'IRAQ AND THE PERSIAN GULF' [‎315v] (633/862)

492 CURRENCY, FINANCE, COMMERCE, AND OIL
value rose from I.D. 98,000 to 1,224,000. In the same period Japan
took little of Iraq’s exports—the value in 1934/5 was only I.D. 6,871
—and the position had become so serious that Iraq was compelled
in 1936 to pass a law which bound Japan to take exports from Iraq
up to at least 15 per cent, of the value of her imports to Iraq. This
percentage was increased to 25 per cent, in 1937, but it had no great
effect on the adverse trade balance with Japan. In 1938, the year
taken as normal in other respects, exports to Japan had risen to over
I.D. 355,000, but imports from Japan had increased to about
I.D. 1,386,000, so that the adverse balance of trade was still over
a million dinars, with no invisible exports to set against this figure.
Japan purchased wheat and cotton, when forced to buy; in fact
the whole of Iraq’s cotton export went to Japan in 1941. This
materially helped the cotton industry of Iraq, but added to its
speculative and uncertain future, as the figures for 1942—not yet
available—must show.
The principal customers and suppliers and the value of their trade
with Iraq in recent years are shown in the table on page 491. The
only countries with which Iraq had a favourable trade balance in
normal times were Palestine and Transjordan Used in three contexts: the geographical region to the east of the River Jordan (literally ‘across the River Jordan’); a British protectorate (1921-46); an independent political entity (1946-49) now known as Jordan , and the U.S.A. Nearly
three-quarters of the exports to Palestine and Transjordan Used in three contexts: the geographical region to the east of the River Jordan (literally ‘across the River Jordan’); a British protectorate (1921-46); an independent political entity (1946-49) now known as Jordan are made
up of live animals—mostly driven across the desert ‘on the hoof’,
though an increasing number are transported by lorry—and one-fifth
of the exports comprise grain. The U.S.A. takes most of the date
crop.
Shipping Lines
In pre-war days all commerce by sea was carried under foreign
flags. In the period 1935-1937 vessels of 4 British or British-Indian
steamship lines called at Basra; 4 Japanese companies and 1 company
each from U.S.A., Germany, Italy, the Dutch East Indies, and
Sweden were also represented. Greek and Soviet vessels called
occasionally (p. 515).
OIL
The tradition of mineral oil in Iraq dates back to the Flood {Gen.
vi. 14). More ancient than the biblical account is the Babylonian
Epic of Gilgamesh, where on the Xlth Tablet, dealing with the
‘Ark’ of the Deluge legend, Uta-napishtim, the Babylonian Noah,
is credited with using three words for oil products within five lines
(65-69):