The Sun.
London, England, 1848-06-01 00:00:00

NEW ZEALAND COMPANY.

A general Court of this company was held yesterday at
one o'clock at New Zealand House; Mr. Aglionby, M.P.,
in the chair, supported by Mr. J. E. Boulcott, Mr. A.
Currie, Mr. G. Lyall, jun., and Captain Nairne,
directors.
The advertisement convening the court having been
read by Mr. Thomas C. Harrington, the secretary, the
minutes of the last general court were recited and con-
firmed. The Secretary then read the report of the
directors, the substance of which was as follows :—The
24th report stated, that since the agreement with her
Majesty's Government entered into on the 14th of
May, and confirmed on the 15th of October of last
year, the question had often been asked, How
was it that the company, whose operations had been
noted for their active energies, had suddenly become so
quiet in their proceedings? To this a ready reply was
at hand. So long as the company had to contend with
difficulties, so long was it active, energetic, and argent,
in the prosecution of its object ; but having obtained the
sanction and the co-operation of the Government, the
directors had quietly set about the prosecution of the
great euds for which the company was instituted. The
agreement may be briefly described as consisting of two
parts. The first is an investiture of the rights of the
Crown over all lands that may become Crown property
and available for colonization in the southern pro-
vince, to which the grant of the company extends ;
and, secondly, the advance of a loan for the purposes
of colonization till such time as the proceeds from the
land sales shall be sufficient for the satisfaction of all
claims which can be brought against the company for
that purpose. The report then went on to say, that
from the measures which had already been carried out
the directors hoped to effect a full accomplishment of the
principles of the company, especially in or about the
settlement of Nelson, which was intended to be the
nucleus of future operations. Those principles com-
prised, like the early settlements in Virginia, the trans-
plantation of a complete state of society from the old
country to the new, so that not only should the settler on
his entering upon his grant find the means of personal
or family subsistence, but also the satisfaction of those
higher desires of humanity which composed both the
intellectual and the moral requirements of a constituted,
and, it may be added, of a moral and enlightened com-
munity, so that no want felt in the old country should
be at all absent from the colonist in his new home.
With a view of prosecuting this object, an agent will
shortly proceed to New Zealand, to make arrangements
for the reception of the colonists, and for the provision
of the several objects just alluded to, and who will be
entitled to purchase a district suitable for the settle.
ment of the new corners. As a security the first body of
settlers will not leave this country until early in next year,
after advices shall have been received from the agent
that he has obtained possession of the land, and is quite
prepared to receive the colonists. In the meantime au
association has been formed for the collection and diffu-
sion of information, under the auspices of the Arch-
uwbliitnh, athecommittee,Booo
ecomposedueh,
bo if s ht oh pa
Archbishopof
b ou
fr y
D,
the Marquis of Cholmondele3' the Earl of Ellesmere,
the Earl of Harewood, the Earl' of Lincoln, the Bishop
of London, and other several
of the most distinguished
of the noblemen and gentlemen
g who have taken
ar
an interest in the welfare of men
the association. Subor-
dinate to the foundation of the colony steps
have been taken for dispatching a regular
series of passenger-shipswhile to the colony, on a principle
which, it combines economy with efficiency, makes
provision also for a regard to those feelings of delicacy
which are calculated by their influence to elevate the
moral and intellectual character of those who are about
to become denizens of this new part of the world. Having
thus stated the several alterations in the directory, the

report went on to recite the statement of the accounts :
The assets in England in 1848 were 39,8431. 12s. I Id. ;
in New Zealand last year, 21,917/. I Is. 10d. ; making
the total assets, exclusive of the company's claims to
land, 61,761/. 4s. 9d. The liabilities for expenditure in
the Nelson Settlement, under conditions of sale of land,
and for various other purposes, were 22,156/. 18s. Bd.,
making, with other liabilities, 387,5001. 105. sd. The
total assets being 61,7611. 4s. 9d.; the balance, subject to
deduction of the company's claim to land, is, therefore,
325,739/. ss. Bd.

'file CHAIRMAN, in putting the report to the Court,
regretted that from various circumstances, especially
from a lengthened negotiation with Earl Grey which
was not at present concluded, the directors had not been
able to put the report into the hands of the proprietors,
and promised that in future it should be, if possible, cir-
culated a week at least before the meeting. He was
anxious, above all things, to answer any question that
might be asked, for perfect candour was the great ob-
ject of the directors.

- The report having been adopted,
Mr. BURNAND, after an explanation of the motives
which induced him to proceed with the resolution which
he wished to submit, went on to show the value of the
port of New Plymouth, but which required certain im-
provements in the bay to make it available for the purposes
of commerce, as had been represented in one of the most
valuable of Governor Grey's reports. The cost of these
improvements would, he was informed, not be more
than 500 L, but he had laid the expense at 5,0001., and
he should, therefore, move that the directors be re-
commended to apply that sum out of the Govern-
ment loan of 72,0004 to be advanced in the present
year for the purpose of clearing and piling the
basin, at the mouth of the Hud-Toki river,
as well as for the erection of a jetty and public
wharf, with approaches for the benefit of the towns. The
only doubt he entertained as to the feasibility of the
project was as to whether the directors had the power,
under the late grant, to appropriate any of the proceeds
to the old settlements.

