonprofit organi- 
zation or plastic surgeons, nurses, 
pediatricians and anesthesiologists 
and others who travel to many de- 
veloping nations to do reconstruc- 
tive surgery on children who have 
been burned or have other severe 
injuries or birth defects. Some- 
times, as in Cano’s case, the young- 
' .-iters must be brought to the United 
States. 

‘‘Cesar is pretty unusual for an 
Inierplast patient. There are a cou- 
ple of other exceptions, but most 
don't stay here so long,” said Amy 
Laden, a social worker who started 
out as a volunteer with Interplast 
and is now a full-time staff mem- 
ber. Cano is now 17 and has been in 
the United States for six years. 

Laden has made about 15 
abroad, spending long hours 
ing with and reassuring parents 
wbo must deride whether to send 
Lbeir youngsters to (he United 
States for more difficult surgery. 

“1 haven’t had one family refuse 
yet,” she said, sitting at Cano’s 
j side, “ft is really tough for them to 
let them go, but they realize they 
have a better chance for medical 
help." 

Once the youngsters are here, 

Laden lines them up with volunteer 
host families and assists them in 
adjusting to culture shock. Laden, 
who is fluent in Spanish, helped 
Cano with his early adjustment to 
life in California, and now con- 
verses with him in English. 

Cano feels he has adjusted to 
living in the Palo Alto area and 


comparable substance from mod- 
ern elephants, conclusively linked 
their heredity. 

Accounts of research on cloning 
portions of DNA from the mam- 
moth have led to public speculation 
concerning another kind of deal- 
ing: the regeneration of a whole 
mammoth by inserting the com- 
plete archive of DNA from one of 
its cells into the embryo of an ele- 
phant But Dr. Wilson and Dr. Hi- 
guchi said this is so far from practi- 
cal reality as to be hardly worth 
discussing. 

While mammoth tissues have 
survived. Dr. Wilson said, the 
membranes of cells have apparent- 
ly oil been degraded, so that most 
of the material from the cell nuclei 
has leaked out or been destroyed, 
leaving only about one-100,000th 
of the DNA that must have been 
there originally. 

But that fact does not diminish 
the potential value of cloning 
pieces of genetic material from an 
extinct species. In particular, he 
sees the research on the mammoth 
DNA as a stepping stone for re- 
search on more important species. 
He has his eye particularly on stud- 
ies that might clarify the relation- 
ship between Neanderthal man and 
modern humans, a subject that has 
puzzled scientists since the first Ne- 
anderthal fossils were found more 
than a century ago. 

For thousands of years, the two 
closely related human subspecies 
apparently lived in what is now; 
Europe and the Middle East. Prob- 
ably both hunted mammoths. But 
the genetic relationship between 
Homo sapiens sapiens — modem 1 
man — and the now-extinct Homo 
sapiens neanderthalensis has always 
been a mystery. 

Last year, scientists from the! 
University of Florida found 8,000- 
y car -old h uman r emains in a re- 
markable state of preservation in a 
Florida peat bog. DNA has been 
recovered from these ancient hu- 
man tissues. Dr. William Ha us- 
winh of the university said that, so} 
far, attempts to done the DNA| 
have not been successful. 

He and Dr. Wilson are encour- 
aged, however, by the very fact ofj 


Previous 


Present 
Timetable 


1 , 

1 1 ' 

1 

r 



! 1: 

: 

4 New Ramapithecus AT ! 

• 

New Stvaprthecus 

i 

i 

r 

1 

i 

t 

1 

i; 


rC 

" a. 


ri 1 

A 

1 


| Ramapithecus JR 

£f' 



iSivapitbecua 

y> 


I 30 

l MILLION YEARS AGO 


20 

MILLION 


10 

MILLION 


Chimp 

Gorilla 

Human 

Orangutan 

Gibbon 


Human 

Chimp 

Gorilla 

Orangutan 

Gibbon 


PRESENT 


finding so much intact tissue in 
ancient human r emains. They say 
this suggests that the alkaline con- 
ditions of the peat bog may favor 
the survival of DNA over remark- 
ably long stretches of tim^ The 
chemistry of bone also tends to 
protect DNA from degradation. 

Since ancient human artifacts 
have been found in European peat 
bogs dating from the time when 
Neanderthal ers were still alive, Dr. 


Wilson said it might be worth 
searching for their bones in such 
sites and testing for intact DNA 

No such specimen, however, has 
yet been found. Furthermore, such 
a find would be considered too 
valuable for any of it to be spent in 
the destructive testing required to 
extract DNA unless there was evi- 
dence that genetic material could 
be used for valuable studies. 

It is in this sense that the success 


TNe New T«fu*i 

in cloning DNA from a mummy 
and the research on the mammoth 
could be vital stepping stones. The 
age of the mammoth tissue is par- 
ticularly important in that respect. 
Only if current biochemical studies 
verified that DNA could be useful- 
ly extracted from a sample of com- 
parable age would anybody consid- 
er expending portion's of any fossil 
related to humans for attempts to 
find and studv its DNA 


Men's collection 


Summer suits: the secret 
of their outstanding comfort 

It is first qf oil a mailer o/ cut: the armholes ore deeper, the sleeves 
wider, the pants, fuller. The fabrics arc all incredibly light: 
Super 120, very fine gabardines, pure silk, summer u'ools, a l para, 
and an extraordinary lerital Livill in which you can cut a suit that 
weighs less than 700 grams (22.4 oz.)! 

Secondly, and this is an important factor in a suit that cu/ncs 
from Lanvin, comfort is also closely associated with quality 
of finish, and in the special care devoted to alterations. 

Togo with these ultra-light suits we hare a wonderful cotton 
raincoat. It is so fine that you can roll it up and slip it into a little 
bag, which goes easily in your glove compartment or attache-case l 

LANVIN 

IS, rue ttu Faubourg Saint-Jlonore. 7 S008 Paris - Tel. 2ftS.14.-tu 
2. rue Cambon. 750U1 Paris 


in the British Museum also recorded a sighting in 87 B. C. He said 
the two dates provided crucial information for astronomers studying the 
evolution of the comet’s orbit. 

Professor Stephenson said appearances of the comet, due to pass over 
the Earth late this year for the first time since 1910, had previously been 
identified only as far back as 12 B. C. 

Ruins of Indian City Found Undersea 

NEW DELHI (AP) — Divers searching the Arabian Sea bed near 
Dwarica, one of the seven great Hindu pilgri mag e sites, believe they have 
found remains of the original site of Dwarica, legendary capital of the 
Hindu god Krishna, according to newspaper reports. 

Earthenware and other artifacts that can be attributed to Dwarka have 
been found off the coast of Gujarat state in western India, newspapers 
said, They said archaeologists believe ancient Dwarka was established 
about 1500 B. C. but was submerged by the rising Arabian Sea in the 
following 200 years. 

Dr. S. R. Rab, leader of the team of divers and scientists, was quoted as 
saying that discovery of the city seal, demoting a bull, a urticant and a 
goat established a link between ancient Dwarka and the Middle East 



said. This week he is scheduled to 
have his 12th operation. 

So far, he has had enough recon- 
structive surgery on his hands that 
he con hold a pencil or pen and 
draw and painL 

Interplast doctors donate the op- 
,* era tions. and in roost cases Inter- 
plasi pays for hospital care, unless 
it is provided by another nonprofit 
organization. About half of lnter- 
plast's funding coma from fonn- 
dations and corporations, said the 
organization’s executive director, 
Mary CottrelL 

Interplast volunteers travel to 
Latin America. Western Samoa, 
the Philippines, Africa and Jamai- 
ca. Recently, Interplast Australia 
was formed with the support of 
^Australian Rotary clubs and the 
‘Royal Australasian College of Sur- 
'geons. 

“But the big donations are few 
and far between, because most 
foundations want to do something 
visible in the United States,” said 
CottrelL “Most of our work is done 
in underdeveloped countries.” 


AdbyAgrp 

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A Falcon 900 demonstration flight January 15,1985. 


The Falcon 900 demonstrates leadership qua- 
lities in every important respect. First, it offers an 
| extraordinary level of passenger comfort. All 
passengers who flew In it are unanimous to praise 
the quietness and comfort amenities of a very 
large cabin (2.34 m wide over 10 m long and 
1 1.87 m headroom). 

The Falcon 900 Is a Leader in performance, 
i too. With an effective range of 7,000 km (carr- 

reserves), it can 

i easily fly from Paris to New York, from London 
to Abu Dhabi, from Tokyo to Jakarta. And the 
Falcon 900 can climb directly to 39,000 ft which 
uts it above international commercial air traffic, 
he Falcon 900 can cruise at up to Mach .85 


IS 

(904 km/h) and has been flown at 94% of the 
speed of sound in test flights. 

The Falcon 900 is also the Leader in effi- 
ciency. For long range operation, take-off weight 
is 20 tons, 10 tons less than its closest competitor 
under the same conditions and with the same 


paytoad. Thanks to its latest-generation Garrett 
engines, its excellent aerodynamics and lighter 
weight, the Falcon 900 r s fuel consumption is 
record-breakingly low: some 1/3 less than the 
above competitor, whose engine consumes 
almost as much fuel when idling on the runway as 
that of the Falcon 900 when cruising at Mach. 80. 

These figures highlight the sophisticated 
aerodynamic design of the Falcon 900, utilizing 
Dassault computer technology developed for the 
famous Mirage fighters - an experience that’s uni- 
que among producers of business jets. 

The Falcon 900 also scores first for safety. In 
the unlikely event that one engine should fail, the 
remaining two can easily supply the requisite 
thrust and maintain operation of the aircraft’s cri- 
tical systems. This level of security obviously can- 
not be matched by twin-jet aircraft, either now 
or in the future, whatever the developments in 
international regulations. 

If you would like to know more about the 


Falcon 900, please contact usforfull information. 
It will be our pleasure to introduce you to the 
new Leader in the world of business aviation - the 
Falcon 900. 

Dassault International 


Please send me (he Falcon 900 color brochure. 
I would like a sales presentation. 

Name/Title 

Company — 

Address — — 

Cicy 

Zip 


-Country. 
.Phone 


| Now flying a 

| Please return tMs coupon to Mr. Paul Delorme, 
i Dassault International - 27 rue du Professeur Pauchet 
J 92420 Vaucresson - France - Tel. (1 ) 741 .79.21 
Telex 203944 Amad as. 


Business takes off with Falcon. 









1... ..t- t - - 


THURSDAY, APRIL 25, 1985 


Herald 


INTERNATIONAL 


SriblUlC Japan Must Adopt Principles of Free Trade 


Published WUh 'll** New York Times andTbe Tulmgioa Pont 


The Way a Recovery Ends 


Will April, in T.S. Eliot’s phrase, have 
been the crudest month? Economic events 
may be r unning ahead of the grind up to the 
s ummi t in May, with U.S. growth weakening 
and nothing elsewhere to replace it 

The evidence for much slower growth of 
demand in America is not yet conclusive, 
Early estimates are always subject to revi- 
sion. Sometimes they do not even get the 
direction of change right But when the so- 
called flash estimate of what happened in 
the first quarter (made even before the quar- 
ter was over) shows a surprising slowdown 
and is subsequently followed by an even 
lower but more complete estimate, the prob- 
ability of a stagnant American economy 
becomes considerably more important 

The danger to the world lies not in the 
U.S. slowdown — at some stage inevitable 
as the s timul us from the Reagan tax cuts 
■fades and as interest rates are kept high by 
continued heavy government borrowing. 
Rather, it lies in the disinclination of other 
governments to replace the force America 
has been imparting to a world economy that 
has otherwise showed signs of weakness. 

U.S. officials may have acted unwisely 
and spoken imprudently. But no good will 
be done if the response of America’s indus- 
trialized allies is to say, “We told you so.” 
Statesmanship lies in cooperation, not vitu- 
peration. If the world economy is weakening 
because of a dwindling U.S. boost, it must 
be strengthened elsewhere. 

When a U.S. economic slowdown means 
the boost that America's rising import bill 
has given the world in recent years is with- 
drawn. it is hardly profligate and inflation- 
ary to suggest that other rich countries 


should replace it by encouraging stronger 
domestic demand. And elementary econom- 
ics dictate that if a cheaper dollar, so long 
desired by all, is to reduce the U.S. trade 
deficit — and the associated protectionist 
pressures — Europe and Japan have got to 
take accompanying measures. 

A weaker dollar will not correct the deficit 
unless other countries make sure that their 
own demand is sufficiently buoyant to ab- 
sorb additional imports from the United 
States and to enable their own producers to 
sell in places other than America. 

The reluctance of important Western gov- 
ernments (including Japan) to recognize 
these simple truths is disturbing. Their poli- 
cies seem now excessively concentrated on 
the reduction of their own budget deficits, 
regardless of the economic conditions sur- 
rounding them. There is no magic number 
— zero, for instance — for the bottom line 
in the budget. What is appropriate varies 
with the prevailing relationship between pri- 
vate saving and investment, and also with 
the general level of resource utilization 
and employment. The world will be ill- 
served if governments forgot that the budget 
should balance the economy, rather than die 
economy balance the budget. 

Europe and Japan are not faced by immi- 
nent economic collapse. But if they do noth- 
ing to offset the probable weakening of 
American growth, their own growth will 
taper off, too. Recession, in Eliot's words, 
wUl come not with a bang, but a whimper, 
and it will bear heavily on the Third World 
countries struggling to increase their exports 
so as to be able to service their debts on time. 

INTERNATIONAL HERALD TRIBUNE 


Coke: Those Vintage Years 


The year is 1995 and we are at a blind tasting 
sponsored by a national organization of con- 
noisseurs — Les Amis du Soda-Pop. The man 
sitting at the table clears his palate with a 
handful of Cheez-its, pours from an unlabeled 
one-liter plastic bottle, sips and makes the 
appropriate mouth washing noises. 

“Definitely pre-1985 Coca-Cola,” he says. 
“A touch less fructose, slight taste of cherries 
with undertones of Hershey bar and a distinc- 
tive caffeine finish. Needs a few more years in 
-the bottle.” he tells teamed colleagues. 

“4 u contrail* says a companion after tast- 
ing, “A 1981 Pepsi — perhaps one of the 
suburban northern New Jersey bottlings. Still 
a little rough. I'm afraid. It is a good soda-pop, 
but hardly a great soda-pop." 

Welcome to the era of vintage colas. It was 
inaugurated Tuesday by Coca-Cola Co„ which 
announced “the most significant soft-drink 
development" in its history: a new taste for 
Coke. It is “smoother, rounder and bolder," 
said Coca-Cola's chairman, Roberto C. Goi- 
zueta. According to other sources in the com- 
pany, it is also a little sweeter. Whatever it is, 
Coke hopes people will look on 1985 as a very 
good vintage, the first of many. 

The change was made because Coke, while 
still the world's No. 1 soft drink, was losing 
ground to the company’s own Diet Coke and 
to rival Pepsi, which had a sweeter taste than 


Coke. Pepsico Inc. greeted the change as a sign 
of panic on the part of its adversary, and took 
out ads that said, “After 87 years of going at it 
eyeball to eyeball, the other guy just blinked.” 
That “eyeball-lo-eyebalT business was coined 
immediately after the U.S.-Soviet nuclear mis- 
sile crisis in 1962 and continues to be reserved 
for world-altering confrontations. 

Bill Cosby, an American comedian, mil be 
promoting the new. sweeter Coke in a series of 
television commerrials, and never mind that 
you might have seen him recently on TV pro- 
moting Coke on the grounds that it was less 
sweeL Apparently less sweet is not what most 
young people want, and what young people 
want, they appear to be getting. 

Some will cling stubbornly to the old, how- 
ever, storing away Coke from what they con- 
sider to be the good years, pre-1985, in tem- 
perature-controlled cellars, bringing it out in 
dusty bottles for special occasions. Fine res- 
taurants will maintain leather-bound cola lists, 
and people will seek to impress their dates by 
sending bade inadequate bottles. Eventually a 
rare 1956 six-ounce (0.18-liter) Coke in the 
distinctive thick green bottle will be auctioned 
at Sotheby Parke Bernet for $50,000 to a man 
who will keep it in a place of honor on his 
mantle until one night, tired of looking at it. he 
will drink it with a bag of potato chips. 

— THE WASHINGTON POST. 


Other Opinion 


Change in Southeast Asia 

It is now 10 years since the fall of Saigon 
and, apart from the dreadful fate suffered by 
the Vietnamese people, few of the bad conse- 
quences that were expected to flow from the 
American defeat have materialized. The rest of 
Southeast Asia has not fallen victim to com- 
munist subversion like a row of dominoes. 

Vietnam itself is a hell on earth, with a 
formidable army equipped by the Soviet 
Union. But so far this potential threat to her 
neighbors has proved far less destabilizing 
than the Russians must have expected, per- 
haps because the awfulness of co mmunis t rule 
in Vietnam has killed off any desire among 
other Asian peoples to travel down the same 
literal dead end. More encouraging stfll is the 
astonishing recovery that the United States 
itself has. made from what amounted to the 
worst defeat in its history; a total recoveiy of 
nerve to the point where some Western allies 
are now fearful that President Reagan’s Amer- 
ica may have again become overconfident. 

Possibly the most useful practical lessons 
from the Vietnam debacle have been learned 
by the American aimed forces, who are deter- 
mined never again to make the same mistake. 
Thus it can be hoped that if the United States 


does fed compelled to intervene militarily in 
Central America, the action will be swift, over- 
whelming and decisive, instead of in dribs and 
drabs as happened in Vietnam. 

— The Sunday Telegraph (London). 

Missing the Point on Bitburg 

Time that works to heal wounds can also 
weaken memories that deserve to be kept 
strong. President Ronald Reagan, who should 
know better, has suggested that the SS graves 
in the West German military cemetery that he 
plans to visit next month are those of very 
young men, children almost, impressed into 
service in the last months of the war and free 
from any association with the crimes of the 
Nazi era. The president has even suggested 
that those buried at the Bitburg cemetery, like 
those who died in the concentration camps 
during the Nazi period, are equally victims of 
Hitlerism. To believe this is utterly to miss the 
point of what the SS was all about and what 
the controversy over Bitburg involves. 

Who is buried at Bitburg is unimportant It 
is the SS insignia on certain graves there that 
are of paramount signif ican t and that mak e a 
presidential visit to the site inconceivable. 

— The Los Angeles Times. 


FROM OUR APRIL 25 PAGES, 75 AND 50 YEARS AGO 

>10: Haliers Comet Corrupts Town 1935: Light Is Said to Have Weight 


1910: Halley’s Comet Corrupts Town 
SOUTH NORWALK, Connecticut — The 
prospect of seeing Halley's comet made almost 
everyone here gel up at three o'clock [on April 
15]. Had it been visible everybody would have 
seen it Why it was not visible is something 
everybody is too sleepy to talk about. Council- 
man John Paul is authority for the statement 
that there was drinking in town. He states that 
every drinking person took at least one drink 
before three o'clock and that after three 
o’clock the drinks taken were as the stars in the 
firmament. It was not until breakfast that hope 
of seeing the comet was abandoned. The per- 
son who started the report that South Norwalk 
and the comet would come wi thin seeing dis- 
tance decided to keep his identity a secret after 
he saw the effects of the false alarm. 


NEW YORK — Evidence that light has 
weight was presented to the National Acade- 
my of Science by Dr. Robert J. Trumpler, of 
Lick Observatory, who. measuring light waves 
from light stars and heavy stars, found that the 
light from the heavier stars was stretched by its 
effort to escape into space. Dr. Trumpler ad- 
mitted that the equation at first seemed non- 
sensical and said: “What actually happens is 
that the light waves require to expend some of 
their birth endowment of energy in escaping 
up in the heavy gravitational Odd surrounding 
the star.” By long observation of large hot 
stars. Dr. Trumpler has differentiated between 
red shift in spectra known as the Doppler 
effect, due to the motion of the stars them- 
selves, and red shift resulting from relativity. 


international herald tribune 

JOHN HA Y WHITNEY. Chairma n 1958-1982 

KATHARINE GRAHAM, WILLIAM S_ PALEY. ARTHUR OCHS SULZBERGER 

Co-Outtrmm 


PHILIP M. FOISIE 
WALTER WELLS 

Samuel abt 
ROBERT K_ McCABE 
CARLGEWIRTZ 


LEE W. HUEBNER, Publisher 
Executive Editor REN£ BONDY 


Editor 
Deputy Editor 
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Associate Editor 


International Herald Tribune, 181 Avetme 


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Asia Headmen, 24-34 Harness? RtL, Hong Kong. Tel. 5-28561 & Telex 61170. 
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0 1985, Irtierrmtenal Herald Tribune. All rights resend 



By Bob Packwood 

W ASHINGTON — In the inter- 
national trading system, there 
is no “free lunch." Fairness requires 
that everybody contributes to the 
check. That includes Japan. 

Reaction in the U.S. Congress to 
Japan’s insular trade practices re- 
flects a coalition of the two principal 
elements of Capitol Hill trade philos- 
ophy: free-traders and protectionists. 
Since the postwar trading system was 
created. Congress has always had 
members who favor protecting U.S. 
industry with high tariffs, quotas or 
other restrictions, and members who 
prefer to let the competitive chips fall 
where they may in a free-trade envi- 
ronment. The free-traders are the ma- 
jority. of which I am part 
Both sides find common mound in 
their mutual willingness to Omit Jap- 
anese access to the American markeL 
For free-traders, such a limitation of- 
fers a lever to open the Japanese 
market; for protectionists, the aim is 
to dose our markeL For free-traders, 
genuine access to the Japanese mar- 
ket will end efforts to limit access to 
our market; Tor protectionists, no 
Japanese-market opening will dimin- 
ish their desire to shield our indus- 
tries from foreign competition. 

Japan can remove the foundations 
of this coalition by significant im- 
provements in access to its market — 
but must do so quickly. Notwith- 
standing Prime Minis ter Yasuhiro 
Nakasoue's appeal to the Japanese 
consumer to buy U.S. goods, the con- 
sumer is not the problem: America 
can compete in Japan's markets, but 
only if it is allowed in. 

Japan must remove tangible barri- 
ers — for example, quotas on imports 
of meat, fruit, vegetables and leather; 
high tariffs on processed wood, to- 
bacco, chocolate and other products; 
arduous customs procedures; bur- 
densome testing, labeling and certifi- 
cation procedures; and impediments 
to the importation of services. 

We are told that many of these 
barriers benefit powerful political 
constituendes and that their removal 
would be painful This is understand- 
able and familiar but cannot be an 
excuse for a failure to act We in 
Congress also are subject to political 
pressures. But if we believe in free 
trade, we do not bow to them. 

A televised plea by Mr. Nakasone 



to the Japanese people to respond to 
the trade crisis was courageous. But it 
reflected a double standard. He 
begged Japan's industries to accept 
adjustment to competition, but sug- 
gested only a vague timetable. 

Although we can sympathize with 
the plight of uncompetitive Japanese 
industries faced with sudden foreign 
competition, and may even admire 
Mr. Nakasone's sensitivity to the 
plight of dislocated workers, we must 
remember that Americans have been 
paying this price for some time. We 
have accepted a loss of jobs in un- 
competitive industries. But we will 
□ot accept a loss of jobs in competi- 
tive ones because of an inability to 
overcome barriers that preserve jobs 
in uncompetitive foreign industries. 

We will not accept Japanese ex- 
cuses that assume that it would be 
easier for our system than Japan's to 
cope with such adjustment 

Congressional foes of protection- 


p Welcome! Welcome!’ 

ism, and domestic industries with im- 
portant exporting interests, have long 
argued that erection of protectionist 
barriers would invite retaliation by 
countries denied access to the U.S. 
markeL For example, U.S. agricul- 
ture consistently has resisted protec- 
tionism for our textile, amo and steel 
industries in the knowledge that such 
protectionism threatens foreign mar- 
kets for our agricultural exports. This 
free-trade position has successfully 
deflected protectionist initiatives. 

Thus, free trade rests on a prag- 
matic foundation. It is based on the 
proposition that protection for one 
industry will be paid for by another 
industry; that, in addition to lost ex- 
port opportunities, protectionism 
erodes consumer purchasing power. 
In the final analysis, free trade is a 
form of enlightened self-interest It is 
this idea that Congress is intent on 
applying to the Japanese. 

Japan's export-led development 


has depended upon access to other 
markets. Tokyo must now under- 
stand that Japanese industries that 
have enjoyed this access will have to 
pay the price of protection given oth- 
er Japanese industries. 

The fury over U-S.-Japan trade 
does not reflect resistance to compet- 
itive Japanese exports — autos or 
otherwise. It does not reflect the fact 
that America's $37-billion trade defi- 
cit with Japan is likely to grow to $45 
billion this year. Rather, it is a ques- 
tion of opportunities denied to com- 
petitive U.S. industries. 

The trading system can survive 
only if its benefits are equitably con- 
ferred on all countries. Congress is 
insisting that Japan adopt the basic 
principles of free trade. 

The writer, a Republican of Oregon, 
is chairman of the Senate Finance 
Committee. He contributed this com- 
ment to The New York Times. 


Democracy Fails to Halt Slide in Bolivia’s Fortunes 


L A PAZ — When the late Tancredo 
t Neves was elected president in 
Brazil the cover of an international 
edition of Newsweek magazine read 
“Good Morning. Democracy." It re- 
flected a euphoria for “rational uto- 
pia,” as the Council on Hemispheric 
Affairs called it, as Brazil and Uru- 
guay followed Argentina in replacing 
despised dictatorships with civilian 
governments. But the very expecta- 
tion of 'resurgent democracy may 
constitute its greatest weakness. 

Bolivia experienced the same eu- 
phoria in October, 1982 when a con- 
stitutionally elected government took 
over from one of the continent's most 
heinous and corrupt military regimes. 
In the words of a Uruguayan political 
leader, the Bolivian transition had 
created a “brilliant” example for Lat- 
in America's people by coming to 
power without violence, under the 
protective canopy of national unity. 

But since then few have mentioned 
Bolivia in terms of hope. Given the 
country’s lead in the movement to- 
ward democracy, its steady deteriora- 
tion is shattering "rational utopia" in 


By Ernesto Aranihar 


one nation and poses a potential dan- 
ger to the rest of the continent. 

The international public has gross 
misperceptions of today’s Bolivian 
problems: that it is a country incapa- 
ble of combating drug traffic, and is 
refusing to pay its foreign debt. 

These problems are the legacy of 
military regimes. It remains unac- 
knowlgigtyl. abroad that it was not. 
the democratic government, but rath- 
er its militaiy predecessors, that sus- 
pended Bolivia’s debt servicing to the 
international private- banking sector 
and fell behind in repaying multilat- 
eral agencies and foreign government 
creditors — an obligation accounting 
for more than 70 percent of Bolivia’s 
total public-sector debL 

Even though no fresh money has 
been forthcoming from the interna- 
tional private-banking sector since 
1979, Bolivia's civilian government 
has been forced in the last two years 
to pay up front for essential imports 
that are unconnected to restrictions 
and obligations imposed by regional 


or bilateral agreements. In effect 
there exists an international financial 
blockade against the La Paz govern- 
ment for the past tins of military 
regimes that largely oversaw the con- 
traction of such debts — a condition 
that is beyond any justification. 

For all its profound political and 


to Bolivia of money owed to it by 
some neighboring countries. 

Complicating the crisis further was 
the devastating 1983 drought which 
cut domestic agricultural production 
by nearly 25 percenL 

But these sacrifices have not been 
fully appreciated abroad. Though 
last’ year our economic situation be- 
came practically unbearable. La Paz 


economic difficulties, the Bolivian continued to honor its commitments 
government has dealt with its debt- to multilateral agencies. 


inheritance responsibly. The new 
government's first move was to rene- 
gotiate the 26 percent of its public 
debt that was owed to Brazil and 
Argentina, and to significantly stan- 
dardize its multilateral obligations. 

In 1983. it resumed the payments 
in an effort to surmount the interna- 
tional blockade: La Paz devoted 
about $317 million in scarce ex- 
change to foreign creditors. That may 
seem a paltry sum abroad, but it 
represented 42 percent of the coun- 
try’s total export revenues, and al- 
most 10 percent of its gross domestic 
product, at a time when export earn- 
ings were halved due to nonpayment 


America Experiences an Identity Crisis 

B OSTON — In mid-April Sena- JJ V William Pfaff QOt 8°^$ succeed. The interpre- 
ter Daniel Patrick Moy nihnn J ration of constitutional law, as it 


B OSTON — In mid-April Sena- 
tor Daniel Patrick Moynihan 
returned to Harvard, where he once 
taught, to deliver a series of lectures 
on social policy. He returned to a 
subject that once made him notori- 
ous, that of family and poverty. 

Twenty years ago his remarks 
about the plight of the fatherless 
black family and the persistence of 
a culture of ghetto poverty were 
taken, by the ignoranL the innocent 
or the mischievous to be "racist" 
At Harvard this year, delivering 
the Godkin Lectures, he said that 
children in the United Slates have 
become the most severely affected 
victims of poverty and family disin- 
tegration. He deplored the lade of a 
national family policy. America is 
the only industrial democracy 
which does not have such a policy. 
It does not even simply declare that 
“it is the policy of the American 
government to promote the stabil- 
ity and well-being of the American 
family: that the social programs of 
the federal government will be for- 
mulated with that in mind.” 

One reason there is no family 
policy, however, is that a funda- 
mental change has taken place in 
the United States in recent years. It 
no longer is easy to answer the 
question of what norms are to be 
accepted as proper for American 
society's organization. 

Hie traditional family is a social 
unit repudiated by a certain num- 
ber of Americans. The idea that the 
state should attempt to influence 
the rate of divorce, or of illegitimate 
births, or concern itself with the 
single-parent family (which makes 
up 19 percent of all families with 
young children), or with sexual 
roles and sexual “preferences." is 
rejected by a great many people. 

The. Reagan administration also 
is hostile to social intervention, not 
because it is indifferent to issues of 
value, but because it bolds that the 
social programs of the Great Soci- 
ety kind made things worse, not 
belter, for the inner city family. 

This is an argument for which 
there is some evidence, althou gh the 
matter is very complicated. But it 
also reflects an extremely narrow 
view of the responsibility of govern- 
ment, when confronted with dis- 
tress on the scale that now exists 
among certain groups in the United 
States. Moreover, many current 


By William Pfaff 


has presently evolved, will not per- 
programs and policies of govern- mil iL nor will the non-evangelical 
meat affect the condition of the majority tolerate tt. Tbe country, in 
poor, and the family, whether they practice, no longer is Protestant. In 


are meant to do so or not. 

At the heart of the larger issue is 
a change in how Americans define 
themselves. In the past, the United 
States was considered by the vast 
majority of its citizens an Anglo- 
Saxon Protestant nation, with the 
social and ethical responsibilities 
following upon such an identifica- 
tion. Moral religious, and racial 
minorities in the United States 
lived on the majority’s terms. If you 
were a Catholic. Jew, or nonbebev- 

Theideaof a national 
morality and ethnic or 
religious identity has 
all but disappeared. 

er. you expected, and demanded, 
the right to be left alone to lire as 
you saw fit. But you could not be 
unaware that your position im- 
posed disabilities upon you in the 
life of the larger society. 

There was intense pressure to 
conform and assimilate. The public 
schools indoctrinated immigrant 
children in the language, culture, 
and patriotism of the Protestant 
majority. This is the principal rea- 
son immigrant Catholics created 
iheir own school system in the I9th 
and early 20th centuries. 

The piety of government and 
schools was Protestant. It was a 
major development in American 
history when an Irish Catholic, 
John F. Kennedy, was elected pres- 
ident in 1960 —■ only after submit- 
ting to public cross-examination 
upon the supposed conflict between 
his religious and political duties by 
a group of Protestant clergymen. 

Since the 1960s, the idea of a 
national morality and of a national 
ethnic-religious identity has all but 
disappeared. This has left a void. ' 
The “Moral Majority” and other 
evangelical Protestant political ac- 
tion groups have recently been at- 


tempting to establish their version 
of the Protestant ethic as, in prac- 
tice, the national code, but this is 


real terms, it may no longer be even 
a Christian country, or a Judeo- 
Christian one — given the religious 
indifference and ignorance of many 
of those who are at least nominally 
members of those traditions. 

The Puritan sense of “darkness, 
quiet and intrinsic limitation” 
which animated American society 
for three centuries is gone, or whol- 
ly secularized. Demographic 
change — the flood of Latin and 
Caribbean Americans, and Asians, 
who have entered the country since 
the 1960s — makes it impossible to 
think of America in the old way. 

Six percent of the population is 
foreign-born. More than 10 per- 
cent, 23 million people, speak a 
language other than F.n glich at 
home. The Asian population totals 
3.7 million. The North European 
share in American immigration has 
fallen to about 10 percenL There 
has been something like a collapse 
in controls on illegal entry from 
Central America. Mexico and the 
Caribbean. Bilingual or minority- 
language. public education is now a 
demand in many co mmunities 

The elite, or ’elites, the country 
once possessed, of Puritan New En- 
gland, but also the regional patrici- 
ates of the Atlantic seaboard. 
South, and West, have been unseat- 
ed or dispersed. Community leader- 
ship is now wholly meritocratic — 
or plutocratic. Few any longer ac- 
cept a code of public responsibility 
or obligation that is linked to inher- 
ited position or inherited religion. 

The national culture, the unify- 
ing culture, is provided more bv 
national television than by schools 
or the private transmission of a co- 
herent code of belief and behavior. 
It is, thus, thin as paper, and devoid 
of conscious moral content 

The country, in short, is wide 
open. It used to be that every Amer- 
ican was on his own. and thought he 
could make of himself what he 
wanted. That concerned material 
success. Now the wilderness is mor- 
al, and the frontiers ethical. It is no 
longer possible to give a secure an- 
swer to what it is to be American. 

0 1985 William Pfaff. 


Nevertheless, when the govern- 
ment announced that it would have 
to suspend temporarily its debt-ser- 
vice payments to foreign private 
banks (a move that the former mili- 
tary regime had undertaken with 
much lesser consequences), the world 
community reacted harshly. 

Even otherwise neighborly South 
American governments halted pro- 
ceeds from a regional aid program 
over the debt-servicing move. 

Given the one-way sacrifices that 
characterize the austerity adjust- 
ments demanded of Latin America, 
Bolivia's troubles could be — and 
have been — easily dismissed by for- 
eign observers wanting full compli- 
ance with contractual obligations. 
This is a dangerous mistake. 

The country's economy is being 
strangled, and with it the last hopes 
for consolidating democracy in Bo 
livia. With an inflation rate of more 
than Z000 percent in 1984, our peo 
pie are bearing the grim, day-to-day 
burdens of the economic crisis. Mini- 
mal basic needs are not being meL 
Now the democratic fabric that has 
tenuously bonded the country’s dis- 
putatious provinces for the past two 
and a half years is unraveling. 

Bolivia once again is becoming ripe 
for violence, and if democracy is ex- 
tinguished. the country wfl] be irre- 
sistible as a sanctuary for South 
America's many cadres of displaced 
dictators and organized drug mafias. 
The threat that Peruvian-stvle Shin- 
ing Path terrorists will arise out of 
poor rural areas is increasing. 

Considering Bolivia's location in 
the heart of the continent, such a 
development presents grave implica- 
tions tor the still fragile democratic 
governments surrounding it. 

International attention must be 
brought to bear if only to avoid inten- 
sifying* by neglect, the destruction of 
Bolivia's economy, as well as its flick- 
ering democratic experiment One of 
the most intelligent and constructive 
ways to welcome democracy to South 
America and encourage its consolida- 
tion is for the West to open its eyes 
and to develop immediate and medi- 
um-term economic and diploma tip 
ventures that will guarantee the insti- 
tutionalizing of responsible and con- 
stitutional government. 


A New Look 
At Aid Is 
Required 

By Jonathan Power 

L ONDON -7 Western summits 
/ give more time than is common- 
ly supposed to the economic predica- 
ment of the Third World. This is a 
convention that does not date back to 
the debt crisis, but actually precedes f 
it by several years. 

The convention is partly a conces- 
sion to the French, who fed a pas- 
sionate p hilo sophical commitment to 
the destiny of the Third World, even 
if, in material terms, they do little 
more than anyone else about iL It is 
also partly the legacy of the era of 
Helmut Schmidt, James Callaghan 
and Jimmy Carter, all intellectually 
convinced of their responsibility. 

At the Bonn summit starting May 
2, the subject will be up for discussion 
again But, except for the French, the 
participants will be in an anti-aid 
mood. The Americans and to a lesser 
extent the British, the West Germans 
and the Canadians, are increasingly 
absorbed by the fundamental ques- 
tion: Does foreign aid work? 

While no one is suggesting that 
emergency food shipments to famine 
areas be curtailed. Prime Minister 
Margaret Thatcher of Britain and 
President Ronald Reagan of the 
United States are asking what .Africa 
has to show for the billions of dollars _ 
poured in over the last 20 years. ** 
It is a fair question and one that 
liberals too often shy away from ask- 
ing. Few of them have read the study 
published by the development assis- 
tance committee of the Organization 
for Economic Cooperation and De- 
velopment in 1979. It concluded that 
there is no scientific proof that offi- 
cial development aid has had “a mea- 
surable, positive and, in relation to 
cost, significant effect on develop- 
ment in the Third World.” 

In 1983, the Institute for World 
Economy in Kiel, West Germany, 
compiled a summary of previous 
studies on the issue for that country's 
Federal Ministry of Economic Coop- 
eration and added to it its own eco- ± 
nomic profiles of 80 Third World ^ 
countries. It found that; 

• For most black African countries 
that have received relatively high 
amounts of aid it is difficult to deter- 
mine whether this investment has had 
any impact on development. 

• Development aid has a positive 
impact in those countries that need it 
least It has been most effective in 
developing countries with medium or 
above average per-capita income, in 
particular those in Asia. 

• If the donors’ interest is cost ef- 
fectiveness, then aid should be con- 
centrated on these countries. 

The fact that aid can be shown to 
work in the medium-income coun- 
tries — South Korea, Pakistan, Tai- 
wan — tells us something important 
fflhe baste structures of the economy 
are roughly right then everything * 
that is put into it will contribute to 
development Aid may be small rela- 
tive to other kinds of investment 
domestic and foreign, but if it enables 
development to be carried ouL there 
should be no second thoughts. 

The difficult question is with the 
low-income countries, particularly 
the African ones where evidence sug- 
gests aid is going into a bottomless 
pit In some African countries aid has 
amounted to 80 percent of total in- 
vestment. There is dearly no point in 
going on with this if the structures are 
so skewed that the money shows no 
overall return. But there also is no 
reason to throw in the sponge. 

Examples in blade Africa show 
that if the structures are basically 


ijuinK’ 


( 


Botswana have long track records of 
success. Zimbabwe has shown with 
the amazing revolution in the produc- 
tivity erf its peasant farmers — a four- 
fold increase in prodoction despite 
the drought — what can be done if 
the right kind of advice is given. 

With aid so important an ingrcdi- 
ern in the budget of most African 
countries, donors do have the jpoten- 
tial for leverage. This is why wnat the 
World Bank is doing is so important 
Its recent effort to persuade Western 
governments to lend it $1 billion for 
aid projects in Africa was contingent 
on persuading African governments 
to loosen the shackles of intervention, 
to restore market economies and to 
allow the independent functioning of 
basic price mechanisms. 

The World Bank probably should 
go further. It should recognize more 


rnianond attefi must be ^ 10 , make 

|hl lo bear if only to avoid inien- 1 ilL 0 “ r 

ij> by neglect, the destruction of »it h, i ™ have been successful 

democratic exnerimcnt rw nt 11 u ^ ime “ us Lssue is confronted 
lost imeUigentand construct^ S U S^riS 5 f2tf 8 though h n ” gfal 
to wdrorttedemocracy to South 

tica and encourage its consolida- for 311 0CC3 ? OT 

is for the West to open its eyi S uSSKSfPllf 10 retrencb °“ 
o develop immediateMd medi- ^easywayom. 

economic and diplomatic 

ires that will guarantee the insti- „ ?3?J'I orid 1°^ 

oalmng of responsible and con- ™ u m “P* m a ? d 

Kraal government. ,, 611 tQCreas c aid if the conditions for 

succ«5 are introduced. Africa must 

_ . , . QO * “ allowed to sink into decline 

The writer served the current Boihi- and despair because of the suoerfici- 
um government as minister of finance ahty of the aid debate in the West 

ttZE&XSSfiiS** M— 

‘ AU rights reserved 


LETTERS to the editor 


Stop Raking Up the Pa8t instead of waiting for the draft 

Having had most of the Lithua- “ “ ^ te fi gktmg force. 

man-Polish-Ukrainian side of my HAROLD OJ. BROWN, 

family deported and/or exterminated Klosters, Switzerland. 

WiMnSESSSSS Democracy and Seasons 

not peculiar to Germans and that Jonathan Power in “Democracy Is 
S Sia S 10 S^ n l n , 8 : b “* '>■= Bctling^Stays 

VTM the Site of a concemratinn nn,. elnhal hnn, • U “ uu y luC J w *. 


boause Waffen SS memb^s a^ burl in TStoS dS5 ZL 

ted there. As late as 1944, thousands Democracy JSjI 

vrainB Ormane m.r does DOl flourish 


of young Germans entered the Waf- 
fen SS for about the sam<» masons 
that Americans were joining the Ma~ 


under, the tropical sun. 

BENJAMIN N. BROWN. 

New Yoriu 


‘•N * V; • > 


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BAHRAIN 


A SPECIAL ECONOMIC REPORT 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 


Page 9 


Tax Increase Gives 
Economy a Surplus 
Despite Downturn 


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MANAMA — Bahrain was the 
only Gulf state to emerge from an- 
other year of recession with a small 
budget surplus, but the slowdown 
in economic growth seems likely to 
persist during this year. 

The government, which had 
forecast a small deficit for the sec- 
ond consecutive year, managed to 
end the fiscal year in January with 
a surplus of 10 million dinars (S 27 
million). 

This sharply contrasted with a 
gap of SO million dinars between 
revenue and expenditure during the 
previous year, according to (he un- 
dersecretary of ihe Ministry of Fi- 
nance and National Economy, Isa 
Bour&hoid. 

Conceding that "there was hard-* 
ly any growth" last year, with actu- 
al total expenditure amounting to 
about 535 million dinars, com- 
pared with 532 million dinars the 
year before, be explained that the 
surplus was the result of a rise in 
taxes combined with a further trim- 
ming of expenditures. 

pie budget surplus is more sig- 
nificant in light of the mixed results 
on the earnings ride. This partly 
explains the government's resort- 
ing to a tax increase as a method of 
boosting its income, after having 
issued 30 million dinars worth of 
bonds to achieve the same result. 
The new measures consisted of 
raising customs on luxury goods, 
including alcohol, private cars and 
non basic items such as perfumes. 

Fees on licensing and commer- 
cial registration were also in- 
creased, according to Mr. fiour- 
shaid. The exua ««rning s were 
partly offset by a drop in another 
important source of government 
income, namely grants and loans 
from Saudi Arabia, Kuwait and the 
United Arab Emirates. Originally 
promised 56 million dinars last 
year, Bahrain received only 37 mil- 
lion dinars, Mr. Bourshaid said 

Oil remained the biggest source 
of government revenue, accounting 
for two- thirds of the total last year. 
Returns tram sales of crude pro- 
duced by the Abu Saafa field, an- 


other direct Saudi contribution to 
the Bahraini economy, provided 
twice as much income as Bahrain's 
only oil field. Saudi crude also 
feeds Bahrain’s only refinery 
through an underwater pipeline, 
making up for the progressive de- 
cline in Bahrain's output, which is 
expected to come to a halt before 
the turn of the century. 

While oil's share in the country’s 
gross domestic product is expected 
to continue falling, a promising in- 
crease in nonassodaied natural-gas 
production could temporarily 
make up for the impact on the 
refining industry and provide feed- 
stock for the new petrochemicals 
project. 

Last year witnessed growth in 
the industrial sector, indicating 
that it is likely to increase its share 
of the gross domestic product. In- 
dustry accounted for a little more 
than one-fifth of GDP last year, 
which was the highest rate in the 
Gulf. 

Two new industrial projects 
seem to point to a new direction for 
the country’s industrialization 
drive: One is the Gulf Petrochemi- 
cal Industries Co., which will put 
Bahrain among the Third World's 
petrochemicals producers; the oth- 
er is an aluminum-sheet plant, 
which will create a new outlet for 
Bahrain's aluminum smelter. 

Pointing out that Bahrain’s in- 
dustrial ventures have come a long 
way in improving their competitive 
edge, the minister of development 
and industry, Yousef al-Shirawi, 
said that the' gap between the cost 
of production in Bahrain and Eu- 
rope has been narrowed from 60 
percent to 20 or 15 percent. 

Like other labor-importing 
countries in the area, Bahrain has 
continued laying off expatriate la- 
bor, a measure that has served the 
double purpose of streamlining re- 
current expmdjture and contribut- 
ing to the contraction of the econo- 
my by cutting local consumption. 

The lull in business activity con- 
(Continued on Next Page) 


Causeway Buoys 
Saudi Competition 


By Alan Mackie 

MANAMA — The industrial cli- 
mate, like much else in Bahrain, 
will be radically changed by the 
opening of the causeway to Saudi 
Arabia later this year. 

In the view of the minister of 
development and industry. Yousef 
al-Shirawi, its completion will be 
the culminauon of link-building 
and regional integration that has 
been going on since long before the 
formation of the Gulf Gxjperation 
Council in 1 98 1 . It means, perhaps, 
a difficult adjustment for Bahrain 
but will also offer opportunities. 

Bahrain moved into heavy indus- 
try as a way of using its cheap and 
abundant gas supplies and diversi- 
fying out of oil in the late sixties 
and early seventies, 10 years before 
such reconversion started in the 
rest of the Gulf. 

As architect of the island's in- 
dustrial development, Mr. 
Shirawi’s views carry special 
weight, but he has come in for criti- 
cism at home for appearing to 
adopt a tough attitude to the prob- 
lems facing the private sector while 
the government has been accused 
of being too “laissez-faire." 

Few would quamd with the view 
that Bahrain's special conditions 
have made life too cosy for some 
sections of the private sea or and 
that now, poised on the edge of a 
bigger market, they are beginning 
to take fright. 

The private sector is looking to 
Mr. Shirawi for help and Mr. 
Shiwari is not one to hand it over 
on a platter. With the opening of 
the causeway, traders and manu- 
facturers in B ahrain will have op- 
portunities to start small business- 
es, he contends. “The aim must be 
to help the market help itsdf,’' he 
said. 

Quite what help the government 
has in mind is not yet dear, it 
would seem that Mr. Siiwari wants 
to wail and see how things settle 
down after the opening of the 
causeway before acting. 

