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Poverty Bay Standard, Volume I, Issue 57, 31 May 1873, Page 2

It was decided on Wednesday last by an overwhelming majority that, as fur as local support is concerned, the Poverty Bay Petroleum Cpmpany shall, have a fair field and plehty of favor. The wisdom of postponing, the final adjustment of its affairs was agreeably manifested in the hearty desire expressed by over 100 persons, to cooperate largely in the undertaking. In the interval great headway has been made both by the shareholders in mastering the details of the working, and by the promoters in reconsidering the terms on which they proposed to hand over their interests to the Company. The estimate, read by Mr. Cooper, conveys a very fair idea of what profits will accrue if a good flow of oil is obtained ; while the concession made by him and his partner, in reducing their demand from 1,500 to 1,000 shares, carried with it a feeling of satisfaction, as an evidence of their desire to work smoothly with the shareholders. Indeed, we think, under the circumstances, that they have acted liberally, although, by refusing to modify their terms, they would, undoubtedly, have experienced some difficulty in other directions. But, perhaps, that which most facilitated the satisfactory settlement of the moot points, was the successful result of Mr. Stuart’s experiment in rectifying a sufficient quantity of the oil, obtained by himself, to burn in an ordinary lamp at the meeting. Mr. Stuart is an enthusaist, and has brought his knowledge of this branch of the profession of chemistry to bear at a critical moment, while laboring under the disadvantages of imperfect apparatus aud indifferent chemicals; he has thrown his heart into the work and we do not Hesitate to say that this opportune illustration of the quality of the oil, had a preponderating influence in successfully launching the Company. The Poverty Bay Petroleum Company is now a fact. That of which the colony of New Zealand has beard so much for years, is about to be realized ; and it is to the settlers of the district that will be due the energy and enterprise—as also the reward—of having aided in developing an industry which must, sooner or later, become a source of national wealth. Of course the whole capital cannot be raised here; but we have no fear of any indisposition on the part of the rest of the -colony joining heartily in furthering the interests of an undertaking, the benefits of which will be felt all over the Australian colonies. But we must do our own share of the work well, before we can look for the help of others ; it must be taken up universally ; let all—every man and woman in the whole Bay—have an interest in the company ; and the good that wi]l follow will be in the ratio of the means taken to promote its success. • *