Page 198 - Bahrain Gov Annual Reports (I)_Neat

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ANNUAL REPORT

The Pearl Industry.

STATE OF THE TRADE. In the annual report for 1348, it was
stated that the season was the worst there had been for
many years. The 1348/49 season has been far more disast­

rous than the previous one and it is said that the market
has not been so bad for over twenty years. The catch was
not a good one but the real reason for the slump is owing

to the present world wide commercial depression which affects
a purely luxury trade even more seriously then it has affected
ordinary commerce.
The foreign buyers who bought pearls in Bahrain last sea­

son sold only a small proportion of them in Europe but in
spite of this most of the big buyers returned to Bahrain in

1349 including Kr. Victor Rosenthal, Dr. Bienenfield, Mr.
Pack, Eilal al Hateri of Kuwait and several Indians.
Kohoned Ali Zainal came to Bombay very late and did not
visit Bahrain.

At the time of the buying s eason in Bahrain the financial
situation mn Paris became very critical. Iir. habib, formerly

a big buyer in Bahrain, was reported to have become bankrupt,
Hr. Pack left very hurriedly for Paris end the pearl market
practically closed down, very little business having been

done during the season. Only three or four of the Bahrain
merchants sold and the remainder were left with this year’s
and most of last year’s stock on their hands. Again a number

of the Arab merchants followed the foreign buyers down to
Bombay, but they have found the market there equally dull
and several of them are contemplating taking their pearls
themselves to Europe in the hope of finding buyers.

Owing to last year’s bad season the small and medium
merchants were badly hit, this year the big merchants as well
have been seriously affected and at present only two or three

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