Jerusalem (Feb. 1)
Although insufficient time has elapsed for a compilation of complete figures, an estimate based on reliable surveys and reports today revealed that Jews invested approximately $50,000,000 in Palestine during 1934.
Comparisons with previous periods made it clear today that the year just past was one of true boom proportions. For instance, there was an increase of 185 per cent over 1932, and of 100 per cent over 1933, in industries and crafts. Building showed a gain of 246 per cent over 1932 and eighty per cent over 1933.
Building, which comprised the largest single item in the total $50,000,000 Jewish investment in the Holy Land in 1934, reached a peak figure of $26,500,000.
$9,250,000 FOR AGRICULTURE
Further analysis of this sum showed that in Tel Aviv, Jerusalem and Haifa (including Haifa Bay, Neveh Shaanan, Bath Galim and Merkaz Michari), over $22,500,000 was spent for construction, while the remaining $4,000,000 was expended in the colonies.
In the general field of agriculture it is estimated that approximately $9,250,000 was invested. Analysis of this figure shows that it went into the following channels: Orange groves which had not yet borne fruit at the outset of 1934, $4,250,000; groves which are yet to be planted, $3,750,000; and mixed farming (including loans by the Keren Hayesod and PICA for water installation; colonization with private capital; and investments of old settlers for expansion), $1,250,000.
Investments in industries and transportation involved a total of $7,500,000. Of this the so-called “Big Three”â€”the Palestine Electric Corporation, Palestine Potash, and the Nesher Cement Worksâ€”put in the neighborhood of $1,500,000 into the extension of their undertakings. New industries launched during the past year, according to the American Economic Board on Investments, totaled an outlay of no less than $2,250,000.
A further sum of about $1.250,000 was invested in enlargement of existing enterprises other than the aforementioned “Big Three.” In vestment in transportation, including purchase of public and private motor vehicles, reached and estimated total of $2,500,000.
In addition to the figures given above, the sum of $6,750,000 was invested in purchases of lands from Arabs, in public works in cities and towns, and in the trades, available surveys indicated.
This last amount, added to those previously listed, concerning which more exact and detailed information was obtainable, brought Jewish investments in Palestine during 1934 to an approximate grand total of $50,000,000.