Agreement Concerning Allocations to German Jews Emigrating to Palestine
The following agreement has been made with the Jewish organizations concerned to enable German Jews to continue to emigrate to Palestine with the aid of allocations of the required funds, but without making excessive demands on the foreign-currency reserves of the Reichsbank. At the same time, German exports to Palestine will be increased.
Emigrants may obtain an endorsement from the Emigrants' Advisory Bureau to the effect that they require additional sums, over and above the minimum of LP 1,000 required for capitalist immigrants, which are necessary and adequate for the establishment of a livelihood in Palestine. This endorsement with respect to funds exceeding RM 15,000 [then equivalent to LP 1,000] will authorize them to pay the additional sum into Special Account I of the "Bank of the Temple Society" Ltd., established by the Reichshauptbank, in favor of a Jewish Trust Company to be established in Palestine (and in favor of the Anglo-Palestine Bank Ltd. until such time as the Trust Co. is established). For the time being a total of RM 3 million has been budgeted for Special Account I together with Special Account II, referred to below. Both will be administered by the Temple Society Bank as a Trust Account for the above Jewish Trust Co. Exports of German goods to Palestine will be paid for through this account. Funds accruing from the sale of the German goods in Palestine will be paid out by the Palestinian Trust Company in Palestine Pounds to the emigrants in accordance with their payments in Germany, and in the order and relative sums in which these payments were made into Special Account I. A "Palestine Trust Co. to Advise German Jews Ltd." has been established at Friedrichstrasse 218, Berlin, to advise German Jews in matters concerning this form of capital transfer to Palestine. I would request that when endorsements are issued the applicants [for such transfers] be emphatically advised to visit this office.
In addition, a Special Account II has been opened for the Bank of the Temple Society in the Reichshauptbank. The German Foreign Currency Authorities may, on application, give permission for the payment of sums up to a maximum of RM 50,000 per person to German citizens of Jewish nationality ( Volkstum ) who are not yet emigrating but nevertheless wish already to establish a home in Palestine. (These funds will also be paid in to the credit of a Jewish German Trust Company which is to be established in Palestine and to the Anglo-Palestine Bank Ltd. until this Trust Co. has been set up.) Special Account II, like Special Account I, will be used to pay for German exports to Palestine, with the difference that this account will be made use of only after Special Account I has been entirely disbursed. Special Account II may also be used by emigrants for deposits in excess of the sums authorized on their behalf as adequate by the Emigrants' Advisory Organization, but also in no case more than RM 50,000 per person (including sums allocated in foreign currency).
Source: L. Pinner, "Vermoegenstransfer nach Palaestina 1933-1939" ("Transfer of Capital to Palestine 1933-1939"), In zwei Welten Siegfried Moses zum fuenfundsiebzigsten Geburstag ("In Two Worlds for Siegfried Moses on His 75th Birthday"), Tel Aviv, 1962, pp. 138-139.
Source: Yad Vashem