THE COMPACT OF 1856.

Thames Star, Volume VI, Issue 1805, 15 October 1874, Page 2

THE COMPACT OF 1856.

So much has been said and written touching the now famous compact of 1856 thakwe reprint va copy of the original resolutions, as passed by the Parliament of New Zealand :-— t

. Tnat it is expedient, as; part of a general permanent arrangement to redeem the New Zealand Company's charge on the land fund upon tlie terms offered by the company, and assented to by the Imperial Government, viz., the payment to be made on the sth of April, 1857, of a sum of £200,000, towards which all monies in their hands at that date, in excess of the interest, shall be applicable by wayof reduction, the .Imperial Government guaranteeing the; loan for that object The £200,000 to be obtained in England, upon the best and most favourable terms practicable. •

That, as a further part of suck general and permanent arrangement,, and in order .to adjust equitably the public burdens, tjxe'JScw. Zealand Company's, debt be borne by the provinces of the Middle Islaad in equal proportions, and the charge* of purchasing native lands by the pro•vinces respectively within Which such purchases shall be made^ •■■-■-•; ' 11. That, in accordance with, the former resolution of the House, 1 the province of Auckland be'relieved respectively, as well as prospectiveiy, from the New Zealand Company's debt, and that after paymeat of the sum due to the company on iike sth of April, 1857, the balance of tbii loan of £20Q,0PQ.be: made ; applicable to I that purpose the 'revenue in deficiency or excess, to be adjusted when; the same be ascertained, the, province •of; Auckland, on its part bearing the sum -of £911 8s 9d under the Land Claims Ordinance, New Ulster, as a debt incurred for-its exclusive i advantage. , ...':,.■.....;/:'

■ 12, That this House is of dpinion that the administration of the waste lands. of each province shall be transferred to the Provincial Government of such province, and the Land Revenue shall be made preyincial revenue, subject to the following charges •. —■ !'

The province of Nelson, to be subject to a charge' of £66,666 13$ V 4d^. to bear interest at the rate of 4 per cent, with a sinking fund of 2 per cent. The province of Canterbury to be SKbject to a like sum an similar terms.

The province of Otago to be subject, to a, like sum on similar terms, ~ .

The respective provinces of Auckland and Wellington to be subject respectively to*charges oqual to the proportion of the permanent loan borrowed for the purchase cf native lands in such provinces respectively, with interest at the rate of 4 per cent., and a sinking fund of 2 per cent. The province of .New Plymouth to be subject to a charge equal to a proportion of the permanent loan borrowed for the purchase of native lands, with interest at a like rate, and' with a like sinking fund, after allowing a sum of £20,000 as a free outlay to be made in that province in the purchase of native lands without charge to such province.

, 13. After such outlay of £20,000 shall have been made in the province of New Plymouth as aforesaid, the colony do guarantee out of'its general revtnue to make up any deficiency in the gross proceeds of the land sales witkin such province, so that tbe sum derivable from .such gross prsceeds be "no- less than £20,000 in any one year.—Olago Guardian*