British Mandate: A Survey of Palestine: Volume I - Page 464

CHAPTER XIII.

if the years 1938 and 1943 are considered alone it is seen that the value of exports actually amounted to almost 50 per cent. of that of imports. The outstanding causes of increases in both imports and exports are discussed separately below. Here it is sufficient to draw' attention to certain aspects of the economy which are necessary to an understanding of how Palestine is enabled permanently to support an adverse balance of recorded trade of a magnitude ranging from over £P.4 per head of population in 1931 to over £P.12 per head in 1944.

65. A detailed and comprehensive analysis of Palestine's unfavourable balance of trade is contained in a series of annual estimates of Palestine's International Balance of Payments, compiled by the Government Statistician for the years 1936-1944. For a complete examination of the factors which enter into the makeup of Palestine's international financial transactions, including trade, reference should be made to these statements which though of an approximate nature are an essential aid to the understanding of the complex and unique pattern of Palestine's foreign trade and financial relations. The most important feature of Palestine's foreign trade arises from the attachment of World Jewry to the territory of Palestine which results in a continual flow of funds from Jewish sources abroad for the financing of Jewish colonisation and development. Further substantial funds representative of foreign assets accrue from immigrants. Charitable and religious organisations and institutions in the country are in receipt of donations from abroad.

66. A rough indication of the magnitude of such transfers of funds over the period 1934-44 is given by an estimate prepared by the Anglo-Palestine Bank Ltd., has ed on figures of transfers of funds made by the bank on behalf of clients. The Anglo Palestine Bank estimates that they handle 50-60 per cent. of the total of such transfers.

Year J Anglo-Palestine J Total I Year ! Anglo-Palestine Total
LP. I LP. I LP. LP.
1984 6,816,000 12,000,000 1940 8,615,000 5,700,000
1985 8,524,000 15,000,000 1941 S,042,000 4,500,000
1986 5,089.000 9,000,000 1942 4,408,000 6,000,000
1987 8,603,000 6,000,000 1948 6,670,000 10,400,000
1988 4,784,000 8,500,000 1944 8,005,000 11,600,000
1989 4,708,000 8,500,000
It will be seen from the above table that during the last eleven years covered by the estimates the import of such funds amounted to £P.97.2 million or almost 80 per cent. of the visible balance of trade. The position is complicated by military expenditure for

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