THE OIL COMPANIES.

Gisborne Standard and Cook County Gazette, Volume II, Issue 262, 19 February 1889, Page 2

THE OIL COMPANIES.

THE 'SOUTH PACIFIC. Bi- letter received from a shareholder in Sydney we are enabled to furnish our reader, with the following report of th. reo.nt meeting. After the meeting was formally opened, Dr Storer’s report wae read. It traversed th. whole of the Compaoy’e operation, and management from its commencement in 1881 to the present time, and we need hardly say that the report on this wae favorable and showed clearly that for the money spent, th. Company had veryjlittle to ebow. The report was favorable as to the future ot the oil In- x dustry in the district, and recommended that steps be at once taken for a flying survey, >o that an Act can be passed next eeesion allowing the Company to lay the line. The Directors and their friends, however were against publishing the report, giving ae, a reaeon that no good purpose oould be eerved, and the first part of the report might injure the Company in connection with certain negotiations which were in progress. A report wae also read from the min* manager, various reason* being given tor the delays. The Director* appeared to think it was satisfae-pry, and the shareholders not being in a position to judge it was allowsd to pass, THE SOUTHERN CROSS.

The eighth annual meeting of the Southern Cross Petroleum Company, Limited, wae held at the rooms of the Agricultural and Pastoral Association at Chriatohnroh, last Wednesday evening. Mr George Hart, Chairman of Directors, presided, and the attendance of shareholders and proxies held K« presented 9583 shares. The report and balance-sheet were taken as read.

The former was as follow* “ The Director* during th* put half year, while continuing to exercise the greatest economy in the management of the Company, have been carefully watching the devekpment of oil in the South Pacific and Minerva Companies, trusting that a generally Increased interest in the Industry wonld a them in endeavoring to obtain add!capital to enable boring to bo resumed. In the meantime all the Company'* plant is being kept carefully stored In good order, ready for the renewal of operations a* soon as It shall appear desirable to do so. Th. Directors who retire by rotation ar. Measrs Hart, Bullock and Cduold, who ar. eligibl. for and offer themselves for re-eleotlon. It will also be necessary to elect a Director to fill ths vacancy caused by the death of tha late Chairman, Mr Williams, and to elect two Auditors for the ensuing year." The balance-sheet, audited by Messrs R. S. Harley and R. Hill Fisher, showed that the capital account stood as underTo amount called up, 18« 9d per share oa 43,115 shares, £40,420 6s 3d ; to amount uncalled, by 1s 3d per share on 43,115 shares, £2694 13s 9d ; total, £43.115. By 48,000 share., at £1 subscribed, £48,000; less 4385 shares forfeited and held in suspense by the Company, £4885 ; total, £43,115. The liabilities were—Called up capital on 43,115 share 18s 9d per share, £10.420 6s 31; leu unpaid calls, £47 6s 2J, £40,373 0s Id ; in suspense, various amounts on a number of chares, £3,4'20 12s Id ; sundry debts, £316 Is lid, and other small items, bringing np the total amount to £44,225 8s 9.1. The assets were £7530 4s 7d, of which the chief items were leasehold property £2912 7s, and machinery and plant £3916 13s 8d- The chief items of expenditure were—C neideration to promoters, 2s 61 per share on 48,000 shares, £6OOO ; salaries, £3106 18s 41; shift. £1834 5s lid; miscellaneous expenses, £3223 8- lOd; wages, £5944 7s 7d ; working expenses, £624 12s ; rent of leasehold No 1, £640; No. 2, £582 6s Id ; drilling contract, £5403 18s; tho total Icing £30,663 Ils; the loss on forfeited shares were Gisborne, £219 9s 61; Coristehurch, £llO7 3s 5d ; bad debts, £321 5s 8d ; depreciation account. £4260 17s ; rent, leasehold. No 2, in arrears, £24 5s 7d ; cash in hand and iu Bank, at head office, and Rotokautuku, £9B 12s. The Chairman said that they had practically done nothing during the year, as they were waiting for oil to show to a profitable extent in ths other walls. The numerous delays had tried the patience of the Directors as well as the whole of the sharsholdet*. The man in charge of the works was competent and careful in looking after the Company’s property. The expenses had beeq kept down, and tho directors would oantin'ie to do so, but more capital would be required to continue the boring should the other wells prove successful in the tests. Ikrthat case the required money (might be raised, or the present Company could sell out to another, which would give them a fair value for th. property. He moved the adoption of the report and balance sheet, Information was submitted, showing that the Pacific and Minerva Companies intended testing their wells at an early date. Mr E. M. Clissold seconded th. motion. Mr W. Wilson, as a large shareholder, asked if the calls could not be made lighter. The Chairman pointed out that the expense ot collecting a one penny call was as much a* that in collecting a twopenny on*, and, a* fij had (aid, the Director* wished to keep down expense. The motion was carried without dissent. Mr Wilson proposed the re-election of the retiring Director*. They had done their duty well in the past, and th* shareholder* bad confllenoe In them. Mr 0. Hiroqs seconded the motion, which was agreed to. Mr Wilson proposed Mr Jabez Rhodes tor the vacancy on the directorate, caused by the death of Mr Williams. Mr R. -W. England seconded the motion, and it was carried. On Mr Wilson's motion Messrs T. B. Craig and R. Hill Fisher were elected auditors for the ensuing year, 4 report on the Southern Cross Pstroieunj Company'* property, presented to Parliament by Mr H, A. Gordon, engineer, was read.