OIL AT NEW PLYMOUTH.

Dominion, Volume 5, Issue 1413, 13 April 1912, Page 5

OIL AT NEW PLYMOUTH.

AN ENTERPRISE OF MAGNITUDE,

What is perhaps the most important commercial undertaking yet launched in New Zealand is now placed before tho public in the shape of the Taranaki New Zealand Oil Wells Ltd. That petroleum exists of high quality at New Plymouth lias been testified to by recognised authorities like Mr. .T. D. Henry, tile eminent expert of London, and Dr. .T. M. Bell, recenlly head of Geological Survey in New Zealand. That it is there in quantity there has of late been ample evidence. Indeed, apart from other developments, there exists three Mowing wells, •alone yielding about 15,000 gallons of oil per week. Altogether, the prospects'aro most promising. When, however, we find associated with this important undertaking men of .responsibility and position like tho Earl of Ranfurly, G.C.M.G., Major Dudley Alexander, C.JI.G., Mr. Joseph Brailst'ord, 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 Ltd.; and Sir George Clifford, Bart., of "Stonyhurst," Christchurch, New Zealand, nil of whom, except (he two latter, are already on Ilia Directorate—these last-mentioned having arranged to join directly allotment has taken place—it can be realised what good hands Taranaki Oil lias at last got into. Tho Capital of the new company- -will bo .tton,ooo. of which a subscription'' of at «t'lso,oCl[) is assured by positive guarantee prior to. the placing.on tho market of this very fine property with its remarkable scope for expansion. The total area over which boring rights extend is nearly 5000 acres. Much is already arranged, and further developments aro projected. A Refinery, for example, with a capacity of 10.000 gallons per d.\v, will be one of tho immediate provisions. Then, other equipment of an equally up-to-date character will be introduced by Tho Oil Trust Ltd., 'who, with (heir admitted ability and grent experience, have liecomo tho practical Managers of tho concern. A market for all tho petroleum that ena be produced is practically assured. It- is estimated, indeed, that, Australasia alone, with its iiw creasing demand in connection with railways, shinpimr. and motor transport, will render The Taranaki New Zealand Oil Wells, Ltd.. independent of that more distant trade which can afterwards bo cultivated, when other sources of oil supply are tapped and made available. We commend to our readers a careful study of the Prospectus in connection with' this important proposition. _ It is, as we have previously stated, quile tho most valuable enterprise that has for many years past—if ever at. all—been lire, sented for subscription in New Zenland.