OIL PROSPECTING

Nelson Evening Mail, Volume LXI, 30 November 1927, Page 7

OIL PROSPECTING

IN AUSTRALIA AND NEW '-{ ZEALAND -v^f a chairman's- cßrncis^J.;^ (By Electric Telegraph-'Copyright)"'. (Australian & N.Z. Cable Association.) MELBOURNE,; 29th Mov. Mr Watt, ex-Speaker-of the -House of Representatives, a member of the House of Representatives, and chairman of directors of the Taranaki Oilfields Limited, New Zealand,, criticised"'oil ;pr.ospecting in Australia and New Zealand in his annual address to shareholders of the Taranaki Oil- Company. 'He 'said it had" to be remembered that comlhercial oil production in Aastralia ; " and New Zealand was not-yet an accomplished fact. The history of "such"' prospecting as had been done was that spasmodic effort was not infrequently surrounded by an atmosphere calculated to alienate the sympathy of the sound business elements of the community. Vln fact, most Australian efforts had become perilously near being a' by-vpord and the holder of shares in an-oil prospecting venture was still looked, upon in some quarters as being, financially speaking, a little unbalanced. " : Tne're had beeu no opportunity in Australia or New Zealand for the general-public to form a correct view of the quest for of), but, contrary to an erroneous but'popular view, the search for oil was 1 , as'legi'timal'e and' straightlorward "ajbusiriess any other. '•;/•* ■'•;;■,■'. '