The Express.
London, England, 1850-07-03 00:00:00

eA/' .A/f/'ee.

4tt (Exprt%l.,

IMPERIAL PARLIAMENT.

NEW ZEALAND COMPANY.

THIS DAY.

Yesterday, tits adjoersed maul meeting or this
ceespsay Wee held et the house thsearspeay Broadodzsid
buildings, H. Aomomer, Paq., M.P., Is die di*.
The report. the important porticos of whisk= in
yesterday's &prose, haste,' bees read, • amiss al-
laded to la it meshy) read, end the thiettielr****
las: application of the toospasy noshed doss leen was
lewd :

" MAWILS TO Tall SIICNMTANY OP TIM COMPANY.
" Downing street, Ist lily, 1860.
" am directed by Earl Gray to acknowlidgethei re-
ceipt of your letter of the 18th alt., in which, by duo, of the
Court of Directors of the New Zealand Company, you submit
the terms on which the director. would, with the ma-
son of her Majesty's government, continue their operation
on the termination of the existing weeniest, by which,
coder the provisions of the 10 and 11 Viet., chap.
112, the demesne lands of the crown wen Tested la the
company for • period of three years.
"2. The object of this letter, as Lord Grey understands
it, is to laths.. her Majesty's government to assent to a
proposal fur giving to the New Ztalend Company, is order
tonight@ them to continue their operation, additional pecu-
niary unstaine beyond that which they have already re-
ceived muter the eats of 1848 and 1847, in the lona of a
guarantee of interest upon their apital, and also (as it
appears) of • remission of the dam of her Mojesty's
government upon the company for the advances dnady
made to them. It would have given great satiathothia
to Lord Grey, had it lama la his power to noble the com-
pany to cootie's their operelienn; bat tle iiientleee meet be
aware that her Maiany's bath on aatheelty,
withoat the ithersemthea Pfalsaisas. Is war ow par-
tinier the arnyemaat whisk was carded isle east by the
Aot of 1847. That anengemast nee, with the entire amen
of the eotapony, permed Im paeliament as • full and mom-
pkte discharge of all shim es the part of the company,
against her Majesty's wieginnent, arisieg from previous
traesactions in New Zeii; and it was dearly stated, NI
the ground upon which a large advance of money was ap-
piled for and sanctioord, that any farther demands on the
part of the company would be thus completely precluded.
The Ina Una obtained by the company having been made
on this express understaeding, Lord Grey is of opinion that
parliament could not now with propriety be eked to increase
the amount of pecuniary assistance so grained to the com-
pany, ror could he expect that, if such so application were
made, it would be successful.
" 3. Lord 0 ey observes with much regret that the rounds
upon which this demand for farther assistance is made, in.
Toles an implication that the agreement entered into In
1847 has not been folly and fatly carried Into effect by her
Majesty's government, and that the company has failed to
rneiva from himself that support and encouragement which
they had a right to expect. His lordship feels bound
to deny that there has been anything on his part to
justify such • complaint, and it will be necessary that
be should hereafter record, in soother communication,
the reasons which induced him to regard as entirely
erroneous the statements in your letter on which it ts
founded. But, having in the first instance delayed the
soesideration of the proposal contained in your letter, at the
desire of three of the director., with whom he had a con-
versation upon the subject, which led him to expect that
some further information in support of their application
might be laid borne him, it is impossible for him now to re-
turn a full reply to a communication, entering at such length
into the past transacting between the company and her Ma-
jesty's government, by the time at which he understands it
to be necessary that the directors should be made acquainted
with the decision on the proposal now made by them. For
the present, therefore, ha will content himself with stating
that, while be has always been milieus to afford to the
company his best support and assistance in the preens-
tion of their undertaking, and while he is unconscious of
having in any revisit Mond then the aid which his
public duty would allow him to grant, he regrets that it
is entirely out of his power to recommend to parliament
any alteration in the terns of the agreement which was
ent-red into between her Majesty's government and the
company in the year 1847, en the recommendation of Mr.
Charlie Buller—that lamented gentleman (who took so
deep an interest in the names of the company) having, as
I need hardly remind you been the person by whom the
serangemtnt was suggested, and under whose advice all its
details were finally settled and agreed to.
" I have the honour to be, Sir, An,
" T. C Earington. Esq." " B. HARM

