Ext 8835/47 'Middle East: monthly economic reports' [‎12v] (24/30)

8
of living is provided by the decision of the
Akel-controlled Co-operative, the Vine
Products Society, to appoint its own
chemist at a salary of £3.000 a year.
10. A 10 per cent, increase in the wages
of all Government daily wages employees
was authorised as from 19th September.
No significant changes have been made in
the wage rates of private employees.
11. Cost-of-living index at 1st Septem
ber (six points above August figure), 277.
Notes in circulation at 30th Septem
ber, £5,883,640.
Deposits in commercial banks at 30th
September, £10,578,217.
YIIL—Egypt
A new company, the Arab Land Com
pany, S.A.E., with a capital of £E.l
million, has been formed to assist Arab
landowners in Palestine with mortgage
loans and loans for purchase of fertilisers,
goods, cattle and implements, &c, with a
view to preventing the continued sale of
Arab-owned land to Jewish interests. The
company’s statutes also authorise the pur
chase of land for reclamation and subse
quent sale to Arabs, and the granting of
loans to Arab farmers and co-operative
societies for the same purpose.
Two other new companies formed are the
Societe Egyptienne de Divulgation, S.A.E.,
with a capital of £E.10,000, and the Nile
Insurance Company, S.A.E., with a capital
of £E.500,000.
Law No. 129 of 1947, published in the
Journal Officiel No. 87, of 18th September,
lays down new conditions for the grant of
concessions to public utility companies in
Egypt.
2. The first estimate of the 1947 cotton
crop was recently issued and totals
6,004,000 kantars, plus 114,000 kantars of
“ Escarto ” or low-grade cotton. THs is
only about 88,000 kantars above the final
estimate of the 1946 crop.
3. Two decree-laws have been promul
gated fixing the areas tc be planted with
cotton and cereals next year, to enable
Egypt to meet the serious shortage of wheat
with which she is faced. Not more than
27 per cent, of the total cultivable land in
the northern part of the delta and 20 per
cent, of land in other parts of the country
may be planted with cotton (except Aswan
Province, where cotton growing is totally
prohibited). Not less than 35 per cent, of
cultivable land in the northern part of the
delta is to be planted with cereals, a
minimum of 20 per cent, of which must be
planted with wheat. In the rest of the
country the cereal area is to be 50 per cent,
with a minimum of 40 per cent, in Lower
Egypt and 45 per cent, in Upper Egypt
planted with wheat.
The 1947-48 cotton export season has
opened very quietly and only 32,366 bales
were shipped in September, the United
States taking about one-half of this
quantity.
4. The following are the figures officially
given as the wheat and barley yields for
1947 as compared with 1946 :—
,4 re a
1946-47
1945-46
Yield
1946-47
1945-46
Average yield per acre
1946-47 1945-46
Acres
Acres
Tons
Tons
Lb.
Lb.
Whfint.
1,629,670
1,585,987
1,044,000
1,163,000
1,407
1,614
Barley
237,408
244,825
170,000
178,000
1,788
1,815
First estimates of
the 1947
millet and
maize
(Seifi) crops are
as under:
Five-year
average
1947
1946
1942-46
Ardebs
Ardebs
Ardebs
Millet
... 3,822,000
3,407.000
4,943,000
Maize
187,000
79,000
181,000
5. Conditions were quiet on the local
Bourses during September, with a slight
downward trend in prices, despite the fact
that commercial capital is once more being
invested in stocks and shares owing to the
stagnation of the import and export trade.
There was some speculation in the less
important shares.
6. Bills of exchange protested for non
payment in August totalled 946, compared
with 901 in July, and a monthly average
of about 700 for the first half of the year.
Three bankruptcies were declared in July
1947, compared with nil in the correspond
ing month of 1946.
7. For the first time, following the
steady decline in the cost-of-living index
figure which has occurred this year, the
July figure rose by 2^ points over that of
June. Having regard to the restrictions
placed on imports in recent months
following Egypt’s departure from the
sterling area, it seems likely that the index
figure will continue to rise.