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German Confiscation of Securities Held Not Affecting Palestine

Confiscation of Germans’ securities abroad reported under consideration by Reich authorities, will not affect Palestine securities, it was believed tonight by responsible Zionist leaders.

It was estimated that Palestine securities held by residents of Germany total $2,000,000. The holdings of Jews are almost exclusively shares in the Jewish National Fund, Zionist land-purchasing agency; the Nir, a financial agency for colonization, and the Yachin, cooperative agricultural agency in the Holy Land.

Since these shares were obtained by Jews in the Reich through transfer of capital to Palestine under the Germany-Palestine transfer agreement, it was pointed out that confiscation of these holdings might by considered a violation of the agreement.

Private financial experts, however, were less optimistic about any exemption of Palestine securities from the contemplated confiscation. They expressed the opinion that when the order would be published it would contain no special Palestine clause.

Exemption for Palestine securities might be obtained afterward, the financial experts believed, through negotiations between Zionists and the Reichsbank. Otherwise, Germany might be placed in the position of being considered virtually a partner in the Jewish upbuilding of Palestine through retaining holdings in Jewish enterprises in the Holy Land.

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