Company extracts potash and bromine from the waters of the Dead Sea, now has a capital of about Â£325,000 represented by shares of stock and loans advanced by its shareholders. Mr. Flexner, with Felix M. Warburg, represent the P.E.C. on the Board of Palestine Potash, Ltd. Mr. Flexner noted that the P.E.C. was the largest single shareholder in the Company. He paid tribute to the development of the Company under the direction of M. Novomeysky, stating that the performance in the few initial years had been fully in accord with the original estimates and expectations. The Company now supplies the requirements of the United Kingdom in bromine, and shipments of potash have been made to various markets, including the United States.
MOHL SPEAKS OF LOANS OF THE P.E.C.
The work of the Corporation in its building loans and loans to small industrial enterprises, etc., was outlined by Emanuel N. Mohl, formerly of New York, who has been administering credits in Palestine on behalf of the corporation and its predecessor organizations since 1923. Mr. Mohl is Managing Director of three subsidiary institutions of the Company; the Palestine Mortgage & Credit Bank, Ltd., the Bayside Land Corp, Ltd., and the Loan Bank, Ltd.
The Loan Bank, Ltd., “Kupath Milveh,” which was recently transferred to the Corporation after the close of the last fiscal year, aims to prepare the small borrowers of the Bank for commercial credit and cooperative credit institutions. The majority of its clients are artisans, tradesmen, small manufacturers, teachers and clerks. The maximum loan granted is Â£P50 and the average loan is Â£P15.3. The Bank is a self-supporting institutions. It has accumulated a surplus of Â£5,945 since its reorganization, and has completely lost its original quasi-relief aspect. It operates as a business institution and therefore fits properly into the framework of the Corporation.
The Palestine Mortgage & Credit Bank, Ltd. is the subsidiary of the Corporation through which various building and industrial credits have been issued. This institution, originally called the Palestine Building Loan & Savings Association, has just completed its 10th fiscal year. It was the primary aim of the founders of the Corporation to grant urban mortgage credits in the suburbs of Jerusalem and Haifa in order to alleviate the shortage of homes in Jerusalem then becoming acute as the immigration into the country increased and, further, to establish standards as between lender, contractor and mortgagor. The latter policy has been continued and developed further by the P.E.C. but the latter Company