File 523/1912 Pt 1 'Persia: Imperial Bank: mint contract' [‎45r] (85/386)

Dy the
Chairman of the Imperial Bank of Persia.
On Tuesday, 16th duly, 1916, the Board of this Bank
met by arrangement M. Heymann, one of the Directors of the
Banque d'Escompte de Perse. Mr. Y/ood, Chief Manager at
Teheran of the Imperial Bank of Persia, was also present.
M. Heymann began by saying that in making his observa
tions, he wished it to be understood that he was not con
cerned to argue about the interests of the Imperial Bank
or of the Russian Bank, or about the proposed boint Con
tract for the importation of silver into Persia. These
were matters for separate consideration, and he might say
at once that he had no objection to offer to the Draft
Contract, as altered. But the procedure provided for by the
Draft Contract, admirable as it might be in ordinary times,
was not sufficient in the exceptional conditions created
by the present war, and the point he wished to make was,
that it was urgently necessary to contrive some special and
temporary procedure by which the Russian Government could
be provided immediately with sufficient Persia Currency to
enable them to pay their troops in Persia. At present the
greatest inconvenience and difficulty ware being experienced
as the troops could not exchange their roubles for xrans,
or could only do so at great loss. It had been calculated
that five million Tomans 10,000 Persian dinars, or a gold coin of that value. would be required for the pay of
the troops during the next six months. He thought that as
the troops had been increased, the sum now required would
be not less than six million tomans 10,000 Persian dinars, or a gold coin of that value. , and that it was
impossible for the Persian Mint to coin Khans to this
amount in the period mentioned. Therefore he thought the
only course to pursue was for the Russian Government to ouy
Silver