TARANAKI OIL AND FREEHOLD COMPANY.

Taranaki Daily News, Volume XLVII, Issue 81886, 13 November 1906, Page 2

TARANAKI OIL AND FREEHOLD COMPANY.

STATUTORY MEETING. The lu-t Mamiory meeting of the .shareholders in the Taranaki Oil and Fieehold Company was held on Monday evening, Mi I'. F. Corkill, chairman "f directors, presiding. There was on y a moderate attendance of shareholder-. The chairman, on Mic grounds that the greater the publicity the better for the company, moved that the icporters be allowed to be present and to take notes. Mr Jennings, M.H.R. in seconding asked the reason why ihe meeting had been called for the unusual hour of 7 p.m. The chairmajj said it had been cx- > pected that there would be a large i meeting, and an election that might ■ entail several hours' counting of ) votes.

The Chairman, in moving the adoption of the report, said that no doubt the shareholders knew the difficulties experienced by directors in floating t'ne company. At the outset there were two or three rather adverso circumstances. The first was the promotion of a company out oi the parent company. That came on to the market with something not possessed by their (the Oil and Freehold) company. Next came the death of t'ne Premier at tho time of

Lie flotation, which had the effect of causing a slump in business for about a fortnight. Then there was ;vi endeavour to throw discredit <>n ihe company, and he believed that j .lie attempt originated at New Ply- | mouth. Notwithstanding all this, however, they had been successful in 15,000 authorised capital. He thought they could have sold all the s.iares, but they had thought it advisable to keep some, bo that if they struck oil they could put the remaining shares on the market for the benefit of the company. He trusted the shareholders would agree to this proceeding. The contract with Messrs Henderson and Lowe had been revised. They had takon £4OO in shares and contributed £IOO in cash

to the cost of the flotation. Messrs Henderson and Lowe had been paid £IOOO, and the company was to pay out of each call, a call repre-

anting jGSSoThe directors were realising now the mistake made at the outset in fixing shilling calls at intervals of not less than a month. This would entaii big clerical posting, and printing expense, which made it necessary fur him to suggest that calls be made in batches of four or five. Shareholders should appreciate the saving to be ,cfKq<Ste<s. Mr Corkill said '•» would like 'to pay a tribute to the gentlemen associated with him as provisional directors for their harmonious working and very regular attendance at meetings. The diectors had been in communication with reliable boring firms, people of American origin, located for some yeajs past in Australia, and engaged in boring for water. The directors nad now a price for boring from a well recommended firm who had put clown 20 miles of bore in Australia .ately, .and it was thought better to come to terms with such a concern than to buy plant and start in as amateur drillers. The compny would soon be in a position to enter into a contract, and in a few months boring operations should be started on tlie company's Carrington-road freehold. No bore would be put down elsewhere without authority from the shareholders. Regarding remuneration of directors, Mr Corkill said the Articles of Association provided for payment of directors to be fixed at the annual meeting, twelve months hence, but in this prospective, speculative thing at the end of the year there might be no money and no oil. Directors thought the articles were ''not good enough" in this connection. He referred to the lease of a piece of ground on the Mangatuku, near the "Bonithon" property, which would probably turn out an excellent speculation. The rent was ,£-5 a year, on periatrial lease, and the property was worth that for buiding allotments if neighbouring struck oil in tins locality.

Mr Jennings, M.H.R., seconding the adoption, quoted from a letter trom a Canterbury settlor, agreeing with tho directors' course of holding uack 2000 snares from allotment, anu

urging that when these shares wenput 011 the market at some future date wc present shareholders should have lust opportunity.of taking them up. Mr Jennings asked for too exercise of great caution to give shareholders --most of them people of small means —"a fair run for Uieir money." He favoured bormg first on the Carringioit road, unless it were felt that better results could be obtained by boring on the other options held by the company. Whilst in tne South he haci iound considerable unrt}s!l <araongfli, siiaroholdera concerning oil operations ■ a Taranaki, but lie .was .bound tQ ;iay the dueetois m tins concern ivei'uorking in the true interests of tne

snarehoiders. A shareholder asked the chairman if the directors had received 25 paidug shares each. > Tne Chairman; Have you read )our prospectus?

The Shareholder; Yes. Tho Chairman: Well, there you will see that tne directors received 25 fully paid-up shares in consideration of their services.

Shareholder: And you want to be paid again on top of that? He coulo not see where the money was coming ironi for boring operations. Mr Curkill; We have to see to that, in answer to a question, the chairman explained that the lease of sections at the west end of the New Plymouth borough was for 21 years, with perpetually recurring rights 01 lenewjl. Improvements were the

property of the lessee, but a royalty had to be paid on all oil obtained. Mr Jennings remarked that *he directors each held well above the average number of shares allotted 10 shareholders. Ho believed they should receive some remuneration ioi their services. In answer to a shareholder, the chairman stated that the company was practically under an obligationa to put down the first bore on the Vogeltown property. The report, was adopted. The Chairman remarked that Mi Gardiner was now in Wellington, and did not seek re-olection to the directorate. Mr llawkins intimated his willingness to drop oyt of the directorate. Mr T, S. Weston spoke in eulogistic terms of the work done by the piovisional dirdctors and chairman, and thought it in the best interests of the shareholders that they continue to hold office until the general meeting. The five provisional directors, viz., Mt-srs F. ,l\ C°ikiil, M. Jones, Geo. litowu, W. T. Jenn.ngs, and T. k Skinner were re-elected.

I'lte Chairman, in returning thanks, said the directors were not for a picnic, but for %il, and it would not lie il\eir fault if they did nol get it. lie added that over m'elv'c thousand shares bad up to the present been allotted. Mr Newman moved that an honorarium of jC 1 00 be offered to tlie

chairman for lus work of the ensuing twelve months.—Mr Hawkins seconded.—Cairied; one dissentient. It wits revived thai it be a meiKiation from (he sluuholders that ■be directors t l,c remaining shares ui'f.'.'oited until further directi'ih of a general meeting' of shareholders. The Chairman acknowledged the st'i vices rendered the company by Mi Medley, the secretary, and a vote of thanks was accorded him. The meeting then adjourned.