NATIVE LAND SETTLEMENT COMPANY.

Daily Telegraph (Napier), Issue 3841, 7 November 1883, Page 3

NATIVE LAND SETTLEMENT COMPANY.

Auckland, This day,

The annual meeting of shareholders in tho New Zealand Native Land Settlement Company was held yesterday, tho Hon. Dr. Pollen, chairman of directors, presiding. The schedule of properties attached to the balance-sheet gave the following particulars with reference to blocks dealt with: —Number of properties, 30 ; acreage, 327,403 acres ; estimated value, £275,901 lGs9d ; estimated liabilities and cash payments due, £76,13G 14s Sd ; estimated profits to natives, £55,905 Is Gd : estimated profits to the company, £42,052 10s lid (being commission in land to tho company on transactions of the year) ; paid-up capital of company, £31,123. As no land sales of any magnitude had taken place it was deemed advisable to defer the payment of dividends until the sales contemplated are effected. Tho Chairman, in moving the adoption of the report, said he had only to state th.it the directors, acting on the authority confided to them by the articles of association, had authorised* Mr Thomas Russell, who had himself a very large pecuniary interest in the company, and had taken a very active share in its promotion and in its operations, to dispose of 3000 shares in England, to appoint, if ho found it necessary, a local directory in England of five persons, and generally, if the circumstances on his arrival there were found to be favorable, to make arrangements for the formation of a new company altogether, with the same purpose as this one, into which tho present company might be absorbed. Of course, before any settlement could be effected the consent of the shareholders must be obtained, and they would be consulted in the usual course.

Mr G. Aickcn seconded the motion, and it was carried.

In reply to Mr Aickcn, the Chairman said that proposals of a filial and formal character had been made to tho Auckland Native Land Colonisation Company as to amalgamation, but no reply had been received. The Hon. J. Williamson, Mr J. C. Firth, Dr. Campbell, and Mr Seymour George, the retiring directors, were re-elected. A special meeting was then held at which the articles of association were altered so that the directory might be increased from 10 to 30. Tho object of the directors in this proposal was chiefly to give an opportunity for certain London gentlemen being placed on the directory.