A change of personnel in the American and Palestine administration of the American Zion Commonwealth, the company for the purchase of land in Palestine which was severely criticised at the last Zionist convention in Atlantic City for the state of its affairs in Palestine, was announced in a statement by Louis Lipsky, made public by the Commonwealth yesterday.
The statement, issued by Mr. Lipsky prior to his departure for Europe, assures that “the new administration is slowly extricating the American Zion Commonwealth out of its credit difficulties.”
A financial statement of the books of the American Zion Commonwealth in this country as well as in Palestine, signed by Certified Public Accountants, shows that the assets of the company exceed the liabilities by over $600,000. The surplus earned by the company is not the property of any individual but is to be used for public purposes and for the furtherance of the Jewish National Home ideal in Palestine.
Mr. Lipsky’s statement briefly outlines the accomplishments of the Commonwealth during the nine years of its active operation in Palestine, “During that time,” he declares, “it has contributed a great deal to the upbuilding of the Jewish National Home. It has established the colonies of Balfouria. Herzlia and Afule. It redeemed 150,00 dunams of land from the possession of non-Jews and took part in the acquisition of the most promising stretch of territory known as the Haifa Bay complex which consists of 60,000 dunams of land and which is destined to become a flourishing industrial and agricultural section.
“The American Zion Commonwealth was caught, however, in the conditions that developed in Palestine during the past few years,” Mr. Lipsky’s statement continues in explanation of the difficulties of the fund. “Its difficulties are attributable to the fact that it had insufficient capital with which to operate; to the fact that its managers purchased more land than they were in a position to sell or develop; to the fact that the market for the sale of land in Palestine broke as a result of the discontinuance of immigration; to the fact that the American Zion Commonwealth managers in Palestine failed to take proper precautions to protect the American land purchasers.”
Mr. Lipsky states that “the Zionist Organization of America intervened and placed in charge of the American Zion Commonwealth a new personnel to take place of the old administration.” “At the head of the affairs of the Commonwealth,” he states, “were placed men of acknowledged business ability in whom we have the utmost confidence, and who will command the confidence of all Zionists. At the head of the Palestine office of the American Zion Commonwealth we have been most fortunate in securing the able services of Nathan D. Kaplan gratis. Mr. Kaplan, an attorney, is prominent in Chicago Zionist affairs.”
The statement further declares that “the Zionist Organization of America stands squarely behind the Commonwealth, as does Dr. Weizmann, President of the World Organization.” It further declares that “the failure of the American Zion Commonwealth would bring about a serious financial condition in other Zionist institutions in Palestine, which makes it all the more imperative for Zionists in cooperation to do their utmost to place the Commonwealth upon a safe financial basis.”
Mr. Lipsky’s statement, which is supplemented by the financial statement of the Commonwealth, concludes with an appeal to all American land purchasers to give their support to the “effort that is being made by the present board of directors of the American Zion Commonwealth to meet all the obligations of the corporation and to place it once more in a position in which it can be of service to the Zionist movement.” The statement points out that there are now outstanding $682.288.58 due to the American Zion Commonwealth from American land purchasers, and declares that the nayment of this amount would enable the Commonwealth from American land purchasers, and declares that the nayment of this amount would enable the Commonwealth fully to redeem important stretches of land which are being held under mortgage.
JTA has documented Jewish history in real-time for over a century. Keep our journalism strong by joining us in supporting independent, award-winning reporting.
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.