The causeway will help consoli- 
date the position of those compa- 
nies like the Bahrain Aluminum 
Extrusion Co. iBalexco), which al- 
ready has a foothold in the Saudi 
market for its products. But for 
man y small businesses, exposure to 
Saudi competition will be traumat- 
ic. They fear the large production 
runs and overcapacity of many 
plants on the mainland, not to 
mention the built-in advantages of 
land, power and capital subsidies, 
with which their Saadi rivals bol- 
ster up margins. 

Mr. Shirawi has always seen 
Bahrain's destiny as lying in the 


development of a regional common 
market and has planned industrial 
strategy accordingly. 

“We began with the boil din 
blocks," be said. "We in trod 
Alba [Aluminum Bahrain}, moving 
from ingots to the rolling mills, to 
the sheets to the finished products. 
We aren’t pushing [development]. 
We are doing it on a regional bass, 
importing technology in the pro- 
cess. The same thing has happened 
with petrochemicals.'’ Bahrain’s 
own petrochemicals plant is due to 
come on stream lata - this year. 

Now the development process is 
entering a new and more compli- 
cated phase. “Every step we take 
downstream is more complex and 
requires more sophistication and 
we approach it with respect and 
some apprehension." Mr. Shirawi 
said. 

Apprehension there has been 
aplenty, but not. perhaps, in the 
sense that Mr. Shirawi meant it. 
The development landscape has 
not only opened up in terms of 
greater technological sophistica- 
tion but the process has crossed the 
frontier to private sector participa- 
tion. Confidence is the name of tins 
new game and here the causeway 
and its implications have hit the 
Bahrainis, and therefore the devel- 
opment process, with the force of a 
umebomb. 

Mr. Shirawi made it dear that 
there would be no diversion from 
the basic principles covering gov- 
ernment-private sector relations. 
There will be no “open door" legis- 
lation to encourage and reassure 
local and foreign investment. 

“It goes against our faith and 
fiber to put down legislation of 
investment and industrial poli- 
cies," he said. 

Each investment application win 
be considered on its merits. How- 
ever, the authorities have marie life 
easier for the private sector by de- 
veloping the North Sitra industrial 
zone. Formerly, potential investors 
were given an area of sea to reclaim 
and were “left to get on with" in- 
stalling utilities. 

Mr. Shirawi sees the present 
shakeout as basically healthy, a pe- 
riod of shedding fat and consoli- 
dating. Within the Gulf Coopera- 
tion Council context, he hopes the 
West is also learning the lessons of 
the present oil glut so that it can be 
prepared for the market of the early 
1990s, when the Gulfs large sur- 
plus oil capacity win once more, he 
predicts, be in demand. 

For Bahrain, he forecasts a peri- 
od of consolidation and rational- 
izarioo. “We have the ability and 
skills to adapt" he saidL 



The last link Is put into place on die causeway between Bahrain and Saudi Arabia. Inset, detail of construction work 
on the 25-kilometer (15.5- mile) route. Tlie highway is almost complete. Article inside. 


Saudi Tie Means 
New Adaptation 
For Development 


Banking Sector Grows ... { ... Fueled by Offshore Units 

By 1984, the n um ber of banking institutions more than doubled. I By 1984, 75 offshore units were operating in Bahrain. 


164 jr 


120 ± 


60 J- 



nfUmcMUi 







Arab countries 



North America 


Western Europe 


hBBBBII 


Other countries 



*77 "78 ’79 

Source: Bahrain Monetary Agency- 


'll 


*78 *79 


*80 


*81 


■ Source Bakmm Monetary Agency 


’82 *83 

tab*] CorfrMoWM/IHT 


Bank Regulators May Face Efficacy Test 


By Kevin Muehring 

MANAMA — In the 12 yean 
since its creation in 1973, the Bah- 
rain Monetary Agency has seen the 
number of financial institutions 
under its supervision mushroom 
from perhaps a half dozen local 
banks to nearly ISO offshore banks, 
investment companies and repre- 
sentative offices, domestic and spe- 
cialized banks and money brokers. 

That there has not been a single 
bank run or failure during a period 
of such rapid growth is one mea- 
sure of the BMA’s successful regu- 
latory Wend of flexibility and “pre- 
ventive medicine." But the marked 
deterioration in regional risk over 
the Iasi two years means the BMA 
could soon be put to a real test. 

The agency’s primary responsi- 
bility is supervising the 1 8 domestic 


banks and Laying down the coun- cade the offshore- banking 
try’s monetary policies. The BMA policy was first initialed , 
alw keeps an eye on the bustling in particular, the BMA is expect- 

offshore institutions that have ed by the world's other regulatory 
crowded onto the island in the de- authorities to supervise the dozen 


or more wholly Arab-owned off- 
shore banks, which lack affiliations 
to a parent bank that would be 
(Continued on Next Page) 


OBUs Scramble for New Markets 
After a Decade of Steady Growth 


MANAMA — Robert Fleming, 
the British merchant bank not nor- 
mally given to flashiness, threw a 
flashy reception last month at the 
Marina Gub to mark the opening 
of its Manama office. Well attend- 
ed by the island's financial commu- 
nity, the affair was complete with 
champagne, Scotch salmon and 
shrimp appetizers, and even a bag- 


pipe performance by a Scottish 
Guardsman flown in from Cyprus. 

That Robert Fleming would 
come to Bahrain so late in the game 
and st31 have something to cele- 
brate reflects some of the changes 
under way in the island's offshore 
banking community as it ap- 
proaches its 10th anniversary tins 
October. 


The offshore financial institu- 
tions, after a decade of dazzling 
growth, had income from their tra- 
ditional profit centers sharply 
eroded last year by the continued 
economic downturn in the Gulf re- 
gion and the shifts in the interna- 
tional markets since 1982 away 
from syndicated lending. They 
(Cantiniied on Next Page) 


By Olfat Tohamy 

MANAMA — Coinciding with 
the Gulfs economic downturn, the 
building of the causeway between 
Manama and Saudi Arabia has 
spotlighted the issue of Bahrain’s 
future role in the region. It has also 
given a sense of urgency to the need 
for defining the parameters of state 
and private participation in Lhe is- 
land s development. 

Although the opening of the 
causeway is more than a year away, 
speculation over its impact on Bah- 
rain's economic and social environ- 
ment has prompted a flurry of gov- 
ernment assurances. In the absence 
of detailed studies on future trade 
prospects, officials have sought to 
paint a rosy picture of the prosperi- 
ty the new link will bring to Bah- 
rain. 

Since the decision to go ahead 
with the project, totally financed 
by Saudi Arabia, was made at the 
highest levels, the officials empha- 
size that friendship and good will 
between the two governments will 
determine the results of the small 
Bahraini economy's sudden open- 
ing up on the Gulf’s largest market. 

“There is fear of competition, 
which is natural," said Yousef al- 
Shirawi, minister of development 
and industry. “They say we are not 
protected, the Bahrainis will come 
and take our jobs; the Bahrainis 
say the Saudi economy is too huge, 
they will wipe out our trade." 

Citing a number of measures 
taken recently to ensure a smooth 
transition, Mr. Shirawi said: “We 
have encouraged the two chambers 
of commerce to meet, so that each 
side can sure its worries and appre- 
hensions to eliminate disadvan- 
tages and allow them to be ab- 
sorbed slowly." The meeting 
between the chambers of Bahrain 
and the Saudi Eastern Province 
was held in Dammam, Saudi Ara- 
bia, during the first week of March 
and was considered the beginning 
of a long process of coordmarioo. 

The Bahraini government’s atti- 
tude toward the strengthened ties 
with the kingdom was summed up 
by Mr. Shirawi, when he expressed 
his hope that the causeway would 
be “used as if it were between two 
interdependent, and not two inde- 
pendent, countries." 

Another cabinet member, the 
minister of information, Tariq al- 
Moayed, confirmed the govern- 
ment’s awareness about the local 
private sector's concern. He ex- 
pressed tittle sympathy with their 
fears. “This is going to be a special- 
ized market, and they will nave to 
become competent and efficient," 
he said, referring to some private 
ventures that may faQ to adapt to 
the new conditions. 

Citing the important issue of 
Bahrain’s small scale of produc- 
tion. which undercuts its competi- 
tive edge, Sami Kaiksow, a promi- 
nent Bahraini busin essman and 
banker, echoed the conclusion of 
others disturbed by the fuzzy pic- 
ture of the future. 

“We'll have to be integrated with 
Saudi Arabia," he said. He noted 
that the island's small and isolated 
market provided local established 
trade with wider profit margins 
than elsewhere in the Gull, anohe 
agreed with the view that the cause- 
way would entail a drop in prices. 

“Bahrainis must try to take ad- 


vantage of their exposure to a big 
market," he said. He expressed his 
confidence that the long-term im- 
pact of the causeway would be ben- 
eficial to Bahrain's business com- 
munity. “Bahrainis will make more 
money; Saudis will come here to 
spend money, and Bahrainis will go 
there to work," he said. 

Pan of the anxiety in govern- 
ment and business circles stems 
from an awareness that the island 
state, whose economy has wit- 
nessed a rapid succession of cycles 
over the last 50 years, is about to 
enter another cycle. In a few de- 
cades, the economy's emphasis has 


Part of the anxiety 
stems from an 
awareness that the 
island state, whose 
economy has 

■r 

witnessed a rapid 
succession of cycles 
over the last 50 
years, is about to 
enter another cycle. 


shifted from pearl fishing to oil 
production to services. 

The quick pace of the changes, 
necessitating adaptation and en- 
tailing structural shifts, has had a 
profound effect on Bahraini atti- 
tudes. But Mr. Shirawi says: “Fifty 
percent of our development is 
something we know', we can plan 
for. . .The other 50 percent is what 
happens somewhere else, like in 
Saudi Arabia and Kuwait.... I 
don’t think it is wise for us to have a 
cast-iron plan." 

“We built the causeway for more 
integration, not for protection." 
Mr. Shirawi emphasized, adding 
that more official bodies will be 
created along the lines of an exist- 
ing ministerial committee to coor- 
dinate matters relating to the 
causeway’s opening. 

Mr. Shirawi said that “once you 
have the causeway there will be an 
imbalance," which would require 
time to level off. Bahraini entrepre- 
neurs who represent foreign com- 
panies say that at present they are 
legally protected from ToreigQ com- 
petition. But they may have to re- 
linquish their advantage and opt 
for partnerships with Saudi coun- 
terparts, which, because of their 
larger size, could be more attractive 
to foreign companies. 

Customs duties, which reduce 
Bahraini businessmen's edge but 
provide an important source of 
government revenue, are expected 
to be unified. Bahrain is the only 
Gulf state that has kept high duties 
cm items such as as cars, cosmetics 
and other finished goods, as well as 
alcohol, which is prohibited in Qa- 
tar, Saudi Arabia and Kuwait. 

The new link between Bahrain 
and Saudi Arabia's rapidly indus- 
trializing Eastern Province fits in 
with Bahrain's present drive as a 
growing industrial sendee center, 
Mr. Shirawi said. 

He also sees a possibility for 
(Continued on Page 12) 



MEPhA 


The gold souk, an attrac- 
tion for local as well as 
international shoppers. 


End of Oil 
Tinges the 
Goodlife 
With Realism 


By Sarah Searighr 

MANAMA — Bahrain was Lhe 
first Gulf state to export ofl and it 
will probably be the first to run 
out of oil. This fact has a sobering 
effect on the expectations of Bah- 
rainis. 

Life has become comfortable 
on the proceeds of dl but the 
economy is still 80 percent depen- 
dent on that source of revenue, 
and diversification is expensive, 
mainly because of Bahrain’s de- 
pendence on expatriate manpow- 
er. 

Rahrainic , thus, are coming tO 
realize that they themselves must 
provide the expertise in future. 
Parents are determined that their 
children and grandchildren grow 
up knowing that they will have to 
work if they are to continue to 
enjoy the comforts of life. Most 
young Bahrainis have jobs. 

Muharraq has its own develop- 
ment problems, which a group of 
conservation-minded Bahrainis is 
trying to control Moreover, its 
vitality is threatened by the de- 
parture of its wealthier inhabit- 
ants for spacious suburbs such as 
West Rifa'a, made fashionable by 



Expatriate workers enjoy Bahrain's sunshine and water. 


the preference of the ruling family 
Tor its breezy escarpment 

Life is generally comfortable 
for most Bahrainis now, as well as 
for Western expatriates. The fact 
that Bahrain is one of the few 
countries in the Gulf (along with 
Oman and the United Arab Emir- 
ates) where consumption of alco- 
hol is allowed shows its general 
tolerance of foreign habits. Dur- 
ing the last decade, helped by gen- 
erous subsidies from more pro- 
perous neighbors, there have been 
the same crash programs here to 
develop modem housing, educa- 
tion, health and so on. 

The upper mercantile class, 
whose earlier wraith often de- 
rived from pearling, was quick to 
take advantage of oil develop- 


ment to pick up profitable import 
agencies. The burgeoning civil 
service and later the banking 
boom brought new career pros- 
pects, and broader education has 
led to the development of a mid- 
dle class of Bahrainis conspicuous 
today in Manama and its dormi- 
tory towns, such as Issa and Ha- 
mad as well as Muharraq. 

The trend is toward nuclear 
families, with the younger genera- 
tion wanting their own houses. It 
is their needs that Hamad is in- 
tended to provide for. 

The less privileged Bahrainis, 
often from the Shiite majority, 
still live in villages in the interior 
of the island, forming a reservoir 
of labor which often still depends 
for its livelihood on traditional 


occupations — crafts such as pot- 
tery, weaving, basket-making or 
fishing and keeping animals . 

The Shiite community, which is 
on the margin of the new prosper- 
ity, is an uncomfortable, destabi- 

S factor in Bahraini life, acti- 
by the revolutionary figure 
of Ayatollah Rubollah Khomeini 
in Iran, but also motivated by the 
Shiite tradition of an emotional 
extrovert Islam. 

A conspiracy to overthrow the 
government in 1981, which was 
foiled, was found to have emanat- 
ed from the Shiite community, 
which has been carefully policed 
ever since. Iranians who came to 
Bahrain in the economic boom of 
the late 1970s have been strongly 
encouraged to return home with 


the slowdown in economic activi- 
ty- 

Leisure is a growing industry in 
Bahrain, evidenced by ambitious 
plans to build a 6-niillion dinar 
(S16- million) seashore “paradise" 
at Zallaq on the we~t coast, south 
of the new causeway being built 
to Saudi Arabia on which the re- 
sort would depend for much of its 
clientele. In the current atmo- 
sphere of economic realism, many 
Bahrainis are skeptical about the 
project. 

Picnics arc always papular, es- 
pecially when the sun sets during 
the Ramadan fast period and 
families set out for parks with 
rides for the children and grass 
for the leisured to lie on. 





Page 10 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 



The BuhranvSaudf Arabia causeway 



into Action. 

Realising your trade, corporate or project financing 
needs in the Guif requires “ “ “ 

specialised resources. 

At the National Bank 
of Bahrain, one of the 
leading banks in the region, , 
we have over twenty five 

years of experience . 

Our knowledge of the market, and our highly 
experienced, professional relationship managers 
are always available to offer sound help and 
skilled financial advice. 

Our quick response and fresh ideas will help 
you to achieve your financial needs. 

Make us your partner in the Gulf. 


National Bank of Bahrain 

Tlie Bank count on. 


P.O. Box 106, Manama, Bahrain Tel: 258800 Telex 8242 NATBNK BN. 


Scheduled compteowd^ 
December]® 



Keeping in the forefront 
of Offshore Banking 
requires experience and 
overall resources 



**■ r 

«rf 


,ik 


* . ' | »>«r 


ill* 

'MRl kb. 

1W* 

» i ** ** 





Over the past six years, the National Commercial Bank (better known 
as the Saudi National Commercial Bank) OBU Bahrain has been one 
of the leading offshore banking units in the region. Our expertise in 
foreign exchange and money market is unique — especially in the 
Saudi Riyal. where we have established an international reputation. 
Our resources are derived from our home base in the Kingdom of 
Saudi Arabia, where we have over 150 branches and offices and more 
than 40 years of banking experience; The National Commercial Bank 
has been on par with the growth and development in the Kingdom . 


Summarised Balance Sheet as of 
September 25, 1984 (SR) 


Capital & Reserves 
Deposits 

Loans & Advances 
Total Assets 
Total Footings 
Net Profit forthevear 


3.200 Billion 
5 1 .620 Billion 
20.030 Billion 
57.615 Billion 
90.633 Billion 
499 Million 


USS 1 = SR 3.56 approximately 


the 5MIDI nniionm commeRimi brim 

Hvad Office: King Ahdul Aziz Street. Jeddah P.O. Box 3555 Telex: 4(11 KlMlUHfi Cable: Banksaudi 
Bahrain Office- Zayam House. P.O. Box 2H363 Tel: 231 1«2 Telex: 92<W NCB ON BN F\ 





Two students study computer technology at the Gulf Technical College. 


Domestic Banks Moving r Down Market 9 


MANAMA — Bahrain’s bankers have dis- 
covered the small to medium-sized mer chant . 
Aimed with briefcase and pen, they are lining 
up at his shop with offers of overdrafts, letters of 
credit, term loans, advice on how to improve his 
cash flow or better structure his balance sheet 
The sudden star status of the smaller mer- 
chant, defined as having a sales turnover of 
between 100,000 dinars and 1 million dinar s 
(5270,000 to $2.7 million), stems from the stiff er 
competition among the island's 18 domestic 
banks as they move “down market” in search of 
continued lending growth 
Up to this year, the domestic banks had 
largely avoided the misfortunes of their offshore 
cousins. They were better able to weather the 
region’s economic downturn due to the greater 
resiliency of the Bahraini economy and its 
broader diversification from ofl. 

The banks' consolidated assets grew nearly 9 
percent to more than 1.8 billion dinars in the 
year ending last September, compared with a 4- 
percent gam registered by the offshore banks. 
Total lending surged by nearly a quarter to more 
than 721 milDon dinars, and reasonably healthy 
returns were recorded; among them, a 5.6-per- 
cent gain in net earnings to 132 milli on dinar s 
by the National Bank of Bahrain, which domi- 
nates the market. 

. But indications are that 1985 will not be as 
rosy. Growth in liabilities to the end of the third 
quarter to fund the asset growth, for instance, 
dime almost entirely from new government de- 


posits, which jumped 463 percent to 248 milli on 
dinars from 44 million dinars. On the other 
hand, customer demand accounts from the pri- 
vate sector, which form the core of the cheaper 
deposits so appealing to a bank's profitability, 
declined about 17 percent to 162 million dinars. 
Total time and savings deposits from the private 
sector fell during the same period by 5 percent 
to 560 milli on dinars. 

Furthermore, the potential market is small: 
Population, including the expatriate communi- 
ty, barely totals 400.000. There is only so much 
growth in imports or construction such a small 
population base can support, especially when 
several of the last big government projects are 
drawing to a close. The share of total le nding for 
trade and construction fell to about 50 percent 
from 60 percent a year ago, according to Bah- 
rain Monetary Agency figures. 

Thus, the banks are refocusing their strategies 
toward new markets such as the small to medi- 
um-sized merchants, who were previously ig- 
nored because of the lower volume of business 
and the perception of higher risk. But the risk, if 
properly assessed and collateralized, is reward- 
ed with the far higher margins that can be 
charged. 

British Bank of the Middle East has opened a 
network of automatic teller machines to capture 
a larger share of the retail end of the business, 
and it is concentrating some of its lending re- 
sources on the manufacturing sector. Although 
still relatively small, industrial lending is the 


fastest-growing sector for the domestic banks, 
its share having doubled since 1983 to 15 per- 
cent. 

Several of the banks are also looking for 
growth abroad. Perhaps the most interesting 
example is the expansion of the Bank of Bahrain 
and Kuwait to other Third World markets rath- 
er than to London or New York, where the 
competition has trimmed margins below the risk 
represented. It opened a branch in Bombay last 
year and plans to open new branches in Karachi 
and Istanbul this year. 

While there are 1 8 banks with full commercial 
licenses to operate in the domestic market, four 
banks dominate with at least 80 percent of the 
loans and deposits: National Bank of B ahrain. 
the Bank of Bahrain and Kuwait. Al Ahii Com- 
mercial Bank and Standard Chartered. Most of 
the other banks, such as Citibank or Chase 
Manhattan, have kept a low profile in the do- 
mestic market, concentrating instead on off- 
shore operations. 

But the market shares held by the big four, 
not to mention their profitability, will undoubt- 
edly come under pressure from the recent entry 
into the market of the Bahraini Saudi Bank. 
Formed with an authorized capitalization of 50 
million dinars and containing a diverse base of 
shareholders from both Saudi Arabia and Bah- 
rain, Bahraini Saudi will have to go after the 
existing client base of the other banks if it is to 
show reasonable growth. 

— KEVIN MXJEHRING 


Bank Regulators May Face Efficacy Test 


(Continued From Previous Page) 

under regulatory supervirion in its 
home country. 

Key to the BMA's regulatory 
policies is the exhaustive amount of 
lorting required by all the banks, 
iether domestic or offshore. In 
1983, the BMA began to require 
more comprehensive disclosure in 
the accounts of the banks, includ- 
ing a more detailed classification of 
assets by country and maturity, 
and more specific data on the larg- 
est loans and loans to directors. 
Particular em phasis has been 
laced on problem loans and the 
wd of provisioning against non- 
performing loans, which, according 
to BMA definitions, is any loan 
whose interest is more than % days 
past due and therefore cannot be 
added to the profit-and-loss ac- 
count. 

The BMA’s charter, according to 
its creators, was designed with 
““■^missive clauses” to give the au- 
nties considerable flexibility in 
dealing with the banks on an indi- 


vidual baris rather than setting po- 
licy through strictly defined ratio 
guidelines. 

Thus, while there is no formal 
lendcr-of-last-reson clause in the 
BMA charter, the agency win clear- 
ly stand behind any of the domestic 
banks, and while the offshore 
banks do not have the guaranteed 
access to BMA facilities, there is 
also little question the BMA would 
work with shareholders or other 
financial institutions to intervene 
should one of the offshore banks 
suffer liquidity problems. 

The offshore banks have no re- 
serve requirements imposed on 
them (one of the main reasons they 
are there) nor are there any formal 
capital-adequacy or loan-to-depos- 
it ratios. The domestic banks are 
required to set aside only a mini- 
mum of 5 percent in cash deposits 
against their dinar -deno mina ted li- 
abilities and 1 percent against for- 
eign-currency liabilities. The capi- 
tal- to- asset ratios of (he banks, in 
fact, range from a “low” of 6 per- 


cent (high by standards elsewhere 
in the world) to a high of 30 per- 
cent, according to the BMA. 

The BMA is also re 


directing monetary policy 
suing adequate liquidity 
stem. It main 


able for 
a nd enr 

for the 

domestic system. It maintain* a 
discount window to winch the do- 
mestic banks have access and it will 
also lend short-term dinars, with 
government relief bands or the 
Bonds issued by the Aluminium 
Bahrain company as collateral. 
Overnight and one-week dinar- 
/ dollar swap facilities have also 
been available since 1975. 

The BMA has established a strict 
dinar/dollar exchange rate, peg- 
ging the dinar at 377 fils to the 
dollar since 1980, under the theory 
that stability removes the inemtive 
to speculate in the currency. 

Last year, hoping to enhance 
competition among the domestic 
banks, the BMA also instituted a 
prime lending rate, to be posted by 
the domestic banks and currently 
at about 1 1 percent. The BMA »isn 


imposes a lid on the interest a do- 
mestic bank may pay on dinar- 
denominated deposits, which is 
based on a sliding scale of 6.5 per- 
cent for a one-month deposit and 
up to 8.5 percent for a 15-month 
deposit. The rates on dqiosits 
placed for longer than 15 months 
are open to negotiation. 

The ability of the BMA to see its 
policies through probably lies with 
its strong lines of communication 
with the banks rather than with 
implicit enforcement powers. To its 
credit, it is largely free of the politi- 
cal in-fighting with the banks that 
has characterized the regulatory 
situation in Kuwait. 

But the political backing of the 
BMA by the Bahrain government is 



K h ali f ab. is its chairman — in a 
situation where the BMA would 
have to take on a powerful group of 
shareholders, best bets are on the 
BMA 


OBUs Seek New Markets After Decade of Growth 


(Continued From Previous Page) 
have been scrambling for new mar- 
kets ever since. 

The search has led some of the 
better managed and mare innova- 
tive institutions into a broadly 
based international presence or to- 
ward the services and instruments 
one would normally associate with 
that of the investment banker. 

These developments over the last 
year or more mark a certain matu- 
ration in the Bahrain offshore mar- 
ket. Future growth is likely to be 
less in numbers — the consolidated 
assets of the 77 offshore units seem 
to have settled into the 560-billion 
to 562-billion range — and more in 
the diversity of products and ser- 
vices, and in new capital-market 
instruments, in both the primary 
and secondary ends of the market. 

The growth in lending to the re- 


S on has been hurt by the Gulf war, 
e sharp downturn in spending 
and the Souk al-Manakh debt cri- 
sis. 

Assets denominated in regional 
currencies, for instance, declined 
10 percent to $9-9 billion, or 16 
percent of the total, its lowest level 
since the offshore units came into 
existence. 

Unfortunately, many of the 
units, especially the Arab-owned 
ones (with the exception of Arab 
Banking Corp. and Gulf Interna- 
tional Bank), have been unable to 
counter lower regional growth with 
an expansion into the international 
arena. Several developments in the 
international markets went against 
them. 

The first was the shift away from 
the spread lending in die syndicai- 
ed-loon market, especially the sov- 


Tax Boost Creates Surplus 


(Continued From Previous Page) 
turned to cast its shadow on Bah- 
rain’s important banking sector. 
The depressed demand for com- 
mercial-banking services, coupled 
with unpopular measures adopted 
by the banks to cope with the nega- 
tive tide, inducting raising already 
high interest rates on lending, seem 
not to have prevented even the 
long-established banks from shar- 
ing the consequences of the 
squeeze. The National Bank of 
Bahrain's profits fell by 14 percent, 
largely because of high provisions 
for bad and doubtful debts. 

With cash-flow problems ram- 


pant throughout the region, and 
influential solidly based private en- 
terprises such as Saudi Arabia's 
Fahd and Ali Shobokshi group of 
companies proving not immune to 
shake-ups, caution is spreading 
among Bahrain's 76 offshore bank- 
ing units. 

Originally set up to serve the 
region and link it with the outride 
banking world, they are now look- 
ing for more opportunities outside 
the region, and many have decided 
to reduce their exposure in Kuwait 
and Saudi Arabia. 

— OLFATTOHAMY 


ereign risk, that so many of the 
Arab units built their asset growth 
on in the late 1970s and early 
1980s. The international debt crisis 
caused the market to dip for two 
successive years. 

Arab Banking Corp.’s president 
and chief executive, Abdulla Saudi, 
has always argued that the syndi- 
cated-loan market was not only a 
means of putting assets on the 
books but also of buying time to 
build in-house assessment capabili- 
ties and middle-level management 
depth necessary to penetrate new 
markets. 

Both Arab Banking Corp. and 
Gulf International Bank, for in- 
stance, while taking their blows in 
the lost revenue of the smaller syn- 
dicated-loan marker, have replaced 
tt to some degree with a larger pres- 
«ice in the capital markets. Arab 
Banking Corp. mana g e d some $4 
billion of bond issues in 1984, while 
Gulf International Bank manag ed 
an even larger $6J billion in hew 
issues. Both have sizable invest- 
ments in marketable securities. 

But the bulk of the other Arab 
units Failed to broaden their range 
of assets or to deepen their man- 
agement expertise, and are only 
now trying to get a toehold on the 
capual markets through the sec- 
ondary market or as the end inves- 
tors in the fluiy of Euronote papa 
underwritten and placed by the 
bigger and more muscular invest- 
ment and merchant banks. 

These developments have led to 
a more sharply defined tiering of 
the offshore oinks in Bahrain, not 
only according to their size, but 
also to their real and' perceived 


market strengths and weakness 
And this tiering is also shaping l 
strategies of the banks in 1985. 

Arab Banking Corp. and G 
International Bank, which betwe 
them hold a third of the offsbc 
assets, are in a tier of their own 
virtue of their size, solid sharehol 
er support and success in exp an 
mg their international presence 
the major markets. 

. Perhaps best reflecting the dire 
non many offshore units will ha 1 
to take in the years «h«iH is tl 
Arabian Investment Bankii 
t^orp- known as Invest corp. Li] 
Arab Banking Corp- it has made 
lew spectacular investments, sm 
as last year's S135-million Tiffany 
purchase, but it is perhaps its u 
usual management structure, aloi 
the lines of a limited partnershi 
and its well-thought-out long-ler 
strategy that the other banks mi 
want to emulate. It has also tumi 
w two successive years of reaso 
able profits, with earnings last ye 
nsi ^& by 9 percent, to SI I miwa 
230 its return on equity to 22 pt 
cent 



. win a greater share oi 
private-sector surplus capital 
^currently bang handled by 
htg Western investment house 

.innately, the health of the 
shore units and their profitat 

2L*ES ? ability tc 
lop middle-level managemen 

better pcnel 
SkJ nternauona l bond mai 

where so much of the lending l 

ness “ eomg to this year. * 
— KEVIN MUEHRJ 


i 



INTERNATI ONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 


Page II. 


A SPECIAL REPORT ON BAHRAIN 


A World Recession 


Oil Output 


Demand Increases 


And Glut Diminish 


Dependence on Oil 






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MANAMA — Bahrain’s depen- 
* deuce on oil is diminishing, bni the 
decline owes as much to the con- 
traction in oil revenues as it does to 
the expansion of the nonofl. sector. 

The 19S5 budget estimates oil 
and gas income at $957 million, 62 
percent of tout! revenues. Given the 
world recession and the oil glut, the 
shortfall could be as much as S 
percent to 10 percent, placing fi- 
s nancial pressure on the government 
>. and highlighting Bahrain’s need to 
generate more nonoil income. 

However, Bahrain’s economy 
will continue to remain heavily de- 
pendent on oil because of invest- 
ments already in capital and 
jobs in downstream activities, espe- 
cially refining 

On top of production from the 
Dukhan field, which is nearing the 
end of its life, Bahrain al*n nhiafnc 
cash income, budgeted in 1985 at 
S554 million, from its half share in 
the production of the offshore Abu 
Safa field, which Saudi Arabia op- 
* crates. This estimate, made in late 
-7 1983 before the latest OPEC price 
and production cuts, is probably 
too nigh. 

in recognition of the need to 
maximize oil revenues to make up 
the shortfall the Dukhan field is 
being given the most intensive wor- 
kover in its 51 -year working life. 

“We are considering enhanced 
[tertiary] recovery and are doing 
some of it now,” 'said Mohammed 
Saleh Sheikh All the general man- 
ager of Bahrain National Oil Co. 

I BANOCO), the state-owned com- 
pany that now produces and mar- 
kets Bahrain’s oil “We are looking 
at new techniques, water Hooding, 
steam injection and have already 
done some oil suction.” 

’ These attempts have been suc- 
cessful in stemming the decline of 
the aging fidd. Production in 1984 
held at 41,800 barrels a day for the 
second consecutive year after fall- 
ing briefly to 39,000 barrels a day. 
At peak production in 1970, the 
field was producing 77,000 barrels 
a dav. 


recoverable reserves significantly. 
Even raising the level of such re- 
serves by 1 percent would amount 
to a major addition to the field's 
total yield. 

There is another reason why ev- 
ery extra barrel produced from the 
Dukhan fidd counts double. The 
Bahrain Petrol cum Co. (BAPCO) 
refinery is still the mains tray of the 
island's economy. Built more than 
50 years ago, it employs 3,000 peo- 
ple, a high proportion of whom are 
Bahrainis. Since the slump in the 
oil market in 1 982, it has been mak- 
ing losses because it buys the bal- 
ance of feedstock not provided 
from the Dukhan field from Saudi 
Arabia at OPEC prices and sells its 
products at market prices that are 
determined by much lower spot 
levels. 




. - 1 . •* .* u 



Pressure on Output 
Of Natural Gas 


nSES?-:-.' 


'80 ’81 ’82 ’83 

Wwey Jtgmri. W «rf— J <M<W 


MANAMA — With judicious 
utilization, Bahrain should have 
natural gas until well into the next 
century. The gas comes from the 
deep Khuff zone, which runs under 
Bahrain from Kuwait to the United 
Arab Emirates. 


Gas Production 


At current average production of 
0 million standard cubic feet 


In February 1983, production 
was down to 67,000 barrels a day, 


just over a quarter of capacity, be- 
cause of poor market conditions. 
Production for 1984 was 202,000 
barrels a day against an average of 
175.000 barrels a day for 1983, but 
it had slipped again to 190.000 bar- 
rels a day last month. To cushion 
losses, BANOCO, which purchases 
crude for the refinery, was able last 
year to buy the odd shipment of 
cheaper Indian crude, but this is 
not thought to have amounted to 
much more than 2,000 to 3,000 bar- 
rels a day over the year. 


1* . . . 

V j.4 : 



’83 ’84 

htAri C u n> Mo ltM /W 


400 million standard cubic feet 
(scf) a day (equivalent to 66,000 
barrels a day of oil), the Khuff zone 
should be good for another 50 
years. Bui, to meet industrial de- 
mand, the field's production capac- 
ity is bang raised to 600 million scf 
a day with the drilling of new wells, 
and this will reduce the life of the 
field. 

Bahrain's increasing dependence 
on desalination plants is also mak- 
ing an impact on long-term de- 
mand for gas. 

Around 40 percent of Khuff pro- 
duction is used for gas injection in 
the production of oiL This gas is 


densate yields will inevitably 
suffer. 

However, the operation has been 
given a new lease on life by the 
decision to sanction a S3- mD Lion to 
$4- mill] on expansion program to 
remove remaining bottlenecks and 
raise production 10 the plant's max- 
imum capacity of 170 million scf a 
day. Bahrain National Gas Co. 
(BANAGAS). the joint venture 
that owns and operates the plant, 
wanted to proceed with the modifi- 
cations some time ago but had to 


I W Baku «HOn Admi* WimJ Oil C*. 


The Bahrain Natural Gas Company refinery. 


Petrochemical Plant Rises Above Delays 


The recent cut in the price of 
Saudi marker crude and me finn- 
ing in product prices has eased the 
strain on margins, but the refin- 
ery's heavy dependence on Saudi 
feedstock in present market condi- 
tions is worrying. 


The huge overhang of refinery 
parity across the water in Saudi 


capacity 1 across the water in Saudi 
Arabia is another worry for BAN- 
OCO's marketing managers; the 
Saudi refineries pose competition 
of a new kind. Bahrain’s refinery, 
the oldest in the Middle East, has 
knit ahead of the competition by 
offering special tv blends, which the 


MANAMA — Bahrain's petro- 
chemical plant, a gleaming com- 
plex plamkl like some gigantic de- 
signer’s mock-up by the sea's edge 
on reclaimed land at Sitra, is now 
almost finished and should ix^in 
commercial operation before the 
end of the year. 

Its completion on schedule, at 
well below cost, will vindicate the 
controversial management policy 
not to place the main contract turn- 
key but to supervise the tendering 
and slock purchasing itself as U 
went along 

It was a controversial decision 
because Gulf Petrochemical Indus- 
tries Co. (GPIC) had no manage- 
ment when it was set up in Decem- 
ber 1979. and bad to move fast 10 


As it was, GPIC probably saved 
S50 million by not placing the pro- 


ject on a turnkey contract and has 
made additional savings of around 


Mr. Sheikh Ali is confident that 
Bahrain mil be producing oil for 
much longer than the estimates of a 
decade ago. But as the fidd enters 
its terminal phase, recovery fore- 
casts become more difficult, depen- 
dent on the development of new 
technology and tbe way the fidd is 
handled. Drawing too heavily, for 


instance, on an exhausted or prob- 
lematic well could cause a collapse 


lematic well could cause a collapse 
that would cut the oQ-beariag stra- 
ta and jeopardize recovery of the 
remaining oil in it 
Some experts believe that careful 
exploitation could raise the level of 


offering specialty blends, which the 
new Saudi plants will be able (o 
provide as a matter oT course. In 
addition, tbe Saudi authorities may 
be tempted to run their refineries at 
a loss to recoup some of their huge 
capital outlays. Bahrain's refinery, 
already long amortized, would find 
it difficult to compete. 

There is very little that BAN- 
OCO, which took over responsibil- 
ity in 1981 for marketing Bahrain’s 
60-percent share of the refinery and 
production, can do beyond going 
to the marketplace and seeking new 


hire it. Fortunately, market condi- 
tions favored GPIC. The Mideast 


development boom was beginning 
to wind down and the company 
found itself in a buyer's market for 
goods and services. 


“We got excellent prices for 
starting contracts," the GPIC 


chairman and chief executive, Taw- 


feeq al-Moayed, said. 
iW to three years later, when 


customers. 


— ALANMACKIE 


GPIC was ready to start serious 
recruiting, the recession was begin- 
ning to bite and tbe company 
found plenty of technical staff ana 
contractors looking for work. It 
was an approach that could never 
have succeeded iu a seller's market. 


made additional savings of around 
S25 million on the original $450- 
million budget. 

The project only began to cry- 
stallize after Saudi Arabia, in the 
shape of Saudi Basic Industries 
Coip. (SABIC), became involved in 
May 1980, joining the government 
of Bahrain and Kuwait's Petro- 
chemical Industries Co. (PIC) as 
equal partners. SABIC and PIC 
provided the management and 
technical impetus to get the project 
moving. 

For Mr. Moayed, an electrical 
engineer by training and a busi- 
nessman by vocation, tbe main dif- 
ficulty was creating the manpower 
team. He was conscious of GPICs 
lack of technological experience 
when it came to buying. 

“The fact that you haven’t dealt 
with any of these companies made 
it essential that our choice be very 
professional" he said. “I looked to 
SABIC and PIC, who offered their 
entire resources. We created a tech- 
nical team by borrowing people 
from their sites. Then Bahrain 
made tbe technical division by 
molding the experience of the two 1 
sides and adapting them to Bah- 
rain’s circumstances.” 


had contractors to assist," said Mr. 
Moayed, “but the decision to buy 
went bade to the chairman Every 
piece of wire and equipment had to 
go through tendering committee." 

It was in the nature of the project 
that large contracts had to be 
awarded at tbe outset. But with so 
many advisers, very little hap- 
pened. (King Wilkinson of the 


1983, the project was five to six 
months behind and progressing at 


the production of oil This gas is 
diluting associated gas present in 
the Dukhan field, which is used as a 
feedstock for a gas-processing 
plant The “cleaned* gas, some 120 
million scf a day, is then supple- 
mented by 20 million scf a day 
direct from tbe Khuff field to pow- 
er Aluminum Bahrain's smelter. 

Before completion of the small 


Bahrain's increasing 

C 1 

dependence on 
desalination plants is 
also making an 
impact on long-term 
demand lor gas. 


gas-processing plant in 1980, the 
associated gas from the Dukhan 


50 percent of the scheduled rate. 

Then Mr. Jaggi went to Milan 
and had a crucial meeting with 
Snamprogetti at which the baric 
misconceptions were straightened 
oul From then on, no one looked 
back. 


United States was signed up as pro- 
ject advisers and Van Oord of the 


Netherlands was called in for the 
reclamation work, not to mention 
experts from SABIC and PIC, plus 
GPICs own in-house technicians.) 

The general manager, Urs Jaggi, 
takes up the story. “I hated it at the 


beginning because of the delays," 
he said The tendering was very 


tough, tight and time consuming. It 
took about a year for the manage- 
ment to run itself in, 12 lost months 
as far as the project was concerned. 

However, the long delays had 
sent confusing signals to Snampro- 
gerti of Milan, which had been 
signed up as main contractors in 
February 1982. Mr. Jaggi thinks 
they probably gained the impres- 
sion that GPIC was not serious 
about schedules and probably 
. wanted to delay commissioning be- 
cause of market conditions. Bv late 


The mechanical completion is 
still two to three months behind 
schedule but this time will be made 
up during c ommissionin g 

The plant commissioning will be 
tbe complicated pan, according to 
Mr. Jaggi, but the utilities started 
up perfectly. 

GPIC is bring shielded by its 
partners from the problems of mar- 
keting the 1,000 tons a day each of 
methanol and ammonia the plant 
will be producing. 

SABIC has agreed to pod the 
methanol production with its own 
and PIC will do likewise with the 
amm onia. The agreement would 
seem 10 guarantee GPIC an easy 
entry into the market. 

Whether tbe deal with SABIC on 
methanol will hold in the face of a 
major deterioration in the market is 
another matter. 

— ALANMACKIE 


associated gas from the Dukhan 
field was flared. The plant, built by 
Japan’s National Gasoline C0„ has 
been one of Bahrain’s unq ualifi ed 
success stories, recouping its 5100- 
mi Llion outlay in the first 18 
months of operation. Despite the 
world glut in hydrocarbon prod- 
ucts, the plant continues to make 
good profits for its shareholders: 
tbe government of Bahrain, Caltex 
of Canada and the Arab Petroleum 
Investments Corp., based in Dhah- 
ran, Saudi Arabia. 

However, dilution of the feed- 


await a commitment from the Bah- 
rain National OD Co. (BANOCO) 
to provide 170 million scf a day of 
gas until the end of the decade! 

Work on the modifications, 
which will be carried out by the 
National Gasoline Co., is due to 
stan in September and wQl be com- 
pleted in the first half of 1986. 

BANAGAS has not taken into 
account in its estimates any im- 


provements in gas quality that may 
result from BANOCO putting 
down new wells and tapping 
fresher associated-gas supplies. “It 
remains to be seen whether the 
[BANOCO] workover program will 
have an effect on the quality of 
gas,” said Mr. O'Rorke, but this is 
certainly the expectation. 

Every band of condensate pro- 
duced by BANAGAS has a guar- 
anteed sale because of a long-term 
agreement with Caltex to market 
propane and butane. Production of 
propane is 1 984 was 2,760 bands a 
day and of butane, 2,360 barrels a 
day. The refinery uses the naphtha 
produced as feedstock. Production 
in 1984 was 3,430 barrels a day. 

Far from the plant dying with 
the oilfield, as was the original in- 
tention, there is now talk of import- 
ing “wet" gas as feedstock to keep 
it operating — another example of 
Bahrain’s entrepreneurial versatili- 
ty and its willingness to look at any 
proposition that will maximizii its 
modest resources. 

— ALANMACKIE 


stock associated gas with “dry” 
Khuff gas is undermining the 


Khuff gas is undermining the 
plant’s productivity. Designed for a 
gas intake of 90 million scf a day, 
tbe plant is now having to process 
139 million scf a day to produce 
only marginal increases of liquids. 

“We have fiddled around with 
the plant to squeeze more output 
without rignificant capital out- 
lays,” said the production manager, 
Terry O’Rorke. The plant’s capaci- 
ty has already been raised from 1 10 
million scf a day to 145 million scf 
a day but Lhat is the extent of such 
tinkering. Already, some gas is be- 
ing flared because the plant is un- 
able to accommodate it and con- 


The initial procurement stage 
was not without problems. “We 


Only one worldwide banking group 
is owned by every Arab country 








The correspondence of the great Abbasid Caliph Harm al-Rashid 
with Chademagpe was an early example of Arab initiative in bridgingEast and W&t. 


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financial services. The group’s presence 
also extends to Saudi Arabia and 
Egypt, through its associate banks. The 
Saudi British Bank and Hongkong 
Egyptian Bank S.A.E. 

For a copy of the Business Profile 
that interests you, write to us at Box 64 
G.P.O. Hong Kong, or any branch of 
The British Bank of the Middle Ease. 




The British Bank 
of the Middle East 


Bahrain Djibouti India Jordan 
Lebanon Oman Qatar Switzerland 
United Arab Emirates 
United Kingdom Yemen Arab Republic 


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ftgeia 

A SPECIAL REPORT ON BAHRAIN 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 




Saudi Tie Means New Adaptation in Development 




(Continued From Page 9) 
more go vemmen l-spooso red joint 
ventures such as a new petrochemi- 
cals plant, built with equal partici- 
pation by Saudi Arabia, Kuwait 
and Bahrain, In addition, Kuwait 
and Saudi Arabia have agreed to 
market the plant's ammo nia and 
methanol output 


Although Bahrain's develop- 
ment as a financial center would 
significantly enhance the country’s 
industrialization drive, the subject 
does not seem to be a priority con- 
sideration for the government In 
the absence of incentives for medi- 
um-term private investment the 


private sea or is likely to continue 
relying on the government to gm- 
erate new business opportunities. 
Although die real-estate market 
has suffered along with the deceler- 
ation of the economy, many Bah- 
rainis are hoping construction ac- 
tivities will recover as Saudis begin 
to buy property in Bahrain. Others 


a 




"... You astound me "" 
George, an institution as 
large as yours and you're 
not in Bahrain " 


“The vital link? 
Urrvnm ** 


What we see here is communication. 

It's taken George just five minutes over lunch 
at the club to understand the importance of Bahrain 
as a centre for his Middle Eastern operations. 

George will locate his communication centre in Bahrain 
because of the most advanced international 
telecommunication services in the Middle East. 

The Bahrain Telecommunications Company, 
situated in what is also the financial centre of the 
region, can supply any communication service your 
business may require with a comprehensive network 
that speeds your message, in whatever form, 
on the most economical and time saving system 
available. So, by George! when you think of the 
Middle East, think of the vital link — Bahrain. 


Bahrain 

Telecommunications 

Company 




A 


realize that the downward pressure 
on oB revenues will limit govern- 
ment spending to spur the econo- 
my. 

With a new trend in private-sec- 
tor involvement in major ventures, 
be ginnin g with the Gulf-wide offer 
of Saudi Arabian Basic Industries 
Co. (SABIQ shares, followed re- 
cently by Gulf Air, there is a need 
for a secondary market for trading 
Gulf shares as well as government 
bonds. 

United Gulf Bank’s vice presi- 
dent and economist, Henry Azzam, 
explained how this would provide a 

to the Eurodollar market arufffll 
the gap between reduced govern- 
ment spending and local banks’ 
lacking access to longer-term 
funds. The lack of such a center for 
trading shares, he said, has reduced 
tire attractiveness of issues such as 
SABICs and prevented other large 
privately owned businesses all over 
the Gulf from seeking to overcome 
cash-flow problems by issuing their 
own debt instruments. 

Mr. Azzam strongly believes that 
“Bahrain is ideally suited to play 
that role.” He also feels that now is 
the time for a decision to be made 
to expand Bahrain’s role beyond 
the limits of the money market, 
which is represented by more than 
70 offshore b anking units. Over the 
last decade the number of financial 
institutions has grown, communi- 
cations channels have been built 
and a pool of trained Bahrainis has 
been created for these institutions 
to draw on 

“Bahrain can start by trading in 
international bonds as in Luxem- 
bourg, then it can become a listing 
center; as the expertise develops, it 
can move on to local and regional 
stocks, bonds and other instru- 
ments,” Mr. Azzam said. 

