Page 1 Advertisements Column 2

Taranaki Herald, Volume XLV, Issue 10552, 29 February 1896, Page 1

New Zealand Insurance Company. FIRE AND MARINE. • IEA 6 OFIfICEi AOCKUfID, R. bba^ohes- _£^ INSURE #•*• * London, 68 Gornhili' .. Bow_ey & Bbistow * »» ■ ■ Glasgow G. Gbat, Maofaklake & Co, San Francisco Hugh Craig . _, „ . fUPiTii inRiPRiRKn *i nnn nnn tland > °* n - foloeb Against Fire and marine Loss lArlfAb aUHo.KIDKU, _-I,UUU,UuUi Sydney 8. Hague Smith — 2 — -— " " '- —.■■-»■-■ Melbourne ... James Buttle __, . Adelaide ._ ... Louis E. Wilson WITH TH» IBlWCfOtfft Brisbane w ... Edoab W. Walked It I.OOAN CAMKBELI,, Esq. Laoncjrton 1 '.'.'. Thomas Culpan PREMIER COLONIAL COMPANY, f£O_»irnu_O. Hobart A. MoGhkgob &\Jo. • < ' tmomax mmnr/H u«« Levuka and Suva ... J. C. Smith t Co. THOMAS BUDDX.E, Ksq. Blenheim J M. Hutohebon M a wnwrrnw «■«,« Christchurch David Obaio Whiop *•»■ #54 »/596 of Invested - s=£»= = zitsiss: -—.-*-««-«-*» *. M. MATHAIf, Esq. Napier Geo. N. Pieeoh in Loaaea ainco It was establ»rmw»T -nnci-R 1 ■-<>- Nelson ... ...James Wilson u«v,_h i- ibro AOBKKT ROSE, Esq. u ew Plymouth .„ Henby Wbstok ÜBn«a in 188». JAMBS RUSSKM,, Eaq. Wellington ... ... «V. Bolam, Acting * THOUA^RmCVTT «•«- /• W « S"? 9 ToWn "• "• MALCOLM J. SMIVH THOMAS RUSSELL, Esq, C.M.Q. Calcutta ... ,_ Charles L. Fyfpk &fc wiuion, eh* S£ y ;: " a -*_°y_,»*g% TAKE A POLICY IN THE Colombo ... ... Leeohman & Co. ffmral _Hana__ri £^ a ?f?^ AMt; ™»* aa Sfeto Zeslatft gnguranct Co. vrntstat jroanajjn:* Penang .." } &u*n*AH» wood & Co. — — 505 0 ? 6 , Bebignt & 00. Yokohama ... Pbabbb, Fablby _ 00. „ -_-,-, „-,-,_. - __„ Shanghai H. e'. Kkmpthorhb B. WEBTON, ■ Hong Kong Dkton Ins. Society ot Canton I Valparaiso __,HBTBONO _ Co. AGENT, NEW PZ.YUOOTIKJ Applications received by :— LAWBENCE BROS., Waitara ; W. H. FRANKLYN, Inglewood ; H. N. LIARDET, Stratford. And at the Company's Office, Brougham-9treet, New Plymouth. PROSPECTUS OP THE ! EGMONT PETROLEUM Al MINERAL BORING COMPANY! TARANAKI, NEW ZEALAND. TO BE REGISTERED UNDER "THE COMPANIES ACT, 1882." CAPITAL, £6,000 (with power to increase to £100,000), in 6,000 Shares of £1 each j payable as follows : — 2s 6d on application, 2a 6d on allotraont, the balance in calls not excoeding k 2s Gd a share -per month. PROVISIONAL DIRECTORS ! THE PROMOTERS. ' Note. — As soon as a substantial part of the capital is subscribed, a Meeting of Shareholders will bo conrened to adopt Memorandum and Articles of Association and elect Directors. solicitor : secretary, pro. fern, (honorarj) : ROBERT C. HUGHES, New Plymouth. O. F. POOTE. BANKERS : . . THE BANK OF NEW SOUTH WALES. ' Broker : Mr WALTER BEWLEY, of New Plymouth, has been appointed Broker to the Company, and will receiTe all applications for Shares. mHIS Company is being formed for the purpose of Boring for Potroleutn and other Minerals on about 8000 acres of X land, situated in what is deemed to bo the great Petroleum Basia of Taranaki. The Promoters, Messrs Hector Archibald Maolban, Robert Clinton Huohes, and Robert Huohbs, of New Plymouth, hold ngrements signed by tlie land holders, who have (subject to the usual rights of Mortgagees and others), granted to the Promoters the right to bore and mine for Petroleum and other Minerals at a royalty. Bona fide applicants for Shares may inspect the agreement* at the Office of Mr R. C. Hughes. In the selection of land for boring operations, the promoters have not acted on mere impulse or guess work, but have been guided by the principle laid down by a distinguished scientist who says :— " Never bore for Petroleum where oil is oozing out, but go inland and bore in the greatest depression or basin. Bore on the lowest levels, never on the lips of the basin." It is due to the public to explain that the promoters are not strangers to the efforts made to develop the Petroleum resources of this district. Ever since the oil boring operations of 1866, with which ho was indirectly connected, Mr Maclean, who is an old Victorian and New Zealand miner, has given the subject of Petroleum special study, and has never been without hope of being able tc assist in the discovery of payable oil here. ) It was at his request that the late Henry Robert Richmond induced the late- Sir Harry Atkinson to send Mr H. A. Gordon, F.G.S., the Government Mining Engineer, to ivpnrr on tho Oil indications of the District. It was Mr Maclean who showed Mr Gordon over the country, resulting in the latter making careful geological and topographical observations. Mr Gordon's report was to the effect that Petrolenm exists throughout a large area in the Taranaki District, and that it is only a question of boring to the requisite depth to get at its source. Settlers, he learned, on sinking wells inland had found the water so impregnated with Petroleum that it was unfit for use. It is a significant fact that it was in this way that tho existence of the Oil supply of Pennsylvania was discovered. In 1890 Messrs Maclean and Hughes wrote to Professor Bovnrton Redwood, F.R.S.E., F.1.C., F.C.S., enclosing maps and a Geological and Topographical report of the District and other information. The following reply was received :—: — _ Bishopsgate St., Within. London, November, 1890. E.C. H. A. Maoleah, Esq., New Plymouth, Taranaki, New Zealaud. Dear Sir, — I have read with much interest the important letter which you were so good as to