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Jerusalem Parley Proposes Floating $75,000,000 Loan in U.S.

October 30, 1953
See Original Daily Bulletin From This Date

A plan for flotation of a $75,000,000 five-year loan in the United States to consolidate Israel’s short-term obligations was submitted here today to the conference of world Jewish leaders, assembled at Premier David Ben Gurion’s invitation to review the economic progress of the Jewish State, and accepted by acclaim.

The plan was submitted by Morris W. Berinstein, of Syracuse, N. Y., national campaign chairman of the United Jewish Appeal, who pointed out that present financing of this indebtedness involves Israel and the American Jewish community in an expenditure of $10,000,000 a year.

Col. Jacob Arvey, of Chicago, read out of the conference’s declaration to the nation which called for unfailing efforts, devotion and help to Israel at this critical time when her security is endangered, and for a supreme effort to meet Israel’s needs.

The declaration stressed that “the Jerusalem conference, keenly aware of the central role of American Jewry in Israel’s future development, calls for the fullest measure of devotion and service to the task of strengthening Israel’s economic foundations. We further urge that a supreme effort be undertaken with mutual cooperation and understanding to meet Israel’s increased needs through the principal financial channels of the United Jewish Appeal and the Israel Bond drive.”

Premier David Ben Gurion presided over the concluding session of the conference at which the entire Israel Cabinet and members of the Jewish Agency Executive were present. He lauded the “solemn spirit of unity which has been our main source of strength here and elsewhere.”

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