Syria: An Economic Survey 



Turkey and Greece and manufactures cigarettes,, etc., in Aleppo 

 and Damascus. 



C. Tombeki. Tombeki is the tobacco used for water pipes 

 (narghileh). It was imported from Persia by the Societe du 

 Tombac until 1912, when the monopoly expired. Since then the 

 importer must pay a tax of 4 piastres per kilogram to the Regie. 

 The tombeki grown in Syria is handled by the Regie. 



VI. Banks and Currency. 



A. Banks. The banking system of Syria is in the hands 

 of the following companies, except for a few companies in Aleppo 

 and Beirut. (See page 67.) 



The Banque Imp&riale Ottomane is the central banking com- 

 oern of Turkey since 1863. Its concession has been renewed several 

 times, now being in force until 1925. The Banque Imperials 

 Ottomane functions as the Sub-Treasury of the Imperial Govern- 

 ment, and is the only bank permitted to issue notes. The circu- 

 lation of notes must always be covered at least 33 1/3 per cent 

 in metal. The notes of the Banque Imperiale Ottomane have 

 never become popular, the total circulation in 1913 not exceed- 

 ing 1,000,000 Ltq., only 6 per cent of the total liabilities of the 

 bank. In its capacity as Sub-Treasury the bank receives the 

 income of the Government and is responsible for all its expendi- 

 tures. For this it gets a fixed commission. Besides, the bank is 

 free to engage in all branches of the banking business, so that it 

 may really be considered a private commercial bank which has the 

 profitable privilege of administering the finances of the govern- 

 ment. As before the war its capital was in foreign hands and the 

 government had no influence in its management, it did not fill the 

 place which a National Bank does in the economic life of other 

 countries, namely, that of a central institute which serves the 

 interests of the country, administers its bank and currency system, 

 etc. 



The banking system in Syria is absolutely unorganized. Each 

 bank does business according to its own ideas. 



The Anglo-Palestine Company, Ltd., with its seat in London, 

 does business exclusively in Turkey. Its object is to better the 

 economic condition of the Palestinian Jews. Apart from its ordi- 

 nary banking business the Anglo-Palestine Bank extends credits 

 on real estate on a small scale. It was the Anglo-Palestine Bank 

 that introduced mutual loan associations into Turkey. According 

 to its financial report of December 31, 1913, the outstanding 

 long-term credits of the Anglo-Palestine Bank amounted to about 



66 



