File 523/1912 Pt 1 'Persia: Imperial Bank: mint contract' [‎119r] (233/386)

with ue as to its necessity from our point of view, ant
this is home out by the remark in your letter under
review viz. "we could merely promise not to raise any
objections to the exercising of such a right by your
Bank".
Thirdly. With regard to the insertion of a
clause in the new contract as to the priority of minting
silver imported jointly under the proposed new Contract,
and your fear that the minting thereof might be
indefinitely held up owing to the recoinage of cracked
and old coins by the Government, we do not think that
is likely to happen as the recoinage is a matter of some
expense to the Persian Government, and we are disposed
to waive the point, but we cannot admit that cracked and
oIll ^oins should form a portion of our share of the
silver imported under the joint Contract - such silver
as is indispensable for the bringing up of the old coins
to standard would obviously form part of the silver
imported under the joint Contract - but the view
expressed by you that all the old coi ns reminted should
form part of our share will, we feel sure be withdrawn,
now that we have explained the matter.
| The recoinage of these old coins is purely a
j domestic matter for the Persian Government in their
desire to keep the coinage in good order. We make no
profit whatever on the remintage - indeed, it gives us
a great deal of trouble - the Persian Government merely
| making use of us as the State Bank for the collection
1 and forwarding of the coins. This we do from a desire