OIL FUEL

Wanganui Chronicle, Volume LXXXIII, Issue 20012, 1 December 1927, Page 2

OIL FUEL

QUEST IN DOMINIONS PROSPECTING IN NEW ZEALAND. (A. & N.Z.) MELBOURNE, Nov. 29. Mr W. A. Watt, formerly Speaker of the House of Representatives, and chairman of directors of Taranaki Oilfields Limited, New Zealand, criticised the oil prospecting in Australia and New Zealand in his annual address to the shareholders of the Taranaki Oil Company. He said it had to be remembered that commercial oil production in Australia and New Zealand was not yet an accomplished fact. The history of such prospecting as had been done was spasmodic, and the effort was. not infrequently calculated to alienate the sympathy of the sound business elements of the community. In fact, most of the Australian efforts bad become perilously near being a byword, and the holder of shares in an oil-prospecting venture was still looked upon in some quarters as being, financially speaking, a little unbalanced. There had been no opportunity in Australia or New Zealand for the general public to form a correct view of the quest for oil, but, contrary to the erroneous but popular view, the search for oil was as legitimate and straightforward a business as any other.

BULK SUPPLIES THE UNION ATLANTIC COMPANY. (A. and N.Z.) NEW YORK, Nov. 29. The Guarantee Trust Company announced the flotation of 4,000,000 ten year 41 per cent, gold bonds of the Union Atlantic Company. The statement says: “The Union Atlantic Company stock, of which 50 per cent, will be owned by the Union Oil Company, California, and 50 per cent, by the Atlantic Refining Com? pay, has been formed to develop econo mical transportation and distribution of the products of the Union Oil and Atlantic Refining Companies in Australia and New Zealand. The company will owa all the common stock to the amount of £300,000 of the Atlantic Union Oil Company, Ltd., which has been incorporated in Australia, and has already acquired valuable land sites for the erection of storage facilities as well as for bulk terminals at the principal ports entry to Australia and New Zealand. BRITISH CONTROL THE TURKISH PETROLEUM COMPANY. (A. & N.Z.) LONDON, Nov. 29. The Hon. W. Ormsby-Gore, in answer to a question in the House of Commons, said that the Convention between the Turkish Petroleum Company and the Government of Iraq provided that the company must continue to be registered in Britain and have its 1 chief place of business within the Empire, with a chairman of British nationality.