A year of prosperity for all branches of trade in Palestine as a result of Jewish capital and immigration was described here at the annual general meeting of the shareholders of the Ottoman Bank which operates in Palestine.
Delivering the annual report, Sir Herbert A. Lawrence, chairman of the general meeting, pointed out that the prosperity in Palestine “has been due to the continued influx of Jewish immigrants and Jewish capital.”
Sir Herbert emphasized that the imports into Palestine are too large as compared with the country’s exports. This adverse trade balance, he said, he attributed to a greatly increased demand for foodstuffs and building materials caused by immigration.
“The difference,” Sir Herbert explained, “is covered by subscriptions from abroad to Jewish institutions, capital expenditure of immigrants, and receipts from tourist traffic. The financial position is satisfactory. The prospects for 1935 are encouraging.”
Sir Herbert also reported that the situation in Cyprus is also showing marked improvement due to the fact that Jews are beginning to take an interest in developing Cyprus.
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.
