More than $2,560,000 for the economic development of Israel was provided tonight at a dinner here inaugurating the 1963 fall campaign of the Greater New York Committee for State of Israel Bonds. Dr. Dov Joseph, Justice Minister of Israel, was the principal speaker. The dinner launched the year-end phase of a drive in the metropolitan area to mobilize $15,000,000 in Israel bond investment funds in 1963.
Dr. Joseph defined Israel’s three principal tasks as “defense, economic development and immigrant absorption.” He stressed the need for increased response to the Israel bond campaign for the development of unpopulated regions such as the Negev desert in the south and the Galilee in the north “to ensure that Israel will continue to expand its economy and serve as a guide to many of the newly established nations of the world.”
“Before a new immigrant can play his full role in the country’s economic life,” Dr. Joseph pointed out, “the Government must give him a home, teach him the Hebrew language, and train him for work which is needed in Israel. At the same time, factories and other enterprises-must be established to give the newcomer employment and public funds must finance roads, water supply and other essential services. All of this imposes a tremendous drain on the national budget,” Dr. Joseph said. “It can be alleviated only through income derived from Israel Bonds, our chief source of foreign investment capital.”
Abraham Feinberg, president of the Israel Bond Organization, who presided at the dinner, hailed the beginning of the redemption of the first Israel bonds last May, pointing out that 12-year Israel Independence Savings Bonds purchased in 1951 are now being repaid at the rate of 150 cents on the dollar. William Goldfine, president of the Royal National Bank, was formally installed at the dinner as the 1963-1964 campaign chairman of the Israel Bond drive in Greater 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.
