(Jewish Telegraphic Agency)
The concession for the electrification of Palestine was handed over to the Palestine Electric Corporation, Ltd., a Jewish corporation headed by Engineer Pinchas Ruttenberg, the author of Palestine’s electrification and irrigation plan.
The concession was delivered by High Commissioner Plumer, who signed the necessary acts Saturday.
The preliminary agreement between the Ruttenberg company and the Palestine government was made in September 1921. According to this agreement, the concession was to be granted to Ruttenberg if he succeeded in establishing within two years a company with a fixed amount of capital. Many difficulties arose in connection with this agreement which have been satisfactorily solved.
The Palestine Electric Corporation, Ltd., has an authorized capital of 1,000,000. Half of the shares will be issued as preferred and half as common stock.
The Board of Directors of the company consists of Mr. Ruttenberg, Dr. Georg Halpern, I. Naiditch, Mr. Nassatissin, Dr. Judah L. Magnes, Harry Sacher and Mr. Frank, who represents the Pica, the Palestine branch of the Jewish Colonization Association.
The Palestine Electric Corporation holds all the shares of the Jaffa Electric Corporation, amounting to £ 150,000.
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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.
