Palestine Will Need National Capital for Years, Economists and Bankers Say

(Jewish Telegraphic Agency)

National capital, coming in the form of collections of the Keren Hayesod, Palestine Foundation Fund, and the Jewish National Fund, will be necessary for many years to come in order that a sound foundation for the development of Palestine as the Jewish national home may be laid.

This was the predominant opinion of the Palestine Economic Conference comprised of prominent European bankers and economists, which closed its sessions here yesterday. The investment of this national capital will establish a basis for purely business enterprises in Palestine, it was declared.

Sir Herbert Samuel, who presided at all the sessions of the conference and personally drafted the majority of the resolutions adopted, pointed out that if properly financed, the Palestine industrial enterprises have every possibility for successful growth.

Although no official statement was issued and although the text of the resolutions were not yet made public, the Jewish Telegraphic Agency learns that the conference did not discuss the present economic situation in Palestine resulting from the unemployment, but concentrated mainly on the principles of the future constructive work. It was also learned that many of the prominent economists and bankers who attended the conference will visit Palestine next year and that similar conferences to deliberate on the economic aspects of the Palestine problem will be held frequently. It was pointed out that this conference was the first occasion when two of the leading Italian Jews participated in deliberations on Palestine.

James de Rothschild, Oscar Wassermann and Leon Blum were among those who actively participated in the proceedings.