SOUTH PACIFIC PETROLEUM COMPANY.

Lyttelton Times, Volume LXI, Issue 7223, 24 April 1884, Page 5

SOUTH PACIFIC PETROLEUM COMPANY.

The adjourned meeting of shareholders of the South Pacific Petroleum Company was held last night in the large upstairs room of Arenas’ Cafe de Paris. There was a large attendance, the number of shares represented being close upon 7000. Mr W. Wilson took the chair. The business to be transacted was advertised as follows :—“ To consider a letter from the Sydney office relative to the removal of the Directorate to Christchurch, the nomination of the Christchurch Directors for election at the general meeting in Sydney on April 30, and other matters of importance.” The Chairman congratulated the meeting on the large attendance on so important an occasion. Some time ago a movement had been in progress having in view the transfer of the Directorate from Sydney to Christchurch. Correspondence would be read showing that the Sydney Directors themselves were willing to agree to the transfer. Mr T. B, Craig informed the meeting that meetings had been held some time ago in Mr Hoopers rooms, and later at the Mining Exchange. At the latter, Mr Motley, who represented the Napier shareholders, was present. At the meetings dissatisfaction was expressed at the present management. Mr Wilson had received a letter from Mr Boss, the promoter andlargest shareholder of the Company. Mr Craig read the letter, which spoke in unmeasured terms of the so-called Local Board of Advice, and went on to say that Mr Boss would assist the Canterbury shareholders, and that believing he had a good thing on hand, he had not sold a single share, and did not intend to, so long as there was a chance of the' Company being worked honestly. He concluded by saying that the bore ought to be down, instead of 378 ft, ten times that depth, and asking to be informed what Canterbury gentlemen were likely to be Directors. A letter addressed to Mr Hooper by the Sydney Directorate was read to the following effect: —At a meeting of the Board, held recently, a discussion had arisen as to the advisability of transferring the Directorate of the Company to New Zealand, which they understood had been agitated by the shareholders in Christchurch and Napier. It had been the general opinion of the members of the Board that it would be to the advantage of the Company generally if the management were now in New Zealand, both because the bulk of the shares are held there, and also for convenience of directing the operations near Gisborne. The writer had been requested by the Directors of the Board to suggest to Mr Hooper the advisability of the Christchurch shareholders sending deputies to attend at the annual meeting to be held on April 30, with authority to act on behalf of the shareholders in New Zealand in taking whatever steps might be necessary to bring about the required change. A list of Directors should also be sent, so that they might be elected at the coming meeting. Should the deputation not be able to reach Sydney by the 30th, the meeting might be adjourned for a week. Mr Craig read a telegram from Mr Motley, allowing himself to bo nominated as a Director, and a letter suggesting certain gentlemen as willing to go to Sydney. The Chairman said he had taken legal advice that there was no necessity to send representatives, but that a power of attorney sent with the names of two shareholders to be Directors, would be sufficient. The power of attorney would cost but .£4 or £5, while sending the Directors would cost <£loo or ,£IOO.

Mr M'Dougall suggested that the opinion, of the legal gentleman should he cabled to Sydney at once. Mr was in favour of sending representatives. Mr Domhrain moved—" That a power of attorney be sent over to Sydney” Mr Dunning seconded the motion. Mr Hebden moved, as an amendment—- " That the Chairman bo empowered to cable to Sydney, enquiring if a power of attorney would bo accepted by the Directors.” The amendment was seconded. Mr Dombrain adopted the amendment, and prefixed it to his motion. Mr Davis thought it best to move first—- “ That this meeting is of opinion that the Directorate of the South Pacific Petroleum Company should bo removed from Sydney to Christchurch.”

. Mr Craig seconded this motion, Mr Fisher asked if the meeting had considered that at present shareholders had no liability. If registered under the New Zealand Act, there would bo liability. The motion was carried unanimously. Mr Dombrain’s motion was then put in the following form“ That the Chairman bo empowered to cable to Sydney, enquiring if a power of attorney would bo accepted by the Directors, and if so, that a power of attorney be sent immediately,” Mr Craig spoke in favour of delegates being sent. Ho would prefer the Directorate being removed to Auckland. Further discussion followed, and to Mr Dombrain’s motion were added the words “and to request them to adjourn the meeting for at least fourteen days.” The motion, as altered, was agreed to. The meeting nominated Messrs W. Wilson, Motley, Fishor, Davis, M'Dougall, Dombrain and Dunning as the Directors, and loft it to them to elect the delegates. Mr Hooper moved —“ That this mooting pass a vote of thanks to the Sydney Directors for their readiness to allow the removal of the Directory from Sydney to Christchurch.” Mr Bush seconded the motion, which was agreed to. Votes of thanks to the Chairman and Mr Arenas finished the business of the meeting.