THE CHINA MAIL, FRIDAY, OCTOBER 16, 1953.
MARITIMES OILFIELDS OF COMMONWEALTH Bearish Expansion Of Supply Not Meeting The Demand Of Industry
Tel: 20051.
M
MESSAGERIES
P.B. Box 58. Queen's Bldg.
M
FAST PASSENGER/FREIGHT SERVICE
Prom Maravilles
ET-NAM
*CAMBODGE"
Leaven Marseilles
Act.
21 Oct.
lae R.K.
INOY.
VoI
Tokohama Via"
4
9 Nov.
To Mäzediter
Leave Itongkang
Due Marseilļas
"LA MARSEILL
13 Nov.
Balgot
“HIET-NAT
10 NOT.
"CAMBODGE"
25 Dec.
Nalgon Saigon
•
2 Nov.
z Der.
Via Marielies to all Meillterkanesn & West African Poris Via Djibouti to Madagascar.
FREIGHT SERVICE
"IRAOUADDY" ***Antwerp 1 Rept.
"MONKAY ................... Dáštrk-barly Oct.
To Europ
From Europe
"AURAT"
"IRAQUADDY"
Letti
Leaves Krelung
A Oct.
18 Nov.
Dor R.K.
23 Oct.
28 Návề
Leaven II.K.
1 Nov. 19 Nov.
Fot
Of
Widespread Extension
Search For New Fields
(By Oliver Erskino)
The oil industry, seeking to fulfil ever-increasing demands, is Alana & Japan extending its search for new fields to many parts of the British Common
wealth. Besides Canada, British Borneo, Trinidad, India and Pakistan, areas are being prospected in Nigeria, Somaliland, Kenya, Tanganyika, Barbados. and British Honduras.
Madilä & Japan
For
}
i
Balgon. Bingapore, Djibouti. Marseilles, Algiers, Oran, Tanglera,
Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk.
Subject to change without bofice.
EVERETT
LINES
EVERETT ORIENT LINE
Fast regular freight--refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcutta and Chittagong.
"BRADEVERETT"
Arrives
Salls
Oct. 24
Oct, 25
from Manila,
Singapore, for
&c Rangoon
Penang. Calcutte,
"REBEVERETT”
Arrives Salla
Oct, 31 from Singapore, Nov. 1 for Kobe 匙
Yokobarna.
(Accepting cargo for transhipment Kobe/Puran and Hobe/Okinawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Colombo,
Bombay,
Karachi and Persian Gulf Ports,
"STAR BETELGEUSE”
Arrives Sails
Oct, 20 from Japan. Oct. 21
for Singapore, Pori Swetten- Penang, Madras, ham, Colombo, Cochin, Bombay, Khor- Dosrah,
Bahrein, S
í
Karachi, ramshahr
LAO
Arrives Sails
Oct, 22 Oct, 23
from Singapore,
Pusen, for
Kobe
Yokohama.
(Accepting, cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A
(lncorporated in the Republic of Panama
With Limited Liability
Queen's Building, Telephone 31206. Chinese Department: Telephone 28293.
Closer Economic
Ties
Between
India And Germany
to
Bonn, Oct. 15.
Mr D. P. Karmarkar, Indian Deputy Trade Minister, said here today that his Government welcomed West Germany's increasing share in Indian Industrial development.
Mr Karmarkar came Germany after heading his country's delegation to the meeting in Geneva of signatories of the General Agree- ment on Tariffs and Trade.
He leaves for New Delhi 10-| morrow vin Zurich.
Į
Further geological air surveys have been carried out over 28,000 square miles in Papua, New Guinea, and a number of deep bore-holes have been drilled, including one that reached a depth of over 13,000 feet. Exploration work since the war has been carried out also in Australia by both British and American, as well as local, oil interests. The work done includes geological and geophysical surveys and drilling.
feel, but operations in this eld
were suspended in 1951.
pro-
In England, there is n duction of about 00,000 tons 2 year which comes mainly"" from Eakring, Nottinghamshire,
There is also a grínil contri- bution from Formby, Lancashire and Dalkeith, near Edinburgh,
OIL FROM SHALE
In contrast to their limited resources of petroleum, both Britain
HONGKONG
SHARE MARKET
(From Our Correspondenti
and Commonweath countries drö rich in all-bearing Business done on the Stock on a deposits decur in Exchange this morning amount- torge quantities in Canada, Aus-ed to $201,340. Noon quotations tralia and Tasmania. The pro- and duction of shale oil, is, however, actions:-
the
morning's
-trans-
relatively expensive and atananks BUYERS SELLERS BALES
present its products can only
with those of the BANKS compete
industry under ex-
HK Dank
East Asia
ceptionally favourable condi- INSURANCES tions.
jons
Factors In U.S.
