Skip to item: of 24
Information about this record Back to top
Open in Universal viewer
Open in Mirador IIIF viewer

'ECONOMIC DEVELOPMENTS IN SAUDI ARABIA' [‎2r] (3/24)

This item is part of

The record is made up of 1 file (10 folios). It was created in Jan 1948-4 Mar 1949. It was written in English. The original is part of the British Library: India Office The department of the British Government to which the Government of India reported between 1858 and 1947. The successor to the Court of Directors. Records and Private Papers Documents collected in a private capacity. .

Transcription

This transcription is created automatically. It may contain errors.

Apply page layout

CONFIDENTIAL.
SAUDI ARABIA MONTHLY ECONOMIC REPORT
January/February 1948.
(extracts)
24. The arrangement whereby Messrs. Aramco were obliged to
purchase rivals for local expenditure from a private group
headed by the Minister of Finance at a fixed rate of 30 U.S.
cents a rival has come to an end. Messrs. Aramco are now
free to sell dollars in the open market at a rate approximately
25 cents a riyal. It is reported that Messrs. Aramco have
also purchased rivals on the free market in Bahrein.
25. Mr. Galambos informed the Commercial Secretary that in
his opinion Messrs. Aramco’s aggregate local expenditure exclusive of
Oil Royalties now approximates to ^1,000,000 a month. The highest
figure so far admitted by the Company is only #360,000 a month.
He quoted the incredible figure of # 100,000,000 for Saudi Arabia's
dollar earnings in 1948. Since Messrs. Aramco's royalty payments
and local expenditure will total less than # 35,000,000, on the
highest reckoning in 1948, it is difficult to understand the basis
of this figure (of # 100,000,000). It undoubtedly includes large
prospective disbursements by Messrs. Bechtel and Messrs, the
Trans-Arabian Pipeline Company. On the other hand Mir. Galambos is well
informed in these matters and not usually given to exaggeration.
31. The Arabian American Oil Company now employs approximately
3,000 U.S. citizens, 1,200 Italians from Eritrea, 800 Indians, and
a conjectured total of 12,000 Arab employees.
34. ' The extent to which American interests in Saudi Arabia are
prepared to invite British supplies and assistance provides a
remarkable contrast with their former self-sufficient attitude. The
Jedda manager of Ivlessrs. Aramco has even ififormed the Comrercial
S cretary that Ms firm feels itself to be in honour bound to pay
dollars to British suppliers and contractors, in consideration of the
fact that Messr.'-. Aramco ar< receiving dollars for the sale ef oil
to the United Kingdom.
35. Sir Hugh Meightman, CSI, CIE, formerly Foreign Secretary
of the Government of India, has arrived in Jedda on the
business of Messrs. Trinidad Leaseholds acting in association
with some as yet undisclosed American interests. His purpose is
to negotiate the surrender of some part of Messrs. Aramco's present
concession - under the terms of their original concession that
Company may be called Upon, ten years after the date of their
concession (1933), to surrender any part of their concession
which they are not then exploiting - to his Principals. It
is understood that Messrs. The American Independent Oil
Company, a Company floated largely on the initiative of Messrs.
The Philips jlgtroleum Company, with a capital of # 100,000,000,
also have designs on Messrs. Aramco's concession and upon the Neptral
Zone between Kuwait and Saudi Aralia. It is difficult to assess
the chances for such revolutionary innovations as these at the
present time.

About this item

Content

This file concerns economic developments in Saudi Arabia, including extracts from 'Saudi Arabia Monthly Economic Report. January/February 1948' (f 2) and March 1948 (f 7); extracts from 'Review of Middle East Press' dated 1 May 1948 (folio 3) and 28 May 1948 (folios 4-6); and a copy of an extract from a letter, dated 29 April 1948, from His Majesty's Ambassador at Jedda to Ernest Bevan, Foreign Secretary (folio 8). Subjects covered include: Aramco, developments in the Hedjaz [al-Ḥijāz], the Trans-Arabian Pipeline Corporation, the Saudi Arabian National Bank, oilfields at Dhahran [al-Ẓahrān], commercial activities, and mining and oil.

Extent and format
1 file (10 folios)
Arrangement

The papers are arranged in chronological order from the front to the rear of the file. File notes appear at the rear of the file.

Physical characteristics

Foliation: the main foliation sequence (used for referencing) commences at the front cover on folio 1 and terminates at the back cover on folio 12; these numbers are written in pencil, are circled, and are located in the top right corner of the recto The front of a sheet of paper or leaf, often abbreviated to 'r'. side of each folio. An additional foliation sequence is also present in parallel between ff 2-10; these numbers are also written in pencil, but are not circled.

Written in
English in Latin script
View the complete information for this record

Use and share this item

Share this item
Cite this item in your research

'ECONOMIC DEVELOPMENTS IN SAUDI ARABIA' [‎2r] (3/24), British Library: India Office Records and Private Papers, IOR/R/15/2/483, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100025643231.0x000004> [accessed 29 March 2024]

Link to this item
Embed this item

Copy and paste the code below into your web page where you would like to embed the image.

<meta charset="utf-8"><a href="https://www.qdl.qa/en/archive/81055/vdc_100025643231.0x000004">'ECONOMIC DEVELOPMENTS IN SAUDI ARABIA' [&lrm;2r] (3/24)</a>
<a href="https://www.qdl.qa/en/archive/81055/vdc_100025643231.0x000004">
	<img src="https://iiif.qdl.qa/iiif/images/81055/vdc_100000000241.0x0002d2/IOR_R_15_2_483_0003.jp2/full/!280,240/0/default.jpg" alt="" />
</a>
IIIF details

This record has a IIIF manifest available as follows. If you have a compatible viewer you can drag the icon to load it.https://www.qdl.qa/en/iiif/81055/vdc_100000000241.0x0002d2/manifestOpen in Universal viewerOpen in Mirador viewerMore options for embedding images

Use and reuse
Download this image