TARANAKI PETROLEUM COMPANY.

Taranaki Daily News, Volume LIV, Issue 300, 15 June 1912, Page 4

TARANAKI PETROLEUM COMPANY.

With the passing of the liquidation, resolutions at yesterday's meeting, the Taranaki Petroleum Company ceasee to be, and from its ashes, Phoenix-lik#, rises the larger concern, the Taranaki Oilfields, Ltd. The old company passed through some vicissitudes during the »ix years it was in existence, and that it came out successfully, placing 'the petroleum industry on what we all hope will be an established footing, i» ail achierftrivent it may well congratulate itself upon. There were time® when it looked as if the company must fail in ita objects, when everything seeimed to operate against the successful development of the oil measures, but the men at the head of affairs, inspired by faitih and confidence in the industry, never lost heart, adversity seeming but to encourage them to further effort, until, with success well within .their grasp, they were able to effect a transfer of the property to the English people responsible for the formation of the present company, on conditions which must be regarded as exceedingly satisfactory by shareholders, whatever might be their opinion of the constitution and position of the new company. The director* hare not- been able to please all the reholders. Perhaps this was too much to expect. The fact remains, however, that the directors have looked after their interests exceedingly well, as is shown by the fact that the £1 shares which were a drug on the market but a year or so ago, will now produce nearly 255. Because of a variation in the terms of sale of the property the directors have been hostilely critieised, but if the position is calmly considered it will be seen that it was either a case of meeting the new company *sn the manner they did or dealing what migiht have proved a death blow to the industry and the shareholders' interests. Instead of being censured for the line they took, the directors deserve commendation, and we feel sure that this will not be withheld in the near future bv even the section that has lately been airing so vehemently its hostility to the actions of the directors. The meeting yesterday v«ry properly rescinded the previous resolution providing for the scanty remuneraI tion of the services of the directors and voted a sum more commensurate with the valuable work done by the chairman and his fellow directors. For years they have given shareholders the 'benefit of their time, experience and judgment, practically without fee or reward, and having effected so advantageous a sale, so far as the shareholders are concerned, at the expense of much time and labor on. their part, it i» only fitting

that they should receive some recognition at the hands of shareholders. Wfl desire to congratulate the directors on .the services they have rendered, not only to the shareholders, but to the community generally, and to further congratulate both the managers and the shareholders on the happy issue- out of all their difficulties.