NEW ZEALAND NATIVE LANDS SETTLEMENT COMPANY.

Poverty Bay Standard, Volume X, Issue 1066, 27 April 1882, Page 2

NEW ZEALAND NATIVE LANDS SETTLEMENT COMPANY.

A meeting of shareholders was held on Tuesday morning last at the Offices of the New Zealand Native Lands Settlement Company, Mr J. M. Dargaville, M.H.R., in the chair, for the purpose of electing Directors and Auditors, and reading reports. There was a good attendance of Native and European shareholders. Napier shareholders were represented by Mr J. Buchanan, M.H.R. ; and Mr J. Barraclough represented Oamaru interests. The Chairman opened the meeting with some explanatory remarks, which | were rendered into Maori by Captain Porter. The Report of the Directors was then read, as follows :— The first Directors appointed to hold office until the first Ordinary meeting, having overcome the initiatory difficullies necessarily attendant upon the floating of a Company upon lines not hitherto attempted, have considered that the time has come when Permanent Directors may be elected, and an Interim report and balance-sheet be presented for the approval of shareholders. They have therefore much pleasure in submitting the following report: — Articles of Association have been framed, in which the spirit and letter of the Memorandum of Association has been carefully given effect to. It is not thought necessary here to recapitulate the information already given to shareholders in the first Confidential Circular of the 25th of February. A second Circular, giving additional information corrected to date, will be presented and distributed together with this report. The Directors have given close attention to the acquisition of land with clear title, and have, so far as possible, dealt in the first instance with Blocks unencumbered by previous negotiations. The principle upon which land has been taken over has been that of co-operative agency rather than that of land speculation. The Company has undertaken : (1.) To free the Native titles of all complications and defects arising from the large number of individual undivided interests held in each Block, some of which represent the shares of infants or successors, without legal appointment, of deceased owners; (2.) to deal with the land, the title of which is so freed, by sale or lease to the best possible advantage: (3.) to return to the Native vendors two-thirds of the nett proceeds arising from the sale or other disposition of such lands, or after such sale or other disposition, at the election of the Native Committees, to issue shares to the value of the whole or part of the sum representing two-thirds of Buch nett proceeds. Provided that the charges defrayed by the Company are carefully economised and kept within bounds proportional to the value of each Block, it is evident that upon this plan the Capitalist Shareholders can incur no possibility of loss. The Company can obtain any extent of country it chooses

to take over upon these terms, the only limits being those imposed by the available legal and survey staffs, and by the necessity of confining the operations of the Company within the scope of its financial capabilities, so that no promise made to Natives may be unredeemed. In addition to the prevention of future litigation by the perfection of title insisted upon prior to disposition of any of the Company’s lands, the Directors have used every endeavor to put a stop to any litigation already in existence on the East Coast in every case where the agency of the Company could possibly be made use of, and as public confidence is attracted by the Company’s operations being better understood, there can be no doubt that a large field is open in this direction,

which may be occupied with great advantage to the Shareholders, and the whole of the East Coast Districts. The practicability of the Company’s operations has been abundantly proved by the large areas of land acquired without dissent from any section of the Native owners. The difficulties by many considered insurmountable, have, as they have arisen, been satisfactorily overcome, with the result of establishing a settled scheme of procedure for future transactions. The confidence of the Natives has continued unshaken. They recognise in the plan upon which the Company is managed a system under which a fair value can be obtained for their lands; a value which is certain to accrue, because the Company will be enabled to convey land to its customers with perfect title, and therefore will obtain the best price for all land sold, while the Natives themselves could only sell with a defective title which the purchaser thereafter would have to make good at the costof many years’ time and much expenditure of money. The Natives’ confidence is further assured, because they look upon their own representatives upon the Board as a guarantee that Native interests will be conserved. It is not the intention of the first | Directors, who have merely been called upon to act provisionally, to point out I a mode of management of the Company’s lauds, which will devolve upon , the Permanent Directors. They may,'

however, bo permitted to state that they have looked forward to a system of sale, upon deferred payments, at moderate rates, to English and Colonial settlers, as being the one which would ensure the greatest success to the Company’s scheme of colonising Native Waste Lands.

