Lot 267: PERSIAN BANK MINING RIGHTS CORP.
29 October 2016
Brussels, BelgiumLive Auction
Description: 28 August 1890 Preferred Ordinary Shares of £5. brown. No 807. Folds. In 1890 the Persian Bank Mining Rights Corporation was founded by baron George de Reuter (son of Paul Julius, the founder of the Reuters news agency), with rights for 60 years to work iron, copper, lead, mercury, coal, petroleum, etc deposits notalready ceded to others. In fact its sole activity consisting of exploring an oil drilling concession in Persia for 10 years. The company raised a capital of £1,000,000 and the Persian Government was entitled to 16% of the net profits. The corporation drilled 3 wells, but even at the depth of 800 feet, no oil was struck. After 10 years of fruitless search and drilling, the company folded and in 1899 the Government announced the cancellation of Reuter's oil rights. Shows the lion and sun arms of Persia. One of the directors was Frederick Sassoon, of the Sassoon banking-house, and he has signed the share. Extremely rare piece.
Condition Report: VF