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File 2764/1904 Pt 2 'Baghdad Railway: General negotiations 1908-10.' [‎377v] (769/799)

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The record is made up of 1 volume (391 folios). It was created in 1908-1910. 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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ASIATIC TURKEY.
CONFIDENTIAL.
[3427]
i/yVV- ■
[January 31.]
Section 1,
2 i
^1
Consul-General Sir A. Block to Foreign Office.—(Received January 31.)
13,
My dear Hardinge, Constantinople, January 27, 1908.
WITH regard to the Memorandum I sent you concerning the Konia Irrigation
scheme, &c., I wish to elucidate two points.
1. It would appear from my Memorandum that the area to he brought under
cultivation is only 80,000 deunums. The 80,000 deunums are the area brought under
cultivation by the draining of the lake of Karaviran. Besides this, it is expected that
by the canalization of the rivers an area of over 500,000 deunums will be brought
under cultivation, thus making in all over 580,000 deunums.
2. With regard to the advances made to the Government by the Bank, and stated
to be over 50,000,000 fr. (£T. 2,200,000), I find in the last published balance-sheet of
the Bank (31st August, 1907) that the Government owes them £ T. 2,080,964.
But it must be borne in mind that, according to the Convention between the
Bank and the Government, the former is obliged to open a credit account for the
latter of £T. 1,000,000. To this I add the £T. 926,230 which the Bank has yet to
receive from sums advanced on the security of revenues in the hands of the Debt.
The balance, namely £ T. 154,734, are other sums advanced by the Bank to the Civil
List, &c., of which I know no details. But the Bank is by no means in any danger
on this account, either as regards capital or interest.
First to cover the credit account of £ T. 1,000,000, the Government has delivered
to the Bank 50,000 bonds of the 1904 4 per cent. Loan, to the nominal value of
1,000,000/. At the rate of to-day this is worth £T. 1,000,000, so that the
£ T. 1,000.000 to the credit of the Government is fully covered.
’ Secondly, eventual reimbursement of the sums advanced on the security of the
revenues in the hands of the Debt (ceded revenues and “ revenus divers ”) is absolutely
assured.
There only remains then £T. 154,734, the reimbursement of which may be
problematical, but I imagine the Bank has no fears on this account. ^ ^
Again the advances to the Government are at 7 per cent., and the interest also is
assured in the first two cases. For the £ T. 1,000,000 by the annuity of £ T. 108,000,
which the Public Debt pays as a fixed charge on the surplus of the “ revenus
divers.”
This £ T. 108,000 is applied as follows :—
£ T.
Interest, 7 per cent, on £ T. 1,000,000 •• •• •• • * 70,000
Annual subvention paid by Government to bank for the maintenance of
Agencies .. .. • • • • • • • • • * 82 ’ 00Q
Less the coupon on the 50,000 bonds of the 1904 loan above mentioned in
the hands of the Bank, namely ..
152,000
44,000
Total
108,000
and for the sums advanced on the security of revenues, in the hands of idle Debt, there
is no fear of the interest not forthcoming. , .. .
The Bank then appears to me to he in a sound position, both as regards capital
and interest, of at any rate £T. 1,926,230 of its advances, and for the small remainder
I am sure the Bank is fully secure. w . . , ...
Prom the above, when it is remembered that 7 per cent, is the interest paid by
the Government, it is clear that the Bank is doing a profitable business with the
Government, and the greater part of its advances may be considered as a very fair
investment of a large portion of its paid-up share capital. It is not risking much.
I am, &c.
(Signed) ADAM BLOCK.
[2790 —1]

About this item

Content

The volume comprises telegrams, despatches, correspondence, memoranda, newspaper cuttings, maps and notes, relating to negotiations over the proposed Berlin to Baghdad Railway in the period 1903-1907.

The discussion in the volume relates to the economic, commercial, political and military considerations impinging on British strategy for the international negotiations over the development of a railway to Baghdad in particular.

Further discussion surrounds the motivations and strategies of British competitors in the area; included in the volume are four maps.

The principal correspondents in the volume include the Secretary of State for Foreign Affairs (Lord Lansdowne, Sir Edward Grey), His Majesty's Ambassador at Constantinople (Sir Nicholas O'Connor), 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).

Extent and format
1 volume (391 folios)
Arrangement

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

The subject 2764 (Bagdad Railway) consists of five volumes, IOR/L/PS/10/56-60. The volumes are divided into five parts with each part comprising one volume.

Physical characteristics

Foliation: the main foliation sequence (used for referencing) commences at the first folio with 1 and terminates at the inside back cover with 392; 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. An additional foliation sequence is also present in parallel between ff 329-358; these numbers are also written in pencil, but are not circled, and are located in the same position as the main sequence. A previous foliation sequence, which is also circled, has been superseded and therefore crossed out. The foliation sequence does not include the front cover.

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English in Latin script
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File 2764/1904 Pt 2 'Baghdad Railway: General negotiations 1908-10.' [‎377v] (769/799), British Library: India Office Records and Private Papers, IOR/L/PS/10/57, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100026492734.0x0000aa> [accessed 28 March 2024]

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