The Sun.
London, England, 1846-10-01 00:00:00

NEW ZEALAND COMPANY.

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A special Court of Proprietors was held yesterday at
the Company's House, Broad-street-buildings, for the
purpose of authorising the directors to borrow and take
up a sum of money nut exceeding 100,0001., to be paid
out of the Consolidated Fund, under order of the Go-
vernment.

Mr. Aglionby, M.P., took the chair, in the absence of
the Deputy-Governor.
The SECRETARY then proceeded to read the twenty-
first report of the Court of Directors. It stated that an
Act was passed on the 3d of August last, authorising
the loan of 100,0001. out of the Consolidated Fund to
the company, and that a further Act was passed, per-
mitting a. portion of the said sum, to the extent of 32,5001.,
to be applied to the payment of debentures falling due
in the present and ensuing months, and that the pre-
sent meeting had been convened, because their formal
approval was requisite to the completion of these trans-
tions. In stating their reasons for applying to Govern-
ment for this aid, the directors refer to their ignorance till
lately of the arrival of Governor Grey, and his proeeedings
at the Bay of Islands; to the result of his measures in
Cook's Straits being unknown; to the delay of issuing
crown deeds, and last, to the unfortunate circumstances
which had retarded the progress of the early settlers,
and the resumption of the company's land sales.
They reminded the proprietors that at the last general
court they had urged the closivg of the affairs
of the company, unless Government, before the separa-
tion of Parliament, adopted measures which were
thought indispensable ; that they had represented their
position to the late and to the present Government, and
had received a letter from Mr. Hawes of the 6th of
August, enclosing the Bill, which had since become law,
and stating that, in the opinion of her Majesty's Go-
vernment, the dissolution of the New Zealand Com-
pany would be an event greatly to be regretted,
and expressing an anxious desire to concur in any ar-
rangements for the support of the company amid their
difficulties. Application was made to Government for
32,5001. to meet the debentures, and this was granted
on terms contained in the Act, which received
the royal assent on the 26th of August. They
state also that a Bill had been lately passed,
bearing upon the Government of New Zealand, but
differing in some respects from the memorials which
had been addressed on behalf of the company to the
Government. Lord Ingestre's letter of the sth May,
1845, suggested to Lord Stanley that the northern
half of the northern island should be formed
into one province, and that the remainder of
the islands should be formed into a separate
province, under a new company, having a
proprietary charter, and that the company should be
bound to grant to the colonists representative institutions
within a year. The Act which had passed was based,
however, on the principle of separate principal corpora-
tions, having the same powers as borough corporations in
England; separate permanenent provincial legislatures,
distinct from those corporations, and one general legisla%
tore, having supreme legislative authority upon nine par-
ticular points, and upon these only. It had no reference to
this company, or to any similar body. It had, however,
met the views of the company and of the settlers. The
details were under the consideration of the present Se-
cretary for the Colonies.
The SECRETARY then read a series of resolutions
adopting the report, and authorising the directors to
borrow a sum not exceeding 100,0001. from the Consoli-
dated Fund, and A. Aglionby, Esq., M.P., and S. Marjori-
banks, Esq., to receive the sum of 32,5001. out of the
said 100,0001., and to grant receipts for the same, and
any two of the directors to receive any sum not exceed-
ing the remainder.
In reply to a PROPRIETOR,

The -CirArnmen said, that the Government at first
had granted a loan of 100,000/. on the security of the
lands of the company, the company at that time expect-
ing to be able to pay their debentures out of their own
proper profits. This month, however, debentures were
coming due to the amount of 32,500/. in all ' • the land
sales, through unfortunate circumstances, had ceased
altogether, and the company was utterly powerless. The
question with the directors came to be, how they were
to take up these debentures? It was in this position
that they applied to Government. Her Majesty's
Ministers had determined to support the company in
carrying out their prime objects, and had introduced
a measure to make a relaxation in the terms of
their first loan, anti to give immediately 32,5001. to be
applied for the purpose named. At the same time he
(the Chairman) ought to state that this 32,5001. would
not be diverted from the first objects of the 'company—
the purposes of colonisation ; for if the company should
recover themselves, this sum would be repaid out of the
proper profits of the company, and if not, then the
unpaid calls, the surplus capital should be given in re-
payment of this sum. . .

An HON. PROPRIETOR wished to know what amount
of uncalled-for capital there was ?
The CHAIRMAN said the original amount Wail just
100,000/.
An HON. PROPRIETOR wished to know whether this
100,000/. was in addition to the former 100,000/. ? _

The CHAIRMAN said the proprietors had given them
power to borrow 100,000/., which they had exercised to
the extent of 76,5001.; and this was an additional
100,000 k on lands, 20,000/. of it haring already been
got on the security of lands in Otago, and other settle-
ments. The present sum was on the security of about
100 millions of acres of land, and the repayment of this
was to be, according to the arrangement, within three
years.
After some further discussion, the resolutions were
agreed to, thanks were voted to the Chairman, and the
meeting separated.