LONDON (Jan. 24)
In a move which foreshadows the establishment of a Palestine Jewish merchant fleet, the Kedem Palestine Line was formed here today with capital of $1,000,000. At the same time, the company was formally incorporated in Palestine.
The capital has been provided equally by the London shipping firm of Harris and Dixon, who will manage the line for its first 15 years, and the Jewish Agency’s “ZIM Palestine Navigation Company.” The directors expect to increase the company’s capital shortly and will place orders for new vessels with British ship building yards.
The Kedmah, the first vessel acquired by the company, is scheduled to make her maiden voyage next month. Negotiations for the establishment of the Kedem Line were started six months ago and were first revealed during the 22nd World Zionist Congress.