Southern Cross Petroleum Company, Limited.

Gisborne Standard and Cook County Gazette, Volume III, Issue 340, 20 August 1889, Page 2

Southern Cross Petroleum Company, Limited.

A half-yearly meeting of the shareholders of this Company was held at the rooms of the Canterbury Agricultural and Pastoral Association at 7.30 on Wednesday evening. Mr George Hart, Chairman of the Board of Directors, occupied the chair, and there were nine shareholders present, representing about 7100 shares, including proxies. The Chairman read the half-yearly report, stating that the Directors regretted tha prolonged delay in opening up the oil wells in the Poverty Bay district had put an end for the present to the hope of obtaining additional capital to enable operations being resumed ; and although the current expenditure has been considerably reduced, it might

become a subject for serious consideration at the next annual meeting of smreholders whether the Company should not be wound . up voluntarily. ( The Chairman, in moving the adoption of the report, laid that the affairs of the Company bad been carried on during the paet six months in the most eoonomioal way practicable, by which only one call ot one penny had been made on the shareholder!. And by estting off against rent due by the Company to the Natives, money owing to the Company by the Natives, they might carry on for another six months with another penny call, or at most twopence worth of calls per share. The earns policy of economy previously practised would be continued in the future. Mr William Wilson, in seconding the motion, advocated going thoroughly into the possibility of making tha paraffins on their estate a payable product, before considering whether or not the Company should be wound up voluntarily. The balance sheet laid on the table showed receipts for the half-year, ending June 29, 1889, as cash in hand on December 31, 1888, £9B 12s; calls received, £196 8s 91; other amounts. £6 19s 7d ; total, £3Ol 151 4d. Expenditure, including rents, salaries and working expenses, £203 ss. Leasehold property, £4 3s 4d; cheque held for collection, £2l 13s 4d ; cash in Bank and on hand, £67 18e 3d; total, £30115a 44. Capital account— Capital subscribed, £48,000, in shares ot £l, has forfeited eharea held by Company, £4805; total, £43,115. Capital called up, 18s iod per share, £40,599 19s 2d, and amount uncalled, Is 2J per share, £43,115. Liabilities—Net amount of capital called up, £40,569 3a 10J, and shares forfeited and held by the Company, £8420 12s Id; total, £48,989 153 lid. Assets—Property in land, plant, and cash, £4530 l(Js Id ; less liabilities due bn same, £364 18s 6d; total value of assets, £4165 17s 7J. Balance, showing capital exhausted in following up the enterprise, £39,873 17s 101; less transfer fees received. -EiO 19a 6J, £89,823 18a 41; grand total, £43,999 15a lid, ’ Several shareholders spoke as te the advisability of awaiting results of the recent developments in the South Pacino wells before deciding to terminate the Southern Cross I WOtkiiigs, ;