PETROLEUM.

Taranaki Herald, Volume LXII, Issue 144359, 25 March 1914, Page 3

PETROLEUM.

TARANAKI (N.Z.) OIL WELLS, LTD. MEETINGS OF SHAREHOLDERS. £BR PRESS ASSOCIATION. AUCKLAND, March 24. A meeting of tho .shareholders in the Taranaki Oil Wells, Ltd., was held this afternoon for the purpose of receiving tho independent report of two Auckland shareholders who were appointed bo go to New Plymouth -and make investigations as to the position and prospects of the concern. Tho delegates wore Messrs. Macklow and Oaliedge, and their report emphasises the fact that uni-ess tnc shareholders provide more capital promptly the works must close clown, and tho company be reconstructed. Tho sum of £IO,OOO Wits required at once. After carefully considering the position and tho future prospects of the company, tho delegates felt justified in strongly recommending ail shareholders to provide the money, as it would b© a great pity to Jet the company tail for lack of financial assistance when success was so nearly assured. Tho report also stated that, it is absolutely necessary thar tn« Road office and board of management should be transferred to New Zealand, as only 10,000. shares wore taken up in London, which, with IM,OOO promoters* shares, gave a total of 30,000 in England, as against 232,C0t) hdkl in Now Zealand. Tho delegates 'found tho works almost at a standstill, owing to want, of funds to pay- the men. Mr. J, Veal© said he was convinced, from his experience in New Plymouth, that there were a certain number of people who were trying to depreciate the value of the company’s undertak- ’ ing, their object being to secure the property at a nominal price. If the shareholders would see tho venture through, ho was sure they would reap a very great reward. After discussion, it was decided that each of the loyal shareholders with 20 or more shares should advance to the company by way of loan a sum of not Jess than 10' per cent, on the nominal value of their shares, the amount advanced to be repayable on or before December 1, 1914, and bear interest at 10 per cent. It was also resolved to request the Advisory Board to take any necessary steps to have the board of management transferred from London to New Zealand. CHRISTCHURCH, March 24. About 200 shareholders in the Taranaki (N.Z.) Oil Weils, Ltd., met this evening, Sir George Clifford being m the chair. Air. Carter, chairman of the Advisory Board in Taranaki, stated clearly the financial position of the company, and showed that it was necessary to provide a sum of £IO,OOO to enable operations to be carried on. The meeting unanimously resolved to support the appeal. It was further stated that, provided ■ the present difficulties were overcome, the prospects of the company were exooffont.