Untitled

Poverty Bay Standard, Volume IX, Issue 958, 6 July 1881, Page 2

The prospectus of the “ East Coast Native Land and Settlement Company,” about to be started in Gisborne, appears in this morning’s issue. The capital is fixed at £500,000 in 100,000 shares of £5 each ; and the prospectus contains the names, as provisional directors, of many of the most eligible business men in the colony. The prospectus tells its own tale with regard to the more immediate objects of the Company; and goodness knows there is no part of New Zealand more in want of an associated endeavor of brains, influence, and money, to “ promote settlement on “ the land on the East Coast of the “ North Island,” than Poverty Bay, and the places adjacent thereto. Read by the light of passing events, the present appears to be a most opportune time, in which to seek the aid of foreign capital, and outside cooperation to further the landed interests of this part of the East Coast ; whilst the projected Company will be able to take a far more pronounced and satisfactory position than the now defunct Trustee Triumvirate could have hoped to do. Even that idea was capable of being worked to fine issues ; but, to our mind, in this practical age, a company, presided over, and supported by the commercial genii of the colony, is far more likely to achieve results that will push ahead the mutual prosperity of us all.

It is intended that there shall be no more delay than is absolutely necessary, and for that purpose prospectus forms of application for shares are being distributed through the colony ; while the date fixed for closing the list is the 30th of July. We do not know why Wellington should be named; nor does the prospectus state where the head centre of the company is to be ; but, possibly, these omissions will be filled up anon. One thing is, however, to be hope#’ will result from the company, and that is that its efforts will be directed towards the pacification of those land troubles which have been a chronic objection of both small and large capitalists, and made them hold aloof from settling amongst us.