The Hungarian Minister of Finance submitted to the National Assembly, in December 1920, a report concerning the cession of rights to prospect for oil to a syndicate controlled by the _d'Arcy Exploration_. The Government at Budapest, not having the necessary capital for exploration, was favourably disposed to the offers of the subsidiary of the _Anglo-Persian_. The negotiations were conducted by Dr. Telesky, a former Minister of Finance, and Dr. von Bockh, Secretary of State. According to the agreement reached, the _d'Arcy Exploration_ undertook to devote at least £100,000 to prospecting for oil; if the results were satisfactory, the company would exploit one-third of the geological productive units, one-third would be kept in reserve, and the remaining third would revert, free of all expense, to the State. As regards the second portion, the Hungarian Government reserved complete freedom of action. A company was formed with a capital of £1,000,000 sterling, of which the Hungarian Government subscribed ten per cent.; the company had to deposit with the Government 25 per cent. of the shares, and to undertake to hand over to it each year one-tenth of the production, in kind or in money. The _Anglo-Persian_ has also obtained possession of the oil-bearing territory of Transylvania, ceded to Rumania. During the War, this was seized and exploited by the Austrian military authorities, for it belonged to the _Hungarian National Petroleum Company_. The capital of this company was heavily drawn upon for repairs undertaken at the close of hostilities. An appeal for funds became necessary. The _Anglo-Persian_ demanded that the technical and commercial management of the undertaking should be entrusted to it and that two of its nominees should sit on the Board of Directors; it then subscribed £500,000 in preference shares. Each of these shares carried twenty votes against one for an ordinary share: thus the _Anglo-Persian_ has complete control. In addition to this, it has taken over the share which was reserved for Britain in the German interest in the _Steaua Romana_, and disposes of nearly 80 per cent. of the shares in the _Turkish Petroleum_, which has claims to oil concessions in Mesopotamia. On October 13, 1921, the _Anglo-Persian_ made an agreement with the Japanese company _Tei-Koku_, undertaking to supply it with 350,000 barrels of petroleum yearly. Half of this is destined for the Japanese Navy. Organizations for the sale of its products are to be found in Belgium, Denmark and Norway. Part of the famous deposits of Rivadavia, which the Argentine Government intended to reserve for itself, has fallen under its control.