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Coll 30/116 'Kuwait: establishment of a bank' [‎8r] (18/493)

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The record is made up of 1 file (244 folios). It was created in 12 Feb 1935-23 Apr 1944. 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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i
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f\7
r E^T 1
floted dated 26 th February 194tS by Political Agent A mid-ranking political representative (equivalent to a Consul) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Agency. ^Kuwait
The negotiation^ whi cljhl/ ira re ini tiated by you
for the opening of a brancniatle bank in Kuwait
were terminated on the 17th of December 1941 by the sign
ing of a "Banking Agreement" between the Shaikh and a
representative of the imperial Bank of Iran.
2* Mr. E.S. Matheson* who was appointed to open
the new branch, arrived in Kuwait in the middle of Jan
uary 1942 and immediately proceeded to negotiate for
suitable premises* No suitable building being available
in the business quarter of the Town the lease of six
small store rooms was acquired with the assistance of
the Shaikh’s Secretary and their inner walls were
removed to form a banking chamber, strong room, entrance
hall, and office for the Manager. The construction of
bank furniture was undertaken by a local carpenter and
his work was supplemented by purchases in Basra of
special equipment. The Bank Manager and his wife were
my guests until a suitable building could be made avail
able for their temporary accommodation by the Kuwait Oil
Company pending the completion of alterations in a house
belonging to Shaikh Abdullah al Jabir which had been
leased as their permanent dwelling.
3. On the 28th of February 1942 the Bank opened
for business and from the first there was a steady
desire on the part of the more substantial merchants to
deposit money and open accounts*
On the 20th of March 1942 there were fiftyone
accounts on the books of the Bank, six months later the
humber had increased to ninety five and is now, so the
Manager informs me, about one hundred and fifty. The
largest depositor was at one time the Saudi Arabian
Trade Agent who deposited Rupees Indian silver coin also widely used in the Persian Gulf. thirteen lakhs One lakh is equal to one hundred thousand rupees of his
Government’s money in the Bank.
4. As much assistance as possible has been given
to the Bank by this Agency An office of the East India Company and, later, of the British Raj, headed by an agent. . In the early part of 1942
the Bank, undertook, at the suggestion of the Agency An office of the East India Company and, later, of the British Raj, headed by an agent. , the
withdrawal of King Edw&rd VII rupees Indian silver coin also widely used in the Persian Gulf. to give the populace
eei opportunity of increased contact with the Bank and to
familiarise the ignorant of which there are tens of
thousands in Kuwait with the interior of a banking
premises*
As a result of pressure from the Agency An office of the East India Company and, later, of the British Raj, headed by an agent. the
Financial Department of the Kuwait Government opened a
deposit account in April 1942*
in Ifiay 1942 the Bank, and the Army authorities,
who were at that time making large purchases in the town,
found themselves embarrassed by the demand for payments
to be in silver coin as rupee notes of all denominations
were at a considerable discount. As the Bank Manager
pointed out that rupee coin was tiresome to handle,
difficult to transport, and expensive to obtain from
India, 1 discussed the question with the Shaikh and in
May the Kuwait Government decreed that from then on
notes/

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Content

This file consists of letters, telegrams, memoranda, intelligence summaries, and drafts between officials on behalf of the Government of India and the officials of the Ottoman Bank, the Eastern Bank Limited and the Imperial Bank of Iran regarding the opening of a bank in Koweit [Kuwait].

In addition, the file contains discussion of the terms and conditions of the opening of the bank, as well as details of the decision of the Shaikh of Kuwait [Shaikh Aḥmad al-Jābir Āl Ṣabāḥ] regarding the possible opening of the bank. Notable correspondents include the following: Permanent Under-Secretary of State for India and Burma; Government of India’s External Affairs Department; Foreign Office; British Legation, Tehran; Political Agent A mid-ranking political representative (equivalent to a Consul) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Agency. , Kuwait; 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. , Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. ; British Consulate at Bushire; Shaikh of Kuwait; officials acting on behalf of the Bank of England, the Ottoman Bank, the Imperial Bank of Iran and the Eastern Bank Limited.

In addition to correspondence, the file covers the following: conditions required for the establishment of a branch at Kuwait (ff 149-150); the redrafting in banking phraseology of the Shaikh’s conditions by the Manager of the Eastern Bank, Basra (ff 112-113); required terms for the opening of the bank at Kuwait (ff 86-87); a banking agreement between the Shaikh of Kuwait and the Imperial Bank of Iran, dated 18 December 1941 (ff 14-17); and an alteration to the banking agreement between the Shaikh of Kuwait and the Imperial Bank of Iran, also dated 18 December 1941 (f 5).

The file includes a divider which gives the subject number, the year the subject file was opened, the subject heading, and a list of correspondence references by year. This is placed at the back of the correspondence.

Extent and format
1 file (244 folios)
Arrangement

The file's contents are arranged in approximate chronological order from the rear to the front of the file.

Physical characteristics

Foliation: the foliation sequence (used for referencing) commences at the inside front cover with 1, and terminates at the last folio with 245; 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. A previous foliation sequence, which is also circled, has been superseded and therefore crossed out.

Written in
English in Latin script
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Coll 30/116 'Kuwait: establishment of a bank' [‎8r] (18/493), British Library: India Office Records and Private Papers, IOR/L/PS/12/3845, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100076717888.0x000013> [accessed 29 March 2024]

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