THE PREMIER AT OPUNAKE

Taranaki Daily News, Volume LIV, Issue 287, 31 May 1912, Page 7

THE PREMIER AT OPUNAKE

A POLICY SPEECH. GOVERNMENT'S PROGRAMME OUTLINED. By [Telegraph— Own Reporter. Opunake, Last Night. The Opunake Town Hall •was packed to its utmost capacity this evening, when the Hon. T. Mackenzie, Prime Minister and member for the district, delivered his first policy speech. The meeting throughout was of a most enthusiastic nature. The chairman of the Town Board (Mr. W. C. Dudley) presided, and in introducing the speaker spoke of the importance of the occasion, and said that Egmont had reason to be proud of its member. It was an indication of the interest their member took in his electorate when'he selected a town in it in which to make so important a pronouncement, and tomorrow Opunake would probably be known in London, as no doubt some of the speaker's remarks made here would be deemed worthy of cabling Home.

Cheers upon cheers followed the Prime Minister's rising to address the audience. Mr. Mackenzie returned thanks for the very kind and cordial reception accorded to him. It was, he said, a tribute thait he was proud of, and he was especial]}' pleased to see so many in the audience from different parts of the district. It showed a healthy interest in political matters. He was conscious of the honor that had been conferred upon him by the people of Egmont in electing him their member. By so doing they had made it possible for him to occupy the position of Leader of the Liberal Party, and Prime Minister of the Dominion.

Mr. Mackenzie, who spoke at great length, first referred to finance. The revenue for the year amounted to £'ll,034,544. 'which constituted a record, and was £720,800 in excess of the expenditure, which amounted to .•£10,340.(100. The amount available for public works would be from £11,750,000 to £2,000,000. ' It was not considered advisable to raise the loan money authorised until it was actually required, as they would be paying interest upon a large sum' of money which they did not require to use at the time, but arrangements had been so made that the ways and means were provided for until October. ' It might, however, be necessary to take an early opportunity to go upon the money market, if favorable, to secure the necessary funds to carry on until the end of the financial vear. FINANCIAL STRINGENCY.

The Prime Minister continued:—lt is gratifying to be able to feel that the

stringency of the money market which at present exists is due to causes wholly unconnected with New Zealand. All the figures indicate internal prosperity; dairy produce is high and its market assured; the latest wool sales show an advance, and so with all our staple products. The harvest is bountiful; nowhere is the slightest symptom of decline, and this view is abundantly indicated by the buoyancy of the revenue, which, after all, is a sure, barometer. ADVANCES TO SETTLERS. Since the State Guaranteed Advances Act of 1901) was passed, all loans to local bodies by the Government are made through that office. The money is lent at the same rate of interest at which it is borrowed. Most of the money is lent at 3y 2 per cent., but as money rates are now higher, loans have recently been granted at 3% per cent. only. Nearly all is lent on a 36y s years' term, the instalment of principal and interest for that period being £4 17s Od per annum for 3y 3 per cent, loans, and £5 Is for 3% per cent, loans. At present. ;>s , "n'' ;,, '"l by the Act, there not suilicient funds to meet all applications, preference is being given to those of £SOO and under. Notwithstanding this limitation, last year was a record one in advances. The profits have been considerable, increasing from £12,321 in 1800 to £80,440 in .11)11. LAND AND INCOME TAN.

The Government has at present under consideration several important questions relating to taxation. It is considered that the present land tax exemption may be increased, with advantage to settlers with families dependent upon them. It is further contemplated to thoroughly reconsider the system of graduation and re-cast the rates applicable to the graduated land tax. These alterations are being considered with a view to placing the burden of taxation on the shoulders of those who are best able to pay, and relieving those who are in less affluent circumstances, and also with a distinct view to rendering more land available for close settlement. The loss of revenue from the enlr'-gement of the exemption clauses of the Act will be provided for by an increase in the higher grades of the graduated tax. LIMITATION OF AREA. Experience lias shown that land at the present time is capable, with profitable utilisation, of supporting a family in much smaller areas than was considered possible some years ago when the Land Act prescribed 040 acres of first-class land, 2000 acres of second and 5000 acres of third-class land as the maximum which a person could acquire from the Crown. The expansion of the dairying industry and the improved methods and conditions of cultivating land show that the time has arrived to amend he law to reduce and restrict the occu, ition of land to the following limits:- W0 acres of first-class land; 1000 acres of second-class land; 2500 acres of third-class land; value of land to be a determining factor in subdividing land. LANDS FOR SETTLEMENT.

