RUSSIAN OIL
(Press. Assn.--
SOVIET ADMITS FAILURE OF PLAN TO UNDERELL COMPETITQBiS DEPOTS TO BE CLOSED
-By Telegraph— Copyright).
Rec. April 18, 11 p.m. LONDQN, Monday. The Daily Express says that after years of endeavour the Russian oil depots in foreign countries are likely to be closed. Russian petrol is now selling at a loss of twopence per gallon, and world production gives no promise of a substantial rise 3n price for a long time. The Soviet Government believed that with the confiscated oil wells free of the incubus of capitalistic ownership they could undersell the oil companies of the world, and thereby raise much needed funds abroad. The scheme was successful for a while, but over-production ended foreign credit. The Daily Express is of the opinion that as the wheat gamble has also failed, the five-year plan may be regarded as a failure.
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Bibliographic details
Rotorua Morning Post, Volume 1, Issue 202, 19 April 1932, Page 5
Word Count
144RUSSIAN OIL Rotorua Morning Post, Volume 1, Issue 202, 19 April 1932, Page 5
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