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INTERNATIONAL 




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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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Paris, Wednesday, March 23, 1994 




U.iS. and France Work to Blunt the Edge of Low- Wage Nations 


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By Alan Friedman 

International Herald Tribune 

PARIS —The United States and France, in a move that 
could pave the way toward penaHang low-wage developing 
nations, are planning an extraordinary effort to end what 
they see as unfair trade advantages for countries that export 
cheap goods thanks to poor working conditions. 

Officials in Washington and Paris said Tuesday in inter- 
views tha t they were holding talks aimed at reaching a joint 
position m time for the April 15 signing of the Uruguay 
Round agreement of GATT in Marrakesh. 

The initiative could open a controversial chapter in world 
trade talks, as it is likely to stir strong emotions among the 
rapidly growing and export-driven economies of Asia such 
as Singapore Malaysia and Indonesia, all of which have 
been criticized in the West as unfair in their treatment of 
workers. 

It could also further anger China, which has applied to 
join the General Agreement on Tariffs and Trade and is 


engaged in a war of words with the U.S. government over 
Washington's linking of trade relations with Beijing’s record 
on respecting human rights. 

In Brussels, the issue will take center stage Wednesday 
when Sir Leon Brittan, the European Union's trade repre- 
sentative, presents a report urging that governments ai 
Marrakesh agree to ask the World Trade Organization, the 

Asian nations are warned to expect a “mtscoacefred" West- 
ern attach over wages and working conditions. Page 11. 

successor to GATT, to address the question of union rights, 
child and prison labor, and related social matters. 

Paris and Washington — in a rare display of cooperation 
on trade matters b e t ween governments fought ea ch 
other during the GATT negotiations last year — have agreed 
that the time has come to make the protection of workers' 
rights a priority item in trade France is more advanced 


than the United Slates in 
that violate internationally 
A French official said ai 


iig ways to punish nations 
ea labor practices, 
ions with the United States 


were held during the Group of Seven jobs conference in 
Detroit last week, “and we are in complete agreement with 
the United States that we have to find a way for the World 
Trade Organization to address the issue.” 

A UJS. official said, “There is certainly common ground 
between us, although our approaches may differ slightly." 

The su trice t will be discussed in Marrakesh in a meeting 
between Mickey Kan tor. the chief U.S. trade negotiator, and 
Girard Longue t, the French trade and industry minis ter 
Both men plan to make strong statements demanding that 
the World Trade Organization be given a man date to exam- 
ine the problem. 

Peter Sutherland, the director-general of GATT, has 
made it dear that he has grave reservations about linking 
trade with what is known as “soda! dumping," nr exporting 
goods made cheaply through exploitative labor practices. 


Mr. Sutherland warned in a speech in Toronto this week 
against “simplistic demands for drastic trade remedies” that 
he said bore a striking similari ty “to more conventional 
forms of protectionist rhetoric." 

But in Washington, a U.S. official disagreed. 

“Some people interpret our desire for workers’ rights as a 
protectionist tool but President Clinton has committed 
iumsdf to making workers’ rights part and parcel of the 
World Trade Organization,” he said. “The president feels 
very strongly about this. We want this on the agenda." 

In Europe, the government of Prims Minister Eduard 
Ballad ur of France is being criticized privately by other 
European governments, who claim Paris is pressing the issue 
to distract attention from domestic problems such as its 
record unemployment and social unrest. Several diplomats 
in Europe contended that France's ultimate goal was to 
secure new protectionist instruments. 

While Britain is seen by delegates to GATT as dragging its 

See TRADE, Page 17 




'Terrible Day for Europe’ 
As Expansion Hits a Wall 

Scant Hope Left of Meeting Target Date 


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" By Tom Buerkle 

International Herald Tribune 

BRUSSELS — The European Union’s pow- 
er-sharing dispute turned into a full-blown cri- 
sis Tuesday as Britain’s opposition to any 
weakening of its veto power left London more 
isolated than ever in the bloc and looked certain 
to force a lengthy delay in the Union's expan- 
sion p lans. 

- “It’s a terrible day for Europe,” said Tom 
Kilt, Ireland’s European affairs minister, after 
a meeting of EU foreign ministers and Europe- 
an affairs minis ters broke up in disarray when 
Britain and Spain rejected a co mpromi se pro- 
posal on voting rights. 

Theodoras Pangalos, the Greek European 
affairs minister, who chaired the meeting, said 
the Union was facing a “nightmare" scenario if 
ministers cannot resolve the crisis when they 
meet again this weekend in Ioannma, Greece. 

A failure in Greece would dday membership 
for Sweden, Finland, Austria and Norway by as 
much as six months beyond the Jan. 1, 1995, 
target date, said Foreign Minister Alain Jnppi 
of France. 

Foreign Minister Alois Mock of Austria said 
any dday in the timetable could weaken sup- 
port for the Union in his country and lead 




IS 




By T. R. Reid 

Washington Pom Service 

SEOUL — North Korea served up more 
fiery rhetoric on Tuesday in the dispute over 
inspection of its nuclear plants, complaining in 
official broadcasts that new military steps by 
the United States and South Korea had pushed 
the situation “to a very dangerous brink of 
war." 

South Korea’s president, Kim Young Sam, 
responded by ordering his country’s army to a 
higher alert status. But South Korea’s foreign 
minister, Han Sung Joo, called for calm, and 
warned that “emotional hard-line policies" to- 
ward the North could be counterproductive. 

- [Secretary of State Warren M. Christopher, 
meanwhile, «rid Tuesday that the international 
drive to get full inspection of North Korea's 
nuclear program was at a crucial stage, Reuters 
reported from Washington. 

[“Our diplomacy has reached a critical 
point," Mr. Christopher tdd the S enate For- 
eign Relations Committee. “We have made it 
clear to North Korea that it must become a 
responsible member of the international com- 
munity or that community wifi have no choice 
but to pursue other options. These other op- 
tions include progressively stronger mea- 
sures."] 

■ American and South Korean defense offi- 
cials started planning on Tuesday for the de- 
ployment of Patriot anti-missile defenses in 
South Korea, and for a new round of joint war 
games. Both measures were agreed to on Mon- 
day to send a warning to North Korea for us 





refusal to permit full international inspection of 
its nuclear rites. 

North Korean radio said Tuesday: “The or- 
der by Clinton to deploy Patriot missiles in 
South Korea is a grave threat to us. This dearly 
shows that the United States is leading the 
Korean Peninsula to a very dangerous brink of 
war.” 

In a hint that the United Slates does not 
expect immediate hostilities, the Pentagon 

An embargo for North Korea? Brt the nation 
already does without Page 5. 

those to ship the battalion of up to 48 Patriot 
launchers by sea, rather than by dr. The slower 
shipment also gives the North another month 
or so to yield on full inspections without having 
to respond to the deployment. 

[A Pentagon spokesman, Dennis Boxx, said 
the Patriots were a newer version of those used 
in the Gulf War in 1991, The Associated Press 
reported. They have greater range, newer soft- 
ware and can intercept missiles at higher alti- 
tudes than the older Pao-1 version. They would 
be intended for defense of airfields and ports 
against any North Korean Scud missile at- 
tacks.] 

It remained unclear when, and even whether, 
the Clinton administration would press for UN 
economic sanctions against Noth Korea. 

In Washington, policymakers seem to he 
acting out of a firm conviction that North 
See KOREA, Page 5 


Kiosk 

Russia Says IMF 
Releases Loan 

Prime Minister Viktor S. Chernomyrdin 
said in Moscow he was able to persuade the 
International Monetary Fund to release a 
key $1 5 billion loan. The lending agency 
bad been worried that Moscow’s economic 
reforms were insufficient to quell inflation 
and support growth. Page 1 1. 

Qtnaral Hows 

In Jrifcfs dandy tity of Verona, sweet sorrow 
turns to murderous eviL 2- 


OSCARS WILD 

the big winner on Oscar nig^ Page 24. 




Newsstand Prices 

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Cameroon ..1 .400 C FA ^ T ° nion .... 11 .20FF 

Egypt E ; P - 5 ?^ Saudi Arabia ..9.00F *■ 

France 9.00 FF ggfjgggi 960CFA 

Gabon 960 CFA Spain -200PT^ 

Greece .300 Dr. Tunisia ,...1.000 Dm 

Ivory Coast .1.120 CFA Turkey ..T.l— 15*WB 

; Sfcs’iS 


Book Renew 

Crossword 

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SI Down 
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£ 3.862.55 

The Dollar 


Page 10. 
Page 24. 
Page 24. 



dam daw 
1.6B9S 
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voters to reject Vienna’s membership accord in 
a referendum later this year, a fear echoed by 
Swedish officials. 

But Prime Minister John Major of Bri tain, 
whom EU officials accuse of using the voting 
issue to buttress his support among the anti- 
European wing of his Conservative Party, gave 
little sign of backing down. He said in the 
House of Commons that he would not be 
swayed by “phony threats” about delays in the 
Union’s enlargement. 

“If there is delay, it wifi be because two other 
states have taken an inflexible and doctrinaire 
line,** Mr. Major said. Agence France-Presse 
reported that government sources indicated he 
was referring to Belgium and the Netherlands. 
They have been among the strongest backers of 
plans to weaken the power to block EU legisla- 
tion as the Union adds members. 

Officials in Brussels said positions among the 
ministers had merely hardened in four meetings 
over the past four weeks, and they expressed 
little hope of a solution at the weekend. 

“It’s better to have a crisis than a bad com- 
promise,” said Jacques Ddors, the president of 
the European Commission. 

Mr. Ddors said the British stance would 

See EUROPE, Page 6 


ns Security 
th’s War Talk 





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Hoton Spo/Thr AoodMd Pros 

KURDS PROTEST ACROSS GERMANY — Activists restraining a Kurd wbo doused himself with gasoline Tuesday in 
Hamburg. Three other Kurds, two of tbem women, set themselves mire during highway -Mocking protests across Germany. In 
Mannheim, one of those women died; the othos were seriously injured. The Sands say Germany supports repression against them. 


World’s Miners Reopen Rich Lodes 


By Don Podesta and Steve Coll 

Washington Post Service 

TIERRA AMARILLA, Chfie — Out in the 
hills a few kilometers from this isolated desert 
town, a project worthy of the pharaohs is under 
way. 

Mammoth trades with tires twice as tall as a 
man speed back and forth from an ever-widen- 
ing pit carved into the stony mountainside. 
Clouds of dust rise from the labors of more 
than 2,000 workers busy erecting a crushing 
mill, conveyor belt, fuel storage tanks, support 
buildings — the core of a major mining com- 
plex. 

This is the Atacama Desert, said to be the 
driest on earth. From its mountain tops, a yel- 
low-dun landscape extends to the horizon, un- 
broken by even wisps of vegetation. 

“You don’t see many of these go up like this 
in a career," said tbe mine’s ate supervisor, 
William Champion, surveying the creation 
from a rise with a panoramic view. 


Copper and gold brought Mr. Champion 
here. There is an estimated 370 million tons of 
mixed ore out there for the taking, just as soon 
as his employer, Arizona-based Phelps Dodge 
Corp., digs a deep enough bole in the desert. 
When you hit a mineral deposit like this one, 
“you go out and find yourself a cold six-pack of 
beer and whoop it up," Mr. Champion drawled. 

From the Atacama to the Siberian tundra to 
the jungles of Africa and Southeast Asia, vast 

The world dumood cartel steps up its market- 
ing drive in newly affluent Asia. Page 1L 

tracts of mineral-rich land are reopening to 
Western mining companies after decades of 
closure 

The reason; As the global economy under- 
goes a basic res truc t ur ing in the Cold Wax’s 
aftermath, dozens of Third World countries 
such as Chile are abandoning old protectionist 
policies and adopting development strategies 


that emphasize exports, lower tariffs and open 
foreign investment 

Already tbe changes under way in global 
trade are having an effect cm Western minerals 
companies and their employees. A glut of met- 
als unleashed from the former Soviet Union in 
the aftermath of communism’s collapse has 
helped to posh prices for aluminum, one, tin, 
nickel and other products to record lows. The 
price cofi apse has forced some high-cost Ameri- 
can and European producers to shut plants and 
lay off workers. 

In many cases, long-impoverished Third 
World countries, not Western governments, -are 
pushing hardest far free-market change. Since 
it started trade and economic reforms much 
earlier than most — its initial efforts at reform 
began IS years ago — Chile is emerging as “a 
role model for many other places in South 
America” and elsewhere, said A. Ross Dunn, 

See MINES, Page 6 


No. 34443 

Fed Pushes 
Interest Rates 
Up to Keep 
Inflation Low 

Financial Markets Take 
Latest Action in Stride; 
Stock Prices Are Steady 

By Lawrence M alkin 

International Herald Tribune 

NEW YORK — Boxed in by the money 
markets, tbe Federal Reserve Board announced 
Tuesday that it was again pushing short-term 
interest rates up a notch to uy to maintain its 
credibility as a central bank standing vigilant 
against inflation. 

A two-sentence statement by Chairman Alan 
Greenspan said the Federal Reserve’s policy- 
makers would put pressure on bank reserves 
and that “this action is expected to be associat- 
ed with a small increase m short-term money 
market interest rates.” 

The statement implied that the Fed was aim- 
ing for another rise of one-quarter of a percent- 
age point in the federal funds rate, which sets 
the wholesale price of credit, to 3.50 percent 
The U.S. central bank raised that rate to 325 
percent from 3.0 percent on Feb. 4. 

The announcement, made in mid afternoon, 
gave a solid boost to government bond prices, 
as traders calculated that the Fed's move would 
help rein in the inflationary tendencies that 
huxt bonds’ value. But the action, which had 
been fairly widely anticipated, had tittle conclu- 
sive effect either on the currency market, where 
the dollar slipped a tittle against the Deutsche 
mark, or the stock market, where the Dow 
Jones industrial average lost a little ground. 
(Page 12) 

The announcement was issued toward the 
end of a meeting in Washington of the Federal 
Open Market Committee, which meets every 
six weeks to set monetary policy. The date had 
been circled on every stock and bond trader’s 
calendar ever since Mr. Greenspan broke with 
Fed precedent on Feb. 4 and formally an- 
nounced the quarter-point rise in the federal 
funds rate. 

That rale increase set off worldwide nervous- 
ness in the bond market, which waited for the 
next move upward. Bond traders took fright 
and called for higher interest rates in a time of 
uncertainty, pushing up rates on 30-year Trea- 

See RATES, Page 12 

Western Players 
Are Rethinking 
Path Asian TV 

By Kevin Murphy and Erik Ipsen 

International Herald Tribune 
_ HONG KONG — Pan-Asian satellite televi- 
sion broadcasting is not dead, but it will need 
some redesigning after STAR TV’s derision to 
drop the BBC news service from its broadcasts 
to China, Hong Kong and Taiwan, 

STAR TV, Rupert Murdoch's Asian satellite 
network, said Tuesday that it was replacing tbe 
BBC’s World Service Television with Manda- 
rin-language entertainment broadcasts in the 
three territories. Executives of both companies 
said the shift signaled a rethinking erf the pan- 
Asian concept that has so far governed Western 
broadcasters’ moves into the potentially hugely 
lucrative market 

While Beijing had for months complained 
publidy and privately about the BBC’s news 
and documentaries, Mr. Murdoch’s derision to 
drop the BBC was widely seen by industry 
sources as less of a bow to political pressure 
than to economic necessity. 

As part of a deal struck with Mr. Murdoch’s 
News Corp., World Service Television will con- 
tinue to be broadcast by STAR TV over the 
southern half of its territory until at least March 
1996, preserving the British natin mqj broadcast- 
er’s reach into India. Bangladesh and P akistan 
“No one is going to make any money in 
television in China for several yean to come," 
one American television industry executive 
said, insisting on anonymity. The prospect of 
replacing the BBC with a pay television movie 
service in Taiwan bolds far more immediate 
promise for STAR TV, he said. 

Christopher Irwin, chief executive of World 
Service Television, said from New Delhi, “I do 
not think this is the death knell for internation- 
al broadcasting at all” 

Anexecutiveat Cable News Network agreed. 
“We have long understood and in fact re- 
spected the various reasons why governments 

See STAR, Page 6 


Canada’s Snowbirds Flock to Their Places in the Sun 


By Charles Trueheart 

Washington Post Service 

ST. PETERSBURG, Florida — Officially, Canada has 10 
provinces. But at this time of year, it has an unofficial, and 
populous, llih one. It's called Florida. 

Between the end of October, when winter sinks its frigid 
teeth into Canada, and late April, when it relaxes its bite; nearly 
a tenth of Canadians — estimates nm to million — head 
to Florida, many of them to trailers and condo m i n iu ms they 
own and inhabit up to half of the year. 

For Canadian retirees and vacationers, as for so many 
American ones, this is the promised land, “Canada under the 
sun," and a comf ortably familiar one. 

Tbe maple leaf flag flutters everywhere, right side up. Cana- 
dian papers are at the comer store, Canadian soap operas are 
on tbe air and Canadian friends are next door. Prime ministers 
vacation in Florida. Even the Toronto Blue Jays and Montreal 
Expos spend the winter there, and, this month, entertain their 
Canadian fans. 

“It’s 20 below zero at home, the worst winter we’ve had since 
*21 “ cackled Don Stinger, of Port Severn, Ontario, and Braden- 
ton, Florida, as he surveyed the throngs flocking to a no-snow 


festival" on the St. Petersburg pier. “Hoe I can pick my 
breakfast off a tree." 

But this fruited plain is newly tinged with blight for many 
snowbirds, as these migratory Canadians call themselves. 
Across the Canadian diaspora, which also lakes in enclaves in 
Arizona and tbe Grand Strand of South Carolina, the good life 
is not quite what it used to be. 

Prices may still be attractive in the United States, but a 
Canadian dollar that used to trade above 90 cents has plunged 
below 75, and interest rates no longer provide incomes on 
savings to sustain this traditional Canadian habit 

Worse yet, provincial governments in Canada have put the 
brakes on their soaring health expenditures for snowbirds long 
accustomed to bong treated in American hospitals and claim- 
ing reimbursement under Canada's socialized health system. 
Now they pay dearly for insurance to cover what Canaria no 
longer wOL 

“Life is not as simple as it once was, and a lot of that angst is 
coining out” said Geoffrey Stevens, editor and publisher of the 
weekly Sun Tunes of Canada, one of a handful of French- and 
English-language publications and radio programs saving Ca- 
nadians with news from borne. 

The anecdotal evidence suggests that fewer Canadians are in 


Florida this year, or are staying for less time and spending less. 
A local merchant selling his trinkets at the snovfoird festival 
remarked, “Canadians are very nice people, but they’re not 
good for tbe pocket." 

English-speaking Ontarians make up well over half the 
Canadian population in Florida. Among them is a large contin- 
gent of retirees wbo stay as long as the law allows, 182 days a 
year, before they lose their health-care privileges. 

Organizations such as the Canadian Snowbird Association 
and the Florida French-Langnage Association are working to 
organize these exile communities to protest new provincial caps 

on payments to Canadians seeking medical treatment south of 

their border. 

Until 1991, emergency care in the United States was fully 
reimbursed, and elective surgery at 75 percent erf cost Now 
Ontario will cover hospital care in the United States, which can 
cost SI, 000 a day, only to a daily maximum of $3Q0, 

Don Slinger, recruiting new members at the association 
booth on the Sl Petersburg pier, offered one after another 


the ice and falling down. We 
bring down here.” 


§'ErB.g 9) 5- a' Hr a. 






Page 2 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23, 1994 


In Juliet’s Dainty City , Young Veronese Open Up Their Hearts to Evil 


By Alan Cowell 

Nov York Hines Service 

VERONA, Italy — Since Shakespeare’s day 


one thing has set this city apart from other 
gracious Italian places, at least in the minds of 


gracious Italian places, at least in the minds of 
its visitors — romance. But these days, winged 
love and tender words seem the last things on 
Verona’s mind. 

With a series of killings staining its image of 
itself, the sweet sorrow has turned sour and the 
city’s elders seemed more preoccupied with a 
question they would rather not ask or answer in 
public; Has the city fallen prey to what people 
call the “Verona syndrome,”’ meaning, in the 
words of a local reporter, “a concentration of 
eviF among its young people? 

The question seems almost unlikely in a place 
whose modem prosperity easily matches the 


value of its antiquities. This, after aH, is one of 
Italy’s most cherished dries, rich in Roman 
ruins and gorgeous palaces as well as Juliet's 
tomb and the famea balcony — built where it 
never really existed in Shakespeare's day. 

But in recent times, official corruption, drug 
abuse and the advent of skinhead and soccer 
violence have shifted the focus. 

Verona ranks as the second most comipt city 
in Italy, after Milan, in terms of investigations 
per elected officials: Its entire city conned has 
been suspended over graft accusations. Its rep- 
utation as a drag-trafficking center has inspired 
Italian newspapers to call it the Bangkok of 
Europe. 

Turn, starting three years ago, the killings 
started. A 19-year-old, Retro Marso, enlisted 


A teenage girl hurled a newborn baby from a 
third-floor window to its death. A 66-year-old 
father shot his sou to death out of exasperation 
at his demands for money to buy heroin. A 16- 
yeai-old woman shot her father, accusing him 
of repeated sexual abuse. 

In December, Marco Moschmi and Riccardo 
Garbin had a few beers with friends and then 
went to throw rocks at cars on the freeway — 
“for fun, to enjoy ourselves,” as one of them 
told the police later. 


familiar. Verona, however, was stunned, chilled 
by the lack of remorse among some of the 
knlexs and the echo their actions found among 


three friends to help him beat both his parents 
to death to obtain his inheritance. 


In the course of the adventure, they dropped 
a 30-pound boulder onto a passing sedan. It 
went through the sunroof and killed the 25- 
year-old passenger, Monica Zanotti, driving 
with her fiance. 

To others, from societies more used to such 
violence, the incidents might have seemed sadly 


their peers. 

Retro Marso — young, handsome and 
spendthrift — became such a hero among the 
violence-prone Verona soccer supporters on the 
notorious “curva sud” — the southern curve — 
erf the local stadium ihat they composed a chant 
to sing his praises. 

When he appeared in court before receiving a 
30-year jail term, Mr. Marso said his motive in 
falling his parents was to obtain a legacy that 
would give him “a brilliant life, with expensive 
cars and good-quality dothes.” 

It is tins hankering for the materialist trim- 
mings of modem Italian life that has touched 
off a debate here about the “Verona Syn- 
drome.” 


Is it a phenomenon that applies only to 
Verona and the small towns of the surrounding 
Veneto region, where many of the cranes oc- 

Qr is it a parable for aD of modem Italy, 

where the postwar wrench from agricultural to 
industrial society and the sudden adventofvast 
wealth have upended what were once viewed as 
the traditional values of a Roman Catholic 
nation? 

“Certainly these episodes are die warning 
lights of a malaise,” Verona’s bishop, AKdio 
Nftore said in an interview. But, he added, they 
represented a broader “failure of our soaety to 
offer young people a challenge for the future 
that, m tnreled to “the gestures of gratuitous 

^“TTrisis a problem of how to live responsibly 
with a high standard of living, and it pertains 


particularly to aQ of northern Italy,” he said. 

Others see the “Verona Syndrome 7 ’ as a di- 
rect result of the Veneto re gion’ s recent evolu- 
tion from a traditional farming economy to 
lucrative food processing and bght industries 
that contributed greatly to Italy’s economic 
boom in the 1980s. 

“The city of Verona is undergoing a major & 
transformation from agricultural to industrial 
society,” said Michelangelo BeDinrtri, a Vero- 
nese commentator. “Traditionally, agricultural 
society was conservative: no ride, no imagina-* 
tion, no confrontation. Industrial society de^ 
mantis tire opposite.” 

“Verona has economic riches, and no cultur- 
al identity,” he said. 

Ferdinando Pampti, the Veneto region’s 
best-known writer, called it “a fatal mature of 
money and ignorance.” 


UN Opens Airport 
In Bosnia’s North 

A Milestone in Peace Efforts 


■ 


By Chuck Sudetic 

New York Times Service 

SARAJEVO, Bosnia-Hetzegovi- 
na — United Nations officials 
opened an airport Tuesday in the 
northern Bosnian city of Tuzla af- 
ter almost 18 months of pleas by 
local offi cials. 

The opening came in the morn- 
ing when a cargo jet carrying Unit- 
ed Nations officials and a symbolic 
load of medicine and other supplies 
touched down. 

Nostarr-op date for aid flights to 
the former Yugoslav Army air base 
has been set, said Kris Janowsld. a 
spokesman for the UN High Com- 
missioner for Refugees. 

“There are still problems be- 
tween the Bosnian Serbs and Bos- 
nian government, and we have to 
hold off ontil they agree.” 

While refugee relief officials here 
publicly assert that cargo flights 
into the airport would help their 
(Sort to supply 350,000 aid-depen- 
dent people in the Tuzla region 
with food and other supplies, the 
officials concede that the recent re- 
opening of overland routes from 
Croatia and Serbia has virtually 
erased the airport’s potential im- 
portance 10 the campaign 

“By the rime it opens the airport 
may be superfluous, even for medi- 
cal evacuations, because there is so 
little fi ghting in the Tuzla area,” a 
UN official said. “The political 
momentum is such, however, that 
we had to go ahead with opening 
the airport.” 

Officials of Ttrda’s local govern- 
ment have appealed to the United 
Nations to open the airport since 
the fall of 1992, but UN officials 
balked, fearing armed retaliation 
by the Serbs and insisting that the 
area was best supplied by ground 
convoys. — 

International pressure for open- 
ing the airport climaxed earlier this 
year after fighting in central Bosnia 
and intransigence by the Serbs 


made (he UN food trucks unable to 
reach thousands ofpeople across 
large swaths of the Tuzla region. 
Nationalist Serbs, who regularly 


Nationalist Serbs, who regularly 
shelled the airport last year from 
gun positions just a few miles from 
its perimeter, have long opposed 
reopening the airport, asserting 
that the Bosnian Anny could use it 
to transport weapons into the area. 

Serbian leaders tentatively 
agreed to the airport’s reopening 
when Russia pledged to send mzh- 
taxy observers to monitor ship- 
ments into the facility. Those ob- 
servers have not yet arrived. 



Mafia Has a Stranglehold 
On Vote in Southern Italy 


Reuters 

ROME —The Mafia controls nt 


■ Croats and Serin Meet 

John Kifner of The New York 
Times reported from Zagreb: 

Croatian representatives began 
meetings Tuesday with breakaway 
Serbian nationalists from the Ko- 
jina region for the first time in two 
years under joint Russian, Ameri- 
can and European aegis. 

While the goal of the talks is 
relatively limited — consolidation 
of alienating cease-fire — it repre- 
sents another step in the rapidly 
unfolding American *nd Russian 
efforts in recent weeks to find a 
way to end the three-way war in the 
former Yugoslavia. 

With the signing of articles of 
confederation between once-war- 
ring Croatia and the Muslim-led 
Bosnian government, the pressure 
is now on the Serbs, who are still at 
odds with both parties. 

The meeting Tuesday was orga- 
nized by a Russian deputy foreign 
minister, VitaH L Churkin, who 
shuttled between Zagreb, the Cro- 
atian capital, and Belgrade. 

Mr. Churkin, who arranged the 
last-minute initiative that helped 
Bosnian Serbs comply with a 
NATO ultimatum to poll their 
heavy guns away from Sarajevo, 
greeted the group at the Russian 
Embassy in the wooded bills over 
the old diy. 


- 

•" ■'•■Mr i -rt 

-w : ; 


ROME —The Mafia controls up 
to 400,000 votes in SicQy, or 10 
percent of the electorate there, a 
research institute said Tuesday. 

“This is a real army capable of 
exeredsng pressure and condition- 
ing (he electoral direction," the 
Enrispes organization said. 

Genera] elections in Italy are set 
for Sunday. 

The study said the 45,000 mem- 
bers of Sicily’s 150 Mafia families 
could influence 350,000 to 400,000 
votes, mostly through control of 
people involved in drug trafficking 
ana extortion. 

Skfly has a population erf 5 mil- 
lion, with nearly 4.3 million of 
them eligible to vote, officials said. 

The Eurispes study estimated 
that the Mafia had an annual turn- 
over of S58 billion from illegal ac- 
tivities, with as much as % percent 
e nining from control of construc- 


tion companies and rigged public 
works contracts. 

The Mafia has used financial in- 
stitutions, such as mortgage and 
holding companies, to recycle its 
profits and put them into the main- 
stream economy, Eurispes said. 

Organized dime’s interest in the 
elections, the first rincea two-year 
corruption scandal discredited tra- 
ditional parties, was emphaszed on 
Saturday when gunmen killed an 


.law*’ 


anti-Mafia priest near Napks. The 
Reverend Giuseppe Diana was 
killed four days after he and other 
priests in the town of Casal di Prin- 
cipe had met magistrates to discuss . 
the local Mafia’s political connec- 
tions. 

Politicians saw the murder as a 
warning to voters in Italy’s crime- 
ridden south to ba dr Mafia-sup- 
ported candidates. A 

The Mafia has threatened several - 
leftist Sicilian mayors who won of- 
fice in December's local elections. 


u 

0iJM v 



WORLD BRIEFS 

Mexico Mediator Declines Candidacy 


Zoran Bantmc/The AaodaHtf ft** 

Yasashi Akashi, left, the UN special representative in the Balkans, taking part Tuesday in opening ceremonies at the Tuzla airport 


MEXICO CITY (Reuters) — The government’s envoy in peace talks 
with rebel peasants, Manuel Camacho Solis, said Tuesday that be would 
not run for president, ending speculation that be would challenge (be 
leadership of the governing party. 

Mr. Camacho, the former Mbooo Gty mayor who earlier left the door 
open to a challenge to the Institutional Revolutionary Party’s official 
candidate, said he would dedicate himself to bringing a peaceful end to 
the peasant uprising in southern Chiapas state. 

' “Between seeking a candidacy for the presidency of the republic, and 
the contribution 1 could make to the peace process in Chiapas, I choose 
peace,” Mr. Camacho said. “If people carry on perccivmg that my 
priority is to achieve a candidacy for the presidency of the republic, it 
would end op harming the peace process^ 


On the Streets , III Omens for BaUadur 


Clinton Nominates Admiral 
As Ambassador to London 


WASHINGTON — President Bill Clinton has nominated retired 
Admiral William J. Crowe as ambassador to Britain, the White 
House said Tuesday. 

“Admiral Crowe has distinguished himself through four decades 
of dedicated public service,” Mr. Clinton said in a statement relea se d 
by the White House. 

Admiral Crowe, 69, was chairman of the Joint Chiefs of Staff until 
he retired in 1989. 

He is expected to take his new post in the fa te spring, after 
confirmation by the Senate. He wiD succeed Raymond GJi. Seitz. 


By Alan Riding 

New York Times Service 

PARIS — When Edouard Balladur was 
named prime minis ter last year, the French 
seemed ready for ins reassuring grandfatheriy 
style and, in no time, they tamed tbe 64-year- 
old Gaullist into the front-runner to succeed 
Prcsdent Franpcds Mitterrand in next year’s 
elections. 

Cautious by nature, though. Mr. Balladur 
said he was puzzled to find he was popular 
while the French economy was stagnant and 
unemployment was still rising. In fact, he fre- 
quently cautioned aides that the seeds of social 
unrest lay beneath the country’s apparently 
calm surface. 

Now, as if to mark the completion of Mr. 
Balladur 5 s first year in office on March 30, 
France’s mood has begun to sour. Opinion polls 
have recorded the first shaip drop m the prime 
minister’s popularity. More ominously, the 
specter of a massive protest movement, such as 
rocked France in 1968, is suddenly in the air. 

“Are we back in May 1968?" Franz-Otivier 
Giesbert, tbe editor of the Paris daily Le Figaro, 
asked last week. “That question is said to haunt 
the prime minister. Indeed, at times it seems 
that France has gone into mental regression, 
marked by the same gloom that has preceded 
some political upheavals.” 

Other French publications have been no less 
alarmist The rover of last week’s edition erf the 
magazine I/Eventanent du Jeudi showed the 
prime minister wearing an 18th-century wig 
and, under the words, “It begins with euphoria, 


it ends in revolution,” asked provocatively: “Is 
Balladur Louis XVir 

The immediate catalyst for this soul-search- 
ing has been a wave of angry and often-violenl 
demonstrations by French youths protesting a 
government decree allowing employers to pay 
from 30 percent to 80 percent of the minimum 
wage to those under the age of 25. 

About 200,000 people took to the streets 
throughout France on Thursday to demand 
revocation of the decree, winch went into effect 
Tuesday. Since then, demonstrations have con- 
tinued m many provincial cities, with serious 
dashes between police and demonstrators tak- 
ing place in Nantes and Lyon on Monday and 
Turaday'. 

The government, contends that, with one in 
four young French' unable to find work, cm- 


can pay less than the $1 ,020 monthly minimum 
wage: But, haring been told that higher educa- 
tion would bring them better-paying jobs, 
many students fed ambushed. 

Behind this dispute, however, lies the more 
disturbing question of what future awaits not 
only French youth but France as a whole. And 
as more French fed their security and prosperi- 
ty are no longer assured, they are beginning to 
direct thdr wrath at the political system. 

Tbe crushing defeat suffered by Mr. Mitter- 
rand’s Socialists in parliamentary elections last 


year reflected France's disappointment with 
Socialist role during 10 of the previous 12 years. 


But while voters gave conservatives 80 percent 
of the seals in the National Assembly, it was 


less dear they were opting for conservative 
policies. 

Indeed, since then, with the exception of his 
moves to tighten controls on immigration from 
the Third World, whenever Mr. Balladur has 
tried to apply conservative measures, he has 
faced resistance. And in three critical disputes 
— involving Air France workers, fishermen and 
a plan to increase g over nm ent subsidies to 
private schools ■ — lie backed down. 

In the case of the so-called youth wage, 
however, while malting concessions to those 
with university degrees, Mr. Balladur has 
vowed to stand firm, contending that the 
scheme provides the only hope of employment 
for tbe unqualified youths who crowd poor, 
urban neighborhoods. But more angry protests 
seem likely. 

The results of the first round of cantonal 
elections last weekend suggested that, in politi- 
cal terms, Mr. Balladur stm has some room for 
maneuver. Although the Socialists recovered 
some of their traditional share of the vote at tbe 
expense of ecological parties, the conservative 
coalition, with 443 percent of ballots, did 
slightly better than a year ago. 

But Mr. Balladur also knows that his political 
rivals are waiting for him to stumble. Forma 
Prime Minister Jacques Chirac and former 
President Val6ry Giscard d’Estaing are unwill- 
ing to cede him the conservative coalition’s 
nomination, while the leading Socialist con- 
tender, Michel Rocard, can only hope that 
social unrest will work to his advantage. 


Cuba Cuts Defense Budget by 50% 

HAVANA (Reuters) — Cuba’s armed forces have slashed then budget 
by half to ease their cost to the nation during the economic crisis, 
according to Granina, the newspaper of the ruling Communist Party, an 
Tuesday. 

The newspaper did not gfve comparative figures for the old or new j 
military budget, but noted that the cost-cutting' helped reduce the overall a 
state budget deficit Cuba’s total budget deficit in 1993 was more than*' 
S52 hfllkra. The report noted that tbe armed forces were moving toward 
total self-sufficiency in food. 

It also said that the Youth Wok Army — soldiers who work in civilian 
agricultural projects — was now fanning produce such as sugar, ritros 
fruit, coffee and tobacco on 200,000 hectares throughout Cuba. The force 
was producing 632,000 metric ions of food products a year, the report 
said. 


Algerian Women Protest Violence 


ALGIERS (AP) — Women’s groups led tens of thousands at a rally 
Tuesday to voice their anger over political assassinations and threats 
against unveiled women during a two-year-old Muslim fundamentalist 
insurgency. 

“Too much blood, too many tears, together we save Algeria,” the 
protesters chanted. “Women have dignity and won’t accept shame." 
Heavy police protection was arranged for the officially sanctioned 
protest Estimates of the turnout ranged from 50,000 to 150,000. 

The rally was held outside tbe School erf Fine Arts and led by tbe wife 
of the school’s director, who along with their 22-year-old son was 
assassi n ated inside the building on March 5. Militants have targeted 
journalists, public officials, intellectuals and foreigners in their fight to 
bring down the army-led government. 


Testimony of Mosque Survivors Is Chaotic and Contradictory 


By David Hoffman 

Washington Post Service 

JERUSALEM — Palestinian 
survivors of the Hebron massacre 
testified Tuesday (hat they heard 
gunfire from more than one direc- 
tion during the assault in which 29 
Muslim worshippers were kille d 

But in thear first public state- 
ments to tbe Israeli commission in- 


vestigating the Feb. 25 massacre, 
(he Palestinian witnesses offered a 
chaotic and sometimes contradio- 


tory picture of what happened in- 
side the mosque. 

Although several of the witnesses 
said they believed there was a sec- 
ond gunman, none could describe 
him, and members of the investi- 
gating panel pointed out that wit- 
nesses had changed their stories 
from statements given to police and 
human-rights workers just after the 
attack. 

The Israeli Army has said that a 
militant settler, Baruch Goldstein, 


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acted alone in the assault, and that 
all tbe bullets fired at the Tomb erf 
the Patriarchs were from Dr. Gold- 
stem’s weapon. 

The army has also said its inves- 
tigation discovered no traces of a 
grenade in the attack. However, a 
number of the Palestinian witness- 
es recalled hearing an “explosion” 
at the onset of Dr. Goldstein’s fir- 
ing. Some also described a bewil- 
dering scene in which glass was 
falling from a chandelier, sparks 
were flying from bullets hitting the 
walls and doors, and people were 
scrambling for safety. 


ask the butler... 




Mohammed Jabaari, 29, told the 
panel that he first heard an explo- 
sion shake the mosque, where more 
than 500 Palestinian men were 
praying during tbe Muslim holy 
month of Ramadan. Mr. Jabaari 
said he tamed around and saw Dr. 
Goldstein firing, wearing protec- 
tive ear coverings. 

Mr. Jabaari said he did not see a 
second gunman, but he added, “I 
know there was another source of 
Ore because when he was changing 
ma gazines there was stiH fire.” 

“Maybe there was even a third 
source of fire,” he said. But Judge 
Ebezer Goldberg of the Israeli Su- 
preme Court repeatedly questioned 
Mr. Jabaari on why his testimony 
was different from a statement Ire 
gave to tbe Israeli human rights 
organization Btsdem just after the 


S - I - N -C- A-P-O- R-E 


Vim i mum it anything vaMt it tt it 


“The truth is,” Mr. Jabaari in- 
sisted, “there was more than one 
source of fire.” 


Another witness, Abdel Hafez 
Jabaari, also said he heard shooting 
come from several directions. 

He said he had onJy seen one 
person shooting, but had heard 
shooting “from other places as 
wtiL” When pressed as to why he 
had not included this in an earlier 
statement, the second Mr. Jabaari 
said he had been tired when he gave 
the first statement. 

Several of the witnesses com- 
plained that (be evacuation of the 
wounded from Hebron was imped- 
ed by soldiers, but again the panel 
seemed skeptical and pressed for 
specifics. 

Abdel Maez said he was behind 
an ambulance carrying a badly 
wounded man when tbe army 
forced the ambulance to stop for 
five minutes. Arafat Quarami Kar- 
aki said soldiers had also prevented 
Palestinians from taking the 
wounded out of tire mosque from 
one of the gates. Previous army 


witnesses acknowledged that they 
had closed the gate. 

At another point, Mr. Karaki 
complained at length about a con- 
frontation between Jewish settlers 
and Palestinians, in which be said 
be decided not to complain to the 
police because “there was no point 
to complain, there are no results.” 

■ U.S. Hopeful on Talks 

Dennis Ross, the UJL Middle 
East peace process coordinator, 
said Tuesday that he saw signs the 
Palestine Liberation Organization 
and Israel could agree to restart 
peace talks frozen for three weeks 
after the slaying of 29 Palestinians 
in Hebron, Reuters reported- 

“I think we had very productive 
discussions with Chairman Ara- 
fat,” Mr. Ross said, referring to 
Yasser Arafat, the PLO leader. 

Mr. Ross was speaking after a 
90-minuie meeting with the Egyp- 
tian foreign minister, Amr Moussa. 


TRAVEL UPDATE 

Japanese to Travel More, Spend Less 


TOKYO (Reuters) — More Japanese are likely to travel abroad on 
vacation this year because tour packages are mare attractive and the yen 
is stronger, but they will not be spending as freely as they once did, a 
tourism authority said. . 

“We see a record number of Japanese visiting overseas in 1994 but we 

think thev will smnH Wt” * «... 


_ , J “ - „ wv Ml uavvt VYVIJUU LU 

compared with an estimated record 1 1.9 million in 1993. Mr. Kunimatsn 
Japanese overseas travelers to spend an average 364,000 
yen (J3,4*)periripm 1994, down 2* percent ^m375.000^tal993. 

^ ? Ajaerlcmi .»d Canadun tourists were stranded on the 

SifeS, croisc!hi p w “ hnpou ^i5 

at least two jets had been damaged when they sucked bats into their 
engmes. m 

Revenoe decfeied at French ski resort hotels this winter despite the 

I!^^^:‘Sr < £S^^o OUcn,,in « ycus patay sww «"«• Hotel 

revenue were off between 10 percent and 20 percent from last year even 
w 2L stcad y and snow plentiful, the Tourist 
^ s^tdwaper hotels even though 
most establishments offered cut rates this season, it said. (Reuters) 





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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23, 1994 


Page 3 


THE AMERICAS / A PARTY RJHB 

House, Too, Votes to Hold Hearings on Whitewater 


POLITICAL NOTES 


** C,. =a - n 

5Ui«"*«iiSV! 


Compiled by Ow Staff From Dupadia , 

WASHINGTON — The House, followine dwl **" P ut *« ibe toc«» on the 

i ft Sftnatft’e ImJ uniul ...» laDIC. 


^^^Q , ^ , mewtJ V ^ l> i£r h h« L^islaiors pledged that. any hearings place," and stressed tharit was possible be 
;-' hit % wouJ d n«th» impede a special counsel and Mr. Michel would fail to reach agree- 


Mr. Foley insisted that he was not "biting 
a “concession that hearings are going to lake 


x$l-knowa v,ri»t*r 'u ll,e W 

’ a Strangle^ 

’ Southern U 


ittrols up 
S or IQ 
there, j 
ada\. 
purls of 
mdiuon- 
Sr." the 


00 mens- 

families 
) 400.000 
sitroi of 
affibkms 

of 5 mi.- 
iliion of 
idissme 


-if-P^oearNfc 
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P-.:-.:.S4v 
"arsu-i 1 m •„ 


Democrats said they would Tn»V<* a good- 
faith effort to get an agreement but gaveno 
guarantees. 

By a vote of 408 to 15, the House passed a 
nonbinding resolution calling for hearings, 
identical to one passed unanimously by me 
Senate last week. 

The House mqority leader, Richard A. 
Gephardt of Missouri, told Republicans that 
it was possible that agreement would not be 
reached on how to schedule hearin gs but 
promised that “there will be an attempt 
made in good faith to have comprehensive 


An Accuser 
Of Clintons 
To Testify to 
Grand Jury 


the chamber." Mr. Gephardt said. 

The legislation a retreat for House 


But given a 98-to-O Senate vote last week 
and consistent pressure from House Repub- 
licans, some type of congressional probe into 
Whitewater appears inevitable. 

Mr. Foley stressed that no hearings would 


Speaker Thomas S. Foley of Washington, interfere with the work of Robert B. Fiske 
who has been under pressure from Republi- Jr., the special counsel looking into 
tans and some Democrats to drop his oppe- Whitewater, and that “no immunity wOl be 
sition to bearings. granted to any witness without the approval 

Mr. Foley said that be and leading Repub- of the special counsel. ” 


sition to bearings. 

Mr. Foley said that be and leading Repub- 
licans would meet soon to discuss the details 
involved in the hearings. 

The House Republican leader, Robert H. 


He said he did not favor appointment of a on Whitewater. 


issues raised by the Whitewater affair involv- 
ing Mr. Clintons investment in a vacation 
development project in Arkansas in partner- 
ship with the bead of the Madison Guaranty 
Savings and Loan, which was later shut 
down at a cost to taxpayers of S47 million. 

Agreement on hearings was reached one 
day after the chairman of the Banking Com- 
mittee, Henry B. Gonzalez of Texas, abrupt- 
ly called off a meeting of his committee. 

In postponing a required hearing on gov- 
ernment handling of the sa ving s and loan 
industry cleanup. Mr. Gonzalez urged Mr. 
Foley in a letter to seek a resolution calling 
for hearings, possibly by a select committee. 


select committee to investigate Whitewater, 
such as was appointed during the Watergate 


Michel, pledged hearings “in a very orderly s candal in the Richard Nixon administration 


and the Iran-contra affair in the Ronald 


He added, “I don't want to see any kind of Reagan administration. , 


circus atmosphere. 


Several committees hove jurisdiction on 


He accused the Republicans of using 
“half-truths, old rumors, half-baked conspir- 
acy theories and outright lies" in “a mali- 
cious campaign of character assassination" 
in pursuing Whitewater charges. 

(AP, Reuters) 



y* ih<^. 


.jv: * l “ %r ’ien u 1 ,^ 


. “ *«****£» . By Charles R. Babcock 

SUSliitSC neder V_ . u(r . Washington Pari Serna 

uaiture.- rv-ec ^r.dida,^ ^ LITTLE ROCK, Arkansas - 
The Miiu h>. , 1 *. \’Tbe Whitewater special counsel 
) psresr.: .“ n ' Robert B. Fiske Jr, said Tuesday 

amaruc- u;Jcnrvr\L • * dial 811 Arkansas businessman 

^ 1 k **fe ' could make a “significant contribu- 

■ tion to our investigation" by telling 

, X T\ Tt ^ . a grand jury about his allegation 

■ I II K k irre that President Bill Clinton pres- 
0 sured him to make improper loans 

in 1986. 

r, _ Mr. Fiske said that the accusa- 


;g r jr.- . 
es Ms--; • 

te 

« ' 
tiiherr. : 

uAr . . 

i -;<■ - 


-*-:uJ d ■.ink dent counsel, because of that pub- 
- Tic allegation.” 

* '■'-• ci'iicr Now, with Mr. Hale's testimony, 

he said, “We have an opportun i ty 
1 to investigate that situation, which 
‘ ' we are doing." 


leme Budget bv5K 


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i was . 
r* u*u. 
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i: p..v* ■ 


..•: -i.: ;.!■»£ Sr 
— T.i a.Tc 


• c . 

..r*: -PC « 


diili.'' . : : r yi^^. The president has denied Mr. 

siicr : -.-.r • ,r. Czxl l Hale's charge, and this week Mr. 

lu "if r-c " Clinton called it “a btmch of bulL” 
-i* ! ,7 L f-~L‘ • As Mr. Hale pleaded guilty here 

. , - - . .. 1 Tuesday to two felony counts, nei- 

ther Mr. Fiske nor Mr. Hale’s at- 

Hi oe\ hv to . rae y» Rfl ? d y Coleman, would say 

|“H?v DiUUirt U' vvl whether Mr. Half, bad offered cor- 

l' L 7 J ?.!■«; sr ■ roborating evidence for his accusa- 

. . . - ’• -7 “o 0 tba* Mr. Clinton, while gover- 

-cvL-cr .•• -Is 'riLss'"- nor * had asked him on two 

' * occasions to make loans to hdp 

.... . . ... i ~t v— James Md^rugal, cfwner of Madi- 

■ £*. .! . V. 7i .'-7r »* son Guaranty Savings & Loan.' 

■ W f .’ .- ■ r 77 r ; Mr. McDougal and his wife, Su- 

1 * ""'T V ! san, were partners with Bffl. and 

■uw ■ ■ - . “ Hillar y Clinton in Whitewater De- 

,lfi ... ........ vdqpment Co^ a land investment 

: ! Ji W •••:-. • ■_"-■■■ _ * .r ‘ company. Along with Mr. Hale’s 

**/-■••* v ”” allegation, the special counsel is 

" '■ ' ".V. examining Whitewater, its ties to 

a?:r?w - ^ - ■ ‘ Madison; the July suicide of the 

deputy White House counsel Vin- 
. V* cent W. Foster Jr., and a series of 

Prot^ji * lOIfW* contacts between the White House 
; • and the Treasury regarding the 
> y -" : -* Madison investigatiOT. 

r.^r .•••-■ “ — . Mr. Coleman did say that Mr. 

j "::-*- - - Hale had provided Mr. Fiske with 

“considerably more detail” about 
u -^ r . • all the transactions be was involved 

EL- 7^. ; ^ i . - - * V :-with in the three weeks since Mr. 

'7^ — : _ -r. . - r: • 'T; ;,' Fiske initiated plea-bargaining 

. r ' - talks. Mr, Hale has said he made 

• ■■■* ; * : Joans to benefit other politicians, 

7 .. • , including Jim Guy Tucker, the cur- 

,‘17 v . • - - C rat Arkansas governor. 

L - . 7 . . _ _ •; : - Mr. Halepleaded guilty Tuesday 

“■ to misusing his federally subsidized 
^ -company, Capital Management 
Services. 

,. n niTr He adnutted to conspiring to de- 
lTT 1 r if A I L fraud the Small Business Adnnms- 

r JA-l— *■ 7 . _ — (ration in the late 1980s, and also 

■ ~ , if. pleaded guilty to one mail fraud 

1 coumrdatedtoanf5nancingffl®li- 


^ .. — — — ■ ^ aerate* 

r . n niTr He adnntted to conspiring to de- 

l'FT 1 r if A I L fraud the Small Business Admuns- 
r XjJ— *- x ~ — — tra tinn in the late 1980s, and also 


ravel >lore. ?pf» 


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mch ^ 5 


. .. ‘ LUaL U1UUUY, UA w ait '-—7 - , 

it __ - m -J ' buy a piece of land in Whitewalls 

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Presideot nintnn tpflmg senior Htimm in Deerfidd Beach, Florida, that Ins health plan points the way to better care for aD. 

Alternative Health Plan Is Proposed in House 


New York Tuna Service 

WASHINGTON — A powerful 
House committee chamnam is cir- 
culating a scaled-back alternative 
to President Bill Clinton's health 


care MU that maintains his goal of from Mr. Ginton’s supporters to 
health insurance £pr all Americans trim Ids plan in the hope of getting 
while coning the bureaucracy to . enough votes to pass it. 
adminis ter it, reducing the cost to The draft would raise the cost to 


small business and promising not individuals to make up for de- posal has seemed dead for weeks 
to increase the federal deficit. creased revenue from business, anyway. m 

The plan being offered by Rep re- when compared with the din ton The plan is labeled a “staff 
sentative JohnD. DingeH Demo- plan. In addition, it would main- draft,” but there is no question that 
crat of Michigan, who heads the tain Mr. Clinton's goals of making it is Mr. Dingdl’s conce pt for get- 
Energy and Commerce Committee, coverage permanent and cutting ting a health care proposal out 01 
is the first significant movement costs while doing away with a main his committee, 
from Mr. Clinton’s supporters to element of his plan: the notion of 
■trim his plan in the hope of getting insurance-purchasing affiances that ’ 

enough votes to pass it all employers but the biggest would 

The draft would raise the cost to be required to join. But that pro- 


Sjbtfajd Cigarette Tax Gains 

WASHINGTON — A House Ways and Means 
panel Tuesday voted to raise cigarette taxes by 
SI. 25 a pack to hdp pay for health reforms, includ- 
ing insurance subsidies for small businesses. 

The proposal was approved, 6 to 5. with support 
from five Democrats and one Republican. Repre- 
sentative Nancy L Johnson of Connecticut. 

The increase would raise taxes on each pack of 
cigarettes from the current 24 cents to $1.49. It 
would raise roughly S16 billion. (AP) 

A Health-Conscious Congress 

W ASHINGTON — As Congress debates health 
care reform, the generous medical benefits law- 
makers enjoy are receiving closer scrutiny. 

“I think everybody should have health care that 
is as good as members of Congress have," said 
James Firman, president of the United Seniors 
Health Cooperative, a consumer group. 

Representative Tim Cooper, Democrat of Ten- 
nessee, author of an alternative health plan, ac- 
knowledges chat many of his constituents believe 
just that. “There's a great concern about congres- 
sional hypocrisy on a number of issues.” he said. 
“Health care is' one of them.” 

Like other federal employees, members of Con- 
gress receive insurance through the Federal Em- 
ployees Health Benefits Program, which offers 14 
p lans and more than 200 health organizations 
nationwide at monthly costs ranging from 563.58 
to S50 1 .96 for family coverage. (WP) 

Liberal in Line for House Post 

WASHINGTON — Representative David R. 
Obey, a liberal Democrat and reformist from Wis- 
consin, is all but cenain to be named acting chair- 
man of the House Appropriations Committee 10 
replace the ailing chairman, W illiam R Natcher. 
Democrat of Kentucky. Mr. Obey has gamed the 
endorsement of the Democratic Steering and Poli- 
ty Committee. 

The policy committee's choice 0 ! Mr. Obey, 55, 
over Representative Neal Smith of Iowa, 73, sent a 


Away From Politics 

• The Spireme Comt on Tuesday reluctantly m>- 
beld jury instructions used in Calif ornia and Ne- 
braska to «piain that c riminal defendants must be 
proved guilty “beyond a reasonable doubt” The 
instructions used in two death-penalty cases were 
troubling in places but did not toolate the constitu- 
tion, the court ruled. Defining the concept of 
“beyond a reasonable doubt” is difficult but the 
constitution does not require the use of any partic- 
ular words, Justice Sandra Day O’Connor wrote 
for the court The instructions used to convict 
murder defendants in California and Nebraska 
said a reasonable doubt would keep a juror from 
deciding “to a moral certainty” that a defendant 
was guilty. Attorneys for the defendants ctm Lead- 
ed those instructions allowed the defendants to be 
convicted on an improperly low level of proof. 

• Pope John Pari II cannot be named as a defen- 
dant in a suit seeking dumages for alleged child 


message that the Democrats want a more aggres- 
sive and politically active chairman. 

“Everyone likes Neal, but everyone respects 
Dave's leadership abilities," said the House Budget 
Committee chairman. Martin O. Sabo. Democrat 
of Minnesota. 

Mr. Obey, chairman of the Joint Economic 
Committee and of the foreign operations subcom- 
mittee of the appropriations panel has been a 
leading liberal spokesman on economic policy and 
institutional reform. (WP) 


Hillary Clinton’s Taste-Teste 

WASHINGTON — In between enter taining the 
media at the Gridiron dinner and fending off the 
media over Whitewater, Hillary Rodham Gin ton 
has been eating. 

The first lady win select a new White House chef 
from among a half dozen American specialists, 
based on interviews and tastings. 

Believed to be still in the running: Nora Poul- 
Ion, chef-owner of Nora Restaurant and City Cafe 
in Washington; Frank Ruta, who was the White 
House so<»-cbef under the Reagans and now 
cooks at the River Gub in the capital; Ris Lacoste. 
who was at the defunct 21 Federal and is now ihe 
sous-chef at the popular Kincaid; Will Greenwood 
of the Jefferson Hold; and from New York, Anne 
Rosenswdg, the chef at Arcadia. 

Earlier this month, the bead White House chef, 
Pierre Chambrin, resigned, apparently because he 
and Mrs. Clinton were at odds over bis French 
cooking. He was also said to be frustrated by the 
Clintons' erratic enter taining . (WP) 


Quote/ Unquata 

Cathy Hughes, a Washington talk show host, on 
the political morass of Mayor Sharon Pratt Kelly 
and the rising popularity of her predecessor, Mar- 
ion S. Barry Jr., who was arrested in 1990 on drug 
charges: “This whole wave of popularity isn't so 
much people liking Marion as it is a protest against 
her. People are saying, ‘We'd rather have him high 
than to nave her sober.* " (NYT) 


abuse by a Catholic priest, a Texas judge has ruled. 
The judge bdd that the Pope was covered under 
diplomatic immunity afforded to heads of state. 

• Seeking to serai u a dear message” to stop du- 
crimination against AIDS patients, the Justice De- 
partment has announced the settlement of a case 
involving the refusal of Philadelphia medical tech- 
nicians to provide help to a man with the HIV 
vims. The settlement, the first involving an AIDS 
case under the Americans with Disabilities Act, 
bars emergency medical personnel from refusing 
assistance to people with HIV or AIDS. It also 
requires that Philadelphia’s 2,300 fire fighters and 
emergency medical woken undergo three hours of 
training in handling possible AIDS-related cases. 

• After secretly observing a 520,000 ransom pay- 

ment cm a street comer in New York’s Lower East 
Side, federal agents arrested 10 Asian gang mem- 
bers who they said bad kidnapped and tortured 
four illegal immigrants from China over the week- 
end. AP, Retaetz, LAT, NYT 


EuroBusiness 


ASIL NADIhh 

Polly Peck Mk II aril 


• cation he filed in February 1986 
with the Small Business Adnunis- 

. tratioxL 

The second charge was not m 
. Mr. Hale’s original indictment. It 
describes a more sweeping scheme 
Sin which Mr. Hale and others ob- 
tained money between 1985 and 
1 1991 from his company and the 

• Small Business Administration. 
-Wbik Mr. Groton’s name was not 
menti one d in the court hearing, 
Mr. Fiske told the judge that Mr. 

. Hale’s cooperation “allows us now 
to investigate fully all the aBcgfr- 
; tions Mr. Hale has made pubbety 

and others he has made whfle coop- 

' crating." 

Mr. Coleman said the Madison 
- loan in 1986 was for SS 25 J» 0 and 
’ had been used to make a 5300 , 0 W 
loan to Susan McDougaL Pan of 

• that money, in turn, was used to 

a a 1 • _ It n. .i — Mfarc 




Television’s Only 24-Hoi k Global News Network 



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Page 4 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23, 1994 


Macdonald Carey, Actor, Dies at 81 


By Richard Severe 

New York Times Service 

Macdonald Carey, 81, one of 
Hollywood's leading, men in the 
1940s and '50s who then spent the 
better part of three decades playing 
a kindly patriarch. Dr. Tom Hor- 
ton, on the TV soap opera “Days of 
Our Lives,” died Monday in Bever- 
ly Hills, California. 

In September 1991, Mr. Carey 
had a cancerous tumor removed 
from his lung. He returned to the 
show after his recuperation. 

As a young actor, Mr. Carey was 
in demand for his Fresh -scrubbed 
masculinity, easy ways, and 
smooth, resonant voice. One of his 
first films was “Wake Island” 
< 1942), in which he played a valiant 
young Marine officer in the early 
months of World War □. That role 
led him to try to enlist in the Ma- 
rines. When be was turned down 
because of an eye problem, he went 
to a clinic and learned to do eye 
exercises that months later, be said, 
made him an acceptable enlistee. 
As a Marine radar specialist in the 
Pacific, be participated in the bat- 
tles of Bougainville and Mindanao. 


He also appeared in Alfred 
Hitchcock's “Shadow of a Doubt," 
released in 1943, in which he 
played an earnest detective who 
becomes romantically involved 
with a killer's niece. 

Among Ins other films were 
“Suddenly It’s Spring" (1946); 
“Dream Girl" (1948); “Streets of 
Laredo” (1949); “Bride of Ven- 
geance" (1949); “The Great Mis- 
souri Raid" (1950); and “Coman- 
che Territory” (1950). During his 
early years, he was also active in 
radio, acting in soap operas like 
“John’s Other Wife” and on the 
mystery series “Lights Out." 

He was born in Sioux City, Iowa, 
the son of an investment banker. 
He was educated at Phillips Exeter 
Academy and the universities of 
Iowa and Wisconsin. He was at 
first attracted to the law but then 
became interested in acting. 

Jos6 CorooeJ Urtecbo, 88. a Nic- 
araguan poet and pillar of the liter- 
ary Vanguard Movement of the 
1950s, died Saturday in southern 
Nicaragua. He and others in the 
movement are credited with inject- 
ing renewed importance into Nica- 


raguan poetry following the death 
in 1916 of Ruben Dario, one the 
greatest Spanish poets. 

Dack Rambot 53, who played the 
silver-haired Jack Ewing on “Dal- 
las" and a congressman on the soap 
opera “Another World" before he 
learned he was infected with AIDS 
and quit show business, died Mon- 
day. 

Kenneth SL Joseph, 81, a British 
geologist who hdp«i develop the 
use of aerial photography for the 
study of the Roman forts and other 
imperial remains, died of a heart 
attack March 11 in Histon, Eng- 
land, near Cambridge. He was a 
lecturer in the natural sciences and 
dean at Cambridge University’s 
Sdwyn College from 1939 to 1962. 

Arthur Tankman, 92. a self-made 
businessman who built the Ad- 
vance Stores auto parts chain into a 
nmliimOlion-do Uar business, died 
March 15 in Boca Raton, Honda. 
During World War IL he also 
helped about 500 European Jews 
reach the United States by filing 
affidavits with the i mmig ration au- 
thorities saying they were relatives. 


AMERICAN 

TOPICS 

A Years-Long Effort 
To Heal Everglades 

A broad effort to restore the 
Honda Everglades, one of the 
world's superlative ecosystems, is 
slowlygaihering speed, The New 
York limes reports. 

It is none too soon. Where 
tourists can now see perhaps a 
score of wading birds at once, 
there were thousands not so long 
ago. And this is only one sign of 
decline. People have reduced the 
Everglades by half, to about 
2,000 square miles, (5,200 square 
kilometers) over the past century, 
and have diverted too much wa- 
ter from what remains. 

