TheSwireGroup
X
The most advanced long-haul passenger aircraft in the world, the747-400, is joining our fleet in June. At first glance it looks somewhat similar to our present aircraft. But in fact, there are literally thousands of modifications and innovations. The most eye-catching must surely be those upturned wing-tips which, together with
rather more subtle changes to the overall contours of the
significant. The engines, for example, have been refined to
exactly why we chose to put our name on it.
wings, dramatically improve the aircraft's aerodynamics.
be more powerful yet also quieter and more fuel efficient.
For we never stop looking for ways to ensure that, with Cathay Pacific, you arrive in better shape.
Inside the cabin, designers has resulted
a myriad of
adjustments
by
the
in an environment that feels more
airy and spacious. And therefore more relaxing. Other changes are rather less obvious, but no
less
In
one key respect, however, these engines remain
unchanged: they still bear the name Rolls Royce.
The end result of all this work is not just a different shape of wing, but an altogether better aircraft. Which is
Arrive in better shape
CATHAYPACIFI
^-
LETTERS Tt--]
An Open Iætter to Bob Elegant
WHAT ARE YOUR
LIQUID A55ËTS Mc LUSH p
{¿
Dear Bob:
l{l
ONLY too aware that people our age may be on the cutting edge of Alzheimerrs, I have been most
\{
chary
BY ARTHUR HACKER
E ZOO v \l
of airing my reminis
cences, especially in public and especially when they concern others. Wouldst you had felt similarly constrained! I am not amused by your pro nouncement that I rrwas never
edito4 founding or otherwise,rl
of
tJne Hongkong Støndnrd. You are not only flatout wrong but gratuitousþ rob me of both an achievement and an association
in which I take great pride.
Please look at the ûrst and edito rial pages of the March 1, 1949
inaugural issue of the Støndard
þicture below) identifyinC L.Z. Yuan as editor and myself as associate editor. For
V
me
and,
it was a glorious opporhrnity to renew a professional partnership
begun three years earlier when we had been UP correspondents in Shanghai. (At least your egregious error provides me with this opportunity, however belated, publicly to express my gratifude and appreciation to IZ, one of the finest newspaper-
men and gentlemen it has ever been my good forhrne to know and work wLTh.I2, is alive a¡rd well in California, incidentally, but I hesitate to offer more details lest he, too, becomes embroiled in and victimised by the ongoing Tèd Thomas-Robert Elegant brouhaha). Also, Bob, your assertion that I was a rrjuniorrr AP correspondent (whatever that means!) when we frst met in 1951
,i¡Toesdayi iltarch
l
squares neither with my remembrances nor with my written records, the latter of which show that I joined AFs Hong Kong bureau (local statr, local salary) on OcL 15, 1949 and was tansferred to their world staff and New York payroll on Jan. 15, 1950. I canrt pin down the exact date but my rec-
ollection of our first meeting is that you walked up to me in the FCC, HK and intro duced yourself as the shrdent who, some months earlie4 had writüen me from New York asking for advice on howto become a
foreign correspondenl The Columbia University Graduate School of Journalism had referred you to me, presumably because of my prior experience as UP correspondentin Indi4 Chin4 Burma and the Philippines, founder of the UP Bureau in Bangkok and, for almosttwo years fluly'46 - May r48) in Seoul, UP manager for Korea Which one of us, pray tell, wor¡ld this make the rrjunior{ correspondent?
2
te Editor ,,.,. Stanlcl s l\{ãtragcr ,, L. f. de
much clearcr than that. Especrally when written 0n an Apple LæerWriter. your Apple Authorized Dealer 3 Applecompurer
toiriy.
with infinitely more complicated relations with our old friends a¡rd allies in Taiwan. Eddie, by then a close friend and conf-
dante, impressed me with his aplomb, charm and skill in handling this change in our situation. He never betrayed his own deepest feelings or frustrations with the course of events. He had seen enough of wa¡ and upheaval to accept all this as just
were adequate for any challenge. He has left his mark. And to those old friends both absent and still present who remember our ovln days of wine and roses - Derek Davies, Cha¡lie Smith, the unforgettable.DickHughes, Don Wise and many more whose names I have forgotten - my best wishes to you and one of Hong Kongrs most prestigious and lasting instihrtions, the Foreign Correspondentsr Club.
Eddie Tseng PERMIT ME to share with you your sense of loss on the passing of a very H
had just concluded the normalisation agreemenL It presented us as Americans
Your continued friend and former colleague, Støn
'..'..', !.
Central News Agency since the United States and the Peoplers Republic of China
scape. It was typical of the man - his humour, wisdom and great experience
(Stanley Rich)
, , Genernl Manager .....,.
1979 to 1982. It was not altogether an easy time for the representative of the Taiwan
one more change on the international land-
Bob, simply bewildered.
I\
Offers don't come Take advanla¿e of
I
vice as information officer with the US Consulate General in Hong Kong from
am,
Neither amused nor bemused,
Buy a Mac¡ntosh [[* or SE* during May orJune and well give you S5,000 towards an Apple LæerVriter II NT or N If you bLty two or more of the above Macs, we'll give you S12,000 towards your choice of the above LaserWriters. *h¿rd disk models only
speaks for itself and needs no review. Yes, he had covered some of the most climactic episodes in recent Asian history. We became good friends during my ser-
remarkable and beloved member of the brotherhood of foreigrr correspondents, Edward (Eddie) E.P Tseng.