There is a consensus, however, 
that the economic sector that will 
benefit most from the causeway's 
opening is tourism, although views 
vary on the extent of the influx of 
Saudi tourists, especially over the 
Thursday-Friday Moslem week- 
ends. Mr. Shirawi expects the num- 
ber of Saudis visiting the country 
annually to double or maybe even 
triple from the present total of 
700.000, bringing relief to the coun- 
try’s half-empty hotels. 

Already banking on the upcom- 
ing fresh wave of vacationers, lured 
by Bahrain’s relaxed atmosphere, 
where alcohol is allowed, an extrav- 




#11 



Tending the lettuce crop in a greenhouse- tent at the Bodaiya agricultural ea^rimMtalfarm, ”8^ 

I researchers at the farm have found the Australian technique of drip irrigation works best 

Causeway Builders Beating the Deadline 


MANAMA — The mill timillion -dollar cause- 
way between Bahrain and Saudi Arabia is bead- 
ed for an early opening, but motorists will have 
to wait longer than they had expected before 
they will be allowed to use it 

Construction work on the 25-ltilometer (153- 
mile) route is almost complete and a car can 
now drive over three-quarters of the distance it 
covers. 

The project has come a long way since the 
idea was first brought up at a luncheon meeting 
of the two states’ rulers 30 years ago. Since that 
time, the creation of a man-made connection 
between the Saadi kingdom's Eastern Province 
and Bahrain's mam island over the shallow 
waters of Saftva Bay has been the subject of 
arguments about its cost, value and conse- 
quences. 

lbe total bill for the project exceeds SI bil- 
lion. financed totally by Saudi Arabia. The 
causeway is also one of the world's largest and 
most ambitious construction projects. Made up 
of five bridges and seven embankments, the 
project’s implementation involved a test for 
modern technology’s ability to re claim land 
from the sea and to erea a durable structure by 
putting together prefabricated concrete chunks. 

Viewed from Umm Nassau island, 3 kilome- 
ters off Bahrain’s main island of Sitra, where the 
capital of Manama is situated, the causeway is a 
gray strip extending into the middle of the water 


with the Arabian peninsula coast not visible 
from the Bahraini side. All of the 534 hollow 
concrete piles have been ins tailed, with the box 
girders forming the causeway’s body superim- 
posed on the row of double piles and embank- 
ments, resting on rubber bearing blocks de- 
signed to resist small earthquakes. The main 
span, which is founded on concrete rafts filled 
with concrete after they are implanted, is cur- 
rently the focus of the Ballast Nedam group’s 
activities. 

Since the contract was awarded' and the prep- 
aration of the site began in late 1981, the once 
silent island of Umm Nassau has witnessed the 
sudden sprouting of a construction village on 
reclaimed land More than 200 mostly Europe- 
an managers and technicians of the Dutch com- 
pany live there in boxlike prefabricated houses 
with their families. They are provided with a 
school, dime and restaurant. 

Construction workers from Southeast Asia, 
numbering 1300 at one point, are accommodat- 
ed in 20 barracks in the same area, which in- 
cludes workshops and a desalination plant 
There is also a huge concrete factory, where 
most of the project’s components, including 
1.000-ton parts of the main span, are fabricated 

The company is also building border posts on 
two artificial islands, reclaimed for that purpose 
toward the middle of the causeway. This con- 
struction work, due for completion in April of 
next year, covers customs buildings, a coast- 


guard tower, roads, a covered parking area and 
a desalination plant 

With contracts for access roads still to be 
awarded and the job estimated to take 20 
months to complete, it is clear that the First 
nonoffidal vehicle to cross the causeway will 
not do so before the spring of 1987. It remains 
unclear if financial considerations are behind j. 
the delay in inviting bids for the construction of 
35 kilometers of approach roads on the Saudi 
side and 10 kilometers of similar roads on the 
Bahraini side. 

With the S575-million job due to be handed 
over and officially inaugurated on Dec. 16. 
Bahrain’s national day. Ballast Nedam will have 
completed its largest assignment more than a 
month ahead of schedule. Work is presently two 
and a half months ahead of schedule, a company 
spokesman said 

Some estimates put the number of vehicles 
that will be crossing the causeway by the year 
2000 at 30,000 daily. The distance between Ma- 
nama and AJ-Khobar, the nearest Saudi city to 
the causeway, may be a 30-minute ride depend- 
ing on the traffic. To avoid congestion caused by 
an influx of Saudi vehicles. Bahrain has already 
decided to ban trucks from coming farther than ^ 
the middle of the causeway, where goods will be 
transferred to smaller vehicles. Private cars will 
be permitted to pass, however, after paying a 
toll to cover maintenance costs. 

— OLFATTOHAMY 


Hvatt- 


Link Could Bring New Shipping Business 


The vital link 

Bahrain T etoco m muni cations Co. International Commercial Dept. 
Tel. 248213 Telex 8790 BTCCOM BN. P.O. Box 14. Manama Bahmbl 


Zallaq complex, which is expected 
to include a zoo, a small version of 
Disneyland and an air-conditioned 
monorail along with accommoda- 
tion facilities for families, is 
planned to cover a seaside strip of 4 
kilometers (23 miles). 




The Bahraini Saudi Bank 


"A new concept in banking services" 


By Phillip Hastings 

MANAMA — With the new 
causeway between Bahrain and 
Saudi Arabia now approaching 
completion, speculation continues 
about its impact on trade through 
the island state’s Mina Sulman 
port. 

Traditionally. Bahrain has been 
lone. of the Gulfs major trading 
bases, with Mina Sulman ranked 
second to Dubai in the United 
Arab Emirates as a center for re- 
gional transshipment operations. 

The question is bow that role will 
be affected by the causeway, which 
is scheduled for official opening on 
Dec. 16 but probably will not be 
fully operational before the latter 
half of next year. 

Optimists in Bahrain believe that 
the causeway will open up new op- 
portunities for transshipment busi- 
ness at Mina Sulman. Their argu- 
ment is that vessels will be able to 
call at Mina Sulman and discharge 
Saudi-destined cargoes for move- 
ment by trade across the causeway. 

Other shipping-industry observ- 
ers argue tint there is no obvious 


reason why vessels should call at 
Bahrain rather than going to the 
large nearby Saudi port of Dam- 
mam. If anything, they argue, ship- 
ping lines might prefer to call at 
Dammam rather than Mina Sul- 
man, with Bahrain-destined goods 
being moved in the other direction 
across the causeway. 

But no one can predict with any 
certainty what is going to happen 
to cargo traffic flows through Mina 
Sulman and across the causeway 
until the Bahraini and Saudi gov- 
ernments give a dearer indication 
of the customs regulations that are 
going to apply to the new link. To 
date, very little information has 
been forthcoming on that subject. 

All of which is of little help to the 
Mina Sulman Port Auihonty as it 
tries to plan.“Frora what we know 
at the moment, it would appear 
that a lot of fruit and vegetables 
will start to come into Bahrain via 
the causeway,” said the Mina Sul- 
man port adviser. Captain John 
Kendrick. u At the moment a lot of 
that traffic comes in by dhow or 
airfreight 

“As for general cargo moving 


through Bahrain, it is impossible to 
say at the moment whether there 
wil] be more containers dropped 
off at Mina S ulman port hoe for 
onward movement via the cause- 
way to Saudi Arabia or vice versa. 
In the final analysis, it mil be the 
carriers that, decide whether to 
change their port calling pattern.” 

Captain Kendrick pointed out 
that Dammam, the nearest major 
Saudi port to Bahrain, did not han- 
dle transshipment cargo but there 
was always a chance that this could 
change once the causeway was op- 
erational. 

In the meantime, Mina Sulman 
is continuing with plans to meet the 
new demands likely to be imposed 
by the causeway. 

The next development is likdy to 
be the building of a new access 
road to link the port with the cause- 
way road. A master plan is under 
consideration and. with budget ap- 
proval the project could be com- 
pleted by 1837. 

The port is also looking at plans 
to create three or four new high- 
productivity berths by extending 
the existing container te rminal. 






•v • - 





li 



BANQUE INDOSUEZ 


The Bahraini Saudi Bank is pleased to announce 
the opening of its head office in 
Bahrain incorporating the offshore banking unit 
and full commercial bank. 


The Bahraini Saudi Bank 

Bahrain! Stock Co mpany 

P.O. Box 11 59, Manama - Bahrain Tel 2631 T 1 


• j ■ au rt aal— *ua 

TTT1 \ 1 ^&ill „ ii l 'J I . \ 1 o\ 


IN BAHRAIN (O.B.U.) 

• Foreign Exchange and Deposits 
• Project Finance and Syndications 
• Investment Services and Counselling 

P.O. Box 5410 Manama, Bahrain. Telephone 257019 
Telex: General: 8976 INDOSU BN, Forex: 8824 INDOFX BN 

And also in: 

, Abu Dhabi, Dubai, Djibouti, Egypt and Yemen 
Affiliates in Lebanon and Saudi Arabia 
Head Office in Paris (France) 




The new berths are seen as neces- 
sary to replace the existing finger 
pier that accommodates current 
conventional cargo operations. If 
the project gels budget approval 
work could start in 1987 for com- 
pletion in the early 1990s. 

Such plans follow a number of 
recent developments in Mina Sul- 
man port, notably the completion 
of a 200-meter (218-yard) exten- 
sion to the container terminal to 
make an extended berth of 600 me- 
ters 1652 yards). This now allows 
the port to simultaneously handle 
two third-generation container- 
ships at the terminal cutting the 
risk of any delays, which some- 
times happened in die past when 
two such vessels arrived at the same 
time. 

Two more ship- to- shore gantry 
cranes have also been brought into 
operation this year, making four in 
all, and the container storage areas 
have been expanded to accommo- 
date an additional 3,000 contain- 
ers, making space for over 7,000. 

Container traffic now do min ate 
overall cargo movement at Mina 
Sulman, 


Airport 
Expands 
For Cargo 


MANAMA — Expansion of 
both the cargo terminal at Bahrain 
International Airport and Gulf 
Air’s services should boost the 
country’s increasingly important 
role as a regional airfreight center. 

According to Bahrain Airoort 
Services, the airport's cargo-han- 
dling company, airfreight business 
has been growing substantially. 
The company handled 36,640 tons 
trf freight in 1984, compared with 
the 1983 total of 32,400 tons. 

- Within the 1984 total by far the 
largest proportion of traffic, 76 
percent, involved import cargoes, 
which at 28,000 tons represented 
an increase of nearly 13 percent on 
tne previous year. 

Export cargoes fell by around 5 
percent to 4, 170 tons but tr ansship - 
ment traffic recorded a 40-percent 
uwrease to 4,470 tons. 

. Basically. Bahrain Airport Ser- 
y’ces claims to be able to offer a 
four-hour transshipment service, 
subject to flight schedules. 

A current problem area for the 
company is the fact that existing 
import and export sheds are a mile 
apart, but moves are under way to 
solve that problem and boost cargo 
operations. Work begun on a 
cargo terminal that 
, import, export and 

transshipment traffic. Offering 
biOGO square feet (5.760 square 
raeters) of covered space on a site 
close to the existing passenger ter- 
uunal, the facility is scheduled for 
completion in September 1986. 

. features of th? new terminal will 
include a unit-load -device handling 
syst«n with 14 pallet makeup and 
breakdown positions and 4 S stor- 

gS® 8 ** scope to extend 
those to take more than 10 pallets. 
There will also be six freezer-chiller 
P°smon$ and three positions in a 
^room for fruit and vegetable- 

— PHILLIP HASTINGS 


a- : - 


>tl« 


v\h. 







TRIBUNE, THURSDAY, APRIL 25, 1985 


Page 13 


in Bahrain ^ 


ifie 


Airport 
Expand? 
For Cargo 

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A SPECIAL REPORT ON BAHRAIN 






Major New Projects 
Span Industrial Gap 


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MANAMA -^This year wiU be 
an important landmark in Bah- 
rain's industrial development with 
the conumssioniJig of three major 
projects that will do much to bridge 
tbe gap between primary and 
downstream industries and open 
the way to greater private-sector 
participation. 

The pelletization plant built by 
the Iron & Sted Co. (Aisco), a 
private venture between sharehold- 
ers in Kuwait. Iraq, Jordan and 
Bahrain, was completed late last 
year and is going through trial runs 
prior to comnxrcial production. 
The aluminum rolling min being 
built tpr the Gulf Aluminum Roll- 
ing Mill Co. (Garmco), a joint ven- 
ture between Iraq and member 
states of the Gulf Cooperation 
Council, with the exception of the 
United Arab Emirates, is due to go 
into commercial production in No- 
vember, and the Gulf Petrochemi- 
cal Industries Co. is due to start up 
its methanol plant before the end of 
the year. 

In addition, tbe Gulf Add In- 
dustries Co. has just commissioned 
a 10.000- ion -per -year sulphuric - 
7 acid plant, a major contribution to 
Bahrain's chemical industries’ 
base. 

However, if these projects help 
to integrate, rationalize and cut 
costs, as well as create opportuni- 
ties for downstream industries, tbe 
world recession is still making it 
difficult for most to make profits. 

The outstanding exception is 
Bahrain’s flagship industry, alumi- 
num. Aluminum Bahrain (Alba), 


the company that runs tbe island’s 
smelter, has made a loss only once, 
in 1982. in its 14 years of opera- 
tions, and a thriving downstream 
aluminium industry has been built 
on its production. 

With a large pan of its capital 
outlay now repaid. Alba is in Fine 
shape to take advantage of the 
shakeout m the industry and the 
slow improvement in aluminum 
prices anticipated in coming years. 
Trials for a computerized energy 
control system are under way that 
will raise production another 10 to 
IS percent and enable another ISO 
jobs to be shed. But plans to im- 
prove power generation, which 
would raise production to 260,000 
tons per year without using more 
feedstock gas, have been shelved 
because of the depressed general 
demand for power. 

Tbe advent of Garmco, which in 
time will take 40,000 ions per year 
of rolling slabs from Alba, will do 
much to underpin the smelter's in- 
tegrated production, which could 
be raised to 1 15, 000 ions per year 
compared with a current 70.000 
tons. At present, only 40 percent of 
production is integrated — as roll- 
ing slabs and extrusion billets. An- 
other 10 percent is token off as 
molten metal for a cable-making 
facility and an atomizer plant, ana 
the remaining SO percent is cast as 
ingots for sale in the spot market 
About 40,000 tons per year or cur- 
rent integrated production is in the 
form of extrusion, billets, of which 
tbe local Bahrain Aluminum Extru- 



UnJoading raw alumina from Australia destined to fuel 
tbe island state’s heavy industry sector. 


sion Company (Balexco) takes 

5.000 tons. 

The Bahrain Aluminum Co. 
(Balco), which has marketed tbe 
Saudi and Bahrain governments' 
77.9-percent shore (about 139,000 
tons per year) of Alba’s production 
since 1975 is expected in 1984 to 
better the $30-million profit made 
in 1983. Firm aluminum prices at 
the start of 1984 enabled tbe com- 
panmy to further reduce the 40,000 
tons of stocks left over from the 

1.000 tons accumulated in 1982. 
However, the failure of prices to 


sustain the improvement has 
forced Balco to increase stocks. 

Approaches have been made to 1 
Dubai and Venezuela, which both 
operate government-owned smelt- 
ers. to create a cartel regulating 
production in line with demand 
The commercial logic is particular 
ly strong with Dubai, but Bahrain 
Aluminum Co.’s general manager, 
Faisal Mirza, say s that “they aren’t 
interested in going in with Bah- 
rain.” 

— ALAN MACEDE 


Private-Sector Development Is Thriving 


MANAMA — Bahrain has a 
thriving industrial private sector if 
the demand for lots in tbe North 
Si tra industrial estate is anything to 
go by. Most of the lots have now 
been bought up, and officials be- 
moan the fact that if any good 
projects turn up in the near future, 
there will be no place for them. 

StOI, the interest is encouraging, 
specially at this highly sensitive 
time, when the delicate marrying of 
primary industries and down- 
stream private-sector investment is 
beginning to take place and the 
causeway is about to make pro- 
found changes in the business cH- 
mate in Bahrain. 

The alumin um rolling mill is go- 
ing to be an important catalyst in 
this process. According to tbe mar- 
keting manager of Gulf Aluminum 
Rolling Mill Co., (Garmco), Car- 
son Salles, there is a lot of scope for 
downstream aluminum Industries. 

Garmco’s start-up in November 
is also going to make a major im- 
pact on the job market, creating as 
many as 1,000 jobs, according to 
some assessments, and making tbe 


aluminum industry, which already 
employs about 3,000, the island’s 
bluest industrial employer. 

Downstream development and 
integration is also having a cumula- 
tive effect in generating business. 
Isa Abdullah Musa, a shareholder 
in the Gulf Arid industries Co., 
which recently commissioned a sul- 
phuric-acid plant, is now consider- 
ing setting tip a caustic-soda plant. 

Apart from the writer of small 
aluminum-fabrication shops that 
have sprouted up around the is- 
land, there already is a good mix of 
consumer product manufacturing 
developing in Bahrain. These in- 
clude plants producing paint, sy- 
ringes, fiber glass, plastic contain- 
ers and shoes. There is also a plant 
assembling air-conditioning units. 
This development has taken place 
with minimal government assis- 
tance. 

There has been one official at- 
tempt to promote private invest- 
ment With the help of a J5-miIlion 
soft loan from the Abu Dhabi 
Fund for Economic Development 
the government in 1979 set up tbe 


Bahrain Light Industries Co. 
(Blico) to act as a holding company 
to promote and develop private in- 
dustry in Bahrain and offered its 
shares lo the public. 

The authorities have departed 
from their laissez-faire approach to 
the private sector by funding, with 
tbe help of a 532-million soft loan 
from Kuwait the development and 
installation of utilities in the North 
Si tra industrial estate. Previously, 
the government did not have the 
funds to provide such facilities and 
those companies that set up in the 
older free zone in Mina Sulraan 
port had to provide their own ser- 
vices. 

Thegovemmentis also introduc- 
ing an industrial licensing registra- 
tion law that will provide more sys- 
tematic information about 
industrial development. But there 
is still a dearth of proper market 
research, which, coupled with the 
general confusion in the market 
over the opening of the causeway, 
is leading many business men to 
bold back. 

The lack of government strategy 


Real Estate Boom Defies Rent Slump 


MANAMA — Manama still pre- 
sents the picture of a boom town, 
with new office blocks and cranes 
all over the Diplomatic Area and 
the adjoining Ai-Hura district But 
caution is now in fashion and the 
office blocks are hard to rent 

Two or three years ago, when the 
first holes were bring dug in the 
Diplomatic Area, oil revenues were 
peaking, banks were lining up for 
licenses and the planned causeway 
to Saudi Arabia was seen as rrinr 
forcing Bahrain’s position as the 
financial heart of the Gulf. 

Now, economic recession has hit 
the region and rents in Bahrain, as 
elsewhere, have slumped. Since 
September last year, office rents 
have fallen by 30 percent to 40 
percent. 

Most of the Diplomatic Area is 
given over to office blocks. Some of 
these have been built by banks to 
provide offices for themselves; a 
few, such as the Al-Nass Tower, are 
purely speculative. There is still a 
demand for well-designed interior 
space with a good standard of fin- 
ish, but prospective renters are 
more cost-conscious these days and 
make do with less space and fewer 
employees. 


The area already looks congest- 
ed, despite certain height and den- 
sity regulations, and parking is like- 
ly to be a major headache. 

Beyond tbe Diplomatic Area is 
Al-Hura. This is becoming a popu- 
lar residential area for embassies 
(including the elegant French Em- 
bassy) and apartments. Expatriates 
up to now have tended to go for 
villas, but the market is now drift- 
ing back into Manama from the 
villas and compounds out along the 
Budaiya road, provided the apart- 
ments are well fitted out and in- 
clude such amenities as swimming 
pools. 

For Bahrainis, the housing situa- 
tion is quite different, with the 
Housing Ministry providing most 
of the funds and activity. Bahrain’s 
population is growing at a rate of 3 
percent a year, over half the popu- 
lation is under 18 and there u not 
room for them in the old family 
houses of the Muharraq area. 

Many would like to live in the 
glossy neighborhood of West Ri- 
fa’a. made fashionable by the pal- 
aces of the ruling al-Khamah fam- 
ily, overlooking the ancient spring 
of AI-Hananiya and set in well- 


watered gardens of bougainvillea 
and hibiscus. But West Rifa'a is too 
expensive. 

Manama has already spread out 
to one new residential area, lssa 
Town. Once, it seemed right out in 
the desert and most of the govern- 
ment housing built there from 1 968 
was for lower-income families. To- 
day, It seems less remote as Mana- 
ma has spread south. Hamad Town 
is 15 kilometers (9 miles) farther 
on, near the rite of the new Arabian 
Gulf University. Tie AGU will 
take its first 200 students in the fall 
of 1986 and may add considerably 
to the attractions of Hamad Town. 

The inaugural stone for the town 
was laid by Bahrain’s Ruler, Sheikh 
Isa bin Sulxnan al-Khalifah, in 
1982. About 1,500 houses of vary- 
ing sizes are ready for occupation. 
No householder is supposed to pay 
more than a quarter of his salary in 
repayment, and houses are allot ei} 
according to salary. Total repay- 
ment could lake anything up to 25 
years. Most of tbe houses nave been 
built by the miiiistiy but thrie are 
some larger ones buui privately on 
special plots. 

— SARAH SEARIGHT 


is perhaps most keenly felt in the 
field of labor. Because of the high 
cost involved in employing Bah- 
rainis, most of the private sector is 
run on immigrant labor. At the 
same time, most of the downstream 
private-sector industrial develop- 
ment bring encouraged by the gov- 
ernment is labor intensive. How 
this squares with the government’s 
policy of creating jobs for Bah- 
rainis is not clear. 

— ALANMAQQE 

Education Puts 
Stress on Needs 
Of tbe Economy 

MANAMA — Vocational edu- 
cation is a popular theme through- 
out the Gulf, and Bahrain is one of 
the few places where it can be seen 
inaction. 

The dean of Bahrain’s Gulf Poly- 
technic, Ibrahim al-Hashimi, attri- 
butes this to Bahrain’s relative pov- 
erty compared with 1 its neighbors, 
while its harbor and central posi- 
tion in the Gulf give it a more 
cosmopolitan outlook. 

It is at the intermediate level (for 
all pupils 12 to 15 years old) that 
the idea of vocational education is 
introduced. Those leaving at the 
end of this stage have already had a 
wide introduction to the practicali- 
ties of employment. At the second- 
ary level, there is as much attention 
to career development -—for both 
sexes — as in a Western school 
Industries send demonstrators to 
the schools; children go back on 
guided tours. 

As a result, Bahrain is be ginnin g 
to overcome a fundamental distaste' 
for technical work, which elsewhere 
in the peninsula obstructs the re- 
placement of expensive expatriates 
by local citizens. Technical schools 
are so popular that they have to 
operate two shifts. 

Gulf Polytechnic has been orga- 
nized around the needs of the econ- 
omy. Some of the four-year courses 
are full-time, having a year’s orien- 
tation (including English, mathe- 
matics and general sciences) and 
often concluding with six months 
of internship or industrial attach- 
ment. Other courses are part-time, 
including evening classes. The em- 
phasis is on filling the middle grade 
of employment. Disciplines con- 
centrate on management, engineer- 
ing and commercial studies. 

— SARAH SEARIGHT 


Bahrain Is Important link in Gulf Council’s Defense Chain 


MANAMA — The Gulf Coop- 
eration Council is going ahead with 
plans to build a shield to protect 
the Arabian peninsula from a pos- 
sible spillover of the Iran-Iraq war, 
enabling Bahrain, once claimed by 
Iran, to proceed with its economic 
development plans and to prepare 
to be mtegrated into a more pros- 
perous Gulf region. 

Bahrain is a duster of 35 islands 
located in tbe southwestern part of 
[he Gulf. Its two main islands, Si tra 


and Muharraq, represent the most 
densely populated areas in the Gulf 
region, situated a little more than 
20 kilometers (12.4 mOes) off Saudi 
Arabia’s eastern coast and equally 
distant from Qatar to the south. 

Bahrain is thus stratqticaUy situ- 
ated in the turbulent Gulf waters 
opposite the border between Iran 
and Iraq. Its other GCC neighbors, 
Saudi Arabia, Kuwait, the United 
Arab Emirates, Oman and Qatar, 
are located cm the peninsula. 


COMMBUTORS 

PHILLIP HASTINGS is a journalist based in Britain who special- 
izes in the transportation industry. 

ALAN MACKEE is a London-based journalist who specializes in 
Middle Eastern affairs. 

KEVIN MUEHRING is a London-based contributing editor of the 
U.S. financial magazine Institutional Investor. 

SARAH SEARIGHT is a London-based journalist who specializes 

in. the Middle East. 


Because of its strategic location 
and its modest defense capabilities, 
Bahrain is regarded as vulnerable. 
This explains why special priority 
has been riven to one of the earliest 
GCC decisions to build an air base 

in B ahrain , on the main island of 
Si tra. with technical assistance 
from the U.S Army Corps of Engi- 
neers. It is currently at the design' 
ing stage, and the rite remains to be 
provided with infrastructure facili- 
ties before construction work can 
start. 

Bahrain has also ordered four F- 
5 fighters and two F-5f training 
aircraft, which would form the nu- 
cleus of the country’s air force. Tbe 
construction of the base and the 
aircraft deal are part of a SI -billion 
package for Bahrain approved at a 
Gulf summit more than two years 


OLFAT TOHAMY is a Cairo-basa 
the International Herald Tribune and 


malist who contributes to 
Washington Post. 


Although the GCC charter calls 
for policy coordination and inte- 
gration at aD levels and in all fields, 
the intermittent war in tbe Gulf has 
meant that tbe issue of collective 

defense always took priori^ over 
other issues, and that security-ori- 
ented projects were also given seri- 
ous attention at Gulf , summits. A 
few major projects such as. an oil 
pipeline linking aD GCC members 


and bypassing the Strait of Hor- 
muz ana a riant food-storage plan 
were considered for funding by the 
Gulf Investment Corp. The GIC, 
capitalized at $2.1 bQUon, has sev- 
eral projects lo study but no deci- 
sions have been made on them yet. 

GCC officials have already par- 
ticipated in two rounds of talks 
with the European Community 
concerning the future of their mem- 
ber countries’ most important and 
rapidly growing industry, which is 
petrochemicals. Although no 
agreement has been reached mi Eu- 
rope's tariffs on imports of petro- 
chemicals exceeding a specified 
quota, the council’s involvement as 
an organized body boosted hopes 
of strengthening the Gulf coun- 
tries' bargaining power in an in- 
creasingly glutted world market. 

It also signaled the importance 
of policy coordination among Gulf 
members to prevent duplication 
and overcapacity, which can be , 
achieved by implementing the I 
GCC economic agreement. The ac- 
cord has removed tariffs among 
Gulf states and called for collective 
planning of import-substituting 
policies, export promotion and 
lechnotogy procurement. .. 

— OLFAT TOHAMY 



P .. 










■ ' - - 

' - * . i -v. • 





4T 

1 


competitive wmfdmumJs' 
innmdiveHmdifitumcm. 


• f I 


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Which is why an increasing number of 
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Gulf International Bank B.S.C. 

Bahrain: Al-Dowali Building, King Faisal Highway, P.O. Bos 101?, Manama, Bahrain 
London: 2-4 Cannon Strew. London EC4Mi>XP 
New tori: 499 Park Avenue. New York, NY 10022 
Singapore: Unit 1101-1106, Shell Tower, 50 Raffles Place, Singapore 0104 
Cayman: c/o 499 Park Avenue, New York. NY 10022 

< Dntermiima[ < ^ (jufftStaks 



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enabled us to reach U5S1 .6 
billion in assets and USS 129 
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3 1st, 1984. 

All backed by major shareholders 
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P.O. Box 20488. Manama. Bahrain. Telephone: 23049 1. 230492 
Telex: 938U and 9381 ALBAAB BN. 9382 and 9383 BAABFX BN 



INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 


NYSE Most Actives 


Not avaOabl* 


Dow Jones Bond Averages 


Bonds 

Utilities 

Industrials 


Dow Jones Averages 


Pntvlmn Today 

Own High Low CtOM 3 PM. 
Indus I265JS 15BT91 1341.15 1278.71 127479 

Trans 581-71 58780 57772 584-34 5037 

Util 154.95 134.49 15474 I55J3 155.11 

Camp 51071 51776 SOM? S15J7 £1X38 


Previous NYSE Diaries 


NYSE Index 


Advancod 
Dodlnod 
Unchanged 
Total Issues 
Now HtatM 
Now Laws 
Volume up 
V olume down 


994 439 

57< m 

514 503 

2828 19*8 

107 83 

TO 14 


61501750 

30734760 


Provlouo Today 
HWk Law CMpm 7 PM 

Cnmaoslte 10573 10444 10573 10554 

TO TO TO TO 

MBS M i?85 M M 


Odd-Lot Trading In N.Y. 


Buy Solo* •Sh'rt 
229700 444754 7704 

200754 446576 4730 

1B4749 404794 7,973 

200716 458783 14792 

207750 450401 9.137 


Wfednesd ayi* 

\isi; 


Previous AMEX Diaries 


NASDAQ Index 


Advancod 
DacUiwd 
Unchamod 
Total issues 
New HWta 
New Lows 
Volume up 
volume dawn 


254 227 

281 314 

231 249 

745 790 

IS 21 

12 M 

7713720 
378*730 


Composite 

industrials 

Finance 

insurance 

Utilities 

Banks 

TransPL 


: Year , 
Noon Ayo 
283.16 M278 

™ w 

— 329 77 

— 20879 

— 26577 

— 25049 


a AAP X Most Actives 


WonoS 

poloPd 

TIE „ 

OomeP 

SFNpfA 

Lyncfic 

Bust) n 

BAT 

SecCap 

GlfCdO 

DynkM 

PeiiCp 

Haste; s 

TotlPtO 

Aslretc 


7444 17% 
2507 12% 
2491 4% 

2100 2 % 
1448 ES 

1212 9% 

1217 13% 
1187 4W 
1151 14% 
1129 1f% 
1110 15* 
1101 3g* 
937 30% 
901 12V5 

854 IK 


1 LOW 

Last 

an. 

16% 

17 

+ K 

11 % 

T2V* 

+ u 

5% 

5VS 

— % 

2 % 

2 % 


7% 

7% 

+ lib 

8 % 

9% 

+ % 

13 

11 % 

- h 

4% 

4K 

14% 

14% 

+ K 

14% 

14% 


14% 

15 

+ % 

33 

33 

— 1 

29% 

30 

— % 

12 % 

12 % 

+ % 

1 % 

1 % 



■Included In the sales floures 


VOL at 3 PM 81772796 

Prev.3PM.voL 83758796 

Prev consolidated clOM 129,isa>159 

Tables Include the nationwide prices 
up to the doting on Wall Street and 
do not reflect late trades elsewhere. 

Via The Associated Press 


Standard & Poor's Index 


P r ev iou s Today 

Mob Law Close 2 PM 
Industrials 20255 200148 20272 20152 

TransP. 15077 14855 15077 ISO® 

Utilities 8272 8154 81.97 8279 

Finance Zli» 2177 2178 2157 

Co IDPOS Its 18157 11074 1817a 18279 


AMEX Sales 


3PJM. volume 
Prev. 3 PM- volume 
Prev. cons, volume 


5700700 

10.140700 

11720700 


AMEX Stock Index J 

previous Today 

High Ch* 2 PM. 

22956 22851 22971 V3M 


12 Month 
HUlLow Stock 


744 AAR 78 £8 13 

m AGS 11 

94k AMCA 

13% AMF 50 25 58 

2414 AMR 9 

Wk AMR pt 2.18 107 
22% ANRPf 257 107 
BVS APL 37 

44% ASA 270 IB 

14% AVX 72 21 12 

34% Abfljab 170 27 15 
17 AccoWde 74 15 18 

12% AcawC 70 27 

BK AaneE 72b 35 11 

15 AdaE* 2.1tol24 


11% AdmMI 
8% AdvSys 

25V. AMD 
43b Advent 
8% Aerltax 


72 21 6 

531 55 14 
13 

.12 17 

12 


27% Aetna 254 47 40 
52% AetL.pt 5530105 
15% Aluimo 170 35 14 
2% Alleen 21 

38% AlrPrtf 170 25 11 
13 AlrbFrt 50 37 10 
I AJMoos 23 

24% AlnP p<A 192 127 
6 AlaPdPf 57 115 
61% AioP of 950 127 
85% AfaPpf 1150 107 


5% 3PM 

MQiHlBtLow QuetOrot 


% 
% 
Vs 

24% — % 
8% 

52 — % 
15—1* 
51% + % 
22% + % 
14% 14% — % 
8 % 8 % + % 
16% 14% 

15% 15% 

9% 9% — % 
28% 29 — % 
8% 9% 

12 % 

41% + % 
55%— % 
34 — % 
2% 

48% — % 
18 — % 
1 % 

31% + % 
7% + % 
% 


New York Stocks Turn Mixed 


57 

AlaPpf 

&16 174 


54 

ajoPpi 

B7B 173 


11 

A looses 

1J4 

73 

B 

9K AbkAIr 

,14 

A 

9 

10% AJbrfos 

78 

27 

19 

22% Aibtm 

.74 

2 A 

13 


1.20 

4J 

1? 

27Vk AlcaStd 

17(1 

34 

11 

17 

AltxAJx 

IDS 

14 


20% Alaxdr 



19 

49 

AilgCp 

TOM 

23 

30 

23 

AloCP Pf 2J4 10.9 



18% Alulni 170 54 
15% Atalnpi 2.19 ll.l 
81 AlolpfC 1175 127 
24% AihJpw 270 U * 
15% AllHlG 50b 3.1 13 
28% AlktCpS 170 45 9 
53% AldCo pt 474 104 
99 AldCppfl2in SftJ 
100% AldC pt 1279oll.9 
12 AlidPd 

38 AlldStr 2.12 35 < 
5% AllisCh 
24 Albert 

20 ALLTL 174 6.9 9 

27V* ALLTpf 276 57 
20% ASpftPr 50* 3-5 13 


30% Alcoa 
15% A max 
32% 


1J20 V 16 
£0 17 
350 85 
1.10 37 15 


3J0 55 9 
£75 105 
257 39 
150 15 16 
74 37 12 
54 27 15 

2.90 55 11 
M 117 
350 65 
1375 117 
270 117 
2510 97 

11 

1.90 35 13 
92 37 27 

2740105 8 
178 35 IS 
54b 23 13 
170 31 10 


22% 

1 % 

15% 

S3 
24% 

S3 
55% 

19% 

20 

40% 

21% 

36 
103 
14% 

25% 

4 & 

15% 

M% 

19% 

58% 

44% 

££ 

... 7% 

42% 46% A Homi 250 47 13 

38 24% A Hasp 1.12 37 18 

85% 42% Amrtch 450 77 8 

78 52 AlnGfP 74 5 19 

28% 18% AMI 72 37 12 

5% 3% AmMot 

45% 27% ANtRss 222 37 12 
43% 25 APmM 74t 24 4 
t% 5% ASLFIa 4 

18% 12% ASLR pt 2.19 147 

’■ 10%-AShlp 70 45 13 

22% AmSId 150 55 11 

24% AmStar 54 12 9 

44% AStr pfA 438 67 

51 AStrpffl 470 125 

AT&T 170 54 16 

AT&T pf 354 95 

AT&T Pf 374 *7 

AWotrs i.m 37 9 

A Wot pf ITS 107 

Am Holt 270 10.1 8 

ATrPr 554 82 

ATrSc 

ATrUn 544 7.1 

Ameran 150 57 7 

AmesDs 20 5 21 

Ammpf 5L32 45 

Ametok 70 3.1 13 

Amtac 
Afntesc 

Amoco 370 57 

AMPs 72 27 

Amoco 70 27 


Compiled by Qur Staff From Dispatcher 

NEW YORK — Stocks were mixed in after- 
noon trading Wednesday after scoring a late 
rally in the previous session. 

Retail, aerospace and telephone issues paced 
the gainers, but several mining, airline and 
technology stocks retreated. 

The Dow Jones average of 30 industrials, 


Although prices in tables on these pages are 
from 3 PM. in New York , for time reasons, this 
article is based cm the market at 2 PM. 


which rose 12. 15 to a seven-week high Tuesday, 
was off 1.32 at 1,277.39 two hours before the 
dosing beD. 

Advances held a slim lead over declines on 
the New York Stock Exchange, whose compos- 


ite index edged up 0.11 to 105.54. 

Big Board volume totaled 69.61 miTli on 
shares at 2 P.M EST, compared with 70.46 
millio n at that hour Tuesday. 

The mixed showing appeared to dampen 
hopes that Tuesday’s late rally was the start of a 
sustained upturn rather than an isolated, tech- 
nical event limited to the blue chips. 

The Dow Jones industrials have been unable 
to put together two consecutive gains of more 
than 10 points since early January, and until 
Tuesday the measure had shown a net change of 
less than a point for the past month. 

In the money markets today, mean while, 
short-term interest rates were little changed to 
slightly lower. 

On the NYSE's active list, Unocal fell 11* to 

To Our Readers 

Because of the seven-hour time difference 
between New York and Paris until April 27, the 
New York and American Stock Exchange ta- 
bles in this edition contain information from 3 
P.M. New York time. Over-the-counter stock 
prices are from 2 P.M. New York time. Canadi- 
an stock prices, U.S. futures prices and some 


12 Month 
HfrhLnw Stock 

31% 25% 

58% 43 
4% 3% 

30 21% 

18% 9% 

5% 2% 

21% 15% 

39 2S 
23% 19% 

32% 29 
24% 13 
X 22% 

45% 24% 

40% 23% 

40% . 27% 

16 12 
19% 13% 

17% 15% 

21% 14% 

29% 23 
58% 35 
7% 4% 

51% 44% 

18% 13% 

45% 48% 

2Mb 12% 

mb z% 

15 4% 


<a, 3PJVL 

Mv. YM.PE HMiHkWLow QuotCtfga 


150 57 8 188 
178 37 17 1044 

1530 47 * 144 
11 
97 

172 47 21 122 

112 U | 25 

247 107 3 

355 127 ■ 

a 14 * 11 

176 57 15 X 
178 2 A 17 140 
1JH 29 ■ 536 
M 15 15 342 
M 37 S3 248 
70 45-1 349 
714 171 10 

12 24 

154 45 71 284 

150 77 7 1717 
-55 7.2 1 

574*107 J 

74 SJ 14 51 

2-60 AS II 1394 
72 79400 181 
111 

710 2 O 124 


28% 27% 
57% 57% 
4% 4% 
24% 25% 
17% 17% 
2% 2% 
22 21 % 
38% 38% 
22 % 22 % 
32% 32% 
19% 19% 
24% 24% 
44% 44% 
35% 34% 
33% 31% 
13% 13% 
18 T7% 

17% 17% 
18% 18% 

23! ms 

7% 7% 
51 51 

U% 14% 
41% 40% 
18 17% 

3% 3% 

6 % 8 % 


27% — % 
57%—% 
4% 

24 — % 
17% — % 
2% + V* 
22 + % 
tt%-% 
22 % — % 
32% 

19% 

24% + % 
44% — % 
34%—% 
33% — % 
17%—% 
17% + % 
17% 

18% 

25% — % 
S1%— % 
7% 

51 — % 
14% + % 
61 + % 

II 

3% + M 
8% + % 


in 150o 55 12 
378 77 19 
11 

740 47 54 
775 19 

IS 

1700115 
270 57 11 
15 U I 
715*105 
1.16 47 I 
170 78 

32 

72 35 I 
14 

58 76 7 
475 106 
75b 17481 
.12 7 

50 
.141 
750 

750 37 11 
150 
so 

70 21 

174 71 11 

58 

172 79 10 
50 19 10 
740 97 7 
747 1M 
710 53 9 
sir j u 
170 79 8 
172 43 10 
-52 17 12 
170 75 8 


1D0 

77 

3 

1 270 

33 

16 

If 475 

77 


3 M 

75 

15 

712 

4J 

8 

716 147 
9 JO 140 

6 

978 

14.1 


32 

31 

39 

3* 

U 

14 

JO 

7 

14 



14 

376 

4J 

7 

f 719*171 




9 

F 700 

3J 


F 787 1U 


31 

IOJ 

6 

l.W 

38 

18 



14 

1D0 

57 

8 

752 171 

6 

M 

44 


r 1J4 117 


176 

38 

12 

1 .10* 

> J 

18 

IDO 

33 

10 

1D0 

5.1 


JO 

30 

13 

JOa 

1 J 

11 

1J3 

34 


796 

47 

88 

170 

40 

18 

178b ID 

80 

44 

71 

7 

1 .1* 

3 

16 

1J0 

57 

9 

750 

4J 

9 

711 11J 

8 

345 



742 178 
>1575 144 
13-25 144 


716 

49 

9 

1J4 

SJ 

IS 

70 

1 J 

11 

76 

20 

15 

TOO 10 1 

3 

7 



109%— 1% 
6 % — % 
53% +1% 
30% + % 
5% — % 
37% 

MSi 

42% + % 
21 % — % 
28%+ % 
24 — % 
35% +1% 
9% + % 
25% — « 
13% 

18% + % 
45 

19% + % 
14% + % 
71% — % 
4% + % 
11%—% 

41 

43% — % 

®Hr— % 

221 

49% +1 
11% + % 
35% 

21% 

28% + M 
23% + % 
37 — % 

18 

42 

28%— % 
31% — % 
15% 

11% 

32% 

23 

91%—% 

40 

9% + % 
40% + % 
22% + % 
24% 

25% + % 
24%— % 

19% 

25% 

34% 

X — % 

24 

18% — % 
3% + % 
10% 

19% + » 
23% 

18 — % 
22 + % 
24% +.% 


2% 

54% + % 
45% +1% 
« +% 
53% 

28% + % 
40% — % 
55% — M 
34% 

34% — % 
36% + K 
18% + % 
138%— % 
75 — 1% 
SM 

44% — % 
ll%— I* 
10%— % 
SO — % 
37 + % 

46% +4% 

58% +2% 
17% — % 
45%— % 
15% — % 
44% — % 
66 


47%, Johnson & Johnson rose ft to 44ft and 
PepsiCo fell ft to 53ft. 

Mobil was up. ft at 29ft despite reporting 
lower first-quarter ear n i n gs. 

At the American Stock Exchange, the market 
value index rose 0.13 to 229.44. 

“We just don't see a sustainable rally, " said 
Robert W. Colby, of Smith Barney, Harris 
Upbam. 

Despite the Dow breaking out of a seven- 
week trading band, there has been “virtually no 
follow-through of enthusiasm," he said. 

Depleted cash reserves and a high percentage 
of bullishness added to the market's lackluster 
performance, he said. 

“Prices haven’t gone up because most of the 
buying power is already in there. Even with 
declining interest rates, stocks have had vmy 
little response," Mr. Colby said. 

Another factor preventing the market from 
budding a rally is diminishing confidence in 
President Ronald Reagan’s political clout, said 
Alan Ackerman, of Herzfela & Stern. 

Worries that deficit-cutting proposals will 
have difficulties passing Congressional hurdles 
has added to the already nervous tone of the 
market, be said. 

The long-term economic outlook remains 
positive, he said, but characterized the market 
as one of selective baigain-hunting. 

“Group leadership is very difficult to find.” 

General Motors was off ft to 70ft. Tuesday it 
posted a 34 percent decline in first-quarter 
earnings. Chrysler was off ft to 36ft. 

Data General which posted a 36-percent 
decline in earnings, was off ft to 38ft. 


other items are from the previous day’s t radin g. 

We regret the inconvenience, which is neces- 
sary to meet distribution requirements. All edi- 
tions will again carry dosing prices and indexes 
after April 27, when Daylight Savings Time 
begins in the United States. 


lZMontti 
HlflhLOW Stodt 


12 Month Sb. 

Han Lour Sim* Mv.YM.PE TO 

30% 20% EcfcJln 78 75 12 57 

32% 20% ECfcartf 704 79 11 1708 

39% 31% EdtaBr 150 45 11 56 

18% 13 EDO 78 19 11 125 

3416 19 Edward JO 24 21 119 

28% 23% EPGpr 22 

15% 9% Errors 14 33 

7% 2% ElecAs 44 

916 4% EMM 84 104 

H% 7% EMMpf 1JOO 95 19 

28% 15 Eltteps J8 J 27 401 

18 UK Elgin JO 53 18 37 

16% 5% Elsdnl 108 

78% 58% EmrsEl 250 74 14 449 

14% 5% Em Rod J4t 47 17 344 
20% 11% EmryA JO 33 9 1244 


5b. 3 PM 

XttHlflhLo* QuptOi’g* 

25% 25% 

26% 24% + % 
34% 34% 

14% 14%— K 
30% 3P%— % 
28% 28% 

14% 14%— K 


8% B%— % 

U% 10%—% 
24% 24% + % 
14% 15 + % 
6% 49b— V* 

7T% 71% — K 
14 14% — - % 
15% 15% — 1 


12 Month 
Wot) Low SfDdi 


Dfv. Yld. PE WbHMiLow 




24% Emhart 

uobSJ 

9 

78 

[| 

27% 

21 + % 

20% 

15 EmoDs 

176 

87 

7 

16 


20% 

30% — 


5 

4 Emppf 

JO IOJ 


110* 

m B 

4% 



Vx 

EnExc 




140 




32% 

22% EngICP 

.72 

74 

16 

404 

p*+ 

27% 

27% + % 

38K 

IBM. EabBu 

J4 

1J 

13 

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THURSDAY, APRIL 25, 1985 


WAIL STREET WATCH 

Caution Urged in Choosing 
High-Technology Stocks 

By EDWARD ROHRBACH 

Intemaiiantd Herald Tribune 

P ARIS — There are always a lot of bad investment ideas 
floating around. Yes, the possibilities for losing money in 
this world are endless. On Wall Street, for example, high- 
technology stocks have been a bad idea as an investment 
for almost two years now and the pounding they have taken 
recently has been especially merciless. 

“But we all know that the time to buy stocks is when the news is 
bad and the prices are beaten down,” said Jon D. Gruber, partner 
and head of the technology group at Montgomery Securities in 
San Francisco. “I guess the question is: ‘How gutsy are you?” " 
Even with the bear market in high-tech issues since the summer 
of 1983, the group has almost doubled in price during the overall 
bull market in stocks that be- - ■ 


HcralOgSribunc. 

BUSINESS/FINANCE 


U.S. Stocks 
Report, Page 14. 

