Page 557 Advertisements Column 1

Observer, Volume 2, Issue 48, 13 August 1881, Page 557

ABRIDGED PROSPECTUS OF THE bast coast native land and settlement company (LIMITED). Capital, £300.000, in 100.000 Blmres of £5 each; whereot 70,000 will ba aUotte'l to the Aooriginal Native contributors of Laud called "Original fchares," mid 3D.000 to Kuropean subscribers of capital, ana called " Capitalist Shares." jffirst ißsu» of r-apitalist Sharas 20,000, payable as folio ~s:— ss on application, 53 on allotment; subsequent calis, if they are required, not to exceed os each, no r to oe made at intervals of lea* than throe mouths. PROVISIONAL DIRECTORS. Hon. W. H. Keynolds. M.i *(.?., Dunedin John Barraclougu, - bq., Oamaru Horace Ba^tio^s, usq.. M H.K. Dunedin J. Buchinan, Esq. J.P. N«p er vV. Buchanan. Hisq., Auckland Joseph Bennett, *6q.. Auckland "William Coleman, h-sq , Aucklani J. M. Uar^aville. i£fq , Auckland <G. Ken wick, «eg., Danediu C. A. He L»autour, <-<sq.. M.H.R , Gisborne Allan MacUonald, i<Bq.. M.H.H,, Gisborne •D. K. Macko zie, Esq., Aucklaud F. J. Mobs. Feq., M.H.K. Auckland WireuiU Pere, Naiive <^hief, Giaborne Henare Fotae, Native Ch ef, Tokomarau Bay J". B. Poynter, Hteq., J.P.. Gisborne O. a. Fiichaid, *eg., Chriatchurch D. Proudfoot, »• sq., » »unedin Gr. M. »->eeU, Esq.. tfisborne R. C, Reed, Ksq., M.H.K., Hokitika K. H. J. Kesves, K<=q., M.H.K., Nelson . H. O. hobjohns, Ksq., Napier Major Ropattt Native Chief, Tokomarau Bay J. ivi. Sherti, Ksq.. Aucklaud R. btout, Ksq., uuneoin W. H. Tucker, Kdq., J.P., Gisbp-ne J, '•. M. Thompson, asq., Wellington K. Wilson, Esq., Duneain MANAGING DIRECTORS (Appointed for the first twelve months) : J. M. Dareraville, Ksq., Auckland J. Frisr Clarke, Ksq , A"Cklau<l J. S. M. Thcnson Hsq. (wessrs Thompson and shannon), Wellington Allan MoUoiaid, Esq., M.H.R., Gisborne J. B. Poynter, Esq. (Chairmaa County Council of Cook). Gisborne C. A. DeLautour, Esq., M.H.R.. Gisborne Wiremu Pere, Native Ohief. Kast Coast Major Ropaia, Native Chief, Kast Coast SOLICITORS : Wellington— Messra. Sievwright & Stout Gisborne— W. L. Rees. BANKERS : Uhe Colonial Bank of New Zealand. BROKERS AND AGENTS : .Auckland—The Members o£ the Brokers' As- > sociation Dunedid - J. B. Bradshaw Oamara— Joseph Booth Chriatchurch— T. B. Craig Wellington— Lidbetter & 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 dntai'ed ii the Prospectus, which may be obtained from th« 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 purpore of promoting bettleraeur, on th« lands on ihn h.ast Coast of ihe North Island of New Zsalind. It is intended to bo attained by the Native Ownera contributing blocks ;Of land at original or unimproved values, receiving piid-up shares in the Company forthw name ; the European Shareholders contributing capital to be called ud in fixed and limited Hmouuts 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 expenses of management, completing titles, effecting surveys and subdivision inta farm and township lo's, opening meana ot access conducting the sale and leasing o' the lannp, fromming the formation of Special fetclement parties from Englana and el-ewhere, maKicg advances to settlers on eecutity. and generally in uttlibing the lands and property vested in f.e Company to t.he best advantage The Toaipany i-j Ht present registered under ■"The Joint Stock • ounaniei Act," with a nominHl capital of £25 000, by the promoters, •who, finding it necessary to increase their operations, transfer their interests to the extended propriet»ry, retaining 1000 paid -up Capitalist and 1000 paid-up Original bhares iv the Company. The Government having abandoned the purchase ot Native la ds. the Native owner* iv the Poverty B*y nnd Kaßt Coast districts heing Btrongly desirous of opening tneir 1 for settlement, iv a manner mutually beneficial to themselves and such Europeans a« may be desirous of becoming associated with them on the principles piouosedin the Prospeccus. h^ve, after making provi ion for their o,vn requirtments, entered into contracts for passing over large areas of valuable land to the Company, at prices bieed on tnose of former Government purchases, receiving shares fn payment; for tne same. It is anticipated that th« Company will be able to dispose of it* lands to gi-eac advantage, as tinder its rootrol, and With its guarantee, title will be absolutely «ood, while all lauds purchased will bp at once placed undf r the " Land Transfer Act." and will b« sold frcn time to time for cash, or on lone deferred payments, and generally ii accordance with the regulations guiding the disposal, of the wa=te lands of the Crown. The Capita!ist Shares will be preferential, having secured to them a minimum of ei^ht per cent, per annual &* a first charge on the profits, with a further division of profits in proportion to the capital invested. Five Directors will he elected by the Capitalist Shareholders, and four by th^ Original Shareholders, the qualifications of a director being the possession of not less than nrty sharep. 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 foi ten par cent over the amounts pa-d up. The Native Shareholders ■will also be entitled, under regulation, to select reserves for their own occupation, surrendering th Q ir char.is in payment. Ten thqxisand shares will b^ set apart for Bale in Britain, to intending bona. fide settlers, »n<l an officer of the company will be located in England, to eend our, special settlement parties for the Company's lunds. To prevent ihe improoer diversion of the Natives' interests, original shares given in the purchase of Lands will not ba transferable ■without the consent of a Native Committee, and the approval of the directors. <>n the^e principles it is believed that the formation of the Bast Covt Native La.nd atid Settlement Company will provide for the natives the readiest and most beneficial method of placing their Lands for sale and settlement, whilo the great and growing demand in Great Bri'ain among intending emigrants for Land in the Colonieß, and the ever unsatisfied demand for land among would-be settlers in the Colony itself, the well known fertility of the Poverty Bay and Eatt Coast lands, their suitableness fo* extensive settlement, and the greatly enhanced value which must be inevitably given to lands there situated by the promotion of settlement in thin wholly undeveloped district, combine to present to capitalists investing a prospect of remuneration, and an extension of sphere for the