A new spirit of enthusiastic acceptance has been gener ated in many parts of the country as a result of the start of the redemption of the first Israel bonds last week, it was reported today by Dr. Joseph J. Schwartz, vice-president of the Israel Bond Organization.
“It is difficult to describe the warm spirit of gratification which has greeted the beginning of the redemption of Israel bonds, ” Dr. Schwartz said. “There is as much enthusiasm among persons who do not hold maturing bonds as among the first subscribers who are now receiving payment of the 1951 Independence Savings Bonds. A large number of those who have already redeemed their bonds are turning around and reinvesting the redemption payments in new bonds of higfer denominations.
“Since redemption has only been in effect since May 1st, it is too soon to form any conclusions as to the rate of redemption or the proportion of reinvestment on the part of bond redeemers. However, we have already had sufficient experience to realize that redemption will be a powerful stimulant for broadening the scope of Israel bond sales, as well as a significant source of increased income for economic development through reinvestment by many 1951 bondholders.
“The reality of repayment of principal and interest has very dramatically demon-stra ed to the general public the economic integrity of Israel as well as the validity and value of its bonds. We believe that the new spirit of confidence generated by redemption will serve to provide the foundation for the most successful campaign in the twelve-year history of the Israel bond program, ” Dr. Schwartz declared.
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