Now some of the same federal 
and state agencies that oversaw 
the decline of the Everglades are 
combining efforts to reestablish, 
as far as possible, the natural 
flows and rhythms of its water — 
its hydrology. This will mean 


partly undoing the vast network 
of canals and levees that altered 
the natural hydrology almost be- 
yond recognition in an effort to 
drain land for South Florida’s cit- 
ies and farms, supply them with 
water and protect them from 
floods. 

Restoring ibe Everglades will 
take many years. But proponents 
of the restoration Insist that apart 
from the Everglades’ intrinsic 
value, their role in recharging the 
state’s aquifers and attracting 
tourists makes them an indis- 
pensable economic asset. 

Short Takes 

TbeUS. population aged about 

a year between 1990 and 1993, 
simplv by having more births 
thap deaths. The U.S. Census Bu- 
reau said there were 257.908,000 
Americans as of last July j, with a 
median age of 33.7. This is up 
from a median age of 32.8 in 
1 990. Median age means half of 
the people are older and half 
younger than that age. As medi- 
cine lengthens life spans and the 
overall birthrate falls, the median 


age gets older over time. But since 
there are still more births than 
deaths, the population isn’t grow- 
ing older at the same pace that 
rime passes. 

A champion of separate col- 
leges for women, Judith Shapiro, 
has been named the new presi- 
dent of Barnard College, the sis- 
ter institution of Columbia Uni- 
versity in New York. Ms. 
Shapiro, 52, is provost of another 
Ivy League school, Bryn Mawr, 
outside P hiladelphia, and a noted 
anthropologist who specializes in 
gender differences, in July she 
will succeed Ellen Fuller, a cor- 
porate lawyer who headed Bar- 
nard for 13 years. 

The swaHows returned to Mis- 
sion San Juan Capistrano in Cali- 
fornia last week, as they have 
done every March 19 in the 213- 
year history of the old Spanish 
mission. The impeccable timing 
of the swallows* return from their 
winter home 6,000 miles (more 
than 9.600 kilometers) to the 
sooth in Argentina has baffled 
scientists for years. 


Him ticket prices cost an aver- 
age $4.14 last year, the third con- 
secutive drop from a 1990 high of 
$4.23. Making films, however, is 
getting more expensive. The aver- 
age major-studio movie made last 
year cost 529.9 million, up almost 
4 percent from the previous year. 
Wien marketing costs are added, 
ihw comes to $44 million- Holly- 
wood produced 156 films in 1993. 

No need to worry about gigantic 

tides or being tipped sideways out 
of your living room chair when all 
nine planet^ are in alignment. For 
one inino the term is only rela- 
tive, The Washington Post re- 
ports. 

In the alignment of 1982, most 
of the pianos were scattered over 
90 degrees of arc in the sky. 

According to the U.S. Naval 
Observatory, even if all nine 
planets lined up in a precise row, 
the maximum tidal force would 
be only about 0.0001 percent of 
the ordinary everyday tidal forces 
of the sun and moon. 

Arthur Higbee 


Vatican Reaffirms 
Stance on Priestly ’ ! 
Virtues and Dress 

Reuters , . - ■ ‘ 

VATICAN CITY — The Vati- ^ 
can warned priests on Tuesday that 
the Church would not tolerate open \ : - 

critidsm and reminded them to 
stick to clerical clothes, shun smart * ; 
cars, abstain from sex and stay out 
of politics. 

A manual cm priestly behavior 
told the world's 400,000 priests that # 
the church was not a democracy 
but a hierarchical organization that 
did not allow criticism of its teach- 
ings. 

Clergy should wear “suitable ec- 
clesiastical dress” — either a cas- 
sock or clothing distinguishing 
them from nonclerics. 

The directive said priests “most 
lead a simple life and avoid any- 
thing which could have an air of 
vanity.” 

They must “dimmate any kind 
of affectation and luxury" in their 
living quarters, means of transport 
and choice of holidays. 

The manual reiterated its rule 
that priests be celibate. 


BUSINESS MESSAGE CENTER 


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TRANSLATIONS I 


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Offers ctecoumed I n t er luriun al 
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\ 

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EMU USD SH8JBI.M ♦ Par Yev 
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Also offering full administration 
sendees at low cost 
Discretion and serioslty assured 

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P.O. Box 4248, 6304 ZUG 
SWITZERLAND 


Prince aid Princess 
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If you would like to gracefully 
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also In financial sense 
yIg adoption, l am awaiting youi 
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Box 3558, IHT, Filed rtchstr. 15, 
P - 60323 FmnKftgt. Germany 


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Dittewr the seers* of deal mrioxiliiy with 
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How to become • legal TAX EXILE. 

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VACY NEWS LETTER fa^lUp ' 
ntee aad aecnre yonr monay write hr 
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U Many Rod. Woofaartle, POS 9IL. L.JL 
Tdj (-44 TO 592255 - Fix: til 7QJ 591775 


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rvfto RO. Box 180, 9493 Manrao 


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FINANCIAL 

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fax: 32J.646.4266 


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liOfit 



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(6M > 











ays in:! 

all 
HL For 
rt'.a- 
>3E rc- 


N3\^l 
l nice 
•2 row. 
would 
itet 03 
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3gb«; 


J atic anR^> ” - 

Virtu es°^ Jjj The Empty Threat 

St4 ' K " '""k K »™ 

^ tm Embargo Hurt 

“3 ^ Nation That Does Without? 

f*- e church u, ■■^X)b/' 

■ B v D ?'l d r E ’ ? an £ Cr bciu-cen the iwo countries. has 
^ c - a1 '^ c dwindled as ihc Nonh Koreans 

‘ 3 >, TOKYO— From the first talk a have run out of hard currency. 

,. Llcr s> '■hr ujrj ■ year ago about imposing economic There is more oil from Iran, in 
£**“»«! drcsV^v Sa ^ Ct ? 0n . S 10 E ? akc North Korea . return, according to the Central In- 
*- VK « cl, )ih ' ' nuclear ambitions, the telligence Agency, for North Ko- 
“ u ^i? from jj.'ii Ji c pmton administration and its al- rea’s missile technology. 

. tnr dir-.j.'.^v * lies m Asia have been confronted Russia is still a supplier, but its 
: «i a imiii- , pn& w “ a P®* quandary: How do volume of trade with Nonh Korea 
‘^r.g ,II 1 e , aiy :?• you isolate the world’s most isolai- is believed to have plummeted. The 

'•tfJt;. " L ItottJ' e ^r l J a f- l ? n ^, North's biggest business in Russia 

Th;\ ™ IJM . N . unlike almost every other nation is operating logging camps in the 
of ifj'sci ' . \ ^nnnij.. in the world. North Korea has long Russian Far East, surrounded by 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23. 1994 


Page 5 


^ San£ er between the two couniries. has 

t^vva c uT dwindled as the Nonh Koreans 

i OK YU — From the first talk a have run out of hard currency, 
year ago about imposing economic There is more oil from Iran, m 
sanctions to make North Korea return, according to the Central In- 
ran in its nuclear ambitions, the ' telligence Agency, for North Ko- 
Ginton administration and its al- rea’s missile technology, 

lies in Atia tinvp Kmw m ■ .,:n _ .■ , _ . 




*8 A*« 
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lies in Asia have been confronted 
with a peculiar quandary: How do 
you isolate the world's most isolat- 
ed nation? 

Unlikealmost every other nation 
in the world. North Korea has long 
madtjudie, or self-reliance, pan of 
the national religion, a central fea- 
ture of the ideology of Kim li Sung, 
the North's “Great Leader ” To 
rely on any other nation, he told his 
people in 1955, a decade after Sta- 
lin thrust him into power in 1945, is 
ultimately to compromise the 
country’s political; independence. 

While Mr. Kim, 1 . 81, has violated 
his own principles often — relying 
on China and on the former Soviet 
Union to supplement an economy 
that was clearly in no shape to go it 
alone — be has trained two genera- 
tions of North Koreans to go with- 
out, and do so without public com- 
plaint. In the next several months, 
the world may discover whether 
Mr. Kim's form of xenophobic na- 
tionalism, backed up by brutal so- 
cial controls, is also an effective 
defense strategy. 

So far, there is no economic em- 
bargo against Pyongyang, but the 
Clinton administration has made it 
clear that one is virtually inevitable 
unless Mr. Kim relents, and allows 
international inspectors free run of 
the North’s nuclear sites. 

Bui one reason the United States 
keeps letting deadlines slip, and al- 
ways describes sanctions as the 
next step after giving North Korea 
one more chance; is that many in 
Asia feel they will not work. Even if 
China and Japan, the North's big- 
gest trading neighbors, have the po- 
litical will to nsk a confrontation 
with the North — which is still 
doubtful — they may have little 
effect on a country by some esti- 
mates imports only 10 percent of 
what it consumes. 

"Sanctions can be a very long, 
drawn-out process that gradually 
puts a squeeze on North Korea,* 1 
Kim Kyimg Won, the president of 
South Korea's Institute of Social 
Sciences and a former ambassador 
to the United States, said recently. 
“Bui will they change the minds of 
the North Korean regime?” he 
asked, and persuade them to 
“throw open the doors” to Youg- 
byon, the country’s secret nuclear 
installation. 

“Would it bring about a pohtical 
collapse? in a oouney that has sur-" 



China Shifts Tone 
On U.S. Relations 
But Not on Rights 


By Lena H. Sun 

Washington Post Service 


“I would like to take this oppor- 
tunity to reassert that China is 


Russia is still a supplier, but its 
volume of trade with North Korea 
is believed to have plummeted. The 
North’s biggest business in Russia 
is operating logging camps in the 
Russian Far East, surrounded by 

Fi V. 

NEWS ANALYSIS 

barbed wire and populated by 

North Korean workers who, defec- ’ ' :■ ". ?•'. 

tors say, are virtual slaves, forced to ■ .■ : ‘ • • *•,: .■ .- ' v ' : 'iv? 

cut down trees from dawn to late ’ 

h 3£ Koreans sa, Ura. al. ™° FOR .™ SHOW -Adepury <rf*e Nndoonl Peoples’ « 
those supplies are strategic, and 

North Korea would collapse with- . 

Cha Young Koo of the Institute for Khmer Rouge Blocks Flights to Ex-Base 

National Defense, and one of those ' 1 

urging a harder line. “1 think that Compiled .s Our Staff From Dispaickn ciaj forces dressed in Khmer Rouge 
when people say that the North KON DAMRE1. Cambodia — uniforms led the attack on P ail in. 

Koreans can endure economic Stiffening Khmer Rouge resistance but they have not been officially 
sanctions, they're overrating the around its former base at Pailin has confirmed. 

North's ability.” forced the Cambodian Army to The soldier, who gave his name 

But as the United States has cease resupply and medical flights only as Ney. said that after the 
learned from other embargoes, cut- to the war-battered town, govern- attack on Saturday the rebels had 
ting off those few links with the mem soldiers said on Tuesday. scattered from Pailin and split into 
outside world is never as simple as A helicopter flight that had been small groups that attacked the 


BEUING — Prime Minister Li ready to improve Chinese- Ameri- 
peng struck a more conciliatory t ~ tn relations.'* he said. “China has 
tone in describing relations with already made efforts in this regard 
the United States on Tuesday, not- it will continue to do so in the 
ing that Beijing had already' taken future." 

steps to improve relations and say- Under an executive order issued 
ing it would continue to do more in Iasi year. President Bill Clinton 
the future. must decide in June whether Bdj- 

His comments were a shift from ing has made enough progress on 


Beijing’s initial harsh assessment of human rights to merit an extension 
U-S.-Qrina relations after the re- of its most -favored-nation trading 
cent visit of Secretary of State War- status. 


ren M. Christopher. 


The trading status is critical tu 


Mr. Christopher's visit was Chinn's booming economy. If the 
marked by sharp exchanges over status were revoked. Hong Kong, 
human rights as authorities de- Taiwan and .American investors in 
wined more than a dozen pro-de- China would also suffer. 

■!f ivUlS beforc ^ dul - Mr. Clinton to said there must 
ing n^ trip. ..... , he “overall significant progress” in 

Tiut even as Mr. L. adopwl a ^. enl hum^Trighis arSs. Chi- 
more moderate stance, a strident nese baw ^ ade ^ 

They have sup- 


editorial in a leading Chinese news- 

paper blasted as meddling in Chi- ]ied some infonMtion aboilt 

jsssl? 


outride world is never as simple as A helicopter flight that had been 
it looks. Many doubt if China and scheduled to lake United Nations 
Japan, each for very different rea- military observers and foreign mili- 
sons, have the political will to cut [ary attaches to Pailin was canceled 
North Korea off as pan of an on Tuesday, officials said. 
American-led effort to stop one of A government soldier said that 
the world's biggest proliferation the army was being forced to use 
threats. And even if they agreed on another landing site about four Id- 
paper, the embargo would be enor- lometers away, which had also 
mousiy difficult to enforce wi tbout come under attack. The soldier, like 
stopping and boarding ships at sea the other 10 men in his squad, was 
— especially to hall the Iranian oil dressed in Khmer Rouge uniform 
tankers — an act that North Korea and wore no Cambodian Army 
has already said it would regard as badges. 


scattered from Pailin and split into 
small groups that attacked the 
town three or four times a day. 

“They have so much ammuni- 
tion,” said another soldier in the 


base set off an exodus of guerrillas 
and their followers to Thailand, but 
analysts say they believe the 
Khmer Rouge will return to fight 
another day. 

Diplomats, government soldiers 
and independent military’ analysts 
have questioned the wisdom of the 
airoy's offensive against Pailin. 
saying it could be difficult to hold 
and vulnerable to counterattack. 
The base. 12 kilometers from tbc 


ports the Maoist guerrillas. But 1 ® ren J 
Thai businesses have benefited 11,51 J 
greatly from gem and timber mm - man-i 
ing concessions from the Khmer I* 101 
Rouge at Pailin, creating a conflu- Spt 


release of political prisoners. 

The seemingly contradictory 
stances underscored the sharp dif- 
ferences within the ruling Commu- 
nist Party over what further hu- 
man-rights concessions, if any. may 
be forthcoming from Beijing. 

Speaking Tuesday at the conclu- 


squad. referring to the Khmer Thai border, is surrounded bv 
Rouge. “They seem to keep it ev- densely forested hills that offer ide- 


erywhere." 

The Cambodian Army has said 
that i L captured Pailin at 6 P.M. on 


al positions for artillery, they say. 

Soldiers returning from the front 
line reported heavy fighting over 


tantamount to war. The men said they belonged to a 

“I don’t like the word ‘intimidat- 70-member special forces unit that 
ed,’” a senior Japanese official said spearheaded the assault on P ailin 
the other day, asked if his country’s accompanied by tanks, 
continued reticence about sane- There had bom reports that spe- 

tions is rooted in a deep fear that 

Japan could suddenly find its 
swept into a conflict about which _ _ __ 

the Japanese public has stayed IT W r |V*o§- 
blissfully unaware. U «k_/ a IU J.v3l 

“We are cautious,” he said. “To 

make North Korea even more emo- QV1 Afl 

tional would be counterproduc- X dAldulIi Ull 
tive.” 

is, perhaps, the best example oHhe Nuclear Plan 

political and technical complexities 

Of enforcing an embargo in the CUl- . Compiled by Ovr Siaff From Dupacfta 
tural quicksand of Aria. WASHINGTON --The Clinton 

There is no secret about the flow administration wants Pakistan to 
of money: In a popular movie cap its nuclear weapons program in i 


Saturday. It is continuing to pour the last 48 hours around strategic 
in men and equipment to support hilltop positions near the town. ~ 
scores of fortified bases being es- Diplomats say the gover nme nt's 
tablished along access routes to ability to hold oh to Pailin depends 
and around the town. to a large degree on the attitude of 

'tl _ ivu .l. l n « i ■ € * .i . 


ence o? interest between the guerril- sion of the National People’s Con- 
las and local Thai civil and military gress, the rubber-stamp pariia- 
authoritie&. mem, Mr. Li said Mr. Christo- 

tnal =m re ach Palm from ^ SUIUS a S g 

Kon Damra. 16 Wonv-tcrs lo th£ He ^ ^ chiiflophe?! 

g«li c ounify a d eartr viw of ibe 

* “This may perhaps help the 

The goveramen t has not released United States, through careful con- 


The men said they belonged to a The fail of the Khmer Rouge Thailand, which denies that it sup- withdraw. 


casually figures for the fighting riderations. to make decisions in 
around Pailin. but h says that the the next few months that will be in 
Khmer Rouge abandoned large keeping with the interests of both 
quantities of supplies in its haste to the United Slates and China," he 


(Reuters, AP ) said. 


take reports from American techni- 
cians on [he jamming of the Voice 
erf America, agreed lo permit in- 
spections of prison labor camps 
suspected of exporting products 
made by prison labor to the United 
States, and said they would contin- 
ue to talk to the Internationa] Com- 
mittee of the Red Cross on access 
to prisons. 

In its editorial Tuesday, the offi- 
cial Enlightenment Daily criticized 
“some people abroad" who “time 
and again put forward lists of 
names of allegedly persecuted peo- 
ple of various kinds and ask, in 
disregard of the laws of China, for 
earlier release of prisoners on the 
lists,” the official Xinhua news 
agency reported. 

In suggesting concrete steps that 
China could take on human rights. 
U.S. officials have repeatedly 
sought the release of about 20 polit- 
ical prisoners who reportedly re- 
quire urgent medical treatment. 


Up front, most banks look like 
solid business partners. 


Compiled fry Our Staff From Dispatches 

WASHINGTON —The Clinton 
a dminis tration wants Pakistan to 
cap its nuclear weapons program in 


’■>? vived with so little forso long, it is Way is the Moon,” the lead charac- 


about Japanese-Koreans, “Which : txchange for a onetime exemption 


hard to see how. 


ters spend a good deal cf time con- 


ic theory, sanctions should not cealing wads of cash in a box about 
be difficult to enforce, with only JO to be shipped ofl to their relatives 
percent of North Korea’s economy in the North- 
coming from external trade. The • Nor are there many doubts 


numbers are shaky, because the about how the money gets from 
North publishes virtually no eco- Osaka's pachinko parlors — a pin- 


normc statistics. 

Unlike Iraq, North Korea’s trad- 
ing partners are few. There is cash 
flowing in from Japan, almost all of 
it from the wealthy Korean- Japa- 


baU-Eke game arid multibimon- 
dollar business that is dominated 
by Koreans — to the government 
leaders in Pyongyang. Japan de- 
votes nearly half its internal intelli- 


nese community, much of it paid in gence effort to tracking the North 
hopes of aiding relatives. Though Korean community here, especially 
no one knows how much is in- the Chosun Soren, the organization 
volved. intelligence estimates in Ja- that represents many of the 300,000 
pan vary from S600 million to SI. 6 Koreans in Japan who profess 
billion a year, most of it moving in some loyalty to Nonh Korea. 


cash. 

There is ofl, clothes and rice from 


“We know who goes in and out 
of Nonh Korea.” a senior Japanese 


HGGOC 





S8ANC*S.y 


Vlsiifhe - SSftif- 

Largest rta^' 


rwmn though the supply across official said, “and we know what 
the rickety railroad bridge over the banks fey use for dummy ac- 
lumen River, the barren border counis.” 

A Defector Warns South 
Of Chemical Destruction 

Compiled by Our Staff From Dispatches 

SEOUL — North Korea has built a huge arsenal of toxic chemi- 
cals in case of war with South Korea, a defec Lor from the Communist 

^ThTcteS^Sergeant Lee Chung Kuk, 26. said that “North 
Korea has enough chemical weapons to destroy the southern part of 
the peninsula without using nuclear weapon^ . . , 

Mr Lee, whom authorities identified as belonging to a biological 
and chemical unit near Pyongyang, was the first North Korean 
chemical warfare soldier to defect to South Korea. He arrived in 
Seoul last week bv way of an unspecified third country. 

“They have built vast chemical weapons that^are powerful and 
toxic enough to kill all 40 million South Koreans, Mr. Lee said al a 

80 South < KoSn J ^iS S have warned that the North Korean 
military has one of the world’s largest > exerts 

sav that the North's medium-range missiles, with a ra ed range of 
LOOOkiloraJters (600 miles), can carry chemical as well as nudear 

said he had defected because he was bladdisied and had 
no^mSta promotion in the North Koran Army. He left his unit 
? SStnhir and crossed the border into China a few days later. 

m He SKS million-member army was on high alert, 
anf Jan of its enlisted men were required ft tbetr heads > 
SX as part of stepped-up preparations for war. 


aw* 1 * r; 


KOKEAj f Brink of War ’ 


from the congressional ban on U.S. 
military aid. Undersecretary of 1 
State Lynn E. Davis said Tuesday. 

If Pakistan accepts the deal, the 
administration would ask Congress 
to allow delivery of F-16 fighter 

’ from the United States, she said. . 

Delivery was held up by-tbe 1 985 
congressional dictum that blocked 
all but humanitarian aid unless the 
U.S. government can certify that 
Pakistan is not producing a nudear 
bomb. Since 1990, U.S. officials 
have been unable to certify that 
Pakistan was not developing nucle- 
ar weapons. 

The U.S. will try lo bring the two 
slates into a proposed comprehen- 
sive treaty banning nuclear testing 
and into a proposed convention 
that would ban the production of 
fissile materials for nudear weap- 
ons. 

The plan would not require Paki- 
stan to completely abandon its nu- 
clear program, but simply to not 
move beyond its current produc- 
tion. American officials see the F- 
16s, for which Pakistan has already 
paid, as a carrot that possibly could 
advance the policy. 

Ms. Davis said the proposal was 
for a onetime exception to the mili- 
tary aid ban with the goal of getting 
Pakistan to cap production of 
atomic material, in a manner that ■ 
could be verified. 

Pakistan and its neighbor, India, 
are longtime rivals that both have 
advanced nudear programs. U.S. 
officials are concerned about long- 
standing friction between the two I 
nations. I 

Administration offidals say the 
ban on military aid has failed in its 
goal to keep Pakistan from attain- 
ing nuclear capability and that a 
new approach is needed to halt the 
growth of regional nudear pro- 
grams and eventually roll them 
back. (AP, Reuters) 


U.S. Aide to Try 
To Appease India 

Washington Post Service 

WASHINGTON — Strobe Tal- 



But will they back you up 
when the going gets tough? 



franchise 




Continued frotn Page 1 
Korea has already built a nuclear 
weapon. 

In Seoul many officials think the 
nuclear question is more ambigu- 
ous than that. “Nobody really 
knows," said Kim Sam Hoon, spe- 
cial assistant for nuclear matters in 
the Foreign Ministry, “if they real- 
ly want to develop nuclear 
or if they just want lo pretend to 
have a card in their pocket for ne- 

ISS-w* in Seoul say ^ 
find it unusual that ^United 


“Is this a nuclear caid they are ^ whoplans to make his inaugu- 
Jaying?,’ he asked “We don’t ral trip abroad as deputy sectary 

J . n f % . .i pS cfatA iMrlii navi m.trtlh Will CtrtH 


blow ttai yet. We know that the £ state rarly next month, will stop 
Chinese have sheer contempt for m Nw f Delhi to try to ease 


the level' of technology in North 
Korea. And yet Washington is car- 
rying on like North Korea has the 
capability to destroy the world by 
itself.” 

American officials counter that 
one reason North Korea is such a 
poor country is thai the ruling 
clique had poured all its develop- 
ment money into weapons. “They 


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find £ „ 2 ifaal Uie Uniied dqJI iv,ihcir people oflheteacs so Republic and I 
S." . J L^SSved the Nonh Ko- they can pul more money itllo this April 5-13 tour. 
SSSpoteutial danger to nuclear weapons program, a Pen- 

[hTwX^ordKorea^smv; tagon offiaal sa,d. 

ing little country with a GNp President Kim said Tuesday that . — 

ably smaller than Albarua . would discuss the North Korea rust eafi 

Washington mass H »» atuation when he visits Japan and 01301 

greatthreai to world pea«, - chj na this week and nexL 

senior Western observer here. 


tensions in U.S.-Indian relations, 
the State Department announced. 

The department -spokesman, 
Mike McCurry, acknowledged that 
■Mr. Talbott's trip was related to a 
growing feeling in India that the 
Clinton administration had been 
neglectful and even antagonistic to- 
ward New Delhi over Kashmir. 

Mr. Talbott is also scheduled to 
visit Pakistan, Poland, the Slovak 
Republic and Belgium during his 


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■■ F 


Page 6 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23, 1994 


Pretoria’s Forces 


Take Charge After 
A Mutiny in Ciskei 







By Bill Keller 

New York Times Service 

JOHANNESBURG — South 
Africa took command of another 
riotous black homeland on Tues- 
day and dosed in on the last and 
most explosive bastion of resis- 
tance, the Zulu homeland ruled by 
Mangosuthu Buthelezi. 

Ten days after deposing the ruler 
of Bophuthatswana, the multiparty 
authority that presides over the 
South African transition sent rep- 
resentatives Tuesday night to re- 
place the president' of Ciskei an 
apartheid homeland designed for 
the Xhosa people, following a mu- 
tiny by homeland police and sol- 
diers. 


that the homeland force had orga- 
nized hit squads to kill members of 
the rival African National Con- 
gress. 

The multiparty panel that is 
overseeing the government until 
the April 26-28 elections is debat- 
ing a number of more stringent 
moves against Chief Buthelezi in- 









f mm u 


eluding absorbing bis homeland 
police force into the South African 


But attention was already turn- 
ing to KwaZulu, the stronghold of 
Chief Buthelezd’s election boycott, 
which was under mounting pres- 
sure from inside and oul 

Within the homeland, political 
violence escalated beyond its dead- 
ly usual, leaving more than 60 dead 
since Friday and hundreds of fam- 
ilies in flight Worse was threatened 
as the African National Congress 
exhorted homeland civil servants to 
rise up against Chief Buthelezi and 
announced plans for a series of 
street protests. 

From Pretoria, the Transitional 
Executive Council took the first 
steps toward limiting Chief Buthe- 
lezi's power to prevent him from 
thwarting free political activity. 

Investigators working for the 
transitional body recommended a 
cutoff of all weapons to Chief 
Buthdezi's police, citing evidence 


police force into the South African 
police and sending army units to 
protect the election campaign. 

Partisans on both rides said 
KwaZulu appeared to be spinning 
slowly into the same political whirl- 
pool that demolished the homeland 
of Bophuthatswana less than two 
weeks ago. 

Bophuthatswana. the homeland 
designated for the Tswanas, re- 
fused to take part in the elections, 
but was brought down by dvO ser- 
vant strikes, student riots, and the 
turnabout of the homeland soldiers 
and police. 

But while Bophuthatswana *s 
leaders had little popular support, 
in KwaZulu the defiance is Fired by 
devotion to the Zulu king. Good- 
will Zwelithini. Zulu nationalists, 
moreover, are armed to the teeth 
and seasoned by nearly a decade of 
factional warfare. 

The 10 homelands created under 
apartheid as reservations for blacks 
are to be abolished by tbe new 
constitution that takes effect April 
27. All but KwaZulu have agreed to 
this fate. 

Ciskei held out until January, 
when tbe military dictator of the 
homeland. Brigadier Oupa Gqozo, 
bowed to pressure from his military 


r.\. . . 

.-••• •*?>' 


Wilier DUadhfa.- Apace Fnace-Picwe 

A youth demonstrating T uesday for voting rights for prisoners. He 
was outside tbe Transitional Executive Council offices in Pretoria. 


and agreed to abide by the election 
results. 


But the homeland police did not 
trust him. They worried that he 
might siphon off their pension 
funds before the elections, and de- 
manded the money be paid to 
them. When he balked, they mutin- 
ied, taking at least 15 senior offi- 
cers hostage. 

In one of the more bizarre mo- 
ments of the South African trans- 
formation, Ciskei police who bad 
ruthlessly enforced the brigadier's 
ban on political opposition on 
Tuesday shouted, “Viva ANC." 


One policeman called on his 
brethren to stand in respect for “all 
tbe unnecessary lives'' they had 
taken, according to the South Afri- 
can Press Association. 


■ Request for Help Cited 
The South African Foreign Min- 
istry said that South African troops 
and the police bad moved into Cis- 
kei after it asked for help from 
Pretoria, news agencies reported 
Tuesday from Johannesburg. 

A Foreign Ministry statement 
said that the homeland leader, 
•Brigadier Gqozo, had “telephoned 
to say tbe situation was out of hand 
and mere was danger of large-scale 
conflict and bloodshed." 

In another development related 
to the homelands. President Fre- 
derik W. de Klerk warned Tuesday 
that his government would take 
“very firm steps" if violence pre- 
vented campaigning and free vot- 
ing in KwaZulu. 

I Reuters. AP, AFP) 


EUROPE: FuttrEloum Voting Crisis Looks Likely to Stall EU Expansion 


Continued from Page ! 


amount to an unacceptable modification of the 
Union's founding treaties. During Tuesday's 
meeting he threatened to resign if London pre- 
vailed in the dispute, according to Foreign 
Minister Willy Gaes of Belgium. 

Foreign Minister Klaus Kinkcl of Germany, 
which has been the driving force in the enlarge- 
ment negotiations, also saw little chance of a 
breakthrough. 


‘Today 1 no longer say that I am cautiously 
optimistic.” he said. 


tbe enlargement timetable because it must rati- 
fy the membership accords of the four candi- 
date countries. If Parliament does not give its 
assent before broking for the elections in early 
May, it will have to start all over again begin- 
ning in September. 

There was little sympathy for Mr. Major’s 
position in the Parliament, where most mem- 
bers have vowed to ngect the enlargement pacts 
if Britain wins its way on voting rights. 

“The British will be to blame if the enlarge- 
ment fails." said Jean-Piene Cot, tbe French 
leader of the Socialist bloc in Parliament. 


one in which the philosophy of European con- 
struction itself is at stake," Mr. Juppe said 
Britain is demanding that the blocking mi- 
nority be kept at the current 23 votes, or two 
large states and one small one. 

“We only just managed, several of us, to 
ratify the Maastricht treaty," Foreign Minister 
Douglas Hurd said, adding that many people in 


Britain regarded that treaty’ “as a centralizing 
move too far." Any change in voting rights will 


A German official said privately that the best 
hope of breaking the deadlock may have to 
await the June elections for the European Par- 
liament If British Conservatives are trounced 
then, as current polls indicate they will be, it 
will be hard for Mr. Major to persuade his EU 
colleagues that he must go to the wall on the 
voting issue for domestic political reasons, the 
official said. 

The European Parliament holds the key to 


The addition of the four new states wiH raise 
the total number of votes in the Council of 
Ministers, ihe EU body that passes legislation, 
to 90 from 76. Ten EU states believe that the 
minority needed to block legislation should be 
raised to 27 votes — three huge states or two 
large ones and two or three small ones — to 
ensure that enlargement does not weaken tbe 
bloc's ability to make decisions. 

“This is not a banal quarrel about figures, but 


move too far." Any change in voting rights will 
have to await a 1996 intergovernmental confer- 
ence that is designed to review all aspects of 
how the Union functions, he said. 

At the ministers' meeting on Tuesday, Brit- 
ain rejected a Greek proposal to postpone deci- 


ain rejected a Greek proposal to postpone deci- 
sions on issues where there were 23 votes op- 


posed. EU officials said most countries were 
willing to offer a political commitment to seek a 
compromise solution in such cases, but would 
not give in to Britain's demand for a legally 
binding commitment not to proceed with legis- 
lation against the wishes of two large states 3nd 
one small one. 


MINES: In Tundra, Jungle and Desert, Rich Lodes Are Being Reopened 


Continued from Page 1 


general manager of Britain’s Blue Circle Indus- 
tries PLC. a resource extraction company. 

For miners. Chile “is where other countries 
have a chance to be 10 years away," said Doug- 
las Yearly, chairman and chief executive of 
Phelps Dodge. “There's potential in southern 
Africa. There's potential in Peru. There's poten- 
tial in certain areas of the Far East, from 
Thailand southward through Malaysia and In- 
donesia. If you go Further, if you’re a visionary, 
you can think about Eastern Europe" and the 
former Soviet Union, he said. 

Ostracized at the height of the Cold War 
because of its repressive generals, paramilitary 
death squads, social conflicts and inhospitality 
to foreign investment. Chile has completed ah 
extraordinary turnaround to democratic capi- 
talism. 

Like scores of other developing countries and 
much of Latin America, beginning in the 1950s 
Chile sought io raise itself from poverty by 
sealing off outside economic forces, nationaliz- 
ing foreign -owned assets such as mines and 
developing its own industries behind walls of 
trade protectionism. 

That strategy brought some social benefits, 
such as enormous state- subsidized employ- 
ment, but it failed to generate sustainable eco- 
nomic growth. Now Chile, after some false 
starts, has fully torn down trade barriers, reor- 
dered its economy toward global competition 
and erected welcome signs for the same foreign 
multinationals it used to scorn. 

Because Chile is rich in minerals. Western 
natural resource companies have come rushing 
back, despite memories of being summarily 
thrown out 25 years ago. At least 30 copper 
companies are digging in Chile today. The 
country accounts for about one-third of the 
world's announced copper exploration and de- 
velopment projects. Future deals involving for- 
eign companies may add as much as 3 million 
tons to global copper production by the year 
2000, according to mining analysts. That is 
more new’ copper than all of the' 1992 output 
from Chile, tne world leader. 


Within Chile and without, the global change 
in economic development strategies has con- 
fronted Western mineral explorationists with 
an embarrassment of riches. 

Mining trade journals brim these days with 
glossy color supplements from such Third 
World countries as Niger and Burkina Faso 
whose governments have lately shed xenopho- 
bic policies and started hawking maps of un- 
charted prospects. 

Kazakhstan reportedly is preparing a list of 
more than 3.200 mineral deposits that it intends 
to offer to foreign investors over tbe next few 
years. 

Newmont Mining Corp. of Denver recently 
leased 6,493 square kilometers (2,507 square 
miles) of Laotian jungle to dig for gold and 
announced a S90 million investment in an exist- 
ing Uzbek mine. The Colorado-based Cyprus 
Minerals Co. has pledged to develop a $100 
million Siberian gold property. 

Vietnam is negotiating agreements with a 
consortium of Australian mineral extraction 


Union, China and other previous Communist 
bastions- 

Despite fears of oversupply among commod- 


ity producers, investment in newly available 
mine prospects in countries such as .Chile shows 


mine prospects in countries such as .Chile shows 
no sign of let-up. Many resource companies see 
the Cold War's end as offering once-in-a-life- 
time opportunities to those willing to be bold. 

Phelps Dodge, for Instance, estimated the 
costs of its La Candelaria project in Chile on an 
assumed copper price of 85 cents a pound but 
did not turn back even as copper prices fell well 
below that mark. The mine represents the big- 
gest venture outside North America in the com- 
pany’s history. 

/ Western resource investors are welcomed 
openly in today’s Chile, but the government 
continues to own and operate the giant copper 
company that grew out of the 1970s national- 
ization: Corporation National del Cobre de 
Chile, better known as Codelco, the largest 
copper producer in the world. 


companies not only for exploration but also for 
land management systems. 


land management systems. 

A big risk for tbe mining pioneers is global 
oversupply. With so many countries m the 
developing and formerly Communist worlds 
seeking to stimulate trade-driven free mark in 
programs by digging up their buried wealth all 
at the same time, the potential for a sustained 
glut of metals and other commodities is daunt- 
ing. 

“That’s the $64,000 question," said Mr. 
Yearly of Phelps Dodge, which is committing 
$550 million, with Sumitomo Coip., to its Chil- 
ean project “My judgment is that's probably 
not going to happen. But my judgment is de- 
pendent on a robust world economy in the next 
couple of years." 

Copper, the most important metal for Chile 


C'odelco'sopen-pit mine at Ghuquicamata — 
an awesome, vertigo-inducing expanse more 
than 3 kilometers long, 25 kilometers wide and 
a 800 meters deep — is the world's largest 
excavated hole. That mine alone ^generates a 
sixth of Chile’s national budget. The El Ten- 
iente mine in Rancagua, 1 15 kflomeieTs south 
of Santiago, is the world’s largest underground 
copper mine. ; 

Despite occasional suggestions lhaL Codelco 
be privatized, particularly by conservative can- 
didates in Chile’s most recent elections, few 
believe this is in the cards. 


and Phelps Dodge, has avoided an acute crisis 
so far. though prices lately have sunk troder 


so far. though prices lately have sunk under 
pressures from oversupply. But in other metal 
markets, a surfeit is already arriving, caused 


mainly by a flood of exports from rapidly 
reforming economies of the former Soviet 


Chileans argue that (his mixed approach — 
letting foreigners pay for extraction rights and 
operate mines while the Chilean government 
keeps Codelco as well as minority ownership in 
foreign-operated mines — makes sense. 

“If there is a more profitable business than 
investing $40 million and getting $400 million 
for it, we’d, like to bear about it.” said Sergio 
Jarpa-Gibert, Coddeo’s manager of develop- 
ment at Chuquicamaia. referring to the prom- 
ises in recent joint-venture deals. 


STAR: Removal of BBC From Murdoch’s China Menu Signals Rethinking 


Continued from Page I 


have sought to control the distribution of satel- 
lite channels," said Peter Vesey, vice president 
of CNN International in Atlanta. 

Increasingly, international broadcasters — 
driven as much by commercial logic as much as 
political sensitivity — are trying to tailor their 
services to individual markets. 

Tbe move by News Corp., one of ibe world’s 
most potent media forces, was a tacit acknow- 
ledgement that the ideal of a pan-Asian net- 
work badly needs retooling. Mr. Murdoch and 
News Corp. will now take a country- by -country 
approach both in terms of programming and 
politics. The BBC is planning more customized 
broadcasts, translating its service into a number 
of languages. 

“It is not a retreat. It is a change of empha- 
sis," said Bob Phillis, BBC deputy director 
general and chairman of World Service Televi- 
sion. 

“The days are gone when you can broadcast 
into markets without local partners and local 
content." said an executive at a rival interna- 
tional Western broadcaster, who asked not to 
be identified. 

STAR TVs chief executive, Gary Davev, at 


an industry conference in Hong Kong, said the 
move to axe the BBC was a “purely commer- 
cial" decision based on a lack of capacity on the 
satellite it uses to beam its five-channel format 
into 38 countries across Asia. 

“We've never received a formal complaint," 
he said, denying the suggestion that his network 
had acquiesced to pressure from Beijing. 

We remain convinced the pan- Asian con- 
cept is correct," said Mr. Davey, who recently 
came over from Mr. Murdoch’s British Sky 
Br «*dcasiing LuL, which he led into profitabili- 
ty But we think it needs refinement. We are 


China, where STAR TV believes it has 30 
million viewers, has recently curbed the sale 


and ownership of increasingly popular satellite 
television dishes. 


The trend towards tighter control over STAR 
TV and other satellite broadcasters in Asia has 
helped protect local advertising revenues and 
domestic broadcasters whose programs were 
losing viewers to imported, racier entertain- 
ment . 


going to pay greater attention to local needs, 
tastes and sensitivities." 


P-T hased control of the 

STAR TV for $525 million m Julv from the 
Hong Kong conglomerate Hutchison Wham- 
poa Ltd. and the family of its chairman. Li Ka- 


■ . , , - lT la ca- 

shing. has publishing, entertain meat and 
broadcasting properties on four continents. 

Citing concerns about an uncontrolled inva- 
sion of Western values, several countries in 
Asia have moved to restrict foreign program- 
ming to distribution on land-based cable net- 
works that can be more easily controlled by 
licensing. 


The arrangement under which the BBC will 
continue to broadcast over STAR TV to the 
Indian subcontinent is “a good compromise for 
the BBC," said one television executive, who 
noted that the BBC bad long pinned the bulk of 
its hopes on serving the huge Indian market. 
There its access is now guaranteed until March 
19%. by which time other satellites will be 
available in case STAR TV should then decide 
to cut the cord to the BBC altogether. 


Mr. Irwin, the World Service Television 
chief, said ihc BBC was “actually quite 
pleased." 

“We have now 'secured our position on the 
southern beam,” he said. 


A TDS Tragedy Catches Up With Zaire 

Political Chaos Wrecks a Once-Successful Prevention Effort 


By Kenneth B. Noble 

New York Times Service . 

KINSHASA Zaire — While 
many African countries denied the 
existence of an AIDS problem for 
much of the last decade, Zaire was 
different. It had a vigorous preven- 
tion campaign, the continent's 
best-trained scientists and best- 


neni’s largest AIDS research pro- 
gram. was starred in Kinshasa at 
Mama Yemo Hospital, which is 
named after Mobutu's mother. 


equipped laboratories outside 
South Africa, and a steady flow of 
money from abroad. 

These days. Zaire's fortunes have 
never seemed bleaker. Recent sur- 
veys and anecdotal evidence sug- 
gest that the epidemic is accelerat- 
ing at a .startling rate. Some 
hospitals report, that close to 80 
percent of their patients are infect- 
ed with HfV, the virus that causes 
AIDS. . - 

Scientists and doctors fear that if 
the current trend continues, Zaire’s 
infection rate may soon exceed 
those of Uganda, Rwanda, and 
other East African countries hard- 
est hit by the virus, sowing death, 
disease and fear among tens of mil- 
lions. 

The sharp reversal in this central 
African country’s efforts to fight 
tbe epidemic was brought on by 
two events: Zaire’s descent into 
chaos as President Mobutu Sese 
Seko, tbe longtime autocratic ruler, 
has clung to power in tbe face of 
popular discontent, and the subse- ■ 
quest withdrawal of virtually all 
economic aid by Western donors. 
AIDS prevention programs and re- 
search have collapsed, and medical 
workers lack even tbe money to test 
blood. 

“Zaire is facing a tremendous 
tragedy," said Dr. Helene Gayle, 
AIDS coordinator for the U.S. 
Agency for International Develop- 
ment, in Washington. 

Dt. Eugene Nzuambi. director of 
a research program known as Pro- 
ject SIDA for the acronym in 
French for acquired immune defi 
deucy syndrome, said: “1 hate to 
rhinl- what will happen if things 
continue this way. We're back to 
where we started a decade ago in 
terms of education and preven- 
tion." 

He added: “The only thing for 
sure is that tbe worst is yet to 
come." 

Like many African nations 
where infection rates soared in the 
early 1980s. Zaire first reacted by 
denying the severity of the epidem- 
ic. 

It was not until 1987 that the first 
case of AIDS was officially report- 
ed among Zaire's population of 
about 35 million. Then, govern- 
ment officials here quietly made it 
known that they were receptive to 
foreign scientists and public health 
specialists who wanted to study 
what many viewed as the epicenter 
of a worldwide scourge. . 

In 1984, Project SIDA the con ti- 


lt is not entirely dear why 
Zaire’s leaders, who have often dis- 
played a suspicion of Western sd- 
entists. journalists, and even teach- 
ers. allowed the Centers for Disease 
Control in Atlanta and the Nation- 
al Institutes of Health, Project SI- 
DA's main sponsors, to carry out 
intense and painstaking research 
on tens of thousands of Zairians. 


Some say it was because many in 
Zaire ’s social and political elite 
were themselves falling victim to 
the disease, at rates conspicuously 
d is proportionate to their numbers, 
and th»s had a personal stake in 
encouraging research. 

• “Rich people here suffer more 
from the disease than poor .people 
do, because when the first oppor- 
tune sickness hits poor people, a 
chest cold or whatever, then they 
die because they cannot afford the 
t reatm ent," said John Loftin, an 
American who has lived in Zaire 
for 22 years and now heads a con- 


The initial results from Project 
SIDA were striking. . 

Its studies played a key role m 
proving that HIV could be spread 
through heterosexual intercourse, 
the main mode of transmission m 
Africa. These and other projects 
enhanced Zaire's reputation among 
sdentists as a place likely to yield 
vital clues for fighting the disease. 

As evidence grew about how 
AIDS spreads, the research pro- 
jects had another salutary effect: In 
a country where talk about AIDS 
had been taboo, local officials were 
prodded to start one of the frankest 
and most widespread education 
/campaig ns on the continent. 

Tto one knows precisely what ef- 
fect the research here had on 
Zair e’s population, but though 
. Kinshasa had been hit hard by 
AIDS, by the late 1980s the rate of 
infection appeared .to have stabi- 
lized at 7 or 8 percent of adults. 

By contrast, surveys done about 


tember 1991. after disgruntled sol- 
diers seeking back pay went on a 
rampage, pillaging homes and 
shops and setting off violence that 
left dozens dead. 

Since then. Zaire's economic col- 
lapse has accelerated as many of 
the foreigners who held vital tech- 
nical and managerial positions 
have fled. 

One result was the abrupt closing 
of Project SIDA After the Septem- 
ber 1991 rioting, the project’s nine 
foreign scientists — six Americans, 
two Belgians, and a Frenchman — 
were evacuated. A local staff of 
about 200 doctors, nurses, and 
technicians was left to guard 
against looters, but research effec- 


tively ended. 

“We are completely bankrupt: 
there's no money at all,’ said Dr. 
-Nzuambi, a Zairian educated at the 
Johns . Hopkins School of Medi- 
cine. in Baltimore. *who now heads 
the project And while the govern- 
ment does provide some money to 
keep the operation from shutting 
its doors entirely, it is meager even 
by local standards, he said. For 
example, he died Ins own govern- 
ment salary, which now amounts to 
about $5 a month. 

From a public health perspec- 
tive, doctors and public health spe- 
cialists say, many Zairians have be- 
come dangerously indifferent to 
the dangers posed by AIDS and 
complacent about taking steps to 
avoid infection. 

In particular, many Zairians, out 
of ignorance or denial continue to 


dom distribution program. “How- 
ever. someone with some money is 


ever, someone with some money is 
able to go to tbe hospital and it 
goes on, and on and on.” 


ital of neighboring Uganda, add 
Kigali, Rwanda, showed infection 
rates of about 30 percent among 
adults. 

But Zaire’s emerging network of 
research, prevention campaigns, 
and grass-roots social sendee orga- 
nizations began to unravel in Sep- 


Yeltsin Is 'Even Busier’ 


On Vacation, Aide Says 


have unprotected sex with multiple 
partners. Hie number of garishly 


The Associated Press 

MOSCOW — Boris N. Yeltsin is hard at work and even busier 
than before he left for a seaside vacation last week, a senior aide said 
Tuesday in tbe latest Kremlin attempt to portray the president as 
vigorous and in control. 

Sergei A Filatov, Mr. Ydtsin’s chief of staff, said that Mr. Yeltsin 
had signed 8 1 decrees and presidential directives since arriving in the 
Black Sea resort of Sochi on March 14, tbe Itar-Tass press agency 
reported. 

“These days were even busier and more effective for tbe work of 
tbe head of state than the days immediately before the vacation,” the 
agency quoted Mr. Filatov as saying. 

Mrf Yeltsin's absence from Moscow and renewed attacks by his 
political enemies have fueled rumors about a possible coup by senior 
government officials. The president's aides have denounced the 
rumors and issued statements that Mr. Yeltsin, 63, is in good health. 

Prime Minister Viktor S. Chernomyrdin described speculation 
about Mr. Yeltsin's health as insulting, Itar-Tass reported 

Mr. Chernomyrdin made the remarks after meeting in Sochi with 
Mr. Yeltsin on Tuesday to discuss economic and political problems. 

“Somebody must be Interested in destabilizing the situation," the 


dressed young prostitutes along 
Boulevard June 30, the city’s main 
thoroughfare, has visibly risen in 
the last six months, reflecting a 
growing number of customers. 


Thatcfeer Recovers in Chile 

The Associated Press 

SANTIAGO — Former Prime 
Minister Margaret Thatcher of 
Britain said she was “feeling much 
better" Tuesday after fainting a 
day earlier while delivering a 
speech. Mrs. Thatcher said she 
planned to go ahead with most of 
her planned activities, including a 
visit to a local English school and 
dinner with a former president. 
General Augusto Pinochet 


agency quoted Mr. Chernomyrdin as saying. 

Mr. Filatov accused the leaders of an abortive October revolt, who 


were recently released from prison, of trying to “create a new 
confrontation against the president." 

The Russian prosecutor-general's office opened an investigation 
Monday into a newspaper report that senior government officials 
had considered overthrowing Mr. Yeltsin. 

State television showed footage Monday night of Mr. Yeltsin, 
sitting in a lawn chair and talking energetically to Mr. Chernomyr- 
din. 

Mr. Yeltsin is scheduled to return to Moscow later this week. 


it's easy to subscribe 
in Vienna 

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justed: 0660-8155 
«r fax: 06069-175413 




April 20 


April 22 


Ronald H. Brown U.S. Secretary of Commerce, will be 
our guest speaker at the opening dinner to be held at the 
Corcoran Gallery of Art. 


April 21 


THE ADMINISTRATION'S DOMESTIC ECONOMIC PROGRAM: 

IS IT ON TRACK? 

a Robert E. Rubin Assistant to the President for Economic 
Policy 


A FOREIGN POLICY FRAMEWORK FOR THE POST COLD WAR ERA 

■ Warren M. Christopher U.S. Secretary of State 

A REPUBLICAN RESPONSE 

■ Senator Malcolm Wallop R.. Wyoming 
BEYOND THE URUGUAY ROUND 

■ Ambassador Rufus Yerxa Deputy U.S. Trade 
Representative 

AMERICA'S GLOBAL TRADE OBJECTIVES: STRUGGLING 
TOWARDS; EQUITY 

a Senator Max Baucus D.. Montana 

THE' CLINTON ADMINISTRATION: SUCCESSES & SETBACKS 
a Senator Nancy Landon Kassebaum R.. Kansas 
THE CHANGING U.S. FINANCIAL SERVICES SECTOR 
a Robert D. Hormats Vice Chairman. Goldman Sachs 
International 


AN OUTSIDER'S VIEW 

a Hobart Rowen Columnist. The Washington Post 
THE INTERNATIONAL FINANCIAL INSTITUTIONS: ARE THEY 
DOING THEIR JOB? 

■ H. Ormo Rutfing Vice Chairman. Citicorp/Citibank 

U.S. ECONOMIC RELATIONS WITH EUROPE 
a Lawrence H. Summers U.S. Under Secretary of the 
Treasury for International Affairs 


THE HEART OF THE MATTER: COMPETITIVENESS IN AMERICA. 
EUROPE 3, ASIA 

a Peter J. Neff President & Chief Executive Officer. 
Rhone-Poulenc Inc. 


THE PRESIDENT'S ECONOMIC AGENDA 
a Roger C. Altman Deputy Secretary. Department of the 
Treasury 


Conference Location 


THE INTERNATIONAL TELECOMMUNICATIONS RACE 
& THE AMERICAN INFORMATION SUPERHIGHWAY 

■ Larry Irving Assistant Secretary for Communications 
& Information. U.S. Department of Commerce 
m Gerald H. Taylor Executive Vice President. MCI 

Communications Services 


EXPANDING BUSINESS OPPORTUNITIES IN THE MIDDLE EAST 

u Anrnon Neubach Economic Minister. Embassy of Israel, 
U.S.A. 

■ Sari Nusselbeh Fellow. Woodrow Wilson Center. 
Washington, D.C. 

m Toni Verstandig Deputy Assistant Secretary. U.S. 
Department of State 

■ Mosbe WertheJm President. Israel-Americaa Chamber of 
Commerce «S Industry 


The WiHard Inter-Continental Hotel, 

1401 Pennsylvania Avenue N.W., Washington, D.C. 20004. 
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THE CHANGING BUSINESS ENVIRONMENT IN CENTRAL 
& EASTERN EUROPE 

■ John BaJtay European Counsel. Shearman & Sterling, 
Budapest 

m Marcefo Selowsky Chief Economist for Europe & Central 
.Asia. The World Bank 

■ Frank Vargo Deputy Assistant Secretary. U.S. 
Department of Commerce 


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HEALTH CARE REFORM: THE IMPLICATIONS FOR BUSINESS 

■ Gregory Lawler Head of the Health Care Campaign . 

The White House 

■ Dana Priest Principal National Desk Reporter on 
Health Care Reform. The Washington Post 

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Washington. D.C. 

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Page 8 


WEDNESDAY, MARCH 23, 1994 

OPINION 


JteralK 


INTERNATIONAL 



Sri bunc 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Facing Up to North Korea 


Try limited Sanctions 


North Korea can still avoid a confrontation 
with the international community by keeping 
the promise it made earlier this month and 
allowing inspectors back into its nuclear sites to 
complete their work. Otherwise it may soon 
face economic sanctions for its noocompliance 
with the Nuclear Nonproliferation Treaty. 

Pyongyang’s obstinacy may leave President 
BQl Clinton no choice but to press for limited 
economic sanctions through the United Na- 
tions. Bat in doing so be needs to bald open the 
door to dialogue, which is the only way oat of 
his, and North Korea’s, nuclear predicament. 

Mr. Clinton should be in no bony to heed 
the advice of congressional hawks, who see 
economic strangulation and military postur- 
ing as the only way to bring North Korea 
around. If be pushes too soon for overly tight 
sanctions, be may end up confronting his 
Asian allies instead of Norm Korea. And if he 
does not carefully calibrate his military 
moves, he may stumble into war. 

The International Atomic Energy Agency 
sent the right message on Monday. It told 
North Korea to let its inspectors do their job. 
And it informed the United Nations Security 
Council that Pyongyang had failed to live up 
to treaty obligations, triggering consideration 
of unspecified economic sanctions. Even Chi- 
na, which has counseled patience, abstained 
— a sign of the North's deepening isolation. 

Hawks see tight sanctions as a way of 
causing North Korea’s economic collapse. 
But America’s allies, South Korea and Japan, 
have reason to fear the consequences of col- 


lapse: having to cope with a flood of refugees 
ami, for a rapidly develt 


doping South, having to 
support an economic basket case in the North. 
They also fear that an embittaed Kim H Sung 
could order his mil li on-man army south. 

Given these fears, the allies are likely to 
stop short of voting for truly tight sanctums 
that could strangle the North by cutting off its 
supply of oiL And China, even if it does not 
veto sanctions, might hesitate to cany them 
ool That is why any effort to impose tight 
sanctions immediately may prove fruitless. 

Unfortunately, a limited embargo may 
have little more than symbolic impact on an 
already autarkic North. That is a chance the 
United Nations should take while gradually 
increasing pressure on North Korea. But no 
matter how tight the sanctions, they will leave 
the North free to produce plutonium for 
bomb-making. That will infuriate hawks, who 
already are rashly for military action. 

Limited military moves make sense. South 
Korea has now accepted deployment of Pa- 
triot anti-missile batteries, which afford air 
bases and ports some protection against 
Noth Korean missile attacks. But South 
Korea and the United States have no need to 
rush ahead with joint military exercises. And 
more aggressive military moves will be most- 
ly bluff. There is no attack that could surgi- 
cally excise the North's nuclear program 
without risking all-out war on the Korean 
Peninsula. Indeed, no one knows how to 
target bombs that cannot be found. But Mr. 
Clinton, not the hawks, will beheld responsi- 
ble if their glib advice misfires. 

— THE NEW YORK TIMES. 


A Test for the World 


North Korea, deliberately or not, has set up 
a test of the world's determination to enforce 
the rules on nuclear weapons. The North 
Koreans have signed a treaty pledging not to 
build them, but since then they have been 
harassing and impeding the inspectors who 
visit the country to see that they are keeping 
their promise. The latest inspection team 
pulled out last week, its work unfinished, just 
as the CIA confirmed the reports that North 
Korea is working on a missil e capable of carry- 
ing a warhead a couple of thousand mfies. 

While the United States is right to proceed 
with great caution in dealing wtth North Ko- 
rea, it is also right to keep pressing steadily 
ahead. It cannot afford to let this menacing 
standoff continue indefinitely. However it 
ends, this case will set a highly influential 
precedent for arms control everywhere. While 
they have not been entirely successful, at- 
tempts to hold down the spread of nuclear 
weapons have been much more effective — 
and have resulted in far fewer governments 
possessing such weapons — than seemed even 
remotely possible a generation ago. The diplo- 
macy of dissuasion and prevention is well 
worth the effort it requires. 

As a signal to North Korea, President BQI 


Clinton will now send Patriot missiles to 
South Korea. North Korea has responded 
with its usual vehemence, but the Patriots are 
a good choice. Urey are wholly defensive, 
capable only Of destroying other missiles- 
At the same rime, the International Atomic 
Energy Agency is notifying the United Nations 
Security Counal that it was unable to complete 
the mandatory inspections of North Korea’s 
nuclear facilities. The Security Cotmcfl will 
presumably respond with a resolution warning 
the North Koreans that they face sanctions if 
they persist China, whose attitude so far has 
bei a study in ambiguity, will have to decide 
whether it is p re p ar ed to support enforcement 
Time is rapidly eroding the foundations of 
North Korea’s Stalinist state, and perhaps a 
sense of that reality is the reason for the wild 
and desperate tone o i its responses to diplo- 
matic pressure. For the diplomats, the job is to 
see tins dying state through its final months 
and perhaps years without diaster. One pos- 
sible disaster would be war with South Korea, 
and the North Koreans were loudly threaten- 
ing it over the weekend. But a failure to 
enforce the world’s nuclear agreements would 
also be a disaster — one threatening, a little 
further in the future, the possibility of another 
kind of war with far mare terrible weapons. 

— THE WASHINGTON POST. 


Shaping a U.S. Crime Bill 


The House Judiciary Committee has im- 
proved on the Senate crime bOL On some issues 
the committee has fumbled, leaving it up to the 
full House membership, when the bill reaches 
the floor, or later to a Senate-House confer- 
ence, to make it better or keep it from getting 
worse. Both bills have a valuable core: $22 
billion to put more police into communities, 
cope with bulging prisons and provide sane 
support fa prison dreg treatment and other 
preventive programs. But the Senate, with no 
guidance from the White House a Justice 
Deparunmt, overdosed on flea amendments, 
including the popular “three strikes, you're 
out” life soi tearing fa third-felony offenders. 

The committee's “three strikes" rightly re- 
quires that at least two of the three crimes be 
violent The committee also adopted an 
amendment by Representative Jerrold 
Nadler, a Democrat of New York, to allow 
release of nondangerous 70-year-old three- 
time losers who have served 30 years of then- 
life sentences. However modest, that is a prac- 
tical advance, and the Clinton administration 
should be ashamed fa opposing it Even 
California's legislature, reacting to anti-crime 
fervor, has passed a three-strikes law with a 
sentencing range of 25 yearn to life. 

Another Senate excess was to require 
states seeking federal money fa their prison 
systems to mandate that inmates serve 85 
percent of. their prison terms. That subver- 
sion of state sovereignty would face states 
to overflow their prisons as a condition for 
building new ones. The House committee has 
wisely untied the strings attached to the $3 


billion fa prison construction and operation. 

i of fede 


An even more bizarre inversion of federal- 
ism was the Senate’s decision to give federal 
courts the power to try thousands of local gtm 
crimes. The House committee’s verson: ap- 
propriately, none. Similarly, where a hysteri- 
cal Senate would require 13-year-olds to be 
tried as adults fa gun crimes, the House 
committee at least has the sanity to make the 
adult transfers discretionary. 

Unfortunately, like the Senate, (he House 
committee would restore a dozen once-out- 
lawed death penalties to the federal criminal 
code and add three dozen more. These tmnec- 
essaxy, demagogic penalties are irrelevant to a 
balanced crime lull and should be scrapped. 
At least the committee offers a fairer system 
for appeals from death row, and calls on states 
to provide adequate counsel and safeguards 
against racial prejudice in capital cases. 

In two important ways the House commit- 
tee’s wort is inferior to the Senate’s. The 
Judiciary Committee chairman, Jade Brooks, 
carved the Senate-passed ban on assault 
weapons out of the House InlL He also yanked 
a smart Police Corps initiative providing high- 
er education fa cadets in retain fa police 
service. Both proposals require vigorous Sen- 
ate-House conference wok to restore than. 

Last faK the Senate piled dozens of tough- 
looking amendments onto its crime bOL You 
can expect the House to attempt the same. But 
hope that intelligait representatives will resist 
demagoguery and at least bold fast to the 
Judiciary Committee's i m pro v e m ents. 

— THE NEW YORK TIMES. 


Other Comment 


How China’s affairs develop is of serious 
concern to the Japanese. Now that China is 
Japan’s second-largest trading partner and 
Japan is China’s largest, Japan will be serious- 
ly affected if China falls into confusion. Nor is 
it desirable fa the ties between the United 
States and China to be strained. China’s insis- 
tence that the right to existence and develop- 
ment is the foundation of human rights is not 


beyond comprehension. The American man- 
ner of twisting Chinese arms to extract con- 
cessions by using democratization and human 
rights problems as leverage is also a little too 
impetuous. However, respect of human rights 
is a universal value in any country. It is only 
natural that as the economy advances, the 
people's political demands grow louder. If 
China seeks long-term stability, it most honor 
democratization and human rights. 

— Asahi Sfdmbun (Tokyo). 



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The Important Message I Carried to China 


W ASHINGTON — President Bill CUn ton 
has placed America’s economic strength 
at the heart of U.S. national security strategy in 
the post-Cold War world. The administration's 
foreign policy, like the country, stands for opes 
societies as well as open markets. We are con- 
vinced that the two are inseparably linked. 
This balance shapes our approach toward 


By Warren Christopher 

The writer is U.S. secretary of state. 


China. As the president has said, U.S. policy 

rvalues of 


recognizes “the value of China and the 
America.” This approach also guided my recent 
trip to Beijing in advance of the early June 
deadline for the president’s decision on renew- 
ing most-favored-nation trade status. 

My purpose was to inform China's leaders of 
the urgent need to make further progress on 
human rights, and to reaffirm America's inten- 
tion to engage China constructively on issues 
where our interests coincide. 

