POVERTY BAY PETROLEUM COMPANY.

Poverty Bay Standard, Volume III, Issue 254, 10 March 1875, Page 2

POVERTY BAY PETROLEUM COMPANY.

A general meeting of shareholders in this Company was held in the Court-house on Friday evening last, Mr. Graham in the Chair.

The Chairman briefly called the attention of the meeting to the important business for which it had been convened. His first duty was to inform them that the paid up capital had been expended, and that it was necessary to make further calls to carry on the work. As to the advisability of continuing operations, he did not think there could be two opinions. Operations so far had not given signs of that success which was so eagerly looked for, but the indications of ultimate success were reliable and undoubted, and should be sufficient to warrant shareholders in continuing the work. Naturally, at the start, everything mostly was unprofitable expenditure, but it was a means to an end, which both Manager and Directors had every hope of attaining ere long. The present shaft is 103 feet down, at which depth operations had to be suspended on account of the gas at the bottom. The fan had arrived, the use of which would obviate any further delay in that respect. The following figurss will convey some idea of the money affairs of the Company at the present time. The total expenditure since the formation of the Company has been £3,336 13s 2d. There is an overdraft at the Bank of £730, 14s 9d, which with sundry liabilities, £2OO, foots up to £930 14s Bd, against which may be credited unpaid calls amounting to £197. The Manager then read the following report: — To the Directors of the Poverty Bay Petroleum and Kerosene Company (Limited). Gentlemen, —I have the honor to report that, since commencing operations in September last, I have erected the derrick, engine house, and the oilier usual appliances for boring purposes. There have been about 8000 feet of timber and lumber sawn from the company’s bush, which have been used in the erection of the plant. There have been about four miles of tracks cut (by direction of the directors) to the company’s paddock, mosl of which is side cutting along the face of the hill, and about oue mile more remains to be cut before the road will be available. A shaft has been dug 100 feet to find the rock, but without success. About 15 chains of manuka fencing have been erected across a lagoon, in order to make the company’s paddock secure; three roads have also been made from the plant to the bush —about one mile in all. Although at present we arc laboring under almost every possible disadvantage, I am still confident (fiat we shall be able to find payable oil at no distant date. The only difficulty seems to be to find the rock, which must be exposed before boring operations commence. Our plan! and machinery are perfect-, and when the rock is found, a very short time will prove our first well; and from the many favorable indications, I am almost positive of a large yield. I am, gentlemen, Yours respectfully, W. W. Parsons, General Manager. Mr. Parsons, in reply to Mr. Meldrum, said that- he not only had confidence in the undertaking, but he was prepared to buy the shares of any shareholder who felt disheartened at his prospects. He had not seen better indications of payable oil even in America. Mr. Carlile moved : “ That a further call of £2 10s be authorised and said that to refuse the authority, would be equivalent to giving up the undertaking, and it would be a thousand pities to do this when they were to all appearance on the very verge of success. The motion was seconded by Mr. Stevenson, and carried unanimously. Proposed by Mr. Blair, seconded by Mr. Hall: That the Directors suspend operations until arrival of boring machinery. Amendment by Mr. Hardy, seconded by Mr, Meldrum: That the mode of working the Company’s ground be left with the Directors. Amendment carried. A vote of thanks to the Directors terminated the meeting. At a meeting of the Directors on Saturday evening last it was determined lo despatch the Manager to Auckland for the boring machinery. left here on Sunday by the)§onthern Cross. A call, the 9th, of 5s perj share, was authorised payable on or before the 27th instant.