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'File 10/37 Bahrain Petroleum Company - Dollars' [‎13r] (27/44)

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The record is made up of 1 file (20 folios). It was created in 20 Sep 1948-17 Sep 1949. It was written in English. The original is part of the British Library: India Office The department of the British Government to which the Government of India reported between 1858 and 1947. The successor to the Court of Directors. Records and Private Papers Documents collected in a private capacity. .

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During mo^t of last ye^r, it looker! as If-the Unit er* States
mipht become a permanent importer o r oil on" a substantial sc^le,
andif recent developments had not falsified this hone, Felly's
statement th^t all "oil is ultimately exchangeable for dollars"
mi^ht oerhsps have become true. The fa^t is that only American
oil companies can ultimately convert the -proceeds of t^eir oil
sales' into dollars, and even they have growing difficulties to do
so, on account of t e JTKiisr world's dollar shortage.
What Pelly probably had in mind was th^t, as long as
British-controlled nroduction is not sufficient to meet the needs
of the terlin^ Area and British companies' trade outside it,
the marginal deficiency has to be >ought for dollars, whether
by British, or American controlled distributors in the Sterlinp;
Area, and every additional ton of oil from a genuine sterling
source is therefore a dollar saver. But it is not a dollar
earner.
It is not correct to imply that certain commodities like
oil are "dollar products" because, looking at the world as a
whole they predominantly come from American producers: the
underlying fallacy would be obvious if it were sought to anply
the same argument to"wheat. But in times of shortage, it is
of course occasionally possible for producers of scarce
commodities to extort dollars from their custom rs, in excess of
the dollars which t^ey themselves have snent on producing the
commodity.
Such an attitude we would wish to contest whprever we met
it* and the original arguments in Tjaden's letter of- 20th Sep
tember 1948 were designed to this end.
If, however, there are any further points which the Resident
or the Political Agent A mid-ranking political representative (equivalent to a Consul) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Agency. at Bahrain may wish to raise, we shall be
glad to trief then for their discussions with the Sheikhs - and
"iit h somewhat less delay than I am afraid there has been on this
occasion.
I am sending conies of this letter to S.J. Davis at the
Ministry of Fuel and Power and to Bloomfield at the Bank of
England, and I should be grateful for their comments: please
therefore obtain their views before sendin the substance of the
present letter to Bahrain.

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Content

The file contains correspondence between the Political Agent A mid-ranking political representative (equivalent to a Consul) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Agency. in Bahrain, the Political Resident A senior ranking political representative (equivalent to a Consul General) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Residency. in Bushire and representatives of the Bahrain Petroleum Company Limited (BAPCO) on transaction in dollars for BAPCO oil.

There is an index at the end of the file (folio 19).

Extent and format
1 file (20 folios)
Arrangement

The documents in the file are arranged in chronological order. There is an index at the end of the file (folio 19). The index is arranged chronologically and refers to documents within the file; it gives brief description of the correspondence with a reference number which refers back to that correspondence in the file.

Physical characteristics

The foliation is written in pencil in the top right corner, begins on number 1, on the first letter, and runs through to 21, ending on the inside of the back cover of the file.

Written in
English in Latin script
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'File 10/37 Bahrain Petroleum Company - Dollars' [‎13r] (27/44), British Library: India Office Records and Private Papers, IOR/R/15/2/460, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100023442566.0x00001c> [accessed 28 March 2024]

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