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Show M A i:V Oil. PROBLEM J Th! admlnlstiatlon has approved Senator Phul- mi's bill designed to provide for,nn adequate future H oil supply for I lie United States. Tlic bill was Intro- duced ut tlu liiHt session, and will bu brought up again caily In tho next suasion, J John Ilnrton Pano, necretnry of the lntcilor, J In a repoit to tho senate public lands committee, on- J iloises the me.isuie, which authorizes the formation J of tho United States Oil corporation to develop oil J icsourccs of roiclgii countries which will bo avall- iliiiiB ' ' , ablo when the supplies heroine exhausted In this Hocietary l'.iyue sild In pait: iliiiiV WJ "Tim purpose of this -legislation Is to piovldo J means for further piomotlng tho world wide seaith t for oil and In that purpose I heartily accord. BBV "Tint public's need for an assured suppl) of nil hS It ho great that the federal government stands back BBV of the endeavor to develop foreign sources of oil to BS leplace ill futuie what America has exported In the B past. 'MiyF' H The T'helnn bill provides that the United States t Oil Corporation shall be controlled by a board of nine BBt directors appointed by the President. BBJ m Tho corporation ran explore, develop, leflne, BBf v tianspoit and stole oil and Its pioducts in foielgn BH countries, subject to tho pieferentlal lights of the BH . United Slates to tako all of the supply at any time BBB, at market pi ices. BV American citizens must own tho majority stock, BBf , bill foieigneis mny hold a minority of the stork. BH The capitalisation will be detenhlned by the dl- BH rertois, anil the corporation Is forbidden to do any- BBJ thing lurestialnt of trade which would Increase tho BBSi pi Ire BBS Societal y Payne In his report adds: BBW "Our mrrchant marine will need oil In all quarters quar-ters of the woild and Amcilcan oil stations are u present day necessity. "Kveiy American company engaged In this pioneering pion-eering search for oil, which meets the International requirements of business conduct, should be given full support by Its government. "I believe, however, that the authorization of a special corporation along the genernl lines I have Indicated, will Incidentally strengthen the position of American companies already exploring oil fields In other continents, and that It Is a matter of national concern that their activity be given all the ptotcctlon and uld they deserve. Mi m as |