from Palestine, while the other half of the German exports going to the other countries mentioned will be paid for in foreign currency.
Thus Germany will be able to export two dollars’ worth of goods for every dollar’s worth of Palestinian oranges she will import.
It is incorrect to term the agreement “barter,” officials of the Anglo-Palestine Bank informed the Jewish Telegraphic Agency. “This is merely a triangular arrangement under which credits of the normal German exports to the Far East will be used to pay for German imports of Palestine oranges, while orange importers in Germany may accept half the amount in Reichsmarks and the other half in the so-called ‘orange mark.'”
German importers will deposit funds with the Warburg Bank in Hamburg, Germany, while the Anglo-Palestine Bank will pay off the Palestine orange growers in London and Tel Aviv, Palestine, bank officials stated.