New Zealand Colonist. FRIDAY, APRIL 14, 1843.

New Zealand Colonist and Port Nicholson Advertiser, Volume I, Issue 74, 14 April 1843, Page 2

New Zealand Colonist. FRIDAY, APRIL 14, 1843.

We observe by the last report of the New Zealand Company, that the Directors have declared a half-yearly dividend of two and a half per cent., or at the rate of five per cent, for the year. Although this may appear a matter in which the Colonists are not very directly interested, yet we regard it with satisfaction, as furnishing an indication of the intention of the Company to continue their operations in this country ; and as proving that they perceive the necessity of husbanding their resources for this purpose. And as the Company can derive no profit from their lands in this country excepting in proportion to the spread of population and the increase of capital, we have reason now to anticipate that they will employ their funds in carrying out those works which are needful to ensure a rapid and prosperous development of the resources of the Colony.

The early proceedings of the Company inspired us with some distrust as to their ultimate views. There did in fact appear reason to imagine that their object might he, by means of forced sales of land, to obtain a return for the capital originally invested, and then to hold large districts they had acquired—in the expectation of realizing by their sale a great eventual profit without the necessity of any further expenditure. And although persons in New Zealand might see that there was no probability of tarrying such a purpose into effect, yet it was to be apprehended that when its impracticability was demonstrated, the shareholders might withdraw in digust from what they had discovered to be a profitless undertaking, and that the assistance we had expected to receive from the Company might thus be altogether lost. These apprehensions would now seem to have been groundless—-and we mav. reasonably anticipate from them a steady and permanent support. So far, however, as we are concerned, and so far also as the ultimate profits of the Company are concerned, it does appear -to be doubtful whether the formation of a fourth settlement would be advisable. No doubt this place would derive a temporary stimulus from- its

establishment, and the .Directors of the Company might again raise their dividend to 10 per cent. But it is still to be considered whether a rather slower rate of progress in the colonisation of the country might not be desirable, when the more rapid course can only be taken at the cost of adding another to the number of the comparatively weak and dependent communities established by the Company. The necessary expenses to the Company in founding a fresh settlement would be very great; and though they might in the first instance gain more than enough to compensate for this increased expenditure, yet it must be remembered that the gain is in its nature temporary, while the expense is permanent. While therefore so much land remains unoccupied in the vicinity of the older settlements, and while all of these require, for their secure establishment, additional supplies of labour and capital, we doubt the advantages of the proposed new settlement. If indeed the whole emigration to any fresh settlement consisted of persons who would not have emigrated but for the inducements thus offered, the case would be different. But we are convinced that greater ultimate progress would be secured by the emigration of half the number to the older settlements—and we believe that a larger proportion than this would emigrate at all events. Tt must be remembered that the principle of concentration, which forms so prominent a feature in the Wakefield theory of colonization, is applicable to communities as well as to individuals. Twenty thousand persons established in. one settlement, within the limits indicated by the nature of the country and the position of the available land, would be more wealthy; would produce more; and would have a greater command of the elements of civilization, and of the means of mental improvement and material progress; than twice that number divided into five or six distinct and distant settlements. This is a truth which the political economy of our contemporary should have taught him, but which he appears strangely to have overlooked. The formation of every new settlement involves a considerable waste of capital by the settlers. It requires a new and expensive Government establishment for the collection of the revenue; for the maintenance of order; and for the administration of justice. It involves a loss to the extent of the cost of transporting commodities from one place to the other. Difficulties which we have overcome, and which emigrants on their arrival in this place have no longer to encounter, will again arise there. The experience which the older settlers have acquired, often at a considerable expense, and which forms no slight compensation for the cost, of its acquisition, will be of little or no advantage to these new settlers; who must purchase it themselves at a similar cost. And against these immediate and continuing disadvantages, there is only to he placed the fact, that the population is augmented with a somewhat greater rapidity than would otherwise be the case. We confess that upon the whole our first impression still remains, that it would be better to confirm and strengthen the existing, than to attempt the formation of new settlements.

We do not, therefore, look upon the conduct of the English Government, in hesitating to allow the establishment of another settlement upon the Southern Island, with the same feelings as our contemporary. With regard to their motives we say nothing, because in truth we do not pretend to know what they are. But as their conduct is such as, in our judgment, is calculated to secure the permanent good of the settlement, we see no reason to quarrel with them for the course they have taken. It is rather too much the practice of the Gazette to assume the existence of certain motives, and then to attack the measures, instead of calmly investigating the measures themselves, and pronouncing a judgment upon them according to their tendency to advance or retard the prosperity of the Colony. It is, however, so much more easy to abuse them than to examine, that we have perhaps no right to be surprised at the course which our contemporary adopts.

We understand the Government Brig made a seizure.of spirits at Akaroa. She has gone to Cloudy Bay to bring over'witnesses for the.trial of the murder of the Maori woman and child.