Ext 8835/47 'Middle East: monthly economic reports' [‎11v] (22/30)

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10. The tanning industry has shown
some slight improvement as the result of a
recent agreement between the tanners and
importers, under the auspices of the Jewish
Agency An office of the East India Company and, later, of the British Raj, headed by an agent. , to restrict imports of sole leather.
A number of small concerns producing
fancy leather goods, so far mainly for
export to continental European countries,
are at present faced with marketing diffi
culties, and the setting up of an organisa
tion to handle the sale of their products
abroad is under consideration.
11. Production in the diamond industry
is on the increase. The number of workers
in full employment is now placed at 2,500,
i.e., 60 per cent, of that employed by the
industry at the peak of its production.
Exporters and manufacturers are being en
couraged to re-establish their export trade,
which was previously mainly to the United
States. There is sufficient raw material in
the country to supply the industry for
approximately three months at the present
rate of employment. Export of polished
diamonds during September amounted to
2,546 carats valued at £P.75,997—of
which the United States took 2,044 carats
valued at £P.59,725. Exports during
August amounted to 2,060 carats valued at
£P.57,499. Imports of roughs during Sep
tember from syndicate sources amounted to
26,766 carats, valued at £P.7l,870, and
from non-syndicate sources 9,305 carats
valued at £P.49,411.
12. The output of the Nesher Cement
Plant continued to show an increase. Im
ports came virtually to a standstill as a
result of the high cost of the foreign pro
duct. The erection of the Olamith Asbestos
Cement Works near Petah Tiqva is near
ing completion.
13. A subsidiary of the Palestine
Potash, Limited (Fertilisers and Chemicals,
Limited), is shortly to erect works near
Haifa, for the production of sulphuric
acid, potassium sulphate, high-grade sul
phur, phosphate and di-calcium phosphate.
The firm’s capital is said to amount to
£P.550,000.
14. In view of the continuous gradual
increase in the consumption of electric
power and the anticipated still further in
crease in demand, the Palestine Electric
Corporation is taking steps to double its
production capacity within the next three
years from 230 million kw. to 450 million
kw. An agreement to cover the supply of
power from the Palestine Electric Cor
poration to the Jerusalem Electric and
Public Services Co. was recently concluded
between the two companies.
15. Drilling of oil is in progress near
Gaza by one of the subsidiaries of the Iraq
Petroleum Co. The plant used is mainly
of United Kingdom manufacture, made to
United States specifications. The labour,
force used by the company has been re
cruited from nearby villages.
16. The external trade for June was
Imports ... ••• =£6,931,463
Exports ... •• =£2,029,795
17. Cost of living index, September = 285
(June 1947 = 275; September 1946 = 273).
Wholesale price index, September
= 364 -2 (base June 1936 = 100); September
1946 = 351-5.
Currency in circulation, 30th September
= £43,057,805 (notes = 41,544,904) (a de
crease of £1-5 million from August 1947).
Total deposits of banks and credit: Co
operative societies at 31st August =
£98,080,333 (excluding balances held by
banks for credit co-operative societies
amounting to £4,739,440).
Total deposits at 31st July = £98,576,021
(a decrease of £495,488).
Total credit outstanding at 31st August
= £43,778,883; total credit outstanding at
31st July = £42,840,423 (an increase of
£938,460).
Customs
and excise
revenue continues
buoyant.
Monthly receipts from
customs
and excise
during 194/
were : —
Customs
Excise
Total
£P.
£P.
£P.
January
943,000
202,000
1,145,000
February
963,000
189,000
1,152,000
March
... 1,050,000
198,000
1,248,000
April ...
... 1,048,000
174,000
1,222,000
May
... 1,195,000
199,000
1,394,000
June ...
... 1,121,000
198,000
1,319,000
J uly ...
... 1,109,000
219,000
1,328,000
August
... 1,052,000
196,000
1,248,000
September
... 1,190,000
190,000
1,380,000
18. During September five strikes of
short duration came to notice, of which
four occurred at small undertakings and
one at a textile factory An East India Company trading post. .
According to the General Jewish Labour
Exchange, 9,606 applicants were registered
as unemployed in August 1947. At the end
of August 1947 the number of applicants
for employment, Arabs and Jews, on the
“ live ” index of the employment register
for ex-servicemen and women was 1,370,
as compared with 4,535 at the end of
August 1946.
YI.—Transjordan
The price of wheat has now risen to
£P.90 per ton, a price beyond the means
of the majority of the inhabitants of the
country. Two hundred and forty tons of