The United States seeks a broad, positive rela- 
tionship with a strong, secure ana prosperous 
flww We pursue many important co m mon 
goals together. We share a powerful interest in a 
stable and secure Asia. Both nations have a 
strong interest in ensuring a non-nuclear Korean 
Fexrinkila, and we have been cooperating to 
achieve that objective. With drug trafficking, 
al i e n smugglings environmental degradation and 
other global issues, our agenda is growing. 

Our economic interests are also converging. 
China ’s explosive growth is increasingly attrac- 
tive to American exporters and investors. China 
has an even more significant stake in open access 
to the American market We account fa almost 
40 percent of China's exports. 

But we must not assume that a free market in 
goods can produce or protect a free market in 


ideas. Nor c an we abandon our responsibihtyto 
support human rights around the world. The 
character of our relationship with China depends 
significantly on how the Chinese government 
treats its people. The American people would 
have it no other way. 

Last May, President Clinton forged the first 
consensus — a consensus of conscience — cm 
American polo toward China since the honors 
of Tiananmen Square. The core cf US policy, the 
president said, would be “a resolute insistence" on 
si gnifican t progress on human ri ghts if MFN for 

Cmna was to be renewed. The executive order that 

the president issued won broad support from 
business leaders and human rights advocates alike. 
This approach avoided more rigid l eg i slatio n 

Our specific conditions for renewing MFN are 
reasonable. We are not ask ing China to apply 
American prescriptions, only to adhere to um- 
vexsal standards of hitman rights. 

America’s intention is not to isolate China hut 
to integrate it more frilly into the global communi- 
ty and the global economy. Since September, the 
a dmi nistration has pursued a strategy of intensive 
dipl omatic engagement with China to advance a 
range of security, political and economic gpals. We 
have given (be Chinese the incentive and the 
laHhitV tn demons trate pr ogres s on human rights. 

The suggestion thai the Chinese discouraged my 

visit , is a canard. Foreign Minister Qian Qichen 

has been encouraging me to visit fa months. 

Sane say I should have canceled my trip, partic- 
ularly in tire face of the Chinese government’s 


deplorable efforts to silence its atizens. Thai 
would have been a grave error. I went to Beging to 
maw- sure that the government does not misun- 
fWcmd America's position and does not under- 
estimate the strong support that US. policy com- 
mands from Congress and the American people- 5 
believe that this message now has been dearly 
received by China’s leaden. I believe that they 
now realize that complacency is not an option. 

In toe coarse of very lough exchanges, we made 
progress an the two issues specified in the execu- 
tive ader. We signed a joint declaration to end 
expats to the United States of goods produced by 
pnson labor. We received concrete assurances on 
ins pe ctions of all suspected Chinese facilities, 
wi thin strict time Hmi« _ And Ghinfl promised to 
resolve the few outstanding emigration cases. 

Qrinn agr eed for the first time to review inter- 
ference with Voice erf America signals. It agreed to 
fvgtn talks with Red Cross experts to arrange 
vists to prisoners of conscien c e. It supplied infor- 
mation on 235 prisoners we had identified, mid for 
the first time promised to provide infatuation on 
the status of 106 imprisoned Tibetans. 

I told China ’s leaders that these steps repre- 
sented impr ov em ent, but more is needed. Partic- 
ular progress is required with respect to the 
release of prisoners and the situation in Tibet 
Anyone who has waked to advance human 
rights knows that it is tough, slogging work and 
the progress usually comes in incremental stages. 
I wul not invent or inflate that progress. 

We will be seeking and evaluating further 
progress as we move toward decisions on renew- 
mg MFN. That goal is attainable if Buying truly 
wants a mac constructive relationship. 

The Washington Post. 


A Strong and Calm Line 
On Two Hot Asian Issues 


By A. M. Rosenthal 


N EW YORK — Step back one 
dear minute and we discover 
this about Clinton foreign poticy: 
On two of the most important issues 
in the world the United States is 
acting with coolness and courage. 

One is the issue wrapped up in 
the dispute with North Korea: nu- 
clear proliferation, the creation of 
nuclear military power in nations 
given to blackmail or terrorism. 

The other is the essence of the 
quarrel with Beijing. Should West- 
ern capital and purchasing power 
be used only to strengthen a Com- 
munist government built on police 
power, a can they also be used to 
lessen Communis t repre s sion? 

Americans are healthily conscious 
of their faults, and those of their 
government. But when they become 
so immersed in national doubt and 
self-criticism that they soon unaware 
of the honorable handling of two 
critical problems, then hangdog be- 
comes a way of life. 

Od Qrina, the Qinton fc 
icy team is trying to pea 
to give the Qwnnse and the captive 
Tibetans minimal human rights. 
That would not much change the 
basis of Communist rule: repression. 
But it would hdp Chinese and Tibet- 
ans some. And it would allow Presi- 
dent Bill Clinton to extend low-tariff 
privileges when the derision mandat- 
ed by Congress comes. 

Sour Irony Department: Secretary 


of State Warren Christopher goes to 
Beijin g to tell the Communists they 
are not doing enough to justify a 
presidential derision to main lain low 
tariffs. The Chinese are nasty to hrin 
and America before be opens his 
pwttfi and after. Back home, the 
Washington knives cone out — not 
tor Beijing but fa Mr. Christopher, 
fa doing his job. 

Outside government, a massive 
rampaign against linking tariff priv- 
ileges to a bit of human rights pro- 
gress is being carried out by Ameri- 
cans in the China trade. 

Right now business with China 
means America buys, China sells, 
creating a $20 billion U.S. deficit. 


One hears about jobs created by 
but na losses to 



exports to China 
American labor and businesses 
from imported goods made by dol- 
lar-a-day Chinese workers. 

The government in Beijing and 
the Co mmunis t Party own much of 
Chinese industry. They keep wages 
low so that more money goes to the 
controlling partners — the army, 
the police, the Politburo ruling 
clans — courtesy of the American 
consumer and worker. 

About North Korea, the Qinton 
team did two things that its prede- 
cessor did not accomplish: first, 
face the danger of Pyongyang's nu- 
clear empowerment; second, do 
something. The administration 
acted without bravado a hot talk. 


This is too dicey an issue fa that. 

When North Korea tore up its 
nuclear treaty commitments, by re- 
fusing to allow full inspection, 
Washington first tried to coax the 
North into compliance. It offered 


United Nations to increase : 

on Pyongyang, the North 1 

gpt shriD. Is tins a bluff a are they so 


economic and political goodies, 
ybe Washington was too gen- 


Ma\ 

tie; I do not see it that way. Fa any 


political, military or economic ac- 
tion. Mr. Clinton needed the support 
of South Korea and Japan. Anybody 
who does not sympathize with Japa- 
nese or South Korean tensions 
should go sit in a rice Grid and prac- 
tice waiting fa an incoming nnsrik. 


Wisely, Washington left the war 
[other 


talk to the North Koreans. Now that 
the United States has moved to the 


they w3T start a Korean war? From 
Washington the wold has learned 
that the danger of proliferation is 
real and upon us, and that the deri- 
aon for sanctions, war or compfinnra 
with treaty is in the Hand's of the 
North Korean dictatorship. 

. On China and North Korea, from 
the administration so far has come 
neither enticement, entrapment, 
hysteria nor surrender, but a deceit 
respect for nuclear safety and dem- 
ocratic idealism, at a time when 
both are being tested 

The New York Times. 


are. In 

fact it was quite clearly the begin- 
ning of a very different and much 


more complicated history. 


compuc 
The end-of-hist 


America Needs to Awake to a Newly Emerging India 


that Western liberal democracy was 
an i dea l to which the rest of human- 
kind would eventually aspire. It was a 
fanciful idea from the start. 

Democracy needs a strong sense of 
social contract — something that so- 
cieties only have fleeiingly at a very 
particular stage of their history. It 
could exist, consciously, in the small 
city-states of ancient Greece. It could 
exist, instinctively, in Britain and to 
some extent elsewhere in Western 
Europe and Japan as a by-product of 
the earlier village-based feu dalism 
Most societies need something 
much stronger and less equivocal to 
hold themselves together. A strong 
ideological ethic combined with a 
form of guided democracy is a model 
which has done quite wellin East and 
South Asia, Singapore especially. 

But as often as not the ideology, 
rather than the guided democracy, 
will cone to dominate. Which is why 
. the collapse of communism has 
caused such chaos. 

Fa all its faults, the Communist 
ideology in its more idealistic forms 
did at least impose some sense of 
Oder and morality on its adherents. 
True, to the extent that it also en- 
dorsed totalitarianism and allowed 
corruption, it deserved to collapse. 

But what we can easily get in its 
place are moves to the even less 
desirable ideologies of crude nation- 
alism, fascism and religions fanati- 
cism. In Iran, for example, the gov- 
ernment manages to maintain order 
and morality, Bui only through the 
threat of draconian p unishmen ts 
A Soviet Union which had been 
allowed slowly to liberalize under a 
Nikita Khruuchev, just as China 
has liberalized under Deng Xiao- 
ping, would have been much prefer- 
able to what we have today under 
Boris Yeltsin in Russia. 

The West should be much more 
careful about telling other societies 
how to organize themselves. We 
Westerners are heavily responsible 
for the chaos in Zaire, Angola and 
Mozambique, for example. We bear 
much of the blame for Afghanistan, 
and the subsequent export of funda- 
mentalist violence from there. 

We said almost nothing about 
death squads in Latin America, but 
we lecture Beijing for putting people 
in prison. China's totalitarianism is 
far from ideal; but would we prefer 
it if Beijing turned to violent nation- 
alism or fanatical communism in or- 


EW DELHI — U.S. relations 


with India should be on an up- 
swing, based on the stated objectives 
of the Clinton administration. The 
of Prime Minister P. V. 


government 
Na raamha Rao continues to liberal- 
ize the economy. The private sector is 
responding with enthusiasm, the 
American business community is 
starting to make substantial invest- 
ments and the U.S. Commerce De- 
partment has designated India as one 
of the top emerging markets. 

Yet ties between Washington anti 
New Delhi are far from what they 
.could be. On the U.S. side, there has 
been inattention to detail and insen- 
sitivity to change in the country. 
Presdem Bill Clinton is expected to 
name Frank Wisner, the undersecre- 
tary of defense, as the next ambassa- 
dor to India, but the post has been 
vacant fa about a year. The delay 
has sent the wrong signals to India. 

Washington has na given any real 
attention to the improvements India 


has made to its economy. Indeed, the 
recent resurrection by the Clinton ad- 
nmustxatiou of the Super 301 law, 
which empowers the United States to 
punish countries deemed to engage in 
unfair trading, left many Indians won- 
dering whether their economy would 
be placed in the firing line again. 

Military relations between the 
United States and India are going 
well, but there is room fa improve- 
ment. New Delhi’s desire fa cer tain 
military hardware gets little attention 
in Washington, which is preoccupied 
with resolving an arms embargo 
a gains t Pakistan. The recent leak that 
the Clinton administration hopes to 
lift the arms veto if Pakistan caps its 
nuclear program at the current level 
will not improve relations between 
India and the United States. 

On the political front America 
seems all thumbs and India all raw 
nerves. New Delhi has taken um- 


By William dark Jr. 

brage at an ill-timed restatement of 
longtime U^. policy: that Washing- 
ton considers Jammu and Kashmir, 
part of which Pakistan claims, to be 
disputed territory. 

Next, Mr. Chilton sent letters to 
members of Congress that appeared 


to support insurgency movements m 
India. Then,’ 


, what Pakistan’s incom- 
ing am bass ado r spoke about Kash- 
mir while presenting her credentials 


to the U.S. president, he responded 
that the United States shared Pa 


Paki- 
stan’s concerns over human rights in 
Kashmir. This is the same Pakis t an 
that less than a year asp was in dan- 
ger of bong listed by Washington as 
a state supporting terrorism, because 
of its actions in Kashmir. 

New Delhi was furious. The Indian 
parliament passed a resolution claim- 
ing all of Jammu and Kashmir fa 
India, including the part that Paki- 
stan has held since the first India- 


Try Sniffing Around in Hog Heaven 


By Jean Anne Casey and Colleen Hobbs 


H ENNESSEY. Oklahoma — 
This ratal town of 1,800 peo- 
ple is now hone to the largest bog- 
breeding company in the world, the 
British-owned Pig Improvement Go. 

Fa urbanites who think that 
bogs smell like frying bacon and 
associate pigs with Wilbur in 
“Charlotte’s Web,” here’s some 
news: Pork is political, and pigs are 
an environmental hazard. 


If Pig Improvement Co. brings 
100,000 hogs to Hennessey, as it 
plans, the result will be the sewage 
equivalent of 170,000 people. 

“These operations are na family 
farms," says Barbara Grabner of 
Prairie Fire Rural Action, a support 
group fa family farms. “They are 
large corporate ventures (hat at- 
tempt to influence state legislatures 
to eliminate corporate fanning ca- 


pered from expanding 'at homejry 


tough pollution laws, are taking 
vantage of America’s less stringent 
standards. And the Genoa] Agree- 
ment on Tariffs and Trade win dra- 
matically increase the amount of 
: toe United States can export to 
jpe: 624,000 metric terns in 1999. 
from less than 100,000 tons in 


>rpor 

vironmental and zoning laws.’ 

Corporate hog farms collect feces 
and nrma into small ponds lined 
with plastic sheeting, called lagoons, 
and the wastes are later used as f cr- 


eating $8 million to advertise that 
the state is livestock friendly. In 
the name of this lucrative friendli- 
ness, Oklahoma is willing to com- 
promise its rural residents’ quality 
of life and health. 

The huge livestock companies 
say that they are just honest fanners 
and that standard Environmental 
Protection Agency regulations keep 
them from making much of a profit 
Don’t believe it. These are nothing 
less than factories, and their prolif- 
eration is an indication of their 


profitability. like any other manu- 
facturing indi 


up rr 

1991- This will make the United 
Slates the center of global pork pro- 
duction, and c o mpanies are rusting 


to raise bogs in new (daces. One 
Damrii company even plans to raise 
600,000 hogs in Alaska. 

The problem with huge hog [arms 
is the manure they produce. The 
Environmental Protection Agency 
rates animal wastes among the na- 
tion’s top 10 sources a pollution. 

Leon Chesnin. a retired Universi- 
ty of Nebraska waste-management 
specialist, estimates that the waste 
generated by 10,000 pigs equals that 
produced by a dty or 17,000 people. 


tilizer. In practice, this tystem allows 
nitrates to leach into the water table 
and enter the drinking supply. N>- 
txaie contamination an rescut m cir- 
culation problems, and in extr e m e 
cases has caused a condition called 
blue baby syndrome that can be fa- 
tal to infants. Hg waste also gives off 
airborne ammonia, which can cause 
respiratory ailments. 

How bad can the contamination 
get? Bob Bergland, agriculture secre- 
tary under Jimmy Carter, said this 
month that the superconcentrated 
pig industry in North Carolina was 
m danger of “collapse" because in 
some counties the ’’ground is satu- 
rated with hog manure.'’ 

Because of the oil industry’s de- 
cline, Oklahoma has been aggres- 
sive in courting hog raisers, alio- 


facturing industry, state and federal 
regulators should institute and en- 
force strict controls or emissions. 

Pig Improvement Co. has intro- 
duced the nscroptditics of pork to 
Hennessey, polarizing the town. 
Some defend it as an economic sav- 
ior; others protest that poQution will 
make their homes unhvable. 

The conflict between economics 
and quality of life is Lbe 1990s ver- 
sion of a range war, where nitrate 
tests and sewage studies have re- 
placed wire-cutters and six-shoot- 
ers. So if you plan to visit die 
world’s largest hog-breeding opera- 
tion, follow the advice they gave jp 
toe Old West; keep your bead 

down, and be sure to drink up- 
stream from the herd. 


Ms. Casey is a farmer. Ms. Hobbs 
is a writer. They contributed dlls 
comment to The New York Times. 


Pakistan war. Thus, the solution to 
toe problem has become more diffi- 
cult and the U.S. role in the peace 
process less clear. 

America has strong strategic and 
economic interests in South Asia. It is 
therefore important fa the Qinton 
administration to give higher priority 
to improving relations with India. 

India’s economy is starting to take 
off. Indians who left their homeland 
because prospects were better 
abroad are coming back. Wealthy 
expatriate Indians are fa the first 
time investing in India. 

America's focus on India's eco- 
nomic future should na come at the 
i of U.S. interest in the human 
its situation in Kashmir a in 
weapons proliferation in Sonto Asia. 
Washington should continue to make 
strong presentations over such issues; 
they have had an effect. But U.S. 
interests should not become entan- 
gled in the long-standing feud be- 
tween India and Pakistan. 

India signed up fa trade liberaliza- 
tion undo* the recently coicluded 
Uruguay Round. It should be assured 
by Washington that ft will not be on 
the new Super 301 list. Commerce 
Secretary Ronald Brown could give 
such an assurance on his planned visit 
to India. It would be a sign that Wash- 
ington wants to put relations with 
New Delhi on a fresh footing. 


its rule? 

If Lee Kuan Yew of Singapore 
tells us that Western-style democra- 
cy is not going to make a in much of 
Aria, including Hong Kong and 
points to toe failure in toe Philip- 
pines as proof, we should not shrug 
it all off as the rumblings of an old 
man. It is pure arrogance for us to 
assume that our insistence on the 
rights of the individual is automati- 
cally superior to the East Asian ethic 
that says rights have to be balanced 
a g a ros t responsibilities. 

Singapore happens to be one of 
the models we can no longer ignore. 
No one can pretend it is an ideal 
democracy. It is bossy and, like Beij- 
ing, it marginalizes dissidents. But 
its Confurian ethic provides a ratio- 
nale for proper behavior. That, plus 
an efficient bureaucracy, allows it to 
be much better organized than many 
of oar Western societies. 

In the past, when our instinctive 
sense of social contract was operat- 
ing. we in the West could trust our 
politicians to behave with some in- 
tegrity and our citizens to relate to 
one another with honesty and re- . 
sponsibility. We could leave air 
doors unlocked and our children 
could walk the streets nnharmed. 

Now, as all this disappears, we are 
trying to lecture other people on 
how to organize themselves, using a 
model that no longer has validity 
even for ourselves. 



The Lecture 
Is Ringing 
A Bit Hollow 


3 til 


\n lt> 


frf 


By Gregory dark 

T OKYO — Pick Dp any interna- 
tionally minded newspaper 
nowadays and toe news is depress- 
tngly similar — nationalism in toe 
former Soviet Union, arguments 
over human rights in China, war in 
the Balkans, collapse in Africa, 
chaos in Afghanistan, crime in 
the West . . . 

Nor are the wise words coming 
out of the West much help. The 
ooHanse of communism was sur 


* 


sop- 

posed to be “toe end of history.” In 


The writer is a former U.S. assistant 


secretary of state for East Asian and 
affairs. He contributed this to 


Pacific 

the International Herald Tribune. 


The writer, a former Australian dip- 
*9yneO, is a specialist in Chinese-Soviet 
affairs. He is now a professor of Japa- 
nese studies at Sophia University in 
Tokyo. He contributed this comment to 
the International Herald Tribune. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894: Tariff Bill Row 


PARIS — Hie Democratic members 
of [the UJL] Congress are evidently 
not satisfied with toe disturbance 
which the delay over the Wilson Tar- 
iff Bill has already created through- 
out toe country. Senator Morgan, a 
Democrat, says that he wij] move an 
amendment to refer the whole matter 
to a commission. This win undo all 
that has been accomplished so far 
and leave business men hopelessly at 


the present war count on reorganiz- 
ing Russia in their own interest If 
they do they will have an endless 
resource in labor and raw material. 
■ ■ - With these assets Germany 


The same men who organized 


world inevitably stamp her domin- 
vorkL" 


ion on the whole wall 


1944: Hungary Occupied 

LONDON — [From our New York 
edition;] Germany announced to- 


sea fa probably a whole year. Alto- night [Man* 231 toe occupation of 
gelher the outlook is that the present Hungary “by mutual agreement” and 
strained relations will culminate in a the formation of a new coilaboralion- 


teral Democratic row, inducing 
ucavy Republican victories at toe au- 
tumn elections through disgust with 
and anger against the Democrats. 


1919: Germany’s Goals 


WARSAW — M. Paderewski. Prime 
Minister, gave an interview today 
[March 23]. He said: “ Germany 
made war not for honor and ideals, 
but fa markets and raw material. 


ist government undo: Field Marshal 
SWqj«y. Hungarian Minister 
to Berlin. An official German broad- 
cast announced toe occupation near- 
ly four days after German troops had 
jparched into the country, and said 
toat under tire new government Hun- 
gary would be able to use all her 
resources ‘Tor final victory.” The 
announcement came a few bows af- 
ter the adjournment sine die of the 
Hungarian Parliament. 










INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23, 1994 


Page 9 


OPINION 


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Blame the Qoister System 
For Ames’s Long Slow Dig 

By Mark Riebling 

I 2 0l ? da “ to toe Again, according to declassified CIA 
FBI kSESfff* W i lethcr ^ CIA or Tiles, in October 1963 the CIA told the 
iw AMri^h ®torae for security lapses FBI that Lee Harvey Oswald had recently 
has rairpnih^K^f 1 ^ ?? y ? ase ’ CIA ^ in Mexico City with a Soviet consul. 
In Fam US rii?? 1 . 4°®" Valen Kostikov, but failed to explain that 

Sfts* JI u 1 ^ loo> il ^^ved Mr. Kostikov was a KGB 

mircTiUniSf? bame ( or toe disaster agent who specialized in assassinations, 
ct-naraijil k no * P® to® FBI or QA If this befirf had been communicated 
SUSS-?!. “ J“ sy siera toat re- to the FBI, it might have put Mr. Oswald 


quires their separation. 

By statute, the CIA handles foreign 
counterintelligence while the FBI tries 
to catch spies at home. Because spies 
ctms borders, this arrangement has nev- 
er been very workable. 

Richard Helms, the former director of 
central intelligence, compares it to “cut- 
ting a man down the middle," 


Such breakdowns have 
marred interagency 
counterintelligence for 
more than 50 years. 

To ke ep b oth halves from walking in 
opposite directions requires close liaison. 
Lacking that, the result can be disastrous. 

The Ames affair is a good case study 
in the breakdowns that have maned 
interagency counterintelligence for 
more than 50 years. 

First, there is the failure to pool im- 
portant facts. The CIA is said to have 
withheld details relevant to the FBI's 
investigation of suspected moles, which 
dated to 1985. But an affidavit filed by 
an FBI agent who investigated Mr. 
Ames suggests that the FBI also neglect- 
ed to pass important data to the QA. 

The bureau learned through surveil- 
lance of the Soviet Embassy in Washing- 
ton that Mr. Ames scheduled a meeting 
with a Soviet official on Feb. 14, 1986. 
Standard procedure was that the FBI 
would inform the CIA of such matters, 
so that the agency could be sure the 
contact was authorized. But the FBI 
apparently never told the CIA about ibe 
contact, which was not approved. 

If it had, Mr. Ames might have been 
arrested eight years earlier. Such failures 
have been too common and costly. 

FBI files show that as early as Septem- 
ber 1941. when (he Office at Coordmalor 
of Information, predecessor of the CIA. 
was trying to guess Japanese strategic 
intentions, the bureau withheld from it a 
German double agent’s intelligence docu- 
ment that showed a dear Axis interest in 
an attack on Pearl Harbor. 


Letters intended Jar publication 
should be addressed “Lettersto the 
Editor" and contain the writer's sig- 
nature, name and full address. Let- 
ters should be brief aid at subject to 
editing We cannot be responsible for 
the return of unsolicited manuscripts. 


under surveillance on Nov. 22, 1963, the 
day President John Kennedy was slain. 

More recently, former intelligence offi- 
cials acknowledged that in 1990, when 
Sbdkh Abdul Rahman applied for a visa, 
the CIA did not teD the FBI that he was 
suspected of bang a terrorist organizer 
on the Iranian intelligence payroll since 
1981. This information was relayed only 
after the World Trade Center was 
bombed by Sheikh Rahman's followers. 

Second, there has been a sharp insti- 
tutional difference of opinion over pos- 
sible security problems. 

According to news reports, FBI 
agents were shocked that the CIA took 
two years to investigate a tip Lhat Mr. 
Ames was living beyond Ins means, ap- 
palled that the results of his polygraph 
tests were explained away and infuriated 
when the CIA blocked scrutiny of failed 
spyoperations. 

The CIA wanted to handle the Ames 
case itself, especially since many CIA 
officials consider FBI agents cops who 
lack the sophistication and sensitivity 
needed to conduct a proper mole hunt. 

Finally, and most fundamentally, 
there has been a persistent clash be- 
tween the imperatives of law enforce- 
ment _ which requires evidence in court, 
and intelligence-gathering, which re- 
quires a low public profile and the pro- 
tection of sources. 

For these reasons, (he CIA opposed 
FBI probes into Manuel Antonio Nor- 
iega, toe former P anamanian leader, 
wno had helped the CIA's Nicaraguan 
contras, and also withheld secrets about 
Banca Nazionale del Lavoro, the Italian 
bank that offered the CIA a window on 
Saddam Hussein's nuclear research. 

Those versed in the history of inter- 
agency disputes were, therefore, not sur- 
prised by a Newsweek report that a joint 
FBI-CIA meeting at the FBI’s Quantico 
facility broke up testily as the Ames in- 
quiry moved into its final phases in De- 
cember, when both sides could not agree 
on coordinating criminal prosecution. 

The issue of FBI surveillance was es- 
pecially sensitive. Too little might leave 
the FBI without a conclusive case. Too 
much might spook Mr. Ames before he 
could lead investigators to other possi- 
ble moles and might even compromise 
the very sources that had led to the 
Ames investigation. 

There was an ugly precedent In 1958, 
when the CIA tipped the FBI to two 
Soviet agents in the United States, the 
FBI followed them so intensely they fled 
to Moscow, telling their bosses the mis- 
sion was blown. The KGB set traps for 
those who had kqown of the, agents’ 



Aunt Sarah Rather Liked 
Her Real Childhood Name 

By Paul Spencer Sochaczewski 


mission and caught Pyotr Popov, a CIA 
mole in Moscow, the ultimate source of 
the agency's tip to the bureau. 

Given the intractability of FBI-CIA 
disputes, there have been calls for re- 
form of the system. In every major gov- 
ernment inquiry into U.S. intelligence 
failures since 1941, poor interagency li- 
aison has been detected and denounced. 

Most recently Dennis DeConcmi, 
chairman of the Senate Iniellj 
Committee, has promised to uy to „ 
late, if necessary, some mechanism to 
guarantee future cooperation. 

But, as in the past, such talk is likely 


to lead only to the formation of tooth- 
less interagency committees. 

Real reform — giving counterintelli- 
gence wholly lo the FBI, CIA or some 
new third agency — will almost certain- 
ly never occur because of the fear that 
such a concentration of power would 
create an American Gestapo. 

This fear is as widespread as it is un- 
founded. The myth is that the split be- 
tween the agencies was originally created 
on civil-liberties grounds. But Lawrence 
Houston, who wrote the CIA's charter in 
1947, has said the division was made for 
bureaucratic and constitutional reasons. 


Fighting the creation at a CIA, J. Ed- 
gar Hoover, the FBI director, wanted a 
worldwide spy service under his author- 
ity. He argued against a geographical 
division of counterspy duties. When he 
saw that a CIA would be established, he 
argued that if it had any domestic securi- 
ty functions it could become a Gestapo. 
He won. Since then, in the Ames and 
other cases, the nation has been losing. 

The miter is author of the forthcoming 
book “Wedge: The Secret War Between 
the CIA and ESI.” He contributed this 
comment to The New York Times. 


H onolulu — i fined out the 

forms and wished my ancestors had 
been Burmese or Chinese. I was changing 
my family name, Wachtd, to my grandfa- 
ther's family name, and Win ’or Wong 
would have been a lot easier to put on a 
new credit card than Sochaczewski 
But we have no control over whose 
descendants we are. My grandfather, 
Josef Sochaczewski came to the United 
States from Kalis, Poland, in 1912. as 
part of the great wave of European im- 

MEANWHgjE 

migration into North America. His fam- 
ily — my grandmother Esther, my father 
Samuel, and my aunt, whom I always 
called Syd — following in 1913. 

I have an old family portrait that I 
treasure. My bearded grandfather looks 
like a Polish Pavarotti; my grandmoth- 
er, pregnant with my unde Bill resem- 
bles a weary but wise Madonna. Appar- 
ently she had tuberculosis when the 
photo was taken; she died a year later. 

It came time for little Syd to go to 
school Her Aunt Lena, the only relative 
who spoke good English, accompanied 
the girt. But the school official refused to 
register Syd and told Lena to come back 
with a simpler name. Lena, thinking 
quickly, suggested that Syd Sochaczewski 
be registered instead as Syd Wadhtel 
winch was Lena’s married name 
My grandfather thought this was line 
since; to him. Wachtel sounded more 
American than Sochaczewski He then 
look the necessary legal steps to change 
the family name to Wachtel 
I had known the story for years but 


LETTERS TO THE EDITOR 


How to Deal With Kim 

Although North Korea has stone- 
walled on the latest inspections of the 
International Atomic Energy Agency, 
the United States should continue to 
dangle the carrot as wdl as the stick. But 
in its future dealings, Washington had 
better strike deals directly with the in- 
siders of Pyongyang instead of the out- 
siders, those North Korean diplomats 
who have no knowledge of nuclear se- 
crets, no power to formulate policy and 
no courage to report anything that 
might displease then- “great leader." 

The North Korean diplomats treated 
so far by the Americans as partners in 
dialogue are good only at reporting 
Washington's views in a twisted and 
deformed way to humor their leader. 

Consequently, Washington would be 
well advised to send to Pyongyang only 
those few people who can speak drrect- 
Iy to the paramount leader, Kim n 
Sung. They should bring their own in- 
terpreters of Korean. The kxy is held by 
no one but Mr. Kim himseli. Trying to 
enlighten Mm will be the surest and 


shortest path to pursue, as today's 
North Korean crisis steins from its 
leader’s ignorance of the outside world. 

Mr. Kuo also is hankering after a 
meeting with Americans in order to en- 
sure the survival and legacy of his re- 
gime, because he knows that his days are 
numbered. Remember that he is grimly 
hanging over the precipice clutching at 
straws. It is the North Koreans who are 
beckoning to Americans for their rescue. 

YANG DONG CHTL 
Dakar, Senegal. 

Who’s in Charge Here? 

Regarding “ Today She Would Be 
FrigfitenetrfMeanmile, March 4): 

Frank Rich's grandmother is not the 
only one who would/sbould be con- 
cerned; every Jew in America and beyond 
should be concerned. But not just about 
Louis Farrakban. They should also be 
questioning why NBC would permit such 
a honor show featuring the Nation of 
Islam leader. And if the talk show host 
Arsemo Hall doesn't know enough to 


avoid promoting anti-Semitism, maybe 
the show’s staff, not to mention the man- 
agers at NBC and the people making 
advertising decisions, should wake up. 

A. PINES. 

Madrid. 

Sound Familiar? 

Has it ever occurred to anybody that 
asking for the evacuation erf the Jewish 
settlements in the West Bank and Gaza 
sounds rather like “ethnic cleansing?” 
There will be no chance for peace in the 
Middle East as long as the Arabs do not 
accept the idea that a (very small) mi- 
nority of Jews can live in a Palestinian 
state,' just as a (quite large) minority of 
Arabs fives in Israel. 

ALENA HOCHMANN. 

Geneva. 

Strictly American 

Regprding “Black GIs Harassed at 
German Base ” (Feb. 25): 

This article leaves the reader with the 
impression that German right-wing ex- 


tremists could have been involved in the 
incidents. But this is not the case. The 
UJS- mili tary police conducted 350 in- 
terviews at the Budingen barracks con- 
cerning the racist attacks. A spokesman 
for the U.S. 5th Corps in Frankfort has 
asserted lhat Germans had nothing to 
do with the incidents and that it was a 
purely “internal’ 1 affair of the U.S. mili- 
tary community in Btidingcn. 

HEINRICH LUMMER. 

Bonn. 

The miter is a member of the German 
Bundestag 

Qinton by the Cupful 

In the absence of character there will 
always be. sooner or later, an abuse of 
power. What we see now in the 
Whitewater affair is only the first draft 
of a cup dial has been proffered lo us. 
We wifi surely drain it to the dregs as 
long as Mr. Clinton is president 

ELLIOTT TEPPER. 

Madrid. 


several things had prevented me from 
changing my name. I was concerned that 
my modest writing career would be hin- 
dered. I dreaded having to change all my 
records. And as an American expatriate 
normally based in Switzerland. I had to 
wait until I returned to the Uni ted Slates 
long enough to establish residence there. 

The fourth problem, however, was the 
most important. No one in our family 
knew how to spell the original name. I 
finally got in touch with the National 
Archives and Records Administration 
in Bayonne, New Jersey, and told them 
what I knew about the family’s arrival in 
America. Several weeks later, they sent 
me photocopies erf the original folio 
pages of passengers arriving at Ellis Is- 
land aboard the S.S. Kaiserin Auguste 
Victoria, sailing from Hamburg. 

It was the best use of U.S. taxpayers' 
mone y that I’ve come across. SOCHA- 
CZEWSKI, the folio said. I telephoned 
same Polish friends to learn bow to pro- 
nounce it (say: SOK-HA-CHEV-SKI). I 

practiced my signature a few times (it still 
hurts my hand to write the name and I'm 
certainly not comfortable enough yet to 
scrawl it). I spelled the name oh the 
phone to friends, first in English, then in 
French. It felt like I had been dealt a 
Scrabble hand with no vowels. 

I came to Hawaii on sabbaticaL The 
office of the lieutenant governor, Benja- 
min Cayetano, was helpful in walking me 
through the paperwork. Most Americans 
are immig rants, of course, but it fdi 
somehow suitable to go back to my Polish 
roots in the Hawaiian melting pot. Fan- 
ny, the Chinese woman at the East- West 
Cotter in charge of aloha f that’s her real 
job description) organized a quasi-Chi- 
nese ceremony. We just substituted burst- 
ing balloons for firecrackers. 

I changed my name not so much 
because I feel Polish (I don’t speak a 
word) but because I don't feel German 
(and I certainly don't fed like a quail, 
which is how Wachtel translates). 
Somehow it feels right 

When I decided to make the change, I 
called Aunt Syd, who started all this 
trouble by wanting to go to school some 
80 years ago. 1 adzed why she called 
herself Syd. “My nam e was Sadie, but I 
never liked that name so 1 changed it to 
Syd.” she explained. 

“But your name isn’t Sadie,” I said. 
“It's Sarah. It says so right here on the 
immigration documents. Sarah. Four 
years old. Nationality: Russian. Race: 
Jewish. Final destination: Brooklyn. 
You were illiterate." 

“Oh my,” my 85-year-old aunt re- 
plied. “If I had known that I never 
would have changed my name. I rather 
like the name Sarah, don’t vouT 


The writer is a professional associate at 
the East-West Center in Honolulu and 
Head of Creative Development at WWF • 
Worldwide Fund for Nature in Switzer- 
land. He contributed this comment to the 
International Herald Tribune. 


^ nr 

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International Herald Tribune 
Wednesday, March 23, 1994 
Page 10 ’ 


STAG^E/ENTERTAJNMENT 


★ 


*; 


Vienna’s Volksoper: On Its Own Again and Seeking a Niche 


By John Rockwell 

New York Tima Service 


V IENNA — Many major cities — 
New York, London, St. Petersburg, 
Prague, Paris, Munich, — have two 
opera houses. (Berlin has three.) In 
all those a ties, in one way or another, the 
second company must constantly struggle to 
define its role. 

The big company docs the big operas, mean- 
ing not only Wagner and Strauss but also the 
smaller core-repertory staples: Mozart, Verdi, 
Puccini maybe even Janacek and Berg. 

That leaves operettas and musicals, ballets, 
lighter operas, modem operas, marginal operas, 
perhaps also mainstream operas, perhaps frisk- 
ier productions, often opera in the language of 
the audience. 

In recent years, no secondary opera compa- 
ny has struggled more with such questions of 
identity, ana made more U-turns in its search 


for a direction, than the Volksoper in Vienna. 

The city has a powerful operetta tradition, 
and the Volksoper in recent decades has been 
its primary preserver. But it has done American 
musicals, too, and all manner of more or less 
successful experiments. 

The theater was founded 96 years ago as an 
overtly “German-Christian” spoken theater, 
but it soon began doing operas and operettas, 
for which its relatively intimate size (1,500 
seats) and fine acoustics suit it well. 

The theater's ties to the all-powerful Vienna 
State Opera have shifted over the years. Some- 
times it has been a direct subsidiary of the 
bigger company. More often it has been inde- 
pendent, but with a loose working agreement 
not to duplicate repertory or new productions. 

In 1991, Ebcrhard Wacfater, a baritone turned 
opera administrator, succeeded in amalgamating 
the two companies. But after his unexpected 
death in 1992, his successor, loan Holender, in 
his recent negotiations to renew his contract until 
2002, made it a condition to spin off the 


Volksoper once again on its own, as of 1996. 

His recommendation for a separate chief for 
the Volksoper was an interesting one: Klaus 
Bachler, who since 1992 has run the Vie nna 
Festival and made it a Next-Wavish hotbed of 
experimental music theater. 

Bachler is full of enthusiasm about what he 
calls his “Volksoper adventure.” 

He and Holender made it dear that the 
Volksoper would have its own music director. 
The two companies will maintain their current 
sharing of some singers, partly as a way of 
luring promising young artists to the Volksoper 
and partly to provide a pool of “covers.” or last- 
minute substitutes, for the State Opera. But 
otherwise, Bachler will be on his own. 

The performance level at the Volksoper is 
pretty high. Operettas look a hide overlighted 
and cartoonish but are idio maticall y sung and 
alertly played by the theater’s orchestra. The 
genre is not being renewed systematically, how- 
ever, and Holender evinces little interest in iL 

The Volksoper does marginal repertory as 


welL The latest new production has been of 
Bizet's “Les PScbeurs de Perles," which im- 
probably is being seen in Vienna for the first 
time, Holender said. This was an awkwardly 
updated production, but it was decently sung 
and well played. 

B ETTER stili was the company's most 
critically admired production in re- 
cent years, of Shostakovich’s “Lady 
Macbeth of Mstensfc." Superbly act- 
ed in a staging by Christine Miebtz that really 
punched home every dramatic point, this is just 
the sort of intensely theatrical opera that works 
with a smallish company like the Volksoper but 
too often tuns into generalized rhetoric in the 
wide-open spaces of a major theater. 

But as this mixture of operas, operettas and 
production styles suggests, the Volksoper lacks 
a ready identity. It is this profile that B ach l e r is 
pager to provide. Exactly what he's going to do 
is undear, perhaps even to him 


He speaks kindly of operettas, but in updated 
production styles of which Holender. for one, 
disapproves. He wants to do unusual operas but 
not to concentrate on exotica. He said that one- 
third of the Volksoper repertory should be 
contemporary, but that he wanted to retain the 
current “nonintellectuaT public of working- 
and middle-class Viennese. 

A bom one thing be was clear. After his 
success in presenting novelties at the Vienna 
Festival he is convinixd that Viennese conser- 
vatism is “a myth." “Naturally." he added, 
“Verdi and Gounod have it easier in Vienna, 
but they do in Paris, too. Volksoper means 
People's Opera, and what I don't want to do is 
overwhelm people. Theater is not a school; it 
should be a seductive experience.” 

Whatever the past and future success of the 
VoDcsoper’s service to operetta — and tourists 
still pile in by the busload — the freshest and 
funniest Viennese operetta revival of the season 
is not in an opera bouse at all but in repertory al 


the Kammerspiele of the Theater as der Josef- 
stadt: “Die Lustigen Nibehmgea," ("The Jolly 
Nibeiungs") by Oscar Straus. 

This is a “Ring” jparody first seen in Vienna in 
1904. More precisely, it is a “GOtterdfimmenmg" 
parody. Far all its appeal to Viennese and its 
German-language in-jokes, this is something that 
New Yorkere might especially enjoy. The reason 
is that the operetta was directed by Qtto Schenk, 
the stage director of the Metrojxjlitan Opera’s 
“Ring,” with sets and costumes by Rolf Langen- 
fass. who did the Me^s “Ring" costumes. 

The result is a very funny bit of self -parody. 
The staging is also full of operatic in-jokes. 
Heinz Zednik, for years a famous Mime, finally 
gets to play, and skewer, Siegfried. 

To see Zednik prance onstage in a scene just 
like Siegfried’s arrival at the Gibidmng Hall in 
the first act of Wagner’s opera, firmly fix his 
monode. give a little Hip with his hand and 
demurely coo “Hoi-ho" is to realize that comic 
operetta is by no means dead. 


LONDON THEATER 


Ralph and Walt: 
A Walk in Woods 

'Democracy’ Is an 'Issue’ Play 


By Sheridan Morley 

International Herald Tribune 

L ONDON — A clearing 
in the woods near Wash- 
ington, July 1863: Walt 
Whitman and Ralph 
Waldo Emerson are there to slug it 
out with two soldiers, a deserter 
from the South and a blinded, dy- 
ing veteran from the North. 

. What is at issue here is not, how- 
ever, the Civil War itself, but rather 
the soul of the United States and 
the fight for decency. John Mur- 
rell’s ambitious, talky “Democra- 
cy" (at the Bush) is an “issue" play 
but the issues themselves are so 
vast that they are inclined to bring 
any drama to a grinding halt while 
we embark on yet another panthe- 
istic debate. 

On the one hand, Murrell gives 
us big Walt, forever ready to see the 
best m men as he shelters soldiers 
in his woodland glade and i*llf< of 
the miracles of earthly love, even as 
his beloved boys are dying around 
him. On the other hand there is 
craggy, disbelieving Waldo, who 
has the evidence of his own eyes to 
remind him of man’s inhumanity to 
man and the ultimate foolishness of 
any real optimism, especially in 
wartime. 

John Dove's production, on a 
wonderfully realistic set by Robert 
Jones complete with growing grass 
and forest pools on that tiny Bush 
stage, sets up Hugh Ross as the 


cynical Emerson against Stanley 
Townsend’s chubby, prattling 
Whitman and lets them talk it out 
as the two soldiers (Nick Waring 
and Johnny Lee Miller) form their 
audience and ultimately the living 
and dying figureheads of their ar- 
gument 

But Murrell never commits to 
one side or the other, never indi- 
cates whether he favors Emerson's 
worldly cynicism over Whitman’s 
smug, rambling paternalism: a 
writers’ conference in the middle of 
a bloody conflict is apt therefore to 
seem something of an indulgence. 

Harold Pimer's “The Birthday 
Party,'' now on the National's Lyt- 
telton stage in a dazzling new pro- 
duction by Sam Mendes, did not 
make much sense to its original 
audiences in 1958, though I am 
never entirely certain why they are 
forever being blamed for this. At 
the time, Pinter had only recently 
given up the life of a touring actor, 
and in one sense his play is a merci- 
less, brilliant parody of all the 
tacky stage thrillers of the period, 
except that the Inspector never 
calls. 

In another sense, of course, it 
changed forever the relationship of 
playwright to pun ten for the Gist 
time. Putter demanded that his 
spectators do some of die work for 
themselves, make their own con- 
nections, sort out their own puzzles 
instead of waiting for the dramatist 
to serve them a neat denouement. 

Nothing here is quite what it 


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Lights! Camera! Voices! 


By David Stevens 

Internation al Herald Tribune 

P ARIS — Under the title of 
“Qassiqne en Images 
1994,” the Louvre is de- 
voting its third biennale 
of filmed music to a retrospective 
of “great voices of the 20th centu- 
ry" — as if the voices of any other 
century were available an film and 
sound. 

For all practical purposes this 
retrospective goes back to the be- 
ginning of time, which is the late 
1920s, when the movies learned 
how to sing as wdl as dance. There 
is a little bit of everything, from 
historic to trivial in this selection 
of concerts, recitals, television pro- 
grams, opera excerpts, singer pro- 
files. master classes, documentaries 
and whatnot, much of it fascinating 
to scholars or just plain opera nuts. 

Two distinct eras can be identi- 
fied before the mass arrival of op- 
era in video. The first was from 
about 1930 to after World War n, 
which includes some experiments 
with the new technology and the 
use of famous artists as an added 
fillip in feature films. The second 
began with the arrival of television, 
winch awkwardly tried to figure 
out how it could use opera — a task 
that still goes on as opera tries to 
figure out how to use video. 

Era No. 1 includes some fasci- 
nating, if crude, documents. In- 
cluded here are die Warner Bros. 
Vitaphone shorts featuring Gio- 
vanni Martinelli and B eniamin o 
Gigli — the two tenors who divided 
Caruso’s Metropolitan Opera do- 
main after his death. These shorts 


tale of opera life filmed in 1934, 
two years before she died at the 
height of her career. These films, 
regardless of merit or lack thereof, 
are to be cherished as rare docu- 
ments of rare talents. 

Two of the documents date from 
1954, but relate to singers whose 
substantial careers occurred be- 


He’s 


Iy felt and expressed and l , 

Got the Whole World in His L , 

done shortly after her bdated Met 
debut} and much more. 

There was a mkl-’50s “documen- 
tary” about the Glyndeboume Fes- 
tival The documentary part of h 
was buried in an exceptionally dim- 
witted stoiy line about a yokel from 


Jeanette MacDonald, but in a Dis- 
ney short to which he lends his 
voice (“Willie the Operatic 
Whale"). Yet Eddy sang every rote 
that came his way in several sea- 
sons at the Philadelphia Civic Op- 
era, including a rale in the U. S. 

S remiere of Berg’s “Wozzeck.” 
iemy Pleasants, the International 
Herald Tribune's critic in London, 
was a Philadelphia critic at the 
time, and recalls that Eddy lacked 
the high G that might have- opened 
the Met’s door, so ne went to Hol- 
lywood and presumably san g all 
the way to the bank. 

Beginning with the '50s, there is a 
generous assortment of American 
television, inducting the samples 
from ‘The Voice of Firestone," 
“Producer’s Showcase,” and, yes. 
The Ed Sullivan Show.” Behind the 
pompously inan e announcing and 
rudimentary mises-en-sc&ne (a sing- 
er could not just stand and sing on 
television) is plenty of evidence that 
the 1950swasoneof the golden ages 
— Jussi fijoriiiig, Leonard Warren, 
Zinka Amanov, Richard Tucker, 
. , Mario Dd Monaco, Renata Te- 

SL« UlCr i,?S? y Stagc 1 opera -baMl Marian AJdereoo (an intense 
scenes or schlocky pretexts for pop- ' 


P ItIWM INViJ l|MV HUUU^ H JJUU1 

tween die wars. Ezio Pinza is cer- Chicago who cannot figure pm wiry 
tainly welcome in “South Pacific,” his train from Victoria Station is 
but are there no other visual re- full of people dressed to the nines, 
cords of Us long and illustrious He gels off where they do, follows 
Met career? them and gets a free ticket from 

And Nelson Eddy is represented, l otm . „*$ e fest * va, ’ s 

not by his movie operettas with founder. (Yoobet!) Bill .we also get 
- - - - r - - - large chunks of one of the festival’s 

historic “Figaro" productions, with 

T_ r n ■ • 


B 


Sena Jurinac, Sesto Bruscantmi. 
Hugnes Cuenod and company, so 
all was wdL' 

UT perhaps the most 
treasonable of all is a£Qm 
of Anna Russell's fare- 
well performance of her 
celebrated half-hour elucidation of 
Wagner’s “Ring” cycle, accurate in 
every detail (including the musical 
examples) and still hilarious. (On 
Siegmund and Siegiinde's incestu- 
ous affair “She’s married, so it’s 
immoral and she’s his aster, so it's 
fflegan 

Maria Caflas, Tito Gobbi Boris 
Christoff, Tito Sdtipa and Ljuba 
Welitsch figure prominently in the 
schedule for Wednesday and 
Thursday, and the final days. Fri- 
day through Monday are devoted 
to an international competition for 
marie films made* in 1992-93, rang- 
ing from the musical life of the 
Nazi camp of Thexesienstadt (Tere- 
zin) to die Philadelphia Orchest ra 
under Stokowski Ormandy, Muti 
and Sawafliscfa. to die ca reer o f the 
film cbmpb&r Bernartf BSSaSijn.'' 


Emma Amos and Bob Peck in Pinter’s “ The Birthday Party ” at the Lyttelton. 


moves from boarding-house revue 
sketch through a long nighfs jour- 
ney bade to totalitarian oppression, 
Trevor Peacock wonderfully indi- 
cates the price paid by (he innocent 
bystander to the thugs of the state. 

Best of all though, apart bom 
Bryan’s wondrous return to (be 
height of her comic form, is the 
moment when the set slides back 
into a street full of houses just like 
it: in every window a light, in every 
room some other kind of nameless 
terror. 

Currently on a national tour, 
Ken Hoare's ‘Glyn & If is an in- 
triguing slice of Hollywood history 
that never becomes the WHdean 
comedy of bad manners within 
which the author has framed h. In 
about 1926 Elinor Glyn, the ro- 


mantic novelist who had by then 
taken up residence in the Califor- 
nia hills as an adviser on historical 
epics (“ducal castles do not have a 
fine of spittoons, even gold ones, 
down the middle of the drawing 
room”), formed an unholy alliance 
with Qara Bow, whom she rightly 
saw as the spirit of the new age. 

Colette had her Gigi. Anita Loos 
her Lorelei Lee, and Elinor her 
Clara, but Hoare's often funny and 
touching script gives neither Penel- 
ope Keith nor Samantha Spiro the 
chance to do more than sketch in 
some shadowy figures for Richard 
Cottrell's agile, classy production. 

Paris will apparently not be get- 
ting to see Deborah Warner’s new 
staging of Beckett's “FootfaBs,” 
which Fiona Shaw was due to play 


at the Maison de la Culture in Bo- 
bigay, since the author’s estate has 
objected to a couple of minor 
changes in the text 

For one week only, London audi- 
ences at the Garrick did get to see 
this 20-minute monologue, with the 
spinster daughter in fine Irish rani 
bowling against the injustices of an 
unseen but occasionally heard 
mother. The piece remains a cur- 
tain-raiser, ana should perhaps have 
been played with at least one other 
to justify an evening in the stalls. 

But if the Beckett estate is at- 
tempting to freeze all the produc- 
tions in their original postwar slate, 
we are going to end up pretty soon 
with a series of seldom-performed 
museum pieces rather than living 
dramas. 


ular music 

In the case of Martinelli the 
sound of the operatic items is terri- 
ble and badly out of synch, but 
ones offering him as the Sorrento 
boatman or the gypsy king are fine 
and actually give a good idea of 
how he must have carried himself 
onstage. His clarion tones and risk 
taking style were the same a decade 
later, on the evidence of his Met 
“Oteflo,” now available on CD. 

The full-length feature films fas- 
cinated with hints of great singers 
cut off in their prime, such as Jo- 
seph Schmidt, whose double mis- 
fortune was to be too short for a 
stage career and a Jew in Central 
Europe in the 1930s. but whose 
velvety lyric tenor resulted in a 
briefly sensational radio and con- 
cert career. Another is Maria Cebo- 
tari, the Vienna-based lyric sopra- 
no who died in 1949 at age 39. 
Conchita Supervia is a legend as a 
Rossini singer and a Carmen, and 
her rich and vibrant mmn soprano 
and mischievous charm are well do- 
cumented in an otherwise dreadful 


M 


BOOKS 


RUSSIA UNDER THE 
BOLSHEVIK REGIME 

By Richard Pipes. Illustrated. 
587 pages. $35. Alfred A. Knopf. 

Reviewed by Christopher 

Lehmann -Haup t 

N “Russia Under the Bolshevik 
Regime," Richard Pipes at- 
tempts to disabuse his readers of 
any lingering notion that the early 
years of Co mmunis t leadership in 
Russia were somehow more benign 
and well-intentioned than the later 
ones were or that there was a fun- 
damental change in the regime fol- 
lowing the transition from Lenin's 
’adership to Stalin’s. 

Lenin’s regime was perhaps less 
'npetent in its malignity. Pipes 
iGes. For instance, he argues that 


com 

imp 


the Reds won die civil war against 
the Whites (1917-1920) not because 
of better generalship or because 
their call was more compelling, but 
rather amply because of superior 
numbers and strategic position. 

He writes, “When one considers 
the enormous advantages of the 
Bolsheviks, mostly the result of 
their early conquest of centra] Rus- 
sia, the surprising thing is not that 
they won the rival war, but that it 
took Lfaem three years to do it." 

And, for instance, he concludes of 
Latin’s attempts to export his revo- 
lution to Europe that its main 
achievement was to discredit com- 
munism and play into the hands of 
“national extremists who exploited 
the population's xenophobia by 
stressing the role of foreigners, espe- 
cially Jews, in mating civil unrest.” 

But of Bolshevism's utopian 


dreams. Pipes takes an extremely 
dim view. He states that the civil war 
was waged not to beat back imperi- 
alist invaders but to cany out what 
to Lenin “meant the global class 
conflict between his party, the van- 
guard of the ‘proletariat,’ and the 
international ‘bourgeoisie.’ " 

He concludes that Latin “not 
only expected civil war to break out 
immediately after his taking power, 
but took power in order to unleash 
it." 

As for what some observers have 
described as Lenin's more benevo- 
lent leadership, Pipes argues that 
all the seeds or Stalinism were sown 
under Lenin, from repression of 
dissent to the practice of mounting 
show trials to outright terror and 
murder. 

Pipes's book continues and con- 
cludes his earlier history, "The 



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13 RAMA REVEALED, by Ar- 
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NONFICTION 

1 EMBRACED BY THE 
LIGHT, by Betty J. Eadk I 

2 THE BOOK OF VIRTUES. 

by William J. Bennett i 

J HOW WE DIE. by Shawm B. 
NuLuxI — — Ift 

4 SOUL MATES, by Thomas 

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5 MIDNIGHT IN THE GAR- 

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83 


Russian Revolution” (1990), and is 
the eighth work on Russia written 
by the author, who is Baird Profes- 
sor of History at Harvard Universi- 
ty and who served in 1981-82 as 
Preadem Reagan’s National Secu- 
rity Council adviser on Soviet and 
East European affairs. 

The period covered by the cur- 
rent volume is a chaotic one, partic- 
ularly so the time of the civil war. 

Pipes meets the challenge to co- 
herence by organizing his chapters 
topically: “The Ovfl War." “Com- 
munism for Export,” “NEP: The 
False Theratidor," “The Crisis of 
the New Regime,” “Reflections on 
the Russian Revolution.” 

For the reader. Pipes's approach 
is a reward amply because it allows 
him to tell a great story in the most 
theatrical terms possible. Regard- 
less of ideological bias, you cannot 
help but be caught up by his ac- 
count of the straggle for the dying 
L en in's mantle that was fought 
among Trotsky, Kamenev, Zinov- 
iev and S ratin 

But in the end. Pipes's purpose is 
not to entertain us. It is instead to 
persuade ns that the Bolshevik 
Revolution was from b eginni ng to 
end a catastrophe for Russia, but 
one that was both consistent and 
continuous with what he calls 
“Tsarist patrimonialism.” 

Of course it may be argued that 
Pipes is a neocooservative and a 
Reaganite whose book was sup- 
ported by the John M. OKn Foun- 
dation, a frequent backer of conser- 
vative projects. 

Still, the case he makes against a 
more benevolent outlook on the 
Russian Revolution is a powerful 
one. If this is history with right- 
ward spin, then one eagerly awaits 
a contrary version as compelling. 

Christopher Lehmann-Haupt is 
an the staff of The New York Times. 


At Last, Pavarotti 
Wows ’em in Manila 

By William Brani gin 

Washington Po st Service 

ANILA — Luciano Pavarotti, battling a cough, cold 
and fever that forced him to cancel a concert in 
Manila on Friday, delivered a bravura performance on 
Monday night before an appreciative crowd. 

“I never thought it possible to arrive at this last song," the tenor 
told more than 4,000 people inside the concert hall and thousands 
more watching outside on a huge screen. He dedicated the last of 
three standing-ovation encores to a local doctor, Roberto Tan, who 
got up and look a bow before Pavarotti finished the more than two- 
hour concert with “Grenada." 

Accompanied splendidly by the 64-piece Philippine Symphony 
Orchestra, the 58-year-old opera star seemed to be struggling a bit as 
if rocuang all his energy on surmounting his malady and hitting his 
. appeared satisfied with bis performance, however, and 
Philippine opera buffs were clearly thrilled 
But Pavarotti s first appearance in Manila aroused more than just 
the passions oi [opera lovers. It also became enmeshed in controversies 
that threatened to cast a bigger shadow than the rotund tenor himself. 

First there was the key concert-organiziag role of Rose Marie 
Arenas, a wealthy Manila socialite better known to Manflans as the 

m S re ^ °- Hdel V. Ramos. Then there was the 

raihCT awkward tuning of the performance, which was originally 
scheduled for March 18 — the president’s birthday ^ ' 

eoSS Sn'r l ^ Wei i tbe ^ prices ’ went for the 

eqmvalait of 5900— more than a congressman’s monthly salary and 

mme than twice the pnee of the most expensive ticket in Malaysia, 
scheduled a public peiformanoto 
P w tP < ® emeiil .b e re forced him to canedthat dale, but 
tv,- 51118 - m a P nvate concert for Malaysian royalty, 

ih P”” 5 Prcrcptad. one Philippine senator to call for 

™, 1 f an yg ove nnnent official who&belled out the top price 
fora seat as an ostentatious display of unusual wealth. ^ P ™* 

lo lake some of the sting out of the prices bv 
side the i 


iJSLTh largc I screen speakers outside flie concert hall and 
ArSf!?- , pi ^ OS 10 w ?£ ch **" performance out in the open for free. 

S27n m iTC d - to ^ onate abouOnO.OOO of 
ms 5910,000 contract pnee to chanty m the Philippines. 

"as first announced, newsnaDen here 
“ a birthday tribute to the president fitm^^ n a e 5 Even 
though Arenas masted that the date was chosen bv Pavarotti’s 
manager and only happened to coincide with 75£i 

“ ffiniKby ” 

Ferdinand E. Marcos 

sentenced to 24 ycaia in jail, bm she’rcmiiif&ce^in tail 



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a music- 

over Asia. In 1937. his ? 

the Philippines, Pavarotti said. ’ Arn ^° ^°^ a ' to sing in 

ence behind the scenes, dismissedX £ 

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International Herald Tribune, Wednesday, March 23, 1994 



Page 11 




ik * 


« ^ « 'r r 1 


^.CTV# ’ 

*a “ ^ 

x ' 

7«cn'- -■• 



THE TRIB INDEX: 112 . 62 $| 

by Bloomberg Business News. Jan. 1 . 1 992 = 100 
120 — — 



.Asia /Pacific 


/iBirotweigrinnff:32% 
Close: 127.03 Prev.: 127.42 


150 

140 


Europe 

Egfi 

Approx, weighting: S7% 

Close: 1 1167 Prev.: 11227 

R99 

Ha 



North America 


Latin America 



77» Mat Hacks US. dollar values at stacks Ik Tokyo, Now York, London, and 
Argentina, AnatnBa, Austria Belg ium , Brazil, Canada, Cbflo, Danmark, Finland. 
Franco, Garmany, Hong Kong, IMy, Haded Natharlanda, Now Taalwal, NonMiy. 
Singapore, Spain, S wadan, Sartbadand and Vanaa a al a . For Tokyo, New Yotk end 
London, the Mot Is oonposed of tf» 20 top issues In eenns at mericet cqprtoAatiaar 
otherwise the ten lop slocks are tracked. 


1 Industrial Sectors | 


YU* Pm* % 


To* 

Pm*. 

% 


dam dam daogt 


d0M 

CkMM 

dmg* 

Energy 

112,38 111.80 40.43 

Capita] Goods 

11422 

11433 

-0.10 

Utflfiies 

124.06 123.76 4024 

Rm Materials 

123.11 

12123 

4-125 

Finance 

115-17 115-32 -0.13 

Consumer Goods 

98.78 

99.11 

-0.33 

Sendees 

119.50 118.11 41.18 

IDsceflaneous 

12723 

126.08 

+1.47 

Pot more InfafmaHon aboutthe Index, a booklet Is avaHaUe bee of charge. 


Write to Trit Index, 181 Avenue ChariesdeGeuBe, 92S21 NeuByCedex. France. 


O Nomaiionar HeraJd Tribune 


Low Point 
In Trade 
For U.S. 

Deficit in Goods 

Jumps 26 Percent 

The Associated Press 

WASHINGTON — The month- 
ly LLS. trade deficit widened sharp- 
ly in January as a big drop in sales 
of aircraft and telecommunications 
equipment caused exports to fall by 
the largest amount on record, the 
government said Tuesday. 

The Commerce Department said 
that the trade deficit m both goods 
and services jumped 5 1.8 percent in 
January, to $6 JO billion, widening 
from December’s deficit of S4.15 
billion. 

That increase occurred despite 
the fact that the government for the 
first time included trade in services 
in its monthly report. 

The surplus in the services cate- 
gory rose in January by $130 mil- 
lion, to $4.73 billion. However, that 
small gain was wiped out by a $2.28 
billion widening or the deficit in 
goods, which jumped 26 percent, to 
SI 1.03 billion. 

Under the old accounting meth- 
od, which measured merchandise 
trade in a slightly different way, the 
January goods deficit would have 
been $9.84 billion, compared with a 
revised December deficit $737 bil- 
lion, which had been the smallest 
trade imbalance in a year. 

The new report gives a couniry- 
by -country breakdown only for 
trade in goods. Analysts say they 
do not have enough information on 
services to provide country-by- 
country details. 

The United States continued to 
suffer the highest goods deficit with 
Japan, although the imbalance nar- 
rowed by 12.9 percent in January, 
to $4.62 billion, the smallest 
monthly trade gap with Japan since 
June of last year. 

