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British Treasury Permits Release of Sterling Securities to Israel

The British Treasury will permit the release for sale by the Israel Government of some 4,000,000 to 5,000,000 pounds worth of sterling securities owned by Israeli residents, it was announced here today. The announcement said that the Treasury’s action was taken as an extraordinary measure in view of the Israel Government’s extreme shortage of sterling credit.

It was learned that the proceeds from sale of the securities (somewhere in excess of $11,000,000) will b used to pay existing commitments as well as for the purchase of fuel and for work on irrigation projects. The agreement was concluded in the form of an exchange of notes this afternoon between Sir Leslie Rowan, of the British Treasury, and David Horowtiz, director-general of the Israel Finance Ministry.