$24,500,000 Israel Bonds Will Be Redeemed
High Holyday Services in N.Y.
City-Owned Hall Banned by Morris
May l; Fall $37,000,000 Campaign Launched
WASHINGTON (JTA) — Is-
rael will pay out to American
investors in the coming year
$24,500,000 representing princi-
pal and interest on the first
Israel bonds floated in t h e
United States in 1951, it was
announced by Dr. Joseph J.
Schwartz, vice-president of the
Israel Bond Organization.
The bonds to be redeemed
consist of the Independence
Issue 12-year savings bonds is-
sued in May 1951. The pro-
gram of redemption, which will
begin May 1, 1963, was outlined
at the closing session of the
three - day National Planning
Conference of the Israel Bond
Organization. More than 600
delegates from the United
States and Canada joined in
launching the fall campaign
for Israel bonds to raise $37,-
000,000 in the remaining 100
days of the year, the amount
required to achieve a goal of
$66,500,000 for all of 1962.
Dr. Schwartz hailed the
beginning of full repayment
of bonds as "a milestone in nomic development program
Israel's economic develop- a n d their unrestricted open
went and as a vindication of door policy for the entry of
the faith of Israel bonds sub- large masses of homeless Jews.
scribers in the people of Is- He warned against any delay
rael and the capacity to build or curtailment in receiving im-
a viable and dynamic econ- migrants now arriving.
only against great odds and In meeting the challenges of
in the face of many difficul- the European Common Market,
ties."
security, and immigration, Esh-
Dr. Schwartz reported that kol said the central task of
the $563,000,000 provided by Negev development cannot be
Israel bonds in the last 11 years forgotten. He said the key to
was a concrete demonstration security, immigration, and eco-
of the "growing and enduring no m i c stability was in the
partnership between w or Id Negev. He stressed the perma-
Jewry and Israel. He said that nent role of Israel bonds in
"of the total of $563,000,000 financing irrigation, housing
obtained since May 1, 1951, and establishment of new towns
$145,000,000 represented t h e and industries in the Negev.
proceeds from the Independ- Dr. Abba Hillel Silver,
ence issue; $234,000,000 from chairman of the board of gov-
the First Development issue; ernors of the Israel Bond Or-
and $183,000,000 from the cur- ganization, emphasized the
rent Second Development Issue. role of Israel in making pos-
Addressing the conference,
sible absorption of newcom-
Israel's Finance Minister Levi
ers who provide the man-
Eshkol said that although the
power needed for Israeli in-
European Common Market
dustries. He said agriculture
was not established with any
alone could not support a
intention to harm Israel and
large population. He noted
other small nations, it never-
that a new stream of immi-
theless represented "a great
grants may be forced by per-
danger to us unless we be-
secution and political unrest
come associated with it in
to come to Israel.
some form." Eshkol also
Abraham Feinberg, president
made known that the threat of the Israel Bond Organization,
of an Egyptian rocket attack emphasized that "whenever dis-
has reached a point where tress and political upheaval un-
Israel must increase its deter- dermine the Jewish position, we
rent military strength.
are forcefully reminded of the
Facing the Common Market central importance of Israel
issue, Eshkol said it would be and our responsibility to pre-
"economic suicide to panic" or serve and expand its capacity
"bury our heads in the sand." to welcome homeless Jews." He
He pointed out that Israel em- said that responsibility was the
barked on a new economic pol- fundamental task of Israel
icy eight months ago aimed at bonds.
Rosh Hashanah
retention of its markets in
Other major speakers at the
Europe because about 60 per conference included David Hor-
Chocolates by
cent of all Israeli exports had owitz, Governor of the Bank of
been going to Europe. The new Israel; Dr. Y. Foerder, chair-
Israeli policy involved currency man of the Bank Leumi Le-Is-
devaluation, elimination of arti- rael; Samuel Rothberg, national
ficial subsidies, gradual elimi- campaign chairman of the Is-
nation of import controls, and rael Bond Organization a n d
reduction of protection for local Louis H. Boyar, national chair-
Just arrived! A full
industry.
man of the Trustees of the Is-
selection of Barton's
T h e Israeli Minister re- rael Bond Organization.
New Year chocolates,
ported also that the missile
race was spreading to the
pastries and children's
Near East, citing threats by Rhode Island Cong.
treats at:
Nasser compelling Israel to Builds First Home
use a great part of its tax
revenues for defense.
in Hundred Years
Eshkol said that while Israel
WOONSOCKET, R.I., (JTA)
is seeking ways of establishing —A congregation organized here
At 10 Mile Rd.
peace, "there is competition be- in 1866, composed now of 200
Across from
Dexter Davison Mkt.
tween the Arab states as to families, dedicated its first
who can threaten us more." home here opening the new
18309 Wyoming nr. Curtis
He stressed that the real Arab Cong. B'nai Israel Synagogue
Barton's Confections and
aim was ultimate and total de- and Community Center.
Baked Delicacies Are Also
struction of the Jewish State.
B'nai Israel has never had a
Available at Crowley's
He said Israelis were prepared home of its own. For years, its
to
finance
their
defense
needs
Street Floor.
members worshipped in rented
but would require support from stores, offices or converted
OPEN SUNDAYS
American Jewry through Israel churches. For the past 14 years,
AND EVENINGS
bonds to maintain their eco- the congregaton used the rec-
tory of St. James Episcopal
Church for its Hebrew school
and social center.
Mr and Mrs. Joseph Spitzer
The new house of worship
and center is an imposing struc-
Wish Their Many Customers and Friends
ture of reinforced concrete and
A Very Happy & Prosperous New Year
steel, including 30 soaring
INiti
RN it MN MI ME
stained-glass windows created
CHOOSE FROM OUR FINE
and executed by a noted Israeli
COLLECTION OF
artist, Avigdor Arikha. More
than 1,000 guests participated
from $ 1
up
in the ceremonies.
NEW YORK (JTA)—Use of
a city-owned recreation hall in
suburban Queens, where the
Rego Park Jewish Center has
been holding High Holy Day
services for the last 20 years,
was denied for this year's sched-
uled worship by City Pa . rks
Commissioner Newbold Morris.
The city took over the quar-
ters, known as Lost Battalion
Hall, a little over a year ago.
Last year, the Jewish Center,
which has its 2,100-seat Temple
nearby, used the auditorium
for its "spill-over" worshippers,
as it had for many years in the
past. This year, however, Mor-
ris acknowledged, he turned
down the Center's application.
He did so, he said, because the
facilities are used every day
by the entire neighborhood for
recreational purposes, and "I
don't want to turn it into a
church."
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Rabbi Josiah Derby, spiritual
leader of the Center, said that
about 900 of the 1,500 worship-
ers scheduled to attend services
at the city-owned hall will be
accommodated instead at • a
nearby night club.
BART,9„tsl,
. . .
UI
1963
SHORE CHEVROLET CO. — 12240 Jos. Campau — TW 1-0600
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