Shipments of commercial air- 
craft were down $462 miUkm, and 
exports of telecommunications 
equipment fell by $233 million. 

The overall chop in goods ex- 
ports, $2.7 billion when measured 
by the old method, was the largest 
ever, topping the old mark of $1.8 
billion set in August 1986. 

Imports of foreign services fdl 
1.4 percent, to 512.02 billion. 


De Beers Sets Asia Aglitter 

Diamonds Tempt the Newly Affluent 


By Steve Coll 

IVaihmglM Past Service 

BOMBAY — Outfitted in designer eyeglasses 
and a fashionable button-down shirt, rhe youthful 
diamond scion Jatin Mehta glides to bis office in a 
chauff cured gray Mercedes-Benz. He weaves slow- 
ly through Bombay's urban phantasmagoria — the 
zippy motor rickshaws spewing diesel smoke, the 
swarms of pedestrians, the water-sueaked office 
towers packed like pickets against the Arabian Sea. 

Some might see poverty through Mr. Mehta's 
tinted windows. It is out there, of course. Bui Mr. 
Mehta sees something else: the glint of working 
women's jeweby. In that glint be sees the impend- 
ing arrival of a glittering new diamond age in I nrfia 
— the world's second most populous nation, now 
opening fully to global trade for the first time in 
hrnf a century. 

The challenge facing Mr. Mehta's Suraj Dia- 
monds (India) Lid. and his backers at the De Beers 
international diamond cartel is to persuade 400 
million-plus Indian women, many of them trapped 
by lonely, arranged marriages and feudal family 
values, that diamonds are their best friend. 

“When you work so hard for your money, family 
life changes — let's face it" Mr. Mehta explained 
as he rose through his office skyscraper in an 
elevator packed with smartly dressed, youthful 
working women. “With exports growing, with in- 
come growing, these ladies are going to look for 
themselves, to buy what they want." 

If Mr. Mehta is right, then diamonds may really 
be forever. It did not look that way w some analysts 
just two years ago. A glut of new diamond supplies 
and saturated Western markets pushed what is 
arguably the world’s most successful commodity 
cartel, led by De Beers Consolidated Mines Ltd, to 
the brink of crisis. But today De Bears is lighting for 
recovery. And a foundation of its future strategy lies 
here, in the rising incomes of the Asian nations. 

Per capita pu rchasing power in the wealthy 
Asian countries ranged in 1993 from an estimated 


55,200 in T hailan d to SI 8,500 in Hong Kong. Last 
year, economic growth rates ranged from about 5 
percent in Hong Kong, India and South Korea to 
between 6 percent and 8 percent in Indonesia, 
Malaysia. Singapore, Taiwan and T hailan d. Chi- 
na's was an astounding 13 percent 
The Asian acquisitive classes buoyed by this 
growth seek above all Western brand names, fam- 
ous designer labels. 

Asia’s Western -imitative consumer spurt is com- 
parable to “what happened in the U.Sh France and 

They will spend money on 
those things which they think 
are important to middle- 
class status.’ 

Samuel Be tier, jewelry industry 
consultant. 

Europe in the 19th century," said Samnd Beizer, a 
jewelry-industry consultant. “They will spend 
money on those things winch they think are impor- 
tant to middle-class status. In the U.S. in the 19th 
century, it was French silks." 

Now in Asia “it is Mercedes, jewelry ... a 
certain kind of value — Tiffany, Cartier, Gialani, 
Van Cleef,” Mr. Beizer said. 

In 1992, for example, C hina became the world's 
biggest consumer of gold for the first time in 
modern history, purchasing more than 350 tons. 
The vast majority of its imports were gold jewelry, 
according to the World Gold Council. 

Unlike other resources, the global diamond in- 
dustry is managed by a disciplined, unified cartel 
led by De Bears, which originated in South Africa 
last century. 

De Beers has survived world wars, depression. 

See STONES, Page 15 


Moscow Claims 
Its Reforms 
Pass IMF Muster 


By Margaret Shapiro 

Washington Past Service 

MOSCOW — The International 
Monetaiy Fund has agreed to re- 
lease a $13 billion loan to Russia 
that bad been held up since last 
year by doubts about the govern- 
ment's commitment to economic 
reform. Prime Minister Viktor S. 
Chernomyrdin said Tuesday. 

Mr. Chernomyrdin has been 
meeting with Michel Camdessus, 
managing director of the IMF, and 
was able to persuade him that Rus- 
sia would pursue the anti-inflation- 
ary and tight credit polices de- 
manded by the international 
lending organization. 

[Mr. Camdessus said he was con- 
fident Russia would be able to meet 
its goals, the Associated Press re- 
ported. 

“We basically agreed with the ob- 
jectives of the country in making 
evoy effort to reduce inflation," Mr. 
Camdessus said, ndrfmg iha i Russia 
would submit a plan to the Fund's 
board soon that would dear the way 
for the money to be disbursed.] 

The $1 3 billion loan, intended to 
support Russia's transition to a 
free- market economy, was eagerly 
sought by the government not just 
for the money but as a badge of 
fiscal soundness vital for attracting 
investment and soothing creditors. 

The Fund's derision to release the 
money, said government official 


Sergei Vybornov, makes it “dear io 
everyone that Russia will conduct 
itself reasonably. This sum is bigger 
by an order, or even ordeis, of mag- 
nitude than the $13 billion." 

The money, the second install- 
mem of a promised IMF loan, was 
delayed when Russia began to slide 
away from the path of strict eco- 
nomic reform. Inflation has been 
explosive, anti-reform conserva- 
tives gained support in Decanber 
parliamentary elections and key re- 
formist ministers left the govern- 
ment in January. 

Despite predictions of economic 
catastrophe after the reformers quit 
and a new cabinet dominated by 
Soviet-era industrialist took over, 
the situation has not been that 
bleak. Mr. Chernomyrdin, who just 
three months ago was blistering in 
his criticisms of the reformers and 
their tough policies, now is sound- 
ing increasingly like them, with 
warnings against inflation an d easy 
credit The February inflation rate, 
meanwhile, hit an 18-month low of 
9.9 percent a surprise even to the 
government 

Many analysis said they doubled 
that sudb a low inflation rate could 

be maintained. 

According to government offi- 
cials, the negotiations on the $13 
billion loan centered on IMF 
doubts over the government's pro- 
posed 1994 budge L 


Japan’s Economy Shrank at 2.2% Rate in Quarter 


77i£ Associated Press 

TOKYO — Japan’s economy 
contracted at an annual rate of 22 
percent in the last quarter of 1993, 
leaving it with barely perceptible 
growth for the entire year, the gov- 
ernment announced Tuesday. 

The razor-thin 0.1 percent ex- 
pansion in gross domestic product 
for 1993 was the worst annual per- 
formance since 1974, when the 
economy shrank 0.6 percent as a 
result of the pressures of that year's 
oil crisis. 

An Economic Planning Agency 


official said the economy was 
poised to recover during the com- 
ing fiscal year, which begins April 
I, but that it was too early to say 
when the turnaround would begin. 

Despite some growth in personal 
spending, an important component 
of GDP, drastic cutbacks in invest- 
ment by Japanese companies 
dragged the overall economy into 
contraction, the official said. 

Private economists warn that 
whOe a recovery may be in the 
offing, several key policy decisions 
in the near future, including tax 
changes and the budget wiB have a 


great impact on the economy's per- 
formance for the rest of the year. 

“There is still risk of a fall in the 
second quarter." said Jim Vestal, 
an economist at Barclays de Zoete 
Wedd Securities, “but if I were bet- 
ting money, I would say this is 
probably the bottom." 

Other economists were even 
more cautious about predicting an 
upturn, noting that the govern- 
ment’s Economic Planning Agency 
has been wrong in the past in say- 
ing a turnaround was immin ent. 

“As far as I am concerned, we’re 
still bumping along the bottom," 


said Mineko Sasalri-Smith. chief 
economist at Morgan Stanley Ja- 
pan. She warned that the economy 
was being dragged by excess indus- 
trial capacity and bad debts. 

Despite some positive signs in 
the economic report, including 
growth in spending on housing, 
many r emain worried that the high 
yen wiO continue to hammer Japa- 
nese exporters by making their 
products uncompetitive overseas. 
The delay in the passage of a bud- 
get for the next fiscal year has also 
left business circles nervous. 

Japan’s GDP shrank 0.6 percent 


in the last quarter of 1993 from the 
previous quarter, amounting to an 
annnaliyerl rate of 2.2 percenL Ja- 
pan's GDP has alternated between 
growth and contraction for the last 
five quarters, leaving it with a 
growth rate of 0.1 percent in 1993. 

Japan's trade surplus as a mea- 
sure of GDP, a figure closely 
watched by Tokyo’s trading part- 
ners, continued to edge lower to 28 
percent during the latest quarter 
from 29 percent and 3 percent in 
the past two quarters. 


MEDIA MARKETS 


Microsoft and AT&T Flirt On 


By John Markoff 

New York Tima Same 

PHOENIX — Even as Craig O. McCaw and 
William H. Gates planned their newly disclosed $9 
billion satellite communications venture, Mr. 
McCaw was attempting to play m a t c hm a k er be- 
tween Mr. Gates’ NficrosoftCoip. and executives of 
American Telephone & Telegraph Co. in an effort to 
draw the two companies into a strategic alliance. 

For three months, the world’s hugest software 
and telecommunications companies havs be en se- 
cretly exploring a series of potential joint ventures, 
including interactive television, on-line computer 
services and software. 

Hie ne gotiations were confirmed in Phoenix this 
week by executives of Microsoft and AT&T, who 
said that while they recently concluded that no 
major deal was currently possible, they were con- 
tinuing to discuss areas where they could work 
together. 

“We've had a series of meaningful and helpful 
discussions,” said Robert Kavner, the executive in 
charge of AT&T’s Multimedia Products and Ser- 
vices business. 

Microsoft executives cautioned, however, that 
they ware in no rush to put together a deal now mat 
the possibilities of a strategic relationship had 
dimmed. “If you can’t make abig deal, <km t wish 
for something smaller," said Michael J. Maples, a 
Microsoft executive vice president. Yet be ac- 
knowledged, “We still have smaller discussions 
going on real interesting projects." 

The discussions have included at least one meet- 
ing between Mr. Gates, Microsoft’s chairman, ami 
Robert E Allen, the chairman of AT&T. Talks 
between the two companies were mitiairt by Mr. 
McCaw. who is in the process of sdhng the hugest 
cellular telephone company m the United States, 


McCaw Cellular Communications Inc, to AT&T 
for $126 billion. 

For three years Mr. McCaw and Mr. Gates have 
secretly planned their own business deal, an 840- 
saieDite global communications network. 

Nearly 30 percent of that venture, Teledesic 
Carp., is owned by McCaw Cellular — whose 
shares would be transferred to AT&T if its acquisi- 
tion of McCaw is completed this year. 

Many computer industry analysts have said in 
recent months that Microsoft is badly in need of a 
major ally as it seeks to enter new markets outside 
the persona] computer industry. Bui recent deals 
that Microsoft and AT&T have announced with 
other companies indicate that sizable gaps remain 
between the two companies. 

Early this mouth Microsoft announced that it 
planned to conduct interactive television trials with 
die largest U3. cable company, Tele-Communica- 
tions Inc. Last week, AT&T said it would create 
pubtic-uetwost data services based an software 
from a Microsoft rival, Lotus Development Corp. 

Although some news reports last week indicated 
that Mr. Gates had made an impassioned effort to 
stop the AT&T-Lotus deal, an AT&T executive 
said Monday that was not the case. 

The executive, who spoke on the condition of 
anonymity, said that Mr. Gates had warned that a 
Lotus-ATefcT deal would prohibit any exclusive 
relationship between AT&T and Microsoft. But 
negotiations between Microsoft and AT&T were 
wide-ranging, the executive said, and they did not 
hinge upon AT&T’s forgoing the Lotus deal. 

As Microsoft has sought entry to markets be- 
yond personal computer software, there has been 
widespread concern that any large partner might 
suffer the same fate from a Microsoft alliance as 
befell International Business Machines Corp. — 
losing control of its markets because of the rising 
importance of software. 


Rights Issue 
Is a Sham, 
Asians Told 


By Michael Richardson 

International Herald Tribune 

KUALA LUMPUR — East 
Asian countries fear that U.&. pres- 
sure on China over human rights 
may be the start of a wider Western 
attack on them for having wages, 
working conditions and environ- 
mental s tandar ds t hat are generally 
much Lower than in the West 

Countries in the region were 
warned Tuesday by a senior UN 
official to prepare for such an at- 
tack, saying it could “dominate" 
talks starting next month on an 
agenda for a new round of global 
trade negotiations. 

The official. K.K.S. Dadzie of 
Ghana, secretary-general of U nc- 
tad, the UN Conference on Trade 
and Development, said there was a 
“misconceived but growing percep- 
tion in industrialized countries that 
the gains of East Asia and other 
successful developing countries are 
at their expense." 

It was claimed, he said, that im- 
ports from East Asia in particular 
were responsible for high levels of 
unemployment and declining 
wages in Europe and North Ameri- 
ca, and that these imports repre- 
sented unfair competition because 
of low wages, inadequate enforce- 
ment of labor rights and weak envi- 
ronmental regulations. 

Mr. Dadzie was speaking at a 

See STANDARDS, Page 17 



CURRENCY A INTEREST RATES 


Cross Ratos 


March 22 

* i w Fi. Ufi W W. if. VM O 

!■ m w » UB w iw ur« 

ajos un »• US* — m un am &b* 

um- urn oaf im uw* ma uw- 

« __ 1SI11 »fl«S 1*0 jl» JIM us u» «* 

asm via Mm i»- tzms um wi raw* wan — 

™ TjrLii mu *nu*uiK»uau hjbj 

Mflw W«s MOW ^Sffluwouns MJI LOU )•!* LM# 

New rat ib) — iff, 8 JJJ w»* wn ua am msi- can ous> 

ifS 11* in* 5US1MSIM* 1M UP 

^ SE ms 0OT MB* UM !»• 1M «* - 

* S S urn wa- - 1»* UK* »»’ 

lM iM, vow iun JM» um mm uas ulus 

i™ S s£ SS 

rettsatTem ra ow one doibrt *: units of m NO- not Quoted; na.: not 

a: To buy a" d. 

available. 

ottwr Dollar v»ju» ptr* 

curmcr rw* Graak wt 

Attest. MM Hoag Kon«> 

ABOmL* um ma 

,1J7 Indian met 


Bntsuts 
R aafclu rt 
London (a) 
Madrid 
Milan 


Tokyo 

Toronto 

Zorn* 

I ECU 
I SDR 


Eurocurrency Deposits 

Dollar D-Mark 

1 month 3 »W3 h 5 **5 % 

3 month* 3fe4 svirStt. 

6 moans 4Mh4Vfa ShrStL 

lynar 4WM* 5Hr5Y* 

Sources: Reuters. Uavtts Bank. 

IbduaeeHcBliNlakdtrtiankdlPOtmNnmdeninmktiumtereiHdvalenth 


Bits 

Swiss 

Franc 

Stem no 

Frendt 

Franc 

Yen 

March 22 

ecu 

4YMU 

5 hrSW 

ttWH i 

2 \r2 9» 

6 

4 V* 

59v5K 

59MVU 

2*r2r. 

6 *r6 V. 

4-4VB 

5*rSA 


214-249 

6 *W4V. 

3YV4 IV 

5V4-5W 

544-4 

2%-2V9 

5 *L4 v- 


Currency 


^ 'Lire 

I 

eft*-, "s 





Amtr.scML 

■ram aw. |ndo.rai*di 2MUH 

OriMSC **** Irtrtt M9M 

CxodiMnMa *** Israeli shok. W® 
banish krant 12982 

SSSTS 25- » 

Forward Rates 

Currency 

Deu “" B, °* £5 IAS 

Swtutrooc 


Port 

3317 

N.MMI L7S5* 
ilonr.kraao 73293 
PM.P0O0 27-54 

POUMtUtV 2305*. 
PurfcMcwb 171* 
rum. ruble 1722* 
Sand* riyai 17495 
51ng.t 1-5874 


Currency Part 
S. Air. rand 14503- 
S.KQT.MM nuo 
gqqaUqqqq 7J» 
TttbrtrtS 2M0 

Thai MM 2532 
TtomhHni 215*9. 
UAldbkam 147 
VWWZ.MW. DIM 


"J— u«r tQdar Currency 

"JS — 


inner Currency jMuy «Mav Mr 

Canadian Ooflar VMM 131* M6* 

IJM mum IS *»"""* ,0SW 1BU9 “ 

Deutsche mar* ^ j jm 

Swtutrooc Berk (BrussOsI; Banqi Commtrdalo IMkma 

Scuta: tNG Bank ol r«« (Totnl ; Rani Bank ot Canada 

^^^mdtduirom Reuters and AP 


Key Money Rates 

Uantd Slates Ctose Prev. 

DtKMmfrat* 3-00 3* 

Prime rate 5-00 a* 

Federal tund* » M- 

Knout* CD* 339 339 

Coma, paper M day* 4JD5 *00 

3-awnrh Treasury bBT 3J0 151 

l -year Treater? Mil 4-10 *19 

*year Treasury auto *93 S* 

S?oar Treasury noM 5* 433 

7-year Treotufy note iM 

)*y*ar Treasury note U3 iS 

30-year Treasury tamd 5-B <•« 

Mont* Lyle* 3B-dav Ready asset 20 230 


1% 1% 
2fc 2 Mi 
2Vz 2fc 

m 2 * 

2te 7V.- 
430 na. 

i% tit 
535 530 

530 530 

530 i* 
5.70 US 

437 441 


Britain 

Bank bate rate 
CaH money 
1 -month In te rbank 
MnaaHi tatertank 
Unooth tateftank 
VHraarB M 
France 

Intervention rule 
Can money 
l-month intrrtjan* 
3 awalti Wcrlwak 
*4noat* interbank 

19-year OAT 


514 

514 

5* 

Sh 

514 

731 

4.10 

4fc 

69W 

4* 

6h 

443 


514 

5VS 

5V. 

5V. 

514 

738 

410 

4*4 

ih 

41* 

430 

444 


Mscoantrete 
CaH money 
1-montb Uttrtwnk 


4-month Interbank 
19-rear Government l 
Oennagr 


CaUi 
1-moat* Interbank 
J-mont* interbank 
Interbank 


Sources: Reuters. Bloomberg, Merrill 
Lynch. Bank ot Tokyo. Commerebonk. 
Omnwell Montoou. CridH Lrennafs. 

Gold 

AJtA P-M. Ch"ge 
tea. 399 * +145 

38495 389-15 +Z70 

Maw York 387* 38930 

(AS dollars per owe*. London official fa- 

bles; Zurich and New York oaenbrn and do* 
kta prices; New York Como x (April) 

Source! Reuters. 


Zorich 


Our Banking Relationships 

ARE BASED ON A STRONG TRADITION. 



T rust. It’s the basic 

tradition of banking. 

At Republic National 
Bank, it’s a living tradition, as 
vibrant today as it was 500 
years ago. 

We believe we must earn 
the mist of our clients every 
day. So we dedicate ourselves to 
protecting their funds through 
all economic climates. We 
respond to their needs with pru- 
dent, carefully-crafted products 
for today’s financial environ- 


ment. And we provide discreet, 
efficient service that is among 
the most respected in banking. 

Our emphasis on trust, 
strength and service has helped 
us become one of the world’s 
leading private banks. As a 
subsidiary of Saffa Republic 
Holdings S. A. and an affiliate 
of Republic New York Corpora- 
tion, we’re pare of a global net- 
work with over US$5.6 billion 
in capital and US$50 billion in 
assets. Those assets continue to 


grow at a healthy pace, a 
testament to the group’s strong 
balance sheets, risk-averse 
orientation and century-old 
heritage. 

While many banks today 
search for new directions, we 
believe there may be nothing 
more innovative chan a solid 
focus on traditional banking. 
Because trust, strength and 
service are not just values of 
the past. They’re a pathway to 
the future. 


REPUBLIC NATIONAL BANK 
OF NEW YORK (SUISSE) SA 


ASAFRA BANK 

timeless Values. Traditional strength. 


HBAD OFFICE GENEVA 120* • 2. PLACE DU LAC - TEL (022) 705 55 55 ■ FOREX; »022) 705 55 50 AND GENEVA 1201 • 2, RUE DR. ALFRED- VINCENT (CORNER 
OUAI DU MONT- BLANC) BRANCHES: LUGANO 6901 - 1. VIA CANOUA - TEL (091 1 23 85 32 * ZURICH 6039 ■ STOCKERSTRA5SE 37 - TEL (01 1 288 16 18 • 
GUERNSEY • RUE DU PRE • St PETER PORT * TEL (*8l> 711 761 AFFILIATE REPUBLIC NATIONAL BANK OF NEW YORK IN NEW YORK OMR LOCATIONS: 
GIBRALTAR * GUERNSEY • LONDON * LUXEMBOURG - MILAN ■ MONTE CARLO - PARIS • BEVERLY HILLS ■ CAYMAN (SUNOS ■ LOS ANGELES ■ MEXICO CITY ■ MIAMI * 
MONTREAL ■ NASSAU * HEW YORK ■ BUENOS AIRE5 ■ CARACAS * MONTEVIDEO • RUNTA DEL ESTE ■ RIO DE JANEIRO ■ SANTIAGO ■ BEIRUT • BED INC • HONG WING • 

JAKARTA ■ SINGAPORE ■ TAIPEI ' TOKYO 


•e 

K 

a 

ie 

?c 

ri 

3k 

ib 

hi 

us 

ni 

(b 

ioi 


I 


i f 

3 


I 




* 


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- _ -- • i -* 




Page 12 


** 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23, 1994 


market diary 


Fed Rate Increase 
Aids Bond Prices 


NEW YORK — The Federal 
Reserve Board’s signal that it 
would allow short-term interest 
rates to rise sent Treasury bond 
prices surging and underpinned the 
stock market Tuesday. 

Financial markets interpreted 
the move as a sign of the Fed's 


II.S. Stocks 


commitment to keeping inflation 
under control. 

The price of the benchmark 30- 
year government bond jumped 
15/32 point, to 92 15/32, and the 
yield tumbled to 6.85 percent bom 
6SS ' 


cash on the sidelines because peo- 

? le were uncertain about what the 
'ed would do and when they would 
do it," an analyst said "With that 
uncertainty relieved, people decid- 
ed the levels we were looking at 
were attractive." 

The higher bond prices allowed 
stock investors to focus on first- 
quarter corporate earnings, which 
sic expected to be strong enough to 
compensate for any jitters about 
the longer-term effects of higher 
interest rates, analysis said 


While the Dow Jones industrial 
average slipped 2J0 points, to 
3,862.55, other indexes rose and 
advancing issues outnumbered de- 
dining issues by a 5-to-4 margin on 
the New York Stock Exchange. 

Td&bnos de M&rico's American 
depositary receipts were the most- 
actively traded issue, surging 6 to 
6444 in step with Mexico's Bolsa 
stock index. Tbe Mexican market 
was lifted by Manud Camacho So- 
li^ decision oat to run for president. 
Mr. Camacho is the government's 
mediator with rebellious peasants. 

Tobacco stocks were hit by a 
House subcommittee vote to raise 
taxes cm cigarettes to SI .25 per 
pack from the current 24 cents. 
Philip Morris fell 146 to 52% and 
RJRNabisoo lost 46 to 6M in active 
trading. 

Drug stocks fell on concerns of a 
price war on drugs used to treat 
high cholesterol. Merck fell Ife to 
30%, and Bristol-Myers Squibb 
dropped 146 to 5346. 

In over-the-counter trading, No- 
vell tumbled 346 to 20 after its an- 
nouncement late Monday that in- 
tended to buy WordPerfect Corp. 
Several brokerage houses down- 
graded Novell’s stock. 

(Bloomberg, Kmtfu-Ridder, AP) 


VSeAJMWKdPHlQ 


Merdi 22 







RATES: Fed Moves to Tighten 


Contained from Page 1 

sury braids by more than half a 
percentage paint, and stock prices 

On Friday, Mr. Greenspan was 
called to a White House meeting 

■*L n fi n.’fi /w* j i.* 


with President Bill Clinton and his 
economic advisers, and the finan- 


ForeJgn Exchange 


rial markets fretted that the White 
House would talk the Fed out of 
continuing to raise rates. Accord- 


ing to some analysts, that meant 


Greenspan had to act to reas- 
sure markets that, the Fed was still 
in control 

Failure to reassure the markets 
would mean higher long-term rates 
as insurance against inflation, no 
matter what effect it might have on 
the U.S. economic recovery, which 
has been led by falling rates for 
mortgage, automobile and business 
loans. Damned if he did, and 
damned if be didn't, Mr. Green- 
span and his board acred Tuesday 
and sat back to await the conse- 
quences in the money markets in 
the next few days. 

The question remaining to be an- 
swered is whether the Fed’s action 
will have been enough to keep the 
markets reassured in the longer 
term. So how much of a tightening 
is enough? 

“Whatever it is. this isn’t it,” said 
John Iipsky, chief economist of 
Salomon Brothers. “This level is 
not high enough to represent the 


dear change in policy that the Fed 
promised.* 

Mickey Levy, chief economist of 
NationsBank, agreed that the latest 
move would not be the last and said 
the Fed would try to align policy to 
the economy’s normal trend Hue of 
growth, which most economists 
uow put at IS percent to 3 percent 
a year. 

■ Dollar Little Changed 

The dollar closed little changed 
after the Fed’s move. 

The dollar slipped to 1.6884 DM 
from 1.6895 DM on Monday, but 
edged up to 105.98 yea from 
105.875. The U.S. currency rose to 
5.7638 French francs from 5.7605 
francs, but fell to 1.4301 Swiss 
francs from 1.4310 francs. The 
pound slipped to $1.4880 from 
SI. 4885. 


&9&S0J 






un- 


NYSE Most Actives 


TelAtax 

RJRNob 

PYtUMr 

Me rrtt 

Cmcznp 

ShaBTr 

WaLMrt 3 

CwofcP 

AMO 

Promuss 

IBM 
SunMn 
NtSemi 
JON n 
AmExp 


VoL Hah 

Low 

Las* 

arc. 

9202 Mte 

5Hk 

«4K 

+< 

LvTMTJ 

6 

6% 

— te 

L. f -M 

51V, 

OU 

— lte 

4037 21V, 


30te 

—IV, 


5m 

3854 

— M 

30944 60 V, 

Sm 

Wte 

+ 54 


77M 

+ 1M 


3Mk 

It 

31te 

+Vu 
+ Vi 

18905 44% 

42 

43te 

— 1 

18055 58te 

57te 

5Bte 

— 1 u 

18004 2>A 

2 

254 

+ 54 

18000 25 

34M 

2*H 

_ | 

17138 23V, 

23 

23% 

__ 

17744 305k 

29H 

30 

•M 


NASDAQ Most Actives 



VoL weh 

LOW 

Last 

arc. 

NoveOs 

29000 2154 

19% 

20 

— 3te 

SoecTefi 

38403 3W. 

Tte 

2M 

-M. 

Lotus 

3720* Bite 
32544 24% 

77% 

Bite 

+ 1V, 

TafCmA 

23% 

24 

•+1M 

Micsfle 

27780 B5te 

32>A 

■4*4 

+ 155 

ascos 

27701 39 ’A 

37 

37te 

—1 

MCI 1 

24019 25V4 

2444 

24te 

—5k 

Intel * 
PHcCjti 

25543 73 
22489 20 Vk 

TIM 

19M 

72 

1955 

— te 

— n 

Orodes 

22447 34M 

335k 

33 Vi 

— te 

AppleC 

21448 1155 

345k 

35 

— Vi 

Imatm 

2)193 IRfe 

Tri^, 

IVu 


Bor Ind 

2DB43 14 

12H 

13V4 

WaODafa 

20475 52M 

43te 

45V, 

— 4 

Addms 

17956 23* 

i\n 

22te 

+55 


AMEX Most Actives 



VOL HU 

Lrtw 

Last 

arc. 

ExpLA 

EMSCO 

27444 Ite 
1290 4% 

TVu 

4Vh 

15k 

1% 

— te 

+ »I4 

Echo Bay 

10515 12M 

12M 

+te 

ICH 

7825 Mk 

4te 

4W 

— te 

CtTFsf 

4326 9 

tte 

Bte 

— te 

tvaxCp 

4449 29te 

29W 

29te 

— te 

SPtDR 

4277 4751 

44M 

47 

♦tei 

HeUonef 

3954 5 

4te 

<M 

+ Vk 

RoyalOg 

3447 4<Vi» 

4 V, 

4*fc 

+te 

TownCJv 

3052 3Vh 

3 

Jte 

+ M 


Market Sales 



Today 

Prey. 


(MIL 

cons. 

NYSE 

TOM 

38736 

Amax 

21X4 

22X7 

Nasdca 

272.15 

310X3 


tn mitt font. 


Dow Jones Averages 


Indus 384671 387933 3841.39 384235 —230 
Treat!. 171X54 1720.14 171039 1714X2 
LOT 206.10 JO &M 20SJB 207.95 + 1JS 
Com 1371.19 137X60 1370.17 137U7 +1J4 


Standard A Poor's Indexes 


Industrials 

Tronsp. 

muffles 

SP50O 

SPlflO 


Htgfi Low C tan COW 
551.73 549.13 549.76 —051 
42005 <1440 41054—058 
162.15 160X5 141X7 4-1.13 
4432 4338 44X2 +019 
47X47 4SS 46080 +026 
43558 43331 43090—058 


NYSE Indexes 


Law Last dig. 


Composite WUU 25959 M624 +633 

Industrials 32009 32132 322.01 —cm 

Tmnsp. 26856 20 57 267 j52 —034 

UtKfV 21658 21099 21633 *222 

21435 212.93 21079 +0.75 


NASDAQ Indexes 


Composite 79735 79036 79628 — WS2 

Industrials 84 20 84036 wm —2.90 

Banks 63061 684J9 «S30 —139 

InsuTOTICB 92199 mss 9202 —132 

rV mnOB 89839 897.1 B 898X9 + 1XS 

Transp. 00072 7973 6 80032 —0.14 

Tefecom 17356 17235 17356 -132 


AMEX Stock Index 


woo Low Lost Che. 
47156 47063 47173 *096 


Dow Jonas Bond Averag e s 


20 Bends 
10 Ultimo 
10 Industrials 


Close CS’ve 

101 jo —an 

nx —cm 

10071 —0.12 


NYSE Mary 


Advanced 
Declined 
Unchanged 
Total I 


Now LOWS 


1186 SZ7 
932 1580 

651 £77 

2769 2784 

81 55 

65 111 


AMEX Diary 


Advanced 
D echoed 


New LOWS 



NASDAQ Diary 


Advanced 
Declined 
Unchanged 
Total issues 
New Worn 
New Laws 


1500 1205 

1548 1822 

1788 1906 

6836 4833 

105 109 

56 56 


Spot Commoditlea 


Commodity 
Aluminum, lb 
Coffee, Brur. Ip 
Copper etedrotyttc. lb 
Iron FOB, ton 
Lead, to 
Silver, tray oz 
Steel (soao), ton 
Tin, lb 
Zinc, lb 


Today 

0596 

EL7U 

096 

21000 

034 

5535 

13633 

16748 

145 


Prev. 

0594 

070 

0X6 

21330 

034 

1415 

13633 

37315 

145 


EUROPEAN FUTURES 


Metals 


Pre vt oos 
BW As 


Close 

B*l ASK 

ALUMINUM (Htob erode) 

Dollars per metric ton 
Spot 131350 131450 130000 1309X0 

Forward 133850 1339X0 1X17.00 1333X0 

COPPER CATHODES (High Grade) 

Dollars per metric ton 

Soot 194030 1941X0 1931X0 1934X0 

Forward 1952X0 195000 1945X8 1946X0 

LEAD 

Dollars per metric »n __ 

Spot 4050 463X0 46250 463X0 

Forward 477X0 478X0 

NICKEL 

DoJtvs per metric too _ 

Spat 5630X0 5630X0 5650X0 

Forward 5685X0 5690X0 5715X0 

TIN 

Forward I8KM 5530X9 5583X0 

toot 95150°" 9S2J0 95658 95750 

772X0 973X0 777X0 978X0 


477X0 478X0 


Financial 


Mem unr Close Change 

MMNTH STERLING (LIFFE) 

000090 -pts of 199 PC* 

Jon 94X6 94X3 94X5 +0.01 

Sop 9472 7457 9470 +0X3 

Dec 94X8 9641 9446 +0X4 

Mar 94.18 94.12 94.16 + 0X4 

Jun 9356 9378 9183 +QXS 

Sep 9153 9346 9150 +0X6 

Dee 9371 93.15 93.17 + 0X4 

Mar 9292 92X5 92X8 +0X4 

Jan 9254 “ 

9243 


9252 +0.06 

9259 +0X2 


9222 92.16 91.17 +0X1 
9157 7156 91X6 +0X5 


Eat. volume: 34X0. Open Irrt.: 423547. 
3+60 NTH EURO DOLLARS (LIFFE) 

81 mdltan - pis of 100 get 



9539 

9658 

9640 

+ 0X2 


Sop 

9619 

96U 

9631 

+ 604 

Company 

Dec 

9<74 

94JU 

S4J5 

+0X2 

MV 

94X9 

94.49 

9430 

+ 0X1 


Jon 

N.T. 

N.T. 

94X1 

+ 0X1 


Sop 

N.T. 

N.T. 

9196 

Unch. 

Cop Rltv Inv 1 


Eel. volume: 398. Open Irrt.: 9561. 
3-MONTH EUROMARKS (LIFFE) 
DM) mil Hop -pts of toe pet 


Jan 

9433 

94XB 

9435 

Sep 

709 

903 

9477 

Dec 

to.95 

94X7 

9495 

Mar 

9SJJ0 

9430 

94X9 

Jun 

9435 

94X8 

94X2 

Sep 

94X1 

94J4 

9477 

Dec 

94X1 

9437 

9459 

Mar 

94X5 

ftjC 

MX3 

Jm 

s«p 

94J0 

N.T. 


9<2B 

94X8 

Dec 

N.T. 

N.T. 

9190 

Mv 

9180 

9179 

9174 


Eat. volume: 81,132. Open lot.: 916278- 
34WONTH FRENCH FRANC (MAT)F) 


FFS rattllon - ets of WO od 
94.13 94X9 


Jun 


94.10 —0X1 

__ 9443 9456 9440 +0X1 

DOC 94N) 9453 9457 + 0X1 

Mar 9457 9459 9455 +0X3 

Jun 9454 9455 9450 +0X3 

Sep 9450 94X9 9444 + 0X1 

DOC 9430 9421 9424 +0X1 

MOT 94.10 94X7 94X9 +0X2 

Eat. volume: 39X96. Open Irrt 5 2S34T2- 
LONO OILT (LIFFE) 

930X00 - pts • 32ads of 1« Pd 
Mar 110-26 110-12 113-27 +0-23 

Jun 110-00 109-05 109-28 +0-23 

See 108-16 100-16 1CT-0Q + 0-21 

Est. volume: 66206 Open krt„- 162494 

DMwfin^pto StooS" BUMD 

Jon 9650 95X4 9650 +053 

SOP 9620 9572 9624 +0X3 

Est. volume: 161X09. Open tot.: 198771. 
10-YEAR FRENCH GOV. BONDS (MAT1F) 
F F Sn 0 00-ptSofl90 pet 
Mar 12476 123.98 13428 + 0X4 

Jen 12472 12346 12378 +0X4 

Sep 12X42 12276 121X6 +0X6 

One 122X6 122X6 12236 1+2256 

Est volume: 266421. open Int: 219JS5. 


Industrials 


Htob Low Lent Settle ctrtge 
GASOIL (IPE) 

03. dollars per metric tap-lets oflOO tons 
APT 1437S 13950 143X0 143X0 + 425 

Moy 14275 139X0 14275 14225 +4D0 

Jon 14175 13950 14175 14175 + 375 

Jal 14X25 14075 142X0 14X50 + 275 



High 

LOW 

Aug 

144X0 

142X0 

sop 

14675 

144X0 

Od 

14175 

148X0 

NOT 

N.T. 

N.T. 

Dee 

153X0 

150L5D 

Jaa 

N.T. 

N.T. 

Feb 

N.T. 

N.T. 

MV 

N.T. 

N.T. 


Est. volume: 17X83. Open Irrt. 109,203 


BRENT CRUDE OIL OPE) .. 

UX. dollars ear berraMo#* of 1X01 barre ls 




13X1 

UM 

13.92 —0X1 



1177 

13X7 

13X7 —601 



(3X4 

53X1 

1195 — CJH 


1412 

13X5 

1401 

1403 +8X1 


MXO 

1407 

1420 

14X0 —0X7 


1423 

1418 

1421 

1424 —0X7 


N.T. 

N.T. 

N.T. 

1435 —0X7 


1432 

1449 

X51 



N.T. 

N.T. 

N.T. 

1459 —0X7 

Est- volume: 42-739 . 

Open Int. 12*157 


Stock Indexes 


dose Change 


Hlsb Law 
FTSE 100 (LIFFE1 
as per Max point 
Jun 3229X 31 SIX mix +1X0 

SS W. ^8 :r 

Est. volume: 1X770. Open Int.: 56706. 

CAC 40 (MATIF) 

Mar 0 * P ° r 2206X0 2212X0 +3X0 

Apr 2241X0 2216X0 tZ223C +3X0 

SET §£$ ^ %% ttss 

tz$ 

Est. volume: 2X324 open int: 70547. 


Sources: Motif . Associated Press, 
London into Financial Futures Qteftanpa. 
mnPotmeum 


Dividends 


Per Ant Par Roc 
IRREGULAR 


- OT Ml 579 

- XKM 3-31 +14 
a 57 3-30 

- 4961 3-31 +29 
_ J5 331 +15 
O .1186 3-30 


Cross Timbers 
Kubota ADR 
Mesa Royalty 
MerpanStn Emerv 
Pioneer El ADR 
o-appra amount per share. 

STOCK 

West Coast Bncp . 10% 3-25 +B 

STOCK SPLIT 
Acm Corp 3 tor 2 spilt 


Am Stores 2 lor 1 split. 

' •' “ 'fiwJspllt. 


Dollar General 5 

INCREASED 

Am Stores Q 

FhJefltv Fed Bncp S 

MerTUl Ccrp a 


74 +1 +]3 

.10 3-31 +15 


+1 +1S 


CORRECTION 


Corporate HI YW 
Corporate Hindi I 
IncaOoo Fd99 
IrxnOcp Fd 2000 
Sr Hllneo Port 
S r Hllnco F ort II 
Corrocttna pay date. 


.1144 3-21 SSI 
-1069 3-21 3-31 

X514 3-21 37) 
HI HI 


X« >21 «) 


>2) 3-31 


REDUCED 

Eouftoble RE Shop O X7 Ml 5-15 
INITIAL 


Sphere Drake 
Dollar General n 


. X3 47+18 
- X5 5-23 6-10 


REGULAR 


Alltonce V/WDIril 
California 51 Bk 
Cascade Not Gas 
Colon lar Inform HP 
Fst Boston Inca 
FstBasfon Strata 
Frontier Insur 
Gaodmark Foods 
Hailwood Energy 
Hondo Motor ADR 
Justin Irxt 
Matsudl Elec 
Mitsubishi Bk 
Rochester Tel 


Sony Corp ADR 
Summit Tx 


JtTxExBd 


TDK Corp ADR 
rittrol Inc 


TechriB 

Templeton Gf Gv 


M .1186 3-31 4-15 
a .ID +15 +H 
Q 74 +15 5-D 
M X58 3-31 +15 
M X6 +4 +15 
M X675 +4 +15 

Q .15 3-30 +20 
Q X5 +15 5-1 

a 70 3-31 5-13 
O ,1316 >39 
Q X4 +28 +6 

b 5815 3-30 
O X392 3-30 
O 405 +15 5-2 

a 735 sao 
Q 71 >31 5-13 
a 735 3-30 
Q 78 +15 +29 
M XS Ml +15 


x-apprOK amount per Nmra. 

-b-tndudes special payment of X905 per ADR. 



U.S. /AT THE CLOSE: 


U.S. Deposit Insurance May be Cut 

1996, the Federal Deposit Insurance Corp. said Tuesday, as its funds are, 
replenished well ahead of schedule. . - 

The FDIC said its Bank Insurance Fund was ! Ukdy 
level of $1.25 for every SIQO of insured dqxrais by 1996- 
mav be too pessimistic, according to Roger LfliSSu, 

research. WhSlSehind reachethe target leveL the FDIC will be able t0 , 
cut the premiums it charges banks to finance the insurance fund. - , 

Banks posted record profits in 1993, benefiting from unproved asset, 
quality and wide spreads on the rates they charged for loans and thosp , 

^Jdtai S^ffinuin of Oticoip, said Tuesday that he expected thfr 
bank’s to improve and its credit rating to continue to strengthen; 

in the next two years. He said he expected most revenue and ea rning s, 
growth to occur w emerging markets, but he added that the company did- 
not have any plans to make major acquisitions in the next couple of years. " 

Mr. Reed raid earnings should be helped by cost controls. He said the. 
bank’s “reputation for being a little sloppy* in its cost controls was- 
“justified,** but added that Citicorp is now “running a tighter shop." Mr.; 
Reed noted that the hank has “coped" with the problems arising from its- 
real wq a*** a pH devdoping-country portfolios. Last Thursday. Moody’s; 
Investors Service Inc. raised its debt ratings on Citicorp while Standard &' 
Poor’s Crap, raised the rating on its senior debt a week ago- 


Tramp to Redo Paramount Building 

NEW YORK (Bloomberg) — A General EectricCo. unit said Tws- 
day it formed a joint venture with Donald J. Tramp's Tramp Organiza- 
tion and the real estate firm Galbreath Co. to redevelop the Paramount. 
Buil ding in Manhattan 

The joint venture will remake the site, formerly known as the Gull &* 
Western Budding, on the southwest corner of Central Park, into luxury 
residential condominiums. GE Investments said. 

GE Investmans is the adviser to the GE Pension Fund, which owns the 
50-story tower. 


Ciba Seeks to Sell Generic Zantac 


LONDON (Combined Dispatches) — A U.S. subsidiary of the Swiss 
chemical giant Gba-Gogy AG is seeking to market a form of Zantac, ff 
treatment for ulcers and a diem version of the world’s top-seilrag drag.' 
according to a statement issued Tuesday by the maker of the drag, Glaxo 
Holdings PLC. ; 

Glaxo said it had been notified that Geneva Phannaceuticals Inc, had! 
filed an application with the U.S. Food and Drag Administration to sell 
the drag beginning in December 1995. It is the first U.S. company to seek; 
permission to sefl generic Zantac. 

Meanwhile, Sandoz Ltd. said that it would sell its new cholesterol drug 


for nearly SO percent less than similar products now on the market The| 
monthly retail cost for the * " ' '* 


most common dosage of the widely used 
den drugs, called HMG-CoA reductase inhibitors, will drop 
ie range of $70 to $80 that Merck & Co. and Bristol-Myers Squibb 
Co. now charge to just over $40 for the Sandoz drug. « 

“This would bring <m a high-level price war," said Heman t Shah, an 
independent pharmaceuticals analyst “Marie and Bristol-Myers are, 
already fighting a price battle with these drugs.” (Reuters, NYT) 


5 Arrests Are Linked to Si 


I In-lfcl Ml 


im 


e associated with Spectrum 


Group, both founded by 
by federal , 


Interest Income Slides 
As Gota Loss Widens 


Agencc France-Presse 

STOCKHOLM — Sweden’s 
Gota Bank, owned by state-con- 
trolled Nordbanken since Decem- 
ber. said Tuesday that it posted an 
operating loss of 13 5 billion kro- 
nor ($2 billion) in 1993, 5 percent 
wider that its 1992 shortfall 
Net interest income plummeted 
53 percent, to 1.72 billion kronor. 
Gota's problem loans, after deduc- 
tions for loan loss provisions, 
amounted to 1.1 billion kronor. 


British Steel to Snub EU Output Meeting 


Reuters 

LONDON — British Steel PLC said on Tuesday 
its chief executive, Brian Moffat, would boycott 
talks between the European Commission and the 
European steel industry as long as the European 
Union allows state subsidies. 

Martin Bangemann, commissioner for industry, 
has called a meeting on Wednesday with European 
private-sector steel companies to discuss a plan to 
cut Europe’s steel- making capacity to restore prof- 
itability. 

“British Steel will not participate in further 


discussions about a capacity reduction plans as 
long as the commission does not act against subsi- 
dies,” a spokesman for the company said. 

British Steel which was privatized in December 
1988, has been a vociferous camp aign er against 
state subsidies to its ailing European rivals. 

In December, Mr. Bangemann struck a deal 
under which state-owned companies in Germany. 


Italy. Portugal and Spain agreed to cut production 
by 5 J nrillion “ 


metric tons. But he afo> allowed 
their respective governments to pay them subsidies 
of S7.7 billion, angering the private sector. 


Bavaria Sells Aerospace 
Stake to Daimler-Benz 


NEW YORK (Reuters) — Five 
Information Technologies Inc. and 

Peter Caserta, an entrep re ne ur , were arrested by federal authorities and 
charged with mail fraud, wire fraud and conspiracy, according to a 
federal complaint. , ‘ 

The complaint said that four executives at Paradigm and one employee 
at Spectrum were arrested at the building shared by the companies in 
Manhasset, New York. Spectrum, an innovator in the field of wireless 
communications, has been the subject of rivil investigations by the 
Securities and Exchange Commission. 

The target of the Tuesday raid was Paradigm, until recently owned by 
Mr. Caserta, Spectrum's founder and president, the company and U.S- 
attorney’s office said. 


Compiled by Our Staff From Dispatches 

MUNICH — The state of Bavar- 
ia said Tuesday it would sell its 8.58 
percent stake in Deutsche Aero- 


For fhe Record 


space AG to parent company 
Daimler-Benz AG fra* 424 mmi 


ion 


Deustche marks ($250 nuDion). 

Edmund Stoiber, Bavaria’s pro-’ 
mice, said the major reason tar the 
sale was Deutsche Aerospace’s re- 
fusal to bold back on plans to slash 
its workforce: 

(Reuters, AFX) 


Travelers Inc. and Metropolitan Life Insurance Co. are considering a , 
joint venture that would merge thor managed health care operations and i 
strengthen their hand in the market, industry sources said. (Reuters) ] 
ConAgra Inc, a major food-processing company, said that net income ! 
in the third quarter rose 14 percent, to S 103.7 mnUon. led by gains in its ■ 
prepared foods uniL (Bloomberg) 4 

Borland International Inc. may spin off a software package' under ■ 
development, said Chairman Philippe Kahn. He said it was considaiiig the ' 
sale of a unit that was developing its Sidddck for Windows communica- ’ 
tions software package. On Monday, Novell Inc. said it would buy* 
Borland's Quattro Pro spreadsheet business for 5145 miHkm. (Bloomberg)] 




WORLD STOCK MARKETS 


Agenra Franc* Pr»M4 Madi22 


Amsterdam 


ABN Amro Hid 67 6670 

ACF HoMIng 5170 5X10 

Aegon 96X0 N 

Ahold 5090 5090 

A to» Nobel 223 21970 

AMEV 7740 7770 

Boto-Wenonen 4070 4ixo 

C5N1 6870 69X0 

DSM 12230 121.90 

Elsevier 14730 17070 

Foldur 15.10 1540 

GIN; Brocades 5X60 5370 

HBG 315 31550 

Helneken 23150 22870 


Hoortovens 6030 6030 
Hunter DowbUh 7730 01 


IHCCatand" 4230 42X0 

jnter Walter 8370 8350 

Inti Nederland 82Jo bijo 

KLM 46.10 4730 

RNPET 4940 49.ro 

NedHoyd 67.80 6870 

Oce Grlntan 8440 8670 

PaUKWI 53X0 5530 

Philips 5250 5450 

Polygram 7750 77 JW 

Robeco 12450 125.10 

Rodamco 62.10 6250 

Roltoco 126 124*0 

RarefrtO _ 9450 94JO 

RovrtJ DuWi 1«55B 197X0 

Stork 47 


.Unilever 205.it) 20530 

an Ommeren 51.10 5L10 


Van 

VNU 17270 17950 

Wowri/KluiMr 113 11190 




Acec-UM 

AG Fin 

Arted 

Barca 

Bekoert 

Cockerl II 

Cobeaa 

Demote 

Electrabe! 

GIB 

GBL 

Gevaert 

Krodhrtbank 

PetroHna 


Brussels 


2610 2630 
2755 Z760 
4*40 *650 
2300 2310 
24275 24475 
189 188 

6120 6140 
1416 1434 
6248 6260 
1615 162D 
4525 4515 
9950 9900 
,7300 7340 
10325 10*00 
..... 3230 3270 

-ItetoB 5730 589) 

SocGen Bonaue 8490 8480 
SocGenBwMaue 27io 2710 

Safina 15200 15100 

Solvav 14825 14875 

Tractettel 10750 I002S 

UCB 2352S 2342S 

l : 764174 



Frankfurt 


AEG 16270 143 

Allianz Hold 2300 2497 

Allano 628 625 

Alto 1050 1090 

BASF 31 9 JO 31 J JO 

Bayer 38150 376 

Bay. Hypo bank 46970 468 

Bay VerabHbk 491 489 

BBC m 151 

BHF Bank 431 433 

BM W 849 850 

Commerzbank 354 353 

Continental 287 283 

Daimler Benz 846 B39 

MS** 

DeuHitoe Bank T9L50795J0 
Dnjgkji 573M&S0 

Dresdner Bank 39739150 
reidmuetue NJL 337 

F Kruto Hoeicfi 208 710 

Harpener 340 359 

Hankel 63350 633 

Hortttef 1095 1093 

HtedOl 33250 331 

Ho Ulna nil 945 M4 

Horton 229 227 

1WKA 396 392 

Kail sate 149 148 

KaiWdt 578 575 

Kauffwf 5135050850 

KHD 15015050 

KtoeckncrWertol44J0143BO 
Unde 862 857 

Lufthansa 39*50 1«* 

MAN 434 434 

MatWto H nann 43342270 

ETSlSic* 

Pooehe fl*o 195 

Pramog 46546550 

PWA 22650 220 

RWE 454 451 

Rhetomelall 33632750 

Sduring 1077 ion 

sel *0150 410 

Stommf nan. 6«6 

Thysaen 267 5Q 26550 

Vorta 360 364 

Vefao 487486X0 

yew 366 360 

Vtao 460 460 

Voiles woaaa 49030 487 

WMIa 860 MS 


Helsinki 


Amer-Yhtyma 

Enso-Gutzelt 

Huirtamakl 

K.O.P. 

Kvmmcne 


Nokia 

PoWola 

.Reooki 

Stockmann 


132 134 

39.1D 39X0 
207 210 
1250 1250 
123 123 

213 711 

400 400 

90 88 

97 97.10 
303 299 


tv&ssfthxsr 


Hong Kong 

BkEasI Asia 307S 2950 
Cartiay Pacfflc 1070 10X0 
OwwaKono 37 37 

Ortna Light pwr 3975 1775 
Dairy Farm into nxq umo 
H ang Luna Dew 14X0 lito 


Hangjeng Bank 5050 4&50 


Land 4375 42J0 

HK Air Eng. 39 3875 
HK China GOT 17X0 1770 
HK Electric 2170 20. 
HK Land 22X0 21. 

HK Realty Trust 2050 19. . 
HSKHoldlnos 91 89 

NKShangHtM 11X0 11 JO 
HK Telecomm 12X0 1220 
HK Ferry sxa 555 

Hutch Whampoa 3050 2950 
HvsanDev 35 

Jordlne MortL . 5350 

Jortflne Sir Hid 2850 27.10 
Kowloon Motor 1110 13 

Mandarin Orient 11X0 10.10 
Miramar Hotel 23 23X0 
New World Dev 27X0 26X0 
SHK Pram 52 5050 

StoJux 453 4X5 

SmlraPocA 5250 50 

Tai Owtms PrPS 11 jo 11 JO 
TVE 350 350 

Wrort Hold 28X0 27X0 
Wing On Co Inti 12 11X0 
WfeHOT Ind. 1 1X0 11.10 




Johannesburg 

AECI 
Altech 
Angle Amer 


Barlows 
Bivveor 
Buffet* 

De Beers 

DTlefonteln 

Gencor 

GF5A 

Harmony 

HjoiWrtd Steel 

Kloof 

NedbankGre 
wandtonte ln 
Rusnkrt 
SA, Brews 
St Helena 
Sosol 
Weltom 
Western Deee 


21 21J5 
90 94 

21950 220 

32JS 3250 


9J5 9J5 


NA 

>071 

56JS 555 

^ Js 

48X5 
28JS 

4650 

85 8450 
91 9150 
43 46 

2350 24 

43 4250 
200 198 

: 522451 


London 


Abbey Nato 
Allied lim 


4X1 

6.18 


** 


Aravfi ( 

Brit Poods 


255 
5X3 

s-. 10X3 

BAe 5.13 

Bank Scotland 1.91 


478 

6.12 

2.97 


Baden 


Boots 

Bowler 

BP 

Brit Airways 
Brit Gas 
Brit Steal 
Br^Tele c oni 

CtokWln 
Cadbury Sdi 
Co radon 
Coats vtyeiia 
Comm Union 

CoortauWs 

ECC Graug 
enterprise Oil 
Eurotunnel 
F Isons 
Forte 
GEC 
ilAcc 


5X3 

556 


5J6 

10.15 

5X7 

151 


523 


1JO 

242 

7X0 

5X1 

450 

357 

4X4 

107 

1X2 


Grand Met 

GRE 

Guinness 

GUS 

Hanson 

Hlltsdown 

HSBC HUss 


3X2 

4XS 

452 

353 

130 

5J7 

5X0 

5L17 

4.15 

sxo 

1X3 

2X1 

3J6 

6X0 

6l5B 

<70 

151 

<90 

US 


1X9 

t-95 


1X9 

849 

7.13 
5X5 
<90 
170 
4X0 
80S 
1X3 
<09 
3X1 
<25 
45* 
190 
252 
&75 
5X5 

5.13 
<12 
5X5 
1X1 
2X2 
101 

6.13 
6J1 
4X0 

151 
<87 
5X8 
2X2 
1.71 , 
7X9 J 


date Prev. 


IC1 

Inchcooe 
Klmfldier 
Lodbrofctt 
Land Sec 

Laporfe 

Lasma 

Legal Gen Grp 
Lloyds Bank 
Marks SP 
ME PC 
Nan power 
Natwest 

NltiWsI Water 
Pearson 
P 60 
PHMngton 

Power Gen 
Prudential 
Rank Ora 
RecklttCol 

Redkmd 
Reed Inti 
Reuters 
RMC Group 
Rolls Royce 
Rottunn (unit) 
Row) Scot 

Salisbury 
Soot Kewcas 
Scot Power 


8X7 

553 

5.70 

2DS 

6X2 

AID 

1X8 

5X5 

168 

<21 

<75 

4X6 

4X3 

5X1 

625 

6X9 

153 

5X2 

3X1 

<13 

6X7 

5X1 


7X2 

554 

5X8 

2JS 


6X3 

7.9S 

1X0 

<98 

5X0 

<12 

<82 

<69 

<70 

5X3 


20X* 

9X0 

150 

<08 

<17 

BAS 


<72 

1.9* 

5X9 

3X3 

<12 

<27 

5X4 

<45 

20.15 

9X8 

152 

<10 

<30 


Severn Trent 
Shell 
Slebe 

Srnim Nephew 
SmRflKIIAe B 
Smith (WHJ 
Sun Alliance 
TateS, L vie 
Tesco 
Thorn EMI 
Tomkins 
TSB Group 
Unilever 
Utd Biscuits 
VoAifone __ 
WwL«in3W 
Wellcome 

WhKtjread 

Williams Hdss 3X7 
WWiCorraOR 2X1 
F.T.381od*=4ijm<99 


5X7 

353 

1.17 
5X8 
6X4 
5X2 
1X3 
<03 

5.18 
2X1 
4X5 
2X2 

11X8 

2X2 

2X3 

10X2 

257 

5X6 


354 

iXS 

3X3 

1.16 

161 

<68 

557 

1X2 


6X0 

5X7 


<13 

3X9 

<26 

228 

11.10 

250 

2X8 

10X7 

351 

5J0 

45.94 

<25 

5X6 

3X5 

231 


1 : 3281 Xe 


Madrid 


BBV 3215 3190 

Ben Central H Iso. 28BS 2850 
Banco Santander 6810 6840 
CEPSA 2990 2960 

2*00 a*ro 
7460 7430 
161 154 

1000 1020 
4680 4675 
3990 3970 
1855 1855 

is«r!W s " 


En 

Ercros 
Iberdrola I 

Q-fVM) 

KCPIOf 

Tabocalera 

Telefonica 


Milan 

Bang: Comm 5690 5632 
BastooJ 80 B0J5 

Benetton grow 36600 26800 

NJL — 
2400 2364 
2460 24S1 
2440 2470 
1785 1788 
795 790 

5000 4920 
1975 I960 
38105 37890 
20420 19905 
12299 11650 


Clgo 
£ IR 

Credltol 

ErUchsm 

Fertln 

FerflnRIsp 

Fkrt5PA 

Finmeccanica 


j^neran 

jgsr 

Itomatiiiiara 


Olivetti 

Pirelli 

R AS 

Rlnascenta 
Satoem 



Son Paolo Torino 10300 1__ 
SIP *420 n* 

SMB W Sm 

Snto ,2012 1710 

StondO 33930 34200 

5 1«» 4960 4874 

Taro Ass! RJ» 25900 25800 




Montreal 


Alcan Aluminum 34 33K 
Bank Man treaJ 2M 28 
Bell Canada S 51te 

BombartUerB 22+, 22* 

Cambfar 20te 20te 

Coscooes 7te 7te 

Dominion Text A Bte Bte 
Donohue A . 27te ZP* 

MacMUtan Bi 22te 

Nall Bk Canada 
Power Cora. 

Quebec Tel 
A 


itassf 0 '* 

Vtoeotron 


101k 10 

23 23 

22U 22te 
21 IA 21te 
21 ’4 site 
zb* z»t 
see 6« 
16U i6te 


Paris 


Accor 730 732 

Air LtauMe 860 857 

Alartet A Whom 713 717 

Axa 1341 1377 

B<mcairo (Cle) 416 610 

BIC 1350 12M 

BNP Z51X0 254X0 

Bauygues 715 715 

B5N-GD B92 896 

Carretour 4100 4176 

CCF. 243X0 247.10 

Ctrus 140 740 

Chorgeurs 1499 1522 

Omcirts Franc 378 371 

Club Med 414 41 <50 

EKAaultolne 409X0 406. 4C 

EM-Sanofl 1080 1090 

Euro Disney 36X3 34.70 

Gen. Eaux 2676 2674 

HOVOS 475XO 480 

l metal ill 622 

Lafarge Coppee 466X0 *63X0 

Legrand 6170 4J70 

Lyon. Eaux 577 599 


Oreol |L‘) 1264 1273 


L.VM.H. 877 860 

Matro-Hoeftefto 136X0 730.10 

Mlchelln B 26450 263 

Moulinex 14750 14750 

Paribas 478 48150 

PechlneY InH 19050 193 

Pernod- Rl card 40330 Jta 

Peugeot B74 B63 

ffiSJKI % ss 

Rh-POulencA 147 14850 

Raff. Sf. Louis 1745 1744 

Rodoute (Lai 869 864 

Safnt Gobatn 470 672 

<£B. 554 563 

5 to Genera le 643 650 

Suez 351X0 33310 

ThomswFCSF lM5019a3t 
Total 329X0 32* 

U-A_P. 189.90 JB9XC 

Vateo 1358 1371 


%Z8£*5*2 


Sao Paulo 


Barcode Brasil 2060 18X9 
Banespo 10 950 

Brodesca 14 7250 

Brahma ITS 200 

Parana panemo pxo 1750 
Petrobros 155 143 

Tele bras yeo 24 Jg 

Vote BIO DOCO 8250 
VttrfO NA 149 


:US3S 


Singapore 

7 

aty Dev. 6J3 6X5 

DBS 70JU IQXO 

Fraser Neavs 15X0 15X0 

GerrtUrg 75J0 1 4^7 

Golden Hop, P[ 'irt 'IS 

How Par 104 112 

Hume Industries ~ 


KLKe 


Uuw ChnS 

Mato^on Banks 

OUB 
DUE 


Shongrlla 
|J me Derby 

Store Land 



&^ass m 22 ss 


UOL 

SSS5 TI 


1X8 1X9 
: 204SLM 


Stockholm 

AGA 
Asea A 
Astra A 
Attas Gooco 
fJwrtroluii B 
Ericsson 
EWIT+A 
H todelab gnfcen 
Investor B 
Norsk Hydro 
Proasrtto af 
IH lftB 
SCA-A 
3-E Banken 

RP"- 

Stem 

TreUtoareSF 
Volvo 
Alio 


3te 406 
615 618 

IM 166 


387 394 

257 357 

111 109 

779 ft 

IS 129 
129 131 

5150 57 

JS 154 
201 201 
139 136 

420 <24 

« 5750 
648 648 


S5 


Sydney 


Amcor 
ANZ 
BHP 
Boral 

Bougainville 

QHesMver 

Coma Ico 

CRA 

CSR 

Fosters Brew 
Goodman Field 
ICI Australia 
Maori km 
MIM 

Nat Aust Bank 
News Carp 
Nino Network 

N Broken Hill 

Poc Dunlon 
Pioni 


9X4 9J4 
3.1S 5.15 
17.10 17.V4 
<14 <13 
0X8 M9 
<90 4JU 
<88 4X0 
17X8 17X2 
<73 <70 
1X5 1X1 
1 X 0 L 61 
11X0 10X0 
Z10 2.10 

3.12 xn 

11X2 11X6 
9X2 9X8 


5.1, 5X9 


Into 


Kmndy Posetocn 
ct Resources 


350 _ 

5X4 5X7 
107 114 




sanrus 
TNT 

Western Mining .... 

