871.63/10: Telegram
The Minister in Rumania (Jay) to the Secretary of State
[Received November 14—4:10 a.m.]
60. British Legation has shown me copy of their note of November 10th to Foreign Office protesting against anticipated provision of the proposed mining law, information based on semi-official statements and intimations appearing in press.
I understand that French, Belgian and Dutch will probably protest also. Anticipated provisions objectionable to foreign oil interests are: (1) definite pursuance of policy since January, 1922, of refusal to approve bona fide leases of oil lands; (2) state monopoly to sell petroleum products; (3) requirement that majority of capital, shares and directors be Roumanian; (4) confiscation, on pretext of being undeveloped, of acquired rights to oil lands held in reserve by big companies but not as yet drilled.
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