Friday, August, 4. 1947

THE JEWISH NEWS

Page Twelve

American Capital, Invested in PEC, Proves
Backbone of Palestine's Successful Economy

By JULIUS W. LEV
Assistant to the president of the Palestine Economic Corporation

‹t;

If anybody had told me a year ago that the disturbed
political condition in Palestine would continue for another
year I would not have hesitated to say that this must result
in a serious economic set-back. Nothing' of the kind has
happened so far.
The sale of electric power and light in 1946, reached an

and the Palestine Electric Cor-
poration.
Establish Chemical Industry

Recently the company conclud-
ed negotiations for a participa-
tion of some $220,000 in a 11/4
million dollar chemical company
to manufacture fertilizers and to
establish
a nucleus around which
all time peak of over 250 million
will be built a major chemical
Kwh, compared with 215 million
Palestine Economic Corpora- industry. Furthermore, an in-
Kwh in 1945 and 91 million Kwh
in 1939. The industrial off-take tion, the largest American corn- vestment of some $160,000 is now
also increased, and in 1946 reach- pany operating in Palestine, being concluded in the expansion
ed 76 million Kwh as compared maintains, through its Palestinian of Palestine's largest and most
with 68 million in 1946 and 25 subsidiary and affiliated corn- modern citrus fruit • processing
million in 1939. panies, close contact with the plant, making juices, jams and
Deposits with banks continued situation. Its two banking sub- marmalade for local consumption
to increase - from 86 million sidiaries have provided over the and for export.
American Shareholders .
pounds ($344 million) in Dec., past quarter century many mil-
The corporation's shareholders
1945. to 97 million pounds ($388 lions of dollars of credit for—in
million) in Dec., 1946. The the case of its Central Bank of are all Americans—some 1;100
citrus indust7 has already recov- Cooperative Institutions—agricul- for the time being. While the
erect from its war imposed lull ture, fish farming, horticulture corporation has enjoyed , satisfac-
earnings from its subsidiar-
and in 1946 shipped some 10 and allied cooperative fields; in tory
ies, the pre-war dividend—which
million cases of fruit with a the case of its Palestine Mort- was
only two per cent (and which
gage and Savings Bank, rational
dollar value of $14 million.
mortgage credits for that ever was discontinued during the
No Unemployment

New investments in industry in present Palestinian p r o b le m:
Its subsidiary company,
1946 are estimated at between 20 housing.
and 28 million dollars. Twelve the Bayside Land Corporation,
affiliate, the Palestine
million dollars were spent in the and its

importation of new industrial Housing Corporation, are the
and agricultural machinery. In leaders in industrial and housing
spite of the slump in the diamond development in the country.
Initial Housing Projects
trade, due to a large extent toa
These companies were among
decline in prices-'in the United
States market, unemployment is the first to initiate large scale
projects to take advantage of
practically non-existent.
The strain on Palestine's econ- American "know-how." Costs
omy which made itself felt when and profits are kept to a mini-

"••••• ■■ •• ■ •

Junior Service Group Plans
Extensive Cultural Activities

Philanthropy, Sociability Are Music Study Circle To Give
Detroiters Participation
Among Aims of New
In Music
Program Schedule

In order to promote the works
Initiating a greatly expanded
program, the board of directors of Jewish composers, and to give
of the Junior Service Group has young Jewish Detroiters an op-

announced that the JSG will be
devoted to a threefold purpose in
1947-48 — philanthropy, culture
and sociability.
Working with a membership of
nearly 1,000 Jewish adults from
16 to 30, the board has drawn up
a tentative • program schedule
whibh will enable JSG-ites to
participate in well-rounded activ-
ities built around Jewish com-
munity life.
Prominent Detroiters have
been invited to lead discussion
groups and a speakers' forum.
Other programs will include a
book review series, featuring
leading literary critics; play pro-
ductions by the JSG Players;
Music Study Group and religious
war years)—was put on a four services. In addition to these ac-
per cent annual basis shortly tivities, the Group will sponsor a
series of special dances, "Just for
after the war.
The company realizes the vi- fun."
Anyone who is interested in
tat part played in Palestine by
the funds donated through the joining the Junior Service Group
United Jewish Appeal. More should call Sylvia Collins, TO.
than that,• it is aware that many 8-1449, or Leonard Baruch, TY.
of the foundations upon which 5-7997, membership chairmen.
private capital has been able -
to build would have not been
N. J. Senator Charged
possible but for this danateil -
With FEPC Sabotage
capital. However, an of as must
realize that donated funds only
WASHINGTON. D. C., (JPS)—
provide bare necessities. They
The National Council for a perm-
do not provide commercial or
industrial credits which must anent Fair Employment Practices
come from so-called private Commission charged here last
week that Senator Alexander
sources.
It is our proud boast that all Smith (R. N.J.) has sabotaged
of our investments have been proposed anti - discrimination
examined from the so-called so- legislation which was shelved in
cio-economic approach of what committee when Congress ad-
will do the most good for Pal- journed for the year.

