Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. MONDAY, OCTOBER 20, 1884. THE SOUTH SEA SCHEME.

Manawatu Standard, Volume IV, Issue 277, 20 October 1884, Page 2

Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the WestCCoat.s t. MONDAY, OCTOBER 20, 1884. THE SOUTH SEA SCHEME.

Our readers will probably desiife to have some information m; reference to Sir Julius Vogel's New. Zealand International South Sea. Trading Company Bill, which has! been introduced by the Treasurer as the result of the recommendations of a joint committee of the two Houses. The preamble recounts the partial development of ihe re-, sources of the Pacific Islands, and the fact that England, France, Germany and the United States have various interest m the islands; that New Zealand possesses many advantages for developing the trade and resources of the islands ; that encouragement should, be given m this direction ; that the fbun'dation of a company has been proposed, and that it is desirable certain powers should be given to" the company, and that the Government oi* New Zealand should to 'some extent control, its operations. The biU then .provides for the incorporation of a company with one million capital, dhlded into 100*000. shares of <_?10 eacu, of which "20,000 shares are to be open for allotment m New Zea- , land, and a like number m England, France, Germany and the United States respectively. The company is to have power to issue bank notes of from LI upwards; toiati extent equal to the uncalled capital, and for a period of twenty years, . the Go-tferriment o£ New Zealand' 1 to guarantee to the shareholders a' dividend of 5 per cent. on\the' paidup capital by making up any deficiemcy between the profits andthat .account, but not more than d£ 10,000 is to be paid by the Government m any one year ; any such, advances to be repaid m subsequent years when the profits exceed 7 per cent. The shares iire to be personal • property. 'The pro- 1 visional directors are to be eight, two being appointed by the Go-vernor-in-Council and the two others elected by an- electoral body, of 25 persons nominated by; the Governor-in-Council. These provisional directors are to Tetauii office for three years, the six after that date being. elected by the shareholders. The president is always to be appointed by the Governor from the members nominated. The^ objects "of the company are to be. to devfetop ,the trade and producing r esources of the islands m the Pacific Ocean; to facilitate the interchange of products and merchandise between the islands and otljer countries, and to establish factories for the utilisation of the products of the islands ; to promote ■ the civilisation, education, and employment of, the islanders, and thereby 'discourage the j labour traffic among the islands.