John l barstow (3 resultados)

PAP. Condición: New. New Book. Shipped from UK. Established seller since 2000.

PAP. Condición: New. New Book. Shipped from UK. Established seller since 2000.

Soft cover. Condición: Very Good. Original printed wraps 14x22cm. (11)pp printed in black and red. Very good, lightly creased, with small stain to front wrap. The staples have corroded, so sections are now loose. This was presented at APOC's 23rd Ordinary General Meeting at River Plate House, Finsbury Circus, London, on 17 June 1932. It includes a notice and Directors' Report by John Clark, Secretary, on behalf of the Board, and financial statements signed off by John Cadman (Chair), George L. Barstow (Director), and APOC's auditors Brown, Fleming and Murray, all dated 4 June 1932. Clark notes that production at Masjid-i-Sulaiman and Haft Kel is proceeding smoothly, new infrastructure at Abadan is coming into operation, the tanker fleet is running exceptionally well, and sales have been well maintained, but profits have nevertheless dipped due to very low oil prices. The Balance Sheet shows APOC's book value fell from £49m at end-1930 to £47m at end 1931. Of this, 7m was accounted for by its concessions, land, refineries, tank installations, pipelines and buildings, and 27m by investments in its subsidiaries, allied and other companies. Profits after dividends fell from 2.9m to 2.2m. What this doesn't go into, is that tensions were coming to a head with the Persian Government at this time. Persia had been seeking to revisit the d'Arcy Agreement terms to obtain 25% of APOC's shares, and seek clarity on APOC's profits which were clouded by transactions between it and its subsidiaries. The fall in oil prices due to over supply alluded to in the report and the Great Depression reduced the royalty APOC paid to the Iranian Government by a significantly greater proportion than the fall in APOC's profits (the royalty here estimated at a meagre £134,750). This confirmed Persian suspicions that APOC was acting in bad faith, and in 1931 demanded a return to negotiations. In 1932 Reza Shah Pahlavi stepped in, threatening to cancel the concession, which led the British Government to escalate the matter to the Permanent Court of International Justice in the Hague on the grounds of protecting the company, in which it held a 51% stake. Further negotiation led to a new agreement in 1933. …