New York (Feb. 8)
Post-war plans for development of industry and agriculture in Palestine were announced today by the Palestine Economic Corporation, the largest American business enterprise in that country. The Corporation will carry out its program of expansion as soon after the war as possible, in order to accelerate the tempo of absorption of new immigrants by creating more opportunities for employment, according to Robert Szold, chairman of the board of directors.
To provide the increased capital necessary, Mr. Szold said, the Corporation has registered with the Securities and Exchange Commission an issue of $1,500,000 additional common stock, consisting of 15,000 shares priced at $100 per share. At the present time, it has capital reserves and surplus in excess of $3,500,000. There are 1,400 American stockholders.
Included in the post-war plans of the Palestine Economic Corporation is the purchase of machinery and machine tools in the United States on order for the reequipment and modernization of Palestine’s industry and agriculture. Much of the industrial equipment of the 7,000 workshops, small plants and manufacturing establishments in Palestine, costing $50,000,000, will have to be replaced as soon as possible because most of this machinery is old, worn out and out of date, Mr. Szold pointed out.
Other post-war plans provide for the construction of modern irrigation waterworks on a public utility basis; development of low cost housing projects; direct investment in basic manufacturing undertakings; indirect investment in industry through erection of factory buildings for lease to small manufacturers; and extension of credit for agricultural development.