TARANAKI OIL.

Oamaru Mail, Volume XXXVIII, Issue 10528, 9 August 1910, Page 1

TARANAKI OIL.

(Pint Pkess Association.') Ifew Plymouth, August 8. The Tarauaki Petroleum Company's special general meeting 'of shareholders to-day passed a resolution .submitted by the directors for an increase of the capital from -£120,000 to £150,000 by" the issue of 30,000 perferentie.l shares of £1 each. The resolution was carried by 1.02 votes to one, the- only dissentient being the representative of some Wellington shareholders. It was pointed out thai tiie present capital was only .sufficient to carry on until the- end of the year, and that then, the directors would be forced to. accept almost any terms offered by outside capital for the. purchase of tile, company's interests, whereas by carrying the resolution they could continue two or three years, 'prospect further properties, and greatly strengthen the hands of the., directors I'll negotiating with prospective buyers. The manager reported that the. oil sold, mostly from No? 2 bore, was 14,750 gallons, whilst he had in 5t0ck.76,000 gallons. A statement was made by Mr 'Carter, chairman of directors, that he had secured an extension of two years in which to commence boring on some valuable options whose original term would have expired in October next.