The Honolulu Advertiser from Honolulu, Hawaii • 8

A8 HONOLULU ADVERTISER Aug. 24, 1963 Insurance Firm Starts Its Own Mutual Fund insurance (at age 35, this would buy about $10,000 of "20 pay" life coverage), and $200 goes into the mutual funds charge a commission on purchases generally about 8Y2 per cent but nothing on sales back to the fund. The fund plans to pay dividends from investment income, as well as capital gains distributions, on an annual basis. WEGGELAND said American Pacific has built its life Utilities Hit High For Year NEW YORK (UPI) -Stocks pushed ahead yesterday with enthusiasm in high gear and normal pre-week-end profit-taking held to a minimum. Prices rose steadily from the opening but a trickle of selling in the final minutes of the session dropped a number of issues below their best levels of the day.

Dow-Jones industrials rose 4.67 to 723.15, the highest closing level since June 12 when the indicator stood at 723.36. Utilities rose 0.24 to a new 1S63 high and were only a shade below the all-time high of 144.61 set in 1929. Standard Poor's 500 stock index inched up 0.22. TRADING SWELLED considerably to 4.880,000 shares compared with the 4,540,000 shares which changed hands Thursday. Of the 1,299 issues trnHorl COO tin -insurance-mutual fund bination around a package By EMIL SCHNEIDER American Pacific Life Insurance Ltd.

has gone "whole hog" on the idea of combining the sale of, life insurance with mutual fund shares. In a move believed to be one of the first of its kind in the United States, American Pacific has organized its own mutual fund to combine with its insurance sales. In contrast, most life insurance firms combining their insurance sales with mutual fund shares have entered into agreements with distributors of existing mutual funds. THE IDEA of combining the sale of insurance with mutual fund shares is to provide an equity investment through the mutual fund which, theoretically, at least, is supposed to keep pace with inflation. Insurance represents constant dollars, like money- in a bank, and is diminished in purchasing power as inflation increases.

In recent years, many individuals have preferred to put their money into stocks and mutual funds instead of NEW STAR This is The Mandarin, Intercontinental Hotels newest hotel, which will open Sept. 1 in Hong Kong. Built at the harbor's edge at a cost of $15 million, the hotel is 27 stories high and contains 650 rooms with private involving 1 a "20 pay me insurance policy, coupled with declining term insurance. The package will be offered for as little as $10 a month, with two-thirds of the sum going toward the insurance and one-third for shares in the mutual fund. Larger amounts can be purchased in multiples of fund.

The amount of declining term insurance would be $4,000 at the start ($200 a year times 20 years). Each year, the term coverage would decline by $200, which is the amount you would be investing annually in the mutual fund. At the end of 20 years (provided you were age 35 at the start), you would have a $10,000 paid-up life insurance policy, and you would have invested $4,000 in the mutual fund. IN DISCLOSING the plans for the mutual fund at a session of the Pacific Insurance Conference here yesterday, Hugh Tuttle, senior vice president of American Pacific Life, had this to say: "We believe that this 'balanced fund' concept that we offer gives the premium payer an opportunity to build a very substantial and profitable estate for himself by combining the guaranteed cash values of insurance policies with stock equities of fast growing American life insurance companies." By EMIL A. SCHNEIDER Advertiser Business Editor The Hawaiian home-building market, "by virtue of its size and its continuing growth," offers a sizable sale potential to firms that supply this industry a potential that should not be ignored or slighted because of the relative isolation of Hawaii.

Such was the advice of one of the industry's suppliers Yale Towne at a session of the 1963 building and marketing conference of the National Association of Home Builders, meeting at the Hawaiian Village. James D. Young of New York, general sales manager of the firm's Yale lock and hardware division, urged national manufacturers to accommodate themselves to the market's needs here by maintaining sufficient "on-island" inventories and conducting product information seminars. "Without a sufficient local inventory," he said, "builders here cannot be adequately serviced." Better Agents No. 1 Need In the life insurance business, adequate manpower (agents) was hailed as one of the principal problems of the industry at the Pacific Insurance Conference yesterday.

"Perhaps the most significant reason why manpower development is of prime importance in insurance companies is the growing sophistication of the insurance buyer," said John S. Bickley, professor of insurance at the University of Texas, Austin. This means, Prof. Bickley added, that "marked changes in executive thinking with respect to manpower will be necessary if insurers are to acquire enough high quality people to maintain their competitive position in the quest for the consumer's dollar. "The life insurance business can no longer afford low cost, average personnel." he pointed out.

