Decree Governing Transfer of Funds to Palestine Issued

The Ministry of Economy today published the full text of the decree for the transfer of Jewish property to Palestine. The decree stated that the agreement was concluded with the “concerned Jewish bodies” in order to further the emigration of German Jews to Palestine, through allotting the necessary sums without excessive pressure upon the foreign currency reserves of the Reichsbank, and also to increase German exports to Palestine.

The Reichsbank opened two special accounts with the Bank of the Temple Society (a small German bank in Palestine) in favor of the Anglo-Palestine Bank.

The first special account, which is limited to three million marks, provides that investment funds which exceed fifteen thousand marks should be paid for buying German goods while the same amount will be credited to emigrants in Palestinian pounds by the Anglo-Palestine Bank.

The second special account is designed for the payments by German Jews who wish to invest in Palestine now but plan to emigrate later. Anyone may pay up to fifty thousand marks into this account, which is also utilized for buying German goods and the amount being credited in Palestine.

The decree explicitly stated that accounts cannot be used for any other purpose than for investing in Palestine. A special trustee corporation for advising prospective immigrants to Palestine was founded.

NEXT STORY