NEW ZEALAND COMPANY. [From the Morning Chronicle, May 31.]

New Zealand Spectator and Cook's Strait Guardian, Volume IX, Issue 959, 11 October 1854, Page 4

NEW ZEALAND COMPANY. [From the Morning Chronicle, May 31.]

The annual meeting of tbe directors and shareholders of this Company took place yesterday afternoon, at tbe New Zealand House, New Broadstreet, Mr. Aglionby, M.P., occupying the chair. A sufficient number of shareholders were not present to constitute a legal meeting. The following is the substance of the report of the committee : — "The sums received from her Majesty's Government, to account of interest upon the Crown's debt to the Company, during the financial year ended on the sth April last, have amounted to £385 : 15:7, viz. : on land sales in Otago, as mentioned in our last report, £149; and iv Canterbury, £236 :15: 7. By official returns, with copies of which we were favoured by his Grace the Duke of Newcastle in November, it is shown that a further sura of £7,771 : 9 : 8 is due to the Company on sales in Auckland from July 5, 1850, to March, 1853. In despatches from the Governor of the colony, with copies of which we were also favored in April, a further sum of £1,633 : 0 : 8 is stated to have been paid into the commissariat chest for transmission to the Company, viz.: on sales in Nelson, from July 5, 1850, to June 30, 1853, £1,196:15:8, and in Wellington, from March 4, 1853, to June 30, 3 853, £466 :5. The amount thus officially reported to be due upon the sales effected in the three settlements is £9,434 : 10:4. From tbe Colonial newspapers it appers that other sales have also been effected, in addition to the foregoing, to the amount of several thousands pounds ; but of these no official return has yet been communicated to us. With regard to sums accruing from this source, we received in September last, the opinion of council of eminence, of which opioion' the part relating to the proceeds of sales, subject to tbe Act of 1847, was to the following effect, viz. : — ' As to such of the sales as took place under the 10th and 11th Viet., cap. 112, we are of opinion that the Home Government is liable to the New Zealand Company for one-fourth of the f public land sales in New Zealand since the sth July, 1854 'We' are of opinion that such liability as to transactions before the second Act (15tb and 16th Viet.,' cap. 72) first arose upon • tbe receipt of tbe purchase-money by the appointed officers of the Crown in the colony, and that such liability is not; dependent upon the transmission to and receipt by the, Home Government of the proceeds of such sale, but irrespective of such fact *. . Under the first Act Crown. . . rausf bear the consequences of any neglect or breach of .duty in transmitting to England the share of the proceeds belonging to the company.' Of this opinion a copy was forwarded to the Government in the same month of September, It was- referred for the report of the Law advisers of tbe Crown. But we regret to say repeated applications have hitherto proved so far unsuccessful that, although eight months have elapsed, the company has not as yet been able to obtain any definite reply to its claim. The interest due to tbe company from the Crown, under the piovisions of the acts above mentioned, amoiinted on the 4th of April last, after giving credit for the £385 15s. 7d. received as abpve-men'ioned, to £18,486 14 4d, In accordance with the re-

