ABSTRACT
During the first nineteen years of the existence of the National Fund, it was the sole financial instrument of the Zionist organization. When, in 1908, Zionist colonization in Palestine began to take on a somewhat extensive range, the Fund financed all the related activities. It was not until 1920 that the Zionist Organization was able to resume its Palestinian activities which had at that time a certain philanthropic tinge. In 1921, coincidently with the real beginning of the Restoration work in Palestine, the National Fund entered upon its second phase. In the spirit of the principles adopted by the London Conference, every effort was now made to transform the National Fund into the actual land fund of the Zionist Organization. All enterprises not directly connected with the acquisition of land, were systematically discontinued. In making purchases, certain lines of policy are followed : concentration upon given districts, and acquisition of land in large and continuous stretches.
