WASHINGTON (Aug. 18)
Official sources here today confirmed the conclusion of an agreement between the United States and Israel under which the exchange rate for import of American books by Israel was set at $1.40 for one Israeli pound.
The new accord makes it possible to sell American publications in Israel 28 per cent cheaper than hitherto. It also enables American publishers to sell their publications in Israel for local currency and collect dollars from the United States Treasury, since the U.S. Embassy in Tel Aviv will use the Israeli currency for cultural activities.
(The New York Times today reported that contracts of guarantee with the United States Government have been signed by ten publishers for the amount of publications each is willing to send to Israel up to June 15, 1953. A total of $260,280 in such contracts is divided as follows: Doubleday & Co., Inc., and its subsidiary Blakiston & Co., $20,000; Moore-Cottrell Subscription Agency, $25,000; Pocketbooks, Inc., $25,000; Bantam Books, Inc., $30,000; McGraw-Hill, Inc., $28,000; Crowell-Collier Publishing Company, $57,280; New American Library of World Literature, Inc., $10,000; Macmillian Company, $25,000 and Henry M. Snyder & Co., $40,000)