THE NEW ZEALAND AGRICULTURAL AND PASTORAL COMPANY.

Globe, Volume XXI, Issue 1790, 15 November 1879, Page 2

THE NEW ZEALAND AGRICULTURAL AND PASTORAL COMPANY.

The “ Times” publishes the following from its correspondent at Wellington : The object of the connection cf the AgentGeneral, Sir Julius Vogel, with the New Zealand Agricultural and Pastoral Company, which has figured so frequently in the columns of the “Times,” has been under discussion in ths Legislative Council. The Hoa. Mr Waterhouse and Sir P. D, Bell both strongly impugned the action of the AgentGeneral in becoming chairman of the company, on the ground that it was virtually giving the countenance and sanction of the Government to a mere private speculation, and, to a certain extent, making the Government guarantee the accuracy of the representations made by the promoters. It was argued that the position of the AgeutGeueral in his capacity cf a member, and particularly chairman, of a land-speculating company was quite incompatible with his position as agent of a Government largely engaged in selling the colonial lands and promoting immigration to the colony. The impropriety also of Ms receiving some £20,000 promotion commission while a salaried officer of the Colonial Government was strongly commented on. It was asked, “ whether, if the Agent-General was to be permitted to puff this particular land speculation, he was not bound to aid any other speculator to float any scheme which it might be desired to make attractive to the British capitalist.” A good deal was also said about the “rabbit controversy and it was hinted that the gentleman who had certified to only seeing seven rabbits in three days must have imitated Lord Nelson when ha turned his blind eye to the signal to discontinue action. The discussion was at last brought to a close by the Colonial Secretary announcing that the Government entirely disapproved Sir Julius Vogel’s action and had already by telegram directed him to discontinue his connection with the company. “ Oa receipt of the intelligence,” said Colonel Whitmore, “ the Government at once telegraphed to Sir Julius Vogel to get out of the thing as quickly as possible. We did not wish to embarrass him by ordering his instant withdrawal, but we let him know that out he must go.” It is to be hoped that the prompt action of the Government will relieve it and the colony from being in any way held responsible for countenancing a scheme justly open to the severe criticism to which it has been subjected.” The Agent-General replies as follows in the “ Times ” of this morning : TO THE EDITOB OF THE TIMES, Sir, —In reference to the remarks concerning myself which appear in the letter of your New Zealand Correspondent in “ The Times” of to-day, you will, I hope, allow me to say, in reply, that three members of the Government to my two knowledge werejaware that I was assisting in organizing the company, and to the best of my belief the whole of the Government were aware of it, although I had not received a formal official sanction. I had previously urged on the Government to place land for sale here to meet the want of investors, but was informed in reply to the effect that there was a sufficient demand in the colony for the land the Government had to offer. With regard to the insinuations as to the value of the company’s land, I have only to observe that the directors, including myself, took the most satisfactory means of assuring ourselves as to that value; nor have we any reason (o doubt that the purchase was very favourable to the shareholders. We have had telegraphic information concerning the first sale held last week, and, notwithstanding the commercial depression which prevails in New Zealand, the sale realised £20,000. The quarter acre township sections netted £45 each, and the agricultural land averaged £ls per acre. The following is the exact text of the telegram:—“ Just held first sale lands; immense success. Two new townships average £45; section agricultural land. £ls—total, about £20,000. Result caused great excitement here and practical answer to detractors.” I am, &c, Julius Vogel, London, September 25.