Emphasizing the striking economic development of Palestine, but sounding at the same time a note of warning against the dangers of land speculation as well as other boom conditions which have become noticeable, Bernard Flexner, chairman of the board of directors of the Palestine Economic Corporation of New York, yesterday submitted the eighth annual report of the corporation to its stockholders.
The report reviewed the activities of the corporation for the year 1934. It attributed the present prosperous conditions of Palestine to the unprecedented immigration and influx of capital within the last few years.
$70,000,000 ON DEPOSIT
It estimates that bank deposit in Palestine totaled $70,000,000 at the end of 1934.
The Palestine Economic Corporation, according to Flexner’s report, has assets netting $3,391,450 of which $2,803,152 is invested in Palestine and the balance is held pending investment.
Net profit for 1934 amounted to $33,208.
The corporation carried on it activities in Palestine through subsidiary institutions along enlightened social-economic lines. In the main, the work of the corporation has been to aid basic industries and to help the economically weaker elements of the population on strictly business basis to become independent productive citizens of the country.
MANY LOANS MADE
Through the Central Bank of Cooperative Institutions in Palestine, loans are made to credit cooperatives, agricultural cooperatives, consumers’ and industrial producers cooperatives. This bank has issued over $9,000,000 in loans since July 1922 and has received repayment of $7,700,000.
The loss in bad debts has amounted to 3/10 of 1% of the loans made. There were 114 cooperatives indebted to the bank for $1,434,000 at