SOUTHERN CROSS PETROLEUM COMPANY'S MEETING.

Poverty Bay Standard, Volume XI, Issue 1276, 15 February 1883, Page 2

SOUTHERN CROSS PETROLEUM COMPANY'S MEETING.

A meeting of the Southern Cross Petroleum Company was held last night in pursuance of the following advertisement “ Southern Cross Petroleum Company (Limited), —The Annual General Meeting of the above named Company will be held at the ArgiU Hotel, Gisborne, N.Z., on Wednesday, the 14th day of February, 1883, at 8 a.m. Business : to receive Directors’ Report and Annual Statement of Accounts, and to elect Directors in place of those who retire.—F. J. Piesse, Manager.” There was a very large number of shareholders present, including the Southern contingent. On the motion of Mr Winter, seconded by Mr Stubbs, Mr Carlaw Smith was voted to the Chair.

Mr Smith having read the advertisement calling the meeting said, that as this was the first annual meeting held by the Company, he |did not think it would be necessary to read all the Minutes. He wonld, however, ask their Secretary, Mr F. J. Piesse, to read the Minutes of a meeting held in August last, and one in December last. The minutes having been read, the Chairman said that he would ask whether they were approved of or not. It was unanimously resolved to approve of the minutes as read. The report of the Directors in presenting the accounts to the 31st December, 1882, was then read. It is as follows :— Since our report dated 14th August, 1882, we have been making constant progress with the shaft-sinking, and fortunately we have been able to push it through the plastic clays that caused so much difficulty in sinking tubes, The three columns of pipes which were sunk within the area of the shaft have been recovered, adding four hundred feet to the stock on hand. The total depth now reached is about 210 feet (10th Januapr, 1883). The country is in a settled condition, and the shaft-sinking can be prosecuted with celerity, and a minimum of cost, until the strata appears sufficiently hard in the Mine Manager’s opinion for boring. Owing to the only steamer plying on the Coast having been laid up some months since, considerable expense has occurred, and delay in the delivery of materials. These have been reduced as much as possible by making use of the coasters plying between this port and Auckland in taking goods to Awanui from either end of their run.

The machinery on the Company’s ground is said to be in a high state of efficiency. The Government Inspector has given a certificate for the boiler to work up to 601bs to the square inch. Some petroleum at the Springs has been calked, and is expected in town soon. The accounts have been drawn out so as to show as particularly as possible the position of the Company and the nature of the expenditure, which the Directors hope the Shareholders will find satisfactory. According to the rules and Regulations of the Company, one-half the present Board of Directors retire from office, but are eligible for re-election. For the Board of Directors, Wm. Adaib, Chairman.

