AUSTRALIAN INVESTMENTS.

Otago Daily Times, Issue 20330, 11 February 1928, Page 12

AUSTRALIAN INVESTMENTS.

RACE FOR OIL. (From Our Own Correspondent.) SYDNEY, February 2. The fact that the Oriomo field in Papua is to be inspected by the party of AngloPersion Oil Company exports who, under tho leadership of Dr Richardson, are to make a survey of Papua as agents pf the Commonwealth Govenment, invests with interest the keen race among those who are searching for oil within Australia and its territories, including oversea interests. The last-named look forward, of coure, to developing intensively the Australian market. The oil survey which the Commonwealth Government has organised will bo watched with intense interest. The discovery of oil in a big commercial way would be the best happening in Australia for many years. It would bo especially welcome just now, if New South Wales is any criterion. While, for example, no less than £11.372,000 was taken from the local money market by new share issues during last year, more than £9,000,000 of that sum was raised in the first six months. This heavy call on floating capital resources was followed by a reaction, and, towards the end of _ the year, by a development of monetary tightness, which is still manifest, ihe turnover of most of, the .large retail city stores has been disappointing compared with the results of immediately preceding years. Tho fact that the Government ha s had to tighten its belt almost to straining point, conse quent upon the Labour Government s financial debauch, has much to do with tho position. Although tho outlook is not unhealthy, business generally in Sydney is being conducted on a cautious and somewhat restricted scale.