NEW YORK (Jun. 8)
The Palestine Economic Corporation, oldest American development company operating in Israel, made a profit of $297,8l4 in 1948, according to the annual report released today. This is an increase of $29,027 over 1947. Capital and surplus also increased over 1947, rising nearly $500,000 from $5,391,663 to $5,890,769 in 1948, the report noted.
The Corporation recently expanded its program in an effort to enlist new capital both for its established enterprises and to organize new ones to help meet the need of Israel’s rapidly growing population for Jobs, housing and goods, Julius Simon, president, declared.