OIL CONCESSION
CANCELLATION BY PERSIA. PEOPLE EXPRESS APPROVAL. (United Press Association—By Electric Telegraph—Copyright) TEHERAN, November 29. The whole city is illuminated in celebration of the Persian Government’s annulment of Darcy oil concessions of the Anglo-Persian Oil Coy., covering half a million square miles of country, secured by William Knox Darcy, who went to Persia after making his fortune in the gold mines of Western Australia and at Mount Morgan, in Queensland. At the beginning of this year, the British Government held an interest of £7,500,000 jn the company or more than half of the Company’s £13,425,000 worth of ordinary shares. The Anglo-Persian Oil' Coy. holds 374,999 shares in the Commonwealth Oil Refineries, the other 375,000 shares being held by the Commonwealth Government. Persia ’is willing to negotiate a new agreement. The Company contends that the concession contains no provision for its cancellation. The Persian Government’s action is the clima?j 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.
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Hokitika Guardian, 1 December 1932, Page 5
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176OIL CONCESSION Hokitika Guardian, 1 December 1932, Page 5
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