Page 4 Advertisements Column 1

West Coast Times, Issue 3848, 8 August 1881, Page 4

Prospectus. A BRIDGED PROSPECTUS _C__ OF THE EAST COAST NATIVE LAND AND SETTLEMENT CO. (LIMITED ) Capital, £500,000, in 100,000 shares of £5 each; whereof 70,000 will be allotted to the Aboriginal Native Contributors of Land, called " Original Shares," and 30,000 to European subscribers of capital, and called " Capitalist Shares." First issue of Capitalist Shares 20,000, payable as follows : — 5s on application, 5s on allotment ; subsequent call;, if they are required, not to exceed 5s each, nor to be made at intervals of less than three months. Peovisional Dieectoes. Hon. H. R. Russell, M.L.C, Hawke's Bay Hon. W. H. Reynolds, M.L.C, Dunedin John Barraclougb, Esq., Oamaru Horace Bastings, Esq., M.H.R., Dunedin F. H. D. Bell, Esq., Wellington C, A. De Lautour, Esq., M.H.R., Gisborne G. Fenwick, Esq., Dunedin Allan Macdonald, Esq., M.H.R., Gisborno D. H. Mackenz ; e, Esq., Auckland F. J. Moss, Esq., M.H.R , Auckland Wiremu Pere, Native Chief, Gisborne Henare Potae, Native Chief Tokomarau Bay J. B. Peynter, Esq., Gioborne D. Proudfeot, Esq., Dunedin Montagu Pym, Esq., Dunedin G. M. Reed, Esq., Gisborne W. L. Rees, Esq., Gisborne R. H. J. Reeves, Esq.,M.H.R., Nelson Major Ropata, Native Chief, Tokomarau Bay R. Stout, Esq.; Dunediu W. H. Tucker, Esq., J. P., Gisborne R. Wileon, Esq., Dunedin John Buchanan, Esq., Napier J. S. M. Thompson, Esq., Wellington R. C. Reid, Esq., LLH-JR., Hokitika H. C. Robphns, Esq., Napier C. A. Pritcbard, E^q., Christchurch T. M. Dargaville, Esq., Auckland Joseph Bennett, Esq., Auckland William Coleman* Esq , Auckland SOLICITOE8 : Wellington — Messrs Sievwright & Stout. Gisborne— W. L. Rees. Bankees : The Colonial Bank of New Zealand. Bkokebs and Agents ; Dunedin — Christehurch— T. B. Craig. Wellington— Lidbetter & Cooperi Auckland— Oamaru—Joseph Booth. Hokitika— Wade & Spence. Greymouth — G. W; Mobs. Hon. Secbbtaet : F. J. Moss, M.H.R., Wellington. The following is an epitome of the objects of the Company as detailed in tbe Prospectus, which may be obtained from the Brokers and st the various Branches of the Colonial Bank: — The object of the Company is the Voluntary Association of the owners of Native Lands with European Capitalists, for ths purpose of promoting settlement on the lands on the Easf. Coait of tha North Island of New Zealand. This ia intended to be attained by the Native Owners contributing blocks of land at original or unimproved values, re» ceiving paid-up shares in the Company for the same ; the European Shareholders contributing capital to be called up in fixed and limited amounts as may be found requisite for conducting the operations of the Company. It iB intended that the cash capital rai e ed shall be employed in defraying expenses of management, completing title*, effecting surveys and subdivisions into farm and township lots, opening means of access, conducting the sale and leasing of lands, promoting the formation of Special Settlement parties from England and elsewhere, making advances to settlers on security, and generally in utilising the lands and property vested in the Company to the best advantage. The Company is at present registered u"der t) n ? Joint Stock Companies Act, with a nominal capital of £25,000, by the promoters, who finding it necessary to increase their operations, transfer their interests to the extended proprietary, retaining 1000 paid-up Capitalists and 1000 paid-up Original Shares in the Company. The Government having abandoned the purchase of Native Lauds, the Native ov Tiers in the Poverty Bay and East Co st districts being strongly desirous of O| - jing their lands for settlement, ia a manner mutually beneficial to themselves and such Europeans as may be desirouß of becoming associated with them on the principles proposed in the Prospectus, have, after making provision for their own requirements, entered into contracts for passing over large areas of valuable land to the Company, at prices based on those of former Government purchases, receiving shares in payment for the same. It is anticipated that the Company will be able to dispose of its lands to great advantage, as under its control, and with its guarantee, title will be absolutely good, •while all land purchased will be at once placed under the Land Transfer Act, and will be sold from time to time for cash, or on long deferred payment, and generally in accordance with the regulations guiding the disposal of the Waste Lands of the Crown. The Capitalist Shares will be preferential, having secured to them a minimum of eight per cent, per annum as a first charge on the profits, with a further division of profits in proportion to the capital invested. Five Directors will be elected by the Capitalist Shareholders, and four by the Original Shareholders, the qualification of a Director being the possession of not less than fifty shares. The Capitalist Shareholders will, under regulations, be entitled to purchase Lands ot the Company for their own bona fide occupation surrendering their shares in payment, which shall be accepted as value for ten t>er cent over tbe amounts paid up. The Native Shareholders will also be entitled, under regulations, to select reserves for their own occupation»*urrendermg their shares in payment. Ten thousand shares will be set apart for sale in Britain to -intending bona fide settlers; and an officer of the Company will be located in England to send out Special Settlement Parties for the Company's Jiand.s To prevent the improper diversion of the Natives' interests, original shares given in the pnrchase of Lands will not be transferable without the consent of a Native Committee, and the approval of the Directors* On these principles it is believed that formation of the East Coast Native Land and Settlement Company will provide for the Natives the readiest and most beneficial