Page 4 Advertisements Column 1

West Coast Times, Issue 3891, 27 September 1881, Page 4

Prospectus. A BRIDGED PROSPECTUS ', J\, OF THB ' I EAST COAST NATIVE LAND AND , {SETTLEMENT CO. (LIMITED ) , Capital, £500,000, in J OO,OOO shares of £5 each; wbereof 70,000 will be allotted to the Aboriginal Native Contributors of Land, called " Original Shares," and 30,000 to European subscribers of capital, and called " Capitalist Shares." First issue of Capitalist Shares 20,000, payab'e as follows :— ss on application, 5p t.n allotment ; subsequent call*, if they are required, not to exceed 5s each, nor to be made at intervals of less than three months. Pkovißional Directors. Hon. H. E. Russell, M.LC, Hawke's Bay Hon. W. H. Reynolds, M.L.C, Dunedin John BaTraclough, EBq., Oamaru rlorace BastingF, Esq., M H.R., Dunedin F. H. D. Bell, Esq., Wellington 0, A. De Lautour, Esq, M.H.R., Gibborne G. Fenwick, Esq , Dunedin Allan Macdonald, Esq., M.H.R., Gisborne D. H. Mackenz : e, Esq., Auckland F. J. Moas, Esq., M.H.R , Auckland Wiremu Pere, Native Chief, Gisborne Henare Potse, Native Chief Tokomarau Bay J. B. Pcynter, Esq., Gieborne D. Proudfoot, Esq., Dunedin Montagu Pym, Esq., Dunedin G. M. Keed, It'sq , Gisborne W. L. llees, Esq., Gisborne R. H. J. Reeves, Fsq., M.H.R., Nelson Major Ropata, Native Chief, Tokomarau Bay R. Stout, E«q.; Dunedin W. H. Tucker, Esq , J. P., Gisborne R. Wilson, Esq., Dunedin John Buchanan, Esq., Napier J. S. M. Thompson, Esq., Wellington B. C. Beid, Esq., M.H.R., Hokitika H. C. Robiobns, E*q , Napier C. A. PritcbarJ, E«q., Christchurch T. M. Dargaville, Esq., Auckland Joseph Bennett, Esq., Auckland William Coleman* Esq., Auckland Solicitobs : Wellington— Messrs Sievwright & Stout. Gisborne~W. L. Eees. Bankers : The Colonial Bank of New Zealand. BbOKBBS AND A&BKT3 ; Dunedin — Christchurch— T. B. Craig. Wellington— Lidbetter & Cooper. Auckland— Oamaru — Joseph Booth. Hokitika— "Wade & Spence. Greymouth— G. W. Mobs. Hon. Secbbtaby : F. J.Mosp, M.H.E., Wellington. The following is an epitome of the objects of the Company as detailed in tbe Prospectus, which may be obttined from the Brokers and st tbe various Branches of the Colonial Bank :— The object of the Company is the Voluntary Association of the owners of Native Lands with European Capitalists, for ths purpose of promoting settlement on the lauds on the Eaßt Coast of th» North Island of New Zealand. This is intended to be attained by the Native Owners contributing blocks of land at original or unimproved values, receiving paid-up shares in tbe Company for tbe 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 raided shall be employed in defraying expenses of management, completing title, effecting surveys and subdivisions into farm and township lots, opening means of access, conducting the sale and leasing of . lands, promoting tbe formation of Special Settlement parties from England and elsewhere, making advances to settlers on security, and generally in utilising the ]wda and property vested in tbe Company to the best advantage. The Company is at present registered ander the Joint Stock Companies Act, 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 Capitalists and 1000 paid-up Original Shares in the Company. The Government having abandoned the purchase of Native Lands, tbe Native owners ia the Poverty Bay and East Coast districts being strongly desirous of opening their lands for settlement, in a manner mutually beneficial to themselves and such Europeans as may be desirous of becoming associated with them on the principles proposed in the Prospectus, have, after making, provision for their own requirements, entered into contracts for passing over large areas of valuable land to the Company, at prices based on those of former Government purchases, receiving shares in payment for the same. It is anticipated that the Company will be able to dispose of its land 9to great advantage, as under its control, aod with its guarantee, title will be absolutely good, vhile all lsnd purchased will be at once placed under the Land Transfer Act, and will be sold from time to time for cash, or on long deferred payment, and generally in accordance with the regulations guiding the disposal of tbe 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 further division of profits in proportion to the capital nvested. Five Directors will be elected by the Capitalist Shareholders, and four by the Original Shareholders, the qualification of a Director being the possession of not less than fifty shares. The Capitalist Shareholders will, under regulations, be entitled to purchase Lands ot 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 regulations, to select reserves for their own occupation, surrendering their shares in payment. Ten thousand shares will be set apart for sale in Britain to intending bona fide eettlers; and an ofllctr of the Company will be located in England to send out Special Settlement Parties for the Company's and.s To prevent the improper diversion of tbe Natives' interests, original shares given in the pnrchase of Lands will not be transferable without the consent of a Native Committee, and the approval of tho Directors. On these principles it is believed that formation of the East Coast Native Land anfPSettlement Company will provide for the Natives tbe readiest and most beneficial