PETROLEUM NEWS.

Taranaki Daily News, Volume LIV, Issue 315, 3 July 1912, Page 4

PETROLEUM NEWS.

THE REFINERY PLANT. FURTHER NEWS. Further cabled advice was received at Sew Plymouth yesterday regarding the refinery plant for the Taranaki Oil Wells Company, Limited's, works at Moturoa. Arrangements for its delivery have been completed, and it was arranged that the first shipment should leave in June (provided strikes did not interfere with its despatch). The refinery manager has been engaged, and was him.-elf going over the plant with the manufacturers prior to leaving for New Zealand. The local advisory board states that it is contemplated that all initial work, including the preparation of the foundations, will be put in hand, so as to be ready to proceed at once with the erection of the refinery when it arrives. Preparations are also being made for pushing forward with all the expediency possible of sinking new bores in order to feed the refinery as soon as erected. The refinery ordered is thoroughly up to date, and the wax plant lifts been considerably added to to meet the analysis of the Moturoa oil. THE INGLEWOOD COMPANY. LATEST ADVICE FROM LONDON.

L For some months.past the Inglewqocl Oil-bearing and Prospecting Company has been on the London market. At the I annual meeting o'f the company last DeI ctmber the chairman (Mr. T. Furlong) announced that its proposition had been placed under firm offer for three months to a British syndicate, through its agent, Mr. A. T. Bate, of Wellington. The terms of the sale were, that £15,000 should be available for prospecting right away, and that in event of the prospecting proving satisfactory a new company be formed to work the fields. It was stipulated that £6780 should be paid to the present company in cash, the balance of the consideration to be in fully-paid-up shares. The present company was to get £13,560 of share capital. The new company was to be of not lesa than £50,000 working capital. The time was extended for two months, which expired last Sunday. The latest advice the directors have received from London was to the effect that their proposition was in good hands in Paris, where it was thought there was a fair chance of floating it. So far, the company has received no definite information as to the success of the negotiations. The directors met last subsequently the chairman told a News reporter that they had no reason to doubt that negotiations would not be successfully concluded |n time; it was only a matter of time.