PETROLEUM NEWS.

Taranaki Daily News, Volume LVI, Issue 209, 4 March 1914, Page 7

PETROLEUM NEWS.

VIEWS OF A VISITOR. Writes the Gisborne Herald editorially:—Gisborne's hopes of a revival of interest in the petroleum measures of this district rest to a very considerable extent 011 the success of the various enterprises now being pushed forward 011 the. opposite side of the i.-land. If the developments which are confidently anticipated by our Taranaki friends turn out trumps, then, and perhaps not until then, may we hope for capital to come forward to revive our languished industry and make some practical effort to discover .the sources of the petroleum which is seeping out of the earth in several parts of this district. It will need a very substantial measure of success in Taranaki to put Now Zealand oil propositions in favor with investors in England, for .their faith must have been severely shaken by disclosures that were made some months ago with regard to the manner in which subscriptions to one mushroom enterprise had b«en invested; nevertheless, we hope, and we think there are good grounds for hoping, that before long sullicient petroleum will bo in evidence in llowing wells in Taranaki to assist in a large measure to restore confidence. During the Press Conference at, New Plymouth recently the visitors were all'onled an opportunity to inspect the oil-boring and refinery operations, and all appeared to be impressed with the great enterprise which •lias been displayed by a handful of •pioneers who through series of discouragements have stuck gamely to tiie task of winning the crown iluiil from the depths of Mother Earth. A monument to their faith and confidence, stands the splendid refinery, representing an outlay of capital 'of .-€37,000,' which, whilst its stills are altogether in ■excess of present requirements, is a thoroughly complete and efficient callable of dealing with the very large output that may reasonably be expected ■if the bores now being sunk attain results equivalent to those of the wells already producing oil. . . . There is sullicient evidence at Moturoa tliat the field will soon be developed to an extent wliicli will justify the confidence of those who liave staked their fortunes upon it. Once it is established to the satisfaction of the oil world there will be 110 lack of capital to assist in development both in that locality and further afield. Mr. Van Kpps, the expert from America who recently visited the district. is emphatic on this point, and he has himself formed a favorable opinion, as a result of which, no doubt, tlie company he is reporting for will soon commence operations. Mr. Fcdorowiez, who is very highly qualified, admits of little doubt 011 the subject. llis present intention -is to take all the oil he can get from the IMonheini well at'the deptli now reached, and when that is exhausted to go deeper. lie can, he says, go to fully ."illMlft if necessary. Last week there was oonsidcr.iiiie perturbation in the minds of those interested in the various ventures at a report that there was danger of the field being injured and possibly irretrievably ruined unless ell'ective steps were taken in all the bores drilled to shut oil' the ■water. Mr. Morgan, director of geological surveys, wa- sent to the district to make enquiries, as the result of which it was demonstrated that leakage, if it ' occurs, is not taking place to any great or detrimental extent. Doubtless, howover. as the result of the "scare" ample precautions will now be taken by those interested to ensure the safety'of the field from this particular danger,