N.Z. OIL PROSPECTS

Hokitika Guardian, 13 September 1928, Page 4

N.Z. OIL PROSPECTS

GREAT POSSIBILITIES. GAP ITA LISTS INTER ESTED. AUCKLAND, September 11. Oil experts in America and in England are very interested in prospects for developing commercial fields ill New Zealand, and Mr G. Wolsele.v King, who arrived from Sydney by the Manama, will make investigations and on liis return to England will report to a number of prominent English capitalists, who are prepared to invest large sums in New Zealand. Mr King, who formerly resided in Hawke’s Bay and in Auckland, has been living in London for four years, and with bis wife and two soils is making a combined business and holiday trip to the Dominion. “I am unable to disclose the names of the men interested in the project, at this stage,” Mr King stated, “ but their interest may mean a big tiling for New Zealand. Recently 1 visited the large oil centres in the United States, and the contours of the country where the richest deposits exist are very similar to the country near Gisborne. Experts in the United State agree that there are excellent possibilities for tlie production of commercial oil in large quantities in tlie Dominion.”

Discussing the project from a national point of view, Mr King said that in the event of a war in the Pacific it was essential that Australia and New Zealand should draw upon their own supplies of oil. He recalled that in more than one speech Lord Jellicnc had advocated the exploitation 'of every possible source with this end in view. 1 Mr King was surprised that the Government had not taken a greater interest in the possibilities of finding oil. He considered it was tlie duty of the Government to lend every assistance.

After inspecting land on the East Coast, Mr King will tour Taranaki, lie expects to remain in the Dominion for two or three months.