Revealing that the war-scars has hurt the smaller banks in Palestine and has resulted in a credit shrinkage, S. Hoofien, director of the Anglo-Palestines Bank here, today issued a message in which he pointed out that the larger institutions, including Barclay’s Bank of London and the Anglo-Palestine Bank, are assisting the smaller banks to renew credits to merchants.
“Palestine finances are linked with Britain’s,” Hoofien declared. The war-scare, he said, forced the banks to stop relief for commerce and building. He pointed out, however, that the General Mortgage Bank is granting loans amounting to more than a half-million dollars monthly to accelerate building, and held there is no grounds for fear.
Hoofien concluded by expressing firm belief in the soundness of the Palestine economic structure.
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.