I
knew Eddie as a good and wise friend. His history as a correspondent
James D. McIIale (U.S. Foreign Service
Officer- rel)
Mclæan,Va. U.S-A"
MAY1989TIIE CORRESPONDENT 5
INASIA'IIEEK€
ONE
MAY 1989 VOLT]ME 2 NUMBER 7
THE
STOP
SHOP
CORRDSPOITIIDTUT
Complete
OPINIONI I I
publishing services,
CO NTE NTS
wr¡t¡ng
PEOPLE
COVER
ediling
Seven-year Itch 9-11 on
grqph¡c design
Some 500 people gath-
typesetling
Ice
ered at the Club
AN EDITORIAL REPRINTED FROM THE APRIL 21, 1989ISSUE
Friday, April 28, to cele seventh anniversary of the Club's residence at the old ice house. The prin-
The Thrill of Defeat just a week before the withdrawal date became official.
to indulge in some polemics. Vietnam was about to capture for once the high ground on Cambodia, by announcing a
from the Vietnam War. You know the amount of arms in South Vietnam here during the war, and it did not help the former South Vietnamese Army to stand." How's that again? Let's see if we have this straight. A power that says it was invited in to save the people of a small Asian country from a marauding ideology is today lecturing a power that said it was invited in to save the people of a small Asian country from. . . Hmmm. Is this really what Mr. Thach means? Because if so, he is absolutely right. There is this parallel between the Vietnam and Cambodian wars: that the outsider's troops have been forced þominiously out of a country they had little business being in in the first place. And that they have tried to paint their retreat as something other
simultaneously from Hanoi and Phnom Penh, pledging
"total withdrawal of Vietnamese forces" within
six
months. Vietnam was about to magnanimously initiate unilateral moves "to end the civil war" and "stimulate national reconciliation." The Vietnamese foreign minister
must have found it hard not to strut a little. As seen from his capital, the Cambodian stalemate was about to be broken, and Hanoi, misunderstood defender of the Cambodian people, was going to do the breaking. There would be Prince Norodom Sihanouk, leader of
the resistance, suddenly disarmed (if not speechless), his pleas for continued external support undermined by
the imminent departure of Vietnamese forces. As for his demand for "lethal aid" to fight the Vietamese: what Vietnamese? And where might this now leave the United States, which (at least according to Prince Sihanouk's son Ranariddh, ifnot to any clear-cut congressional stand on the matter) has been tilting in favour of providing such aid? was clearly in high spirits when he talked with The New York Times about the aid controversy
Yes,
Mr. Thach
"America," he resoundingly warned, "must take a
than what
it
lesson
fun-packed
if
some kind of victory.
show that it has learned its lesson in Cambodia the same one that the Soviet Union learned in Afghanistan and that America learned in Vietnam.
evening
were Fosters Iager and Parry Pacific with Magnolia Ice Cream as co-sponsor. And Ray Cranbourne was there to capture the night's action on film.
BOOKS
member, Malcolm Surry, who moved from journalism to the world of stocks and bonds more than a decade ago, is now returning to journalism. At the same time, he is moving from Hong Kong to Australia to live in the more enjoyable surroundings notbecause of1997 jitters, but ofPerth life in Hong Kong "is getting because especially for bringtougher all the ing up children"
t4-t7
DEPARTMENTS
The memory of
the 1987 global market
crash has faded into history and most mar-
kets have recovered from the shock of that Black Monday. That doesn't, however, mean that the danger is over. A new book written by Avner Arbel, who was adviser to the Brady Presidential Task Force that investigated the 1987 crash, and former FCC president, Al Kafl warns that there is greater danger ahead.
Editor PViswa Natìæ
Ediúorial Supervision Publications Sub-Committee: Paul
BaÉeld (Chairnm) Ken Ball
Jmes Forrester Ediùo¡ial Offce
I-etters
5
TheT-oo
5
Stop Press
L4
Club News
t2
Crossword
18
I
I
Brim lJoyd, Dorothy Ryan
Club Mamger: Heiu Grabner, Club The Corresponde¡t
Roåd
Wmchai, Hongl{ong Telephone: 1286289, 128€1480
¡s
502
THERE'S NOT AN ADVERTISING SCHEDULE FOR ASIA
IT COULDN'T IMPROVE
od
Stewdr
Julia Suen
on behalfofThe Foreign Correspondents' CIub, by:
EastTom Building,
41
Lockhrt
Road,
Telephone: t286289, 1286480;
ìryilchai, Ho¡g Kong
Fd: t8662439
Müaging Directon P Viswa Natlm, Operations Directori Debbie Nuttall, Advertising ManageÍ Anthony MrkJmd
OThe Co¡rspondenL Opinions expressed by Miteß those of the Foreign Correspondents' Cìub
published mo-nthly for
Prindine Ltd,
Fü: t8662ß9
ùe notneceswily
competitive price. For more informotion, coll:
ond osk for Debbie Nuttqll Operotions Director
COMMITIEES: Professio¡al Commitþe - DerekDavjes, Paul Bayfeld, Wendy Hughes, PeterSeidJitz, Sinm Fisek Entertainment Committee - Ir€ne Orshe¿, Peter Seidlitz, Pauì Bayfield, Richud Wagner, Bob Dâvis Mmbership Comittee - Grahm l¡vell, Brian Jeffries. Technical Committee ' Paul BMeld, Keith Miller Ken Ball, Robin Moyer
502 EastTown Building
41lÆkhdt
tolk to Prinlline, the professionol group thot con guqrontee fost turn oround ond high quolity ot
5-286289
BOÁRD OF GOVERNORSi President - Derek Davies. First Vice-President - Sinan Fisek, Second Vice-President - Irene Orsheâ Correspordert Member Gove¡no¡s - Paul Bay6eld, lmes Forrester, Brim Jeffües, Grahm lovell, Keith l\.{illet Robin Moyer, Peter Seidlitz, Richùd Wagner Joúnâlist Meñber Governors - Bob Davis, I(d Wilson Aswiate Member Governots - Ken Ball, ìVendy Hughes,
-
confidentiql project reports, onnuolreports, product catologues, promotional literoture . newsletters ot magazines
of 1987 and fuhrre shock 13
stock
Whotever your needs
A long-time Hong Kong resident and FCC
The Crash
smacks of a misplaced right-
Vietnam's departure from Cambodia is It is not. The ousting of the Khmer Rouge a decade ago may have been a victory against a murderous régime, but what the world has witnessed since then has been the drawn-out defeat of Cambodian sovereignty. True victory, peace in Cambodia, remains distant. Cambodia's internal fissures must be bridged, Pol Pot's men must be kept out, the superpowers must come to terms. But most of all, perhaps, Flanoi must eousness, as
cipal sponsors of the
is.