The question of finding land fox those in search of it is still an insistent one. The Crown lands are being roaded and I placed on the market as rapidly as possible, and there are three-quarters of a | million acres now under survey. The Government have purchased for further sub-division some estates an.l would have acquired many more were it not that the owners do not see their way to sell at prices which would enahle the land to be settled with a possibility of financial success to incoming tenants. The time has, therefore, arrived to make another forward movement in the matter of closer settlement, and I propose to take action in the direction of introducing legislation so as to provide that no one person should be able to inherit upon the death of an owner of land more than a certain area of Jlrst-class land or the proportionate areas of other classes of land. LANDS. Since assuming the important position of Minister of Lands I have devoted myself rather to the practical question of providing territory for those who want to go on the land' than to the academic question of tenure. As I have done with, agriculture, so I will endeavor to do with the lands of the country, viz., get right down to the practical work. By this process I hope soon to be able to sliow good results. Not only do I intend to assist in bringing Crown and native lands speedily on to the market, but also to deal with lands hitherto considered valueless. It must be evident to all thinking people that we must subdivide our lands by every legitimate process. It is- our very life's blood. We

require country 'population, not only to ensure development of the Dominion, but to bring about that position of financial stability so necessary to progress and permanent prosperity. NATIVE LANDS. The settlement of our native lands is proceeding at a more satisfactory rate than many are inclined to credit. The problem has not been easy of solution, but the way is now fairly clear for success to attend our efforts. Since the passing of the Maori Land Administration Act of il!)00, there have been urgent demands made by Europeans for the more speedy opening up and settlement of native lands. To give effect to this demand, while at the same time safegaarding the rights of the native owners, had I>een the aim of the native land legislation of the last ten years, and, generally speaking, the progress made has been satisfactory. It is claimed that the younger portion of the Maori race is endeavoring to get into touch with and etanii in a similar position to their European brethren. If that be so, then it becomes necessary for a great deal of caution to be exercised in disposing of all the native lands. The lands for Maori occupation are being definitely allocated, and the surplus is being thrown open for settlement by Europeans as fast as present conditions will allow.

During the short period that wo have been in office, my colleague, the Native Minister, has been endeavoring to get a grip of the whole position. He has specially been considering how improvements can be made to simplify transactions in alienation from the native to the European settler. The Government is of opinion that the surplus native landls can be dealt with more on the lines of the Crown lands of this Dominion than is the case under existing conditions. There appears to bo no reason why -'papatupu" (or customary) block of land, which the natives are desirous of disposing of either by sale or lease, should not be taken over at once and dealt with in the same way as Crown lands, either by sale or by lease. The native owners could go on to the Mative Land Court defining their interest, but in the meantime the land would go into occupation, and they would be receiving rents from it. To my mind, the present condition of dealing in large blocks of native land, without making provision for surveys aid roading.is not in the best interests) of settlement, and if it is agreed by native owners to dispose of a block eithei( by sale or lease, then the lands shouldj be loaded with a sufficient amount t<| give proper road access. FACILITATING NATIVE LAND WORK. At present the Government is goin# into the question of the area and position of all the native land of the Dominion and the staff under the Nativtf Minister's control will be available foi' this work. There is being compiled a plan of all the native lands in the Dominion, showing their location and area. When the maps are prepared, they will afterwards be kept up-to-date, so that) it will always be possible for anyone to ascertain the position regarding native lands at a glance. If the land courts maintain the same rate of progress that has prevailed during the last two years, the great bulk of the work will be com-, pleted in about three years from now. It must be admitted that in the interests of the 'whole Dominion it is absolutely essential that all idle lands should be brought into a state of production as soon as possible, out, whilst agreeing tc» that, so far as native lands are concern--ed, it is the duty of the Government also to look after the welfare of the native! as well as the utilisation of his land. In| justice to the Maori, we might consider' giving him assistance in developing and! farming his lands, so as to afford him an< opportunity of farming his own lands.

it is absolutely essential that the native should not be allowed to become, landless, and later probably a charge, upon the State; but still all lands not required for his occupation should be available for settlement at once. In the event of the Crown taking over the administration of native blocks on behalf of tlie native owners, we may require a more efficient staff than the present Boards, in order to get such land placed rapidly upon the market. It will also be essential to get it cut up and divided so as to ohtain the best results for tho owners. To enable this to be done, and. done speedily, it may be necessary to add to the present staffs of the Boards' surveyors and valuers. WEST COAST SETTLEMENT LANDS.

