TARANAKI OIL AND FREEHOLD CO.

Taranaki Daily News, Volume LI, Issue 304, 19 December 1908, Page 6

TARANAKI OIL AND FREEHOLD CO.

The Taranaki Oil and li'reeliuld Com- ' pally held its annual meeting of share- < holder* last night. Mr. I<\ I'. Corkill, 1 ehairniau of directors, presided. Messrs. U. W. Browne, M. Jones, and G. VV. ■ Henderson (directors), C. H. Weston (solicitor), and six other shareholders were present, Jlr. E. Clarke acting as secretary. Air. T. K. Skinner (director) forwarded an apology for absence. REPORT AND BALANCE-SHEET. The chairman, in moving the adoption of the-report and balance-sheet (already published) referred to the unexpectedly hard strata and the .mishaps which had retarded the progress of the bore. At present the bore was 885 ft deep, of Which 515 ft were eased with 12-inch casing, and the hole had been reamed to 14in down to 088 ft, leaving about 200 ft to be reamed and cased before further boring was done. The directors were unanimously oi opinion that the prospects of the company were exceedingly hopeful. They realised that an enterprise like this was more or less of a gamble—there was no certainty about it—but they felt that they were embarked upon what, gave every indication of being a payable proposition, and they hoped in due time to reap their reward. The opinion of their manager, Mr. Balloch, was that they would get payahle oil at much less depth than the other companies. Probably at 1200 ft there would be something to show for their

money. Referring to the financial statement, the chairman said that there were 2091 shares unallotted, and the directors did not wish to issue more till they could put them on the market at a premium. The freehold of the property was paid for, the company had no liabilities, and had a considerable amount outstanding, so that there should be no difficulty in carrying on for another twelve months, though before that time they hoped to call the shareholders together to discuss their position as a paying concern. Mr. Corkill mentioned that during the . first year , the shareholders voted him an honorarium of £IOO, and last year the same amount. But as he had had a less strenuous year he had drawn only £SO ' cash and put the rest into shares. He ' did not intend, if again elected chair- • man, to ask for any remuneration this year unless he could come to them with i a report that would warrant them in

making the payment. As for the directors, they hud been a good working teami, and. the appointment of Mr. G. W. Henderson to tlie directorate had been a success. Mr. Henderson's business' led hint to travel over practically the whole of the North Island and the northern part of the South Island, and it had been found to be a great advantage to have a director coining frequently into touch with the outside shareholders, giving them the information contained in the weekly report that was sent him. He made eulogistic reference to the skill and devotion of the company's. engineer, Mr. lia.lloch. Concluding, he said that in the coming year the directors would husband the resources of the company carefully, so tliat every penny should go as far as possible. Shareholders in arrear with calls were now being sued, and expenses were being curtailed wherever possible. The secretary had offered to take a reduced salary. Mr. G. W. Browne seconded, and the report and balance-sheet were adopted.

THE MANAGER'S OPINION. In answer to questions, the manager stated that he was very hopeful of success. From the fact that they were striking the rocks at an acute angle it was evident that they were boring on an anti-cline. If it were a sincline, they might as well give up the job. Messrs. G. W. Browne and T. K. Skinner, the retiring directors, were reelected to the directorate unopposed.

Mr. O. T. Mills was re-elected auditor, Mr. C. 11. Weston congratulated the company upon its efficient and economical management. The policy had been one of rigid economy, and there had been no mistakes to run away with the money. He had no doubt that the directors would give their time for nothing, if desired by the shareholders, but he thought good men were worthy of some recognition. He would like to again vote the same amount (£4O) as in the previous year, but he understood that they would rather take £25. Mr. P. G. McEwen seconded. Mr. Patterson asked if £25 we< - c enough. Mr. Andrews: Get oil and we'll vote them £IOO. Mr. Browne said that as far as he was concerned his share of the honorarium would not bo lifted—lie would put it into shares. The .motion was carried. A vote of thanks was accorded the local newspapers for the interest shown in the operations of the company. A vote of thanks to the chairman concluded the meeting.

At a subsequent meeting of directors Mr. P. P. Corkill was re-elected ehairman.