The American Zion Commonwealth, land purchasing agency, incorporated under the laws of the state of New York, and operating in Palestine in conjunction with other Zionist agencies, has solved its financial difficulties which threatened its existence for the past several years. The danger of bankruptcy proceedings against the company was averted when the district court confirmed a settlement reached between the creditors and the company, Theodore van Vriesland, treasurer of the Zionist Executive in Jerusalem and plenipotentiary for the company, stated to the Jewish Telegraphic Agency.
The solution of the company’s financial problems, which arose following the collapse of the land boom in 1926, was made possible thanks to the intervention of all Zionist bodies working in Palestine and especially due to the aid given by a group of American Zionists headed by David Freiberger, New York attorney. This group provided a loan of $250,000 to the American Zion Commonwealth, Mr. van Vriesland stated.
The special committee in charge of solving the American Zion Commonwealth problems is now proceeding to survey the possessions of the compaoy in Palestine and to parcel out the Commonwealth lands. All those who purchased Commonwealth land will receive their deeds within the next twelve months, Mr. van Vriesland stated. The majority of purchasers are in the United States.
Mr. van Vriesland explained that the company still has an indebtedness of Â£130,000 Sterling in mortgages and Â£25,000 to other creditors, which must be paid within three years from the sales of land to purchasers in the United States. “We expect that the company, gradually emerging from its involved state, will inspire confidence in its clients to fulfill their obligations by paying off the past installments on the land purchased. The company is doing everything possible to fulfill its part of the contract,” he declared.
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.