Page 3 Advertisements Column 4

Poverty Bay Standard, Volume I, Issue 54, 21 May 1873, Page 3

So soon as it, appears that oil is in payabls 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 lose 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 public which offers sueh 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. Povbbty Bay Pbtboleum. “ 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 te 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 exammed from the East Coast, exact locality not communicated. “Sample 3. (in white bottle) contained a mechanical admixture of water with oil which, on separation, proved to be of the same description as number 2. “ The followingisanote of thespecific gravities and boiling points of all the samples of petroleum yet examined: — Specific Vapour Oils gravity in flames Boil ' ( , i deg. Fah. dqg. Fah. Sample No. 2. ... *864 210 300 „ No. 3. (after separation) *867 210 300 Oil from East Const *873 230 290 „ Taranaki ’ *962 260 840 “ 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. , . . “Jambs Hectqb, Geological Survey Office, Director.” 1 Wellington, 25th July, 1866. Extract from letter of London Times special correspondent. ' The 1 cost tif the machiuery foci boring And pumping is somewhat heavy if the endedwor to strike oil foils ; but «t dwinidlps to a mere nothing in comparison with the profits tliat accrue to the successful -oil-digger. One thousand pounds will cover the expense of sinking a well and purchasing the. requisite machinery; and white all may be incurred for nought, the £l,OOO may realize, and has in many instances realized, within floe weeks from oil being struck. It is gambling, risking £l,OOO for the chance of half a million!! There are many blanks but thiere are also many prizes. A company in Philadelphia sunk for oil at the cost of less than £2,000. 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 wlnoh has rince brought them in their thousand dollars (£200) a day* ♦ • • “Hundreds <rf similar instances have occurred. Poor formers who could hardly get a living from their land have found oil beneath the surface of the soil, arid .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.” BEFOBT ON THE FETEOLEUM SPBIKGS. I have examined the Oil Springs which are found in thd 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 nave made it 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 Pithole, in the oil regions of Pennsylvania ; and tiie 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 saying that 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 u an estimate uf probable port of boring s— • t Steam engine, boring tools,, derrick, tubes, oil pump complete, at the springs, £l,lOO. Labor, each hofoCOO fort deep, £l5O. Costof refining the oil, 3d a gallon. • A.YOUNGROgg. N O T L C E. & Hamb Pitt, and BiACUibcK, or Qthsn iaUratfld. •188. I 12." I DUNCAN FRASER, now in occupation 9 of the leads lying between the Waikohu and WaipaoaßivnLboupded<m the north by the Whatatatu you notice, that under roerial agremMotj apsting between myself and the abdrigfaalbriurtß of said lands, X ahall fawn moy, rtef fopd DUNCAN mSER