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Acme Precision Products Inc said it set
its annual meeting for May 14 for shareholders to vote on the
proposed management-led leveraged buyout of the company.
The record date for the meeting will be April 16, with
proxy materials to be sent to shareholders on or before April
20.
The buyout proposal, which was previously announced, will
be structured as a one for 100,000 reverse stock split. It must
be approved by a majority of shareholders. Acme Precision has
1,008,857 shares outstanding.
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Federal Reserve Board Chairman Paul
Volcker said that he did not believe there was a connection
between the Fed's policies and the recent rise in the prime
interest rate by most major U.S. banks.
Asked by reporters following testimony before the Senate
Banking Committee whether the Fed had anything to do with the
rise to 7-3/4 pct in the prime, he replied, "not that I was able
to detect."
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Weis Markets Inc said its board
declared a three-for-two stock split for holders of record May
1, 1987, with a distribution date of May 22, 1987.
The company also said a regular quarterly dividend of 16
cts per share on the pre-split shares will be paid May 22 to
shareholders of record May 1.
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Shr primary 24 cts vs 25 cts
Shr diluted 21 cts vs 25 cts
Net 530,583 vs 493,423
Revs 10.2 mln vs 9,834,578
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There is no consensus so far among
industrial countries on an agreement providing debt relief for
the world's poorest nations, a senior U.S. Treasury official
said.
The official said, "There has not been a consensus reached
yet," when asked about reports the Paris club of western
creditors had agreed to long-term stretch outs of African debt
at concessional interest rates.
The official, briefing reporters on this week's semiannual
IMF meetings, said the issue would be discussed this week and
the U.S. had an open mind on the proposal but it did object to
concessional interest rate relief.
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Family Health System Inc said
The Federal Bankruptcy Court in Fort Worth, Texas has approved
its offer to purchase <Sheppard Dental Centers Inc's> assets
from a Chapter 7 bankruptcy proceeding for about 300,000 dlrs.
FHS administers and markets multiple office dental
practices in the Dallas metropolitan area as well as dental
offices in the Dallas Metroplex.
The company said it plans to open 12 locations in Dallas by
the end of 1987.
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Shr 10 cts vs 10 cts
Net 131,000 vs 135,000
Revs 4,222,000 vs 3,656,000
Avg shrs 1,278,529 vs 1,356,672
Nine mths
Shr 31 cts vs 31 cts
Net 406,000 vs 426,000
Revs 12.3 mln vs 11.0 mln
Avg shrs 1,330,511 vs 1,361,421
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(Consolidated-Bathurst Inc) said it
expects improvement in the pulp and paper sector shown in the
second half of 1986 to continue this year. The continued
improvement would be due to good market demand, better product
prices and high operating capacity, the company said in its
annual report.
Consolidated-Bathurst, which reported operating profit of
104 mln dlrs last year on sales of 2.02 billion dlrs, said its
joint-venture acquisition of a market pulp mill at Castlegar,
B.C. last year broadens its product range and will contribute
to equity earnings.
Last year's results were up from 1985 operating profit of
80 mln dlrs and sales of 1.73 billion dlrs.
The company said it views its near-term prospects with
improved optimism.
It said results from its Bridgewater newsprint mill in the
U.K. should improve greatly this year due to stronger capacity
and production and more favorable market conditions.
It said it anticipates a return to profitability in 1987
for its Diamond-Bathurst Inc (DBH) subsidiary, which lost 6.2
mln U.S. dlrs and underwent a reorganization last year, and
expects higher sales and earnings for its other North American
packaging divisions.
Consolidated-Bathurst said the outlook for its Europa
Carton unit is mixed. It said the effect of trade disputes
between the United States and the European Economic Community
on the West German economy and the higher value of the mark may
lead to increased costs which could not be offset by price
increases.
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More generic grain certificates
should be released onto the market in order for the U.S.
certificate program to have its full effect on commodities,
according to a study by Sparks Commodities Inc.
The Agriculture Department should make grain deficiency
payments and paid land diversion payments in a two-third
certificate, one-third cash ratio through fiscal year 1989,
Carroll Brunthaver, president of Sparks Commodities, told a
House agriculture subcommittee hearing on certificates.
Thereafter, government payments should be issued in roughly
a 50-50 split between cash and certificates, Brunthaver said.
The Sparks study on certificates examined two possible
scenarios through the 1990 growing season -- a "zero
certificate case," where no certificate program was assumed,
and an alternative case labeled "adequate certificate case" in
which sufficient certificates would be released so that grain
prices would not be artificially supported by market shortages
due to acreage reduction programs or government holdings.
The study showed that total grain use under the adequate
certificate scenario would exceed the zero certificate scenario
by 11.2 pct.
Usage would be markedly more in 1989 and 1990, when grain
usage under a certificate program was estimated to exceed the
zero certificate case by 15 to 19 pct.
For the five-year period examined, government expenditures
under the adequate certificate case were 7.0 billion dlrs, or
7.5 pct less than under the zero certificate case.
The Sparks study said that 5.1 billion dlrs, or 70 pct of
those savings resulted from smaller government storage costs.
The study also estimated that government grain stocks under
the adequate certificate case would be 4.7 billion bushels
below the zero certificate case at the end of the period
examined.
The Sparks study said that while certificates permit market
prices to fall below loan levels, these lower prices increase
commodity usage and reduce the net costs of certificates versus
cash.
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Cummins Engine Co said it told
shareholders higher engine orders to the North American
heavy-duty truck market will result in improved earnings in the
first quarter.
Cummins said the company should make progress this year and
next toward its goal of five pct profitability.
Cummins recorded net income of 3,743,000 dlrs, or 38 cts
per share, on sales of 516.9 mln dlrs.
It said it expects 1987 North American heavy-duty truck
production to total 135,000 units, an 8.5 pct increase from
1986.
Cummins said it expects capital expenditures to total about
155 mln dlrs, down from 274 mln dlrs the year before.
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North-West Telecommunications Inc
said it acquired the assets and customer base of Com-Tel
Systems Inc, a telephone interconnect firm that operates in La
Crosse and Stevens Point, Wis. and Rochester, Minn.
It said the purchase only includes the businesses in La
Crosse and Rochester.
Terms were not disclosed.
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Qtly div 11 cts vs 11 cts prior
Pay June 15
Record May 15
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Shr 15 cts vs 15 cts
Net 2,407,000 vs 2,393,000
Revs 117.2 mln vs 67.1 mln
Note: Aggregate judgments in antitrust and other suits of
77 mln dlrs not included in year-ago or 1987 1st qtr results.
Company said any portion of this amount, including related
interest or attorneys' fees, would be proportionately reflected
as a reduction in its minority interest of Sealy recorded on
its consolidated balance sheet upon final settlement of
litigation.
Note: Consolidated balance sheet as of end of 1st qtr
reflects after-tax impact of 50 mln dlr settlement won by Sealy
licensee in Michigan.
1987 results include all operations of all acquired
Sealy-brand licensees and 82 pct of Sealy. Remaining 18 pct of
Sealy is recorded as minority interest.
