TUNG OIL COMPANY.

Press, Volume LXVI, Issue 20104, 6 December 1930, Page 14

TUNG OIL COMPANY.

BIG ESTATE PURCHASED. [THE PBESS Special Service.l WELLINGTON, December 5. With the purchase of 40,000 acres of land in the North Auckland district, a very deamle advance has been liiUQe in the develox»ment of the tung oil industry in New Zealand. liie company ror whom the pureuase nas been made, intends to proceeds with LiiO ui ii area immediately the preliminaries of the formation oi the company are concluded. The land purchase is situated at farenga, und is known as Jieene's estate. r lhe transaction was completed in Wellington to-day by Mr ti. it. Jenkins, of "Auckland, who has taken an important part in the formation ol the company. Mr Jenkins said that capital amounting to £IO,OOO was available, and he had heen able to conclude the negotiations with the trustees of Keene's estate on satisfac tory terms.

The directorate of the new company will probably comprise Major-Genera i teir George Richardson. Sir Waltei the Hon. E. W. Alison, and Mr Jenkins. The names of other well known people had been mentioned, said Mr Jenkins, but he was unable at present to announce their inclusltjn" j. j• 11 . t^le t >ar enga estate is planted it will be the biggest single area outside China utilised for the tung oil industry. It is intended at Ii plant 25,000 acres, a considerable area being retained as farm land, bom© of the land unsuitable for tung oil trees will be used for afforestation. It is also considered likelv fhat olives will be grown on some of the r as the climate and soil is suitI aM° for these. Ihe company plans to erect its own crushing and refining plant on the estate, so that thn reduction of tung oil from the growin" to the final nrocess may be completed in New Zealand. big tenders accepted. (press association tklkouam.) WELLINGTON, December 5. The tender of Mr G. L. Bull for the erection in reinforceed concrete of a post-office at Westport at £13,133 has been passed by the Public Works Department. The Electric Construction Company has secured the contract for the supply of transmission conductors at Aranuni for £18,041. r Extensive improvements on the Gis-borne-Opotiki coastal highway are the subject of a successful tender at £34,902 by H. Srajr And Company.