Report to the ... Zionist Congress and to the Council of the Jewish Agency in ... · 1937-08-01 · 8.1937 · p. Seite 30

— 30 — VI. URBAN CREDITS. Instead of the joint activity of the Central Bureau with the Labour Co-operative Credit Societies, the Zerubabel Bank and the Industrial Bank, as described in the previous report, there was co« operation in this period with the co-operative Credit Societies of German Immigrants and direct credit operations by the Central Bureau. The Council for German Jewry furnished the sum of LP. 10,000 for loans to farmers, and LP.10,000 as urban credits. Of this sum, LP.3,000 were granted as credits to co-operative societies through the Central Bank for Co-operative Institutions, and about LP.4,000 were lent through the Kuppat Milve of the German Settlers' Association. The sum of LP.3,000 was given for social credit to new Immigrants who were unable to furnish absolutely good security but who could be helped by small sums (up to LP.30 each). The sum of LP.2,000 was given as credits to small manufacturers, the average amounts of such loans being LP. 100. The Kupdt Milve shel Olei-G er mania, which was established by the German Settlers' Association as a co-operative society in December, 1933, has offices in Tel Aviv, Haifa and Jerusalem. The Kuppa extends loans to German immigrants against good collateral, and the average amount of the loans is LP.30, repayable in twelve to eighteen months. The society has about 1,750 members. The capital amounts to LP.4,000, but, in addition, there is at its disposal an amount of LP.7,700 in long-term loans made available by the Central Bureau of the Jewish Agency, and a credit of about LP.6,500 from the Anglo-Palestine Bank (previously LP.8,000), of which LP. 1,500 has already been repaid. The Jewish Agency also guaranteed the sum of äbout LP.2,500 which were given to borrowers who were unable to furnish good security . The Kuppa has deposits (current accounts, savings and fixedterm deposits) amounting to LP.7,000, The work is conducted on commercial lines, but in special consideration of the social conditions ümong members. The interest rate on loans is 8 per cent., but in exceptional cases, it is reduced to 5 per cent. Hitherto, the Kuppa has extended 1,750 loans for the total amount of about LP.43,000. The amount of outstanding debts due at present is LP.21,000.