Plans for a vigorous sales campaign for Israel bonds coordinated with other Israel campaigns such as the United Jewish Appeal in a manner that will not interfere with the other drives were announced at a press conference today by Dr. Joseph J. Schwartz, vice-president of the newly-formed Development Corporation for Israel, which has just undertaken the bond responsibility as sole underwriter for the State of Israel.
Although registered with the Securities Exchange Commission only this week the new corporation has already obtained authorization for the sale of bonds in 30 states and 12 major cities have begun their new bond drives or are in the process of organizing them Dr. Schwartz said.
In many respects as far as the principal objective of “selling as many bonds as possible to as many people as possible” is concerned the new organization will function as the old one did. “There is continuity of effort and that continuity remains. “Dr Schwartz declared However. there is one “significant” change in the terms established between the new corporation and the State of Israel as compared with the former organization in charge of bond sales the new bond chief asserted. The agreement with Israel according to Dr Schwartz no longer gives the bond organization the “sole right” to determine when where or how to sell bonds.
That clause in the old contract it was noted was the crux of the difficulties between the old bond sales organization and local communities. Under the new set-up Dr Schwartz pledged, the “local communities will have something to say about how bonds are sold and the methods of selling them”
NAMES OF EXECUTIVE MEMBERS TO BE ANNOUNCED SUNDAY
Names of the members of the executive committee and the board of governors of the new corporation will be announced after meetings of the two groups next Sunday. A meeting of the old bond organization’s city managers will be held Friday So far Dr Schwartz said, he was happy to note that the majority of the old staff has agreed to remain with the new corporation.
An indication of the vigor of the new campaign planned by Dr. Schwartz was seen in the schedule announced during today’s press conference Between May 23 and June 30 bond sales campaigns will have begun in at least 12 major cities, with Dr. Schwartz in attendance at important functions of the local drives.
Dr. Schwartz indicated that there has been absolute coordination between his planning and the UJA and Zionist organizations. He has conferred with the leadership of every major Zionist organization in this country he said Outstanding Zionist leaders will be among the members of the new corporation’s board of governors and executive However in no case will these Zionist leaders represent their organizations–“they will be in our organization as individuals” Dr Schwartz said.
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