Page 172 - Bahrain Gov Annual Reports (I)_Neat

170

Generel.

Diving.

The 1348 pearl season was the worst that there has been
for many years, The catch was a poor one and the market was
abnormally badj the foreign buyers made unusually small
purchases and when they returned to India most of the Bahrain

merchants had not sold their pearls, The Bahrain merchants
followed the buyers down to Bombay, failing to obtain better

prices they refused to sell, the prices of pearls fell, the
Bahrain merchants,instead of cutting their losses, held on,
waiting for the market to inrove, The market became worse
and the foreign buyers sailed for Europe leaving the Bahrain

merchants with most of the year's catch in their hands.
It is a fact that in many cases people who at first

refused an offer were eventually unable to find buyers who
would pay half of the original amount.
TThen the new season drew near most of the Bahrain mer­
chants instead of coming back having sold their pearls end

bringing the first instalment of the price returned with money
which they hact recoi-ved by mortgaging their pearls with Indian
9oney lenders in Bombay.

Only three or four of the leading Bahrein merchants? sold
their goods, these include* Salmen bin Matter, Jabar bin Ihissalem,
and jlli bin Sager, the second of these y/ss the tajar who financed

the boat which brought/the record pearl. The pearl was even­
tually sold in 3ahroin for £ 15,000/- to Mr. Habib, it changed
hands in Paris for £ 35,000/-.

The position is most serious for the smull and medulm
men who have no capital to fall back upon, The wealthy mer­
chants such as Ka..oo and Qosaibis cen afford not to sell for

a season and by being able to lend money at a tine when it is very
difficult to obtain they con acquire an even greatei^control in

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