THE NEW ZEALAND GRIOULTURAL COMPANY.

Waikato Times, Volume XIII, Issue 1037, 15 February 1879, Page 3

THE NEW ZEALAND GRIOULTURAL COMPANY.

In our cablegrams from England, which were published lately, it was announced that the prospectus of a "New Zealand Agricultural Company," with a capital of one million sterling, had been issued in London. The first and very natural impression which this information conveyed in the oolony was, that the ne*v enterprise was the outoome of the City of Glasgow Bank failure, and that it was intended to assist in taking oyer certain properties in .New Zealand, with a view to holding them as an investment. We learn, however, that the new company, with its largo capital, has not originated through any commercial disaster, but in an enterprise for " purchasing, improving, managing, and dealing with pastoral and other properties in the oolony, and creat. ing settlements thereon." The company is one which it was generally understood was to be floated by Mr Larnaoh when he left for England, more than a year ago, but it was then scarcely thought that it would assume the large dimensions that it now appsars to have done. Several large landowners in Otago and Southland have apparently agreed to " throw in ". their properties together with the runs owned by Mr Laroauh, and thus float a gigantic land company, with itsheadqarters in London. The properties to be taken o v er are, we believe, certain freehold and leasehold estates, as f0110w5:—167,769 acres of freehold, partly under cultivation and improved; 141,675 acres leasehold, subject to very low rental. The stook comprises 167,500 sheep, 112 head of cattle, and 85 hortes. For these properties and stock, the owners have agreed to accept the sum of £1,070,000, which is equal to about £6 7s 6d per acre for the freehold, with the leaseholds and improvements given in. One of the objeots of the new company is, we learn, gradually to break up some of the estates into farms ranging from 200 to 1000 acres each in extent, and to vigorously oultivate the agricultural portions of the land which may be retained on behalf of the shareholders. The scheme has evidently been carefully considered by the vendors, but whether English capitalists will readily yield to the solicitations to send another million of money to New Zealand, upon the terms and conditions set forth in the prospectus, remains to be seen.—' N. Z. Herald.'