Proceeds of 170 mln dlrs from sale of stock and debt were
used to reduce balance of revolving credit agreement to 80 mln
dlrs. Accordingly, 250 mln dlr obligation to banks under credit
agreement was recorded as a long-term liability as of end of
1st qtr.
Note: In April, company intends to acquire Michigan Sealy
licensee and fund transaction with 25 mln dlrs in cash and
borrow balance required from banks.
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Gradual warming continued in most
regions of Western Soviet Union in the week ended April 4, the
Joint Agricultural Weather Facility of the U.S Agriculture and
Commerce Departments said.
In its International Weather and Crop Summary, the agency
said most of the region's precipitation fell as rain.
The southern snow cover boundary continued to slowly
retreat northward and eastward, it said.
Moderate to deep snow cover the northern half of the
Ukraine, northern North Caucasus, and the lower Volga, about
one month later than usual, it said.
The agency said average weekly temperatures were below
normal in the southeast, near normal in the southwest and
northeast, and above normal in the northwest.
Winter grains remained dormant over the region, but warm
weather promoted greening in crop areas adjacent to the Black
Sea coast, it said.
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Nine grain ships were loading and 16
were waiting to load at New Orleans elevators, trade sources
said.
ELEVATOR LOADING WAITING
Continental Grain, Westwego 1 5
Mississippi River, Myrtle Grove 1 0
ADM Growmark 1 2
Bunge Grain, Destrehan 1 0
ELEVATOR LOADING WAITING
ST CHARLES DESTREHAN 1 1
RESERVE ELEVATOR CORP 1 0
PEAVEY CO, ST ELMO 1 1
CARGILL GRAIN, TERRE HAUTE 1 4
CARGILL GRAIN, PORT ALLEN 0 0
ZEN-NOH 1 3
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An explosion and fire today
damaged a grain elevator in Bancroft, Iowa, destroying
thousands of bushels of grain, authorities said.
The pre-dawn explosion ripped the wooden elevator open, and
a fire that followed continued burning at late morning but had
been contained, according to a dispatcher at the Algona Police
Department.
No injuries were reported at the Lone Rock Coop facility.
The dispatcher said the elevator was filled with corn, and
a nearby drying building holding soybeans was on fire.
The explosion was the second in four days in Iowa following
the destruction of an Archer Daniels Midland elevator in
Burlington last Friday.
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Artistic Greetings Inc said it
expects a rebound in profits and an increase in sales in 1987
as costs connected with computerization, staffing, traning and
catalog sales start to taper off.
Today it reported 1986 earnings of 294,650 dlrs, down from
371,064 dlrs a year before, on revenues of 8,157,864 dlrs, up
from 7,054,709 dlrs.
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Parsow Partnership Ltd, an Elkhorn,
Neb., investment partnership, said it bought a 5.1 pct stake in
Orange-Co Inc common stock as an investment.
In a filing with the Securities and Exchange Commission,
Parsow said it had bought all its 220,000 Orange-Co shares in
the open market with funds from its working capital.
The partnership, whose sole general partner is Elkhorn
investor Alan Parsow, said it "has no present intention of
effecting any change in the control of Orange-Co Inc."
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<Cooperative Energy Development
Corp> said two exploratory oil wells in the Zama area of
Alberta tested 1,020 and 950 barrels a day, and will increase
the company's daily oil production by 30 pct.
The company did not immediately elaborate on total
production figures.
The wells, flowing oil from the Keg River formation, will
be constrained to combined production of about 450 barrels a
day to optimize reserve recovery, the company said.
Permanent production facilities are being installed and the
wells will produce to pipeline by mid-April.
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Qtly div 55 cts vs 55 cts prior
Pay June 15
Record June 1
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Shr 52 cts vs 45 cts
Net 10.9 mln vs 9,498,000
Assets 3.60 billion vs 3.25 billion
Deposits 2.45 billion vs 2.23 billion
Loans 2.16 billion vs 1.67 billion
NOTE: full name of company is Central Bancshares of the
South Inc.
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Textron Inc said it plans to
sell its Avco Specialty Materials Division as part of its debt
reduction and restructuring.
The company said it will use proceeds from the sale to
reduce the debt incurred by its acquisition of Ex-Cell-O Corp
last year.
Textron said Morgan Stanley and Co will represent it in the
sale.
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Shr 50 cts vs 40 cts
Net 9,421,000 vs 9,312,000
Rev 37.7 mln vs 36.3 mln
Avg shrs 17,049,920 vs 21,173,570
NOTE: Per-share results adjusted for two-for-one common
stock split in June 1986
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The Commodity Credit Corporation
(CCC) has transferred 21.0 mln dlrs in credit guarantees
previously earmarked for sales of U.S. corn and 5.0 mln dlrs
for sales of oilseeds to increase available coverage on sales
of U.S. poultry meat to Iraq, the U.S. Agriculture Department
said.
The department said the action was taken at the request of
Iraq's State Trade Organization for Grains and Foodstuffs.
The guarantee line for sales of corn has been reduced from
78.0 mln dlrs to 57.0 mln and the line for oilseeds from 5.0
mln dlrs to zero.
The guarantee line for sales of frozen poultry has been
increased from 30.0 mln dlrs to 56.0 mln dlrs, USDA said.
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Avon Products Inc said it reached an
agreement in principle to purchase <Giorgio Inc>, a fragrance
company, for 185 mln dlrs in cash.
Giorgio's annual revnues are more than 100 mln dlrs, Avon
said. The acquisition has been approved by Avon's board, with
the closing set for May 7.
The transaction would have no impact on Avon's current
dividend rate, it said.
Giorgio's boutique in Beverly Hills, Calif., will be sold
back to Fred Hayman, one of the shareholders, who will continue
to operate it independently, Avon said.
Avon said it identified Giorgio more than a year ago as a
preferred acquisition candidate. It said it is launching a
prestige fragrance developed in conjunction with Catherine
Deneuve this spring.
Giorgio will be operated as a separate subsidiary, Avon
said, and would not compete with Avon's direct selling beauty
products business.
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Honduras will tender April 13 under
Public Law 480 for U.S. and non-U.S. flag vessels to deliver
approximately 52,500 tonnes of various wheats in bulk, an agent
for the country said.
The agent said deliveries of northern spring/dns wheat will
include laydays of July 1-10 for 7,500-9,500 tonnes, August
1-10 for 8,000-10,000 tonnes, and September 15-25 for
12,500-14,500 tonnes.
Deliveries of hard red winter wheat will have laydays of
June 20-30 for 5,000-7,000 tonnes, July 15-25 for 6,500-8,500
tonnes, and September 15-25 for 7,000-9,000 tonnes.
Offers are due by 1200 hrs EDT, April 13, and will remain
valid until the close of business April 14, the agent said.
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GenCorp Inc said the decision by
General Partners, comprised of AFG Industries and Wagner and
Brown, to end its hostile offer for the company supports its
belief that the buy back offer it announced yesterday was a
"financially superior alternative."
