TARANAKI OIL WELLS.

Dominion, Volume 7, Issue 2016, 25 March 1914, Page 10

TARANAKI OIL WELLS.

POSITION"' AND WiOSPECTS. ' (By Telegraph.— Pfess AssoulattanJ AuchtsftH, March 24. A flioctini? of, sharoiwliiers in Mm Taraiiaki Oil 7»'clls, .Ltd., wn s htlii tltie afternoon.to* Mib purpose pi■ receiving an ii> ctependont ■ report by two .Axieklawd- febsfeholctors, who. were apiioinCeT! to go to New Wyiftotilh ijttd Wttkc iiivcstigatipn iiG to tjio ■positioTs aiHJ iwosjKc.ts o{ tins cotit'tfn. I'lip doJCB»t«R woro Messrs,- JJVielilow and ■ Cα!kgc, and they raado an exlmusiivt- vcport ■j'lie report, emphasises the. fact Mi,it rjiitreliolSfcfe iniiffl pfevi(3e mofe cajiilaj , promptly. .Tlio sum of £10,000 was' required ■ at once. Aftct , carefully caßsiderinß tlio ndsil?ftn aad tfto fHtitre pfesiicrts of tlio com* juiliy. ibo ctclfrgatos felt 'justified in e'tr-oiifriy , ' rocrartine-nainp; all ijliarohalMers provide t*e msii-ey renuired, as it would be a EM-.at pity to let t-lm nonipanv Mil foi- lach o.f flnaiu'Sal iusistanco wiicit r'ticcrjss was so li-CvTrly fl.Bsiu'ral. The f-MiWi also Ptatcn thai, it fe iibotubcjy iiccoi'sirv ' that ttio licitft pffleo ami the fooisr-i! i>f ninnshould , bo tranfifcrff.c] I<| Sc«- '/,<,„. I jau-tl, as orelx 10,000 sUafjs wi}-i u 0 fiiic-n'iiir m liODclo-n, wliirti, witli Sq.Cffj promoters' eho-ros, nuida a fotol of 3S,!3te Tn fiii'l'Mi'ii na iigaiTKt 23J.0C0 s^roe h«W in Kc\V KinIriicJ. ' The riek'gi-t-p,: (mind tJm work-' •;!• Sfer ."it- a BtandfUll ewiap u> \ia.irt of Mi , , .r. Tesiu said he was coavlßctil tram I

his ctperience in New Plymouth Shftt flsefo wag a certain siumber ef peopio who were Uyisgr 'U> depreciate tho • valito «ft.ho cosnJiiiny's Mttderlairine, tTieir 6'ajeftt bcirit; to hecure'.tUo property At a nominal prifti. a tire shiireholdqra wwlfl see tho renwro through ho was-sure , they w6ujd reap ii very great reward. ' • After disniselon., it was dfictddd that-oaejl of tlifl :legal shareholedi's with-20 of nioro shares-should , ■adtafleo to the tfl.mp.any b.y way-of iaaii tlra mm of Sot less than tcii fior ceEt. 'on the Eoniiiial vaiiie of theif silarcii, the-ampwit ad-vancad to'ljo repayable on. &r before December 31, 1914, and peai; ixiJEicst at ten per cent. It was also J'esdlved to reeueet the advtßory board to tatoo any n«ccseary s»raiT*o iia.vs tie board of tmnsferred ifom" fendoii to M)K Zcalaflu. BhrlstcliMCcli, March 2-i. Aboijt-209 shareUoMers in the T-aranaki Oil VftMs, 1M; met t-Ms tvisttific, Sir Geo. Clifford ill tfto. Bftalr:Mr.., Carter, chasi-ihan of , tho advisory troa-rd in faranaki, stated clearly thfe fifeaftcjal position of the company, and snowed tlliij ft woe necd-ssary ■to provide a sani of £10,OeO to ceable opetetiaee to , bp carried .to. ... THo' aneetjng unanimously resolved to sutsn'ort t.fte appeal; It was firrtlier' stated thai, provided the pteaent. dimeultics Were overcame, tie prospects' of the company ware -cxceltent. . . ■