The Express.
London, England, 1847-09-02 00:00:00

NEW ZEALAND.-THE COOK'S STRAITS

SETTLERS.
We now lay before our readers the conclusion of
the settlers' case as stated by themselves ; and, we may adds
that part el it which we consider the moat important :
Elealkor sedition to which we would now mil your attention h
MI rade you agreed with the purchasers of land, that, of every
lOU PALM reel se would retain for your own trouble and cx-
pensfa., e1L.234 sod would expend the other 751. for the melte.e
leer et
l=res, to giving value to their lands, by defraying
this odd
70le andlithe is thou dated in your prospectus of June 1. 1839:
OS the RAM to= to the company by purchasers, 13 per
ant. enly,eir 14,9971.1 will be served to meet the expenses of
the the berg 11 m cent., or 71,9921. 108 , will
be tog the seer thseseWve benefit of the purchasers,
In Mho te the A, by dairying the cost of emigration to
the bard pisdpal ardenent."
agar la year peeper al the Nth July, 1839 "Of the rimers
sompmey=ble erik 23 per eelierolll,7:b sea
rewesewed la rn taeiereelt, war rd 'and
out by the companyP fopoeef . the
ti the
emadve brat stir nottamen, la giving Value to .helind sold,
by dr roger seat of sedgriss at the mulements."
Ham jentlamne, is an apemen as certain and defined as
could MI be hised. It there Is any settled meaning of cords,
the Westin et the perms le it eiserly was, that the c
should err gm eery sieseet rwe to itself inoer=
15 per me et the Morse paid by purchasers into Emir
loath; int tbst dry me a
re g any circumatamen to diens
any or ma buss
the rentalig 75 per cent. But, grudger
them h ione am la thane Isms nen a mere stipulation as le
the way in MA arain mare an. tete sepooded. There le a es,
tale relotiordpeneblished barer the ennor sod hei
chars. The very bet ol the hem_ pro, fan the boods"Vitt
former nee Emir 410 to be .Ndoe by oks= brsatsr Mueifird
ISMS roles ar armies a rusts sr you, II srarlLt to receive
Mae mat on these term (eouplYt se pm remuneration • fixed
am), serener to set as term
71st you hare all rag arldnul youreelves clothed with the Ma-
nned of trustees., may M heed r 1 the nature of all the transac-
tions In which you have ben ahead Mee the formation of thecom-
patty ; invotriag, antkomillmeglatme Is.. ever done, the receiving
by you of melon le be merle& sot for your own benefit, but for
the exclusive Mr d the parties hm whom they were received;
for example, the neepany sold, in the first instance, 100,000 mires, at
11. an acre, stipulating that they sheuld retain, for their profit and
expensee, 23 per oust. only, or 25,00uL, and Mould expend the other
75,0001. for the exeludve benefit of the parties by whom the money
was paid, in defraying the cost of emigration. The company thus be-
came troubles for the expenditure of this 75,000 f., and if they bad
neglecte Ito expend :his sum In the manner stipulated, we presume
there cannot be • doubt but that a court of edity would have afforded
the purchasers a remedy. That such was the relation in which you
deemed yourselves to stand In regard to the purchasers, may also be
deduced from the whole tone and spirit, both of your speeches In par-
liament, and of your correspondence; an, for instance, in your letter
to the Cominnsers of Colonial Lands and Emixratioe (alluding to
two plane of new settlements submitted to you by intending colonists),
rezzz,by".lndorder:: gem. mote the
functions e. r 0.114 colonisation
gned to of Nes
the ;
by ouch plans," de. ; and we might bring forward many other
similar expressions, but we are fortunately relieved from the necessity
of accumulating evidence on this point, by your having expressly ad.
witted that you were trustees an to these funds.
In your letter, dated 13th of February, 1811, addressed to Mr.
Bryan Ihmpa, in reply to Ms request to you to form another settle-
ment, you my, "The directors will not shrink from the heavy re-
sponsibility which they incur by hemming trustees of the large mots
of money which it will be their duty to expend for the benefit of the
new dittlement in the manner proposed, became the experience of the
past satisfies them that the settler. emigrating under the sanction of
the company will made in the rectitude of its purposes, and the
good faith of its administration ; and it will be ever the &nee.us rare
of the directors to merit the conedenee so liberally reposed in them
b jentl: colonists and the public." This reference to your peat caec-
a. trustees could only apply to the settlement, seeing that it
was your only settlement, New Plymouth home at that time under a
different company. The allusion to your administration could only
for the fame made refer to your administration of our funds. In
short, you said here, as plainly and explicitly a. yos cutlet any, that in
accepting the office of trustee* to the purchasers at Nelda, you were
merely deeding the same °Mee which you had already discharged to
the purcha.ers in the first and principal settlement.
