EXCHANGE SENSATION

Taranaki Daily News, 18 November 1926, Page 11

EXCHANGE SENSATION

OIL SHARES SUSPENDED AGREEMENT LATER REACHED. ANALYSIS REPORT WITHHELD. By Telegraph—Press Assn. —Copyright. Melbourne, Nov. 17. A sensation has been caused in mining circles over the suspension of shares in the South Australian Oil Wells Company from the official list of quotations on the Melbourne Stock Exchange, as the result of two reports on the company’s land at Caroline, South Australia, not bring sent to the exchange. According to a statement made by the Director of the Geological Survey, excerpts from the reports were posted: regarding the department’s analysis, which he declared was not fair. Ho added that no oil had yet been discovered by the South Australian Oil Wells Company in the Glenelg River district. Samples sent to the department show that no natural oil has occurred. A later message states that following a conference between the committee of the Stock Exchange and representatives of the directors of the South Australian Oil Wells Company it is officially announced that it has been decided to reinstate the shares of the company on the official list of exchange quotations. The chairman of the Exchange made a statement that, after hearing an explanation by one of the company’s directors, the committee of the Exchange considered the directors made a serious, but honest, error of judgment in not disclosing for the information of shareholders the result of analysis immediately or: receipt thereof. In view of the circumstances and the assurance that in future any information of any nature will be immediately made public, the committee decided to reinstate the shares on the official list.