OIL AT NEW PLYMOUTH

New Zealand Tablet, 11 April 1912, Page 31

OIL AT NEW PLYMOUTH

. AN ENTERPRISE OF MAGNITUDE • v *'/ 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 (New Zealand) Oil Wells, Limited. 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 f Geological; Survey ip New Zealand. That it is there in quantity there has of late been ample evidence. Indeed, apart from other developments, there exists three flowing wells, alone yielding about 15,000 gallons of oil per week. Altogether the. prospects .. are: most promising. When, however, we find associated with this important undertaking men of responsibility and ; position like the Bari of Ranfurly, G.C.M.G. ;; Major Dudley Alexander, C.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, Limited; and Sir George Clifford, Bart:, of Stonyhurst, Christchurch, - New • Zealand, all of f whom, except the two last-named, 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 nearly 5000 acres. ; ,-.;> i Much is already ’ arranged, and further developments are projected. A refinery, for example, with a ■ 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,|Limited, 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 (New Zealand) Oil Wells, Limited, independent of that more distant trade which can afterwards be cultivated, when : other sources of oil supply are tapped and made available. . ... - We commend to our readers a careful study .of the prospectus ; in 1 , connection ' with this , important proposition. It is, as we have previously stated, quite the ; most valuable enterprise that has for many years past—■if ever at all— presented for subscription in New Zealand.... : :■ v- ; >: