Jerusalem (Jun. 20)
(Jewish Telegraphic Agency)
A government ordinance authorizing the floating of the Palestine government loan for the amount of Â£4,500,000, guaranteed by the British Exchequer, was published in the Official Gazette yesterday.
According to the ordinance, the amount of Â£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 Â£1,000,000 will be used for the Haifa Harbor construction and other port improvements, Â£1,115,000 will be used for public buildings, and a telephone system. The amount of Â£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 Â£4,500,000. Payment of capital and interest is to be made from Palestine government revenues.