FOR FOREIGNERS?

Otago Daily Times, Issue 20892, 5 December 1929, Page 12

FOR FOREIGNERS?

AUSTRALIAN OIL FIELDS, . ’ ‘ .-A OPPOSITION GROWING. (Fnott Our Own Correspondent.) SYDNEY, November 21. Although the Premie* of Queensland has expressed a determination to proceed Tvith hifl proposal to amend the Petroleum Act so as to permit the unhindered introduction of foreign capital, the agitation against this move, at first mildly expressed, is growing, and the result seems to be that the Queensland Government is hesitating. ■ Since the proposal was first announced there has been published a large amount of propaganda, and perhaps it is having the desired effect. Then again, the Queensland Government has n»w to face a different Federal Government—and a Labour Government at that, and the Labour Government does not seem to" be in favour ,of foreigners. The whole oil policy of the Federal Government is in the melting pot, and the Minister of Industry has promised that there will be a complete break from that followed by the Nationalist Party, though he has been most careful not to indicate the direction he proposes to take. That may be taken as indicating that be does not know. The Federal Cabinet is certainly faced with a very difficult problem, for there is a demand for greater assistance from it in the matter of oil proepccting. The Government has already decided to relinquish payment of subsidies in certain directions —where the prospecting is being carried out on the mandated territories. Therefore, there is some reason for doubting whether it will be prepared to spend more money, in assisting in the search on the mainland. At a public meeting at Toowoomba the other day. Dr H. J. Jensen, a consulting geologist, said that unrestricted foreign interests would more likely settle than develop the oil industry in Australia. He did not think that any better results would be achieved if the Anplo-Persian Company, in which the British Government was so largely interested, was given free scope. That company had condemned every concession it held in New Guinea, except one area where the existence of oil was undeniable. He was followed by 3lr Roy Evans, an American oil expert, who said that there were American combines that sought to circumvent the laws of their own country, and of every other country with which they had/any dealing. The oil laws in Queensland, ns in America; should first protect the rights and interests of the poeple of the_ land. It has been said, with some justification it would seem, that no Government would he prepared to go to the country with an issue involving the introduction of foreign capital to_ exploit the potential oilfields. The spirit of the people on this question seems to be quite clear. One writer's argument seems to be to the point. He said: “It is inconceivable that American capitalists, or those of any foreign country, would desire to invest capital in any activity that is doomed to failure. The outside pressure, therefore, Justifies the premise that however sceptical many may be regarding the existence of paying oil within the Commonwealth, oversea capitalists held a more optimistic viewpoint.”