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$5,000,000 Allocation for Jerusalem Announced at New York Parley

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A special allocation of $5,000,000 in State of Israel Bond proceeds to be used for the economic development of Jerusalem as a new industrial center in the Middle East was announced here today as plans were formulated for a city-wide celebration of Jerusalem’s 3,000th anniversary. The celebration, which is being sponsored in cooperation with the Greater New York Committee for State of Israel Bonds, will be held on Tuesday, October 20th, at Madison Square Garden.

James G. McDonald, first United States Ambassador to Israel and chairman of the Advisory Council of the Israel Bond Organization, reported the special allocation at a conference of more than 300 Jewish communal and religious leaders at the Hotel Astor. The conference adopted a resolution urging the “purchase and sale of State of Israel Bonds” as a means of “lending substance to our deep faith in the future of the City of Jerusalem and the State of Israel.”

The $5,000,000 allocation for Jerusalem in the Israel Government’s budget for 1953-54 was described by Mr. McDonald as “the most important step yet taken in the program to further Jerusalem’s development as a new industrial center in the Middle East.” Describing the allocation as “an exciting birthday greeting from the people of the United States,” Mr. McDonald said:

“It is a clear indication of the great confidence American investors have in the future of Israel and in the development of Jerusalem as one of the great cities of the world. The industrial advances and construction of vital projects made possible by this allocation will play a major role in the renaissance now taking place that will restore to Jerusalem the ancient glory that made it the City of the Ages.”

Among the projects that will be undertaken in Jerusalem in the near future, according to Mr. McDonald, are the building of new and the renovation of old industrial sites; the construction of a reservoir and the laying of a second water pipe line into the city; the enlargement of one of the country’s major agricultural schools; and the extension of telephone and railway services. Mr. McDonald stressed the far reaching effect of the Israel Bond drive upon the economy of Israel.

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