SIR JULIUS VOGEL'S SOUTH SEA SCHEME.

Waikato Times, Volume XXIII, Issue 1914, 11 October 1884, Page 3

SIR JULIUS VOGEL'S SOUTH SEA SCHEME.

lin Ti;ucGiuiMr.— M'KcrAr, coiuusi'ondi nt.J Wn um.ion, Thuisday. ANOrm v important bill has been bioii'jjht up by Sn J. A r o<*el entitled the Xeu Zealand International South Sea Tiading Company bill, wind) lms boon introduced by the Tie.iMiier as the losnll of the leconnncnda tionsof a joint committee of tin two Monies The preamble, recounts the paiti v develop inent of the iL"-oniLf- of the l'.ieihe Jsl.uid , and thef.icfcth itKn^land. Ki.pico, I Jim many and the United Stati s li ive \.tiions intcicsts in t.ho islands ; that Kew Zealand po^es^-ei ni.iiiy jid\ant.i{fes foi de\elopm^ the tude and roMini ces of the islands , that eneom a^o incut sliouhl be gnen in tin- ciiecticm ; that the foundation of a company ha-> In en pioposod, and tli.d it i-> desiiabloceitain [joweis slionltl bu {,'uui to (lie cuinpam, and that tlic (io\ eminent of New Zealand -.hoiild to home extent umt'ol its onei itions The bill tlieie pio\ ides foi tins nii.< lpoiatmn of a company with one million capital, divided into 100,000 jOmics of t'lo eaili, of m hicli 20,000 sh. ues aie to be open foi :illotn:ent in New Ze,d,uid, and a lil.e miiuber m Ku^land, lM,inc\ (ieiuun} and the United States )o-pe(ti\elv. Tin* wnipinv is to ha\o powei to i-»ue banK note- of fiom tl iij)Wiud>» to <vi e\t( lit equ i) to tin niu died eapit d, and fni i pel mil of Lv Lilt > \e.iis, the (io\einni( nt of "New Ze il.md to 411.11 iu'ee to the sli.uelioldei- a diudei tl of ")pLi cent on tlie p.ud-up c.i]nt,d l>-\ ni.ikin;., u}> ,n>y deficieiuv bttween the pmhl-, ,uid that account, but not 11,01 c tli in 1 1 0,000 is to bn paid by tho (io\einnient 111 u>\ one "S'-ai ; any siieli aiUance- to bo le p,,id 111 milm> (piii.t M'.ns when the pioiit^ e\i c 1' 7 Tlie sli.nes ,m> to be pt!-<.n,il piopot\. Tlie pMiMsion.il driHtois <ui^ V* lv ci n li(, two beinjr appointed by the dineinoi 111 Council and tne ot'neis elei I>d I>\ .111 electoi.il bod^ of - J"> pel sons 110,11111 it d b\ the(i'o\eiii"i iii-ConiKil TliesepioMsion d dnetf'iis aie to letam ol'ice foi t!im- \e us, tile si\ .iftei th it d ite btm^ 1 lit ted t 1 < sh.ueholdei-. The luesident is ,d\>.i^ t" be appointed 1)\ the <.o\eiin>i fiom tin nieiiibeis nominated. Tlie olivets of tin ciimpam aie to be to develop the fa ide uid piodncing lesoinccs of the isl uid , mi the I'acilic Ocean ; to f.uihtafu tlie uiteicli.iiige of ])ioducts and lneich.indise. between the jsl.uids and othei oiuihies, and toestabbOi factones foy the utilisation ot tho pioducts of the islands ; to pi nnnto* the ei>ibs,ition, education and emp]o\ ment of tho isljndei , and theieby discouiajju the l.iboiu tiaihe among the islands.