Capital Transfer Account Liquidated by Reich; Haavara Not Affected

Liquidation of the transfer account for Palestine, under which Jews were able to transfer capital to the Holy Land some time before or after emigrating there, was announced yesterday in a communique of the Currency Exchange Office.

Haavara, the Palestine office operating under a special transfer agreement with Germany to permit Jewish emigrants to withdraw part of their capital in the form of German goods, is not affected by the liquidation.

The Frankfurter Zeitung declared, however, that Haavara must extend its activities to countries other than Palestine if it wishes to facilitate new emigration of Jews from Germany.

More than 85,000,000 marks are already registered for transfer, while Haavara, between Aug., 1933, when it was established, and Sept. 1 of this year, has transferred a total of 40,000,000 marks, the paper pointed out.

The Zeitung asserted that while all Palestine imports in the first half of 1936 decreased 22 percent, German exports to Palestine decreased only two percent.

NEXT STORY