The Daily News. THURSDAY, JUNE 17. TARANAKI PETROLEUM COMPANY.

Taranaki Daily News, Volume LII, Issue 119, 17 June 1909, Page 2

The Daily News. THURSDAY, JUNE 17. TARANAKI PETROLEUM COMPANY.

Everyone who lias the interests of Unimportant oil prospecting operations ut hvart sliouhl rejoice that, for tin. present at least, lli t . propaganda of calumny iiml recrimination, Unit ihrcatcncd, if persisted in, to jeopardise the prospects] of the laranaki Petroleum Company, lias been ended. No good could have Weil' achieved by the " re-washing of dirty linen." .Much harm, However, might easily have been occasioned by the loss of public conliilcniT that, would naturally have resulted from continued dissension in the ranks of the directorate No one doubts for a moment that each director has acted conscientiously, according to his judgment. We amirdingy do -Mr. Kerry the justice to say lie loncslly liclii'vcd at the time that the retention of the present inn linger vvainot conducive to the company's interests, notwithstanding the six rciniiininj directors held u contrary opinion, la real bone of content*™ was wliether in not the directors had acted in the bi-s interests of the company in rem: wing tin manager's engagement for a limitei term, and with practically a freehand Air. Merry held that the ilirectors ,vt-r. not justilied in their action, and sough the opinion of the shareholders on ill

question. The answer was given yesterday, by overwhelming individual majority, endorsing the action of the directorate. Much of the feeling that might have been engendered and exhibited, however, was disarmed by the announcement that a; compromise had been effect ed which apparently was satisfactory to the discontented shareholders, i«( terms of the compromise, brielly, ar: that a sufficient number of local directors should retire to enable Auckland to hold two seats on the directorate, Wellington one, that Mr. Jicrry should resume liis seat, and that the manager should not be subject to interference by individual directors. The provision for the. representation of outside shareholders on the directorate is, to our mind, an excellent one, and should do much to rehabilitate the company ill public confidence. While we agree that .Mr. Berry's knowledge is of considerable value on the directorate, we cannot see he can justify bis acceptance of a seat on the directorate, unless he has altered his opinion regarding the policy of the directors. Under the terms of the com-

promise the manager has been specially protected, for four months at least, from interference with his work—practically the very ground on which .Mr. iicrry and the directors were, at variance, anil because of which 31 r. Jierry resigned. To re-sceure his seat, therefore. Mr. Berry iias, to use a colloquialism, ■vaten tlis leek." In accepting the conipromis.', even at the price, the directors acted with wisdom, and undoubtedly strengthened conlidence in the concern. The new Wellington and Auckland directors are men of considerable standing in the commercial community, unit add greatly to the standing'of the conipain. Oa the whole, therefore, the result of the meeting must be considered entirely satisfactory, and it is undoubted that Inc. stability of the company lias been considerably strengthened, a result for which the outside shareholders who proposed the conference arc to be thanked, Regarding the future working of the wells, an jiilcrcs'jiig announcement, particularly with u'gard to Mr. Kerry's oiler, referred to in our report of yesterday's proceedings, may be anticipated very shortly. ON THE FOUKTH PAGE. Commercial. Harbor Board. Woman's World. Kducatiou Hoard. Tarauaki I'etroleuni Co. The Federal I'rime .Minister.