London (Sep. 27)
(Jewish Telegraphic Agency)
The financing of the Jordan Hydro-Electric works which will provide power for the electrification and irrigation of Palestine and open up new possibilities for the industrial development of the country has been completed, according to an announcement issued by the office of the Palestine Electric Corporation here. The statement was signed by Engineer Pinchas Ruttenberg, initiator of the plan.
The Jewish Telegraphic Agency learns from authoritative sources that the capital required for the carrying out of the Jordan Hydro-electric works has been definitely secured and a large part of it has already been paid up.
The total amount of the subscribed capital of the Palestine Electric Corporation, which includes the expenditures already incurred in the execution of the installation of electricity in Jaffa, Haifa and Tiberias, is Â£ 950,000.
The preliminary work on the Jordan plant will be begun on the arrival in Palestine of Engineer Ruttenberg who will leave London for Palestine next week. It is expected that the Jordan works will be in full swing the early part of next year and when fully developed will employ between 1,000 and 1,500 men.
It was learned today that the Marquis of Reading, Sir Alfred Mond, Sir Hugo Hirste and James de Rothschild have agreed to join the board of the Palestine Electric Corporation.