BLOW TO SOVIET OIL TRADE

Timaru Herald, Volume CXXXVII, Issue 19568, 15 August 1933, Page 7

BLOW TO SOVIET OIL TRADE

DECISION OF LARGE COMPANIES RUSSIAN PRODUCTS NOT WANTED United Press Association—By Electric Telegraph—Copyright (Received August 14, 7 p.m.) LONDON, August 14. “The Daily Telegraph” says that the Shell and Standard Oil Companies decided not to deal in Russian oil directly or indirectly. This is a heavy blow to the Russian schemes to obtain large credits in America in order to fill the depleted Soviet treasury. The Shell and Standard negotiators decided that it was useless to look to Moscow for a reasonable agreement. The decision will entail a loss to the Russian Government of at least £5,000,000 annually. The trouble is increased by the fact that the Soviet oil industry in the last six months experienced a virtual breakdown, the Government being forced to release a number of oil specialists from prison and send them to the distressed oilfields. IMPASSE IN DISCUSSIONS DISPUTE OVER TIMBER TREATY United Press Association—By Electric Telegraph—Copyright LONDON, August 13. It is understood that an impasse has been reached in the Anglo-Soviet trade discussions. The Russians want a new treaty, enabling them to dump timber, regardless of quantity and price. This is refused, and Russia is likely to yield, as it cannot afford to lose the English market.