PETROLEUM NEWS.

Taranaki Daily News, Volume LVI, Issue 258, 30 March 1914, Page 6

PETROLEUM NEWS.

T.UiANAKI OIL AND raiCKlHll.il COMPANY. The annual meeting of the Taraiiaki Oil mill Freehold Company, lid., icns held at the Town Hall ouKrida, evening. Mr. F. P. CorkiM, chairman of directors, presided, and there was a fair attendance of shareholders, with proxies from 111 others. CHAIRMAN'S ADDRESS.

The chairman, in moving the adoption of the annual report, which has alreadv been published, remarked that they had been struggling along trying to assist in the development of the. oil field, but the si niggle had been more pvoimiged, and the results within a given lime hail been less encouraging than thev had Imped for, bui they all knew the "reason why the indiislry had not forged ahead as they hop. d it'would have done. Their hopes had been very largely centred upo:i what was known as the' liig- company—the Taraiiaki (N.Z.) Oil' Wells, Ltd. That companv. unforlunatclv, had a bad Notation. The English capitalisls did not shell out as thev had been expected to do, and practically the whole of the mone■,■ was subscribed in the P.-i----minion— .CI7:3,000 out of £184.1111(1. Thev knew perfectly well that, there were reasons for that. The share list was ! on the London market for n very short i time, only two days, and at a lin'ie when finance was very much disturbed and business almost at a standstill owing .to the appalling loss of the Tilnnie. A large sum of money had been spent by : the parent company on the provision | and erection of a refinery. This was a i magnificent work, ami the only ro»ret was that it was not going at full force, instead of something like (juarU'r time. Still, the works were there, and he hoped they would be maintained whilst the development of the wells went on. until there was an abundance of oil to keep them going. The prospects of the industry outside the financial question were decidedly encouraging. The rotary was, perhaps, the most promising well ever drilled on the field, and any day there might be an abundant flow'. It was making oil at the present time, and so was the lllenlieim well, and so far as the older wells were' concerned Xos. .3 and 5 were still yielding, and No. 2, he believed, had to be cleaned. He, mentioned that he had received a loiter from Mr. ihiHcch, who was now in London, and hoped to be out here in October next. Mr. Corkill then referred lo that unfortunate deputation which was form-

:■:!_ in Wellington, and waited nil the Minister of Mints some six weeks «r.o. Some of tiiem felt very strongly about the matter. They all' knew by whom it was organised, it was a ver. remarkable that those gentlemen who waiteil on the .Minister as represent in;; the oil interests in Taraiv.iki had fully avoided giving anv hint whatever of their proj,s-l t„ the directors of the 1% company, themselves, the llonilhim. or the Inglewood ISoriug oompanv, all eonipanies who had put 'in good money and had jctill valuable interests in the field. Personally, lie very much regretted Unit the organisation had nut seen that they had made a big mistake, and said they Were sorry for it. It was the, least they could do, and they overt it to the public. They knew the results. The Minister (old them very frankly that he had only heard one s'ide of the 'incstimi, and thalhe presumed there wa* another side, lie sent up the chief geologist, and that gentlcmnjr went away with a very different impression from what he was expected to have. The story Unit was told to the Minister and telegraphed all around the Dominion of :thc ruination of the ISlt'liheim well, was one that would not hold water-there was water there but it was not Hood water—ami the well hail been producing oil all along. They knew (hat. lie then formally moved the adontion of Unreport. Mr. fi. \V. lirowhe seconded the inn-

In reply to <iiie.-jl.ions, the chairman remarked th:it the building.,- bad \ )Kan thoroughly overhauled, and the plant generally was in good working order. The well was cased to S-lOft with \->\n. casing, l:i()8ft with Din. casing, and beyond that there was about (111 feet not eased at nil. Whenever boring was resumed the diameter of the well from the bottom of the present easing would be reduced to take V/ :: \n. easing. During the present year he had bad eorrespondenee from Home with regard to tlia company, and he was ut present in communication with oil people in Amereia. The motion was carried.

