PETROLEUM.

Taranaki Herald, Volume LX, Issue 143788, 11 May 1912, Page 2

PETROLEUM.

TARANAKI PETROLEUM COMPANY

Matters in connection with the sale of the Taranaki Petroleum Company’s undertaking to the Taranaki (N.Z.) Oil Wells, Ltd., are so far advanced as to enable the directors of the former to take the necessary steps to go into voluntary liquidation for the purpose of distributing its assets. We understand that the date for passing tho necessary resolution is fixed for May 30.

TARANAKI (N.Z.) OIL WELLS, LTD,

The manager reports that good progress is being made with the excavation of the underground tank at No. S bore, which will be the largest yet made. He further reports that everything is going on very satisfactorily at the wells. Visitors in large numbers still frequent the works. During the week the Hon. Mr.' Laurenson was amongst the distinguished visitors, and expressed considerable surprise at tho advanced state of the industry, and wished to know whether it had passed the stage when the Government could continue it, as he considered it jvas an industry that should be nationalised.

A London correspondent writes: — Tlio British Trade Commissioner in New Zealand remarks that a' great deal of money has been expended on oil-boring, hut except at New Plymouth no oil has yet been produced. “Petroleum experts,” he says, “consider prospects favourable, and ■ there appears to be only one serious problem, namely, that of a market for oil. . . . There are

great natural advantages to outweigh the cost of labour, nevertheless the real question seems to be whether enough cm bo marketed locally to make a refinery pay. Outside the Dominion, and possibly the Commonwealth of Australia, it is hardly to be expected that New Zealand producers could compete with California and Burma.”