OIL IN NEW ZEALAND

Sun (Auckland), Volume II, Issue 384, 19 June 1928, Page 12

OIL IN NEW ZEALAND

TARANAKI MANAGER’S VIEWS BELIEF IN ULTIMATE SUCCESS (Special to THE SUN) GISBORNE, Monday. That there can be no certainty in regard to the existence of payable oil in New Zealand until a reservoir has been actually tapped is the opinion of Mr. A. H. P. Moline, general manager of "the Taranaki Oilfields Co., Ltd. Mr. Moline was approached regarding his opinion on the report issued last week by the managing director, Mr. J. McGeachie, of the Coal Oil (N.Z.), Ltd. “I hope the optimism is justified, he remarked, “and I hope the shareholders will have the courage to raise sufficient capital to drill the area and find oil in it. At the same time, .1 would point out that up to the present I know of no authentic instance of oil having been found by drilling on the basis of investigations carried out by the Elbof system. Geophysical methods, particularly the gravitational and seismic methods, have been notably successful in Texas and Louisiana. By these means, a number of salt domes have been found, and it so happens that in these regions oil is usually associated with salt domes, so that it has been proved there that geophysical methods have been very successful, though the application is indirect. “It is not the oil that is indicated by the torsion balance or other instruments, but the salt domes, and experience has shown that where you have a salt dome, there is a good chance of finding oil. “I strongly deprecate, however, overoptimistic statements, because at this stage of oil biology it is not possible to forecast definitely the existence of oil in any particular spot, and because, should subsequent drilling unfortunately show the statement to be erroneous, it will tend to handicap legitimate efforts to find oil, which I sincerely believe will ultimately be successful, to the great advantage of the community in every way.” GORDON AND GOTCH, LTD. The half-yearly report of Gordon and Gotch tp March 31 discloses a net profit of £47,973, compared with £41,947 for the period ended September 30, and £38,383 for the corresponding six months of last year. The usual dividends, at the rates of eight per cent, on preference and ten per cent, on ordinary capital absorb £4,000 and £25,000 respectively. The sum of £IO,OOO has been transferred to general reserve, and £9,000 to the contingency reserve. GRADE JERSEY VALUES The New Zealand Loan and Mercantile Agency Company Limited, Hamilton, reports:—“We held a special sale of heifers at Te Awamutu yards on Friday last, where we submitted 140 high-grade Jersey heifers in calf on account of Mr. H. Rhodes. The heifers were brought out in splendid condition, the majority well forward and in calf to high-class pedigree bulls. They had been selected by the vendor as yearlings from high-produc-ing herds, and were drafted and sold according to the breder’s marks, a system which no doubt appealed to buyers. There was a large attendance, buyers being present from Whakatane, Waihou, Matamata and all local districts, and keen competition ruled throughout. “A large number of the best quality and most forward heifers made from £l2 to £ls; others, £9 10s to £ll 10s; a few backward, £8 to £9. The whole offering was disposed of at an average of £ll 2s 6d.” “Radium” polishes—boots. floors, mejtals. Prizes for most coupons received by June 30. 13