MONDAY, AUGUST 20. 1962
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ON TELEPHONE - From his summer home in the Crimea,
Soviet Premier Nikita Khrushchev talks with the twin
cosmonauts shortly after their landing in Karaganda. Look
ing on is Soviet President Leonid Brezhnev. Maj. Andrian
Nikolayev and LI. 'Col. Pavel Popovich made history with
their dual flights totalling nearly three million miles. (UPI)
Canadian Highway To Be Dedicated
Ottawa (UPD Canada's 5
000-mile main street, - the $1
billion Trans-Canada highway
which snakes across the coun
try from the Atlantic to the
Pacific ocean - is ready for
travel.
On Sept. 3 Prime Minister
John Diefenbaker will for
mally open the road near the
summit of Rogers pass in Brit
ish Columbia, less than 100
miles from where the last
spike in the Canadian Pacific
railway was driven 67 years
ago.
The highway, as was the
railway, is being touted as the
fulfillment of the dream of
Sir John A. MacDonald -Canada's
first prime minister
- of a nation united from sea
to sea, Canada's motto.
The opening doesn't mean
the highway is complete. Not
all of the 10 provinces have
finished their share of the
project.
But the most treacherous
parts of the country, where
motorists formerly travelled a
narrow road that clings peril
ously to the mountainside, has
been spanned with a two-lane
highway. A motorist can now
travel from the province of
Newfoundland in the east to
British Columbia in the west
with relative ease.
Expensive Section
Rogers pass in the Rocky
mountains not only commem
orates - in an arched memor
ial in a roadside park - the
MacDonald dream, but repre
sents the most expensive sec
tion of the 5,000 miles.
This section, 92 miles be-
Japan Securities
Gaining Increased
Investor Interest
New York-WII-The recent
relaxing by the Japanese
government of controls over
funds of foreign investors in
Nippon's securities should
have the same long-range ef
fect as the earlier lowering
of margin requirements is
expected to produce in Unit
ed States stock markets, the
director of a major Japanese
brokerage house here be
lieves. Terumasa Hasebe. who re
cently took over as managing
director and head of the U.S.
operations for Nikko Securi
ties company, Ltd.. said that
the relaxation, which became
effective Aug. 1, may not
show the effects today that it
will in the near future.
But Hasebe and his com
panions at Nikko said they
are certain of the long-range
effects because they already
have had a rire in the num
ber of inquiries ab"ut Japa
nese securities, particularly
from pension funds.
The Japanese Ministry of
Finance on July 27 an
nounced that foreign inves
tors who bought Japanese se
curities coul 1 not turn to
their own country both their
pincipal and their profits in
SIS
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six months and one day, rath
er than being forced to wail
two years as had previouply
been the case.
Long Advocated
The move had long been
advocated by brokers and by
companies which are listed on
the Tokyo exchanges, in an
effort to attract more foreign
capital. Meanwhile, the "Big
Four" Japanese brokerage
houses in this country be
came more active in con
tracting eligible American in
vestors. The recent relaxation was
the second of its sort within
16 months. In May, 1961,
Japan reduced the waiting
period for repatriation of for
eign capital from five years
to two years, and allowed
dividends and interest to be
paid out immediately. The
result was that foreign in
vestor interest, principally
American, rose in the 1961
fiscal year to $115 million
from the $45 million invested
between 1950 and 1910.
Immediate repatriation,
however, is not likely to be
permitted for a time. Japan,
a trading nation greatly de
pendent upon overseas com
merce, keeps a close watch
on its foreign exchange bal
ances. "Of course, the govern
ment action, which had long
been sought, came at a time
when interest in in' estmcnt
in common stocks anywhere
had declined in the United
States, as has been shown by
the low rate of activity in
U.S. securities markets." said
one of Hasebe'r associates.
Many Inquiries
"But we have had inquir
ies, many by telephone, for
information on the market,
since the relaxation. We be
lieve investment in our secu
rities has attraction for pen
sion funds in particular. They
are not so likely to require
rapid turnover as are the
mutual funds in some situa
tions, and many more looking
for growth of investment."
Hasebe explained that "blue
chips" on the Tokyo ex
chance may vary.
