SOUTH PACIFIC PETROLEUM CO.

Gisborne Standard and Cook County Gazette, Volume II, Issue 277, 23 March 1889, Page 2

SOUTH PACIFIC PETROLEUM CO.

The result of Thursday’s meeting does not appear to have been very satisfactory to anyone; unless, indeed, to Mr Weaver. Mr Fleming by wire requested Mr Weaver to attend the meeting and to give “ an. exhaustive report.” Mr Weaver said he did not know what this meant; he certainly did not give it. There was one expression in Mr Fleming's I wire Which etruck us as singular, vis., <* Why should you notice dissatisfaction ot shareholders? We don't set the

necessity for such a remark under the circumstances, unless it was intended to deprecate any symptoms of wavering on Mr Weaver’s part. We happen to think differently from Mr Fleming, for our opinion is that dissatisfaction such as that of the South Pacific shareholders, which has found vent both here and at Christchurch, (in shareholders’ meetings and resolutions which there could be no mistaking, should be taken notice of by the persons causing it. Under all the circumstances we do not see that anything else could have been done than was done on Thursday. The shareholders were just between the devil and the deep sea—not that we mean for one moment to suggest that Mr Weaver is the former;—on the contrary, he much more resembles the latter; but we mean that if they had intimated their desire that Mr Weaver’s resignation should have been accepted, the probability is the Directorate would have made no other appointment, and everything would have slept till after the election of a new Directorate; with the off chance of another bar of iron finding its way down the well. The injury to the pipes, which is the cause assigned to the present delay, is a subject which will need a little explanation. Had that injury been above the tools and caused by jarring upward, with the bar of iron above the tools, we would have understood it; but Mr Weaver says it is in the first or second pipe, that is about 30 feet up the pipe. Now that space must have been occupied by the tools; whence then could come the injury to the pipe ? It is said that the present lease does not permit putting down any other bore than the present, so that if this is lost : no other can be sunk. We have not > seen the lease: it is like most other things in connection with this company —kept pretty dark. 1 Judging from the following wire the ; Christchurch shareholders must be I aware of our movements :— ’ Captain’ Tuokir, Gisborne. 1 Pacific annual meeting called for April 16. , Weaver has our confidence. . B. Hill Fisher.

The probability is that they have received a similar wire to that which Mr Piesse received from Mr Fleming; that they held a meeting, were moved by similar reasons, and came to a somewhat similar result to that at which the Gisborne shareholders have just arrived. Time alone can tell the secret which none else can solve.