By SYDNEY S. CAMPELL `Router's Financial Editor
U.S. business is not good enough. There are far too many reports of unwanted inventories, price cuts, lay- offa and curtailments. There I's also far too much sunshine talk by official boosters, to a point which defents itself by making people sceptical and still more cautious,
The continued easing of money
of
money Intes JA more of
and
trelt becoming
a bearish than a bullish fäctor (except, for bands and other money storks) since, tike
laken sunshine talk, it is
tho
ELA
implying that precarious.
1509 1515 10 1310. IN
102
040 855
Underwriters MK Fire..... SHIPPING
B30 [03
1000 @ 3.20
1.10
DOCKS, ETC. K. WHATE Provident .... Wheelock
LAND, FTC
HK Hotel
In Scotland, where the rhále pil Industry has now been in We Common-operation for over h century. A NAV, of Saskatchewan, discovered in Arens covered have been in, to the east
extends for
of all eight more than 10,000 Western and South Australia, reported its first oilfield had wealth. It
one are extracted each year from Queensland
New South been located at Virden, near the miles along the shore and
West Lothian, and Wales, although up
and a half miles Infund. Off- deposits in 10 the US. border.
drilled Midlothian. middle of this year no oll had Eastern Canada also has Its shore wells have been
Shale from plers extending out to sea. Africa's Transvaal area and for is also found in S. fact olinelds which The
major proven oil responsible for the first all pro- reserves are centred in ve duction in Canada, back in the
***
America, 1860's. But North region: mal
production, now the Caribbean, the Middle East, about 300,000 tons per the
Casplan
10 Volge-Ural bus never been large. areas of Russia, Indonesia and British Borneo.
10-
.
were
In
annum,
WARTIME PROJECT
ол
was
REFINING
*
K Land
Atal Land
Humphreys ..
UTILITIES
Tram
92-
1.40 115
Star Ferry +135
2008.ba
5000 @ 17
100 26.00
gards the situation as
Money has ensed mainly be cause, with the weakening of the boom, business loans are their normal failing to show seasonal expansion. In the third quarter they
Jess than mude Phalf of the normal seasonal risc. Putting it another way, business loans, seasonally adjusted, have been falling since July 1 at the more than $2 billon rate of
As per annum.
people are not using money in business, it has Butomatically cused in the bond market, the new issue market End other money markels. If people get a chance to liquidate
in some of the 23.10 500 ₫ 23.10 unwanted invit is likely 23.00 1000 2314 10
become casier stül. Even- tually the casiness of
money 1000 22 may revive business, and the commodity markets, but there could be quite an "adjustment" In business first.
Light (0) 13 13.70 2150 13.00 Electric...
200
Macso Дес DIS 2000. Telephone
INDUSTRIALS
20
Dement..... 18.30 18.20
Day... Watson L. Crawford, 231 CUTTONS
two
In late 1952, a programme of some years there has been
from drilling
small production In New South underwater Bxed platform established about Wates, in Australia, one mile out to sea, was com- menced in an endeavour to find oll in, what was hoped to be an
Tho Commonwealth 110s In 1952, they produced
under-waler extension of the
large and expanding oil refining In the forth West Territories, Serla ollfeld. gether over 620 million tons of
Lope Already, it provides industry. near Fort Norman, almost crude oil and natural gasoline-
develop from The rapid post-war
Imported STORES, ETC. Indigenous or Total the edge of the about 07
of Der cent
Aretic Circle,
raised sources of crude oil roughly world production.
oll was discovered in 1920 and ment of the field has
production in British Borneo three-quarters of the Comtrion- Commonwealth territories this Norman Wells feld was contributed only เว million developed sufficiently to supply far above the level of 103 wealth's need of finished pro-
- tons to that total. Canada Jed
the needs of the local papula- before the end of 1948 hdd made
largest cil-producing Great Britain has taken the the way with 1,300,000
Ilon. During the war, the field
country in the Commonwealth. lead in this respect, for thiri followed by British Borneo became
the basis of the Canol with 5,100,000,
had, Trinidad project which sugpiled oil by Although that position is now vast post-war programnus
held by India and Pakistan pipeline to the forces stalloned Borneo's
Conada,
British by the beginning of 1953, raised 3,100,000,
5,100,000 output al with
Britain herself
the total British 300,000
reЛning in Alaska and output was ♡x-
tons a year is nearly double
of comtributing 00,000 tons.
