Financial report of the Palestine Zionist Executive · 1929-01-01 · 16 (1929) · p. Seite 102

in order to carry through a scheme of liquidation of the Company, a loan of 245,000 dollars was obtained in America, repayable by the Keren Hayesod in monthly instalments of 7500 dollars. A settlement with secured and unsecured creditors of the American Zion Commonwealth was reached with the aid of the above fund. It is hoped that the advances made by the Keren Hayesod and the guarantees undertaken for future mortgage instalments will partly be recovered out of the realisation of assets of the American Zion Commonwealth. 5. The Palestine Zionist Executive has continued during the year 5689 to sanitate the financial position^ During the eight months under review, the deficit which at the beginning of the year amounted to LP. 118,282.1-20 was reduced by LP. 29,899.5.66. The total income from the Keren Hayesod amounted to LP. 168,705.7-16. The prospects for the next four months make it doubtful whether the full budget item of LP. 70,000 for payment of deficit will be available. 6. The overdraft at the Bank was reduced to LP. 20,000.- and the debit balance of LP. 17,893.3.86 at the end of 5688 was changed to a credit balance of LP. 12,966.7.67 by the receipt of earmarked funds. The total amount of bills and obligations falling due on fixed dates was further reduced from LP, 53,188-6.72 to LP. 40,937.0-59, the lowest figure since November 1923- 7. In the month of May 1929 all arrears of salaries due to teachers and officials for the years 5687—5688 were paid off, so that only the old debt to the teachers for the years 5682—5684 amounting to LP. 12140-6.46 remained owing to them. 8. The total of liabilities outstanding on the 30th September 1928 amounting to LP. 229,434.8.29 was reduced to LP. 158,493.4.13 by the end of May 1929. Contingent liabilities amounted to LP. 9437-5.10* 9. The improved economic condition of the country coupled with the improved financial position of the P.Z.E. created the possibility of 102