Oil Production in Japan

Horowhenua Chronicle, 30 January 1911, Page 4

Oil Production in Japan

«——. According to news received by t-ele-graph in London from a trustworthy source tlio native oil producers in Japan have been obliged to close down in consequence of the. fact that the Standard Oil Company have reduced their prices for oil'to a vciy low level. Tlio message adds that the Japanese Government have decided to increase the tariff on oil in order to protect the native producers, though no official confirmation of_ this .statement has yet been rc- ■ ceived. , It appears to be the aim of the Standard Oil Company to secure control of the native industry, .in winch many millions sterling of Japanese capital arc invested. The Government has reason for anxiety in view of the increasing adoption, of oil as fuel in the navv. There is already a heavy duty on the importation of kerosene, which falls under the statutory or general tariff—a fact which leaves the Government free to raise or reduce the duties as it pleases. Nevertheless the official statistics show that in 1908 the oil imported was twice a.s much as that produced m Japan, the figures in values beino 1 respectively £1,510,-"20 and £658,098. The Standard Oil's chief rival in the export of oil to Japan is the Asiatic Petroleum Compa.nv, which' in the present struggle has shown the direction of its sympathies by conwith the Hoden Company to give it supplies of Sumatra, crude oil, on which there is a. very low duty, so "fchnt it inny nfc nil -oronl-s keep its refinerv going even though it is compelled to close down its wells.