THE TARANAKI PETROLEUM BOOM.

Press, Volume LXII, Issue 12498, 8 May 1906, Page 8

THE TARANAKI PETROLEUM BOOM.

♦ A COMPANY TO BE FLOATED.

(riiEss association teleokam.) NEW PLYMOUTH, May 7. A mepting of the directors of the Petroleum C'-ompany decided to float a company with a capital of £100,000, Harecurt and Co., Wellington, undertaking the flotation. The shareholders of the present company arc to receive £.50.000 for their properties and rights. Tho balance, £50,000, is to bo offored to tho public. Groat interest us shown all over the colony ami Australia, and a large application list is anticipated, but owing to the. large amount of legal and other work to be settled, it will l>e Mime weeks before the provpectiifl is i*ifiied. Matters at tho bore look better than ever. Owing to the biiccpss of the Moturoa oil bore, other districts in the provinco are commencing to bestir in the nuatter of prospecting. The. Inglewood and E-l----iham districts have long been known to lx> cil-bearing, •and liave only been waiting lor tho New Plymouth works to proved. The nwun trouble at the Motiiroii Ik>re jist now is to keep back the flow of oil, which, if allowed to run freoly. would flood the road. Tho oil nu-hfd out in a great volume to-day, but thi , niannger was successful in sc.ilina tli<> ]>ij>es. At present all the availaik- tanks and barrels are filled. Ho!diTi of share*; mc now a disiucli'intioii to ,>-«> li. and the price consequently i> mountinix up. Tli- Taranaki "H.ra'.d" says :— eiijr; iii">s of sp.-culators in. other pnr^ ( of thr»-c.ilony to partieip:ur- i?i the for- 1 riin-i »»f the lecni >har.!cLlers cf t!;e Pe;rol.'11111 Ci'injMi'v has Id to a cri'.-it <! -ir.-urt tr:- --Iv.ii-s. Auckland aud WA- ! li'trtoii ]>a-r!iciilnr'y h?:ng strong! Inr. ••?-.». !!:«■ tf-nipriiif; ctferrrl have I hf\ to manyci t r --'r- r chare- I holrk'r.* filing out. and n'.i<i* a cor.sidf-r- i able in the e:;:r.;)any niiis-r by this r'me l>o held away tram New Plyniruth. It would l>o » pity to yeo th ■ control pa*.i away frem the town, an , ! we should strongly advise ihareIk ;.!;rs to hold on, a::d for theni:b.> which miw; t'oilow th • ■ -nil cf tiie oil Lccnl p cp!e have in V , ;:? pas: spoilt a g-joi dt-al in prospecting, and we sh.iu'.d Ike to m»o them r. ap the Icncfit, and alao retain control hen,-."