Skip to item: of 323
Information about this record Back to top
Open in Universal viewer
Open in Mirador IIIF viewer

Coll 54/1A(S) 'Middle East (Official) Committee: Reconstruction' [‎75v] (151/323)

This item is part of

The record is made up of 1 file (161 folios). It was created in 2 Dec 1949-12 May 1950. 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

50
post-war period has also seen the accumulation of sterling "balances. Those
on No. 1 Account, which is free, amounted to <£E 77 M. on 2nd July, 19^-9, m
fell off considerably after that because of traders T anxiety to place orders
before sterling prices rose following devaluation, but stand at about £E 70
at present. Those on No# 2 Account (JSE 256,3 M* at 2nd July, 1949) &re
blocked, subject to periodic releases, negotiated between the interested
governments# Although Egypt is not in the sterling area, to quote the Bank
Bulletin, Vol. II, No. 3: “There was no free choice for Egypt when she
was put before the alternative to follotr suit or not, a few hours before the
decision (to devalue) was made public in London, In the circumstances of
Egyptian economy the alternative to the devaluation at the same rate would
have been a free-currency. This would have brought. Egypt into conflict with
the regulations of the I.M.P. as well as with the Anglo-Financial Agreement.
Moreover, Egypt*s foreign currency resources are mainly in sterling •
Indeed, the National Bank*s position at 30th September, 1949, shows that,
as cover for a note circulation of £E 151 M*, this institution then published
gold holdings valued at £E 6.3 M. (practically unchanged since 1939), the
balance, £E 144,6 M., consisting of Egyptian and British Government Treasury
Bills and securities.
Formally, Egypt’s foreign-exchange control system is similar to the;
United Kingdom’s, In practice, circumstances make for greater elasticity
in Egypt, It is not without significance that travellers are allowed to bring
in and take out £J3 20, and that the Egyptian, pound note- has strengthened of
late, in relation to sterling, on the Beirut free market.
The total circulation increased by leaps and bounds during the war, from
£E 31 M. in 1939 to £E 150 M. in 1945, since when there have been minor movements
up and down only. Allowing for the increase in population that has taken place
in the interval, circulation per caput appears to have risen since 1939 from
under £E 2 to over £E 8 . The wholesale price index (June-August, 1939 - 100)
rose from 122 for the year 1939 to 333 for 1945. Since then, there have been
small rises and falls, the most recent figure available (July, 1949) being 296 .

About this item

Content

The file contains papers received or created by the Commonwealth Relations Office (CRO) relating to the Middle East (Official) Committee. It mostly consists of papers circulated to members of the Committee, received by the CRO. The file also includes: a few items of CRO correspondence with the Cabinet Office and the Offices of the United Kingdom High Commissioners in Karachi and Pretoria; and a register of papers relating to the Committee received or sent by the CRO, with internal CRO correspondence relating to the file, at the back of the file.

The circulated Committee papers consist of:

  • The agendas for, and minutes of, the Committee meetings of 3 and 17 January 1950, at which was discussed Washington discussions on economic and social development in the Middle East, the utilisation of surplus oil revenues in the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. , technical assistance to the Middle East, and possible requirements of Middle East governments for sterling assistance for economic development.
  • Papers prepared by the Working Party of the Committee on economic and social development in Sudan, the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. States, and technical assistance to the Middle East.
  • A paper stating the Committee’s general policy regarding the promotion of social progress in the Middle East, entitled ‘The Social and Internal Political Implications of Economic Development in the Middle East’, prepared as a brief for the discussions of the Committee Chairman, Michael Wright, with the United States State Department.
  • A record of discussions between Wright and the State Department, on long-range development in the Middle East, held on 14 and 17 November 1949.
  • Minutes of meetings between Wright, and other Foreign Office and British Embassy representatives, and the International Bank, held on 21, 22 and 23 November 1949, and a joint memorandum summarising the result of the discussions.
  • The final report of the United Nations Economic Survey Mission for the Middle East, entitled ‘An Approach to Economic Development in the Middle East’.
  • The United Nations Resolution of 8 December 1949 to set up a Relief and Works Agency An office of the East India Company and, later, of the British Raj, headed by an agent. for Palestinian Refugees in the Near East.
  • Other papers relating to technical assistance to the Middle East, and possible requests by Middle East Governments for sterling assistance in connection with their development projects in 1950 and 1951.
Extent and format
1 file (161 folios)
Arrangement

The papers are arranged in reverse chronological order from the front to the rear of the file.

Numbers in red pen on the top right hand corner of each item in the file (apart from one item which does not have a number in red pen) refer to entries in the register of papers received and sent by the Commonwealth Relations Office at the back of the file. The copies of papers listed on the register as being sent to the Economic Registry or Mr Thomson (Economic) are not included in the file.

Physical characteristics

Foliation: the foliation sequence (used for referencing) commences at the front cover with 1, and terminates at the inside back cover with 161; 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.

A previous foliation sequence, which is also circled, has been superseded and therefore crossed out.

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

Coll 54/1A(S) 'Middle East (Official) Committee: Reconstruction' [‎75v] (151/323), British Library: India Office Records and Private Papers, IOR/L/PS/12/4757, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100042384858.0x000098> [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_100042384858.0x000098">Coll 54/1A(S) 'Middle East (Official) Committee: Reconstruction' [&lrm;75v] (151/323)</a>
<a href="https://www.qdl.qa/en/archive/81055/vdc_100042384858.0x000098">
	<img src="https://iiif.qdl.qa/iiif/images/81055/vdc_100000000691.0x0001dc/IOR_L_PS_12_4757_0151.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_100000000691.0x0001dc/manifestOpen in Universal viewerOpen in Mirador viewerMore options for embedding images

Use and reuse
Download this image