I am also of opinion that bona fide dealing by settlers with the natives fof small areas for close settlement would be in the interests of both European and' native alike—that is, if duly safeguarded. The Crown has already been administering native lands through the Public Trustee, namely, the West Coast Settlement Reserves, and we are now awaiting the report of the Royal Commission that has been set up to enquire into the position with regard to these leases before forming an opinion as to the advisability of aa authority under the Crown managing native lands for the benefit of the native owners and the satisfaction of the settlers. URBAN AND RURAL POPULATION. A problem receiving the serious consideration of economists and public men in older lands, and which must be faced' even in this young country, is that of the rural exodus. In some countries it has' become most acute, so much so that notwithstanding the liberal fostering of agricultural industries the drift to the cities has proceeded at such a rapid pace that' the position has been aptly termed "the dying land." While the country population of New Zealand in LBBJ. was 150 to 100 in boroughs, in lftll it was only 99 to 100 in boroughs. The one solution of this town-ward tendency of the rural population is to make country life more attractive, to afford the" farmer some of the conveniences and comforts at the command) of the city dweller. This the Government is> doing. Good roads and an adequate railway system are means of lessening the rural isolation, and these we are attempting to provide to a satis- ' factory degree. Finally, education in regard to better methods of farming, an important means to the end of ensuring a contented husbandry, is being actively prosecuted by the Government. DEFENCE.

It is a matter of considerable gratification that the registration of Territorials and their assembling on parade grounds and attendance in camp have been accomplished so successfully. The figures for the four districts, Auckland, Wellington, Canterbury and Otago, give the following results 1 : — Territorials: Now serving under 2J years, 0309; registered for enrolment, 22,227. Senior Cadets (including those serving!) 30,704. Total, 59,240. LIGHT RAILWAY LINES.

Many portions of the Dominion are as yet badly roaded, and Iherefore inaccessible for settlement, I'he construction and upkeep of roads in many of the localities is also a matter of very considerable expense and difficulty owing to the heavy traffic and to the want of proper materials for road met. !. It is desirable, therefore, that consideration should be given to the question as to whether it would not be better to construct light railway lines for the opening up and development of many portions of the Dominion. Light railway lines have been constructed and used with satisfactory results in Europe. India and some of the Australian States, and I see no cogent

reason why they should not lie const mot- \ ed and worked with equal -satisfaction in [