GenCorp said it would annouce details of its plans to buy
back 54 pct of its stock for 1.6 billion dlrs, or 130 dlrs a
share, later this week. GenCorp's buy back was made to fend off
the hostile 2.3 billion dlr, 100-dlr-a-share, tender offer by
AFG and Wagner and Brown.
Earlier today AFG and Wagner and Brown said that without
the benefit of additional information available to GenCorp's
management, it cannot compete economically with GenCorp's
proposal.
The group said it is ending its tender offer for GenCorp
and promptly return to tendering shareholders all shares
tendered pursuant to its offer.
The group owns 9.8 pct, or 2,180,608 shares, of GenCorp's
outstanding shares.
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Berry Petroleum Co said its board
and the Norris Oil Co board approved a merger agreement that
calls for Norris to become a wholly-owned Berry subsidiary.
Berry, a privately-owned company which already owns 80.6
pct of Norris Oil's stock, said the agreement calls for Norris'
public shareholders to receive 0.0333 Berry common shares for
each Norris share held.
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The Commodity Credit Corporation
(CCC) has reallocated 5.0 mln dlrs in credit guarantees
previously earmarked for sales of U.S. wheat to provide
coverage for sales of U.S. vegetable oil to Bangladesh, the
U.S. Agriculture Department said.
USDA said the action was taken at the request of the
Bangladesh government and reduces the guarantee line authorized
for wheat sales from 25.0 mln dlrs to 20.0 and creates a new
line of 5.0 mln dlrs for vegetable oils.
To be eligible for coverage under the CCC's Intermediate
Export Credit Program, credit terms must be in excess of three
years, but not more than seven years.
All sales covered by the credit guarantees must be
registered and shipped by September 30, 1987, USDA said.
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The U.S. Agriculture Department
announced the following prevailing world market prices of rice
on a loan-rate basis, with previous prices --
-- Long grain whole kernels 5.87 cts per lb vs 5.70
-- Medium grain whole kernels 5.28 cts per lb vs 5.12
-- Short grain whole kernels 5.22 cts per lb vs 5.06
-- Broken kernels 2.94 cts per lb vs 2.85
The repayment rate for 1986-crop warehouse or farm-stored
rice loans are the higher of the world price or 50 pct of the
loan rate of 7.20 dlrs per cwt.
The prices will remain in effect for a week, but new prices
could be announced earlier if warranted, USDA said.
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Shr nine cts vs seven cts
Net 1,356,000 vs 1,041,000
Revs 9.7 mln vs 8.4 mln
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Shr 38 cts vs 30 cts
Net 1,356,754 vs 1,048,340
Assets 448.5 mln vs 407.4 mln
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Period ended Jan 31
Shr loss three cts vs loss two cts
Net loss 183,500 vs loss 163,800
Sales 608,800 vs 1,156,100
Year
Shr loss 16 cts vs loss 21 cts
Net loss 1,128,600 vs loss 1,081,600
Sales 3,811,200 vs 6,968,700
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Shr nine cts vs seven cts
Net 1,356,000 vs 1,041,000
Revs 9,729,000 vs 8,367,000
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Bermuda Star Line Inc said it has
leased a 23,500 ton passenger vessel from Orley Shipping Co
Inc, of Liberia for a term with options extending for 15 years.
The vessel, SS Liberte, will be renamed the Canadian Star
and will be used for cruises to Montreal from New York,
beginning in June.
Orley SHipping is partially owned by Common Brothers PLC, a
U.K. maritime firm which owns 60 pct of Bermuda Star's shares
and arranged debt financing for the ship's purchase.
Orley acquired the vessel from Banstead Shipping Ltd. Terms
were not disclosed.
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<Premdor Inc> said it planned a
two-for-one common stock split, subject to shareholder approval
at the May 4 annual meeting.
It said the split, if approved, would take effect on May
20.
Premdor manufactures and sells wood doors.
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Shr loss two cts vs loss two cts
Net loss 183,597 vs loss 136,990
Rev 36,600 vs 61,763
Avg shares 12,355,000 vs 9,205,000
Year
Shr loss five cts vs loss five cts
Net loss 571,336 vs loss 416,595
Rev 103,327 vs 61,763
Avg shares 12,355,000 vs 8,705,000
NOTE: Company's full name is <Teletrak Advanced Technology
Systems Inc and it is a unit of Helm Resources <H>. 1985 net
loss includes loss from discontinued operations of 278,156
dlrs.
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Cannon Group Inc said it agreed in
principle to sell its 50 pct interest in the HBO/Cannon Video
joint venture to the Home Box Office unit of Time Inc <TL>.
The company said it is making the sale because in the near
future all of its video products will be licensed in the United
States and Canada to either the Warner Brothers unit of Warner
Communications Inc <WCI>, or to Media Home Entertainment.
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Houston Oil Trust said there will be no
royalty funds available for distribution to unit holders in
April.
It also said that based on recent independent petroleum
engineers' estimates of Oct 31, 1986, there may be no amounts
avialable for distribution the rest of the year.
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Qtly dividend 52-1/2 cts vs 52-1/2 cts
Pay May one
record April 17
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Qtly div 25 cts vs 25 cts prior
Pay July 1
Record May 7
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Shr 87 cts vs 87 cts prior qtr
Pay May 15
Record April 20
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Qtly div 20 cts vs 20 cts previously
Pay June Eight
Record May 22
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Qtly div 25 cts vs 25 cts prior
Payable July one
Record May 7
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(Sportscene Restaurants Inc) said it
acquired (Cafe Christophe Van Houtte Inc), a cafe chain with
ten franchises and one corporate restaurant, for an unspecified
amount of cash and Sportscene shares.
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0,
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0,
0
]
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Shr loss 21 cts vs loss seven cts
Net loss 971,000 vs loss 318,000
Revs 8.3 mln vs 9.2 mln
Year
Shr loss 43 cts vs profit 14 cts
Net loss 1.9 mln vs profit 606,000
Revs 32.5 mln vs 31.9 mln
NOTE:1986 loss includes reserves of 329,000, 1985 includes
tax benefit of 352,000, 96,000, and 570,000 dlrs.1986 4th qtr
includes 850,000 dlrs writedowns, 499,000 dlr gain from sale.
1985 net includes extraordinary items of 108,000 and gain
on sale of 1.6 mln dlrs , tax carryforward gain of 246,000
dlrs.
Reuter
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Manufacturers Hanover Corp said its OFP
Inc unit acquired a Dallas office building through foreclosure.
The company said it foreclosed on the Allied Bank Tower, a
1.2 mln-square-feet office building at One Fountain Place,
Dallas.
Reuter
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Qtrly div 11 cts vs 11 cts prior
Pay April 28
Record April 20
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Coca-Cola Bottling Co
Consolidated said it terminated negotiations with the proposed
purchaser of its wholly owned subsidiary headquartered in
Vancouver, B.C.
The company said it is vigorously continuing its efforts to
sell its Canadian operations, substantially on the terms and
conditions previously announced.
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CarePlus Inc said it will seek shareholder
approval of its proposed acquisition of certain assets and
assumption of certain liabilities of Professional Care Inc
<PCI>.
