PALESTINE ECONOMIC CORPORATION (now known as PEC Israel Economic Corporation), a public company, incorporated in the United States through the merger of two agencies interested in the economic development of Palestine. According to its charter, its principal purpose was "to afford financial aid to commercial, banking, credit, industrial, and agricultural enterprises, cooperative or otherwise, in or relating to Palestine." In 1922 a group of prominent Jews headed by robert szold formed a corporation called Palestine Cooperative Co., Inc. In 1926 another group of non-Zionist American Jews, headed by bernard flexner , formed the Palestine Economic Corporation under the laws of the State of Maine. The purpose was to combine the assets of Palestine Cooperative Company, Inc. and the assets in Palestine of the Reconstruction Committee of theamerican jewish joint distribution committee into a single corporation. Flexner and Szold both had a close personal relationship with louis d. brandeis , and his urgings and inspiration were probably the most important factor leading to the foundation of the company. The initial authorized capital was $3,000,000. The object was to establish an organization to which American Jews might give material aid on a business basis for productive enterprises in Palestine. At first the corporation invested and operated through the Central Bank of Cooperative Institutions in Palestine, Palestine Mortgage and Credit Bank Ltd., Palestine Water Company Ltd., Bayside Land Corporation Ltd., and Loan Bank Ltd. The Central Bank for Cooperatives was a major factor in financing diversified cooperative institutions and furthering the cooperative movement in Palestine. For many years, it was the only credit institution dealing solely with kibbutzim and cooperative societies introducing tested cooperative principles developed in western Europe. Apart from building low-cost housing and developing large urban areas, the Bayside Land Corporation was responsible for the preparation of a master plan by eminent British town planners for the future development of the city of Haifa, which was subsequently adopted by the Palestine government and is the plan pursuant to which the modern city of Haifa has been developed. The Mortgage and Credit Bank engaged in the construction and financing of houses for workers, both urban and rural. It was instrumental in reducing costs of construction, through competitive bidding, supervision, inspection of building materials and methods, and building houses in large groups. The Loan Bank made loans to artisans, farmers, and small businesses. The Water Company introduced modern American well-boring   machinery and greatly contributed to the enlargement of new wells for domestic and agricultural use. The company also engaged in geological, hydrographical, and geophysical investigations of the country and trained early settlers. It participated in the initial capital of the Palestine Electric Company and in the formation of Palestine Potash Ltd., which received the concession for the exploitation of mineral deposits in the Dead Sea. Over the years these activities were expanded, and by 1971 the company had investments in some 50 different corporations engaged in industry, construction, transport, marketing finance, and agriculture in Israel. Its stock was purchased by investors throughout the United States. In 1931 it increased its authorized capital to $10,030,000, and this was subsequently increased to $25,030,000. As of the end of 1970, its capital and surplus was close to $25,000,000 and its stockholders numbered many thousands. The company paid regular dividends from 1933, with the exception of the years of World War II. In 1969 Albert Levinson was president of the corporation, Robert Szold honorary chairman, and Joseph Meyerhoff chairman of the board. In later years, PEC merged with the IDB Corporation, one of the largest in Israel. Its last president was Joseph Ciechanover. In the 1990s the company was involved in a broad cross-section of Israeli companies engaged in various fields of business, including high tech and communications, manufacturing, building and construction, shipping and consumer products. Among PEC's holdings were the high-tech firms of Scitex Corporation Ltd. and Elron Electronic Industries Ltd.; the cell phone company Cellcom Israel Ltd.; the cable television company that serves the Tel Aviv metropolitan area and two other areas in Israel, Tevel Ltd.; the largest paint factory in Israel, Tambour Ltd.; the canning factory Caniel-Israel Can Company Ltd.; the Property and Building Corporation Ltd.; El-Yam Ships Ltd.; and the Super-Sol Ltd. supermarket chain. PEC is also involved in several venture capital funds and early stage development companies. (Julius Weiss / Shaked Gilboa (2nd ed.)

Encyclopedia Judaica. 1971.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • ECONOMIC AFFAIRS — THE PRE MANDATE (LATE OTTOMAN) PERIOD Geography and Borders In September 1923 a new political entity was formally recognized by the international community. Palestine, or Ereẓ Israel as Jews have continued to refer to it for 2,000 years,… …   Encyclopedia of Judaism

  • Palestine — For other uses, see Palestine (disambiguation) …   Wikipedia

  • Economic and political boycotts of Israel — Boycotts of Israel are economic and political campaigns that seek a selective or total cutting of ties with the State of Israel. Such campaigns constitute one tactic used by those who challenge the legitimacy of Israel s existence, or oppose… …   Wikipedia

  • AT&T Corporation — For the 2005 parent company currently known as AT T and formerly Southwestern Bell/ SBC, see AT T. AT T Corp. Type Subsidiary Industry …   Wikipedia

  • List of Directors and Commissioners-General of the United Nations Relief and Works Agency for Palestine Refugees in the Near East — United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) is a relief and human development agency, providing education, health care, social services and emergency aid to over 4.7 million Palestine refugees living in… …   Wikipedia

  • ZIONISM — This article is arranged according to the following outline: the word and its meaning forerunners ḤIBBAT ZION ROOTS OF ḤIBBAT ZION background to the emergence of the movement the beginnings of the movement PINSKER S AUTOEMANCIPATION settlement… …   Encyclopedia of Judaism

  • AMERICAN JEWISH JOINT DISTRIBUTION COMMITTEE — (known as JDC or The Joint), independent, non political American Jewish relief and welfare organization dedicated to providing both emergency aid and long term assistance to individual Jews and Jewish communities throughout the world outside… …   Encyclopedia of Judaism

  • WARBURG — WARBURG, family of German and U.S. Jews. PAUL MORITZ WARBURG (1868–1932) was a banker and philanthropist. Born in Hamburg, Germany, he became a partner in 1895 in his family s banking house, M.M. Warburg and Co. In the same year he married Nina… …   Encyclopedia of Judaism

  • Brandeis, Louis Dembitz — (1856–1941)    US Supreme Court judge and Zionist leader. Brandeis was the most eminent American Jew in his time, and his accession to Zionism late in life gave the movement a new political dimension in the United States.    His parents came from …   Who’s Who in Jewish History after the period of the Old Testament

  • SIMON, JULIUS — (1875–1969), Zionist leader and economist. Simon was born in Mannheim, Germany but was an American citizen because his father had participated in the American Civil War. At the height of his economic activities in Germany, particularly in banking …   Encyclopedia of Judaism

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”