The directors then go on to say :
" You will have perceived that in the foregoing applica-
tion we express d so much confidence in the FIR! es of the
scheme for founding the settlement of Canterbury, in the ge-
neral prosperity of the company's settlements, and in the re-
newed dispositi-n on the part of the public to engage in the
colonisatio,i of New Zealand, that, subject to the conditions
therein mentioned as to a British guarantee and a remission
of the sums advanced by the government, we proposed
to carry on the operations of the compsay fora time, without
further pecuniary udstance. The view we took of the
question was this:—The objects to be provided for we consi-
dered to be threefold; namely, the completion and discharge
of the company's existing engagements and liabilitiee—the
paym vet to the shareholders of the sum of 248,3701. 154.
and the promotion of the future prosperity of the colony.
And we believed that, with the aid of the proposed
guarantee, each and all of these objects could be
better promoted by means of this company than by
any other instrumentality which the government has
at its command. Without entering into invidious
compuirons, it is evident that, however effective the
government may be in the discharge of its own proper !sec-
tions, it yet puss-aces neither machinery nor agents for the
purpcses of stimulating colonisation. To do so is out of its
province, and contrary to its principles. It affords facilities
to thou who seek them, but remains pensive until sought.
Activity an' stimulation are the especial business of an ia.
eorporatcd company, and the personal interest of its mem.
ben is avowedly its powerful and legitimate prompting mo-
I five. At the same time, in order to give to this activity
due 'cope, it was not more just than tedispeneable that,
under the peculiar circumstances of this company and the
difficulties under which the company and the colony
bad suffered so deeply, from causes long prior to
1847, the guarantee requested in this application should for
the reasons therein set forth be accorded. Had this applies-
ticn been acceded to, it would have been our duty to lay be.
fore you a statement of the measures which we proposed to
undertake during the currency of the new arrangement, and
the means by which we contemplated being able to execute
I them. But under existing circumstances we think it best
siesjiy to state that we me no alternative except to ream-
mend that you adopts resolution empowering the court of
directors, on Thursday next, the 4th instant, to give the
notice of discontinuance which is contemplated by the 19th
section of the act of 1847, 10 & 11 Victoria, chapter 112.
The only other business which is specifically appointed for
this adjourned meeting is the election of directors. By the
notice of 14th May, you were apprized that you would be
invited to elect directors in the room of two deemed ; that
the three gentlemen therein named offered themselves for
election; ,nd that the six other gentlemen, therein also
named, who went out of office by rotation, being eligible for
ns•eleetion, offered themselves to be reelected accordingly.
Oee of the latter, we regret to say, Mr. Archibald Houle.
M.P., has requested that he may not be proposed
for seek re-election ; and another member of the di.
ovation, we regret also to announce, the Honourable
Francis Barieg, MY., your governor, has likewise
sent in his resignation. But if you resolve on discontinuing
your active operations on Thursday next you will, doubtless,
deem it advisable to take no step for filling up these vacua•
cies or making any election whatever of directors on the pre-
I sent occasion.
" Instead of this we would gamest your appointing a eon-
, mine* of your own body, to act in coneart with a ordain
number of directors in considering and drawing up the
arrangements which it may be expedient to adopt, a report
of such arrangements to be laid before a general meeting of
the sharehoWn to be specially summoned for the purpose of
deciding on them."
Mr. DRANB eald that, holding the opinions he did, he
was extremely glad to find that the directors had agreed to
a dissolution of the company. The view he always had en-
tertained was the dissolution of the company, and he thought
that the best way to effect it would be under the act of par-
liament. He then moved a resolution to the effect " that it is
expedient that the company be dissolved, and the required
notice be given to the government under 10 & 11 Vie.,
C. 112."
Mr. FREDERICK YOUNG seconded the resolution.
Mr. WOOLCOMBE wished to ask the commissioners of
the Crown if thepropriebas refused to give up their charter,
whether her Majesty's Commissioner would take on him-
self to annul the resolution, as there was mesh power ander
I the let ? . _

-- -
Yr. COX (the eouswissionu), said there was no power to
salmi env resolution.

