Page 7 Advertisements Column 3

Taranaki Daily News, Volume LIII, Issue 38, 25 May 1910, Page 7

NEW ZEALAND OILFIELDS, LTD

PROSPECTUS ISSUED IN LONDON. London, April 8. "The New Zealand Oilfields, Ltd.," formed to develop oil concessions in the Dominion and to acquire forty-four concessions extending over about 230 square miles near Gisborne, issued its prospectus yesterday in London. A capital of £200,000, divided into 2,000,000 shares at 2s each, is provided for. One million shares of 2s each are offered to the public at par. The vendors (the M.T.M. Syndicate, .Ltd., London Wall), have expressed a wish to have tne right to obtain subscriptions amongst their friends in New Zealand for 200,000 shares, and in accordance therewith the right has been given to them by the company to sub-J scribe or obtain subscriptions for this, or any less number of shares, at a commission of 7y 2 per cent., and the directors will give effect to any applications therefore. The consideration payable by the, company for the purchase of the concessions proposed to be acquired has been fixed by the M.T.M. Syndicate, Ltd., at £110,750, payable as to £10,750 in cash, as to £60,000 by the allotment to them or their nominees of 600,000 shares of two shillings each in the capital of the company to be issued as fully paid up, and £40,000 to be satisfied in cash or shares according to the excess of subscriptions beyonu. the 700,000 shares underwritten. Out of the consideration payable by the company to the M.T.M; Syndicate, there is payable to the G.M. Onrields, Ltd., of Salisbury House, London, E.C., under contract, tie sum of £85,000, payable as to £SOOO in cast, as to £60,000 in fully paid shares, and as to £20,000 in cash or shares. Out of this consideration the G.M. Oilfields, Ltd., have to pay to Frederick George Clark, of Broad street House, London, E.C., the sum of £12,000 in cash and shares, and to Mr. W. Lissant Clayton, of Gisborne, New Zealand, the original vendor, the suin of £50,000, payable in 500,000 full paid l shares. The minimum subscription upon which the directors may proceed to allotment is 700,000 shares, which have been underwritten by the M.T.M. Syndicate, Ltd. The London directors are Major-Gen-eral Sir Norman R. Stewart, Bart., C.8., George Macdonald (chairman of the Standard Oil Company of Mexico, Ltd.), E. M. Bovill (director of the Peel River Land and Mineral Company, Ltd.), and F. R. cle Beryodano (managing director of the F.I.A.T. Motor Cab Company, Ltd.). There 'will be a local board of direci tors in New Zealand consisting of not less than three members, to be elected (subject to the approval of the London board of directors) by members resident in the colony. The properties, the subject of the concessions proposed to be acquired, are situated in the 'Patutahi, Turauganui, Waikoku, Waimata, Waingoramia, and Whangara Survey Districts, surrounding the town of Gisborne. The prospectus adds: "The importance"of the discovery of oil in New Zealand in commercial quantities, where the climate is too well known to need remark, and where a good market for the oil exists, can hardly be overestimated 'either, to the country itself or to the British Empire. Thi> Government of New Zealand is fully alive to its possibilities, and has given notice that it is .prepared to give a bonus of £6250 to the first company producing 500.000 gallons of oil from wells sunk in the country."

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