TUNG OIL INDUSTRY

Dominion, Volume 24, Issue 62, 6 December 1930, Page 8

TUNG OIL INDUSTRY

Big Estate Purchased MILL TO BE ERECTED 40,000 Acres in Far North With the purchase of 40,000 acres of land in the Far North-of Auckland, a very definite advance has been made in the development of the tung oil indnitry in New Zealand. The company for whom the purchase has been made intends to proceed with the planting of a considerable area immediately the preliminaries of the formation of the company are concluded. £lO,OOO Capital. The land purchased is situated at Parenga and is known as Keene’s Estate. The transaction was completed in Wellington yesterday by Mr. H. R. Jenkins, of Auckland, who has taken an important part in the formation of the ’ompany. Mr. Jenkins informed “The Dominion” that capital amounting to £lO,OOO was available and he had been able to conclude the negotiations with the trustees of Keene’s Estate on satisfactory terms. The directorate of the new company will probably comprise MajorGeneral Sir George Richardson, Sir Walter Stringer, the Hon. E. W. Alison and Mr. Jenkins. The names of other wellknown people had been mentioned, said Mr. Jenkins, but lie was unable at present to announce their inclusion. When the Parenga estate is planted it will be the biggest single area outside China utilised for the tung oil industry. It is intended at first to plant some 25,000 acres, a considerable area being retained as farm land. Some of the land unsuitable for tung oil trees will be used for afforestation. It is also considered likely that olives will be grown on some of the estate, as the climate and soil are suitable for these. Crushing and Refining Plant. The company plans to erect its own crushing and refining plant on the estate so that the production of tung oil from the growing to the final process may be completed in'New Zealand. Mr. Jenkins says that the Americans’ demand for tl.e fine oil is far from satisfied, rhe Florula plantations being inadequate for their ' needs. Now that the finer product is becoming available the adulterated and poorly refined Chinese oil is not sought. With deep-water berthage alongside the estate the transport of the product will be simplified greatly, said Mr. Jenkins. He believes that it will be possible to build up an industry that will be of inestimable benefit to the Dominion in solving its economic difficulties.