PETROLEUM NEWS
TARANAKI OIL WELLS, LTD. According to the report of the Auckland representatives who recently visited New Plymouth, there lias been a response of £OOOO to the appeal of tho Taranaki Oil Wells, Ltd., for loan of £12,000 in order to enable operations to be carried on. Of this sum £3OOO Iras been subscribed in Taranaki. The money is being held in trust, pending the full subscription. Should the present negotiations with London fail the Advisory Board, said Mr Macklow, would propose that the capital bo increased by offering 130,000 unallotted shares to shareholders at an underwriting discount of 20 per cent. These shares would be naid up to 10s each, and this, with a 4s underwriting fee returned, would leave fls per snare, which would produce £39,000 of working capital. Tt was believed that the balance of 10s per share would not bo "required. Mr Colledge. said that liabilities amounted to £BIOO. The amount required per week to pay expenses, including work at one bore, was' £3OO. The value of refined products in stock was £2OOO, and of the oil in stock £2500. Calls in arrears amounted to £4525.
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https://paperspast.natlib.govt.nz/newspapers/TDN19140328.2.20
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Taranaki Daily News, Volume LVI, Issue 257, 28 March 1914, Page 4
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191PETROLEUM NEWS Taranaki Daily News, Volume LVI, Issue 257, 28 March 1914, Page 4
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