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MARCH 10, 1994

CARTEL MEETING IN MAUI, HAWAII

CARTEL MEMBERS FIX PRICES ON A GLOBAL BASIS

Segment 4 - March 10, 1994, Maui, Hawaii - Video Tape


UNKNOWN MALE:       (ui).

UNKNOWN MALE:       (ui).

WHITACRE:           Anybody got a calculator?

MIMOTO:             (ui) calculation.  

WHITACRE:           This makes it, what does it calculate over 72 cents, isn't it?

YAMAMOTO:           It's 74 cents.

MIMOTO:             74 cents?

YAMAMOTO:           Yeah.

WHITACRE:           74 is it?

YAMAMOTO:           Uhm, seventy now.

WHITACRE:           Good.  Was a week ago.  

UNKNOWN MALE:       (ui). 

WHITACRE:           (ui)      cents with a...

VETTER:             Is 1.16.

WHITACRE:           1.16.

YAMAMOTO:           72?  74.

VETTER:             72 cents? 

YAMAMOTO:           Oh.  No, no, 74.

VETTER:             74?

WILSON:             A $1.16.

VETTER:             74 cents?  A $1.16, yeah?

MIMOTO:             Well...

UNKNOWN MALE:       Oh, that's okay.  

WHITACRE:           That's right in the $1.20 is the...

YAMAMOTO:           Um hum...

WHITACRE:           uh, less than truckload price.

VETTER:             Uhm.  Okay so (ui).

WHITACRE:           $1.20 a pound.

VETTER:             Minimum.

UNKNOWN MALE:       (ui)

YUN:                Absolute minimum.

MIMOTO:             Delivered truckload price.

YAMAMOTO:           (ui). 

MIMOTO:             But anyway.

YAMAMOTO:           Yes.

MIMOTO:             That's it.  For-for Canada, 1.45.

WHITACRE:           I gave you the price what it is today, this is what we ought to push for. 
                    I mean it's 3.15, 3.20 right now.

MIMOTO:             Uhm.

WHITACRE:           I think to go to 3.55 is a little heavy right now...

MIMOTO:             From now.

WHITACRE:           in my opinion.

MIMOTO:             From now.

WHITACRE:           Right.  From tomorrow, from tomorrow.

MIMOTO:             Oh.

WHITACRE:           It's already nighttime in Canada.

YAMAMOTO:           (Laughs).

CHAUDRET:           Uh, not on the West Coast.

MIMOTO:             U.S.A.

YAMAMOTO:           (ui).

MIMOTO:             U.S.A.

WHITACRE:           (ui).

YAMAMOTO:           Yeah.

WHITACRE:           U.S.A.'d be the same story.

MIMOTO:             (Clears throat).

WHITACRE:           Well instead of pinpointin' a lot of examples, why don't we?...  Well like
                    I told you, we made some mistakes, too, in U.S.A.  3, uh-uh, and we
                    took care of it.  The guy that was doin' that.  U.S.A., I think we ought
                    to go back, you know our target was a $1.20.  We ought to get it back
                    on target.

WILSON:             How far below are ya?

WHITACRE:           At least 10 cents.

WILSON:             Then, I wouldn't go to a $1.20.

VETTER:             No, uh, uh, I think that's a little bit, uh, you were mentioning for Europe,
                    I think.

WHITACRE:           Well this is a $1.16 right there in Canada.

VETTER:             Yeah.  Maybe...

WHITACRE:           But...

VETTER:             we should have Canada about, uh...

WHITACRE:           (ui).

VETTER:             1.15, 1.16.  At the same price in the States and Canada.  And going
                    back to 1.20, 10 cents up.

WHITACRE:           Delivered price, full truckload.

VETTER:             1.16.

WHITACRE:           1.16, you agree?

WILSON:             A $1.16.

VETTER:             A $1.16...

MIMOTO:             A $1.16 (laughs) huh?

WHITACRE:           Full truckload, a $1.16.

VETTER:             $1.16.

WHITACRE:           Which is the correspondence, same thing in Canadian...

MIMOTO:             Right.

WHITACRE:           price.

VETTER:             Then we are at, then we are at equal... 

MIMOTO:             A $1.16.  (ui).

WHITACRE:           (ui).

MIMOTO:             (ui).

WHITACRE:           Delivered.

MIMOTO:             Everyone?  Delivered?

WHITACRE:           Yeah.

VETTER:             Yes, delivered.

YAMAMOTO:           Too big number.  I...

MIMOTO:             Full truckload?

VETTER:             Full truckload. 

MIMOTO:             Absolute, absolute...

WHITACRE:           Effective tomorrow.

MIMOTO:             minimum.