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Economic Minister Urges Israel Bond Convention to Increase Bond Sales in 1969

An Israeli official urged delegates to the inaugural conference for Israel Bonds here to raise their 1969 quota of Bond sales to more than half of Israel’s $333 million development budget for the current year. Shimon Alexandroni, Israel’s Economic Minister to the United States, told the 2,500 delegates that his nation’s economy would be in a bad way if it were not for Bond sales. He said Israel is now spending more than 20 percent of its gross national product for defense.

Dr. Joseph J. Schwartz, vice president of the Israel Bond Organization, disclosed that world-wide sales of Bonds last year yielded proceeds of $130,500,000. He said the largest single sum, $30 million went for housing; $16.5 million, was allocated to the development of agriculture and irrigation; and $15 million each was allotted for industrial development and postal and telecommunications development. The remaining Bond proceeds went for electric power, transportation, mining and mineral resources development, roads and public buildings.