TARANAKI'S OIL.

Taranaki Daily News, Volume LIII, Issue 296, 9 May 1911, Page 4

TARANAKI'S OIL.

"THE PROBLEM STILL UNSOLVED.*' A CHRISTCHURCH OPINION. The Lyttelton Times writing editorially thus refers to a matter of vital local interest:— "Most people 'will be rather surprised to learn that the Taranaki Petroleum, Company has earned a State bonus by producing more than 250,000 gallons of crude oil from the bores at New Ply* mouth. The figures look large and sug* gest that the day is approaching when the Dominion will be able to use its. own oil for the supply of power, ligHiti and heat. But the Minister of Mines,, whom we do not doubt will redeem the Government's promise with very great, pleasure, pointed to the problem still unsolved when he remarked that a refinery was required, in order that the petroleum might be prepared for sale.. The erection of a refining plant Is a very costly business and there is reason to fear that the company ig going to encountor keen competition when it. seeks a market for its products. 44* ready there are rumors that New Zealand may feel the effects of the "oil. war" which is proceeding in other parte of the world. ,The Standard Oil Company has enjoyed a monopoly of our trade for very many years, and has been able to adjust prices without much regard for the interests of the consumer. Now the British Imperial Oil Company,, an immensely powerful corporation which has entered the field in open opposition to the older Trust, has a large shipment of oil on the water for 't6« New Zealand market. In several parts of the world these big concerns are cub* ting prices against ono another, and it docs not seem likely that either of then* will look with a kindly eye on local competition in this country. The men whose splendid courage and persistence have won oil from Nature's hidden reservoirs will not hesitate at the prospect of another struggle, but it may bethat the bonus will not be the limit of ! the assistance they will require from the i State before Tarannki's oil industry is | firmly estaMished."

There should he nothing surprising to the Lyttelton Times in the fact that the Tarnnaki Petroleum Company haa produced more than 250,000 gallons of crude petroleum, for the development operations at Moturoa have been regularly notified through the Dominion by means of the Press.

INTERVIEW WITH THE CHAIRMAN OP DIRECTORS. XO NEED FOR CONCERN. Mr, Carter, chairman of directors, k> conversation with a Daily News representative, stated that shareholders at present had'no need for concern as to the effect of the' oil war on the company. As chairman of the company, be felt no concern over the matter. This war was only a temporary affair, and would soon adjust itself. Neither of the two opponents would continue to lose money over the light, and would probably come to some agreement, when the tariff would go up and consumers would have to pay extra so as to make up for any loss suffered during the contest. What concerned the Taranaki Petroleum Company at present was not about any opposition that may be forthcoming, but how soon the company could satisfy people that they were in a position, to supply the oil requirements, first of New Zealand, and then of Australia. He further pointed out that kerosene and benzine were the principal items affected by the oil war, whereas these products only formed about 50 per cent, of the commercial articles they would realise when their crude oil wag refined. There was also 24 per cent, of spindte oil for lubrication purposes, and 10.70 per cent, of refined wax. It spoke volumes for the industry that it was now claiming the attention of those who had hitherto been unsympathetic towards it. He considered that the very fact that they had been able to discover within the Dominion a product that would be of incalculable benefit to the whole Dominion called for the heartiest congratulation from all New Zealanders, and he could not see why the whole of the colonjyf should not be jubilant. Taranaki rejoiccd when gold was struck in other parts of the Dominion because they felt that the more one part of the Dominion was enriched, the better for the people as a whole.

Proceeding, Mr. Carter said that if Taranaki or any other portion of New Zealand could satisfy the Government that it was in a position to supply the oil needs of the Dominion, lie felt sure' that, in the event of outside capital endeavoring to swamp a young industry,, the Government would step in and protect the industry until it was suffij. ciently strong to stand bv itself.