On a similar basis, our net margin is up one point to 8.3 percent, placing us two points ahead of the industry, which is at 6.4 percent. I think as we all learned a couple weeks ago, it's tough to call the shots a day at a time, let alone years at a time which brings us back to the events of late October. I would like to make a few comments on those events since we were one of the carriers to feel the affects of the Hong Kong flu. The Asian stock market turmoil arising from exchange-rate issues has been brewing for several months. While the market plunge was alarming, it hasn't drastically affected our advance bookings.
Passengers continue to make reservations.
That is not to say that all is well in the East. There is weakness, but the Pacific s been soft all year, and it s a softness we've had to live with and overcome. We're watching it, but at this point, we don't see a serious threat. In conclusion, I'm reminded of something that former baseball commissioner and scholar Bart Giamatti did the day he took over as president of Yale University in 1978. I trust all of you will do whatever is possible to achieve this policy.