Page 29: of Maritime Reporter Magazine (December 1971)

Promising Oil Strike Announced

Off Coast Of Nova Scotia

Peter Nicholson, Nova Scotia Minister of Finance, points to Sable Island off the coast of Nova Scotia where Mobil

Oil Canada Ltd. recently announced an oil and natural gas strike. Pictured left to right with Mr. Nicholson at the Plaza Hotel in New York are: Robert M. Norris, president, National Foreign Trade Council; T.J. Redding- ton. Government relations advisor, Mobil Oil Corporation, and A. Garnet Brown, Nova Scotia Minister of Highways and Tourism.

The discovery of oil on a small island off the coast of Nova Scotia may mean the future prosperity of the province and a huge new source of supply for an oil-hungry continent.

The Honorable A. Garnet Brown, one of the two members of the Nova Scotia Government who addressed a luncheon meeting of about 200 leading members of the financial and industrial community, made the statement in reference to a recent announcement that Mobil Oil Canada

Limited and Texas Eastern Transmission Cor- poration have found oil on Sable Island. The island, known as "the graveyard of the At- lantic" Ibecause of the number of ships that have foundered there, is about 175 miles from

Halifax, the capital city of the province.

Mr. Brown said the discovery is the first to be reported off the Atlantic coast of Canada and includes natural gas and condensate. He pointed out that the commercial significance of the discovery has yet to be proved and that it will take some time to do this. "The eco- nomic benefits would include employment, manufacturing, shipping and production reve- nue, as well as from the growth of a vast new ocean engineering industry producing the equipment and material for production, storage and pipelines," Mr. Brown stated.

The total expenditure this year by companies drilling off the Atlantic coast of Canada are expected to fee at least $100 million, twice the amount spent last year.

The Honorable Peter Nicholson, Minister of

Finance for Nova Scotia, said the United

RADIATOR SPECIALTY CO.

CHARLOTTE, N. C. 28201

States is a major market for Nova Scotia bonds.

During the last five years the province has had issues to a total of $375 million. He said the improved transportation services with oth- er parts of Canada, the United States, and aibroad are an important factor in the prov- ince's overall economic development. "There is the 56-acre container terminal which is linking our great and historic Port of Halifax with other ports of the world. This port already is providing container services on regular schedules to inland America, Europe, the Caribbean, Australia and New Zealand.

The largest containerships in the world are weekly callers at Halifax." Mr. Nicholson said

Nova Scotia's geographic position at the cross- roads of world trade is one of the major rea- sons why the province is gaining international interest.

Fishing Vessel Operators

May Now Apply For Interim

Capital Construction Funds

The Commerce Department's National Oceanic and Atmospheric Administration has announced that owners or lessees of commercial fishing ves- sels may now make application for Interim Capital

Construction Fund Agreements.

Under a 1970 Amendment to the Merchant Ma- rine Act, eligible citizens may enter into agree- ments with the Department of Commerce to es- tablish a fund for the purchase, construction, or reconstruction of vessels documented for operation in the fisheries of the United States. This law allows taxpayers who deposit, among other things, income derived from the operation of vessels covered under the agreements to reduce their taxable income by the amounts of such deposits.

A Notice published in the Federal Register of

October 9, 1971, contains the form of Interim

Capital Construction Fund Agreement to be used for fishing vessels, provides instructions for mak- ing an application for an agreement, and invites comments regarding the contents and form of the

Permanent Capital Construction Fund Agreement and related regulations.

This new program will be administered by the

National Oceanic and Atmospheric Administra- tion's National Marine Fisheries Service. Inter- ested parties should write to the Director, National

Marine Fisheries Service, Room 3356, Interior

Building, Washington, D.C. 20235.

WESTWARD HO: Two Pacific cities were assured of ma- jor maritime gatherings when Western shipping execu- tives recently joined forces in Tulsa, Okla. On hand at the national convention of The Propeller Club of the

United States were (left to right) Drew Foss, vice presi- dent of Foss Launch & Tug Co., from Anchorage, Alaska;

Frank Ewers, general manager, Marcona Corp. and president of the Club's San Francisco Chapter; Robert

Langner, manager of the Marine Exchange of the San

Francisco Bay Region; Kenneth Lewis, president of Castle & Cooke Terminals, Honolulu, and Herbert O. DuMont, general manager, Connell Bros. Co., Agana, Guam. The

City by the Golden Gate will host the National Maritime

Association's 1973 conclave, while Mr. Lewis's bid for

Honolulu in 1978 received the approval of the almost 500 shipping and port executives gathered in Tulsa.

PORT OF

GfHVESTOn where land bridges are working realities

An efficient sea-land point of transfer reaching deep into America's heartland and western coast with land bridges critical to intermodal shipping.

Galveston has functioning unit train operations!

A continuous flow of rail and freeway motor freight lines serve the port.

Barge traffic moves easily to and from marshalling and fleeting yards via the Intracoastal Canal. Perfect for barge assembly and cargo interchange from Lake

Charles to Brownsville.

For more details and brochures about America's most exciting port, write or telephone:

C. S. Devoy, Port Director

P. 0. Box 328 • Galveston, Texas 77550

Tel. Area Code 713 765-9321

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ELISHA WEBB & SON CO. 136 S. Front St., Phila., Pa. 19106

Phone (215) WA 5-0534

December 1, 1971 31