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Coll 30/224 'Currency Arrangements in the Arab Sheikhdoms of the Persian Gulf.' [‎52r] (110/620)

The record is made up of 1 file, in 2 parts (302 folios). It was created in 4 Mar 1947-29 Sep 1948. 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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nnUFIDENTIAX.
PERSIAN GULF The historical term used to describe the body of water between the Arabian Peninsula and Iran.
EXT
A -,-L
l Mr.Musker, Sub-Manager of the Imperial Bank of
Iran, London, called to discuss the replies received from the
Imperial Bank of Iran’s Branches in the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. to the
enquiries made as a result of Mr.Crawshaw 1 s letter of the 4th
February 1948 (which has been circulated).
2 . Much of the information received is set out in the
attached copy correspondence (letter 17.3.48 from Imperial Bank
of Iran, London, to Bank of England with enclosures as stated).
3 . This information confirms the situation as described
by the Eastern Bank in their letter of 9th March 1948 (already
circulated) but stresses the delays amounting to- weeks that
occur through reference having to be made in every case to 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 Bahrain. The letters press strongly for
a greater discretion to be allowed to the Political Agents in
regard to the granting of certificates of recommendation for
imports from "soft currency" countries similar to that which
existed a year ago when what were virtually open general licences
on soft currency countries were granted by the Indian Government.
Mr.Musker also exhibited in confidence a personal letter which put
the delay in Kuwait literally at anything from one to three months.
4. It was suggested by Mr.Musker that that part of
the delay caused by the use of the post could be avoided if
applications were referred by telegram for which he had no doubt
applicants would be only too willing to pay.
The confidential letter also mentioned that the
Kuwait Oil Company was selling £350,000 per month to Imperial
Bank In Kuwait to meet local expenditure and that these sales
were likely to increase to £500,000 per month, i.e. £6,000,000
per year plus the Sheik’s royalties which would be another
£2,000,000 if the Company realised its target of 8,000,000 tons
of oil a year. In addition to this, the Burma Oil Company were
understood to be offering £1,000,000 plus £500,000 a year pending
production, and royalties afterwards for certain additional
concessions. it was felt that the Company’s prospects of
obtaining the concessions (which were believed to be of considerable
political significance in the eyes of H.M.Government) would be
enhanced if sterling could again be used comparatively freely by
local merchants in payment for imports from soft currency
countries since the Sheik himself was very interested in the
business affairs of local merchants and would therefore be more
likely to be favourably disposed towards granting the concession
10 a British company. A figure of £20,000,000 was suggested by
tne writer The lowest of the four classes into which East India Company civil servants were divided. A Writer’s duties originally consisted mostly of copying documents and book-keeping. as Kuwait’s probable sterling earnings in a very few
years if the Burma Oil Co.succeeded in obtaining the concession -
a large sum for a country of about 80,000 inhabitants". This
information was passed on strictly in confidence by Mr.Musker and
without any guarantee of its accuracy.
It was represented in the confidential letter in
question that such an excess of sterling needed an outlet (this
course > exist in the Scheduled Territories) and that the
airriculties accompanying the use of this sterling in Europe were
,rise to considerable misgivings among merchants and might
-Lead to a distrust of sterling (presumably as opposed to dollars
uat the Americans might offer for concessions to their companies).
11 was suggested that it was in H.M. Government’ s own interest to
ow as much of the accumulating sterling to be expended in soft
urrency countries as possible. The requirements of Kuwait were
me a ba small and largely confined to Europe. Mr.Musker
n lone <l tea, sugar and piece goods as representing the greater

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Content

The file concerns currency issues affecting the Arab states of the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. , following the transfer of administrative responsibility from the Government of India to the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. Residency An office of the East India Company and, later, of the British Raj, established in the provinces and regions considered part of, or under the influence of, British India. in 1947. Under the new arrangements, responsibility for exchange control was vested in 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. .

The papers include: memoranda by 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. officials on the desirability of the continued use of the Indian rupee in the region (folio 297); the issue of which Gulf states were included in the Sterling Area; exchange control; policy on imports to the region; trade; the currency of Muscat and Oman, including the use there of Maria Theresa dollars; Kuwait as 'the centre of the whole Middle East for smuggling and illicit transactions in foreign currencies' (folio 120); and traffic in gold through Kuwait.

In addition to 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. (later Commonwealth Relations Office) correspondence and memoranda, the papers include correspondence from 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. , the Bank of England, and HM Treasury.

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, in 2 parts (302 folios)
Arrangement

The papers are arranged in approximate chronological order from the rear to the front of the file.

Physical characteristics

Foliation: this file consists of two physical volumes. The foliation sequence (used for referencing) commences at the first folio of volume one (ff 1-153) and terminates at the last folio of volume two (ff 154-302); 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 of the volumes.

Written in
English in Latin script
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Coll 30/224 'Currency Arrangements in the Arab Sheikhdoms of the Persian Gulf.' [‎52r] (110/620), British Library: India Office Records and Private Papers, IOR/L/PS/12/3968A, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100081513438.0x00006f> [accessed 29 March 2024]

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