The CHAIRMAN explained that from the 6th and 7th
section of the Act there was a general power to appro-
priate the loan to the common improvement of the com-
pany. Several gentlemen having shown that the diffi-
culty did not arise from the terms of the Government
grant, but from the fact that the company bad not been
properly invested with the title of the land, the
Chairman said that it was highly creditable
to the members of the company to originate a pro-
position for the expenditure of the funds of the
company for the benefit of the colonists, in preference
to securing dividends for themselves. The direc-
tors would certainly take into consideration the
proposition which had just been preferred. In allusion
to a remark of Mr. Burnand, respecting the
inadvisability of granting any ground or al-
lowing any funds for the erection of churches, the
Chairman explained that the association for trans-
planting new colonists in connexion with the Church of
England, the Canterbury Association was responsible for
all the cost, and all the company had to do with the
matter was to appropriate the land.
Mr. BURNAND then inquired what was to be done with
the remainder of the 72,0001.?
The CHAIRMAN and SECRETARY replied that it was
to be applied to the payment of debentures already due,
and for other similar purposes.
A conversation then ensued as to the expenses of the
transfer of land, which Mr. Burnand stated to be very
heavy, he having himself lately paid as much as 661. for
the conveyance of a small parcel of laud, which Mr. Few
stated to be an excessive charge, and it was ultimately
agreed that a simple plan for the conveyance of the
land should be considered by the directors.
Mr. FEW, the solicitor of the company, stated that
only last week he had bad an interview at the Colonial-
office, and a direction had been sent out with the very
last dispatch to accomplish the object which Mr. Bur-
nand had in view.

Mr. Francis Baring, Mr. J. R. Gowen, Lord Petra,
Mr. J. Filcher, Lord Courtenay, and Barun Goldsmid,
were then re-elected directors.

A proposition having been submitted, on the recom-
mendation of Government, to elect an accountant under
the authority of the Government Commissioner, _

Mr. BURNAND suggested that although there
was nothing particularly objectionable in the
proposition, yet it would be advisable to retain the
power of nominating the auditor, and to consider who
should fill that office from one half-yearly meeting to
another.

To the reiterated question of Mr. BURNAND as to
what was to become of the remainder of the Government
grant of 72,0001., the SECRETARY stated 58,000/. would
go to the payment of debentures, and the remaining
14,000/. would be appropriated to the purposes of colo-
nization.

„Thanks having been,voted to the Chairman, the meet-
ing adjourned.

WHITEHAVFN AND FURNESS
JUNCTION RAILWAY.
A special general meeting of this company was held
yesterday at their offices in Guildhall-chambers, Basing-
hall-street, at one o'clock, to take into consideration the
Bill now before Parliament, for extending the line from
Silecroft to Foxfield, a distance of about four miles,
and for abandoning a portion of the original line from
Silecroft to Irefield, in Cumberland, where the White-
haven line joined the Furness.
The Earl of LONSDA-LE took the chair, and said that
the meeting was only convened according to Act of Par-
liament, the object being to save expense; the benefit
was so obvious, that he expected no demur to the propo-
sition of the dirFctors.
The proposition for sanctioning the line being put,
was carried unanimously; and thanks having been voted
to the Noble Chairman, the meeting was immediately
dissolved.

-
AMIENS and BOULOGNE RAILWAY
A special meeting of the proprietora was held yester-
day at the London Tavern, in reference to the proposed
absorption of the railways by the French Government,
M. Laffitte in the chair.
Mr. WHITEHEAD read the notice cJnvening the meet-
ing, and stated that a circular had been addressed to the
shareholders on the subject, and answers had been re-
ceived from the holders of 6,710 shares, protesting against
the absorption, and there were only 10 in favour of it.
Ha then read the report presented by the directors at the
recent meeting of the French shareholders in Paris. It
stated that the Bill proposed to the National Assembly
does not satisfy the essential conditions of the con-
tract between the company and the Government.
According to the contract the repurchase of the line
cannot take place for fifteen years, but the Bill makes
the repurchase immediate. According to the contract
the price to be paid to the company is to be calcu-
lated on the average revenue, but according to the Bill
it is to be calculated on the average quotations on the
Paris Bourse during a period of six months arbitrarily
selected.
The company denies the public utility of the
proceeding. itself by the Bill. The company have fulfilled
all the conditions, direct and indirect, of the coheir des
charges. They deny the justice of the State offering the
shareholders, who have paid up 37,500,000 f. (1' 500 OCO/ )
a stock depreciated in value, and variable in price, .
that
few days back represented only 11,632,500 f. (465,3001.),
and now represents only 16,185,500 f. (647,4200, the
last price constituting a loss of 21,314,5001. (852,5801.)