COMMERCIAL

Grey River Argus, 9 May 1930, Page 5

COMMERCIAL

TARANAKI OIL A New Venture AUSTRALIAN CAPITAL, (Per Press Association.) NEW PLYMOUTH. M -y <?. Aftcff research extending- ove t tlul.in years, boring for oil has been commenced by/ Coal Oil (N.Z.) Ltd., at Omata, near the port of New Plymouth. Of many sifth ventures, this one has created more than usual interest, b<trause a party of German scientist have been operating in the district for thre e years under Hie Elbof Geophysical system. They selected the site where the boring Las been commenced.

Th.' venture was officially launched to-dav by the Minister of Mines. Mr Veitch., in the presence of two thousand people,, including Senator Millen, of Australia, the, Chairman of the company. The Minister of Mines traced the. history of s>il boring in Taranaki, stating that up to 1929, a total c£ 1 270.272 gallons of oil had been re-1 covered, but the companies had failc<l usually through lack of finance] and scientific equipment. He strjesscd| the importance of striking oil in a British country. Th c Empire at pre-, sent was producing only 3 per cent.] < f i' .s New Zeelandj anually imported about three million| pounds worth of oil and oil products. Senator Millen expressed confidence in thc venture, and said the Company came to New Zealand because it believed there was a greater likelihood of striking oil here,. The Minister also visited Moturoa ■O l Fields Ltd., well,, and expressed pleasure at th c progress madq.

AUSTRALIA’S TARIFF New Industries AND CAPITAL. (Aus. nnd N.Z. Cable Assn.) SYDNEY, May 8. The New South Wales State Treasurer (Mr Stevens), commenting on the announcement that Swedish factories will be starting the match making indu.'liy this year in Australia (owing to the new Tariff), and on the fact that British capital is prepared to build a railway to the outer suburban i seaside icsort at Newport, said: ‘‘The mere fact that British capitalists are anxious to invest in Australia in private industry. is some evidence of their desire to trade with Australia. The extent of their trade will depend upon the fiscal policy of the Commonwealth. I believe the inability of the Government to borrow the same amount of loan capital as hitherto will inevitably mean the transference of external capital to Australia for private investment.” SLUMP EFFECTS. FALL IN EXPORTS. SYDNEY. May 8. The value of merchandise exported from the Commonwealth during the i first nine months of the current year oecliiiGl by nearly thirty-nine millions sterling. The figures for the period arc £73.389 COO. MELBOURNE, May 8. The Victorian grain yield for 1929-30 showed a deficiency of twentyone million bushels, compared with the previous year’s harvest of forty-seven million bushels. THE DROP IN EXPORTS. SYDNEY. May 8. 1 The value of the merchandise exported fflom the Commonwealth Eor the first nine ' months of 1929-30 declined by 38 millions sterling. The imports to Australia, however, during March. disclose a drop of £756,000. ECONOMY POLICY. CANBERRA, May 8. I The Federal Ministry decided not /to close the Royal Naval College at Jervis Bay, or the Royal Military College at Duntroon, but vigorous economies will be effected in order to bring about a saving of £46,530 yearly. MELBOURNE, May 8. At the hides sales to-day. stouts and heavies showed a farthing decline per lb. Other sorts were unaltered. SYDNEY, May 8. Wheat is quoted:—Bulked 4s Gel per bushel, bagged 4s 8d; flour is £ll per ton; pollard £8 15s; bran £8; potatoes, Tasmanian £lO 10s, and Victorian £8 10s; onions, Victorian Brown Spanish £5; oats, white and Algerian, 4s per bushel; maize, yellow white 5s 6d. SYDNEY. May 8. At to-day’s wool sales the offerings totalled 9252 bales, of which 9168 were sold, and also 211 privately. The competition for thc closing sales to-day was well maintained, and prices were equal to the best rates of the series. Greasy merino realised 274 pence.