ANGLO-PERSIAN OIL

Hokitika Guardian, 30 November 1932, Page 5

ANGLO-PERSIAN OIL

CONCESSION ENDS

CLIMAX TO DISSATISFACTION.

(United Press ‘jeociation—By Electric

Telegraph— Copyright.)

LONDON, November 29.

A Teheran message states the Persian Government has notified the Anglo-Persian Oil Coy., of; ,the annulment of the Darcy concession, but.Rersia is willing to negotiate a new agreement. The Company contends that this concession contains no provision for its cancellation.

The concession is one which covers half a million square’ miles. It was secured by William Knox. Darcy, who went to Persia after making bis fortune in the gold mines of Western Australia and at Mount Morgan, in Queensland. “Th© Times” says that the Persian Government’s action is the climax to several years of a dispute over the royalties on the oil, and has arisen out of the slump in oil and the restriction of the output.

“Tim Times” emphasises the British Government’s decisioh, apart from it duty to protect legitimate British interest in. Persia. In 1913 when the company heeded fresh capital, and when it seemed possible that the control of the oil field, which is of the highest importance to the British Admiralty, might pass into foreign hands, the Asquith Government agreed to provide the company with additional capital. At the beginning of this year, the British Government held an interest of £7,500,000 in the company for more than half of the company’s £13,425,000 worth of ordinary! shares. It is understood that a Cabinet decision is being made immediately that the terms of the American debt Note are settled. SHARES IN AUSTRALIA. SYDNEY, November 29. The Anglo-Perjsian Oil Coy. holds 371,999 shares in the Commonwealth Oil Refineries, the other 375,000 shares being held by the Commonwealth Government,