SUSPENDED FROM LIST

New Zealand Times, Volume LIII, Issue 12607, 18 November 1926, Page 8

SUSPENDED FROM LIST

OIL WELLS COMPANY’S SHARES ANALYSIS NOT PUBLISHED MINING SENSATION By Telegraph.—Press Assn Copyright. MELBOURNE, November 17. A sensation was caused in mining circles by the suspension of the shares in the South Australian Oil Wells Company from the official list of quotations on the Melbourne Stock Exchange, as the result of two reports on the company’s land at Caroline, South Australia, not being sent to the Exchange. According to a statement made by tlie Director of the Geological Survey, excerpts from reports were posted regarding the department’s analysis, which action, ho declared, was not fair. He added that no oil had yet been, discovered by the SouiTi Australian Oil Wells Company in the Glenelg river district. Samples sent to the department show that no natural oil has occurred. SHARES REINSTATED. Following a conference between the committee of the Melbourne Stock Exchange and representatives of the directors of the South Australian Oil Wells Company, it has been officially announced that it has been decided to reinstate the shares of the company on the official list of Exchange quotations. The chairman of the Stock Exchange made a statement that after hearing the explanation of the company’s directors, the committee of the Exchange considered that the directors had made a serious but honest error of judgment in not disclosing for the information of shareholders the result of the analysis immediately upon receipt of it. In view of the circumstances, and after an assurance that future information of any nature would be immediately made public, the committee had decided to reinstate the shares on the official list.