SEARCH FOR OIL.

Hawera Star, Volume XLVII, 11 June 1928, Page 3

SEARCH FOR OIL.

AUSTRALIAN ACTIVITIES. I FRUSTR ATING FOREIGNERS. II intis of further developments at Roma. the. formation of Builders. Limited, incorporating a number of oil prospecting companies;, and. favourable reports from New Zealand, have led to great activity-in the oil share, market, writes the Auckland “Herald’s” Sydney correspondent-. In Stock Exchange circles in Sydney and Melbourne interesting reports have gained circulation in regard to the latest developments i-n Queensland. One is to- the effect that the influence of the Commonwealth Government was exerted in certain quarters with a view to launching this scheme for the creation of Builders, Limited, and its 26 affiliated companies. The intervention of the Federal authorities. it is reported.was actuated by adesire to crowd out “foreign interests,” which are reported to have designs on area-s in Queensland', where a- great deal of exploratory work has been oonet and much Australian capital spent. A strong “alien” organisation, it was said, had actually set machinery in motion for the purpose of obtaining rights over certain large areas of land., from wli-ieh there -seems to be a reasonable prospect of obtaining oil in commercial '«nan tities. Such a supposition was based on results disclosed by preliminary activities of the- Roma and Lander companies. The- chairman ojf the new oil 'Tro”P denies that the Federal Governmenit i-s standing behind the organisation. but that does not mean that it had nothing to do with its formaiton. The course of activities' of the new group haw vet to be decided. At the outset it will engage in ai geological examination and scout boring. It is easy to- understand the interest of the Federal; Government in such work. Apart from the vast industrial significance of the enterprises, there is the oonsi deration of the imperative need, of providing oil for the Australian Nsrvy in peace time as well as in time of war. That phase of the ouest for oil would appear to amply justify a desire on the part of the Government to- prefect and conserve for Australia the- benefits of production of an Australian oil s-upply. Tbe area in which the 26 companies intend to concentrate- their work is what ha-s become known as the “Roma territory,” being adjacent to the propertv that is being explored by the Roma- Oil Corporation. It was reported in Sydney that- extensive American interests I ad endeavoured to obtain rights over areas which would! have enabled them to “snuggle-” up against- Roma, but that plan has been frustrated. Significance is attached to the recent eager buying of Builders’ shares bv men in Melbourne and: Svdnev who are not hkalv to have done so purely from a- speculative point of view. Builders,* Limited, provide an additional safeguard against foreigners bv retaining the right to refuse to- .sanction the transfers of iscri.p. Meanwhile, the Minister r.f Mines m Queensland has been da "1,1 v hinting of important- development* at Roma, and lias suggested that n definite announcement will be made -■ oocAy.