PETROLEUM COMPANY.

Poverty Bay Standard, Volume I, Issue 59, 7 June 1873, Page 2

PETROLEUM COMPANY.

Adjourned meetings of the Provisional Directors were held at the Argyll Hotel at Gisborne on Tuesday and Wednesday last, when the following business was transacted :— It was proposed by Mr. J. W. Johnson and seconded by Mr. McDonald that Mr. Graham do take the chair. Carried.

Mr. Graham called attention to an agreement between Captaiu Read and Major Pitt. The agreement between Messrs. Cooper and Ross and Captain Read was produced, and after some discussion in reference to a reserve of 500 acres the meeting was adjourned to enable Messrs. Cooper and Ross to make an amended offer on their part. Upon resuming business,

It was proposed by Mr. J. W. Johnson and seconded by Captain Read “ That the amended proposal from Messrs. Cooper and Ross be accepted as follow s—looo paid up shares, and a royalty of 15 per cent., upon the net proceeds of all the oil from the springs—the Company to pay the rent.” Carried. Mr. Cuff stated that six signatures were still wanting to the lease and that Messrs. Cooper and Ross would guarantee them being obtained.

It was proposed by Mr. J. W. Johnson and seconded by Mr. W. 8. Greene “That the present lease be handed to Mr. Wyllie to complete the signatures as soon as possible, and that special instructions be given to Mr. Cuff to prepare another lease to be sent to Auckland for the purpose of obtaining Paora Matus Kore’s signature.” Carried. It was proposed by Mr. Steuart and seconded by Mr. McDonald “ That instructions be given to Mr. Cuff to prepare a deed of conveyance from Messrs. Cooper and Ross to the company, and that the same be sent for Registration.” Carried. It was proposed by Mr. J. W. Johnson and seconded by Mr. W. S. Greene “ That the company be registered as the ‘ Poverty Bay Petroleum and Kerosine Company (Limited.’ ”) Carried.

It was proposed by Mr. W. S. Greene and seconded by Mr. J. W. Johnson “ That an advertisement be inserted in to-morrow’s paper requesting shareholders to make the deposits upon shares already taken, amounting to ton shillings per share, to the Secretary, within a week from this date ” Carried.

The minutes of the former meeting having been read and confirmed, It was proposed by Mr. Steuart and seconded by Mr. McDonald “ That the Secretary be empowered to receive all monies and sign receipts for the same on behalf of the company.” Carried.

It was proposed by Mr. J. W. Johnson and seconded by Mr. Steuart “ That, say, five gallons of the oil be obtained and sent to the General Government requesting that the same may be refined, sealed, and accompanied by a certificate from the Government Analyst, for the purpote of forwarding to the various agents of the company, and that ;; travelling agent be sent round to each of the principal towns viz Auckland, Napier, Wellington, Christchurch, and Dunedin for the purpose of explaining the situation of the Oil Springs, advertising &c., with power to appoint agents for the sale of shares and general furthering of the Company’s interests.” Carried.

It was proposed by Mr. Steuart, and seconded by Mr. Stubbs, “ That Mr. Cooper be employed, ata reasonable remuneration, for the purpose of obtaining the requisite quantity of oil necessary for carrying out the previous resolution.” Carried

It was proposed by Mr. J. W. Johnson, and seconded by Mr. McDonald, “ That Mr. Stubbs, Mr. Steuart, Captain Read, and Mr. Graham be appointed as a sub-committee for the purpose of drawing up the Prospectus of the Company.” Carried. Mr. Cuff was elected Solicitor, and Mr. Hardy Secretary, and the Bank of New Zealand bankers to the company. The meeting was then adjourned.