'Handbook of Mesopotamia. Vol. I. 1918' [‎206] (215/568)

206
COMMERCE AND INDUSTRY
market and change hands several times at enhanced prices, payment
being made by instalments. The creation of some convenient form
of agricultural credit is essential to the development of the country.
The Turkish land-banks at Diarbekr and Mosul did not work suc
cessfully.
In the import trade the larger firms sent orders direct to Europe,
and it appears that most of the cotton goods imported were purchased
in this way. Another method followed in Irak was to order goods
through commission houses. A small initial deposit was made with
the commission house, the balance being paid on the arrival of the
goods. The small trader paid by instalments on the security of
a campiala, and collected weekly sums from the shopkeepers. For
the export of Manchester goods from England to Mesopotamia
English banks gave credit against shipping documents deposited
with them when the goods were shipped, repayment being made
some three or five months later when the goods arrived at their
destination.
The campiala, or promissory note payable at date, which was the
usual instrument for settling accounts, was negotiable when backed
by a good name.
Important parts in the trade of Irak have been taken by the
(native commission agent) and the (money-changer). On the
honesty and intelligence of the da the European merchant was
often largely dependent. The money-changing business was of great
importance owing to the heterogeneous and unstable character of the
currency under the Turkish regime. Further, the Baghdad
assayed Turkish coins (since, for example, which would
have been accepted in Basra or Aleppo might not have been accepted
in Baghdad), acted as collector of bills and payments, and did a con
siderable business as private bankers. The practically fixed
the rates of bills for the merchants.
In the population of Mesopotamia the most important commercial
elements have been the Jews in Baghdad and Irak, and the Arme
nians in the north. Many Baghdad Jews had established them
selves at Manchester or Hamburg as partners or agents for Jewish
firms in Mesopotamia. The Jewish merchants of Baghdad had not
only eclipsed their Mohammedan and oriental Christian competitors,
but, it has been said, through their connexions with Manchester
were gaining ground in the import of piece-goods at the expense of
British firms.
The tendency of the native merchants to indulge in speculative
ventures and short-sighted commercial added greatly to the
instability of trade in the country.