INGLEWOOD OIL BORING AND PROSPECTING COMPANY.

Taranaki Herald, Volume LV, Issue 13992, 25 August 1909, Page 3

INGLEWOOD OIL BORING AND PROSPECTING COMPANY.

1 An extraordinary general meeting ot the lnglewood Oil Boring and Prospecting Company was held at the Town Hull New Plymouth, last night. Mr. T. Furlong, chairman of directors, presided. He stated that the object ol Humecting was to give effect to the proposals recommended by the directors at last week's meeting of the shareholders. He explained that two inquiries had been received regarding the purchasing of the company's plant, one trom Gisborne and the other from Dunedin. Prospects just now were -particularly gooa, however, and he was averse to disposing of the plant. As to the question of the company going into liquidation, such an idea should not be entertained.

It was resolved, on the motion of Messrs. Furlong and Ranison, that owing to the necessary capital not having been subscribed the Mokau scheme b« abandoned.

On the motion of the chairman, seconded by Mr. Ramson, it was also resolved that the company's plant 00 stored pending further developments. It was resolved that the secretary write to Mr. Stubbs, of Waitara, thanking him for his liberal offer re the Mokau soheme. Also that a letter of thanks be sent to Mr. W. T. Jennings, M.P., for his 'good offices in bringing before Parliament the question of subsidising the company for securing oil in that district, the result of which efforts had' resulted in a bonus of threepencepet gallon being offered by the Government to all companies prospecting for oil. A vote of thanks was also passed to Mr. Ogle for his offer of a reduction in freight in shipping the company's plant to Mokau. The customary vote to the chairman terminated the proceedings. No fuss is being made iv New Plymouth concerning the oil prospects, Imt tho future, of the oil industry never looked so bright as it does at the present moment. There hare been so many disappointments in the past that those who are interested in oil well* say nothing about tho matter as they know that any information they give would probably be received with hubpioion or incredulity. As a matter of fact, however, there is. a quiet confidence amongst shareholders that, judg-' in* from the oil one seeß at tho wells. is perfectly justifiable. The oil is extraordinarily rioh. and when it is exposed to the jkir in open tauks there quickly forms upon it a layer of pure paraffin.— Eltham Argus.