panded considerably: the num-
capacity to an annual level that for 1948. This production was totally
ruised bar of wells was
over 27 tons. Insufficient for Commonwealth
seven to 07. eds which
are about four times as great, totalling nearly
needs
tons,
from
Annual production was step-
79 milion tons annually, in-ped up from just a
cluding bunker oils.,
Bul
In the
was
IL
the
TRINIDAD
Of almost equal importance is Canada's oli refining industry,
few thou- The oilfoids ot Trinidad, for this also amounted, at the
The compared with sand teas lo 175,000 tons.
the plich-lake, ond of 1952, to almost 22,000,000 of annual capacity. The a comparatively modern lons while Commonwealthfeld though is too far from any are
Abortive main consuming area to make discovery.
attempts principal group of refineries are Agures fall short of the target,
transportation of its all an were made to produce oil in situated in the castern provinces, the production of oli Commonwealth and the develop economic proposition and since Trinidad in the last century but although the largest is at Sarnia,
production only on Lake Huron. 1045, when the Canol operation commercial of new felds is of primary ment
The only remaining refinery discontinued, production started in 1909. Importance.
The main centre of the in-of any size in Canada is that in has been reduced again to the
dustry is in the south-west of Vancouver which has a capacity level of local demand.
Reserves in the fold however the island, though minor felds of 1,000,000 tons per annum.
much have been discovered elsewhere. are sufficient to allow
rate should higher production the need once more arise.
Although Canada's the oil oil supplies are well below the level of demand output will be further increased during the next few years.
Here is a breakdown of the situation up LiL! September 1953, in respect of current out- put and future davelopment.
CANADA'S POSITION
Canada today is among world's nine leading
countries, although producing until 1949 the output had never exceeded un annual total of
2,000,000 tons. The gradual deve-
all resources lopment of her was undoubtedly influenced by
1
2015
17:00
The Rubber
Markets
Singapore, Oct. 15. The market fluctuated mildly throughout the day,
Offerings were well absorbed. There was better enquiry for lower grades slightly steadier. which closed Prices: No. 1 rubber per lb. Oct. 88-861
BG-5010 Nov. Dec. No. rubber per lb. Oct. 15 Na. rubber per 1b. Oct. 23-5352 Bpot rubber unbated
unqugled
4415-45
United Press. LONDON MARKET
London, Oct. 15. The rubber market was quiet with No. 1 Rss quoted at 10% pence per ib. Prices: Spot rubber No. 1 Rsa Business
Trinidad possess two major No. 4 rubber per ib. Oct. 019-60 In all, about twenty ollfelds reßneries at Pointe A Pierre Blanket crepe
on No. 1 pale "orepe aro now producing but these are and at Point Fortin, both
of the domestic generally of medium depth,
south-west coast. Since small size and in no way com- their combined capacity of just 5,000,000 tons annually parable, for instance, with those over
Venezuela, whose most exceeds Indigenous production of castern fields lie only a few of crude oil, they operate miles away across the Gulf of partially on imports, which are Paria. Venezuela produced about derived almost entirely from 95m tons of crude oil in 1952 nearby Venezucju,
Trinidad only some 3m tons. But as Trinidad lins
VAST POTENTIAL
A second major pipeline, from
geographical conditions. Abun-Edmonton. to Vancouver, 71a and
dant supplies:
were
available
from the United States. But miles long was completed in a small domestic demand
a
Ume as
Time
Canada
to
con-
oll
1053. September
some mlics.
"Tar
found in Alberta, where natural Punjab. In 1947,
on
only most
annum.
a
SARAWAK PLANT
Settlement
101-1075 18/5-10% 10% 10-1971 Estale crepe rubber thick unquoted
thin
Cif bada No. 1 Res
tled
Treasury Secretary Humphrey appears to regard all this as the casiness of
money which is associated with disinflation rather than with deflation. "It may well be," he says,
"that, as the fear of inflation declines, some switching is taking place from stocks to bonds or cash which the holders have dored to make during the past period of growing Inflation. may also be that there is some
earnings declining
nearly inore certain supplies approach demand and
and goods
fear of
becomic nothing
available.
