THE QUEST FOR OIL

Taranaki Daily News, 21 August 1930, Page 6

THE QUEST FOR OIL

ACTIVITY IN MOTUROA AREA.

WILD SPECULATION DEPRECATED.

“It is pleasing to record the activity that has been evidenced during the past few months in the Moturoa and Omata districts by those engaged in exploration work for oil,” said the president of the Taranaki Chamber of Commerce (Mr. J. McLecd), at the annual meeting of the Chamber last night. "At no time in the history of oilboring in New Plymouth has the business been organised on guch comprehensive and up-to-date lines. Now as never before has the knowledge of 1 .the scientist been called to the aid of | the driller. The combination of really modern rigs of ample capacity, mechanics and drillers of wide experience, ■ scientific research and geological survey—all profiting from the experiences I and accountable failures of the past—- | afford an assurance that if a payable • oil field exists in our vicinity, the fact will before many months surely be demonstrated. So far as is humanly possible every precaution has been taken by all the companies concerned to proI vide against the factors that led to bor- | ing casualties on previous occasions, and probably for the first time on record, really ‘‘dry” wells are now being drilled, obviating the previous principal cause of failure. “It should be tlie concern of the council of the Chamber of Commerce to endeavour to ensure that “nothing but the truth” is released by way of news from the oil field, and to guard against the possibility of an orgy of wild-cat speculation and exploitation, should occasion arise. The reputation of the town requires from the commercial community an assurance that while every assistance and encouragement is to be afforded genuine speculation and investment, active discouragement and repudiation be shown towards any attempt to create any unwarranted gamble. Meantime it can quite honestly be said that the present day indications and the prospects of a great potential industry were never so encouraging. i