SOUTH PACIFIC PETROLEUM COMPANY.

Gisborne Standard and Cook County Gazette, Volume II, Issue 273, 14 March 1889, Page 2

SOUTH PACIFIC PETROLEUM COMPANY.

MR WEAVER IN EXPLANATION. A meeting of shareholders in the South Pacific Petroleum Company was held yesterday afternoon, there being present: Captain Tucker (in the chair), and Messrs File, Graham, Stubbs, Maude, P. H. Bourke, Chrisp, Smith, Murphy, Good, Matthews, Piesse, Dunlop, Drs Pollen and Innes, and others. The Chairman said he did not exactly know what was the object of the meeting. It had been called by Mr Weaver, Mr Maude said at a previous meeting of shareholders he had been accused of fraud, and the meeting had been called to enable him to pnt himself straight before the shareholders of Poverty Bay. So far as he was concerned it was false to say that he was in collusion with anyone to freeze out the Poverty Bay shareholders. A sixpenny call had been made about September last—that meant about £ll4O to them. It went towards paying an overdraft of £5OO and the building of a new rig. Shortly afterwards there was a threepenny call (£570). During that time Mr Fleming came here, and his expenses had to be paid out of that, and also the expenses of getting the new lease. The fivepenny call had to pay up the balance of that and wages. Since last January he had not received a penny from the Company. He had done the best for himself, and when he did that he was doing his best for the shareholders, being one of the largest himself. Whenever there was any possibility of doing work he was up there : when he could not he was of course in town. When he eame here to take the tools out of the well he thought be had a two weeks' job, but one thing had led on to another, and he had found things very difficult. He was trying in every way to do the best for himself and the shareholders ot Poverty Bay. If they were tired ot him he would step aside and let somebody else take it up. Captain Chrisp said if what Mr Weaver had said was all he hod to tell them he might have spared their attendance there, as he had really told them nothing more than they knew before. Mr Weaver had not been charged with fraud, even personal allusions had been guarded against. It was not against the calls being made that they grumbled—it was against the way things had been carried on ; they did not know where the money went, and things were not being prosecuted vigorously. Mr Weaver asked whose fault was it in regard to the complaint. Captain Chrisp said that was what they wanted to know. They were dissatisfied with the management, and he bslieved Mr Weaver was acting under instructions from the Directors.

Mr Weaver : I am not. Captain Chrisp : You ought to be. Mr Weaver then said he was working under the instructions of the Board.

Captain Chrisp said they should not issue such instructions.

Mr Weaver asked if he could conduct the work in any other way. Captain Chrisp thought things could be more satisfactory. Mr Weaver: You had better get someone else; I will cable to the Board that the New Zealand shareholders are not satisfied with the way thinge are going on. Mr File: That they are dissatisfied with your management. Mr Weaver : That ie what I want—that is straight. Mr Weaver said he had done the work to the best of his ability, and in an aboveboard way. Mr File said they were not satisfied with the way things had been done. Mr Weaver said Mr File was not a judge —he was an agitator. Mr File admitted he was not a judge on oil matters.

Mr Weaver was about to leave the room when Mr Maude asked him not to go yet. He asked what was the trouble now.

Mr Weaver explained that there was trouble with the pipe. In reply to a further question from Mr Maude, Mr Weaver said it’ he could not succeed in what he was doing, the only alternative would be to draw the pipe, which he did not think would give much trouble — it would mean about a week’s work.

In reply to Mr Matthews, Mr Weaver said he had only found out this trouble on the last visit up—they had to feel their way. In reply to Dr. Pollen he said he did not suspect anything of this obstacle previously. Mr File asked when he expected to strike

Mr Weaver said God only knew. Mr Graham said he had seen Mr Weaver about many a time when he thought he ought to be at work. He held to what he had said at the previous meeting that there was something which had not been disclosed to shareholders—they had not been treated fairly by the directors, and he believed Mr Weaver must know something about it.

