THE STANDARD.
WEDNESDAY, DECEMBER 17, 1873.
“ We shall sell to no man justice or right: We shall deny to no man justice or right: We shall defer to no man justice or right.”
A full report of the meeting of Shareholders of the Poverty Bay Petroleum Company, held at the Court House, on Saturday evening last is published elsewhere. We have not space this morning to remark thereon, neither do we think that any particular portion of it calls for anv more immediate elucidation of the object and intention of the Directors, than was set forth by the Chairman in his remarks. In the meantime we refer the report for the consideration of the shareholders. It seems to be peculiarly gratifying that the machinery,—so far as the prime cost landed in Wellington is concerned, — has been procured on such moderate terms; but it is to be regretted that it should have been shipped to that port as the New Zealand destination, as it will probably have to wait in Dunedin until the Lady Agnes comes on herself to Wellington, and then the further delay and expense of transhipping to Poverty Bay will have to lie with the Company. . However, minus a Manager, we should, possessing it, be in no very forward position.
The only point upon which some might like to have further information, is the resolution empowering the Directors to make calls to the maximum value of
£2 10s per share. In terms of the sub-
sequent resolution moved by Mr. Villebs, - the calls cannot be made beyond the rate <f five shillings per month per share, and this may not be required to be acted on at all, as it is only in the event of more money being required by the Directors than they could command by virtue of their authority to limit the calls to 20s, that the resolution will be carried into effect. <Of course it is most likely that the money will be wanted; but it is only proper that the Directors should have the basis of a substantive vote to work upon before they commit the Company
to certain monetary engagemants, about the authorization of which there might be some eventual differistice of opinion.
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https://paperspast.natlib.govt.nz/newspapers/PBS18731217.2.7
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Poverty Bay Standard, Volume II, Issue 114, 17 December 1873, Page 2
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371THE STANDARD. WEDNESDAY, DECEMBER 17, 1873. Poverty Bay Standard, Volume II, Issue 114, 17 December 1873, Page 2
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