KOTUKU OILFIELD.
THE SYNDICATE'S PROGRESS. (Frok Our Owx Correspoxdext.) GR-EYMOUi'H, August 28. The_ first annual meeting of members of the Kotuku Oilfields Syndicate (Ltd.) was held at London on Tuesday, July 12. Mr George Arthur Jones, chairman of the syndicate, presided. In opening the proceedings, the chairman said the capital ol the syndicate is £40,000, shares to the number of 22.500 have been taken up by, and issued to, Ihe Consolidated Goldficids of New Zealand and others at par, on which 10s per share has been paid. The remaining 17,500 shares are held in reserve, and are under option to the Consolidated Goldfields of New Zealand and others at- par until the end of 1912, The syndicate has taken over at cost price (£1397 i3s lOd) from the Consolidated Goldfields of New Zealand and Mr David Ziman the options on two properties of about 4000 acres in all. From this you will see that there was no promotion or commission paid by the -syndicate, and every share subscribed is represented by 20s in cash. The sum of £5000 has been remitted to the Bank of New Zealand, Greymouth, for the purpose of working capital. The property is situated -on the West Coast of the South Island of New Zealand, about 22 miles from Greymouth (a seaport town), and about 50 miles from Reefton, -where the mines of the Consolidated Goldfields of New Zealand are situated. Whilst Mr Ziman was negotiating for the formation ol tho syndicate, he applied to the Government of New Zealand for prospecting rights over an additional area of about 25,500 acres in oil-bearin" country and adjoining the original concession, and this application is beimg transferred to this syndicate at actual cost (5863 3s 8d), Mr Zininn, the managing director, is leaving for Reefton, New Zealand shortly and will look after flic interests of this syndicate. Our thanks are due to the Royal Dutch Company, of The Hague, for the trouble it, has taken in assisting us to o'ota.in a most eminent geologist, who will leave early in Sept-ember to report on our properties and advise where to put down tlie wells, and also as to plant and I machinery,
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Bibliographic details
Otago Daily Times, Issue 14924, 29 August 1910, Page 6
Word Count
363KOTUKU OILFIELD. Otago Daily Times, Issue 14924, 29 August 1910, Page 6
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