82S5.Bank.no Xg 5 g 


1X3 
<08 <03 

2.15 116 

7.15 7JJ8 


Close Prev. 


47V* 4756 
<60 <60 
lh Bte 
<65 <65 
21 21te 
Z3W> 23te 
033 035 


Tokyo 

Akd Elecfr 
AsoW Chemlcol 
Asohl Glass 1 

nrtdrrStnnn 70 r 

anagesrone ?: 

Canon II 

Casio 


Canodlan Pacific 23+. zn 
C an Tir e A 12 12te 

Cantor 
Cara 

CCL ind B 
Clneplex 
Corn Inca 
ComwsJExpl 
Dentsor Min B 
Dtokenson Min A Bln 8te 
Dofaseo 24te 24te 

DVtoXA H83 0X3 

Echo Bov Mtoes 17te late 
equity Silver A 0X9 8.99 
FCA InH 3X0 

Fed ind A 7te 7te 

Fletcher Chon A 21te ZJte 
FPI J 

Centra 0J6 057 

GoWCorp 12te IZtb 

Gulf Ctto Res 4V, 430 
Hoes Inti 16 T6te 

Hem la Gfd Mines 14 1356 
Hoi Unger I6te )6te 

Horsham i9te i9Vi 

Hudson ’s Bay sow 30te 
Imasco 
Inco 

Irrferprov pipe 
Janciod; 

Latxrtt 
Lofttaw Co 
Mockenrie 
Magna inttA 
Maple Leaf 
Maritime 


Dal N topc^Prlrtf 1888 11 


Dohva House 1618 
Dalwa Securities 1610 


Faeroe 

Rjjl Photo 
Fujitsu 
Hitachi 
Hitachi Cable 


Uo Yokado 
Itochu 

Japan Airlines 
Kallma 
Kansal Power 

ZZXPS***** 

Kirin Brewery 

Komatsu 
Kubota 

Kyocera 

Matsu Elec Inds 1778 1800 

iSHMrar 11,9 

Mitsubishi Hev 


490 
607 613 

676 695 




772 
955 952 

2088 2190 
1110 1110 


and Co 

MltSUkONlI 
Mitsumi 

NBC 

NCR insulators 1108 iioa 
Nlkto Securities 12BD T’ 
Nippon Kogaku 
NBpanOll 
Nippon Steel 
N K r«en 

Olympus Optical 1088 1090 


imo i__. 

729 725 

350 354 

539 531 

884 889 


803 82B 

.519 

1710 1740 
700 717 

2130 2170 
6100 6290 
2170 - 


Ricoh 
Sanyo Elec 
Sharp 
SWmazu 
Shlnetsu atom 

MV 

Sumitomo Bk 

Sumitomo Chem 475 478 

Suail Marino 923 915 
Sumttomo Metal 274 283 

Talsel Carp 662 663 

TatshO Marine 835 840 

Tokeda Chem 12W 1300 
TDK <350 4440 

Tellln 474 448 

Tokyo Marine ino ]« 
Tokyo Elec Pw 3»B 3370 
Tapoen Print! no 1360 1340 
TortJV Ind. 680 684 

Tcahlba 790 303 

Toyota 2048 2060 

Yametehl Sec 900 fra 
o:* 70S 


ISte lBte 
IMS 1 a 
7te 7Yl 


Toronto 

AbiWI Price 

itf&zsr ~ ... 

Alberta Energy 209k 2Dte 
Am Barr kk Res 34Vk 33te 
BCE _ 52 Site 

Bk Nova Scotia 

SggSrom 

OF ReottvHds 
Bromatea 
BranewiA 
CAE 
Camdev 
CISC 


. x 2 m 

ISte 15te 
»te 2*H 
inn I'm 
(U7 0X7 
P4 9te 
tte 6te 
4X0 <90 
36te 34te 


3fte xn 
35te 35te 
21 te 31te 
3156 21 te 
21H 21te 
25% 25te 

12 T2 
72 7156 

13 12te 
2616 26 

.. 8V% W 

MocLeon Hunter 1716 17V, 
MofSonA 27te 27 

Roma Ind A 6te 6te 

Noronda Inc 
Norondo Forest 
Norcen Energy .. .. 
Nthem TelecDin 42V. 41 te 
Nava Cora Mte Kite 
Oshawa 
Pogurln A 
Ptaeer Dome 
Poeo Petroleum 
pwa corp 


26>6 26te 
13te 14 
15 1454 


Renaissance 

RogersB 

Rothmans 


2754 22 te 
3U 3X9 
33te 32V. 
10 V 6 10 

UJ8 1.10 
18 17te 
30te 305% 
2316 23V. 
S4te 84 


Royal Bank Can 29«i 


Scartre Res 

Scoffs Hosp 

Seagram 
Sears Can 
Shell Can 
Sherrttt Gordon 

SH LSyst emtee 

Southern 


13 


swcqa 


4116 41 

Bte 8 
38=6 3W 

12te 13 
low tote 

2016 19te 
IB ltte 
9te — 


Tails rrron Energ 32 n 32)6 


25% 2SU 
181k Ute 
2256 TM 
255k 2551 
1551 ISte 
1956 1991 
4te 4X5 
1756 17te 
0X7 0X9 
1X0 Ite 

mmtmur* 


TeckB 
T homson News 
Toronto Damn 
Tarstar B 
TransaftoUtfl 
TronsCda Pipe 
TrjtonFlnlA 

TrtoecA 
Unlcora Energy 


Zurich 


636 621 

3930 3910 
1310 1260 


865 550 

927 931 

440 430 

T233 1223 


Ada InH B 2*0 236 

Alusutsse Bnew 655 454 

BBC Bran Bov B 1218 12*4 

aba Gefgv B ws 849 

CS Ho I dines B 
EimktrowB 
Fischer B 
Inlertrtscourtl B 
Jelmalia 
LandlsGvr R 
Moevenpfck B 

Nestle R 

Oerllk. Buehrie R 163 141 

ftSift 

Safra Rooutjhc 125 130 

Sandoz S 3900 3870 

Schindler B 77*0 TWO 

Stdzer PC 1007 1000 

SurvemanceB 2173 2185 
Swiss Br* Cora B 412 *11 
S wlee Re toeur K 5* 6ffl 
Swfssah- R 780 790 

UBS B 1>87 1195 

Winterthur B .718 ^g5 


Zurich Ass B 


1338 




H*S 


iatesflr lal Itm: 
05 437437 


U.S. FUTURES 


Via Anodatsd Ftou 


Modi 22 


Season season 
rtoh Low 


Open HWi Law Close Qig OoJnt 


Grains 


WHEAT (CBOT) SjBaeunpwnwn-i 

xf*vi iaa mot to 3J1 sjiu izsv, 
1X2 3X0 May M Uite 3X61* 129% 

156 2.96 JX9* 3X451 3X551 320 

15P4 102 Sep 9* 3X651 3X7% 1Z2 Vi 

165 109 Dec 9* 3X* 1X556 13156 

156 V, 134 Mir 95 135V, 3J6 13556 

342*4 3.11 Jal 95 118 3.18 111 

Est. use. HUDO Man’s setos 5.137 
Mon’s opon Inl 44763 Off 274 
WHEAT (KBOT) UebunMnan-Mnn 
192 19* Nor 94 3A4W 1449, XW 

1)955 2.98 MoyMlS* 3X4 128 

IS 2X7 JINGO ISC'* 1245V ITfte 

1BV, 1X2 V, 50394 126 U6 122V, 
140 1I2+DOC94 3X2 13254 1295* 

ISJte 3X3 Mar 95 
ESLstoes NA Mart. soles 2X58 
Nto’se eenW. 33*656 MS 161 
CORN (CBOT) IM WWwP ; 
in 3 * 2X276 MOT 94 2X955 230 2X8 

1161* 2Xav,Moy9* 2X5 2X55* 2X2 V, 

11655 141 JUI94 2X8% 2X9 116 

19251 2.40 V, SeP 9* 1)6 2X656 2)4 

17356 2J6WOKM 1675* 163% Z4TV4 
179V, 3X35S MorfS 2X9 2X95* 16756 

2X2 1055 May 95 1715* 2X2% 2X1 

2X35* ugv,jul95 2X456 L745* 2X356 
2J8W 15) Dec 91 253 153 IS 

Est sates 35X00 Mon’s, sales 79/41 
Mon-sopenml 226J27 op 272 
SCTTBEANS (CBCJT1 MWkuri**num-i 


125V, -aawi is) 
1SW-0JP I6JW 


32SV,— CJ1S 
111 -0X5 


140 -OJDSVi 
128% -0X6% 9.9* 
3X0 —0X5 KL7C 
122% -eM 1023 
3X956-0X3% 1X53 
132%— 0XTA IU 


19X64 

1348 

978 May 94 

1212 

1247 


1345 

999 Art 94 

1229 

1272 

PTl 

1377 

10205994 

1340 

1281 


1388 

10*1 Deeto 

1*93 

1327 

11 

1382 

1077 Mir 95 

1330 

13» 


1400 

III] May *5 

UJ0 

13® 


1407 

1225 Ju! 95 




1350 

1273 Sep 9S 



_»< 

1*37 

1336 Dec 95 




2XB56 — 9X056 791 
18256-0X3 11 <199 
2X6% — 0X256 115X02 

2X456-0X216 2<866 

24157—0014* 60*27 

267V,_Oa25* 4X11 

2X157-0015* 336 

2X3%-Om5* 1X41 
152 -0X1 85* 


6J0 

<555* 

6X154 

663V* 

663 

6X816 


5X95* Alar 94 6X757 6X9V5 6A5V, 
5.9256 MOV M 6M 6X016 0855* 
5X*ViJu<94 6X95* <915* 6165* 
<B Al* 94 6X2% <84% <80 
<17 S*p94 664% <6656 
5X55*N0V9I 6515* 63* 
<18V*JW95 <575* <99 
<42 Mflr95 6X3 6X3 

<51 MOV95464 <6* 

6X25*Jul9S 6X4 66* 

5X1 *J No* 95 6X2 6fl 

ErtLSBtes 3LOOO Mon-6 srtes 3L1B 
Mcn-iapenw I MJP3 art IDS 
SOYBEAN MEAL (0807) 

237 JC 1I5XOMCT94 T92X0 19100 191X0 

ISSJJMOY 94 194X3 194X0 19170 

T5UX0JU9* 195X0 19530 19050 

1B9X0AM«* '94X5 194X0 193X0 

18<70 Sip 9* 192X0 11250 172X0 

I87.10fW9« WOTD 19070 19050 

<60 Dec 94 189X0 19000 1B920 

166X0 JOT 93 II9JB 190X0 167X0 

187X0 MOT 95 19050 190J0 1B9X0 

. 192JBMOVW 190X0 ttoXO 188X0 

EN.sdes 12X00 Mon’s, tow 13X55 
MOT'S Open fnt 80X35 up 11 
SOYBEAN OK. (CBOT) BXtote- fPnpvli 
30J3 21.13 MOT 9i 29.15 29X3 79X8 

30X5 21 JG Mar 9* 29X8 27.3 28X6 

2950 71^JU« 29X5 29.11 2BX1 

2720 2165AOT94 2062 2852 28J8 

28X0 22X05ep« 2S.® KM V.70 

27X5 22.100094 27X0 27X) 27.12 

2690 OJODeCM 26X7 26X0 26X5 

2666 22X3 Jot 93 26X2 26X2 26X5 

26X5 25X0 MOT 95 26X0 2648 2430 

2610 SSXOMo y« 

Esl sales isxoo Man^eefa T 3.923 
MorttooenW HM> eft en 


6 BTA rOXO’X 
6X6 —0X2% 58X92 
6X65* —0X254 47-791 
680%— 0X2 7X80 

4XJV,-afll\4 +133 
63016-0X2% 31.236 
<55% —0X216 2X37 
<6119—0X1% 465 

6X3V*-0JH 
643 -0X2 256 

6X2 1,022 


232X0 

230X0 

men 

210X0 

W 

200X0 

194X0 

172X0 


193X0 -ax 407 
WHO -0X0 29476 
1MJ0 —0X0 25,109 
1M.1Q — QJ® 7X« 
19250 — 0L20 6773 
1902V *0X1 3XH 

18970 6753 

189X0 — <10 900 

189.® *0.10 34 

18<80 +8X0 11 


27.17 


2645 

26X0 

2615 


♦an so 

-0.19 33X71 
— 0-16 27X34 
-0.15 <108 

—0X612,715 

— 0X9 1X9* 
-0.10 65 

—O.IS 3 


Livestock 


CATTLE (CMER) 40xbow^obmm 
SUi 73X0 Apr 94 75X5 76X0 

75X7 71 73 JOT «4 7190 74X5 

TUB TSXOAlflM 72X5 72.92 

7607 7UB00 94 76C 7XB0 

74X0 72X5DBC94 2170 74X5 

7623 7X00 FW, 95 71X2 7143 

7110 . TIBAprH 

NA. Ms n's.Btoe 9x27 
ros 


75X7 

73X5 

72® 

73X7 

7170 

7153 


7677 

74X7 

73X5 

7170 

74JB 


3S 


*0JB 34JS7 
*030 24X27 
*033 12X94 
♦025 9J22 
*035 2X30 
*021 1,170 


6533 79J2MarM 81.17 81^ 81.15 81 


B1J5 

2920 Apr 94 06*0 5137 

14® 7670 MOV to 80LB (130 

81X0 79JSAUJ9* 8147 81X5 

81 JO 79J8SOPW 60J5 BIJO 

6135 7T30M94 Btl® 8047 

3830 77X5 Nnv 94 BUS 8132 

1050 7930 Jan 96 __ 

Ert.sdes KA. MOrTvsoka 1X79 
MerT»seenM 12X*6 off <7 
MOOS (cmerj roa+Mw* 

51.92 3937 AorW 4642 47 SO 

5627 <537 Jun 94 5190 5197 

55.37 45JBJUIM 5120 5140 

5140 4635 Aug 94 5133 5130 

4975 43XOOQ9* 47 A) 47X0 

5050 4139 Dec 9* 48X5 40X5 

SUB 4330 Fet, W 4830 4670 

48X0 4690 Aar 95 4640 46X0 

51 JO 56 10 Jun 95 

EAseMm MA Mon's. nMs 4AU 
Mon'SOewiM 31J93 up 814 
PORK BELLIES (OrtER) AkOto-a 
M.9J 1660 Mot 9* 025 55X0 

61J0 ALHMoyM 5SJ0 5537 

6330 8930 JM 94 55X0 5629 

5938 4230 Aug 94 53JD 54X0 

01.15 39.10Flb9S 5050 SSS 

5570 583DMor9S 

<130 . 59.90 May 9S 

E9. WMs NA Mo+6 
M on’S wnW 10X50 i 


8132 

8072 


81X5 

81.12 

17X2 

8IJS 

BIJO 


BIJO 

80J0. 


*640 2X9 
*645 442 

♦0X8 543 

*0JD 227 
12 


4675 
53X5 
SL05 
51X5 
40 J2 
4610 


4695 

3195 

5325 

5137 

47X9 


£3 

n 


*600 9X12 
—602 11763 
-602 1512 
-035 2,714 
-610 1X99 
—610 2,1V 
—630 ZJ9 


68X0 SXO 
SSJ0 5535 
SUB 5610 
5130 5175 

SLSB 5655 
5625 


*0X0 


♦0X5 
+038 190 
*619 

-631 


1X77 


1 


Food 


9650 
87 JO 


UxsMayW 

6C90JUIM 


9130 77.1DDSC94 0610 UN 

82 JS 76HMOT91 VM VXD 

87 JO B2J0M3yfS B65D 1658 

8730 KJBJulK 

Est. idles 10X89 MOfrt. tries 37S 


ntn 

8290 

♦ Lis sum 

83X5 

HZ 

*1.15 1130* 

tut 

BUS 

+ 1X5 


VS 

BASS 

+ 1.15 


sxo 

87X5 

+125 

Lllfe 

BBJ9 

88X8 

+ I2S 

(51 


8925 

♦1J0 

3 


Season 

Seasm 




Htgn 

Law 

Open 

NWS 

Low 

Man’s open int 54X70 

UP 43 


SUCAR-WDRLD 11 (NCSE) 


12X7 

830 May 94 

)1J3 

1222 

12.10 

1230 

9.1S Jlrt 94 

I2JI 

12J7 

1227 

1195 

9X2 Orito 

1 1-79 

11X5 

I1J7 

1132 

9.5? MOT 95 

IU8 

51X0 

55J5 

11X8 

1037 May 95 11 J4 

11-34 

11J4 

11X2 

1637 Jul 95 

11J0 

1132 

11 JO 

110 

1 037 Oct 95 





Close Chg OpJrrt 


Est. cries HJ24 Man's, sates 9X71 
Mot's open *0 143X25 UP 1084 
COCOA (NCSE) emanctas-iwla 


12.14 
1223 
1132 
55 at 
11JS 
1122 
1138 


+ 605 <179* 
+606 3573* 
+0X5 30,119 
+604 TU4I 
+0X4 1715 
*6X7 1388 
+0X5 


1212 

1239 

1260 

1213 

1330 

1358 


Est soles 7.753 Marts, sates <167 
Marts apenW *6117 ofl 35* 
ORANGEJUICE (NCT70 IMb,mw 
135X0 0930MayM 111 JO 1113D MILE 
10UOJU94 11X70 11135 113.10 
laSJBSepM 11570 11650 11535 
16600NMM 5500 11650 113JD 
) dSl JOT 95 IK73 11475 11410 
f _ 10600 Mot 95 11605 I1<05 11575 

Ett.srias NA Mot's, soles L599 
MorrtsapenW 19X44 ofl 325 


1343 

1270 

1288 

1320 

1357 

1377 

1397 

1414 

MV 


+ 20 39X93 
+22 19X24 
*14 9295 
+ 18 6522 
+20 9X25 
+20 <354 
+20 3X14 
+20 <81 
+3D 205 


13600 

T34J0 

51600 

IXUO 

13435 


11030 

11X45 

11625 

55635 

11475 

11435 


+030 6,144 
+605 6478 
—635 2.130 
♦036 1JD» 
+ 033 1306 
+035 195 


Metals 


W GRADE COCPBl fNOMX) ssA00t» 

107 JO 7100 Ma 9* 9135 9)35 91.10 

7650 Apr 94 *1X8 “ ' 

7330 May 9* 91 JO 

76T0Jun»* 91.10 

7620 JUlM 9070 

7490 Sao 94 9645 
7575 Dec 9* 9670 
7690 Jot 95 

TMJFebTS 
4270 Mar 95 90X0 


9335 

10270 

9170 

102.95 

10130 

101 JO 

8970 

9730 

9275 

9170 

9075 

9TJS 

7175 

8930 


9135 

*1X0 n.n 91.10 

9170 9690 9690 
91.10 91.10 9070 

91X5 90J0 96B 

9030 96* 90X0 

9078 9030 9035 

96* 
90LS 

98X0 90X0 9075 


90JO 

91X0 


9135 


9650 9035 
*070 9035 
9650 
91.10 
9035 
9630 
9770 
9130 


534J 

s«o 

5433 

5460 

MM 

5723 

544X 

572J 

58*3 

5960 

545X 


7685 MOV 95 9650 

7600JK9S 91X0 
75JBAU095 
79.10 5*j, 95 

75700(595 

7775 Nov 95 
8630 Dec 93 
Junto . 

Ed. salts moo Mot’l sates 1X903 
Mot's open Int 71,145 off 10* 

~ .VER CNCMX) MNNis-mnM'twa. 

3MXMOT9* MU 34X0 5415 559J 

yixSSy'to 5*65 SOX 5410 MTJ 
27133484 5*93 5*60 54*3 5465 

37655w>9* 559.0 S72J 5»3 5493 

JBOODeett 5460 5770 5400 5762 

am 3 Jot 95 jt&o 

41 <5 Mar 95 5760 51X0 5760 5861 

4183 Mav 95 5733 574X 5733 5863 
4703 Jal 95 5997 

4*2XS*p95 5977 

5393DOC9S 407X 

Jot 94 MM 

Ed. sales rn.ooo Monkeries 7756 
MoOTs open ft* 

FLATMIM OtMBt) Kyww^MtorsiwhvraL 

3H38ADrM KHJ0 *0638 0470 40690 

25730 Jm 94 0650 40930 04J9 «670 

412X0 34600 Oct 94 40730 409JO 0730 4Q770 

4T230 2*30Jan9S 409.00 40930 JQ9J0 0770 

414X0 3B6q0Apr9S 409.08 409X0 09X0 09.10 

EAsrias 3X72 Mon's. sries 2X77 
Man's open Inf 21X98 ua 313 
OOU> G4CMXJ wn>^Mngr»gL 

37 110 Mar 94 3760 374X0 376X0 38970 

41650 XBJOAor 94 387X0 39650 38&40 38970 

39600 378J0 May 94 39690 

41 7 JO 3390 Jun 94 38930 39U0 38670 39X10 

41600 241 30 Aug 94 39270 395X0 3*130 39640 

417X0 3*600 OtfM 395X0 397 JO 39XX0 377 JB 

42650 3«X0Dw:to 3*7X0 0130 3*7X0 39930 

411X0 36X»FOT9S 0270 

417X0 54*30 Apr 95 407X0 407X0 407X0 404X0 

341 JO Jun 95 09.10 

41230 3S658Awg*S 412JD 

413J0 41 620 Oct 95 41570 

_ 40200Dec95 41870 416)0 41430 419.10 

Es t s ate* suoo Moots, srias 18X00 
MOOTS epWlM 145X11 UP 739 


+635 2J55 
+ 075 1X90 
+030 42X38 
*625 994 

+0J5 12X44 
+ 635 1971 
+ 070 3,7» 
‘OJS T04 

♦ 625 25 

+ 030 1349 

+650 02 

♦ 030 480 

+ 0X0 408 

*030 284 

♦ 0JO 179 

+ 075 172 

+650 IT* 
+030 


843 


+ 17J 

♦ 17 J 

+ 17J 

♦ I7X 17X57 

♦ 173 5X25 
+ I7X 9,747 
+ 17X 
*173 5X8 
+160 
+ 163 
+ 164 
+ 164 1,108 
+ 164 


*190 9,115 
+3X0 10X85 
+3X0 IJT7 
+1H S74 

+X0 907 


+10 

+3X0 56778 
+330 

+330 4X170 
+ 330 7708 
+330 4JM 
+ 150 11343 
+158 1091 
+ 330 33*3 
+330 3747 
+ 140 
*190 

*3)0 3X01 


Financial 


'met no pot 
*1X» 9539 

9578 95X4 

95X* 9532 


9608 +607 37,994 

9176 +610 <447 

95X2 +610 109 

9512 +605 31 


U5T.BLLS (CMSU 
9676 953* Junto 94X0 

*4X8 95X3 Sep M 99X4 

9610 9571 Dec to 9972 

MOT 95 

. . . .. <39* MOTS, uses US 

Man’s open M <7703 UP 9809 

S^TREAajRY iqWTI MI M W U rtUBWIIIPW 

“or 94106^0 108-12 107-305 107-35- 015 18X23 

,B7 -* 5 IIMS5 )»-»+ IB 170X78 
110-195106-29 Sea to 184-31+ 155 435 

Ed.sdto 5X300 Moots. sales 36996 
Man’s open bn 197.934 stiji" 

lawn .auwMptoUMewro 
1 16-07 1QHH MflrQlOMO 109.17 1QLO0 IDMII 3Q.1 AM 

j'Hj + ~ 

10-00 187-84 104X1 107-24 + 

Util JSJil Dec Ml 06-07 107-01 1044P 1001 + 
ril-0 .185-30 MOT 95105-16 104-11 MJ-14 104-11 + 

Bt.ido io<io* Man's, eatee nxi 

X&ssrxsEu ss&g&i 


vmU t tSTZt * IUOUK (BfKf-SIOMnMfikX 

MN-33 I0M» MB.1I * 

JOT 94 104-09 109-14 lOMrt 109-15 +1 
JltS Jf- 7 SOTto 10-14 108-19 10-0 108-19 +1 
J.tS ,S"1! g«c to10-oa lOB-OI 104-24 10841 +10 
ntn Sic « or « , °4.le 10-11 184-13 10-11 +]ffl 

M5-T9 98-15 Jun 95 10&-B +102 

112-15 104-29 Sep 9$ + n 

Slinks? 7 ” iSfi +i5 

vJSFTfy'?*® (CBOT) 58BrtopXb4BWrt0 
95-31 94-14 95-31 W-li + 17 

1257 to-30 95-22 + K 

94-73 to-D 94-03 ♦ 25 

Ed. sates 7X00 MOT y sates 6993 

SS^Sg". 1 ^- 3 * 15 * off « 

“"OOOLl-ARS ICMBu simeemesarinpa. 



Sevan Season 

Mgh uw 


Open Hgh Low Close Chg OpJnl 


— 58 JM 10 

—to sm 

-* 33 


552 222*"!! 552 5"° * SJSD n£ * 3 ♦tosoltto 

S52 252S 1 ?- 512 5®° w,so WJ8 ° +«® ^7-329 

522 22^122*2 522 5*® **• ■+im2buoi 

522 2^?2'^ or ” 5*5 5 *« math +i»3«3i3 

2222 2f22?* , 5 »fP 0 • t3J0 M - ,a tux +110193,13? 

tojm 9U56SBP95 DM Wtta 96M0 94XBD +12010X31 

JH2 *HiS 72310 93x40 mm +120121x15 

5™. Wjgjjy” 93X00 9370 93X00 *370 +120T04XB9 
EdjriH 439,761 MoOTLsates 311X29 
MOTscp OTW 2X4B.97B UP 3338 
BRTT>9f POUND [CMER) SOTpauna- 1 PoWeaualiSariei 
1-38* 1X000 Mar to 1X820 1X830 1X800 1X78* 

V222 '•£”i un 5 1X800 1X834 

IX9M 1X40 Sep 54 7X806 

1X950 1.4500 Dec to 1X7*0 

Ea.irie« 12X84 MOOTS, irias 19X74 
MoOTsooenlnf 25X73 at! «2 
CANADfAJ* DOLLAR (CMERJ soe, Wr. 1 doWm, 

68712 07269 Marto 67245 07745 673*5 072*9 

67805 6790 Junto 07301 67329 07285 07*U 

255 2^S22SP W 0JX °- 7295 07274 07280 
67670 67274 Dec to 07289 0720 672SB 07244 

07522 0.7250 Jot 95 67231 

teiiWA 4 " 

65133 D 5607 Jan W 6508 D3935 D3B80 03907 
«SBB« 03911 65877 65886 
65910 0.5590 Doc to 65877 

+4 47X29 

+s i« 

Ert: sates «.!» MOT'S. sates 15.594 
MoOTsopenln) »J)e9 ofl 304 

j®®) t p erteniL- i WW4 — B0I 

°-7ra5 ax*72 64995 +W 32X57 
“-7086 OMOOSeoW 07004 07035 OX<«5 07003 +19 242 

°- 70 ll °- 7ffK WH19 +1* 37 

EsLyjlos NA MOTs. soles 12X71 
Man's open Inr 32J54 up 421 


•5-1 .I.-' 




'3 - .- . 


T: 

v •• . . 


—78 155 

—U 43X46 
—17 1X47 
— U 454 
-20 


‘n | I' - 

—5 i:., . 


19 


+W 98X79 
+15 2X49 
♦15 • 114 


industrials 

SPJTON 2 (ML i IQ BMto-artmrk 
T9X 57X7 May 94 7570 75X9 7570 

8615 3SJ0 Jul to 7630 7635 7598 

7XXS 593!Ori94 71$ 7X40 73.15 

“ »-«^to 71.1 0 7lS 7576 

wS QSyW- 71X0 7135 

ssssss* 5 7158 7155 ** 

grt^n^S^^^ 0 -' 30 

SSSSfflSS ss ss 

4235-tUfto 44.15 mm 4475 

4375AugH 4550 0X0 

44X0 5ep 9* 400 Sffl «J5 

4000094 OJ0 2* 

400 Nov 94 4130 48X8 £.10 

2-SDecto 4* JO S3 49XS 

SjdfXS sa s- 10 *- 7 ° 

03UFab95 49JH 5610 pjh 

«-« 

0X5 Apr 95 48X0 46X0 480 

2BX41WOOTS. Vitos 19.118 

Ll»ri SWEET OIUDE CNMER) UWUA- 

SffiSlfi !f2 S3 S * 


75.99 
708 
73X0 
7692 
71 JO 
7135 
72X0 


+654 22,973 
+ 03* 14,173 ■ 


1<0*1 
452 ' 

_6B5 222 ' 




45.10 



4175 

4435 

4SJH 

MW 

4735 

4620 

«J0 

0X5 

0X5 

«J0 


+0 XI 31x05 ’ 
— 0X3 56915. 
—604 36270 
— 0X8 22J92 
—603 9X0- 
+602 6346. 
+617 

+602 <7fl. 
+0X7 1604 1 
♦ 617 3JS7- 
+617 2X90, 
+632 974. 

+672 


2680 

21.05 

BUI 

2678 

7678 

2673 

2039 


SfiSSS? s* is its 


17J8 

19X0 


■texajunM 1UA IIS TCrtf 
lOdJldM o l i3 KM 
140 Aw to 15X0 its 15JJ 

ls.77 Sao to isjn ii« 

149900 to 1535 1538 ||o 

I 178 ’s-ra isS 

1 <25 Dec to 150 ISA* itn 
li90 

I67SMOTK 140 ujs 
1684 Apr 95 lfc£ 1453 Itj? 

vssaril i§ ig 

1<0aUd 9 95 , 4J4 ,t43 

IMPcSto ,47S ,4JS 1tJS 
ay, . 17.29 Mot 96 

/vion’LSfdei iu va 
MOTSMnM 414J97 of) M57 

2Si E * a ^Si? 0 ^ <E WMERI 4U0^, 

43J0Apr M 44X2 ABiBr 


1938 
1«3 
2630 
17J3 
1690 
1 19X4 
»«n 
1732 


1530 

1616 

1SJB 

1629 

.1531 

1647 

1651 

1639 

1681 

1692 

KM 

1115 

K2S 

K3S 

K45 

KS5 

1435 

I6L74 

17X1 

173* 


—60 24199 

—am 33.H1 • 
— 9X2 17371, 
-092 19332, 
-0X2 113*1* 
-602 9X29* 
—601 19X92. 
— 0X1 7382. 




ftp 

«l : - 


-9X1 <W’ 
-601 3450* 


!> V ' • 1' 


—601 K947, 
_aoi 

—601 * 

—6X2 ■ 

-aw 1230. 






I 1 ST 1 if 1 

I till* Hi I 

gj”. . 43J5MIVM Sxo SS So? 

«** 

MMiopminf 122X77 up ja9 




4737 ♦607 ‘ 

4739 +0X3 23X17* 

4TJ7 —OB! 9374, 
47X8 — 60 7311 
470 —00 4,933 

4S35 —00 13*9 

44XS —40 2329“ 


Stock Indexes " 

S“«M J4MDEK ICMER] WB.O-. ! 

020 JSxoSto man 46BJS 4J °XS +IXSI78353, 

07.10 StroDMH Sf2 SJ 7 ® <72X3 +1J0 4332 

Elates KK MSUftt 47130 47140 

MOTs open M 181925 Sf 

NYraOMWF.MDEX fuSn • 

W5Q 247X0 Junto jywwwn » 

247X0 StMSepto * 4aiS at, - a5 WX3 241.15 +1X5 

as :;s k 

SMa.W'+isrsffl 



2*3X0 +1XS 


lip 


*4ht 


Commodity Indexes 


Pmtooi 
U15.W* 
IBM#" 
1^95 4 
mst- 


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iticcrp -s sou i;,.;; •' -<•■*! 

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DUBIN A SWIECA ASSET MANAGEMENT 


Tel : (109) 945 1400 Fax : (809) 945 14BB 
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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23, 1994 


1 CALLANDER 

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ADVERTISEMENT' 


INTERNATIONAL FUNDS 


March 22,1984 


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GAM CURRENCY FUNDS 

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0 ASEAN 1 7.92 

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0 Continental Europe Eai IJ3 

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OBPIHOR FUNDS 

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GLOBAL AS5BT MANAGEMENT 

OFFSHORE FUNDS 

11 ABUI St,Dauole*l Of Man 44424436033 

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nr GAM France FF 202108 

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nrGAM GAMCO . 0 20176 

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0 GAM (CH) America SF 143459 

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SEC REGISTERED FUNDS 

US East 57rd SiraeLNY HQ227126BFC8W 

nr GAM Europe. S 9*75 

IV GAM Global S MU0 

IV GAM l i tferooHonnf S 19579 

w GAM North America S 1975 

w GAM Pncmc Basin 5 18471. 

IRISH REGISTERED UCIT5 


EorWort TerroccAtatbi * 30-14760430 

•v GAM Americana Aw DM 9306 

nr GAM Eurapa Acc DM 13*67 

IV GAM Orient ACC DM 159,16 

nr GAM Tokyo Acc DM 17*14 

ivGAM Total Band DM Aw— DM 11046 

w GAM UOlvenOl DM ACC— JM8 17*76 

GLOBAL CAPITAL MANAGEMENT LTD 
Bamu*i:ll0n 29*4000 Fax; (109) 2*54100 
JWH GLOBAL STRATEGIES LTD 

«r(C) Financial* Meta* S 144.13 

nr (D) KT Global S 10470 

:i?>?MS3i==z5 & 

nr (J) DtwnJfled Risk Auft S 11779 

nr(K) Inti Currency * Bond _S 11255 

iv JWH WORLDWIDE FND-S T706 

GLOBAL FUTURES & OPTIONS SKAV 
or FFM Int Bd Progn-CHF a JF 70000 


mFFMIntBdPrapriCHFa^F 10000 
GOLDMAN SACHS 

nrGSAdl Rate Mart. Fd H — S 903 

mG5 Globa! Currency. S 125*57 

nr GS Global Equity % 1276 

™ Band Fund S 1050 

Income Fund J 9J6 

HMD MANAGEMENT 

w&Snrap Fund Ecu nous 

GRANITE CAPITAL INTL GROUP 

M> Granite Capital EonHy s 10735 

MGradteCupftalMkt NeutroU 10305 

tvGronHeCaptW Mortacnw— s l.wn 

ST ASSET MANAGEMENT (IRELAND) LTD 
Tel : (44)71-7104567 
d GT Aiecn Fd A Shone —A 

0 GT Aiean Fd B Sham S 

rf GT AetaFtetd AShara 1 

d GTAeld FundB Sharov — S 
0 GT Asian Smofl Cora. ASh5 
0 GT Aelan Small Comp B 5h0 
0 GT Australia Fd A Shares— 1 
0 GT Australia Fd B 5haree_S 
0 GT Austr. Small Co A Sl_l 

0 GT Auslr. SmaH Co B 5h 1 

rf GT Berov Japan Fd A Sh — t 

0 GT Berry Japan Fd BSh 1 

0 GT Band Fd A Shores — — 0 

0OT Band FdB Shorn S 

0 GTDoHar Fund A 5h 6 

0 GT Doltar Fund B Sh_— — 5 
tf GT Emerging Mkte A Sh — I 
rf GT Emerelnn MMs B Sh — 0 
0 GTEmMWSmoUCoASh J 
0 GT Em MM SmaH Co B ShJi 
nr GT Euro Small Co Fd A 5h-S 
nr GT Euro SmaH Co Fd B ShJ 
d GTHoneKong FdASharass 
0 GTHong Koag Fd 6 Shares! 
d GT Hontaw PoHAnaer A Sill 

rf GT Honstnr Pathfinder B ShS 
nr GT Jai OTC Modes Fd A ShS 
w GT jap OTC Stack. Fd B 5hS 
W GT Jap Smtdl Co Fd A Sh— S 
nr GT Jap Small Co Fd B 5b — S 
nr G.T. Latin America Fd. — J 
0 GT Strategic Bd Fd A Sh _JS 
rf GT strategic Bd Fd B Sii — s 
tf GT Tetacomm. Fd A Shores* 

0 GT Telecomm. Fd B Shares! 
r GT Technokwv Fund ASh-S 
r GTTodgiotagy FimdBShj 
GT MANAGEMENT PLC (44 H 7116 87) 
rf G.T. Btotedi/Heatth Fund-1 2*01 

rf G.T. Deutsddond Fund S LUD 

rf GT. Europe Fund % 5U1 

IVG.T- Btabaf Small Co Fd 1 2945 

0 GwT. Investment Fund s 23.18 

nr GT. Korea Fund S *91 

iv G-T- Newly indCountr Fd_S 5*« 

nr&T. US Small Companies _S 2*72 

GUERNSEY CAPITAL MANAGEMENT LTD 

t GCM OlflbaleL Ea. A 10944 

GUINNESS FLIGHT FD MNGH (Onseyl Ltd 
GUINNESS FUGHT GLBL STRATEGY FD 
rf Managed Currency— — - — S 3959 

rf Global Band — S 3773 

0 Global High Income Bond-S 2155 

rf GtttSi EBond C 1146 

rf Euro HhA Inc, Bond C 21S 

0 Gtobal nutty s nss 

rf American Blue Chip. 3 3974 

d Japan mid Pacific 5 IBLU 

0 UK. 1 2779 

tf Earapean J — 

GUINNESS FLIGHT INTL AtCUM PD _ 

rf Deat s chemnrt Money DM 8U46 

d usDoiior Money 1 38739 

tf USDoHarHWiVdBortL—S 2*34 

rf mriBohmeedGrth 5 3*30 

HASENB1CHLER ASSET MANGT DeuPH. 
W ttoffibidller Can AG — 5 557*00 

wHasenUdilerConilnc S 11304 

iv ItermWchItr Dtv S in 

mAFFT S 134705 

NEPTAGON FUND HV (N99415SW 

i Heptagon BLB Fund % 10*05 

mHentanon CMO Fund J 1145 

HERMES ASSET MANAGEMENT LTD 
Bermuda: (809)295 em. Lux: (352MM 64 81 
EfthTuted Prices/ Bend Final 
m Hermes Eurapeai Fund — Ecu K43S 

mHermci Ngriti American Fd* 30L17 

m Hermes Altai Fund — — s «ui 

mHarmes Emero AHcts FuneLS J6M 

m Hermes Strategies Fanil — S 74*73 

m Hermes Neutral Frnid — -5 11957 


i v> Hermes Global Fml 3 68854 

m Hermes Bond Field ..Eau 129*49 
m Hermes Sierttna Fd C 1M.10 

I m Hermes Gold Fund S 4 2*18 

INCOME PARTNERS (ASIA) LIMITED 

w Align Fixed income Fd — 1 1ft215 

INTRRINVEST (BCRMUDAJLTD 

C/o Bonk of Bermuda. Tel : 8093984000 
m Hedge Hog & conserve Fd-9 9 JB 

(MTERNATWHA* ASSETS FUND 
* Bd Royal, L-3M9 umembewn 

tvEuroneSudE— Eat 97*1 

INTERNATIONAL MGMT INCOME FUND 
tf AmertaueduNord — — —i 18B.11 

tf Europe Continental*— DM 10074 

tf nolle Ut WW440O 

tf Zone AsattaBO — Y 1080400 

IRVESCO INTL LTD. POB 371, Jenor 
Tel: 44 534 731 U 

tf Maximum Income Fund— i 1020) 

tf Sterling Mngd Ptfl * ,23N0 

tf Plow Market* 1 *1058 

tf Okosan GMxE Strategy — I 170)80 

tf Asia Saaer Growth — S 230000 

rf Nippon Warrant Fund 8 * 5500 

tf Asia Tiger warrant. 1 4jpga 

rf Curapew Warrunf Fund — S 30401 

0 CM MW. 1994 S 90100 

PREMIER SELECT FUNDS 
tf American Growth 7 

tf American Enterprise 5 

tf Alia Tiger Growth— ■ 9 

0 Dottar Rcaofvr . ■ J 

0 Earoneon Growth — i 

d European Enterpri se S 

tf Gtobal EmorgkwMorfccHJ 

tfGtaboi Growth s 

d Nippon Entafwts* S 

tf Nippon Growth . -0 

tf UK Growth £ 

rf StarDoa R e serve. I 

0 Norm American Worronl— 5 *0100 

0 Greater China Opm X 77400 

ITALPORTUNE INTL. FUNDS 

iv Clan A (Aggr. Growth ItaUS 1093300 

w Class B (Global Enufty) 1 1100 

tv Class CIGkeol Bond) S 1108 

w Class D (Ecu Band) — Ecu 1U8 

JARDINE FLEMING, GPO Bax I MSI Kg Kg 

tf JF ASEAN Trust 8 5103 

0 JF Far Eos. WrrU Tf. ... 6 3157 

d JFGlebatConv.Tr S 14J4 

d JF Hang Kong Truot S 1750 

rf JF Japan Sm. Co Tr... — Y 5071100 

rfJFJaoon Trust Y 1338300 

rf JF Malaysia Trait S 2182 

tf JF Pacific inc.Tr— — s 1200 

0JP Thailand Trust S 3370 

JOHN GOVETT MART (L4LMJ LTD 

Tel: 44434 -SI 94 » 

v Govett Mon. Futures —C 1141 

w Gov on Mon. FuL USS S 971 

w Govefl I Gear. Cwr— . 9 1*30 

wGavettSGtblBaLHdge S 117539 

JULIUS BAER OROUP 


XNri- 1 -AW 

0 Condor SF 

tf Equtbaer America s 

tf EauRiaor ■=■»«■ ” 

0 SFR- BAER SP 

tf Stodlbor 5F 

0 Swissbor- — SP 

4tNe«..- 1 

0 Europe Bora Fund— _Ocu 
tf Doltar Band Food— — S 

d Austro Bata Fund AS 

d Swiss Bond Fund SF 

tf DM Bond Fund— —DM 
tf Convert Bond Fund— _SF 
0 Gtaoal Bond FmL— DM 
tf Euro Stock Fund. ———Ecu 

tf US stock Fund 1 

tf Pacific Stock Fond 8 

tf Swiss Stock FiMta 5F 

a SpecM Swtn Stack SP 

rf Japan Stock Fund Y 

rf German Slock Field DM 

tf Korean Stack Fund 5 


tf Swiss Franc Cash SF 

rf DM Cash Fund DM 

d ECU cash Fin! . Ecu 

tf Sterling cosh Fund— 1 

rf Doltar Cam Fund S 

tf French Franc Cosh FF 

■vMuttlodulsor Forex Fd I 

KEY ASSET MANAGEMENT INC 

m Key Global Hedge s 

mKvy Hedge Fund Inc 1 

mKty Hedge Investments 8 

KIDDER. PEABODY 

0 Chesapeake Fund Ltd S 

b III Fund Ltd— _—_S 
b infl Guaranteed Fund— > 

0 Stonehenge Lid 5 

LATIN AMERICAN SECURITIES 
Tel : London 071 68 1334 
tf Argentinian Invest Co SicavS 
tf Brazilian invest Co steav— s 
tf Colombian Invest Co Sicav-S 
tf Latin Amer Extra Yleta Fd* 
tf Lottn America Income Co— S 
tf Latin American Invest Ca_7 

tf Mexican Invest Co SIcav S 

rf Peruvian Invest Co Stcov—S 
LEHMAN BROTHERS 

0 Asian Dragon Part NV A I 

0 Asian Draeon Port NV B _0 
rf Gktaaf Advisors 1 1 NV A— S 

tf Gtobal Advisors II NVB 8 

tf Global AtMsors Pori NV KS 
tf Gtobal Advisors Port NV BJ 

tf Lehman Cur Adv. A/B S 

rf Premier Futures Adv A/B-S 
L1PPO INVESTMENTS 


24/F Uppo TO wer Cadre. 19 QueennvayXK 
Tel US2) 867 6888 Fax (882) 9M 088 


Tel (182) 867 6888 Fax (882) 9M OBI 

■v Java Fund 8 1073 

iv Aiean Fixed ineFd t 909 

w ID R Money Martel Fd s 127S 

iv USD Money Market Fd 6 1003 

w Indonesian Growth Fd — 0 21.59 

iv Asian Growth Fund S 1L72 

iv Aslan worronl Fund— 8 802 

LLOYD GEORGE MNGMT (80) 645 HU 

w Antenna Fund s 1772 

w LG Asksi Smaller Cos Fd- .5 195043 

iv LG India Fund LM S' M76 

LLOYDS BANK INTL (BAHAMAS) LM 
Lloyds Americas Portfolto (809) 32*8711 
w Balanced Modende Risk FA 1*13 

LOMBARD, OD1BR A CIB - OROUP 
OBUFLEX LTD (CD 

rf Ataincurrencv .» 3145 

d Dollar Mdfiem Term S 2*34 

tf Doltar Long Term 1 2L15 

tf Japanese Yon Y 491*00 

d Pound Start tap 1 2701 

tf Deutsche Marie DM 1*01 

tf Dutch Florid Ft 1*95 

tf HY Euro Currencies Ecu 1687 

tf Swiss Franc SF 1307 

tf US Dottar Shari Term__ J 1203 

1# HY Euro Curr Dhrid Pay— Ecu 1105 

d Swiss MuW currency 5F 1772 

tf European Currency Feu 2LM 

tf B s l gta n Franc BF 13805 

tf convertible 6 1551 

rf French Prime FF 16*93 

d Swiss Multl-IHvIdend SF 1873 

rf Swiss Franc Short-Term — SF 10*15 

rf Canadtaa Dollar, — CS 1194 

d Dutch Florin Mum _FI 1*40 

tf Swiss Franc DMd Pay SF 1LA4 

rf CAD MuHkur. Dtv— CS 1)08 

rf MsfflStwranean CUrr SF 11.15 

rf Convertibles SF 1074 

MALABAR CAP MGMT (Bermuda) LTD 

m Malabar Inri Fund 1 2*93 

MAN INTERNATIONAL FUTURES 

m Mbit Limited -Ordinary s 4977 

mMint Limited - income— s 1*74 

mMW GM Ltd -Spec Issue— * 3*17 

mMini GM LM- NOV 3002 S 24JT 

mMint GM Ltd -Jan 1994 S 22.14 

mMM GM LM ■ Dec W94 1 1947 

mMinf GM Ltd - Aua 1995 — s T»75 

mMtntGtdCurranclefi J 1*21 

m Mbit GM Currencies 2001 — S 1005 

mMint Sp Res LM (BNP) S 11*73 

m Athena GM Futures — 5 1201 

p» Athena GM Currencies S 973 

m Athena GldFlmxictalslnc-S 1057 

m Athena GMFltxxicfcds Cap J 1149 

raAHL Ccnttol Mkts Fd S 1274 

mAHL Commodity Fund S 1045 

mAHL Cmrtncv Fund s 974 

mAHL Real Time Trod Fd—S lail 

mAHL Gtd Real Time Trd—S 1103 

m Map Guaronteed 1996 Ltd S 906 

m Map Leveraged Rmdv. Ltd0 1105 

mMAP Guaranteed 2BW 1 1)02 

ffl 0Unt GGLFln 3M3 — 3 *83 

MARITIME MANAGEMENT LTD 
73 Front St KomlHon Bermuda (109)2929789 
wMarlHmeMB-Socterl Ltd-S H7V04 

w Morftlme GIU Beta Series_S MI05 

w Maritime ( 4 Delta Series* U*39 

W Maritime QW Tou Seriea—J 85807 

MATTHEWS INTERNATIONAL MOT 
EMEROING ASIAN STRATEGIES FUND 

m Class A S 13*09 

tfCtasB S 11*79 

m Portflc Convert. Shat S 9909 

MAVERICK (CAYMAN) 1899) MH942 

m Maverick Fd — S 

MCKINLEY CAPITAL PARTNER* LTD 

ffl The Corsair Fund LM * 1*150 

MEESPfERSON 

Rafcln 5* Ml 2kk. Amsterdam 1308311188) 


w IDR Money Market Fd s 

w USO Money Market Fd 3 


w Indonesian Growth Fd. 
iv Asian Growth Fund— 


iv Asia Pac. Growth Fd N-V — s 4104 

w Asian CapiMHtadbias S 62X 

IV Alton Selector? Fd N.V Fl M376 

w DP Amer. Growth Fd UV._S 37.12 

w EM5 Offshore Fd H.V. Fl 189.10 

iv Europe Grovdh Fund av.-Fl 67JJ 

w JarOT Diversified Fund % 5*5 

w Leveraged Cap Hold s 6342 

iv Tokvo Pac. hohl N.v s 25442 

MERRILL LYNCH 

rf Donor Assets Portfolio S 100 

rf Prime Rale Portfolio— -S 1850 

MERRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

— i K 

SS^S^BOND«R.« 

AUSTRALIAN DOLLAR PORTFOUO 

tf Category A M lW 

d CaftflarY B A * 1W 

CANADIAN DOLLAR PORTFOLIO 

rf CatoaoryA 5 J*45 

tf rgitponr P a 109 

CORPORATE HIGH INCOME PTFL 
d CknsA-1 7 

* ^ 

rf Class B-1 -J 

rf Class B-2— — — — * 1*® 

DEUTSCHE MARK PORTFOLIO 

g — ---S S IS 

EUROPEAN BOND PORTFOLIO (DM) 

tf O08SA-1 — > 1S36 


■ RF. Batote Franc*: CSrCutadton 


DH-peutsdM 





dQassA-i . 

rf Onssn-i "j JMI 

^ Qsm B-2 — * JS 

EUROPEAN BOND PORTFOLIO (U5» 
SSSii— OM 1007 

rfSSfc? OM 1*73 

% III 1 1*87 

a DM< ^ 1 MUT 

P OUND ST ERLING PORTFOUO 

2 r 142( 

U BjSpLLAR ^BTFOLtO * 

SSSS?§==^ IS 

YEN PORTFOLIO 

1 — A Y 1292 

tf CnhmnrvB- v mij 

MULTICURRENCY BOND PTFL 
JJOWSA 2275 

ff Cta«l K m WM 

US FEDERAL SECURITIES PTFL 

tfg«5 * 9 JO 

rf OnssR-. • inn 

MERRILL LYNCH 

EQUITY / CONVERTIBLE SERIES 

BASIC VALUE PORT FOLIO 

If Class A « l«fl 

<3 ClnssB — » uco 

CIMVERT1BLE SECURITIES PTFL 
flClawA— • 

a a. -,s b « i« 

GLOBAL ALLOCATION PTFL (USD 


rf amt « into 

tfCteMB— _ _ __ _j iSS 

GLOBAL EQUITY PORTFOLIO 

rfCkOSA % 1*12 

rf Class B » » a 

EURO EQUITY PORTFOLIO 

rfOaMA t 1tB 

tf ctossB— s iid 

LATIN AMERICA PORTFOLIO 
d Class A * 14JB 

d OM. a : i 

WORLD NATURAL RESOURCES PTFL 

rf ClnsaA — « (271 

norma : iij2 

DRAGON PORTFOUO 
d Class A « no 

rfOnssB S uw 

MERRILL LYNCH INC S PORTFOLIO 

tf Class A S 906 

0 CtossB S 906 

rf CJnssC « 906 

MERRILL LYNCH MEXICAN INC PORT 

rf Mexican lots PHI Cl A 3 9.94 

tf Mexican Inc 5 Ptfl OB I f.94 

rf Mexican Inc Peso Ptfl a AS M3 

rf Mexican Inc Peso Ptfl □ B J 975 

MOMENTUM ASSET MANAGEMENT 
IV Momentum Navelller Peru 10*59 

m Moment um Rainbow Fd * 130-13 

m Momentum RxR R.U I 8951 

m Momentum Stadunastir— 8 16158 

MORVAL VONWILLER ASSET MOT CS 
w WHterfumts-WHierbond Cop* 1*54 

wWlUertunas-wiDerband EurEcu 1*66 

e> WiUerrunds- Wlitaraa Eur— Ecu 1*29 

wwiuertunds-wmeroa iieiv jJt isosim 

•vWDertunas-WinerceNA— 0 1159 

MULTIMANAGER H.V. 
e> Cosh Enhancement— 5 1*39 

wEmergtao Markets Fd $ 2384 

tv European Growth Fd— Ecu 1600 

w Hsdge Fund S 13J6 

w Japanese Fund Y 884 

w Morton Neutral X 1171 

w World Bond Fund Ecu 13JM 

N I CH OLAS-A PPLEOATI CAPITAL MOT 

W NA Flexible Growth Fd I 159001 

v HA Hodge Fund S 13*9151 

NOMURA INTL. (HONG KOND) LTD 

rf Nomura Jakarta Fund S *95 

NORIT CURRENCY FUND 

fflNCF USD _S 82*95 

OlNCFDEM DM 89SA9 

rr NCF CHF __SF 93*79 

fflMCFFRF FF 446*80 

fflNCF JPY Y 82B5JS8 

fflNCF BEF BF 2703100 

ODEY ASSET MANAGEMENT LTD 
31 Graam nor SLUM W1X HgW HRWI^ 

wOder Euraoeon S 

■rOdey Europ Growth Inc DM 15404 

wOdevEurao Growth Acc DM 15*21 

wOdev Eure Grin Star Inc C 61.12 

wOrfsv Euro Grth Star Acc _X 6175 

OLYMPIA CAPITAL INTL. UK 
williams House. Hamilton HMI1, Bermuda 
Tel; 889 292-1018 Fax: 809 295-2305 

w Finsbury Grouc s 22175 

wOtvtnptaSecurltaSF— SF 17141 

iv OtvmBta Stan Emero Mkts S 98*87 

w Winch. Eastern Draaon S 175B 

■eUVtaeh Frontier % 32240 

w Winch, Fat. Otymota 5tar_S 14909 

iv Winch. Gl Sec Inc pi (A) 1 908 

wWlnch.G15KlncPI(C)— J 972 

wWIndcHldg I nH Madison Eai 146776 


wWlndwHldg Inti Ser D Ecu 172642 

w Whidi Hldg Inti Ser F Ecu 1723.15 

w Winch, HldgOly Star Hedges 116503 

iv Winch. Reser.MiMGvBd-S 1957 

w Winchester ThaBana S 3*30 

OPTIMA FUND MANACEMENT 
73 Fronts* HamHtumBermuda 809 29S4HH8 

w Optima Emerald Fd LM S 1009 

ir Optimo Fund S 1804 

w Optima Futures Fund — S 1700 

wOptlinoGtabd Fwid S 1454 

w Optima Pericata Fd Ltd % 959 

wOPthna Shari Fund a *15 

FACTUAL 

rf ElernHy Fund Ltd S 31*3122 

tf Inflnitv Fund LM S 5235332 


d Star High Yield Fd I 

PARI BAS-G ROUP 

w Luxor 1. — 

tf Pontes* USA B,.—. 8 

tf Parvest Japan B- .Y 

d Parvest Asia Padf B % 

d Parvest Europe B Ecu 

tf Parvest Holland B Ft 

rf Porvesf France B FF 

rf Parvest Germany B~ — —DM 

tf PtKvestOUi-DollarB S 

tf Parvest ObU-DMB— DM 

tf Parvest OWI-Yen B Y 

tf Parvest ObO-Gutaen B Fl 

rf PwestOMi-FrancB FP 

tf PervestObn-sier B — — t 

tf Parvest Ob»-EaiB Ecu 

tf Parvest OMHtetax B LF 

tf Parvest B-T Dottar B-^—S 

tf Parvest S-T Europe 8 Ecu 

tf Parvest B-T DEM B DM 

tf Parvest 5-T FRF B — FF 

tf Parvest B-T Bef Plus B BF 

tf Parvest Gtobal B LF 

tf Parvest Int Bend B * 

tf Parvest Obit-Lira B Lit 

tf Pwvat int Equities B 1 

tf Parvest UK B E 

tf Parvest USD Pha B 8 

tf Parvest B-T CHFH_— SF 

tf Parvcsl ObO-Conado B CS 

rf Parvest OMKWK b DKl 

PERMAL GROUP 

f Cammadmes Ltd s 

/ Drokkor Growth N.V X 


/ Investment Hldgs N.V S 

/ MedSa B> Communknliom_S 


f Ccnumxflttes Ltd S 99279 

f Drakkar Growth N.V s 336*61 

/ EmeralnoMkta Hides 1 95675 

f EuniMIr (Ecu) LM Ecu 177*09 

/ Investment Hktas tLV S 136446 

f ftfieffia 8. Communicattons—S 109970 

f fknuu l Ltd S 181*51 

PICTET A C1E -GROUP 

iv P.GF UK Val (Lux) 1 6659 

wPJCFGennavul ILux) DM 9759 

iv P.CF Moramval (Lux) 8 2941 

w PXJ Vaguer (Lux) —Plus 10735310 

wPjCFVoDhUtatLilx) Ut 114*286 

w PSLF Vnlfnmcn l Lux) FF 14083)9 

wP.UJ.Vtabond SFR ILUX) JF 29004 

w P.U ^ VottxxxJ USD ( Lux ) -5 23*97 

wrpjj^. Vataond Ecu l Lux) .Ecu H*16 
w P .UJ=. Vataond FRF (Lux)-FP 9973 

wP.UT.VatoondGBP(LuxU JU3 

IV P.U.F. VORXMld DEM (Lux) DM 30004 

w P.U.F. US S Bd Ptfl (Luxl— S 10212*00 

W PJLF. Model Fd Ecu 1K71 

wP.U.T.Emtni Mkts ( Lux) _S 203.15 

IV PJLT. Eur. Ooport (Lux) —Ecu 15113 

b PJJ.T. Global Value (Lux) -Ecu 15303 

VP.U.T. Euroval (Lux) -Ecu 2335D 

rf PIctBf vatsutsje (CH) SF 6BU5 

mint! SmaH Cap UOM) — *9*04 

PREMIER INVESTMEIfr FUNDS LTD 

c/o P.O. Bax no* Grand Cavmeii 
Fax: (009) MW „ _ . 
m Premier US EauBy Fund ^8 121*02 

re Premier En RbfcAWI Fd — 7 I36VJ5 

m Premier Inti Ea Field X 171804 

m Premier Sovereign Bd Fd— 0 I2H? 

<n Premier Gtobal fid Fd 5 1502.17 

ffl Premier Teloa Return Fd—S 119277 

PUTNAM 

rf Emerging HUh Sc Trust—. s 4*M 

w Putnam Em. Info. Sc. Trust 0 42.99 

d Putnam Gleb. High Growth 5 1*32 

rf Putnam Htoinnc. GNMA FOB M 

tf Patnarn mn Fend — J 1559 

QUANTUM GROUP OF FUNDS 
w Emerging Growth Fd K.V-0 M1J7. 

w Quantum Fund K.V. S 16ZM37 

w Quantum Realtv Trust S 11600 

w Quantum UK Realty Fund -8 10*26 

v Quasar inn Fund n.v % i«» 

hr Quota Fund N.V j _ 1**9) 

QUARRY MANAGEMENT LTD 
Telephone r 609 - 9490050 

Facsimile : B09 -94M062 

tf Altos ArWtrogeFd Ltd S M39 

tf Hesneris Flmd Ltd X WJ» 

tf MerMan HeCDe Fd Lid x/i0 1J1-59 

rf ZtMIti Fund Ltd 5/s J 8*02 


REGENT FUND MANAGEMENT LTD 


IV New Kona Growth Fd S 1*84 

w Nova Lai Poctflc Inv Co — X 4.945 

w PacHIc Arbitrage Co X 972 

mRJ- Country WmtFd S Z7Z26 

tf Regent GU Am GflhFd—J 
tf Regent GW Eure GrthFd-J *B1M 

tf Regent GM loft Grin id. — x ism 

tf Regent GlbiJep Grin Fd—0 30188 

tf Regent GW Pndi Basin — S *4845 

tf Regent GW Reserve J 2.1661 

tf Regent GW Resources * 245g 

rf Regent GW Tiger-—— — S M19 

d Regent GW UKGrtti Fd — s 

w Regent MoMM Fd Ltd S 1W 

in Regent PadflcHda Fd * ”3JH29 

tf Regent Sri Lanka Fd J nJH 

w Undervalued Assets Ser l_ S 1L18 

ROBECO GROUP 

POB 9730000 AZ RBttsrdam.1 31)10 22412M ^ 

tf RG Aroertea Fund n «90D 

d RG Europe Fund n 

tf RG Poctflc Fund H 14500 

d RG Dlvlrenta Fund Fl 5*30 

d RG Moray Plus FFL Fl 112T 

tf RG Money Plus FX _S ]ttLSI 

tf RG Money Plus F DM DM 111.10 

tf RG Money Plus F SF — JF HU? 


More Robecosae Amsterdam Stacks 
ROTHSCHILD (GROUP EDMOND DO 
ItHWUSE FUNDS 

w Asian Coottet Hototoax Fd_s 6131 

wDahnLCF RotnichUd Bd-J 111*03 

ivDatwa LCF Rothscn Ea X 115877 

w Force Cash Tradition CHF JF 1630*87 

wUriam S 3617 JO 

wLsveraaoacapHoKBnas X 6342 

b PriQiattorae Swiss Fd —SF 114*71 

b PrieaaOv F lh E i i rep p . —E CO 117750 

b PrteauRv FiHWveita SF 112064 

b Mrcully Fd-Lflttn Am S 14*330 

b Pribond Fund Ear Eat 18424! 

