A PROMISING INVESTMENT

Taranaki Daily News, Volume LIV, Issue 241, 11 April 1912, Page 5

A PROMISING INVESTMENT

THE TARANAKI (N.Z.) OIL WELLS, ■LIMITED. The prospectus of the Taranaki (N.Z.) Oil Wells, Ltd., is issued to the public. The board, headed by the Earl of Ranfurly, is exceptionally strong. Sir George Clifford, of '*Stonyhurst," Christchurch, and Sir John Lane Harrington, K.C.M.G., of London, will join the directorate after allotment. The Oil Trust, Ltd., will act as 6ecretaries and managers, and Mr. J. D. H«nry, the eminent expert, whose report on Taranaki oil recently was 60 emphatic and enthusiastic, will continue to be the technical advisor.

The Taranaki (N.Z.) Oil Wells, Ltd., is formed .to acquire the oil rights over some five thousand acres of oil lands at New Plymouth, so far held by the Taranaki Petroleum Company, Ltd. On the property are three flowing wells yielding fifteen thousand gallons of oil per week. Over three hundred thousanu gallons are already stored pending the erection of a refinery. The quality of oil in the three wells now flowing is remarkably high, containing over seventeen and a-half per cent of paraffin wax. Craigs, of Paisley, recognised authorities, state: "We are aware of no natural petroleum which has been found to be so rich in this valuable product." Taranaki oil . has become a practical enterprise of a magnitude which cannot fail to impress the public. It is significantly a development which means much to those who are in a position to acquire an interest. New Zealand, as a Dominion, as naturally to a bigger extent still concerned in its success. The establishment and expansion of this great industry should, in short, be regarded as an important national achievement.