SOUTHERN CROSS PETROLEUM COMPANY.

Poverty Bay Independent, Volume I, Issue 80, 28 November 1885, Page 2

SOUTHERN CROSS PETROLEUM COMPANY.

The following report of the meeting of the Christchurch Shareholders in the above company is from the Press of Friday last This company met last night, with a very large attendance of shareholders. Mr Spademan presided, and moved—" That the Directors be authorised to call for tenders for putting down a bore to the depth of 800 ft by contract, and to accept same at the most reasonable price obtainable.” Mr Joyce detailed the Company’s operations from its start, and impugned the management on several points. Mr Stubbs, tha General Manager, explained several of the matters touched on by Mr Joyce. Mr W. Wilson gave it as his opinion that the affair had been a delusion from the beginning ; had drained Sydney, Melbourne, and Christchurch for Gisborne's benefit; had been grossly mismanaged all through, and especially by Stubbs, and had better be wound up. The Directors who went up had not looked into the matter closely enough, He had not the smallest confidence in Mr Stubbs. Mr G. Hart defended Mr Stubbs, and gave some encouraging details of oil boring in California. They had obtained a most valuable lease, and he thoughs they should try to find a, better point for boring. He would second the resolution. An amendment, proposed by Mr Turpin, in favor of paying for boring only on completion of contracts having been negatived, the Chairman put the motion, as follows “ That the Directors be authorised to call for tenders for a bore for 800 to 1000 ft, and lay the tenders before a meeting of shareholders to be called within one month from this date.” The motion was carried. Mr Stubbs made an explanation regarding the. past management of the Company. In spite of Mr Wilson's remarks, he hadja good deal of experience, end he was prepared to start boring without Mr Bapp, though he would much rather have him. As for the question of Gis borne making money out of the Companies, he might say that not a hundred been spent in Gisborne during the months. Mr Bapp, the Company's borer, stated that the surface indications at Gisborne were exactly like those in California. He thought the next bore should be tried at the western end of the Company’s block. In California they just prospected for indications, and tried place after place till successful. Two successful bores he had sunk had been 1400 ft and 1500 ft deep. The place where the No. 4 bore was looked to him like a slide. Mr Stubbs concurred in this view as the best site for boring. This concluded the business.