That
not
I
nut
412
to shiver about," But
between
the differenco
die-
19 not Inflation and defintion.
than a niore
play', upon The undeniable is that
much
words.
much of the casiness of money
is due to a slackening in busi- ness and a slackening need desire to use money in business, regardless of the precise word used to describe the slackening. The U.S. monetary authorities accentuate the Cosiness by the market
system
past
18-1834 pumping more credit into United Press.
through upen AMSTERDAM MARKET
Amsterdam. Oct. 15, The rubber market was
Prices closed
ОБ
buyers
-United Press.
LONDON TIN
MARKET
purchases of securities;
resumed
month these
*Ded.
11
In the have been progressively
The National
City
of New York, which may be regarded as monetar
friendly to
prevalent
It reports a that in
coming
¤
view wecks the more authorities will release
money, by further open-market or by another cut in operations London, Oct. 15.
reserve requirements, thus re- The tin market was useducing the need of the banks to Turnover was 45 tons of which | duci
30 tons, were for cash. Prices borrow from the central bank-
of closed at the end of the official ing system up to the peak
seasonal pressure at the year- morning session as follows:
end. Spot tin,
607%
610
810
Is
500
buyers
sellers
Business
3-month in,
buyers sellers
Settlement
€10
United Press.
The only other major oil re- J.t carries
crudeaning plant in I was this very proximity which aida oll to
the Common- a new refinery of the products from its
is refned
locally, wealth at present is at Lutong, encouraged Canada is by recently opened in Vancouver. of exporte a great user of oll and
the Rockies at are exported.
Serawak. The original reînery, Despite its comparatively destroyed during the war, has steady. her consumption per head of crosses population exceeds that of any Yellowhead Puss, and, when in
greatly small output. Trinidad was for been replaced by a new
and follows:- full operation, will other country excop! America's.
yeary facilitato further increases in many years the Commonwealth's larger plant, processing...about. The fact that in recent
largest producer; it gave way 16 2,000,000 tons of crude oil per No. 1 rubber per b. Detober 1.04 the present US- the United States has become, Albertan production.
British Borneo towards the end
No. Z rubber per is. October authorliles, says the purchases. Canada possesses a further
No. 3 rubber per b. October, 148
continued despite her own great reservas,
"to the Australian refinery
have been capacity to 1 crepe rubber per là. 1.80 net importer of oil has been vast potential reserve of crudo of 1948.
After over 40 years of inten-at the end of 1952 was 1 million
point of forcing money into to
to all in. the Athabaska stimulant
market
comfortably Alberia. sive development, the prospects tons per annum, but two major
already. Sands" resources.
northern of develop
Own
of discovering a feld of the refineries are under construc-
supplied." The discovery of a major oil-
oil These cover an erca varlously Venezuelan type now seem tion,
10,000 to ratlier
PREVALENT VIEW al Kwinana - {ngar feld at
at Leduc
Edmonton estimated at near
remoto. Nevertheless,
Geelong ut And In many
Fremantic) greatly encouraged 130,000 1047 in
square
lond (near Melbourne). They will work and fater exploration
places the oil-Impregnated sands exploration continues
of about 4% discoveries have made certain le on or near the surface and while marine areas-in which have
mined and some preliminary surveys have million tons p.a. between them, that Canadian praduction
on, they
easily.m are
already been made provide bringing total Australian capacity sevenfold treated for extraction. which has increased
to some 6 million tons annually; in the last fourteen years, could
its all resources new regions to prospect. Apart from still
and further expansion is under be
to a raised
much Canada has also large supplies INDIA AND PAKISTAN higher level. Even
consideration. of natural gus, found both in Canada is likely to remain
with ol and
Small quantities of
In India, two oil have
refineries are net Importer for a considerable conjunction
separate fields. As with all, the been produced for many years being bulli on Trombay Island, present annual
most important gas reserves
the Bombay, which will have Aro in Upper - Assam and in sumption-gures are 17,000,000
combined capacity of 3million the Assam Ans is used quite extensively oldalds became part of India tons p.a., and there is also a the centre of Canada's
for town lighting and for in- while the Punjab' ell-producing new refinery building in Pakis industry is in Alberta. Producdustrial and other purposes, It areas were incorporated Intan. tion in Turner Valley, lying at is also found in British Colum-Pakistan.
At Durban, South Africa, a near the foot of the Rookies
India's only producing Beld now 14 million ton p.a. refinery 1014.bia in the Peace River District. Calgary, dates back
ta at Digbol
in north-east is scheduled for completion by Business BRITISH BORNEO
Assam.
