MILLIONS TO SPEND

Sun (Auckland), Volume II, Issue 456, 11 September 1928, Page 17

MILLIONS TO SPEND

TRADING CONCERN FOR N.Z.? English Backers ’ Stupendous Scheme AX influential band of Englishmen is prepared to find anything from £9,000.000 to £30,000.000 to establish a 'large trading proposition with New Zealand. Three sound New Zealand directors are wanted, and it they can be found the proposition may go ahead.

This information was divulged this | morning by Mr. G. Wolseley King, : formerly of Auckland, but who lias j been living in London for the past four years. Fie arrived by the Marama this morning and will spend about nine months in New Zealand, looking into the prospects of the big iinancial proposition and also into the prospects of exploiting oil in the Dominion. “I will investigate the meat and butter business in New Zealand,” said Mr. King,' who went on to mention the fact that a number of wealthy Englishmen are behind him for the purpose of establishing the big commercial proposition. “Of course it is quite in the air,” he remarked, “but if we can find the right directors something may be done.” A LINE OF SHIPS Mr. filing will not say who the wealthy Englishmen are. He explained that the proposition included handling New Zealand mutton, butter, cheese and beef. The proposed trading concern would have its own cold storage plant in England, and would, if necessary, establish its own line of ships to trade between New Zealand and the Homeland. “I don’t want New Zealanders to think that we are out for ourselves,” said Mr. King. “We are out to help the New Zealand producer who, I con-

[ sider, is the real treasurer of the company. The producers have been let down in years gone by by monopoly banks. The proposed concern of which I speak will really be a producers’ ; bank, and will help the farmers of New Zealand.” OIL IN NEW ZEALAND Mr. King is also interested in the production of oil in New Zealand. He says that ho has travelled extensively over the 011-iields of the L'nited States, and is more than ever convinced that there is oil to be found in the Dominion. “I am sure that if the possibilities of finding oil were exploited in New Zealand as they are in the United States, and if the Government would only back private enterprise, it would be a worthy cause,” said Mr. King. “I heard from a reliable source in the United States that there is plenty of oil in New Zealand, but it is over 4,000 ft down.” Mr. King went on to say that a new process of extracting crude oil from coal of all kinds had been discovered and that it was a success. If the process were put to a commercial use England would never need to import another gallon of oil from foreign countries. Mr. King told a Sun representative this morning that he was associated with several English and New Zealand companies, but he did not mention which ones they were.