Search JTA's historical archive dating back to 1923

Zionist Executive in Palestine Reduces Deficit by £140,000

June 9, 1929
See Original Daily Bulletin From This Date

The deficit of the Palestine Zionist Executive has in the period dating from October 1927 up until the present been reduced £140,000 by the Keren Hayesod, Palestine Foundation Fund, bringing the total indebtedness of the Executive down to £260,000 from its previous £400,000. Harry Sacher, member of the Palestine Executive, made known at a conference of press representatives here.

Despite its new borrowings and its depreciated income, the Palestine Foundation Fund has been able to effect this reduction, at the same time wiping out its indebtedness to the teachers and officials, Mr. Sacher declared. “These figures indicate that there has been a substantial advance toward an economy administration and a sound financial status on the part of the Zionist Organization. An outstanding effect of this new state of affairs has been the improved financial credit available to the Executive, which renders possible further administrative economies and releases money for constructive expenditures,” Mr. Sacher explained.

The cut in the indebtedness of the Executive was made possible by the reduction of the budgets, the principal reduction being in the budget for colonization. According to Mr. Sacher, the Executive confined itself to maintaining the existing settlements, pending the arrival of additional revenue, and set itself the task of solving the (Continued on Page 4)

Mr. Sacher indicated that there would be further economies. When the present Executive took over its duties, it had been estimated by its predecessors that the sum of £547,000 would be required to bring about the consolidation of the existing Zionist colonies. The present Executive reduced the estimate to £275,000 through contemplated economies in the costs of buildings, plantations, etc., which would not, however, affect the economic status of the colonists or the efficiency of the colonies. In his statement to the press representatives, Mr. Sacher indicated that the next budget for colonization would be only 75,000 pounds, and that complete consolidation would therefore not be possible.

The outlook for the future is such that not only will a complete consolidation of existing colonies be possible, but the Zionist organization will be able to begin a new colonization, he said. The latter, however, depends on the land reserve which, he stated, is “the most urgent problem facing the next Executive.”

Lieb Yaffe, of the Keren Hayesod, declared that the Palestine Foundation Fund has raised the sum of £4,000,000 net since 1920, which has been used for immigration, colonization, urban development, education and health. The Palestine Foundation Fund has overcome enormous difficulties, he stated. Those constantly working for the fund are convinced that its prospects of development are limitless and that “our work will succeed as we increase educational and national activities among the Jews of the Diaspora. We must find our way to every Jewish element, community center, synagogue, school and public institution,” Mr. Yaffe urged. He warned against the multiplicity of appeals for Palestine through agencies other than the Keren Hayesod.

A gift of $150,000 contributed by the Julius Rosenwald Foundation to the Massachusetts General Hospital of Boston established a new schedule of rates for persons of moderate means for its Baker Memorial Building, now being constructed.

The Rosenwald Fund, Dr. Michael M. Davis, director of medical services of the hospital, said, will be used to meet an expected deficit until all the beds of the new building are occupied, when, it is believed, the institution will be self-supporting.

A check for $25,000 was sent to Judge William M. Lewis, National Chairman of the United Palestine Appeal, who is now in San Francisco, by Irving H. Hellman. Chairman of the United Jewish Welfare Fund of Los Angeles, Cal, as the first installment of the allotment to become due to the United Palestine Appeal as a result of the campaign launched last week for $200,000 for all national and international Jewish causes.

Recommended from JTA