The efforts of Canada's oil men to increase the Dominion's output of crude oil have been rewarded by the bringing-in, in North Turner Valley, Alberta, of what promises to be the biggest well vet discovered in this area, Named Miracle Royalties No. 1, this well is producing at such terrific pressure that additional tankaze is having to be installed before the valves can be opened and a test run. Even with the valves shut dowa to give very strong back pressure the well is yielding around 1.000 barrels of crude oil per 24 hours.
Miracle Royalties No. 1 has shown that the production area in North Tuner Valley is larger than was hMleved. and already the Imperial O41 Company has "spudée " anew well on a site which. a short time awe, was believed of rio interest. Developments are expected to follow thick and fast, with several other companies lanning to commence dying this autumn or early next spring.
The development of Canada's huge oil resources has been sadly neglected in the past, with ample supplies of the refined products being readily available from across the border, but the necessity to Conserve exchange is causing the Canadian Government to encourage the rapid drilling of known fields and "wild-catting" for mew ones Consequently a vast new In such @ case, repercussion on ie OVvebstocked local market might lot be unlikely.
The official foreign exchange transactions in Shanghai on the other hand, are proceeding as usual, with no new developments to be reported. A few applications have been turned down, it was said, especially those for flour and cotton i: commodities of which there are. huge stocks in Shanghai.—w.u-w.
Text read from the printed page and cleaned; old type leaves the occasional error.