AMERICAN CABLE NEWS.

Hokitika Guardian, 13 February 1926, Page 3

AMERICAN CABLE NEWS.

[Australia & N.Z. Cable Association

BRITAIN AND AMERICA. WASHINGTON, February 11. “ England will make the United States pay her debt to this country in high petroleum, if not in high rubber, prices,” so Senator Howell, the republican Senator from Nebraska told the Senate. “At the same time,” be said, “Wc were lending Great Britain the money comprising the debt which we have since virtually cancelled. Britain was investing her money in the interests of the world’s greatest monopoly.”

WORLD’S OIL OUTPUT. WASHINGTON. February 11

Tiho tremendous growth of the petroleum industry is shown hy an analysis of the operations for 102-3, issued by the Hureau of Mines and the Department of Connneree. Practically nil the former records were hroehn, both for the consumption of crude oil and petrol and for other products. The 392-3 world output of crude oil was 1,000 million barrels, an increase of five and a-lialf per cent over that of 1024. The growth was largely due to fifty million barrels of an increase in the output of the United States where the 1923 production was 7(54 million barrels. The output, of motor fuels for 1923 was approximately 11. ft If) million gallons, whereas the United States refineries produced twenty-one per cent more than in 1921. namely 10,88(5 million gallons, whereof the domestic con.sumption was 9,302 million gallons. The quantity exported was 1330 million gallons. BANK .MERGER. NEW YORK, February 11. A merger of the Chase National Bank and the Mechanics and Metals Natibnal Bank, with combined resources of a billion dollars, is announced liv Mr Albert AViggian, President of the Chase National Bank. WILKINS’ BABTY START. NEW YORK, Feb. 11. Captain Wilkins’ trans-Polar expedition Supply Party started on Thursday on the first lap to Point Barrow supply base. The party are following the 'Parana River for thirty-five miles, and then will turn the revolving drums of their snow motors to the overland trail across the Kndieott Mountains. 'I he sledges when loaded have a capacity of fifteen tons of supplies. The weather is ideal, the temperature being ten below zero.