NEW ZEALAND OIL.

Taranaki Daily News, Volume LIV, Issue 133, 27 November 1911, Page 8

NEW ZEALAND OIL.

THE GISBORNE PROPERTY. A LIVELY MEETING. SHAREHOLDERS' QUESTIONS. | (Wellington Post correspondent.) J London, October 21. j A large number of shareholders assembled at Salisbury House on Wednes- ! day for the first ordinary general meeting of the New Zealand Oilfields, Ltd. j Mr. F. R. de Bertodano, chairman of directors, presided, and the other members of the board present were Mr. E. 11. Bovill and Captain C. L. W. Wallace. Directly the meeting began a shareholder enquired why Major General Sir Norman R. Stewart, Bart., C.8., and Mr. George Macdonald had retired from the board. The chairman: Please wait till you have heard iny address. Another shareholder observed: The auditors' certificate contains the following paragraph: "Included in the item Sundry Debtors' Balance is the amount of £7500 owing by Mr. George Macdonald, representing moneys advanced to him iby the company for the acquisition of the Gisborne Oil Company's plant and wtHI, and which purchase, so fa.r as we are concerned, has not been completed." Oan you give us information about that? The chairman: You must please wait also.

In moving the adoption of the report, the chairman said that the issued capital now stood at £172,000. The board was buying the .best machinery because past experience in the development of the oil industry of New Zealand showed that many of the disappointments experienced in well-drilling wore directly attributable to a policy of false economy when the plant was put down.

SUNDRY DEBTOR BALANCES. Continuing, the chairman said: 'lncluded in this is the sum of £7500 due by Mr. George Macdontild, and referred to in the auditors' certificate. I desire to say that your directors hold certain securities and guarantees which should realise the amount owing. Any discussion of the matter at this meeting will undoubtedly tend to prejudice the securities referred to, and I must, therefore, emphatically impress' upon the shareholders that this is a matter which moist ibe left entirely to the directors, who have been throughout, and are still, acting in conjunction with the solicitors of the company. You can accept my asswunee that your interests are being, and will be, safeguarded in every possible way.

THE BOREHOLES. "It was late in the season when the transfer of the concession took place, and it was in consequence not until the let October, 1910, that your engineer was despatched with his staff. They arrived in New Zealand on 23rd November. Delay had taken place in the delivery of the Pittsburg machinery, which did not roach Giaborne until last July. The company was also strongly advised by an eminent Government geologist, whom they invited to examine the Tangibanga block, not to spend money on deep boring until a detailed geological examination of an area including this concession, had been,, made. The concession was surveyed, and a site for a bore hole located. The work on No. 1 Totangi bore and No. 2 Waiherere (or OrmomL) .bore was most encouraging. The borings indicated oil-bearing formation of similar character to Taranaki. The board considered the future prospects favorable. A local advisory board had been appointed in New Zealand, and the board had taken advantage of an opportunity to secure options extending over some 25,000 acres of ground in the neighborhood of the town of Inglewood, in the, Taranaki district. The initial outlay was very small indeed, and, as a complete plant which cost about £ISOO was on the spot, it was considered a favorable opening for the formation of a ! subsidiary company, .by which this company will benefit considerably." Mr. E. M. Bovill seconded the .proposition. QUESTIONS BY SHAREHOLDERS.

Mr. Borwood asked the reason for the retirement of General Stewart and Mr. Georm; Maedonald, and whether they still held shares. Sir. Church: I want to know more about the £7500 owing by Mr. George Maodomild. As shareholders we are entitled to know all about it. (Hear, hear.) Mr. Gerrard expressed the view that the investment by companies in the shares of other companies was a fruitful source of disaster, and he would be glad of an explanation of this company's investment in Algerian Oildftelds, Ltd. Mr. Thomas drew attention to the fact that the samples submitted for analysis, referred to in the report, measured only l'/oOz. of oil—so small a quantity that the chemist was unable to make-a complete analysis.

A shareholder: Is that all you could find?

THE CHAIRMAN'S REPLY. The chairman said that the sample submitted for analysis was a small quantity taken from the seepage on the surface. They had been disappointed in their hopes of receiving a sample from one of the bores in time for the meeting. Any information received by the directors from the properties, or with regard to analyses of samples, etc., would be communicated to the shareholders through the press, with the least possible delay. As to the Algerian Oilfields, he agreed that it would have been better if this investment had not been made, but it was easy to be wise after the event. When those shares were underwritten the market was good, and it was felt ■thai a legitimate profit could be secured in the shape of underwriting commission. He might add that an eminent oil expert (Mir. h. Hamilton) was on the Algerian property, and took a most hopeful view of its prospects. As the meeting of that company would shortly take place, they would doubtless hear something more about it from the report. General Stewart had resigned for purely .private reasons, and Mr. Macdonald had resigned for business reasons. The members of the local board, other than Mr. Henderson, were large shareholders, as were members of Mr. Henderson's family, lie himself holding the proper qualifications. A shareholder: Do the late directors hold shares?

