TARANAKI OIL AND FREEHOLD CO. LTD.

Taranaki Daily News, 25 August 1916, Page 8

TARANAKI OIL AND FREEHOLD CO. LTD.

TO BE WOUND UP. A special general meeting of Hie shareholders of the Taianuki Oil 'and Freehold Co.. Ltd., was held in the secretary's office last night, to consider tlie position of the company. Mr. 0. W. Browne, acting-chairman of directors, presided over an attendance of ten shareholders, whilst over !)0 shareholders were represented by proxy. The meeting had been convened by the directors in consequence of the resignation of the late chairman (Mr. F. P. Corkill), in order to consider the position of the company, and to decide under existing conditions whether the shareholders would be prepared to provide more capital to meet their liabilities, or dispose of the assets and wind up the company. CHAIRMAN'S ADDEES& Befort calling for nominations to the directorate, the chairman explained the objects of the meeting. The directors suggested that authority should be given them to voluntarily wind up the company, when any surplus could be divided among shareholders. For the past two or three years, the company had adopted the "taihoa" policy, and that had brought them to such a stagu and their liabilities Were so great, that unless the shareholders provided more money they would have to wind up, or the creditors might step in. He wa s sorry that this stage had been reached, because he could say without fear of eontradition that their bore was the only one outside of Moturoa where they got oil. They had twice cut seams, and had put in flinch casing for 1300 feet. . The last seam gave thein six barrels of oil per week, but, on the ad-, vice of their manager, they did not think it advisable to pull up and draw off the oil, but decided to push oh with a view to obtaining a larger flow. Funds, however, had run out. If the shareholders could see their way to advance sufficient money to wipe off the liabilities, and keep afloat so that when the present war was over and a favorable time arrived, they could approach speculators or syndicates to take the property over. He had faith that the property would be a favorable investment, but they were not warranted in asking shareholders to wait ami hold on under existing circumstances. In appointing directors, he would ask them to bear that in mind. The retiring directors were willing to do their best for shareholders, if it was decided to wind up. ELECTION OF DIRECTORS. The four retiring directors, Messrs. CI. YV. Browne, M. Jones, F. Messenger, and F. J. Mansell, were re-elected unopposed, and Mr. T. Avery was elected unopposed to fill the vacancy caused by the resignation of Mr. F. P. Corkill. Mr. C. T. Mills was re-elected auditor, unopposed. STATEMENT OF LIABILITIES.

The chairman submitted a statement of liabilities and assets as follows: Liabilities: N.Z. Express Co., £2 4t 2d; Lands and Survey Department (rent), £130; Thos. Avery, £ls 1.1s; Jas. Sarten, £77!) 7s; New Plymouth Friendly Society, £530; New Plymouth Borough Council, £4l 13 s - r >d; Herald, £1 Ms (id; secretary's salary, £135: National bank, £33 5s 3d—Total, £IOOO 2s 4d. Assets: Freehold property, £4012 12s; machinery and plant, £O7l 12s; office fittings, £2l 10s; sundry debtors, £l4; cash in hand (English agents), £45 7s lid; cash in hand, £2—Total, £5006 18s lid. He pointed out that there were very little hopes of any residue being left for the shareholders after they had cleared off their liabilities and paid the legal expenses. He then moved, in the name of Mr. N. R. Cox, of Raglan, whose proxy he had, that the directors be authorised to dispose of the assets of the company, and after paying all liabilities, to take the necessary legal steps to wind up the company, the surplus, if any, to be paid out to the shareholders. In moving this, he pointed out that nearly all the proxies received were in favor of winding up the company. They all gave the directors credit for having done the best with the small amount of capital at their disposal. The resolution was seconded by Mr. Mansell. In reply to questions, the chairman stated that no one had approached the company with a view to purchasing the property. The directors had approached the Taranaki Oil Wells Co. with a view to their deepening the well and paying sharpholders a commission on oil won, but nothing had come of it. The plant was in good order. He thought, if possible, the company sliould retain two acres of land with the oil bore thereon. The resolution was carried. GENERAL. It was decided, if funds were available, to pay the travelling expenses of Mr. Mansell, an outside director. Votes of thanks were accorded the chairman of directors and the Press, CHAIRMAN OF DIRECTORS. At a subsequent meeting of directors, Mr. G. W. Browne was appointed cliairman. . t ,