July July/Aug.
TT. 3, 4m/sic 3H USS TT. BH 4m/sic 5% Bs TT. 17% 1 d/s. 18%
Local Sellers of USS against at the close Local Buyers of U.S§ against at the close 3905
The local market opened on the basis of the previous day's close at 314d. sterling and 54, USS. Steady merchant Sinna throughout the morning gave the market a downward tendency, and at the close, best sellets were:—
34, Sterling 5% U.S$, Cash/Aug, London £ Sterling T. T. o:
New York els daily, t; We. ate transportation facilities and the cooperation of the oil industry, and. consumers. in. substituting coal for oil wherever possible, states Mr. J. H: Carmical in the *New that an order for the pipe has been allocated'to the. steel mills, The Pure. Oil Company has had under construction a gasoline pipe line from à point in West Florida, to Chattanóoga, Tenn. which also is being held up by opposition of the railroads. This line is about 95 per cent completed, lacking only connections across. railroad right-of-ways. and. across some highways in Georgia.
Another step: considered is. that of making a survey: of all existing pipe lines in the East with a view to putting in additional pumping stations, constructing loops around some botflenecks and rearranging the flow of oil.so that the maximum use.of these lines could be obtained, A few years ago, the flow of some of these lines; which were built to bring oil from the West, was reversed so that products could be moved to the inferior, Movement by Tank Car The task of transporting oil long distances in tank cars also, is being considered, Since nearly; all tank cars are owned' or are under lease io the various oil companies, there is some tal of re-allocation in the same way as tankers, In this connection, it is pointed out that additional gasoline' pipe lines could be laid in the mid-continent area to replace tank cars to a certain extent A. greater use of barges in moving oil on inland. waterways, particularly the Mississippi! River and the Great Lakes, could be resorted to and thus additional tank cars could be released, With. United States oil companies furnishing most of the oil products in Canada and since that country is, tied very closely to the United States in the war effort, it is maintained that a survey of the needs of Canada should be made to see if a diminution of supplies could not be made there, Also, it is reported that a large amount of oil is being moved from Peru to the West Coast of Canada, It is said this oil could be supplied more advantageously: from California, with probably the use of one-fifth the tanker tonnage, Canada's Off Supplies Most of Canada's oil supplies for the Eastern area now comes from South America, In order to reduce the tanker tonnage required in this movement, the Standard Oil Company of New Jersey is considering the construction of a pipe line from Portland, Me., to Montreal. The distance is only 200 miles and would cut the long trip around the Gaspe Peninsula and up the St, Lawrence River. It is estimated that such a line would save about eight days for a tanker, With the St, Lawrence closed in Winter because of ice conditions, such a line also- would assure the steady flow of oil to Canada since Portland is am ice-free port, Britain's Tanker Fleet In addition, the oil companies declare they should be. made acquainted with the needs of Britain for its war effort before any more tankers are transferred. In view of the fact that Britain had on January 1, last, a tanker fleet of about 6,000,000 gross tons, or roughly one-half the world's total and nearly twice that of the ocean-going fleet of this country, many persons in the industry do not understand why the sud. den demand has appeared for United States tankers unless sinkings have been larger than reported, Although it is reported in the trade that Great Britain has discontinued the practice of transporting oil from Iran around Africa to the British Isles, it is said that "business. as usual" is being carried on with many pre-war customers, For this reason,. there is some objection in the industry to the further transfer of ships until it is known just what sacrifices the British are making toward obtaining oil supplies for their war effort, Britain's Oif Needs It was estimated that in 1939 consumption of oil by Great Britain, including that delivered ta British ships' bunkers in foreign ports, amounted to 91,000,000 barrels, or a little more than 250,000 barrels daily. With private consumption in Great Britain restricted, it is quite probable that British needs for war purposes, including the greater use of both the Navy and merchant fleet, now is no greater, In fact, at the fz (end of March, the British were taking only 30,000 barrels daily from this country and 140,000 from South America, Amount of Tonnage Needed To transport 91,000,000. barrels. of oil yearly from the United States or the Netherlands West Indies, where the refineries are require 100 tankers averaging 10,000 tons each. Each of these tankers would be make to make ten trips a year, including allowance for lime required for normal repairs and could move. 90,000' barrels a. trip. Under war conditions, and taking into consideration the time lost in certainly no more tfiáü|9 of last year the British owned or controlled the equivalent of 600 tankers of 10,000 tons: each.
It is quite probable that some of the British tankers' are being. used for mobile storage as a protéetían clüsion of the paign. President. people in good time.
Wishful Song Translation of a German war-song broadcast from a Greman station, and Staff sting by a men's choir "Now we are bound for England, The whole country: will be destroyed Then we set cut for the New Wor Whence we shall fetch Rosenfé Switzerland. the insolent porcupiti; So thes Pats look to England for switzerland, the insolent po We shall seize on the way home." work and wages. Hitler has banned the works of the. great German Jewish poet Heine. In! a small country church in England; the one of his prophecies was read out recently to the congregation: "Chris. tianity has occasionally calmed brutal German lust for. battle, but. cannot destroy that savage joy. And when once that restraining talisman, the Cross, is broxem, he cld' stone gods will rise from. unremembered reins and Thor will'leap to sife again and bring down his: gigantic hammer upon the Gothic cathedrals," So wrote Heine, in 1834.
Text read from the printed page and cleaned; old type leaves the occasional error.