Moturoa Petroleum Company.

Taranaki Daily News, Volume XLVII, Issue 7963, 28 October 1905, Page 2

Moturoa Petroleum Company.

MEET.INU OF SH'AKEIIOI/DERS. A meeting of shareholders in 't-ho ■Moturon IVtroleuin Co , Jjtd., was huhl at the Town Hall on Friday atlvrnoon, whvn Air .1. H. Uoy j»resi'ded ovi-r a gxxjd al tendance.

The Chairman, after sonic urift introduLioi-y remarks, reUirnrol lhanl<s lor his election as Chairman ol" Dirfctors. assuring tivem ol hisj groat interost in thepruspvct.s and welfare of the ccmpany. 'l'hu soeretar\' (Mr |>. Laing-)) submit.ied lh,- financial fftalciii l , nl from .lime \o Oi-t. 21. On the iirst mejitioncd date the rrclit. balana-at J^i^ 1 bank stood iit iJMiyx (i.-i od., !n----cln.viVf of th'is itinoni)t LS(!U 10.s fo? the of applical ion and allolinvnt sluuvs. ,Cl>J 1s r>i\ for nil sold and other items, the receijits since .lun«' 1H amoiintt-d to £«S10 (is l(i. The rxpendit lire amounted to il~i\\ 12s oxl, the princijiay itt n:-s!'be-ing : Purchase of plant &5V21 .Its 2d, salai'ies and'wagvs way charges £2tf 2« i-UI, firewood £2l Is, KiMi'dry accounls £.")K 12s 2d, purchase of oil casks at Ms, £l4 Us Id. This left u nvdiL balance of* £IOS Is Id on Oct. 21, but in t-h{-interim tlie receipt of £229 .subsi'dy fr< m the Covernmonl. and £ls from a Dunedin tirm for oil sujj[>lit?«d, put the credit balance oil thij tlatu of meeting at £iMB Os 2d.

Tlia Chairman, in his address to the shareholders, .said IhiU at Hie. last gunoral lield in Ju!v, it was understood that 'the d'irectoL's should call a nieeti'ng' at sonic early dato I« put forward a .statement ii) regsrfl t« tile future forking of tin: company. Sincci that date 'then! had lißen various ilrlays, linlfns tlve work was Jt>i-oc(Mfiirg jht 'a .|«>re almost half a mile in 'depth, (lae allowance must he made: Tire delays throii'jfh hrcakagvs 'were annoying ami somewhat expi'ivsivi', I)iit the plaut was now, working wmoot'hly. In t.heir desire to g\;L 'i'he piHiiping apiiarat.us going as quickly as possible, tho liianngei' (.Mr C!. C. Fairj and his nven hn:lj shown I wonderlid unergj throug'hout.' The pump had I teen started on' Fri-day infteenoon last, and operarious contiuucil night and 1 day since. Siitce 'the oil was struck the manager had stored some :180(]

lor market, pin-poses whicl

could be -disposed of at (Vd pel" g-al-lou. A lair quantity of t'his ha(\ been sold, two shipments realising £2l -Is and £I.V "Pile last nieution-i-d consignee, to whine, n trial shi|)-, nient was sent., was making inquiries for fitMi barrels a year, and inquiries kepi coming in from all quarters for thi'oil. The (piality of the , oil was a very material factor,

«nd judging from an analysis mail

on behalf of the .Mines Department. j the local product was of a very high standard, showing only M.l per cent, wasie. The i figures were Water. 0.1. petroleum spiril ('distilled I.clow Io *deg. I.">. kerosene or burning iil ('distilling between lot) deg. and HtiC'drg. C.) 12. lubricating oil 20.t*. paraiVm ctf;e 5, loss 'i , total, 100. I'p to the day o( -t'h-ai m. cling tlvere were .VJ 'barrels of oil on har.'d, containing 10 gallons per harrel.. In the last '2l hours tlvp

bore had made a return of tivebarnels v The Chairman. continuing, thought Mr Fair would tell them that five -ban-vis per day would pay the company. Speaking on the finances. .Mr lV»y that. 'ti|veX229 received from tile Government repre-

sentfd a sul.'is'dy ol' €1 for c\'cr\' fool

hoivd bi-low a 'ih-pih of The iuan»s'''nient luvft also in vh»w thv

fact that w-lvn the company sueoeded in obtaining od fIKU of oil they would be entitled to the

remainder (about £INOU) of a bonus set aside -bv the (lovermnent. ft seehied that a company dow-j

