For some considerable time, a plan for the development of the marine il resources of Trinidad has been under consideration. Last April, Mr.
r y Gore (now Lord Harlech), then Colonial Secretary, stated that June, 1936, the Government of nided had issued a G: zette notice inviting applications within six months for the grant of exploration licences over marine areas in the territorial waters of the Colony. Applications were received from a number of comp: nies, which were believed to include seven Trinidad companies and the Anglo-Iranian Oil Company. After consideration, it was provisionally decided that the entire available are: should be explored and developed as a single unit by.one joint operating concern. The companies, accordingly, were invited to discuss its formation among themselves, Some of the companies, however, maintained the view that their marine resources ought to be developed independently, in conjunction with their existing business. Nevertheless, the Government maintained its opinion in favour of joint development, and requested the companies to confer again. So far as can be ascertained, the project been carried no further, for there is no record of any meetings either in London or Trinidad to consider it Admittedly, the costs of drilling under the sea would be extremely heavy. But that can hardly be a fatal objection, since the companies are apparently prepared to undertake the work independently on the areas contiguous to their properties. Two years have been lost since the original Government notice was issued, and if, in f: ct, the sea-bed is rich in oil Imperial interests are strongly against any further avoidable delay and deadlock.
Meanwhile, the production of the Colony is continually being increased. The total capacity of refineries at the close of 1937 was approximately 17,500,000 barrels per annum, but recently extensions and improvements have been made to refining plants by companies such as Trinidad Leaseholds ¿nd United British Oilfelds of Trinidad. Last year, some 15,111,046 barrels of crude oil were refined, compared with 12,028,161 barrels in 1936.
The importance of the oil industry to the Colony is crucial. Petroleum and its products still form the largest element in its exports. Their value in 1937 was more than three times as large as those of the next most important of Trinidad's industries—sugar (including molasses and rum). Of total exports, petroleum and its products (including asphalt) accounted for 63.7 per cent. last year.
Text read from the printed page and cleaned; old type leaves the occasional error.