OIL WELLS.
(PEH UNITED PRESS ASSOCIATION.)
GISBORNE, This Day.
At a meeting last night ot the Southern Cross Petroleum Company, 34,000 shares were represented. Mr. Wilson, Christchurch, and Mr. Motley, of Napier, held proxies for 25,000 shares. The meeting was called to consider the offers made by two local gentlemen to lease a section of 50 acres each of the company's ground on tribute, giving the company 10 per cent. Mr. Wilson moved, and Mr. Motley seconded the resolution which was carried by a large majority, "That shareholders are decidedly adverse to leasing any portion of the 2000 acres of the company's ground on tribute, until such time as the poperty has been more effectually prospected, and that it is undesirable to bring this question up "at the annual meeting of shareholders." There was a lively discussion, nearly all the local shareholders advocating the principle of tribute. An amendment calling on the directors to draw up a scheme for letting groand in tribute was rejected, only 1300 votes being recorded for it. The directors had prepared no resolution, as they heard a block vote would be given against the tribute proposals by Motley and Wilson. Some shareholders present could not vote, not having paid the last call.
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https://paperspast.natlib.govt.nz/newspapers/HNS18821219.2.14.8
Bibliographic details
Hawera & Normanby Star, Volume III, Issue 371, 19 December 1882, Page 3
Word Count
207OIL WELLS. Hawera & Normanby Star, Volume III, Issue 371, 19 December 1882, Page 3
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