New Zealand May Have Cheaper Petrol

Sun (Auckland), Volume II, Issue 347, 7 May 1928, Page 1

New Zealand May Have Cheaper Petrol

ROMA’S DEVELOPMENT HELP FROM GOVERNMENT One of the greatest industrial moves in Australia of recent years has been the development of the Roma oil fields in Queensland. Mr. A. Willis, the underwriter for the original Roma company, with a capital of £50,000, and a large shareholder in the company, arrived in Auckland to-day by the Niagara. Mr. and Mrs. Willis are on their way to the United States for a holiday. “The Commonwealth Government soon realised the importance of Roma by subsidising our original bore by £ for £. At present we spend about £12,000.000 annually abroad for petrol and oils. Think what it would mean if that money could be spent in Australia! It would also mean a great deal to New Zealand. At present, like ourselves, you pay far too much for your supplies. We could let you have petrol at a. much cheaper rate than the present combine permits.” Shareholders in this oil venture, the most important in the Commonwealth, have been extraordinarily successful. £1 shares are still quoted at over £6 on the Sydney stock exchange. Mr. Willis brings news of a second bore, which is making rapid progress, and should do much to increase the output. Boring demonstrated the presence of salt water at hundreds of feet beneath the surface, which showed that this oil field, as was generally the case, had formerly been on the ocean bed. Since his company had commenced operations, remarked Mr. Willis, the whole of the surrounding country at Roma (which is about 250 miles inland from Brisbane) had been taken up. The countryside was now dotted with oil bores.