In connection with the acquisition, shareholders will be
requested to approval the merger of CarePlus into its newly
formed Delaware subsidiary, CarePlus said.
CarePlus said its board has tentatively determined that its
stock would be exchanged for common stock of the new
corporation at the rate of seven for one.
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An investor group including Bessemer
Securities Corp and Cilluffo Associates told the Securities and
Exchange Commission it asked federal antitrust regulators for
advance clearance to hold more than 30 mln dlrs of Intermedics
Inc common stock.
The group said it currently holds 1.8 mln shares or 17.6
pct of the total outstanding following purchases of 84,300
shares March 18-April 1. A group spokesman would not disclose
the total purchase price of its current holdings.
The group has said it is accumulating Intermedics stock for
investment purposes.
Reuter
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Shr 81 cts vs 24 cts
Net 40,453,000 vs 11,833,000
Sales 267.1 mln vs 127.0 mln
Avg shrs 50,226,000 vs 48,337,000
Nine Mths
Shr 2.07 dlrs vs 38 cts
Net 102,564,000 vs 18,127,000
Sales 708.0 mln vs 318.3 mln
Avg shrs 49,573,000 vs 48,024,000
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An investor group led by Dart
Container Corp, a Sarasota, Fla., plastic utensil maker, told
the Securities and Exchange Commission it raised its stake in
Texstyrene Corp to 420,500 common shares or 11.7 of the total
outstanding.
The group said it bought the shares for investment and
intends to continue to buy Texstyrene stock in the future.
The group said its most recent purchases included 106,000
shares bought March 10-31 in ordinary brokerage transactions.
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Enro Holding Corp said it acquired Enro
Shirt Co and Foxcroft Ltd from Wilson Bros for 30 mln dlrs.
Enro Holding is owned 50 pct by investors and 50 pct by
management and others. The investor group bought 50 pct of the
common equity and supplied five mln dlrs in mezzanine
financing. Management bought the other 50 pct. Congress
Financial Group supplied 28 mln dlrs in senior financing and
the seller took back a note for 12.1 mln dlrs.
Enro Shirt has annual sales of about 42 mln dlrs and
Foxcroft has sales of about 13 mln dlrs.
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Spartech Corp said shareholders at the
annual meeting approved a reverse stock split of the common
stock, on a one-for-five basis.
The company said the split was necessary in preparation for
an offering of 25 mln dlrs in convertible subordinated
debentures, expected to be made soon through Kidder, Peabody
and Co.
It said the new common stock will begin trading April 8
under the symbol "SPTNd."
Separately, Spartech said its board appointed Bradley
Buechler as president, filling a vacancy.
It said Lawrence Powers remains as chairman.
Buechler, prior to his promotion, was executive vice
president and chief operating officer. He will retain his
duties as chief operating officer.
Reuter
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Shr primary profit two cts vs loss nine cts
Shr diluted profit one cent vs loss six cts
Net profit 17,156 vs loss 89,594
Revs 2,360,220 vs 3,208,802
Avg shrs 870,000 vs 1,026,627
NOTE: full name of company is People Ridesharing Systems
Inc.
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(La Confederation des Caisses
Populaires et d'Economie Desjardins), the Quebec credit union
group, said it is lowering the interest rate on unpaid balances
on its Visa credit card to 15.9 pct from 18.0 pct, effective
with June billing statements.
The move follows cuts in credit card interest rate charges
by several Canadian banks.
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Shr profit eight cts vs loss 1.84 dlrs
Net profit 785,000 vs loss 4,279,000
Revs 10.4 mln vs 8,464,000
Avg shrs 9,649,000 vs 2,664,000
Six Mths
Shr loss nine cts vs loss 4.09 dlrs
Net loss 262,000 vs loss 9,689,000
Revs 19.2 mln vs 15.6 mln
Avg shrs 2,874,000 vs 2,660,000
Reuter
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BRAZIL ADJUST CRUZADO DOWN AGAINST DOLLAR
NEW RATE 22,840/22,945 PREVIOUS
22,690/22,803 EFFECTIVE WEDNESDAY APRIL 8

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Nacco Industries Inc said it will
report a gain in the second quarter of about 11.5 mln dlrs or
1.25 dlrs a share from the sale of stock of a subsidiary.
Nacco said its North American Coal Corp unit has received
notice that Consolidation Coal Co, a unit of Du Pont Co <DD>,
will exercise an option to buy all of the stock of Quarto
Mining Co, a subsidiary of North American Coal.
For the stock, North American Coal will receive about 15.2
mln dlrs, 5.2 mln of which will be paid at closing April 10 and
the rest in installments, the company said.
In addition, Quarto will pay a dividend to North American
Coal of about 10 mln dlrs from retained earnings before
closing. The funds were previously used to finance mining
operations.
Consolidation Coal got the option from the Capco Group of
utilities, which received the option from Nacco in 1981.
Nacco reported earnings of 10.8 mln dlrs or 1.11 dlrs a
share in last year's second quarter.
In 1986, Quarto generated 5.9 mln dlrs in net income, equal
to 62 cts a share, of Nacco's total 1986 earnings of 3.48 dlrs
a share.
Quarto produced about 3.6 mln short tons of the 24.3 mln
tons produced by North American Coal in 1986, Nacco said.
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Buffton Corp said it will
conduct an investigation on a plant designated as a Superfund
Site, which will result in a charge of about six cts per share
in its second quarter.
In the year ago second quarter, Buffton reported net income
of 10 cts a share or 330,000 dlrs on sales of 10.3 mln dlrs.
The study should be completed in nine months and will
determine any clean-up or remedial action that may be required.
Robintech Inc, the plant's former owner, will split the cost.
Buffton said its share will cost 400,000 dlrs.
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American Dynamics Corp and
<Meridian Reserve Inc> said they signed a definitive agreement
under which Meridian will buy 81.9 mln shares, or 51 pct, of
American Dynamics' common stock.
Under terms of the agreement, Santa Ana, Calif.-based
Meridian said it will pay Columbus-based American Dynamics one
mln dlrs in cash and notes over five years and about 500,000
shares of its common stock.
Meridian said it has the option to issue an additional
1,500,000 shares of its common over the next two years in
payment of certain of the notes.
Meridian, an oil and gas company whose operations are
primarily in Oklahoma, said the acquisition will increase its
its consolidated assets to 30 mln dlrs and its contractually
committed gas reserves to more than 40 mln dlrs at discounted
present value.
American Dynamics is engaged in gas gathering, transmission
and liquids extraction, also in Oklahoma.
The companies said they have five extracting plants and
about 525 miles of transmission lines in five adjoining
Oklahoma counties.
