SOUTHERN CROSS PETROLEUM COMPANY.

Star (Christchurch), Issue 6017, 27 August 1887, Page 4

SOUTHERN CROSS PETROLEUM COMPANY.

The half-yearly meeting, ajourned from August 12, was held last evening in the rooms of the Agricultural and Pastoral Association. Mr F. W. Williams was in

the chair.. There were present twenty-two shareholders, representing, with proxies, 14,230 shares. The report and balance-sheet were taken as read. The report showed that during the half year ending June 30, 1887, the work had been continued at No 5 bore, and that the Bhaft was down 1840 feet. The indications met with during the operations had been so encouraging that the Directors had called the shareholders together and recommended that tenders should be invited for the purpose of continuing the bore 2000 feet. Mr Bapp had the contract. An unavoidable delay had occurred through a mishap to the boring '• plant which entailed the necessity for new appliances. They had been obtained and work had been resumed. All material likely to be required was on the ground, and it was not anticipated that there would be any further delay in completing the contract. The balance-sheet showed that the expenditure during the half-year had been .£1657 6s lid, including for plant, J8177 9s 3d ; office, rent, and salaries, .£241; drilling contract, £750; miscellaneous, £148 19s 7d. The assets were £7598 3d, and the cash in hand £U 3s 3d. The Chairman, in moving the adoption of the report and balance-sheet, said that at the last anunal meeting the bore was down U63&feet. -.He had visited the works, and

there was a good chow of oil. He went from their works to the Pacific, and there waa very little difference between the show Oi oil in the two works. , The bore waa aorfa 1840 feet, but owing to a mishap to the boring plant a delay had been caused, and it had been necessary to make took to recover it. A further contract had been let to take it down 2000 feet. The cost of the bo*e had been up to the present JJ4268 10s 6d. A sample of the oil was on the table for inspection. There were 112 gallons of oil in the pipes. Mr Fiaher seconded the motion. Mr King asked for an explanation of se^ral items in the expenditure, which the Chairman made.

After a few more questions had been answered, the motion was carried ncm con.