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Coll 30/116 'Kuwait: establishment of a bank' [‎9r] (20/493)

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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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notes would be interchangeable with coin without charge*
Cooperation between the Kuwait Government, the Bank, and
some of the more far-sighted merchants ensured that the
Kuwait Government’s decree was implemented and in a very
snort time notes were readily accepted, in fact notes
and cheques are now preferred to coin for all large pay
ments.
5. The Bank is now established and many wonder how
the business comnunity managed without the facilities
offered by a bank for so many years. Bills can be
negotiated on the spot instead of over one hundred miles
away in Basra, drafts on India can be purchased immediate
ly on telegraphic advice from merchants agents in India,
over-drafts on good security can be obtained at reason
able rates of interest^, and time and accounting can be
saved by making use of the bank’s cheques for local
business and personal payments.
From a political point of view the establish
ment of what is in everything but name a British Bank
is a major success. From a business point of view the
more the local merchants deal with a British bank and
through it with British business houses the more will
our trade expand.
From a propaganda point of view the value of
the Bank is very great as an example of the fairness of
British methods and as an example of British stability.
6. The Bank is doing abnormally well partly
owing to the high prices now ruling and partly to a
brisk foreign exchange business* However it is not to
be expected that the favourable conditions will be
maintained. There are dark days ahead for the Bank
as well as for the rest of us but the Bank is now
firmly rooted and will stand the financial storms and
depressions with the happy prospect to look forward to
of the reopening of the Kuwait Oil Company after the war
and the prosperity which a large oil development always
brings in its train.
-- 000 O 000 —

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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' [‎9r] (20/493), British Library: India Office Records and Private Papers, IOR/L/PS/12/3845, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100076717888.0x000015> [accessed 29 March 2024]

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