Mr. Thach's statement
pr¡nl¡ng
brate the
Perhaps Mr. Nguyen Co Thach could have been forgiven the urge
seemingly all -but -unconditional end of its occupation by September 30. Statements were about to be issued
on
L-1 -.
tot.d Linouon¡ *o* ",
on Apple Macintosh II and f nished ¿rtoutputby Kong Èy luden Printing C0.,16/F Remex Öenm. ts
^uuB.
PRINTLINE 502
TII)
EastTown Building 41
l¡ckha¡t
Road,
Wanchai Hong Kong
Fax S8662439
I CLUB NEWS Seven-year itch
on Ice last year it was 'sex on
ice',
and this year it was called the 'seven-year itch'when the Club celebrated the anniversary of its residence at the former ice storage. And some 500 members and guests gathered for the all-youcan-drink-and-eat bash on Friday, April 28. The fun-packed mght sta¡ted rolling at around 7.30 p.m. and ca¡ried on until 2 a.m. Photos: Rø1 Cranbourne
Hong Kong
'
Contact: Cecil¡a Ko. Local Press Frank Wingale, Overseas Press lelephone: 5-8334333 Cable: CONOTRAD HONGKONG -Ielex 73595 CONHK HX
Eurupe Amslôrdâm Conlacl: George M Ammerlaan Telephone: (31)-On-277 1 O1 Cable: CONOTRAD AMSTERDAM Telex: 150B1 HKTDC NL Facsimile: (31 )-0æ-228529
Asia
M¡lan
C¡nlacl: Amy
Li
'
B۟ing
Telephone: (39)-02-865405 (39)-02-86571 5 Cable: KONGTRAD [,4lLAN
Telex: 333508 HKTDC
Conlacl: Agnes Hsu Telephone: (86)-01 -500-3285 felex:22927 HKrDC CN Facsimile: (86)-01 -500-3285
I
Facsim¡le: (39)-02-860304 Miam¡
Contact: March Davenporl lelephone: (1 )-305-577-04 1 4
Facsimile (1)-305-371-9324 Telex 728335 HONG KONG CGO Facs¡m¡le (1) 312 726-2441 Dallas
Conlacl Diana Patterson Telephone: (1)-21 4-7 48-81 62 Cable HONGTRADS DALLAS Telex 791719 HKIDC DAL Facsimile (1)-214-742-6701
New York Contact Sarah Monks Louis Epstein Telephone (1)-21 2-838-8688 -Ielex 710 581 6302 HKTDC NYK Facs¡mile: (1 )-21 2-838-8941 Toronto Contact: Lee f,lle¡sler
Los Angolgs Conlact: Daniel C Fernandez Telephone (1 ) 21 3-622-31 I 4
Telephoner (1 )-41 6-366-3594 Cablei CONOTRAD IOBONTO Telex: 06218056 HKTDC TOR
Cable CONOTRAD LOS ANGELES Telex: 194288 IIKIDC L.A LSA
Facsimile l1)-41â366-1569
Facsimile (l)-213-613-1490
Vancouver
Conlact Pamela Bollomley Telephone (1)-604-685-0883 Facsrmrle (1)-604-681 -0093
Auslralia Sydnoy Conlacl: Douglas Chan Telephone (61 )-02-æ8-343/6
Cable HONGKONREP SYDNEY Telex ,dq 121313 CONSYD Facsimile: (61 )-02-290-1 889
Central Amedca Panama
Conlact: Anel Beliz Telephone: (507)-69-5894
Telex:
(507)-69-561 1 (507)-69-51 09 29Bg HKIDCP PG
FromUSA:3682989 From other counlries 3792989 Facsimile: (507)-69-61 83
Alhens Contacl: Shawki Safieddine Telephone: (301)-7 24-67
23
I
4 I
5
Telex: 219591 GRAD GR Facsimile: (301)-724-8922 Barcelona Contact: Joaqu¡n Maestre Te¡ephone: (341-3-217 -62-50 Answerphone n¡ght service: (34)-3-217-66-U Cable: PUBLICRELATIONS BARCELONA 6 (SPATN) Telex: 97862 SARP E
Paris Contact: Dominlque Duchiron Telephone: (æ)-01 -47-42-41 -50 Telexi 283C98 HKTDC F F acsimile: 133)-01 - 47 - 42-77 -44 Slækholm Contact: lngmo Bonner Telephone: (46)-08-1 00677 (46)-08-1 1 5690 Cable:
CONOTMD
STOCKHOLI\,4
Telex: 1 1 993 TDC S Facsimile: (46)-08-7231 630 Vienna Contact: Johannes Neumann
Contacl: Lore Buscher
Telephone: (43)-0222-533-98-1
Telephone: (49)-069-74-01 -61 Cable: CONOTRAD FRANKFUFT Telex: 414705 COFRA D Facsimile: (49)-069-7451 24
Cable: CONOTBADREP WIEN -Ielex: 1 1 5079 HKTDC A
lslanbul Contacl: Yakup Barouh Telephone: (901151 1-46-24 (90t)-s20-80-50 Facsimile: (901 )-527-48-65 London Contacl: Martin Evam Te¡ephone: (44)-01 -930-7955 Cable: CONOTRAD LONDON SWl Telex: 916923 CONLON G Facsimile: (44)-0 -930-4742 1
Contact: Mr O Esaki Telephone: 052-971 -3626 Facsimìle: 052-962-061 3
Oeka Contact: Yoshihisa Ueno Telephone: (81 )-06-344-521 1 Cable: CONNOTRADD OSAKA Telex: c/o Tokyo HKIDCI J26917 FacsÌmile (81 )-06-347-0791 Shanghai Contact: Dickson Leung
Facs¡mjle: (34)-3-237-92-26
FranKurl
Telephone: (86)-21 -264196 (86)-21-265935
I
Telex: 30175 TDCSH CN Facsimile: (86)-21-264200 Ta¡p€¡
Facs¡mile: (43)-0222-535-31 -56
C¡nlacl: Viv¡a YarE
Zurlch Contact:
Telephone: (886)-(02)-705-9333 Telex: 23288 OUANTA Facsimile: (886)-02-705-9222
JA
è
