The Temuka Leader TUESDAY, AUGUST 7, 1883. DR REDWOOD’S NOTICE.

Temuka Leader, Issue 1131, 7 August 1883, Page 2

The Temuka Leader TUESDAY, AUGUST 7, 1883. DR REDWOOD’S NOTICE.

The Bight Rev Dr Redwood, Roman Catholic Bishop of Wellington, published in our last issue a notice in which he advised the shareholders in the Colonial Land Settlement and Endowment Association of New Zealand to wind up the concern with as little delay as possible. Wo are not acquainted with all the details of this matter, as it has hitherto been kept very quiet, but at the same time we think we know enough to throw more light on the subject. So far as we can recollect it is just about two years since the project was first set on foot. Who its originators were ii a mystery to us, further than ih*t two gentlemen from Wellington canvassed this district for shares and that Dr IWwood took a lively interest in it. The objects were so far as we recollect, to float a company for the purpose of buying native land and settling people thereon. The land was to have been sold to whoever would buy it, irrespective of creed, and it is not a fact as it has been stated by some papers that it was to have been reserved exclusively for Catholics. It was to have been sold to the highest purchaser, and a portion of the profits were to have been applied to the furtherance of Education. One of the clauses of the prospectus stated plainly that a sura not exceeding 50 per cent of the profits were to be set aside as an endowment for schools, which sura would b; divided amongst the various districts in proportion to the shares taken up. Another clause provided that the Association would have power to lend money to Church Committees at interest, These were the religious provisions in the prospectus to which reference has been made, ani a few days ago at an extraordinary meeting of shareholders held in Wellington, at which there were only a few present, a resolution was carried expunging them altogether from the programme. Of course it is impossible to conjecture what led the meeting to do this : they may have good reasons for it. Still we think they acted very unwisely. They have pulled down an institution which had high and noble aims in view to the level of a land jobbing company, and it was this which led Dr Redwood to veto it so strongly. When the project was at first set on foot the making of provisions for assisting Catholic schools was its chief aim. The shareholders invested their money in it with the full understanding that a part of the profits would be set aside tor that purpose, and it must be regarded as nothing short of consummate impudence on the part of a few individuals at Wellington to arrogate to themselves the right to dictate to the restof the shareholders throughout the colony what ought to he done. The result will be the complete destruction of the whole affair. Dr Redwood has evidently undertaken the work of putting an end to it, and we feel sure he will succeed. This is a matter that Roman Catholics will regret. Had the institution succeeded it would have been a great convenience to poor communities struggling to build schools and churches to be able to go to it, and borrow money at reasonable rates. At present Church property cannot be mortgaged,and consequently great difficulty is often experienced in raising the money. Church property is no security, because the law does not allow it to be given as such, and money cannot be raised unless some members of the congregation become responsible for it. The Association was started to do away with this difficulty as far as possible. It was much the same as a building society, and the original objectofit aimed moreat the good of the Catholic community as a whole than that of individual shareholders. It was started to buy land in larg e blocks from the natives, cut it up into small farms, sell them to the highest bidder, and apply the profit partly to the payment of interest on shares, an d partly to the endowment of schools. In its altered form all the profits will go to the shareholders, but we doubt very much whether the majority will be satisfied with this. The shareholders knew very well the conditions under which they were investing their money, and they invested it with the view more of establishing an institution which would assist their schools than yield themselves direct profit. They are not likely now to submit to the dictation of a few selfish individuals who have no higher object in view than gain, and the result will he, if we mistake not, the immediate demolition of the whole affair, I