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Coll 30/224 'Currency Arrangements in the Arab Sheikhdoms of the Persian Gulf' [31r] (69/157)
The record is made up of 1 file (74 folios). It was created in 22 Sep 1948-14 Sep 1949. 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. .
Transcription
This transcription is created automatically. It may contain errors.
/(IV)
^urrenQ.y i o r t^e Sheikhdoms r
^ 8 . meuti oned in the previous Chapter, the main trade
ie in the past has been with India, That is now no
longer true, Although it is not possible to quote figures in
* support or this statement since figui*ee are not available, it is
; undoubtedly true that there has been a tremendous shift in import
traae away 1 rom India. The shops provide ample evi. ence of
this fact and &H those with whom l have spoxen who should Know
tne position assure me that the bulk of the ti*ade of Kuwait
and Bahrein it> with the Jnited r.ingdom and certain s-erling
accepting European couiitries. This shirt in trade ie~
progressive.
♦ ^ 4 iaaxing these re;riarks I am disregarding t^ie gold
traffie (which is a Gulf export, anyway,) between Kuwait and
Indit; v.hicr undoubtedly has reached veiy iLPge proportions.
1 a i vvl erring to tnc ordinary co i^iercial trade of the bheikh&o s#
To the extent that the wea-th of the Gulf States reaches the people
such wealth 1inds reflection in greater imports from the United
Kingdom while the trade with India ie static or declining. The
full States have the choice of markets and for one reason or
another, . . . v, uc ts arc aii.i ^ t the ex. e^se of . . ic,,
Tns United K.iagdom now enjoys in the Gulf States the inestimable
advantage oi direct Bhip?fien.t 8 to these places wherss ior'ioi'ly
shipments vrere to iforabay wnence they were reshieped.
¥ 11 i8 true that ttiQ trade of. the Gulf States
has shifted westwards, then it is no longer valid to maintain as
the reason for the continuance of the use of the Indian rupee
that Gulf trade is naturally with India. It is inevitable
that ©s a consequence of the oil royalties accruing to the area,
trade ^ill surge forward to much higher levels tnan v.e have seen in
the past, it seems too that politically, through the same
causes, H. .G. will have to pay much more attention to the area
and seriously consiaer whether a policy of laisee-faire is the
right one in our relations with the Gulf states. The currency
to be used in these States is a vital natter and the tine has’
come I sincerely believe to grasp this nettle, hovvever inconvenient
It •may be at this stage, to solve this problem as. quickly as ’
possible. If we leave things as they are, the pressure from the
oheikhs to have their own currency will increase and the idea
of each eheikhcoxn having its own currency is too appalling to
couteiaplate.
After much thought and bearing the above considerations
in mind, I have come to the conclusion that we should proceed to'
make a currency change without any delay. I
I recommend that h.&.G. should persuade the dheikhs
to replace Indian rupee currency by a uiiifMed currency to be
used in all the bhelkhdORis. 1 suggest we ixitroduce a note
currency to be called the Gulf ut&tes rupee, to be of equal value
v<ith the Indian rupee, (1/6d), and to be excharned at par with
the Indian rupee. This Gulf rupee should be tne metric
system and divided into IOC parts. The Gulf rupee note issue
to be managed by a Currency Board domiciled in London and tne
Gulf Kupee made legal tender in all Sheikhdoms. There v.ould be
Currency r.oard Treasuries in each Sheikhdom, ^ntil a new coinage
can be minted the preten age to continue in use.
About this item
- Content
The file concerns currency arrangements in the Arab states of the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. that were under British influence.
The papers cover: allegations by the Government of Pakistan and in the Pakistani press of discrimination against Pakistan currency in Bahrain; exchange control policy; 'Report on Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. Tour of Treasury Representative [Leonard Waight]', dated June 1949, covering the use of the Indian rupee as the official currency of the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. sheikhdoms, the long-term implications of the increase in oil revenue in the region and the use of surplus funds (with particular reference to Kuwait and Bahrain), and the working of exchange control, with conclusions and recommendations (folios 28-41); the comments of the Political Resident A senior ranking political representative (equivalent to a Consul General) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Residency. in the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. (Lieutenant-Colonel Sir William Rupert Hay) on Waight's report (folios 17-20); and a note of a visit to Bahrain by a representative of the State Bank of Pakistan in September 1949.
The file contains also correspondence from the Bank of England.
The file includes a divider, which gives a list of correspondence references contained in the file by year. This is placed at the back of the correspondence.
- Extent and format
- 1 file (74 folios)
- Arrangement
The papers are arranged in approximate chronological order from the rear to the front of the file. There are file notes on folios 2-11: these notes are in chronological order from the front to the rear of the file.
- Physical characteristics
Foliation: the foliation sequence (used for referencing) commences at the first folio with 1 and terminates at the last folio with 74; these numbers are written in pencil, are circled, and are located in the top right corner of the recto The front of a sheet of paper or leaf, often abbreviated to 'r'. side of each folio. An additional foliation sequence is present in parallel; these numbers are printed, and are not circled. The foliation sequence does not include the front and back covers.
- Written in
- English in Latin script View the complete information for this record
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Coll 30/224 'Currency Arrangements in the Arab Sheikhdoms of the Persian Gulf' [31r] (69/157), British Library: India Office Records and Private Papers, IOR/L/PS/12/3968B, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100076712172.0x000046> [accessed 23 April 2024]
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- Reference
- IOR/L/PS/12/3968B
- Title
- Coll 30/224 'Currency Arrangements in the Arab Sheikhdoms of the Persian Gulf'
- Pages
- front, back, spine, edge, head, tail, front-i, 1r:4r, 4ar:4av, 5r:45v, 46v:55v, 58r:74v, back-i
- Author
- East India Company, the Board of Control, the India Office, or other British Government Department
- Usage terms
- Open Government Licence