Report to the ... Zionist Congress and to the Council of the Jewish Agency in ... · 1935-08-01 · 8.1935 · p. Seite 187

For agricultural areas (including Huleh) For urban land ... £P. 343,000 £P. 145,000 In all...............£P. 488,000 During the period under review the Company had many obstacles to overcome, which disturbed and impeded its landpurchasing activities. On the one hand there were the obsolete land laws, the Cultivators' Ordinances, and also the strong Arab agitation against land sales to Jews; on the other hand, there was the competition of private speculators who, especially in this period, had appeared in large numbers in the country. This competition was not only the cause of the loss of much Jewish money, but alsosometimes occasioned contracts with the Jewish institutions,, such as the Keren Kayemeth, being annulled, which had been in existencefor many years. Upon noting the ever increasing inflated prices of urban land, the Company endeavoured, even some years ago, to obtain from the Government, on lease for a number of years, areas suitablefor urban development. These protracted negotiations between the Government and the Company were concluded in August, 1934, by a contract for a lease of ninety-nine years on an area close on 2,100 dunams of Government land on Mt. Carmel, not far from Hadar Hacarmel. The area had been leased by the Company from the Government some years ago and the lease had been renewed annually until it had become possible to secure the long lease. It is intended to develop this area for persons of modest means. The Balance Sheet as at the end of 1934 shows the situation of the Company to be as follows : Assets in Land (at cost price or under) £P. 435,359 Other Assets (in Cash, Debts, etc.) £P. 258,155 -----£P. 693,514 Liabilities .................. £P. 507,449 Excess of Assets over Liabilities ... ... ... £P. 186,065 Share Capital paid up (issued and about to be issued) £P. 96,350 The excess of Assets over Liabilities is, therefore, about double the share capital. The liabilities of the Company are divided into the following : £P. (a) For short and fixed periods (mortgages, obligations, etc.) ..................... 146,011 (b) For long periods (5 years) ... ... ... ... 156,438 (c) Secured by clients' bills ... ... ... ... 62,417 (d) For indefinite periods ... ... ... ... ... 32,795 (e) Advances by Land Purchasers ... ... ... 46,422 (/) Provision for development of lands, compensation and legal suits, etc. ... ... ... ... ... 63,366 187