Page 3 Advertisements Column 2

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

Bo soon as it appears that oil is in payable quantities, it will be necessary to call up the whole of the company’s capital for the purpose of working the springs, erecting refining houses, and laying tramways to convey the rectified oil to the shipping port at Poverty Bay. Should the Company fail to find payable oil, the loss on each individual share will be very small. The immense advantages on the enterprise (if successful) are incalculable. The demand for the oil, it is almost unnecessary to state, is unlimited and the price obtained always remunerative. As an investment nothing has hitherto been submitted to the publie winch offers such unexceptionable security and such enormous profits, oil being obtained in moderate quantities. Extract from the Colonial Museum and Laboratory Reports, 1866-7, p. 20. 11. Poverty Bay Petroleum. “ The samples of oil forwarded cannot be completely analyzed until some apparatus arrives from Dunedin to replace that formerly used in the Laboratory which has been broken. “ In the meantime the following data are sufficient to indicate the quality of the oil which is very much superior to that obtained at Taranaki. “ Sample 1. (in large black bottle) was only found to contain a small quantity of semi-solid bitumen, but of which there was too small a quantity for examination. “ Sample 2. (in square bottle) was nearly pure oil very similar, but slightly superior, to a sample previously examined from the. East Coast, exact locality not communicated. “ Sample 3. (in wliite bottle) contained a mechanical admixture of water with oil, which, on separation, proved to be of the same description as number 2. “The following is a note of the specific gravities and boiling points of all the samples of petroleum yet examined : — Specific Vapour Oils gravity in flames Boil deg. Fah. deg. Fah. Sample No. 2. ... -864 210 300 „ No. 3. (after separation) - 867 210 300 Oil from East Coast ‘873 230 290 „ Taranaki ’962 260 340 The superiority of the first three samples is obvious. They will probably yield 50 to 60 per cent., of Kerosine on distillation, but further experiments are necessary on this point. “James Hector, Geological Survey Office, Director.” Wellington, 25th July, 1866. Extract from letter of London Times special correspondent. “ The cost of the machinery for boring and pumping is somewhat heavy if the endeavor to strike oil fails; but it dwindles to a mere nothing in comparison with the profits that accrue to the successful oil-digger. One thousand pounds will cover the expense of sinking a well and purchasing the requisite machinery; and while all mag be incurred for nought, the £l,OOO mag realize, and has in mang instances realized, £5,000 within jive weeks from oil being struck. It is gambling, risking £l,OOO for the chance of half a million ! 1 There are many blanks but there are also many prizes. A company in Philadelphia sunk for oil at the cost of less than £2,000. They struck a flowing well which they sold in a week to another company for £250,000 receiving besides, as a royalty, half the oil it yielded which has since brought them in their thousand dollars (£200) a dag.” * * * “ Hundreds of similar instances have occurred. Poor farmers who could hardly get a living from their land have found oil beneath the surface of the soil, and have found themselves in a few weeks men of wealth. Others have sold their land for a mere trifle to speculators who have become millionaires through the purchase.”

REPORT ON THE PETROLEUM SPRINGS. I have examined the Oil Springs wjiich are found in the District of Poverty Bay, situated about twenty-five miles N.E. of Gisborne. The springs proposed to be worked are six or seven in number, and from twenty to thirty yards apart, on the top of an elevated plateau Covered with dense fern which would have made if a difficult matter to find the locality but for the strong smell of oil which indicates the presence of the springs. The country here very much resembles Pithqle, in the oil regions of Pennsylvania ; and the springs are even more promising than those which led to the discovery of that celebrated district where the wells were found to yield as much as 4,000 barrels a day. From my experience in Pennsylvania I have no hesitation in if such indications were found in any new locality there, there would be several thousand men busy boring within a month of such discovery. The following .is an estimate of probable cost of boring:— Steam engine, boring tools, derrick, tubes, oil pump complete, at the springs, £l,lOO. Labor, each hole 600 feet deep, £l5O. Cost of refining the oil, 3d a gallon. A. YOUNG BOSS. NOTICE. To Major Pitt, and George Blackstock, or others interested. • . '■ • ■ T DUNCAN FRASER, now in occupation of the Ipnds lying between the Waikohu and Waipaoa Rivers, bounded on the north by the Whatatutu Creek, do hereby give you notice, that under special agreement existing between myself and the aboriginal owners of said lands, I shall from now, henceforth, use every legal meins to restrain yourselves and others from trespassing on the same. DUNCAN FRASER.