Mr. WOOLCOiiiiit wished the legal Weimer of the com-
pany toast* U there wee seek a power.
After some discussion, it seemed to be the opinion that
the OOMBIDiaIiOUOT had month power.
Mr. WOOLCOMBE said it was a matter of indifference
to him whether there wee such a power or not, for that
power was just such a one u be should like to see the com-
missioner take on kimono adopt. Be bad come to the
conclusion that in the lout instance the p made by
Mr. Charles Bullerb% to Lord Grey, sad by him as a
means at nu the ecupeay out of its diMeralties,
wee greneW ea truth mut equit,y, and of the
prwmdtisse lied been carried oat, se was intembsi, they
would net sow be In the position they now stood, lamenting
their them years' delay, their eipmmod newarnes_, and the
dotoolmatiou Mthe laterals of the ecolosiela. The ism
reathelow thew west at groat Meg* late the somaloes-
dew of 1147, la soder MowMe that the militias@ stteolied
tot he original proyeaddeme of Lard dry were such that If
they wen to have esieeadal they would lave newly. to
atka
It they Usk ins
they bud tailed, they would etlil be
Clinns Mese peados who had boss so Polo In
by Mr. Beds: as " Mr. Meshes
By dmpMi
mak= whisk had boom lull dews, eves aramlaP
the ~seem of the eaexpeay, the goverwat wield
have ball provelMod hooplaj that with with this whisk be

LONDON, WEDNESDAY EVENING, JULY 3, 1850.

bellowed they Intended. After three years of tosourees
espendesed, and hops deferred, they were sow ha the poet.
dos of a failure tie most eleapime that coold be wet-
edged. He proposed as ea sineadmeat, that "It was
net expedient thatto surrender their charter, settee should be given that the
eseepany were ready lassmuch ea
it would deprive the proprietors of all means of =1:3.1
their dame on the govermasat end ebtainkur
for thoo Indulge they had eastelsod, and would be
ea isduteiskftimat that they had had a fair op-
patina, of asatning peqous wider the
I at 1847ia, and aka thate ellraexpenditure be re.
=des that orders to that effect be seat out by the
Plitsbe Dunbar; that there should be no re-eketies of
amen, bat that • asessithie of three shareholders sad
three directors be appointed to sonsider and re pert en the
aseseures best to be Mted for the company sad the Wray."
Xr. HALSBWELL seconded the amendment, and amid
that the affairs of the Canterbury settlement were progrets
ing, wad the bishopric wee safely established, the MOONS Of
i which would most likely lead to considers's:is increase la the
en:her of emiciton
Mr. BE V; moved tie& a anamittee of »Merino be
appointed to meet the directors and consider what wars*
should be taken, end then that the meeting be adjourned
until Thanday.
The following geodes» were appolated a sommittee
Messrs. Deane Wookombe, Buckle, Malsewell, and Bar-
nard ; after whist the meeting 'separated till Thursday at
11 o'clock.

LAtiCASHIRE AND YORKSHIRE RAILWAY.
'llatorday a meeting of holders of 601. shares
la this railway was held at the Clarendon Room:, Liverpool.
fee the purpose of reedy* hem the committee appointed
to watch the interests of 601. holders a statement of the steps
they hed taken.
the bueiness of the meeting was opened by the net of par-
liament under whisk the 601. shares were createdibeing read.
This wee followed by the reading of the opinion of counsel
in reference to the 601. shares, and which opinion wm
founded on the act of parliament itself. The legal opinion
thus reed was opposed to the terms which have been offered
by_ he directors to the 601: holders.

committee The procrWlittpoFeitT were then read in
detail. They were rather voluminous, and were clarified
under different beads. The unfavourable peados in which
the 601. holden would be plowed, 11 the course recommended
by the director was adopted, wee pointedly dwelt upon, and
the shareholder were urged to resist the director' propo-
sition.

The proceedings of the committee having bun read, cc-
companied by other explanatory statements, • lengthened
discussion teak plies between the shareholders present, a
strong feeling of cbsapprobitios of the terms proposed by
the directors being manifested by all t►e spoakers.
Several shareholden having addressed the meeting in
support of steps taken by the committee on behalf of the
holders of fifth shares, and in ecodeennatlon of the directors'
proposal.
Mr. D. MATHES moved the following resolution :
" That this meeting decline the terns proposed by the
directors, and that the committee be requested to con-
tinue their exertions for the benefit of the solders of fifth
shares."

Mr. D. PRICE seconded the resolution, strongly urging
the claims of the holders of this description of stock to more
favourable advantages than are at present held out to them
by the directors.
The resolution was carried unanimously.
The committee were further empowered to proceed, either
at law or equity, for redress on behalf of the filth proprietors.
The shareholders present were strongly urged be proceed
to the meeting to be held at Manchester to-day, and to do
their eihnost to eotintamt the iodinate which tall directors
may *nerds* by the proxies they hold.