MEETING OF PETROLEUM COMPANY.

Poverty Bay Standard, Volume II, Issue 196, 15 August 1874, Page 2

MEETING OF PETROLEUM COMPANY.

The first Annual Meeting of the Shareholders in the above Company was held, pursuant to notice, in the Court House, Gisborne, on Wednesday last, at2o’clock, for the purpose of receiving the Director’s Report and Balance Sheet for the past twelve months, and to elect Direetorsaud Auditors for the ensuing year. A. Graham, Esq., Chairman of the Board of Directors, after a few remarks, proceeded to read the Report and Accounts, (which have already been published in these columns,) and said that he. was confident of the success in the undertaking; there were so ~e calls still outstanding, which would shew a favorable state of affairs after the overdraft due to the Bank account is paid off. He regretted the non-arrival of the Manager; but he fully expected to be advised of his arrival shortly. The Directors had applied to the General Government to change the bonus to a Grant in Aid, but had had no reply to their communication. With respect to the sum of £5OO voted by the Provincial Council of Auckland, he would inform the meeting that as the money was to be paid conditionally on the exhaustion of all the Company’s funds, he had little hope of much benefit to bo derived from it.

Mr. Meldrum proposed, and Mr. Hartnett seconded—; ....., “ That the Report as read be adopted.” Carried nem. eon. Mr. Meldbum proposed—

“ That, an honorarium of £lOO be voted to the Directors, such sum not to be paid until the Company is found to be successful.” Seconded by Mr. Jennings, ’ Mr. Shirley moved as an amendment—- “ That, the amount of the honorarium be £7OO ” or £lOO each. Seconded by Mr. Hartnett.

Mr. Webb opposed the motion as wrong in principle to vote money for that purpose in the present state of the Company’s finances ; other Shareholders also spoke against the resolution and amendment, which, at the instance of the Directors themselves, were withdrawn.

The following gentlemen were elected to form tlie Board of Directors for the nAt twelve months :—G. R. Johnson, 365 ; J. W. Johnson, 355 ; A. Graham, 345 ; W. Teat, 345 ; W. H. Tucker, 340 ; S. Parsons, 325; W. S. Greene, 210. The Auditors were re-elected. A vote of thanks was proposed to the retiring Directorate, and the meeting separated.