THE OIL INDUSTRY

Taranaki Daily News, Volume LIII, Issue 106, 12 August 1910, Page 8

THE OIL INDUSTRY

TARANAKI STORAGE SYSTEM DANGEROUS. LEGISLATION FORESfI^»WED. By Telegraph.—Press Assoolation. Wellington, last Night. The Minister for Mines anticipated that one of the Taranaki oil companies will soon be in a position to claim the bonus of 3d per gallon that has for soma years ibeen offered by the Government. The Minister adds: "There are at lea#t two important questions connected <wit& the future development of the mineral industry in this country demanding ear* ly and careful consideration. The first is the establishment of a mineral oil re* finery, and what assistance (if any); should be given by the Mate toward* the development of this exceedingly important new Industry. Ths second question demanding attention jp the legislative control of the flow and storage of mineral oil in large quantities. Then are present probably, 100,000 gallons of crude petroleum stored In concrete tanks in the vicinity of the town of New Ply* mouth, and while I am aware that every reasonable precaution is being taken, ft is desirable to point out t&at this is an exceedingly dangerous practice. In no other country in the world that I am aware of, is the manipulation of mineral oils permitted without control or regulation to ensure public safety. To remedy this omission I propose to submit legislation to Honorable members for consideration during the present session."

THE TARANAKI COMPANY. Oil continues to flow from the No. 2 well at Moturoa at the usual rate. The manager reports that there is no abatement. ' .- *0.3 is now down to 3060 feet, th*'T| deepest well on the company's property, 0 and at present the drill is piercing very *- good country. At No. 1 the well has been reamed for 8-inch casing down to the 1140 ft. leveL The formation at, this bore being very streaky and very hard, is causing considerable trouble in reaming out. At No, 4 good progress has been made with the removal of the 8-inch easing, which is coming away very freely. Wellington reports show an increasing denu»# for shares, and the price lias advanced. There is a good local enquiry for shares, and fresh applications for the new issue are coming in every day.