‘Persia – especially Seistan’ [‎48r] (94/949)

NOTES ON COMMERCIAL CENTRES, &C. 6l
In Tabriz textile goods (British and Continental) are quoted at long usance,
broadcloths 40 to 50 months, other goods at 18 to 24 months, but, as in
other parts, these are really discount terms. In woollen and silk goods an
additional term of three to five months’ credit is often stipulated for the
discount in respect of this additional term, if availed of, being calculated
on the cash price; for example, a broadcloth sold at krans 20 per zar, 50 months,
and trree months’delay, would be value less 50 months at 12 per cent, krans
10 and less three months at 12 per cent., krans 970 cash (not 53 months at
i2'per cent., krans 9 40). Russian goods, however, are generally quoted on
short credit terms.
Silk and woollen goods are still quoted in Tabriz in “ churuk ” money.
Every merchant keeps an account with a banker. Persian bookkeeping
does not lend itself to changes of interest on daily balances, consequently
when cash was scarce in the bazaars the banker, instead of altering his rate of
interest, made a distinction between book transfers and cash payments,
charging an agio on the latter. The book transfers were called churuk.
At various times efforts were made to correct the inconvenience and loss
to commerce of the constantly increasing agio on cash payments with the
consequent depreciation of book money, but the svstem continued until
foreign banks were established in Tabriz. The difference between churuk and
cash & was once fixed at 7 per cent., and later another difference of 4 per cent,
was added, and still more recently a further difference of 4 per cent., under title
of banker’s transfers (“ havaleh saraf”). At the present time the merchant usually
draws on his banker at 10 or 15 days’sight, but the amount is value cash at
due date The cash price, for example, of a woollen cloth quoted at krans
20 per zar churuk, would be calculated thus, viz .— ■
Deduction in respect of the 7 per cent.
difference - • churuk krans 20 X 7 “ krans
Do. do. first 4 per cent. „ „ 1870 X 4 104 = krans 70
Do. do. second 4 per cent.,, ,, 16 X 4 104 7= krans * 7 °
Cash price, karns i7'30
20*00
This cumbersome form of quotation is used in Tabriz only by the
« Stamboulchis.” British and Continental piece goods are often quoted on the
basis of “ havaleh saraf,” or only 4 per cent, discount, and Russian goods in
kr^n P n f ^ o {or the manu f act ure of porcelain and crockery was built some
years ago by a Persian subject, who anticipated that the saving in freight and
breakages would enable him to compete successfully with foreign wares. It is
stated that a suitable clay was obtained, but that he failed to produce a sads*
factory An East India Company trading post. glaze, and the factory An East India Company trading post. was never completed .
The monopoly of navigation on the lake of Urmiah is held by a Persian
subject but only a few sailing boats ply on it. Schemes have at different times
been mooted for a service of small steamers to transport produce. .
A concession for exploiting the Hassanof copper mines and other minerals ot
Karadagh is held by a Russian syndicate, but there was no news in Tabriz up to
July 1903, of preparation for work.
Trade Routes.
The route from Trebizond vid Erzeroom and Khoi is used by importers of
British and Continental goods, but exporters now send many articles of merchan-
dise in transit through Russia to Batoum, which no doubt, decreases the
ouantitv of freight available for caravans returning to Trebizond, and may, there
fore affect transport rates in both directions. The caravan must pay keep and
profit to its owner for the year, and if it earns no freight in one direction must
charg^ more in thertjier.freight from Trebizond t0 Tabriz for the three years,
iSoi-Qh, was krans 113 l£T 3-42) per kantar, and for the three years 1900-02,
krans 205 (£T 4-36) per kantar, a rise of 80 per cent, in silver, but of only
28 per cent, in gold.