CORRESPONDENCE.

Poverty Bay Standard, Volume IX, Issue 917, 12 February 1881, Page 4

CORRESPONDENCE.

[_We do not hold ourselves responsible for opinions expressed by our correspondents'].

SOUTH PACIFIC PETROLEUM COMPANY.

TO THE EDITOR. Sir, —Some persons are dissatisfied with my dicta respectihg Mr. Berry’s powers of transfer, and say that he is acting'in accordance with the New Zealand Acts, either Joint Stock or Mining Companies. The ignorance that causes these remarks is sufficient to show at once that they are quite incompetent to give an opinion of the slightest value upon the point, and are acting quite in harmony with the self-assurance that has been displayed by the Board of Directors, and their Manager. The Company is not registered under either of the New Zealand Acts ; and, therefore, is not subject to the provisions of either. The Company cannot work in New Zealand as a corporate body, but must have an agent. According to the provisions of its rules and regulations the whole or any portions of the power of the Board of Directors can be delegated. Thus the signing of scrip can be delegated to a person in New Zealand. Mr. Berry has to receive from the transferee the scrip sold to him, and has to send this scrip to Sydney before the new scrip can return in the transferee’s name ; this operation will, as you observe, take one month at least, during which time the shares could have been sold twenty times, but for the absence of the property to pass over to each buyer. If, as is suggested, the first buyer is satisfied with his (Mr. Berry’s) receipt for the scrip, and transfer, what about any other buyers who cannot get either scrip or receipt until the original returns from Sydney? There are persons like myself, having plenty of banking experience, who can give all information to the Board of Directors as to how such things are to be carried out in a proper and businesslike manner, as most of our Banks have two or more registers of shares.—Yours, &c., Petroleum. P.S.—What is the fee Mr. Berry intends to charge ? Perhaps I can find a person to do it cheaper.