LAND SETTLEMENT AND ENDOWMFNT ASSOCIATION.

Daily Telegraph (Napier), Issue 3570, 18 December 1882, Page 3

LAND SETTLEMENT AND ENDOWMFNT ASSOCIATION.

A meeting of persons interested in the above Association, which was established some time ago at Wellington, took place yesterday in St. Mary's school. There •was a very good attendance. Mr G. E. Lee occupied the cbair and read the advertisement convening the meeting, and afterwards stated the objects of the company to be— 1. To purchase land, &c.. in various parts of New Zealand or elsewhere, and to give facilities to the working classes of purchase and settlement on easy terras of payment; 2. to lend money at interest for educational or chuch purposes ; 3. to receive money on deposit at interest; 4. to grant loans on approved security, and to assist industrious settlers; 5. to provide for Catholic educational purposes an annual i' sum from the profits as an endowment not exceeding fifty per cent, of profits, and to be apportioned according to the number of shares beld in each parish, or as may be decided by the directors ; 6. to establish branches or agenciee, at the discretion of the directors, at any place to promote the interests of the Association ; 7. to establish, when necessary, a Resident Director in Britain, to be appointed

by the Colonial Directory for the time being, to promote the interests of the Association, and to send out settlers to the company's lands. —The difficulties with which the industrial classes have to contend ia the acquisition of landed property ia this colony, where large capitalists are allowed by the existing laws to acquire immense territories, and with whom it would be ot no avail for men of small meana to compete, makes it imperative on the people to acquire land by means of a combined effort, while there is any left which can be purchased, and enable every industrious individual possessed of little" capital to have a chance of making a home for himself and family. Educational and Church committees will be relieved from the very grave anxiety which in many instances weighs heavily upon them by knowing that there is a special bank which will give them assistance without having to pay the exorbitant interest which is tho rule in these matters, and especially educational committees will be gradually relieved from all anxiety on pecuniary matters as the yearly endowmeut increases. The advantages to the Catholic community cannot be over estimated when it is considered that by merely placing their savings in this company instead of the Post Office or other Savings Banks they will get a higher rate of interest, and be the means of providing a first-class education for their children, while th*e security —being the land purchased and the uncalled capital—w;ll be undoubted. The directors are prepared to show that, although guided by philanthropic motives, they are assured from experience in landed property transactions that the company, as a commercial one, is thoroughly sound, as it is well known that private individuals have amassed immense fortunes by the purchase and sale of landed property in the colony. Mr Lee then introduced Mr James Cook, of Wellington, who explaned the working of the Association, after which Mr Sheath moved the following resolution, which was seconded by Mr D. Murnane, and carried unanimously: — " That the persons present at this meeting approve of the objects of the society, and will use their best efforts to carry out the same." After votes of thanks to the chairman and Mr Cook the meeting terminated.