Ext 8835/47 'Middle East: monthly economic reports' [‎9v] (18/30)

2
II.—Iraq
Barley rose to 35 dinars a ton f.o.b. and
wheat to the local consumer fetched up to
85 dinars a ton on the black market. Iraq
is now faced with a shortage of cereals and
is attempting to obtain an allocation from
I.E.F.C. It is feared that some cultivators
have sold their seed and will be in
difficulties at sowing time.
2. Preliminary talks started with the
Iraqi Government concerning the alloca
tion of scarce currencies. The ban on
dollar deals continued, but by a misunder
standing was applied only to the United
States and Canada. It is believed that the
Argentine and Japan have now been
included in the scarce currency countries.
In spite of the continuance of exchange
control difficulties and the ban on dollar
credits, the value of documentary credits
for abroad was the highest this year.
There was a rise in the price of cotton
textiles and building materials.
3.
Dinars
Government—
Revenue for January 1947 ...
1,774,499
Expenditure for January 1947
1,977,233
Bank deposits July 1947—
Fixed deposits
2,723,941
Current accounts
12,449,179
Savings accounts
2,793,961
Total
17,967,081
Currencv circulation 30th Sep-
tember
36,786,247
(a decline of 399,790 dinars
during the month)
Gold prices—
Sovereigns
4-880- 4-970
Five Tola bar ...
31-00 -31-700
III. — Turkey
The Government issued a
decree pro-
hibiting all exports against
sterling. It
was explained that holdings
had accumu-
lated to £20 million.
IV. — The Levant A geographical area corresponding to the region around the eastern Mediterranean Sea. States
(a) Syria
It appears that Government policy in
regard to expenditure on irrigation
development may be changed in that,
instead of, as hitherto, spreading the
amounts available yearly over numerous
projects, the authorities are planning to
allot £8.2,500,000 in the next budget to
complete the Khabur development project
and another relatively large sum to cover
the full working expenses for a year on a
project in the Hauran.
2. The trend of cereal collections in
Syria during September has continued
satisfactorily, and it is estimated that the
M.I.R.A. organisation may have approxi
mately enough stocks of all cereals to cover
the country s requirements. The Syrian
authorities have also decided to implement
the policy of mixing wheat with other
cereals. It is, furthermore, considered that
the Syrian and Lebanese Governments will,
eventually, come to an agreement con^m-
ing the supply to the Lebanon of up to
10,000 tons of wheat. By ministerial
decree No. 801 of 17th September, pub
lished in the Official Gazette No. 42 of 25th
September, the transport of bran out of
Syria was prohibited.
3. In Aleppo on 6th September, rioting
took place as a result of the high cost of
flour. The situation was calmed by
promises of better distribution in the
future. Retail prices of food-stuffs are in
fact rising steadily as the result of seasonal
shortages and hoarding by producers. On
8th September the Arab Engineers’ Con
ference met in Damascus with representa
tives of all Arab countries. It was
succeeded on the 13th by the Arab
Antiquities, likewise attended by all Arab
States and a representative of the Sultan
of Morocco.
4. A press report states that the Director
of the Department of Agriculture, accom
panied by experts of the Department and
by a Mr. Mettenson (described as an
U.N.R.R.A. representative and expert on
agricultural ecology), are to tour the
Mohafazates of Homs, Hama, Aleppo,
Euphrates, Jezireh and Lattakia, to study
agricultural conditions. The purpose of
the tour is said to be to enable Mr. Metten
son to make a report and recommendations
regarding agricultural development.
5. The press has, throughout the month,
commented on the impending Franco-Syro-
Libano currency negotiations. The gist of
these reports is, generally, that the Levant A geographical area corresponding to the region around the eastern Mediterranean Sea.
States do not wish their currency to remain
bound to the French currency, but it is also
intimated, in some newspapers, that the
existing link is unavoidable in the present
economic circumstances. It is, further
more, stated that the negotiations will be
concerned with other than purely currency
matters, and, in this connexion, the press
refers to claims by the French Government
for large amounts, alleged to be owed by
Syria for various services and properties
devolving from the period of the mandate.
As against this it is stated that Syria can
put forward claims which more than
counter-balance the French ones. Hassan
Bey Jabbara, the Syrian delegate on the
Higher Council of Common Interests, with
the Syrian Minister to France, are to
represent Syria in these negotiations.