Israel’s Economy Dependent on Response of U.S. Jewry to Bond Issue, Minister Says

The outcome of Israel’s battle for economic independence rests primarily upon the success of the $500,000,000 Israel Bond Issue in the United States, Israel Finance Minister Eliezer Kaplan told 2,000 persons today at a rally in Manhattan Center under the sponsorship of the Greater New York Committee for the State of Israel Bond Issue.

Speaking to members of fraternal and independent organizations after the presentation of the American and Israel flags by American Legionnaires and sailors of the Israel Navy, Mr. Kaplan emphasized that Israel is “determined always to keep its doors open in heartfelt welcome to immigrants from enslaved or shattered nations of the world.

“Israel has the natural resources, the energies of its people and the fire of ambition to become a great nation,” Mr. Kaplan stated. “But before we can exploit our resources and channel the skills of our people, we must have additional working capital. We must increase our exports and decrease our imports and to do this we need funds to build power plants, develop our agricultural potential and construct thousands of dwellings and industrial buildings. In short, we need to develop our economy so that the people of Israel need not look to friends across the sea for gratuities.

James G. McDonald, former U.S. Ambassador to Israel, who is chairman of the Advisory Council of the American corporation which directs and manages the State of Israel Bond Issue in the United States, told the assembly that “the friendship between the people of Israel and the people of America is stronger today than ever before.”