The field was dls the end of 1953. Finally, con- Peak output of 1,400,000 tons was reached in 1942, but since
struction has started on a big steadily This includes the territories covered in 1890 after previous str then the output has
find oil in com- refinery project in Aden, which declined, and in the summer of of British North Bornes, Brunei attempts to 1948 was curpassed by that of and Sarawak. Supplies in the mercial quantities had failed. will have an annual capacity of
was dis. 16 million tons. Ledue-Woodbend ollfield north come from the Miri field Another field which Indian trade with Germany the
The development of refinery miles southwest of in Sarawak and the Seria field covered in 1916 and later had considerably expanded since lying 20
veloped Edmonton. The discovery
has now ceased pro- capacity is already proving in the State Brunei.
of Mr Karnackar tokk : news before the war.
this field in the previous year The Miri field was discovered duction, leaving Digbot respon- factor of considerable economic and the condecencɑ his Goverment was In 1937/38 India had import- had aroused world-wide, Interest in 1910 and output reached sible for the country's entire importance to Britain encounging foreign capital to ed 153 million rupees worth of and the
output. But
search for Commonwealth. It is an illus- the
tration of the ol -krivest in India's five-year plau,
Industry's year between 1928 and 1930, oil in other areas continues. but keeping the proportions #1 goods from Germany and ex-known to be much greater than peak of about 700,000 tons
In those of the Turner Valley.
In the Punjab, which is post-war practice, that so many to 40" to ensure continued Indian ported 104 millions worth.
Production then began to do cline but the expanding output: responsible for Pakistan's pro-plants have been built near control.
He referred to a recent agree-***
the from Seria sildeld mora duction, exploration began in major oil markets, rather than
The first important in 1860's. ment with the Indiany Govam-Tupees.
Another large olifeld, dis-than compensated for this. The Mr Karmarkar said the Indian covered in September 1948, is latter fold lies on the, coast of discovery at Khaur, was not production. ment under which Krupps, with another German firm, Demag. Government participating
In of Edmonton.
been found at Was to help to build a steel plauz with Hamburg tea importers in at Redwater, some 25 miles the South China Sea and was made till 1915. Other alloids
north-cast
discovered In 1929
since is have setting up In Germany
Canada's became śny Tendin which would occupy
Joya at Dhulian (1934) delayed publicity "6entral pinoe" the five-yezz
organisation
first by the economic depression (1944) and Balkasenr (1946). Tending producing field and it development would alm play.
at increasing
The output from Khaur and hay already been developed of the 1030's. By 1038 produc The award had gone to tha man tea_consumption.
prove that its The Ceylonese would also sufficiently to
and Gentian dams rather than other
raised to over 700,000 torts, while but in the Joya Mair field Canadian any
yet Coreign steel concerns because share in financing this urgan reserves are greater than those ton of the Serin field had been Dhulian is steadily dicclining
a Balkassar fields, production that of Mirl had declined to Kaupps and Demag had shown lion, whose cost was estimated
Increasing. An energetic pro- Montreal discovered. (about $20,- the greatest interest in the pro- at 350,000 marks
During 1949 several other oli-ttle over 200,000 toris,
Ou production in British ramme of oli prospecting is at ject.
lipids were proved near Edmon today Mr Karmarkar WAB
has already led to the discovery Zurich ed by the war, and, after the yerday at Eren visiting the meeting Dr Westrick, the Secreton. Among the more important Borneo was seriously Interrupt present under way. And this Brusse
were Joseph Lake, Excelsior, Kepp Works as the guest of tary of State at the Economics Campbell and Golden Spike Japanese retreat in 1945, pro- of natural gas in Baluchistan Copenhagen.
duction had to be bulit up about 350 miles from Karachi. alro de at Slettier, 80 miles south again almost from nothing, In of Edmonton, and since then oil, the Mirl flaid, production is si
27
1952/63, the Aguros' had been 222,600,000 and 123,500,000
t
100).
Mrs Korunarica: sold he spent
WOS
Hory Alfréd Kruppa.
Ministry-Reuter..
