Palestine Economic Corporation, largest and pioneer American development corporation in Israel, declared a four percent dividend for 1956, payable in common stock of the Corporation to stockholders of record, on May 15, 1957, it was announced by chairman Robert Szold today when he issued the corporation’s 1956 annual report to stockholders for its 31st year of operation.
“The board of directors concluded,” Mr. Szold stated, “that it is in Israel’s present best interest to pay the dividend in stock rather than in cash in view of the corporation’s decision to participate to the maximum in the erection of housing for Israel’s large 1957 immigration and in the expansion of Israel’s industry.” The report to stockholders shows that Palestine Economic Corporation earned $423,209 from operations, after taxes, during 1956 as compared with $263,524 in 1955 and $302,732 in 1954. The reserve for contingencies was charged with an amount of $378,233 resulting from devaluations of the pound.
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