A $500,000 corporation to promote the industrial and general economic development of Palestine was launched here today in the presence of representatives of the Jewish Agency for Palestine, the city of Tel Aviv, the Chamber of Commerce and other representative bodies. The Corporation is to be known as the Industrial and Financial Corporation of Palestine. The gathering was addressed by Lord Melchett, British Jewish leader; Emmanuel Neumann, former member of the World Zionist Executive, and S. Hooflen, president of the Jaffa and district Chamber of Commerce.
Proclaiming the new corporation as “a hallmark of Palestine progress and development judging by twentieth century standards,” Lord Melchett, one of the incorporators, paid tribute to Neumann for enlisting active support for the enterprise among prominent personalities in Egypt, Palestine, England, America and South Africa. “In all the numerous new creations in the domain of the economic development of Palestine,” Lord Melchett declared, “this new enterprise is the most striking instance of Palestine’s progress.”
PROMINENT STOCKHOLDERS
Neumann, who is managing director of the concern outlined its aims and disclosed that the Anglo-Palestine Bank, the largest Jewish National bank, is behind the corporation. Stockholders, in addition to Lord Melchett include the noted South African Zionist financier, Michael Haskel and Nathan L. Goldstein, New York attorney. Committees interested in the project are in existence in several countries.
Mr. Hoofien, who is general manager of the Anglo-Palestine Bank, described the necessity for an agency of the nature of the new corporation to further the development of Palestine.
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