EAST COAST LAND COMPANY.

Press, Volume XLVII, Issue 7528, 18 April 1890, Page 6

EAST COAST LAND COMPANY.

«AN INDESCRIBABLE STATE OF

CONFUSION."

(natt AsaociATioif ____■______-} WELLINGTON, April 17*

When the Hon. Mr Eichardson, of whose whereabouts just now nobody knows anything, returns to Wellington the Cabinet will enter into the matter of __# East Coast Settlement Company. |0B_» weeks ago Messrs Mitchelson and Biebardaon paid a visit to Gisbome, th e longer as Native Minister to enquire into if__irs from the Maori point of view and fee latter to protect the interests of the QO&hy with, regard to the land which _£t___* been suggested the Government should acquire. These gentlemen fcave not yet reported to their colleagues fp. when they do it will be to reveal an ladeserib-ble state of confusion. The Company is in liquidation, and the Natives ifho gave up their land have never touched any'money, and some of them have not even got the scrip which they were snppocftfl to. get, while over most of the land __-Tb____ of New Zealand holds a lien. What has become of the money actually ttased' by the sale of shares, or of the |___o__Tof land, for some land was sold ler cash, nobody seems just at preSjsnt to know, and it is quite £g_____e that a Parliamentary Com___asion will be asked to enquire. A peat deal has gone in salaries and other expenses, but whoever got the money the _____ve_ assert they have never had any. Their patrimony is gone, and they have __>~___ans of living. Meanwhile the inferest charges go on piline up the amount «w to the Bank, and the only way ont of ! ■fee difficulty seems to be for the Governj___oit to step in. Mr Mitchelson states I (hat there is no likelihood of their asking £_______entfor authority to do so unless the ftnfart-nate Natives are to get something. Jf this is not provided for the Company •_*__. have to get out as best they can. Keifcßer is the Government likely to give aaytbing like the price which in some quarters seems to be expected. The land is described as of splendid quality, some O- it almost in Gisbome itself, some only *i few miles off. For one block of 1500 _g_r_s__2 per acre, cash down, was offered. At the time the Company had not acquired tflie title, and could not sell. Some is #____, .315 to £20 per acre. Were it .possible to deal with it in any way, the Native Minister says, Che whole area, 100,000 acres or there-i-outs, could be disposed of in six months. tiis, therefore, a capital opportunity for $&eCrown to acquire a large and valuable •tea of.Native land; but they must get it terms, and these terms will fee such that the three parties interested— Spa Company, the Natives, and the Bank— will each have' to sacrifice a good deal if Government is to step in and relieve them. Tbe , outcome of the tangled mess into winch matters have got in the district will «£o<M__ly be that some proposition will be ____, before Parliament for acquiring the topd on terms favorable for the colony, at pkesame tune leaving something for the .Ofnginal holders, who allege that they have £fg_fk c stripped of their lands without (gf&fcing a shilling in return.