The Properties acquired by the Company appear under their respective headings in the second Circular of even date with this Report. From this it will be seen that 47,637 acres are actually secured with indefeasible title. Where there is necessarily much difference of opinion, the country being as yet wholly unsettled, it would be idle to attempt to fix a value upon this large tract of country. As surveys progress, and road lines are explored and laid off, it will be possible to arrive at fair approximate values ; but until then, such values must, however carefully made, appear more or less inaccurate. The interim Balance-sheet submitted herewith, only purports to be a duly audited account of Receipts and Expenditure to the 31st March, 1882. The first Annual balance will be required to be prepared for submission to the Shareholders in General Meeting, in or about the month of October next, when the first dividend will be payable. The Receipts consist merely of the deposit and allotment monies, and the proceeds of the first call received to date of balance.

The Expenditure shewn of £6,622 19s Id is made up chiefly of Preliminary Expenses, Legal Costs, Expenses of London Agency, and cash paid upon the purchase of blocks of land. Of sums arising under these headings, all those charged as legal costs, surveys, cash paid upon purchases, &c., are recoverable with interest from the proceeds of the lands themselves prior to division between the Native vendors and the Company. Preliminary expenses will not occur again, and it is proposed to make a small charge pro rata upon acreage and value, upon the properly year by year in the possession of the Company, to recover the interest upon all promotion and preliminary expenses or liabilities.

Mr G. M. Reed was authorised to proceed to England in October last, under instructions to ascertain what prospect there might be of placing the reserved shares, and also to keep together any agencies then existing under his influence in England or Ireland, which might be of use in view of procuring settlement of the best kind upon the Company’s lands. From late communications received, there isevery reason to believe that the step taken by the Directors in these respects will very speedily be amply justified. 15s per share is now paid up, and it is recommended that a further call of 5s per share be made at an early date, to make the sum paid up 20s. per share as contemplated when the Company was projected. Of the shares unallotted it is also recommended that 5000, in addition to the 10,000 originally reserved, shall be held over for the English market, and that the balance be offered to the Shareholders in New Zealand at par, in proportion to their holdings. In conformity with Article No. 61, all your Directors retire from office. Five Directors have to be elected by the capitalist shareholders, and four by the holders of original shares, voting through their Committees. Two Auditors have also to be appointed, to hold office until the ordinary annual meeting of shareholders. The Directors have to thank their officers for the zealous attention to the Company’s interests, which has been displayed during their term of office.— J. M. Dargaville, Chairman.

BALANCE SHEET.

* The amount of the overdraft is covered by the balance of allotment money and first calls outstanding, amounting to £368 Ils Od. EXPBHDITUBB.

We have carefully examined the foregoing balance-sheet, and we hereby certify that the same contains a full statement of the Company, as proved by its papers, books, and vouchers.— Cablaw Smith, Wm. Katclivfb, Auditors. Accompanying the above report there was the following circular which was also read, the Chairman remarking that it was the intention of the Directors to issue circulars periodically

-r-once a month if possible—so as to keep the shareholders informed of the operations of the Company. LAND PURCHASE. The following is an accurate statement of the progress made by the Directors in the completion of the Company’s titles: — I. —Blocks, the deeds of conveyance of which are completely executed. Tawapata South, Mahia Peninsula (approximate) 6000 Motu No. 1, Gisborne District 2000 Kopua, Gisborne District 2700 10,700 The Native Land Court, after examination duly made, has sanctioned the deed of sale to the Company of the Motu No. 1 block, which will be enrolled so soon as all stamps and dues to the Crown are paid. Te Kopua has not been pressed, the Company holding sufficient securities for all monies paid. 11. —Blocks awarded to the Company under orders of the Native Land Court now iu session at Gisborne and Tologa Bay. Mangaheia No. 1, Tologa Bay District 17,142 Paremata, „ „ 7,974 Waimata South, Gisborne District ... 9,555 Waimata East, „ „ ... 4,966

