OIL: Under the Big Globe

The directors of Anglo-Iranian Oil Co., Ltd. meet in the cream-walled board room of London's Britannic House. They sit around an oval mahogany table beneath a huge, hanging globe of the world which helps them follow Anglo-Iranian's worldwide operations. This week, they were there for the company's 40th annual meeting. With a Scottish twinkle, gaunt, grey Sir William Eraser, for eight years Anglo-Iranian's chairman and operating head, imparted the good news: Anglo-Iranian had turned in 1948 earnings of £50.7 million ($204.3 million) before taxes, the biggest in its history.

Bloody Focus. Anglo-Iranian, which runs its affairs in the old-fashioned capitalist...

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