The Chairman said, that he did not consider it wae necessary to impose upon good nature, because he thought the accounts were in a most satisfactory state, and he would not take up the time of the meeting any further. Mr Motley considered that it would be advisable to strike out the last clause of the report. Mr Spackinan was of the same opinion, and at the same time he took occasion to pay a very high compliment to the retiring direc--orate. It was for no reason of a personal nature that the Southern shareholders in the Company were desirous of having the laoale removed from Gisborne to Christchurch, He for one, considered that the change proposed wae a necessary one, and he should support it. With reference to the retiring directors, he might state that their actions had met with his moat cordial approval, and they all deserved credit for the manner in which they had fulfilled the onerous duties which devolved upon them. Mr Maude did not agree with either Mr Motley’s or Mr Spacktnan’s view of the case. He would not make any formal motion as he did not think it was worth while arguing the question. The Chairman said that he considered it was unnecessary to do so, because he thought there was a general feeling of regret in giv. ing over the business to the South. He, for one, had no local prejudice—there would be no shedding of tears on his part if the directorate. He had, with Messrs Stubbs and Adair, exercised a great deal of self denial for the good of the district, and not only for the good of the district, but for the good of the Company. RESIGNATION. The following letter was then read, addressed to the Chairman of the annual meeting of shareholders of the Southern Cross Petroleum Company (Limited) held at the Argyle Hotel, Gisborne, this day, or any adjournment thereof; — Gisborne, Feb. 14. We, the undersigned hereby beg to tender our resignations as Directors of the Southern Cross Petroleum Company (Limited), as from this date.—Carlaw Smith, Wm. Maude, Wm. Adair, Geo. J. Winter, J. H. Stubbs, W. H. Tucker. Mr Craig was of opinion that the letter should be received and adopted. This was, after a short discussion, resolved on. The following letter from Mr William Clarke was read :— U.S.S. Co.’s S.S. Arawata, Bluff, 25th January, 1883. To the Chairman of the meeting of Shareholders of the Southern Cross Petroleum Company, to be holden on the 14th February, 1883. Sir, —I beg leave to rrsign my position of managing director and director of the Southern Cross Petroleum Company, Limited. In doing so I wish you to inform the meeting that I have devoted my whole time and energy to the working of the Company’s property, and the distribution of the Company's shares over a wide surface. I commend to the attention of the shareholders the clause in the rules relating to remuneration for my services, aud trust they will give the subject their just consideration.—l have, etc., W. Clarke. The Chairman said that he considered that a great amount of credit was due to Mr Clarke for the manner in which he had conducted the business of the Company, and he certainly thought that some remuneration was due to him. Mr Tucker said that all that had fallen from the previous speaker was perfectly true. It was, no doubt, a most philanthropic object to endeavor to remunerate Mr Clarke, but he should like to know whether or not Mr Clarke had not received his quid pro quo ’ He for one considered that Mr Clarke had received an ample remuneration for his services.

Mr Graham would like to ask how many shares Mr Clarke now held in the Company. Mr Piesse read the number of shares allotted to Mr Clarke.

Mr Winter did not consider that Mr Clarke was entitled to any remuneration at all. He for one thought that Mr Clarke had only been studying his own interest whilst he was manager of the Company, and that it was never his object to “strike oil.” When he found from his own knowledge that ■ such was the case, his faith in Mr Clarke; vanished. He did not think he wae entitled to anything, Mr Stubbs was of the same opinion. Mr Tucker thought that Mr Clarke should receive a vote of thanks from the shareholders, and their warmest thanks and gratitude for his arduous work in furthering the advance of the Company. Mr Maude said he considered the greatest credit was due to Mr Clarke, He was t gentleman who had first struck oil, and he thought that the question of the remuneration to that gentleman should be left over to another meeting. An amendment was proposed by Mr M : to this effect, and seconded by Mr Bails'F, but it wm lost, and the original resolu tloi carried. SEW BOARD 0V DIBICTORK. The following were the directors appointed for the ensuing year ;—Messrs. W, H. Spaek' man, George Hart, W. H, Mears, F. W. Williams, J. P. Jameson, T. B. Craig, und E. Wickes.

The resolution was proposed by Mr Motl ay, and seconded by Mr Tucker. Mr Maude said he would like to hear w’flat the Christchurch gentlemen had to say ui ion the question of moving the directorate. He, for one, would be only too happy to lend a helping hand in any way if it was for the interests of the Company. The Chairman quite coincided with the remarks which had fallen from Mr Maude. Mr Graham also spoke on the question. Mr Spackman could not at present sta'te how they were going to work, but this 'ne might state, that the interests ot Poverty Bay would not be neglected, and that in all probability they would in a very short s;,ace of time be enabled to show an outward 'and visible sign of inward and invisible grense. AUDITORS. It was proposed by Mr Wickes, seconded by Mr Spackman, and carried, that Messrs T. Lightfoot and Herbert Edward Alport be appointed auditors, at a remuneration of £3 3s each for each audit. Mr Wickes proposed, Mr Spackman seconded, and it was carried with acclamation, that a hearty vote of thanks be accorded to the directorate. Mr Stubbs moved, Mr Teat seconded, and it was carried, that the Chairman receive the thanks of the meeting. The meeting then adjourned.