FINAL SETTLEMENT OF THE AFFAIRS OF THE NEW ZEALAND COMPANY.

New Zealand Spectator and Cook's Strait Guardian, Volume IV, Issue 231, 16 October 1847, Page 2

FINAL SETTLEMENT OF THE AFFAIRS OF THE NEW ZEALAND COMPANY.

[From the New Zealand Journal, May 15.] After years of protracted discussion, and the impediments, positive and negative, which have in consequence been sustained by the colony do less than by the New Zealand Company itself, the differences between that body and her Majesty's Government have at length been brought to a successful issue ; an issue

•like creditable to both parties ; to the Company for the perseverance and tact by which it hat been obtained in the face of apparently almost insurmountable difficulties ; and to the Government for its desire to make amends for the petty malice and injustice resorted to by some of its predecessors, by concluding such measures of reparation for the past, and efficiency for the future, as cannot fail to render the New Zealand Company, that energetic organ of colonization, which even their greatest opponents admit they once were, and which there is now every reason to believe they will again become. With a candour highly creditable to Lord Grey, he at once admits, and in few words, that the Company Las established a claim upon her Majesty's Government ; that in the consideration of the justice of this claim, he has been influenced by higher objects than belong merely to the claim itself, viz., the reward of the enterprising settlers, who have sustained- so great loss/ by conferring- ttpofe them free institutions, which cannot but havfe a most beneficial effect upon the colony. These, backed by the " admirable policy" of Governor Grey, an expression of opinion Jo which we most fully concur with his lordship, will prove a sufficient security to the colony against future misgovernment, which misgovernment, the noble Earl admits, has taken place in the past. His lordship is candidly states, " that the energetic co-operation of the New Zealand Company will be materially conducive, if not absolutely essential, to the realization of the great object of making New Zealand the 'seat of an extensive and thriving colony.' " Hence he considers the renewal of its operations, as "an end to be promoted even more on large views of public policy than on considerations of strict right," fully as this strict right is admitted. Oti this account, his lordship states hiS wish to place the Company in a position which, after a certain period, " will enable it to continue its operations without further assistance, and with reasonable prospects of success." To this end, the present measure of the Government is devoted. The means to this end are simple and efficient. Her Majesty's Government itself becomes assistant to carrying them out. A Commissioner is to be appointed, with the absent of the Company, whose instructions will direct him to give full effect to their system of colonisation. - His Lordship conceives that m the presence of her Majesty's -Commissionerat the Board " will give it additional claims to the confidence and respect of the public." With regard to the advance of money by her Majesty's Government for the purposes of the Company, his lordship proposes to limit the duration of such aid to three years ; deeming a less period not sufficient for the experiment We scarcely deem this period sufficient, for as no new colonization on a large scale can take place without a thorough survey of the district to be allotted, at least two years will be occupied before this can be effected, even supposing the Company to commence operations immediately. These remarks will not, however, apply to the Scotch settlement about to be established at Otakou, the surveys for which have been long going on. and are by this time nearly completed. The monetary arrangement is this, that during these three years, the Government shall place at the disposal of the Company, during the first year, not more than £28000 over and above any sum payable to the Company, under any former loan. During the second year, no sum exceeding £72000 is to be advanced, and during the third year, none exceeding £36,000. These sums are for the double purpose of discharging the existing liabilities of the Company to an extent not exceeding £79,000 and also for conducting its colonizing operations. All sums accruing to the Company in each year, beyond those devoted to emigration, are to be expended in furtherance of their objects, and no interest is to accrue during the period for any debt to the Government. The advances so made by the Government shall be constituted the Company's debt, the principal of which they shall be bound to repay by an annual payment of not less than I one-fourth of their dear profits after payment of all expenses. If at the end of three years, the Company be unable to continue its operations,' the Government shall take the Company's assets, together with its liabilities, and shall cancel all debts due from the Company to the Government; taking, moreover, the lands now belonging to the Company, viz. 1,073,483 acres, at the rate of five shilliugs per acre^ to payment of which the Company shall be entitled out of the proceeds of all returns, over and above the outlay for surveyors and emigration, accruing from the sale of Crown lands in New Zealand. The Crown binds itself not to sell any land or less than twenty shillings an acre, nor will it permit the Company so to do. Ten shillings per acre, at least, are to be expended on emigration.

Such is the outline of the plan. We have no fe»rbut thai the Company will now carry on its colonising operations with all the energy she Government can desire, or that the Utter will ever be called npon to fulfil the latter conditions of their agreement. The- Government has taken up the ships Minerva and Sir Robert Sale, for the conveyance of pensioners to New Zealand. Major-Geueral Pitt, has been appointed to the command of the forces in ths colony ; and Captain .Greenwood, Major of Brigade. They proceed by these ships. The Driver arrived at S pithead May 14th, Having left New Zealand 28th January, and ,Jtio 27th March. She arrived off the entrance of the Strait of Magellan on the 2nd ' March,- but thick hazy weather prevented her attempting them, so she bore up and steamed round Cape Horn, being only 35 days from , New Zealand. During her passage home she had four deaths, namely, Mr. J. G. Nops, lately (Master of the Racehorse, oh the 12th Feb. ; Mr. Goodman late carpenter of the Racehorse on the L sth March, from the bursting of a bloodvessel; James Bothway, stoker, on the 2nd April, of apoplexy, and James Crocker, peaman, from locked jaw, occasioned by a wound received in the foot when assisting in turning the wheels of the engine while at Rip.