SOUTH PACIFIC OIL CO.

Gisborne Standard and Cook County Gazette, Volume II, Issue 257, 7 February 1889, Page 3

SOUTH PACIFIC OIL CO.

DB. STORER’S REPORT. SPEAKS HIGHLY OF THE PROSPECTS(Standabd Special.) Sydney yesterday. . A meeting of the shareholders in ths South Pacific Oil Company, of Gisborne, is to be held to day, but it will be too late for me to despatch you news for the 7th. I have, however, as to the nature of the report that is to be presented by Dr Storer, and I am informed on good authority that it will speak very highly of the oil prospects not only of the Company, but of the district surrounding their property, and that he will advise that it is a good field for the investment of capital, and urge that there should be no unnecessary delay with the work. He will further, I am given to understand, advise that the Company should not rely solely on the one bore, but have another one sunk. He was not, I understand, able to thoroughly test the present bore because it was stopped up when he made his visit, but apart from all that he is convinced that the district which has the fortune to be backed up by such a valuable property must have a grand future before it. Capital is the main thing required

to develop it. I could not ascertain Dr Storer's opinion on the way in which things have been conducted in the past.

The Gisborne correspondent of the Napier News telegraphed last week that a big boom was shortly expected in Gisborne, Dr Storer’s report and influence being expected to direct thousands of capital this way.