POSITION AND PROSPECTS.

Wairarapa Daily Times, Volume LXVI, Issue 11936, 25 March 1914, Page 5

POSITION AND PROSPECTS.

MOKK CAPITAL WANTKD

[By Telegraph —Press Association.]

AUCKLAN D, Tuesday

A meeting of the shareholders in the Ta.rana.ki Oil Wells, Ltd., was held this afternoon for the purpose of receiving the independent report of two Auckland shareholders, who were appointed to go to New Plymouth and make an investigation as to the position and the prospects of the Concern. The delegates were Messrs Mack low and College, and they made an exhaustive report which tmphasises the fact that unless the shareholders provide more capital promptly, the works must flose down and the company will have to reconstruct. The sum of £10.000 was required at once. After carefully considering the position, and the future prospects of the company, the delegates felt justified in strongly recommending all shareholders to provide money as it would be a great pity to let the cqnipany fail for lack of financial' assistance, when success is so nearly assured. The report states that it is absolutely necessary that the head office and the board of management, should be transferred to New Zealand, as only 10,000 shares wi!l be taken up in London, which, with 25,000 promoters , shares, make a total of 3.1,000 shares held in Kngland, 'is against. -'A' 2 ,000 held in New Zealand. The.delegates found the works almost at a standstill for want of funds to pay the men.

Mr .). Yeale 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 undertaking, their object Vicing to secure the property at :i nominal price. .If the shareholders would see the venture through he was sure they would reap -i very great reward. After discussion it was decided that. eac-.li of the local shareholders with -0 or more shares should advance to the company by way of a loan a sum of not less than 10 per cent on the nominal value of their shares, the amount advanced to be repayable on or before. December .'list, u>l4, and to bear interest at the rate of .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.