IFFY Ladies Auxiliaries to Hold Fifth Annual Goodwill Luncheon The fifth annual goodwill des- sert 'luncheon sponsored by the Iewish War Veterans Depart- ment of Michigan Ladies Auxil- iary • to promote unity and un- derstanding between peoples of faiths and creeds will be held at 1 p. in., March 19, at the JWV Memorial Home, Davison at Pe- toskey. Conducted tours of the build- ing to display the memorial rooms which contain the name plaques of the World War II dead and the mural painting which symbolizes the hope for peace, will follow the serving of a dessert luncheon. Mrs. Morris Adler will speak on "Meeting in Fellowship." Veteran and patriotic organi- zations participating in the af- fair are: American Gold Star Mothers, American Legion Auxiliary, American War Mothers, THE JEWISH NEWS-7 Friday, March 7, 1952 Blue Star Mothers Inc.. DAV Auxiliary, Grand Cootiette Club of Michigan, Ladies of the GAR, Marine Corps League Auxil- iary, Military Order of the Purple Heart Auxiliary, Moms of America Inc.. VFW Auxiliary, American Gold Star Sisters. Detroit Federation of Women's Clubs, Navy Mothers Club, AMVETS and Catho- lic War Veterans. Hostesses will be Mesdames Hilda Gold- berg, Eva Feinstein, Rose Goodman, Dor- othy Brown, Goldie Goodgall, Ada Mes- ser, Harriette Mellin, Norma Nolish. Ruth Sills. Lillian Latzer. Charlotte Rosen, Doris Adelstein. Faye lb nenson, Elaine Robbins, Florence Rosengarten, Gertrude Yaras„ Ruth Kline, Ruth Resk, Martha Friedman, Sadie Pesick, Mildred Bron- stein. Rose Cooper, Edith Hoffman, Ruth Bernbaum, Leah Zucker, Beatrice Sugar, Ruth Shapiro, Betty Spinner, Sema Fischel and Rose Fineberg. Shetzer Memorial Forum March 24; To Present Forest Certificate The- annual Shetzer Memorial Forum, instituted in tribute to the memory of Simon Shetzer, will be held at the Zionist House, Linwood and Lawrence, on Mon- day evening, March 24. This year's discussion will be devoted to a review of the pres- ent-day Zionist position and the future of the Zionist movement. Representatives of leading Zion- ist groups will participate. The main feature of the eve- ning will be the presentation to the Shetzer Family, by Irving Schlussel, president of the Jew- ish National Fund Council of De- troit, of the certificate signifying the completion of the Isaac and Simon Shetzer Memorial Forest planted in Israel. The once vociferous dollar is now a poor shrinking thing. ti Build Israel with Bonds Those securities, though registered, hove net boon approved or disapproved by the Securities and Exchange Commission, which does not pass on the merits of any registered securities. BIGday SUNDAY a MARCH J ISRAEL WAITED FOUR YEARS FOR THIS D Four years had to pass — four years of struggle and hard work by the people of Israel, building industries, farms, new cities, new power installations, laying- the foundations of a great modern state, —before BIG DAY could be proclaimed. On BIG DAY, Sunday, March 9th, the Jewish homes in our community will be visited and asked to invest, not donate,— to lend the people of Israel money by purchasing State of Israel Bonds-. The money will be returned, with interest. The people of Israel can and want to be self-supporting. Israel Bond &liars are doing BIG things in Israel. New factories, new projects to exploit Israel's natural resources, new income producing enterprises which use Israel's reservoir of skill and manpower are being built at a fast pace. But more bonds will produce even greater economic. progress. The person who will ring your door-bell on Sunday, March 9th will bring you the story of the people of Israel—more than 1,400,000 strong. Open your door and welcome the authorized volunteer on BIG DAY. Remember, an Israel Bond brings—a rich return for your heart, a good return for your purse. 