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Large Sums of Foreign Currency Entering Israel; Investments Now Reach $240,000,000

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Major banking institutions of Israel have been receiving unusually large deposits of foreign currency from abroad during recent weeks, it was learned here today.

Last night, David Horowitz, director-general of the Finance Ministry revealed that 86,000,000 pounds ($240,000,000) has been invested in Israel during 1949, and that about $160,000,000 has come from foreign investors. He also said that Israelis have paid two-thirds of the total cost of the Palestine war.

It was learned here that reports that Israel was seeking a loan from the Soviet Union referred to months-old trade negotiations between the two states, which are still continuing. It is hoped that the negotiations will result in the extension of long-term credits to the Jewish state by the U.S.S.R.

The discovery of kaolin deposits by American geologists in the Jordan Valley was reported here today. Samples of the clay, which is used in the manufacture of porcelain products, have been sent to the Weizmann Institute of Science at Rehovoth, for analysis.

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