MEETINGS.

Ashburton Guardian, Volume XXXIII, Issue 8689, 15 October 1913, Page 3

MEETINGS.

PETROLEUM CO^PANiY

j| The statutory meeting of the Canterbury Petroleum Prospecting Company was held' yesterday afternoon, a dozen shareholders being present, and Mr O. J. Harper occupied the chair. The report, which was read by, the chairman, stated that the total number of shares allotted to date was 10,012, and of these 5000 had been issued as fully paid up to the vendor of the comcessions acquired by the Company on its formation, the consideration being the transfer of the concessions to the company under Agreement for Sale and Purchase, dated May 19, 1913. Applications for a further 210 shares had been received since the above shares were allotted. The total amount of cash received by the Company in respect of the above shares was £1090 17s 6d, being application and allotment moneys received on 5012 shares, and application moneys on 210 shares issued to the public. No cash had 'been received on the 5000 shares issued to the vendor, as described. The sum of £188 7s 6d was owing for allotment moneys. Balance Sheet.

The following is an abstract of the receipts and payments of the Company on Capital Account to the date of the report:— ■

Receipts.—Application money, 2s 6d per share on 5222 shares, £652 15s; allotment moneys, £438 2s 6d; total, £1090 17s 6d.

Payments. — Preliminary expenses, £'62 18s 10d; Brokers' commission; £250; sundry expenses, £15 3s 5d ; cash in hand, £8 15s 8d; cash in bank, £753 19s 7d; total, £1090 17s 6d. The preliminary expenses paid to date amount to £62 18s lOd, and it is estimated that there will be an additional £100 to be expended under this heading.

The Chairman, in moving the adoption of this report, said the position of the company- was that they had paid off almost all preliminary expenses, and had up to date of that meeting sold 5372 shares. .

| They had decided not to commence operations till they had sold. 10,000 shares. The cost of machinery and laboiir was high, and 5372 shares was too little with which to start. If they had gone to work with the 5372 shares now received they would have had to call up the whole of the £5372 to carry on, and he did not deem ihis desirable. The history of petroleum showed that many companies failed through starting with too little capital. Mr Joyce was at present in Dunedin trying to place shares and he wished him all success.

The Chairman i then, formally moved the adoption of-the .-report and balancesheet, which was seconded, by Mr W. Sparrow and .carried unanimously. In answer to a question, the chairman said, that 360 shares had been taken up since the company, had gone to allotment. ' Election of Directors. Mr J. Stringfellow proposed and Mr A. J. Stephens seconded, "That the present provisional directors, with the ad-1 dition of the names--of-Messrs' A."A. Jamieson and Thomas Wilson, be elected directors of the company."—Carried. The new directorate therefore consists of ' the following gentlemen:— Messrs C. J. Harper, W. Wilkinson, W. Sparrow, L. N. Dyhrberg, H. A. Lloyd, J. Fletcher, A. Joyce^A.' A. Jamiespn^ and T. Wilson. ' Mr F. W. Watt, F.P.A., was appointed auditor to the company, and Mr J.'.W. Bowden secretary. Directors' Meeting. At a meeting of the Directors held ai'ter the statutory meeting, Mr C. J. Harper was elected chairman.