GISBORNE OIL COMPANY.

Gisborne Times, Volume XXIII, Issue 1854, 7 September 1906, Page 2

GISBORNE OIL COMPANY.

ANNUAL MEETING

The statutory general meeting of the Gisborne Oil Company (Limited), was held at the Farmers’ Club room*, Masonio buildings, yeateiday afternoon. There was a large attendance, 1069 shares being represented. The Chairman of .Directors (Mr W. D. Lysnar) presided, and among those present were : Misses Eiskine and Gilding, Mesdames Cramp, Le Marquand and Hickson, Messrs T. Adair, W. Pettie F. Harris, A. Gray, J. Luca?, W. Webb, D. J. Barry, G. B. Oman, J. Clark, ,T. F, Pettie, A. Murray, T. Hackett, B. M. Birrell, V. Pyke, H. Maude, Ellerbeck, A. Ward, G. Evans, F. Parker, Corson, H. DaOosta, Oxcnham, E. Matthews, Hailey, Saunders, J, W. Bull, F. J. Lysnar, H. Hill, G. Maher, J, Nisbett, 0. Buscke, J. Steele, Partridge, Rodgers, Broad, Captains Tucker, Ferris, and Kennedy, and others. The Chairman explained that the meeting was more or less of a formal nature, oeing a statutory meeting as required by the Companies Act to place certain information before the sharch riders. The statement showed the amount of cash in hand, the number of shares held, and what had been paid on them. The directors appointed by the articles of association were the same excepting one, Mr Geoffrey Maolean, who bad resigned for the reason that bo thought it would be bettor for him to withdraw as they were negotiating with his principals regarding boring rights over their property. In his place the directors had. appointed Mr AndoreoD, local manager for Messrs Murray, Roberts and Co. It would be for tbe shareholders to confirm the appointments if they thought fit, “Now,” continued tbe Chairman, “you may bo anxious to know what is the position and what has been done by the Com pany up to this juneturo. Wo are not in a position to disclose all the things we would like to, it being in your interests that such information should not yet be made pub ! ic We have already arranged for substantial rights in different portions of this district. We have been met with very good epirit and good pronbses of rights throughout the district if wo choose to avail ourselves of them. Tbo aotive operations ot the Company have been do layed for the want of getting an expe;

here to direot us as to which portion of (be district or in which locality we should put

our boro down. We Btand in this posiiion today: We have tenders in from two eourees, one from within the colony and one from without, to oonsider. The com

panies who have given us prioes are pre

pared to put dawn two wells for a sei price, I may tell you that that price is such that

with a few further shares issued wo would

be warranted in making arrangements for

two wells being put down in this district, Oae of the contractors who made the offer to us have bad a representative in this

district, and are so satisfied with the

prospects that if their trnler is aoorpied they desire to take at least 250 shares. That offer is from outside the colony, from peoplo whoso experts have sufficient faith in the prospects. The price, the directors think, should not be made public at present, but vte are in the position to close at this moment with one or other of ttere people to bore within 35 miles of the town. We have made representations to the Government to let the Government Geologist, Mr Bell, oome hero and give us directions as to the best pact of the district

in which to start and pat our . UO (Hoar, hear.) Ws bad hoped l “. hero before this, but through P re work and engagements in other pa the colony—there baa been a regard to oil—his time has been ta up. Before wo epproachrd the UC vernment on the question we no an intimation from Mr uarrou that ho would lot ub know definitely when

