THE STANDARD. SATURDAY, MAY 17, 1873.

Poverty Bay Standard, Volume I, Issue 53, 17 May 1873, Page 2

THE STANDARD.

SATURDAY, MAY 17, 1873.

“We shall sell.t.o no man justice or right: We sliall deny to no man justice or right: We shall defer to no man justice or right.”

A skeleton Prospectus of the Poverty Bay Petroleum and. Kerosine Company, about to be projected under the Joint Stock Companies Act, is placed before the public of New Zealand in this morning’s issue. The lateness of the receipt of this document, and the small space at our command, prevent us from entering so largely upon the merits of the question, as might, under other circum- . stances, be necessary. It is, therefore, a gratification to us to know that the public faith in the ultimate success of this enterprise is as popular as it is universal. There are rew places in this colony, at any rate, where the reported existence of indications of payable oil mines in the Poverty Bay District has .not >reached, .and been the means of steadily directing the attention of capi.talists and intelligent labor towards them. With these facts in view, it may suffice the purpose of introduction to -our readers, if we draw attention to the more prominent points of attraction in the Prospectus before us. It is satisfactory to have an assurance «of.the .peaceful and .permanent occupa-tion-df cthe land itself, of which, we believe, there is now mo doubt. At the general meeting called *for on Tuesday evening next, the Board of Directors, which should have their head quarters .ni Gisborne, will be elected j and much

will depend on the confidence inspired by a judicious selection of men, who will represent industry as wellmoney. The capital of the company will be placed at £50,000, in 10,000 shares at £5 each ; 10 per cent, representing 10s per share, being all that is required to start; and this is a point which should not be overlooked. There are few people in the place who cannot afford to invest 10s or £1 in aiding the development of an industry whose returns (if successful) will be simply prodigious. While, if no profitable results accrue from the first trial, the aggregate, and individual money loss will bear but trivial proportion to the good done to the district. Again let us not omit a consideration of the fruition of this scientific research. The Times' correspondent (whose extract appears in the Prospectus) treats the subject in a very business-like way, in bringing forward facts connected with the working of the American Springs, as an argument in favor of such enterprises. The question, therefore, is contracted to this : shall we speculate in the investment of a few ten shilling shares, with the probable profits of untold wealth, or shall we remain in the rear of all progress — far behind the rest of the colony, in helping nature to unfold her treasures? Taking the population into view, with the increasing additions of capital and confidence that are establishing themselves here, it is not too much to say that at least 2,000 shares should be taken up by the settlers of this district, which—assuming the shares allocated to other Provinces are subscribed for—would represent £l,OOO, (nearly the whole of which icill be spent iffl, the district) or an average of about £2 10s per head of the adult population who are able to make a temporary sacrifice in this direction. We have purposely quoted the original cost of the shares at 10s, as that sum is all that is required to test the capabilities of the ground,— of course the subscribing of the balance, £-1 10s per share, would alio be in instalments, after oil had been obtained, and success placed beyond a doubt.

Now if we take the reports of Dr. Hector and Mr. Ross, we have reliable and satisfactory data on which to proceed. The analyses which were made by the former, from very indifferent samples, enabled him unhesitatingly to pronounce on the superiority of the oils found on this Coast; which, coming from so eminent an authority, stamps the undertaking, now under consideration, as one which we should pursue without hesitation ourselves. Science has done all it can in giving us an abundant testimony to this fact; and it now remains for us to carry on the work, with a determination to succeed. Agaiu, there is a volume of practical information in the characteristic terseness of the report which introduces Mr. Ross as a man of experience. We can only commend these reports to the careful perusal of all having the future welfare of themselves and the district at heart; assuring them that the present affords an opportunity which if we do not accept, foreign gleaners will forestall us in gathering fruits which we do not know hov to appreciate. There are other facts connected with successful oil mining, such as the saving of immense sums of money which now leave the colony for foreign markets in the purchase of kerosine, and the still more important one of being able to supply those markets ourselves. We have the world before us; and no apprehension need be entertained that petroleum and kerosine will fall off in public estimation. It is estimated that our own markets could be supplied so as to retail the latter at 2s 6d a gallon,—a price which would assure a handsome dividend to shareholders—while, according to quality, it could be exported at from Is to Is 6d a gallon. Then again we have the certain prospect coal; and who shall say what blessing? may not be in store for us in this direction also ?