39,637 The differences in the areas shewn in tliie table as compared with those published in the circular of the 251 h February, arise from the orders of subdivision made by the Land Court at the request of the Company. It was necessary to subdivide in order to cut out the interests of deceased persons, infants, and dissentients (if any) ; also, to provide a small area as a general reserve for the whole people interested in the case of each block. For example, in Mangaheia No. 1 the Court awarded 780 acres as representing the interests of deceased persons, infants, and dissentients, 500 acres as a general reserve, and 17,142 acres to the Company under the Deed of Sale submitted. In this manner the Company secures a perfect title to the area awarded to it, and at the expiration of 3 months from the date of the award is entitled to a Crown Grant issued under the Land Transfer Act, and dating back to the date of such award. In Paremata 1052 acres have been awarded to deceased persona and others, 400 acres as a general reserve, and 7,974 acres to the Company. In Waimata South the subdivisions are—l4s acres to deceased persons and others, 300 acres as a general reserve, and 9,555 acres to the Company ; and in Waimata East 154 acres to deceased persons, etc., 200 acres as a general reserve, 4,966 to the Company. It is satisfactory to add that in all these cases the awards practically carried but the unanimous agreement arrived at beforehand by all the Native owners interested. 111. Blocks negotiated or in course of conveyance, the title of which should be completed by enrollment or subdivision at the Land Court now in session at Gisborne and Tologa Bay. Panikau, Tologa Bay District 6,116 Maraetaha No. 2, Gisborne District (approximate) 25,009 31,116 There is no change to report in Panikau. So soon as the Directors can visit Tologa Bay the Company’s portion of this Block will be defined and arrangements made to take over Mangaheia No. 2 (9,972 acres) on the usual terms. IV. Blocks, the title of which will pass to the Company on or about the 13th June, 1882. Mangatu No. 5, inland 40 miles ... 20,000 Mangatu No. 6, inland 40 miles ... 20,000 Waikohu-Matawai, Gisborn; district 3,000 43,000 The proclamation of the removal of restrictions by the Governor on Mangatu No. 5 and Mangatu No. 6, has been gazetted and the Company’s deeds can be completed at the expiration of two months from date of proclamation. In the case of Waikohu-Matawai, transferred to this schedule, it was ascertained on enquiry that a restriction had been placed on the Crown Grant upon its original issue. This is removable upon petition by the owners; tile necessary steps have been taken, and all monies paid upon the block hare been transferred to the Motu block, purchased from the some owners. V.—Blocks under offer to the Company. Wharekaka 640 Acres, Tuawhatu and Taumaihi (about) 5,200 „ Roto-o-tahe ... ... ... 303 „ Mokairau 1,677 „ Kouara-a-te-nwhi Nos. 1 and 2 .. 851 „ Kopuatarakihi Nos. 1 and 2 ...3,226 „ Uawa, No 2 432 „ Tauamatapatiti 5,923 „ 18,252 The Directors have arrived at no decision in reference to these blocks, being compelled to restrict their operations and being anxious to make enquiries as to claims of pro-occupation made by Europeans. SUMMARY. The Company now holds an estate of 47,637 acres under complete title, subject, however, to a delay of 3 months before the Crown Grants will issue in the case of Mangaheia No. 1, Paremata, end Waimata South and East. As there are no dissentients who could be aggrieved by the decision of the Court no ground for re hearing can ariee. It is anticipated that before the Land Court closes its session at Gisborne that from 50,000 to 70,000 acres additional land will be awarded to the Company. In fact the areas of average country which can be taken over during the ensuing fevr months will depend altogether upon the financial arrangements the Board is able to make. —C. A. DeLautoub, Secretary.

The Chairman said the report and statements just read were so full and explanatory of the Company's position and prospects that he need not add any lengthened remarks. The amount of success achieved could not fail to be eminently satisfactory to the Shareholders, especially so when it was remembered that the Directors from the very outset had to contend against an amount of prejudice and actual hostility such as, perhaps, no similar enterprise in the colonies had ever met with. They had by a straightforward course and fair dealing with the Natives, lived down the calumny cast upon the Company by interested Europeans, and had retained unabated the confidence of the Natives. He should not be doing hie duty, or acting justly, were ho not to add that the success of the Company so far with the Natives was mainly owing to the efforts of Mr W. L. Rees and his co-adju-tor, Wi Pere. Mr De Lautour also had been greatly instrumental in promoting the interests of the Company. The latter gentleman, he regretted to say, had yesterday tendered his resignation as Secretary, but probably only in a formal manner, and tempora-rily. Mr John Buchanan, M.H.R., said the few words spoken by the Chairman had relieved him of what he would have felt it his duty to say. He meant in reference to the remarks concerning Mr W. L. Rees, Wi Pere and their Secretary, Mr DeLautour. They were most deserving of praise and commendation by the ehareholders. Their work was the beet answer that could be made to the aspersions which were Bought to be cast upon them. In the formation of the Company they had not entered into it in a spirit of opposition to any interests. It was never the intention of the Company to oppress or harass, and it never would be while he had a voice in the management. He felt much gratified in moving that the report and statement be adopted.

