INGLEWOOD OIL WELLS

Taranaki Daily News, 23 January 1917, Page 3

INGLEWOOD OIL WELLS

MEETING OF DIRECTORS. A meeting of dircton f tlie Ingla-v.-ood Oil Boring and Prospoetlng' Company was held in < '■!<■ office of the secretary, Mr. C. F. Foote, New Plymouth, yesterday afternoon. The Chain ~u (Mr. T. Furlong I =ni>l he had e-alled the directors togethci for tilt purpose of discussinc: what course they should recommend the shareholders to pursue at a, genera! meeting which he proposed should be called at an early date. Ho had given the question of voluntarily winding up the company some attention, and had come to the conclusion 1 li.it the best- course to adopt would bo to lay the matter, vit.li its issues, fairly and squarely before IHg shareholders, and let them make a final decision. The company, he said, hud been in existence for some years, and their options had been brought prominently before oil men in the Him-nion and the Old Country, Due ,< .'ar iheir efforte had failed through -irtunis!a!ice.s not under the control of the directors. Before the war broke out- a syndicate was formed to take over the company's properties and test iheir vilue. The financial stringency, liowevo:, had brought their efforts to a dose. ' 'he company went into liquidation .... (.lie present time, it would probably ?!1 ;i----plant, which had heon carefully preserved. Mr. Furlong jaid be did not know •whether anything could K: cV tained for t-lio company's leases, '»it something might be done in tills ( |..\ tion. Ho had 110 doubt tli.U !,;;»; of the shareholders would - r that the present ' osp.-ct -, a —; ' - ; iii« obtained i 1 ! bore now bciii, 11:: i. down "t llu'-roa, in |ir«|i.-rly adjacent to o.:e the options hold the cr.mpar.y, would '■>" sul'ii.'ieiit vcr-in defer liquidaiion until 4it-' result./Otainablc at this bore were known. Thero was no doubt in hi"; mind that if athe operations in this locality ■were successful, the necessary capital could b-: obtained for further exploiting the area. The shareho der? fthould, therefore, in his opinion, decide as to whether the company should go into li'ii.iidation, or whether tnfi directors should continue their efforts to obtain successful results for the coiivany. The directors, after discussion, decided to defer any meeting for a few weeks in order to see what success «.t----tended the local and Huiroa opera•tion.s.