GISBORNE OIL COMPANY.

Gisborne Times, Volume XXVII, Issue 2603, 10 September 1909, Page 2

GISBORNE OIL COMPANY.

CONGRATULATIONS FROAI THE ACTING-PREMIER.

Since the news cocaine generally known that a rich find of oil bad been discovered at the Waita-ngi bore, there have been numerous -applications for shares in the Gisborne Oil Company. AYlien spoken to on tlie subject yesterday, .the Mayor, who is also chairman of the company, said that as the shares had been taken up to the limit of tlie issue, viz., 5500, there were no shares available for the public. The company, lie said, was not being lam for the purposes of speculation, aud all that was wanted was a thorough test for the benefit of those who by becoming shareholders had assisted the project, and borne a certain amount of financial responsibility. He did not think it likely at all that any further shares would be issued, but if such was the case it would only be for the purpose of providing capital for any expenditure that- might be necessary immediately. It would, however, be left entirely in the hands of the directors to do as tliev thought best. Another fact mentioned by the Alayor was that lie bad received advice that Professor Kirk, of A T ictoria College, Wellington, had examined a specimen of the timber which had been struck in boring operations at 200 ft,

and that- he had declared it to be rimu. In reply to a telegram from Air. Ly-nar. announcing that oil had been struck, the following telegram' was received by him yesterday morning from the Hon. Jas. Carroll: "Very glad to heir of the good news. AYe all most fervently hope the event mentioned in your wire is but a preliminary to the realisation of a huge -and flourishing industry in our midst. Kia Ora.”