SOUTHERN CROSS PETROLEUM COMPANY.

Daily Telegraph (Napier), Issue 3761, 4 August 1883, Page 2

SOUTHERN CROSS PETROLEUM COMPANY.

There has l<eou a voiy decided upward luidoucy in Souther Cross sliaros during thi.i wwli, and ovor 1,500 scrip have out of the place within the last few cliiys. The eonseqiuiiico of this is tluii the inaricot is almost cliuir ol' stock in this company, uud it would bo oxtremely dillicult now (o

purchase at a reasonable price. It is very evident that Canterbury people are particularly sweet on acquiring this stock. The manager fit the works appears to be very sanguine, and the impression is gaining ground that the pipes are within fifty feet of the oil. At the lowest depth reached, there are unmistakable indications of oil, and this goes to prove that the theory of some doubters—that the indications on the surface belong to the surface only —is erroneous. This ought to convince the most prejudiced person that the source of the oil supply is at a greater depth than \. has yet been tapped. The arrival of Mr J Weaver, one of the most gentlemen from the oil regions of the States, and the fact that three bores arc being Hunk at the same time, marks an important epoch in our oil industry, and we feel sure that the fortunate holders of scrip in either company possess property that will shortly become valuable.—Gisborno Herald.