the so-called boycott was called mum consistent with good busi-
by Arab leaders has practically ness, and purchasers are assured
of good accommodations. Our
disappeared.
Americans seem surprised three water supply companies
when I tell them that our were the first to introduce Am-
ladies' fashion goods manu- erican methods of well drilling
facturers have found markets in order to exploit most efficient-
all over Europe, satisfactorily ly that most precious of natural
resources, water.
competing with Parisian manu-
Drilling began nine months
facturers in—of all places—
Paris itself. Palestine's leather ago in the Dead Sea area by estine's development. The com -
the Jordan Exploration Co., pany has always been non-po-
goods find ready buyers in
which the Palestine Mining Syn- litical in its activities, cooper-
London's Bond Street.
Our most serious concern is the dicate (another affiliate of the ating with other groups where
continuation of the high cost_of parent company) helped to fi- the most good can be done.
New York Purchasing Service
living index which, on the basis nance. While oil has, as yet, not
Two years ago, together with
of 100. for 1939, increased to 260 been struck. exploration work,
in June, 1946, and to 276 in April, on the advice of British and the American Palestine Trading
1947. Some of this is artificial: American experts, will be con- Corporation (established - by the
Histadruth), there was estab-
Wheat. for example, which costs tinued.
lished in New York tie Palestine
When the parent corporation
about $80 Lier ton in England
was founded in 1926, the in- Purchasing Service, Inc., which
costs some $116 per ton in Pales-
vestment principals laid down provides facilities for Palestinian
tine. Cocoa beans cost about 3
manufacturers to buy the best
tunes as much in Palestine as by the founders (among them
American goods and machinery
do in England. Timber the late Justice Brandeis, Judge
they
available. This company is in the
Julian W. Mack, Robert Szold,
c,,sts - 2'2 times as much.
market for textile 'machinery,
Bernard
Flexner,
Felix
War-
Excess of Imports
agricultural machinery, motors,
Palestine, in 1946, had an ad- burg) included participation . in
pumps, food processing machin-
verse balance of trade (i.e., an sound industries as well as
ery, water pipes for irrigation
other
enterprises
whose
prod-
of
imports
over
exports)
excess
projects and many other prod-
uct or 'Whose work was vital to
of some $170 million. It is fur-
ucts that Palestine requires from
thermore true that large amounts the development of the coun-
the U. S. A.
try.
of imports will continue to be re-
American Jewry can be justi-
These have included • the Pal- fiably proud of the part being
quired to make up for war-time
shortages and for the continued estine Potash Co., the sole source, played in Palestine by a corpo-
development of the country, but during the war, of potash, a vital ration which applies the best
an all-out effort to breach the gap component of explosives, for the traditions of American business
between imports and exports by entire British empire; the Pal- and efficiency to the require-
restricting unnecessary imports estine Hotels Company, for the ments there. Its directors include
and by promoting local produc- erection and operation of hotels such widely known individuals
tion increase of deposits, a seri- in Palestine; the Agricultural as Robert Szold, Israel Brodie,
ous shortage of funds for long Mortgage Company, which sup- Jacob Billikopf, Moses Epstein,
plies mortgage credit to farmers, Harry Horowitz, Bernard Kahn,
term investment still exists.
Judge Louis E. Levinthal, Ed-
ward Norman. Nathan Strauss,
III, Alan Stroock and Samuel
Zemurray.

They Came, Saw Didn't Enter

U N Foregoes Calendar Reform

Decision of the United Nations
Economic and Social Council to
remove the question of calendar
reform from the agenda of its
present session was welcome by
the World Jewish Congress, rep-
resenting affiliates in 57 countries
throughout the world.

,

portunity to participate in mu-
sical activities, the Junior Serv-
ice Group has formed a Music
Study Group which will conduct
an extensive program through
the fall and winter months, ac-
cording to Dr. Samuel Krohn,
president of the group.
Included in the tentative pro-
gram are lectures, open forums
and group concert parties. All
Jewish adults who are interested
in joining such a _group may se-
cure further information by call-
ing Elaine Prussian, TO. 7-0577.

Caller Denies Pro-Irgun
Organizations Defaced
British Consular Offices

NEW YORK (XTA)—An anon-
ymous telephone caller told the
Jewish Telegraphic Agency that
the ."Revisionists . and other or-
ganizations in America support-
ing the Irgun" had nothing to do
with the defacement of British
consulates in New York and
other American cities during the
week-end. He refused to give his
name,. but insisted that he was
speaking "officially."
Three youths were arrested,
two in Philadelphia and one in
Washington, in connection with
the painting of anti-British slo-
gans and swastikas on the build-
ings.
In New York three-foot long
slogans in red paint read: "Na-
zis," "British Following Nazis,"
and "S. S. Exodus 1947." Other
slogans appeared in Philadelphia,
Baltimore, Chicago and Los An.
geles.

•••• ti
—c-4—c—c—i—

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(International Soundphoto)

Passengers of The immigrant ship "Exodus 1947" which was
rammed by the British off the coast of Palestine with the loss of
Arse Jewish lives and injuries to 50 passengers. These women gather
their belongings on dock at Haifa, awaiting deportation to France,
together with 4,551 other "illegals."

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