File 523/1912 Pt 1 'Persia: Imperial Bank: mint contract' [‎118r] (231/386)

Dear Dir:-
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Referring to your undated letter received
through the Russian Embassy here and briefly acknowledged
by us to you on 16th April last, we have been in communi
cation thereon with our Chief IVIanager in Teheran.
At the outset we would like to state that it
is our desire to work amicably with the Banque d’Escompte
de Perse and in collaboration with them, to our mutual
benefit; with this object in view, we propose to deal
with the points at variance between us in the following
manner.
Firstly. The more onerous terms, viz. 7%
#
interest and i% commission which Mr. Wood was diffident
in putting forward to the Persian Government may now,
the light of existing financial conditions, not be
considered by them unreasonable, and we have given
definite authority to our Chief Manager in Teheran to
agree to the increase in the rates of interest and
commission chargeable.
Secondly. With regard to our view of the
necessity for our retaining the right to import silver
solely for the protection of our Note Issue, recent
occurrences in Persia point to the importance of our so
doing. We quite see your objection to giving active
support to our contention vis-vis the Persian Govern
ment, at the same time we understood that you agreed
with
Monsieur E. Lvoff,
Chairman of Directors of the
Banque d’Escompte de Perse,
Petrograd.
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