Establishment by the Palestine Foundation Fund and the Jewish National Fund of seven new corporations in Palestine whose object is to accelerate general development of the country was announced by Rabbi Stephen S. Wise, national chairman of the United Palestine Appeal.
The outstanding unit of the new corporations is the Palestine Agricultural Settlement Association, Ltd, established by the Palestine Foundation Fund with a capital of $250,000. This corporation will supervise all the agricultural settlement activities undertaken by this Fund.
The six other public bodies just established are the Palestine Drain-age and Amelioration Company, Ltd, with a capital of $500,000; Agricultural Bank, $150,000; Rural Housing, Ltd, $175,000; Rural Workers’ Housing Company, Ltd, $125,000; a group of three irrigation companies, called “Emek” Water Company, Ltd, “Gilboa” Company, and “Rassco” for German Jews, with a combined capital of $75,000; and the Palestine Investment Corporation, with a capital of $250,000.
The Palestine Drainage and Amelioration Company, Ltd., was established by the Palestine Foundation Fund and the Jewish National Fund to develop for colonization purposes 15,000 acres of swampy land in the Huleh Valley in Northern Palestine.
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