Midway Gets Direct Dialing S10. he added. The "20 pay" policy to new 1963 highs and 404 means, of course, mat ine policy will be paid up in 20 vears. The declining term insurance is designed to pay the full investment in the mutual fund over tne 20-year period if the policy holder dies in the interim, IT WORKS this way. What goes on at Halekulani? Business as usual definitely! leisurely buffets cocktails Susst Serenade with varied Hawaiian entertainment every evening.

DINING ROOM BUFFET HOURS Breakfast 7:30 a.m. $1.50 Luncheon 12:00 1:30 p.m. 2.25 Dinner 6:00 9:00 p.m. 3.25 William H. Charlock III Vice President and General Manager Sorry our pickets are showing but they won't bother you.

Come right in the food and service are the best as always! You decide to pay 550 a month ($600 a year). Of this, $400 a year goes for Strictly Business aeennea, only to new lows. Brokers generally felt the advance was a continuation of Thursday's climb but noted that the upthrust seemed to have a little more steam after the Senate Commerce Committee announced it had endorsed a bill which would put the work rules dispute up for arbitration before a seven man board and which would also eliminate a strike on Aug. 29. Hickam Bill Save With Reduction Consolidation of five shops and joint use of nine more at Hickam Air Force Base will save the government about $170,000.

The program involves the 1502nd Field Maintenance Squadron and the 6486th Consolidated Aircraft Maintenance Squadron. The cost reduction program was initiated under HOTEL mm 4 ji lijij I Rrg. L.S. P.i Off. LifS, On the Beach at Waikiki Notes from all over: A.T.

T. has dedicated its new $401,000 facility on Midway Island that will permit direct dialing for telephone calls from Midway to anywhere in the continental United States. Construction of the project was handled by Guili-Chock Construction Co. of Honolulu. It will be ready for use next summer.

Prompted by a recent article in Life magazine, Robert K. Hasegawa, acting director of the State Labor Department, says that 95 per cent of the job placements made last year by the Hawaii State Employment Service were unemployed persons, in comparison with Life's report of only 40 per cent for the U.S. Employment Service nationally. However, Hasegawa noted that the service here is available for employed persons as well as the jobless. Savings Bond Sales Up Again Sales of U.S.

savings bonds in Hawaii continued their upward trend with a July volume of $1,084,027, a gain of 12.5 per cent over a year ago, according to Dan E. Dor-man, First National Bank president and Hawaii savings bond vice chairman. Sales for the January-July period were up 11 per cent over last year, he added. The Honolulu Ad Club luncheon meeting next Wednesday will hear an address on "American Youth at the Crossroads" by Charles Campbell, teacher at Leilehua High School. Campbell is a member and adviser of a number of youth organizations, both local and nationwide.

The meeting will be at the Ala Moana Banquet Hall. I an run -imiM mil life insurance. The combina- tion deal has been an attempt by life insurance firms to recapture lost insurance business. The new mutual fund is called American Pacific Fund, Inc. It plans to invest mainly in life insurance stocks, although it can invest up to 25 per cent of its assets in casualty and other insurance companies.

THE FUND already has been registered with the Securities and Exchange Commission and in the State of Hawaii. Plans also are being made to register the fund in California, although American Pacific Life does not operate in that state. Gordon L. Weggeland, vice president and treasurer of the insurance firm, said the fund's shares are available for sale to the general public as well as to purchasers of American Pacific's life insurance. Total assets of the fund are more than $150,000.

Net asset value per share is $10.35. A SEPARATE company, American Pacific Management has been set up to act as distributor, underwriter and investment adviser for the fund. The management firm has the same officers as the insurance company. Weggeland pointed out that the fund has been set up as a "no load" fund that is, there is no commission charged on either purchases or sales of the fund's shares. Most mutual Union With McClung In Rate Fight Rep.

David C. McClung got support yesterday from the AFL CIO Central Labor Council in his battle with Matson Navigation Co. over rate increases. The Council informed McClung that it had asked AFL-CIO President George Meany to use the union's influence with congressmen from West Coast states affected by the proposed 9.8 per cent freight rate increase. The council said it also asked the Hawaii congressional delegation to intercede with the Federal Maritime Commission in an effort to block the increase.

