"F 80 ملف 82/34 I امتياز أ.ب.و.ك" [‎١‎٠‎١] (٤٣٦/١٩٢)

9
which final agreement proved to be impossible, the main
yiiestion being the nature and extent of the increased par-
cipation which the Persian Government desired to
receive. The Directors were of opinion that they could
not in fairness to the stockholders accept the views put
forward by the Persian Government on this point and
eventually these discussions ended in the spring of 1930.
In 1931 negotiations were again opened for a revision
not of the whole of the D'Arcy Concession, but of the
basis upon which the <c net profits " of the Company
were to be ascertained for the purpose of calculating the
royalty payable to the Persian Government.
The Persian Government was dissatisfied with the
working of the 1920 Agreement, and its representative
went so far as to contend that that Agreement was not
binding upon the Government, although it had been
signed by their fully authorised representative and had
been acted upon for some eight years without its validity
being questioned. The Directors pointed out to the
Persian Government representative that it was not
possible for them to enter into new negotiations on the
basis that the 1920 Agreement was not binding, but
eventually the parties agreed to discuss the matter
without prejudice to the contentions of either party on
this point to see whether a new basis could be arrived at
which would be satisfactory to both parties.
Early in 1932 a preliminary Agreement was arrived
( )it between His Highness Teymourtache, Minister of
Court, on behalf of the Persian Government, and Sir
John Cadman, the Chairman of the Company, setting
•out certain principles which had been agreed between