The New York Times · New York, New York · 7 October 1947

CP-1947-061

ARAB BANK TO BUY LAND IN PALESTINE

Company, Backed by 7 States to Seek to Prevent Sales to Zionists, Will Open Soon

By CLIFTON DANIEL

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Transcribed from the clipping

JERUSALEM, Oct. 6 — After more than a year’s delay, the Arab Land Company, a banking organization sponsored jointly by the seven Arab states, will soon begin operations in Palestine in an effort to prevent Arab lands from being bought up by Zionists. This will be the first Arab concern of its kind.

Next week 250,000 shares of the bank’s stock, with a par value of £4 Egyptian [about $16] a share, will be offered for sale throughout the Arab states, it has been announced here. A return of 5 per cent a year for ten years has been guaranteed on the stock by the Arab states, which also contributed £250,000 for the company’s operating expense.

Three Arab banks are underwriting the issue. The bank will offer long-term loans against mortgages to Palestine Arab peasants who otherwise might be tempted to sell their lands to Jews. The company also intends to redeem mortgages held on Arab lands by Jewish banks and mortgage companies and to provide short-term loans for seed, fertilizers and equipment.

The company further plans to establish demonstration farms on “saved” land. The Arab Land Company, which has been authorized to do business in Palestine, is headed by Dr. Hafez Afifi Pasha, head of Misr Bank in Cairo. The idea for the company originated in the Arab League Council a year and a half ago.

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Read from the scan by a machine looking at the image of the page, not by optical character recognition and not by a person.

Context added by this archive

[label said 1847; the masthead reads TUESDAY, OCTOBER 7, 1947]

Cite this clipping

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