The wisdom of supplying American arms to the Arabs was questioned here tonight by Gerard Swope, honorary president of the General Electric Company, at a dinner sponsored by the Israel Bond Organization, at which Herbert Morrison, former Foreign Secretary of Great Britain, was the guest of honor.
Mr. Swope emphasized his faith in Israel by purchasing, for the second time, $100,000 in Israel bonds. Pointing out that the United Nations has consistently endeavored to bring a peaceful atmosphere in the Near East, he said: “It seems hardly consistent that the United States should give military arms to one side or the other.”
Mr. Morrison, addressing the audience, stressed the fact that the Arab boycott of Israel involves both Israel and the Arab states in “special military expenditure,” and denies both “the substantial mutual advantages” that would arise from economic cooperation. “What is needed,” he pointed out, “are sensible negotiations, in accordance with the principles of the United Nations, for the establishment of peace.”
The former British Cabinet member urged the Jewish community of North America to “continue to supply and invest really large sums of money in order that the Government of Israel may have at their disposal financial resources which are vital to the general economic development of the country, particularly having regard to the economic boycott from which Israel is suffering.” He stressed the role of Israel bond capital in the development of Israel’s economy. Other principal speakers were Henry Morgenthau, Jr., chairman of the International Committee for State of Israel Bonds, and Averell Harriman, Democratic candidate for Governor of New York.
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.