Page 15 




s?S^v^ 


gan August 1982. They have rv , . 

managed to outperform the I OU want to Sit Oil 

Standard & PoorVSOO in that __ j 

period by some 30 percent. me sroennes “ere and 

Look at the io hottest deliberate rather than 
stocks: Intergraph and KLA 
Instruments, both up more plunge in.’ 

than 600 percent. Advanced r ° 

Micro Devices, Cipher Data 

Products. Digital Switch. Data General, Cullinet Software and 
General Da tacommimica lions all up more than 300 percent: 
UTL and Timeplex, both up well over 200 percent. 

Mr. Gruber pointed out, however, that investors cannot just 
buy these stocks when prices drop from elevated levels on bad 
news “because bad news can get worse.” 

H E died Computervision. which for a long time was spoken 
of in the same reverent breath with Intergraph as the 
leading Cflmmnv in the dynamic cnmmiier-airieri derien 


J-JL leading company in the dynamic computer-aided design 
and manufacturing Held. It has plummeted on successive doses of 
bad news since last August all the way from $46 a share to about 


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one-third of that now. 

He said that the only recent “pleasant earnings surprises*' 
among the companies he follows have bom Northern Telecom 
and Timeplex. He ranked the latter along with Coherent and 
Measures as “going good and buys.” 

Mr. Gruber also recommends Watkins- Johnson and E- Sys- 
tems in the military electronics sector and likes Intermagnetics 
General a medical' technology stock. 

“Texas Instruments at S90 and Digital Equipment at Si 00 are 
more buys than sells,” he added. 

Aharon Orlansky, senior technology analyst at San Francisco's 
Sutra & Co., urges caution. ‘'You want to sit on the sidelines here 
and deliberate rather than plunge in.” he said. 

Yet he sees substantially more value now among high-tech 
issues than in January- February when the stocks were peaking 
after the sharp market rally early in 1 985. “Then you were buying 
dreams,*' he said. 

IBM, Hewlett-Packard. Tandem Computers and Digital 
Equipment ore his first choices because they will begin “strong 
product cycles next year.” But he called Applied Materials. 
Emulex, Optrotech, Britton Lee, Cipher Data and Xidex small 
companies “worth looking at.” 

J. Patterson McBaine, managing director-international for 
Hambrecht & Qu ist in San Francisco, is not looking for a 
significant pickup in technology stocks until late summer. He 
thinks they will “chum in a narrow range until we get a dear 
signal from the economy.” 

But. he said, “Long-term, the case for technology stocks is still 
very valid.” 

Therefore, Mr. McBaine said that investors could begin accu- 
mulating “quality stories that are still in tact.” 

Stocks that he put into this category are Cullinet, Stratus 
Computer, KLA and UTL. His buy candidates “on weakness” 
are Cipher Data, LTX, Micom and Xidex. 

Gideon I. Gartner, president of Gartner Group in Stamford, 
Connecticut, said that “selective buying of technology stocks 

(Continued on Page 17, Cot 7) 


Sweden 
Predicts 
GNP Rise 

Prices Outlook 
Tied to Dollar 

Reuters 

STOCKHOLM — The Swedish 
government forecast Wednesday 
an improved trade balance and an 
increased gross national product, 
but said it could only hope to slash 
inflation this year if the U.S. dollar 
dropped in value. 

The forecast came in a supple- 
ment to the 1985-86 budget in 
which Finance Minister KjeU-Olof 
Feldt announced a further reduc- 
tion in the deficit, but said that 
because of the dollar, Sweden's 
1985 balance -of -payments deficit 
would be greater than predicted. 

Bankers called the forecast one 
of Prime Minister Olof Palme's last 
chances before the Sept. 15 general 
election to catch the opposition in 
opinion polls by showing his Social 
Democratic Party's ability to ran 
the economy. 

“Sweden’s economic crisis is still 
not over,” he said. “The good re- 
sults achieved through our eco- 
nomic policy must now be 
strengthened." 

Mr. Feldt said the government's 
target of cutting inflation to 
around 3 percent from 8.2 percent 
in 1984 sull could be achieved, but 
only if the dollar fell and reduced 
impart costs. 

The finance minister said that 
the 1985 trade surplus would in- 
crease to 22.7 billion kronor ($2J5 
billion) compared with 17.8 billion 
kronor that his original budget 
forecast last January. 

But Mr. Feldt said the high dol- 
lar was pushing up the cost of inter- 
est payments on the foreign debt 
and that the balance-of-payments 
deficit would therefore be worse 
than expected. 

The 1985 current-account deficit 


E. German Hard-Currency Hoard 
Raises Eyebrows , Questions in West 


By Henry Tanner 

International Herald Tribune 

BERLIN — East Germany is 
silting on a mountain of hard 
currency and there are no clear 
indications of what it intends to 
do with it, according to econo- 
mists and officials on both sides 
of the Berlin dividing line. 

According to Western diplo- 
mats, the country has estimated 
hard-currency reserves of $4.5 
billioti and an overall debt in 
interest and maturities of about 
$3.5 billion. 

Early in March, an American- 
led consortium of 38 Western 
banks announced agreement on 
a S 5 00- mil lion credit to East 
Germany. This was followed by 
a report from London that 
Lloyd's International had given 
the East Germans a new 20-mil- 
lion Deutsche mark (about S6 
million) general-purpose loan. 

In all the credits extended to 
East Germany since last June to- 
tal more than $1 billion in marks, 
Swiss francs and U.S. dollars, 
according to the German Insti- 
tute for Economic Research in 
West Berlin. 

Yet the East Germans have 
not stepped up their buying in 
the Wesi according to Western 
sources. Several explanations 
were offered. 

One theory held that the re- 
gime of Erich Honecker is still 
traumatized by its experience in 
1981 when its foreign debt had 
readied $11 billion and it was 
unable to raise credits from 
Western banks. That was a time 





Erich Honecker 

of rapidly rising raw-material 
prices and the Soviet Union had 
cut its oil deliveries to East Ger- 
many from 19 million to 17 mil- 
lion tons a year. 

“They decided that something 
like this wfl] never happen to 
them again and they are hoard- 
ing currency with the passion of 
a miser,” an economist in West 
Berlin said. 

He pointed out that bard-cur- 
rency reserves mean greater eco- 
nomic independence and that 
this in turn means greater politi- 
cal independence from Moscow. . 
East Germany gets about 80 per- 
cent of its raw materials from the 
Soviet Union and pays for them 
with manufactured goods. 

The East Germans are in the 
process of drawing up a new five- 
year plan, due to start next year. 


Some important decisions con- 
cerning the plan have been de- 
layed, w part because the Soviet 
Union's own future economic 
and political plans were uncer- 
tain during Konstantin U. Cher- 
nenko's last months in office, 
diplomats say. 

Mr. Honecker, it is believed, is 
waiting to see what happens at 
the aims talks in Geneva and 
with American-Soviet relations 
in general now that a new leader, 
Mikhail S. Gorbachev, is in 
place. If the East-West climate 
improves, he will have more lee- 
way from the Russians to deal 
with the West and — more im- 
portantly — he may well be hop- 
ing that Washington will accept 
some relaxation of the present 
stringent restrictions on technol- 
ogy transfer. 

Technology is what the East 
Germans will want to buy when 
they start spending their hard 
currency. 

Some West German business- 
men expea East Germany to 
seek spectacular multi-biliion- 
dollar purchases in Western 
technology during their next 
five-year plan, with Western Eu- 
ropean industries the preferred 
suppliers. But others predict the 
Honecker government will con- 
tinue the cautious approach that 
has become its trademark, keep- 
ing its foreign buying to a mini- 
mum and its reserves to a maxi- 
mum. 

Observers agree that East Ger- 
many desperately needs to mod- 
ernize its industry with a heavy 

(Continued on Page 17, Cd. 3) 


Dollar Continues 
Higher in Hectic 
Europe Trading 


Compiled M Our Staff From Dispatches 

LONDON — The dollar rose 
sharply on European markets 
Wednesday in frantic end-of-the- 
day trading, extending a rally fu- 
eled by expectations of higher U.S. 
interest rates and renewed econom- 
ic growth. 

Gold fell in thin trading, pres- 
sured by the dollar’s rise: 

Wednesday's gains came on top 
of Tuesday's broad advance, in 
which the dollar soared nearly 2 
percent against the currencies of its 
major trading partners in its big- 
gest daily surge in more than 3!£ 
years. 

Trading was described as active 
and volatile in Europe. The dollar’s 
surge continued in early New York 
trading and stock prices, which also 
rose Broadly Tuesday, turned 
mixed in the first hour of trading 
Wednesday in New York. 

Dealers attributed the currency’s 
jump in part to the Commerce De- 
partment’s report Tuesday that 
consumer prices in the United 
Stales rose 0.5 percent in March, 
the highest monthly rise since Janu- 
ary 1984. 

This fueled speculation that the 
U.S. Federal Reserve would keep a 
tight grip on credit polity, which 
would lend to keep upward pres- 
sure on interest rates. Paul A 
Volcker, chairman of the Federal 
Reserve Board, also said Tuesday 
that U.S. budget deficits precluded 
3ny earlv reduction of interest 


Volcker Urges 
EndofBanon 
Interstate Banks 

The Associated Press 

WASHINGTON — The 
Federal Reserve Board chair- 
man. Paul A. Volcker, on 
Wednesday urged Congress to 
approve limited interstate 
banking, saying that techno- 
logical advances and regional 
compacts had already blurred 
the state lines that once sharply 
divided the industry. 

“The Federal Reserve Board 
believes the time has come for 
Congress. . .to authorize some 
interstate banking,” Mr. 
Volcker told the House Bank- 
ing Committee subcommittee 
on financial institutions. 

The federal law restricting in- 
terstate banking has remained 
essentially unchanged since 
1933, the chairman said, but fi- 
nancial institutions have ex- 
ploited loopholes to offer limit- ] 
ed services outside their home 
state. 1 

Mr. Volcker said Congress 
should at least allow interstate 
banking in metropolitan areas 
that cross slate lines. 


Tf T r Ti 1 • /T* c% f - Dealers in London said the Eu 

Hong Kong Banking Change sought 

, _ . , _ , . , . , . . . „ covering rally built up momentun 

by Dinah Lee ply enforcing legislation to exeras- secret, unpublished report on Hong through the day overcoming ex 

International Herald mbune ing new discretionary powers. Kong, offered a set of guidelines «*ted technical resistance. 

HONGKONG — Hong Kong’s . Such an action would enable for change. x, *. 

banking commissioner, Robert 
Fell continued on Wednesday a 
campaign to build up his office’s 


any early reduction of interest ^ month, the third decline in four 
rates. months. 

Dealers in London said the Eu- A Zurich trader said he was 
ropean market was caught short of “completely baffled'' about the 
dollars Wednesday and the short- dollars performance Wednesday, 
covering rally built up momentum - u * illogical and we don't know 
through the day. overcoming ex- why “ th e trader said. “The eco- 
pected technical resistance. nomic data released on Tuesday 

As die dollar shot higher, ana- was bad and the dollar should have 
Lysis said, buying picked up from gone down instead of up.” 
traders who had earlier bet on fur- Some dealers said that the Biit- 
iher declines and were forced to ish pound was the heaviest loser 
scramble either to lock in profits or Wednesday due to the dollar's 
limit losses. strength and softer oil prices. The 

The gains “are indicative of a pound fell to $1.2230 in London 
turn or the dollar's fortunes,” said from $1.2523 at Tuesday’s close. 
Gary Dorset, a currency analyst at Other late dollar rates in Europe, 

Oppenhomer Rouse Futures Inc. compared with Tuesday's late 


billion kropor and a 1984 surplus emment supervision of banks. of depositors or creditors, 

of one billion kronor. The current r - -- - 


kJUUIA mi lU-uuu nuuiu uutuiw IUI m a il fiV. * . m 9 _ 1 1 _ _ » . t - . - 

banking authorities to require a de- Mr. Fell has been working close- i vs ^ fS 

asssaafit fesaa 


are aware that many financiers H^nit losses 

credit Hong Kot£s comparatively ^ ^ indicative of a 


oi one duuod wonor. t ne current m a speeduo Hong Kong bank- Mr. Fell addressing the Hong unregulated banking environment 

measure of growth ovtr the last Gar> - iL^a^rrLcy analyst al 


Showing greater optimism on commissioner under existing bank- 
economic growth, Mr. Feldt fore- ing laws be extended to cover, in 


that the central powers given to the Association, said that “the basis of two decades. 


our dunking is to treat the industry 
in the rouno, as an entity, in the 


“We are playing this down be- in Chicago, 
cause tactically we don’t want to After reaching record heights on marks, up from 3.0345: 15995 

8^ unnecessary heat and emotion Feb. 25, the dollar had plunged Swiss francs, up from 2.5175; 

E ^ ^ debate,” Mr. Farrant said 12.4 percent through last Thursday. 9.5600 French francs, up from 

carUcr ^ ***• “' We m Bul m *** ^ tradin £ sessions 9.2675; 2,004 Italian tire, up from 

fcppy 10 suggestions since Thursday, it has rebounded 1,941. 

according to responses from the 3.6 percent In London, gold dropped $4.65 


rates, included: 3.1275 Deutsche 
marks, up from 3.0345; 2J995 


slightly from January's estimate of panics and the 307 registered de- 
2.1 percent. GNP measures the to- posit-taking companies, 
tal value of a nation’s goods and The speech was the latest in a 
services, including income from series of moves to bring his office’s 


existing regula- 


foreign investments. 


regulatory powers in line with 


1 Sf* yMr Hong Kong’s ** do ?’ t y'®?* t0 Some dealers said the currency’s 

niS'sSS ““ ax ' fRmUmoa wth Wk "fori growing be&T 

ridge, came out in favor of over- ’ i . . , that the weakest key U.S. economic 


Some dealers said the currency’s 1111 ounce, to $322.60. 


The budget deficit was revised Hong Kong’s rapid financial 
downwards w 60.8 billion kronor growth recently. The campaign has 


that the weakest key U.S. economic 


In London, gold dropped $4.65 
an ounce, to $322.60. It was quoted 
at $322.00 in Zurich, a decline of 


from 63.5 billion kronor forecast in mostly involved dTorts to enlarge hauling banking laws. And last Ho “& ^ on 8 s traditional ap- indicators have been seen 
in January. hie ifennnniMt'e Hniipc Frnm cim. vear the Rank nf Fn eland, in a proach to oajikmg supervision has But some traders appea 


(AP, Reuters, UPS). 


his department's duties from sim- 


Currency Rates | Boards Pursue Kabi Fermenla Merger 


toto interbank rates on April 24, excluding fees. 

Offidd fixings for Amsterdam, Brussels, Frankfurt, Milan, Paris, New York rates at 
2 PM 


By Juris Kaza 

International Herald Tribune 


ent company, said in a joint state- 
ment that they had authorized their 


year the Bank of England, in a proach to banking supervision has _ But some traders appeared to be 

been for the government to ensure ignoring evidence that the U.S. 

protection of small depositors but economy is slowing down. The gov- 
to allow the large institutions to put eminent reported Tuesday that du- 
j. )|/f srwrtoV profits first. raNe goods orders fell 23 percent 

PIllLt merger However, Mr. FeU outlined on 

rj Wednesday the recent history or ■■■■■■■■■■■ ■■■■> 

acquire a considerable minority Hong Kong’s financial growth, I IT Oi>u . 




Irv 

u. Dl- 

,7. 


s 

( 

DAL 

RF. ILL. 

OUr. 

B.F. 

S.F. YOB 


- ’ 


Amsterdam 

3LS41 

*3U 

113J07" 

37J65-- 0.1773* 

— 

S411 * 

13544 *14144 y 

• \ ■ 

• T 

J-1- 

BrusselKO) 

63.11 

7JM 

20.1305 

64023 1146 ■ 

T7JU75 

— — 

24.178 25JM* 

• •2 ■ : '■ : ' 

: i 7 

j 2 " 

Frankfurt 

3.1275 

3JM 


3270* 1J64« 

8841 * 

4.947- 

120.00 * 1745* 

i*. .■ r 

^ ' 

*1 • j! " 
- . 

London (b) 

1213 

— — 

ISMS 

114603 2430 JO 

4727 

76005 

3L1B73 308,125 

. . 


s 

v Milan 

ZOMJM 

2AS9JD 

638J0 

209.91 

5(KJIW 

31J43 

768.05 778* 

v. 


a 

- • NcwYarktcl 

__ 

17295 

3.103 

047 L0B4JO 


4109 

15875 25070 

: ” ■ 

i V : • 

.• 

Parts 

*J4 

11.713 

10302 

4760 k 

24«i 

15.137* 

54575 3.708* 




Tokyo 

250JJ75 

31Z04 

804* 

2644 1247* 

7178 

40054* 

04J4S 


, 

^ e* ml 

Zurich 

ZS9K 

3.TM 

0144 * 

27.34 • 0.1306- 

7373S' 

4.1405- 

17371 ■ 

• 

-f 

• - s« vl 

1 ECU 

0.7138 

05846 

U356 

64102 1420.00 

25270 

45J11B 

1J63 170760 

H-l" 

■ S1 

•, *T 

r 1 **" 

1SOR 

0.987A01 

OJOO07 

108072 

044147 1770 45 

34071 

627275 

25712 247.00 


•" '"j 

“’.j h’ 

=4 y 




Dollar Values 





. ■■ 

r A a* 

. . 

_ * Currency 

Eauiv. 

Per 

UAS 

s 

Erato. 

C8 " w ' Z m. omncr Z 


STOCKHOLM — Directors managing directors to complete 
said Wednesday they had agreed to merger negotiations. 


pursue a merger of Ferments AB, a 
major supplier of ingredients to the 
international antibiotics industry, 
and KabiVitrum AB, a state-owned 
pharmaceutical company. 


managing directors to complete special-share issue, 
merger negotiations. London analysts were cautious 

Fennenta’s board also aulho- 3 bout the proposed merger, saying 
rized Refaai H-Sayed, the Egyp- that the phannaceuticai companies 


tian-bom scientist who is Ferraen- had very little in common. 


bolding in Fermenta through the saying that here as elsewhere “fi- 
special-share issue. nancial innovation is running 

London analysts were cautious ahead of the regulators.” 
about the proposed merger, saying Mr. FeU has distributed a seven- 
ths the pharmaceutical companies .page set of proposals to Hong 


Gold Options iptahstet 


ta's president, to draw up 


My instinct is to be distinctly 


Kong bankers, sub 
more reliance be pi 


g that , 
on the 


proposal for a special-share issue to skeptical" said Brian Knox, an au- commissioner's judgment than on 


Uh 

3B 

1150000 

** 

Nm 

XD 

65» BOO 

ux-ms 

' 1 I 

WO 

250-540 

13254475 

2U022X 

350 

175-325 

10004 LSD 

16751875 

360 

(05 200 

700- 150 

139151)0 

an 

025 ITS 

500 650 

in«ii7nn 


GdAxam-Tos) 



W4s — ]f fi nalize d the merger would pay for the takeover. That proposal thonty oa Scandinavian securities simple regulations and that he 

IJJ71* r JP j I. . , 1 ] 1 , , l-A r.nMUfAH Onnt in I nrulnn .V. 1J l.. 


form one of Sweden’s largest pbar- would be presented at Ferre en ta’s 3t Grieveson, Grant in London. 


maceutical groups wuu sales oi annus 
more than 3 billion kronor ($340 June, 
million) and a product range that Prt 


with sales of annual shareholders's meeting in 


He said that managing Fer- 
ments, a maker of antibiotic ingrc- , 


should be made more accountable 
for his decisions. 


Valeare WMte Weld SLA. 

L. Qoal dn Moat-Banc 
1211 CwwitS rt wtMd 
TeL 310251 - Telex 21305 


The "SUR-MESURE" 
in Ready-to-Wear 
Men's famous artisanal 
handmade clothes 

TORREGIANI 
Designer for men 
38, Rue Franp»4« > 75008 PARIS 
Tel! 723.76.17. 


Aintfdbuis 

AujJrton kMIHod 
Be ) 9 ta(i Bn. franc 
Canadian I 
DenMIi krone 
Finnish markka 
Greek drachma 

Horn Kant 


Masts ittni 
OflOU UnrnU shake) 
3JM Kvwortl diner 
Motor, rinoofl 
HIT Nan*, krone 
WSC PMUwa 
OHM Port.ucMfo 
0l777 Saodlriral 


&J51S UwwgftS Z2US 
05175 AAlrtcmiraM UOH 
0X012 S. Korean won UU5 
aoass Scan. Peseta 17100 
A110< SwMLkrtaa WB5 
0X231 Taiwan » 3U3 

<UD45 Thai baht 27 JH 

02723 uaje. dirham 1573 


million) and a product range that Procordia's approval of the dients, was quite different from 
includes a synthetic human-growth merger represents a major dena- running Kabi, a “product-based 

hormone and antibiotic ingredi- tionalization of a company that company and one of the world's 

ents. had been part of Statsforetag, the largest producers of a human- 

The boards of Fermenta and Swedish state company. However, growth jjorraone. f _ ^ 

Procordia, Kabi’s state-owned par- it is assumed that the slate would "" 


% 5. 


CStMOIfl: 1J220 IMMlI 

tal Commercial Irene (D1 Amounts needed loavr ant eouM Ic) Amovtih needed to buy doe wHor(-) 
Until, of 100 1* I Units a) IXK70 (vl Unlta of 10000 
N a.: not quoted; ha.: no) avaUobto. 

Sources: Banaue du Benelux (Brussels): Banco Commerctok itolloita t Milan; : Chemical 
Bonk I Hew York h Banov* NoUonak do Paris I Paris I: IMF tSOBJi Banaue Arab* ft 
Internationale dlnvesIHfement (dinar, rival dirham). Other data from Reuters and AP. 


On Tuesday, Kabi suspended 
sales of the substance after another 
producer in the Uaited States re- 

T . t* a ti ported three deaths from a rare 

Japan May Uniect to ran Am Jract nerve disease apparently iransmit- 
* J * ted by the medication. 

By Agis Salpukas The suspension of Kabi’s growth 

New York Tima Service hormone apparently did not affect 

NEW YORK — The agreement for United Airlines to take over the Fermenta’s intentions to take over 
Pacific routes of Pan American World Airways may run into opposition the company, but Mr. El-Sayed 
from Japan, the only foreign country that must approve of the agreement was quoted as saying it could af- 
in order for it to go through. feet the price. 

If other countries objected. United could still carry out the agreement. 

Jeffrey Kriendler, vice president of corporate communications for Pan ^ 

Am, said Tuesday that under the agreement. United would pay Pan Am m “ 

S715.5 million if the pact was approved by the Department of Transpor- Ul 
ration, President Ronald Reagan and Japanese authorities. 

Mr. Kriendler said that if there were objections from the other nine new issue 
countries involved. Pan Am could continue to fly those routes at United’s 
request if legally feasible. 

But Yasumoto Takagi, the president of Japan Air Lines, said Tuesday 
in Japan that if United took over Pan Am's routes, United “could 

compete with JAL. and other regional carriers under overwhelmingly t /'VVr'n IT/ 

advantageous conditions, taking advantage of its hugp domestic network MJKJL x IVI1\ 

of 159 cities in the 50 states, its international connecting services and its 
reservations tysiem.” He added that "this will be no easy matter.” 


Interest Rates 


j 1 Eurocurrency Deposits 


April 24 



DcHtr 

D-Mark 

Franc 

SMfiina 

Franc 

ECU 

SDR 

1M. 

Bn 

S c. 

5*. 

- 5W 

SVs 

- 5k. 

12ft > 

13 

70 tk - 10 IV 

»h 

- 9 M, 

Oh 

7M. 

a*. 

fl*. 

5k. 

- 5Vi 

SVfe 

- 511 

13U - 

• 127» 

10W - 10H 

0Vi 

- *H 

lib 

3M. 

B Ya 

asm 

5 V. 

- ilk 

S'*. 

- 51* 

i: v,. a 

10*b- 10 0k 

0» 

■ 90* 

Ota 

AM. 

a 1 ?* 

9 

5%. 

- 6*. 

5 v. 

- 5*. 

12*- 12* 

WW, - IMk 

fh 

-90k 

8 lb 

1Y. 

0VH 

9H 

AM, 

- 6 0. 

Sx. 

- SK 

11 11 

100k- 111ft 

001. 

- 01* 

81k 


Rotes aoo ikxsbte to Interbank deposits of St million minimum tor eoutvaient). 

Sources: Maroon Guaranty (dollar. DM. SF. Pound, FF): Umm Book l ECU) : Reuters 
fSDRl. 


Asian Dollar Rates 


April 24 


WORLD-WiD 

Jet Aviation - the international leading organization for business aviation with 
a charter fleet of 45 aircraft and world- wide nine maintenance bases offers you 
complete aircraft management purchase, sales, financing, insurance, 
operation, craws, refurbishment, completion, maintenance and handling 
service of professional perfection. 

Our Air-Taxi service is available to you around-the-clock: j 

1 Beech King Air 200 - 1 Mitsubishi 2-5 Citation it - 2 Learjet 35 - ■ 

1 Learjet 36-5 Falcon 10-0 Falcon 20-7 Falcon 50-7 Gulfstream ll/ffl - 
1 DC-9 - 1 Boeing 737 - 5 Boeing 727 - 2 Boeing 707 - 1 nr-_ana ^ 


Basel, Dussaldorf. Geneva. Kassel, Munich. Zurich Europe: 

Jeddah, Riyadh Middle Eesr: 

Boston, Washington. D. C. North America: 


Zurich (1)814 2002 Tlx. 59820 

Riyadh (1)22018 88 71*. 205 551 

Boston (617)2740030 TI*. 951 195 


AH these Bonds have been sold. This rawunceisenr appears as a matter of record only. 


NEW ISSUE 


April 1985 


Sourer: Reuters. 


Key Money Rates 

United States a 


Discount Rate 
Federal Funds 
Prime Rote 
Broker Loan Rote 
Comm. Paaer. 30-177 dovs 
Smooth Treosurv Bills 
4-monlh Traosurv Bills 
CO-s 30-Sf dors 
CD'S 6IW9 dOVS 


Lombard Rate 
Ovemlaht Rate 
One Month Interbank 
3- month Interbank 
. *- month interbank 


Intervention Rota 
Coll money 
One- men Mi interbank 
3-month Interbank 
e-monm interbank 


0 8 

71a 

10’* HMi 

8%,-y BW-? 

ant an* 

7JS 775 

7.07 7.08 

7 JO 770 

7J5 7 JO 


4-00 400 

575 5JO 
SJSS 5-BO 
6M 5.95 
5.10 US 


10M 1014 

IOVj 1014 

10 7 m IB 7/14 
IB 7/14 10 7/14 
ioui lots. 


Britain 


Close 

Prey. 

Bonk Bcna Rata 


13V* 

12V* 

Call Money 


121* 

13 

91-day Treawry BUI 

HWi 

111* 

3-rnanlt> Interbank 


11 15/16 

120* 

Japan 




Dlscwinl Rata 


5 

5 

Call Money 


5 15/1* 5 13/14 

60-dav interbank 


6 5/16 

6 5/16 

^ Gold Prices 



ML 

PJL 

CD'S* 

Kan Kano 

mss 

mis 

— 240 

Luxeneeura 

moo 

— 

— 280 

Porto (115 kilo) 

323 74 

31940 

— *06 

Zurich 

32240 

HI 75 

— 450 

London 

32240 

32200 

— 445 


Sources: Rooters. Commeexhank, Credit lv- 
pnnots. uovas Bonk. Bonk at Tokyo. 


New York — — 

OfflcVai flxvnes ter Lawton. Ports and uiu to- 
hour a. oaenina and etoslno prices tar Hona Kona 
and Zurich. New York Come* ament contract. 
AH prices In Ui* per ounce. 

Source.' Reuters. 


AtathAwi tm 

■ aii, 'Swt S/ILnt A mdnnj* Jhe 

nmet m£Arr Aeu&mf Atedetym 
Represenaiiive Office 

5 Hue GaiUon 75002 Paris 

ITH 266-01-20) - (Telex 210663 FANSC) 

Fahnestock & Cie. which has served the European financial 
community for many years takes pleasure in advising our 
dienrs rhar we will continue our services under the direction 
of Robert A. Fox as manager and Eduardo Yrarrazavai who 
have been with the firm since 1957 and 1967 respectively. 

ENGLAND: London - FRANCE Pjri* . VENEZUELA: Canci* 
WEST GERMANY. Munich - ARGENTINA- Buhk« Aim 

22 addlrional offices ch roughest r the Unired Sates 
£$•** KV t^^enatoe-ia JbaeAlons, 


LONRHO FINANCE PUBLIC LIMITED COMPANY 

London, United Kingdom 

Swiss Francs 100,000,000 
6M% Bonds 1985-1995 

Guaranteed by 

LONRHO PUBLIC LIMITED COMPANY 


Kredietbank (Suisse) S.A. 

Clariden Bank 

Amro Bank und Finanz . 


Armand von Ernst Et Cie AG 
Banco di Soma per la Svizzera 
Basque G6n6ratedn Luzembourgf Suisse) SA. 
Basque lndosnez, Soocnrsales de Suisse 
Cause dlipargne du Valais 


Nordfinunz-Bank Zurich 


Lloyds Bank International Ltd. 
Bank CIAL (Schweiz) 

- Cridh Industrie! d 1 Alsace a de Lorraine AG - 

Fuji Bank (Schweiz) AG 
Gewerfcebank Baden 
Handpicftnitn* Midland Bank 
Hypochekar- and Handelsbank Win terth ur 
Maerici, Baumann & Co. AG 
Sparkasse Schwyz 


Banque Gutzwiller, Knrz, Bungener SA. 

Bank Heusser & Ge AG 
BHF-Bank (Schweiz) AG 
Chemical Bank (Suisse) 
first Chicago S.A 
Nomura (Switzerland) Ltd. 
The Royal Baric, of Canada (Suisse) 







INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 


U.S. Futures 


Sanson Season 
■ High Low 


Open High Low Close CDs. 

Groins 


» WHEAT (CBTJ 

SAOObu mini mum-doUara per butftol _ 

405 372 V, MOV 3X3V* 354 347 347to — ®«, 

- ISO 12414 Jul 233 133% 33 I 13J , — X2% 

176/3 124 Set> 372V, 3J3to 3J1V* 371* 

1A3VS 133VJ Dec 144 34414, £41% 14144 -JHJ* 

174% 140% Mar 148*4 349 347* 347* -X2«< 

..402 344 MOV 344% — JB 

Ext. Solos Prew. Solos 1030 

Prev.DovOoen Inf. 37491 up 231 
'."CORN CCBT1 

SAOObu minimum- doi tarn par bushel _ _ 

■ •-130 £69% MOV 2X4 134 182% 233 —72 

. -3J1 2J3 Jut 231* 231*4 2X0% 231 -31 

121% 234% Seo 270% 271V, £78% 270*4 —30% 

- 295 230*4 Dec 234 236*4 2 35 235% —31 

1W 239S4 Mar 27314 274 172% 272*4 —31 

i' 371 to 274% MOV 2.78* 27BV, 177*1 278 -»M% 

234 277% Jill 230 230*4 279% 279*4 —30* 

-Est. Sales Prev. Gales 21312 


"Hteh* 1 S Low l Open Mlah Low Close dig. 

1— -1 -n 2110 I960 Jul vn -52 

April 40 Est.Seigs Pnv.Sdn 1475 

Prnv.DayQnenlnt. 2SJB4 off 144 
ORA NOB JUICE (NYCE) 

W^Or&r 15670 U930 156® Ig® 
lose as. ,SS 15440 Jul IB* 1£70 IS® S7« +1X 

1 18200 15/40 Sep T 55.10 155® 155.10 15540 +30 

181® 15X85 NOV 15130 15140 15370 1SJ® +35 

13030 ISM Jan 15330 15120 15110 15120 +35 

{77x0 153® Mar 1S40 15150 15110 1537Q +J0 


Prev. Dor Open ir>r.l2*X3S off 748 


. SOYBEANS (CBT) 

■ 4008 bu mini mum- dollars per bushel 

7.97 £70*4 May 5.95 S.97V. 532* 5.95 —32* 

739 5X0% Jul 631% *34* 539% *02 —31%. 

■ 734 532 Aug 433 405* *01* 434 -31 

6.71 531 Sep 632% 633% 430% 632% —31 

.-438 533% NOV 637% 6.10 636 639* 

6.77 534% Jan *20 *20% *17 *20 

■- 732 *06% Mar *29% *21 *28 *31 m 

- . 779 *15 Me r/ *26% *37% *3* *37% —31 

-*49 *JB Jul *44 —30% 

- Est. Sates Prev. Sales 2024* 

' Prev. Day Open int. 61364 off 966 
'SOYBEAN MEAL (COT) 

' 1 aM^ d °l , M3l) P * r Ato' 12530 12430 12430 125.10 —130 

■ 19*50 13230 Jul 13130 13130 13030 131.10 —130 

■18030 13550 Aug 13450 13470 13330 13400 — 130 

1 7V JO f3fl.ro Sep 13730 137J0 134X0 13430 -7X0 

1*050 14030 Oc! 14030 14050 13930 13970 —130 

18430 14530 Dec 14530 14570 14450 14470 —130 

16100 14*50 Jan 14*00 14*30 14730 U7.W —140 

2M3D 15330 Mar 15430 15430 15230 15130 —250 

16250 15930 Mar 15*70 — 30 

16730 1*730 Jul 15930 —129 

Esi. Sales Prev. Sales 10.136 


1 19*30 13230 

■18030 13550 

179X0 f3fl.ro 
18050 14030 

18430 14530 

16500 14*50 

SM30 15330 
16250 15930 

16730 16730 

Esf. Sales 


Prev. Dav Open Int. 4*966 off 179 
SOYBEAN OILCCBTI 
60300 lbs- dollars per 100 H». 

. . 3338 3280 Mav 3150 3210 3130 3233 +20 

3225 2270 Jul 3020 3030 3QJ0 3072 +79 

31.17 2250 Aua 2930 3035 2930 29.98 +23 

3020 2230 Sap 2*90 2940 2830 2929 +42 

■- 29.15 2290 Oct 2830 2830 2830 2S30 +50 

9**1 22.90 Dec 2720 2735 2720 2732 +47 

2735 2330 Jan 2735 2732 2735 2745 +45 

277D 24.40 Mar 2685 2773 2*35 2735 +55 

2*60 2440 Mav 2*90 +30 

-Eli. Sales Prev. Sales 15392 

■ Prev. Dav Open inf. 5*022 off 3*1 
' OATS(CBT) 

.5000 bo minimum- dollars per bushel 
1.91 136% Mav 137*. 137=6 13*% 134*. —31% 

178% 133 Jul 742% 133 131% 132 —31% 

...179 130 5ep 130% 131 139% 130 -JJW 

* 132% 134 Dec 134% 13414 143% 133% —3) 

- 13744 13*44 Mar 136% —31 

Esf. Sales Prev. Sales 127 

Prev. Dav Open Int. 3459 up 37 


'[ Livestock 

'CATTLE ICME) 

40300%*- cents pot lb. 

4950 6277 Jan 4120 6122 62-32 *237 —30 

6737 *3.15 Aua 6440 6430 6160 6435 — 55 

65.90 6130 Oct 6120 6135 4235 6100 —75 

6735 6340 Dec 6445 6455 *4.12 6445 —35 

6745 6430 Feb 65.15 *5.15 6435 6470 —.17 

” 6737 4535 Apr <630 6630 6530 6635 —.15 

- Est. Sales *813 Prev. Sales 9489 
-prev. Dav Open lilt. 55396 off 68 
* FEEDER CATTLE (CM El 
44300 lb*- cents per lb. 


. .7175 

64® 

May 

6SX5 

6570 

*470 

•522 

—85 

... .7370 

6*80 

AUO 

6880 

68X7 

*775 

6805 

—J5 

• • 73® 

67.00 

Son 

68X0 

SB® 

67® 

67.95 

—.75 

7232 

67.10 

Oct 

68.10 

68.17 

*7® 

67.90 

-■5 s 

7120 

87® 

Nov 

68® 

69® 

68® 

6875 

—75 

79® 

tfi33 

Jan 

69® 

70® 

69® 

78® 



-Esf. Sales 1372 Prev. Safes 1312 
■Prev. Day Open InL B442 up 65 
HOGS tCME) 

..30300 %*- cents per lb. 


Esf. Safes 75nPrev.3g** 232 
Prev. Day Octal Int. *747 uP2t 


COPPER (COMEX) 

25®o adeems car lb. 

92J0 5*20 NtaY *240 *270 *135 

SS jSV «70 *335 *230 

£3 8£ S3 £J8 %% 

8470 5930 Jan 

9030 5930 Mar *470 *470 *420 

7430 61.10 Mav 6535 4535 *440 

7440 4L30 Jul 6545 6530 6490 

7090 6ZX 3*P 6535 6*10 *5.95 

7030 *430 Dee 

7 O 6570 J«1 6*35 6*85 <435 

Esf. Sates 21300 Prev. Sato 17729 
Prev. Dav Open InL 8830* off S3 
ALUMINUM (COMEX) 

40300 lbs.- cent! ear lb. 
jg to 4SL7C AST 

8290 4740 MOV *930 49.10 4855 

5940 48® JuP «.» 4975 

£3 ss 8K SB8 £8 as 

7*30 5173 Jan 

71*0 5135 Mar 

6*75 5195 May 

6345 5535 Jul 

5210 5130 Sep 

Dee 
Jen 

Esf- Sales 475 Prev. Salas 182 

prav.DavOpanint. 1106 uo 2* 

SILVER (COMEX) 

5300 trov ax.- cents iwr troy «. 

15110 M3 itor 438X 6397 6163 6193 -193 

»&3 iss & &s ss ss m =f«; 

{£££ S03 D£ *703 6723 6493 0.1 = J» 

lino 6073 Mar 4003 *903 6543 6673 - 93 

10483 *213 MOV 69X0 6910 6903 6787 —193 

9453 5353 Jul 7103 7103 6923 6902 — 197 

9483 6413 Sep 7203 72*0 7003 7023 —193 

7993 6573 Dec 7403 7400 7323 721 4 — <££ 

7893 7610 Jan 7283 —803 

Est. Sates 30300 Prev.Seias 15322 
Prev. Day Open Int 76415 up 791 
j PLATINUM (NYME) 
f»trovaz.-doHafgpprtrovctt. 

44750 23*00 Apr 28530 28530 28430 28 130 — *40 

28730 251.00 Jun 28230 —440 

449a 241X0 Jul 28830 28830 28130 28130 —440 

39330 25000 Oct 29230 29230 28*30 28730 —440 

37150 26000 Jan 29730 297a 29150 29150 —440 

329a 279a APT 30100 30150 29830 29930 — 440 

Eal. Sales 1124 Prev. Soles 1157 
Prev. Day Open Int. 12481 uf>20 
PALLADIUM (NYME) 

1 159a' , °* 10*58 5l Juin Z 11130 11135 10*91 10825 —170 
14175 10*25 Sep 11130 Ilia 10*25 107.35 —170 

14ia 105a Dec 11030 11030 10*00 10*60 —170 

127a 10*50 Mcr 11075 11075 1T025 10*10 —170 

Eil. Sales Prev. Salas 90S 

Prav.DavOpanint. *381 up 5* 

; SOLD (COMEX) 
iMtnov or.- dollars par troyot 
514a 28160 Apr 32830 32830 322a 

327a 292a May 

51030 287a Jun 31030 33Q30 323a 

48530 291 a Aug 334a 334a 328 DO 

49330 297a Oct 337a 338a 33180 

489a 301-50 Dac 34430 344a 3J7a 

485a 30*00 Feb 34800 348a 34*00 

496a 31470 Apr 35340 35340 352® 

43570 320.50 Jun 

42840 331 a Aug 

39570 335a Oct 

393a 34ia Dec 

Est. Sotos 32a0 Prev. Solas 17JV7 
Prev. Oav Open lntJ27JI93 wM 4 


EURODOLLARS (IMM) 

SI ml llkxvplt of in pcL 

901 8249 Jun 91.16 9173 9057 91 a —72 

9072 8*53 Sap 9055 9043 903* 9041 —74 

9020 6440 Dec 9077 90M 89a 89a —74 

8979 SOW Mar 8943 894* 8942 8948 —74 

8944 8*73 Jim 8979 8979 89.11 89.13 —74 

89.14 <7® S*P 8859 8*99 8*80 8842 —74 

8977 B778 Dec 8*61 8841 8871 8*54 —74 

8*44 8744 Mar *847 8*47 0844 8838 —74 

Est. Sates 44,122 Prev. Mas 26XS* 
Prev.DavOpenlnt.m7B9 up 615 

BRITISH POUND (IMM) 

Spar pound- iPoMeauotslOOOOl . 

17350 17235 Jun 17675 17745 17280 17370 — 275 

14450 1JBOO Sep 17610 17*20 17210 17290 —275 

17800 17200 Dec 17600 17645 171 55 17245 —205 

17800 17*80 Mar 17290 I729Q 17275 172 f5 —273 

Jun 17250 17250 17250 17250 
Est. Sales 20470 Prvv.Sales U767 
Prev. Dav Open Int. 91725 up 60008 
CANADIAN DOLLAR (IMM) 

S per dir- 1 point eaualsSoaOl 

7B3S 70S* Jun 7357 J374 7324 7335 —39 

jsas 7025 Sep 7350 7350 7302 7319 — X 

7566 7006 Dec 72« -72W -« 

7504 4901 Mar 7300 7280 7280 7288 —45 

7330 7070 Jun 7279 —49 

EM. Sales 2488 Prev. Sales 1J42 
Prev. Dav Open Int. 11734 up 192 
FRENCH FRANC (IMM) ... 

*«r n ys8*w“.w:«w .i« .MW 

.10940 IMM 5aj> .10900 

JWS70 49670 DOC -1092S 

Eli. Sales 2 Prev. Sales 19 
Prev. Dav Open Ml. 17*7 up 10 
GERMAN MARK (IMM) 
s per mark- 1 potnteauolsSqaCi 
7733 7905 Jim 7318 730 7218 7239 — 74 

7545 OT) to m ^ ^ -7Z 

7410 7971 Dec 7395 7395 7280 7293 —72 

7415 7040 Mar 7332 —71 

Est. Sales 417*8 Prev. Sales .2*748 
Prav.DavOpanint. 47419 off 1.112 
JAPANESE VHN UMW . 

*£^M^^S2f n *4«1 7099.704^ —Qt 
004150 JXJ3870 Sec 704053 J304071 a/011 JXM02S — 28 

703905 Dec a41Dl JXMK1 a40S a4055 —29 

0W16C 704090 MOT a409S 70095 704095 704095 — Q- 

E it. Sales 12700 Pray. Sates *C5 
Prev. Dav Open fnfc 2*509 ottSB 
SWISS FRANC (IMM) 

8 per franc- Iprtnt equals *7801 

79Q0 7439 Jun 4017 4046 7851 7880 —127 

4M0 MO Rp JB 4MS » Jg -« 

4360 7531 Dec 4107 4W7 7935 -3955 — TZ7 

4000 Mar 4000 —120 

Est. So las 39762 Prev. Sales U448 
Prav.DavOpanint. 25493 UP194 


Wednesday 

msi; 

3pjn. 

Tables Include the natlonwtde prices 
up to the dosing on Wall Street 
and do not reflect late trades elsewhere. 


12 Men Si 
High Law Slot* 


9S. 3 PM. 

Dhi. vm. PE lMi Wgh Low Cm*.Oi*9a 


| :’**** 


Sis. 3PJ* 

miHlablaw Qurt-Cbba 


(Continued from Page 14) 


72a A 31 
4JS0327 
2JB«32 J 
1 a 22 32 

2M 1*9 4 
3a 114 
475 128 
575 127 
AW 137 
17Sa1Z7 
.12 .9 19 

374 97 
.12b 7 39 
140 5.1 9 

240 57 9 
F449* M 
MS 7 
I a 15 7 
ia 24 B 
144a 97 H) 
19 107 4 

151 HI 7 
374 77 S 
3a n.i 
1076 10.1 

a 

122 Z5 12 
248 45 20 

2M 55 11 
ia *7 i< 
72a 4 12 

a 1.1 12 

7*1 

*40 74 8 


‘ 1 J0 3.1 ID 123 9*i 

144 15 8 8 4MJ 

3.12 122 21 25% 

144 57 7 J3 3J% 

2.12 77 « 

72 17 23 9 21% 

a 37 13 704 25% 

48 12% 

174 £7 12 944 37 

JO 14 13 18 19% 

44 37 9 33 13% 

140 47 8 2050 84*7 

4-10 84 « AP* 

ia 37 I I2B OTl 

*50 *3 3 72 

148 45 >0 » »* 

ta 97 9 18% 

a 17 17 TOW 29 

11 277 4% 
L12 37 7 104 30% 

,J “ ° 19 “ s % 

270 103 6 83 21 Sb 

38% 27% RodlTl 244 44 10 84 X 

39% 23% Rodoal 170 27 * » 

71% 48% RoirniH 2a 15 9 494 ffiF% 

mu +. (fe S% 28W. Rehrln 9 2*1 50* 

iSfc— % 22% 109k RiHCmn TOO 14 31 IM gU. 

g%— % 26% 7% RlrilnEs TSa 7 29 « 23 

44*—* 13% «% Rollins 46 47 1* 1H IK 

5 4% 2% Rcnson *1 2% 

ll%— % 19 12% Roper 44 42 9 ^ 15% 

31% +1% 34% 24 Rorer 1.12 34 15 59 31 

at WV» 1(4 Rowan 76 3 47 375 9Vi 

41%— H «P* 41% RaylD 247a 57 5 2397 57% 

is, 22 1216 Roy Inf s 18 51 14% 

Slfc + it SO 33% Rubrmd 74 17 16 34 4*4* 

W 2* 13Vk RwsBr 1* 27 BL 

30% + % 2D 15% RusTog 7* *1 9 1« 18% 

19J— 2B% 17% RvonH 170 *1 1* » W 

*6% 28% 19 Ryders a 24 8 5206 24 

T£>— » 26% 12% RvtoreJ JO 24 1* 231 

CM +1J* 15% 8% Ry mar ■ 5 14 14 

49 T R ^ ^ 


9 46 + % 
46%+ % 
25% + % 
31% — % 
27* + % 
21 % — % 
25% + % 
12 % + % 
36% — % 
19% + % 

84% +t* ; 
»-* 
s =5 

18% — tt 
28% — % 
4% + % 
30% + % 
39 + * 

S +* 

57 + % 

»%— % 
22% + % 
22 *— % 
10% + % 
2 % 

15% — % 
30%— % 

9 — % 
57% — % 
14% 

U 

23% 

18% 

24% — % 
23% — % 
23% 

13* 


9 



ini 

13680 

— 1® 

143® 

143® 

—170 

148® 

148® 

—70 

149® 

149® 

—JO 

157® 

157.10 

+33 

1*240 

T6I® 

*** 

16*50 

164® 

—80 


COTTON KNYCn 
S0700 Rkl- cants par lb. 


