The Oamaru Mail THURSDAY, APRIL 15, 1880.

Oamaru Mail, Volume IV, Issue 1246, 15 April 1880, Page 2

The Oamaru Mail THURSDAY, APRIL 15, 1880.

Another Land Company has been launched as a candidate for the favor of the capitalists of Great Britain. The title is the Waikato Land Company, anil the chief promoters are 3lr. Thos. Knasell, of Piako fame ; Mr. Mnndella, Chairman of the New Zealand Land and Mercantile Company; and Sir James Perguason, who is the proprietor of a large estate a few miles, north of Cambridge, Waikato. It is a matter for gratification that tliis scheme,which will be the means of bringing into cultivation not much less than 100,000 ! acres of the fertile lands of the North ! Island, by inducing English farmers to : settle upon them, has so rapidly followed the similar scheme for settling I lands in the south. We must have ; the lands settled somehow by a reproI during and taxpaying population, and, ' as it appears to be impossible for the Government to accomplish the task except through others and at a sacrifice almost equal to giving away the colonial lands, we suppose that colonists must be satisfied with, and, in- : deed, thankful for, the service that is being performed for the Colony by the "Waikato Land Company and kindred institutions. If the Colony loses the profit on its land—even if the amount realised from its sale under the system of selling large blocks, and permitting the natives to sell large blocks, to speculators, should not recoup the Colony the amount expended in prosecuting the war by which the major portion of the lands were acquired—we suppose we must be grateful. We shall, at all events, get settlera to enable us to pay the interest on the war and the other loans with which we are burdened. Our necessitous circumstances will not admit of our permitting large areas of country which were absolutely given away remaining unutilised and untaxed. Whether land is being used or not, it must pay its fair proportion towards the governI ment, or mis-govemment, of the Colony. Those who have purchased for speculative purposes realise this grim fact, and are making haste to relieve themselves by realising a certain, although, in their case, a moderate profit, instead of playing a waiting game at the i*isk of injuring rather than improving their position. To the fear of what is euphemistically termed the bursting-up policy, of which only the shadow has yet dawned upon land speculators, the Colony owes a shaking amongst the dry bones of a system that has done more than anything else to hold it back. We hope that we have seen the last of such a system of fleecing the Colony. What has been done in the past in this i-es{>ect cannot be undone; but a more equitable disposition of the colonial estate should be pursued in future. To resume our remarks on the Waikato Ijand Company, a few particular's concerning it may be of iuterest. .The capital is LGOOjOOO in 30,000 shares of L2O each, and the objects of the company will be the acquisition of five blocks in the Waikato district, viz.: Eureka, containing 14,000 acres, Hokonui, the area of which is not stated. Woodlands, containing 20,000 acres, Ivomokorau, containing 17,000 ucres, and Towliai, containing 11,700 acres. The oj>eration of the Company will al3o include the acquiring of shares in steam boats and railway companies, with a view to effectively working their estates, the amount of L 300,000 to be i devoted to this purpose and the reI jnainder to the purchase of 90,000 : acres of laud. We think that, although ; Colonists who are not " in the swiw," would have preferred that the land ! should have passed direct from the ! Government into the hands of this 1 Company, they will, for the Colony's sake, wish the Company God speed.