Petroleum Syndicate, NEW PLYMOUTH.

Opunake Times, Volume II, Issue 55, 11 January 1895, Page 2

Petroleum Syndicate, NEW PLYMOUTH.

At the last meeting of the Harbor Board, the following resolution was carried ;—“ That provided a bore is sunk to either payable oil, or a depth of 1000 feet, rent up to the 7th May, 1895, shall not be demanded till after that date r and that if no payable oil is reached such rent shall be forgiven.” Mr Samuel waited on the Board, and subsequently the Board made the following addition to the resolution : “ Also, that if a bore be sunk as above, the lease to James Hazlett be henceforth read as if the clauses prohibiting export of crude petroleum to the extent of upwards of 100 gallons, or ironsand to a greater extent than 500 tons in any year, had never been inserted therein. But the latter part of this resolution shall not take effect unless the holders of the present lease consent to assign, without any premium, to any person whom the Board approves, all their rights in so far as they extend to ironsand.” An amendment striking out the additional clause was proposed by Mr Maxwell, and seconded by Teed, but on a division, w r as lost, Messrs Maxwell and Teed voting for the amendment, and Messrs Ward, Sarten, Smith, Couuett, and Cock voting against it. Mr George, being an interested party, did not record his vote.