Page 525 Advertisements Column 1

Observer, Volume 2, Issue 46, 30 July 1881, Page 525

ABRIDGED PROSPECTUS OF THK East coast native land and SETTLEMENT COMPANY (LIMITED). Capital, £300.000, in 100.000 shares of £5 each; whereof 70,000 will be allotted to the Aboriginal Native contributors of Land called " Original fchares," and 30,000 to European subscribers of capital, ana called " Capitalist Shares." First issue of Capitalist Shares 20,000, payable as follows: — os 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. W. H. Heynolds. M.L.C., Dunedin John Barraclough, ttsq., Oamaru Horace Bastings, Ksq,. jj! H.R. Dunedin J. Buchanan. Esq. J.P., Napier W. Buchanan, Esq., Auckland Joßcph Bennett, Ksq., Auckland William Coleman, Ksq., Auckland J. M. Dargaville, Esq., Auckland G. Fen wick, itsq., Dunedin O. A. De Lautour, Jisq., M.H.R , Gisborne Allan MacUonald, KBq., M.H.K,, Grißborne D. H. Mackenzie, Ksq., Auckland F. J. Moss, F<sq., M.H.H. Auckland Wiremu Pere, Native Chief, Gisborne Henare Potae, Native Chief, Tokomarau Bay J. B. Poynter, Esq., J.P., Gisborne C. A. Pitchard, hsq., Ohriatchurch D. Proudfoot, M'sq., jJunedin G. M. need, Esq.. tJisborne R. C, Reed, Esq., M.H.K., Hokitika R. H. J. Reeves, Keg., M.H.K., Nelson H. C. Icobjohns, Esq., Napier Major Ropata. Native Chief, Tokomarau Bay J. iv(. Shera, Ksq.. Auckland R. Stout, Esq., Dunedin W. H. Tucker, Eaq., J.P., Gisborne J, *>. M. Thompson, ttsq.. Wellington K. Wilson, Esq., Duneain MANAGING DIRECTORS (Appointed for the first twelve months) : J. M. Dargaville, Ksq., Auckland J. Friar Clarke. Esq., Auckland J. S. M. Thomson. Ksq. (Messrs Thompson and ahannon), Wellington Allan McDonald, Esq., M.H.R., Gisborne J. B. Poynter, Esq. (Uhairmaa County Council of Cook), Gißborne C. A. DeLautour, Esq., M.H.R.. Gisborne Wiremu Pere, Native Chief. East Coast Major Ropata, Native Chief, East Coast SOLICITORS : Wellington— Messrs. Sievwright & Stout Gisborne— W. L. Kees. BANKERS : The Colonial Bank of New Zealand, BROKERS AND AGENTS : Auckland — The Members oC the Brokers' Association Dunedin- J. B. Bradshaw Oamar a— Joseph Booth Christchurch— T. B. Craig Wellington— Lddbetter & 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 detailed ia the Prospectus, which may be obtained from the Brokers and at the various Branches of tbe Colonial Bank :— The object of the Company is tbe Voluntary Association of the owners of Native Lands with European Capitalist?, for the purpose of promoting settlement on the lands on the Kast 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 values, receiving paid-up shares in the Company for the same ; the European Shareholders contributing capital to be called ud in fixed and limited amounts as may be fonnd requisite for conducting the operations of the Company. It is intended that the cash capital raised 'shall be employed in defraying expenses of management, completing titles, effecting surveys and subdivision into farm and township lots, opening means of access, conducting the sale and leasing of the lands, promoting the formation of Special Settlement parties from England and elsewhere, matucg advances to settlers on secuiity. 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 Act," with a nominal capital of £25,(100, 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 tehares in the Company. The Government having abandoned the purchase oC Native lauds, the Native own era in the Poverty Bay and Kast Coast districts being strongly desirous of opening their lands for settlement, ia a manner mutually beneficial to themselves and such Europeans as may be desirous of becoming associated with them on the principles piopqsed m tho Prospectus, have, after making provi ion for their o ivn requirements, entered into contracts for passing over large areas of valuable land to the Company, at prices based on ttioae of former Government purchases, receiving shares fn payment for tne 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 good, while all lands purchased will be at once placed under tbe " Land Transfer Act," and will bn sold from time to time for cash, or on long deferred payments, and generally ia accordance with tUo regulations guiding the disposal of the waste lands of the Crown. The Capitalist Shares will be preferential, having secured to them a minimum of ei«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 thu Original Shareholders, the qualifications of a director being the possession of not less than fifty shares. The capitalist shareholders will, under regulation?, 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 shares ia payment. Ten thousand shares will ba 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' in; ere3ts, original shares given in tho purchase of Lands will not be transferable without the consent of a Native Committee, and the approval of the Directors. « >n these principles it ia believed that the formation of the East Coast Native Land and Settlement Company will provide for the natives the readiest and most oeneflcial 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, ana 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 fo<extensive settlement, and the greatly enhanced value which must be inevitably given to lands there situated by the promotion or settlement in this wholly undeveloped district, combine to present to capitalists investing a prospect of remuneration, and an extension of sphere for the