GISBORNE OIL COMPANY.

Gisborne Times, Volume XXVI, Issue 2366, 5 December 1908, Page 6

GISBORNE OIL COMPANY.

ANNUAL MEETING. The '"annual - meeting of the Gisborne Oil Company, Ltd., was held (List night in the Farmers! Union Club rooms. Mr. AY. D. Lysnar occupied the chair, and amongst those present were: Messrs AAA Pettit;, It. M. liiiToiil, D. J. Barry, AY. F. J. Anderson, J. AVhinray, J. Jowers, TV. De.very, J. Broad, F. Harris, J. F: Je'une, A. Parnell, J. C. Nisbett, J. Brown, T. Corson, AY. AY ebb, A. Sawyer, H. Martin, T. Hackctt, J. Thomson, F. Hall, F. Parker, J. Sheridan, and T. Adair (secretary). The following report was read in addition to that published in yesterday morning's “Times”: —“The total number of shares allotted to date is 3246 preference shares, allotted to 235 sharelicl’-dcrs. No shares hive been ■allotted as fully or partly paid Up otherwise than in cash. The expenses of tho company for the year wore: License £lO, law costs £ls 15s, sundries £7 17s 4cl; total, £33 12s 4d. The sum of £IO3O 6s has been placed on fixed deposit at the Bank of New Zealand, Gisborne.”

The Chairman, in moving the adoption of the report .and balance-sheet, said that he thought the shareholders had every reason to be satisfied with the position of the company. Tho apparent inactivity of the directors would be excusable in the Higlit of the fact that they would be shortly in possession of valuable information from the geological survey of Dr. J. M. Bell, as mentioned in the report. The speaker went on to describe the situation of the bore, and referred to the reports on the site and tho possibilities of success of the operations in the region of AA T aitangi Hill, and further .up the Mangatu river. The information they had was very valuable and it was also valuable to have tho survey to define the anticlines. It would be necessary for the .incoming directors to proceed actively with boring operations in the locality. Practically half the shares available were taken up and anyone who wished to strengthen the finances of the company should come forward and take up "more shares. He thought they should pass a resolution, thanking the Government for • allowing the survey to proceed. Mr. AY. Pettie seconded the adoption of the report and balance-sheet. Although there had been delay he did .not think that the shareholders were dissatisfied with the action of the directors, who had kept the expenses down to the lowest limit, and had obtained an extremely valuable ■report. On the motion of Air. *A. Sawyer, seconded by Air. AA r . Pettie, tlie retiring directors, Alessrs F. Hall and G. B. Oman, were re-elected. Messrs H. M. Porter and T. A. Coleman were appointed auditors, and Mr. T- Adair was -unanimously re-elected secretary. The Chairman said that the survey was a most valuable work, and the information obtained was necessary to them. He thought that the thanks, not .alone of the district, but of tlie country were due to the Government for allowing the survey. Had they not been permitted to have Dr. Beil they would have been compelled to ■go to the expense of chaining an expert from Canada. He moved a resolution of thinks, remarking that it would be found that the Government and Geological Department had done a tremendous amount of good by allowing the survey. The resolution was seconded by Air. D. J. Barry, and carried. ■Some discussion took place on the advisability of the immediate commencement of operations; or whether the matter should be left in the hands of the directors. The chairman said he was in favor of getting, straight on to work, and if it was found necessary the bore-hole could be altered at any time.

Mr. W. Pettie-asked if any estimate had been obtained as to whether the money available would be sufficient to m ike a satisfactory start. The Chairman replied that from information to hand the available funds would be sufficient to .put down the bore and commence operations. Mr. Webb said that he thought before operations were commenced they ought to have at least £4OOO or £SOOO instead -of £I4OO. Mr. Sheridan .agreed with this view, but thought, they would have some trouble in raising the amount until it was known if it were possible to obtain payable oil in the Dominion. He thought the directors would be well advised to wait .and see the result of the operations in Taranaki. The Chairman said he had been in conversation with the vice-chairman of the Taranaki Petroleum Co., who had told him that the company were now getting £3 worth of payable oil per day. This was gratifying, and the prospects .locally were better thin they had been in Taranaki. He thought that if they got to work in the proper way and used the information they had, they would lead the Dominion on the cpiestion of getting oil, and ho had no hesitation in urging the shareholders to have the work commenced at once.

Mr. Sheridan again urged delay until the Taranaki experiments were completed. Sir James Hector, a most eminent geologist, had said that payable oil would never be found in the Dominion.

Mr. Pettie said he was'against anyone throwing cold water on the project. 'Their work was of a preliminary nature, and they should not be disheartened at any reports from Taranaki. He would like to see the company largely extended, and .additional shareholders obtained, and in the face of the report from Dr Bell they should not hesitate, but proceed at once with what really whs a test -work. _ Mr. Brown said that he had had personal observation of what had been done, and had no doubt that .payable oil was to be had. The only thing that had been .against them was the want of scientific knowledge .as to the method of working. With the report of the survey that they now had, he had no hesitation in 'advocating the immediate prosecution of the work.' Mr. Sheridan proposed, and Mr. T. Corson seconded, that the matter he left in. the hands of the directors to proceed or not, as they thought fit. A vote of thanks to the directors and the secretary, proposed hy Mr. R. M. Birrell, and seconded by-(Mr. F. Parker, was carried unanimously. The latter gentleman urged that it be .a recommendation from the meeting to the directors that they push

pin' with the work as speedily as possible. This was generally agreed to, ancl tho meeting adjourned.