(Jewish Telegraphic Agency)
A new bank has been founded under the name of “Director Bloom and Cohen, Bank of Palestine”. Its foundation capital amounts to $1,000,000 and the shares are divided among the three founders. The shares are not only paid up in full but an additional 10 per cent was levied on each share to form a reserve. capital. The bank has at its disposal. therefore, a capital of $1.100,000. The bank intends starting its operations next September.
The Palestine and Near East Economic Magazine has published an interview with S. Cohen, one of the founders of the Bank.
“We have decided to open this bank,” Mr. Cohen said, “because it is our belief that Palestine presents a wide field for the operation of banking institutions, provided they have at their disposal the necessary capital and they are rightly managed from the beginning. The economic depression from which Palestine has been suffering for the last two years is very largely due to the absence of normal credit facilities in this country. It is true that several banking institutions work in Palestine but Jewish economy in this country suffers from the absence of such a bank operating on a large scale, round which could group themselves private capital and private initiative. We are convinced that private initiative only can solve the problem of the economic reconstruction of this country.
“The new bank is not established in order to compete with the existing institutions, but on the contrary in order to cooperate and improve financial activities in this country. The bank aims at helping trade, industry and building activities. We think that Jewish mass colonization in this country will not be fully successful unless a way is found to settle in the towns thsoe masses who either cannot or will not turn to agricultural pursuits.
“In this connection a predominating part will be played by the improvement of conditions in Tel-Aviv. Our bank will be registered both in America and in Palestine, but Palestine will be the only field of its activities. Nevertheless, the fact that the founders of the bank have business interests in Europe, America and Palestine will, we hope, greatly help the development of our institution.” he said.
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