Britain and Israel today signed a financial agreement here under which all British assets in Israel arising out of the termination of the Palestine Mandate–with the exception of minor holdings in Jerusalem–will pass into the ownership of the Israel Government.
The agreement was signed by Sir James Crombie on behalf of the United Kingdom and by David Horowitz, director-general of Israel’s Ministry of Finance, on behalf of Israel. Twenty-four other members comprising the British and Israel delegations affixed their signatures to the document. An official announcement said that the details of the pact will be published “in due course.”
(In Tel Aviv it was reported that the actual financial transactions concluded in London were limited to the transfer to London of 1,118,000 pounds now held in Israel banks and the payment, over a 15-year period, of about 3,000,000 pounds to the former Mandatory Government. The agreement also provides that Israel is to pay pensions in local currency to former British officials now residing in the Jewish state, with a ceiling of 200,000 pounds annually on the pension payments.)
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