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Palestine Government Promulgates Ordinance for Loan of £4,500,000

(Jewish Telegraphic Agency)

A government ordinance authorizing the floating of the Palestine government loan for the amount of £4,500,000, guaranteed by the British Exchequer, was published in the Official Gazette yesterday.

According to the ordinance, the amount of £1,640,000 will be used by the government for the purchase of the Palestine railways and other capital assets from the British government. The amount of £1,000,000 will be used for the Haifa Harbor construction and other port improvements, £1,115,000 will be used for public buildings, and a telephone system. The amount of £745,000 will be used for other works.

The ordinance authorizes the High Commissioner to issue stock or bonds through the Bank of England for the amount of £4,500,000. Payment of capital and interest is to be made from Palestine government revenues.