GERMAN SOUTH SEA COMPANY.

Ashburton Guardian, Volume 1, Issue 76, 20 March 1880, Page 3

GERMAN SOUTH SEA COMPANY.

(From the London Times.) The greatest efforts (says the “ Times’ ” coiTespondent) have been made by all circles to preserve the German colony on the Samoa Islands which has been founded by the house of Goddefroy and Sons at Hamburg. General satisfaction has now been produced by the fact that Prince Bismarck has declared himself ready to propose to the German Parliament to support the new limited company by a financial contribution from the Empire. The newly-formed German South Sea limited company will be established with about eight to ten million marks capital. It undertakes all that the old company did, under certain taxes which will be fixed by a commission whose president the German Consul-General in the Samoa Islands is to become. The great houses engaged in this financial enterprise will be Bleichroder, the Disconto-Geselischaft, the Handels-Gesellschaft, Rothschild at Frankfort, and the Nord Deutsche Bank at Hamburg. The Government guarantees the yearly interest of the invested capital at 4J per cent, for 25 years up to the maximum of 320,000 marks. The company binds itself to pay back in later years the Government outlay. As soon as the contract is concluded and the guarantee of the interest granted, the old German Commercial and Plantation Company of the South Sea Islands will receive 1,200,000 marks to pay off their remaining debts. Should the Parliament refuse their approval, mortgages will be issued to the amount of this sum, and the remaining creditors of the company will be satisfied with a second issue of mortgages. This arrangement will be binding up to the Ist of June.