Newspaper Page Text
With Bond dollar
Israel is processit
more fertilizers an
chemicals (far left
developing copp,
minds (center) am
providing more pow
er for her industries.
Helping Israel Overcome Economic Obstacles
in Struggle for Stability
By I. M. WEINSTEIN
Chairman, Atlanta IUG Committee
Although still faced with many
obstacles which, only two years ago,
were preventing the formation of
a permanent, stable economy, Israel
is now definitely on the road to
economic independence, according
to a report released recently by I.
M. Weinstein, Chairman of the At
lanta Committee for State of Israel
Bonds.
Much of the wide industrial and
agricultural development has been
accomplished with material, tech
nological and educational assistance
being furnished with the proceeds
from the sale of the $500,000,000
SUite of Israel Independence Bond
Issue in the United States, plus
funds from the Export - Import
Bank, special aid from the Mutual
Security Agency under the Point
Four Program, and direct loans
from our government.
“Prime Minister Ben-Gurion be
lieves that, although results have
thus far been encouraging, Israel
will have to continue to look at this
nation for economic support," Mr.
Weinstein asserted. "To a great ex
tent, this support will have to come
from the Israel Bond Issue being
sold in Atlanta and other com
munities in the United States."
Israel has shown remarkable
progress in many fields since May
1, 1951, the inception date of State
more equipment and machinery are
of Israel Bonds, Mr. Weinstein
stated. As a result, he pointed out,
Israel today is the most rapidly
growing democracy in the world.
Mr. Weinstein, enumerating the
progress which has been made
along several fronts in Israel, re
ported that:
During the past year and a half,
mineralogists of the Israel Mining
Corporation, which has been al
located almost $11,000,000 of the
first $140,000,000 of Israel Bond
funds, have explored the Negev.
Israel’s vast southern desert. Min
eral deposits, such as copper, man
ganese, iron ore, flint, kaolin, ball
clay, glass sand, phosphates, bitu
minous limestone and sulphur, are
being surveyed, and exploitation is
under way in a number of locations.
Of these, copper and kaolin, a
clay-like substance being used to
build roads in Israel, appear to have
the most chance for rapid develop
ment during the next few years.
Phosphate deposits, which have
been found in the "Big Canyon”
near Kurnub in the Negev, are
being exploited at the rate of 100
tons a day. This figure is expected
to climb in another six months,
after Israel’s road network in the
south is increased, better vehicles
for transportation are obtained and
purchased with Israel Bond allo
cations.
In addition to these natural re
sources in the Negev, the Dead
Sea provides another source of
mineral wealth. Latest reports from
Israel’s Ministry of Trade and In
dustry reveal that the Dead Sea
contains billions of tons of potas
sium chloride, sodium chloride, cal
cium chloride, magnesium chloride
and magnesium bromide. These re
sources are being developed by
Palestine Potash, Ltd., with the aid
of Israel Bond allocations.
There has also been an increase
in Israel’s potential export ca
pacity. Many of the new demo
cracy’s 700,000 immigrants have
been trained to build and work in
hundreds of new factories. This
has resulted in a production hike
at the industrial plants manufac
turing electrical fixtures, textiles,
trucks, automobiles, heavy ma
chinery, tires, farm implements,
chemical fertilizers, paints and
scores of other products.
The Israel Government, since its
establishment in 1948, has main
tained a policy which has attempted
to encourage foreign private invest
ments. In fact, only last week, a
At far left is a plant
producing the ce
ment Israel needs for
building homes and
roads ... at riplit is
a scene of harvest in
the Negev — all
these U. S. dollars
helped provide
through the ptircliase
of bonds.