G`Day Birdmeister, 38ac is correct, modern engine oils are light years ahead of any oils they had back then. There has been a lot of debate about detergent in oils, basically detergent oils clean your engine and hold the dirt in suspension in the oil. The oil then gets fed through a filter to remove the dirt and abrasive particles. If your engine has not got an oil filter you need a non detergent oil that allows the dirt and abrasive particles to sediment out, I would recommend making alterations and adding an oil filter if necessary. 15W 40 should be fine, 15W 30 if you live in a very cold area.
Bob