TARANAKI PETROLEUM.

Dominion, Volume 5, Issue 1347, 26 January 1912, Page 6

TARANAKI PETROLEUM.

ENGLISH KXI'KUTS OX VACTS AXD I'KOHPKCTS. During (ho pasl few years, mojt people have heard a gtrnl deal about the prospects and possibilities ofTaranaki petroleum. There arrived in "Wellington late last night two well-known English oil experts, who arc qualified to express an authoritative opinion on the mailer, and their testimony shoedd give Taranaki hearty satisfaction. They represent The British Empire Oil-Fields, Ltd., an influential body which must njt bp confused with Standard Oil or its ramifications. Mr. J. D. Henry! the well-known colonial oil authority, visitetl New Zealand a year ago, with the object of inspecting the Taranaki field and satisfying himself whether it was worthy of Exploitation. Beturning lo London, his Teport was very favourable. Since that he has produced his book on the "Oilfields of New Zealand,''' and is now engaged on a report for the Government. The history cf London's connection with the, petroleum industry of New Zealand is not without interest. It started as far back as (en years ago, when Mr. George Adams, described as the doyen of the petroleum expert profession, camo to New Zealand and made statements which were looked upon, both 011 this fide and in London, as indicating that there was an extensive petroliferous territory in the Taranaki district. It is from this experience that, quite recently, Mr. J. D. Henry and Mr. H. J. Brown and their associates found good reason lo take up seriously the question of getting oil 011 (i larger scale in Taranaki. while being prepared, if necessary, to take an interest in other fields in the Dominion. "When Mr. Henry came to London," said Mr. Bro.vn, "his report was sufficiently satisfactory to induce our group to take the matter up. Mr. Henry confirmed everything that Mr. George Adams had said—and more. It is interesting, I think, to notice that since then Dr. ,T. D. Bell has reported 011 the property, in association with Mr. Henry, and lias fully borne oi(t Mr. Henry's earlier report. It is on the reports of these two gentlemen that the present connection is being worked. I thought it was quite good enough "to make my trip out here. I spent five weeks on the field, studying it from every quarter, and. I am thoroughly convinced that everything said by. Mr. Henry and Dr. Bell was absolutely correct, and that Taranaki possesses a very large oilfield at present undeveloped." And the quality of the oil? "Tho quality of the oil," said Mr. Brown, "is the finest in the world. There is nothing to touch it anywhere. The percentage of paraffin-wax is larger than that in any other field on earth." "The statement," said Mr. Brown, "can be mile on the authority of the most eminent refining company of Scotland that this field is, in the matter- of the value of the products, the finest in the world. The percentage of paraffin-wax is 17.7, which, is ten per cent, larger thau the yield of any other oil. Paraffin-wax, I may' tell you, sells at the. very, high figure of froin .£3O to per ton. I want to say that we have been immensely pleased bv the indomitable pluck the Taranaki people have shown in sticking to-this thing from the start. Nothing has shaken their faith. Mr. Carter, the chairman of tho local company, who has just returned from London, went there on our invitation to complete negotiations. Negotiations were duly completed. Under the arrangement, the London group has to bring out a company with a nominal- capital of .','400,000, of which .£275,000 is for working capital and the general expenses of the company. Fifty thousand shares are held in reserve i'ol' future issue. The directors include—The Earl of Banfuriy, Mr. Joseph lirailsford (chairman of the Ebbwvale Steel, Iron, and Coal Company, Limited), Sir John' Harrington (chairman of the Oil Trust, Ltd.), Mr. A. L. Horner (director of the South African Territories, Ltd.), and Major D. H. Alexander." In the course of further conversation, it was gathered that the Taranaki shareholders of tho present company, under the agreement entered into by Mr. Carter with the London group, have the right to participate in the underwriting of shares in the new company. The Taranaki men have shown, their confidence in the undertaking by fully availing themselves of this opportunity.