OIL AT NEW PLYMOUTH.

Hawke's Bay Tribune, Volume II, Issue 103, 16 April 1912, Page 5

OIL AT NEW PLYMOUTH.

AN ENTERPRISE OF MAGNITUDE. What is perhaps the most import ant undertaking yet launched in Nevv Zealand, is now placed before the public in the shape of the Taranaki N.Z. Oil Wells Ltd. That petroleum exists of high quality at New Ply mouth has been testified to by recognised authorities like Mr. J. D. Henry, the'eminent expert of Louden. 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 othei developments, there exists three flowing wells, alone yielding about 15,000 gallons of oil per week. Altogether. the prospects are most promising.

When, however, vve find associat ed with this important undertaking men of responsibility and position like the Earl of Ranfurly, G.C.M.G. : Major Dudley Alexander, C.M.G. : Mr. Joseph Brailsfcrd. Chairman of one of the biggest Steel and Cca : Corporations in Great Britain ; Mr. Andrew L. Horner, K.C., M.P. ; Sil John Lane Harrington, K.C.M.G. Chairman of the Oil Trust Ltd. ; ano Sir George Clifford, of “Stonyhiirst,” Christchurch, New Zealand, all of whom, except the twe latter, are already on the Director ate —these last-mentioned having arranged to join directly Allotment has taken place-—it can be realised what good hands Taranaki Oil has at lasi got into.

The capital of the new companj will be £400,060, of which a subscription of at least £150,000 is assurer by positive guarantee prior to the placing on the market of this verj fine property with its remarkable scope for expansion. The total area over which borini rights extend is nearly 5090 acres. Much is already arranged, and fur ther developments are projected. A refinery, for example*, with a capa city of 10,000 gallons per day, will be one of the immediate provisions. Then, other equipment of an equally up-to-date character will be intro duced by The Oil Trust Ltd ~ who. .with their admitted ability and greai experience, have become the practical managers cf the concern. A mar ket for all the petroleum that can be produced is practically assured. It is estimated, indeed, that Australasia alone, with its increasing de inar.d in connection with railways, shipping and motor transport, will render The Taranaki N.Z. Oil Wells. Ltd., independent of that more dis taut trade which can afterwards be cultivated, when other sources of oil supply are tapped and made available. We commend to our readers a careful study of the prospectus in connection with this important proposi tion. It is, as we have previously stated, quite the most valuable enterprise that has for many yeart past—if ever at all—been presented for subscription in New Zealand.