PETROLEUM.

Taranaki Daily News, Volume XLVII, Issue 81899, 5 December 1906, Page 2

PETROLEUM.

At the final meeting of the Moturoa Petro.eum Company, Limned, he d 011 Tuesday at mo Town flail, a fair sprinkl lig of shaieiio-ders weie present. Mr T. 0. Keisoy, liquidator, presided. The io.lowing resolution was passed: "That this meeting, of members of tin, Moturoa Petroleum Company convey to Mrs Fair liieir 6'ucc"« sympathy with her .'ln her beleaveuien., and desn'e to p:ace on lecord tneir high appreciation of the services rendere*! to the company by the .ate Mr G. C. l*air." The liquidator submitted and explained the realisation accounts of the uquidat ; on. j

I'i'om the October number of the German publication, "Petrolilumj" which is published fortnightly, w - e find the following"New Zealand is now spoken of as a petroleum-bear-ing country, from a report from the Austiian-Hungaiian Consul in Auckland, accoulmg to which, after nearly 40 years' boring without succe. s. last May at New Plymouth, province jf iai'amiki, a petroleum deposit was struck at tho depth of 22y6ft. The Moturoa Poirovum Syndicate in New Pymomli, lastly undertook (Ik> boring, and is now reconstructed into the Taranaki Petroleum Co., with a capital of £l2O 000, for exploiting the oilfield.

Seme distance awav are two compares. The lng'ewood Oil Boring and Prospecting Co., in fngiewood, \vi'h a capital of /15000, and the New Taranaki- Oil and Freehold Co., at New Plymouth, are formed to bore - n other localities. It is believed thai tile whole province of Taranaki is rich in peli - . I' : deposit. - . The price of land in if: locality of the discovery has rin'n enormou-iy in price. Several other companies, wiiii the object, or boring in view, are being consuueted.

u in the U.S. Consular reports (Washington) the knowledge ol New Zealand petroleum discoveries Jin? boon noticed. After to g-et 0:1, a produetice quan'iiv of petroleum was reached in xßoj at New PlylllOHljl. ][ul'C Oil iil(> Cd.isi Xli New /.calami, in HiUnbf" loCtiJili<ei, fir t-class petioleum free from water, can be obtaimd. At fiy„t 30 ban-elk daily were ob'ainod, but always mixed with sand and scum. After a time a very h'jfli pre sure was noticed whereupon the (low of oil incteasod at the rate of ,|oo barrels ,1 day, the bore then being- down f™,' -pi,,, company has 5000 aeies leaned in the ncijfliborhoml, am) have in view the crcclitm of a lefiueiv."