TARANAKI PETROLEUM.

Gisborne Times, Volume XXII, Issue 1749, 15 May 1906, Page 3

TARANAKI PETROLEUM.

AMERICAN INFLUENCE FEARE.D.

At New Plymouth there is very general diosatisfaption among the petroleum shareholders regarding the terms of dotation of the new company. A private meeting of shareholders was called to consider mattors. The Daily News in an editorial says:—“Great publicity has been given to the fate that the dotation of a company of £IOO,OOO is assured; hut on what terms, and with what regard to the interests of shareholders and the province ? Without apparently consulting the shareholders, the directors have practically deputed to transfer the control of the whole of the company’s interests to Wellington. Had this proposal emanated from a upani-: mously expressed wish of it would he none the loss deplored, viewed from tho broad point of view of tho genoral welfaro. It is not suggested that tho proposal was made in other than a genuino desire to fuither tho shareholders’ interests, but it would seem that enthusiasm has been allowed to get the better of discretion The directors appointed a firm of brokers, practically making them the sole manufacturers, so to speak. They also secured the services of a prominent legal firm. So far frpm the flotation of the company being as'ured —we had almost been led to believe that the shares were only awaiting allotment—we understand that tho Wellington brokers have given no guarantee nor are there any shares underwritten. At tho same time we

iar do not looliovo tlioro will bo tho nd slightest difficulty iu lloating tho coiling pany. It ia a genorally acknowledge d “ r - faot that tho Standard Oil Company havo a shvowd ropvoaontativo in Wollington. By putting tho control of co tho company into tho hands of Wellington pooplo, what is tlioro to provont r's Eockofollor’s reprosontativo securing as many sliaros as ho wants Furthor, n- what guarantoo havo shareholders that Wellington frionds may not work l * s I hand in hand with tho roprosontatiyo I of tho wealthiest man in tho world I It was actually proposed in Woffington, and provisionally agrood to by ■ I tho company’s representatives, that I Woffington should havo a substantial I preponderating representation on tho I provisional directorate. It is obvious I that a very fow years may witness tho “ spectacle of Taranaki pouring forth I its liquid woultb for transportation to B refinerios erected in Woffington. For i y I all tho benofit that Now Plymouth < r I would dorivo from such a schome it I I would bo as woll had tho oil remained !I iu its subterranean fastnesses. What , * I evoryono in Taranaki wishes is that 1 I tho industry may uot bo nippod in tho | I bud by American bribery.”