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$18, 465, 000 in Israel Bonds Sold in 1961 Prior to Launching Year’s Drive

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The three-day Inaugural Conference of the Israel Bond Organization concluded here today with an announcement that the initial sale of Israel bonds for 1961 has reached $18,465, 000.

“This auspicious beginning puts us well on the road to success in our efforts to raise a total of $80, 000, 000 this year to enable Israel to embark on a new chapter of pioneering and growth,” Dr. Joseph J. Schwartz, executive vice-president of the Israel Bond Organization told the 2, 000 delegates who came to the conference from all parts of the United States and Canada.

Dr. Schwartz emphasized that the amount of $18, 465, 000 received in the pre-inaugural period for 1961, added to the total raised up to the end of 1960, brought the proceeds for Israel bonds since May 1951 to the sum of $494,556, 750. Samuel Rothberg, national conference chairman, pledged that the campaign would surpass $500, 000, 000 by April 20, the date on which Israel will celebrate her 13th anniversary.

Included in the first sales were 30 purchases in $50, 000 denominations (Golden Trustees) and more than 400 in the Bar Mitzva Trustee category, the title given to those who buy $13, 000 or more in honor of Israel’s 13th anniversary. Admission to the inaugural dinner last night was on the basis of a purchase of $1, 300 or more in Israel bonds. Cabled messages urging intensified support of the Israel bond drive were received from Prime Minister David Ben-Gurion and Finance Minister Levi Eshkol and read at the dinner.

EBAN STRESSES ISRAEL’S RELATIONS WITH THE UNITED STATES

Abba Eban, Israel’s Minister of Education, in his first address to an American audience since his return to Israel from the United States where he served as Israeli Ambassador in Washington, told the dinner guests that Israel has embarked on a vast development program in the Negev which may well become “the world’s pilot plant for settlement of arid zones, ” and may have great bearing on future development of Asia and Africa. He appealed to the delegates of the Bond Conference to help finance this project in “pioneering, transformation and growth–which are Israel’s special genius. “

Referring to Israel’s international policies, Mr. Eban declared that close ties between the United States and Israel must be maintained “for the health and progress” of the entire family of democratic nations. “Our relations with the United States are keystones in the arch of our international relationships, ” he said.

In describing Israel’s immediate tasks, Mr. Eban declared: “First our duties are to restore stability to our democratic life. Israel’s institutions and leadership have lived under pressure of constant and heavy tensions. These have taken certain toll. But I am convinced that they are the growing pains of a young democratic organism. We shall overcome these tensions. We shall emerge stronger and more resilient–I hope also more prudent–from them and from the experience which they teach. “

Mr. Eban said: “The Israel Bond Organization, with its proud record of $500, 000, 000 mobilized for investment in ten years, has been among the architects of Jewish salvation. I recall the day on which we launched it ten years ago, and am uplifted by what has since developed.”

Abraham Feinberg, president of the Israel Bond Organization, declared that the Israel bond campaign was stimulating American trade with Israel. He reported that the great majority of dollar proceeds of Israel bonds remained in the United States to pay for goods and services required by Israel for its economic development program. In the first six months of 1960, he said, the State of Israel spent a total of $102,400,000 in the United States. During the same period goods and services imported from Israel by the U.S. amounted to $32, 000, 000.

“It is evident from these statistics that one of the most important consequences of the Israel bond campaign has been the rising volume of trade between the two countries, with the balance substantially in favor of greater income for the United States, ” Mr. Feinberg asserted. The impact of ten years of investment aid provided by Israel bonds was described by Samuel Rothberg, who presided at the dinner session.

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