SA AN
DITIONAL

HUGS

)

proved enterprise" and political-
ly favored institutions (such as
the kibbutzim and the His-
tadrut's Kupat Holim Clalit
health fund),is an invitation to fa-
voritisin, corruption and waste.
Only the free market should
determine credit availability, says
the paper.
"This should fight inflation
by promoting rapid economic
expansion and lowering corpor-
ate borrowing costs," the paper
said.
Mr. Elbaum proposes sub-
stantial reductions in corporate
income tax rates, payroll taxes,
and other taxes on business ac-
tivity, and a concomitant phas-
ing out of state subsidies and
grants.
The resulting economic
growth, the emergence of busi-
ness activity from the "under-
ground economy," and the
taxation of businesses no longer

given special tax-free status will
make up for the loss of revenue.
Other proposals include what
virtually all economists have been
suggesting in the past few years:
stable, consistent tax rules and
rates, which are vital to econom-
ic growth; a stable environment
for business that can attract in-
vestors; accelerated privatization
of state-owned corporations and
the removal of unnecessary reg-
ulations on business activity; and
the opening of the Israeli market
- "still riddled with inefficient
monopolies and cartels in every-
thing from telecommunications
to universities to citrus market-
ing," as Mr. Elbaum states - to
competition.
It is in these areas that the
government must act if it
wishes to curb inflation and en-
courage growth. The on-again-
off-again taxing of the bourse is
marginal.

$ 1000C1

If you're a current owner
of a Cadillac o Lincoln

Remodeling
Sale!

(Please excuse our dust..

SmartLease*

SmartLease Plus*

DeVille
$12585**

DeVille

$449*

Single up front
payment.
24 month lease.

24 months
24,000 miles
$2000 down

Chrome wheels, I-SB Pkg. & security system

Stk#S244500

24,000 Miles

200 HP, 4.9 Liter, V8 engine • Totally redesigned body • Anti-lock brakes
• Airbank System • Speed Sensitive Steering

Silver Lining: Housing Prices

Muttering "oy vey" over last
month's 1.3 percent jump in the
Consumer Price Index (CPI), Is-
rael Prime Minister Yitzhak
Rabin expressed his frustration
over the country's persistent in-
flation.
However, economists saw a sil-
ver lining in November's index:
Housing prices, which have risen
meteorically in the past two
years, barely budged.
The main thrust of last
month's CPI rise reflected the
transient hiccups of high veg-
etable prices and seasonal cloth-
ing and footwear prices.
"The high price of fruits and
vegetables is not the major sto-
ry of this index; housing is the
major story," said Jonathan Katz,

chief economist of the Capital
Holdings company.
Rahamim Ozama, head of the
Central Bureau of Statistics' price
division, estimated that inflation,
based on the past 11 months, is
now running- at about 15 percent
annually.
Fruit and vegetable prices
surged 10.2 percent last month,
rising more than 50 percent in the
past year. They contributed 0.5
percentage points to November's
index.
Housing prices, in contrast,
inched up a record low of 0.5 per-
cent, increasing by 24.8 percent
in the past 12 months.
The rise brought the index to
118.7 points on a baseline aver-
aging 100 in 1993.

199* !no.

24 months
30,000 miles
$2000 down

Symbol Name

Exchange

Dec. 16 Dec. 23 Change

SCIXF

Scitex

NASDAQ

'16.00

'17.75

+$1.75

EC I LF

ECI Telecom

NASDAQ

'13.13

'12.38

-$0.75

TEVIY

Teva Pharm

NASDAQ

'23.38

'23.25

-'0.13

IEC

PEC Israel

NYSE

'26.50

'27.38

+$0.88

ELBTF

Elbit Computers NASDAQ

'19.75

'21.38

+$1.63

ELT

Elscint LTD

'1.75

'2.00

+$0.25

ELRNF

Elron Electronics NASDAQ

TAD

Tadiran

NYSE

'8.63
'19.25

'9.38
'21.00

+50.75
+$1.75

CMVT

Comverse

NASDAQ

'11.13

'11.25

+$0.13

LANTF

Lannet Data

NASDAQ

'17.88

'20.25

+$2.38

ISL

NYSE

First Israel Fund NYSE

$11.25

'10.75

-$0.50

Source: Allen Olender, Prudential Securities,
West Bloomfield.

Single up front
payment.
24 month lease.

AIM

Chrome wheels, leather seats & security system

Stk#5602221

270 H.P., 32-valve, Northstar System V8* • Full Range Traction Control
• Real-time Road Sensing Suspension • Speed Sensitive Steering
• Airbank System • Anti-Lock Brakes

-doe

Chrome wheels, leather seats & security system

Stk#5800891

275 HP, 32-valve, Northstar System V8* • o-60 in 8.2 Seconds • Road
Sensing Suspension • Speed Sensitive Steering • ASRRU Full-range
Traction Control • Anti-lock Brakes • Airbank System

CADILLAC®

30,000 Miles

Rinke
Cadillac

INKE CADILLAC

I- 696 AT VAN DYKE

G

eller* M ot ors
Family

7 5 8 - 1 8 0 0

If traveling west on 1-696, exit Hoover, follow Service Drive to RINKE.
If traveling east on 1-6%, exit Van Dyke; take second bridge past Van Dyke over expressway to RINKE.

Open Mon.

Single up front
payment.
24 month lease.

CREATING A HIGHER STANDARD

*GMAC SMARTLEASE 24 months. First pyrrt Ref. sec. dep. rounded to $25 increment, plus down
payment as shown above; plate or transfer fee due on delivery.State & lux. tax additional. Mile
limitation of 30,000. 24,000 miles for Devilles 10c per mile excess charge over imitation. Lessee
has option to purchase at lease end. To get total payments, multiply payment by number of months.
"Based on GMAC SMARTLEASE 24
month one single up front payment plus New addition
$500 ref. sec. dep. plus plates or transfer C) Erit
due on delivery + 6% sales tax & luxury tax
additional. Mile limitation of 30,000.24,000
miles for Devilles 10c per mile excess
charge over limitation. Lessee has option
to purchase at lease end. Restrictions ap-
ply, see dealer for details.

R

30,000 Miles

Seville SLS
$141491*

Seville SLS
*
$559
mo,

24 months
30,000 miles
$2000 down

LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES

Eldorado
si3132r

Eldorado

7-9pm, Tues. 7-7 pm, Wed. 7-7 pm, Thurs. 7-9 pm, Fri. 7-6 pm

,\\
•• ■■■■•■

7

/./

MASTER

DEALER

DEDICATED T

CC
LU

LLI

T.1.4„ILLENCr.

I-LJ

31

