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August 09, 1974 - Image 11

Resource type:
Text
Publication:
The Detroit Jewish News, 1974-08-09

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

THE DETROIT JEWISH NEWS
Friday, August 9, 1974-11

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Israel's Banks Ordered to Cut Back on Credit

JERUSALEM (JTA) — In
another measure to fight in-
flation, the Bank of Israel
has ordered the nation's
banks to cut back on the
amount of credit they have
been giving out. No date has
yet been set for the new reg-
ulation and the amount and
type of credit frozen will be
decided jointly by the indi-
vidual bank and the Bank
of Israel.
The decision for the new
measure was made because
the amount of loans the
banks have been making has
considerably exceeded the
rate of deposits, causing a
constant flow of money into
the economy. Up to now, the
banks have been able to give
credit according to their li-
quidity rate, the sum total

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of their deposits. This figure
varies from day to day and
so is difficult for the Bank
of Israel to control.
Despite heavy fines by the
Bank of Israel, the nation's
banks have been exceeding
the credit regulations be-
cause of customer pressure.
The amount over the regula-
tions has exceeded IL 900
million during a time when
bank deposits have dropped
IL 400 million. The first ex-
pected to feel the new pinch
are small depositors who will
no longer be able to make
overdrafts on their accounts.
But business will also be hit
except for those industries
which are involved in export.
These firms will continue to
get credit on special terms.
The new regulations come
after a two per cent increase
in the rate for loans were
put into effect two weeks
ago as part of the govern-
ment's efforts to combat in-
flation.
An offer to purchase the
failed Israel-British Bank by
an international consortium
was withdrawn after the pros-
pective buyers said they
could not meet the Bank of
Israel conditions for the

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Prominent Israelis Supporting
Christian Charged as Missionary

JERUSALEM (JTA)—Sev-
eral prominent Israelis have
come out in support of Dr.
Douglas Young, president of
the American Institute of
Holy Land Studies, who has
been accused of missionary
activities in the last few
weeks.
The American Institute of
Holy Land Studies is an
American secular educational
institution designed to teach
the history, geography, cul-
ture and language of Israel
and, by this means, counter-
act anti-Semitism and anti-
Israelism in Christian com-
munities.
The institute, which has
carried out educational pro-
grams on Mt. Zion in East
Jerusalem since 1959, re-
cently found itself involved
in a property dispute with
the Diaspora Yeshiva, also
on Mt. Zion.
According to Jerusalem
police, the yeshiva students
broke through the main gate
of the institute and forcibly
resisted police attempts to
oust them. Fourteen yeshiva
students, headed by the
leader of the yeshiva, Rabbi
Mordechai Goldstein, _were
arrested.
This happened a month ago

Golda Denies Hussein Meeting;
NBC Report Stirs Controversy

JERUSALEM (JTA)—For-
mer Premier Golda Meir
denied a report by NBC-TV
that she had met with King
Hussein on May 27. Mrs.
Meir's denial referred only
to the time and place of the
reported meeting with Hus-
sein. The statement said that
"denying the report the far-
mer premier recalled that on
that day she had been in ne-
gotiations with U.S. Secre-
tary of State, Dr. (Henry A.)
Kissinger on a separation of
forces agreement with Syria."
NBC-TV in a special report
Friday said_that Mrs. Meir
and then Defense Minister
Moshe Dayan met with Hus-
sein on May 27 in the Israeli
desert near Eilat to discuss
the future of the West Bank.
The report has brought a de-
mand for an urgent motion
on the Knesset agenda by
Herut's Haim Landau. When
asked if Premier Yitzhak
Rabin knew of this meeting,
and if as NBC reported, he
also plans to meet with Hus-
sein.
The NBC re port has

aroused 'interest in Israel
more than other reports of
secret meetings between Hus-
sein and Israeli officials be-
cause it has not been denied
by officials. The refusal by
official spokesmen to com-
ment on the report was seen
by newspaper commentators
as a virtual admission of at
least some truth in the NBC
story. Even Mrs. Meir's de-
referring only to time •
and place, has tended to
strengthen the. assumption
that there was a lot of truth
in the report.
It was noted here that May
27 was Shavuot and thus Mrs.
Meir and Dayan were free
of official duties. It was also
pointed out that at the time
Kissinger was in Damascus,
not Jerusalem. The NBC re-
port was raised at the cabi-
net meeting, 'but Cabinet
Secretary Gershon Avner re-
fused to divulge details.

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GENERAL FOODS

JERUSALEM (JTA) —
Raya Yaglom, WIZO presi-
dent and a member of the
World Zionist Organization
Executive, has suggested the
establishment of an umbrel-
la group of all women's or
ganizations to deal with the
social absorption of new im-
migrants. -
Speaking at the WZO Exec-
utive meeting here, she said
1,000 Israeli families could
serve as foster-families for
1,000 immigrant families,
helping them in the process
of absorption.
The action will be coordi-
nated in cooperation with the
Jewish Agency's Immigra-
tion and Absorption Depart-
ment.

and the matter is now before
the court. Meanwhile, a pub-
lic campaign has been
launched against Dr. Young
and his institute by a "public
committee" whose spokes-
man and apparent organizer
is Rabbi Arye Julius, a
former aide to Rabbi Meir
Kahane.
In a press conference some
two weeks ago Rabbi Julius
and Rabbi Goldstein charged
that the institute was a mis-
sionary outpost. Dr. Young
denied the charge at a recent
press conference. Mayor
Teddy Kollek wrote him a
letter saying that extremists
had made him the target of
an ugly campaign. "I am
disgusted at the slanderous
accusations they have
made," Kollek wrote.

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transaction. The Israel-Brit-
ish Bank, which is still under
the Bank of Israel control, is
still up for sale. A Tel Aviv
District Court named lawyer
Ezra Goddard as receiver
for the bank. Goddard said
the bank had 10 days to find
a serious buyer. .
The first offer — and so
far the only one — came
from an international consor-
tium headed by Dr. Tibor
Rosenbaum, the owner of In-
ternational Credit Bank in
Switzerland.
The Bank of Israel said
the government would under-
write $25,000,000 of the Israel-
British Bank's debts for any-
one willing to buy it, but the
foreign group had already
announced it was not inter-
ested.
In the meantime, the Bank
of Israel is reportedly deter-
mined to underwrite losses
of the British branch of the
bank, but no official stand
had been adopted.
The Supreme. Court over-
ruled Monday a lower court's
decision and decided that
Yehoshua Bension, former
manager of the Israel-British
Bank should remain in cus-
tody eight more days. Ben-
sion was arrested two weeks
ago on suspicion of embezz-
ling funds from the bank.

THE MONTH

It is a pleasure to announce that

Melvin Weisz, C.L.U.

has received the man-of-the-month award as the
most outstanding Representative o7 our Detroit-
Gold ..4gency. The award is in recognition of his
excellent service to his policyholders "and our'
Agency.

Ruben Gold, C.L.U. General Agerit

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