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'File 53/6 (D 2) Koweit [Kuwait] Affairs, 1898-1899' [‎80v] (160/554)

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The record is made up of 1 volume (280 folios). It was created in 27 Dec 1898-2 Aug 1899. It was written in English, French and Arabic. 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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as for the necessary works to protect the harbours at each terminus and render them
safe in all weathers for anchorage, with a 10 per cent, margin for contingencies.
Erom other sources we are given to understand that the above estimate may be
too low, and in order that an unduly sanguine view should not be adopted as a basis,
we have assumed that for all practical purposes the flotation of the Company would
involve the raising of a capital of something like 15,000,000/., not all at the same time,
of course, but by successive issues of various types judiciously spread over the period
of construction. Such a capital seems very great when looked at by itself, but it is
not so large when compared with that of other undertakings of similar magnitude, and
it is estimated that the railway with its branches, comprising over 1,000 miles of
track, would, when completed, earn enough to yield a remunerative return upon such
outlay, leaving out of the question the Turkish guarantee, to be conceded upon
security of tithes in the provinces traversed, of 6 per cent, on a prescribed amount of
capital per kilometre constructed. In support of the contention that the suggested
capital would not be excessive, we may mention that in the case of the Smyrna and x
Cassaba Railway (a much less important enterprise), the issue of 4 per cent,
obligations has been sanctioned for the purpose of constructing the extensions to
Afmm Kara Hissar, at the rate of 280,000 fr. per kilometre, which would be equivalent
to an aggregate of over 19,000/. for the railroad now under discussion, inclusive of its
proposed branches. But it must be understood that we ourselves, as stockbrokers, are
incompetent to criticise or indorse the technical estimates of railway engineers, and
that we cannot hold ourselves responsible for the cost of construction and probable
traffic as estimated by experts who know the country.
It is evident that, if the Concession is obtained, a regular, careful, and competent
survey of the proposed line will have to be made on behalf of the purchasers of the
Concession before final estimates can be drawn up, and a public Company be floated.
To that end. we propose, assuming the Irade to be granted and subsequently confirmed
by Imperial Pirman, to then form a Syndicate with a capital of about 150,000/., which
Syndicate would acquire from the concessionnaire the right to purchase from him the
Concession at a figure to be agreed upon, in consideration of refunding to him
and his group the preliminary expenses so far incurred, supplying the caution money
required by the Porte, and the funds necessary for the full survey and other
disbursements preparatory to the formation of a public Company. In due time an
appeal to the public would be necessary, and thereupon a Company would be formed
to which the Syndicate Would transfer its rights and privileges in consideration of the
reimbursement of its expenses and a profit commensurate with the risks incurred.
It is naturally difficult to estimate the prospects of raising the capital required
for an undertaking which is still in the period of incubation, but we entertain no
doubt that, with the Concession in hand and the tacit approval of Her Majesty's
Government, we should be able to secure the necessary financial support to carry the^
matter to a successful issue.
It has been stipulated by Count Kapnist that there shall be reserved half the
capital of the Company for issue in Russia, and half its representation on the Board of
Directors for persons of Russian nationality. We may point out that the first of these
stipulations does not imply that the Ilussian Government as such shall be entitled to
claim a half or any share of proprietorship in the undertaking, but simply that
one-half of the capital shall be offered for public subscription in the country. We
should, furthermore, negotiate on the basis that Russian representation on the Board
should be proportionate to the amount of capital subscribed in Russia, without in any
case exceeding half the full strength of the Board. Although the proprietorship of
the undertaking must, we understand, according to Turkish law, be nominally vested
in an Ottoman Society, the undertaking would in reality belong to the English
Company through possession of all the shares in the Ottoman Society.
The above are the main features of the case as it at present stands outside of the
scheme itself, with the details of which you are conversant, but we shall be very
pleased to furnish you with any further information that you may desire to have, and
that it may be in our power to communicate. Meanwhile, it is the intention of our
Mr. Augustus Meyers, or, failing him, of our Mr. Gerald Walton Williams, to start on
Sunday next for Constantinople, as promised, to assure himself of the substantial
prospects held out of the early signature of an Irade in Count Kapnist's favour, and in
such case to make such preliminary financial arrangements on behalf of our firm as
he may consider justifiable under the circumstances.
Needless to add that we shall only act on the assumption that Her Majesty's
Government, having been apprised to the best of our ability with the main facts of the

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Content

This file contains correspondence between various British officials (and correspondence directly between British officials and members of the Al Sabah ruling family of Kuwait including Shaikh Mubārak Āl Ṣabāḥ) concerning the nature of the relationship between the British Government and Kuwait.

This correspondence discusses whether or not Kuwait should be made a British protectorate and Kuwait's relationship with the Ottoman state and other foreign powers. A copy and translation (into English) of a secret agreement made between Shaikh Mubārak and the British government is contained on folios 42-43.

The recognition of Shaikh Mubārak as ruler of Kuwait (Mubārak murdered the previous ruler, his brother Mohammed, in 1896) is also discussed.

The file also contains detailed correspondence regarding a scheme, proposed by a Russian named Count Kapnist, to construct a railway line between Tripoli and Kuwait.

Extent and format
1 volume (280 folios)
Arrangement

File is arranged in chronological order, from earliest at beginning of the file to most recent at end. An index of topics discussed in the file is contained on ff 1a-2. The page numbers used in this index relate to the foliation sequence in the file that is printed with a mechanical stamp.

Physical characteristics

Condition: Formerly a bound volume, the file's sheets have been unbound and are now loose.

Foliation: The volume is foliated from the front cover to the inside back cover, using pencil numbers in the top-right corner of each recto The front of a sheet of paper or leaf, often abbreviated to 'r'. . There is an earlier, possibly original, foliation sequence that runs through the volume, using a mechanical stamp.

The following foliation anomalies occur: 1a, 163a, 163b. Folios 258 and 259 are in reverse arrangement.

Written in
English, French and Arabic in Latin and Arabic script
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'File 53/6 (D 2) Koweit [Kuwait] Affairs, 1898-1899' [‎80v] (160/554), British Library: India Office Records and Private Papers, IOR/R/15/1/472, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100023520802.0x0000a1> [accessed 29 March 2024]

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