PUBLIC MEETING.

Poverty Bay Standard, Volume I, Issue 55, 24 May 1873, Page 2

PUBLIC MEETING.

A meeting of the settlers, pursuant to announcement to that effect, was held in Gisborne on Tuesday evening last, for tjie purpose of discussing the question of ways and means, and the desirability of forming a Petroleum and Kerosine Company to test the capabilities of the ground, where indications exist as to the presence of oil springs in the district. The attendance was found to be so great, as to necessitate a removal from the Albion Hotel to the Courthouse, which Dr. Nesbitt considerately placed at the disposal of the promoters. Dr. Nesbitt was unanimously voted to the chair, and after introducing the subject for which the meeting had been convened, called on Mr. Cuff to explain the views of the promoters and the general conditions on which they proposed to form the company. Mr. Cuff then proceeded to give an outline of what, according to his idea, should be done in organizing a company, and asked that a patient hearing should be given to Messrs. Cooper and Ross who were the prime movers in the matter. Mr. Cuff also read the Articles of Association. , The Chairman then called on Mr. Ross.

That gentleman said that he had visited the springs in the Mangatu District, some 30 miles from Gisborne, and he looked upon them as likely to pay as any he had ever seen. He had beem connected with oil springs in America; and was practically acquainted with the work. In many cases he had known, oil had been 'obtained where no Binface indications existed as to its presence. It was not often that running springs were found ; but the general appearance of those in the block proposed to be worked, gave him so much confidence, in the ultimate success.of the company that he could not but look upon, it as a movement in the right direction. Of course he could not undertake to say what the flow' would be if oil were struck ; he hud known of instances where from 2,000 to 5,000 barrels a day had been obtained. He thought it would take about six weeks to bore ; the depth will vary from 100 to GOO feet, and generally runs through slate and sand stone. The country, where these springs are situated, very much resembles I’ithole in America, where, it is well known, oil refining is one of the chief industries. He reckoned it would cost about

£1,200 to import the necessary machinery from America. In considering the abstract question of profit, he looked upon a successfully worked oil company as one against which no gold mine would bear a comparison. In Taranaki oil had only found in one spot, on which he had worked three months himself. The chief reason of its failure was Dr. Hector’s unfavorable report, in which he favorably compared the oil of the East Coast. Several questions were then put to Mr. Ross by the meeting. In answer to some of them he said that the samples Dr. Hector had reported on were obtained by Mr. Rice on behalf of the Government, and read extracts from the Doctor’s report. He also stated the terms on which the promoters were willing to hand over the lease which they held of the land, as follows'They would allow the company to prospect over the whole block of 6,334 acres; and in the event of striking oil, 100 acres, radiating from the well as the centre, would be set apart entirely to the company, they retaining the balance. They were also to have 1,000 paid up shares, and 15 per cent royalty on the gross product of oil. The condition of their lease is that they will have to pay from £6OO to £9OO. a year rent, and the question of their personal expenses while boring is generally left with the Directors. A good deal of explanatory discussion took place and after Mr. Cuff had explained the powers and duties of shareholders, the Chairman called on those present to subscribe their names. The request was responded to generally, and 263 shares were taken up. At a subsequent period of the everiing.it was resolved to postpone the meeting and the election of the Provisional Directory, until next Wednesday, during which interval the public will have opportunities for discussing the question from the many points of view winch it is always advisable to take. A vote of thanks to the chair terminated the proceedings.