European Stars and Stripes (Newspaper) - November 22, 1991, Darmstadt, Hesse                                Friday november 22, 1991 the stars and stripes Page 17 a a o a Money matters the internal Revenue service has decided not to spoil the Christmas Holiday this year As it has for More than a decade by delivering income tax forms on the Day after Christmas. Instead the irs will spoil the new years Holiday by having the forms delivered on Jan. 2. A this is a continuation of our policy to put some time Between the holidays and the tax package a said a spokesman for the irs Frank  rates London up thursdays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at s363.7s an ounce Silver it $4.09. Nov. 20 nov. 21 British Pound.1.7955 1.7930 German  1.6055 French franc.5.4745 5.4825 dutch guilder.1.8035 1.8084 belgian franc.33.05 33.06 Kalian hra.1,210.95 1,212.00 Swiss iranc.1.4230 1.4250 greek  182.39 turn Shari. 4,949.10 saudi arabian  3.7496 Spanish  101.67 portuguese  140.01 Canadian  1.1326 austrian  11.2950 norwegian  6.3080 danish  6.3080 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only o official rate concerns the Sale of British pounds to . Personnel for personal use. Through Friday this will be $1.84 for a Pound based on a Price fixing thursday afternoon at military banking  York Exchange new York up a Tow 15 mod Leftt stocks in new Slock Natl med Effler Glaxo holding at it company Gate Palm co cola _ Ford motor co Bristol Myersq general motors Burf Langton nth get Core Philip Morris Rwjr Namuo hid Merck 6 co inc Tel Tonos de my Amer express Humana inc Lala Ltd Nat cd. 4,247,500 13% 0111% 4,001,700 28% 0 1% 2,637,800 36% up 2.785,300 40% up of 2,121,800 24% 2,112,600 61% up 2,068,100 30% on i 2,004,500 36% up on 1,923,000 31% 1,625,000 67% 0�% 1,789.700 9% up 1,730,200 145 up 6% 1,621,000 42% up Ott 1.587.500 1b% 1,563.700 23% up Dow Jones new York up a Dow Jones dosing Range of averages wednesday nigh Low Cotoia Chang 30 industrials 2973.61 2912.12 2930.01 off 1.56 20 transport 1215.43 1194.32 1202.73 up 2.62 15 Utill Lles 215.70 212.26 213.82 up 0.19 65 stocks 1073.56 1053.10 1060.03 up0.46salomon charged in Bond lawsuit Chicago up four Chicago based partnerships have filed suit against Salomon Brothers inc. Wednesday s lawsuit charges the new York brokerage House with manipulating prices of Treasury Bonds by submitting illegal bids at government auctions. The suit which seeks unspecified damages also accuses Salomon of racketeering and violating Federal securities rules. Salomon Brothers inc. Has admitted making illegal bids at Treasury department Bond auctions. The plaintiffs Are Sis financial fund a Sis financial fund a Apollo i and Apollo ii All Illinois limited partnerships Sis financial services inc. Stenhouse Weiner Sherman Ltd. And Hickey financial services inc ., soviet republics agree on $1.25 billion Aid plan by the los Angeles times Washington the United states and the 12 soviet republics have reached agreement on approximately $1.5 billion in economic Aid to help the soviet Union feed itself through the Winter the White House said wednesday. Most of the Money will come from private Loans guaranteed by the . Government. Under pressure from members of Congress reluctant to assist other nations when the United states faces Uncertain economic conditions the Bush administration portrayed the program As one of Domestic Aid because the Loans will be used to buy american Grain and thus boost the . Economy. Agriculture Secretary Edward mad Igan said a this is a Domestic program that has As its intent moving . Grain out of the . Market for the Benefit of american Farmers who will make these sales and then will spend that Money in the american Economy buying pickup trucks Ana buying other things that Are manufactured in Urban  the new Aid package was announced As the House ended months of delay by approving president Bush a request to Grant most favored nation trading status to the soviet Union and voted to normalize Trade relations with the Baltic states Czechoslovakia and Hungary. The Aid package involves $1.25 billion in federally backed Loans and $165 million in direct Grants for food assistance. Additional funds for agricultural education and other programs account for the balance. The agreements terms reflect the continuing fragmentation of the soviet Union. It holds the Central government its foreign Trade Bank and each of the republics warned Over debt Cox news service Moscow a the worlds wealthiest democracies on wednesday threatened sanctions against any republics that refuse to sign an Accord accepting responsibility for the soviet unions debt which has been put at More than $80 billion. Senior officials from the so called group of seven Industrial nations also pressed the soviet Union to put up at least half of its Gold reserves As collateral for a multimillion Dollar debt Relief package. Three of the 12 soviet republics a the Ukraine Azerbaijan and Uzbekistan a have yet to sign a g-7-backed agreement to assume responsibility for the entire soviet debt. The Aid proposals include a deferral of some repayments on Moscow s for eign debt and a bridging loan of $1 billion to help overcome liquidity problems g-7 officials said. Wednesdays developments came As soviet president Mikhail s. Gorbachev in a 55-minute address to parliament warned that his country is on the Edge of economic ruin. However he once again failed to offer any Concrete Way out. In his speech to parliament Gorbachev offered a pessimistic economic forecast. He said Industrial production is expected to decline by 7 percent compared with last year. Agricultural output he said will Likely drop by 9 percent. Moreover he said exports Are Down by 31 percent from last year imports have fallen by 42 percent and the National income level Nas declined by 15 percent. 