PUBLISHED EVERY WEDNESDAY & SATURDAY. WEDNESDAY, AUGUST 17, 1881.

Poverty Bay Standard, Volume IX, Issue 970, 17 August 1881, Page 2

PUBLISHED EVERY WEDNESDAY & SATURDAY. WEDNESDAY, AUGUST 17, 1881.

The Southern Cross Petroleum Company may be said to have advanced one more stage in its progress. A meeting of shareholders took place on Saturday night last, and the most satisfactory results are announced in another column ip this morning’s issue. It will be remembered that the meeting to which we are now drawing attention was the first biannual one of the company, and was held more ior pro forma business than any thing else, therefore —especially as the works are still in an embryotic state —our readers cannot expect to be informed of anything more than that all the receipts hitherto have been eaten up in expenditure. However, even in that there is an element of satisfaction, in so much as the value of the company’s property has been improved to that extent. Mr. Clarke’s report, which will be found amongst the proceedings of the meeting, is, of itself, sufficient to solidify confidence, and remove doubt in the minds of the most wavering. Read collaterally with Mr. Benies’ report it would appear that we have “ struck ile ” with a vengeance. The “ Bonanzas” and “El Dorados” of other climes are dwarfs in extent, and richness, as compared with the Southern Cross Petroleum Company’s prospects.

We must read the two reports to-1 gether. Mr. Clarke said he had sue- j ceeded in placing 21,000 shares on the : Melbourne market, and in engaging the attention of some of the best “ six figure men ” in that city, to the worth of the investment, These words, coming from a man of Mr. Clarke’s experience, and influence, are not to be set at naught. They are not to be underestimated, but still they must not be overrated. So with Mr. -Benies figures. There is nothing .that works on the human mind so enthusiastically as an array of figures, in“ which we-

implicitly confide, showing that it we do a certain thing our fortunes are made at the rate of so th any thousands a year. Therefore, it i»i but business to dissect the pros and cons on which Mr. Benies relies, and to which he invites our attention. cannot but say that Mr. Clarke and Mr. BeniKs have stated the result of their labors with conspicuous faitness. Their object is, evidently, not to give ap undue prominence to things that do not exist, but to state, roundly, what their experience has led them up to. Mr. Clarke has furnished us with the additional capital required. Mr. Benies is willing to find the brain power necessary to carry the work to completion. Until we met these two, gentlemen it would appear that we did not know what our possessions are .wprtb. Until we read their reports we did not know that there are millions upon millions of tons of stuff embowelled in the earth, that require only to be delved for, and to be either shipped off to the nethermost ends of the earth, or turned into a more profitable account on the spot 4 . But it is but prudent that we do not allow enthusiasm to out run discretion.* * ! £800 per week is a magnificent income even for a company? composed L<ff many units. But, for our part, -we do; not think Mr. Benies’«figures are sufficiently detailed. We do not want condensation in figures. We want the most minute particulars. Figures must work themselves out?—they must prove themselves —or their value is destroyed. The first itepi ip Mr. Benies’ proposal is that “ about three acres of land are required,” Here we

are pulled up at a kind of round turn to start with. Sqrely Mr. Benies does not wish us to understand that from three acres of land he advises the company to go to an expenditure of £2OOO (speaking .roundly,) and from which he next to guarantees that we shall have a net profit of £BOO a week. If that be the case, and the general run of the ground is of the same description, the matter is at rest. Let us have 10, 20, orpO Athtffcrkj at once, and if the World and kerosine, there need be no fear of “ ruinous, oppos itiop”. But that is one of the items that doesnotspeak for itself. We notice, too, that he did not deduct his per cent bshui before he struck the net profit item of £BOO ; but in that we do not wish tp be hypercritical. Mr. Benies’ desire is to show that, casterie paribus, the Southern Cross Company is in such a position as to warrant an iinmediatp outlay of a good round sum of money, and to support which he vouches his professional reputation. It will be for the shareholders to take the matter

into their serious considerationßetween this and the extraordinary meeting called for the 6th of September next. There is an apparent honesty of purpose about Mr. Benies’ figures which will, of itself, be a He evidently is desirous of embarking in the enterprise,| but he is equally prepared to leave it alone. His terms are plainly stated, and he is willing to form a company quitei independently of the Southern Cross, if needs be, the only point of divergence being that the Souther nerols Company supply the materials, with an allowance of 25 per cent, but at its own cost of production. Of course, that “ cock won’t fighttherefore it is but rational to well ponder the matter and see the best way to act on Mr. Benies’ recommendation when the time of the meeting shall have arrived.