COLEMAN PHILLIPS SCHEME.

New Zealand Times, Volume XXXI, Issue 4870, 31 October 1876, Page 3

COLEMAN PHILLIPS SCHEME.

TO THE EDITOR OF THE NEW ZEALAND TIMES- f Sib.—Having observed in ypur ; issuo,of:27th ult., a’ letter from Mr. Coleman* Phillips, m which he states, to use his own words, “ I claip the.aole origination, of. the; ideas contained in the .‘Polynesian! scheme,and . 1.j.d0 ; not acknowledge myself indebted to -any-source whatever JwiU therefore feel .obliged if you will permit me to ask this gentleman (through your columbs) a few—questions//whicn *n a y throw some light on How this idea'occurred to. Mr. Phillips,. and: from, whom it emanated. As l amiignorantoithe-naturejotthe proposal made to--Sir- Julius Vogel,-I will confine myself tolfiOw this Polynesian ■: ■ Mf.Phillips’states 1 in-hla: letter that in,-1873i ; while at the Fiji Islands, ! the Ideaitruokhim}; ■but Lwould like to ask him to recall to: mmd '» conversation which I had with him indS?!, in reference to-the speculation of obtaining: a 'bank charter from the Fijian authonties, ana if he does l not* remember that during such conversation I. ‘mentioned -to him that X had a iproject /for . the^*estabjishmentj of-a(-large-trading company; based on the of the East India and Dutch Cornpanies for theSouth|Sea Islands. 1 ‘ c You f will 5 ; ;obßerV6V.^ f ' ttat■this conversation took f place in 1871> : the year before Mr. Phillips went'to Fiji, 5 and consequently it is; impossible 1 that* the idea could have struck hinrat that place. -I may* sUte that in. 186$ when connected \vith the Bank.of New Zealand/ 1- the" hope 'of One ; day being in. a position to establish a powerful 'company for the'develbpment of .the.vast trade 'and natural resourcesof-thc;Sooth Sea Islands. I recognised that a* company, by .adapting a ’ system < of r colonization to - certain, groups of islands, C ahd by introducing persons; (from* the 5 West Indies, and v other places) ‘ experienced. •in the growth of sugar'and various other ! tropical products, would, in a few years, build, up a,very large lucrative trade, independent of the ordinary business now done by traders. In 1872; I framed a prospectus ' for ‘ Jjuch ■ a company/with'^he;intent iotf,.'pf‘bringing the ■ matt or before the New Zealand Government, with the view of chaining a guarantee of 3 per ■ cent., on the share capital, as X considered that such guarantee would materially assist in the floating of such an undertaking, and that, it would not be an unreasonable, proposal to make to the Government, seping the immense benefit that would accrue tp‘New I wa3 .dissuaded fby my friends from carrying out my intention, as they looked upon the idea as too visionary, and not likely to be entertained. / I. therefore, .allowed.l,the, matter, to. remain J id abeyance until !874, I wrote to.- pertain merchants in London, laying f the, whole'proposal before them; and, as my letters cam. proye,- .the project was , warmly enter-. tained, so much so that it was decided to form a company, and during the-time that,,the matters were being arranged for the floating of such, company, the Government proposals, came out granting, a guarantee of 5 per cent., on the: share capital, the’introduction of which had .the effect .of? stopping my friends from moving any pending the result of the Government proposals, as they decided that it would be useless to attempt to float an, opposition, company in the face of such support. g : I hay© no hesitation’in,saying .that‘had it not been for the introduction .of Mr.’ Yogel’s scheme my friends ,would have, succeeded in establishing & very..powerful,:company, nnd managed as it would have .bcen by a board; of experienced commercial men .in* London, it could i not have have, been a grand And now ,with regard, to .Mr. Phillips it'may* be well to state that when Mr: *Keea publißhed a pamphlet; called tho y . li ,Coming Crisis, v, he mentioned : Mr. • Phillips,: Mr. Stemdale,, and myself as* having advocated the .Polynesian scheme, to which, Mr.. Phillips took exception, and complained to Mr. Rees, that .the fact of so many parsons' being introduced ,in connection, witli it detracted from him the credit of being the originator, and he therefore/desired that a slip of paper; shquldr be pamphlet/..stating'ithat ..the ..sole, origination rested with him. lIm.: ,} .- ’ . Mr. Bees spoke to me on the subject, ( an(V,I explained to him that I hadr,nothing,,to do with Mr. Philips’s; proposal t?, Mr? *«»♦ that -the ,original idea emanated-from me, .-and was borrowed by Mr. Phillips./ I further Stated, that I waa wjijing to give ,Mr. "Phillips a letter ; .to the effect that J had nothing to do, with the scheme asibrought before Mr. Vogel, which letter I wrote, but before handing it to him I consulteS >lr. Stemdale/And explained what,,had been/.said,, and-,a{; mjr- request he accompanied, .me i to/. iVlr.-j Phillips s office. I presented- the-letter.-but it. was declined by Mr; Phillips; aa.he'aaid it would.place him jn: an awkward position, from the of my having disclaimed.on theonc hand having anything to do with his proposal, but, on the other, - reminding him ;ot 'our . conversation: in 1871; Lthereupon asked Mr.iPhillips, if, such conversation had not takeu place, -Which, ho was unable to deny. Mr.: Stemdaleßemarked that if was easily .'seen >from whom ;Mr. Phillips obtained his ideas; lam not a partisan of Sir Julihs Vogel, but l cannot shut my eyes to' the. faob that had not Lthat gentleman, taken Mr. Phillips under his .wing, we would not have heard anything .of. the “trials 'and troubles of this young-man”, andihis appropriated Polynesian scheme. In conclusion; s X • inay* f em'firk that if. .necessary I can adduce proof of i what I. have stated in this letter.—l am, &c., . > : . W. J. Hunt,. . Lata:public accountant at.,Auckland. p.S.—I would,have replied:to Mr. 1 Phillips before, but I only observed his letter the other day; H ■■■ • / ’ ■ ’■ :Napier, October 24. . •