THE PETROLEUM MEETING.
The event for which some hundreds of shareholders in the Taranaki Petroleum Co. had been waiting for weeks—the trial of strength between th(. two contending forces on the question of management —has at last eventuated, and happily without hurt to the company. For the -vacancies on the directorate through the statutory retirement of Messrs Kingswel] and Okey, who offered themselves for re-election, there were a/ko as candidates Messrs Bern* and Elwin. It was generally anticipated, in view of the large voting power which Mr. Berry was able to exercise, that he and "Els colleague would oust the retiring directors, and so it proved at the ballot, though local opinion, as shown by individual voting "on a show of ■ hands," was clearly in favor of Messrs Kingswel] and Okey. To fill the additional vacancies, created through the voluntary resignation of the whole of the remaining directors in order that the feeling of the shareholders might be tested, an extraordinary general meeting' was held. The directors who rc- | signed, Messrs Craig, Boy, Carter, Bellj ringer and Knight, with the exception of the lust-named, offered themselves ■for re-election, and nominated Mr. J. Little, a former director, in Dr. Knight's itead. Mr. Jennings and Mr. Wilson stood in ipposition. The ballot resultOn in the return of the whole of the | "directors' ticket," and must be taken 1 ns a complete vindication of (heir polie.y in the past. It is to be hoped, noiT (hat this unfortunate chapter in tho company's history is past, that the late differences will be forgotten. and thfit the directorate will work harmoniously together for the advaneeme~.it of the industry in which there is -o much at stake. . While congratulating the new directorate as a whole on its selection, we think it is 1 matter for regret that the circumstances should have necessitated tile rejection of two such capable men as Mr. Kingswel) and Mr. Clker. Each in his own sphere has I been anil still emild be of great service to the company. Mr. Kingswell as a j large imln idiial >liar."ho!der and .the re- j preventative of a large amount of the company's outside capital, the confidence of which it is urgently essential to retain, would be a distinct acquisition to the directorate quite invoice!ive of his hisrh position in financial and business circles in Xew Zealand. Mr. ("(key's services to the company are well understood, and so far as local shareholders are concerned, thoroughly appreciate!. Though it is quite unnecessary to suggest thai he will, as heretofore, lose no opportunity of advancing the claims ef this important industry oil the Govern-
incut, and in other directions using the influence which his position affords him. to promote the company's interests, we still think his hands would lie greatly strengthened were his knowledge of tin; affairs of the company gained iirst-hand on the directorate. We understand there is provision in the articles of association whereby (he directors may increase their number, and we would suggest that steps be taken to reinstate both these gentlemen on the directorate. We are certain the shareholders as a whole would wish it, and we do not think there is a member of the directorate who would oppose it.
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Taranaki Daily News, Volume LII, Issue 297, 25 January 1910, Page 4
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538THE PETROLEUM MEETING. Taranaki Daily News, Volume LII, Issue 297, 25 January 1910, Page 4
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