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'File 60/20 I (C 93) Imperial Bank of Iran: Bahrain, etc' [102r] (204/409)
The record is made up of 1 volume (201 folios). It was created in 22 Jan 1918-Feb 1946. It was written in English and French. 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.
THIS DOCUMENT IS THE PROPERTY OF HIS BRITANNIC MAJESTY'S GOVERNMENT
'C\
CONFIDENTIAL.
June 22, 1935.
2o •<£ - 3$^ Section 1.
'
[E 3866/3441/34] J
Mr. Eldnd to Sir L. Oliphant.—(Received June 22.)
0 . T i Imperial Bank of Persia,
D bsf fen Lancelot, Ljondow Junp iq
BANK royalties. London, June 19, 193o.
Since my letter of the 27th October, 1933, on this subject there has been little
m the occasKinal discussions which have taken place in Tehran between
subordinate officials of the Ministry of Finance and our chief manager that was
worth reporting to you. 0
We have consistently maintained our previous attitude, namely, that Wal
authority of high standing supported our view that the interpretation '' net
profits means that which remained after all expenses, taxes and other charg-es
in whatsoever country incurred, had been deducted from gross profits.
Recently, however, the Minister of Finance has become insistent upon a
settlement being reached and on the 11th ultimo wrote to the chief manager
demanding, within one month, payment of the so-called arrears of taxes. 'At
the same time the Minister asked to be supplied with a statement showing the
amount of the taxes under discussion.
I am forwarding, for your information, a translation of the Minister's
letter, () also a copy of the chairman s reply of the 12th June to his Excellency,
together with a copy of the statement(') prepared and certified by the Bank's
auditors setting forth the net profits of the bank, and other details, from the
inception of the bank of 1931, when royalty became no longer payable.
Here the position remains until we receive a reply from the Minister.
There is another matter I should like to mention, namely, that, having been
granted a supplement to our charter authorising the change in the bank's name
to f ' The Imperial Bank of Iran,'' we are placing special resolutions before
shareholders of the bank at an extraordinary general meeting to be held on the
28th instant, following our annual general meeting. I enclose a copy of our
letter to shareholders dealing with this change. (')
Yours sincerely,
E. M. ELDRID.
Enclosure.
Mr. Barnes to Minister of Finance {Tehran).
Your Excellency, June 12, 1935.
Mr . BUTTERS, our chief manager, has forwarded to the board of directors
a translation of your letter to him of the list May last, which has received their
careful attention.
We deeply regret that there should be any disagreement between the Iranian
Government and the Imperial Bank, which has served the country for some
forty-six years, and has endeavoured to implement its concession not only in the
letter but in the spirit in which it conceives it to have been granted.
The board adhere to the view stated in their notes of the 8th June, 1932,
and the 28th November, 1933, in which it will be remembered they were supported
by high legal authority that the interpretation "net profits" in article 7 means
that which remained after all expenses, taxes and other charges, in whatsoever
country incurred, had been deducted from gross profits. Although it holds a
concession from the Government of Iran, the bank is an English company
established by a British Royal Charter of Incorporation, and the net profits
[440 y—1]
( l ) Not printed.
About this item
- Content
The volume contains correspondence relating to banking in Persia, Saudi Arabia, and the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. . The majority of the correspondence is between the British Ministry in Tehran, the Government of India, High Commissioner in Iraq (later the British Ambassador), Political 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 Bushire, the Foreign and Indian Offices in London, Political Agencies in Bahrain and Kuwait, the British Consulates in Shiraz and Bandar Abbas, the British Minister in Jeddah, the British Ambassador in Cairo, employees of the Imperial Bank Persia (later Imperial Bank Iran) and the Eastern Bank, and the Persian Government. Included as enclosures are several newspaper cuttings and transcripts.
The documents cover discussions over the Imperial Bank's operations in the region, including growing hostility in an increasingly nationalist Iran and the plans to open a branch in Bahrain. Much of the volume pertains to the work of rival banks in Bahrain and Dhahran in Saudi Arabia. These banks include the Eastern Bank, the Ottoman Bank and the National City Bank.
Folio 146 is a map of al-Hasa, Saudi Arabia, produced by the California Arabian Standard Oil Company.
Folios 191-198 are internal office notes.
- Extent and format
- 1 volume (201 folios)
- Arrangement
The volume is arranged chronologically.
- Physical characteristics
Foliation: the sequence commences at the front cover and terminates at the back cover; these numbers are written in pencil, are circled and can be found 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 second foliation sequence is also present between ff 4-190; these numbers are also written in pencil, but are not circled and can be found in the same position as the main sequence. Circled index numbers in red and blue crayon can also be found throughout the volume. There are the following irregularities: f 33 is followed by f 34a and f 34b.
- Written in
- English and French in Latin script View the complete information for this record
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Copyright: How to use this content
- Reference
- IOR/R/15/1/554
- Title
- 'File 60/20 I (C 93) Imperial Bank of Iran: Bahrain, etc'
- Pages
- 52v, 58v:59r, 95r:95v, 96r:96v, 98r:99v, 102r:102v, 108r:108v, 172r:172v
- Author
- British Bank of Iran and the Middle East xx Imperial Bank of Persia xx Imperial Bank of Iran
- Copyright
- ©Anonymous
- Usage terms
- Creative Commons Non-Commercial Licence