OIL AT NEW PLYMOUTH.

Stratford Evening Post, Volume XXXII, Issue 91, 16 April 1912, Page 7

OIL AT NEW PLYMOUTH.

AN ENTERPRISE OF MAGNITUDE. What is perhaps the most important commercial undertaking yet launched in New Zealand, is now placed before the public in the shape oi the Taranaki N.Z. Oil Wells, Ltd. That petroleum exists of high quality at New Plymouth has been testified to by recognised authorities like Mr. J. >.'). Henry, the eminent expert cf London, and DiM. J. M. Boil, recently head of Geological Survey in New Zealand. That it is there in quantity, there Has of laic been ample evidence. Indeed. >p?rfc from other developments, there exists thi-e flowing wells, alene yi id hig about 15,000 gallons oi oil pe?, week. Altogether, the prospects ar; most promising. When, however, we hud associated with this important undertaking men of responsibility and position like the Karl of llanfurlv, G.C.M.G. j Major Dudley Alexander, C.M.G.; Mr. Joseph Brailsfcrd, chairman of one of the biggest Steel and Coal Corporations in Great Britain; 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 '-'Stonyhurst," Christchurch, Zealand} all of whom, except the two latter, are already on the Directorate—these lastmentioned having arranged to join directly Allotment has taken place—it can be realised what good hands Taraiiaki Oil has at last got into. The Capital of the new Companywill be £400.000, of which a subscription of at least £150,000 is 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, aid further developments are projected. _ A Refinery, for example, with a capacity 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 introduced by The Oil Trust, Ltd., who, withtheii admitted ability and great experience, have become the practical Manager? of the concern. A market for all the petroleum that can be produced is practically assured. It is estimated.. indeed, that Australasia, alone, with its increasing demand in connection with railways. shipping. _ and motor transport, will render The Taranaki \ T .Z. 0:1 Wells. Ltd., independent m that move distant 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 proposition. ft is, as we have previously stated, quite the most valuable enterprise that has for many years past—if ever at ill—been presented for subscription in New Zealand. x