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N.Y. SUGAR FREIGHTS - April 7
Nil
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USSR EXCHANGE RATES - SOVIET STATE BANK EFFECTIVE APRIL 8, 1987
ROUBLES PER HUNDRED UNLESS STATED U.S. 63.85
(63.60) STG 103.47 (102.56) BFR (1,000)
16.90 (17.01) DMK 35.06
(35.43) DFL 31.00 (31.20) LIT (10,000)
4.91 (4.94) CAN 48.85 (48.79)
DKR 9.28 (9.32) NKR
9.38 (9.34) FFR 10.52 (10.59) SKR
10.06 (UNCH) FIN MRK 14.20
(UNCH) SFR 42.03 (42.33) YEN (1,000)
4.37 (4.34) AUS SCH 4.98
(5.01) AUS DLR 44.77 (UNCH) PAK RUP
3.74 (UNCH) IND RUP 5.10 (UNCH)
IRN RYL 0.88 (UNCH) LIB DIN (ONE)
2.09 (UNCH) MRC DRHM 7.78 (UNCH)

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There were six grain ships loading and
six ships were waiting to load at Portland, according to the
Portland Merchants Exchange.
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RepublicBank Corp said it has placed
182.6 mln dlrs of all intermediate and term loans to Brazil on
a non-accrual basis as of March 31.
It said the reclassification will reduce first quarter
earnings by 2.8 mln dlrs after taxes, and 11 mln dlrs after
taxes for all of 1987, if Brazil does not change its position
of a moratorium on interest payments.
RepublicBank also said its net income for the first quarter
is expected to be about 10.4 mln dlrs or 30 cts a share on a
fully diluted basis. In the year-ago first quarter the company
earned 23.1 mln dlrs or 75 cts a share.
The company also said its first quarter results are
expected to include a provision for loan losses of 55 mln dlrs,
about 20 mln dlrs over net loan-charge-offs of about 35 mln
dlrs. It said the provision will increase loan losses to about
328 mln dlrs or 2.2 pct of loans.
RepublicBank, with total assets of about 21 billion dlrs,
announced in December an agreement with InterFirst Corp <IFC>
to form First RepublicBank Corp. If the merger is approved by
regulatory agencies and stockholders, it would create the 12th
largest bank holding company in the United States.
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Petroleum futures rallied today in a
market that was expecting declines in domestic supplies and
became further unsettled by escalated Mideast fighting.
Crude oil, gasoline and heating oil all posted gains on the
New York Mercantile Exchange, with crude oil prices matching
life-of-contract highs. Crude for delivery in May closed 17
cents higher at 18.84 dlrs a barrel.
"Crude futures could jump above 19 dlrs a barrel but will
not remain there long if products are not strong," Robert
Murphy, account executive at E.F. Hutton, said.
Traders said prices were supported by anticipation that the
American Petroleum Institute would report a decline in domestic
inventories of petroleum products in a weekly report.
Traders said prices also were supported by an escalation in
the Iran-Iraq war, with the Iranians reportedly launching a new
offensive against Iraqi positions, and Iraq attacking offshore
oil fields and an oil export depot.
Buying by speculators continued to prompt gains in gold and
silver futures on the Commodity Exchange in New York.
Gold prices retreated at midday, but rallied before the
close with support from the silver market, which was
approaching two-year highs, traders said.
Soybean futures posted strong gains on the Chicago Board of
Trade, while corn and wheat were mostly higher.
Traders said cash sales have been slow in the country, and
the soybean harvest in Brazil has been delayed by rain, which
is limiting supplies.
In addition, the Agriculture Department last week projected
a substantial drop in soybean acreage this year. Monday's
report that the USDA inspected 46 mln bushels of corn for
export last week was unexpectedly high and, coupled with a lack
of farm sales, provided support for the corn market, traders
said.
Live hogs and frozen pork bellies rallied on the Chicago
Mercantile Exchange, while cattle ended lower.
Live hogs pushed ahead on a lack of supplies because many
farmers are turning their attention to spring planting rather
than marketing livestock, traders said, noting that cash sales
have been lighter than expected this week.
The lack of marketing also has supported pork bellies, but
prices drifted lower for moderate losses in nearby months as
speculators sold contracts to take profits, traders said.
Cattle prices closed lower but continued to show strength
related to tight supplies.
Prices pushed ahead to new contract highs, extending gains
past three-year peaks set Monday, as tight supplies forced meat
packers to bid aggressively for available animals.
However, some traders sold contracts to take profits after
the extended rally, which has seen the April delivery contract
soar to 69.90 cents a pound from 56 cents a pound at the start
of the year.
New York coffee futures closed higher on trade talk Brazil
would not be an aggressive seller near term, analysts said.
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N.Y. GRAIN FREIGHTS - April 7
Yukong took Nichiku Maru 52,000 tonnes North Pacific to
Japan April-May dates 9.75 dlrs 11 days all purposes
Peavey took Maria Sitinas 26,000 tonnes U.S. Gulf to Puerto
Cabello and Guanta prompt 15.25 dlrs four days load 1,500
discharge Puerto Cabello 1,000 Guanta
Portline took Sky Crest 35,000 tonnes U.S. Gulf to Lisbon
spot 15.25 dlrs 7,000 load 5,000 discharge
Feruzzi took Alecos M. 31,000 tonnes barley Rouen
completing Le Havre to Jeddah 15.35 dlrs 5,000 load 3,000
discharge
Chinese charterers took Patricia VI 25,000 tonnes River
Plate completing Buenos Aires or Bahia Blanca to China April
dates 29.00 dlrs Buenos Aires or Bahia Blanca only 28.00 dlrs
2,500 load 3,000 discharge
Comanav took Sea Song 30,000 tonnes U.S. Gulf to Morocco
April-May dates 13.50 dlrs one-to-one option 14.50 dlrs
one-to-two 5,000 load 5,000 discharge
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Posted county prices in 99 southern
Texas counties have been changed to reflect only one market
differential instead of the usual two-terminal market pricing
system, a senior Agriculture Department official said.
Interior grain and soybean prices in the affected counties
will now be based solely against the Texas Gulf. Prior to the
change, county prices were also priced against the Amarillo
market.
The changes were made to better reflect local market
conditions, said Ralph Klopfenstein, deputy administrator for
commodity operations at USDA.
"The Texas Gulf has always been the dominant market in those
counties. Amarillo never became effective for that area,"
Klopfenstein told Reuters.
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N.Y. TANKERS - April 7
Ashland took Majestic Pride 45,000 tons dirty April 12 East
Coast Mexico to U.S. Gulf worldscale 120
Frota took Fidelity L 49,000 tons dirty April 21 Brazil to
United States worldscale 118
CPC took Eisho Maru 220,000 tons dirty April 12 Mideast
Gulf to Taiwan worldscale 35
Citgo took Friendship Venture 67,000 tons dirty April 16
Caribbean to U.S. Gulf worldscale 89
MSC took Loire 52,000 tons dirty April 10 East Coast Mexico
to U.S. Gulf worldscale 92.5
reuter

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Amoskeag Bank Shares Inc and
<Portsmouth Savings Bank> said they will file motions for a
rehearing with the New Hampshire Supreme Court of its March 30
ruling that overturned state regulatory approval of Amoskeag's
acquisition Portsmouth.
"The ramifications of this decision, we believe, go well
beyond the affiliation of Amoskeag and Portsmouth Savings
Bank," said Amoskeag chairman William S. Bushnell.
