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2. Finance.—The financial activity of the town boars, like its other acti-
vities, the mark of the general economic policy, The demand for credit is
confined to providing bills drawn on merchants up country on account of
forwarding charges, etc., and fluctuates with the issue of exchange licences from
Tehran. Both the National and Imperial banks have dufliculty in finding
profitable business. Opportunities for investment are few and confidence in
the future non-existent. Uncertainty as to the intentions and future (gene
rally thought precarious) of the Exchange Commission, has not encouraged
trade. During April and June no exchange permits were issued from Tehran
to Bushire merchants and clearing came to a complete stop; Business done
by the Banks was less towards the end of the year. Money was throughout
easy and interest rates varied between the following extremes : Bonque
I Meilie Iran 5—7§ per cent., Imperial Bank of Iran 7—ID per cent, per annum.
Illegitimate foreign exchange business is not on a large scale and it is
not possible with any accuracy to quote a local “ black ” rate for rials. Indi
cations such as the price at which exchange certificates change hands, show
that the sterling value of rials on the market has declined through the year
and stood in December at about Rials 140 to £1.
3. Foreign trade.—The following table shows the number of foreign
steamers calling at Bushire during 1937 with approximate figures of cargo.
I have no available earlier figures for comparison :—
Foreign. British.
No. No.
Date. of of
ships. Import. Export, ships. Import. Export,
in packages. in packages.
1936-37.
December—February 21 121,670 1,358 60 42,898 23,933
March 1937 8 56,908 1,384 23 7,531 13,287
April . 8 65,027 3,219 19 9,245 12,796
May 3 47,685 19 2,424 6,303
June 5 15,682 5,960 14 2,402 28,785
July 5 8,432 1,797 16 3,031 25,772
August . 4 16,439 4,134 15 3,001 16,669
September 7 36,928 8,562 14 2,066 11,729
October . 2 3,097 1,500 14 6,451 14,489
November 7 18,362 7,140 18 13,405 11,350
December 4 23,454 9,127 15 S,880 11,426
74 413,690 44,181 227 101,334 176,599
It can be seen that the periods of greatest activity were, for imports*
January to May, and November onwards, and, for exports, June to Septem
ber ; the volume of imports was less at the end than at the beginning of the
year, that of exports being slightly higher.
There is little change in the distribution of the carrying trade between
British and other lines: British bottoms continued to carry the larger share
of exports, though that share has declined proportionately, and foreign
steamers have the larger share of imports. In April British India line sailings
w.ere revised so that the fast mail steamer calls at Bushire once a fortnight
instead of once weekly. This line, thanks to the regularity of sailings secures
the major part of export trado ; it also enjoys the virtual monopoly’of cabo
tage between Gulf ports and between those ports and India. If developing
