The Daily News. SATURDAY, APRIL 13, 1912. ENCOURAGING NEWS.

Taranaki Daily News, Volume LIV, Issue 243, 13 April 1912, Page 4

The Daily News. SATURDAY, APRIL 13, 1912. ENCOURAGING NEWS.

The cable received in New Plymouth yesterday by -Mr. If, ,1. Brown, who is representing the interests of the British Oil Trust in the dominion just now, conveying the information that speculation has already started in connection with the forthcoming issue of shares in the company that is being formed to exploit the oil measures of Taranaki, is a particularly good augury for the success of the company, Shares, the cable* states, are being bid for on the London Stock Exchange at a premium of la 3d per share. It is believed that the issue will be considerably oversubscribed; hence the movement on the Stock Exchange. This must be very gratifying news to the people of this district, who recognise that the successful flotation of the company means the successful exploitation of the petroleum deposits, which in turn means the introduction of a new era of progress and prosperity for the district. The news must also inspire greater confidence than ever among the New Zealand investing public in Taranaki petroleum, and ensure a large subscription. In all parts of the Dominion great interest is being taken in the industry, the permanence and potentialities of which have at last been realised, and we would not be at all surprised to find that New Zealand had applied for the whole of the shares on the market. An oversubscription will do the industry no harm. On the other hand, nothing would help it better. It would be the best possible advertisement for Taranaki oil, and lead to the early flotation of other exploiting companies, the more of which there are operating the better will it be for the district, providing, of course, that they are equipped with the necessary finance. We want no "rummies," no "wild cats." but all legitimate concerns will, we are certain, meet with encouragement and support. The cable we have alluded to also mentions that Mr. J. D. Henry, the expert who has done so much to bring the oilfields of this and other parts of New Zealand before the public of Great Britain, is making arrangements to hurry as much as possible the despatch of the requisite machinery and refinery. This shows that the people in London entertain no doubt about the success of the company, and it also shows that we will not have to wait very long before a practical start is made to attaind the primary objects of the company, namely (to borrow words from the prospects), "the conversion of what has hitherto been a-purely local industry into a modern oilfield business with ample finance and a thoroughly experienced management."