PETROL EXPERIMENTS

Taranaki Daily News, 14 October 1930, Page 9

PETROL EXPERIMENTS

UNCONVINCING RESULTS. STATEMENT BY DIRECTORS. The high hopes held by a number of local enthusiasts for the success of a new invention for the production of petrol have not materialised, states the New Zealand Herald. Dui-ing August the directors of the New Zealand Petrol Company, Ltd., issued a warning against trafficking in the company’s shares at inflated Values. The company which was formed in Auckland to experiment with the manufacture of petrol from the formula of ari Auckland chemist, Was registered at the beginning of August with a capital of £3OOO iu £1 shares. A leading broket stated that just before the watning issued by the directors, sever parcels of abates changed hands at £l5. It was rumoured that as much as £25 had been paid for one share at that time. ’ The latest development is that the secretary of the company has ■ written to the secretary of the Auckland Stock Exchange stating that the vendors have not succeeded in satisfying the directors that their claims are practicable. The letter is ris follows: —“I am instructed to inform you that the time limited by the company’s agreement with the vendors within which the vendors were "required to prove their claim, has now elapsed. Since ray previous communication the vendors have carried out a series of experiments, but havri not succeeded in satisfying my dirctors that theif claims arc practicable. The directors) therefore, repeat their former warning against any dealings in the company’s shares.”

The subscription list accompanying the company’s application for registration showed that the Whole of its'capital had been allotted as follows:—D. R. Garrard 1796 shares; H. A. Steadman, 350 shares; A. K. Voyca, 200 shares; A. Milliken, 150 shares; A. J. Stratford, 149 shares; D. MacCormick, H. N. Ililliftril) H. A. Dargaville, 100 shilVes each; jT. Tidswbll, 50 shares, .