The Mud being thus clearly established, the question arisen,
What are the consequences of each a relationship existing between
you and your land.purehmers! What is the nature of the duties im-
posed upon you, as trustees? Are you not bound, nay, compelled, to
exercise the very highest degree of good faith in all transactions
Latin? to your trust ! Are you not required, not merely to perform
all express stipuhdhona, but faithfully to discharge all implied oblige-
tions! Is It not a principle moat rigidly enforced, that a trustee
must strictly pursue the tenor of hi. trust, without perverting it,
directly or tadirectly, to hie own personal advantage? If a trustee
ecru an advantage behind the Mel of the party ;for whom he is
l trustee), win be not be required by a court of equity to hold it in
trust ? No matter how unexpected Cr unforeseen the advantage may
be, still, if It be derived by means of the trust-funds, the trustee will
not be permitted to retain it, but must account for it, and give it up
to the party equitably entitled to it. Nay, gentlemen, is it not an
established rule, that if a trnetee by carelesenem, without any ono/a
Mee, cause any loss to the trust-estate, he is bound to make It geed
In what mauler then, gentlemen, have you discharged the duties
of your trust? Have you exercised that strict good faith which is ever
demanded from trustees! Or have you, under colour of the trust
relationship, obtained advantages which otherwise you could not have
obtained? Or have you, by means of the trustfunils, reaped profile
which you lass not accounted for to the pedant equitably entitled to
them ?
Let us examine, now the dealings between us, with a view to ob-
taining answers to these, inquiries. By the arrangement made with
Lord J. Russell in November, 1840, the government agreed to grant
to the company land in respect of Ito mat outlay for emigration,
surveys, public works, ke., at the rate of an acre for every U. di Cl-
vended, upon condition that the company should prom Its expendi-
ture before an accountant appointed by the government; the ex.
perditure in England to be calculated up to the date of the .wee-
ment, and that in the colony up to the time of the governor's reWi dog
a copy, which we believe must have been in Anted, 1811. After
there two periods the company were to receive land for its expendi-
ture for public pupates at the seeing price of lands by the crown,
ex., at U. per arm, minus a di-count of 20 per cent.
In accordance with this agreement, the company made Its claim,
and sent in account. of its expenditure of its own money (including
the 2.5 per cent. oommission on the sums received from parchment),
andad, had, in respect of these gums, land awarded at the rate specified,
Tit, an acre for every Si. To the land thus awarded the company
see telly entitled ;--bot not content with laying be ore Mr. Penning-
ton= trout of as impanditure of their own money, the Company
sir be innesents at Bate expenditure of monies paid into tact
as
beds by the perchers set certain mecified objects (via., of the
per mat sperm, la leld)--monies to which the company
sever bad the of. they never considered their
em—but whir they ember spin admitted they held in Mud;
Er Mr. People es ear led sad paned these amounts, snd
seeded, torespell at note ereadres et Ws 75 pee cenc, land at
the mote rate, in,, star am tarwow fa To this land we rater
that the reaper her set the edMtrt claim, but that it justly
Mr. Is the parer" orbs the it was awarded in respect of
tba topendilme el &dr nom.
Tee wombed. an yea have seeded the 75 per cent. of the
sons near hem pussrusere be des moor atipalated in your
=:IM.. be dslgrt the et et migration. We do not
W tee/yew sere mar any profit from this ex.
pentlituni—red yea sever dared MIL of It as rms.
met, we WA arra weld her hard the coaditho fa ger
gsel tie,, sad an we should bar bad no grord of c
orer
hare grafted upoo the armor borer es the
ageemeneiZ.,lBlo. by which yealreollied armee" awl an-
losta&br advantages from the expenditures( hi 11 per dr. Tou
lave availed yourselves of your oaks et berm sod of our trust
err to claim from mentneent, behead en bear grants of land at
the rite of Mu aces ban every poor (of the 71 purr). You
bar la bet, pervereed. year Inn le per owl peon pea ; sad
IMAM we ore mar fend roe yea to mar to r be the
elver nee tires othinen Ind be *ha that the hod" Me werobel be
held Is Met kr us; melee are order that a ear of errs art
thonmod yen le asperse Om prelln—reld hit gra Sergbir
ap kr the bier ar ere attbom by mem at wire Ma pea,
✓ing isphed
at them.
