THE TARANAKI OIL AND FREEHOLD COMPANY.

Taranaki Daily News, Volume XLVII, Issue 81878, 31 October 1906, Page 3

THE TARANAKI OIL AND FREEHOLD COMPANY.

The follow.ug is the chainaau's repoii of the Tuianaki Un auil i-jec-nold Lompanj', to be picaented to uie annual meeting un the utli iNovcui bt'r. In meeting ymi fur the first lime 1 havii to congiatulale you upon tlie successful tiuiaiion ul our company, nouvUUitand.ng a Ueiermiticd and unscrupuluus auempi wiiicn was made at the ouis<t to ui-cicdii the enter" putc and its prouniieiii. The only I eiicei 01 tUU has been iu put mc Lom | pany 10 a iiulc moic uouble and ex!pui>e. I Wc ntiw find oui&eivca in a pusi tiun Iu coiiini' lice ijomig at an -ally daie, and negotiaiiuiib iiavc be n initialed which will enable the mcom ing Uoard to stall woik With the lca-l po,Mble delay. The policy of Uie pieicni duectoiatc :s to the boring by euiuract instead ol embaikmg 111 tnc ui plant, employment ol dniiuib and oilier hancUj aiui all the anxiety incidental to such operaiiuns. With this in view \\c have b'en in conununicatJoji With reliable 1 givat experience in both America and Aubtialia, who are piepared to undertake the putting du»ui and compjetiun uf ea-.'d on reasonable tcims. Ii is proposed to put down a b"ie on the Carrington R"ad [\u ycl'oun) piopi*rty, and another probably within tne Boiough of I\ew I'iymouth.

in addition tu the 10 acres acquired from Messrs. Henderson and Low, and upon which excellent indications exist, die Dip-iter- haV' 1 secnied lrom tlie lizard ot S'-hool Com:m--ioii;is the perpnuaJ i< a-e ul a block ot 5 scctii-ii- on tii*' bank- 01 tiie i\langoUiku stream. 111 close pioxiiiiity to the properly known as ■'ljonitoon, which lian recently bun purchased by a Wanganui syndicate 1" •' very high price and which is most favourably reported upon l>v American expert who have inspected it. The Com m : .s-; oneis have granted boring rights t> the Company on liberal condition-, and it i- hop-d that this asset may piove exceedingly valuable. In addition to the-e WI have oplions oyer a number ot ho'd'tvis in various parts of Taranaki which have been obtained at trilling co-t. Suiiic ent capital, having been subset ibed to ensuie satisfactory exploit' aiion of the land- to which we now have title, the Direetois recommend the withholding of the last i-o-n -hare- with a v>w to their being pi a' ed or. tie- market at a premium, if. and when, the Company's operation- app'iir to wariiiin such an is sue. W'e. however, ))it'lid (jf 10.■!e ( i.d a- liuei t'o -} i" di-< otn age an\ ■ -poculat (Hi 11 shares'which eaunoi b'-

I U'd liv bmia-tidi' pro-perts. Out pr'' M nl aim is to liu>baiul 0111 I tsnun i'i .iiul jyt a- much pr.M lira work d'Hi' for iln' minify at our di* j) s.il a s i- pofsibV. ami v..' li"iu' t ii.it by Ilii- time next year \vt- may bi ;ib];> to pi lint in ini ni'iuly sat'ufac tory u'-ult^. In tin 1 IV.rrcmr-' p-pnil it i- •.'.iK'i 1 (li.it tin' final numb'-: "f bliap-; al!• >t lul bv tin' Company up I" llir ifitli (!,iv iif October. mii'i- is 11.71.S of cai li. Of thrtv fliarr- 275 hnv l><yr iilli»tt!'cl a« fully paid-up otherwise tl.an ill ca*ii. a,id 11.44;! Imvr linn allotted subject tn tin' Ijaymi'nt nf tin full nominal Jiimunl in cash a.-> an< when called up. The total amount of cash leeeivei' bv the Company to tho 22nd day <il October. kjo6, in respect of the ir.44-, ordinary or contributing shares >'s A s -7 7/W and the Company has sol

received any casli upon the shares alloiU'il as fully paid-up. 1 lit", following is ,ni abstract of the receipts and pa\merits of the Co pally un cap tal account to the 22nd day of Octoljci, uy./i, and it is estimated I hat the piciimiiiary expenses still outstanding "'ill amount to loss than £IOO. Receipts 011 capital account. —To

received on 11,443 shares allotted to i6th Oeiobev (application moneys), 1 4 |J -1 2 <j; cash received on 11,443 shares on allotment, £13(13 5/; total Expenditure on eap tal account.— liy amount paid llendeison and Low 011 account of purchase of 10 acres freehold for .£4OOO (first instalment).. Boaid of School C» mmissioners deposit on h a>e of 5 town sections in New Plymouth, £iy 10/; total, £lOl7 jo/.

l'/climinary expenses.—To genera' prel"miliary expenses and advertising. h'ss voluntary contribution bv Messrs Henderson and Low, /it go : biokcrage, £583 0/0; total, £968 16/0