GISBORNE OIL COMPANY LIMITED

Gisborne Times, Volume XXX, Issue 3457, 23 February 1912, Page 2

GISBORNE OIL COMPANY LIMITED

ANNUAL MEETING. The annual meeting of the Gisborne Oil Company, Ltd., was held at Lysnar’s Hall last evening. Mr J. Clark presided and there was a fair attendance of shareholders.

The annual report stated that the total number of shares allotted to date was 10,000 preference shares and 1880 ordinary shares. The directors of the Company were Messrs AY. D- Lysnar, J. Clark, D. J. Barry, G. B. Oman, T. J. Ailair, Wm. F. J. Anderson, F. Harris. Tw> directors, Messrs Barry and Harris, retired; by rotation and offered themselves for re-elect,on. The Directors’ report stated : 'ln reviewing the past year’s operations of the Company it may be stated that steady boring operations have been going on during the year, but in consequence of the difficult and caving nature of the ground the progress lias necessarily been slow. No. 2 bore was started on tb£ 3rd August, 1911, hut we found the country a more difficult problem than our first bore, with the result that the casing had to be withdrawn, and our energies centred again on No. I'bore. This, time 12 months ago we had a visit from Mr Henry, the well-known oil authority, who visited the scene of our operations, and was very strongly impressed with the prospects.' Owing to the fact that at the time- lie was here he had already entered into negotiations on behalf of his principals for the acquisition of another oil proposition in the Dominion, he could not fairly invite us to approach him with a view to operating on our behalf in London. Had the London Oil Market maintained a strong tone, Mr Henry fully expected that by the middle of July last lie would have been iu a position to have approached us with the idea of forming a strong company to exuloit our areas, to a deptli of 3000 feet or more, a consummation far beyond ( .the most sanguine hopes which could bo entertained by a Company with as limited an amount of funds 'as ours. Unfortunately the London market is absolutely flat at present, and it is well known that these financial depressions which periodically occur at Home are not usually of long duration and people in touch with him hope that the next few weeks may see a marked improvement in financial matters generally. We regret that the result of the operations for the past twelve months has not been of a" more satisfactory character. AYc feel satisfied that sooner or later oil will be struck in payable quantities in this district, in which at nresent we hold what are believed to lie the best options. The chairman apologised for the absence of Mr AY. D. Lysnar, owing to indisposition. He was sure they would all sympathise with Mr Lysnar, who had taken a very great interest in the business and done a great deal in connection with the work of the Company. They all hoped that lie would be fully restored to health by the next annual meeting. . In moving the adoption of the reports and balance-sheet the chairman said that it gave him pleasure in placing them before the shareholders, but not as much pleasure as one would have liked. He would l have liked the operations of the company to have been more successful during the year, biit he was satisfied that there was oil if they could only get it. The property was a good property. Air Parker seconded the motion, which was carried. The retiring directors were re-elect-ed. Air T. J. Adair was elected secretary, and Alessrs AV. Hamilton Irvine and H. AI. Porter, auditors.

QUESTIONS. Mr Aiming, the manager, answered a number of questions relative to the work at the bore. In reply to the shareholders the chairman stated that a number of schemes had; been considered relative to the work, but no definite arrangement had been come to, as they were awaiting developments at the No. 1 bore'. He pointed out that the directors held over one-tliird of the shares, and they could be depended on to look after the interests of the Company. They had had to contend with unforeseen difficulties in the past which they were doing their best to overcome. A 7 OTES OF THANKS. Air AAA P-ettie, in proposing a vote of thanks to the directors, thought that the affairs of the company could be left with confidence in their hands. Air J. R. Kirk seconded the motion, and pointed 1 out that the directors were pot receiving one penny remuneration for their services. The motion was carried. Eulogistic reference was made to the work of the secretary, and lie and the staff were accorded a hearty vote of thanks for their services.