Until then the banking was done by the natiye money-changers (sarrafs) and some merchantsforeign and nativewho occasionally undertook special outside transactions.
The chief business of the native sarrafs (money-changers, bankers; &c.) is to discount bills at high rates, hardly ever less than 12%, and remit money from place to place in Persia for a commission amounting to from I to 5, or even 6% on each transaction; and in spite of the European banks giving lower rates of discount and remitting money at par, the majority of the people and mercantile classes still deal with the natives.
In the six months ending with that date the receipts were $1,259,574 (largely from import and export duties, and taxes on liquors, tobacco, matches, coffee, opium, salt, steamship companies and money changers), and the cash balance for the six months was $105,307.
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