Nagoya
Furrer
Telephone: (41 )-01 -383-29-50 Cable: CONOTRAD ZURICH Telex: 817850 CONZ CH Facsim¡le: (4 )-01 -383-081 3 1
Tol(yo
Contact: David Hui Telephone: (81 )-03-502-3251 /5 Cable: CONNOTRADD TOKYO Telex: HKTDCT J26917 Facsimile: (81 )-03-591 -6484
Middle East Dubai-U.A.E.
Contact: N/r Ramzi Raad Telephone: (9714) 665950 (9714) 660664 Cablei NIARKETS DUBAI Telex: 46361 I/ABKET EN,1
Facsimile (9714)
6671 14
Hong Kong K EUÉ Tradé Devðtopment
Council
MAY 1989THE CORRESPONDENT 9
MAY1989 THE CORRESPONDENT 11
CLUB NEWS
Video Club has over 200 titles THE FCC Video Club's film library norv has more than 200 titles in its permanent stock ranging from classics, drama and comedy to adventure, thriller, sports, science fiction, the National Geographic series of special features, and fitness training. ACTION/Á.DVENTTJRE
Million Ways to Die ARoomwith aView 8
Dead Men Don'tWear Plaid Enter the Dragon
Hot Pursuit Masters of the Universe Metal Force No \{ay Back Prince ofthe City
ProjectX Renegade
Russkies Some Kind of Wonderful Survival Quest The ElecùicHorseman
The The The The The
l-ost Boys Running Man Untouchables Untouchables Untouchables
Luggage ofthe Gods Mash Micki and Maude Mona üsa
MoneyMania Monty þthon's Flying Ci¡cus
ll
The number of people renting films from the video Iibrary is also steadily increasing. The video librar¡ located just off the Pool Room bar on the lower ground floor, is open: Monday - Friday: l2p.m. - 2.30 p.m. and 5 p.m. - 7.30 p.m. Satrrday: 72 p.m.- 2.30 p.m. Brideshead Revisited. lol. Brideshead Revisited nL Brideshead Revisited ¿ol. Brideshead Revisited uol. Cry Freedom Defence ofthe Realm Emma
3 4 5 6
II{AY RELEASES Aqrol¡,/ADvENmRE
DefencePlay The Principal
Cr¡sslc TheScarletandthe Black
Dnemn BroadcastNews
CryFreedom Jean de Florette
The Murderof Mary Phqgan
TInn¡.m
CIASSICS 633 fuuadron ABridgeToo Far
TinMen ToughGuys
Dancers Doctor Zhivago
ElCid Fellini Satyricon Gandhi Gunga Din Jewel in the Crom ¿¿l l-2 Jewel in the Crown ¿¿l. 3-5 Jewel in the Crown ¿¿l ê8 Jewel in the Crown ¿ol 911 Jewel in the Crom ø1. 12-14
Kagemusha Key largo
Unknown Chaþlin
-
Colditz Story Cruel Sea Dambusters Four Feathers Great Escape Last Emperor
'I}:le Na¡galnr -
TheThi¡9
fuler l{øton
Nine Steps
TheWooden Horse
COMEDY BeingThere Benny and Friends
BennyHill
Beverþ Hills Cop II Blazing Saddles Brealdast atTiffany's Caddyshack FawltyTowers - Basil the Rat FawlþTowers -The Germans
FawþTowers -The Kipper & the Corpse FawltyTowers -The Psychiatrist Hancock lThe Bedsitter Hancock-The Bowmans Hancock -The Poison Pen Iætters History of the World Part 1 Innerspace JumpingJack Flash
Iaurel & Hardy
I*a\úrn-ndiotøl
l:nd of theTiger -national geograþhic I¿stTribe of Mindanao -national geograþhic
Living Treasures of Japan
- ¡ational geograþhic Lose WeightWorkout Men of the Serengeti -n¿tional geographic Monkeys,Apes &Man -tational geograþhic
Monty þthon'sFlþg Circus å7 Monty $'thon's Flying Circus 8--lO
Montyffion'sFþing
IVÁR
Bat27 Flowers in the Attic
konweed Julia andJulia Iìght ofthe Day
&Wæ
Ctrus 11-13 Moonstruck MyDemon Inver
I-ove
Nadine
Sophie's Choice Souvenir TheBoyWhoCouHFV The DayAfter The ElephantMm The HappyValley The Purple Rose of Cairo The Return ofthe Soldier Th¡eads Unf¡ished Business Wall Street
Midnight Crossing Nuts
No Sex Please, \4'e're British
Orphans Ferris Buellet's Day Off Personal Services Planes,Trains andAr¡tomobiles
Revenge ofthe Nerds (Nerds in Paradise) Silent Movie Soul¡nan
Spittinglmage-A Floppy mass ofRubber Spitting Images
Thingies
-
Rubber
Spitting Images- Spit with Polish Stakeout The Meaning of Life The Pick-upArtist The Telephone TheTwo Ronnies They Still Call Me Bruce
ThreeMen&aBaby To Be or NotTo Be Tootsie 'W.C. Fields
WhoopsApocaþse You Ruined My Life
klieZe\s7,ehe DRÁMA Autumn Sonata Backstage
Barfly Between Friends BetweenTwo Women Brideshead Revisited uol. I Brideshead Revisited, a ol. 2
12 rl¡g coRRESPoNDENT
MAY1989
W
0f golf and members
CLUB MEMBERS have recently received a flyer inviting them to become members of a group which has called itself the FCC Golf Society, and asking for an
