Page 493 Advertisements Column 1

Observer, Volume II, Issue 44, 16 July 1881, Page 493

ABRIDGED fKOSPUCTU'S OF THE Eac;t coast native land and settlement company (LIMITED) Capital, £500,000, in 100,000 share 3of £5 each; whereof 70,000 will be ailottea to the Aooriginal Nanive contributors of Laud called "Original Shares," and 30.000 to nnropean Bnbsc dbers of capital, ana called " Capitalist Shares." First issue of Capitalist Shares 20,000, payable aa folio as:— os on application, 5s oq allotment; subsequent calls, if they are required, not to exceed 5s each, nor to be made at intervals Of less than throe months. PROVISIONAL JJIRECTOKS. j Hon. H. R. Russell, M.L.C , Hawke's Bayg Hon. W. H. Reynolds, M.uO., Duuedin «iohn Barraclougti, i'-sq., Oacearu Horace Baitings, h,sq,, a/L H.K. Dunedin F.ki.D. Bell, E--q , WeWugton J. Buchanan. Esq. J.P., Napier VV. Buchanan, Usq., Auckland Joseph iiermett, Ksq.-, Auckland William Colernan, Usq., Aucklani J. M. Dargaville, JCsq., Aucklaud Or. Fen wick, xsq., Dunediu O. A. Ue Lautour, i> sq., M. d.R , Gisborne Allan MacUonald, Ksq., M.H.K,, Gisborne D. H. Mackenzie, Esq., Auckland. if. J. Moss, Fog., M.H..K. Auckland Wirenru Pere, Native < hief, Gisborne Henara fotae, .Native Cht'el, ToKomarau Bay J. B. Pointer, JSgq,, J.P., Giaborne C. A. Pilchard, hag... Ohmtchurch D. Proudf ooc, a sq., uunedin Montagu Pyna, Esq., Dunedin G. M. i.eed, Esq.. i-> is borne K. C, Reed, Esq., M.H.K., Eiokitika W. i>. Ke^a u-Hq., Gisborne R. H. J. Reevts, jaii-q., M.H X., Nelson H. C. itobjohns, KBq., Wapier Major Ropata. Native Chiaf, Tokomarau Bay J. M. Sheru, Ksq.. Auckland R. Stout, Esq., Dunedin W. H. Tucker, Esq., J.P., Gisboine J, n. M. Thompson, Jisq... Wellington K. Wilßon, Esq., Duneain SOLICITOEs : Wellington— Messrs. Sievwright & Stout Gisborne — W. li. itees. BANKERS : The Colonial Bank of New Zealand, BROKERS AND AGENTS : Auckland— ihe Members of the Brokers' Association Dunedia J. B. Bradshaw Oamaru— Joseph Booth Christchurch — T. B. Craig Wellingi on— Lidbeiter & Cooper Napier— M. R. Miller. HON. SECRETARY : F. J. Moss, M.H.R., Wellington. The following is an epitome of the obiects of the Company as ctotaiiea iv the Prospectus, which may be obtained from the Brokers and at the various Branches of the colonial Bank :— The object ot the Company is the Voluntary Association of the owners of Native Lands with European Capitalist*, for the purpore of promoting settlement on the lands on the East Coast of me North Island of .New Zealand. It is intended to bo attained by the JNative Owners contributing blocks of land at ori fc inal or unimproved values, receiving paid-up shares In the Company for the same ; the European Shareholders contributing capital to be called up in fixed and limited amounts as may be found requisite for conducting the operations of the Company. It is intended that the cash capital raised shall be employed in defraying t-xpenses of management, completing tides, effecting surveys and subdivision into farm and. township lots, opening means ot access, conducting the sale and leasing o£ the la ><is, iirouiotiug the formation of Special settlement parties from England and elsewhere, maidcg advances to settlers on security, and generally in utilising the lands and property rested in tbe Company to the bust advantage. The Company is at present registered under "The Joint Stock companies a.ct," with a nominal capital of £25.u00, by the promoters, who, finding it necessary to increase their operations, transfer their interests to the extended proprietary, retaining 1000 paid -up Capitalist and 1000 paid-up Original bhares in the Company. The Government having abandoned the purchase of iSative la^ds, the Native ownei-d in the Poverty B*y and Kast Coast distriut3 being Strongly desirous of opening t' eir lands for settlement, in a manner mutually beneficial to themselves and 3uch Europeans as may be desirous of becoming associated with them on the principles proposed in the Prosp'.-cms, hiive, after making provision for their o ivu requirements, entered into contracts for passing over large areas ot valuable land to the Company, at prices based on tnoae of former Government purchaseß, receiving shares fn payment for the same. It is anticipated that the Company will be able to dispose of its lands to great advautage, as under its coutrol, and with its guarantee, title will be absolutely good, while all laLds purchased will bo at once placed under ttie " Land Transfer Act," and -will be sold fom time to time for cash, or on long deferred payments, and generally in accordance wkh tn-a regulations guiding the disposal of the waste lands of the Crown. The Capitalist Shares will be preferential, having secured to them a minimum of eight per cent, per annum as a first charge on the profits, with a lurther division of profits in proportion to the capital invested. Five Direotors will tie elected by the Capitalist Shareholders, and four by thn Original Shareholders, the qualifications of a director being the possession of not less than fifty shares. The capitalist shareholders will, under regulations, be entitled to purchase lands of the Company for their own bon& fide occupation, surrendering their shares in payment, which shall be accepted as value for ten per cent, over the amounts paid up. The Native Shareholders will also be entitled, under regulation, to select reserves for their own occupation, surrendering their shares in payment. Ten thousand shares will bo set apart for sale in Britain, to intending bona fide settlers, and an officer of the company will be located in England, to send out special settlement parties for the Company's lands. To prevent the improper diversion of the Natives' interests, original shares given in the purchase of Lands will not be transferable without the consent of a Native Committee, aud the approval of the Directors. On these principles it is believed that the formation of the East Coast Native Land and Settlement Company will provide for the natives the readiest and most beneficial method of placing their Lands for sale and settlement, while the great and growing demand in Great Britain among intending emigrants for Land in the Colonies, and the ever unsatisfied demand for land among would-be settlers in the Colony itself, the well known fertility of the Poverty Bay and Kaat Coast lands, their suitableness fo-" extensive settlement, and the greatly enhanced value which must be inevitably given to lands there situated by the promotion ot settlement in this wholly undeveloped district, combine to present to capitalists investing a prospect of remuneration, and an extension of sphere for the Operation of capital, probably unequalled by any other proposal yet submitted in the colony. The Memorandum of Association maybe seen in the hands of the Solicitors and Brokers of the Company, and detailed prospectuses and forms of application for shares may be had from the Brokerß, and at the various offices of the Colonial Bank of New Zealand, The list of applications for shares will be positively closed at Wellington on Saturday, the 30th July.