NEW YORK (Aug. 30)
Half of the total will be made available for mortgage loans in Israel in connection with the construction of low cost housing there, AMPAL said. A total of $2,250,000 will be lent to transportation and industrial cooperatives for the purchase of vehicles and machinery in the United States, The balance is scheduled to be used for public works and various constructive activities.
The American Palestine Trading Corporation is a New York corporation organized in 1942 under the stock corporation laws of the State of New York. It has over 8,000 preferred stockholders throughout the United States and currently has gross assets in excess of $3,000,000. Dividend payments have been made annually to the preferred stockholders.
In announcing the new issue, Mr. Kaufmann stated: “The investment opportunities and requirements in Israel are large and favorable. The economic potentialities of the new state have been enthusiastically described by many authorities. I am confident that friends of Israel throughout the United States are interested and willing to translate their confidence into real investment, and this first flotation, I am sure, will be readily sold. I am convinced that over the years Israel and its various economic activities will not only serve to spearhead the economic development of the whole Middle East but will offer excellent investment channels for American investors.