THE OIL FLOW.

Gisborne Times, Volume XXII, Issue 1743, 8 May 1906, Page 3

THE OIL FLOW.

A £IOO,OOO COMPANY,

(Per Press Association.) Now Plymouth, last night,

A a meeting of directors of the Petroleum Company, it was decided to float a oompaoy of £IOO,OOO Harcourt smd Co.. Wellington, undertaking the flotation, The shareholders of the present company are to motive £50,000 for their properties and rights, and the balance, £50,000, is to be offered to the publio. Great interest is shown ad over the colony and Australia, and a large application list is anticipated, but owing to the large amount of legal and other work to bo eetiled it will be some weeks before the prospectus is issued. Matters at the bore look better than ever,

OVERFLOW OF OIL,

(Pot Presa Association.) New Plymouth, last Dight,

Owing to the success of the Moiuroa oil bore ether districts in the province are commencing to bestir themselves in the matter of prosposLing. The Inglewood and Eltham districts, long known to be nil-bearing, have only been waiting for the New Plymouth works to be proved.

The main trouble at the Moturoa bore just now is to keep baok the flow of oil, whiob, if allowed to run freely, threatens to flood the road. The oil go-hed out in a great volums to-day, but the manager was successful in sealing the pipes. At present all the available tanks and barrele are filled.

Judging by the local enthusiasm there should be no diffioulty in floating the oon> oern in New Plymoth. Holders ol shares are now showing a disinclination to sell, and the price consequently is mounting up.