AUSTRALIAN NEWS.

Hokitika Guardian, 5 July 1924, Page 3

AUSTRALIAN NEWS.

[b? TELEGRArn —PER PRESS ASSOCIATION.]

VICTORIAN COUNTRY PARTY,

MELBOURNE, July 4

In connection with the political situation it is reported that the ( ountry Party’s terms for joining the Liberals in forming a composite Cabinet include the Country Party, being given the Premiership and a majority of| the fortfolios. These claims are supported bv dissentient Liberals and some members ol the Main Liberal Group, hut the majority of the Liberals regard the terms as extravagant. FEDERAL BUDGET. •MELBOURNE. July 4. In the Federal House of Representatives, Dr Page (Federal Treasurer) in delivering the financial statement, said tin- Commonwealth revenue for the past year amounted to £60.014,243, and the expenditure .CC3.307.100, leaving a surplus of £2,657,093. which with the surplus of £7,428.574 brought forward from made an flceuiiiU" luted surplus of £10,085.067. He lidded that those figures might lie slightly altered when the accounts were completed, hut they were substantially correct. WIRELESS IN TITE SCHOOLS. SYDNEY. July 4. The N.S.W. Minister for Education has announced the Government has decided to permit the installation of wireless sets in the State schools by parents and citizen associations. KARA.MU MISSING. HOBART. July 4. Anxiety is felt that the Union Company’s steamer, Karamu, lias not reported since she left Hobart for Slrahan seven days ago, as the weather on the west coast is very rough.

IMPORTANT OIL FIND. (Received this day at 9.23 a.m.) SYDNEY. July 5. Several members of the New Guinea oil prospecting party have returned to make arrangements lor continuing the work. They confirm tlu- discovery of oil Tabled on the 21sl June). Ihe bore is situated ol miles from Aitaipi on the northern coast formed by German New Guinea. The bore was at a depth of 70 feet, when if was capped in order to secure more casing. It was yielding forty gallons daily. Since their departure the party has received a wireless from the manager staling that the second boring site has been located and expressing the opinion that the oilfield was of greater commercial importance than any that had been disi overed. One of the returned prospectors, who is an experienced oilman, says that he has seen nothing in the American oilfields equalling the possibilities of the new area. It is unquestionable the oil struck is hacked by a tremendous volume at a greater depth.