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August 28, 1959 - Image 7

Resource type:
Text
Publication:
The Detroit Jewish News, 1959-08-28

Disclaimer: Computer generated plain text may have errors. Read more about this.

$89,400,000 U.S.
Aid to Israel in
'58; Less in '59

NEW YORK, (JTA)—A total
of $89,400,000 in U.S. govern-
mental aid was received by
Israel in the 1958 fiscal year,
and $52,400,000 is budgeted in
1959. T h e American - Israel
Chamber of Commerce and In-
dustry reported.
"During the past year Amer-
ica's relations with Israel con-
tinued to be marked by the
same degree of sympathy and
understanding which prevailed
during the decade preceding it.
Both public and private aid
from the United States, which
in the past financed more than
two-thirds of Israel's $2.5 bil-
lion import surplus, continued
to help Israel absorb her grow-
ing population and at the same
time make progress toward a
self-supporting economy."
The United States continued
to be the number one supplier
of imports to Israel and the
second largest customer for her
exports.
The report estimated that,
in 1958, Israel received about
$60,000,000 from the United
Jewish Appeal and other
American Jewish appeals for
Israel. It indicated that in-
come from the sale of Israel
bonds during the 1958-59
fiscal year amounted to $47,-
000,000. Israel also received
a new $24,200,000 loan ear-
marked for water develop-
ment from the Export-Import
Bank in 1958, having repaid
some $40,000,000 of the ear-
lier loans to the Bank.
"Israel's normal trade financ-
ing in the U.S. makes it the
recipient of short-term loans by
banking institutions and
through regular trade credit
channels," the report pointed
out. "These are supplemented
also by lending on the part of
special financial corporations
engaged in trade with Israel,
notably the trading arms of the
Palestine Economic Corporation
and AMPAL, on behalf of the
Histadrut. Credit of this type
is backed by commodities."
American private investment
in 1958 amounted to about $15,-
000,000 as compared to an aver-
age of $10,000.000 for the first
eight years of the State. "While
this figure may not seem spec-
tacular, it must be viewed in
the total perspective of private
American investment abroad in
the post-war years, which was
decidedly on a minor scale.
During the four-year period
from 1949-1953, Israel ranked
third among foreign countries
which attracted investment
funds from the U.S., if oil pro-
ducing areas are excepted," the
report declared.
"With a greatly improved in-
vestment climate now prevail-
ing in Israel, there is every
reason to expect that invest-
ment by private American cit-
izens and companies will play
an increasingly larger role in
the country's economy," the
report concluded.

Gershenson New
V-P of W SU Fund

Judge C. C. Simons
to Retire Sept. 15

JUDGE CHARLES C. SIM-
ONS, of the U. S. Circuit
Court of Appeals, announced
that he plans to retire on
Sept. 15. He sent his request
to be released from his duties
to President Eisenhower on
Monday. Judge Simons was
appointed to the Federal
bench by President Harding
in 1923. He was elevated to
the Court of Appeals by
President Hoover in 1932.

Israel's Economy
Reinforced in '59

NEW YORK, (JTA)—Favor-
able developments in Israel's
economy during 1958 are being
reinforced in 1959, according
to a report issued by the Amer-
ican office of the Bank Leumi
Le-Israel.
The report says that prices
and wages remained virtually
stable in Israel, the money
supply grew, exports rose, the
balance of trade deficit con-
tracted, and foreign exchange
reserves reached a new peak
in May this year;
Theodore K. Landau, assist-
ant representative of the Bank
Leumi in this country, review-
ing economic and banking de-
velopments in Israel, said that
1958-59 can be characterized as
a period of consolidation of the
Israel economy rather than one
of striking changes. He em-
phasized the following points:

1. Israel has reached a- develop-
ment level at -which an amount in
excess of all funds received from
abroad by way of private; organiza-
tional and . inter-governmental as-
sistance, as well as long-term loans
to the government, goes into invest-
ment channels.
2. Immigration was on a smaller
scale than initially expected and
the population increase was at a
rate—normal for Israel but still
quite high—of about five percent
per annum.
3. Total production increased at
the same rate as in previous years;
however, output per worker in-
creased by five percent.
4. Exports—both goods and serv-
ices—which were $229 millions in
1957, increase to $239 millions in
1958 with 1959 exports somewhat
in excess of 1958.
5. Total imports of goods and
services, in 1958 exceed those of
1957 by only $16 million, while the
1958 import of consumer goods was
only $3 million more than 1957.
"There is a growing interest on
the part of foreign investors in
Israel stocks and investment trusts,
the yield of good-quality. Israel
equities being in the neighborhood
of eight percent, reflecting the gen-
erally high interest rates in the
country," Landau reported.

Hungarian Radio Limits
Report on Conference to
Samuel N. Gershenson, of Arms Sales to Germany

19565 Cumberland Way, has
been named a vice-president of
the Wayne State University
Fund for 1959-60.
In the past five years a total
of more than $284,000 has been
raised from alumni, friends, or-
ganizations and foundations. The
contributions have been used
for special projects that include:
scholarships, student emergency
• loan funds, research, faculty
conference travel, special equip-
ment, faculty center furnishings,
. president's fund, athletic facil-
ities, special projects and uni-
versity centennial recognition.

