PETROLEUM.

Taranaki Daily News, Volume LII, Issue 94, 17 May 1909, Page 2

PETROLEUM.

REPLY TO MR. BERRY. The directors of the Tarnnaki Petr - leuin Company, Ltd., have forwarded the following communication:— " Re engagement of manager, the following resolution was passed at u meeting of the Board held on Friday, 7tn mst.: —'That Mr. Simpson's engagement as manager be extended with a guarantee of six months from April 111, 1000, thereafter terminable by two imntha' notice on either side. Salary to be at the rate of £750 per annum, lie is to have absolute control of and the right to engage and discharge all workmen at the, bores, including the drillers.' Note: The salary is the same salary as w:s fixed at a meeting of the Hoard held in January, 11)07, at which .Mr. Berry was chairman, and with his approval. In extending the manager's term for six mouths, it will thus be seen that no variation has been made from his previous engagement. There is no ooligation on the part of the directors to give Mr. Simpson « bonus. It will also be seen that the directors have not committed the shareholders in respect of tne manager's engagement for any material time beyond the next annual meeting of shareholders, to be held in October. next. I GISBORNE OIL COMPANY.

At a meeting of the directors of the Gisborne Oil Company recently, the manager (Mr. McDonald) submitted the following report on the boring operations which commenced on April 28:—"I desire to state that tlie machinery and plant arc wtorkin'g very salisfaetonly. The formation that we have drilled through this week has been of a caving character, having struck a gravel strata of three feet, which delayed the construction of the work. We are now drilling in hard stickv clav and papa.] The depth of the well'is !)'>'feet."