The Denver Jewish news., 1924-06-26
PA ESTIN EMERGING
SLOWLY BUT S u X E l. Y
FROM ECONOMIC DEPRES-
SION. REPORT OF ADMIN
ISTRATION STATES
(Jewlsh TelegrapbIc Ageneyl


(Jcwish Telegrapbic Agency
Jerusalem-The economic situation
Of Palestine has begun to improve and
the downward tendency in the trade
and industry of the country has finally
been checked This is the conclusion
reached in the report of the Palestinian
Government for the year 1929, which
was issued today.
Twenty corporations We're registered
in Palestine during the year. with a
total capital of 1,2l5,000 Egyptian
| pounds. The most important of these
corporations, the report states, are the
Palestine Electric Company and the
Jaffa Electric Company. Seven co.
| operative societies have been formed
during the period. Up till now the
cooperative movement has been con.
| fined entirely to the Jewish population,
as the Arab population is not yet ap-
preciativc of this form of trade.
The economic depression in 1922.
which was caused by the decrease in
the influx of foreign capital and the
immobilization of local capital in build
ings and land continued throughout
| 1928. This brought about Limitation
Of the credits and an increase in the
rate of interest. However. all this did
not result in any compulsory windings-
\ lIp of business. enterprises. The mum
her Of voluntary bankruptcies was only
six.
The orange trade, which has suffered
losses during recent years, is still suf-
| fcring owing to the disunion prevailing
among the exporters. Thousands of
pounds have been lost annually because
of the lack of cooperation and the in
discriminate way of placing shipments.
On the other hand, the tobacco cutiva
ii0n and cigarette manufacturing enter
prises are ilOurishing
The economic depression resulted in
| fewer large real estate transactions, in
decrease of land values and in the
multiplication of mortgages, thus com
pclling the banks and loan societies to
lower their rate of interest.
The government Department of Pub
lie Works spent during the year 1923,
203.oo0 Egyptian pounds rs compared
with 100000 Egyptian pounds spent
during the year 1922. The railways
have also retrcnchcd their expenses to
the lowest point yet recorded; but the
prevailing economic stagnation is still
decreasing receipts.
The fact that the government has
curtailrd lis program of rGad-mukipg
and that house building activities have
stopped has contributed to the general
economic depression and has created
an unemployment situation more cx-
tensiyc than before. This has resulted
in n considerable emigration from the
country, mainly to America, especially
among the more recent arrivals.
The number Of unemployed among
non-Jews is usually insignificant during
the summer, but increases during the
winter.
Concerning the immigration to and
emigration from Palestine, the report
of the government furnishes the follow
ing figures. In the year 1923, 1887 left
the country. of these, 3,iGG were
Jews, the majority belonging TO the
working class. The total immigrants
in the same year was 1891. of which
Ti21 were Jews. of the SIPS immi'
grants in 1922, 7,Sii We're Jews.
Concerning the imports and exports
of Palestine, the report states that the
total amount of imports in the fiscal
year WINS 1885, ,2Gj Egyptian pounds
the total amount of eNp0rta being
BOD, $50 Egyptian pounds.
The imports from America amounted
: TO 4G32OI pounds; the imports from
England amounted to 1,123,Ji1 pounds
The export to America amounted Il
100000 pounds; the exports to Eng
land amounted TO POI ,7OG pounds.
, The receipts of the import taxes dur
> Ing the period decreased because of tht
, fact that fewer ships entered Pal
estinian ports.