ANGLO-PERSIAN DEBENTURE REPAYMENT.
When the Anglo-Persian Oil Company declared an un- changed dividend for last year a little disappointment was apparent in the market and the shares dropped back. The tone of Sir John Cadman's speech at the annual meeting this week, however, was one of quiet confidence in the general outlook both as regards the Company's position and that of the oil industry in general. In certain areas, he said, increas- ing sales appeared to reflect the signs of a slight improvement in general trade conditions, but petroleum products continued to be the most heavily taxed among commodities used by all sections of the community and by virtually all industries in civilized countries, and there could be no doubt that the burden of taxation, adding as it did so greatly to the price of oil products, seriously restricted their consumption. In particular, Sir John Cadman pointed out that in this country the import duty on motor spirit represented approximately half the retail price, or, expressed in another way, was equivalent to the extraordinarily high figure of twice the landed value of the product. The import duty on fuel oil, too, represented more than £1 per ton and had been responsible for an increase in prices to the consumer in this country of about one third. In the course of his speech Sir John Cadman said that in view of the ample financial resources, the Directors had decided to repay the Debenture Stock amounting to £4,850,000. This Debenture Stock is being repaid out of the Company's resources, but he was satisfied that after this repayment the Company would have adequate liquid resources for any requirements that could be foreseen.
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