OIL INDUSTRY

Gisborne Herald, Volume LXXIV, Issue 22241, 29 January 1947, Page 3

OIL INDUSTRY

NEW N.Z. COMPANY WELLINGON FUNCTION (P.A.) WELLINGTON, Jan. 29. A function, attended ’by the Prime Minister. Mr. .P. Fraser, the heads of the services and prominent citizens and business men was held at the invitation of Mr. N. B. Fuller, of the AngloIranian Oil Company, to introduce the directors of their new associate, the British Petroleum Company of New Zealand, in which New Zealand has 51 per cent, shareholding. Mr. Fuller traced the history of his company’s associations —which he jocularly referred to as ‘marriages”—with various Governments, commencing with the major share interest acquired by the Asquith Government in 1912 at the instigation of Mr Winston Churchill, who was then First Lord of the Admiralty. The main object at .the time was to ensure oil supplies for the navy, ar. investment that not only proved of inestimable strategic value in two wars, but had proved of great assistance in easing the burden on the British taxpayer by virtue of the dividends it earned. There had also been a similar tie-up with the Australian Government. dating back over 20 years. Mr. G. G. G. Watson, chairman of the new company, stressed the commercial nature of the control of the company's marketing activities and reiterated that it was essentially a British enterprise seeking a new outlet for sterling oil within .the Empire. He gave details of the comprehensive training scheme whereby selected exservice New Zealanders were to be sent to England to be given a thorough background in every phase of the oil industry, thus preparing them to become competent to hold eventually the highest executive positions in the company

Mr. G. H. James, managing director of the new company, welcomed the visitors. The Prime Minister, in reply, welcomed the advent of a commercial development of such vital importance to every New Zealander and, amid amusement, suggested that with all their previous experience of "marriages” with Governments of various political parties the Anglo-Iranian Oil Company should have known better than to" have completed negotiations ’just prior to an election campaign.