TARANAKI OIL WELLS.

Lyttelton Times, Volume CXV, Issue 16508, 25 March 1914, Page 10

TARANAKI OIL WELLS.

[Per Press Association.! AUCKLAND, March 24. A meeting of shareholders in the Taranaki Oil Wells, Ltd., was held this afternoon for the purpose of receiving an independent report from two Auckland shareholders who were appointed to go to Now Plymouth .and make investigation as to tho position and prospects of the concern. The delegates were Mr Macklow and Mr College. Their report emphasised the fact that unless the shareholders provided more capital promptly the works must close down and the company reconstruct. The sum of £IO,OOO was required at once. After carefully considering the position and future prospects of tho company the delegates felt justified in strongly recommending all the shareholders to provide the money, as it would be a groat pity to let the company fail for lack of financial assistance when success was so. nearly assured. The report stated that it was absolutely necessary that tho head office and 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 held in New Zealand. The delegates found the works almost at a standstill owing to want of funds to pay labour. Mr L. Veale said he was convinced from his experience in New Plymouth that there were a certain number of people who were trying to depreciate the value of the company's undertaking, their object being to secure property at the nominal price. If the shareholders would soe the venture through he was sure they would reap a very great reward. After discussion it was decided that each of the local shareholders with twenty or more shares should advance to tho company, by way of loan, a sum of not less than ten per cent on the nominal value of their shares, the amount advanced to be repayable on or before December 31, 1914, and to bear interest at ten per cent. It was also resolved to request the advisory board to take any necessary steps to have tho Board of Management transferred from London to New Zealand.