The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-04-08
s A Y S PALEsT| NE
MUST one RCQME
| A OK Of CAPITAL
Outlook For Improvement
Schemes Not Encouraging
American Consul Says

JERUSALEM. April 7.-Comment-
ing upon the economic and hydraulic
resources of Palestine, A. e. South
ard formerly American consul here,
says the outlook for the prompt
realization of the hydro electric and
irrigation schemes proposed by for
eign engineers is not encouraging. He
believes the chief difficulty is in rails
ing sufficient capital. and the gem
eral lack of population and estab-
lished natural resources. He thinks
the Jordan valley is too narrow for
irrigation purposes, but says that if
irrigation could be accomplished it
would add enormously to the variety
and value of the commercial agricul
tural crops of Palestine.
Concerning econC mic conditions in
Palestine. Mr.. Southland says that
only restricted credit facilities are
available, as the banks now confine
their business almost entirely to re-
ceiving money for deposit and check
I ing accounts, to buying and selling
gilt.edge negotiable paper, and to
making short-term loans against
substantial and safe merchandising
security.
Inability to secure long-term leans
has seriously affected agricultural
tine does not yield great margin of
profit, and can hardly support the
present interest rate of per cent
and upward In the absence of a
bank dealing in agricultural loans
the Palestine farmer has had to de-
pend mainly upon private money
lenders who often exact as much as
| 3 per cent interest on good security.
There are few cooperative loan So
cieties among the Jewish colonists,
but they have not been able to eXer-
else any important influence in re-
lieving the situation
In this connection Mr.. Southland ex-
plains there is need in Palestine for
pawnshops. We'll regulated estab
lshments of this SORT" he declares.
SHOULD be of real economic value in
aiding people who find it necessary
to raise small personal loans. This
is a line of financial undertaking
which offers favorable inducements
to foreign investors"
There are many investment oppor-
tunities in Palestine. Mr.. Southland
thinks, but none of them appear par
ticularly promising at the moment.
Schemes have teen advanced for
harbor construction" he says, for
port building, for hydro electric de-
velopment fer agricultural enter
prise on a large scale, for general
real estate development and for a
variety OF proposed INDUSTRIAL enter
prises Railway construction is not
likely to receive immediate attention
on any important scale, as the coun-
try is already reasonably well sup
piled in this respect. Harbor and port
construction, and possibly hydro
electric development, will require
such large sums of money that the
first years of their existence are apt
to be barren of dividends of any sort,
and therefore they are likely to
await government capital or guaran
tees"
The former American consul says
there are many Industrial enterprises
in Palestine eagerly seeking capital
but that because OF such handlcaps
as lack of local supplies If fuel, raw
material, etc. some of them Will not
be successful. and the few which may
pay their own way in operation are
not likely to return real dividends for
many years. Care must therefore be
exercised to an unusual degree in
considering the Investment of money
in Palestine in industrial enterprise"
merly we were rather staid down.
town congregation, but that condition
has changed.
The plan has been supplemented by
activities for the children starting at
10 a. m. so that parents who desire
may attend adult bible classes ;3sem-
bling at that hour.
While the bible classes are in ses
sion, children who care to do SO may
occupy themselves with modelling,
map making, eXtemporaneous drama
tization of Biblical stories. and SINH
lar activities under the supervision