NEW ZEALAND AGRICULTURAL COMPANY.

Globe, Volume XXI, Issue 1705, 7 August 1879, Page 3

NEW ZEALAND AGRICULTURAL COMPANY.

WELLINGTON, August 6, The following letter appears in this morning's “Times ” : “ Sir,— 1 On the cablegram sent to the colony on February 16th, stating that £300,000 had been subscribed for the New Zealand Agricultural Company, you make the following remarks Whether English capitalists will readily yield to the solicitations to send 'another million of money to New Zealand ■on the terms and conditions set forth in the prospectus, remains to be seen.” The Companies Act of 1862, makes the publication (?) of the register of shareholders, within four months after registering the prospectus, imperative. This was the plea on the 26th May, 'when it was seen that English capitalists, so far from subscribing a million, had not subscribed oven the £300,000. The cablegram announced that it had been subscribed, and the senders of that cablegram ought to be discovered and dealt with. I send you a print of the register, from which yon will see that on the day it was made up, the 16th May ‘(being three months subsequent to the date of ■the cablegram),the people and promoters had subscribed for only 10,158 shares, and that they had paid up only £43,026, and that even this small sum includes the Maxwells, Larnachs, and other‘personal friends. I enclose ‘the last attraction issued to draw capital in the .shape of speeches from ‘the grand .'financiers’ and reports from Campbell and .Reynolds, and wish you to note that the • Company will ‘not sell any land without very large profit.’ This may be good for shareholders, but it is certainly not for the colony, and as I see in one of the papers that the Government has purchased 1,000,000 , acres, the sooner it is thrown open the better if population is to be drawn to the colony. lam sorry you are about to borrow again, especially so soon after the agitation which ■has been created by the acts of men who have been so identified with the Government. But the credit of the colony stands well. You must not think that the personal influence of ■Sir J. Vogel or Mr Larnaob, or both, is the value of a straw in raising the loan. They have all the names and addresses of all the applicants for the last colonial loan, but from the 4th January to the 16th May they placed but 5862 shares with the public, amounting to the'paltry paid-up sum of £29,310. The credit •of the colony adds to their status, and had the credit of the colony been pledged for their company, the capital would have been raised. Bend over a special commissioner, and let him ■act in concert with the Crown agents and Bank of England and the loan will be raised. But you ought to resolve to borrow as little as possible. Four millions, you say. I have not the least doubt of your having it, but you must begin to pull up. I enclose an article from the “ Scotsman ” of 9th June, in which everything is said that I could consistently write respecting the colony ; but the British ■capitalists are not fools, and as soon as they see public positions made to further private ■ends they begin to draw in, as Sir Julius Yogel has found out in the New Zealand Agricultural Company. He hopes to get into Parliament for Falmouth, and ho has told the electors that it is the best port in England for embarking to New Zealand, and that he intends to use his influence as Agent-General to make it a second Liverpool. lam told that the three next ships with emigrants are to call at Falmouth, where Sir J. Yogel has taken a house and joined the Oddfellows. Falmouth is a Liberal borough, strongly impregnated with Wesloyans, one of whom is the present ■member, and I suppose the next move will be .Sir-J. Vogel joining that faith. “ Yours, & 0., “Aiexandee McOaetket, “Edinburgh, June 18bh, 1879.”

[Note—We reprint the summary from the paper referred to. —Ed. “New Zealand Times.”]— Summary—1850 shares held by Sir J'. Yogel at £2O, £37,000; 1250 shares held by Mr Larnach, £25,000; 250 shares held by Mr Tancrod, £SOOO ; 200 shares held by Mr Eobcrtson, £4000; 170 shares held by Mr Driver, £3400 j 171 shares held by Sir P. D. Bell, £3400; 156 shares held by Mr McCaugban, £3120; 100 shares held by Mr Clarke, £2000; 100 shares held by Mr Maxwell, £2000; 50 shares held by Mr Mayne, £IOOO ; 4296

shares held by promoters, directors, and vendors, £83,920 ; 5862 shares held by the public, £117,240; total, 10,158 shares held by promoters and public, £203,160 ; 17,500 shares issued to Joseph Clark, of the city of Melbourne, Yiotoria, on 25th April, 1879, being vendors’ shares, called fully paid up shares, £350,000 ; 27,658 shares held by 208 shareholders, £553,160. Recapitulation.—sß62 shares held by the public, on which £5 per share is called up, £29,310 ; 4296 shares held by the promoters and directors, on 'which £5 per share is called up, £21,430; 10,138 shares held and amount called up thereon, £50,791 ; 17,500 vendors’ shares, called paid up shares, £350,000, (N.B. —The register states that £7,764 was unpaid of fthe amount called up.) Total called up, £50,790 ; unpaid on 16th May, £7764. Total cash received to 16th May, £43,026.