VOLUNTARY LIQUIDATION.

Taranaki Daily News, 24 February 1920, Page 4

VOLUNTARY LIQUIDATION.

TARANAKI (N.Z.) OIL WELLS, LTD QUESTION OF GOVERNMENT ASSISTANCE. "I cannot express any opinion about (ho matter," stated the Prime Minister, when a Wellington Times reporter brought to his attention the announce* ment that, for lack of further Govern* ment assistance, the meeting of tha shareholders in London of the TaranaM (N.Z.) Oil Wells, Ltd., had confirmed the resolutions that the company should go into voluntary liquidation. *■ The Government, added Mf. Massey, had been spending quite a lot of money on it, and could not see their way t<(\ do more. ' For many months past the Advisory Board of the Taranaki (N.Z.) Oil Wells, Ltd., has been endeavoring to persuade the Government to continue-its assistance in order to allow the company to continue its operations, recognising that unless financial help was forthcoming It was impossible to prevent the company from going into liquidation. The Goveminent at the present time hag a menv her of the Mines Department visiting America gathering information with the object, it is understood, of guiding the Government in formulating a poller'for dealing with the oil industry of the Dominion, and the Advisory Board felt that at any rate until this report km available the Government Bhpuld give assistance in' order thai the liquidation proceedings should be deferred for six months. Despite their urgent «pMnentations, however, the Governteent has not seen its wity clear to anlftt, and advice lias been received that the meeting of shareholders in London lifts confirmed the resolutions that the company go into voluntary liquidation, that Mr. Finchan, secretary of th* London Board, has been appointed liauidator, and that Messw. Qilmour end Clarke have been appointed his TepresentatifM in New Zealand,