Jerusalem (Sep. 30)
Revealing that the war-scars has hurt the smaller banks in Palestine and has resulted in a credit shrinkage, S. Hoofien, director of the Anglo-Palestines Bank here, today issued a message in which he pointed out that the larger institutions, including Barclay’s Bank of London and the Anglo-Palestine Bank, are assisting the smaller banks to renew credits to merchants.
“Palestine finances are linked with Britain’s,” Hoofien declared. The war-scare, he said, forced the banks to stop relief for commerce and building. He pointed out, however, that the General Mortgage Bank is granting loans amounting to more than a half-million dollars monthly to accelerate building, and held there is no grounds for fear.
Hoofien concluded by expressing firm belief in the soundness of the Palestine economic structure.