PETROLEUM.

Taranaki Daily News, Volume LII, Issue 177, 19 August 1909, Page 3

PETROLEUM.

; THE DTGLEWOOD COMPANY. An extraordinary general meeting of the Inglewood Oil Boring and Prospecting Company, Ltd., was held at the Town Hall on Tuesday night. Mr. T. Furlong, chairman of directors, presided.

The chairman said the object of the meeting was to enable the directors to [.lace before the shareholders the results of the reconstruction scheme sanctioned, and also to decide what the future policy of the company should be. He referred to the resolution passed in November, 1908, as follows:—"That after considering Mr. Cochrane's report, the meeting considers it advisable that boring rights be acquired in the MokauAwakino district, and, if sufficient capital be forthcoming, the company's plant lie removed there and boring operations started at once." The directors immediately set to work and reconstructed the company, a prospectus was issued and a broker appointed to canvass the district. It was remarked, however, at the time that the conditions of the money market did not appear favorable for the successful flotation of a venture of this kind, but they had no idea that affairs' would take the turn they did. Rights were secured over 2000 acres at Mokuii, and the district canvassed for shares, with the result that 325 shares, valued at £650, were applied for, and there were promises of a further 225 sbaies valued at £450, which the directors considered absolutely good. The directors also had a very geqerous offer from Mr. G. H. Stubbs, of Waitara, consisting of boring rights over some 12,000 acres. Mr Stubbs also, included in his offer a guarantee to supply all the necessary coal and fuel and give the services' of an engineer. This the directors valued at £3OO. This offer was supplemented by one from Messrs Ogle and Co., who offer to give a rebate of 25 ,per cent, on shipping charges should the plant be shipped to Mokau. The only stipulation made by Mr. Stubbs was' that in the tventof oil being struck the company would' pay him a royalty, and in the e*nt of coal ibeing found he would pay the company a royalty. Hie directors teiy much appreciated thi» offer, recogniiing that to a great extent Mr. Stubbs had eome forwaxd with the idea of seeingthe natural resources of the district developed. To summarise the Mokau venture, the total capital, including Mr. Stubbs' offer, represented about £I4OO, and he (the chairman) estimated that the first year's expenses would account tor something like £720, exclusive of contingencies. The previous experience of the directors was that contingencies amounted to a very large sum, and it was only fair to assume that the same thing would eventuate in the Mokau district. The directors, after taking all matters into careful consideration, bad decided to advise the shareholders to abandon the project for the present and' allow matters to stand in abeyaace, as the finances of the company did not justify their transferring the plant to another district at present. .With regard to the boring rights in the Moa, Hua, Waiwakaiho and Tarurutangi districts' over gome 4700 acres the directors recommended that these be left in "he hands of the directors to deal with. The plant which was at Inglewood,' the chairjnaa explained, had during the last day or two .been inspected by a gentleman of considerable experience, and his report | was that everything was in excellent order.

In reply to a question from Mr. Owen, Dunedin, the chairman said Ihe cost of the plant was approximately £-2700. After a general* discussion, in which the finances of the company were dealt with and the recommendations of the directors endorsed, it was understood that the following motions will be suomitted to a statutory meeting to be he'd a week hence: — (1) That owing to the necessary capital not having been subscribed, the Mokau scheme be abandoned. , (2) That, the company's plant be stored pending further develop■ments.

, MOTUROA OIL SYNDICATE . Mr. L. Steele retnrned from Christchurch this week, after arranging details with Christchurch people to put down ft bore at Moturoa. The new venture will be carried on under the style of the "Moturoa Oil Syndicate, with a working capital of about £SOOO. Hie plant of the Omata. company lijs been secured by the syndicate.