The transaction was opposed by a group of Portsmouth
investors who wanted the bank to remain independent, according
to press reports.
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Egypt has cancelled its Export Bonus
tender for 200,000 tonnes of soft red winter wheat for May-June
shipment after failing to bid a price acceptable to USDA,
private export sources said.
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Jordan has boosted its bids for U.S.
soft and hard wheat under Export Bonus, private export sources
said.
Jordan today bid 74 dlrs per tonne for soft wheat and 75
dlrs per tonne for hard red winter wheat in its tender for
225,000 tonnes of hard and soft wheat for April through
November shipment. Earlier today, USDA rejected its bids of 70
dlrs for both varieties, they said.
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Morocco will tender Thursday for
120,000 to 210,000 tonnes of U.S. wheat, cheapest variety
preferred, for May and June shipments under PL 480, private
export sources said.
The tender will consist of three lots of up to 70,000
tonnes each for shipment May 1-30, May 10-June 10, and May
25-June 25, they said.
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<Trilon Financial Corp> said it declared
a stock dividend of one class A share for each two class A
shares held, payable May 15 to shareholders of record on April
30.
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Distillate fuel stocks held in
primary storage rose by 628,000 barrels in the week ended April
three to 106.96 mln barrels from a revised 106.33 mln the
previous week, the American Petroleum Institute said.
In its weekly statistical bulletin, the oil industry trade
group said gasoline stocks rose 2.29 mln barrels to 247.91 mln
barrels from a revised 245.62 mln, and crude oil stocks were up
8.52 mln barrels to 337.73 mln from a revised 329.21 mln.
It said residual fuel stocks rose 28,000 barrels to 38.25
mln from a revised 37.98 mln barrels.
API said refinery runs in the week rose to 12.54 mln
barrels per day from 12.21 mln and refinery use of operating
capacity was 80.4 pct, up from 78.3 pct.
Crude oil imports in the week fell to 3.40 mln bpd from a
revised 3.60 mln, API added.
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Allegheny International Inc, which has
agreed to a merge with a jointly-formed First Boston Inc
affiliate in a deal worth 500 mn dlrs, said shareholders of its
preferred stock have filed a class action complaint against the
company.
The complaint alleges, among other things, that the company
and its board agreed to pay First Boston an illegal seven mln
dlr topping fee if it received a higher offer for the company
prior to the buyout.
The suit contends that this fee hampers Allegheny's ability
to attract other offers or take other actions that would
benefit holders of preferred stock. The complaint also alleges
federal securities laws violations and breach of fiduciary
duty.
The suit requests an injunction against proceeding with the
pending offer being made by Sunter Acquisition to acquire
Allegheny. Sunter Acquisition Corp and Sunter Holdings Corp
were formed by First Boston and Allegheny.
Allegheny said it and the Sunter concerns intend to
vigorously defend the complaint's charges.
The complaints were filed by Robert Moss and other parties
who are believed to own about 230,000 shares of Allegheny's
preferred stock.
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A group of Canadian lawmakers from
Ontario today asked their U.S. counterparts to exempt Canada
from the mandatory trade retaliation provisions in a major
trade bill being considered by the U.S. Congress.
At a meeting of the Northeast-Midwest Coalition, an
organization of U.S. legislators, David Cooke, chairman of the
Ontario Parliament's Select Committee on Economic Affairs, said
the exemption would help trade relations.
The trade legislation to be considered by the full House in
late April would require President Reagan to retaliate against
foreign unfair trade practices unless the trade actions would
harm the U.S. economy.
Currently, Reagan can reject trade sanctions on any
grounds.
Cooke, a member of the Liberal party, told the U.S.
congressmen, "I can understand (the trade bill). I think it has
to do with concerns you have with the other parts of the world."
"I would suggest to you that we are your best friends. You
do not have those concerns with Canada and you should sincerely
consider exempting our country from that bill," he added.
Canada is the United States' largest trading partner, with
two-way trade more than 113 billion dlrs in 1985, according to
the coalition. But the U.S. ran up a 23 billion dlr deficit in
manufactured goods that year compared to a 14 billion dlr
surplus in services trade with its neighbour.
Reuter
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Shr profit one cts vs loss three cts
Net profit 641,000 vs loss 992,000
Revs 26.0 mln vs 19.0 mln
Six months
Shr profit six cts vs loss six cts
Net profit 2.8 mln vs loss 1.8 mln
Revs 39.0 mln vs 37.4 mln
NOTE:1987 six months includes gain of four cts from change
in accounting principle.
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Qtly div eight cts vs seven cts prior
Payable May 15
Record APril 29
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Shr 1.30 dlrs vs 1.07 dlrs
Net 13.6 mln dlrs vs 10.2 mln
Revs 271.2 mln vs 182.3 mln
NOTE:1986 results reflect year 11 month period because
company changed fiscal year to end February 28 from March 31.
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Shr 36 cts vs 43 cts
Net 1.3 mln vs 1.7 mln
Revs 9.0 mln vs 7.9 mln
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Japan will seek to strengthen the
Paris accord on currency stability at the meeting of the group
of seven leading industrial nations tomorrow, Japanese
officials said.
However, the officials travelling with Japanese Finance
Minister Kiichi Miyazawa and who asked not to be identified,
would not provide any details of how they wanted the accord,
which was signed by the six leading industrial democracies in
February, to be strengthened.
Currency target zones, or reference ranges, will not be
discussed at the G-7 meeting which is scheduled for tomorrow,
the Japanese officials said.
The meeting, which is being held in conjunction with this
week's International Monetary Fund/World Bank sessions, will
reaffirm the currency pact and there is no need for changing
the language used in the Paris accord, the officials said.
Miyazawa met with U.S. Treasury Secretary James Baker early
in this afternoon and discussed the dollar/yen exchange rates,
officials said, but they declined to disclosed the details of
that discussion.
The Japanese officials also declined to detail what
Miyazawa and Baker discussed on the subject of greater joint
intervention in currency markets to stabilize the dollar or on
independent American intervention.
The officials said such a money market action to stabilize
the dollar is not only for the benefit of Japan, which is
suffering from a sharp appreciation in its currency, but also
for the benefit of the United States as well.
As to U.S. urgings for Japan to take steps to boost its
domestic demand to reduce its trade surplus, Japan will explain
economic measures to the G-7, the officials said.
However, Miyazawa failed to outline the size of the
Japanese economic package in his meeting with Baker today
because the Japanese 1987/88 budget has not been authorized by
the Diet, or parliament, despite the new fiscal year which
started April one, the officials said.
Japan's ruling liberal democratic party revealed its own
economic package today calling for more than 5,000 billion yen
in additional spending.
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TCW Convertible Securities Fund Inc
said its board declared an initial quarterly dividend of three
cents per share, payable April 30 to shareholders of record
April 17.
TCW said it anticipates paying a regular quarterly
dividend. The company made its initial public stock offering
March five.