7920 

*32* 

Mav 

68® 

68® 

67X5 

6827 

+20 

79® 

6385 

Jul 

66® 

<7.15 

6645 

6*82 

—23 

77® 

6*82 

Oct 

64® 

65 M 

6485 

*5X7 

— 83 

73® 

64X1 

Dac 

45.18 

*540 

65X7 

6585 

+.12 

7*75 

65® 

Mar 

6628 

6685 

6628 

*645 

— J» 

70® 

6*41 

May 

<7® 

67® 

67® 

<7® 

-® 

7085 

6630 

Jui 

*775 

67® 

6775 

67® 

+.» 



Oct 

65® 

65® 

*5® 

6537 

—A3 


Est. Sales 3400 Prev. Sales 3479 
Prev. Day Open Int 13771 off 21 8 
HEATING OIL (NYME) 


42X00 oaF cants per gal 
8260 6430 May 

7*70 

76® 

76.10 

76® 

—M 

7840 

63® 

Jun 

7285 

73® 

7110 

7282 


7520 

*585 

Jul 

71® 

71® 

70® 

71® 

—39 

75X8 

6825 

Aug 

71® 

72® 

71® 

7100 


7645 

7025 

Sac 

7225 

TIPS 

7220 

7285 

—30 

77.10 

72® 

Oct 

7340 

73X0 

73® 

7375 

—so 

7B25 

76® 

Eat Sain 

72® 

7670 

NOV 

Dac 

Jon 

Fab 

Prav.Sctfas 7276 


74X5 

7540 

7*40 

77® 

—so 
—so 
—so 
— ® 


Prav.DavOpan Hit. 177*8 off 574 

CRUDE OIL (NYME) 

1 700 bbL- dollars perbbt 


. 5540 

47X7 

Jun 

47® 

4745 

4675 

4732 

— -0fl 

J '5577 

4835 

Jul 

49® 

49.92 

49® 

4977 

+A5 

• • 5487 

47® 

Aua 

49® 

50.15 

49® 

4930 

+® 

5175 


Oct 

4*65 

47® 

46X5 

4*97 

+33 

- t 3035 

4ft® 

Dec 

48® 

4885 

47® 

48.10 


- 5030 

4*35 

Feb 

4870 

4190 

48X5 

4885 

+.15 

- 4785 

45® 

Apr 

45.12 

45.12 

45.17 

45® 

+75 

49® 

47® 

Jun 

47® 

48.12 

47® 

4732 

—78 



Jul 

4775 

4775 

4775 

47 30 



Financial 


US T-BILLS (IMM) 


Est. Sales Prav. Sales 7739 

•Prav.DavOpanint. 23433 off 223 
.PORK BELLIES (CMC) 

.38700 lbs.- cants par lb. 

8200 61.15 May 65 70 6555 6*35 4577 

.8247 6215 Jul 6*05 67a 6SJ5 *7.12 

- 8065 6020 Aua 6477 6575 6*50 6550 

- 7*20 63.15 Feb 7150 7220 7147 7220 

. .7*40 64a Mar 7177 7177 7075 71 a 

. 7550 7040 MOV 7275 

76a 7*90 Jul 7297 

Est. Sales *471 Prev. Sales 74*6 
Prev. Day Open Int 12453 up 15 


.COFFEE C (NY CSCE) 

. 374D0 lbs.- cants par lb. 

"15200 12201 May 14550 145 JO 14170 14359 —1.17 

„14920 12ia JUI 14S75 14555 14*10 14443 —45 

,147a 12200 Sen 14530 14*10 14180 14478 —M 

14455 12975 Doc 14190 144 JO 143a 143a —53 

CJ4350 12850 Mar 143150 14350 14225 14275 —a 

.. 14275 131.00 May 1417S — v75 

14050 135a JUI 139J5 — 1JD 


SI million- Pts of 100 pet. 






9225 

87.14 

Jun 

92® 

9117 

91® 

9203 

—.17 

•177 

8*24 

Sep 

91® 

91X7 

91X1 

91® 

—.17 

9172 

8577 

Dac 

9123 

91® 

91.15 

91.10 

—.19 

90.93 

8*60 

Mar 

9087 

9087 

9078 

9074 

— .18 

90X4 

87® 

Jun 




9044 

— .18 

908* 

88® 

Sec 




90.18 

— 20 

90.18 

89® 

Dae 




8985 

—06 

89X8 

89® 

Mar 




0975 

—.13 


29® 

24® 

Jun 

2S40 

2843 

28.15 

28J4 

—.15 

22X4 

2 *10 

Jul 

27JB 

2732 

2735 

27J0 

—.77 

29X7 

2*25 

Aug 

27X7 

2746 

27 32 

27® 

—82 

29® 

24® 

Sec 

27.11 

7333 

27X3 

27® 

—.19 

29® 

2*65 

Oct 

27.10 

27.10 

26X5 

2*97 

—77 

»® 

7448 

Nov 

27® 

27® 

27® 

27® 

—JD 

2930 

23.90 

Dec 

27 35 

27® 

3685 

27® 

—AS 

29® 

24® 

Jon 

2*75 

3*75 

3675 



29A6 26® Frit 2*75 2675 

Esf. Sate* Prov. Salon 11019 

Prev. Oav Opan int 47X62 off 2X1S 

2675 

27® 

—.15 







Esf. Salas 12715 Prov. Sales 8018 
Prev. Day Open int. 41,152 l*> 452 
II YR. TREASURY (CBT) 
siDoaoprln-ptsA32ndsof lOOpct 
82-8 704 Jim 81-24 ST-30 

81-13 75-1* Sep 80-26 80-30 

80-22 75-13 Dec 79-24 79-24 

80-6 75-14 Mar 

79-26 74-30 Jun 

Est. Sales Prev. Sales 7431 

Prav.DavOpan Ini. 42714 up 531 

US TREASURY BONDS (CBT) 

(8 pd-si00ac-pl3 8i32ndso!l00 pet] 


11-7 81-14 —17 

» 9 90-13 —19 

13 79-1* —22 


1X750 13275 

Est. Sales *300 Prov. Sales 1564 
Prav.DavOpanint. 12254 oH34 
-SUSARWORLD II (NYCSCE) 

? 12000 IbL- cants par lb. 

1050 374 May 371 373 

- - 9.95 351 Jul 351 251 

' 955 170 San 347 2*8 

9-05 374 Oct 182 3JQ 

— 755 *21 Jan *19 *19 

.. 9J3 *75 Mar 4JD 4J2 

7.15 *97 A/toy *92 4.92 

*■■449 531 Jul 210 213 

■■■• *30 *17 Sap STS 575 

Est. Sales 12650 Prev.Stdes 1*101 
Prav.DavOpan InL 0*288 off 4*4 
-COCOA (NYCSCE) 

10 metric tans- S pa r tan 


77-15 

57-20 

Jun 

72 

72-2 

71-8 

71-13 

26 

76-2 

57-10 

Sac 

7028 

71 

70-7 

70-12 

—25 

76-5 

57-8 

Doc 

69-31 

70-1 

699 

69-13 

—26 

72-38 

57-2 

Mar 

694 

69-6 

68-18 

68-19 

— 35 


56-29 

Jun 

68-13 

68-13 

67-22 

*7-® 

—24 

70-3 

56-29 

Sep 

67-25 

47-25 

47-3 

47-8 

—23 

69-26 

56-25 

Dae 

<7-8 

<7-8 

66-18 

66-20 


69-12 

56-27 

Mar 




66-1 

-£ 

69-2 

63-12 





65-18 

6M6 

*3-4 

sap 

*5-18 

65-18 

65-4 

65-10 

—19 

63-8 

62-34 

Dac 




64-24 

— 24 

Esf. Sales 


Prev. Sates 95849 





34* — JM 

351 -JK 
*17 -a 
*<8 -77 

432 -a 

213 -57 

S73 — 77 


Prev. Doy Open IntJ 15791 off 591 
GNMA (CBT) 

1100700 crtn-pts*32r»dsof lOOoct 
70-10 57-17 Jun 70-7 70-8 *9-38 70-3 

*9-19 59-13 SOP **B 69-13 69-8 <9-13 

*8-18 594 DOC *8-25 

68-1 58-20 Mar *8-7 

67-28 58-25 Jun 67-23 

<7-3 *5 SOP 67-9 

Es). Sales Prev. Safes 140 

Prov. Day Oaan InL *14* up 47 
CERT. DEPOSIT (IMM) 

Si million- pit at 100 pci 


2570 

1998 

MOV 

2435 

2435 

2402 

3430 

— 19 

2400 . 

1998 

Jul 

2205 

2205 

2141 

2174 

—47 

2415 

1987 

Sep 

2144 

Z150 

2115 

2128 

=8 

2337 

19*5 

DSC 

2091 

2110 

2878 

2090 

2190 

1955 

Mar 

2095 

2095 

2077 

2878 

—52 

21® 

I960 

May 

2080 

2080 

2080 

2078 

—a 


91® 

85® 

Jun 

91® 

91® 

91® 

91® 


91® 

85® 

Sop 

9050 

90X1 

9090 

9078 

9056 

8574 

Dac 

9028 

9028 

9028 

9027 

— 74 

9018 

8*56 

Mar 




89® 

—34 

89X2 

8643 

Jun 




89® 

—34 

89® 

87® 


8977 

8977 

8937 

89.19 

—35 

88X9 

8034 

Dac 




88X1 

—34 

Esf. Sates 

738 Prev. Soles 

113 





Prev. Day Open InL 6730 off 32 


I Stock Indexes 

SP COMP . IND EX (CMB) 
paints and cant, 

189.10 15*10 Jun 18ia 10*00 Ilia 18270 +140 

19270 160a Sep 165 a 187.10 185a 18*90 +140 

19*40 T75JD DOC 18870 189a 1*870 19005 +120 

19*30 190.10 Mar 19275 19275 19275 19375 +120 

EN. Salas 53783 Prov. Soles 4217* 

Prav.DavOpanint. SMM up 608 
VALUE L IMEf KCBT) 

Jun 19285 198.15 19275 197 JO +145 
71 270 18275 Sep 20055 2 m tw ZK55 207 JO 4*70 

21 oa 289a Dec 207a +ia 

Est. Sales Prov. Salas 2899 

Prav.DavOpanint. sa*upl81 
NYSE COMP. INDEX (NYFE) 
potnts and cants 

lloa HUD Jun 10240 10*90 10240 10*75 +17S 

ina fij5 sec 107a ro*9o 107a 10*75 +ia 

113J5 101a Dec 111a mm 1DM0 nna +ia 

11345 111.10 Mar 111a 111a Ilia 11285 +ia 

Est. Sales 12294 Prev. Soles 7798 
Pray. Day Open Int. 9701 up 319 

1 Commodity indexes ' 1 

G use - Previous 

Moody's 943-00 f 94750 f 

Reuters 1J7350 U7O50 

DJ. Futures 12144 - 12123 

Com. Research Bureau. 24150 24250 

Moody's : base 100 : Dec 31. 1931. 
p - preliminary; f - final 
Reuters : base 100 : Sep. 18, 1931. 

Dow Jones : base 100 : Dec 31, 1974. 

i Market Guide i 

CBT: Chicago Board of Trade 

CME: Oilcogo Mercantile Exchange 

IMM: International Monetary Atorket 

: Of Chicago Mercantile Exchange 

NYCSCE: Now York Cocoa Sugar, Coffee Exchange 

NYCE: Now York cotton Exchange 

COMEX: Conuncdttv Exchange, Now York 

NYME: New York Mercantile Exchange 

KCST: Kansas Cftv Board Of Trade 

NYFE: Now York Futuna Exdtange 




29 15 131 

12* 6 985 

135 l20i 

1X4 801 

136 2Kz 

119 230* 

134 28 

135 36 

127 7 

T3J 158* 

35 W 284 
122 40 * 

115 8 

85 9 204 
103 *502 

*8 9 ITS 
207 

24 10 1* 

87 9 1333s 

87 9 18 

I 54 13 33 

X0 50 47 

35 142 
*5 3 

95 13 

27 8 458 

25 11 158 

xn u 60 

*4 f 28D 
3 17 9 4«f 

35 3 

17 1) 53 


16% — % 
S3 — % 
39 — % 
18% 

15% — % 

11 % 

44% — % 
32% + % 
I02V 
35% — % 
4% + % 
47V. +34 
54% + It 
11% 

34 — % 
36% 

26 — % 
36% — U. 
4% + U. 
84% + % 


1 % + % 
25% — V. 
288* — M 
4* — % 
21 % + % 
19%—% 
201 *. + % 
50% 

now. + % 

at* 

30%—% 
W% + % 
32%—% 
54 
54 

5« —1 
25%—% 
29 — U. 
14% + % 
*3 + % 

))%— % 
62% + % 
19% + % 
23%— % 
7% + % 
31 

7% + % 
14% 

30% + % 
24% 

10 %— % 
25 
10% 

7%—% 

29 

23% — W 
28% — % 
16% + % 
31%—% 
44%—% 
133 —1% 
11% + % 



IS 

24% 

15 
13% 

11 % 

13 

30% 

21% 

5% 

13% 

1)% 

54 
9% 

21 % 

27% 

26% PMriWef273 77 64 30% 30% 30% + % 

20% PonABk a 25 S 3 26% 26% 26% — % 

4 PonARl 4230 5% 5% 5%— U 

1% PanAwt 138 2% 2% 2%— % 

13% Pmdekn 3D 17 20 70 15% 15% 15% + % 

31 PonhEC 270 *4 9 1240 37 36 3* —1% 

3 PontPr 19 *26 5% 5% 5% 

12 Poprcft a *4 15 87 18% MM 18% 

10% Pardyn 27 113 13% 13 13% + % 

12% ParKEl It 4 15% 15% 75*— M 

ParkDrl M 25 3S9X *% 6% S%— % 


a 2J 13 145 32% 31% 32% + % 
ia 45 8 5711 3S% 35 35%—% 

a 25 S3 404 24% 24% 24% + % 

ia 9J 20 19% 19% 19% + % 

154 115 15 13% 13% 13% + % 

ia 95 7 883 11% 11% 18% + % 

172 7J 13 135 43% 42% 43% + % 

L20A7 13 42 25% 25% 25% + % 

OSr 4 *8 9 S%8% + % 

UOIU 19 18% 18% 18% + % 

JO 27 17 S 15 14% 15 + % 


2a *3 13 127 46% 46% 46% + % 

JiBb 15 10 24 10% 10% 10% + % 

a 25 12 343 27% 27% 27% — V* 

M 3 39 148 17% 17% 17%— M 
2J4 1*5 43 16% 16% 16% 

34 15 14 569 15% 1«* 

77 65 9% 9% 9% 

4 1% 1% 1% 

JO 17 24 40 33% 33% 33% 

lil U II 723 31% 31 31 — % 

i5 lif 

,a,1,J !rS5 7 ^ 7 IS + S 

.1* 5 IS U8 31% 30% 31 + % 

iS°*o 9 %s 

aeros w ^ io% — % 

36 15 M «2 g% 2 37% — % 
154 85 12 67 23% 23 23 — W 

la 3J 11 2990 27% 26% 271? + % 

154 3L8 11 395 39 38% 38%—% 

a 1.7 46 76 18% 18% 18% 

15 U 7 52 20% 20 20% + % 

ia ii.i 12 11% n% 11% 

70 8% 8% B% 

ia 115 6 1M4 12% 12% + Vi 

2.16 85 9 261 25% 25% K% 

IJB U 11 680 43% 43% 43% + % 

la X0 10 2231 40% 40% 40% + % 

.12 LO 21 75B 11% 11% 11% + M 

J4 25 J1 M 27% Z7% 27% — M 

10 22S St 57% M — % 

174 35 9 812 37% 36% 36U— 1% 

32 22 11 89 14 13% M + M 

152 35 14 18 41% 41% 41% + % 

A3 17 * 118 36% 35% 36 

Inf 156 125 7 11% 11% 11% , „ 

pfB ilB 1X4 34 15% 15% 15% + % 

ptC 2.W 13J 49 15% 15% 15%— % 

At 23 7 306 21 20% 20% — % 

54 4% 4% 4% + M 

a 15 10 2274 43% 42% 42% 

15 20 16% 16% 16% 

a 15 IS 23 25% 25% 25% + % 

la *0 7 32 24% 24% 24%—% 

170 15 15 1138 51% 51% 51% 

176 55 8 3S53 33% 32% 32%—% 

B.94# 85 5 105 105 105 +1 

172 *5 7 1477X 27% 27 Z7M— Vt 
*1 17% 17% 17% 

JO 17 17 22 34 33% 33M— % 

72 55 28 70 13 12% 13 + % 

M 23 7 290 21 20% 20 %— % 

256 35 M 7 59% 59% 59% — % 

1.97a 55 5 2S89 35% 35% 3»— % 

a XI 6 244 25% 25% 25% 

32 73 H 445 34to 34% 34% + % 

* 37 4% 6% 6% + Vb 

a 43 W 552 14% 14 14 — % 

a 95 8 140 16% 16% 16% + % 

a 27 14 2307 36% 35% 35%—% 
.12 63 23 99% 59% 59% — % 

.10 7 9 38* 36% 36 311*- Vi 

sails 4 30% 30% 30% + V* 

M 14 19 89 13% 13% 13% 

72 23 37 11 10% 10% + M 

2a 45 M 2131 *4 *3% *3% + % 

ia 15 15 11 5t% 55% S5%— % 


Growing with America’s 
wine industry. . . 

Ametek’s Valley Foundry 
Division is the country's 
leading supplier of winery 
equipment. 

Write for latest reports to: 

AMETEK 

Dept. H, 

410 Park Avenue, 21st Floor, 

New York. NY 10022. 


ISMnrih Sis. 3PAL 

HMhLae Stock Plv. VN. PE Mb HJgk Law 00*01* 

35* iSJ T«“f ^ 112 IS 499 IS* 32% 34%73% 
42% 19% TootRat 58b 1.1 13 22 42% 42% 42% + M 

S* 19% WZl U *2 ™ « . * 

17% 9% ToroCo JO 29 9 1B9 14 13% 14 + M 

4% 1 TOSW ll “ S + W 

284 TmfiUl 27 1133 34% 34% + % 

^ S’ 34 +S 

14 m twa 53 4454 ub* \Vm lW— w 

15 UH TWApf 135 15.7 w 

25% 16V? TWApfS275 95 ** K 24% » + % 

30% 20% Tnmsm 154 _f6 13 71Z 29W 23M 2M + % 


rasafjg" « astiKss 

270 107 a 22 21% 22 + Vk 


2D 16% Tronlnc 222 115 

12% 10% TARItV ia 87 14 

57% 37% Tronsco 2.16b 37 11 

66W 45% TirocPf X87 67 

5 a- a 

13% «M TmsOh 13 49 TIM 12% 12% 

37% 17 11 15» n% b 33 + % 

,a ^s? A i5o iia ssia 

n* MM T^S *16 M 76x|vJ 51 +1 

25M 19% Tricon 353B1A1 12* 24% 25 

28% 20% TrICnpf 2a 95 31 27% 27% 27% + M 

3% 12% TrtilnT 50 15 20 M 2«* 3W * 

31% 20% TrtaPc la 35 8 „£ 27% 27* 27% 

44% 24% Tribune 54 15 17 131 44% 43M «%— 

ml su Trlco .1* 25 17 9 4% 6% *16 

tf% 1^ Vr l£y a 35 121 14% 13% 1W.- % 

23W. 11% TrilEng .Wb A 42 « »% CTb n%— % 

131* B% TrilE pf 1.10 8.1 183 1 3% 13% 13% + M 

40% 29% TocsEP 3a 75 10 228 40% 39% a + % 

W w tSSdI* a *8 10 11 16% Iff* 16% 

41 27V, Tyco Lb a 27 9 221 3+«> 34% Jfffc— M 

17% 11% TVtera 8 3*2 15% 14% 14M— % 


121 14% 13% 135* — I* 
48 33% 22% 22%—% 
183 13% 13% 13% + % 
228 40% 39% 40 + % 


221 34% 34% 14% — Vx 
342 15% 14% 14% — % 


572 87 8 *785 69% *8% 69% +1% 
JO 37 24 10% 10% 10%— V* 

272 XI 8 204 21% 28% 28% 

*07 125 18 32% 32% 32%— % 

M 15 63 52* 36% 34% 36% + % 


11 

56% 

55% 

55% 

— 

% 

1® 

35% 

34% 

34% 


to 

926 

38% 

37% 

37% 

-1% 

346 

17 

16% 

16% 


to 

1® 

26V* 

27% 

28 


to 

79 

37 

36% 

37 



12 

22% 

2Zto 

22% 

+ 

to 

31 

27% 

27% 

27% 

+ 

to 

45 

46 

46 

44 

+ 

% 


49% 32 UAL 75e 15 6 2110 41% «% 41 -1% 
34% 24% UAL of 250 87 14* 29% 29 2»i— % 

15% 7% UCCEL 19 17 13% 13% 13% + M 

23V? 16V? 1701 274 8.7 10 162 23* 22% 23% + % 

24% 19%UGlPf 273 115 130ta 24 a% 24 + % 

11% I UNCRes 136 9% 9% 9% 

U 10 URS 50b 35 17 8 11% 11% 11% 

33% 17% USFGS 270 *64)6 3022 33% 32% 33%— % 
35% 22% USGa 158 57 6 1450 32% 31% 32% +1% 

19% 13% UniFrst 70 15 11 29 14% 14 14 

6 <M 45 Unllvr 159a 37 9 1 9 58 58 — % 

102% 75 UnINV XB5e 35 18 125 99% 98% 99Vi 

411* 38% ucamp Iff 45 ID 176 35% 35*. 35% 

58% 32% UnCarb 350 &9 9 731 38M38 38%+% 


5% ParkDrl .U 25 


25V. ParitH 1.12 3J 9 4)7 30% 30 X — % 28% 
IS ParttPrt 33 23 32 105 791* 789* 18% — %) 23a 


34% 31% 
24% 21% 

36 23 

26^ 

22% 

Iff* 

7IM6 


1% PatPtrl 
11% PavNP 
13% PavCsh 
4% Peabdy 


14 

■ JO 43 12 


122 2% 21* 2% . 

96 13% 13% 13% + % I 


» 18 4« 19% 79V* m*— % 


Paris Commodities 

April 24 


Close 

" . High Low BM Ask Cb'gc 

: SUGAR 

French francs per metric tan 
'Auo 1774 17 a 1761 17*3 Unch. 

■-Oct 1795 1780 1 JB0 1783 +1 

Dec MT. N.T. 1J30 1733 +8 

-Mar 1520 1518 1510 1512 UnCh. 

■MOV N.T. N.T. I5H 1567 +1 

Aufl N.T. N.T. 1526 1540 +4 

-Est. vol.l 405 lots at SO tons. Prev. actual 
sales: 804 lots. Open Interest: 15558 

-COCOA 

■ Fraodi francs per 109 kg 
May 2.174 2.150 2,158 £152 +2 

Jtv N.T. N.T. Zlflfl - Unch. 

Sep 2,1*0 £135 £137 £145 +6 

Dec 1070 2765 2X62 1072 +8 

Mar N.T. N.T. 2734 — +10 

MOV N.T. N.T. 2JB5 - +13 

Jlv N.T. N.T. 2JBS — +10 

- Est. vaf.: 61 tots ol 10 Ions. Prev. acfuol 
sates: 309 lots. Open Inleresl: 769 

COFFEE 

French francs par 100 kg 
Mav £445 £440 2540 £455 —3 

-JW 2595 2595 25® 2500 + 12 

Sen X5S0 ZMO 25*5 2X54 +2 

.NOV . 2750 1550 2X50 2X75 —4 

Jan N.T. N.T. 2X40 15® +20 

.Mar N.T. N.T. 2J30 2X70 + 40 

Mav N.T. N.T. 2X10 2X60 + 35 

Esl.val.:53iaKof5tans.Prev.actual solos: 
59 lots. Open Interest: 212 
' Source: Bourse du Commerce. 


S&P 100 Index Options 
April 23 


Strte Cow-Lad Pots* Lost 

Price mot laa jtv Aeg Mm jm Jlv An 


Asian Commodities 

April 24 


HONG-KONG GOLD FUTURES 
UXX per ounce 

Close Previous 
High Low Bid Ask Bid Ask 
API _ N.T. N.T. 322.00 324JXJ 32X00 327a 


London Commodities 

April 24 


Clase Previous 
High Low Bid Ask Bid Ask 

SUGAR 

Sterling ear metric fan 



Penney £3* 57 
Pa PL 2X6 103 
PaPLpf 450 12X 
PaPLef 4a 1Z7 
PoPLpf 850 12X 
PoPLdptX42 T27 
PoPLpr *40 127 
PaPLdprSTS 127 
PuPLdpfSTS 128 


PetRa 372*147 
PatRspf 7X7 98 
Ptrlnv iae20X 
Pfbar 158 X3 
PhofpO 

Phetppr 5a 10X 


J 2» ^ 
MV* 
£ 

200* 34% 
90x 35% 
360x68% 
4 27% 


12 29% 
430x 95% 


Si*— 1 ** 

Mb— % 
34% —1 
15% — % 
*81* + % 
27% + % 

£%?% 
29% + % 
N 

11s + % 
44. +1 


Commodity and Unit 

Coffee 4 Santas, lb 

Prlnfctoth 64/30 3a %, ya _ 
Steel bMietaJPm.). ion__Z 
Iran 2 Fdrv. Philo, ton “ 
5 1 eel scrap No 1 hvy Phi. _ 


PaPLprtia 117 430x 95% 

PoPLpr 13a 128 40X303 

PoPLpr BJBI2J I«2z 64 84 .. 

Penwtf 220*3 11 3734%34H3ff* 

Ponwof Iff 75 11 21% 71% 21% + % 

Pennzoi 2a 43 73 1932 51% S0% 50% + % 

PeopEn ia 72 I 137 16% Iff* 16% — % 

PgpBoy a 1.1 1* *8 371* 37% 371* 

PepsiCo L6B M 23 7877 53% 52% 53% —1% 

PericEl a 25 13 1149 22% 22% 22% — % 

Prmkjn 134*143 92X 8% 8% 8% 

PervOr a 15 13 56 M 17% % 

Petri* 1 J0 35 15 380 39V* 38% 38% + % 

PetRa 372*143 37 26% 26L* 2«* 

POtRspf 1X7 95 46 16% 161* 16% + % 

Ptrlnv lX0e205 13 4% 4% 4% 

PfSOT 151 33 14 34» 45 44% 44% 

PhelpO *41 19% W* % 

Ptiolppr 5a IDS 30 47% 47% £% + 1* 
PhlbrS a 15 2* 5095 39% 38% 3n*— % 

PMioEJ 2a 129 4 1833 14 »% !5%— % 

PMIEpf 3a 137 IQz 27% 27% Z7% + % 

PhOEpf 4a 1X2 loot 32% 32% 37% +1% 

PWIE of 7a 14JJ 50s 58% 50% 50% 



24* 90 11 » 27% 27% 27% + % 

1JX 27 ID 4544 44 44 +% 
ia *2 9 1108 28% a 29% + % 
22 13 7 6% 7 + % 

B 1640 SI* 25 25% 

7 1766 20% 20% 20% + % 

7 15 24% 24% 24% — V* 

10 295 40% 401* 40%—% 

2 36 3* 36 

10 24% 24% 24% + V* 

1« 27% 26% 2*%—% 
9 4*2 31% II- 31% 

19 5*4 15 14% 14% + % 

4 331 7W 7% 7% 

13 WH) 221* 21% 21%— % 

a 60S 12% 11% 12 — % 


7% 4% UrWonC 14 5V. 5 

18% 12 UnEloc 172 95 * 1198 18% 18 
33% 25% UnEIPf 4® 123 lOfc 32% 3Z 

37 28% UnEIPf 4a 128 100x351*35 

S % 29% UnEI Pf *40 124 1301 51% 

% 24% UnElPfMUn 111 13 39% 

25% 18% UnEI pf 296 120 156 24% 

II 13% UnEI Pf 2.13 Til 10 17% . 

24% 19% UnEI pf 272 10 3 9 25 24 

81% 45 UnEI Pf 744 12J 25ta *0% 60 

82% 49 UElpfH 8® 129 100x63 *2 

50% 341* UnPoc ia 33 11 1IQB 46% 45 

111% 82 UnPCPf 735 73 11 103% in 


731 38% X 38% + % 
14 5% 5% S%— % 
198 18% 18 IS —1* 
100x 32% 32% 32% 

100X 35% 35% 35% + % 

“ sas5ia*tt 
n 

9 25 24% 25 + V* 

250z40% M% 60% 

TUOx 62 *2 62 


s*+s 


341* UAPoc ia 33 11 1028 46% 45% 4*14 + % 

82 UnPCPf 735 73 11 103% in in — 1* 

9% UnJroyt .10 3 12 997* 19% 18% 19%— % 

53% Unrylpf 8a 117 WOz 67 *7 *7 

3% UnitOr 14* 84 4% 4% 4% 

10% UnBmd 18 . 163 13% 13% 13% 

20% UCMTV .14 A 58 272 37% 37V* 37% — % 


■: rjL- 




i HSTM 


_ . 3% UnitOr 14* 

2 J 18% 10% unernd 18 

" 40 20% UCbITV .14 A St 

_ „ f 32% 22% UnEnrg 248 88 23 

" 9 lil I him tflllU 3 


m * ilu, ,,u, iiu, ll j™ “n unenra xm m 

* 1 mS—1* 17 . 11 Ultiupr 220 1X3 

ro 42T ££ 37* ^ 


184 *0 10 629 37% 37 37 — % 

ia 28 1* 751 57% 57% 57%—% 

a 4.1 16 151 19% 19% 19%—% 

-54 X* H 19I2OV20%2O% + V* 
32 27 TO 152 12 11% 12 +% 

2a *8 8 1801 47% 4ff* 47 +% 

10 111 18% 18 18 
32 34 10 519 1514 14% 151*—% 

a 34 11 513 281* 28% 28%—% 

L20O1L9 29 10% 10% 10% 


28% 20% UlllUPf 4a Ml 

14% 10 UlllUPf 1J0 142 

22% 14% Unttlnd a 27 13 

41 28 UJerBk 1X6 37 9 

16% 9% UMMM 6 

38% 22 UsalrG .12 A 7 

8% 5% USHom 
42% 29% US Lear JO 21 9 21* 

32W 23 USShoe 36 23 11 2M 


14* 84 4% 4% 4% 

18 . 163 13% 13% 13% 

4 58 272 37% 37% 37% — % 

5 *3 £ SS SS ?6%=X 

3 ■ 9 27 26% 27 

2 7 13% 13% 13% — % 

3 13 40 20% 20% 20% 

3 9 141 40% 40% 40% 

« 107 12 11% 11% + % 

A 7 949 32% 31% 32% + % 
314 7% 71* 71* 

A 9 216 »1* 37% 38 — % 
31% 32%— 1* 


I I " 


XFtt 23 USSboa 36 27 13 200 32% ^r.— M 

M% 22 USStatf 12 U 9 1523 26% 26% »%— % 


.12 

33 


9 

3V* 

3to 

3V* 

34 

43 

10 

2 

19 

19 

19 — to 

36 

63 

9 

107 

llto 

11 

11 

1JO 

33 

12 

515 

31% 

31 

31 —to 

1 30 

7.1 

18 

19 

17to 

17 

17 

u> 

*1 

15 

St 

28to 

27% 

27% — % 

1® 

ax 


4b 11% 

11% 

11% + to 

1® 

16 

9 

34 

44 V. 

44 

44 


58% 49% USStt pf 4Me 9.1 25 

1471*115% USStlpr 1275 1O0- ' 46 128 

29% 22% USStlpf -225 81 220 28 

39% 31% USTflb 172 45 13 275 38 

76% 55% li SWeaf 572 7X 8 628 76 

13 5% UStcfcn 21 45 V 


25 54 53V» 54 +1 

46 128 1269*127 — 1% 
220 28 27% 27% 

275 38 37% 38 

628 76 75% 76 + % 

45 8% 8% >% 


29% UnTcha 140 3X 8 3242 39% 39% 39% + M 


May _ N't" n!t! 322a 324a T* ® 327a S* 87 •S'SS ,2549 ,22-®® 7840 VSXO Lead Spot, lb _ 

Jun _ 325a 325a 324a 326a 327a J»a 55? IK'S Iniin lEHS tSS IS^SS 1?S™ 1? 

Aug _ N.T. N.T. 32X00 33000 331 a 333a 2®L )9?nn IKS II952 IS * S i r 9 , . ,, 1 , ■ L b 


Oct Z 334a 334X0 331M 334a 335a 337a 2T; 
Dec _ N.T. N.T. 337a 339a 34ia 343a 


iifw I I«a 115a lroa lwa 117a zinc e. st.LB<Kl7"ih 

1340 12740 12740 127-60 12840 128® PaHodlum.Qx _ UT^lli 


78-79 100-101 
20-71 26-28 

71-74 75H-77 
5-8457 *3763 

145-47 0X3 


Feb Z n!t: nIt! KUO 3&a 346X0 aSa |52S 1^2 IIHX ISiS Silver N.T. ox 

volume: 24 lots Of 1 Wax. Au0 139X0 139a 138a 13880 138a 140X0 Source: AP. 

SINGAPORE GOLD FUTURES Volume: 1X63 kits of SO tons. 

UXX per ounce 

COCOA 

Prey. Sterling per metric too 

High Low Settle Settle Mev TX7i 1x45 ix*4 ix*s ijuo ix*t 

Jun 326.70 374X0 329.90 328X0 Jly 1X« 1^ LM1 \xn 1OT 

AW. N.T. N.T. 33210 33250 *» i£b \S§ ft] £l 1XS3 

volume: 149 lots Of 100 OZ. Dec 1^ 1^ 1794 L798 1793 17W 

KUALA LUMPUR RUBBER Mar 179* 1783 1.795 1796 1790 1791 

Malaysian cents per kilo May 1x00 1798 1796 1X05 1792 1799 

Clow Previous J«r N.T. N.T. 1795 ixio 1x00 1X04 

Bid Ask BW Ask Volume: 3X40 lots of 10 tons. 

MOV 193a I94a 19350 194a 

Jun 104.25 195a 194.75 195a 

Jfv 1975C 197.75 177a 198a 

Aug n 199_50 20150 200-50 M25o per ntefrlc fog 


Dividends April 24 


193a I94a 19350 194a 

19475 195a 194.75 195a 


160 

17 



Iff* - 

1/14 

1/16 

to 

_ 

165 

12 

14 

16 

16V* 1 

I/It 

to 

5/14 

* 

m 

II* 

n 

11 a - 1 

2/14 9/14 

13/16 1 1/16 

125 

4 

55k 

tv. a 

Ito 

1% 

2% 

2V9 

W 

177167% 


SVk 

IV, 

4fe 

5 

i 

105 

»« 

I 1 * 

2 1M12to 

79, 

71* 



M 

1/16 

Vi 

11/1* — 

— 

— 

— 


NS 

1/16 

to 

— — 

— 

— 

— 

earn 


•tteai*" “ " “ 

SiSS^S^g u 4r B Sg i" 

smeopora cents WUIO o™!™- AUO 22375 2237S 22275 22375 2233 

BH BM 1 *ik S«P 225X0 22558 223a 2237S 22*0 

RSSlMay. 170X0 171® 17075 170JS ^ JJ't NT »*00 mSS 7710 

RSS 1 Jun_ 171 00 171 a 170X0 17ia SI S T 5lt W7M ^nn 

RSS2MOV. 168X0 169a 168X0 169a °* C N T_ N.T. 257J» 93DJm T* * 

RSS 3 May. 166X0 167a 166X0 167X0 

RSS 4 MOV. 162X0 164a 162X0 164X0 . - — ... 

RSS 5 May. 157a 159a 15730 1S330 \ change fgosolO. 

KUALA LUMPUR PALM OIL ! 

Malarslm imaolts par 25 tons 

Close Prev tout j , 

mov ix«i lkm i^) ix5i 1 London Metals 

iT= 11& 1 i £8 1^8 I April 24 ■ 

AUO 1X20 1X70 1J20 1J70 fl i_. 

SOP 1710 1740 1710 1760 

Ocl 17® 1750 17® 1750 

Nov IT® 1750 IT® 1750 

Jan 1790 1740 1790 1740 

Mar 1790 1740 1790 1740 

Volume : o lots of 25 Ians. 

Source: Pouters. 


Apl 33250 23175 231 a 232a 23L® 231X0 iiciiai 
MOV 22975 228a 228a 228a 22*75 USU **- 

Joo 223a 222X0 72275 223a 777 79 223X0 Adobe Oil & Gas 

SInl S 75 S!^ 75 722SX> Afflll B*cd Wvomlns 

2Hf 223a 224J5 A goma Central Ry 

Sep 22550 22558 22300 22123 22*® 226X0 AH*n Group Inc 

25. K'l- H I’ S2'°® 32W » 23QJ 0 A lllad Stores 

SSI 2-1- S-I- 2&22 S-°° 227a Zina Amer Finrono 

DOC N.T. KLT. 22730 23030 2287S 229a AMF Inc 

Volume: 1743 lots of 1® tons. Amstm ind 

Sources: Reut ers and London Petroleum Ex- B^rlcOiie Corn 

Bonk of Montreal 
Burndy Cora 
Catnv Inc 
Cent. Illinois Lght 
Comdisco Inc 
First Security 
Han sermon Inc 
I CM Property Inv 
Inca Ltd 

Indianapolis Water 
Kentucky Utilities 
Lubrizol Corn 
Maytag Co 
Ntefchants Bancnra 


i»*np«iv Per Amt Pay Rec 

INCREASED 

Bt^JmisCoro O .is 5.31 5.10 

Dwernlle Transoort O .18 *-14 5-31 

STOCK SPLITS 
Blessings Cora — 3- lor -2 
Cotton States LMg 8. Health— 2-lor.l 
USUAL 


29% 22 PMIEpf 3a 137 10z27% 

3JV, 23V, PhOEpf 470 112 110*32% 

53% 40 PWIE Bf 7JBU1 50X 50% 
63 50V. PWIE Pt *7S 147 178x62 

10% VA Phi IE pf 1X1 13J9 157 WV, 

W% 6V, PMIEpf 133 13X 90 9% 

57 43 PtlBE PI7J5R1 • 7Bx SV, 

6% PfWIEP# 178 137 35 9% 

51 PhllEPt 9a 14.1 30x 67V, 

84 PMIEpf 730 133 190x56 

151* PhltSub 172 *3 12 28 21 

62% PtillMT 4a *4 12 1276 92% 

10% PWipIn At 12 12 125 21% 

33% PWlPof IM 74 I 1337 40% 

1AV* PtiHVH At 13 9 418 2T% 

2Z% PledAs Jt 9 9 591 20 

23% PleNG 272 74 9 10 31% 

74% Pier) _ 12 70 19% 

34% PUsbrv 1X6 37 11 156 M 

21% Ptoneor 174 4X * .342 &Vz 


61 —1 

10 %— % 

9% 

55V,— % 

dS-% 
it +% 

91% — % 

21% 

40% 

21% + % 
29% + V* 
31% + % 
lf% 

47% 

27%—% 

» +% 



JO 22 10 355 27% 27% 27%—% 

1.10 24 10 78 46 45% 4* +% 

1J4 8J 15 70 21% 21% 21%— % 

3113 3% 3 3 + % 

aX 3032 7516 74% 75 +1 

40 20% 1V% 20 + % 

a 57 28 36 15% 15% 15%— «* 

5 5% 5% 5% 

1-20 37 11 135 32% 32% 32%—% 

a 14 11 267 34% 34% 34% + % 

21 7 6% Mb 

270 48 11 263 50% 49% 49% — % 

225 27 2 10314103% 703% — 1% 

ia 4.1 72 394 44 43% 43% + % 

25 1® 8% 8% 8% 

M 23 12 306 33% 32% 33V* + % 
a 13 14 57 40% 40% 

.90 57 1G 8 151* 15% 151*— % 

ia 53 11 376 19 18% 18% — % 

L40 74 S 32V, 32V, 32V,— % 

20 4 141* 1418- 14% + % 

1X2 37 14 923 57% 57V, 57% + % 

76 17 15 220 35% 34% 34% — % 


39% 28% UTcfipf 2X5 77 65 34% 34% 34% + % 

24% 17% UnITol 1 32 84 9 929 22% 22% 22% + % 

21 131* UWRa 178 6J II 39 >8% 18% 1B%— % 

5$ Hu Unlit-do 30 3 15 63 25V, 25V. 25%—% 

££ Iff Uolvar .^8 £9 12 41 17% 171* 17% — M 

77% Iff* UnlvFd lili 4.1 IT 37 251* 25 25% 

23% 15V. UnLocf U» 48 8 550 22% 225* 22% 

53 30 Unocal 130 23 1236954 49 47% 47% —1% 
*4% 45 UPMm 2X6 3.1 1* 413 82% B2W. 82V,— V* 


23% USLIFE IM 28 11 1298 37% 39 


8% UsIfaFd lJHalOX 


9% 9%— % 


2% TO* UtoPL 272 98 13 332 34% 23% 24% + % 


M 2J3* UtPLpf 280 11J 
21% UtPLpf £TO 117 
Iff Iff UtPLpf 23* 11X 
18% 15% UIPLPf 2X4 109 


25 24% 25 

26 25% 2* + % 

31% 21% 21% + % 

18% 18% 18% + V* 


I 


21% VF Corp 1.12 3X 
13% 5% Valera 
OT* 14 Valor pf 344 14X 

3DU, 19 VbnDrs 37 44 

*% 21* Van 
46te 29% Vorlm M 3 

Iff ^ vara M 3X 


.12 3X B 519 32% 32 32% + U 

, 1003 11 10% 10%— I* 

6 

a V? jl “I 31 % 30% 3^ + w 

■40 3.5 14 _7? 10% W% 10%—% 


^ X'**? a IX 13 103 20% 20% 20% + % 


£12 27 

12 

233 

79 

12% 

77V* 77to + to 
11% 11%— % 

70 IX 11 

159 

12% 

12Vk 12to— 96 

,14b £> • 

34 

7% 

7% 7% 

3 


10V* 

10V* wit — to 

Ale 2J 11 


23% 

23% 2*9— 1.. 

40 34 33 

15 

17% 

I7VS !7Vi— M 


850 

29Vi 

29 29 — V* 

JO 3 7 

w 

12% 

12to 12% + to 

30 4.1 

66 

19% 

19V, 19% + to 


Q 

A7 

+28 

6-7 

O 

35 

5-17 

53 

Q 

70 

6-1 

53 

Q 

.15 

7-1 

+7 

Q 

X3 

7-22 

6-20 

□ 

33 

525 

5-TO 


. . Prey loos 

BM Ask Bid Ask 

ALUMINUM 

Sterling per metric ten I — :.r— ” 

SPOl 90200 903a 887a 88*00 Mu»>ma dJo Inc 

fbrwara 921X0 922® 908® 90X0 I NorwestCora 


Tbw call Mlsme TO426 
ToW coU apsa let Gi31A 
Total put TCtane ism) 

■TOtal Ml gpestaL31JB4 
-led Dr . 

Won 177X4 LOW in* Chnt 1771* + U9 
Soane; CBOE. 


To Our Readers 


Num erica Svg Bk 
Oulbaard Marina 
Partec Inc 


COPPER CATHODES (High Grade) 

Sterling par manic tan ■ rsrm me 

snot 1728® 1730® 1715® 171*50 Pub Svc New Mexico 

forward 1.19*00 1.197® U71® 1771® | RoMjns Comm 

Floating Rates Notes were not copper cathodes (stoodord) 


available in this edition because of [ woo? 10 * P * 1 " "rTHLOMao® i.tto® 1,172® 


Rollins Inc 
Rarer Group 
Rubbermaid 


computer problems. 


i.iraue 1 joq® 1.170® 1,177® 1 Tnrlftv Cora 
1.194® 1,195® 1.189® 1.170® | umted »2SEs Cote 


O .12 % 6-14 5-ID 
O Mt 6-14 5-20 

0 72 6-15 5J1 

O 33 Va 6-23 6-14 
a 49 5-30 5-3 

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U.S. $100,000,000 

National Westminster 
Finance B.V. a 

(Incorporated In The Netherlands with limited liability) 

Guaranteed Floating Rate Capital 
Notes 1992 

Cmvsrtttjle until 1986 into 10 percent Guaranteed Capital Bonds 1992 
(n accordance with the provisions of the Notes, 
notice is hereby given that for the six months 
interest period from 25 April, 1 965 to 25 October, 
1985 the Notes will carry an interest Rate of 
9% per annum. The Interest payable on the 
relevant Intomat Davmnnt Hate M Hrinhcr iqra 


, forward 1.194® 1.195® 1,149® 1.170® 

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forward 516X0 517® 51*50 517® 

TIN (Standard) 

Star Ung par metric ton 
spat 9710® 9715® 97®® 774000 

forward. 9730® 9732® 9730® 9740® 

ZINC 

Sterling per metric (On 

soot 713® 71 2. DO 702® 704® 

forward 712® 713® 701® 782® 

Source: AP. 


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April 23 


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Source: Satamoa Srafhorg 


Singapore IVade Deficit Rises 

Reuters 

SINGAPORE — Singapore's 
trade deficit widened in March to a 
preliminary figure of 926.5 million 
Singapore dollars (5421.1 million} 
from 483.2 million in February and 
compared with 904.5 million in 
March 1984, the government an- 
nounced Wednesday. 


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INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 








Company Earnings 

ftcveraw ond proms. In millions, ora in focal currencies 
unless otherwise indicated 



THE DREYFUS INTERCONTINENTAL 
INVESTMENT FUND N.V. 

Notice of Annual General Mee tin g 

Notice a hereby given that the Annual G enerd Meeting of The Dreyfus 
Intercontinental Investment Fund N. V. (“The Fund”} his been cofled by the 
Management and wiV take place at the registered office of the Fund, De 
Ruyterfcotfa62,Wi8«nitad.Guraqoo. Nethe rl ands Antilas on Moy 16.1985 
at 1 1-00 anx 

AGENDA 

1. Cbraideratioa of the declaration af a dwidend of $0.12 per share to 
Stockholder? of record on May 3T, 1985. 

2. Approval of Financial Statements for the focal year ended August 
31. 1984. 

3. Reduction of ihe Fund's authorized capital from 1.000,000 to 750,000 
shares. 

4. The transaction of such other business as may property come before 
the meeting, or any adjournment or adjournments thereof. 

