File 523/1912 Pt 1 'Persia: Imperial Bank: mint contract' [‎76r] (147/386)

do not exceed those existing on the local money market.
.Secondly Mr. Wood takes exception*to the keeping in
tne new contract of the clause existing already in the
bchuster Contract and by which the Persian Government
reserves to itself the sole and exclusive right to import
silver for coinage.
kr. Wood considers that the clause is derogatory to
ihe right o± the Imperial Bank of Persia to import silver
for covering its outstanding banknotes such right having
been recognised (conditionally on the sharing by both
Banks of the import of the rest of the silver) by the
diplomatic formula elaborated by the representatives of
our two Boards in London in the beginning of this year.
Moreover Mr. Wood proposes that our Manager should settle
the above-mentioned difficulty with the Persian Government
and declines to continue the negotiations pending such
settlement.
Nov/ concerning this matter we would like to point
out first and foremost that during the whole course of the
conversation which took place in London between you and
our Delegates, there was no mention made as to our helping
you to obtain let alone obtaining for you the assent of
the Persian Government to import silver for the covering
of your outstanding banknotes.
i On the contrary, the Memorandum of this conversation
! clearly shows that you considered yourselves as already
\ possessing such a right. We quote, "The Russian
Delegates put forward a request for our assent to their
also having a right to import silver for their own account
... We could give no such assent It was
mentioned that the recognition by the Persian Government
of