A special Ministerial committee will be formed to make arrangements for the floating of the $1,000,000,000 Israel bond issue in the United States, the Cabinet decided at an extraordinary meeting here today. The decision was taken after hearing a detailed report by Finance Minister Eliezer Kaplan of his recent visit to the United States during which he sounded out American government officials and Jewish community leaders on the bond issue.
The Cabinet also decided on the personnel of a special delegation which will leave for London this Friday to negotiate with the British Government for the release of the remaining sterling balances frozen in the Bank of England, as well as other financial problems. The delegation will be headed by David Horowitz, director-general of the Israel Treasury.
During his visit to London, Mr. Horowitz is expected to sign for the Israel Government an agreement with the Palestine Potash Company which will eventually convert the company into an Israel enterprise. The Israel Government will advance $2,500,000 to the company on condition that it raise an additional $5,000,000, the total to be used to replace the company’s plant at the southern end of the Dead Sea and to build a road from the property to Beersbeba.
The majority of the shares of the company must be sold either to Israel citizens or Israel national institutions under the agreement, thus guranteeing Israel control of this vital chemical and fertilizer industry. The agreement also specifies that upon notice from the Israel Government the company must negotiate the sale of the property to the government within a period of five years after notice.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
