HOUSE LORDS, JULY 22.

New Zealand Spectator and Cook's Strait Guardian, Volume IV, Issue 250, 22 December 1847, Page 4

HOUSE LORDS, JULY 22.

- On the motion that the New Zealand Bill No. 2 be read a third time, Lord Stanley said that in the present state of the house there was little encouragement for discussion ; yet the objections which he entertained to this Bill induced him to occupy the attention of their lordships for a few minutes. His belief was that so long as the affairs of the New Zealand Company were conducted in the way in which they had been, it could result in nothing but dissatisfaction, and discontent. Although he rejoiced that the conduct of the new govenor had justified that opinion entertained of his conduct when placed in another situation, and though he admitted he was characterised by firmness, prudence, and dis« cretion, yet he was convinced that with all his exertions, he had been unable to root out those seeds of discontent and dissatisfaction with regard to the New Zealand Company, which had been sowing for some time back. What had they done 1 They had sent out a company of adventurers ; he did not mean to speak offensively, but a m ;rcantile trading company, acting independently of the government here, as well as that of New Zealand, over whose acts there was no control whatever, and yet for the consequences of which they held themselves responsible. He should see, with great satisfaction, the day when the Company should yield its property and responsibility into the hands of Government, and thus enable the colony to be conducted like all others connected with this country, subject to the control and responsibility of ministers of the Crown. They were about to grant a loan of £236,000, free of interest altogether, and they took as their security a certain ponion of the nett proceeds which might arise after the discharge of the incumbrances of the Company. The calculation was, that one-fourth part of the nett profits was to be appropriated to the payment of that loan. But they did not provide for the possible inability of the Company to discharge this debt. The Company had at that moment £100,000 unpaid capital. If the speculation should turn out unprofitable, it was said the £100,000 would never be asked for. The liabilities, however, of the Company would all fall on this country. The whole of the land — a million of acres — was to be purchased by Government at ss. an acre. It was not correct to say chat the Company had given ss. an acre for the land. They were allowed 25 per cent, discount ; so that the sum actually given out was but 4s. an acre. He did not think this arrangement either economical or satisfactory on the part of our Government, though no doubt it met with the approval of the New Zealand Company. He believed that this experiment would fail, and he hoped it would, even for the ultimate benefit of the New Zealand Company il^elf. Earl Grey : As the noble lord who bad just sat down intimated his intention of not voting against this bill, he should not go into the details touched upon by him. In respect to the payment to the New Zealand Company, Government have only adopted the view determined upon by a committee of the House of Commons. That committee had been sitting the greater portion of the session, and by a considerable majority they had come to the conclusions which had been embodied in the present bill. It was supported, not only by the supporters of the present, but by many of the supporters of the late Government. The result of thtir deliberations had convinced him that there was a fair claim on the part of the company to the sum which it was proposed to advance. The terms on which it was to be given were found fault with. It should be recollected, however, that for three* years, the Company was prohibited from taking any step without the sanction of the Government. The Company had expended a very large capital on this speculation, he believed upwards of £250,000, not one shilling of which could be recovered, unless efforts were made to promote colonization. He believed that in the end the money to be advanced would be found to have been well spent, were a colony of industrious Englishmen to be fairly. established in those islands, already so highly endowed by nature. The bill was read a third time and passed.