THE PETROLEUM MINES.

Ashburton Guardian, Volume IV, Issue 958, 1 June 1883, Page 2

THE PETROLEUM MINES.

A large meeting of shareholders 'in the South Pacific Petroleum Company was held on Wednesday night in the Masonic Hotel, Gisborne, Mr Stubbs, Chairman of the local Board of Advice, presiding.' Mr Maude was elected a member, vice Mr Kentish, McLean;' designed. The Manager reported,that the bore was down 250 ft, but the work was at a standstill for the want of a more powerful engine, This want had been made known to the Board at Sydney a long time ago, but the Dfreclors ignored. the matter, but through pressure being brought to bear by cablegram, in consequence of the good prospects at present, the Directors' wired that were trying to get a new engine at Sydney. The following resolutions were carried unanimously ;-—l. “ That two members of the Board of Advice retire annually in rotation at the ral meeting of shareholders to be «he}d in Gisborne immediately after the receipt of yearly statement in October, at which meeting two shareholders will be elected in.place of those, the retiring members being eligible for re-election;” 2. “ We, shareholders of the South .Pacific Petroleum Company resident at Gisborne, view with extreme disapprobation the action of the Board of Directors in Sydney in refusing to forward a new engine at the earnest solicitation of the mine manager and the Local Board of Advice, and thereby entailing upon shareholders useless expenditure of money in wages, and a still more useless waste of precious time, and that the local manager be requested to convey this motion to the Directors at the earliest opportunity ”;, 3. “That a recommendation be made to the Directors that the Chairman of the Board of Advice be recouped all reasonable expenses incurred in the exercise of his duty; * also that Mr Stubbs be given the sum of L3O in recognition of his. past services as Chairman”; 4. “That the Directors be asked to advertise the list of forfeited shares for sale in Sydney in the Gisborne paper for the benefit of the New Zealand shareholders, in lime to enable the New Zealand shareholders to- buy at such sale.” The following recommendation was also made—- “ That the Directors send the Chairman of Directors to visit the works here; and report thereon, in order to give confidence to the body of shareholders outside New Zealand that operations are being vigorously carried on.” Mr Weaver, Works Manager, said the prospects at the new-, bote were!the best they have hitherto existed there abundantly, he had seen oil several times in the course of putting down the pipes. The <xnmtry was very workable, arid he was , frilly convinced they were in the right place now.