INDIA AND IRAQ
The Eastern Bank, whose main business is in India and Iraq, has to report some contraction in the volume of its business, reflecting mainly the lower prices of the commodities with which it is concerned. But Sir James Leigh-Wood's rcview at the meeting on Wednesday was, on the whole, hopeful. He reported favourably on the Indian budgetary situation, on the agreement among the jute mills, and held out hope of some recovery in British exports of cotton piece- goods to India as a result of the new trade agreement. He suggested the possibility of an ultimate writing-up of the Indian gold reserve similar to that recently carried out by the Bank of England, but mentioned that special legislation would be needed. He believed that under skilful management the revenue from the Iraq oil deposits would restore the ancient prosperity of a land so famous in history as one of the granaries
Previous page