A BIG PETROLEUM COMPANY.

Dominion, Volume 3, Issue 824, 24 May 1910, Page 8

A BIG PETROLEUM COMPANY.

By. a recent English mail the proppcc* tus 'came to hand of "The New Zealand Oilfields Company, Ltd.," registered in London. The company has been formed to develop oil concessions in* the Gisborno district extending; over a total area of 147,900 acres, or about 230 square miles. The prospectus sets out at considerable expert reports as to the value of the field, inclu'dihg the opinion of Sir Bovcrton.Redwood, who is recognised as a lead-, inp authority 011 oil. Th,e nominal capital of the company is £200,000 in two million two-shillinc shares, of which a, first issue of one million was offered for subscription in London on March 7. to close for London two days after, and for country two days later. Cable adviceß report that tlie issue was largely oversubscribed, and the shares immediately rose to a premium of 50 per cent, and over. Tho working capital is stated at £39,000, of which £50,000 is included in tho first issue as above stated. The consideration paid, by the company for the concessions amounts to no less than £110,750. The London directory is considered to be a strong one. A local directory of not less than three, to be elected by the shareholders on the New Zealand registry will have, control other than in tho appointment of the general manager and tho experts. It is expected that a competent staff, will soon arrive in Gisborne. when the sites for boring operations will be decided on. INSURANCE COMPANIES' AMALGAMATION. , By Telegraph—Press Association—Copyright Melbourne, May 25. The Australian Widows' Society has agreed to a draft agreement for amalgamation with the Mutual Life and Citi--1 7,ens' Assurance Societies.