The Sun.
London, England, 1847-10-15 00:00:00

fine vein of coal in Massacre Bay ; Those coals had
been used in one of her Majesty's steamers, and found
to answer extremely well. As yet the coals had been
only got from the surface, and he had no doubt upon
further excavations, they would be found to be as
good as any in England. He had no doubt of the
great resources of the colony of New Zealand, and
that under its present management it would become
one of the most important of the British possessions.
The report was then unanimously agreed to.
The CHAIRMAN said, that the report having been
agreed to, he would propose the second resolution,
which was to the following effect:—
"That the Court of Directors be, and they are
hereby, authorised and empowered to borrow and
take up on loan from the Lord High Treasurer,
or the Lords Commissioners of her Ma-
jesty's Treasury, any sum or sums of money
not exceeding in the whole the sum of 136,0001.,
to be advanced to the said company from and
out of the growing produce of Consolidated Fund of
the United Kingdom, on the credit and security of
the profits of the undertaking, and of the lands, tene-
ments, and hereditaments in New Zealand belonging
to the said company, or to the possession of
which the said company is entitled, upon the
terms, within the periods, and in accordance
with, and pursuance of, the provisions contained
in a certain Act, made and passed in the last session
of Parliament, intituled An :Act to Promote Colo-
nisation in,NewiZealand, and to authorise a Loan to
the New Zealand Company;' and that for such
purpose the Court of Directors be, and they are
hereby, authorised and empowered to affix the
common seal of the company to any deed or deeds
of assignment and mortgage, or other instrument
or instruments, and to do all such other acts and -deed
in that behalf as may, in the opinion of the said direc-
tors, be requisite or expedient."
Mr. WATEMAN wished to know whether the com-
pany had an absolute grant from the Crown of the
lands they proposed to mortgage ?
The CHAIRMAN said that the mortgage deed which
,was to be granted to the Government as security only
contemplated that part called the Company's Posses-
sions. The Company had a grant of nearly all
the land to which they had made a claim. One
million of acres would be mortgaged to the
Crown for the money which it was about
to lend to the company. Every portion of
land which had: been sold or alienated of the com-
pany would not come under the provisions of the
mortgage to the Government, and a good title would
be given to those who had purchased it from the
company free from any of the burdens or debts of the
company.
ilMr. BRENAN wished to know whether any part of
the money to be received from the Government
would be appropriated to carry on steam navigation
between the settlements ?

The CHAIRMAN said that part of it would. 25,0001.
would be specially devoted and held in trust for pro-
viding the benefits and blessings of religion and edu-
cation, and also to carry on steam navigation.
The following resolutions were also unanimously
agreed to :
...._.

" That Aglionby Aglionby, Esq., and George
Lyall, jun., Esq., :two of the said directors, be, and
they are hereby, authorised and empowered to receive,
for and on behalf of the said company, all such sum
or sums of money as have been or shall be paid by the
Lord High Treasurer, or Lords Commissioners of her
Majesty's Treasury, on account of the said intended
loan, at or before the execution of the said deed or
deeds, and that the execution of the receipts for the
same shall be valid and binding on'the said company."
" That any two of the Court of Directors, for the
time being, who may be nominated for that purpose
by the Court of Directors, shall be, and they are
hereby authorised to receive, for and on account of
the company, all such further sum and sums,
not exceeding in the whole, together with the
sum paid, or to be paid, at or before the execution
of the said deed or deeds, the said sum of 136,0001.,
as the Lord High Treasurer, or the Lords Commis-
sioners of her Majesty's Treasury, may hereafter
think fit and agree to lend and advance to the said
company, in pursuance of the powers and provisions
of the said Act; and that the receipt' or receipts of
such two directors for the same shall be valid and
binding on the said company."
Thanks were then moved, and unanimously carried,
to the chairman and directors, to Captain Otway, and
to Mr. Cowell, her Majesty's Commissioner, and the
court broke up.

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