THE POLYNESIAN ISLANDS.

Clutha Leader, Volume I, Issue 5, 6 August 1874, Page 3

THE POLYNESIAN ISLANDS.

The following is the substance of the speech given hy the hon. the Premier in the General Assembly on the above Islands, and which we extract from the Otago Guardian ' : — The Premier laid on the table a batch of papers regarding the Polynesian Islands. In doing so, he said they would naturally suggest to hon. members to ask what course the Government proposed to take upoH the subject. . Hod. members would find the papers exceedingly interesting. They were a compilation of reports from official ssurces on the South Sea Islands. Some of them had been published before, but they were now collected together. There was also a useful map, and various Ministerial memoranda regarding the islands, besides a variety of other matter relating to tbe subject— altogether bein* the most valuable information obtainable UDon the subject. As he said before, the question that would suggest itself to hon. members' minds would be as to what course the Government proposed to take in reference to the papers, which would be found in the Blue Book, upon the question of establishing, or encouraging by way of a subsidy, the establishment of a commercial company to trade between New Zealand and the Polynesian Islands. Whether or not the Government would proceed with the question this session he did not know, but he did not hesitate to expiess an opinion that it was a question of very great importance to New Zealand, and one which deserved the consideration and attention of members He was quite aware that any proposal of this kind was open to objection, and fears were sometimes entertained of the Government engaging in things which private persons could carry out. There was also the theoretical objection that trade could not be controlled ; bu-% for bis part, he considered that the maxim was one which every da v experience contradicted. There ■SU^T* ,n the P r °P°sals shadowed forth m the papers which the Government were ashamed of, and they were quite prepared to leave the question to stand upon ts own merits before tbe House. He believed that the question, if rightly dealt with, was one hardly second in importance in its effects to the Public Works and lmmigration Scheme, upon which the Colony had embarked It was necessary to avoid the mistake of only giving to the colony one kind of occupation. They must provide means for the energies of those whose inclinations directed them to commercial pursuits, and give them scope to carry them out. All were not content to till the foil or these beautiful islands would not have been discovered. 'I Q these islands tbey had means open to the young men of New Zealand to carry on commercial operations, which could not fail to have a beneficial effect upon its commprce. He did not hesitate to say that the day was not far distant when New Zealand would become the centre of Polynesia, and when the Gover- ! nor of New Zealand wonld also be the GoI vernor- General of the Polynesian Islands. This question was not one of parties, and whether the Government proceeded with it or not this Session would entirely depend upon what opinion numbers would form , upon the subject, The risk they would run upon entering noon any scheme of the kind would be trifling as compared with results which must arise, by making New Zealand a great and productive country, in respect not only to its interior, but to its outward resources.' < *.- > One of the papers referred to by the Premier, as laid on the table, is the following :— Heads of an Agreement between the 'GovERNMENTof New Zealand of the one part, and Fbedertck. Whitaker on behalf of himself and the.eeverahothfr nerao-ns hereafter to be named (and herein called the promoters) of the other part; 1. The promoters to undertake to form a joint-stock company, to be called "The New Zealand and Polynesian Company," for the ojecta hereinafter mentioned^ '- 2. The capital of the company to be Ll 000,009, divided into 100,000 shares of LlO each, with power to increase the capi-' fal, and to borrow L 1,000. 000. ' ~ : . 3. The liability of the shareholders to be limited. 4. The head quarters of the company to be at Auckland} and directors resident in other parts of the colony to act as local boards at such places as the business of the company may from' time to time require. A meeting of all the colonial • directors to be beld once a year m Wellington. A hoard of directora shall also be constituted la London. . .'*- ••••---'„; 5 - ob Jects of the company; to be— (1.) To carry on the business 61 merchant^ planters, producers, nianufacturers,brokers, agents, insurers, bankers,,, andr money, lenders, m the islands of the pacific; New Zealand, and Great Britain, also else-' where, with the permission of the Government of Zealand.

