THE TARANAKI OIL BOOM.

Otago Daily Times, Issue 13587, 8 May 1906, Page 5

THE TARANAKI OIL BOOM.

(Pes United Press Absociatiok.)

NEW PLYMOUTH, May 7.

At a meeting of directors of Iho Fclroleum Company it was'decided to float, a company with a capital of £100,000, Har-eouo-t and Co., of Wellington, undertaking the flotation. Shareholders of the present company are to receive £50,000 for their properties and rights. The balance of £50,000 is to ba offered to the public. Great interest is being shown all over the colony and in Australia. A large application list, is anticipated, but owing to tho amount of legal and other work to be: settled, it will bo some weeks More a prospectus is issued. Matters at the bore look hotter than.ever.

Owing to the success of the Moturoa oilllore. other districts ir the province are eominencine to bestir in tho matter of prospecting. The Inglcwood and Eltham districts, long known to bo oil-bearing, have only been waiting for the Now Plymouth works to bo proved. Tho main trouble at the Moturoa bore just now is to keep back the flow of oil, which, if allowed to run freely, threatens to flood the road. Tho oil gushed out in great volume to-day, but. tho manager was successful in sealing tho pipes. At present all available tanks and barrels aro filled. Judging by local enthusiasm, there should be no difficulty in floating the concern in New Plymouth. Holders of shares are now showing a disinclination to sell, and tho prico consequently is mounting up. .