TARANAKI OIL & FREEHOLD CO

Taranaki Daily News, Volume LIV, Issue 152, 23 December 1911, Page 5

TARANAKI OIL & FREEHOLD CO

ANNUAL MEETING. The annual meeting of the above was held in the Town Hall last evening, when there were a dozen shareholders present. Mr. F. P. Corkill (cliairma/n) presided There were 120 proxies sent in. CHAIRMAN'S REMARKS, Tile chairman said that no doubt all the shareholders had studied the report and accounts. Up to the present tiro# they have simply been awaiting events. Twelve months ago it seemed from the negotiations which were going on that they would have led to the sale of company to an English concern sufficiently capitalised to develop the industry, but they did not eventuate, in February a cable was received stating that the company could 'be formed and floated, but the directors hesitated over the matter, as they had not seen a draft of the prospectus. Correspondence was going on, and meanwhile the .bottom feil out of the London oil market. Then followed the Coronation and a disturbed market caused by rumors of war, and the company decided to wait. A mortgage of £750 had enabled them to pay their debts, and with the exception of a small amount due to the secretary that was their only liability, and they could hold the fort for twelve months. Expenses had been reduced, and he hoped that before the next annual meeting something would be done to warrant the slaveholders being called together. He moved the adoption of the report aud balance-sheet, which was carried. OFFICERS. Messrs. F. Messenger and G. W. Browne were re-elected directors, and Mr. C. T. Mils auditor. THANKS. The chairman said in order to keep down expenses the secretary had met them in every way, and had done a lot of hard work. Shareholders had been continually writing for particulars, and all those letters had to be answered. He therefore proposed a vote of thanks to Mr. Medley and his staff for the way they had kept everything up to date. Mr. Medley, in acknowledging the vote, said he was holding 54 proxies. They expressed confidence "dn the directors, and the,re was not a vote of dissent. Mr. L. C. Sladden proposed a vote of thanks to the directors, which was carried.