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File 74/1915 Pt 5 'Mesopotamia: Banking Facilities' [‎143r] (127/128)

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The record is made up of 1 item (63 folios). It was created in 9 Oct 1918-3 Aug 1920. It was written in English. The original is part of the British Library: India Office The department of the British Government to which the Government of India reported between 1858 and 1947. The successor to the Court of Directors. Records and Private Papers Documents collected in a private capacity. .

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From Political, Baghdad, ( .)ih October 1918.
(Repeated to Foreign?)
(Received 10th, 2 p.m.)
8517. Please refer to paragraphs Nos. 75 to 77 of joint Trade
Conmlissiollers , Report on Prospects of British Trade in Mesopotamia.
Definite announcement of wishes and intentions of His Majesty’s
Government as regards grant of facilities to banks to commence or develop
business in Mesopotamia would be of assistance, and is, I think, called for.
We have at present, firstly, Eastern Bank, with branches at Basra,
Amara, Baghdad and (by the end of the year) at Hillah. Arrangements
whereby Eastern Bank lias charge of funds of civil administration is
terminable at six months’ notice.
Secondly, Imperial Ottoman Bank, with branches at Basra and Baghdad ;
latter not yet working.
Thirdly, Imperial Bank of Persia, with branches at Basra and Baghdad,
and an agency An office of the East India Company and, later, of the British Raj, headed by an agent. at Amara, and branches at many places in Persian Gull and
Persia. Imperial Bank of Persia at present enjoy privilege of being the sole
[? purveyor of coins] to His Majesty’s Government in Persia. Eastern Bank
is, 1 understand, primarily an Indian commercial bank, and was only,
established in Baghdad a few years before the war.
Management of Imperial Ottoman Bank is, I gather, predominantly
French; has branches all over Middle East, except Persia, where it will
probably open later. * i i i i
Imperial Bank of Persia is, as its name implies [? somewhat] local
institution, with methods and traditions peculiar to Persia. Management
all British, and not closely connected with alliance (sic).
It is understood following Banks are desirous ol opening branches in
Baghdad (I) Alliance Bank of Simla (after the war), (2) Tata’s Industrial
Bank (immediately). , . . i i i
So far as I can see it is in the interests of Irak that permission should
be given to both these institutions to open here ; capital is scarce, and
existing banks, perhaps not unreasonably, have hitherto adopted rigidly
conservative policy. -.i t u- ,
Latter bank, however, is financed, I understand, mainly with Indian
capital-which the Government of India may be unwilling to see invested
abroad in existing circumstances. f tr
As regards former institution 1 suggest for the consideration ol His
Majesty’s Government that, if their entry into this held favourably viewed,
Messrs. Boulton Bros, should be asked to semi a representative to Mesopo
tamia during the winter to investigate conditions with a view to opening
branches in the near future. . . ^ ri ^
As regards Tata’s Industrial Bank, presuming that Government ot
India are. on their part, prepared to give permission, so far as concerns
India, I should be glad to know whether His Majesty s Government Mould
approve, on grounds of general policy, their being allowed to open up m
It may be mentioned that currency of this country, as fai as can
ascertained, consists of about 7 crores of rupees Indian silver coin also widely used in the Persian Gulf. , Government ol India notes,
and 3 crores silver rupees Indian silver coin also widely used in the Persian Gulf. , with a certain amount of British and Imkish
gold, almost all of which is in private hands. - -g*;

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This part contains papers relating to banking facilities in the occupied (by the British) territory of Mesopotamia [Iraq]. The papers consist of correspondence, and India Office The department of the British Government to which the Government of India reported between 1858 and 1947. The successor to the Court of Directors. Minute Papers and internal notes.

The file includes papers relating to: the views of the Government of India and the Department of Overseas Trade on the question of extending banking facilities in the occupied territory; the application of Boulton Bros. & Co. to open a branch of the Alliance Bank of Egypt at Basra; the application of Tata Industrial Bank Limited to open a branch at Basra; and the request by the Colonial Bank for assistance to be given by the local authorities in Baghdad to Mr T Langdon-Bruce and Mr H E Weber, being sent by the Bank to enquire into the conditions obtaining in Mesopotamia and prospects for trade in the country.

The correspondence is mostly between the India Office The department of the British Government to which the Government of India reported between 1858 and 1947. The successor to the Court of Directors. and the following: the Viceroy (of India), Foreign Department; the Foreign Office; the Civil Commissioner, Baghdad (including telegrams sent from ‘Political, Baghdad’); Boulton, Bros. & Co.; the Department of Overseas Trade; and the Colonial Bank.

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1 item (63 folios)
Written in
English in Latin script
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File 74/1915 Pt 5 'Mesopotamia: Banking Facilities' [‎143r] (127/128), British Library: India Office Records and Private Papers, IOR/L/PS/10/531/2, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100048952594.0x000061> [accessed 29 March 2024]

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