PETROLEUM.

Gisborne Times, Volume XXIV, Issue 1924, 6 November 1906, Page 4

PETROLEUM.

MEETING OL' TABANAKI

COMBAN £

The first (statutory mooting of tlio Taranaki I J otrolemu Company was held last Wednesday. Three hundred wore present. The report statdd that tho total numbor oi shares allotted is 85,890, of •SI each ; 29,390 were allotted subject to payment of tho full amount, as stated in tho prospectus ; 50,000 shares wore shotted in consideration of the transfer of tho whole business and assots of tho Moturoa Petroleum Company other than money. The cish received in respect of tho 29,..,00 shares was il7ooo, and this was tho only item of rovonuo. Tho expoudi-. turn included £lOBl 9s id for now plant, £OO-1 17s lid for salaries and wages at tho boro, £l-157 17s for brokerage, the total oxpouse boiug £-1530 10s Bd, and tho additional preliminary expenses aro ostimatod at less than £BS. Supplementing tho official report, Mr Borry stated that ho had always boon of tbo opinion that about 10 000 shares, onough, say, to put live boros down on oil, and for the purehaso and erection of a roliuery, wore enough to bo sold, and even now, with tho amount subscribod, economical management, and calling up about 12s 01 or 15s per share, this could be done. Mr Fair declared that .both No 3. 2 and 3 would bottom on oil bo fore Christmas. Mr Fair had been engaged on agreement at £720 a year until tho second and third boros were each yielding 23 barrels a day for 31 consecutive days when tho amount of his salaiy would be raised, to £IOOO per aunurn. Both tho chairman aud manager had written to America con* corning the refinery plant, and had received no reply. The matter had also boon mentioned by Mr Berry to his London agents, and somewhat unexpectedly a reply oame from a bcotch firm, who woro very largo makers of plant for all countries except America. The firm would not quote until they had a fa ; r quantity of oil from analysis, as on the quality depended the nature of tho plant. A plant to suit an inferior oil would not suit one so rich in lubricating oil aud wax as they had heard the Taranaki sample was. Tho directors sent a cask and particulars of tho analysis made. Another cask had beon sent to Mr Barry’s London agents, asuing them to ascertain whother, in view of more petroleum being produced than could be refined or marketed, a demand could be obtained in Great Britain or elsewhoro for crudo oil in quantities, and at what prico, Tne report was adopted. Tho meeting adjourned till November 14, when seven directors will bo elected. Tho adjournment was necessary, as seven days’ notice of resignation had not beon givon by three directors.