INGLEWOOD OIL BORING CO.

Taranaki Daily News, 22 January 1916, Page 8

INGLEWOOD OIL BORING CO.

ANNUAL MEETING; The annual meeting of the above company was held in the Town Hall, New Plymouth, last night, Mr. T. Furlong presiding over & moderate attendance of shareholders, In. summarising the position of the -nmpaiiy's affairs the chairman stated i wing to the statutory quorum of ■Mcrs not being present the meet- , ild have to be adjourned till that Uii.i week. It would be noticed, he said, from the printed balance-sheet that the company was still financial. The directors had obtained an independent report on the plant by Mr., Burgess, of Inglewood. who certified that it was in good condition. The chairman add<\i that lie was not in a position to state the value of the plant. Very little movement had taken place m the company's affairs since the last annual meeting. The syndicate which took over the company's leases had been granted an extension of time, which, had now expired, and the leases and rights isad therefore again become the property of the company. The fate of the company now depended on the success or other wise of the well at Huiroa adjacent to the company's leases. That bore had. he believed, attained a depth of 4200 feet, and he hoped it would meet with all success, for if it failed there was nothing but liquidation in store for th» Inglewood Company. Such a course would be a matter for much regret, but so far as could be seen at present there would be no possible alternative, especially as the present state of the money market precluded the possibility of obtaining further capital. The leases and options held by the company comprise;! 1200 acres adjacent to Inglewood, and "2000 acres north of the Huiroa bore.

In reply to Mr S. W. Shaw, who thanked the chairman for the information given to the meeting, Mr. Furlong stated that the plant would receive ail necessary attention. The meeting was then adjourned.