OIL FROM BROWN COAL.

New Zealand Herald, Volume LXV, Issue 20074, 11 October 1928, Page 9

OIL FROM BROWN COAL.

EXTENSIVE WORKS PROPOSED DEVELOPMENTS IN VICTORIA. [from our own' con respondent.] SYDNEY, Oct . 4. An ambitious scheme for the development of the brown coal and limestone deposits of South Gippsland (Victoria) lias just been disclosed. This announcement comes at a time when world scientists; gathered at Geneva, have praised the developments already made on the brown coalfields of Victoria. It is said that the Latrobe area in Victoria contains the richest coal deposits in the world, while the resources disclosed by the Yalloiri open cut, which is worked by the electricity commission of Victoria, are said to be almost limitless. Tho whole world is even now watching what is taking place in Victoria, and the development of any further scheme is bound to be closely followed. Tho Victorian undertaking at Yallorn had tho distinct advantage of being commenced lit the point which the German industry reached after 30 years of practical experience arid patient research. The commission was thus able to select the most economical and efficient methods. In regard to the combustion of high-moisture brown coal the results achieved by Victoria have not been equalled anywhere else in the world, and this success is mainly duo to the researches of the commission's own staff.

The new company which is about to commence operations in South Gippsland proposes tq build up a largo industry, step by step, until the capital outlay will bo about £5,000,000. A start is to be made immediately with the exploitation of tho brown coal deposits. It is proposed to treat the coal by low temperature distillation for the production, of fuel oil and petrol. A representative of the company inspected large works in Halle, Germany, in which coal was similarly treated, and ho was much impressed with the economic character' of the scheme. It is felt, certain that oil and petrol can be produced in Victoria in commercial quantities at prices that will enable successful competition with the imported natural crude oils. The Gippsland product, it is promised, will be sold at the same price as imported oils—and, perhaps,; a little lower. When fully working the company will produce more than 100,000 tons of petrol and oil annually. The national importance of tho development of the brown coal fields cannot bo over-emphasised, in view of what is taking place in other countries, particularly Germany, United States and Russia. The brown coal deposits in these countries have become the basis of many new industries. In Germany the output of tho brown coal mines exceeds 150,000,000 tons a year. , Brown coal workings are the basis of all kinds of manufacturing, and make possible tho economic life and development of Central Germany to-day. Gormany had achieved the liquification of brown coal on a commercial scale, and one German company is producing 100,000 tons of synthetic petrol, and will ultimately produce 200,000 tons. It is of great national importance to Australia to know that it is possible to manufacture synthetic petrol of ' high-class quality from brown coal. If oil is not found in Australia—and the prospects in this regard cannot bo. said to bo very encouraging—then it will bo essential to take the oil from coal and sluile.

WOOL FARMING AND FIRMS. AN "ABSURD SUGGESTION.". [FROM . OUR. OWN CORRESPONDENT.] 1 LONDON. Sept.* 7. The suggestion of Mr. F. Towlcr, a London business man who is studying the producing end of the wool industry in New Zealand, that English wool firms should own their own farms abroad is described by Bradford wool merchants as "absurd." "It is an impossibility," snirl Mr. F. A. Akroyd, a well-known Bradford topmaker. "Just reckon it up. Two hundred sheep to a bale, and a firm of any standing would require 1000 bales a week. That means 200,000 sheep. It is true I have a farm, but that is purely for experimental pnrposes. Toll Bradford wool morchants to farm their own wool, and they would laugh at you." NEW STOCK EXCHANGE. PROPOSAL AT HAMILTON. [ISY TELEGRAPH. —OWN CORRESPONDENT.] HAMILTON, Wednesday. Steps are being taken to form a Stock Exchange in Hamilton. A number of business men, several of whom are already engaged in the brokerage business, have intimated their intention of joining the exchange. Rules havo been prepared and an application for affiliation has been forwarded to the Stock Exchange Association of Now Zealand. LONDON STOCK EXCHANGE. Australian Press Association—United Service LONDON, Oct. 9. Tho following were among to-day's quotations on tho London Stock Exchange: —Dalgety and Company's • shares, ox dividend, £ls 3s 9d; 4 per cent. Debentures, £76 10s; Gohlsbrough, Mort, 5 per cent, debentures, .1185.

CHICAGO WHEAT MARKET. Australian and N.Z. Press Association. CHICAGO, Oct. 9. Wheat. —December, 1 dollar 18i cents per bushel: March, 1 dollar 22;"; cents; May, 1 dollar 25 1-3 cents. LONDON WHEAT MARKET. Australian Press Association—United Service LONDON, Oct, 9. Wheat,—Cargoes are quiet and occasionally lower. By the Nestlea or substitute for India, 475. Parcels are inactive to 3d easier. Liverpool futures: October, 9s 6d per cental; December, 9s 6? ( d; March, l Js 6^d; May, 9s 6-Jd. TARANAKI OILFIELDS. [f,Y TELEGRAPH. —PRESS ASSOCIATION.] GISBORNE. Wednesday. Taranaki Oilfields, Limited, report:— Gisborno No. 1 well: Cleaned out to 3015 ft.; 6Jin. diameter casing run to 3000 ft. Gisborno No. 2 well: Drilled to 1680 ft, in Kandstono; lOin. diameter casing to 1655 ft. SOUTHERN EXCHANGES. [BY TELECBAI'H—MIESS ASSOCIATION.] WELLINGTON, Wednesday • The following sale was made on the Stock Exchange to-day:—New Zealand Government per cent, stock (1936), £lOl 10s. CHIUSTCHURCH. Wednesday The following sales wore made on tho Stock Exchange to-day : Glaxo 6A per corit. (1945), £9O; National Bank of Australasia (£5 paid), £9 lis 9d; Bank of New Bout li Wales, £sl ss, £sl 6s 3d; National Insurance, 16s 3d; Wellington Frozen Meat, 12s 6d. , DUNEDIN. Wednesday The following sales were niado on the Slock Exchange to-day: Bank of New Zealand, 61s 3d; English, Scottish andAuskalian Bank, £8 17s; Crystal Ice, 245.