Report to the ... Zionist Congress and to the Council of the Jewish Agency in ... · 1935-08-01 · 8.1935 · p. Seite 117

date it has gone up considerably. Although the demand for credit did not increase in anything like the same measure, and it was felt that to embark on too rapid an expansion would not have been prudent, still it was found possible to increase the item of " Loans, Advances and other Accounts " by £184,000, and the Portfolio of Bills Discounted by £31,000. In this field too>, further progress has been made during the present year. The expansion of business in Tel-Aviv necessitated the provision of further accommodation in that city, and a branch office was therefore opened at Allenby Road. A branch office has also been opened in the colony of Hedera, which promises well. A building site has been acquired in Jerusalem in a prominent position for the erection of a suitable office building. Plans are being prepared for the extension of the buildings of the Bank's Head Office at Tel-Aviv. The Anglo-Palestine Bank is in a very liquid position; its liquid assets in the form of " Cash in Hand and at Bankers," " Balances with Banking Correspondents " and " British and Foreign Government Sterling Securities " amounted on December 31st, 1933, to sixty per cent, of its liabilities. Since then this proportion has been well maintained. After increasing the Reserve by £25,000, and making full provision for bad and doubtful debts and for Income Tax, the Bank showed for the year 1933 -a net profit of £22,323 8s. Id., out of which a Dividend of six per cent, has been paid. The results of the present year, so far as can be judged uj> lill now, may be expected to be at least as satisfactory. The business of the Lodz Deposit Bank, in which the Trust held a controlling interest, developed in a gratifying way in the year under review. Outstanding open positions covered by guarantees were realised in full, the liquid resources were increased, and the Balance Sheet of the Bank shows a satisfactory general position. The Bank's earnings amply justified the distribution of a Dividend, but it was considered advisable to follow the policy of all the leading Polish Banks, and not to revert prematurely to a dividend-paying policy. The development of the Bank's business during the present year is again most satisfactory, and if the leading Banks in Poland decide to resume the payment of Dividends, the Bank will probably have no difficulty in following their example. The position of the Jewish Central Bank, Kowno, in which the Trust holds a minor interest, continues to be sàtisfactory, and the business transacted by that Bank during the year under review showed an improvement over that of the previous year. The Director retiring in rotation is Dr. G. Halpern, who, being eligible, offers himself for re-election. The Directors have pleasure in announcing the appointment of Mr. E. Kaplan as a Governor of the Trust. The Auditors, Messrs. Jackson, Pixley & Co., offer themselves for re-election. 117