Unions, GCA Continue Talk For Settlement Negotiators continued off-the-record sessions yesterday on a proposed contract covering the 50-member General Contractors Assn. and four basic craft unions. Both sides were cautiously Saturday KGMB 590 an Air Force-wide plan to reduce facilities, manpower and equipment as much as possible. THE AIR FORCE said that so far $69,284 in equipment has been declared excess and an additional worth probably will be cleared this month. KHVH 1040 Hawaiian Music 24 hours News Every Half Hour A.M, News Mldnlte The 9.00 Weekend Hawaii to 12 12 Midnitt 4:00 Hawaiian Commuter News 5:00 Holoholo Kat MeleNews Unsleep-ables M.

i.00 Morning Show 4.00 Evening in the KORL 650 5:25 Aloha Stat rarmer 5:30 Lucky Luck showNews with Wayne Collins :00 Sounds of HawaiiNews 10:00 Voice of HawaiiNew 11:00 Sounds of Pacific News P.M. 12:00 Music of the IslandsNews 1:00 Sounds of the PacificNews 2:00 Voice of HawaiiNews 3:00 Driving Horn (Ntwj Every Hour) McBrvde Sugar Sets Dividend Directors of McBryde Sugar Ltd. have declared a quarterly dividend of 50 cents a share on the common stock, payable Sept. 5 to stockholders of record Aug. 28.

The firm paid 50 cents a share on the second quarter of this year, and 30 cents a share in the first quarter. Today's Color TV islandsNews 7:00 Sounds of the PacificNews 7:25 Aloha State Farmer 1:00 Evening In the IslandsNews :00 Sounds of HawaiiNewt 10:00 Dancing PartyNew 12:00 Hawaiian Music until 5:25 a.m. A.M. A 00 Ted Sa 12:00 Neil Shoemaker Tells Congress Tax Endangers Tourism P.M. Bill Kraus Milkman Matinee KUIA 690 KHAI 1090 News Every Hour 7:30 World Tomorrow 00 Kula Symphony A.M.

Gold year. These Visitors spend about $8 million in Hawaii, and Shoemaker estimated A AA. 5:00 Morning Overture 00 Kula Rhapsody P.M. 7:00 Hawaii Progress 1 10 Man p.m. to 1 a.m.

Night Flight 7:00 Night Sound? wRonnle Kent U.OO "Mid-Watch" wAndra Stephanl 6:00 Sam Sanford 9:00 KHAI Morning Sounds P.M. 12:00 KHAI Afternoon Sounds 3:00 Mark Stacey 6:00 Candlelight 43 there is a potential of 50,000 Japanese visitors coming to Saturday, August a KGU 760 K-LEI 1130 New Ever Hour I optimistic about chances of settling differences which nearly resulted in an indus-j try-wide walkout. rtoo, OHOIEHAO As gifts to your friends in the S.F. Bay Areas Cnll 536-724 tor Arrangements A.M. Jim Edwards 3:00 Panorama 6:00 Charles Dell 8:00 to Midnight 8:30 a.m.

Ruff and Ready 9:00 a.m. Shari Lewis 9:30 a.m. King Leonardo 8:00 p.m. Joey Bishop Show 7. 7 30.

12.30 to Burns 10, n. 12. 1:30 Your 12:55 Story P.M. Tl ROOT OKOLEHAO HAWAII, INC. The present master contract expires Aug.

31. music 'til Midnight KOHO 1170 iNews krvery houm MS it 6. 6.30, 2. i 45. 8.

9, ft 4 30 Pilipirw Program 8.30 J. Akuhead PuDUe 05 Bib Bright Sfunds 55 Baseball: Giants vs. Cincinnati r.M. 1 :00 "lavoround Quarter WASHINGTON (UPI) James H. Shoemaker, vice president of the Bank of Hawaii, told Congress yesterday that passage of President Kennedy's proposed tax on foreign securities could cause more problems than it solves, especially in terms of U.S.-Japanese economic relationships.

The equalization tax on foreign securities sold in the United States was submitted by the Kennedy Administration as one means of helping solve the U. S. balance of payments problems. TESTIFYING before the House Ways and Means Committee, Shoemaker noted that Japanese visitors to Hawaii have been increasing over the years and now number about 20,000 a SATURDAY ON TV For Full Details See TV Weekly in THE SUNDAY STAR-BULLETIN ADVERTISER Hour Big Bright Sounds 5.00 Japanese Program 7. no Lifeline 7:15 Here's To Vets 7:30 Bia Bright Sounds 30 Roval Hawaiian Dance Party 05 Houseparty 1:00 Sign Oft the State and spending $20 million a year when Japanese travel restrictions are relaxed.

