'Persia and the Persian Question by the Hon. George Nathaniel Curzon, M.P.' [‎475] (534/714)

INSTITUTIONS AND REFORMS
475
evident both by the new agreement being made out in his favour,
and also by a clause in one of its articles, which provided for the
imperial re P a y ment to Baron de Renter of the sum of 40,000Z. 5
Bank of deposited by him as caution money for the first undertak
ing, and illegally confiscated by the Persian Government
in 1873. Appendices and additional articles were added to the new
concession up till the end of July 1889. In August the British
Government granted a Eoyal Charter of Incorporation for thirty
years to the Bank thus formed. In October the prospectus ap
peared in London, and subscriptions were invited ; and so great
was the confidence in the undertaking that, within a few hours of
the date ot issue, the capital, amounting to 1,000,000/., was sub
scribed fifteen times over.
I shall print in my supplemental volume a copy of the original
concession to the Imperial Bank, and will, therefore, content myself
Terms of here with noticing only its more important provisions,
concession concesg i on was f or a p er i 0f ] 0 f s i x ty years, dating from
January 1889. The key-note of a future policy which, if interpreted
with enterprise and liberality, may result in the inauguration of
commercial undertakings on a large scale, independent of banking
proper, was struck in the very first article, which contained these
significant words: c In order to develop the commerce and increase
the riches of Persia, the Imperial Bank, outside any operations
which appertain to a financial institution, may undertake on its
own account, or on account of third parties, all matters financial,
industrial, or commercial, which it may think advantageous to this
■end, on the condition, however, that none of these enterprises be
contrary to treaties, laws, usages, or the religion of the country,
and that previous notice thereof be given to the Persian Govern
ment.' Article 2 fixed the capital of the bank at four millions
sterling, of which the first series, in shares to bearer, was to amount
to one million, in 100,000 shares of 10/. each. Article 3 related to
bank-notes, to which I mast devote a separate paragraph. In
Article 7 appeared the quid pro quo (apart from the price paid for
the concession itself) exacted by the Persian Government, viz.
<3 per cent, of the net profits of the bank in each year, such sum
never to be less than 4,000/.. Articles 11, 12, and 13 were among
the most important of the whole series, inasmuch as they conceded
to the bank, with certain stipulated exceptions, the right to work
the mineral resources of Persia, currently believed to be very con-
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