NEW YORK (Feb. 8)
The Palestine Economic Corporation and the Israel wine and liquor producers association have signed an agreement establishing a new company in the U.S. to centralize and expand the sale of Israel wines and liquors in this country, the PEC announced here today. The new company, to be known as the Carmel Company, will be capitalized at $50,000, half of which will be supplied by the PEC and the remainder by the Israel producers in the form of wines and liquors.
Meanwhile, Pinhas Saphir, chief of the Israel Development Authority, has arrived here to purchase oil drilling, mining and quarrying equipment and to obtain steel for Israel. Mr. Saphir, who will remain in the United States for about three weeks, will also explore the possibility of obtaining suitable transportation equipment for moving raw materials from the Negev to the Mediterranean coast.