GISBORNE.

Daily Telegraph (Napier), Issue 3571, 19 December 1882, Page 3

GISBORNE.

December 19

At a meeting of the Southern Cross Petroleum Company laet night thirtyfour thousand shares were represented, and Mr Wilson, of Christcburcb, and Mr Motley, of Napier, held proxies for 25,000 shares. The meeting met to consider offers made by two local gentlenieu to lease sections of fifty acres each of the

company's ground on tribute, giving the company ten. per cent. Mr Wilson moved, and Mr Motley seconded a resolution, which was carried by 25,51£ shares to 1300 against, " That the shareholders are decidedly adverse to leasing any portion of the 2000 acres of the company's ground on tribute until such time as the property has been more effectually prospected, "and that it is undesirable to bring this question up at the annual meeting of shareholdera." There was a lively discussion, nearly all the local shareholders advocating the principle of tribute. An amendment calling upon the directors to draw up a scheme for Jetting tbe ground on tribute was rejected, only 1300 votes being recorded for it. The directors had prepared no resolution, as they heard that a block vote would be given against the tribute proposals by Mr Motley and Mr Wilson. Some of the shareholders present could not vote, not having paid the last call.