The Chronicle. PUBLISHED DAILY LEVIN. SATURDAY, JUNE 14. 1913. TARANAKI'S "'WILL-O'-THEWISP."

Horowhenua Chronicle, 14 June 1913, Page 2

The Chronicle. PUBLISHED DAILY LEVIN. SATURDAY, JUNE 14. 1913. TARANAKI'S "'WILL-O'-THE-WISP."

In the height of the "Taranaki oil boom" this newspaper made the opportunity to warn investors against this will-o'-the-wisp clutse. Tho considered opinion of the late iSir James Hector, New Zealand's greatest scientist, was the warranty, for our warnings, and we preferred that authority over all the highly-coloured pronouncements of the financial agents. Since those days "a, good deal of- water has flower under the bridge," but not much oil out of the bores.

By this week's English mail a copy of "Oil News" has been sent to us. In it we notice some comments on the general situation that arc worthy of reproduction in these columns, as a timely warning to would-be investor's'in any oil-springs of tho Taraitaki province. Horowhenua settlers with spare money to invest would do well to place it nearer home than Taranaki. The "Oil News" remarks:-—"The Oil Wells, Co.. which was registered a.s long ago as 1911, has not made much progress as regards production. A

splendid refinery has been put up bv a .first-class British firm. Messrs. A. F. Craig and Co., Ltd.. of Paisley. This is probably one of the most-up-to-date plants in the world, and. is a great credit to the firm who supplied it, but it is of very littlo use without a large supply of oil, and this is not forthcoming from the Taranaki (New Zealand) Oii Wells. Ltd. Nearly all the money was put up in New Zeaknd, but some British investors .also subscribed, and it is due to tlicni that some statement should be made as to progress. A great deal of money must now have been spent; and.it would ha interesting to.know how-much• cash the company now has in li'f\m|.-and Vliat prospects tlioro ntti ''afroiytaiiifyg a profitable production.: ' In .case;_.tliis company needed to nai^6-more money

it to-whom application is" ~-rtfaHto. , ' l 'whotht;r in Groat Britain or New Zealand, to satisfy himself absolutely as to the prospects' of the company."* In this connection we may <|iiotc front the evidence of Mr ]\ G. Morgan, Director of the Geological Survey of the dominion "of New Zealand, before the Now Zealand "Royal Commission on Mineral 'Resources. As reported in the Mining Journal of April 2fith. this gentleman stated that the Taranoki district appeared most promising for petroleum, but tlie yield was not up to expectations. He also said that there was no proved oil in New Zealand ; Taranaki could hardly be snid to bo proved. The total production of oil was only fi8!) gallons a day, and a refinery was in process of erection to deal with 10,000 gallons a day. At that rate -1110 supply would be exhausted' in -two months. He did not 'know .where the supplies were to come from" for plant to <lenl with 10.000 gallons ;i (lay. Deopor boring-would be necessary and more extensive 'prospect-

ing.- Already prospecting for. oil was so inn; 0 n at Kotuku. This is not very encouraging news; 1 Those whose memories a re long enough can remember two years ago when this company was being talked up and written up in a fashion whiYh "has since proved to he nonsensical. Tlie l'ig drum of Empire oil was banged for its benefit, and cortain persons using high-flown and bombastic lan-

guage—biit, as experience has shown, with very little expert knowledgetalked of New Zealand as the owning great field for the supply of oil

fuel for the Navy. Here we are, nearly two years after the formation of the company, and, according to Mr Morgan's evidence quoted from

be source above named, the total

production of oil at Taranaki was (389 gallons a day, while the refinery could deal with 10,000 gallons & day. We are not concerned to impute ttfc blame for this; but we are very anxious to prevent good money from being thrown after bad, and

we think that the whole po6i'tion of the company calls for serious consideration. Until the true position is known shareholders should contimio to demand that a public statement should ho made."