PAPUAN OILFIELDS.

Star (Christchurch), Issue 16584, 17 November 1921, Page 2

PAPUAN OILFIELDS.

| AN AUSTRALIAN CONTRACT. By Telegraph—Press Association—Copyright. United Service. LONDON, November 15. Official circles in London are mystified by tho official denial given by Australia to the announcement locally made m the House of Commons, on behalf of the Government, that the British Government had agreed with the Commonwealth Government to take over its interests in tho Papuan oilfields, Mr Hughes when in London having arranged to pay £25,000 for these interests. It now is explained that the reason underlying British action was the state of finances precluding further expenditure. and the belief that Australia would be better able to continue the development of the oilfields. MELBOURNE, November 16. Mr Poynton announced that he was in error when he stated that no suggestion had been made by the British Government that the. Commonwealth should purchase Imperial -oil interests in Paj pun l , since he had ascertained that an arrangement had been made by which the Commonwealth purchased them for £25,000.