The Compact of 1856.

Clutha Leader, Volume I, Issue 17, 29 October 1874, Page 4

The Compact of 1856.

So much has been said and written touching the now famous compact of 1856 that we reprint a copy of tlie original resolutions as passed by the Parliament of Nnw Zea and : — That it is expedient, as- part of a general permanent arrangement to redeem the New Zealand Company's charge on the land fund upon the terms offered by the company, and assented to by the Imperial Government, viz , the payment to he made on the sth of April, 1857, of a sum of £900,000, towards which all moneys in their hands at that date, in excess of the interest, shall be applicable by w?iy of reduction, the Imperial Government guaranteeing the loan for that object. The £200,000 to be obtained in iSnjrland, upon the best and most favourable terms, practicable. That, as a further part of such gejneral and permanent, arrangement, and in order to adjust equitably the pubhc burdens, the New Zealand Company's debt be borne by the provinces of the Middle Island in equal proportions,' and the charge of purchasing native lands by the provinces respectively, within which such purchases shall he made. 11. That, in accordance with the former resolution of the House, the province of Auckland be relieved retrospectively, as well as prospectively, from the JNew Zealand Company's debt, and that after payment of the sum* due to the company on the sth of/April, J 857, the balance of the loan of £200,000 be made applicable to that purpose the revenue in deficiency or excess to be adjusted when the same be ascertained, the province of Auckland on its part bearing tbe sum of £911 8s 9d. under the Land Claims Ordinance, New Ulster, as a debt incurred for its exclusive advantage. 12. That this House is of opinion that , the administration of the waste lands of each province shall be transferred to the Provincial Government of such province, and the Land Kevenue shall be made provincial revenue, subject to the following charges : — • ' ' IdfThe province of, Nelson to be subject to a charge of £66.666 18s. 4d., to bear interest at the rate of 4 per' cent., with a sinking fund of 2 per cent. The province of Canterbury to be subject to a like sum on similar terms. The province of Otago to be subject to a like surd on similar terms. The respective provinces of Auckland aq<i \Vellington to be subject respec-

tively t» charges equal to the proportion of the permanent loan r purchase Of native T^nds^ iik 1 ' siieli^pro^i vinces^respebtf veiy^ r wittf i n ter'est atT thef' rate of 4 per Centi and a nsihkih^ fiin r d of 2;per cent. °- . f »^n..r.7/'.il'/ UtiiyuSt \ The prVJvitfctf of ' New Plymouth -tobe subject to ft^mitttge^ esx£aY tdW^pi-bbb^' tion of the ]pef Mhrritn^ioan^uorr^ for the purchase dft-iStftive:Uands > '''with^ interest at alike^rateValidNith' a-ixke^ flihking: fund, after i_ll6wili|f 'a^lraui¥of £•20,000 as a free outlay s& bifawtfifokl that proviiice in the purchase of ria^iV^ lands without charge to such province. ■ 13. After such outlay ■ <off £20^000shall have been made in ihe of New Plymouth *aai" aforesaid^ -thecolony dp guarantee out of its' general revenue to make up; any deficiency in ! the gross proceeds; of the land sales within such province, so that the sum derivable from such- gross proceeds be no less than L 2/200 in any erne year.