Ibo Votes to Raise $500 Million in Next 16 Months; Calls for State of Mobilization

The 500 delegates attending the Israel Bond Organization’s Anniversary Conference last night voted unanimously to raise $500 million within the next 16 months. They called upon world Jewry to declare “a state of mobilization” for Israel’s economic survival in the midst of an “unbelievable” escalation of its defense budget. Conference president Samuel Rothberg urged Jewish communities throughout the world to discard previous criteria of financial support of Israel in order to achieve this “unprecedented goal.” Abraham Feinberg, president of the Bond Organization, warned that failure to reach the goal would be a tragic event and could negate all that has happened in the last 22 years. In separate resolutions the conference paid tribute to Henry Montor who organized Israel Bonds and headed the organization for its first five years, and to Dr. Joseph Schwartz who succeeded him and who retired this year after 15 years as head of the organization.

Earlier in the day the delegates attended the cornerstone ceremony of the $40 million oil refinery which is being constructed in Ashdod as a subsidiary of the Haifa refinery. IBO will raise $20 million of this amount. The new refinery is expected to be in operation within two to three years. In its first stages, the refinery will have an output of 72,000 barrels a day and a storage capacity of 200,000 tons. At the ceremony. Finance Minister Pinhas Sapir told the delegates, whom he called “true partners in the progress of Israel.” the Haifa refinery operation was successful beyond expectation. It was now producing five times more than when it had been bought 11 years ago.