TARANAKI PETROLEUM COMPANY.

Taranaki Daily News, Volume L, Issue 61, 5 November 1907, Page 2

TARANAKI PETROLEUM COMPANY.

The Inglewood Kecord devotes a column and ahalf to an article upon the prospects of the Taranaki Petroleum Company, and lakes a gloomy view, and gives the opinion "that for practical purposes the report could be put into the three common words in drill, 'as you "•ere,' for as far back as 1800 it had been proved that oil existed in smallvery small—quantities all the way down in precisely the style mentioned by the present expert," Continuing: "The most striking alteration is, however, noticeable in the tone of the Herald, which used to enlighten its readers with various and regular applications of oil news, setting forth the certainties of the 'payable oil shout' and the consequent value of the company's stock, though not, perhaps, in those words; and now what do we find that Herald saying anent the question when it is necessary to castigate the present chairman of the company? The Herald speaks as follows: . . . The proposals were, however, overruled; "the little game," as Mr. Berry calls it, was upset, and the proprietor of the Herald, for reasons best known to himself, sold out of the company—and erected the building from which we write. That much may be admitted, and most people will agree with us that he showed wisdom and foresight in investing his money in something more substantial than an oil company presided over by Mr. Berry. Mr. Berry and the other directors thought they could make more money by sticking to the oil company, or probably they would have sold out too. Who showed the greatest business acumen and ability?' Now, if the editor of the Herald had put the result as good fortune there would have been some little opening for the belief that the thing was a pure chance; but when the getting out of the company is ascribed to 'business acumen and ability.' it takes on a different aspect and points to an admission that the reports published from time to lime as to the certainty of success in the neat future were for shareselling purposes only, and in no way genuine statements of fact or legitimate expositions of the real truth or actual outlook. We tliink the Herald, as the exponent of Taranaki views ami watchman of its prosperity, might have made better use of its space than to so completely belittle [he prospects of its oil industry, especially after the position it; assumed at a particular stage, of its existence when an honest statement of facts and the ungarnishod truth would have been of such importance to the confiding public."