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'P. 1. 2410/1903. Persia:- Financial Situation. Loans.' [‎300v] (605/1056)

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The record is made up of 1 volume (526 folios). It was created in 3 Apr 1903-17 Jan 1906. It was written in English and French. 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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‘2
plan which he himself naturally favours—by a foreign international company to be floated
j n Holland The Companies holding the Concession, or the Government if it undertook
the task, would recoup themselves by renting to the Arab cultivators the lands which
would be fertilized bv the irrigation works, and which he is convinced would in a few
years vield so splendid a crop as to become the granary for the whole of the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. ,
and perhaps also for other and more distant regions. ,
The Shah, so M. Nans informed me, was greatly attracted by the idea, but wa^
stron"-Iv opposed to giving any concession in connection with it to foreigners of whatever
nationality. He expressed himself, however, as willing to order the work to be completed
in a period' extending over ten years by the Persian Government (which would assign a
yearly sum cf 40,000Z. for the purpose), and even to devote to it his own personal revenues
as distinct from those of the State. . .
1 asked his Excellency how His Majesty proposed to find the money, and what was
the amount of this “ personal revenue.” To the first question he ansvseied though I
doubt whether he was icallv convinced of the teasihility or the plan that now that the
deficit had been filled up under the more economic regime of the Ain-ed-Dowleh it
mio’ht not be bevond that Minister’s ability to find a sum ot 40,000/. a-year for piu.ic
works; and to the second that the Shah’s private treasure, which he believed to have been
at his accession over 1,000,000/. (30,000,000 fr.), did not probably amount in cash
excluding a mass ot pearls and jewels, to 50,000/., which would thus be absorbed, if
devoted to the scheme, in about a year. His own idea seemed to he that it the Govern
ment would really put some money into the work, and show itself in earnest about it,
there were many wealthy Persian merchants who would be ready to join in it, but I cannot
mvself feel much confidence in the readiness of such merchants to embark capital on a
lar^e scale in anv enterprise in Persia, the profits of which are not in some way
guaranteed by a foreign Power, or at least by the participation of s: areholders under
foreign protection. , , , , , i i
In the meantime I learn from the Nizam-es-Saltaneh that he has been approached
by the Ain-ed-Dowleh and asked to give his opinion, as a former Governor-General of
Arahistan, on the scheme proposed by Herr von Roggen, and to state at the same time
whether he would be willing to undertake the supervision of the work on behalf of the
Persian Government, should the latter decide to attempt it.
The Dutch Minister tells me that he personally feels no confidence in the success of
Herr von Roggen’s plans, whichever of them is ultimately adopted. He doubts whether
a Company such as that proposed could be floated in Holland, and he says that, if he
himself were consulted on the subject, he could not assume the responsibility of advising
the investment of Dutch capital in such an undertaking. He has seen during a long
residence in Persia one European enterprise after another fail, owing to the hopeless
corruption and obstructionism of the Persian authorities, the w T ant of security and justice,
and the impossibility of obtaining protection and redress. He added that Herr \on
Roggen himself was'desirous, before actually initiating the work, of getting his proposals
reviewed and reported on by other experts, and he asked me if His Majesty’s Government
could be induced to take any interest in the scheme.
I said that no suggestions had as yet been made to us, but that it the\ weie, 1
should certainly submit them to your Lordship, and that 1 believed that the\ would
receive very careful consideration. It was obvious that any public works w hich could
increase the productiveness of Arabistan and its exports to India and the Arab coasts of
•j-j-jg p er sian Gulf would indirectly benefit Rritish trade, hut I bcdie\ed that we should
strongly object to any grant of a Concession to foreigners, which could be utilized, as,
for instance, by a sale of shares in it to the Russian Bank, in a manner injurious to our
important interests in that region. He observed that he thought there was not the least
likelihood of this.
I have, &e.
(Signed) ARTHUR H. HARDINGE.

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Content

The volume comprises telegrams, despatches, correspondence, memoranda, and notes, relating to a loan made to the Persian Government in April 1903, and further advances made during 1904 and 1905.

The discussion in the volume relates to the terms of the loan agreements including possible concessions and collateral that could be secured against them; and agreements with the Imperial Bank of Persia through whom the money was loaned. Also discussed is the definition of the term 'Fars and the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. ' in relation to customs duties, as this was one of the concessions that the 1903 loan was secured against.

Further discussion surrounds loans and advances which the Persian Government were negotiating with the Russian Government; and a proposal for an irrigation scheme on the Karun River which was considered as a possible concession in return for a further loan advance.

Included in the volume is a copy of the Règlement Douanier signed on the 29 August 1904 between representatives of the Persian Government and His Majesty's Government (ff 193-232).

The principal correspondents in the volume include the Secretary of State for Foreign Affairs (Lord Lansdowne, Sir Edward Grey), the British Minister to Persia (Sir Arthur Henry Hardinge), the Under Secretaries of State for Foreign Affairs (Sir Charles Hardinge, Sir Thomas Henry Sanderson), and for India (Earl Percy, Sir Arthur Godley), the Viceroy of India (Lord Curzon of Keddleston), the Secretary to the Political and Secret Department of the 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. (Sir Richmond Richie) and the London Manager of the Imperial Bank of Persia (George Newell).

The volume is part 1 of 4. Each part includes a divider which gives the subject and part numbers, year the subject file was opened, subject heading, and list of correspondence references contained in that part by year. This is placed at the back of the correspondence.

Extent and format
1 volume (526 folios)
Arrangement

The papers are arranged in approximate chronological order from the rear to the front of the volume.

The subject 2410 (Persia Loans) consists of 4 volumes, IOR/L/PS/10/8-11. The volumes are divided into 4 parts with each part comprising one volume.

Physical characteristics

The foliation sequence commences at the inside front cover with 1, and terminates at the inside back cover with 526; these numbers are written in pencil, are circled, and are located in the top right corner of the recto The front of a sheet of paper or leaf, often abbreviated to 'r'. side of each folio.

A previous foliation sequence, which is also circled, has been superseded and therefore crossed out.

Written in
English and French in Latin script
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'P. 1. 2410/1903. Persia:- Financial Situation. Loans.' [‎300v] (605/1056), British Library: India Office Records and Private Papers, IOR/L/PS/10/8, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100025717274.0x000006> [accessed 29 March 2024]

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