The Daily News MONDAY, OCTOBER 28. THE "STINKING FISH" CRY.

Taranaki Daily News, Volume L, Issue 61, 28 October 1907, Page 2

The Daily News MONDAY, OCTOBER 28. THE "STINKING FISH" CRY.

The publication of the annual report of the Taranaki Petroleum Company marks another step in the history of that industry, which, up to the present, has been characterised more by failure than by success. Although litis is matter for regret, there is no justification to diminish faith in the ultimate success of the efforts at present being directed to strike oil in payable ipiantities. It is only natural to expect that in the quest for a mineral product hidden in the bowels of the earth between two and throe thousand feet below the surface there should lie great uncertainty as to locating the right spot to bo tapped. The region at present under exploitation is known to be rich in petroleum, and there is reason to believe that sooner or later the main source will be found. Petroleum seems to require persistent wooing before it is won, but it is well worth the trouble, expense, and rebufTs entailed in the process. There may be some who have not the stamina to last out the trying times of alternate hopes and fears. Faintheartedness is a failing ot the generality of mankind. It is, however, one of those mortal weaknesses which rarely stands self-confessed. So long as this class docs not obstruct progress no lmrm is done, but when a man loses heart there is a possibility of his parting with his judgment and good sense.

It is usually this class that cries stinking fish and keeps a place back. It is this class that has kept New Plymouth back in the past. The town has not been given the chance that it should. Other towns less favorably situated than New Plymouth have progressed [whilst Taranaki's capital has practically stood stationary. Those who could have best helped it have oftentimes been the very ones to apply the brake oil Hie wheels of progress. Saddled with this curse, it is really astonishing that the oil exploitation efforts have gone as far as they lutve. The retrogressiYes cannot dispute the existence of the oil deposit's. The fact is too palpable for that. But they deny with a vehemence worthy of a. better cause the existence of means to successfully extract it, or, extracting it, obtain it in payable quantities. We verily believe there are men in Taranaki so excessively prejudiced against the oil and those engaged in the prospecting work that they would regard as calamitous the success of the operations at present being carried on.

There is nothing to be gained from taking a parochial or prejudiced view of the present situation. The field has not been given a fair testing in any way. The crust, as it were, has only been scratched. People have put their money into the various companies and are committed to seeing the work through. In regard to the operations at Moturoa under the parent company, there is no doubt mistakes have been made. But we recognise, and every unbiassed person with any knowledge of the circumstances must recognise, that the directors are not to blame for the poiicy pursued. They are laymen, and have had to be guided by experts. From the very first they have acted on the advice of the experts. They have done their best, and, what is more, they have acted conscientiously right through and done their duty by the shareholders. Another thing—and it is important— not one "f them litis trafficked in shares during tho time he has been on the directorate. Some of the directors arc large holders of shares, and they could easily have "ratted" and made a good many pounds' of their faith in the ultimate success of the operations in tho most positive manner.

In tho general way those who make the most trouble over temporary drawbacks are the holders of insignificant, risks. Tlie.v have little to lose, and therefore do not hesitate to make damaging remarks or innuendoes. In such a publicspirited undertaking as the development of the petroleum industry there is room only for men of proved grit and business acumen. They may commit errors of ludgment, for they are but mortal, and cannot lay claim to the prophetic eye of the seer. It behoves the public to render every possible help towards furthering the efforts of those engaged in a. work of such national importance. TliJ majority of mankind are, of course, more fitted for using implements of destruction than those which aid in construction. The public may, however, rest assured that the management of the concerns which have for (heir object the securing of the vast store of mineral wealth now lying at a groat depth below the surface of Taranaki is in trustworthy hands. If patience and perseverance go for anything, and they should, success will come in the end despite the croakings of the frogs, '

There is every reason to acquiesce in the pronouncement of the company's expert that hitherto only small veins of oil have been tapped, and that a permanent supply is not to be looked for unlil after the hard stratum now being met with at the No. ;t bore is pierced. Looking back on the attempts made in the to strike oil in Taranaki, we can confidently say that there has never been a time when the realisation of that liiuch-to-be-desired event has appeared so near as it does at present. Mishaps, disappointments, and failures are inevitable. It is the manner in which these are met and overcome that proves the metal of those directly concerned in the arduous work involved. For irresponsible onlookers to comment on and criticise either the policy or methods in force is hardly a pleasing exhibition. On the other hand, we cannot commend too highly any encouragement that is given by act, word, or deed. The issue at stake is one of the greatest importance not only to the district but to the Dominion. There is already a considerable amount of capital invested in the industry, and more will be required before the necessary prospecting has thoroughly tested the oil-bearing area. If investors are, anil we sincerely hope they will be, rewarded, tile triumph of success will be all the greater by reason of the many difficulties that have been met and overcome. For the present wo urge firra failh in the venture. Even if advice were needed, we have not the temerity to offer it, but we feci sure that by following the advice of the experts the shareholders will Tie taking the only safe course to attain the end in view.