The chairman: General Stewart is a shareholder. Mr. iMacdonald's shares are not in. his name. I had a letter from Mr. Macdonald, stating that lie was in Paris, and would not be able to attend the meeting. NAVAL AND MILiITAIIY DIiIECrOUS.

Mr. Churtli: 1 think 'it is a thousand pities that the late chairman and Mr. Macdonald did not put in an appearance at this meeting. (Applause.) if they had done so 1 should have had a °Teat deal In say to them. Last year they "gave us a. glowing account of the oilfields, and now they turn their backs upon us when we arc in difficulties.

The chairman: Your sentiments arc excellent. With regard to their absence we are not to' blame. The present board will do it» duly at whatever cost.

Mr. Church: I should like to say that naval and military gwitltoncJi 'ought

never to appear on these boards. They are not .business men.

Mr. W. T. Littlejohn, -R.N., a shareholder. -warmly protested against such remarks, and there was considerable uproar in the' meeting. Mr. Church: I am a naval oll'icer, too, and they aire not the people to go on business boards.

The chairman thought such remarks had better not be made, because their new director was an Army man. A shareholder: Is the. new director an oil expert? The chairman: No, a business man. A shareholder: We want an oil expert on the board. The chairman: No, you don't. You want business men.

In reply to questions aibout the money owed by Mr. Macdonald, the chairman declined to go further into tine matter, and the matter was then adopted.

Captain C. L. Wallace was re-elected, and each director personally promised to use every endeavor to secure the recovery of £7500 owing to the company by Mr. George Macdonald.

INGLEWOOD (N.Z.) OILFIELDS, LTD.

With the exception of the letters "N.Z." in the official title of the registered company—lnglewood (New Zealand) Oilfields, Ltd.—the records at Somerset House contain practically nothing to connect it with the Dominion. The history of this company is of some interest, however, for at the annual meeting of the New Zealand Oilfields, Ltd., this week, the chairman, Mr. F. R. de Bertodano, announced to the stallholders that "the board had taken advantage of an opportunity to si-cure options extending over some 25,000 acres of ground in the neighborhood of the town of Inglewood l , in the Tara-naki district. The initial, outlay was very <small indeed, and, as a complete plant, which cost about £ 1500, was on the .spot, it was considered a favorable. opening for the formation- of fc subsidiary company, by which this (New Zealand Oildfields, Ltd.) company will, benefit considerably." The registered particulars at Somerset House show thai. Inglewood (New Zealand) Oilfields, Ltd., was registered on 19th June of this year, having been presented for filing by Percy John Pakeman, of Pakeman, Son, and Read, solicitors, 11, Ironmonger Lane, E.C. The nominal capital is £IOO,OOO, divided into 1,000,000 2s shares, of which seven only have been allotted, one eaclj to five London solicitors' clerks-—II. M. Cordrey, P. Row,son, G. Rowson, R. B. Canning, and W. 11. Brown—and one ea«h to two solicitors—A. W. Read and Percy J. Pakeman.

On June 19th Messrs. Pakeman, Son, and Head wrote: —"We hereby certify tliat no persons have yet consented to act as directors of Inglewood (New Zealand) Oilfields, Ltd."

There is no mention of New Zealand in the articles of association, according to which the object of the company is to purchase or acquire property in any ounbry as the directors may deem advisable, ' and it is laid down that the registered offices shall be situated in England. The directors' qualification is 100 shares. Each director shall be paid out of the funds of the company at the rate of £l5O per annum, with an additional £IOO .per annum for the chairman. On 10th July the registered offices aire given as 16, Cockspur street, where the New Zealand Oilfields, Ltd., offices are situate, and on 20th July the following directorate is mimed:—]?. R. de Bertodano, Bart., Herts, director of public companies; E. M. Bovill, Norcott Court, Berkhampstead, director of public ooanparoies; and Captain C. L. Willoughby Wallace, 10, Drapers Gardens, E.G., director of public companies. These three gentlemen also form the board of the New Zealand Oilfields, Ltd.

There lias been 110 public issue of shares, and, according to the particulars, only seven shares have been alloted, of the value of fourteen shillings. The estimated expense of registration is £SOO, of which over £3OO has been expended. The two-shilling shares of the New Zealand Oilfields, Ltd., are quoted to-day at 7y s d to lO'/jjd.