Oil in Britain It is unnecessary to discuss at the
moment the prospects of discovering natural oil obtainable on a large scale in this country, or the vast consequences which would follow for British industry. It is enough that the possi- bility exists, and that the Government has wisely decided before any vested interests have been created that the ownership of all petroleum which may exist in this country shall be vested in the State. Surface-owners will have the right to be compensated for disturbances or loss of amenity and no more. Persons who have obtained a licence to bore will make payments to the State on any oil produced. This is as it should be. The State will have the fullest power, not merely to derive an appro- priate share of the profit, but to control the whole develop- ment. of the industry, if it comes into being, in an orderly manner. But if this right ought to be acquired in regard to oil, why not also coal ? The distinction which has been drawn between the two cases is subtle rather than important or convincing. True, there are vested interests in coal. But they can be bought out ; and there are coal- fields as yet undeveloped in respect of which land-owners have no moral claim to compensation.
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