Mr Weaver repeated that he was not in collusion with anybody—he was doing his best for all.

Mr Graham said anyone who thought over what had been done in the last eighteen months, could not help coming to the conclusion that there was no wish for the test to be made—he did not say whose was the fault—the New Zealand shareholders were completely in the dark. As to his going to ’Frisco they had been humbugged over that. Why was not the lease put right in proper time ? Mr Weaver said he had nothing to do with that.

Mr Graham was glad to hear it. He did not think the works had been pushed on properly since the lease had been completed, nor did he believe anyone else could. Mr Maude said with the difficulties he could understand it. Mr Weaver said when he went to ’Frisco he knew nothing about the defect in the lease. When he was in Sedney he could have sold his shares for 25s each, but he did not do it. If Mr Graham could point qut anything which he had done that was a fraud or a fraud, he would say no more. He knew no more than Mr Graham did as to the Sydney shareholders. In reply to Mr Bourke Mr Weaver said he paid up his calls whenever they camo due.

Dr. Pollen said the shareholders had only come to ttye conclusion they had done as a last resort, because th y could no longer find reasons or excuses for what was being done —they must assume that there must be some malpractice. So far as they could see they coqld not understand what Mr Weaver was doing when he appeared to them to be wasting his time in public houses instead of being at the works. The shareholders had always to make a row before they could get any information whatever. He thought Mr Weaver might make reports to the local secretary of how things were going on. Mr Weaver explained that his instructions were he should first make his reports to the Directors.

Mr File read two reports made some years back, in one of which there was a statement that there was 135 feet of oil in the pipe. He asked where that was now ?

Mr Weaver said they were now down 1321 feet—the oil was still there, as Mr File could see if he had gone up, instead of talking there to the newspapers. In reply to Mr Murphy Mr Weaver said be had no position with the Board, unfortunately for him—he o&me as a volunteer to test the well. His contract was finished at 1300 feet, and he had gone on for another 21 feet, the Board having told him to use his own discretion.

In reply to Mr Matthews Mr Weaver said the delays had been inevitable and were still Inevitable. Great oare had to be exercised in what they were doing. In reply to a further question Mr Weaver said he believed there was 90 feet of oil in the well now. They had to use the sand Sand that reduced the quantity. H’s m was still unaltered that they had a good payable well, once they could get over the present difficulties. In the course of further remarks Mr Weaver said as a last resort he would have to start the pipes. Mr Stubbs said he could not do it, so that there was a plain Contradiction, If he could not draw 250 feet of pipes he would go back to America again. In reply io Mr Murphy Mr Weaver explained that the reason his cousin had ptevsnied tM well being touched *k»B beeauae

there was £450 owing st the time, but he blamed his cousin for not telling Mr Fleming the reason straight. Mr Maude said that when the oil was struck Jf the Sydney people instead of pushing the thing had gone in for company floating. He went into the circumstances and paid Mr Weaver a high compliment as to his straightforwardness. He liked Mr Weaver's action in calling this meeting. He himself had personally inspected the well and satisfied himself as to the reliability of the reports. He thought they should be glad to have Mr Weaver there to go on with the work. They should not goad him into throwing it up, and have him replaced by amateur tinkere, which he thought it would amount to. The fact that Mr Weaver was spending hie time and keeping to what he was doing ought to prove that he was doing his best. Mr Weaver stated that two of the men were from three to four months without getting their wages, and the result was they were getting discouraged. . 1 Mr Graham said that was part of the mismanagement of which they complained. Captain Chrisp moved that ** Thio meeting, having heard Mr Weaver in explanation, is stilt ot opinion the resolutions previously passed are still necessary, and that the Committee take all neoessaiy steps to carry them into effect.”

Mr Weaver, in reply to what Mr Graham had stated, said he did not take the resolutions to reflect on himself.

