OIL AT NEW PLYMOUTH.

Taranaki Herald, Volume LX, Issue 143765, 13 April 1912, Page 2

OIL AT NEW PLYMOUTH.

AN ENTERPRISE OP. MAGNITUDE. What is perhaps the most important commercial undertaking yet launched in New Zealand is now placed before the public in the shape of 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. D. Henry, the eminent expert of London, and Dr. J. M. Bell, recently head of Geological Survey in' New Zealand. That it is there in quantity, there has of late been ample evidence. Indeed, apart from other developments, there exist three flowing wells, alone yielding about 15,000 gallons of oil per week. Altogether the prospects are most promising. AVhen, however, we find associated with this important undertaking men of responsibility and position like the Earl of Ranfurlv, K.C.M.G.; Major Dudley Alexander, 0.M.G.; Mr. Joseph Brailsford, 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, New Zealand, all of whom, except the two latter, are already on the directorate —- these last-mentioned having arranged to join directly allotment has taken place —it can be realised what good hands Taranaki oil has at last got into. - The capital of the new company will 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 about 4800 acres. Much is already arranged, and 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, with their admitted ability and great experience, have become the practical managers 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 (N.Z.) Oil Wells, Ltd., independent of that more distant trade which can afterwards be cultivated, when other sources of oil supply are tappen and more available. We commend to our readers a careful study of the prospectus in connection with this important proposition.