OIL COMPANY.

Manawatu Standard, Volume LIII, Issue 14, 14 December 1932, Page 9

OIL COMPANY.

CONCESSION IN PERSIA. BRITISH GOVERNMENT’S HOLDINGS. (British Official Wireless.) RUGBY, Dec. 12. Further particulars regarding the Anglo-Persian Oil Company’s D Arcy concession were given in response to a question in the House of Commons to-day by the Under-Secretary for Foreign Affairs, Captain R. A. Eden. He said that the concession was granted by the Persian Government for 60 years from May, 1901, and contained no provision which would now allow cancellation by either side. The oniy power of cancellation in the concession was a provision that, if within two years the concessionaire should not have formed the first company to operate it, the concession should become null and void. That clause never came into operation, since the first exploitation company was dnly formed within the prescribed period. The concession provided for an annual payment to the Persian Government of 16 per cent, of the annual net profits of any companies formed to operate the concession. The total sum paid to the Persian Government in royalties up to December 31, 1931, amounted to £11,265,000. The present holdings of the United Kingdom Government in the AngloPersian Company were 7,500,000 £1 shares, 1000 £1 preference shares a.nd £99,000 in 5 per cent, debentures. The total amount received by the United Kingdom Government from the company in dividends and interest up to the present time was £9,977,344.