LONDON (Dec. 15)
Establishment of an Arab-Jewish company to develop Palestine and the neighboring countries was proposed today by Jacobus H. Kann, prominent Netherlands banker and pioneer Zionist leader, in a letter published by the Manchester Guardian. Mr. Kann founded the Netherlands Zionist Organization and was one of the first friends and followers of Dr. Theodor Herzl, founder of political Zionism.
The company would be capitalized at $50,000,000, with $25,000,000 in non-negotiable shares to be divided equally between the Jewish Agency for Palestine and an Arab representative body, and the remainder to be subscribed by Jews and Arabs. The company would have one Jewish and one Arab general manager, each to be appointed by the British Government, while the Palestine Government would grant extensive rights to develop natural resources.
Mr. Kann also suggested a $60,000,000 colonization loan to settle refugees in Palestine.