FOR FOREIGNERS?

Evening Post, Volume CVIII, Issue 133, 2 December 1929, Page 9

FOR FOREIGNERS?

AUSTRALIAN OIL FIELDS

OPPOSITION GROWING

* (From "The Post's" Representative.)

SITNEY, 24th November,

Although the Premier of Queensland has expressed a determination to proceed with his proposal to amend the Petroleum Act so as to permit of 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. Sine* 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 now to face a different Federal Government — and a Ls,bour Government at that, and tbe Labour Government does not seem '•x> 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 caTefnl not to indicate the direction he proposes to take. That may be taken as indicating that he does not know. The Fed* eral Cabinet is certainly faced with a. very difficult problem, for there is a demand for greater assistance from it in the matter of oil prospecting. 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 cbn.sulting geologist, said that unrestricted foreign interests would more likely, settle than develop the oil industry in. Australia. Ho did not think that any, better results would bo achieved if the Anglo-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 Mr, Eoy 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,' as in America, should first protect the rights and interests of the people of the land.

_ It has been said, with some justification, it would seem, £hat no Government would be prepared to go to the country, with an issue involving the introduction of foreign capital to exploit the potential oil fields. 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 eountrv would desire to invest capital ia anr activity that is doomed to failure. The outside pressure, therefore, justifies thepremise that however sceptical manyAustralians may be regarding the existence of paying oil within the Commonwealth, oversea capitalists hold a jmore optimistic viewpoint."