NEW SOURCE OF WEALTH

Dominion, Volume 13, Issue 38, 8 November 1919, Page 6

NEW SOURCE OF WEALTH

PAKENGA GUMFIELDS INDUSTRY".

fly Talesrrar'h. —T'repn Association.

Dargaville, November 7. The oil works at; Pnrenga Cornfields, Limited, at. Kedhilt, were officially opened tit. noon to-day by Dr. Fitchett, in the presence of visitors from all parts of New Zealand. Dr. 'Fitchett expressed the opinion that the work would prove successful, resulting in an industry second to none.

The managing director, Mr. G. E. Aiderton, said Hint the oil- produced from tho pukan of Hie mini swamps was more, valuable than shale oil, giving .as its fractions motor spirit, a solvent oil, a turpentine, substitute,' and paint,and varnish oils. There was sufficient wealth in tho oil to pay off all'the. war debt. The. working had confirmed the fact-that the. value per yard of pukau was ,£l, and tho company's field was as rich as any alluvial gold mine. It was hoped that oilier .companies would embark in the oil business, as there was unlimited demand. The value of the gum in the laud in sight of the company's property was .£G.!iO0,0O0, which, if treated, would produce oil at n shilling per gallon, valued at ,£21,000,000. , , The opinions expressed by commercial men wero that the industry would ultimately be greater than dairying or meat.