British Mandate: A Survey of Palestine: Volume I - Page 511

CHAPTER XIII. of living, agriculture must be complemented by industry, established, at the turn 'of the century, the wine cellars at Rishon le Zion and Zichron Yaacov. This was followed by the launching of similar pioneering ventures some of which failed, but most of which flourished. His creations were all related to the food and shelter requirements of the population, e.g. the Grands Moulins de Palestine, the Palestine Salt Co., and the Nesher Cement Works. The Palestine Electric Corporation was made possible only by his investment.

119. The development of Palestine's industry, on a wider has e, started in the middle of the twenties when a new source of capital appeared simultaneously with the various waves of immigration. Jewish industrialists, anxious to settle in Palestine, created a new type of private industrial enterprise. These were the mediumsized establishments such as Lodzia, Delfiner and subsequently Ata, all textile factories. In their wake followed other industrialists, such as the founders of the Meshi Sacks silk factory, the American Porcelain Tooth Co. Ltd., the Elite chocolate works and Dubek Cigarette Co. •

120. The years following 1933 brought an increased inflow of industrial capital particularly into industries hitherto unknown in Palestine. Many of these enterprises, now of notable importance in Palestinian industry, were established during the period preceding the war. This increased supply of capital for the industrialization of Palestine during the inter-war period is illustrated by the following figures :-

Estimate of Jewish capital invested in industry and industrial equipment imported into Palestine.

Capital invested

Industrial equipment imported

Before 1925 1925-29 1930-82 1988-89 1940-44

£P. 2,500,000 1,000,000 2,500,000 7,000,000 6,000,000

£P.

606,000 4,905,000 1.101.000

121. Of considerable significance is the form in which a proportion of the capital imports reached this country. In view of the exchange restrictions prevailing in many European countries in the 1930's, Jewish capitalists wishing to settle in Palestine could transfer only part of their assets and that part in kind only.
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