ANGLO-PERSIAN OIL

Dominion, Volume 10, Issue 3028, 15 March 1917, Page 5

ANGLO-PERSIAN OIL

INCREASED OUTPUT, DESPITE THE GERMANS. Tho soycntli ordinary genoral meeting of the Anglo-Persian Oil Co., Ltd., was held recently in London. Mr. C. Greenway, chairman and managing director, who presided, said tho balanco of trading account, ,£171,723, was only slightly in excess o£ the amount 6howa last year, hut it was arrived at aftor charging depreciation instead of before, and ns depreciation had been dealt with on a much more liberal scale it might bo regarded as ft satisfactory result, 6eoing that no portion of the new pipe-line or refinery plant ivas in operation, and that their work was entirely shut down for a period of about t'hrco months. Altogether tho amount written off for depreciation and the balance carried forward by the Anglo-Persian and its allied companies were about *8110,000 in excess of those of the previous year, and this represented approximately tho improvement in tho working results for tho year roview. Tho /esult for tho current year, which would end in three months' time, would show a further considerable improvement on 'theso figures as the through-put of tho refinery would bo more than' 100 per cent, in excess of the previous year, and a still further largo augmentation might bo looked for during tho next financial year, us tho first half of refinery extension provided for under tho arrangement with His Majesty's Government would then bo in full oporation as well as tho original refinery. They had had a period of entire tranquillity in the conduct of their operations, the German endeavours to induco Persia to depart from her neutrality having completely broken down. Their relations with the Persian Government continued to bo of the most cordial character, and it must bo a matter of extreme satisfaction to them, as to tho board, to see that this great undertaking was now arriving at a stago when it would bo productivo to them of a largo annual revenue. Unfortnnately this satisfaction would bo somewhat marred by tho heavy loss sustained in consequence of tho cutting of tho pipe-lino last year by Persian rebels, for which loss the Porsian Government wero liablo, but as this wanton act of destruction was dii l-cctly or indirectly incited by tlio enemies of this country it was hoped the Allies would see that. Persia obtained compensation for this and other losses. The progress.of tho various works and extensions had beon retarded by tho scarcity of labour, but the upper section of the'lo-inch pipe-lino was completed fci August tlio "whole length of it would be able to pass through the two lines 1,440,000 tons of erode oil per annum. With additional pumping stations this could be increased at comparatively littlo cost to 3,000,000 tons. As regarded the l-elinerios, the lir.sl. half of the extension should bo completed in August, and a further extension should be completed towards the ond of tho present year. As regarded the fields which wore Wnff worked and tested bv the producing companies, further evidences wero being obtained of the extraordinary richness and extent of the Persian oilfields, leaving lil.lle room for doubt but thai, the Government in acquiring a two-thirds interest in this company had secured for cation ea aesab oi enormous s®itifti j