South Pacific Petroleum Company.

Gisborne Standard and Cook County Gazette, Volume II, Issue 291, 27 April 1889, Page 2

South Pacific Petroleum Company.

[FROM OUB OWN COBaXSrOKDENT.]

Sydney, April 17. From the reports I have read in the Standard, together with notes I have myself made, I have become quite confused as to how matters really do stand in regard to the above Company. I made a special point of calling round at the office and interviewing Mr Jopling. He told me that no one but shareholders would be admitted to the annual meeting, and I felt sorry you had not got me a proxy for the occasion. However, Mr Jopling treated me courteously and said he would supply me with a report of the proceedings. I went again at tha time appointed, but it was not ready and he said he would let me have it in time for today's mail. I repeated my visit this morning, and Mr Jopling said he would let me have the report at 2—the mail was to close at 3. Went at 2, but Mr Jopling was not in, so you are as well off for information as I am. The “ Board of Consolation ” might be able to oblige you. At any rate I do not think you would have published a " report ” of the kind if I had obtained it: if they are afraid to admit a Press representative what value can be placed on the reports given in the manner proposed ? I see by this morning’s paper that Messrs Fleming and Weaver are booked for ’Frisco. Mr Jopling, however, informs me that Mr Weaver is not going to 'Frisco. [ln the list of the Mariposa’s passengers, published in the Auckland papers, the name L. D. Weaver appears.)

We are indebted to Mr F. J. Piesse, the local Secretary of the South Pacific Oil Company, for the following report :— The annual general meeting of the South Pacific Petroleum Company was held at 24 Clarence Street, Sydney, on Tuesday, April the 16th, 1889," Wm. Fleming, Esq., in the chair, and about twenty shareholders present. The Chairman read the notice convening the meeting. The Secretary read the minutes of the adjourned semiannual general meeting held on the Sth of February last, which were confirmed. The Chairman gave a resume of the history of the Company from the beginning until the present time, and explained the many difficulties the Directors had met with. He was now retiring from the Directorate, owing to his trip to America, and he therefore thought it due to himself and bis coDirectors that he should make the statement he had, and ho wished the Company prosperity. Ha moved the adoption of the report and balance sheet. Mr Forsyth seconded, and in doing so supported what had been stated by the Chairman with regard to the working of the Company. Mr D, Manson moved an amendment '* That the report and balance sheet as presented be not adopted ” ; this was seconded by Mr Cracknell, and on being put to the vote was carried. It was then explained that amendment was not intended as a vote of censure on the Directors, but that it would be better to observe the usual form of getting the documents printed and distributed among the members before adoption. The Secre tary explained that th-x non printing of the report and balance sheet was due to the returns from New Zealand not being complete, and hence the balance sheet was not ready for printing. At the request of the meeting Mr Weaver explained the state oi affairs with the bore; that he did not anticipate difficulty in drawing the pipes to remedy the fault, and that his faith in the success of the boring was demensrrated by the number of shares he held. Mr Bevan found fault with Mr Weaver for going to America, upon which Mr Weaver pointed out that at that time he had completed the work he had contracted to do, and the Directors had no control over him, and he was entitled to go where he pleased. After a little farther discussion Mr W. H. Jennings moved, and Mr T. Bevan seconded, ” That Mr D. Manson and Mr B. C. Simpson be elected Directors to fill the vacancies on the Board,” and there being no opposition they were elected unanimously. Mr Jennings then moved, and Mr E. C. Cracknell seconded, " That the Directors be requested to pay Dr. Storer’s expenses ”; this was carried, and the meeting was adjourned till Monday, May the Sth, to receive the balance sheet, and elect auditors.