NEW ZEALAND OIL INDUSTRY.

Press, Volume LII, Issue 15489, 17 January 1916, Page 4

NEW ZEALAND OIL INDUSTRY.

PROSPECTS AT TARAXAKI. OIL FUJiL AND* TELE XAYY. (IT.OII OCtt OWX CORRESPONDENT.) LONDON, Dccomber 7. A circular has been issued to tho shareholders of the Taranaki (N.Z.) Oil "Wells, Ltd., stating that owing to tho accounts not having como to hand in time to enable the directors to hold the annual meeting this year, a meeting has been called for a few day 3 hence, when a formal resolution will be submitted postponing the business until the New Year. Mr J. H. Heurv has been abroad practically the whole year, and he left London again a few days' ago on another expedition to the West Indies. Asked about tho future of the oil industry of New Zealand, ho told me there was a prospect of something being done early in the New Year. He had kept in touch with tho directors, who were t>eriously considering plans for tho more vigorous development of tho industry, and a. serious business move could be expected directly the war situation changed for the. better.

Mr Henry js greatly interested in the part played by oil fuel in the Navy, and says that there was good reason for believing that the Navy Board an<j engineering staffs were in'every way .satisfied. Certainly nothing . seemed to have occurred to disprove any of tho engineering claims made in favour of its adoption before the start of tho war. Jf ever tho statistics of supply were published, it would bo found that oil had been used in immense quantities, and that it had done excellent/ work in every typo of warship. One or two of tho largest ships engaged in North Sea fights were exclusively oilfired, while others used oil as an" auxiliary fuel. Reports wero current in different parts of the Empire which he had recently visited that several of the colonial cruisers had accomplished remarkable. oil-burning achievements.

"One result of this extensive use of oil fuel," continued Mr Henry, "has been tho wholesale charterinr; of tank steamers by tho Admiralty. They form part of the great auxiliary fleet of steamers belonging to the mercantile marine. Vessels of this type have also been used for tho transport of troops aud water. Tills has reacted on tank steamer freights, which have been very high ever since the war started. Tank steamers have also been sent in greater numbers to tho Pacific, and it is scarcely fos'sible at tho present timo to charter vessels to run in the Colonial oil trade."

Asked whether he thought tank steamers would be fully employed after peace has been declared. Mr Henry that tho trade should continue to be a good one for many years, as tho> European markets would call for large supplies of all kinds of oil. Ono result of the war had been tho placing of orders for new tank steamers with American shipbuilding companies, and he was hopeful that after the war the British colonies' and dependencies woulu increase with present modest shipbuilding facilities and join the Old v: v. ' n competing' for general shipbuilding orders and specialist work of tho tank steamer class.