THE PETROLEUM BOOM.

Greymouth Evening Star, 21 May 1906, Page 4

THE PETROLEUM BOOM.

According to the Taranaki Daily News, there is general dissatisfaction among the petroleum shareholders in New Plymouth regarding the terms of dotation of the new company. Referring to the proposal to transfer the company’s interests to Wellington, the News says: “It is a generally acknowledged fact that (ho Standard Oil Company have a shrewd representative in Wellington. By putting the control of the company into the hands of Wellington people, what is there to prevent Rockefeller’s representative securing as many shares as ho wants? Further, what guarantee have shareholders that Wellington friends may not work hand in hand with the representative of the wealthiest man in tile world? It was actually proposed in Wellington, and provisionally agreed to by (he company’s representatives, that Wellington should have u

substantial preponderating reprosent a (.ion on the jirovisioiial directorate. It; is obvious I lint a few years may witness (ho spectacle of Taranaki J'ouving forth its licpiid wealth for transportation to refineries erected in Wellington. For all the benefit that New Plymouth would derive from such a scheme it would bo as well had the oil remained in its subterranean fastnesses. What everyone in Taranaki wishes is that the industry may not lie nipped in the hud by American bribery.” The New Plymouth Herald says: ‘‘file feeling of disquietude on the part of certain shareholders that the control of the petroleum industry may pass out of Taranaki is, according to the latest developments, not justified by facts. Wo are in a position to stale with authority that the tentative proposals with regard to a Well- ' ington flotation havo not boon accepted by the directors. The chai?man of directors, when interviewed by a Hoi aid representative, held the view that there would bo any amount of capital forthcoming for tho industry hut declined to forecast the linos on which tho directors will probably decide to work. ‘You may announce for tho information of shareholders,’ he remarked, however, ‘that the directors have no intention whatever of advocating any proposal which would load to tho registered office of (he company or any portion of tho works . being conducted outside of New Plymouth.” J