RE EAST COAST NATIVE AND SETTLEMENT COMPANY.

Daily Telegraph (Napier), Issue 3171, 27 August 1881, Page 2

RE EAST COAST NATIVE AND SETTLEMENT COMPANY.

[To the Editor of the Daily Tblegrath.] Sir,—My attention having been drawn to the leader in your issue of Wednesday evening, in which you draw attention to an article in the Dunedin Evening Star, I beg to state that the writer of that leader must have fallen into an error as jto the 40,000 acres purchased at 6s an | acre, including the valuable lands under contract to tbe company immediately around the towns of Gisborne and Uawa. The 40,000 acres alluded to is, as you surmise, a portion of the MaDgabu block, about 35 miles from Gisborne; it is, however, a good purchase, and one out of which tbe company will make a considerable profit, as it will sell the land at from 10s to £1 an acre all round. The lands immediately surrounding the township are of great value, and no company nor individual could expect to obtain such land at 6s when it is worth in the market twice as many pounds. I am obliged to you for the opportunity of corecting what is evidently a misapprehension while I am glad to observe that the Dunedin Evening Star has advocated bo warmly the formation of a company which, I am sure, will be of great public service to New Zealand as well as a good investment for private citizens.—l am, &c, W. L. Rees. August 26, 1881.