fHURSDAY. AUGUST 11. 1960
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MEDFOTO MAIL TTITBUNE. MEDF0B9.
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Bermuda Reaches Ideal Goal; Budget Balanced, No Debt
By HENRY J. BECHTOLD
UPI Financial Editor
New York-IUPD-A balanced
budget, no national debt, and
a huge dollar reserve. This
may be the
goal of all na
tions, but Ber
muda already
has reached
it.
I
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! J i i ijLU
ONE-MAN SUB TESTED Isador Port
noff, lop photo, waves good-bye as he pre
pares for an underwater test of his one-man
submarine at Chicago. The sub, a 13-footer,
is powered by a two horsepower electric
motor driven by two 12-volt batteries. In
the lower photo the sub ts going down in
14 feet of water in Lake Michigan. Portnoff
considered the test a success.
(UPI Telephoto)
Miss International
Beauties Compete
' Long Beach, Calif.-WPll-The
15 finalists in the new Inter
national Beauty Congress will
be selected from 52 contest
ants tonight to compete for
the title of Miss International
Beauty.
Final Judging will be held
Friday night with the 15 girls
first trimmed to five finalists
and then Miss International
Beauty chosen from that number.
Winner of the contest will
receive $10,000. -
The 52 cintcstants each rep
resenting a different nation
will parade for the last time
tonight in three divisions. One
group will wear play suits,
another evening dresses and
the third native costumes.
Bohlen To Attend
Costa Rica Meeting
Washington - tUPD - Secre
tary of State Christian A. Her
ter will take his top Soviet
affairs adviser along to the
Aug. 18 American hemisphere
foreign ministers meeting in
San Jose, Costa Rica.
The State department said
Wednesday that Charles E
Bohlen, former ambassador to
Russia, would attend the meet
ing. The session will consider
Communist threats in Cuba
and Latin America.
PRANKSTER
Newport Beach, Calif. - (UPD
-PnlinA sparphprt uithnilf sup.
.nae WoHnnGHow nlfthl fnr n
' "J "--o
prankster who drove through
me city streets using a ioua
SDeaker to announce "evacu
ate your homes."
Young Chaplin's
Lawsuit Rejected
Hollywood - (UPD - Charles
Chaplin Jr.'s court suit to
compel inclusion of his fa
mous father's name in the Hol
lywood Walk of Fame has
bscn denied.
Superior Judge Ellsworth
Meyer turned down the suit
Wednesday against the Holly
wood Improvement asoclation
and the Hollywood Chamber
of Commerce. They are in
charge of the Hollywood blvd.
sidewalk program in which
stars' names are embedded.
- Chaplin Jr., 35, still has a
$400,000 libel suit pending
against the two groups. He
accused them of maliciously
excluding the name of h i s
father.
And reach
it, it has de
spite the ab
sence of the
normal tax
Henrr Bechtold levies found
in most countries. This tiny
island with a permanent pop
ulation or only 45,000 showed
an overall profit of $129,372
471 from the end of World
War II until June 30, 1959.
Tourism, of course, is Ber
muda's bread and butter busi
ness, accounting for 70 per
cent of its national income.
However, there is a healthy
trend there toward a more
diversified economy with the
Island s tax benefits- the big
arawing card.
Bermuda does not have any
income tax, business tax, cap
ital gains tax, sales tax, ex
cess profits tax, dividend tax
or ostate tax. And this tax
immunity is available to all
Bermudians and non-Bermu-
dians, residents and non-residents.
This is' quite an attraction
to the U.S. companies seeking
new methods and techniques
to maintain and develop in
ternational business to meet
the serious competition of the
common market and other
regional trading areas being
formed in Europe and South
America.
Prentice-Hall, Inc. noted in
a recent tax ideas report that
American firms now are find
ing Bermuda a most favor
able over-all base for foreign
operations and private invest
ment.
Until recently, it said, many
Americans by-passed Bermuda
as a base because the island
does not advertise its tax
freedom and hence it was
erroneously assumed that
Americans and American bus
iness were not wanted. They
also were under the impres
sion that exchange control
and currency restrictions
might prevent or hamper base
or investment operations.
They now have discovered,
however, that Bermuda wel
comes corporations and per
sons of standing and integ
rity; several of its laws are
particularly patterned for
base operations and foreign
trusts; and liberalization of
exchange control and cur
rency restrictions now insure
that . Americans and Ameri
can firms may freely use
their dollars, as an external
company or account.
While most of Bermuda s
newly registered firms are ad
ministrative and financial in
character, the island's four-
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BEER
I960
year old xreepori industrial
area, where, by law, the gov
ernment guarantees a tax-free
operation for a 30-year pe
riod, is attracting more and
more light manufacturing,
packaging and distributing op
erations. One of the advantages of
manufacturing in this 75-acre
freeport area which has avail
able a wide variety of build
ings, warehouses, yards and
deep-water docks-is that man
ufacturing equipment, raw
materials and packaging sup
plies enter Bermuda duty
free. Also, there are no ex
port duties.
Bermuda also is attracting
an increasing number of in
ternational shipping lines.
More than a score of Euro
pean companies now have es
tablished subsidiaries in Ham
ilton in moves designed to
help them maintain competi
tive advantages threatened by
American and Greek owners
who have registered their
ships in such countries as
Panama, Liberia and Honduras.
Annual reports recently is
sued by the island's two banks
reflect- the booming state of
Bermuda business. The Bank
of Bermuda's profit last year
was $442,486, an increase of
$40,890 over the previous
year. The Bank of Butter
field's profit in the same pe
riod jumped $50,229 to $439,-389.
Bermuda's economic firm
ness also is strongly propped
by increased U.S. military
spending. Income to Bermuda
for U.S. armed forces and
their families, stationed on
the island, together with dol
lars being spent locally for
increased construction of fa
cilities, topped $1J million in
1959.
MANN'S IS READY FOR SCHOOL... ARE YOU?
YOUR AUTHORIZED MEDFORD
SHAKESPEARE BOXOFFICE
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sizes 6-12 3.98
sizes 13-18 4.98
huskies 4.50
shirts made to fit
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longsleeves and shortsleeves
sizes 6-20 1.98 & 2.98
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sizes 7-14
5.98
water repellent
POPLIN ALL-WEATHER COAT
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sizes 4-6 14.95
girls' & teens 16.95