Page 49 - 5 Persian Trade rep BUSHIRE I_Neat

BUS III HE. 5
On the other hand two forgotten Imperial decrees wore
unearthed at the end of the year, which enforce the axiom—
hitherto unrecognised in Persia—that bills once accepted must be
met; it is to be hoped that in the future the existence of these
two decrees will enable the Consular authorities to secure British
capital from loss through evasion on the part of Persian merchants
of the binding force of accepted bills.
The kran showed a tendency to appreciate in value throughout Exchange,
the year. From 58 krans in March, 1906, exchange fell to 56-GO
krans for the June quarter, rose slightly for the September quarter,
then fell to 54J krans per If. for the last six months, making
55J krans the average for the year and showing a kran appreciation
of over 7 per cent. The principal reason for this was the prevailing
scarcity of money in Persia. There was a considerable amount of
paper on the market at one period. The year has been in general
far from satisfactory from a financial point of view. The dearth of
money and the internal political agitation arc to a great extent
responsible for this state of affairs.
The high price of silver in Europe continued to tempt the export Silver,
of the kran to India, but as compared with the export of 11*05 there
was a considerable reduction, which is satisfactory, as the country
was being drained of its stock of silver coin, at no period excessive.
The competition of another steamship company in August caused Freight*,
the British lines gradually to lower their rates to the United
Kingdom from the If. 10s. of 1905 to If. 5s. per ton and later to
If. per ton of 15 to 18 cwts. or 40 cubic feet. Freights to Hamburg
by the British companies were also reduced. Freight per British
lines to New York by transhipment is if. 17$. lor carpets and If. J4$.
for general cargo.
A direct service was initiated between the Persian Gulf and Shipping.
Germany by the Hamburg-America Line in August. The drift
of their import cargoes, however, was towards Basra and Baghdad,
not Bus hire, where no appreciable difference was remarked in the
quasi-monop>oly of the carrying trade hitherto enjoyed by British
steamers. Only five out of the seven ships which called at
the port on their way up the Gulf took in export cargo on their
voyage down.
No less than 157 British steamers against 140 in 1905 cleared
from the port, with a total tonnage of 221,333 tons, which is
over 120,000 tons more than recorded in 1904. This is no doubt
due to the increased export cargo available at the port. With the
growth of the export trade and the more frequent sailings which
are announced for the year 1907-08 it is to be hoped that more
attention will be paid to the needs of Bus hire.
Rates for goods in bales from Bus hire to Shiraz opened in March, Tnmapost.
1906, at 150 krans (2f. 14$. 6d.) per 100 Shiraz mAns of 7f lbs. each.
This mounted in May and June, owing to competition to get sugar
up-country, to 220 krans (4f.). From August to March, 1907, rates
averaged 140 (2f. 11s.) to 150 krans. Rates for sugar or
(230) A 3