The Daily News. MONDAY, MAY 22, 1911. ENGLISH CAPITAL AND TARANAKI OIL.

Taranaki Daily News, Volume LIII, Issue 307, 22 May 1911, Page 4

The Daily News. MONDAY, MAY 22, 1911. ENGLISH CAPITAL AND TARANAKI OIL.

In nil the British dominions the words "Knglis.li capital" have a comforting significance. They infer unlimited wealth, profound enterprise, progress and success. Because of the enormous accumulation of wealth in Britain, it is absolutely necessary to find employment for it outside the United Kingdom, and when it is devoted to the progress of British industries beyond the seas its use is more gratifying to all British people than its employment in foreign exploits. Everywhere in the world the phrase, ''struck oil,' is accepted as the superlative expression of wealth. Before the enormous utilities of mineral oil had been discovered, great fortunes were made by happy discoverers and corporations having oil-bearing country. There are now few industries quite so wonderful as the oil industry. Man pushes a hole into this prolific old Earth of ours and the inconceivable forces of Nature (accepted but not understood) do the rest. The enterprise and genius of men arc used to exploit the wonderful sources of natural wealth.' The purchase by a wealthy British corporation of the Taranaki Petroleum Company's property marks an epoch in the history of this province. After years and years of pioneering work, at timps almost heartbreaking, and the expenditure of large sums of money, the oil resources that have now been proved conclusively to exist here are to be developed on thorough, comprehensive lines. The days of handicap are over. The oil expert, Mr. Henry, who recently visited these parts, and did hot hide his satisfaction with the field and its prospects, was able to convince the British capitalists associated with him within a week after his return to London. Y\'e have many examples of Britons stepping in where New Zealanders feared to tread, the most notable, perhaps, being that of the Waihi mine. Our largest kauri output is controlled in Melbourne, and so on. Taranaki, under the circumstances, has the very best reasons for congratulating itself on the fact, that the English oil men are going to take up and work the oilfield. British capital is notoriously shy of "wild cuts," and especially so at the moment, after the delirious rubber boom. But in this particular case the British capitalists accepted the statement of an expert whose advise has always been reliable, and who showed his profound belief in the future of Taranaki oil in the most enthusiastic way. New Plymouth, and Taranaki generally, is about to expand its prosperity by the faith, enterprise and capital of strangers. There is distinct cause for satisfaction that our own kith and kin handle the business. The success of the operations will beneficially affect every soul in the community, who must necessarily share in the prosperity diffused by the employment of outside capital. The oil industry of the world is as yet in its infancy. There is limitless demand for mineral oil. The New Zealand Railway Department has. shown that it can lake an enormous supply, leaving the most valuable by-pro-duct ■; available for many commercial purposes. Our greatest steamship company has indicated that it is but a matter of time and adequate supply before their

numerous boats will be burning oil fuel on the ground of economy of use and price, economy-of space required'for supplies, wonoiny in labor and superior steam-creating powers. The Admiralty also will take large supplies. The oil industry is to be pushed primarily for the benefit of British shareholders, but incidentally it will prove vastly to the advantage of ourselves. Success in the industry will force other enterprises. So wonderfully has the oil industry vitalised other countries that great cities have grown round successful oilfields like mushrooms. New Plymouth itself must be revivified, its population augmented, its general business brightened, its people fdled with a new ambition. It must grow in proportion as the oil bores go down and the oil comes up. It must gain in importance, in optimism, in population. The primary industries of the countryside must also be beneficially affected. Oil will bring men with new ideas, it will liberalise conservatism, minimise the importance of small tilings, and maximise the importance of greater questions. We congratulate the shareholders, and particularly the directors (who have ever maintained a "stiff upper lip" in the face of frequent adversity, and shown their faith by not parting .with any of, their shares), upon so successfully disposing of their property, and at the same time arranging to retain an Interest in the new and larger concern. And we also congratulate the English syndicate upon securing what we believe to be one of the greatest latent assets possessed by Taranaki, if not by the Dominion as a whole.