LONDON (Oct. 7)
The Palestine Electric Corporation has placed orders in the United States for new equipment valued at $10,000,000, it disclosed today in its annual report. Part of the purchase is being financed with dollars made available through the Export Import Bank loan to the State of Israel.
The report declared that the rapid expansion of Israel’s economic life during 1950 had brought about an unprecedented demand for electricity. Consumption of electric power in 1950, it revealed, was 40 percent higher than in 1949 and six times that of 1938. Gross revenues of the corporation in 1950 reached 4,833,000 pounds ($12,532,000). The corporation plans to increase its authorized capital from four to 8,000,000 pounds by issuing four million new one-pound (sterling) shares.