The Daily News. TUESDAY, JANUARY 20, 1914. THE OIL INDUSTRY.

Taranaki Daily News, Volume LVI, Issue 172, 20 January 1914, Page 4

The Daily News. TUESDAY, JANUARY 20, 1914. THE OIL INDUSTRY.

i\'e regret that the Advisory Board o Lhe Xew Zealand Oilwells Ltd. sav fit-to exclude tlie Press from last night' meeting'. The fact of an adequate re port of the proceedings not appearing ii tliis morning's issue does not tlisappoin us at all, but it seems to us that ii the interests of the company itself) ii the interests of the industry as : whole, a full report should have beei printed. The company is somethin] more than a private concern. It i really one whose operations affect tin interests of all in Xcw Plymouth, in deed of the people of the whole province and the more publicity that can be givei them the better. There may, of course be certain matters which it would bi imprudent to give publicity to, but tin discretion and co-operation of the Pres; in such cases can always be dependei upon. We arc quite certain that ha< the remarks of Sir Uoorge Clifford, win was present, been printed, they wouli have gone a long- way to reassure thoai shareholders who were not present-as t( the future of the company and to es tablish faith in the industry generally lie put matters in a clear and convincing way. and his remarks removed : good deal of misconception: He look-hi"! ground, too, appealing' to the patriot ism of those present, an appeal whiel elicited a warm response, and no doub will result in the company being givei a. new lease of life and also in tin establishment of the company on a solii foundation. His speech, and that of th chairman of the Advisory Board, shouiil in the interests of all concerned, hav been published. It is a short-sightei policy to burke publicity at this of od development. So far, only th outer edge of the industry - lias bee: touched, and very soon, no doubt, th public will be appealed to for furthe capital to aid in its development Nothing should he hidden from then: From the ''hole and corner" slagc \v thought we had emerged a long tim ago. To say that the reporting of th proceedings of an important meeting lik that of last night would have damage! or prejudiced the interests of the com pany is absurd. The harm—if then were any harm—had already been doni by the circular bombshell. The share holders who are now being asked foi financial assistance wanted reassurance and that this was forthcoming at tin meeting was demonstrated by the unanimous votes upon the resolutions submitted. We have nothing to hide over (he oil industry. We have done nothing I.;, be ashamed of. The. townspeople ha/c been quite frank and honest and have given outsiders a "square deal" in respect to their investments. Indeed, f hoy have no r Jier desire. They believe they have an industry fraught with immense possibilities at taeir door only awaiting development, and in the light of what has taken place recently at the Blenheim bore, their faith is not without Justification. Because of this faith, they have associated themselves closely with the enterprise, and have had no hesitation i;i recommending outside friends to invest money in the prospecting companies. They, therefore, want to ace everything carried on above board and give no ground for suspicion or misconception, being quite satisfied to allow the industry to stand or fall 'on its merits. The Advisory Board of the parent company, in whose welfare everyone in the district is directly or indirectly interested, had a splendid opportunity of taking the public into Its -•onlidencc, and we regret exceedingly it lid not rise to the occasion. Of the neeting itself we are not permitted to aiy much, but we are pleased to know ■bat there is every indication and hope •f the company obtaining the necessarv iimncial accommodation to carry it hrough the crisis that has oeurred in its ffairs by the inability of the Laid on Soard of Directors to ''deliver the cods" that for months had been prom- j led and upon which the local manage-., lent had based their hopes and cilcuiaions.