THE Thames Advertiser. WEDNESDAY, NOV. 8,1876.

Thames Advertiser, Volume IX, Issue 2464, 8 November 1876, Page 2

THE Thames Advertiser. WEDNESDAY, NOV. 8,1876.

A cheat deal' was said and written during the latter part of the session of the Assembly just closed respecting the claim of one Coleman Phillips to compensation. It was said that Coleman Phillips had originated the Polynesian trade scheme, which Sir Julius Yogel

introduced to Parliament, and took credit for originating. After a great

deal of investigation, and examination of witnesses, besides the examination at-great length of Sir Julius Yogel and Coleman Phillips, the Assembly voted the latter £300 compensation, thereby acknowledging his claim to the authorship of the scheme. Sir Julius was consequently held up to ridicule as claiming for himself' the credit which belonged to another. It now appears, however, that neither Coleman Phillips nor Sir Julius Vogel originated the scheme, but that the real credit for conceiving the idea is due to another Auckland man, Mr W. J. Hunt, formerly connected with. the Bank of New Zealand in some capacity, and afterwards an accountant in Queenstreet, but now of Napier. This gentleman says he disclosed his scheme to Mr Phillips in 1871, the year before the latter sailed for the Fijis, where he professes to have first conceived the Polynesian trade scheme. Mr Hunt tells us, in a letter to the ' New Zealand Times,' that he would like to ask Mr Phillips to recall'to mind a conversation which he (Mr Hunt) had with him in 1871, in reference to the speculation of obtaining a bank charter from the Fijian authorities, and if Mr Phillips does not remember that, during such conversation, Mr Hunt mentioned to him that he had a project for the establishment of a large trading company, based on the principles of the East India and Dutch Companies, tor; the South Sea Islands. Mr Hunt] goes so far as to say that if it had not .been for the introduction of Sir Julius Yogel's scheme his friends in England would have succeeded in establishing a very powerful company, managed by a London board of directors. We do not: know whether Mr Hunt also intends by this means to establish a claim for compensation next .session. He does not hint at any' such ■ intention in his letter; but he is most explicit in reference to the action taken by his English friends in connection with the matter. ' He says: —" In 1869, when connected with the Bank of New' Zealand, I entertained the hope of one day being in a position to establish a powerful company for the development of the vast trade and natural resources of the South Sea Islands. I recognised that a company, by adopting a system Of colonisation to certain groups of islands, and by introducing persons (from the West Indies and other. places) experienced in the growth of sugar and various, other tropical products, would, in a few years, build up a . very large lucrative trade, independent of the ordinary business, now done by the traders. In 1872 1 framed a prospectus for such a company, with the intention of bringing the matter before the Zealand Government, with the view of obtaining a guarantee of 3 per cent, on the share capital, as I considered that such guarantee would materially assist in the floating of such an undertaking, and that it would not be an unreasonable proposal to make to the Government, seeing the immense benefit that would accrue to New Zealand. I was dissuaded by my friends from carrying out my intention, as they looked upon the idea as too visionary, and not likely to be entertained. T therefore allowed the matter to remain in abeyance until 1874, when I wrote to certain merchants in London, laying the whole proposal before them; and, as my letters can prove, the project was warmly entertained, so much so that it, was decided to form a company, and during the time that the matters were being arranged for the floating of such com pany, (the Government proposals came out granting a guarantee of 5 per cent. ! on the share capital, the introduction j of which had the effect of stopping my j friends from moving any further." Mr Hunt goes on to adduce some proof of his connection with the scheme, and says,.he is prepared with further,, evidence if required. He says lie ,is not a partizan of Sir Julius Yogel's, but he cannot shut his eyes to. the fact that had not that gentleman taken Mr Phillips under his wing, we should not have heard anything of the " trials and troubles of this young man" and his appropriated Polynesian scheme.