bo would bo here. You must reoogniae , that it would bo folly for us to make ft selection oureelvco. That must be lei* to oxports, and wo will be entirely guided by them. The mind of tbo directors is that an effort should be made to put down two bores, one somewhere near the sea und one iciland ; but wo will leave it entirely to experts to say where the bore ebould go. The Chairman then referred to bis visit to New Plymouth, where he bad kiadly been givon every facility, aod also obtained much va'uable iuformation for the guidance of the company. Anyone who was sceptical would have their doubts removed on seeing the s'rong flow of oil. Ho gave bd analysis showing the different coubtiiuents of tho crude oil, and giving the experts' opinions that the quality oblaiasble in this distr’ot was even better than that obtained at Taraneki. If they were successful they would be able to extend into a large: oempany, in which the original scrip rights should be worth a great deal. He moved tbs adoption of the report. The report showed : Tho total number of shares allotted to date is 3239 preference shares, allotted to 231 shareholders. _Applications for 32 shares have been received from five persons Bince the last allotment was made. No shares have been allotted as fully or partly paid up otherwise than in cash, The total amount of cash re* oeived by tbo company in respect of such Bharea is £1379, made up as follows : 10 shares fully paid up £lO, 2425 ehares on which 10s bas been paid up £1212 10s, 534 shares on which 5s has been paid up £133 10s, 40 shares on which 7s 63 hBS bean paid up £ls, 230 ehares on which nothing has been paid, feeß on application received in respect of 32 unallotted shares £6; total, £1379. The total amount of cash received by the company to date is in respect of ehares (as shown above) £1379. The total expenses of the oompany to date are: Registration fees £l9 12s 6d, fee on certificate of incorporation £6 11s, cables and cheque book £l2 10s ; total, £3B 13s 63 The sum of £IOOO has been placed on fixed depoeit at the Bank of New Zealand, Gisborne. The motion was seocnled by Mr J. Clark, and carried unanimously. Mr Pettie moved that the provisional directors, with Mr Anderson, be re-elected 1 . The name of tho latter gentleman, be thought, should have been circulated in the report, bo that shareholders could have known who it was proposed to elect to the vaoancy. The shareholders must all feel grateful to the directors for the great pains they bad taken to obtain information, and he did not think that any others would do as well as those gentlemen. He had no doubt that when they met sgain the directors would be able to show them that something had been done, and that the oompany had been a great sneoess, and was going to be of great benefit to the country in general. (Applause.) Captain Ferris seconded the motion. In regard to the name of the new director, the chairman explained that when the report was printed they were enable to give the information, 88 theyhad not at that time the gentleman's accept' anoe of the position. In regard lo the boring contracts, in each one provision was made for night shifts, eo as to push work on as expeditiously as possible. It might be necessary to get the eßtimatee modified. One was a little over'the Taranaki quotation given to guide them. There they had not let a contract, ball there were so many breakdowns and delays that it was thought better to have a straight ont contract It was thought that it could not be arranged, but they had the offers in band. Mr Webb asked would it not be better to advertise for a man in the oilfields of America. The Chairman said that would be for the directors to decide. If they could let a contract within a few shillings of what ill cost Taranaki they must admit that would be sound business. They would have to provide for a depth of about 2500 feetj with a bonus if oil were struck before that. Unless there was a large difference between the prices lie saw no necessity to go to America, but any recommendations from shareholders would have care-, ful consideration. In reply to Mr Pettie,. the Chfirman said that if required more shares could be issued without going back to the shareholders for authority'. There were 7500' shares of which they' had only allotted 3239. To go on with the two bores simni' taneously they' would want to issue from 1000 to 2000. He thought they' would do that with their own strength in the district, and that directly they' got Mr Bell here they 7 would commence operations. There!. had been no canvassing for shares; they had thought it better to let things ga along quietly until they were ready for active operations. We had better indicaf tions here than they had in Taranaki; irj fact one of these experts who had takeiy the opportunity' of examining the district said he had found as good indications here, as he had seen in America. Captain Kennedy' asked whether, when the sites were allocated, the ground would--be taken on lease or purchased. The Chairman said that a lease of 42 years had been and was being arranged. ; Captain Kennedy; Carrying a percentage of the oil ? The Chairman : Yes, on the oil at the well, mouth per gallon, ' In reply 7 to Mr Hill the Chairman saicl they were ready to proceed directly they got the directions of the geologist; aftec that some little time would be required to get the machinery on the ground. On the motion of Mr W. Pettie a vote ofthanks was accorded to the directors, especially’ to the Chairman and Secretary, on whose shoulders a great deal of the work had fallen.