TARANAKI PETROLEUM.

Evening Post, Volume LXXIV, Issue 147, 18 December 1907, Page 2

TARANAKI PETROLEUM.

ANNUAL MEETING BONITHON COMPANY. Shareholders in the Bonithon Freehold Petroleum Company, Limited, held their first statutory meeting yesterday, at the Chamber of Commorce. Mr. W. H. P. Barber, M.P., chairman of directors, who moved the adoption of tho annual report and balancesheet, remarked that the petroleum business had received rather a severe setback during the last twelve months, but visits paid to various bores in the locality of that of tho company had convinced the directors that the prospects were of a very satisfactory nature. Delay had been occasioned to the eariy companies through unanticipated difficulties. There had been great difficulty in getting a bore down 2000 feet, owing to the uncontrollable characteristics of the water, which occasionally overcame everything and ensued up mixed with oil, sand, and dirt. The company's bore was down 1950 feet on 19th November last, and in terms of the contract it was to be put down 2300 feet. At this depth it was expected to tap the oil well, but the experiences of other companies seemed to show the necessity of going a little further. Since the 19th November work had. been impeded by accidents. A report by a shareholder 'who visited the bore on Monday stated that there was a good and improving show of oil, and that tho man in qharge was highly pleased with the results. The report and balance-sheet were adopted without discussion. > Tho provisional directors v.-ere electee! to office for the ensuing twelve months. They are Messrs. W. 11. P. Barber, M.P., F. Flatman, M.P., J. P. Watt, John Lamb, J. A. Lutz, William Pringle, and John Petrie. Mr. O. R. Bendall was appointed auditor.