PETROLEUM.

Taranaki Daily News, Volume LIV, Issue 5, 30 June 1911, Page 5

PETROLEUM.

INGLEWOOD COMPANY. REGISTERED IN LONDON. £IOO,OOO CAPITAL. By Cable—Brass Ase«Miiati"'n —Copyright Received 29, 8.30 p.m. Loniluu, June 29. The Inglewood (New Zealand) Oil Fields Company, with a capital of £IOO,OOO, has been registered. THE CHAIRMAN INTERVIEWED. At a late hour last night a Daily News - representative sought an interview with Mr. Thoß. Furlong, jun., chairman of directors of the Inglewood Oil and Pros pecting Company, in reference to the above cablegram. He was very pleas-id to learn that the negotiations which he had been conducting on behalf of t! .•: company had warranted such a forward move on the part of the London syndicate, which was represented in New Zetland bv Mr. A. T. Bate, of Wellington. Mr. Bate had assured the directors that this, .vas a very strong and wealthy syndicate, and that there would be no difficulty in obtaining whatever capital va? required. the object oi the new company, he said, was to thoroughly prospcet the properties over which the< Inglewood Oil and Prospecting; (Jompany had secured options. rfipnfteßtinjp some 750 ° ncres in the Inglewood district and about 12,000 acres in the Mokan district The'company will finally and conclusively test the'value of the properties, and. if successful in obtaining oil in payable quantity, will float a verv large company to work the deposits. In such an event the shareholders in the present company will be allotted a third interest in the concern, and the directors are also stipulating for a cash payment in addition. Un-, til that time the company will not transfer any of its rights or options to the new concern. The Inglewood Oil and Prospecting Company put down a bore on Mr. Burgess' farm, just south of Tnglewood, a few years ago, but ceased boring owing to lack of funds when the bore had reached a depth of over a thousand feet. DISCOVERY IN NEW SOUTH WALES. Sydney, June 29. What is considered a rich deposit of petroleum has been discovered at Grafton. A lease has been applied f6r which will take in practically the- whole of the racecourse.