South Pacific Oil Company.

Poverty Bay Independent, Volume I, Issue 86, 15 December 1885, Page 2

South Pacific Oil Company.

The adjourned meeting of shareholders in the above company took place in the Masonic Hotel on Saturday evening. Present—Messrs Dufaur (in the chair). Stubbs, Maude, Tucker, Matthews. Joycej Keefer, Jopling, Wbinray, Smith, Rosie, Scott, Harding, Thompson, Aislabie, Ballantine, Stevenson, Bourke, Ross, and. Weaver.

The minutes of the previous meeting were read and confirmed, when the Chairman siatea tiie object of the meeting, Mr Maude then explained the circumstances under which the last batch of forfeited shares had been bought in by the syndicate, and concluded by asking the Directors who had been up to inspect the works with Mr Jopling to explain what had been done.

Mr C. Smith would ask Messrs Stubbs and Jopling to state what they bad seen, and to say whether they believed the thing to be genuine, or whether the charge of ‘* salting' 1 was true or not. Mr Stubbs stated he had gone out to the works with the inspecting party entirely on his own hook. Mr Stubbs then explained what took place, and stated that the indications were most favourable, and that oil was showing freely in the hole. Mr Keeler here enquired whether the meeting was one of shareholders only, and if so whether strangers were allowed to be present. He thought Mr Ross should be asked to retire. The Chairman did not think such a course necessary providing Mr Ross did not make himself disagreeable or interfere in the proceedings. Mr C. Smith would second Mr Keefer’s motion, as he did not think that Mr Ross should be allowed to be present and then use the information gleaned against the interests of the Company. There was no man who had done more to damn the Company than Mr Ross, who had written ail sorts of anonymous letters to the papers and elsewhere in order to prove that the undertaking was a swindle and the directors a lot of swindlers and thieves. Mr Keefer thought that if Mr Ross had any decency in him he would retire. After the motion had been put and carried, Mr Ross (who was understood to say that he held 2,250 paid-up shares) and several other gentlemen left the room.

Maude could endorse every \vor e Mr Stubbs had said as to the favorabU show of oil. He might say that M caver had not been left alone one min ute either night or day, and that no opportunity had been given for salting the holeThere could not be any doubt about the oil coming from the bottom of the bore. There had not been any chance of the hole being tampered with. In answer to the Chairman, Mr Maude said there was fully one-eighth of an inch showing on the top of the washings. Mr Joyce would ask Mr Jopling to state what he thought of the matter. Mr Jopling could assure the meeting that he was thoroughly satisfied with the whole affair. He had been most agreeably surprised at the fine country. Mr Joyce would like to know whether the statement which had appeared in one of the local papers to the effect that Mr Chrisp had been acting as a director of the Company, when he did not hold one single share, was true or not. Mr C. Smith would like to understand whether Mr Joyce wished to know if Mr Chrisp now held shares. Mr Joyce was not taking a “ now.” He was referring to the past. ‘ He would ask the Chairman to put the question to the Secretary. After an investigation it was .ascertained that Mr Chrisp’s name did not appear on the books up to the present time as the holder of a single shaie. Mr Joyce would like to know why such an illegal act had been permitted. It must be well known to. many, and especially to the Secretary, who had knowingly permitted a scandalous act. The Chairman said the first he knew of it was by reading a local in the Independent. Mr Joyce would like to know why the Secretary had not fulfilled his duty by calling attedtion to the fact. What was the good of him if he did not protect the shareholders from such a flagrant act. Mr. Maude had not known anything of it until he saw the paragraph in the paper. Mr Joyce said they knew where to get a bill backed. The whole transaction was illegal and disgraceful. Mr Smith thought they had better not waste any more time, and asked the Chairman to proceed with the business. The Chairman thought they were obtaining some very valuable information (laughter). Mr Smith understood the meeting was called for the purpose of meeting Mr Jopling, and he did not think Captain Chrisp should be considered. He would ask Mr Jopling what he had come from Sydney for. Mr Joyce asked Mr Jopling to show a sample of the oil he had seen at the works. Mr Whinray : Oil and sand. Captain Tucker thought that if they could not take a man’s word it would be little good seeing a sample. Mr Joyce : Thomas Didymus was very sceptical, and those present were no worse than that individual.