LONDON, (JTA)—The Buda-
pest radio reported that a na-
tional conference of Jewish
communities in Hungary, "rep-
resenting 1 0 0, 0 0 0 Hungarian
Jews, "concluded in Budapest
with the adoption of a number
of resolutions concerning Jew-
ish life in Hungary.
Completely ignoring all other
resolutions, the state's official
radio said that the conference,
attended by "leaders of the na-
tional representation of Hun-
garian Jews," adopted a resolu-
tion "protesting against Israel's
sale of arms to West Germany."

Rare Bible Given by Katz to Wayne State U. Library

Dr. G. Flint Purdy, director
of Wayne State University
Library, announces that the
library has received a gift of
a rare Bible from the collec-
tion of Irving I. Katz, execu-
tive secretary of Temple Beth
El.
The Bible is a tall, crisp,
untrimmed copy, 161/2 inches
long, 11 inches wide, 6 inches
thick, magnificently bound in
hand tooled vellum.
The Bible was published in
1729 in Tuebingen, Germany,
an edition of the Luther Ger-
man translation of the Old
and New Testaments. It is
titled "Biblia, das ist: die ganz
Heilig Schrift Alten und Neuen
Testaments nach der Ueber-
setzung und mit den Vorreden
und Ranglossen D. Martin
Luthers."
According to Dr. Purdy, this
Bible is a "first" for the
Wayne State University Li-
brary.
The 16th century witnessed
a growing dissatisfaction with
the official church versions of
the Bible. Jewish scholars were
pointing out the defects in the
Vulgate, the Latin version of
the Bible, and Catholics were
urging the Pope to permit a
new version direct from the
Hebrew. As a result of this

Biennial Election of
AJC's Food Service
Council on Sept. 13

Jack 0. Lefton, president of
the Detroit Service Group of
the Jewish Welfare Federa-
tion, announces that the food
service council will hold its
biennial election of officers
and board members at 10 a.m.,
Sunday, Sept. 13, at the Jewish
Center on . Curtis and • Meyers.
Brunch will be served.
In addition to the election,
certificates -- of award will be
presented to workers in the
Food Division of the Allied
JeWish Campaign.
Nominated for officers are:
Peter B. Copeland, chairman;
Daniel Carpenter, associate
chairman; Abraham Borman,
Benjamin Klein, Charles Milan
and Hugo Slotkin, vice-chair-
men; Max M. Shaye and Paul
Zuckerman, representatives to
the board of governors of the
Federation.
Nominated as representatives
to the board of directors of
the Detroit Service Group are
Meyer H. Berman, -Daniel Car-
penter, Louis J. Cohen, Peter
B. Copeland, Merwin K. Gros-
berg, Herman Levine, Charles
S. Litt, James H. Marks, Julius
Mehler and Morris Music. Tom
Borman, George D. Keil, Max
M. Shaye and Paul Zuckerman
will serve as board members-
at-large.
Nominated to the food divi-
sion board of directors are
Harry Becker, William Boesky,
Tom Borman, Norman Cottler,
Maurice J. Elkin, Morton
Feigenson, Samuel Frankel,
Edwin Finsilver, Charles Gins-
berg, Jack Gold, Samuel H.
Greenberg, Richard Gunsberg,
Harold Ham, Sol Kaplan, Paul
Kaye, Joseph Klein, Alfred
Loewenstein, Jr., Max Loewen-
stein, John E. Lurie, Al Marans,
Samuel Markowitz, Harry E.
May e r s ,• Morris Mendelson,
Nathan Metz, Herman Miller,
Herbert Mitnick, Harry
Modell, Ben Mossman, Philip
Olender, Henry Pariser, Harold
Podolsky, Mardy Polaner, Al
Raphael, Morey L. Rosenthal,
Robert Rosenthal, William Ros-
sen, Joseph Roth, Ben Rubens,
Morris Samuels, Arthur Schultz,
Norman Schwartz, Nathan
Shaye, Alfred G. Silk, Meyer
Silverman, Irving Simon, Na-
than Sosin, Alfred Weiss,
Michael Weiss and Ned Weitz-
man.

agitation, there followed a
number of new Latin transla-
tions. These, however, were
in the language of the learned,
and intended only for the
learned; they failed to reach
the great masses of the people.
A more definite impetus to-
ward Bible translation emerged
with the Reformation inaugur-
ated by Martin Luther. Luther,
who sought to overthrow the
authority of the Catholic
preisthood, based his move-
ment on the counter-authority
of the Bible itself. According-
ly, one of his first measures
was to render the Bible into
the language of the people, so
that they could read it and
learn religion directly from it.
Luther's translation of the
Bible into German (1523-1534)
was epoc-making, not only for

the Protestant movement, but
also as the beginning of mod-
ern German literature.
While Luther's Bible re-
mained the standard German
translation it had to be fre-
quently revised to keep pace
with the changes in the Ger-
man language. The Bible pre-
sented by Katz to Wayne State
University Library is one of
these revisions.

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