Report to the ... Zionist Congress and to the Council of the Jewish Agency in ... · 1935-08-01 · 8.1935 · p. Seite 119

port for sea-going vessels, will, in the long run, meet the needs of the case. The import of capital continued and, indeed, increased during the year under review. The total amount of deposits in the banks of the country was, by the end of the year, estimated at about £11,000,000. Many new industries were established. The accounts of the bank reflect, in a measure, the position in the country, as illustrated by these figures. The figure of " Current Deposit and other Accounts " in the present Balance Sheet, shows an increase of £2,286,000—as compared with the previous year. 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 the course of the year arrangements were completed for the taking over by the Bank of the banking business of its Parent Company—the Jewish Colonial Trust (Juedische Colonialbank) Limited, of London. This transaction was carried through on January 1st, 1934. Only that part of the Trust's affairs as may prove necessary to the development of the Palestinian business of the Bank is being retained, the remainder being liquidated for account of the Trust. The Trust continues to retain its holding of the Bank's shares. 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 in August, 1933. The results of the business have been encouraging. The Directors have found it possible to transfer to the Reserve Fund during the year a total amount of £25,000. Part of this amount has arisen from a bonus distribution, in the form of fully paid-up shares, on one of the Bank's " Sundry Investments," and the remainder from surpluses on the disposal of assets which passed, some years ago, into the hands of the Bank in settlement of outstanding debts. The Net Profit for the year, after the allocation to the Reserve- Fund and after making provision for bad and doubtful debts and for Income Tax, amounts to £22,323 8s. Id. After adding thereto the sum of £8,894 7s. 5d., brought forward from the year 1932, and making the usual contribution to the Pension Fund, there remains a balance of Profit of £28,674 4s. 3d. The Directors propose to pay a dividend of 6% on the paid-up Capital of the Company, which will require an amount of £18,051 0s. Od., and they propose to carry forward to the accounts for the year, 1934, the balance of £10,623 4s. 3d. The Directors retiring in rotation are Messrs. I. L. Goldberg and D. Levontin who, being eligible, offer themselves for re-election. The Auditors, Messrs. Jackson, Pixley & Co., offer themselves for re-election. 119