KEEPING OUT THE TRUSTS.
BRITISH OIL FOR THE BRITISH NAVY. Mr. Harcourt, Secretary of Stnta for the Colonies, stated in the llouso of Commons on July 31 that of all raw materials tho scarcest within tho Empire to-day is petroleum. But there are great possibilities of future production, and ho named Trinidad as ono of the most promising sources of supply. The total output t'lioro has risen from 202,COO barrels in 1911 to 880,000 barrels by tho end of last March. Seven companies were thou producing oil and eight others had closcd down for various reasons.
"The immediate production of oil and the slow development of the industry," lie stated, "havo been matters of great anxiety to the Colonial Office ana tho Admiralty," These objects had been kept in view by him in his policy: 1. Rapid and economic development of the oil fiolds.
2 Exclusion of the great combines, which might strangle competition. 3. .Reservation .to tlio Admiralty of full power to assiimo possession of the product.
4. A security that the companies operating should bo British with at least a majortiy of British directors. To attain these objects, with tho ready co-operation of the Legislative Council of Trinidad, to which a warm tribute was paid, an agreement has been made with the British West Indies Petroleum Syndicate, a group representing several important interests in the oil industry. Neither the Standard Oil Company nor Messrs. Pearson havo any interest in tho syndicate, whilo only one-fourth of its capital is held by the British company controlled by the Shell Company. The agreement is subject to all tho conditions specified as to British control and nnval pre-emption with special clauses as to continuous and active development. Another agreement with another important group, representing different but still British interests, is on the point of being, concluded and will bo subject to tho sarno conditions. The group will take over several properties in the island, including one largo area which had been closed down. •
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Dominion, Volume 6, Issue 1862, 23 September 1913, Page 10
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331KEEPING OUT THE TRUSTS. Dominion, Volume 6, Issue 1862, 23 September 1913, Page 10
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