TARANAKI PETROLEUM COMPANY.

Auckland Star, Volume XLI, Issue 293, 10 December 1910, Page 10

TARANAKI PETROLEUM COMPANY.

(By Telegraph.—Press Association.) I NEW PLYMOUTH, Friday. | The annual meeting of the Taranaki Petroleum Company was held to-day. There was a large attendance, and the meeting was marked by a more confident tone, the reports of the directorate and manager being hopeful and in the main, satisfactory. The manager strongly recommended' that as soon as the company's funds permit, at least one more bore be put down, as he could even now work the men to the best advantage. It was; almost certain that with the knowledge now gained every bore would bottom on good oil. * ! ; The Chairman, in moving the adop-: tion of the report, said be wished to ■point out tlie utter impossibility of the; Government 'bonus being any use to them. As at present offered the bonus was for 500,000 gallons of oil at 3d per gaJlon, which amounted to £0250, but with the finest oil in the world, and he was speaking, of course, of Taranaki oil —(applause)—.which had 3S per cent. of. kerosene, it required 1,315,759 gallons of petroleum to fulfil the order. The directors had been in communication with inquirers in England, America, and in the Dominion, and they had now iu> their possession figures relating to thcl cost of the erection of a small refinery! ifi New Zealand. The fact was, they! must have the funds which were neces-; sary to continue boring, and if an «>rderi were not given for a refinery, it would! ■be because not sufficient shares had beenj applied for. | The" retiring directors, Messrs. C I Carter (the chairman) and J. B. Roy,| were re-elected. !