affrual subscription fee of
HK$250. The flyer stated, inter alia, that "The committee has now approved" the formation of the FCC Golf Society. While, of course, the Board
has no objection to members forming a golfng group, the
Board wishes to point out that it approved formation of the society and that it operates unofficially.
in no way
Polar BearAlert
geograþhic
-national
Return to Everest
-national
geographic
-¡ational
geograþhic
Pmda
The HiddenWorld
9 1/2 Weeks
The The The The The The
GianTs- national geograþhic In the Shadow ofFujisan -national geograþhic
Save the
ADT]LTENTKIAINMEI\T
Khartoum My Happiest Years
Humpbacks{he Gentle
BOOKS
-¡ational geograþhic The Living Sands of Namib -natiotal geograþhic The Þrenthood Game -natio¡tal geograþhic The Tigris Expedition -ratiotal geograþhic TheWonderful Kangæoo
-¡ational
geograþhic
SPORT Le
Mms'87
Temis Clinic TTIRILIÆR Angel Heart BlackWidow
New members THE Boa¡d is somewhat exercised about the way in which new members are nominated, often by correspondents who
have no close acquaintance ship with the person nominated. The Board would be grateful if all correspondents \¡/ould take ca¡e when making and
supporting such nominations for membership. The Board is also
fying
to arrdfige a wstem whereby all new applicants for membership can be met prior to their election.
COMING EVENTS
Cold Steel
cop Extreme Prejudice
Ffi
Murder by Illusion FatalAttraction Intimate Betrayal
MurderRap NoWayOut
Dame Lydia to speak at the Club Dame Lydia Dunn will be the guest speaker at a professional luncheon to be held on Friday,
HORROR
Play Misty For Me
Jaws Jaws the Revenge
Predator Prisoner ofRio The Bedford Incident The Believers Th Body in the tibrary (Mis Marþle) The Ipcress File The MorningAfter The Rosary Murders Tough Guys Don't Dance Witness in the War Zone
A
\ryAR Catch22 DogTags Full MetalJacket
Greek dishes as well as Greece's characteristic retsina wine and arak vvill be served at the one night only Greek celebration on
Killer Klowns Retribution
MUSICAL Fiddler on the Roof
SCIENCE FICIION BladeRumer Dune
8.1
SPFÆIALFEAIT]RES Australian Animal Mysteries -national geograþhic Comic Relief Uve -national geograþhic Dive to the End of Creation - national geograþhic Egypt - Quest for Eternity - national geograþhi.c Etosha, Place ofDry land - national geograþhic
Gallipoli
HamburgerHill MerryX'mas Mrlawrence The Hanoi Hilton WFSTERN Bronco Billy True Grit
June 30. The topic ofher speech and other details will be mailed to members shortþ Greek
Ni$t
special menu
of
åvourite
Fridq', htly 7,stårting at 8 p.m. The Melodie Quartette will play musical åvowiûes from the Medi terranean and prizeswill be awarded to winners of a musical quiz.
Price: $180
The crash 0f 1987 and future shock Even as the memory of the 1987 October stock market collapse recedes, a new tome warns that there is greater danger ahead.
Armer Arbel, left, and AJ
More importantly, the study contends
HE long-term consequences of the October 1987 stock market crash
that the entire Western fnancial system approached complete meltdown for a number of reasons, including insufficient
have been underestimated, and the country's financial systems face greater dangers unless reforms are adopted, anewbookwarns.
are expected to purchase stock when no other buyers come forward. The authors also say that programme
The book, written by
Cornell
Universityrs Avner Arbel and Albert E. Kaff, has just been published. It is entitled Crøsh: 10 days i.n October . . .Will it
Strike fuain? (t¡ngman
Trade,
Chicago).
Arbel, a financial specialist at Cornell, was adviser to the Brady Presidential Task Force that investigated the 1987 crash. Kaff, a former president of the Hong Kong FCC as well as the Tbþo FCC, is now the
business and international editor of the Cornell University nerils service. The authors contend that the current postcrash speculative wave of leveraged buyouts, takeovers and junk-bond financing may prove more dangerous tha¡r the speculative bubble that was largely responsible for the October 1987 crisis.
