ANoto-Pnnsims.• - _ The warning words of the Chairnian of
the Anglo-Persian Oil Company last year had prepared shareholders for the decline in profits shown in the Report recently issued, and at the meeting held on Tuesday the statements made by Sir
John Cadman, the Chairman, with regard to the position were well received. After giving a very full statement of developments in Persia and Iraq, the Chairman made some instructive observations with regard to world aspects of the ' petroleum industry, including the problem of overproduction. He disavowed any intention on the part of the Anglo-Persian to take part in anything approaching an oil trust, but at the same time he pointed out that overproduction had recognizable limits and he considered that it should not prove impracticable to reach conditions making for greater stability in oil prices. In the course of his speech Sir John mentioned that it was proposed to alter the period of the company's financial year to coincide with the calendar year, and the next accounts, therefore, will be for nine months only, concluding with
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