OIL PRODUCTION

Dominion, Volume 31, Issue 140, 10 March 1938, Page 14

OIL PRODUCTION

Record Output Last Year According to estimates made by the American Petroleum Institute, the world output of crude oil last year exceeded 2,000,000,000 barrels for the first time in history. The actual figure was 2,015,000.000 barrels, which was 230,000,000 barrels, or about 13 per cent., more than for 1936. Compared with the 1929 pre-slump level, output in 1937 showed a gain of 531,000,000 barrels, and it was no less than 709,000,000 barrels, or 54 per cent., in excess of the 1932 figure, which represented the low point of the depression. The increase in output was achieved in spite of a large falling-off in Rumanian production and an absence of expansion —so far as records are obtainable —in that of Russia, which for years had held the second place among world producers. The United States was able easily to maintain the leading position ; indeed, it is estimated that production there last year was 1,280,000,000 barrels, against 1,098,000,000 in 1936, which would make that country's outpuj equal to 63.5 per cent, of that of the world, against 61.5 per cent, in the previous year. This expansion is the outcome of an increase in demand. Antwerp Wool Futures Quiet By Telegraph.—-Press Assn.—Copyright. London, March 8. Antwerp wool futures arc quiet. Today’s quotations compare with those previously cabled, as follows:—

LONDON WOOL SALES Prospects For Prices Dalgety and Company, Limited, have received the following cable from their London office: —List of arrivals closed ou March 8. The following vessels in which we are interested have arrived: —Tougariro, Arawa, Maimoa, Cumberland, Benarty, Wairangi, Fordsdale, and Mataroa. Our selliug dates are March 15, 17, 22, 25, 30, and 31. Sales close on March 31. We expect that as compared with closing rates of last series: Good merino will bo from par to 5 per cent, lower; average and inferior merino, 5 per cent, lower; and crossbreds, 5 per cent, to 7-1 per cent, lower. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., report having received cable advice from their London house regarding the London wool sales, reading as follows: —110,700 bales have been catalogued for the next London sales to be held from March 15 to March 31. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following advice from their London house : —Wool sales: List closed March 7. New Zealand shipments ex Rangitata, Rangitape, Fordsdale, Benarty, and Rotorua available. London Butter Market Firm By Telegraph.—Press Assn.—Copyright. London, March 8. The butter market is quietly firm. Choicest salted, Australian and New Zealand, 118/- a cwt.; unsalted, New Zealand 120/-, Australian 119/-. Colombo Tea Auction By Telegraph—Press Association. Dunedin, March 9. Mr. L. M. Wright has received the following cabled report on the Colombo tea auction of March B:—At yesterday’s auction a keen demand was shown for all grades, and prices of common kinds advanced about id., while for medium and fine teas quotations were 3d, to Id., dearer than last week. At the sale next week, 2,125,0001 b. will be offered. British Exchequer Returns (British Official Wireless.) (Received March 9, 6.30 p.m.) London, March 8. The Exchequer returns show that the total ordinary revenue amounts to £792,023,676, compared with £749,896,712 a year ago. The total expenditure, less self-balanc-ing items, is £803,968,081, compared with £776.941,351 at the corresponding date of 1937.

March 1. March 8. March .. 24|d. —— .May ......... .. 224d. 244d. July .. 24jd. 24l<l.