Captain Tucker thought they should not cease to bore for oil as long as their pockets would allow them. Faint heart never won fair lady. On looking round the room he saw that the majority of those present were poor men, who were anxious to push on the work. It was not very creditable to the leading men of Poverty Bay, who were always very eager to grab native Land, but very few of them would go in for any good industry which would permanently benefit the place. He was very sorry not to see more men of substance there. He himself said keep on as long as possible, and he hoped to see the work continued with vigor and determination.

Mr Jopling said he was pleased to say that he was thoroughly satisfied with the prospects, which were far more favorable than his most sanguine expectations. The Sydney shareholders had been somewhat startled by the 18th call being followed by another one and then the forfeiture of so many shares. Then the selling of 26,000 shares without any proper notice. AH this coming along so rapidly completely flabergasted them. Under the circumstances they had sent him over to see the actual state of affairs. Up to the present time he had not bottomed the cause ol throwing up all these shares and the buying of them up at one farthing. He would like to know if those gentlemen who had bought these shares were going to pay up the calls due upon them. If so it would soon put the Company in funds, and they wou’d be able to push on the work. He might say that the Sydney people bad taken legal advice as to whether those who had bought the shares were liable for the caffs due upon them, and is had been decided that they certainly were. (Voice : That’s rough on ra«s.) If not, the system of putting up and selling at one farthing would put them in a bad position as anyone could get out of paying their calls by simply forfeiting their shares and then buying again at one farthing. He should like to know what they were going to do in the matter.

The Chairman said they had been compelled to put the forfeited shares up to sale. Mr Weaver was pressing th n m, and they had no other means of getting any funds to go on with.

Mr Whinray wished to know where the forfeited shares had be n n held. The Secretary said the shares had been he’d by people tn Gisborne. Mr Keefer wou’d like to know what Mr Whi irav was driving at—what he wanted. MrWhinrav wanted to know whether the Large batch of shares which had been forfeited and sold at the last sale had been in the bands of local people or not. Mr Keefer was making himself very officious, but he (the speaker) wished to know about this ma’ter. Mr Maude : They were held in the safe. Mr Whinray did not want any evasive answers. He wished to know if those who had forfeited them to avoid paying the calls had bought them up again at one arthing. Mr Smith said there was a motion before the Board which Captain Tucker had moved in a very suave speech, and he thought the meeting should deal with it. The Cnairman then put the following motion, which was carried unanimously—- “ That this meeting is satisfied that vigorous steps ought to be taken to pay off the present indebtedness and to sink the bore now down 932 feet deep, to at least too feet further, or such less depth as may be necessary.” Mr Stubbs would propose that the motion embrace 200 ft further boring. Mr Maude thought they should know exactly what they were committing themselves to. They should give Mr Weaver scape to go down i.ioo feet. Mr Stubbs thought they should call for tenders for each 50ft. Mr Rosie said as half of the shares were

in dispute he thought they should not carry on till it was settled.

.Mr Maude pointed out that if the syndicate had not bought the shares put up the Company would simply have been squashed altogether. He was willing to give anyone some of the shares he had bought for nothing. Mr Matthews called attention to the important point Mr Jopling had touched upon. If that gentleman was right those who had bought the shares were liable for the calls due upon them. That was a very important point, and should be settled. If it was so the Company would be in a very good financial position. Mr Joyce thought the next lot of forfeited shares should be put up in Sydney. In answer to a question the Secretary said the previous sale had been notified in Sydney. Mr jopling said that the 20,000 shares coming on the market at once frightened the Sydney shareholders. They could not tell what it meant. The Chairman said there would have been no shares sold if they had not been forfeited. Mr Whin ray asked if the next call was to be paid. Mr Maude intended to pay up another /75 on his shares. The chances were far better now than at any previous period. Mr J. Thompson would guarantee to get oil in less than one month if they chose to give him £3 a week, or give him 100 paidup shares, and let him bore on the top of the hill. After considerable further discussion it was resolved to put 20,000 shares up to auction on the 9th of January, and that the Sydney people be fully advised of the sale. The meeting then broke up.