'File 60/20 I (C 93) Imperial Bank of Iran: Bahrain, etc' [‎59r] (119/409)

112
lB&h
ct
tcatei
and abroad have been made tlirongb
other channels than the Imperial Bank
of Persia in spite of the provisions
of Article 6 of our Concession. This is a
development to which we
desire to call the attention of
Majesty's Government-
Article 3.
Article 3.
iaf QQ-
Confers upon the Imperial Bank of A Note circulation can only be effi-
Persia the exclusive right, as the State ciently maintained by continuous super-
Bank, to issue notes to bearer, subject vision of the circulation, necessitating
to the supervision of the High Com- from time to time the expansion of the
missary. And it is laid down therein circulation to meet the demands of trade,
and also the cancellation of old and worn
notes and the substitution of new ones
in their place.
that the Bank Notes shall bear a mark
or seal to indicate the check of the Per
sian Government. Also the Govern
ment of His Imperial Majesty binds
itself not to issue any kind of paper
money, nor to create any other Bank
or other Institution possessing a like
privilege.
CL
6,
(2jof8e
'■]
of
i-s EanLtkistj
Government, aui
i and standing it
Article 5 by tk
^ as a Md
bat tie establi
Goyemment of i
:ed as that M
me with tie in-
iion and coniicfe
irivileges tkelii
mperial Bank oi
of the National
xt of 1921, it is
}ject of the t - -phe Imperial Bank of Persia
p trade, tannuii shall be under the High protection of
ry by the gn: His Imperial Majesty the Shah and of
iirity, a Cuis ^ His Government for the maintenance
ie Imperial m 0 f the rights granted to it by the pre-
bv the terms sent Concession."
rhicli, of coaflf;
yn.
Article 10,
proyides
for
isvery natipi?
notbeperf
old encroaci oi
to the Imp
; their Concesa®
[ess, withi D te;
establish^"
perations of v
so conducted a!
)n those of ^
is the State J
. accouDt s 0 ^
[tly been irar | Of the foregoing instances the latter two are already within the cognizance
^ional^f' 0 r our Excellency from correspondence that has been exchanged between the
both in Various Ministers of State and the Bank.
M C 440 F D
Despite numerous repeated applica
tions by the Bank for the issue of new
notes, extending over several months
the Ministry responsible for these matters
has deliberately withheld its formal con
sent to the Seal of the High Commissionet
being affixed to the new notes, which, as
above explained, are required to be
issued. The consequence is that the
Imperial Bank of Persia, which is en
tirely free from blame in the matter, is
held responsible by the Press and the
Public for any inconvenience that has
thereby been occasioned.
Article 10,
We readily admit that under the wise
and far-seeing rule of His Imperial
Majesty the Shah law and order has been
so securely established in Persia that at
the present time no complaint is likely
to arise under this Head. But this
has not always been the case. It is
common knowledge that in the time of
His Imperial Majesty's predecessors when
the protection to which the Government
is pledged was most needed it was not
forthcoming and that the Bank at many
of its Branches was robbed and its Officials
imprisoned.
We respectfully urge that an obliga
tion rests on the present Government
to recognise the failure of its predeces
sors to fulfil the duty imposed upon it
by Article 10 of the Concession and that
redress should be granted to the Bank
for the losses it has incurred.