TARANAKI OIL WELLS

Marlborough Express, Volume XLVIII, Issue 72, 26 March 1914, Page 2

TARANAKI OIL WELLS

5 MORE CAPITAL WANTED AT

ONCE

AUCKLAND, March 24: A meeting of the sHareholders in Taranaki Oil Wells, Ltd., was jheld , this afternoon for. the purpose of receiving the independent report «rf two Auckland shareholders, who were appointed to go to New Plymouth a,nd make investigation as to iihe x>osition and prospects of the concern. The delegates were Messrs Macklow; and College, and they made an exhaustive report \ which^ emphasises the fact that unless* the sshia2re.holders provide more capital promptly, the works 'must close: down; and tlie company will have to, reconstruct. The sum of £10,000; was i .required at once. After carefully, considering the position,, and :^ the' future prospects of the company, th@| delegates felt "justified ;in strongty; recommendiiag all shareholders -to: provide money, as it would be a great pity to let the company fail- for/Jack of financial assistance, when success -is so nearly assured. The report states that it is: absolutely necessary that the head office and the- board>of inaanagenient should be transferred toNew Zealand, as only 10,000 share^ I will be taken up in London,.'.which', With 25,0p0 promoters' shares, make a total of 35,000 shares, held; m England, as against 232,000 held in New Zealand.. The delegates found the" works almost at a standstill jowihg. to want of funds to pay the men.: .-.•". . ..,.- .■ ;:'■"■■■■■... : ■; .. ■-.'.■■ ".■'■-■■:■.

Mr 5. Veale said he Avap convinced j from his expea-ience in New Plymouth that; there were a certain number of people who were trying: to; depreciate the value of: the company's, under--their iobject being to .secure iihevprolp^rty at-'a■-; 'tibminar-'piice.;'.-'"-If •'■tiie'-- : shareholders would:-, ,see the venture thYougJi' he '/was; sure they would •-.reap', a very great re#ard. J Aiter discussion it was> decidfed that «aoh of the :^ar*ehx4diersr with' or; more sharesl should'advance to ihe company by way of loan a, sum /<£■ not less thaii 10 per cent. On the nominal value of their- shares, the Amount advanced to bo, repayable on or before December 31st, 1914, and Hbo bear interest at the rate of 10 per cent. ;- 1 It was, also resolved to request the jadvisory board to take' any necessary steps to have the bokrd of managetnent transferred from London to New Zealand. GHRISTCHURCH, March 24. About: 200 shareholders m the •Taranaki Oil Wells, Ltd., met this evening:, Sir: George Clifford in the . : •..'•."-'..' ... '.- •■;-; ■ ■ : >-Z Mr■ Carter, cnaiiinain of -the advisory board in Taranaki, stated^ •eleafly the financial position of the company, and showed that if was necessary to provide .the- sum of: £10,000 to enable operations to be caiTied on. ■ _ : The meeting unanimously resolved to support -the appeal. ,'v It was further stated that, provided the present diiticulties. were, overcome, the prospects of the company were excellent.