The election of Henry Morgenthau, Jr., former Secretary of the Treasury and one-time general chairman of the United Jewish Appeal, as chairman of the board of the Palestine Economic Corporation was announced here late today. The announcement also stated that Henry Montor, former executive vice-chairman of the U.J.A., had been named vice-president of the P.E.C.
“The State of Israel is now embarking upon a program of development,” Morgenthau said, “that will require hundreds of millions of dollars of capital investment, in addition to the generous support that American Jewry is sure to give its philanthropic institutions. The Palestine Economic Corporation is showing its concern for the future of Israel by embarking upon an investment program of unprecedented proportions. We feel that American capital, provided by small and large investors alike, will soon become aware of the great opportunities in that fast-growing country. Proper economic development will assure Israel’s growth as a strong bulwark of democracy in the Middle East.
“Large donated funds will be indispensable in 1949 for the initial reception, care and rehabilitation of large numbers of immigrants, for land purchase and for the first stages of agricultural development. But private capital is vitally needed for the development of the economic structure of the country that will assure the rapid absorption of the great waves of immigrants from Europe and North Africa,” Morgenthau said. He added:
“Israel has every mark of a dynamic economy. Its growth in population currently at the rate of 200,000 a year, is especially noteworthy when it is considered that not only Israel but the Middle East of which it is the nerve center has just begun to grow.”
A group of twelve business leaders from various parts of the country was added to the board of directors at the same time, the P.E.C. announcement said. They are: Charles J. Rosenbloom of Pittsburgh; Joseph Mazer of New York; Morris Berinstein of Syracuse; Joseph Schulman of Paterson, N.J.; Harold Goldenberg of Minneapolis; Rudolph G. Sonneborn of New York; Abraham Feinberg of New York; Joel Gross of Newark; Samuel Rothberg and Julian B. Venezky of Peoria, Ill.
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