this country. I am, moreover, firmly convinced that they are essential to fully develop the resources of the country and to give proper means of access to the backblocks where the want of roads and j transport facilities are much felt. The : question is one of very considerable importance to the community generally. It will be gone into fully at an early date, and an endeavor will be made to evolve a scheme of light railway construction based on the experience of other countries that will, I am confident, be of incalculable benefit to the Dominion. LABOR. ! It is always difficult to speak as to the future in regard to the prospects of employment, but I think it can be safely said that this year promises to be equally as good as last year, when practically, during the whole twelve months, employment was available for all classes of [competent labor, both skilled and unskill- ' ed. In fact, the winter of 11)11 exceeded expectations, and the present indications for 1012 would appear to be equally as favorable as those for last year. The total number of persons assisted during 'the year ending March 31 last was f>7so, of whom 1407 were married and 434.'! single. Since the inception of the Department in 1891 to date the total number assisted is 00.531. on whom were dependent Lz-A,587 persons, .miking a total of 214,118 benefited by this branch of the Department's work. LOCAL GOVERNMENT. A conference of delegates appointed by the local governing bodies of New Zealand recently sat in Wellington for the purpose of considering proposals in the direction of local government reform. The basis' of discussion was the Bill introduced by my predecessor during last session. As the result of the conference a large amount of valuable information has been obtained, and the Government has been able to ascertain the directions in which it is desired that local government reform should proceed. These directions may be briefly summarised as follows: (1) 'That a number of superfiuoubodies whose functions overlap should be abolished by legislation. (2) That there should be a re-ar-rangement of the boundaries of the i existing counties, in order to secure, j wherever possible, larger nuuiic bodies for which experienced stall's of engineers, etc., could 'be provided. (3) That the system and payment of grants for roads and bridges should be reviewed, with a view to providing a system under which the necessities of 1 the district should "be more fully provided for than at present, and upon j something like a scic" 1 -'"- basis. ] These matters are now r receiving the | careful consideration of the Government, and it is intended in due course to prepare a measure which will go as far as possible in the direction of local government r.eform, while at the same time paying due respect to the wishes of districts which have become wedded by long experience to any particular form of local government that may exist at present. NURSES. Already there have been established a series of nursing stations for Maoris, which are in charge of trained and refined. European women. In some cases the women of the native race are being trained for the purpose of working amongst their own people. By means of the St. Helen's l hospitals the number of trained mid wives are being constantly increased, in order to provide for the women of the country in'their hour of trouble. Special encouragement is being 'given to capable women to reside in the backblocks for the benefit of the wives lof the settlers in the out-districts. You [will, I am sure, agree with me that no class of settlers in the Dominion so much deserve the consideration of the State as the wives of those noble pion-li-ers who settle in the hinterland to fell the virgin forest and extend the settlement of the country. Everything the j State can do should be done for them, and at the present time the Government regards it as an urgent need that midwives and medical men should fee provided for the benefit of these settlers and in arranging for subsidies for the assistance of settlers in the matter of medical attendance, audi rncoufaigfmg.. trained midwives to make their homes in the out-settlements the Government feels it is doing a great deal to encourage the work of colonisation. fPORT AND TELEGRAPH.

Perhaps the particular section of the Post and Telegraph Department's -work which is at the present time being anxiously looked towards by country settlers is the telephone. At the beginning of this year a comprehensive scheme for the erection of lines to serve more than one settler at a greatly reduced rate -was brought into force.' The idea was to make such arrangements as would enable as long a line as possible to be erected, by means of ■which settlers could he connected with each other and with the nearest telephone office at a subscription of £3 per annum, a slightly higher charge being made for longer lines. Instead of the individual lines which were almost universally used, facilities are now given for settlers to join together in using a line. lam glad to say that the scheme has been a pronounced success, so much so that it will be necessary for the Government to consider a large addition to this year's vote for telephone line construction to meet increasing demands. With the cost of these'telephone lines at such a low rate, it will he recognised that the Government is making no attempt to make a profit out of the people. The lines I am referring to are of immense 'benefit to farmers and others within a few miles of a telephone office, but it is obvious that the maximum distance must be limited. There is, how- ' ever, another section of the people to be considered, namely, the backblock settlers. Recently it was decided, in the case of isolated places, to reduce the rate of interest on the capital cost from 5 to 3% per cent., and to take half the risk of loss on the lines. The concession has led to great developments and brought many places within touch of the telegraph system. It is now being considered whether this cannot be carried further, and the wants of still more isolated settlers he met by asking Parliament for a special vote. I can assure you that the Government fully recognises the value of the telephone, not only as a means of ready communication, but as being invaluable at times for the safety of life and property, and no efforts will be spared on my part to extend the sys- ( tern. | VOTE OF CONFIDENCE. 1 On the motion of Mr. Fleming, secondi ed by Mr. Wright, it was resolved: That this'meeting tenders a very hearty vote of thanks to the Hon. the Prime Minister for his able, instructive and' statesmanlike speech, and expresses entire confidence in the administration of which he is the head, and trusts that the Dominion will give that administration an opportunity of giving effect to its policy. The motion was carried unanimously, and cheer after cheer was given for the Primes Minister. Cheers, for the chair- ' man concluded the meeting. I i ■ -

