Their business may, for the most part, be summed up under the following heads:—
(a) Collection of values of imported goods.
(b) Discounting bills of exchange and promissory notes. The rate of discount is limited by law to 9 per cent. In 1910 the banks of Beirut agreed on the rates of 6½ per cent. for first-class banks, 6¾ for those of second-class, 7 per cent. for first-class merchants, 7-8 per cent. for others.
(c) Advances on real property and on goods. The former have lately been made easier by a law sanctioning mortgages in the names of the specially licensed banks, but except those granted by the Banque agricole they are as yet exceptional. Advances on goods, on the other hand, are very frequent, and may be divided into three classes: (1) Advances on staple products. grain, wool, &c., or on merchandise. Some depôts for deposits of this kind are kept by the banks, but there no storage companies, and accommodation is limited. 75 per cent. of the value is the recognised allowance, and interest at 5½-6 per cent, is charged, besides fees for insurance, storage, &c. (2) Advances upon imports which have been ordered, but have not yet arrived. These are paid for wholly or in part on receipt of the bills of lading by the bank, which then takes over the goods on arrival, and releases them as the advances and the bank's own charges are paid off. This system is in use chiefly at Beirut and Aleppo. (3) Advances upon exported goods, the bank receiving the documents after shipment.
(d) Current accounts and deposits This class of business is increasing, at any rate in the larger towns and for private account. As there are no public savings banks, the ordinary banking establishments are the only available medium.
(4) Influence of Foreign Capital
The notorious dependence of Turkey on foreign capital has been fully shared by Syria, which, as already indicated (p. 125), is both commercially and
