UN 'Horowitz Proposal' to Aid . Underdeveloped Countries Is Well Received
BY SAUL CARSON
problem of aiding the underdevel-
oped countries to come before the
After discussing the plan, in
committee and in plenary session,
the Horowitz Proposal seemed so
appealing that the conference voted
to ask the World Bank to study the
matter thoroughly and report back
to the UN secretary-general. That
vote was carried by a ballot Of
97 in favor, not a single negative
—and 12 abstentions. The Arab's, of
course, not daring to vote in favor
of an Israeli plan but. seeing that
the rest of the world wanted it,
Central to the Horowitz Pro-
posal is an important idea. It in-
volves the rate of interest for
those $3,000,000,000 loans. Com-
mercial banks could not afford to
lend such huge sums for 30 years
at 1 per cent. Horowitz proposed
therefore, that the monies be bor-
rowed from commercial banks
by the bank of the International
Development ASsociation. The
IDA would, in turn, lend to the
underdeveloped nations at 1 per
cent. The difference? That would
be made up by the affluent coun-
tries through contributions to a
special fund for that purpose.
Obviously, such a scheme would
require governmental sanctions,
agreement by the world financial
community belonging both to the
World Bank and to IDA, and the
establishment of many complicat-
ed, perhaps complex, technical
procedures. (No one is handing out
three billions lightly — at 1 per
cent at that).
That is why the World Bank was
requested to make this study. Fur-
thermore, there were other pro-
posals designed, more or less, for
tackling the very problems en-
visaged by Horowitz. Britain
came up with one plan, Sweden
had some ideas on the subject too.
Fr. Coughlin to Retire But it took Israel's leading banker,
the man who heads his govern-
ment's bank, to put forth the one
proposal that the world's financial
brains found most interesting.
It may take a lengthy span of
time before the plan is voted into
effect—if ever. The fact is, how-
ever, that it is being considered
very seriously. The World Bank
thought deeply enough about the
plan to invite Horowitz to
visit its headquarters in Washing-
ton, where the Israeli discussed a
multiplicity of details with the
experts there. It was only after
that personal conference that the
study of the "Horowitz Proposal"
got under way.
The World Bank has taken no
FR. CHARLES E. COUGHLIN,
whose anti-Semitic radio speech- position on the merits of the pro-
es in the 1930s placed him in posal—being obligated to act mere-
the limelight among the leading ly as the surveyor and rapporteur.
anti-Jewish propagandists, will But, whatever happens, the under-
retire as pastor of the Shrine of developed lands will always know
that the most attractive suggestion
the Little Flower of Royal Oak.
made on their behalf came from
He is 73.
The attention being paid here to
the Horowitz Proposal is, of
course, a tribute to the Govern-
ment of Israel. But it is more than
that. It constitutes recognition by
the world's financial community to
By BENNETT CERF
the man who had the imagination
ORRIS, long time waiter at the Broadway restaurant, real- to dream up the plan, the diplo-
ized that his end was near, but assured his wife, "Sarah, matic skill to project it through
Geneva conference, the techni-
any time you want to see me, I'll come back." Then, cheerful the
cal understanding to propel the
to the end, he passed away.
plan to its present stage.
One day Sarah visited a spir-
Horowitz, who is 66, is a - Gali-
itualist, and said, "I must see
cian Jew, educated at Leneiberg
my Morris. He's expecting my
and Vienna, who has been recog-
call," The spiritualist turned
nized as an expert in high finance
since he became head of the Jew- .
out all the lights, and whis-
ish Agency's economic department
pered, "Knock three times."
back in 1935, a post he held until
Sarah knocked, but nothing
1948. During the years immediately
happened. She knocked louder
preceding the rebirth of the State
—again without result. Thor-
of Israel, and since 1948, he has
oughly annoyed, she cried,
also been entrusted by his govern-
"Morris, this is the last time
ment with various diplomatic tasks,
I call you. Come here imme-
including service -on Israel's mis-
sion to the United Nations when
Britain gave up its Mandate, he
There was a vivid flash of
negotiated with Britain the highly
lightning, and there was
(Copyright, 1965, JTA, Inc.)
