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THE CANADIAN BANK OF COMMERCE
Capital Paid up $15,000,000 Reserve Fund $15,000,000
Commercial Accounts
WITH 530 Branches and numerous correspondents, we are specially equipped to handle � Commercial Accounts and to make collections throughout the world.
Savings Accounts, large or small, are welcomed.
Market Branch,
T. A. CHISHOLM, Mgr.
Queen & Unlferalty Branch,
L. A. S. DACK, Mir.
A. L. HUDSON & CO.
Members : Chicago Board of Trade, New York Produce Exchange, Standard
Stock Exchanj;�, Toronto.
PRIVATE WIRES. UNEXCELLED SERVICE.
GRAIN�COTTON �STOCKS.
DAILY MARKET LETTER MAILED UPON REQUEST Standard] Bank Building, Toronto. Telephone Main 7374-6-6-7-8
CROWN LIFE
If your partner died to-morrow, would it disrupt yoir �asiitss?
Would there be money to pay off the liens? No sense in carrying this risk. Let us do it for you with a CROWN LIFE BUSINESS INSURANCE POLICY. Moderate cost. Government protected. For service see
CROWN LIFE INSURANCE CO. M. KAPLAN & SON - General Agents
11 Colborne St.
Phone: Main 2907
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PALESTINE CREDIT UNION AND CO-OPERATIVES A
ORGANIZED ^^^v-H''
Joint Distribution Committee, Palestine Development Cquat British Palestine Economic Council and JewLah' Colonization Association Join in �100,000 K Enterprise for Palestine.
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New York (J. C. B.)�A credit union and cooperative, IteHJsp. with a working capital of �100,000 to begin operations in Palettin^^ by the first of the year, is being organized by -four' leadingfje^^p organizations of America and Europe, according to an annouhcerri^rife issued yesterday. v � . >';-.ViB-v
These organizations are the Reconstruction Committee; ^' Herbert H. Lehman, Chairman), of the Joint Distribution Corrirni^w^ (Felix M. Warburg, Chairman); the Palestine Development Cburicii,'*"., (U. S. Supreme Court Justice Louis D. Brandeis, Honorary Gft^f^W, man; Judge Julian W. Mack, Chairman); the Palestine';&6noirii^^ Council of London (Sir Alfred Mond, Minister of Health, Bri.f^sfi^gf Cabinet, Chairman), and the Jewish Colonization Association ^rjf,^|^ Paris (ICA, D. Avigdor Goldsmith, Esq., London represerita'tiVe)^"^^
Under the preliminary agreement, which has already beelfcji^ arranged, the bank is to have capital stock of at least "�13jMQtf^1^ to be subscribed by the Palestine Co-operative Company, the/fl^t^;^ business corporation established by the Palestine Developfrfe^y^ Council, whose treasurer is Sol Rosenbloom, of Pittsburgh, and by%j^ the Palestine Economic Council; �70,000 is to be loaned ^o the barik'i^^ by the Reconstruction Committee of the Joint Distribution Committee>^ and the Jewish Colonization Association for a long period of years .a.ts^" a nominal interest. - ;-~5M>-
Each of the four organizations is to have equal representatipn^^^ on the Board of Directors of the proposed bank, it was stated. An|^f; organization meeting will be he'd in London or Paris within a fe^y^ . days. The Palestine Co-operative Company will be rep'resen't^-J^ at this meeting by Major James de Rothschild, who visited America about a year ago in order to organize in this country a branch of the^^ Palestine Economic Council; the J. D. C. by James N. Rosenbef^^-i?| Esq., Chairman of the European Executive Council, and MoniSv'y^ L. Ernst
The purpose of the bank, according to the plan drafted by Mf^�|^ Rosenberg, is "to enter Palestine as a stimulator of thrift and pujS^*^ veyor of capital and credit." There is a large demand in Palestine^ the initiators say, for small, short-term credits-for crop movemeht^^';^ seeds, implements, tools and machinery, for artisans and farmei
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and for merchandise for colony groups. The projectors of the ban' believe that loans primarily to credit unions and co-operative ,6ojif^$$ sumers' and producers' societies will meet this demand. It is planned that ultimately these co-operative organizations shall take over t^^-fg purchase the snares of the bank and conduct it as a true co^perativ^'sfv^ enterprise. The bank will loan money for productive purposes, the1-^" loans to be based upon business collateral or upon the commc^ri^Jv responsibility and guaranty of the borrowing group. The ret^rq^-^ to investors in the capital stock will be limited to 6 per cent, a/y^u&^-v^ while the two organizations loaning the �70,000 to the bank /w^j,tj&Jf receive only a nominal rate of interest. / f
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