The foregoing items may be approved by a tnofo oty of Ihe shares cast on 
each item. The Annual Report of the Fund con ta i n ing the Finondd 
Statement s for the fiscal year ended August 31, 1984 ond form of proxy- 
available in Ehgfah or German without cost to the Stockholder — may be 
obtained from the principal office of The Dreyfus Intercontinental Invest, 
merit Fund N.V„ Post Office Baa N3712, Nassau, MP„ Bahama blonds, 
from the offices of the Paying Agents listed below, or from 

Dreyfus GmbH 
MaxwnSanstr. 24 
8000 Munich 22, West Germany 
TeL- 089/220202. Telex: 5/29392 

Holders of bearer shares will be admitted to the Me e ti ng upon prasetdofon 
of their Certificates or presentation of a voucher which may be obtained 
from any of the Paying Agents Sped below. Holders of bearer shens may 
vote by proxy by maSng o form of proxy ond o voucher obtained from one 
of the Paying Agents listed below to Mr. John Buchanan, The Dreyfus 
Intercontinental Investment Fund N.V v c/o RoyWest Trust Corporation 
{Bahamas) Limited, Mutual Funds Department, P.O. Box N7785. Nassau, 
Bdmm blonds. The form erf proxy ond voucher must be received by Mr. 
Buchanan by May 15, 1985 to be voted at the meeting. The Custodians of 
the Fund are the Bonk of New York (90 Washington Street, New York. N.Y.] 
ond RoyWest Trust Corporation (Bahamas) Limited 
AH inquiries should be directed to RoyWest Trust Corporation (Bahamas) 
Limited, Mutual Funds Department, P.O. Box N7785, Nassau, N.P„ Bah ama 
Islands. Inquiries may abo be directed to Dreyfus GmbH, Maxmetionstr. 24, 
8000 Munich 22, West Germany. TeL 089/220702. Telex: 5/29392, 


Bwwfing Green Company UmBe d . 

• *** » 


PAYING AGENTS FOR 
THE DREYFUS INTERCONTINENTAL 
INVESTMENT FUND N.V. 


Morgan Ore efcM * Co. 

23 Great Winchester Street, 
London BC2P 2AX, 

England. 

lanqiw b s kf i soHon a U 
6 Luxembourg 

2 Boulevard Royd, 
Luxembourg- ViHe, 

Luxembourg 2205. 


Deutsche Bonk AG 

Grasse Gaflusstr. 10-14, 

6 Frankfurt/Mom 1, 

West Germany. 

KoyWeet Trust Cot pore Mon 
(Bahamas) Limited 

Mutual Funds Department, 

P.O. Box N77B5, 

Nassau, Bahama Wands. 


Bayer Posts 56% Earnings Increase 


By Warren Gcder 

International Herald Tribune 

FRANKFURT — Bayer AG 
said Wednesday ihai i[ posted a 56- 
percent increase in net group in- 
come in 1984 and confirmed that it 
would lift Us dividend to 9 Deut- 
sche marks (about S3) from 7 DM. 

The company, which is based in 
Leverkusen, reported that its 
world-group net soared to a record 
1 .174 billion DM in 1984 from 754 
million a year earlier. Earlier this 
month, Bayer said 1984 world- 
group pretax profit climbed 34 ,3 
percent, to Z9 billion DM from 
2.16 billioD a year earlier. 

Bayer's dividend matches its two 
primary domestic rivals, Hoechst 
AG and BASF AG. Both firms 


earlier announced increases of 2 
DM, also to 9 DM. 

On Tuesday, Hoechst reported a 
49-percent rise in 1984 group net 
profit, to a record 1 35 billion DM 
from 909 million a year earlier. 
BASF said its group net jumped 73 

Thomson in Indian Venture 

Reuien 

NEW DELHI — France’s slate- 
owned Alcatel Thomson plans to 
form a joint venture in India to sell 
telecommunications technology 
and products, the French govern- 
ment said Wednesday. The new 
linn is to be owned 40 percent by 
Alcatel Thomson and 60 percent by 
private Indian interests. 


percent, to a record 895.5 million 
DM from 517.2 million. 

Pretax profit at Hoechst was up 
46 percent, to 2.85 billion DM in 
1984. compared with a 50- percent 
rise to 2.52 billion DM at BASF. 

According to analysts, the 2-DM 
dividend increases at the “big 
three” chemical groups was greeted 
without enthusiasm on the Frank- 
furt Stock Exchange. On Wednes- 
day. share prices of all three firms 
dipped, with Bayer down 20 pfen- 
nigs to 213.8 DM, Hoechst down 
70 pfennigs to 214.3 DM, and 
BASF ofT 20 pfennigs to 205.5 DM. 

However, an analyst at Com- 
merzbank A G said the companies 
are in a good position to again raise 
profits- 


Batus Reports 

Higher Earnings 

Untied Prta International 

LOUISVILLE. Kentucky — 
Batus Inc, the Louisville-based 
bolding company for Britain’s 
B.A.T Industries, reported 
Wednesday a 21-percent in- 
crease in net income for 1984. 

Profit rose Iasi year to a re- 
cord S314 million on of 
S6.2 billion from S259 million 
onS6.06 billion in sales in 1983. 
the company said. 

Batus holdings include 
Brown & Williamson Tobacco 
Corp M Appleton Papers and 
several retail chains, including 
Saks Fifth Avenue. 


U.S. Company Agrees to Sell 
British Engineering Software 


E. Germany: Hoarding , or Saving for High Tech? 


By Bob Hagcrty 

International Herald Tribune 

LONDON — American Chan- 
nels Inc., formed recently to sell 
European engineering software in 
North America, plans to announce 
Thursday its first licensing agree- 
ment. 

The Lexington. Massachusetts, 
company has signed an accord with 
CADCentre Ltd. of Cambridge, 
England, covering three of that 
company’s products. 

Roy Finney; a Briton who is 
president of American Channels, 
said European scientific and engi- 
neering software houses have a lead 
over their ILS. counterparts in cer- 
tain areas but often lack the re- 
sources to sell successfully in the 
United States. 

He said his company, set up ear- 


lier this year with $1.2 million of 
venture capital, is bolding talks 
with other potential partners in 
Britain, Belgium and Israel. 

The CADCentre products in- 
volved are used in computer-aided 
design of mechanical parts, in com- 
puter-aided manufacturing and in 
process planning, which involves 
organizing production. American 
Channels is to help adapt the prod- 
ucts for North America, distribute 
them and provide support. 

CADCentre is 40- percent owned 
by ICL, Britain’s hugest computer 
maker and itself a unit of Standard 
Telephones & Cables PLC. Other 
shareholders in CADCentre are 
Cambridge University. SlA Com- 
puter Services and W.S. Atkins 
Group. The company derives about 
a quarter of its revenue from the 
United States. 


(Continued from page 15) 
dose of high technology, which it 
can get only in the West. 

East Germany ranks between 
10th and 12th in the world in indus- 
trial production, according to 
Western estimates. It is far ahead 
of other Eastem-bloc countries but 
still far behind the major Western 
industrial nations. 

“It must modernize at all cost; if 
it doesn’t it will fall to the level of 
such semi-industrial nations as 
Mexico,” a West German official 
said. 

East German industries are do- 
ing well in many traditional fields 
including the production of heavy 
machinery, machine tools, printing 
presses, textile machines, special- 
purpose machines, and advanced 
optical wnH mariir*! instruments. It 


of textiles, shoes and some other 
consumer goods, according to 
Western specialists. 

But East Germany is lagging in 
the development of automation 
and the wnole range of modern 
electronic refinements its industry 


needs to compete in advanced mar- 
kets. 

One specialist estimated that the 
East Germans were seven years be- 
hind Western Europe in computer 
hardware, and 10 or more years 
behind in software. 

“Their main bottleneck is hard- 
ware,” he said. “They have excel- 
lent mathematicians and are doing 
fine theoretical work but you can’t 
develop software if you don’t have 
the hardware to use and train on.” 
West Germans wat ching East 
Germany's economic progress of- 
ten speak with respect of the efforts 
made in “the other Germany.” 

The East Germans, one analyst 
observed, had a rough start eco- 
nomically as well as politically. 
They had no Marshall Plan but. 


dismantled their industries »nrl 
shipped them east. 

He added that, unlike West Ger- 
many, the East Germans could not 
buy licences for modem postwar 
technologies. Using the aircraft in- 
dustry as an example, be said. “Un- 


til the late ’50s we were not allowed 
to develop an aircraft industry. But 
then we got licences for our own 
military planes and now we are one 
of the nations that build the Air- 
bus. We couldn't have done it if we 
hadn't bought the licences. And 
this the East Germans can’t do.” 
And because of their Socialist 
system of planning they could not 
match Western productivity, he 
said. “Honecker says their produc- 
tivity per worker is 30 percent low- 
er than ours. We believe the differ- 
ence is closer to 35 percenL” 

In the late 1970s, the East Ger- 


mans introduced a system of con- 
centrated production! The)' created 
some 120 giant concerns, called 
Kombinaie, each grouping a multi- 
tude of individual factories. Having 
run deeply into hard-currency 
debts, the regime derided to adopt 
a stringent austerity policy. It re- 
duced imports of all Kinds, includ- 
ing much-needed industrial equip- 
ment. 

At the same time, it launched a 
drive to increase production with 
whatever means were available and 
started building its reserves to 
again become credit-worthy. 


Some High-Tech Value Seen 

(Continued from Page 15) said. Tandem and Stratus, two s 


makes sense.” Bui investors must 
be aware of the complexities as well 
as the opportunities, he added, now 
that the “end market has softened 
and IBM has become more aggres- 
sive.” 

He singled out Cullinei as a com- 
pany with “sound” fundamentals. 
UCCEL and Businessland also 
look favorable on examination, be 


said. Tandem and Stratus, two so- 
called Tault-toleram companies, are 
auractive, along with Xidex. He 
said Ungermann-Bass is a buy on 
continuing weakness. 

Linda Tanner, a director of La- 
denburg Thalmann International 
in London, pursued this theme, 
urging caution. 

Topping her list of standards are 
“talented management and good 
financials.” 


EMPLOYMENT 

DOMESTIC 

POSITIONS AVAILABLE 


AUTOS TAX FREE 


EXCAUBUR 



INTERNATIONAL CLASSIFIED 

(Continued From Back Page) 


SERVICES 


PAMS 704 SO 17 
VP PA YOUNG LADY 
MuWSnguofc 


AUTOS TAX FREE | LOW COST FLIGHTS 


NY ONE WAY SI 50. Everyday N.Y.- 
W«f Coart $145. Pore 22592 90. 


HOLIDAYS * TRAVEL 



MONTGOMERY FINANCIAL FUND LTD. 


Notice » hereby given that the second annual general meeting of the 
above company wifi be held at the offices of Cayman Corporate 
Services Ltd., 3rd floor, first home tower, British American Building, 
Grand Cayman at 10KX3 a.m. on May 21st, 1985 when Ihe fallowing 
ordinary business will be transacted. 

1. To receive and consider the report of the directors and the financial 
statements for the year ended December 31st, 1984. 

2. To receive and consider the report of Hie investment manager or his 
representative. 

3. To ratify the declaration and payment of a dividend by the company. 

4. To ratify dl acts of the directors up to the time of the A.G.M. 

5. To transact any other business which may be properly transacted at 
on annual general meeting. 

A member entitled to attend and vote at the meeting is entitled Ig 
appoint a proxy to attend and vote in his stead. A proxy need not be o’ 
member of the company. To ensure receipt by the company of your 
proxy, proxies should be lodged at the offices of Cayman Corporate 
Services Ltd., P.O, Box 1062, Grand Cayman, B.W.I., not less than forty 
eight (48) hours prior to the date appointed for the meeting. Bearer 
shareholders must present their certificates to the chairman of the 
meeting on the day. 


Dated 24th day of April, 1985. 


By order af the Board 

Cayman Corporate Services Ltd., 

Secretary. 


dm producing 300 FtP. in its naturd 
farm or 425 tip. when Supercharged. 

Phaa start tfU5S6«jOD + opriand 
equipment (FOB factory). 

The winner af *• 15*1 


^ i.i. M 


triijSr- 




AUTOMOBILES 



GERMAN CARS 
FROM GERMANY 

Experienced cor trader far Mercedes, 
Porsche or BMW. Immodoto delivery. 
BA service import/export U_S_ DOT & 
EPAfor touris* and deotor. OCM, Tear- 


UNLTD. USA & WORLDWIDE Tab 
212-765-7793 / 76S7794 


SOOEIE DIANE PARS 260 87 43 
Mon & women gudex, security & reafc 
mg oar services, 8 am ■ 12 pm. 


nUNKHiRr. Young lady companion. 
Engfah, French, German spoken Fret 
ra travel. 069/44 77 75. 


PARIS NOTE THtSWONE AT ONCE 

757 62 48. T/wsrfu) VIA lady, travel 
compa ni on. 


LONDON. Young German/French oE- 
ance to meet you on your virtt-to 
. London. Toll UK (H -381 6851 

FOR SALE & WANTED | smoapok inti guides, a* sn- 


AUTO SHIPPING 


TRANSCAR 

- nCCAlSHmNQ 
SPECIALISTS 

PAHS Ql 500 03 04 

CANNB/MCE JV33 39 43 U 

HtANCFURT fJil 071 80 51 

BOMsl / COLOGNE (0228)212921 
STUTTGART p7£Xni 88061 

A4JNKH fJ89] 9j 10 45 

BREM8MAVEN (0471143063 
NEW YORK Pig ff/5 7061 

HOUSTON fin| 931 7605 

LOS ANGELES 213 568 9288 

MONTREAL 5T4 666 6681 

aobuts would tine 

Leave it to us to bring ir to you l 


Tel: 33 - 93 - 25 63 91 
Teiexi 469870 MCS 

We will shortly be Opening showrooms 
in Comes and Geneva 


TAKE THE PROFIT 

On your new Europxn auto purchase 

mate fhoir bi* buyiag prices available 
far your indrndud purthai* 

Parlies, Import 

• you lalte Ihe profit 

• we do ihe work 


rteoewn . B, 4 Duesutdorf W. Gcrmo- 
■*TTefc (0) 211-434646, telex 8567374. 


BJtOPORT TAX FRS CARS 
Call far free cattjog. 

Bcr* 12011, Ronerdan Airport, Hoftcrd. 
Tel: 010623077. The. 25071 KAR NL 


FOR SALE BECAUSE OF MOVE 
IKE NEW. TEOtO office eqopnwit 
+ typewriters + telex + 
photocopier & mbcefaneous. 
PLEASE CALL 720 42 72 PARS. 


EDUCATION 


734 96 2U 


HONG KONG (K-3) 723 12 37 




AUTO 




An Invitation 
to Oxford. 

The International Herald Tribune and Oxford Analytics 
present a Special Confaence on 
The International Business Outlook. 

Christ Church, Oxford, 

September 19-21, 1985. 



Send for a quotation tor 

MYCAR 

of Lb dandge 

(15 minutes from London Airport) 
^5 V^Aor^S ^ et.^ U ^rid^ 

5fcW%^71<J73^21fl3 
The UK 8813271 GECOMS G 

MYCAR 


NEW MERCEDES 190E2.3- 1 Avdve. 


loaded, export price - DM64000. 
pt®n«: {0)211-13 39 44/5. iSmc 
6584458 Auto D 


BOATS & 
RECREATIONAL 


COOPS ST JAMES 

OFFICIAL AGENT 
OF BMW |GB) LTD 

Whie you are in Europe, we can offer 
ranstoenetol e savings on brand new 
BMW cm to most spedBrnhora. FuD 
fadary warrarrfy. 

We eon ako supply right or left hand 
drive tax tree BMWs or tourst poem 
We c*o *«iy factory txdr bcBet- 
proof BMw and the Alpmo BMW 
range tax free. 

RUTE INC. Ce6 London (01 ) 629 6699. 

Tnrvsst. 52. 6000 Frankfurt 

W Germ, tel rn 69-222351, ti* 4^559 NEW MBCBB, IMW. RHD ta 
tofarmeton-Jybypfmneortam 



YOUNG LADY 

PA/Irtferpretef & Tourism Glide 

PARIS 562 0587 


** PARIS 553 62 62 ** 

FOR A REAL VJ.P. YOUNG LADY 
OatxiBUBtied. Begcrt, MiMEngud. 


AMSTERDAM 182197 

IWiSTRIL LADY COMPANION 
Charming, educated, traveled 


YOUNG UDY GOMPAMON Lon- 
don/ Heathrow. Tefc 386 701. 


TOKYO UDY COMPANION, PA 
Personal Assistant 03456-5539 


LONDON: EDUCATED LADY Cor* 
panron/Guidt TeL 889 1694. 


TOKYO 645 .2741. Touring & shop- 


YOUNG OCEANIC LADY in London 
01-245 9002 Ainxxts/TraweL 


PARIS BILINGUAL ASSISTANT to 
ttueness executives. 500 58 17 


PAIS LADY NTOTREIBL Travel 
companion. Paris 633 68 09. 


PAMS, YOUNG FRENCH EDUCATED 

... 


LOW COST FLIGHTS 


ICELANDAIR 

30 Yaars Anniversary 

Special one way lives 
vc*y Stay 7th - June Wi 


YOUNG EEGANT LADY iwest Indian lady Companion t* 
PA. PARIS 525 81 01 1 u,ndo " 38, 9847 



* PARIS 527 0! 93 * 

YOUNG UDY mUNGUAl TIMA 


TOKYO: 442 39 79 

Ewopean young lady companion. 




HOMO KONG - 3-620000 Young 



ton London/HeadvOw 01 385 


747 59 58 TOURIST GUIDE. Pons, 


ESCORTS A GUIDES I ESCORTS* 


ESCORTS* GUIDES | ESCORTS & GUIDES | ESCORTS & GUIDES 


INTERNATIONAL 

ESCORT 


Head office in New York 
330 W. 56th St, N.YC 10019 USA 

212-765-7896 
2 T 2-765-7754 

MAJOR CREDIT CARDS AND 
CHECX5 AGOPTHJ 


LONDON 

BEST ESCORT SERVICE 
TEL 200 8585 



* USA A TRANSWORLD 

A-AMERJCAN 


EVBtYWHHE YOU ARE OR GOL. 

1-813-921-7946 

CoB free from Ui 1-000-237.0892 
CoS free From Rorido ; t«0-2834a92. 
Level Eortem vmioomes you bodd 


CAPRICE 

ESCORT SERVICE 

» 

IN NEW YORK 
TH : 272-737 3291. 


LONDON 

BELGRAVIA 


Tel: 736 5877. 


LONDON CLASS 

ESCORT SERVICE 

LONDON, HEATHROW 8 GATWKX 
Tel: 01 890 0373 


AR1STOCAT5 

London he art Service 

128 Wigmore St, London W.I. 
Al mo)or Cede Cards Accepted 
Tel: 437 47 41 / 4742 
12 noon . midnight 


* MADRID * 

TASTE ESCORT SERVICE 
THi 411 72 57-259 61 96 


ZURICH 

CAROIME ESCORT SBtVICE. 
Tefc 01/252 61 74 


ZURICH-GENEVA 

GMG8T5 E5GORT SERVICE. 
TEL: 01/363 08 64-022/3441 86 


ZURICH 

AIGUS ESCORT SBtVICE 
TEL 01/69 55 04 


* AMSTERDAM * 

SHE bcort Servke. 227837 


* KITTY * 

MADRID SBtVICE 250 34 96 


VIOINA- DESIREE ESCORT Serace. 

MEAN ESCORT 

SERVICE: 02/69762402 BCORT Ser- 


LONDON ZARA ESCORT Service. 
Heodirew/Gotwid. Teh 834 7945, 

AMSTERDAM FOUR ROSES Escort 
Service (DI 20-964376 


RANKRJRT SONIA ESCORT Ser- 
vice. TeL- 069-66 34 42 

ESCORT SStVKE 020-999244 j RAMGURT-AFMrs Escort Service. 

1 TeL 069 / 2661-03. 


AMSTHDAM BARBARA 

ESCORT SBtVICE. 020-954344 


GBEVA * BEAUTY* 


TEL 29 51 30 



LA VENTURA COPENHAGEN 


DUSMDORF - COLOGNE - BONN 
Ewduvvn Escort 4- Travel Service. 
TeL 021 1-099863. 


NEW YORK ESCORT SVKZ 
212-888-1666 


AMSTERDAM 

Ckm Escort Service 

229817 er 246145 


MAYFAIR CLUB 

GUIDE SHrinCE fcem Sens 
ROTTERDAM (0) 10-254155 
TIC HAGUE (0) 70-60 79 96 






. ' v. ~~j." m-w urn 

















Pbrhncn Escort Agency 

67 Chitons S treat, 
London W1 

Tel: 486 3724 er 486 1151 
AH meier credit code accepted 


LOFOON G8LE ESCORT Service. 

■ Tet 370 7151. 


TH; 2456548. CREDIT CARDS 


ZURICH 

Jarxs^eJo^^ 


BBT ESCORT SERVICE 
TeL 01-29 52 13 


ROME CLUB EUROPE ESCORT 
& Guide Servioe-TeL 06/589 2604- 589 
1146 (ham 4 pm to 10 pm] 


GENEVA ESCORT 

SBTVICE. Tel: 46 1 1 58 


CHBSEA ESCORT SBTVICE. 

51 Beauchamp Piece, London 5W3. 
Tefc 01 584 6513/2749 [4-12 pm] 


GMEVA TOP ESCORT SBTVICE 
fur Wi rt un d 4- Travel, Heme 
Reserve. Tel: 022/32 34 18 


GBEVA - BEST 


TBi 022/86 15 95 


AMSTERDAM JASMITC 

ESCORT SERVICE. 020-366655 



LONDON ESCORT SERVICE Tefc 937 
6574. 

VIENNA C3EOPA1RA Exert Service. 
T* 52 73 88 + 47 70 35. 


VIBfNA ETORE ESCORT SERVICE. 

Tefc 56 78 55. 



HTAM0UET/MUMCH Mda Escort 
F Servian 069/386441 & 089/3518226. 




HAMBURG ESCORT + GUIDE Ser- 
vk& Tefc 54 17 43. 


LONDON GARBB1A ESCORT Ser- 
vice. Tefc 01.229 6541 . 


BRUSSB5. CHANTAL ESCORT Ser- 
vkm Tefc 02/520 23 65. 


DOMMA. AMSTERDAM ES03RT 

Guide Service. Tefc 1020] 762842 


FRANKFURT “TOP 104" Escort Ser- 
vice. 069/596052. 


HAMBURG - SABRINA Eicon Ser- 
vice. Tefc 040/56 65 S- 


LOFOON RAYSWATER ESCORT Ser. 
vwe. TeL 01 229 0776. 


AMSTBtDAM BRAZOiAN Escort Ser- 
vice. Tefc » 20-181951 


AMSTBTDAM JEANEY Enort Service 
Tefc 10201 326420 or 340110. 


COlOQFCDmekkxf-fionvAodvn. 
Irtdam eraortierviee. 0221/54 33 04 


DUSSBDORF-COLOGNE-Ecien-Bofxi 
Engfah Escort Service 0211/ 38 31 41 


MUMGH • BLONDY 6 TANJA Enrt 
Service. Tefc 311 79 00 or 311 79 36 


STOCKHOLM ESCORT AND GUIDE 
Service. Tefc 68 34 6& 


VIBWA£HRSr ESCORT mrvice. Tefc 
022444191 or 722432. til iridmgta. 


HEATMOW LONDON ESCORT Ser- 
wee. Td. 9946682 


FEW YORK: RBLEBe Escort Service. 
Tefc 212-581-1948. 


fan, Tefc 069/55 88 26 


^ f«»*T SBTVICE Frwfcfart 
7241 107 aher 6 


JWACT ?SOJW ^Gwde 


(ONDONZOE WEST Escort Agency HOLLANDS BCOTT SHV1CE 050. 
Tefc 01-579 7554. I 222785, 

































































































INTERNATIONAL 


1 u ;TTi 


Wednesdays 

AMEX 

3pm 


Tables include the nationwide prices 
up to the closing an Wall Street 
and do not reflect late trades elsewhere. 

I ia The Associated Press 


9% S FrtoE n _ 251 B% 8* 8* + * 

in 10% Frtona 20 23 11 ZMIIU 1H Hit 

3M 12* Frtaehs 30 1.1 17 4 20* 28* 20V. — % 

UK 9 FmtHd 63 m 73% 13% 

7* 4% FrtA wt .179 32 I » » 5%— V, 

m 10* PorVltn 19 206 19% 19 19 — It 


30% 7% LMFPh .90 U I 15 1M 1H 19 

3% IK Loose 13 2 2 2 — Vi 

39ft 23% UKlnvr 18 209 34* 3» »h + * 

1AM M Lumex -08 4 23 79 U 13* U — % 

UK 6% Lundy I* 19 IS U 12K UK— % 

U 10K Lurto 9 42 12 11* UK— Vk 

3S* un LynCSy jo 3 is 174*35* 25% 35 % + it 

10K 9 LvnettC 30 11 ■ 1212 91* •* 9* + * 


7 + % 

7% + * 
8 % + % 
7Vfe + * 
life + K 
8% 19% + H 
4* 6*+tt 
2 * 2 % + * 
n % 

9% fife— It 

2V. isit 


9 3lt 
I 41t 
A life 
15 9* 

3* life 
infe ok 
um 7 
13M 9* 
4K 2K 
17% 12% 
5 2K 
17* 111ft 

7* 2* 
16* 11* 
13* 7% 
3K 1* 
11* Bit 
39 21* 

20% 0 
34* 17 
37 23* 

Alt 2* 
21* 10* 

ss % 

2«fe IS* 
12 0 * 
15* TO 
40* 27 
25 A* 
17* 4* 

77* 27* 
13* B* 
15* ID* 
32* 22* 


GNCEti 

GRI 

GT1 30 

GflkzxC B 

GOlxvO 40 

Got Ut 

Goyird 16 

GelniS 16 

Gemco 73 

GOofna I il I 
QnEmp 20 44 15 
GnMler .10 3 12 

Genista 

GtnvDr 20 U 13 
Gmffes 5 

GWRwt 

GeaRspf 1J0 94 
GtantPd JO 2.1 12 
GatYJa 

Gkstftt JO 24 7 
Gbimr 1 JOb 29 16 
GIObNR 

Gtoser 44 21 11 

GoMW 

GJdFJd 

GfTtdAu 40 21 12 
Grant 9 

GrTedi 15 

GrtLkC 44 12 15 
Gramm 12 

Greiner IS 

GTMS4SSC 

Grddi JOb 43 10 
GlfCds -53 
GltStr 40 1J 16 


10 4 
10 SU 
U 3* 
47 II* 
30 2* 

U 9 
239 S* 
5 II* 
4 3* 

68 14* 
1 4* 

3 13* 

4 4* 
19 13* 
3B t2Vt 

15 3* 
92X10* 
BO 37* 
43 11* 

16 34* 

IB 34* 
41 3* 

22 zm 

23 3* 

105 1 

5 T9* 
10 10 
13 12* 
62 37* 
39 23 
15 11* 
32 29* 
21 11 * 

1129 14* 
36 30 


4 4 

5* 51t 

3* 3*— * 
11 * 11 *—* 
2 * 3 *— * 
S* 9 
B* 8*— 1 
11 * 11 * 

3* 3* 

14* 14* 

4* 4* + * 

13* 13* + * 
4* 4* 

13* 13*— VS. 
12 12* + * 
3* 3* + It 
10 * W*— * 
37* 37* + * 
10 * 10 *—* 
34* 34* 

34 34 — * 

31t 3* 

33* 20* 

* 

19* 19*—* 
13 10 

12* 12* + * 
37 37* + * 

22* 22*— It 

11* n% + * 

29* 29* + * 
11* 11* 

14* 14* 

29* 29*—* 


.42)112 
22 11 7 


3 

8* 

U 

6* 

10 

2% 

4 

22* 

3 

36% 

mi 

12* 

56 

23% 

24 

4* 

85 

a* 

1? 

,! E 

3 

* 

5 

13* 

19 

3% 

IS 

21% 

27 

1% 

9 

31* 

5 

B% 

17 

8* 

96 

9% 

2 

5% 


12 * 12 * 
39* 39* 
9* 9* 
22* 22* 
1* 1* 
8* 8* 
12 * 12 * 
3* 3* 
1* 1* 
7* 7* 
4* 4* 
1* 1* 
9* 9Vfe 
9* 9 Vt 
1 * 1 * 
29* 30* 
34* 34* 


33 

3% 

3% 

3% 

47 

20% 

20V) 

20%' 


27* TO QiM&SO 28 


1 27* 27* 27* 


£+5 

3* + % 

7 — * 
26*—* 
71*- * 

SJ + 15 

3* 

33 + » 
8* + » 

25 + K 
10 *—* 

W-* 

7** + * 
3* + * 
12* 

mt+ * 


16* WH 
7* 7* 
13* H* 
15* 14* 
10* II* 
IS* 15* 
19* T9* 
46* 45* 
4* 4* 
12* 12* 
14* 14* 
11 * 11 
2* 2* 
11 * 11 * 
16* M% 
B* 7* 
W* 10* 


16 * + K 
7* 

13* 

14* 

18*— tt 
15* + * 
19K+ « 
46 +* 
4% + Vk 
12* + * 
14* + * 
11* + * 
2* 

11* + M 
16*— * 
7*— * 
10* 


24* 16* 
22* 14* 
12 4 

20* 10 
7* 3* 
7lft 3* 
B 5* 
36% 25* 
10% Mb 
II 7* 


OEA 13 

Oakvnl Mb A 12 
DMAa 39 

OtHnn* JU 12 IB 
OOklep 

Onanhn JOSe J 31 
OrlotH A J5 23 15 
OSuthm 22 U U 
OxfrrfF A2t 4J to 
O zarfcH 20 23 ■ 


2 21 21 21 
6 IB* IB* IB* 

1 7* 7* 7% + * 

71 If* 19* 19%—* 
35 5* 5* 5* + * 

76 7* 7* 7* 

4 6* 6* 6*—* 

24 35* 35% 35% + U 
30 9* 9* fM 

114 8* 8* Vi— * 


17* 12 Jodw job as f 
8* 5* Jacobs 

5% 2% JetAm 5 

2* * JetAwt 

8% 4* Jetron 499 6J 15 

6% 2* John Pd 

11* 7* JohnAm JO 30 14 

11* 3* Johnlnd 4 

7* 4 JmpJkn 5 

31* 21* Jupiter 8 


1 14* 14* 14* 

82 7 6% 7 + % 

S Tt T 

15 8* 7* 8% + * 

205 4 3* 4 + tt 

52 W* 9* 10 
W7 7* 7* 7% + % 
59 4* 4 4 — * 

2 31* 31* 31*—* 


19% 11* CDls 9 

15* 9 CHS 20b 1J 139 

9* 5 CM I Cp 

4% 1* CAAXCp 

19% 13KCRS MUM 

79* 9* CcnsNJ 14 

B’ii 4% CaoleA 5 

13% 10 Cal RE 128 «J 9 
25 IB* CaJmtn JO 24 26 
6% 3* Colton n 

l* % Calm wt 
10% 7% Calorap JWIOJ 4 


19* 19* + * 
IS* IS* 

8 % 8 %—* 
2* 2* 

17 17 

13 13K — M 

5% 5%—* 
l»fc 13 +* 

23% 23% — % 
S 5%— % 

* *— K 


BM FPA 82 

16* Rablntf 40 2.1 7 
2 FalrmC 
4* Flskrto 

9% FIConn UKJa 9J 7 
18* FtFSLn 40b TO 7 
11 FWVmB JO 64 10 
11* FfachP 48t 54 10 
7* FttcGE 4 

22* FttGEpf 4X0 164 
8* FlanEn 

25% FtoRek JO U 10 
22* Fluke lMt £4 W 

6 u. Foodrm 10 

7* FaotttM 
28% Foote Pt 
4% FltiltlG 21 

68% FaidCnd4J0B 
15 ForafCA .15 J S3 

15 ForstC B 09 A 83 

11* ForwstL 33 

* Fotomt 
4* FrdMIy 

14 FraREl _ 18 

7* Frtedm 28b 34 II 


16 13* 
9 19 

18 3% 
429 5* 

4 10% 
12 30* 

17 12* 
21 12* 
39 8* 

5 25 
12 9% 

5 40 
77 25* 

6 10 
IS 8* 

2 32* 

235 9 

1807 92* 

4 3D* 

3 30* 
84 19* 

167 2 
12 6 * 
39 22 
I «% 


12 * 12 *- 
19 19 - 

3% 3% 

5 5% 
10* J0%- 
30* 30* 
12 * 12 * 
12 12 % ■ 
8% 8* 

2436 25 
9% 9% 
39* 39*- 
35% 25* 
9* 9%- 
8* B%- 
32* 32*- 
H> I ■ 
92* 92*- 
20* 20*- 
20* 30*- 
18* 18*- 
1 * m- 

6 6 - 
21* 22 
•M «%- 


37* 

28* KnGspf 450 124 


301b 35* 

34 

35* +* 

3% 

1% KapofcC 



7 

50 

3 

2* 

2*— % 

15% 

10 KayCo 

20 

12 

23 

6 

14% 

U% 

14% + * 

16* 

9* Keartin 

A0 

3.1 

M 

130 

13 

13 

13 

17% 

10% Ketctun 

481 

19 


33 

15* 

14* 

15 

9% 

5* KayCo 

20 

24 


3 

7* 

TV, 

7% + * 

17% 

8 KevPft 

JO 

21 

» 

775 

9* 

9tt 

9H— Ifc 

13% 

5 KevCa 



8 

2 

6 

6 

6 - W 

9% 

7% KevCa un 




17 

7* 

7% 

7*— * 

4% 

2* Kidd* wt 




14 

3* 

3* 

3*- % 

4% 

3% KHorn 



33 

1 

4 

4 

4 

5* 

3* Klnark 



21 

16 

4% 

«* 

4*— Vfc 

6* 

3 tarbv 




45 

3% 

3* 

3*+ % 

5* 

3% KltMffc 



12 

1 

4% 

4% 

4%— % 

3* 

2 Kleerv 

SOr 

S 


24 

2% 

2% 

2%— % 

15% 

9* Knaoa 



17 

13 

14% 

14* 

14* 

15% 

8% Knoll 



14 

52 

12* 

12% 

12% — % 

27% 

21 KeserC 

222 

8.9154 

47 

26* 

25% 

26% + %, 


3* 2* LaBonj 
38% 23* Lakes* .Me 
14% 11% LndBnn 44 3J 9 

17% 11 Uknks J2 2-0 11 

16* vtft Loser 50 

13 8* Lcsurnn 17 

27* 24* Learpp 
9* 7* LeePft 15 


25 2% 2* 2* 

5 35 3S 35 — % 

9 32 14* 14* 14%—* 

II 17x16 16 16 +* 

50 19 12% 12* 17% — % 

17 10 11 11 11 

27 25 24* 24*—* 

15 TO 6% 4* 6% + tt 


10* 9* 
27* 16% 
12% 4* 
5 2* 

23% 14% 
7* 3fK 
15% 9* 
8 % 3 % 
9* 5% 
6% 2* 
63% 52 
12* B 
19% 13% 


V5T n JOB 30 
Voter* 44 10 12 
Verbtm _ 

Verlt 21 

VIAHlC 40b 2.1 9 

veSt so 11 10 

Vert-phi .10 24 

vseon 12 


JA 32 13 
JO 42 11 


46 10% 
6 21 * 
533 7* 

53 5% 
4 19% 
2 4* 

41 9% 

83 4* 

60 7% 

4 3* 

1 62* 
1 UV* 
32 19% 


9 % 10 
21 * 21 * 

7% 7% + * 
4* 4*— * 

19% 19% + % 
4* 4* 

9% 9%— * 
3% 4*— Vfc 

7% 7% + % 
3* JK + % 
62* 62* + * 
11 * 11 * 

18* 19% + % 


1 JO ,140 
09 S 17 


13 

II 

.Ue 14 24 


21* 
74* 74* 
8 * 8 * 
79% 19% 
5% 5% 
2 * 2 % 
20% 20% 
8% 7* 
2* 2% 
9* 9% 
5* 5 
27 27 


The Global 
Newspaper, 


11 % 6 % 
12* 7% 
19% 5 
14% 6% 

18* 13 
10% 6* 
15* 9% 

6 % 2 * 
4* IK 
22% 13% ' 
60* 33% 
a s* - 
20* 7% ' 
5% 2 
31* 21* ‘ 


Jit 64 19 32 8% 
-10« A 26 11 ms 

12 2 m 6 % 
43 23 10 


7* 7*—* 
12 * 12 % + % 
5 % J%— % 
9% 10 + % 
18% 18%+ % 
7 7 

14 14* + * 

3% 4 

2% 2% + * 
IS* W + % 
55% 55% —1 
4* 4* 

M* 16W— * 

2* m 
28* 28*— % 




Americans use planes like Europeans use 
taxis. Not only because their country is so 
, vast, but also because their climate is so 
hotly competitive. 

They dare not miss out on any business 
opportunity. 

Of course getting them to the right place at 
;the right time presents problems. Planes are 
; not taxis. 

So how can an airline effectively connect 


all the major cities? 

We got around the problem by re-inventing 
the wheel. 

We have created two central hubs whose 
spokes radiate out to directly link over 55 
cities in the US. These hubs are at Dallas/Port 
Worth and Chicago. 

AmsrteapAirlines 


lb meet the demands of the 
fast-moving^time-is-money 


American business travel lee 

we re-invented the wheel 


And now we are adding three more 
spokes to our wheel. From London and Paris 
you can fly non-stop to Dallas/Fort Worth 
And from Frankfurt you can fly non-stop to 
both Dallas/Fort Worth and Chicago. 

Which means you can get to almost any 
where your business takes you in America on 
one ticket, with one airline, with Just one stop. 

Doesn't that sound better than flying 
around in circles? 








SOMETHING SPECIAL IN THE AIR. 






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i 




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***** 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 


Over-the-Counter 


April 24 


nasdaq Notional Martel Price* 


100* High Lew 3 P-M.Oi'ae 


12ft 

1ft 

7ft TV. 
Sft 3V. 

w n. m 
h m 2M 
eft 4ft 4ft 
)0> im IBM 
TV. 7ft 7M 
71k 7ft 
71k 
7M 
4M 
7ft 
7ft 


19 4 

5ft 

6 

U 3 

2ft 


3710 

9ft 

9ft 

4111ft 

me 

lift 

9 5ft 

5ft 


20 1ft 

1ft 

1ft 

78 7ft 

7ft 


2796 

25ft 

23ft 

2911ft 


10ft 

4134 

ZHt 

23ft 


DBA 

OCNY US* 
DO! 

DU(M 

DMA PI 

DSC 

DeMbrg 

DalrMt » 

DotaySv 

OaW*F 


IJT7 14ft left 

mm a mm 

4 3ft Jft Jft 
131 MM 13ft 14M 

2 7 Mfc 7 
547220 mb 171b 
now An m 

310ft 10U w>& 
132721 Z7ft 27% 

5 20ft 3*ft 2Sfe 


Um 2 fUfLOTge 

I2U 17*4 

2216 22V.— M 
12V. 12U.— M 
TUk 7V. — M 
10 UM + kb 
13V. UM. 

71b 77k 
12 V* 1216 + kb 
Z 7 ft 27 ft— Vb 
Oft <Hft + V. 
a a — m 
itfa lau + ft 
12ft ISM— ft 
12ft ISM— Vb 
17 12 

a a — % 

13V. 13V. 

7M 9ft 
22V. 22% + Vb 
17M I7M— ft 
2b 2aV> + % 
22*. 23 + M 

2Mb 2AM + Vb 




Taipei Ends Import Ban 
On Cars From Seoul 


TAIPEI — Taiwan will soon 
start importing 1.200 subcompact 
cars from South Korea after sus- 
pending auto imports from Seoul 
for a year because the Koreans re- 
fused to buy auto pans from Tai- 
wan, the Economic Minisiry said 
Wednesday. 

The vice economic minister, Li 
Mo, said the resumption follows a 
meeting here last month between 
cabinet ministers from Taiwan and 
South Korea. 


Tiger Yields to Steinberg 

Lm Angela Times Service 

LOS ANGELES — Tiger Inteiv 
national reacting to threats from 
investor Saul P. Steinberg to run an 
alternate directors' slate, have 
agreed to support Mr. Steinberg 
and an associate as candidates for 
the company’s board. Mr. Stein- 
berg is the biggest shareholder in 
Tiger, the Los Angeles-based par- 
ent of the Flying Tiger Line. 


ADVERTISEMENT 

INTERNATIONAL FUNDS 

Quotations Supplied by Funds Listed 
24 April 1985 

The net asset value quotations shown below are uipplltd by the Fuads listed with the 
exception of some funds wmm quotas an based on Issao prices. The following 
marginal symbols Indicate frequency of anafatloM supplied far the IHT: 

Id) - doHy; (w) - weekly; (W - bi-monthly ; (r) - regularly; (I) - Irregalany. 

AL MALMANAGEMENT OBLI FLEX LIMITED 

fwl Al-Mol Tins!. SLA S 15X41 — <w> Multicurrency 511177 

B.yta I,,, | M(u . g mm 1 u — <w) Dollar Medium Term — -- 1IL32 

4 CO ‘ LW Vtc enm --4wi Dollar Lons Term s 10.43 

J2 P2S£52™ « F i?l?iS — (wl Japanese Yen s 10X2 

“JS ! SF {{fl-SS —fwl Pound Storiina 1 1071 

^5! — (Wl Deutsche Mark DM Till 


BAW3UE INOOSUEZ 

— Id > Aslan Grawiti Fund SI 077 “ ‘ “™ 

— Iwi Divertand SF 8250 PARisbas— G roup 

— Iw) F IF— America S 1877 — id I Coneia internal tonal 

— (w) FIF— Europe STUM — («*) OBLI-OM 

— Iw) FIF— Pacific _— S 1570 —fwl OBLIGATION 

—Id ) indMUez Multibands A 589.56 — <«) OBU-OOLLAB 

— Id i indosuez Multbondt B s U7M — (w)OBU-vEN 

BRITANNIA2*0B271,SL Heller, Jersey Zr? oSoffilcREK 

—Iwi Brlt-Potlor income L_ S 0457 Zi2 p5bii1teR fund - 

— Iwl BrltJ MonottCurr S 9.1* “2 pin US Ttamirv flS 

—Id l Bril. Intis Manaaportt SUU4 PAR ^Treasury 


er iiii m UWUit H ■■■ ■■ 

tcvimnS — twlCHPCh Florin. 

If IK - (w) Fnmc 

SF 142X00" ORANGE NASSAU GROUP 

PB 83578. Tile Hoaue (070) 4696)0 
— — 101 Bever BHtBBtaoen4+, 


SBB76 

DM 1.17776 
„ SF 9250 
_ S 1.12577 
Y 10009.00 
FL 105770 

S 104.95 

— . 3104.42 

slam* 


r i 


JBRetS 



34151k 

15 

15ft + ft 

JLG 



10 4ft 

4ft 

4ft + ft 

Jackoot 

» 


7 7 

7 

7 — ft 

JoekLfe 



31540ft 

40 

40 —ft 

Jacbsn 

40 

17 

194 

24 

24 + ft 

JamWtr 



22 W* 

1<ft 

l*ft— ft 

JeftrGo 



41019ft 

11 

19ft 

JeffBsti 

140 

4.1 

239ft 

39ft 

39ft— ft 

JetfNLs 

44 

14 

125ft 

25ft 

25ft 

JefSmrf 

40a 27 

917ft 

17ft 

17ft 

JefMart 



14 7ft 

7ft 

7ft— ft 

Jertco 

Jirye 

.12 

J 


10 

ft 

**** 

JhnsnE 



3 5ft 

5ft 

Sft 

Jonlcbi 

f 


28 Pf. 

5ft 

Sft + ft 

Jonei A 

t 


4 5ft 

Sft 

5ft 

Josptnn 



19 9ft 

9 

9ft + ft 

Juno 



1931 

32ft 

32ft— ft 

Justin 

40 

71 

2414ft 

lift 

lev + ft 


Weekly net asset value 

Tokyo Pacific Holdings N.V. 

on April 22, 1985: U.S. $134.25. 

Listed on the Amsterdam Stock Exchange 

Information: Pierson, HeJdring & Pierson N.V., 

ttarangraclit 214, 1016 BS Am s t— dww. 


WE BELIEVE CONTAINERS 
BELONG IN YOUR 
INVESTMENT PORTFOLIO 


—Id I Brit. Infix Mona&Portt. 11.141- ROYAL B.OF CANADAJPOB 24AGUE RM5EY 

— Iw) Brlt.Unlversal Growth- — — S omo -Mwi RBC Canadian Fuad lm s 1L26 

— Iwi Brlt.GoW Fund— 50.900 -+iw) RBC For East&PociflcFd.— 51060* 

— Iw) BriLManoo-Currencv 114.13* -Kw» RBC Inti Capital Fd. 520JS* 

— (d) Brtt.Jooan Dir Pert Fd_ 30375 -Hw) RBC inti Income Fd____ j 10.93 

— Iw) BriUersev Gllf Fund 10725 -HdlRBCMoiiCwTencvFd. 3 2125 

—Id I Brit, world Lais, Fund 11774 --Hw) RBC North Araer. Fd 39.29 

7*1* Mr ^Z a T L n Fm ‘ * aJTi SKANDIFOND INTL FUND 144-8-236270) 

CAPITAL INTERNATIONAL — Iwllne: Bid 5508 Otter- 5X44 

— (wl Capital Inti Fund 53LT9 — (wlAcc.: BW SS.11 Offer _SX48 

(W) Capital llano SA S1224 $y£NSKA INTERNATIONAL LTD. 

CREDIT SUISSE t ISSUE PRICES) 17 Devonshire Sa-LOMltm-l»-371-«M0 

—Id ) Actions Suhnes SF 34475 —lb I shb Bond Fund 52179 

—Id) Bond Valor Swi SF 10*55 — N») SHB Inti Growth Fund 52054 

z{tf| bSS Mr US^lTaR__ D *J 1UU SWISS BANK CORP. (ISSUE PRICES) 


—Id) Band Valor Yen— 
— fdl Convert Voter 5wf 


— IdlCanasec 
—Id ICS Fond 
— Id) CSFandt-InFI 

—Id ) CS Money Mamet Fund 

— (d J CS Money Mnrltei Fund DM 103100 

—Id I Enero It— Voter, i«v«n 

— Idl Usaec 

—Id I Europo— Voter 
Id ) Pod Be —Valor 


ra 1Q541JU “-6B I America-' Valor SF STUM 

SF T0BJ0 — 1 D-Mark Band Selection DM 1 1574 

s *iiiS — idl Dollar Band Selection 512472 

FL mm 
SF 8450 
SF 82075 

noun 

SF I05L69 
SF2WJ0 
SF 6375 
SF 11574 

Yiaa&oo 


—Idl Convert Volar US-DOLLAR. 5 lllM } 9®“^ Sjg Stertw! 

