Germany’s Payments to Israel Reach $410,000,000; Britain Benefits
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Germany’s Payments to Israel Reach $410,000,000; Britain Benefits

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The West German-Israel reparations agreement indirectly improved Israel-British trade relations, according to Dr. F. Shinnar, head of the corporation set up in Israel to handle all reparations matters.

Addressing the Anglo-Israel Chamber of Commerce last night, Dr. Shinnar noted that Bonn had set aside 6,300,000 pounds sterling ($17,640,000) annually for Israeli purchases in the sterling area, chiefly for fuel but also for other items. This had sparked Anglo-Israel trade, he noted, but recently trade relations had become “static” and looked “very unpromising” for the future.

Dr. Shinnar reported that Israel had already used 40 percent of the sum Germany had agreed to pay as reparations, and had contracted for another 10 percent. This meant that Israel already had taken advantage of half of the equivalent of $822,000,000 pledged by Bonn. Singling out Israel’s ship purchases under German reparations terms, he said that by 1963 the Israel merchant marine would have a total displacement of 600,000 tons. German shipbuilding had been a decisive factor in the establishment of Israel’s maritime independence, Dr. Shinnar insisted.

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