Israel’s Minister of Justice, Dr. Dov Joseph, said here today that the termination of German reparations payments and America’s sharp reduction of grants-in-aid to Israel make it imperative that Israel find other sources of foreign income. “Israel bonds can help us bridge the gap between what we received in the past and what we will get in the future,” he stated.
Dr. Joseph addressed a gathering of some 1,200 women attending the 10th anniversary bond luncheon in the Beverly Hilton Hotel. Bond purchases at the event brought to over $1,000,000 the total produced by the women’s division since the beginning of 1963.
Pointing out that the Arabs have been getting weapons from Russia and substantial financial aid from the United States, Dr. Joseph declared: “We cannot carry unaided the triple burdens of defense, economic development and immigrant absorption. For that reason, we need the help of American Jews in the non-defense area, to ensure that Israel will continue to expand its economy and serve as a guide to the new nations of the world.”
Stressing the financial burden involved in immigrant absorption, Dr. Joseph said that, before the new citizen can become part of the country’s economic life, the Government must provide him with housing, teach him a trade, teach him Hebrew, stimulate industry in order to provide him with a job, and, as a prerequisite to the latter, provide roads, water and other essential services in under developed areas, without which a community cannot exist. “All of this imposes a tremendous drain on the national budget, which can be alleviated only through income derived from Israel bonds, our chief source of foreign investment capital,” Dr. Joseph declared.
(Former President Harry S. Truman has approved the establishment of an award bearing his name to honor outstanding national and local leaders who have given distinguished service to the cause of freedom and to the promotion of American friendship for Israel, it was announced in New York today by Abraham Feinberg, president of the Israel Bond Organization.)
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