But the equalization tax, applied to Japanese securities, could disrupt the sensitive Japanese market and "would retard the growth of the tourist trade," Shoemaker said. IF A significant fraction of the potential travel from Japan to Hawaii were curtailed, the economist said, "the effect would be to increase rather than decrease our negative balance of payments position." He added that this would KHVH-TV CD CD KGMB-TV 1 KTR8-1 CD KONA-TV 0 0 0 Hour A.M. 4:00 Filipino Program 5:00 Music Hour 5:15 Rokyoku Hour 5:30 Music Hour 5:45 Chikuma's Kodan Hour 4:00 News 4:15 Obituaries 6:30 Sazae San 4:45 Music Hour 7:00 News 7:15 Hcngwanl Hour 7:30 OtoBoke Jinsei 7:35 Music Hour 8:00 News 1. .15 Your Radio Doctor TRAFFIC SAFETY :30) .00 :30 CAPT. HONOLULU WESTERN PLAYHOUSE: CAPT.

KANGAROO KIKI 830 MOVIE: "Allegheny Up-Rising" SHERIFF KEN'S SHOW RUFF REODY-C 1:15 Reauest Hour 1:40 Story Time 2:30 News 2:15 Obituaries 2:30 Drama 2:45 Music Hour 3:00 News 1:15 Mlnyo Mu sic Hour) 1:30 Ochle Haishaku 4:00 News 4:15 Ochie Haishaku 4:30 Denwa Nodo Jlman Hour 5:00 News 5:15 Yooko tV Roy Show 4:00 News 4:15 Obituaries 4:30 People Speak 7:00 News People Speak 7:45 Story Tlma 8:00 News 8:15 Music Hour 8:30 Baptist Hour 8:45 Music Hour 9:00 News 9:15 Mollllll Hongwanll Hour :30 Kinkan Shlro- to Gekliyo 10:00 News 10:15 Good night Concert MIGHTY MOUSE PLAYHOUSE ROY ROGERS SHARI LEWIS-C KING LEONARDO :00 :30 8:15 Music Hour 8:35 Contest Hour 1:45 Furusato No Chanoma :00 News :15 Story Time 9:30 Music Hour 9 CARTOON VILLE A.M. i.45 Radio Shopper 1.55 J. Tasaka Japanese Varieties Oklnawan Hour 10:30 Radio Shopper 10:35 Resplclo'S Filipino Fiesta P.M. 3:30 Weekend Show 4.00 Cherry Blossom Time 11:00 Radio Shopper 11:05 All Nite Show A.M. 2:00 Sign Oft JACK McCOY .00 MAGIC LAND OF ALA KAZAM 10:00 News FURY MODERN TV 10:15 Hit Parade 10 MY FRIEND FLICKA 30 Local) 11:00 News 11:15 Music Hour MOVIE: "THE "UNFAITHFULS" 11:30 Kodomo Tf :00 :30 TOM MOFFATT 3ATELINE (11:50) 11 Ishonl (Children's Hour) For Information on JAPANESE SECURITIES INVESTMENT KAIM 870 FM 95.5 be "quite apart from any negative effect that it might have on Hawaiian exports to Japan." In addition, Shoemaker said it should be noted that investments flow in two directions and that within the past month a Japanese firm has contracted to pay $8 million for a Hawaiian hotel (the Princess Kaiu-lani) "in anticipation of the prospective rise in Japanese travel to Hawaii." THIS commitment alone, he said, is worth almost one-third of the volume of the investment of Hawaiian buyers in Japanese securities to date, about $25 million.

He said this indicates "why the people of Hawaii are seriously concerned over the possible impact on the proposed bill on the Hawaiian economy." Apart from the effect of the proposal on the Hawaiian economy, Shoemaker also said there would be negative effects on the U.S. economy as a whole if Japanese securities should be taxed. HE NOTED that Japan buys more from the United States than the United States buys from Japan, and said "the fact is that the effect of the announcement of the provisions of the bill is to create a tendency toward more restrictive action designed to protect Japan's balance of payments position." He said Japan could cut back on its imports without taking "overt" action simply by slowing down the processing of import licenses, a possibility which could hinder U.S. exports. ON A BROADER political and economic plane, Shoemaker said the effects of the proposal in Japan might also cause "a strengthening of the influence of those elements, in Japan desirous of expanding trade with Red China" and cause "some diversion of the orders for imports now going from the United States to other foreign countries." MOVIE: "BLOOD ON P.M.

00 SUSPICION THE MOON" 12 :30 MAKE ROOM FOR DADDY SPORTS CENTRAL 12:00 News 12:15 Saturday "Ikoino Hour" 1:00 News interlude 2:00 Opera 4:00 Date with History BIG PICTURE NAVY PRESENTS 1:00 1:30 1:30 50t State Wrestling PIONEERS MABUHAY MATINEE KNDI 1270 4: IS May I Come In 4:30 Kamehamena Hour 7.00 Hawaii Calls Concert Classics 30 Rendezvous 2 ACCIDENT FREE IN INSIDE SPORTS (2:15) TOPS SPCTS TOP STAR BOWLINS THE LIVELY ARTS MEN INTO SPACE All-Star Roller Skating A.M. 4:30 Filipino Hr. 4:00 Japanese Hr 4:00 Sacred Music :45 Voice of China :00 Japanese Pro. 11:30 Forward Faith P.M. 12:00 News views 12:15 leens or Christ 12:30 Headlines enc Hllltes 12:45 Children's Chapei 00 Heartbeat fh.