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News of an agreement among G-5 and G-7
finance ministers meeting in Washington this week will be key
to the direction of currency futures at the International
Monetary Market, but any such agreement will need to go beyond
the Paris accord to stem the recent rise in futures, financial
analysts said.
"If they (the finance ministers) give the market something
really new to look at -- that is, some package that goes beyond
the Paris agreement -- you could have a real boost in the
dollar," said Shearson Lehman Brothers analyst Anne Mills.
On the other hand, "anything neutral would tend to be
bearish for the dollar," Mills said.
Traders and analysts agree a simple reaffirmation of the
Paris accord will not be enough to halt the decline in the
dollar, nor will central bank intervention.
"A lot of people are looking for a reason to buy currencies
and sell the dollar," said one trader for a large retail firm
on the floor of the IMM.
"If there is no concrete resolution, they will be looking
to sell the dollar, possibly down to the 1.80 mark level," he
said.
Technically, most currency futures are poised for another
rise, said Smith Barney Harris Upham analyst Craig Sloane.
Sloane noted that June yen futures set a new contract high
on Tuesday and closed at its best level ever, while June
sterling set a new contract high on Monday.
"Everything seems to be coming to a head right now and you
don't need much to get things rolling," Sloane said.
In particular, the June Canadian dollar, for which Sloane
recently put out a buy recommendation, has hovered in a range
between 0.7600 and 0.7660 in recent weeks, forming a triangle
on the charts from which it may soon break out on the upside.
A close above the contract high of 0.7665 would signal a
breakout, Sloane said, and would likely mean the nearby
Canadian dollar contract would extend its advance to near the
0.7800 level. June Canadian dollar closed at 0.7656 Tuesday.
Mills noted, however, that interest rate differentials
between Canadian securities and U.S. securities have narrowed
dramatically recently, with yields on 10-year Canadian bonds
only about 80 basis points above U.S. 10-year notes.
What has helped the Canadian currency, she noted, is an
increasing proportion of foreign funds flowing into the
Canadian equity market, particularly from Japanese investors.
Other analysts, however, said currency futures may be near
the top of their long-term rally.
"Something will be done at the (G-5 and G-7) meeting to
calm people," said David Horner of Merrill Lynch Economics.
The Paris accord has pretty much fixed where major European
currencies will trade, Horner said.
But sterling futures may still make another run for new
highs, up to 1.6300 to 1.6500 dlr in the June contract, on the
positive atmosphere that will prevail before British elections
and possibly another interest rate cut, Horner said. The June
British pound closed at 1.6080 on Tuesday.
Horner said that new boundaries for the trading range of
the yen are likely to come out of the G-5 and G-7 meetings.
The most likely range will be a bottom for the dollar
between 140 to 142 yen per dollar and a top near 150 to 152
yen, Horner said. In yen futures, the bottom of the dollar's
range would be equivalent to 0.007100 to 0.007150 in the June
contract. June yen closed at 0.006913 on Tuesday.
If such a range does emerge from the meetings, "we will
have one more rally in the yen," Horner said.
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Bundesbank President Karl Otto Poehl
said a weaker dollar would be risky and a further appreciation
of the mark would damage prospects for sustained West German
economic growth.
In a speech to the Institute of Contempory German Affairs
here, Poehl said "It would be an extremely risky policy to aim
for a further substantial decline in the value of the dollar to
correct the trade deficit."
He said the United States could face a vicious circle of
depreciation, inflation and more depreciation if it took that
route.
Poehl noted West Germany had already taken steps to meet
U.S. Demands for greater stimulation of its domestic economy,
accelerating tax cuts, cutting interest rates and tolerating
above-target money supply growth.
He said he would have been happy to have brought forward
five billion marks of tax cuts now planned for January 1988 to
the beginning of this year, but he said the government faced
political constraints getting such measures through the upper
house of the West German parliament.
But there were also limits to the impact West Germany could
accept on exports from a rising mark, he said.
Poehl said West Germany relied on exports for about
one-third of its gross national product, so a substantial
erosion of export markets could not be offset by increasing
demand at home.
"A further appreciation of the mark could even be an
obstacle to further growth," he said.
Poehl said the Bundesbank had tolerated rapid money supply
growth last year because the country enjoyed low inflation and
because external factors, including low oil prices and
favourable terms of trade, had given some extra leeway.
But Poehl said West Germany now faced a difficult dilemma
over monetary policy.
The underlying rate of inflation was now two pct, not the
reported negative inflation rates last year, and West Germany
was affected more than before by exchange rate developments.
"For the time being, we will have to focus our policy more
on the external side, and we can live with a more expansionary
money supply. But we must be very careful," he said.
He said he shared some of the U.S. Concern about Japan's
trade surpluses, which affected European countries as well as
the United States.
Poehl welcomed the so-called Louvre accord of monetary
officials of major industrialized countries, saying the
importance of the February 22 agreement to stabilize exchange
rates had been underestimated.
All partners had agreed that the dollar was at about the
right level, and that further changes would damage growth, he
said.
"This was a remarkable change in attitude, especially on the
part of our American colleagues," he said.
But he said there was still a danger that the correction of
the dollar's value could overshoot.
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The Bank of Japan bought a small amount of
dollars shortly after the opening at around 145.30 yen, dealers
said.
The central bank intervened as a medium-sized trading house
sold dollars, putting pressure on the U.S. Currency, they said.
The dollar was also supported by a major electrical
consumer goods company, which was a speculative dollar buyer at
around 145.25 yen, they added.
The dollar opened at 145.33 yen against 145.60/70 in New
York and 145.25 at the close here yesterday.
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THE BANK OF KOREA SAID IT FIXED THE
MIDRATE OF THE WON AT 844.30 TO THE DOLLAR, ITS HIGHEST LEVEL
SINCE FEBRUARY 26, 1985, WHEN IT WAS 843.90.
THE WON WAS SET at 845.50 YESTERDAY.
THE WON HAS RISEN 2.03 PCT AGAINST THE DOLLAR SO FAR THIS
YEAR, AFTER RISING 3.34 PCT IN 1986.
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Australian trade unions said they have
launched week-long strikes and other industrial action in New
South Wales (NSW) to protest against new laws that would reduce
injury compensation payments.
Union sources said talks with the state government broke
down last night, but the two sides are scheduled to meet later
today in an attempt to find a compromise.
Rail freight and shipping cargo movements in the country's
most populous state were the first to be affected, and union
officials said almost every business sector will be hit unless
there is a quick settlement.
The state government recently introduced a new workers'
compensation act which would cut the cash benefits to injured
workers by up to a third. The act is now awaiting parliamentary
ratification.
NSW state premier Barrie Unsworth has said workers'
compensation has risen steeply in recent years and the proposed
cuts would save hundreds of mlns of dollars a year.
Union officials said industrial action could spread to
other states as the federal government also plans to make sharp
cuts in workers' compensation.
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Mounting trade friction between the
U.S. And Japan has raised fears among many of Asia's exporting
nations that the row could inflict far-reaching economic
damage, businessmen and officials said.
They told Reuter correspondents in Asian capitals a U.S.
Move against Japan might boost protectionist sentiment in the
U.S. And lead to curbs on American imports of their products.