'd;' commendations of her Majesty's late commisiei sioner, Mr. Cox, laid before you with the statej_ ment of assets and liabilities of last year, the Go;d vernment have allowed the gross sum of £2,231 re sa. towards the expenses incurred by the company JJ tubsequently to ibe 4tb of July, 1850— viz., g . £1,225 4s. 3d. for expences in England to the ,n 30th of September, 1851, and £1,006 Os. 9d. for d. expences in New Zealand to the 31st December, »d 1850 : deducting however, th.erefrom, the sum of B- £1488 Os. 2d. received by the company 's agents ia the several settlements, and by 'them applied to th« company's current expencei there, between c-; the sth July and 31st December 1850; and jy thus leaving the net sum, available to the company during the past year, £753 4s. 10d. X " Between the company and the Canterbury AsBr sociation there has been no pecuniary, transaction] ,t-' 'whatever during the past year. The amount reds maining at the debit of the Association when theyear closed was £22,880 10s. Bd. The admina _ istration of the Canterbury lands having now dem volved upon the local Government, it is hoped sd' that the colonists will take active steps for dis*e charging the obligations thus incurred for the "* foundation of the settlement, but of this it is yet M too early to speak with certainty. - The liabilities eB ' of the Company, outstanding on April 5, were — t- To the Union Bank of Australia on account of of Canterbury bills, £10,536 10s. 7d. ; and to JJ other parties, £4451 Is. 5d. ; together £14,98^ tm 12s, If, therefore, the sum of £9434 10s. 4d. realised fr ; om land sales, had been paid' over as, it accrued, and been added to thei£l24 15s. 6d. in hand, the liabilities unsatisfied would haveamounted to no more than £5428 6s. 2d. Could the whole amount of £19,436 14s. 4d. the interest due from the Crown have been obtained, there would have been a surplus to the extent of £4573 175. 1 Od. Iv default of these payments, it is owing solely to the forbearance of the directors of the Union Bank of Australia, iv not insisting on immediate liquidation of their claims, that the shareholders of the Company have been thus far exempted from a call. We regret to have to announce the decease of Mr. Alderman Thompson, a member of the direction, since the date of the last annual meeting. Four Directors, Messrs. Aglionby, Boulcott,j Hutt, and Lyall, go out of office on the present occasion, and are recommended for reelection." The Chairman observed that he had received from the colony very cheering intelligence as to its prospects. The total land sales had amounted to 1,700,000 acres. In the House of Commons, on the previous evening, Sir George Grey had stated that the sales were fixed at 10s. per acre. In answer to a question by a Shareholder, The Cbainran said that when the Company got a lien upon the lands of the colony, the extent of its jurisdiction was roughly estimated at 120 millions of acres. The control over these lands was taken away upon the occasion of the Company giving up its charter. Mr. Halswell wished to know if the shareholders were to receive anything in the event of the sale of land, presuming it to be sold ?' The Chairman said the Company would be entitled to the share which was left vague under the first Act of Parliament, but which he might, under sub&equent Acts, describe to be about onefourth ; but that would only be until the capital promised, and the interest, had been paid up. After that the Company would have nothing. to do with New Zealand. At present even, beyond a right to receive oue-fourth of the laud sales, the Company had nothing to do with the colony. Mr Halswell asked if the Company bad any sort of agent iv New Zealand ? The Chairman said not that he was aware of. The Company had nothing to do there. The engagement of an agent there was quite unnecessary. Mr. Halswell remarked that from his experience in New Zealaud he should say that any one who had been there once would never wish to go again. He begged to ask when it was probable the Directors would receive an answer from the Colonial Office. The Chairman : Probably, in the course of a few weeks. A shareholder observed that it was very important the shareholders should meet as soon as possible after the reception of the answer from the Colonial Office. The Chairman said the Colonial Office was at the present moment greatly pressed, in consequence of the war If any intelligence pleasing to the Company arrived, it would, no doubt, fly fast enough. A shareholder inquired whether any difficulty bad arisen with reference to the payment of the money due to the Company from the Colonial Office. The Chairman replied that no difficulty whatever had arisen in the office itself. He believed the difficulty was rather owing to the money not having been sent home. Mr. Halswell wished to tfhow if there bad been a petition presented. from the colony, on the subject of the land sale. The chairman said there had ; but as lprjg as faith was kept by the Legislature, there was no fear of any infraction of their rights by any such proceeding, and he was quite sure that neither colonists nor Englishmen would wish to have fajth broken with the Government. He could not imagine it possible that ultimately there would [ be a repudiation of the debt established by two acts of Parliament, in two different sessions, and under two different administrations (Hear Hear.) A shareholder enquired whether tbe Union Bank bad been paid off. The chairman said the proprietors would see, in the estimate which bad been placed before them in the report, that the balance had been renewed, and that tbe Union Bank had behaved very handsomely in the matter. Some of the directors and shareholders of the New, Zealand Company had incurred great personal risk jn the matter, but they might now hope to receive from New Zealand a sum. of money which would materally reduce their debt to a merely nominal sum. After that debt was paid, the New Zealand Company would have nothing to do with the Colony, on its own account. After some further conversation, the meeting w&s adjourned to the 20th July.