'File 0602 Imperial Bank of Iran - Banking Agreement & Bank Reports, Vol. 1' [‎54r] (107/124)

THE IMPERIAL BALK OF IRAN
H
Dubai, 2nd March 19^-9
k 4 ^
Confi dential
Th« Pelitical Officer,
Trucial Caast,
Sharjah* A
Dear Sir,
^ y
As requested by you we give below a brief resume of our activities
during the year 194-8*
The past twelve months have seen considerable changes i» our
business in Dubai*
At first this was largely due to an Ii dian Exchange Regulation
demanding that all Import and Export Trade be conducted through the
authorised Banks*
This has meant that all documents covering the import of goods
paid for in Rupees Indian silver coin also widely used in the Persian Gulf. have been clea^od by us.
Our sales ®f exchange on India have consequently increased.
The main items imparted during the year from India have been T ea
snd piecegoods*
Towards the end of the year the demand for Indian pieeegeods gave
place to a demand for Chines® piece goods*
Mest of these, however, were paid far in Bembay.
We have alfa been called upon to remit funds to Enst Africa against
the impart of Japanese piecegoods*
large quantities of tea were imported during the Gunmer for which
no market has yet been found.
This caused an acute shortage of ready fund* in the Bazaar which
still prevails*
We ^are pleased to report tin. t many of our customers have become
interested in British and European goods and several of them have
obtained Agencies for British Firms*
Machinery and consumer goods have been the main items imported from
The merchants are unanimously agreed upon the superiority of
British piecegeeds but claim that the prices are much too high for
local markets.
the U.K.
P.T*0