THE OIL INDUSTRY.

Gisborne Standard and Cook County Gazette, Volume I, Issue 84, 24 December 1887, Page 2

THE OIL INDUSTRY.

The resolutions passed at the meeting of the shareholders in the South Pacific Petroleum Company on Wednesday are indicative of the unbounded faith which is reposed in the probable success of the well. There is no hesitating or wavering—the shareholders are firm in the conviction that a payable yield of oil has been obtained, and that the only thing that now remains is to get it into the market. When Mr Fleming was in Gisborne a short time ago he considered the indications were sufficiently good to warrant the formation of a Company (which he himself intended to promote) for the laying of a line of pipes to the Springs. Nothing further has since been heard from Mr Fleming with respect to this project, and some of the shareholders have now concluded that no time should be lost in floating the proposed Company, and also that it is better to make it a separate concern from the Petroleum Company. A resolution to this effect was passed at the meeting. This no doubt would be the wisest course, for, as was pointed out, there is always an objection with soma to the payment of further calls; whilst, on the other hand, anyone could take

up scrip in a second Company, and those interested in the present Company would have it optional with them, though it is certain many would avail themselves of the opportunity for investment. The suggestion made by Mr Weaver (the contractor) that the Directors be asked to provide storage accom. modation for 2000 barrels of oil is a proof that he is confident of having obtained a permanent supply, and can soon convince those who may still have doubts. This is the most practical course that could he adopted, for once thoroughly satisfy people and plenty of capital will soon be forthcoming. Mr Weaver leaves for Sydney to-morrow, and will lay before the Directors the views expressed by shareholders holding over 14,000 share. This should at once prove to the Sydney people that the Gisborne shareholders have perfect faith in the late developments. Unfortunately there are considerable details to.be completed yet, but it iB-to be hoped that no more time will be lost than can possibly be helped.