CORRESPONDENCE.

Taranaki Daily News, Volume LII, Issue 231, 4 November 1909, Page 3

CORRESPONDENCE.

TARAXAK.I PETROLEUM COMPANY. To the Editor. Sir,*As I have received a requisition fiom several influential shareholders to allow myself to be nominated as a director of the Taranaki Petroleum Company, will you kindly allow me through your columns to state that 1 regret being unable to accede to the request. Tde position as it standi at presenilis this, that the (wo directors who Mired by rotation state they oiler themselves for re-election. Tile' Iwo director are Messrs. Kingswell and Okcy. Air. Kingswell represents the outside shareholder* and Mr. Okcy u„. local. In regard to Mr. Kingswcli, according to the eomp-o-inise arranged at the meeting in .lime last, it was stipulated and agreed to by the shareholders that three outside directors should have seats on the Board, and as .Mr. Kingswel] represents these shareholder*, lie. „f course, or some olhcr outsider will require to be elected lo maintain this arrangement. In regar! to Air. Okcy. he. being the member for the district', can be of great u-e to the company at the present juncture, to say nothing of his well-known ability in company management, and 1 (rust he will be again elected: therefore, in my opinion, there is no necessity 'or any further nominations. If i s exceedingly gratifying to me that, in the face of the success which was anticipated, and which has not yet been fully realised, i large number of shareholders should stil wish me lo be a director, and I sincerely r.gret being unable (o comply wilh the. request, and can only say that if in the future it should bv any chance happen that a general election of directors takes place am! my services arc still required. I shall be very pleased to do all I cm to further the interests of the shar--1 holders.—l am, etc., X LITTLE.