The Daily News. FRIDAY, DECEMBER 15, 1911. THE PETROLEUM INDUSTRY.

Taranaki Daily News, Volume LIV, Issue 145, 15 December 1911, Page 4

The Daily News. FRIDAY, DECEMBER 15, 1911. THE PETROLEUM INDUSTRY.

It is expressing no mere platitude to Bay that yesterday's meeting of the Taranaki .Petroleum Company, or rather the announcements that were made at that meeting, marked a new era in the history of petroleum in this Dominion. Shareholders were there anticipating hearing good news, and we doubt if one was disappointed. Instead, they left the building filled with a new hope regarding the future of the industry, an industry to which they have for many weary years stuck with commendable pluck in face of almost crushing odds and insurmountable difficulties, and they left, too, with a feeling of confidence and optimism respecting the future of the town and district. They were told, in a straightforward, businesslike war, by their chairman that the negotiations that had been going on for so long with a view to interesting the British oil men and financiers had at last been crowned with success, in a greater measure even than most had expected, and that it would not be very long before the new company were vigorously at work in the district. Mr. H. J. Brown, the representative of this group, a man who is eminent in the British oil world to-day, spoke of what had already been done by his company in connection with Taranaki petroleum, and what they intended to do in the near future. That his people are satisfied and that he himself is satisfied with the prospects was quite obvious from his remarks. We think we would be justified in saying that he is quite as enthusiastic about them as Mr. J. D. Henry, who has, since he returned to England from his trip to these shores, rendered the district inestimable service in bringing the industry prominently before such men as Mr. Brown and enlisting their active interest and co-opera-tion. This enthusiasm on the part of men experienced in everything pertaining to oil, and with intimate and personal knowledge of most of the oilfields of the world, cannot be regarded as other than most gratifying to us in Taranaki, who have so limited a knowledge of the business. But the most important point as far as we are concerned is that these men are prepared to demonstrate their faith in our field by associating themselves financially with the industry, arranging to buy our interests and finding the money necessary to thoroughly exploit the oil measures they feel so confident exist in these parts. After all, "money talks," and Mr. Brown and those associated with him are now talking in that forceful fashion. As our distinguished visitor announced in his speech, a company is to be formed, called " The Taranaki Oilfields, Ltd.," with a nominal capital of £400,000, of which £275,000 is to be issued for cash subscription, £50,000 is to be held in reserve, and £50,000 is to be allotted to the shareholders of the present Taranaki Petrol-

eum Company in fully paid-up shares, being part of the purchase consideration, and £25,000 is to go to the British Empire Oilfields, Ltd, That is to say, practically a quarter of a million sterling will be available for operations on the field. A proportion of the c*pital of the new company sufficient to pay the shareholders of the present company the cash consideration (viz., £55,000) and to provide working capital is already underwritten, so that whatever happens in connection with the flotation (which takes place in London and New Zealand next month) work at Moturoa will be vigorously pushed on with. Mr. Brown outlined what was proposed to be done in this connection. Experienced geologists, drillers and engineers are to be' sent out here immediately, together with complete and up-to-date plants, and a refinery erected to deal with the oil when won. In order to test the country, six wells will probably be drilled at the same time, to a depth, if need be, of 5000 feet, about a thousand feet deeper than our deepest bore. This, briefly, is the programme of the new company, who, it will thus be seen, mean business, and are wasting no time. We have not space just now to refer further to the very important statements made by both Mr. Brown and Mr. Carter, but would ask readers to carefully peruse their remarks, reported fully elsewhere. Not only the shareholders but the general public of Taranaki are indebted to 'Mr. C. Carter for the able and faithful conduct of negotiations in London. His intention was obviously to most carefully watch the interests of the shareholders, for he was fully cognisant of the fact that upon his shoulders rested a grave responsibility, and that he was virtually a New Zealand oil pioneer in London. We hold that the oil industry, not only in Taranaki but in New Zealand, has much to thank Mr. Carter for. His keenness in the interests of the shareholders led him to obtain excellent terms, which mean thousands of pounds in their pockets. Mr. Carter's most valuable service, however, was that he was able to impress eminent British oil men with the faith that was in him. They already share this faith, and are proving it by immediate action. There are the highest indications that these experts will not Tegret handling Taranaki oil, arid the people of New [Plymouth have every reason to congratulate themselves on a position that spells progress and prosperity for this town and port.