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30 ADMINISTRATION REPORT OF THE PERSIAN GULP POLITICAL

PART III.

REPORT ON TRADE OP THE PERSIAN GULF FOR 1882.
A marked depression of the general trade in South Persia was observ­
able during the year 1881, which was partly attributable to overstocked
markets, and partly to the impoverishment of the population from partial
failure of the harvest in 1880. It was mentioned, also, in the report on
the Trade of 1 881, that failures had occurred amongst Persian merchants
resulting from overtrading in previous years, combined with depreciation
of Persian opium in China.
The figures in the Bushire tables of exports and imports for . the
year 1882 shew an apparent recovery in the trade; but, although the
transactions were larger, notably in import of Manchester goods, they
carried with them but small profits to the importers. Goods being i
imported in excess of the consumptive demand led to fluctuations in
prices, and an unhealthy condition of trade.
The further depreciation of opium abroad led to more failures in
Persia, but, as the mercantile firms of Bombay to whose China branches
most of the Persian opium was consigned, have now restricted finance
facilities, it is probable that a less speculative trade in opium will obtain
in future.
It is thought that the import supply has continued to exceed the
demand of the country, a state of affairs which has led to disappearance
of adequate profits to traders, and which, if continuing, must lead to fur­
ther losses and failures.
Shipments of wheat to Europe from Persian ports were on a moderate
scale. The population of the v'heat-producing districts were remarkably
prosperous, the prices of grain being exceptionally high in proportion to
the season's yield. This exjwrt trade is hampered by frequent, rather
unseasonable prohibitions imposed by the Persian Government, and also
by the practice in vogue amongst the cultivators of adulterating the
wheat by mixing it with barley. In some instances one half a lot con­
sists of barley.
A considerable increase occurred in 1882 of import of metals, which
is attributable to a more prosperous condition of the ryots.
European liquors and mineral oils are becoming more in demand.
A considerable export trade in Persian tobacco has sprung up of late
years and is increasing. The tobacco is largely shipped to Syrian and
other Turkish ports since the prohibitive tariff has been removed.
The trade of Lingah shows a falling off. This is to a great extent
owing to the growth of a direct trade by steamers between Bombay and
Bahrain, the general trade of which place is increasing.
The pearl season of 1882 was unfavourable and disastrous to many
of those engaged in the trade, so much so that capital is with difficulty
forthcoming for the operations of 1883.
It seems probable that, as concerns the snpply of the southern and
central districts of Persia, foreign trade has near ly reached a limit which