Mr File seconded. He expressed sympathy with Mr Weaver in his statement that the men were not being paid—it showed that the thing wanted looking into. They did not so much object to the calls as to their being made without anything being shown as to the way the money was being expended. Mr Maude thought they ought to add to the previous resolutions that there was nothing in the resolutions reflecting nn Mr Weaver. The Chairman said the meeting was taking 'ng the usual course, and they were passing and altering resolutions. He had purposely said verylittle—what he had said he bad told to ’ Mr Weaver privately. Ho was dissatisfied with everything. Mr Weaver'e behaviour had been a puzzle to him, and if he or anybody else could give him a solution of it he would be thankful. They could work it out in many ways, but something came in the way and they could not understand it. He did not know for what cause, but Mr Weaver's conduct was unsatisfactory. It Mr Weaver had not the shares ho had ha would ba at. taoked personally as to what ha had dona for the past two years. Something had always been happening, and they could sympathise with the telegram from Sydney 11 what was the delay now ? ” It might be atttibuted to the tact that Mr Weaver was surrounded with difficulties—that he had no defined position, and that the Board was in Sydney. Ona thing he did not think Mr Weaver could explain was how with his interest in ths com. pan? he should be content to go on with such a lack of vigor. Apart from the question c| dividends they were carrying on tbair backs, the destiny of the district, and in the same measure they looked to Mr Weaver. They had watched his movements jealously, as he might expect. He could not charge Mr Weaver with any deception, but it surprised him to think that Mr Weaver considered life was long enough to allow the dilly-dallying of the past two years, and to let this grand pros, pent be eluded from his grasp. It it satisfied him with this large interest why should they not be satisfied ? But still ths wonder was to him why things should be so, The whole matter was to him insoluble. He would agree to the resolution if the words “ having heard Mr Weaver’s explanation ” be taken out. The words would indicate at a distance that an explanation had been required. Captain Chrisp was willling that anything should be excised which would be taken as a personal reflection on Mr Weaver.

Mr Graham did not know why they should pass any resolution—he did not believe any. one would go away any more satisfied than they came. Dr Pollen said when the meeting broke up w they would go sway with a feeling that they were as near the oil as they were ten years ago.

In reference to a remark from Dr Pollen Mr Weaver said if he had to draw the pipes he would guarantee he would do it in two weeks.

Mr Smith saw no necessity for the resolu. tion at all—the meeting was called by Mr Weaver. The Chairman doubted whether he could put it without Mr Weaver's consent. Mr Matthewe said the ordinary course would be to pass a vote of thanks to Mr Weaver for his statement.

Mr Weaver raid the expression of the meeting was all that would keep him from resigning—he had previously decided to cable his resignation to Sydney, as he had not the confidence of the shareholders. If ha had lost any time he had always made it up by overtime. The Chairman said Mr Weaver had treated the shareholders just as he had treated himself, but life was short and he was getting tired of waiting. Mr Weaver said he backed his opinion with money.

Mr Graham said it was impossible to disassociate Mr Weaver’s name from the resolution—it they sent anyone to Sydney they would have the Directors just throwing the whole blame on Mr Weaver. He agreed with the Chairman that no resolution was necessary.

The Chairman moved a vote ot thanks to Mr Weaver and expressed a hope that the latter would do his beat to push things 00. The motion was carried by acctamstion Mr Weaver stating that he always had qnd always would do his best tor ths shareholders, as he would at the sama time ba doing the best for himself.

A SINGULAR FACT. [IO THE XDITOR.j Sib,— l have beeq informed Wtet M, Weaver stated at the meeting to-day (Wed. neaday), in answer to Mr Matthews, that he only found out last week that they. _ ... , something wrong wW. ths pipe ; and that he might have to pull it out. It fa a alngular /net, that hi; proposal to pull it out, was known to Mr Piesse nearly a month ago 11 believe 1 am correct in stating that Mr Piesse wrote to ths Board about it. Further comment Is neodltss as to the rest of his statements.—l am, Ac., Ausbxt Bsarib«ldxs.