The Price of Kerosene

Poverty Bay Herald, Volume XXII, Issue 7298, 5 June 1895, Page 4

The Price of Kerosene-

The petroleum market, saya the Neff York World of April 9th, tc ok a jump which, a dozen or more years ago, would have wrought a panic ou a half-dozen exchanges. Field oil— that is fresh oil from the wells- went up 10 cents per barrel, and ran from 110 to 120. Oil certificates which are warehouse receipts for oil stored in great tanks of the Pipe Line, went up from 115 to 130 bid without bringing out a single certificate on the New York Petroleum Exchange. The bidder in each case was the Standard Oil Company, and something of the sort has been looked for by far-seeing observers for some time past. The simple fact is that the Pennsylvania and adjacent oil fields are not yielding sufficient crude oil to meet the demand. The consumption is about 100,000 barrels per day and the outflow from the regular field wells is from 70.C00 to 75,000 barrels. This leaves a deficiency of 25,000 barrels per day, which iadrawn trom the tank supply, represented by the certificates from the pipe-line tanks. These certiGcates, which were quoted as low as 60 cenia a fow months ago, have been bid at higher and higher rates, but are closely hekbby those who know the plight in which the Standard Oil Company is This great trust must have the crude oil to work up, and, as it handles 85,000 barrels out of the daily consumption of 100,000 barrels, it is the most interested bidder and, in normal circumstances, practically dictates the market. It controls the pipe-line business, and this gives it the power to fix prices for field oil. Of late Lima oil, the vile odored stuff which comesjrom the Ohio field, has gone up from 15 to 60 cents per barrel, and is finding a market in the scarcity of Pennsylvania oil.

The Agency in London for Victoria (says the Colonies and India) are now inviting tenders from steamship owners for one, two, and three years, for the exclusive right of carrying in cool-storage chambers, niiik, butter, cheese, meat, poultry, game, fish, eggs, fruits, aud vegetables, and, indeed, any articles of food to be exported during the continuance of the contract, for the colony of Victoria.' The time lor the tenders runs up to August Ist next, so that there is ample time for the contracting competitors to prepare their tenders. It appears that the service is to be from May 2nd, 1896. Certainly this movement appears to indicate a very decided and active policy on the part of the Government of the colony, and shows how great is already the development of the organised export of food products to tho United Kingdom. Of course, it is quite impossible to tell in advance how much produce is likely to be shipped to thia side next year, but it is staled that the estimated quantity of butter runs up to 10,000 tons weight, mutton to 100, COO carcases, fruit, say 50,000 cases of 401 b weight each, and this outside the poultry, eggs, etc. Altogether, it decidedly looks as though the Victorians mean business in the near future, and, as a matter of course, their action is pretty sure to stimulate the other members of the group to similar actiou.'t