OIL AT NEW PLYMOUTH.

Lyttelton Times, Volume CXXIII, Issue 15902, 13 April 1912, Page 7

OIL AT NEW PLYMOUTH.

AN ENTERPRISE OF MAGNITUDE

What is perhaps ill? most important commercial undertaking. yet launched ill New Zealand, is now placed before the public in the shape of tlio Taranaki N.Z. Oil Wells Ltd. ’ That petroleum exists cf high quality at New Plymoutn has been testified ’to by recognised authorities like Mr J. D. Henry, tho eminent export of Londonand Dr J. 111. Bell, recently head of Geological Survey in New Zealand. That it is thcro in quantity, there lias of late been ample evidence. Indeed, apart from ether developments, there exists three flowing wells, alone yielding about 15,C00 gallons of oil per week. Altogether, 'the prospects aro 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.G.; Mr Joseph Brailsford. chairman of one of the biggest Steel and Coal Corporations in Gre-’t Bii'aiu: Mr Andrew L. Horner, K.C., M.P. : Sir John Lane Harrington. K.C.M.G.. .Chairman of the Oil Trust Ltd. : and Sir George Clifford, Bart., of “ Stonyhnrst,” Christchurch, Now Zealand, all of whom, except the two latter, are already on the Director-ate-—those last-mentioned having arranged to join directlv Allotment has taken place-—it can be realised what good bands Taranaki Oil has at last got into. , Tho Capital of the new company will be £400,010, of'which a subscription or at Last £150,000 is assured by positive guarantee prior to the placing on the market of this very fine property with its temnrkablo scope for expans on._ _ Tho total area over which boring rights extend is nearlv 5,000 acres.. Much is already airanged, and further (V.e'opmrnt; are projected. A Pofinory, for example, with a capacity of 10X0.) gallons per day, will be one cf tho immediate provisions. Tlum, other equipment of an equally up-to-. date character will he introduced by Tho Oil Tmst. Ltd., who, with thoir admitted ability and great experience, kayo be Pino tho oructicnl IVlanticro’s ol the cone rn. A market for all the petroleum that, can be prod erd is'praet rally assured. It is estimated, inQecd, that Austra’asia alone, with its m-irrasias demand in connection with railways, shipping and motor transport,r.nder Tho Taranaki N.Z. -Oil 'yds, Ltd. independent of that, morn < i tr.nt trade which can aft-rwards be culilvated, when other sources of oil sunply aro tapped and made available. | 'Vo commend to cur readers a careful H.'dy of the Prospectus in connection v-itii this important proposition. It is, 03 QUXO nrevio xslv stated, quite the most valuablo enterprise that has for ll ‘ a, ] v H’ors pa l—if ever at aII--been presorted ( Hv subscription in New Zealand. 1