But some exporters said that while the conflict would hurt
them in the long-run, in the short-term Tokyo's loss might be
their gain.
The U.S. Has said it will impose 300 mln dlrs of tariffs on
imports of Japanese electronics goods on April 17, in
retaliation for Japan's alleged failure to stick to a pact not
to sell semiconductors on world markets at below cost.
Unofficial Japanese estimates put the impact of the tariffs
at 10 billion dlrs and spokesmen for major electronics firms
said they would virtually halt exports of products hit by the
new taxes.
"We wouldn't be able to do business," said a spokesman for
leading Japanese electronics firm Matsushita Electric
Industrial Co Ltd <MC.T>.
"If the tariffs remain in place for any length of time
beyond a few months it will mean the complete erosion of
exports (of goods subject to tariffs) to the U.S.," said Tom
Murtha, a stock analyst at the Tokyo office of broker <James
Capel and Co>.
In Taiwan, businessmen and officials are also worried.
"We are aware of the seriousness of the U.S. Threat against
Japan because it serves as a warning to us," said a senior
Taiwanese trade official who asked not to be named.
Taiwan had a trade trade surplus of 15.6 billion dlrs last
year, 95 pct of it with the U.S.
The surplus helped swell Taiwan's foreign exchange reserves
to 53 billion dlrs, among the world's largest.
"We must quickly open our markets, remove trade barriers and
cut import tariffs to allow imports of U.S. Products, if we
want to defuse problems from possible U.S. Retaliation," said
Paul Sheen, chairman of textile exporters <Taiwan Safe Group>.
A senior official of South Korea's trade promotion
association said the trade dispute between the U.S. And Japan
might also lead to pressure on South Korea, whose chief exports
are similar to those of Japan.
Last year South Korea had a trade surplus of 7.1 billion
dlrs with the U.S., Up from 4.9 billion dlrs in 1985.
In Malaysia, trade officers and businessmen said tough
curbs against Japan might allow hard-hit producers of
semiconductors in third countries to expand their sales to the
U.S.
In Hong Kong, where newspapers have alleged Japan has been
selling below-cost semiconductors, some electronics
manufacturers share that view. But other businessmen said such
a short-term commercial advantage would be outweighed by
further U.S. Pressure to block imports.
"That is a very short-term view," said Lawrence Mills,
director-general of the Federation of Hong Kong Industry.
"If the whole purpose is to prevent imports, one day it will
be extended to other sources. Much more serious for Hong Kong
is the disadvantage of action restraining trade," he said.
The U.S. Last year was Hong Kong's biggest export market,
accounting for over 30 pct of domestically produced exports.
The Australian government is awaiting the outcome of trade
talks between the U.S. And Japan with interest and concern,
Industry Minister John Button said in Canberra last Friday.
"This kind of deterioration in trade relations between two
countries which are major trading partners of ours is a very
serious matter," Button said.
He said Australia's concerns centred on coal and beef,
Australia's two largest exports to Japan and also significant
U.S. Exports to that country.
Meanwhile U.S.-Japanese diplomatic manoeuvres to solve the
trade stand-off continue.
Japan's ruling Liberal Democratic Party yesterday outlined
a package of economic measures to boost the Japanese economy.
The measures proposed include a large supplementary budget
and record public works spending in the first half of the
financial year.
They also call for stepped-up spending as an emergency
measure to stimulate the economy despite Prime Minister
Yasuhiro Nakasone's avowed fiscal reform program.
Deputy U.S. Trade Representative Michael Smith and Makoto
Kuroda, Japan's deputy minister of International Trade and
Industry (MITI), are due to meet in Washington this week in an
effort to end the dispute.
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A survey of 19 provinces and seven cities
showed vermin consume between seven and 12 pct of China's grain
stocks, the China Daily said.
It also said that each year 1.575 mln tonnes, or 25 pct, of
China's fruit output are left to rot, and 2.1 mln tonnes, or up
to 30 pct, of its vegetables. The paper blamed the waste on
inadequate storage and bad preservation methods.
It said the government had launched a national programme to
reduce waste, calling for improved technology in storage and
preservation, and greater production of additives. The paper
gave no further details.
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The Ministry of International Trade and
Industry (MITI) will revise its long-term energy supply/demand
outlook by August to meet a forecast downtrend in Japanese
energy demand, ministry officials said.
MITI is expected to lower the projection for primary energy
supplies in the year 2000 to 550 mln kilolitres (kl) from 600
mln, they said.
The decision follows the emergence of structural changes in
Japanese industry following the rise in the value of the yen
and a decline in domestic electric power demand.
MITI is planning to work out a revised energy supply/demand
outlook through deliberations of committee meetings of the
Agency of Natural Resources and Energy, the officials said.
They said MITI will also review the breakdown of energy
supply sources, including oil, nuclear, coal and natural gas.
Nuclear energy provided the bulk of Japan's electric power
in the fiscal year ended March 31, supplying an estimated 27
pct on a kilowatt/hour basis, followed by oil (23 pct) and
liquefied natural gas (21 pct), they noted.
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Thailand's trade deficit widened to 4.5
billion baht in the first quarter of 1987 from 2.1 billion a
year ago, the Business Economics Department said.
It said Janunary/March imports rose to 65.1 billion baht
from 58.7 billion. Thailand's improved business climate this
year resulted in a 27 pct increase in imports of raw materials
and semi-finished products.
The country's oil import bill, however, fell 23 pct in the
first quarter due to lower oil prices.
The department said first quarter exports expanded to 60.6
billion baht from 56.6 billion.
Export growth was smaller than expected due to lower
earnings from many key commodities including rice whose
earnings declined 18 pct, maize 66 pct, sugar 45 pct, tin 26
pct and canned pineapples seven pct.
Products registering high export growth were jewellery up
64 pct, clothing 57 pct and rubber 35 pct.
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Tug crews in New South Wales (NSW),
Victoria and Western Australia yesterday lifted their ban on
foreign-flag ships carrying containers but NSW ports are still
being disrupted by a separate dispute, shipping sources said.
The ban, imposed a week ago over a pay claim, had prevented
the movement in or out of port of nearly 20 vessels, they said.
The pay dispute went before a hearing of the Arbitration
Commission today.
Meanwhile, disruption began today to cargo handling in the
ports of Sydney, Newcastle and Port Kembla, they said.
The industrial action at the NSW ports is part of the week
of action called by the NSW Trades and Labour Council to
protest changes to the state's workers' compensation laws.
The shipping sources said the various port unions appear to
be taking it in turn to work for a short time at the start of
each shift and then to walk off.
Cargo handling in the ports has been disrupted, with
container movements most affected, but has not stopped
altogether, they said.
They said they could not say how long the disruption will
go on and what effect it will have on shipping movements.
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Food Department officials said the U.S.
Department of Agriculture approved the Continental Grain Co
sale of 52,500 tonnes of soft wheat at 89 U.S. Dlrs a tonne C
and F from Pacific Northwest to Colombo.
They said the shipment was for April 8 to 20 delivery.
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