NEW YORK (Oct. 15)
An extensive program for the purchase of American agricultural and industrial machinery for shipment to Palestine was announced today at the concluding session of the Metropolitan Conference of the Jewish National Workers Alliance, held in the Hotel Commodore with the participation of more than 600 delegates.
The announcement was made by Edmund I. Kaufman, of Washington D.C., chairman of the Board of Directors of the American Palestine Trading Corporation, who stated that the corporation has completed a survey of Palestine needs for American machinery and will soon take steps to fill the need by purchases here to the extent of $10,000,000. The resources for financing the program will be made available through the floating by the American Palestine Trading Corporation of a loan in the amount of $10,000,000.
Subject to the regulations and supervision of the Securities Exchange Commission, the corporation, which was organized with the object of developing more extensive trade relations between Palestine and the United States, will issue a series of bonds that are to be amortized within a period of 15 years. The loan will be secured by debentures which are to be issued by public institutions and corporations operating under the control of the Jewish Agency for Palestine and the Palestine Government.