(Continued from page 4.) v I s figures on the sale and the provisions ; j; made for payment:— j £ s. d. ! Total pnrehase money .. 110,000 0 0 { Oil taken over by new j . company 5,070 18 8 Value of plant (June 1, •1911, to May 16, L-912 987 12 2 \ Refund royalty, rents, j May 10 '. 49 18 8j 1 £116,708 »' 6 f Provisions for payment— j Fully paid-up shares 59,000 0 0 ' Cash 15,000 0 0 ! Ist Cash instalment, Aug. 10 14,236 0 0 I 2nd Cash instalment, November 10 14,230 O 0 ' 3rd Cash instalment, February 10 14,236 0 0 £110,708 0 0 Government Bonus estimated at £2070.1 Had your directors taken up an inflexible attitude and made some absolute demand, for the very letter of the agreement, it would have frustrated the chief end in view. To have insisted, for instance, upon the full cash purchase money at once, would have so affected the finances of the company that there j would have been insufficient working capital immediately available for the' prosecution of the company's operations., and consequently, the market value of that portion of your purchase price which is represented by shares in the new company would h n ve been considerably depreciated, ar ' the development of the industry irdei'.v tely delayed. The situation during negotiations and until quite recently demanded a reticence which, though necessary, was no less painful to your directors than to yourselves; and they wish to express their thankfulness for the great forbearance and confidence manifested by the shareholders under these trying conditions. Nothing would have pleased your directors 'better (if the position had allowed it) than to take the shareholders entirely into their confidence and allowed them to share the anxiety and responsibility attendant upon bringing to (what we hope will be regarded as) a success- ■ ful issue an affair of this magnitude. Your directors have felt this responsibility and have devoted the closest and most serious attention to all questions affecting your interests, which have arisen during negotiations, and I am pleased to state that the present position of your affairs is the result of perfect unanimity among them. Some credit must be given to those who under great difficulty have been successful in the floatation of this company, and in this respect it is impossible for us to overestimate the ability and resourcefulness displayed by Mr H. J. Brown, Chairman of the British Empire Oilfields Limited, and I do not hesitate to say that, but for his perseverance, resourcefulness and pluck, the company would never have been formed. The announcement by the London Board, following so quickly on the formation of the company, that all arrangements had been completed for the forwarding of a refinery as well as experts with plans, etc., for its erection, is a subject for hearty congratulation and everywhere a buoyant spirit exists for the future of the industry. The welfare and development of the industry will now be in the hands of a financially strong company. The amount subscribed was "£183,886. The position of the new company, therefore, will be as follows: £ s. d. Application, at 2s 18,388 112 0 Allotment, at 3s- 27,682 19 0 Ist Call, at 5s 45,971 10 0 2nd Call, at 5a 45,971 10 fl 3rd Call, at 5s 45,971 10 0 £183,886 0 0 Cash purchase price, Taranaki 'Petroleum Co. 51,000 0 0 Promoters British Empire Co 25,000 0 0 Underwriting expenses.. 15,000 % 0 Initial expenses, as per prospectus 5,000 0 0 (Brokerage (estimated)... 2,000 0 fl Registration, stamps, duties, etc 1,790 0 0 £99,700 0 0 Available working capital £84,1 "B Out of the £275,090 offered to the, public, 91,114 shares remain unplaced. (It is not unreasonable for us to expect that the company will, as soon as the refinery is erected and development of the industry pushed forward, be in a position to declare dividends). The delay in completing negotiations, as has already been pointed out, has been unavoidable, and some may have been apprehensive lest they should have suffered financial loss thereby, but your directors have been fully alive to your interests, and have pleasure in submitting the following facts which will prove that not only has there been no loss, but there has been an actual gain, as 'the following figures show. As to the amount of oil won from the company's wells from January 31 to April 30, I might state that No. 5 commenced to flow on February 11. The total amount of oil from Nos. 2, 3. and 5 bores amounted to 2254 barrels. This represents: 94,668 gallons, at 4d ga1..., 1617 16 0 Proportion Government bonus due to use during above period—--94,668 gals, at 2M>dper gal 986 2 6 Total „ 2563 ig 6 Working and incidental expenses from January 31 to April 30 900 0 0 Interest on £51,000, purchase money, at 5 p.c. 637 10 0 £1537 10 0 Showing a net gain of £1026 8s 6d, after providing for interest and working expenses. Difficulty after difficulty, that at times appeared unsurmountaMe, has been overcome, and although your directors may have been misunderstood (and, in your interests, are content to be misunderstood), they have not the slightest hesitation in saying that they believe the future will justify their course of action, and prove that'they have safeguarded

