PETROLEUM.

Taranaki Daily News, Volume LI, Issue 256, 22 October 1908, Page 3

PETROLEUM.

TilK i.MILKWUOO OIL ANJJ I'KOSi'KCTLNU CO.MrA.NV. Ah extraordinary general meeting of the iuglewood Oil Uoi'ing and Prospecting Company. Ltd., was Held on Xii'.'Sday. Twenty-seven shareholders were present. .Mr. L. \V. Alexander presided. It was decided to amend the Articles u( Association of the company to give voting-powers to shareholders as iollows: —Shareholders holding troni I to 4 shares, 1 vote; from 5 to I) shares, 1 votes I" to It sliares, 4 votes; 15 to 1!) shares, U votes; 20 shares and over, 8 vyU's. The meeting then discussed an option that had been oil'ered to the company of complete mineral and oil rights ol 2TUU acres of land at -Mokau. The directors proposed to obtain expert adviie from Dr. Cochrane, who would visit the property if the shareholders approved, and then, if his report was favorable, to raise more capital to work the property ljy the issue of sioUO new preference shares of £2 each, 10s payable on allotment, os on appropriation, and tlw remainder in calls of 5s each. The chairman stated that Professor Parkes lial reported very favorably on the property. They had a very big rising stratum right oft' the volcanic, and drilling would be much easier. Sir J. licet Jr had spoken well ot the llokau as a probable oilfield. If it worked this property the company hud the chance of striking all or any of three things—oil, anthracite, and shale. The shareholders not only had an excellent chance of getting their money back from the .Uokuu rights, but also of making a substantial profit. lie suggested that if Dr. Cochrane's report was favorable the directors should be instructed to procwd with work at llokau. The Inglewood rights were not to be abandoned. The other rights the company had would also be retained.

A shareholder said he; preferred that his capital should be used in developing thU district, as originally intended. The chairman replied that he also shared this sort of district feeling, but every mail had to look after his pocket. The report of Mr. McDonald, the expert who hud charge ox the Norfolk Road bore, was that the indications of uH there were very poor. The bore hadj been sunk 25UU feel until it had leached a strata alinusl of the consistency oil porridge, from which it was ;juite impossible to shut ull the water. The indications did not warrant the company proceeding with the bore at present. A suggestion to let the Mokau boring by contract was not favorably received, I and it was decided that the directors ! should consider the question and report I on it when they brought down tlmir I scheme for working the Mokau rights. The chairman, in replying to questions. said he thought the amount now due on calls would cover the cost o£ shifting the plant from .Inglewood »o Mokau and all incidental expenses. There was excellent access to the Mokau property. The present shareholders would not W adversely affected by the new issue of shares if they did not take up any of them. The preference shares would, of couive, have preference over the lirst 10 per cent, of the output. | Mr. Klwin then moved, and Mr, Bedford seconded, "That the directors be authorised to obtain Dr. Cochrane* advice on the Mokau property, and, if his opinion be favorable, to bring down a scheme for increasing the capital of the company/' The motion was carried without di>-cul'. The directors were also authorised to secure the option over the Mokau property at once, if they deemed it adviv ■ able, by payment of a sum of