The study warns of the
growing
monopoly of power held by large financial institutions and presents evidence of their key role in causing and accelerating the crash. It shows how Wall Street often
capital held by'Wall Street specialists who
trading limited the impact of the 1987 crash on financial systems by shortening the price plunge to only a few days. By contrast, Wall Street prices continued to decline for several years following the 1929 crash.
The book describes what went wrong
in 1987 and what needs fixing immediate ly. The authors note that banking and financial systems today are, for the most part, regulated under the same rules that were adopted more than 50 years ago during the first term of President Franklin D. Roosevelt. They go on to assert that these rules are unable to cope with todayrs markets that involve simultaneous trading in stocks and fuûrres as well as the vastly increased volume of trading and the linkage of US markets with fina¡rcial markets in Asia, Australia, Ca¡rada, Britain and Western Europe. The book describes a number of marketing areas that need to be brought up to date, including:
whether the stock market now is safe for
r The undercapitalised specialists, who now are buyers of last resort. r Relations between big investment
individual investors. Written in non-technical language for
houses, which can stop trading any time they wish, and specialists.
treated individual investors as inferior market participants, and it questions
general readers, the report describes,
often hour-by-hour, critical events during the 10 days surrounding the stock market crash, mariy of them previousþ unknown to the general public. The study shows that the collapse in
stock prices was not the critical event.
i
IGff: there is trouble ahead.
ing potential conficts of interest.
r Disparities in regulations controlling stock and futures markets. r Money market funds that are operating outside banking regulations. The book presents several scenarios of disaskous events that almost happened in 1987 and can occur in the future a¡rd discusses their probable impact on the economy, the stock market a¡rd individual investors.
rWe ask whether investnent houses, politicians and regulatory agencies with vested interests in maintaining the stahrs quo in financial markets are attempting to hide the huth aboutthe crash,rr Arbel said. rrOur research shows that unless cor-
rective measures are taken, the financial system as a whole, and not only the stock
markel may collapse in the future even if the economy performs reasonably well.rl The authors write: rAt least four major committees and task forces a¡rd hundreds of independent experts did a¡r excellent job in collecting the evidence left by the crash, assessing what went wrong and making recommendations on how to fix the system. rrWhile the experts do not all agree on the details, one conclusion is clear: Critical problems exist in the way in which fna¡rcial systems work, and these problems should be dealt with promptly. At best, it would be naive, if not downright irresponsible, to assume that the October 1987 crash was a onetime only evenlrl
Describing the book, Kaff said:
rrWe
The computer and information services that broke down or fell hours
used the worst{ase scenario approach to
behind during Black Mondayrs unprece dented selling. r The shift of brokerage houses away from investing for their clients in order to trade more for their own accounts, creat-
immediate corrective action
describe critical situations
that need in order.to
make our points clear to the public, legisla tors and controlling agencies. I wish some body had done the same with savings and loan associations flve years tr
ago.rr
MAY 1989 THE CORRESPONDENT 13
SToPPFTESS^/uR), TI{E
bRUNK? ÍHE
EòIIDR'S ßACK
FROfl THE BAK,gUT
I
ED
THINK HE'S DRUNK...
ÔR
'. UHAT
YOU IHINKTHAT 2 ''4AKES
PEO PLE
IN A POOL OF VOMII
\
) --)-,,t_,-,
)
I
,-t1
(,/
SORROI,,NOEò
\
Bf É.MPTY grr?tri .
Bruce Maxwell (/ef) and Kevin Sinclair (right), both colleagues of Surry (far left) atlhe South China Morning Post spoke at the
PE O PLE THE man who
has brought humour into Hong Kong Government's publicity campaigns, the lap Sap Chung-fame Arthur
Hacker, has ended his more than2l-yearlong association with the Government.
During the entire period of his Government service, Hacker worked with the
Information Services Department. And on
April 25, Director of Information lrene
cocktail party to bid farewell to the retiring creative director. There, the master of fine lines received a parting
Yau hosted
a
gift from fellow scribblers in the ceative
sub-division - their view of the boss in fine lines, all in good humour - which the maestro accepted smiling.
Hacker has been preparing for some time to make this break and move into private sector as an independent consultant (see The Corresþondent, Sept. 1988). The first priority after leaving the Government,
His comment on the first day of this new life: "It's not easy, you know, but I feel absolutely free and very much relaxed. And I can get used to it."
colm Surry, Robert Grinter
ü
to make megabucks share deals for clients of the stockbrokerage firm, Cl-Alexanders Laing & Cruicksha¡rk where he was director for institutional sales and marketing.
and
Stephen Rogers. Surry, the journalist turned stockbroker, is returning to journalism - a field he Ieft more than a decade ago. This transition became possible just as the Surrys began to prepare for a new life
from Hong Kong. Hong Kong, his home for 18 years, says Surry, is an exciting, vibrant city; "but life here is getting tougher a1l the time; certainly for bringing up children". So the Surrys decided that Australia, the homela¡rd of Malcolm's wife, Jane, is where the future is. They had bought a home in Perth some five years before. (4 Hilarion Road, Duncraig, Perth. Phone away
2461733,Fax2461772). Thus, Jane and the children - Tam, 15, and Eamon, 11 - moved there inJanuary to get atijusted to the vast open space, well-
UK SUNDAY
a lucrative field,
lifetime career one shor¡ld have started in it at a young age.