12 individual republics responsible for repaying the $1.25 billion in Loans. The program specifies that at least some of the Money must be earmarked for feeding Armenia and the ural Industrial Region of the russian Republic two areas expected to be hit especially hard by Winter food shortages. Other elements of the package will provide technical assistance in such areas As food production and distribution by establishing a Model farm in the St. Petersburg area run by . Farmers. It also provides for development of wholesale markets in Moscow and Kiev to teach banners How to Market their products and determine prices. The Loans will be used to pay for Chicken and livestock feed rather than for wheat. This arrangement officials said is intended to help overcome hoarding problems that hamper the distribution of More readily usable grains. And they said As Long As the Loans by private Banks Are repaid the costs to the . Taxpayer will be limited. The House in approving most favored nation status in a 350-78 vote gave the soviet Union the Benefit of the same Low tariffs enjoyed by almost every other nation. I in a separate 407-21 vote the House extended most favored nation trading rights to Czechoslovakia Hungary and the newly Independent Baltic states of Latvia Lithuania and Estonia. The measures must be approved by the Senate and signed by Bush before taking effect. Aircraft makers look to Asia for Money Tokyo a the worlds largest aircraft makers pressed for Cash to develop High tech planes Are increasingly seeking out asian partners to keep their competitive Edge. The clearest evidence came late tuesday when defense contractor Mcdonnell Douglas corp. Announced from its St. Louis Headquarters a $2 billion preliminary agreement to sell 40 percent of its commercial aircraft manufacturing operations to a Taiwan led investor group. The worlds two other leading Jet makers european consortium Airbus industries and Boeing co. Of Seattle wash., also have been courting broader business links with Asia. Western aircraft makers have Long Farmed a portion of manufacturing operations out to plants in Asia where production costs Are lower than at Home. Mcdonnell Douglas has estimated that manufacturing costs in Taiwan Are about 20 percent lower than in the United states. But the need for Cost cutting has intensified amid ballooning development expenses. This has benefited fast growing asian carriers often government affiliated businesses that link aircraft sales to local production. For Cash Short Mcdonnell Douglas the chief advantage of its marriage of convenience appears to be Taiwan a More than $76 billion in foreign reserves. The . Defense manufacturer needs Cash to launch its new Long Range wide body md-12 Airliner. Hera is a breakdown of the estimated costs for the development of the md-12, the new Airliner planned by Mcdonnell Douglas  and development $1.5 billion footing Cost of machinery to assemble plane $1  capital $15 billion capital expenditures building Plant computers. Test equipment $1.6 billions amps Sharon Kilday Tarrant the preliminary Deal would set up new . And Taiwan operations to produce md-12s. Final Assembly would be in the United states. A the development Cost for a new aircraft now is so enormous it simply is not prudent to mortgage a company a future a said Steve Marvin an Industry analyst at Jardine Fleming securities. A it just makes sense to diversify your  Mcdonnell Douglas new partner Taiwan aerospace corp., is not the Only asian company jumping into the fray. Mcdonnell Douglas said it also approached South Korea aircraft makers about its wide body Jet project. For its part. Airbus industries has approached japanese aircraft makers about a stake in the development of a huge supersonic Jet Able to seat 600-800 passengers. Mitsubishi heavy industries spokesman Junichiro Yamada said his company had not yet received a formal invitation to get involved in the project but that Mitsubishi a ties to Boeing would make participation unlikely. Mitsubishi is one of several japanese manufacturers working with Boeing on the 777 wide body Jet. Japanese partners have a 21 percent share in development and production of that Jet. In addition to Cash Asia can Supply aircraft makers with the latest electronics and new materials technology Marvin said. Yang Shih Chien director general of the Industrial development Bureau of Taiwan said government leaders think the Deal with Mcdonnell Douglas will help the nation churn out $2 billion to $5 billion in annual aerospace production. However analysts caution that such deals Are not Likely to immediately push Asia to the forefront of the Industry. A but in the aviation Industry you never know what you might be Able to use for commercial spinoffs and a foothold in a crucial Industry will probably Benefit them in the Long run Quot Marvin said