Report to the ... Zionist Congress and to the Council of the Jewish Agency in ... · 1935-08-01 · 8.1935 · p. Seite 149

Fuller details concerning the allocation of Keren Hayesod funds through the Jewish Agency in the period under review will be found in the Financial Reports of the Jewish Agency. 2. I^oan from Lloyds Bank. At the beginning of 5694, the commitments of the Jewish Agency and the Keren Hayesod amounted to £570,000, of which approximately £200,000 were due in the course of that year. Even though the income of the Keren Hayesod in 5694 exceeded that of the preceding year, and the Jewish Agency, on its part, economised over various budget items in order to reduce commitments, a procedure facilitated by the realisation of part of the capital invested in the Land Companies, both the Jewish Agency and the Keren Hayesod thought it advisable to consolidate their financial position by means of a large loan, so as to be able to allocate once more the larger part of their income to new colonising projects. On May 16th, 1934, a preliminary agreement was signed by the Jewish Agency and the Keren Hayesod on the one part, and Lloyds Bank and the Anglo-Palestine Bank, London, on the other part, providing for a loan of the amount of £500,000 at 4 per cent., repayable in fifteen years; £50,000 of this amount were contributed by the Anglo-Palestine Bank. The formalities connected with this loan took some time, and it was only on November 21st, 1934, that the Debenture was legally registered in London. The loan served to liquidate the debts and commitments of the Jewish Agency and the Keren Hayesod, and to consolidate the existing Keren Hayesod settlements, which, for lack of ready means, had not received their full equipment. The liquidation of the debts alone, more particularly those of the Jewish Agency, means a great saving in interest. On March 31st, 1935, Lloyds Bank and the Anglo-Palestine Bank had remitted £400,000 on account of the loan, whilst the balance of £100,000 only came to hand after that date. The £400,000 above referred to were expended in the following manner : £ s. d. To the Palestine .Executive for liquidation of debts ...... 227,215 2 6 Repayment of Debt to the Deutsche Bank ...... 100,000 0 0 Repayment of Debt to the Anglo-Palestine Bank, London (per September 30th, 1934) ... 37,116 3 2 To Lloyds Bank for Redemption Reserve Fund, as per agreement 22,800 0 0 To Anglo-Palestine Bank, London : Balance of the old debt of the Keren Hageulah, 1920 ............... 5,595 1 0 Part repayment of loans in Czechoslovakia ......... 5,277 3 4 To Anglo-Palestine Bank, Jerusalem : Balance of loan taken up for purchasing the Tachkemoni School, Jerusalem ... 1,050 0 0 To payment of diverse debts ............... 650 0 0 To expenses connected with the transfer of the loan from London to Jerusalem .................. 296 10 0 £400,000 0 0 149