Page 3 Advertisements Column 1

Poverty Bay Standard, Volume I, Issue 53, 17 May 1873, Page 3

New Advertisements. THE POVERTY BAY PETROLEUM AND KEROSINE COMPANY. (limited). To be incorporated under “ The Joint Stock Companies Acts.” CAPITAL—£SO,OOO in 10,000 shares of FIVE POUNDS EACH. Payments— Ten Shillings per share on application arid the balance as may be required. DIRECTORS: .....Chairman Esq Esq. Esq.... Esq. Esq. Esq. BANKERS : SOLICITORS : BROKERS: f Auckland Napier t Wellington Dunedin Nelson Christchurch SECRETARY: TEMPORARY OFFICES : PROSPECTUS. THIS Company is to be formed for the purpose of obtaining Petroleum and manufacturing kerosine therefrom, in the Poverty Bay District. The land which it is intended shall be prospected for oil, is called or known by the name of the “Pakeke a Whirikoka ” Block, and is situated about 30 miles from Gisborne. No engineering difficulties exist as to the formation of a road or tramway. Messrs. Cooper and Ross have obtained on favorable terms a lease of the above-named Block, from the Crown Grantees, for the term of twenty-one years. Mr. Ross, who has reported on the probability of striking payable oil, has had some years experience in working Petroleum springs in Pennsylvania, America. Mr. Cooper is by trade an oil-refiner. It has for some years past been well known that Petroleum exists in great quantities on this block of land, so far as is indicated by exudation of crude oil from the soil. The name of the block, “Pakeke,” or the “Whale,” shews that the natives have been long aware of the fact that an oily substance “ hinu ” exudes from the • earth in this locality. It cannot of course be definitely said that payable petroleum will be found, yet, taking into consideration the fact that in America the slightest signs of oil will induce capitalists to buy up' land at enormous cost, and test the springs, it must necessarily be worth the while of capitalists in New Zealand to invest a comparatively small sum of money for the purpose of testing these springs where the indications are as great or greater than, as it Can be proved, ever manifested themselves in Pennsylvania, or other oil-bearing districts in America. The oil exudes not only in one spot but is apparent in some forty or fifty of what are termed “ oil springs,” the whole being within a radius of two square miles. It is calculated that, say, £s,ooowill be amply sufficient for the purpose ef purchasing boring ■machinery, steam engine, and paying all labor and other expenses required for testing the springs.