OIL INDUSTRY.

Gisborne Times, Volume XXIV, Issue 1942, 26 November 1906, Page 3

OIL INDUSTRY.

F~ TARANAKI'S PROSPEOTS. PKK3S ASSOCIATION Now Plymouth, last nigbi. Interest in oil ventures is Bt p.esont very keen, aroused by tho arrival of largo quantities of boring maohinory, and a number of expert borers engaged by various syndicates. In addition to four boros of ibo Taranaki Company oompletod and uoder way, a fifth is to bo ocmmenoed almost immediately in tho vicinity of the first to strike oil. Tho latest developmentof tho syndicate represented by John Petrie show that tho district is going Jo bo tho roughly proepeoted furthor afiold. The plant for Bonbban has arrived. Another 1 is dne from California in a fortuight. Too syndioato will also start a boro at Ingle* wood in January, and in addilion put down three bores at Ngairo swamp (Elthsm), one at Midhirst, three at Omals, and ono at C.rringlon road. Polrio sees no danger from the introduction cf foreign capital, oven of the Standard Oil Company, and says : “ TaraDßki oon look upon the development of tho oil induslry by foreign oapital as au accomplished faot. I know there bo enough oapital coming in to fully develop the pro vinoo within a radios of 50 miles of Now Plymouth from Om»ta to Ngairo swamp, There will bo enoegh capital to develop known oil on seventeen farms, all of wh'oh have been fa'orably reported on by expert?. From the knowledge I bav-‘, but the souioo of whioh I cannot now divulge, I know two refineries will bo erroted in Taranski within two years."

He urges the removal of duty on boriog plants as the best way to enoourage prospecting. Ia oonolusioD, Mr Petrie said : " Since the news of the successful opera tiooa at Moturos has been published in Australia increased confidence has been displayed by the people of New South Wales, who intend to invest in Tatanaki Oil shares.”

| Mr Petrie’s experience of oil-boring has been gained on the West Coast in sharebroking J