OIL AT NEW PLYMOUTH.

Evening Post, Volume LXXXIII, Issue 88, 13 April 1912, Page 6

OIL AT NEW PLYMOUTH.

AN ENTERPRISE OF MAGNITUDE. T^THAT is perhaps the most important * » commercial undertaking yet launched in New Zealand, is now placed before the public in the shape of the Taranaki, New Zealand, Oil Wells, Ltd. That petroleum exists of high quality at New Plymouth has been testified, to By recognised authorities like Mr. J. D. Henry, the eminent expert of London, and Dr. J. M. Bell, .recently head of Geological Survey in New Zealand. That it is there in quantity, there has of late been ample evidence. Indeed, apart from other developments, there exists three flowing wells, alon« yielding about 15,000 gallons of ofl. per week. Altogether, the prospects are most promising. When, however, -we find associated with this important undertaking men of responsibility and position like the Earl of Ranfurly, G.C.M.G. ; Major Dudley Alexander, C.M.Cr. ; Mr. JoGeph Brailsford, chairman of one of the biggest Steel and Coal Corporation*! in Great Britain j Mr. Andrew L. Homer, K.C., M.P. ; Sir John Lane Harrington, K.C.M.G.', chairman of the Oil Trust, Ltd. ; and Sir George Clifford Bart., of "Stonyhurst." Christchurch, New Zealand, all of whom, except the,, j two latter, are already on the, direci torate — these last mentioned having airanged to join directly allotment has taken place — it can be realised what good hands Taranaki Oil has at last got into. The capital of the new company will be £400,000, of which a subscription of at least £150,000 ie assured by positive guarantee prior to the placing on the market of this very fine property with its remarkable scope for expansion. The total area over which boring rights extend is nearly 5000 acres. Much is already arranged, and fur fcher developments are projected. A refinery, for example, with a capacity of 10,000 gallons per day, will be one of the immediate provision*. Then, other equipment of an equally, up-to-date

character will be introduced by the Oil Trust, Ltd., who, with their admitted ability and great experience, have become the practical managers of the concern. A market for all the petroleum that can be produced" is practically as sured. It ia estimated, indeed, that Australasia alone, with its increasing demand in connection with railways, shipping, and motor transport, will render the Taranaki N.Z. Oil Wells, Ltd., independent of that more distant trade which can afterwards be cultivated,' when other sources of oil supply are tapped and made available. Wo commend to our readers a, care ful study of the prospectus in connection_ with this important proposition, It is, 36 we have previously .stated, quite the most valuable enterprise that has for many years pa 6t — if ever at all — been presented for euhscriptiSn in = New Zealand. <