12 Report of Schimmel $ Co. April 1913. 



able effect, inasmuch as these events have caused the banks to restrict credits, 

 whereby the import-trade in particular has been restrained. Hence, as compared 

 with the year 1911 (when, however, the figures were the highest ever reached), the 

 value of the imports has fallen by 5 p. c. In the country-districts debts were paid with 

 fair punctuality, but in the towns their collection was often attended with difficulties. 

 The collections on behalf of the wounded in the Turkish army have adversely affected 

 the receipt of accounts due, about 250000 £E, or rather more than a quarter of a 

 million Sterling having been sent out of the country as a result of these collections. 

 With the exception of one banking firm in Alexandria, none of the larger foreign 

 concerns have suspended payment, but there have been numerous failures among the 

 native traders. It is expected that when peace is restored there will be a great 

 revival of business, especially in view of the fact that last year's cotton crop amounted 

 to at least 350000 tons and that the price of cotton has remained normal. According 

 to official statistics of the trade of Egypt, the total imports in the year 1912 reached 

 a figure of 25907759 £E, as compared with 27227118 £E in the year 1911; a decrease 

 of 1 319359 £E. The total exports in the year 1912 reached a value of 34574321 £E, 

 whereas the total for the year 1911 was 28598991 £E, which shows an increase in 

 this department of 5975330 £E. 



The imports into Egypt from all countries with the exception of the British 

 possessions in Eastern Asia, the United States, Belgium, Greece, Holland, Sweden and 

 Norway, show a decrease for 1912 as compared with the previous year. British imports 

 have fallen off in value by 8 p. c, Austrian by 18 p. c. (especially in cottons, woollens, 

 and metal goods), but the imports of British flour and of Austrian sugar show an 

 increase. The imports from France have decreased by 13 p. c, chiefly in flour, cottons 

 and woollens, and metal goods; those from Italy by 15 p. c, also chiefly in flour, cottons 

 and woollens, but cotton-yarn from this country shows an increase. Imports from 

 Turkey show a reduction of only 2 p. c, mostly in corn, coffee, wood, charcoal and 

 textiles, but there was an increase in the imports of living animals, wine, oil and 

 soap. Shipments from Russia have suffered a decline of about 11 p. c, chiefly in sugar, 

 but the imports of Russian petroleum have increased. The imports from Belgium have 

 fallen by 4 x /2 p. c. The imports into Egypt from Germany were less by 79565 £E, or 

 5p.c. than in 1911. Here it is principally the trade in coal, stoneware, china and 

 glassware, cottons and woollens that has decreased, whereas there has been a con- 

 siderable increase in the imports of metal goods. 



Our own experience in our relations with our Egyptian customers differs from the 

 particulars given above in this respect, that we have not suffered any reduction in 

 our turnover as compared with 1911. 



Our New York branch again gives an extraordinarily favourable account of the 

 commercial position in the United States of North America. The result of the Pre- 

 sidential Election has generally been accepted as the best solution of the somewhat 

 tangled conditions of the hotly-fought three-cornered political struggle. The general 

 expectation is that President Wilson and his democratic legislature will not show a 

 tendency to extremes in their dispositions, and commercial circles have therefore 

 hardly shown any such signs of nervousness as have usually attended the change of 

 the administrative power from one political party to the other, in the past. 



All the preliminary work connected with the proposed Tariff revision has practi- 

 cally been finished under the old administration, and it is generally believed that the 

 new House will adopt the schedule of the Underwood Tariff with the comparatively 

 slight modifications which may result from the hearings held in January before the 



