PRICE OF SUGAR

New Zealand Herald, Volume LXIX, Issue 21298, 27 September 1932, Page 5

PRICE OF SUGAR

I AUSTRALIAN REDUCTION SECURITY FOR INDUSTRY REFINING COMPANY'S AID Security for the Queensland sugar industry for over three years has been obtained by the recent agreement between the Commonwealth and Queensland Governrnjents under which a reduction in the Australian retail price of sugar of a lb. will take effect from January 1, the reduced price of 4d a lb. to continue until August 31, 1936. The wholesale and manufacturing prices are to be equivalent pro rata to the retail price reduction. As from the date when the new prices take effect, the contribution by the sugar industry for the benefit of the fruit industry will be reduced from £315,000, as at present, to £2C'O,OOO. It is estimated that the reduction will mean a saving of £1,500,000 to Australian householders during the first year. Following the conference at Canberra early in September, between representatives of the Commonwealth Government and the sugar-growing industry, was reported that the Colonial Sugar Refining Company was undertaking to assist in every way possible. The sugar delegates at the conference had nothing but praise for the company, a fact which rather surprised the Prime Minister, Mr. J. A. Lyons, and tho Assistant-Minister, Senator A. J. McLaehlan, following on the strictures on the company by certain Cabinet members. It was pointed out that the company always treated the growers very fairly. Last year, for instance, the company refunded £30,000 to the growers, although under no obligation to do s<\ This amount represented the savings on costs as originally estimated. Tho company had not received any increased remuneration for refining and selling sugar beyond the amounts awarded by Mr. W. M. Hughes in 1915, when he initiated the embargo and Government control. The amounts had always been £1 a ton for administration, depreciation and interest on capital, and 7s a ton for selling, plus tho actual cost of wages, coal, bags, etc., in refining sugar. The Sugar Inquiry Committee's report showed that the company's net profit was 16s 6d a ton, or about one-twelfth of a penny per lb. It was also stated that the company had agreed to pass on to the growers any savings made as a result of the lower cost of coal, bags, etc. Thus the growers would be recouped to some extent for tho sacrifice they were making, particularly if their own production costs were lowered by reduction of wages and other charges. BORING FOR OIL OPERATIONS IN SOUTHLAND For some time past active operations in boring for oil have been carried on in the locality of Centre Bush, in Southland, which lies six miles north of Winton, and 120 miles south of Dunedin, says the Otago Daily Times. From the commencement of boring and right down to the present depth a light oil had been present on the discharge sumps and pits. This had been supplemented at times by heavier oil occurrences, which were evidenced as a thin or thick cream. The cause of the creamy appearance was the presence of innumerable fine gas bubbles, caused by the contained light oil particles expanding into gas on nearing the surface. At the 1400 ft. level in the Centre Bush bore, there is a sand, with accompanying oil and gas, which, it is stated, is the best to date.

The most striking occurrence of oil was between 1366 ft. and 1400 ft. SEARCH IN AUSTRALIA RESULTS OF AIR SURVEY After searching the entire coast of Australia from an aeroplane, Dr. W. G. Woolnough, geological adviser to the Federal Government, is practically certain that oil will be found in abundance in Australia. Dr. Woolnough returned to Melbourne recently after having flown north-west round the Australian coast in a Wapiti aircraft. Two of the machines were made available by the Air Force, and on the two-months' survey, during which time 10,000 miles were traversed, 2500 photographs of promising geological formations were taken.

Interviewed after his arrival, Dr. "Woolnough said: "I think it is as certain as it is reasonable to predict anything scientific% that, provided the proper methods are employed we shall produce oil in commercial quantities in several places in Australia."

The success of the survey, he continued, had far exceeded expectations. However, ho wished to issue .a warning against indiscriminate boring, and to point out that aerial surveying was only an auxiliary method in the search for oil. A vast amount of money could have been saved had locations been thoroughly tested before boring. To run drills into ground that was unlikely to harbour oil was not only to waste time, effort and money, but to discourage the public. Although oil could not be found from the air, yet in one respect aerial surveys were invaluable. From an altitude the oil seeker was able to see the geological formations as a related whole, a fact of the greatest importance. He had discovered an affinity amounting almost to duplication between certain formations in Australia and the great mid-continent oil field of the United Stales, also with the oil lands of the Argentine. The Australian fields would not present any marked difficulties of terrain. They were located in country much more accessible than some of the richest mines. It must bo remembered that oil had already been found in Victoria (at Lakes Entrance), Queensland and Western Australia. If new fields were opened up as a result of this expedition they wero almost certain to be extensive. Tho films taken on tho flight would be studied in detail at Canberra, and would form the basis of a detailed report, which would bo presented to the Government. PUKEKOHE HORSE FAIR IMPROVED VALUES REALISED [from our own correspondent] PUKEKOHE. Mondav Top price over a lone period nt. horse sales at Pukokohe was mid at the horse fair nt Pukokolie {o-duy conducted by Alfred Buckland and Sons. Limited, when a four vearold heavy draught colt from Mr. Tl. J. K1 nv. of Bombay, was purchased by the Northern Roller Mills for £lB. Tho day's entry numbered 180 horses from many parts of the province. The demand was poorl throughout, and prices generally showed an advance on those at. Inst month's sale. In unbroken horses, of which some ,'fO were offered, two-year-old medium draughts made from £lB to £:SO 10s. a two-year-old drnucht stallion .£32. and lighter breeds £5 to £l2. Active young henvv draughts, broken to work, brought from £35 to IMS: aged. £l4 to £26: young medium draughts, £25 to £32: aged. £lB to i"2G 10s: lighter farm horses, young. £'2o to £-27: need and worn, £l2 to £l7 10s; light, harness sort*. £lO to £2O 10s; hacks, good, £4 to £l2 10s; aged and weedy, from £2 upward.