—in 1 rmnew: SF B3SJDO —4“ ‘ Florin Bond Setectlaa 

SF 7*75 — ld I intervalar 

S ^Sj&K| l 'Selectten 
—Id ) CS Money Morte. Fund dm lm* ^ 

ihuo _j d , Unlw#rw i Band Select 


DIT INVESTMENT FFM 

— Kd I Concentre- 

— Hd I infl Rentwifoad — 


Dunn B Hnrgitt 4 Lloyd GeanM. Brussels 
— iml Ds,H Commodity Pool 
— ImJ currency & Gold Pool 

’Tim] Tr^W^kTFu^^il linn- UNION INVESTMENT Frankfurt 
imi iron* iai-ui. ow_ eoywp —Id] Unlnmfn DM43JW 

F4.C MGMT. LTD. INV. ADVISERS — Id > Unltands DM22.VO 

L Laurence Pounty Hill, EC4.01-423-44S0 — IdJUnlrak DM 77 JO 

— (Wl FS.C Atlantic 51UBS Other Viimk 

— Iw) FBC European 5 1079 4-«Der r unu*. 

—fw> F&C Oriental 524.11 twl Adlbands Investments Fund. 52170 

FIDELITY P0B 470. Hamilton Bermuda 

Iw) ^lltoVnfernctlonal Fund 
S44S4 ,r J Ar ab Finance I J 1 

*«Si5 lb ) Artone 

51075 (W) Trust cor Inn Fd. (AEl FI 
Sia» Iw) BNP intarbond Fund 

Far East Fund 5I9J3 |m) CaSS^IcSSSrtew F 

S2*n3 Id ) Capital Preserv. Fd. int 
51109 -I Citadel Fund- 


SF iwi>c —Id 1 Unl«r*al Fund— 

SF 143M -<' 1 > Yen aona *«l«»lon 

UNION BANK OF SWITZERLAND 
DM 2577 —Id > Amca 1)4. Sh. SF 39 JO 

Dmm» — Id) Band-mvMt — .... SF 64.75 

— Id 1 Fon»a Swiss sn. SF 13400 

— Id ) Japan- Invest, SF 924JD 

—Id 1 Soflt south Atr. Sh SF 55700 

— (d I Sima istack price) SF 19700 


17ft 

18 +16 


lift 

15ft + ft 


■ft 

8ft + ft 


2ft 

2ft + !6 

He# 

14ft 

ft 

,4 £*)t 

Kw 

P*fi 

34 

37ft 

Pei 

51ft 

52ft + ft 


4ft 

Sft 


39ft 

40ft + ft 


Sft 

5ft— ft 

Pei 

eft 

8ft— Vi 

Pei 

20ft 

29ft + ft 

P* 

eft 

Bft + ft 


!5ft 

U 

Pei 

4ft 

7 — ft 

Phi 

13ft 

14ft + ft 





$ Containers are high earning, 
fully insured, tangible assets 
with a 15 year working life. 

4s The Transco Group is the 
world's leader in producing the 
highest annual rental return 
with the lowest commercial risk. 
$ 2000 serious investors have 
already purchased containers 
worth over US$35 million 
which are managed by the 
Transco Group. 

* These serious investors 
enjoy a secure US DOLLAR 
income from participation in 
international trade. 

* DO NOT MISS TTIIS 
EXCEPTIONAL OPPORTUNITY 
TO ADD CONTAINERS TO 
YOUR INVESTMENT 
PORTFOLIO. 

* For full details, without 
obligation, fill in our coupon 
today. 

TRANS 
CONTAINER 
MARKETING AG 

Gellertstrasse 18, 

CH-4052 Basel, Switzerland. 
Tel: (061) 4223.77 
Telex: 64446 taco ch 
MINIMUM US$12400 INVESTMENT 


MCI 

MPSli 

MTS I 74 U 
MTV 

MDmdi S3 2.1 

MoefiTg 

MOCkTr 

ModGE 220 9.1 


13123 Ft K 1 +k QMS l 

44 5 5 — *4 Quodrx 

191014 IN 1M- Ui QuakC* 

20254b 2SMr 2Mb + lb Ontraxa 

9925th 25 2514— « Quantm 

14 7V. 7 7V. Stmmi 

464129b 12bk 12* + V* Quimol 

01244b 24U 2M Quinta 

5 9 9 9 Quofm 


472114k 114k TIM- Vb 
127 4 » 6 4B 

4 lift lift lift 
lUft 14ft 14ft 
2321ft 214k 21ft + ft 
159 3l4 3 3Vk 
214 Ift 7Vb 74k— 1 
11 Wb .944 944— 14 
13481144 lift lift 


PRIMARY 
PERIOD 
5 YEARS 


INCREASE 

YOUR 

WORKING 

CAPITAL 

100 % 


GUARANTEED 

SECONDARY 
PERIOD 
10 YEARS 


RECEIVE 
EARNINGS OF 

280 % 

ON CASH 
INVESTED 


PROJECTED 

TERMINATION 
PERIOD 
15TH YEAR 


RETURN OF 
CASH 
INVESTED 

100 % 


GUARANTEED 


To: Trans Container Marketing AG 
Gellertstrasse 18 , CH-4052 Basel. Switzerland. 
Please send me full details without obligation 

NAME: - 

IBLOCK CAPITALS) 

ADDRESS: 


I Telephone 

I HOME: OFFICE: 


— Im) AmorVblunCkimJPnri 
—Id) FidailfyAmer.ASMti- 
—Id > Flouitv Austro] la Fund 
—Id ) Fidelity Discovery Fund 

— {d ) Fidelity Dtr.Svo*.Tr_, 

— [d Fidelity For East Fund ’ 

— (d ) Fidelity Inn. Fund- 
—Id ] Fidelity Orient Fund 
-Id ) Fidelity Frontier Fund 

—Id 1 Fidelity Pacific Fund S 

—Id) FktetHv SpcL G rowth Fd. 

—Id] Fidelity World Fund 

FORBES PO B887 GRAND CAYMAN 
London Apcnt 01-839-3013 

— l«l Gate income ! 

— (w) Gold Aooredoflnn 

— (w| Dollar Income 

— Im) strategic Trading 


(w) Dreyfui intereontlneni 
iw! The Establishment Trua 

Z/2 aSSiSS" 1 Id) Europe owictettans 

£!!uV « * ,stH Iw) First Eagle Fund 
Cap<LGuldJ.tajJMLAS«nt4ll-491C30 ( b , Fmy 5torS Ltd. 

GLOBAL ASSET MANAGEMENT CORP. {») Flnrturv Group 
PB 11*. 51 Peter Port. Guernsey. 00148715 Fixed Income Trans 
im) FuturGAM SJi s 129.81 Iw) FomeJex Issue Pr. 


I I 2943 id > CJ.R. Australia Fund 

5VC41 > CJ-R- Japan Fund— 

13005 Im) Cleveland Offshore Fd S2JU54B 

• jwlColumWo Securities FL m« 

N (b)COMETE 589573 

(w) Convert Fd Infl A Certs 1 9.18 

5772* (wl Convert. M. Inn B Certs 524.45 

ua -W) D.GC 57974 

. 5853 Id ) D_ Witter WW Wide lvtT« 51079 

51.14 lb) Drokknr Invest Fund N.V_ 1 1,1)545 
Id 1 Dreyfus, Fund Inll 5 34.93 


5 3)74 
SUN 
58.91 
51473079 



iml FuturGAM &A 8 129.81 Jwj Fowlex Issue Pr. 

(m)GAM Arbitrage Inc S 12147 (wj Forex tun d . ■ 

(w) GAMarlco IOC S 13747 <w> Fonnute Setectton 

I wl GAM Boston tne_ 110547 Id ; Fondirolto —. .... . 

Iw) GAM ErmUoue 5 I3v49 id j Governm. Funde 

iw) GAM Prono-vol SF 97.18 W ) Fr onef-Truet Inter zlTW 

fd ) GAM International lnc___ - S 105.74 w Hwgsn iatw Hldgs. N.V, 

t») GAM North America Inc. 510«4 (w) Mestta Fundi. 

Iwi GAM IL America Unit Trust. 10400 p !!?? 

lw| GAM Pacific Inc 51 1240 <5 j B 

Iw) BAM Start. & Inti UnH Trust. 130S1P (0 I nlertond SA 
Iml Gam Systems Inc. *10749 Iw) rwormartef Fu 


Iw) GAM Worldwide Inc 

(m> GAM TycheSJL Class A 

G.T. MANAGEMENT [UK) Lid 
(w) Berry Poe. Fd. Ltd- 
Id ) G.T. Applied Science 


* 107-J9 w) Inrermorfcet Fund 
5 14072’ d > Intermlnloo Mut. Fd CI.'B 1 
S 11*43 r I tun Securities Fund 
d 1 Invests DWS 
. „ „ r > invest Altantl 
Jits r I I to (fortune Inn Fund 
S1SJ0 w) Japan Selection Fund 


G.T. Asean HJL GwttiFd — 21249* (w) Japan Pacific Fund 


—iwi G.T. Asto Fund. 

— fd 1 c.T. Australia I 
—id j G.T. Europe Fund 
— (wl G.T. Eura. Small Cos. Fund 
—Id i G.T. Dotter Fund 
Id JG.T. Bond Fund. 

Id » G.T. Global Tecjuvtev Fd 
G.T. Honshu Pain Finder. 

—Id ) G.T. Investment Fund 

—Id ) G.T. Jason Small Co. Fund 
—Id 5 G.T. Technology Fund 
—Id l G.T. South 


! ml Jetter Pins. Inti. Ltd— — 

52X09 a ) Kiginwri Benson Inti Fd 

*9.99 wl Klelnwort Beni. Jap. F 
511-57 w) Korea Growth Trust 

J ]445 a ) Lelcom Fund 

$ i«43 W ) Leverage Cop ho« 

*7246 dlLtaulbaer 
J24.T6 w) Luxfund— 

*77-87 m) Maanafund N.V. 

*40.17 a i Mediolanum Sei. F 
b ) Meteo 

11178 w) NAAT 


5753 
5 1174 
S 10349 
5 102.93 
51048940 
52234 
57TL54 


HILL SAMUEL INVEST. MGMT. INTL iA. fg,} PaCkoBe Fd 

S«ne , p P ^'^ < a^T'e?413 ? raosi 1*1 Novotec investment Fund — 5 9244 

SF 2572 (j ) Poclllc Horizon Investment Fd 5 

12? ICPkCSJfRi S (wl PANCURRI lne_ 5 1577 

.TiuA irf PortonSw.REst Geneva SF 149740 


Id I int. Currency U4 
—Id ) 1TF Fd ITechnoloavl 
—Id 1 0-Seas Fd IN. AMERICA) 


EBC TRUST CO.I JERSEY) LTD. 

1-3 Seale SL4L Helter;S£JM4331 
TRADED CURRENCY FUND. 

0(d)lnc.: Bid- — -59-53’ Offer 

?‘«d)Cap.: Bid SKL53* Offer 510JMS* 

INTERNATIONAL INCOME FUND 
—Id ] Short Term 'A‘ (Accum) — 514460 


51344 «r 1 PortonSw.REst Geneva SF 1J97JXJ 

' , (r ) Permal Value Fund N.V 5174544 

— * lb) Pleiades 5102377 

w) P5CO Fund N.V 5 121 77 

wlPSCOIntl.NV 

[d j Putnam Inll Fund 

59426* lb i Prt— Tech- — . 

510445* iw) Quantum Fund N.V, 

) Id ) Renta Fund 

Rentlnvest- 


— fd) Short Term 'A-IDtatrl 514143 (d ) Reserve Insured Deposits 

—id ) Sheri Torai'B 1 (Accum) 51.1403 Iw) Samurai portfolio 

— Id) Start Term -B'lDlstrj 504702 (d ) SCI /Tech. SA Luxembourg 

—Iw) Lang Term 121.74 Iw) Seven Arrows Fund N.V__ 

emur (w) State St. Bonk Eaultv HdosNv 5977 

iw) Strategy investment Fund— _ 520.15 

— J J.F JjFg" T 4ffl4 (o ) Syntax Ltd-'ICtass A)' 5742 

— <F ) J.F Sou t h Ea st Attfa-. *^3^ (w> Techno Growth Fund SF 8443 

^h»fBnSSSnr T SS?S%Kr" Iw) Tokyo Pac Hold. (Sea) 5 9774 

— S *5*11 (wl Tokyo PbC. HOM.N.V. $13675 

—lb 1 J.F Australia 5674 {w) Transpacific Fund 58247 

LLOYDS BANK INTL, POfl <38, Geneva it Id) Turquoise Fund.— ... . . _ 51 BOOT 

-^l w) LtoyS Infl t ilS in Iw) Tweeay^rowne n.v.CIOSSA 5X11143 

— +!w! LtaES Infl Eimw^ZZ^SF 1)040 tw) T vteedy^rewne tte^WBB. *«709J3 

— Hw) Llovda Inll Growth SF 17770 ml Tw^^rawne IU.K.) (LV.^jj^ 5 

— Hw) Lloyds Infl Income SF 31140 2 

— Hw) Do yds N. Amerkn- 5 10045 « \ UMJ 599544 

— Hw) Do yds Inn Poclflc SF 13190 Wi UNJ^CwlW Fund 

— f(w) Lloyds infL Smaller Cos.. *13.93 


NIMARBEN 

—Id) Close A 

— fwl ClossB-UT.— 
— iw) Close C- Japan. 


um mpnm rure S 107346 

Vanderbilt Assets 51171 

Winchester Financial Ltd 510.15 

Winchester DlversHIede* *2273* 

fSHE td l World Funds A. JIOJO 

5W-3S (w Worldwide Securities S/S 3ft. 54344 
57578 (w) Wortdwlde Special 5/5 3ft, 5149470 


DM — Deutsche Mark; BF — Belgium Francs; FL — Dutch Florin; LF — 
Luxembourg Fronts: SF — Swiss Francs; a — asked; + — otter Prtcw;b — bid 
change P/v 510 ta 51 per unit; MA— Not Available; N.C— NotCommunlcafedw — 
New; S — suspended: S/S — Stock Split; * — E»-DtvWend; ■* — Ex-Rts; •** — 
Grass Per fo rmance Index March; •— Redemot- Price- Ex -Coupon; ee— Formerly 
Worldwide Fund Ltd; # — Offer Price lad. 3ft prelim, charge; ++ — dally stock 
price as art Amsterdam Slock Exchange 


























































TRIBUNE, THURSDAY, APRIL 25, 1985 



4 

5 







zT 

- 



PEANUTS 

( 'youknouA 

SOU CAN'T 
BE A 
UJATCHE70G 
AU-WUR 
. LIFE.. 7 


UJHB1 VOW SET OLDER, 
you MAY HAVE TO 
CONSIDER A CHANGE... 


/ I JUST 
! UJONPER 
LWAT. 

yout> w j 


I 0 PROBA&Y RETURN 
TO MY PRIVATE 
LAW PRACTICE- 



BLONDIE 

AND HE SAiD,"nw WAS 
MY WIPE?' r-^ 


V^O-HO 


J SONG 
RjNNY IS 
r A SNAP r 


I ALL. \OU NEED 6 
| AN AUDIENCE... V 


OP PEOPLE WHO 
WANT RAISES r 




ACROSS 

1 Conductor’s 
concern 
6 Herman and 
Ruth 

11 Less expenses 

14“ Jimmy 

Valentine” 

15 Beaver- 
theatrical 
18 Witch bird 

17 Lustful looks 

18 Kind of sale 
20 Small part of a 

franc 

22 Postpone 

23 Former 
Spandau 
inmate 

25 Tatters 

26 Middling 

29 Punished by a 
fine 

31 First Arabic 
. letter 

32 Flapper Age 
vehicle 

36 Mendicant's 
request 

37 She wrote “Dix 
Portraits" 

39 Woody's son 
49 Famed 
Russian 
mystic 

42 Mountain 
where Moses 
died 

43 Resilient 
46 Suppose 


47 “That gift 

. . . common 

sense": 

Meredith 

50 Trite 

sentimentality 

52 In 

54 Awakening 

58 High in 
nutrients 

60 Rusty Staub 
was one in the 
60's 

61 Play a role 

62 Laundry qycie 

63 Entertainer 
Ross 

64 Anagram for 
one 

65 Certain NCO's 

66 Young 
haddock 


er POWN 45Maxw< 

pper Age j Soapstone 47 Sbowei 

ide 2 S. Grant foe again 

idicant s 3 Carriage 48 Linda 1 

[lssl «.«■ 4 Nouns, verbs, vehicle 

wrote "Dix ^ 49 Verso’: 

traj ‘ ts " e revere 

xiy'sson • 51 Burma 

ned Tobaci 

^ian . 6 Be suitable 53 Bell so 

5tic - tSL 55 Mira ii 

uitain 7Bu..e.g. 56 Pisa di 

ire Moses 8 Betty of 57 Backp 

1 comics 58 Clock-! 

llient 9 B.C. Italian In New 

pose 16 Stewed land:) 

& New York Tinea, edited by Eugene Moie s h a: 


11 Artless 

12 Over 

13 Ranks 
19 Common 

phrase ona 
song sheet 

21 culpa 

24 Sublets 
28 European coal 
basin 

27 Spicy stew 

28 Canadian-born 
U.S. admiral 

38 Reine’s spouse 

33 Mahogany, for 
one 

34 Dresden's 
river 

35 Leeway 

37 PartofN.Y.C. 

38 Poetic 
contraction 

41 Long overcoats 

44 Likenesses 

45 Maxwell, e.g. 

47 Showed a reel 
again 

48 Linda Lavin 
vehicle 

49 Verso’s 
reverse 

51 Burma and 
Tobacco 
53 Bell sound 

55 Mira is one 

56 Pisa divider 

57 Backpack 
59 Clock-setting 

in Newfound- 
land: Abbr. 


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SORRY, DARLING/ SEND 
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ACCOUNT AND IU RE- 
IMBURSE YOU WHEN Z GET 
S ran EL HOME '■ __ — - 


books 


THE BLOOD OF ABRAHAM: 
Insigbts Into the Middle East 

By Jimmy Carter. 224 pp. SI 5.95. 
Houghton Mifflin. 2 Park Street. Boston. 
Mass. 02108. 

Reviewed by Marvin Seid 

T HE unfinished business and unfulfilled 
hopes of Camp David haunt Jimmy Carter. 
The peace process that he helped move for- 
ward in 1978 and 1979, and that seemed to 
hold such bright promise for the Middle East, 
has long since come to an inconclusive halt. 
Egypt and Israel have indeed ended their bel- 
ligerency, but the goal of a larger regional 
peace remains as elusive as ever. The blood of 
Abraham that flows through the veins of Jews, 
Christians and Moslems alike. Carter writes, 
continues to be spilled in conflicts over the 
patriarch’s inheritance. Why, and what Carter 
thinks is ne e d ed to change this dismally famil- 
ial state of affairs, is the subject of this book. 

The former president has spent a lot of time 
talking with leaders and scholars from the 
Middle East. He has made a number of visits to 
the area. His views are shaped by compassion 
for all those, past and present, who have suf- 
fered in this cockpit of religious and nationalis- 
tic antagonisms. Like others. Carter believes 
that the Palestinian issue is central to the 
conflict and that there can be no resolution 
without its just settlement, specifically includ- 
ing “self-determination'’ for the population of 
: Bank. Like otl 


mg “self-determination'’ for the population of 
the Gaza Strip and the West Bank Like others, 
he believes that the reality of Israel must at the 
same time be accepted by its Arab neighbors. 

Like others. Carter has no trouble defining 
the issues and rdaring the fears, grievances ana 
ambitions that he has heard expressed on all 
sides. And like others, he can outline a sensible 
methodology for accommodation. What he 
cannot do is describe feasible means for mov- 
ing the participants in the conflict to effective 
action. In the end, he can only put his faith in 
the eventual triumph of good will, reasoned 
self-interest, outside pressures and hope. 

An implicit theme throughout this book is 
the absence of Middle Eastern leaders who are 
able and ready to act mnovativdy and ded- 

S . Carters model for such a leader is 
y the late President Anwar Sadat of 
Egypt, who moved boldly to break the enor- 
mously costly and unproductive cycle of vio- 
lence and nnstnxsL Sadat was only partially 

Solution to Previous Puzzle 


□□(HQ □□ama □ana 
□can □□□□□ □□□□ 
nEdEtaQaaaci □□□□ 
EEE □□□□ □□□ 

cnnnaoa □□!!□□□□ 
□□□ □□naaaaa 
□□□□□ □□□□ □□□□ 
□□□□ aanas □□□□ 
□doe naan aanaa 
□□□ 

nnasana nmaHasa 
□□□ assa □□□ 

EBOE □□□□□□□□□□ 

bbee □□□ao □□□□ 
oboe □□□□□ □□□□ 


successful. He regained the Sinai for Egypt by 
giving Israel recognition and peace. But hugely 
because of Israel's failure to live up to the 
Camp David accords, Carter suggests, Sac^ 
wasnoable to break the stalemate over the 
West Bank The one chance for that happraing 

now is if leaders in Israel and amongtrie Arab 

parties are determined to see it happen. The 

r , .1 l,w«- thin m«\iirttmit 


Israel is largely paralyzed ^dertbe nheota 
“national un/ty” government that m fact re- 
flects only the absence of a clear electoral 
consensu/ King Hussein of Jordan has ao 
interest in becoming tbe point manfora^we 
initiative that does not have the open blessing 
—and protection — of broad Pal«tnnan sup- 
port. and the backing of other Arab states, 
which up to now have shown 1 w interest m 
attracting the wrath of Syria and other rgec- 
tionists. 

The Palestinians have increasingly become 
hostage to the exclusive representational role 
conferred at a 1974 Arab summit meeting upon 
a now-divided Palestine Liberation Organiza- 
tion. The PLO, as Carter sees it, has reached a 
dead end. Its use of terror and its insistence on 
confrontation and inflexibility have achieved 
nothing Tot Palestinians living under Israeli 
rule. “The PLO leaders,” Carter writes, con- 
tinue to act against the interests of those whom 


What might break this deadlock? Carter 
proposes that the United States take the initia- 
tive in peace talks and accept “deep involve- 
ment" in a remvigoraied process directed at a 
comprehensive Middle East peace. Those talks 
would be open to “all parties to the dispute,” 
by which he means that the PLO should be 
included (since he is no longer president, it 
seems strange that he does not actually say so.) 

Moreover, among the aims of these talks 
should be protection of human rights, includ- 
ing “those generally recognized in the U. S. 
Constitution and under international law.” 
This is an a dmir able goaL Presumably, since he 
advocates a comprehensive approach. Carter 
intends it to apply not just to the Palestinians 
but to the citizens of Syria. Saudi Arabia and 
other Arab countries where the guarantees of 
the U. S. Constitution are regarded with some 
suspicion, if not contemn t. Unhappily, he fails 
to suggest how this might be accomplished. 

In dismissing President Assad of Syria, Car- 
ter writes that “he had a reputation among 
other Arab leaders for nithlessness and brutal- 
ity toward those Syrians who resisted his au- 
thority." This is a rather gingeriy way to de- 
scribe a man who has ordered the butchexy of 
tens of thousands. Is it unreasonable that 
would-be Arab compromisers ask themselves 
what their fate might be should they openly 
dispute Assad’s will? There is no reason to 
doubt Carter’s conviction that millions 
throughout the Middle East yearn for real 
peace and are prepared to accept political 
compromises to get iL But the enormous im- 
pediments to progress can be neither ignored 
nor wished away. It seems hardly likely that 
responsible formulas, no matter how sincerely 
proposed, will themselves be sufficient to re- 
move these roadblocks. If it were otherwise, 
peace would have come to the Middle East 
long agp. 

Marvin Seid is on the staff of the Los Angeles 
Times. 


BRIDGE 


fiorioBA jobs. Some m hes at the salt 

MINES AM 1 OTHER W\5 HE GOES TO THE RAT RACE.’ 


THAT SCRAMBLED WORD GAME 
9 by Henn Arnold and Bob Lae 


RKfiOtev 

Kv-asr* 


GARFIELD 

I M/VE A RATE WITH MARY LOO I (VM GOING TO PLAY IT REAL] 
TONIGHT AND TNI GOING TO 1 COOL. I'M GOING TO QUOTE / 


CHARM HER OUT OF HER SOCKS 


POETRY AND BE REAL 
— v SUAVE 


SHE'LL BE 
POTTY IN 
MY HAWS), 


Unscramble thesa four Jumbles, 
one letter to each square, to form 
kxir ordinary words. 


CADEY 


DRAYT 




‘ YOORTlE s 
IS IN YOUR 
, COFFEE > 


By Alan-Truscorr 

B IDDING to an unbeatable 
slam contract in the face 
of a game-forcing opening by 
an opponent is something that 
does not happen to the average 
player in a bridge lifetime. It 
happened to East-West on the 
diagramed deal although they 
were not allowed to play the 
slam, the end result was entire- 
ly satisfactory. 

When South opened two 
clubs, strong and artificial. 
West was able to make an usu- 
sal application of the “unusual 
no-trump" concept. His two 
no-trump bid showed length in 
the minor suiti, and East was 
able to irritate South by jump- 
ing to five dubs. 

It was no surprise to East to 
hear a five-heart bid on his left. 


and he was unwilling to con- 
tinue to six clubs. He could not 
be sure who could make what, 
but a venture to the six-level 
was clearly indicated. 

East-West had now reached^ 
an unbeatable slam, since 
North-South could not maneu- 
ver a diamond ruff. Smith dou- 
bled in the fond belief that his 
opponents were saving, and 
East-West were headed for a 
score of 1,090. 

However, North decided 
that it was time to show his 
concealed six-card support 
and retreated to six hearts. 
This was a good decision, and 
East-West had to be content 
with a penalty of 500. 

West led his singleton spade, 
and East read the situation 
correctly even though South 
concealed his deuce. After 


winning the ace. East returned 
the spade five - suit preference 
for the low-ranking suit - and 
when West ruffed, he played a 
club: 

NORTH 
♦974 
9 J10 8653 
0832 

♦6 

WEST EAST 

5? 

OQ9754 OKI188 

♦KJ9832 ♦AQ1074 

SOUTH (D) 

♦ KQJ62 
9AKQ942 
OA 
•5 

North and Sooth were vnlnezmUe. 
The bidding: 

S«h W«t North EM / 

2* 2N.T. Pus a* * 

50 pan pm 

DbL Pass 89 DM. 

PUS PUS Pass 

West led the sped* three. 


COSHUL 


LUPPER 


WHAT AN 
EASY TALKER 
GENERALLY IS. 

> ■* 

Now arrange ttra circled letters lo 
form the surprise answer, as sug- 
gested by the above cartoon. 


V^brkl Stock Markets 

Via Agence France-Presse April 24 

Closing prices in local currencies unless otherwise indicated. 


Answer a 


Yesterday's 


EUROPE 


Algarve 

Amsterdam 

Athens 

Barcelona 

Bela rode 

Berlin 

Brussels 

Bucharest 

Budapest 

Capon basen 

Costa Dpi Sal 

DabUn 

Edinburgh 

Florence 

Frankfurt 

Genova 

Helsinki 
Istontwi 
Lai Pal m ns 
Usbon 

London 

Madrid 

Milan 

Moscow 

Munich 

Wee 

Oslo 

Ports 

Prnpae 

Reykjavik 

Rome 

Stockholm 

Strasbourg 

Venice 

Vienna 

Warsaw 

Zprich 


(Answers tomorrow) 

JumWes THICK FEWER BJS.ECT COSTLY 

Answer Haw 8 handicapped golfer plays— 

WITH HIS BOSS 

WEATHER 


11 52 d 
-1 30 tr 
10 so tr 

9 48 o 

12 54 o 
0 32 ir 

-2 2 S Ir 
S 4T tr 

10 50 d 
0 32 a 

9 « cl 
2 34 fr 

-1 30 tr 

12 54 a 
a 32 fr 
7 45 d 

-2 28 fr 

t 4 tr 

13 55 d 

B 46 a 

0 32 d 
B id h 

10 a ci 
» 43 Cl 

0 32 a 

11 S3 o 
-1 30 a 

1 34 fr 


-4 25 Cl 

I 34 fr 

11 53 r 

t 43 O 

J 41 f 

3 37 tr 


*Urich 6 43 3 37 fr 

MIDDLE EAST 

Ankara IS 59 3 37 d 

Beirut 24 75 » 55 fr 

Do mas am 25 77 !J 54 fr 

Jerusalem 22 72 4 43 fr 

Tel Aviv. 29 84 i 43 fr 

OCEANIA 

Auckland IB Ad 9 48 o 

Sydney 18 »4 13 55 $h 

el-dtwdv; fu-fomv; fr-iair; ivholl; 
sh-mowers; in -snow; si-stormy. 


Bangkok 

Beilina 

Hong Kona 

Manila 

New Delhi 

S eoul 

Shane bat 

Singapore 

Taipei 

Tokyo 


Alalnn 

Cairo 

Cm Town 


Buenos Aims 
Lima 

Medea CUy 
Rio de Janeiro 
Sao Paulo 


Detroit 

Honolulu 

Houston 

Les Amatos 

Miami 

Minneapolis 

Montreal 

Nassau 

New York 


c 

F 

c 

F 


31 

88 

24 

75 

0 

23 

73 

10 

5U 

0 

28 

82 

21 

70 

Ir 

32 

90- 25 

77 

*t 

38 

100 

25 

77 

fr 

21 

70 

9 

48 

fr 

29 

84 

13 

55 

tr 






30 

86 

20 

68 

fr 

21 

70 

13 

55 

tr 

20 

68 

11 

52 

O 

34 

« 

19 

64 

cl 

20 

68 

7 

45 

Cl 

21 

70 

10 

5U 

<3 

26 

79 

13 

55 

a 

— 

— 

— 

■ 


24 

75 

15 

59 

CJ 

24 79 10 
ERICA 

» 

tr 

20 

68 

14 

57 

a 

22 

72 

IS 

59 

Cl 

28 

B2 

IB 

50 

lo 

*— ■ 

“ 


— 

na 

iERICA 


na 

B 

46 

-3 

27 


26 

79 

14 

61 

cl 

IS 

so 

4 

39 

fr 

21 

70 

IS 

59 


18 

64 

3 

37 

fr 

26 

79 

IS 

59 

Et 

29 

U 

21 

70 

Ir 

29 

84 

18 

64 


23 

77 

13 

55 

fr 

28 

82 

21 

70 

PC 

1% 

64 

9 

48 

BC 

4 

39 

0 

32 

PC 

25 

77 

19 

66 

d 

W 

M 

10 

50 

cl 

19 

64 

8 

46 

Ir 

11 

ta 

3 

37 

r 

71 

70 

U 

52 


24 

75 

U 

35 

d 


Torarrto 71 TO 11 57 pc 

Washington 24 75 11 55 d 

(Hwercast; oc-octlv cloudy; r-rnln; 



ABN 

ACF Holding 

Ancon 

AKZO 

Ahold 

AMEV 

A'Dam Rubber 
Amro Bank 
BVG 

Buetirmenn T 

Caiand Hide 

Elsevler-NDU 

FoMter 

Gist Brocades 

Heinekon 

Hoooavens 

KLM 

Naaraen 

Not Nodder 

Ned I toy O 

Oce Vander G 

Pckhond 

Philips 

Robec o 

Rodupnui 

Roiinco 
Rorento 
Royal Duteti 
Unilever 
Van Om moron 
VMF Work 
VNU 


Araed 

Bekaart 

Cockorlll 

CDbapa 

EBES 

1 GB-Inno-BM 
SBL 
Gevoert 
Hoboken 
Intercom 
Kradtotbank 

^ — » ■« — 

rill UIHHI 

Soc General# 
Sollno 
So Ivor 

Traction Elec 

UCB 

Unero 

View# Montaone 


Hoechsl 
Hoesch 
Horten 
Hussel 
IWKA 
KaU + Salz 
KorstOOt 
Kauflmf 
Kloeckner HO 
Kloeckner Werke 
Kniop Slahl 

Unde 

Lutttwnsa 
MAN 

Mamnsmann 
Muencn.Rueck 
Nlxdarf 
PKI 

Porsche 

Preussaa 
PWA 
RWE 

Rhelnmetall 
Scherlna 
SEL 
Siemens 
Thvssm 
Vaba 

Voikswaaem«erk 
Walla 

cwnmarzhook index ; 1232J0 

Pnevtooai : 123M0 


CMso Pre* 

NeancnR mo 11 A 0 

Pres Stem 0000 0225 

Ru»*al 1700 1725 

SA Brew* 750 7S5 

StHnleno 3725 3775 

Sosol 410 410 

West Holding 6700 6750 

auBP Oslte Stock index : 10B&4S 
Previous : 199LM 


Taw ana i_yie am jju 

Tosco 344 248 1 

Thorn EMI 417 02 

T.I. Group 228 228 

Trafalgar Hso 335 336 

THF m 139 

United Biscuit* 1W 1B2 

Vickers M9 

Wool worths 807 si 9 

F.T. 18 Index : M2JB 
PrevtoM ; 959 Jl 




Current Stock Index : 2233J* 
Previous ; T333J3S 


frimbfnrt 


AEG-Telefunken 

Allianz Vers 

Allana 

Bast 

Baver 

BaverJtvpa. 

Boyer.ver.Bank 

BBC 

BHF-Bank 

BMW 

Commertbonk 

Contlaumml 

Do I m l er- Benz 
Oeausaa _ 
Deutsche Babcock 
Deutsche Bank 
DrMMf Bank 
GHH 
Horperwr 
Hochtief 


1J2 1T2JW 
1155 1141 
38980 365 

305.90 205JO 
71X80 214 

353 35AS0 
341 345 

21150 214.90 
278 281 
37050 37350 
171 17270 

134,10 135.10 
Ml 644 
35050 350 

14370 163 

4695Q 47220 
21050 31150 
157 139 

m 330 
475 473 


Bk East Asia 
Cheung Kang 
China Ughl 
Green Island 
Hang Seng Bank 
Henderson 

« K Electric 
K Realty A 
hk Hotels 
HK Lend 
HK Shanghai 
HK Telephone 
HK Wharf 
Hutch Wham poo 
Hvsan 
InH City 
jo mine Moth 
Jardkin Sec 
Kowtoan Motor 
Miramar Holol 
New worid 
Orient Overseas 
SHK Proas 
Stelux 

SwfraPadRcA 
Tai Cheung 
woh Kwong 
wneelacx a 
W fnaOnCo 
wtmor 
World inn. 


23 2240 
14l 20 to 
1480 IS 
7.90 g 
46 45 

1.97 1.94 

7.95 7.95 
9 AS 950 
,34 3X50 

sao sao 

8.10 L05 

71S0 NA 
* 35 UQ 
2X40 2350 
058 BIS' , 
086 053' 

1250 1250 
.14 1X70 
980 1X10 
3075 30 

6M 4.90 
U25 2J0 

1040 1B4DI 
186 1 J2 

24.10 24 

I JO IMl 
143 143 

7.55 7JH 
185 184 

485 4.70 

2.175 X12S 


Hang Seng index : KIT JO 
Prtvtow: 151183 


AECI 

Anglo American 

Anglo Am Goto 

Barlows 

Biwear 

Buffets 

De Boers 

Drlefonteln 

Elands 

GF5A 

Harmony 

HhwM Steel 

KlOOf 


800 BOO 
M40 2675 
17550 17600 
1135 IMS 
1475 1460 
8700 8700 
1010 1010 
5300 5375 
1700 1750 
346® 3450 
3000 30 a 
390 390 
8000 8150 


AACarp S13W S13%* 

AU led- Lyons 176 177 

Anglo Am Gold S90S92Vud 
AS* Brit Foods 236 236 

As* Dairies 150 150 

Bore lay* 349 3S7 

Bess 529 534 

|AT. 340 330 

Beecham 340 353 

|JCC 231 233 

BL 39 39 

BUM. Circle 480 476 

BOCGreuo 268 270 

Boots 173 173 

Bowoter Indus 248 250 

BP 524 533 

Bril Home St 284 288 

Brit Telecom 139W 139W 

Br r Aerosuoee «i « 

Brltoll 208 70S 

BTR 676 663 

Burrnah 220 221 

S°5K w "? 1 *** SW sis 

CaAurv Sdtw 1S6 150 

Charter Cons fUS IBS 

Commercial u 222 224 

Cans Gold 547 552 

Courtauldl 135 135 

Datoetv 478 co 

De Beers « S20 530 

Distil tore 27B 233 

Drlefonteln S27to mss 

Pisans 311 vi| 

Free sr God nsfe saw. 

GEC IBB 188 

Gen Accident 571 573 

GKN 229 229 

Gtous* 1213/64 11m, 

Grand Met 2B3 58S 

CRE (86 685 

Guinness 241 242 

GU5 850 855 

Hgnaon 211 job 

Howker 429 477 

ICI 740 7(f 

■RIPS 18] I85 

Jogugr 290 287 

Umd Securities 397 303 

fSSSl c ZH*T al * 71 

UoydsBank 547 549 

Conrtio 174 !77 

Lucas 244 ace 

Morto and Sp 1® 144 

Metal Bex 393 39a 

MW kind Bank 352 %4 

Nat Weal Bonk 597 

P and O 358 ass 

PlUt [noton 278 So 

Ssw... 1W 194 

Pruaenltol 441 &41 

Rgcoi Etort 194 193 

Rondfonteln «1DW SIMtb 

Rank 358 341 

Reed Inti 546 550 

Reuters 399 m 

Royal Dutch E 46 17/3246 47/64 
"TZ . . g7 637 

SOBttlll 873 son 

Salnsburv 333 339 

sewoHowims 87 B8w 

Sff 1 716 708 

STC 304 ™ 

SM Charter sd 469 477 

Sun Alliance 466 471 


ii 

,311 311 

saw ssyu. 

IU IS 

571 573 

229 229 

1213/64 1 1<X. 

283 285 

686 685 

Ml 342 
8SS 855 

SI 2S 

429 427 

760 769 

IS IS 

297 303 

671 470 

547 549 

176 177 

»« 265 

1« 144 

JM 393 

^ 954 
597 602 

358 348 

278 288 

in im 
641 641 

■96 198 

MIDI* II |4lli 1 

asa 36i i 
H* go 
399 388 


Banco Comm 16 85 0 W2p 

Centro le 2995 3M0 

CtoahoWS 705 7420 

cred Itol 2095 27 m 

Ertdanto 9420 W50 

Fmjmnalto lit* 1^ 

SSSr. 43^ 434 S 

I FI 7300 7350 

itaicenienn ,5^5? ®S2 

IMgas 156th 1578 

ItolmobJIlarl 71530 49700 

Medtawmat W»8 83500 

Montedison 1521 1515 

Olivetti 41B0 

PlreHi ™ 

RA5 M2B9 64300 

Rktosoanto 

SIP 1*» 1W 

SME 1166 W 

Snla 2747 2750 

Snmdo 12510 ’7M0 

SMI 2534 2505 

MIB Current index : 1201 
Previous : 1202 


MoJ Banking 5-90 5 £5 

OCBC 9 8.90 

OUB 260 2J® 

Overseas Union 180 179 

Shangri-la 116 117 

Sfme Derby 1JW 151 

STwre Land 1S5 187 

S'poro Press A25 AM 

S Steamship 146 N.T. 

St Trading AM AM 

Untied Overseas 1.97 2 

UOB 421 AM 

Stralti Times I ltd. Index : 794A6 
Pravlotn : 79SJM 


AGA 410 40C 

Alta Laval 196 IM 

Aseo 360 356 

Astra 400 395 

Atlas Copco 123 122 

Bouden 2J5 215 

Electrolux 324 322 

■ Ericsson 271 284 

ESMlte 365 3 ffl 

Handel sbonken 164 162 

Pharmacia 203 203 

Soob-Scanla NA — 

Sondvlk 4W N.Q. 

Skanska 91 NA 

SKF 315 215 

Swedish Mot ch 225 M0 

Volvo 254 250 

Arfoertvaeriden index : 399J0 

Previous : 17720 


Hitachi 
Hitachi CdMe 
Honda 

Japan Air Lines 
Kajima 
Kansai Power 
Kawasaki Steel 
Kavocera 
Kirin Broworv 
Kamarsu 
Kubota 

'Matsu Elec tads 
Matsu Elec Works 
Mitsubishi Bank 
Mitsubishi Chem 
Mitsubishi Elec 
Mitsubishi Heavy 
Mitsubishi Cora 
Mitsui and co 


Canadian stocks t«i AP 


410 

400 

Mltsukashl 

196 

m 

Mitsumi 

3 SO 

356 

NEC 

400 

395 

NGK Insulators 

123 

122 

NlkkaSac 

218 

218 

Nippon Kagaku 





284 

Nippon Steel 

345 

350 

fitopqnYteaei 

144 

162 

Nissan 

203 

203 

Nomura Sec 

NA 

— 

Olympus 

410 

N.Q. 

Pioneer 

91 

NA 

Ricoh 




223 

220 

Shtmazu 

234 

250 

5hlnat» Chemfcol 




Ah-Uhuide 
Atsbiom All. 

Atf Dassault 

Bancotre 

BiC 

Bangraln 

Bauvaues 

BSN-GD 

Correfaur 

Charaeurs 

Club Med 

Darfy 

Duma , . 

Elf-Anuitalna 

Europe I 
Gen Eay* 

Hachette 
Lafarge Coo 
Lewtmd 
Lesieur 
roreal. 

Marietl 
Malra 
Merlin 
Mlehefln 
Moel Hennessv 
Moulinex 
OeCktonfala 
Pernod Rtp. 

Petra les ifsel 

Peugeot 

PrlnWmps 

Rodotechn 

Redoute 

Roussel uderf 

Scnotl 

'5kb Rossignai 
Seur.Penier 

Tetemecan 

Thomson CSF 

Ageft Index :2M33 
p re y foe s : 206JBI_ 
CAC index :3U48 
Previous: 21180 


ACI 

200 

AN! 

275 

ANZ 

467 

BHP 

592 

Boroi 

318 

Bougainville 

232 

Brambles 

375 

Coles 

380 

ComalGO 

244 

CRA 

674 

C5R 

299 

Dunlop 

220 

Eiders ixl 

312 

Hooker 

156 

Magellan 

275 

MIM 

323 

Mydr 

177 

Oak bridge 

98 

Pefca 

445 

Poseidon 

450 

RGC 

NA 

Santos 

428 

Sielsh 

175 

Southland 

25 

Wood side 

140 

Wormakl 

355 


Cold Storage 
DBS 

PraserNoave 
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incheaee 


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^ 5 j 

119 333 1 
146 149 


All Ordinaries ud 
Previous :HIM 

Source: Reuters. 


Akar 

Asahl Own 

Asahi Glass 

Bank af Tokyo 

Bridgeslm 

Canon 

Casio 

Cltoh 

Dal Nlneen Print 
Dal wa House 
Dal wa securities 
Fanuc 
Full Bonk 
Fuff Photo 
Fujitsu 


ertr 


453 451 
845 809 
869 863 
778 773 
517 517 
1270 12S0 
1680 1740 
333 333 

1820 994 
534 538 

780 TV 
8930 8830 
1430 1430 
1710 1710 
1180 H40 


Sony 

Sumitomo Bank 
Sumitomo Chem 

Sum Hama Marine 
Sumitomo Melal 
TatMl Cera 
Totsho Marine 
Taksda Cham 
TDK 
Tell In 

Tokvo Elec. Power 
Tokyo Marine 
Taesan Print Inu 
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Toshiba 
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mkkeVDj. Index ; • 
Prsvlaus : 12124.14 
Hew index : *3X27 
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Adfa 2750 2725 

, Bank Leu 3570 3530 

Brawn Baverl 1610 1565 

ataGetoy 2885 28S0 

Credit Suisse 2420 2420 

Eleetrowotf 2870 3830 

Oaorg Fischer 750 730 

Interdkcount 1985 1940 

Jacob Suchard taw «n 

Jelmoll I960 1970 

LwxflsOyr 1473 1440 

HMjle 6500 6460 

Ooriikon-B 1435 1439 

Rocha B aby 8650 8650 

52*?. 7850 7700 

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Suloer 375 3M 

SBC 313 379 

Surissalr I860 1068 

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Swiss Valkobonlt \m 1470 

JJnton Bonk 3490 3680 

Winterthur 4700 4730 

Zurich Ins 23900 23600 

BBC Index : «»J8 
Pnrriea* : 437J8 

HA; not quoted; NJL: not 
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INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 


SPORTS 



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Cavaliers Hold Off Celtics 


UiuteJ Press I nt cmmi, mat had 32 points, wasn't having any 

RICHFIELD. Ohio — Cleve- tainted-victory talk. “We would've 
land refuses to go under. won with or without Bird." be said. 

The Cavaliers beat the Boston “Let them bring back Bird. Well 
Celtics 105-98 here Tuesday night do it again in Game 4." 


to siay alive in the National Basket- 
ball Association playoffs. True, 
Boston's Larry Bird was sidelined 
because or bursitis and bone chips 
in his elbow, but the winners bad 

NBA PLAYOFFS 


Bird had played in 67 of Boston's 
last 68 playoff games. His replace- 
ment. Scott Wedman, finished with 
30 points. 

Cleveland led 76-66 after three 
quarters. The defending NBA 
clump ion Celtics regrouped and 
ran off eight points to start the 
fourth period, but Roy Hinson hit 
three straight baskets and the Cavs 
led. 88-82. Wedman responded 
with 6 points and Parish with 4 as 
Boston pulled to within 92-90 with 
3:06 left. Phil Hubhaid’s 6 points 


II assists. Maurice Lucas's 26 
points and 13 rebounds paced 
Phoenix. 

The Suns had five injured play- 
ers on the bench in street clothes. 
“I've been in the league a long 
time,” said Laker Coach Pat Riley, 
and never seen a team decimated 
by injuries like Phoenix." 

Trail Blazers 122. Mavericks 109 

In Portland, Oregon. Kiki 
Vandeweghe scored 10 of his 24 
points in the fourth quarter to 
spark the Trail Blazers to a 122-109 
victory over Dallas. Vandeweghe 
came off the bench with 5:09 left in 
»hc fourth quarter and Portland 
leading 10S-10L 

Rolando Blackman and Mark 


fke Auccetod Pten 


'ftS, 


Los Angeles completed a 3-0 sweep 
of Phoenix, while Denver and Port- 
land downed San Antonio and 
Dallas, respectively, to go up. 2-1. 

Four other series were to resume 
Wednesday night. Philadelphia 
(ahead 2-0) was to play at Washing- 
ton, Milwaukee (leading 2-0) at 
Chicago. Detroit (up 2-0) at New 
Jersey, and Houston (tied 1-1) at 




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Despite Philadelphia's tag-team combination of defenseman Doug Grossman and goalie y?’ ! 

Pelle Lindbergh, John ToneUi scored for the Islanders at 19:22 of Tuesday's second period. Cleveland’s World B. Free, who 

Flyers and Oilers Widen Leads; 
Nordiques, Black Hawks Gain 


reasons to celebrate nonetheless: 

Gevdand won its first playoff 
game since 1977 and Boston had 
defeated the Cavs 17 straight 
games, dating to January, 1983. 

