PETROLEUM.

Taranaki Daily News, Volume LII, Issue 215, 16 October 1909, Page 5

PETROLEUM.

A GOVERNMENT BONUS. Notice is) given in this week's GazetUthat a bonus will be paid for the production of mineral oil under the following conditions:— 1. A bonus of 3d per gallon ( £(i2.">ol will be paid on the first 500,000 gallons of mineral oil produced in the Dominio'i of New Zealand. The mineral oil in the refined sta*te to have a specific gravity of 0.814 to 0.830, and a Hash point of not less than 83 degrees Fahr. by the Abel closed test. 2. Notice of intention to claim the bonus must lie given in writing to uit Minister for Mines not later than March 31, 1912. 3. The claim must be made before March 31, 1913; 4. The first claimant who proves to the satisfaction of the Government that he has fulfilled all the conditions to be the recipient of the bonus. MARKET FOR OIL. Mr. Okey, speaking on the Address-in-Reply, said the oil industry, which was of considerable importance to his district, had a perfect right to ask the Governor's assistance. Sir Joseph Ward: By borrowing more money? No, said Mr. Okey; he did not want » big sum of money. All he asked was that the Government would purchase the crude oil at present in store at New Plymouth. "If you give us commercial value wc will take it," said the Hon. T. Mackenzie. Mr. Okey accepted the offer, and called ihe House to witness that it had been Snadc.

The Taranaki Petroleum Company lias during the past few months disposed of a good quantity of oil, and has still in stoek over 30,000 gallons for sale, and the quantity is being added to daily.

The manager of the Taranaki Petro-| Jcnin Cnnipanv has' dispensed with th." services of Mr. Erlandson, one of tin drillers at No. 2 well. Some interesting developments may shortlv be expected in connection with the w'! r- ''■•"■'■'representations and damaging inn""•■'•••< emanating from certain quarters regarding the management of the Taranaki Company's wells. Shareholders would be well advised to do some hard thinking liefoTe accepting as truth the smallest fraction of what U heing said to damage the industry.