OIL INDUSTRY.
CONFIDENCE AT NEW PLYMOUTH
I (Per Press Association.) 3 Palmerston North, Saturday. } Excitement over tbe oil development is I increasing. Five pound shares sold to- , day at £l4 Tbere is an immense pressure iD the bore, and much oil rushing out. When tbe tap was iurred sl'ghtly li came out at tho rate of about half u barrel per minute. Mr Fair will, however, not pump to-day, prefrmng to alow the pressure to accumulate until Monday, when he expects a steady flow of oil, . Palmerston North, last night. Tbe principal trpio oi conversation at present is petroleum. No pumping was done yesterday. The manager is endeavoring to concentrate tbe pressure (which at tbe present is the greatest in the outer casing) in the pipe in which tho pump works, thereby hoping that eny obstiuotion remaining in the pipe will be blown out. Tho pipes have occasionally to be tapped to let off the pressure, which forces pure petroleum out at tbo rate of a barrel i per minute. The pumpiDg commences in | earneet on Monday. Shareß were selling < yesterday at 4)14, sellers scarce,
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Bibliographic details
Gisborne Times, Volume XXII, Issue 1736, 30 April 1906, Page 2
Word Count
185OIL INDUSTRY. Gisborne Times, Volume XXII, Issue 1736, 30 April 1906, Page 2
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