B Pribond Fund USD- — X 112883 

0 Pribond FdHY Enter MklxJ 117411 

■v Selective Invest SA— 1 35*361 

b Source i 1AM50 

wU5 Bond Plus S HOT 761 

wVBrtaoto Ear 114338 

ROTHSCHILD (GROUP EDMOND DE) 
OTHER FUNDS 

tf Asia/ Japan Emero. Growths 1730*90 

hr Esortt Eur Porm in* T»t Ecu U52J7 

WEurobSmHH hneshn M_Ecu H*4H 

b integral Futures B 105*26 

BCMiDor Globed Fd General DM 194001 

b OoHotsIGtabaiFIx IncBataDM 10032 

d Pacific NK® Fwd— — S ur 

wPermelftnttkar Grown NVS 3B68J7 


b Vlctolre Aricne x 501909 

ROTHSCHILD ASSET MGMT (CD LTD 

rnNemrodLcvenseaHM 1 949 JO 

SAFDIE BROU PriCC Y ADVISORS LTD 


nKrrDStPsnHledlncFd LM5 1U6I02 
SAFRA REPUBLIC HOLDING 

iv Republic GAM s 

w RepuDBc GAM AmertOL— S 
hr Rea GAM Em Mkts Gtafcd J 
w Rep GAM Em MHs Lot AraS 
ur Republic BAM Euraee SF-SF 
iv rbpoouc gam Euron ussj 
it (UshibHc GAM Grvrth CHF JF 

w Republic GAM Growth t C 

w Republic GAM Grown usu 
w Republic GAM Opportunity X 

w Republic GAM Podflc s 

w Republic Gnser Dal Inc s 

nr Republic Onsev Ear Inc DM 

w Republic Lot Am Alloc— > 

nr Republic LU Am Argent s 

iv Republic Lot Am Bran t 

tr Republic Lnt Jim Mexico— S ■ 

iv Republic Lai Am Venez s 

iv Rto Salomon StrotFd Ltd -S 
SANTANDER HEW WORLD INV. 
m Commander Fund—— 6 10*399 

— F«w1 9 120307 

SJCANDINAVISIEA ENSKILO* BAN KEN 
5-E-BAN KEN FUND 

tf Eurapa Inc 8 10) 

tf narraa Ostero Inc S *91 

tf Global Inc I 3JM 

0 Lakamodel Inc S 106 

tf Vartden Inc S 107 

tf Japan Inr - — — .Y 10009 

tf MDla Inc S 107 

tf Sverige Inc Sek 1*57 

tf Nordamertka Inr 3 102 

d Teknotoel Inc— — — s 1.14 

d Sverige RonMonl Inc Sek 1*42 

SKA NO I PONDS 

tf Eautty mn Acc « 1701 

a Equity mn Inc S 1*04 

tf Eanttv Gtobal 1 140 

tf Equity Nat Resources S 175 

d Equity Jam— — Y 11112 

tf Eauttv Nordic X 102 

tf Equity UJC — J 103 

tf Equity Conttnefflal Eurepo-S 17D 

tf Equity AAedlHrrtnttai S 100 

tf Equity North Americo X 2.15 

rf Eautty For East s *44 

tf Inn Emerging Markets __s 146 

tf Bond mn ACC X 1247 

tf Bond Inti Inc S 741 

tf Band Europe Acc 5 151 

tf Bend Europe Inc X 0JB 

tf Band Sweden Acc— • - 1703 

tf Bond Sweden Inc Sek 113M 

tf Bond DEM Acc DM U9 

a Bond DEM Inc —DM *96 

tf Bond DoKor US Acc X 142 

tf Bona Dollar US Inc I 107 

tf Curr. US Dottar S 155 

tfCmr.Swedhb Kronor Sek (272 

SOCIETE GENERALI GROUP 
SOGELUX FUND (SF> 

ivSF Bands A UJLA S 1641 

iv SF Bands B Germany DM 37.19 

vSF Bands C France FF 13158 

WSF Bands EGfi ... . t 1254 

wSF Bonds F Jooan Y 2345 

w SF Bonds G Europe —Eai 1886 

iv SF Bonds H World Wide S 1845 

wSFBondBJ Belgium bf rzaoo 

wSF Eq.K North America S IU1 

■r SF Ea. L W-Europe Ecu 1670 

iv SFEO.M POCHIC BcalO Y 1582 

wSF EaP Growth Countries.* 1709 

nr SFEa.OGoM Miras -X 3*18 

wSF En. R Wtarid Wide t 1501 

wSF Short TennS France ff 1694300 

w SF Sheri Term T Eor— Ecu 1*29 

SOD ITJC ASSET MANAGEMENT INC 

w SAM Brad S 33*12 

w SAM Dhrerstfled X 14301 

wSAM/McGmr Hedge S 11107 

w SAM opportunity t 1274 5 

w SAM Strategy S 12148 

fflAlptn SAM— » T2955 

iv GSAM ComposUe S 34756 

SR GLOBAL FUND LTD 

fflSR European S 9642 

mSR Aston x 10045 

mSR International S WL13 

SVENSKA HAHDELSBANKEN SJL 
146 Bd de la Petnasei L-2330 Luxembourg 


SHB Bond Fund S 

rSverafcaSeLFd AmerSh — 1 


wSvensfca SeL Fd Gcrnumy^S 
w Svenska SoL Fd inti Bd ShJi 
wSverakaSeLFdlnnsh — S 
w Sv en s ka 5el Fd Japan— Y 
w Svenska SeL FdMlti-Mkt— Sek 


rSvaafcaSeL FdPadfSh > 

t Svenska SeL Fd Swed Btac-Sek 


w Svenska Set Fd Srivta Sh -Ecu 
SWISS BANK CORF. 

tf SBC 110 Index Fond SF 

tf SBC Equity Ptft-Austrafla-AS 


tf SBC Equity PTOConado — a 
tf SBC Equity Ptfl-Gurape Ecu 


tf SBC En Ptn-N rth ertonds— Fl 

tf SBC Govern Bd A/B S S 

tf SBC Bead Ptn-AiatrSA—JU 

tf SBC Band PHVAustrXB AS 

tf SBC Band PM-CanSA a 

tf SBC Bond Ptfl-CenJ B a 

tf SBC Bond Pffl-DMA DM 


d SBC Bond PtlLDM B___ 
tf SBC Bond Pffl-Outdi (X A — H 
rf SBC Band PtfHtatdi G. B-FI 

d SBC Band PTfl-Eco A Ecu 

tf SBC Band PHt-Eai B Ecu 

d SBC Bond PtfT-FF A FF 

tf SBC Band PtDFFB FF 

tf SBC Band Pttl-Ptus A/B Pta 

tf SBCBoad Ptfl-SlerBng A — X 


tf SBC Bond PtOGtarttni B — c 

d SBC Band PartfoHo-SF A SF 

tf SBC Bond PortluitoSF B— SF 

d SBC Bond Ptfl-USX A S 

tf SBC Bond PtfHiSS B S 

tf SBC Bond Ptfl- Yen A Y 

tf SBC Band Ptfl- Yen B Y 

rf SBCMMF-AS AS 

rf SBCMMF-BFR BF 

tf SBCMMF-COnS— CS 

tf SBC DM Short-Term A DM 

tf SBC DM Short-Term B dm 


tf 5BCMMF- Dutch G_— Ft 731607 

tf SBC MM F- Ecu Ecu 373*71 

tf SBCMMF - Esc EBC 45889600 

tf SBCMMF-FF FF T5TO MB 

tf 5BCMMF-LH LB 532933500 

tf SBCMMF-Pta Pto 36010000 

tf SBCMMF-ScHHbig AS 3184*29 

rf SBC MMF- Starting— — £ 211*58 

tfSBCMMF-SF SF 588*71 

rf 5BC MMF -US -Dollar X 719302 

tf SBCMMF-USSrit S 208*2 8 

rf SBC MMF- Yen _Y 59722*00 

rf SBC GTW-PtflSF Orth SF 1222.17 

rf SBCGibl-PtfiEcuGrth Ecu 1X2143 

d SBC GJM-Ptn USD Crth — — X 119953 

d SBCGM-PtflSFYIdA SF 11343* 

rfSBCGIW-PtflSFYMB SF 123709 

rf SBC GlW-Ptn Ecu Yld A ECU 123406 

rf SBC Gttrf-Ptff EOl Yld B ECU 1361.10 

rf SBC GON-Ptn USD Yld A — S 100508 

tf SBC Gtbt-PTfl USD YM B — X 119*39 

rf SBC GIM-Pffl SF Inc A SF 1JM86 

tf SBCGOfl-PtftSPlncB SF 112302 

d SBC GlU-Ptfl ECU Inc A ECU 1USJ0 

d SBC GHX-Ptfl Ecu Ine B Ecu 1TOM 

tf SBC GIM-Ptfl USD IhC A — X 101676 

tf 5BC Glbl-Ptfl USD IHC B _J 104*78 

tf SBC GW Ptfl-OM Growth — DM 110603 

tf SBCGtaiPHMMAYIdA/B-DM 1072.17 

d SBC45WPHI-DMIneAriS_DM 105407 

tf SBC Emerging Martas S 116*19 

tf SBC5man&MUCalMSw_SF 543JJ0 

tf AmericaVotor S 355.14 

tf Angievotor— — — t 23U2 

tf AxtaPoritalta S 63604 

tf Convert Band Sefedkxi SF 1H05 

d D-Mark Bend 5«lecncxi dm 1MJI 

tf Doltar Band Sekdkm 6 13743 

tf Ecu Bond Setariton Ecu 10*97 

d Florin Bond Sricchcc Fl 12102 

tf FranceVotar FF 219222 

tf GernxxilaVaiDr DM 5 3 1 0 6 

tf GoUPortUk) X 39*33 

tf IberidVUor— — Pto 6312*00 

tf itolVMor. . ur 46216100 

tf JgponPOrtMto Y 2549*00 

tf Starting Band Setodtoa—A 116.17 

tf 5w. Foreign Baud SefcdkhLSF 11156 

tf SwtseVbtar SF 39U5 

d UnWeroal Bond Selection — SF 7935 

rf Unfverxol Fund SF 12242 

rf Yea Bond Setodkei Y 1173200 

TEMPLETON W.WIDB INVESTMENTS 
GROWTH PORTFOUO 

rfCkiMA-t S 1U9 

rf CkroA-2 S 17.19 

tf CtOSSM S 1509 

tf anas B-T S 1200 

tf Ons B-2 I 1*70 

INCOME PORTFOLIO 

tf OanA S 906 

tf OoxiB S fJI 

THORNTON MANAGEMENT LTD 


d Pad! hurt Fd SAc 

tf PacH Invt Fd SA DM DM 

tf Eotoarn Crowder Fund— t 
tf Thor. Uttt Dragons Pd Ltd J 

tf Thornton Orient tncFd LM I 

tf ThorWan Tiger Fd Ltd S 

tf Managed Selection s 


tf Yontn m liflj 

NEWTIGER SEL FUND 

tf Hana Kflwa t 5 4^ 

tf nmm « 1121 

tf Fhtoptaex 3 59.99 

tf Yha"""* 1 ■ 2*48 

tf MBlawta. X 2*46 

tf InH'v wm « U2 

tf UMUnukflty _* 1*17 

tf China 8 16J0 

tf Stnoraan 3 2*59 

THORNTON TAIWAN FUND 

tf Equity income 1241 

tf Equity Growth 3 1*1] 

d Uoutattv_ 1 1*00 

UE8ERSEEMNK Zurtd) 

tf B ■ Fund SF 12I9JB 

d E- Fund SF 669 JD 

tf J-Fand SF 28*91 

d M- Fund SF 1MQJ6 

0 UBZ EonHacome Fund SF 1*89 

tf UBZ World Income Fund Ecu 5*26 

tf UBZ Goto FMW 5 13107 

d UBZ Nippon Convert SF 1X7702 

rf Asta Growth Convert SPR -SF 121130 

tf Alla Growth convert USB— S 1U148 

tf UBZ DM ‘Band Fund DM MS05 

d UBZ D ■ Fund DM I11J7 

tf UBZ 5wta Equity Fund— SF 11128 

tf UBZ American Eq Fund — S 9*74 

tf UBZ 9- Braid Fund S 9702 

UNION BANCAIRE ASSET MOT (UBAM) 
INTERNATIONAL NASSAU 

w Artil Invert S 2625771 

“‘"■‘"■v * 11110] I 

ivBaatfto 3 1151722 

NB«kinvetf 9 136204 1 

iv Bructnuext. — — J 1DB7.17 1 


wDbraett— 

w Dbivesl ASlgl— — — 
iv D Invest Inti Fix Inc Strot— 
w JoBtn vtat-.....— ■ 

ur LonxikivnsJ 

wMxninvert 

ivMurttnvesi 

wMeurfmest 

wMoartnyest COmlagM— J 

wMourkivest Ecu 

ivPuloor.— ■ 

iv Pour Overtv 

wQuonttnretf S 


ivStatnlnvest s 30X7. 

wTUdinvest — jt 1133. 

w U reinvest S 46*. 

UNION BANCAIRE ASSET MOT (UBA6Q 
INTERNATIONAL LUXEMBOURG 


w UBAM S Band— — S 

IV UBAM DEM Band DM 

w UBAM Emerging Growth _$ 

wUBAM FRF Bond FF 

ivUBAMGenranv DM 

wU SAM Global Band Ecu 

wubam Jaean Y 

NT UBAM Starilne Band f 

w UBAM SthPadf* Axta 9 

■vUBAM US Eautflei _X 


UNION BANK OF SWITZERLAND/ INT RAG 


tf Band-Uwest SF 5951 

tf Brtt-lmir r< SF 150 

tf Canoe SF 8*7] 

tf Goavert-iiMst SF 14601 

tf D-Marfe-Invg* DM 2020 

rf Dnilar-lnveM % 1U0S 

tf Encratg-Invest— — — SF CUM 

tf E8POC-,.— . - . — SF 18*55 

tf EBrtt... .. 7F 37850 

tf Fnnw .—.SF mm 

d Frandt— SF 2210a 

rf Oermac SF 26100 

rf Globtnvoxt SF 17LOO 

tf GaM-luvtrt SF 24*08 . 

0 Guidoiv Invest -Fl 27940 y 

tf Hotvot Uw e a t SF I0*90y 

tf Hollood- Invest SF UROdy 

tf I tOC SF 16050 y 

d Juparvlnvexl SP 3*750 y 

rf Pacific-Invert JiF 45350 V 

« «e 22756V 

rf SkandUiavIcn-Invest SF 27100 V 

tf Staffing- Invert — — t 2170»y 

tf Swtox Franc-Invert SF 21280 y 

tf SIiiib ... . SF 24156 

tf Swissmaf SF WSS 

tf UBS America LaHna SF IllWy 

tf UB5 America Latina 9 7940 y 

tf UBS Alla Now Hortron SF 9100 V 

tf UBS Ada Now Hartaon S 63My 

tf UBS Small CEarope SF 16*30y 

tf UBS SmaU C Europe DM I2320y 

tf UBS Port I Bv SFR Inc SF 10900V 

rf UBS Port Inv SFR Cop G— SF ilUfiy 

tf UBS Perl Inv Ecu Inc SF 10205 y 

tf UBS Port Inv Ecu Inc Ecu 6205 y 

tf UBS Port inv Ecu Cm G—SF 10640 y 

tf UBS Port Inv Ecu Coo G Ecu 6579 y 

tf UBS Port Inv uss me S 7*39 v 

tf UBS Port Inv USX Inc sf mjtty 

0UB5 Part Inv USS Cop G—SF 107.70 V 
tf UBS Port Inv USS cap G— 9 7404 y 

tf UBS Part Inv DM Inc SF 9970 y 

tf UBS Part Inv DM Inc DM 11770V 

tf UBS Part Inv DM COP G SF H140y 

tf UBS Port Inv DM COP G DM 11900 y 

tf Yav Invert Y 9968200 y 

tf UBSMMImrert-USX. X 161*63 

tf UBS MM Invert-4 St 1 « 

d UBS MM Invert-Ecu Ecu 51201 

tf UBS AIM Invert-Yen Y 10062*00 

tf UBS MM tnvexMJt- Ut 103227800 

tf UBS MM blvert-SFR A SF 507321 

tf UBS AIM Invert-SFR T SF 578*47 

tf UBSMMHmrt-FF FF 512079 

tf UBS MM InvesMtFL Fl 1IE1.H 

tf UBS MM Invert-CanX- a 101*95 

tf UBSMM Invgrt-BFR BF 2643708 

tf UBS Short Tirm inv-DM DM 55)06 

tf UBS Bond Inv-Ear A— Ecu 10703 

tf UBS Bond Inv-Ecu T Ecu 160*4 

tf UBS Bond Inv-SFR SF 16*19 

tf UBS Band mv-OM DM 10641 

tf UBS Band ImMJSS X 10003 

tf UBS Bend Inv-FF FF 112**) 

tf UBS Band Inv-Can t a us 07 

tf UBS Band liw-Ltt Ut 1167OJ70C 

tf UBS BJ-USX Extra Ytakt—S 9601 

tf ubs Fix Term lnvHissM-0 Haul 
tf UBS Fix Term IIIVH9M— x 1T1J3 

tf UBS FIX Term IOV-SFR96-SF 111.71 
■ tf UBS Fix Term Inv-DM 99— DM 11S01 

tf UBS Fix Term Inv-Ecu 96_Ecu lldD 
tf UBS Fix Term Inv-FF 96— FF nss 

tf UBS Eq Inv- Europe A DM 2434! 

tf UBS Eq Inu-EUTOOBT— DM 25001 

tf UBS Eq lnv-5 Cup USA S T37S 

tf UBS port I FIX Inc (SFR)— 7F 1ION 

rf UBS Port l FTxtnclDM) DM 10341 

rf UBS Port I Rxinc(Eca) — Ecu 10401 

tf UBS Pori I Fix Ine (USA— S 9904 

tf UBS Cop lnv-96/16 SFR — SP 16*43 

tf UBS Cop lnv*0ri0 USI—S 10603 

tf UBS Cap lnv90/)0Germ— DM 12*84 

WORLD FOLIO MUTUAL FUNDS 

tf S Dolly Income 1 J JJ8 

rf DM Daily income— DM 100 

tf t Bond Income S 1758 

rf Non -X Bondi — S 2574 

rf Gtobol BorxtL— 9 2040 

rf Gtobal Balanced X 1*84 

rf Gtobal Equities X 1804 

rf US Conservative Eau I ties _X 1*10 

tf US Aaresetve Equities 9 1559 

tf Earoperei Equities X 1129 

tf Poctflc Eaultlu 8 U4S 

rf Katas) Resources X 820 

YIELD ENHANCEMENT STRATEGISTS 
tf Enhanced Tirol Return _ 0 1.11563 



Page 13 


w FoWleW Inft Ltd S 

■» Fairfield Sentry Ltd-— — 0 
w Fairfield Strategies Ltd — 9 

iwFotam Fund —7 

m Firebird Overseas LM x 

w First Ernie Fund J 

w First Ecu Ud Ecu 

m First Frontier Fend x 

mFlnt mn investment Ltd— » 
wFL Trust Asia, 
w FL Trurt Shfflzertand— _SF 

tf Fondflaita J 

w Fen luxl Money SF 

w Fonlux 2 Devlj* SF 

wFoniux]- inti Bend SF 

w Formula Selection Fd SF 

m Future Generation Ltd i 

rnGEM Generation LM 8 

m Gemini Coy, 1 « j 

m Gems Proomtvt Fd i.m.-x 
m German SeLArttadates DM 

niGFAtC Growth Fund x 

w Global 93 Furta Ltd X 1 

w G tobol ArfattroM Ltd. 9F 

b Gktoa Coo FoBVt Ltd 9 


nr Gtobal Futures Met Ltd 

m Gtobal Monetary Fd Ltd s 

wfiiwirH « e 

tf GraonUne France 
m Guaranteed Capital 1mm 94 LF 

wHerMneer Lotto Arrwr t 

t Hmaamona fttoos N.V -J 

wHD Inveitii iwiM LM e 

ffl Hemltahere Neutral Fab 28 1 
tf Heritage On Growtti FflUflX 

w hcsfta Fund 9 

b Hlghbrldge Copdnl Coro__s 
tv Horizon Fund FF 

w ibex Hakflnox LM— SF 

wlFDC Jonon Fund Y 

b ILA-IGB X 

b ILA-IGF X 

b ILA-INL 9 

iv Indigo Currency FdLM s 

r Infl ScoJrttfco Fund Ecu 

d Interfund SA 9 

tf Inverto DWS DM 

nr JtBxn Podflc Fund X 

mJoaan Sekctton ABta— Y 
iv Japan Seiecrton Fund —X 
w Kenmar Gtd. Series 2— S 

iv Kenmnr Guaranteed s 

m Kl Arta Podflc FdLM 9 

w KM Global S 

tf KML-ll High Yield S 

w Korea Dynamic Fund, 5 

w Korea Gnmtti Trust X 

fflLF. Yield & Growth Fd 8 

W La Fayctta HuMlnss Ud J 

ffl l a Jolla In t Grih Fd Ud % 

g Latarmon; Offshore Strot— 5 

iv Leaf SIcav 5 

mLeuPeriarmanoo Fd X 

w LF I nt ernational X 

m London PorHoUo Services— 9 

mLPS Infl HP.fi X 

ivLuxfunrf 9 

mLvnx SeL Hohflnos SF 

w M 1 Mutfl-Stroragy s 

w NLKIngdon Offshore. N.V X 

mMoster Cop & Hedge Fd. 8 

«r Matterhorn Offshore Fd S 

iv MBE Japan Fund . , -I F 

m Mcdnnls Gtobal I Feb 28) -5 

mMCMiM. Limited x 

wMlUermtum international _l 
fflMJM Internaflencd Ltd— 4 

/n Momentum Guild Ltd X 

w Muttflutures FF 

d NowAUUwmlum Fut.Ltd— 0 

tf Newtxmk Debentures S 

mNMT Aston Sei. Portfolio X 

w Naole Partners loti Ltd s 

ffl N5P F.LT. LM 1 

m Ocean Strategies Limited— S 

iv Old Iranskto Inti LM X 

m Omogo Overran Partners^* 
fflOopenhetmer UJL Arb— X 
w Optimal Effect Fut. LM A _t 
hr Optimal Effect Fut. LM B-SF 
ffl Optim u m Fund— X 

w Oracle Fund Ltd . X 

m Overlook Performance x 

rn PacH RIM Oaa BVI Mar 21 0 
ra Pan Fixed Inc Fd (Jon 31>Jl 

m PAN International Ltd S 

nrPancurrl Inc. S 

w Panda Fund Pte s 

m Panalnei OHshore ( Fob 21) 8 

« Poraaon Fund Limited X 

mPondlcuf Fund LM I 

mPequet Inti Fund X 

w Pharma/WheaUh— — S 

w Pturigerttan Ptorttarex FF 

■rPturlgesffon Pturivaleur FF 

wPiurtvert Sleav FF 

mPomboy Overseas Ltd X 

m Portuguese Smaller Co 1 

ffl Prima Bond Plue FdLM X 

fflPrima Capital Fund Ltd 8 

m Prime Muffl-I nvert ——S 

fflPrfmoo Fund 1 

tf Prof! rent SA DM 

w Pyramid Inv FdCoro S 

d RAD InL inv. Fd. X 

tf Ream inti Fund LM S 

r RtC Inovert Fund A S 

t use Inovert Fund B x 

w RtctaHnt Beltway Inc s 


Ecu 1699.19 Z 

f 2O4205I 


DM 1Z1245Z 

Ecu 141759 Z 

Y 1010700 z 

1 97355 

S 29441 z 

s mute 


nr RM Futures Fund Skav 

nr Sailor's Inti Equity Et 

iv Sal lofs Infl Fixed Et 

tf Sanyo Kle. Saak) Fd— 0 

tf Sarakreek Hording N.V 9 

w Saturn « 

mScvcv Fund LM X 

mSC F undam. Val BVI LM— S 
rf SCI / Tech. SA Luxembourg! 

m Scimitar Guar. Curr Fd S 

m Scimitar Guaranteed Fd—S 


m 

vasty 

116703700 y 


ffl Seleda Global Hedee Fd—S 
tf Selective Fut. Ptfl LM— Jt 

ifawrtM - • 

w Sinclair Mutflfund LM x 

WSJO Global (609)921-6595 — S 
w Smith Barney WridwdSec_i 
w Smith Barney Wrtdwd Spec 1 
w SP International SA A Sh— I 
iv SP International SA B Sh—S 
m Spirit Hedge Hid— —X 

fflSatrtt Neutral Hid J 

wstantay Ron Futures Fimd^F 
w Stelnhardt Oleas Fd LM— 9 
wStelnhanfl Realty Trust — S 


m Strldcr Fund 

ffl Stroma Offshore Ltd — 8 

tf Sunset Gtobol ill Lid S 

tf Sunset Global One 9 

wlRBii McOarr s 

mips Currency 9 

w Techno Growth Fund SF 

tf Templeton Global Inc . S 

m The Bridge Fund N.V. S 

m The Geofitobal Offshore X 

tf The I red It Multi Adv bora — X 

mTheJ Fund B.V.I. LM S 

w The Jaguar Fund N.V 5 

tf The Lotto Equities Fd 9 

rf The M*A*R*5 Fd SIcav A— 9 
tf The M’A'R*S Fd SIcav I — DM 

m The Seychelles FdLM X 

in The Smart Bond Ltd 5F 

nr Thqina M-M Futures X 


fflTtgqr StiecHaM NVBld — 8 
m-Ttar Setae Hold NV Offer J 


b TilC (OTC) Joa. Fd SIcav _S 
b Tokyo (OTCl Fund Stoov _S 
w Trans Gtobal Invt LM— — 9 

tf Transpacific Fund Y 

w Trinity Futures Fd I M 0 

in Triumph I. ■ ■■ I 

ffl Triumph II X 

m Triumph III S 

01 Triumph IV— — — 8 

tf Turquoise Fund S 

m Tweedy Brovme Inti n.v. X 

w Tecetfy Browne av.a A — s 
w Tweedy Browne ilv. a B— 1 

tf u bn Futures FF 

tf UbaFuhires Dollar J 

f Ultima Growth Fd Lid S 

tf Umbrella Debt Fund Ltd— x 

tf Umbrella Fund LM S 

wUnl Band Fund Eai 

» Uni Capital AUemagne DM 

nrUntCaattal Convertibles — Ecu 

w IMi-Gtobal SKm DEM DM 

w Uni-Gtofaai Sknv Ecu Ecu 

wUnr-GtobalScnvFRF FF 

nrUlll-Gtobal SIcav FS SF 

w Uni-Global Sfcav USD S 

d Uidco Equity Fund DM 

tf Untco Inv. Fund .DM 

m UnHradts CHF SF 

mUnltradesCHFReg SF 

fflltattrades FRF FF 

mlMtrocfcsUSD S 

w Uraus tort LM — t 


ffl Victor Futures Fund— 3 


b Voyager investments Pic.. X 

wVunure Ltd 1 

m W rIIbs Wlktor Inti Fd 1 

wuniuw taaan v 

w Wilier South East Asia 9 

w WlUowbrldge Infl CFM X 

tf Win Global Fd Bd. Ptfl Ecu 

tf Vital Gtobal FdEq. Ptfl ECU 

d Win Global Fd Ras Ptfl SF 

d World Balanced Fund &A-S 

m Worldwide Umlted S 

w WPG Fraber (Tseas Pari — X 

m WW Capital Grth FdLtd X 

m Young . . . SF 

rn Zephyr Hedge Fund- s 

mZweto Infl LM I 


For 

investment 

information 

Read 

the MONEY REPORT 
every Saturday 
in the IHT 


For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 33. 


!e conference program 


m i 

J higMigkt minvesfment 

/ opportunities in 

L America foko»*»g the 

egion's ecarmmc revival 


Latin America 

A New Investment Partner 


FOR FURTHER 
INFORMATION ON THE 
CONFERENCE: 


LONDON • JUNE 9-10-1994 


Ilcral^^^SrUmnc 



DEVaONBfllAMi 


Brenda Hagerty 
International Herald Tribune 
63 Long Acre, London WC2E 9JH, England 
Tel: (44 71) 836 4802 
Fax:(44 71)836 0717 




a:s-a‘ K-t xw* « a « 


Page 14 





AMEX 

Tuesday's dosing 

Tables include the nationwide prices up to 
the dosing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 


13 Month 
High Low Stock 


orv YU PE 


s* 

low 


LowLctestOYge 


4J _ 
_ 34 


9* SViAJMSfr M 
36*i 14HALC 
II *%AMlnfln 
1%. WAMbiwr 
14% 7-V.MAC „ 16 

24%21%AMC|* _ _ 

llwZA'^ARMFpf Z ” 

Z 

8% 2%AdcCom _ 4fl 

3 3%AcmeU 
J% 1% " 

61% 4 
6% 2W 


JO 


15% 9HAOVMOO 
6'A nAdvMecrr 
SH S'AAdvPtWl 
3% 2%Aerosen 
16% SVi AlrWat 
34 1B%AlrExp 
4% WAircoa 
7% SWAlamoo 
!«M AHaoonn J2 
lWu WuAMn 
17% «H*AIIdR5h 
11% ft MtouH 
3* IHAIouWtB 
6> 2%Atohaln 
12% 6%AlptnGr 

64. 55% Alcoa gl 3-75 


_ 9 

_ 56 
.9 16 
_ IB 
_ 16 


_ 3 
_ 14 


6.1 _ 


80 FH 
1642 36% 
131 10 
6 >Yu 

8? I HP® 

*1 1“ 
157 1 Yu 
127 65V. 
110 754 

3 3% 

150 2% 

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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23. 1994 


Page 15 


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Hoechst Sees Mild Upturn 
, After 31% Profit Slide 


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FRANKFURT-HoXtAG 

^manys largest chemic^ rom- 
♦pmy. said Tuesday lhai its S 
mg profit tumbled 31 percenTin 
l.48 biUi°fl Deutsche marks ($869 
million) m 1 993, but it predicted ^ 
improvement m l994 ^ Uae “ 

economic recover i n 0 j e Uni . , r,‘ 

Stales and Western Europe. “ 

The company was noticeably less 
optimistic about its business pros- 
pects, however, than its rivals Bav- 

gt£S.fc nd ?^ F AG - »» 
bneted the media on their annual 
results last week. Bayer predicted 
its profit would rise by up to 20 
percent this year, while BASF saw 
the climb in earnings or the first 
two months continuing. 

Earnings at chemicals companies 
in Germany have plunged in ihe 
1990s as demand shrank from the 
recession-plagued manufacturing 
industry for basic chemicals such 
as plastics and fibers. 

Hoechst said its key chemicals 
and dyes division posted an operat- 
ing profit of 162 million DM in 
1993, down from profit of 321 mil- 
lion DM the year before. 

Its fiber division, meanwhile, 
posted operating profit of 220 mil- 
lion DM, roughly half of the 422 
million DM earned a year before. 

Hoechst also announced it would 
float pan of Hoechst Celanese 
Corp., its U.S. unit, but not before 

<rn* i it * 


1996. A spokeswoman for the U5. 
c °fflpany said that details remained 
to be worked about and that "it’s 
too early to talk about how much of 
Hoechst Celanese will be floated." 

Wolfgang Hilger, chairman of 
Hoechst, said the company was 
“expecting a slight upturn in de- 
ntflnd and marginally higher soles 
volume” this year. 

Management said sales for the 
parnii company rose 5 percent in 
the first two months or 1994. JQr- 

'It still needs to 
do a lot more 
restrnctnring . 1 

Sven Dopke, analyst at 
M.M. Warburg in 
Hamburg, 

££n Dormann, deputy chief execu- 
tive, said group operating profit 
had "* imp roved slightly" in the first 
two months. 

Analysts said Hoechst would 
have to wait longer than its rivals to 
see a clear improvement in profit 
because it had embarked too late 
on major rationalization measures. 

“It still needs to do a lot more 
restructuring," said Sven Dopke, 
an analyst at M.M. Warburg in 
Hamburg. 


As a major facet of its restructur- 
ing, the company said it would cut 
as many as 8,000 jobs over the next 
two years, Mr. Hilger said the num- 
ber of employees had already been 
cut by 12.000 over the past three 
years. 

Mr. Dormann said he expected 
restructuring costs would range be- 
tween 300 and 500 million DM in 
1994, down from 999 million DM 

last year. 

The company said that Hoechst 
had spent about 2 billion DM on 
restructuring over the last two 
years, including 1.5 billion DM for 
severance pay. 

The number of employees world- 
wide totaled an average of 172,483 
last year, down from I77.68S a year 
earlier. 

Mr. Dormann said he was “very 
skeptical" that the company’s do- 
mestic profit in 1994 would suffice 
u> cover the company’s total divi- 
dend payout for the year. He did 
not disclose how high the 1 994 divi- 
dend would be. 

Hoechst proposed a dividend ol 
7 DM for 1993, down from 9 DM 
in 1992. The total dividend payout 
in 1993 was 412 million DM, down 
from S27 million DM a year earlier. 

Mr. Dormann also said the com- 
pany did not expect to raise fundi 
on the capital markets within the 
next three years. 

(Reuters, AFX, Bloomberg, 


Financial Picture 
Still Dismal for 
Credit Lyonnais 


Bidding lor LAP Stake to Start 


Reuters 

PARIS — France set the ball roll- 
ing for its next privatization on 
Tuesday by announcing it would 
launch a tender in the next few days 
for companies to join the so-called 
hard core of stable shareholders in 
Union des Assurances de Paris. 

The finance minister, Edmond 
Alphandery, said France would 
open bids for stakes totaling slight- 
ly more than 10 percent of UAP, 
Europe's second biggest insurer. 

Added to existing stable share- 
holders, that would give the hard 
core a stake of mote than 30 per- 
cent in the insurance company, the 1 
biggest stable shareholding stake in 
the wave of French privatizations 
that started last year. 

UAP, which with its many cross- 
shareboldings is a dominant force in 


the French financia l scene, is then 
likely to be sold off next month. 

Mr. Alphand&ry said that Ban- 
que Nationale de Paris would re- 
duce its stake in UAP to 15 percent 
from 19 percent. Other hard-core 
shareholders — the French con- 
glomerate Compagrde de Suez and 
the Swiss insurer Winterthur AG 
— will retain their existing stakes 
unchanged at around 5 percent and 
just over 2 percent, respectively. 

Separately, Mr. Alphand&ry de- 
clined to comment on newspaper 
reports that the government might 
have to delay the sale of Banque 
Hervet, a small retaD bank, because 
h could not find a buyer. 

He aid resfxmsimlitY for the 
sale, to be carried out by private 
tender offer, was in the hands of 
the Privatization Commission. 

Banque Hervet has slid in value 


since its privatization was an- 
nounced in the middle of last year 
because of exposure to the troubled 
real estate market and loans to 
small businesses. 

■ Forecast Is Affinned 

The French government reaf- 
firmed its forecast for 1994 eco- 
nomic growth on Tuesday, giving 
Mr. Alphand&y a chance for a dig 
at critics who wrote it off as over- 
optimistic but were now revising 
their views. 

Figures from the national ac- 
counts commission repeated an of- 
ficial forecast for gross domestic 
product growth of 1.4 percent, un- 
changed from the first estimate giv- 
en by the conservative government 
after it took power a year ago. 

The government also forecast 
growth in 1995 of 2.7 percent. 


By Jacques Neher 

International Herald Tnhane 

PARIS — One year ago, 
when Crtdit Lyonnais reported 
a record loss of 1.8 billion 
francs (5312 million), its then- 

chairroan. Jean- Yves Haberer, 
promised there would be no 
more bad news and that the 
world’s eighth-hrge&t financial 
institution, with assets of 1.93 
trillion francs, was ready to 
make a comeback in an eco- 
nomic upswing. 

Bm Thursday, when bis suc- 
cessor, Jean PieyreJevade, lays 
put his restructuring strategy, it 
is clear that there wifi be much 
more bad news. It also is clear 
that French taxpayers and the 
bank's big competitors, such as 
Banque Nationale de Paris and 
Sodetfc Genfcrale, wifi be forced 
to bear much of the pain of a 
large government bail-out. 

Analysts are bracing for a 
1993 loss of anywhere between 
2 billion and 26 billion francs, 
depending on how far the gov- 
ernment thinks it can go to fi- 
nancially restructure the state- 
owned bank without sparking a 
revolt by private-sector institu- 
tions or triggering a refusal by 
the European Commission for 
violations of its restrictions on 
state aid. 

On Tuesday, Edmond Al- 
phandfrty, the finance minister 
of France, confirmed (hat the 
government plans to inject a 
significant amount of cash into 
the bank, while also permitting 
it to dean its 54 button-franc 
real estate loan portfolio of 
doubtful loans. 

“The state win do its duty — 
there will be a recapitalization 
of Credit Lyonnais,” Mr. Al- 
phandfery said, although he did 
not hint of the amount to be 
awarded. 

The troubled property loans 
— which are reported to total 
40 billion francs — will be 
transferred to a separate com- 
pany that will be guaranteed by 
the state. Mr. Peyrelevade also 
is expected to detail his plan to 
reduce the bank's industrial 
holdings, whkh include 20 per- 


P *-=• T 


STONES. De Beers h Setting Asia AgUtter With Its Marketing Campaign 

, */ Costumed from Page -11 one night" during a-Hang-Koug— - In Thailand, Malayaa, the Phil- Sizzling diamond ads-go to those 


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the end of colonialism and other 

" upheavals. But the end of the Cold 

War and the rapid integration of 
, , * the global trading economy more 
)\\\ recently threatened the cartel with 
a iiew crisis. How it is rebounding, 
r ,i and how it is attempting to secure 
I o 711 h its future in the developing coun- 
LdlALU 1 tries of Asia, is a tale emblematic of 
the changing world economy. 
'De Beers’s London-based Cen- 
tral Selling Organization, which 
buys up about 80 percent of the 

world’s gem diamond production, 

- r - describes its mission as “the con- 

/ . .. uniting stabiliiy and prosperity of 
r.-' : the diamond industry." Its success 

- depends on control. Measured by 

- _ value, De Beers itself mines about 

half of the world's gem diamonds. 
’ _ _■ Through purchasing agreements it 
absorbs most of the rest 
. . . : j- De Bern also controls sales: The 

world’s diamond supply is trans- 
_ .. ported from mine heads to head 
•, V-j/.- office in London’s Charterhouse 
■■•■".V. Street, where it is sorted^ valued 

- - ” and then resold at periodic “sights” 

to an invitation-only group of dia- 
_ .;. mond cutters and wholesalers, the 

- “rightholders.” The rightholders 
produce finish ed loose diamonds 

- - ; 1 or diamond jewelry and sell these 

■ y to man ufacturers, retailers or the 
public. 

•• Globally, the Cold War’s sudden 

r demise threatened De Beers for. two 
... reasons. The Soviet Union was a 
, IS amend mining giant, producing 

- ■ an estimated S 1 J billion in dia- 

• . . ■' moods annually. The union’s dirin- 

tegration meant that its diamond 
-■* industry, with which De Beers had 
- mad p secret purchasing agreements, 
7 ., was up for grabs. The danger arose 
’ that local miners might take tbeir 
diamonds directly to cash markets, 

' " ” bypassing De Beers. 

- ' % Meanwhile, Moscow and Wasn- 

, ington made a deal to abandon 
’ their proxy war in diamontWadeu 

• . Angola, when peace took hold 
r rC-.. there, impovenshed Angolans 

rushed to diamond-rich areas for- 
■/' merly dosed by war, Sobbed afi 
", & the diamonds they could find ana 
; began selling them piecemeal for 
cash in open markets. In 1992, An- 


one night" during a-Hong~Koug- 
busmess trip, recalled Jonathan 
Pudney, a young. British-born De 
Beers marketing manager for Asia. 
“We were looking for something. 
We were talking about it_ . Jt was 
an American who came up with 
it . .“For Me. For Now. Forever.’ " 

Today that simple slogan — with 
both an appeal to self-gratification 
and an evocation of lasting value — 
is beaming into Aria via satellite 
television, splashing across colorful 
magazine ads and beckoning from 
displays on jewelry counters from 
Seoul to Bangkok. 

Selling diamonds requires pene- 
tration a society’s most enduring 
cultural rituals: courtship, mar- 
riage engagements, wedding cere- 
monies and wedding anniversaries. 

In Asia, such rituals are in flux 
because societies themselves are in 
flux, infused with dynamic eco- 
nomic growth. Arranged marriages 
are yielding to Western-style “love 
matches” among the young middle 
classes. Women are headed to work 
in largo numbers, leaving bdnnd 
their inherited family roles. 

To tiy to capitalize on changing 
habits, De Beers’s researchers are 
conducting intensive surveys of 
Asian attitudes toward love, mar- 
riage and diamond jewelry. 


- In Thailand, Malayaa, the Phil- SfezKng diamond ads-go to those 

ippincs and Indonesia, Dc Beers is Asian countries where “what 
. -. . . you re seeing now is young people 

adjusting us campaign to take ac- who havc ncver bov e Q faard 

count of the surging yuppie classes, times,” as Mr. Pudney said. 


Seats of Power 

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*"»■ 

i 


cording to De Beers. 

. . - Fighting back, De Beers moved 

■s-’’ to plug the leaks on its supply side. 

Cartel executives in Moscow ham- 
mered out revised purchasing 
. > ‘X- agreements with Rnssia, arguing 
. that without De Beers, the long- 
: ' • tenn value of Russia’s diamond re- 
sources would rink. And cane) 
buyers stepped up activity , m “J*" 
mond cash markets, soriting up 
■ * about two- thirds of the excess An- 
. v ‘' . solan diamo nds. 

- ■ Amid this uncertainty about 
.supply, the cartel faced daunting 

diallenges on its consuny uon side. 

- < .in the United States, Japan and 
'. 'Europe, overall sales of 

ewelrv have flattened since wi. 
• To prosper on a woridjde scafcin 

he next century. cartd«eoinv« 

•- ^^ewtheyhadtoextmd^mar- 

■ ’ ;eung pitch in a new direction to 
• ’ - he East. . . ■ , 

-It was somebody snimg in a bar 


FIDELITY SPECIAL GROWTH FUND 

Socidtd d’lnvestissement k Capital Variable 
Kansallis House 
Place de L’Etoile 
L-KJ21 Luxembourg 
R.C. Luxembourg B 20095 

NOTICE OF ANNUAL GENERAL MEETING 

Notice is hereby given that tbe Annual General Meeting of tbe Shareholders of FIDELITY SPECIAL 
GROWTH FUND, a socidoStTinvestissement h capital variable organized imder the laws of the Grand 
Duchy of Luxembourg (the “Fund"'!, will be held at the principal office of the Fund, Kansallis 
House, Place de L'Etoile. Luxembourg, at 11:00 a. m. on March 31, 1994. specifically, but without 
limitation , for the following purposes : 

1. Presentation of the Report of the Board of Directors. 

2. Presentation of the Report of the Auditor. 

3. Approval ofthe balance sheet and income statement for the fiscal year ended November 30, 1993. 

4 . Discharge of the Board of Directors and the Auditor. 

5. Election of six ( 6 ) Directors, specifically the re-election of Messrs. Edward C. Johnson 3d, Barry 
R. J, Bateman, Charles T. M. Collis, Sir Charles A. Fraser, Jean Hamilius and H. F. van den 
Hoven, being all of the present Directors. 

6 . Election of the Auditor, specifically the election of Coopers & Lybrand, Luxembourg. 

7 . Declaration of a cash dividend in respect of the fiscal year ended November 30, 1993. 

8 . Consideration of such other business os may properly come before die meeting. 

Approval of items 1 trough 7 of the agenda will require the affirmative vote of a majority rf the shares 
present or represented at the Meeting with no minimum number of shares present or represented 
in order for a quorum to be present. 

Subject to the limitations imposed by the Articles of Incorporation of the Fund with regard to owner- 
ship of shares which constitute in the aggregate more than three percent f 3 % ) of die outstanding 
shares ofthe Fund, each share is entitled to one vote. A shareholder may act at any meeting by proxy. 

Dated: February 17, 1994 

BY ORDER OF THE BOARD OF DIRECTORS 


FUfemy 


Investments 


cent stakes in Aerospatiale and 
Usinor-Sacilor. both of which 
are losing money. 

Even if the balance sheet is 
cleared, ominous clouds mil 
still be hovering over the bank 
for months because of the legal 
war over Credit Lyonnais’ in- 
volvement in the takeover of 
Meiro-Goldwyn-Ma>er Inc. by 
the Italian financier Giancarlo 
Parretli. The bank took control 
of the Hollywood studio when 
when Mr. Parretti defaulted on 
his loans. 

In Febniaiy, Mr. Haberer, 
now chairman of Credit Nation- 
al. and Francois Gille. the man- 
aging director or Credit Lyon- 
nais. were charged by a Swiss 
judge with complicity in the 
1992 bankruptcy of Sasea SA. a 
company involved in the MGM 
deal and headed by Mr. Parrei- 
ti's associate, Florio Fiorini. 

On another front. Credit Ly- 
onnais and MGM are set to go 
to trial in June in Los Angeles 
against Kirk Kerkorian and 
other former executives of 
MGM. Credit Lyonnais claims 
it was deceived about the stu- 
dio's financial status when it 
funded Mr. Parrel tfs acquisi- 
tion in 1990. Mr. Kerkorian’s 
S500 million countersuit 
against the bank is set to be 
heard at the same time. 

“They’re getting hit on all 
sides." said Shefla Garrard, an- 
alyst with Lehman Brothers in 
London. She was predicting a 
loss of 2 billion to 4 billion 
francs, although she said her 
prediction could be well off the 
mark. “It’s impossible to know 
the quality of the bank's as- 
sets,” she said. 

Cash injections of 4 billion to 
5 billion francs have been pos- 
tulated over the past few 
months, but analysts now say 
even that sum might prove woe- 
fully inadequate. 

“4 billion plugs a hole, but 
not much more than that,” said 
Sasha Serafimovski, banking 
analyst at Merrill Lynch & Co. 
in London. 

In September, the bank re- 
ported a loss of 1.05 billion 
francs for the first half of 1993. 


Air France 
Cuts Deal 
OnCSA 

Bloomberg Business Sen 

PRAGUE — The Czech Repub- 
lic's state-owned Konsolidacni 
Banka agreed Tuesday to pay S27 
million for Air France's stake in 
CSA, the Czech airline. 

The agreement will end Air 
France's 19.1 percent sharehold in g 
in CSA and dimini sh the role of a 
second large shareholder, the Euro- 
pean Bank for Reconstruction and 
Development, Czech Transport 
Ministry officials said. 

The European Bank will keep its 
19.1 percent CSA stake, and Kon- 
solidacni Banka has agreed to guar- 
antee the development bank's orig- 
inal S30 million invesimenL Bat 
the EBRD will give up its seat on 
CSA’s board and lose the right to 
veto major management decisions. 

Tbe Czech government has been 
intent on pushing Air France out of 
CSA and has been negotiating for 
weeks with the French airline. 

But a side agreement between 
Air France and the EBRD, which 
Czech government officials say 
they only recently learned about, 
has been a stickingpotnt in negoti- 
ating the deal That agreement, 
which dates to a time when Jacques 
Allah was president of the Europe- 
an Bank and his twin brother, Ber- 
nard, was chairman or Air France, 
obligated Air France to guarantee 
part of the EBRD’s invesimenL 

Now, Konsolidacni Banka has as- 
sumed an option to buy the Europe- 
an Bank’s stake in CSA at any tnw» 
Under tbe new agreement, the Euro- 
pean Bank must keep its stake until 
1997 unless Konsolidacni decides to 
exercise that option, but between 
1997 and 1999 the European Bank 
has the option to seO its stake to 
Konsolidacni for its original invest- 
ment of $30 milli on 


Frankfurt 

DAX 


London Paris 

FTSE tp<j Index.: .CAG. 4Q; 


J:- ^ m 


1984 ....... 139a.... 1 .:- .'1994-i : 



;&eetwrige: , 

Amsterdani' ■' flEX :> 

FranKftat ^ : 

London Hrwj^TIriM 




['sCzw**:, 

T;>-, 

m+%S3*M 


-• :t>0St.ro r ; : : .fiosaqfr;- 


Stockholm ■ Agaerevaflitfefi • ! 1,8123$ , l&jiM; ■ 

: -Viewt :.MlftdatC?:; -;48S,63 

■Web : y/JSBa;' ; : -vy ,- s m& t • ..■98^. < ;;:^i:70V 


Sources: Reuters, AFP 


lmcnniioial HnaM Tritaae 


Very briefly; 

• Renault Vibiades Indastriels, the truck-making subsidiary of the 
French automaker Renault, said its 1993 net loss narrowed to 1.40 bQlion 
francs ($243 million) from 1.62 billion in 1992, i hanks to improved 
operating margins and a resurgent U.S. demand. 

• Denmark launched its hugest privatization effort so far with the sale of 
483 percent of Tde Danmark A/S; the sale is expected to bring about 20 
billion kroner (S3 billion). 

■ Bowater PLC, the British packaging company, earned £21 1.9 milli on 
($315 million) before taxes in 1993, up sharply from the pretax £1473 
million earned in 1992; results were lifted by the purchase of Tower 
Packaging, the medical-packaging company. 

• Bayerische Hypotheken & Wedtsel-Bank AG tbe German bank, said it 
earned 1.035 billion Deutsche marks (S6I3 million) in 1993, a 33 percent 
increase from 1992, helped by gains on investments such as mortgage 
bonds. 

Reuters, AP, Bloomberg 


Lazard and Credit Agricole Reach Accord 


Compiled by Our Staff Front Dispatches 

NEW YORK —The business of 
derivatives needs brains, to concoct 
complex financial transactions, 
and brawn, for the financial 
strength to stand by what are gen- 
erally private contracts that can ex- 
tend as long as 10 years. 

So when Lazard Freres, the 
brainy weakling of investment 
houses, decided to start trading de- 
rivatives, it needed a muscular 
partner. On Tuesday, it announced 


a joint venture with Cridit Agricole 
of France, the 1 lth-largest bank in 
the world. 

Lazard, which is actually three 
interlocking partnerships in New 
York. London and Paris, is mini- 
mally capitalized; Credit Agricole, 
with about $300 billion in assets, 
carries a double-A credit rating. 

Derivatives are a broad category 
of transactions whose value is 
based on, or derived from, move- 
ments in prices of stocks, interest 
rates, currencies or commodities. 


Common examples include op- 
tions that protect investors from 
declines in the stock market, or 
swaps that allow corporations to 
lock in certain interest rates on 
their borrowing. 

The new firm will be called Cred- 
it Agricole-Lazard Financial Prod- 
ucts Ltd. and will be oraanized as a 
commercial bank based in London. 
Three-quarters of ihe capital will 
be contributed by the bank, and 
one-quarter win come from tbe 
three Lazard houses. (ffYT,AFX) 


u 

irir Highlights 1 993 

Hongkong Land 

Strong Growth in Property Values 

Net asset value per share + 50% 

Earnings per share +0.5% 

Dividends per share + 5% 

Extraordinary profit on sale of property US$213 million 
Property portfolio US$7,857 million 
Shareholders' funds US$7,680 million 
Net debt US$82 million 

Investment properties fully let 

US$410 million 7-year Convertible Bonds issued 

Trafalgar House balance sheet strengthened 

“The Hong Kong commercial property market remains strong, and the Group’s rental income will begin 
to grow once again in 1994 on the back of the positive rental reversions which are now being achieved. 
The Group has the financial strength and the resources to exploit new property and infrastructure- 
related opportunities in Hong Kong or elsewhere . " 

Simon Keswick, Chairman 
21 st March 1994 



Year ended 31st December 


1993 

1992 


USSm 

USSm 

Net income from properties 

392-6 

390.5 

Operating profit 

374.6 

368.8 

Share of results of associates 

(20.6) 

0.5 

Other income 

1922 

4.5 

Net financing charges 

(17.1) 

(18.5) 

Profit before taxation 

356.1 

355.3 

Taxation 

(49.6)’ 

(50.3) 

Profit after taxation 

306.5 

305.0 

Extraordinary item 

2132 

- 

Profit attributable to Shareholders 

519.7 

305.0 

Dividends 

(261.7) 

(248.6) 

Retained profit for the year 

258.0 

56.4 

Shareholders' funds 

7,679.7 

5,102.9 


use 

USe 

Earnings per share 

11.71 

11.65 

Dividends per share 

10.00 

9.50 


USS 

US$ 

Net asset value per share 

2.93 

1.95 


Hongkong Land Holdings Limited 

Incorporated in Bermuda with limited liability 


A member of the Jardine Itathcsan Group 


The fin al drwdand of USc6.8S per ordinary share wS be payable on 7ih June 1994, subject to approval at the Annual General Meeting to to held 
on 31st May 1994, to Shareholders on the register of members at Ihe dose of business on 8th Apn7 1994. and iwff he available in cash with a scrip 
alternative. The share registers will be dosed from lith to 15th Apnt 1994 tndusive. The dividend wiB be available in United Slates Outers. Hong 
Kong Dobars and Sterting. Shareholders on the Jersey branch register miff reserve United States Dottars wtttte Share/MWere on the Hong Kong 
branch register wHt receive Hong Kong Dollars, unless they elect lor one ol the alternative currencies by notifying ihe Company's registrars or 
transfer agents by 20th May 1994. Shareholders whose shams are held through Bib Central Depository System in Singapore CCDF ) wHt receive 
Hong Kong Ckitbm, unless they ekxi through CDP to receive United States Dollars. 


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Fundamentals 
Get Attention 
In Hong Kong 

SJ^ 1 ^ yStS Said , ,na y *■* «»po«te earnings. ratta toS 
started to look again at fundamen- opti mism about erowih nrosracts 

WJS°S' lhe j r alUaMion f °r Hong Kong 


, allen,,on for Hong Kong and China. 
StS! 10011 iftcr As l " e Hong Kong market 

“I tlShk r j surged milw final quarter of 1993, 

A “1 , a fundame n tals Tundamenials really weren’t re- 
catd. : up," Nic hoto Pracock. re- ganied." Sluan £& d&Tm 


•ties (Hong Kong), said Tuesday af- nties, added. 

ter Hong Kong shares recovered Analysis said the direction that 

some or tbor big losses of the previ- Hong Kong shares take Wedncs- 

r ^ day was likely to depend on wheth- 

The Hang Seng Index of 33 lead- er the U.S. Federal Reserve Board’s 

•ff r M o8S?S; 01 Pofrci'-making committee acted to 

3.98 percent, to dose at 9,012.17, as raise interest rates, 
buying based on corporaie-eam- U.S. interest-rate increases often 
mgs prospects overwhelmed selling trigger rate increases in Hong 

because the tern lory’s cur- 
The nulex had tumbled 4.00 per- rency is pegged to the U.S. dollar., 
mu Friday and 5.09 percent Mon- But Hong Kong banks, which meet 
rj ^ lXs ,owest levei since every Friday to consider rates, have 
I ,’v 1 » ■ _ . not yet matched the quarter-point 

In other Asian and Pacific mar- nse that the Fed announced in its 
kets, shares m Sydney managed a federal funds rate on Feb 4 
slight gain, and analysis said Hong In Sydney, the All Ordinaries In- 
Kong s rebound helped sentiment dex dosed just OJ point higher, at 
in Singapore, but Tokyo’s main 2,140.80, after being down nearly 
stock index fell about 1 percent. 15 points at its session low. 

• The Asia/Pacific component of In Tokyo, stocks drifted lower in 
the Internationa] Herald Tribune subdued trading, with investors re- 
World Stock Index was a little low- luciam to make major moves 
erat 127.03, down 030, after Asian of the end of the Japanese fiscal 


trading ended. 


year on March 31. The Nikkei 225- 


Alex Tong, a fund manager for stock average ended 215.92 points 
-Barclays de Zoete Wedd Invest- lower, at 20,25333. 
meut Management (HK), said in- The Straits Tunes Industrials in- 
vestors had started buying a g a in in dex in Singapore gained g .74 points 
the belief that Hong Kong shares to close at 2,045.04. 
had fallen to attractive levels. (Bloomberg Reuters) 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23 , 1994 

Offices: Where the Fat Is in Japan 

White-Collar Workers Fall Far Short in Productivity 


By Andrew Pollack 

New York Tuna Service 

TOKYO — Takeharu Inuzuka hunched 
over his work space amid the sea of desks that 
make up Toyota Motor Corp.’s Europe and 
Africa planning division. He was putting the 
finishing touches on a sales presentation to be 
made by another executive in a few days. 

The speech, about Toyota’s latest Europe- 
an results and its plans for the coming year, 
would last 30 minutes. But preparing it had 
taken virtually all Mr. Inuzuxa's time for two 
months, including many late nights and one 
time when he stayed in the office until & A.M. 

Much oT the time was spent repeatedly 
revising; the text and the slides, often by hand 
instead of oo a computer. There also were 
frequent meetings with managers at different 
levels to review the presentation. 

Toyota tnay be the most efficient automak- 
er in the world, and its “lean production" 
techniques have been widely imitated. But a 
tour of an office such as Mr. Imrmka’s to see 
how a sales presents Lion is put together re- 
veals a less formidable side oT Japan. 

Many Japanese companies, which have 
concentrated on improving their factories, 
are finding their profits dragged down by 
bloated administrative staffs. Tune is eaten 
up in countless meetings. Offices are more 
cramped and less computerized than their 
American counterparts, and women remain 
almost exclusively in clerical roles. 


now is the question being asked: Just how 
much are they really getting done? 

"Japan's white-collar productivity prob- 
lem is of such scope that it can only be called 
a national competitiveness issue," Shin taro 
Hori, a vice president of Bain & Co. Japan, 
wrote in the Harvard Business Review recent- 
ly. Mr. Hori estimated that Japanese compa- 
nies had 15 percent to 20 percent more work- 
ers than they needed. 


Tbc problem, he and others said, is that the 
Japanese style of management by consensus 
means slow derision-making and numerous 
meetings. The value placed on personal rela- 
tionships means relatively little business gets 
done by telephone. 

Also unw-coosuramg is the process of 
nmawashi, or laying the groundwork, in 


Many companies are 
finding profits dragged 
down by bloated 
administrative staffs. 


which one wins approval for a proposal ui 
advance of the meeting at which it £ discussed. 
That assures the meeting will be free of con- 
frontation, but it often means wasted time. 

In addition, the Japanese tradition of life- 
time employment makes it difficult to trim 
payrolls, even when companies such as 
Toyota are trying to cut costs. 

Toyota has been more aggressive than many 
others in trying to contra! administrative costs. 

But as a day in the life of a middle manager 
shows, there is room for improvement. 

The Europe and Africa planning division 
occupies half a large room on the seventh 
floor of Toyota’s 17-story office building in 
Tokyo. (The company’s headquarters are 
near Nagoya, in central Japan.) 

About 1 10 people work in the room and, as 
is typical of Japanese offices, they work out in 
the open. Desks are crammed together in 
dusters called islands, so a worker typically 
has tme colleague on either side and one 
directly across. 

At one of those identical desks in one of 
those islands sits Mr. Inuzuka, 33, the assis- 
tant manager, market analysis and planning 
group, Europe and Africa planning division. 

His most recent job was to prepare the 


sales presentation to be delivered to Toyota's 
European distributors in Geneva on March 7. 

Between Jan. 6 and early March, Mr. Inuzu- 
ka said, he had five meetings to discuss the pre- 
sentation with bis manager, six meetings with 
the general manager of the Europe and Africa 
planning division and three that in- 

cluded the director of the European divisions. 
Many ether people also attended those meet- 
ings, which tended to last an hour or two. 

As a newcomer to European operations, 
Mr. Inuzuka had to gather a lot of data. He 
stayed late in his office many nights to call 
Europe. He also sent many faxes; Toyota 
does not yet have electronic' maB connecting 
its offices in Tokyo and Europe. 

On Jan. 13, Mr. Inuzuka produced his first 
draft. On big pieces erf paper, be drew, by 
hand, a picture of what each slide would look 
like, and in an adjacent box wrote the pro- 
posed narration. On Jan. 17, after same discus- 
sions, he did a complete revision, followed by 
additional revisions on Jan. 21, Jan. 27 and 
Feb. 7. Some of those revisions involved writ- 
ing and drawing everything all over a gam. 

On Jan. 24 Mr. Inuzuka sent the first batch 
of drawings to an outside company that was 
to make the slides, using graphics software on 
a personal computer. Chi Feb. 8 he sent more. 
He wrote the English text on a personal 


He wrote the English text on a personal 
computer and sent the floppy disk to the 
outside company. 

Finally, after many discussions and revi- 
sions by the outside company, presentations 
to be handed out at the Geneva meeting were 
wheeled into the office on March 2. 

Looking back, Mr. Inuzuka said: "I was 
100 percent devoted to the presentation for 
the marketing meeting. I haven’t done any- 
thing other than that." While be acknowl- 
edged that his office could mult* better use of 
computers to improve productivity, he de- 
fended the many steps he took to prepare the 
presentation. He also said he did not think he 
could have gone much faster. “That." he said, 
“was the minim um that was required." 


Page 17 

ASIA/PACIFIC 


HongKoftg. 

.JftwgSeng 


■> Singapore- 
'-'Stans Times 


Mfrrr: 


. : .'•'.'XV. v n 

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atftgkok;.’ ; .SET . .. ■' . 

:;%buj; ;v/]^ ' ' VCorapo^ Stock 

HpwZeahmd. NZSE-4Q". ' . 

