Dr. Georg Halpern, director of the Jewish Colonial Trust and the Anglo-Palestine Company, sailed for London Saturday following a stay of several weeks in this country.
Dr. Halpern, who came to America for the purpose of presenting to the American money market the investment values of Palestine, completed his task successfully, the “Jewish Daily Bulletin” understands. An agreement between the Anglo-Palestine Company, the agency in Palestine of the Jewish Colonial Trust, and the State Bank, New York City, was concluded, the “Jewish Daily Bulletin” learns.
Harold C. Richard is president of the State Bank; John Kneisel, Charles A. Smith, William B. Roth, Harry W. Vogel and Thomas M. Sherman are vice-presidents. Among the directors are Jules S. Bache, Lucius N. Littauer, Michael Tuch, Robert H. Mainzer and Oscar L. Richard.
“The purpose of my trip to the United States was to find out how the relations between the American banks and the Jewish Colonial Trust and Anglo-Palestine Company could be developed,” Dr. Halpern declared to a representative of the “Jewish Daily Bulletin.”
“Naturally, I thought first of those banks which, judging from their administration and, especially, from their clientele, would be most interested. It is well known that some banks have, in the last few years, made such extraordinary progress that they constitute an important factor in the economic life of American Jewry. Their deposits which, in two banks, exceed $100,000,000 each, have reached a point where, measured even with those of very Iarge banks, are considerable. It seems to me that the depositors in those banks are mainly East European Jews. My impression that the economic position of this group of the Jewish population in the United States has been strengthened in the last years and that their further progress in the direction can be counted on with certainty has been confirmed by experts.
“Palestine has an extremely strong interest for the clientele of these banks. Aside from the general interest which these circles take in Palestine, many of them have relatives in that country or are, through ownership of land or participation in other enterprises, directly interested in the country. The transferring of money from America to Palestine and, to a certain degree from Palestine to America, reaches amounts which already make this business attractive.
“All these circumstances have led to a better knowledge and greater attention to the economic development of Palestine on the part of these banks. I was glad to find sympathy and understanding of my opinion that such banks should participate to an ever increasing degree in the economic development of Palestine, as far as it is within the normal business of banking institutions. I believe I have proven to these banks that by application of the necessary caution, they can obtain the same measure of security for credit operations for which Palestinian businesses are the basis, as in any other foreign transactions, and that there is nothing surprising in the fact that Palestine, too, like every other country in the world, has turned to the American money market.” Dr. Halpem declared.
“I do not doubt that the connections which have now been formed will be further developed. Just as the American Jews play a decisive role in the large collection of Palestine funds, they will now, without a doubt, participate in the purely business enterprises in Palestine to a greater extent than has been the case in the past. Never has it been as clear to me as it is now that Palestine is an economic fact to the large masses of American Jews, and that they are ready to participate in this direction toward the upbuilding of Palestine.
“The strong interest displayed in Palestinian investments, the security of which can be relied upon, as, for example, the debentures of the General Mortgage Bank of Palestine, is, therefore, readily understood. The conviction that American Jews can give the best economic aid to their relatives living in Eastern Europe, by helping them to establish a livelihood in Palestine is spreading widely.
“I have been especially pleased to be able to establish the fact that the number of those who personally want to be informed with regard to conditions in Palestine is growing larger. I would wish that as many as possible of them should go to Palestine this spring, with a view to studying the possibilities of investment. I do not doubt that this would lead to a vital strengthening of the business relations between American and Palestine,” Mr. Halpern declared.
Asked for his opinion concerning the proposal of Henry Morgenthau that a committee consisting of leading American Jewish bankers be appointed to study the economic possibilities of Palestine and the issuance of a $50,000,000 loan, Dr. Halpern declared that he was convinced that if the study is made, it will be beneficial to Palestine and America.
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