A total of $40,522,950 was realized through the sale of Israel Bonds during 1954, Julian B. Venezky, chairman of the executive committee of the Israel Bond Organization, reported today to a meeting of the board of governors of the Israel Bond drive at the Savoy Plaza Hotel here.
Israel Bond sales during 1954, Mr. Venezky indicated, represent an increase of $3,661,800 over the total of $36,861,150 in sales during 1953. The total sales of Israel Bonds since they were first offered for sale in May, 1951 reached $177,552,450 as of the end of 1954, Mr. Venezky added. The impact of these Israel Bond dollars on Israel’s economy, Mr. Venezky noted, has been “an imcomparable force for economic strength and development.”
The board of governors pledged its “maximum effort during the coming year” in a message cabled to Israel Prime Minister Moshe Sharett from the meeting of the board. Describing the Israel Bond Organization as “an instrument of strength upon which the Government of Israel may surely count, “the cable to Mr. Sharett expressed the board’s determination “to mobilize the largest possible resources to speed the economic expansion of Israel.”
In a special announcement at the board’s meeting, Samuel Rothberg, national chairman of the Israel Bond Organization, reported that Israel Bond campaigns are now being conducted in 27 countries in North and South America and Western Europe.
Mr. Rothberg reported that the 1955 issue of Israel Development Bonds will have the same advantageous features as the bonds offered for sale during 1954. These include the following provisions:
1. An interest rate of 4 percent per annum on coupon Bonds, which mature on January 1, 1969; 2. An increase of 50 percent in the value of Savings Bonds during the ten-year period before they mature; 3. Convertibility into Israel at any time for tourist expenses while in Israel, or for investment in approved Israel enterprises; 4. Immediate redeemability in dollars on the death of the registered owner.
Mrs. Michael A. Stavitsky, of East Orange, New Jersey, accepted the post of national chairman of the Women’s Division of the Israel Bond Organization, at the board’s meeting. She succeeds Mrs. Alexander Lowenthal of Fittsburgh, who served as national chairman for two years. A silver Bible, hand-wrought in Israel, was presented to Mrs. Lowenthal for her “outstanding service in mobilizing women throughout America to advance the cause of Israel’s economic freedom.”
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