Taranaki’s New Industry.

Manawatu Herald, Volume XXVIII, Issue 36, 10 May 1906, Page 2

Taranaki’s New Industry.

New Plymouth, May 7.

A meeting of the directors of the Petroleum Company decided to float a company of £IOO,OOO. Messts Harcourt and Co., Wellington are undertaking the flotation of shares, the holders of the present company to receive ,£50,000 for their property and rights. The balance, £50,000 is to be offered to the public. Great interest is shown all over the colony and Australia, as a large amount of legal and other work is to be settled, it will be some weeks before the prospectus is issued.* Matters at the bore look better than ever.

Owing to the success of the Moturoa Oil Bore, other districts in the province are commencing to bestir in the matter of prospecting, including Inglewood and Elthara districts, for long known to be oil bearing. People have only been waiting for the New Plymouth works to be proved. The main trouble at the Moturoa bore just now is to keep back the flow of oil, which if allowed to run freely threatens to floofl the road. The oil gushed' out in a great volume, but the manager was successful in sealing the pipes. At present all the available tanks and barrels are filled. Judging by local enthusiasm, there should be no difficulty in floating the concern in New Plymouth. Holders of shares are now . showing disinclination to sell, and the price consequently is mounting up. ' ; Oil burst out of the bore again, owing to the increasing pressure. It is now under control. The sharemarket is hardening again, £SO being offered in vain. Holders are confident of a huge success. The preference shares of £l, recently offered to sharfa holders at £1 premium, will f®* withdrawn and re-offered, probably at a £5 nrernuim.