$100,000 Raised Here for Holding Corporation
The sum of $100,000 was subscribed yesterday at an inauguration meeting of the members of the Board of Directors of the Palestine Holding Corporation at a luncheon held at the Hotel pennsylvania. The Corporation was incorporated in June 1928 under the laws of the State of New York with an authorized capital of $500,000.
The purpose of the Corporation is to acquire at least seventy-five percent of the capital stock of the National Bank for Industry, Ltd. of Palestine, which has been founded by several manufacturers’ groups in Palestine. The purpose of this bank is to supply maufacturers in Palestine with industrial credit.
Jacob Goell expects to leave for Palestine early in December and the bank will start operation under his management.
“Jewish manufacturers in Palestine could easily dispose of ten times their present output if they were in a position to finance their operations,” declared Jacob Siegel, president of the Palestine Holding Corporation.
“Unfortunately industrial conditions in Palestine are radically different from those prevailing in other industrial centres of the world.
“The manufacturer in Palestine cannot hire space in a loft building at a monthly rental. He must buy land, build his factory, buy and install the machinery, for all of which he must pay cash, and by the time he has his factory equipped and ready to do business, he finds himself without money necessary to operate his business.
“In spite of all these difficulties, the manufacturers of Palestine have made wonderful progress, opened new markets for their products in neighboringg countries and reduced the importation of finished products into Palestine.
“There are, at the present time, 343 manufacturers in Jerusalem, Tel Aviv and Haifa, organized in manufacturers’ associations, whose total investmnt in their business is about $8,000,000,00 and who employ more than 5,000 workers.
“It is readily concelvable how much more could be accomplished if these manufacturers had the ordintary industrial credit available in other countries.”
The officers of the Corporation are Jacob Siegel, president, Morris Eisenman, vice-president, Jacob Goell, treasurer, and Isaac Alen, secretary. The directors are Isaac Allen, Morris Eisenman, Jacob Goell, Louis Germain, Abraham Herman, A. P. Lubell, Israel Matz, Israel Rokeach, Israel Sacks, Jacob Siegel, David Surdutt and Benjamin Winter.
The corporation was formed at the initiative of Chaim Widenfeld, chairman of the Manufacturers Association of Tel Aviv, and E. Rabinowitz, chairman of the Manufacturers Association of Haifa, who came to America from Palestine to interest American capital in the National Bank for Industry.