The Timaru Herald. TUESDAY, JUNE 11, 1895.

Timaru Herald, Volume LVIII, Issue 1777, 11 June 1895, Page 2

The Timaru Herald. TUESDAY, JUNE 11, 1895.

It would give us great pleasure to be able to state on trustworthy authority that the Taranaki petroleum wells were yielding oil at a rate calculated to enrich the whole settlement and throw the dairying industry altogether into the shade. It does not appear, however, that that stage has been reached, and if the best available scientific opinion (expressed m past years) is to be relied on, Taranaki never will be a very rich oil district. It is quite true that the recent results obtained at the Moturoa petroleum works are more encouraging than heretofore. Oil is being pumped up, and, if the local papers are to be trusted, the quality is good. If a really plentiful supply were to be obtained — plentiful by an American or a Russian standard — the owners would reap a rich reward, and there \yould be better ground for hoping

that many others would be equally fortunate if they sank wells over an extended area. But, as far as we can make out from the published reports, the telegrams,, and from private letters, the yield is not at present' what can be termed payable. The owners live m hope — strong hope, perhaps, but not realisation. All the world knows that the two states are not exactly the same, and that hope is sometimes followed by bitter disappointment, and m commercial speculation by the loss of much solid cash. We published the other day a little paragraph from the Southland Times relating to the Taranaki petroleum excitement. Our contemporary pointed out that whilst the telegrams assured the public that the oil "flowed" freely, they also alluded to the use of the word "pump." That is exactly the true state of the case. The oil does not flow, but is being pumped up, whereas it will have to now very freely before the venture will pay. The paragraph ended with the highly significant little sentence : — " x\ good deal of Inver•cargill,cash disappeared down these bores m ihe North Island some years ago." These preliminary remarks may serve to introduce a few words of caution which we venture to offer to our readers. The New Plymouth papers appear to be trying' hard to create a petroleum boom on the strength of the pumping experiments at Moturoa. We have before us a recent number of the Taranaki Herald, which gives under two large type headings a report of some pumping operations at Moturoa last week. The facts appear to be stated fairly enough, and m the course of the afternoon several barrels of oil were pumped up, and " many of those present took away bottles of the oil, Mr R. E v Fair, who was . superintending the operations, considerately filling them for applicants." Then we are told that " great interest is being manifested m the petroleum question, and Mr Shepherd, who is receiving shares m the new company at the company's offices, is being kept busily employed. 'Up to noon over .£BOOO worth of shares had been applied for." In short, a company is being floated to exploit the petroleum find; and if that were of the assured value that some of the telegrams and notices would lead us to believe, the owners would not be quite so anxious to share their fortunes with outsiders. Far be it from us to throw cold water on this latest effort to test the value of the Taranaki petroleum supplies. By all means let sufficient money be found to make the test thorough, but at the same time we would not advise anyone to go very heavily into the venture. There is a risk and a heavy one, as is the case with all " prospecting" operations, and m that light we must regard what is now being done at Moturoa, and what will probably be done m other localities m Taranaki before the lapse of many weeks. It may turn out that there is sufficient petroleum to burn the fingers of those who dabble m it, and not enough for any more satisfactory purpose. To show that the paper which we have before us is trying hard to work up an excitement m the public mind over this petroleum business, we may mention that, immediately under the short report of the pumping operations and the sale of shares, there is an article under the heading " Fortunes made by ' ile ' m America." There we are told of one man whose oil wealth is, or was (for we think he is dead and could not have taken the cash with him) estimated at from £40,000.000 to £50,000,600. Next there is about a page out of Walter Besant's " The Golden Butterfly" — the description given by Mr Giiend P. Beck of the advantages of oil over gold, silver, or diamonds : — " Gold you have to dig for, to pick, to wash. Gold means rheumatism and a bent back". ' lie' Hows, and you become suddenly rich. You make all the loafers around fill your pails for you, and your bankers tell you how many millions of dollars you are worth." Lastly, there is a long extract from Charles Marvin's "Our Unappreciated Petroleum Empire", m which we are told that £200,000,000 worth of oil was exported from the United States between the years 1859 and 1889, and that without any exaggeration it may be said that several times this value of petroleum lies latent and untouched m the bowels of the British Empire." Funny language rather, but no doubt the editor of the TaranaWi Herald wishes to conjure up a belief m the minds of his readers that no inconsiderable proportion of those hundreds of millions lies latent and untouched m the bowels of New Plymouth and the surrounding districts. It may be so, but it would be folly for any individual to part with very much solid cash m the expectation of getting a large slice of the hidden wealth for his share.