News and information on Shell Plc
By United Press
NEW YORK. Aug. 25.–Sir Henri Deterding, managing Director of the Royal Dutch-Shell oil companies, cleared up one mystery of the financial world today when he disclosed that a major portion of the silver exodus from China resulted from the operations of his companies.
“MORNING POST” AND “THE SCOTSMAN”
CORRESPONDENT
New York, August 17 . —Sir Henri Deterding sees little hope for the world’s petroleum industry while the United States is still deluged with so-called “hot oil,” that is produced illegally in violation of curtailment agreements.
Arriving on the Berengaria to confer with Mr Walter C. Teagel, president of the Standard Oil Company of New Jersey , Sir Henri Deterding expressed the belief that “the oil industry is trying to overproduce at an outrageously low figure . He sees “little hope of improving the condition” until you-first put your house in order, ” remarking ” 35 cents is the present price, when it might well be a dollar a barrel. The thing we should do is to work for more consumers. In America there is too much taking of business from one company by another. It is worse here than any where else in the world.”
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