NEW YORK (May. 11)
“Israel today is functioning on the basis of a balanced budget,” Pinhas Lavon, Israel Cabinet Minister, yesterday told a national Labor Zionist Conference for Israel bonds here. Delegates to the conference included representatives of the Labor Zionist Organization of America, the Pioneer Women of America, the Far band-Labor Zionist Order, and the Histadruth Landsmanschaften.
Mr. Lavon pointed out that the balanced budget had been achieved “after only five years of existence as an independent state.” This has been accomplished, he emphasized “as a result of a carefully planned deflation, despite the absorption of hundreds of thousands of immigrants.” The conference was also addressed by Henry Montor, vice-president of the Israel bond organization.