POVERTY BAY PETROLEUM COMPANY.

Hawke's Bay Times, Issue 1523, 7 November 1873, Page 6

POVERTY BAY PETROLEUM COMPANY.

The Poverty Bay Standard of the 25th October, writes :

Having been favored with a perusal of the correspondence relative to the importation of machinery for the proper and effective working of the oil springs in this district, it affords us much pleasure to find that neither the directors, nor the American agents for oarry\Vi>g out lUolv oido.o, hcv-vo, in any way, shown dilatoriness in placing such gear at the command of the Company as will no doubt soon prove the value of at least a portion of the buried wealth of our rising district, and, in the event of our expectations—grounded as they are on reliable data, —being realized, bring about a rapid influx of population, as well as confirm the most sanguine hopes of the shareholders. On the 17th July last Messrs. Cameron & Co., of New York received a cablegram to' ship per first vessel leaving for New Zealand, a complete set of oilboring tools, with latest improvements, together with 700 feet each of pipe, and rope, with spear-rods, oil-pump, and other gear. Messrs. Cameron &Co , telegraphed same clay to Messrs. Sterritt & Co., the manufacturers, of Titusville, in the neighborhood of the oil regions, about 550 miles from New York, giving full instructions re requirements. Between the 17th and 25th July the order was completed, and with the exception of the derrick and rope (both of which are easily obtainable in New Zealand) the plant for the Poverty Bay Petroleum Company was boxed up for transportation from New York to Dunedin per barque Lady Agnes on the 30th July, on which day the vessel was expected to proceed on her voyage. By last advices (July 25th) the instructions of the directors re engagement ofjapractical manager for the works had not been received in New York; nevertheless the firm of Messrs. Cameron & Co., on the suggestion of the manufacturers knowing that an experienced driller was obtainable, offered to defray the expense of his pas sage, believing that his services would prove acceptable to the Company. It is therefore highly probable that such a man will on the speculation of finding employment, be a passenger per Lady Agnes. It is certain however, that following the instructions of the Directors, Messrs. Cameron & Co., will exercise their judgment in the best interests of the Company.