OIL AT NEW PLYMOUTH

Wairarapa Age, Volume XXXII, Issue 10608, 15 April 1912, Page 5

OIL AT NEW PLYMOUTH

AN ENTERPRISE OF MAGNITUDE.

What is perhaps iOie most important commercial undertaking yet launched in New. Zealand, is now placet! before the public in the shape of the Taranaki N.Z. Oil Wells, Ltd. That petroleum exist* of high quality at New Plymouth' Jibs been testified to by recognised'authorities like Mr J. D. Henry, the eminent expert of London, and Dr J. M. BelJ, 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 exists three flowing wells', alone yielding about 15,000 gallons of oil per week. Altogether, the prospects are most promising. .Wheai, however, we find associated with this important undertaking men of responsibility and position Like the Earl of Ranfurly, G.CtM &., Major Dudley Alexander, C.M.G., 'Mr Joseph Brailsf ord, chairman of' one o± th«f 'biggest Steel and Coal Corporations in Great Britain, Mr Andrew L. Horner, K. 0., M.P., Sir John Lane Harrington, K.0.M.G., Chairman of the Oil Trust Ltd., and Sir George Clifford, Bart., of Stonyhurstj Christchurch, New Zealand, all of whom; ex?cept the two latter, are already on the Directorate— these 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. J (The capital of ihe new company will Jbe £400,000, of which a subscription of £150,000 is assured by positive guarantee prior to .the placing on the market of this very fine property with its remarkable scope for expansion. J The total area over which boring 'rights extend is iicai'iy sfi(X) acres. Much is already arranged, and further developments arc projected. A refinery, for example, with a capacity of 10,000 gallons per day, will be one of the immediate provieaonis. Then, other equipment 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 th« concern. A market for all the petroleum that can be secured is practically assured. It is estimated, indeed 1 , that Australasia alone, with its increasing demand in connection with railways, shipping and motor transport, will render the Taranaki N.Z. Oil Wells, Ltd., independent of that more distant trade which can afterwards, be 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-propo-sition. It is, as we have previously stated, quite the most valuable enterprise that has for many years past—if ever at all— been presented for satbscriptiou in New Zealand.