BORING FOR OIL

Sun (Auckland), Volume IV, Issue 967, 9 May 1930, Page 11

BORING FOR OIL

NEW TARANAKI VENTURE OFFICIAL OPENING Press Association, NEW PLYMOUTH. Thursday. After research extending over three years, boring for oil has been begun by Coal Oil (N.Z.), Ltd., at Omata, near the port of New Plymouth. A party of German scientists has been operating in the district for three years, under the Elbof geophysical system. They selected the site where boring has been commenced. The venture was officially started today by the Minister of Mines, the Hon. W. A. Veitch, in the presence of 2,000 people, including Mr. J. D. MiJlen, of Australia, chairman of the company. The Minister traced the history of oil-boring in Taranaki. Up to 1929 a total of 1,270,272 gallons of oil had been recovered, but companies had failed, usually through lack of finance and of scientific equipment. Mr. Veitch stressed the importance of striking oil in a British country. The Empire at present produced only 3 per cent, of its requirements. New Zealand imported eacli year about £ 3,000,000 worth of oil and oil products. Mr. Millen expressed confidence in the venture and said the company came to Ne\v Zealand because it believed there was a greater likelihood of striking oil here. The Minister also visited the well of Moturoa Oil Fields, Ltd., and expressed pleasure at the progress made. AUSTRALIAN PRODUCE SYDNEY, Thursday. The following are today’s quotations on the Sydney produce market: —Bulked, 4s 6d; bagged, 4s Flour.— £ll. Pollard.— £8 15s. Bran.— £B. Potatoes.—Tasmanian, £lO 10s; Victorian, £8 16s. —Victorian Brown Spanish, Oats.—White and Algerian, 4s. Maize.—Yellow and white, 5s 6d. Adelaide prices are: Wheat.—4s 2d. Flour%- £lO ss. Bran.— £7 10s. Pollard.— £7 17s 6d. Oats.—2s 9d. BUTTER AND CHEESE Merchants report receipt of overseas cables as follow:—Joseph Nathan and Company, from Trengrouse and Nathan, London- “ Butter market firm at 130 s. Cheese market quiet; white, 82s; coloured 865.” Dalgety and Company, Ltd., from their London house dated Bth inst!7— Butter: Danish butter market quiet. Australian and New Zealand top quotations exceptional; New' Zealand finest salted, 128 s to 1325; Danish. 130 s to 1325; Australian finest unsalted, 130 s to 1325; finest salted, 126 s to 130 s; G.A.Q., 120 s to 1245. Cheese: The market is quiet. New Zealand white, 82s to 84s; coloured, 86s to 88s; Canadian white, 92s to 100 s; coloured, 92s to 98s. Andrew Clement and Sons, Ltd. from their London office, dated Sth inst.: —Butter steady at 130 s. Cheese quiet at 83s to 87s. The Mamilius and Port Brisbane have arrived.