DEALING WITH SOVIETS

Dominion, Volume 20, Issue 256, 28 July 1927, Page 9

DEALING WITH SOVIETS

BURNING QUESTION AMONG OIL COMPANIES AMERICAN CONCERNS ATTACKED FOR PURCHASING FROM RUSSIA Warfare has developed among the world’s large oil companies over the question of dealing with the Soviets. By Telegraph —Press association. Copyright. New York, July 26. '-The warfare which has developed 'among the world’s large, oil companies over the question of dealing with the Soviets was intensified when Sir Henry Deterding, managing director of the Royal Dutch Shell Group, issued a statement, through his New York representative, attacking the policy of the- Standard Oil Company of New York and the Vacuum Oil Company, which have contracts under which they purchase oil from Russia. The Standard Oil Company, (New Jersey) recently announced that it would nut deal with the Soviets, and that it and the Royal Dutch Shell Group had agreed on a joint policy of not dealing with Russia until expropriated oil owners have been compensated. Sir Henry Deterding declared that the purchase of Rusian oil by American companies was not only contrary to the best interests of humanity and trade'honesty, but; was bound to replace. American oils, of’which there would presently be a large over-production. Mr. Walter Clarke Teagle, president of the "Standard Oil Company (New Jersey) has sailed ■ for Europe in an attempt to persuade Sir Henry Deterding to abandon any plans of retaliation, which plans, it is believed, might result in the invasion of American territory by the -Royal Dutch Shell Group.