I'our (and their) interests, anil, at, tho s same time, firmly established 'this im- t invtant industry. i Mr. Cart it concluded to the accom- ' paniment of an oiuburst of applause, ami Ik 1 then moved the ollkhii :;.'.option of [he report. Tim motion was siconded. THE REPORT DISCUSSED. j The fir.-it speaker to discuss the report ' was Mr. W. T. Jennings, who asked (the ' chairman to give some information as to how the working expenses during tins last four months of the company's ex- ' istence had amounted to "such a large sum as CiKH)." Mr. Carter replied that the expenditure had been made up as follows: Wages to manager, bonus to manager on the oil won, salary to secretary, electric light, carting, license, rents, insurance and' sundry repairs. Mr. A. H. Johnstone asked whether the £25.000 payable to the British Empire Oilfields Company had been paid, or was it to be paid in preference to the sum which was to be paid to the share-holde-s of the Taranaki Petroleum Company? 'Mr. Carter: 1 cannot definitely answer that. I am pretty certain that it is hot. lam sorry Mr. J. H. Brown is not here, for he could have explained. . . . I am pretty certain that they have got to wait the same as the Taranaki Petroleum Company's shareholders have to ,wait for their money. Mr. Johnstone: Are they to be paid in three, six and nine months? Mr. Carter: I cannot give you an answer, 'because I do not know. On tiie one hand we (the old company) have security, but we have no security to give them. Mr. Johnstone: Has any security been taken by the British Company for the uncalled capital of the Taranaki Oil Wells, Ltd., for tho sum owing to it? Mr. Carter: No. Mr. Johnstone: What is to hinder the Taranaki Oil Wells Company from giving them security for £25,000"? Mr. Carter: Simply because that would not leave sufficient capital to work the fields. Mr. Johnstone then retorted that at present it seemed that the London Board, which managed the new company, had subscribed only £II,OOO odd, and was in a position to mortgage the uncalled capital of the new company. To his mind, there was a danger of having the property thus left on the local shareholders' hands, without capital to work it. Mr. Carter: We have sold the property to these people for £IIO,OOO, and are we to say that we have not sufficient confidence in the sale we have made to accept a mortgage for £42,000? We are perfectly secure, and our security will be enhanced by putting the oil-refinery on the ground, and making it possible to turn the £SOOO of oil we have at present on the ground into a value of £15,000. Mr. Carter ad'ded that the directors had taken the right step in securing for. themselves the proporty, plant, etc., of the company. This left them free to work the industry, which they could not otherwise have done. 'Mr. Johnstone: The mortgaging of tfee i uncalled capital would have in no way 'hampered its operations. Mr. Bellringer here took up the running on behalf of the directors. It might, he said, be found necessary to raise an advance on the uncalled capital. If, therefore, the company approached the Bank and offered them security on an uncalled capital on which there was a mortgage, it would be difficult to secure an advance. He reminded Mr. Johnstone that the directors had carefully considered that aspect of the question. Mr. Johnstone: Yes; I understand 'they were acting for the old company and for the new company as well. The report was then adopted by the meeting. THE RESOLUTIONS. The chairman then intimated that he | would proceed to put the resolutions seriatim. He presumed there would be no opposition to the first motion, affirming that the company should be wound up voluntarily, as most of those present were doubtless aware that the capital could not be returned to the shareholders unless the company was in liquidation. The motion, which was seconded by Mr. McAllum, was carried, there being only one dissenting voice. Mr. Carter then moved that the remuneration of the liquidator to be appointed be £3OO. This was seconded by Mr. F. Messenger, and carried unanimously after the chairman had explained that the amount would be the same for two as for one liquidator. In moving that Mr. E. H. Tribe be appointed liquidator, the chairman said he felt it was necessary to make some explanation. It was only natural for the . shareholders to expect the directors to give them a lead in the matter, and .they had, therefore, put forward Mr. Tribe's name. He (the speaker) had heard it eftid that Mr. Tribe, who was a paid servant, had no right to be liquidator. In fairness to Mr. Tribe, however, it must be explained that his position with regard to the secretaryship of the new company was quite tentative, and not permanent. The appointment of a secretary lay in the hands of the London board, which body allowed the New Plymouth directorate to appoint a clerk. The advantage of appointing Mr. Tribe as liquidator lay in the fact that they would have a man who, besides having an intimate knowledge of the position, was in sympathy with the needs of the old shareholders. The chairman added that the directors were quite conscious of some of the hardships to which some of the shareholders had been put to by \ the directors not being able to hand over the purchase money on April 30 last. I Concluding, Mr. Carter stated that he was not saying that there were not others who would fill the position as well as Mr. Tribe. 'lt was perfectly open for the I meeting to propose other liquidators. 5' 'lt was moved by Mr. J. Clarke, and seconded by Mr. Davis, that two liquidators be appointed, and that nominations be received in the room.