Mr S. Locke made enquiries as to the brokerage charged and other items, which having been explained by the Chairman, Mr Locke elated that he must say the charges altogether appeared very moderate, and that he would vote for the adoption of the report. Mr G. Matthewson seconded the motion for the adoption -of tire report, which, on being put, was unanimously carried. The Chairman said the next business was the election of four Directors by the Maori C’ommittees and five by the other shareholders. The names of Mr Allan McDonald, Mr W. H. Tucker, Wiremu Pere, and Hapi Hinoki were handed in as unanimously approved by the Committee?, and were declared by the Chairman to be elected. Mr S. Locke then proposed Mr John Bu•chanan, M.H.R., Napier; Mr Henry Charles Robjohns, Napier; Mr Robert Heaton Rhodes, Christchurch ; Mr J. M. Dargaville, M.H.R., Auckland ; and Mr John Barraclough, Oainaru, as the other five Directors. Mr Dargaville (the Chairman) desired to 'Withdraw his name in favor of Mr DeLautour, who. he thought, ought to be on the Board. Besides he (Mr Dargaville) was resolved to retire. After some discussion, during which Mr DeLautour was requested by several shareholders to resume the Secretaryship and Mr Dargaville’s resolution to retire was combated without avail, the gentlemen named (substituting Mr DeLautour for Mr Dargaville) were duly elected. Mr Grant (of Messrs Dennison and Grant, Domain) then proposed a vote of thanks to the retiring Directors, referring in complimentary terms to the manner in which they surmounted the difficulties besetting them at the start. He congratulated them and the shareholders generally on the quality as well as the Extent of land they were acquiring. He had made himself acquainted with several of the properties *wliich comprised some splendid country in every way suitable for settlement. He felt sure that with ordinary prudence the Company had a fine future before it. The resolution was seconded by Mr Barraclough, of Oamaru, and carried unanimously. The Chairman on behalf of his co-directors end himself, suitably acknowledged the compliment. Messrs Carlaw Smith and W. Ratcliffe were then re-appointed Auditors for the ensuing term. This concluded the business.

Receipts. To Capital, viz.:— £ B. d. 5s Deposit on 9422 shares . 2355 10 0 5s Allotment on 8672 shares .. . 2168 0 0 Do. paid on acct, on 20 shares 4 4 0 5st First Call on 6681 shares,. . 1670 5 0 To Transfer Fees 7 6 0 To Amount of Overdraft • . 424 12 7 £6622 19 1

By Annual License, balance of year 1881 £ 46 8. 1 d. 0 By do., for year 1882 200 0 0 By Preliminary Expenses— Travelling Expenses and Bonus to Mr G. M. Reed 173 19 0 Telegrams & Incidental Expenses 70 17 2 Incorporation Fees 134 16 0 Printing and Advertising 340 15 4 Brokerage on 8832 shares, @ 6d per share 220 16 0 By Salaries to 28th Feb., 6 months 223 14 0 By Directors’ Fees and Travelling Expenses 178 3 0 By Charges, including Postage and Telegrams, etc. 55 5 0 By Legal Costs, viz.:— First 1 per cent on Blocks under conveyance 502 0 0 Second 1 per cent, on Blocks passed bv Land Court. 135 0 0 Ditto on blocks being passed bv Land Court paid in advance 178 13 6 Balance bv Cheque retained by Sievwright and Stout on acc.»unt of costs. 3 4 0 By London Agency 564 7 6 „ Office Furniture and Fittings 94 8 0 „ Stationery, Printing and Advertising 15 12 0 „ Kent to 24th January, 1882 ... 11 5 0 „ Dennison & Grant, Surveyors 100 0 0 „ Interest on Overdraft 15 13 0 „ Cash paid upon sundry Blocks in terms of deeds of conveyance 3358 9 7 £6622 19 1