Mozaffar Shahedi

The commercial firm of Jahanian was one of the reputable credit incorporations of late Qajar period. It was founded by Khosrow Shah Jahan and his brothers Parviz, Gudarz, Rostam and Bahram, the Zoroastrian landowners of Yazd. Its main activity was based on commerce and currency exchange. Gradually it opened some branches in Yazd, Tehran, Esfahan, Shiraz, Kerman, Bandar Abbass, Rafsanjan, and also Bombay and London. Later on its only branch in the United States was opened in New York.

The Jahanian brothers were serious rivals for the loan bank and the Imperial bank of Persia in currency exchange. During the constitutional movement and the bill for founding National bank of Iran, they made serious endeavors for the success of the project. Meanwhile the policies of the loan bank and the Imperial bank created some problems for the country. Due to good relations between Jahanian commercial firm and the loan and Imperial banks, the firm had obtained good amounts of loan from the former and when it became outstanding it received much more loans. This course continued to late 1903. The Jahanian brothers ignoring the various problems which they might face in the next phases became more and more dependant to these banks.

But the situation changed before long. In late 1903, the Jahanian’s as well as Arbab Jamshid’s commercial firms were in financial crisis and at the threshold of bankruptcy. In fact the banks demanded their outstanding. Thus the Jahanian commercial firm was declared bankrupt and its founder was exiled to Europe due to his political inclinations.

The Relations of the Loan Bank and the Tomanians Commercial Firm

Among few commercial firms which survived the open enmity and the rivalry of the loan Bank is Tomanians commercial firm. It was founded by the Armenian Haratoun Tomanians in Tabriz. It had vast commercial relations with Russia and gained a huge amount of profit. Following his death, his sons, especially Alexander expanded the firm’s activities.

It was said that the whole capital, cash and kind mounted to 30.000.000 Rials. It had branches in Tehran, Tabriz, Rezaih, Rasht, Anzali, Qazvin, Mashhad, Sabzevar, Gorgon and also Baku, Astrakhan, Moscow, Wien, Berlin, London and Istanbul. It was one of the greatest banking centers in Iran by the First World War, and was active in landowning and agricultural fields. However, due to the presence of foreign forces and the financial crisis, its directors were faced with serious problems. It had invested huge amounts in Russia and the new revolutionary government of Russia had confiscated all the property. Toumanians brothers went bankrupt. They wrote a letter of litigation to Reza Shah in early years of his reign. They said that their patriotic emotions and their support of government are known to all and that their firm was at first an exporter of Iranian goods to foreign markets. They asked the Shah to consider the case and support their rights. It is not fair that the Russians do not pay for the goods they had bought from them. In Toumanians case the Russian revolution and its consequences led to their bankruptcy.