Percy Cox was engrossed with events in Europe. Among his other achievements while at Bushire was the establishment of the state of Kuwait as an autonomous kaza within the Ottoman Empire by the Anglo-Ottoman Convention of 1913, where he improved relations with local ruler, Mubarak, by opening negotiations with Ibn Saud. The Turks signed a treaty in London on July 29, 1913 concerning Royal Navy patrols in the Persian Gulf littoral, when Cox met then at the Port of Uqair on 15 December 1913. Cox noted their "intractability" and also warned the Foreign and Commonwealth Office about Ibn Saud; the "increased authority
Historiography of the fall of the Ottoman Empire in the Balkans hastened the slide into bankruptcy. After negotiations with the European powers, the Public Debt Administration was set up, to which certain revenues were assigned. This arrangement subjected the Ottomans to foreign financial control from which they failed to free themselves, in part because of continued borrowing. In 1914, the Ottoman debt stood at 139.1 million Turkish pounds, and the government was still dependent on European financiers Why had the Ottomans not developed their own financial system in line with London and Paris? It was not for the want of trying. Since the beginning of the 18th century,