OIL RESOURCES

New Zealand Herald, Volume LXXIV, Issue 22847, 30 September 1937, Page 10

OIL RESOURCES

CONTROL BY STATE READY FOR ACTION BILL WITHIN A MONTH ENCOURAGING PRODUCTION [BY TELEGRAPH —SPECIAL REPORTEII] WELLINGTON, Wednesday "We will clear the decks for action by bringing down within a month legislation which will take over the oil lesources of the Dominion," said the Leader of the Legislative Council, the Hon. M. Fagan, speaking in the Address-in-Reply debate in the Council to-day. Mr. Fagan said the discovery of oil would have a wonderful effect on the country. Evidence showed that there was every possibility of success if a proper and intensive search for oil took place. The Government was going to make a big eifort and if there was an oil field in New Zealand no steps would bo left untaken that would help to bring about production. Similar legislation to that proposed had been provided in Great Britain and in Victoria, continued Mr. Fagan. It would put the Government in exactly the same position in regard to oil as it held in regard to coal and gold. His opinion was that people would be willing to invest capital to make a real and intensive search for oil. However, if the private investor did not avail himself of the opportunity that the Government was offering the Government would not hesitate to step in itself.