TARANAKI OILFIELDS.

Taranaki Herald, Volume LIX, Issue 143520, 8 June 1911, Page 2

TARANAKI OILFIELDS.

WHAT LONDON THINKS.

Tho Financier of April 24 states: “la reference' to the future of oil in New. Zealand, Mr. J. D. Henry, an English oil expert, who has been to the Dominion, said, prior to-leaving there, that in his opinion the oil area is very: much more extensive than the Government geologists thought, and points out that New Plymouth is an ‘absolutely proven oilfield.’ ”

The London Times of April 24, under largo headlines, says: “New Zealand Oil.—Great Developments Predicted.— ’Mr. Henry, who has just? visitbd: the colonies and is,now' returning .-.t0,. Lon- .; don, states that the British . Empire could build up a petroleum industry which would, within eight, years’ , be; eebond only to that of America,- ’and ultimately the greatest of the kind in the world. He enthusiastically- estimated that in so short a period as six years the value of New Zealandls oil production would bo equal to that, of her gold, as is the case in California. This possibility should not bo overlooked by those who were responsible for the organisation and work of the Geological': Survey -and Mining Departments. The : colonies did not :neod investments of millions in individual companies; they only required ample.and clean finance, the services of oil men, of real experience, and freedom, from those petroleum ‘plungers’ who had worked so much mischief in some other parts of the world. Ho urged the unfettered development of the colonial oil Industry : regardless of: foreign opinion, ? faith in the Government’s assurances of geological and other practical assistance, and an- alliance of British finance and local interests controlling proven oil-terri-tories. In, the early days of the industry the most important product was kerosene, whereas to-day the world’s greatest demand was for liquid fuel and benzine. The speaker finished with a declaration of his faith in the future of Taranaki oil and the prosperity of the, industry in other parts of the’ two islands, hut only if those responsible for the development of the industry; at tho present time made early friendly alliances, with the world’s , most notent factor in industrial progress; British capital ra-operly raised, and spent with a wise discretion.” : The St. James’ Gazette' also makes similar references.: ' This can only have one effect: Now that, we have the coveted . hall-mark that always stamps that which is genuine we can expect an immense influx of capital into New Plymouth. With this capital coming into our district industries and-population will follow and wo can safely estimate that within the next few years land values will be largely enhanced, owing to the fact of the enormous increase in population. We can confidently: look forward to New'Plymouth becoming in the very near future, one-'of. the'principal. cities of the Dominion, Those who have watched the, development -of other oiF fields realise that we . may reasonably expect similar results. Dozens of small towns, whose population was only some few hundreds, have grown, within the space of two to five years, to 30.000 inhabitants. Land values hero, high as they are now. are: as nothing to what they are likely to be as development takes place,. Small towns such as Inglewood and Waitnrn will also grow in importance as the field of operations , extends.. We may look forward to drilling operations being commenced almost immediately in (the vicinity of the towns just mentioned. From a reliable source wo know of many interests that will bring about the development of onr large and extended field ; and within two years wo mav oxpee* companies representing'capital'of fully one and n half millions to pe operating in ' this district. The capital just mentioned is solely for the development of our oilfields. But other capital will to a ccr- - tainty come this way, brought in by, men who know, full well the immense possibilities in land 'speculation on a proven oilfield, or in its vicinity. We hope that tho present holders of city and suburban lands will reap a rich reward. The town will snread out in all directions, and lands that are now suburban are likely to shortly become citv. Only those who have visited an oilfield both before and after'its exploitation can realise < tho immense changes that tho opening up of oil lands brings.