Page 8 Advertisements Column 7

Evening Post, Volume LXXI, Issue 147, 22 June 1906, Page 8

PROSPECTUS OF THE TARANAKI PETROLEUM COMPANY (LIMITED). (A Company incorporated under "The Companies Act, 1903.") Directors : DANIEL BERRY, Now Plymouth, Merchant MURDOCH FRASER, New Plymouth, Merchant GEORGE CHARLES FAIE, New Plymouth, Oil Expert JOHN WALTER WILSON, Now Plymouth, Warehouseman 1 WILLIAM HUMPHRIES, Now Plymouth, Merchant MICHAEL JAMES JONES, New Plymouth, Architect JOHN ROLLO, New Plymouth. Engineer (Tho First Meeting of Shareholders will bo held not loss than, one month or more than three months from the timo tho Company becomes entitled to commence business, at which meeting Messrs. J. W. WILSON, W. HUMPHRIES, and J. ROLLO will vacate office (but bo eligiblo for election), and tho Meeting will elect four Directors in their stead). Bankers : THE BANK OF NEW ZEALAND. Brokers^ — Wollington : MESSRS. BARR, LEARY &, CO. MKSSRS. EAST & EAST. MR. J. M. HUME. Auditors : MESSRS. T. O. KELSEY and HUGH BAILY, New Plymouth. MESSRS. GOVETT AND QUILLIAMJ Devon-street, New Plymouth. im Secretary: DAVID LAING, Egmont-street, New Plymouth. .Tho objects and powers of tho Company aro set out in tho Memorandum of •association, a copy of which is printed in the fold of and forms part of the Prospectus, me Capital of the Company is £120,000, divided into 120,000 shares of £1 each, it is proposed to acquire from tho Liquidator of tho Moturoa Petroleum Company, limited, the whole of its business, assets (other than money), and undertaking, in consideration of the allotment to tho Liquidator or his nominees of 56,000 ordinary shares in this Company, credited as fully paid up, but no formal Contract has been executed between tho Moturoa. Petroleum Company, Limited, or its liquidator and this Company, binding this. Company to purchase tho said business, assets, ana undertaking. Tho remaining ordinary shares in the capital of tho Company aro now offered to tho public for subscription, to be paid as follows:— 2s 6d per .share on application, , 2s 6d per share on allotment, and the balance as and when required by calls of not exceeding 2s 6d per share at intervals of not less than sixty days. wu B iJ? r ? s are *° rank for dividend according to the amount paid up thereon. a -irf ■ c * oturoa Petroleum Company, .Limited, is registered under "The Companies 'm ' ils ro & ißtered omce is in Egmont-street, New Plymouth. Tho assets proposed to bo acquired from thp Moturoa. Petroleum Company, Limited, consist of Petroleum boring plant, a freehold seotion (containing 0 acres 6 roods 32 poles) at Moturoa, and a number of borinc; rights over a large area of land in Taranaki. A. list of the plant, tho title to tho freehold section, and the instruments relating to the boring rights, may be inspected at the offices of tho Company's Solicitors. No valuation of the plant, land, or boring rights has been or is intended to bo made on behalf .of this Company. The Directors of this Company are interested in the property proposed to bo acquired from the Moturoa Petroleum Compariy, Limited, to tho extent only of their interests as shareholders in that Company. The following are the particulars of the number of shares held by the Directors of the Company in the Moturoa. Petroleum Company, Limited: — MR. DANIEL BERRY is the holder of four ordinary £5 shares and ono £1 preference share. MR. MURDOCH FRASER and another are tho holders of two ordinary £5 ■ shares. MR. GEORGE CHARLES FAIR is tho holder of 51 ordinary £5 shares. MR.r JOHN WALTER WILSON is the holder of five ordinary £5 shares and nine £1 preference shares. MR. WILLIAM HUMPHRIES is the holder of ono ordinary £5 share and five £1 preference shares. MR. MICHAEL JAMES JONES is the holder of three ordinary £5 shares. MR. JOHN ROLLO is the holder of two ordinary £5 shares and five £1 prefeernce shares. MR. GEORGE CHARLES FAIR is also a Director and tho Manager of the Moturoa Petroleum Company, Limited. Tho preliminary expenses of and incidental to the formation and establishment of this Company and until the Company shall bo entitled to commence business, are estimated to amount to £150, and will be borno by the Company. By its Articles of Association tho Company is authorised to pay a commission of not exceeding five per centum to any person in consideration of his subscribing or agreeing to subscribe whether absolutely or conditionally for any shares in the Company, or procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares. Tho following aro tho clauses in the Articles of Association fixing the number of shares required for a Director's qualification, and as to the remuneration of Directors: — No. 89. The qualification of every Director shall be the holding in his own right of five shares. No. 91. Tho Company in general meeting eh all from time to time determine the remuneration to be paid to the Directors. If, in the opinion of the Board, it is desirable that any of their number make any special journeys, or perform any special services, on behalf of tho Company, or its business, such Director or Directors shall be paid such reasonable additional remuneration and expenses therefor as the Board or Company may from timo to time determine. A Director may hold a place of profit under the Company, as Manager or Managing Director of the Company. Applications for shares should be made upon the iorm accompany this Prospectus, and sent to any of tho Company's brokers, together with tho amount payable on application. If no allotment is made, the deposit will be