PETROLEUM

Taranaki Daily News, Volume LII, Issue 26, 24 February 1909, Page 2

PETROLEUM

ACTION JIY TH'JJ JiOAItD. Wo l mo iu receipt of the following from the Taranaki Petroleum Company; "At a special meeting of tlhe Board held on Monday evening, the following resolution was passed:— 'That tlie Board disapproves of that portion of Mr. ]3erry's report published in the Taranaki Daily News of 22iidl February, 1!)0!), referring to tlio manager, which was publi-shed-witliout Uu; knowledge or approval of the other directors, andf that the Board llias every conlklenee iu the manager, a. resolution to that eilect 'having been passed on the previous .Friday.'"

The faglcwood paper grandiloquently exclaims: "Once again has the Taranaki Petroleum. bubble burst!" And proceeds, in the airy, eock-o'-the-walk style peculiar to that portentous sheet, to demonstrate the 'truth of the exclamation and fulminate against those who have shown and are showing faith in the enterp"isc. The same ipapcr, year in and year out, used to deny the existence of a prnlit 1:1 the working of the harbor, though from £SOOO to .€!>000 was annually available for extension work, and also persisted in opposing the lliirlxir Hill till «*• Ikm on- the poll took place, when it suddenly awoke to the fact that there i reallvi was something in. the arguments ' of the supporters of the Hill, winch it

commended to the ratepayers for their acceptance! Perhaps our Kip Van Winkle friend again may, if he nibs his eves long enough, awake to the fact that the oil operations, though as yet ■not oast the experimental stage, were never more p-romi»ing__or encouraging than they are at present, and rtitii the, hope that there is every probability of pavahle oil measures being tapped. In any -ciiro, shareholders, who know the enterprise to be in the nature of a speculation, and therefore were prepared, before they invested their monej, to take the risk entailed, are getting and will get a. fair and square 'run for their -money." Were everyone .mimed with, the same idea and spirit as our quasi-cynical, wind-beating, -inconsistent Xnglewood friend, enterprise would be stopped, progress retarded, and stagnation rule, a condition o'l things no man in his normal senses would advocate or tolerate.