South Pacific Oil Company

Gisborne Standard and Cook County Gazette, Volume II, Issue 269, 5 March 1889, Page 2

South Pacific Oil Company

The following is a copy of the resolutions passed at a meeting of shareholders of the South Pacific Oil Company, held at Christchurch on 27th February, 1889 : — That the shareholders present feci that the delays in testing the value of the well have been most incomprehensible; that the information received from the directors has been pratically nothing, not even reports or balance sheets; and that the unofficial explanations given have been very unsatisfactory. Mr Weaver seems to have had to act as both contractor and chief director, for, during hie long absence on his own business in America, the irregular lease to the Company was allcwec) to await his return to negotiate its settlement, and generally that for want of supervision the interest of share holders has not for a long time been well considered.

That the Christchurch shareholders urge the directors to have the well tested without further delay, and that a competent person be appointed with full power to act for the Board at Gisborne. That the Chairman send ' a copy of the above resolutions to the Secretary at Gisborne, requesting Mr Piesse to lay the matter before the shareholders there.