File 523/1912 Pt 1 'Persia: Imperial Bank: mint contract' [‎47r] (89/386)

brought out into circulation. Therefore, the remedy for
the present scarcity was, in addition to the coinage at
the iviint, ior the Russian and English G-overnments to
remove the embargoes on the import trade.
m. Heymann replied that he was by no means so
optimistic as to the out-turn of the Mint as we were, out
admitted he had no personal knowledge on the subject. Mr.
Wood, however, assured him that our estimate was by no
means exaggerated.
As to the trade, M. Heymann said emphatically that
it was impossible for Russia to remove their embargo on
exports to Persia. All their manufactures were needed
in their own country. He admitted that England f s position
was different, and that great advantage would result if
the British and Indian Governments would reopen the
Southern trade routes, and encourage the free importation
of goods.
It was further pointed out to M. Heymann that the
importation, as he proposed, of Ts.5,000,000 (Krans
50,000,000) coined outside uersia would not improve the
position if the war lasted more than six months and if the
import trade continued to be closed. The money would be
paid by the troops to the people in exchange for supplies,
but the people would be no more able than before to buy
Roubles, unless they could import goods. Therefore, at
the end of the six months the operation would have to be
repeated. M. Heymann admitted this, but hoped the war
might be over in six months.
Finally, after a lengthy discussion, M. Heymann said
he would reconmend his Government -
1. To accept the Draft Joint Contract.
£. to suggest that the Russian and English
Legations