The Celtics lead the best-of-five . . _ . _ „ ... , 

series, 2-1, with the fourth game In r :03 se 2i c ¥ „ Aguirre led the Mavericks with 30 

scheduled here Thursday. In Tues^ Said Wedman: 1 jim hope we 

day’s other opening-round games, C * D U £* ,lus over Wllh Thursda - V Nuggets 115. Spun 112 

' B , ^ In San Antonio, Texas. TJL 

Lakers 1 19, Suns 103 Dunn, whose traveling violation 
In Phoenix, Arizona, James gave die Spurs a chance to tie the 
Worthy hit for 23 points and the game in the final minute, hit a pair 
Los Angeles Lakers, 119-103 vie- " ’ 

tots over the Suns, advanced to the 
league quarterfinals against the 
winner of the Dallas-Portland se- 
ries. 

Kareem Abdul-Jabbar added 18 
points and Mike McGee 17 for the 
winners, while Magic Johnson had 


of free throws with two seconds left 
to carry Denver to a 115-112 ver- 
dict. 

George Gervin had 30 points for 
San Antonio, while teammates 
•Mike Mitchell and Artis Gilmore 
added 23 each. Alex English paced 
the winners with 27. 


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Compiled k Otar Staff Font Dispatches 

NEW YORK — The goalies are starting to make 
the real difference. 

Pelle Lindbergh of the Philadelphia Flyers and 
Grant Fuhr of the Edmonton Oilers continued to excel 
and got much of the credit for leading their teams to 3- 
0 leads in best-of-seven Stanley Cup quarterfinal 
series. 

Both have been phenomenal throughout the Na- 
tional Hockey League postseason, aim were joined overtime to lift the Nordiques to a 7-6 victory over 
^ ___ _ Montreal. Il was Quebec's second overtime triumph in 


ence,” said defenseman Babych. “It’s frustrating (o 
play so well and lose by one goal. We had lots of other 
good scoring chances tonight and we fanned. But we 
can’t let Fuhr get to us. We’ve got to go out and upset 
him." 

Nordiques 7, Canatfietts 6 
In Quebec City, Dale Hunter took a pass from 
Michel Goulet — who had already scored three goals 
—and blasted a slapshot past Steve Penney at 18:36 of 


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STANLEY CUP PLAYOFFS 

Tuesday night by Chicago's Murray Bannennan and 
Quebec rookie Mario Gosselin as the dominant fac- 
tors in division f inals . 

Flyers 5, Islanders 3 

In Uniondale, New York, Lindbergh made 36 saves 
1 -period shots in Philadel- 


npr 

the best-of-seven Adams Division finals, which the 
Nordiques lead, 2-1. 

“For now, at least, this is the most important goal of 
my career." said Hunter, whose overtime tally in 
Game 5 of the opening round of the 1982 playoffs 
eliminated Montreal. 

“I was following Goulet up along the side, and he 
dropped the puck when he collided with a defense- 
man." said Hunter. “I picked it up, look a step, 
lowered my head and took a slapper.” 

Four times the Nordiques rallied from one-god 


Take 150 Bushels Mint, Add Bourbon . . . 


United Pms International 

LOUISVILLE. Kentucky — 
With the Run for the Roses less 
than two weeks off, the scramble 
in the local mint patches began 
Tuesday in an effort to gather 
sprigs to flavor 80,000 mint ju- 
leps sold at the Kentucky Derby. 

“When you cm it, you always 
keep your bundles silting up," 
said Bill Dohn, a farmer who 
sells 80 percent of his mint crop 
to Churchill Downs during Der- 
by week. “Otherwise it’ll bend 
You want to keep it nice and 
straight, so when you bundle it 
you stand it up in the crate." 


Mini has a tendency to seek 
the sunlight, so turning the plant 
on its side can lead to a bent 
sprig — considered inappropri- 
ate by traditionalist Derby fans 
who sip juleps in silver cups 
packed with crushed ice. 

Dohn said this spring has been 
a good mint season, with the 
crop in fine shape and just in 
time for Saturday's start of the 
spring meet at Churchill Downs. 

The track expects to sell 
100,000 mint juleps daring the 
meet — which ends June 30 — 
with an estimated 80,000 to be 
sold (at S3.75 each) in souvenir 


glasses on May 4, Derby Day, 
when the track will draw some- 
where around 140,000 fans. 

The Derby Day flood of juleps 
requires 150 bushels of mint, 60 
tons of crushed ice and 8.000 
quarts of another Kentucky 
product — bourbon. 

Edgar Allen, a track spokes- 
man. said mint juleps are a solid 
pan of the Derby tradition. “1 
think the mint julep is as impor- 
tant to Derby visitors as hearing 
‘My Old Kentucky Home’ and 
seeing the infield and the names 
of past Derby winners around 
the clubhouse,” he said. 



Th# Auoootrd Proa 

Cleveland’s Roy Hinson played the deadpan innocent by- 
stander while bodying Robert Parish off Hie ball in Game 3. 


and stopped 25 of 27 sccond- 
phia's 5-3 triumph over the Islanders in the Patrick 
Division finals. The losers’ two-period total of 35 shots 
broke a playoff record, but New York managed only deficits in a game with brilliant overtime goaltending 
four in the third. by Penney and Gosselin and a total of 140 minutes in 

Were any of the saves particularly difficult? “Don’t penalties. 




i 




ask me." said Lindbergh. “There were so many, I don’t 
remember any of them." 

After killing off four consecutive first-period power 
plays (including a 5-oc-3) in a span of 6:44, and 
trailing by 3-1, New York finally got a break esriy in 
the second period with a five-minute power-play op- 


aa penoa wi 

* portunity. But when Clark Gillies fanned on a pass, 

’ Philadelphia’s Brian Propp pounced on the puck and defenseman Mario Marois swept the puck away. Gos 




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blew past the stiU-aitadting Islanders and beat Billy 
Smith on an unassisted breakaway goaL 

"We were very fortunate that we came out of the 
second period the way we did — with a lead," said 
Propp. "Our goalie sat on his head for us, so we had to 
do something for Mm in the next period." They did. 
holding the Islanders to four shots. 

“I was really tired in the second period and it was 
really warm,” Lindbetgh said of New York’s 27-sbot 
middle-period barrage. “They were shooting from all 
over the place, but fortunately we got two goals, too. 

“The way we came back in the third period, it 
showed that even when we played really bad, we could 
still play good." 

Oilers 5, Jets 4 

In Winnipeg, Manitoba, Mark Messier had three 
assists and Glam Anderson added a goal and two 
assists as Edmonton nipped the Jets, 5-4, in the 
Smythe Division final. It was the Oilers' ninth straight 
- playoff victory over Winnipeg. 

Wayne Gretzky — not known for post-season great- 
ness — scored the game-winner at 6:13 of the third 


U.S. Edges W. Germany , 
Nears Medal-Round Slot 

Compiled hy Our Staff From Dispatches the Pittsburgh Penguins, the 
PRAGUE — The U.S. hockey NHL’s top draft choice a year ago. 
team pulled closer to a berth in the Vladimir Ruzicka. fin Lala, Mho 
medal round of the world champi- Horava and Dusan Pasek scored 
onships with a 4-3 victory here for the host country. 

Tuesday night over West Germany. ~ Sweden skated well in the first 40 
Kelly Miller, 22, who played a minutes, but the Russians broke 
few games for the New York Rang- things open with three goals in the 
durin S ^ N a »°na] Hockw: Tidal period. In the hard-fought 
***>" Plat S*ne. te t Alexander Kn- 
olls, scored the game-winner with satanov and Ulf Samuelsson were 
8:18 to go on a feed from Tony thrown out for fighting by Finnish 


SCOREBOARD 


Baseball 

European Soccer 


Tuesday’s Major League line Scores 


Gosselin faced 36 Montreal shots in all — 1 1 in the 
extra session. “I jumped on the ice for the overtime,” 
he said. "I like to enjoy myself. If we win, thank you. If 
we lose, we look forward to the next game.” 

Hunter’s brother, Mark, a Canadien right wing, had 
two scoring chances early in overtime. On the first, at 

net but 
iy. Gos- 
selin also stopped Hunter on a breakaway at 4:02 — 
and Mats Naslund on another shortly thereafter. 

“Winning the third game takes a lot of pressure off 
us," said Goulet, who leads all playoff scoreis with 1 1 
goals. “Now we know we’re coming back for at least 
one more game at home." 

Black Hawks 5, North Stars 3 
In Bloomington, Minnesota, goals by Dennis 
Maruk and Dino CiccareUi put Chicago in the hole, 2- 
0, but Bob Murray and Tom Lysiak connected before 
the end of the first period and A1 Secord scored twice 
in a 2:08 span of the second and the Black Hawks went 
on to a 5-3 verdict for a 2-1 lead in the Norris Division 
finals. 

Black Hawk goalie Bannrnnan made 38 saves. 


Granato. To reach the medal 
round, the United Stales needs one 
point from its remaining games, 
against East Germany and Fin- 
land. 

In other games Tuesday, the So- 
viet Union defeated Sweden, 6-2, 
and Canada and Czechoslovakia 
tied. 4-4. as did East Germany and 
Finland. 

The Russians (5-0) are atop the 
standings, followed by tbe United 
States (4-1). Canada and Czccho- 


referee Pertti Juhola: both will 
have to sit out the next game, ac- 
cording to international rules. 

The United States fell behind at 
8:05 of the opening period, when 
Dieter Hegen convened a pass 
from Ernst Hofner, but took the 
lead before the period ended on 
goals by Pittsburgh’s Moe Mantha 
and Corey Milieu in a span of 58 
seconds — MiUen’s coming at the 
19:59 mark. 

Franz Reindl beat U.S. goal- 
keeper John Vanbiesbrouck to tie 


AMERICAN LEAGUE 
Detroit 103 HI MO— 4 9 I 

devoid Bd Ml 010 on— 3 9 0 

Perry. Scherrer (7). Hernandez (I) and Par- 
rich: Blvlev*nandWUlord. W P efrv.3-1.L — 
Blrtevea 0-2. S> IlmutmrtT (3). 
Kaatacdtir MB M0 BBS-7 M 3 

Toronto 1 M M * 19 0 

Blade. Beckwith (IT. Qtfliefiterrv (9) and 
Simdhm; Alexander, Caudill (■). Acker <9> 
and Martinez. W— Beckwith, 1-1. L— Caudill, 
3-1 Sv— Quleenberrv (31. HR— Kanos a tv, 
Orta (1). 

Seattle 090 aw mi-2 t I 

Minnesota 300 Ml lfec-3 I 1 

Baroias, Stanton (4), Nunez (01 and K ear- 
ner. Valle 10) Vtoio and SOtaL W— Viola. 2-1 
U— Baroias. 0-1. HRs— Seattle, CLHenderson 
(2). Minnesota, Brunanskv Ml. 

Baltimore OH BO 0*0-11 10 0 

Tews 1M0M 000- 1 3 3 

Davis and Oenmsey. Notan 19); Tanona. 
Haoten (SI. Boobs (7). Stewart 40). Harris <«) 
ana Slough!, Brammer (»). W— Oavta. 1-0. L— 
Tonona, (ML HRs— Baltimore, Demosey (3), 
Ford (]». Youne III. 

Boston 111 010 1M 01-5 10 0 

New York 0M OH 110 00-4 9 4 

Boyd. Stanley (71. Oledo 110) and Gedman. 
Sullivan (10); Cowley. Shirley (4). Rtahettl 
191 and Wynesar. W— Oledo. Mi L— RMietti, 
1 -1. HRs B oston. Easter (2). New York. Bay- 
lor (2). 


Milwaukee 010 HI OM 1-5 11 0 

Ctueoeo 000 111 0M 2-4 11 0 

Mtouera, McClure 14), Fingers (10) and 
Scnroeder; Bannister. James (0) ana HIM. 
W— James. 1-0. L^-FIneert. M. HR— Milwau- 
kee. Schroeder 2 (4). 

Oakland 013 302 OSD-14 U 3 

California 010 131 301— 9 II 2 

Warren. Atnertan (SI. Conroy IB), JJtowed 
10) and Heath; Kipper. l_Soncnez (3).Carbatt 
(6), Clements (0) and Boone. Norron (51. W— 
Atherton. I-O. L— Kipper. 0-1. 5v— J.Howell 
(5). HRs— Oakland. Kinsman (3), London) 
(1). D .Baker (21. M-Dovls (0). Californio, Re- 
Jockion2 (3). Norron (2),5dlOileJd ai.Gridi 
HI. DeCInees (31. 



period when he got behind defenseman Randy Car- job was just to keep us in there and our offense took 
lyle, skated in oo goalie Brian Hayward and, 
faking a shot, slid home a backhander. 


_ Slovakia (both 3-1-1), Sweden (3-2), 

••You have to overpower Bannennan with chances. Finland (1-1-3), East Germany (0- the game early in tbe second peri- Miri m- Ipaimp Standinps 
He’s only human, said the losers’ Steve Payne. “He M) and West Germany (0-5). od. The Americans, who had diffi- J » 

always plays well against us in the playoffs. He was the “ ‘ “ “ 

difference.’' The North Stats had a 31-14 shot advan- 
tage over the final two periods. 

“We got a few breaks and we took advantage of 
them late in the second period," Bannennan said. “My 




i 


I pent 

Babych, who also bad two assists, tied the score, 4-4, 
on a" wrist shot misplayed by goalie Fuhr. “I gave up a 
bad one,” said Fuhr, “and I had to come out in the 
third and make a few good saves, because I knew the 
guys would come through and get me a goal” 
Among Fuhr’s 28 saves were 12 in the first period, 
when Edmonton was outshot 14-7. “He was the differ- 


care of tire rest’ 

Secord broke a 2-2 tie with 2:50 left in the second 
period when he took the puck away from defenseman 
Craig Hamburg and wrist ed a 20-footer between the 
legs of goal lender Gilles Meloche. Then Denis Savard 
stole the puck from tbe North Stars’ Ron Wilson and 
look a slapshot that Meloche stopped, only to see 
Secord flip in the rebound. 

The fourth games in all series- will be played Thurs- 
day nighL (VP I, A?) 


“The game was not rough," com- 
plained Czech coach Ludek Bukac 
— “it was very rough. Our players 
are not used to such games. There 
was lots of stick work and hooking 
it cost a lot of strength." Canadian 
left wing John Anderson agreed. 
“It was a tough game, as tough as in 


culty handling the West Germans’ 
defensive alignments, regained the 
lead when Mark Johnson of the St 
Louis Blues slapped in a pass at 
7:55. Hegen equalized again a few 
minutes later, deflecting a shot by 
Uli Hieraer. 

U.S. Coach Dave Peterson called 


NATIONAL LEAGUE 
East Dhrtfloa 


the NHL, and both teams got mad it “as difficult a match as any. For 


at times,” he said. 

Anderson and Tony Tami each 
scored their fourth goals of the 
tournament, and teammates Doug 
Haiwanl and Kirk Muller had a 
goal apiece. Two Canadian scores 
were set up by Mario Leraieux of 


the first time we were the favored 
team and thus felt pressure and we 
were coming from a very tough 
game with the Czechs. We were not 
quite as sharp but [West German 
goalie] Karl Friesen played ex- 
tremely welL" (AP, UPl ) 


Dodgers Help Giants Maintain Jinx Over Valenzuela 


■. M : 




t 




? -- 


Compiled hv Our Stuff From Dispatches 

SAN FRANCISCO — Mike 
Krukow’s 10 strikeouts and Fer- 
nando Valenzuela’s four-hit perfor- 
mance were the highGghts of a 
comedy of errors here Tuesday. 
The lowtights were a two-run error 
on a ground ball, 3 double 10 feet in 
front of home plate, an error on a 

BASEBALL ROUNDUP 


s.'ij ’ routine pop-up that led to the only 
< :■ other run and a collision in the 
fii/jf outfield. 

K: i \ The San Francisco Giants didn’t 
V’ V : win pretty, but they did break a 
seven -game losing streak. Their 2-1 
r ;: '• victory over the Los Angeles Dodg- 
s ere marked Valenzuela’s ninth loss 
t in his last 10 Candlestick Park ded- 
sioos. 

Krukow struck out 10 and scat- 
h riered 7 hits in going the distance 
and beating the Dodgers for the 
second time this season. The only 
run against him was unearned as he 
lowered his ERA to 0.35, having 
allowed just one earned run in 26 
inning s. 

“1 had a strong wind at my 
back,” said Krukow (2-0). “I got a 
little brave after Mike Marshall’s 
shot in the third. When that ball 
didn’t go out, I figured nothing was 
going ouL" 

In the fifth inning, the wind 


back with an inning-ending strike- 
out. 

Valenzuela, who has not given 
up an earned ran this season after 
33 innings over four games, didn’t 
get any help from the wind or his 
teammates as he saw his scoreless 
string snapped at 2S¥s innings with 
two unearned runs. 

Last year the left-banded ace 
straggled through a 12-17 cam- 
paign despite posting a 3.01 ERA. 
In 13 games the Dodgers scored 
one run or not at all for him, and in 
18 outings they scored two runs or 
less. 

“Overall I don’t feel that frus- 
trated,” said Valenzuela (2-2), after 
striking out eight “There’s nothing 
1 can do except go out and pitch. 
Krukow pitchfxl a great game.” 

Tbe Giants scored both their 
runs in the fifth. Alex Trevino dou- 
bled. Jose Uribe angled to short 
and both runners moved up on a 
sacrifice bunt by Krukow. Dan 
Gladden then slapped a hard 
grounder that bounced off the 
glove of shortstop Dave Anderson 
and into center field for a two-run 
error. 

An error by second baseman 
Manny Trillo on a routine pop-up 
by Valenzuela in the seventh led to 
the Dodgers’ only run. Duncan fol- 
lowed with a single that sent Valen- 
zuela to third and A1 Oliver dou- 
bled to center. Duncan tried to 
score behind Valenzuela on the 
play, but was thrown out at the 
plate on a relay by Uribe at short. 

Said Krukow: “Uribe threw the 



scored twice to spark the Cardinals 
to an 8-3 verdict over New York. 


ven (0-2), but still musded the bail 
over the head of third baseman 
Brook Jacoby. Pittaro and Tram- 
mell scored on the hit. Winner Dan 
Petry (3-1) struck out two while 
allowing six hits and a walk over his 
6H innings. 

Royals 7, Blue Jays 6 
In Toronto. George Breu’s 
three-run double off Bill Caudill 


triggered a five-run oinlh lhat put 


\-v plate and Krukow and three other 
C. >- Giants charged the ball But the 
ti h wind blew u away from lunging 

r-/ third baseman Chr4 Brown, amJit best strike of the day 

£ : f} fdl untouched whfle Duncan went Expos 5, Fwffies 4 

V to second But Krukow came right In Montreal Vance Law drew a 


Vc ‘7.’ 


George Brett 
. . . Ninrh-inning nigger man. 

bases-loadcd walk off Charles 
Hudson with one out in the 10th. 
giving the Expos their 5-4 decision 
over Philadelphia. Winner Jeff 
Reardon (1-0) pitched three hitless 
innings of relief. 

Cubs 5, Pirates 0 
Id Pittsburgh, Rick Sutcliffe 
scattered eight Inis and had a pair 
of hits, including a home run, and 
Keith MordancT went 3 for 3 and 
drove in three runs to pace Chicago 
past the Pirates, 5-0. Sutcliffe (3-1) 
struck out seven and walked one. 

Cardinals 8, Mets 3 
In SL Louis, Lonnie Smith stole 
three bases, had two hits and 


Astros 6, Reds 4 
!n Houston, Kevin Bass drove in 
four runs to lead the Astros to a 6-4 
verdict over Cincinnati. Bass bad 
two singles and a homer in helping 
Ron Mathis to his first major- 
league victory. 

Braves 4, Padres 2 

Js “ C S°' TcrT } Kansas City past the Blue Jays.' 

bled home three runs m the third to 

-J" « —v “ Sf blua 

While Sox 6, Brewers 5 

In the American League, in On- escaped with his second save of tbe 
cage, pinch-hitter Oscar Gamble 

' Twins 4, Marina, 2 

edged Milwaukee, 6-5. Gamble’s r ? Minneapolis. Tom Brun- 
hit came off reliever RoIKe Fingers s 
(0-1) and made a winner of Bob Frank Violas six-hit pitching 
James (1-0), who had riven up the Minnesota to a 4-_ defeat of 
go-ahead run in the top of the in- Seattle. It was Bruna nsk y’s fifth 
niag. homer in 14 career at-bat$ against 

A’s 14, Angds 9 loser Sa! ° nic ^<5“ 

In Anaheim, California, Dusty Orioles 1 1, Rangers 1 

Baker drove in five runs with a two- . ^Arlington, Texas, Storm Da- 
run double and and a three-run vis pitched a three-hilier and Mike 
homer in the eighth, enabling Oak- Youn g **& Rich Dempsey drove in 
land to overcome six California lhrce 1 _ as Baltimore 

home runs and defeat the Angels, bombed Texas, 11-1. Davis (1-0) 



w 


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Chicago 

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New York 

9 


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Montreal 

7 


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St. Louis 

6 


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3 

Philadelphia 

A 


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5 

Pittsburgh 

4 V 

west DMstoa 

JOB 

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Cincinnati 

8 

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571 

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Houston 

8 

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San Diego 

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San Francisco 

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AMERICAN LEAGUE 
East Dhrtstoe 



W 


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Detroll 

8 


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— 

Baltimore 

7 


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Boston 

1 


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Toronto 

7 


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Milwaukee 

4 


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New York 

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Cleveland 

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west Dlvfefefl 


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Oakland 

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NATIONAL LEAGUE 
PhllodalpMa 000 13# M0 0—4 II 0 

Montreal 410 OH 0M 1-1 II 2 

Carlton. Takulve IB), Hudson (ID) and Daul- 
ton; Roaers, Roberao (7). Reardon (01 aid 
Fttzserold. W— Reardon. 1-0. L— Hudson, M. 
Lee Anaelec 000 0M 100—1 7 1 

San Fraaduo DM M0 Nx— 2 4 2 

Valenzuela and Sdmda; Krukow and Tre- 
vino. w— Krukow, 2-fl. L— Valenzuela. 2-z 
Chlcaee 0M 300 MO— 5 0 0 

Mtltbureti 000 M0 000— 0 I 0 

Sulci Ufa and Davis: Blalicld. Holland (4). 
Scurry 14). iSuonlc (81 and Pena. W— Sut- 
cl I He. 3-1. L— Biellckl, 1-1. HRs— Chlcooo. Sut- 
cliffe (1). Sondber* (u. 

Oadneati oeo 0M 040— e 4 3 

HooStan 102 030 OfaC— * 13 0 

Stupor, Pastor* (5). Hume 17}. Franca (■), 
WHIN IMandBUanMIa; Motti Is. Calhoun (I). 
DIPino IB). Smith (9) and Boiler. W— Molftls. 
1-1. L— Sniper. 2-1. 5v— SmitP 12). HR — Hous- 
ton. Base (2). 

Atlanta 103 000 0M— 4 10 0 

San Dlepo 100 001 000—2 4 0 

Metofar. Sutter II) and Cerone; Thurmond. 
Stoddard Ml. Do Leon |4), Booker ») and Ken- 
nedy. W—Monier,4-0. L— Thurmond. O-Z 5v— 
Sutler 13). HR— San Dleoa Garvey (3). 
New York 030 0M MI-3 9 3 

SL Louis 201 120 20a— I • I 

Berenyl Gorman (31. Lynch 151, Sisk 17) 
and Carter; Keoshllre. Horton (B) and Laval- 
Hor*. W— Kepshlre, l-Z L— Gorman, 1-1. 


CUP WINNERS' CUP 
tSemmnaL SeaMd Leo) 

Dvnomo Moscow 1, Roald Vienna 1; Rank) 
vienno advances. 4-z on oeoregate. 

ENGLISH FIRST DIVISION 
Ipswich z Leicester 0 
Sheffield Wednesday 1 Queens Park Rangers 
1 

Points slaodliws: Evertan 75; MondtoSiBf' 
Untied 45; Tottenham *4; Sheffield Wednes- 
day 62; Liverpool, Southampton 40; Arsenal 
JO; Nottingham Forest 57; Chelsea 56; Aston 
Villa 49; Queens Park Rangers 47; Leicester, 
West Bromwich, Newcastle 45; Watlord 44; 
Ipswich, Norwich 42; Luton. West Ham 4t; 
Sunderland 39; Coventry 37; Stake 17. 

FRENCH FIRST DIVISION 
Monaco 1. Nantes 1 
Strasbourg Paris-S*. Germain 1 
Rouen 1, Bastto 1 
Lane I. Auxerre 0 
Marseille Z Metz 1 
Nancv 1. Ulie 0 
Sadtaux Z Tour* 2 
Laval a Brest 0 
Toulouse Z Toulon 0 
Points stan din gs : Bordeaux 53: Names 49: 
MonacaAuxerre41; Toulon 39; Metz 38; Leas 
3e: Socnaux. Brest 34; Laval 32: Nancv. Tou- 
louse. Porls-SG 31; Marseille 30: Strasbourg 
29; Bastlo 28: Ulie, Rouen 27; Tours 25; RC 
Ports 32. 


Basketball 


NBA Playoffs 


Hockey 


NHL Playoffs 


14-9. 

Tigers 4, Indians 3 
In Cleveland, Kirk Gibson's 
two-out broken-bat bloop double 
drove in two runs in the fifth and 
lifted Detroit past the Indians, 4-3. 
With the score tied, 1-1, the Tigers 


retired 19 straight batters from the 
first inning until the seventh, when 
he was touched for a two-out dou- 
ble. Davis is 5-0 lifetime against the 
Rangers. 

Red Sox 5, Yankees 4 
In New York, Dwight Evans sin- 


loaded the bases on two-out singles gled home Marty Barrett with one 
by Chris Piliaro and Lev Whitaker out in the 1 1th to lift Boston past 
and a walk to Alan Trammell. Gib- the Ya n kees , 5-4. The Red Sox 
son then broke his bat swinging at have beaten New York four 
an inside fastball from Bert Blyle- straight this season. (AP, UPI) 


TUESDAY'S RESULTS 
PHItodWphia 2 2 1—5 

N.Y. lekedors 1 2 0—2 

Croaman (2). Tocdtei 12), Ran Suiter 13), 
Propp (4). Sfntsalo (2); Kollur (2), B. Sutter 
(3), Tonetll (1). Staifs on goal: Philadelphia 
I on Smith] 4-05—21; N.Y. I danders (on Und- 
bervhl 0-27-4—39. 

Edmonton 1 3 1—5 

Winnipeg 2 2 9-4 

Cottey 14). Anderson |2), Kruihelnvsk) 12), 
Napier (4). Gretzky (3); MacLean (3),Lund- 
hoim (2). Wilson 131. Babych (2). shots on 
seal: Edmonton (on Hayward) 7-0-9— 25; 
Wlnnlpep (on Fuhr) 14+10-32. 

Chlcaee 2 2 1—5 

Minnesota 2 a 1—3 

B. Murray (I), Lysiak (2). Secord 2 (4). 
Sutter (3); /Maruk (2). OcoaraHl (2), Harts- 
burp (3L5hetsoa goal: Qilcpeo (on Meloche. 
Beoupret 1 4 *0-38; Minnesam (an Banner- 
man i 10-17-14—41. 

Montreal 2 2 2 0-4 

Oaebec 2 13 1—7 

A-Slawnv (3). Goulet 3 (11). Bell (1). Pcde- 
ment 131, Hunter (11 ; Naslund (6).SmHh2 (51. 
Cortwnrwau (2), McPhee 2 (31- Sbatsoa pool: 
Montreal (on Gosselin) LO-P-T1 — 36; Quebec 
(on Penney) VMM 2-10— (4. 

World Championships 

April 23 

Finland 4. East Germany 4 
Canada < Czechoslovakia 4 
Soviet Unkm A Sweden 41 
united Slates 4, West Germany 3 
April 24 

United Slates vs. East Germany 
Finland vs. wesi Germany 
April 25 

Sweden vs. CzecMslSvakla 

Canada vs. Soviet union 
April 34 

wist Germany vs. Easi Germany 
United Stales vs. Finland 
April 27 

Soviet Unton vs. Czechoslovak la 
Canada vs. Sweden 



TUESDAY'S RESULTS 
Beslan 24 21 21 32- 91 

Cleveland 25 3e 21 »— 105 

Free 13-23 44 3Z Hinson 10*14 1-2 21; Wed- 
man 13-20 4-4 30. McHaie 5-10 11-12 21. Re- 
bounds: Boston 49 [MCHaic ID: Cleveland 54 
(Hinson 91. Asslsti; Boston 2* ID Johnson 101 : 
Cleveland 31 (Bagley 15). 

Denver 32 21 34 21—115 

SOP Antonio 29 22 28 33-112 

English 12-223-327, Natt 7-167-0 21; Gervin 
12-194-8 DO.Mltcheim-34 1-2 21 Gilmore 0-11 7- 
12 2X Rebounds: Denver 34 (Halt B); San 
Antonio 43 (Gilmore 14). Asslsti; Denver 33 
(Naif B); San Antonio 27 (Moore 9). 

LA. Lakers 25 43 IS 33—119 

Phoenix 25 30 22 24—103 

worthy B-11 4-9 23, AbduKtoofcer 6-11 4-4 18; 
Lucas B-1B 10-11 26. Adams 9-2) 0-1 IB. Re- 
bounds: la. LokerseB (Ramble 9); Phoenix 
51 (Lucas 13). Assists: LA. Lakers 34 (John- 
son 11): Phoenl. 24 (Adamv Holton 5). 
Dallas 28 34 25 22—109 

Portland 31 25 35 31—122 

vandeweghe IMS 2-2 24, Drexler8-1B 4-4 20; 
Aguirre 11-22 7-7 30. Blackman 10-19 10-11 30, 
Perkins 5-7 3-4 14, Davis 5-103-314. Rebound* : 
Dallas 42 (Vincent, Perkins 91; Portland 5B 
(Bowie ill- Assists: Daltos22( Davis 5); Port- 
land 28 IDrexier 10). 


Transition 


Bsiesn-Un 

Detroit's Kirk Gibson tmsuc- 
cessfoDy went to tbe wall try- 
ing to snag Tony BemazanFs 
fif (b-inning shot, but in die 
top of tbe innii^ Gibson had 
dmibled home two runs that 
helped! defeat Cleveland, 4-3. 


BASEBALL 
American League 

CHICAGO— Recalled Bab Pollan. Pitcher, - 
from Buffalo at the American Association. 
Sent Joe DeSa. first baseman, to Buffalo. 

CLEVELAND — Signed Benny Ayala, out- 
fielder, and Brvan Clark, plicher, to canlracti 
wtiti their Maine offtllale of the imemotional 
League. Released Jim Slwy, Pitcher, and 
Gene Pet rail I, catcher-Uifletder. (ram the 
Maine roster. 

Noltontd League 

LOS ANGELES— Placed Jav Jonnstone, 
outfielder. on Ihe2l-dav disabled list. Actuat- 
ed RJ. Reynolds, outfielder. 

FOOTBALL 

Canadian Football League 

BRITISH COLUMBIA— stoned Tam Ma- 
gee, defensive lineman. 

National Football League 

5AN DIEGO— Stoned Charlie Joiner, wide- 
receiver, le a one-yeor contract. 

united Slates Football League 

ARIZONA— Announced the retirement of 
Junior Ah You, defensive end. 

LOS ANGELES— Signed Kevin Turner, 
linebacker. Waived Ed Martin, linebacker. 

OAKLAND— waived Lynn Thomas, solely. 
Claimed Babble Futreee. eamerback. on 
waivers. 

PORTLAND— Signed Kevin Slarkev.auar- 
lerbock. 

HOCKEY 

NafleaM Hockey League 

LEAGUE— Named Gary Meagher director 
of Information tor the Campbell Conference. 

WINNIPEG— Reca led Murray Eaves, con-, 
ter. tram Sherbrooke of the American Hockey 
League. 

COLLEGE 

DELAWARE— Named Stove 5telmvedaf 
basketball coach. 

FORT HAYS STATE— Nonwd Robert Van 
Popaoli athletic director effective July 1. 

GULF STAR CONFERENCE— Announced, 
that John Stephenson, Southeastern Louisi- 
ana baseball coach, has been lucoended for' 
four opmes and placed on probation t h rough 
the end at the UN season. 

IONA— Announced Hie restoration of Grgg. 
Gtoanflno. football coach. 

LOYOLA MARYMOUNT— Named Joy. 
Hillock assistant basketball coach. 

NIAGARA— Announced the resignation of 
Poto Lonergan, basketball coach, and named - 
Andy Walker basketball coach. 










Page 22 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, APRIL 25, 1985 


ART BUCHWALD 


The Dead- Cat Strategy 


Helen Boehm, the Porcelain Powerhouse 


m 



W ASHINGTON — The move 
by Ted Turner to take over 
CBS has unleashed a series of other 
attempts by entrepreneurs to go 
after communications companies. 

A week ago P.T. Raider, who 
owns an FM radio station in Zero 
Degrees, Wyoming, announced he 
was declaring war on the multi’ 
billion- dollar Starfish Broadcast- 
ing Company. 

At a press conference in New 
York, P.T. said 
he always de- 
sired to own a 
network, and he 
felt he could do 
a much better 
job than Starfish 
in serving the 
public. 

Although he 
refused to say 
how he would _ 

manage the BucnwaW 

company, he did vow to fire the 
entire news staff and replace them 
with “American citizens who be- 
lieve in God and Jesse Helms." 

Asked how much cash he was 
willing to put up for Starfish stock. 
Raider said he was offering some- 


Exhibition to Let 
Women See Items 
Of Mount Athos 

Renter 

A THENS — Thoi«and-year-old . 

Byzantine relics from Mount 
Athos are go on display in the 
northern Greek city of Salonika 
this fall thus allowing women to 
see them for the first time. 

By imperial decree dating back 
more than a thousand years, even 
female animak are barred from the 
20 monasteries that make up the 
autonomous monastic community 
of Mount Athos. Male viators need 
visas approved by the Greek For- 
eign Ministry. 

Yannis Kapsis, an undersecre- 
tary in the Foreign Ministry, said 
Tuesday that the Byzantine items, 
including ikons, rare books and 
documents, would be taken under 
heavy guard from Mount Athos to 
Salonika to be displayed for six 
months under the auspices of the 
city’s international trade fair. 

kapsis said up to five million 
foreign visitors were expected to 
view the exhibition. 


thing better than money. “I will 
swap one share of Raider Commu- 
nications stock for one share of 
Starfish Broadcasting." 

When it was pointed out that 
Starfish was worth S3 billion dol- 
lars and the sole Raider property, 
FM station YUK. was only worth 
$1,200. P. T. said, “I might sweeten 
the pot by throwing in a dead cat 
with each junk bond." 

Asked where he would get the 
money to pay for the dead cats. 
Raider said once he got control he 
would sell off the Starfish publish- 
ing company, the Starfish record 
division and the Starfish motion 
picture studios. "While all these 
companies make money, I will not 
saddle Starfish with more debt than 
it can handle.” 

A Wall Street Journal reporter 
asked Raider if it wasn’t true that 
the only reason Starfish would be 
in such heavy debt was because of 
his hostile takeover bid. 

P. T. told the reporter if he didn't 
retract the question Raider Com- 
munications would buy the Journal 
as well 

□ 

A year ago Raider would have 
been laughed at for trying pull off 
such a deal But with the recent 
mergers in which takeover barons 
have been getting rich by highfly- 
ing tactics, no one on Wall Street is 
laughing at anybody' anymore. 

An analyst for Strong & Hairy, 
the brokerage firm, said, "Raider 
has a good chance of taking over 
Starfish. The dead-cat strategy has 
been used very successfully in a lot 
of merger deals this year. As long as 
there are people out there who 
would rather have a dead cat than a 
live company, P. T. is a threat-" 

Belton Lewish. who follows the 
entertainment business for Goose 
& Gander, thought Starfish could 
fight off Raider. "But," he warned, 
“it won’t be cheap. The big boys 
who invest for the institutions 
don't care what happens to Starfish 
as long as they make money' out of 
iL If they can get in and out of the 
stock before the company goes bel- 
ly up, they couldn't care if the Aya- 
tollah Khomeini takes over the 
company." 

Dalton Dunkirk, chairman of 
Starfish Broadcasting, told Louis 
Rukeyser on PBS that he didn't 
mind Raider’s attempt to take over 
Starfish as much as he did having 
to put P. T. on his network news 
every night. 


By Stephanie Mansfield 

Washington Past Service 


more than 300,000 pieces in 33 
years. 

Now she has published her 


N EW YORK — She owns a ™ sne nas punusaoi ner 
Duesenberg, a 1936 yellow autobiography, ^Wth a Uttle 
Rolls-Royce, a Mercedes 450SL, Luck” (ghost-wntten by Nancy 
her own polo team, a condo in Dunnan), a chatty memoir, ae 
Palm Beach, a farm in New Jer- wanted to call lt^ From Brooklyn 
sey, a cottage in England, millions 10 Bucki n g h a m , 
of dollars in art, antiques and de- Boehm came a long 

signer dresses, not to mention a way. She took golf lessons so she 
gih-complex of a suite at the could buttonhole wealthy dients 


neireHoteL and says well yes, on the links. During the Eisen- 
honey, it's true. She might be “a £ower administration she heard 
little showy ” Prince Philip was coming to the 

A little showy? Helen Boehm. United Stairs, convinced her faus- 
64, widow of the porcelain artist band to sculpt a Ukenas of the 
Edward Marshall Boehm, makes playing .polo, then cajoled 

the Gabor sisters look like bag her way into the White House to 


present the figurine. 

One recent stunt backfired. In 


ladies. “The secret to having present ine ugunne. 
beautiful things is to share them One recent stunt backfired. In 
with people." said Boehm (pro- 198 1, immediately after the flap 
nounced beam), running her left surrounding the White House’s 
thumb under her ring finger. The purchase of 5200,000 worth oF 
one with the 20-carat diamond. state china, Boehm announced 

“1 bought a Duesenberg. OX? that she was designing a set of 
GawgeousT I'm in Palm Beach personal chma for^e fet famfly 
with all my polo players, and that Reagan 

Duesenberg is in the winner’s cir- *e Boehm-ware, priced at $200 
cle. It’s a good feelina to be a for ^ nure-piece place setting. 

. 115 ? gooo iwung IV W a .. . . . Whit. Hnw. corn 




winner. I would say everything Although the White House says 
else, ic vmnri." Nancy Reagan never ordered the 

....... china, Boehm says she and the 

She was relaxing m her Man- rm!t fcdy "discussed iL” 


the White House says 
agan never ordered the 


^ wns i AskJ why she publh 
was a $10,000 gold-and-diamond book, she said. U I want tc 
Rolex. She was wearing a black inspiration to other gjris.” 


why she published a 
said “1 want to be an 


Chanel suit, Ferragamo high 
heels, Vampira-lenglh polished 
nails and cranberry lip gloss, and 
it was only 11 AJd. 

She was known back in Brook- 
lyn as Helen Franzolin, one of 
seven kids of Italian immig rants. 
Together with her late husband 
she started the porcelain business 
in 1930 with SI ,000. While he was 
in his studio, she took bis animal 
figurines to Bergdorf Goodman 
on her lunch hours from 
Meyrowiiz. where she worked as 


Ed Boehm may have been re- 
sponsible for the Boehm birds, 
but it was his wife who was re- 
sponsible for Ed Boehm. She trav- 
eled 10 months of the year as part 
of her public relations campaign, 
working the network of collectors 
and wealthy celebrities such as 
Frank Sinatra, convincing them 
that a Boehm duck tureen was 
just as important an acquisition 
os a Meissen plate or a Mmg vase. 

She doesn’t mind idling you 
that the reason they never had 


Nancy Key*, for TTn Wariwgton 

Helen Boehm: Riding her birds to riches, high places. 


an optician, prodding and bull- children was that her husband 


dozing her way to success. 

From the S100 bluebirds that 
socialites gave their maids to the 


suspected he was illegitimate and 
distrusted his genes. 

She also doesn't mind telling 


priceless swans President Richard jou about her dinners at the 
M. Nixon presented to Chairman White House, her sojourns in San- 
Mao, Boehm became synony- di Arabia, her nights at Bucking- 
raous with nouveau riche and was ham Palace, her visit to the Great 
derided as “art for the dumb” Wall of China in a full-length 
Helen Boehm now owns a Fifth white mink coat. 

Avenue gallery. She has presented After Ed Boehm died of a heart 
porcelain pieces to seven U.S. attack in 1969, she quickly took 
presidents, three popes. Princess over not only the business ride 
Grace of Monaco, Sweden's King bat the designing aspects of the 
Carl XVI Gustaf, and Prince company, working with artisans 
Charles and Diana, Princess of trained in the Boehm method. 
Wales. The company has sold She said she had never forgot- 


ten her roots. She does charity 
work with a church in New York, 
she said, and told the story of 
via ting some poor children on her 
birthday. 

“This little boy conies up and 
says, ‘Miz Boehm, are you nch? I 
says, ‘You know, Timothy, I 
wasn't always. I was very poor 
when I was a little child, just like 
you. But I worked so hard. And 
the harder I worked the tackier I 
got.’ 

“He said, Ts that real gold?* 

“I said, ‘You bet it’s real 
gold.' ” 

Helen Franzolin was raised in a 
strict Catholic family. Her father 
died when she was 13, and her 
mother kept the girls on a short 
leash. 

Her older sister went to work to 
help support the family, but Hel- 
en was sheltered, constantly chap- 
eroned. 


“It was the old-fashioned Ital- 
ian way. A girl could be hurt She 
could come up the wrong way, go 
with the wrong person.” 

Helen soon discovered a talent 
for designing and sewing dresses. 
She made extra money by selling 
frocks to classmates for SO cents 
each. After high school she got 
her optician's license and went to 
work in Manhattan at Meyrowitz. 
She loves to tell the story of the 
day Clark Gable walked in and 
Helen Franzolin, no shrinking vi- 
olet. cornered him and sold him a 
pair of sunglasses. 

In 1944 she met Ed Boehm, an 
Air Force private and breeder of 
exotic birds, championship cattle 
and racehorses. They were mar- 
ried two months later. 

Ed Boehm was a mercurial ge- 
nius, by all accounts. “His mother 
and father were divorced before 


he was bom,” she said. ‘Then, his 
mother died when he was 7 and a 
neighbor put him in an orphan- 
age. He was in there until be was 
15 or 16.” 

He and his father had a distant, 
strained relationship. Because of 
this “hurt,” she said, her husband 
turned to animals for comfort 
“The an imal* respected him and 
he respected them. He could talk 
to birds. We bad 17 aviaries and a 
beautiful garden. I'd look at him 
and he’d remind me of St. Fran- 
cis.” 

But be was also a difficult man. 
Reese Palley, an Atlantic City art 
dealer, once said: “Ed Boehm was 
heQ on people. , He had a violent 
temper. It was impossible to be 
around him.” 

“Maybe he was eccentric, but J 
admired bis mind, his talent” 
Helen Boehm said. “You gotta 
remember, he gave me one thing. 

1 did not know what freedom was. 
Supposing I had married an Ital- 
ian man and had six kids! I would 
never have known that there was 
such a thing as freedom.” 

She said she still felt guilt over 
her husband's death. He died, at 
the age of 55, while she was in 
New Mexico setting up a show. “I 
just felt that if I were there, maybe 

2 could have helped.” 

She has ruled out remarriage, 
even to her longtime companion. 
Frank Cosen tino, 51, the presi- 
dent of Boehm. Several years ago, 
she announced their engagement 
But it was quietly terminated, al- 
though Cosentino still lives in the 
guest house on Boehm's estate in 
Washington Crossing. New Jer- 
sey. 

What's behind her obsession 
with freedom and success? “I 
don't know what’s driving me,” 
she said. “I don't know. It's not 
money and it's not recognition. I 
want to achieve. Everybody wants 
to leave something behind, 
whether ifs a bode or a child. I 
want to leave beauty. And when I 
hear people say, ‘Mrs, Bedim, if it 
weren't for you, my son would 
never have gone to college. I. paid 
SI, 5 00 for a Boehm bird years ago 
and just got $4,500 for it,' I say. 
‘Gee, that’s good I've done some- 
thing.' ” 

Success, of course, doesn't stop 
her from renewing her optician’s 
license every year for $4.95. 

“I keep it up,” she said, “just in 
case.” 


PEOPLE 

Canadian Writer Mourn 
Is Refused Entry to U. S, 

XJ. S. immigration officials have 
refused to allow the C a na di an writ- 
er Farley Mowat into the United 
States, and Mowat says he suspects ' 
he has been blacklisted because he 
“treated the Russians as human be- ' 
ings” in one of his bodes. Mowat, ^ 
63. whose 1963 book, “Never Gy 
Wolf” was recently made into: a * 
popular movie, said he received no 
explanation for the ban on entry. 
He it might have stemmed from his - 
1970 book, “Sibir,” which detailed • 
two trips be made through Siberia. 
The New York Times quoted Duke 
Austin, a spokesman for the Immi- 
gration and Naturalization Service 
in Washington, as saying that far 
several years Mowat had been in 
the agency's “lookout book” of 
people considered inadmissible to 
the United States. Austin said 
Mowat was listed under a law «- > 
eluding anarchists and Co mma . * 
nisis. Mowat, who lives in Port 
Hope, Ontario, was about to board 
a flight for Los Angeles to start a 
10-day promotional tour of Ms 
most recent book, “Sea of Sfeogjb- 
ter.” when immigration officials in 
Toronto told him be could not cn-‘ 
ter the United States. 


Geraldine Ferraro, the Demo- 
cratic candidate for the U. S. vice 
presidency last year, met Tuesday 
with Prime Minister Bettino Chon 
during a private visit to Italy. Ferv 
raro, who was Walter F. Mondale’* 
r unning mate, is of Italian descent 
and has relatives near Naples. 

□ 

Princess Stephanie of Monaco’s 
highly publicized plans to start 
modeling in the United States have 
been postponed. She was to have 
attended a launching party Sunday 
in New York, but a spokesman for 
the Wilhelmina Agency said a tele- 
phone call late Friday from a repre- 
sentative of the princess's father, 
Prince Rainier, asked that the trip 
be delayed. 


Prime Minister Margaret ,, 
Thatcher opened a new religious - 1 
and cultural center Wednesday in 
London for Britain's IsmaBi Mos- 
lem community. The Aga Khan, 
leader of the Israailis, attended the 
ceremonies. The Aga Khan Foun- 
dation financed the center in the 
South Kensington district. An art . 
gallery connected with the center is 
scheduled to open in Jose. 


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BTOfCHtS' 9toUHE INVITED. 

Material awriable in Engfah, French, [ESTABLISHED US. cfatributor seeks 
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