South. Pacific Oil Company.

Gisborne Standard and Cook County Gazette, Volume II, Issue 254, 31 January 1889, Page 3

South. Pacific Oil Company.

INDIGNATION MEETING. A meeting of local shareholders in the South Pacific Petroleum Company was held on Tuesday afternoon in the Masonic Hotel. Present: Captain Tucker (in the chair), Messrs A. Graham, Stubbs, South, W. Good, Maude, Piesse, P. H. Bourke, Rosie ( Ward, Boss, sen., Boss, juo., Martin, W. Cooper, C. Smith. The Chairman said the object of the meeting was to continue the discussion that ensued at the previous meeting, about two or three weeks ago. They were better able to come to a conclusion now than they were then. Some of them were prepared to speak their minds then pretty plainly, but others thought a few weeks would have unfolded certain events. When they thought things were going on swimmingly, and the test was going to be made, they suddenly found that the fountain head had been moved right away. Every thing had come to a standstill. That was the motive that bad brought them together that day. In two or three days - there would be ai general meeting of shareholders in Sydney, and this would give them an opportunity to communicate their satisfaction or dissatisfaction with the conduct of affairs to the Sydney meeting. He thought it would |be proper to do so. His own feeling was that things had not being going on successfully. They had been subject to frequent disappointments. He did not think they could come to any conclusion other than there had been mismanagement. He thought Mr Weaver had done as most men would have done, and no doubt he he had his own business to look after. Perhaps his position was not such as he could ■hive the whole of bis time to the matter. He wksjagß their servant, and did not think they shfittßeay anything about him. They could safMWsay this, that the business of the Compaijhae not been prosecuted as it should be, neitßer at one time nor the other. There had been nobody in charge of the well for the Company: there might be somebody there nominated by Mr Weaver. He (the Chairman) did not think that was as it should be. H it were necessary for Mr Weaver to go away then the Company should have (had some person to take-the work over and continue it. Mr Bosie said Mr Weaver had given them to understand at last meeting that when the tools were drawn, he had done with the well. It had been reported, whether accurately or not he could not say, that some of the tools had been sent to Sydney to the Water Boring Association, Mr Stubbs thought Mr Piesse Could supply thia information, Mr Piesse bad no official knowledge |of the Affair, The Collector of (Customs bad come to him and asked him to pass an entry, but be refuted to do so as he knew nothing about the tools being shipped. Two lots of tools were sent, one by the same boat that Dr Storer left in, and one in the last boat, The Chairman said it showed things had been mismanaged when the Manager of the Company knew nothing about thia matter. Mr Piesse said that when Mr Weaver returned to town he reported that the plant was in a bad state, Mr Weaver asked him to cable to Sydney to the effect that the tools had been removed, but that he could do nothing until he got some rig iron*, which bad been cabled for a fortnight ago, Mr Weaver also asked him to make arrangements with Mr Joseph Price to go up and put the derrick in order, as the jarring of the pipes had damaged the woodwork considerably, He saw Price, who agreed to go up on Thursday. The timber was also being sent up, so that everything was being done, He did not know whether Mr Weaver had left instructions to anybody concerning the well. Mr Graham asked whether Mr Weaver had been settled with.

Mr Piesse was not in a position to say whether he was settled up with, but h id heard it stated that Mr Weaver had been settled with to within a trifle. 1 Mr Maude: Mr Weaver stated that the reason he gave instructions to Frank Weaver on going to San Francisco was that he had not been settled up with. Mr W. Good asked what was being done with the money they were paying for calls. The Chairman could not say more than he expected it went to pay current expense’. Mr South said the Company could not be held responsible for the money unless Mr Piesse had given authority for the expeadi- I tore. Mr Stubbs said he had met Mr Weaver on returning from Frisco and told him what had transpired at the general meeting, at which Mr Fleming- was present. He asked Mr Mr Weaver if what Frank Weaver bad stated was true, that he (Mr Weaver) was owed £6OO. Mr Weaver said it was not. When he went away there was a small amount due to him. He had received some money in Sydney before going away, and the call since had left him slightly in the Company’s debt. Mr Piesse said as far as he could understand Mr Weaver was receiving no pay for the work be was doing at present. He was merely receiving his hotel expenses and carriage to the works and back. Mr Boss asked if Frank Weaver was not discharged by Mr Fleming ? Mr Piesse saidHbat was so, but Mr Washington Weaver took him on again on his return from Frisco. Mr Maude thought nothing should be passed until they knew Mr Weaver had gone to Sydney. It would look foolish if they did so, and Mr Weaver came back on Friday. The Chairman thought nothing should be said about Mr Weaver's conduct, but that they should express d satisfaction at the < manner in which the business was trans cted, for tfle benefit of the Sydney sharpholders as well as themselves, Mr Boss said he was going to propose a vote of no-confidence in the Directors, who had mismanaged affairs for the last ten years. They had carried the work out for the last ten years to the satisfaction of no one, not even themselves Twelve months ago he wrote to th-ra, offering 2250 paid up shares if they would strike oil within a certain time, by pu ting down a bore in a certain place. No company had been so wretchedly managed. They could not bltme Mr Washington Weaver. They should go for the parties who were responsible, and these were the Directors, and ho thought they might well single out the Managing Director. No one was In charge of the well. There were thousands of pounds' worth of property they knew nothing about, and now they had

just heard that tools were being smuggled I away to Sydney. Mr Weaver bad been given directions to put down a bore on the Cora I pony's property, instead of which he had put I it down on Reads' Trustees’ property. i The Chairman would oppose any motion levelled at Mr Fleming. Mr Fleming had I paid them several visits, which none of the I Directors had ever troubled to do. If they I ■ent ovgr a motion of the sort proposed the I Sydney people would say they were men I whose opinions were not worth having. I Mr P. H. Bourke also thought it a great I ■ mistake to pass a resolution of that kind. I Ha had a resolution, which he would propose, to the effect that it was advisable for the shareholders to take possession of the well, and hold it until the Directors sent some competent person over to take charge of it, or gave them permission to engage Mr Stubbs to test the well. They should ensure tbs safety of the well, and see that there was no chance of anyone injuring it. To leave it ia tbs hands of Frank Weaver at the present moment was dangerous. The Chairman did not think it would be wise to take forcible possession of the well. Mr Graham also thought it would not be wise to take forcible possession. Hs would

propose that ths following message be sent |o the Chairman of the general meeting of I'lareholden in Sydney -. — " Weaver left, supposed for Sydney. Meeting of opinion work being abandoned at present juncture most detrimental. Boro Should be taken possession of at once, and some competent man authorised to proceed ■t once with teat, which has been delayed for fifteen months on various pretexts, destroying the confidence of shareholders hers in management pt Company." Mr Maude objected to the word competent being in the resolution, as it was a reflection on Mr Weaver, who, he said, was the only man la the district who knew how to put down a bore. The Chairmen said it was hot a roffeetioa oa Mr Weaver. They did not care so long aa a competent man wM Mat, even If that wt Mr WtavWi V

Mr Graham consented to strike the word competent out in deference to Mr Maude’s wishes.

In answer to a question Mr Piesse said Mr Price had told him that the rig irons were unnecessary. Mr Maude protested against passing any motion until they knew whether Mr Wcaver had gone to Sydney or not. Mr South said he knew for a fact that Mr Weaver’s berth had been booked for Sydney. He sp->ke to Mr Weaver on Saturday, but the latter never said a word about going to Sydney or Auckland. The motion was then put and carried unanimously.