In 1855, the king welcomed the English diplomatic corps led by Sir John Bowring and made a diplomatic and trade pact. (This treaty, commonly known as the Bowring Treaty, was signed on Britain's behalf by Sir John Bowring, governor of Hong Kong.) Under the terms of the treaty, British merchants were permitted to buy and sell in Siam without intermediaries, a consulate was established, the British were allowed extraterritorial rights and Siam had to change certain tariffs. Furthermore, the Royal Treasury's monopoly of the sale of rice had to be lifted.