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APPENDIX "A".
The Palestine Mercantile Bank, Haifa
The Mizrahi Bank
The Bank der Tempelgeselschaft
The Workers' Bank, Tel-Aviv
The Arab Bank.
The interviews were conducted on the basis of a
Questionnaire prepared by Mr. Clark and Mr. Hoofien, a copy
of which, together with a summary of the replies, is
attached to this report.
5. During the course of our deliberations, however,
we observed with concern the publication in the Palestine
Gazette of notices of the incorporation of a number of
Banks with what we regarded as insufficient capital; and
on the 23rd January, 1934, the Chairman addressed to you
the following letter:-
"With reference to your letter No.CF/78/33 dated 14th October, 1933, appointing a Committee under my Chairmanship to consider ways and means of establishing the banking business of Palestine on sound principles, I have approached the members of my Committee with the suggestion that I should advise His Excellency to refuse the incorporation of any Company whose Memorandum of Association is submitted to him by the Registrar of Companies for registration as a Bank pending considera- tion by Government of the report of the Committee.
As you are aware a number of Companies have been registered since the Committee commenced their deliberations with insufficient capital and my Committee are somewhat anxious at the prospect that it may be found that such Companies have acquired rights which any statutory minimum paid-up capital which we propose and which is approved by Government may be unable in faimess to reverse.
The members of my Committee, therefore, with the exception of Dr. M. Smoira who considers that the recommendation should be limited to any such company whose paid-up capital is less than £P.10,000, agree that I should address this ad interim recommendation to His Excellency on their behalf.
6. The Sub-Committee held seven meetings on the
First Part of our terms of reference and presented their
recommendations regarding the restrictions which they
considered