'Mr. Clarke's motion was carried by a large majority. The following nominations were then reseived: Messrs Hugh Bailey, C. T.Mills, T. Buxton and C. H. Tribe. The name of Mr. George Grey was also proposed and seconded, hut. subsequently withdrawn. The question of procedure next cropped up, and after considerable discussion the meeting decided to dispense with the chairman's suggestion of a preliminary

show of hands, and put up the names to the ballot direct. It was also agreed to announce the result at. an adjourned meeting of shareholders at 8 o'clock. DIVERGENT VIEWS. The chairman then moved that the powers of the directors be continued for the following purpose, anil that purpose only, of carrying the sale of the property to the new company into completion. The motion, which was seconded by Mr. Cock, lead to some difference of opinion. Mr. Jennings started the hall rolling bv stating that before the motion was put he wished to know why the directors should remain in office, when the shareholders had already decided that the company should go into liquidation. " NOT HANKERING AFTER OFFICE." Replying, the chairman remarked: The directors are not hankering after con-' tinuation of office. It is only because the law allows them to see the. d_>al completed. It has been remarked to me by more than one person that the directors wish to remain in office to extend the terms. 1 give that an absolute and emphatic denial. . . What we do want is to protect the shareholders' interests. A voice: What powers will you have? The chairman: Limited powers. He added that the directors would practically act as an advisory board to the liquidators. Mr. Jennings: You can't interfere with them. Mr. Carter: We can advise. Indeed, we are very good advisers. Mr. Jennings: We (the shareholders) are good advisers, too. Resuming, Mr. Carter said that at any rate the directors should remain in office until "we get our money back." Supposing Mr. Tribe was not returned, what would the liquidators know about the affairs of the company? It was here that the advice of the directorate would come in. 'Mr. Monteath: The chairman has I stated distinctly that the directors are \ not anxious to remain in office. He ,' has also stated that there is very little work to be done, and that their powers are very, very small. He added that under the circumstances it was not wise for the directors to prolong their term, and he accordingly moved that a por-1 tion- of them should remain in office, and the rest should go out. By the latter he meant those who were directors of the old company, and at the same time acting on the advisory board of tho purchasing company. "There has," he , continued, "been a considerable amount said, and there is at the present moment ' a considerable amount of feeling that nearly all the arrangements that have been made between ourselves, i.e., the Taranaki Petroleum Company, and the purchasing company, have been more or less in favor of the purchasing company: It is the feeling; it may be so, or it may not be so. We have been asked to wait for our money in order to assist the new company. We are entitled to get out as quietly and as quickly as we can : with our money, and it will help with tho collection of this money, whicii is the only thing left to do, practically, if we are untrammelled by any other directors than those concerned only with the. old company." Mr. Monteath then went on to say that there were men on the old directorate who were holding a dual position. In a spirited defence of the directorate, Mr. Okey, M.'P., remarked: "I am one of t those unfortunate enough to have been placed on the advisory board of the new company, not at my* wish." He added' that lie was quite satisfied that if the dissenting shareholders knew the circum- • stances of the case they would agree that it was wise that Mr. Carter and himself, although each holding two positions, should be allowed; to help to wind up. the old company. However, if the present directors were returned he would undertake to immediately hand in his resignation, and Mr. Carter was prepared to follow suit. ! Mr. Monteath: If the two directors will resign, then I am perfectly willing to withdraw my amendment. Mr. Carter: I am quite wiling to take up the same position as Mr. Okey, and place my resignation in the hands of the secretary.