WYATT IARP Meeting 10:00 International Almanac 10:30 Morning In Paradise 11:30 Catholic News Hi-Lites 11:45 Flashback I History P.M. 12:00 Jazz wHal Boudreau CONTACT OUR HONOLULU OFFICE 00 :30 3 FIGHT OF THE WEEK ROLLER DERBY ENCORE THEATRE! "PICKUP ALLEY" :30 Unshackled 10:00 News 10:05 Crossroads of Muilc 10:30 Afterglow 12:00 Sign Off SATURDAY MOVIE Tht Gang's All Here" MOVIE: oo :30 A A.M. 4:00 Inspiration Time 4:30 Children's Bible Stories 7:00 Morning Musicale 7:15 Joy of Llvlno. 7:30 Morning Musicale 7:45 Unity Viewpoint 00 The Educated Imagination 1:30 International Institute of Hawaii :45 Stockholm-er's D'ary 9:00 Meet the Professor :30 Junior Town "DIMPLES' SATURDAY MATINEE "Halliday Brand" Ji in KTRG 990 KING ST 00 30 3:00 Afternoon Paradise 3:30 Korean Hour 4:00 Afternoon Paradise MAN FROM COCHISE NEWSSAM LINN CIMARRON CITY SEA HUNT SATURDAY NEWS 4:00 Kuraishl Hour fXST SPECIAL, 5:55 P.M. 3 in 4:00 Evening 00 SPORTS EDITOR MM LUCKY'S LUAU I NTT SHOWTIME 6 30 RIVERBOAT A.M.

5:30 Don Carter 10:00 Marty Me P.M. 11.40 Baseball: LA Angels vs. Washington 2:30 Na Lei Ed Michelman 3:00 Sam Linn LUCY-DESI SHOW A MERCHAfT ST Paradise :00 Candy's Kealoha 12:00 Sign Off :40 Music 1:00 Japanese Variety Time 10:00 Football: Rams vs. Dallas 1:00 Hal Boudreaux te3 SAM BENEDICT GALLANT MEN POST owes Ml T.H.CYtS K-POI 1380 7 DESILU PLAYHOUSE! "The Hard Road" THE DEFENDERS i KAHU 940 aueen sr. News On the Hour DEATH VALLEY DAYS 00 30 JOEY BISHOP MVIE: "THE L0N8 HOT SUMMER" ir nr ii THE REBEL VAMPIRA'S SHOCK THEATRE HAVE UN, WILL TRAVEL "THE MAD DOCTOR OF MARKET ST." LAWRENCE WELK CO Tom MoMatt 00 Lucky Top Ten 30 Dance Time wS.

Nicolet 00 Dave Nelson GUNSMOKE A.M. 6:00 Dsvt Donnelly 9:00 Unci Tom 9 12:00 Dav Nelson 12 00 30 9 THEATRE 13? "THE DARK CORNER" A.M. room Sign On 4:00 Pat Randv 5:00 Moses Clav- Claverla erla Sho-y Show Sooken Eng- 5:00 Tanwah Cht- lish nese Hour 4:45 Agricultural 4:30 Jaoanese Extension Program Service 4:45 Sooken Eng. 7:00 The Family lish Lesson Altar 7:00 Jaoanese 1:30 Country Program Western Mu- 11:00 Samoan Pro- S'c with Cece gram White 11:30 Sign Oft .00 Sllva't al(- 3:00 Dave Donnelly KUMU- MOVIE: "THE MAN ON THE EIFFEL TOWER" 1500 Honolulu Office THE NOMURA SECURITIES LTD. 201 Merchant Street, Honolulu 13, Hawaii PHONE: 583-837 583-838 583-839 HEAD OFFICE: TOKYO, JAPAN 10 NEWS WMASON ALTIERY MOVIE: "Northwest Passage" MOVIE: "TIME LIMIT" Hour 00 Bill Mors :00 Music News Every A.M 3: :00 John DeMarco 6 RICHARD WIDMARK 00 :00 Joey 10: 11 MOVIE: "Murder, My Sweet 00 Joey Thomas: MWnite Thomas AO P.M.

12 12:00 Rick O'Har.