Page 10-Thursday ,July 17, 1980-The Michigan Daily
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Chrysler
plans to
sell $250
million in
bank notes
DETROIT (UPI)-Chrysler Corp.
announced plans yesterday to market a
public offering of $250 million in gover-
nment-backed notes given preliminary
approval by a federal government
panel.
The Chrysler Loan Guarantee Board
gave its tentative okay Tuesday to ex-
tending up to $300 million in additional
government loan guarantees to the
automaker.
OF THE ' LATEST installment in
governnrent aid to the struggling
automaker, $50 million was made con-
tingent on Chrysler raising an equal
amount privately.
Chrysler said it was "completing
arrangements" to secure the additional
$50 million by the time the new notes
are issued. A company spokesman
declined to detail where the' company
was seeking the financing, although a
major deal was made public yesterday.
Chrysler president J. Paul
Bergmoser, visiting his company's
New Process Gear Plant in Syracuse,
New York, announced that final details
of a loan from the New York State Em-
ployees' Retirement System Fund will
be completed ina few days.
The retirement fund is expected to
lend the car giant $12 million, which
will help to make Chrysler eligible for
federal assistance.
Chrysler already has drawn $500
million of the $1.5 billion worth of
federal loan guarantees Congress ap-
proved as part of a $3.5 billion package
to help the automaker stave off
bankruptcy.
MICH IGAN
REP '80
A Mid-
summer
Night's
Dream
Shakespeare's glorious
poetry and earthy comedy
are woven together like the
paths of the mortals and the
spirits in this classic tale of
fantasy and romance.
July 17, 19
TONIGHT
AT 8 PM
POWER CENTER
Tickets at PTP-MI League,
Noon 5pm- F
Charges by phope 764-0450
Power Center bas office
opensat 6pm (763-M33)
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4
Irrigation helps in heat wave
A Rossville, Kansas farmer displays two ears of corn grown during the heat wave that has devastated large-sections
of the South and Southwest portions of the country. The large ear received sufficient water with the help of irrigation,
but the small ear has been water-starved in the heat. Both ears were planted on the same day.
A
China criticizes Rea gan's
foreign, domestic policies
PEKING (UPI) - Showing obvious
displeasure, China yesterday criticized
Ronald Reagan's foreign and domestic
programs and called him glib and
perhaps senile.
Peking dismissed a recent attempt by
a Reagan aide to mollify Chinese op-
position to the Californian as "letting
off wind" and described Reagan's
future actions as a "riddle."
THE CHINESE attack, coming shor-
tly before Reagan's official confir-
mation as the Republican Party's
presidential ca'ndidate, appeared in a
lengthy article in the People's Daily,
the Communist Party newspaper that
reflects high-level government
thinking.
The article is full of sly digs at both
Reagan the man and his policies.
AYOUR
ISERVICE.
China has been angry for months sin-
ce Reagan said he might restore full
diplomatic links with Taiwan if elected
president, a move Peking has warned
would probably torpedo relations with
the mainland.
REAGAN'S PAST career as a film
star "has provided him with a glib
tongue and he just makes sarcastic
remarks when confronted with a
delicate question," the newspaper said.
It added, "Some say he wears make-
up every time 6efore he makes an ap-
- pearance to cover his senility."
The Peoples Daily dismissed most of
Reagan's domestic and welfare
programs saying they would result in
massive cuts to "negroes, the unem-
ployed,the elderly, and the have-nots."
WHILE OBVIOUSLY pleased with
Reagan's tough anti-Soviet stand, the
Chinese criticized him for allegedly
wanting to halt sanctions against the
Russians imposed by President Carter.
A Reagan aide recently attempted to
undo the damage caused by his
remarks on Taiwan, saying the can-
didate also placed great importance to
developing links with China.
"Many facts have born out that
Reagan is now revising a lot of his past
bitter words," the newspaper con-
ceded. "But what future deeds are ex-
pected of Reagan? Currently no one can
furnish ample evidence to untie this
riddle."
THE QUESTION of Taiwan is
perhaps the most sensitive issue bet-
ween the United States and China.
Until Reagan's Taiwan remark,
Chinese officials even in private said
Peking did not have a preference bet-
ween Carter or Reagan, but some now
regard the Republican almost as an
enemy.
The official Xinhua news agency
recently accused Reagan of showing "a
desire to turn back the wheel of history
on the question of Sino-U.S. relations:
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Billing 764-0550t r
Circulation 764-0558
Classifieds 764-0557
Display 764-0554 CI
News 764-0552
(including happenings)
Sports 764-0562
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