'Tor me,
I
a
always considered myself journalist," he says.
a
Perth offers, while Malcolm stayed behind
PAPERS
return
to
journalism
came somewhat unexpected. Surry says that
NOV/ AVAILABLE NEXT DAY IN HONG KONG*
Billion, the
r474513
ture by Ringier Ag of
HK$
.IICK
y'
magazine
published as a joint venZurtchand the SingTao in Hong Kong,
Sunday Times
44
group
Sunday Telegraph
34
came along and asked, how would you like to
C)bserver
29
Sunday Express
2t
work for us?' "That meant, I can live in
Mail on Sunday
2t
Mirror
l8
Sunday People
l8
News of the World
l8
Name
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Please send completed form to B.J. Greeves c/o the
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Membership No. *Not mal delivery lr4oùda\ p
Perth and travel a¡ound Asia whenever I have a reporting assignmenl" Perth, says Surry, is a good base for anyone
covering Asia
-
Surry has lived in Hong Kong since - moving to the territory from Britain where he worked with the Scofsmid-1971
man, r}'e Press Association, AP-Dow I¡ndon Eaening News suc-
Jones and the
cessively for 10 years. In Hong Kong, he started with the South China Morning Post as its financial editor - a position he held until he joined Hong Kong's newly founded stock market watchdog, the Commis sion for Securities, six years later. And after nine years with the commission he moved to the stockbrokerage house.
tr ROBERT Grinter, who led the FCC team in the l0Gkilometre Maclæhose Trail walk last October. has left the ICAC
ifs
cheaper tha¡r Hong Kong, beautifrrl en-
manicured lawns, sedate life, etc., that Hacker, in the eyes ofhis fellow scribblers.
Although stockbroking is Surry, 45, says that to make it
The opporhmity ûo
AISO MOVING to new pastures are Mal-
,..),
sents Surry a
farewell gift from the Club.
tr
early this month which, he says, he spent mostly sitting by the pool side and working
1r.
Aboue,
in the private sector.
he said in Septembe¡ was to take a holiday. That holiday was a 10day trip to Bangkok
on a project comprising 17 cartoons.
farewell party. Nlaxvell pre-
Back in Hong Kong, he has moved into a new home and a new office (Phone: 5-591298) to rediscover the realities of life
ñ
at the FCC
vironment and hardly six hours from most Asian centes. "So, I will
be
coming back
to
HongKongfromtimeûo time."
Prices are correct at the tirne of publication
14 rnn coRRESPoNDENT MAY 1989
MAY 1989 THE CORRESPONDENT 15
PE O PLE
PE O PLE
on completion of his latest contract. Mov-
ing from the police, he has been working with the anticorruption watchdog since
Square is fa¡ easier than to Kowloon Bay," he says.
DESKTOP PUBLISHING
tr
PRINTLINE tTD publishers of The Conespondent
its inception in the mid-1970s.
Now on a fivemonth home leave in Britain, Grinter will be returning to Hong Kong just in time to lead the Club team in this year's Maclæhose Trail walk and to plan a newlife. In the 1988 walk, the four-man team
ITS A TOUGH LIFE for Mike Winslow up in Guangzhou as he ventures a sip of
wine at lunch with
Kit
former Club manager) Winslow
Rogers, both FCC members, andHongkong
mean table. Several of them, in fact. To be precise, several hundred.
Standnrd journalist Ong Hock Chuam, took 33 hours and 34 minutes to reach the
t<eeds a
The popular American wine connois
finishing line as the 74th runner-up.
t¡ STEPIIEN Rogers has ended his brief encounter with the Honghong Standørd and has moved into the more lucrative
soon Securities Rogers says that he did enjoy writing for
Desktop publishing service for producing all kinds of printed material, from simple brochures to full colour glossy magazines.
Hotel.
i Roof Restaura¡t at the China (and Up the Pearl River, FCC member
which included BaITy Grinrod, Stephen
world of investrnent. He is now resea¡ch manager at the stockbrokerage firm, Sas
can offer you complete
Sinclair in tlie
Rogers
the Stønlard, but unpredictable working hours interfered with life's other interests. 'At my new job, I can leave at a reason-
able hour, and commuting
to
Exchange
seur and bon uiaant is now food and dêverage director of the huge China Hotel, just across Liuhua Road from the häde |' fair building. The establishment has a dozen restaurants including The Roof, a French éulinary outpost in the middle of the capitàl of Guangdong. The food is a mixture oi European and Asian cuisine. "The twain really do meet here," Winslow says, sipping a Montrachet hnd
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tucking into a poached fillet of snapper with a side dish of garden-fresh vegetables served in a traditional Cantonese family earthenware bowl. Winslow had a spectacular career in Hong Kong before heading north to run the food and booze outlets in the most profitable hotel in China. The former catering
officer in the US Navy came ashore in
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Hong Kong to run restaurants in the early 1970s. As well as being a popular manager of the FCC, he was chef at Stanley's, was partner in several well-known Hong Kong eateries (such as the long-gone, uÈmar-
ket Renaissance) a¡rd owned Winslov/s in Ba¡rk of America Tower before rising rents put him out ofbusiness. He has also run a food and beverage hotel operation in Dalian in Manchuria. Guangzhou suits him better than the
frigid north.
'At least I can speak a little
Can-
Integrated Circuit
Medical Electronic Instrument
tonese," says the demon of the FCC pool-
Special Material for Electronics Industry
Computer & Peripheral Equipment
room.
