Report to the ... Zionist Congress and to the Council of the Jewish Agency in ... · 1935-08-01 · 8.1935 · p. Seite 152

5. Various Payments of Head Office. In the first year covered by this Report, Head Office paid directly to the Mizrachi Palestine Fund the sum of £1,195 12s. 9d. (of which £33 6s. 8d. came from Austria and the balance from South Africa), and in the second year £1,873 8s. 2d., a total of £3,069 0s. lid. In addition, Head Office paid to various institutions the sum of £6,521 0s. 2d., which had been earmarked for the purpose. Table II. gives full details with regard to these payments. Head Office has thus paid out directly £9,590 Is. Od. of earmarked funds, £3,191 13s. 8d. in the first and £6,398 7s. 5d. in the second year covered by this Report. 6. Investments. A.—Keren Hayesod and Jeivish Agency Office Buildings. Head Office spent £3,743 6s. 9d. for the completion of its building during the period under review. In August, 1933, the Keren Hayesod Head Office concluded an agreement with the Misrad Hakablani, Ltd., in accordance with which the latter was given the contract for building the Jewish Agency house. This project was financed by means of a loan from the Phoenix Insurance Co. to the amount of £5,750, repayable within twenty years, on the same conditions as the loans granted for a similar purpose to the Keren Hayesod and the Keren Kayemeth. In December, 1934, the Misrad Hakablani was further instructed to build an additional wing of twelve rooms and premises for a watchman. The Jewish Agency building, including the new wing, as well as the completion of the courtyard of the whole complex will cost about £12,500, of which £9,798 12s. 2d. had been disbursed by March 31st, 1935. B.—Land Companies. The prosperous situation of the country following in the wake of the enlarged immigration has so improved the financial position of the American Zion Commonwealth and its subsidiary companies (Haifa Bay Development Co., Ltd., and " Meshek," Ltd.), that a part of the obligations, which the Keren Hayesod had had to take over, have been discharged from the proceeds of land sales of these Companies. During the period under review the Keren Hayesod invested the sum of £4,257 Is. Od. in the above companies. In addition, the Jewish Agency transferred its claims on the American Zion Commonwealth and " Meshek " to the amount of £45,098 12s. lid. to the Keren Hayesod, so that the latter's total investments under this head were increased to £49,355 13s. lOd. On the other hand, American Zion Commonwealth and " Meshek " transferred their shares in the Haifa Bay Development Co. to an amount of £21,500 to the Keren Hayesod, so that the whole of the? share capital of the Haifa Bay Co., amounting to £30,000, is now held by the Keren Hayesod. On March 31st, 1935, the investments of the Keren Hayesod in the American Zion Commonwealth and "Meshek" Company stood at £115,599 lis. 7d. and in the Haifa Bay Development Co. at £30,000. The Balance Sheet of 152