SECRET principle of nationalisation. 6. Meanwhile, E.M. Government had, in a Note dated 14th March, informed the Persian Government of their views on the unsatisfactory state of the negotiations between the Persian Government and the Oil Company. This Note, which has been published, pointed out that the Oil Company was continuing to make advances of royalties in excess of those due under the 1933 Agreement and stressed that the Company had, on the security of their concession, spent enormous sums on development.