NEW ZEALAND COMPANY. [From the New Zealand Journal, December 14.]

New Zealander, Volume 8, Issue 625, 10 April 1852, Page 3

NEW ZEALAND COMPANY. [From the New Zealand Journal, December 14.]

On Friday afternoon, the 28th of November, a general meeting ot the proprietois of this company was held at the New Zealond House, Old Broad-street, /or the purpose of hearing from the Directors the course they lidd determined on pursuing with the view of liquidating the liabilities of the Company, and also lor the purpose of deciding wbat course should be adopted to finally arrange the Company's affaiis as speedily as possible. Mr, AglionKy took the chair. — He said that the proprietors were aware that the object ot the repeated adjournmenls which had taken place, was, that they might become somewhat better acquainted with their position, ,md in the hope that the Directors might be able to inform them of some arrangement made with regard to the debts due from the Company to two parlies — one of them being Baron Goldsmid and the other the Union Wank of Australia, Both of these parties bad lent the Company sums of money for the original foundation of the Canterbury Settlement, as he had informed them on tbe occasion of their last meeting. TJ\e two'sums together amounted, not including interest, to £25,000— of which 10,000/. was due to Ba-on Goldsmid and 15,000/. to the Union Bink of Australia. These parlies might have put the Company to great inconvenience by pressing for immediate payment ; but tor upwards ot twelve months they had from time to lime liberally indulged the Company, allowing the bills to tun on and tbe indentures to stand over. They had now further to express their sense of the liberality and kinJness ol these parties iti conceding to them twelve months further for the payment— no demand to be made against them during that period, and no proceedings brought against the Company. In consequence of this arrangement they expected shortly to b« able to pay the Baron's whole demand, and the Union Bank of Australia bad consented to take the collateral security he had mentioned on a former occasion. He hoped that before the twelvemonths expired they would have to announce a still more satisfactory adjustment of the Company's affairs. What arrangement might be come to, it was at present impossible to predict ; hut in a short time they would be better able to judge of their future position than they were at present able to do. The Company would soon enter upon the receipts ot certain sums ot money under their Act of Parliament ; thesp sums would be sufficient, before the year was out, to liquidate the whole ot the demands upon them, leaving them fiee- for the future to receive their interest and principal jt\henev«;r it might be paid ;" or, at all "events, they, would be able to reduce their debts as to leave a balance which would be worthy of no serious consideration. The arrangements were alieady madf, audit now. only remained for the shareholders to carry into effect the necessary securities. In reply to various questions, The Chairman said that the Directors had received communications fiom time to time from tbe Canterbury Association in reference to the liquidation of their debt, but they had not yet sold sufficient land to enable (hem to pay the whole of the j£^s,ooo. Ihe land sale*, however, were goinjj on, and he hoped that the claim of the Company would by degrees be liquidated. The. money which was produced by the land sales would be paid to the Government from time to time, and from tbe ' Government to the New Zealand Company. They had not received any account from the Colonial Office of the hinds sold in New Zealand, and Up could not hay whether any accounts had been received from Sir George Grey as to the quantity of land sold in the Northern and Southern Provinces. The quantity ot In ml sold in England was known, and the amount would shortly be returned. They bad asked the Colonial Office to give them the accounts, but no official answer had yet been returned. Wuh reference to a rumour, abroad that application had been made by Her Majesty's Government to the New Zealand Company for the surrehder^of their cl»arter, and that the Company, acting under the^advipe of professional gentlemen, had declined tb give it up, some such demand as that alluded to was made, but it was not pressed: but of course they took legal opinions on the subject, and they had ascertained beyond a doubt (hat the charter ought not to be surrendered. A copy of counsel's opinion had been forwarded to the Colonial Office, The seal of the Company wa« not used now, and it was locked up in a box, the key of which was deposited with the Government Commissioner. If it were necessary again to use that seal, it would no doubt be forthcoming. In reference to the othei affairs of the Company, he would, before entering on the other business of the day, state that the Company had not yet received officially the announcement of the intention of the Government as to the proceeds of land sales to which the Company would after wardu be entitled. They knew that under their Act of Parliament they were entitled to the repayment of their principal with 3£ per cent, upon the land sales as a security ; that was at present tbe only security they had. Tb«s per-centage would enable them to keep themselves clear, and to maintain the expenses of their establishment, now reduced to the lowest possible amount.' The house ,wts still on their hands, and was off expensive burden to them. They 'had endeavored to induce^ the city authorities to accept the lease, but this they had declined to do, and they bad therefore advertised ,the premises as to be let. The staff of servants was greatly reduced, and there were now only two clerks and one messenger retained. * " After some further discussion, the meeting proceeded to the election of Directors, and adjourned, after a vote of thanks to the Chairman.