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Israel Bond Conference Sets $75,873,550 Quota for 1960

January 18, 1960
See Original Daily Bulletin From This Date

A quota of $75,873,550 in State of Israel bond sales during 1960 was adopted today at the closing session of the three-day national planning conference for State of Israel bonds, meeting at the Biltmore Hotel here.

More than 450 business and communal leaders attending the conference adopted this goal in order to bring to $500,000,000 the total of Israel bond sales since the drive began in 1951.

Dr. Joseph J. Schwartz, vice-president of the bond organization, announced that the 1960 drive would be formally launched at an inaugural conference in Miami, from February 25-28. He reported that there were 110,000 purchasers of Israel bonds in 1959, as compared with 98,000 in 1958. Since 1951, he said, the number of Israel bond subscribers had passed the 1,000,000 mark.

Samuel Rothberg, national chairman of trustees of the bond organization, said proceeds from sale of bonds during the coming year will be applied towards Israel’s development budget for 1960. He estimated the budget will be close to $200,000,000.

Mr. Rothberg outlined six major economic objectives which will be financed through the 1960 Israel bond campaign: The 1960 bond drive, he said, would help speed up industrialization of Israel, increasing exports and narrowing the gap in the balance of payments; aid in large-scale irrigation of the Negev to bring additional land under cultivation; aid the Government in a program to construct 32,000 housing units in 1960; promote tourist trade through investment in hotels and other facilities; begin construction of a new port at Ashdod, and complete the 16-inch oil pipeline from Eilat to Haifa.

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