NEW YORK (Nov. 22)
Israel is looking to American Jews to provide a minimum of $125,000,000 annually for the next seven years through Israel Bonds and the United Jewish Appeal, Julian B. Venezky, chairman of the executive committee of the State of Israel Bond Organization, reported at a meeting of the organization’s Board of Governors held at the Hotel Astor here.
Mr. Venezky, who returned from Israel where he attended the economic conference of American and other Jewish leaders held in Jerusalem last month, said that the conference demonstrated that the relationship of American Jews to Israel cannot be considered on a “short range basis.” He pointed out that Israel will need for investment during the next seven years a total of $765,000,000 and 1,092,000,000 Israel pounds. In all, Israel will require a total of $1, 710,000,000, including an amount for the payment of debts, in the next seven years, he reported.
During the same seven-year period, he added, Israel expects to receive $420,000,000 in German reparation payments; $230,000,000 through private investments and an estimated $185,000,000 in grants-in-aid. The balance of $875,000,000, or $125,000,000 a year, will have to come from Jewish sources, principally in the United States. This figure, Mr. Venezky explained, would represent an increase of some $35,000,000 a year over the total amount made available, chiefly through Israel Bonds and the United Jewish Appeal, during the past year.
Mr. Venezky said that he was “deeply saddened by the action of the United States representatives in the Security Council of the United Nations against Israel.” He deplored the fact that our State Department “has associated itself in a step which will encourage Arab hostility and seriously jeopardize any opportunity for the establishment of peace based on justice for all concerned.”