$23,650,000 Sales Launch Israel Bond Drive; Sapir Focuses on Major Aims

The sale of $23,650,000 in Israel Bonds in the opening weeks of the 1964 campaign was announced here today to the more than 2,000 delegates from the United States and Canada at the international inaugural conference for Israel bonds by Samuel Rothberg, national campaign chairman, who presided over the conference. This amount, he said, constitutes the largest sum ever sold for the inauguration of any drive in the history of the Israel Bond organization which, since 1951, has raised more than $660,000,000 for Israel’s economic development.

Baron Edmond de Rothschild, of France, who is president of the Israel broad drive for Europe, and an outstanding participant in Israel’s economic development, was the guest of honor at the 1964 conference here this weekend. The conference launched a drive to sell $85,000,000 in Israel bonds this year, and also inaugurated the new $400,000,000 third development issue of Israel bonds, whose sale begins March 1.

A cabled message from Israel’s Prime Minister Levi Eshkol outlined Israel’s major objectives for the near future, including economic development; absorption of more immigrants; carrying “life-bringing water into the barren and thirsty South” of the country; exploitation of atomic energy for the good of Israel, the entire Middle East region and the world; tightening security; continuation of the drive for peace with the Arab world; and intensification and enrichment of the Jewish culture and heritage.

In an address to the gathering, Pinhas Sapir, Israel’s Minister of Finance, discussed Israel’s current, five-year economic plan. He highlighted Israel’s immediate aims as follows:

SEES POPULATION RISING TO 4,000,000, G. N. P. TOTALING $5,000,000,000

“1. Absorption of a population increase to 3,000,000 by 1970, and preparation for the fourth million, which is expected to be reached some time during the 1970’s. During the past three years, Israel has taken in some 170,000 immigrants.

“2. Continuation of the growth of the gross national product at a rate of 10 per cent per year. Israel’s plans call for a G. N. P. of 15,000,000,000 Israel pounds ($5,000,000,000) by 1970; it is believed this will assure full employment for the country’s labor force.

“3. Reducing the gap between exports and imports by $160,000,000 before 1970. Exports by that time are expected to be close to $1,700,000,000, as compared with $600,000,000 in 1963.

“4. Achieving a substantial improvement in the level of general and vocational education in Israel.”

Referring to Israel’s current negotiations with the European Common Market, Mr. Sepur indicated that the outlook for these negotiations is promising. He added: “There are hopes for an agreement that will safeguard this most important outlet for Israel’s agricultural and industrial production.

FEINBERG HAILS LBJ’S COOPERATION WITH ISRAEL; BOYAR, ROTHBERG REPORT TO PARLEY

Abraham Feinberg, president of the Israel Bond Organization, hailed the recent announcement by President Johnson of American cooperation with Israel in the use of nuclear energy for the desalination of sea water. He said it represented “the key to the solution of many of the world’s problems.”

“The cooperative effort by the greatest nation in the world and one of the smallest and youngest countries, Israel, not only testifies to the close bond between the two countries, but plays the spotlight of world attention on the advanced status of Israel’s scientific development,” Mr. Feinberg said. “It is gratifying to reaffirm the fact that Israel, like the United States, is preparing to share its scientific knowledge with the rest of the world and with its Arab neighbors for the welfare and peaceful development of the Middle East.”

Louis H. Boyar, national chairman for trustees of the Israel Bond Organization. emphasized the fact that confidence in Israel bonds has been spurred by the beginning. on May 1, 1963, of the redemption of the first Israel bonds. During 1963 alone, he said, more than $24,000,000 was paid cut in principal and interest on matured bonds by the State of Israel at the rate of 150 cents on the dollar. More than $41,000,000 is due to be paid out in 1964, he said.

“One of the most significant indications of increased confidence in Israel’s economy is the fact that more and more financial institutions are now investing in Israel boards. More than 300 banks have purchased Israel bonds in addition to more than 500 international an local unions and joint union councils which have made substantial purchases. Israel bond have also been bought by numerous insurance companies, pension and welfare funds, building funds and the like,” Mr. Boyar noted.

Mr. Rothberg pointed out that this year’s goal of $85,000,000 was in keeping with the commitment of the Israel Bond Organization to provide a minimum of one-third of the country’s development budget. He reported that, for the current year, this budget amounts to $270,198,000.

TRIBUTES PAID TO ROTHSCHILD; 1964 DRIVE LEADERS CHOSEN

Warmest tributes were paid to Baron de Rothschild by all the leaders of the bond organization as well as by another of the principal speakers, U. S. Senator Abraham A. Ribicoff, of Connecticut. It was noted that, of the total of more than $69,000,000 in Israel bonds sold last year, close to $5,000,000 were sold in Western Europe under the

Baron de Rothschild expressed his gratitude to Israel bonds for giving him “the opportunity to be identified with Israel, not as a tourist or spectator but as an active participant in its growth and development.” He described his experiences in selling Israel bonds in Europe as follows: “It is rewarding, in the course of my campaign work, to know that Israel bonds are a symbol of the return of the depleted Jewish communities of Europe to a status of equal partners with you in building the Jewish homeland.”

The French baron, who addressed the conference dinner last night, further told the audience: “Christian friends have joined in this program for Israel’s development not only because they admire Israel and are impressed with its programs; they buy because they understand that they must stand in for the Jews who never returned from the concentration camps.”

The 1964 campaign of the National Women’s Division of the Israel Bond Organization was also launched at a luncheon this weekend, attended by more than 1,000 women leaders from communities in the United States and Canada. Mrs. Jan Peerce, national chairman of the division, presided at the luncheon, which featured the international premiere of the St. Laurent-Israel Fashion Collection.

At the closing session of the conference today, Mr. Boyar was named chairman of the organization’s board of governors, succeeding to the post held by the late Rabbi Abba Hillel Silver. Morris W. Berinstein, of Albany, N. Y., was elected national chairman for trustees. Other leaders to head the 1964 campaign were named as follows:

Mr. Feinberg, president; Ira Guilden, national chairman; Dr. Joseph J. Schwartz, vice-president; Jack D. Weiler, secretary-treasurer; Mr. Rothberg, national campaign chairman; Lawrence G. Laskey, chairman of the executive committee; Eddie Cantor, national chairman of builders; Max Bressler, national chairman of guardians; Mrs. Peerce, national chairman of the women’s division; and Julian B. Venezky, national chairman for regions.