COMPANY TO BORE FOR OIL
METHOD OF RAISING FINANCE EXPLAINED (United Press Association) WELLINGTON, May 18. Mr Hugh Hamilton, chairman of directors of the Vacuum Oil Company Proprietary, Ltd., discussing the beginning of oil boring shortly, explained that the nature and division of shares in the New Zealand Petroleum Company were such that the effect was that the Taranaki company, outside the taking up of 200 A snares, was not called upon to provide any capital until there had been an expenditure of £250,000 represented by B shares. The purpose of the Vacuum Company and Californian Texas Investments, Ltd., in putting up £250,000 between them was to provide the capital necessary to test the position. Holders of B shares did not have the right to participate in the profits of the New Zealand Petroleum Company, Ltd., or to take part in any general meeting.
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https://paperspast.natlib.govt.nz/newspapers/ST19380519.2.26
Bibliographic details
Southland Times, Issue 23512, 19 May 1938, Page 4
Word Count
144COMPANY TO BORE FOR OIL Southland Times, Issue 23512, 19 May 1938, Page 4
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