INGLEWOOD OIL BORING GO.

Taranaki Daily News, Volume LIII, Issue 218, 23 December 1910, Page 5

INGLEWOOD OIL BORING GO.

ANNUAL MEETING. ( J The adjourned annual meeting of thft <t above company was held in the Town, -J Hall last evening, when Mr. Thos. Fui> i% long (chairman of directors) presided. t ■*i ANNUAL REPORT. • ■ | The annual report to shareholders waa ; "fi as follows:—-"Your directors have sue* ,! m ceeded in obtaining renewals of options vff of several properties around Inglewood, -M Mr. Stubbs has also given us rights '''ll over his 12,000-acre block of coal and M limestone country at Mokau, which we-, '*s have satisfactory reports on. Your di«. '.| rectors have been approached by the J New Zealand representative of an Eng* >1 lish syndicate with a view of acquiring "§| the rights, options, etc., of our company* '< '% This syndicate has been supplied with' 'M fully-detailed geological reports anft \| data. You will require to elect threa | directors in place of Messrs. Brown, J Watkins, and Percival. You will also ! S require to elect an auditor. Mr! Baily, f the retiring auditor, again offers his ; :l services." . ',-j The chairman moved the adoption of if •the report and balance-sheet, and In J doing so said he wished to draw a.tten- ' 5 "tion to one or two matters. The corn* 'M pany had a balance at the bank of £O2 • *M 19s Bd, and. an amount due tor the sale! \Jj of second-liand, cable £2l 19s 4d V, M which would be paid immediately. The jl provision for grantß not renewed waa ;'{l £l4O, which had been allowed. Arrange- \#| ments had been made with many of the . ",;f settlers, whose options the company -.M held, to accept shares instead of cash '/* by, way of rent, and he considered this was very satisfactory. The-.tha.nks of'' il the company were due to those people || who had come forwards and offered '\% them boring rights over an area amount-, 'M ing to several thousand acres. The direc- J tors had Seemed it advisable to remain Jj inactive for a time, and their decision 'M in this direction had since been proved : | correct. In August last they received \'| a communication from English oil can- - /S) italists concerning the property, 'and this fj acted as a stimulant, and with the a»- M sistanoe of. Mr. Percival the Option ov«r ■s. a great many properties secured, ■■•s The company had to thank Mr. 6, Stubbs, of Waitara, for placing at their , $j disposal some 12,000 acres. \AI letter was ■ ,'.i| sent in reply to'an "Englfssh; syndicate's f Jj communication, aid particulars of the: * company's interests and options were en- '!l closed. As the result of correspondence, :i a reply had been received which the di- i rectors considered most satisfactory, ."I and which they were prepared to accept \ S A subject to slight modifications. Thiff "M would be submitted to a meeting of -■•) shareholders when negotiations were a- ",| little further advanced. The chairman ;"'* stated as his opinion that success ' ''■• seemed to be within reasonable distance. - : i They had endeavoured to. run the com- 1 <pany as economically as possible, only <*j necessary expenses such as stationery, '"i advertising, etc., and the secretary's $ salary (which was purely nominal) hav- v >',- ing been incurred. In connection with * '■'-. the renewal of leases, also, he wished \- to mention that they were hot paying % any rent. \ Mr. T. Buxton asked if any reply was " ' % \ expected from the English syndicate '.£ about the offer. . V"> The chairman: Yes, at any moment. % Mr. Buxton: Are they awaiting, the M*\ , report of Dr. Henry? 'j j The chairman: Oh no; it is considered ~'■§ as settled, although the holidays intervening might prevent a final decision. i The directors have not been working in ij vain. :'\';i Mr. Buxton referred to the amount of '"'* overdue calls, £125. He considered the ') directors should make a point of for- ~J 1 feiting these now, as it, was not fair ..*:■} to those who had paid their calls that . .* the defaulters should be able to come m "-'! when there was something good on. v ! The chairman said in reply that the }'• directors had not lost sight of the mat- ■}* ter, and had given the company's soli- ': citor power to deal with such cases. \i , Mr. Andrews expressed disappoint- , i; j ment with the work of the directors in .; 1 not doing anything. He referred to what /■; i had been done at Inglewood without ' ;,' consulting the shareholders. .','; The chairman, in reply, said the di- 1 j rectors were not prepared to take any -h offer as suggested by Mr. Andrews, and ' v the "ancient history" of the Inglewood business was not a proper matter for S discussion at the meeting, - In further reply to Mr. Andrews, the ' 1: chairman said the bore was down, not ? 600 feet but 2500 feet, as could be verified by the manager's report. "No has been put' upon the property," said the chairman in answet ; ' to Mr. Blyth. The communication was f not vague at all, but clear and definite.. - He might tell them that the basis of the .%; negotiations would take the form of a ; ; prospecting company. Mr. Buxton: I take it that the pro- '3 posal is so satisfactory in the opinion of '.'■'■ the directors that they are pr°pared to >! go before the shareholders with it. i] The chairman: Yes. '">' In answer to Mr. Andrews as to the ' V bore, and the terms of the negotiations, the chairman said shareholders could ( rest assured the directors were doing .! their best to safeguard the interests i*3 of the shareholders. . The motion for the adoption of the '..";< report and balance-sheet was, after other. ■'-<& slight discussion, carried unanimously. ~ >l COMPLIMENTARY.' ,' ,^1 On the motion of Mr. Buxton, ed by Mr. Johnson, a vote of thanks was%Jj passed to the directors for the econo- -a mical and judicious manner, in which >i|s the they had managed the aflairs of V** the company during the past year, --in '■ \" speaking to the motion, Mr. Buxton said that he knew the .members of the directorate had put their 'hands in their pockets and paid out expenses that the company were properly entitled to. disburse. In reply, the chairman- said he was , highly pleased with {he compliment paid to the directors. They had tried to assist in some small degree the success ~ of the company, and he was inclined to think that their labor during the year would not be in vain. He was, in fact, highly pleased with what had been done so far. OFFICE-BEARERS. The retiring directors, Messrs. Brown, A. &'Wfi<tkigs^sai4 : W. v JE;.. VetjSm 'rival, 1 were I 're-eleeted.. . ';. I'.-.^.ilSIS -Mr.; Baily, the. retiring. rftJ^til^M^^l