TARANAKI OIL.

Auckland Star, Volume XLII, Issue 298, 15 December 1911, Page 4

TARANAKI OIL.

■ THE fntIrT.THK HEGOTIAXIOIfS. FLOATING A NEW COMPANY (By Teleirapa-—Pran lim tmtkm 1 HEW PLYMOUTH, this day. Some very important pronouncements regarding the oil industry in the Dominion, and New Plymouth in particular, were made to-day at the annual meeting of the Taranaki Petroleum Company, before a large attendance of ohareholders. Mr. Christopher Carter (chairman of directors), who has just returned from England from a successful mission, resulting in the disposal of the Company's interests to the British (Empire Oil Fields Company, gave an account of the negotiations at Home. In the original agreement the price fixed was £.00,000, with £IOO.OOO addij tiona] if oil is struck in No. 5 bore. I The fresh arrangement uxed the price ; at £105,000, irrespective of whether oil 1 be. struck or not at No. 5. The capi- ! tal is £400,000, leaving a working capi- ' tal of £250.000 after paying for pur- ! chase, flotation expenses, etc. The new Co. pays for all plant purchased after ] June 1, 1911, also preliminary costs of flotation, and pays 4d. a gallon for ail oil in stock. The old Coinpanv takes i the Government bonus. The time for completion of purchase is extended to January 31. 1912. A stipulation is also made that present shareholders - j desirous of taking shares in the new , j Company should have underwriting i privileges extended to them, which meant the saving of £5,000 or £6.000. He referred at length to the proposal i to erect a refinery to treat the oil alI ready won and being won, and which lis of the highest quality in the world. 1 Also, he touched on the enormous potentialities of the industry, and reaffirmed I the conviction that the eve of important , i developments was due to the introduei tion of British capital to develop the . i oil industry. Mr. L. I. Brown (chairman of the ! British Oil Trust, and toe most proI minent oil man in Britain), in a lengthy address eulogised the pluck of i the pioneers in sticking to oil boring at Motaora for many years in the face iof many difficulties. English capital was now turning attention to the British colonies, because it realised i that to live, the Empire must be pro--1 pared for war. Active measures would be taken at once. Geologists would I come out early and survey the sites, ; and experienced drillers would drill six bores to test the wells to a depth of o.OOOft. or more for eirperimental purposes A suitable refinery would be erected at once to deal with the oil and by-products, which were the most ; valuable in the world. The prospectus would be issued in .January simultanei ouslv in London and New Zealand i Messrs. Carter and Okey represent the j London Board on the local directorate, | and two others will be appointed locally.