"Right now, some of the
most highly regarded issues
in Japan are construction is
sues." he said. "Building is a
tremendous industry in Ja
pai at this time, building of
all kinds, factories and
homes. The government has
made heavy apprr ria lions
for it."
Japanese investors, he ex
plained are not so interested
in dividends on a stock as
they are in rights issues, per
mitting a present holder of
stock to obtain more at at
tractive rates. This is the
standard used by most inves
tors to determine the worth
nj K stock-
tween Golden and Revelstoke,
B.C., that runs through gorges
and around avalanche-infested
mountains, cost about $2 mil
lion a mile and commanded
the efforts of s o m e of Can
ada's top engineering brains.
Although the government
didn't decide to put the high
way through the pass until
1956, engineers began to
tackle the avalanche and con
struction problems in 1953.
An avalanche research
group working on skis at nigh
altitudes set out to locate each
avalanche zone, to recom
mend the cheapest and best
defense against the snow
slides and to set up an ava
lanche forecast system.
Their work, made more
dangerous by the annual 28
foot snowfall that could slide
at any time, was not easy.
More than once parties of sci
entists and engineers were en
gulfed and had to be dug out
by rescuers. None was ever
lost or killed.
Their work paid off. They
devised an ingenious net
work of snow sheds over the
road and of-snow catches to
California Editor
Receives Award
Watervillc, Maine - (tM -Thomas
M. Storke, editor and
publisher of the Santa Bar
bara (Calif.) News-Press, to
day was awarded a third ma
jor journalistic honor for his
editorials about the John
Birch Society.
Colby College announced
today that the 85-year old
Californian would receive the
annual Elijah Parish Lovejoy
award for courageous journal
ism at a ceremony here on
Nov. 8. The award is named
after a Colby graduate who
was killed by a mob 125 years
ago while defending his press.
Storke, who becomes the
11th Lovejoy fellow, won a
Pulitzer . Prize earlier this
year for calling attention to
what his newspaper described
as a "campaign of hate and
vilification" by members of
the Birch Society in his com
munity. The editorials also
won Storke the 1961 Lauter
bach award for outstanding
work in the field of civil liberties.
THIEVES TAKE WALK
Dcs Moines, Iowa - - flJPD
Thieves stole 60 feet of brick
sidewalk during the week
end on the Drake university
campus.
prevent the avalanches bury
ing cars.
Where the avalanche threat
is worst, the sheds - roofs
built on stilts - cover the
pavement. In other locations
25-foot high earth mounds
have been built on the side
of the mountain to deflect the I
sliding snow. And in other i
places 1,000-foot long "bench- I
es" with a 10-fool high lip on
the edge are built into the
mountainside to catch the j
snow. i
The Canadian Public Works j
department believes these ef-!
forts will provide as safe a
mountainside road as exists In
the world. An elaborate warn
ing system will warn of an
impending avalanche and the
road wit! be closed until the
snow thunders down.
If a severe avalanche over-1
powers the defenses, the road
will be closed until it is clear
ed. But officials estimate
yearly closings will total no
more than 12 days each win
ter. The Canadian Army is be
ing used to. prevent snow
banks from building up. They
will fire mortar shells into the
mountain tops from time to
time to provide a small slide.
Besel by Problems
Since it was decided in
1949 to build the Trans-Canada,
construction has been
beset by problems. Comple
tion date was set originally
for 1956, with the provinces I
supplying the manpower and
50 per cent of the money. j
But several provinces were
unable to raise the money and
manpower quickly enough.
Quebec province refused to
participate and until the new
Liberal government of Jean
Lesage came to power in 1960
no start on reconstructing
that French-Canadian Prov
ince's 398 miles was started so
that only 12 miles are com
pleted in Quebec.
Latest problem arose last
week when a New Brunswick
farmer, who claims he was
underpaid for his land when
it was expropriated for the
highway, blocked the highway I
by igniting gasolinc-s o a k e d
timber and tires. j
He was trying to stop a mo- j
torcarie which dipped its rear i
wheels in the Atlantic and 1
plans to cross the country to '
publicize the opening. A bull-1
dozer pushed the blockade in- j
to the ditch and the cars pass-'
ed by.
The Canadian Automobile
association and the Govern- i
ment Travel bureau who are
sponsoring the motorcade are
banking on the Trans-Canada
to bring an Influx of tourists J
from the United States. I
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