Page 676 - PERSIAN 9 1941_1947

8.

The exchange regulations imposed in Iraq and and the many
trading and exchange controls in force in Iran have encouraged
the use of Kuwait as a port of entrepot especially for goods which
may be under a monopoly elsewhere.
Money conditions were easy during the year and deposits
increased m spite of the large amount of capital tied up in
Foreign exchange transactions.

The Bank maintained a high percentage of cash to liabilities
possibly because the purchase of gold for smuggling into India and
Pakistan has caused an influx of rupee notes into Kuwait.
Since merchants held larger stocks there v/a3 a greater demand
for credit facilities to finance fresh business and merchants are
beginning to regard a temporary advance from the bank as a normal
business practice free from any discreditable implications.

XIV. ? IFjTEOROLOGICAL.
Total Rainfall during the year 4-31-
Maximum temperature..................
Minimum temperature..................

Kuwait.
Dated the 3rd March, 1948. Major.
Political Agent, Kuwait.
MB.