address to mo on the 80th September, 1.590, through the Agent-General, and Ido not hesitato to say that you make out a strong ca»e. In this view, I may add, that Mr George Adams, who is now in London, and to whom I have shown your letter, concurs. I think it right, however, to inform you that the New Zealand Petroleum and Iron Syndicate has already sent out experienced drillers with plant of the most approved construction, and that drilling on tho shore will immediately be commenced by the Company. Under these circumstances I do not think it would be wise to make any move in the direction indicated in your letter until tho issue of this experimental drilling is known. Meanwhile I will keep your letter before me, and will at once advise . you if I find any earlier opportunity of taking action. I shall at all times bo pleased to hear further from you on the subject, and will do my best to give effect to any wishes yon may express. Yours truly, Boverton Redwood. The Mr Adams mentioned in Professor Redwood's letter was a gentleman who had had great experience in Petroleum mining in Galicia, Austria. Being in New Zealand, he visited Taranaki in February, 1890, specially to inspect the Oil indications. To Mr Maclean, who had the advantage of an interview with him on that occasion, he expressed himself favorably impressed with the indications, but, having already made a fortune out of oil, he was not prepared to enter upon fresh enterprises. While waiting, as recommended by Professor Redwood, to see tho result of the boring at Moturoa, tho Promoters opened negotiations with a Canadian capitalist, and owner of oil interests, for tbe testing of land here over which they had obtained boring rights. But just prior to this date there was a great revival in the Cnnndiau Oil trade owing to tho imposition of an import tax on American Oil, and the gentleman referred to finally wrote saying that he was so fully and profitably engaged with his Canadian business that he did not care to extend his operations. The Promoters, however, have never lost sight of their object — the development of an Oil Industry here — and having recently acquired the boring rights first above mentioned (which include most of the boring rights acquired in 1891), now invite the public to join with them in an energetic effort to settle once for all the value of the Oil indications of this District. The demand for Petroleum increases with the supply. Of late years Petroleum has come greatly into use as a fuel, especially for Oil and Steam engines. On the other hand, very recent information points to the falling off of the supply. These facts, added to the fact of tho vast wealth yielded by Oil wells to their proprietors, justify the expenditure of money in boring where the indications are so promising as they are here. As an instance of the fabulous wealth which accrues from this source, the case of Mr John D. Rockfeller (see Auckland Weekly News, 81st o£ May, 1890) may be mentioned. "He was once a newspaper reporter, and less than twenty years ago was a business man of only moderate means in Cleveland, Ohio ( His attention was attracted to the opportunities for making money in the handling and refining of the product of the Pennsylvania Oil Fields. He started a comparatively small refinery, and from that grew the most powerful monopoly on earth, tho Standard Oil Trust. He aaid under oath in a legal proceeding not long ago, that he could not estimate his fortune within £2,000,000 or £2,400,000. The estimate of £27,000,000 is not considered excessive." Instead of spending a large part of their capital in the purchase of boring plant, the Promoters intend to «all for tenders in Sydney and Brisbane for sinking three bores. By this system the Company will secure definite results from its outlay, and it is expected that three bores will be sufficient to test the existence of payable Oil in the Basin referred to. Already an offer has been received to sink three bores at one pound a foot, the contractor finding plant and all other necessaries. The vendors do not ask for any money bonus for their property. They will accept 1200 pa\d-up shares, and in case the Company shall resolve to enter upon boring operations with less capital than 4800 subscribing shares, the number of paid-up phares to be allotted to the promoters shall be reduced in proportion to the capital subscribed. As an indication of their own faith in the enterprise, the Promoters, in addition to past expenditure, will take up two hundred subscribing shares. As soon as payable Oil is found, the capital of the Company will be extended, and Original Shareholders will tben have the right to take up, without premium, the whole of the new shares in proportion to the original shares held by them, notwithstanding the fact that such shares could be sold to the public at a piemium. The 3000 acres of land nbove mentioned are in one locality, and form almost a continuous block, and tha site has met with the approval of practical men. The qualificatiou for the office of Director will be the holding of 25 shares. If the capital subscribed be deemed insufficient, oil moneys will be returned to the shareholders, less exchange 'only, all the expenses of the Provisional Directors being paid by the Promoters. " The List will be cloßed as soon as the number of Shares offered have been applied forj