You man wimps lap th you have expended we. the 73
per cent. in emisslien, pobbc worth, Stu • and if such be Its em,
we are willing, provided bat you have not already received Mad In
respect of It from goverment, to admit your right to reeelm ' in
"%ciof it from us.
will now Mate hew the anotmtii stand between on Ms total
we meshed by pa Oran perms In the first sal prisolgot era
aunt le elsir la pm enema to be 129M0!. Amarlfie to the
terms der error yea me Is stabs of this sum 23 pee ape., or
32,0101. kerne ars pert rd "mom e 'um which entitled you
to 128,045 we a mph et the illogliti,o3ol., expended In
endirstion the reemnot averded ibk MS sem. et which have
eater peel ailY MM. b•••=tt'd theneh"
Wigs owes le yew eau an mid tern 330 dem we
aide' ea the seri lb wry that they an awarded by
preset be reopen et an dour women ; that la to
say, of tba It per not grad enipetisa; 'het, as temtens,
yes tenor ryas be deehotapia hen or szpoditure. It may
bear the role Stets was agioded before:the time, at
err ler was amused the nee Sr as fer every 4a., expired;
Ilea mos deductioa A hoe Ober& from the amoont nano.
err howser,lbst par prop capital in November,
re7n% on exceed obleessr.,aei Olt Ur. EtonPeemi awarded you
MAN ie evident yea sr hew pork i in virtue
of, as e at 145,1 r., a eon peer Om the Mole mount
ad in your
(ad
Apt
den per torsi (
ea she 1101,11 M.), and the erlitte,o2ll.) nerved tren
T M 1242)
lLahrai.d arm the the greater pert 1.. el the moor
..ty
sobselbed ►by re sengsr, sad of that mast trona lead
W bees iesered peeler to the 18th Novmear, 1140, gibilr
Lodi. bore opessent, and that the mammy at that Um had
Aare : these, however, are metre to be by
✓ eamonot, and we merely notice them to prevent any q
Mat tour
an polharn E you lay claim to them VAMP wee, whit S-
eam" at the ettpaletion, that the company tell only retain SI per
ant tar he aaupedtt U, for example, you receive from men.
mot MOAN sem he the Sr loo,ooot. peM by Meru and only
eillet le thin 18,1
81 keeping for yae trcthe other 300,000
eneh de yes set, lead of 13 per oent., reeve for the company 75
per anti b there wit km met gran Mogi of a most clear and
lititerr am"
lasemeer, foe the oats of argament, that you were
not rearwith they ehansfer ei trader sod that you never stipu-
Idol that pa aeon rare be par ware wily 25 per cent.—till,
we sort rat her yea fay dere super er meal to ours, to appro.
pine hi pater i the aled serned by Lord J. resells
Zerit ayou show En g pair mint which would male
mplaity ter to feat[ the herares thus awarded! Too
more deny that arra be hectic (151,330 acres) have bee 'c-
ured by nem of the oreo eet tenth which we furobbed.
Vim emit inert le her loseered wry Unto. You line
eitlrad that the Meth arortha New Zealand in solely
sttrlbeleble to our eatergebo—the 1t "wan through err !Mms-
tally list pine early serve wee earned "—sod that terror
shut Mfr re to which yea tor War entitled Wien IP allied
tram am sr 'Ma. You con, be erert,vpf in regard totem nada
no ease and than that of bombe age ed our many ;--or ban
= hive Ma any OPONIMIwiIIa fixed by yeerestera seer
vbiola seethe domed nog simple ; —for larorleu bar
rdrdbr Impeetlie must 711111111. paid by as MOM, Mir
cubed yen be men Yee have, in het, Ma awarded
101 MIN ewes et Or the herb d expending 75,0001. received
bon tin lest masers: Lel yet you are notsalred 1 but are en-
deme42lidag=tegonai la lath own me, the lawn enquired by our
byllkos owe inlaftp—we might short es, by Me
blood am teltawdo
floe terries eery ems dear point to which we would rah, AZ,
to the rehab harm of Lord J. Rumen in Mertes Into the
egreemot et liewAse, tar; sad we think the it 1 • sallielugly
hot Ms lorry lateral to Wow the purser In thin "et-
pethipste to the tar err In Me oarsmen armed
ley hist opeenset - for her 11~ goverment re bard to
nate that arramement, aot Mom • artain nor of prom
be imp/ bed beard thenorle re a loin -nook Mlle
of tonna, law became vs
seam in Se aria. Aga* tees
stated lbe
thin helint Mect is Ss ...adjustment retrospectively of to
the company bes allablithed to favourable orYretn ban
thaisibpse. and for the amigranta whom they bar rot sell hew
Saar ;" rid In his
the gire=of Lad Deerteiliallallff
banto be isatta neammo Use*. by
sea of
Now Ms leidro stated. "That It or so=se only So
di wear the vileto which the low
mold be hi respect et the her died gya=
Ada the May. net L. all ether pumas ibis* hods them,