TOWN EDITION. The Daily Telegraph. WEDNESDAY, JULY 13, 1881.

Daily Telegraph (Napier), Issue 3133, 13 July 1881, Page 2

TOWN EDITION. The Daily Telegraph. WEDNESDAY, JULY 13, 1881.

We desire to direct attention to the abridged prospectus of tbe East Coast Natwe L&nd and Settlement Company (limited) that is published in another column. The title of the company indicates the object its formation has in view, but the chief feature of the scheme, and in which lies its novelty, is the voluntary association of the native owners of tbe lands with the European capitalist. It is the first attempt that has been made, or proposed to be made, so far as we are aware, to get the natives to recognise the fact that the possession of land without capital to work it is of little or do value to the owners. We understand that the path has been fairly prepared for the operations of tbe company; that the natives have been made thoroughly well acquainted with the nature of the manner in which it is proposed the objects of the company shall be carried out, and tbat the scheme meets with their approval. To Mr W. L. Rees, who has been most energetic in this matter, is due tbe clearing away of preliminary difficulties, and now nothing more is wanted than the neces&ary capital for the commencement of immediate operations. With the business of the company, regarded from a speculative point of view, we have of course nothing to do; it is from its political significance that it claims public attention, and, we venture to think, also, public support. From Cook's Straits to the Mahia Peninsular the settlement of the East Coast has been atteoded with no difficulty. With tbe exception of reserves ample enough to keep all the natives interested in them in affluence, it may be paid that between thote points the whole of the coast is in the bands of Europeans, and is being made to contribute largely to the wealth of the colony. Proceeding northwards, beyond Mabia, a very different state of affairs is found to prevail. The country is only partially occupied, and the enterprise of the colonists in occupation is checked and hampered by the unsatisfactory state of the titles under which they hold the land, This condition of affairs hag proved a serious bar to settlement, and from this lause so notorious has the name of the East Coast become that capital has been compelled to turn away from investment, fearing that the acquisition of an estate signified the purchase of a law suit. The several Native Lands Acts are primarily responsible for this state of things, and it is seen that, with the cumbrous machinery required to be Ret in motion in order to alienate tbe native title, the only way to secure successful settlement is to induce the natives to take tbe initiative. This, we are given to understand, a large number of. the influential chiefs are willing to do, provided that they are assured that the lands which they retain shall be made of more value by the settlement of those which they sell. The Maoris are naturally suspicious, and they are also greedy, but they are not slow to comprehend the nature of proposals which may be put forth that have for their object the good of both roce*. Now, it is intended that the capital of tbe company " shall be employed in defraying expenses of management, completing titles, effecting survey and subdivision into farm and township lot?, opening means of access, conducting tbe sale and leasing of lands, promoting the formation of special settlement parties from England and elsewhere, making advances to settlers on security, and generally in utilising the lands and property vested in the company to the best advantage." Tbe scheme is a very large one, aud will require a correspondingly large amount of capital to carry out. But as it certainly appears to be the only way ot solving the many difficulties in the way of the successful settlement of the East Coast the promoters of the company merit the sympathy of all classes, and we trust the operations of the directors will be abundantly rewarded.