Sources: Reuters, AFP 

Very briefly: 



Tokyo 
NikKei 225 : 



: -i m 

..Tuesday ".prev. : - , 

"Ctose ..;Cfos£ .'•""CHart^G 


>1,23732 ' 

,■■877.95 

■A?6L«: 

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2,20553 

1*83452 


’954.18 :<#&■ 

' ■499.81.-.-: r ZS7- 

• • 2 ^ 55 ^ 4 : ‘V : z3<f 

International HmWTnbonr 


• BP Exploration Operating Co. said a consortium led by it signed a pact 
to prospect for oil in China's Tarim Basin, which some industry special- 
ists say may hold nearly as much oO as Saudi Arabia. 

• Janfine Fleming Holdings said 1993 net profit more than doubled, to 
$202 million from $75.8 million in 1992. on the strength of Asia’s equity- 
market boom. Mandarin Oriental International f -*rf , also part of the 
Janfine Matheson Holdings Ltd. grow, said profit after taxes and 
minority interests rose to S40.8 mill ion from S403 million. 

• Singapore will spend 852 million Singapore dollars ($538 million) this 
year to develop port facilities, its communications minis ter said 

• South Korea cut its probation period on securities firms to two years 
from three years. The change allows Nomura Securities Co., which had 
been disqualified for alleged dealings with Japanese organized-crime 
figures, to open a branch office in Seoul. Bloomberg, afx. ap. afp 


K, 


¥ l * 

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A 

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1:4 


Apple in Licensing Talks lor Japan TRADE: Steps Against Loic-Wage Nations Weighed STANDARDS: Asians Warned 

A f. w»> f 1 f-haimvan aF (H* rvu?n/-r1 niif in 


The Associated Press 

’ TOKYO — Apple Conmuter 
Inc. is having “fairly intense" dis- 
cussions with several Japanese 
companies about licensing its Mac- 
intosh computer operating system, 
Michael Spuufler, the pres dent of 
'Apple, said Tuesday. 

Mr. Spindter would not specify 
which companies were involved in 
.the talks. 

Under Mr. Spindter, who be- 
came president last year, Apple has 
departed from its longstanding pol- 
icy of not licensing the Macintosh 
operating system. It has said it is 
willing to share it with computer 
makers who are not apt to slash 
prices and launch a price war. 


By licensing the operating sys- 
tem — the basic software that runs 
a computer — Apple hopes to re- 
duce the worldwide dominance of 
IBM-compatible personal comput- 
ers and Microsoft Corp.'s Windows 
software 

Japan is Apple's second-largest 
market after toe United States. Ap- 
ple was the second-laigest personal 
computer vendor in Japan last year 
with 13.9 percent of the market, 
according to Data quest a market 
research concern. NEC Corp. dom- 
inates the Japanese market 

Apple already has significant ties 
with Japanese companies. Sony 
Coip. is its largest suppSer of com- 
ponents and Sharp Corp. manufac- 


tures its hand-held Newton Messa- 
gePad computer. Apple also has 
joint development projects undo- 
way with Toshiba Corp. and Kyu- 
shu Matsushita Electric Co. 

■ Gates Complains to flinm 

Bill Gates, chairman of Micro- 
soft Corp- took issue with the gov- 
ernment of China on Tuesday for 
not letting the market dictate soft- 
ware standards. Renters reported 
from Beqing. 

Mr. Gates said he was confident 
the huge untapped Chinese market, 
if given the choice, would embrace 
a new Chinese version of Microsoft 
Windows as a standard for desktop 
computer software. 


NYSE 

Tintfriay'f Cloning 

Tables Include the nationwide prices up to 
the dosing on Wall Street and do not redact 
late trades elsewhere. Via The Associated Press 

(Continued) 


H^hLaTstodc Div YM PE 100* Ktfl LowLtfqtOl'BC 


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Continued from Pa^ 1 
feet on the question of linking 
workers’ rights with trade, Germa- 
ny is increasingly opposed to forc- 
ing a social clause into trade negoti- 
ations. 

Gttnter Rexrodt, Germany’s eco- 
nomics minister, last week said talk 
about workers* rights could lead to 
a new protectionism. A German 
official said Bonn feared the World 
Trade Organization would be 
“overloaded" with responsibility 
for social and environmental is- 
sues. 

Sir Leon’s position differs from 
the French approach, according to 
a European Commission offi cial, 
“because we are not launching a 


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crusade to rob low-wage countries 
of their competitive advantage." 
Instead, the official said, “the ob- 
jective is a leveling of workers' 
rights." 

The official said Sir Leon’s paper 
would outline options such as ask- 
ing the International Labor Orga- 
nization, a UN agency, to report on 
suspected breaches in order to ex- 
amine them in a multilateral forum, 
rather than implementing immedi- 
ate trade sanctions on the offend- 
ing country. 

Dennis MacShane, an officer at 
the Geneva-based International 
Metalworkers Federation, noted 
that the desire for fair labor condi- 
tions in emerging economies had 
brought together governments with 
different agendas. He said, howev- 
er, that action was needed because 
“Asia is now the low-wage, union- 
free, socially unaccountable play- 
pen for any European company 
that no longer wants to meet its 
social responsibilities, and that 
puts a question mark over every 
manufacturing job in Europe." 

Mr. MacShane said the federa- 
tion had brought several com- 
plaints to the International Labor 
Organization about Malaysia's re- 
fusal to permit national trade 
unions in the electronics sector. 
Hie 1LO confirmed it was examin- 
ing the complaints but stressed that 
Malaysia had not ratified the rele- 
vant workers’ rights convention 


and thus could not be forced to acL 

In France, many in industry 
strongly support a clause that could 
penalize their low-cost competitors 
in Asia and elsewhere. Paul 
Rechter, a spokesman for the em- 
ployers’ Federation, the CNPF, 
said, “The problem of soda! dump- 
ing affects all of us,asirmeansveiy 
cheap prices for certain products ai 
the expense of European jobs.” 

Mr. MacShane noted, for exam- 
ple, that Thomson Consumer Elec- 
tronics, a unit of the Thomson 
group of France, now has more 
employees in Malaysia than it does 
in France. 

Some officials involved in the 
debate say pressure is being 
brought on the World Trade Orga- 
nization because the ELO has faded 
to take sufficient action. In a bode 
to be published this week. Bill 
Bren, a vice chairman of the gov- 
erning body of the ELO, writes that 
the labor organization needs to 
work jointly with the new world 
trade group to draw up an effective 
mechanism. 

But Michel Hansenne. the ILO’s 
director-general, rgected criticism 
of the organization, saying h did 
not have powers to introduce any 
sanctions. 

“If there is an agreement at the 
international level” he said, “we 
will be happy to work with the 
World Trade Organization." 


Leg rand's Board of Directors met under the chairmanship 
of Mr. Francois Groppotte in order to close the consolidated 
accounts for the year ending December 31, 1993. 

Consolidated accounts - certified YFTZ 1992 

(in millions of FF) 

Sales 9.983 10249 

Operating Margin 1369 1.783 

Net income (Group interest) 578 657 

Net cash flow 1.401 1 -551 

When restated for comparable structures and identical 
exchange rales, Legrand sales advanced 1.2% in 1993 with 
1.1 % decline in volume. The market decline was significantly 
steeper in France than in the rest of the worid. 

Insufficient saies volumes and the full impact of devalu- 
ations obviously cut info comings. Yet signs of an upturn lhat 
began to emerge in ihe second half of the year held the fall 
in net income to 12% or 5.8% of sales. Net cash flow slipped 
9.7% to 14% of sales. 

To ensure that Shareholders continue lo play an active 
role at Legrand, while giving the Group a management 
structure in keeping with its current size and growth pros- 
peds, Mr. Grappotte submitted to the Board the following 
appointments: 

- Messrs. Jean-Pierre Verspieren, Bernard Decoster, Benoit 
Verspieren and Raphael Verspieren, as Vice-Chairmen of the 
Boa rd of Directors. 

- Mr. Patrick Puy as General Manager, and Messrs. Olivier 
Bazii and Pierre Mazabraud as Deputy General Managers. 

Finally, the Board will propose that the Annual General 
Meeting of Shareholders, to be held on May 25, 1994, distri- 
bute a dividend equal to that paid lest year, i.e. FF 5750 per 
ordinary share, and FF 92 per preferred share. After an 
advance payment on February 1, the balance, he. FF 28.50 
per ordinary share, and FF 45.60 per preferred share, will 
be payable as of June 15, 1994. 

FINANCIAL INFORMATION; O. BaZIL, G. SCHNEPP ■ TEL: (33-1} 43 60 01 80 


TO OUR READERS 
IN ALBANIA 

Hand delivery is now available 
Just call: (42) 23 502 
"Independent Albanian 
Economic Tribune" 


Coatinned from Page 11 

meeting in Kuala Lumpur of the 
Pacific Economic Cooperation 
Council attended by about 400 of- 
ficials. business leaders and aca- 
demics from Australia. Brunei, 
Canada, Chile, China, Colombia, 
Hong Kong, Indonesia, Japan, 
South Korea, Malaysia, Mexico, 
New Zealand, Peru, the Philip- 

South Pacific island states. 

East Asian officials said U.S. 
threats to withdraw trade privileges 
from China over its human-rights 
record and from Indonesia for al- 
legedly failing to protect workers’ 
rights appeared linked to concents 
in France and other European 
Union member nations about un- 
fair competition from Asia. 

They said any attempt by the 
West to impose new international 
standards for wages, work and en- 
vironmental conditions was a dis- 
guised form of protectionism and 
would be strongly resisted. 

“We have to draw the line now." 
Noordin Sopiee, the Malaysian 


chairman of the council, said in an 
interview. 

Mr. Noordin said the EU had 
told Southeast Asian nations that 
“not having a welfare state is an 
unfair trade practice." He added: 
“They call it soda) dumping. We 
are dumping because our workers 
will accept lower wages and work 
longer hours and sweat and toil, 
whereas theirs won’t ** 

Ministers from more than 100 
countries are to meet in Marrakesh. 
Morocco, in mid-April to ratify the 
Uruguay Round global trade pact 
(hat was concluded in December. 
They wifi also begin discussing is- 
sues for inclusion in the next round. 

Mr. Dadzie said there was “a real 
danger” that the new trade agenda j 
would be dominated by issues such 
as low wages, labor rights and envi- 
ronmental protection. 

He said East Asian nations 
should take preemptive action by 
giving all developing countries eas- 
ier access lo their markets and by 
increasing their purchases of East- 
ern Europe's exports — more than 
half of which currently go to the 12 
EU nations. 


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SELECTED IN UNIQUE 



PARIS 

■ With a wonderful view of the Sene 
this house is to be sold either as a 
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PARIS 

■ An outstancfing roof garden inctedtog 
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2 master bedrooms, a maidroam and a 

3 car underground parting. 



RAUHaus*m«xin,Pari»-FSANCETeL(33 1)4008 It 34 ha. (331)4008 11 72 | I RAU Neuflty ■ FRANCE To*. (33 ?) 47 45 22 60 Fa*. (33 1)4641 0207 


PARIS 

■ HE SAINT LOUIS Top class apart- 
ment m me Bralonveflem town house, a 
jewel of me i7Thcentuy. About I90nr. 
VerylghL perfect condthon and excep- 
tional quatty features, a mater celing 
height. Parlong facdeies mchrded. 


ETUDE SUffitEN 61 bt*, Avenue de Suffren, 75007 PARIS - FRANCE 
ToL (33 1)45 67 88 88 Fax. (33 1)4567 1608 



If ROBESTAN 

monte carlo 

■ Top-class building, residential area. 
UftoK tot. 388 sqm. Exceptional design 
and decoration. Triple kwig-roomHjrtng- 
irxxn. wood-cawing tray. 3 bedrooms. 3 
baths. L3rge sunny terraces vnffi an ope- 
ned-view on Hie sea and MontfrCaib. 

Bremond DOTTA T« BouDngnw" 5 bo, m. FrioctHa Afea MC 98000 MONACO 
TeL [33) 93 25 50 25 fdx. (S3) 93 5095 Bl - 


sit 

*■ w- r^i. tun*-- -y*. . 

1 «««'' «' ", y— ~ • 

" ‘T 

M0NIE-CABO9JN 

MONTE CARLO 

■ Top class buBdtog with private part 
and pool, at a lew meters from the 
Country Tennis dub. Comfortable 4 
rooms flat, calm and modem. 142 sqm. 
Sumy terraces on the sea. 

BREMOND DOTTA las Badaniai" 5 bb av 
TaL (33) 93 25 50 25 Fax. 

PransM Afce MC 98000 MONACO 
(33)93 50 95 81 




PARIS 

■ Exquisite town house laid out on 3 
floors. Living space of 459 m'. Large 
reception room, small salon aid dnng 
room. 6 bedrooms. Attractive cottage m 
Die garden. Statable tor a caretaker or 
staff. Includes a cedar. 


JOHN TAYLOR 86 ovcnoe Victor Hugo 73116 Peril - FRANCE 
TaL (33 1J 45 53 25 25 fax. (33 1J 47 55 63 97 



PARIS 

■ ExquBUe town house of ear tf 19 m cen- 
tury, close to the Palais Bourbon and 
Sainte-CWWrte Church. TotaBy rastrudu- 
red and remodel sd. vrth a 240 rrr caul 
yanl and 10 undergroud parting tacfttes. 
SucaUe for a fxivaie readant or an embas- 
sy. Suface atom 17UQrrran-l floors 

EtUDE SUFFREN 61 bis Avenue de Suflnxi 75007 PARIS FRANCE 
TeL (33 1)45 6788 88 Fax. (33 1] 45 6716 08 



PARIS 

■ Sduated in a marveNous 18th century 
house, a typical fell riverside 90m2 
apartment Suitable for an ideal ’pied-a- 
terre". Including a bedroom and a large 
reception room, ovartooking a charming 
coutyaid with Crees-Vary opet 

PATRXX RANDI IMM0B8B - 268 bd SobA-Germon 75006 Pom - FIANCE 
Tel (33 1)45 55 2240 Fax. (33 1)45 51 30 85 



PARIS 

■ Very dose to the Luxembourg gar- 
dens and to the Serial axqustte 17m 
certify town house, whfch has three sto- 
reys on 1000m Nice period (Baturas. 
Would be suitable lor a show-room or 
the headquarters of a company. 

NDI MMONUER - 268 bd Saat-Gannan 75006 Porii - FRANCE 
TeL (33 1J45 55 22 00 Fax. (33 1)45 51 30 85 



VHLEFRANCHE SUR MER 

■ Magmflcienl property overlooking 
ViHefranche 310 sqm, numerous ter- 
races Enchanting view on the Bay. 
Heated-pod, Jacuzzi, situated In a 1600 
square metre PmefaresL Ref 568 


BREMOND DOTTA lias Boolingrini* 5 bo, uv. Princess? Afce MC 98000 MONACO 
TeL (33) 93 25 50 25 Fax. (33) 93 50 95 81 



■ IHE GOTHCK VUA, REGENTS PARK : 
99 YEAR CROWN LEASE FOR SALE 
JOINT SOLE AGBJTS : KMGHT FRANK 
&RUTLEY 

LASSMAN5 35-37 Davie* Sheet Mayfair LONDON WIT IFN 
TeL (44) 71 499 3434 Fax. (44)71 491 8171 


' ' l ' \ i ,-T^' 

■ A MAQflRCENT FIRST FLOOR 

3 BEDROOM APARTMENT. OVER- 
LOOKING THE GARDEN SQUARE. 
PRICE: £1.3 MILLION. 

IA&SMANS 35-37 Dow Street Moyf 
TeL (44) 71 499 3434 Fox. 

air U3NWN W1Y UN B4GUUB) 
(44)71491 8171 


W sp i 

■ ST JOHN'S WOOD. A LOW BUILT 


yd 8 BEDROOM HOUSE SITUATED 

up' jy 

CLOSE TO THE AMERICAN SCHOOL 

'Hj [ 

1J W LONDON. PRICE: £1.6 MILLION. 

1 

LA55MANS 35-37 Daviac 5bae> Mayfair LOTTOON W1Y IFN ENGLAND 

ToL (441 71 499 3434 Fax. (441 71 491 8171 


'-9*. 

A r • '* 


CANNES 

■ Overlooking the Bay ot Cannes and 
Ihe Esferet a very nice Mediterranean 
property m a 3700m- landscaped part 
planted with trees. Vast reception 
rooms. 6 bedrooms and bathrooms. 
CarelakBr'5 lodging. Swimming pool 
with overflowing system. 


24, to CrdseUe 06400 Ctsiou - FEANS TeL (331 93 99 42 M Fax. (33) 93 39 S3 30 





nr 

JBBSBmtk 



VIHEFRANCHE SUR MER 

■ Brand-new vita, high ovality fittings, 
dekcate deearaSon. SSurted in a private 
■Domame" 340 sqm on 3 levels. 
Sptertfid lawn 1900 sqm. pool 13 X 6. 
Dreaming view on the sea and the Bay 
of Nice. Ref. 122 




BCEMOND DOHA "le» flcuingrios" 5 bis, ov. Princesse AEca MC 98000 MONACO 
Trf. (33) 93 25 50 25 Fax. (33) 93 50 95 81 



LONDON 

■ In the hean of Kensington London 
superb residences with exclusive 
aooort. Complete privacy and security. 
Landscaped gardens with private 
underground car park. 2-3 bedroom 
apartments from £340.000 and 4-6 
bedroom houses from E695J300. 


KEN9NGT0N GflBN 3 Juniper Court, Lawdoe W8 ENGlAfD 
TeL (44) 71 938 3350 Fax. (44) 71 937 8194 



■ In the heart ot Konsinglon. London 
superb residences with exclusive 
accom. Complete privacy and security. 
Landscaped gardens with private 
underground car part. 2-3 bedroom 
apartments from E340.000 and 4-6 
bedroom houses from £695,000. 


KHriSNGTON G8SN 3 Juniper Court, loodcn W8 ENGLAND 
ToL [44] 71 938 3350 Fox. (44) 71 937 8194 



■ KENSINGTON WB AN AMBASSADORIAL 
RESIDENCE FEATUFUNG A 150- REAP GAR- 
DEN SITUATED IN A PRIUE RESIDENTIAL 
AREA. PRICE £2B5 MLUON g 

IASSMANS 35-37 David SrraerMayf 
TeL (44) 71 499 3434 Fax 

air LONDON W1Y IFN ENGLAND j 

.(44)71491 8171 



v. CANNES 

■ Town center, sumptuous 1000 m : 
property. Ground Hoar 2 salons and 
dining rcctn 1st floor. 5 bedrooms 
with bathrooms. 2nd floor 2 master 
b edro o ms , dressing, bathrooms. 150m 7 ter- 
race. Stemming pcaL caretakers house, 
marfs lodge eCGOiri landscaped part 

CLAUDE MUUB IMMOUER 24, la Croisetfs 06400 Cannes - FRANCE 
TeL (33) 93 99 42 00 tax. |33) 93 39 53 30 




■ Very nice in Mediterranean house 
a 10 500 nr' landscaped part planted 
with baas. Swknring pod, pod home, 
tennis court Price: 29 000 GOO FF. 
HeC300 

OAUOE MUUBt WM08UB X La Cra 
TeL (33) 93 99 42 00 Fax. 

raa» 06400 Comas- FIANCE 
(33)9339 5330 



M0UG1NS 

■ Superb estate in the SoUh of Franca, 
severe) times restructured. Indudes a 

17th certtiy cade (fflOftn 1 on 4 levels): 
a typical 222m* Provanpal house (5 
rooms + loft): a bam transformed eric a 
house (6 roams). 8 hectare park wtih a 
gri course, pool arte tennis court. 

i 

J 

3 

I 

JL 

a TaL (33) 93 38 00 65 fax. (33) 93 39 13 65 




LONDON 

■ fn the best of Kensington, London, 
superb residences with exclusive 
accom. Complete privacy and security. 
Landscaped gardens with private 
underground car park. 2-3 bedroom 
apartments from £340,000 and 4-6 
bedroom houses tram £©5.000. 


KENSMGTDN GREEN 3 Junipar Court, looftonWB MOUND 
ToL (44) 71 938 3350 Fax. (44) 71 9378194 




■ In the middle of Kensington in 
London, superb residences with exclu- 
sive accom. Complete privacy and secu- 
rity. Landscaped gardens with private 
underground car park. 2*3 bedroom 
apartments from £340,000 and 4-6 
bedroom houses from £695,000. 


THE FIRST INTERNATIONAL MAGAZINE 
FOR HOUSES, CARS, YACHTS, CRUISING, 
AIRCRAFT, ARTS, AND UNIQUE PEOPLE... 




i flnliL - 

~«nTSr 


ST JEAN CAP FERRAT 

■ 800 m 7 splendid Spanish style vine 
overbaking the boy of Si Jean Cap 
FerraL Set in a 3100m' fine level gaiden 
win ifirect access to the beach. Seriated 
swimming pool wBi a breathtaking view. 
Garage end car port hr 8 cars. 


KENSMCirON OREM 3 Juniper Court, London W8 ENGLAND 
ToL (44)71 938 3350 Fox. (44)71 937 8194 


OBI 19 W du Gfafcd IxdoK 06310 Booufiauwwar FRANCE 
ToL (33) 93 01 04 13 ft«. (33) 93 01 I! 96 




■ THE GOIHQC VUA, REGB4TS PARK : 
99 YEAR CROWN LEASE FOR SALE 
JOOT SOLE AGENTS : KMGHT FRANK 
&FRJTLEY 


LASSMANS 35-37 Davies 5ftoet M ayfair LOFfflOW WIT IFN 
TeL (44) 71 499 3434 Fax. (44) 7! 491 8171 


CANNES 


■ 15 mnf Iran Caws, hstonc 27 acre adob. 
located at Vatam Septra AntpaSs. Unijua 
property aulttMa in pnrten estate. ImiWmsort 
or devatopmnnt Mam house, bull ki 19S7. 
manly nfatfehed and 6 adtfonai buldngs 
tawddad Into kmmoui apartments. Healed 
seSmnmg po o l end term court. Rtf Wr 1062 
KBOGp aiM068J!t T* Jcnfiv da Mojairic' 9, U CniMN 06400 Cm - RAMX 
teL (33) 93 39 73 73 Fax. (33) 93 39 13 W 


*Y- ■'hiiz-- 



■ Siperb estate in Die South of France, 
several times restructured- Indudes a 
17lh century csstto (1800m 1 on 4 levels); 
a typical 222m’ Provenga! house (5 
roams + lofft b bam transformed into a 
house (6 rooms). B hectare part wtti a 
golf course, pool and tennis court 

JOHN TAYIOR, 15 taCmbeoe 06400 Coned- FRANCE NL (33) 93 38 00 66 Fax. (33) 93 39 13 65 



CANNES 

■ Attractive Vila with a pretty one-acre 
garden with pool and breathtaking sea 
view. Spacious recaption room, three 
large bedrooms erith a bathroom, sepa- 
rata caretaker's cottage. Possibflty of 
building a further I00m2. Price on 
request Rtf 4893- 

COAST 8 COUNTRY , U Qub Monghs, Cbonan da Vaf Ffauri, 

06250 Atoo^M- FRANCE TeL [33] 93 75 31 07 Fax. (33) 93 90 02 36 


1 


BAR SUR LOUP 

■ An exceptional modem provencal 
vSa on Die outskirts of the medeval vfr 
lege of Bar sur Loup with panoramic 
views. 300m2. 4 beds, 4 bath, pool, 
alarm 8 tetesuveSance, electric gates. 
Sole Agents -Ref; 307. 




Chanda Fka a 1H330 - Requahrf l« Fin -RANCE-lid. (33) 930V 69 31 Fol (33) 93 77 17 59 
1 Moalpa&w Mawt London SW7 11 IB ENGLAND UL (44)718337793 ta*.(44)7t M94J79 




ST JEAN CAP FERRAT 

■ Woteniide property rtth private quay 
and mooring bouy. Main house with 2 
bedrooms, SOn' Hying room, 70m 1 of ter- 
races. Permission to build 2 mote 
bedrooms. Guaa house with 4 beckooiTB. 
(bring room and 2 Indap. stutfo flats, 4 
garages, flat 274. 

BHUCi MTON/mONALraoramiS 
Ch»w*Fk*i ) 063»-BoqoofwtLHl%»-R«Na.W.(J3]W096913 tax. (33) 73 77 17 » 
2Mortp«8wM«w» tooAm SW7 UlSDIStANO TdL (44) 71 823 7793 Fax. (44)71 519 4579 



GOLFE JUAN/CANNES 

■ Magnificent house luxuriously appoin- 
ted oi about 240m 1 facing due south in 
about 1200m J of pretty wooded gantan. 
Enchanting view ol the sea . Garage. 


15 U MwtW OUOQArim - IMHO U. JUJ 7} 34B7« M. (33) n 34 14 23 
41bdKnwdylM««C^d , A>te-RMCIT4.[33}93A799» hx-M 934700 


RIVIERA 

■ Waertrom property, between Cannes 
and Sr-Trapez. Mauresque architecture, 
prestigious htetonc house in 5800nr' luxu- 
riant landscaped part Includes masters 
house on a 500m 1 tend area. Swtmrrung 
pods, guests' house, caretaker's house, 
boat's garage Price and trtomiHtlon on 
request 

CABINET RAVETM Rosideiwe MtnxTxx- S3600 Pert Frbius • FRANCE 
M. (33) 94 53 35 37 Fax. (33) 94 52 1 09S 


mediterranean 

■ For those who kke the French flair of 
Provence or the sophistication of the 
Hiviera, FVH offers an exceptional 
Mteonn d etegart villas and distinctive 
castles in FRANCE. CORSICA. ITALY 
and SPAN. Brocrtire (50 FF) and mfor- 
matron: 

FIRST VILLA HOTEL 36 rue da Courcrttes 75008 Paris - FRANQE 
TaL (33 1)53 75 00 00 Fox. (33 1) S3 73 06 80 




CARIBBEAN 


■ . • x* 

ry.FVH lassetectedlhemosinugnrikzrflvl- 
tas from Ftonda down (o the Grwwlnes «1 

al around the Cantitean sea THE VIRGIN 
ISLANDS BARBADOS. UUSTIQUE 
ST LUCIA. MEXICO. SANTO DOMINGO' 
JAMAICA. GUADELOUPE. MARTINIQUE ' 
Brochure (SO FF) aid riomatnn. 

FMST VtUA HOTEL 36 rue de Courc 
TaL (33 I) 53 75 0000 Fox 

etas 75008 Paris - FRANCE 
.(331)53 75 06 80 



■ A beSe Epoque waterfront property 
of about 220mZ. Garden of 1500m2. 
Sitoerb view of trie sea. Fine appoint- 
ments. spacious terraces overlooking 
the saa. Garage. Located at short (Sa- 
laries from the port private mooring 
rarities avadabia 

rsbd Aboil vOMOOAWix-RAMCEW. [33)9334 W» fat (33)9334 M23 
41 UtaoxMiyOSAnCeptfAdbM-FUiaTiL (39734777 00 fwi. P3) 93 47 40 



STTROPEZ 

■ 3(Xkn' new bareoe on 2200m' d grounds 
a* m d toe sea. on fin edge at a IB holes 
god A 80 m tvog-rocm. RAy aquppod HI- 
awn 3 bathrooms. 3 deAwna 2 roans and 
a slx£o lai 370nr lerraca .SHimngpaol 

Imp 


TaL (33) 94 S3 35 37 Fax 

* 83600 Port Frijuf ■ FRANCX 
.(33)94 5210 95 




■ Ambre Marine offers you afl Inclusnre 
cruising programms in Mediterranean 
on board the finest sailing yachts. Al 
your yachts are privately owned and 
fuAy crewed or a variable lor bare boat 
charters For further information, please 
contact 


AMBRE MARINE, TeL (33) 94 38 80 27 - Fax. (33) 94 38 80 38 


MONTEFINO 64' 

■ 20 m Motor Yacht S 865.000 Oua&ry 
denned from years of trattton Superb 
rough sea handing Hand Wed and tw- 
ined. 2 x 735 Hp GU 29 knots. 4 
cabins all with own taonoes Exclusive 
agent throughout Europe : 


AQUAMARINE YACHTS SA. Hood Offica SwfcMrfwwL 
Tel (411 21 803 0731. Fax. (41) 21 801 12ML 




CANNES 

■ Charming Mb house for sate fn per- 
fect condhlon in a havan ol peace end 
countryside just 10 mns from Cannes. 3 
large bedrooms each with ensuJte 
bathroom. 1 1/4 acre garden suitable for 
a swimming pool and tannis court. 
RoM819 

COAST 8 COUNTRY , k Oob Moughs, Omnia de WFtewf, 

06250 Hough* - FRANCE TdL (33) 93 75 31 D7 tax. (33) 93 90 02 36 



■ 20 M. Cabin enrisor 7 991 wrtfi 3 double 
cabas M mUi badnons. GOtaOng nous. 2 
MAN desel IBM CV Tuba angnea . Cruang 
speed' 3d know Girarantaad one year tat 
span pans and labour Pico: 5000 OM FT 

f CLAUDE MUUB 1MM08UH 24, La C« 

1 TaL (33) 93 99 42 00 Fax 

riiotta 06400 Conntu- FRANCE 
.(33)93 39 53 30 


Wm. 

CONNY FEVER 

Ol Cosy logang homo. An •Escape capsUa* at 
wan by ftar craator Combuiss canton onto 
sVenl grace ol a saikng Superyacte Easy 
rwwfcn9 & mamenanca salary s SMiirty. 

. streng*. staMty. guakiy oanstnicbon camion 

8 dosltrabc . aero the leading concerns 
Defmety a voy tacsptoneJ btao-watar lueot- 

J CLAIIPE LP. SCHMITT. Franca* TeL (33) 9 

3 38 22 70. Fox. (33) 93 99 25 85 




■ 130' (39.62 m ) Lloyd's Ship 
Beautifully delated with accommoda- 
tion; (or len in live double suneB 
Powered by relaible twin I750hp 
Canerpillar diesel engines 



VILLA & YACHT 

■ Rant a via and a safflng yacht tor a 
vary special holiday. Combine 4 
flayousing the Cambean wffli 4 days in 
a gorgeous visa. Brochure (SO FF) and 
information: 

^1 

¥* 

h 

•Bos 75008 Pane ■ FRANCE 
(331)53 75 06 80 



JAMAICA 

■ Inclusive holidays in Jamaica ot 
S aint Martin. First Vffla Hotel welcomes 
you ai the airport and sees to all your 
needs - courtesy car, excurarons, water- 
spoils, port, meats. Your holidays are 
entirely devoied to pleasure. Brochure 
(5QFF)and Wormaboft: 


FIRST VOLA 


75008 ■ FRANCE 

■ol (j 3 1|5» 75 00 00 Fox. (33 1)53 75 06 80 



MBUE WOOD ft ASSOCIATES TeL USA. (305)-525-51 11 - Fax. USA. (305)- 5 25- 5 165 


TO ADVERTISE IN THIS SECTION, 
PLEASE CONTACT 







JAGUAR E TYPE 

■ 5 3 lures 12 cyl. 19'3.umpietlv 
rebuilt with walnut dasn and Connely 
learner imenor immaculate As new 

condition mjh less than 1 000 kms 5 
speed manual geartoi and powerstee- 
rv?g For sate m France For hill mtorma- 
han please ccniaa cui offee 


MICHAEL D. HUIlRELL, Tel. (33) 93 50 92 44 - Fax. (33) 93 25 07 56 


■ _ v.;;: •_ .* • 


STARDUST 

■ Luvunous sailing and moioryachis 
a variable ior private cruises, corporate 
emeriainmeni and incentive travel. 
Canbbean. Indian Ocean Venezuela 
andMerttwanean 

IWreCttaSMSYWrtOiMHaSMRCWOltD 
Stardust Yacfiring Unritod, 22 Onrtvcnar S^uawy WJ^Eaglaoft 

TeL (44) 071 629 0799 • Fax. (44) 071 629 0989 




MUSTIQUE 

■ irsumd . 2 a tar -mu m a Mm 

grv*o t>n I lUiM-ccy ffciatfl Includes Tiarn 

hcruse ama 2 t>ur>ga>cas Accom loi 10 
Pnvaie Deart ana jurmnwig p«i Puce S 
MOO a nett iriciuSes cm». maid, and -i 
wnwr-oni,* u> Ottw wltas (a iem ircm s 
MOC loS 0500 i ccntacl 

MBTG, 10 rw dv O O rt ml H m y i , 7501 7 Port* • FUU 4 CC 
Tdl.{33 1) 46 27 25 25 tax. |33 1) 46 27 74 06 


Alexandra Guillard or Veronique Manios 
on Tel. (33)1 42 30 81 00 
or Fax. (33)1 42 24 00 72 


m 

































INTER NATIONAL HERALD TRIBUNE, WEDNESDAY. MARCH 23. 1994 


Page 19 


SELECTED IN UNIQUE 


ov 


, RENT A YACHT 

! ■ Ciuae n* Meaiwawan at yw own 
J* 1 pace and nsaww the most mage 
,e;"i f1; -£3 "a,s once on board one ol our 
'■aury fnrx^f owrea rraor-yachc Qur 
kaMv oai.tM sra« «4L help you to van 
join wsxtg programme and vnl men a* 
yQur requirements For full mlorniation 

RENT A YACHT Tnl mi at « n D ' i ' cfl,c ® r Mandrteu. Fiance. 

A TAOff ' '«< I33| 93 49 74 04 ■ Fax. (331 92 97 64 47 



FOE SALE PRINCESS ilSIW 


ALIBI 

■ 13 metre moroiyacht with two cabm 
Powered by 2 x 306np Volvo diesel 
enciines Maintenance management and 
berth available in Mandetieu harbour 
by arrangement. Interesting pnee . 
1 050 000 FF only. For hill rtormaton 
contaci our elfieo m Mandrieu Prance 


WINNER, TeL (33} 93 49 74 04 - Fax. (33} 92 97 64 47 


fOS SAli leQiPMmic IWI 

COBRA 55 

■ 16 VI -re* n^rr,;:n a--, 

■-jar-s o;.-.e e: r, i , iX*o fclai le- 
sei er.51r.es. F-ju> 5 Supers 

interior set-;-. Fji sain = 5 j ijpy 
Maintenance -n2r.23eT.er,: ana senn 
ava-iatie m r.tan:ei?^ rattem try 2nan- 
gemem f~r I-j'i ~+^r&y m r, ceman jyj 
afi::eiTT.varsaj F-ar* 

WINNER, TeL (33) 93 49 74 04- Fa*. (33) 92 97 64 47 


M JAGUAR E TYPE 

■ 153 l,t,es 12 cyL i9?3eompleily 
rebuilt wnh nalnul dash, and Connelly 
leather interior.' immaculate. As new 
condition with less than I 000 hms. 5 
W speed manual geaitsa and poweretee- 

rag For sale n France ForfiAmhvma- 

— — ton please contact our office 

MKHAB D. HURRELL, TeL (33) 93 50 92 44 • Fax. (33) 93 25 07 56 


<- Fru-^av 1 ^ 


LONDON 

■ - • 


. . __ • .«,£ v ..- 

grjwa&jr^- 


M00NSHAD0W 

■ For Charier. S25.000 per week 
Comfortable accommodation (or 6 
guests m 3 pnvate staterooms, plus 3 
crew For sale, asking DM 5.5M 
Cruising the French & Italian Riviera 
dunrrg summer 1994 Fw hd rfomahon 
please contact our office m Antibes. 




ZULU SEA 

■ I13‘ (34ml Codecasa extensively 
relitted under the supervision 
of bulders and Jon Bannenbeig. New 
2 X 755hp Cateipdars instated in 1991 
Ten guests m tree staterooms plus crew. 
About 4000 mile range. « 100A1 4> 

LAIC. Central agents. 


ASSOdATH) YACHT BROKERS, TeL (33) 93 25 00 25 - Fax. (33) 93 25 S3 10 





SEA CREST 

■ Sea Crest is for sale and also avai- 
lable lor charier. For full information 
please cotftaa our office : Pteter msuffs 
Yacht Marketing m Antibes, France. 

YACHT MARKETING, Tef. (33) 93 34 4 

4 55 -Fax. (33) 93 34 92 74. 


Ta^aBMg ■ggy~- > Jtyy r 


STARDUST 

■ Luxurious sailing and motoryachts 
avaflable for prorate cruises, corporate 
entertainment and incentive travel. 
Caribbean, Indon Ocean, Venezuela 
and Mediterranean. 


tuner aHB>r«HaiHns mmwdu 

Starduit Yadding Limited, M Grwveaar Sfm, London MUX 91F-£nglmd 
TeL (44) 071 629 0799- Fax. (44) 071 629 09*9 


STARDUST 

■ Luxurious sailing and moloryachts 
available tor private cruises, corporate 
entertainment and incentive travel. 
Caribbean, Indian Ocean, Venzueia 
and Metfierianean. 

w mewo uotr awns hue wow 
5fenfaWYadtfnglMad,22GrafT«icir 
s«m, Umdon MX 91F ■ Ee^uod 
M. (44) 071 6290799 
ho. (44) 071 629 0989 






■j" . Ik. ~ infcj. 


AMERICA 

■ tiW (3*1) dull By Gouty and Stowra t 
1967 Uon reocd Ol itw anginal AMERICA 
wnruny me Hundred Gimea Cup m England 
in Ifi51 mnrr. w, me lounrUtiun lor me 
Aoignu o Cup Unque ooporunly Central 
agwa 


ASSOCIATED YACHT BROKERS TeL (33) 93 25 00 25 • Fax (33) 93 25 83 10 




STYUSH BENETTl 

LA VENIT1A 


■ 122 5‘ (373m) Stylish BENETTU975 
Steel hud, steel and alum supersr. 2 x 
GM 624hp. 12 knots. 2x40 kw GSM 
gen Accom. 12 m 6 ensute cabins plus 
8(9 ow. Recent maior refit. Good char- 
ter record Keenly inviting offers. Central 
Agent Ret: IM495. 

YAonwc punas wratfMnorai t*l momsnm fn.mam 571720 

TiL (33) 93 34 01 00 Fax. (33) 93 34 20 40 



wssmm 


AMBRE MARINE 

■ Amine Wanr£ otters you aC nckiswe 
crursmg programmes in Medherranean 
on board the finest sailing yachts. All 
Our yachts are pnvaiety owned and Uly 
crewed or avaHable lor bare boa char- 
ters . For further information, contact 


AMBRE MARINE, TaL (33) 94 38 80 27 - Fox. (331 94 38 80 38 


| Efejfe 

.•‘•ill ■■■■ 

- . - . - 





SEVRILOR . 

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Maintenance management and berth 
available m MandeOeu harbour by erran- 
gament For lull mlormallon. please 
contact our office m ManddUeu. France. 


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17T J J * JJ M-IAV 1 1H 


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.. ;■ ■ ■ 

40 METRE LUKSSB4 DESGN 

BE MINE 

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■ One ol In Bust npeswa ftaury rfarter 
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high speed motoryacht steeps right In 
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FENWICK 

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■ CruBe the MaStenanean at your wm 
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* I H NghfyquaMed staff wa help ytutetador 

- your cnxsir^ programme and wfl meet al 
your requirements. For full information 
contactor office mMamfekeu, France. 

RENT A YACHT, TeL (33) 93 49 74 04 ■ Fox. (33) 92 97 64 47 


ROLLS ROra 

■ The world's finest coachbuilt 
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■aster suto irth avsufe balsam, 
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■ 9? (2956 m) Trinity. Sleek, fas and 
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Launched in Sapl 93. Tradtional nterior, 
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LUXURY CHARHR 

■ 42 metre motor yacht currently crui- 
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for 12 guests in 6 double ensute state- 
rooms Screw. 


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131' MOTORYACHT 

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please contact our office 


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seen by her creator. Carfares canton **fli 
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CLAUDE LP. SCHMITT. France. TeL (33)93 38 22 70. Fax. (33) 93 99 25 85 



| 1 yew/6 iuuet un! by oirwril! Earopi/Eire: US 5 30.00 J USA:US536A0J Ceaede fmcledag C5TJ: US S 46.00 

| Name Mr/Mrs/Miss — 

^ Address — 

I 

| Cify _ — .. — Stote/Coontry . _ 

| Payment by credit card only Please charge my uVJsa ^MasterCard JAmex 
| Card number . Expiration date 


.J Odref cesstriei: US S 50.06 J 


Zip 1 

J Diners Club, 
date 


Signature 


j Invoice me 

Hu* t'fftr tapin' April imh wj LMQi'E 65. ru( Chardoii Lagache - 750/6 Paris - FRANCE. 























r 


Page 20 

ADVERTISING SECTION 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23, 1994 


* f 


ADVERTISING section - ' 


o£o2oloXoXoloi;oloXoXo:olol<9Xo?9£o2:olQXo2eloXolo2;oXos:oloio£osezoXoioxoXoXoie2olo£ol®SsXc?i 


HoXoXoXoSeX«2©XeX©2f .£?>* 


BUSINESS 


TRADE OPPORTUNITIES 


CUia 


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a i • 1 


oxoxoxoxoxoxoxoxoxoxoxoxexaxoxoxoxoxoxoxoxoxoxoxolexoxexoxoxoxoxoxoxoxoxoxoxoxoxo] 


Asia’s Success Story: Will It Last? 








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siu-Pacific’s astonishing 
Hi* * economic success - espe- 
*1 cially its rapid industrial 
growth and export expan- 
sion over the last 30 years - has been 
nurtured by low-cost labor, flexible 
work forces and rapidly rising skill lev- 
els. The critical question now is 
whether that growth can be maintained. 

Growth rates in Asia are certainly 
impressive, North Asian economies, 
excluding Japan's, are forecast to ex- 
pand by about 8 percent this year. Tire 
six ASEAN nations - Brunei, Indone- 
sia. Malaysia. Singapore. Thailand and 
the Philippines - will grow at roughly 7 
percent, well above the 3.2 percent 
growth rate anticipated for North 
America this year. When Japan is fig- 
ured into the North Asian equation, 
however, the expected growth rate falls 
to a modest 4 percent, more in line with 
other parts of the world. 

History tells us that ultra-high 
grow th rales cannot be maintained for- 
ever. Decades ago. Japan realized that 
domestic low-end manufacturing was 
no longer feasible. It was just getting 
too expensive to produce cheap plastic 
and electronics goods at home. As a re- 
sult. many Japanese companies began 
moving their production facilities to 
less developed countries like Hong 
Kong. Taiwan and Singapore. 

As these "Little Dragon” economies 
matured in the 1 9S0s - with a steep up- 
ward spiral in local labor costs - there 
was a "knock-down” effect to countries 
like Thailand. Indonesia and Malaysia. 

Now. a decade later. Asia is starting 
to see another wave of movement, with 
labor-intensive industries relocating to 
places like Vietnam. China and India, 
where manufacturing costs are still re- 
markably low. 


An abundance of cheap labor has 
been the key to Asia's success from the 
very start. It is estimated that the aver- 
age cost of labor is $20 per hour in 
Western Europe. $19 per hour in North 
America (excluding Mexico. SIS per 
hour in Japan, hut only $1 .65 in the rest 
of Asia. 

There are now signs that some Asian 
economies are following in the foot- 
steps of Japan. Wages have risen sub- 
stantially. for example, in several coun- 
tries. In South Korea, the pay packet 
rose from 25 percent to 45 percent of 
gross domestic product between 1964 
and 1990: in Singapore, wages grew 
from 35 percent to 45 percent of GDP 
between 1974 and 1990. 

The population figures indicate that 
Asia will probably maintain its cheap- 
labor edge: The continent had an esti- 
mated 3 billion people in 1991. a 
whopping 56 percent of the global fam- 
ily, and less-developed countries have 
the biggest population pools: China 
(1.1 billion). India (8S6 million) and 
Indonesia 1 195 million). 

It is more than sheer numbers that 
keeps Asia's labor cheap. In many 
Asian countries, there is very little em- 
phasis on factors such as labor laws, 
safety, pollution control, disability or 
retirement payments - all of which add 
to the cost of industry' and commerce in 
North America Europe and Japan. 

Even in countries where wages are 
rising, however, there are other factors 
that will continue to propel above-aver- 
age economic growth. 

Professor Lim Chong Yah of Singa- 
pore’s Nanyang Technological Univer- 
sity has cited several factors to explain 


the strong economic performance of 
South Korea. Taiwan, Hons Kong and 


South Korea. Taiwan, Hong Kong and 
Singapore: stable, development-orient- 


ed governments: sufficient labor and 
land; accumulation of personal sav- 
ings: market-driven, outward- looking 
economic systems; and atmospheres 
conducive to private investment. 

Another factor is that governments of 
the region do not shy away from work- 
ing hand-in-hand with private enter- 
prise to plot economic strategies and 
gain entrance to overseas markets. 

Traditional Asian values have also 
provided a solid foundation for the re- 
gion's economic success. A number of 
leaders are beginning to talk about an 
Asian political and economic philoso- 
phy that combines ancient Asian values 
and certain aspects of Western democ- 
racy and capitalism. 

There are other reasons why Asia 
may not fall prey to cyclical business 
downturns. Many Asian governments 
actively encourage their populations to 
buy shares, thereby becoming stake- 
holders in the country (Singapore's 
50.5-percent shore ownership is said to 
be the world's highest). Many govern- 
ments also encourage performance- 
based bonuses, even among members 
of the civil service. 

There is also a general attitude in the 
region that the local press should be 
kept on a short leash, not necessarily 
becoming merely a government 
mouthpiece - which is still the case in 
places like China and Vietnam - but re- 
maining less inflammatory than in the 
West. 

Meanwhile, the Organization for 
Economic Cooperation and Develop- 
ment (OECD) recently announced 
three reasoas why the Dynamic Asian 
Economies (DAEs) of Singapore. 
Hong Kong. South Korea. Taiwan. 
Malaysia and Thailand continue to 
thrive: China’s double-digit growth 


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Building on Western ideas, the Asian way: Eastern values may account for the success of the Dynamic Asian Economies. 


rate; rising real wages resulting from 
labor shortages caused by the Export 
boom of the late 1980s; and govern- 
ment expenditure on infrastructure pro- 
jects throughout the region that help to 
boost domestic consumption. 

The OECD warned that while DAEs 
will certainly lead global growth until 
the end of next year, uncertainty may 
ensue if China institutes severe austeri- 
ty measures to cool its overheated 
economy. Given the level of invest- 


ment in China from other parts of Asia, 
any slowdown in China could have a 
dramatic effect throughout the -region. 

At the same time, rapidly aging pop- 
ulations and environmental problems 
are likely to put severe strains on re- 
gional economies. Another factor that 
could have a negative impact on Asian 
economies is what Anwar Ibrahim. 
Malaysia's deputy prime minister, calls 


"rampant consumerism and greed." fu- 
eled by rapid growth and rising expec- 


tations among the middle class. In 
Malaysia and elsewhere, many middle- 
class consumers have a sense of entitle- 
ment - with the economy booming, 
they do not feel they should have to 
scrimp and save any longer. 

Mr. Anwar tells Malaysians they 
should leam from Japan and exercise 
restraint in sectors where greed can cre- 
ate a fragile “bubble economy" that can 
easily burst and stymie growth. 

Joseph R. Yogerst 


Can you simplify Technology transfer is like teaching: it’s best done face-to-face, 
the global exchange When Thailand legislated that industrial users had to supply 


o? i s : F 


::X 




of technology? 


their own electricity substations, the local economy didn’t 




have the know-how. ABB’s worldwide power distribution group reacted 






with a swift hands-on transfer of technology. A “Tiger Team” of technicians 


-v:.| 


flew in from Scandinavia and Saudi Arabia, teaming up with Thai engineers 








to share skills and experience. Together they handled the first project for 


the Thai Plastic Company. Next, ABB started local assembly and manu- 




facture of switchgear, creating a whole new industry. Local firms now 


'AT 




’a 


supply parts and plant - steel structures and cables - previously imported. 


The “Tiger Team” remains involved in information exchange, but now the * [\V. 


students are teachers, too. 


As a leader in electrical engineering for the generation, transmission and 








\m 


distribution of power, and in industry and transportation, ABB is com- 


mitted to industrial and ecological efficiency worldwide. We transfer 




i 


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Er 


know-how across borders with ease. But in each country, ABB operations 




KB 


isfe;; 


are local and flexible. That means we are dose at hand to help our 


m 




Ifes, yOU Can. customers reply swiftly and surely to technological challenges which 




stretch the limits of the possible. Like promoting a local economy to the 


head of world class technology. 


disSy- 


Vft 


Aim 


ABB Asea Brown Boveri Ltd., Reader Services Center, P.O. Box 822. CH-8021 Zurich 


ac- 


LpAj' fjs' 









ADVFd^ 




ADVERTISING SEfTTHN 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23, 1994 



✓ 


Page 21 

ADVERTISING SECTION - 


BUSINESS ^ THROE OPPORTUNITIES 


oioMoioloioioioioioioXolololoIolololoMoMoioloIolololoioMolo]^//^ 
PECC: Laboratory for Ideas and Regional Conscience 


j 

N umerous govern- 
ment ministers 
and heads of 
state From the 
Asia-Pacific region - in- 
cluding Prime Minister Ma- 
hathir bin Mohamad of 
Malaysia, Prime Minister 
Efrain Goldenberg of Peru 
and H_E Do Muoi, general 
secretary of the Centra! 
Committee of the Commu- 
nist Party of Vietnam - will 
address the Pacific Econom- 
ic Cooperation Council In- 
ternational General Meeting 
on March 22-24 at the Istana 
Hotel in Kuala Lumpur. 

Founded in 1980 after a 
meeting between the Aus- 
tralian Prime Minister Mal- 
colm Fraser and his Japan- 
ese counterpart, Masayoshi 
Ohira. the Pacific Economic 
Cooperation Council is a 
nongovernmental organiza- 
tion devoted to economic 
cooperation along the Pacif- 
ic Rim. 

“For the first time in histo- 
ry, the vast and broad Pacif- 


ic Basin region has come to 
meet the prerequisites for 
making possible the creation 
of a regional community,” 
Mr. Ohira said at that time. 

Drawing membership 
from business, government 
and academia, the PECC is a 
unique tripartite body that 
attempts to address impor- 
tant regional issues without 
national or commercial bias. 

Every major nation 
around the Pacific Rim is a 
member of the organization; 
these include Australia, 
Brunei, Canada, China, 
Chile, Colombia, Hong 
Kong, Indonesia, Japan. 
Malaysia, Mexico, New 
Zealand, Peru, the Philip- 
pines, Russia, Singapore, 
South Korea. Taiwan, Thai- 
land, the United States and 
one member representing 
the Pacific Island nations. 

“You might call us a labo- 
ratory for ideas and a region- 
al conscience,” says Enrique 
Subercaseaux of the PECC 
Secretariat “We devise con- 


crete solutions, concrete pol- 
icy recommendations. Gov- 
ernments need input from 
organizations like ours be- 
cause we have no inbuilt 
agenda. We are not influ- 
enced by what is good for 

.y .... , 

' . W. *•; _ ; y : 



.•mY-t-j -.“j* ,-r-, t 

. «.• . ■ , . . / :•>.'• _s .:. /: . .. 


this country or that - we 
push for what is best for the 
region.” 

Members convene every 
18 months for a general 
meeting, during which they 
discuss and analyze key is- 
sues on the regional eco- 
nomic and trade policy 
agenda. 


Among the issues that will 
be discussed at Kuala 
Lumpur are private power 
generation in the Asia-Pacif- 
ic region; the rapid growth 
of air transportation; the ex- 
pansion of the automobile 


. Tap statesmen ad&ess' 
thePEiX general . 

' meeting; todays thn. 
Prime Minister •'* 
Mahaihirbm ' •'v*v '• 
Mohamad is the !;• 
keynote speaker . ' '■ 


indusuy, one of the few in- 
dustries with successful 
North-South joint ventures; 
new strategies for the pro- 
duction and trade of con- 
sumer durables and electron- 
ics; the development of 
telecommunications infra- 
structure; harmonizing inter- 
national legal systems and 




.-.:. The environmental factor is start-. lribat£d®»wi^ . mrre Cambodia,: Burma and China '• 
agtyheadin Asia. esimjstpdtoexcttKf $1 feukmayear. ' are depleting ifteir natural resources 
■.SDuth^Astasindusmal secjprislbar at even fester rates than the previous ■ 

! ■ tim&ksger than it mas 3Gvears ascx ■ : < • t-mnof iin-sjvLrnmmt* natuvtn itirk .' 


• >. :n; 


ad long the cWi&sl *■■■ 

congestion has ; fedfo' j&ronic.“grid-'i 38»§aptireis; 

bxt i: of Hilts ‘inti iiSjjJiH 



iSrsMS" 




r-*- both. 






dealing with disputes; and 
the region’s emerging finan- 
cial and capital markets. 

‘The ultimate goal of the 
Kuala Lumpur summit,” 
says Mr. Subercaseaux, “is 
the endorsement of an ac- 
cord that lists specific points 
of trade liberalization that 
PECC wants to highlight.” 
The accord will also contain 
philosophical concepts that 
promote Pacific peace, pros- 
perity and cooperation. 

“We must continue to play 
a role in the strengthening, 
enriching and maturing of 
[the] Pacific community in 
the years to come,” reads 
one part of the accord. “The 
future has to be invented 
from today.” 

The conclusions reached 
at Kuala Lumpur - the 10th 
PECC general meeting - 
will form the basis for policy 
recommendations to PECC 
member states and other or- 
ganizations that share the 
common goal of “open re- 
gionalism.” In fact, open re- 
gionalism is the group's rai- 
son d’etre, a sweeping com- 
mitment to remove barriers 
to trade, investment and 
technology flows. Member 
states are encouraged to pro- 
vide commercial access to 
all nations on a nondiscrimi- 
natory basis. 

The previous PECC gen- 
eral meeting took place in 
San Francisco in September 
1 992, the first time the orga- 
nization convened in the 
United States. Among the 
speakers were former U.S. 
President George Bush, 
President Fidel Ramos of the 
Philippines and California 
Governor Pete Wilson. The 
highlight of the session was 
the San Francisco Declara- 
tion, a commitment by all 20 
nations to support the princi- 
ples of open regionalism in 
the Pacific Basin. Member 
states pledged to; 

* Become increasingly 
open to flows of goods, in- 


vestment, services, informa- 
don and technology. 

• Comply with the princi- 
ples and practices developed 
through the General Agree- 
ment on Tariffs and Trade. 

• Forge subregional eco- 
nomic arrangements that are 
consistent with GATT and 
that maintain the overall 
laissez-faire character of the 
Pacific region. 

• Develop commerce with 
nations outside the region 
that are committed to out- 
ward-oriented economic 
policies. 

• Promote further open- 
ness in the region and in the 
global economic system. 

Between general meet- 
ings. policy mailers are man- 
aged by the PECC Standing 
Committee. Administrative 
and coordinating functions 
are handled by the PECC 
Secretariat in Singapore. In 
addidon, the body organizes 
other international meetings, 
like the PECC Minerals and 
Energy Forum on March lb- 
18 in Beijing. 

The PECC also has sever- 
al task forces and working 
groups that concentrate on 
particular policy' areas. Cur- 
rent task forces include agri- 
culture, fisheries, human-re- 
source development, science 
and technology, transporta- 
tion. telecommunications 
and tourism. 

“There is always some po- 
litical element in what we at- 
tempt to accomplish at 
PECC. but it is kept to a 
minimum,” says Mr. Suber- 
caseaux. “From the very be- 
ginning [of the PECC], there 
was a realization that politics 
is quite cumbersome, so we 
try to avoid it The secret of 
our success is the fact that 
we are tripartite - comprised 
of government business and 
academics. And the primary 
interest of everyone is estab- 
lishing a broad cooperation 
base in the Pacific ” 

J.Y. 




mg 


.■3 


T; « •.» ' 

• •• '«•'< 

v • 


-«<*7 




Asia's emerging value system: Canfucian capitalism. 

A Confucian Model 
For Democracy 

Asian leaders say that ever, describe this new 
Asia’s economic “raira- . 'philosophy as a thinly 
cle” will saritive because # veiled argument for one- 
il has a strong cultural party rule and the suppres- 
base. Traditional Asian rion of dissent 
. values 'stress the.impor-’:- ' . Cfee-party dominance is 
taacerof family.edscatioh, ■ ;,the. status quo in much of 
haid woric, rtvisg < ,W£t^s v : Ass* The region’ s "true” 
.erne’s means and saving 'democracies - India, Pak- 
. money, as weft as ttorkr- israr^ Bangladesh and the 
jng as a teasa (nothin; the r 'Philippines - are also the 
family, comtiatiy ,or .'n^.'vfectwmmbl^gards. 
tiohl rather;Bran w Advocates of more fim- 


- squabbling 

. economic 

to;.<fesa^Tdie|te-.: ' fyihi^-cau&txs. 

< ,prc^^y x fe.£iilknyed by 
;t£acfcS$fg£ But It 

; ^ their 

^ fee notion 

Li. and all 

: freedoms in- 

- is 
■ tiran rapid. 


iaoiy' be : 




Exports: First Step in Going Global 


H ssociate Profes- 
sor Linda Lim, a 
Singaporean 
economist affili- 
ated with the University of 
Michigan Business School, 
took lime off from her 
teaching, consulting and 
writing to speak about the 
globalization of Asian com- 
panies. 

To what extent have Asian 
countries started to go glob- 
al? 

If you talk about Asian 
companies going global, and 
by this you mean tapping 
global markets, one could 
say they have been going 
global for a long time. In 
fact, about 25 percent of 
Asia's exports go outside of 
Asia to the United States, 
and if you add the exports 
that go to Europe and other 
places, nearly half of Asian 
countries’ exports go global. 
Many exports are products 
manufactured by small to 
medium-sized Asian com- 
panies that are subcontract- 
ed to produce textiles, gar- 
ments, footwear and toys by 
foreign multinationals. This 
would not so much be going 
global as “hooking into”, the 
global network of a multina- 
tional. 

While this subcontracting 
and exporting may not real- 
ly be going global, would 
xou agree that this consti- 
tutes a first step in the 
process of doing so? What 
would be the next step in the 
process for Asian countries? 

Yes, exporting is indeed 
the fim step of going global, 
and this first step has been 
taken by most Asian coun- 
tries. In the classical sense, 
the next stage of going glob- 
al would be through invest- 
ment in other countries. 
Companies start by produc- 
ing at home, then they ex- 
port, and eventually they go 
multinational, by which we 
mean they establish a pro- 
duction or service base in 
another country. South Ko- 
rea, for example, started by 
producing cars for domestic 
production. Next, they ex- 
: ported these cars to the 
West Now there is at least 


one Korean-owned auto 
plant in Canada. 

Some Asian patterns of 
going global differ from the 
classical investment pattern 
you just mentioned. Why. for 
example, do we see overseas 
Chinese investing in ven- 
tures that differ from those 
in which they are involved in 
their home countries? 

The typical reason compa- 
nies invest abroad is to ex- 
port their competitive ad- 
vantage. In otheT words, 
they must be able to do 
something better or sell 
something cheaper than oth- 
er companies. Usually, this 
advantage is in the form of a 
technology or brand that 
sells. With the exception of 
some Japanese companies, 
few Asian companies have 
this type of competitive ad- 
vantage. Obviously, they 
must be going abroad for 
other reasons - 1 can suggest 
three. First, companies 
might go abroad to avoid 
trade barriers; second, com- 
panies might establish them- 
selves overseas to capture 
technology; and third, in- 
vestment might be motivat- 
ed by a company’s desire to 
diversify its assets. 

Let's talk about diversifi- 
cation. Which type of com- 
panies invest abroad for this 
reason? 

Many Chinese firms (from 
Singapore, Taiwan and 
Hong Kong) invest in real 
estate. This is simply an ex- 
tension of their oveiseas pat- 
terns of investment in Asia. 
They move into other mar- , 
kefs for security. Currently, 
real estate is relatively cheap 
in the West as compared ! 
with Asia. Incidentally, 
these are mostly family j 
companies. When it comes 
to Chinese companies, in j 
many cases, you really can- ! 
not separate the family from 
the company. There are oth- 
er twists - an investment 
might be motivated by the 
fact that there is a son tn the 
United States. This is how 
global family corporate em- 
pires are built It should also 
be mentioned that political 
stability is a concern that 


might lead to geographical 
diversification. Finally, 
some Asian companies - in- 
vestment companies, ven- 
ture-capital enterprises and 
the like - invest in the West 
for the same reasons as 
Western companies: to get a 
good return on their portfo- 
lio investment. Companies 
invest abroad if they antici- 
pate that die returns will be 
better. 

You mentioned Asian in- 
vestment in Asia. Is this a 
precursor to going global? 
Do you think this pattern 
will continue? 

The shape of business in 


Asia is as follows: the 
biggest business opportuni- 
ties in Asia are in Asia itself, 
thus Asian companies will 
continue to target their 
neighbors. However, it is 
worth mentioning that the 
window of opportunity for 
this type of investment is 
narrowing, and the “early 
comers” advantage has di- 
minished as the rest of the 
world pours into Asia. How- 
ever, investment in other 
Asian countries will remain 
the First priority of Asian 
companies. 

Interview by 
Teresa Attror 


TOs 

the supplements division of the atkqj- ^ a 



© ■: ' y/uy fw Ofs/s// 


9 'g-B.g 9 :&a K- 9 .W* H ST* A.fcr< 









Page 22 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23, 1994 


SPORTS 


Sena t e Hearing 
On Baseball Inc. 
Sets Off Sparks 


By Murray Chass 

New York Times Service 

ST. PETERSBURG. Florida — 
A hearing into basebalTs exemp- 
tion from antitrust laws produced a 
prolonged and angry exchange be- 
tween Bud Selig, the acting com- 
missioner, and Senator Howard M. 
Metzenbaum, an Ohio Democrat, 
over the authority of the commis- 
sioner under the owners’ restruc- 
turing of the office. 

