SEARCH FOR OIL.

New Zealand Herald, Volume LXVII, Issue 20627, 28 July 1930, Page 5

SEARCH FOR OIL.

AREA IN QUEENSLAND.

PROSPECTING OPERATIONS

THE SPRINGSURE FIELD.

[from our own correspondent.! SYDNEY. July It

The interest obtained by the Vacuurtf Oil Company of America in the Spring* sure oil prospecting area in Queensland* and the encouraging reports now to hand from the Commonwealth and State geolcx gists, are interesting sequels to thfl amendment last year to the .Queensland Petroleum Prospecting Act, permitting the operation of foreign companies in the search for oil in Queensland. Keen interest in the developments in the Northi has been displayed at Canberra and the Minister of Home Affairs, Mr. Blakely, has planned an early visit to Queensland so that he can become acquainted with all that is going on. The Commonwealth geological adviser, Dr. Woolnougli, is in America inquiring into the latest prospecting methods. His representative, Mr. Ifossfield, is following up the geological survey which Dr. Woolnougli began and as it is understood that his reports have been distinctly favourable hopes arc rising high. The theory has been advanced in some quarters that) Springsure is the source and Roma tha seepage of whatever oil there may be in Queensland. Whether Mr. Hossfield ha-$ supported this is not known, but thc( publication of his official reports ii awaited with the keenest interest. Twd Vacuum Oil geologists are on the field* It is known that American interests aro keenly watching the position. Mr. Blakcly has for years taken a kcert interest in oil and mining problems and he is more independent than some Miru isters in forming an opinion on the ve* ports of experts. He has followed dw velopments in Western Australia, it is hoped, may also yet give some en* couragement to those who have faith id, Australia's oil resources. The finding of oil here will mean mil* lions to the country and would go a long way toward rehabilitating tha country. Thousands of pounds of good Australian money has been sunk in oil wells in all parts of the continent and in this connection the faith the peopla have been willing to display in their own land is remarkable. there will be $ certain amount of regret if the best discovery should go to foreigners, who, until last year, were not permitted to take part in the search for oil.

BRITISH COAL OUTPUT.

FIRST QUARTER FIGURES.

HIGHEST SINCE 1924.

The output of coal from British mino# during the first quarter of this year, says the. Board of Trade Journal, amounted to nearly 68,000,000 tons, and was about 1,000,000 tons more than during the last quarter of 1929. It was higher than in any corresponding quarter since 1924. Coal exports, though thev were over 1,000,000 tons lower than during the previous quarter, wera higher than those of the corresponding quarter for any year since 1924. Mora than 47.000.000 ton.v of coal were available for home consumption, or approximately the same quantity as in corresponding periods of overy yesr sinC6 1924 —except 1927, when conditions vera abnormal. Toward the end of the quarter thera were indications that the improved demand, which was a feature of the frada in 1929. was not being maintained. Substantial stocks had been laid down abroad in the later months of 1929, largely to provide against a possible repetition of the difficulties caused by the severe weather conditions experienced in the previous winter. The winter proved to be rather milder than normally, and with some reduction in the industrial demand trade began to fall away. The number of wage-earners in employment reached the highest level since Fcbruary. 1928, arid employment at coalmines was fairly regular. Kxcept in Warwick* shire and Northumberland among the districts of importance wages remained at the minimum levels.

Apart from the seasonal decline during the summer in the number of workers employed in 1929 the steady increase which has been observed since the end of 1928 was maintained up to the first week of March, 1930. At this date there were 959.700 wage-earners on colliery books, as compared with 949,400 at the end of 1929. By the end of March tha numbers had falien slightly to 957.500. On the average, there were 955.800 workers in employment, or an increase of 13.500 as compared with the previous quarter and of 39,800 as compared with a year ago.

LONDON CREDITS.

AUSTRALIAN AGREEMENT.

NEW ZEALAND'S POSITION

The opinion was expressed by several leading bankers in Wellington in interviews on Tuesday that New Zealand's legitimate interests would not be adversely affected by the decision of tha Australian banks to mobilise London credits at the disposal of the Australian Governments.

The general manager of one institution said the banks, quite apart from the new arrangement, had by readjustment of the exchange rates some months ago put a hart] brake on'imports. The new Commonwealth tariff, -with its 50 per cent, surcharge on a nil lovable range of commodities. had applied a further corrective. The banks held, and rightly so, that it would have been better if this bad been done earlier.

In New Zealand some four months ago. said the banker, the banks had revised the exchange rates with the object of checking imports, and the latest trade returns to June 30 indicated that this was having the desired effect. A check on imports was verv necessary, particularly in view of the* heavy decrease in the prices ruling for our principal exports* The position in regard to the export trade was not quite as had-as it might appear since the fall in dairy produce prices had been largely offset hv greatly increa.srd production. There had been heavy declines in the values of wool and frozen meit but oil the other hand, there was a hold ove. of between 140.000 and 150,000 bales of wool, while large quantities of meal were beincr held in store Regarding London credit this banker said the banks must recognise New Zealand requirements. All reasonable demands were being met. and would continue to he met. So far, the banks had not refused anv credit for London in New Zealand. The head of another bank said lie could not see any reason why the decision arrived at between the banks in Australia regarding London credits should , affect, the rales of exchange in New Zealand. Tic had had no intimation of any indention to increase the current rates of exchange on London His information from Australia was to the effect fVt th« banks considered that by careful c.n'rol in granting exchange, necesfitatinc nd'oning thai would jive preference to »iwessi... ties in the import trade, exchange rates could be kept at. current, prices and » sound balance of. funds, preserved*