Page 155 - Gulf Precis (III)_Neat

139
(t) Currency in Maskat, 18931904.
Polities Agent to Bnident, No. 187, «..d H.h c37; The currency in Oman has for
Affua*ci8 9«. eovoral years comprised the following
External*., Octolfrl894, Noi. 228*135 (No. 230). coina .__
I. Silver Currency,
(1) The Maria Theresa Dollar, which alone has been current on the inte­
rior : it has been for long the recognized coinage of the country.
(2) Tho Indian Rupee—which is current with the dollar in Maskat,
Matrah and other seaport towns.
(3) A fictitious coin—long out of circulation called Muhammadi, an
old Persian coin, which runs as a rule in calculation in mercan­
tile transactions, 11-J Muhammadi making one dollar.

II, Copper Currency,
(1) Indian copper pice.
(2) Zanzibar copper pice.
(8) German East African ?
038. The closing of mints to the free coinage silver in 1818 and
the consequent rise in value of th#
Utjor Have* Saddler ta Rciidcat, 2?o. 72, dated rupees with reference to bar silver, had
80th March 1894.
Hid, No. 3iy. the natural result of lowering the
Austrian dollar relatively to the rupee in
proportion to the fall in the value of silver. The dollar which prior to the dosing
of tho mints had been worth 136—140 Indian pice (Rs. 2-2 to Rs. 2-3) gradu­
ally dedinod in value, and on 20th March 1894 fetched only 108 pice. This
fall was also partly caused by the export of Government of India rupees and
pice to India.
€39. The country having been thus denuded of Indian rupees, as well
as Indian pice, which were largely in circulation among the poor classes, and
the dollar having fallen in value, there was considerable distress in the coun-
try.
640. The proposals made to meet the difficulties were
(а) to coin copper pice in Mask&t fixing their exchange value at 136-
140 for a dollar,
(б) to obtain a consignment of Zanzibar copper coins,
(c) to prohibit exportation of Indian silver coin from Maskat,
(d) to gradually substitute the Indian silver ourrenoy and drive away
the Austrian dollars,
(*) to coin in India a rupee for circulation in countries like Oman,
Aden, etc., whore the Austrian dollar has been adopted and in the
Straits Settlements and China, where the Mexican dollar has
been adopted.
641. Captain Saddler, Political Agent, Maskat, was strongly in favour of
the last. Nothing was done at the time except to relieve temporarily the
distress by importing a consignment oE Zanzibar pice and Austrian dollars
(45,0u0), and by starting coining of copper coins at Maskat of the same
size as our pice, but of a less value.
642. Recently on account of the rapid fall in the value of silver and no
fixed rate of exchange having been yet
External A., April 19j4, Not. 78-80. .
sanctioned between the dollar and Indian
rupee there have been constant fluctuations in the exchange, resulting in uncer­
tainty in trade dealings, speculation, distress among the tribes and other evils of
[C973FD]