OIL AND IRON.

Dominion, Volume 4, Issue 1148, 8 June 1911, Page 3

OIL AND IRON.

FUTURE OF NEW PLYMOUTH. Mr. C. Carter, chairman of the 'l'aranaki Petroleum Company, was entertained at >,'e\v Plymouth oil the eve of his leaving for London to conclude negotiations with an English syndicate for the taking over of the company's property. In reply to several complimentary spoeehes, Mr. Carter said that the oil industry promised to work a wonderful dift'erence in New Plymouth. It might easily transform it from a beautiful little town to a beautiful great city. In a few years, under the benevolent in'luenca of British capital, not only one company, but many companies might be engaged in the Taranaki oilfield. (Cheers.), Lack of capital was a handicap, and it was therefore quite wonderful that the present company, with only .£36,000, should have been able to find and work two paying wells. ' There would, he hoped, lie another payable bore in full swing at No. 0 before he reached Britain. The shareholders may have had some slight misapprehensions as to the transfer, but Hie whole position would be minutely stated by circular in a few days. It was a. pity the rumour had become current that a salo had not been effected. He wont Home to sign a contract, and the important phases of negotiations would ho disclosed at the earliest opportunity. The iron industry would go hand-in-hand with the oil industry.