'Military report on Tehran and adjacent Provinces of North-West Persia (including the Caspian Littoral)' [‎152r] (308/610)

export of fish from these ports constituted approximately
of the total export from Persia, these 1913-14 figures for them
must represent a great falling off from the export of 1908-9.
Wool was exported from the large flocks of sheep in Mazan- Wool,
daran. A considerable quantity was also used locally.
Before 1918 several European firms, principally Russian, Timber,
were engaged in cutting and exporting timber and boxwood
from Mazandaran, and in 1919, while the Caucasus route was
open, orders for boxwood were given by British firms to some
Persian landowners.
Note.—F urther details about Persian
below.
products will be given in paragraph (d)
C.—British and Foreign Interests.
Great Britain and Russia are the only two powers with
interests in this area. As described in paragraph (a) above,
Russia desired to capture trade in Persia and to control the
country for political purposes, the principal Russian interests
were financed and assisted by the Russian Government and so
held an advantage in competing with British concerns, which
were conducted by private enterprise without State support.
Since the Russian revolution these Russian institutions have
been deprived of State aid and have suffered heavy financial
loss owing to the cessation of trade with Russia and the Caucasus
and the depreciation of the rouble, so that they have fallen into
difficulties and are now unable to maintain any competition.
British interests in this area are :—
1. The Imperial Bank of Persia is the most important and
flourishing British interest. Its central office is in Tehran
and it has branches throughout Persia, those in this area being
at Kazvin and Rasht.
The Bank’s capital is £650,000 in shares of £6-10-0 and it
pays a dividend of 8/- to 10/- per share.
It was founded in 1889 as the State Bank of Persia, in virtue
•of a Persian concession and a British charter. It has the sole
right of issuing bank notes in Persia and may issue them to
the extent of its paid up capital guaranteed by a metal reserve
of 33 per cent.
I *°™--7.5 ur i n S the P eriod of Anglo-Uussian rivalry in Persia the Bank served
a useful political purpose. Attached to the Russian loans of 1900 and 1902 was a
•condition that for 10 years Persia should contract no further external loan without
previous arrangement with the Russian Government.
The Imperial Bank, however, by virtue of its position as the State Bank of
Persia was able to advance loans to the Persian (rovernment on behalf of Great
Britain without violating the letter of the Russian loan contract and so neutralized
the danger of Russia acquiring the sole right of granting supplies and securing
complete financial control over the Persian Government.