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Israel’s Manufacturers Association Backs Plan to Halt Inflation

The biennial conference of the Manufacturers Association concluded here with the adoption of resolutions approving the intention of the Israel Government to halt inflation and agreeing to cooperate with the authorities to this end.

However, the resolutions demand that the government change its attitude on the collection of the surcharge tax on existing stocks of manufactured goods and that banks in Israel be permitted to give credits to industrialists more freely. One resolution also demanded that prices fixed by the government should “be based on reality.”

The resolutions were adopted after a bitter debate. Many manufacturers demanded strong action against the government, suggesting the closing down of plants. They were finally persuaded to concede to the government’s new economic plans, and to limit their demands to requesting a change in the execution of these plans.