0 STAY HOME AND BUY OR GO OUT AND SELL ISRAEL BONDS ON BIG DAY 'water holawsootkoa, partieviarty floanchill lafaratalhai, is caraainall M lila* Stogie. awes* Siallowarei Mail *AA N,. Cammiaalea asul ia a wee* complala Prsepochrit which says4 ha fowiloked N ascii perchae ► and is aioleivasiala frows Mt. vailartiaaaNI. STATE OF *retort for 10114111 may ba placad at, and Praspoetasos obtainott frown American Financial and Development Corp. for Israel ISRAE 2200 DAVID STOTT BLDG. This is not a e rospeetus Or ,an offer I. sell or a solicitation of offers to buy these securities. The offering is made only by the Prospectus. STATE OF ISRAEL $500,000,000 INDEPENDENCE BOND ISSUE Two types of Bonds are offered at par as follows: (a) Interest Bearing Bonds Denominated as Fifteen Year 31/2% Dollar Coupon Bonds. Interest payable May 1 and Nov. 1 Denominations: $500 • $1,000 • $2,500 $5,000 • $10,000 • $100,000 (b) Capital Appreciation Bonds Denominated as- Twelve Year Dollar Savings Bonds, Maturity Value: 150% of issue amount Denominations: $50 • $100 • $250 • $500 11,000 • $2,500 • $5,000 • $10,000 The State of Israel $500,000.000 Bond Issue is intended to promote the economic development of the State. The proceeds of the Bond Issue are to be used for the our• chase of machinery, raw materials, equip. ment and other items designed to increase the country's productive facilities so that is may earn and save foreign currency. Of the total amount, $205,000,000 is to be alio. cared for investment in the fields of industry and power. The sum of S 1 30.000,000 has been designated for agricultural pro jectV4 340,000,000 for the development of harbors] shipping • and railroads; $45,000,000 for trade and services including the development of the tourist industry; and 330.000,000 for the establishment of a government mortgage bank for housing. The balance, after payment of the ex- penses of the issue, is to serve as a reserve for unanticipated projects or for increased expenditures for the designated projects. The Government's economic develop. meet program involves a total projected ex- penditure of $1,500,000,000. of which 5500.000,000 is to be provided by Israel and other countries, and the balance is to be obtained in the United States. The 3500.. 000.000 State of Israel Bond Issue is the largest single source of funds for this program. With immigration proceeding at the rate of 200,000 a year, Israel requires capital imports to meet the large investment nec- essary to create permanent employment op. portunities and housing for the newcomers. A balanced and mature economy will as s rule produce enough to cover the consump• Live needs of its population and to provide for some further investment to increase pro- ductivity. But under the best conditions, cur- rent production cannot begin to supply the huge capital needs of a population that is in- creasing at the enormous race experienced by Israel. Palestine and Israel, therefore, have always had an adverse trade balance—like many young countries facing immigration and development tasks. including the United States. Australia and New Zealand. As im- migration increased, so did the adverse trade balance. The import surplus served to meet the investment needs of the sronomy. For 1949 receipts on current account were (ex- pressed in Israel Pounds, I.L.) I.L. 20,600,. 000 and payments. I.L. 94.100,000. For 1950 receipts on current account "ere I.L. 23,800,000 and payments, I.L. 113,400,- 000. It is one of the major purposes of the Bond Issue to improve Israel's balance of trade through the establishment of new industrial and agricultural enterprises and through the expansion of production for ex- port as well as for home consumption. As of December 31, 1950, the funded debt was I.L. 114.200,000 and the floating debt, I.L. 1.300,000. The figures do not in- clude any Treasury Bills. because of their relationship to the Special Defense Budget which has not been disclosed for security reasons. Israel has never at any time defaulted upon the payment of principal or interest on any debt. The budgets of the Government reflect the objectives of the State of Israel to provide for the immigration and absorption of a large number of Jews. From May 15, 1948 to March 31, 1949. receipts were I.L. 28.- 885,000 and expenditures. I.L. 27,529,000. From April 1, 1949 to March 31, 1950, receipts were I.L. 92,876,000 and expendi- tures I.L.• 93.800,000. From April 1, 1950 to January 31, 1951. receipts were 113.473.000 and expenditures I.L. 112.- 087.000. These figures do not include Special Defense Budget expenditures or receipts from internal loans financing same. The American Financial and Develop- ment Corporation for Israel with head- quarters at 120 Broadway, New York 5, New York, is the principal underwriter for the Scare of Israel Bond Issue. The commis. *sions or discounts are not to exceed 31/2%.