Asked whether he had taken
this opportunity 10 discuss
further Kruppe work in the five-
YOAF
aten 1950 which Ger-
of
resources are
LEADING FIELD
this
ΑΠ Interesting and was
mado at
now
WAR
but
R
has been struck in other places well below the pro-war level
de-
This may give the monetary authorities a good excuse if one
.in needed
Any coming business setback, but it is nol in clear what good it can do 39214 averting business setback. 382 Money policy has been likened to a plece of string, you can boom, to pull on il during a
but you tighten things up;
a cannot push on it during recession. It was not until vory late in the boom-actually, not until
after
bad the Inflation
authori- peaked that the U.S. ties pulled any of the string in, and this cramps their style. In Now York, Oc£ 15. World No. 4 sugar futures laiting any out, even if letting closed one to three points lower it out would do any good. When bank rate is already us Ipw ng 2 with sales of 69 contracts.
Domestic No. 6 suga: futures | per cent, there may not even
much psychological advant closed one point higher to one 122 paint dower will rokas of age to be gained by lowering it contracts.
further.
New York Sugar Market
centres
of crude
ali
|
Contract No. 4 (world)
Ma London Foreign
Exchange
Jan. 1034
March
MAY
Fut
Sept.
Cuba)
The
Contract No.
iz
New York
Amsterdam
March
Osio
IN BRITAIN
the
Common-
Stockholm Lisbon
·Deutsche Merk Blocked Mark
Plan, he replied that his NY. Cotton Prices eluding Acheson-Stony Plain, and tolals about 50,000, tons wealth, a' few traces of oil havo
visit hore was not a businesʊ trip. IMPORTS WANTED
New York, Oct. 15. Prices of cotion futures cloned Mr Karmarkar sald India waited to import more chemienle today as follows pharmaceutical products
Janey machinery trado
and Jhinery from Gomany, with Enot "Hut Indkin Garmony was negligible angi he toid: "questionor, Wine: ko, hod mót no East German leadere during his · Berlin visitze
eight miles west of Edmonton.
year, OFFSHORE WELLA
Bpot-cents per lb, fol
London, Oct. 15.
Fr804+2.801 27044-2.7031 10.621-10.43 140-10-140.15
19.231.19.96 12.15-12.101 1937-1938Y
Nov.
May
July
14.4316-14.43TS
11.75-21.2014
1674-1312 -United Prims.
Sept. Nov.
N.Y. ex-dock)
Sportcena per
+
3.30 mom.
3.18
3.00 bld 3.60 TIOTIK.
5.54
1.50 bid. 6.70 by
6.73
0.00
-"
Urated Presn.
The cramping, InQuence of past failure to curb the boom may be more important in fiscal Soft than' in monetary policy. budgeting which carries the national debt virtually up to its celling during the boom leaves very little elbow room.
The aftermath which to tackle of a boom. In fact, there is Himans
with
most certainly going to bo budget defcit, because of the
ical impossibility of balanc
political
ing the budget. A budget dre ficit doer of course add money
JAPANESE BONDS to spending potential, but not
London, Oct. 15.
Exchange Rates (s of 1809)
74
135
Elsewhere in
been found in Barbados and
| Japanese bonds. Now Zealand, b At Lloydminster on the bor
But In the Berla oilfield, out-There was also, for years, an den of Alberta and Saskatchewan
"B" (48 of 1010) „Dawlisema “wan" done in the feest | "C! (5# of 1007) a small. alldeld has been in put is from comparatively for Australian production of a few
year In the safest
this "D" (8 of 1924) and late wells, cach having a high yield hundred tons
104 production since 1939
(548 of 1930).
101% Ar de dollar (per in 1981 It was reported that so that I was possible to Lakes Entratico beld, 200 miles morning stthe followin
modium type crude oil had therease the dow of oil rapidly, cast of Melbourne, where dil is NOT
"IM! (Tokyo B1⁄4" of 1908) 05 boon discovered in other part with a minimum of drilling, produced from "horizontal wollt, done any
"G" (Tokyo of of 1912) 103 Seria has proved one of the These are drliled off a 10tham Deslek parts:00)
Consols Angapore (Etruita). of Saskatchewan. In the same year the province of Manitoba, most important ellfolds as yet shaft sunk to a depth of 1,200 din (per 100).
23.00 norm. | ".
Spot Dec. MRTEN (1964
July
33.07 nors.
March, 100
1
1
'market
m
63-9/10 United Presa.
necessarily so sotual spending/ In adverse psychological condi tions it can reduce the atrodin of
That was familiar spending. enough in the 1930s, when tho budget ingbility to balance
a bearish than was far more of a a bullish factor, and every un- covered dollar apont, by tha Government tended to frighten off two dollars of privato spend- Ing.--Router.
No comments yet.
Private notes are available after approval.