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South African Government Authorizes Transfer of Emergency Funds to Israel

Dr. N. Diedrichs, the South African Minister of Finance, announced today that the South African Treasury had authorized the transfer to Israel of funds raised here in the Israel Emergency Campaign.

The terms of the Treasury authorization provide for the immediate transmission of 1,000,000 Rands ($1,400,000) plus 2,000,000 Rands ($2,800,000) in special, five-year, non-resident bonds which can be sold overseas. The same arrangement is applicable for each of the next five years.

Pending transfer, the funds raised will be deposited with the Public Debt Commissioner for investment in South African Government securities. Spokesmen for the South African Zionist Federation expressed satisfaction with the conditions and appreciation of the Government’s helpfulness.

The South African Government has maintained rigorous controls for many years on the transfer of funds from South Africa and has a strict licensing system governing these transfers.

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