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TRADE and FINANCE

U.K. WINE MARKET — Cyprus wine producers, who lare- meeting increased compe- ‘tition on the London Market, | iwill be interested in a recent) lanalysis of the U.K. wine po- ‘sition published by «Vhe Eco- nomist». Brandies and cham- pagne still have a ready sale in U.K., but the key to the whole position appears to be a reduction in prices. Heavy Customs Duties However much’ the war may have stimulated wine consum- ption, «The Economist» points out that the Chancellor of the Exchequer soon destroyed any) taste acquired for wine with the successive increases in the customs duty. Thus, a bottle of Cyprus brandy was retailed in London last year at 41s, 6d. nearly half of which sum was represented by the duty itself. Austerity Going Too Far The result of the above is! Ithat Britain is not drinking enough wine for all the import licences granted to be taken up and wine consumption last lyear was only 60. per cent of what it was before the war, while imports from south A frica have increased, shipments from Australia are only half} of what they were. As regards France, only half. the import licences granted for French wines in 1948 have been used: and the general impression is that Britain is carrying her austerity campaign too far. Lower :luties and lower prices are the only way to popularise wine, in. a country which on the whole prefers beer. Ship-Loading Accidents A Limassol case of a steve- doring worker who was injur- ed during loading: and unload | ing operations o1 a ship in tha port, has raised the question of employer’s lisvilitv far the worker’s compensation, ‘Vhe| worker received hospital treat- ment of two or three weeks! for his injuries, and is claim- ing compensation for this as well as his lost wages «5 it is anticipated that he will not be able to resume work for some weeks. The question is whether the liability falls on the local agents for the ship, or on the owners of the vesse!. Tt is understood that the offi- cial legal ruling is that in such cases the respunsibility for compensation rests with the actual shipowners. Citrus for Canada Shipment of 1,500 to 2,000 cases of Cyprus lemons to Ca-| nada by the s.s. «Capo Armay,| which is due to sail from Li-} massol on 31st inst., offers an opportunity for Cyprus citrus exporters to.reach the valuable eastern Canadian market, ' without trans-shipment. As this | market is some 3,000 miles’ distant from the main Cali fornian sources of supply, it should offer prospects for di rect shipment af Cyprus le mons and grapefruit in increas- ing quantities, Egypt Customs Duties Early revision of the Egy- ptian Customs Import duties is foreshadowed in a note sent by the Egyptian Ministry of Commerce and Industry to the Ministry of Finance, says a Cairo message. The note calls for an increase in the import duties on goods which are pro- duced locally and are found in large quantities in Egypt. It also asks for the reduction of duties on imported machi- nery required. to increase local |,} production. It is understood jg| that prompt action is sought, and a decision before the end ‘fof this. month. s Cyprus Re-Exports | | | | See HONE OnE en) ‘ _ Following the recommenda- tions of the Imports Contral TRADE and FINANCE ment is now granting re-export licences for goods of Sterling area origin, (per Form CD3) provided such goods are sur- plus to the island’s needs. As regards goods of Non-Sterling Area origin, re-export will only be allowed of goods from soft currency areas, for sale to hard currency areas. Spec:al cons.- deration will be given to cases where goads, liable to deterio ration are held and are thought to be surplus to Cyprus requi- rements. The question of re- export licences doves not arise in the case of goods reaching Cy- prus «in transit», and clearly destined for another country. Israel State Loans Proposals for State loans of £ (Israel) 13,500,000 are being considered by the Israel State Council. It is stated that these have. been approved by the Fi- nancial Committee, including war loans of £7,500,000, ten years at 3% per cent, to be raised by the financial institu- tions and also a bank loan of £3,000,000, of five years at’ 3 per cent, and a popular loan of £3,500,000 repayable in ten years. Part of the proposal is the continuation of the lotterv prize scheme, with prizes up to 3 per cent of the total, in the case of che popular Joan. Directory of Cyprus ' T & Both Cyprus and overseas readers will find the latest edi- tion of The Commercial an-] Professional Directory of Cy- prus, 1948-49 a very welcome addition to their reference files. Vhis excellent publication, compiled by Messrs P. A Vouros and O, G. Galanides, 1-4, Perdios street, Nicosia, and printed at «Cosmos» Pres: sets out in clear and compr: hensive form a.wealth of useful ¢ommercial information con- cerning Cyprus and its lead- ing primary and secondary in- dustries, in addition to its alphabetical lists of exporters. importers and manufacturers, and its professional section. Considerable care has been devoted to its General Infor- mation section, which contains, amongst its many interesting | features, a list ef. the Cyprus Customs Import Duties, and a: useful statistical and trade re-j view, of the island’s exports and imports. © Cyprus Trade Review In its Cyprus trade review, the Directory gives an infor- mative analysis of the exchange of trade with several leading countries. It is interesting to note from the figures for the year 1947, (the latest for which completed statistics are available) that Cyprus had a favourable balance with the following countries, for the amounts stated:- Germany £673,461 France £388,332 Eire£74,226 Greece £53,499 Malta£25,952 Spain£38,751. ‘The adverse balance (excess of imports over exports) with the following countries was: U.K. £2,784,787 Canada £1,586,910 Italy £737,275 U.S.A. 676,859 Palestine £529,672 Egypt £255,726. In addition to the foregoing. the Directory contains a use- ful epitome of Banking, shipp- ing, airlines, commercial and Consular information. Syria’s Developments Plans Tenders for plans to supply the city of Aleppo with water from the Euphrates, over a distance of nearly 60 kilo- metres, are being considered by the Syrian government. The tenders were subinitted by four foreign firms. The scheme will take three years to build, and it is expected that the success- ful tenderer will start work in six months. The Syrian government provided a credit of £23 Million (Syrian) in Committee, referred to-in ‘our |Last issue, the Supplies Depart- its 1948 Budget for this pur- pose,