THE COLONIAL SETTLEMENT AND ENDOWMENT ASSOCIATION OF NEW ZEALAND LIMITED.

Kumara Times, Issue 2063, 10 April 1883, Page 2

THE COLONIAL SETTLEMENT AND ENDOWMENT ASSOCIATION OF NEW ZEALAND LIMITED.

A numerously-attended meeting was held in St. Patrick’s school-room after eleven o’clock mass on Sunday morning, for the purpose of hearing Mr Cook, of Wellington, one of the directors of “ The Colonial Land Settlement and Endowment Association of New Zealand Limited,” who is at present in this district explaining the objects of that association. Mr D. Hannan was voted to the chair.

Mr Cook, having been introduced by the Chairman, stated the objects of the company to be—To pux’chase land in suitable blocks for settlement, and to assist shai’eboldei’s in the first place to acquire a holding for themselves and their children ; to lend money at inteiest; to x’eceive deposits; to provide for schools and scholai’ships for special and other settlements ; to establish branches and agencies to carry out these objects. He said : We all know the difficulties that surround the industrial classes in the acquisition of landed property in New Zealand, where capitalists can, by the existing laws, acquire immense territories, and which does not lead to the true settlement of the land. It is only by a combination such as this that working men can possibly acquire any holding. It is intended to sucure moderate-sized blocks in different localities, and cut them up for settlement on deferred payments, extending over a period of, say, five to fifteen years, by an annual payment of a sum equal to a fair rental, the freehold at the end of the tei’m becoming the property of the selector, and entitling him to get his Ci’own grant. The Company will also assist shareholders to build, fence, &c., and receive payment by instalments as may be mutually agreed upon and will be a deposit, loan, and mortgage bank. The security for any deposits will be the uncalled capital and the land. The capital is £ 250,000, in 100,000 shares of £2 10s each, payable—2s 6d per share on application, 2s fid on allotment, and afterwards in calls of 2s fid per share at intervals of thi’ee months. It is not contemplated to call up more than £1 per share. The Association was registered some time ago, and three Dii’ectors appointed till next meeting, when it is intended to appoint five or seven directors, so that persons joining now will have a voice in the election of the new Dix-ectors. _ Mr Cook succeeded in making the benefits of the Association so apparent that a unanimous desire prevailed of taking up shares and participating in the advantages of the Land Association. At the conclusion of the address, in moving a vote of thanks to the speaker, which was unanimously carried, the Chairman strongly urged upon those present to profit by Mr Cook’s presence" in Kumara, and invest in the association. Similar companies, he x’eraarked, were in existence in various parts of America, and wex*e known to do a great deal of geod, and he was glad to see one formed in New Zealand, so as to bring the facilities of land settlement within reach of the working man.

. Mr Cook will see the residents of this district again at a public meeting in St. Patrick’s school room on next Friday evening, at half-past six o’clock, when he will give any further information that may be required. He intends in the meantime to visit the adjoining districts of Christchurch road, Waimea, Stafford, and Greenstone. We learn that Mr Duggan has been appointed local agent for the Association. [extract from the grey river ARGUS.) The objects of the association may bo stated very briefly, but still with