PETROLEUM NEWS.

Taranaki Daily News, Volume LIII, Issue 193, 24 November 1910, Page 5

PETROLEUM NEWS.

THE TARANAKI COMPANY. Oil matters at Moturoa still continue to bear a very interesting and promising appearance. At Xo. 1 bore work is progressing very satisfactorily. At Xo. 2 bore oil still continues to flow more strongly than formerly. The fourth underground tank, a verji large one, just recently completed, as now more than half full of oil, and the company will soon have to provide fiurther storage accommodation. f

No. 3 bore is also flowing, despite the fact that the casing is not down tt> the bottom. The necessary casing to complete the job is expected to arrive on Saturday. Operations are also proceeding smoothiy at No. 5. Great interest as being taken in boding operations, and numbers of visitors still continue to inspect the bores. Yesterday over twenty visitors were shown round the works, some of them from the Australian States. Without a single exception? they expressed astonishment at the results, that are bekig obtained. COmplaint/is made locally that though the Tarairaki Peti'oleum Company's shares continue to be quoted at 7s to 9d on outside stock exchanges, enquiries from here fail to secure any <t them at ifider 10s or 10s Cd, whilst transaction are being completed locally at from 10s to 12s, at which prices several transfers have been registered lately. These quotations are for fully-paid £1 shares. The opinion is very freely expressed that some influence is being brought to bear which is unfavorable to the oil industry. The quotation from Wellington yesterday was from 9s to 9s 3d.

The Gisborne Herald says: —The New Zealand Oilfields Company, Limited, has acquired a large area of land in the Gisborne district, which was originally submitted by Mr. Garnet Holmes, of Wellington, and successfully floated in the Loijdon market. The result of the flotation is now to be found in the fact that the expedition of engineers ani other qualified men was to reach WakIjngton by the s.s. Ruapehu, Mr. Harold Macdonald being in charge of the party. They will probably arrive in Gisborne on Saturday morning. It if proposed to exploit a large area of country in the Gisborne district, at an expenditure of not less than £65,000, and if indications of oil are found, large capital will be readily forthcoming. It is interesting to note that this is the first oilfields company which has been floated on the London market for New Zealand, and, should it prove successful must mean immense wealth to the , Do- . i minion, i ;. i < K i ■>' i i:■ i j*:: .. t