Moturoa Petroleum Company.

Taranaki Daily News, Volume XLVII, Issue 7881, 25 July 1905, Page 2

Moturoa Petroleum Company.

■ 0 ELECTION OF DIRECTORS. PROPOSED FORMATION OF A LARGER COMPANY, A general meeting of shareholders in ihe Moturoa Petroleum Company was held at the Council Chamlei.> on Monday afternoon. Mr S. Tec:! ' (chairman of provisional directors; pivsidid over an attendance of fully jiity shareholders. The Chairman remarked that a report lroni him was hardly necessary, as the daily newspapers had kept them informed of the progress of afi fairs. 'He could only say that he did ■ not think they could desire better ! prospects than had been met with to There had been a continuous Dow of oil ever since it was struck i some weeks ago. Since Saturday morning up to Monday morning 2W gallons had been tanked. This was a splendid 'indication of there b'.-.> s a good profitable prospect for the shareholders. The balance-sheet was read, as follows :-Assets: Cash in hand,

£l2 10s, hank £547 Os Bd, due on shares £l)7 10s, Government subsidy £3OO, total £977 0s Bd. Liabilities : Estimated liabilities £t..> 17s, cost of pumping plant to arrive £2OO, total £263 17s, leaving an estimated credit at the present time of £713 3s Sd. On the motion of Mr J. S. Medley, seconded by Mr J. H. Parker, the bal-ance-sheet was adopted. Mr G. C. Fair, manager, in his statement to the shareholders, remarked that he could not say anything more than he had said at last meeting. He was rather disappointed the pump had not yet arrived, but thought they would have all the apparatus to hand from Sydney this week. He could add nothing fresh

in regard to the bore ; everything was going on as well as could be, wished, He had no doubt whateverthat there was an abundance of oil available, and',that the pumping tests would prove the bore to fee all that he had said, and probably;tetter. Ho added that in Wellington, since his recent visit, the public had commenced to realise the fact that their is oil here and the prospects had mado a considerable impression in that city. He had had interviews with a number of the leading firms, and they all said that if the oil turned out half so Well as he stated, there would be no difficulty in getting plenty of money to develop the oil field. He was of the same opinion himself. He was now anxious to get the pumping operations in full swing as soon as possible, so as to prove that they had oil here in quantity. "I say that you have as good an oil field here as in any part of the world," added Mr Fair, '-and that it only requires capital for development and good management." It depended on the present bore to prove the richness of the oil deposit. He was not frightened as to the result. He was perfectly satisfied the company had a good well that would pay handsome dividends. (Applause,) A shareholder asked the manager whether he had heard anything concerning a Wellington syndicate that was about to start operations in the Inglcwood district. Mr Fair had no information on the subject, but said he would be only too pleased if it were a fact. The more syndicates or companies formed the better for the district. He thought there was room for one hundred companies. In reply to Mr Medley, the manager did not forsce any trouble in regard to water in the'bore. He was satisfied, as he had previously stated, that he could overcome the difficulties. The quantity of oil now stored Was 2500 gallons, all a marketable product, A shareholder asked whether it was intended to refine the oil. . The Chairman replied that that was a matter for further consideration, should the yield be sufficient to warrant the outlay. Mr Fair said the company could find a market up to 400 barrels of crude oil per week, at the rate of sixpence per gallon or 20s per barrel. The ballot for the election of five directors resulted in the election of Messrs G. C, Fair, J. 8.. Roy, J. H. Parker, T. O. Kelsey and Win. Honeyfield, in the order named. Mr S. Teed announced his withdrawal from nomination. The other names submitted to the ballot were Messrs L. McMonleath, L. C. Sladden, M. J. Jones and Frank Messenger. The following motion was submitted by Mr Kelsey : "That it be an instruction to the incoming directors to forthwith consider the advisabletress of disposing of all or part of the company's interests and effects to a larger company capable of more extended work, so soon as the present bore has, after pumping, been proved to a first-class payable well, and furiher to bring down a report and recommendation thereon at an extraordinary general meeting of the company to be held within six weeks from this date." The Chairman said he. did not, think the present capital would be sufficient to enable the company to go on with a second bore. The course suggested in the motion would be absolutely necessary in the circumstances. It had been under consideration mr some time. He pointed out that tho present shareholders would greatly benefit under the terms to he fixed, if a larger company were formed,, A shareholder: Does the present company hold sufficient money in hand to clean out the old bores ? It seems to me that,ir we have sufficient money it should he done. The Chairman considered it would not be advisable to gel to work on another bore, The credit balance balance was only £713, and if such a course were decided upon, there would be a considerable amount of money necessary for floating a new company. The manager (Mr Fair) said he did not think the company would have enough capital in hanil to commence work on another bore. Their first work was to get the present bore thoroughly tested. The Chairman thought that to prove the present bore a sucfess would he quite sufficient for the company to undertake on the present capital. Ho twok i.t Hut oil had been found in all thv previous wells, with one or two exceptions, but that they had not been sunk deep enough. With capital tiwue could soon be tested. In answer to a shareholder's remark about possible American coinpetition, Air Parker said that there was a duty of 6d per gallon on crude petroleum. As the company could sell it at 6d p« gallon this effectually barred competition. Mr Fair thought the refined article could be produced cheaper than the imported. After further discussion the motion was carried without a dissentient voice. Mr Kelsey also moved : "Th«t Messrs 11. Weston, W. F. McCallum and S. Shaw he a committee to confer with the directors as to the report mentioned in the resolution carried, and the amount for which the company's rights' should be disposed o,f,"' Mr Parker seconded :\\v proposition. " ' Mr Humphries thought that when the company got an oiler was time enough to go into the Blatter. After some further -discussion the following amendment, moved by Mr Poll, and seconded by Mr Elwin was carried: "That having just elect-, ed directors, the conduct of tho business be left in their Ipnk with J. er to call i n cherts/ ,f tjiey ' feuk minlliV/i lta,,k " ia Ihc Chairman concluded the proceedings.