Four leading New York banks have accepted an invitation from the Jewish Agency to send senior officials to Israel to evaluate the Agency’s activities and advise on the formulation of its financial policy, it was announced here today.
George T. Newell, vice-president of the Manufacturers Trust Company, and Harold W. Rasmussen, vice-president of the Marine Midland Trust Company, members of the group, left today aboard the S.S. Nieuw Amsterdam accompanied by Gottlieb Hammer, executive director of the Jewish Agency. In Rome they will be joined by H. Harold Whitman, vice-president of the National City Bank and Max E. Gevers, assistant vice-president of the Bankers Trust Company. The group will arrive in Israel by air on November 4. Mr. Hammer made the following statement just before the group’s departure:
“The four banks that have accepted our invitation to send senior officers on a tour of Israel have worked in close cooperation with the Jewish Agency. In the course of the past eight years, these banks have extended to the Jewish Agency loans and credits in the aggregate amount of many tens of millions of dollars which helped the great humanitarian effort of resettling in Israel some 750,000 refugees from persecution and in developing the Agency’s extensive colonization and construction program in that country.
“Formulation of the Jewish Agency’s plans for its immediate and long-term programs requires the best financial counsel and guidance we can obtain. We are most grateful, therefore, to the Manufacturers Trust Company, the National City Bank, the Marine Midland Trust Company and the Bankers Trust Company for assisting us in reviewing our work in Israel, evaluating the “scope of our program for the immediate future, and advising us in formulating a financial policy for the Jewish Agency in 1954.
“Our group will spend three weeks in Israel, visiting the various undertakings of the Jewish Agency and touring the country. We have a heavy schedule on our hands. We are hopeful that the recommendations of this group of financial experts on completion of this tour will contribute greatly towards our efforts.”
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