Basle (Sep. 10)
(J. T. A. Mail Service)
The twenty-ninth annual meeting of shareholders of the Jewish Colonial Trust was held here yesterday. The report of the Directors submitted to the meeting said that with the exception of certain reactions resulting from the economic stringency in Palestine during the latter part of the year 1925, the business of the bank during the year 1926 showed little change in its main characteristics from that transacted in the preceding year. The turnover in all departments of the Bank’s activities was well maintained. The earnings of the Bank in respect of interest were greater than in the previous year.
Despite the fact that the economic depression in Palestine and the Near Hast showed no appreciable abatement during the year 1926, it is satisfactory to note that the volume of business handled by the Trust in connection with the export and import trade of the countries marked an increase over that for the year 1925, the report stated.
“Having regard to the economic crisis through which Palestine has been passing the results of the business of our subsidiary, the Anglo-Palestine Company. Limited, for the year 1926, must be considered as satisfactory. The general depression has not been without its effect upon the profits earned by our subsidiary, and in all the circumstances the Directors of that Company have deemed it wiser to use the profits earned in writing down certain doubtful assets than to distribute same in the form of a dividend.
“The net profit, after making provision for all expenses, including Income Tax, amounts to Â£16,150. 15s. 3d as compared with Â£16,258. 17s. 9d. for the previous year. In pursuance of the settled policy of the Directors they propose to apply the profits earned in further consolidating the position of the Trust, and for that reason are unable to recommend any distribution of profits in the form of dividend.” the profits report declared.