South lhad hern granted about £.' loon of the amount before disap-

pearing from tin.'! seme. Of course oil.tiiitl gallons, was a. very Inrge quaint ity. tint all, going well the company s-hould reach il in lime. With reference to the future winking, the company was IrariU.v sullicirnUy well established for tile directors to firing forward any new proposals. On the iM-inciple that "one swallow doen not make a summer" they could not say set that I-hvy had a good permanent ci'l well. Pnl il pumping had been carried on for a lr.ontli or two longvr liiey could not claim lo base an establish™ oil well—in fact. it might, lie r,ec»ss'ary to put down another, Wore. .Money could be

raised, if required. cither hy a furtiler share issue or borrowing in the

ordinary way, tut to issue further

shares , would pivbably tdeprecmlo the value of their present shares, 'Phv

directors proposed, with liie sanction of the shareholders, to call another

genera!i meeting early in December, by which time they would have ie.or« definite ideas as to ihe best course to pursue. Supposing it was decid-

Ed to go on the market with another company-—lt did not. in Hio least, follow that they would—it

would only lie when f hex" had some

thing tnng'ihU', lo show the pulvlic. The Chairman, in eo-nctusion. pointed, out chat even with 1 1 lie prcsriil yield the company could go on working without 'encroaching on l-hvir assets, so long' ns there was no

serious 'breakage. lie wns -glad to see Miat. live shareholders. so hw ns ho cow I'd judge. wore, remaining san-

giiine as lo Hie success ol Mm \entun'. Personally he desired lo sec the original Mbaivhutdei s benefit I'i'oiw what lie believed would be a very

good investment, ami at tb« saim time 'di'd not wisli to see anything in tlu 1 s'lvapefot' speculation. \U> -am! his I'ellow directors we ma strongly averse to anything' in the nature ol' a wihl-eat coiwpany. and ; lie was •ffUvd tof sec so few, trunslvrring slraroK. 11\ answer to a fpiost'on, iheOhai?maii said there was no I'rouble whatever in getting a market for tin oil. The manager (.Hi 1 (!. Fair) grettvd hving unable !<: i'e|)ort, hotler residts to da'te. 'J'tac work was proceeding smoothly, aivd llw volume of wattT was dvcruas'ihg. I'rohalvly in a few days it; might Ik' overcome. intervals the bore yieldrd from lit tu 50 l.arrels a day.' Thai day's pumping was better than at any ti...e since the starting of the pump, aivd imliavteK that the waU\ bad hl'en got •down couskk'ea'bly. This improvement, would, 'lvt< sak); eontirnie untW a fixed yield was cbtained. In reply to. a shaivholder. Mr Fair said Ive hrlie\'t<l that*, they, would get oil at a gnnt'erf depth 1-hal would mvt congc«il. aivd it would 'be better totality for buirning aivd lubricating ])U.rposes, it would litvt contain the swine amount of parraflin wax.' They s s bonld, however, eontimie pumping uivlil the oil rati out, tunl ihen wouhi be time enough lo sink d.eper. Jk»'advocated te«t----1h»; old 1 bore of UoHfl.at t'ne root ol the breakwater, stating it eoul'd be worked economically at thai depth, and would probably pay very well if worked. However as the necessary plant would cost he supposed the project wouiu have to remain in alh'yanee. Okey asked several questions with reference lo the breakwater boro. The Clmirnian said it would not. he possible at present to proceed with the work. Air Okif said that with two |>mvs going the company wouhi get live ilHuo subsidy all iho cpiickei. (Laughter.) He wing the money to open up live second well. 'live meeting concluded with a vote of thanks to the Chairman, and on tlie nnder.'».l audi ng that a lurther Hireling would be called in Secern-