He puts out the welcome mat for FCC members. In addition to The Rooi
Address: 166 North Zhongshan Road, Nanjing, China Telex: 34724 ETENJ CN Cable: EIEJB Fax: (025)/639124
the China has a huge a.rray of restaurants. There is the crammed fun of Food
Street where regional kitchens representing the different Chinese foods can be ordered. And The Corner Bar, look-
service.
road to the trade fair building, is one of the top tippling spots in the old port city on the Pearl. The amiable Winslow who can be found
PRINTLINE LTD
502 EastTown Building, 41 Lockhart Road, Wanchai,
in the Club pool room during his frequent visits to Hong Kong, lays out a special wel come mat for FCC members. "If you're passing through, give me a call and we'll have a drink," he says to FCC members.
vtlw
Conl¡nentol don't lry to be lhe very cheopesl cor rentol compony on the morket We core loo much oboul dependobillty. 8ut, wllh lower ovêrñeods ond promollonol cosls lhon lho g¡onts, wê ors oble lo of€r €xcepllonolly good volus The roles we odverllse ore lully lncluslve: lhol msons lncluslv€ ot l5X volue odded tox (V f), comprehsnslve lnsuronce, colllslon domogê wolver, AA roodslde osslslonc€ ond unllmlled mileogê. No unêxpscled exho chorges when lhe llme com€s lo poy. ll's os simple os lhol nsfl
At
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RJUY IIICIIJSIVE RAIES . IIO I|IDDBI EITRAS
Pf
Hong Kong.
st*lncf AI0 DPEilf)tStuIY
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NOW - NVO DAYS TOR IHE PRICE OF ONE, AND MORE SAVINGS ON TONGER PERIODS. ATWAYS WIIH UNTIMIIED MITEAGE. rcREXáMPLETSEASoN
I DAY
2DAYS ìWEEK2WEEKS
. t 307ì 30?ì 10750 21500 0 t 3229 32æ ìt3.00 22600 . t 32,71 7l lla 50 2æ00 0 ç 3813 3Aß 13¡ 50 269m . tl2,7l a2?ì ì1950 290.00 0 I 1271 127t ìt950 299.00 . ç1700 l7m ì6150 329.00 0 c 7l 7l ì?750 355.m 32
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ct|m
Whên il comes lo seMce w€'re sllll smoll ênough lor evsry indlvlduol cuslom€r lo counl. And ol lh€ some llm€ ìv€'rê lcjrgo enough
lo oflêr dependobllily second lo none. Atle€t ol some 600lmpocco-
bly molntolned cors, ieo plck up serulcs ot London's Heolhrow ond Gotwlck okporls, Monchesler ond GlosgoW olrpols. More slmple reosons why lhousonds ol vlsltors lo Bdloln ond Erllons resldenl oìr€fseos
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PHONE (0ì) 9ó83388
ing down on the busy street and over the
16 nrB coRRESPoNDENT MAY1989
MAY1989 THE CORRESPONDENT 17
A BOTTLE OF
THE GORAISPONIIDNT
CROSSV/ORD
CHIVAS REGAL
NO15
Complied bY Brian Neil@ 1989
CLUES ACROSS
1. Before, the waiters could make jam (10) 8. Warm fabric to ponder over (4) 9. Report, i.e. an explosion, could leave this hanging in the doorway (8)
10. Novel
ocean liner which sometimes goes quite fast
(6)
11. Moan in agony about I¿tin titles (6) 12. Alittle piece softly settled (3) 14. Required loss of colour for this gathering (5) 16. Fiddlerlosthis head and 500 and quite naturally 18. 20.
THE Q-PIC FI-OPPY CAMERA: NOT FOR NEGATTVE THINKERS
became less active (5) This calm operator has the means to clean up (3) .Washerless tap leaks and obviously has some raw
material in it somewhere (6) 22. Tlne whiskers of the walrus tickled part of someone from the country (6) 24. The loss of one point in a cleaning operation resulted in making a bloomer (8) 25. Ain't about to become back of a mirror (4) 26. Are these mares worth using to break up the ground?
CLUES DOWN
2. 3.
RULES 1.
Crossword No. 14 correct solution
Enfies must be sent to: TIIE CORRFSPONDENT
arms (6)
CROSSWORD'
Printline l;kl' SO2 Eu"t
To*tt Buil-ding'
l\-n"l*rut
5.
Sometimes, to err antagonises this particular
6. 7.
This Muslimmeditated and somehowlostweight (7) But gain weight, as the saying goes, and become
knight
Road, Wan chai'
Hong Kong 2. Enfies must reach the office not
3l'nto
15.
4 5.
(6)
t7. Travel miles, it seems, to find this belief (7)
be awarded a bottle of Chtvas
18.
Regal.
19.
The solution and winner's name The ÌVinner is Raymond B. Hughes *iU ¡e pu¡fi.tr" month' following tne ci,ütíilìrrt
dinThe.
YOU THERE?
,Nf
To repress, we hear, is to be satisfied (7)
Thefirstcorrect solution drawn il; th" ãntnes received will
WERE
O
stupid (5) 13. Member of this tribe practises the reverse of witchcraft (3)
later than June 10'
''
4.
Our ale takes a turn for the worse because it contains coins (7) A vassal voiced his dissent to an outburst of applause (5) A trap pelicans try to avoid, using an old call to
One meter could be a speciality (6)
This fruit has the right to advocate (6) 21. Note has the right to change colour (5) 23. Toots - but not loudly (5)
Members who have anecdotes, memor¡es, pictures or other rel¡cs of the Club's early days are urged to send copies to the Club Manager as soon as poss¡ble to help preparation of a GIub history for its 40th ann¡versary later this year.
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1989
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