CONCESSION ANNULLED

Poverty Bay Herald, Volume LIX, Issue 17950, 30 November 1932, Page 7

CONCESSION ANNULLED

ANGLO-PERSIAN OIL

DISPUTE REACHES CLIMAX

LONDON, Nov. 29,

A Teheran message states that the Persian Government has notified the Anglo-Persian Oil Company of the annulment of the Darcy concession, hut is willing to negotiate a new agreement. The company contends that the concession contains no provision for the cancellation of the concession, which covors 500,000 miles, and was secured by William Knox Darcy, who went to Persia after making a fortune in gold mines in Western Australia and Mount Morgan. Queensland. The Times says that the Persian Government’s action is the climax to several years’ dispute over royalties, arising out of the slump in oil and the restriction on output. The Times emphasises that the British. Government is directly affected by the Persian decision, apart from its duty to protect legitimate British interests in Persia. In 1013, when the company needed fresh capital and it seemed possible that the control of an oilfield of the highest importance to the (British Admiralty might pass into foreign hands, Mr. Asquith’s Government agreed to provide the additional capital. Ati the beginning of the year, the British Government field .£7.500.000'. or more than half of the company’s £13,425,000 of ordinary shares.

It is understood that Cabinet decision is being made immediately tho terms of the American note are settled.

The Anglo-I’ersian Oil Company holds ?74‘.909 shares in the Commonwealth Oil Refineries, the other 375,001 being bold by the Commonwealth Government.