NEW YORK (Jan. 3)
The formation of the new organization which is to conduct the sale of Israel bonds in the United States was announced here today by Henry Montor, chief executive officer of the new body, which will be known as the American Financial and Development Corporation for Israel.
Addressing a press conference, Mr. Montor said that initial plans for the floating of the Israel bond issue in this country have been formulated by a board of directors which is composed of American Jewish leaders from all parts of the country. The exact date of the beginning of the sale of the bonds will be determined by the legal and technical preparations now under way, he said. However, he indicated that the public offering of the bonds will probably start in May.
“Israel’s case is unique in the annals of American financing effort, ” Mr. Montor said. “The state of Israel is coming to the citizens of the United States to borrow the funds with which it may strengthen its economy and put its vastly expanding population on a self-supporting basis. The people of Israel have imposed a heavy burden on themselves in order to hasten the absorption of hundreds of thousands of their brothers who are coming to Israel as victims of despair and aggression. They are now prepared to obligate themselves for the funds which they will borrow so that this state may become strong for itself and for the world.” He expressed the conviction that “Israel represents one of the prime investments in history.”