Petroleum News

Taranaki Daily News, Volume LVI, Issue 254, 25 March 1914, Page 5

Petroleum News

THE TARANAKI OIL WELLS, LTD.

AUCKLAND DEPUTATION'S REPORT.

By Telegraph—Press Association. Auckland, Last Night. A meeting of the shareholders in the [ Taranaki (N.Z.) Oil Wells, Ltd., was held this afternoon for the purpose of receiving the independent report of two Auckland shareholders who were appointed to go to New Plymouth and make investigations as to the position and prospects of, tho concern.. The delegates were Messrs Maeklow and Callotlge, and their report emphasises the, fact that unless the shareholders provide more capital promptly the works must close down, and tho company he reconstructed. The sum of £IO,OOO was required a t once.

After carefully considering the position: and the future prospects . of the company, the delegates felt justified in strongly recommending all shareholders to provide the money, as it would be a great pity to ilet the company fail for lack of financial assistance when success was so nearly assured. The report also stated that it is absolutely necessary that the head office and board of management should bo transferred to New Zealand, aB only 10,000 shares were taken up in London, which, with '25,000 promoters' Bhares, gave a total of 35,0u0 in England, as against •232,000 held in New Zealand. The delegates found the works almost at a standstill, owing to want of funds to pay the men. Mr. J. Veale said he was convinced, from his experience in New Plymouth, that there were a certain number of people who were trying to depreciate, the value of the company's undertaking, their object being to secure the property at a nominal price. If the shareholders would see the venture through, he was sure they would reap a very great reward;

After discussion, it-'was decided that I each of the loyal shareholders with 20 or more shares should advance to the company by way of loan a Slim of not less than ten per cent, on the nominal value of their shares, the amount advanced to be repayable on or before December 1; 1914, and bear interest at ten per cent. It was also resolved to request the Advisory Board to take any necessary steps to have the board of management transferred from London to New Zealand.

MEETING IX CIIRISTCHURCH. Christchurch. Last Night. About ..two hundred shareholders in the Taranaki (N.Z.) Oil Wells, Ltd., met this evening, Sir George Clifford being iii the chair. Mr. Carter, chairman of the Advisory Board in Taranaki, stated clearly the financial position of the company, and showed that it was necessary to provide a, sum of £IO,OOO to enable operations to be carried on. The meet-, ing unanimously resolved to support the appeal.

It tyas further stated that, provided ihe present difficulties were overcome, -he prospects of the company were ex■ellbnfr..