“The fact is he has more author- 
ity than he had in the past” Selig 
said in one exchange. 

Metzenbaum, the chairman of 
the Senate antitrust subcommittee, 
repeatedly expressed the view that 
the owners have made the commis- 
sioner a “lackey.” 

“You don’t have to be a genius, a 
Philadelphia lawyer, a Supreme 
Court justice to see that under this 
agreement you have denigrated the 
office of the commissioner,” Metz- 
enbaum said. 


“1 disagree,” Selig said. 

“I thmk I can read English,” 
Metzenbaum replied harshly. 

The session Monday was the sec- 
mid bearing that Metzenbaum has 
held on a bul he has introduced in 
the Senate that would strip baseball 
of the exemption the U.S. Supreme 
Court granted it in 1921 The ex- 

3 ion has enabled the owners, 
e their counterparts in other 
sports, to exercise control over such 
matters as numbers of franchises 
and their locations. 

Selig spent most of the time par- 
rying questions from Metzenbaum, 
but he also faced questioning from 


Florida's two senators. Bob Graham 
and Connie Mack, primarily about 
expansion and the failure of this 
area to get a team either through 
expansion or when the San Francis- 
co Giants were for sale in 1991 

Mack, however, zeroed in on one 
aspect of Selig's contention that the 
owners have strengthened the com- 
missioner's authority. Mack asked 
Selig if the commissioner can be 
fired before his term is up. 

“Ws been left silent as it always 
was," Selig said. 

But, Mack pressed on, saying, 
“It's our impression that it takes 
only a majority of teams” to fire a 
commissio ner but a two-thirds vote 
to dismiss a league president. “That 
doesn't sound to me that there has 
been a real strengthening of the 
commissioner's office.” 

When Selig repeated that the re- 
structuring report was silent on the 
issue, Mack alluded to Selig's re- 
peated refrain that restructuring 
cleared up the ambiguities of the 
co mmissi oner's role. 

This was an opportunity to 
dear up all the ambiguities,” the 
Republican senator said. 

”1 think the restructuring com- 
mittee felt this was the best way to 
handle it," Selig responded. 

When the restructuring report 
was released last month — the 
owners approved it in January — 
the general assessment was that the 
document diluted the commission- 
er’s powers. Selig was incredulous 
that anyone could think that and 
has steadfastly argued to the con- 
trary. 



At Play on the Fields of War 


ft 0 ' 


L ONDON— A soccer game played beneath skies another in an impruunu g 

patrolled by fighter planes does not signify peace After soccer, the players went back to ure war. Rose 
in Sarajevo. But as a symbol of hope — an expression w jj] ^ hoping for a more permanenttruc^ hoping the 
of free movement in a place where weeks ago only the sentiments of Sunday more closely reflect Beirut in dj| 
brave, the desperate or the dead were on the streets— snrina of 1993- 

rinn r - - .1. _ » .1 j ■ tr o ,. AA J r f ru» vnMaaiM »kn< 


20,000 Sarajevans roaring their throats dry in the 
Kosevo Stadium on Sunday did represent triumph. 


There, soccer was used to convey the message that 
everyone bad had enough after 17 years of sdf-de- 

. if * attinir rivil war. Ae in IWiim 


Sports that day was high on symbolism, low oa struct! ve religious and ethnic civil war. As in Bosnia 


equality, as FC Sa- _ 
rajevo beat a Unit- R 0 b * 

ed Nations Protec- nimIim 
lion Force team, 4- HUflne8 I ^ 

0. That the UN 

defenses were not up to the job was of no consequence. 
Even Serbs watching from their lookouts in the bills 
must have seen how Sarajevo tried to take thugs easy 


these past 22 months, Beirut was a place where men 
would steal time out to meet with them mates and play 
this daft, addictive, all pervasive sport. 

The Lebanese play soccer as passionately, but not as 
bewitchmgly well, as the Yugoslavs. And when Serbs, 
Croats, M acedonians. Momenegrens and Bosnians 
were a united team they were capable of taking on 


musi us?c xcu nvw Jiuajcvv uim w ™ tunrlri twn years afiO 

on its protectors by fielding a B team of young players *»y°™ utrinsSl? £ curiously lacking 

rather than ns front-Ime soccer pros. £S£S«s. But the sa^gery of the figiS 


ucr man ns irom-une soccer pros. aggreSwness. But the savagery of the fighting fi 

Those professionals, deemed important enough to ihdrbomelands leaves no room for romantic notions 
Bosnia to have been maintained as a team abroad for ^ ^ team being pieced together again in this sport- 
much of last year, would, it is reckoned, have embar- ; n g generation. 

rassed the servicemen by 16 pals. Soccer cannot begin lo be viewed as an atteraaSve 

Nevertheless, with soccer in the blood of so many war Y ct the last Yugoslav team, captained by 


former Yugoslavs of all origins, it is not surprising that 
the Sarajevan kids brought out of hiding ran rings 
around UN volunteers, whose day and night priority is 
trying to prevent “ethnic cleansing." 

A cynic, maybe even a realist, might ask what 
relevance a sporting hour has to a hdl on earth. For 
even while the match was played, more UN troops 
uncovered a cache of heavy Serbian weapons made 
the nearby exclusion zone. 

Let the man who put on the game answer that 
Inside Kosevo Stadium, itself by the shells of war, 


ftuwi x u^vqittTj vi mi w aw hi uw*y« n w nfj — Fanik Hadzibegic, a Bosnian Muslim, blended alriHs 
: Sarajevan kids brought out of hiding ran nngs fromtbe now divided ethnic regions, skills personified "llvl U ill 
wnd UN volunteers, whose day and night priority is hi Robert Prosinecki, who has one parent from Serbia, 
ms to nrevent “ethnic cleansing. c I* 


jvie f ■ 


Nip- 


one from Croatia. 

If Prosinecki now of Real Madrid, plays for any 


What a side Croatia has on paper. There is Alen 
Boksic, the ghosting goalscorer currently employed by 
Lazio of Rome. There are Zvonimir Boban (AC &- 


fc.MT 


Lieutenant General Michael Rose, commander of the lan), Zoran Ban (Juventus) and Robert Jarai (Torino). 
UN force in Bosnia, said on Sunday: Tt is almost a There are seven Croatian* playing for dubs in Spain, 


miracle to see people who have spent 22 months living two in Germany, others in Portugal, Austria and I 
in the most horrific circumstances, throughout a civil Belgium. , 

T m 0ver P*5? e tav * ¥ A LL ONCE wore the blue shirts of Yugoslavia and 

whom 2,000 were children, able to come here and do /Vwhfle it may not be politically correct to say to 
the thing they love most, which is to watch football” tom ever side of the lines they hail most * 

Rose is no soft idealist He is a man of war, a soldier those footballers appreciate the celebration of Sun-' 
whose ultimatums of militaiy intervention and air day’s game, •, r ~ ■ 

strikes appear, so far, to carry the uncompromising Bosnians among them w31 especially identify with Z'\ 
tones that aggressors understand. the reported co mmen t of Sadr Mennsevic, 64, wtio 

H OW TEMPTING to recall that soccer euphoria ^d“te«adiu^ f : 

been repressed until 1978. Then, because the generals ge LP ut t °J ( ? n c y wd -, . 

The crowd, more than the match, was a momatou - . 


H OW TEMPTING to recall that soccer euphoria 
broke the curfews under which Argentinians had 


XX broke the curfews under which Argentinians had 
been repressed until 1978. Then, because the generals 


who ruled the counny miscalculated and woe allowed 


to stage a World Cup there, the people came out in V “V Hm 9 cvu - ™ ™ » 

^ June, when, at a residential area dose to the aupent, 

tenfflm 4 mvertobeiuiaw.y i «m 200 p«pt gathered at . soccer much on a SS 


itbackto 




NBA Standings 


EASTERN CONFERENCE 
Atlantic Division 



W L 

Pet 

OB 

New York 

45 19 

•703 

_ 

Orlando 

39 24 

J00 

Ala 

Miami 

37 28 

Ml 

ava 

New Jersey 

33 31 

Jit 

12 

Boston 

22 O 

J44 

23 

Philadelphia 

21 44 

J23 

24W 

Washington 

19 47 

Central DtvHloa 

288 

27 

Atlanta 

44 19 

J08 

mm 

CMcaoo 

a 22 

Ml 2 

a 

Cleveland 

34 29 

£54 

10 

Indiana 

34 29 

-540 

li 

Charlotte 

28 35 

Mi 

17 

Milwaukee 

18 44 

281 

27VS 

Detroit 

18 47 

277 

28 

WESTERN CONFERENCE 
MMwesf DtoWan 



W L 

Pet 

OB 

x-Hauslon 

44 17 

230 

_ 

x-5an Antonio 

44 T9 

.708 

1 

Utah 

43 24 

AO 

5 

Denver 

32 32 

■SOO 

!4to 

Minnesota 

18 47 

277 

29 

Dallai 

8 57 

Pact Be Division 

.123 

39 

x-Seatfle 

47 17 

234 

— 

Phoenix 

42 22 

454 

5 

Part lond 

39 77 

Jtl 

9 

Golden State 

37 27 

278 

10 

LA. Laker* 

27 37 

■422 

21 

LA a topers 

34 39 

•381 

22V> 

Sacramento 23 42 

x-cflnched playoff spot 

Mi 

241ft 

MONDAY’S RESULTS 


Utah 

M 34 21 

18 

7— 94 


W: MacLoon 10-14 >3 31 Butler M0 4-5 18. 
Hr Ololuwan 14-24 3-4 35. Smith 10-17 3-3 34. 
Rebounds— Washington 41 (Gugltatta 8). 
Haustan 52 (OMIuwon 14). AuMi— Washing- 
ton 34 (Overton 8). Houston 29 (Ells. Smith 6). 
Miami 35 B 0 It— 81 

LA Laker* 1? n if n-M 

M: Seiko) tr B-17 5-10 31, S. Smith 8>t7 0-0 17. 
LA: Tttreatt 11-21 M 23, Christie 7-14 3-1 17. 
Rebounds— Miami 38 (Selkafy 21), LAiAnge- 
ktt51 (Dlvocl5). Assists— Miami 23 (Shawl). 
Los Angeles a IDhmc Von Exol 4). 


MONDAY’S RESULT 
New Jersey 1 % og-8 

Ploftep 1 ] p p—i 

First Period: P-Bomes if (Clrsilali 
(VUNj^MacLean 35 (NIchollA Hollfc). Second 
Period: N J .-Steven# 1 a (Semak. Driver)/ (pa). 
NJ.-Hfcher 32. F-Foflono 4 (R. Ntodarmayer, 
Undsav); P-Lowry 14 tKudrfNd. Sevsrvn). 
Shale on goal-. NJ. (on VarfeMMax*) 11-17- 
150-43. F (an Brodeur) 10-6-13-0— 2S. 


JOCKEY 




MINNESOTA— Re-signed OMries Evans, 
running back, to 1-year contract. 

NEW ORLEA N S - A c q uired Jim Everett, 
quarterback. from LA Rams lor undleclaud 
draft pick, and signed Everett to 2-year con- 
tract. Ret nosed Wade Wilson, quarterback. 

PITTSBURGH—' Traded Adrian Coooer, tight 
end la Mlnmoto far undbeksed draft pfeka 
SAN DIEGO— Signed Reuben Dovl* defen- 
sive tackle, to 3-vear contract. 

TAMPA EM Y— signed Lonnie Marts, line- 
backer, to 3-year contract. 


_ NHL Standings 


Major League Scores 


EASTERN CONFERENCE 
Atlantic Division 

W L T Ptl I 
x-N.Y. Rangers 44 23 4 M : 

New Jersey 41 21 11 *3 : 

Washington 33 31 B 74 1 

Florida 31 32 12 74 ! 

Philadelphia 31 34 7 49 i 

N.Y. Islanders 30 33 f «9 S 

Tampa Bov 25 38 io 40 l 

Northeast Division 
Montreal 38 22 12 88 S 

Pittsburgh 35 23 12 as 3 

Boston 34 24 12 84 3 

Buffalo 37 27 f 83 3 

ftiebec 29 34 7 45 7 

Hartford 24 41 8 54 1 

Ottawa 11 54 8 30 T 

WESTERN CONFERENCE 
Central Dlvtilan 


PRE-SEASON EXHIBITION GAMES 
Monday's Results 
Philadelphia 7, Detroit 5 
Boston 7, Chicago White 5ox 4 
Cleveland 4, Toronto 3 
Las Angeles A Montreal 1 
Cincinnati 2, St. Louts a 
Kansm City 3, New York Meta 1 
Oakland % Colorado 4, 10 Inn Inga 
San Francisco & Milwaukee 3 
Smile A Chicago Cubs 3 
Florida 11, New York Yankees 1 
Texas & Pittsburgh 4 


Atlanta 31 2t 24 14 11—180 

U; Malone 4-19 8-9 20, Stockton M3 2-2 21. 
Homoeek 10-18 54 33. A: Mamina 840 <H 20, 
Willis 7-16 11-13 25, Blaylock Mi )-i 20. Ra- 
bowids— U tah 631 Banolt 171. AJkmtnB fWU- 
D*U).Amefs— Utah 21 (Stockton 11), Atlanta 
24 (Blaylock 10). 

WBSUngfan 24 35 38 33-112 

Haaston 33 31 31 33-138 


x-Taronto 
x -Do trait 
x-Dallas 
ancoao 
St. Louis 
Winnipeg 


Calgary 
Vancouver 
San Josa 
Anaheim 
Las Angelas 
Edmonton 


39 23 I) 
41 25 5 

37 25 10 
35 30 8 

34 a 9 
21 44 a 

Padttc Division 

34 27 17 

35 34 3 

25 33 14 
27 40 5 

24 37 11 
20 41 12 


89 241 209 
87 305 239 
84 244 222 
78 223 203 
77 225 239 
SO 218 297 


x-cJ Inched playoff soot 


83 245 231 
73 944 235 
41 204 233 
59 198 221 
59 258 278 
52 228 249 


BASKETBALL 

National BaNratball Aseocfatkm 
LA CLIPPERS— Activated Lay Vaught, 
forward, from Injured list. Put Tom Telbsrt, 
forward, an injured Del. 

PHOENIX— Activated Oliver Miller, cen- 
ter, from Inlirrod list. Pul Elliott Perry, guard, 
an tnlured list. 

FOOTBALL 

National Foatbofl League 
CLEVELAND— Agreed to forma wdti Wal- 
ter Reaves, fight end. 

D E NVE R-Slgned Anthony Mltwr, wide re- 
ceiver, to cm offer sheet. 

DETROIT — Signed Ron Hail, tight and, to 2- 
year oontrocLond Lamr Ryans wide receiver, 
LA RAMS— Acquired Nate Lewi a wide re- 
ceiver, tram San Dleaa (or umflicWoed draff 
pick in 1995. 


HOCKEY 

National Hockey League 

NHL— Suspended Sergei NemcHnov, N.Y. 
Rangers center, far 8 games and lined him 
*500 far tutting Brian Bam me, Florida de- 
fenseman during March 15 game; suspended 
Mike Hudson N.Y. Rangers center, far io 
games on) flood him *500 for httttng Kiell 
Scmuetsson, Pittsburgh delenseman with 2- 
handed swing in game March 13. 

BUFFALO— Recalled Semi Potnmkn left 
wfng. from Rochester, AHL 

CHICAGO— Traded Kevin Todd, canter, to 
LAfor 4th-roundpfckin 199A Acquired Rob- 
ert Dirk, defenseman, from Vancouver far 
4th-raund olck In 1994. 

DALLAS— AorjI red Polle EklurxL center, 
from Philadelphia for future eamlderattam; 
Alan May. left wfag,and 7ltKound pick In 1995 
from Washington lor Jim Johnson, defense 
man; and Mike Needham, right wing, from 
Pittsburgh for Jim McKenzie, lefl wing. Trad- 
ed Raid Slmason. left wfng, and Roy AAltcholL 
defensemen, to New Jersey tor future conolo- 
oroffons. Recalled Jorkko Varvla. left wing, 
and Dave Barr.cenfer, from Inlury rehatrtl tto- 
tlon assignment at Kalamazoo. 

DETROIT— Traded Sieve Kortror&defenK- 
man. to Ottawa tor Daniel Berthlaume, goalie. 

EDMONTON— Traded Brad Werenka de- 
fenseman to Quebec tar stave Pas sm ore, 
goalie. 

LOS ANGELES— Acquired Donald Dv- 
fTwmdeteraeTTKin, from Tampa Bav hr4th- 
raundplckln 1994 draff. Sant Biion McReyn- 
gkfs, canter, to Phoenix. IHL. 

N.Y. RANGERS— Traded Tony Amonte. 
right wing, and rights tg iwaff Oafes. loft wine, 
to CiilaNQ for Stephana Mattnou, left wing, 
and Brian Noonan, right wing. Traded Mike 


Gartner, right wing, to Toronto tor Glenn An- 
deraon, right wing; the rtglrts to Scott Malono, 
datonsemon; and 4th-round pick in 1994. Trad- 
ed Todd Marctoit. canter, to Edmonton tor 
Craig MocTnvfifl. center. Traded PMl Bour- 
que, left wing, to Ottawa tor future consider- 
ation*. Traded Peter Andemon, defenseman, 
to Florida tor 9th-round pick In W4. Recalled 
Daniel Locralx. center, from Binghamton. 
AHL. Suspended Carey Hindi, goalie, Indefl- 
nltelv tor refusing to report to Bi n ghamton. 

PHILADELPHIA— Acquired Rob DlMnla. 
center, from Tampa Bay tor Jim Cummins, 
right wing, and 4fh-round pick hi 1995 draft. 

PITTSBURGH— Recalled Mike Needham 
and Markus Nasiund, lui w unls . from Cleve- 
land. IHL. Traded Jeff Daniels, loft wine, fa 
Florida far Greg HawgoacL dafensaimm. 

ST. LOUIS— Traded Jolt Brawn and Bret 
Hedlcan, det e nse m e n, and Nathan Lo- 
Fayette, oenrer, to Vancouver tor Craig jan- 
ney.eenter.Traitod Maxim Bfffs.forward.and 
4m-raund ntrtc In 1995 fa Anaheim tor Atoxel 
Kasatonov, defenseman# 

Toronto— A cquired rights to Ken Be- 
langer, left wing, from Hartford tor 9ttH < ound 
draft pk* In 1994. signed Darttv Hendridww. 
center, and assigned him to St. John 1 *, AHL. 
Put John Cullen, center, and Mark Craig, on 
non-recallobfe waivers. 

WASHINGTON— Claimed Tim Berglaxl. 
right wing, off wafvera tram Tempo Bay. Trad- 
ed Al lafroto, defensormm. to Boston tor Joe 
Juneau, center. Traded Enrico Occane. de- 
tonsoman; 3rd-faund pick In 19M; vm candl- 
ttanol draff c*x*db prevtausty oMalnad from 
Tampa Bay to Tempo Bay for Joe Reekie, dc- 
tansemani Stoned John Grudin, datonsemon. 


mar mfliitmq, never to be smil away again. 

How fitting it would be if Sarajevo 1994 similarly 
makes soccer the excuse, the catalyst, for normal 
civility. Rose apparently believes the peace process is 
irreversible. 

He said as much at the stadium where British 
Harriers and Jaguars flew past, where four British 
parachutists dropped in, where a 38-strong regimental 
band of the Coldstream Guards, in full ceremonial 
regalia, was flown in from Buckingham Palace. 


bob' day. 

Thirteen people were killed and 80 were wounded 
by mortar fire. “The match wasn't a good idea," said 
one as a stretchier carried him away. “But no nmntr 
how many they loll, they will not kill our morale.” 

Sunday brought such emotions to the surface. 1 
suggest soccer is unique in its ability to entice people 
across barriers. The recent Winter Olympics offered u 
moving tribute to Sarajevo's victims; soccer, oofe 


Was it all just a terribly British thing to do? Soccer again, nas a foothold cm the higher claim that is’a 
on the killing fields dates to early in World War I, trigger, or at least an instrument, erf the peace. 


when, on Christmas Day 1914, British and German 


XubHu&abonihtmjfifTneThiia. 


Tapie Is Summoned in New Inquiry 


Reuters 

MARSEILLE — Bernard Ta- 
e, the owner of the troubled 




FIRST TEST 

India TL Now Zealand, Foariti Day 
Timber, In NamUftm, Now Zealand 
Now Zealand 2d Innings: 3044 


ENGLISH PREMIER LEAGUE 
Norwich 3. Evartan 0 


S e, the owner of the troubled 
lympique Marseille soccer 
team, who is already faring two 
judicial investigations, has been 
summoned for questioning in a 
new inquiry into his European 
champion dub’s accounts, jus- 
tice sources said Tuesday. 

Tapric was ordered to see an 
investigating magistrate, Pierre 
Philippon, in Marseille next 
Monday concerning several 
counts of fraud, the sources said. 

The magistrate will question 
him on payments made by Mar- 
seille to a Swiss company, which 
French authorities suspect was a 
front for illegal bonuses paid by 
the club, the sources said 
Philippon will also ask Tapie 


about what justice sources said 
were fictitious-loans to players. 

Die questions are part of a 
vast investigation into suspected 
financial improprieties by nine 
French soccer dubs. 

Tapie already has been placed 
under investigation far bribery 
and interfering with witnesses in a 
separate case of alleged league 
match-rigging. He has been or- 
dered to mat as president of 
Olympique Marseille by April 21. 

He also has been placed under 
investigation far fraud in another 
case involving his business affairs. 

The new inquiry follows a 
strong showing by Tapie, a mem- 
ber of Parliament from the small 
Left Radicals Movement, on 
Sunday in the first round of 
French regional elections. 


■ Tottenham Seeks Papin 

The English dob Tottenham 
Hotspur, fighting to avoid rde-_ 
gation from the Premier League/ 
said on Tuesday that it was tad-' 
ding for Jean-Pierre Papin, the 
French international striker who ’ 
is seeking to leave AC MDa^' 
Reuters reported. 

Tottenham said it wanted to. 
push the deal through before 
Thursday’s transfer deadline. \ 




he was in a hurry to leave Milan 
but that he wanted to sign with a' 
French dub. 


“I want to come back,” he. 
said. “I love France too much., 
Since I know I am going to leave* 
I fed better. I don't feel like a: 
prisoner any more." 


DENNIS 


PEANUTS 
























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SPORTS 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MARCH 23, 1994 


Page 23 


Host of Unlikely Survivors Is Little Surprise at NCAA Sweet 16 Party 

By Anthonv Cotton u .. . ... . . . •/ 


By Anthony Cotton 
and Steve Berkowitz 

?. HWhqm Pc st Seme* 

k WASHINGTON — Who’s surprised that the National 
ullcpsic Athletic Association basketball tournament has 
-reached the round of 16 with the likes of Tulsa, Boston 
Goflege, Maryland and Marquette still playing and defend- 
ing champion North Carolina, Kentucky, Massachusetts 
and California trying to arrange pick-up and plan- 
,nmg awards banquets? Certainly not Louisvilk’s H). 
Denny Cram, or Boston Cocke’s center. Bill Curley. 


there that have really good players and they’re wril- 
coached, and on a given night everybody can play well.” 

“There’s just so much balance out there,” he added. “I 
don’t think we played a team all year that didn't have a 
bunch of players that I’d say. ‘Boy, I'd like to have that 
guy on my team.* Everybody’s got good players.” 

This year’s opening round was the Hist since the tourna- 
ment went to 64 teams in 1985 in which the top four wrefe 
in the four regions won. But hopefuls such as Cal (the 
No. 5 seed in the West) and UCLA (No. 5 in the Midwest) 
still went down to Wisconsin-Green Bay and Tulsa, rc- 


ences— and the gap between those leagues and the teams teams — I2ih-secdcd Tulsa vs. top-seeded Arkansas and 
that you previously thought had no chance to win has lOth-scedcd Maryland vs. third-seeded Michigan. 

Aj a reward for its upset of the Tar Hack Bos, or, 
Me noted Uw s irsi round upset by Tulsa and Indiana drat Indiana in Paei D cMiifinal Fni^nv 


Everybody was laughing at us,” Curley said after he actively, before the slate of second-round upsets. 


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and the rest of the ninth-seeded Eagles beat North Caroli- 
na — the nation's top-ranked team -75-72 on Sunday in 
<a second-round East Region game. *Tm not really that 
surprised; you can’t get worriedabout who you’re playing, 


Others would argue that the 1994 tournament is merely 
following the form established during the regular season 
and conference tournaments. The team ranked No. 1 in 


There are a lot of teams out 
there that have really good 
players, and on a given night 
everybody can play well’ 

Denny Cram, Loniyville’s 


As a reward for its upset of the Tar Heels, Boston 
College drew Indiana in an East Region semifinal Friday 
in Miami. The other contest ma tches the second and third 
seeds, Connecticut and Florida. The Southeast Region 
semifinals win be Thursday in Knoxville, Tennessee. Pur- 


13 minutes of its Opening-round game a gains t Indiana. 

Before that contest. Coach. Bobby Knight of Indiana 
admitted that he was not a fan of the shot, saying a rfam 
“playing superior basketball over a 35-37-minuie span 
and developing a lead can get shot out over the final tew 
minutes.” 


semifinals win be Thursday in Knoxville, Tennessee. Pur- But O’Brien made no bones before Sunday’s game that 
due, the lop seed, plays fourth-seeded Kansas and second- hitting the 3-point shot consistently was his team's only 
seeded Duke meets sixth-seeded Marquette. hope. 


The Warriors knocked off Kentucky, the East’s third 
seed, 75-63, in a second-round matchup. That g ume was 
something of as anomaly for more than the fin al seme: 
Rick Pitino’s team hit 10 3-pdni field goals but still lost. 


SSXSStlSi aboul wb0 yoa ’ n playing ’ to Abated Press poll lost for seven consecutive weeks 

... .... .... ...... to* «• ***■ On Much 12,. (Be day before the 


Throughout the first and second rounds, teams used the 

losing by 50 points to Minnesota in a regular season game. 3-pointer to either upset or scare the living daylights out of 
The West was the only region that saw its top four seeds higher seeds. Boston College hit 12 in its victory over 
— Missouri, Arizona, Louisville and Syracuse — advance. Noth Carolina, as did Tulsa in its 82-80 victory Sunday 


.. .*_'**!* 

, M • 1 *f m life, 

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round game and Ohio Unvenity bad eight i 


“He told us we’d get as many 3s as we wanted; he said 
we’d shoot 30 3s,” said the BC guard Gerrod Abram, who 
Ml six of the Eagles’ 31 3-point attempts. 

And if the upset was unexpected around the nation, it 
was not in the Boston College locker room. 

“You have to understand the conference we play in," 
said the senior guard Malcolm Huckaby. “In the Big East 
we've gotten kmd of used to playing against big-name 
teams. In our freshman year we played against George- 
town and they started Mutombo and Mourning. It doesn’t 
get any bigger or better than that.” 


Xavier Nips 
Wildcats in 
Overtime 
In the NTT 


>NCE*,: = -.r.-- „• 

•i. 

aSMBKI^e- i iPe . allt , 


tjJ ij. ■■ The Associated Pros 

■ While Northwestern’s second- 
, K ( ever appearaoce in the postseason 
^ is over, Xavier's run through the 
^ second season may be just b^in- 

iwauij Massey pm the Musketeers 
ahead to stay with a jumper in 


.a .r.sr: eireCLalli h-. “ ucau lu su, j r W,U1 a jumper m 

isd fc?rjr.er.: .;■! -oyertiine and Brian Grant Mt two 

:5*.2djL.T; "! in fr** throws with four seconds left 

\ hi, e b- : - . Monday night, leading Xavier to an 

j*- u-.e h 83-79 wetwy over the Wfldcats in 

-l- . , the National Invitation Tourna- 

~ ~ ■ ” >\i 

^ %, ■ _ ^ ■■ The victory sent Xavier (22-7) to 

T-T - — jbe third roood against VHlanova, 

“ an 82-66 winner over Duquesne. 

Xavier’s coach, Pete Gillen, had 
'J f *a* jiis team prepared for a tough road 

, ..r.. . ..r > iir. : _ jcojj ^mi* agamst a team that has beat- 
'iher en some of the best teams in the Big 
■> ■!»' us Ten. 

!• -re : rr :. :.i :r i c • “We knew what the atmosphere 
i- Z 2 ( was like," Gillen said. “To be hon- 

,rrW' T:r ■ v* Oi-rrc: ist, when I heard we were coming 
■^"."4 - Sat_ ? r : terc I was glad, because I knew it 

a i i.< :.:.z . : -r.r :-ir.r ^c-^would test our mettle. It feds rood 

• ir jaas 10 do something Midngan. Wis- 

... consin and niinois did not do. This 

is a tough place to {day.” 

North western trailed 81-79 with 
" 52 seconds left in overtime ¥*en 

T t Kevin Rankin lost the ball under 
w* \ v-»i I wj/jt m the basket He came back to block 
f| j.l£rll 1 1 III Ull a Xavier layiqj but then missed a 3- 
X pointer with 13 seconds to play. 

. : iT Northwestern finished 15-14. 

.1“ ” -V ... , - Vfflanova 82, Drajuesne .66: In 

‘ r "Pittsburgh, Eric Ebeiz’s outride 

” ■■■ ..5.^. shooting keyed a 24-4 first-half run 

_ r- : •; '.“"that pushed Villanova into a 20- 

• " "'^7^ point lead, and the Wildcats held 

■ — ' f v : j" off Duquesne in the first matdnro 
'- 'between the teams since Dec. 15, 
"• r •• 1979. 

.Villanova (17-12), apparently 
f -. T _; - -- i_: • " kept out of the NCAA tournament 

xiT^-r- - ■ •; — -r by a laic-season loss to Seton HaB, 

J.. ’ -• — V . . . . -ir-r won its 1 1th in its last 14. 



NOT ENOUGH JAZZ — Utah’s David Benoit, left, trying to snare the bal from the Hawks* 
Adam Keefe in Atfcmta’s 100-96 National Basketball Association overtime victory over the Jazz. 


SIDELINES 


\ : : -/Sw^ > hd? final NFL Approves 2-Point Conversion « 

J ' - .n game for Duquesne (17-13). ORLANDO, Florida (AP) — National Football Leag u e owners on 

"The last tune the warns ptayeo, Tuesday approved the use of the two-point convasion in an attempt to 
Villanova vras mils final swsraim bring fife back into what critics said had become a boring game. jn {fa 

-i -i the former Mstem tight, ,tiie tore- The owners also moved to increase scoring and cut down on field goals 0 n Nati 


18 Trades Set 
NHL Record on 
Deadline Day 


The Associated Press 

In the biggest flurry of acti\ 
i NatkmalHockey League tr 


rmner of tite current Atlantic iu. ^ spotting the ball on missed field goals from the spot of the attempt ing dwtHline day, 35 players and 
: Vwanova im a year later tar tne rat jier than the line of scrimmage. They also attempted to encourage more eight draft picks changed iwtik in 
- East- kickoff run backs by making kickoffs from the 30-yard-line rather than lfTtrades involving 19 franchises. 

demon 96, West Virginia 79: the 35 unda the cmrem rules. Among those traded Monday 

--Devin Gray scored 22 points and were Mike Gartner, the fifth-lead- 

yisiting Chanson dominated West Havfilflng ft tO Seek NeW FIFA Tftmi jng goal scorer in league history; A1 

—Virvinia with its msde same and 6 Iafrate, a defenseman with the 

PARIS (Renters) — J3ao Havdanmpresideni of FIFA, said Tuesday hardest shot in the l eag u e, and 
that he would run for another term of office and that if he was elected he Craig Janney, the subject of a re- 
would stay in charge of world soccer’s governing body until his planned cent compensation dispute be- 
retirement in 1998. tween Sl Louis and Vancouver. 

In an interview with the French sports daily L’Equipc, the 7S-year-old The 18 trades surpassed the pre- 
Brarilian who has been FIFA’s president since 19 74, said that he did not of 14 m ^991 

fear a possible challenge to Ms leadership from other candidates at the Gartner was among six players 
FIFA Congress in Chicago on June 16. . . „ . traded by the New York Rangers. 

The presidents of the five football confederations are meeting m Tunis Gartner, a right wing, to Toronto 
this week on the eve of the African Nations’ Cup. They are expected to for r.iimn Anderson/ 
declare whether they endorse a challenge for the presidency. j^e Washington Capitals, des- 

• ^ m perate for offensive help as the 

Pans to Hold Grand Prix Track Meet playoffs near, traded Iafrate to 

, _ . fll _w n . Bwton for center Joe Juneau. The 

PARIS (Reuters) — Pans wffl stage an JAAF-Mobfl athletics grand move came 35 ^ Bruins learned 


--Vir gin in with hs inside game and 
hot shooting. . . , 

^ The loss was West Virginias 

■j -third second-round defeat in the 
‘'NIT in four seasons. Clemson (18- 
■’ 15) advanced to the final eight for 
— - wily the second time; its first trip 
- ' f was in 1986. 

The Tigers shot 65 percent from 
■ ^.rthe field for the game, 72 percent in 

/■ the second half. West Virginia (17- 
•; .12) was held to 36 percent shooting 
' -Thom the field in the second half. 
■/-^Clemson ootrebounded the Moun- 

'v umeers, 42-20. 

J ^anderbat 78, New Orieans 59: 


tween Sl Louis and Vancouver. 

The 18 trades surpassed the pre- 
vious record of 14 m 1991. 

Gartner was among six players 
traded by the New Year Ringers. 


New Orieans (20-10) came into 
the game averaging 46 P®t*oj 
from the floor, but shot only 26 
V, -percent in the first half (9-for-34). 
flew Orieans Improved only sligfai- 
J |y m the second half and finished at 
” j 33 percent (24 of 71) while Vander- 
JbOt hit 30 of 58 (51 percent). 


1 dc cvoiL, wuiui u<u> uuu xu iuw wuuwu janney went back to sl ■ aiw< 

ViDeneuvc d’Ascq. near Lille, for rix years, will switch to Paris’s new for Aij.star defenseman Jeff 
20,000-seat Chariety Stadium. Brown, defenseman Bret Hedican 

and center Nathan LaFayetle. The 

p nl « flip Rppnnl center had refused to report to the 

roriUCUCWtu Canucks after an arbitrator award- 

f^nre Armstrong, the world cycling champion from the United States, ed him to Vancouver as compeasa- 
will not race in the Paris-Roubaix dairic cm April 10, but will race in the tionforthe Blues' signing of center 
Tour of Flanders on Sunday and Ltegs-Bastogne-L&ge on April 17. (AFP) Medved. 



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Merry Marquette Misfits Ready for Duke 


By Charlie Nobles 

Sew York Tunes Sane* 

ST. PETERSBURG, Florida — The coach 
and his players have something special going. 
Perhaps that could be said of all 16 teams left in 
the NCAA basketball tournament, but dearly 
none more than Marquette. 

Kevin O’Neill has produced a Sweet 16 team 
off the nation's recruiting scrap heap, and as he 
playfully makes fun of his athletes, they just 
wink back. 

“It’s all in the family,** said Tony Mille r, his 
point guard. 

When be came out of high school, nobody 
else wanted Miller, an Ohioan who on Sunday 
broke Kentucky’s press almost single-handedly 
with his quickness and dribbling to bdp Mar- 
quette win, 75-63, and advance to a meeting 
with Duke in the East regkmals in Knoxville, 
Tennessee, on Thursday. 

“He’s not a real skilled guy,” O’Neill said of 
Miller. “If you put up the cones and have him 
dribble through them, he’d probably dribble 
the ball off his leg. But you put an obstacle 
course of players out there and he'll get it 
through them.” 

The coach added, straight-faced: “He goes in 
front of a bus, I go in front of a bus the next 
day. We can't play without him. " 

OTVedTs most consistent point producer is 
power forward Damon Key, a 6-foot-8-inch 
(2.03-meier) senior who admits to weighing a 
chunky 275 pounds (125 kilograms), some 30 
more than ins program weight 

Mostly recruited only by Big Ten Conference 
schools, he has been dchbed the Charles Barkley 
of Marquette’s conference, the Great Midwest. 

“He’s got about 1,600 career points and 
probably 700 career rebounds, 3 dunks and 3 
blocked shots," O’Neill said. “Thatil tell you 


something about, bis athletic ability. But. he's 
been a rock for ns.” 

Another with no other offers out of high 
school is the 6-9. 210-pound Amal McCaskul, 
who barely played until his senior year. In fact, 
O'Neill began recruiting him after seeing him 
play in s playground game. 

“He grew 4 indies and put on 30 pounds,” 
said O’Neill of the sophomore, who produced 9 
points and 6 rebounds Sunday after Jim McE- 
vaine, the 7-1 center, got in early foul trouble. 

Roney Eford, the small forward who had 10 
points Sunday, chose Marquette over Cornell 

“Here’s a guy who’s tried to put himself in 
the game on probably five occasions and got in 
a couple of times," O'Neill said. “When he 
catches the ball I don’t look. He’s perfected the 
one-handed layoff to die other team for a 
basket,” 

The cast of characters doesn’t sup there. 
There is Robb Logterman, a senior who is 
Marquette's regular shooting guard. He can 
shoot but has trouble dribbling. 

*Td rather him throw the ball in the stands 
than try to dribble in traffic,” the coach said. 
“That way, we have a chance to get back on 
defense. If he dribbles in traffic, it’s a layup for 
the other team." 

And there is McHvaine, the steady-eddie of 
the bunch who has mad* himse lf into a proba- 
ble National Basketball Association first-round 
draft dunce after rfiminaiin g mnch pf his fr e$h - 
man- season clumsiness. 

“He’s the most mature guy on the team,” 
O’Neill said. “Including me. He’s the ultimate 
team guy.” 

The Warriors (24-8) are in the Sweet 16 for 
the first time in 17 years, when they won the 
national title with A1 McGuire as coach. 

With his qmp-a-minute style. O’Neill, 37, is 
almost out-McGuiring McGuire. From an 11- 


18 beginning five seasons ago, O’Neill has guid- 
ed the Warriors into the NCAA playoffs for 
two straight seasons. 

He acknowledges looking to two guys for 
advice: Arizona's coach. Lute Olson, whom he 
served as an assistant for three seasons, for 
coaching wisdom; and McGuire for philosophi- 
cal help. 

Olson told him that the Warriors should have 
Miller dribble straight for Kentucky's big men 
in breaking the press. It worked beautifully. 

McGuire helps him, too. 

“He talks about how to act, what kind of 
situations you might be coming through.” 
O’Neill said. “After a bad loss, like we had at 
Arizona, he said: That’s beautiful. You were 
down 25 and you gpt it down to 10. Now you 
can get on ’em and get ’em better and go brat 
DePaul.’ Which we did." 

O'Neill sometimes win do something offbeat 
to relax his team. 

Sunday, with Marquette’s lead down to 56-54 
with seven minutes to go and the Warriors 
seemingly in trouble, O'Neill called a timeout 
and gave his starters a chance to offer advice 

Three spoke up, be said. One appeared disori- 
ented and was shrugged off, another mentioned 
switching on screens to shut down Kentucky's 3- 
pcint attempts and another said they ought to 
continue taking it to Kentucky's defense. 

O’Neill ended tins exercise in democracy by 
shouting, “Get your butts down on defense and 
we’ll have a chance to win." 

On Thursday, the Warriors will be classic 
underdogs against Duke, but O’NeflTs group of 
proverbial misfits doesn’t appear to he flinching . 

T wouldn’t trade my guys for any other 
team," O’Nefllsaid. “They’re an over-achwving 
group. They’re a blue-collar group. They under- 
stand their roles and they understand the ulti- 
mate thing is to win." 


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4. 




Page 24 


BVTERNATI01VAL HERALD TRIBUNE, WEDNESDAY, MARCH 23, 1994 


OBSERVER 


Get a Horse , Maybe 


By Russell Baker 

N EW YORK — Here's an 
American curiosity: Every 
parking lot in the land has reserved 
spaces for handicapped drivers, but 
there is no provision anywhere for 
people whose handicap is that they 
are not drivers. 

' This group includes people who 
either can't afford a car or can’t 
drive. If they are lucky enough to 
live in New York, with its good 
public transit system, they may not 
even feel handicapped, but in most 
American places they quickly real- 
ize that they are the crippled whom 
America forgot 

This cruelty originated when the 
United States went automotive SO 
years ago. There was a consensus 
among the ruling classes of that 
benighted age that cars and high- 
ways would govern American life 
in the future. 

The policy may not have been 
explicitly stated in official docu- 
ments, but you could watch it being 
imposed in the years after World 
War IL It began with astonishingly 
expensive feats of highway con- 
struction which coincided with the 
neglect, impoverishment and col- 
lapse of passenger-rail services and 
the ri lies’ excellent bus-and- trolley 
systems. Now the ruin of public 
transportation is so complete that 
the person who doesn't drive is a 
social outcast. 

He, who is more likely to be a 
she, is excluded from the great mo- 
torized jubilee of American life, a 
second-rate citizen, a slightly ab- 
surd stay-at-home in a go-go world, 
a damned nuisance always trying to 
cadge a ride to the supermarket at 
the distant edge of town, a loser 
who couldn't keep up with the 
times. 


of suspicion, invited to some re- 
mote suburb for dinn er, I would 
ask to use the phone at dinner's end 
to call a cab to take me home. 
Invariably everyone recoiled. 

A cab 1 . 1 couldn’t be permitted to 
lake a cab! Somebody would drive 
me borne, and always did, often go- 
ing miles out of the way to do so. It 
was embarrassing. Instead of a 
guest, I became a burden. People 
obviously wished I hadn’t come, but 
since I had they couldn't be barbaric 
and let me go home by any convey- 
ance except private automobile. 


After awhile I quit accepting in- 
vitations not within 


walking dis- 
tance of my house, but Washington 
even then was such a far-flung geo- 
graphic nightmare that this meant 
playing the hermit. 

In the end I had to surrender and 
buy a car with all the ridiculous 
expense of monthly payments, in- 
surance and maintenance. It was 
that or become a pariah, a second- 
class citizen, an American reject. 


Pan of the problem, of course, 
was that same far-flung geographic 
nightmare that the old-fashioned 
American city had turned into. Be- 
fore I went abroad, my social life 
was contained in a space tightly 
laced together by buses and cabs. 

Now, though, with every man a 
motorist and a beautiful new high- 
way for every motor, there was 
nothing silly about traveling 20 
miles for a sit-down dinner. 

Like the universe, whose parts 
are said to be racing ever farther 
and farther away from each other, 
the pieces that make up American 
towns constantly move farther and 
farther away from wherever you 
live. The drugstore has gone from 
the downtown comer to the shop- 


Tbc paraplegic has his space re- 
served at the mall, provided he can 
afford a car and can drive it: the 
person who can't, whether paraple- 
gic or sound of limb, is simply dis- 
missed as unworthy of mull privi- 
leges. 

1 First noticed this sea change in 
American society in the mid-1950s. 
Coming to Washington after two 
years abroad, I hoped to avoid ibe 
expense and nuisance of a car by 
settling in a neighborhood with 
good bus service and easy access to 
taxis. 

This quickly made me an object 


ping center two miles away. 
Cn 


Graven slave to soda! pressure 
that I am, I now drive like a fully 
blooded gasoline fiend — a mile 
and a half for a doughnut, eight 
miles for a piece of hardware, 32 
for a book . . . 

I won't uy to guess what will 
happen to the wretches with the 
undriving handicap. It’s too late to 
undo the terrible decision of the 
1950s to make every American some 
automobile's prisoner. Very likely 
the people without driving capabili- 
ty will be allowed to keep walki 
long as they stay off the grass. 


at 


New York Tima Service 


For Spielberg, a Handful of Oscars at Last 



By William Grimes 

New York Tima Service 


Rnaen (SpaSberi and Hants); ihc Aaocaud Prest 

Spielberg woo awards for best film and best director; Hunter, Anna paqmn and 
Jane Campion picked up three for “The Plano”; Hanks was named best actor. 


'Schindler’: A Hit Worldwide 


fntenwi'vuil Herald Tribune 

P ARIS — “Schindler’s List” has been a 
hit virtually everywhere it has been 
offered for release, except in predominantly 
Muslim Malaysia, where censors banned it 
for being too kind to the Jews. 


Geny Lems, the international marketing 
ven Spief- 


consuliam for the producer Steven SpL. 
berg's company, said the movie has earned 
more than $41 million in international mar- 
kets, despile the fact that it was released in 
London only five weeks ago and has been 
shown in many countries only for a few 
days. The film has earned $60 million in the 
United States, where it was released in 
December, Lewis said. 


The Philippines movie censor attempted 
to ban the film because of a scene showing 
nudity, but the government reversed the 
decision. The Malaysian censors refused to 
pass it for release, calling it propaganda 
that showed the Jewish victims as “stout- 
hearted, intelligent and grateful,” while de- 
picting the Nazis as brutal and cruel. 

Lewis said the movie is doing particularly 
weQ in Germany, where it has grossed $6 
million since March 3, and Japan, where it 
has earned more than $6 milli on. It has a 
long way to go to catch up with “Jurassic 
Park,” which has grossed $540 million in 
international markets and $350 million in 
the United States. 


L OS ANGELES — “Schindler's List," 
Steven Spielberg’s wrenching drama 
about the Holocaust, dominated the 66th 
annual Academy Awards, w inning seven 
Oscars, including those for best picture 
and best director. 

The awards were a milestone in Spiel- 
berg’s career. Although he is the most 
cranmercially successful director in Holly- 
wood history, an Oscar, and recognition 
by the academy as a serious cine m ati c 
artist, had eluded him until Monday night. 
He was previously nominated as a director 
three times, for “Close Encounters of the 
Third Kind,” “Raiders of the Lost Ark" 
and “ET. the Extra-TerrestriaL" As a 
producer, he had been nominated twice, 
for “ET." and “The Color Purple." 

“Schindler’s List” won Oscars for Jan- 
usz Kaminski’s cinematography and Ste- 
ven Zafllian’s screenplay, adapted from 
the novel by Thomas KeneaHy. It also won 
for art direction (Allan Starski and Ewa 
Bruan), o riginal score (John Williams) and 
editing (Michael Kahn). 

Such was the wave of acclaim surround- 
ing “Schindler's List" that it seemed to 
pass almost unnoticed that last year Spid- 
berg also directed the biggest moneymaker 
in movie history, “Jurassic Park," which 
picked up awards for visual effects, sound 
and sound-effects editing. 

In his acceptance speech for the direct- 
ing award, Spielberg, who was greeted 
with a standing ovation, said, “I have 
friends who have won these before, but I 
swear I have never held one before." Visi- 
bly moved, and fighting back tears, he 
concluded his thanks by invoking the 
memory of the 6 million Jews who per- 
ished in the Holocaust 
The only competition to “S chin dler’s 
list” came from “The Piano," which won 
three awards. HoDy Hunter was named 
best actress for her performance as a mute 
mailorder bride in 19th-century New Zea- 
land, and Anna Paqirin, 11, was npnwl 
best supporting best actress for her role as 
the daughter. The film also won the award 
for best original screenplay, written by its 
director, Jane Campion. 

The award for best actor went to Tom 
Hanks, for his role in “Philadelphia" as a 
lawyer dying of AIDS who brings a law- 
suit against the firm that dismissed him. 

In Eis acceptance speech. Hanks, his 
voice quavering with emotion, thanked his 
colleagues on the film, especially Denzel 
Washington, and his high school drama 
teacher, who advised, “Act well the part, 
there the glory lies." 

Hanks also paid tribute to those 
who have died of AIDS, saying “the 


heavens are too crowded with angels. 
Tommy Lee Jones, who p!a^ed_ the 


hard-nosed deputy marshal in “The Fugi- 
tive," received the Oscar for best support- 
ing actor. In his acceptance speech, Jones, 
the crown or whose head was shaved for a 
role, said, “There is only one thing a man 
can say at a moment like this: I am not 
bald." 

Anna Paqmn took a few moments to 
compose herself before delivering a pol- 
ished acceptance speech that was a model 
of brevity. 

This year's ceremonies started on a note 
of uncertainty, as Billy Crystal had 
stepped down after four years as host. His 
successor, Whoopi Goldberg, wearing a 
floor-length brown velvet dress, swept to 
the front of the stage and immediately 
addressed the great unspoken question of 
the evening: Would the outspoken and 
unpredictable comedian behave herself? 

£ Tbere haven’t been this many execu- 
tives sweating over one woman since Heidi 
Fleiss, baby, she said. 

Then, pro mising to get her political con- 
cerns out of the way early, she reded off a 
rapid-fire litany of slogans, begi n ni ng with 
“save the whales" and concluding with 
“let Frank Sinatra finish" and “somebody 
stop these damn earthquakes.” 

Crashing right through the taste barrier, 
Goldbeig also called for Lorena Bobbitt to 
meet Bob Dole, a joke that left the audi- 
ence gasp in g 

The Oscar for foreign film went to the 
Sp anish film “Belle Epoque,” directed by 
Fernando Trucba. In an Oscar year unusu- 
al for the number of rock nominees, the 
award for best original song went to Bruce 
Springsteen for “Streets of Philadelphia," 
the stirring ballad he wrote and performed 
For “Philadelphia.” 

The other winners: 


Costume Design: GabricHa Pescucri, “The 
Age of Innocence” 

Makeup: Greg Cannom. Ve Neill and Yolanda 
Toussieng, “Mrs. Doubtfire" 

Documentary Feature: “I Am a Promise: The 
Children of Stanton Elementary School" by Su- 
san Raymond and Alan Raymond 

Documentary Short Subject: “Defending Oar 
Lives" by Margaret Lazarus and Runner Wun- 
derlich 

Short Film, Live: "Black Rider” by Pepe Dan- 
quart 

Short Film. Animated: “Tlie Wrong Trousers” 
by Nicholas Park 

Jean Hersbolt Award: Paul Newman for hu- 
manitarian efforts 

Honorary Award: Deborah Ken: for career 
achievement 

Gordon £ Sawyer Technical Award: Petro 
VTahos. for technical contributions to the motion 
picture industry 

Technical Award of Merit: Panarision Inc. for 
lens development 

Te chnical Award of Merit: Manfred G. Mi- 
chtison of Technical Him Systems Inc. for film 
processor development 


PEOPLE 


A Team of Her Own ? 
Madonna Courts NBA 

Jusl dating basketball players 
isn't enough for Madonna. It seems 
now that she wants to own an ra- 
ti re team. The singer, who has been 
romantically linked to several pro 
players, including Charles Barkley , 

(who denies any relationship), says 
she wants to buy a National Bas- 
ketball Association franchise. Ac- . f 
cording to New York magazine 'Up 
she’s most interested in the Chic¥ III 

dv tho fMn, S 


.U 


auv a unrai ***■*• iv 

go Bulls. Unfortunately, the team • 
isn’t for sale. The Detroit Pistons, 
the Miami Heat and the Orlando '] ,i 1 
Magic also are onber List Barkley’s Ml 


squad, the Phoenix Suns, is not 

□ 

Dancers, singers, conductors and 
musi cians stood to applaud Dame 

Ninette de Valois as the 95-year- 
old doyenne of British ballet re- 
ceived the London Evening Stan- 
dard special award for HfetinK 
achievement. Dame Ninette found- 
ed the Rqyal Ballet with LiBan Bay- 
Us and discovered and trained some 
of Britain's greatest dancers. 

□ 


&' 

)!t& : 


■N V 


Dudley Moore was arrested after 
a woman identifying herself as Us 
girlfriend said the actor had bauered 
her during an argument. He was 
released cm $50,000 bail 


Some London police officers are 
in trouble for giving royal treat- 
ment to Princess Diana. The prin- 
cess parked in a tow-away zone in 
the Knightsbridge section of Lon- 


don. Two officers placed a signed 

l Metropolitan Pn. 


note, written on a Metropolitan Po- 
lice letterhead, on her windshield 
that read: “Vehicle broken down. 
Please don’t clamp." But, accord- 
ing to The British Press Associa- 
tion, the car was 
die just couldn't find a i 
ing space so she enlisted the help 
the chivalrous policemen. Scotland 
Yard is not amused. 


Mia Farrow’s latest movie has 
been a homecoming She’s been 
working on John Irvin's “Widow’s 
Peak,” being filmed in the Wicklow 
Mountains of Ireland, where Far- 
row lived as a girt with her mother, 
the actress Manreen O’Suffiran. 


IJVTERNAIIOm 

CLASSIFIED 

Appears on Pages 4 &23 


WEATHER 


CROSSWORD 


Europe 


Today 


Tomorrow 


Ken 

Low 

W 

High 

Lorn w 


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Forecast for Thursday through Saturday, as provided by Aocu-Weather. 



JaMnMK 


North America 

Spring warmth will surge 
northwa/ri from Houston and 
Memphis through Chicago 
and Pittsburgh Thursday. 
Cooler weather will arrive 
Friday and laat into the 
weekend. The Southeast wB 
have mHd weather through 
Friday. A late-seaaon snow- 
storm wB blanket the central 
Rockies. 


Europe 

High winds and showers wfl 
be the rule Irom Ireland 


through Scotland Thursday 
into Frk - ~ 


rlday. Dry weather is 
Saturday. 


possfcle Saturday. London 
to Paris will have a lew 
showers Thursday followed 


by ay. ^«p ht^ooolar wroth- 


and MarseBe wd 
be dry and warm Into the 
weekend. 


Asia 

Northern China wffl have rain 
and snow Thursday Into Fri- 
day. Central and southern 
Ctwia wit have dry. season- 
ably mid weather. Tokyo w* 
be windy with plenty of sun 
later this week. Bangkok and 
Manila will be sunny and 
quite warm. Showers w * be 
common (rom Singapore 
through Kuala Lampur. 


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Tomorrow 


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• Provinces 
11 Part ota 
footnote abbr. 

14 Way of 

speaking 

15 Slacken 

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role 

17 Kind of scout 
in River to the 
Missouri 
is Charles S. 
Dutton sitcom 


M Performed a 
Herculean feat 

#1 

za Fray 

25 Preliminary 
figure: Abbr. 

26 ‘A Latter for 

' (1945 

movie) 

27 Manipulate 

26 Crony 

20 Unde Sam 
poster words 
31 Performed a 
Herculean feat 
#2 


Solution to Puzzle of March 22 


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1WW 10(50 pc 18/81 11 OB i 

28/92 22/71 pc 28/82 21/TO pc 

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□□sma anna aaa 
0BQ0Q naan nma^ 
□□□□mEnansaaHaa 
□aaosa aaa ana 
□hoi ssBaaniiEi 
□no Haaa aaa 
□□□□ □□□□ aaaa 
□□□□□□HHaaaaaEia 
□□be aaaa aaaa 
□□q asaa ana 
nossaiJGiE nan 
hqq bqs auunaa 
Qmuuuuuaaaaaaaa 
□uqd i hqhe Sanaa 
aaaa □□□□□ 


ac Ile-de-France 
river 

37 Tart apples, 

informs By 

38 Performed a 
Herculean feet 
#3 

44 Bomes 

(classic card 
game) 

4a "Hey, you!* 

4s Bravo. e.g. 

47 Heraldic band 

46 Treaty org. 

since 1946 
so Painter Hopper 
5a Performed a 
Herculean feat 
#4 

MUsi ender 

57 Bad, bad Brown 
of song 

58 Appoggiaturas 
6i Hilo souvenir 
6a Honeymoon 

follower 
*3 Pauperized 
•4 Fast wings, for 
short 

63 Save up 
66 Attach an ell 


DOWN 


ISIEIPM 


1 Become prone 

2 TV's Mrs. 
Morgenstem 


a Aimed 
4 Rental sign 
s Suggest, with 
■or 

a Baseball's 
Metises 

7 Change 
-potatoe' to 
■potato,* e.g. 

a Our SO, to 
Fran go is 

8 Zero 

10 Admiral sunk 
with the 
Schamhorst 

11 Truck : lorry :: 
trailer:— — 

ia Type of board 

ia Summons 

21 Unseat 

22 ',.. consider 
her ways, end 
\ Proverbs 

23 Baby bloomer? 

*4 *Do say!" 

28 Made fun of. in 
away 

30 Yen 

32 Column bases, 
in architecture 

33 Nature outing 

34 Mischief- 
makers 

35 Mora 
substantial 


38 Backdoor 

40 Results 

41 Predsion-mede 

42 Ten the world 

43 Start 


44 Mushrooms 

48 Concert site 

49 Skylit courts 


si Secretary 
Shalala 


52 Wined and 
drned, perhaps 

54 Wagner heroine 

55 Regards 
59 Tokyo. once 
eo Diet, listing 


38 1979 World 
- Series champs 


r~ 



TA 



T7~ 




2ft 


24 


27 



ff” 



WEmsm 


- 

44 



47“ 



53 



Ml 


□ 

81 


□ 

e« 


j 


TO" 


r 

if 

i r 


t 

J 


j 


IN 


ThT« 


New York Times Edited by Will Shorn. 


Tl-avd in a world without borders, time zones 

or language barriers. 


ABET Access Numbers. 
How to call around the workl 

1. Using the chan below, find th e country you are calling from. 

2. Dial the corresponding ATKF Access Number. 




To receive your free wallet card of ABB's Access Numbers, just dial the access numberof 
the country you’re in and ask for Customer Service 



ASIA/PACIFIC 


hrbnri 



Imagine a wprld where you can call country to country as easily as you can from home: And 
reach the US. directly from over 125 countries. Converse with someone who doesn’t speak your 
language, since it’s translated instantly. Call your clients at 3 am knowing they’ll get the message in 
your voice at a more polite hour. All this is now possible with ATSSC 1 

To use these services, dial the ARET Access Number of the country* you’re in and you’ll get all the 
help you need With these Access Numbers and your AISET Calling Card, international calling has never been easier. 

If you don’t have an ABET Calling Card or youd like more information on AEST global services, just rail us using the 


convenient Access Numbers on your right 



AT&T 


Australia 

0014-881-011 

Italy* 

172-1011 

CUibJRC*** 

10811 

UwhiwiM^n* 

15500-13 

Guam 

01*872 

TMlIwnta. 

8*196 

Hong Kong 

800-1111 

Luxembourg 

0000-0111 

India* 

000-117 

Mala* 

0800-890-110 

Indonesia*' 

001*0140 


19*0011 

Japan* 

0039-UI 

Netherlands* 

06022-9111 

Korea 

009-11 

Norway* 

800-190-11 

Korea** 

11* 

-Poland**- 

0*0104800111 

Malaysia* 

800-0011 

Forfagal* 

05017-1-288 

New Zealand 

000011 

knmwita 

01-800-4288 

Philippines* 

105-H 

BnsafartMoscow) 

155-5042 

.Saipan* 

235-2872: 

flovalda 

00-42000101 

Singapore 

800-0111-111 

Spain 

9009900-11 

■ Sri Lanka 

430-430 

«™iar 

020-795-611 

Taiwan* 

0080-102880 

Switzerland* 

155-00-11 

Thailand* 

0019-991-1U1 

UK. 

0500090011 

EUROPE 

MIDDLE EAST 

Armenia** 

8*14111 

Bahrain 

800001 

Austria**** 

022-903-011 

Cyprus* 

OBb-900~10 

. Belgium* 

078-11-0010 

brad 

177-100-2727 

Bulgaria 

00-1800-0010 

Kuwait 

800-288. 

Croatia** 

98380011 

Lebanon (Beirut) 

426401 

Czech Hep 

0042800301 

Saudi Arabia 

1-800-100 

Denmark* 

800X0010 

Turkey* 

00-800-12277 

Finland* 

9800-100-10 

AMERICAS 

France 

19*0011 

Argentina* 

001-800-200-1111 

Germany 

01300010. 

Belize* ' 

555 

Greece* 

00000-1311 

Bolivia* 

0800-1111 

Hnngary* 

00*00001111 

Brad 

000-8010 

Iceland** 

999-001 

rwu 

OOa-0312 - 


COUNTRY 

ACCESS NUMBER 

Colombia 

980-11-0010' 

CowaMca** 

114 

Ecuador* 

119 

H Salvador** 

190' 

Guatemala* 

190 

Guyana*** 

16» 

Honduras** 

129 


viedcotiA 


95-800-462-4240 


Panama* 


174 


Peru* 


109 


Suriname 


19b 


Uruguay 


156 


Venezuela** 


00-0410 


CMHWBUn 


80-011-120 


'Bermuda* 

BfMahVJ. 


1-400472-2881 


1-800-672-2881 


Cayman 


1-800-672-2881 




Sc 




'«n- s 


1-800-872-28B1 


Haiti* 


1-000-872-2881 


Jamaica** 

Wab.Amfl~ 


001-800-972-2885 


0-600-672-2881,' 


■St Kha/NeWa 


001-600-87^-2881 


1-800872-2881 


AFRICA 


XltfCjBtag Cud (rotate in oSraunneft. AMT WMU 

panto vnunoyk>iiiu*iYG3ttiictiep>n!aiik>Rrrh„>7nrta_«. 


Gabon* 

00*401' 

Gandda* 

00111' 

Kenya* 

0800-10 

liberia — 

797-797' 

.'Malawi** 

101-1992 


AOTUMDtrea*lCTricvtaawIbhWnu.igthcuouraiv<lbuxJa)(w 

-PiMcplunaK«a*c’Uppto(ia/tafcii*'rlH<n;canlkirUuliani: AAFimptMtcrfeuimrail* 

^1*i*Wepri™e«iW M>PiJ( 1la>«i)ICTi4aorp6o(lccaHiL^dblBmc. Dtarmo-vo^n H dm mwt aadften (fell 

hnnMltawM Tnr iBT Wo “^iWwir. Ittutrd. 

uiunuuu, amice WTWnafflVicTdbaUy 



<v *'V,. 




© 1994 AIST 


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