SUCTION OK DIIiKCTOIiS. The retiring directors, Messrs P. l\ Corkill and F. J. Mansell, were re-elected for the ensuing year, and Mr. (,'. T. Mills was re-appointed auditor. HESOLUTIOX.S OF photKST. Mr. F. Messenger moved:--That this annual meeting of shareholders or the Taranaki Oil and Freehold Co., Ltd., regrets and deplores the action of the directorate of the Taranaki Oil Lands Acquisition and Development Co., Ltd., (Weiiheim) in organising a deputation' to the Minister of Mines unknown to the management of any of the companies controlled in Taranaki, and makiii" statements as to the Hooding of the Blenheim well and its effect thereon which are contrary to fact, and the publication of which did occasion serious anxiety and loss to many shareholders m the Taranaki (X.Z.) oil Wells, Ltd. Unit this meeting expresses is sympathy with the Advisorv Board "and shareholders of the Taranaki (N.Z.) Oil Wells, Ltd., in the situation thus brought about, and cordially hopes that their present embarrassment will speedily be surmounted.

Mr. 1(. L. M'llroy seconded the motion, which was carried uimuiniouslv. Mr. M. Jones then moved:—That'the shareholders of the Taranaki Oil and Freehold Company, Ltd., express their thanks to the Hon. the Minister of Mines for so promptly despatching the chief geologist to Xew Plymouth, and thus allaying the general alarm created bv the injudicious statements made by the recent deputation and telegraphed throughout the Dominion. The shareholders in this company recognised the necessity for regulations such as exist in other oil-producing countries, and will support any steps taken, bv the Government based won proper 'data and on competent advice. Mr. Davies seconded the motion, and this, too, was carried unanimously. GJiXERAL. Mr. Krownp suggested the advisability of engaging the services of Mr. lialloch when he arrived to test the present well. The chairman thought the suggeslion a good one, and went on to refer in most appreciative terms to the excellent work which had been done by Mr. Balloch on behalf of the company, The directors

.-could bear what Mr. jiullucii had to say on the maUer on his arrival, and wonhl ho largely guided by v.Jut he might ad\ise.

.Mr. Wilkinson (YVairarapaj thought it would be. advisable to raise further capital, and Mr. Medley said he had a large number of proxies, and shareholders, in forwarding these, expressed I heir willingness to subscribe more capital according to their means.

On the motion of Mr. Wilkinson, a cry hearty vole of (hanks was accorded to the directors, and to Mr. M t die. , the secretary for their services during the [iast year.

MICXICAN OILFIELDS, j Great dissatisfaction is expressed among llritish merchants at (he checkto trade caused bv a continuance id the rebellion in Mexico. Business till lately done by ICnglish houses in cotton fabrics," machinery, and other goods, roughly < valued at. half a million a vear. is at a standstill. A large amount of capital njul industrial property in which investors are interested are also menaced. Many commercial men think that if Senor llucrta, the provisional president, had been let alone he would have been able lo straighten things out, but. that the United Slates favored his rival because oi their determination to secure a more paramount ownership of the oilfields (remarks an ICnglish commercial paper). Whether that be so or otherwise, llritish capitalists have been warned oil' the oil concessions they had obtained, and America's moral pressure policy seems likely' ultimately to give her precedence in (he industries of I he country. The oilfields of Mexiea, :ii;.i miles in extent, are a valuable asset, and have been chiefly exploited bv American and ICnglish capitalists, the I'nited States being interested to the amount of twenty millions and Great liritain to the amount of fifteen millions, A big sum has been hazarded in other industries—in railways and mines—in Mexico by llritish investors, but by many the . oil supplies were considered of the first ! importance. With (he coming of oil j driven ships, both defensive and mercantile, it is vital that Great .Britain j should own extensive oilfields, seeing I that she must 1 necessarily fill her tanks from afar; and it looks as if the Mexican upset really began in a light for oil, in the intention of the I'niti d States to secure the monopoly.