The chairman then went on to say that if the shareholders were in a position to appreciate the difficulties of the position in which the directors had been placed, they would have been convinced that it had been in the best interests of the Taranaki Petroleum Company that Mr. Ok'ey and himself should also sit on the advisory board of the new company. The company's solicitor here conferred with the chairman, and, as a result, Mr. Carter announced that Mr. Monteath's motion to elect only a portion of the directorate was not legal. Mr. Ewing then suggested that certain gentlemen, not necessarily directors, should be appointed advisors "to the assessors, but this was also ruled out of order.

A new phase of the discussion was introduced by a member of the audience' remarking that perhaps there were some shareholders who might not wish to see Messrs. Carter and Okey resign from the. directorate.

Another shareholder followed in the same strain, adding, "Put the motion in its original form." The chairman fell in with the supcos- - tion, and a show of hands saw a mo- : tion carried to the effect that the whole of the directors should remain in office until the sale was completed. Thjitf means that Messrs. Okev and Carter, who withdrew their pledges to resign, will remain in office along with the other directors. MR. CARTER'S SERVICES RECOGNISED. The meeting was about to adjourn when Mr. Cock rose and put the following question to the chairman: Have you been remunerated for your services? Mr. Carter: In what way? Mr. Cock: By way of your travelling expenses? Mr. Carter: No. Mr. Cock: Then I more that this meeting vote to Mr. Carter the sum of £3OO for the manner in which he has conducted the work on behalf of the shareholders. He added that if the shareholders knew the amount of work put in by the chairman they would agree that even £3OO was not'sufficienl compensation.

The motion was seconded by Mr. V. Messenger. Giving the shareholders some idea of the valuable services rendered by Mr. Carter, Mr. C. E. Bellringer instanced bow lie had been instrumental in disposing of the whole of the oil in stock for £5670. as a result of his trip to London. He concluded by stating that the mover should have made the sum £SOO.

Mr. Deare accordingly moved and Mr. Hinz seconded that £SOO be paid to Mr. Carter.

The amendment was lost, ns was also a further amendment by Mr. Baker, seconded by Mr. Webster, in favor of £4OO. Still another amendment, fixing the remuneration at £4OO, was moved by Mr. Webster, seconded by Mr. ll'onevfield. which was declared carried by Mr. Bellringer. A motion was then proposed by Mr. James (Inglewood), and seconded hv Mr. Jennings, that a bonus of £IOO be paid to Mr, Keith, the manager of the works. A member of the audience asked what

Mr. Keith's rerauneratioi. was, and it was explained that lie was in receipt of £fiOO a year, with a bonus of one shilling on every barrel of oil produced. The proposal was then put to the meeting and defeated. Air. E. (ivili'itlis I lien moved, and Mr. Marfell, seconded, that a bonus of £IOO be voted to the directors. After the motion had been carried, Mr. Bellringer stepped to the fore, thanked the meeting for its bennfieience, but announced that they would present the sum back to the shareholders. The meeting then adjourned till 8 o'clock. THE ADJOURNED MEETING. A BOLT FROAT THE BLUE. There was not a very large attendance at the adjourned meeting, which was held in the Borough Council Chambers. Mr. Carter, who presided, announced I that the voting on the «-"n=Hnn of the | appointment of two liquidator* had resulted as follows:—E. H. Tribe 2550. IT. Bailey 2254, C. T. Mills 038, T. Buxton 2f15. Messrs. Tribe and Bailey were accordingly elected. The chairman was proceeding to close the meeting, when Mr. Berry created a mild sensation by rising and challenging the amendment adopted that afternoon, and subsequently passed in the form of a substantitive motion, which fixed Afr. Carter's remuneration at £4OO. "I say." he explained, "and I have a good many supporters, that that vote was not carried by 30 votes." Mr. Carter: Did vou count the Totes. Mr. Berry? Air. Berry: T roughly counted them. Mr. Carter: Did vou take the numbers? Air. Berry replied in the negative, but still persisted that the vote was lost. Mr. Rellrinaer, in characterising Mr. Berry's action as informal, took him severely to task for not having challenged the vote at the proper time—when it was taken. That would have been the proper and ordinary course. (Hear, hear.) Tt was unfair to maker the charge when three-fourths of the shareholders who voted were absent. Returning to the attack. Mr. Berrr stated that the remark that the motion was lost had been made by scores of those present. Mr. Carter: He simply challenges the vote, and the matter will have to rest there. The meeting then dispersed.