SURPLUS OIL.

Press, Volume LX, Issue 18015, 6 March 1924, Page 11

SURPLUS OIL.

RETURNED TO EARTH

HALF LATER RECOVERED

(BT CABLE— ?r.553 ASSOCIATION* COPIE'tST-) (AUSTRALIAN AND X.Z. CABLE ASSOCIATION./ (Received March otTi, 7 p.m.) LONDON, March 5The Tlon. T. G. Cochrane, lecturing before ihe Royal Society of Arts, revcaleu the fact that during the war 30,000 tons of oli at Sarawak (Borncol, for winch there was neither transport nor shortage were, on Lord BearsiCw » advic-e. returned to tlie earth, fourteen thousand tons were afterwards recovered.

Lord Bearsted, following the lecturer, said that, as 30,C00 tons of petrol wero worth £-150,000, it required sonw courage to adopt an untried plan. But he was giad that the thought had occurred, because thoso dealing with eruptive wells which swamped the country now knew that they could put flie surplus back into exhausted wells and probably later recover a portion. He proceeded to emphasise that tne development of Sarawak would have an important bearing on Singapore, bocause it was inconceivable that Britain would ever allow that wonderful field to faTi into an enemy's hands. Lord Bearsted added that he saw with dismay the association of the Australian Government with the British Government for the purpose of developing oil in New Guinea. Hundreds of thousands of pounds had been spent without result.

He hoped everyone would protest against Governments entering into trade, one wit/h immense risks like oil.