SOUTHERN GROSS PETROLEUM COMPANY.

Globe, Volume XXIV, Issue 2704, 7 December 1882, Page 3

SOUTHERN GROSS PETROLEUM COMPANY.

A meeting of shareholders in the above company was held last evening at the Metropolitan Hotel. Mr E. Wickes in the chair. Twelve shareholders were present. The meeting was called to consider the proposal of the directors to sub-let fifty acres of the company’s ground at Gisborne for a royalty of 10 per cent, of the crude oil that might be taken out by the sub-lessees, also to consider the opposition of the Napier shareholders to transfer the directorate to either Napier or Christchurch. Mr A. Jo.yce read an extract from a letter he had received from Napier against the proposal to sub-let; the chief grounds being that the new shaft might tap the company’s seam, and also that the royalty is too small, stating further that it was not proposed to pay any cost down, but the royaltj only. He knew that the majority of shareholders were opposed to the subletting. Mr Hooper said that he had telegraphed to Mr Piesse, of Gisborne, asking why the special meeting to be held on December 18th at Gisborne had not been advertised throughout the colony; and also, why no proxy forms had been sent, to which the reply was that it had boon advertised as required by law, and also by means of Press Agency telegram. Any proxy forms would do. Ho also produced a copy of the “ Napier Telegraph,” which condemned the proposal as being intended in the interests of those who dabbled in share jobbing. It stated that the groat majority of shares were held in Christchurch, Napier and Melbourne, whilst the directors were all Gisborne residents, and that they worked for the interests of that district alone.

Mr W. Wilson offered to go to Gisborne and take charge of the Christchurch proxies, which was accepted with thanks. He was also requested to oppose by all means in his power the proposed lotting of any of the company’s land. The Chairman reminded the shareholders that the call of 2d in the £, payable on December 13th, must bo sent by the mail boat leaving Lyttelton on December Bth, or their proxies would bo useless. About 12,000 shares wore represented by the mooting. After some routine business had been transacted, the meeting adjourned sine die.