returned in full, and if tho number of shares allotted on any application is less than the number applied for, tho balanco of the application moneys or a sufficient part thereof will bo applied in reduction of the amount duo on allotment. n Prospectuses and forms of application for shares 'may be obtainod from tho Secrotary or from any of tho Company's Brokers. Tho minimum subscription on which tho Directors may proceed to allotment is 15,000 shares. ■ _ ' As tho minimum subscription must bo allotted within 60 " days after tho first issue of this Prospectus, the subscription list will close on tho 31st day of July next, or sooner if co decided by the Directors. ' This Prospectus has been duly filed with the Registrar of Joint Stock Companies. Dated tho Ist day of June, 1906. TARANAKI PETROLEUM CO., LIMITED. The following report on tho Company's property has been received from. Mr., GEORGE CHARLES FAIR, Oil Expert, who has had great experience in oil boring operations in Canada, Southern Italy, Galatia, and Roumania: — Moturoa, 14th June, 1906. TO THE DIRECTORS OF THE TARANAKI PETROLEUM COMPANY, LTD., NEW PLYMOUTH. DEAR SIRS— I beg to forward you my report on the Taranaki Petroleum Company's oil field. . _ • Tho beds that havo been traversed are rich in marine fossils, tracts of fuocids, grey clays, and sandy shales, therefore tho oil bearing strata, in my opinion, consists of b. friable nature. This would lead mo to believo that the petroliferous strata of the Motorua district aro not in any way of a volcanic nature, but rise up directly from tho lower tertiaries, -partly from tho mioceno and partly from tho upper oecene. > The great difficulty I havo experienced has been in shutting off the water. This difficulty, I am happy to say, I havo now overcome, and no further difficulty in this respect is anticipated. At the present time tho "Birthday Well" is a payable one, and from past experience I should' say tho life of this well will probably be from ten to twelve years, but will not necessarily be a flowing one for the whole of that period. I have the honour to be, Sirs, Your obedient servant, (Signed) GEO. O. FAIR. Mr. Fair has intimated his willingness to undertake the management of- the Company, and an engagement has been ontered into with him. On tho 3rd June, 1906, a quantity of oil was taken from tho "Birthday "Well," in tho presence of tho Chairman of Direotors, Mr. Leary, and others, and submitted to PROFESSOR EASTERFIELD, M.A., Ph.D., of Victoria University, WellingMESSRS BARR, LEARY AND CO., Wellington, 15th June, 1806. WELLINGTON. , ' , GENTLEMEN— I havo examined the crude Petroleum sent by you on tho 6th inst and certified as 1 having been drawn in Mr. Leary's presence. THE CRUDE OIL. Tho sample was of a groenish colour, red by transmitted light, and without offensive smell. It was eemfesolid at the ordinary temperature, but completely liquid at 80 Fahr. It contains sufficient volatile matter to flash at tho ordinary temperature. The specific gravity was "84 at 65deg Fahr. Tho sample was free from water and grit. DISTILLATION TEST. When distilled the oil gavo tho following products: — BENZINE distilling between 55° & 150° C. 20 % BURNING OIL „ „ 150° „ 300° C. 40 % HEAVY OIL for lubricating 300° „ 440° C. 37 % PITCH 2 % LOSS 1 % Total 100 BENZINE. The crude benzine has a specific gravity of "764, was colourless, and had a pleasant odour. When redistilled it yielded 66 per cent, of naphtha, boiling between 58deg and 120deg C. BURNING OIL. Tho crude burning oil had a slightly yellow colpur. When redistilled it yielded water whito kerosene with 6nly a faint bloom. The oil distilling between 150deg and 270deg had a specific gravity of "82. Treatment of this fraction with sulphurio acid and alkali scarcely affected the density of the oil, but removed practically the whole of the bloom. The lead oxide test indicated the absenco of sulphur compounds. Tho Koroseno is of greater density than »» hite Rose Oil," and shows a greater tendency to smoko when burnt in American lamps. This defect is also shown by Russian Kerosenes, but is largely overcome by the practical manufacturer. HKAVY OIL AND I'ARAFtfIIS. The heavy oil sets at the ordinary temperature owing to the deposition of solid paraffin. Tho maximum amount of paraffin scale which I obtained was equal to 13 per cent, of tho crude potroloum. After pressing and rcmeltinß the 6calo showed '.a melting point of 130deg F. Tho yieki of pniaffin wax in a properly arranged distillery, fitted for cold filtration, would bo greater than in a laboratory experiment. The molting point of wax would also bo raised by systematic sweating, a^ carried out by the modern manufacturer. LUBRICATING OTU Tho heavy oil filtered from the wax yielded, by the usual acid and alkali treatment, a reddißh brown oil of good appearance. Tho oil is a good lubricant ; it was tested upon tho crank shaft bearings a-nd in the high pressure cylinder of a stationary engine, and gavo complete satisfaction. Tho Petroleum i 6 from many points of view unusual. There is no doubt that if the flow can bo kept up tho oil will prove a valuable asset to tho colony. I have tho honour to remain, yours faithfully, (Signei>) THUS. U. EASTERFIELD. MR. ALLEN MAGUIRE, tho, well-known Wellington contractor, and MR. JOHN MARSHALL, of Auckland, gentleman, havo consented to join tho Directorate to represent tho interests of tho Wellington and Auckland Shareholders respectively. _ ' A plan of the boring rights, which consist of about 6000 acres, way be seen at tho office of tho brokers.