carefully analysing the best ways of
pushing Russian trade and industries in Persia. In all this he has the
absolute confidence and help of his Government, and it is really
marvellous how much he has been able to do to further Russian influence
in Persia. There is no trickery, no intrigue, no humbug about it; but it
is mere frank, open competition in which the stronger nation will come
out first.

It was most gratifying to hear in what glowing terms of respect the
managers of the two rival banks spoke of each other. They were fighting a
financial duel, bravely, fairly, and in a most gentlemanly manner on both
sides. There was not the slightest shade of false play on either side,
and this I specially mention because of the absurd articles which one
often sees in English papers, written by hasty or ill-informed
correspondents.

Russia's trade, owing to its convenient geographical position, is bound
to beat the English in Northern Persia, but it should be a good lesson to
us to see, nevertheless, how the Russian Government comes forward for the
protection of the trade of the country, and does everything in its power
to further it. Russia will even go so far as to sell rubles at a loss to
merchants in order to encourage trade in Persia, no doubt with the
certainty in sight that as trade develops the apparent temporary loss
will amply be compensated in due time by big profits.

It is, to an Englishman, quite an eye-opener to watch how far the
Russians will go for the absolute benefit of their own trade, and this
conduct pursued openly and blamelessly can only be admired by any
fair-minded person. It is only a pity that we are not yet wide awake
enough to do the same.

The Russian Bank has branches in the principal cities of Northern Persia,
her business being so far merely confined to the North.

FOOTNOTES:

[2] See Institute of Bankers.

CHAPTER XV

Illegitimate Bank-notes--Hampering the Bank's work--The grand
fiasco of the Tobacco Corporation--Magnificent behaviour of the
natives--The Mullahs and tobacco--The nation gives up
smoking--Suppression of the monopoly--Compensation--Want of
tact--Important European commercial houses and their
work--Russian and British trade--Trade routes--The new Persian
Customs--What they are represented to be and what they
are--Duties--The employment of foreigners in Persia--The Maclean
incident.

The work of the Imperial Bank h