The Gisborne Standard AND COOK COUNTY GAZETTE Published every Tuesday, Thursday, and Saturday Morning Thursday, March 7, 1889. TO NIGHT’S MEETING OF THE OIL COMPANY.

Gisborne Standard and Cook County Gazette, Volume II, Issue 270, 7 March 1889, Page 2

The Gisborne Standard AND COOK COUNTY GAZETTE Published every Tuesday, Thursday, and Saturday Morning

Thursday, March 7, 1889. TO NIGHT’S MEETING OF THE OIL COMPANY.

Be just and fear not; Let all the ends thou aim’st at be thy country's, Thy God's, and truth’s.

Referring to a series of resolutions emanating from the shareholders at Christchurch (published in our columns on Tuesday last, and which are to be placed before the Gisborne shareholders at a meetfog to be held this evening at the Masonic Hotel), we most heartily endorse the spirit of those resolutions and can only say we are surprised at their moderation.

Although we, living near the scene of operations, have little knowledge of oil boring, still we get news now and then of accidents which are not altogether avoidable, and therefore we are capable of making due allowance ; with the outside shareholders such is not the case. As the resolutions say, “ the information received has been practically nothing." To say that shareholders here are dissatisfied is a very mild way of putting it. They are exasperated, the “ management ” has been such that we may justly be called to account for using that term, but we are at a loss for a term that would be applicable ; and this last call, for which no reason has been given, has simply brought things to a climax. Shareholders will stand this nonsense no longer. Who is to blame for all this unnecessary delay ? Mr Fleming declares he is not. In this his statement is to a great extent borne out by the cablegrams and letters which are continually being received at the local office here, instructing Mr Weaver to push forward the test, and from the anxious tone of the letters from the head office, and the almost daily expectation they are in there of receiving a cablegram informing them of the termination of the test, it is shown they are practically more Ignorant of what is being done, and how near they are to the test, than we are.

We were permitted lately to see a letter from a gentleman largely inte> ested in the oil industry, in which the following sentence occurs : “ I did not see Mr Fleming, who was out of town, but I saw some of the other Directors ; they appeared very much disgusted at the continued delays in testing the well."

We cannot but infer from all these facts that the Directors lay the blame to the management at this end, and as Mr Weaver evidently does exactly as he pleases, and certainly does not look after the shareholders’ interests as he might, we have no option but to think that a great deal of the blame which falls on his shoulders is rightly placed. Take the last delay as an example i it jg six weeks to-day since the tools wore

pulled up; certain repairs were found necessary to the machinery after the severe work it had had, the services of Mr Price were obtained to execute those repairs, he being not only a good carpenter but a practical borer, and as such has a thorough knowledge of what is required. Mr Price finished those repairs, tested the machinery, found everything working satisfactorily, and being satisfied of its efficiency, came to town and reported it to the local agent. Mr Weaver (who had been absent from the works the whole time the repairs were going on) returns to the works and finds the sand reel will not work, and finally breaks it, thus necessitating a further delay. Now we ask, why in the name of common sense and honesty, was not Mr Weaver at the works the whole time those repairs were going on ?—he could then have seen that they were not only executed properly, but in the way he required. Mr Weaver’s place was at the works, instead of spending a portion of that time in a trip to Auckland, and the balance lounging about Gisborne. These are facts to which we cannot shut our eyes, and we urge upon the local shareholders that it is high time they took some more determined action than the passing of votes of confidence in circumstances where there appeared to be so little reason for satisfaction. It would be presumption for us to dictate or even to indictate what ought to be the line of action; the whole thing is much in the nature of a problem, but the Christchurch shareholders have taken a lead which we commend to the earnest attention of the local shareholders. In the interests of this district, as well as in their own personal interests, they are bound to take some decisive action, and we hope that to-night’s meeting will not be without some practical result. We cannot say that we view the call with the same unpleasant feelings as the shareholders; they smart under the infliction, but we have hopes that in the end it will have a very desirable effect.