TARANAKI OIL WELLS MEETING OF AUCKLAND SHAREHOLDERS.

Evening Post, Volume LXXXVII, Issue 71, 25 March 1914, Page 10

TARANAKI OIL WELLS MEETING OF AUCKLAND SHAREHOLDERS.

MORE CAPITAL. (BI TEIiEGRtPH.-^ PRESS ASSOCIATION ) AUCKLAND, 24th March. A meeting of shareholders in the Taranaki Oil Wells, Ltd., wa-s held this afternoon for the purpose of receiving an independent report by two Auckland shareholders, who were appointed to go 1 to New Plymouth and make investigation as to the position and prospects of the concern. The delegates were Messrs. Macklow and College, and they made an exhaustive report. The report emphasises the fact that shareholders must provide more capital promptly. The sum of £10.000 was required at once. After carefully considering the position and the future prospects of the company, the delegates felt justified in strongly recommending all shareholders to provide the money required, as it would be a great pity to let the company fail for lack'of financial assistance when success was so nearly assured. The report also states that it is absolutely necessary that the head office and the board of management should be transferred to New Zealand, as only 10,000 shares were taken up in London, which, with 25.000 promoters' shares, made a total of 35,000 in England, as against 232,000 shares held in New Zealand. The delegates found the works almost at a standstill owing to want of funds. Mr. J. Veale said he wag convinced from his experience in New Plymouth that there was a certain number of people who were trying to depreciate the value of the company's undertaking, their object being to secure the property at a nominal price. If the shareholders would see the venture through he was sure they wo.uld reap a very great reward. After discussion, it was decided that each of the local shareholders with twenty or more shares should advance to the company' by way of loan the sum of not less than 10 per cent, on the nominal value of. their shares, the amount advanced to be repayable on or before 31st December, 1914, and bear interest at 10 per cent. It was ilso resolved to request the advisory board to take any necessary steps to have the board of management transferred from London to New Zealand. CHRISTCHURCH SHAREHOLDERS' DECISION. CHRISTCHURCH, 24th March. About 200 shareholders in the Taranaki Oil Wells. Ltd., met v this evening, Sir George Clifford in the chair. Mr. Carter, chairman of the advisory board # in Taranaki. stated clearly' the financial position of the comjjany. and showed that it was necessary to provide a sum of £10.000 to enable operations to be carried on. The meeting unanimously resolved to support the appeal. It was 'further stated that, provided the present difficulties were overcome, the piospects of the company were excellent.