Page 509 Advertisements Column 1

Observer, Volume 2, Issue 45, 23 July 1881, Page 509

ABRIDGED PROSPECTUS CF THK East coast native land and SETTLEMENT COMPANY (LIMITED). Capital, £500.000. in 100.000 shares of £5 each; whereof 70,000 will be allotted to the Aboriginal Native contributors of Land called •' Original Shares," and 30.000 to Kuropean subscribers of capital, and called " Capitalist Shares." 4ffirst issue of Capitalist Shares 20,000, payable as follows:— ss on application, 5s on allotment; subsequent calls, if they are required, not to exceed 5s each, nor to be made at intervals of less than three months. PROVISIONAL DIRECTORS. Hon. H. R. Russell, M.L.C., Hawke's Ray Hon. W. H. Reynolds, M.UC, Dunedin John Barraclough, hbq., Oamaru Horace Bastincs, Ksq,, M.H.R. Dunedin F. tt. D. Bell, E*q , Wei iagton J. Buchanan. Esq. J.P.. Napier W. Buchanan, Ksq,, Auckland Joseph Bennett, Ksq., Auckland WDham Coleman, Esq., Auckland J. M. Dargaville. Epq , Auckland G. Fen wick. Keg., Dunedin O. A. De Lautoar, Msq., M.H.R , Gisborne Allan Mac Donald, Ksq.. M.H.R., Gisborne D. H. Mackenzie, Ksq., Auckland F. J. Moss. F=q., M.H.R. Auckland WireuiU Pere, Native Chief, Giaborne Henare Potae, Native Chief, Tokomarau Bay JT. B. Poynter, Esq., J.P., Giaborne O. A. Pitch ard, Ksq., Ohriatchurch D. Proudfoot, Ksq., Dunedin Montagu Pym. Esq., Dunedin •G. M. need, Keg.. wisborne R. C, Reed, Esq.. M.H.U., Hokitika W. 1* Rees. Ksq., Gisborne R. H. J. Resves, JCeq., M.H-R., Nelson H. C. Robjohns, Esq., Napier Major Ropata. Native Chief, Tokomarau Bay J. M. Shera, Ksq.. Auckland R. Stout, Esq., Dunedin W. 11. Tucker, Keg., J.P., Gisborne , .J, H. M. Thompson, Ksq., Wellington R. Wilson, Esq., Dunedin solicitors: Wellington— Messrs. Sievwright & Stout Gisborne— W. L. Rees. BANKERS : The Colonial Bank of New Zealand. BROKERS AND AGENTS : Auckland— The Members of the Brokers' Association Dunedin- J. B. Bradshaw ■Oamaru— Joseph Booth Christchurch— T. B. Craig I Wellington— Lidbetter & Cooper Napier— M. R. Miller. i HON. SECRETARY : I F. J. Moss, M.H.R.. Wellington. The following is an epitome of the obiecta of ■the Company as detailed in the Prospectus, which may be obtained from, the Brokers and ■at the various Branches of the Colonial Bank :— The object of the Company is the Voluntary Association of the owners of Native Lands with European Capitalist!), for the purpose of promoting settlement on the lands on the East Coast of the North Island of New Zealand. It is intended to be attained by the Native Owners contributing blocks of land at original or unimproved vames. receiving paid-up shares in the Company for the same ; the Auropean 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 Bhall be employed in defraying expenses of management, completing titles, effecting sur"veys and subdivision into farm and township lots, opening means of acceg?, conducting the sale and leasing of the lands, promoting the formation of Special Settlement parties from England and elsewhere, making advances to settlers on security, and generally in utilising the lands and property vested in the Company to the best advantage. ' The Company is at present registered under "The Joint Stock companies A.ct," with a nominal capital of £25.000, 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 ot Native lands, the Native owners in the Poverty Bay; and Kast Coast districts being strongly desirous of opening tr>eir lands for settlement, in a manner mutually beneficial to themselves and such Europeans a? may be desirous of becoming associated with them on the principles ptouosedin the Prospectus, have, after making peovi ion for their o>vn requirements, entered into contracts for passing over large areas ot valuable land to the Company, at prices bised on tnose of former Government purchases, receiving shares fn payment for the same. It is anticipated that the Company will be able to dispose of its lands to great advantage, as under its control, and with its guarantee, title will be absolutely Rood, while all lands purchased will be at ones placed under toe " Land Transfer Act." and wiil be sold fiona time to time for cash, or on loner deferred payments, and generally ia accordance with the regulations guiding the disposal of the waste lands of the Crown. The Capitalist Shares will be preferential, having secured to them a minimum of eL:ht per cent, per annum as a first charge on the profits, with a further division of profits in proportion to the capital invested. Five Direotors will be elected by the Capitalist Shareholders, and four by tha 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 bona 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 tharas in payment. Ten thousand shares will be 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, and 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 Deneficial 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 East Coast lands, their suitableness for 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 may he seen in the hands of the Solicitors and Brokers of the Company, and detailed prospectuses and formß of application for shares may be had from the Brokers, and at the various offices of the Colonial Bank of New Zealand, The list of applications for shares will be positively olosed at Wellington on Saturday, the 30th July.