__UNITED NATIONS, N.Y. — One
of the most imaginative plans for
aiding the underdeveloped coun-
tries of the world—the lands that
are in the majority, containing the
vast majority of the globe's popula-
tion—has been presented to the
United Nations by an Israeli. So
significant is this plan considered
that the staff of fiscal experts of
the International Bank for Recon-
struction and Development (the so-
called World Bank) has made a
special study of the proposal. That
study is now being considered by
the representatives here of all 114
members of the United Nations, as
well as by the two governments
that are most important in the
world of finance but are not mem- ,
hers of the U.N., Switzerland and
What particularly pleases
friends of Israel here, as well as
the Israelis themselves, is the
fact that the plan is officially
named after an Israeli. It is
called "The Horowitz Proposal."
The man whose name is given to
the plan is David Horowitz, gov-
• ernor of the Bank of Israel.
_ Briefly, this is what the plan pro-
poses: That the affluent nations of
the world undertake to lend to the
underdeveloped lands an extra
amount (beyond present loan corn-
mitments) of $3,000,000,000 in the
next five years, the loans to be re-
payable in 30 years at no more
than 1 per cent interest. The pur-
pose is to speed up development at
a much faster rate and with much
more gusto than hitherto.
The plan was submitted by
Horowitz last summer to the United
Nations Conference on Trade and
Development, a three-month-long
series of sessions held at the UN's
European headquarters in Geneva.
By all accounts, it seemed to have
electrified the conference and was
one of the new approaches to the
Like generation, like leader.—
complicated financial negotiations,
involving claims and counter-
claims by both sides. In 1951 he
represented Israel in negotiations
with the West German government ■ ,4
about reparations and indemnity,
laying the groundwork for Bonn's
Israel reparations and indemnity
We Specialize in
and restitution for Nazi victims
agreed upon in 1952.
As the prime economic adviser
to the government, he has been r 4REMODELING of
recognized widely, not only in Is-
rael but around the world, as
Israel's soundest, most realistic
financial brain. Now the United
Nations has added its accolade to
the man behind Israel's financial
stability. Friends of Israel here
Come See Our
applauded that move as one de-
Spring Selection of
served by David Horowitz.
I ■ 4.
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Friday, February 26, 1965-13
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Try and Stop Me
"So, you finally came," said Sarah. "Why didn't you IJ.S. Opens Israeli Talks
appear the first time I knocked?"
on Use of Excess Currency
Morris drew himself up, and pointed ou t haughtily, "It's •WASHINGTON (JTA)—A team
not my table."
representing the United States
Agency for International Develop-
ment has opened discussions in
Israel on possible uses of excess
local currency in Israel owned by
the U.S. government.
One channel to be discussed will
be the use of U.S.-owned Israel
pounds to finance procurement of
Israel - manufactured commodities
for American aid programs in
A young Hollywood actor—the bearded, black leather jacket type—
Where the production of these
had a perfectly valid explanation of why he had sold three motorcycles: commodities involves components
"Who needs six?"
for which the manufacturers pay
dollars, the United States will con-
sider reimbursement of the dollar
amount, it was stated.
Cannibal wolves, insists Bob Hope, are very particular fellows. They
want only girls who are game.
A dedicated golfer married a girl who loved auction sales. One
night on their honeymoon the golfer cried out in his sleep, "Fore."
His bride, also asleep, countered with "Four twenty-five."
A persistent mother was teaching her young son the alphabet.
"Now, Junior," she said, "I'm asking you for the last time: what conies
after 0?" Junior answered "Yeah."
At a beauty shop: "Money isn't everything, you know. Health
le two per cent."
At a health spa: "I'm the absolute boss in my house, and my
wife knows it. I do the dishes when I'm darn good and ready."
At the Authors' League: "Writers don't have friends. They
By. Herb Stein: "She's Invariably the first to hear about the
latest wrinkle—especially if it's on a rival's face."
Lon Tinkle avers that Texas juvenile delinquents are so rich,
they slash their own tires.
1963, by Bennett Cell. Distributed, by King Features Syndicate
Madison Allocates $101,862
MADISON (JTA)—The Madison
Jewish Welfare Council has voted
allocations totaling $101,862 from
its 1964 income, which included
$100,562 from the 1964 campaign
and $1,300 in additional contribu-
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