New Oil Company Formed.
A CAPITAL OF £2OOO. The public will be pleased to learn that the petroleum boring enterprise at New Plymouth will not be allowed to lapse. Though the New Zealand Oil Wells Proprietary recontly went into liquidation, the property and boring rights have been acquired by a new company, just formed, tho prospects of successful boring being considered excellent.
The initial meeting of the new company was held nt the office of Mr Kelsey on Wednesday afternoon, when there was a good attendance of shareholders, presided over by Mr Cecil Wright. Preliminary steps were completed for the registration of the company, which will have a capital of £2OOO in £5 shares. Already some £I6OO of this capital has been subscribed.
The following provisional directors were elected : Messrs Monteith, Honcyfield, Teed, J, H. Parker, and Kelsey, with Mr D. Lang, of Devon Street, as secretary.
The manuger at the works, Mr Fair, attended and outlined the present position and prospects in connection with the property, the statement being considered very satisfactory by the shareholders. It was agreed to open an account with the Bank of Australusia.
The provisional directors will hold a meeting at 11 a.m. to-day to arrange details for the continuance of tho work at once.
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https://paperspast.natlib.govt.nz/newspapers/TDN19050413.2.15
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Taranaki Daily News, Volume XLVII, Issue 7797, 13 April 1905, Page 2
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210New Oil Company Formed. Taranaki Daily News, Volume XLVII, Issue 7797, 13 April 1905, Page 2
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