6. New Zealand to be made by the company tbe depot for the Island trade; and specially the company— (l.) To bring to New Zealand all tbe pru-iuc-J it exports from the I-lande, to bp manufactured io or exported from Ntw Z aland, unless peirnitted O'hfrwise. «o oVal wi'U it by Government. (2 ) To ship frtm New Zealand alt the mtic iandise ana supplies impor;ed by the company into the Islands,, unl-ss otherwise authorised by tic Govornment. (3.) To employ at least six stearv* vessels to carry o-a the trade between New Zealand and the Inlands, and between the several Islands. Tne steam vessels running from the Islands to New 2 aland to call at Auckland, Manukau, Napier, Taranaki,! Neson, Wellington, Lytttlton, and Port Chalmers, as may from time to ti-r.e be required by the Government, having due regard to the requirements of trade and the interests of the company. (4). To establ'sh manufactories in New Zea and, ami to utilise the products of the islands, and to prepare tupnlies and merchandise for export to the islands. (5). To establish withiu five jears BUGh a manufactory m O'ago, Canterbury, Wellington, and Auckland, in the order those several places are named. 7. In consideration of the foregoing, the Government of New -Zealand will guarantee interest after the rate of L 5 per centum per annum on the paid up capital of the company, not exceeding L 1,000,000, for 50 year?, and will provide for the regular pay: ment of such interest half-yearly, irrespective of the state of the accounts between the Government and the company, and notwithstanding the Government and General Assembly may exercise the powers hereinafter provided for. 8. Such interest, and all sums paid by the Government in respect of the guarantee shall be a first charge on tbe profits of the company, and no dividends shall be paid by the company until all sums advanced by the Government have been repaid. 9. If at any time the business oi the company ia not carried or, in the opinion of the Governor in Council, with sufficient vigour or prudence, or in accordance with tbe intentions of thi-j agreement, or if at any time aiter the expira ioi of three years i there shall be due by the company to the Government, in respect of the guarantee, a | sum exceeding Lloo,ooo, it shall be lawful for the Government to^uspend the poweri and functions of the company and of the directors by notice to .be pubMshed in the 'New Zealand Gazette." 10. In such case the business of the company shall, until the General Assembly shall othervise provide, be managed by a commis-iioner, to be appointed by the Government, who shall have and may exerj cjse all the functions aud powers vested in t*ie Directors ;- end 11. It shall be lawful for the General Assembly to deal with the company and it 3 business and property in such a manner as ; the General AssemWy imy think fit : Provided that nothing be done to prejudice the payment of the guaranteed interest, which, under any event, shall be duly and punctually paid by the Government at the times and lor the term herein mentioned : Provided also that any Bill affecting the powers, functions, or interests of tb« company, shall be reserved for the signification of her Majesty's pleasure theron, . 12. There shall be two managin|>directnr<-, one in New Zealand and one in England, and those officers shall be appointed and may be removed by the Government. 18. The amount of salary of each mana-i---ing director shell be fixed by the Government, but shall not exceed Ll,Boo per annum for the first year, with an annual increase of LIOO, till a maximum of L 2 500 is reached. The salaries to bd paid by the company. 14. The especial duty of the managing director shall be to ccc that the agreement with the Government is iaithfully carried out; to report all matters to the Give nmeut which they may deem of sufficient importance ; and to furnish from the company's books, arid otherwise, all such information as the Government may from time to time require ; and no/ business or plantation shall be purchased without the consent of the managing t director in New Zealand. 15. Subject to the foregoing, the managing directors to carry out the instructions of the company. 16. The directors, general an I local, to be paid a reasonable remuneration for their services. 17. Tbe promoters shall not xecei-ze any promotion money or shares. 18. The agreement to be drawD up in accordance with these hf ads, to be submitted to the General Assembly for ratification and to be of do force until siich ratification is obtained. -If it be refused, such refusal to form no ground for compensation on any account whatever.