PETROLEUM NEWS.

Taranaki Daily News, Volume LIII, Issue 74, 6 July 1910, Page 4

PETROLEUM NEWS.

OPERATIONS AT MOTUROA. From Friday afternoon to yesterday afternoon the No. 2 well has flowed rather more than 00 barrels of oil. For the'previous seven days 120 barrels were saved.

Yesterday the directors posted to their co-director, Mr. H. Okey, M.P., at Wellington, samples of the crude and distilled oil to be placed on exhibition in the lobby at Parliament Houpe. At the Taranaki County Council meeting. on Monday a lamp was burning on the table. A card placed against it showed that the bright and steady light was obtained from the refined oil from the Taranaki Petroleum Company's works at Moturoa. One of the members of the Council, Mr. C. Carter, is chairman of directors of the company. At No. 3 drilling is proceeding through good country. The depth is now 2050 ft, 10ft having been drilled yesterday. The reaming of No. 1 well is going on satisfactorily, and the bore "is now reamed out for the 8-inch casing to a depth of about 500 ft.

TARANAKI COMPANY'S CAPITAL.

''Pro Bono Publico" writes to the editor: —Numerous conversations both with shareholders ahd non-shareholders in the above company have shown me tluit a number of people are ignorant as to the amount of the company's capital. The directors in their published circular state that if the capital be increased bv issuing preference shares by £32,000 and a refinery tie installed out of the new fund* that the present output in oil when refined should at present prices be sufficient to pay 7 '/> per cent, on the whole capital. On the directors' figures this would make the whole capital, including, of course, the £32,000 (which enables the company thus to produce) about £107,500. Now, Sir, as some of the preference shares may shortly be offered to non-shareholders, it is due to the "public to know what the paid-up capital of the company now is or what the whole capital will be worth with the £32,000 for preference shares added to it. Craving a few line.- of your valuable space in order to test a matted of vital importance to the public of New Plymouth and district.