The year 1932 was a period of steady economic growth in Palestine, Emanuel Neumann, the head of the Economic Department of the Jewish Agency in Palestine, declared in a statement reviewing the Jewish economic development in Palestine for the past year, made public through the Jewish Telegraphic Agency.
The crisis of 1926-27 really ended in the middle of 1928, he said, and a steady improvement set in at the beginning of 1929, but the gloomy events of that year put a check on this movement. The situation was further aggravated by political events: the Passfield White Book; the Immigration Order of May, 1930; restrictions on sales of land to Jews, etc. In the circumstances, which were also influenced by the bad economic position throughout the world, there was every reason to fear a new sharp crisis.
Towards the middle of 1931 these fears were being slowly dissipated and towards the end of that year, there were distinct signs of economic improvement. Immigration assumed an upward trend and the Government increased the quota of the Labor Schedule (from 480 in 1931 to 5,800 in 1932). The total number of new Jewish immigrants (excluding tourists who were given permission to remain permanently), amounted in 1932 to over 5,500 as against 3.136 in 1931.
The increase in immigration was especially marked during the last months of the year—about 1,000 persons per month as against 150 to 300 per month during the first months. Together with the increase in immigration there was a corresponding increase in influx of capital into the country and a greatly enhanced absorptive capacity and purchasing power of the local market.
While the more favorable attitude of the Government towards Jewish work in Palestine is partly responsible for the increased immigration, Mr. Neumann went on, the main reason was no doubt the economic stress of the Jewish masses abroad. With the restricted possibilities for investments in other countries with the flux of anti-Semitism, Palestine with its comparative economic stability, stood out as a ray of light which drew to it many Jews from the Diaspora. Jews from all countries notably Poland, Germany and the United States, began to come to Palestine in increasing numbers, attracted by the striking opportunities which it offers as a country in the process of development and upbuilding. Among the contributory factors which helped were no doubt the Maccabiah and the Levant Fair of 1932 which was visited by
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
