THE PRESENT WELL.

Taranaki Daily News, Volume XLVII, Issue 8111, 16 May 1906, Page 2

THE PRESENT WELL.

LARGE TAKANAKI COMPANY PROPOSED. A meeting of the directors of the Motnroa Petroleum Company was held yesterday, it was definitely decided to decline the Wellington Company proposals. It was decided, subject to confirmation by the shareholders, to voluntarily liquidate the present company, with a view to the formation of a larger company to bo promoted in this province. it is understood the proposed|capital is £120,000, of which 56,000 in paid-up one pound shares will be allotted to the present shareholders, as promoters. The balance of £64,000 will bo for

public subscription, but probably not more than £40,000 will bo issued, £24,000 being held in roservc. The shares will bo put on the mark, t on particularly easy terms,, that should attract the smaller inventors, and thus assist the directors in their expressed intention to. if possible, keep the greater portion of the interests in Taranaki.

The suggested prospectus will propose that jtollm-ry works should be erected similtaneously with the sinking of further bores. t'ie whole of the works to be in Tar.maki. The provisional directorate will be composed of Taranaki gcnlleiu 'n. There is little do.ibt that the proposals will be accepted by the shareholders, as eminently preferable to the original proposals of the directorate to transter the Company's rights to Wellington. A meeting of sharehol lers will be called for Friday, 25th inst., to consider the proposals. The bilauco of the fil preferential shares, 380, are to be disposed of by tender, applications closing at the secretary's office on the 23rd inst Mr Henry Woston has rosigned from the directorate. Indications at the bore are unchanged, the pressure being fully maintained, and having to be closoly watched.

No business is being done in shares, local holders having practically refused to quit. Outside offers of £7O yesterday met with no response.