PETROLEUM COMPANY.

Lyttelton Times, Volume CXVII, Issue 17666, 19 December 1917, Page 11

PETROLEUM COMPANY.

annual meeting. The fourth annual meeting of the Canterbury Petroleum Prospecting Company was held yesterday afternoon, Mr AV. Wilkinson presiding., , The ohairmau stated that the prospects of the company had much improved of late, and were now very encouraging, rhe government Analyst had had samples ecutto him, and his repori was such as should give tho shareholders every reason to believe .hat payable oil would eventually bo found. ©no directors’ report stated that smeo the flo.ation of the company 12.957 contributing Shares' had been disposed of, and the company now consisted of nearly 700 uharchold era. Since tho last annual meeting the we l ait Chertsev had been continued to a depth Pi 1505 ft. "The Din casing was earned down to 1211 ft, and the TJin to 1486 ft. Arrangements had been completed to obtain 2000 ft of Gin casing from Sydnej*, which is expected to be on the ground shortly. Tho company oould probably secure 8000 ft of sin casang; should it require it. Oil and gas indications were met with on August 22 at a depth of 136Sft, and had continued to the present depth, 3605 ft. Concessions of boring rights had been secured over about 235,000 acres. In tho ovent of payable oil being obtained, these concessions would be a most valuable asset for the company, and tho terms upon which they were acquired were very favourable to the persons granting them. The application and the allotment cads which had been paid on shores amounted to £2246 12s Cd during the past year, and the expenditure hsd been £1383 13s lid. The nominal capital of tho company was £30,000, and the called up capital amounted to £17,320 los, less calls in arrears £843. . On the motion of Mr G. H. Buchanan, the report and balance-sheet were unanimously adopted. . The manager of the company, Mr A. Joyce, stated that since the report was drawn up the petition of the company had much improved, and the total shares now allotted and applied for were 14,762, instead of 12,087 on October SO. Messrs C. J. Harper, T. Wilson and A. Jamieson were re-elected directors, and M 1? py. Watt, F.P.A.(N.Z.), was re-elected auditor. ... .. , On the motion of the chairman, ft was decided to place on record the company’s appreciation of the valuable services which had been rendered by the manager, Mr Joyce, who from 'the first had taken tho keenest interest in the welfare of tho company. The chairman also mentioned tho good services which the chairman of directors, Mr C. J. Hamer, had rendered, and expressed his regret that Mr Harper could not seo his way to accept the chairmanship for tho coming