WORLD OIL TRUST.

New Zealand Herald, Volume LXVI, Issue 20220, 3 April 1929, Page 11

WORLD OIL TRUST.

INTERESTS CONSOLIDATED. HIGHER PRICE FOR PETROL. < LONDON. March 25. An important meeting of oil magnates will bo held in Now York next month, the object of which is to establish a world trust. This is possible owing fo the recent agreement with the Moscow Reds, which; at the expense of tho consumer, eliminates for tbo benefit of the petrol combine tho competition in cheap oil from Russia's confiscated oilfields. Tho price of petrol to British users will advance a further lid a gallon if the New York Conference's plan is carried through. Sir Henri Detcrding, chief of tho Royal Dutch Shell group, Mr. Walter Teagle, president of tho Now Jersey Standard Oil Company, and Sir John Cadman, chief of tho Anglo-Persian Oil Company, a bitter business opponent of both tho foregoing, met at Sir Henri Deterding's seat, Achnacarry Castle, ostensibly for Highland shooting and fishing. Tho real reason, however, was to protect their empires from tho inroads of tho Reds. It was decided that Sir Henri Dcterding and Sir John Cadman should consolidate their European oil interests, and that Mr. Teagle should return to America and form the Oil Export Association. An agreement with Russia was reached, and tlie Consolidated Petroleum Company, with a nominal' capital of £IOO, was registered in London, the directors including Sir Henry Detcrding, Sir John Cadman, Sir Robert W aley Cohen, and Mr. Hubert Eves. Tn January Sir Henri Detcrding, Sir John Cadman and Sir Robert Walcy Cohen resigned, and the board was reconstituted of directors widely connected with tho oil industry. The capital was increased to £2,190,000 on March 4 with tho object of acquiring twelve oil companies. Mr. Teagle has secured the incorporation of tho Export Petroleum Association in America, at whoso invitation tho Now York Conference is boing held in April.