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'Historical Summary of Events in the Persian Gulf Shaikhdoms and the Sultanate of Muscat and Oman, 1928-1953: Appendices, Genealogical Tables' [‎130r] (46/142)

The record is made up of 1 volume (65 folios). It was created in c 1953. 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.

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243
APPENDIX C
Documents relating to the investment of Kuwait Surplus Revenue—1953
(i)
(Paragraph 20)
Letter, dated February 23 1953, from the Ruler of Kuwait to 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. ,
Kuwait
We have given careful consideration to the recommendations made to Us by
Her Majesty's Government in February 1952 concerning the investment of that
part of Our sterling revenues which is not required for current expenditure. We
have discussed these recommendations with Our officials and with Mr. Loombe
of the Bank of England. The purpose of this letter is to inform you of the
arrangements which, in the light of these recommendations, We have now decided
to make.
We are instructing Our Finance Department to inform Us from time to time
how much of Our expected sterling revenues is likely to be required to meet the
needs of the State, as far as can be foreseen, for administration and other general
expenses and for development. After the provision of such sums as We may
approve for these purposes there is likely to remain a Surplus from Our sterling
revenues.
We have decided that this surplus State revenue should be set aside for
investment and therefore propose to make the arrangements set out in the following
documents, copies of which We enclose: —
{a) a document providing for the establishment of a Kuwait Investment Board,
and
{b) Our general directive to the Board on the manner in which it should
exercise its functions.
In connexion with the establishment of the Kuwait Investment Board We propose
that the first members should be: —
The Right Honourable Lord Piercy, C.B.E.
The Right Honourable Lord Kennet of the Dene, P.C., G.B.E. D.S O
Mr. H. T. Kemp.
Mr. C. P. L. Whishaw.
We should be glad if you would convey to the Governor of the Bank of England
Our thanks for his nomination of Lord Piercy as a member of the Board and Our
acceptance of the Governor's olfer to place at Our disposal special facilities in
the form of an account at the Bank of England. We confirm that We are
instructing the Investment Board that investment and disinvestment should be
conducted in such a way as to avoid as far as possible any unwelcome effects on
the London Stock Exchange.
We should be grateful for your confirmation:^—
(i) that Her Majesty's Government consider that the arrangements described
in this letter and the enclosed documents are satisfactory for the purpose
for which they are intended; and
(ii) that the income which will arise from sterling investments made by the
Investment Board on Our behalf will not be liable to United Kingdom
Income 1 ax, and that Death duty in Great Britain will not be charged
on funds and investments held in Great Britain which are the propertv
of Our State. r r y
(ii)
(Paragraph 20)
Decree by the Ruler constituting the Kuwait Investment Board, dated
February 23 1953
v r We His Hl 8 hness Shaikh Sir Abdulla Al-Salem Al-Sabah,
D 1 -N Ruler of Kuwalt on behalf of Ourself and Our successors as
Kuler ot Kuwait do hereby constitute and establish the Kuwait Investment Board
^hereinafter called " the Board "). The Board shall have the under-mentioned
duties, authorities and powers which it shall perform and exercise subiect to the
provisions regarding termination hereinafter contained.

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Content

Appendices to IOR/R/15/1/731(1). The appendices relate to the chapter on general matters, and to the chapters on Bahrain, Kuwait, Qatar, the Trucial States, and Muscat. Also includes genealogical tables of Ruling Families in the Gulf at the end of the volume and (separately filed) further handwritten genealogical tables.

Extent and format
1 volume (65 folios)
Arrangement

There is a list of contents at the front of the volume.

Physical characteristics

Foliation: the foliation sequence commences at 110 on the front cover and terminates at 176 on the last of the loose folios stored in polyester sheets. These numbers are written in pencil, are enclosed in a circle, and appear in the top right hand corner of the recto The front of a sheet of paper or leaf, often abbreviated to 'r'. page of each folio. The foliation sequence is a continuation of that in the main part of the document - IOR/R/15/1/731(1).

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English in Latin script
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'Historical Summary of Events in the Persian Gulf Shaikhdoms and the Sultanate of Muscat and Oman, 1928-1953: Appendices, Genealogical Tables' [‎130r] (46/142), British Library: India Office Records and Private Papers, IOR/R/15/1/731(2), in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100023807432.0x00002f> [accessed 19 February 2020]

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