OIL AT NEW PLYMOUTH.

Taranaki Daily News, Volume LIV, Issue 243, 13 April 1912, Page 5

OIL AT NEW PLYMOUTH.

AS ENTERPRISE OF MAGNITUDE What is perhaps the most important commercial undertaking yet launched in New Zealand, is now placed before th» public in the ihape of the Taranaki (N.Z.) Oil Wells, Ltd. That petroleum of high quality exists at New Plymoutk has been testified to by recognised authorities like Mr. J. D. Henry, the eminent expert of London, and Dr. J. M. Bell, recently head of Geological Survey in New Zealand. That it is there in quantity, there has of late been ample evidence. Indeed, apart from other developments, there exist three flowing' wells, alone yielding about 15,000 gallon» of oil per week. Altogether, the prospects are most promising. When, however, we find associated with this important undertaking men of responsibility and position like the Earl of Ranfurly, G.C.M.G., Major Dudley Alexander, C.M.G., Mr. Joseph Brailsford (chairman of one of the biggest steel and coal corporations in Great Britain), Mr. Andrew L. Horner, K.C., M.P., Sir John Lane Harrington, K.OM.G.), chairman of the Oil Trust, Ltd.) and Sir George Clifford, Bart., of Stonyhurst, Christehurch, New Zealand, all of whom, except the two latter, are already on the directorate—the last-mentioned having arranged to join directly allotment has taken place—it can be realised what good hands Taranaki oil has at last got into. The capital of the new company will be £400,000, of which a subscription of at least £1.50,000 is assured by pbsitiva guarantee prior to the placing on tho market of this very fine property with its remarkable scope for expansion. The total area over which boring rights extend is nearly 5000 acres. Much is already arranged, and furthe* developments are projected. A refinery, for example, with a capacity of 10,000 pilous per day. will be one of the immediate provisions. Then, other equipmenl of an equally up-to-date character will be introduced by the Oil Trust, Ltd., who with their admitted ability and great experience, have become the practical managers of the concern. A market for all the petroleum that can be produced if practically assured. It is estimated, indeed, that Australasia alone, with its increasing demand in connection with railways, shipping and motor transport, will render the Taranaki (N.Z.) Oil V\ ells Ltd., independent of that mora distant trade which can afterwards b« cultivated, when other sources of oil supply are tapped and made available. We commend to our readers a careful study of the prospectus in connection with this important proposition. It is as we have previously stated, quite th« most valuable enterprise that has for many years past—if ever at all-been presented for subscription in New Zea-