Palestine Electric Corporation Prospers Despite Riots

“UNINTERRUPTED PROGRESS” WAS RECORDED BY THE PALESTINE ELECTRIC CORPORATION IN 1936 DESPITE ARAB DISORDERS THAT LASTED SIX MONTHS, IT WAS ANNOUNCED TODAY BY VISCOUNT SAMUEL, PRESIDING AT THE CORPORATION’S ANNUAL MEETING.

VISCOUNT SAMUEL REVEALED NET PROFITS OF £242,208 (ABOUT $1,210,000) FOR THE YEAR.

THE BOARD OF DIRECTORS VOTED TO INCREASE THE CORPORATION’S CAPITAL FROM £2,500,000 TO £4,000,000.

REFERRING TO THE ROYAL COMMISSION’S REPORT RECOMMENDING TRIPARTITION OF PALESTINE, VISCOUNT SAMUEL SAID HE HAD NO DOUBT THAT WHATEVER CHANGES HAD TO BE MADE IN THE COMPANY’S CONCESSION RIGHTS WOULD BE FULLY RECOGNIZED. HE REVEALED THE COMPANY WAS MAKING REPRESENTATIONS TO THE GOVERNMENT WITH REGARD TO SPECIFIC POINTS.

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